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HAVE MIXED TONE ^ Few Industrial Convertibles Gain, but Railroads Move Unevenly, Bond Averages 20 10 10 10 Ralls Indust. Util P’sn Net change. Unc. Unc. —.1 —.1 Today noon. 97.3 103.9 101.9 72.0 Previous day 97.3103.9102.0 72.1 Month ago.. 97.3 104.1 102.4 71.0 Year ago... 86.0 101.8 99.6 69.1 1936 high_97.9 1Q4.4 103.1 72.1 1936 low_ 86.9 101.8 99.3 67.6 1935 High_ 87.8 102.2 99.8 70.4 1935 low_ 76.4 92.2 84.5 65.5 1932 low_ 45.8 40.0 64.6 42.2 1928 high...101.1 98.9 102.9 100.5 It Low-Yield Bonds. Noon *4_. 113.3 Prev. day. 113.1 Month ago 113.3 Year ago . 110.2 1936 high. 113.5 1936 low.. 110.2 1935 high. 110.7 1935 low.. 107.9 1928 high. 104.4 1932 low.. 86.8 (Oomplled or the Associated Press.) I) the Associated Press. NEW YORK, December 28.—Cor porate bonds moved unevenly today as United States Governments Improved. A few Industrial convertibles moved up a point or so under the lead of Youngstown Sheet & Tube 3 Vis and American Typefounders 5s. Rails were on both rides, with loans of Rock Island. Illinois Central, New York Central and Missouri Pacific higher, and those of Baltimore & Ohio, Great Northern. M.-K.-T. and Southern Railway down fractions to around a point. Rallying tendencies were fairly broad through the Government list. A few ©f the Treasuries gave up l/32d to 3 32ds, but the major movement was Upward, with advances ranging from l/32d to 5/32dfl. Advertising Total Rises 6.8 Per Cent Above 1935 Level Special Dispatch to Th. Star. CHICAGO, December 28— Retail Newspaper advertising for this year through December 19. is 6.8 per cent ahead of the corresponding period of 1935, according to Advertising Age, national advertising newspaper. * This report, based on total volume ef retail display advertising carried by newspapers in 67 major cities, L shows a total of 915,977,555 lines for this year, against 857,345,616 lines for the like period of last year, a gain ef 58,631,939 lines, or 6.8 per cent. - — m -- NEW RISE LIKELY IN PIANO SALES Higher Prices and Plant Expan . sion Also Expected tor In dustry in Coining Year. Bt the Associated Press. CHICAfeO, December 88. — With 1936 piano sales the largest in a decade, L, P. Bull, president of the National Piano Manufacturers’ Asso ciation, predicted today e further in crease in volume, higher prices and plant expansion of the industry in 1937. “A continuation of the great sales volume of 1936 already is assured for next year.” Bull said, "and such an Increase will make necessary a larger production than our present factory equipment can handle. “The demand for pianos during 1936 not only exceeded previous years, but each month was greater than the preceding one, reflecting the growing i public demand.” An increase in piano prices is in evitable. Bull said. He pointed out that the Instrument has some 18,000 parts. Various metals, dozens of kinds of woods, ivory, rubber, felt, paints and textiles are used. A rise of only a few cents in each article, he laid, means much in the total effect on costs of piano construction. In addition, other costs also are in creasing. Bull reported that piano shipments Oils year reached their highest level In many seasons, yet, in the face of this, the Industry accumulated the tyggest backlog of unfilled orders ever reported. INSURANCE STOCKS * NEW YORK. December 28 (Jh.—New Fork Security Dealer*' Association: Bid. Asked. Aetna Caa (2a)___103 107 Aetna Ins (1.60) _ 60V. 52V. Aetna Life (.80a)_ 20% 28V. Am E^uit (la) . .