Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-01-14


strength displayed by Chandler ANA
Studebaker, the leaders of the motor
group, in connection with the encOurag
ing report from the automobile show.
Chandler gales are said to have been
Unexpectedly large. The favorable
items in the budget or automobile
gossip more than onset the announce
ment or price cuts by the FORD ana
Hupp Motor Companies. Peoples Gas,
Public Service Corporation or New Jer-
sey and other utilities were strong. Inc
steels and equipments reflected a dls-
position on the part or recent sellers
to reverse their position. Th1s was par
ticularly the case with Baldwin ana
United States Steel. General Asphalt
was one OF the leaders among the oils
The recent liquidation in this issue Is
believed to have created Tor 1t a very
strong technical posiuon.-Copyrlgn
1922, by Public Ledger Company.
WALL STREET GOSSIP BY MONITOR.
Strength in the general market was
taken by the financial district as an in
dication of the belief of important in
terests that the foreign crisis due TO
the resignation of Premier BRAND and
his cabinet will be passed safely. While
the motor stocks were the favorites Of
the trading element. such issues as Pub
lie Service Corporation Of New Jersey
and others of that class which are known
to be sponsored by powerful bankers,
were bought steadily at advancing prices
Chandler Motors was the strong feature
of the motor group. Accumulation by
powerful interests has been In progress
for some months and all offerings below
80 were absorbed by these buyers 1t is
breaking no confidence now to say that
10
York motor show have already exceeded
the total sales for eight months last year.
During the slump in the motor trade
recently, four weeks passed when Chan
dler did not ship a car. In two weeks
practically 300 cars were shipped, and
orders now assure large operations for
long time to come.
studebaker followed Chandler rather
than led il in advance. Studebaker earn
irgs have proved more than satisfactory
to those committed to the constructive
side Of this stock These earnings are
such as to give rise to reports that when
the directors meet the last week Of this
month, some action may be taken inCreas-
ing the disbursement. In usually well
informed quarters, reports Of an extra
payment are not taken 700 seriously, but
those responsible for the market move
ment Of the stock have sufficient con
structive ammunition to rout the very
extensive short interest that exists.
A week ago the first reports of an ad.
vance in Public Service Corporation Of
New Jerseys o usually inactive issue,
has advanced about eight points, and 1t Is
understood that between so and s. Is
the objective Of the present move. Buy
ing is based on expectation of an IN
crease I'm the dividend rate from TO
6 per cent annually.
One large wire house. IN referring to the
general market situation said, for, the
great ma iOrity Of stocks we are IN a
traders market that paradox in wall
street in which traders make no money.
The raw sugar market was featured by
the entry Of British and japanese ouy-
ers who took large quantities at the re
cent low price level All offerings below
2 cents were withdrawn with the result
that sentiment in the trade is much more
optimistic than in recent months. Ameri-
can Sugar Refining sold at 60, which was
within a fraction Of its recent high.
Proft-taking caused a 1 point reaction
before the close.
Crucible Steel selling ex-dividend was
the weak feature Of that group In trad
ing. Judgment against the company IN
favor of Samuel ". Taylor for $46OVog
called attention to the cash position OF
sheet of Aug 81. At that time cash
on hand amounted to $20S2 ,oGl plus
SS7. 900 in Government securities. or a
total of $2,167 66l. Since then, the com
pGny has obliged itself for dividend pay
nents amounting to $3.50 600 which,
with the Judgment now rendered, totals
more than the cash assets at that time.
Announcement that the Ford Motor
Company will reduce the price Of its
cars Jan Is, was responsible for the
selling in some of the motor stocks.
There Is a general belief that mergers OF
a number of the smaller companies VIII
be consummated during the year as a
matter Of preservation Inc entry
of Ford interests into Lincoln holders
is taken in the trade to mean widen
ing Of the field Of Ford competition.
One of the optimistic notes Of the day
was a report that twenty mills Of the
NcKeesDort Tin Plate Company will re-
sumo operations Jan. 16, giving employ
ment to 1900 men.
The second reduction in gasoline prices
in New England this week was an
nounced when the Standard Oil Com
panv posted a quotation Of 26 cents per
gaIlon, a reduction Of 1 cent. Usually
New England prices are l cent below
those in this State, and today S announce
ment was taken to foreshadow another
cut in prices here. The oils. while
strong, did not break out Of their recent
trading level.
Buying in the copper stocks was due in
large measure to the official announce
ment Of a resumption Of operations by
Calumet and Hecla about April l. at the
Calumet and Hecla Isle ROYale. Ahmeek
and AlIouez mines. The management of
the Calumet and Hecla long has been
known as one of the most conservative,
and the decision to reopen these proper
ties is interpreted as tangible evidence OF
its faith in the immediate future of the
copper industry.
Directors of the Pierce Oil Company
met and declared a dividend of per
cent on the preferred stock This divi-
dend was the payment due in October.
No reference was made officially to the
dividend due this month.
Directors OF Burns Bruthers So. sd
an initial qH"rt,lit "a RI '.t nt -
share or III. \ stock and $40 q 80
on the PREFER ID. per-9rr ... 81
4 nd OF the l. stock was il f .,r-I ua.:' d
legal opinion is obtained but it is an
derstoOd 30 cents share is favored by
the directors. The new A stock 80 ex
changeable, share for share, for the old
Burns Brothers common, while the pre-
ferrcd corresponds to the old Farrell pre-
ferred Action on the new prior preferred
dividend is expected in March.-Copy-
right, 1922, by Public Ledger Company.