Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-04-14
WALL STREET GOSSIP
~ MONITOR


NEW YORK, april 14.-American
Wooden was strong here yesterday as
result Of recent optimistic statements
made as to the condition Of the industry
and as a more direct reflection Of the
advances made of from 10 TO 70 cents per
yard in cloth prices This advance was
largely an attempt 20 adjust finished
cloth prices 10 hI. Ter raw material
prices.
Pierce-Arrow aud Lafayette are TO
merge in the near future, according 10
an announcement made BY directors OF
both companies in session here yeSter-
day. So far only tentative plans have
been adopted and further details viii be
worked out in the near future. Al
though President Charles W Nash OF the
Nash Motors Company, who is also
president OF the Lafayette Motors, is 10
head the new consolidated company.
Nash Motors, as q company, Is TO have
no interest in the merger. Pierce Arrow
has advanced more than three points in
the last two days.
Reports just received by the car service
division Of the American Railway AsSo-
citation show that So OIL cars were load
ed Uith revenue freight on American
railroads during the week which ended
April l last compared with S46,O15 during
the previous week, or decrease OF ~
GA cars This was, however, 1oS.S4O
cars in excess Of the total for the CORE
spending week last year, but 81 SIG be-
low that for the corresponding week in
1920.
Original estimates as 20 the market
price on the new Repiog!e stock were
pitched q bit too high. and it developed
that the $4,000 new shares to be issued
viii be offered TO stockholders at $50 per
share. The proceeds Of this, expected 10
net about S3.J00OO0. will be applied
against the purchase Of the Empire Steel
and Iron Company capital Stockholders
VIII have until May 10 subscribe The
new issue increases ReplOgle Outstand-
ing stock by 80 per cent. There are no
bonds or preferred stock Of the company
The General Motors annual report
showed q dehcit Of SIS, 6S).TT0 for 1921,
as against & net income Of S3I, 80, SO, or
the equivalent Of S1.oS per share on the
common for 1921. General Motors was
rattle rinactive here yesterday, and
closed with a fractional loss.
The Ann Arbor report for March is q
reflection Of the steady Improvement in
rail- operations. This company showed
gFuss earnings during the month of
S436631. as against but S36O.O5T in the
same month a year ago, or a gain of
212T per cent. Gross revenue freight
carried during the period increased
So.IS per cent.
Fisher Body and Mullins Body are ex-
pected TO show greatly increased earn
ingS as q result of the Improvement in
motor buying According TO reliable re-
ports, the Detroit and Cleveland plants
or the Fisher Company are flooded with
more business than they can accept,
while the Mullins plans In Salem Ohio,
is in much the same condition, with the
managers making every effort to locate
experienced body builders,
Sinclair Oil is being well taken here
eEnEELarlnnS he
Mexican seabOard holdings and also as a
result OF the sign1n gOf a contract be-
tween this company and the Government
providing for Development of the tire
mendOus oil reserves of Teapot Dome in
Wyoming. Il is expected that some &C
tiOn will be taken on the Sinclair divi-
dend around the end Of this year or
early next
Northern Pacific is joining the other
roads In caring for part OF its equip
ment needs now, and is buying 1000 re
frigerating cars from the American Car
and Foundry at a total Of S2,SOO.00O. The
road is also buying block signal equip
ment amounting TO about 100000.
Anglo-American oil is now enables to
make a profit on its dollar notes, which
were put out when Sterling was s. 81
With Sterling above 81 40, the company
has all the advantage of the advance in
exchange, and the total of $15.OOOOOO
ture Of about $50 100000.
Inspiration Copper, which shows a
loss Of 81, 20 421 for 1921 operations. re-
fleets the long shutdown extending from
April 1, after which time the mere hold
ing of the property meant a monthly
loss. However, this condition has been
fully discounted IN the market, and In
spiratiOn is now bought on its 1922 pros
poets.
Royal Dutch received further encour-
agement from the report that its new
well at La Corona has an initial how
Of 10000 barrels.
Atlantic Gulf and West Indies, one Of
the stocks which is affected By the pos
sibility OF the new ship subsidy measure.
is making a fair showing at the present
time. Earnings at the current rate are
in excess of the interest on the $4,000 600
collateral trust rs. The company. with
100000 on hand, is steadily improy-
ing It's cash position. and 1t is probable
that the bank loans of 81 800 600 which
had been extended until Oct. 1, will be
paid OF when due.-Copyright, 1922, by
D<lblio Ledger Company.