Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-05-27
WALL STREET GOSSIP
BY MONITOR

NEW YORK. May 2T.-American Ice
common and preferred were again strong
and active Friday with rumors of new
financing continuing as a background
for the movement. One story in circula-
tion has Ii that the preferred will be re-
tired and common stock increased to a
point where four shares will be issued
for one share OF the common now held.
Call money rates firmed up above the
per cent level again. but this has had
little real effect upon the market. Time
money is also slightly firmer, and no ma
turtles are offered below 4 per cent.
! Wall street is convinced that money will
No. ain easy for several months TO come,
If not. that pressure against the
hcnd markets will demonstrate approach
ing frmness in the money markets long
enough III advance to give plenty Of
warming.
Frank y. KondoIph has retired as
president Of the Remington Typewriter
Company, and has been chairman Of the
bOara. Mr.. kondolph has been urging
that successor be appointed as presi-
dent of the company for some time. in
order TO relieve him of the actual man
agement of the company. B. L. Winchell
Is the new president.
Gulf Oil has been one of the features
OF the "oyer-the-counter' market for the
past two months and during the day adj
vanced another 80 points, making a to-
tai advance of about 500 per shade dur
ing the two months period. Rumor per-
sists that Standard Oil Of Indiana is to
merge with Gulf oil. although the state
ment has already been denied.
Buying in the Brooklyn Rapid Tran
sit issues was the reflection OF the strong
showing made during April. The net in
come Of the system for the last month
was S3isees. after taxes and charges
were. paid. as compared with sioo. IA in
April, 1920 Earnings for the ten months
en.ted April 80 We're S2.36012I. as com
pared with deficit of S5,2si.2 POS for the
same period a year ago. With the APP
proach of the summer months. during
which time the open street cars AMI ele-
ya.ed systems have a tendency to attract
passengers from the subwayS. it is be-
lieved that earnings for the summer
period should show further improve
ment
Stockholders Of Royal Typewriter will
meet soon TO consider a change in the
common stock from 500 par basis to
sufficient increase IL outstanding COM
mon stock TO permit the company 10
liquidate accumulated dividends amount
ing to S2.3fS.9I1 on the : per cent pre-
cS2pany has adequate funds on hand to
these dividends. but desires to keep
tx cash for working capital.
The April report Of the Union Pacific
does not keep the promise made by the
first quarterly statement. April gross Is
9S per cent lower than March. rs COM
parr. with decrease for March OF but
2s per cent from February. April net Is
b9.7 per cent below the April. 1921, net.
This falling OF in earnings is explained
by higher operating costs. particularly
sn the maintenance of way expenses,
which increased 221 per cent during the
month.
The California Petroleum Company for
the quarter ended March 81. showed
surplus Of S515.570 after charges. depre
ciation. depletion adm Federal taxes.
After preferred dividends. this is the
equivalent of S2A per share on the
year ago the surplus was SI36, 1e3, or
1872 per share on the common.
Coca Cola established q new high above
&C. during the days trading. buying be-
ing. based on the general expectation
that the May earnings would prove to
be record breaking During April this
company earned sos, 600 and it is ex-
rected that the May earnings will be
about $4,000 Coca Cola still has its
big season ahead as the hot weather
period naturally develops a much broader
demand for its product
Lehigh Valley April operating reve
nues was SASS go. as compared with
ago. Earnings for the first four months
of the year amounted to s216t9l41, as
compared with S23.912.275 during the
same period year ago. Operating in
come during the ten months was ST..
ea6.910 as compared with deficit of
sl510.25+ a year age.-Copyright. 1922,
by Public Ledger Company.