The Wall Street Journal from New York, New York • Page 10

1 nays: 10 ADAMS DISCUSSES STEEL COMPANIES Sees Bethlehem "Fireworks" Ahead Where Labor Gets All Doheny's Plans Fonl Eats Chicken Adams in Boston Newt Bureau Tithy rerionalitiei" The Steel people have been among the lat to awing into line with the prosperity column for 1024. Lew than thres tnnnthi an aome of the important director In o. I 4 J.I In i ineir own name wnen tne siocs waa in cihiii-b. Tbla waa very piisiling to the Street and ia atill aome- thlnf of a mystery. But it ia more of a mystery why the Steel Corporation ahould grudgingly pas's out to iU com.

nonx ahareholdera a fraction of a dividend. Indeed, the Steel Corporation haa been paying unlta to labor and fraction! to ahareholdera. When the Steel Corporation started it began with 5 dividend! and it waa an open queation whether atock then represented anything more than organise and rood-will. A relative valuation today aa compared red with 20 years ago would put the asaeta behind Steel nan at 1300 wr share eomnared with tero at the begin ning. Shareholder! may aoon begin to inquire of their man- agement, "What la the use?" Unlese United Statci Steel exhibits a more liberal policy with ita that boasted lint of ahareholdera will crumble.

II earnings are to go entirely to employee and employee are to bo given premiums to buy the aharei at discount, there may be aome aharp inquiries that read, "How long, oh, judge, how long1?" the 9tt.fi. orrtooK Meanwhile come sajre ones in the Street are thinking that United States Steel common will earn In 1924 not than $17 and pay not less than $7 per ahare still a beggarly dividend from its assets and earning1 powers. At all times hereafter Steel common ahould pay not less than per share and pay it from its treasury and past I earnings, if need be, and when business ii good it ihould pay handsome extra dividends. The outlook for steel is pood whether you view it from the railroad world, house building, or motors expansion, and some of the captains of industry in the steel world tell me "beginning January 1 the output and consumption of in the United States will be a record breaker." E. Im DOHEJTT The Pan-American expansion in California has not yet attracted the attention it deserves.

E. L. Doheny is jne of the master minds in the oil world. People have thought of him as the oil king of Mexico, as a wonder in MMex. where his triumph over all obstacles has jeen so marvelous.

In Mexico his generalship has been ahead of the Standard Oil and the English interests. He has outranked all the geologists of the world in finding rtis lands and locating his wells. And he has grasped the oil situation on the sea as well as on the land. Most people have forgotten, even if they ever knew, so great has been Doheny's success in developing Mexico, that he was the original Califorpia oil man, the pioneer opener of threfc great fields there before he wont into Mexico. figure that before long he will hove in the latest Call fornia oil fields a forty-million dollar investment.

Although Doheny has done more for Mexico and the 4-Vian on fithpr ttihyi hp Yin npvfr fplt thnt. hift associates and investors were on safe ground in that niintrv with ita revolutions 'and ita bolshevik tendencies. 3 AI soon as ne couia see nis way ciear, ne piannea te eliminate Mexican Pete from the investment and specula- i 1 1 i i I 1 it turn ncia ana put a uroaaer investment Dase unuer us successor Pan Pete. This base must be. in the United States.

In disagreement with all other oil interests, Doheny "believes that the southern California oil gushers will be followed by 'steady production in the same territory thatJ ffiii run at. least a generation. -KEB, KEB1 In the movies a magnificent limousine draws to the curb, a chauffeur in livery leaps out to open the door and the great corporation director steps pompously forth bub it is not always thus in real life. Lost week John R. Thompson of restaurant fame splashed into a cold, rainy Chicago morning on his way to a Yellow Cab directors' meeting.

Not a cab was in sigbl except a "Checker" and it would be unpardonable disloyalty to take that The atreet can were packed to the steps so Mr. Thompson disappeared around the corner in the direction of one of the restaurant warehouses, i a. -11 a. TII15 -WALT "STREET WEDNESDAY MORNING. DECEMBER 12.

1023 WESTERN UNION President Carlton Says Earning! Ran fit Sb The Cable te The Aiorra Nfwcomb Carlton, pnsldent of Western Union Tele-graph C4K. returning on the Majestic from a boalneu trip, aid: "Our earnings ara runnit.g about $14 a share. All tha arrangementa for landing our Italian rabla at tha 1 I I 1 I.L -1 I ratified by the Chamber of Deputies of Portugal. We expert to lay the cable in the late summer or early fall. Of course, this will depend on conditions.

