The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1932-03-19
BY ELMER G. WALLER
United Press Financial Editor

NEW YORK, March 19.-Recovery
in the railroad shares following a
favorable statement by President
Hoover on the financial condition
of the carriers steadied the stock
market today after an early de-
cline. Many issues came back to
above the previous close and the
market closed irregular.
According to preliminary calcu-
lation, the Dow, Jones 81 Co. in
dustrial average stood at 1900, off
0.73 points; rail average at 32.97, off
OH points, and the utility average
at 31.94, off OFT points.
Sales totaled s26,850 shares, COM
pared with 647, $50 shares last Satur-
day.
Aggregate market value of ten
leading stocks was $6,345, $40, 400,
against $500, 78O,543 Friday, de-
cline of $44,870,053.
Trading was extremely dull except
Kreuger 81 Toll which came out in
blocks of 5000 to $4,000 shares. That
issue was depressed to a record low
at 81, off rs cents share from the
previous close and off 81 a share
from the close a week ago.
Utilities Show Strength
Sales in the general market to
1870 a. m. totaled 100000 shares,
of which 306 100 or more than so
per cent were in Kreuger 81 Toll.
Before the Hoover statement, the
list was unsettled by the drive
against Kreuger 81 Toll. Steel was
forced down to 413s, off 1B, and
other leaders made corresponding
declines. Rails had been driven
down with the others, but utilities
presented a better tone than on
Friday when they were heavily sold.
Electric Bond 81 Shares issues on
the curb and its subsidiaries on the
big board rallied on a statement by
the company denying rumor 1t
would be unable to meet maturing
bank loans. The company, it was
stated, had more than enough cash
and marketable securities to meet
all maturities.
Elimination of that situation was
helpful to the general market as
was the Hoover statement on the
railroads.
Examination of the financial
problem confronting the railroads
shows that it is of smaller dimen-
sions than has been generally be-
lieved or reported" President Hoo
yer said. He estimated financial
needs of the roads would be met
through advances from the railroad
credit corporation and government
agencies.
Steel Firms Up
Railroad stocks responded to the
Hoover statement with moderate
gains. New York Central which
had been driven to 27A, came back
a point and fair-Sized recoveries
were made by Chesapeake 81 Ohio,
Atchison, Baltimore & Ohio, New
Haven, Union Pacific and Missouri
Pacific. Railroad bonds firmed up
on the bond market.
Steel common still was under the
influence of adverse conditions pre-
vailing in the industry, but it man
aged to rise above it's early low.
Further evidence of lack of auto
mobile orders came from the
Youngstown district were operations
were curtailed to &c per cent of
capacity from 81, the preceding
weeks average and 80 per cent at
the opening of the previous week.
Fractional declines were recorded
in long list of issues, but in no
case was there a wide break.
Auburn Auto touched 1878 in early
trading, came back to above 81 and
closed at 90A of u point. Cen
eral Motors equaled its low for the
present shares at 1875. off Is, and
closed unchanged at 1874.