Evening star., 1942-04-28
H,W,0O0 Net Seen
For Texas Co. in
March Quarter
Estimote Equivalent
To 73 Cents q Shore,
Rodgers Reports
r, the Associated PreAs.

NEW YORK, April 25.-W. s. s
Rodgers, president OF the Texa,
Co. told stockholders at the annua'
meeting today that estimated
March quarter earnings OF the biz
oil concern and subsidiaries, ex.
cluding European companies, were
1890 900. or 70 cents share
against $500 900. or 81 cents q
share, for the first quarter Of last
year.
Provision for income and excess
profits was at l94l rates with a S.
00e 900 reserve for additional taxes
and other contingencies.
The first quarter earnings. said
Rodgers. we're not to be taken as an
indication OF the profits for 1912
He added.
The many serious problems fac
ing the oil industry and new prob
lens constantly arising make 1t al
most impossible to do any long
range forecasting
The oil executive said he was
hopeful that the proposed crude oil
pipeline from Texas 10 the eastern
seaboard would be approved by the
War Production Board.
Regarding rubber, Rogers said he
would not be surprised II I'VE should
soon find some satisfactory solu-
ton 10 this problem" out OF our
large supply Of used rubber subject
10 reclamation and the efforts toward
development OF synthetic rubber and
other substitutes.
c. 1. T. Changes Shown.
Arthur o. Dietz, president of Com
mercial Investment Trust Corp. told
stockholders at the annual meet
ing that, despite a sharp drop In
the financing Of automobiles and
consumer goods. the business of its
factoring subsidiaries had substan-
TALLY increased.
Deitz estimated combined net
earnings in the March quarter
amounted to So $50 $50, equal to 90
cents a common share, against $4,-
Ml,64l, or SLIT q share In the
similar period of 1941.
Senerai MOTORS.
With passenger car production
suspended since the end OF January,
General Motors Corp, reported its
income available for the common
stock in the first quarter had dropped
to SIC, ,935, ,436, or 48 cents a share
compared with $62 ,3o3. .782. or sI.44 a
common share in the like period
last year.
FOR the quarter as whole -
Alfred p. Sloan, jr., chairman, said,
nearly so per cent of the corpora
tion's total outside sales represented
war materials in various categories
This compares with 8 per cent
In the corresponding quarter a year
ago.
Directly and indirectly about 90
per cent OF the corporations pro-
duction is currently devoted to war
purposes"
Consolidated net sales of the
corporation, the report showed, were
$439 1856 $50 in the first quarter this
year, compared with $649, ,l92, ,6l9 In
the same quarter last year, q re-
duction of $209 ,856, ,039.
THE dollar volume for the first
quarter of 1912" Sloan said, may be
considered sub-normal in relation to
reasonable expectancy for the
year.
Jones & Laughlin.
Jones a. Laughlin Steel Corp. and
subsidiaries reported consolidated
net profit of $2,4o1,7ls for the first
quarter Of 1912. This compared with
a profit of s4,l60,507 in the cor
responding quarter last year.
Dixie-Vortex Co.
Dixie-Vortex Co. reported net in
come for the year ended March 81,
1912, Of $970. 800, after allowances
for taxes. This was equivalent to
sass share on the 202, ,666 common
shares outstanding, compared with
$1.95 a share upon earnings of $780,
Oil for the corresponding period a
year ago.