Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-03-01

pected In the future.
The operations in the rails were con-
fined largely to those issues that have
been sponsored by certain powerful
groups. The features were furnished by
Missouri Pacific common and preferred.
Texas & Pacific and Colorado and South
ern--CopyrighJ, 1922, by Public Ledger
Company.
WALL STREET GOSSIP BY MONITOR.
The market demonstrated rather. clear
", in the opinion OF conservative houses,
that Mondays rapid decline in the last
half hour was wholly a professional
maneuver TO correct the technical posi-
ton Of the market. In many groups Of
stocks, reports from the floor indicated
that IL was much easier 70 sell than to
buy them. The ease with which prices
advanced in the afternoon revealed 4
paucity Of offerings Of real stock.
Chandler Motors easily was the leader
Of the motor group. advancing to a new
high level for the present movement and
retailing practically all OF its gain to the
close. Insiders were uybers at the top
price OF the day. and IL was reported that
the outstanding short interest is even
larger than heretofore. After sales Of
$4,000 shares, il was said that there were
only 100 shares OF borrowed stock re-
turned.
Studebaker also was strong, and If is
reported that here. too. n large short in
terest is trapped. The most optimistic
estimates Of production for the first
quarter have given 2j.00O cars as the
maximum. In usually well informed cir
Gle, II is said that more than 60 per cent
Of this estimated output for the three
months were shipped in January alones
Missouri Pacific preferred was the out
standing feature OF strength in the rail
road group. The price advanced to a
new high record for the present move
ment on buying attributed to banking
interests identified with. the company.
Accrued dividends totsling Sls per share
must be paid before the common stock
holders can receive any return. In the
opinion OF firms committed to the con
structive side of this stock this feature
makes Il attractive at the present level
The common stock was well bought, and
likewise advanced TO a new high for the
present movement, largely in sympathy
with the rise in the senior issue.
In the motor accessory division Kelsey
Wheel added another 8 points to its
previous gain. Buying OF this issue has
been for important interests who are
predicting very much higher prices for It.
The company Is receiving an increasing
number Of releases from motor car
manufacturing companies, and earlier es-
Inmates Of production have had to be In
creased largely. according TO trade Re-
ports
A. had been foreshadowed By the &C
ton Of the stock. the dividend on United
Retail Stores. due to be paid April l,
was passed at a meeting Of the direc-
tors. The price declined sharply on the
announcement. Short covering and pur-
Chases by firms often acting for insiders
was sufficient TO not only stem the de-
cline, but bring about substantial rally
before the close.
report was published that the United
States Steel Corporation now Is Operating
at 60 per cent OF capacity as compared
with 40 per cent at the end OF the year.
and the low record Of IS per cent last
June. Expanding activity is reported IN
nearly all departments with special in
fuences at work In the tin plate depart
ments. The American Can COmapny is
understood to have placed recently a con-
tract for $4,000 tons Of tin plate, IN
volTing between S25,Ooo, 900 and $1,000,
600. Additional takings by this company
during the year are estimated at be-
tween 1900 and 10000 tons and pre-
dfctions OF a shortage OF tin plate before
the end Of the year are made in trade
circles.
The short interest IN Crucible Steel
showed signs Of nervousness, and there
was free covering Of contracts. Buying
on the decline was Of a substantial ma
pOrtant quarters that recently published
figures OF the position of the company
may be modified to such an extent as to
permit OF the payment OF at least one
more dividend on the common stock.
Increased activity in the steel Industry
when brought TO the attention Of the
trading element, resulted in q scamper to
cover short commitments From below
90 United States Steel advanced more
than two points, due In part to catching
stop-loss orders OF shorts. The independ-
ent steels also rallied sharply. Traders
report that It Is beciming more evident
daily that the floating supply OF steel
stock steadily is decreasing.
report reached the financial district
from Boston to the effect that the an
nual statement OF the Pinerce Oil Cor
FOratiOn to be made public within a few
weeks will show a deficit Of between
had it that the company is in need Of
funds an dthat some form of new fnanc-
ing is IN prospect Official confirmation
was lacking.
Jewel Tea, born common and preferred.
-wers under the influence Of the group
:, hich has dominated the market move
mems of these two stocks recently. The
preferred sold at 20. new high record,
AID the common advanced to above 49,
Current gossip had to do with increased
business and presumably increased
profits.
u S. Industrial Alcohol is reported to
be under accumulation for the same
group which was active In 1t during the
war period. Nothing has been heard re-
Gently OF the pronosed trade plan, but 1t
woy1ed out satisfactorily. These plans