Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-01-10
PRICE LEVEL
HOLDS IN FACE
OF UNEASINESS
Some Rail Stocks Decline as
Individual Holdings Are
Put on Market.
CORN PRODUCTS GAIN
Special to Indiana Daily Times
and Philadelphia Public Ledger.
BY MONITOR.


and Philadelphia Public Ledger.
BY MONITOR.
NEW YORK, Jan. 10.-unsettltng In
nuences again dominated the stock mar
Eet, while such favorable items as the
progress at Cannes and indications OF
progress toward economic improvement
in Europe were practically ignored. The
market was wholly professional ana II
must be admitted that the general price
level showed few changes OF marked
" adverse character, notwithstanding
the uneasiness created by declines in
few issues.
There is still disposition to pay
relatively more attention to such items
as the cut in Pennsylvania crude prices,
or similar minor unfavorable develop
ments. than to such encouraging
TEXTURES as the strength in foreign ex-
changes. the drop in the call money rate
to 3 per cent, or the triumph OF the
peace barley in ireland, as reflected In
the test vote.
The chief trading incidents Of the day
were furnished by further weakness in
Chicago & Northwestern in the face OF
official reassurances concerning the posi-
ton Of the road, and heavy selling OF
the Fries which broke to new low levels
The decline in the Erie stocks prompted
all sorts of explanations, but it would
seem that doubt concerning the fate Of
the $4,000 600 Of April maturit1es fur
nished the leading motive for the sell
ing. Of course, it is possible that the
dumping overheard of individual hold
ings may have provided the bulk of the
offerings. The selling of Texas Company
from Chicago was the feature of the
oils.
Among the strong points IN The mar
kor wera corn products and marine pre-
ferred. IN addition to subsidy prospects
the bulls on this stock revived rumor
regarding the possible purchase of Ger
man shipping with the balances to the
credit of international Mercantile Marine
in Great Britain.
- One of the striking features Of the for
On exchange market was the advance
in Romanoff rubIes from 10 to a fraction
' above IA of cent Belief in the POSSIBLE
ity of a recognition by the Soviet Of the
Romaoff obligations is, Of course, re-
sponsible for the buying-COpyright 1922,
by Public Ledger Company.
WALL, STREET GOSSIP BY MONITOR.
The stock market was depressed, con
tributary cause being President HARD
ing's dinner at the White House Satuf-
dav night That the legislative leaders
and the President have decided on the
enactment of the soldier bonus bill served
to nullify whatever of optimistic senu-
ment the financial district might nave
had. There was unsettlement in the rail
road list with particular weakness IN
ali of the Erie issues, and in Chicago
e Northwestern. all of which made new
low records for all time. There was
selling of the oils an and some mlsGei-
reduction in the price of crude oil was
announced, and even the lowest call
money rate since Nov. 3, 1919, failed to
stimulate buying.
Selling of Chicago & Northwestern,
which carried the price to 80, was said
IN renresent the liquidation Of a block
of 10000 shares held in an estate. The
selling apparently in no wise detracts
from the favorable statement made by
officials Of the company, but represents
no exigencies of an individual case.
Firms which have been watching the
transactions in the stock, expressed the
opinion that all of the holdings which
were to be sold at this particular time
had come to market.
Officials of the Erie Railroad said to-
day that any talk of receiverShip for
mat company was fiction. 1t was said
that the company will show surplus for
+he year and that no trouble is antici-
pated in arranging April 1 financing.
There was an attempt in some quarters
to explain the heavy selling as recording
tax losses, but this argument fell of its
own weight when 1t was suggested that
selling of this character would have
proved more profitable at the close of
1920 as lower tax schedule is in eff
feet now. All the Erie issues were
pressed for sale practically to the close.
International Mercantile Marine pre-
ferred advanced to new high level on
buying said to be by the same operator
who was responsible for the advance
last week. The annual report of the
company, it is understood, will show
earnings of about $7,0O0,O00 or the
equivalent of about $40 per share after
interest and charges. The company is
said to have about S10,OO000O in cash
and liquid assets in London, ana part
Of this money, according to a rumOr
current, will be used to pay part of the
$40 Of accrued dividends of the preferred
stock. In well-infOrmed quarters the
advance is declared to be wholly specu-
lative in nature.
One movement in the rail list which
was overlooked by the rank and file in
the Street and which may prove signiff-
cant was the advance Of more than four
points in Reading second preferred, and
23h in the first preferred while the com
mon stock was almost stationary. One
half of the second preferred outstanding
amounting to $42,000,000 of $50 par value
shares is convertible into common stock
A reduction of 25c per barrel in the
price of Pennsylvania crude oil was re-
sponsible for some of the selling of the
oil stocks. A number of pools in the
low-priced domestic oils are carrying a
heavy burden and are finding it difficult
to tighten the load. In addition to this
it is understood that there were large
quantities of oil stocks and loans held
by the Chicago banks which recently
were taken over, and that the new
out as collateral.
The market Literally was flooded with
call money. The renewal rate of per
cent was the lowest since September
1919 Soon after o'clock large offer
ings at per cent made their appearance
whiw sa the lowest rate recorded since
Nov. 3, 1919, when money actually loaned
at per cent. Ten days later it scared
to 80 per cent. Bankers do not anticipate
present low rate will not be maintained
Directors of international Nickel Com
pany met and declared the regular quar-
ferIy dividend of S1.j0 per share on the
preferred stock of that company. In well
informed quarters it is said that future
payments will depend on the course OF
business
Untitled tonnage figures for the United
;tates Steel Corporation were to be pub
ished today. Estimates in the Street
eneraIy have Indicated that decrease
# 100000 tons will be shown. but in
uarters familiar with the corporation S
fairs. it was said that practically nc
hange from the last tonnage figures
made public was probable.
National Enamelling and Stamping
Company made new low for the present
movement on recurrence of discussion