The Buffalo News from Buffalo, New York (2024)

December 2, 1929

Publication:

The Buffalo Newsi

Location:

Buffalo, New York

Issue Date:

Monday, December 2, 1929

Page:

34

Extracted Article Text (OCR)

FINANCIAL1 31 FINANCIAL BUFFALO EVENING NEWS: MONDAY DECEMBER 2 1929 Eegal Records Hu Exports Following Bwlp ion 'l BSLoen Tteu Boiwa ane Norac IftOCA LVT El rheoon Gor-w index ixrr CnnoNrabwa Rmht rams Bias Short-Term Issue Expected to Be Far Oversubscribed Sold on Discount Basis By ROYLE gpMlal to Bumta Kysmim Miwx (CsaRllhU WASHINGTON Dec 3-Bsnktre sf-fliuted with the Fcdersl Reserve board aad ottielele of the Treasury department anticipate the Urge overeub-crlptlon tbe department bae ctct known of the offering of ehort-term government bllle to be made shortly The very form of the offering le counted on to make It particularly Letters i from a i Bald-Headed Daid to a Foreign Loans fiei drawime 4 With the announcement by the Department of Commerce that from the United State during October had value of $922000000 Flapper Daughter The mil will be non-interest bearing and will be aold on a discount bsaU This simply means that the holders of then short-term government securities will receive their Interest in advance The amount of discount at which the bills will be aold still remains to to MnoutKrd but it to likely that It wUl bonds both corporate and government have suffered in SLktae Wi financial common with domestic bonds front excessively high interest rntbs Bonds rnumc trrmseives ten in nano wjth conveion feature or with a prohibitive high Tbe' wav the plan works it exceed-coupon rate Accrodingly many prospective European issues have per-leclr simple II in investor purchase force been held up But line foreign loans have been made on 1 bUI for $1000 and the discount itjmirh nkenaive mlt that the trmporary cessation this haa not tour per cent the purchaser pays 8860 been sufficient to impair seriously Europe a buying power an influenced Sot the hill When the bill become I by this factor in eh government pay back to bim The preaent low rates for money In thin countnr it is believed will In other words he has collect- goon bring a new flood of foreign offerings and with their continued ab- the higheat total for any month since 1921 and with eompilntione showing that leaa than $10000000 was loaned to foreign countries during that month it has recently been auditioned the favorable effect on buying which whether 'foreign lonne are having prevailed earlier in this during 1930 the possible of thii cessation will be erased csmbndM AUtai ib la opportunities for the projection of public works as at tha present Likewise the market for bonds that must be sold to provide means for such work and is In sn states municipalities excellent position to absorb new Issues The government will shortly be able sell Treasury notes end discount bill satlafactory terms and well below the rates at which maturing certificates were placed In the last IS months With time money well below live per cent and call loans officially it four and one-half per cent though actually being recorded aa low et three and three and oae-half per cent funds will seek an outlet In the many channels of business that need them and various forms of senior securities aVd' Lower kales Expected civil war widows But the Spanish war As there is every indication that Wall 1 veterans themselves are given 665282-street requirements for money will he i ooo while their widow received 611- Aa the rank of th Civil war veterans and their widow grow thinner the places made vacant at the United States government pension crib are quickly taken by Bpenlah-Ainarlcan war veterans and their widow For th first time the amount of government pension payments to th Span-Ish-American veterans exceed those now made to the vetetxne of the Civil tear This information Is furnished by th commissioner id pensions who announces that 447913 people received monthly checks totaling almost $350-000000 for th last government fiscal year Of this amount 357005000 was paid Merest "in advance Rig Overeutocri pi Ion Expected The total