Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-05-23

NEW 1ORh, May Zo.-Reaction In
stocks in the last half hour or so of
trading yesterday was a direct reflection
OF the sharp advance in call money rates
to basis Of per cent
United States Steel at 1921 was in
lew high ground for the year. As
matter OF fact, steel had not sold at
this price since 1920.
Coppers are still firm on continual
improvement in the export metal mar
ket. Copper for export is now held at
13Isc here, and there is a disposition u
look for a lie market for large lots
The demand Is exceptionally strong and
is making heavy inroads into surplus
stocks. II Is estimated that copper tax
tngs so far this month amount 10 aobut
1oU,u00.0Oo pounds.
Allied Chemical was strong and active
EeTe II the early trading and worked
within a narrow fraction Of the years
high. IL is believed that earnings dur
ing the first quarter should show bal
Rnce of about So per share or better for
the common stock
Equipment stocks in general are strong.
as reflection of the intention expressed
ct the White House dinner of taking fur
Their steps 10 put railroad operations on
more efficient basis. This is taken
as pointing To further purchases OF
equipment and locomotives by the roads
Baldwin Locomotive is working along
steadily and business is reported as very
good. However. at the directors meeting
next Thursday 1t is not believed that
anything but the regular 3l2 per cent
semi annual dividend will be declared
The quarterly report of the Delaware,
Lackawanna & Western showed a sur
Plus, after taxes and charges, of S3.777.-
sos, as compared with S5,51S,69S In the
hrst quarter year ago.
1t is reported that the basis Of ex-
change for securities of the National
Sugar Company and the Cuban American
Company will net stockholders of the Ma
tional one share OF common and one share
of preferred In Cuban American for each
has not yet been completed. it is ex-
pected that final details will be ANNOUNCED
within few days.
Accompanied by the customary state
ment OF consistently good business. Stu
debaker advanced above 123 in the morn
ing movement This might be considered
new high because of the "a per cent
dividend recently deducted from the mar
ket price.
1t is learned that the Al 900 shares of
National Bank of Commerce recently pur-
chased from two life insurance companies
by local syndicate will be offered at
The Boston & Maine report for the
first quarter gross earnings of s1s.567 .a62,
an increase OF So64, 12i over the same
period a year ago. Net earnings after
} payment of taxes was S1,753 no. an in
/, crease of 4,762,543. The deficit after All
charges was but S5o1. S61 this making a
decrease In the deficit of S4,657,149.
New Haven. Erie and ST. PauI con
hnued 10 lead the rail group. Much IF
the buying OF New Haven and ST Paul
Is ascribed to a banking group. which
has been accommodating these stocks in
large blocks. Street gossip on New Ha-
ven is very optimistic, and in some quar-
tiers there Is a disposition to believe that
the stock may touch so on the move.
Following his statement In New York.
President J. A. Campbell OF the Youngs-
town Sheet and Tube made n full denial
In Youngstown of the Bethlehem Ioungs-
town merger rumors.
The Hudson Motor Car Company has
initiated dividends at the rate Of 80 cents
per share. Recently, when the Hudson
and Essex Motor Companies We're com
bined, Il was stated that dividends would
be inauguarated in June on the basis of
u per share annually. The company is
doing a very good business at the present
time and reports record breaking sales
Transcontinental OIL reports a we'll
flowing 1900 barrels per day in the
Greek County fields of 0klahoma-Capy-
right. 1922, by Public Ledger CompanF