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

NEW YORK, June 6-Call money rates
at AZ per cent were responsible for
much Of the early easineSs in the stock
market yesterday, hut the money market
gave evidence OF some slackening in ten
sion before the clos. and call rates
dropped back to basis OF 5la per cent
1t IS reported that brokers' loans in
the market now amount 70 one and one
half billion dollars. this being the high
est level attained since October, 1919.
Toledo, st Louis L Western during
1921 earned sL143.feo. as compared with
$;idi,0oo during he previous year.
The movement in the equipment stocks
IS not meeting with the general expecta-
tians held i'll the market lsst week
i mvrican Car and Foundry advanced "a
points, working into new high ground for
he year but this movement failed TO at
tract any following for baldwin. Amer
lean locomotive or the other equipment
issues.
Coca Cola, which again advanced frac-
tionGlly during the day is being accumu-
lated on reconsideration Of the earning
power now being demonstrated. During
The first quarter of 1g25 Coca Cola earned
81 .Ga0la before payment of Federal taxes
this amounting after taxes and preferred
dividends. 10 s. 90 per share on the COM
mon. as compared with hut So. % per share
for the entire year Of 1871
The directors OF Mexican Seaboard OF
voted Monday To pay OF another 81 600,
0oA 81 the { per cent debentures, which
will leave less than one half If the orig
inal issue outstanding. At the same
time, the directors voted another dividend
Of 30 cents per share. This action was
reflected 10 some extent In Sinclair Con
solidated. which advanced fractionaily
oils. Sinclair has large interest In
both the bonds and the stock Of the
Mexican SeabOard.
The consolidated statement Of the
George A Fuller Company and George 4
Fuller Company Limited for the fiscal
year ended April -, shows new business
booked amounting to S1S6 693, as COM
period year ago.
Consolidated Gas is again picking up
in a market way. and attention Of trad
ers is being diverted 70 the prospects OF
some division of extra earnings by the
corporation Since the recent decision
against the 50 cent ga> rate. Consolidated
has been in q very strong position which
is increased ut the present time nv the
strong showing made by New York Edt-
son and other subsidiaries OF the gas cor
poration- 1t is believed that earnings at
the present time are running at the rate
Of so per share on Consolidated.
Spicer Manufacturing worked into new
high ground around IT. and there was a
renewal OF the market gossip which
couples the Spicer Company with Hydrau-
lie Steel as units IN merger Officials
of the companies are non comnIital on the
subject and. in the absence Of fat de-
nial, Wall Street is inclined to stick to
its theory until proven otherwise
On Pont again provided one of the
market features and touched I47 for a
new high The financial community is
at loss to explain the strong demand
hut there is 4 general disposition to
ascribe this 10 the fact that the float
Ing supply is very small and that any
attempt at accumulation must offer a
substantial advance as an attraction
While stocks Of steel companies 7cur-
ing in merger reports were under pres-
sure the reported action against the
Bethlehem -I.ackawanna consolidation hy
the Federal Trade Commission reacted
very fayorahiy upon United States Steel
common. which sold up TO 1884, Wall
street has not forgotten the recent teS-
rmony by officials of the leading steel
companies concerning the dominant DO.
sitinn in the steel trade occupied by the
United States Steel Corporation. In
asmuch the leading interest has al
ready been through the legal fires and
have rothing more to fear there is n
disposition on the part of the trading
Public to swing their attention back n
the market leader.-CopyriGht 1922 bF
Public Ledger Company