The evening world. Newspaper, May 15, 1922, Page 16

Fy Mt _ . AEE ETE ne sects f 7) FAlthough transactions on the : @ecision is handed {Wall St. Gossip =| HOLDS CHILD LABOR totalled well in ‘ Exchange to-day excess of a million shares, price Mavements were without particuluy Significance, Such changes in quo fations us occured,—and nearly 4 very important instance they were Juestion Involved Was In- fringement by Congress on Police Powers of “tate. Umited to about a point, to the operations of syndicates and floor traders, The were due tone was ir regular, Purther stremious attempts were WASHINGTON, May 15.—The Made to inflame speculative optim-| Child Labor Law was to-day held by fsm by circulating reports of new] the Supreme Court to be unconstitu- mergers invotving all descriptions of | tional and not valid. industrial companies and of impend- What was generally regarded as one ing ‘“‘melon" cuttings. But these phil Mey important ques- { tactics did not have the desired re-| Ment veare, Inealvine the agaurt in g@ults. The general trading public} which th courts will interprit. the hans again withdrawn from the mar-| “motives’ of Congress in determining the itutionality of its exercise of the right to impose excise taxes, was presented in tic child labor cases, ket, temporarily at least, and there fs evidently a marked disposition to wait for more definite information The United States District Courts . cg of North Carolina held that the exeise the many mergers sup Fegarding tax levied by Congress upon mines posed to be in process of negotia and factories employing child labor tion before extending commitments | was an uncontitutional encroachment Ze thetiddustelal okiave ist upon the prerogatives of the States in ae the exereise of their pc powers The same issue was p nid to the court Whe independent steel stocks, which in th “Future ‘Trading Act’ furnished so much excitement dar eee en eee nbn he ing the latter part of last week, fol-] Chicago hot ‘Trade owing the announcement that the! ‘The tax levied was 10 per cent. or Bethlehem and Lack =| the net earnings of plants employ! rte 68 childven under any conditions and the tg netafon sles sume amount on those employi hed i child workers between the ages of Bite to hold ground, while in Re-| fourteen and sixteen years employed for more than elght hours in any day | Midvale and most other in epee r more than six days a week, or be- @ependent steel stocks there wa evidence aplemty that recent spe tween the hours of 7 P.M. and 6 lation for the rise bad been some-|4. M. ‘what overdone, The effect of the tax was an imme- —— diate decrease of 4$ per cent. in child When it was found that } g|labor since thé provision went into in the independent s' effect on April 19 further tmalliah demonstr = those, Issison Impractic. SEEK DISMISSAL d thekr attention to Surred thee ee ew piee dono] OF MORSE CHARGES bapporiea by a stronger pric Motions to quash the indictment in in the metal mwarket, with in which Charles W. Morse, his tree tana sales being reported at 18 1-4) sons and a number of ot cents a pound, the leading cop ghares were run up for net gain) of a point or more But buyin: ‘was not long sustained, aed in th late afternoon a substantial part of 1 these advances were lost ers were red with a scheme to defraud by the sale of stock of the United States idants interested In these William A. Barber and Wt appears that the Onancial distric Glbbney, attorneys of this has become reconciled to the belief | city; George M. Burditt, also an at- that crude oil prices will not be . and Martin J. Gillen, who advanced in the immediate future. | was assistant to Judge John ne For several ‘weeks there have been persistent reports that both Penn- gylvania and Mid-Continent © oll would be advanced 50 cents a Darrel. But the argument is now used that with the increasing de- mand for oil, profits at present prices are entirely satisfactory and an increase in quotations is unnec- essary. To-day the minor oils were conspicuously firm while most othe: sections of the market were heavi- est. Mexican Petroleum was an ex- ception. It was pressed for sale on |) every rally. when the latter was Chairman of the Shipping Board, Mr. Gillen’s attorney said he would show the caurt his client had never hud anything to do with any of the proceedings complained of and that his papers