Imperial Valley press., 1936-10-16
L. A. BANk
NEW YORK STOCKS

NEW YORK. Oct. 1e. UP)--
United States Steel common stock
advanced 2 points to a new 5-year
high at TN to lead an active rise
on the stock exchange today
Steel's strength inspired buying in
the industrial division and the aver
age rose to new high since early
1881. The rails We're carried higher
by widening. demand inspired by
higher earnings and a new 6-year
high in car loadings. Utilities gain
ed on a court ruling that cellars the
way for test of the constitutional
ity of the IVA act.
For a time in the last hour the
tlckers We're barely aple to keep pace
with buying orders. Stock after
stocked moved up until the list
showed advances ranging tt more
than 2 points. Few gains were
wider including Paramount First
at 109 1-17o 74 and Baldwin pre-
ferred at 20 up 4.
Chrysler joined the new highs by
crossing 129 to the best levels since
1929 bull market days. General
Motors approached it's high with a
gain of more than a point.
Bthlehem Steel reached 74A up
IL; National Steel 1914 up PA; Re-
public Steel 1855 up "; Youngstown
Sheet & Tube S7A up y and Super
ior 25B pu rs, the last a new top.
Coppers made new ighs with gains
ranging to more than 2 points. Sill
vers followed. Demand for copper
was sustained. 1t was reported that
armament companies We're heavy
There was talk that the utility COM
panies might soon place large orders
for equipment which would involve
heavy copper purchases.
Consolidated Edison made a new
high at 45% up IA and held half
Montgomery Ward, Deere & Co.,
Continental Baking, Revere Copper
& Brass, Du Pont, Allied Mills. Gen
eral Theatres Equipment, and Par
In the raise, new highs were
made by Chesapeake & Ohio, Ches-
apeake Corporation, Great North
ern. Illinois Central, and Pennsyl-
vania.
Gains ranged to points in Union
Pacific.
Oils firmed Farm shares were
strong most of the day although
Case lost all of a gain of more than
a point. Warner Brothers was most
point. Mercantile issues followed
Marshall Field at its 1856 high.
Gains of points or more We're
noted in American Smelling, Cali
fornia Information Paper, National
supply, oliver Farm, and Revere
Copper.
Bullish business news piled up as
the day wore on. 1t included:
Car loadings at a new high since
November 12. 1880. at S20,195 cars,
up 1,069 from the previous week.
Railroad earnings for August
sharply higher. Example:
Pennsylvania Railroad August net
income $3,674,S53 against $9S1.191 in
August, 1885.
Automobile output this week re-
ported by Grams ctotalled 4S,195
units against 39,345 in the previous
week, and 44.416 a year ago. Gen
eral Motors Corporation overseas
sales for the first nine months set
a record.
Cement, output for the first nine
months of the year was 79,379,000
barrels, against 56.066,000 in the
1885 period.
Dun & Bradstreet reported Col
umbus Day retail business as the
best in seven years; retail trade for
the week 9 to % per cent over 1885.
American Chicle declared a special
dividend of $1.50. Owens Illinois
Glass increased its dividend.
Dow-Jones preliminary closing av-
erages showed: industrial, 1866 up
LA; railroad 59.S5 up 0.66; utility
35.03 up 041.
Transactions totaled 2,049.100
shares compared with 1,7S5,71O yes
terday Curb transactions approx
mated 10000 shares compared with
$4,000 shares yesterday.