The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1932-05-14
BY RICHARD L. GRIDLEY
United Press Financial Editor

NEW YORK, May l3.-F1urries
OF selling continued 10 break out in
many sections Of the stock market
today. threatening fos a time to
send the entire list into new bear
market low ground.
According TO preliminary calcula-
ton Dow-Jones Co. industrial av-
erage stood at 5346, off 2.16 points;
rail average at 1917, off Ito points,
and utility average at 22.9i, off 81
point.
Sales totalcd 900. 900 shares, COM
pared with a similar amount in
Thursdays session.
Aggregate market value Of ten
leading stocks was 1852, 161 ,3l9
against $4,s12. S79 SOC Thursday, a
decline of $150.718, 100.
Aside from the railroad stocks
and dozen or more individual is
sues, however, selling did not make
much Roadway other than to force
losses OF a traction TO several points
in various industrial and public
utility leaders.
Rail Issues Heavy
Railroad shares as a group we're
heavy throughout the session, most
OF them breaking to record lows
on relatively small declines. AS
the session wore on, new weak spots
we're uncovered, brokers reporting
that Chicago interests we're selling
out a large line of stocks being
carried in that city. Many issues
heavily held in Chicago showed
greater than average declines.
The weakness in the railroad is
sues, however, continued the prin-
cipal influence on the market. Their
action of recent sessions discouraged
some holders and forced others to
part with their investments when
margins we're cleaned up.
The decline in the rails was &C
companied by the usual batch Of
rumors. Traders unloaded railroad
stocks because of the uncertain flu
ture. A number Of railroad exec
utives we're reported in town con-
ferring on measures to bolster the
credit of the carriers.
Chicago Holdings Sold
Late in the session New York
Central touched IL for a loss of a
point and larger losses we're forced
in Atchison, Union Pacific, Mis-
souri, Pacific preferred and others.
The first evidence of important
Chicago selling came in a 3 point
break IN Colgate Palmolive Peet,
followed by a weaking of other is
sues associated with the middle west.
Peoples Gas. giant Chicago utility.
slumped half a dozen points to
60st; Western Union lost more than
3 to a new record low below is, and
Standard Gas was unloaded in large
blocks around the 13-level, loss Of
several points. National Dairy Prod
ucts also was weak.
other issues to suffer greater
than average losses were Eastman
Kodak at AZ, off 3ss; General Gas
and Electric preferred A at 20. of
&: New Haven preferred 20, off 5;
United Aircraft preferred 30A, of
So. and Pacific Telephone preferred
9O14, off So.
Leaders Work Lower
Market leaders like United States
steel. American Telephone, Cen
eral Electric, American Can ana
Allied Chemical we're not active, but
worked steadily lower throughout
the session, ending around their
lows OF the day at losses Of frac-
ton to several points. All Of them
reached their recent resistance
points.
Turnover in the market was rel
atively small, falling under Thurs
DAVIS volume Of 100000 shares. Sen
timent continued as mixed as ever
with few large traders taking part
in the proceedings.
News of the day was not impor-
tant from a stock market stand
point. but indications that the Dor
rowing power Of the reconstruction
finance corporation might be dou-
bled to 50 1000. 900 900 was interpreted