showed there was no evi- dence submitted to the Grand Jury in any way connecting Mr, Gillen with the act complained of, Stil) another group that comes in for favorable attention from pools and floor traders were the leathers. Endicott-Johnson, Central Leather and American Hide & Leather pfd. ‘were marked up from one to two points without meeting much resis- tance in the shape of profit taking and short selling, 100.02 + 100.58 FOREIGN EXCHANGE. AT 2.45 P. M Sterling, demand, 4.44 While these demonstrations in the goprers. olls and leathers were go- ing on the rails were all but com- pletely neglected, and motors, equipments, tobaccos, chemicals and other recent tull favorites such as American Ice, American Woolen, 2; cables, .0833, t Marks, .0035, up .0000 1-4 Greek drachma, demand, .0428/ ca- bles, .0180, up .0005. Swiss francs, demand, .191g; cables, .1915, off .0012. Guilders, demand ; FY Pesetas, de 8, up 0011, 560; cabl Norway kronen, d bles, .1868, off en, demand, off .0003 *@istanctly heay: Selling pressure became more pronounced as trading @rew to a close and in many in- stances lowest prices of the du were registered in final dealing In independent steel stocks net di elines reached 3 points. Lack of bullish initiative in the rails can probably best be explained the fact that the reduction in rail- road rates, believed to be impend- ing. still constitutes a market bug- aboo. There is probably no one in the financial distrist who knows how extensive these rate reductions will be. But it is now accepted as @ foregone conclusion that the re- @uctions will be ordered before a down by the Railroad Labor Board in the wage dispute, and this is not to the lik- mg of Wall Street. f brokerage circles little concern was ‘expressed over disappointing de-|| York Curb Exchange stocks ‘velopments at Genoa. And only a : minimum of speculative interest] | Can get this by a close study was created by the official an-] | of mouncement that this Government “Investor & Trader,” ’ has been nvited to attend. a new Proposed conference at Tho Indifference to Genoa de an intelligent and well edited was likwise expre: summary of ‘news and facts eign markets. FE: likely to have a bearing on 2 io AG abe future course of the market in various groups of stocks showing great activity. cables, BANKING AND FINANCIAL, oo ana aahennionmanecr aun eau The student ‘of market conditions is always striving to get the correct market slant. Those interested in New steady. Existing tractions securities were not appreciably affected by announce- ment of plans of financial reorgaun! Aids you in getting the right gation of the Interborough. 5 Ya the Curb Markot the new Inter-| | Viewpoint. borough notes, traded in on a when issued basis, opened at 71 and quickly ran up to 77 but later re- acted about two points. Current issue free on request Call—phone or write On a heavy yolume of trading the @otton market in late deuling showed an advance ay proximately $1 a bale. warely steady. New York Caicagi @all money was in plentiful supply Pitvebergh Dev hout the day at, 31-2 ent. | | ag oo yo igen per cent) ' Three New York Offices 50 Broad St. Broad 7150 505 Pifth Ave. Mur. Hill 7120 225 Fifth Ave. 1 BANKIN U.S, SUPREME COURT - READJUSTMENT OF . interborough Rapid Transit Company Manhattan Railway Company To the Holders of the following Bonds, Notes, Stock and Certificates of Deposit: INTERBOROUGH RAPID TRANSIT COMPANY: First and Refunding Mortgage 5% Gold Bonds; Three-Year Secured eka Stear Convertible 7% Gold Notes (extended and unextended); MANHATTAN RAILWAY COMPANY: Capital Stock; INTERBOROUGH-METROPOLITAN COMPANY: Collateral Trust 4%4% Gold Bonds; Certificates of Deposit issued by peter d Trust Company of New York, repre- senting Collateral Trust 414% id Bonds under the Agreement dated February 27, 1919. A Plan of Readjustment of Interborough Rapid Transit Company and Manhattan Railway Company dated May 1, 1922, has been approved by the Boards of Directors of the two Companies and by the following Protective Committees: INTERBOROUGH RAPID TRANSIT COMPANY BONDHOLDERS’ AND NOTEHOLDERS’ COMMITTEE: J.P. MORGAN, Chairman, ALLEN B. "FORBES Dw ‘Ww. MORROW, DARWIN 'P. é .. C. MeELDOWN, WARD. CHARLES E. IALEY FISKE, JOHN J. Mirae aa BANKERS TRUST COMPANY, Depositary, 16 Wall Street, New York, Wittia Ewino, Secretary, 23 Wall Street, New York. MANHATTAN