Evening Star Newspaper, December 24, 1934, Page 12

A-12 %% CURB LIST MIXED INDULL TRADING Metal, Industrial and Store Shares Record Late Im- provement. BY G. A. PHILLIPS, Associated Press Financial Writer, NEW YORK, December 24.—Irreg- talar price trends prevailed on the curb maerket into the final hour today. Trading was dull and mostly in the way of evening up for the holiday. Some improvement occurred in metals, industrials and merchandising shares in the late trading, but utilities con- tinued to be backward. Gains of a point or so were made by Aluminum Co., Colt Patent Fire- arms, Cueno Press, Montgomery Ward “A,” Pittsburgh Plate Glass and West- ern Auto Supply. Among Nsers of a fraction up to a point were American Gas, Electric Bond & Share, Sherwin-Williams, General Tire & Rubber and Interna- tional Petroleum. CUDAHY CO. NETS $2.97 ON COMMON Xarnings for Year Ended October 27 at $1,986,262, Compared to $1,813,766 in 1933. By the Assoclated Press. CHICAGO, December 24 —A finan- clal statement for the year ending October 27, 1934, issued last night by the Cudahy Packing Co., revealed net earnings of $1,986,262, or $2.97 on the $50 par value common stock after meeting preferred stock dividend ob- ligations. Cudahy net last year was $1,813,766, or $2.64 on the common. Total net sales increased from $124,300,000 in 1933, to $151,400,000 for the fiscal year ended October 27. E. A. Cudahy, chairman of the board, said that while the profit on sales averaged less than 1, cents a pound, “I think under present indus- trial conditions we should be satisfied with the result.” Drought and Gov- ernment regulation of production, said, have strengthened his belief that live stock and meat prices will be higher. Cudahy said the processing tax on hogs cost the company between $9,- 000,000 and $10,000,000, and that ‘wages and salaries paid this year in- creased $4,000,000 over the 1933 figure. The company’s earned surplus was listed as $7,742,867, compared With $7,820,374 on October 28, 1933. Brokers’ Comment By the Associated Press, NEW YORK, December 24.—An un- {interesting and moderately irregular stock market today was foreseen by most fingncial commentators. Redmond & Co—Narrow and #r- vegular price movements seem indi- cated until midweek. Fenner & Beane—Vigorous leader- ahip is still lacking, but may be ex- Ppected to assert itself shortly. Jackson Bros., Boesel & Co.~—There {s little evidence technically of liqui- dation. We continue to advise care- ful accumulation. Lamborn, Hutchins & Co.—We con- tinue to suggest a neutral position until evidence is just a little clearer that any worth-while turnabout is likely to develop. Hornblower & Weeks—TIt is unlikely there will be any change in the re- cent character of the market in to- day’s pre-holiday session. CELOTEX HOLDERS BACK REORGANIZATION PLAN Bpecial Dispatch to The Star. NEW YORK, December 24.