Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-01-06

AS a matter Of fact. the market is I'M
der the depressing influence of two fac
tors. One is a revision of the technical
position, which evidently has been long
overdue after the rise OF the last three
months. Another is the effect exerted oy
+be conviction that number of CONNER
cial insoIvencies is inevitable, something
tn which the business world already has
resigned itself, but which is being made
the subject Of bearish ammunition at Il
time when the technical position Of the
market is unsettled
ASIDE from the delay by the Dali
Tireann on the Irish treaty, there ap-
neared to be no news of consequence -
Copyright, 1922, by Public Ledger Com
pany.
wATI, STREET GOSSIP BY MONITOR.
To say that professional operations
danffnatcd the days trading in stocks Is
tfo use a truthful expression which has
4 crept- into the daily practice OF market
commentators but which may convey an
G~neous impression. Were it known
initely for whom large operators are
2Wuying or selling the expression would
#Ylose much Of its significance. Price
4 changes were due in large measure 10
selling nv the professional element, but a
large volume of this selling reported
as for the account of Western houses.
1t was to this factor that the rank and file
looked for their cue as to the immediate
future of stock prices.
One large individual operator was re
ported to have been responsible for the
advance in MidVale Steel. and under the
cover of the strength in this issue to have
been a large seller of other steels and
the equipment stocks. The advance in
Midvale was accompanied by the thread
. bare rumOr of enhanced value to accrue
- stockholders when the proposed mer-
ger Il the Independent companies goes
into efect.
The oils were the weakest features from
the opening of the market. General AS
phS't was especially weak on a report
That there was some question as 70 the
action to be taken by the directors on
the preferred dividend. The preferred de-
cilned more than six points, and the com
mon broke five points. Philadelphia dis
patches Indicating that there is no cause
Tor questioning the payment Of the divi-
dend, failed to halt the food of selling
orders, There was evidence Of scale buy
ing below CO.
A reduction of 10 cents per barrel in
the price OF bunker oil to 81 40 was re-
ported to have been made by the Stand
ara Oil Company Of New Jersey and in
other quarters it was said that there were
offerings at S1.30. This was taken to
IoreShadOW further reductions in oil
prices. and played its part in bringing
selling into the oil stocks
Selling of Cosden was said 10 have been
for the account of recently formed pool
which has acquired an unwieldy line of
i i0l stock according TO gossip. Offer
lnSs were IN unusual volume and per
sisted to the lowest eighth. Buying came
largely from the shorts
The steel stocks generally waro nor.
sistently heavy, L. S. Steel in particu-
lar being offered in large quantities
There was no news to account for tho
selling of these issues specifically bu+
no .Tv,afs. -, =
mind and, finding little support, offered
these stocks down. One argument adj
yanced for the selling was that the re-
ductiOn in crude oil prices meant less
pipe buying by the oil companies. This
class of business has been one Of the
important factors In recent steel opera
tons and it was felt that if this buvipc
is curtailed it must reflect in the last
quarter statements Of the steel com
panies.
American Locomotive sold at 1O2 and
there was little indication Of inside"
buying even at the low price Traders
generally were inclined to believe that
an over extended speculative position is
being undone Baldwin Locomotive also
was weak, and the fractional rally at the
close was due only to the covering of
contracts by day to day traders.
American Sugar, after opening a point
below Wednesday nights close. again
was taken in hand and bid up to a new
high price for the present movement at
COZ. Heavy realizing sales, as well as
sales for short account We're in evidence
above $1,000. The price reacted more than
two points before the close. Firms which
nave been large buyers remain optimistic
in the long range view, but are non
committal as to the immediate future
A special meeting of the stockholders Of
the Guantanamo Sugar Company has
been called for Jan. II to authorize the
issue of 1000 shares of per cent pre-
ferred stock of 500 par value and $4,000
shares of no par value common. Stock
holders will be given the right to sub
scribe to one share of preferred at par
and five shares of common at $40 for
each 20 shares Of their present holdings
The proceeds from the sale of the new
stocks will be used, it is said, to pay
off bank loans and notes and reduce ac-
counts payable and provide working
capital.
There was some liquidation of lon3;
stock in StudeOaker, rs well as in Chand-
Ter Motors. The buying was of the same
character which has been in evidence for
weeks, and the firms which are buying
indicate that sales during the motor
show Will exceed general expectations
The Buick factory which closed Dec. 3
will resume operations Jan. O. The H.
II. Franklin Company of Syracuse is
planning low priced car and a world
wide selling campaign. Manufacturers
admit that competition will be severe this
year, but that he efficiently managed
companies will Show satisfactory profit.
Passing of the General Motors dividend
brought a great deal of outside selling
into that stock and a resultant decline
to a new low level. There was an ex-
cellent market for the offerings and
some firms take the position that the
stock is approaching a level where it
offers attractive speculative possibilities
for the long pull.
No small amount of the selling in the
days market was induced by a feeling
that there might be some unfavOrabIe de
ve1opment over the week -end.-Copyright
1922, by Public Ledger Company.
TOLEDO SEED PRICES.
TOLEDO, Jan. G.-CIoverseed-Cash
$14; January, $3.50 bid; February. $3.50
h ALnr- - -.