Evening Star Newspaper, December 11, 1934, Page 13

F CURB LT TURNS TOLOWERLEVES Selling Appears in Oils, Util- ities, Metals and In- dustrials. BY G. A. PHILLIPS, Associated Press Financial Writgr. NEW YORK, December 11.—The Curb market turned definitely lower in late trading today after displaying moderate steadiness in forenoon dealings. Considerable utilities, oils, metals and industrials, selling appeared in | 1 INANCIAL. THE EVENING STAR, WASHINGTON, D. €, TUESDAY, DECEMBER 11, 1834. N. Y. CURB MARKET Received by Private Wire Direct to The Evening Star. Stockand Salee— d Add 00 Hish Low. Close. Dividend Rate e Aero Supply (B) Atnsworth Mfg 4 16% Air Inv Inc war 2019 Ala Great So(p2). 25s 43 Allied Mills Inc.. 29 13 Alum'n Co of Am. 2008 50 Alum'n f (1%).. 1008 641 Am City P&L CA) (3):...- Am Cities Pwr Lt (B) (k10c). 1 1% Am Cynamid (B) (k25¢)... 38 17 Am & For Pw war. 11 2% Am Founders. 19 % Am Gas&EI(11.20) 28 18% Am GAS&El pt(6).1758 85 Am Investors. . 1 Am Laundry 40c. Am Lt & Trac 1.20 Am Lt&T pf(1%). 4 19 Am Maracatbo.... 2 ™ Am Meter Co.....6508 1312 Am Superpower 17 it 215 . 8508 181 8 9% which caused losses ranging from |Am Superpwrpf.. 10 11 small fractions to more than a point. Trading increased in volume during the decline. Losses of around one-half point oc- curred in American Gas, Gulf Oil, Hiram Walker, Lake Shore Mines, Bunker Hill & Sullivan, Sherwin- Williams and Wright Hargreaves. Is- sues losing one or more included Dow Chemical, General Tire & Rubber, Parker Rust-Proof, Pittsburgh Plate Glass and A. O. Smith. Singer Man- ufacturing anc Safety Car yielded 3 to 4. Among the few issues selling higher were R. C. Williams, Pan- American Airways and Distillers’ Corp.-Seagrams. % BONDS ON THE CURB MARKET. * DOMESTIC BONDS. Alabama Pow 55 R Aluminum %0 Low. Noon. Risy 10633 10015 10413 56 D R Firestone C M Firestone Tire Ga P & Gillette § Gien Al Pa Gult Bt Ut 55 A Hall Ptg 5las A 47 oust GIf G 65 A Hous L&P 4135 E Hygrade Fd 6s B Iiins No Util 5 Pw Jers Cn P&L Kans Pow Kans P&L Ken Util 1st Kobpers G&C Korpr G&C Lehigh P G&E 5s ‘¢ McCord_Rad (s Mass Gas 5las ' 102102 101% 101t b5 & L 3 Pa Wes Oil 6125 Penn Elec G SgiA ! Southw N' G 6s P&L_Gs A Staley Mfg Stand G & E Btan G&E cv 0t « 108% 108 . 36 Fpos - ¥ £ (ST T Syt ol U Wis P Ser A s Yadkin R Pw 3s b5 York Rwy 5s 97 FOREIGN BONDS. ' 7 f 263 a1 . . n—Ney M §4tp) - Stamped fegotiability impaired by ma 3 *Combanies Tevorted ih veceverapm 1 | | | | Am Superpower 1stpf (6).... 1 B34 ArcturusRadio T. Ark Nat Gas Ark Nat Gas (A).. Armstrong C k25¢ Art Met W (145¢). Asso Gas & Elec. . Asso Gas&El (A). Atl Coast Fisher.. Atlas Corp....... Atlas Corp war... Auto Vot Mch 50c. Babcock& Wil 40c. 2578 Bellanca Alperaft. 5 Bell Tel of Can(6) 2 Blue Ridge Corp. . Blue Ricge pf(a3) Bower Roll B (1). Bowm-Bilt 1st pf. Brazil Trac L1&P. Bridgeport Mach . Buff N&EPDf 1.60 Bulova cv pf Bunker Hill & Sul 100s Burma Ltd (k3e). 5 Butler Bros. 41 30 2 Cables&Wire (A). Cables&Wire(B). Cables & Wire pf.. Can indus Aico A. Canadian Marconi. Carib Syndicate o} rman & Co (A). Carrier Corp. Catlin Corp'n..... Celanese 1st vf (7) 1258 Ceiluioid Corp..vv 1 Celluloid Corp pf. 52s 36 Celluloid 1st pf. Cent States Elec. . Charis Corp (1 Chi R & M ki Ch1ids Co pt. .. Cities Service. . . 