We have completed our financing of the project. It will cost about $15,000,000. The cable when completed will have a capaci ty about Ave times greater than the commercial rabies now in use. We are using a new alloy in the cable which has been very successfully tried out "When we have completed thla Italian cable we in- Ford California Plant OAKLAND, Csl. Negotiations await Ford confirmation for sale of Standard Gai Engine Co.

property on Oakland inner harbor to Henry Ford, for erection of aa auto. mobile plant Ford agenta also have option! on adjacent property, between tidewater and tracks of Southern Pacific and Western Pacific. It is said plans are ready for a plant to cover lo acres, with ultimate capacity of" 4,000 can day. obtained two gold piecea dated In 1878, the year the couple were married, and waa decking himself for the party when the senator in question telephoned for an appointment Ford said quickly: "Tell htm 111 be back at 4." The aenator arrived at the appointed hour. After cooling his heels till nearly 6 o'clock, he asked one of the Ford secretaries if he could not telephone Ford to remind him of the appointment The following message finally came over -the wire: "We can't get to him, but if you could see how he is' lighting into fried chicken you would guess he did not expect to leave here before morning." HO DICTATION E.

M. Statler, the hotel man, employs about 150 stenographers in his numerous large hotels, but seldom dictates a letter. He personally goes through a very larpe mail and indicates the replies in a very legible onghand on the margin of letters to be answered. From these marginal notes, secretaries build up the always courteous letters that are characteristic of the Statler Hotel com panies. When he has a really important letter which he wishes to compose himself, he writes it out in full in pencil and from this the typewritten letter is copied.

The late Charles P. Steinmetz also rarely dictated a Today Doheny has returned to his first love and Ijiettcr. ne had Bt1ldied three different systems of short. hand, from which he had evolved a shorthand system of his own. He had a very competent secretary who was able to read his marginal cabalistic shorthand notes, from which she fashioned most readable letters.

THIS l-SfFOHTfJVATB TAKXER9 For three years every faintest sign of improvement in the leather industry has been hailed as an indication that the industry had "turned the corner." All these turnings apparently led, not to the high road of prosperity but to another blind alley. Recently the unfortunate have turned to advertising as a possible means of relief and the pubic has been treated to a readable series of sermons on the theme, "Nothing takes the place of leather." One of the most interesting advertisements in the scries depicted armies as invariably shod with leather, since all official tests had proved its superiority to any composition for soles. Hardly had this convincing piece of publicity ap- peared when War Department officials announced their con-1 version to composition soles as the result of the latest I tests. Apparently the only hope for the tanners lies in the cheapness as well as in the quality of their product OS AND STILL GOIMO STRONG Up on the 18th floor of No. 1 Wall-Street, looking out on the First National Bank and the spin of old Trinity Church, is the office of Charles L.

Edey, who is celebrating his 45th year in the Street. He began as a $5-a-week clerk at 17. Later, he worked into a 17.50-a- Borne tune later ne roue issjhimuv a aue atreet, weck job from which he flred for refusing to work not in a 20,000 motor car, butjn the drivers eest of a pis wagon. Mr. Thompson claim! he passed everyone he; He L.

hl. own ever 8ince. interMte(1 knew in the city. rOKO AKO FRIED CHICKE Henry Ford ia usually prompt in meeting engaare his brothers, Henry snd William, in serving investors, and also his flther, a augar broker, resulting in the firm of Charlea C. Edey ft Sons.

The third year of the firm's menU, but on a recent occasion extenuating circumstances existence, a seat on tne Exchange was bought lor $28,000 kept a United States Senstor waiting four hours for the auto king. One of Ford's numerous farmer relatives from the countryside northwest of Dearborn had invited Ford, to attend the celebration of his golden wadding. The latter I 40 years ago last spring. The brothers and father have died. Charles L.

Edey retired st 42 and has retired twice eince, but is sure he will never try it again. He is a partner of Bridgeman ft Edei, and a very well-posted broke. KING WANTS STOCK EXCHANGES INVESTIGATED Resolution Calls for Five Senators to Look Into Alleged Manipulation of Security and Food Market WASHINGTON Senator King (UUh) has Intro- duced a molution for the appointment of five Senator! only thing that now remalna ia to have the jum. banki funda for apeculative or marginal deal furnishing inga in atocka and commodities. Mr.

