Evening star., 1923-03-07
SOUTHERN RA|LWA
EARNINGS HIGHER
Big Gain in Freight Traffic.
U. S. Treasury Deficit.
Graphophone Plans.

I" show approximately sl.i00. 900
earned for the common stock after
charges and taxes and deduction OF
rae 100000 preferred dividend re-
puircment
January gross was $l2,ooo,il3. ii
"ain of S2.S34,SS1 over the 1922
month. Gross in the first three weeks
Of February was $S11O.S97 and with
The last week estimated gross for the
month totaled about $l1.00o,00o. AS
*uming ratio of expenses and taxes
TO gross To be so per cent and deduct
ing estimated joint facility and
equipment rents of $l50,o0O. Februar!
.'ct operating income would approx
mate 53.0JO.00O.
Estimated other income for the two
months is about 100000 and fixed
charges about S2.$00,000. which left
,:et income available for dividends for
the period of Sl.946.430.
southern railway system 0ines east
and wesb showed substantial in
"reaSe in lnadingS in February, as
compared with the previous Febru-
1"S. There MAS marked gain in
Loads received from connections as
Veil The largest gain was register
ed in general merchandise and mis-
''liSiiltSi.- ifrlt.Ill 'NkdStpIItu ~ liItSt
rly through Increased buying power
"f the south resulting in the rising
price nf cotton.
British Currency Trade.
AS pointed out by the Department
Of commerce. since January. 1872.
sterling has risen from 10 per cent
- less than per cent below par
fuuHds employed in January imports
'rrm United States was correspond
l2ly diminished, and the value of all
'Nrorts in terms of dollars corre-
SNDndngly increased
VI tn" highest average nurchas"
tower since exchange was "uupiug-
ed total value of British imrorts
Was L99,1oo.0nU. or AT the highest
l."rtati"ns of January. 1921. which
reduced Il much lower &""dS t"n-
rag. due I" nric" imitation and the
heavy discount on sterling.
cotton goods SHIPMENTS reached
400. i9Snuh square yards. or 10000
ao0 yards nsurr tl.au in December. ana
in cXress ot the monthly average in
N" 1874 boom Year. W"oien and
"rSt"d tissue exports OF 2.-Ho;o"'
square Yards We're Il fifth above De
g, Der aTti a third NOR" thHn III
January. 49,. Iron and steel export
Tonnage was 25i.0oo long tons. or !
cent over January. 1922. Coal experts
pr 5.647.n"o tons exceeded year ago
hy t.636.noo tons.
Trcasur, Deficit. SS5..6::.i96.
THr I'litcd states Treasury deficit
March stood at So, o.. 1876. show
#4,.. a:l increase Of SIN. 49, los during
February. Iucnn" and profit taxes re
,.,.iv.d bctWcrm Iuuc 20 aud March.
..ti:lrd s g.. .,:,i. 30. against *l."lH.-
9Ja.@35 FOR the corresponding period
year ago. However. income ana
r.uHt tax received during February
i lN.4s .
YEAR ago. Furthermore total ordi-
nary rrccipt~. exceeded ordinary re
bonds and notes.
As business was somewhat better in
1"22 than in I'll" previous year. IL is
probable that income and profits tax
receipts for March Will be larger
than receipts for corresponding
month last year. When they approx
,uated $4o","n0.ooo. There are two IS
sues Of certificates nf indebtedness
dua March 10. ag@rcgating about
S;1S 100000. and nearly $lOo.0o0.Ooo
Viii be required to pay interest on
The Trtasury's cash balance in gen
eral fund March ! was s1!l 4SslSS'
compared with S255.139.239 February
! and $5"7 SCI. .12l December 30, l922.
In all proha biiity the present dehclt
viii he wiped out during the current
month on account Of the tax receipts.
BethIehcm-N -Nidyaic Plan.
The Midvalc steel and Ordnance
comuauv announces to Washington
str"lhoidcrS that there have l:een de-
nuSi'ed a. a~E"ntns to IA" oe'hie-
inn,- Midyal" nur"haS" pl"n. iEore
,h;tn So 2.rnu.D 900 Midval" bonds. or
.horit $" per cent uf thc amount re
,.tIir"d for the r"Usuminatl"u of the
plan OF th, halau"" Stiil required.
III" ,.onmitt"" has received assurance
- deposit uf substantial additional
:lrountS EondholdcrS who have SO
oil nt
already arranged to deposit are be
iug urged 20 do So at once IN order
shat the plan may h: c"nS.inmated
on March l., n" dat OF tie Bcth.
lphcn and Midvalc stockholders
meetings The Guaranty Trust Com
many Of New York. as trustee of the
MidVaie Steel and Ordnance Company
tWcntY-year 90 convertible SINKING
iund gold bonds. yesterday announced
- the hondholdcrs that it has formally
eNpresSed its approval Of the modIil-
ATOMS suggested by the Mdvale
company in connection with the
I;nthlehem- Midvale purchase plan
aud lat it recommends to the bond
l.pI,'~rs the adoption OF the plan as
being clearly in their interest
The plan. when consummatcd. will
..Ive to the MidVale bonds direct
mortgage lien with increased security
.I-tead OF the present collateral lien
through stock and will provide for
tneir guaranty of Bethlehem, aud in
order to obtain Endorsement Of this
guaranty upon the bonds il is neceS
>ary 70 forward them for deposit with
the Guaranty Trust Company OF New
York. as dcpositary for the proxy
committee or an agent of the deposit
AIRY. The proxy committee which
has been appointed To represent the
hondholierS consists of Frederick W.
.Alleu of l.,-e Higginson & Co; William
+. Corey. chairman Of the board of the
Midvale steel and Ordnance Company:
Charles +. Mitchell. president of the
National city Bank of New York:
Guaranty Trust Company OF New
York. and Percy A. Rockefeller of the
.N""utive committee of the Midvale
Sicei and Ordnance Company.
Columbia Graphophonc.
Graphophone Company will meet
fridge port. Conn. for the purpose of
t,lccting directors for the ensuing
ear and for the transaction of rou-
tine business. according to circular
reaching local shareholders yester-
Jay
The present directorate consists
"f the following: Mortimer y. Buck
Ter. George L. Barr. Charles W. COX.
William &. Dfckerman, Van Horn Ely
Henry j. Fuller. q. Herman kinni-
rutt. J. F. McClelland. Douglas par
locntier. f. W. Shtbley, Eugene T..
Thompson and II. l.. Wilson.
The company was operated at a
ret deficit of s3,594,S55 during 1922.
which sum is stated after deductine
t"preciation and other expenses.
This loss is made up OF the follow
ing: Loss from all sources after
,'tilizing reserves previously set up. ,
l.J1+.052: interest on founded and
2oating debt, $1,I96.245: deprecia-
non. reserves and other charges, in
''udinS general depreciation OF prop