508 Cities Service(B). City Auto St kl0e, Clev Elec Illu (2). Cleveland Tractor Club Aluminum Colon Of1. Columbia Gas Elec cv pf(5)...100s Colts Patent Fire Arms(1).. Compo Shoe(50¢). Comwlth Ed (4) Comwith&So war. Cons Alrcraft Cons Copper Cons Gas of Balto (3.60).. 13 563 Cons M&S k215¢.. 108140 Cons Royal(20c) 1 1% Contl Securities. . 2 21 Cooper Bessemer. Cord Corp (k25¢c). Corroon & Reyn Corroon & R pf A Cosden Oil Me. Crane. .. Crane Co pf. Creole Petrol'm Crocker Wheeler. Crown Cent Petm Crn CK Int A m7ic Cueno Press 1.20. . Cusi-Mexicana M. Distillers Crp-Sea. Dohler Die Cast. .. Dow Chemical (2) Driver Har(k25¢)., 1 Driver Har pf (7). 108 Duval Tex Sulph.. & 33 2 Eagle PitcherLd.. Eastn Sta Pwr..., Easy Wash Mach (B) (50¢).... Eisler Elec Corp Rlec Bond&Share. Elec BA&S pf(5).. Elec BA&S pf (6).. Elec Pw Asso 40c. Elec Power Asso (A) (4UC).0ae Elec Pwr & Lt opt war.... Elec Share pf ww. Emp G&E 6% pf.. Emp G&F 7% pt.. Equity Corp'n.... Ex-Cell-O A&Tool —_— rchild Aviat'n. © S50 & ConSmm oo 3= Fanny Frm 131ic¢ Fed Bake Shops. .. Ferro Enam t60c. Fidelio Brewery. . Fire Asso Phila 2. 100s Fisk Rubber 26 Fisk Rub pf(6)... 50s Flintkote Co (A). 11 Ford Motor Can ~ (A) (k1%). Ford Mot Can (B) (k1%). Ford Motor Ltd 258 Garlock Pack (80¢) Gen Aviation. Gen Lnvest Co Gen Invest pf. Gen Pub Sve pf... 50s Gen RayonLtd A. 1 Gen Tire & Rub...150s Georgia Pwr §6 pt 758 Glen Alden C t1%. Goldfield Consol. . Gold Seal Elec. ... Gorham Mfg votext (1%)..a Gorham Mfg PLWW. .o Grand Rapids Varnish (50¢). Gray Tel Pays(1). Greyhound (Del). Groc Store pr vte.. Gulf Oilof Pa.... 6 3 1 2 Hall Lamp (k20c) Hartman Tobacco. Hazeltine (k2! Hecla Min (40c)., Hollinger G 11.35. Holly Sugar...... 1 Horn&Hardt 1.60. 100s Hudson Bay M&S 23 Humbls Ol r1).., 17 Huyler's of Del stamped. 2 11l Pwr&Lt $6 pt..200s 1mp Ol Ltd coupon (180¢c).. 19 Imp Oil reg(f80c) 1 1mp Tob Gt Brit & 1(k1.03 9-10c) 5 Insurance Co of North Am (2).. & Intl Hydro Elec System cv pf.. Int Mining (k15¢) Intl Mining war. Int Petrolm (t2).. Interst Equities. . Irving Air Chute. . 1tal Superpwr (A) 2258 8 1 13 1 2 1 4 60s Jonas & Nau. . Jones&Laugh Stl. Kerr Lake (h10c). Kirby Pet (k10¢).. ; Klein(DE) Co (1). Kreuger(G)Brew. Lake Sh M (313) Lakey Fd & Mch., Lefcourt Real pt.. Lehigh C&N(50c). Leonard Oil. Lerner Stores. ... Libby McNeill&L. "1 Louisiana L&EX. . 1758 29% 3w 5 34 34 4 130 2 38 15% 2% 16% % 43 124 A9% 64 14 46 % 9y % 571 140 140 1% 2ty 4% 1% 21y Stock and Bales— Dividend Rate. Adll 00, Hizh. Low. Lynch Corp (2)... 3% 33 ittt S A MecCord Rad (B).. :K 6% % 4% & Close. 3314 6% 8 4 4% - & 107 107 14% 14% 41% 41% 21% 21% Minneapolis doney’'ll pt(6)..108 107 Mock JudVoe(k1l) 5 16% Mohawk Hudson Pwr 1st pf (7).« 258 41% Mohawk Hudson 2d pt.. 258 21% Molybdenum Cp.. 50 Mont W A m10%.. 10s. Mount Prod (60c). 9 49% 4% 17 8% 53 39% Ni Nat Rubber Mach. Nat Steel Car Ltd. 100s Natomas (75¢).. 2 NJzinc«2r...... 1 Newmont M (k1). 3 N Y Hon Ros t3% 200s 40 N Y Steam....... 1 15% N Y Telpf (6%).. B50si19 119 N Y Water Svpf.. 5Cs 39% 39% Niag Hudson Pwr. 12 3% 3% Niag Hud PAwar 5 % Niag Shrs(Md) B. 1 2% Niles-Bem-Pond.. 1 10% Nipissing k123%ec.. 12 2% Noma Elec Corp.. 2 Nor Am Lt&P pf..100s Northern Stat. Power (A). Novadel Agne(2 15% 2008 e 1 Ohto Br (B) ki0c. 50s Ohio Oil cu pf(6). 