Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-06-01
WALL STREET GOSSIP
Nv MONITOR

NEW YORK. June 1.-The entire sugar
group was strong and assumed q com
handing position in the industrial list
yesterday. The general situation in the
sugar industry is much better. and, with
practically all of the large Cuban pro
dueers having completed the making of
their current crop the main actuating
influence in the market will be main
tenance Of the seasonal consumption rate.
With the total output of the Cuban
ntation curtailed by drought on the
ksZn coast, this outlook is considered
lilish. especially IN view Of the
{ summer is the period of heayi-
slmptton in the sugar trade.
and Republic Steels were
today on the general under
that the three-eornered steel
is SO near completion that an
Ecement may be expected at any
S1E5Zying Of Mack Truck. Incorporated.
Is based on the steady improvement in
earnings. and, while the March report
is the latest issued. this showed ret
earnings in excess of s300.000. and il is
considered probable that April and May
viii be even better.
The Southern Pacific Central collateral
trust As failed TO hold the high levels
obtained in Mondays market and broke
below IS in the early trading, of about
615 points from Mondays high.
Activity "a Reading was a direct re-
hection of the Supreme Court decision
rendered Monday amending previous de-
cisions and giving first and second pre-
ferred stockholders equal rights with
common stockholders in the distribution
Of the subsidiary coal properties If the
Reading system. Reading common was
offered in heavy blocks all day. and
apparently much Of the selling emanated
~ To- fzalr ~
broke 5l3 points, under this pressure.
While, at the same time, the first pre-
ferred gained pa points and the Sec
ond preferred gained IL points.
Wall Street is not quite clear as TO
what should be considered logical end
ing OF the Southern Pacifc-E entrai IA
cifc decision. InasInuch as Central Pa
cific was grouped with Southern Pacific
In the Ripley plan" and as the trans
to the Sherman act. there is an inclina-
tion in some quarters to expect al APP
plication by southern Pacific to retain
Central Pacific as a consolidated line.
On the other hand, it is believed that In
the event of liquidation of Central Pacific,
Southern Pacific stockholders should
share in the proceeds.
Retail Stores sold of below 6s. fol-
lowing the formal announcement of the
Retail Stores Tobacco Products merger.
This selling WIS not based on any dis
satisfaction over the terms of the plan
as announced. but was rather based an
the old trading adage, Sell when the
good news is out"
One item that is causing ripple in
Wall Street circles Is the fact that George
j Whelan. usually very prominent in
Retail Stores affairs. is not mentioned
in any way in this plan. Whether this
means that WhelaR has dropped cut af
this company Is merely staying In
the background for the present, Is any
body's guess, and there Is little to jus
tify either side.
While In some quarters there was an
inclination TO ascribe the activity In
United States Food Products to the
strength and activity of the sugars as a
group, there was also a hint of impendin :
legislation, which W., uId benefit Food
Products materially.
The Martin Parry Corporation Is show
ing the same rario increase in the earn
ings as are other body building concerns
May earnings were believed to have set q
new high for the current year. and or
ders on the books at the present time are
sufficient TO Justify expectations OF n
very busy summer. In addition to bust
ness on hand. Martin Parry has prospects
of receiving the body building business
of two prominent truck companies
Copyright, 1922. by Public Ledger Com
I2ny.