Pittsburgh Post-Gazette from Pittsburgh, Pennsylvania • Page 22

I 22 PITTSBURGH POST-GAZE 11E: MONDAY, JANUAR ZU, NEW YORK WEEKLY BOND MARKET HighLowClose American Equities Company ERNM ENT 1,..,14 I 1. 1 17 I t. 1 l't t. t-J, I it, :13,4 ft' 14 4 ,.6 I 1 i3O, f.7, I I 2 '4', '7 SO .1 4 4 1.4 1.4 4 1.1 fly 4,7 P.1s, i 4 ti li .2 1.0-r.ti--.- ,,,.3 AHTFIrg It FRIEDM 4.11. Ir.mant.ai cf Report as of December 31, 1929 is now available.

41i1 140 .5 .4 IT d. 1 tr. 4 I 112 3, 14l.QB.IT 4. 14 rk 1 cl 1 1 2J Is :4 I 4 1 1 1. i 4 1 1441-3 5 7 71 I 0 1 1, 1,,11 1 44 t7 57.

1. 1 i 22. 12 37 1, 1 1, I -1 0, I-t -I-. '7 -'s 7,, :1.14'.., 1 1 I cv 7 'awl 4 f.js 1. Is i 4 srl; 147'.

tl, trA 17 1,1.9 oi F.4 71, 7,1 7- 1, 1,,, Nt l' 1 61 til 11 5,,:.:1 1, 11-, 1t lit 1,4 rf :4,.. I S'T ik -4i 1,01.4 1,4 11,,, 1 II 1 clr, Pir 1... I 47 I e. 7, -r, 7 1 1 -1 11,, 1,1,4 1 1. -47.

4, 74 .7:,, -t- i 7, ii, 4s 4 4 1 4 4 1.1,... 7 2., 1 1 1 A'14 t.t St-, 1,. I3, 1 1 1 41 4, 4 1 A', Sro 1,, 1 4 MI. 1 5t United Light Power may show S2.10 per share. Large increase in net assured for 1929 year.

Increase in dividend rate Iheld not improbable. Stock dividends were dispensed with in 1926 year. upon ropi( E. H. Rollins Sons 1 :41,4 7-.

1 .11 ej i F. i7 7 44 4 wS' S. 1 1. I-r 47, 1 N5 ro, 1., 17, 5 1, -7- 14 d1 4.r. 1.1 1,1 I 1 1.41, 1 4-1" ,7 I .7 11 11.1, 1,1 1 1 Nti 4--2.

SI I 33 el 70 lw 1, 1,, 15 ,1, zoo As "1S 1 4 1- 1, cot 1,. 4- 7,1 I It At 41 ri 171,, 7 1 NS rf7.0,4: 1,1 it 1. 49 V1.1,1 1, 1, 1 's ,714, 4 WsM 7-, 7- tks 74. 73 7 1 :.4,4 42 7 do 1,11,4 11 do Cy 74 7L -4- 2 i er .1,79 1.5"11.,tCo 41 1..0,, 1, 1 14 1 9 11 1,,1 it 14 WistSmr 1-, 1 1. 1, 1 16 1116 Farmers Bank Pittsburgh TelephoneAtlantic 8630 Boston Chicago Los Angie Grand Paris Mil Grand Milan 4,77.

71 "4E 4 1E3 1 3- ft ,..1,2 11 2 1.11'41,,&ESS 1, 2 2 I ri-. I :41 do 7 7 7 3-, Inn11, 'Ind Ind 7, ,0 ,1 1-E ".3,, '4-E, 1:1 S'I 7, 2 1S 1IS l't fl rPf 7-s 1-1 1 4 4.1, 1' 'E 2-. 1, 1 4. I Et 4, 14,:, in s-nn, -1- 7,, 77 7 1-, d't In 4Es 542 41,,,, "s- 12 Nirtr 7s ,3: 4 41E I 4 4. 37.