volume bill to be ol-1 fired bae not been made public The Treasury dspartmeni has simply said notice of offerings would be made I time to time In financial elrcles it It believed the offering will not be 'leas than 1750 000000 There' la also a distinct Impression tn out- I aide financial circles that these short- bill will be followed some ti-ue during the iprlng or summer by a con- slderable amount of long-term govern- mint financing I Many factors have united to create tbe impression that the ovsraubarrip- tlon of the short-term irsue will be exceedingly large Many firm and In- dividual who hava had funds engaged saara rs else 1 sat steers providing a most satlafactory depository for their surplus assh until they need it for buelnen purposes or expansions or until ths general tone of the etock and bond market has recovered Meantime ths funds would ba available on moment's notice tndn would be secure and returning an adequate Interest rat Investors keek Safety Other purchasers are likely to be rtlatlrely small for coma months and that there will be a certain amount of hesitation In Industry throughout the winter It le lair to anticipate rates lower than those now prevailing and a rediscount rate In New York after the first of the year of four per cent Since the summer of 1028 there has been comparatively little foreign i business a nation never gets through financing in dollars In fact the nor- paying for It mil retirement of foreign government loans listed la the American market i Sir George Falah gloomy Brltlah ecoo-accounta for a much larger sum than omist la at It again In a recent srtl-that of new Issues placed The radical cle entitled "The World's Economic Bui-ehange tn the domestic money sltua-! cldc" he declares that until the world tlon haa already led to application for reduces tariffs and removes artificial credit here by European bo rowers who trada barriers so that goods may were unable to obtain accommodation bought and sold freely throughout the when the American stock market was world there Is no hop of being able to absorbing all ivallabl fund and call i pay America tha debts which the rest money rates averaged higher than the of th world owe to her yield on even the most speculative of The old economic truism that every foreign dollar obllgptloiis nation should pay It own way both Whorl Term loans bought i within and without Ita border either Robert Quillen Bnld-Hended and hia I flapper daughter Louis garnered from the ranks of those who usd Thgre Is still considerable withdrew their fund from the stock amount of cash buying of common market before tbeir past profits were i stocks for appreciation and for yield endangered and now ban each on though this I not man than 2S per band These men are of a tyira not cent a large as in late October and likely to put their funds back Into early November stocks and bonds whllt any period of The dramatic aspects of the Wash-uncertainty exists and the new bills 1 lngton industrial conference! have now offer them a safe and profitable place been presented The next phase of this for funds temporarily not needed movement to establish a healthy mind Another class of customers will be among producers and consumers and In recruited from those who put their the ranks of the employed will be fol-funds In the speculative markets suf- lowed by definite action toward stabtl-ferrd atvtr losses and are determined izing output to take no further speculative chances corporation Programs continue Than were thousands of speculators who allowed their accounts at their brokers to ba wiped out rather than put up more margins at a time when ioinrud! they felt the bottom of th decline 57 c1ITwith had not been reached Three opera- hius' rS'ld" tors In the market did not have their prior to Kov The mount of ad- i prior HI NUT A law UnUUsla OA XU The tint phase of a renewal of foreign borrowing will be tha' of short term credits Application for these on Urge scale and from many source haa been heavy thU week It under stood that a one-year loan amounting about ais0000oa has already been negotiated bettvrn American