Imperial Valley press., 1932-08-03
Daily Report Of
Stock Markets

NEW YORK, Aug. 3. U.PAThe
bears were routed on the New York
stock exchange today. Theii
scramble to cover commitments
sent stocks up to points.
The buying wave was gradual
and came after an early setback
but it gathered momentum and al
the close activity was SO frenzied
the tickers fell behind.
Losses registered yesterday were
regained. New highs for the move
ment were recorded by all leaders
The range from the days lows
to the days high was the widest
of any session this year
Oil shares were a bolstering fac
tor for the market in the early
trading. Favorable statistics and a
regular dividend declaration by
Standard of California provided the
incentive to buy these shares.
Mining issues also maintained a
strong tone early in the day on
higher prices for copper and zinc.
Then the rails swung to the fore
front and Union Pacific led a
sharp rally in this session. Then
utilities stepped into line with
American Telephone the favorite.
Chemical stocks were conspicuous
with gains of TO points.
j. I. Case spurted nearly points
when wheat turned upward again.
Auburn Auto shot up nearly 8
points. Gains of 3 to points
were noted in United States Steel,
common and preferred, Air Reduc-
ton, International Harvester, Coca
Cola, Eastman Kodak, Dupont,
Allied Chemical and International
Business Machines.
announcement the Reconstruc-
tion Finance Corporation was work
ing out a plan whereby the rail-
roads would be able to make pur-
chases of needed equipment brought
buying into the railroad equipment
shares, including Baldwin Loco
motive, American Locomotive and
Pullman.
Union Pacific touched 42A III
the early trading and near the
close it crossed SO, against a pre-
vious close of 43k. Atchison
crossed 35, up nearly points from
its early low. New York Central
and Southern railway each gained
more than points.
Preferred Issues Gain
Among the gas and electric utili-
ties Consolidated Gas rose more
than points and Brooklyn Union
Gas more than S.
Many preferred issues made wide
gains. Special issues like Inter
national Business Machines were
bid up points or more.
Near the close shorts covered
commitments in General Motors
and the stock crossed II against a
previous close of 101a.
Directors were to meet after the
close to take action on the common
dividend. The dividend was not
earned in the first half, but many
payment would be
as a mark of confidence in
the future.
The causes for the rise were not
clear cut, but the outstanding one
was a rise in wheat. Traders had
further reactionary
tendencies and many bears had
made new short commitments.
When the market failed to break
as expected, these shorts covered.
The buying gained momentum and
was assisted by a sharp recovery
in the bond market which followed
about the same course as stocks
down in the early trading and up
later in the day.
Business barometers changed lit
tie. Steel production fell a point
to Is per cent of capacity, accord
ing to the Iron Age, but sentiment
was still buoyant Electricity out
put was down 12.4 per cent in the
week ended July 80 as compared
with the 1881 week. In the pre-
ceding week the dip from 1881 was
1871 per cent. Oil production in
the week ended July 80 was down
$50 barrels daily, and gasoline
stocks were down 1,283,0 900 barrels.
Bradstreet's and Dunns monthly
commodity indexes made substan-
tial gains in July.
Sales totaled 100000 shares
against 100000 shares yesterday.
The Dow-Jones industrial average
preliminary calculation) rose to
1922, up 5.06 points, the widest
gain since February 13, when the
average was up 7.22 points; the
railroad average today rose to
21.99, up 1.99, and the utility av-
erage to 23.89, up 2.21 points.
LOS ANGELES, Aug. 3. (U.P) -
Reacting to favorable stimulus
from exchanges throughout the
country, the market advanced frac-
tions to more than point during
active trading on the Los Angeles
stock exchange today.
Transamerica was the most ac-
tive, selling $500 shares at AS
up as. Security-F First National
Bank advanced rs points to Sc
during sales of TOO shares.
Standard Oil sold 3100 shares at
25h, up l point. Union Associates
advanced u to 9A on sales of 1900
shares. Union Oil sold 900 shares
at 11as, up 5s. Hancock Oil "A" sold
400 shares at 8, up Is.
Southern California Edison ad-
vanced IL points to 237s during
sales of 300 shares.
L. A. STOCKS
Rid Asked