Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-09-14
BROKERS LOOK
ASKANCE WHEN
STOCKS GO UP
Activities of Certain Issues
Ascribed to Operations of
Spectators.
ACTIVE
SpecialN TO Indiana Daily Times
and Philadelphia Public Ledger.
Rv MONITOR

Specialize Indiana Daily Times
and Philadelphia Public Ledger.
By MONITOR.
NEW YORK, Sept. 14.-Stocks re
sumed their upward movement Tuesday,
but the tone Of market comment, as well
as the expressed views in professional
circles indicates that the display of
strength is viewed with skepticism.
Much of the activity in some of the IA
vored speculative issues is ascribed to
work prices upon unsuspecting buyers.
After the distribution" has been con
summated, according TO the wiseacres,
the market will collapse and the activity
will fade away. This is a perfectly lat
ural view to be assumed by those who
confuse the dynanics Of a market move
ment with its physical mechanism. In
cidentally. it registers the pessimism
that is the index of a sold out market
and 1t also ignores the evident improve
ment that is becoming more pronounced
on all sides. The autumn prosperity of
agriculture the undouDted revival in the
textile industry, the improvement in the
steel outlook and the expanding building
activities are the real factors in the sit
uation Others are bound to make their
appearance and the array of constructive
elements more than furnishes a complete
Offset to the financial wreckage of the
past and the spectacle of the declining
German marks.
Thus far the public, financial rabble
that crowds the customers rooms in the
commission houses. is not in the market.
1t may not make its appearance for an
other six months. Discriminating buy
ers however. ar emaking their selections
and purchases and they do not seem to
be terrified by the prospect OF the Sept.
10 tax date.
Operations covered broad range, al
though the turnover was not particularly
large. Industrials displayed the great
est relative activity until late in the
afternoon when the rails responded to
the dividend declaration on Great North
ern acknowledgement 1921, by Pub
lee Ledger Company.
By MONITOR WALL STREET GOSSIP.
Announcement that Kuhn. Loeb & Co.
had bought more than S37O0,OO0 worth
equipment trust notes from the Gov
eminent was received with mixed feelings
In the Street. The obligations they Sc
lected were those Of the Atchison. Chi
cago, Burlington & Quincy, Central Of
New Jersey. Norfolk & Western, and
Southern Pacific, all having credit Of the
highest. Bankers have said there would
be little difficulty in disposing Of this
paper of the very strong companies, but
doubted IL nearly $500. 100000 Of this
paper, as has been proposed could be
distributed to the public under the terms
required by law.
Considerable buying came into Amer
lean Wooden at the close of last week on
the report later confirmed that the
American Wooden Company had pur-
ia 80
Slovakian and Austrian woods. President
Wood said yesterday that the American
Wooden Products Company. which had
been Incorporated to handle the export
business of the American Wooden Com
pany, had been expected to market this
material. President Dane IF the Prod
pcts Company reports that there is no
export demand in Europe and the com
pany again may become active in work
Ing up the raw material with the cheap
labor of Europe, thereby enabling IL to
meet the severe competition Of South
America ana other countries.
There was number OF dividend
declarations aside from that of Great
Northern, in which traders were par
ticularly interested. The quarterly
dividend of ia per cent was authorized
by directors OF Western Union. Inc
Island Creek Coal Company declared
the regular dividend Of 81 per share on
the common and $50 on the preferred
the same payments which were authorized
three months ago. The Pond Creek
Coal Company declared aivi1sna Of 81
cents per share. the same as three
months ago. Directors of the Atchison
declared the quarterly dividend Of Ia
per cent on the common stock of that
company. The Chicago Pneumatic Tool
Company. which was one of the stocks
In which Allan Ryan was interested, de-
clared the quarterly dividend Of 1 per
cent and the American Brake Shoe and
Foundry Company declared a dividend
Of 81 a share on the new common stock
and IA per cent on the new preferred
stock.
The steet stocks were strong, although
failing in most instances to equal their
recent highs. There were reports from
the Chicago district of some'improvement
in operations. but the figures given did
not strike the Street as very impressive.
The unexpectedly large decrease in
United States Steel orders last week with
the knowledge that very large percent
age of the business on the books is I'M
specified has caused traders to go slow
about buying this stock and to confne
their attention to more active steel shares.
Copyright, 1921, by Public Ledger Com
pany.
large quantity OF Sinclair Oil was
traded in within a narrow range, the
buying being attributed to report that
the company now has ten tankers in
operation as compared with six three
weeks ago. This was taken to indicate