banker' I istcu a aw maa QUILLEN EXPLAINS VIEWPOINT TO HIS DAUQHTER abould tare kora suMlabsd si wllafaa-tkn of mid Meant Johnson to Invar af Jan Lata Park Xn8 sjgax Otis 18 Retails! In tavor af man S3R Albert Ora ba farm of Bari Cam gaassR Prank EaiU la favor af Falls Dak 337818 Bowler Apartments Xns ba fever af Anns Rortren 37808 International Railway 08 is One MeKnp 2878 Cktbarlns Qundcrman ha favor af Kloeta 61788 taonard Caawer in favor sf Phils Rtor-arpRaturr Os SS4SJ Alltaar Hturinsrr la favsr if Fors-sren Furniture Os 888 Oearaa Xlerrr la fans sf Qaersar Balia Op Isa 11348 Katherlna MtLaaa in favor of 8 Men-aM 10338 Aattanr Damkw in ferae sf AknnSer MakeL 11388 Dartau A Beau In favor af lisaa Swart-tor Ooade Oa lng tSS-SR June Scinlra In favor sf War Isa 33038 Rama In favar sf Kan ha 833838 Oannreais la favar sf Assail Cm ares BUSINESS BRIEFS Clairs Bmimr president of tha Hou-Harahay corporation anya that tha Canadian plant of tha company tha Rklnnar Company LtU sequlred in Auiust to take cars of their largs Canadian Wiatnaas and supply export trad lx axpsctsd to bs eomplstad about Dae IB ami earn Inga from this aoures should bs reflactsd about Jan I next Oa Sept 30 tha HoudmlU Bershsy corporation's current manta amounted to 86333403 compared with current llablllttos of 31AMAS0 oa tha data llr Barnes asld that ths chua stock which 1s now paying an annual dividend of I1J0 a share will show samlnis In sxeasa of 34 JO a stars tat 1338 after allowing for divldsnda on ths dam A atock- Contracts of tha corporation with automobll manufacturer hava been renewed snd ln addition more than 3000000 at new business has been obtained for 1330 Robert II McMullen chairman of ths board of Grocery store Products ins add that a group of capitalists had tarn formed to take orar control of the coffee division of Ar-bucklo Brothers The group to headed bp Robert McMullen sod Georg Morrow chairman of ths board of United Cigar Stores and Gold Dust corporation and Includes Oliver Jcnntnga and Georgs 8 Rrewetsr of th Standard Oil com puny John Elllman and Jamas Hills and Milk respectively president snd treasurer of Grocery stars Products Inc In order to provlds capital for national expansion Firms Simona A Colne the oldest investment tanking houa in Western Massachusetts to to ta publicly financed soon through the offering of cumulative and participating preferred stock The house was founded ln IBM to Springfield Mass and waa for S3 yean correspondent tor Lee Hlggluon A Co Th new financing provides on of tha first instances where a company engaged to th origination underwriting and distribution of Investments securities has offered th public "preferred partnership" The plans of tbs organisation call for ths opening of office in Philadelphia Chicago snd Ban Frxnrlrco ta addition to th six office now operated In Eprlngflald Mass- New York Boston WorctaUr Plttaford and Hartford Tha company haa during ths last 13 months underwritten syndicated and distributed securities having a valus ln sxeem of 325000000 in addition to Its underwriting It haa participated 1 nth sail lng ol 1M Issues Philadelphia brokerage firm under the name of Garrison Davidson A Richards has been formed th partnership consisting of Tennis Oarrt-aon Jamea David aon Jr and Arthur Richards Th firm haa member ship on ths Philadelphia stock exchange and a an associate of th New York Curb exchange it wlU carry on a general business In stocks a bonds Mr Garrison senior member of th firm haa been a partner of Butcher A Shcmrd Mr Davidson haa been associated with Hiller Bllaaert A Co and Mr Richards has been a partner In Richards A Co Transactions in raw hid futures to th New York Hid Exchange during November established a new high record Balm for the month totaled 48-320000 pounds an Increase of more than 33 1-3 per cent over October the previous record month Order for Lumber booked by leading hardwood and softwood mills during th week ending Nov 33 as reported to th National Lumbar Manufacture1 association were only 77 per cent of production competed with 83 per cent a week ago The 3343 mills gars total