Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-09-21
MEXICAN BOND
ISSUES SUPPLY
TRADE FEATURE
Prospects for Recognition Stir
Buyers and Create Sharp
Rise.
POOL STOCKS SUFFER
Special to Indiana Daily Times
and Philadelphia Public Ledger.
BY MONITOR.

IekerS were the pool STOCKS InaI nav
been so active lately-Mexican Petroleum
Baldwin, the tobaccos and one or TIVE
specialties Certain issues in which shor
covering has been pronounced of lat
yielded to renewed pressure. Among thes'
were Sears Roebuck, General Electric anC
American Wooden.
The bull movement engineered by ;
prominent Spectator who has been cred
tied with being bearish until lately ha
not been a startling success. The public
apparently does not believe strongly IL
a bull market at present and an upward
furry is without its traditional lure.
On the other hand, investors are activ,
and in the bond group some issues hav'
shown most pronounced strength an(
activity The feature Of the day wa
the enormous trading and sharp rise il
the Mexican bonds, particularly the 3 PEI
cents. The PROSPECTS for recognition evi
IDENTIFY have stirred speculative bond buy
ers TO an unusual degree and the fac
that more than seven years back interes
has been accommodating makes these Sc
curities look attractive. They opened a
1884, ran up to 59A and closed at 57A
The turnover was very large.-Copyrigh
1921, by Public Ledger Company.
BY MONITOR.
Professional operations which hav,
been evident throughout the trading il
recent sessions were more clearly indi
Gated when, after an opening drive a
Baldwin and Mexican Petroleum, a sharI
rally ensued. There was no news t
account for the movement in either cas-,
and the floor reported transactions il
a
floor traders.
Some outside following was brought
into the market before the recent ad
vance in prices, but no such public par
ticipatiOn was obtained as had been ex
pected. The result of the upward move
ment in prices was to establish a moro
optimistic sentiment among public buy
ers and the placing of orders for the
purchase of stocks at or near the levels
established last month, canvas of com
mission houses indicates.
The big professional element turned
again to the short side of the market
when the same houses which were re
sponsible for the general advance at
tempted to force rise in steel Monday
IT is reported that another attempt will
be made to force steel to higher levels
with an idea of encouraging public par
ticipation. but in the present profes-
would Illustrate such movement. Most
OF the conservative houses are of the
opinion the market whole has seer
its lowest prices. but are urging theiI
customers TO make purchases only on
recession.
Directors of the General Motors Cor
poration win meet Thursday to act OIL
the dividend 1t is reported the present
rate of % cents share on the common
will be declared, During the first quar-
Ter the corporation did not earn tbs
dividend. it is understood, but the pay
ment was slightly exceeded by earnings
of the second and third quarters, anC
in authoritative circles II is said thai
that by the end of the year the fun pay
ments win have been earned. Some i'm
provement in the volume Of business ii
reported.
Directors of the Midwest RefninG
Company will meet next month and i
is reported they viii eleminate the extra
dividend of 81 a share which has beer
paid heretofore. 1t is understood the ex
pected improvement in the oil situation
has failed to materialiZe as rapidly al
oil men had hoped. making the elimina
ton of the extra dividend necessary.
Bankers were in session late in tn,
afternoon and it is understood the con
ference will continue today seeking thu
solution of the difficulties of Cuba Can,
Corporation. 1t is understood a plaI
practically has been perfected by which
$4,000, 600 Of new money will be mad,
available providing always holders O
debentures will agree to placing certain
obligations ahead of their holdings. 4
report Of the proposed plan will, it II
understood. be mailed to debenture hold
ers within a few days.-COpyrigh 1921
by Public Ledger Company.