Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-11-05

WALL STREET GOSSIP. BY MONITOR.
NEW YORK. Nov. 5.-strength was
general at the opening Of yesterdays
market. Baldwin Locomotive, United
new high prices for the movement.
Profit taking brought first irregularity
ard in the concluding half hour positive
weakness in the general list.
Mexican Petroleum advanced above 10s.
but floor traders thought they detected
signs Of inside selling and offered stock
In large quantities. A three point
reaction followed. This movement like
the others IN the list during the day was
due wholly to the operations of pro-
fessionals.
When the general market was weak in
the last hour Haskell Barker and Pull
man both advanced on q revival OF the
merger report. The rise excited some
interest as there have been reports Of
considerable short interest in both stocks
since the merger story was denied last
week.
There is said to have been another un-
expected change in the motor car in
dustry. Sales, both immediate and pros
pective, have increased particularly in
this city. Closed cars are difficult to
obtain, and most Of the leading figures
in the industry predict very large bust
ness next year. This is responsible for
some OF the buying which has taken
place In some Of these issues
The Cerro de Pasco Copper Corporation
has called for redemption ct los $4,000
Of its ten-year sinking fund per cents
which were issued Jan. 1 this year.
Among bond men, there was general
feeling that this action would result in
destroying the market for the bonds ex-
cept at the peg price Of 100.
1t was reported last week that the
Kelly Springfield Tire Company was
about to announce a reduction In tire
prices. This report was denied officially.
Today the company announced price cuts.
The announcement was followed by some
selling Of the stock but those offerings
were taken for strong interests.
The Pacific Oil Company statement
made public today was disappointing In
culated. Net before charges for the third
quarter is So, GIT 1854 the equivalent OF
% cents per share on the stock. Inc
annual dividend rate is 81 consequently
earnings for this quarter are insufficient
to meet dividend require ments. This is
wide variation from the rumors circu-
lated last week that the earnings were
such that an increase in the dividend rate
to Sc was considered probable.
Recent strength In Kresge stock was
partly explained today when the COM
pany reported sales for October Of S51S9,-
SIS as compared with S4531, 61s in the
same month last year, an increase OF
14.51 per cent
Corn Products Refining advanced to a
new high record for the year on the an
nOuncement that an agreement has been
reached by the officials of the Govern
ment and the executives Of the company
by which the sale of the National Starch
Company has been postponed until jan
no ~ 1 ha nj 0f
in the street is reported to have been
greatly reduced during recent months by
Investment buying, hence traders are not
inclined to follow its fluctuations in
either direction very far.
Directors OF The American Smelling
Refining Company met today and de-
clared the regular quarterly dividend
ia per cent on the preferred stock OF that
company.-Copyright, 1921, by Public
Ledger Company