The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1927-02-10
FACTORS MAY
MAKE TODAY BIG
IN STOCK NEWS
Street Awaits Word From
General Motors and
U. S. Steel.
BY Elmer G. Waller

Manager United Press hlnanClal Service
NEW YORK, Feb. 10.-Jndustrial
shares may have their inning in the
stock market today with two of the
biggest companies in that class
scheduled to produce constructive
news-United States Steel and Cen
eral Motors, the former 10 report
tonnage as ofAJan. 81 and the~lat-
ter to declare dividends. Another
big factor is the rediscount cut prob
ability
Wednesday, as for the past several
days rails monopolized the trading,
other wide changes occurring only in
special issues while sales increased
to within striking distance of the
three million mark in the most active
market thus far this year.
Wheeling Moves
Wheeling & Lake Erie again fur
nished the motive power, opening at
105, its high of the day, and then
declining to 66A. The early part of
the day witnessed a sharp advance
through the list, but with confidence
waning in further gains in Wheel
ing, fears were expressed that the
entire market would go under, hence
a decision set in which incidentally
was arrested and turned into
another advance when Wheeling
suddenly regained most of its loss.
Low priced, nondividend rails went
through wide arcs in the mad buy
ing and selling, but industrials, par
ticularly the high-class pivotal issues
of previous big markets were almost
stationary.
Baldwin Locomotive, whose report
for 1925 is expected to show earn
ings exceeding the last few years,
shot up rapidly toward the end of
the day, closing with a gain of IL
points. American Republics gained
AS for the day and Southern Porto
Rico Sugar, 312. Radio Corpora
ton was up 53s.
Rail Activity
Good buying went ahead in Rock
Island on the theory that it was
selling too low and this activity slim
ulated dealing in st. Louis-San Fran 4
cisco, which owns considerable Rock
Island stock, recently placed on a
s. basis. Great Western, which had
been soaring on rumors it would be
purchased by Atchisoon, dropped
abruptly when President Storey of
the latter road denied any plans to
absorb Great Western.
Tape readers were not informed of
the exact character of the market
until about ten minutes after trans
actions had occurred on account of
the inability of the tickers to keep
up with the horde of quotations.
Over in the bond market activity
went ahead with prices firning up
to some extent in various sections,
though irregularity continued.
Curb Market
Penny stocks monopolized much of
the attention in curb dealings. Cot
ton moved higher while grains de-
clined. Foreign exchange was firm,
pesetas rising a small amount.
Traders were discussing the out
come of the meetings of the premier
industrial Corporations Thursday.
Steel buying has been on a hand to
mouth basis for some time, hence it
would not be a nadverse factor if the
tonnage statement, which will be is.
sued at noon, should show slight
falling off. However, many believe
an increase will be shown which
would be followed by an increase in
constructive sentiment.
G. NJ. c. Earnings
General Motors earnings for the
last quarter have been estimated
around $45,OOO,OOO. Should this fig.
ure prove correct eve nthe 50 divi-
nd which it Is expected will be de-
'clared, placing the issue on an SO
basis, would seem small and might
not have the effect foreseen by
many. incidentally, an advance to
the IS payment has been thoroughly
iscounted.
IL the London Bank cuts its dis.
count rate today there is every DOS
sib,lity that the New York Federal
Reserve Bank will follow suit add.
Zig further fuel IN tho b,,IIisb e,,o,,r