Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-04-29

NEW 1Ohh. AUIl4 -t--McrEPT ID 4
Is again filing the air. especially the
sugar and steel consolidation. Develop
ments In these two are reaching q point
where definite and conclusive announce
ments may be expected at almost any
time.
The so-called "billion dollar special.
which is carrying officers OF the leading
Independent steel compa MES on tor Of
the plants Of The comp Anies mentioned n
the seven company merger plan, is being
watched with close interest Bankers
allied with the merger plan are OF the
opinion that a final announcement may
be expected next week.
The merger Of the Cuban-American
Sugar Company and the National Sugar
Company is practically completed. and
according TO J Fl. Post. who is an OF
fcer in both companies. the deal is com
plete excepting for minor technlcalities.
The Cuban American is talking over the
National in this plan The street eN-
poets hnal details on Monday or at any
rate early in the coming week.
Call money stirened up considerably
near the close yesterday. and the rate.
which has been 81 per cent. with a
few short lived advanced 10 per cent
for some time. advanced steadily until
) per cent was reached This rise failed
to affect the market. and the closing
rally which carried many stocks con-
siderably higher near the close. paid
no attention TO the higher money rates.
Bankers declared that the frning Of
the money market was not especially
significant of any condition excepting the
usual desire OF banks to call in some
loans at the end OF the month, to pre-
pare the way for satisfaction OF their
May 1 requirements
Minneapolis & st. Paul rose ? points
here and Immediately rumors were get
atOat that this or that big rail system
was considering the purchase Of the
smaller road The contamination OF the
Lake Erie & Western deal has left the
Street In a receptive mood for rust sto-
ries However as far as Minneapolis &
st. Louis is concerned. it appeared as
though the gain in yesterdays market
was simply the naturaI response which
might have been expected to the com
pany's March and first quarter report.
The March gross Of Minnea polls and
ST Louis was 81 .469 O43 as compared with
81 377. rs in March, 1921 Net operating
income for the same period was S110,S50
as compared with a deficit Of s67 033 a
year ago. The first quarter gross was
81. 054.537. as compared with SIS 800. 425.
The first quarter net was S422. as as
against an operating deficit CT S205.35
Torn 1EbuUNtS tdIUEu SO-tA per snare
for the first quarter, the surplus amount
ing TO S2.l63.3S9. A year ago first quar-
ter earnings were S170 per share.
While at first the rail stocks were in
clined 10 ease off on he published state
ment showing the extent Of ne freight
rate cut which railroads were expecting
second thought on the general situation
and an analysis Of the actual situation
made for a much more optimistic senti-
ment on the entire rail group. While
there is no doubt, but that a rate cut
coming before a wage cut will affect the
rails adversely. the general feeling is that
any action taken by he interstate com
merce commission may have the effect Of
squirting the labor board into action
Kelsey Wheel is meeting with many
conflicting rumOrs in the present market.
One rumor was circulated to the effect
that the company was planning to make
wheels for the Gray Company and would
probably give up the Ford contract
which means about 300 900 sets of wheels
year, was denied fatty at the Detroit
office of the company.
Brooklyn Union Gas. which is general
ly regarded az being under capitalized,
Is apparently planning to take advantage
Of the easy money situation. special
stockholders meeting has been called for
May 10 20 vote upon a proposition to
issue not more than SS000,O00 first lien
and reminding mortgage 6s to run TWEEN
~ five years. and not more than $3.50
900 per cent convertible debentures
to run ten years.
Studebaker yesterday advanced 10
points on final covering before the meet
ing which is to be held today While
opinions differ greatly a. to the proba Bile
dividend action, it is generally accepted
that the earnings statement will be very
favorable
The manufacturers of the Hudson and
Essex Motor Cars have officially con
solidated, and q local syndicate is offer
ing 100000 shares of a total capital Of
l 200 000 shares no par value. The com
pany will declare annual dividends at
the rate of 50 per share al the next meet
ing. The stock is being brought out at
20 President Chaplin of the new com
nany estimates probable earnings from
the sale OF Hudson ears Mt $50 00n. Goa for
this wear. with the sale of Essex cars con
tributiug S2nN".h The production
schedule ga lis e. 100 .g y HudSou and ~