The Wall Street Journal from New York, New York • Page 8

THE WALL STREET JOURNAL, SATURDAY MORNING, JUNE 3,. 1922 0 CHESAPEAKE OHIO EARNED ON COMMON IN 1921 NET INCOME WAS $4,192,601 AFTER CHARGES COMPARED WITH $5,986,458 IN 1920, OR $9X3 A SHARE Net railway oper. $13,660,926 Corporate net railway, oper. inc. 13,660,926 Other income 1,120,750 Gross $14,781,676 Interest, rents, etc 10,589,075 Net income $4,192,601 Dividends.

Surplus. AAm AAMnantit nndaf tnrt vni witl Uiac prop. 498,073 455.196 379357 Inv la eC.l companiae 1U14.001 18319306 21.780306 fpl fends. 93.148 913C2 90.023 CU Invest 64399.001 (4.633300 14398.001 Tress eecur 7.763399 8352.179 9.941J099 Cash (303353 (.637347 (38.902 fpl depoa. 1,484329 834.158 139,271 Loans and L.U.

$74 03 409.440 291308 Traffic bl SOWO 1346377 47390 Doe Treatta 2338,995 MUc arete rvcaiv 1428364 3.441.UI 208341 Mat A sup 11311307 8 Govt $495334 $332,461 143i2C2 CHk current 93343 Df awte. 2J.6343J2 243:0.018 LusiLfnre l.l pfd stk $3300 $3,000 roo zoo Cow stock. A of Ind Sinrk. A Nor-tVrj 1300 300 13C0 $3,000 2P0 21350.906 103.530 49325,001 1 ns and Fund $5139.000 2J4.6S3.0O0 2J0.144.C31 pay. 4.1U3C 830S300 U35I340 73420 TrsfTc Ul 9U371 Arete and wp fSf arrt I A dir C4 nrt4 12311397 114349 U9.C40 Tsni i'H r(drH f474 fMrttrt 9.409 S213H 147.724 10.989 12474 liabilities.

135,792 Def liabil. 81,133,874 51,810,744 Appro sur. 24,801,508 24,026,744 A sur 18.162.663 15.341.106 674.711 2y327 1W.414 1343(1 11314 46,275,824 24,009,834 11,849,418 29,213,183 23,988,030 8,565,726 $441342,578 427,462,781 396,915,323 366,044,106 President W. J. Harahan says, in parti In the annual renrfrt for lf)20 rpfpreno wan made to injunction case Appeals Court Judges Hold AU-Doy Session in Chica Attorney Opposes Decision of Loutr Court Chicago udgrs Baker, AUhuler and Evans, In the United States Court of Appeals, heard the Pennsylvania injunction case all day, William D.

Riter, assistant at torney general, representing the government, spent most not the intention of the act to have disputes submitted jointly. He said that Judge Page's decision ignored the Intentions of Cor.rress. and robbed the act of all its COMPLAINT AGAINST TOBACCO COJIPANIFS NEW STEEL CONSOLIDATION Gary. TO SELL $44,000,000 SUCK (Continued Front First Page) the substantial falling off in the volume of business sub- corporation received 2.6 interest on the deposit with seauent to Jamnrv l. ifl2i.

anri th wwAnMlirv a result. Morgan firm. ing unsatisfactory showing for the year 1921. The condi- Jud GarT then "id th th" corporation did not tion forecast in the annual report continued during the "ll ln th street- Mr- Untermyer then m. v.

nAA Dm earlv Hart of th vr with th. msi.lt th.t. nntwithsttul I se ne mi not think tt was a vicious practice lor 1 1091 wm. t.4.192.601. after taxes and ing the increase of about 33 in freieht rates in the sum- corporations to deposit funds in private banks when the fl C7 on tha $62- mer of 1920.

