Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-12-15
WALL STREET GOSSIP. BY MONITOR.

WALL STREET GOSSIP, BY MONITOR.
One wire house sent this cryptic mes
sage to its clients 1T is easier to sell the
weak rails than the good ones" The *
PLANTATION was found in the large offerings
of Erie, New Haven, Wabash, Seaboard
Air Line and other stocks OF TINS class
which are easily Influenced through the
circulation of rumOrS. There Is no help
full background Of dividend records, anu
investment buying to support them, and
the result is that declines are easily
forced. The street was filled with ru-
mors regarding most Of these stocks 70
day, none Of which bore any OF the
marks of being official. Last year Erie
common sold ut 81. the lowest price since
1896. Today it sold at 10.
The selling Of the low priced rails
found its reflex in dullness rather than
weakness in the better class OF dividend
payers. Stocks like Atchison, southern
Pacific. Union Pacific. Great Northern and
others were Iistless. but failed to decline
materially. In practically all Of these
issues there are substantial buying or
ders not far below the present market
quotation.
California Petroleum opened at 4 sharp
advance and before the end Of the day
had reached IS. The buying was based
on a report that dividends on this issue
are much nearer at hand than IS expected
generally. There we-e numerous rumors
rs to the amount Of the disbursement, but
The professional element on the floor
Inclined 70 the opinion that General AS
phalt was bid up TO facilitate proht-tak-
ing in Mexican Petroleum. The buying
in beth of these stocks, however. was not
of a character 10 indicate that this was
the case General Asphalt IS being accu-
INFLATED by powerful interests II IS said,
and it is heralded As tire future Mexican
Petroleum Of the list. The company s
properties in Venezuela have proven thelr
value. and tie entry Of the Standard on
interests through the TranScontlnental
oil Company into fields in this territory
has given n new Zest to the speculative
possibilities Of General Asphalt.
Before the Paris sailed, President Sam
uel Vauclain of the Baldwin Locomotive
Works. told newspaper men there was no
truth in the report this company would
enter the proposed merger Of the indie
pendent steel companies. Mr. Naucla,n
said the company. now has on its boooa5s
untitled orders Of approximately $IU,-
600 G0 sufficient to keep the plant busy
at its present operating ratio for three
months The strength Of the companys
position is indicated by It's recent pur-
chase or $6SVOtV0 OF treasury ce!t Ihc!STs
in order to employ probably its idle
funds.
Gossip concerning the Chandler Motor
dividend was set at rest when the direc-
tors met and declared the regular pay
ment at the rate Of Sc annually In re-
Spouse to this favorable announcement,
the price advanced to 80. Profit taking
sales brought a reaction of a point at
the close.
The board Of governors of the New
York Stock Exchange declined 10 grant
the petition for closing the exchange on
the Saturdays preceding Christmas and
New Years.
Although the iron and steel trade re-
frrr- Nv
the independent companies during the
week, the steel stocks generally were
strong. Above 80 Bethlehem Steel B
made new high record for the present
movement. and United States Steel held
firmly within q fraction of its recent
high. There is reported to be a cOnsid-
cradle short interest outstanding in this
group.
What bore the earmarks Of a bear raid
was staged in Ajax Rubber stocks when
il declined about three points on sud
den influx of selling orders. The break
was 50 sudden traders who attempted to
follow 1t sold practically at the bottom,
and when they attempted to cover their
commitments forced a rally to within
about one point CT its close the day be-
fore. The other rubber and tire stocks
were not affected materially by the de-
cline.
Directors of the New York Cstral met
and declared the dividend of IL per
cent The specialist in the stock reported
only few struggling orders were placed
following the announcement, and after
short lived rally, the stock again settled
into lethargy.
II has been reported International
Paper Company cOntemplates new
financing in the near future. President
Dodge denied officially these reports.
Call money opened and renewed at )
1er cent but the demand soon was
atisfied and shortly after noon the rate
de lined tc AZ per cent. The weekly
runlor Of 4 reduction in the rediscOunt
rate was in circulation, but no change
was made at the regular meeting of the
Federal Reserve Board.-COpyright 1921,
by Public Ledger Company.