Evening Star Newspaper, December 21, 1934, Page 17

FINANCIAL CURB IRREGULAR N NARRON RARGE Utilities Improve Slightly. Mining and Oil Issues Show Gains. BY G. A. PHILLIPS, Associated Press Financial Writer, NEW YORK, December 21.—Price movements on the Curb Exchange were mixed in light dealings today. Most of the trading leaders held to » narrow range. Utilities were slight- ly improved in some cases, llmough American Gas & Electric lost }4. Min- ing and oil shares were a little higher as a rule. Specialties were uneven. Sherwin- Williams and Pittsburgh Plate Glass were lower. Montgomery Ward A gained a point on small dealings. DOMESTIC BONDS. i High, Low. Noon. o ShedEE R R SEE Asso Rayon Asso Tel Co bs A Asso TET 3las A Baldn Lo ds "38 GO T C oD T SEE%E Brmngm Canadian Pc uuulluullu Fg Gt % Chi Dis L 41'5 Chi Pneu T 52 Chi Ry 58 clis Cities Service 5s Citles Sexvice bs SEEY Cleve EI Tilu Yoo 318 10374 Clev El 1l 55 B 61 10110 110" 083 1083, 108% 10413 10413204 % 10f 4v, 8 037 1047 10478 07 107 107 5012 501 50%2 10712 10712 107% 12 1032 1030 3 s 10w 36w e Sl Faisbarks Mor 66 Eederal Wi 528 Firestone CM 55 '4 Florida P&L os '54 Gatineau Pw 5s Gatineau Pw s '4 Gen Pb Ut 6las A 4030 Gen Refr 65 '3% 46 ROVa 80 5 59 5a P & L 55 " Glen Alden C 4s Grand P & W 6s Grand Trok flag Houfl, Git G !Ss A Hous L&P Hysrade Fd 65 % Pw THE N. Y. CURB MARKET Allled Mills Inc, Alum’n Co of Am. 50Us 45 pf (1%).. Alu: Goods 40c. Am Bonrln. seee Am City P (A) m...... Am Cities Pwr & Lt (B) (k10¢).. Cymamid (B) (k256)... Am Founders. Am Gas&EI(11.20) Am Investm't Inc. Am Lt & Trac 1.20 Am Maracaibo.... Am Superpower Am Superpower 18t pf (6).... Ark Nat Gas (A).. Atk Nat Gas cu pf. Armstrong C k250 Art Met W (t45¢). Asso Gas & Elec. . Aszo Gas&El (A). Atl Coast Fisher.. Atlas Corp. .. Atlas Ccm(A)(l). Atlas Corp war.... Atlas Plywood (K50C) .uuvene Auto Vot Mch 50c. Ax-Fisher(A)3.20 Babcock& Wil 40¢c. 50s 75 1 10% LI 1008 30% T I 26 15% S, 42 19% Am Gas&El pf6).125s 85 Am Hard Rubber. 100s 4% 1 34 Am Laundry 40c. . 300s 15% 8 3 7 1: 2 3 5 268 59% 508 37 % | New Bradford Ilh s | Comwith Ed (4)... Bliss Co (EW)... Blue Ridge Corp.. Blue Ridge pf(a3). Bower Roll B (1).. Bridgeport Mach.. Brill Corp (A) Brown Forma Cable Radio vte Can Indus Alco Canadian Marconi. Carib Syndicate % T Carrler Corp... 16% 16% Catlin Corp’ 2. 614 6% Celanese pf (1)...100! 100% 100 100 e 1st pf(7) 3008104 1031 103% uloid 1st pf... 2568 76% 76% T6% Cent States Blec., 8 % & Cent States Eleccv pf(new). 258 1% 1% 1% Cent States Elec 6008 1% 1 1a . 408 27 27 27 .78 1% 1% 1% Service pf... 1 11% Cities Service P&Lt3$6pf.. 50s 12%5 Claude Neon Lts.. 18 % Cleveland Tractor. 5 b5's Colon Ofl... w, & LY Columbia G Eleccv pf(5)... 758 67 ColumO&Gvte.. 1 % 2 461 Comwlth&So war. 57 % | Community Water Service.. 1 §& Compo Shoe(s0c). 1 14 Cons Copper...... 11 1 Cons Gas of Balto (3.60).. 11 52/ Cont G&Epr p£(7). 508 35 Cord Corp (k25¢). 4 3% Corroon & Reyn 1% | Cosden Oil Me, s |Crane.... % | Dubilier Condens.. 10215 10214 L 3s * 10014 100% No Stat P 5las 91 Northw, P, 65 2 95 95 967 963 963, 10132 1012 1012 Creole Petrol'm Crocker Wheeler. . | Croft Brewing.... Crn Ck Int A m75¢ Cusi-Mexicana M.. —_— Darby Pet (50¢)... Distillers Crp-Sea. Dohler Die Cast... Dow Chemical (2) Driver Har (k25¢). Duyal Tex Sulph. . —_— East'n G&F Asso. East'n G&F pf(6). Eastn Sta Pwr. ... Easy Wash Mach (B) (50¢).. Elec Power A3s0 (A) (40C).00s Elec Pwr&Lt Elgin Natl Watch Emp G&E 6% pf Emp G&F 8% pf. Equity Corp'n European Elec Ex-Cell-0 AtTool. 