gtorb earnings clurino- tha first fnur montha Iatter 0nd the money on Call, 792,600 outstanding common stock. This compares with of the year were actually less thanduring the correspond- Questioned 1 as to what kind 6f a year 19 Is for the $5,988 458 in 1920 or $9.53 a share. 4 ing period of 1920. It was Impossible, however, to re- corporation Judge Gary said that conditions are good and Income account for 1921 compares as follows: duce expenses immediately to anything like the extent to improving, but that he would not want to express an 1921 Operating revenue Operating expenses 66,603,077 etc. 2,702,869 Income $14,382,012 Equipment rents 721,086 1920 wh en bus ness fe off.

vfi mu jr. $90,190,745 These conditions resulted in an income deficit for the In Jude opinion the corporation has not an 77,744,521 first five months of 1921 or approximately $1,650,000, as aavaniage oi sj a a ion in the cost oi aeuvering its 2,999,960 against a surplus (taking into consideration only the com- products, as testinea ry several other independent steel parable items) of, about $1,000,000 for the corresponding men, Dut that the maximum differences was about 3 a ton, 1 I ii aw $9.446364 period of 1920. Actual net income for this period of 1920, uperauons oi tne corporation 1821 ayeragea arxroi 1,712,062 by reason of the compensation payable under your contract 5 the Independents, Judge Gary intimated, about A .1 a at a fTi I HA mr11l Mrr Kamuwam what- tha Vtika "rtV of railroads for January and February, 1920, less general or tne year ana customary zy nmaena was oeciarea in f.doral Income tax accruals aDnlicable to November. At conclusion of morning session, Mr. Untermyer said those months, and net railway operaUng income of com- Balance of income after payment of fixed charges con- 't would be most mischievous and unjust if the opinion cany from March to December, 1920, Inclusive; and also itutcs a fund out of which must be paid not only divi- went forth that Lockwood committee had already formu- $2 700 000 received from Interstate Commerce Commis- dends but also certain other obligations, notably sink'ng any opinion as to desirability of contemplated steel sion as an aavance under the guaranty provided by the funds on outstanding bond issues and principal payments merger, or that committee was on a hunt to enjoin them) A rhflV Will linnilAlt Inn BiV1 1 1 a anaw.

Tr.n.nnrt.tinn Art Af iqa accruing on matunng equipment trusts, in pay- wiujjc- The operating revenues and expenses, in detail, and ments of this character aggregated $1,96870, 3tt of capl- the principal traffic statistics of the Chesapeake Ohie tal stock. Railway compare as follows: Mail Or EH ATI SO mEVENtEt 1921 1920 1919 1918 $676783 $72,433,293 $53,073,002 $55,720,373 Passenger. 11,739,627 11,814,187 14,158,153 13,629,892 797,740 684,564 3,098,044 1,090,753 406,725 1,02617 911,337 $,820,255 2,325,799 3,000,511 $83,68758 $90490,745 $71,475,016 $72,720,797 OrERATinO BirERSEI Mt $12470,021 $1235039 Mt 20,023422 24,579,561 18414.492 800,618 Transporta $1,427,435 24631 Transp for iaet-Cr. 164,650 31,49387 Tons ear'd one Rev per ton per No. passen 690,362 37,363,048 279,449 1836 0.618c 23,766458 44,699 0.551c $9,700,760 18,178,533 484,418 26,189,743 1,692,894 2802 $66,60377 $77,74 U21 $0037822 $541747 TBLAfTlC STATISTICS Tons rev rt 9436,050 40,838,118 11,720,030 859856 9.633.543 4036,735 0419c 7.950,67$ 8,767311 8.659.602 8,524,755 No.

pasaea car 1 nv. 831311.000 384,043,169 501,637,254 486,09318 Rev per pas per U41e $.07 6c 2.822c 2.804c 000 omitted. General balance sheet of the Chesapeake 4 Ohio Raia way Co. as of Dec 81, 1921, compares as follows: astrra 1921 1920 1919 1918 R4 A $299,269,798 280364.087 275,910.009 258.0633M 87800 io aate tne company nas received on account oi ine from the United States of $5,338,000, to be applied toward additions and betterments, the sum of $4,003,500. It is expected that the balance of, the loan, $1,334,500, will ha rrtvM hfnr Julv 1.

and that the additions and bet. matter, "As a matter of fact," Mr. Untermyer continued, "so Iqng as United States Steel is able to undersell the independents by from $3. to $5 a ton, it makes little difference whether the independents merge or not Con- terments, toward the cost of which the proceeds of the P1 -f the industry is already in the hands of the Steel aujsou loan have hoen annronriated. wiN be comD eled or con- 949462 tracted for by that date.

