Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-04-10

153.OOO. 600 pounds still in blister. High
record figures for the industry, useful
only as Il basis for extreme comparison,
show lGO.00O.000 pounds per month pro-
GuctiOn made in 1916, record imports of
4S,0O0OOO pounds per month in 1917, rec
ord exports of 94C00,000 pounds in 1917,
and record domestic consumption 13S,
100000 pounds in 1916.
An aftermath of the strong upward
movement in the motors on the exchange
is reflected in growing activity in Durant
on the curb here. with much of the buy
ing attributed TO houses which usually
act for the Durat interests.
II is regarded as probable that de-
tails Of a ReplOgle Empire Steel merger
will be announced early next week, prob
sbly Monday. The general opinion IS
that such deal has been or is very near
to completion. This is bringing to light
renewal of merger talk in other cOmpa
MES, with emphasis placed on Midvale' s
natural position as the keystone of mer-
gers of other Independents. The strong
cash position of this company, which, on
Dec 81, showed total net assets ap-
plicaLle to capital stock Of Sl3S,l3i .2lI,
which is at the rate Of SI9.OI per share
on the outstanding stock, Is an i'm
purtant item. For this reason Midvale
selling around 34i2 is being watched
closely for any signs Of real buying from
Pittsburgh.
The keystone Tire and Rubber re-
port showing net loss of S6IS.O59. as
against a loss of but S3l7.I00, was ac-
cepted here as just one more evidence
Of the general adverse business condi-
tions in 1921, and it is .belyieved that
this company, as well as other rubber
companies. is well past the peak of its
troubles, and that the report, as a whole,
has been discounted by the general
of
past year The current movement IN
the raler market is extremely interesting
to followers of the rubber stocks. espec-
tally those with fair sized inventories.
The New York rubber market Is very
strong, and so far this week has ad
vInced > cents per pound. with busl-
ness on the brOa1est scale for an time
this year
The Market Street Railways appears
to be excetionally we'll placed at the
present time as a result OF the last offer
made by the city of san Francisco to the
United Railways Investment Company,
controllers of the property. The city
commission. after inStructlnS IT'S own
engineers TO appraise the property and
receiving an estimate of SiOOoO.po,
shaved the engineers estimate to $50
CO0OOl and have made this offer 10 the
controlling company, this being con
Sidprcd under replacement costs and de-
DismiSsiuc the possibility of the city
raising its offer, the situation as II
stands under present conditions means
thar a price of $:i5.000000 to the COM
pany would retire S14,GO0OO0 in bonds
new selling ut 63, would retire the $40.
10000 first preferred at par, these now
selling at IS: and would retire the So
OO0C01 second preferred at par. these
now selling at Is; but leave nothing for
the common stock. which is holding AT 8
on the market here.
With the proceeds from the sale Of
their Market Street Railway securities
some SlOoO3 900 10 S12.O00,00O. the United
Railways Investment Company would be
in a position 10 retire most Of its out
standing S14000.G00 bond issue. ana have
its holdings of the Philadelphia company
comprising 90 per cent of the entire
capitalization Of that company free as
this issue is now pledged as security for
the SI4.O0O,OO0 United Railway bond
issues. 1t is believed here that this
would be followed 10y a reorganization
which would give common and preferred
stockholders Of the United Railway a
new class of stock which would then be
able to show a huge earning power.