Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-06-16

One Of the most encouraging develop
ments of the day was the reduction Of
one half of / per cent in the rediscOunt
rate Of the Bank Of England, which
brings the basis down TO 3l3 per cent
Cables stated that the action was not
altogether unexpected. 1t is not be
lieyed that the Federal Reserve Bank Of
New York will reduce its rate, although
such action Is likely to be taken by some
Of the other regional instltutons.-Copy
right. 1892. by Public Ledger Company.
WALL STREET GOSSIP
BY MONITOR.
NEW YORK, June 6.-Continuation or
the decline in stock has made a marked
change in commisSie house wire informa-
ton, and Wall street is meeting with less
than half as much market news was
current before the market turned last
week.
While the marine preliminary report
was generally construed as very bearish,
some marine specialists are finding a
bright ray Of hope Ia the fact that the
imiu grafton fiscal year begins on July
una that the last half of he year should
show m Improvement. 1t IS reasoned
that the sharp decline shown in marine
earnings is due to the falling Off In third
class passenger service. With the quotas
completed at the end OF June and new
quotas of immigration started July !. Il
is believed that the movement for the
balance Of the year should be very re
Eunerative.
There is a growing disposition in the
market here To look for a decline in the
reserve bank rate 10 follow the cut In the
Bank Of England rate TO basis Of 3h
per cent Bankers are inclined to feel
that such a step viii be necessity II
New York is 10 continue as an iuterna-
tioLal money and credit center.
No action on the discount rate was
announced by the Federal Reserve Bank
this afternoon. following a meeting with
reporters. Il was announced. however
50 per cent certificates OF Indebtedness
was largely oyersChscribed.
Offering Of the BY year 1855 by the
Government To be exchanged for Liberty
424s viii remain open for one week.
Cuban Cane Sugar, through its
treasurer. reports that deposit had been
made with the Guaranty Trust Of suf-
ficient funds to meet the July pay
mentS on the corporations ten-year Z
and 5 per cent debenttes.
A local commission house man Just
back from Baltimore declares that the
Cosilan net for June will he about 500
Oo0 more than the May net which was
the largest in the company's history.
This estimate IS based on contracts In
hand. In common with the policy
adopted by other oil COMPANIES. CosdeH
~ h1 lie
daily in expectations Of further ad-
yances in gasoline.
While stocks of gasoline on hand in
this country Max 81, amounting to
SOP ON0 go barrels were very large. II Is
believed that this accumulation Is the
result Of the extra storage of oil and
gasoline by producers as reserve
supply.
The Jones Brothers Tea Company for
MAY reports sales amounting to $l427.-
532. as compared with Sl.4271O3 In April,
while business for the first Ave months
If the wear amounts TO 7G5. as com
pared with $7164 243 for the same period
year ago
Texas Company will retire the remain.
der of its S35.000O0O in notes which are
due next year, on Aug. l. 1t Is said
that nrOlFS Uldut 30 ldI thlo JtiI nave
heen sufficient to permit the company
to make this redemption without the
necessity Of new financing.
President Chaplin Of the Hudson Motor
Car Company maintains very optimis-
tic outlook for the motor industry and
Yesterday said: Il see absolutely no
signs Of any letting down in present
demand. We sold 5000 ears In May ana
will make more than that in June and
have urgent demand for greater mum
Der than we can produce. We nre plac.
ing forward contracts for materials
throughout the balance OF the summer.
I find similar sentiment expressed by
n number of motor executives.
Sentiment is decidedly unsettled in
sneculative circles here, with the pre-
dominating belief in commission houses
that prices may have to go lower before
any substantial support may be expected.
Al the present time the market is ap-
parently suffering. not so much from
pressure as lack of suppOrt.-COpyright
1922 by Public Ledger Company.
CLEVELAND PRODUCE.
CLEVELAND, June 15-Butter-Extras
420I 421bc; prints, 43643kc; flrsts, Ala
41I5c. packing stocks. 18GISc Eggs
Fresh. 2712c; Ohio frsts, 231ac; western
frsts, 2212c. Cheese-York State, 22h@
25G4Oc; ROSTERS. 15G16c. Potatoes, $3@
325. sack Of $50 pounds. Strawberries,
15M20c quart.
NEW YORK TURPENTINE.
NEW YORK June 1G-Turpentine sold
ut 81 .03 per gallon in trading on the mar
ket here today.
NEGRO TAKEN WITH PINT.