The Wall Street Journal from New York, New York • Page 1

4 snrnowiGinn JUL "4 VOL. LXXIX. NO. 96 MORNING EDITION NEW YORK, THURSDAY, APRIL 27 1922 SIXTEEN PAGES SEVEN CENTS WALL 0 4 i 1 ry Morning and Evening Editions (Except Sunday and Following Stock Exchange Holiday) Published by thvt, Jcne the Oldest New Agency in Wall Street arrest Circulation of American Financial Paper. Entered Under Second Class at Post Office, New York.

Specialists in FOREIGN BONDS Arcontliia Hnv't da nnrl nil Imhiiph Brazilian Gov't 4s, 4s and 5s, all issues Belgian Gov't Internal 5s British Gov't 4s and 5s, all issues Chinese Gov't Reorganization 5s Costa Rica 5s, 1H58 Italian Government Cons. 5s Norwegian Government Sterling Republic of Vruguay 5s, 1910 lrovlnee of Buenos, Aires 3s State of Sao'Paulo 5s, State of Sao Paulo 8s, guilders PY INCH ON CO. frmatr Ktm Terk Btk yaehenee III Broadway, J. Y. Ttl Rector 7I LONDON LIVERPOOL FAJU1 Wanted J.

K. RICE, JU. CO. For Sale IN Am. fy-aaaiM ea ft" Amerlraa rklrle af 10.

Am.nM. Tl. af ti. J. Ion Aatrrlraa-Hawallaa ft.

lea AaaAlraa-Hawallaa ft. ft. UnO Aawrlraa Taro4 af Am. Marala. My.

100 Aaara a. IM.Anrr. Plaaa ram pf 14 Aaaiwlatea' Laa Cm. 1M Atlaa Parll'S (rani cam IN HI laa, K. rammaa MM NarTpaa la.

rammaa 1 nraaklya Hy R- Haaa Teeariaal ram af an Chalk. Thrala Na. Bh IIM all4a IHnt.1 a. la las. aria era K.

R. ISO Im. Striker H. R. in aatlaratal laaaraaea laa rawrll Pab.

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af. laa MrCall ar ram A lal ft 35 All. at Par. Tra laa Maalla I'tra, laa liraalay Ha.aaa arrarltaa laa Malhlraaa Alkali 10O Harklaa: Valley rraa. Mrrkaalra A H.

Wat. Bk la Jaaaa-Waavllla, ram Mlrkla-aa Oatral R. R. laarrnmll-Raai aam A af Makawk Vallrr I s. laa l.rblb Vallrr aal Bama nmt.

Haak Camanraa lao Mr all ara. Ut af l. I lif Baak Mrlal A Tkrrmll ara. earn IS Mat. Marrty loa ftal.

l.lnrrtF laaaraaaa an H.iIm A Aria. I.bsA laa Matlaaal p'arl (ill laa v. Mataal iimm l.labt laa M. v. Malaal lk in y'.

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la am Mfc. a ai.arr a MS. a Tk.rWr lraa Tr4. laa lmi Irtlaalac af iaa ars llaklas ram A af laa a.a wars Iraa naaa is aalll Ml, laa Mis. laa 1 alvrraal lat Tab.

af ia Vlrlar Talklac Maralaa laa a. rata A rapa la VMlkwlil laaaraaca J. IL RICE, JR. CO. WiM Te 1 4 mt mmM Mil Wit Central Arkannaa Eatern oh, 1040 DulutU South Shore Atlantic oh, 1037 GalveMon Terminal 10.1A St.

Paul Duluth 4 IOCS StephenKvlIle North fiouth Texas oh, 1040 Toledo Ohio Central St Marys 4h, 1051 SLUAIMlLt JTabLL il CUa 120 Broadway, N. Y. Thone Rector 4903 sua. raaaa Lm isii-iiit Kelt rk ris js Denver Rio Grande Adj. In Green Star S.

S. S. 1. 7h, 1024 International Great Northern Notes City I t. Dodge 4s, 1033 Woodward Iron os lin king A'alley Product Klrby Lumler Com.

Pfd. Ihlgh Valley Coal Sales Noteholders Liquidation Co. Woodward Iron Com. Pfd. Whrt-llns Lake Erie Prior Preferred vr.i.

