Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-09-20
STOCKS BREAK
IN LAST HOUR:
TRADING MIXED
Bullish Feeling Over U. S.
Steel Subsidies After
Early Furry.
OUTSIDE BUYING SLOW
Special to Indiana Daily Times
and Philadelphia Public Ledger.
Nv MONITOR.

Special to Indiana Daily Times
and Philadelphia Public Ledger.
by MONITOR.
NEW YORK, Sept. 20.-After an early
period Of mixed trading and confused
sentiment stocks broke rather sharply
in the last hour and the market closed
feverish and unsettled. Owing to the
prominence given the optimistic reports
on the steel industry in the morning,
quite a good deal Of bullish feeling was
worked up over United States Steel and
it was freely predicted this standard
market leader would cross so. 1t did,
but the price of S0A was not main
tained very long and despite the fact that
certain firms credited with acting for
some leaders in the steel industry were
reported to be buying the furry of in
terest soon subsidized. This largely was
because the rest of the market did not
appear to respond with enthusiasm.
Offerings among the other industrials
became more plentiful and the oils be-
gan to show pronounced weakness
Among the other speculative leaders.
Baldwin Locomotive broke very sharply.
American Sugar, American Wooden and
Studebaker also were weak.
There did not appear to be any special
news influence. 1t was simply a case of
the markets failure to respond to the
bullish overtures made last week with
successive leaders such as Mexican Pc
troleum, Baldwin and, lastly, United
States Steel. Nor is it q case of shak-
ing out the public" There is practically
no outside long interest and 1t was
chiefly the failure OF outside buying to
materialize that gave the bears courage
to make another attack in the afternoon.
Copyright, 1921, BY Public Ledger
Comply.
WALL STREET GOSSIP BY MONITOR.
United States Steel was the feature of
the market 1t Mondays opening the first
Quotauons showing an advance of IA
points over SATURDAYS close A large
block of stock changed hands between
19% TO S014, but the offerings were
greater than the market could absorb and
reaction of point and q half occurred.
1t had been widely advertised before
the opening that steel wa sto be given a
sharp advance this week. The four
houses wnIcn have been most active In
the market recently advocated the pur-
c''"s0 Of rho steel stocks. basing their ar
guments on the improved operations re-
ported at various plants last week. The
commission house element looked aSkance
at the activity In steel without CORE
spending strength elsewhere and instead
of buying. offered stocks freely. The re-
suit was decline extending to three or
more points in a number of issues by
early afternoon.
The large producers of copper are main
tanning officially a 1912 cent quotation on
the metal. but such buynig as is taking
place is on the basis of 1915 cents for
this month and October deliveries. An
improved sentiment without any very
tangible basis is reported among the sell
ing agencies. Some of the wire mills have
taken small lots OF the prevailing rate,
but the export inquiries are reported to
have dropped off considerably.
The mills of the Standard Tineplate
Company which have been closed since
,March will reopen this week on an open
shop basis An hourly wage of 81 cents
will be established and it is reported ap
proximately $500 men will return to
work.
Among the gold arrivals Monday were
1853 cases. of gold bars and coin for Clay
bar gold for Kuhn, Loeb x Co, on the
Berengaria, valued at S4,200,OO0. The
France brought 16O cases of gold bars
from Havre assigned 10 various bankers
here Several vessa els arrived from Carri-
$4,000.
A speciality which has not been in the
limeligkt since 1916 attracted attention
Monday by its sharp advance. This was
Gulf States Steel, which in the war
boom days, made a spectacular advance
from the lower fifties to 1874 with no re-
action of moment during the whole move
ment few days after making this
high, it broke 30 points in a day and
since then there have been relatively few
transactions and those at considerable in
tervals which carried. the price close
to $50. 1t sold at $40 Monday.
Heavy selling came into General Elec
tric i'm the afternoon on a report from
Boston that Manager Rice, in charge Of
the Lynn plant, had announced that the
present output is only 81 per cent OF
normal and new business since the first
of the year has been at the rate of only
81 500, 900 monthly.
Cali money opened and renewed at 5
per cent but under a large volume of
offerings, declined to Az per cent, which
rate was maintained throughout the day.
The Street recognizes that the call money
rate huctuates too wildly to warrant
the financing of any extended markets
and while the existing low rate is taken
as a hopeful indication of permanent
Improvement to come few houses are at
tempting anv large operations based upon
the day to day rate.-COpyright 1871, By
Public Ledger Company.