Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-02-15
MINERS WAGE
REPORT NOTED
ON EXCHANGE
Held Encouraging Feature as
It Relates to Avoidance
of Strike.
TRADING VOLUME LIGHT
Especial to Indiana Daily Times
and Philadelphia Public Ledger.
nv RTONFTnR

Especial to Indiana Daily Times
and Philadelphia Public Ledger.
BY MONITOR.
NEW YORK, Feb. 15-Although trad
ing was in moderate volume, the under
tone of the market, which was slightly
unsettled in the early trading, gathered
strength as the session progressed, and
toward the close advances in various
groups and specialties impaired an ap-
pearance Of decided strength. The rate
for call money dropped to per cent,
commodities were strong, wheat making
an overnight advance Of five to six cents
per busheL Cotton gained about $3.50
per bale on the day.
Undoubtedly the rocky road which the
soldiers bonus bill is being forced to
travel was largely responsible for the
growth of confidence. The impractical
bility of the various tax suggestions and
the reported opposition Of the President
to an issue of bonds or treasury notes,
give indications of the financial diff
culties confronting this effort to pay pO-
liticaI debts at the expense of the coun-
try's taxpayers. Undoubtedly the sug-
gestion for a bond or note issue will be
construed as being fully as pernicious as
the various taxation schemes, for such
dotations would have a depressing effect
on the war loans and other Federal Sc
curities.
BRITISH REPORT
FAVORABLE TRADE.
The frmness in Sterling may have been
prompted by the unexpectedly favorable
character Of the British board Of trade
report on the foreign commerce Of the
United Kingdom in January. Exports OF
: cotton yarns were 100000 pounds
j against 100000 pounds in December,
and only 100000 in January last year.
Exports Of cloth were placed at $50 900 900
yards against $4,000, 600 yards in Deem
Der and 249 100000 IN January last year.
Another encouraging feature is found
in the change Of front by the wage scale
committee Of the United Mine Workers
{: America in offering to accept the pres
ent schedule after their recent threat
Of a strike in case demands for wage in
creases were refused. Among the minor
items was the prediction that the Bald
win statement today would be of a most
favorable character The announcement
Of the suspension of stock exchange
firm with Philadelphia connections had
no market effect Fortunately the an
nouncement was accompanied by none
of the ugly rumors that have been as
ISOLATED with some recent occurrences
Of this nature.
STRENGTH SHOWN
IN sTEELs.
So far as market movements were con-
cerned good deal of strength was dis
played by the steels and equipments
with United States Steel making a new
high level at 90 and closing up more
than two points on the day. Other strong
strong spots were Bethlehem Steel B
American Ice, Famous Players, United
States Cast Iron Pipe, Mexican Petrol
cum, Otis Elevator, Stewart Warner.
Gulf States Steel and numerous minor
industrials. Later in the day the rails
took on a stronger tone, with advances
in Southern Pacific, st. Paul preferred,
Union Pacific, Great Northern and North
ern Pacific. Sentiment is more bullIsh
\ on the rails.-Copyright 1922, by Pub
flic Ledger Company.
WALL STRRET GOSSIP BY MONITOR.
Early irreguIarity and hesitation in
yesterdays market gave way to general
strengi during the closing hour under
the leadership Of the rails. The stocks
of this group which were active included
Union Pacific, which made a new high
record since it last sold ex -dividend,
Chicago and Northwestern, Atchison and
others Of the standard dividend players,
and in the low priced group, Rock
Island, st. Paul preferred, and the Mis-
souri, Pacific issues.
The head of one large firm which has
been consistently committed to the CON
structive side of the railroad stocks. said
lat last We are receiving some return
for our steadfast faith. We have not
been In accord with the violent fluctua-
tons In the Industrial stocks during
recent years, nor has our clientele. Now
We are getting Rarket which talks our
language. We can understand it." This
Is more universal attitude than is
understood generally.
Soon after the opening large selling
orders were placed in Seneca Copper and
before they had been executed the price
had declined to q new low record at
I2A. The selling is believed to be an
echo OF the recent disagreement between
well known operator and the bankers
which control the property.
American Sumatra was a weak feature,
making new low decord during the
morning close to %. The reasons for
unity Of the directors meeting at which
action win be taken on the preferred divi-
dend again brought discussion as to its
payment.
\ While, weakness was in evidence in
scattered instances, Famous Players was
a 466sl1c by the speculative group in
substantial short interest was built up
in this stock during the discussion of
lhe recent hollywood case was well
known Gr buying by this interest was
reported as responsible for the advance.
The financial community accepted as
inspired" statement from Washing
B ton that President Harding will NOT ac-
cept any of the proposed taxes for rails
ing FUNDS for the soldiers "bonus" nor
Will ne SANCTION the issuance of new
securities. There was an inclination to
draw the deduction that the soldiers
bonus proposal thus will not become
law. This accounted for much of the
optimism.
The advance in the railroads began
soon after report was received from
Washington that a bin has been intro
guced making null and void the law re-
curing the interstate commerce com
y tSslon to establish a physical property
valuation for the various railroads If
was Sald that there was d general senti-
ment IN Congress in favor of the new
measure and its passage would mean a
fundamental change in the stafus If
railroad securities.
The annual report Of the Baldwin To.
comotlVe Works was to be made public
today. There is excellent reason to he
IleVe that 1t will show net earnings from
domestic cash business equal to SI750
per snare on the outstanding common
STOCK. In addition TO this ii is under
stood that there will be shown also earn
lngs equivalent to S1150 per share on the
foreign business transacted by the com
pany last year and that this amount has
oecn set aside as a special reserve to
apply against outstanding foreign paper