C. OHTON CO. 64 Wall sun. Y. lal Sfiir HiSO-9K17 orrr Tvwjsii Adams Express if.

1917 Barrett Mfg. 5s, 191.9 Canton-Now rhilsdclphia Uailway R. 1923 Duhuque Klectric Co. R.s, 1925 Ucawanna Iron Stn-I D. 192G National Conduit Cable Gs.

New Amsterdam Gas 1918 New York. New Uaven Hartford 3 j. 1931 Sierra San Francisco Tower 5s, 1949 FREDERIC II. HATCH CO. 74 Broadway, New York rMa iiia try Smim rkllaalbta wssrro laa 4lr4.

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imi.sms.mm iaiur.i,sr.r, JCr.Ce I rOSSCI CX UOly SI mm lartt I Vaaa aiaa fTaf that was I i REVIEW AND OUTLOOK A VOICE FROM THE PAST In George Kennan'g new and authoritative biography of E. H. Harriman there is an unpublished' statement by great railroad builder which is as true now as when it written, fourteen years ago. The absurd misconception which it combats is still widely held, and by men whose intelligence is otherwise above the average: "It is just as impossible to raise rule tn anv Uval that may be necessary to pay charges on increased capitalisation as It would be for a manufacturer of Bteel, or of woolens, or of any other commodity, to raise his prices because he had a large debt upon which it was necessary to pay interest, or a large capital employed in the business. It would be suicidal for a railroad company to throttle or paralyze the industries along its lines by charging exorbitant rates.

Even if there be no direct competition by parallel roads, every industrial plant located along a line of railroad is competing with plants located on other lines, and evefy railroad is forced to make such low and reasonable rates as will permit the industries in the territory tributary to it to make sales in competitive markets, and thus furnish the traffic from which the railroad company derives its earnings. It is impossible for a railroad company to sever its interests from those of its patrons. Its life blood is drawn from their prosperity, and it must furnish them with adequate and ever-increasing facilities at reasonable rates, wholly irrespective oLits capitalization. If the calculations of the organizers of a railroad company turn out to be erroneous, and the capitalization is fixed at too high a figure, it is a misfortune for them and the other security holders; but the widespread popular impression that a railroad company can extort money from the public at will, and in defiance of the laws of trade, simply for the purpose of paying inter-est or dividends upon increased issues of securities, is not Justified by the tacts." For yean the people who have been regulating the railroads Into bankruptcy hav been committed to tne exact contrary. The absurdity Is clear the moment the I la mmtA WKti tin mrulatinn whatever, or with regulation much worse thaasre have now, Harriman'i argument would still be valid.

But we have been meddling with the simplest and most beneficent of all economic laws (lal OI Supply ana aemaoo onui we cinnoi urniK uur selves to the revolutionary point of letting that law alone There is just one fair rule for freight rates. The charge should be exactly what the traffic can bear. A railroad with a monopoly not going to drive freight out of its district. This voice from the past shows conclusively the economic reason which protects, and always will protect, the shipper. There may he reasons why Senator Peed is "no Dem ocrat," but falling te agree with Woodrow Wilson cannot possiWy be en them.

WITH ANT OTHER NAME" Ctechoslovakla is borrowing money and stabilising her exchange. Cxechoslovakla ia coming on. A heart- ft1J that her name was Dl chosen- One ia tempted to ak why. It is probably Just as easy for a Chechoslovakian to say "Ciechoslovakia" as it Is for an American to say -Phila delphia." It'a not difficult to pronounce, like Chicago But we call Espana, Spain; Svenge, Sweden; Norge, Nor way; Deutschnd, Germany; OesUrrekh, Austria; La Suisse, Switserland; Nippon, Japan, and so on. Why on earth should we not call Ciechoslovakia Bohemia if it makes there happy? During the war we were solemnly warned not tora'i Serbia Rervia, as this smacked of servitude.

Now the tooi people of that country call it Jugoslavia. Mugo" a Latin recalls a yoke, and alavia is obviously aa unfortunate apcllalion, 'though to the Jugoslavians il is glo.i- IW. ttK.I in r.rri,,,.. stances is to prevent us from calling the country by it citil name "Serbia?" it is unusual for a country to rhange 'is 1-1 I nam niiTi We have often Uken liberties wiU names of foreign countries and cities. Many versions are clearly phonetic the nearest we could gel to the original.

