Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-04-04

NEW YORK, April 4.-The oils and
motors played 4 prominent part in what
proved to be the biggest day Of the year
SO far on the stock exchange yesterday,
the number of shares totalllng 1874 800.
Royal Dutch and Pacific Oil assumed
the lead in that division, with Stude-
baker and the cheaper motors con
tributing "A large part Of the activity.
New highs We're the order of the day,
with United States Steel leading a brisk
upward movement in the steel group. In
spiration for this movement Is found in
current operating figures for the industry
which are gaining weekly.
The meeting of the Studehaker Com
pany to be held In Jersey City tOmor-
row is expected to show earnings at the
rate of SO per share for the quarter, or
$40 per year, amounting 30 S7.oOO,No.
DUNG the first quarter 30Oo0 cars were
shipped ou' by the company. StudC-
baker was taken we'll in hand yesterday
and with trading on an exceptionally
heavy scale was moved up TO 11SA, new
high for the year. The close, showing
Il4 net for the day was the market re-
Election of tomorrow meeting The pools
handling Studebaker, Chandler and other
leading motors are meeting with con.
[istcnt success, and their ranks were
further augmented today by some smaller
or rather the lower priced stocks.
General Motors and the Pierce Arrow
issues moved with the rest Of the list.
the latter being influenced by renewed
rumors Of possible mergers. The Inter
national Motors issues were rather quiet
and only moved fractionaliy. Interest
closely connected with the management
OF this latter company are very optl-
mlstic concerning the success Of the new
motor rail car, which is being tried out
L.. 1 tF-..a 4
though, as yet, the new system Is hardly
past the experimental stage, very
few cars being actually in use in revenue
service. The rail car industry Is still in
It's infancy, and it IS questionable as 10
whether the efforts Of the White Com
pany and others are even advanced so far
as those Of the international, or, as the
company will be known after April Is,
Mack Trucks Inc.
with steel operations up to IS per cent
of normal capacity In some plants and
sharp rise in the steel stocks furnished
no surprise in the market. After several
vain attempts Eauadium succeeded IN
crossing 40, and The closing rate OF
AZ was but 8 Of point under the high
or the year, made earlier In the day.
United States steel was taken in large
blocks, and, by a coincidence, the turn
over in steel and Studebaker was exactly
the same The Bethlehem issues were
strong ana materially higher. with the
meeting due Tuesday in New York the ac-
ton of the market would seem 10 cast
some doubt on a report circulated here
earlier in the week Of the probability of
a reduction in the dividend rate. AS n
matter Of fact. It Is generally believed
there that higher steel prices Will be an
nounccd. In view Of Bethlehems very
good report for 1921 and the present
growing Improvement in the steel indus
try, there is little doubt but that any re-
duction IN the Bethlehem rate would
come as great surprise.
The coppers failed to reflect the i'm
proyement in the steel group and seem
iHgly Utah the smelling ISSUES and other
c0ppers have shot their bolt for the time
being. Copper metal is not holding so
firmly here as it has been and it is re-
ported that the market price Of 12H
cents for second quarter delivery can
be shaded by second hands.
With the steel showing steadily higher
under the stimulus of general improve
ment, 1t was only natural to expect the
rail equipment issues and other large
steer consumers to follow suit. American
Can reflected the general improvement in
its own line with new high for the year
at 10. Baldwin Locomotive and American
Locomotive were both substantially
higher. while Lima Locomotive. which
has been holding its own with the other
locomotive issues, was quiet and hardly
changed. Large things are expected OF
Lima by those who are in close toucn
with the management who arc backing
on the fact that the stock of the COM
pany is closely held by men prominent
in the railroad world, and who have eX-
cellent opportunities of throwing bust
ness to this company. 1t is not impr0b-
able that any further substantial advance
in Lima would bring a certain degree of
distribution.
Pacific Oil and Mexican Petroleum