Imperial Valley press., 1934-08-11
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New York Stocks

NEW YORK, Aug. IL. U.P)-A
bear raid on the dollar abroad; the
widest break of the year in u. S.
government bonds; crash to the
limits allowed in a single session
in grains, and strength in silver
stocks featured today's markets.
Attention was focused on the
American dollar when it broke to
what is considered the gold point
in terms of the French franc. The
gold point is the level at which 1t
is profitable for foreigners to i'm
port American gold The treasury
has said it would permit gold ship
ments, but there has as yet been
no test of this statement.
The dollar was down to around
80 cents in franc terms on the basis
Of $35 per ounce per gold parity.
On the old gold basis-$2067 per
ounce-the dollar would oe worth
1854 cents in terms of the franc
Europeans were sellers as Ameri-
cans are not allowed to speculate
in foreign exchange and can only
make purchases for actual business
transactions. Foreigners hold the
recent silver naturalization plan is
the forerunner- of real initiation.
Their views on initiation were
given something in the way OF ver-
ification by a statement Of treas
ury aid admitting the silver plan
was "slight initiation.
Commodities did not behave ac-
cording to initiation formulas
Grains recovered some of their loss
es but were far below the previous
close. Cotton declined about 81 a
bale. Other commodity markets
were closed for Saturday holi-
day.
Government bonds, always Sensi-
tive to any dollar tinkering, were
running true to form. Losses in the
group extended to more than a
point. Home Owners Loan issues,
guaranteed by the government al
so were weak Near the close a
firmer tone was noted in all the
government issues, probably a result
of federal support of the market.
Mine Shares Gain
Silver mining and gold mining
issues performed on initiation STAN
dards. These groups would be the
first to appreciate by dollar appre-
citation. u. S. Smelling was up
nearly points at one time, and
substantial gains were made by
such silvers as American Smelling,
Howe Sound, and Cerro De Pasco.
In the gold mining division gains
of a point or more were made by
Alaska Juneau, Mcintyre Porcupine
and Dome Mines. CopperS were
steady to firm.
Aside from the gold and silver is
sues movements in the list
were narrow and irregular, featur-
, ed by another selloff in rails where
Atchison made new low for the
year at 45A off LIS and others
were down fractions to a point.
Western Union sold off nearly a
point. Smaller losses were noted in
some of the utilities, and Loew's in
the amuSements.
Handy and Harman, bullion work.
ers, set the price of silver at 49%
cents an ounce, unchanged from
yesterday. The London price firm
ed slightly to new high for sever
al years, Near the close of the
stock market, wheat was off AS
cents a bushel; corn off 3A to A
cents; oats off 2s to cents, and
rye of Az to AS cents. Wheat at
Liverpool lost 312 to 3% cents
in American funds.
U. S. Steel closed at 33 unchang-
ed
After the close the stock ex-
change announced the short interest
as of the end of July slightly above
the total at the end of June.
Sales totaled 10000 shares,
against 303, 100 shares last Satur-
day. Dow Jones preliminary av-
erages: industrial 1919 up 013,