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

stock market gave ground slowly
late today under pressure of one
Of the heaviest realizing move
mentS since the start of the cur
rent advance in July.
After q morning marked by the
I heaviest trading of the year and
rising prices in most stocks in the
/ low price class, leaders turned on
ward under the impetus of acute
weakness in cotton and reactionary
tendencies in grains.
Although brave efforts were made
by bull forces with buying flurries
/ in individual stocks, the market
/ slowly gave way, reaching its worst
! level in the final hour Losses we're
small, however, not running much
beyond points, and many issues
we're able to recover from their lows
before the final gong.
Transactions were at a tremen-
dous pace throughout. sales run
ming in excess of the five million
share mark. Tickers were unable
to cope with the steady stream of
quotations, falling as much as eight
minutes behind actual trading on
the floor
The impressive advance in most
Of the low priced stocks in the early
trading was nipped by the headlong
break of more than 81 a bale in
the price of cotton following pub
lcatiOn of q beariSh government
crop report at noon.
Most selling was apparent in the
so-called market leaders like United
States Steel, Allied Chemical. Amer
lean Can and Westinghouse Elec-
trio, losses ranging to more than
points. The lower priced issues,
bolstered by a steadily increasing
public demand, resisted the selling
and reluctantly gave up their frac-
tional early losses.
Larger losses were suffered by a
few individual issues. Auburn, after
rising more than 4 points to a high'l
of 742S, slipped below the 81 level. !
Other motors followed the lead,
General Motors falling nearly 2.
Z
American Telephone was another
weak spot, dropping more than 8
points from the previous closing
level after reaching a high of 121;
similar movements occurred in
many other leaders. Buyers were
active as prices receded, however, ]
and the decline went ahead very
slowly in view of the heavy offer
ing of stock.
Few stop-loss orders were touched
off and bears were afraid to press
the decline with speculative selling
orders. This tended to keep the
decline orderly and prevented wide
open breaks in special issues.
According to preliminary calcula-
tions, the Dow Jones 81 company
industrial average stood at 7749,
eff IA; railroad, 1884, off 0.72,
and utility, 3473, off 1.38.
Sales were 5,4O0000 ;hares, COM
pared with 100000 shares yester-
day.
Aggregate market value of 10
leading stocks was S6,647 ,942, ,765
against s6S79, ,488,1 101 yesterday, a
decline Of 1921, ,545 ,316.
LOS ANGELES, Sept. 3. U.H-
Most stocks declined during sales /
in the latter part Of today's session /
on the Los Angeles stock exchange |
after the board had opened strong !
and higher. Interest centered in |
petroleums.
Transamerica was the most ac-
tive, selling 6100 shares at 6s4,
down Il.
Bolsa Chica set a new high for
the year at 54 before selling at |
AZ, down u, during transfers of |
1000 shares; Pacific Western sold |
700 shares at 6, up IS; Standard |
Oil also hit a new high at 3114 be-
fore declining to 30A, down q, on
sales Of TOO shares; Union Oil sold |
500 shares at 147s, down Is; Han
cock sold for while at 10ls, a new
high, before dropping 70 10, up 4,
during sales of 500 shares; Repub- |
lie Petroleum sold 500 shares at
IL, up k.
Southern California Edison sold |
300 shares at 297z, up u; Southern
Pacific advanced 25s points to 3l5s
on sales Of 300 shares.
L. a. STOCKS
Bid Asked |
First National .591a 601b /