Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-09-07
Wall Street Gossip.


The steel stocks which have been
laggards in the recent Upswing were ag-
gressiYely strong Tuesday. United States
Steel and Bethlehem Steel being the
leads in strength and activity. They
were helped by an interview BY Chair
man J. B. Kennedy OF the Brler Hill
Steel Company who said We will see
slightly better conditions this month and
during the last quarter of the year a
gain of about 10 per cent in operations
Before the first half of 1922 / expect 10
see the steel industry operating at 60
per cent of capacity and on the road to
further expension.'
On the announcement over the holidays
that an agreement had been reached be
tween the American representatives. Of
the oil companies and the Mexican
Petroleum up four points and within
a very few minutes had advanced pa
more Pan-American Petroleum, Gen
eraI Asphalt and Royal Dutch were af-
fected Sympathetically by the strength
In Mexican Petroleum. This was tho
only news development Of the day 20
affect the stock market directly.
Little attention was paid to the re-
duction OF 500 a car announced by the
Chevrolet Motor Company. The stocks
of the automobile while strong, did not
show the buoyancy that was manifest
elsewhere in the list.
For the first time in a year. the week
~ statement Of the Reichsbank showed
reduction in It's holdings of bullion.
The bank reported a loss of 100000 of
gold marks, and of 6I,60O.O0O silver
marks. This is believed to be due to
the recent reparations payments.
Directors of several companies acted
on dividends, among them being the r.
J. Reynolds Tobacco Company. the quar-
terly payment of per cent on the com
mon and ia per cent on the preferred
being authorized. Directors Of the Owens
Bottle Company declared the quarterly
dividend Of 30 cents on the common and
S1.T6 or the preferred. The quarterly
dividend of $50 was declared by the
directors of sthe Kelly Springfield Tire
Company.
One of the very few weak stocks in
the days market was United Drug,
which was sold on the expectation that
when the directors meet at the end of
this week they will pass the dividend.
OF the specialties. American Cotton
Oil was helped particularly by the spec
tacular advance in the cotton market dur
ing the morning. This advance viii i'm
pany, it is said in quarters familiar
with its affairs. and at the same time
liquidation of cotton loans will increase
the buying power Of the South.
report was published on one of the
news tickers that orders have been placed
for copper metal. September delivery, at
1918 cents. On the strength Of this re
port, which wat confirmed, copper stocks
were taken in hand and advanced ] to 2
points for the more active issues. In
common with the rest of the list, profit
taking in the late afternoon shaded these
gains.
The reduction in the number of stocks
on which a premium is charged is no
table Ten days ago there were twenty
FIVE issues which commanded a premium
for loaning purposes week ago this
list had been reduced to fifteen. while last
night there was only one stock, Crucible
Steel. for which a premium is enforced
This is 164.-COpyTight 1921, by Public
Ledger Co.