- 37% 40% Am Ins Newark (%>_ 12V. 13% Am Relna i3) - 76% 70% Am Reaerve (la) - 31V. 33V. Am Surety (2%)- 31% 33% Balt Amer (,20a) ^_ 8% 9% Carolina (1.20) _ 27% 29% Ilty of N Y (1.20) r- 20V. 30% onn Oen Life (.80)_ 31% 33% Ontlnent Cas (1) '_ 27% 30 Id dr Deo (3a) -119',a 12.3 tremens Nwk _ 11% 13 tank rtre iia) - 31% 33% >en Reinsurance (2)_ 42V. 44% Hen Falla (1.60) ... 43 46 (lobe Ac Rep <%a) _ 20% 22% Hobe At Rut - 75% 78% reat Amer llif_ 27 28% Anover (1.60) _ 36% 37% armonia 11.20) _ 29 30Vi artford Fire IS) _ 74 77 ome Fire See _ 6 Vi 7 Vi one Ins IIa) _ 30% 41V. omestead (1)_ 22% 24% ineoln Fire- 4 6 atl Fire (2) _ 65V« 67Vi atl Liberty (.20a) _ 9Vi lOVi Hampshire (1.60)_ 4lV« 43Vi r Y Fire (,60a) _ 22% 26 Nor River (.80a). 26 27% Phoenix (St) .. 90 04 Prov Waah (la) _ 38% 40% ft Paul Fire (6a) _ 206 210 hXW SIS • ip Travelers (18) __ 466 . 475 0 8 Fire (1.80) _ 53% 65% Westchester (la) _ 33% 35% a—Also extra or extras. RAILWAY INCOMES. NEW YORK. Decraber 38 OP.—Rail loads reporting November net operating Income (before fixed chargee and other income) today Included: . ; 1936. 1935. New York Central_$5.027,105 $4,393,690 {annaylvanie- 7,385,187 6.544,046 fgnta Pe._ - 2.687.339 2.162,837 gllnol* Oentral. . 2.500.505 1,107,020 Pittsburgh 4L. X.. 516.185 321,830 North Western_ 1.125,724 743.844 Dreat Northern- 1,850.462 1,810.705 Northern Pacific-.- 1.819.174 1.249,733 Joule. A Nash. 1.937,512 1.288.186 Delaware L. A W._ 824.490 430.363 Southern Railway.. 1.931.397 1,550.348 |t. Paul 1,176.072 1,404.962 western Pacific. .. 145.911 184.667 Denver A Rio Or. 368,605 589,595 Chi. Or. WMt«n-- 266,723, 266,176 CRUDE OIL PRICES. PI 1TBBUROH. December 28 OP.—Pro - of Pennsylvania crude oil an an increase of 15 cents a barrel _i.various grades. The new prices: ._jwegt. 2.32: Kureka. £27; Buckeye, t: Bradford. 2.67: New York transit. Corning was unchanged at 1.32. last change in price# wag January 13 last. MONTREAL SILVER. March. 40.10b; May, a BONDS ON N. Y. STOCK EXCHANGE By private wire direel to The Star. TREASURY. / Hi(h. Lev. 5:45. 2Hs 1949-53_101. 100 JO 101. 244a 1945-47_ 106.5 106.5 106.5 244s 1948-51_ 104. 108J1 1Q4. 244B 1961-54_102.25 102.25 101.2* 2448 1956-59_ 102.16 102.0 108.16 2%s 1955-60_ 104.1 103J6 104.1 3a 1946-48_ 107.22 107.12 1C7J2 3s 1951-55_ 106.2 106. 106.1 3 Hs 1946-49_ 108.20 106J6 106.20 3 H* 1949-52. 108.8 108.2 108.8 3Hs 1941.1_ 108.17 10847 108.17 3 Ho 1944-46_ 109.18 109.17 109.18 3 44a 1940-43June. 107.19 107.19 107.19 344s 1941-43 Mar. 108.24 108J4 108.24 3H« 1948-47_ 110.12 110.6 110.12 3448 1946-56_ 114.10 114.6 114.10 4s 1944-54_ 115.22 116.17 116.17 4HS-3HS 1948-45 109.19 109.17 109.19 4Hs 1947-52_ 121.10 121.7 121.10 FEDERAL FARM MORTGAGE. 3s 1947_ 106.16 106.16 106.11 3s 1949__ 106. 10440 106. HOME OWNERS' LOAN. 214 s 1942-44_ 102.22 102.19 108.2? 2**s 1939-49_ 102.29 10240 102.22 3 s 1952_ 10442 104.19 10442 FOREIGN RONDS. High. Low. 2:46. Abitibi Pa&Pw 5s’53.. 80 ,79*4 79*4 Adriatic Elec 7s ’52— |77 k77 ,77 Antioquia 7s’45 A- 22 21 21*4 Antioquia 7s’45 B-121*4 120*4 .21*4 Antioquia 7s ’45 C-|HJ4 . 21 21*4 Antioquia 7s’45 D_ 22 10*4 21*4 Antioquia 1st 7s ’67— 18 16*4 1 Antioquia 2d 7s’57 new 18 18 18 Antioquia 3d 7s ’57_ 18 17 17X Antwerp 5s’58_ 97*4 97*4 97*4 Argentine 5*4 s’62_102*4 1U> 102*4 Argentine 6s ‘57 A_ 102*4 102*4 102*4 Argentine 6s ’58 B_ 102 102 1U2 Argentine 6s’59 June. 102*4 102 108 Argentine 6s ’59 Oct... 102 102 102 Argentine 6a ’60 May.. 102*4 102*4 102*4 Argentine 6s ’60 Sept.. 102*4 102 102 Argentine 6s ’60 Oct.. 102*4 102*4 102*4 Argentine 6s ’61 Febr.. 102*4 10214 102*4 Argentine 6s ’61 May.. 102*4 102*, 102*, Australia 4%s’56_ 102*4 102*4 102*4 Australia 5s’55_110*4 110*4 110*4 Australia 5s’57_ 109*4 109*4 109*4 Austrian's’57_ 98*4 98*, 98*4 Belgium 6s ’55_... 