Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-08-24
WALL STREET GOSSIP.

WALL STREET GOSSIP.
By Mentor
The Mexican oil stocks were. leaders in
the sharp rally Tuesday morning on the
ever night news OF the departure for
Mexico Of a party Of influential oil men
IL was this development that was re-
sD6nsiDle for the iEumatiOnS last week
thst a substantial rally would take place
In Mexican Petroleum this week. There
wer, large offerings around %. and the
selling vas Of a quality which is con
sidered good.
Selling in the low priced issues has
been a permanent feature OF recent mar
ket sessions. This is reported to be Cue
TO the attitude OF banking institutions
in looking askance At them as collateral
for loans. Such issues as Columbia
GraphOphone, American Ship and Com
Gnerce and others OF that class long since
have been taboo at the banks.
The executive committee OF the United
States Rubber Company met and il is
said discussed at length the six months
operation statement. No date has been set
for making these figures public. but after
the meeting il was minated they would
be released before the end of the " eek
There are some reports the fgurs viii
show al operating deficit Of so, 90, 600 for
the first halt year.
The Porphyr Copper Companies made
their reports for the second quarter and
the figures were disappearing in view
OF the shutting down Of the properties.
Ray Consolidated reported a deficit Of
S3TO,20e, as compared with a deficit OF
s1sl,296 for the previous quarter aud II
net Income of 1851 .255 for the CORE
spending quarter last year Chino showed
an operating loss Of $3.50 152. which, OF
course, is au deficit Nevada cOnsOi-
1dated reported an operating loss Of
SECS. 6e5. aud a deficit of S27s, SIS Utah
showed an operating loss Of 500 66 and
& deficit OF S444,229. Dividend payment
OF SS12, 245 resulted in a net deficit Of
81 ,256, 4I4.
The figures Of Utah give rise to the
question as TO the maintenance OF divi-
dend payments While the company al
ways has maintained & strong cash posi-
ton with the present outlook for the
metal market most uncertain. it is felt
The management may decide to eliminate
further payments Until conditions i'm
prove. There has been some distress sell
Ing Of this stock, which was FASTENED by
the publication Of the figures.
The Union Pacific reports net earn
ing income for July Of S2.102 1856.
months a decrease OF $1.6Il .040 as COM
pared with the same period last year, is
reported.
For the first time in several weeks.
buyiDg by in pOrtant interests has come
into Chandler Motors. At the close Of
last week some orders were placed. ind
these have been augmented on scale
down Houses fam liar with the situa
ton In the stock declare there is no Fixed
figure at which the decline Will be
stopped. but that scale buying orders
evidently are absorbing such offerings as
come to market.
Baldwin Locomotive made a new low
level for the present movement, but by
noon had recovered nearly points.
Present operations IN the stock are
largely confined to the speculative group
which controls its market. and support
stock taken on a scale down is sold
promptly on any rally. The selling is
described as being better than the buy
ing.
further reduction In the price Of re-
fined sugar did not have any material
effect on the prices Of sugar stocks.
Cuba Cane Corporation was weak as il
has been for some time on a report that
Developments in the immediate future
will be Of a most unfaVorable nature.
United States Steel was among those
issues making g new low for the move
plent despite reports from Chicago Of
the placing OF a considerable tonnage
OF structural steel for r Los Angeles
Building operation. The independent
steelS also we're weak. although they
rallied In sympathy with the general mar
ket. Traders expressed the opinion the
steel stocks will work lower, but due
to their relatively low level and the
rather thin market which exists in most
OF them. are inclined to take other and
more active stocks for their operations
Declaration Of the regular dividend in
cash on Famous Players served as an ex-
cuse for opening that stock higher, but
most OF the gain was lost IN the first few
minutes OF trading. The earning state
nent showing more than SIC per share
for the common received favorable com
nent, but the Street was inclined to be-
lieve II represented water that had run
over the dam, and is not particularly
optimistic as 70 the immediate future Of
the industry.
Directors Of the Coca Cola COMPANY
met here and declared the semi annual
dividend Of $3.50 per share on the pre-
ferred stock. From a low Of 10 the
price has advanced 10 IS without any
public explanation. The executive com
rnittee met in Atlanta. In some quar-
tiers IL is said here the recent advance
81 price has been due to an attempt
to obtain control Of the company I'm the
open market and that this effort has been
successful Net earnings of approx
rnatelv 5000 in June and 5000 900 in
July will. Il is said, be increased to
more than 100000 monthly by the end
OF this year when the last Of the high
priced sugar which the company has on
hand will have been used. II is re-
ported control has passed TO a highly
Speculative group.
number Of consiRnments Of gold
from South America were received dur
Curacao from various Central American
ports and from Demarrara. Considera BILE
interest was manifest in a shipment OF
Liberty Bonds consigned TO the Merca n
tile Bank Of America brought on the
Alliance. The value Of these bonds ii
not given, but the consignment Il
taken ss an indication of the efforts be-
ing made 70 nQuidats this institution's
L ver Co