2 Falstaff Brewery. 6 214 23 Fanny FC 131%c. 31 9% 9 M Ferro Enam(t65¢c) l 12% 12% 12% Fidelio Brewery. . & 4 Fire Asso Phila 2. 100! 56 56 56 First Nat Stores 1st pf (7). 108112 112 112 TFisk Rubber . 32 12 10% Fisk Rub pf(6)...150s 83 823 Flintkote Co (A).. 6 15% 14% FlaPwr&Ltpf., 50s 12 12 Ford Motor Can (A) (k13%). 12 27% 27% Ford Mot Can (B) (k1%). 258 35 35 Ford Motor Ltd.., 12 8% 8% Foundation(For). 2 6% Gen Aviation..... 1 5% | Gen Gas &EBlec 13 105% 1om2 um, 108 817 81 8A1y Rfl' a6% fifl‘ ‘a & Sup of TN 4125 Swift Co 5s Syracuse L bs B W, RV, R, 10334 1094 10330 10634 10634 10634 conv pf (B) 508 12% Gen Tire & Rub. .. 75- Gilbert (A C). Glen Alden C t1%. 5 Goldfield Consol., 10 Gold Seal Elec.... 1 Gorham Mfg votext (1%4).ea 6 Grand Rapids Varaish (50¢c).. 4 Greyhound (Del). 12 Gulf O1l of Pa. 2 —_— Happiness Candy.. Hartman Tobaceo. Helena Ruben.... Hollinger G 11.35., Holly Sugar,,,,., 2 Hudson Bay M&S 28 2 . | Hecla Min (40e).. 2 1 1 5 T2 Humble Oil (1)... 41 715 | [l Pwr&Lt $6 pf. .150s Wis'F ser & o York Rwy 5- '37 POR!IGN BONDS. Pomeran Elec fs Rio de Jan 6lgs Russia 5l4s ctfs Stinnes 75 '36 xw. Terni So 6'2s A s Without wi—When issued. §Negotiability im- H 18t) \—lumped % +Companies reported red by maturity. 5 Teceivership. FOREIGN MARKETS. By the Associated Press. LONDON.—A_quiet. but’ cheerful tone prevailed on the stock exchange today. Gilt-edged securities improved on invest- ment buying. while the war loan issue record high &t 1084 pounds. ‘Transatlantic {ssues and gold Mining shares were supported by specu- lative ‘buying. and industrial shares were sieady, o Thg market closed fzm, PARIS _Prices The Boirse were stronger today. With indusiriats, §o) mln- ing end oil shares showing gains. shares” of “Gitfoen Automoblle "Co.._ which en ml r‘ecelvrnhlx today. de ecnned rm el 0 th 01a° 300" trancs' e Shaos, *The closing ‘was BER! 2. -—PHCE! on the Boerse opened cheerful tods small tur; ted {Tading. and the closing wes norgr dule touched & new REFINED SUGAR REDUCED. NEW YORK, December 21 (#)—The price of refined sugar was today re- dueed 0.10 of a cent a pound to 4.30 cents a pound by several of the large reflnen. . Byers (A. M) Co—Deficit, 12 months ended September 30, $773,748 ve. deficit $1,044,057. 1 4 Imp Ol Lta coupon (180c).. 18 Imp Ollreg(180c) 1 1mp Tob Can (152%¢)...0 10 Indian Territory Illum Oil.(A).. 1 Indian Territory Ilum Oil (B) Insurance Co of Morth Am (2)., Intl Hydro Elea System cv pf.. Int Mining (k15c). intl Mining war. Int Petrolm (t2) InterstateHo (2) Interstate Pwr Del pf. Irving Air C. c. 1tal Superpwr (A) —_— Kerr Lake (b10c). Kingsbury Brew. Knott Corp'n. . Krolx‘r(G)Brlw. - N aNe GEan e Lake Sh M (13%) Lehigh C&N(50¢). Leonard Oil. Lerner Store Libby McNelll&L.. Long Island Lt, .a Long Island Lt Bf (A) (D).....1108 Louisiana L&Ex.. 9 McWillmsDr 113 150s Mavis BotA (r).. 6 Mem Nat G(k10c).. 1 Merritt Chap & S. Merrit Ch&C pf A. Mex-Ohio Oil..... Middle States Petm vte (B) Mid West Ut (r).. 2 Midland Stl Prod.. 1 Minneapolis doney'll pf(6)..508 104% 104% 104% Miss River & Fuelbondrts.. 1 % % 16 1 Recelved by Private Wire Direct to The Evening Star. Stock a Bales— Dividend Rate, A4d 00, High. Low. Mock JudVoe(kl) 1 Molybdenum Cp. Mont W A m10 Nat Rubber l(nh. Nat Service....... Nat Transit (70¢). Natomas (175¢)..1 ehi Corp'n. . NJ Zine (2)., Newmont M (k1).. NY&HonR t4%. 