Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-05-09
WALL STREET GOSSIP
BY MONITOR.

NEW YORK. May e.-W lille the steel
merger still furnishes choice basis for
gossip. 1t Is believed that the plan
Of the companies concerned has not re-
duced point where il is possible to fig
ure accurately se!la ely, upon the price at which
Ing estimates. rs for Republic; from
20 to Is for International; IS for Lacka i
20 for Midvale, and 20 for Briar Hill.
Bankers who are in close touch with the
merger operations confirm the general
impression that these estimates were
Further details Of the purchase of Lake
Erie & Western majority stock from the
New York central BY the Western Com.
public. The Western Company paid s35
per share for the preferred, OF which
tos5 was cash, the balance to be paid
f fser period 80 and n siss for
and balance on the same terms. Further
moro. the Western Company agrees to
purchase the outstanding balance Of pre-
ferred and common at the same price and
terms. Stockholders must deposit their
stock not later than June 1 In order to
take advantage Of this offer. At the close,
Lake Erie common was selling at 17h.
but the preferred was V of point below
the recent selling price.
Affairs in the Burns Company are sim
decidedly uncertain. Following reports
circulated last weeS that new interests
had secured control OF the company, NJ
+. Burns rendered his resignation as
president. while L. F. Burns resigned
as vice president The new controlling
interest promptly announced through
accept these designations. but according
to a statement issued by the present Of
fcers. they are to stand if 1t develops
at thu coming meeting that control has
actually passed.
General American Tank Car was one
OF tho active leaders In the early trad
Ing and touched 67h, new high. This
issue Is being favored on the general
theory that continued improvement in
the oil Industry will make for increased
demand for tank cars while at the same
time the company is In an excellent po-
sitfon to benefit from equipment orders
Tank Car was selling around 60 last
week, when this new buying started.
and the interests which are making the
market are still confident that par may
be reached.
vanadium Steel. which crossed 4s into
new high ground for the year yesterday,
recent very favorable reports. According
to gossip In the street, this company
did more business In the first week of
May than 1t had for any entire month In
for the last half year has been better
than its predecessors. and April was the
greatest single month since 1920.
Missouri Pacific showed net earnings
In 1921 of sS,537.o16. which is equal to
$4.32 per share on the 81 500 900 out
standing preferred stock This compar-
ing with s3.033,07o. or SAP per share In
-
cqualed S4.55 per share on the common
stock after preferred dividends This
compared with earnings Of S6e3 per
share on the comomn In 1920. Although
international Cement Is holding well
around 49, the market movement is slug
gish. and 1t is reported that one large
house. which has been very bullish on
the stock, turned seller.
The March gross Of Kansas City South
eYn amounted to s1,77S,S59, as compared
with S1.S10.293 for the same month
year ago. Net for the month was S3Os, 926
as compared with 1867 .s5s The three
months gross was S4,ISS.618 for 1922, as
compared with s5.605 GAS last year. Net
for the three months amounted to sS53, 2Sa
as compared with $1.172.0i8.
According to an official announcement
issued by the Standard Oil Company, the
recent trip to Mexico by leading oil men
has been productive Of Its main object
Inc primary purpose OF the committees
visit to Mexico City to secure a work
Ing agreement on Mexican Oil taxes and
1t is stated that this has been accom-
plished. 1t was also stated that the
Mexican government has been convinced
that total taxes on crude petroleum and
its products should bear definite rela-
tion to selling prices. For production
taxes and a basis Of valuation, New York
bunker fuel oil price will be used as a
criterion. and provision has been made
for an increase in rate In case of an adj
vance in selling prices. There has been
no change, as yet. In the present ar
rangement on export taxes.-Copyright
1922 by Public Ledger Company.