Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-05-02

markets frmed up again yesterday and
closed at ~ per cent. after renewing at
4 per cent This condition IS considered
to e but the continuation OF Saturdays
frmer money market and Is believed 70
be hut temporary. The basis tor the
tighter conditions j the larger amounts
required for end month finances.
Oil stocks were again led by the
Standard OH issues and other high class
stocks I'm Saturdays market. Cosden
Oil was hesitating for while, as traders
are uncertain as To the reaction this
market should expect from the new stock
isue. However. il IS believed that this
viii be absorbed easily.
Mexican seaboard declared another 30
cent dividend, payable May 10. At the
some time directors voted 70 retire an
other 100000 OF the compeny's : per
cent deb.ntIre. thus leaving a balance
Il S6,00o.GO0 outstanding.
The Studebaker report was in line with
general expectations in the Street. hut Il
anytains 81 e21uings report was better
than had been anticipated With the
company earning about S6.il In the frs:
quarter. this means that nearly the ful
dividend rate OF per cent has already
been earned. and the possibilities for an
Increased dividend or an extra disburse-
ment al the midsummer meeting are con
sidered bright. President Erskine's broad
hint that a continuation Of operations at
the present scale might make II neces-
s3ry for directors 10 consider further ac-
ton on the dividend. is construed bull
tshly here.
The New Orleans Texas & Mexico 1921
report was a great Improvement over
1870, despite a lower operating gross.
The answer TO the Improvement was
found in a sharp decline in operating ex-
9enses. Cross for the year was Sill
s90.oll: as against Sl3.4@5.245 in 1920 on
10 np- hG %frarr -vae.~
but SS&l5.4l4. as against 11,I41 .03+. Net
income for the year was SISI326T as
compared with SISs,o49
Rail stocks as a group were compare
lively firm, although there was no spe-
ciaI activity in the list. The market was
cheered by the March report OF I23 class
roads which showed a net of S6l.67So0O.
as compared with S1S-JG3.OGO for March
1921 Following the publication OF good
earnings reports by the smaller roads
during the last week or so, this had a
very beneficial effect on sentiment
The Sears Roebuck and Montgomery
Ward reports for April were a Bit con
ficting as far their value as a guide
10 mall order business might 2 consid-
cred. During the month Sc sRoebuck
with last year, while sales for the first
four months declined 1851 per cent. on
tee other hand, Montgomery Wards
April sales showed an increase of 13S
per cent, while the four months period
gain 6.S per cent
Columbia Graphophone preferred is
beginning 10 attract a bit OF trading at
teution. mainly : the theory that the
company has about discounted all Of the
unfavorabie factors bearing upon it. The
strong advance in the stock market as q
whole is encouraging bargain hunting
among the specialties. and Columbia IS
meeting with some demand from this ele-
ment. tt is hoped that recurring pros
in the n will
much for Columbia. as its product might
be listed among the lower priced lux
uries. At the same time If Columbia goes
into the radio fields. as 1t Is generally
believed that it Will, the potential posi-
b.lIties should be good in view of the
nation wide demand for radio apparatus
Of all kinds
Mack Truck. Incorporated. now oper-
ating about 20 per cent Of normal ca
pacity. is believed to be earning at the
rate Of three times the first preferred
dividend requirements Inssmuch as
Mack. operating as the International Mo
tors in 1921, was one of the few motor
companies TO come through with any
sort of a showing. 1t is believed that
the company ought To do equally well
under the much better conditions pre-
vailing this year, and the first preferred
is meeting with a good class Of buying
here.
California Packing in 1921 showed net
profit OF s.. 24O591 as compared with 81
253.015 last year. Part of the buying in
California Packing seems 10 be coming
from investment houses such as favored
stocks like National Biscuit, Woolworth
and similar high class food product is
sues.
Hendee was again firm and advanced
10 21&4 Advices from the cOmpany's
plant to the effect that working forces
We're being largely increased brought In
good buying here and calls attention to
the fact that the wave of buying, which
IS flooding the motor markets with bust
ness. naturally leaves a very comfortable
overflow for motorcycle manufacturers
such as the Hendee.-COpyrigh 1922
by Public Ledger Company.
INDIANAPOLIS PRODUCE.
Eggs-Fresh 2lG22c Buter-Packinx
stock. l4I15c POultry-Fowls l7R22c:
broilers IA to 2 H. size. 45G46c: leghorn
broilers. at discount; cocks. ISd14c;
young hen turks. lbs and up CSC
Young tom tu.ks, l. lbs and up. &c
old tom turks. soc; Gull thin turkeys
not wanted ducks. lbs and up, I5a1 ID
geese 10 lbs. and up 13G14c; squads. II
lbs to dozen S5.50Q6-OO; old guineas per
dozen. 50.