Imperial Valley press., 1932-08-16
Daily Report OF
Stock Markets

NEW YORK, Aug. 16. lU.P)-Get-
ting off to an 100000 share pace
the stock market today attained
such momentum on the upside that
1t was able to close with wide gains
in the face of a crash in wheat
Early in the day the list moved
up with vigor of the 1928-29 bull
market days and under the lead
ership of the shares that made the
old bull market famous.
At the outset blocks of 1000 to
10000 shares appeared. Tickers
were 7 minutes late. Sales in the
first half hour totaled 100000
shares. by noon the total was 2.000,-
600 shares. At l:30 1t was $780,
600. Then volume slackened and
in the period from 1:3o to 2:10
when wheat was breaking and the
market was under profit taking
pressure. transactions amounted to
only 100000 shares.
Industrials came to the fore in
the early trading with U. S.
the feature. Leaders retained their
gains ranging to points. Utilities
had a period of strength under Am
erican Telephone
Harvester shares rose when wheat
was higher, and held part of their
advance. Tobaccos were in demand
most of the day. Electrical equip
ments made a good showing.
Before the opening day traders
were optimistic on the markets fu-
ture. They noted the break last
week faild to bring out any liquid
alton. That together with the re-
covery yesterday in quiet trading
brought in new orders of such
amounts it was necessary to bunch
them into large blocks.
Before the New York market op-
ened wide gains were recorded in
London and Paris. Liverpool wheat
advanced. Metals in London were
strong, including silver.
Along with the early rise in
stocks, other markets made gains.
Bonds were active and higher. hold
ing part of their gains. Bank
stocks, other unlisted stock mar
kets, out of town listed markets
and commodities were firm. Cot
ton was up several points.
Sugar Gains
Sugar futures gained, helped by
an increase in the price of refined
sugar. Silver futures again moved
up. Coffee was higher covering
by those expected shortage here
On the stock market U. S. Steel
made new high on the movement
at 45 up as; American Telephone
reached 1141a up Az; Union Pa
cific 73 up 81; Atchison 51as up
AZ; Consolidated Gas 57h up 8;
Allied Chemical 30 up 7; American
Tobacco B 1895 up 35s;. Auburn Au-
to 1914 up So; Case SO up 6; Du
Pont 37as up 25s; International
Harvester 311h up 2 and Westing-
house Electric 37B up 27s.
Those gains were reduced before
the close, but all issues closed high
er, some rallying rs selling subsidized.
Dow-Jones reported an increase
in steel production for the current
week, and several diversified units
announced employment of addition
al men.
According to preliminary calcula-
ton, the Dow, Jones & Company
industrial average stood at 68.9, up
2.40; railroad BOIL, up 1.81; utili-
ties 29.74, up LOO.
Sales were 100000 shares,
against 100000 shares yesterday.
Aggregate market value of 10
leading stocks was $6,069 ,634,572
against s5,S92, ,176,316 yesterday an
advance of $17,458,256.
LOS ANGELES. Aug. Is. U.H =
Most issues continued to advance
today as slow trading was reported
at the Los Angeles stock exchange.
The most active stock was Trans
america, unchanged at SIS on sales
of 1000 shares. Southern Pacific
advanced % points to 20al on sales
of 200 shares.
Pacific Western sold 1400 shares
at Al, up 1s. Standard Oil adj
vanced 2s to 275s on sales of 500
shares. Union Oil sold 300 shares
at 1917, unchanged.
Southern California Edison sold
500 shares at PTS, up %. Pacific
Mutual advanced 4 to 80 on sales
of 300 shares. Security-Firs Ma
ticnal Bank sold 200 shares at
sos, up Is.