Evening star., 1926-04-18
WALL STREET BRIEFS

By the Associated Press.
NEW YORK, April 17.-Com-
hined properties of Standard Oil OF
California and Pacific Oil Co. are
Welding about $4,000 barrels daily,
of which Standard properties are
! producing about $4,000 barrels and
Pacific Oil, $4,000 barrels. This Is
more than % per cent OF can
fornia's daily output of approximately
600. 900 barrels daily.
In addition, the two companies
have about $4,000 barrels daily OF
shut-in production, representing
ahout 40 per cent of the total shut
in production Of the State. estimated
at $4,000 barrels. With this volume
of output, the Standard OF Cali
fornia's organization is calculated TO
have the largest crude oil produc-
ton of any oil company in the United
States. Continuance of the present
rate of output for the rest OF the
year would bring the total yield for
1926 to about 54,000.00O barrels.
Greater activity in iron and steel
scran is reported from the Pitts
burgh district. Sales of heavy melt.
ing steel have been made at $l6.oO
and SIT a ton, confirming recent quo
tations by dealers.
Bank clearings throughout the
country for the last week are COM
niled at S1O,383,S34.066 by the Com
marcial and Financial Chronicle, an
increase of As per cent over the
.932.S64,266 for the corresponding
neriod last year. New York City
gained Sc per cent.
Associated Oil has obtained con-
troll of the Mecca and Junction OH
companies in Kern River Field, each
with a production Of about 5000 bar
rels daily. The company is UNDER
stood to be pressing for new produc-
ton.
Reports reach the automobile trade
from representatives of mills in ONO
and the East that motor companies
are placing orders for delivery for
late Nav and June. Dodge Broth
ers and. Hupp have distributed new
orders and have sent out releases
on back orders. Inquiries are COM
ing from Ford Motor and Hudson.
Eugene G. Grace, president of Beth
lehem Steel Corporation, has an
nounced the formation of a relief de-
nartment of the corporation to bring
under one management the employees
beneficial associations now existing at
MANY plants Of subsidiary companies
and also to provide uniform and more
adequate benefits in case of sickness
or death. Many employees at plants
where beneficial associations do not
exist requested the step, while others
asked for increased benefits. In addi-
ton to the support the corporation
will give to the plan, employees enti-
tied to benefits will contribute. The
nlan will be effective June and will
he omen to all employees of the corpo-
ration in the United States and
Canada.
Total consumption Of copper by the
automobile industry in 1925 exceeded
245, 900 900 pounds, record figure,
the Copper and Brass Association re-
ports. based upon complete figures of
automobile production and registra-
ton now available. An increase Of
nearly. 20 per cent in the years out
nut of cars and a rise of Is per cent
in registration were factors in the
larger quantity Of copper used in the
industry.
Shell Union OIL Corporation has
made a contract with Miller q Lux
Go. to prospect for oil on 10000
acres
properties in Kern County. Calf. on
q. ROYALTY basis. Shell Union, it Is
understood. will spend about $3.50. 900
in FIVE years. If oil is found the COM
pany has the right to operate in one
section.
Burns Bros. coal, had record earn
ings for the fiscal year ended March
81. with the largest net income in
the company's history, exceeding
So. 600. 900 after depletion, depreciation
and tax reserves, double the net in
come of the previous IL months.
This was equal, after preferred divi-
dends, to $16 a share on the class "a"
common and 50 a share on the "B'e
common.
Frank Callahan has been elected a
director Of the Consolidated Textile
Corporation, replacing Andrew G.
Pierce, jr., formerly chairman Of the
board, who retires. Joseph Bennet
was chosen a vice president. Other
directors and officers were reelected.