Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-12-06
WALL STREET GOSSIP.
BY MONITOR.

The buying in Lehigh Valley is of a
most significant character according to
brokers watching the transactions on the
floor. Very little stock is offered on re
ceSsiOns, and it is evident some important
interest is accommodating considerable
line. No date has been set by the Depart
ment of Justice for arguing the Govern
lnent objection to the segregation plan.
but the buying Of stock evidently is based
on assumption Of favorable outcome.
The old pool which made the spectacu-
lar movements in International Mercan-
tile Marine preferred during the wa has
showed its hand clearly again. 1t was
notable during the war markets that
Marine preferred almost invariably moved
against the trend in other stocks. While
the market was reacti0nary toward the
close, the pool in Marine bid the price up
to a new high record for the movement.
Sears ROebVck was weak throughout
the session. When the general market
was advancing during the morning this
stock declined and the downward move
ment was accelerated during the reaction
airy tendency during the afternoon. Two
weeks ago several large operators began
buying International Harvester and sell
ing Sears Roebuck. The objective for
Harvester was said to be S., a price
which has been reached. The objective
for Sears Roebuek is said to be under 90
Selling OF st. Paul. both common and
preferred, was accompanied by reports
that the company would have difficulty
in meeting its bonded interest due
March / next. Traders who sold the
stock failed to investigate, or they would
have learned that the company has no in
terest coupons held by the public due
on that date. There is i Government loan
Of S2434J.00O amply secured, which ma
tires at that time. but bankers ex-
pressed the opinion that no trouble Will
be experienced in renewing it.
Lima Locomotive advanced II points
on transactions of 100 shares. It is IN
dcrstcod the majority of stock of this
company is owned by interests identified
with the Pullman Company and Haskell
y Barker. Buying was for the account
Of these latter interests and was accom-
panied by n report that the Lima Com
rany will show net profits for the year
several times greater than the dividend
requirements.
Speculative activity in the rubber
stocks has been increased through the
advance in price Of crude rubber to n
fraction more than 20 cents a pound.
This represents practically 100 per cent
increase Tire manufacturers are re-
ported to have been large buyers of
crude and this buying has stimulated not
only the rubber trade, but that of the
tire manufacturing companies as we'll
Some shrewd judges of the steel stocks
have been extensive sellers of the shares
OF some of the Independent companies
during their recent advance
Ii IS reported the National Lead Com
Hlny has earned slightly more than its
dividend requirements during the pres
ent year.
Directors of American Wooden Com
pany met and declared the quarterly
dividends $1.75 on both preferred and
common stocks.
All of the motor stocks were strong
under the leadership of Studebaker. Buy
ing of the other motor stocks was in
sympathy with Stakeholder. A report
that this latter stock will show earnings
after the preferred dividend of $50 a
share stimulated some outside buying.
Copyright, 1921, by Public Ledger Com
pany.