Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-06-20

made new nigh r0r the year AT lb3 =
and il is &.I.eved that shorts have suf-
fered severely In company with the
movement, as is usual IN a bull drive,
there are many rumOrs in circulation and
in addition to the current reports Of a
very good statement OF operations. there
are predictions that a substantial cash
dividend may be anticipated
\ side light on the activity in Mexican
Petroleum was the fact that the issue
loaned fat for time and then at a
premium of 1-22 and faall al I-16 per
cent during the day. The pressure Of
shorts 70 borrow stock for delivery was
apparently satisfied for a time the
market was lOaning fat again at the
close but predictions of further premiums
tomorrow are heard.
Call money as well As the time money
markets eased of with call rates drop
ping to pa per cent again. This is re-
garded as the natural reaction TO the
money turnover by the Government last
week. However. the outlook for money
is easy for some time to come as is
proved by the efforts Of money lOaners to
place their funds in three. four and six
months maturities rather than the thirty
day bills.
Rail stocks as a group are quiet and
appear to be marking time and waiting
for more definite news on the much
threatened rail workers strike. How
ever. Wall street as 4 whole does not
seem to be bearish on the rails and
seems to be confident that the strike
will not actually occur.
Gulf States Steel was a bit more promi-
nent in the trading. following publica-
1t is reported that the second quarter
will be very good with earrings at the
rate Of S. per share annually after pre-
ferred dividend requirements.
Trustees of the New York Life Insur-
ance and Trust Company and the di-
rectors of Bank Of New York. two of
the oldest financial Institutions in the
United tSates, held meetings and for
mally approved the proposed merger of
the two companies under the name OF
Bank of New York and Trust Com
pauy." Special meetings Of stockholders
in both institutions viii be called for the
near future, to ratify the agreements.
Retail Stores improved fractionally
while Tobacco Products was up better
than a fun point following the announce
ment that stockholders in both cOmpa-
MES had assented 10 the proposed merger.
The Association of Railway Executives
has called a meeting of member roads to
he held in Chicago on June % to con-
slider a uniform express rate and con-
tract. At the present time the Govern
ment is losing from 600 to $780,
100000 annually from its operation of the
parcel post system, while the private ex-
press business is little better. The Amer
lean Railway Express has managed to
earn 6 per cent, or a trife better for the
last few years. but the roads claim
that the 1921 bill alone 10 the express
companies was S60,0O0.O00 less than the
cost Of the transportation.
Dawson Chemical and Dawson Sulphur
and Phosphate Company consolidated
statement for 1921 shows deficit of SAIL
93S after interest and depreciation. as
compared with net income of $500 602 in
1920
American Brake Shoe & Foundry is
believed to be earning about 81 .000, 900
for the first half OF 1922. The company
has reduced inventories materially and
has also made a substantial improvement
in its cash position.
Stock holders Of the Lincoln Trust
Company at a special meeting held dur
ing the day ratified the proposed con
version of the trust company into A ma
tiOnal banking association under the title
of the Lincoln National Bank" Il is
believed that the next step will be con
solidation with the Mechanics and Metals
National Bank.
an early show Of weakness, and the is
sue was supported when il became evil
dent that there was litrle likelihood of
any heavy selling from inside interests
announcement Of the new financing plan
but It is believed probable now that the
promised per cent on the new stock
will be sufficient inducement for old
holders TO retain their stocks.-Copy-
right 1870. By Public Ledger Company.