Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-02-22

ing throughout the Street that the leGiS-
lation for the soldier bonus" has re-
ceived its quietus for the present as a
result of the opposition from the solid
AhRsiness interest of the country.
~ 81 commodities were inclined TO be some
WAT reactionary, although this tendency
may have been caused chiefly by pre-
holiday profit taking The near future OF
cotton will be determined by March de-
liveries on Thursday.
The weekly review of the Iron Age re-
ports better buying of steel products and
a higher rate Of mill operation. The in
creased activity is interpreted as a re-
Spouse to necessity buying and recent
railroad urchases.-Copyright 1922, by
Public Ledger Company.
WALL STREET GOSSIP BY MONITOR.
From the opening to the close of trad
ing on the New York stock exchange
Yesterday prices advanced practically
without exception. There was no news
there was not even gossip. Buying or
ders flowed into the market for all classes
of stocks and in volume seen on but few
days thus far this year. Practically all
of these orders originated locally. wire
houses reporting little active interest
from out of town and local commission
houses did little business for public
account.
The same interests which have been
the largest buyers again, their orders
being executed at the top eighth. 1t Is
the common belief that this is powerful
speculative interest which has been guld-
ing the market activities of a number Of
speculative issues, and which has not
been opposed by so-called insiders IN ad-
vancing the quotation for steel. 1t Is
unquestiOna bly, true that this interest
has disposed of many thousands OF
shares of various special stocks. whether
the steel can be hquidated should the
necessary 8
which the trading element have not been
able to answer to their satisfaction.
The group operating in Studebaker
u filed its prediction of 90 for that
bck. and now has broadcast a price
slightly above par as the objective IT
is said by brokers who have been active
in the stock that the short interest is
larger now than at the beginning Of the
week. Signs of distribution at the close
of last week led to selling by several
professionals on large scale. 1t is
understood that there are stop orders in
considerable volume just above 100, and
the pool is cunning for these orders.
Considerable significance was attached
in some quarters to the course of the
average prices for both the industrials
and the rails which advanced in unison
10 a new high record for two years.
Heretofore industrials alone, or rails
alone, have advanced into new high
ground, but this was the first day that
both groups have acted together. This
is taken by some students to indicate
% that instead of the generally expected
reaction, the market may enter into pro
Ionged general advance, subject only
to minor reactions
Canadian Pacific was the leader in the
extent of its advance in the railroad
group. On purchases of only a few
thousand shares the price advanced above
1874, crossing Union Pacific with little
opposition. These two stocks were rep
resentative of the railroad group as a
whole, practically all of these stocks
making new high records for two years.
Those firms which have been advocating
the purchase of railroad stocks for many
months now are receiving some comfort
for their faith. While speculative opera
lions are responsible for the present
movement, these operations are based on
a keen insight into the generally i'm
proved situation Of the carriers.
One Of the gratifying railway reports
was that of the Delaware, Lackawanna
apd Northwestern for 1921. This showed
~ income after taxes, interest, rentals,
- ditiOns and betterments of $40, 158, 403
equal to $1l.32 per share on the $S4, 554 900
of common stock outstanding This COM
pares with $17.S3 per share on just one
half the present total stock which was
outstanding in the previous year.
Lackawanna has been bought for several
months for the account of important
banking interests.
The statement Of the Lackawanna
Steel Company for last year was about
what the financial community had ex-
pected. The company reports a net loss
after taxes and charges of S3,3S4S7 as
compared with a net profit Of S4,204,374
In the previous year.
While United States Steel was aggres-
slVeIy strong, 1t was noticeable that the
independent steeis Jagged. Crucible at
one time yesterday sold at 59h which is
one-efghth below the recent low. Uncer-
tainty as to action to be taken by di-
rectors next month on the dividend is
responsible for liquidation in this issue.
Mexican Petroleum and its associated
stocks were under pressure during the
morning, the former declining more than
5 points when the digest of an address
" Ralph Arnold confirming earlier pre-
dictions Of salt water in the Mexican
fields, reached the financial community.
The underlying strength of the market
was shown by its failure to decline dur
ing the sharp break in Mexican. Opera
tlons in this stock are so largely pro-
fessional that little outside interest at
taches to the erratlc fluctuations.
The speculative group in Rock Island
continued its aggressive tactics and car
rieds the price of that stock to within a
fraction Of its high of 1920. There was
no news to account for the advance but
a Willingness on the part of the pool to
take all offerings as they came to market.
Oscars Roebuck and Montgomery Ward
were strong features. The buying was
largely for Chicago account but was said
to be speculative in character rather than
for investment There is reported to be
q stale short snterest in both these stocks, |
which is showing some nervousness due
in part to the continued advance in the
grain markets.
In usually well informed quarters it is
said that there is bear clique operating
on a scale in Dawson Chemical. This
group is said to have taken a short po-
sition below 80, and is fighting the Gd-
vance. Buying, according to these
"orrcas. is the account of interests !
identified with the company. cOnsid- /
cradle quantity of stock is being with !
drawn from the market, and in the event |
that an announcement of an important
contract is made, as some we'll informed |
persons expect. at the end of the present !
week, the short position may be found |
untenable.