4008 Ohio Power pf(6). 10s Oil Stocks Ltd 4c 6 Outboard Mot(A). Outboard Mot (B). Overseas Secur. Pacific Eastern... Pac Gas & Elec 18t pt (1%).. 300s Pan-Am Alr(k50e) 21 Pantepec Oil. . 79 Param't Motors... 1 Parke Davis 11.30. 10s Parker Rust P 14.300s Pennroad Corp. 11 Pepperell Mg (6). 908 Phillip Morris. ... 17 Phoenix Secur.... 61 Phoenix Secur DL (KT5C) 4 aen Ple Bakeries...... 2 Plon’r GM Ltd 80c. 2 Pitney Bo P(20c). 1 Pitts Plate G 1.60. 1008 Pratt& Lamb (1). 1 Premier Gold 12¢. 21 Prod Royalty 2%3¢ 16 Puget Sound P&Lt$sof... 108 141 Oll pt 208 3Th f 5la 1 6 Pu; Railroad Shares. . Reliable Store Reynolds Invest Richfleld Oil Cal Pt (1) 1% Roosevelt Field. .. 1% Rossia Intl Corp.. M ttoyal Typewriter 165 Ruberoid (1% )..100s 42 Saf Car H&Lt (k3)100s 7 5L Regis laper... Sait Creek P(80c). Schiff(The)Co(2). Scovill Mg (1)...300s Seaboard Util. Seeman Bros 1 Segal Lock & Hd Selected Indus Selected Ind alot ctes (313) .. Sentry Safety Con Seton Leather, ... Shattuck Den Min Shawinigan Wat& P'w(50e). Sheafer Penn. . Snenandoah. Shenandoah pf. Snerwin Wili(3).. Sherwin-W pf(6). Singer Mig (112). Smith (A O).. Smith Corona vte. Sonotone Corp. .., 50 AmG&P (k30c) . South Penn O 1.20. Southn Calif Edison pt (1%).200s Southn Calit EdpftC(1%)... 5 Spieg-M-S pt(6%) 508 Stand Oll Ky t13%5. 3 Stand il (Ohio). 100, Stand 0il0 pf(5). Stand Silver & La., Starretg Corp. . Starrett Corp pt Stein Cosmetics Stz Motor....... Sullivan Machine. 25s Sun Investing pt. 4 Sumiay Oil....... 13 1 Sunshine M t68c. 37 12% Swift& Co (5ve).. i9 174 Swift Intl (2).... 6 33% Swiss-Am Elec pf. 50s 49 Swiss Oil (klUc).. z 2n Tampa Elec(2.24), 24 Tastyeast inc(A). * Technicolor, Inc.. 13w 4 64 3 5. 1 2 10 2 94 1 1% 1 1% 41 Leck Hughes(40c) Texon O&L t75c. ., Tob Prod Ex(10c) Trans Air & Tran. Trans-Lux DLPS (20¢).. Tublze Chatil, ..., Tubize Chatil (A). Tung-Sol Lamp. .. Tung-Sol L pf(3). —_— Union Gas ot Can. Unit Air war. Unit Chem pt pt unit Corp n war Unit Dry D (r). Unit Founders Wi e RN OGN G RO N G Unit LI&Pwr(A).. Unit Lt&Pwr pf.. Unit Milk P p£(3). 258 Unit MolassesLta 2z Unit Shoe M (15). 4008 Unit Shoe Mch L (1.50). .. 100 USElec Pwrww.. 3 U 8 Foil (B)(6uc). U S Radiator...... Unit Stores vte. ... Unit Verde £x11). Unit Wall Paper.. Utilites PwraLt. Utility Equities. . Utility kg pf 33%.. —_— Venezuela Petrol. — Walker (H).. . 26% Walker (H)pf(1).. " 164 n 3% 138 994 164 34 28 8% 16% # 3 14% 99% 163 3% 28% 8% Westn Air Exp. Westvaco C p1(7). Willlams (RC) (1) Woodley Pet nlle. Woolworth (FW) Ltd (k74¢). Wright Har(t6ve} — Yukon Gold. 18 % % Dividend rates in doliars based on last Quartedily Or semi-aluuai payment. TFariily extra. iPlus 4% in stock. a Payable in cash or stock. b Payable in stock. { Pius 5% in stock. g Plus U% in stock. h in script JPlus ¥% in stock. kP this year—no regular rate. m Accum! iated’ dividends pmid this year. n Plus p Paid last year—no reg- K 10% In stock. ular rate. MONEY MARKET. NEW YORK. December 11 ().—C: money steady; i per cent all day. Time loans steady; 60 6 months, %al per cent. Prime commercial paper. 3. Bankers' acceptances unchan; Rediscount rate, New Yorl Bank. 115 per cent. —_— SAVANNAH NAVAL STORES. SAVANNAH, December 11 (#).