7, i-. .1 1, ri 4,...,4. 9 4 94, '1'4 '1 1 1 1'114 ''1'; ......1 3 d-, l'r ,,1 In 1 1- i It i 2 1-, .4 4E', 74. 4 .34., 1 Hit- 43T I 2 4 i 4 4- 1,4 44 ,1. 471 1.1,, 2 r42stTol 1.7E1, 41 ,4 1,,,4 '25 71, 79 i 1 11 two, 1 '43.

1 4.: 1.7,., S'' l' 4:: 1174 FInEr 7.,,, 7.2 1 4, 1 1., I'Sr .1, 7,:2. 1,,2 1 sE2 2 11 1.,74 i LI. 4,, 43 4.4 11 1-42 9r, Nit 12 1.0 1,0 4 ol fin 10,4 43 47- 11 Mx! 7 In 1 121- --ns- 1,, 3 4, 70,. t1, viol Li, j2 4E, Amn 1,7,,11 4, Nat 4' ,:.7 12 il) 4,, 701 1,,,.., 416 1, 2 1 ink 7, WO, "It i I 1 NH, 4' 7-, E. 1- 7, 2 14 17, 67,, 1111,, 1,14 2 '42E.

4.7 s7 -1 i 11 4, I il-, rf 12 :27., Grami 1,1,,,, 1.,, 4, '77E 17, ,,11 34 411 37 -1 71 1 11Pn1.1.Er 42, 4 f44 ot of 41. 4 1 19-t I. Ma Ae tl :,7.1.2 Int'', li.2 s.41-124 y-1 .1 171 11-. t-11 1, 7, E.1,7, .1, 7. i 11 7:4 119.

1,1 1-1 7, 13 1- Sltars4tift 441 2 it 1, 1-, 22 On, 41,4 1. 1 2 1," 71 Sh--111'1, 72 1,1 ft- 1, 12 7.1, 1,,7 l'" 72 4.1 Shit rt tit 7. 47 17, f.dv 1I 1,1357 14114 11E1 1., i d' 7, 7n, 14,4 3 S14 1,3,1. Tot sl 3 4 EN' '7I I It S11114Thoa 42 17 43 47, 2 1 7.4 '43. 1 S'n 91 9 Fl a Er- T.3 i i Sa.

1,2 714 111 STh7.11,1 612.4,1 1 776 4 5 4,1 3 sI4 Vs34I. tot S7 s7 3 Philadelphia Rapids New 'fork San Francisco London ITICISCO rte." An 11. :11 1. of 1 ,,.1 6 a hf-ad 1 5 t. "niTrinn al row', hto.

1 -Jr to a r. This "lit 6Slot.win, cr 1J on I and I4 c-oonion Otticcs in principal cities throughout country on rape ty-fo fir) On of lu ror fn thosr, Coo 1. t.ilzht I SIIWA of S14.4137, I n. sATro, here; was a for the if 1,70 7so, (-goal to i a on A a 'harps at he close of 1 'I gke 44110, 4 EEK 1 7, A 4 fi7 ILs 7,41 Nicti1.1i s7 141., 1.7 ,1, 't, S. I 12 7, 7,, 74 7-, do ,74 1,71, i 17 17,4 1st I 7 0, :,1.

91,4, I 72,, 7,1 4- 1 1 ol '4! f1S1i Si 7s 41. 7il Sinclair () n9 do fit. 47 do Llie 542 1151; 1:1 Cs lit ev 4:: do 171 do 4.: 01,1 cot tr 1.117.;1 22. do rrz 11 do 414 Or177.16,i do SFr 4'504 611; Slnren1 5k, '7-17A 01 so to- RIFT 111; I I ON INVENTORY TIME OUR MONEY HABITS 9s 91 92 101 ro, 4- 1, 97 974 f2 .70 11,2 10,2 101! i 1,0 16104. 1 N-.