Officers have prepared lightened I 1 a i a ain rftmr.rh,nslve hudirrt of -ua U4T was asara ii ne couia staxe wunin h. t.Mnt. m.lmm uui wiai mignv more man 1000 000" volume of traffic, provide for anticipated growth, andl favorable for railroad financing and plans are now under i- consideration for providing at least a part of the total capital expenditure involved, announcement respecting which will be made in due course. Automatic traia control system is being Installed between Charlottesville, Vai and Staunton, Va, a distance of about 40 miles, whirh work should be completed this year, and when completed will give a continuous section of automatic train control Gordon ville, Va to Staunton, Va, a distance of about 61 miles. independents, however, must pend on railroads In general "Yon have a poor opinion of railroads in asked Mr.

Untermyer. Minutes book of the directors of Midvale Steel Ordnance Co, as offered by Alva C. Dinkey, president, before the Lockwood Committee contained no reference to the merger. Thomas L. Chadboume.

was then summoned but replied that "he was too busy." Cooies of the agreement. ho-vr ai nuhlithiwl iGLIDDEN CONTRACTS WILL KEEP IT ni'SY vitality. Mr. Riter attacked Judge Tage's conclusion that of contracts recently closed with FoH this controversy arose from preliminaries leading up to oior Co, and Anaconda Copper Mining Co, the GlidJe-i 345,465 Louia, Chicago, and Reading are Urgv'y $3,000 200 1300 GOVERNMENT RAILROAD PAYMENTS a 'TPng Ford. Waihlnrton Since last announcement rarmente un- 10.926383 a.t JUvtUms 204.

209. 110 and 212 of th Transportation Act, 1920, have ben mad. by th. Treasury as follows: fWthin 209. narmenU on account of six months 19,118,006 Lu.rar.tv: Bridrton A Saco River R.

R. Co. 12.995: Bull- fror R. R. Co.

(14.454: CWaroT Milwaulee A 144134578 427.4.731 396315323 366.044J08 1 c. tf-s Vnnh.r- inrougn an arrangement witn Anaconda Lead Co, a subsidiary of Anaconda Corner Minim Co' Glidvlrn C. has secured exrluslv. manufarturlng of Anaconda lead tre oil. This Is a new product mad.

by th. process and company Is a large demand for the material. With five of Its plants running on a 24 hour-a-day Co, Mi.sis.irpi Central R. R. Co, f38l5 Phila- drlphia A Re.d.ng Railway C.

11358.060; Texas Midland th1 0n rumnt not available R. M.S67; Toopin Goldf.eld R. R. Co, WwvUtock RaiUay Co, $7423. fVUon 10.

loana from revolving Improvement fund: OirrV 4 Ohio RaiUsy Co, (1334300; CUco A Northeastern Railway Co, 12733; Evansrill. Indianapolis A Terr Haute Railway Co, New York, New Haven A Hartford R. R. Co, Total paytnente to May 31, 19, $7464341. We showad a satifactry profit for the first thru months this year." said Presi.lrnt Jcyre, "snd Indications are that May will make a Utter showing thaa any previous month for 1922." Combined earnings ef General Gas A FWtric SuV Isldieriee follow: WashingtonFormal complaint was Issued Friday by A.prtl the Federal Trade Commission against the Wholesale Teberca A-Cigar Dealers Association of rbiladelplla, Its oTVers and varleue Individuals part of that corpora- tloe.

