Imperial Valley press., 1933-07-20
(EE.I<efS
N. 2 Stocks L. A. Poultry
By ELMER c. WALLER
IIniIeh Press Financial Editor

United Press Financial Editor
NEW YORK, July 20. = The
s'new DEAL markets crlumpled to-
day as General Johnson warned OF
a crisis ahead.
Stocks crashed to % points in
giant turnover with tickers far be-
hind. Alcohol issues were again
the weak feature Their losses for
two sessions ranged from 10 to As
points.
Grain losses were heavy.
Cotton crashed IS bale on top
of 50 a bale drop yesterday.
Silver lost nearly 200 points.
Wool tops broke 400 to 500 points,
The dollar advanced sharply in
terms of foreign exchange.
Selling took the form of rout
as the session progressed on the
stock exchange. Pandcmonium
reigned throughout the day on the
Chicago board of trade.
Leading stocks that had held well
in the face of a broad break in the
over bought wet group yesterday
shot downward today. Their losses,
ranged to more than l3 points. The
latter in Unicn Pacific.
Primary reason for the break was
the crash in alcohols which un-
dermined sentiment. But Wall
Street considered the attitude OF
the administration on the future
of business as more important.
Reaction Pleasing
Then, too, reports coming from
Washington before the opening
stated the administration was
pleased with the healthy reaction"
on the markets yesterday because
1t was feared they had been car
ried up too rapidly.
The pound sterling dropped to
S4.65 off 1865 cents late in the day
and other foreign currencieS made
corresponding declines. That meant
the dollar was rising and the street
concluded that the federal reserve
and treasury department had dis
continued temporarily all dollar op-
erations.
In the wet group, American COM
mercial alcohol extended its yester-
days drop of 2lss TO more than 40
points: commercial solvents down
8 points today, was off 2lis, in two
sessions; National Distillers off 25R
yesterday was off ASH for two days;
u. S. industrial alcohol lost l6A to-
day and II yesterday, total OF
33K.
Near the close, American Can
was at 871a, off 3la; Case 79, off
10: U. S. Steel 57la, off 6; Atchison
69x, off 3; American Telephone
124ls off BIZ: Westinghouse Elec-
tric As off 71z; Allied Chemical l20
off 61z; Union Carbide 40 off 7i3;
General Motors 281z. off 3h; Du
Pont 73, off 67s; United Aircraft
34ss off SIS; and Homestake Min
ing 245 off 25s4.
sales totaled $780, 900 shares, the
largest session since May 5, 1880
when volume was 8,27e 200 shares.
Sales yesterday were 100000
shares.
Today's total brought the ag-
gregate for the year to date to
431 SOC, ,239 shares That was more
than the entire year Of 1882 when
aggregate volume was AIS, ,234 ,294
shares.
Curb sales total were 1,474, 900
shares. against 1920 900 yesterday.
Tickers caught up at 1888 p. m,
or 38 minutes after the last tran
saction had been made on the floor.
That was a record lateness for the
high-speed tickers, the previous rec
ord having been on June IS last,
when the last sale was recorded at
3:2712 p. m.
Sales in the last hour today were
larger than for any full session in
the period from September l3, 1882
to April 10, 1888. They totaled g.
$4,000 shares for that period,
against l,75o,0oo shares in the cor
responding period yesterday.
The Dow-Jones industrial aver
age broke 7.32 points to 1926 in the
preliminary calculation. The rail-
road average was down 4.28 points
at 1878, utility 3293. off 3.27.