Imperial Valley press., 1932-09-01
Daily Report Of
Stock Markets

NEW YORK. Sept. 1. U.R) =
Railroad stocks pulled the stock
market substantially higher today
despite a dimunition of speculative
interest with the approach Of the
Labor Day holiday
After several false starts in the
early trading the entire market
turned strong toward the close, ac-
companied by swelling of activity.
Early dealings were dull, indicating
the desire of many traders to re-
main on the sidelines pending def
mite indications as to the imme-
diate course of the market.
When the rail stocks began their
advance toward the close, buyers
swarmed into the market. Many
of the less important shares were
carried to new highs for the year.
Among the rails, Louisville and
Nashville, Atlantic Coast Line and
the Western Maryland issues
reached new highs for the year on
gains of a fraction to several
points Pennsylvania rose more
than points and New York Cen
tral rose a point to around the $50
level, its highest price in many
months.
Old time leaders like Southern
Pacific, Union Pacific and Atchi-
son advanced in spirited fashion,
these issues making gains of to 4
points before the close. There was
nothing in the outside news to ex-
plain the new activity in the rails
except the imminence of the four
party eastern railroad consolida-
tion. This factor, however, did not
account for the strength in the
western carriers.
Encouraged by the strength in
the rails, pools resumed operations
in many special issues. Among the
stronger groups were the silk, avia-
ton and chemical, while utilities,
motors and coppers were neglected.
Stocks of the calibre of United
States Steel, American Can and
American Telephone made rela-
lively little headway on the up
side, although they were able to
establish gains of about a point
each.
Turnover showed sharp falling
off from recent levels with many
traders determined to stay out OF
the market over the weekend.
Sales to 2:10 p. m. approximated
100000 shares, indicating a turn
over of around two and one-half
million shares.
According to preliminary calcu-
lation, the DoW-Jones & Co. in
dustrial average stood at 1859, up
SO; railroad 1882, up so, and util-
ity 1889, up .49.
Sales were 100000 shares, COM
pared with 100000 shares yes
terday.
Aggregate market value of 10
leading stocks was $6,354 ,142, ,137
against $780, ,98l, ,494 yesterday, an
increase of $57, ,160,643.
CHICAGO, Sept. l. U.P)-Further
liquidation in September and heavy
deliveries unsettled wheat on the
board of trade today.
There was strong rally around
noon that boosted prices frac-
tionally above the previous close
but the finish was under Wednes-
days closing prices. Changing over
from September to December at a
Az cent difference constituted the
bulk of the trade. Corn followed
wheat with similar changing over
at to 32s cents difference. Oats
and rye were quiet, following the
wake of the major cereals.
At the close wheat was a to *
cents lower, corn was Il cent lower
TO 2s cent higher oats were 4 cent
lower to Is cent higher and rye
was = to 1a cent lower. Provisions
were strong.
September old wheat closed at
51%, September corn at .3Oh, and
September oats at .17A.
LOS ANGELES, Sept. l. U.P( =
Most stocks showed irregular trends
to decline during slow trading on
the Los Angeles stock exchange
today.
Transamerica continued to be the
most active stock, selling 4500
shares at 6h, up X. Security First
National Bank was unchanged at
SO on sales of $50 shares.
Southern Pacific sold 500 shares
at 26 to advance IL points. South
ern California Edison 5la per cent
preferred sold 300 shares at 21A,
unchanged. Pacific Public Service
new sold 500 shares at "a, up 4.
Pacific Western sold 400 shares
at SIS, unchanged. Union Oil de-
clined Is to 1875 on sales of 300
shares.