Evening star., 1925-12-06
WALL STREET BRIEFS
BY the Associated Press.

BY the Associated Press.
NEW YORK, December 8
Formation of the Pensacola Ship
building and Engineering Corporation
to engage in ship construction at the
port of Pensacola, on the Gulf of
Mexico, was announced today. The
new enterprise has been undertaken
by f. NJ. Elliott of Pensacola and as
sociates, including Representative
Fred S. Purnell of Attica, Ind. and
his former law partner, d. Lewis
Green. A modern shipbuilding plant
is planned.
Banking Corporation have concluded
negotiations with the Hamburg
American Line for the purchase of
ST 500 900 out of Il total authorized
issue of $19,000,000 of its marine
equipment serial gold bonds, secured
by a direct first mortgage on the
company's entire fleet of seagoing
ships now in operation, appraised at
over $4,000, 900. Proceeds of the
loan will be used to reimburse the
company for part of the cost of its
seagoing fleet and te repay a short
time loan made for this purpose.
Ralph Budd. president of the
Great Northern Railway, in announc-
ing the start of work on the SS,O00.-
900 tunnel through the Cascade
Mountains, in the State of Washing
ton, from Berne to Scania. said it
would be "a miles long. The tunnel
will replace II miles of difficult track
and is expected to be completed in
1928. The annual saving in operating
costs is estimated at s5O0.00O.
November sales of merchant steel
Ja, IN, Ia tfcI -,
unusually heavy, several mills having
surpassed their quantity for any
other month this year. Incoming or
ders have been far ahead of ship
mentS, which, in the case Of Carnegie
steel, has prevailed for five consecu-
tive weeks.
Universal Pipe & Radiator Co. has
sold 45, 900 shares of it's common stock
to bankers at $25 a share for de-
livery January 4, which is in addi-
ton to stock offered to shareholders
at the same price, each holder Of
three shares having the right to sub
scribe to one additional share. The
bankers have an option to buy any
unsold portion of the offering to
stockholders.
The New York Stock Exchange has
ruled that transactions in Tobacco
Products Corporation class "a" and
common stock shall be ex-rights on
December IA. Rights Were admitted
to trading today on a when issued
basis and must be settled December
20. Right to subscribe expires jan
uary q.
Operating income of the Illinois
Bell Telephone system for the first
10 months of 1925 was $9,14S,114,
compared with s7,7O3,747 a year ago.
Octobers total declined to $1,161,-
926 from S1,203.749 in October last
year.
November sales of G. X. Kinney
Co. were $1,432,1S0, "a decrease of
$50 per cent under the same month
The 11-month total was s15,2S8,65S
against s14,172,sOs a year ago.
The Consolidated Royalty Oil Co.
has signed a contract with the Con-
tinental Oil Co. for the development
of the Consolidated Royalty's inter-
est in the Kraemer tract in Orange
County. Calf, about 20 miles from
Los Angeles. The drilling will go
test all the producing sands I'm that
area.
Bank clearings for the week
throughout the country are compiled
at $11,216, ,460,61S by the Commercial
and Financial Chronicle, an increase
of $50 per cent over the $1O.600,992,-
6S9 a year ago. New York City
gained $40 per cent.
An inn sign painted on the blade