Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-08-20


symptom Of the present market Dis
cOuraged holders are letting Eo their
stocks and this liquidation rather than
short selling is responsible for most of
the Copyright, 1921, hy Public
Ledger Co.
WALL STREET GOSSIP.
The liquidation which has been mani
fest in many OF tire higher priced stocks
during recent sessions dcvel0red il the
so-called cheap issues Friday such
stocks as International Nickel. Columbia
Graphophone and others of that class were
pressed for sale the dealings in Nickel
being OF an unusually large scale There
was no news 10 account for this selling.
except the known need OF some large .l-
vestOrs 10 convert securities into cash /
United states Rubber which had been
firmly held around - has been under
pressure since Colonel Colts death. There
Is excellent reason 90 believe the selling
in this Issue is for the account OF
distressed operator Traders have :ot
been favorable IN United States Rubber
since the annual statement was Issued
showing Inventories OF approximately
s130O0O,Coo.
The propaganda circulated several
weeks ago 10 force an advance TO the
price Of Crude Rubber apparently has
failed Of its effect. Without any sales
being reported, sheets We're marked mp
found 10 buyers and there were sue-
gestions in the trade that business coult
be done at approximately the low level
Cuba Cane Sugar preferred repeated its
almost daily performance Of selling 40
new low levels when transactions were
recorded under Sl9. Not only has the
demand FOR refined sugar fattened ont,
but sales OF rsws were reported az ire
low price recorded In FetTuary- J. ne
hitch in the financial arran -euents for /
the Cuba Cane Corporation also played
its part in the selling.
Union Bag and Paper was weak. selling .
being based on q report that prices OF
news print would bee reduced from so
per ton TO $50 per ton Immediately after
Labor day ], is said be earnings "
the company are sufficient 70 warrant the
continuance OF the present 50 quarterly
dividend. The directors, however. are
skepticaI Ir is announced the National
City Bank has closed three bra inches In
Colombia. The principal exports OF this
country are coffee and cocoa. the market
for which virtually has disappeared II
was the situation in Colombia and
Ecuador on these two products. which
is said 10 have been responsible for the
difficulties Of the Mercantile Bank Of the
Americas
An Official dispatch from Mexico City
reports the Mexican government has
bought recently in the United states $50
locomotives, eIsntT-tlve OF which are on
a rental basis with the privilege OF pur-
chase later and forty five were bought
outright and an initial deposit Of u per
cent TO 20 per cent made. W Ien I-resI-
dent Nauclain OF the Baldwin works an
nounced recently that be ha taken con
tracts for S2.JU00gJ worth Of equipment
in Mexico, the street jumped 10 the con
clusion the business had been done large
II on a casa basis The announcement
served as a basis for selling, which ad-
= tr-r of m q. 1-.H rraI
General Cigar reports for the six
months ended June 80 surplus after taxes
and charges of SlG3GGiD as co-0narad
with S1.s1442O for tie same period last
year There have been reductions made
in the retail prices by some Of rhc chain
stores recently and there is some init
nation that a trade war may dsveIoD.
This is responsible for q considerable
quantity Of selling IN United Retail
Stores and Tobacco Products The de-
crease IN Retail Stores sales reported last
month was recalled IN connection with
the puol!catlon OF the General Cigar
Company S figures.
A long list Of stocks sold nj new low
levels either for the movement or for rha (
year during the course Of the day Cen I
trail Leather American Liuseed United
states Rubber. Westinghouse S.ude-
baker and American L-nseed preferred. !
we're among rCeSe- The later stock on a
sale just before the close registered z de- I
cline Of five point from the last previous
tranSaeuous There was no specific
news 10 account for these declines; they .
represented L-4-i4atIon- some of which
was Induced by the necessity for raising I
funds 70 meet income tax payments
Sept ID.
J. P. Morgan & CO. received S2s50O00 (
IN gold from Germany with Instructions .
to credit 20 the account Of the British
treasury. AT the firm. office. Ii was said
they had no previous know edge of the
shipment and were surprised upon its re
ceipt The Equitable Trust Company re-
celyed 100000 in silver and the Inter [
national Acceptance Bank g C0oO01 fin
silver from Germany The first ship
ment applies on PREPARATIONS payments .
The latter two are part of credits largely I
for grain which were arranged here. that !
Of the Equitable Trust being for 5000 I
600 and that Of che Acceptance Bank for
100000 The. shipments arrived on the
steamship euuhurF which also brought /
40 cases Of silver from Germany for I
Philadelphia accounts
It had been expected that ar the month /
" meeting Of the directors Of tbS Chesa- /
peake & Ohio action might be taken on
the per cent semi-annual dividend
which was deferred ar the May meeting /
No such action was taken,
It Is reported that bookings OF the
General Electric Company are aDproxi- /
matelv 100000 weekly ana billings are
about 100000 weekly. Estimates place
billings for the first SIX months ut $50
600 600 with an estimate OF Sl000OO00 as
the total for the last half Of the year.
Westinghouse normally handles about
one-half Of thettOtal volume of business
Of the General Electric Throughout the
recent weakness in General Electric. /
Westinghouse has held firmly. Liquidat- I
ing sales together with some short sell !
ing by professionals forced the decline
Late in the afternoon Judge Gary an
nounced that the Steel Corporation would I
reduce the wages of unsEilied labor from /
81 cents 10 so cents an hour effective
Monday. Aug - The reasons given for
this step we're the excessive costs Of
production and the slack demand for {
steel products--Copyrigh 1921. by PuO- /
lee Ledge Co.
WHOLESALE BEEF PRICES.
The following are today's wholesale I
nrfces fnr haef cufs as sold on the In |