Imperial Valley press., 1932-08-09
Daily Report Of
Stock Markets

NEW YORK, Aug. 9. U.P) -
Despite strong arm methods of
resuscitation, the stock market to-
day moved irregularly with leading
shares meeting heavy profit-taking.
There were periods of rally, each
time under the lead of a different
group. The utilities were given a
whirl up at mid-session in both the
bond and stock sections o: sne ex-
change and their strength brought
substantial rally ali around.
Toward the close, the cils were
pushed To the front, many of them
rising to new high ground for the
year. Silver shares were given
boost when silvermetal was bid up
sharply on buying said to come
from the Chinese. In the last few
minutes some of the merchandising
shares joined the upturE. Trac-
tions also advanced.
Meanwhile the industrials lost
their snap as did the chemicals
and harvester issues, the latter in
fluenced adversely by a sharp break
in wheat Rails were irregular and
less active.
Trading lightened in the general
market although relatively the day
was large one for recent sessions.
Accompanying the decline was a
break CT cents a bushel in wheat,
fractional portion of which re-
covered before the close. Cotton
recovered an initial loss of 81
bale, rallied to gains of SO cents a
bale and then eased to the pre-
yious close.
A long list of other commodities
reacted. Silver jumped to the lead,
however, in the most active market
in recent months. Spot silver rose
a full cent to 28ls cents an ounce
and futures were bid up sharply il.
heavy trading. Demand for silver
here was said to be largely specula-
tive based on renewed interest in
the market displayed by China.
News affecting the market was
mostly of an adverse nature, in
Guiding omission of the Canadian
Pacific common stock dividend;
rise of $3l 100000 in money circu-
lation in July; rise of 29,787 bar
rels daily in crude oil production
in the week ended August 6; a
drop in the American dollar in
terms of European currencies; esti-
mate of current steel production by
| DoW-Jones & Co. at shade. under
IA per cent Of capacity, against
| 1415 per cent in the preceding week,
and anticipation of reduction III
| its tonnage report due at noon
! tomorrow.
Steel common met rather heavy
realizing that brought the price
! down to 39l3 where it was off 21s
points. 1t closed at 40B. 1t rallied
from the low in the last few min
utes of trading. Bethlehem steel
preferred broke nearly points
to 10.
Oils which made new highs for
the year included Amereda, At
lantic Refining, Prairie Pipe Line,
Skelly preferred, Socony-V Vacuum,
superior OH, TldeWater Associated,
Consolidated Oil, Ohio Oil, Phillips
Petroleum and Barnsdall.
American Telephone led the ad-
vance in utilities when il was in
progress. Wide gains were scored
by common and preferred utility
shares, large portion of them be-
ing eliminated before the close.
Safeway Stores featured the mer-
chandising groups rise. Goodyear
made new high for the year in
the rubbers.
According to preliminary calcu-
lation, the Dow-JoneS & Co. indus
trial average stood at 67O6, off 0.65;
railroad, 26.76, off 0.03, and utility,
1925, up 095.
Sales were 100000 shares against
5,500,000 shares yesterday.
Aggregate market value of 10
leading stocks was 5,955, ,698, ,4G1