Evening star. [volume] (Washington, D.C.) 1854-1972, 1925-12-31


ness in the open air. The securities
then dealt in consisted chiefly Of min
ing and oil stocks of the sO-called
penny class. They represented in
many instances prospects" under de
yeloplnent, which in numerous cases
never materialized.
Today, In it's handsome exchange
building, the Curb Market is only one
degree less staid and dignified than the
New York Stock Exchange itself. Its
questionable stocks have been weeded
out until even the prospects have
intrinsic value and the backing Of rep
resentatiye financial interests.
Many First Grade Shares.
The general body of stock Includes
the shares Of many OF the highest
grade corporations of The country
among them the shares of the indie
pendent oil companies. most OF the so
called Standard Oil subsidiaries, public
utility corporations, stocks OF dis
trlbutlVe conpa MES, such as depart
ment stores and chain stores, many
prominent motors. q few of the sugars,
radio shares, stocks Of companies en-
gagged III the new electric refrigeration
industry and a host of specialties,
along with q large list of foreign and
domestic bonds.
that used in recording transactions on
the New York Stock Exchange has
been extended TO the more prominent
cities throughout the country, and il is
only matter of time until this service
will be available to practically every
section Of the United States
In reviewing the happenings Of the
past year on the New York curb EN-
change II must be borne in mind that
h.
. uAtiOn which have been responsible for
the great rise i'll investment and Specrl-
tative values on the stock exchange
also are accountable for what improve.
ment has taken place in curb market
values. Not only does this apply to
fundamental conditions in the out side
/ Oil and metal markets, which have {,
large representation in stocks Of both
classes in this market, but to business
conditions generally. which are re
| hected by such basic industries as
steel and others represented only in
a small degree by securities which
have their market on the curb.
Course of the Oils.
[ Undoubtedly no other group OF
stocks acted IS ppointingly as did
( the oil shares during The first six
I months of 1925. Every attempt 10
bring about higher prices fell fiat.
/ The patient public, which WAS com.
mitted heavily in 81 securities. was
disillusioned by reports OF incrca sing
production in practically all fields
which Was continually referred 10 a.
more than an offset 10 the slow bur
steady increase in consumption, and
! by series of price cuts which did
/ not eliminate until it was definitely
/ established that the trade had mis-
! judged actual conditions
/ In the last quarter of the year, Wher
! the peak of production had long beer
| passed. as evidenced by the weekly
| decreases in domestic output, the oils
| finally came into their own. Then il
! was definitely assured that the better
grade companies, instead of reporting
j heavy losses in operations for 1925
would disclose substantial profits as
compared with 1924.
During the period Of depression in
the Industry. the usual thing hap.
pened. While other sections OF the
market We're responding To favorable
trade data and the Improvement in
trade conditions generally, these