Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-04-08
WALL STREET GOSSIP
BY MONITOR.

NEW 1ORhs April 81 eSleTudy )
market was the biggest that has been seen
for many months. This is the third ses-
sion this week furnishing total transac-
lions OF a million and a half or more
shares, and it signifies without doubt the
entrance Of the public into the market.
Hitherto the outside element has been
skeptical. Nothing succeeds like success,
however. and the endless succession Of
rising prices is meeting with the tradi-
tiOnal response. This does not mean that
there is an overloaded long account. As
q matter of fact, street" loans this week
have just begun to reflect the broadening
public interest.
Gulf States Steel worked to the fore and
was one of the most active issues in the
entire list. 1t was reported that the
company had cleared off all but 500 0OQ
Of the S750O00 bank loans, and Il is prob
able that all loans vii be Iiquidated with
in a week or so. Wires received In the
market today from the same source that
sent advance Information on the last big
Gulf State move, urged the recipients
mainly commission houses, to buy Gulf
States at the opening and on all oppor-
tunities. That this advice was followed
10 the Letter can be seen from the action
Of the stock which sold to So, a new
high for the movement and a net gain Of
I05s points for the day.
Traction stocks and bonds were ex-
tremely prominent in the rise, with Inter
borough and Brooklyn Rapid Transit Sc
curitieS occupying the main point of van
tage. InterbOrOugh Rapid Transit pre-
ferred sold up to II, a gain Of 4la points,
while Brooklyn Rapid Transit at 24# was
up 37s points. The stimulus for this
move was found in the marlborough
funding reports published in the morn
ing papers as we'll as the much better
showing made by the receivers opera
ton Of the Brooklyn Rapid Transit. The
fact that the receivers report shows
Brooklyn Rapid Transit earning some
So on the common is bringing good buy
ing into the bond market for the p. r. T..
rs on the theory that such short issues
as these deserve q much better price than
current levels. Hopes are expressed in
the market that the receivers report may
be followed in the near future by the re
turn of the Brooklyn Rapid Transit prop
critics.
Crucible Steel was tipped generously
in the last hour or so, and responded with
a sharp move which carried the market
up 3& points for the day.
Operations in Mexican Petroleum have
excited little attention here, and seem
to be rather lost in the general movement
Of the entire market. Mexican Petroleum,
often q plaything Of chance rumOr, seems
to have quite an extensive short interest
sewed up and as usual. the interests in
control of the stock are losing no time
| in taking advantage Of the situation.
The Burlington joint 61as are holding
persistently around 10j despite the
knowledge that the Northern Pacific is
planning to call in its share Of these
/ bonds at 10315. The reason for this un
derlying strength is the fact that the
| 612s are convertible into the Northern
Pacific refunding and Improvement IS
series B, which are selling around 1O5,
the latter not being callable until July
l, 1886 and then at 10.
Authority granted to the Illinois Cen
trail for the lease and purchase of $500
refrigerator cars from the Pullman Com
pany at cost of S1,74S500 adds further
/ impetus to the movement In the equip
ments.
At a special WHY'S Overland meeting to
be held in Toledo on April d. there will
be a discussion. then action, on the pro-
posed issue Of S17.500,0O0 in short term
notes or bonds, proceeds to be used in
liquidating present bank loans and to
provide new working capital The pro-
posed new issue is to mature not later
than Dec. /. 1929.
Chain Stores business for March should
show a decrease over the same month a
year ago, but the margin of profit Is now
so much larger than it was at that time
that II. L. Jones, president of the Jones
Tea Company. expects March to show a
new high in sales for the past five years.
At the same time Chain Stores interests
expect, with the aid o. the Easter trade.
to make April a better month than it
was last year.
During March some twenty-five com
panies with a total investment of S12,-
265. 900. were organized to engage in the
drug business. both the manufacturing
and the distributing ends. this compar-
ing with twenty-five companies and
100000 capitalization during Febru-
airy, the average investment per company
increasing from S236, 1868 per company in
February to SJO5.O0O in march. Drug
companies already listed on the exchange
are doing fairly well. and United Drug
added IA points to IT'S market vaiuation
today. while American Drug was also
higher.
The upward trend in the steels. led
by Gulf States and Crucible. failed to
produce a sympathetic advance in Rep
logic. The Street has been expecting
an announcement on the reported Rem
logic and Empire merger, but It is un-
derstood that this announcement will
not be made until tomorrow or possibly
early next week.