Indiana daily times., 1922-01-17
STOCKS REGAIN
ACTIVITY Y;;CALL
MONEY BOOSTED
Market BuOyant, Though r.
regular, With Profit Taking
in Evidence.
RAILS SHOW STRENGTH
RAILS SHOW STRENGTH

RAILS SHOW STRENGTH
Special to Indiana Daily Times
80 Philadelphia Public Ledger
W BY MONITOR.
NEW YORK, Jan. LIT would re-
quire two chapters to give accurate
description of the days stock market
which developed a marked increase IN
activity In the forenoon impressive
strength was displayed by the rails, mo-
tors, oils and speclalties. The rise in
call money from 315 per cent to before
the close. caused a reaction which ma
terialIy reduced the early gains AS
result, a buoyant market was converted
into one of considerable irregularity,
and profit taking exercised a prepOnder-
ant influence over buying. Meantime,
an active buying movement had made its
appearance in the investment section,
although much of the demand appeared
to be of a speculative character.
In the forenoon upturn the prominent
features of strength were Atchison,
southern Pacific. Northern Pacific and
Norfolk and Western among the raiis,
while Studebaker and Chandler led the
motors. There was considerable activity
and strength among the motor accessory
stocks A sharp covering movement de-
veloped in Mexican Petroleum. causing
an advance Of more than three points
in that issue. The steels were only
moderately active. with the exception of
Gulf States which had a fairly
sensational rise on Eeports Of struggle
for control. There is q story to the
effect that Henry Ford will require Gulf
States Steel to round out his Muscle
Shoals proposition.
The hardening Of money rates may be
accepted as entirely logical in view OF
&c unwillingness of out of town bank
&s to let funds remain on call at 312
per cent for any extended period.-Copy-
right, 1922. by Public Ledger Company.
yyATT, STREET COsSIp BY MONITOR.
Call money. which had opened and re
newed at 315 per cent, advanced to D
per cent in the afternoon Loans We're
called on a larger scale than IN recent
weeks. Purchasers OF stocks during me
last week had attractive profits Whlch
thew sought to convert into cash on the
advance in the money rate. with the re-
suit that prices were reactionery gen
orally in the late afternoon; W, ,hte q
per cent rate is not expected to be main
tained. the attitude Of out t-of-toWn banks
in withdrawing funds indicates to bank-
ers that money will not be Kept here at
a rate below per cent.
Strength and activity in the high grade
investment rails was The outstanding
feature in the early trading. For the
first time in two years 8tchlson SOFA al
par. There was q thin market IN the
stock. no sales being recorded between
80 and 100. but on the reaction IN the
afternoon there wa san excellent demand
for the stock at 9Sl2 and 1ust peloW,
Some hopeful souls suggested mat the
advance in Atchison Indicated the pos
sihility of an increased dividend rate 10
per cent this year. Manifestly with the
conference now III progress on, the laoor
situation, no such action is contemplated.
A large floor trader was the principal
buyer of Southern Pacific, giving is the
reason that ATchisOn is not worth 20
points more than Southern Paclhc. lie
failed TO obtain any substantial IoiloW-
ing and sold his stock In the Afternoon.
The stock was taken by firms which
sometimes act for banking interests
identified with the property.
With the ending of the New York
Automobile show Saturday, motor manu-
facturers have a Well defined picture Of
this years motor car market. II is sig
nifcant that the Studebaker Corporation
will not change its plans for producing
q coo cars during the first quarter Fol
lowing the New York show, exhibits win
be held in most Of the larger cities Of the
country during the next TWO months.
This is expected to stimulate the public
appetite for motor stocks.
National Enameling and Stamping was
heavy on a report that the annual state
ment probably VIII show a deficit after
dividends Of about So 0000 600. The st.
Louis Coke and Chemical Company. in
which the former company has a large
interest, recently passed its dividend. In
some quarters it is held that at the
meeting next month an annual disburse-
ment of S3 per share win be authorized,
but the general impression is that no
dividend will / Q declared.
Studebaker made a new high for the
movement above SG and reacted point
under profit taking sales. The financial
position OF the corporation is understood
to be stronger than ever before. It is
said that it entered 1922 with $900O,000 in
cash and no bank loans as compared with
S4,0OO090 in cash and bank loans Of
IS. 500 G0C a year ago. There is under
stood to be a large short interest in the
stock which was increased rather
than decreased during the days trans
actions.
Stromberg carbUreter. Stewart Warner
SpeedoI2etcr, Chic Body and Blower and
otAer auTOmbile accessory stocks were
strong in sympathy with the movement
III Chandler and Studebaker Stromberg
above 40 and Chandler above 81 estab-
ilshed new nigh prices for tie present
ID Owe The reaction in these stocks this
70 ternoon vas considered technical, and
is SAID by firms which have been BUYERS
OF tneSe stocks not TO indicate any halt
IN the present movement
Gulf States Steel showed an advance Of
nearly 8 points Mt the opening. the first
sale at a comparing with J1A at the
eI9se saturday. Circulars have been sent
10 Slockhoidefs by a firm 9f attorneys
asking them to name q price for the sale
Ci lhelf holdings. 1t is understood that