Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-04-06
WALL STREET GOSSIP
BY MONITOR.

NEW YORK, April Cit is believed
probable that a block of the proposed
new Illinois Central preferred stock may
be issued after the stockholders meet
ing to be held April 10, when directors
viii ask for authority to make a new
issue not exceeding s5O,OOO.OO0. Divi-
dends will be fixed on each block as
It is issued. but not to exceed a per
cent non-cumulative basis.
As expected, directors OF the Pere
Marquette, at the meeting here yester-
day, decided on payment of 1 per
cent on the per cent preferred stock.
which is in arrears for its 1921 divi-
dend- AT the same time directors de-
clared disbursement OF % per cent
for the first four months Of this year.
Hereafter, the dividends on both the
preferred and the prior preferred will
be paid on the same date in quarterly
periods.
Chambers new high yesterday was ac-
credited 10 operations of a group outside
'~of the regular pool. which took adyan-
tage Of the short interest for a quick
run-up. The short interest in Chandler
had been lulled into a false sense of
security by the apparent apathy of this
issue in the face of the strong upward
Anaconda. KennecOtt. Inspiration
American Smelling and Utah were well
favored in the copper group. American
smelling working to new high for the
year. The cOpperS are holding well, AID
1t appears that, acting al a group, they
Will again join in the upward movement
in the general list. One prominent
Broadway house has been advising that
Utah was being grOOmed for a rise while
tins other stacks n 1oaL-
ing. improvement in the copper indus
try is marked and is accentuated by the
fact that American Smelting's January
earnings were at the annual rate of 81
per share on the common.
Traders who are watching the conner
stocks figure that the total supply of re-
fined and blister copper now on hand does
not exceed 5J0,O00,OO0 pounds, and that
this supply is not excessive when the
current consumption rate of 16O,OOO.0O0
pounds Per month or more is taken into
consideration. By midsummer production
Of domestic mines should be at the rate
Of S0.GO0,OOO pounds per month. and even
presuming that this midsummer schedule
could be inaugurated within one month
the total supply Of copper at the current
rate of consumption would last less than
half a year and would necessitate produc-
ton on much larger scale before the
end Of that period. Germany continues
IS the leading foreign customer for our
metal
4 sidelight on the general improvement
in business is furnished By the state
inent issued to Remington Typewriter
stockholders by President Frank y. Con-
dOlf, who declared that the past year
showed an improvement in the general
condition of the company. and that he
looks for a continuation Of the improve
ment during the current year. Incl
dentally. Mr.. COndOlf expressed the hope
that a resumption Of dividends on Rem
ington may accompany this improvement.
The equipment stocks have been fol-
lowing the improvement in the rails and
the steels on the theory that the railroads
could hardly ignore maintenance and up
keep Of equipment items TO the same
extent that these have been ignored TO
large extent up to now. The action of
New York Central in placing an order
for 1900 cars seemingly Justiies this
expectation. this being one of the largest
car orders which has been placed for
some time.
The steel stocks are holding generally
steady with Il case of all news being
good news. Announcement was made to-
lay of higher sheet steel prices by a
subsidiary of the United States Steel
Corporation. this being in line with the
policy of the corporation TO follow ad
vances made by Independents rather than
W AdhC thE AAAtAdtAhF III sum llthcS II
is believed probable that the untitled
tonnage statement of the leadtn;. infer-
est to be issued next Monday will show
a very large increase for the month Of
March.
With the leading motor AMI motor &C.
ressOry stocks taking full advantage
II the present upsVing in the market.
reports are current that some of the
smaller motor companies, which have
lain dormant for n long time NAV ha
prOdded into aeticyity. Saxon Motors
has enjoyed some rather strong move
ments in the past. is one of these spoken
81 and it is reported that a pool is now
in process Of formation to exploit This
issue-Copyright 1922, by Public Led
ger Company.