Indiana daily times., 1921-11-01
PROFIT-TAKING
BRINGS HEAVY
MARKET SALES
Unsettled Feeling and UncOn-
firmed Rumors Hit Mexi-
can Petroleum.
EARLY ADVANCES NOTED
Special to Indiana Daily Times
and Philadelphia Public Ledger.
Ey MONITOR

by MONITOR.
NEW YORK, Nov. 1.-ReactiOnary in
huence dominated yesterdays stock mar
ket after 4 session marked by Irregular
tiles and scattered instances of strength
followed by a general recession. Profit
taking was largely responsible for the
heavy tone Of the general list, but there
we're few examples of weakness which
served TO produce an unsettled feeling.
In the case Of Mexican Petroleum heavy
selling was prompted by several uncOn-
hrmed rumOrs, one to the effect that the
Objectionable expOrr tax on oil might be
enforced and another having reference to
the cOmpany's production. Although no
confirmation was forthcoming, this did
not deter sellers from acting aggres-
sively. Special weakness also was ex-
hibited by both the common and pre-
ferred stocks Of Wilson x Co., and the
Pierce Arrow issues.
In the early trading further advances
were made by General Asphalt, Texas
Company, Royal Dutch and few Of the
sPeciaIties including Davidson Chemical
Among the equipment Baldwin LOcOmO-
tive was an outstanding feature.
The market was quite unsettled in the
late trading and the rise in call money
did not help matters. The grave turn in
the Irish controversy was not known in
the market until after the clOse.-COpy-
right. 1921, by Public Ledger Company.
WALL STREET GOSSIP BY MONITOR.
Continuation of the irregularity which
characterized Saturdays market was
evident in yesterdays transactions when
certain specialties advanced to new high
figures for the present movement. anu
other stocks in which substantial ad-
vances had occurred were subject 10 re-
n1fVfmR E91nG and hear TlqVIfl-
son Chemical was a strong feature, max
ing a new high for the present move
ment.
1t was reported that the process which
Davidson Chemical announced several
months ago as being peculiarly adapted
% oil refining has been acquired by
Standard OH interests. 1t is impossible
to confirm this report, but the stock ad-
vanced more than , points before the
general reaction set in.
From so-called inside sources reports
have emanated recently That Atlantic
Gulf and West Indies was in a difficult
position. Brokers report, however, that
recent purchases on large scale have
been made for interests identified with
the company. The total world ton
mage Of tankers approximates 100000
tons. Atlantic Gulf and West Indies
owns 10000 tons, and the Texas Com
pInv 10000 tons In shipping and oil
circles a considerable shortage Of this
class OF tonnage is expected next year
Shrewd observers are of the opinion
that Atlantic Gulf is being accumulated
in anticipation Of favorable developments
during 1922.
American International was strong and
there were plenty OF buyers for such
offerings as came to market during the
ETaEe in nrhnr fzEunS The hnI0i i7gr5
Of this company in New York Shipbuild
Ing Company are very large. and con-
siderable revival in shipbuilding Is eE-
pected next spring. This is one OF the
actuatins motives for purchases at the
present time. according to houses which
are active in the stock
Wilson & Co. stock broke more than
five points. The selling is said 70 have
originated in Cincinnati. There was no
reason ascribed for this liquidation and
the offering Of a comparatively small
amount OF stock found 4 thin market
with the resultant sharp decline.
There is excellent reason to believe
that the merger Of the Royal Dutch
and the Union Oil Of Delaware viii be
announced within 4 few days. 1t is un-
derstoOd directors Of the Union oil Com
pany viii call a special meeting Wednes-
day to act on the proposal.
The Studehaker statement made pub
lie yesterday showed net earnings for
the quarter ended Sept. 30, after Federal
taxes equal to S5.15 per share on the
common stock This compares with
S6.S3 per share in the second quarter
and S331 per share in the first quarter.
or a total Of SEQ for the first nine
months of the year. The directors de-
cIared the regular dividends Of S1.75 per
share on both the common and preferred
stocks
A sharp decline in Pierce-Arrow pre-
ferred vas attributed to selling by pro-
nOunced by motor car manufacturers last
week.
Mexican Petroleum was under severe
pressure from the opening and just be-
fOae the close sold at 90, as against a
JlOrning high of 1O7. 1t was rumOred
that a confidential report OF ] discOurag-
inga nature on the property was being
Withheld and this served to bring addi-
tiOnal liquidation. Trading in this stock
is confined to a very small group OF
hardened professionals.
Call loans renewed at 6 per cent. the
opening rate for new accommodation.
During the middle Of the day, the rate
receded to J12 per cent but returned to 6
per cent before the close Bankers do
not look for any materially lower rate
for call funds in the immediate future.
Despite reports that the Federal Reserve
Bank Is about to announce reduction in
the rediscOunt rate.-COpyright 1921, by
Public Ledger Company.