Imperial Valley press., 1932-08-05
Daily Report Of
Stock Markets

NEW YORK, Aug. 5. U.P -
Continuation of the baby bull mar
ket brought prices Of leading issues
on the New York stock exchange
into new high ground for the pres
ent upSwing today.
Buoyance in wheat which at one
time was up IL to cents
bushel. and unconfirmed reports of
huge wheat pool under the lead
ership of Arthur Cutten soon to
get under way, provided incentive
for spirited upbidding OF farm
equipment shares.
International Harvester and j. 1.
Case were the sensations of the
day. Harvester came out in long
strings and reached 27A, up 81
points net, while the preferred was
at 90. ex-dividend. up 2%. Case
common rose to 43, up rs, while
the preferred reached 58, up 5.
Lesser lights in the farm equip
ments followed these leaders.
Oliver farm equipment made new
high for the year.
Steel common made a new high
on the movement at 34&, up Is.
and American Telephone at l0lh,
up 314 points. Wide gains were
made by Auburn Automobile which
at one time reached 70, up So;
Allied Chemical, Westinghouse
Electric and Dupont.
Railroad shares were strong i'll
the early trading They later
quieted down but held gains rang
ing to more than points Utilities
also were higher, featured by Tele-
phone and Western Union, the lat
ter making a new high on the
movement at 311s, up 4 points.
Short covering made an appear
ance again just before the close |
and prices we're carried to their
best levels of the day in most !
sections.
The market opened cautiously |
Then Harvester issues made a SUD-
den squirt on hasty short cover
ing. Buying quickly spread .
the list. Oils turned |
more active in the early afternoon,
many of them rising to new highs |
for the year. Investors were taking
up preferred shares at sharp ad
vances.
The list ran into profit-taking
after the early squirt. This selling
was absorbed so easily that shorts
became frightened and covered |
just before the close. Tickers ran
behind a few minutes. In the
buying wave they were
I minutes late.
Volume was lighter than yester-
day when 100000 shares changed
hands. Dealings in the first half |
hour totaled 100000 shares or At
the rate of s5,000,00o shares for a
full day. In the corresponding
period yesterday the total was 600,-
200 shares. Up to 2:10 p. m. sales
.otaled 100000 shares, one million |
shares under the total of that time
According to preliminary calcu-
Iation, the Dow-Jones e. Co. in
average stood at $3.50, up
2.96 points; rails 22.48, up SO, and !
25.21, up 1.0l.
Sales were 2.700,000 shares conf
pared with 100000 shares yes
terday.
LOS ANGELES, Aug. s. U.H i
The market continued to rise during /
an early active session of the Los
Angeles stock exchange today. Oils
aeld most interest for traders.
Standard Oil was the most active,
selling 2800 shares at 271s, up 7s.
Union Oil sold 2400 shares at 1914, |
up Il. Union Associates advanced |
Is to 109s on sales of 1900 shares.
Transamerica sold 1900 shares
at AS, down Is.
Southern California Edison 51s |
per cent preferred sold 300 shares |
at 211z, up rs points. Edison COM
mon was up Is at 24ls on 100 |
share sale.
Southern Pacific advanced Is to
l3 on sales of 200 shares. Public |
Service common was unchanged at |
IA on sales of 700 shares.