Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-01-11
STOCKS HOLDTO
NARROW RANGE
IN OPERATIONS
Most Price Changes in Trading
Limited to Frac-
tiOns.
RAILS RECOVER LOSSES
Special to Indiana Daily Times
and Philadelphia Public Ledger.
BY MONITOR.


By MONITOR.
NEW YORK, Jan. 11.-Stocks moved
within a very marrow range, and most
of the price changes were limited to
: fractions Such irregularity as was dis
played was due to the inandOut oper-
ations of the professional element So
far as the news directly bearing on the
market was concerned this might be
considered of a favorable nature. Call
money renewed at the lowest price in
more than two years, 315 per cent, and
declined to at the close. The United
States Steel Corporation reported an in
crease of more than 1900 tons in I'M
filed orders, whereas week ago the
Street had been looking for a decline
of 100000 TONS
Movements in the market were without
special significance Several issues that
had been heavily sold in the last two or
three DAYS recovered rather sharply.
Among these were Chicago x Northwest
ern and the Erie issues. The oils were
irregular, with Mexican Petroleum de-
elining more than two points, with a
fair recovery later. Selling of Texas
Company continued and this stock closed
at the bottom. General Asphalt. after
period of early weakness, rallied and
closed at a net gain of nearly one point.
Much of the optimism displayed at the
AClose of the year has disappeared, not
Fwithstanding the progress made at
Cannes and the strength in the foreign
exchanges. Much of this loss of conf
dence is due to the reports on the lesisla-
tive program at Washington, and the Te-
calcitrant attitude of certain groups of
legislators who have arr0gated to them
selves the championship of the farmer.
The feeling that the proposed tariff bill
will be an economic blunder, that the
passage of the bonus bill will result in
financial distress, and other evidences of
legislative ineptitude at Washington, do
not tend to stimulate executive effort. A
prominent statiStician also has issued
monthly letter emphasizing the point OF
gloom the unfavOrable features III the
European financial situation.
1t is, of course. evident that scattered
liquidation, incident to the season, has
thrown these unfayorlble features into
holder relief than would be otherwise
the case, and as soon as the technical
position of the market becomes strOn ;rr
the more hopeful aspects Of the s'tua-
ton will be revealed.-Copyright 1922,
by the Public Ledger Company
Buyfng in Chicago and Northwestern
so far the week is reported to be in
part for some of the officials of that
company. Traders who have sold the
stock short covered their commitments
on learning the 10000 share selling
order was completed.
There was an accumulation or selling
orders over night in many issues with
the result that the activity. at the open-
ing was at the, expense OF vaI1es. rms rms
was true notably in Mexican Petroleum
which opened a point lower. some sup
port made its appearance and IN the
afternoon Il rally ensued. TRANSACTIONS
We're largely professional
In Baldwin Locomotive the selling
was described as Of excellent character.
1t did not follow the price down, Dut
was in evidence on the recovery late IN
the afternoon. Baldwin advanced from
ca in June to par plus a So dividend. or
q total of 40 points. 1t Is natural thit
such an advance should bring proilC
toktnn on a considerable scale ana the
present reactiOnary tendency is due 70
~ tocbnical position of the stock itself
rather than to any change IN the aILalrS
of the company.
Sources which usually are familiar
with operations IN Amerl can ~ ooi e. e.
n0ncommital as to the immediate NJ
tura of the stock. 1t is felt lis present
nrica represents all that the stock is
worth on an investment basis, ana there
is little indication OF such chanSe III
the company's condition as would war
rant an increase in The DIVIDEND III tue
immediate future.
A report from Pittsburgh that the
Aetna Standard plant Of the American
Sheet and Tinplate Company mas re.
sumed operations in full as have three OF
the same companys plants Ia the
wheeling district, failed to stimulate
buying of the steel stocks. The financial
district is awaiting the publication OF
the annual reports Of the steel compa-
MES before taking a decided position in
these issues.
The Dominion Oil Company, Texas
Chief Oil Company and Ranger Texas
States Oil Corporation declared quarter
ly dividends of 3 per cent
Call money opened and renewed at
31A per cent, the lowest renewal rate
since Aug. 10, 1919 Bankers hesitate to
time during which low money rates may
be expected. but in the meantime these
rates are having their effect in the bond
market One block of a million dollars
new high record.
On the announcement that the meet
ing of the directors of Burns BrOher has
been adjourned until the latter part of
the week, this stock was sold by the trad
ing element. 1t was understood the adj
journment was taken pending the listing
of the new A and B stocks, upon which
dividend action will be taken. The B
stock has been selling at n price to an
ticipate a 50 dividend which, under the
bylaws of the company, would mean
$40 or more for the A stock. In some
quarters there was an inclination to be-