9.211 3 DI 14' 1In. i 1.Q1,4 I s5tit 11 7 1 ATI; g714 1 144, 1 0 I 101 16114, 911, 4 I The cortirany I its earninLi7s. however. to give c.ft:krct to the earnings or new ompanies only from the time their tt.tual. acquiTions.

On this 1-iasis gross anininitcal while the for the COMMOn stock as to $136 a share On he A an shares There is a f-onsiderablp interest in the COM pany 71Pre. the Ropprrs group tieng- large 71ol1ers 8114 represented on the ooard do 1 rf '4 410r. 1 dr .703. 118 dq-, eon 5s 2 do 11, 4, ,49 do 7 is 1 N1 skid lz C. I 1 7 ri-.

5 167 NY 10474 I do 4 40 do ev 111 11 4 I 17. 1 I. P74 (i 4,, 1,4 I S0I111-r 7., do d4 4, 4, Spokrt, 7,7, 70 17' rt" 77 7s I '2 5 '43 riroi 2 71 7t; i Std Mill Ns 4 144'orlst is74; 7:: 7- 2::. stdo NN'Nr rf.i d. f47 1 Iret4sl42.

1, 19 4:1 1 INN IW I 19 14,1 175 clo 6 118 If cvery citizen of America would take fifteen minutes this week to examine his financial habits in cold analysis, I believe that it would put America a hundred years ahead. Optimism good livingsubstantial prosperityprevious lack ol adversity naturally breed a personal carelessness about money habits. A personal check-up with honest intent of discovering and stopping the leaks of careless spending may easily prove to be the difference between success and Failure. Is es-4I 73 7.3 14-01 IS TR. 7s I2 1P) t- 49 do ets 34 14 1 ,6 4- 127, I3ft.1 ii 1 I 47 (1,1 3Ivs 13 fin 105 to 4,, :34 do 4 1 4: tio 77 1: 9,1 11:3 4' 411 3o 4 ItkNV 2- 4s 4- 7.

1 Nliks; '30 PS PR 9,, Is SSA. '11! 1,7 f.S Hark 1 liar 7.1 S73, S7 Ns 1 Hay Ft '32. tsi 2-4 3 do :13 11 ISt 9,1, It 77 77 1 3 nous iZ 9,1 Pr, 14 1 11.1,-AW fit, 1 1 1R2 Itud 942 1 Hod 5s49-192 192 192 -1- tt, 67 1- ,4 sAr7 4.2 do 77,4 1 sn 1 r'2, 514 '37 11T rtz 1I3 f- III 199tti 1 do rfz .167 1,7 1.7 4- 59 do 4., 15 do 1st 4s51. 91 1,12. do rof 4s 911; 39 do 4o stoi 14.

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1 1..474 9 BF it94 4-1 4 7 1 -4- 1 Thrift is simply a balanced relation between income and outgo. When America thinks straishtit acts wisely. Let us all think THRIFT-- this week. GEO. D.

EDWARDS, President With such a sattifactory earnings position for the junior stock and the prospects good for continuance of the gains during 10:30, it is not improbable that the present cash dividend rate of the company of 60 a. share annually may be crease4 soon. Prior to May. 1925, United Light and Power received periodic stock dividends in addition TO the cash ktstribution. Tn 152g, following the drastic decline in utillty securities.

there WhS a. general readjustment in the management of the company. One of the first steps undertaken by the new management was the elimination of the stock dividend and the payment of dividends in cash only at the rate of 12 cents quarterly. raised last June to 15 cents. The company could pay $1 a share cash and then only be distributing leas tl-lan .50 per cent of its 1029 earninzs Sfb OH 42 43 1 olox or, 5 4 .7, 4 t12 11.212, 1021,1, i f17 a7 17 2 41,44 n7, I t41 I '11-A1'w 4Is 10-- cij.

nZ-1n, 1.111 11 tn. rf4 sni, S9 9 1 St, o7 "to r.i. 1,6 1 i 72.1 7.4484.1's It 114 191 It; n-la 77', 7,4 1 '11NIIT t14 Its-; 1.141 la a-3 --a- al1t 1- 1 :52.640 I 1 af- 0-41 1,141 S4 J- 1110 (14 I 1-410i 1 NN 14.41, It11; -7- 12 tI4 l.a (lir 1 -2 11'2 NN 'at; ss1-1, 1 1 Titir.i 4. 1 71 19.1 92 Is I 1.. 42 rtz 49 49 lti I 1.

