Indiana daily times., 1921-12-22
OIL SHARES AND
SPECIALTIES IN
BRIEF DECLINE
Recession in Market Believed
Due to Technical
Causes.
SETBACK ONLY NATURAL
Special to Indiana Daily Times
and Philadelphia Public Ledger.
BY MONITOR.

and Philadelphia Public Ledger.
By MONITOR.
NEW YORK. Dec. 22.-Scattered sell
ing in the nature of profit-taking and
transactions for short account made It's
influence felt in the market by bringing
about the first general reaction that has
been experienced in several weeks. De-
lines were not extensive except in the
e1ss ST some of the oil shares and a few
specialties, but the whole list was IN
settled and losses ranging from fractions
TO more than three points gave the mar
ket an unsettled appearance. The close
was irregular
The weakness first made its appear
ance in the oils and there was free sell
ing of Texas Company, Pacific Oil, Mexi-
can Petroleum, General Asphalt and
Standard Oil of New Jersey. The pres
sure also was apparent in the case of the
specialities, including American Interna-
tional, American Car and Foundry, Corn
Products and Baldwin. Allied Chemical
was strong in the face of declines in
other quarters of the chemical and fer
tilizer stocks. American Locomotive
showed n good deal of firmness in the
early trading in response to a statement
that a large order for locomotives had
been received from the Central Railroad
Of New Jersey. This stock, however, re-
acted with the rest Of the list before the
close
Steels were sluggish and inclined to
heaviness. The tone of the weekly re-
view of :he Iron Age was inclined to
optimism, as 1t stated that producer:
of steel were not concerned over the
slackening in demand, but regarded il
rather as a promise of renewed buying
early in the coming year. The increase
in building operations also was con
strued as one Of the encouraging features
in the situation.
The setback in the market undoubtedly
is due chiefly to technical causes. The
advance not only has been fairly exten
sive from the standpoint of gains, but II
has continued over long period Some
recession is considered natural in view
OF this, and also on account Of the ap
preaching kolidays.-COpyright 1921, by
Public Ledger Company.
WALL STREET GOSSIP BY MONITOR
There vas some talk in the Street Of
IN increase in the dividend of Allied
Chemical when the directors meet mex
Tuesday. The cash position of the com
pany is reported TO be such that an in
crease in the rate could be made. bu
LutEt - uu uEullAt llAOItidAltn tLfAN Inn
action will be taken \ large increase
in the capital stock was authorized by
Jhe directors earlier in the year. and
traders are fearful this stock may b'
sold in the market on a substantial ad
vance. and in consequence are Chary o.
following the present movement.
Ii vas reported that the Goodyear Tire
aud Rubber Company is negotiating witt
ne brazilian government for continu
ton Of the rubber concessions. which
- To This time. have not been exercised
ne of the terms of the concession callet
=r tee erection of 4 factory in Brazil
;iaJ il is understood the Goodyear Com
IarT now is prepared TO establish suct
a pant. In common with the other rub
- and tire stocks. Goodyear sold of
IA the late afternoon.
'ssociatcd Dry Goods sold at new
hi-h price flr the year. the buying re
flc~ttlg payment of a dividend by tn
Lord snd Taylor Company. The move
meut did rot attract much OF q following
and the stock reacted later with the res
of the list
Refined sugar was reduced to : cent
hy practically all of the local refiners
-lfS acfiOR had been Anticipated In tn
tr..Ge anG was without effect on tn
A. stocks. American Sugar WA
heavy, bus did not break its recent low
50 socn as the market opened a larc
valulr. Of tailing orders male their ap
pea rance In several instances theS
orders reDreseuted liquidA- ion by pool
recently organized who had been unabl
10 liquidate their holdings. one pool il
checking uD IFS accounts, found that II
advancing its stock Tuesday it ha'
bought on balance almost as much stool
- was acquired originally. This stool
was thrown on the market This Is b.
10 means an isolated case
What had every appearance Of beint
i---i seIlihr. cGEle into Cora Product
ut -. This stock was absorbed by
--IIaUive pool supposedly not 2ffiliate'
10 4 ir-rrCsts controlling the company
The selling which became manifest ut .
las continued. and there were some in
dicatiOns that the pool was willing Z
allow a reaction. The situation in thi
stock is curiOusly complicated, an
while there is n good deal of bullish tall
heard. the technical position OF the 1ssu
I'm the market in such that conServativ
houses are urging caution in making
comments in it.
For the first time in more than montl
The market developed activity on the de
cline. There has been considerable dis
cussion as to the amount Of selling Whlcl
might come into the market after tn
new year, on account of the excess ta'
Dointed out in some quarters that larg
operators would not wait until Jan.
TO sell stocks If selling for this purpOs
was in sight. Where this view was held
The selling was attributed to speculatiy
operations In anticipation Of the Janu
airy selling.
Baldwin Locomotive, in which 4 larg
hort interest Is supposed to exist, yield
I'd quite as easily as any other stocks j
he afternoon reaction. There is a larg
borrowing demand for this stock, whicl
might indicate the existence Of q rea
short interest. There was a market fO
il on almost every eighth, and some on
apparently was willing 10 take such of
ferings as came into the market. TIL
belief is general that the equipment com
NAMES will take over in large measur
the repair shop operations Of the rail
roads with consequent enhanced earnings
Copyright, 1921, by Public Ledger Com
naUV