Evening star., 1927-11-01
Wall Street Briefs

TRANS NTINENTAL OIL
Transcontinental Oil Co. shortly is
expected to announce plans for con.
struction of a 425-mile. 10-inch trunk
line from Pecos County. west Texas.
to the ship canal at Houston. which
will be built by a subsidiary, United
Producers Pipe Line Co.. having a
daily capacity Of between 10000 and
$4,000 barrels. The project will in
volve about $12.500. 900, including ter
minal storage, and will connect with
the topping plant at the coast. The
outlet to the coast would afford a
world market, with wider range of
prices.
FARMERS LOAN & TRUST. -
James E. Perkins, president of the
Farmers Loan & Trust Co., New
York, has been elected a director Of
the Studebaker Corporation. in place
of N. r. Feltes. resigned.
MERCANTILE MARINE. - Wall
Street hears there is likelihood of a
new proposal being made to stock
holders of International Mercantile
Marine Co.. probably involving liQui-
dation. in view of the permanent in
junction granted against the proposed
recapitalization plan. The company
win not file an appeal, it is said. p.
A. S. Franklin, president, will sail for
Europe on Friday, and it is thought
he may negotiate for disposing Of the
balance Of the Transatlantic fleet, in:
cluding the Atlantic Transport and
Leland Lines, which would leave only
the intercoastal lines. The company
is understood to have $20.000.000 In
cash in its treasury.
WRIGHT AERO. - Wright Aero
Corporation earned $2.59 a share in
nine months of 1927. against $1.s2 in
the same period of 1926. Net profit
rose to $64S.616 from $454.924. Third.
quarter earnings were equal to SLIT
share, against 50 cents share in
the third quarter last year.
INDEPENDENT OIL AND GAS
Stockholders Of Independent Oil and
Gas are being given subscription
rights to $50 900 shares Of new stock
at $2S share, equal to 80 per cent
Of their present holdings. Rights ex
pire November 20.
A. o. SMITH CORPORATION
Stockholders Of A. 0. Smith Corpora.
ton approved an increase in no par
common stock from 100000 shares
to 100000 and an exchange of five
shares Of new stock for one Of old,
effective November 16. A dividend OF
$50 a share was declared on the old
common. payable November Is to
holders Of record November 1.
SOUTH PORTO RICO SUGAR.
Net profit of South Porto Rico Sugar
Co. for the year ended September 80
was s3,11S.430. against 1851, ,185 the
year before. This is equal TO $4.01 a
share on the no par stock. against
&l0.54 share on a much larger mum
Der Of 500 par shares the preceding
year.
GOLD RESERVES.--Mu Of the
gold in the United States is owned by
foreign countries and their power &c
withdraw il limits this country's ex
Eexs reserves, it is pointed out by Or
Henry A. f. Chandler. economist. Ma
tional Bank Of Commerce in New
York In the form of balance!
and short.term investments the out
side world has a huge claim against
us in excess Of our claim against the
srest of the world on the same account
he says.
ATLANTIC REFINING The frs
nine months of 1927 were unDrofitablt
for Atlantic Refining Co, net loss O
$t44,4i9 being reported for the period
in contrast to net profit of $6,066 23l
in the first nine months OF 1926. o
SI00S a share on the common. Thirt
quarter net profit was 81 1888 900 equa
10 $I.96 a share on the common
against $2,s1s.123, or $4.93 a share, i.
the third quarter of 1926.