The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1924-04-02
able margin above dividend require

able margin above dividend require
merits.
NEW YORK, April IA sudden
drive against Jones Bros Tea forced
the price down several points and led
to inquiries as to the source of SELL
ing. Then 1t was revealed that an
active floor trader had unexpectedly re-
turned from Palm Beach and turned
his attention to this issue.
NEW YORK, April 1.--AI that was
needed for further ammunition for
those depressing the rubber stocks was
an announcement that the Kelly
Springfield Tire directors would delay
for week their meeting to consider
dividend action on the per cent pre-
ferred issue. The common stock fell
back below 1e, but later recovered.
NEW YORK, April 1.-The Corn
Products Refining company is prepar-
ing to expand its activities in Europe
in expectation of a revival of business,
G. T. Bedford, president, said today
The company's new $4,000, 900 plant In
Germany will be placed in operation
next month. Earnings for the first
quarter compared with last years level,
he said, and while export business re-
Gently has been dull, no immediate
change in the dividend rate Of $40 on
the old common stock was contem-
plated. A plan to sell stock to en-
ployes also is under consideration. r..
NEW YORK. April 1.-Mention Of
r. e. LOOMS, president Of the Lehigh
Valley Railroad, as a possible successor
to the late A. HI. Smith, as president
Of the New York Central, today brought
from Mr.. Loomis denial that his re-
cent visit with George +. Baker In the
south concerned New York Central az
fairs. Choice of the railroads next
executive, who probably will be named
3, Is said to rest with Mr.. Baker. The
name Of Mr.. Loomis recently has
forged to the forefront as a leading
candidate for the place.
NEW YORK, April 1.-Because of
several commercial failures of excep-
tional size in March. defaults for the
month totaling $97, 651 OPS exceeded all
previous monthly records, while the ag-
gregate Indebtedness for the first quar-.
ter-$1S4, S65, 571--had been equaled only
twice before in any quarterly period.
The number of failures. as compiled by
X. q. Dun d CO., was 5,655, the fourth
largest in history for a three-month
period. Liabilities of the Virginia Car
DINA Chemical Company, which went
into receivership, formed almost half
the total March Indebtedness.
NEW YoNK, April 1.-Directors of
the Fajardo Sugar company of Porto
Rico today declared an extra dividend
Of $3.50 in addition to the regular
quarterly dividend OF $3.50, payable
May 1 to stock Of record April 10.
ROCHESTER,, N. Y, April 1.-Earn-
ings Of the Eastman Kodak company
last year were $18,s77, 22952, the largest
in the history of the company, accord
ing to a report made public here last
night. The earnings in 1922 were
$17,s62.554.T and the previous high
earnings were $1s, 556, 210.92 in 1920. The
financial statement of the Eastman
Kodak company shows that the COM
blned companies have assets of $112,-
725.1S4.6s.
CHICAGO, April 1.-Sales of Mont
gomery Ward & Co. for March totaled
$14,06S,647, an increase OF S.43 per cent
over sales for the same month last
year.
HOUSTON, Tex, April THE Hum
BILE Oil and Refining company today
advanced gulf coast heavy crude oil
zoe barrel at the well. "a" grade now
commands 81 and "B" $1.70.
NEW YORK, April New regula-
lions OF the federal reserve board re-
5aAuAu8 OEAucu banking are meeting
with little favor, according to a can
vass OF institutions here, which feel
that the restrictions imposed will mill
tate against the entrance of state banks
into the system. Chief criticism was
directed against rules requiring banks
or trust companies applying for ad-
mittance to obtain permission from the
board before establishing offices or
branches and giving the board power
to depart from regular provision in
the case of public necessity"
NEW YORK, April IA sharp up
turn In net shipments OF United States
currency to foreign countries In the
first two months of 1924 is reported by
the federal bank of New York. In
January and February, shipments to-
tailed $9,460,O00, only slightly less than
the total for the preceding eight
months. Receipts, ON the other hand,
declined, due principally to falling off
in shipments from Caribbean countries.
COTTON SEED OIL
NEW YORK, April 1.-Cotton seed
oil was firm today in the face of lower
cotton, owing to buying Of May by re-
finers and short covering on the APP
parent tightness in crude. Active
months closed 8 to 10 points net higher.
Sales totaled 1850 barrels. of which
over one-half represented switches
Prime crude, S.3Oc bid: prinne summer