Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-04-28
WALL STREET GOSSIP
By MONITOR.

NEN 4Okh. Apru -N.-Desplte various
rumorS To the contrary which have been
afoat In the Street for some time Beth
iehem steel yesterday declared the recu-
Lar dividends on both the common and
the preferred lis Tt4aS. In iterrieW after he
meeting. President Grace stated thar not
withStanaiag the fact tina dividend re-
qulrementS were not earn. 4 durin@ the
''lart"r. the directors felt justified in
declaring the usual dividends In view Of
he surplus earnings accumulated dur
inc the past year. the decided improve
mouf in business as reflected in the
marked increase in the volume Of orders
az higher prices and the strong cash DO
sition Of the corporation.
New York Central he sold it. con
trolling interest in the ne Erie x West
ern 10 the Van Swerin@ interests. which
coatrol the Nickel pI: t. A II Har-
rjs- vice president Of the New York Cen
trail confirmed the sale Yesterday
N.w York Central owned - 400 share
81 preferred. the whole being sold
he Cleveland interests is in line with
ne consolidation plans outlined by VII
lam T. Ripley. which excluded he Lake
Uric * We IN from tho New York Cen
trail Svstrm. II will he recalled that he
Van SwoTingens recently acquired control
4 the Glover Leaf
New York Airhrake was decidedly firm.
and established a new high. showing Il
net gain If points early in ne day.
The prospects If this company are said
to he very bright al the present time and
IL is believed that the plants should be
working at full capacity by May J.
The Gulf state SteeIs report for the
first quarter shows LET opcratin-e income
~ SiGGaGG and 4 balance. after taxes.
&C.. II $S031G
Traders are looking for rather uu-
faxnra 70 Nidvale steel report 20 Ice is
~T"i within tile next few days rs this
port Should show about the same rs
Hr n-feJ States Steel Corporation ard
fia bethlehem steel reports. hut ii is
believed that the report Sh1rlI also
show the same steady rate of improve
meHt-
With the rising tendency in The iaar-
ket as whole apparently che .Eod for
the time being, traders are a-tamrting
70 analyZe the inherent strength Of the
market bases. There is no inclination 10
look for continuation OF the me So
ries Of explosive advances. as IL j. real
led that the first heavy burst Of buy-
ing has spent its force. Longs who ac-
cumUlated their stock consider bly, re
low todGv's levels are apparently taking
profits. and this move must be com
pieted before secondary movement can
30 eVnocted. and II IS the basis of the
secondary move that is being considered
DESPITE the tremendous bond offerings
over the nasf two months. he money
market still exhibits considerable re-
-ilirurr- Il is believed thar bankers are
supporting this market II Is not con-
~iH"rei p-oh1hlC that IL viii 10 allowed
10 lag until these new issues have been
fully absorbed.
Computing & Tabulatin< will hereafter
Issue reports quarterly. aqd the state
ment for the first quarter Of this year
is due in the near future. II is I'M
terStuod that the statement should show
first quarter earnings ar the rate Of
about SEQ per share, and the stdck is
holding drm on the strength Of this
belief.
The earnings Of ReplogIe steel for the
first GU7r.or amounted TO sol 40 or a
net Of S1'.516 after payments on current
loans.
Tho Lehigh Valley report for the first
quarter will show operating revenues II
Nl1,2f"-lS. as against SlT. 6@2S75 last year
Tor the same period. Operating expenses
however. show substantial decrease and
amounted 10 but SI4 SEQ 80 against Sis
5li.47i. Net income for tho period was
S2.1H Az against bur 81 .4fa0i9 The most
encouraging thing abont the report is the
operating ratio. which has dropped To
SO Per cent this year as against 1851
per cent last year.
The rail stocks arc marking time pend
ing the Interstate Commerce Commission
rate decision In local railroad circles
il Is believed that total rate cuts will
amount - about 500 0GO OoO. this in
Guiding a 10 per cent cut on cial amount
ing to SllGaU0UtW plus 500 .UnNA which
would be lost to tie roads through the
extension of the voluntary 10 per cent
cut on certain agricultural products ag-
cregatiug SJJ.OG00oo and ny a 10 per cent
cut on some basic building materials
which would amount to about 500 0G0. coo
II is also expected that the wage decision
may be expected TO he operative by July
I. and il is the opinion Of railroad men
that the roads are conservative in looking
for a decrease OF about $4,000 600 in
their wage bill, which would make the
rate cuts about a Standoff The roads are
asking for total wage cuts of $50 NOa. 600
including train service men, but hardly
expect to have their request granted i'm
full.-Cc.~. light, 1922, by Public Ledger
Company