Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-05-05
WALL STREET GOSSIP

i7EW YORK, May 5.-Freeport, Texas
had a split opening with executions at
1874 and 1875. In some quarters traders
are talking % for this stock, and buying
same time bonds which are traded in on
the curb are following the movement
IN the stock very closely inasmuch as
these bonds are convertible into stock at
17k. With each bond being convertible
into IS shares Of stock, each movement Of
u In the stock means a similar movement
OF 1928 in the value Of the bond, while
each full point either way in the stock
or depreciation Of IS for each bond. Thus
at the opening yesterday with the stock
al 1875 and 19A, the bonds were worth
1892 The stock failed to hold its open
ing high on the big board and at the
close had dropped back to about 1914,
with the bonds dropping back to trad
ing area around liz Conversion right
nat resent rate expires Aug. L
Sterling Products, which was admitted
to trading on the stock exchange early
yesterday, met with an active market
compared with a closing OF Az on the
curb Wednesday. This company is a
large manufacturer of household medI-
ctnes, and the stock was brought out
privately here in March at SO. In April
dividend payments were inaugurated at
the rate OF $3.50 per year.
The question Of steel earnings for the
current quarter Is interesting the Street
at present. Although the first quarter
attachment plainly indicated a very good
rate OF increase for steel business and
operations throughout the country in
practically all steel consuming lines In
dictate a great probable demand. there
is fear that the coal strike NAV turn
out TO be q serious handicap. 1t is gen
orally believed that the leading interest
turned down considerable business In
April because Of this apprehension, but
at the same time the untitled tonnage
statement to be issued next Wednesday
should show substantial increase over
the previous month. With locomotive
companies acquiring record breaking or
ders, with the railroads in the market
for large quantities OF new equipment
motor companies throughout the country
showing a tremendous improvement over
1921. and practically all lines, with the
exception OF shipbuilding. showing a
good increase IN steel consumption, the
demand upon the steel producers is
bound to be very heavy.
General American Tank Car, selling in
the neighborhood OF g., is being well
bought and there is some talk In respon-
sible circles here OF the issue reaching
par this year. Tank Car pays IS, and
cent OF normal capacity. With a strong
financial position, the company should
benefit, by both the increased equipment
demand and the current oil boom, as its
sproduction includes refrigerator cars for
9general use and oil tank cars. l. Is
as high as s12 share, and even earned
its dividend n 1921 and added a sub
stantial amo mt TO surplus, while other
companies were making a very poor earn
ing showing.
Independent steel stocks are marking
time here pending the outcome OF the
tour Of inspection now being made by
officials and engineers Of the seven
companies concerned In the merger pro-
posal to the various plants. The party
is In Youngstown today.
Reports which have teen set in mo-
ton by the recent activity of Interna-
tlonal Marine were checked yesterday by
President P. A. 5. Franklin, who arrived
home on the Homeric. Mr.. Franklin de
MED that the company was even cOnsld-
ering the transfer of the funds now
abroad to America IL order to facilitate
dividend payments here 1t has been ru-
mofed that the company was contem-
plating this transfer with an idea of
wiping out some of the ~ per cent divi-
dead arrears on the preferred stock.
General Cigars, one Of the specialties
WHEN has been showing sustained power
in the market, SO far is apparently being
accumulated In hopes of an increased
dividend. At the present time General
Cigars financial position is very strong.
and gives some encoura cement TO traders
who look for an increase from the So ba-
sis at the July meeting.
With Standard oil Of New Jersey and
other high-class issues leading the oil
movement the undertOne OF this group
Is firm. 1t is pointed out in the mar
ket here that Standard Oil Of New Jersey.
the most powerful oil company in the
country, has shown a tendency TO lag
behind the rest of the oils in the current
advance. and yesterday the stock sold
up around 1876 The present movement In
this issue probably is an attempt to
bring it TO a market position more In line
Nth other oil stocks. While it is nos
iyible that Developments ~ the Royal
DItch Russian situation may exert
sentimental influence upon Standard OIL
Of New Jersey, even this factor may be
cancelled by the apparent Willingness Of
the SOviets to discuss business with
American oil companies and all other
nationals as indicated in ca les received
here.-Copyright 1922, by Public Ledger
Company.