Imperial Valley press. (El Centro, Calif.) 1907-current, 1936-01-06
New York Stocks

NEW YORK, Jan. 6. CUP)-Wan
Street was thrown into confusion to-
day by the almost simultaneous pub
LEGATION of the 1897 fiscal year bud
get estimates and the supreme court
decision outlawing the AAA.
Trading in the stock market was
around the 100000 share mark for
the first time since February z, 1884.
Prices on the day were irregular
ly lower following several wide
swings accompanied by sufficient
activity to cause tickers to lag sew
eral minutes behind the market.
The market opened steady. Toward
noon utilities, with gains of 1 to 3
points led smart rally. When the
budget and supreme court announce
ments came stocks shot up led by the
Processing Co. issues, and cotton
and grains leaped forward. Late in
the afternoon, however, all markets
turned down and selling in stocks
attained trem endous proportions.
Tickers caught up in the last hour
and some prices came back from
the lows.
Traders were unable to gauge the
influence of conflicting elements in
the situation. The budget was con-
sidered bullish before the decision
was made. known. 1t was the near
est to balance in several years and
showed a sharp rise anticipated in
revenues without need of additional
taxes. Outlawing the A.AA, howev-
err, will necessitate soma form of
substitute tax, which was worri-
some for the market fraternity.
Along with the AAA several 9th err
government agencies were invali-
dated including the Jones' Costigan
act which has bolstered the sugar
market. without that support the
sugar market collapsed
First impressions of the cotton
traders were the decision was high
ly bullish. They reason it would
stimulate purchases of cotton cloth
and hence improve demand for raw
cotton. They bid prices up to $1.50
bale, but toward the close cotton
turned down. Grains also turned
down after early gains. Wheat clos
ed unchanged to off a cent a bushel.
Corn vas off Il to up a cent
swift q Co, biggest processing
rs up "a and held half the gain.
Baking Company issues also were re-
heved of heavy taxes and their
stocks mounted. Ward, Continental
and General Baking issues made
Packing stocks made gains ranging
to more than a point with Wilson is
sues at new highs. Corn Products
REFINING, Archer Daniels Midland,
and Penick & Ford made substan-
$685. up 81.
Commonwealth & Southern was
the speculative favorite in the early
runup in the utilities. II came out
In blocks of 1000 to 10000 shares
and touched new high for more
than a year. Others making new
highs included American Water
Works. Public ervice, North Amer
lean and Peoples Gas, which rose
more than points at its high.
Farm shares declined. Interna-
tional Harvester touched 5sB off
Az and Case 921s off 3B. Mail order
issues went down with Montg ON
cry Ward touching 361a off 9 and
Sears Roebuck at 60A off points.
The latter recovered a substantial
part of the loss. Rails were depress-
ed as were motors.
Volume approXimated $780,
shares compared with 2,S30,000
shares Friday Curb sales were
$4,000 shares compared with 4SS, 900
shares Friday.
Dow Jones preliminary closing
averages showed industrial 1870
off OBS, railroad 41.43 off OH. util-
ity 30.05 up 0.O2.