Sut are Mi s-cow, Copenhagen, Lisbon, Gothenburg. The substitutions we have made ia the names cf Italian cities were not happily inspiretL Leghorn for LKome an afTni. We canonised retenhurg, mutH to the former iligul at the Russians, who named their capital after an emperor, not after a eamt. inally, In renaming the Ciath and Slav rrpulilK- hall be doing only as have been done by. The tavlm- Amertrans never call us American eiturm, but "Nort'.

or hile nstives of S.t-land. Ireland, Canada and are invariably duhl-ad "Ingle.4 by them. What's in a name, anyhow? If Cseho1ovakia lakes rare of the credit the nam. a ill tske tare of It.elf. lsypr llylan hurt be-aue Cor.srts.nisn Chandler aid his mind "thin." swlhe by at.

milling that it thhk? A LAMr.R Lay Aster mail. gaod-tempered agsm't slurs upon Crval and speoally tnenlinnMi the Hart fierspers ia this connection. The bans of her aaUnUism as that t)oe ho read the charges had means ef tfUng their trvlh, ee. ef bearing any trp'y. H.arat's American considers that ttileeatxm ef the (hsrf.s sufVienl liMtifli il-oa.

Here is ef hetn: "Lngland bormma ill icna upa af tj.4. Iar from sad she has never paid cent, tsnt fen the lnt.rel an ceU" I Te Nevaibr 1J. treat ftritaia fs a ssrt.Uairr.flf-'ieK4BtS.fs.-1sf rarcnL It is fee-IiflS SST thit lt IJE.fr.t has later How ago. to a oi or to is I Swing Joins The Wall Street Journal Genoa Raymond Gram Swing, for some years the eminent Berlin correspondent of the New York Herald, resigned to become the head of The Wall Street Journal staff in Europe. He is now with the Journal staff at Genoa but will travel and maintain headquarters in Berlin and London.

U. S. STEEL ADVANCES PLATES Quotes Level Establiihed by Independents Last Werk Further Advance Expected Buyers say Carnegie Steel is now quoting $1.60 a hundred pounds on steel plates, against a few days This advance, which amounts to $2 a ton, is the first be put in force by the leading interest since tho coal strike began. Prices of the independents were placed on (1.60 minimum basis about a week ago. Fact that some interests are making sales at consider ably higher prices than $1.60, jombined with unwillingness most makers to contract iar ahead at the current level, would seem to indicate another general advance to $1.70 $1.75 in the not distant future.

PEN A MA RAI LRO A 1) Reports Set Operating Income for March of flO.UOJtt an Increase of Pennsylvania Railroad Co. reports earnings for the month of March and throe months as follows: 1D22 1P21 1920 1919 Mar. $12,370,129 $41,114,741 Bal aft taf 10,603.216 3,121314 2,471,155 987,097 Nptnnlnc.ini3nS.il 9 7911 11 (1 1 I wivtitvu a is.ww i mB 19n noB loimo.e PO, -v, i t-1 r. nntie ncf Conor. jnnr.a Kt U.

91 401 rn RM.91R tauorwa Deficit. CARNEGIE STEEL ritUburrh Carnerie Steel Co. will snend 125.000.000 $30,000,000 in doubling capacity of by-pToduct plant and Clairton, making it independent of Fayette coal and coke field. Work on foundations has already started. Dans were completed before miners' strike and work being rushed on account of walk-out.

necessity of usinrj West Virginia coal and shutdown of Fayette County ovens. Clairton is new receiving regular eupply of coal, about lt.000 tons daily, er something in excess of re- qujrtnwntl interest is provided in the British budget. England borrowed from us to prosecute the war and lent, to her allies and our own, twice what she borrowed from us. For her own needs she would not otherwise have borrowed a single American cent. Here is another stat-ment.

equally untrue: Lngland is uing our money with whiih to pay her soldiers a bonu. and cmnequrntly we cannot hste wnu. This, on the facts of record, is another falsehood. England did not pay her soldiers a bonus. Every man, for the pat century or more, enlirtrJ in the British serv.

ire has been entitled to a pension, and this practice was continued hen she adopted conscription. Because of that right to a pension her nold.rrs were paid lcs than orr-llnrJ of hat the Amcrirsa soldier received. Thee pension rights were, for the mot part, commuted for a gratuity, hirh, of course, amounted to deferred pay. It si as not a bonu. i rnl lnr Wl.v-cu those in hi employment tlMTihe thin sort of thing iw- jor Tk.l i.

