Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-01-10
PRICE LEVEL
HOLDS IN FACE
OF UNEASINESS
Some Rail Stocks Decline as
Individual Holdings Are
Put on Market.
CORN PRODUCTS GAIN

CORN PRODUCTS GAIN
Special to Indiana Daily Times
and Philadelphia Public Ledger.
BY MONITOR.
NEW YORK, Jan. 10.-Unsettl1ng IN
nuences again dominated the stock mar
let, while such favorable items as the
progress at Cannes and indications OF
progress toward economic improvement
in Europe were practically ignored. The
market was wholly professional and it
must be admitted that the general price
level showed few changes Of a marked =
" adverse character, Notwithstanding
the uneasiness created by declines in
few issues.
There is still a disposition to pay
relatively more attention to such items
as the cut In Pennsylvania crude prices,
or similar minor unfavorable develop
ments. than to such encouraging
TEXTURES as the strength in foreign ex-
changes. the drop in the call money rate
to 3 per cent, or the triumph OF the
peace barley in ireland, as reflected In
the test vote.
The chief trading incidents Of the day
were furnished by further weakness in
Chicago & Northwestern in the face OF
official reassurances concerning the posi-
ton Of the road, and heavy selling OF
the Fries which broke to new low levels
The decline in the Erie stocks prompted
all sorts of explanations, but it would
seem that doubt concerning the fate Of
the 5000. 600 Of April maturities fur
nished the leading motive for the sell
ing. Of course, it is possible that the
dumping overheard Of individual hold
ings may have provided the bulk Of the
offerings. The selling of Texas Company
from Chicago was the feature of the
oils.
Among the strong points in the mar
ker wera corn products and marine pre-
ferred. In addition to subsidy prospects
the bulls on this stock revived rumor
regarding the possible purchase of Ger
man shipping with the balances to the
credit of international Mercantile Marine
in Great Britain.
.~a One of the striking features Of the for
IGN exchange market was the advance
in Romanoff rubIes from 10 to fraction
above IA of a cent. Belief in the posslDIl-
ity of recognition by the Soviet Of the
Romaoff obligations is, Of course, re-
sponsibIe for the buying.-Copyright 1922
by Public Ledger Company.
WALL, STREET GOSSIP BY MONITOR,
The stock market was depressed, con
tributary cause being President Hard
ine's dinner at the White House SaLdf-
dav night That the Legislative leader
and The president have decided on the
enactment Of the soldier bonus bill served
to nuIIify whatever of optimistic senti-
ment the financial district might nave
had. There was unsettlement IN the ra! /
road list, with particular weakness ID
ali Of the Erie issues, and in Chicago
(, Northwestern, all of which made new
low records for all time. There was
selling of the oils and some miscel-
Ianeous stocks from Chicago, further
reduction in the price OF CRUDE OF was
money rate since Nov. 3, 1919, failed to
stimulate buying.
Selling of Chicago & Northwestern
which carried the price to 50, was said
IN represent the liquidation Of block
of 10000 shares held in an estate. The
selling apparently in no wise detracts
rom the favorable statement made by
officials Of the company, but represents
fine exigencies of an individual case
Firms which have been watching tn,
transactions in the stock, expressed tbs
oninion that all of the holdings which
ware to be sold at this particular time
had come to market.
officials of the Erie Railroad said to
dav that any talk of a receiverShip fo
that company was fiction. 1t was sai(
that the company will show surplus To-
the year, and that no trouble is anticl
pated in arranging April L financing
There was an attempt in some quarters
TO explain the heavy selling as recording
tax losses, but this argument fell Of it
own weight when it was suggested tina
selling of this character would hav'
proved more profitable at the close o
1920 as u lower tax schedule Is in eff
h. L-rin
pressed for sale practically to the close.
International Mercantile Marine pre-
ferred advanced to a new high level OF
buying said to be by the same operator
who was responsible for the advance
last week. The annual report of tn,
company, it is understood, will SHOW
earnings of about $7,000,000 or tn,
equivalent Of about SO per share afte
interest and charges. The company j
said to have about $10,0G0,000 in casl
and liquid assets in London, and par
of this money, according to a rumO
current, will be used to pay part of tn
$40 of accrued dividends of the preferred
stock. In well-informed quarters tn
advance is declared to be wholly specu
lative in nature.
One movement in the rail list whicl
was overlooked by the rank and file il
the Street and which may prove signifi
cant was the advance OF more imam IOu
points in Reading second preferred, ant
2B in the first preferred while the com
mon stock was almost stationary. On
half of the second preferred outstanding
amounting to S42000,000 of $50 par valu
shares is convertible into common stock
reduction of 25c per barrel in tn
price Of Pennsylvania crude oil was re
sponsible for some of the selling of tn
oil stocks. A number of pools IN tn
lowpriced domestic oils are carrying
heavy burden and are finding IL Difficult
to tighten the load. In addition to thi
1t is understood that there were larg
quantities of oil stocks and loans helt
by the Chicago banks which recent,
were taken over, and that the new
holders of the loans have thrown then
out as collateral
The market Literally was flooded witt
call money. The renewal rate Of pc
cent was the lowest since September
1919. Soon after o'clock large offer
ings at 3 per cent made their appearance
whiw sa the lowest rate recorded sine
at 2 per cent. Ten days later it SCARED
to 80 per cent. Bankers do not anticipate
any such furry now, but say that tht
present low rate will not be maintained
Directors of international Nickel Com
Dany met and declared the regular quar-
terly dividend of $50 per share on thu
preferred stock of that company. In wei
informed quarters it is said that futur,
payments will depend on the course o
BUSINESS.
Untitled tonnage figures for the United
;tates Steel Corporation were to be pub
ished today Estimates in the Stree
eneralIy have Indicated that dec Is9
If 100000 tons will be shown, but il
fuarterS familiar with the corporation