Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-09-16
BELIEVE BEAR
MARKET OVER
FOR PRESENT
Investors, Uncertain as to Up
turn, Devote Attention to
Commodities.
RAILS IN SLIGHT YIELD
Special to Indiana Daily Times
and Philadelphia Public Ledger.
Ry MONITOR.

Special to Indiana Daily Times
and Philadelphia Public Ledger.
BY MONITOR.
NEW YORK. Sept 16.-ReactiOnary
tendencies, which became rather pro-
nounced in the last half hour or so,
served to give the market its character
Thursday Recessions from half a point
TO two points or more were general
throughout the list. The industrials that
have been made the subject of bullish
operations in the last few days bore the
brunt Of the selling and while the rails
yielded under the selling pressure the
reaction in this quarter was not quite so
marked as elsewhere.
Although there is q feeling that the
bear market with its disheartening trail
of passed or reduced dividends and ugly
rumors of impending financial disaster is
over, there is still more or less uncer-
tainty about the resumption Of extensive
bullish operations or the extent of the
probable up-turn. Many operators, who,
ordinarily, are active in stock are de-
voting a good deal of their attention
to commodities on the theory that the
farm staples must advance, thus increas-
ing the purchasing power of the agricul-
tural masses, before a stable foundation
can be laid for general industrial &C
tivity.
Present fluctuations IN the stock mar
ket tend to bear out this conception. No
important movement appears to be I'M
der way and profit taking on advances
Of moderate proportions restricts the
scope of upward movements. Moderate
declines as result of this pressure took
place in Mexican Petroleum, Baldwin,
American Locomotive, Studebaker, Tobac
co Products and other induStrials and
speciaIties which have been recently
strong and active. The ease in all money
was without stimulating efect.-Copy-
right, 1921, by Public Ledger Company.
WALL STREET GOSSIP BY MONITOR.
Trade advices giving new low record
prices for raw sugar and for futures
were responsible for some selling which
came into these issues Thursday, al
though this selling was not of large
volume. 1t is probable the reduction in
the dividend by Central Aguirre Sugar
Company decreases from 81 TO SL50
quarter was of more effect.
Explanation of recent activity in Con-
solidated Textile Corporation came with
the announcement that b. b. K.
Knight, Inc, a subsidiary of the CON
ISOLATED textile corporation has acquired
largest commission firms in the country.
1t is understood the knight corporation
obtained its control through an exchange
of 2,32J.000 shares of the second preferred
stock, but the exact terms of the ex
change will not be made public until
later.
Based on the general reports Of rail
roads of a large number of bad orders,
Railway Steel Springs advanced 2 points,
IT.
list showed an inclination to decline.
There was very little activity in this
stock Thursday, the fluctuations being
within half point range, yet it is re-
ported there are buying orders just I'M
der the market for a considerable guam
ity of the stock.
The steamship Potomac of the United
States lines has arrived with III cases
of gold, valued at 81. $3.50 600. The ship
account of the Belgian reparations and
was consigned to the Federal Reserve
Bank here OF the total consigned ST.,
060,O 600 was in American gold coins and
the rest in Austrian crowns.
It is reported among railroad men
that the net earnings of Southern Pacific
for August were somewhat larger than
those for July, and after deducting the
monthly charge of fixed charges may
all commodities, save only grain, were
much below last year.
Call money opened and renewed at
) per cent, but by noon had declined to
AZ per cent, the lowest figure quoted
in two weeks. Some demand developed
at the level, and the rate advanced and
closed at D per cent. The low level main
tained by call money rates confirms a
canvass made of money commission
IDENTIFY better sentiment toward stocks,
the public has not purchased in any
quantities.
Directors of the Otis Steel Company
met to take action on the quarterly pre-
was announced that action had been de
ferred, but no further details were vouch-
safed
Directors Of the Victor Talking Ma
chine Company declared the regular divi-
dend Of SO a share on the common and
s175 on the preferred A 215 per cent
quarterly dividend was declared on the
common stock of the American La France
Fire Company.
Inquiry at The bankers of the Cuba
Can Sugar Corporation is met with the
: statement that there is no change in the
situation. A clause in the indenture Of
the placing of n mortgage on any of the
physical properties of the corporation un
til the debentures have been paid. There
is said TO be a legal. technieality in
volved which with the consent of the
debenture holders an arrangement can be
made for new financing, but up to date
only a small proportion of the debenture
holders, it is said, have consented to the
proposed plan.
There is floor gossip of the organiza-
ton of new speculative group, which
is said TO be buying Kansas City South
ern. This accumulation is based on the
theory that the railroad stocks have
turned definitely upward and that in the
event CT the unification plans of the
Government being put into effect this
would be a key road which would give
It ample speculative possibilities--Copy-
right. 1921, oy Public Ledger Company.
In the Cotton Market