Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-02-25


January, last year-COpyright, 1922, by
Public Ledger Company.
WALL STREET GOSSIP BY MONITOR.
Irregularity was the outstanding char
acteristic of yesterdays trading. Neither
weakness nor strength was manifested
uniformly throughout any one group. The
independent steels were under pressure
in response to the action of the directors
OF the Republic Iron and Steel Company
in passing the preferred dividend. .. s.
Steel, while yielding from it's best prices,
h was in excellent demand throughout the
81 day, and its loss at the close was trifling.
After the early unsettlement in Re
public issues, during which the preferred
scored a loss of nine points and the
common five, Chandler Motors and Stude-
baker were advanced to new high prices
for the present movement While this
advance was taking place, selling orders
in large volume appeared in United Re-
tail Stores, which resulted in a decline
in that stock to new low level. Ameri-
can Tobacco during this decline advanced
to 1407s These were fairly typical move
ments in the days market.
The annual report of the Chandler
Motor Car Company will probably be
made public Monday. 1t is expected to
show net profits Of about $S5O,OO0 or
about So share. Earnings during the
uFSt SIX months IrOm OFU6TS HOW on L0e
company's books probably will cover the
full years dividend requirements. The
company has no current bank loans and
both its cash and inventory positions
now are of the strongest. Buying Of the
stock, as in recent market sessions, was
said to be for the account Of interests
identified with the company.
Studebaker crossed par on buying by
the same group which has dominated it's
market movements. There is every
reason to believe that extra dividends
will be declared during the year which
will return stockholders II per cent. The
present movement is largely Of seasonal
character. 1t will be remembered that
last year, year of liquidation, the price
was advanced 80 points in the March
Chandler was advanced % points. A
similar campaign is understood to be
contemplated.
The same powerful interests which
have been accommodating Rock Island,
again were buyers of the stock, although
there was some speculative profit taking
around A. This is the highest price
strength was due to the favorable car
movement figures just published. Buy
ing orders appeared in considerable
volume from Middle West points.
Interests familiar with the tobacco
stocks are frankly disappointed at the
failure of retail sales to increase The
decrease, reported by. the United Cigar
Stores Company, which is the pocket
book of United Retail Stores, had not
been expected to continue SO long, ac-
cording to these sources. The turn in
trade which had been anticipated had
not occurred, 1t is said, and current
business is reported to show steady de-
creases. This has led to a discussion
of the possible action to be taken ty
the directors when they next meet to
~ n bn 6ivriH SoII4
ported as of excellent quality and was
taken to foreshadow a substantial reduce
tion or possibly the omission of pay
ments.
Directors of the California Petroleum
Company are expected to meet within n
few weeks for dividend action. Just
prior to these meetings it has been
customary for the price of the common
stock to advance sharply on the posi-
bility Of payment being authorized upon
it. From sources close to the company it
is learned that this oft-repeated rumor
probably Will become a fact at the next
meeting. This was responsible for the
buying in the stock late in the after
noon which carried the price into new
high ground.
The oil stocks as a group have done
little marketing for two months There
were distinct indications of revival of
interest in these shares yesterday, and
of them. Among these We're Pacific Oil,
Invincible Oil and Sinclair OIL 1t was
suggested that some of the buying was
for an important group in the oil in
dustry
When Market Street Railway prior
preferred was selling at 81, it was sug-
gested in responsible quarters that buy
ing was for important Philadelphia in
terests in anticipation of the declaration
of a dividend at the rate OF 8 per cent
per annum. There was vigorous denial,
but the directors yesterday declared a
quarterly dividend of $150 per share.
There remain 8 per cent in accumulated
dividends on this stock. The company
reported for January a balance for divf-
dends of $74,346 and for ten months of
SS36,732. An advance of nearly five
points followed the announcement, and
the buying even at the higher levels was
reported as for the same interests which
were buyers two months ago.
Indicative of the optimism which pre-
walls among equipment manufacturers
was the declaration of the usual quarterly
dividend of 81 per share on the common