1 4,1 -4- 18, I NI 1, It fbq 4 'ZJ) IA -e 51'4 1,3 ,1 111 TT! A-P 1..61.4 1.0'14 1 1 TA.1V1" 4t4 31- I- 4, ",..1 .4 1 4 -14. '4 I 12a, T. Tro 15g 99, lot 4,, 7,1 7-1 -n. -1- id do 1 LS, Ptai 14-, .,7 1, 7 Tr81ts- R4 5 ool! I. 1, i 4 1 ER 1,2 1.1 47.I.

I 'c 1.14 II- 17 I-2, rnrit 44P JI4 1..0 16,1 -I al, 7, a. 1,4 1. lntal 1.1.n 114 I ta 1 1..47 1. 4-, ro, 4-i 1. 2 It tt 1,, '42 2.1 .47 1 2 1,721..1 1,4 441, 21 Is III.

7, 71 4t $2 :13.10.- -at 11 11; 1,4 11 1a; f-'. F4 4 1 0 Al ns 44 I 411,. 7 -aa 11: sa 1 Pakt 4 7aa ,11 1 It, 111 1 1 a- 11 1,47, al.s.2; at 47 Ss'g 4- 1-44, 1.11 7.2.47 17-7 17 1 I .2. rnri 1 sk I ii-t 7, I '1-, 11 1 1 7., 1, 1 0,, .7 4 4, 7.7, .1 '17 1 .2 1 117:11,1 7,. 41-i 4, --1 '2, 1'41, I.P.NS!!, Is At 1-2 7,., 4 ,1" 11.

11 l- 1. '4 41 1T 1 71 Air nag 44. I rt: i 1 1,1 7....: 1 7., 44. -7 7.a -17 .111 7'11 771 1 1 1- 11.s7.,T 777,1777,7. 1, 11 11aa Al 1771, 47 Fc.

S9 43 4714 1 1 102ti 107. 1.t:; i S9 9 1, 177 AliezCrp 5, 41 1- II, 11'1 16-2 do ev 49. 4 Al s.lW 1. a5 (h 7-s n7.117,,, 1., Aro 6.31, 16:: 1,3 I 7, T. 170, An; Chnin G.

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tor, is 1 :27, do sir- i ,7 ,4 4 eV I "1, 1 lo do 4-, (loft I. 105 63 1 AflI 5,.1.0 11 1111 1 1 75 I' 7. 1' I IT 7,45 st s5 I IS ton Arts, 4s'95 70 7.1 17.11,--- 1,1 NI-0111111-6m 7 rt. 44 fc4 as 143 ST A 4' 4s-95 94 143 9311S 11 do alt 4s 11,5 Simpl 95 165,, 914, el 4. 611 SI9 1 1 i do et- -Is 110 s97, so do Nt 139 1::0 1 do-19- I- 4s -5, 61 ,,2 17', 97 1 Atlanc.as I fir 33 S44, s44, s44.1I 1 1.01.2- L2 i 1 I 43:72 1,41, 91 15 do 1i71 1)7 7.

do 4s 5-2 9-2 93 2 1 ist 4s'44; :9 744 7,9 4 41, 21 44 54 7.4 1 17 5. 59 At itt4 7,3 '37 s3 6 Atl Yad 4s'-13 S2L2 S2-Li 2 flaio1441.o i 4. 11.ki)4-44 110 1,6,4 do 1 gold 15s.164 105,4 62: do ref 5s ltI 110 111--, I 4, do deb 5s 14. 16214 16114 1 911 do ev IVA I I9 I9 14 pII 4s4s I ,1 4. i4 11-2 1931s-- 179 S.7.In 1', 1 4.1 do 5,4 1'9 114, 1 1-tanconirA5s'43 16121, 1621, "7.

