YEARLY STOCK
MARKET REVIEW
BY ASSO. PRESS
NEW YORK, Jan. 7. (yp)—Business
prosperity in 1925 was anticipated and
reflected by tbe great bull movement
in the stock market, which broke all
records for volume in the history of
the New York Stock Exchange. The
averages of twenty leading railroad
and twenty leading industrial issues,
compiled by The Associated Press,
reached the highest levels ever record
ed in the final quarter of the year.
Cheap credit, resulting from the ac
cumulation here of huge stocks of sur
plus gold, provided the background
for the advance in stock prices which
continued, with only two major inter
ruptions, thruout the year. The out
standing features of the industrial
situation, which also had a direct
bearing on the price movement of se
curities, were the huge volumes of
freight traffic, steel ingot production,
r.
bank clearings, building constructs
and automobile production, all o
which establish new high records dur
ing 1925, the absence of unemploy
ment and the increased purchasinj
power of the farmer.
Most foreign developments als<
were bullish in character. Chief o
these was the ratification of the Lo
carno treaties voluntarily entered int<
by Great Britain, France, Germany
Italy and some of the new Europeai
Republics for the purpose of gvaran
teeing the peace of Central Europe
The return of Great Britain to th(
gold standard and the funding of th<
Italian, Belgian, Czecho-Slovakian anc
Roumanian depts to the United States
also were regarded by internationa
j bankers as important milestones ir
the world’s slow recovery from the de
vastating economic effects of the
war.
The only unfavorable foreign devel
opment, from an investment stand
point, was the failure of the French
government to arrange for the pay
ment of its debts to the United States
and Great Britain, and to balance its
budget. The financial difficulties,
foreign and domestic, of the French
Cal M. Brosius
Nails, fifty varieties, Automobile Glass,
Glass, Locks, Hinges,
Stockholm Tar, Roof Pitch,
BB1. Lime, Paints.
Glass Cutting,
Terps,
Hyd. Lime,
Plate Glass,
Colors,
Chimney Brick,
Varnish,
Corner Bead,
Mirrors,
Medusa,
White Atlas,
Keens,
Metal Lath,
Cedar, Oak, Maple,
Arch Brick,
Fire Clay,
Plaster Paris,
Hickory, Iron Bark
Beaver Board,
Gal. Cor. Iron,
Pulleys,
Flooring,
Fir, Spruce, Maple,
Ceiling,
Rustic,
Oils,
Fibered Plaster,
Stains, Putty,
Corner Lath,
Belting, Cement
Doors,
Windows,
Lumber,
Fir Lath,
Fire Brick,
Spruce Finish,
Mouldings,
Z-Lath,
Plaster Board,
Mahogany,
Roof Paper,
Building Paper,
Asbestos Paper,
Shingles,
Sash Rail,
Fir Finish,
LIBBY-OWENS WINDOW GLASS, Single and Double Strength,
Standard Oil Products, Rubber Matting. White Sand,
ASBESTOS STRIP SHINGLES, HYDRAULIC ELEVATORS,
METAL BASEMENT SASH AND FRAMES,
Sidewalk Coal Hole Covers Sidewalk Walk Lights, Etc.
CAL M. BROSIUS
BUILDING SUPPLIES
There’s a glorious welcome
awaiting you in California.
Warm, sunswept beaches,
fascinating cities, -zestful
mountain resorts—join
happy thousands at these
delightful playgrounds.
And the trip is so easily
arranged. From Seattle,
through sleepers daily to
San Francisco and. to Los
t
Angeles. Pveduced round
trip fares, too.
Learn more about the
Shasta route journey south
ward. Read of the service
on any of the four popular
daily trains over this route.
—The comfortable accom
modations; the tempting
food in Southern Pacific
dining cars.
Qet this further information; write now for booklets,
fares, reservations, schedules, etc., to
Southern Pacifklisies
B. C. TAYLOR, Gen. Agt.
314 Union Street » Seattle, Washington
i government were reflected In the
f acute weakness of Paris exchange in
- the principal monetary centers of the
- world in the closing weeks of the
' year.
Total stock sales during the year
> were approximately 460,000,000 shares
r as compared with 275,000,000 in 1924,
. 235,090,000 in 1923 and 307,800,000 in
> the previous records year of 1919. The
, largest single day’s trading in the his
i tory of the New York Stock Exchange
. took place on November 10 when 3,
. 340,600 shares changed hands.
s Railroad shares enjoyed unusual
! prosperity. While the gross income
of some roads did not measure up to
i that of last year, the net returns in
most cases were substantially higher,
due to increased operating efficiency.
Southern roads benefited materially
from the real estate booms in Florida
and other states below the Mason and
Dixon line, the Southern Railway in
creasing its annual dividend from $5
to $7. New England roads also made
substantial recovery from the depres
sion of the past few years, the New
Haven showing a small return on its
common stock for the second time
since 1917. Shares of Southwestern
roads were bid up sharply in antici
pation of early consumption of pend
ing mergers.
The recovery in the shares of
northwestern carriers was rather slow.
After a bitter stuggle between oppos
ing factions of securities holders, a
compromise plan was raeched for the
reorganization of the Chicago, Mil
waukee and St. Paul railroad which
went into receivership as a result of
over-expansion and the competition
afforded by the Panama Canal. Se
curities of the new “Nickel Plate” sys
tem rose to record high levels in ex
pectation of an early approval of the
proposed consolidation by the Inter
state Commerce Commission.