106*4 106*4 106*4 Belgium 61,s’49_ 108*4 108*4 108*4 Belgium 7s ’55_116*, 116*4 416*4 Bergen City 5s ’60_ 99 99 49 Berlin 6i ’58 - 22 21*4 81*4 Berlin Elec 614s ’51_ 23*4 13*4 33*4 Berlin Elec 6*4s ’59_ 23*4 23*4 28*4 Brazil 8*4s’26-’57_ 8»*i 88 88*4 Brazil 6*,s’27-’57_ 88X 88*4 »**i Brazil 7a’62_ 88*, 38*, 88*4 Brazil 8s *41_ 49 46 49 Breda Ernesto 7s ’54_61 81 61 Brisbane 5s’57_ 102*4 102*» 102*4 Brisbane 5s’58_ 102*, 102*4 102*4 Brisbane 6s’50- 106*, 106*4 106*4 Budapest 6s ’62 unmat coupon on_ 25)* 26)4 26)* Buenos A C 3s ’84_ 66 66 66 Buenos A C 6s’60 Oct- 10u)* 100)* 1001* Bue A1 4)2 8-4 )*s ’76-_ 82)* 82 82)* Bue A C 6**8 ’61stPv_. 86 85 86 Buenos Aires 4%s-4hs '76 April 78)* 78)* 78)* Buenos A 4 U a '76 Aug 78), 78 78)* Buenos Aires 4)*8-3)kS '77 Pv- 775* 77)* 77)* Bulgaria 7s '67 July coupon off_ 26)* 26)* 26H Bulgaria 7 Us ’68 May coupon off_ 23 23 23 Canada 2)»a’45- 101 100J* 101 Canada 3 >*■'61- 103)4 103 108)4 Canada 4s'60_110)* 110 110 Canada 5s’52-114)* 114)* 11414 Carlsbad 8s '54- 481, 48), 48!* Chile 6s'60. - 17 16)* 16)* Chile 6s ’61 Jan. 16)* 16)* 16)* Chile 6s '61 Kebr_ 16)* 16?* 16»* Chile 6s’61 Sept- 165* 16)* 16)* Chile 6s ’62-J- 16)* 18)* 16?* Chile 6s’63- 17 16H 16)* Chile 7s’42- 17)* 16?» 16?* Chile Mtg Bk 6s ’61_ 1*)* 13J* 14)* Chile Mtg Bk 6s’82 14)* 18)* 14)* Chile Mtg Bk 6)*s'57. 14 ll)* 14 Chile Mtg Bk 6)«s’61. 14)* 18)* 14)* Chilean Mun L 7a’60-_ 13)* 12!* 12?* Cologne 6>ji ’60_ 22)* 22)* 22)* Colombia 6s'61 Jan_ SOU 2* 20 Colombia 6a'61 Oct_ 80)* 28!* 28)* Col Mtg Bk 7s ’4b ... 28), 28 28 Copenhagen 4Us’53_9S!* 08)* 08)* Copenhagen 5s ’52_ 08?* 08)* 08)* Cordoba 7s '42 Prv_ 97 97 97 Cuba 5Us’45- 61)* 60)* 60)* Cuba 5Us 53- 103)« 103)* 103)* Denmark 4 >*s’62_ 00)* 09)* 00)* Denmark 5Us’55_ 100)* 100)* 100)* Denmark 6s’42_•_ 105 105 106 Dominic 1st 5U»’40... 71)* 70)* 71)* Dominic 1st 5Us’42_ 74 73 74 Dominic 2d 5 Us’40_ 78 78 73 Finland 6s ’45-107Vj 106)* 106V* Frankfort 6^8'53_ 20 20 20 French Gov 7)*8 ’41... 127 127 127 Ger C Bk A 6a ’38_ 80 30 So Ger C Bk A 6a ’60 July 36)* 36)* 86)* Ger C Ag Bk 6*’60 Oct- 26!* 36)* 26)* Ger C Bk A 7a ’50 _ 84 34 34 Ger Gen Klee 6s’48_ 404* 404* 404* Ger Gov 5)* a ’65 at_ 20V* 30 20 Ger Gov 5V*a’65 un at. 20)* 20)* 20)* Ger Prv & City Bank con Ag 6'/4« '58 - 36)* 26)* 36)* Ger Rep 7s ’49 atpd_ *7)* 27 17 Ger Rep 7s’49 un st... 24)* 24)* 24H Greek Gov 6s ’68_ 26)* 26 26)* Greek Gov 7s '64_ 30 SO So Haiti 6s ’52_ 99 99 99 Hung Con M7«’46- 21)* 21)* 21)* Hungary 7%« ’44 Febr coupon oil .. 48)* 48)* 46)* Hung L M 714« ’61 B__ 21)* 21 21 Italy 7s’51 - 86 84)* 84)* Ital P U Crd 7s ’52 - 66)* 66V* 66H Japan 5%s’65- 804* 73)* 80)* Japan 6)*s’54- 96)* 96)* 96H Karstadt 6s'43_ 40 40 40 Kreug&Toll 5s '59 cfs. 44)* 44 44)* Lelpsig 7s’47_ 24 24 24 Lombard Elec 7s’52... 64)* 64)* 64)* Medelln 6)4s’54- 17)* 16)* 16)* Met Wat &!*s *50_ 104 104 104 Mex 4s ’10-45 asst_ 8)* 7)* 7)* Mex 4s *10-’45 asst sm. 8 7)* 7)* Mex 4s'54 asst _ 8)* 84* 84* Mex 5s’45 asst Ige_ 10)* 9)* 9)* Mex st 5s ’45 asst_ 94* 94* 94* Mex 6s '38 asst sm- 12)* 12)* |2)* Milan 6>*s'52 - 66)* 66)* 66)* Mines Gers6V->s’6* Sept coupon off _ 83 28 28 MlnasGers 6*s '59 Sept coupon on-„ 88* 88* MX New So Wales 5s'51.. 105 104* 104* Norway 4*s'85-10IX 101 101 Norway 5s'63_ 101 101 tot Norway 6s '43- 107* 107* 107* Norway «s 44. 108* 108 108 Norw Hy El 5*s'57.. 102 101* 101* Norw Mun Bk 5s '70... 102* 102* 102* Nuremberg 68 *52_ 80* 20* 20* Oriental Dev 5%s’S*_. 