Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-12-16

an extensive reaction, as was shown by
the Indifference with which German in
ability to meet January reparation pay
ments was acknowledgement 1921, by
Public Ledger Company.
WALL STREET GOSSIP BY MONITOR.
On an Unconfrmed report that the In
terstate Commerce Commission would
order a larger freight rate reduction than
has been discussed commonly. and that
this decision would be made much
sooner than expected, liquidation came
into the rails. The st. Paul issues were
notably weak. There was a sharp line Of
demarkatiOn between the investment is
sues and those of more speculative
character, offerings of Union Pacific,
AtchisOn and stocks of that class being
limited in volume.
There was excellent buying in Fisk
Tire and Rubber based not So much on
the general revival in the rubber market
as on the belief that this stock was SELL
ing out OF line with other tire and rubber
stocks. he buying was reported TO be
for the account of interests identified
with the company.
After its recent spectacular advance to
above 50, Dawson Chemical declined
more than ten points. It has held with
IN a comparatively narrow range and IL
Is understood the selling comes largely
from tired holders and from professional
traders. The buying is attributed to the
same interests that were responsible for
Inc recent advance. and while no immedf-
ate movement is indicated. it is said such
an advance IS in the making.
There was n persistent reDort that
When the directors Of the Pierce Oil Cor
poTatlOn meet next Tuesday they will de-
f "a psrt Of the past due dividends on
Atlantic Gulf and West Indie; was
pought by the saline interests which have
Deeh accumulatlnS the stock for some
months past. This buying. il il under
stood did not follow the price above "A
iiraders being responsible fer the rise
beyond that figure. The Mexican OIL
subsidiary of Atlantic Gulf recently
Drorght in new well which IS said by
officials to be extremely profitable.
Following a meeting Of the chief exec
utlYes OF the Anaconda Copper Mining
company and of the American Brass
Company il was announced officially that
the stockholders Of both companies will
be asked to authorize an exchange of
ownership Of the latter company through
1ne me eSN-e lo OF three shares of Anaconda
ana 500 IN cash for each share Of Amer.
lean Brass Company stock Anaconda
was one of the strong features in the
strong market.
To what extent floor traders have
been used to conceal actual purchases of
stock Is predetermined One firm in one
day recently bought 10000 shares Of n
low priced oil stock the certificates for
which were shipped TO an executive Of n
large Western oil company and which
were paid for. A considerable quantity
OF stocks of various companies has been
withdrawn from the market by this
method. and in a measure accounts for
the ability Of pools to mark W the
prices Of their favOrites without serious
opposition.
a stimulating occurrence Of the day was
the sale of SJ5.OO0.O0O of New York City
corporate AZ per cent stock to a syndi-
cate headed by J. j. Morgan and Com
pany at 103,407 Controller Craig ex-
pressed himself as well pleased with the
price. which is the best received for a
AZ per cent issue by New York In re-
cent years. The last issue of 4 like
amount in 1917 brought 1905. 4 large
number of syndicate bids were received
for the whole issue or for any part.
There was curious irreguIarity in the
steel stocks. Midvale and Vanadium of
the low priced Independents were strong
while Bethlehem Steel 3, selling ex-
dividend IL per cent, showed no incli-
nation to rally, and closed with a net
loss for the day. United States Steel
was very active in the afternoon. and
on very large transactions advanced to
a new high for the present movement
These divergent fluctuations occurred in
the face of n reduction in the prices OF
commercial steel pipe of approximately
So a ton by the National Steel Tube Com
pany and an estimate of a trade au-
thority of a considerable increase in
structural steel sold during November.
After call loans had been made at Az
per cent the rate stiffened as banks called
large quantity of money on call was thus
afternoon the rate rose to 6 per c
which induced profit taking and was par-
TALLY responsible for the irregularity in
the last hour. Bankers said the furry
was due solely to the large Government
transactions of the day, and expressed
the opinion the movement is only tempo
rary.
Directors Of the International Mer-
camille Marine Company met and de-
clared the semi-annual dividend of So 4
share on the preferred stock. There had
been n report earlier in the day that
a payment on account of the ~ per cent
in back dividends would be authorized
but this proved TO be without foundation
1t is understood earnings of the COM
pany are running at the rate of approx
mately $40 a share. but owing to the
uncertainty Of the shipping industry, the
management thought it best to conserve
cash--Copyright, 1921, by Public Ledger
Company.
CLEVELAND PRODUCE.