Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-08-26

a
ton soon brought another Clarifying dis
appointment.
The most striking evidence Of specula-
tive interest in Wall street is shown By
the almost sensational rise in cotton
prices this week.. IS well as a hardening
in grain. There is also a better feeling
in investment circles, and while bond
prices have not changed materially much
confidence Is expressed in the future OF
gilt edged Copyright. 1921, by
Public Ledger Co
WALL STREET GOSSIP By MONITOR.
The outstanding feature Of Thursdays
market was q violent decline OF & points
in Mexican Petroleum succeeded by an
equally violent rally. all OF which oc-
Cured in q period Of ten minutes The
decline began with the publication, oy a
news service. Of q story that directors had
met and deferred action on the dividend
The ensuing rally was due 10 an Official
denial OF the meeting having been held
or any action having been taken NJ
Doheny now Is on his way TO Mexico
and the dividend meeting VIII not be
neld until the first week IN SepteTn ber
The stock exchange authorities have
taken eOCuizauce Of the episode. but
mere is little likelihood that any in
formation viii be given 20 the public
carried prices TO new low records marked
the transactions in the market. Among
the weakest issues YES American Inter
national. the selling being attributed 10
liquidation for sO-Called insiders. Sew
era4 times there have been reports that
an official Investigation by outside in
terest would be undertaken to learn the
real truth Of the cOmpauy's affairs. These
reports again are in circulation
National FDano7frr and STAINING
which was widely tipped a few weeks
ago above so for an immediate advance,
sold at 50 Wednesday. spectacular de-
cline Of . points occurred on transactions
OF only 200 shares. yet there was talk
OF an organized bear drive. The truth
is the selling was due 10 liquidation by
tired holders. the same kind Of selling
which is ia evidence throughout the
list.
Weakness in Republic Iron and Steel is
traced not only 10 the trade situation but
TO TIE weakness of the preferred stock
which is selling I'm the ueighborhOod OF
50. II is felt the selling price OF pre-
ferred reflects some unfayorsbIe action
Ia dividends.
The same character Of selling which
has been evident for some time in United
States Rubber again made its appearance
and both the common and preferred
stocks made new low levels. The bulk
or this selling is for a distressed long
account. according 10 Wall street reports.
AT the height OF the oil boom. Sinclair
sold at 6f1t Yesterday e sold at I6ls
new low record for al time
Directors Of the General Electric met
and declared the quarterly dividend Of
81. They viii meet again In November
TO act on the per cent semi-anuual
dividend. which Is payable In stock II
is believed In well informed circles this
sAOck payment viii be eliminated. There
are reports OF large reductions In the
working forces to be made in the near
future, despite which the stock was one
Of the strong features Of the morning
Southern Pacific reported gross earn
ings for July OF S11SO.636 under those
Of the corresponding month Lass year.
Net operating income increased S462 500
For seven months gross has increased
S3.506.433 and net operating income shows
an increased $500, as and net Operat-
ing income shows an increase Of S.
or. AZ
The Pierce-Arrow stocks continued
their daily performance Of establishing
new low records There were no new
Developments, bur a steady pressure BY
long holders United Drug was another
Of the speciaities which established a
new low record for the year.
The Equitable Trust Company an
noUnced that IL has coming on the La
Savoie 100000 In gold from France.
and 100000 from India. The Olympic
Is bringing $4,000 consigned TO various
NeW~YOrk bankers
Directors Of the railway steel spring
company met and declared the regular
dividend OF $40 on preferred aud g
on the common stocks. The skeleton
statement issued showed a large increase /
in cash and other investments tOtaIling
somewhat more than S9.OO0OOU.
Reports were received from Detroit that
- IL