Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-05-18
WALL STREET GOSSIP
BY MONITOR.

NEW YORK, May 1S-Midvale and
Republic assumed the lead among the
steel stocks yesterday. the former adj
vancing to new high at i5z5. Buying
was based on the widely circulated story
to the effect that Midvale and Repiogle
were negotiating with bethlehem with an
eye to joining the Bethlehem combine.
This story was emphatically denied last
evening by Thomas l.. chadbourne, at
torney for the six company merger.
Texas Gulf Sulphur established a new
high for the move at 49,. 1t Is believed
that earnings Of this company are run
ming at a rate which would Justify eI
pectations of an increase in the dividend.
However, il is not anticipated that any
such action will be taken at the next
dividend meeting, but rather later in
the year.
Time money is stiIl easy in the mar
- apdr eported that thirty,
t. enay money was loaned
at per Cent, the lowest rate since late
In 1919.
Kayser stock recovered to AL, after
touching 43 on selling based mainly upon
disappointment over the failure of di-
rectors to act on the dividend ar Tues
days meeting 1t is probable that lack
of action was due TO the absence OF
President Bayer, who is abroad at pres
ent.
The Miami Copper Company has settled
its litigation with the Minerals Sapara
tion Corporation. 1t Is reported that this
settlement does not involve payment for
past infringements or litigation. but that
it is based upon lisence fees for present
and future use OF the process.
Merger talk is filling Wall street on
ALI sides and, in addition to the steel
me- S~l mn a fp1 or hat
tiated a sugar merger is practically com
pleted. The street is looking for q mer-
ger of several of the leading copper com
panies, as well as combine of half
dozen small independent steel companies
In the Pittsburgh district. merger of
large tool interests Is anticipated, az
are further combines In the motor in
dustry.
National Lead common touched 9Sls,
this representing gain of better than
Cornish said he knew Of nothing to cause
the furry In National Lead common.
There has been no change in conditions
and no change in the dividend is to be
expected.
interests in the Street Is conferred on
the dinner to be given by President Hard
ing TO prominent steel men tomorrow
evening. In view Of the fact that the
President is to entertain sixteen of the
leading railway executives on May 70.
and later on is expected TO confer with
leading coal men over the dinner table.
the financial district is watching with
interest to see what trend OF action will
he developed at the first u these meetings
as guide post for the others.
Although Wall street is committed to
the belief that a copper merger may be
expected in the near future S. r. Gug
genheim stated that this was not being
discussed a: the present time. Mr. Gug-
genheim made il plain, however. that he
was not speaking for any period other
than the present. Inasmuch as most OF
the copper companies mentioned belong
10 the Guggenheim group. this denial eff
fectually killed the copper merger rumor
The companies mentioned were Ken
necott, Chile, Braden, Utah and Mother
Lode.
Atlantic Gulf and West Indies pre-
ferred. which has been selling about 10
points below he common. is attracting in
terest among the speculative element. and
in some quarters Ii is said that this is
sue Is being groomed for a rise to po-
sition more in line with other preferred
stocks.-Copyright, 1922. by Public
Ledger Company.