—The Stockholders’ Committee for the Celo- tex Co., of which Charles G. Cushing §s chairman, today announced its support of the reorganization plan proposed by the Reorganization Com- mittee, and recently modified. The modified plan had previously been approved by the First Mortgage Bandholders’ Committee and the Deb- enture Holders’ Committee. With this action by the stockholders’ group, all classes of the company’s security holders have now endorsed the plan. Deposits and pledges with the Re- organization Ccmmittee in support of the plan now represent more than 98 per cent of the general creditors’ claims, 62 per cent of the first mort- gage bonds, 60 per cent of the deben- tures and more than one-half of the amount of preferred stock, common stock and voting trust certificates necessary to make the plan operative. INSURANCE STOCKS GO HIGHER DURING WEEK Specisl Dispatch to The Star. NEW YORK, December 24—In- surance stocks in the New York City arket registered an improvement during the last week. ‘The aggregate value of 20 leading fire and casualty insurance issues, ac- eording to Hoit, Rose & Troster, amounted to $482,133,000 on Decem- ber 21, against $479,974,000 on De- cember 14, an increae for the week of $2,158,000, or 0.45 per cent. The current average yield of the 20 issues of 3.90 per cent, compares with a yield of 3.91 per cent a week ago. The, current market value is equal to 148 times the current liqui- dating value, unchanged for the week. —_— RAIROAD CREDIT CORP. TO PAY $735,993 MORE Yhe Railroad Credit Corp., an- fhounced today that it will make s jquidating distribution on December 1 of $735,993, or 1 per cent to par- ticipating carriers, Of this amount, 83!49!2 will be in cash and $381,061 in credits. ‘This will be the thirteenth liqui- dating distribution that has been made to participating carriers since liqui- dating began on June 1, 1933, and will bring the total amount distri- buted to $29,627,177. ‘The authorized distributions aggre- gate 28 per cent of the $75422.410 fund after deduction of the $1,753,918 direct refunds in reimbursement of taxes paid an the reyenues turned over to the pool. DISCOUNTS ARE. OFFERED. NEW YORK, December 24 (P).— Special assortment of merchantiise for use in coming housewares sales have been put on display by manufac- turers of small electrical appliances. ‘The itemis are being offered at special discounts for shipment after Christ- mas, ) N. Y. CURB MARKET MMMM"‘.WMDMI.'I’MWI‘H: Stock Dividend R‘ll‘ Add 00. mm Lo Afr Inv Inc war... % % Ala Grt Sou (k2).. 268 4‘% % Ala Pwr pf (6).... 205 34 33 33 Allled MillsInc... 4 12% 12% 12% Alum'n Co of Am.. 100l 46 46 Am Beverage. . ees 1% Am City P&L (Y) 13)eceeew 25331% 31% Am Cities Pwr & Lt (B) (k100)e 1 1% Cymamid (B) (k260).w Am Equities. ... Am & For Pw war, Am Founders. .... Am Gas&E1(11.30) Am Gas&El pf(68). Am Investm’t Inc. Am Inv Inc war.. Am Laundry 40e.. Am Lt & Trac 1.30 Am Lt&T pf(1%). AmPotash&Chm.. Am Superpower ArcturusRadio T. Ark Nat Gas...... Ark Nat Gas (A).. Art Met W (t45¢). Asso Gas & Elec.. Asso Gas&El (A). Asso Gas&El pf Atlas Corp. .. Atlas COX'D(A)(‘) Atlas Corp wa Babcock&Wil 40c. Blue Ridge Corp. . Blue Ridge pf(a3). Blumenthal (S) Bridgeport Mach. Brown Forman. Bunker Hill & Sul. Butler Bro: —_—— Cable Radio vtc. .: Cables&Wire(B) « Can Indus Alco A.. Canadian Marconi, Carib Syndicate. .. Carnatiop Co (1)« Carrier COrp.s.oen Catlin Corp" 1 Celanese 1st nf(?) 10001015 XNM 104‘. Cent Hudson G&E ctfs(80c).. 24 8% Cent States Elec.. 20 Cent Sta El cv pf.. 508 2 Chesebrough t11 L;1501 140 138 140 ChiR & Mk8$7% 1 14% 14% 14% Childs Co pf... 40s 2719 27 2T Cizes Service 61 1% 1% Cities Service pf,. 