50s N Y Merch (13%).. N Y Steam......., . Niag Hudson Pwr. 17 Niag Hud PA war 1 Niag Shrs(Md) B. 17 Nipissing k12%e¢.. 5 Ner Am Lt&Pwr.. 1 Nor Am Lt&P pf..200s Northern States Power (A).,.100s Novadel Agne(2). 13 Ohio Ofl cu pf(6).. 13 Pacific Eastern.... 8 Pan-Am Air(ks0c) 1 Pantepec Ofl...... 1 Parke Davis 11,50.200s Parker Rust P t4. 2008 Pennroad Corp.... 76 Penn Mex F pl5c. . Penn W &P (3)... Pepperell Mfg (6). 30s 8 Phoenix Secur.... 4 1% Pie Bakeries (40c) 1 10% Pion'r GM Ltd 80c. 10 107% Pitney Bo P(20c). 2 bW Pitts & LE (2%).. 80s 58% Pitts Plate G 1.60. 3008 51% Premier Gold 12¢.. 2 1% Prod Royalty 2%c 33 Prop'ties Real vte 308 14% Prudential Invest. 1 5% Pub Service Nor Ill no par.. 50s 17% Puget Sound P& Lt §5 of.... 508 12% Puget Sound P&LtSGDL.... 408 9 8% 8Y Pure Oil pf......u 40 39« 38 39% Pyrene Mfg Co... 3 3 Quaker Oats pf(6) 10s 132% 132% 132% —_— Railroad Shares.. 1 Railway & Lt Sec. 25s Reeves(Dan) 50c.. 1 Rellable Stores Reliance Corp(A). Reliance Manag.,, Reynolds Invest Rice Stix DG (2)u Richfleld Oil Cal et e H&Lt (k3)1508 Paper... 8 Paper pf. 1208 Seaboard Util. . = Select Ind prlS&,) 500. hh Selected Indus alot ctfs (333).. Seton Leather. ... Shenandoah. . 2 ll. Sherwin Wlll(l). 9208 88‘4 87 Smith (A O). S0 AmG&P (k30¢), South Penn 0 1.20. Southn Nat Gas... Southland Royalty (20¢). Spleg-M-S pf(6%) Stand Inv cum pf. Stand Oil Ky t1%. Stand Oil Nebr... Stand Oil (Ohfo).. 750- (6?1 YORK, T & gtherln.l:l Prance, W REVA demlnd 8.55: Stand O1L0 p£(6). Stand Silver & Ld. Starrett Corp. 3 | Starrett Corp pf. . Stetson (JB).. Swtz Motor..,... 1 Sullivan Machine. 125s 13‘4 Sunshine M t68c.. 10 13 Swift & Co (50¢).. 10 17% Swift Intl (2)..... 2 82 Swiss Ol (k10c),, & 2% —_— Tampa Elec(2.24). Tastyeast Inc(A). Teck Hughes(40c) Technicolor, Inc. . Trermoid cum pf.. Tob Prod E£x(10c) Trans Air & Tran. Trans-Lux DLPS (20¢) Tubize Chatil, Tubize Chatil Tung-Sol Lamp. — Union Am Invest. 100- 20' Union Gas of Can Union Tobacco o o > » o ot e NeSE e B o e Unit Shoe M t4 U 8 Elec Pwr ww.. U S & Internat’l Securlstpfww 2 US Play Crd 11.7¢ 508 3 Unit Wall Paper.. 1 Utility & Induspt 3 Utilities P&L pf..100s Utllity Equities.. 1 1% Utility EQ pf 3%.. 508 45 —_— Venezuela Petrol. 10 ——— Wenden Copper. .. Westn Cart pf(6). 2 W Va Coal&Coke. . Wright Har(160¢) 25 —— !ulon Gold. or stock. 5% in nock. lPlu: 87. ln stock, . 1P in Stock: no te. rCompanies reported in ree eelvmmn or bels fully llcted on the lhf‘ ":. :;r‘{%din ‘E&g REFINED COPPER STOCKS REDUCED IN NOVEMBER By the Assoclated Press, NEW YORK, December 31.—Stocks of refined copper in North and South America were reduced 37,000,000 pounds in November, with the United States absorbing by far the largest amount, according to Dow, Jones & Co. stocks in other parts of the world, however, increased 9,500,000 pounds, leaving world stocks on hand at the end of November at 967,000,000 pounds. . HEADS HUPP MOTOR. DETROIT, December 21 (#).—The election of W. J. McAneeny of Detroit as president and general manager of nounced yesterday by Archie M. An- drews, chairman of the board. Mc- Aneeny, formerly president of the Hudson Motor Car Co., takes over the office recently vacated by the resigna- tion of Charles D. Hastings. FOREIGN i:xcmal:s. (). —Forelgn Gemand. .oov.i“u les, 6.60 cab) ande— 1 German Bl T o e B zcnf Sveden 33.45: Do ark 22050 Pinls Z19%: Switzerlan rtugal. 