The Washington times., 1922-06-02

From this table II will be seen
that the most notable change has
been in the pound sterling. which
is accounted for by the splendid
effort OF the leaders Of British fl
nance to place their currency on a
stable basis and to regain the for
eign commerce which fell off SO
heavily during the war period. 1t
has also been said that the British
treasury officials have been active
in the sterling exchange markets,
but of this there is, Of. course, no
evidence. Prominent British firms
express confidence that the pound
sterling will be brought back to par
in a comparatively short time.
Official announcement has been
made of the consummation Of the
three-company steel merger involv.
ing Republic. Midvale and Inland
companies. and the terms under
which they are to be brought to-
gether. The merger is consum-
mated entirely on q stock basis.
the combined existing preferred and
common stock being changed into
stocks of the unified company. The
new preferred stock will have a
par value Of 800 a share. will pay
Z per cent dividend and will be con-
vertible into new common stock at
the rate of five for four. Midvale
stockholders receive rs per cent in
new common stock and 25 per cent
of the stock Of a special company;
Republic preferred stockholders re.
ceive 100 per cent in new preferred
and Republic common stockholders
| 40 per cent In new common stock;
Inland stockholders receive rs per
cent in new preferred and 70 per
cent in new common. The merged
| company, which will probably be
known as the North American Steel
Company, will have about 10h per
cent OF the ingot capacity Of the
Bethlehem-Lackawan companies
and IS per cent OF the United
States Steel Corporation.
| Official announcement of the terms
of the pending merger Of the Cuban
American and the National Sugar
Company is being held up, 1t Is said
on account of technical legal de
tails. The terms, however, are said
to be on the basis of the exchange
Of 2.75 per cent shares Of Cuban
American common plus one share
OF Cuban-American preferred for
| each share Of National Capital stock
The stockholders will be called to
| gether within the next two weeks
to ratify the plan.
A rise in ratio to IS per cent. Q
reduction Of 81 s 800 900 in discounted
paper, an increase OF s12 800 900 In
| bankers acceptances and a slight
shifting Of gold settlement funds
were the principal items Of the
weekly statement OF the Federal
Reserve System. Most Of the In
dividual banks also showed an in
crease in their reserve ratio: Boston
| from rs to II, Philadelphia from
76.S to 1877: Cleveland from 69.5 to
Il: Richmond from 69.4 to 70; Kansas
City from 62.7 to 65.6; Dallas from
64.5 to 6S.1. The only notable loss
! was that of St. Louis from 72.0 to
65.S.
Washington again holds the center
| Of the stage. The precipitation III
the bonus bill upon the already dis
tracted Senate over the tariff meas
ure has not tended to clarity mat
ters at the national Legislative
center in the midsummer season
| Keeping the tariff out Of polite,
may not be as simple a matter al
some OF our leaders OF business
might desire, but II Is becoming
more and more evident that such q
policy is the only one that will in
| sure the stability Of our foreign
trade. The sooner the Legislative,
leaders realize this. the better for al
! concerned.
| The report of the Colorado ant
| Southern railway for the year ended
| December 81, 1921, shows a surplus
| after charges and dividends o.
| SS70.155, as compared with 1926 .06'
| for the previous year. Net income
amounted to $1,550.155, equivalent
after preferred dividends to $3.50 9
share on the outstanding common
stock.
Local Wholesale Prices.