1 11% 11% Cities Service + P & Lt $6 pf.. 100s 1215 121 Citles Service P&L $7 pf....100s 13 Claude Neon Lts.. 2 'fi Clev Elec Illu (2). 2 Cleveland Tractor 2 Colt’s PFA (1132) 8508 Columbia Gas & Klec cv p£(5) .0 1008 Comwlith Ed (4)eee 6 Comwlith&So war.. 87 Compo Shoe(50c). 1 Cons Afrcraft.cee. 12 Cons Copper..was 10 Cons Gas of Balto (3.60) .. Cord Corp (k25¢)..% 1 Corroon & Reyn.., 1 Court'lds(k283%¢): 1 - Do 301 - G o » 9 g3 Reorwn o Creole Petrol'm Crocker Wheele Cueno Press 1 Cusi-Mexica; —_— Distillers Ltd (k74 7-10c)... Distillers Crp-Sea. Dohler Die Cast... 10 DominS&C (B).. 1 Dow Chemical lz) 2 Duval Tex Sulph.., 4 —_—— Eagle PitcherLd.. 4 East'n G&F pf(6). 758 East'n Gas&Fuel Prof(4%)...s 258 Easy Wash Mach (B) (50¢)...s 2 on - 58 Elec Bd&S pf(5)... 2 KElee BA&S pf (6)ee & Elec Power Asso (A) (40c).... 8 Elec Sharehold’g.. 1 Klec Share pf ww.. 76- Equity Corp'n. ... Euyreka Pipe L(4). lOOl European Elec Ltddebrts... 17 ——— Fajardo Sugar.... Falstaft Brewery. i Fanny F C 1314 2 Fidelio Brewery . - Fire Asso Phila 2. 250- Fisk Rubber. .30 Flintkote Co (A).. 2 Ford Motor Can (A) (k1%). Ford Mot Can (B) (k1%). Ford Motor Ltd... —_— Gen Aviation..... Gen Invest Corp 11 Gen Tire & Rub... T5s Georgia Pwr $6 p£150s Glen AldenC#M¥%. 1 Gold Seal EleC.cea 1 Gorham Mfg Pf WW.ue K008 Gorham Mfg votext (14)pem . 1 Grand Rapids Varnish (50¢)« Great Northern Paper (1).. Greyhound (Del). Groc Store pr vte.. Gulf Oil of Pa Happiness Candy.. Hecla Min (40c) Hollinger G t1.3 Hudson Bay M&S Humble 0il (1). Hygrade Syl (2) —_—— Il Pwr&Lt $6 p! Imp Oil Ltd coupon (180¢c).« 30 Imp Tob Gt Brit & I(k1.039-10¢), 1 Indian Territory [1lum Oil (A)ea 1 Indian Territory Ilum Oil (B).ss2 8 Insurance Co of North Am (2).. 3 Int Cigar Mch (2)s 1 Intl Hydro Elec System cv pf..100s Intl Mining war... 1 Int Petrolm (t2) 25 Intl Safety Razor (B)(25¢).750s Intl Utilities (B).. Intl Util war...... 6 Jones&Laugh Stl. Kingsbury Brew.. Kleinert Co. Kreuger(G); . Lake Sh M (13%) Lehigh C&N(50c) Libby McNeill&L.. Leonard Oil.... Lone Star Gas. . ee: Long Island Lte.w Long Island Lt PL(A) (.. oew Louisiana LEEX .. Lynck Corp (2 Massey-Harris. ... Mead Johnson(t4), Mem Nat G(k10¢). Middle States Petm vtc (B) Mi1d West Ut (r) e Mid W Utcvpf A. % Molybdenum Cp.. & 8% Mont W A m10%..1008127% 126 127 Mount Prod (60c). % 4w Nat Bella Hess. 9 2u Nat Bd & Sh (1)..: 1 29% Nat Fuel Gas (1).. 1 139. Nat Investors. ... Nat Invpf (m2%). 1009 83 Nat Invts war.... % Nat Pw&Lt pf(6). 1008 48% Nat Service....... Nat Transit (70¢c). Natomas (175¢). .: Nelson (H) (k25¢) Neptune Met (A)., - ™ L] 0 coon N O O M e [ 00 0010 bt b O % | Prans Air & Tran. % Lunols Central Py ading Co. Stock and Sales— Dividend Rate. Add 00. High. Low. 2:55. Niles-Bem-Pond.. 3 10 9% 10 Nipissing k13%c.. 3 2% 2% 2% Nor Am Lt&Ppf.. 50s 5 & 5 Northn EuropOil,, 4 & & ot !Y(!.I’)l“ 40s 50 Nonherlp States . Power (A)...2008 9 ——— ©Ohio Br (B) ki0c. 50s 19% Ohlo Oil cu pf(6). 100s 91 Oll Stceks Ltd 40c 7808 9% Parke Davis 11. 200! 82 Parker Rust P t4. 50: 68 5 D Pion’r GM Ltd 80e. 1 10% Pitts Plate G 1.60. 