Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-10-29
WALL STREET GOSSIP BY MONITOR.

WALL STREET GOSSIP BY MONITOR.
Abandonment of the strike was the
determining influence at the opening Of
the market. The rails were the leaders
In strength and activity. Northern
Pacific scoring the greatest advance with
gain OF rs points from last night 5
close. The extent Of the rise induced
profit taking on a large scale. which
while causing receSSiOns was well alb
sorbed and gave the market an under
tone which conservative houses favor.
So soon as the early selling in the rails
had exhausted itself. the industrials be-
came active and strong under the leader
snip Of United States Steel and remained
SO until the close.
There was little inclination on the part
Of traders to follow the advance in the
railroad group. Abandonment of the
strike, 1t IS realized. does not settle the
railroad problem, and until a definite
settlement is effected investment buying
rather than speculative operations is
likely to be the principal support OF this
group.
There was evidence Thursday after
noon of excellent selling in Pacific Oil
ana this same selling was in evidence
again. An uncoufirmed report that the
Standard Oil Company Of California has
bought the controlling interests In the
omen market brought some outside buy
ing into the stock The selling was for
persons who were large buyers when
the price was II pol.Js OF more lower.
General Asphalt was extremely well
= bought all day, most Of the buying being
for the account of one exceptionally
strong firm. Traders attributed the
strength to the reported bringing IN OF
$1,000 barrel we'll on the company 5 prop
erty. 1t is understood the buying IS
based on future relations between Gen
erai Asphalt and the Royal Dutch Com
panies.
Directors Of the Studebaker corpora
tiOn viii meet Monday and II is under
stood will declare the regular dividends.
The output. il Is said, viii Approximate
that of the second quarter which to-
tailed 20 600 cars, and earnings prob
ably VIII be about $J.9Q per share, max
ing a total Of shout $3.50 per share for
the nine months. 1t is not expected that
any Of the motor companies will add
much to their earnings during the last
quarter. but in several Of them buying
Of a confident. nature comes into the mar
ket on rece5si0ns.
vanadium Steel was bought partly in
sympathy with the strength In other
steeis and parlly because the company
has a monopoly on It's products and the
automobile companies are understood to
be making Inquiries in considerable ton
uages Of steel for next wear. Vanadium
has not responded to the advance which
has occurred in the other steel stocks
ana IL is understood the IEIlS Nn4tu
were active In its market two years ago
are taking such offerings as come into
the market
The contrary movement Of Consolidated
Textile and American Wooden have
caused considerable comment. Although
the same bankers sponsor both, c0nsoh-
dated textile is practically at the low
Of the wear. while American Wooden is
more than 50 points above its low.
Atlantic Gulf and West Indies Marine
preferred ana American International, all
were strong throughout the day. A !. &.
and Atlantic Gulf made new high prices
Tor the present movement and Marine pre-
Ierred reg8iued the loss it had sustained
iu the last two days. The buying in A.
/ c was based on vague report that a
considerable change for the better has
a occurred in the conT3ny'S affairs. Acttv-
e9ity in shipping largely in connection with
the movement OF sugar from Cuba has
stimulated interest in these shares and
speculative groups have not been slow in
Selling their advantage. All of these
stocks are out OF line with the general
market in the opinion of observers.
Action Of the directors OF the Coca Cola
Company in Eesum'ng dividends On the
common stock was not unexpected. The
recent advance Of nearly twenty points
had Indicated to the leading element shat
such action was contemplated. There
was considerable prOht-taking in he
stock during the day.
The general level Of stock prices is so
far below that prevailing year ago that
few firms anticipate any considerable sell
ing to establish tax leases this year. Some
selling Of this character has occurred at
various times during the year. but it is
understood to have been wholly com
pleted.
Consolidated Textile has been back
ward in its readjustment it IS said, but
this has been completed with the result
that out Of a total of 735 COO spindles
operated by the company only $4,000 now
are idle.-Copyright, 1921, by Public
Ledger Company.