Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-10-19
WALL STREET GOSSIP BY MONITOR.


American Sugar, both common and pre-
ferred, broke into new low ground on
selling which is reported to have origi-
mated in Boston and Philadelphia. The
commodity situation is even less favor
able than has been anticipated at this
time. The carry-oyer in Cuba is uLder-
stood to be about 100000 tons, the do
nestle beet crop is competing sharply
Cuban crop will come into the market
in December. In the trade, it is said
there is no indication of an increase in
the demand
1t has been rumored that the American
Sugar Refining Company is in the market
for new financing. There are reports thai
the money needed by the company will
be supplied only on condition that the
preferred dividend be passed. When the
preferred broke under 30, color was given
to this report.
In the last hour of trading, Pullman
attracted considerable attention by de-
Ginning more than four points. The sell
ing represented liquidation from Chicago
and was said to be due to the belief tina,
when the directors of the company meet
today, the dividend rate will be reduced
1t is understood powerful financial in
terests, formerly large owners Of Chi
eago, Milwaukee Il ST. Paul, have been
accommodating it again for some months
past, and that their holdings Row are
IUdH at any time. IN view Oh
this situation there was keen interest in
a report that Standard Oil interests have
been large buyers of Northern Pacific
recently. Under the Ripley plan of rail
road consolidation, Northern Pacific and
St Paul are to be grouped Traders are
watching this situation closely.
From authoritative sources it is learned
all of the trucks of the Pierce Arrow
Company included in its inventory have
eCTI = Il sgDwao ..1-aTr,
being received in sufficient quantity to
change materially the financial outlook of
the company. 1t is this knowledge that
is inducing the purchase of both the
common and preferred stocks by houses
that often act for interests identified with
the company.
Indiahoma Refining Company, the stock
of which was very active a few months
ago, passed the quarterly dividend of
21a per cent, which was due. The last
payment was in scrip.
Directors of the Central Railroad OF
New Jersey met and declared the quar-
terly dividend of per cent.
Money after opening and renewing at
per cent declined to + per cent in the
afternoon. equalling Mondays. low rate
for funds and ample supplies were ten
dered largely from out of town insti-
tutions.
The same brokers which have been &C.
tive on the buying side of Corn Prod
ucts recently, were buyers again. There
is no indication of any extended forward
movement in the immediate future. II
is understood the accumulation which is
in progress is in anticipation of i'm
proved condition next year.
Charles NJ Schwab denies the Bethle-
hem Steel Corporation is interested in
the construction of additional steel mills
on the Pacific coast In shipping circles
there is a report that shiPyards now idle
are being prepared for a resumption OF
activity in the near future. There is no
very tangible evidence on which to base
the more optimistic sentiment, but in
some quarters it is suggested a large
number of the shipping board vessels
cannot be adapted to merchant purposes
and that new construction designed and
built particularly for certain trades is
going to provide work for the yards
soon.-Copyright, 1921, by Public Ledger
Company.