The Wall Street Journal from New York, New York • Page 9

TfDRLDWIDE facilities for Foreign change transactions. COLLECTIONS made in the United States and throughout the world. NQUIRIES. Invited on highest grade securities issued in America and other countries TRAVELERS CHECKS LETTERS OF CREDIT COMMERCIAL LETTERS OF CREDIT ICnaufltNachod ftKuhne Equitable Building 120 B'way, N. Y.

ftahltt BttUtg fctcarttifB inn Crnabmay. ftcra $ork We tpcialize in Kansas City Railways Co. 1- 5, due 1944 Bonds Certificates of Deposit 2- 67., due 1944 1ft notes, due 1921 Common Preferred Stocks Tltkea. RetT S740 TrtnU Pkaaaa t. Phlla4lrhla aa BMfn, Mexican Gov't Ct, Rwy.

Conds Dcmlnlcsn Cs 1925 Pcnna. R. R. 4s (Stcrl. Issue) 3'2s lll.Ccn.RR43 44 33 44 SARTORIUS, Cr.TITII LOEWI amber.

Nssr T.tk Stock rxehanr Bretf Bt Thos Rector I29S Georgia Railway Bankinf 6, 1951 Lake Shore CoL 3 Via, 1998 Kansas City Short Lin 4Vi, 1941 Minneapolis Gen. Elec. 5a, 1934 Virginia Railway Pr. 5a, 1934 Norfolk Portsmouth Traction 5s, 1938 Frank B. Cahn Co, Member New Vera Steak Esofcanne til reeeWaf- Cev 7 St.

Paul tt. New Vera Dc mit wtrt tatUmera, Mi. Ttl. seta awn. tu eeea ria Erie UeueraUn, 1W)G 8tern Mnrylimrt 1032 Mil.

St. Paul 4k, U)2." llalto. Ohio C'onv. 4i. Mil.

4 l'up't Round 4k. 11,49 Market Street Hallway Gs, 1021 Arlliur E. Frank Co. Meatier. Tori Sleek Sitkumge 100 Broadway New York Baby Bonds end Scrip-All Issues B.

R. T. 7r Notes Ctfs. H.D. GALINGER CO WlllkM.

H. T. Tk Mm JAPAN KAISLS COPPER Dl'TT Washlnaoiv The Japan import duties on copper and eoppe' rroducta hare been sharply advanced by a bill which passed the Japan Dirt and made effective March SO, according to a eallecrsm received at the Department of Commerce today from Acting Commercial Attache Butts at Tokyo, The exact amounts of the new dulien, per ri'icul of 133 pounds, as compared with the old are a follow: Copper ingots and slab 7.00 yen, formerly 1.20 yen; Voungntoun Mecl Cnr Youngtww Y'oongftewn Steel Car Co, selling $475,000 camulativ preferred treasury sUkne pro-vie additional working capital. Mock I offered to shar. hidri en bis n( 10'm of preKnl common holdings.

Tbr will I ne publx offering. Lumber Trade Chicago-American lumberman aays southern pis a' llrinl ce Wnr gtsdes. 9 UNIOX PACIFIC WILL SPEND $39,000,000 OX IMPROVEMENTS There's no doubt about it- Union Pacific will spend upward of on I additions, betterments, and equipments, and complete three branch lines, aggregating ninety-six miles, this year. Chairman Lovett of the executive board made this statement yesterday, 'explaining that all this work would be chargeable to capital account, no portion of the improvements or additions to be financed from the road's main tenance of way account THE WALL STREET JOUUNAL, FRIDAY MORNING APRIL 7, 1922 New Yoff k9 Qie is SINCLAIR CONSOLIDATED TO 'l DEVELOP WYOMING FIELD Contact With Secretary of the Navy Gives Company Right to Work Teapot Structure, Adjoining Salt Creek Field ChicagoSinclair Consolidated Oil through contract made with Secretary of the Navy Denby, accord ing to reports reaching Denver, Is to develop Teapot struc ture in Wyoming. This adjoins Salt Creek, field on the south and is included in Naval Reserve No.

