Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-03-03
Wall Street Briefs

the New York stock exchange in
February was the heaviest on record
for that month. transactions .totalling
33. 1924 800 shares, an increase of H.
$685. shares over February 1924.
The months daily average trading
was 1.514,754 shares, against 927.-
443 year ago. The heaviest five
hour session was 1907. 800 shares and
the smallest 1,156,500. On two days
of the month sales exceeded 100000
shares.
Adoption of 5 1-2 percent redis-
count rate by the federal reserve
bank of New York ought not to be
interpreted as a threat of dangerous
expansion, according to the National
City Bank in it's monthly review.
With the brunt of gold exports fall
ing on the local bank. federal reserve
banks reducing security holdings in
this market and signs of more active
business developing the increase is
held to be quite in order. 1T is easy
to exaggerate the significance of this
advice" says the review. land the
tendency to do so shows an undue in
clination to discount the future. The
change reflects recovery from the
but % percent is still the lowest
bank rate in the world"
s. S. Kresge. head Of the chain
store system bearing his name, is
slated for the Craftsmanship Of the
board OK directors of the Fair. Chi
Cages well-known department store.
it was learned in Wall Street today
1t Is understood that Mr.. kresge will
be the largest stakeholder in the
Fair.
More than a million pieces of scrip
issued by the Cities Service Company
to its stockholders in lieu Of divi-
dends have been converted within
the past month into cash and COM
mon stock under the redemption plan
by which the company distributed
approximately $35.OOO,OO0.
The annual report Of the National
Lead Company stated definitely today
that the preferred stock would not be
retired and that there would be no
increase in the dividend rate on the
common stock in the near future
Net earnings for 1924 were S4,454,979
equal after preferred dividends to
1881 a share on the common,
against $5,296,413 or $11.3S a share
in 1928. Profits on insurance funds
which We're equal to 1.6 percent a
share on the common were not in
cluded in the earnings tabulation.
American Hide and Leather re-
covered in 1924 a loss of SOS, 99S re-
ported in 1923 net profit amounting
to S337,219. equal to SIPS a share
on the preferred stock.
Chicago. Rock Island and Pacific
came through January with surplus
after charges of $349, go in contrast
to a deficit of $301 ,O15 in January
last year. Net operating income in
creased to $1.271 ,4G5 compared with
S6O4,SS3 year ago.
Sears Roebuck sales in February
ircreased 1854 per cent to sol ,O32,
39o and for the two months of 1925
reached $4',111,6S2 a gain Of 1851
rer cent over the same period last
year.
Henry Ford's railroad, the Detroit,
Toledo and Ironton, improved it's
earnings in January, net operating
income of 1854, 500 comparing with
216.1O5 in January. 1924. Gross in
creased to $1,1O6,225 from $3.50, 2229.
American Brake. Shoe and Foun-
dry Company earned $11.46 a share
en- the common stock in 1924 after
preferred dividends in contrast to
$13.30 in 1923. Net profit of 81, 454,-
9O4, compared with $2,727 .097 the |
year before Surplus declined to
$9S5,o94 from 81 ,2G7 POI.
Commercial failures in the United |
States In February decreased 22.6
per cent compared with January anG
liabilities dropper 261 per cent. X. /
G. Dunn and Company reports. The
months defaults totalled 1913 with |
Indebtedness $40,123,O17, with 2,317