Indiana daily times., 1922-04-26


States Steel Corporation showed net
balance applicable for div idends for the
first quarter of but 5000 90, as against
the dividend requirements on the pre-
ferred of S6.304 919. and $S353.7 .7S1 for the
common. This meant that the balance
of sG.749.4GS had to come from the un-
divided surplus. The statement was
about as expected. but the rate of i'm
Frovement from January TO March was
decidedly encouraging. Earnings for
January. after bond interest, were S4.G54,-
19: February, SG,1SO.GS5, and March S.
sos. .16G.
The money market again demonstrated
its inherent underlying strength yester-
day by absorbing the new $l00.0G 0O0
600 Of New York City corporate stock
without any change in the call rate. The
books on the Canadian loan were closed
early. while the Oversubscription on the
mating as 10 present conditions. amount
ing to 1857 7Si5,5O0. The single interest
which took all the issues bought them On
the basis Of All per cent yield.
The Coca Cola report was rather inter
esting as it indicated that the company
has worked off all of its high iced
sugar Gross receipts for the first quar-
ter of 1922, were but S3.2GjGSS. as against
S6.o34.441 year ago Manufacturing
ter were $2,25S,123 against Sj1S9. .S44 a
year ago. On the other hand, operating
profits on the smaller turnover this year
were $1,0OG.g65, as against but SS44,J97 a
year ago, leaving a net for the first quar-
ter this year of SG6J, 11J as against $685.
04S last year.
National Acme established a new high
today at 21A, and closed at 1875, up 1lh
points for the day. This company is now
ha N at NJ
capacity, nearly double the operating
rate of two months ago. The company is
benefting. both by the current ex-
traordinary demand for radio equipment
and by the general Improvement in the
motor industry, as orders are being re-
ceived for machinery parts of broadcast.
ing outfits while demand for auto parts
is also showing an Increase in proportion
10 the revival of the motor industry.
Columbia Graphophone is another COM
pany that may reap profit from the
radio trade. This company, having its
plants already adjusted for the manu-
facture of fine machine parts on the one
hand and ornamental cabinets on the
other, may find that the future lies with
the radio outfit producers. At the pres
ent time. Columbia is reported to be
looking into several patents covering ra-
dio parts. 1t is also believed that the
cOmpany's phOn0graph cabinet could
easily be adjusted for reproduction at
the receiving end of the radio.
Consolidated textile is meeting with
consistent selling pressure, much of IL
the story current on the Street is thai
4 large block of stock is hanging over
the market and must be digested.
National Railways of Mexico. first and
second preferred. are beginning to at.
Ia int in
priced rail group. This company is
believed to have passed the worst Of its
roubles, and, whereas the oil interests
1 Mexico are complaining nightly about
re oil taxes, these same oil taxes are
ccepted as bullish factors in the rail
Dad situation, as receipts from the oil
lrnOver strengthen the Governments
1ancial position. National Railways is
re of the main transportation arteries
the Mexican republic, and traders who
q following this stock believe that Wis
by prominent bankers, steel men and
connective men TO Mexico during the las
months have been made with tbs
finite idea of rehabilitating National
always. One local banking house
hich is bearish on Mexico as a gen
raj proposition. but bullish on National
railways. is Of the opinion that two large
,anking groups in the city will proba
ly be lined up on competitors for the
ob of refnancing the company.
Although quite a few of the STANDARD
tOcks were inclined to sag ut times, viii
>on, which made a new high at A oil
Monday, increased this to 1914 and closed
around the top. This company is begin
ring to attract a fair amount of solid in
vestment buying as a natural reaction Il
its strong financial position.
While substantial and at times sensa
tiOnal advances in such stocks ms New
Haven, Chicago and Eastern Illinois ant
other comparatively cheap railroads
make IT appear as though the entire rail
road list were doing well. houses whicl
specialize in the high class investment
rails say that the current movement hal
brought in some selling Of investment
holdings in the higher priced stocks, an(
that these have been taken over by tn,
speculative element. Railroad reports fol-
the first quarter are just beginning Il
close in and confirm the general OpinioT
that the railroad business has a better
underlying basis as excuse for the
optisims of rail stock buyers.
Producers and refiners Is frming uI
and established a new high at 35Ts clos
ing very near the high for a net gain oi
2sS points for the day There is story
going the rounds of the Street to the
effect thta producers and refiners may be
,aken over by a larger interest. said .tC
he the Midwest. at a price approximately
$50 sh2re. bu+ the story lacks cOnfiIIna-
tion.-Copyright 1922, by Public Ledger
Company.