Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-11-02
COTTON BREAKS,
THEN REBOUNDS
IN SHARP RALLY
Stocks Show Tendency to Re-
cOvery From Unsettled
Market.
Special to Indiana Daily Times
and Philadelphia Public Ledger.
BY MONITOR.

and Philadelphia Public Ledger.
BY MONITOR.
NEW YORK, Nov. 2.-AltAough stocks
showed 4 general tendency toward re-
cOvery yesterday, the undertone OF all
markets was somewhat unsettled. Tx
changes were lower, with marks getting
close to their former bottom. Cotton
broke sharply, but came back with a
strong rally at the close, While wheat
broke to new low levels.
Various cross currents made their ap-
pearance in the stock market The do
nestle oils again showed an upward
trend, and General Asphalt viii be strong.
Good gains were established by Cali
fcrnia Petroleum, Texas Company and
Pacific Oil. There was little doing in
the rails aside from the marked strength
IL Colorado and Southern. Sugar stocks
showed more steadiness than for some
time, and corn products made a new high
level for the present upward movement.
Most Of these operations reflected the
professional hand.
Features Of weakness were represented
by the rubber and tire stocks, the tobacco
group and a few specialties among which
were L. S. Industrial Alcohol, Lackawanna
Steel, Midvale and Wilson & Co. pre-
ferred.
Professional traders still show a dis
position to take advantage of any weak
ness appearing in the situation Of in
dustriaI groups. and whether their con-
illusions are right or wrong the trading
element has the courage of its convic-
lions. This was the case in the selling
of tobacco shares on rumOrs of price
cutting war, and in the rubber and tire
Of ro1maffoue in tho
price OF products-COpyright 1921, by
Public Ledger Company.
WALL STREET GOSSIP.
BY MONITOR.
Definite announcement by Adam Schalt
that the proposed merger OF the capital
Of which he is head with United Cigar
Stores will not be carried through was
in part responsible for some of the sell
ing which came into the tobacco stocks
during the day. Reductions in retail
prices of smokers articles are becoming
general throughout the East, and price
cutting also is reported in many West
ern localities. knowledge Of these con-
ditions has induced some liquidation in
retail stores and tobacco products.
Burns Brothers selling ex-diyidend
$3.50 per share was one Of the strong
specialtfes. Substantial accumulation is
reported to have occurred IN recent
weeks, the proposed merger with the Far
ren Coal Company being the basis for the
buying.
Traders were the principal buyers of
Mexican Petroleum below par. The floor
reported that buying in Pan-American is
sues is of n more substantial nature. It
is believed to be in anticipation of a fav-
Orable earnings statement TO be made
public later in the week by the Pan
American Petroleum Company.
While the rails rs a group were listless
in the days trading, Colorado Southern
attracted considerable attention rising
abruptly nearly points. The operating
statement for September showed a de-
crease of S574, los in gross and Of SS5s IA
in net operating income.
The copper metal market remains duh
with very little demand either immed: re
or prospective. Some sales We're made
at ID cents per pound delivered.
The Republic Motor Truck Company
had $4,000 OF an issue o. $2JG1,O,O Of
serial notes come due yesterday. In i
letter to the nOtehOlders the company
asks for an extension Of time due to its
inability 10 liquidate inventories. It~fs
understood that 4 new plan for the eX-
tension Of the whole issue has been prdc-
ticaIly completed by bankers aud that a
new issue bearing 5 per cent viii be Ct
the Z per cent paper they now hold.
The Sears Oebuck Company reports
that sales for October decreased s.. T5J-
173 and for ten months S512i.4SS. PUP
LEGATION Of these figures did not bring
any particular activity in the stock.
Some selling came into the steel stocks,
more particularly those Of the indepead-
ent companies, on a report from Chicago
that prices Of steel products in that dis
trict are being cut:
Buying Of the leather stocks recently
has been of an accumulative nature for
the long pull i suggestion of the I'M
proved outlook for these companies was
shown by the statement of the American
Hide and Leather Company for the quar-
ter ending Sept. 80, made public.
Call money cpeLed and renewed at 5la
per cent, but within a little more than
an hour the rate declined to per cent
where il remained throughout the day.
Coupled with the announcement of a
reduction Of from $3.50 10 $500 PEE car by
the Chalmers Motor Car Company was
that of a reduction OF 10 per cent in both
dealers and retail prices on FireStOne
Cord tires which served to bring some
selling into the motor and tire stocks
Copyright. 1921, by Public Ledge Com
eany.