70* 70* 7044 Oriental Dev 6s ’53_ 76 74 75 Oslo 4*8 '55- 99* 99* 99* Oslo G & E 5s '63_ 102 102 102 Panama 5s '83 stp as_TS 76 76 Paris Orl Ry 6*s *88_101 101 Ml Peru 6* '80--- 16* M m* Peru 6s'61- IS* 16* U* Peru 7s '59- 18* 18 18 Poland 7s *47_ 71 71 71 Poland 8s ’50- 88 81* 61* Porto Alegro 7 *s ’66 July coupon off_ 28 M 28 Prussia 6s "62_ 20* 20 20 Prussia 6*a'61_ 20 20 20 Queensland 6s '47_111*4 lit 119*4 Queensland 7s >41-111*4 111*4 111*4 Rhine W El P 6s ’52 22*4 22*4 S2W Rhine W El P «s ’51 S2Jt 22*4 22u Riode Jan 6Ms’5* Aug coupon oft- 22*4 21*4 21*4 Rio de Jan 8s '46 April coupon off_ 2S*4 26 26 Rio Gr do Sul 6s ’6S June coupon off- St*4 20*4 21*4 Rio Gr do Sul 7s '66 May coupon off- 24 2S*4 24*4 Rio Gr do Sul 8s ’46 April coupon off- 27*4 27*4 27*4 Rome 6%s ’52- 4S*i 68 68 Rumania 7s '49 Aus coupon off..... 26)4 VH 1**4 Sao Paulo CIHe’ST May coupon off-- SIM >1M SIM Sao Paulo 8t 6a '68 July ooupon off_ 24 14 24 Sao Paulo St Sa ’60 July coupon off-SOM SOM SOM Saxon St Mtg 4*41*46. 24 24 24 Serbs 7s *62 uam c o_24 »M »M Serbs Ss *42 anm c o_ H ■ S Siemens 4k H 4 Hs ’ll.. 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Adams Express 4s ’46. 106 106 106 Alleg Corp 6s ’44. 100M 100M 10«M Alleg Corp Sb ’40_ 07 MM MM Alleg Corp 6S ’60 atp._ COM 4474 64H Am A For Pw 5s 2030.. 7»M 7874 7# Am Ice cv 6s’66 . 86M 66M 86M Am I GCh 5 74 s’49_ 10874 108M 108M Am Inti 674s ’49_106M 106M 106M Am T A T 4 74s '39_ 11274 118M HIM Am TAT 674s’46- 11174 HIM HIM Am T F 2 74s-5s’88-’60. 178 171 171 Am Wat Wks 6s '75... 10974 10974 10974 Am Writ Paper 6s’47.. 7*M 1174 7174 Anaconda deb 4 74a '60. 106 10674 106 Anglo-Chll Nit 7a ’67.. 87M 87 87M Ann A 1st ex in 4a'95.. 72 72 78 Armour A Co 4 74 s’39. 10374 1M74 10814 Armour (Del list 4a’65. 0874 98M 9874 A TAS Fe adj 4a ’96 at. HIM HIM HIM A TAS Fe gen 4s ’95... 116 11674 11674 A TAS Fe 4TjS*48- 11074 11074 11074 A TAS FeC A 474s’62. 118 118 118 Atlanta A Birm4a’33.. 88M 63 3SM AtlaACh A L 6s’44_ 11474 H474 11474 AtlCoaat L 1st 4a'52.. 106 104M 10474 Atl Coast Licit 4a’52.. 08M 98 08M Atl C L un 474a ‘64_ 0774 9774 9774 Atl Coast Line 5a'45.. 10474 10474 10474 Atlantic AD lst4s ’48. 61* 60* 61)4 B ft O 1st 48 '48. 1084 >084 1064 BftO4£s'60... 77 76 76 B ft O ref Ss '96 A_ 804 894 894 B ftO 5s '96 F_ 894 80 >0 B ft O ref 5s 2000 D_ 894 894 894 B ft O ref Cs '95 C_ 101 1004 101 B ft 0 PLE&W V 4s'41. 1084 1084 1084 B ft O Swn 5b '50_1074 1074 1074 B&O Toledo 4s '69_ 994 094 994 Bell T of Pa 5s '48 B_ 1204 1204 1804 Bell T of Pa 5s ’80 C... 1204 1304 1804 Beth Steel 34e'66_ 994 09 094 Beth Stl 4 Vi s '60 sf_ 108 1064 10&4 Bos ft Me 4 % s '<1 J_ 804 784 794 Bos ft Me &s’55.. 854 864 864 Bos ft Me 5s’67_ 83Jj 834 834 Boston X Y A L 4s ’66- 274 274 274 Bot Con M 6 4s '34 .. 364 354 364 BotCon M 64s'34 ct- 36 33 4 844 Bklyn C RR os '41_ 1004 994 094 Bklyn Ed con 3 4* 65-- 1054 1064 1064 Bklyn Man T 4 4s '<6- 104 103*4 104 Bklyn tin Gas 5s'45-.. 1224 1224 1224 Bklyn Un Gas 5s '57 B. 1084 1084 1084 Brown Shoe 3 4»s '50— 10*4 1064 1064 Buff G E 44* '81 B_ 1094 109 109 Buff RAP con 44s ’57. 904 894 894 Bush Term con 5s'55.. 764 764 764 Bush Term Bldg 5s '60 61 694 614 By-Prod CkoHs’45— 1024 J024 1024 Camag 7s'42 rtfs_ 364 864 864 Canada So 5s '62 A_11*4 1194 1194 Can'dlan X R 4>js'68. 116 1164 1154 Can’dian X 5s’69 July. 119 119 119 Can'dian X db 6 4s '46. 1274 1274 1274 Can'dian P db 4s>'perp. 994 984 99 Can'dlan Pac 4%s'80- 106 106 106 Can’dian Pac 5s'54_ 1094 1094 1094 Caro Cl ft O 6s'52 A. 1094 1094 1094 Central Fdry cv 6s'41. 162 162 162 Cent of Ga con 5s'45.. 82 314 314 Cent of Ga 6s '59 C_ 204 204 204 Cent of Ga rf 51*8'59. 20 194 20 Cent X Knpland 4s '61. 664 864 <54 Cent of N J gen 5s 47. 86 85 85 Cent Pac 1st rf 4s'49.. 