50s 52% Pitts & LE (2%)..100s 55% Pitney Bo P(20c).. Premier Gold 12¢.: 2 lVa Prod Royalty 2%e¢ 1 W Puget Sound P&Lt$5nt.... 608 13% Puget Sound P&Lt$6 pf... 508 8% Pure Oil pf. . 131 Pyrene Mfg Co. — Railroad Shares., 3 Red Baok Reynolds Invest Reyburn Co.. ...« Richfleld Oil Cal pl(r)..a 1 % RossiaIntl Corp.. 4 % —_— SaltCreek P(30c). 8 6 St Regis Paper.... 6 1% 1% St Regis Paper pf. 30s 23 23 28 Schiff(The)Co(2). .1 33 383 33 Select Ind pr3 .. 149% 49% 49% Shattuck Den Min. 1 1% 1% l"u Sherwin Will(3)..525s 88 874 87y Singer Mfg t14%5. 108 247 247 24Y Smith (A O)...... 508 27% 2T} 273 Shawinigan Wat& Pw(50e). 3 17% 17% 17% S0 AmG&P(k30c). 2 8% 3% 3% Southn Calit EdpfC(1%)... 1 15% SouthnCp (k10c). 1 % %% South Penn 01.20. 1 23 Stand Oil (Ohio), .700s 13% Starrett Corppf.. 1 1n Stetson (J B) . 25! Stutz Motor. . % 1% Stein A&Co l("Sc . Z-xl % 1078 Sunshine M t68c.. 5 l2‘x Swift & Co (175c). 16 Swift Intl (2) 1 — Tampa Elec(2.24). 1 Tastyeast Inc(A). Technicolor, Ine. .. Teck Hughes(40c), @ Trans-Lux DLPS (20¢) ua Tubize Chatil Tung-Sol Lam; —_— Unit Air war. Unit Dry D (r).. Unit Founder: U S Elec Pwr ww.. U S Foil (B)(60c). U S & Intl Secur..; U S & Internat’l Secur 1st pf ww Union Tobacco. - WO M- NG - Unit Shoe M t4%. 1750 Unit Verde Ex 40c 4 Utllity Equitiea... 2 Utility EqQ pf 334.. 50s Utilities Pwr&Lt. 1 Utility & Indus pf. Venezuela Petrol., —_—_— 1 B Waitt & Bond(A)a 1 ne Pump pfa: . 1 Walker (H).ccone 9 Wenden Copperva. . 2 ‘Westn Auto suvpg(rA) (. 1 Westn t pf(6). 50s Willlams (RC) (1) 1 Woolworth (FW) Ltd (k74c).. 1 Wright Har(t60e¢) 1 Yukon Gold...... 3 # Dividend rates in dollars based on Quartedy or seml-annual payment. PEarty extra. 1Plus 4% in stoc Payable in Cash or stock. b Payabie in ‘Stock, £ pius 5% in stock. g?lu‘ 6% in stock 1 Y- 1 seript lus 8% in stock. Paid this !!sr—no regular rate. m Accumu- lated dividends paid this sear. n Plus 10% in stock. p Paid last year—no reg- ular rate. T Companies’ reported in ' re- ceivership or being reorganized. By the Associated Press. CHICAGO, December 24.—Evening up of accounts so as to prepare for the Christmas holiday helped bring about general firmness today in the grain markets. Forecasts of a severe cold wave that would overspread the grain belt re- ceived a good deal of notice. On the other hand, export demand for wheat was slow, Wheat closed uneven, % off to 33 up compared with Saturday’s finish, May, 99%;-3; Corn, %-135; advance, May, 88%3-%; oats at !4-1- gain, and provisions showing a rise of 30 to 45 cents. WHEAT— Open. High. Lo Dec.. Y .... O8Y 9912 93% RD— December ..12.02 January May ... 137 Jandary ... Chicago Cash Market. Wheat, No. 2 hard, 1.04; corn, new, No. 4 yellow, 88a8912; No. 2 white, 1.00%; oats, No. 4 white, 52a52%,; no rye; barley quotable range, 78al.22; no buckwheat; soy beans, No. 2 yel- low, 1.15 net track country station; timothy seed, 16.50a17.50 per hundred- weight; clover seed, 15.25a22.00 per hundredweight. Liverpoa) Grain Prices. LIVERPOOL, December 24 (#).—Two pm. closing. Wheat futures closed firm. v, High. Low. Close, close. December B9l 9% 9% en‘/. 4% 74 74 - 6= 783% ': /u 8"' 78-‘- Exch 3%, This mlrkel is closed until Thursday. RAILROAD EARNINGS. NEW YORK. December 24 (#).