Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-09-02
OILS FEATURE
n. Y. CHANGE
TRANSACTIONS
Impending Holiday Places
Tone of Dizziness on
Trade.
SUGARS SELL FREELY
Special to Indiana Daily Times
and Philadelphia Public Ledger.
By MONITOR.

By MONITOR.
NEW YORK, Sept 2.-DulIness again
ruled in Thursdays stock market,
and it is probable that the
approaching holiday had something
to do with the restricted OPP
erations With the exception Of a few
issues. it looked as if transactions were
largely confined to the closing out OF
commitments prior to the three-day in
term. which will last over Labor day.
Profit taking by recent buyers played Its
part in contributing a tone of heavi-
ness
In spite of the limited volume of bust
ness, price movements showed consld-
cradle irregularity. Some of the sugars
were freely sold, and few of the mo-
tors were under pressure. The ralls
were heavy, in spite of the good July
earnings, but the strike mutterings as
revealed in rumors of recent brother
hood votes gave an excuse for Hquida-
ton in the rail group. The Hill stocks
were sold ON current gossip regarding
uncertain divided prospects.
The strong feature of the market was
Mexican Petroleum. which reflected the
announcement derived from the decision
of the Mexican courts regarding the sub
soil rights of companies In possession
before the PRONUNCIATION Of the Car
rama decree Other oils were somewhat
steadier in sympathy.
The sensational advance in cotton, fol
lowing the publication of tie lowest con-
dition report on record. and prelim-
mary forecast Of the shortest yield in
more than thirty years, is likely to re-
ceive a favorable Interpretation, mas
much as the advance in price OF more
than cents a pound since early In June
embraces a huge surplus carried over
from last season. There is enough cot
ton in the South to insure relative pros
perity If present prices are realized for
the amount that be put upon the market
Copyright, 1921, by Public Ledger co.
WALL STREET GOSSIP BY MONITOR.
During the morning report was
prineed on one Of the news ttckers that
directors had declared a 212 per cent
semiIannual dividend on Southern RAN
way, preferred. The advance in this
stock in the last few days had been in
anticipation of such an announcement
when tue directors next meet. The re-
port was erroneous. no meeting OF the
board having been held. This develop
ment following on the Mexican Petro-
leum report of last week again set Wall
street tongIes wagging.
Directors of the American Car and
Foundry Company met and declared the
regular dividends of So per share on the
common and s1.75 on the preferred. The
directors of the Cambria Iron Company
also met and declared the semi annual
dividend of per cent
Houses specializing in stocks of cor
porations doing business directly with
the consumers. such as chain stores and
large nail order corporations, had an
ticipated a decided change for the better
before this time Their hopes have not
materialized generally and this is par
ticularlv true of those corporations deal
ing with the agricultural communities.
Sears ROebuck, as an instance. reports
decrease in August sales of 1882 per cent
as compared with August last year and
for the eight months period. a decrease
Of 35.11 per cent.
One large firm which has been exceed
ingly correct in its Judgment of the mar
ket reported sales of stocks on an In
ereasing scale from Monday to Wednes-
day night. transactions Wednesday on
the selling side being practically double
those of Monday. This firm takes the
view that unsettled conditions will OBJ
tain in the money market during this
month and there is a probability of I'M
favorable earnings statements and divid-
ed action by some corporations. The
opinion is expressed. however, that such
declines as may occur will be for the
purpose Of finishing the accumulations of
certain lines of stock which will be ad-
vanced through the next three years.
The favorable report of July earnings
by the railroads has failed TO stimulate
buying In these issues. This is due in
large MEASURE to the general belief that
a reduction in dividend rate of both Great
Northern preferred and Northern Pacific
is impending. There is excellent buying
of certain classes of railroad stocks on
declines and equally good selling Of GER
tain other issues Of this class on rallies.
The market is essentially one Of discrim-
nation either as to purchases or sales.