Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-02-28
COPPERS GET
OUT OF RUT ON
BETTER NEWS
Resumption of Mining Activity
by Big Companies
Anticipated.
STOCK SALES LARGE
Special to Indiana Daily Times
and Philadelphia Public Ledger.
Rv MONITOR.

NEW YORK, Feb. 2S.-Trading in
stocks was on a broad and active scale,
with transactions running well in excess
of a million shares and embracing
wide range of issues. II the forenoon.
the market was impressively strong, with
equipments, rails, oils and coppers NOV
ing upward registering sharp gains in
MANY issues. Short covering was appar-
ent in the motors, and Studebaker and
Chandler made new high levels for the
wear. United States Steel, selling ex-
dividend, was fairly steady, but there
was heavy selling of Crucible Bethlehem,
Lackawanna and other independent
shares.
Early in the afternoon the offering of
stocks became more pronounced, and the
whole list turned reactionary. Baldwin
led the decline with a block of nearly
five points from it's high morning level
1t was also apparent that the shorts
In the active motor shares had been
pretty we'll driven in. The undertone of
the general list was unsettled at the
close.
The coppers broke out Of their rut
during the day. and the advance was fea-
tured by strength in Anaconda, Ameri-
can Smelling, Utah, Chile and Inspira-
ton. Buying was based on sharply high
err quotations for copper metal in Lon
don and expectations of resumption of
mining activity by the leading com
panies.
Among the specialties that acquitted
themselves well during the day, were May
Department Stores, Fears Roebuck and
Marine preferred. These latter two
stocks reacted in the afternoon along
with the rest of the list. The motor ac
cessory stocks were strong almost with
out exception, and good advances were
scored by Stromberg Carbureter and
Martin Parry. Buying of this class of
stocks was based on reports of releases
on contracts with the motor manufac-
turers.
The rails were inclined toward re-
action, largely as result Of profit
taking in both the standard and low
priced issues by recent buyers.
The setback is generally interpreted
as natural reaction due to profit taking
and a weakening of the technical posi-
ton. There has been heavy short cover
ing much of WHEN is set down to the
account of outside brokerage concerns,
prompted by the agitation against ire
sponsible concerns. The news Of the day
was construed as favorable, particularly
that of a political nature from abroad
Sterling made new high levels. Wheat
was sharply higher. Profit taking after
an early advance caused a reaction in
cotton-Copyright, 1922, by Public
Ledger Company.
WALL STREET GOSSIP, BY MONITOR.
Trading on the stock exchange again
totalled more than 100000 shares. The
market was called upon to absorb profit ]
taking sales as well as sales for short
account in enormous volume. Toward
noon, after a long list of issues had made
new high records for the present move
ment, irregularity became the predomin-
ant feature, and before the close acute
weakness had developed in a number of
stocks. The close was unsettled.
United. Retail Stores was conspicuous
ly weak throughout the day. Pro-
fessional traders who have been seeking
oft vulnerable points found one in this
stock. The continuous falling off in sales
Of the United Cigar Stores and the
evidence of increased competition given
every smoker through the distribution
Of various premiums. are. taken as in
dicative of the merchandising situation
with these companies. Renewed study
Of the retail stores balance sheet also
has given the trading element occasion
for bearishness.
The shipping stocks were advanced re-
Gently on dope based upon President
Harding's message of a subsidy for
ment in the financial community has not
taken the subsidy proposal seriously
in view of the country wide demand for
economy of governmental expenditure.
In the activity of the closing hour,
acute weakness developed in Baldwin 10,
connective. A decline of nearly 5 points
sp GSs en0g 6y 6 6e s gS
statement of the American Locomotive
Company to be made public today will, It
was understood, be less favorable than
has been, anticipated and this induced
selling of Baldwin, although American
Locomotive too suffered a decline One
firm which has been active in, Baldwin in
that the technical position in Baldwin
had been corrected in the sharp decline
and urged its purchase on weakness.
that the Anaconda Mining Company will
open its electrolytic plant March 1. This
should bring renewed activity through
out the whole copper mining district of
Montana, and was responsible for more
cheerful attitude toward the copper
stocks, even though there was not much
encouragement in the domestic market
for the metal. The Inspiration Copper
Company has opened its concentrate
plants and although about three months
must elapse before copper production on
a considerable scale will be possible.
active operations are, nevertheless. in
SlSnC. "A sharp advance in copper metal
quotations in London also helped senti-
ment toward these shares
Pacific Oil advanced to new high
price for the current movement, although
profit taking was in evidence as the
quotation approached so. Buying had
oeen uue III part TO est1mates} of the value
OF the property based on Government
figures for taxation purposes. The sum
mentioned in current gossip. !severaI hun
dred of million dollars is Said in CON
servative quarters to lie fantastic. These
same same nrms express the opinion however,
tnat the present quotation does not re-
present the true value of the stock.
Atlantic Gulf and West Indies was
pers1stently heaVv from the Pp hing, the
same character of selling hiding in evil
dence which has been a factor in this
stock for so long. There Was no news
aHect1ng this stock directly, although the
bulk of the selling made itd appearance
soon after the report from Washington of
delay on the ship subsidy measure. At
23B, new low quotation waS established
for recent months.
The trading element professed great
disappointment at the order df the United
States Supreme Court settind ApriI 10 as
the day for a new hearing On the Read
ing segregation case. So fart from being
a bear factor analysis will show it to be
distinctly favorable to the common stock
holders. The dissolution plain called for
participation by the preferred stock
holders in the sale of the rrdpert es Yes
terday's decision does not approve of
this participation, and thus I is favorable
to the common stock At THE new hear
irg the common stockholders are given
nan opportunity to present th@ir claims in
Null When the plan was ANNOUNCED first.
N&eading YVES selling at ST. and firms
(which sometimes act for Important bank.
- firms IN 1t think the stock worth as