Imperial Valley press., 1932-08-11
Daily Report Of
Stock Markets

NEW YORK, Aug. II. u.p -
Heavy profit-taking tooay tempo
rarily interrupted the rise on the
stock exchange. but it was ab-
sorbed before the close and prices
resumed their upward journey, the
majority closing higher.
When the leaders translated
their paper profits into hard cash
in the afternoon, the setback
brought the list down fractions to
more than . points, the most Sc
we're decline since the market
turned upward from the bear mar
ket lows.
Trading exceeded 100000 shares,
bringing the business for the week
to date, four days, to around
1900 900 shares, or more than any
fun week since June IS, 1881, when
the total for 5l3 days amounted to
21,608,306 shares.
The market opened with a rush
of buying orders on volume at a
rate of 100000 shares for a full
day. First half hour sales of 600
600 shares were the largest for a
similar period since September q,
1881, when they totaled 100000
shares. On the reaction later in
the day volume lightened, increas-
ing again on the late recovery.
For time after the opening the
buying rush was so heavy that
tickers were unable to keep pace.
They ran seven minutes late, grad
ually catching up until the end of
the first hour when they we're even
with the market. BY noon the to-
tai volume was 100000 shares. BY
1870 this had been increased 10
100000 shares. Then business
slowed up to 2:l0 when the days
total was 3,500O00 shares.
At the opening blocks of 1000 to
1000 shares appeared. Later or
other large amounts were turned
over.
General Motors again featured
in volume and heavy trading on
the upside was recorded in Inter
national Telephone. Long strings
of International Harvester and J. l.
Case were reminiscent of the bull
market days of 1923 and 1929.
Leaders Bear Brunt p
Recognized leaders bore the brunt
OF pfofit-taking. Pool operators
brought out new favorites. The
sudden upward movement of IN
ternational Telephone had ear
marks OF pool manipulation Pos
tai Telegraph preferred followed
International Telephone.
Railroad shares picked up near
the close under the lead of New
York Central. Union Pacific moved
up toward its previous close, in
fluenced by action OF directors N
ordering payment of the regular
dividend on common stock.
Seaboard Oil made a new high
for the year in its division. Amsri
can Smelling rose more than a
point to accompany a strong mar
ket for silver metal. National Bis
cult was strong in. the foods.
American Telephone mace r1eT
high on the movement in the early
trading at 1161a. 1t subsequently
fell to 111A, but rallied to around
ia before the close, against pre-
yious close of 1143s. Utilities were
mixed with Consolidated Gas down
more than point and North Amer
ican slightly higher.
Bonds held the major portion Of
a substantial rise made in active
turnover. Wheat sold off Ii to
pa cents bushel. Corn made
small gains. Cotton was up about
81 late in the day about where 1t
was at the opening, having gone
a reaction and recovery in
the interval. Silver scared or
heavy turnover in the futures mar
ket; sugar held about steady after
early firmneSs. Rubber futures
made new highs of the move and
reacted from the highs, holding
part of the gains.
According to preliminary calcula-
ton, the DoW-Jones and Company
industrial average stood at $3.50,
off .49; railroads 1858, up .0l, and
utility 29.15, off IA.
Sales were 4,400,O00 shares, du-
yesterdays volume.
Aggregate market value of 10
leading stocks was S6,071 1856 1894,