I IS Jr 4s S.112, SriN; 11 IFIr A 7,2533 S73S- 2'3 Belding11 3s 3I 711 i 4 10 r.e1m-33 N's4c4s 7o tin 1s 11.51-;, Beth Sti. 6s4S 165 16474 I 119 do eon lnaT, 14, 1.3 do rfg ntt- 12 101 1331-'24- L2 42 1,16:4 Bar 7 97 ti 97 I Airt, SI Si I 10 Botany 1-11Ss '34 45 44 14 3 1 14n44.kitilt 34; 1rS.7th A e5s43 :15 2,4 1 Bli1y-n1Illst41 S4 91 St PT it; st St1 DItIyni-C, C70.s 1 44.,4 47....117 1141, 31n 11J 142.4 I 1 do 5et 10:1 19 1,:1 I BushTerm 96 1O114 21 Bid; 55374..101 '14 101 Ft 5A45. I( lol 1 :7,2, Cal SS SS I 5 do 54 '119- 141, 1 CsmSng1st7s.42. 7s 7.4 5 CRI1 Stql 111214 1I. Can IIS's 1 2-; -I i NT P4', t.

No do PiT4 11:13 1 I 12:1 do rt, 74')11() 1.3,, 114 1 IT do 113s, :4 I 4I f41, 4i II .77 d4sPerp S514 ,411, s47- 1, I t1cent-rr4 46 SSI I. ST ST 12 12-0 do 44 11N- I 5 CHroicert-IsAP. 74 71 74 1 214 (p. VsstnTel 1,21, 1.21i Si ql 2 .104 114 1114 2 do Ns 14fIN fl.M.G&V;S47 t18 4 72 CenPac g4s4I1 p2 P2 114 1 53 do 44td Z. j)1 1j 1 1,1 4tm '54 911i 4s, i 5 Ss Ss SS 1 I Cent St1 Se '4112114 121 I2114 Csrt s'4S :74 n5 165 -39 PSS 33 4- 33 193 1'12 45 do zen4 7,4,92 3374, 3714 971i- 2 SS SS SS N3 do KITS PP Ti (ICIflI44.

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12 do 1 5s2, 37. 34 1,2 1021 4 314 do 1470 f--, 'f2 zPri 4s ST 9 I.I 1Zys 7,11 74'- 1,, S3 S3 2'7; rtg 43 '4 II Pi; 1:48 et, 32,, 3st, 4 1,1 SAL', 12 2 do -9-4-k 5s 'Ito 1e 1S r41 3 Inc 5, co, In 11T I In a do 5,4 1.11,1 I dr. 74 1042 7,0 Titl, So 1.s ,1 1'41 sco sig Sfi, 149 -4' 1 1,, S-11-2 i 1,00, 1,2 7. i i rl It 7 1 1 I 9 1 a 0,7,171 7 .71 14 71', 71.. --S ti al7NI 1 7,,,, ra 7 al, 1, '1 41 11 s2 77 4, 17; '71 1-7 -S'14 711 -ts 1,71 al .11 1 sk '7'-' TRUST COMPANY OF PIT TSBURGH TRUST OMP TSBURGH 308-316 FOURTH AVENUE API TAL SURPLUS $1,700,000 4- CA 4- 1 14c1 lo; 7.7 WitlEn the past five )ears the nited 1.1;.--1,t and rower Company twice, acquire.

approximately as large as itself. In 1.25 ihe company acquired t1 Continental anl Ellcutric Company, inrfaSIZITZ' IS earnjngs from in 11)24. A little more Than a year ago the company announced that it had obtained voting- tnajority in American and Traction Company. whose zross are in excess of $16,000,000 annually. 4: 1 a 1,, 19 li I 1 7 It Wn)k 7, 4 1.4 1 1 1 I' 1:, 4.