112 1114 1124 Cent Pac 5s '60 - 103 1024 1024 Cent Steel 8s '41 - 1264 1254 1264 Cert'd deb 5*is '48_ 914 904 91 Champ Pft F 44s '50. 1074 1074 1074 Ches* O 3%s'96 D... 1024 102 1024 Ches ft O 3^s'98 E_ 1024 1014 1014 C ft O gen 4 4s '92- 1274 1274 1274 CftOcon5s’39_ 109 109 109 Chi ft Alt ref 3s’49.... 67 66 4 664 Chi B ft Q gen 4s '58-1144 1144 1144 Chi B ft Q 4 >is'77-114 114 114 Chi B ft y ref 5s '71— 1184 1184 U84 Chi B&QI div 3Vis'49.. 109 109 109 Chi B ft Q 111 dv 4s '49. 1124 112*. 1124 cm Ac E 111 os ’ol _ 364 3*4 36 Chi & E 1115s '51 ctfs_ 34 384 33*1 Chi Grt West 4s '59 __474 474 474 Chi Ind & Lou 4s ’47—. 34 84 34 Chi I & L gen 6s ’66... 224 22 224 Chi Ind & L gen 6s '66. 23 *2 224 CM&StP *n 3 4* '89 B_ 66 66 66 CM&StP24s ’89- 604 604 604 Cil&StP gn 4 4s’89 C. 664 66 66 CM&St P 44»'89 E c« 664 664 CM&St PSs’75 - 814 804 804 CM&StP&P adj 682000 104 94 94 Ch &NW gen 3*-4s ’87_. 434 4*4 484 Chi & XW gen 4s ’87... 464 464 464 Chi ft NW 4 4* 2037 . *14 29 294 Chi & Nff 4VjS 2037 C. SO 294 294 Chi &NW 4 *4 * ’49 - 164 I64 164 Chi & NW gen 58'87.. 474 474 474 C&NWXrW«4s’38. 62 62 62 Chi R I&P rf 4s '34- 184 174 18 Chi R I&P rf 4s’34ctf.. 17 I64 164 Chi R I&P gen 4s '88.. 394 39 394 Chi R I&P 4 '52_ 20 184 194 Chi R I&P 4Va» *52 ctf_ 17$$ 17$$ 17$* Chi Ft I&P 4 */*s *60_ 10 ailTHftSlst5«’60._ 914 984 984 Chi Un Sta 34s ‘51.... 1084 lo«4 1084 Chi Un Sta 3 4s’63 E . 110 1094 110 Chi Un Sta 4s’63-11*4 1124 1124 Chi & W In con 4s’62.. 1074 1074 107'i Chi & W Ind 44s '62— 1064 106 1054 Childs & Co 5s '43_ 934 98 93 Cin Gas El 4s’68 A- 1044 1044 1044 Ctn Un Ter 3 4s D gtd. 1084 1084 1084 CCC&St L gen 4s ’93 106 1044 106 CCC&St L rf 4 4»'77 E 97 964 964 CCC&St L ref as '63 D. 103 1024 10*4 CCC&StLCW&M 4s’91. 1014 1014 1014 ClevUnTel44s’77. . 1064 106 106 Clev Un Term 5s ’73 B. 1104 1104 1104 Clev Un Ter 54s’72A. 1114 1114 1114 Colo Fuel *Ir 5s'70... 90 894 894 Colo & So 44s'80_ 76 744 744 Columbia G & E Ss S3 May- 104 104 104 Columbia G&E 5s ’61.. 104% 104% 104% Com Inv Tr 3%s '51-104% 104 104% Cons Coal Del 5s’60_ M% 63% 63% Cons Ed NY 3 % s 46 n. 106 105% 106% Cons Ed NY 3%s’56 n. 107 106 106 Cons Gas NY 4%s’51.. 106% 106% 10«% Consol Oil 3%s ’51—^ 106% 106% 106% Consum P un 3%s’65. 107% 107% 107% Cons Pwr 3%s '70- 106% lu7% 108% Consum Pwr8%s’65.. 109% 109% 109% Container deb 5s ’43__ 109% 102% 102% Crane Co 3%s’51-101% 101% 101% Crown C & S 4s ’50- 106% 108% 108% Cuba RR 1st 5s ’52_ 60% 60% 60% Cuba Northn 5>£s ’42.. 63 61% 63 Dayton P&L 3%s >60.. 108 107% 108 Delft Hud ref 4s’43— 91% »c% 90% Den G&E 5s ’51_ 107 107 107 Den G ft E 6s ’51 st_ 107 107 107 Den ft RG con 4s '36._ 82% 32 32% Den & R G 4 %s ’36- 92% 31% 21% Den ft R G W 5s ‘55- 17% 17% 17% Den ft R G ref 6s '76_ 29 29 29 Den & ROW 68’65ssst. 17% 17 17 Det Edison 4%s’61 D. 116% 116% 115% Det Edison 5s ’52- 109% 109% 109% Dul S S& At 5s’37 - 68% 68% 88% Duqueane Lt 3 %s '58_. 109% 109% 109% E Cuba S 7%a *37 ctfa. 46% 44% 46% Ed El 111 Bklyn 4s ’39.. 107% 107% 107% El Paso Nat G 4%s’46. 161 161 141 Erie cv 4s’53 A- 90% 90% 90% Erie cv 4s ’63 B- 90% 90% 90% Er 6 sen 4s *96- 90% 90% 90% Erie cons 4s ’98-106 106 106 Erleref ___uu 1514 art/ Erie ref 6.’75- 86% 86% 5% £rrJ^?;“or8e4,,5*~ 104H 104* 104* Ea£££y6"’74. 17H Mi Fla h C Ry 5s ’74 ctfa.. 17* h* 17* Fed Lt & Tree 5s ’42_101)4 101)4 101)4 68,42 8t— »02* 102* 102* FlaE C Ry 4 %a ’59- 81* 81* 81* Fond J&G 4s ’52 filed.. 8* 8* 8* Fond J A R 4s’*2 filed. 8* 8* 8* Galv H&H 5 Vis ’38_ 98* 96* 96* Gen Cable 5 *8'47- 108* 108* 106* Gen Mot Acc 3s *46- 104)4 104)4 104)4 Gen Mot Ass 3* s *51.. 