production aa 378388000 feet while 033 mill the wreck before gave production as 362505000 feet New high records were established by the Associated Gas A Electric system which in consolidated statement of earning of properties since date of acquisition shows a 83 per cent increase ln groaa earnings for the 13 month ending Oct 31 a 111 per cent Jump In net earnings and a balance for dividends and surplus more than double the amount reported lor the previous 13-month' period Reports from steel centers In Ohio mid that there have been sign of moderate Improvement In steel requirement during the last few days particularly in flat-rolled materials New pipe business was mid to ta sufficient to enable mill! to operate at from 30 to go per cent of capacity considered satisfactory for this season of th year Immediate results at the etock market decline are now being reflected In th electrical equipment market according to the Electrical World especially tn the Eastern and Pacific coast districts a survey of the situation mad tost week however ehows that buslneaa elsewhere to holding up to normal Tbe Boston A Maine railroad baa ordered 10j000 ton of steal rails from th Bethlehem Etsal corporation The BhcU OU corporation haa ordered 100 tank aare from the General American Tank Car corporation California crude oil production in tha week ended Nov 30 aranitd 704 430 barrels dally an Incream of 10J00 barrel dally over tie preceding week Tbe city of New York on Den ll wUl open bid tor 363J00J00 4ft per eenl long-term eerlal binds and corporate stick The Imua to one Irlgln-ally planned for OcL 80 but ubm qucntly called off Bake of tha Economy Oroecry Etoraa Now England chain store organisation tor the tour month ending OcL 81 totaled 34J83J00 a gain of 43 per cent orar the mm period laat year Th Bridge Manufacturing company Detroit automobile body maker has ordered 3000 employe to return to About 3000 mora an espeeted to return to war hdurlnf the next two WCtkR All toll Mar 1 asw mil In eallrarr Prak cuita to Rasa Oalba Braas Tula A lit Oaaraataa Oe to Xtllcait atoua Xne alUstaag 313 THIS Xtwi Aadrae to fWa XL -Xvru Flan XL Adame to Reward Aadna CliMerd a OUtort to Allea a Oasler Admiral lax JKertak Mlatael xkrapak to CHy at Lacks wanna Lackawan Frank Amkarc- curk laibam to OUT al Lackawanna teekivtaie WWlam i Oote eL te Ceutv Brie Weleis Vincent CUnlcv to Bar Xraddcid Tona- Rattor a Web to Cllffard Ttltotaaa Farkaida 31 HaelaL Dr chariea Kaaaadr to Oamrtr af Sri Anthaaf RsaanernaM to Karr Rdakwl-UlBfcc Lancastar Fradsriek Mahak to OmuRf a( Rrla Kdaar Sadkr Trusts to Lamker On Ins Rldaawcad read 111 Haalh Park Reward Ontam it at to Refcra to Surd Iras SMOOt tr Late various Reward FrUl to Count af XrU An Mclsa Aaguaiya to AUaaadar OalUaak Lancactw xtclca Aagnatfa to cufUsd TllUtaaa to Mlur Rick Ferry lad FarkdaU auBhv Fa ask to Paul dajeuk Dempster Km IN Better Mafdaiau Meabeeca at aL to Clara I Brbwato aad an a Xut Utlea 154 yHa Capnty Wagara Wi mV ra itntf Xtarcua Loth rep at aL to Mary A Pan-aael OaUan as Rraaktnridsa Anna Auanatya at al bp referee Salea FUnnea TrismbU to VUIarU Xurowaka BUntry xas Oraana AUrlah Flee Lead Carp to Rrawa alt Adolph Bmmkarf dwird bltmm as exacataa to Kathar-bm Bllmm Maatan 2R Mariana Puhlls! i aL to Mlaoraca Xtsretand NW 4S RR Tenth Wilbnra Realty Carp to Aarila Fanny-packer Tonawanda Oearpa Bchlffrrl to Oaarga XL Date Window MS Roehier Wart Seoaca Lnahcr Cm Inc to Jerome Lewie Jr Rldxewood II South Park tank Bullden Supply 08 In to samt RMponod IIS South Park Marttsito Alice oauley ta Cliff erd a Gilbert sum Admiral Hertri Marie ret Horriein to Chariea a Our-tL 450 Lorraine Abbott BllcaU glUtee Inc to Title Mts Ouar-aotf 08 3000 Alleghany Tim Henry Branm to uae ttoos Barton Rreckenrlda Allot Cauley to Clifford a OllhorL 1000 Admiral Hertel Mary A Panaael to Marcus Lothrop S140R Othton Brtckenridk Rather Rkk to Homestead Ravines A Loan Awoc 4000 Perry Farkdale tothcr a Rick to sum 3700 same Th Buffalo Huh to A True! Co 3335008 Oor Delaware and Trinity John Xallkowikl to Polldi Os-opantlva Rarinea A Loan Am 6158 Ideal Relmaa Valeolln