Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-02-01
TRADINGLESS
IN VOLyIn11E Arb
GAINS SLIGHT
Consolidated Gas Dividend
Supplies Chief Incident
on Change.
SPECIALTIES FEATURE
Special to Indiana Daily Times
and Philadelphia PUBLIC Ledger.
BY MONITOR.

Special to Indiana Daily Times
and Philadelphia PUBLIC Ledger.
BY MONITOR.
NEW YORK, Feb. 1.-Trading in
stocks showed a further falling off IL
volume yesterday and the result was
dull market with a rather firm under
tone. Most Of the changes were fractional
in character with a slight preponderanee
Of advances. The chief incident OF the
day was provided by the unexpected an
nouncement of the regular dividend on
Consolidated Gas as a result Of the dccla-
ration Of an extra dividend by the New
York Edison Company. The stock
promptly recovered and closed at u sharp
net gain. Other strong features of the
market were furnished by such special
ties as American Ice, Corn Products and
International Mercantile Marine pre-
ferred. National Lead also was firm and
Kresge sold higher than at another time
since the payment of the stock dividend.
Gulf States Steel was again active and
strong
The general list moved within narrow
limits There was 4 moderate volume of
profit taking, and the usual Inland out
professional business which gave the mar
ket a drifting and Istless appearance.
Sentiment is rather cautiously bearish,
although certain minor developments have
modified the pessimism so much in evil
dence toward the close Of last week.
For one thing, the strength of ex-
changes has had a stimulating effect on
sentiment. Some of the railroad reportN
are making an unexpectedly good show
ing. There also appears to be a posi-
bility that the United States may partici-
pate in the economic conference at Genoa.
bn Of ba div-fI
on Studebaker had no effect on senti-
ment.
The report of the steel corporation for
the last quarter of 1921 shows little vari-
alton from the average Street expectation.
If anything, it is a trifle better than an
ticipated, but it reflects the ability of the
big corporation to weather a most trying
period without making a distinctly IN
favorable showing.-COpyright, 1922, by
Public Ledger Company.
WALL STREET GOSSIP BY MONITOR.
Save for the advance in Kresge to Il
new high level for the present move
ment, yesterdays market was a liStleSs
affair until fifteen minutes before the
close when, Unexpectedly, it was on
nounced the regular quarterly dividend
Of $1.15 per share had been declared by
directors Of the Consolidated Gas Com
pany. This brought some short cover
ing into the general list.
Payment of the Consolidated Gas divi-
dend at this time was made possible, ac-
cording to an official statement, by the
declaration Of an extra dividend Of s.
per share by The New York Edison Com
pany, all OF the stock of which is owned
by Consolidated Gas. The price Of the
latter, which declined points Monday on
the failure of the United Supreme Court
to render decision on the legality Of
the company's rate advanced to the
same extent yesterday on the unexpected
action of the directors.
Knowing that the statement Of the
United States Steel Corporation would be
made public after the close Of business,
traders hesitated in making new COM
mitments on either side Of the market,
and i'll fact there was a general inclina-
ton to even up such trades as they had
open. This accounted for the somewhat
hrmer tendency in the market just before
the close when short covering was in
evidence.
The statement of the steel corporation
Is decidedly favorable, although the
figures are about what had been eX-
pected. For the quarter ending Dec. 81,
net, after taxes, was 1862, 033, as con-
pared with $1S91S0jS in the previous
quarter and $43,SIT,8G2 for the last quar-
ter of 1920. The surplus available TOR
taxes and charges, was ST,3I7,SO1 equal,
after the preferred dividends to u cents
per share on the common. This com
pares with $j,693 1876, or SIS per share
on the preferred in the preceding quar-
ter which was Il cents per share less
than the preferred requirements. In the
last quarter Of 1920 net earnings were
$2T140, 148, or 500 on the common after
payment of preferred dividends. The
regular dividends on both the common
and prsSerFsa stocks were declared.
me professional element has paid
more attention to the character Of the
buying and selling Of the steel stocks
than to estimates of earnings. In UnitqI
States Steel, the selling, during the past
week has been of better quality than
the buying. Yesterday the stock sold
1T s. and closed there, the lowest quota
ton recorded since me demonstration in
the steel stocks ten days ago. What is
y true Of the trading IN United states
Stee. IS true also Of the Independents
gtepiS. Firms which nave been active al
item claim that the buying has not been
for interests identified with the several
companies involved.
Gulf States Steel has proved that it now
is in the class Of sO-called vest pocket
stocks, its movements being under me
control of professional operators. W nile
the rest of the market was IetHarg1c, the
price was advanced about 6 points on
limited volume of trading. 1t was said
tLdL DuS lnS was uuS ~ IAC - y -, -
city of q group of New York bankers
who have been inspecting the property.
American lee was one Of the specialties
which advanced to a new high record
under buying by the same speculative in
terests which have been active in it.
While there is talk of a stock dividend,
In usually we'll informed quarters this
is deprecated as being premature but
the possibility of increasing the annual
. dividend rate from 81 to IS at the next
meeting is admitted.
Directors of the Studebaker Corpora
ton met yesterday and declared the
quarterly dividend of IA per cent
Dn' the stock Of that corporation.
During the advance recently, reports
we're current that an extra divi-
dend would be declared. Il was pointed
out at that time that such action was
not contemplated at this meeting, but it
is confidently expected that later in the
year if business conditions warrant, eE
ira payments will be made to stOckhoid-
ers. Both Studebaker and Chandler were
under pressure and showed little rally
ing power.
The oil stocks were under pressure IN
the early dealings, but when traders
found little real stock coming into the
market, they turned to the long side
with the result that Mexican Petroleum,
which led the upturn, advanced nearly
points, and the others in proportion. Di-
Tectors of the Pure Or Company On
nourced the declaration OF the regular
quarterly dividend of 2 per cent. but the
rally IN the oils already was under way,
and The action was without market effect.