Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-02-21
COMMODITIES
HIGHER; WHEAT,
COTTON CLIMB
Trading on Stock Exchange
Active, Some Shares
BuOyant.
WEAK SPOTS IN LIST
BY MONITOR.

BY MONITOR.
Special to Indiana Daily Times
and Philadelphia Public Ledger.
NEW YORK, Feb. 21.-Trad1ng IN
stocks yesterday was characterized by
a fair increase in activity, with the
volume estimated at more than 500, coo
shares. while the general undertone in
dicated frmness and resistance to pres
sure. There were features of marked
strength which amounted in some cases
to actual buOyancy, and while the list
was not without its weak spots they
were the exception, and were due to
special influences.
News was conflicting. Sterling was
strong, with another new high level.
Commodities were higher, with sharp
advance in wheat and q further display
of strength in cotton. The call money
rate, however, rose to 6 per cent after
renewing at 4 advocates of the soldiers
bonus were reported to be as persistent
as ever in their effort to find some
method by which they could carry out
their plans; and the news contained the
threat Of a coal strike possibility.
The technical position of the market,
however, continues to battle the pro-
fessional element by its display of
strength. 1t seems easier to bring about
advances than to force declines. With
the exception of Seneca Copper, which
was heavily sold on the announcement of
another large stock authorization, and
National Enameling, which broke on pre-
dictions Of unfavorable dividend action,
there were no features of exceptional
weakness.
Sentiment was much more strongly
Impressed by the new high level for
United States Steel and the advances IN
United Fruit, General Electric, Westing-
house, American international and Stude-
baker Kelly Springfield reflected the
general market tendency when it refused
to decline in response TO a poor statement
of earnings.
The low-priced rails appear to be at
tracing a public following. The real
leaders were st. Louis Il Southwest
ern, Frisco and Missouri Pacific pre-
ferred, although there was confident buy
ing Of Rock Island and other medium
and low-priced issues.-Copyright, 1922.
by Public Ledger Company.
WALL STREET GOSSIP. by MONITOR.
So long ago rs 1917 accumulation Of
Rock Island occurred. This accumula-
ton took place between Is and 20. Since
then, the stock has been as high as Al,
a quotation reached in March and Octo-
her, 1920 Various stages Of accumula-
ton, according to one who is familiar
with the operations Of this particular
group, occurred between - and % and
finally between IS and 30. During all
this time it has been possible to say
truthfully that accumulation for power
ful speculative interests was In
progress. Not until general business.
and market conditions were right did
this group deem it best to show its hand.
Il the opinion of shrew1 judges Of the
market and Of business conditions tins
year are Dropitious for IN advance I'll
The prices of the railroad stocks. EN-
periments have been made by several
groups TO rest the possibility of OBJ
fdiniu- public following in their favor
This process still is in progress. Upon
the success Of these present efforts will
depend the market for railroad stocks
during this year, according to some Of
those most interested. 1t may be said
that The results thus far obtained have
exceeded the fondest hopes of some Of
these groups.
Tie American Tobacco stocke both A
and B. were exceptionally strulg. with
sales OF the former above 139 and Of the
latter above 10. Accommodating the ad-
vance were reports that the annual state
1-ent presently to be made public may
show earnings OF approximately SIS per
snare on the nearly $90COO000 on both
classes Of common stock outstanding.
National EnameUng and Stamping was
the weak point in the days market The
stock closed Saturday at 415s, and he
fore o'clock yesterday afternoon sales
were recorded at SO The directors
met today to act on the dividend, and
the impression prevails that the pay
ment VIII Be passed. There was some
talk Of 4 difference of opinion in the
directorate which mhich result in a small
payment being authorized, but this was
not taken seriously in usually well in
formed quarters. 1t is gossip that the
annual statement viii show deficit Of
nearly $3.000000 as compared with net
earnings of $1,726000 in 1920.
Professionals who continue to sell
United Fruit short again paid the price
for their temerity when the quotation
The professional element has been bear
ish on this stock ever since the capitali-
cation was doubled year ago.
There seems to be an element Of mys-
terry, according to gossip in the Street
as to the dividend action Of Jones Broth
ers Tea. An official statement said that
the directors, at their meeting last Fri
day, did not take any action On the pre-
ferred dividend, but that action will be
taken at a meeting scheduled to be held
April 1,
The sugar stocks were aggressively
strong during the early hours Of the SEES
sion, buying being partly for the ac-
count of shorts and partly for longs
er with substantial sales being made at
2Hc cost and freight.
Before the opening, dispatches from
Mexico City announced the settlement of
the differences between the American oil
interests and the Oregon government
on the payment of the taxes ordered
under the decree effective June I. last.
According to these dispatches, the settle
ment was effective on the basis of the
payment by the oil companies of 40 per
cent of the taxes imposed at that time.
Mexican Petroleum, Pan-American Pc
troleum, Royal Dutch and Shell were
favOrably affected by the news, and were
aggressiyely bought. Profit taking in the
late afternoon resulted in some reac-
ton.
The copper stocks were inclined to
heavinesS on reports Of further shading
in the price for the metal. il is under
stood that substantial quantities are offer
ed for first quarter delivery at 127sc and
that even this quotation might not stand
for a particularly desirable piece Of
business. Firms which a year ago were
favorable to these stocks now suggest
that caution should be observed in max
ing new continents.
Call money opened and renewed at 4
per cent, but almost Immediately con
siderable demand developed, a demand
which increased as the day progressed.
Within a half hour the rate had adj
vanced to AZ per cent, an hour later it
was per cent and before 2 o'clock per
cent was the best price at which accom-
mediation could be obtained. Bankers
said that the higher rates were due to
Withdrawals by out-of-town banks to
meet Government requirements this week