Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-04-27
". Y. Stock Gossip
RY MONITOR


NEW YORK. April 27.-Bethlehem
Steel eased of in the final trading yes
terddy and the "B" stock closed with n
fractional loss for the day. Directors Of
the company met today to take ac-
ton on the dividend. and advance in
dications are conflicting. In some
quarters IL Is assumed that a reduc-
ton in the dividend can be expected
despite the general improvement in prac-
silly all phases Of the steel industry.
Although steel merger rumors and re-
ports lack official confirmation and in
some quarters have been denied, it is
ccepted as common fact that meet
ings are being held regularly on this
,UnJect and the feeling is further en-
phasized by the action of the leading
stock, which may be incorporated into
the merger when and Il it is perfected.
For instance, Republic and Crucible. al
though the latter has not been mentioned
as possible factor. were decidedly
strong. and both advanced more than two
points. while Midvale Steel also has been
showing consistent frmness lately. Other
Independents are more than holding their
own in the general market.
Although the Ontario Western, March
gross was not great deal higher than
that for the same month 4 year ago,
the net operating revenue showed a de-
cided improvement, this also applying TO
the report for the first quarter. The
statement showed gross earnings Of ST.
1904 37 for March. against 81 053. 173 last
year, with the net for the month $1SS.-
425 as compared with a deficit of S29 595
for March 1921. The first quarter gross
was S294G,667. compared with s.. 9S2, 04O,
with net Of S171,10i as against de-
felt of SSH.
LoadinGs of revenue freight totaled T06.-
rs cars in the week ended April 10, COM
pared with !14.26S in the previous week,
decrease of 1.555 cars This was, how
ever, an increase OF 4.J9I over the cor
responding week in 1921 and I05,O1S in
excess of the corresponding week in 1920,
when the unauthorized strike OF switch
men seriously. affected transportation.
Despite the heavy volume of new bond
offerings, the call money markets dis
play an inherent easiness. and call loans,
which closed at 4 per cent Monday, re-
newed at 81 per cent yesterday.
Studebaker is meeting with a confus-
ing cross-current of sentiment at pres
ent, and the market course of the stock
is erratic as result. On the other
hand, stock interests, which have been
consistently bullish on the issue, appear
to be selling on the belief that at Sat
urday's meeting only the usual dividend
will be declared. In some quarters it
has been hoped that the dividend rate
would be increased, or that an extra
De ueCldEcO. On the OtHeE nanu,
traders who are still Dullish on Stude-
baker. despite the high market valuation
Of the stock. are basing their ideas on
the belief that a very good earnings
statement will be shown at the meeting
aud that this will be found to justify
fully Studebakers market actions.
While Warner Sugars frat quarter
earnings are more or less estimated. il
is accepted that the company will show
about S1,0o0-0O0 which is very nearly
twice earnings for the same quarter 8
year ago.
Standard Copper stocks. especially the
higher priced issues. are hOldinE well or
the current belief that the laI q expan-
sion Of the steel trade as well as general
improvement in most Of the electric com
panies, the prospect of much larger pur-
chases of materials for the account of
public utilities, and in short that the
countrywide business revival will. as a
matter of course. 'necessitate a cores
bonding improvement in the copper in
dustry.
Wall street received its first knowledge
IF the steel report yesterday morning. and
was not bit dissatisfied. despite the fact
hat the corporation not only failed to
earn It's preferred. but was forced to
draw nearly S7000,000 from undivided
surplus to make up the balance on the
preferred ana 10 pay the common. The
street had been expecting n statement
about the same that which was re-
ceived. and the interest of the financial
romm unity was mainly conferred upon the
ratio of earnings at the end of the quar-
ter TO those at the beginning. Although
il IS generally accepted that even the
good rate of operations ut the end OF
March should be exceeded by the aver
age for the second quarter conservative
traders who took the March earnings as
a basis, are confident that the second
quarter will not only show the pre-
ferred and common dividends earned but
will show a comfortable balance to be pui
back into the surplus to make up in part
the first quarter drain.
Blair & Co. and HOrnblower & Weeks
Of New York. and O'Brian, Potter & Co
OF Buffalo have purchased at a private
sale n block of 10000 shares of the new
common stock of the Beechnut Packing
Company, and this will be offered today.
Reports current in the market that New
York Central might have a new issue OF
preferred stock did not receive much
credence and tankers for the property
take the position that an issue of pre-
ferred stock at this time would hardly
be logical thing to expect in a market
in which bond offerings were being re,
ceiyed with such marked favor as al
present.-Copyright, 1922, by Public
Ledger Company.