Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-05-16
WALL STREET GOSSIP

NEW YORK, May 16.-Freeport. Texas,
one of the strongest issues on tie
board yesterday. and, despite a recession
for point or So from the high. closed
with net gain of 2i2 POINTS for the day.
Reports that the company had brought
in a new well at Stratton Ridge. Texas.
with an initial flow of 1000 barrels per
day. was decidedly encouraging to trad
ers, especially as the company OWLS
about 60 acres in this particular field.
Equipments were firm and held well,
buying being based on continued orders
for rolling stock by railroads. New York
Central has placed a further order fer
1000 freight ears This makes total OF
III 600 cars ordered by domestic roads so
far this year. When 1t is considered that
total domestic orders by all roads last
year only amounted to 2S,a5S cars, the
proportionate Improvement is evident.
Stockholders of HARRISON Refractoris.s
have voted to retire and cancel the S6.t1I.
900 of preferred stock which is Gow in
the companss treasury.
While many Of the leading copper
stocks are showing gradual improve
ment as a result of individual factors
bearing upon each particular stock, the
list. as whole. is rejecting the better
ment in the copper metal situation. With
ut 134 cents. and. with some copper
dealers looking for 1872 cent copper in
the near future, traders following the
copper stocks have much more solid
basis for their optimism.
Standard Oil of New Jersey shows
surplus Of 35.Si5.930 after preferred divi-
dends and other charges which is the
equivalent of S5.07 per share earned on
the common during 1921. In 1920, the
total surplus was Sl6i. 400.
Steel stocks. especially those independ-
rsl in mar rx.YRn rA
among the early leaders. Companies
concerned In the -sIN-company" merger
were nrmer on the announcement by
Thomas L. Chadbourne. corporation at
rorney, that there was nothing in the
arrangement made for this merger which
eontiieted In any way with the require
ments of either the Clayton Act or the
Sherman law. Mr.. Chadbourne called
attention 10 the fact that the total rated
ingot capacity of the six companies CON
stitutes but Is per cent of the steel pro-
duction of he country.
toppers, as group, were more active,
following the lead Of Kennecott toward
higher levels. kennscott was better rha n
points higher in the early trading on
the general expectation that the Mother
Lode property would inaugurate
dividends at the rate of 81 per share by
the middle OF next month kennecott
controls about 81 per cent of the Mother
Lode stock.
It is reported here that United States
Steel common is being groorned
for rise on the general theory that the
superior assets and earning power Of
the steel corporation stock entitle it to
Sell at much larger premium over the
Independent steels. which have been fea-
turing market trading recently.
General American Tank Car preferred
is holding fairly steady although n frac-
tional loss was shown in the early trading
market as a result of the liquidation
which affected most of the market lenders
This stock, paying Z per cent, is re-
garled as bit out of line with the
rest of the market. Its dividend record
Is rather good and an average for the
last four years, which includes the ad
1913 per year on the common stock
alter preferred dividends had been paid
WeIl-Fargo & Company show net earn
ings for 1921 of s1,219.167. which Is equal
to 1884 per share. This compares with
sl.S9 Per share in 1920.
Rail stocks are under somewhat of a
shadow and probably will continue SO
until the May 20 White House dinner
has developed its purpose and indicated
its results. Affairs in railroad circles
are In such ticklish position at present
that any such meeting is bound to give
rise to nervousness if nothing more At
the same time. the recent decision Of
the labor board on car service shops
also contains expensive potential posi-
hilities for many rail systems. This de-
tision affected the Indiana Harbor Belt
Line. New York Central subsidiary,
and it is learned here that Robert J.
Carey of the New York Central legal
forces has gone West to discuss the case
with Vice President Hannaur of the In
diana Harbor.-Copyright, 1922, by Pub
lie Ledger Company.