Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-11-18
GAINS GENERAL
ON IRREGULAR
STOCK MARKET
Specialties Lead in Advances
Under Impulse Of Pool
Activity.
RAILS SHOW FIRMNESS
Special to Indiana Daily Times
and Philadelphia Public Ledger.
n 1WnZvUHnD

BY MONITOR.
NEW YORK, Nov. 1S-Considerable
irregularity developed in stocks and
while the list showed a large proportion
Of advances, they were in numerous
cases fractional and proft-taking in
other portions of the market caused
moderate reaction. Quite a number of
advances were established in the case
Of speciaIties under the impulse Of pool
activity and the rise in q few issues con-
tinued unchecked. Pullman ran up to
11414 and American Telephone and Tele
graph crossed 115 before the rise was
checked. Among the specialties that
showed strength were New York Dock,
National Cloak and Suit preferred,
WorthingtOn Pump and International
Cement.
Another advance in copper quotations
stimulated further buying of the cop
per shares. Sugar stocks We're steady,
and in most cases higher, although the
raw sugar market was nominally I'M
changed. Among the oils General As
phalt stood out prominently, with gain
of more than 4 point in the face OF
profit taking throughout the rest Of this
group.
The rails did not appear to be ad-
versely affected by the announcement OF
a 10 per cent cut in grain sales with no
compensation Offset in the way CT wage
reductions for several months. The Pere
MARQUETTE issues were among the strong
est OF the medium and low priced shares,
but good gains were established by
Pittsburgh and West Virginia, Rock
Island and st. Paul. The real incident
Of the day was furnished by the advance
in Chesapeake & Ohio on the announce
ment of the resumption of dividends by
Hooking Valley The action of the
House in voting for the maximum sur
tax rate of 80 per cent can hardly fail
to prove a disagreeable SUNRISE TO the
Street in view of the Presidents letter
requesting the adoption OF 40 per cent as
4 compromise with the Senate-Copy-
right. 1921. by Public Ledger Company.
WALL STREET GOSSIP BY MONITOR.
Late in the afternoon announcement
was made that the directors Of the United
States Industrial Alcohol Company had
passed the dividend on the common stock:
The last declaration was at the rate OF
81 annually. A brief statement was Is
sued saving the directors Of the company,
after careful consideration, had decided
TO omit the declaration OF the dividend
on the common stocks; that the DOaru
was of the opinion it was more In the
interest of the stockholders to conserve
the resources Of the company.
Another late item Of news of a dis
coucerting character was contained IN
the Washington announcement that the
House had voted in favor of the 90 per
cent sur tax. The Street is greatly IN
terested in this question, and there was
Harding's letter requesting the House to
adopt a 20 per cent rate, thus ehecting
a compromise between the 81 per cent
favored by the House and the 90 per cent
Endorsed by the Senate
The most striking incident of the day
was contained in the announcement OF
resumption in the dividends by the Hook
ing Valley Railroad. This caused an
immediate jump Of more than three
S.5a5,90O Of the S11, 100000 Hooking
Valley stock.
Advances in the price Of copper metal
followed almost as fast as Increased quo
taticns for crude oil. Fer the present no
quotations are being made for deliveries
EeyOnd January. as it is believed that in
creased demand VIII warrant higher
prices.
The first railroad report on October
operations is furnished by Kansas CITY
Southern. The statement shows an IL
crease both IN gross ana net OFc- ESP-
TENDER, but a decline compared win DC
tOber last year.
wall Street was surprised by the early
action of the association OF railway exec
utives in announcing reduced rates on
agricultural products. It is estimated
this viii result in cut IN ralTOad
revenue of about sos, 100000 a year, and
this loss in revenue cannot be onset by
a further wage reduction for at least
six months IN this respect the reaction
upOn the fortunes Of the railroads may
be construed as unfavorable- K1nroad
stocks however. acted well N the face
Of the news and most of the active Is
sues were slightly higher or unchanged.
Some light was thrown on the occasion
of the strength il the Pierce Oil shares
by a Boston dispatch which stated that
the company this week had received funds
through advances made by the Chase Ma
tionaI Bank in sufficient quantities to
relieve its cash stringency. There Is an
other story, however, to the effect that
new interests have come into Pierce
Oil, and that fits position will be i'm
proved immensely by these additions.
The Central Railroad Of New Jersey
has sold 1G9,9SS shares Of Lehigh ana
Wilkesbarre Coal stock to syndicate
composed Of minority stockholders of the
coal company and interests identified
with Burns Brothers. The consideration
is said to be about So. 5000 with pay
ments in installments from Dec. ., 1921.
said to aggregate about $4,000, 0O0.-
1901 bu Duh Cd Conn