Mini rare to Mark ana PuslIiL 11308 Maryland HR Tenth Creecenzo Silva roll to Laid Cersvoto 33108 South Dlvlaloa Jeffcnan Mkheri Pncpnnenlak to Hantaan Heal Ratal Carp $4308 Beneca Dkataraa at Msrtsatra Oaear Cleal to Jamea BlackaM Nov 1S33 Wilfred Butts to Edvard Hlmmata Mar 38 1S38 Helen Auauriya to aiennder Oat look Brat 8 138 Ltua Howie to Marin Treat 08 March 7 123 Harold Aurils to Erk Savtnsa A Loan Association Sent 7 133 Antonio mpaoto to Irish Am Savin it A Loan Am Deo 38 1S28 Florence Traotol to Robert Tudor Mir 18 138 StanWaw Borinakl to Weateril Bavlngi Bk Aui 38 118 Jhmes Cons to Triangle Land Co Inc Aus 18 1S3S am to aame Daa 31 1S28 Pranl Kaamkrerak to Anan Rawalarow-ka Oct 18 1SS8 Ctarenct Hillman to Clan Itenth Dec Cr" Bflrarot to Luld CersTlllo April 124 MlchwlFraepenUk to William McVlttr 4JCla I IV3 Aaalnmrat af Marteegee John Hauler Lumber Co in to Then-Sore Oaet8 S2SSS 08 BC- sraiono" rt 11 A Same ta maw 2008 Bam to M1U8 anoo jtan Cblacchla to Luer Chlacchla -JV'JfT fSL Metropoli tan lift In8 Co 54308 Barren Mooo CO'lr Ct WUHaa aJJMSST Marina Treat Co to Bya Itorigaga Corp Marine Treat Co Corp IHOOl tartlata Savgi hank to Jm Bowen By Mortgage Corp to PnR lu of ABtrlei fftioft Jcnnk Wilaoo to MMhw Trad Co gSOOO Martoa Trust C8 is Rf Mortfa*ga Corp CMtlana Bargs bank to Jm Rowe a $300 Iruttre unoa" 4aoorM C8 to HUI Mig Corp tarn! Corp' 10 Life Hu Co JJberty Baok of Buffalo to Henry Oram-lien 14900 Rom Won lo WhtMri Ur bie lYrdorte Puhrmona Lo Isom IterovUi $10300 Oeonte Umhoucr to Iwfco Cor por o-tlen 1301943 Bievta Toth to ChrteLlaa Plltrl I11B3N Chitlfl HartiUN To American Credit Co: Relden $300 Oeets Harrington 1100 Thome a agon To Buffalo Security Os: a Lons 1100: A Wltaon sao Macalues 100: Lltllrford aiSOi Walt 100: A Xtetxser MS A Beanall 4S A Oder ms $10: Denari ISO: I Van 100: Barmen 100: Onr Sim Ballth renewal 666 May-back renewal 64718 Joaesh Lonea to Jowrb Reins 1378 artoaaewlei to Olovtr Haler Oari Pumas renewal to 6am Bhamtas David Dri Badner to Runuri Trikn 8178 Jam Alton to WIHtom Kaam 81088 bans A Wagner vs Oaorge CawL Buffato lOrkwoM Ni Mutar Lanclst Hnuaewracktoi Corp vs Atox Oahkr at al Buffato Kathryn Bgan vs Mary A Remka Buffato iRkblavu Rhawnasi Lnulta Driwoll va Henry Kloeta Buffalo iMsdteou will Inal olhfacllou of Judfaauta Prank Learner in favor rf Michael Maher 41338 July 1 1838 Ctariea Bonds and Jaaaph Bands Ib favor at Oaare Scbeueris (17878 Jna 4 1(28 Paul Sc ha Ik ln favar af American Uiri-ranity af Corn mares 14318 BepL 18 138 Chariea xtramemaa tat tom af B4-wla A Spaur S1S53S7 Map 1 138 laadnra Suunan la laror af Arthur Umbari 37 0 BepL 18 1S38 Ray Roger la favor sf Chartaa Smith 142818 Ns 7 138 Mary Mag Prank May and Damlnkk May to favor of IntaraaUesal Rallwap Os SS8S8 March 8 1128 Clarence Kaorr In fame af ASa Crosby 6S8I8 Bov 1 1138 Anthony a Satterly to Invar af Jaaaph-Ita Tabaas S11371R July 18 138 KManyaa Styptoata la tavor af Jaaaph LawtatoM 131878 Oct 18 1P38 Wllfia Turner is favar if Buffato an Os las S134R03 0s8 38 1138 Lank Lriauar vs Jabs Rkh Mav 38 128 Busan Ftuahauf vs TbaadawR EalsbL Nov 8 ltra Blanchard Lumber A Mill Os 1m vs Felix KaatrasVA OcL 38 1138 Bilk af la Is Remuel Cmnwia to Jastsh Lanas tl Olovvr Haley to Joarpb Bartaaaawks mats Lea Kacbadel ta Mathilda RscBedrt SI wuilam Slaont to Joaash Altora Dun to a typewritten error to Ita county clerk's rifles Ita Mintons wae pub-llehed an Noe SV a ludement: Mlehael Lsatial in tares sf Bmrns Os las 314L3R I neiau Asa mabm Am afl j-1 a the city of Berlin on a seven andi In Hricu! one-half per cent tads The money to mhei ihtng wtou nr Eumnr raernt France are'wlll happen It America ever oecioca nurketa o'f Eurow except France are 1 happen Charles A Duhning Appointed by Premier Mackenzie King Hy JOHN BIN' CLAIR OsevritM 128 br birvesi Kvximra Haws NEW YORK Dae When Macktn-ale King Canadian prime minister selected Charles A Dunning the Canadian minister of railways to ba minister of finance be ebose frea tradar from tbs West'' Tha new finance minister was bora In England 43 years ago At 18 he worked on a farm at BenverdiM Saskatchewan At 