104 104 104 Gen StlCast 5Ha’49._ 96 96* 96 Goodrich 4*s'56-101* 101* 101* Goodrich 6s ’45- 106* 106* 106* Goodyear T&R 5s ’57.. 104* 104 104 Goth Silk H 5s ’46 ww. 96 96 96 Great N Ry 4a ’46 G— 118* 118* 118* Great N Ry 4a '46 H— 108* 108* 108* Grt N Ry ref 4*a ’61 A 116* 116* 116* Grt N R gen 4 *a’76 D. 108 108 108 Grt N R gen 4 * a’77 E. 106* 106* 106* Grt N R gen 5s ’73 C-_. 114 114 114 Grt NR 5*a ’52 B-117 116*117 Green Bay 5s *62 B_ 11* u* u* Gulf M & N 6s 60_ 100 100 100 Gulf State* Util 4a '66. 104* 104* 104* Gulf StaStl6*a*42_■ 88* 98* 99* Houaton 0116*8*40.. 108* 108* 108* Hudson Coal 5a '51_ 81 60* 60* Hud * Man ref 5a ’57_ 77* 77* 77* 111 Cent col tr 4a ‘63_„ 88 87* 87* 111 Cent ref 4s *66- 98* 98* 88* 111 Cent 4*s’60- 78* 78* 78* 111 Cent ref 6s *56- 104* 104* 104* 111 Cent St L 3 Vi a’61_ 97* 97* 97* ICC&StL N 04 Vis’68.. 88* 88* 88* ICC&StL N 068 *6*_ 88 88 88 Inland StlS*a’61—- 107* 107* 107* Int R T lat rf 5a’66_ 94* 94* 94* IR T lat rf 5a’66 ctfa. 98* 98* 98*1 lat RT 6a ’88-- 47* 47* 47* . 'ji. .__ Hlfh. Low. * 48. IntRTTt’il_ 96 M M Int R T T* ’32 ctf*_ 9* 98 99 Intertake 5s '11-101* 101* 101* Int Comont 4a *46__ 19* 161* in IntOrtNr 6a’52 A- 93* 33* n* Int Ort Nr adj S«’62 A. IS II* IS Int Hydro Electa‘44.. S3 31* U Int Mer Marine 6a ’41_. 76* 79* 73* Int Pap let Ss ‘47A-301* 101* 101* Int Pap ref 6a *55_ 99 99 99 Int Ry of C A 6a‘73_ 96 96* 96 Int TAT cv 4*a '39_ SO* 79* 79* Int TAT 4Ha ‘62- 69 63* 66* Int TAT Bs'65 - 73* 73* 73* Iowa Cent lstArf4s’51. 3* 3* 3* James P AC 4s‘39 - 99* 99* 99* JonesAL Stl 4* s’61A. 104* 104* 104* Kans C F SAM 4s‘3t._ 61 61 61 Kans C So 1st 3s ‘60 — . 94* 94* 94V Kans C So rf 1st 4s ’50 90 96 96 Kan C Term 1st 4s '60. 109* 109* 109* KansG AE4*s’60-10S* 103* 103* Kendall 5*s ‘43 ww._. 103 103 103 Ky Cent Ry 4s *7-116* 116* 116* Kings Co El 4s ‘49- 106* 106* 106* Kings C E A P 6s '37 103 103 103 Laolede Gas 6s ’39_ 99 99 99 Laclede G 5 *e'63 C_ 66* 66 66 Laclede G 6*9'60 0.. 64* 64* 64* Lake E ft W 1st 6s ’37. 101* 101* 101* Lautaro Nttr ts '64_ 99 99 89 Lautaro Nit <s'64 cfs. 33* 36 S3* Leh CAN 4*s '64 A... 106 106 106 Leh Val Coal 6s '38_ 100* 100* 100* Leh VP con 4s 2003... 68 67* 67* Leh VP con 4 *s2003. 72* 72* 72* Leh V RR con 6s 2003 . 82* 82* 82* Leh Val Har6s '64.... 104* 104* 104* Ligg ft Myers 69 ’51_ 126* 126* 126* Loew’s 3*s'46- 100* 100* 100* Long Isl ref 4s'49_ 106* 106* 106* Long Isl deb 6s ‘37-101* 101* 101* Lorillard 5s ’65- 134* 134* 134* Lorlllard 7s ’44- 184* 184* 184* La ft Ark 6s ‘69- 97* 97* 97* L ft Nash 3 * s 2003 - 97* 97* 97* L ft N Atl KAC 4S ’66-. 114* 114* 114* L A N St L 3a '80 . 96* 96* 96* McCrory Stores 5s '51. 106 106k 106* McKess&Rob 5ks'50.. 104 1U4 104 Me C RR clt 4s"’45 A-_. 104k 104k 104k Man Slat 7%s’42 ctfs. 88k 83k 88k Manhat Ry 4s'90_ 64 «4 64 Manhat Ry 4s ’90 ctfs. 60K 60 60 Marlon St Shov 6s '47 . 98>, 98k »8k Mead Co 6s >45- 105k 105k 106k Met W 8 El Cr 4s ’88_ 18k 18k l*k Mil E n & 8 6s '61_104k 104k 10«k Mil E R ft 8 E rf 5s’71_ 104k 104k 104k MU Spa ft N W 4s '47.. 88k 88k 88k Minn ft St L 5s >62 A... 8k 3k 3k MStPftSSM on 4s '3* _ 86 86 86 MStP&SSM 5s >38 gtd. 89k 39k S»k Mo 111 5s'59. 47k 47k 47k Mo K ft T 1st 4s '90_ 94k 04k 94H Mo K ft T 6s *62 A- 84k 84k 84k MoK ft T adj 5s'67_ 71k 71H Tlk Mo Pac 3d ext 4s'38... 99k »k **k Mo Pac 4s '76- 15k 16 16 Mo Pac 6s >46 A- 40k 40k 40k Mo I’ac 5s'86A ctf«- |»k *»k 88k Mo Pac 6s >77 F.. 40k 40 40k Mo Pac 5a >77 F etfa... 89 89 89 Mo Pac 6s >78 G- 40k 40 40k Mo Pac 5s '80 H_ 40k 40 40k Mo Pac 6s‘81 I- 40k 40k 40k Mo Pac 5s'81 I ctfs_ 89 99 19 Mo Pac 5k■ '49 A _ Ilk Ilk Ilk Mob ft Ohio 4 *48 '77_ 29 89 89 Mob ft Oh Mdlv 5s’47- 44 48k 44 I Mononff Pub S 6s '85... 