Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-04-12
WALL STREET GOSSIP
RY MONITOR.

NEW YORK, Aprn 12-StuOeDdkef
and Chandler turned upward again yes
terday, and ii is probable that bear
traders are the worse for the movement.
Much of the buying just below 40 in
Studebaker is supposed to have been
Execution Of stop orders placed by shorts
who were playing for reaction. Chand-
Ter is holding its place at a proper in
terval below Studebaker, but shorts In
this issue are growing more wary
despite the general impression that the
present market for Studebaker is all that
the stock justines.
Otis Steel. moving above 16. a new high
for the year, is acting as generally eX-
pected in the market. The pool behind
this stock, basing calculations on the
favorable sentiment in the market for
teels, is further encouraged by the
fact that March tonnage handled by this
company was the heaviest for any month
in InOEe than year.
Union Bag and Paper is to take ad
vantage of the present easy money mar
ket conditions to raise long time work
ing capital and is planning TO issue
S1j.0lO.OO0 in bonds for this purpose,
although only about half Of this amount
is expected to come out at this time.
Mexican Petroleum appears headed to-
ward another of its own peculiar trad
ing swings. ana COulmlSSGO0 HOUSES uEEe
with large market fOllOwings are warn
ing of the danger of fighting the move
ment.
Although Stromberg Carbureter earn
ings for 1921 were very much below
those for the preceding year. the stock
is now joining in the general motor and
motor accessory advances. One large
stock exchange house with many
branches is reputed to fre taking the lead
il the Stromberg buying.
American Writing Paper is much talked
Of as one of the stocks which should
soon benefit from the general business
revival throughout the country Inc
mills of this company are now thought
to be operating at about so per cent
of capacity as against lC-s than 60 per
cent al the beginning of the year.
Railroad earning sSeports issued Mon
Gay included Rock Island earning at the
rate Of S2-0J per share on the common
stock. and Northern Pacific with net
earnings Of 81. O6j, 399, as compared with
S19,004, 1S3 in 1920.
Expectations of an extra dividend on
WoolwOrth were used as a buying argu-
ment on May Department Stores today,
this advice being sent out by at least
one prominent Broadway house.
Texas Company is somewhat of a dis
appointment to its followers because of
it's comparative inactivity. IEasmuch rs
Texas Company depends upon its large
foreign business for a good deal of its
earnings, the only items of Importance in
the immediate future of the company
which would Justify bullish operations.
are the potential possibilities of the sui
phDr contract entered into with the Free
port Texas Company to operate the Hos
kin Mound Sulphur deposits. As the
contingent royalty received by Texas
Company will amount 10 80 per cent OF
the net profits until the operating com
pany has received its original investment
back and from there on 40 per cent this
contract offers possibilities of the kind
needed in a bull market. On the other
hand. with book value Of slightly more
than S37 per share. and bearing in mind
the fact that the dividend disbursements
for 1921 called for just about twice swhat
the company earned during tn year
traders are of the opinion that 'xas is
doing all that could be asked it in
maintaining its present position.
John D. Ryan. chairman Of the board
Of the Anaconda Copper Company, is
sending a personal letter to the 10000
stockholders Of the company urging them
to do their utmost in promoting a more
general use cI copper metal Mr.. Ryan S
thesis is perhaps summed up In his clos
ing paragraph: @IEinvidual effort along
these lines might not count for much, but
if 10000 of us go to work al it, we are
bound TO get results that will show in
conditions in the metal market and in
the earnings of the company"
Shipping and Allied shares are coming
in for a bit of attention now. and it is
regarded as significant here that the z
per cent bonds, as well as the stock of
The Atlantic Fruit Company. are selling
in new high ground for the year, with
trading rather active. Fears of an as
,is.eni ON the stock have been allayed.
md it is believed probable that the pro-
tective committee handling the bonds.
now in default. should soon make public
reorganization plan. Among various
rumors in circulation concerning Allan
tic Fruit, is one that German shipping
interests are seeking control of the COM
pany.
In securing the contract for the man
ufacture of frames for the Durant Motors
Company, Parish and Bingham are now
in the position of furnishing more han 60
per cent Of the entire volume of frames
used in the motor industry-COpyright
1922, by Public Ledger Company.
CHICAGO PRODUCE.
CHICAGO, April misunderstanding
6.942 tubs; creamery extras, 351Ac: stand
ards. Soc; firsts, 32634Ac; packing stock
16G1Sc. Eggs-Receipts, 24,J0S cases
.eo4f - :.