Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-01-26
SPECIALTIES
SUPPLY CHIEF
MARKET COLOR
Strength and Weakness Noted
in Sales on Stock
Exchange.
Special 20 Indiana Daily Times
ard Philadelphia Public Ledger.

ard Philadelphia Public Ledger.
BY MONITOR.
NEW YORK, Jan. 2G-Irregular gains,
vT=Sh marked strength in a few special
furnished the features Of the stock
market Here and there weakness
cropped out. but the instances were not
important and the losses were small. The
market received its color from exhibitions
of strength in a wide range OF speciaiti1s.
Among these were Dawson Chemical,
which Is at present the mystery stock
Of the list although one hears a good
deal about new gasoline process owned
by the company. Savage Arms, one II
the war brides Of days gone by, made
q gain of four points and retained more
than two Of It,
Pools were active and their tactics
wore boldly displayed In the now high
bel established by Corn Products, an
issue which has many friends on account
q it's established repute for earning
lower and efficient management Other
chemical shares which followed Dawson.
rcre Allied Chemical and International
Agricultural Chemical as well as the
VIRGINIA Carolina Chemical issues.
United Fruit and American Tobacco led
the advance In the high priced industIi-
ais. Coppers and sugars were among the
o
more or less irregularity. Oil stocks are
held down more or less by expectations
Of further price cutting resulting from
Rccumulations Of supplies and large pro
duction Some Of these are under the
pressure Of scattered liquidation by tired
holders. This process was rather pro-
nounced in the case Of Texas Company.
The weekly review Of the Iron Age
failed to supply any incentive for optlIn-
ism regarding the near future Of the IN
N~stry. The steel corporation Is operat-
at 20 to so per cent capacity, with
Independents working on % to 10 per cent
basis.
Call money eased off to 4 per cent, as
might have been xpected-Copyright
1922, by Public Ledger Company.
WALL STREET GOSSIP BY MONITOR.
Much of the present bullishness in the
Street is based on the underlying belief
that 1929 will usher in a great era Of
mergers aud combinations. Thus far the
most definite talk along this line mas
been based on probabilities of consOlida-
tons among the indepedent steel spera-
tors. Now the gossip has spread to the
c0ppers and there has been a recurrence
Of possible combinations including Ken
necott, Utah Chile, Braden and Nevada
IN one group. and another that Woula
Calumet and one or two other companies
Although some definite statements have
been made regarding he alignment of the
various producing companies IL Is not
in { he least probable that the proponents
of these stories have any accurate infOr-
nation. The gossip is merely interesting
and effective as means of creating bull
fish activity.
Cotton closed quite weak. This would
not he particularly important If it were
not for the fact that he final prices
were lower than they have been for
several mont hS. Disappointment over the
failure Of the visiting buyers in New
York to take larger quantities Of goods.
apprehension over labor troubles as a
result Of wage cuts recently ordered
demand for actual cotton have been re-
spansible for much of the bearish SEN
D ent. Il might be pertient to point
a however, that quotations for the
- positions, such for example as DC.
~ r, are approaching the 1J-cent level
y lGure that can be hardly regarded as
possible permauency unless Il crop Of
100000 bales or more for next season
should be virtually assured.
Bulls were much elated over the man
ner in which the pool in Corn Products
made good when the stock crossed 1917
It IS expected that the earnings state
meHt Tor the last half Of 1921 will give
further ENCOURAGEMENT TO buyers, and
it is confidently expected that the returns
after The new western plant gets into
operation viii demonstrate the com
pany's industrial efficiency. Corn Prod
ucts is now turning out more than
score OF articles that not only are Wei
established food staples, but which have
an excellent trade demand in many other
industries.
Sears. Roebuck did not suffer mate
rally as result of the showing in the
Z ID i-ff ri
An unfaTorable statement was expected.
and there was no surprise over the fact
that the deficit was in excess Of $19.-
O.Q09 after common md preferred di-
VideHdS. The consolidated balance sheet
showed heavy reduction In Inventories
S4G0O0O00 against $105 100000 last year,
B~nIe cash on hand, 100000 was ap-
prOXimately three times as large as last
year.
Although Associated Dry Goods did not
maintain its fun gain, the profit-taking
bich caused the recession Of point or
SO from the top does not indicate even q
temporary abandonment Of bullish oper-
arions. Earnings for 1921, which will be
published shortly are expected to be
around S3.WG.0t0 compared with SL01G.-
go tor 1920. This win be enough to take
care of the first and second preferred
dividends and per cent on the com
mon. leaving surplus of approximately
s. 100000.
Academic interest was taken in the an
nouncement that the Detroit, Toledo a
Ironton Railroad had applied to the In
terstate Commerce Commission for
authority TO issue S4j1 ,001 first mortgage
G0-year, per cent gold bonds. Although
the purpose of the issue was S t2ted to be
the reimbursement Of the roads treasury
for expenditures made for the year end
ing July /, 1921. and for other purposes
those who have been regarding a De-
troit automobile manufacturer as Il
wizard in railroad finance, expressed sur
prise over his failure to make these i'm
prOvements Out Of earnings and 'plow
them in as Hartman and other railroad
builders were accustomed to do.
Oil circles are flIed with rumors Of
further impending cuts in the price not
only Of crude oil. but Of refined products.
Production of crude oil In the United
States Is now running at the rate Of
$4,000 barrels daily, which Is consider
ally I'm excess of cOnsumptive needs. The
dou8ud for gasoline continues large. but
there is a gradual accumulation of fuel
oil which is absorbing storage capacity
10 an uncomfortable extent.
The rail continue sluggish notwith-
etar0ing the Improvement in traffic in
d;cE' 81 by car i0adings for the week
c.jed Jan. II. These reached a total Of
1893 cars, or 114,Sej more than the
Ia md < "A