Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-04-07
WALL STREET GOSSIP
BY MONITOR.

NEW YORK, April 7.-Ontario &
Western, and to some extent New Haven
were taken on heavy scales yesterday.
In Ontario & Western. buying was based
on revival of thl. story that the New
York Central rs renewed its offer to
the New Haven for purchase Of 29l. 600
shares Of Ontario x Western stock held
by that road. This would give the New
York Central control, and as this road
has superior facilities for helping its
smaller subsidiaE les. the position of the
minority stockholders in Ontario u West
ern viii be greatly improved. The story
going the rounds is that the New York
Central has offered New Haven $50 per
share for its Ontario * Western stock.
In the market here Ontario & Western
sold above 50, but soon reacted TO point
slightly below that level.
Car Ioadings for st. Paul during March
were more than double those for the same
month a year ago.
Buying in Royal Dutch, which carried
that issue to 4 new high. is based on O
hope for modification of taxes. this expec-
tatlOn being apparently justified by the
cancellation Of the oil tax in the Dutch
East Indies.
Further optimistic lights were shed on
the automobile Industry by the state
Unent of the Packard Company, showing
and the single-six than could be shipped
with truck sales Slso increased. At the
same time John y. WHY'S, who has lust
returned to headquarters from 4 quick
trip around the principal WHY'S Over
land distributors. sees g very cheerful
outlook for the remainder of the year
and declared that sales were making
new high records since the turn in bust
ness first came.
The tremendous trading here is bring
ing about a new crop of rumOrS hourly,
one of the attest being talk Of 4 Rep
logic and Empire Steel merger, with
Replogle taking over the Empire.
General improvement throughout the
country, with consequent increase in
purchasing power on the part Of farmers
and Others who make up the clientele of
the mail order hOnses, is responsible for
improving sentiment on Sears RoeLuck
and Montgomery Ward. the first COM
panies likely to reap the benefit of this
improvement.
Mexican Petroleum was the outstand-
ing star of the afternoon movement, and
with exceptionally heavy trading, the
stock moved up to 1905 and closed very
near the high. This rise of about 6
points is based first upon the better ad-
vices from the Mexican oil fields; sec
Ond, upon the agitation for recognition
Of Mexico, and third, as 4 sympathetic
movement with oils and industrials gen
orally in the current bull market.
Stocks of the electric and electric SUP
ply companies are being steadily alb
sOrbed because Of the general improve
ment in underlying conditions in this
industry. Buying of electric equipment
by public utilities is coming into the
market in constantly increasing volume,
and in quarters close to the larger com
panies, it is asserted that buying Of this
nature should come very near to the
billion dollar mark this year. At the
same time the country wide craze fo1
radio equipment is also helping these
companies as well as the smaller compa-
MES. and such local companies as Man
haitian Electric Supply Company and
Others
Brooklyn Rapid Transit issues are
meeting with Fair support on the theory
that this company has passed the worst
IF its troubles and that a rehabilitation
program should prove successful. The
net earnings Of the cOmpany's subway
and elevated lines have steadily improved.
due in part 10 increased gross earnings
and TO reduced operating costs. The re-
ceiver controller reports that for the
eight months ending Feb. IS, 1922, net
earnings of the company and elevated
lines over operating expenses. taxes. in
tereSt on the S22.9G7O 900 underlying bonds
on the elevated lines and on the receivers
certificates and other prior charges,
% cent
per year on outstanding notes and bonds
statement made by the protective com
mittee advises that there is reason TO
hope for n continued Improvement in net
earnings. Surface lines also show marked
Improvement.
Following the announcement Of heavy
car purchases by the New York Central
James a. McCrea announces for the Penn
sylvania that SS000,0O0 is TO be spent for
new trackage and greater switching IA
Cilities in and around Pittsburgh, and II
is expected that 4 total Of 500, GOO, 900 will
be spent in that district for this purpose
in the present movement to relieve traff &C.
congestion there. This is regarded as
further justification for the movement in
the various equipment and railway sup
ply stocks.
Production OF 7.445,OOO pounds Of COP
per during six weeks ended March 81 bv
Inspiration indicates the revival of
copper operations. This company is now
working thirteen of its twenty units
Caddo Oil, which is thought in some
quarters TO be selling out of line with
other oil stocks, picked up a bit today
and it Is reported that ut least two prom
inert stock houses here are planning for
"a Movement in the stOck.-Copyright
1922. ry Public Ledger Company.