Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-01-16

MOTOR SHARES.
STEELS LEAD
Weeks Activity in Market
Indicates Interest in Auto =
Stocks.
LEGISLATION DISTURBS
Special 10 Indiana Daily Times
and Philadelphia Public Ledger.
Rx MONITOR

by MONITOR.
4 NEW YORK, Jan 16-So far as price
: movements in securities for the last week
are concerned, nothing Of special interest
has TRANSFERRED The market has shown
an improvement in undertone. and "a
moderately rising tendency. It is in
creasingly apparent that the selling OF
the first week in the new year was
largely in the nature Of technical re-
adjustments, leaving the broad funda-
mentals Of the situation untouched The
reaction was accompanied by consider
able short selling, and the covering Of
these commitments in the last few days
has brought about q hardening of values.
News developments have been Of a
minor nature, There was a slight furry
over the French cabinet crisis. but with
the foreign exchanges showing no dispO-
sition to give the episode an exaggerated
importance. it was but natural that
( American security prices should do ike
wise. As Il matter Of fact q cabinet up
set in France is To be taken as a matter
Of course, one OF those frequent political
shifts that characterize Gallo govern
mental functions There is every indi-
cation that the P0incare regime, If IL
becomes firmly established, VIII depart
little from the policy Of the BRAND MIN
istry. The incident did not bring abOu&
an international crisis in any sense O. .
the word, and the net result Of the event
probably viii be 3 Qualification Of the
atmosphere and a more definite outline
of French Intentions.
READJUSTMENTS
INDICATED.
Activity has been more pronounced IN
some Of the stronger placed specialties,
fhe motor shares and the steels. The
automobile show has been responsible
for the increased interest in the issues
Identified with the industry. Produce
ton costs and selling prices are coming
down. thus rejecting the readjustment
that IS likely to be typical OF Industrial
developments this year.
1t IS impossible to draw any con-
illusions from the report Of the United
States Steel Corporation on the amount
Of untitled orders at the end Of Deem
Der. New bookings came to the rescue.
and cancellations were not as large as
had been expected. Steel production IN
the United Sta@es IS not wholly a do
nestle affair. This fact IS being brought
home to US more and more as figures are
obtained regarding the activity in other
countries
Those who study the steel situation
attach great weight to the export figures
Of various countries, as It is felt that
the battle Of steel supremacy Is fought
out In the markets OF the world rather
than within national borders. The
monthly average Of exports Of steel from
the United States IN 1920 was 392,O 600
tons. Great Britain 271 coo tons and
Germany $4,000 tons. The alignment OF
these countries in August 1921 was as
follows: Exports from the United State .
10000 tons. Great Britain 10000 tons and|z
Germany 24OOO0 tons.
These figures show that while British
exports are running in larger volume
than those Of America. the exports from
Germany are more than those Of tha
United States and Great Britain COM
ined. This is most striking in view
of the fact that Germany's steel capacity
IS less than it vas before the war. while
ours has practically doubled. The an
swer will be found chiefly in production
costs, although in the case of Germany
deprecated exchange must be taken into
consideration.
LEGISLATIVE PROGRAM
DISTURBING FACTOR.
Wall street this week has been much
distributed over the outline of the con-
grcssional legislative program The
clamor by various interests to secure
special tariff fav0rs is nothing new, but
its results may be more serious than In
Norman Times II IS 1ell IH3L S0uUQ DuE1-
ness Judgment dictates, for example, that
the sugar tariff should not be more than
cent per pound. but Louisiana pro-
ducers and the beet sugar interests ara
asking for a raise from the present rate
of 100 cents to cents. This would not
only work a tremendous hardship on
Cuba but would imperil the American
investment of $1,000. 100000 in the island
republic Added to these disturbing ten
denotes we find a general disposition on
the part of both houses in Congress to
treat as emergencies certain problems
that are the normal Accomplishments of
present day conditions. These panaceas
are likely TO produce a malady worse
than the disease intended 10 be cured. IN
Much interest Is taken in the outlOol&
for the new cotton crop. Fears have been
general that the financial position Of the
growers and the economic dislocation OF
the South might result in another short
crop Of cotton. Reports have been cur
rent this week however. that one of the
larger fertilizer companies is planning
to sell adequate amounts Of fertilizers
on credit TO the farmers provided they
will agree to follow closely the instruc-
tons of the company regarding planting
and POISONING the insects.-COpyrigh
1922. bv lille Ledger Company.
KILLS WIFE. WOUNDS DAUGHTER.
HACKENSACK, y. J., Jan 16.-Peter
Pope shot and killed his wife. seriously
wounded his daughter. Mary. 20, ana