Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-05-03
WALL STREET GOSSIP
BY MONITOR.

By MONITOR.
NEW YORK. Nav 3-RoyaI Dutch
and Standard Oil Of New Jersey divided
interest in the oil group yesterday be-
cause of conflicting cable advices regard
ing possible Royal Dutch operations in
Russia. The first cables had IL that the
Royal Dutch interest had been granted
valuable oil concessions in the hest oil
sections of Russia These were followed
10y cabled denials from Royal Dutch in
terest at Genoa and a denial by krassin
Of the Russian delegation there. While
these cables were coming In, Standard
oil Of New Jersey broke about four
points from Mondays price. Then the
natural assumption is that Standard Of
New Jersey was sold by the traders who
were disappointed by the fact that this
company did not secure the Russian oil
property
While surface denials OF the Royal
Dutch Company were made abroad and
local interests were not disposed TO dis
1iss the subject, private cables from re
r able sources were optimistic upon tie
Royal butch prospects and the trend OF
these adVteeS--NasS 20 the effect that the
agreement with this interest would be
put into early operation
local banker who has been prominent
in Independent steel financing lately de
clared that the seven company steel
merger was apparently question de
pending entirely upon the outcome Of the
inspection trip now being made to the
various plants Of the companies proposed
foI consolidation.
Braden & Kennecott reports for 1921
we're further reflections of the poor con
,.ltiOns Of the copper market for last
wear. Braden showed q deficit Of Sob
% against z 1920 deficit Of S2i7D 93S
kennecotts deficit was $3.50 SIS against
4 surplus Of 81. +69 .39s the previous wear
However. the kennecOtt report carries
the S1.jil,260 capital distribution made
ny Utah credited to investment account.
Al the present time the copper market is
In such good shape that reports such as
those now being issued are accepted as
reflective of conditions which have
-eaSed 10 exist and 10 have been fully
discounted.
Eastman Kodak shows very good
statement fer 1921. al,;0ugh not quite so
good as in the previous year The com
preferred dividends. leaves S6s.67 for the
outstanding common as compared with
S93-03 on the common in 1920.
Improvement in the general railroad
and industrial conditions is shown to ex-
ceptional advantage by current contli-
tions in the American Locomotive Com
pany. The April business Of this com
PAM included 221 engines on domestic
orders and eleven on foreign orders, this
being the largest single months bust
ness in years The total for the first four
months of the year WIS 260 locomotives
The full significance of this improve
ment Is found when il is noted that the
total of domestic orders received by all
locomotive companies in the United States
in 1921. amounted to but 239 engines or
~ more than were received in one month
by the American Locomotive Company
alone this year.
General Motors is meeting with a much
Lot
The speculative interest which has
dropped of from Chandler and Stude-
baker because of the high priced trading
area these two have reached. is now com
ing into this issue. General Motors. one
of the largest industrial combines in the
entire country. is progressing quietly
hut steadily, and the heavy Increase in
demand for motor ears of all descrip-
lions Is not passing this company Earn
ing powers are improving and with the
preferred requirements appa rently well
in hand, traders are be~inning to con
slider the possibility Of dividends on the
common later in the year.
Manhattan Electric Supply showed the
il effects Of too rapid appreciation In
market valuation. This issue estab-
hut today dropped sharply and met
with little support until new trading
area. six points below Yesterdays high
had been made. Apparently much Of the
tpHlliGNe duNdHte udl Deel based
sentimental reasons, as ii Is easy to over
estimate the actual possibilities Of profit
from a fad such as the radio. Man
haitian has been doing Il good business
IN this line, but so have several other
companies, and with new corners enter
ing the field steadily, il is apparent that
the larger profits should soon be elimi-
mated by competition and the market ad-
juSted on stable basis according to the
laws of supply and demand.
Improved conditions in the motor car
industry are reflected in advices from
The bort Motor Car Company of Flint.
Mich, 10 the effect that production.
which for March averaged about forty
cars per day. is now more than 100 ears
per day. Since Oct. 81. 1921. liabilities
have been reduced by $780, 900 and cash
in bank increased 500. 600 and untitled
orders will keep the plant running at
capacity for several months.
Keystone and Kelly Springfield were
among the more active OF the tire and
rubber stocks today. Keystone advancing
] point, while Kelly was = point higher
At the Kelly Springfield meeting hire to-
day there was no annouuc araent r,.sde
on the dividend question. hut the irad-
ers who were buying the TO k s,adily
are confident that the rising tide of uros-
perity in the motor companies with sfmi-
lar prosperity in the tire and rubber
industry AS a natural complement should
make basis that will justify diSIdend
consideration later in the year.-Cooy-
right. 1922 BY Public Ledger Conran