Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-01-07
FOREIGN NEWS
WELL RECEIVED
ON EXCHANGE
Decision to Hold World Eco
nomic Conference Held of
Fundamental Value.
RUMoRs UNFORTUNATE
Special to Indiana Daily Times
and Philadelphia Public Ledger
nv MONITOR.

Special to Indiana Daily Times
and Philadelphia Public Ledger!
BY MONITOR.
ANEW YORK. Jan. Price movements
90 the stock exchange were marked by
much irregularIty, and the undertone
s>when not nervous lapsed into a sort OF
wIfstless apathy. Professionals furnished
the bulk of the operations as the outside
public is hestant and puzzled with NIUE
disposition to enter into new commit
ments until the outlook displays more
clarity
1t is unfortunate that the financial at
mosphere of late has been surchargei
with a recrudescence of ugly rumors
sucb as usually float about in periods OF
uncertainty and declining prices. Con
fdent predictions are circulated OF the
passing of dividends or forthcoming IN
favorable annual or semi-annual reports.
Various business concerns, corporations,
hanks and brokerage firms are made the
subject of irresponsible and malicious
cossin These ugly tales have been d
EponsibIe chiefly for the confident pear
ceiling and the nervous liquidation Oh
the week. The stock exchange, OF course
Is powerless under the circumstances, as
no persons of decency or responsibility
are engaged in the purveyal Oh suen re-
ports. A.5o
mentaIs, the days news had much Of an
encoura cling character. The decision to
hold an economic conference in the near
future, with the participation OF Germany
and Russia, is a great forward step. VI
even more importance from concrete
standpoint, is the Berlin statement to the
effect that part of the Reichsbank gold
reserve will be hypothecated in the Bank
Of ENGLAND and certain Scandinavian In
situations to serve as security for foreign
&Aredfts to be used to pay for imports by
K 8ermany, instead of for reparattons pay
#ments
s. The reserve ratio Of the combined Fed
eral Reserve system shows no change for
the week. in spite Of some shifting in the
various items taken into calculation.
These were not important, and the fig
ures stand Mt I'll per cent The straw
that shows the way the wind blows how
ever, is represented by the continuing
ease of money, with the call rate drop
ping to 80 per cent and closing at that
figure, while time money was available at
AZ per cent.
There were no particular features of in
terest in individual price movements,
aside from declines in the oils, including
General Asphalt and Texas Company,
weakness in Erie and some good buying
Il a
rule, showed only fractional changes,
most of them being advances indicating
less uneasiness on the part of holders
Copyright, 1922, by Public Ledger Com
pany.
WALL STREET GOSSIP, By MONITOR.
Transactions i'll the stock market were
without significance. Fitful rallies fol-
s lowed htful declines with the volume Of
trading small and confined largely to
evening operations by the professional
element oyer the weekend. If there were
any consistent movements in individual
stocks, they were the strength N New
Haven and the weakness in General As
phalt.
In important banking circles it has
been known t0r some weeks that plans
were under consideration which would
remove much of the uncertainty in the
New Haven situation, not only eIminat-
arg danger spot, but providing for the
HI ornament Utilization of the property.
8Buying has been of the most impressive
character and is understood to be for the
account of important banking interests.
In contradistinction to the strength in
New Haven was the weakness in Erie,
sales being made at 9@s, or within one
eighth of the lowest price on record. Sell
ing had to do with report that new
financing would be necessary to meet the
$15,000,000 maturities of the company
April 1. 1t was suggested sometime
ago in important banking circles that a
reorganization of this property might
be necessary, since which time the stock
has been persistentiy sold
An attempt to bid up the coppers on
the oft repeated merger story was abor-
tive, Charles Hayden issued an emphatic
denial that any consolidation Of the
porphyry companies is projected. In
addition to this trade reports indicated
little demand for the metal with q nomi-
a q nf and 4
was some discussion Of a reported offer
of a considerable quantity of metal at
1875 cents on an attractive piece of bust
ness
The Cuba Cane Corporation announces
the sale Of approximately $50 600 bags of
raw sugar partly to British and partly
to American refners. It is understood
that the sales abroad were made at an
approximate equivalent price of 81
cents cost and freight This sale. it is
said, will net the corporation about 81
000,OOO which Will be used to pay some of
the Sl3, 800 600 Of acceptances which the
corporation has falling due Jan. 81 1t
IS understood that the corporation has re-
naming approximately 100000 bags Of
raw sugar.
The persistent weakness Of General
Asphalt which carried the price of that
a Ssue to new low for the present move
|Tnent was without adequate explanation
ne speculative group, which has been
responsible for recent movements Is I'M
derstoOd to have sold most Of its hold
ings between 81 and 20, and now is TAX
ing back such offerings as come to the
market.
International Mercanti's was advanced
more than points on buying by a large
floor trader. There was q report that
he company is about to obtain a clean
biz Of health from the United States
shipping Board, and will extend its
service to the Occident through the
purchase of tonnage The report was
taken seriously In the financial dis
rict.
Savage Arms is being bought by firms
which sometimes act for powerful inter
SITS Looked upon as a war bride the
stock of this company has suffered the
same fate which befell others of its
lass. 1t is understood that very pres
entity the company will place on the
market not only a new type electric
washing machine. but also an iceless re-
frigeratOr. which are expected TO prove
prs fitable. The buying has been of a
character which would indicate that
some definitely constructed developments
re in the making.
Call money opened and renewed at Az
per cent, Tut at midday the price had
Ieclined to 80 per cent, the lowest rate
since July IS, 1921 Time money rates
also declined, and brokers reported very
little demand for funds. Bankers are not
unit in their opinion on the immediate
future of the money market. In some
quarters it is pointed out that large
amount Of money was RENTED to out
Of-f0vD DOi0ts the first of the Tpar and