The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1932-01-23
BY ELMER G. WALLER
United Press Financial Editor

United Press Financial Editor
NEW YORK, Jan. 22.-Active
liquidation reduced prices l to 5
points on the New York Stock Ex-
change today.
According to preliminary calcu-
lations, the Dow, Jones 81 Co. in
dustrial average stood at 1881, off
4.61 points, railroad averages at
1912, off 100 and the utility aver
age at 1924, off 113.
Sales totaled l 100000 shares COM
pared with 100000 shares Thurs
day.
Heavy selling conVerged on
United States Steel and the issue
broke more than points to below
43. Other industrial favorites con-
tinued the decline in progress near
the close Thursday. Losses of 2
to more than points we're noted
in Case, Allied Chemical, American
Can, Du Pont, Bethlehem and sew
eral others. Auburn dropped more
than points.
American Telephone and western
Union lost more than 3 points each
and utilities generally we're down /
to points. Railroad share react
ed after early f1rmness, and late in
the day were off l TO points, the
heaviest loss in Delaware g. Hud-
son.
Many Weakening Factors
Final action by congress on Presi-
dent Hoover's $4,000, 100000 recon-
struction finance corporation bill
came too late to have any effect
on the market. The market had
discounted its passage, according to
observers, and some of the selling
today was said to be profit taking
of, the good news.
Other reasons for the selling in
cluded disappointment at the fed
eral reserve report. 1t failed to re-
veal any change of policy as wide
ly heralded a week ago
The weekly reserve statement
showed reduction in total bills and
and securities indicting lighter de-
mand from industry for funds. It
showed also a reduction in the
amount of United States govern
ment securities bought in the open
market and this brought a decline
in United States bonds in the
bond section.
Brokerage loans dropped $32, 100000
to new low at 1881 100000, indi-
eating lack of public interest in the
market. Circulation of currency
declined only $6,O00,OOO, far less
than seasonal and indicating that
boarding still was going on on
large scale.
Foreign News Dull
News from abroad was not en-
couraging. Premier Laval of France
reiterated that his country would
not consider reduction of repara-
tions without corresponding reduc-
tions in war debts. England had to
revise her cabinet procedure to pre-
, vent cabinet crisis on the tariff.
For a time in the early trading,
railroad shares were a bolstering
: influence. The entire group rose
and arrested a decline elsewhere set
off when pressure was applied to
General Motors shares. Then the
head of the labor delegation at Chi
cago stated no agreement had been
reached on wage reduction and
carrier shares joined the decline.
While Alfred P. Sloan Jr., presi-
dent of General Motors Corpora
ton, was in Washington protesting
a sales tax on automobiles, stock
of his company was numerically
hammered. The issue dropped IL
points to 207s. where it closed
i. Sloan said prospects for the COM
pany were very good at this time.
Commodities followed the trend
of the stock market on a smaller
scale. Wheat and corn closed with
fractional losses and cotton was
about steady. Bonds slipped down
late in the day after holding fairly
we'll earlier in the session. Money
rates were steady.