Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-11-24
TRADE VOLUME
REDUCED WITH
SLOW MARKET
Sale of BrewerieS for Cash
to Prevent Loss Is
Heavy.
TONE is QUIET AT CLOSE
Special TO Indiana Daily Times
and Philadelphia Public Ledger.
BY MONITOR.

and Philadelphia Public Ledger.
BY MONITOR.
NEW YORK, Nov. 24.-So far as the
general market was concerned trading
developed no features of interest aside
from sharp upward movements in a few
specIaltieS Transactions were in some
what lessened volume and the rails and
industrials moved within narrow limits.
About the only pressure brought on the
market was Il certain amount of selling
for cash 10 register losses in anticipd-
ton of the new revenue bill becoming
a law effective before Friday. Selling
of this character therefore held the gem
eral list in check, although it produced
no important weakness.
The chief features of strength were
represented by the chemical stocks and
the gas stocks. Dawson Chemical made
en- advance Of nearly five points on the
day and Allied Chemical crossed 80, re
acting only moderately before the close.
Rumors of Standard Oil buying, coupled
with reports concerning the formation
OF a new corporation on 4 favorable
basis, were responsible for most of che
buying in Dawson. The public utility
group was steady under the leadership
of Peoples Gas. and Columbia Gas and
Consolidated Gas advanced two points on
moderate transactions
- The rails moved within 4 very mar
row range The market evidently has
given very little consideration thus far
TO the virtual abandonment of the rail-
road funding bill by its friends in Con-
gress. The steeIs were sluggish. The
weekly review of the Iron Age takes the
view that freight rate reductions on
steel products may be deferred longer
than has been expected, and the effort
to associate steel rail prices with freight
rates may postpone for a considerable
time the relief that has been looked for
from reduced transportation costs.
The tone of the market at the close
was quiet, due chiefly TO the restriction
Of fresh commitments over the holidays.
Copyright, 1921, by Public Ledger
Company.
WALL STREET GOSSIP By MONITOR.
The sensational advance in Dawson
Chemical Company stock was the out
standing feature OF professional mar
ket. The Dawson Company owns prac-
tically all OF the stock of the Gel SilicO
Company which owns the process for
recovering gasoline from crude oil which
bears that name. it is understood a new
company IS TO be formed, the stock
holders Of Dawson Chemical 10 receive
$50 per share for their stock and an tn
named quantity of stock in the new COM
pany without charge. Fifty-0ue per
cent Of this new stock will be held by the
present controlling interest of Davis
Chemical Company and practically all Of
the balance it is understood viii be held
by Standard Oil interests. Whether this
story IS true mattered not 10 those hardy
professionals who had sold the stock
short because OF its rapid advance.
About n week ago Crucible Steel
crossed GO on volume of more than So
900 shares. This was taken by the pro-
1ecsiOnal element to mem that the last
Of the short interest had been driven in.
and the stock, therefore, was safe
AshOTt sale. Buying has proceeded from
enfuential sources, and 1t is reported
some favorable development will be an
nouneed within the next week which may
make their position unteuable.
Little attention has been paid 10 Cen
tral Leather recently, although il has
held remarkably well during attacks in
other parts Of the list Il is said The.
group which has guided its movements
since the war period has been acquiring
the stock ever since the dividend was
passed, and that Il large stale short in
terest is outstanding.
The wide fluctuations in Mexican Pet
roIeum deter many traders from seeking
10 guess the Vagaries Of the price furtII..
tionS In that issue. The stock has been
Wei sold for more than two weeks he
smaller element who are afraid 10 trade in
u, have been selling General ASDhaIt an
the theory that should Mexican Petroleum,
decline the latter stock also would de-
cline prOpOrtiOnately. There is Il per
slstent report that these sales have been
by houses acting for PHILADELPHIA. inter
ests who are preparing a trap for the
shorts
The operating reports Of the Union Pa
cine ana southern Pacific railroads for
october showed curious DISCREPANCIES
ne southern Pacific reported a decrease
OF S3.uoo, Bd1 In operating revenues and
a decrease Of Si,9G7944 in operating ex-
penses. The variations in other items
resulted In an Increase in total operating
Income of Sl.5J9,5J6 The Union Pacific
reported decrease Of only ST3O4 in
operating revenue and of 81 3I4-+2 ID
operating expenses hut through an all
normal Increase OF other items total net
Income shows an actual decrease of SG17..
81, The publication of the figures is
without effect Or the market.
It is understood arrangements are
being made for calling a special IIeeting
OF the directors of the Chicago Burlington
and Quincy Railroad in Chicago either
Nov. 20 or Dec. . This meeting il Is I'M
derStOOd will take action On fhr evtra
dividend which It has been reported is
70 be declared to recOmpenSe the Great
p NOrthern and Northern Pacific Railways
SIOr expenditures on maintenance , D.. ay
lot thc urhngton.-CopyriSht 1921. by
Public Ledger Company.
EXPECT HAMMOND'S BODY TODAY.
The body of Harry u. Hammond, 10
1884 North Alabama street. sales agent
for the National Malleable Castings Com
pany. who died In Boston. was expected