Evening star., 1925-10-08
WALL STREET BRIEFS

NEW YORK, october OHJ.-JaCk.
son e. Reynolds, president Of the First
National Bank Of this city, has been
nominated as q director, class A, Of
by a committee appointed by the
Bankers Association of New York.
New Jersey and Connecticut. He will
take the place. of Gates w. McGar-
rah, chairman of Mechanics and
Metals National Bank. who has de-
clined reelection. Owen d. Young,
chairman of General Electric Co., has
been named for reelection as a direc-
tor, class b.
The Rickenbacker Motor Co. an
nounced yesterday it is preparing for
large production of a new commercial
aircraft engine, which will be exhibited
at the air meet at Mitchell Field this
week, after seven years of expert
mental development. An airplane- equip.
ped with this engine, officials stated.
would be able to travel 35 miles on q
gallon of gasoline. 1t develops 80.
horse power. and Is Of the fixed radial
air cooled type.
Bondholders Of the Alabama Trac-
ton. Light and Power Co.. Ltd, at a
meeting in Montreal unanimously ap-
proved the plan for conversion Of their
bonds into the debentures Of the
Southeastern Power and Light Co.
Debentures Of the Southeastern to the
total face value of the Alabama Trac-
ton bonds outstanding-$13.6 .688. 300
have been deposited with the Montreal
Trust Co, with option warrants en-.
titling holders to buy common stock
OF the Southeastern on the basis Of
two shares for each 500 principal
amount OF debentures.
Union Oil Co. of California reports
approximate net profit OF $3.50. 900
for the nine months Of 1928 after in
terest. depreciation. depletion and Fed
eral taxes. equal to $2.21 a share on
S94 500. 900 stock, against 50 900, 900 of
s2.42 a share on $92.7s1 800 stock in
the same period OF 1924.
Stockholders Of Eaton Axle and
Spring have ben advised Of their
rights to new common stock at $23 a
snare In the proportion OF one share
for each 10 held. Rights accrue to
holders OF record October Is and ex-
pire October 80. The company has
signed contracts that will increase the
annual volume Of business about $6,-
000,0
earnings Of the Southern Railway in
dicate the largest gross revenues and
net operating income since 1918. Gross
is estimated at about $4,000 900 and
net about $3,43O,oOo.
Richard B. Mellon of Pittsburgh has
been elected a director of Westing-
house Electric and Manufacturing Co,
TO MI the vacancy caused by the death
of William McConway. Edward d.
kilburn and Walter S. Rugg were
elected vice presidents.
The movement Of foreign money to
New York has recently been swollen
by the arrival of about $1,000, 900
from Japan. representing the first
installment OF fund which japanese
financial authorities are building up
IN New York for the protection of
exchange. Another consignment, to-
falling about $4,000, 900, which is due
to reach New York next week. will
augment shipments of $4,O0O:OO0 or
more now on their way from London
Directors of Colgate & Co. yester-
day elected Gilbert Colgate, president
Tor five years, as chairman of the
board OF directors. and Sidney NJ. Col
ceed him. Austen Colgate was made
first vice president. The new chair
man has been with the company AZ
years. The directorate. which also
includes Russell Colgate, treasurer,
and Henry A. Colgate, secretary, con-
slsts OF four Srandsons and a great
grandson Of William Colgate, who
founded the business in 1906.
Heavy purchases of Norwegian
treasury shortterm bills have been
made by large New York banks in
anticipation of further appreciation
of the Norwegian krone by the time
the bills became due. The securities
were acquired from Norwegian banks
and brokers and it is estimated that
between 10000. 900 and $40. .0O0. 900 of
them are now held here for invest.
ment.
Shipments Of the Cleveland Auto
mobile Co. for the year to date ex;
ceeded 1880 cars. compared with
total shipments of $3.50 cars in 1924.
Stockholders Of Godchaux Sugars
have approved cancellation of the Sec
ond preferred stock and issuance of
10000 shares of A stock in its place.
Half Of the A issue will remain in
the company's treasury for further
requirements.
To advertise the irish Free State as
"a health and plea sure resort country
an organization known as the Irish