—Turpen- tine dull; 48 asked; no sales: receipts, 40. shipments. 85: stock. 20.031. Rosin dul no sales; receipts, 2.470: shipments. stock. Quote: B. 4.0 4.0 E, 410; F and G. 4. L and M 4.50: N. 4.55: WG, 4.85; WW and X. 5.15. AL National Standard Co. common share earnings, year ended Septembes 30, were $2.89, against $2.68. d. Reserve LEADERS HOPEFUL INU. 5. INDUSTRY United Business Service Gets Optimistic Answers to Questionnaires. Special Dispatch to The Star. BOSTON, December 11.—Returns from questionnaires sent to the presi- dents of 1,650 corporations, whose se- curities are listed, were announced by the United Business Service. The 10 questions asked, and the replies to them, are as follows: 1. Do you expect an increase in to- tal business next year? Eighty-seven per cent of the presi- dents answered ‘“yes”—I13 per cent answered “no.” Of those who esti- mated the amount of the increase, half of the presidents forecast a rise of 15 per cent or more. A third of the group anticipated 10 per cent improve- meant. 2. Do you look for a rise in com- modity prices? Just 90 per centi of the replies were “yes” to this question. Only a mod- erate advance is anticipated, however, 84 per, cent estimating that increase will be 15 per cent or less. 3. Will consumer lines or heavy in- dustries fare better? Eighty-seven per cent stated that consumer industries would do best. More Jobs Expected. 4. Do you believe that your indus- try will employ more workers next year? Sixty-four per cent answered “yes"” —36 per cent said “no.” Opinion was definitely toward greater employment in the electrical equipmenrt, building, food, automobile, auto accessories, aviation, office equipment, fuel, motion picture and chemical industries and retail trade. No increases in employ- ment next year are expected in metal, paper, textile, steel, leather and finan- cial lines. 5. Do you think that operating costs will average higher in 1935 than in 19342 “Yes” is the answer given by 82 per cent of the replies. 6. Do you look for constructive ac- i tion on the railroad problem in 1935? i The vote on this question is “yes": | 69 per cent—"no”: 31 per cent. 1. Do you anticipate generally high- er net earnings next year? Sixty-two per cent answered “yes” to this question. A large number of | these, however, added that only mod- | erate gains are expected. | 8. Do you expect more friendly labor | relations in your industry? Opinion is quite evenly divided on this question. Forty-six per cent an- swered “yes” and 54 per cent answered “no.” Optimism on labor relations is | pronounced in the automobile, office equipment and food industries, where- as little or no improvement is antici- pated by most companies in textile, electrical equipment and building | lines. | Stable Dollar Urged. 9. Do you look for bank credit pansion in 1935? Three-fourths of the replies to this question are in the affirmative. The majority also believe that there will be | considerable new financing next year. 10. What step do you think would ex- | be the most helpful in promoting re- covery? Classifying the answers to this ques- tion, the following were mentioned most frequently: Stabilizing the cur- rency, less Government interference with business, balancing the budget, clarification of Government policies, stimulation of building and heavy in- dustries, impartial treatment by Gov- ernment of capital and labor, less Government competition with busi- ness and loosening of bank credit. CHICAGO LIVE STOCK. CHICAGO, December 11 (® (Unite s!nles Department of Agriculture).