33 he organ laed the Saskatchewan Co-operative Elevator company From that time on hie expanding career has been part of the prog read farmers' movement la th Western province Mr Dunning held several cabinet post tlone before becoming premier of tbe greet wheat province of Saskatchewan In 1333 Four yean later he was celled to Ottawa as Canadian minister of railways The Financial Post Canada's outstanding bualnais weekly says of tha new finance minister: Dunning is man of practical Intellect an able business executive and student of finance These considerations are far more important than the fact that ha la theoretical free trader" But to weitern Canada It la a great vent for It la tha first time that western man haa been appointed to the Important portfolio -of finance in any Canadian government 383000 This gives a United States per capita pension of about 3480 aa against a per capita of $180 given by England England has 1885470 pensioners who In tha lost fiscal year were given 3303-000000 in war pensions That's one trouble with this in good gold or services needs to be dearly understood says Sir Georg But ths actions of the government of the world in lifting tariff trails higher than ever means only Increasing debts and making nm topatdedtb world a debtor and creditor poaltUm kmg United States to will- wh1 wouW happn STATE TO INVESTIGATE HELIOPLANE COMPANY NEW YORK Dec 2 The New York state Bureau of Securities todsv that it la Invpattoat announced today that It to inveatigat' lng the Helloplan company America of Ft Worth Tex promoten of a new type of aircraft which It lx claimed will "revolutkmlx air travel" Several persons her requested the I investigation after receiving letter signed by Abner Davis aa president according to Assistant Attorney General Watson Washburn In charge of the bureau The helloplan la the Invention of August Haekanberger a German and la designed "to stay ln tbe air without danger for an almost Indefinite time'' according to the sale letters It la also supposed to be able to rise without th usual long takeoff MONEY AND EXCHANGE foreign exchange NEW YORK Nnv notation for larie amounla follow: Par Demand Cabfra 4M' S4S7La 4l7Tk JJ 3P3a 14 52631 12344 1334k 13604 13 23 a 13S1 403 4031 1131 1135 1(3 1S41 183 13S4 1S3 13SH 4244 41S5 334 11S3 481 8 SO Cnaadlaa Battassa Montreal por 100 cents pm Canadian dollar Dnaand 00 MONEY AND CREDIT Call Mraty The market on mil swoop was Heady Wadneaday High 44 lew 4V rullnf rale 4V riwlns kid 4(5 Commercial papM to the spea anrkri 31 klb per ctM flow leans were easier Mixed collateral 30 darn I per cant SS-PS days par aenL four to six awnlba per rat Redlaesnat Bala The rata an all elaaara af red laeoMfi table paper at tha New York Federal Reeerv bank Is 41 pm cant Rnbera Areeglaneea Rnnboffa' Aaaaglanaaa Thlryt days 4 Slaty tmim 4 03 Ninety days 4 37 Four months BliSIttlllltl SI IS 444 rivo months 4(5d4( Six msnlbs aeeieceeoe 4158415 available capital exhausted and are counted on to take a considerable por-' turn of the government offering ttw From Mo Taw The eectlon of the public which did not venture into Wall atrret and la now gUd It did rot Include a big i clato of Investor who prefer govern-' meat securities to any otheri even fhoM which olfer hiph rate of liner- eat It la with the buyer that the possibility of long-ierm government fl- uanctng In the aununer become a fac- tor They feel that at that tnre they can place their funds In lone-trrm w- and until that time tha short-term bill will provide a safe resting place for the money Buying by truiu and estates with this Idea in view la expected to be of large pntpor tiona I 1 not position In a mood to make tom nor will thfy toe for some time ul American dol- a r'sen'eni r'P rations loan ln the unitea Riaua la uppermoal In lh0e who art at orKinR out details of th plan under 7 whuh the Bank for International Bet- cypuxurp I CT I UtA LALrlAIaUC Llr I 9 I I Ta "ClmlCal 5 where prices an more apt to keep In tep with developments in the business world than with technical conditions In ths market Itself Securities have had a substantial recovery