Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-12-28


u post and high
Johr A. CroDe. speed ticker.
Two world trad
ing records were established in 1880.
The Curb on June Is, 1880, outdis-
tanced world trading records in single
security when 1,564,000 Cities Service
rights changed hands. It likewise shat
tered top marks in initial dealings on
June IA when a block Of 100000 Cities
Service rights appeared.
Other Curb records broken included:
The widest share price declines; largest
market value shrinkage in memberships
(nearly $155, 900 at the low: greatest
number Of individual issues, about 1880;
highest number of dividend-paying
stocks, 1,465 issues, or nearly IS per
cent of the active issues; a peak total
in shares passing through the Curb
Clearing House, 600 securities; rec
ord number of shares satisfactory as
bank loan collateral. 1,000-which dou-
bled the number so accepted before es-
Enlistment of the money post; the most
stocks ever quoted ex-dividend in
single day, 142, on June ID; and q rec
ord low number-18-of penny stocks.
Money Post Aids Traders
The Curb established call money
post on April %, where members ar
ranged loans-at a differential of only
one-half per cent above the New YORK
Stock Exchange rate-averaging 81 $685..
600 weekly. The call rate fluctuated
between Ait and 2.40 per cent. :,
Although mergers, dissolutlons ana
transfers TO the Stock Exchange In ly3O
took many securities of the Curb, TINS
loss in point of individual issues ana
volume of ShareS-if not in trading I'M
portance-was more than Offset by ad-
citions, which were notable Tor the
number of admissions to unlisted trad
ing of companies heretofore family con-
trolled. This trend was especially pre-
valent in the securities OF steel, iron
and allied industries, such as casting.
machine, pipe and tool manufactures.
Many out-of-town fire and life lnSur-
ence companies gained listing, ana 1or-
eign utilities and mines greatly IN
CT eased. Natural gas shares leo new
domestic. utility issues, while air ano
radio shares decreased and oil and in
yestment trusts maintained their rela-
tive positions.
Issues Move to Big Beard.
Numerous trusts, holding companies
and trading orporations-such as Irl-
Continental, TranSamer1ca ana Marine
Midland-moVed over to the Big Boaro'
ers. Chatham PheniX Allied, insult Utll-
itv Investment Inc, and Continental
Securities-came on the Curb.
Standard Oil of Kansas, Ohio On ana
Standard Oil Export formerly Anglo
American Oil, LTD went to the big
board. In trading Importance these
last issues probably would have been
replaced by the new General Petroleum
Corporation-the merged Standard on
of New York and Vacuum On-had not
the Government instituted suit against
the combine.
Further capital simplihcation by Com:
nnonwealth & Southern removed Allied
Power g. Light, Commonwealth Power
preferred and Southeastern Power pre-
ferred, The new United Gas Corpora
ton likewise effaced various issues.
General Motors bought control Of Fox
ker, now General Aviation, and several
smaller air companies.
Simpsons, Ltd, was the most tmpor-
tant new store security. Publishing
shares increased, while farm implement
issues decreased.
Amusement List Grows.
General Theatres Equipms Mt, Techni--
color and Columbia Pictures heightened
the amusement list. Railway 81 Light
Securities, Inc, and Railroad Shares
Corporation joined the relatively small
Curb list affected by railway develop
ments. Driver Harris Company and s.
r. Dresser Manufacturing Company ex-
banded the industrial group
Despite the record price crashes and
trading smashes, there were only ten
insolvencies in 1880. Failures in 1929
and 1928 numbered five in each year.
Insolvencies reached their peak figure
of 20 In 1922, when the QUESTIONABLE
system-providing for unexpected ex-
anlinations of Arms carrying marginal
accountS-was inaugurated. With few
exceptions insolvencies in 1880 involved
floor traders only and did not hut the
public.
prices of curb memberships, perhaps
better than any single yardstick, meas
ure market prospects, since such quota
lions attempt to discount speculative
activity. Seats during 1880 ranged be-
tween $225,000 and $4,000, with the
last scale at $4,000 The extreme low
of the year, reached In October, was
Cue to sales forced by insolvencies. The
1929 range was from $170,00 to $751;
cOC-the latter, the highest price on
record, Yves reached September "a, 1929
and the final quotation was $50, 900.
Approximately 66 memberships were
transferred during 1880.
Sharp Drops from Peaks.
The curb market of 1880 was memo
rable because total quoted share values
shrank about $4,000, 600, 900, compared
with $4,000, 900 900 in 1929. The aver
age share in 1880 lost about 66z5 per
cent Of its peak value for this year
against 40 per cent Of its top price OF
1929. Twenty-Five active shares, be-
tween their April 10 high and December
is low, lost 3412 points, or So per cent
in 1890. Thees same shares, from their
September 8, 1929, peak to November
IS, 1929, low, dropped 41.76 points or
46 per cent. One session, that OF
December IL, 1930-the record low was
reached later-reflected the depths to
which shares had fallen. On that day
$50 issues were traded in, Of which 165
averaged 81 a share. OF these 16S
issues, so were quoted below SO cents
o share and IS below 07h cents a
Curb dealings in 1880 totaled less
than half those Of 1929. The most
active flve-hour session, on May S, piled
ur 2,540, 400 shares against 1905, 800
shares on october 20. the record day In
1929. The biggest two-hour day, on
June Il, 1880, registered / ,570, 800 shares
against 100000 shares on July Is,
1929. The smallest flve-hour and two
hour sessions amounted to sol 400
shares on August % and 122, 800 shares
on August %, respectively, contrasting
with $40, TOO shares on April 8 and
583, 900 shares on December II, respec-
lively, in 1929. The October 10 session
was the broadest of the year, 500