Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-04-18
". 7. Stock Gossip
BY MONITOR.

NEW YORK, April 1S.-St. Paul both
common and preferred. assumed the lead
Of the lower priced rail stocks after the
second hour yesterday, when the burst of
oil stock buying had run its course. Both
classes made new highs for the year, the
preferred selling up TO 46. Buying of
both classes was on a very good scale.
and the ready sale OF the 50. 10000 equip
merit bonds offered here was reported by
the bankers TO have been made immedi-
ately. The prospects for improvement in
the status of II. Paul have begun TO I'M
press themselves more strongly on those
y no follow the fortunes OF railroad secur-
tiles. 1t is believed that the road is about
70 reap the benefits of the large OUTLAWS
for the electrihcatOin OF its main line
through the reduction in locomotive costs
and crew personnel Reopening OF the
copper mines and the revival in the lum
Der industry should help st. Paul ma
terially, as products OF mines. according
20 tie latest report, constitute 34.7 per
cent OF the carriers traffic and lumber
and timber constitute - per cent. Agri-
cultural products formed only 152 per
cent Of the roads total traffic.
Sinclair met with a week end ac-
emulation Of buying orders at the
opening, and advanced quickly to 3f5s.
However, selling was equally II not more
heavy than buying. and all Of the early
gain was cut away before the second
hour
Some Of ne selling Of Sinclair was
what Is frequently termed by the street
as good. There appears to be some
doubt a. 10 whether the deal between
the Government and Sinclair interests
regarding the exploitation Of Teapot
Dome. in Wyoming, has been signed.
sealed and delivered. Was hington adj
vices. al least, discredit the actual closing
OF the transa ct ion. II is also pointed out
that even II such an arrangement is
made Sinclair consolidated may not
profit materially. According to current
a half interest In the Sinclair Crude OIL
Purchasing Company and the Sinclair
Pipe Line Company IL is believed
actually to control the two concerns. A
company known the Mammoth Oil
Company was formed for the exploitation
OF Teapot Dome, but no one as yet
knows who owns or controls this cor
pOraTIOn. and no statement OF Sinclair
eOnsolldated's actual interest has vet
been made
With trading during most Of the early
part of the day above Ehe rate of 2.0)0.-
COO shares per day. the market was VIC
lentlF active at times and enthusiastic
buying was met by equally heavy profit
taking sales. While St. Paul led he
lower priced rails. Canadian Pacific At
Gibson. Southern Pacific and other high
priced rails were also In strong demand
and moved upward steadily. Marine and
American International Corporation
made new highs for the year in the first
trading hour COppers are more than
holding their own in this movement and
new highs were made by most Of the
leaders today.
In some quarters the mornings sell
ing was attributed to profit taking, based
Corporation meeting at Hoboken might
show some unfavora BILE development as
result of he coal strike However the
meeting brought forth the fact that the
steel corporation is still very well of
so far as coal and coke supplies are
concerned. and Judge Gary. chairman of
the board. stated that steel business has
about doubled in volume during the wear
the corporations plants now rrnuins at
80 per cent Of ingOt capacity Steel
stocks group. however. were rather
quiet during the day. Fea lures in the
early trading before the rail stocks took
the market lead from the oils we're Cos
den, Texas OIL. White and Middle States
Oil. while others sold up to new highs
fer the year.
The international Paper Company re-
port. showing loss 10 operations in
1921 of S1,442S $50. was not a surprise 70
TIE Street although this report is the
worst showing the company has ever
made. A short time ago. when the paper
company came into the bond market
for funds. a report on operations during
the first eleven months of 1921 was is
sued. preparing the way for the final
report.
MsIinson is reflective of the improve
ment In underlying conditions in the
silk markets. and an official of this com
pany Is quoted as stating that the com
pany is now operating at the rate of 80
per cent Of normal. thus indicating q
great improvement in operations
Rumors were current after the close
Of the market that an advance of zoe
per barrel in mid -contir crude was
pending. and that it might be announced
Tuesday.
The meeting of the Submarine Boat
Corporation to have been held here Mon
day was postponed until April 10. be
cause of the inability of the election in
spectors to straighten out the tangle of
proxies as there are many still in dis
pute--Copyright, 1922, by Public Ledger
Company.
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