Seward daily gateway., 1926-01-07

tue pTlnClpal monetary centerS Of thu : world in the closing weeks of tn, year. -
 Total stock sales during the yea were approximately 46O,000,OOO share, ! as compared with 275,000,OOO in 1924 235, ,O90, 900 in 1923 and BOT 300 ,O0O il the previous records year of 1919. Tn. largest single days trading in the his
 tory of the New York Stock Exchange took place on November 10 when 8,
 340,600 shares changed hands,
 Railroad shares enjoyed unusua
 prosperity. While the gross income of some roads did not measure up te that of last year, the net returns ir 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 it's annual dividend from s5 to $7. New England roads also made
 
 substantial recovery from the depres- sion of the past few years, the New Haven showing small return on it's common stock for the second time since 1917. Shares of Southwestern roads were bid up sharply in antici- patton of early consumption of pend ing mergers.
 The recovery in the shares of northwestern carriers was rather slow. After bitter stuggle between oppos- ing factions of securities holders, a compromise plan was reached for the reorganization of the Chicago, Mil waukee and St. Paul railroad which went into receivership as result of over-expansion and the competition afforded by the Panama Canal. Se- curities of the new Nickel Plate" sys- tenn rose to record high levels in ex- pectatlon 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 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. fulfilled orders of the United States Steel Cor poration increased rapidly in the clos ing months of the year, recalling the prophecy 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 IA, the highest price ever recorded. Sloss Sheffield was the outstanding strong spot among the independents, raising from 80 IA 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 Maxwell, touched the record high price of 255 before any dividend had been paid on the stock. General Mo- tors, which paid SIP in cash dividends during the calendar year, rose from GA 5-S to 149 3-4, and Hudson from 33- 3-4 to 139 12. Truck companies also benefited from the unusually rapid de- velopment of the truck and bus busi- ness, Mack Trucks moving up from IF to PAP.
 Oils, which have been adversely affected in the few years by the men. ace of over-production, gathered some strength as the year closed The i'm | 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 Con- l panies. The enormous demand for copper by the public utility companies was an important factor in the i'm shown by the copper stocks the Ann. Smelling & Refining Go. raising it's annual rate from S6 to s7 Utah Copper from s4 to $5, and the Cerro de Pasco Company declaring an extra payment of s1
 While the advance in all groups was not uniform, a strong undertone was in the chain store, merchan- ilsing, tobacco, chemical and amuse- nent shares. Sensational advances of, he electrician refrigeration issues re- lected the rapid growth of that in. lustry. With the exception of those 'ngaged in the manufacture of auto- natic signal devices, stocks of eouin- nent companies did not fare so we'll. an advance in those shares IS the year closed coincided with he placing of large railroad orders or early 1926 delivery. Fluctuations in the public utility ] haroS narrowed down non sid oroihlx, | |