4. HIGHER BROKERAGE RATES ARE URGED 8% Several Large Wire Houses Hold It Is Only Way to Lift Revenues. Special Dispatch to The Star. NEW YORK, December 21.—With- in the last few days Wall Street has heard that some of the larger wire houses are agitating for higher com- mission rates on New York Stock Exchange business. Heads of several of these wire organizations assert higher commissions are the only means they see of increasing rev- enues. Higher commission rates have not | g, been discussed by memm or other Fuss officials of the exthange, but it is felt in officlal quarters that any rise in rates would not benefit members and would tend to curtail business. Indeed, there is a growing belief among customers that commission rates should be lowered. One exchange official pointed out present commission rates encourage bond trading in over-the-counter markets and that higher rates on stocks would tend to drive trading either to other exchanges or to over- the-counter markets. Brokers have cut expenses to the bone and now looking for ways of adding to revenues, but raising rates never helps. Most brokerage houses these days make no attempt to advertise their services. They do not effectively solicit hwfll, even within the limits permitted by the exchange and the 8. E. C. More busi- [ ness, rather than higher rates, is needed to keep houses going. Quotations on memberships on the exchange are an unfailing barometer of the commission outlook. Recently 8 seat was bid for at $76,000, but none was offered at less than $105,- 000—indicating that the holders do not think prospects are as black as they are said to be. (Copyright, 1934.) NEW YORK BANK STOCKS NEW YORK. December 21 (#).—New York Becurity Dealers’ Association: lanannl as of 11 o'clock.) Manhattan 421 Chase (1.40) mmercial e (1%2) Manufacture; New York Trus Tile Guarancy & Trust Lawyers County *Includes extr EVENING STAR, WASHINGTON, D. C, FRIDAY, DECEMBE Commiittee to End Technical Corner In Sugar Proposed By the Assoclated Press. NEW YORK, December 21.—Ap- pointment of a special committee to end the technical corner in the De- cember raw sugar contract was pro- | p posed today by the Board of Managers of the New York Coffee & Sugar Ex- change, The committee will seek to effect settlements among the holders of long and short positions in the contract by deliveries of the sugar within the lim- its of the available supplies or liquida- tion by monetary settlements. The board ordered the stspension of trading in December contracts, ex- cept in so far as it related to settle- ment of outstanding contracts. U. 8. TREASURY NOTES. (Reported br Chas. D llml & Co.) S".":-;!‘?."'- bty b g ol FINANCIAL, FEDERAL LAND BANKS #NEW YORK. December 21 (7).—Pederal INVESTMENT TRUSTS NEW YORK. uber 21 lfl— w York Becurity Dealers” Asociation: ¢ Admin Pund ww.. Am Bankstock: Business 8 - a5 Alkefl " i 35 < ‘C:llmllll"'l Tr 0 3036 SRSRGIREREN iz A B b e ] P e asgs & ol o 1910192 b0 '2:':: BRBRAN DDA BBIO SRS DOO I AU 120 2500 D D i ke D DD NI 853 Trusteed Am Bk RUBBER FUTURES. NEW YORK. December 21 4P —Cru pubber fitures opened barely steady. 4 :o 8 _'lower. December, 8, l‘.‘i’fll’l‘;fl 93, March, 1 b May, l‘é Land Bank bonds: (Quotations as of 2 o relock.) & Nov. 1941-31.. 