Evening star., 1925-10-07
WALL STREET BRIEFS

NEW YORK. October { Cp).-Cur.
rent strength and activity of the
Armour issues reflect the growing
improvement in the packing industry
Consolidation OF the Armour anG
Morris companies, which was re.
Gently confirmed By the Secretary o
Agriculture, will result. II Is esti-
mated by industrial engineers. in ar
annual saving OF more than 100000
oo0 through the reduction of over
head and other charges. This woult
be equivalent to about $3.50 a shar,
on the 100000 shares OF A and T
stock outstanding. The A stock. now
selling around 27, pays So share anc
cannot pay any more until the T
stock pays 81, and thereafter both
share alike. Total sales of the com
pany last year were 100000 900, witt
indications that .the billion dolla,
mark Will be reached this year.
K. n. Brown, chairman of the St
Louis-San Francisco Railway, yester
day said that no negotiations toward
acquisition of the st. Louis South.
western were now pending. Tenta.
tive suggestions had been made ir
that direction some time ago, he said
but nothing had developed. He re-
ferred to the fact that the consolida.
ton plan OF the l. c. C.. allocated
clining, however, to indicate whethe,
future ah1liation of these two roads
was likely.
Based upon seIni-off1cial statements
that 5000 ,o00, 900 would be required tc
take Continental Baking into the Gen
eral Baking Corporation merger anc
000 tn q orI p.,ly
ing, 1t Is believed in we'll Informed
quarters that Continental stockhold
ers will be offered about $50 a share
for the "B" stock or its equivalent in
new stock. Ward ''B" Is expected to
receive 500 or 800 a share, with
Southern Baking going in at $500 a
share.
The Treasury Department will with.
draw 1885, 800 from Federal Reserve
member banks In the New York dis.
trict on Thursday.
Financing of the 2e-story Eastern
Terminal ONCE building, largest of its
kind in the world in floor area, under
construction in the Grand Central
Terminal area, will consist of an of.
fering tomorrow Of $1O.ooo.ooo flrst
mortgage leasehold 6A per cent sink.
ing fund gold bonds by w. Straus &
Co. and a: group Of bond dealers. The
bonds mature in Is years. Coupons
are payable February and August. I.
Third.quarter profits of Phillips Pc
troleum approximated IS SOC, 900 after
tax reserves, but before depletion and
depreciation, which is expected to pro
duce net OF about $4,000 900 for the
nine months this year against S12.
s09,924 In the same period of 1924
Production is 100000 barrels daily
Crude storage has been reduced to
about 100000 barrels. compared with
7,01o,221 the first Of the year.
In the fiscal year ended September
30. the New York Gearing House had
its largest volume o. EXCHANGES on
record. the total of $276 1873, ,e34. .63s
record Of S252,33S ,24s ,466. in 1920. The
largest volume of clearings on any
single day was S1,697,256,36s on Nav
I, 1925.
Stockholders OF Insersoil Rand Co.
have approved of plan of reca pital.
1zation, changing the present 3OO. 900
snares OF common stock. 800 par. into
/ 100000 shares of no par, on an ex-
change basis of four shares of new
for each share, Of old. About 37.74s
shares OF new common will be offered
10 employees.
Directors of the Fajardo Sugar Co
nave approved the purchase of the
dioza Sugar Co.. Porto Rico. for g..
$4,000. at the rate Of $50 a share for
The 225, 900 shares
Net income Of the international
combustion Engineering for the first
mar or 1925 declined to f333.12s. equal
10 20 cents share. compared with
s4SO,S15 or 31.17 a share in the first
half of 1924. Work completed on con.
tracts was lower than a year ago. but
rhe value of contracts taken increa sed
more than so per cent. resulting In
unfinished contracts on hand OF
double the amount on the CORRESPOND.
ing date last year.
Third quarter sales Of Fairbanks,
Morse & Co. were 80 per cent larger
than the same period last year.
President Morse said, although too
early to determine net profits for the
quarter, it is estimated that after
preferred dividends more than 32 q
share will be available for the com.
mon stock against the present divi.
dend rate of So cents a share. Net
for the nine months would then be
about S4.75 share against $291 a
year ago.
Traffic receipts on all large French
railroads from January to September
: shows a considerable increase owe,
the corresponding period of 1924, the
Bankers Trust Co. Of New York re
ports. Owing to important reforms
in finance and management they have
been enabled to overcome tho greater
part of the tremendous difficulties
they had to face after the war, the
bank says. Higher freight and pas
senger rates. drastic curtailment OF
expenditures and the constant In.
crease in traffic have brought about
favorable change aimee 1891. -
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