Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-10-27
WALL STREET GOSSIP BIZ MONITOR

Under cover of the strength in the low
priced domestic oils stocks there was a
large volume of profit taking sales else
where. This was true particularly in the
railroad group which refused to respond
at any time to strength in other parts
Of the list. Traders attached more sig
nltcance to these, conflicting movements
than did houses which have been active in
inaugurating and carrying through the
present advance in prices. These firms
still are committed TO the constructive
side of securities prices.
1t was reported that the Durant in
tereSts have placed an order with the
Continental Motors Company of Detroit
In certain inner circles Of the motor in
dustry, it is believed Mr.. Durant and
his associates presently will announce
the organization of another motor cor
peration and it is understood the finan-
cial requirements for this new under
taking have been met
AS between Missouri Pacific preferred
AID st. Paul preferred statisticians in
some large offices are advocating the
purchase of the former. The buying of
beth of these stocks recently has been
Of excellent quality, but from the statis
teal standpoint it is believed Missouri
Pacific preferred viii be placed on a
Some houses which have been accumula-
ting the stock suggest that payments
will be resumed by next spring
Union Oil was one of the aggressively
strong domestic oil stocks, and advanced
TO new high for the present movement.
There is excellent reason to believe that
negotiations with the Royal Dutch Com
pany have been-cOncluded whereby 20
per cent of Union Oil of Delaware passes
TO the foreign company. This carries a
large holding n Union Oil of Califor-
mia.
There are reports in the sugar trade
OF new corporation to be formed which
in size will exceed the American Sugar
Refining Company. 1t is understood sew
eral, Of the large Independent owners Of
conferences looking to this end. although
It probably win be several months before
th} details have been completed
Coca Cola was one Of the strong spe-
cialties of the days market Recently a
semi-annual dividend Of $3.50 per share
was declared and gossip had lit that the
last or the high-priced sugar bought by
me company would be used this month
thereby paving the way for renewal Of
dividends on the common stock. DirPc-
tors. are expected to meet within the next
rev weeks and it is understood the ques-
ton of dividends will be discussed Sc
riously at that time.
United States Steel was firm. although
relatively inactive. The weekly reviews
pc nted out that ex pected reductions in
IN light rates have had the effect Of re-
straining new business and that some
decrease in orders has been apparent
unofficial REPORTS are to the effect that
the steel corporation is operating at 90
per cent of capacity and that new bust
ness Is being received at the rate Of 81
900 to $4,000 tons daily.
The report that an American consul
had been stabbed at the consulate at
Mexico City brought some hurried sell
ing into Mexican Petroleum. The an
nounced failure of the negotiations for a
loan to that country has brought a dam
per on the speculative enthusiasm.
Further reductions in automobile
prices were announced by both the Cole
and Hupp companies and this served to
bring some selling into this group. The
recent advance in these stocks has been
largely at the expense of the short in
terest and trader now are inclined to
sell them on rallies.
A large operator who took the con-
structiVe side of Baldwin Locomotive six
weeks ago is ndarstood to have sold
is speculative linz and turned to the
hort side. Some sservers thought they
AW evidence of d resumption Of actiY-
1sy on the buying side by a pool which
has not been active recently. There
were large offerings of stock Just above
9O-CoDytight, 1921, by Public Ledger
Company.