Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-02-20
STOCKS PAYING
DIVIDENDS IN
GOOD DEMAND
Churning Market Fails to
Stop Rise in Desirable
Securities.
MONEY ASPECT BETTER
Special to Indiana Daily Times
and Philadelphia Public Ledger.
BY MONITOR.


BY MONITOR.
NEW YORK, Feb. 2O-Although price
movements in securities for the week
have reflected 4 degree of hesitation, thus
leading to a fair amount Of profit taking,
there has been a well-maintained feelAA
of confidence and a general undeTtSV
of steadiness. The professional charac-
ter of trading has impaired an aspect OF
irfegularity, but this churning up and
down of various issues has not inter-
fered with a further display of strength
by dividend paying stocks in such groups
as the steels, equipments, oils and q wide
range of specialt:es.
Fer one thing, the market scenes to
have adjusted itself to the receipt Of
poor earnings statements for 1921. Evil
IDENTIFY anticipations have been gloomy
enough to avert the possibility Of shock
from the eyentuality. The tremendous
/ shrinkage disclosed By United States
/ Rubber, for example, brought forth no
selling and the stock actually advanced
/ on the day. Although this may be con-
| sidered q negative factor Of strength, it
( Is important as an evidence Of the strong
technical position OF the market and the
extent to which unfayorable influences
/ have been discounted.
! The money situation continues to i'm
prove as a result Of the factors that have
/ been operative for so many months-the
( slowing up Of business and the nquida-
/ tlon Of loans. The moderate gain in the
reserve ratio to the basis Of 1874 FER cent
/ is not perhaps so important as the bet
/ terment in the position Of the regional
/ banks in the agricultural districts. The
| figures for the Federal reserve bank at
! Atlanta make most favorable compari-
| son against a year go. The nalysis OF
/ the resources of the national banks of
| the country issued by the controller OF
| the currency reveals condition that may
/ be well described as gratifying. The
formal statement characterizes the sh a
/ ing as the most satisfactory that -
been registered by a bank statement since
/ 1919.
Trade conditions, however. continue 10
I show irregularity. REIMBURSEMENT is still
going on with recOveries where liquida-
{ ton has been most pronounced and
| liquidation where readjuStment has not
/ been thorough. Il may be stated with
( out qualification that general conditions
are better Farm products have shown
an upward tendency, thus cutting down
the disparity between the returns on ag-
riculturaI and Industrial products. The
/ rise in the price Of wheat, corn and
| other fooGstuffs has been sufficient to
make a material difference in the pur-
/ chasing power of the farmer
/ LOOK FOR ADJUSTMENT
| OF MILL STRIKES.
! Meantime, labor has been taking its
! loss, grUdgingly II Is true. but forced
TO submit to the memorable economic
/ tendency Strikes have been called at
numerous mills in the textile district
Of New England, but the outlook at
present is for an adjustment Of differ
! ences within the next two OF three weeks
/ The most significant development in the
labor situation has been the change Of
front by the bituminous coal miners.
/ There has been much talk Of strike
for higher wages ana coalition with
the railroad brotherhoOds to aid in en-
forcing demands. OF late there has been
a change Of attitude, and it begins to
look as II the mine workers, who con-
stitute one of the most strongly organ
/ ICED and recalcitrant labor bodies Of the
country, were beginning to see thea
/ light. -
/ The steel industry continues 70 -
with chief reliance placed on replaces
ment orders and railroad buying. THERE
are signs. however Of price improved
ment Most steel products are below pro-
I duction costs, and IN most branches it
looks as II liquidation was over. 1t IS
/ possible that this weeks advance in pig
1 iron prices marked the beginning OF the
/ turn.
Evidence continues to accumulate that
/ the explanation for the rise in sterling
I set forth in this column a week ago was
/ founded on sound promises. Undoubted-
/ " international spectators, expecting
/ food OF cotton bills during the move
ment Of the crop, went short TO al enor-
nous extent and were forced t. cover
/ because the bills did not come upon the
/ market. Great Britain has benehttd ma
terially by the policy pursued. 1t acted
/ as a two-edged sword that cut both ways.
I Cotton and also grain declined because
! OF the slack demand and the covering
/ movement by spectators advanced sterl-
ing to within less than 90 cents Of par.
/ In all probability purchases Of cOmmod-
tiles by the United Kingdom will be on a
/ larger scale in the near future and 10
would be reasonable to look for some re-
cession IN the quotation for sterling
I Copyright, 1922 by Public Ledger Conn
pany.