Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-05-29
GOSSIP OF
E THE STREET

| Nt j J IL ~ ANAS
Although there was quite some di.
versity Of opinion In stock market cir
c'es last week ms to the outlook, prlces
for most OF the leading dsUies expert.
enccds substantial bettcrnaeht ana the
volume OF buying apr AIRED 20 nave
cmanated from sources which ar
usually characterised as the r'sn'
The steel issues were Influenced
merger Of large number Of independ.
cnts and new quota tions on the present
advance were >established By number
Of issues, although the market was SUD
ject to shocks, as was indicated In the
sharp reaction In Republic Iron and
Steel on Friday after the Issue had dis.
played unusual strength in the early
Baldwin Locomotive rcored a liberal
rise and most Of.-this was maintained
with buying orders being n the market
up to the close on Friday for constd-
CRADLE amounts Of the stock. 1t was
said that some of this absorption ema'
nated from Philadelphia, although wire
houses with Western connections also
figured in the turnover that was re.
corded not only on Friday. but on nu.
merouS other days during the week.
Biz Month Tor Automobile Trade
According to figures published, May
will be the largest month In the history
OF the automobile trade. Reo Motor on
the Curb advanced sharply to above ~.
and It was said-that some Of the buying
orders on Friday came from western
sources. Daniels Motor common on the
Curb was another strong issue main
tanning its recent gains In Al, impress.
sive manner. In the face Of the present
outlook in the motor trade. II IL felt
that the motor stocks are likely to be
among the leaders OF the future.
Chandler Motor directors meet for
action on the dividend on June 10, and
II Is expected that the company will
declare the usual 81 80 share. This
company shipped more cars IN the first
four months Of 1922 than during the
whole year Of 1921. Maxwell Motor Is
now doing volume business, and 1t Is
reported in financial circles the pre-
ferred "A" shares will shortly resume
dividend payments.
More New Bond Issues Coming
According to some Of the leading
interest identified with the bond trade.
the market has been given sufficient
! breathing spell to permit more general
distribution of securities offered in re-
cent weeks, with the result that the
ltemand at the close Of last week wa,
! greater than for some time. past and
the technical position Of the market
was much stronger.
! During the present week there prob
ably will be at least two. and possibly
three, new offerings OF foreign securi'
ties. while there also are number o.
corporate issues about to be put out
the indications being that there Will b
at least two or three times as many
bonds offered during the next six Of
seven days than during the last week.
| Purchasing Power Unchanged
The purchasing power of farm crop
for April was unchanged as compared
with March. while the prices of crop
and livestock at the farm improved
slightly from March Is to April 10. ac
cording to the Department Of Agri
culture. The unchanged condition wa
attributed to a corresponding increas
in the wholesale price Of all commod
tiles, excluding farm products ant
food. .N
The index number representing tn
farm price of crops from March Is t,
April Is was 11t as compared witt
112 for the preceding month, and witt
a low Of % in December. The farm
price of livestock was 115 as compare,
with III the preceding month. and witt
q low of 01 in December. The indie!
number for crops and livestock com
bined was 115 as compared with II.
the preceding month. and with q low o
0 in December. The purchasing
power of these products, as related t
the wholesale price of all commodities
excluding farm products and food. wa
'67 ON April 10 as compared with q
on March Is, and was the highest poin
since the beginning of 1921.
Smeltlns's Family Squabble
The financial district gave consider
able attention to the fight that is to b.
made at the annual meeting of tn
American Smelling and Refining Com
pany. 1t appears that proxies are beinl
solicited by three different interests
one representing the present manage
ment, another representing the stock
holders committee. which recently is
sued its report criticizing the manage
mcnt. and still another Representing
Karl Eilers, deposed vice president q
the company, who made the Origina
fight q year ago and was responsible TO
the investigation into the company
affairs. "a.
Utah and Kennecott Dividends
Reports are heard Of the possibility 0
an increase in the dividend by the Utal
Copper Company. rs we'll as the re
sumption of distributions by the Kenne
colt Copper Corporations. Some per
sons who are close to the management
Il -.