Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-01-18
Special to Indiana Daily Times
and Philadelphia Public Ledger.
BY MONITOR.

furnished the basiS Of more or less OPP
timism on the railroad labor situation.
The speculative character of the mar
ket was shown by the manner in which
specialties were advanced. Gains of one
to more than three points were estab.
lshed by the stocks of the leading ex.
press companies. Sharp upturns were
recorded by United Industrial Alcohol,
Computing, Tabulating and Recording,
Pullman Company. Gulf States Steel and
SIoss Sheffield
Notwithstanding the increase in ac-
tivity and the improvement in tone, there
was little news bearing directly on the
market. Cau money renewed at AZ per
cent and remained at this figure through.
out the day. Commodity markets, after
early weakness, moved higher-Copy.
right, 1922, by Public Ledger Company.
WALL STREET GOSSIP BY MONITOR.
Following the reactionary tendency of
Monday with indications of higher re
newal rate. the professional element ex-
pected a declining market yesterday. y
number Of orders were placed somewhat
under Monday nights close in the specu-
lative fayOrites. Contrary to expecta-
tions, the market opened higher and adj
vanced throughout the day. Attempts
to bring reactions met with little sue
cess.
Cast Irin Pipe issues were strong on
accumulation reported TO be for powerful
banking firms. The common was more
active than in many months at advancing
quotations, and the preferred also scored
a substantial gain. Buying of both is
sues is based on the knowledge of great
improvement in the cOmpanys business,
and there is every indication that the
present year will prove one Of the most
profitable in its history. There is some
talk of the common being restored to a
dividend basis in 1928 Before a diTi-
dend can be declared on the common the
preferred must pay Z per cent. 1t now
pays . per cent and there is every rea-
son to believe that the increased declara
ton will be made very soon.
United States Industrial Alcohol has
been under accumulation for some time
but on the recovery Il large block OF
stock has been in the market at Al. This
selling order was Withdrawn Monday and
yesterday the speculative pool advanced
the quotations despite reduction in the
price of alcohol There is understood
to be a large outstanding short interest
below 40. The buying is Of 4 most con
1ident nature.
The express stocks sall were strong,
Wells Fargo, American and Adams scOr-
ing gains Of from TO points in the
first two hours. The buying is based
largely on improvement in package bust
ness, although in the case of the Ameri-
Cd can Express there is a special reason.
Buying of this latter stock is for the
account of very wealthy individuals.
There was active trading in rights of
the North American Company at between
ST and So. These rights are unique in
that they are rights to subscribe to North
(punnpnv stock n G5ft q GhoPp
as that stock may be offered to holders
for subscription. Holders who do not
exercise their privilege on the first offer
ing are barred from participating in fu-
ture offerings so that the present rights
are q safeguard for the future. They
amount practically to a call on North
American stock good for six months at
$50.
Az Offering of So S04,OO0 Of PennsyI-
yania Railroad g per cent equipment
trust certificates due Jan. 10, 1928, will
be made by Freeman account The issue
is bought from the director general OF
railroads last week and will be put out
under the philadelphia plan" under an
agreement dated Jan. 10, 1920, with the
Guarantee Trust Company Of New York
as trustee. The certificates are secured
by a direct lien on standard railway
equipment, including locomotives, box
gondola and copper cars.
Both Chandler and Studebaker ad-
vanced to new high levels ia the trading
Studebaker has advanced less in proper
ton than Chandler, and it is pointed
out in quarters favorable to these stocks
that both are out of line with the mar
ket, as instanced by Corn Products. The
buying of both these motor stocks was
Of the same confident character that has
been in evidence since last week a con-
siderable quantity of the buying in
Studebaker was reported to be for Mid
die West interests.
When the motor stocks were advancing
word was received from Rochester of the
death of George L. Selden. generally
known as the father of the automobile
and holder of many patents. Ten years
ago Mr.. Selden was the central figure in
a patent suit which threatened for q
time to centralize full control of the
automobile industry in his hands. Mr.
Selden has not been active during the
last few years in the automobile in
dustry.
A dividend of 81 a share was declared
on Dome Mines stock. The regular divi-
dend of % cents a share was declared
last month, the present payment being or
account Of capital inyeStm Par value
Of Dome is SO per share, and it is un-
derstOOd that these payments of 81 will
be made from time to time until the
full capital has been repaid to stock
holders. The payment is subject to the
sanction of the Lieutenant Governor OF
Ontario whose assent, it is understood
will be given promptly. Under the in
come tax law, payments on capital ac-
count are not subject to tax, The stock
sold at q new high price for the present
move on the announcement, but reacted
point on profit taking.
Although denied officially some time
ago, the report persists that a merger OF
is in the making. Chile Copper, which
has been mentioned prominently. made
a new high for the movement above II
The stocks of KennecOtt and other low
priced copper were strong.
The Central Union Trust Company has
been designated trustee for the So 800 00C
trust coupon notes Of the Washington
Water Power Company: also for the
$1.300000 isue Of 3 FER cent sinking fund
debentures of the Consumers Light. Heat
and Power Company.
Directors of the American Brass Com
pany met and declared a quarterly
payment was s..
1t is reported that the old pool II
Crucible Steel has been revived and that
since the stock sold ex-dividend, this
group has been buying it. Brokers who
have been watching the trading declare
that most of the recent selling has beer
for short account and that with strength