Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-04-05


WALL STREET GOSSIP
BY MONITOR.
NEW YORK. April 5-Studebaker. as
usual. was one Of the high lights Of yes
tcrday's market, the opening being the
high fer the day. Developments at the
Jersey City meeting were as favorable
as might have been expected Production
for the first quarter was 26,615 cars, and
the schedule for the second quarter calls
for 10000 cArs.zs.Aew sales records were
made in Hsarax egsI azszenssg. during
the quarter
Directors Of PeFe Marquette meet
Wednesday in New YORK, and it is ex-
pected that some action will be taken
on the ACCUMULATION Of . per cent on
the preferred stock. this being for the
year 1921. 1t viii be remembered that
the total accumulation of 10 per cent
on this issue was brought down to the
present basis in December, when 10 per
cent was paid off. and it would not be
greatly surprising if the directors de-
cided to pay the last ) per cent at this
meeting. If no such action is taken,
it is expected that the directors will
inaugUrate current payments for 1922
to prevent further accumulation Of these
dividends.
Various rumOrs which have been going
the rounds regarding Pierce-Arrow and
a possible merger with Nash Motors
and other motor companies received a
setback when N. Z. Forbes. vice presi-
~Qent and general manager Of the Pierce
Arrow Company. denied that he knew
Of any such contemplated merger.
Despite sharp periods OF irregularity,
Dawson Chemical held rather closely to
the new trading areas established after
a new high had been made above 81. The
main reason for strength in Dawson at
this time is its ownership Of some 2O0,-
OO0 shares of Silica Gel process. For
some time it has been expected that
contract would be signed with leading oil
interests for this process, and it is now
believed practically certain that this deal
will be cOnsummated before the week is
out. The Silica Gel method has Lardly
been tried ut on a commercial scale as
yet, and it is probably that operation on
this contract will furnish it a very effec-
tive trial.
Computing, TabuIating & Recording
failed to maintain the firm tone shown
in Mondays trading. 4 rumOr is about
the street that the present ST dividend
rate will be raised 50 81. At the annual
meeting Willis II. Booth, vice president
of the Guaranty Trust Company, was
elected director TO succeed the late John
3. Stansfeld.
Baldwin Locomotive followed the gen.
eral trend Of the market and. like other
leaders, made its high for the day in
the first trading hours. President Sam
uel VI. Yauclain of the company is very
optimistic on the outlook for the bal
ance Of the current year, and expects
that, at the present rate Of increase, OPP
eratiOns will be at the rate of % per
cent of capacity before the year is out.
At the present time Baldwin is booking
new business at the rate Of 100000 per
week or better. Orders from domestic
sources during March included sixty
engines valued at more than 100000
This equals January and February busi-
ness combined.
Reports which have been current in
the financial district here for the past
week or so to the effect that adverse
dividend action might be expected on the
Bethlehem stocks were set at rest to-
day at the Newark meeting. Charles
VI. Schwab, chairman CT the board, and
Z. G.. Grace, president, stated after the
meeting that there is absolutely no basis
for the report that directors were con-
sidering reduction or the passing of the
dividend on the a and B stocks at this
time.
industrial Alcohol was an exception to
the general trading tone and was weak
all during the session, the preferred
selling down around its low levels for
the year, while the common also showed
4 substantial loss. This weakness was
in anticipation of the annual report, as
advance gossip had it this report would
be rather gloomy. The statement for
1921 issued after the close of the market
showed earnings after operating ex-
penses, and repairs of S14S6,041, COM
pared with 50 1O2, SCI in the preceding
year and n deficit after preferred and
common dividends of S635.36S. eontrasted
with a surplus Of 5000, 49S in 1920
Allied Chemical was fairly steady
within a two point trading area. and
at the close managed to hold a frac-
tional gain for the day. The annual re-
IOrt which is due within the next week
or so is expected to show n very strong
financial position. this being advanced as
the reason for the recent good buying
in the issue.-Copyright. 1922, by Public
Ledger Company.
49, = y - ~ = n & f62r1@1Fz