Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-02-10
STOCKS MAKE
REAL SHOWING
OF STRENGTH
Market Gives Indication of
Confident Bullish Opera
tons.
/. NEWS INFLUENCE FELT
Special to Indiana Daily Times
and Philadelphia Public Ledger.

Special to Indiana Daily Times
and Philadelphia Public Ledger.
BY MONITOR.
NEW YORK, Feb. 10.-The stock mar
ket once more gave every indication OF
confident buIlish operations, although the
turnover was estimated at less than
three quarters of a million shares. Ac-
tivity was concentrated on a representa-
tive lot Of issues, although there were
many portions throughout the general
list where dealings ranged from 100 to
500 shares.
Generally speaking, however. the mar
ket made an impressive showing of
strength, with the equipments, Mexican
oils, local fractions rails and numerous
speciaIties advancing sharply. The big
bull demonstration came in the last hour
soon after the publication on one Of the
news tickers that the chairman of the
Ways and Means Committee had made
the admission that the suggestion for
taxing stock and bond transfers was his
own individual proposal, and that he did
rot Known how the full committee stood
on the question. Equipments were bid
IN rapidly. and the appearance Of rela-
lively large buying orders in United
States Steel sent that stock to the highest
level in many months and closed it at the
top.
Other strong features among the IN
dustrials were Baldwin and American LO-
connective, United States Cast Iron Pipe,
Mexican Petroleum, Vanadium and
American Sugar Refining Peoples Gas
was one =. of the leaders among the
specialties.
The rails were more active, probably
as a result Of secretary HooveR's sug-
gestiOn that their financial status might
be improved by somewhat the same
methods as were employed to aid
agriculture. Chicago and Northwestern,
Northern Pacific. Southern Pacific and
New York Central were strong. There
was considerable activity in such low
priced issues as st. Louis and San Fran
cisco, Seaboard Air Line preferred and
st. Louis and Southwestern.
The financial district naturally is much
alarmed over the FOrdney suggestion for
the stock transfer tax, but 1t hopes that
the evident economic peril involved may
prevent its doption.-Copyright 1922, by
Public Ledger Company.
WALL STREET GOSSIP BY MONITOR.
Three Developments, during the day
two outside Of the market and one with
in it. were responsible for an interest
ing session. The application for a re-
CclVer for the Columbia GraphOphOnG
Company reflected directly in decline
Of TIE stocks Of that company. The
statement by Chairman F0rdney that be
WAS speaking as an individual and not
rs in his official capacity, when making
his tax proposals on the soldiers
'o0nUS,' was made at a time when the
market needed stimulation and was fol
!oNeu by the report that the American
Federation of Labor will support thC
coat miners if they carry out their threat
to strike April l.
The reactionary tendencies of the aft
"r.O,1 continued during the early trad
!. = though it was noticeable that the
vvlCme decreased n s prices declined. The
neral market re- istered the low of the
t"T at the time when the Columbia
.r3rh0phOne receiyership application wa S
orted. Within few moments Mr..
ordney's statement appeared and it be
cH!r apparent that selling during the
morning WIS largely for short account.
,--c2n Petroleum and Baldwin LOcOmo-
afe we're bid w. sharply, and, i'll the
,ii'f hoUr short covering had spread
HH hoUt the list with L. s. steel and
mem Steel = the leaders.
Whom Baldwin was selling at about
., buying orders appeared in large vol
uA' and we're credited to Il professional
"i .ratOr. 1t was reported that the shor;
interest would be driven in, and vague
ports as to the favorable character OF
taH annual statement to be issued by
the company March 10 were circulated
These reports were not taken seriously
in conservative quarters, and the move
ment was looked upon as part of the
mdnipulaLiYe tactics Of pool.
Bethlehem Steel b, which has been
relatively inactive for many months
proved one Of tine real features in the
last half hour, when the price advanced
more than 3 points from the low of the
day. Some comment was heard on the
more favorable tone Of the trade reviews
but it was believed that most of the
ran up was due to buying by shorts.
Crucible Steel has been comparatively
inactive and has lost favor with the
trading element. Traders feel that at
the regular meeting next month the
dividend will be passed. They hesitate
to sell the stock, being convinced that
II short interest Of any size is built
up it will be severely punished before
the dividend meeting. This belief as to
dividend action also prevents any con
siderable quantity of buying. Investors
are disinclined TO put their money into
stock of this character at the prevail
ing price, according to commission
houses.
Just prior to the announcement of the
Columbia GraphOphOne receivership APP
plication large blocks Of both common
and preferred stocks were thrown into
the market. Under this selling the com
mon declined to IA and the preferred to
.. During the day the question was
raised as to whether stockholders who
are not creditors could petition the com
pany into receiyvership. 1t will remain
unanswered until Feb. II, which date has
been set for the hearing, 1t is under
stood that in their petition the stock
holders claim that the cOmDauV owes $50
100000 i'll bank loans, and about So,
G00OlO 70 merchandise creditors. Thara