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


The decline in marks Thursday, which
carried the German currency to APP
pproximately the lowest level ever re-
corded, has some unusual features, ac-
cording to a banker largely interested in
the German situation. First, Ia the an
nouncement that the Berlin Bourse is to
close for q week because Of the IN
precedetented catastrophe loom which
has occurred there. According to this
banker internal conditions in that coun-
try border on collapse. Its populace is
investing marks in any security that
gives any hone of stability. The with
drawal OF gold from the Reichsbank for
the recent reparatiOns payments has
been an added factor in the critical sit
uation which obtains there, according to
this authority which has FASTENED the
buying moveni ent. Sept. 10 a large pay
ment must be made here to settle the
Indebtedness due some of the meat pack
ing interests. 1t is understood one hrm
alone has more than 100000 due on
that date The trading in marks has
been on an enormous scale and in part, at
least is due to the necessity for obtain
ing American dollars to meet packers
bills.
The Chicago, Burlington & Quincy, ac-
cordiug to semi-official advices here, will
report for Aug. s the largest net earn
ings in the history of the company: ms
favorable showing it is said is due to
the concentration of grain loadings. as
well as to the reduction in wages re-
Gently made by the United States Railway
4 Labor Board.
Bankers do not take seriously the pro
posaI for selling approximately S35O,OOO,-
GOO equipment trust certificates to the
public as outlined in Washington as
patches The law requires that these
certificates be sold for not less than par.
Bankers say while some Of the better
class paper could be disposed or at par.
the proportion would be very small That
the War Finance Corporation or any
other. could sell the whole mass of Ger
tiffcates under these conditions is con-
sidered improbable.
Schulte's Retail Stores Corporation re-
ports sales for August Of S1,655.SI2 an
Increase of IA per cent over August Of
last year. For the eight months total
sales are given as S12.S00,0O0 an increase
Of "a per cent over the same period Of
1920
The long awaited meeting of the di-
rectors OF the Southern Railway Com
pany was held and the dividend on the
preferred stock was deferred. President
Fairfax Harrison following the meeting
issued an optimistic statement as 10 the
present and future prospects OF the
South and the Southern railroads. He
emphasized the benefits which would
accrue from higher cotton prices and ex-
pressed the opinion that the South def
nftely has turned the corner.
Directors of the Utah Copper Com
pany met and declared a dividend of so
cents a share on the stock of that com
pany. Chairman Charles Hayden de-
clared there was no change in the situa-
ton from that Of three months ago, but
the exceptionally strong financial posi-
ton of the company warranted the pay
ment of this dividend. Although all Of
the mines are closed. he said the com
Dany has $4,000 900 in cash and bonds
end 1t was the opinion Of the directors
that out of the very large profits made
during the war period these resources
should be distributed in moderate de-
gree to the stockholders so long as con-
dItions warrant
Among the dividends paid was that of
sne c. X. Wilson Body Company which
per cent on the preferred /; Phelps Dodge
which declared tho quarterly dividend Of
81 the same disbursement as was au-
thor1zed three months ago, and the Cali
fornia Petroleum Company which de-
clared the quarterly dividend OF Ia per
cent on the preferred.
Call money opened and renewed at 3
per cent, rate which was maintained
through the day. On the outside market,
loans were reported to have been made
at 4 per cent. There was a nominal quo
tation Of 5ia per cent for thirty day
money and 51aA vas the standing quo
tation on sixty and ninety-day funds.
Stock exchange houses are vainly seek
ing money over the end of the year, but
no such funds are available.
It was semi officially reported that pre-
liminary estimates Of the value of the
sales of the Kelly Springfield Tire Com
pany for August, show an increase Of Is
per cent over last year, despite the re-
duced prices July sales were nearly 49,
COX, 900 900 net, 4 much larger sum than
had been expected.-Copyright 1921. by
Public Ledger Company.