Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-08-23
WALL STREET GOSSIP.
~ REnNTTnR

WALL STREET GOSSIP.
BY MONITOR.
The suspension OF Irlppe 20. an
nOuneed on the New York exchange put
n damDer on such bullish sentiment IS
existed. The firm is understood 10 nav
been a relatively small factor IN recent
markets hut because of the mgh regari
it had been held the effect was pro
nOunced. Incidentally 1t gave new lie
10 some old rumors.
Declaration Of the regular dividend by
Middle States oil did not help the stocks
in this group. COsden especially was
under pressure and sold at a new low Tor
the present movement. The selling was
attributed to liquidation by a small
speculative group who were unable 10
t.ike care IF their holdings. 1t Is under
stood that this liquidation in no wise re-
fleets on the future dividend prospects OF
the company
Bosch Magnetic was one Of the features
# strength in the morning session The
buying was based on reports OF new or
ders sufficient to increase operations
from II to So per cent Of capacity. Ine
company recently added several new lines
10 its output, and these are reported 10
have resulted in a considerable increase
IN the companies business
international Harvester was one Of the
weakest features establishing new low
record. The selling Gale from the same
sources which have teen lIquidating their
holdings for some time past. Despite the
statement Of an anonymous director that
reductions in prices which would be
made Sept. /, would still leave a salts
factory margin OF profit on the very
large stock Of completed implements. the
market for the stock was thin and at
times were recorded more than half a
point apart.
The steamship France from Havre
brought S4.O0OOoO i'm gold TO the Equit-
able Trust Company. and SG6j.OQO con-
signed To the National Bank Of Com
merce. Kuhn. Loeb and Company an
uOunce they have SECS. 600 coming on
the Cedric. The Guaranty Trust Com
pany received $1,000 in gold from
Bombay, India
United Retail stores which have been
under pressure. after making a new low
for the present movement. rallied a couple
Of points on the declaration OF the
regular quarterly dividend Of S1.,O per
share It is reported a speculative group
which WAS active in the rise is liquidating
its holdings
The sugar stocks were weak with
American Sugar nj new low record for
many years The selling was CON
tinuatiOn of that which has been noted
for many months. Some professionals
took the short side this morning on an
announcement Of n cut in the price of re-
fined sugar to $50 cents.
Directors Of the Ohio OIL Company de-
clared the regular quarterly dividend OF
S175 per share, but omitted the extra
dividend which it has paid for many
years, Three months ago the extra divi-
dend was reduced from S2.75 to S1-2j.
This action proved a further DISCOURAGE
ment to bullish operations in domestic
oil.
The Butterick Company issued its
statement for the six months ended June
80 showing profits after Federal taxes,
Of S622. 524 equal after the preferred divi-
dend. to $3.50 per share on the S14G42.lO0
common stock outstanding. This COM
pares with Il cents per share earned in
the corresponding period Of 1920
The motor stocks were weak. praeti-
caIly the whole group making new low
records The Pierce-ArrOw issues were
subjected TO the same influences which
have caused selling recently, while the
downward move in Studeb9ker was ac-
tolerated by liquidation Of a stale long
account.
Heavy selling came into the railroads
during the last hour. This was due in
part to the belief the railway funding
bill would not be passed by the Senate
before the recess Wednesday. and in
part TO a liquidation by tired holders.
There has been evidence of distribution
in many Of these issues for some time
past. notably Northern Pacific, Great
Northern and Reading These three
stocks received the brunt of the selling
this afternoon.
Pierce Oil. both common and preferred.
were the exceptionally weak features of
the industrials in the late trading. An
unnamed director attributed the decline
to the necessities of some individual
holder. while another report which re
ceiyd considerable credence was that a
hitch had occurred in some contemplated
new financing.
United States Rubber. which has been
under constant pressure for nearly a
week, was heavily sold again. The sell
ing is based on the report of operations
for the first six months which will be
made public at the end of this week.
This is expected to be a poor exhibit.
The Associated Oil Company reports
for the six months ending June 30. sur
plus after interest. Federal taxes and
reserved for depreciation S3019, 7j4. equal
TO S7.59 per share as against S914 per
share earned in the corresponding period
Of last year.-Copyright, 1921, by Public
Ledger Company.