Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-11-08
HOLIDAYS FAIL
TOCHECK SOME
MARKET DEALS
General Motors Breaks From
Lethargy and Makes
Gain.
OTHER ISSUES ADVANCE
Special to Indiana Daily Times
and Philadelphia Public Ledger.
BY MONITOR.


and Philadelphia Public Ledger.
BY MONITOR.
NEW YORK, Nov. SIN spite of the
holiday today and another coming on
Friday the stock market yesterday
showed a good deal of strength, although
TIE volume of trading naturally was
curtailed. Advances at the close were
quite numerous throughout the list, and
they were registered in unexpected quar-
: tiers. For example, General Motors,
which has been lethargic for months.
broke out of its rule on a very large
turnover and made a gain of more than
one point. Jones Tea started off with
an overnight gain of two points, and
at the close was only a fraction below
the high point OF the evening.
The oils made a rather disappointing
response to the early announcement of
an advance of so cents per barrel in
mid-continent crude. This caused con-
siderable selling in the forenoon. In the
. last hour, however, there was & marked
change in the undertOne of this group,
and under the leadership of Pacific Oil,
which made a net advance of 1% points,
the domestic issues all showed increas-
= ing firmness. Mexican Petroleum was
quite active and sold up to 1914, al
tASuEA pEVul-ldkllS cut QORn THIS gam.
The strength in General Motors was
largely responsible for the buying that
came into the other motor shares Stude-
baker responded only moderately, but
Chandler was freely bought. The steels
were sluggish. The rails generally moved
within narrow limits, practically the only
exceptions being Great Northern and
Northern Pacific, which were in active
demand toward the close on rumOrs of
a Burlington dividend which would go
largely to reimburse these companies for
recent expenditures In behalf of Bur-
hngton.-COpyright, 1921, by Public
Ledger Company.
WALL STREET GOSSIP BY MONITOR.
Marked irregularity in the course of
prices during the day was due in part
70 the holidays today and Friday with
the consequent reluctance Of traders to
take position, and in part to the
technical position of individual stocks
The strength in speclalties which had
been manifest throughout the early trad
Ing spread TO the market as a whole in
the last hour and the close was buOyant
with shorts bidding eagerly for stocks
with which to cover their commitments.
For the first time in many months
General Motors on very large transac-
lions advanced more than a point and
held Its gain to the close. One buying
order for 1900 shares of stock started
this movement which spread speedily TO
the other motors. Chandler which had
registered opening gain Of one point,
after selling back to Saturdays close, re-
neWed it's advance and sold at ~, a new
high price for the present movement.
Etudebaker, which had been under pres
sure earlier in the day also participated
IN the strength of the closing hour. There
was no news to account for the advances,
Nhau ffnH fFr~ 70.
speculative operations.
Corn Products refining on tuying at
tributed to inside interests, advanced to
IS, which is a new high for the present
movement. Not long ago it was pre-
dicted this stock would before the end
of the year sell higher than at any time
last year.
Jones Tea was one Of the specialties
which was strong on the announcement
that the specialist In Corn Products with
a group Of his friends, had acquired
substantial interest in the property and
anticipate favorable developments in the
near future. The last published state
ment Of operations showed loss OF
S25O.0o0 for the month of September, but
II Is understood that his unfayOrabie
showing was due to the marking down
OF the last OF its inventories to the low
est market price. Operations now are
4 Il
show IS per share annually earned on
the stock.
Burns Brothers WIS under pressure for
some unexplained reason. From a recent
high Of ia, the price declined to ITO.
The steel stocks were the Iaggards in
the upturn late In the afternoon. Trade
reports do not give any indication Of
maintenance of the improved operating
ratios which have been in evidence for
the last month and traders are inclined
20 sell these stocks In the belief the re-
cent advance has more than discounted
the improvement in the industry.
Selling in the Domestic OILS which
carried some Of them to new low prices
for the reaction was halted when the
on and Gas Company published an ad-
vance Of 80 cents per barrel in the price
OF Mid-Continent Crude Oh
Call money which opened and renewed
at per cent advanced during the day to
8 per cent at which rate it closed. The
loans carry over for two days, and there
was the usual pre-holiday demand for
funds which served to harden the rate
The clearing house bank statement Of
Saturday indicated there would be no
abundance of money during this week.
Inc Lafayette arrived with 81 165.OOO
from France and the Hansa brought
seventy cases OF silver from Ger
many. A small shipment Of $4,000 in
gold arrived from Central American
ports. Kuhn Loeb 6 Co. report that
$500 600 is arriving for them on the
AquttRnia which sailed Saturday.
The f. W. WUofworth Company re-
ports an increase in sales for October of
$1.164,5o5 and for the ten months period
an increase of $40. 1886 POI.
Great Northern and Northern Pacific
were heavily bought just before the close
on rumOr that the directors of the Chi
cagO, Burlington & Quincy would meet
and declare cash dividend OF not less
than SIS share on the stock Of that
company, a large proportion Of which
IS held by the other two roads Jointly.
IT Is understoOdO this not necessarily
VIII indicate an additional disbursement
to the stockholders of the Great Northern
and Northern Pacific, but is rather a
repayment TO, those companies for expen-
ditures which they have made for the
Burlington. This payment. will. If made,
increase the strength of the cash posi-
ton Of the Hill prOperties-COpyright
1921, by Public Ledger Company.
WHOLESALE FEED PRICES.
Ton Cut