Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-11-29
BRISK DEMAND
HAS TENDENCY
TO AID STOCKS
Active Buying Strengthens
Prices, Although Gains
Are Not Uniform.
u. S. STEEL CLOSES HIGH

u. y. 81 EEL CLOSEO I1IO11
Special to Indiana Daily Times
and Philadelphia Public Ledger
BY MONITOR.
NEW YORK, Nov. 29-Trading in
stocks again covered a broad range with
the general tendency higher and the
character fthe market quite similar to
that Of the closing days of last week. In
other words, the investment buying that
has been such a feature of recent sessions
again took in the character of semi
speculation, although demand seemed to
be concentrated largely on dividend pay
ing stocks or issues with excellent pros
poets, both in respect to earnings and
dividend disbursements.
Buying was particularly active in the
rails, equipments and cOppers, although
the gains in the latter group were not
uniformly held. Utah Copper for ex-
ample got up to GO, the highest price in
a good many months, but reacted mod
erately later. American Car & Foundry
was strong on relatively heavy trading,
Baldwin made. a further advance and
Pullman and Pressed Steel Car were
higher. In the rails, Union Pacific was
an outstanding feature, with an advance
Northern Pacific, Southern Pacific and
Rock Island issues were active and high
er. On the other hand. New Haven made
a new low level for all time on gloomy
forecasts of its financial future In spite
Of the rather indifferent reports rgard-
ing the status of the steel industry the
steel shares were steady to firm with the
exception of Gulf States and Crucible
which were slightly reactionary. United
States Steel closed at the top on buying
Of fair volume.
In the industrial group the only feature
of actual weakness was represented by
Sears ROebUck, which was heavy all day
and closed practically at the bottom. The
selling was accompanied by expression of
doubt as to the mair tenance Of the pre-
Ierred dividend owing TO what were al
legged to be the terms of some proposed
new financing. Official denials regarding
the new financing failed to stimulate
Duying OF the stOck.-COpyright 1921, by
Public Ledger Company.
WALL STREET GOSSIP BY MONITOR.
Traders came down town expecting a
slightly higher opening and 4 sageinc
market through the remainder of the
session. The higher opening arrived as
per schedule, and there ensGed period
OF uncertainty in the middle of the day.
tloOr traders sold stocks short, and at
TINS Juncture their plans went awry.
large buying orders IN the equipments.
United states Steel and some of the rail
roads were placed with the result that
a generally higher range of prices was
established at the close.
There have been reports that directors
OF the -. l.. W. X. r. will meet BY
the end Of the year and declare an extra
dividend of s. a share. From sources
In close touch with the cOmpany's affairs
It is learned the disbursement will be
larger than s., but that the exact amount
has not been determined. The buying of
this stock recently has been of an ex-
cellent character.
Sears Roebuck was an outstanding
feature OF weakness in the industrial Sec
ton. \ decline Of more than four points
was attributed to Z report that the
dividend in preferred stock Will be passed
when the directors meet this week. 1t
was reported also that the company CON
templates new financing, but this was
denied officially.
American Car and Foundry sold with
in points of the highest price on rec
ord. 1t is in a favorable investment pO-
sltion as compared with other indus
trials Of its class.
The same character Of buying which
has been evident in Union Pacific for
some time past was evident again, and
offerings did not Increase materially as
the price advanced. There was no news
to account for the strength of this issue
specifically, its appeal 10 the investment
buyer Icing given as sufficient reason
for the advance.
Houses which in years past have been
buyers of United State Steel for the ac-
count Of tie corporation for resale TO
employees have been the principal pur-
chasers Of this stock recently. Last year
about 10000 shares were taken by the
workers at 81, but it is understood in
some quarters that the price this year
viii be somewhat higher. The employees
stock carries dividends Of per cent
which makes the present price proper
tionately cheaper to them than TO the
general public.
The independent steeIs were laggards
again as they have been in recent market
sessions. The operations of these COM
panies are approximately 10 per cent
below those Of the corporation, which
has induced some outside selling.
Despite the advance in the market. a
careful canvass of the commission houses
indicated that the outstanding short in
terest is Of very large proportions.
Haskell Barker made n new high rec
ord for all time. Several weeks ago when
the plans for tEe proposed merger with
Pullman were made public there was
heavy selling Of both issues By prOfss-
SIGNALS.
Reports from the metal market indi-
cate that the recent quotations for cup
per are being maintained firmly and this
served to bring further public participa-
ton in the movements Of the stocks Of
these companies. Anaconda and Utah
made q new high record.
There was heavy selling Of WHY'S
Overland on the announcement of re-
ownership for the WHY'S corporation
This corporation holds % per cent OF
and IL was feared forced liquidation might
result in still. further depreciation in the
price of the latter.
Dawson Chemical was one Of the weak
features, the pool which has been oper-
ating in this issue Withdrawing its bids
with the result that Offering were not
taken within 4 half point or more OF the
previous sale. The action Of this stock
and the evident Discrimination of the pool
to support it resulted in some unfavOra bic
comment.
New Haven stock sold at a new low
record for all time when transaction
were reported at 12A. The financial out
look Of this property is so dark as {.
result in the circulation Of reports tina
1921, by Public Ledger Company.
Legion Outlines