Including the Ajr.erkso Tobacco Co. and P. Co. The charges that the rvspoodenta combine (i prkee and restrain trade la competition, la ctgkrs, Ubacre and cigarette, Interfere with the aourrw ssrp'y ot wnpetitors end price maintenance Nelaon f. tberbach.

with the o(h end rectus ef the with o'. ot I' rpr- ts, nrr.berirg a'jt are rsrrcl f. Grnrral Gaa 4 Elrrfrlr SubaMlarlca 1922 1921 Chants IWM Inc. Net aft Uses 310390 X44.497 Inc. CJJM For the 13 montha end4 April 30, 22.

th.re was a gross ef $11347.4, rwt after tases ef $3311.008, aa bJ ance after charge, of (U0.670. MISSOUW. KANSAS A TEXAS Et Leela MUaori. Kansas A T.tea reopened Thuredsf morrirg after having bn tai a. sr.

JsnuaT 17. burvlred and seventy-fire employee la the r-h department reu-n work. It t'4 ra aB-ti-ce4 department fi'J rti xi wc-tk. ANTHRACITE STRIKE AVERTED ELECTRIC STORAGE BATTERY General strike in the anthracite industry was averted after exciting session of joint' wage scale conference Union League Club when operators proposed that the Presi dent of the United States be requested to appoint a tribunal to consider the differences between miners and op-rators, such tribunal to.be so arranged that work in the mines can be resumed until a final settlement is arrived at MAY COPPER SALES ESTIMATED Largett Placed at 80,000,000 With Domeetic CommHmentt 110,000,000 to 130,000,000 Pounds May copper sales foreign ami domestic are estimated at between 200,000,000 and 210,000,000 Of this total 80,000,000 pounds cover foreign sales with domestic wiLn ine lHrwior itpnprai ot n.aiirnann wrs over ii.uu. ww nut unub ijuwctui un wwi vuf.i'- MEXICAN FINANCIAL CONFERENCE De la Huerta PrttenU Economic Situation of Mexico and Concrete Come Up at Afternoon Seteion tition in structural tteel," he said, -but whether this International bankers began their conferences yes-! limitation will be sufficient to be injurious another terday with Mexican Finance Minister de la Huerta, In the matter of rehabilitating the debt of Mexico.

In addition to the American gToup, the British, French, Bel gian and German interests were represented. The discussions of the international committee with Finance Minister de la Huerta were almost entirety preliminary in character. Two sessions were held, one in the morning in the executive rooms of the Cham- hr ftt fimm.rf. at whirh nrartirallv tha full AmarL-nTi in the lower court, oi taction ui, ana neia that it was hngoged Largtly in Supplying Ford ilfc paint therewith. Vera i4 A Anaconda Load Agreement A.

1. C. Commission's Order Chicago President Felton of the Chicaeo GreU Western, chairman of the conference of presidents of westtm carriers, announced that a large majority of elai one railroafs in western classification territory have notified th. Commerce Commission that, wMle believing a re- offered br Mr. Dir.kev ho said ha know mnr.

rf.t.ii. duciion in freight rates is unjustified and threatening although he owned 5.000 shares of MUvala itnrk and h.J serious financial eonnquencts upon many earners, thoy access to the figures. understand that the commission proposes to follow lu findings with an order, and tnerelore no point remain. for a technical Insistence upon an order, in vktw of th expressed purpoaa of the commission to enforce compli ance with its opinion. For these reasons the roads wilt proceed to submit to the reduction.

