Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-12-07
CHEMICALS HIT
HIGHER LEVEL
INTRADEMARTS
Harding Message and Irish
Peace Have Powerful
Significance.
GERMAN MARKS IMPROVE
and Philadelphia Public Ledger.
BY MONITOR.


BY MONITOR.
NEW YORK, Dec. I'm view Of the
tremendous significance of the general
news embracing the agreement on the
Irish question, Paris press announce
ments to the effect that Germany might
obtain three years extension on cash in
demnity payments. The first official an
nouneement of budget requirements and
the sound practical tenor Of the presl-
Dental message, tOday's stock market
would seem to have registered adequate
Interpretation Of present and pending de-
yeIopments.
Trading was on 4 moderate scale, but
activity was largely confined to the minor
lndustrials followed later by steadinesS in
some Of the standard rails. The features
Of strength were furnished by the chem
ical, motor. rubber and tobacco shares.
Studebaker was heavily bought, particu-
larly toward the close. Allied Chemical,
Dawson Chemical, Virginia Carolina
Chemical and American Agricultural
Chemical were active and higher, with a
new high level for allied chemical. The
rubber aud tire stocks were all strong,
including c. S. Rubber, Goodrich, Ajax
and Kelly Springfield. The features of
steadiness among the rails were furnished
by Union Pacific and Lehigh Valley. y.
& W. reacted sharply toward the close.
FOREIGN EXCHANGE
STRONGER.
It was to be expected that foreign ex-
changes would be strong, and as 4 mat
ter Of fact sterling went to another new
high level and marks and francs both
ran up sharply. The strength of marks
in the face of the further increase in
the Reichbank note circulation was due
undoubtedly to evidences of a financial
approachement between Berlin and Paris
on the subject of cash indemnity pay
ments. In the commodity markets the
feature was the weakness in wheat on
selling reported from the Southwest. Cot
ton was irregular and heavy.-COpyright
1921, by Public Ledger Company.
WALL STREET GOSSIP. BY MONITOR.
The rubbers and motor stocks came
into prominence Immediately after the
opening of the market. The speculative
groups handling these shares have been
rather open in predicting certain ad-
TanceS, but whether these forecasts come
true or not, the seasonal movement in
anticipation of New York automobile
show apparently is in full sway. Stude-
baker was the leader in activity, and got
above 81 on very large transactions. one
firm which has in times past operated
for South Bend interests bought 800
shares just before the close.
President Harding's message was con-
strued fav0rabIy by the speculative
element, and the market which had been
reactiOnary up TO / O'Clock turned as ex-
tracts from the document came over the
ticker. Practically the whole market felt
the effect of the influx of buying orders,
and prices advanced easily until the close.
This buying was not confined to any
particular group. but made its appearance
in rails, industrialS and oils and the
like.
Allied Chemical and Dye made new
high record for the year on buying at
tributed TO pool interests. There Is a
strong suspicion in some quarters which
have been following the transactions in
this stock that the present rise is be
ing made the basis for distribution pend
ing an announcement of importance to
be made soon after the first Of the year.
While no official announcement has
been made. 1t is understood in we'll
informed circles here that an Offering
Of SO 600 > per cent bonds viii ne
made by the Union Pacific Railway Com
panv tbs week. Details have not Teen
made public. although il is suggested the
price will be on the basis of 4 512 per
cont return. The issue is to refund ap-
prOximately the same quantity OF oregon
few months.
The character of the buying in Central
Leather is such as to indicate that this
stock is being accumulated by a power
ful interest The financial district IS
filed with reports TO the effect that diyi-
dends in common can not possibly be re-
sumed for at least five years. While
there Is no suggestion of an immediate
resumption of dividend payments, there
will be no new financing, according 10
high authority. and inner circles con-
slider the stock an e-"ellent speculative
purchase at the pre'ailing level.
The prosperity of the chain stores con
tiuueS a source Of wOnderment to the
street The Z. ". WOOlwOFth Company
reported that November sales incFeas sea
SJ79.4GS over the same month last year,
and for the eleven months total sales are
larger by S40T7 .O9J and this despite the
reductions IN values.
Commission houses attach considerable
significance to the election OF President
Andrew Fletcher of the American Lo-
connective Company to the directorate Of
the American Car and Foundry Company.
The directors Of the latter company met
and declared the regular dividend Of S.
n share on the common and SlTJ on the
preferred.
The Atlantic Gulf Oil Corporation. a
subsidiary of the Atlantic Gulf and West
Indies. report that November production
was 51O,1S1 barrels of crude oil and ship
ments 634, as barrels.
At a special meeting of the stockhoId-
ers Of the s. S. kresge Company, an in
crease in the preferred stock from 81
100000 to s.. COO 900 was authorized. This
action was without effect in the trading.
Copyright, 1921, by Public Ledger
Company.
FINANCIAL.
(C0ufiuuedA