Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-06-23
FINANCIAL BRIEFS


The New York Curb Exchange has
admitted to trading Hayes Wheel Com
pnny common stock no par value.
Remington Typewriter Company mace
gross sales in May of $024;UVo, or
$40, 900 larger than In May, 1OZl.
Rock Island loadings for first twenty
days Of June increased 4 per cent above
a year ago to 81, ,OO4 cars and are 1.SO
per cent under last months figure.
The average price of the twenty
active industrials advanced O.10 per
cent yesterday to 03.15, while the
twenty railroads advanced O.0S per cent
to $3.50.
The London Underground Electric
Company is issuing f2,5OO, 900 Az per
cent bonds ut 04, redeemablc 1O42 to
1862 under twenty -five-year Govern
ment guarantee.
Mills Of II. II. Mallinson & Co. are
operating at 50 per cent Of capacity,
according to officials. Advance orders
are now sufficiently large to require full
capacity operation for about four
months.
According to the Interstate Com
merce Commission, class ! railroads
carried 418, 20S, 800 tons Of revenue
freight in the first three months OF 1022
against 402, III, 1913 in the same period
of 1921.
Chicago surface lines May gross
earnings were IS ,255, ,2Sj, or S151 ,0SO
over April. Operating expenses were
81, ,O34 ,453, increase of S132, 7S5. Num-
Der of passengers carried increased A.
65S, ,851, to 122 1928, 7O4.
Harris, Forbes & Co. are Of
fering S693, 900 Scranton Electric Com
pany first and refunding mortgage Q
per cent bonds, due July 1. 1881. ut %
and interest, yielding about 900 per
cent. The bonds are free of the Penn
sylvania State tux.
Southern Railways estimate gross
for the second week of June showed an
increase of S142,S37, or 5.00 per cent
over actual figures for the correspond
Ing week of 1921. Gross for, the first
week Of June was S2.5S2.12f an in
crease of $196. .281, or S.23 per cent over
the 1921 week
Lake Erie ond Western Railroad has
been granted authority to issue 81 300, =
900 of G per cent promissory notes for
the purpose Of refunding $500, 900 of
51a per cent demand notes and $500 ,O0U
of 9 per cent demand notes, and OF
funding $500. 900 of per cent book
Indebtedness, all held by the New York
Central.
"A new 81, ,OOO. 900 issue of the Beaver
Products Compuny's first and refund
ing mortgage twenty year ~ per cent
sinking fund gold bonds is being offered
by a syndicate composed Of IlamblctOn
& Co., the Federal Securities Corpora :
ton and the Central Trust Company OF
Illinois. The bonds are offered to yield
Il minimum of s per cent.
An issue of SO SOC. 900 three year Q
per cent gold dcbentures of the West
Penn Company, formerly the West Penn
! Traction and Water Power Company
Is being offered at Il price of % and
, interest, to yield about 6.75 per cent. by
Il syndicate headed by IIalscy. Stuart
& Co.. the Union Trust Com
rany of Pittsburgh and W. A. lIar-
r.man & Co., Inc.
The Southern Pacific Company YES
| terday reported net railway operating
! income of So ,GjG ,O66 for the month OF
! May, an increase Of 81 .S03, $50 over the
corresponding month last year Gros,
earnings amounted to $21. l23 .914 and
showed n decrease of SD 800. The
increase in net was brought about BY q
drop of S2,32S. DAB in operating ex.
pcnses. all operating items showing q
decrease.
-NpDOTIS were flrcu'ulPu yesterday
that the Bricr Hill Steel Company
would be included in the Midvalc- Re
public Inland merger but were denied
by Thomas l.. Chadbourne, lawyer pro
moter of the combine. Mr.. Chad
bourne declared that any former plans
! to include either Rrer Bill. Steel anC
Tube or Trumbull Steel had been def
nitcly abandoned because of the oppOsi
ton Of the larger stockholders of those
companies.
Public Service Commission hu,
granted application of New York Tele
! phone Company To issue SO 600, ,OO(
81. per cent cumulative preferred stock
| to be sold at not less than par. Order
! provides proceeds Of stock are to be usct
+ solely and exclusively for new conStruc
: tion and the purchase of additiona
! equipment in connection with the cS.
tablishment of new exchanges an,
equipment for the same in connection
with its telephone service in New Yorl
, City.
Preliminary reports to the Trcnsur,
indicate exchanges Of new AS per cen
notes for 4"t per cent Victory note.
total about S325. .OOO. 900. 1t wa, an.
nounced by Secretary Mellon. The new
notes were offered as part of program
for funding short dated debt. On Mn,
81 Victory notes outstanding aggregated
S2.317 200. 200. which, reduced b,
S325. .OO0. 900 through the new exchange
leaves less than $1,000, 900, 900. n.
! compared with original amount issued
81, 49,. 90 900.