I 4, S4.4á-4-- -s 3 Kr 4. ss 12 r'''s 'S 1 HI 1 2 (-TIT fi3O.47.121 12:, 9 tlq t7 i- 1 Kro 44.11. 711, ns, '4 1. ,41 I i 11 do, Ss stpd 71,, i Pi i 7 2 117! 1 tr; 19 71! 7 1,, 43 41 7. 1 faI 1s2 11 11 2 1 2 Kin IiiIN In; 4- es, 1 1.

It tt 7 .1,,,,,, I 22 Kr Foirlfil 1 0., 1.t 21 trark 2,4 i ..10 25 lgt5431 1) 1-a 4:,,, fo.r,. 1 do 'nn 1.3 1,11 I 4 1,1 1.b1 'a i 2 I 710 zi, 1 r-, ,..9 147 I 1 11 1.SeiNt.'--4:11tsi-t7 RI Sa I .,2 0, ,,.:.,1 :11 f-9 1,, 1 db-ta 4, 4.4, pt 447. Pigs -t I tart 77 77 1..04 1, 1 1 91 f1' PT 1 97, 1,, 9 l'" -4: 1 9 lehiLNI, 1 ,2 i- -1, tr, 5 VP! .9,, 1,4 1. 7: I OLLA SAVINGS In proportion to consolidated capitalizatton, the stocks of United Light and Power represent a rather modest equity. For this reason, variations in earnings materially magnify themselves in their application to the junior issues.

This situation permits maximum advantage to be taken of expanding. earnings A gain of 30 per cent in -net before interest." for instance. in the of United Light, would result in increasing per share earaings for the common approximately 55 per cent. TRUST COMPA 4, 4 Vat of NV41.1 1 fq Val of rrt .1, Tr, .1 ,,,71 I I I I Live Stock Prices At Herrs Island 1 7 NI It! tt, I't. I ,.11 I 4..

tit. ttoi elql -4. ,1 I 1 (I, --I- 4 1 1.1,,,Ny ...31, t.t,I.; 171, 1.,7 1,, 3, 12 I.1giMyPrx I '44 115 11,04 INI I 1" i 1 1cr "'GT 11'1 11' L2 't 7, 51 I ..,11,, ,4 1.,1 tc Inc It 11,, 1 I txt. 13 do 1'1 1 -Ittt Itl II LnzfRiln 14 19 1 1, -4- ri 15 7.1., 37. 9' 1 I -2 I 1.1 .1, "-1 1.3 l.

Announces Occupancy of Its NEW BANK BUILDING FEDERAL STREET and SOUTH DIAMOND City of Pittsburgh 5 4, r. '12 .1 1'01 1 1 'a 1, 1 I 1,4 1 1.2 1 '2 7,, 1'U-1r, t. 1, ft, 0., (1, 414., 11: :41 al 1,7 F. I4--6, 1- 4,, i 1 5 ps1 Ai; 5, 4 1.. 1..

.1 1-1 It 11 7, .704,:17.1...,, lirittlk 1170:, 1: 4. 7., 1:,,111 1, 1- I. 1,4 1,5 -1- 1 S2 140,1:4 1- 1 1..2 14 I rf 1.,2 1,, 1 1. 9:0 111,, NJ Lord t'ii i3s do 5 sci 114 IR do 7.... 'LI 2't, 17 T.00t1i'&1-1 1,,1 1,,1 27, 7, do IL do It 1' 1 1 elt ::11.