Strength of the steel shares appar
ently was in anticipation of larger
earnings next year, rather than a re
flation of current returns, as the mar
gin of profit for many companies was
relatively small because of the low
prices prevailing in 1925. Unfilled
orders of the United States Steel Cor
poration increased rapidly in the clos
ing months of the year, recalling the
prophesy of Chairman Gary at the
annual meeting of the American Iron
& Steel Institute in October that steel
companies would be “turning away
business next year.” U. S. Steel com
mon touched 139 1-4, the highest price
ever recorded. Sloss Sheffield was
the outstanding strong spot among
the independents, raising from 80 1-4
to 143 1-2 during the course of the
year.
The unexpectedly large demand for
automobiles which started early in
the year and continued through the
summer and fall months was reflected
in the sensational advances in the
shares of motor companies, several of
which showed record-breaking earn
ings. Shares under the old name of j
Maxwell, touched the record high!
price of 253 before any dividend had I
been paid on the stock. Genera] Mo-1
tors, which paid $12 in cash dividends I
during the calendar year, rose from ;
64 5-8 to 149 3-4, and Hudson from 33
3-4 to 139 1-2. Truck companies also
benefited from the unusually rapid de
velopment of the truck and bus busi
ness, Mack Trucks moving up from
117 to 242.
Oils., whiqh. have bieen adversely
affected in the few years by the men
ace of over-production, gathered some
strength as the year closed. The im
provement in the industry was reflect
ed by the raising of dividend pay
ments on the common stocks of the
Marland, Phillips, General Petroleum,
Shell Union and Associated Oil Com- J
panies. The enormous demand for '
copper by the public utility companies !
was an important factor in the im- J
provernent shown by the copper stocks 1
tile Am. Smelting & Refining Co. !
raising its annual rate from §6 to $7, !
Utah Copper from $4 to $5, and the J
Cerro de Pasco Company declaring an 1
extra payment of $1. ’
While the advance in all groups was I
not uniform, a strong undertone was 1
apparent in the chain store, merchan- •
dising, tobacco, chemical and amuse- !
ment shares. Sensational advances of 1
the electrican refrigeration issues re- ■
fleeted the rapid growth of that in- 2
dustry. With the exception of those \
engaged in the manufacture of auto- ■
matic signal devices, stocks of equip- ■
ment companies did not fare so well,
although an advance in those shares
as the year closed coincided with
the placing of large railroad orders
for early 1926 delivery.
Fluctuations in the public utility
shares narrowed down considerably,
J>u
> Iboit some substantial gains were re
t corded, particularly by the securities
1 of some of the large holding eompa
1 nies created in connection with su
per-power projects. The gradual re
covery of the packing and leather
industries from the effects at post
war depression was mirrored by the
improvement shown in those shares.
The only important groups which
failed to share extensively in the
general prosperity were the radio,
textile and sugar stocks. Radio shares
suffered from the effects of over-pro
duction and price cutting wrhich fol
lowed the over-capitalization of many
oif those issues in the excited spec
ulative movement last Spring. Weak
ness of textile issues was a natural
result of poor trade conditions which
led to several failures and the pass
ing of dividends by many companies
some of whicih had enjoyed a long
record of uninterrupted payments.
Shares of sugarjproducing companies
were> weak because of the extremely
low prices obtained for the raw Cu
ban and American product as a re
sult of European competition.
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r
There are about 3,000 Salvation
Army officers in India.
Mbtion picture censorship is to be
established in the Netherlands.
During the present Holy Year the
Pope has made more than 1,000 short
addresses to various delegations of
Pilgrims in Rome.
Mexico is taking steips against
undesirable immigrants, especially
Chinese of the coolie class.
China has raised the legal age
for marriage from 14 to 18.
Paris has about 10,000 exclusive
'perfumery shops, while as many more
carry perfumes as a side line.
Several thousand old family man
sions in London have been convert
ed into apartment houses.
Argentina has many windmills;
moTe than Holland and Belgium com
bined.
Subscribe for the Daily Gateway.
C. M. BJ
CAL M. BROSIUS
Builders’ Supplies
When things Look
BLACK Phone the
Seward Steam Laundry
Telephone Main 148
1
- -- M
HOTEL ANCHORAGE
F, I. REED, Proprietor
Rooms with Bath. Sample Rooms in Connection
Strictly Modern Prices Reasonable
Steam Pleat Good Service
HOT AND COLD WATER IN EVERY ROOM
Bus meets all trains and boats
ANCHORAGE, ALASKA
VAMMMMAMAJUJUUULUUui
■ ■■TiTnnrwTi
t
Piping and Fittings for
, Power Plant Construction
5000 feet 2 1-2 double extra strong steel pipe, in random
lengths, 12 to 30 feet each; each length fitted with
square machined, four-bolt flanges. One end of run
grooved, opposite end and outlet tongued with steel
machined bolts, hexigon heads and nuts.
3000 feet 1 1-2 double extra strong steel pipe in lengths
12 to 30 feet each; each length fitted with square ma
chined four bolt flanges. One end of run groved, op
posite end and outlet tongued, with steel machined
bolts, hexagon heads and nuts.
500 assorted 1 1-2 and 2 1-2 steel four bolt flanges, elbows,
tees, crosses, return bends, divided return bends, re
ducing companion flanges, flange unions, globe and
angl* valves, etc.
The pip—g and fittings are in first class condition, ready
for immediate delivery F. O. B. mail steamer Starr,
at Portlock, Port Chatham, Alaska.
Our price will be based up Walworth Manufacturing Com
pany’s factory catalog price F. O. B. Boston, Mass.,
thereby allowing the purchaser the cost of the freight
from the Aatlantic Coast to Alaska.
Will sell all or part of above piping and fittings and fur
nish list of quantity of different sizes on hand, upon
request.
Alaska Consolidated Fisheries, Inc.
; PORTLOCK, ALASKA
■