The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-12-07
NEW BIG BOARD
STOCKS MIRROR
BULL!SH FEELING
Market Position of Recent
Listings improved by
Good Earnings.
BY ALBERT X. ETTLINGER
Times Sneciai Writer

NEW YORK, Dec. New listings
on the Stock Exchange are popular
with spectators, even during the
present period of technical re-
adjustment or reaction.
With December just getting under
way four issues from other markets
already have made their initial bow
in big board dealings, and several,
following precedent, have been we'll
absorbed at higher prices.
Best known of these, probably, is
Distillers Seagrams. While on the
Curb this stock attracted a wide
public following, most of the demand
being based on the companys ia
vorable earnings showing.
Firm Earns S5.04 a Share
This concern reported a net profit
of S504 a share for the year ended
July 81, against only 66 cents in the
previous IL months, and for the first
quarter of the new fiscal period, &C
cording to estimates, earned more
than the S113 a share available in
the corresponding three months of
1884.
In addition to the Canadian liquor
stock Holly Sugar, Parrafine Co.
and Waukesha Motor also changed
hands for the first time on the
Stock Exchange. Of these the last
named gave the best account of it.
self, opening at 27A, reaching a
high of 29al and closing within half
a point of its peak figure.
The present Waukesha issue rep
resents four of the old shares which
were recently split up. On the orig
inal capitalization of 100000 shares,
the corporation showed net of $4.93
share for the year ended July 81.
against $121 in 1884. Most of the
speculative appeal for this stock
comes from the fact that the COM
pany is now expanding into new
fields, notably air conditioning.
Reaction Seen Corrective Move
Despite the increase in selling in
recent sessions and the prediction
of some analysts that the market is
headed for considerably lower ter
ritory before it will be able to re-
gain its equilibrium, important Wall
Street interests are far from bear
iSh.
The reaction now being expert
enced. it is held, must still be con-
sidered as a corrective movement,
and even if the industrial average
recedeS another three or four points
investment, or long-term holdings,
will not be disturbed That there
has been no change in the funda-
mental conditions responsible for
the last leg of the rise that started
early in October is the opinion OF
constructive forces, who feel that
new groups may lead when the re-
covery gets under way
Rails Show Resistance
Rails, especially stocks favored by
special developments. have shown
Strong resistance OF late, and minor
sectors of the list, such as the air.
plane and rubber shares, have in
dicated the presence of good de-
mand. The next phase of the adj
vance, many say, will be more selec-
tive.
Although Kennecott recently lifted
its annual dividend from so to so
cents share it is estimated that at
the current rate of earnings the
corporation is showing a comfortable
margin above the increased pay
ment. Conditions in the copper in
dustry, most traders agree. are
definitely on the mend and getting
better, which accounts for the popu-
larlty of this group with the specu-
lative element. Kennecott. like other
producers, has experienced a gradual
Improvement in its margin of net
profit, and for the full year 1895
might readily show 81 or more a
share on its stock. If this net is
realized it would be the most pros
porous year the concern has had