Evening star., 1926-06-03
WALL STREET BRIEFS

NEW YORK. June LP)-F'orma
don of the Electrical and Gas Refrig-
GRAFTON Trade Extension Bureau was
announced Yesterday ITO maintain
good products and service and to dis
courage activities OF companies or.
ganized for stock selling purposes. as
we'll as TO point oul the ref1igerating
machines which. in the opinion OF
recognized engineering experts, can
never render service" James $.
O'Boyle. formerly manager I'm charge
of refrigeration for the New York
Edison Co.. is president of the new
organization. 1t is estimated that the
public has invested 500 ,000, 900 in elec-
trical refrigera ton.
Commercial Solvents Corporation
has called its class a. stock for re-
demption on July at $50 a share
The privilege of converting this stock
share for share into class b STOCK, ,
which ia now selling around $3.50
share. VOL expire at the close of bust
ness on June II.
New business hooked by the I,oun-
IA rion Co. in the United States since
the first OF the year aggregate ed $40
100000. and the Canadian company
has 100 per cent more business than
a year ago, 7. w. Doty. president,
said yesterday on his departure for
Europe on business trip. He said
he wanted 10 deny statements that
the company would reduce the SO an
nual dividend on its stock. as large
surplus of funds was availa BILE to
meet dividend requirements
The recent advance in shares OF
Lehigh Coal and Navigation is at
trlhuted to expectation of an an
nouncement shortly of final arrange
ments for leasing it's two railroad
properties, the Lehigh and New Eng
land. to the Reading Co, and the
Lehigh and SusQuehanna to the Cen
tral Railroad of New Jersey A re-
rised lease has been drafted in con
nection with the Lehigh and Susaue-
hanna.
Total sales of White Eagle Oil &
Refining Co. for the five months
this year rose to s6l,782.363 from
$53,6o6,919 year ago. The company
is running 12.0 900 barrels of crude oil
daily through its stills against 10000
daily a year ago.
American Smelling & Refining 60.
1t is estimated, will show earnings
Of about $40 a share on the common
i.OS
a share in the first half of 1925
Slightly more than $3.50 q share was
earned in the first quarter this year.
Earnings of American Water
Works and Electric Co. for the year
ended April 80. after reserves 6Sr' re.
newals and repla acements, and avail
able f6r dividends were $3,623.559,
new high record. This is equal 10
$+.17 a share on the 632.122 shares of
common stock outstanding April 80.
"r S456 share on the average amount
OF common stock outsta nding during
1he period, in both cases after allow
ance for preferred dividends.> Consoli.
lated gross earnings We're 26S0.252.
newthigh record. and $3,8O9, ,79I more
than the preceding y months.
Iliasteca Petroleum Co, Mexican
subsidiary of Pan-American Petroleum
and Transport Co.. has completed
'ha apapote NuneZ we'll No..-12. with
initial flow of $4,000 barrels of oil at
4 depth Of 2.l21 feet, the first sac
"essful completion in this hacienda in
two years.
Gross revenues of the Pere Mar
ouette Railway thus far this wear
are about 10 per cent above a year
ago. f. II. Alfred, president, tsafd
YESTERDAY. Our operating ratio for
the first four months was about 7
per cent under 1925 and is getting
near rock bottom. 1t looks now as
though we will earn more on our
common stock this year than in 1925"
Private sale of an issue of So 900.
600 General Motors Corporation pre-.
ferred stock is being made by J. p.
Morgan & Co. at 1881. The trans
action involves no new financing.
Stockholders of Simms Petroleum
Co. were informed at the annual
meeting that refining and marketing
operations in May showed good earn
:ngs in contrast to q deficit In the
first quarter. Production in Nav
ran about 1000 barrels daily ahead OF
the first quarter, when 9,197 barrels
daily were produced. The refinery at
Dallas is running about $500 barrels
of crude oil daily. Directors were re-
elected.