RAILWAY COMPANY STOCKHOLDERS’ COMMITTEE: ALVIN W KRECH, Chairman, LEWIS L. CLARKE, BERTRAM CUTLER, THE EQUITABLE TRUST COMP. RUITABLE TEDET,PEMEANL OF SEW TORE, eur, Lywaw Roan FREDERICK STRAUSS id an THOMAS H. WEST, JR. , Secretary, 37 Wall Street, New York. INTERBOROUGH-METROPOLITAN COMPANY 4% % ‘BONDHOLDERS’ COMMITTEE: AYSON M. MURPHY, Chairman, CHARLES H. SABI IN, ‘A. PEABODY, SRESEEE SAT iter GUARANTY TRUST COMPANY OF NEW YORK, Depositary, 140 Broadway, New York. Bovptnor Arrexavuay, Secretary, 140 Broadway, New York. Copies of the Plan of Readjustment and of the agreements under which the Committees above referred to are acting may be obtained from the Secretaries and Depositaries of the respective Committees. Unless such a plan as that now proposed can be consummated a receivership of Interborough* Rapid Transit Company is inevitable. Such a receivership would almost certainty be followed by * the separation of the Manhattan elevated lines from the Interborough lines and years of expensive litigation between the two Companies. It is believed to be not only to the advantage of the traveling public but also to the advantage of both the Interborough and Manhattan Companies and their genarity holders that such a receivers ship should be avoided and that the lines of the two Companies should continue to be operated as parts of the same system. Holders of the above named securities are therefore urged promptly to assent to the Plan in the manner provided in the agreements under which the above mentioned Committees are acting. ® INTERBOROUGH RAPID TRANSIT COMPANY, May 15, 1922. By FRANK HEDLEY, President. ~READJUSTMENT OF INTERBOROUGH RAPID TRANSIT COMPANY MANHATTAN RAILWAY COMPANY To Holders of: Gerrinoases of Deposit of Guaranty Trust Company of New York, representing interborough - Metropolitan Collateral Trust 414% under the Agrcemaneaated February 27, 1919, i; eg oman aud Interborough - Metropolitan Collateral Trust 414% Gold B. - ited with the Depositary of the undersigned COMMU ted ed Interborough Rapid Transit Company Stock. The undersigned, Interboror ipaaeday-eositpe Collateral Trust 4 Bondholders’ Commit has approved and adopted the 5 of Readjustment of Tnterheroush ania Tea Conte eg Manhattan Railway Company dated May 1, 1922, and an Agreement dated May 1, 1922, between such holders of Certificates of Deposit issued under the above mentioned Agreement dated Feb- ruary 27, 1919, Bonds and Stock as shall become parties thereto in the manner therein provided, parties of the first part, and said Committee, parties of the second part, and has amended said Agreement dated February 27, 1919, to contain all the terms and provisions of said Agreement dated May 1, 1922, A copy of said Plan and of said ‘Agreement. dated May 1, 1922 has been filed with Guaranty Trust Company of New York, the Depositary under said Agreement dated February 27, 1919, The Plan gives to holders of Interborough-Metropolitan Collateral Trust 4: Gold Bon: of Certificates of Deposit issued by Guaranty Trust Company of New Yor! rhe the a Gans ment dated February 27, 1919 representing said Bonds), and of Interborough Rapid Transit Company Stock, the pe (1) of Durchaaing, at their principal amount and accrued interest, new Interborough Rapid Transit Company Ten-Year 6% Gold Notes (to be issued under the Plan to the amount of $10,500,000) to an amount equal to 16% of the principal amount of their Bonds or 32% of the par value of their Stock, as the case may be, or, oy of surrendering 60% of their Bonds or Stock, as the case'may be, for delivery to an underwriting syndicate formed as hereinaiter stated. The purchase price of the new notes shall be payable upon thirty days’ notice after the Plan is declared operative, G. M-P. Murphy & Co., J. & W. Seligman & Co., Kidder, Peabody & Co. and Guaran: Company of New Work, as Syndicate Managers, have formed an adeewritiay syndicate to Mrenoee such of said $10,500,000 of new Interborough Ten-Year 6% Gold Notes as are not taken upon the subscription oficrs made to the holders of Interborough-Metropolitan Collageral Trust 434% Gold Bonds and Interborough Rapid Transit Company Stock,eas above stated, and to be made to Reuters of Preferred and Common Stock of Interborough Consolidated Corporation as stated in the lan. Holders of Interborough-Metropolitan Collateral Trust 4: Gold Bonds