Imperial Valley press., 1933-07-19
N. y. Stocks
BY ELMER {. WALLER
United Press Financial Editor


NEW YORK July 19 - Repeal
stocks crashed to more than 81
points today while the main stock
list dipped I to 5 points: wheat
broke wide open and closed at
losses ranging to more than IL
cents a bushel; cotton lost more
than 50 a bale: rubber and silver
dropped nearly 100 points each;
sugar eaSed a few points; and the
American dollar firmed up after
early weakness.
Trading was at a swift pace on
the stock exchange because the
small traders became frightened
and dumped their repeal stocks oy-
erboaro for what they would bring.
Specialists were hard put TO exc
cute orders. Confusion OF the 1929
variety reigned around the posts
where the wet issues were
traded.
This was the first major break
in the wet department 1t was
caused primarily by banks calling
attention to the collateral value of
the issues which had risen senSa-
tionally of late. When the value
as collateral was reduced arbitrar-
lily, brokers asked for more mar
gin. The request was met in
few instances. In a majority trad
ers sought to take profits. Con-
certed selling demoralized the mar
ket for the group.
AS the selling gathered momen-
tum in the repeal stocks, other
sections of the list softened because
of slight nervousness. However,
the main list resisted pressure, and
it was influenced far more by the
weakness in commodities than by
a break in issues which were recog-
nized by the experts to be selling
far out of line with all common
sense valuations.
Alcohol Issues Break
The break in the alcohol shares
was the widest of any group. Am
erican Commercial Alcohol was off
30 points from its high of the year
and % points from the previous
close National Distillers was off a
similar amount while u. S. Indus
trial was off "a points from the
year S high.
Standard Brands, the recent wet
favorite because of its indicated in
tent to manufacture gin when and
if prohibition is repealed, dropped
6 points off more than 8, from its
recent high. Cn the basis of the
stock outstanding it showed a net
dip in value of shares of more than
Sl07, 100000. On the same basis
commercial solvents was down
about S54,000,000 Nine recent fav-
orites in the wet division showed a
drop in market value of around
5000, ,000, 900. That is relatively small
as stock market values go since
most of the group have small cap
italization.
Such issues as U. S. Steel. Amer
lean Can. American Telephone,
Westinghouse Electric, Allied Chem
ical. Montgomery Ward, General
Motors, National Biscuit, Du Pont
and General Electric declined 2 to
nearly points each but toward
the close came back from the lows
Railroad issues were firm in the
early trading as were the utilities.
Both groups dropped with the gen.
eral list but losses were held with
in l TO 4 points.
Sales totaled 7,440,000 shares
against 6.590,000 Yesterday, and
7,451 $40 last Thursday. 1t was the
third 100000 share day this year
and the 9Th in stock exchange his
tory. Curb sales were 1,474 900
shares, against 1902, 600 yesterday.
Dow Jones preliminary averages
industrial 10344 off 5.23; the mid
west single days break of the
year; railroad, 5401 off 1.62; utility
1914 off 1.37.