The Birmingham age-herald., 1924-05-16

IAvincible oil earned net income of s1,1s2,596 before depletion in the first quarter of 1924, against S710.500 in the same period last year. Expenses and interest decreased from ~31s71s5 to t64- e62.
 The war damages of Italys amounting to about $2.000, ,0O0, 900 have been repaired, according to the Bankers Trust company of New York. and the nations wealth is estimated at i21,2bo,o 100000. This makes no allowance for new provinces ac- Quired by her participation in the war. Italy's pre-war wealth was just under 922, 900 .000. 900 and her national income was $500, 900. 900. Today 1t is estimated by some Italian economists to be as high as &5, 3e0, 900, 900, but the Bankers Trust company places 1t at about ss4oo,ooo'- 900.
 Wall street is eagerly waiting for some news development to lift the market from it's present lethargy. Commission houses report a marked absence of public in- terest, trading being almost entirely In the hands of professional operators who are working at cross purposes, successful bull operations in some sections of the list being conducted simultaneously with bear raids in others. Ad5ournment or as a stimulus to speculation, as 1t will remedy the uncertainty now associated with pending legislation. but in some quarters the market is not expected to hit It's stride in either direction until about election time.
 The daily average gross crude oil pro- duction of the United states increased 10. 300 barrels for the week ending May 10 totaIling 1,s59S5o barrels, according to the weekly summary of the American Petroleum institute. The daily average production east of the Rocky Mountains was 1,s1B,460 barrels, an increase of l4,- TOO California production was e43.900 barrels, decrease of 44eo.
 The American smelting and Refining company today reduced the price of lead from 7.So to T.2Sc per pound.
 Railroad freight traffic gained in the week ended May 3. loadings having total led 9i4,040 cars, an increase of 35,14S over the previous week and a decrease of 41.S77 from the eSSrsspondiins Tesk p.Isv in for any week since March Is. when s1s.- s53 cars were loaded. l
 National Power and Light company de- clared an initial dividend of $1.5O on the common stock today. payable June 10 quarterly dividend of t1.T5 on the pre- ferred, payable July 1 to stock of record June 16.
 American Ship and Commerce corpora ton earned net income of slSe,ess in the charges of sST2,ssS gave net loss of s221,6 Shipping operations were bet ter in the first quarter of 1923
 A quarterly dividend of S2s cents on the new $2b par value common stock of the Cheseborough Manufacturing com pany was declared today placing the stock on an annual S2.50 dividend basis.
 F. T. Dodge, president of the Inter newaprint consumption was running well up to last year and an increase in the present rate was expected.
 National Distillers Products corporation will be the title of the new company growing out of the reorganization of the United States Food Product corporation eratins properties effective about June Is.
 Further pressure was exerted on the metal market today and coppers Issued reflected the new weakness.
 The return of Texas and Pacific to con trol of it's shareholders was favorably commented upon about the street with especial mention made of the fact that the road went through receivership re- orgsnization without assessment; TI,. Ths not precedent in railroad financial his tory
 Further evidence of the vast surplus of funds seeking investment was fur niahed today by a reduction in the call loans" obtainable below that figure and the continued strength of United states government issudI which mounted to new high records on buying by institutions seeking temporary employment of their idle funds.
 Directors of the Tennessee Electric Power company have declared an initial dividend of S1.50 share on the second preferred stock payable August l. to stock Of record July 12. Earnings during the twelve months ended March s1 were Q4,S6s,2l After allowing for fixed charges, dividends on first preferred and provision for depreciation, balance avail able for second preferred stock amount nd tn a1 nAa IRk leaving A7A6.1S5 for conn