—Novem- ber ret operating income as reported by railroads today included: as 51380087 543 1075705 NEW YORK PRODUCE. ,NEW YORK, December 24 (f) —E 79; frm. Mixed colors. special, pacl or ‘selections from gresh. receip standards nnd commercial standards. Bota: 8. ;_mediums, 40 ds. and X ly to firm. Mh& ln ext: rl 3”‘/;!3 tnllxed (90 lcom 30.30‘/ 10,532 (current): stesdy. Sats. Beld. 1033 as 19_1& faricy to, speciais. Ken: &ou:fi ungi i A rmn. 115 turkeys, 20 2 ucks, Preceding _ wi & | Er g week. NODERNHGAWAY PROGRAM BACKED American Road Builders Urge Improvements for. Speed and Safety. .. BY CHAS, P, SHAEFFER, Jssoclstod Prew Pinsncial Writer, sociation today came out with sn in- dorsement of a balanced ‘national highway. program. . [ In giving consideration % a pianned highway program the fol- lowing modernizing factors should be considered, in the opinion of the as- sociation: The elimination of sharp curves. There should be a sight distance of at least 600 feet on a main highway, the association said, while supereleva- tion of curves and widening of the highways should be made where necessary. In addition, it said arte- rial highways through metropolitan areas should be effected, as well as belt line highways around metropoli- tan areas, and superhighways between 5% metropolitan areas, The association declared also in favor of the elimination of grade crossings. Its program would include grade separation where cross main highways, and the elimin< ation of both railroad and highway grade crossings on boulevard highe ways, and in addition, would replace narrow or bottleneck bridges with a travel way at least as wide as the roadway. In support of its program, the as- sociation pointed out that the trend of highway requirements has become more clearly defined during recent years. “We know,” it said, “that highways must be built for higher speeds and greater volume. Most of our large metropolitan areas are faced with the problem of building arterial highways and eliminating grade crossings. Ex- isting traffic conditions are unsatis- factory and if a continuous program of this kind is not carried on, the next upward surge of vehicle registra- tion will result in a curtailment of hlgu:ay use of disastrous propor- MONEY IN CIRCULATION UP SHARPLY IN WEEK By the Assoclated Presg, Money in circulation showed a sharp rise during the week ended De- cember 19, as the change was mea- sured by the Federal Reserve Board, g In the table that follows, the total of such circulation is given for compar- able periods, as announced by the board: Week ended December 19..$5.587.000,000 00.000 ,000,000 SUGAR MELT DOWN. NEW YORK, December 24 (#).— The sugar melt of the 13 United States refiners from January 1 to December 15, amounted to 3,545,000 long tons, against 3,625,000 for the e e R o 365, . 000 last year. ns, against 8,410, me week last year prints 3 ound priats. ¢ 3:}} ~Nufld prints (88 N Da13; veal. 12a14: lamb. pork e ams, Tioked hams. 10820: Srip bacom: lard, 13'2a14%; compound, 11%aa GAME——Rlbblls per dozen. 1.30a2.40. Prices by the United States Bureau of Asricultural Econamics EGGS—Market steady to firm. United States Government-graded white extras, small. 1'; cents higher. Oth e unchanged T 2 3 U ext n‘}edénms 30%: U 2 . standards. large, 5{‘ Government graded .and aated brown eggs. U. S extras. large. 