2. It has been proven productive by several wells drilled some years ago but capped on completion. Contract provides, when production reaches 25,000 "bar rels daily, that operating company will lay a pipe line to Missouri river and deliver crude into a market where it will become available for exchange for fuel oil for navy use. Teapot dome was designated as naval reserve, shortly after President Taft withdrew Salt Oeck district from entry. Previously, Midwest Oil Co.

obtained production from first Wall Creek sand, but this well was capped. Other wells drilled by various interests came in productive, but under law creating naval petroleum reserves exploration work was prohibited and no attempt has since been made to develop the structure. After passage of Oil Land Leasing Act Midwest inter est sought to obtain leases on ten or more sections but all applications were denied, Navy Department and General Land Office refusing to recognize rights of Midwet I Co. Negotiations were then taken up by Sinclair com pany which, it is understood, will obtain no title but will act bs contractor under an operating agreement. It is probable Midwest Co.

will receive money it has expended on the property. area. Teapot structure has smaller area than Salt Creek doma and only tests have been made to first Wall Creek sand, only known producing horizon in Salt Creek district when wells were first drilled. It is probable production will be developed from second Wall Creek aand, but geologists believe it will never rival Salt Creek due to the smaller EARNINGS OF rUBLIC UTILITIES SOUTHERN CALIFORNIA EDISON 1922 Feb gross Net after taxes 609,160 I Total income 744.677 Bal for depr at surp 453,395 2 moe gross 2582 Net aft taxes 1.358,022 Total income 1.623.343 Bal for depr ft surp 992,741 UTAH POWER ft 1022 Feb gross 1561.143 Net aft taxes 288.410 BI aft chg 12 mos gtwa 6.669 "20 Net aft tax 3.338.155 Bal aft chjrs 1.617.692 Bal aft pfd divl 970.433 Grow I3XR1.779 Net aft Uxea 1,018.221 Bal aft chrs 350,955 Bal aft pfd 260,673 Bal. after charre.

12 moe. Net after BaL after charges. 1922 S5UUX12 13H.546 6862 6.4K8X24 1X46.635 481,097 1921 Chances 1961,563 Inc. $155,236 477X29 Inc. 5944)25 Inc.

223,134 Inc. 2.106329 Inc. Inc. 1,421446 Inc. 876,884 Ine.

178.484 116,857 LIGHT CO. 1921 Changes 691.073 Dec. t29.9"0 296.924 Dec. W.4 152,610 Dec. 0.7: 6361.464 Dee.

102.241 3.392X73 Dec. 54.418 Dec. 116.634 NORTH AMERICAN LIGHT ft POWER North American Light ft Tower Co. reports for twelve months ended February Z8, as follows: 1922 1921 Changes S3.237.fi22 Inc. $344,157 841.012 Inc 245.929 Inc 1T3.031 Inc NEW ENGLAND TOWER SYSTEM February Net after 1921 $433,068 Inc.

149.071 Dec. 73X69 Dec 5X06X74 Dec. 1.692.119 Dee. 870.093 Dec. TRANSIT nSfm4 seme was birg 174X09 105.026 f.j- Changes $76,144 10X25 6.407 417X50 345.484 3S8.996 NEWPORT NEWS ft HAMPTON RY.

CAS ft EL CO. Statement for 12 months ended December 31, 1921, shows: 1921 Gross 2X50X6 8 Net after Uxea 614.079 Bal after chgs 179,307 1920 Changes $2,763,197 Dec. $214429 404XH4 Inc. 68.413 Inc. 120X54 BARCELONIA TRACTION, LIGHT A 1922 Teetas February grom Net after 141X40 copper bars and tods 15.00 yen, formerly 8.W yen; and j0 months grow.

.7.432.157 copper plate artd thevte 16 00 yen, formerly 9.05 yen. TheM advances had been anticipated for mme time, in view of the Sever competition which th Jap corner Indiutry has bn subjected to by the heavy import of for elgn Cpper prwlucl at a lwrr eit. The cablegram stated that th present wra are Intendtni to be tern, 'pnrary, although no dflnit period giTn, Net after taxed 4.M.1X5I POWER CO. 1921 I'hangei Pcm-U Porlftj 3X54.0C2 Inc. 2.360.155 IVc.