Traffic cfflcvrs have In.trtu-tfed tn arranaa anif luSmil nrr.tiirv dutaita of the morning. He opposed Judge Pace's interpreUVion, Factories Con Run at Capacity on a Profitable ittin certain adjustment, connection VIRGINIA COAL TONNAGE GAINING Heckler, VY. Va. Virginian RaiUay is now handling a conference and that the board had no right to inter- wi" enabled to keep its factories running at capacity 550 cars of tva per day roan mines on its lines, with ton- a a come, ana luture ounce oi tne nrii was never more promising. William Ritter Lumber Co.

plans construction of a 13-mile standard gsuge railroad from Mullens to Pine-ville fo prmMe an outlet for the company's timber out- put ln the Wyoming region. Contract for the building of th. line has been signed, and work will tUrt at once. Aak, Rcjxirt on lltttintlnntia Washington In the Senate Sator Walsh (Mass.) offered a resolution calling on the Prptrtment ef Com merce to report facts with regard te the production ani consumption of bituminous cel and the amount that will rroUb'y be neele4 up to May aW ht action has been laVrn by governmsnt to end the strike and protect the public from high prices. Rndlo Ilrondraatlnjf by TnlteNl hlalra Washlngtoa Arrangements fer brosd, asting weather, cnp and werket news by radUphone from Memphis, Tens, Jacksonville, Fla, Roswtll.

N. and Milwaukee, Wis, have tn snUe by the U. Department ef Agriculture. This wUI rake 41 sutlons In the I' I ted Etstaa frum which agricultural nee la being broadcast by radiophone. The ra4ie new.

ertf of the Derrtment ef Agriculture ws started la aa eiperlmental way less thaa II mania age. C. tt .0. Dura More Cnr tspeske A OVU has ordered Vi rsrs frem A Dry Vt Co. CI DIVIDEND POLICY DISCUSSED, Director Meet June 7 and Announcement of Rite on th New Common Will Be Made Then Loofc- ing for Annually Directors of Electric Storage Battery meet June 7, to discuss dividends.

Considerable interest attaches to the meeting as no announcement has been made relative to dividend policy on the new common. 1 mnntk annt-AVAi thA nlafl whprHftV AT OVER 200,000,000 POUNDS the old common Btock (p $1007wa8 Bplit upr four for one for new shares of no par value. Under the plan', there ore Month Since March. 2920 Foreign Buying now outstanding 795,673 shares of common no par value and $87,500 preferred stock par value $25. Both the old common and preferred shocks prior to split-up paid $lt annually.

1 It is expected in lome quarters that the new stock will be placed on a $4 annual dividend basis, equivalent to $16 a share pn the old common. Net profits in 1921 available for dividends were $5V business placed, at 120,000,000 to 130,000,000 pounds. This 602,383 equal to $22.64 a share on the 198,918 shares of old wouio make May copper sales the largest or any montn common. I I IMA a. a I AAA AAA AAA I ii 1 Innn nna nnn could indu ce in a camnalcn of ru nou rnm not i tion aninitt inarwi, i t.u.

wnen wiui oi uuunua tarnlncs this year so iar nave Deen aneaa oi tnosi i. i www, nv 1 1 1 1 1 ii ui i ti ma pvbiwiij i 1 14559 189 worse-off during these five months than it was tn the cor- ino waepenaeni stoei companies times oi depression un" year ago ana company a uumj cuubiucisuij 1 oniVfli rennonrtimr upHoH of tha nrtvioui vear. Thi renresented uch as 1921. He said that the slifht dlfTerence in the WM November when 19700,000 pounds of copper were kg a share on the new common. I 1...

nearly 5 on the total outstanding capital stock. Durini operating rata Dctween the corporation and the indepena- I ine Doom in ito auiomuuue muiisu? mw jri $16,160,772 May, 1921, company had on hand over $7,000,000 In unpaid nts, when all were doing their best to get business in Buying was unusually good both on foreign and do- been reflected in better business as practically all tM largo lfl'm'au vouchers nast due for sixty days or more. Directors 1922, definitely showed that the corporation could not raestic ccoimt untH the Mast three days of the month popular automobile companies use the company's Wh.i. Ti.mt. i.