333 LIVE ~POULTR steady to grm. No receipts of live turkeys t morning. but 23 cents for Iancy youns tonts olors. 14a h mou?‘n.lnymuutif M"" 13"5 " hrine NEW YORK BAR SILVER. NEW YORK, December 24 (#).—Bar silver steady, % higher at 5315, CHICAGO PRODUCE. .. CHICAGO, December 24 (#.—Butter. 7.615. steady. creamery specials (93 siore. 30i2a31; extras (02). 50: ext ). 28%a2 2714a28%; seconds 7). % standards ' (90 centralized carlots). No butter sales extra firsts, cars, 2815; local, 28: fresh lnded firsts. cars ..‘ local, 27; current re~ refrigerator firsig, 21%2: stand- Y. Esg sales. 50 ck Springs, - ltlhnrn ; eese. 15; capons, ma E umun. frm: _youns toms, 1; youns hens, 2! %5 Y2 old, 22; ta track, H States nhlnmsnv:nmuréalsvsfi'g b Sy §5:, Qull, supplies moderate. demand an {rading slow: ‘eacked. per hundredwelght, gflm u""i‘f"l 2 u‘:n" 105! i orado McClures, 0. 1, guilive 17k Wieconsin' otiad L REICHSBANK STATEMENT. BERLIN. December 24 (.—The Reichs- bank statement as of December 21 shows the foliowing changes in refchsmarks: Gold and bullion increased 51. reser Torelgh currencics ncreased 186 000, 3 Of cexchange and checks ncreased 2.7 476,000 her coins increased S 102800, Hves on other banks decreased 3.039.000. advances increased 4.124,000, investments increased 311.000, other assets decreased 12.580.100. notes in circulation increased 4,084.000. ‘other maturing obli- zations increased 4.743.000. other labill; ties incressed ~14.47 8.000. ‘Total oldin '8.762.000. Note coveruu, ;?23 R-Ite of discount. 4 per cent. —_— INVESTMENT TRUSTS NEW YORK. December 24 (P).—New York Security Dealers’ Association: B Admin Fund ww. 1435 k: su Der cent. Cumulative Tr Corporate Trust Sorporate Trust | A mo Eorporate Trust Acc Corp Tr Accum Ser mod Depos Bk Sh N Depos Ins Shrs Diversified Tr C. e D0 = 3 D D Bt 30 00N ) S P E e d a4 . 100, By ool PRI EZwda e = 19 guoiotop®, e o R Sonk - 120200019, 1M LI 2% P o st B RSOBERAD R o O anuary 1st... begins a new era in newspaper history as well as a NEW Atexactly7am,E.S. T, The Associated Press opens in Washington one of 24 local stations in a 10,000- mile wire service devoted to the transmitting of photo- graphs, through the medi- um of WIREPHOTO. No other afternoon newspaper in Washington will have this truly epoch-making service. YEAR This sensational photo;transmitting Sys- tem brings actual scenes '(taken as far west as the Pacific Coast), in less time than is usually re- quired to make local photos. WIREPHOTO news pictorial service To the right is the WIRE- 'PHOTO SENDING MACHINE . . . the scanning machinery has moved most of the way across the revolving cylinder where the pic- tures are mounted for sending. As the machinery moves, it focus- es a beam of light upon the pic- ture; this beam is reflected to a photocell which converts the beam into electrical impulses for transmission. When the scanning equipment reaches the end of the cylinder, it cuts off automatically’ ...and PRESTO! ... a picture is flashed across the Continent in the space of a few minutes! Another indication of The Star’s desire to bring a superior news and picture service to its readers. Photographs now, as speedily as NEWS ... for readers of @hfi %fflf