New Britain herald., 1926-01-04

Among the coming events this month in which the financial district is showing interest, Is the meeting of directors of the L, s. Steel Corpora ton on January 96. Expectation of developments for stock. holders. prevailing for some time, has been heightened by talk Of a favorable earnings report for the fourth quarter of 1925.
 The recovery in earning power Of the Texas Pacific Coal and oil Co.,, coupled with reports that its stock has been undergoing accumulation for several weeks, has linked this company in Wall streets merger talk with the proposed consolidation of the Barnadall Corporation, Waite Phillips company and Simms Pc. troleum. The company's production on Oklahoma and Montana Is being actively built up. Daily output of crude oil Is placed at 10000 barrels,
 December traffic on the Chicago. Milwaukee and St. Paul exceeded that of December 1924, 163,S99 revenue cars having been handled against 154,697. The years total was 2,060,655 compared with l. 724,933 in 1924. The Chicago and Northwestern also had heavier traffic for the month, l53,703 cars against 146,l65 year ago and 2.l6G.926 in 1925 against 2,095,0 006 in 1924
 Flotations Of new corporate stock and bond issues during 1925 totalcd $3,643,0l2,100 the largest aggregate for any year on record, according tc q compilation by the Journal of Commerce. Financing for industrial companies amounted to $3.l67,7S2,- l 900 while railroad securities sold during the year totallcd s474,229,. ! 200. Foreign and municipal flota. , lions are not included in the com. pilation.
 New companies organized in tho United States in 1925 with capita of $100,000 or more, totallcd &,S41 with aggregate capitalization of s., . &S1, ,292,S31. This compared with r. i14 new enterprises the year before which had $726,4S3.1S1 less capital i7ation. 1925 capitalization. how ever, was more than five billion dol lars below the record of S14,999, 044,c00 for 1920.
 Watching the decline In the re sorTc ration of the New York Feeder | al Reserve bank to around 72 pc cent, compared with q ratio above s, per cent a few months ago, Wal street would not be surprised if th local rcdiscount rate were advance, carly this year. A steady increas in the total of bills discounted ha indicated that the existing az pc cent rate was attracting bushes here from other ocntcrs where tn charge is on q per cent basis.
 Despite the large decrease in ex cess reserve of the local clearin
 house banks last week, resulting i q deficit of almost $12,000,000, onl about 10000, ,o00 in loans were call ed by the banks today. In rcccr
 weeks adverse statements have re
 suited in occasional withdrawals (
 $20 100000 or more. Wall stre,
 does not expect tho year-end, tigh' rning of money conditions 10 Ia:
 long and looks for lower money rate
 to prevail as Jannary disbursc
 ments begin 10 flow back to the Ne'
 York market. This belief was par
 tially borne out by a reduction {
 5'a per cent today after renewals [
 six per cent.
 Earnings of Safety Gable Compan : for 1925 are officially estimated {
 about SS q share on the Outstandin
 stock improved business in the la'
 half of the year was said 10 hal
 more than offset a certain amount (
 organization disturbanc" resultin
 from consolidation of the Phillir ; Wire and A Wire organization