Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-11-10
WALL STREET GOSSIP BY MONITOR.

WALL STREET GOSSlP By MONlIOK.
The buoyant market was attributed
generally to the passage by the Senate
of the tax bill and the expressed belief
In banking circles that the measure would
emerge from conference retaining its
desirable essentials. Strength was dis
played first in the oils and later spread
through the general list until the broad
est market seen in recent months de-
YelOped at the close.
The bringing in of Z 100000 barrel well
on the AZul of the Mexican Petroleum
Company was the immediate incentive for
purchases CT that stock. This new wei
is within & stones throw Of the first
well drilled on the property.
Trading in General Motors was on an
enormous scale. After selling at 12A,
the stock was offered in blocks up to.
$500 shares each. under which it de-
clined to liz. One house was credited
with a sale of 10000 shares, and this
selling was of character to which trad
ers pay considerable attention. An
advance of points in this stock, OF
which there are 20, 100000 shares out
standing. is a sui ject Of more than usual
interest in the market.
The most impressive movement Of the
last hour of trading was that in United
States Steel. A block of 1000 shares
was taken at S11z a second block OF 5000
shares at S2l2 and a third block Of 1000
shares at So. In between were numerous
lots of 1000 shares or more. Some firms
were inclined to think that the buying
in the general list was window dressing,
in anticipation of favorable Developments
at the disarmament conference. Certainly
there were no news developments in the
trade which were disclosed in the days
reports which accounted for the activity.
There were some laggards in the days
trading. notably the tobacco stocks.
United Retail Stores and Tobacco Prod
ucts both met substantial offerings on
each rally during the last week. Firms
which have watched the trading in these
issues express the opinion that the pres
ent rally in them is ended. Some of the
so-called Whalen issues on the curb and
in the Over-cOunter market have acted
unsatisfactory.
Tobacco Products Export, which a few
years ago sold at 40A, has declined TO
AZ. and there is no Indication of any
inside support even at this level. Retail
Candy. which, before the company has
opened 4 store. sold at 30, now is quoted
ut ., With absence of support notable. For
the American foreign trade corporation
stock which sold as high as Is there Is
absolutely no bid. Some traders are won
dering what this situation portends.
The >receivership announced for the
Lincoln Motor Company at Detroit
was received with genuine regret by
firms familiar with the motor ear BUSH
ness. One Of the outstanding figures
in the honestly constructive work which
has been done in the industry. is Henry
NJ Leland president of the Lincoln COM
pany. Probably no one individual IS
more respected for his integrity and high
moral character. 1t was irtimated that
his friends would rally to Mr.. Leland
assistance.
Small sales Of copper metal were re-
poc.ed at 1874 cents and some business
is said to have been closed ut 1895
cents. Dealers believe that the price has
stabilized around the Is cent level and
while not expecting any immediate in
crease in demand, believe any sub
stantiaI movement must be in the direc-
ton Of higher prices.
Directors of the American Sugar Re
filming Company and those of the National
Refining Company met and declared the
quarterly dividends OF Ia Of the pre-
ferred stock Of these companies.
The railroads participated in the day s
activities although new high prices were
not recorded by any of this group.
Northern Pacific was the leader. the buy
ing being for important interests as has
been the case in the recent past. Con-
sentative houses in their market ad-
vices last night were advising caution
in the purchase of any stocks on this
bulge believing more favorable OppOr-
tunities will be offered before the end
Of this month.-COpyright 1921, BY Public