King's resolution act out that, "It haa been pub licly charged that the atock exchanges, commodity exchange and brokerage houses in New York City and in other cltiea of the United States ire so conducted as to faciliUte manipulation of prices of eecurltiea, of grain and of ether commodities and to cause grave Injury and lose to the general body of investor, producers, and con sumeri of this country; and it has been publicly charged Thla cable will be raid for out of earning, and we U' "mbep 'th. Federal Re k. il LU UU Ml I tit WW 1 1 1 1. 1 1. 111,1 I i 4 the i A i loaned large auma to broker and to individuals connected pooed Uking the tax off telegrapha, because that tion'! n- with brtkerage houses, banks, insurance companies, or help to at'mulale our business to a great extent Tax on I financial interests, which lumi of money are used by short is me sages now very Western Union Telegraph Report to the Interstate Commerce Commission: 1923 1922 Chanire October eper Oper income 1,692,43 10 mos oper 93,487,658 Oper income 14.667.9S6 ethlehm stem, Thinks Affairs Abroad Will Soon Right Themselves i If the United States Steel Corporation la waiting and Boolh to Rfp0rt to Washington watching- to get Charlie Schwab of Bethlehem Steel, it will 1 brokers and other individuals for speculative or marginal i dealing and in the manipulation of prices of securities and commodities on atock exchanges and commodity exchanges; and it is advisable to gather the facta relating itn the aforesaid charges as the basis for remedial and 9,729,941 Inc.

I338.R22 other legislative purposes; therefore. It is resolved: That Dec 34,723 a committee of five Senators be appointed by the Presl- Inc. 6'l65 064 dcnt of the thorilwl "nd "1 To conduct an Investigation of stock exchanges, Jl VitiAVava lei at mI Ina WALLACE HOPEFUL FOR EUROPE mains and methods emnloved bv sneculktora in the manln- ulation of such exchangee of price! of securities and commodities, particularly, grain, sugar and other food product; and "2 To inquire into and investigate the charjre that system, insurance companies and other financial interest! in New York and in other cltiea have Improvidently loaned large aumi of money to broken and to Individual connected with brokerage bouses, hanka, Insurance companies, and other financial interests, which loans ars need for speculative or margins! dealing and for the manipulation of prices of securities and commodities on the Stock Exchange and Produce "Such committee ai a whole or by aub-commltUe la authorised to hold hearing, to alt during the session or recesses of the 68th Congress at auch times and place, to employ auch counsels, experts and accountants and clerical and other stenographic assistance as It may deem advisable. The commission Is further authorised to send for persons and papers; to require by subpoena or otherwise the attendance of witnesses, the production of books. paperi and to administer oaths, and to take testimony, ai It may deem advisable." yru, induing member banks of the Federal Reaene'an Central.

I something1 in the iriving on the Majestic said: "I think anaira in Europe United State! Steel ia a finished proposition except for wHi go-m rijrht themselves. Germany will have a severe i structural steel east of the Allcghenica and export trade. winter and England and France will be troubled with If It had Bethlehem Steel it would "own the esrth." political anxiety, but 1 think things next iprlnf will ai-Meanwhile, Bethlehem Steel ia rounding out a bigger tu1w better tone." propoeition than that of which the public or the steel world William preildent of Internstlonal Chsmber have any conception. 0f Commerce and vice president of Guaranty Truit People who think of Bethlehem as a munition orjvno alB0 wCi pr0ced to Washington to lay be-armorplate or cin-msking' plant will be surprised in fcre the government three nsmei of member! of a clslmi a few yean to find Bethlehem Steel when it hai com- which have been approved by France for ad-pleted ite absorption and operating reorganization hoard for Germany. -It ia aald the namea include Lackawanna and Midvale the controlling factor not onjj me hhnVn mi two indutriAi mmt CM from New york In structural steel east of the Allcghenica, but in the i th th Chlca.

world a export trade. I don't want to give the details of Schwabs plsns until they sre aome month! nearer iruition. united bisies Steel may he a "dead one" or a "dud" as far as Wall Street ia concerned, but when Bethlehem gets into action aome months -or some years hence there will be "fire- works." The resolution provides that witnesses who wilfully refuse to appear or answee questions' pertinent to the Investigation shall be liable to tha penalties provided by Section 19 of the revised statute. The King resolution was referred to the Senate Committee on Finance. FRUIT BELT LINE TO QUIT Chicago, Ike Shore Kalamaioo Unable to Compete with Motors, Appeals to I.