1074 1074 1074 Mor&Kssex 34* 2000, M4 964 864 .Nassau Elec 4s'5l gtd_ 604 *0 60 Natl Dairy 3 9** 51 ww. 10*4 lu* 10*4 Natl Dis P C 4 4*'45... 1064 1064 1064 Natl ItM 1st 4s'5I asst. 4 4 4 Nat RM 4 4s'26 asst. 6 * * Natl Stel 4s ’66_107 10*4 107 New Eng RR 5s ’45- 684 *84 684 New E T&T 4 4» '61... 1244 1244 1244 New K T&T 1st 5s '52. 1254 1264 12*4 New OrlGNR os '63 A. 834 8*4 934 New Oi l 1' S is '52 A_lOOH 10O 10O New url P S is'55 B_. 994 994 894 New Url Ter 1st 4s'53 . 984 994 894 New Url T&M 58'56 C. 464 4*4 4*4 New Orl T&M 5 4s'54. 494 *8 49 NY Central 3 4a '97... 104 10*4 104 NY Central 34a’16-.. 10*4 1024 10*4 NY Cent 4a '42.... 108 108 108 NY Cent con 4s '91-lu<4 10I4 10*4 NY Cent rf 4 4* 2012.. 94 834 84 NY C rf 44s 2U13 n.._ 844 9*4 944 NY Cent rf 5s 3013- 1004 894 1004 NY Cent cv 6s '44- 1094 109 108 NY CL St 3 4s'92- 9* 974 974 NYC Mich C »4» 98.. 9*4 9*4 9*4 NYC&St L 4 4s'7*- 9*4 9*4 984 NYC&St L 54s ’74 A.. 1024 1024 1024 NY Chi & St L 6s '38... 99 9* 99 NY Conn 1st 4 4s '53., 10*4 108 108 NY Dock Isl 4s’51- 6*4 *64 6*4 NY Dock 5s'38.. 664 *64 664 NY Edison 3 4s '65 D.. 1064 1064 1«»4 NY Edis ref 3 4* ’66— 1064 1054 1064 NY I. & W 1st 4s ’"3— 1024 1024 1024 NY NH & H 3 4s '54_ 88 8*4 864 NY NH & H 3 4 8 '5*- 8*4 864 **4 NY NH & H 4* '47_ 88 18 88 NYNH&H4s’5S_ 984 88 884 XYXHtHis'il- *7 26 H *»H N Y NH & H 44s '67--. 4*4 414 42 N’Y N'H & H cl tr 6s'40. *4 6*4 6*4 NY NH & H cv 6s'48.. 42h 42 42 NY NH & H Cons Rys tsoojfcj- It tt It XY O&VV ref 4s'92- 44* 44* 44* XY Steam 1st 6s '47_104 107* 104 XY S&VV 1st rf is’37.. 94* 94* 94* XY S&W gen is '40_ 70 69* 70 XY Tel gen 4*s '39- 109* 109* 109* XYW&B4*s'4«._._ 16* 14 14 XiagL&Oas'Sa_.. 107 107 107 Xiag Sh 5*s ’50- 108* 108* 108* Xort So 1st 5s *41_ 66* 44* 44* Xorf So 1st ref as'61-. 22* 20 *0 Xorf S 1st rfis’61 cts.. 21* 21* 21* Xorf & W 1st 4s '96-121* 121* 121* Xorth Am Co 5s'SI.... lot* lot* lot* Xorth Am Ed fi*s ’63. 104* 104* 104* Xor'n Pac gen 3s 2047 . 81* 80* 80* Xor'n Pac 4a '97-111* m* m* Xor’n Pac 4s ’97 reg... 108* 108* 108* Xorn Pac 4*s 2047— lot* lot* lot* Xor n Pac 4s 2047 C-109* 109* 109* Xor'n Pac 5s 2047 D_ 109 109 109 Xor’nPac6s2047_112 m* m* XorthStsPw 4*s '61— lot* lot* lot* Ogden LC 4a ’48. SI* *1* u* Ohio Edison 4a ’66__ 106* 106* 106* Ont Pwr Nlag 6a '48_116 116 116 Ohio Pub Svu 7 Via'46. 11* 11* u* Oreg RRt N 4ii’45-118* 118* US* ^r«* W Ktt 4a il- 106* 106* 106* Pac G & E 3 *■ >61_ 107* 107 107* Pac G & E.4a ’64-10»* 106* 10** Pac KR Mo 1st 4a ’38.. 10** lo** 103* Pan Am PC 6s’40 ctta. 66* 66* 66* Paramount Pic 6a ’65.. 100* 100* 100* Park-Ex 6 Vi a’63 ctf a.. 88* «g* 86* Penn Co 4s’03__ im iohu Penn Dixie C 6a’41_ V** *9* *9* Penn P&L 4Vis’81-106* IN* 106* Penn RR3*a ’70 C-10** 102* tot* PennRR 4 *8*81 D-110* 110* 110* PennRR 4*s'84-110* 110* 110* Penn RR gn 4 Vis '86— lit* 114* Ui PennRR deb 4 Vi s'70.. 105* 106 106 People GEAC rf 6s’47_. 117 117 117 Peoria & E 1st 4s ’40_ 98* 98* 98* Peoria* E inc 4a '90._ it* it* It* Peoria Pekin U6Vi8’74. 112* 112* 112* Pere Marq lat 4a ’56... 101 100* 101 Pere Marq 4 Vi a *80- 10*8 108 108 Phlla BftW 4*8’77— 117 117 117 Phlla Co 5s ’67- 108* IN* 108 Phlla Llec Co 4s *71_103 103 103 Ei?iJa?lecCo4*"’*7- lo‘H ioe* io6* Phlla & R CAI 6a ’78_ 48* 48 48 Phlla & R CAI 8s ’49_ *4 88* 24 Philippine Ry 4s *17... 19* 19 19 PCCASt L 4*e *77 C— 10T 107 10T PCC&St L ta ’70 A_1*8 1*8 1*8 Port A C * D 6a ’68 A.. IN* IN* 106* Port Gen El 4 Vi a'60l_. 72 71* 71* Poatal Tel A C 6a *53_ 41* 40* 40* Pressed Stl Car 5s ’61_ 97* 97 97 Pure 011 4 V4 a’50 ww.. ltl* lto 1*1 Pure Oil 4 V4 a '50 xw_IN IN lOi Purity Bak 5a’48_ 100 100 100 Reading Jer C 4s ’51_10*44 10244 10244 Reading R 4 Vis'97 A.. 10SH 1004* 1004* Rem-Rand 4Ms’SSww. 11044 1104* 11044 Republic Stl 4 Vi* ’68— 99 9*44 9*44 Republic 8tl 4 Hs'81.. 