Indiana daily times., 1922-02-02

Company, which has been advancing
slowly for several weeks, made a new
high for the movement yesterday. 1t is
understood that the accumulation for
certain influential interests has been com
pIeted. The company had an excellent
year during 1921. and there Is reason to
believe that at the meeting scheduled for
Feb. 10, q dividend at the rate Of 81
AnauAuy will be declared.
Short covering apparently is the only
support in American Sumatra tobacco.
The selling is largely liquidation. The
financial community assumes that when
the directors meet Feb. i, the preferred
dividend will be passed. It is understood
that there are scale buying orders in
quantity from % down on the common
stock.
The late rally In the market was led
by Q. S. Industrial Alcohol. The same
firms which were BUYERS below 40 again
were buyers. II well informed quarters
1t is suggested that new trade arrange
ments are in the making which will
greatly increase the company's business.
and which may have a far reaching effect
on the world distribution Of alcohol
In some conservative quarters the day
to day transactions are being watched
closely for indications Of re-accumula-
tion Of stocks sold ten days ago Some
of these observers feel certain that the
character OF the buying in the better
class Of railroad stocks as well as in
some OF the lower priced speculative
rails is accumulation for powerful inan-
ciaI interests. They see no indication
yet of such accumulation in the indus
trial list, although it is understood that
in many issues there are substantial
buying orders a few points below the
market.
The proposed steel mergers have got
ten on the nerves of the trading element.
President Block of the Inland Steel Com
pany was reported as saying that nego-
tiations are in progress, but that no
definite statement can be made until
after a meeting of the executives Of the
several companies with bankers here Is
held This meeting is scheduled tenta-
lively three weeks hence.
Before the opening word was spread
broadcast that Gulf States Steel would
be advanced to so before the end Of the
day Traders bought this stock early
on its opening advance OF "a points, but
after gaining another point to 70 the
movement died and when these traders
sold their stock, the price declined
rapidly to 70A. Some short covering at
the close resulted in a rally.
Call money, after opening and renew
ing at 8 per cent, advanced to per cent.
There was considerable calling Of loans
were due on the new issue of treasury
AZ per cent bonds. Bankers do not ex-
pect a per cent rate to continue, but
neither do they think that a rate much
below 5 per cent VIII be established.
Appointment of receiver for the Loco
mobile Company was a depressing in
huence. It's effect in the market was con
fined largely TO selling OF the Pierce
Arrow issues, but this selling was well
absorbed. There is reason to believe
that the latter company will issue an
unexpectedly favorable statement Of 1921
operations within the next few weeks.
The buying in both common and pre-
ferred recently has been for important
interests.
The quarterly report of the Midvale
Steel and Ordnance Company was made
public and was quite as unfavOrable as
had been forecasted. The deficit after
charges and Federal taxes of S1,379, 1872
was larger than that Of the preceding
quarter, when it was 81 1249, 1876. For the
last quarter Of 1920, the company showed
a net profit Of $2,056 724. Traders are
active In this issue, but it Is understood
that important interests are awaiting
mCre definite information as to the terms
upon which the company may be abb
sOrbed into one of the mergers before
making extensive market commitments.
The third annual report Of the En-
dicott Johnson Corporation and it's sub
Bidiaries covering 1921 operations, shows
net sales of $58,S92,3 ,347 and net operating
income of S7,839, 500. Net profits after
charges and Federal taxes amounted to
$4,642, $50, equal, after payment Of pre-
ferred dividends to $1079 per share on the
$50 par value, common outstanding. This
compares with $3,150441. or $643 per
share on 1920. The balance sheet shows
a profit and loss surplus of $9,S12, ,l5S as
against total common stock outstanding
Of S16, ,S56, ,825.
Sears -Roebuck was weak. The selling
was attributed in part to the protective
measures taken to assist Chicago brok-
erage Arm. In addition the company re-
ported January sales of $14 1SS. .422 as
compared with $15,597 ,766 in January
last year-Copyright, 1922, by Public
Ledger COMPANY