and Interbo: Rapid Transit Company Stock may become parties to the a, and to said Agreement rneh May 1, 1922, by depositing their Bonds or Stock, as the case may be, with Gcaranty Trust Sooper of New York, 140 Broadway, New York, the Depositary under said Agreement, on or before June 14, 1922, receiving therefor Certificates of Deposit issued under said Agreement dated May 1, 1922. Bonds presented for deposit must be Hegoriable in form and if coupon bonds, must bear April 1, 1919, and all subsequent coupons, and if registered bonds, must be accompanied by properly executed transfers in blank. Certificates for Stock presented for deposit must be Properly endorsed in blank for transfer or accompanied by sufficient instruments of transfer in blank, and if the certificates of deposit therefor are to be issued in any name other than that in which the stock certificate stands, stock transfer stamps must be provided, Signatures not known to the officers of the Depositary must be guaranteed by a member of the New York Stock Exchange, a New York bank or trust company, or by a bank or trust company outside of New York having a New York correspondent. Holders of said Bonds and Stock must, at the time of such deposit, make their election either . smcipes new Interborough Ten-Year 6% Gold Notes or to surrender 60% of their Bonds and tock. r will be received except uy such terms and condition: the Committee ma, Holders of Certificates of Di it issued by Guaranty Trust Company of New York under the it dated February 1919 ting Ini Mi Collateral Trust 45406 Gold Bonds, who donot withdraw Tom said’ Agrecment daved Feerusry 2), 1919, as pers mitted by Articles Fourth and Seventh thereof or before J 14, 1922, being thirty days from the date of t! leemed for all pur- ‘st publication of this notice, shall be conclusively and finally pores to have irrevocably waived the right of withdrawal given by the Agreement of February 7, 1919, and the Plan and the Agreement dated May 1, 1922 above mentioned shall be binding upon such holders of such Certificates of Deposit, all of whom shall be conclusively and finally deemed for all purposes to have assented to the Plan arid to: aid Agreement dated May 1, 1922, and the terms thereof whether or not they receive actual notice thereof, and to be irrevocably bound and concluded by the same and to be parties to sald Agreement, Holders of such Certificates to said rane of withdrawal, must on or before June 14, 1922, surrender to the a their Certificates of Deposit, in negotiable with properly execu fwansfers thereof, regi tered, and pay to the Deposltary for account of the Committee, as thelr contribution toward the co pensation and expenses of the Committee, $5.00 for each $1,000 bond represented by auch Certificates, Holders of such Certificates do not so withdraw, and who do net on or before June 14, 1922, present Certificates of to Sy Derecttary, yt notation thereon et thelr’ election to purchase new Interborough Ten- Notes shall be conclusively and ily deémed to have sant to surrender 60% of thelr as provided in the Plan, of the Plan of Readjustment and of sald Agreement dated bey 1, 1922, may be obtained Cc from th Secretary or Depositary of the Committ fh dicate M , Dated, New York, May 15, 1922. ‘ce or from any of the Syn e@ Managers o Si tole GRAYRON 4M MURPHY, Chatrman, Receewer ermery, Seeretary CHARLES A, Pra PY. Td Willam Girast, New York City. FREDERICK STRAUSS, 0°, CUARAN . : ANTY THT Coyrany CF Ary reek Depositary THE EVENING WORLD, MONDAY, MAY 16, 1998, G AND FINANCIAL: | @ANKING ANO FINANCIAL, | BANKING AND FINANCIAL, | BANKING AND FINANCIAL. BANKING AND*‘FINANCIAL. | BANKING AND ~INANCIAL. Interborough Rapid Transit Company ; First and Refunding Mortgage 5% Gold Bonds Three - Year Secured Convertible 7% Gold Notes (Extended and Unextended) The undersigned Committee, organized in 1919 in the interest of the holders of the First and Refunding Mortgage 5% Bonds and Three-Year Secured Convertible 7% Notes of Interborough Rapid Transit route h has approved and adopted the Plan of Readjustment Uy Interborough Rapid Transit Company and Manhattan noe Company dated May 1, 1922, and recommends participation in such Plan by the holders of such Bonds and Notes by the deposit of such securities with one of the yf geoniad of the Committee, below named, under an Agreement with the