—Hogs. 0,000, _inclyding 18.000 direct: active. 5a10 higher than Monday $oave 240 pounds. 61888 it wel medlum welght. 200-250 poun heavy weight. 250-350 pounds. 6.15 ack- ing sows. medium and good. 275-550 pounds. '5.00a5.85; pigs. good and choice, 100-130 pounds. 250a4.00 Cattle. 11.000 commercial. no Govern- ment. * Calyes. 2,000 commercial. no ernment.” Very small run strictly good and choice yearlings. 9.k5; some welghty steers held higher, * Bulk of crop con- sists of lower-grade steers and common and medium heifers, undertone on such cattle being lower. Cutter and fat cow market semi-demoralized. Bulls firm. Vealers steady at 4.50a6.00. Slaughter cautle “and vealers: Steers, good and ghotce. 550-000 poun 9% s 1,100 3 1.100- pounds. 1.300-1.500 pound 6.50a10. d medium. 550- 1.300 pounds, 2. heifers, good and choice. 550-750 pounds, 5.50a%8.50; mmle ;nd med: L 2.508 a (yearlings excluded). good 75:. cutter, common and medium, . good and ch tocker and feeder cat 1 Steers. good and choice. 500-1.050 ounds. 3 7ha common and medium, ia: Sheep. 18,000. Practically nothing done on slaughter lambs. Buyers talking 25 and more lower._but hul dy prices. . Asking 7.50 upward on bulk bel- ter-grade offerings. Few initial bids 7.5 Sheep sirong. Undertone weak on feeding lambs.~ Slaughter sheep and lambs Lamb: 0 pounds. 7.00a7.75: common < S -150 choice. and_ medium. 50a75; &ood common feeding lambs. 1.7582.25; and choice, 5.50a6.10. New York Cotton By the Associated Press. NEW YORK, December 11.—An early advance of about 5 to 8 points in cotton today encountered realizing and some further selling. The offer- ings were absorbed on reactions of 4 to 5 points, and after selling off from 12.62 to 12.58, March rallied to 12.63, or 8 points net higher. This bulge failed to hold, however, and tne after- noon market was quiet with prices easing slightly in sympathy with the easier ruling of the stock and wheat markets. At 2 o'clock March was holding around 1257, with active months showing net gains of 2 to 4 points, Dry Goods Trading. NEW YORK. December 11 (4. —Cotton gonds were in moderate demang todey. Prices held very firm. although sales were lighter_than last week ayon marke's were. firm and sales of fabrics are bei | made in small lots for Sj in the gray conti ”oods for Spring ga more freely. Wool goods e in fair call. and dres: w oods line sold well. Buriaps were quiet and barely steady. Liverpool Quotations LIVERPOOL December 11 21000 bales,ineiuding 21300 American Spot quiet; prices two points higher: in_pence. American strict 7.G%: good middling. 7 : good_ordinary. v sec dy. December. January, G.7i: March_ 6.75; May. 6. July. 6.69: October, 6.55. MONTREAL SILVER. MONTREAL December 11 ( —Silver futures opened firm. _December.’ 54.00b March. 