Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-01-13
STOCKS DULL,
BUT GENERAL
TONE STEADY
Buying Indicates Renewal of
Bull Activities-ShOrts
Cover.
BRAND ACTION FELT
Special to Indiana Daily Times
and Philadelphia Public Ledger.
nv NTnAyTnnV

a special to Indiana Daily Times
81 and Philadelphia Public Ledger.
BY MONITOR.
81 NEW YORK. Jan 13.-The stock mar
ii ket again was dull and professional, and
b without special trading features. The
Il general list showed a somewhat steadier
IA tone in the forenoon, and it looked as
q Il the buying was partly for long ac-
a count, representing a renewal bullisn
q operation. Short covering also was In
q violence Among the strong spots were
"a Endicott Johnson. May department
3 ktores, Marine preferred and some OF
"A t2sa automobile accessories. United Fruit
"a advanced more than 4 point on moder-
y Ats turnover.
d A better tone also was displayed by
& la,e rails. Reading showed a good deal
81 of strength, the Erie issues were
u iy and fair advances were estab-
81 Ished bp Union Pacific and Lehigh
q Valley.
y Among tie oils. General Asphalt was
y Iomewhat reactiouary, Lut strength was
81 displayed by lnyincibie and some Of the
s. minor petroleum SHARES, although spe-
n rial Influences were responsible for the
81 Advance in the Pierce Oil issues. There is
y less bullish feeling on the oil stocks
n A. present, owing ito the published STA
s. lstics which show production running at
very nigh level, and suggesting the
q possibility OF a temporary oyersupply.
The market as a whole, however, Is
a dull and without special feature. The
81 French Cabinet, upset with its accom-
81 panying announcement Of the acceptance
81 Of Premier Briand's resignation, caused
4 some unsettlement. There might have
NJ been a digosition to regard the sltua-
& ton as serious, except for the feeling III
Il financial cifcles the ultimate result prob
& ably would be Il vote of confidence and
8 the restoration of the French leader to
Y official power. Francs naturally de-
& elined in response to the development.
The feature Of the bond market was
4 The strength of the Liberty issues with
{ new high level fer the Victory +%4s.
The bond market was not depressed ~
4 the failure of the Federal Reserve Bank
to reduce its rediscount rate, as was
xpected-Copyright, 1922, by Public
Ledger Company.
WALL STREET. GOSSIP By MONITOR.
There acre many cr0sscurreuts in the
i trading in stocks which gave the mar
4 ket a curiously irregular appearance.
Speculative pools in 4 few instances were
4 aggressive in advancing the price oil
their specialties, while III many Of the
standard issues there was genuine HQUi-
"A Il
s stocks of the coal carriers, both buy
ing for speculative professional account,
as well as for outside interests, was Ii
evidence.
Reading continued its advance, the
buying being based on a favorable deci-
sion to the stockholders Of the common
by the United States supreme Court, fol
lowing the hearing which Will begin Non
& day. Accumulation for important bank
ing interests has been reported in Read
ing common, as well as in LehIGh valley
Tor some time past, but 1t is pointed out
in one quarter which did some of the
llIying that this does not necessarily
mean an immediate advance.
That the Stock Exchange IS really
cleaning house was demonstrated again
y when the expulsion Of member was an
nounced. II was reported that the Of
3 tending broker had taken advantage Of
his position as specialist in the eXecu-
3 ton of orders in a given stock. Com
q plants have been rife Of abuses by spec
8 ialists and it even has been suggested
& that the exchange should forbid special
d list trading for his own account. 1t IS
s the announced intention of the officials
to do away with practices which have
grown up in recent years to the detrl-
The same character Of selling which has
been in evidence in Baldwin Locomotive
Z made its appearance again Immediately
s. after the opening. After several good
sized blocks had changed hands near %,
the price declined easily on limited offer
i ings to below "a. No support other than
short covering was in evidence. There
was no specific news to account Tor the
selling.
A special dividend Of S1.2j per share
was declared on the stock of the Has,
kell Barker Car Company. At a special
meeting of the stockholders the sale Of
4 the company to the Pullman interests was
ratified, the special dividend representing
the cash payment to be made by the Pull
man Company. In addition stockholders
of Haskell Barker will receive three guar
y tiers of a share on Pullman for each share
of Haskell Barker. This action has been
4 anticipated and was without effect on the
stock.
Union Pacific was a strong feature in
y the railroad list on the publication OF
8 the figures for ten months operation.
q Total net income after taxes and charges
was S24S7S,519 equal after payment of
preferred dividend to 1910 per share on
the common stock. 1t is expected that
full year operations will show nearly
SO q share.
The oil situation Is subject Of daily
comment, and the efforts of traders TO
reconcile published statistics with the
movement of prices has proved Il dis
I tracing task. Mexican Petroleum pro-
duction In December established new
4 high record of 100000 barrels. Do
nestle production for the week ending
II n.
Y daily, an increase Of 5,1O barrels in the
j daily average over the preceding week.
Bunker fuel oil has declined recently
and the Standard Oil Company Of New
York and the Texas company announced
reductions of l cent per gallon for both
Gasoline and kerosene in New York State
nd New England.
Texas company and Invincible oil
we're firm. the latter even aSgreSSlTely
strong at times in the face Of the 90.
nestle production figures. The other OIL
stocks showed little animation, and there
was suspicion that some of them were
being sold under cover of the pool
oDeratfons in Invincible. The well worn
q ale of Standard Oil buying of the
4 tier stock was in circulation.
II is said that Great Falls (Moutana}'
ire milI of the Anaconda Company is to
20 enlarged and in the future will be
,ractic9Iiy an auxiliary of the American
Brass Mills, supplying all OF the West
,rn territory. while the latter mill Will
nrodnce supplies for the East Copper
aoen said that there was some indication
If slightly easier price in the metal
market.
international Paper was one of the
weak features of the last hour on the
publication of an Unexpectedly unfavOr-
able statement for eleven months The
frures showed a deficit of $6,IJ43G9 as
n0mnared with a net profit of Sll 63G2
for the full wear of 1920. Preferred divi-
1O5 C00 that