Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-09-28
WALL STREET GOSSIP.

NEW YORK, Sept 27-There was lit
lie gossip as there is little movement
in Tuesdays stock market and such de-
velopmen s affected specific issues
were Of small effect The wholly profes-
sfonal character of the trading was indi-
Gated by action Of the copper stocks. The
American Brass Company has bought
5000, 900 pounds of copper for October
November delivery at 12Ss cents per
pound. This Is the first large purchase
in more than two months, and ii is IN
derstoOd the company has another In
quiry in the market for similar amount
The copper stocks actually declined 1fac-
tionally on the announcements
Allied Chemical and Dye was depressed
some weeks ago on a report the dividend
would be paSse l. Their directors met
and declared the regular quarterly dis
bursement of 81 a share, yet the stock
failed to equal its recent high price.
An Unexpectedly favorable showing
was made by the United States Smelling
and Refining Company when the direc-
tors met and declared the regular dtvi-
dend Of 1& per cent on the preferred
stock.
Weakness in Mexican Petroleum in the
early trading was responsible, according
TO traders, for the failure of the in
dependent domestic oils to reflect the in
crease in prices of crude announced dur
ing the day. Independent producers in
kentucky advanced their quotations 10
cents q barrel and the Joseph Seep
agency in Pittsburgh. advanced their sew
eraI grades from 10 30 80 cents a barrel.
Large blocks of Island Oil and trans.
port were freely offered at 81. 4 new low
record, but firms making the offerings
declared they know of no change in the
affairs of the company which warranted
the selling. 1t was believed neverthe-
less, to represent inside liquidation.
Cuban cane common sold off about a
point on the announcement of the new
plan for financing. According to q cir
cular sent to debentuTe holders. they
are asked to allow a new loan of S10.-
100000 to be made which will have pri-
GRITTY over their security, and in ex
change will receive s per CEN annual in
terest instead Of the Z per cent now
paid. Bank loans of some SIS 100000 it
Is said, can be largely offset by sales
OF large holdings Of raw sugar and the
new loan viii provide working capital.
Recent strength and activity in New
York, Ontario & Western was ex-
planned when the directors met and de-
clared dividend Of per cent on the
common stock The new rate doubles
that of last year.
Selling Of General Electric month ago
was based on semi-reports that the vol
ume of the cOmpany's business had de-
cIined very largely. The ease with which
the stock recovered its loss aroused SONS
suspicion in the minds of traders that
the decline was for the purpose of ac-
cumlating stocks. This feeling was to az
extent confirmed when the Western Elec-
trio Company reported sales for eight
months of Sl22 10000 practically the
same as for the same period last year.
In Analysing railroad earnings for
August and September, statistieians are
calling attention TO the difficulty Of max
ing comparisons with the same months
last year. In August 1920, the railroads
had to pay the retroactive wage increase
granted by the Interstate Commerce Com
mission and the earnings reported dur
Ing that month were the worst of the
year In September the increase in
freight and passenger rates granted by
the NnmiSsiOn were in effect and that
month showed substantial increases in
gross. A comparison of the Union Pacific
report for. instance, shows that for the
mcnth of august the annual rate of earn
ings was 17.63 per cent and for eight
months 1126 per cent. Southern Pacific
shows 925 per cent annually based on the
August report and $50 per cent for the
eight months Period. Baltimore &
Ohio shows a slight deficit after allowing
for the per cent now being paid on the
preferred.