Imperial Valley press., 1932-08-23

Daily Report Of
Stock Markets

NEW YORK, Aug. %. UPO -
Inspired by the previous advance
which carried averages through
previous resistance levels the stock
market was carried up / to 5
points in turnover that exceeded
1000, 900 shares. Gains were re-
duced by late of1t-taking.
Orders piled up overnight and
when they were executed at the
opening tickers were glutted, being
eight minutes behind the market
which for a time ran at q pace OF
! 100000 shares for a full day.
Sales to noon totaled 100000
shares or at a 100000 share rate.
Then profit taking came into the
list and volume shrank
The afternoon was marked by
several periods of selling. On each
the market rallied and regained
most of the losses. Toward the
close a sharp upturn was in prog
greSS followed by further realizing.
Most issues closed above their yes
terday's levels. however.
Bonds were whirled up to new
highs for the year in the averages
with volume around $l9,000,000 par
value for the day, the heaviest OF
the year They, too, were meeting
profit taking selling late in the
day, but substantial gains were re-
tanned
Grains closed with fractional
gains, while cotton was steady
around the previous close. Other
commodities were steady to firm
with rubber several points higher
Steel common began at its high
of As. 1t quickly advanced and the
whole market followed. American
Telephone crossed ll8 for the first
time on this recovery, and long
list OF other shares made Substan-
tial gains.
Utilities Up
Western Union reached 40 where
it was up 5la and held most OF this
rise. International Telephone was
active.
International Harvester jumped
nearly points in the farm equip
ments, although Case appeared to
have lost its snap for the time.
Some of the railroad equipments
picked up late in the day, Pullman
making a new high for the year
and Westinghouse Air Brake equal
ling its high.
North American rose nearly
points in the utility group, aided !
by publication of its June 80 report |
showing bank loans all paid off.
Oils were strong in the afternoon, |
helped by another sharp decline in |
crude oil production. Standard of /
California rose 2 points, Standard !
of New Jersey more than a point |
and others of the list fractions to |
a point. General Asphalt eased off !
fractionally on omission of its diyi-
dend.
Market news included a sizeable !
list of regular dividends, most of
them on preferred shares. I'm !
changed rate of steel operations as
estimated by the American metal /
market, and higher prices for
copper, abroad, a factor which
brought considerable buying into !
copper shares.
According to preliminary calcu-
lations, the Dow-Jones & Co. ir-
dustrial average stood at 72.18, up
i.3l; railroads 33.45, up 025, and
utilities 1926, up 0.55.
Sales totaled 100000 shares,
against 100000 shares yesterday.
Aggregate market value of 10 /
leading stocks was s6,288,043, $50 |
against s6,252 ,S91 1862, an increase
of S35, Isl 989
LOS ANGELES, Aug. %. U.H -
Most petroleum issues advanced |
fractions while other shares re-
mained irregular during active
trading on the Los Angeles stock !
exchange today.
TranSamerica was the most ac-
tive, selling $500 shares at SIS |
down Il. Security-First National
Bank advanced 2 points to Sc on
sales of ESQ shares.
Standard Oil sold 300 shares at
291s, up IL. Union Oil advanced
4 TO Is on sales of 5000 shares.
Union Associates sold 1900 shares
at 11&, up Is. Rio Grande sold
700 shares at 3ls, up Is. Pacific
Western sold 400 shares at 53s,
up Is. Southern California Edison
climbed q to sell at 28A on sales
OF 600 shares.
CHICAGO, Aug. %. lU.P)-Wheat
advanced more than a cent on the
board of trade today in sympathy
with an upturn in stocks. But when
that market reacted, wheat gave up
most OF its gains, selling against
bids and profit-taking having
checked the early bulge. Fair sup
port was met on all dips and the
finish was at small gains. Corn
moved narrowly with most of the
trade changing over from Septem-
ber to December, but the finish
was firm. Oats and rye followed
wheat
AT the close wheat was z cent
higher, corn as Is TO IS of a cent
higher, oats were q cent higher
and rye was 4 cent higher. Pro-
visions were unsettled but closed
strong.
September old wheat clased at
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