Imperial Valley press., 1932-08-24
Daily Report Of
Stock Markets

NEW YORK, Aug. "a. U.P)-Short
covering developed in the railroad
shares today. their rise of l to 13
points favCrably affecting the en-
tire market which closed higher.
During most Of the day the mar
ket went through what Wall street
termed a process of consolidation
of recent gains. Leading issues
were depressed at intervals on pro-
fit-taking. while lesser lightYmoved
ahead, many achieving new highs
for the year.
Before the rise in rails developed,
the copper group attracted consid-
cradle attention with American
Smelling, Kennecott and Noranda
rising TO new highs for the year on
higher prices for the metal abroad
and prospects of an advance here.
The railroads had the best of
the news OF the day. Reading re-
ported its net operating income for
July at s649, ,779, against S136, 1856 for
July, 1881. For the first seven
months the roads net operating
income was s5,lO2 ,565, against 81
896,411 Several individual roads
reported higher car loadings for
the week ended August 20, includ-
i ing Pennsylvania, New York Gen.
I tral and Missouri Pacific.
Utilities Jagged until near the
close when they, too, picked up
momentum on the advance. The
weekly report on electricity output
was considered favorable. 1t showed
production of 1,431 10000 kilowatt
hours in the week ended August 20,
against 1,4l5.122, 900 kilowatt hours
in the preceding week and was off
1873 per cent from the 1881 week,
! against a decline Of 13.1 in the two
preceding weeks.
! Steel news mainly was satisfac-
tory. The Iron Age reported rate
of operations holding at IA per cent,
but found indication of increased
demand ahead. Action of the U. S.
Steel corporation in appropriating
/ s5,000,000 for plant improvements
was accepted as the forerunner of
other similar announcements from
/ big corporations. Myron c. Taylor,
chairman of q. S. Steel, indicated
the delayed buying in all sections
could not be delayed much longer.
Steel Common opened lower, sank
to 435s, off liz. 1t rallied to new
! high on the movement before the
closing. Westinghouse Electric rail-
lied TO a small net gain from an
early decline. Allied Chemical and
American Can also were neglected
during most o. the day.
American Rolling Mill made
new 1882 high ar l47s up IL. New
highs also were made in their res
pective divisions by National Steel,
National Cash RgiSter and Mont
gomery Ward.
Trading was light compared with
yesterday, but it picked up near the
close with tickers running behind
] the market.
] According to preliminary calcula-
ton, the Dow-Jones and compar.<
industrial average stood at 1855,
up 1.42; railroads $500, up 2.05;
utilities 1858, up 0.42.
| Sales totaled 3,700,o00 shares
against $4,000 shares yesterday.
| Aggregate market value Of 10 lead
ing stocks was s5,407 ,644 ,021, against
Sc, ,2S8 ,943 1850, an advance Of sl19,-
600, ,161.
LOS ANGELES, Aug. "a. U,P)-
Despite inactive trading, most is
sues continued to advance today on
the Los Angeles Stock exchange.
Transamerica was the most &C
tive, selling 670e shares at 65s, up
u. Pacific Finance advanced Is
to So on sales Of 200 shares.
Union Oil sold 100 shares at
I13%, up q Standard Oil advanced
5s to 29h on sales Of 900 shares;
Rio Grande sold 200 shares at 3,
down Is.
Southern Pacific advanced 1ls
points to 25A on sales of 400 shares
Southern California Edison sold
300 shares at 29A, ur u.
LOS ANGELES, Aug. "a. U,H-
Hay prices unchanged. Today's re-
lceipts "a carloads.