Imperial Valley press., 1932-08-12
Daily Report OF
Stock Markets

NEW YORK. Aug. Il. U.Pl -
Bears had their turn on the stock
exchange today. Prices crashed
! to 5 points in the main list and to
more than y points in a few of the
volatile issues like Auburn.
Volume shrank for a time as
the market resisted pressure But
The offerings were too persistent
and in the last hour trading in
creased on the downside. On stop
loss orders sales mounted and
tiekers were unable to keep pace.
Before 2.30 they were seven min
utes late.
The main reason for the break
according to observers, was the
temporarily overbought position of
the list which required technical
correction. Further weakness in
wheat. which crashed 2& to 2@
cents a bushel. and a decline of
more than a dollar a bale in cot
ton were contributing factors.
Some operators blamed President
Hoover's acceptance speech for the
decline. They found fault with
his position on foreign debts ana
the tariff and were disappointed
over no mention OF the Russian sit
uation. However, the majority re-
garded the speech favorably, with
out effect on the market. 1t was
believed its content had been dis
counted so that its publication was
taken as time to take profits.
Major industries continued to
operate at a low rate, while the
smaller companies were reporting
scattered progress. Sentiment was
still hopeful of recovery in the
autumn.
Selling was heaviest in the re-
cent leaders in all divisions. Steel
common was carried down TO
around 38, against a previous close
of 428s Case broke II points; Au-
burn more than II. American Can.
Eastman, Atchison and Allied
Chemical more than points each;
American Telephone and Western
Union more than 4 each. A long
list in all divisions lost / to mole
than 3 points.
For time the low priced utility
issues made a good showing, rising
on fairly active turnover and
steadying other utility issues. They
lost their gains before the close
and ended the day lower.
Oils joined the decline as did
coppers. silver company shares, rail-
roads and special issues. Alaska
Juneau was firm in the gold min
ing section. Harvester shares were
particularly weak after. their re-
cent sharp advances.
During the early session, pool
operators tried to stem the gen.
eral decline. They brought for
ward new favorites and sent them
up sharply. But these issues later
to general selling.
For time in the morning, snares
Of companies that would profit by
of prohibition were bid
up, two of them making new 1882
highs. Behind this buying was the
Hoover acceptance speech which re-
versed the Presidents recent posi-
ton on prohibition.
According to preliminary calcu-
lation, the Dow-Jones & Co. indus
trial average stood at 63.13, off
SIT: railroad, 26.O8, off 255, and
utility 2707, off 200.
Sales were 3,7O0,000 shares,
against 100000 shares yesterday.
Aggregate market value of 10
leading stocks was ,636,287,31
against s6,O71, 1856 1894 yesterday.
decline of s435 ,598,576.
LOS ANGELES, Aug. IL. U.P-
Sharp declines were reported by
most issues during an active session
on the Los Angeles stock exchange
today. The losses were attributed
to profit-taking by shareholders.
Southern Pacific dropped 3 points
when 200 shares sold at 17A.
Transamerica was the most ac-
tive, selling 10000 shares at SIS,
down 6. Security First National
Bank was down 4 at 49,, during
sales of 450 shares.
Standard Oil lost 1A points on
sales of 1900 shares at 26; Pacific
Western was unchanged at 4 where
100 shares sold; Union Associates
dropped q to 10H on a turnover
If TOO shares; Union Oil sold 200
shares at 1873. down Il.