Evening star., 1921-12-09
SPEC|ALT|ES, WITH
STEE[S, LEAD LIST
Market for Stocks Active
Only in Spots-Merger Of
Independent Companies.
BY STUART p. WEST.

NEW YORK; December 9.-Tfa0anS
on the stock exchange today was
again confined to professionals and
various pools which worked in spe-
cial issues. Whereas the main drift
yesterday had been toward lower
prices, today 1t was upward. At the
opening there was a further reaction
in the motor stocks and weakness In
one or two of the tobaccos. ,
But this was quickly offset by the
resumption. of buying in the copper
shares on reports that sales Of the
copper metal had been made as high
as IA cents a pound.
There was also special buying In
Corn Products, in the tea stocks, ana
in a few of the minor specialties.
Later or Interest shifted to the steel
group. where last weeks story Of a
merger of the Independent companies
was revived.
Ten days have gone by without any
official confirmation even Of the re-
port that such merger is planned.
But with steel prices where they are
now, and with wage revisions carried
as far as seems practicable. few OF
these companies can make any money
going it alone. Logical deduction
would indicate that they must unite
for the sake Of the economy involved
by the joint operation of their prop-
critics under central head.
There was very little news to in
fiuence any of the markets. Much in
terest was taken in the announce
ment that the Attorney General was
going to look personally into New
Haven affairs, presumably with
view to extending further government
relief. and this led to active buying
both in New Haven and its subsidiary,
Ontario and Western. Otherwise ran
way shares were rather heavy.
Action i'm Steels. rr,-.
Not only did the stocks involved
In the merger negotiations go up
Lackawanna. Republic and Midvale-
but Steel common was strong ana
there was rather impressive buying
for the strength in Bethlehem B Is
the prosaic one Of a heavy piling up
of profits in past years, which have
not been paid out to shareholders
thus creating an asset value which
makes the recent market prices seem
too low Bethlehem is being bought
by people who contend that the COM
pany is more in the class of the Steel
Corporation than are any OF the other
independents. and that there Is too
wide a gap between its common
stocks and Steel common.
Corn Products.
There is scarcely a stock on the
list which has been more OF a bane
to short sellers than Corn Products.
Because 1t pays only s per cent-4
per cent regular and 3 per cent
extra-It has been target for bear
selling much too high unless the div
idend was to be increased. Semi-om-
cial hints have been given. out that
there was no chance of such an in,
crease yet awhile despite the good
hints have been supplemented by
mysterious bear pointers to the eject
that the stock ought to work back to
so. Still every speculator who has sci
store by this alleged inside informa-
ton" has had reason to regret it
Corn Products sold at new high
for the year today. It is essentially
a stock the value of which is not
determined by what it pays In divi-
sets behind it. Some think that Corn
Products will eventually be another
International Harvester. which Nwent
up to 120 before 1t paid anything In
dividends and 'afterward recompensed
stockholders by a rich melen-cutting
After week of almost uninterrupt-
ed advance, sterling and franc ex-
change came to halt. Unauestfona.-
bly, the doubt cast upon the govern
ment of the Irish dali, in view of the
the entire market German marks
held above the 5 mills level. bur
showed no inclination to go higher
although the feeling in banking CIR
cles is growing all the time that
France will have to come around to
the viewpoint of the other allies, that
Germany must be allowed to pay Oh
it's January installments of the in
demnity in goods and not in cash.
While this would avert the complete
German financial collapse, there
would still be the 100000, ,000, 600 mark
banknote circulation to deal with, and
until defiation set in there could be
no room for much of a recovery in
ho