Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-08-18
WALL STREET GOSSIP.

determined effort was made to
break United Fruit into new low ground,
but the same support which has been in
evidence whenever the price declined
under par took all offerings at the lower
prices. In the afternoon covering by
shorts forced a substantial rally. Pro-
feSS4Onals believe this Is one Of the stocks
that has not fully dicounted the della
tiOnary period and that sooner or later
a lower price viii be seen. Speculative
groups controlling this movement appar-
emily are not ready for the decline to
occur, and TO add to the uncomfortab BILE
position Of the shorts, a premium Is
charged.
The statement Of operations of the
Mexican Petroleum Company for the six
months period ended June 80 shows earn
ings Of approximately SIT per share.
This more than equals the total annual
dividend and the Street was inclined to
believe # foreshadows the declaration Of
the regular disbursement when the
directors meet later in the month,
Pan American Petroleum made a new
low record for all time. as did its com
panion STOCK, Pan American B. While
these stocks were under pressure, Next
can Petroleum made new low for the
movement under 80, but recovered about
five points In the afternoon. The Pan
American stocks were less resilient.
Announcement Of reductions in prices
by the Hudson, Essex and King Motor
Car Companies resulted in heavy selling
Of Studebaker, Chandler and General
Motors. The latter two made new low
records and showed little evidence of in
side support. There has been scale Juy-
ing for interests Identified with Chand-
Ter. but nothing to indicate determina-
ton definitely 10 halt the decline at a
given point.
10 of ho
stocks which made new low in the early
dealings. but rallied more than two
points in the afternoon. There IS no in
dicati of strong accumulatiOnS, the
scale support which was in evidence yes
terday being only of temporary nature
and ? considerable quantity of this stock
was resolG on the upturn today Ihere
were no new developments to account Tor
the decline or subsequent advance.
General sentiment was helped by a re-
port that the Federal Reserve Bank would
announce a further reduction in the re-
discount rate of ) per cent. The report
was started by n meeting of the board
Of the local bank, but no authoritative
statement was issued TO confirm it.
Due to the death of Colonel Colt, a
meeting of the executive committee OF the
T.. s Rubber Company will be heid
within the next two weeks at which 1t Ia
pr0b1ble the operating statement Tor the
six months of this year will be MADE
public. he SeiltuS OF l. . NubD0h H"2
been for the account Of hard pressed
holders. according to Wall street reprs-
sentatives and is in no wise related TO
the conditions within the company ITSELF
General Electric was sold by traders
on the announcement that 500 to J coo
men have been laid of at the Schenectady
works because of cancellation Of Gov
eminent contracts on naval works.
sufficient quantity of stock was wanted
hv shorts to maintain the price at the
anproximately low figure of Tuesday and
covering by the later sellers in the After
noon brought a substantial advance.
After the close Of the market, a state
ment was issued by the directors Of the
New York Brake Company, announcing
the declaration of 4 per cent dividend
payable in 6 per cent script which ma
lures on or before Sept /. 1922. In Feb
ruary a payment Of pig per cent was
authorized. but when the directors met
in May il was said the February payment
covered the half year. thereby placing the
stock on a per cent basis. The action
Wednesday is somewhat of a puzzle to
the Street.-Copyright 1921, by the Pub
lie Ledger co.