Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-12-24
WAII. srREET GOSSIP BY MoNIToR.

WALL STREET GOSSIP BY MONITOR.
The pre-hoIiday market, while rela-
lively inactive. was not without its points
of significance and interest. One of the
former was the advance in Texas Gulf
Sulphur to a new nigh record for all
time. This property is controlled by one
of the foremost banking groups whose
securities in recent weeks have. with few
exceptions, failed to participate in the
advance The movement in Texas Gulf
Sulphur was taken by some observers to
indicate that this banking combination is
not averse to constructive Movements in
the market.
Announcement from Omaha that prac-
ticaly all of the trunk lines have vOlun-
tarily agreed to 10 per cent reduction
in freight rates on many commodities eff
fectiye jan L was responsible for weak
ness in the rails. Those Optimistically
inclined were cheered by the relatively
n which came into the market. In one or
two special issues there was pronounced
weakness due to specific causes.
Chicago & Northwestern, which only
recently sold at Il, made a new low
price for more than thirty years, when
transactions were recorded at COZ. So
far as the financial statements of the
company show. there is no cause for
alarm and, IN TACT, considerable part of
t-.s recent selling has been traced to
tabIishment of income tax losses before
Jan. l. This is one Of the few issues in
which such losses can be tablished in
comparison with last years prices.
The st. Paul issues again were weak
President Byram. in response TO queries
sent TO chicago, said there is no rea-
Son Tor anticipating and difficulties in
meeting maturities, and that all talk of
serious financial trouble in the company
is utterly without foundation. Selling to
establish tax losses has Leen a consid-
cradle factor In the decline of these
issues.
Firms which have been active in Burns
Brothers insist the advance in that stock
has not by any means eliminated and
are, as they have been for several weeks,
large buyers. There is no indication
of any distribution by the group hand
q considerable quantity is said to have
been bought for cash by investors who
see in the Farrell company merger en-
HANGED profits for Burns Brothers.
The copper stocks were among the
strong features or the afternoon. An
nOuncement was made by President Ryan
that the Anaconda company viii offer
223, 125 shares Of unissued stock to stock
holders at $50 a share on the basis Of
one share OF new stock for each ten
organized to underwrite this stock. Buy
Ing In Anaconda was largely by traders
who thought powerful interests behind
the company would advance the price
above the proposed subscription in order
to make it attractive.
There is every evidence that the motor
stocks are being groOmed for the annual
advance which occurs usually during the
New York automobile show. The buying
in Chandler and Studebaker has been of
particularly impressive character One
Arm which has in times past acted for in
terests connected with the company have
been large buyers Of Chandler Motors
below so.
National Ensmeling and Stamping was
mere active than in recent weeks The
selling is reported to have been of an
excellent character, and was based on
reports or Increasing foreign competition
The first sales made in the new bonds
OF the American Sugar Refining Com
pany were recorded on the curb mar
ket when % bonds sold at 9S15. Amert-
can Sugar was firmly held throu yhout
the day and professionals who have been
short OF the stock are reported on the
floor as having covered their commit
ments in great measure.
In spite Of the seeming inactivity of
the market during the last ten days.
many stocks have had substantial re-
actions from their recent high prices
Houston on declined more than ten
points, Utah Copper prior to Friday had
lost five, Mexican Petroleum eight. Pan
American Petroleum more than seven
Standard oil Of New Jersey thirteen
Lima Locomotive eleven, and many
others in proportion. The movements OF
these individual stocks have borne out
the suggestion OF market commentators
that the market could not be considered
as a whole, but that individual technical
position was the governing factor Con-
a. vi h.