V. f. I.J IW it naltiati Ivine? 'ItY THE WAY "MnV Carlo stmk ihopo," ahi.h hoas what the neiehlxr.ing rumpetitHin at Genoa can ilo. a lid )ou eer hear "an un prejudged stalemenl" thst dnl leave out half the farts? I Nut much diUnre bet arm a Hylaa Ring and a Milan I i Till f. Little on any bne nf rnntentHin.

C'fiilrul A Kaat. Hj. la Ill liitrrnntl. lit. OtAik l'nw.

ntrr lli.V.' Sfiutli IVmi Oil tlllll K. I VMM I Ml' flf tl Charles E. Doyle a Co. tlsak p4 Aerire tttdg. 41 Vt Fu N.

T. tpA.ne.- Jkn iSoo-l Frccport Texas Rights Brooklyn Edison Rights Magma Copper Rights Granby Consolidated Rights r.lcDONNELL CO. Slmmmmmp Itprnt I a 4mtk tlttmmpp Ise m. i. vt.

and is and 685 tory was and A J.P.CAHILLACO. Maae Ka Tarfe Vlark ST l.V.ag. LIBERTY BONDS IJ TrPmJwtf nrte Treel ICtl 0 U. S. STEEL REPORT SHOWS IMPROVEMENT IN TRADE MARCH EARNINGS AT RATE PRACTICALLY SUF- TO MEET COMMON DIVIDEND TENDENCY NOW UPWARD Operations Increased.

From 0 in January to 75 in i4prii and Indication Are Common Dividend Will Be More Than Earned in Current Quarter Corporation's Surplus'' in Excess of $500,000,000 United States Steel in March practically earned tt common dividend, earnings being $8,505,166, or at rate of $25,515,498 quarterly. To pay all charges and preferred common dividends for quarter slightly over $26,000,000 required. Comparing March results with those of December and January, when the big company earned little over interest other fixed charges shows how decided has been 'nv provement in the steel trade in the last three montns. Gain in earnings from $4,654,134 in December to in February and $8,505,166 in March is most saUsfic- feature of the quarterly report. Operations of subsidiaries in January averaged around 40, probably under rather than over.

February output at rate of about 60, and March over 65. Since beginning of April operations have been at 75 or bet'er for this reason, as well as because of advances in steel price which will be reflected to a slight degree in current earnings, April results should show at least as big a gain over March as March did over February. In short, unls 'some unexpected setback occurs, U. S. Steel, in the cur- -r 1 warn, aa anK rem quaaer.snoum eamjw common u.Kicnu 1 Stantial margin Jnrre.wnK venaency in imumi.jr positive indication so far that the steel trade has turned I the corner and is now on the upgrade definitely.

March was the best month the corporation has had since Febru ary, 1921, when earnings were $10,157,896. In view of this monthly improvement fact that quar- ter's earnings of $19,339,983 were smallest for any three months since beginning of 1915 with the exception of the quarter of last year, has little significance. It is water over the dam. Quarterly report shows depreciation charges are being maintained rigidly. Depreciation and replacement ileduc for the first quarter were $6,092,253, compared whh 6.031437 in the previous quarter, while depreciation and sinking fund charges together were GiXt, compared with $8,290121.

To meet the quarterly dividends' en the preferred and common storks the corporation drew on surplus to the extent of $8,749,468. As of December 31 lst undivided surplus was $508,926,958 so that present surplus is still ever $500,000,000, exclusive of $140,898,914 surplus propriated for new construction, etc. Sheet Bars. Sell at Youngstown Dutrict maker has sold 5,000 tons of hrfi Ur, a lo( the prict, op 4 ton from level several weeks ago. Shortage of sheet bars threatens to contract sheet mill operations.

G)ntinental Oil and Other Standard Oil Stocks Our Tracing Drprtmcnt invites ioquinVi in tlx or ny othfr Wcttffo o0. BOS.MH.(MIlTSs- 701 SvBnlorti. Gtrwt DENVER. COLORADO ViE IMK (JKI)KKS IX hpxer Msaufarlerlag Treferred MiJarM (KJ preferred haUldorf Kteetrk Preferred raeker-V, keUr Coaiaioa sad Preferred llebtrs Kketric Cable Preferred Nilra-tWaveal-Pead Seevtll Maaafartariag AluMiaass Maau(arariag Preferred Ugfetu lat'l U4. aavae and Preferred Tire 4 Preferred (saiiiarri Peaer Preferred r.le-1rv lUad Share Preferred Standard Task Car Preferred GWYNNE DR0S.

