Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-01-12
DULL MARKET
DUE TO STORM
ON SEABOARD
Wire Service Hampered and
TeIegraphic Communications
Fail to Reach Change.
SOME ISSUES ACTIVE

SUNNI IDSO Ed AC1 n
Special to Indiana Daily Times
and Philadelphia Public Ledger.
BY MONITOR.
NEW YORK, Jan. 12-Part of the dull
ness on the stock exchange where transac-
lions fell below 100000 shares, may be
attributed to wire trouble, as telcgraphic
communications were greatly hampered
by the storm. There was considerable
activity in a few issues, and the under
tone was generally stronger than it has
been at any time in the last week. Oils
and specialties furnished the leading fea-
lures of strength, although the rails
showed an encouraging degree of steadl-
ness. One of the few weak features was
United States food products which sold
off to Il new low level on rumors re-
garding the state Of the cOmpany's
finances.
Points Of strength were represented by
Corn Products, Texas Company, Stude-
baker, General Asphalt, Computing, Tab
uIatinc and Recording, American Tobacco
0,,d Tobacco Products. Texas Company
was heavily bought on gossip renting 10
the value of its sulphur properties.
The steadinesS of the market, in spite
Of its dullness, was due in no small
degree to the improved technical po-
sition Selling has been persistent ana
general almost since the beginning OF
i. the wear, and with the failure of some
80 the bearish predictions to materiallze
49, e has been a disposition on the part
Of recent sellers to cover their COM
mitments.
The weekly review of the Iron Age re-
ports that the inactivity thus far IN
January has not been unexpected, and
that railroad demand has furnished the
feature of the business during the week.
Call money continues at 31a per cent,
with time money offered freely and de-
n,and lmited.-Copyright 1872, Public
Led 1er Company.
Professional operations again domi-
mated transactions in stocks, the char
acter of the market being accentuated
by wire trouble which prevented Out-of-
town participation in any considerable
volume. Western wires were most seri-
ously affected, service to Chicago ana
other midwest points being reduced 10
80 per cent. The tendency Of trade mar
ket generally was toward higher levels.
Further reductions in the price Of oil
and some of its products failed to dis
ing of the morning the domestic oils
were the firm features, with Texas Conf
pany stock the leader. In connection
with the advance of > points i'll this is
sue there was 4 report that firm sent
out $4,000 kilograms urging its purchase
at the market. A considerable part of
the buying was reported to have been
for the Middle West Similar action,
when 1900 kilograms were dispatched
urging the purchase Of Pacific Oil. Re
rI,F int, 40 10
at almost the highest price it has sold.
The incidents have caused unfayorable
comment.
According to available figures, the
Shuttle Retail Stores Corporation sales
for 1921 were $40, 975 $50, compared with
S17O08440 last year, an increase of 1I&
per cent Sales for December were
$2.129119, compared with Si996,O96 in
the corresponding month OF l52o'
The annual report Of the Jewel Tea
Company, Inc, probably Will be sent TO
stockholders next month and Is expected
to show a moderate profit as compared
with large deficits In the two preceding
years 1t is understood $4,000 Of bills
payable were cleared from the books ana
the outstanding notes were reduced by
81 100000. leaving approximately $1,000
900 outstanding of the original issue or
$3,J00,000.
There has been a persistent report for
several DAYS the Federal Reserve Bank
would reduce the rediscOunt rate to per
cent This report was responsible Tor
some of the buying in stocks. Following
the meeting the directors announced no
reduction has been ordered.
United States Food Products was one
of the weak features of the day, sales
being recorded below s. Selling was IN
dUced by the awarding OF judgment 1or
$3.50 161 against the Sugar Products
Company, subsidiary OF food Froducts'
It had been expected generally the re
port of the Lackawanna Steel Company
would be made public yesterday. The
annual report will be issued simultane-
ousIy with the quarterly figures and TINS
probably will delay publication until the
second week in February.
Conner stocks were strong, Utah ag-
gressively so, from the opening Of the
market. 1t is understood some small
lots of metal are being offered at 133s
cents by Independents and large pro-
ducers are quoting 1874 cents for nearby
deliveries. Export business remains lair
" active. according to selling agents,
and is expected to SO continue. Domes-
tic demand is slightly a condition which
is usual at this season.
The December output Of the Cerro de
pascO Copper Company was announced
D,DODtUUU
5.61SO00 pounds in November and j,00O,-
800 pounds in October
Approval was given at special stock
holders meeting Of the Ajax Tire ana
Rubber Company to the issuance Of
So 600 600 first mortgage fifteen year S per
cent bonds, and an increase in the cap
ital stock from 1000 shares Of $50 par
to 100000 shares of no par value. Stock
holders are given the right to subscribe
hot stock
change ruled the present stock will sell
ex-rights.
An outstanding development in the
motor world was reflected in the curk
market when It was announced the Ford
Motor Company will bid for the assets
and good will of the Leland MOTOR Com
pany, when they are offered at public
sale, Feb. f. Leland stock advanced on
very large transactions from 27s TO
above s.
Several bond dealers said for the first
time in many months savings banks have
rr-entered the market for Liberty and
Victory issues. This is taken as evil
dence Of TIE liquidation which has oc-
cured IN these securities. They are in
curing particularly for the long term
Issues. although it is reported several
large individual orders for the tax ex-
ompt 31as recently have been executed.
It is estimated by bond men dealings on
the New York Stock Exchange represent
only about one-fourth of the country's
total trading in these issues. They in
fer from this the floating supply of these
issues is practically cleaned up.
At special meeting Of the stock
holders of the Federal Light & Traction
Company. an increase in the capitalza-
lion from S1G000O0O to $21OG0.0O0 was
ratified This increase will be rep