from their low level of Nov 13 Offerings of stocks are drying up The volume of dally transactions has declined to what was regarded as normal before public control of the market expand fa touts 100 to 200 per cent over those of other per- dltlonal outlay over the original 1830 budgets to comparatively mill What I I JJ mhKh credlti ln able t0 continue pro- I grenib that were about to be contracted and thereby would have duplicated In the industrial world th unacttlcmert recently experienced In the realms of finance Alreiidy there la a notable chance in public psychology toward recent Wall tL ni ti (ions of orders that bad been entered on the book of manufacturers and ao I axam decllnrd and on thp fart lm' unlike oihpr pani of criM hr llJ07 and 1920 there are no big inirniorirs tn deal with ban done reat deal to oft-fear that the hrinkAge in ue Mt price of aerurilleh would hive as a BMIu1ll(Ui veriuel a prolonged arasoji of in- Icuillng Imlnslrlea Pnmierniis Industries that must bear ths brunt 1 trrllc Mock market collapse hare A they have not dial pa ted their resource within this period they can le fw considerable time off tha fat that they have accumulated It would take more of buslneaa depression than now leems probable to force them Into economies expressed lu reduced dividends This would not apply of course to thoee new adventurers In the i nI of lnnc who with Issues of common and preferred stocks bought by to on in a to iand I tn aa ITS BAN ON VISITORS NEW YORK Dec 2 The Stork Exchange today lifted (he tau on visitors In the galleries above the This mainly affected articles of lux- exchange floor The privilege of watch-a r- ury Within the laat week formei ue the trader at work had been re- hortrierm b-iu fri rlhUne1 nd lPPreMed buyers who yoked Oct 24 when the market was de- tmv-toR T-a tax-mtitan KtotaiPtotra matoi them Retail trade has Improved not since tfe o-ii Ira it mn 1 oflly the hi beer According to a notice from the ex- ImvrfJri-'V SJ tl1ating but a result of the vbange visitors will be admitted to tbe toa'rcw of iSkinl 01 VI" 0rrt heratefore when Intro- lenS I manent conaequencex of the atock mar- dared by a member of th exchange elgned lo meet condltunu which have Bv vrh nn of th Mnt Continued rapham on he a rang ulxuve upheavals I inking turion on the deflated con dition of minimum of public buying of every-' ililug not needed In tbe daily life of the people I'ublK Regains Confidence rommociitipp which heiva partner of a Block Exchange firm VUutora to the wen aallery niuai be irmxlucecl in person by a member of 'he exchange It takes a broad-minded tolerant Dad like Robert Quillen to reason with and advise a flapper daughter Quillen's letters to hia daughter are crammed full of aage advice experience and humor More than one father and mother clip out the letter evfery week to tend to a daughter away at school Couched in Quillen's masterful tyle these letters expms the sentiments of thousanda of parents in a manner that is equally popular with the flapper daughters Look for these "Letter from a Bald-Headed Dad to a Flapper BUILDING PERMITS Dianchird lumhpr company iM7 WinMnv strcl (auk 2H0 sallmi gasolmf aromar l'0 Lcu A Ptpnt I III Admiriil road Mmw veriPi'r tram cUeUite and taraae AU'-VW Leon A Puiuil 14 Admiral road brirfc vein-cr and lrane dwellmv I rlghta into 10000 units which It seeks lo 11 at $100 eyi- 90000 COMPANIES TO LOSE NEW YORK STATE CHARTERS ALBANY Dec 2 Close to 80000 bualnrcs corporations charged with falling to file an annual franchise tax return during a peerlod of flvs yearn aa Is required will lnae their charier this month Secretary of Stale Edward Flynn ln hit announcement asld he wll Ire- vowe the charters by formal procla- mllon under provisions of law an-: acted st the 1828 legislative eectlon A i Hat of the dissolved corporations will I ta published In the Dec 18 Issue of I the Bute Department bulletin Upon publication of the proclama-: tlon companies Hated are dissolved 1 without further legal proceedings and the names of these corporations may be used by Interests wishing to Incorporate after a period