I a. n.u 1. Jl. ..4. kln.J nina $5,988,458 2,511,264 1920 deemed 1t advisable at the May meeting, in order to eon- au'ge in ruinous competition.

mtvi.u,i. BCciu i proauci. uucnn ior um serve cash resources, to omit the declaration of a dividend John A. Topping, chairman of Republic Iron Steel, elTcct uPn i01 commitments and Memorial Day holl- considerably. payable in June.

and Mr. Dinkey will be on the stand this afternoon. Mr. dy uPon domestic orders. F.irth.r rmtnrtinna nn-ratiiMr 'and in- Untermyer asked 'Mr.

Dinkey this mornins- if he knew S'es covered mainly May, June and. July deliveries. S3 475.194 creased efficiency of employes, together with reduction in w7 the past two weeks 750,000 shares out of the out- AUKU" copper is included as wen as a utile iscpiem- in- wages July 1, 1921, accompanied by some improvement In standing 2,000,000 shares of Mid vale's capital stock had bcr' while deliveries on a sale of 5,500,000 pounds in- corporate net rauway income year -j. i-n A.u s. if.

u. .1.... Jcludod In th. tnf.l lt h. nf 102T director general tranic maae possioie a Dencr snowing last six mon i vnuvcj anew numuin auuui mew i COAL STRIKE AFFECTED FRISCO'S APRIL EARNINGS Gross and Balancs After Taxes Less Than in March, but Laffer Item Increased Over Last April Four Months' Figures Improve Over 19S1 April earnings of.

the St. Louis-San Francisco system were adversely effected, as was the case with tno'st roads, by the coal strike, although the result was not as bad as might have been expected. Grow of $6,650,752 was $110,690 less than in March and $143,871 less than in April, 1921. In other words, the loss in traffic, principally as a result of the coal strike, resulted in a reduction of about 1.6 in gross, compared with March, and of 2.1 compared.with April last year. Balance after Uxes was $1,214,109, compared with $1,264,748 In March and $1,199,224 in AprU, 1921.

This was a reduction of $50,638 from March, but was $14385 I i i t. committee and ail tne loreign delegates were present; and more inn additions, betterments and improvemenU which should be "00,000 the exact surplus of his company. He replied on tht omc of the' Mexican govern. $288,681 lesi made during the next our years in order to adequately h1 jessed it was about ment finineU1 tgtncy Bt0ty tt mhich I the fi committee was in attendance with the minister. At the morning session, Mr.

de la Huerta presented render its facilities more nearly equal to those of yo.ir onl lhe t5ent K0Mmk lltMtJoB of Mko. principal competitors. The estimated capital charge for ad.T'D Sfu V.v afternoon aesaion waa occupied with discussion upon more Rework contemplated by this budget to. bout $17,000,000, Jbe lh'S concrete questions. th.

expenditure of which will be spread over th. next LZll I'l The next meeting of the committee with th. mipUter four J.ars. CondiUons at the present time are reasonably VT 7 "1 .7 7 7 will be held on Monday, The de WESTERN ROADS ACCEPT CUT "My opinion is the same as yours," replied Judge JMiere Frtigkt Rate Unjust, but Will Comply With the Operating expenses were than in the same month of 1921. face of the coal strike, these satisfactory earn ir.gs would be rather surprising were it not for the fact that the 'Frisco has moved no little coal from Alabama non-union mines over its subsidiary, Kansas City, Fort Scott et Memphis.

Another factor that has helped earnings is the largely increased traffic in commodities other than coal. Four months' eagilngs of the 'Frisco system show gross of $25,610323, compared with $28388397 for the same period of 1921, a decrease ot $2,778,174. For the same months balance after taxes was $4346332 against $4,769,731 for the first four months of 1921, an increase of $177,101. Operating expenses for the first four months of 1922 were $2321360 less this year than for the same period the previous year. As in the case of the April figures, reduction in operating expenses may be attributed in part to rigid economy in management and partly to the intervening wage reduction.

