Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-01-01


to buck a series Of
Wintry Federal Reserve storms and
Springs stiff money SQUALLS. but n
steamed ahead at full speed through
Summers calm and MINDLESS waters
only to encounter an Autumn hurri.
cane, from which 1t emerged into an
otner winters turbulent seas, battered
ana 1ce-coated, but with rudder work
ing and all mastS standing
The Curb Exchange broke world
| speed records on June II, when 1t han
oled l,O32,40 shares Of Commonwealth
and Southern Corporation-the Moran
Bonbright utility holding company. THE
next day this same Stock-39l 900
shares OF it-enabled the Curb to run
total transactions to 1921, 900, there
by outdistancing the New York Stock
exchange In volume for that session.
Records FAN in Panic.
When cloudburst Of stocks hit the
markets on october "a, the Curb sur
passed all records by dealing in ISL
900 shares Of Cities Service Co. COM
mon stock. This record was little
noticed In the excitement at the time
but, disregarding the Commonwealth
and Southern record, 1t had not been
approached since December 81, 1915,
when the New York Stock Exchange
handled 100, 00o shares of United States
steel corporation common stock. Back
In 1893, on February 20. the same insti-
tuition dealt in 957,555 shares of
Reading.
On November the Curb brushed
aside world records for opening trans
actions with an initial sale of 225. 900
common shares of Cities Service. This
spectacular opening, involving $S,421,-
875. completely outmatched in money
value the previous record made by
Standard Oil Of Indiana on February S,
1929, with an initial sale of 10000
shares at 1904. requiring $7,Ol7, 800 to
consummate. This transaction was al
legged to have been made In connection
with the Stewart Rockefeller contest.
Record sales Of 6,337, 400 shares and
| 7,096,300 shares were handled on
october "a and october 20, respectively.
The two record days of 1929 piled up
total sales of 1898, TOO shares, or only
2,08S,715 shares less than total trans
actions back in 192l-the year that the
Curb moved indoors from its pictur-
eSque open-air market on Broad Street
just one block OFF Wall Street.
| 1928 Dealings Doubled.
| Before April 10, 1928, a million share
day on the Curb was unknown. Two
million-share days in 1929 were not I'M
common. Monthly sales rose from
$1,000, 900 to $1,000, 900 shares, the lat
ter being attained in october. Early
in July total transactions passed the
1928 aggregate of 236,043, $50 shares.
Sales In 1929 were more than double
| those Of the previous year.
Paralleling the great growth In trad
ing were a widening of the list of
securities dealt In, stiffening of the
requirements for admittance either to
listing or trading privileges, broaden
ing Of the area served by the tickers,
as well as increasing the number and
efficiency Of the machines, and sky
| rocketing prices of memberships
With listed securities exceeding $500
throughout 1929, the Curb continually
loaded on new bonds and shares. The
committee on listing personnel had to
be doubled a subcommittee on listing
appointed, and the board Of governors
increased from "a to SO to handle the
detail work arising from the $4,000
600 600 OF new listing during the year.
The charting of unknown seas strewn
with securities claiming varying degrees
of relationship with investment trusts,
was the especial task of the subcom-
mittee on listing. The Curb. since 1t is
the outstanding primary market for
new and unseasoned securities, was the
first exchange in this country to list
the various trust and trading COM
panies. 1t actively trades in the securi-
ties Of more than go such corporations.
International Listings Grow.
INSTRUMENTATION, both In listings
and in the extension of the periodic
settlement in stocks Of foreign origin,
inaugurated in 1923. continued in 1929.
Through the medium Of American Ger
tificates OF deposit the Curb at the be-
ginning OF the year was trading In so
capitalization Of 10000 900 shares and
par value Of $4,000, 900 900. At the
| close OF 1929 the Curb carried on trad
ing in 100 foreign company issues hav-
ing a total capitalization Of more than
900 900 900 shares, with O par value ex-
ceeding $7,000,0 100000.
Through mergers and transfers to the
New York Stock Exchange the Curb
| lost many of it's aviation securities.
Aircraft, or the formation OF big hold
ing companies, such as the Aviation
Corporation Of America, reduced the
number of issues outstanding. Transfer
to the Big Board Of Bendix and Ma
tional Air Transport also shortened the
list. Acquisition Of large blocks Of
stock, like General Motors purchase
lI1JO EOkkSE, IGOuCe0 Zig I1Oht1uB supply
| OF some aviation issues remaining on
| the Curb.
OF the new issues more than s. ,0OO,-
600 900 were floated by finance, holding,
investment and trading companies,
more than $4,000, ooO,O 900 by foreign
corporations and governments, and
more than $500 900 900 by aviation con-
Germs.
Unusual securities among the new
listings included the various Morgan
| sponsored companies, such rs United
| Corporation, Commonwealth 81 South
ern, Mohawk Hudson Power Corpora
n