Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-07-22
Wall Street Briefs

NEW YORK, July 81 R.-While
complaints Of too rapid timber cutting
are usually directed at lumbermen,
says the National Lumber Manufac-
turers' Association, and often from
government sources, the tables viii
be turned at a meeting of its directors
in San Francisco on August 8, and tn
question will be debated whether the
Federal Government is cutting it's
national forest timber too rapidly.
Owners of private forests have to COM
pete with the aforementioned tim
Der, with a resulting tendency, it is
claimed toward oVerproduction at
times and a waste Of forest material.
The receivers sale of Rickenbacker
Motor Car Co. has been postponed to
August 4.
Sheep and cattle growers Of the
Northwest are optimistic and business
in the Northwest generally is making
more progress this year than in any
of the last seven years, says Hugh c.
McCarty, of Hugh c. McCarty & Co.
back from a business trip through
that section. The grazing situation
was particularly good in Montana.
An issue of 500, 0O6 pounds sterling
of debenture stock Of Goodyear Tire
& Rubber Co., Ltd. has been sold in
the London market by Barring Bros.
G. Co., Ltd. the proceeds to be used
to finance the opening of Goodyear's
new manufacturing plant in England.
Chicago Yellow Cab earned $2.S1
share in the first half of 1927, against
$277 a share in the same period last
year, net profit of $l,126, 1873 comparing
with $1,110,336.
Wall Street hears National Tea Co.
is negotiating for the acquisition Of
several grocery chains operating about
300 stores. The col. 0any now oper
ates about 500 stores, an increase
OF 90 since the first Of the year and
the 1927 program calls for the open
ing Of 81 more. In addition, it owns
a. so per cent. interest in National
Tea Co of Minneapolis, which operates
@122 stores.
Electric Refrigeration Corporation
reports net profit Of 1888 1872 for the
second quarter, against net profit Of
1888, 483 in the same period last year.
There was a net loss of $751; 10 for
the nine months ended June 80.
The Norfolk & Western has order
ed 60, 900 tons Of rails: 10000 tons
from the u. S. Steel Corporation and
10000 from Bethlehem Steel.
Walter G. Carroll, vice-president Of
Inland Steel Co. has resigned to be-
come president Of the National Asso-
citation of Sheet & Tin Plate Manu-
facturers and chairman of the Sheet
Steel Trade Extension Committee,
effective August /.
Independent Oil & Gas earned S1.91
O share in the half year, against Sl.SG
in the first half of 1926, net income
Of $3.50, I34 comparing with $929,429
International Paper Co. has acqulr-
ed working control of the New Eng
land Power Association by the pur-
chase of the holdings of the Hartford
Electric Light Co., amounting to 2O,'
900 common shares. internationally
holdings in the association now aggre-
gate more than $40 900 of the 1881
shares Of common stock outstanding
as Of March 81.
International Business Machine
earned 1928 a share in the first hair
/ of 1927 against $2.71 share in the
"Hrst half of 1926, net income rising to
$1,S55,637 from $1,57l,816.
Products Of more than score or
American manufacturers Of tractors
and tractor implements will partici'
pate in the international tractor tests
10 be leld III the Soviet Union in
August and September, the Amtorg
Trading Corporation states. Three
Syears ago the. tractor was a. novelty
In the Soviet Union, but now about
$4,000 are muse, mostly of American
nj manufactures