Committee dated May 1, 1922, of which a copy (including the Plam of Readjustment) may be obtained from the Secretary of the Committee or from any of the said Depositaries. Attention is invited to Part VII of the Plan, providing for new capital by the present issue of $10,500,000 of new junior 6% Notes to be taken by the stock interests in the Company. The Committee serves without compensation, and no expenses what- ever will be chargeable against the Depositors or the deposited securities. In case the Plan be abandoned or a substitute plan adopted, Depositors will have the right to withdraw their deposited securities as provided m the Agreement, likewise without charge. Depositor. will receive Certificates of Deposit of Bankers Trust Company as Depositary of the Committee in New York. Bonds and Notes deposited must bear all unmatured coupons, and must be in negotiable form, or, if registered bonds, must be accompanied by proper transfers im blank duly executed. Cartificates of Deposit of the Bonds will bear a warrant for the collection of the interest on the Bonds payable July 1, 1922, when and as received by the Committee from the Company. Application will be made to list Cer- tificates of Deposit of the Bonds on the New York Stock Exchange. It ie most important that the Plan become if @ receivers! voided, tive is to be a siedlcrsiat the Bonds end Natio are theres urges te Cpe their securities immediately. } INTERBOROUGH RAPID TRANSIT COMPANY Bondholders’ and Noteholders’ Committee. J. P. MORGAN, Chairman DWIGHT W. MORROW FREDERIC W. ALLEN GEORGE F. BAKER, Jr. EDWARD D. DUFFIELD CHARLES E. MITCHELL HALEY FISKE JOHN J. MITCHELL WILLIAM EWING, Secretary, 23 Wall Street, New York STETSON, JENNINGS & RUSSELL, Counsel ALLEN B. FORBES DARWIN P. KINGSLEY G. HERMANN KINNICUTT H.C. MCELDOWNEY Deposits of the Bonds and Notes will be received by any of the following: BANKERS TRUST COMPANY, epositary Py nt 16 Wall Street, New York HARRIS TRUST AND SAVINGS RANK OLD COLONY TRUST COMPANY TRE UNION TRUST COMPANY Sub: SBURGH Sub- Depositary ul ; Depositary OF PITT: x ( Street, Chicago, Til. 17 Court Street, Boron Mass. ‘Sul ita TELS WV Str TeCR te SECS) SA Fer 335 Fourth Aves Pittsburgh, Pe. May 15, 1922 TO THE STOCKHOLDERS OF Manhattan Railway Company A Plan of Readjustment of Interborough Rapid Transit Company and Manhattan Railway Company, dated May 1, 1922, has been approved and adopted by the under ed Protective Commit- tee constituted under the Agreement hereinafter referred to, The Plan has also been approved by the Board of Directors of fisnhattan Railway Company. Holders of Manhattan Railway Company Capital Stock may become Ladend to the Plan and to the Agreement dated May 1, 1922, between such holders of Capital Stock of Manhattan Railway Company as shall become parties to the Agreement in the manner therein provided, parties of the first part, and the persons constituting the undersigned Committee of Stockholders of Manhattan Railway Company, as a committee, parties of the second part, by depositing their certificates of stock with The Equitable Trust Company of New York, 37 Wall Street, New York, the Depositary under said Agreement, receiving therefor Certificates of Deposit issued under said Agreement. All stock certificates deposited under the above-mentioned Agreement must be in negotiable Aorm and must be duly endorsed in biank for transfer or be accompanied La proper transfers in blank duly executed. Transfer tax stamps will be affixed without cost to the Depositors. D its of stock must be made on or before June 15, 1922, after which date no deposits will be recaivel | except upon such terms and conditions as the Committee may determine. A copy of the Plan and Agreement of Readjustment above referred to, with circular letter from the Stockholders’ Committee, will be mailed promptly to stockholders of record, and copies of the Plan and Agreement may be obtained from the Depositary. Dated New York, May 15, 1922. MANHATTAN RAILWAY COMPANY STOCKHOLDERS’ COMMITTEE, ALVIN yy. ee Chairman, Lymaw Raoapes, Secretary. 37 Wall Street, New Y ork 1, Moma Tee ae THOMAS H. WEST, JR. THE EQUITABLE TRUST COMPANY OF NEW YORK, Depositary, 37 Wall Street, New York THE WORLD prints more “Business’ Opportunities” than all the other New York morning newspapers added together .. .. ‘ . dno tetanus mg PRN tly aay aim ARONA tb