Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-06-14
WALL STREET GOSSIP
BY MONITOR.

NEW YORK. June 14-Despite the
money turnover today there has been
no Tightening in the local money market.
Call funds closed st per cent again
yesterday, and the easiness OF money
proves pretty well that the money stu
alton is not worrying traders. Time
money is fairly easy, with thirty day
offerings al 80 per cent, sixty days at
per cent four to six month loans, AZ
and lenders favOring the longer terms.
The Federal Reserve bank here has
called on member banks for about $50
0O0,O00 Of Government deposits for pur-
pose OF interest payments on Thursday.
It is generally believed In Wall street
that Studebaker stockholders can look
for soma sort Of an extra disbursement
before the year Is over, because of the
strong earnings of the company so far
InasmUch as the company earned SG.49
in the first quarter and Is expected to
earn about $40 IN the second quarter,
the current expectation Of an extra IS
per share in addition 10 the regular 81
does not seem extravagant.
Bush Terminal Company earned Ss01,-
69T in 1927 after charges and taxes
After preferred stock dividends this is
equal 10 Sl4.t5 on the common as com
pared with SS72.O5 or S1147 per share,
in 1920.
Stockholders of the Puntass Allegro
Sugar, according to a Boston dispatch.
have approved the proposed Increase of
authorized capital STOCK from SlZ,U- 900
70 S20UUO,t0O. II las been decided To
hold out l04. 77S shares, par $50. for con-
version Of the S5,S20,700 hfteen year
per cent debentures.
4 story was afloat In New York this
morning to the effect that the S. ;.
Frederick VIII was bringing In some
S35,0O0OOO in gold. but check back on
the steamer on arrival developed the fact
that but S35Oo,0OO in German - mark
gold pieces was being brought here, the
consignment being from Sweden for the
National Bank Of Commerce.
Alexander Eisean, president of the Ma
tional Radio Chamber OF Commerce, has
sounded q warning on radio stocks. Mr..
Eiseman said: Millions were lost in oil
but there will be millions more lost In
radio. The radio situation is well on the
way to parallel the oil boom, and in the
wake of enthusiasm INSCRIPTIONS pro-
mOters are relieving small investors of
their funds"
There was little surprise when directors
of KennecOtt adjourned without having
taken any action on the dividend.
United States Steel common. which
pay Eu a PROMINENT RdAA III LlG AlAAI htl
decline Monday, was equally prominent
in the rally yesterday and closed but
fractionaIly below par. Much Of the
weakness in steel was due to panicky
selling of large blocks, the single strip
Of more than 10000 shares which came
out near the close having been all for one
account
Dawson Chemical, which broke nearly
10 points Monday. was another example
of forced selling on falling market.
Dawson stock came out so fast at times
that the market was forced of several
points. At the opening, leftover block
was offered and broke the market to 80.
but. with this pressure of the books. the
market turned strong and rallied to a
level nearly four points up from the
previous close.
The rally in Sinclair was based on
something more than mere covering
operation. as directors of this corpora
ton meet today to consider action on
the common dividend. RumOrs have been
afloat in the market that. II declared,
the initial rate would be 81 annually.
There was not a great deal Of sur
prise In the market at the action Of the
New York Clearing House Association in
amending Article NJ Of its constitution.
as relating to deposits. 4 sliding scale
has been adopted, with the new schedule
effective July l. Savings banks have an
interest basis from one-haf to three
quarters hlEner t1an DankS, trust COM
panies and private bankers.
4 Washington dispatch stated that the
merchant marine committee of the House
probably would report the ship sub
sidv bill today, and that the action would
be favorable. Following receipt of this
news shipping stocks rallied and advances
Of letter than a point each were scored
by American International, Marine COM
mon and preferred and American Ship
g. F,4r 1t
was one Of the very few stocks TO adj
vance Monday, added fractionally to its
position.-Copyright, 1922, by Public
Ledger Company.