General Motors

The earnings statement and balance sheet of General Motors for the third quarter of 1925, ending Sept. 30, go far toward accounting for the extraordinary rise in Motors stock on the Exchange.

Net earnings for the third quarter, after depreciation and all charges, were $28,161,730. If the Company's equity in the undivided profits of its subsidiaries--Fisher Body Corporation, General Motors Acceptance Corporation and others --were included, earnings would for the same period amount to $28,647,896.

For the first three-quarters of 1925, earnings without subsidiary undivided profits have amounted to $13.27 per share on Motors common stock, or with them, to $14.75. It is therefore probable that Motors will earn this year between $17.50 and $20.00 a share.