Wnt.r T.rk Slack as el. Si. V. 14. Veaae S7I iVirfil sr rsl fe it.rtfprd alal ImI t.mm.

r. IIMaata rar, laa I.Imi, Sa.lla.laa 6 AaiaaWaa MhSlM tmmmSrf iBHlrM ttl. 1 1 ran stm eisn ve iBia enietsnAt torovt JtNKS, QWYNNG CO. Slir( Taefe Ri.ft.ag Ttrk Kshf ftf Maa. a4 (i.

I. Mo. Pacific 6s, 1919. when Issued Buffalo Gcn'l Lice. Gs and 7s G00DB0DY CO.

Taek ttaek Ii'ftaaf taaisa Ca rsmiK tase evu. a S.S.W taae WMfar raaaleai aaate W(tavlaa 1 An advertisement carried in both our morn ing and evening editions (or the one price. New England Fuel Oil Magnolia Petroleum Gulf Oil Corporation Humble Oil Refining Pittsburgh Lake Erie R. R. Continental Guaranty Weber Piano Pfd.

Chestnut Smith Geo. P. Ide Tfd. Hale Kilburn Com. Holt Ci Company 71 Broadway 'Phone 7060 Bowling Green AVE WILL BUY 100 Rueyrus Com.

Pfd. 100 city Investing Com. Pfd. 100 Empire Steel Iron Pfd. 100 Geo.

P. Ide Com. Pfd. 100 PIggly-WIggly Corp. Com.

Pfd. TOO Wodward Iron Com. Pfd. 30 Vulcan Detlnnlng Pfd. AVE AY ILL SELL 100 Caloric Co.

Common 23 Kantorn Steel Common KM) Daniels Motor Common 100 Gllliland Oil Pfd. Ctfs. 30 Nilcs-Itcmcnt-Pond Common KM) Pennsylvania Rubber Com. 23 St. Louis Bridge 2nd Pfd.

KIELY IIORTON 40 Wall Street, N. T. Phone John 631 New York City New York State Federal Land Bank Joint Stock Land Bank All Issues Bought Sold Quoted CidlsEQuinceyCq i4WHSitcct flcwYork rcctbt 2301 GEORGE W. GOETHALS INC CONSLlTLS'O ENGINEERS 40 TALL STRLIT Is'EU' YORK INMSnCATlOKS ANO RtrORTS VfAN'ACtMCKT ATrRAlS.ALS Brooklyn Edison "Rights ft Safety Car Ltg. Lehigh Valley Coal Sales i MrrRrntlutlrr Mno()c Cnlninliiia A.

Utli Atritiir IIHU I Ilrookltu KapUl Trunsll in, 'nr: Itrookhii, Utirrita I o. sv Stilitirlniii 1011 Soroml Asfiiuo Krrrltrm Clfx. NorlUwralrrn lllcrlrlc IlKWl THEODORE DR0NS0M CO. Slrajkr mwt lath Slack rrk.a. IM rar.

SI. T. T.L Rarta TSaS NcH Viirk. N. II.

llarlfnril Is A (1, Soulluni Itollwny ilj.s., 111111 a II). I ort Kcott iv Mriu. ('ln arakf Ohio roiiv. 1 1 III (hlruu'o, Kork Islatul I'ar. nfir.

I PI I Norllirril VncUc nT lion in, I WIT Norfolk A. Wmlrrn ron. IlKKt Arttrnllitr Itosrrniitrnl 4 t1 jHpsnirao (io rriunriit 4a, IU Itrnrlltan t.orrnnirnt la, A l. r.i. pnincE co.

tftaiaare hsv T.rk link Ki'S II Breed Street. he Ter Tel Ratlee fUl Matk Aiea.e M1 l.iiaftae Ateea. Paaaia leery Is IMI P4 Aeaa. K. K.

Ree.liers If, till twsta. Koalk lira. A Nartk laaissa Ry. JS IDT Leite4 Psfrwer4 l'rferr4 aa4 teava FINCH TAH3ELL tr.0AD WmmP -P Vtft la. r' AAT.J.

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