Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-09-15
WALL STREET GOSSIP.
BY MONITOR,

An official of one of the leading steel
companies in commenting on the i'm
proyement in the steel trade which has
been reported by various news agencies,
said there has been some improvement
for the SIMPLE reason that a reduction u
less than 20 per cent In operating ca
pacity meant the closing down Of mills.
He expressed the opinion there would be
no real volume in the steel business until
next spring.
The Iron Age in discussing the steel
situation says there has been some in
crease in orders for wire products for
restocking as well as a slight increase
In the demand for tinplate and sheet The
great bulk of an average years tonnage
of steel products consists of structural
building activities which utilize steel
usually do not become acute until long
after a period of business depression has
passed. The great increase in plant ca
pacity in this country during the war
Is one of the reasons given by steel men
for the expected lack of large tonnages
in building steel for some months.
There was no direct news to account
for such market movements as occurred
Wednesday. Declaration of some di-
vidends were favorable developments
while the decline in the foreign exchange
was the chief unfavOrable development
Of the day. With marks at a new Low
record, attention was directed again to
the financial condition in which Germany
finds herself.
- Sears Roebuck reported sales for this
month to date as approximately 20 per
cent below those of last September. but
showing a marked increase over the
transactions Of recent months. Offic iais,
II is said. expect this gain In volume 10
continue throughout the remainder Of
the year.
favorable development in the rail-
road list was the announcement OF the
settlement by the Chicago, Burlington &
Quincy of its claims against the Govern
ment during the period OF Federal oper-
etion which total 100000 The pay
ment will be made in cash. Reading.
which has been the speculative leader OF
this group for several days, made new
high for the present movement, but was
unable to retain its full gain.
Official announcement was made that
the Orpheum Circuit Company has ar
ranged with its bankers for the sale Of
81 800 900 of ~ per cent fve-year notes.
1t Is understood this Issue Will be OF
fered to the public at 9S and interest to
net per cent.
Prairie OIL and Gas Company declared
the quarterly dividend of per cent with
an extra disbursement of per cent.
The announcement of this action brought
. some buying into the oil stocks but the
movement OF Mexican Petroleum is
larger influence than any dividend
declaration.
Reports from the copper trade are so
confusing II is difficult to get an &C
curate line on the metal market. Certain
of the large operators insist they Will
accept no orders below 12l3 cents. Other
producers are making sales at 1915 and
Instances have been reported of small
lots going under II cents The kenne-
colt Copper Co, in announcing its
production figures for August, showed
An increase from 4S02. 1S0 in July TO
51TST40 pounds. In August last year
the company produced II ,26S,O0o pounds.
Many traders operated on the expec
tation that heavy selling would come
into the market TO supply funds for
income tax purposes today. Ease in the
money market has resulted in many cor
porations and individuals being able to
borrow the needed funds.-Copyrigh
1921, by Public Ledger Company.