of six months have elapsed tha announcement asld run Tbe company ha divided th patent Icon A Finuii Afiimral rit dustnal production and unemployed -ser and Iranis dwrliin sl'j500 HIsii of Ijiitrr laralnis A Impallbrin oa-vo Frar' crlara nr conrrrta bloc mrrr s'ion It Is frankly reconiyefi nowexer Peicr I we S4N Elliot Strr lnipnjr the rountrv cannot eitire! escape ptiu- wiBunlyatloii The company la opikwp aiirr the unwairnnied lrMntni: plreli intesrsied from law ma'rrlate terMr fiva-Rtnry bruk nrf oft a'sui of A locks and tiie cxccm of auch etocka Montavan 24 rwf created durlisg the luat year It ta true ef dweiiina jiso ihat within the month there have been Chili)) Difit ciHiumn lfiB Colsjie on 150-raJiio aiRoirc tank tiw many duidend mcrtSdCe Muie will James La Vorana 7b Rlrkcru i-ame adut- probably be announced before the end hen ta private saraer 5A of December Moat of these have been M1 vr Rudolph Mo trek Ornid fraoit Com lo be affected by bui-Irg and garaxc 4000 rcadjiistmcnta natural to such a Anthony Brlliteri 20 tonsca 11-1 from time as the preaent brick store and 2-tamil dvellins 1-5 on the other hand there are dlatlnct PLAN1 piled 1 evidence of decreased earnings which b-JETWI SJ h' tmaoL 308 loe Iron and aleel companies autorno- Tack 3228 Rsilry enisrse frame bllf manufaelurer at cam transports-1 building for saruge (1000 non lines in the East copper producers Jata Echherr 170 Jrtf-rsnr eonvsn 3- and the public utilities In the chief In- I tuny brick building Into nmnuiix diifir'a' r-ntsr- -nmn- I Wearer 387 XHchimii reisn un Uorc the September quarter and also with the correRponrUng prlod of MUR story brick building into rooming bon- Del-Alien Carp- 7-S-ll Irrina cnnierf I-atory brick building into lontnina hvn Every Saturday in the 3 Buffalo Evening News Otatno A Impnllarla RA-70 Front ron-creit block prlrai krage- 500 Bert Howard 24 Midland brick rvldemc aa Buffalo Timet las Main ereer second tory svar one-story brick building for i Howard' Techmeyer Matthias Orrll drlems while drank Deo 4 rolled and flniabed goods Involving 1380 plant units In 133 group Eighteen railroad systems are owned dock and marine equipment for Orest Lakes and oversea trada Earnings in 1223 arera considerably In excess of the preceding year amounting to SI 14174000 or 81350 per there compared with X87887000 equal to 1331 per share In 1837 For th nine months ended Bcpt 30 1828 net available for the common area 128672 000 or 11883 per share compered with 85R-172000 or 8811 per star In the corresponding period In 1828 Earnings In the September quarter were nearly double thoee for laat year Th company's working capital at th end of 1828 waa 544783BOOO The hook value of th common was 520 per shirs CAPITALIZATION Funded Debt Subsidiary! 3104615 BOO Pref Stock 77 cum (6100 par) 8300311100 Com Stork (1100 Pm) 0813107100 Current The Canadian Steel corporation subsidiary haa begun ran It Fries retar Ones saaautt we-! up large block of outstanding corona Do i I pants issues at extravagant prices and Lsnla Friret Btoat rack lew have assn tbeir liquidating values suf- MM Kemp vs Thraua Cheeks prill lar-' 'ortunt1i' any Dam Phillip Shapiro tall is riliUel go ixx riiattel sosdg Dae 30 I obligation It small relative to thslr Robert Editorial Appears Daily In the Buffalo Evening Newa Frlra va Nickels Yapps tasau total capital For them the period of Srt ra Ac Jrabxm while drnak Dam and an unpleasant on foe those who Iryio Denal va Jsatpb I Yurt prill bought thsir stocks st aubscrlptlon IsreMir Do 4 I figures Chariea Baasst petit lar- xiuuey Outlunk tavura RaalneMt a 1 The money outlook favors bunlnen Abnbat all of ths farms In Norway st well aa securities There Is no longer are operated by the owners excuse for delaying program! of ex-i'trurtton of a large tin mill to coat 61-pension on the score of the high coot 500300 and to hare an annual produc-of capital! At time wllbln ths last lice capacity of 10000 tons of plate two years Turs than ban such fnyor- tcsoriisbi Ip oambridi fteeailatnt Bweet potatoes keep better In msd-.

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