54.95b: M 5 October. b May. 55.50b: July. 56.15b: | b—B.d STOCK SEAT SOARS 10 §%,000 MARK Gain of $25,000 Over Last Transaction Is Largest Spread on Record. By the Associated Press. NEW YORK, December 11.—Ar- rangements have been made for the sale of a New York Stock Exchange membership for $95,000, an advance of $25,000 over the last transaction. The gain represented in this sale is the largest price spread between transactions since last May, when three seats were sold in one day, one at $125.000, which was a decline of $5,000 from the previous transaction, another for $110,000 and still another at $100,000. From that period until August 20 the transactions were made between $05,000 and $105,000, and progressive declines carried the price to $70,000 on October 30, which was the low of the year and was the last sale prior to the one reported today. On January 31 a membership was sold for $190,000, which represented the high of the year. The advance in seat values was at- tribyted to the moderate improvement in Stock Exchange business during the last six weeks. INVESTMENT TRUSTS NEW YORK. December 11 ). —New York Security Dealers’ Association: (Noon quotations.) |Admin Fund ww. Am Bankstocks Asked 15.05% 10d Corporate Trust . | Corporate Trust A"AL. orp Tr mod | Corporate Trust Accum Ser r Accum Ser mod Sh WY -aA Depos Ins Shrs “A Diversified Tr C.... Fixed Trust Sh A Fixed T Fund Invest Quarterly Inc Shrs. . Selected Am Sh : Belected Am 'Sh Tnc Selected Cumul Sh Selected Tncome Sh Spencer Trask Fund Stand Am hrs. . rusteed Am Bk “B".. TOBACCO FUTURES. NEW YORK December 11 bacco fatured opened agiet: January March .. ay July . n—Nominal, RUBBER FUTURES. | _NEW YORK. December 11 (4" -—Crude rubber futures opened barelv steady. 4 1o wer. December. 12 80b: January March. 1 6b. " b—Rid ) May. . FINANCIAL, A.T.&T.NetLags Behind Year Ago During October By the Associated Press. NEW YORK, December 11.—Net operating income of the American Telephone & Telegraph Co., which covers operating activities only, amounted to $1,141,025 in October, compared with $1,466,586 in the same month last year. In the first 10 months net operating income totaled $11,761,863, against $10,519,886 in the same period a year 8go, an increase of $1,241,977. The figures do not_include non- operating income, such as dividends, interest and other revenues received and non-operating charges, such as interest and rates paid. Washington Exchange Riggs Bank com.—1 at 210%j. Lanston Monotype—10 at 48, 10 at 48. AFTER CALL. Capital Transit Co.—10 at 27. Capital Traction 55—8$500 at 89';. W’uag}nmn Ry. & Elec. 45—8§1,000 at 74 Potomac Electric 52, % pfd.—1 at 111. Washington Gas 5s 1960—$500 at 110'5. Bid and Asked Prices. BONDS. PUBLIC UTILITY Amtr. Tel. & Tel. 4'as Asked Am. Tel & Tel ctl. ti s R0 104 ST 80 RUTEA MISCELLANEOUS oss, Inc.. 6128 Club 55 g Cold o : STOCKS. PUBLIC UTILITY. 10 Capital | Liberty | Lineoln | B | = SAVINGS BANK Bank of Bethesda (1) Commerce Savings (4) FIRE INSURANCE TITLE INSURANCE. Columbia (301 i Real Estate 4.00) MISCELLANEOUS. Carpel Corp (1) D. C. Paper Mfx. ptd Emer. Bromo-Seiz. A Lanston Mcnotype (4) 4 8 | Peogles Real Estate G p! Ter. Ref. & Wh. Corp. (1) Wdwd. & Loth. com. (1.50) Wdwd. & Loth. ptd. (7). Security Storage (5) “Ex. dividend. e Pennsylvania Railroad.