Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-10-12
WALL STREET GOSSIP BY MONITOR.

Baseball and the oil stocks dominated
Tuesdays stock market. There was
small attendance in commission houses
due in part to the baseball contest and
in part to the legal holiday today. The
market itself offered little attraction TO
traders with the result that the atten-
ton of customers was confined, during
the afternoon at least. to the reports of
the progress of the game as it appeared
on the news tickers.
The extent to which the oil stocks
dominated such trading as there was. Is
indicated in a strip Of picked at random
IN the middle of the day from tie ticker.
Eleven consecutive quotations were those
Of various oil issues.
The rank and file of traders very frank
ly are perplexed by the market action.
In addition to the confused technical ac
ton, there comes from Washington al
most nightly reports of unexpected leg
ISlative action. As though a g er cent
call money rate was not enough to dam
pen the enthusiasm Of the bulls. there
was during the morning the stand taken
by the agricultural bloc in insisting
on an unexpectedly high rate of surtax
The buying of Pacific Oil was reported
as for the account of friends IF powerful
interests in that industry. The Standard
Oil Company of California purchased
large quantities of both the stock and the
rights when the Issue first was an
nOunced. 1t is understood these holdings
have augmented materially in recent
months, and at least enc speculative
clique Is GENERATING actively on the con
Structiye side.
American sugar was weak again. It
was reported the Chalmette plant of the
company will reopen within a few days
Tor the first time in some months Work
on the Baltimore plant also is reported
as progressing satisfactorily. and the de-
Yelopment of an estate in Cuba is being
pushed. The decline Of more than two
points shown by the stock in Yesterdays
market was due to liquidation by long
holders, which has been in evidence for
many months. The impending new
financing is primarily the reason for this
selling.
Copper metal is quoted at Is cents to
I31s cents for OctOber-Novembe deliv-
cries. Domestic demand is reported as
only moderate. although some sizeable
ORDERS have been placed by wire and
brass mills. The bulk of the buying
however. has been for French, German
ana japanese account, and there is more
than a suspicion in trade circles that
much of the German metal is for the ac-
count of Japan.
Studebaker was under pressure early
In the day by the professional element
In evidence on the decline Monday again
was apparent with a particularly active
demand for the stock under 10 1t is
said large interests in the company do
not favor any spectacular movement at
this time, nor are they willing to see the
stock raided. The buying is more In the
nature Of protection than for the purpose
or forcing an immediate advance, accord
Ing TO specialists.
There Is reported to he a considerable
quantity of United States Steel being
taken by the corporation for the account
OF employees subscriptions. Last year
these subscriptions amounted to 255 900
shares. The stock carries for the en-
ployes an extra payment which gives a
net return of approximately 12I5 per
cent, and for this reason continuously
Increasing numbers of workers invest in
it. The selling apparently is for the
account Of holders Of large speculative
lines.
The French liner Paris arrived with
100000 in gold, the only shipment of
moment to be reported. The metal was
consigned to various banking institutions.
The rails as a group were inclined to
weakness. Some of the executives Of the
large trunk lines are not optimistic in
their views for the immediate future of
the lines, and some of the selling is
doubtless reflection of these opinions
Inc reduction in rates on ore from lake
ports has resulted in jObbers of iron
and steel Withholding their orders in the
hope of a further decline in the prices
of these products, and this is serving to
restrain the movement of raw materials
as well as finished products, according
to some of the executives.
Great Northern and Northern Pacific
were particularly significant examples
of the heaviness in the days session.
Losses of more than a point were
registered and this is due, according to
commission houses, not so much to the
uncertain outlook of the carriers as to
the bond issue which was made against
the property some months ago. Ever
since that time there has been steady
liquidation of both Of these stocks
Copyright, 1921, by Public Ledger Com