The Washington times., 1922-09-12
A0sSggRH B USINESS u AND FINANC CE ,#z
Market Comment
Copyright. Nsss. by Cosmopolitan News
Seryicel

Copyright. Ns22. by Cosmopolitan News
Service.)
NEW YORK. Sept. 12.-The un;
steady movements OF most of the ship
ping stocks in the listed market is a
reflection Of conditions In the ship
ping trade. 1t will be remembered
that the head Of the International
Mercantile Marine Company when
submitting his annual report to
stockholders. emphasized the unfa-
yorable conditions that prevailed in
the shipping business and stated that
his company would do we'll to earn
the 6(per cent dividend on the pre-
ferred stock. -
Important shipping companies to-
day are facing a large number of
handicaps. among which may be
noted the falling off of import and
export trade. the restriction of imini-
grafton resulting in a big decrease in
passenger traffic, the decline in ship
ping freight rates, and finally, the
absurd regulations imposed by some
OF our shipping laws.
Under these conditions II is diff.
cult, II not impossible, for American
shipping companies to make a favor
able financial appeal to investors. a
condition which Is not remedied very
much by the subsidy discussion in
and out Of Congress.
, Recuperation OF the steel indus.
try Is one OF the important posts in
the foundation for immediate pros
fn he T..
creased production of fuel, leaders
In the steel trade estimate that their
mills can be continued on an opera
ton basis of around 70 per cent, and
that the demand for steel products Is
sufficient to consume this output.
The feature of this weeks stock
market, is. in fact, the prominence
of the steel stocks and the activity
Of number of steel shares which,
heretofore, have played a small part
in the markets activities. Steel men
are looking for an active fall season
as the result OF the heavy orders
that are pouring into them from all
directions.
A number Of the important rail-
road lines are now giving their at
tention to the working out Of freight
embargoes and the routing of nee
essary and perishbale commodities
to the centers Of population. 1t Will
take a long time, Of course. to make
up for the deficit in coal supply
which now characterizes the indus
trial centers and the big cities. The
roads, however, have been contnu.
ally adding to their equipment, and
will not be caught mapping when lhe
big rush Is ushered in.
The net income of the Mexican
Petroleum Company for the seven
months ended July 81, 1922, was
$15,S54,404, which. after preferred
dividends, is equal to $35 per share
on the common stock, comparing
with a net income Of s9,299, ,566. OF
$19.S5 per share on the common
stock in the same period last year
According to the balance sheet as
of July 81, 1922. the current assets
OF the company amounted to $34,
l6O. 900 and the current liabilities
were 1850, 900, making the work
ing capital approximately S25.
500, 900.
The Pan.American Petroleum anc
Transport Company, which controls
the Mexican Petroleum Company
through stock ownership, has alsC
issued its report for seven months
ended July 81, 1922. showing a ne'
income of $1S,421 ,952. which is equa
to $l315 per share on the common
stock, compared with a net income
of $1S,162.614. or $l2.95 per share OF
the common stock for the entire
year 1921.