PRODUCTION OF CASINfillEAD GASOLINE 1II01IER LAST YEAR Total Output of ITS. Si 00 (Jallons, Valued at Represents en Increase of fj Over lfiO Oklahoma Largest Producer Production of natural gas (easinghead) gasoline in United States In 1921 totaled 473.C58300 gallons, valued St. according to U. S. Geological Survey, gain of 23f; over 384,743322 gallons, valued at In 1920.

There were 1,161 plants operating last year compared with 1.154 in 1920. Recovery was 75' at compression plants, balance by absorption. Production averaged 297,000 gallons daily against 1.0:4,093 gallons In 1920. Value was about $1,000300 less than the previous year. 4,439319 1 fere, contending that when a dispute arises In the on ery profitable basis, according to Adrian D.

Inages continuing to climb. Where there haa bn a labor I demand and price declining. Average 1921 price was 14 i tn conierence as wno are auinorneo. representatives, isnonage rtponea worn main uuu, on. oi in.

prin- It constitute, a grievance over whirh the board has juris-1 For the past three months Clid.Un has We a supply-1 cipal fields on the Virginian, this handicap is being over diction. It is immaterial, he said, from what source the fg rort with the bulk of his paint and vamlsh require. 310,3491 disagreement Th. dominant purpose of th. art ments.

Inasmuch as Gliddeo has plsnts located at strs'e- is to prevent Interruption of trsffic. gc geogrsphie points throuchout th. country ft Is In a Tha Ponmvlvania la rrnranted bv Atiornera Rnrff I position to tak. rar. of tha mkIi nf tha vartnua tnr lleinemann and Scofleld.

Mr. Scofeld presented th. argu- assembling and manufacturing branches to good eHvn. mcnt for th. railroad In th.

afternoon session. hage. GliJdea factories at San Francisco, Et Paul, St cents a gallon compared with 11.7-cents In 1920. Prices received by. producers declined to 8 cents a gallon, average being rents Ws thsn In previous year.

Gas treated waa (r less, denoting Increased yield, Oklahoma had largest production. Its 304 plants pro during 1933M.9O0 gallons valued at $22,509,300. Texas, with fH plants, recovered 99,749.600 gallons valued at above 1920 and placing it second. It had highest average yield of gaoline a thousand cubic feet of Upert completion, the Ritter 1ntereta will turn this ras3 4 gallons. road over to the Virginian, which will operate It as a sub.

Compression and vacuum plants numbered 957 close sldisry line, bearing the eipense of its maintenance. This of 1921. producing 8i5.S46.rOO gallons valued at $46.038,. ettension will not only open up a vast timber belt, but 200. compared with 967 plants In 1920 recovering 281.131..

will be the means of developing a very rich virgin oal 973 gallons, valued at While Oklahoma had region. Wyoming County bids fair to be in line for th. largest production. 175350.200 gallons, valued at $19.779.. nest big coal development In West Virginia.

100, Teiss showed highest yield, Its gallons avrrsging 4 6 gallons a thousand cubic feel from 55 plants. Aversge price datlincd from 17.9 cents a gallon to 13. Absorption proces recovered 11311,600 gallons, vsluH at $19,679,700 at 24 plants, against 103,61149 gallons, valued at 1, from 197 plants In 1920. l(X)rr TorrlnRttiii Co. Conunon Stock Dir.

Poston Torrlngton Co. declared a stock divldead of on th common stock and the regular quarterly divi dend of ('V. The stock dividend la payable July 1 to stock of record June 12 anJ the regular dividend July 1 to stock ef record Jun. 10. Distribution ef th.

stock dividend will be conditional upon an Increase In the common stock. A special meeting te vote en proposed stork mcraaee will be held June 10. RAW HUG Alt MARKLT Raw sugar market continue firm. Canada bought 1,000 tons et Cuhas, June loading, at 160 cent f. a.

ks and operators here 4.000 tons at sssne flgure, which Is he highest price paid on this movement for Cubes, this a f. ft. b. terms. sport dsmsnd fo rvflnr.J sugar ecntiruM gxd, with rumored sale, as Vgh at 4C3 I tent a..