Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-12-29
STOCKS CLIMB
EARLY IN DAY,
BUT SLIP BACK
Failure of French U-BOat Pro
p0sal Is Cause of Brisk
Selling.
NEW YEAR IS PROMISING
Special to Indiana Daily Times
ana Philadelphia Public Ledger.
BY MONITOR.

and d
BY MONITOR.
NEW YORK. Dee 22-BusincSs on the
Stock Exchange showed 4 considerable
Increase in volume with the activity
especially pronounced in the morning
--Eop the whole list moved upward with
carrying exhibitions of frmless. The
equipments were the early leaders. with
sharn advances in American Locomotive.
Baldwin & Lima. Other strong features
were furnished by the motors, with adj
vances in Studebaker and Chandler.
Among th- active specialties were United
States Rubber. American Ice. SearSR Roe
buck American International lnterna-
tionaI Mercantile Marine preferred and
Woolworth.
A sharp reaction set in later in the
day. and many of the early gains We're
cancelled. The active equipments slumped
sharply. and the recession soon spread TO
other groups. IT is probable The an
nouncement Of the fat rejection Of the
submarine schedule by France was fac
tor in promoting The selling.
Tn steel shares made a relatively good
showing, and the rails displayed more ae-
tivity and strength than they have ex-
hibited for a week. Union Pacific adj
vauced more than two points, although
the gain was considerably reduced before
the close. The low priced issues were q
tive and higher.
The weekly review Of the Iron Age was
quite optimistic over the outlook for the
new year, which is believed TO promise
continued activity i'm construction, as
we'll as q sustained demand for pipe and
tin plate. Attention is called to the ac-
tiviry in pig iron. although this is largely
ut he expense of prices.-CCpyright 1921
by Public Ledger Company.
WALL STREET GOSSIP. BY MONITOR
Transactions OF more than four hundred
thousand shares in the first two hours of
trading We're accompanied by advances
or one to four OF more points in various
stocks. These levels brought profit taking
sales IN large volume with the result that
sharp reactions occurred before she close.
Pool managers were decidedly more on
timistic tonight in the belief that bank
ing interests are not ayPrse TO q renewal
of speculative operations on the con-
Structlve side.
Movements generally were mixed both
during the early period OF strength and
the later period IT reaction. Some Of the
more active railroad stocks scored sub
stautial gains from their recent lows, yet
while Union Pacific. Southern Pacific,
Reading and ST. Paul were advancing,
other railroad stocks were lI-CardS. The
same was true in the industrial list,
American Ice advancing i've points, while
the rest of the list was reactiouary.
The presidents Of the American Ice
DYE have homes I'm the same suburb
Every resident who is Interested in the
stock market has been advised II an adj
vance In these two stocks. These tips
have had wide circulation throughout the
financial district with the result that on
the publication OF the statement OF the
American Ice Company there was JubI-a-
tiOn among this particular coterie u
commuters.
Announcements of further reductions
rnHf mr. rom d
prevent the active stocks Of this group
being sought 10y firms which have been
active in them Studebaker. Chandler
Motors and Piercc-ArrOw advanced on
large transactions. Studebaker making
q new high for The present movement
The movements Of these stocks are con
trOlied by speculative groups, who have
no fear of the action taken by other
motor car manufacturers.
Firms which were buyers ot American
Locomotive in the eighties were sellers
OF that stock 70 a limited extent. and
/ kurned their attention to Railway Steel
SPRINGS. This company pays per cent
fdividends. IS compared with per cent
for Baldwin and per cent for Amer
lean Locomotive. Traders feel If there is
going 70 be a revival Of the equipment
business. as now seems probable. Railway
steel Springs is selling out Of line with
the other equipment stocks.
The Anaconda Copper Mining Company
Is producing metal shingles, samples OF
which were shown here. They ire slightly
more expensive than wood, but consid-
erably cheaper than either asbestos or
slate. They are made 81 an alloy Of
brass and copper, are one tenth OF an
inch thick, and considerably longer than
the ordinary shinSle. Nail holes are
provided at the top. while a narrow strip
on each side is SO arranged that il is
bent 70 interloc6 with its neiGhbor- II
is understood a considerable ont put If
- % Hr
plant Of the American Brass Company.
The copper stocks were under pressure
from the opening, the selling being In
the nature Of profit taking in view Of
the extensive advances. ranging mp to
more than - points which have occurred
in these stocks. There is no change In
sentiment on the part of the big figures
in the business. but spectators found
profits too tempting to withstand.
Directors Of the pittsburgh. Cincinnati.
Chicago 81 st. Louis. familiarity known
rs the Panhandle. passed the dividend on
the stock of that company Six months
ago they postponed action on the per
cent semi-anuuaI payment which
previously had been paid. All but about
per cent Of the stock Of this company
f. owned by the Pennsylvania company.
the directors Of which met and declared
the semi-annuaI dividend Of per cent.
Announcement OF new financing by the
international Paper Company which IL is
understood viii develop soon after the
first Of the wear, was accompanied by an
executive report in which emphasis WAS
laid on foreign competition. Nevertheless
some one was willing to take such offer
iugs as come to the market, and the
stock closed within a fraction of tae
best price of the day. Firms which are
active in it are advising purchases
coupled with the suggestion that gloomy
reports he ignored. The quarterly
dividend Of 1la per cent was declared
on the preferred stock.
With the operating earnings figures Of
the Southern Pacific Railroad Company
for eleven months available, together
with income derived from other sources,
10 is shown the per cent dividend on
the stock has been earned As To how
much more tie company income was
depends on the use made Of the S43.-
100000 which &c received from the sale
oc it's oil lands. No mixing has come
as To the use made Of this sum. but in
wcll-infOrmed quarters it is believed n
substantial sum has been added to the
compauy-S net incomc-COpyright 1921
by Public Ledger Company.
NEW YORK METAL MARKET.
NEW YORK, Dec Chopper /;
spot, December and January offered, 13,