04.14 1,14,,, do ti do 14tetrf :41 do unitied4s4, 0,1 1.5Is, 2 do Stl, la do Sooth 9014 1,0 NI Nterrt-Itr4 17 17-1, 1- 5, 4 S137. 2., 17:5 ,11 I ft, 4s 111 1:1 47 7 47 El 14 tit I So 1, 4,4 741 Cot Ct. 1,41 10-11 I2 lit 11, 12 Metr Ls113.11,2 4 1-104sLIt 2 jell( W- I CZ. trIv 2 JkL 07 do Lsi 10.71, 7, 1,1 i 1.1111 tet fot 10 ft 2 do ref et IL 7. Ist rf L1s'40 111 1.1 Monday, January 20, 1930 rinkirtari.

'Wood Peck, liaeatock trerchante, furmah the following Catt-iailecelpts light. market aieadst. Good to SI It.7t,sti Good, 1 3 osi to 1.4 s) Pie 11.r.ei'g .10171 7.0 i i 11.541 I Tidy. 1.1,-o to 1.15o ilia 31 Teot Fr faat to te 77; C.I.tontoon. 7t0 t.

1:41 fat we 4 to fj Ifeifera. to 1,1 si.csoia. It 70- Fresh cows and 11 dott-decit toads; TrarkPt hIztIlr-r on all Prime b-avy tr.ze lo, I Prime 71s-t to 1 :4 to 711 1 gnty 10.ao, to 7 gttage 7i.o001, 7.4at Sheep- l'ght, market Jin Val? troxr-d and 7I! 6 70,1 2 4-1111g 14.10 I Filacry 1Rflh. 13 (4, end. al, ea tites-eipts itiorket lower veal S7 1S.eat Heasia and ttOn.

14 FFITI.al;FLPHIA. Jan. rerelpta for iteer cattle. 1i, I bead; and la nOna. 70,117 bad: bora, 5.411 heed; 1.1.'."2 head.

Iteet eatfle steadia; ate-tta, lair to a. etioire. $7 7.5; fair to 7 tett' to ST $.771. Calves rrin; 7.01 fair to t. 4 $7 Sbewql and laroJa 4bepp.

strrripr-4. etra, S7 to $7, too 4.1io 1 esaett, bandy NA: ill 7 fatr $I2 I I Uia vcarl.y. $1,12:1 1 to.n.ot lira $4,7 4. VI 7 1,01 I VS( OT VI. NO UWE.

OFFICERS GEORGE E. MEYER ALBERT F. BRUGGEMAN Secretary and Treasure. Chairman of the Board WILLIAM D. COTTERREL CARL L.

GRIFFITHS Assistant Secretery President CLYDE It BAKER Assistant Secretary To Holders of Warrants for the Purchase of Common Stock of Houston Gulf Gas Company Deposited with Bank of Pittsburgh, N. Pittsburgh, Pennsylvania, Depositary. You are hereby advised that the price at which the warrants for the purchase of common stotk without par value of Ilow-ton Gulf Gas Company deposited with the may be from the date hereof up to and including January 31, 1930, is $11.00 per share, After January 31, 1930 such warrants may he exercised only at the prices specified thereon. ALEX. A.

GARROWAY Assistant Trust Off kat J- FRANK McCANDLESS Vice President EDWIN G. NIcNAIR Vice President jNo W. CUNNINGHAM Vice Pres. in charge of Trusts EDWARD 1141- LEY Manager Sale Deposit Dept. BANK OF PITTSBURGH, N.

Depositary. 5 du4 91,12 97 1 29 1,41,4 14 23 du 48 12.2.... 571,, 511,,,, 2 tr, 97. 17 59 S7'4, 114 1 4,11, 9:31,, 1.21, do tilt 412 311191, 7,3 do IT 77, 1471. 7 1,11,1,.1, 59 4,, I 5t1, 1414 WV 1 10 1i11, 911,2 111 34 911.