C. DETROIT Official! of the Chicago, Lake Shore Kalamaioo Railroad, popularly known aa the Fruit Belt Line, which has applied to the Interstate Commerce Com mission for permission to discontinue operations, ascribe the failure of the road to competition of buses and passenger automobiles. Road Upa the rich fruit belt territory in southern Michigan and formerly enjoyed a heavy passenger traffic. Pere Marquette Railway acquired the western two- thirds of this road last June and took over the larger part of the roads rolling atock as payment for a debt, and the company ia unable to profitably operate the remaining line from Lawton to Kalamazoo in competition with the Mkhi- DEADLOCK OVER CUMMINS' Democrats Expected to Help Make the Iowa Senator Chairman of Commerce Committee WASHINGTON Deadlock In Senate over assignment of Senator Cummins of Iowa to chairmanship of Com mlttee on Interstate Commerce continued on Tuesday. First ballot on the subject resulted In 41 votes for Cum mina, 39 for Smith and 7 for La Follette, leaving Cummlna atill lacking I votes.

It la regarded aa probable the Democrats will break away from the aupport of Smith and make aelection ot Cummins possible. There la no particular desire by either of the majority parties to aee La Follette, the leader of Progressives, placed in charge of the committee, which has the handling of all mattera relating to railroad legis lation. Question of the retention of Senator Cummlna as president of the Senate will come up later. After taking- a third Ineffectual ballot on tthe Cummins chairmanship question, the Senate went into executive seaalon for the conaidentlon of nominations WASHINGTON Senator Harris, of Georgia, Intro-duced a bill amending the Interstate Commerce Commission Act ao aa to provide that all carriers joining in transportation, under a thorough bill of lading, ahall be liable for loss or damage to property transported. Department of Mines Proposed WASHINGTON Bill to establish a department if minea to supervise all governmental activities with regard to mining, and to include the Water Power Commission, Geological Survey, and certain sections of the Bureau of Standards and of the General Land Office, was introduced by Senator Shortridge 125,000 Shares National Dairy Products Corporation nlS La ml tfca State ml Mawm) Capital Stock Afflieelion vC! 6 made in iut court to litt tht tlotk cm Ik Net York od Chieogo Slock Exckongtt CAPITALIZATION To be AntbofliftI Capital Stock (No Par Value) 1,000,000 shares ot hcM for nckuft for miaoritr nock lutvrratl ia the ubtidiarwt 270,000 shares Mr.

Thomas H. llclwtrmty. President cf Hydrew Corf oration, who trill be President of tne New Company, has summarised his letter in reference to the Sew Company and this issue, as follows. Copies of the letter may bt hod from the undersigned upon request. i National Dairy Products Corporation has been organised to acquire common stocks of Rieck-Mcjunldn Dairy Company of Pittsburgh and Hydros Corporation oi Chicago.

The owners of a substantial 'majority of the common stock in these two companies have agreed to exchange their holdings for stock ia the New Company, and the remaining common stockholders will be offered the opportunity of making a similar exchange. The two Corporation! which will become subsidiaries of National Dairy Product! Corporation have outstanding stock aa follows: Daisy Company Oottndiaf 8T, Cumulative Preferred Stock (Par Value $10) $3,121,400 Common Stock (Par Value $10) 230,000 share! Hyprox ConroiATioy 7 Cumulative Preferred Stock (Par Value $1,250,000 Common Stock (No Par Value) 110,000 shares history and GROWTH profits, coupled with the rapidity of turnover of the in- The Rieck-Mcjunlrin Dairy Company business waa origt- ventory. The manufacture of other Dairy Product! effect! rally started in lBfil as a Milk business and the manufacture economies and eliminates waste, of Ice Cream was started in 1893. Hydros Corporation's business was established in 1888 to manufacture Ice, Ginger SALES and MOFIT3 Ale, and other beverages. Ice Cream was added later and The books snd account of Rieck-Mcjunkin Dairy Com-haa become its main product.

The volume of business of pany and subsidiaries have been audited by Messrs. Price, Rieck-Mcjunkin Dairy Company amounts annually to more Waterhouse A Co, Public Accountants, and those of Hy-than 40,000.000 quarts of Milk and Cream, and its daily drox Corporation by Messrs. Arthur Young ft Public capacity for manufacture of Ice Cream at the height of the Accountants. A ststement prepared by Messrs. Price, season is more than 40.000 gallons.

