Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-01-24


strong, and if sentiment had not become
weu-nigh shock proof.-Copyright 1922,
by Public Ledger Company.
WALL STREET GOSSIP BY MONITOR.
During the current week q large NUM-
Der of railroad earnings statements Ior
December will be made public. me
financial community has heard so many
doleful tales of the nature Of the reports
that any display could scarcely equal
some expectations. hallway executives
hesitate to make any general statement
because of the curious lrreguiaflty o.
tonnage movement. 1t was expected the
reduction in rates on Iumte and agrI-
cultural products would stimulate the
movement Of these commodities. Instead
of increasing, the movement has de
creased according to some officials.
Increase in tonnage Of a large variety
of manufactured products has surprised
traffic men, even as they were surprised
Dy the falling off in some classes OF
commodity freight The coal movement,
they say. is far below normal. Secretary
HOOyer's announcement today that rates
would not be cut on coal prior 10 apr! J.
in view of the practical certainty OF a
strike then, viii, it is expected, stimulate
this class Of tonnage.
Firms. which are Interested largely in
KenuecOtt Copper, and also are interested
in Mother Lode which was listed on Jut
curb market, are suggesting the pE9pd-
bility OF an exchange OF stock, Whic3l
viii prove f4yOrabIe 70 hoIueIs o. oG IN
companies. The commission house ele-
ment is inclined to look on the report
as speculative maneuyer.
Strength and activity in Manhattan
Shirt Company stock recently was e&-
planned when the directors at the annual
meeting recommended an increase IN Inc
capital stock from 2O0UOO u dJVrVuO
shares Of SIS par value, an increase IN
the cash dividend rate from SID to =
annually, and declaration Of a ~ per
cent stock dividend special meeting
Of stockholders has been called LOT teo-
D, to act upon the proposal
For some time buying in American
Wooden has been reported as Tor the hc-
count of important interests. The STOCK
scored a gain Of more than point az the
opening, which later was increased on
reports of the success attending the
opening Of the cOmpanys lines: II IS
said buyers are placing orders u0eraII!,
and that large operations Tor the next
six months are assured.
The Consolidated Gas Company, re
porting for 1921, shows a deficit Of s.
$40 .J37 before dividends as compared
previous year After dividends the deli
cit is $500 537, as compared with q
deficit Of $J,G9ZO00 in 1920.
Absorption Of American Express is re
ported for the same interests which en-
tered the market for that stock a week
ago. 1t is said the order, which now is
in process of execution, calls for the de
livery Of a considerable quantity of Ger
tifcates, and that while the temporary
fluctuations in the price may discourage
outsiders, the buying is based on knowl-
edge Of important developments in the
affairs Of the company.
The trading element is watching with
peculiar interest operations in United
States Steel common. 1t is generally the
idea of traders that the buying above s.
was not of a strong character, yet the
ready market which existed for all offer
ings around Sc today made short sellers
timOrous. The principal reaction to the
furry in the independent steel stocks
last week has been to indicate the strong
position occupied by the corporation ia
the industry.
There is no more definite information
as to the progress of the proposed stee
mergers available than there has been
The financial community expects that il
any such combinations are completed that
the present controlling interests Of the
Independent companies will seek to have
their securities exchanged on the basis
Of much higher prices than at present
are quoted. The speculative element
thus is confused through the dangers Of
short selling in case the mergers are
consummated, and of buying when there
is a possibility that negotiations may
fail This causes much Of the irregularity
Of movement in these stocks.
Remington Typewriter was one of the
low priced specialties that was taken
in hand by the speculative group active
in it. and advanced nearly three points
from Saturdays close before profit taking
sales interfered. There wern rUmors Of
a large increase in sales Of the portable
machines. but no real news TO account
for the sudden burst of actvity.-Copy-
right, 1922 by Public Ledger Company.