Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-11-04
VAIL sTREET GOSSIP By MONITOR.

WALL STREET GOSSIP By MONITOR.
An expected anomaly in the market,
which has been developing slowly in the
tire and motor stocks is becoming more
manifest. There is a general belief in
the tire aud rubber trade that general
reductions in prices viii be made during
tue next thirty days. This is respon-
alhle Tor the selling which appears il
these stocks from time to time. but Il l.
notable that the buying Of these stocks
on receSsiOns is much better than the
selling at any time
While the tire and rubber stocks seem
to be under steady pressure, the motors
are well supported. Chandler Motors was
one Of the leaders Of the group on buy
ing from the Middle West This buying
is understood to be based on greatly i'm
proved prospects for the industry next
scar aad is Of Il character which takes
4 position for the long pull rather than
Tor the immediate fluctuations.
On 4 report that the United States Food
Products Company has obtained al ex
tension on its S1,j00.0g0 bank loans, and
an additional loan Of SSg0,00O fer working
capital, The stock opened up more than d
point. tt is generally understood that
the plan worked out by which this hnanc
ing was obtained will prove expensive to
stockholders. Under these conditions
there was fairly heavy selling Of the
stock later ir the day,
The chain store stocks all were strong,
s. :. KTesge Company being the leader,
with an advance to l70is, new high rec
erd for all time. 81 per cent stock
dividend win be paid next month. There
are only about 5,009 shares Of floating
supply which ICakes II easy 10 advance.
\ considerable short interest has been
built M on the rise from no.
F. ". Woolworth and Company stock
vas another strong issue jumping from
~ TO 126 with the sales between, thereby
indicating the scarcity Of offerings.
The consolidation Of Cosdeu and Com
pany and The Atlantic Petroleum Com
pany, was confirmed officially yester-
day. A new corporation win be formed,
stock in which will be given in OK
change on the basis Of three shares Of
Atlantic Petroleum for two shares cf
CosdeD.
Mexican Petroleum was strong this af-
ternO0n on report that two wells have
been brought in in the undeveloped ter
ritorv south Of its present holdings,
thereby proving new field. Another
report vas 60 the effect that British in
forests recently have acquired the control
- the Mexican Petroleum Company oil
properties in Mexico. ! report which
j. not taken seriously in responsible
quarters
Operating results Of the Southern Pa
cifc for September Indicate that the i'm
prOvement which has been manifest for
some months has halted temporarily.
Gross earnings we're So. az. 2GT a decrease
Of S4,o5S,5s3. Net operating income was
$500, SOS an increase Of S190J02.
The railroads We're inactive and their
fluctuations without significance. The
market for standard issues was a dis
appointment TO the rank and file, in view
IF the action Of the Federal Reserve
Bank in reducing the redscoUnt rate.
The market was highly Irregular in
The morning, but specialties were taken
5n hand, and in some cases advanced
rapidly. This strength spread to the
General list in the afternoon. and in the
Losing dealings United States Steel as
sQmed its old position of leadership, adj
vuncing across 81. and holding all of its
gain until the close. There was no news
TO account for this movement. although
reports Of increased operations at some
Of the mills in the Middle West attracted
favorable attention.-Copyright, 1921, by
Public Ledger Company.