1956- SHORT-TERM SECURITIES. (Reported by Chas. D. Barney & Co.) Allis-Chalmers Co. 5s 1937. 33 | Amer. Beet Sugar 65 1935. . Am. Tel. & Tel. 5%s 1043. . Atlantic Refining 5s 1937. . Bethlehem Steel 5s 1036. .. California Packing 55 1940, Canad. Nor. Ry. 4'2s 1935, Ches. & Ohio Ry. 5s 1939. . Chi. Gas Lt. & Coke 55 1937 Chi. Northwest. 8%as 1936. . Colorado & So. 4%s 193E.. Delaware & Hudson 5s 1235 Den. & Rio Gr. 4\.: 1n’95 Edison EI: l Gen. Pet. Gen. Pub, otham SLk Ho i. 56 Ofl Co. 528 1937 Beo Iron & stesl 5 Sinclair Cons. Oil 7 fo 1he . Motori 101112 The Petroleum Administrative Board—after the receipt of complaints on the part of certain of our competitors and after receiving the recom- mendation of the Planning and Coordination Committee—has issued an ultimatum. It has demanded that we discontinue our prac- tice of offering our new product .. Aerotype ESSO .. under a cash refund guarantee. The Petroleum Administrative Board has taken the position . . the opinion of legal counsel to the contrary notwithstanding . . that the cash refund feature of our guarantee constitutes a violation of Rules 3 and 17 of Article 5 of the Petroleum Code. We do not propose to argue the validity of the Petroleum Administrative Board’s claim. The issue involved does not warrant it. We believe that the public will understand our position in not taking issue with the Petroleum Administrative Board . . despite our feeling that there is no violation of the Code in our cash refund offer. WHY WE MADE THE CASH REFUND OFFER As a matter of company policy, we have been definitely opposed: to the common practice of making unsupported claims regarding product. At the same time we were convinced of the superiority of Aerotype ESSO over any other motor car fuel marketed today. Therefore, we felt that through the medium of our cash refund guarantee we could offer this new product to the public without making ex- Public travagant claims concerning its merits by giving all motorists an opportunity to determine for themselves its superiorities. We made no reservations. We left it entirely to the public to pass judgment upon the product after giving it a thorough and impartial trial. HALF A MILLION BOUGHT ONLY 36 ASKED FOR REFUNDS It is significant to note that during the first 10 days following the introduction of Aerotype ESSO, some 500,000 motorists purchased ap- proximately $1,000,000 worth of this new pre- mium motor fuel. Of these half million purchasers only 36 have asked for a refund. And the total sum refunded amounted to $8.84 | We do not feel that this-insignificant amount creates an issue of sufficient consequence to war- rant a controversy with the Petroleum Adminis- trative Board. On the other hand, we believe that public ac- ceptance of Aerotype ESSO and the ability of this fuel to make good on every scote have been established beyond every reasonable doubt, as evidenced by the fact that less than a hundredth of 1% of the users requested a refund. Hence, the g;carantee of cash refund is dis- continued as of Friday, December 21st, 19341, We want to take this opportunity to thank the thousands of motorists who have purchased Aerotype ESSO to date for the fair and impar- tial judgment which they have passed upon it. &SSO MARKETERS 100% 100% 1113% 107% 103% 103% 101 111 103% An Open Lietter Ofter. 100% 100% 111% 107% 10314 103% 102% 111% 104 64 92% 102