New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-02

ssrv n borrow but s16,OOO,000 in tn:
form of serial notes. Si00OOOO OF
which mature every SIX monthS o'''
period of two years.
Tho salarv of Stephen Birch, prcsi-
don't Of the KennccOtt company, 10 nj
the rate of $4,000 a year, 1t was an
1ounced at yesterdays meeting. IL was
also brought out that the company had
cold during the last year S2,OOO,Ouo
Anglo French per cent bonds held IN
it's treasury At 95.5S. The company
purchased $3.000,00O United kingd)m
3 per cent two-year notes. using ilnd3
10 nay for them from sums deposited
with j. p. Morgan y 90.
Sinclair Gulf Corporation. H. +.
Sinclair, president, announced yester-
day that the company has obtained
from the Republic OF Panama con
cession to explore about 100000
acres in that country, with the ex-
elusive right to select 1000 square
miles therefrom for petroleum develop
ment. This concession, with the one
granted by tho Costa Rlca government
will give the company an extensive
acreage close to the Panama Canal.
Reading Railway Company. Gross
receipts for March we're S5.6l9.S25, an
increase over The corresponding month
of 1916 of SZ65817. Operating profits
were sl.4j7.298. a decrease Of S739,620
from a year ago. Surplus after rent.
interest, taxes and other charges was
1924, 1893, a decrease Of $80l $50. For
the first quarter Of tho year the COM
pany's surplus amounted TO S3,411 ,429,
decrease of 81 1858, 625 compared with
the corresponding period of 1916. The
PHILADELPHIA & Reading Coal and Iron
Company reports March operating
profits OF S484,93l. an increase of ST.
ola over a year ago.
Shattuck-Arizona Copper. The COM
pany reports for the quarter ended
March 81 gross profits of Sl,3l9,63O,
compared with S1,24O,964 for the cor
responding quarter OF 1916. Net earn
ings totailed S696,159, compared with
$751; $3.50 in the corresponding three
months Of last year. The refinery de-
livered 4,724,379 pounds of copper,
which was sold and delivered to Gus
toners of the company at an average
gross price of 27.446 cents per pound.
All the production for the quarter was
sold excepting 400,152 pounds, which
was carried on the books at 12is cents
per pound. The total net operating
cost per pound Of refined copper was
11.43 cents. The company produced
1.O63.901 pounds Of lead during the
quarter, 5000 ounces Of silver and 6l2
ounces of gold
General Motors. This company re-
ports for the eight months ended March
81 net profits Of Sl8,75O,0O0 and gross
sales of s12O,25O,OO0. Compared with
the corresponding period of 1916 the
former increased per cent and the
latter II per cent. The number of cars
sold during the period covered by the
latest report was 1l2,l78, against S6,55S
last wear. As of April 25 the company
had total of $23 ,475,OOO in cash,
against S22, 576,575 on July 81 last.
Burns Brothers.-The company's re-
port for the year ended March 81
shows net sales Of coal amounting to
S15,235,909; cost of coal, S11,67O,o3O;
gross profit, S3,565.079; operating and
general expenses, including deprecia-
ton, S921,374; net profit, Sl,289, 1884.
The balance sheet as of March 81 shows
cash amounting to S4OO,O92.
New Ship Firms in the L. S.-Ruth-
less destruction of merchant shipping
by German submarines has led to the
organization in this country of new
shipbuilding and ship operating com
panies at a record breaking rate. The
total of of new capital stock authorized
since the beginning of the war in 1914
has reached lS4,642,OOO according to
the compilation of "The Journal OF
Commerce" The total since the United
States broke off relations with Ger
many aggregates more than $4,000.
600, or considerably above one-third of
the entire sum for the thirtythree
months of the war, exclusive of the
government activities in this respect.
A comparison of figures on incorpora-
ton Of shipbuilding and ship operating
companies since the beginning of the
war follows:
Five months, 1914 ..........S1 $4,000
Year 1919 ........'.'''' 20 'ooS'UOO
lear 1910 ...,......' 'OJ,foO,OVv
Four months 1917 1850, 600