Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-09-01
WALL STREET GOSSIP BY MONITOR.

WALL STREET GOSSIP BY MONITO X.
A relatively optimistic statement of
steel trade conditions was the only news
of Wednesday directly affecting market
transactions. The Iron Age, after bal
ancing the conflicting reports received
from the industry, notes some improve
ment due largely to small inventories
making necessary purchases for immedi-
ately delivery. According to this author
ity the United States Steel Corporation
as a whole, is operating at a trifle less
than 80 per cent with the Carnegie works
at a considerably lower ratio than in
several weeks The technical rally yes
terday has weakened the position OF
closed with substantial losses for the
day.
Reports that the Federal Trade Com
mission had cited the Famous Players
Lasky Corporation and eleven other NOV
ing picture firms for competition in re-
strdint Of trade were denied Tuesday and
officially confirmed Wednesday. Presi-
cent Jesse L. Lasky issued a statement
denying that that corporation exercised
absolute control over the industry or
that it monopolized the business in any
one town. This statement served in part
to bring some buying into the stock on
the reaction, but it was not of an i'm
pressive character.
Unfavorabie developments in the af.
fairs of the Cuba Cane Corporation are
expected to be announced soon. 1t is
reported in banking circles that the at
tempt to raise sufficient funds to tide
the corporation through the dull period
has failed.
In the sugar trade, 1t is said the COM
modify position Of the American Sugar
Refining Company has been discourag-
ing. 1t is understood the Chalmette re-
finery at New Orleans. one Of the largest
plants owned by the company. has been
closed down indefinitely Work on the
Baltimore refinery is understood also to
have been stopped. The price OF re
fined sugar was reduced to 6.eO cents by
all of the refiners and it Is admitted
there is practically no demand for It,
American Sugar is one of the stocks in
which important selling continues in both
weak and strong markets.
The marlborough Rapid Transit Com
pany notified J. p. Morgan and Company
that 1t has no funds to meet the s3S IA.
600 of three year notes outstanding
which nature tomorrow. An eleventh hour
attempt is being made to get the holders
of these notes to accept one year 8 per
cent notes IN place of the present issue.
1t Is understood a considerable number
of holders have accepted this plan but
figures are not available.
A shipment of gold coin valued at 49,
2JOOCO is due here the early part or next
week from the Reichsbank as part Of the
reparations payments. None of the bank
ers who have been handling these re-
ceipts recently have any definite infor
nation as to how the metal will be con-
signed.
Directors of the Chicago. st. Paul. Min
neapolis & Omaha Railroad met and au-
thorized the payment of the regular semi
annual dividend of 212 per cent on the
common stock and SO per cent on the
preferred. When these officials met June
10, dividend action was deferred and a
statement issued to the effect that until
complete settlement had been made with
the Government. which probably would
be in September. no payment would be
authorized Yesterdays action indicates
that more rapid progress than had been
anticipated is being made in the rail
roads controversy with the Federal au-
thorities.-Copyright 1921, by Public
Ledger Company.