—More than 60,000 shippers regularly use com- ' pany’s store-door delivery service. 1 A_13 CHANGES IN FIRMS SLOW UP MARKET Traders Take to Sidelines Until New Brokerage Staffs Are Known. Special Dispatch to The Star. NEW YORK, December 11.—Nu- merous year-end changes in banking and brokerage firms, rather than a change in business prospects over the next few months, account for the dull- ness of security markets these days. A trader does not like to operate in a house whoo2 partnership is on the verge of briaking up. He does not | like to show favoritism, but he wants | to be assured of good service. Which of the new firms will be able to offer him the best facilities? That ques- tion can be answered only when he | knows the make-up of new firms. Many traders are taking temporarily to the sidelines, as news items from trave] offices indicate. Then, too, the average trader is looking for some fresh market stimulus. He is tired of trying to chart a market trend, for share markets, taken as a whole, have showed virtually no trends this year. The work of the Securities and Ex- change Commiscsion may be influenc- ing the size of market swings. When a stock gets active the 8. E. C. watches it closely, because activity invariably attracts a public following. The pro- fessional trader does not want com- pany, preferring business solitude, un- | til he wants to realize profits. A Washington reader informs us thet the Treasury is sympathetic with the plight of brokers who lost foreign accounts because of profit taxes on transactions here. The problem of permitting foreign business to be tax free presents difficulties. If foreign accounts are not to be taxed, what would prevent some large American | operators from doing all their trad- ing through Canada’? That question | has Treasury officials stumped. They | don’t see how they can class Europe as foreign and Canada as domestic and yet Canada's geographical posi- tion affords American traders certain | advantages if they wish to escape taxes. (Copyright. 1934.) SHORT-TERM SECURITIES. (Reported by Chas D. Barney & Co) | Allis-Chalmers Co. s | Amer_Beet Suzar v | Am. Tel. & Tel. Gen. Pub. Service 34 Gotham Silk Hos 65 19:6 Grand Tr. Canada Gs 19.16 n Av. 7s 14 w Rwy. Co 5 | Warner Bros. fis 1 L RGN, e B 3 & Vi S e ARy ‘F Make Mother’s gift outstanding .. . make it ELECTROLUX the GAS REFRIGERATOR WASH 411 Tenth Street, N. W. ' GEORGETOWN GAS LIGHT (o]0) 1339 Wisconsin Avenue Imagine mother's delight on Christmas morning when she finds this famous Gas Refrigerator—the very thing she needs to make her kitchen work easier, and more interesting. It is the practical gift, that will aid her every day in preparing meals, and afford countless op tunities for new dishes she has been lonfing to make. The Gas Refrij erator actually pays for itself too, by its oW runnin; cost, food savings and extra long life due to lack of complicated mechanism. It is abso- lutely silent—the only refrigerator that will remain silent through the years. If you still have an out-of-date refrigerator now is the time to buy Electrolux, on our special Christmas savings offer and unusual Holiday terms. Make Mother's gift Electrolux. Dl strict 8500 MPANY WEst 0615 S T A% S BRI E2 a2