951, 3 op.e4-151, '72 1,44 1 do :,9, 1,27, 115 5 du 44,8 714... 1.5t 9ot tot 1 45 ev 78 7-, 7rb I 7,8 1,8 941 9,1 12 Cul1rd 1,51 97', 97,, 2,, 1,5, 1,9, 14 113 do :1 1 8 1' 4,048 11 fin 17 4,, 9:11 97. 7 1940 54 1 3 du 18 91 111 17, Curran-Cr 114 49 511 1 i 1,1 4.1441.1,41,, 1 I 1.1 1,1 99' 1i NH 11111,4 114. 1 141 14 NY 45.10.1 1.51, 1, 15 11'1'18 --II 16 oritc.r;., co, 92 9114 112 1 54 714, 77 78 4i 5 CurnI1r1 71 102 1.1 118 '47 98'; 971i I I 1 417.1.1,0 1, 1. 1 191 1, 1 1.291-441.'oil, 1:114 :111 ,,11 11-1 21.1 tto 11511 58 nkti nm7i.

37 1 41, CV dh nu; IT ev db 7,1 3715 :1,115 n7 Cuba RR 99 99 181 511; 7141:, '42 7n f37 6 31 lot) 9m, 5 '44 44 43 5 do 41'1, -1 211i 1 101 911, 101 17 4 95111 1 11111, 194 7s 2,4 94 192 11, rtg 4 1,11 92; 141, 12 7,4 7.1 lio 11 opt 17 iwt7 4s 121i I 1.1,14.,11;AV '5 39 do rat 7b4 I 78 '42 4i0 4, 4,1 1 1:,1 pet Ed 1 41s '114114714, 1664el: Pittsburgh, January 17, 1930 DIRECTORS EDWARD G. LANG President, E. G. Lang Company GEORGE E. MEYER HAROLD S.

CLARK Vice President, D. L. Clark Company Company rUOPLEi DIRECTOHATE. t'n LaLht Cekf, nn February 23 will vote on an incremse in or directors frOM five. Chairman of the Board J.

FRANK NI cCANDLESS Vice President WILLIAM D. COTTERREL President HARRY W. FALCK President, F. L. Falck fl Company EDGAR C.

GERWIG Vice President, Republic Fire Ins. Co. 1 N. Y. "Times" Averages I.

BRUCE ORR President, FOUNMS Orr To Holders of Warrants for the Purchase of Common Stock of Houston Gulf Gas Company Deposited with Bank of Pittsburgh, N. Pittsburgh, Pennsylvania, Depositary. The undersigned, United Gas Company, hereby offers to exchange no par value common stock of United Gas Company for no par value common stock of Houston Gulf Gas Company purchased by holders of above-mentioned Warrants up to and including January 31, 1930 on the basis of one share of common stock of United Gas Company for each two shares of common stock of Houston Gulf Gas Company. Holders of such Warrants should give notice of their election to make such exchange to Bank of N. Fourth Avenue, Pittsbnrgh, Pennsylvania, at the time the right to purchase stock under such Warrant is exercised.

A. K. GRUBBS Cashier, Second Natl. Bank of Allegheny W. L.

GUCKERT President, Second Natl. Bank of AT legbern, JOHN A. HERMANN. JR. GEORGE E.

PAINTER Vice President, Union Storage Company A. C. ROBINSON President, Peoples-Pittsburgh Trust Company CLYDE C. TAYLOR V. Pres.

and First National Bank of Pittsburgh i Retired itferchart l'Oft 31'1 lilt. 11- "itiorhii: High 14iAl tigr 2 I Ne-t 4 tilitillre14.1141,: :,141411 Year .05 .05 3.31 liirelicit .94 .11 flit F. High i I 27.1)1 23 ludtiiit riak I .17 ittlet, 209.9,4 203.4 i 44 gii.95 14 50 UNITED GAS COMPANY, O. R. SEAGRAVES, President Hotetcyn, Tex, January 17, 1130.

1 i 17 do rot ..1011,4 34 17 do. rfg i 4- 344 1Wr dn ref 149.12tt 1 I 29 de 102 102.