The Waterbury Democrat., 1932-01-09

New York, Jan 9.-There is no denying the fact that the railroad situation now furnishes the key to the market project. Better values for the rail shares are promptly parallelel by similar advances for other stocks, and the entire list Is thus directly influenced by what happens to transportation issues. What will besthe influence of this or that piece of legisiation affords the footing for changes of opinion as to the fate of given issues or railroad securities; and through such effects has a powerful re- flex bearing upon the general posi- ton of many other issues incident ally dependent upon the rails and their securities.
 Seasonal advances in steel pro- duction are being generally noted, and in the opinion of some expert observers, the percentage of occu- pied capacity for ingots may be ex. pected easily to go as high as. 40 per cent before the end of the present movement. This may be an optimistic estimate, but the cur rent production is on the way up. Automobile manufacturing mas ale so been more active. partly in an- ticipation of the approaching an- nual automobile exposition n this city. There is about the same general situation In other parts or the country that has existed during the month or two last past. Un- employment has not increased, and while acute in many places, does not seem to offer any more aggra- yated features than had been pre- dicted, Bank statements at year end are showing a high cash posi- ton in most cases, and Tn some U gain of deposits. In those which show deposit losses the reduction Is largely attributable to the banks own policy in not granting Cor not renewingC loans that 1t had been carrying in months past. Particu- Iarlv is this true of loans on se- curities which have been greatly reduced. Brokers loan. of course, are far down in the scale with Q total well below, $600,000.000-the lowest level for many years past. Further reduction of stocks of crude oil on hand has been favor able to better prices; and in cop per an increase in the price of the metal is now anticipated. With supplies at present levels. an addi- ton of a half cent to e cent as predicted would place a much pet- ter phase upon the current copper outlook. On the whole, there has been TO reason for believing thnI business is worse off than has been the case for sometime. while the maintenance of the Westinghouse dividend and other favorable m. dieatIons show strength on the part of leading institutions. Atchison'ss reduction of its common eivlae1n to six per cent still leaves the stock on n comfortable basis Of Income.
 The market has made 70 many false starts in the direction 0i Iimprovsmen during the last sev. eral weeks nearly every one m ln la doubtful mood, usyerthsiess, the smart pick ID which hss taken place during the past several days In practically all groups ot sioeki has sngendered h feeling tnat per. Ihaps after all 1888 has uahered tn n better state of things, TO bt | sure, business conditions .ars SUI very much depressed and eonsld. sFabls time wiil bs required before they ean show any very decided I'm. nrovsIDani, still, tt is q auestiop q fbls situation has not been over dlasDnDted In tbs Rfeat deellns W
 prices for aii kinds of ssoufiilss-' especially when ofs takes infs Hon' alteration ihs vafieiis eonsifnetiss