Hydros Corporation Waterhouse ft Co. from these audita ahowa that (a) the sold in 1922 more than 1,800,000 gallons of Ice Cream in combined net aalea of Hydros Corporation for the yean addition to its other ending December 31st, and of Rieck-Mcjunkin Dairy Corn-In each year for the thirty-seven yean since 1886 Rieck- pany snd its subsidiaries for their fiscal yean ending near-Mcjunkin Dairy Company has earned more money than est thereto, and (b) the combined profits of such companies the year before, except in the year 1917 and in that year for auch years after charging ample allowances for depre-there were large profits which were only slightly less than elation of physical property, Federal income and profits those of the year before. The growth of business has been Uses for the period in question at the present rate of l2'f, financed by these profits, with the exception of $550,960 dividends paid on their preferred stock then outstanding, realised from the sale of preferred atock, large amounr of and the proportion of profits applicable to minority com-which was sold to employees. For the past 13 years the mon stockholdings in the subsidiaries of Rieck-Mcjunkin company has paid substantial cash dividends snd for esch Dairy Company, have been aa follows: year during the past 5 yean these cash payments have been Pro), lfttr mikI greater than in the previous year. The sales of Hydrox Nh Safes rhirf at im th Corporation have been larger in each year than the pre- 1919 $11,634,723.78 682,148.33 ceding year and it haa made a substantial profit in every 1920 13,023,021.18 761 293 44 1921 13,103,921.96 889,963.72 F.

1922 14,079.929.12 1,013,681.93 The management of National Dairy Products Corporation will be in the hands of the same men who have made the For 1923 to August 31st (Rieck-Mcjunldn Dairy Com- succesi of Rieck-Mcjunkin Dairy Company and Hydrox pany five months and Hydros Corporation eight months) Corporation. Mr. Edward E. Rieck will continue as Presi- the net sales were $8,541,875.75 and the profita adiuated aa dent of Rieck-Mcjunkin Dairy Company and will become sbove were $1 117,307.67. DireCt0r, 0f i1 Dtiry Present indication, are that the above nrofita for 1923 Products Corporation.

wUJ tppr0Kinute Thia will be the equivalent of INDUSTRY $5.48 per ahare on the Capital Stock of the New Company, The manufacture of Ice Cream has become one of the upon the assumption that all of the Common Stock of the great food industries of the country. Notwithstanding this two operating companies wttl be exchanged for Capital fact, in most cities in the United States, it is in its infancy. Stock of the New Company upon the baaia proposed. It is By maintaining high quality of product and efficient distribu- expected that the New Company will pay dividends at the tion, what has been done by Rieck-Mclunkin Dairy Com- outset at the annual rate of $3.00 per share, pany and Hydrox Corporation in Pittsburgh and Chicago The amount charged by the two companies during the can be done in other cities. above period for depreciation, repairs and maintenance was One of the strongest features about the Milk snd Ice mon than $3,500,000, all of which haa been deducted from Cream business is the continuous growth in sales and earnings.

II' offer the above slock for subscription, subject to allotment, ulien, $33 Per Share TOBEY KIRK and if issued and accepted by us, This offering is made in all respects, when, ss snd if issued and accepted by us and subject to the approval of Messrs Sullivan Cromwell of New York, for the Bankers, and of Messrs. Birmingham Birmingham of Pittsburgh, for the Vendors. We reserve the right to reject any or all subscriptions in whole or in part, to allot less than the amount applied for, and to close the subscription books at any time without notice. It is expected that delivery of temporary stock certificates or interim receipts (exchangeable for definitive stock certificates when prepared) will be made on or about January 4. 1924 at the office of Goldman, Sachs ft 30 Pine Street, New York, N.

against payment therefor ia New York funds. GOLDMAN, SACHS CO. LEHMAN BROTHERS Tbe above SaFonnatioa, voile sot fnaraeteeS, has ba obtaime' inm miiui watch wt brliava to be rrliaUa. 7" KcIIoxk's Appointment Confirmed WASHINGTON In executive aesslnn the Senate con Armed the nomination of former Senator Frank B. Kellogg aa Ambassdor to Great Britain, by a vote of 75 to 9.

Opponents were members of the eo-called progressive group. Wants Carriers Held LiaMc Jointly.