Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-12-02
RAILS GAIN BY
STAND OF u. S.
LABOR BOARD
Forecast of Presidents Mes
sage Boosts Mercantile
Marine.
SUBSIDY TALK HEARD

SUBSIDY TALK HEARD
Special to Indiana Daily Times
and Philadelphia Public Ledger.
By MONITOR.
NEW YORK, Dec. 2-Trading in stocks
was on a more limited scale despite
several interesting developments and
items of news. The undertone of the
market was firm, with the general range
of prices higher. Steadiness was i'm
parted to the rails by the construction
placed on the attitude Of the United
States railway hbor board as we'll as the
declaration Of the expected Burlington
dividend of per cent and 10 per cent
extra. Northern Pacific sold at a new
high level for the present upward move
ment, although a reaction was caused
by doubt as to whether the extra dis
bursement would be in stock or cash.
Considerable interest was displayed in
the strength of International Mercantile
Marine preferred, with buying based on
an assortment of gossip to the effect
that the forthcoming presidential mes
sage would advocate a subsidy for the
American Merchant Marine, the reported
assurance Of maintenance of present divi-
dends and some improvement in the gen.
also advanced sharply on Amsterdam ad-
vices, stating that the Chicago Royal
Dutch Company had declared a dividend
of Is guilders in cash instead of stock.
Weakness of a special character made
its appearance in International Pa per.
There was also free selling of Mexican
Petroleum on the announcement that 49,
600 shares of stock outstanding and is
sued would be listed on the exchange.
H.. ~T.r Al l.,
a quick rally in this case. Standard Oil
Of New Jersey ran up more than 8
points to a new high level for the pres
ent upward movement, and this furry
caused immediate buying Of the oils
American Car and Foundry was the fea-
ture of the equipments, with a rise OF
more than 5 points. Baldwin was steady
on short covering in anticipation of its
selling ex-dividend.
OF more than collateral interest was
the strength in sterling, marks and
francs. Sterling got up to S4.O5h the
highest price in more than a year and
half Marks went up to CT. The
strength of these currencies undoubtedly
is the outcome Of the London conferences,
which are believed to be discussing the
declaration Of a temporary moratorium
for Germany. Constructive development
OF permanent character, however, is ex-
peeted to come out of the discussions
with reference to the sterilization Of in
ternational exchange.-COpyright, 1921,
by Public Ledger Company.
WALL STREET GOSSIP BY MONITOR.
Directors of the c., B. & Q Railroad
met and declared the semi divi-
dend of So a share and an extra dividend
OF SIS share. During the day directors
Of the Colorado Southern Railroad de-
r1nra1 q mi dividend of 70 q
share on the first preferred stock, and
the annual dividend of 81 a share on the
second preferred.
It has been the common view of mar
ket commentators that the advanced rail-
road list had been made with the object
Of eliminating the move on the declara
tion of the Burlington dividend. The
action in the market wGs wholly at vari-
ance with this carefully thought out pro-
gram. There was irregularity in many
issues. but such advances as were shown
by the Standard Oil issues. American Car
and Foundry and other high grade stocks
were significant.
There are well authenticated reports
that the largest corporation in the world
is in process of organization at Boston
with a proposed capital of $4,000. 100000
consisting of 100000 shares each of
common and preferred stocks having a
poses to acquire control of oil companies
in various parts of the world. including
South America The Land Title Trust
Company of Philadelphia, it is under
stood, has been designated as the de-
pOsitory for stocks of the various COM
panies being acquired. 1t is said Next
can Petroleum Company is not included
in the program. but that Trans CONT
mental Oil, Pure Oil Company, Union
Oil of California and others will be par
Elephants.
Royal Dutch was strong on a dispatch
from Amsterdam. making the positive
statement that the company had declared
a dividend Of 10 guilders in cash.
International Mercantile Marine pre-
ferred gained more than three points
There were no specific news develop
known improvement in the shipping in
dustry. together with a R'uch brighter
outlook for next year has been RESPONSE
BILE for absorption Of this stock on a
considerable scale.
A development which must reflect IN
favorably upon the Mexican Petroleum
Company was the announcement by the
stock exchange that application had been
made by the company to list 100000
Of common stock. 1t has been reported
many times that the supply of stock
avaiIall e for trading was less than
100000 shares. Traders constantly ques-
toned the enormous transactions and the
ability of large short sellers to make
deliveries of certificates. Now it de-
velops that deliveries were made of GER
tiicates which had not beeL listed on
the exchange, being part of the 10000
shares for which application now is made.
The whole stock exchange history of
this issue Is such that in the opinion of
conservative houses it will yet result in
an open scandal.-COpyright 1921, by
Public Ledger Company.