Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-12-23
WALL STREET GOSSIP BY MONITOR.

New York, Dec. %.
One firm sold 5000 shares OF Pierce
Oil common at the market. The result
was the quick decline of more than
point 1t was insisted that this selling
was without significance, in SO far as the
company's affairs are concerned, but rep
resented the necessities of an individual.
Directors OF the Pierce Oil Corporation
meet next week to act on the preferred
dividend. The recent advance in this
issue has been based on presumption
viii be restored.
The Mexical oil stocks were sold by
professionals on the statement made by
President +. L. DOheny at Chicago. that
production in the fields of that country
j. Diminishing. due to injudlcious Wiid-
castiaG by many small companies. Nj
Doheny indicated that improvement IN
he situation would come only through
the development of new territory. when.
in turn. is dependent upon the removal OF
governmental restrictions in the form OF
taxes. Mexican Petroleum and PAN
American issues were heavily sold all day.
American Locomotive attracted atten-
ton by moving against the general mar
Eet and scoring new high price Tor the
year. Buying which has taken out OF
the market more han 5000 shares. has
not only decreased the floating supply.
but has left 4 stale short interest in
precarious position. 1t long has been
he boast of interests identified with this
company hat no organized speculative
group created an artificial market FOR the
stock The buying is strengthened By
reports in weIl-informed quarters that the
dividend rate may be Increased 10 ) per
cent.
The new sSo.OOO.OOO gold skies of 1897
of the American Sugar Refining Company
were listed on the curb exchange. Offer
inGs at 9S24 were made throughout the
day but no transactions resulted, nor
was there firm bid reported. The stock
was firm throughout the session
None Of the sugar stocks followed the
weakness OF Wednesday. Traders are
inclined to cover their short commitments
in these issues on the possibility Of leg
islation being enacted at Washington by
which sJ0O,O0J tons Of old crop OF Cuban
sugar may be pooled under joint agree
ment with the Cuban government and the
refining done in bond. This proposal
eliminates the necessity for the rehner
providing bank credit as the raw sugar
would be carried by the producers. This
would relieve the refners' credit de-
mands, and under these circumstances
would prove n bullish argument.
Tn report That the injunction pro-
eeedings which have delayed the merger
of Burns Brothers and the Farrell Coal
Company had been vacated by mutual
agreement. the former stock advanced to
new high level for the year. The buy
ing was for the account OF interests
with the Farrell Company.
Selling in large volume came into the
steel stocks on the announcement that the
American Steel \ Wire Co, subsidiary
of the United States Steel Corporation,
had reduced the price of wire rods 81,
Of plain wire 35c and of wire nails 40c
In the trade these were considered only
as establishments to bring the products
IN line with other base quotations. There
was considerable liquidation of long stock
as well as selling for short account in
these shares.
The marine stocks were strong, the
issues of the International Mercantile
Marine Company attracting attention. The
buying Of the latter isue is due to pre-
hminary estimate in usually informed
quarters that net earnings for the year
before interest charges will approximate
S1,OO0.O00, equivalent TO 50 per share on
the preferred.
The st. Paul issues had the distinction
of being the only stocks in the railroad
group to establish new low records. Both
the common and preferred have been
consistently neaTy Tor several weeks Inc
selling has been due in part TO the I'M
favorable financial position Of the COM
pany and in part to record income tax
losses. This is one of the few railroad
stocks in which this character Of selling
can occur.
That foreign interests again are ac-
quirinG American securities is shown by
figures of stockholders of the Pennsyl-
vania Railroad Company. As of Nov. 1,
foreign holdings were 1.47 per cent OF
the outstanding stock of the company.
On Dec. 1 2.92 per cent of the Outstand
ing stock was held abroad. In dollars
this represents an increase Of ST.
Isl, 600 par value for the month.
Directors of the Peoples Gas Com
pany of Chicago meet Saturday and
there have been reports that they would
act on the dividend. The recent adj
vance in the stock has been due to a
report that dividend payments would he
resumed at this meeting. 1t is under
stood that such action will not be taken.
although n dividend at the rate of 81 o;
IS per share annually may be declared ut
the January meeting.-Copyright, 1921.
by Public Ledger Company.
STANDARD Oil Caniia1