Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-07-25
NEWS FOR INVESTORS

444 cars, against 81, ,91G previous week
and S,517 year ago.
The average price Of the twenty ac-
tive industrial stocks declined LA pei
cent yesterday to 04.84. while the
twenty railroads declined O.7S per cent
to $500.
The Buenos Aires branch OF the
American Foreign Banking Corporation
has been closed. Its equipment Will be
taken over by the Buenos Aires branch
of the First National Bank OF Bvston;
"A syndicate composed of II. NJ. Byl-
lesby 4 Co.. the Federal Secu: ries
Corporation, Spencer Trask & Co.. and
Janney & Co. will soon offer an issue
Of SO, ,O0O, 900 first mortgage gold bonds,
Series A., of the Southern Colorado
The Illinois Traction Company, in
its report for 1921, shows a surplus OF
81 .4S5, ,S61 after charges, interest, de.
probation and taxes, compared with
81 ,475, 100 for 1920. Gross earnings
last wear stood Mt 800, 600, ,SO5, compared
with $21. 1850, ,S31 for 1920.
Freight ioadings on the Rock Island
for twenty one days in July increased
900 per cent to 1851 carloads. but
was 4 per cent under last month:
Northwestern in twenty three days Of
July hauled 137, $40 cars, an increase
Of II ,S74 over q year Ago.
The Guaranty Company OF New York
and Potter 4 Co. are offering $5.OOO.-
600 American Republic Corporation
fifteen year 6 per cent gold debenture
bonds, dated April l and maturing
April 1. 1887. Mt 03 and interest TO
yield 6.75 per cent.
American Steel Foundries is under.
stood to have earned in first half Of
this year about $1,000. 900 after
charges, or nearly two and one-half
times total for first half Of 1921. Sec
ond quarter ran about 40 per cent
ahead Of the first. with net over
$7OO. 900.
-Pottstown and Ihoenixville Railway
Company, including Saratoga Park, was
sold at public sale at Norristown. Pa.
for $4,000. The sale was upon fore
closure by Norristown Trust Company,
trustee for first mortgage Of 81. 900, 900.
The purchaser IL John J. Taylor, of
Philadelphia. chairman Of Bondholders'
Protective Committee.
-Appointmcnt Of receiver for new
Denver and Rio Grande Western Rail.
road Company, which took over prop
erty of old Denver and Rio Grande
Railway year ago, virtually SCRAPS
lated by Western Pacific interests. Al.
win w. Krech. chairman Of Western
Pacific Railroad Company declared.
Texas Gulf Sulphur Company reports
for the quarter ended June 30 net earn :
ings, including reserve for depletion, OF
SS71, ,772. After deducting quarterly
dividend of 1896 900, there was added
to surplus $238, ,772. which brought to-
tai surplus, including reserve for de-
pletion. up to $8,016. POI. In first quar-
ter of the year net earnings. including
reserve for depletion. were $S05 ,095.
The Chandler Motor Car Company re-
ports net profits of $027, ia for the
three months ended June 80, 1922
after allowing for all expenses, includ /.
ing charges and taxes. This is equal
to $3.31 a share on the 2SO. 900 shares
Of capital stock issued and outstanding.
net profits Appropriated $3.50, 900, or
the equivalent Of So a share.
Judge Elbert II. Gary, chairman OF
the United States Steel Corporation,
declared yesterday that with respect to
the economic outlook he was a
strong optimist and altogether hopeful
Of the future. lie declined to discuss the
general effect on business Of the coal
and railroad strikes, In view Of the
fact that those issues are In the hands
of the President and his advisers.
Corn Products RefHing Company 8
report for the six months ended June
30 IL expected to be published July
% and show that the annual dividend
Of so share on the common stock
was earned in the first half year. Earn
ings In the first quarter Of 1922, after
charges and taxes. were equivalent to
$3.47 a share on the $40. 7S1 900 COM
mon stock, against $40 in the first
quarter Of 1921.
Certain -teed Products Corporation
earnings during the six months. ended
June 30, are estimated at between $780,
200 and $3.50, 900 on the SO, 1000 COM
mon shares (n0 par value), after first
and second preferred dividends which
required $217 800. Profits after opera
tions thus approximated $3.50, 900, at
annual rate OF $500, 900. This COM
pares with net profits after preferred
dividends In 1921 Of $4l5,113, or 20
cents a share on the common.
Operation Of the New York Central
Railroad In June resulted In net oper-
ating income of $O,OOS, ,492, contrasted
with $5,5l7, ,555 in June, 1921, and $3,-
S33, ,018 In May. 1922. The remarkably
improved net showing In June al COM
pared with that Of May was accounted
for by large increase In gross operating
revenues, which demonstrated that the
shrinkage In coal traffic due to the coal
strike was Offset hY increased t0nuuxv