Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-02-18

4
gain of per cent to the basis Of 764
per cent. A moderate increase in note
circulation is reported for the twelve
banks. but there was a reduction Of more
than $37, 600 In rediscounts. The gain,
however, is due chiefly to an increase OF
nearly $4,000, 600 in gold holdings. So
far as the position Of the individual
banks is concerned, the most interesting
feature is a rise OF 81 per cent In the
reserve ratio Of the Atlanta Bank.
United States Rubber apparently had
discounted the poor showing set forth in
the annual report and the heavy decline
in net earnings had no adverse effect on
the market for the stock, which closed
at gain of more than one point--Copy-
right, 1922, by Public Ledger Company.
WALL STREET GOSSIP BY MONITOR.
The market was under selling pressure
almost from the opening The weight OF
distribution during the last week was
felt most heavily In Mexican Petroleum
and the Associated Pan American Petr0-
leum stocks, in the motors, steels ana IN
many miscellaneous issues. The lndc
pendent steels were subjected to nquida-
tion which appeared In United States also
Save only in American Locomotive ana q
few special stocks, the trend during the
day was toward distinctly lower figures
Immediately after the opening, Bald
win Locomotive, having declined below
105. The object was a drive against the
{ shorts in which 1t vas partially sue
cessful, but the rest of the market con,
tinued a sagging tendency which featured
4 the opening. The movement in Baldwin
was wholly speculative IN character.
| Mexican Petroleum developed acute
weakness from the beginning OF business;
7 Tod z
in TERRA Blanca had gone to salt water
and the number well in the same held
had proved to be a gas well and was
closed. That the advance in this stock
during recent sessions had been based
wholly on the technical position was
shown when selling orders In volume
came into the market. Stop loss orders
we're caught, and the decline, interrupted
only by Intermittent rallies during the
day, continued until nearly the end Of the
session when the price had declined
nearly Z paints from the opening. Short
coverings brought a small rally at the
close.
The idle car statement of the American
Railway Association made public yester-
day showed 49,. 997 idle cars Feb. s, a
reduction of q SIS from he preceding
week. OF this total 296,659 represented
cars in good repair available for i'm.
mediate service. This is a reduction Of
| 34,022 from the beginning Of the month.
The remaining III, 33S represents the
number of idle freight cars in need OF re-
pairs in excess Of the number normally
regarded as being in bad order. These
figures substantiate the general impress
sion of improved business during
January.
Among the various rumors circulated
during the decline in Seneca Copper was
one suggesting the possibility of new
financing. 1t was repeated in usually
wen informed quarters with the detail
that the financing will take the form Of
an issue of 100,00 shares of new stock
Short covering was responsible for such
strength as Seneca exhibited.
The railroad list generally was firm.
the exception being Illinois Central which
declined more than four points on a re-
port that the company contemplates
selling 100000 Of new preferred stock
Except In Canadian Pacific, the changes
generally were fractional and the buy
Ing in most of these stocks on the de-
cline was of excellent character
The copper stocks opened lower. but
1t was noticeable that trading was on A
small scale, and offerings comparatively
light. The metal is offered in consider
able quantities at ID cents delivered for
first quarter. These offerings are said
to represent only the smaller producers
but 1t Is suspected that at least one large
producer is willing to take orders at this
price. Firms specializing in Utah and
Anaconda report buying Of an important
character will be found on recessions
from the present level.
Bethlehem Steel B and Republic Iron
and Steel both under pressure during
the day. The former which Thursday
sold above IS broke below SO and the LAT
ter sold at 50. Selling in Bethlehem
was due in part to liquidation by tired
holders who are not optimistic on the
immediate future for the cOmpany's shin
building activities. In the case Of Re
public, the question as to the action to
be taken by the directors next week when
they meet for the preferred dividend was
the restraining influence.
American made a new high frac-
tionally above 40. but lost practically all
Of this gain before the end of the SEES
sion. Attention is directed to orders being
placed by large Gamers who in recent
years have made their own containers
but now find 1t cheaper to buy from the
corporation.
There is some discussion of the posi-
bility Of an increase in the present So
Combustion Engineering Corporation.
whose stock recently has been listed on
the exchange. This discussion is based
largely on expectations Of an increase in
Jne cOrpOrdIlOHs foreign business. 1t
makes and sells automatic stockers and
accessory mechanisms designed to in
crease the efficiency of boiler plants and
to reduce operating costs through fuel
savings. During the last four years the
company has more than earned the pres
ent dividend net after taxes equaling
S246 per share in 1918, 1924 in 1919,
$2.70 in 1920 and $3.77 last year
Houston Oil was weak in sympathy
with the decline in the other oil stocks.
although some buying appeared on the
publication OF the preliminary report for
last year. This showed net earnings,
after taxes and expenses, but before de-
pletion of $1,sO1 1906. This does not in
clude the earnings of the Higgins Oil
Company, 80 per cent Of the stock of
which is owned by Houston, nor the
sem-annual payments due on the Kirby
Lumber Company z per cent notes
Pierce Oil preferred declined to a new
low for the presentmmovement. This Is
a continuation Of the decline which has
been in progress for about ten days when
a drive against the shorts sent the quota
ton to 67. The Street is filed with ru-
mors all of which hinge on financing
rlans.-Copyright, 1922, by Public Ledger
Company.