Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-05-22
FINANCIAL BRIEFS

$. Howard Rippey. Jr.. has become
associated with the bond department Of
Parsly Brothers & Co.
Philip Morris International Corpora
tion has been incorporated with author.
lied capital OF $2,O00,OOO to deal in
tobacco in all forms.
Vulcan DEFINING Company reports
81 .442 after taxes and charges, against
deficit S63. .260 in first quarter 1921.
The New York Cotton Exchange
membership of II. Flack ID has been
sold to l.. S. Bach for SIG. $50, a de.
crease Of $3.50 from last previous sale
The average price Of the twenty active
industrial stocks declined O.15 per cent
on Saturday. to 04.65, while the twenty
railroads advanced O.S5 per cent. to
SO. 13.
Norfolk and Westerns coal loadings
last Friday were the greatest since the
strike, 2SSS cars. Loadings the pre-
vious week were 1871 cars. compared
with previous record Of 1888 for the
week ended April 20.
The Interstate Commerce Commits.
sion announced tentative valuation of
Virginia Railroad Company as Of June
30, 1916, $50, ,S62, ,622 and Oregon
Trunk Railway as of June 80. 1916,
So, ,O40 .0SG.
The plan for consolidation of sub.
sidiarlcs of the Tennessee Railway.
Light and Power Company into a new
! company, TO be known as the Ten
nessee Power Company, was approved
! by stockholders.
The Secretary of the Treasury calls
attention to the fact that all 3& per
cent Victory Notes. pursuant to the
notice given February .. 1922, have
been called for redemption on June IS.
1922, and that interest on the 3A per
cent Victory notes will therefore cease
on that date.
Action on June 30 quarterly divi-
dend Of burroughs Adding Machine
Company. ordinarily taken by directors
at the first meeting In month preceding
that in which dividend Is payable. in
present instance at the May 16 meet
ing. has been deferred until the June
lG meet.
Thomas l.. Chadbournc. general
counsel Of the fve-rompany steel mer.
ger denies report that Midvalc Steel has
Withdrawn from the proposed consolida
tion. Negotiations for the merger of
the fite companies, Midvalc, Republic.
Inland. Steel and Tube of America, and
Brier Hill are being continued.
Total freight tonnage hauled by Ann
Arbor Railroad In the first week of
May, 1922. increased 1915 per cent over
the first week of May, 1921. The second
week showed an increase Of 81 per cent
Freight moved by car ferries in first two
weeks increased 40 per cent. Coal shin.
ments are now about half of normal
AS compiled by the Deutsche Allgc-
mcinc Ieitung. the new security issues
in the German market during the first
quarter of 1922 amounted to l2,15i,
TOO 900 marks, as compared with
4,103, SOC, 900 in 1921, with 1915,
1000 in 1920 and 81, 600, 600 in
1919. In 1913, a year Of normal finance
in Germany. issues of new securitie,
amounted to 123,DO0. 900 marks.
Pure Oil Company has issued its nam
phlet reports for the year ended March
81. showing net income OF $5l5. 730
after charges, depreciation, depletion
and inventory adjustments, equivalent
to $25I share earned on the $40.
600 900 preferred stock. This com
pares with net income of -. .Gltj, ,O:JO
equivalent, after preferred dividends, ia
81 share earned on the S49.33p, ,G(N
common stock (par $25D in 1921.