Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-12-09
WALL STREET GOSSIP BY MONITOR


For several days past there have been
come large selling orders just over the
market in corn products refining. These
orders were withdrawn, and the pool
which has been operating took advantage
of the opportunity to advance the price
to new high level for this year. Profit
taking encouraged by weakness in other
parts Of the list, resulted in a point
reaction on the close
The operator who was responsible for
the recent strength in Studebaker and
Chandler motors again was seller OF
both stocks. It is understood support
ing orders are in the market few points
under the prevailing quotations.
Several firms have commented on their
inability to get any quantity Of certain
stocks when the market is weak. This
is true notably Of Union Pacific and Cen
trail Leather. There are buying orders
Of considerable magnitude in the former
under 126, and in the latter under %.
While both prices have been quoted, only
small lots of stock were available, and
the quotation has rebOunded speedily.
United States realty again was strong,
the activity being reported as due ex-
clusiyely to the speculative group oper-
ating in 1t. The 6 per cent dividend
story again was in circulation. but the
last report as of April so. showed a
deficit Of more than SS,0OO,OOO.
Another railroad company which long
has been among the doubtful dividend
payers was placed upon the list which
has resumed distribution. The Chicago,
indianapolis & Louisville declared diyi-
dend of 15s per cent on the common
stock, and the semi-annual dividend of
2 per cent on the preferred. That the
company could at this time declare
dividend was taken as indicative of i'm
prOvement in the railway situation.
The Cuban Sugar Company cut the
price OF raws to 22s cents. the lowest
official quotation recorded thus far. Gu
ban raws for January and March de-
livery sold at . cents cost and freight.
There remains in banking circles an I'M
dercurreIt of feeling that the POSSIBLE
ity of Generalization in the Cuban sugar
situation is by no means past.
Declaration Of the quarterly dividend
OF 1& per cent by the directors of the
Northern Pacific Railroad Company failed
to stimulate buying in the stock. Com
mission houses report that since the issue
of the Great Northern and Northern
Pacific joint bonds, the tendency Of In
vestOrs has been to sell the stocks OF
these railroad companies rather than TO
add to their holdings.
Baldwin Locomotive was offered in
large quantities, almost from the opening
Of the MARKET. Considerable quantities
of American Car and Foundry also came
into the market. This selling, while
speculative in nature. was based on a
report that these companies cOntem-
plated an arrangement with some Of the
railroad companies whereby they will
acquire the repair shop of the latter.
This suggestion was taken to Indicate
the possibilities of new financing by the
equipment companies, and as such was
construed bearishly.
1
in the afternoon and bid to new high
prices for the current movement. There
was no trade news to account for the
influx Of buying orders.
Gold to the value Of 100000 arrived
from France Consigned to various local
bankers.-Copyright 1921, by Public
Ledger Company.