Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-10-04
WALL STREET GOSSIP.
BY MONITOR.

NEW YORK, Oct 4-The domestic
oils were the speculative features of
Mondays market with particular refer
ence to Iow-priced shares. Successive
advances in the prices of crude has
stimulated some public buying in this
group, but recent activity has been the
result largely of operations by specula-
tive groups.
For two weeks the main body of
stocks has milled around within mar
row limits, and this action has resulted
in many commission houses, which nave
been active on the constructive side, sug
costing the taking of profits. This is
particularly true of the steels and equip
ments and OF those railroad stocks that
have scored the greatest advance.
One of the best known steel men in the
country when asked whether he thought
a definite turn for the better had oc-
Cured in that industry, replied
frankly, 81 do not know. We have
scraped all orders together and have a
sufficient quantity to give us thirty days
operation. What viii happen after that.
| do not know 1t developed that many
Of these orders We're for replacement
work and repairs in steel mills. as well
IS for repair work on bad order cars.
There are other steel men who declare
positively the turn in the industry has
occurred.
One of the most important financial
groups in the Street still maintains the
market position it took more than two
years ago. \ member Of this group
pointed TO the bank clearances Of the
country in SubStantiation of this posi-
tlOn- For the first week in September
these increased about per cent over the
first week in August For the month
they increased about t per cent over the
previous month. Normally this increase
would be i per cent and S per cent re-
spectiYeIy. Attention was called TO the
increase in commodity prices since July
when would have the effect Of increasing
bank clea-dnces.
The motor stocks have been distinctly
heavy for some time past. The active
season has passed for this group and
Tor the balance of the year sales are ex-
pected to- be small. Traders accordingly
are inclined to sell these stocks on rail-
mes, and the speculative groups respon-
slDle Tor them marketwise are inclined
to encourage short selling with the idea
or having substantial foundation uDOu
which TO work for an advance later.
The sugar stocks again were under
pressure. with Cuba cane preferred the
leader in the -eactiunary movement The
financing plan announced last week has
not met with the approval of any large
lumber of holders of the debentures, it
is said, with the result that a steady
stream Of long stock has flowed into the
market. The preferred made a new low
record for all time in Monday dealings.
It is reported that buying Of good char
acter is in progress in Atlantic Gulf and
West Indies on reactions Specialists adj
vices indicate an accumulation of buying
orders toward % and from there as low
as 21- Interests familiar with the de-
yeioopments Of the sO.called Mount Case
believe settlement win be reached with
IN the next two weeks.
This general situation in the motor
stocks has led to the singing out of in
d1yldual issues whose position is weak
Pierce Arrow preferred was 4 notable
example of the effect Of this situation,
declining to a new low record. The sell
ing was of q character called good, and
not even the declaration of the regular
212 per cent quarterly dividend by the
Hupp Motor Car Company relieved the
pressure on this quarter Of the market.
Among the arrivals Of gold was a ship
ment of $500, 600 from India together
with a considerable number of smaller
amounts from various Central and South
America ports.
Strike talk served to restrict activities
in the railroad stocks. The announce
ment from Chicago that it would take
until Oct. 10 to tabulate the vote of the
shop crafts and that in any event the
strike would be confined to only Il few
roads rather than to the railroads
generally served to confuse an already
complex situation. Commission houses
frankly say they believe strike talk is
Eerbal NEUTRALITY-SUSPICIOUS. 1921, by
Public Ledger Company.