The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1932-01-02
BY ELMER G. WALLER
United Press Financial Editor

NEW YORK, Jan. "A drive
against the automobile shares
turned the stock market down with
losses ranging to 4 points in the
first session of 1882 today after ar
irregularly higher opening.
General Motors with heavy turn
over led the automobile list into
lower ground. 1t broke below 81 fol
the first time in the history of the
present shares and on the basis Of
its capitalization the outstanding
shares lost about $50,00O,000.
Auburn Auto, which reached 13415
in the early trading, dropped 1C
points from the high and consid-
cradle selling was noted in other
sections of the motor group
This movement of the motor
shares was contrary to custom. Al
this time of the year the group
usually rises on a demonstration
for the annual automobile show
which displays the new models
Dow, Jones & Co. explained the
selling as rejecting fears that the
low levels Of employment through
out the country and decreased pur-
chasing power in the agriculture,
areas would lessen public response
to new models"
Ford Disturbs Market
A further disturbing influence
this authority found, was the Forc
Motor Company.
1T is thought Ford'S active re-
entry into the market, in addition
to stimulating his own business, will
represent a constructive develop
ment for the entire industry. II
will clear away one important dam
ger for the present uncertainty by
removing a factor that has I'M
doubtedly delayed a considerable
number of sales in the low-priced
field" it said.
News for the steel industry also
was drab. The weekly magazine,
Steel, found iron and steel mar
ketS are emerging from the holiday
lull without any measurable clar-
ification in demand or prices. The
automotive industry is awaiting the
verdict on the January shows; rail-
roads are Withholding track mate
rial releases pending decision on
wages; building activity is good,
considering the season, but pipe
business is being deferred by the
formulation of municipal budgets
and financing for projected long
distance lines" Steel operations
we're placed at between 20 and "a
per cent of capacity, against 1920
per cent reported during the holiday
luli of last week.
Steel Nears Old Low
Steel common came within a frac-
ton of it's low for the bear mar
ket of SO, against previous close
of 1875. In the early trading the
issue reached 393s. youngstown
Sheet 81 Tube broke nearly two
points and other steel issues were
weak.
Du Pont dropped sharply with
General Motors of which it has
large common stock holdings. Gen
eral Electric lost more than point
and so did Westinghouse Electric,
the latter making new bear mar
ket low. Losses of l to more than
2 points we're noted in long list of
others, including Union Carbide, AL
lied Chemical, Standard Brands and
American Can.
In the railroad group prices re-
acted after early firmnesS with the
general list. st. Louis-San Fran
cisco preferred broke to a new low
at As, off Is, following publication
of a United Press dispatch from st.
Louis stating that the road could
not pay 100000 taxes due the city
of st. Louis. Utilities were down
sharply with the communications
under pressure. Western Union
made new low at "a, off Az.
According to preliminary calcu-
lations, the Dow-Jones g. Co. in
dustrial average stood at 74.60, off
$3.50 points; rail average 3311, off
50 point, and the utility average
at $3.50, off 81 point. Sales to-
tailed 100000 shares, compared with
100000 shares two weeks ago.