6.50SX79 Inc. 4.440,404 Inc. cn.coi 1615 9K.1.778 4.947 Iwuanee by Trsnsit CmmUlon cf servics orders compelling InUrboroogh T.apid Trnlt Co, to Improve vice on subwsy lines' wsi foreshadowed at the reiumel inquiry inle service and equipment of Interborough FapiJ Transit Co. Frank Medley. I.

R. T. president and general man a ger, unWr queUoniog, admitted to inadequary of pfeent eerricr, ami told Uj commission that improvement during" rton ruh hours wss vnUrtly feible a far at road equip mnt was eotKeml. but mffW tho ob. tt on bs Is under ef making revenue meet eipeneea.

The question ef Manhattan Railway less was In jcUd inle the bearing by the ugg'lnn cf rheirmae and market Is lb most ecttv. Cre.U.t lnprovrment in d- exsmlning cunl ef Tranplt CmmUte ths it may a snand foe lower grades first employed In noun building la preml nr.atieii regarding rHt en ef MsnbstUt Indicating Hs steady ipsnion. Fir itj ohee soft w.U renUl If wet clcar'y underttood thst rirp'ui subwsy ar wvtvmg ttr. narowooa niic kwtr ih.n sofu fsming would hertrier bae te tted I imprer weoJ nJ rr anr. prrea are either firm or vir and nvt mfl rental cbsrset ai lore i ftftie-StaolelbakeF Oar! 1283 New Studebaker Gars sold at Retail not wholesaleRETAILj in Greater New York, during March! The most competitive, the most discriminative and most desirable market in the United States has been won by Studebaker cars because of their quality and service records in the hands of owners.

March was the biggest single month rn the history of Studebaker! Each month this year has seen our former high marks broken under the ever-increasing leadership of Studebaker cars. January was our biggest January. February not only eclipsed any previous February but, up to March 1, was the largest retail month we ever had. And now March has shattered all previous records. Here are the figures For the month: March 1922 1283 cars, valued at $2,059,444.00 Marc 1921 376 cars, valued at 810,780.95 INCREASE 1922 over 1921 907 cars, valued at 1,248.663.05 Per cent increase.

268 15.47 And here are the totals for the first quarter: First Quarter 1 922 2 1 49 cars, valued at $3,495,0 19.00 (January, February, March) First Quarter 1921 643 cars, valued at 1,394,064.86 INCREASE 1 922 over 1 92 1 1 506 cars, valued at 2,100.954.14 Per cent increase 234 r. Th is is Our retail sales for March, 1922, were practically double our combined sales for January, February and March, 1921 That represents an achievement without parellel in the history of the automobile industry. Every Studebaker tells another! Standing upon the principle inaugurated by the founders of this business 70 years ago the principle of complete satisfaction to every one who deals with the House of Studebaker we solicit your valued patronage. MODELS AND PRICES e. e.

Wte Light-Six Special-Six Big'Six 3-Jcu. W. 40-H. P. 5-Palx.

IIT W. D. 50-H. P. 126" W.

D. 60-HP. Tounng. 045 M25 Roackcr (3-piu.) 1045 Rogdtcr 1475 ti Coupe-Roaditcr C2-Paw.) 1375 Coupe (4-P.) 2150 Coupc (4M 2500 1750 Sedan 2350 Sedan ..,2700 BSSBBSBBaSBSaiSBSBSSSSBBBaSBBBBBBSlSBSBBSSBBBSS8BSBBBBBBSBSBBSa The Studebaker 1700 Broadway, Manhattan MANHATTAN JJ7 F-14ib St. 4J Ilroadsy IMta M.

A Crsad (Wur 71 Faltoe St. Hit M. NWHotsa At. Seatker Hits'. 413 F.

Treeumt Ae. SOU Setenth Ave. llUOOKLVN 1415 Fa(era I'srkusy I70S JsiasUa Ave. 'mis H. ase 4ih Ate.

1137 rUikkk Ate. UZi At. XII Crsksn Ave. 172 riitbu.h At. Fite.Ua JAMAICA UilUW A vae HTATKN ISLAND lit Ray Street, Tees allaev Ul OPEN EVENINGS Corporation of America 1469 Bedford Avenue, Brooklyn id ib a Studebaker Year In 100' 4 tslul rrto4 ll "lr builiiir" bu.Iilir 'J I 1.