Business & Finance: Deals & Developments: Oct. 6, 1930

• Share

Seats. Last week a seat on the New York stock exchange was sold for $265.000; a seat on the curb for $105,000. The stock exchange seat represented a $10,000 decline from a sale a few days previous, a $35,000 decline from a sale last fortnight, a $215,000 decline from April's 1930 high of $480,000. The curb seat was down from the 1929 high of $270,000. Transactions on the stock exchange for the year to date are 626,159,000 shares against 823,793,000 in the same time last year, while business on the curb has shown a sharper contraction, stands at 175,659.-ooo shares against 353,871,000.

60% Dividend. Although British financial realms have been inundated with such bearish items as last week's dividend omission by United Molasses Co. Ltd., long a British bluechip, one bright announcement shone forth last week. Austin Co. (automobiles) declared a 60% dividend. Last year Austin paid 20% payment after having paid nothing since 1918. It has no connection with American Austin except in the considerable personal holdings of Sir Herbert Austin.

Copper Deal. Making the best of the demoralized market for copper, Phelps-Dodge Corp. has slowly gone about a large expansion program. Recently it acquired Nicholas Copper Co., big copper refinery, long affiliated with Phelps-Dodge and Phelps-Dodge's great & good friend, Calumet & Arizona Mining Co. Last week it planned to absorb National Electric Products Corp. Since National Electric is a fabricator of metal products, Phelps-Dodge becomes a complete unit in the industry. Other complete units are Anaconda Copper Mining Co. (controlling Anaconda Wire & Cable Co.), Kennecott Copper Corp. (controlling Chase Companies, Inc.).

National Electric is a $30,000,000 company, sells a practically complete line of wires and cables and wiring devices. Its productive capacity is in excess of 200,-000,000 Ib. of fabricated copper and 150,000 tons of steel annually. Some of its trade-names are Sheradnct, ABC, Nepco, Habirshaw.

Other copper news last week included rumors of further price reductions, an-other dividend cut by Anaconda Copper, now on a $2.50 basis against $6.75 last year, and by Andes Copper, now on a J$1 basis against $2.25. Inspiration Consolidated Copper, on a $3.75 basis last year, and Greene Cananea Copper, on a $7.50 basis last year, both passed dividends. Phelps-Dodge's stockholders who last year complained because the company retained a conservative $3 dividend rate are now among the few copper shareholders who have not had their income reduced.

Negro Apartments. Last year Julius Rosenwald built the $2,700,000 Michigan Boulevard Apartments in Chicago, to be rented at cost to Negroes. The building has 425 apartments (rent: $16 per month per room), nursery schools, garden courts, recreation rooms. Last week directors met, announced the first year of operation will give Mr. Rosenwald 6% on his money. He had expected a loss.