Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-03-02
WALL STREET GOSSIP BY MONITOR.

WALL STREET GOSSIP BY MONITOR.
Irregularity rather than sustained
strength was the predominant feature Of
the market during the early trading. \
number of special issues made new high
record prices for the movement, but
under cover Of this strength there was
evident liquidation In other issues. Heavy
selling Of the Pierce Arrow issues in an
CcipatiOn Of an unfavO-able annual re-
port was the first uusettling factor
which later was followed by reports from
Washington Indicating that the, soldier
bonus bin, instead of being dead, is
very much alive Traders hurried to
unload their holdings and this selling
continued until the close.
A large firm which urged the purchase
Of Pierce-ArrOw common and preferred
several weeks ago sent a message adVo-
eating converting paper profits into cash.
The result was the Offering OF about 10
600 shares OF common and half as much
preferred stock at the market. Under
the influence Of this selling the pre-
ferred declined more than 3 points and
the common about the same amount.
Pierce-Arrow Motor Car Company re
port for 1921, made public late in the
afternoon, showed a total loss for the
twelve months prior of SS,763,712. While
4 deficit for the year had been expected
so ponr showing took the financial
district by surprise. The company re-
ported surplus at the end Of 1920 of ST
541 GAG. and after deducting preferred
dividends reported deficit Of
81. 40. 165. In statement to the stock
holders. Vice President y. Il. Forbes said ::
IF bI siness continues as our present
increase in orders indicates, the results
for this year should materially strengthen
the financial position OF the company.
Inventories have been marked at cost
or market. whichever is lower, and ex-
penses drastically reduced" Net work
ing capital stands at S4,9S5,S01. 1t is
understood the company's financial needs
for the current year have been provided
T1Ward the close, buying was reported
for banking interests identified with the
company.
A squirt in the equipments during the
middle of the day was the result of the
statement of the Lima Locomotive Com
pany showing net earnings of S21.50 a
share during 1921, as compared with
S201S in the previous year. The report
attracted attention in view of the recent
reports Of American Locomotive and
Baldwin Locomotive, both of which had
smaller earnings last year than We're
reported for 1920. The squirt in the
equipments was not particularly impress
siye, although the buying of Baldwin in
the late afternoon was of a substantial
character.
industry for this week are optimistic
in that while contracts for future de-
livery remain small, immediate bust
ness continues to expand indicating the
reduced stocks now being carried. The
Iron Age SAYS there was further eXpan-
sion in steel making activity in the clos
ing days of February. The L. s. Steel
Corporation now is operating at between
60 and 60 per cent of capacity, and the
independents at about 80 per cent, so
-, or 0T-np 90,
of 30 per cent for the country as a
whole.
Chandler Motors repeated it's usual
performance of establishing new high
price for the movement. There was some
liquidation of speculative holdings above
-. but these were taken back below that
price. and interests which have been large
buyers recently were bidding actively
for a large block of stock at II on the
close. The directors meet next Wednes-
day, and Will declare the ~ per
cent quarterly dividend. According to
reliable sources, the whole quarters pay
ment was earned during one month.
Columbia Gas, which has been a strong
feature during recent sessions, again
pushed into new high ground when sales
we're made above "a. Earnings are snow
ing a satisfactory increase, and there
is talk of 4 larger dividend being au-
thOrized before the end of this year.
The outstanding characteristic of the
railroad earnings reports for January
was the practically universal decreases
shown in gross and expenses and the al
most equally universal increases shown
in operating income. The standard stocks
OF this group were comparatively ne
elected. although Union Pacific selling
ex-dividend 2lA per cent was under
speculative pressure. Rock Island, which
has been t. tleader of the low priced
rails, was lect TO liquidating sales
and showcf iecline of something more
than poi sOm its recent high. 1t is
current Cos that the interests behind
been shifting from this stock into Amer