Indiana daily times., 1922-03-16
TRANSACTIONS
ON CHANGE OF
LARGE VOLUME
Stock Market Exhibits Firm
Undertone With Some
Irregularities.
MONEY RATES EASING
Special to Indiana Daily Times
and Philadelphia Public Ledger.
BY MONITOR.

and Philadelphia Public Ledger.
by MONITOR.
NEW YORK, March 16-With trans
actions Of more than one million shares,
the stock market exhibited the same firm
undertone which had been manifested
since early last month even though sharp
Irregularities during the afternoon
tempted yenturesOme traders into excur-
sions on the short side. Further easing
in money rates despite the unusually
large transactions OF the day, confirmed
the belief held in responsible quarters
that a period of substantially lower
rates is in prospect A further sharp
advance in sterling exchange. which at
one time was about I cents above Tues
days low quotation, was an added
stimulus to confidence.
Activity in the high grade rails In the
morning carried the quotation for such
stocks as New York Central and Atchison
into new high ground for this year. An
active buying movement in the domestic
oils resulted from further advances in
the price Of gasoline in the Middle West.
Reports Of large sales Of copper metal
for export served to turn speculative at
tention to this group for a time in the
middle Of the day. Washington advices
on the outlook for the four-power treaty
were OF more hopeful character, and
there was nothing in the gossip from
the capital on the bonus" legislation
which vas regarded as important.
GREAT NORTHERN
DIRECTORS FAIL TO ACT.
Unsettlement came into the list during
the noon hour when the directors OF the
Great Northern railroad, who had met to
act on the quarterly dividend due May
1, adjourned with the bare announce
menU that no action had been taken. It
was more than an hour before Chairman
Louis W. Hill stated officially that the
directors at the meeting had decided to
put the stock on q semi-annual dividend
basis instead Of the quarterly basis, and
that il was hoped that the present :
per cent rate could be maintained. This
question viii not be determined definitely
until the June meeting, Mr.. Hill said.
decline OF four points in Great Northern
preferred a similar break in Mort hern
Pacific and general unsettlement of the
whole list resulted. 1t was notable that
excellent support for the active issues
was IN evidence on the decline.
The country's foreign trade figures
made public by the Department OF Com
merce for the month of February reflect
the further curtailment Of our shipments
abroad and an increase Of merchandise
entering this country from foreign ports
OuE Imports AUE 7 tAiEudAE oA sit su1JrDlg
compare with S214 529, $50 in the CORE
spending month OF last year. Our ex-
ports Of S2Jf 600 600 compare with S4S6,-
900 in 1921. These figures give par
tial explanation for recent strength IN
the foreign exchanges.
IRON, STEEL TRADE
REVIEWS CHEERFUL.
The iron and steel trad ereviews again
are cheerful reading indicating increased
consumptiOn with expanding operations
The uncertainty Of the coal strike sched-
uled for april I, the amount OF buying
which has ACQUIRED in anticipation OF
this strike. and the ability Of the steel
ma kers to maintain recently announced
advances are factors which, these re
views indicate, are temporary in nature
and in no wise detract from the conclu-
sion that this basic industry is fast i'm
proving.-Copyright 1922, by Public
Ledger Company