Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-06-23

NJ " lOLLAr j ullF 90 ne EhAullltltt
on business conduct OF the New York
Stock Exchange has sent a request to
member houses to state their position on
Mexican Petroleum at the close Of bust
ness yesterday. Ii has been current be
lief In the market for some time that the
spectacular rise in Mexican Petroleum
has been due more to the efforts OF Il
sewed up short interest to cover than to
the improvement IN the company's po-
sition.
There will be a railroad strike in the
opinion Of H. L. Byram. president Of the
Chicago. Milwaukee & St Paul, who is
in New York at present some Of the
railway men viii go out, but we cannot
tell yet how many OF the men will obey
The edict Of the union leaders, said Mr..
Byram. This is about the first adnlis
sion. by a railroad executive that any OF
the men would go out. previous state
n.ents having been in an optimistic vein.
Reports circulated In the Street to the
effect that Brier Hill would be coming
into the three-c0mpany steel merger
was denied fatty by I. L. ChadbOurne,
who said that Brier Hill, Trumbul and
the Steel and Tube Company Of America
were definitely out Of all consideration
Of the merger and that negotiations had
been dropped
The three company steel merger is being
held up for the time being by the fact
that SO far the Federal Trade Commits
sion has not handed down any decision
on the plan. The companies are forward
ing data regularly as It comes TO hand
and expects 10 have all Information in
by next week.
It is expected that the June net Of
Phillips Petroleum should be 81 100000
after payment Of interest and taxes and
depreciation. This would be the largest
mn n fha cCrnnauEfE history and
would compare with S1l0i,390 for May.
Confirmation of the strong upward
swing in the raw sugar market is boil
stering up sentiment on the sugar stocks,
and new high in the raw market was
announced. Cuban raws for July delivery
have been marked mp to 3A cents. with
refners advancing the price Of granulated
In proportion.
At the present time. operations of
plants forming the United States Steel
Corporation are at the rate of a to rs
per cent of normal capacity. and it IS
predicted that this will be Increased
during the next few days. Independent
mills are running a bit below the aver
age OF the leading producers. While the
volume OF output is up 10 pre-war lev
els. the average Of operations in ratio
to capacity is held down by the expan-
sion in plants during the war.
It is reported in the market that the
Btudebaker Company IS working out a
plan whereby the S9,S0O0O0 preferred
stock will he retired. Inasmucn as the
preferred is callable at 125. It would
cost 12,2J0000 to retire the issue but
It is believed that many preferred stock
holders would be willing to trade in
preferred for common and score a share
in the heavy profits above the stipulated
per cent dividend In exchange for their
priority rights However. the present
Studebaker balances Of SlS000.000 should
be sufficient to swing the transaction.
EXPANSION of the steel industry is re-
fectod in the stronger market for pig
iron In western centers. Northern iron
has moved SOC to 81 higher, while south
ern has been marked up SOC.
While it has been considered probable
that shippers would hold down business
a 8 much as possible before July In or
der to get the full benefit Of the lower
freight rates which 20 into effect that
day, the Illinois Central loadings for the
first half OF June do not bear out this
theory. Loadings totaled S9.94S cars. as
against 81, sos cars the same period in
May and 79-2s5 cars in 1921.
Despite the irmness in gasoline i
light oils. the market for bunker oil is
much easier and in some quarters J. is
reported that offerings have been sh; led
down 70 S1.20 per barrel, as against the
prevailing price of s1.281k.
Crude rubber on spot has moved Ip TO
IS cents per pound. with the undo rtOne
much better A week ago sales wei re-
ported n full cent below the days ,'rice.
1t is a sellers market for the time Icing
Al far as spot stocks are concerned. but
few tire makers or other buyers are
evincing any interest in future shipment
stocks.-Copyright 1922. by Public Ledg-
er Company.
FINANclAl-
tConfSi5Eed.l
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