Imperial Valley press., 1935-08-27
New York Stocks

NEW YORK, Aug. 81. U.P -
Traders on the New York stock
exchange today greeted congress
adjournment with one of the hea-
West selling movements of the
year. Prices were knocked down in
all sections, notably the war ba-
bies,' and losses ranged TO 5 points.
Offerings of stock were so heavy
that at times tickers ran several
minutes late. AT several intervals
quotations were closely abbreviated.
There was no tangible reason for
the decline, although technically
there were many items which con-
tribute. Principal of these was dis
appointment over the markets
failure to break through resistance
levels into new high ground when
congress finally adjourned.
Recently many traders caught in
utility stocks had placed stop-loss
orders under the market. Only a
small decline was necessary to
touch them off and add to the con-
fusion. Wall Street observers re-
ported a top-heavy, oyerbought
condition in the war stocks which
weakened their technical position
and made them vulnerable to at
tack of short sellers of which there
was a growing number today. These
various items combined to weaken
the list.
The stock market break weaken
ed grains which closed with losses
ranging TO more than cent a bu-
shel, the widest in September corn.
Cotton did little better than hold
its own on the loan compromise
reached yesterday. Bonds were I'M
settled with U. S. governments low
er. The dollar was firm in terms Of
European currencies.
Selling continued in many Of the
utility stocks, notably the holding
company issues which Wall Street
has concluded will be destroyed
under the so-called compromise
utility bill. Losses ranged to points
in that group.
Business Set Back
The streets conclusions on the
utility measure came after more
careful study Of the document.
Other bills met equal scrutiny with
adverse results marketwise. OBJ
servers held that business received
a very severe setback by "ill-con-
sidered" legislation Of the last few
days OF the congressional session.
Before the decline the market
showed some strength and several
issues were carried 10 new highs.
Steel common and Bethlehem
euualed their tops while Otis made
a new high. Others TO make new
highs included American Tobacco
B, Anaconda, Douglas. Du Pont,
International Harvester, Interna-
tional nickel, Johns Manville, and
yellow truck Most Of these gains
were turned TO losses.
Anaconda was heavily sold in the
coppers, being the most active is
sues on the board. Columbia Gas
was hard hit. At its low Of l0A it
was off Is. Consolidated Gas
touched 27. off ga Chrysler was
forced down more than 3 points.
General Motors lost more than a
point. Phillips lost more than a
point in the oils.
Railroad issues joined the de-
cline and showed losses ranging to
more than a point
Volume approXimated 2,l30,0OO
shares-680. 900 coming in the final
hour compare with 100000
shares yesterday Curb sales were
42i 900 shares compared with $685.
600 shares. The stock exchange
bond market, where corporation is
sues broke in sympathy witt
stocks. turnover amounted TO Sl6,-
$40. 1000 compared with Sl2,l90,00I
yesterday.
Dow Jones preliminary CLOSING
averages showed industrial 1861
of 2.20. railroad 34.73 off 099, util
ily 24lS. off 128.
Pred Schenek, FL Dorado coun
". reports coyotes killed nine of hi