Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-10-14
STEEL STOCKS
TOTTER ASOILS
. CONTINUE RISE
Bethlehem Only One Among
Steel Groups Holding Own
on Exchange.
GERMAN MARKS DROP
Special 10 Indiana Daily Times
and Philadelphia Public Ledger.
BY MONITOR.

NEW YORK. Oct. 14.-Furt her cleavage
between the domestic oils and other por
tons OF the general list developed Thurs
day and before the close the contrast be-
came quite marked. The undertone of
the market as a whole was rather IN
settled and in the face of his tendency a
strong upward trend was displayed by
the leaders in the domestic oil group.
with advances of one to two points reg
istered by Pacific Oil, Invincible, Cosden.
Cal fOrnia Petroleum and Atlantic Pc
trolcUm. On the other hand. Mexican Pc
troleum vas under pressure. The air
was more or less charged with rumOrs
and quotations on the s per cent pre-
ferred which were on a basis that hardly
inspired confidence.
Steels were sluggish and generally a
shade lower, with the exception of Beth
Iehem Steel B. which closed unchanged
after a somewhat irregular advance
Baldwin Locomotive was active and
strong. A heavy undertone in the rails
had somewhat depressing effect on
commission house sentiment. The waver-
ing attitude of those who have been
bullish on the rails was not helped
by the weakness that developed in the
stock and junior bonds of the Seaboard
Air Line. The unfavorable impression
Aas all the more pronounced. owing to
The fact that tOday's break came as a
climax to a rather extended decline. At
kention has been called to the fact that
the road had deficit of more than
$4,000 in August. and that its earnings
for the first eight months of the pres
ent year covered only small portion
of its fixed charges.
The weakness in German marks, which
was a feature Of the London foreign ex.
change market yesterday. continued and
carried the price of this currency down
TO n Of a cent.-Copyright, 1921, by
Public Ledger Company.
WALL STREET GOSSIP BY MONITOR.
The domestic oils again moved con-
trary to the foreign issues, Pacific Oil
Atlantic Transport, Union Oil California
Petroleum aud others of that class ad-
Vancing, VIII lie Mexican Petroleum and
the Pan-American issues were weak. Re
ports from the floor indicated there was
no particular drive at the Mexican is
sues. tut liquidation was clearly in evil
dence.
During the last week Seaboard Air
Line issues have attracted considerable
attention, due to the steady decline in
price. The Consolidated 6S broke from
4312 to So; the refunding from SO TO
d. anu the adjustments LIOu IL = 10 II
Seaboard stock sold at 2is from as.
after unusually heavy transactions
week ago above D. Directors of the
company declare that September earnings
will be an improvement over August, and
that all interest charges have been pro-
Vided for.
All the local sugar companies an
nOUnced reductions n the prices of re
fined to meet the 30c quotation made
- ~
sugar stocks pad little attention to
this reduction.
- Baldwin Locomotive was the firmest of
- equipments, buying beng influenced
by announcement the company had OBJ
tanned an order from the Argentine states
railways for twenty five Pacific type and
fifty mountain type locomotives.
Roumania has had her army modified
for about month. according TO press
advices, with the possibility Of clashes
OF armies in several of the b kan states.
knOwlege that Baldwin Company holds
some of the paper of countries that may
become involved in difficulties is reported
as one Of the reasons for some rather i'm
portant selling which is understood to
have occurred around the 90 level
The reorganization plans of the Fisk
Rubber Company were made public
through the filing with the State au-
thOrities in Boston of the certifi ate of
increase in the stock of that company
The first preferred is increased by 2J0.OO0
shares of 500 par value The second
preferred is increased from s262. 600 to
S10,000,0J0 through the addition of 1OO,-
0OO shares of 500 par. The common Is
increased from $27, 500. 900 of SO par to
the equivalent of $31,2J0 600 of no par
value shares. There has been issued also
J5O management shares of 500 par value
The 81 valuation on the common stock
of the Ninigret and Federal Companies
has been written off and the good will
placed at 81.
Some of the selling of international
Mercantile Marine preferred in recent
sessions has been for the account of
traders who anticipate that the United
States Shipping Board will decide that
the corporation must become either
wholly American, and divest itself of its
British tonnage, or be refused the allO
cation Of Shipping Board vessels. II is
reported that in such an event its for
eign flag tonnage may pass to a British
syndicate which would leave the com
pany with only approximately $4,000
tons OF ships. Whether or not a sale
of the foreign flag ships could be made
on terms profitable to the shareholders
is not known. There is a report, how
&Acr, that an advantageous offer might
We received.
Little attention has been paid in the
Street to the recent acquisition of the
Baltimore SbiPbuilding Company by the
Bethlehem Steel Corporation, and there
are comparatively few who know that
only recently the company acquired a
large yard on the Pacific coast and con-
templates the erection of steel mills con
tiguOus to it. 1t is reported the buying
of Bethlehem Steel Z Un reactions IS Of
an accumulative character for the ac-
count of interests identified with the
eompany.-Copvright 1921, BY Public