Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-04-20
". Y. Stock Gossip
RY MONITOR


NEW YORK, April 20-Cnited States
Steel played a prominent part in the
recovery Wednesday, touching a new
high at %4. This movement Of the
leader encouraged traders who believe
in the old line rule, when steel moves
the market moves and many a sold
out bull bought in his stocks again
American Ice turned on the shorts and
was quickly run up to 10, a new high
Rock Island. which is sharing popu-
larity with the 81. Paul issues in the
medium priced rail group. is being spO
ken of here as one of the "Oil rails"
The story going the rounds is that
Rock Island and Colorado Southern.
which Jointly control the Trinity and
BrazOs Valley Railway running into the
Mexican oil fields has potential oil pos
Sibilities along the right-of- way and
that the Rock Island has potential pos
sibilities along its Oklahoma rigtt-of
way, and il is believed that the road
IS negotiating with certain oil interests
with an idea of developing these posi-
,ilities.
Duluth. South Shore & Atlantic has
leen one Of the most active OF the cheap
ails on this market. This road has
leen a consistent loser for years but
hat the operating deficit for January
nd February was only S1J2.53S as
;ainst 500, J04 for the same two months
st year.
Truman Oil Company. which is man
d by Middle States Oil, has called a
ecial stockholders meeting for April %
which time authority will be asked to
rease the capital stock from So. GOO OtN
S6,G00,00 Stockholders will also be
Sed to vote on the proposed acquisition
the Oliphant Petroleum Company by
rman, the purchasing price to be part
stock and partly oil.
Illinois Central stockholders as gen
tlly expected, voted favorably on the
1pCsal to issue S50,000,0O0 preferred
ick convertible into common at the
citing in Chicago yesterday. This
ugs the total capitalization of the road
S173, So, 900.
,merican Locomotive is at present do
business at a rate infinitely greater
that for any similar period in 1921
lers in one week totaled ninety nine
omOtives of different types. this being
largest single weeks business since
O.
4 local financier, who is in close touch
tn prominent financial steel interests
Pittsburgh, has just returned from
p to that city, and is decidedly OPP
mistic over the outlook for the steel
ares. This observer emphasizes the fact
ut 10 per cent operation in the steel
'lustry usually means that practically
entire industry is working. as a few
III cost producers which are still shut
wn must be taken into account when
mpiling an average. but do not matter
much In the final output of steel.
Submarine Boat has finally setteld its
rectOrate differences. with the Rice
ldidates losing ont in 4 close vote. The
ganizatiOn candidates received from
1892 to 323.692 votes as against 255.-
, to PAT 500 for the opposition. The
ice proxies voted to refuse approval
directors act in 1921. The new s1irec-
RS were stephen Peabody. Otto Marx
d Frank Wallace. replacing Isaac
'ce. Jr., Thomas Cochran, and W. II.
mich.
Studebaker was picked up again yes
day with the resumption of the bull
operations in the entire market. 1t
believed that Studebaker has been ac-
mulated rather heavily during the past
ok Of comparatively dull trading. The
rect expects a very bullish report at
coming meeting. and believes that
Ord-breaking car sales will be shown
New Haven's report issued after the
citing yesterday was as favorable as
uld be looked for and justified the re-
mt strength in this stock. The road
owed an operating ratio Of T7.T4 per
.yainst 9537 per cent in the same month
year ago. This Improvement is more
StrOngly emphasized by the net after all
expenses, rent, and charges of about
$4,000 which compares with a deficit of
$1,6OO.221 for the same month a year ago.
Callahan Zinc which has been meeting
with heavy liquidation, is apparently
through the worst of this for the time
being. One long line known to be more
than $4,000 shares held by interest which
are now out of the company, has finally
been sold.
Cosden. which is holding its own
among the oil stocks very well, is being
bought here on the suppOsition that the
S6 per share earnings which were shown
last year should be greatly exceeded in
1e22. The company is regarded being