Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-06-21
WALL STREET GOSSIP
BY MONITOR.

NEW YROK. June 21.-Mexican Pc
,0leum was again the feature yesterday
Ud the drive carried the market TO 17ll&
fore the position became easier. Loan
2 rates were fat TO 1872 per cent
cemium with stock scarce.
Mexican Petroleum and Pan-American
rUld issue their reports this coming
'iday. or the following Monday. 1t is
nerally expected that Mexican Petro-
um viii show earnings for the year Of
Ter share on the common. as against
$50 in 1920 and S1A75 in 1919. With
"a stock making new high for the year
;Ch day. traders are looking back into
q files for past performances.
Call money again eased off in the late
iding. closing at pa per cent, with lit
change in the local s!tu7tion.
Corn Products took its place with the
udustrials. which are recovering sharp
Y. and sold up to 1854, new buying
icing based on the good earning record
the company. At the present time
he company is operating about 60 per
mt of capacity and expects TO reopen
Edgewater plant early next month.
uring the first quarter Corn Products
'rned S3.+7 per share on the common and
-esent earnings are running we'll in
cess Of $50 dividend requirements.
Directors of Great Northern declared
he regular semi-anual dividend on the
took during the day, this action bring
ng in 4 very good buying movement,
which carried the issue up Ak points.
Great Northern is looking forward to a
GOOD improvement in lumber, ore and
rrop movements. However. the road will
suffer in one respect as most of its heavy
traffic will come after July 1 and there
fore come under the lower rate schedules
Buying OF American Ice was OF the
same sort that has preceded other
directors meetings this wear and was
hased on hopes of an extra disbursement
to be declared at the June - meeting.
Current strength in the oils is based
on something more than speculative
activity, as recent reports from the
gasoline markets have been more bullish.
May Is usually n month Of excess con
sumption, as the trade Is inclined to draw
heavily on stocks in anticipation of the
strong summer demand for motor use.
Refners reporting TO the American
Petroleum Institute advise of n de-
crease Of 100000 barrels for the month
these figures embracing 81 per cent Of
the operating capacity Of plants in this
country.
Western reports on Texas Company
are more encouraging and It is said that
oil resources of the company have been
increased largely by several new wells
III
the Gulf Coast section.
Directors Of Maryland Oil decided IN
favor of quarterly dividends at the rate
Of 81 per year and have instructed tho
executive committee to declare and pay
the first dividend on Sent. 80 to stock
holders Of record Aug. 81.
Recent strength in equipments is meet
ing with Justification in the number Of
49,. l.
by the large rail systems. The New York
Central is asking permission for author
ity to issue S27.645,0 900 bonds for the
purchase Of new equipment, while Wabash
ordered $4,000. 0C0 of equipment The
New York. Lackawanna & Western is
also seeking permission to Issue $50
100000 per cent bonds, and $1,000, coo in
common stock.
Total rolling stock orders placed In
this country from the first of the year
TO June 10 amount to about 5000 cars
and about GOO locomotives.
OF the latter class 504 were for domestic
roads. This showing compares with total
but 500 engines were ordered for the en-
tire year and of those ISL were for ex-
port.
Mexican ENJOYS and American oil lead
erS are in close conference in New York
City at present wit hthe future Of the oil
industry in Mexico as the subject. No
announcement has been made as yet. al
though experts of the commission were
busy on figures late on this evening.
Harry F. Sinclair has not attended the
meetings as vet, as he is making an in
spection trip to the Teapot Dome field.
The drive in Studebaker, which carried
the stock up 6ss points. is based to a
large extent upon expectations Of an ex-
ira payment TO be declared at the meet
ing TO be held July 81. Studebaker earn
ings are running a a very good rate and
various reports floating around Wall
street are all very optimistic over the out
book for the extra.-Copyright, 1922, by
Public Ledger Company. :.
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