19 99)4 9844 Republic Stl 4 Vis ’50.. 180)4 1*9 189 Republic Stl SVis ’64.. 109 10844 10844 Revere Cep 4Ms ’58— 10444 104 I084i Richfield Oil Ss ’44_ *8 88 *8 Richfield O Sa’44 ctfs.. 84 88)4 88)4 R G W 1st ex In 4s’39- 80)4 *9)4 80)4 Rio G W col 4s "49 A_.4* 44)4 4*)4 Roch GAE 6s ’82 E_ 10844 10844 10844 R 1 AALi 1st 4 Vi s ‘34_18)4 i* 1* Rutland Can 4s ’49_ 84 84 88 Rutland RR 4 Vi s '41_S4M S*M 84M St Jos A Gr Isl 4s *47.. 118)4 118)4 118)4 St L> IMAS RAG 4s’8S- 88 81)4 81)4 StIiPANWEs’48_ 48 48 48 StL.RMAPSs‘18_ 84 *4 84 St li-S Fran 4s *888- 88 88)4 *8)4 St L-8 F 4s '88 A ctfs.. 8944 89)4 88)4 St L-S Fran 4%s'78... 8944 88)4 98)4 St L-S F 4Vi*'79 cf St— 87)4 88)4 8*44 St L-S Fran *s ’50 B— 88)4 88 88 St li-S F ts *50 B ctfs— 80)4 80)4 80)4 St L. 8 Wist 4s‘89_ISO 108 100 8t !■ S W gn rf Bs *98— 81)4 *1 *1 St 1/8 W ist ter 89*88. 8944 »9 *8 StPKC8L4Vis’41— 11* 1844 884* St P MAM ex 4s ’87-181)4 181)4 181)4 19% GAINS HELD Guaranty Trust Sees Best Advances Since Start of Depression. NEW YORK, December 21.—Term ing IMS the moet notable recovery year since the advent of the depres sion, the Guaranty Trust Go. of New .York, in its monthly review of busi ness and finance, today said the period was .closing with general prospects more favorable than for some time. Not only has the general level of activity during the past 12 months been the highest in six years, the survey pointed out, but for the first time since the beginning of the eco nomic relapse the trend has been strongly upward throughout the year. As the country enters 1937, it was added, the principal problem it faces is that of possible overexpansion in the field of money and credit. "If the public finances can be promptly placed on a sound basis," the review said, "if the problem of credit control can be satisfactorily solved, and if effective co-operation can be maintained between govern ment and business, there Is ground for the confidence with which busi ness in general apparently views the outlook for continued recovery.” I. C. C. Approves Dividend Issue For Greyhound By the Auoc'eted Preu. The Interstate Commerce Commis sion today authorised the Greyhound Corp. to issue $1,050,000 par value 5Va per cent preferred stock to provide an extra dividend to owners of Its com mon stock. The action was taken by the corpora tion to evade a surtax of approximately $300,000, which would have been due on its undistributed net income. The payment of the proposed dividend, the corporation said In Its original application, compiles with the purpose of the revenue act of 1936 in that It is expected to result In the distribution of more than 90 per cent of the corporation's net earnings this year. Washington Produce. BUTTER—Range of prices to stores gathered from wholesale dealers (prices to nearby shippers based on Philadelphia and New York prices): One-pound prints, car ton (91 score), 37; V.-pound prints, car ton (91 score), 38; 1-pound prints, car ton (Do score). 3d: 14-pound prints, car ton (Do score). 3d: '.-pound prints, carton '9- score). 39: Vs-Pound prints, carton (90 score). 37: tub <92 score). 37; tub (9o score). 34; tub (91 score). 36. . MEAT6—Choice beef. 16: calves. 18: lambs. 14: fresh bam. 22: smoked ham. 27: pork. 20: bacon, slab, 27: bacon, slice. 33: compound. 13: lsrd. 16. UVB STOCK—Piss »a»‘.: light hogs. 9V4»9*s: medium hogs. P’talO: heavy hogs. 0*9*4; roughs. 8»8‘j; calves, 6* 11H; lambs. 6a9; old shtep, 2s3. Prless paid shippers, nst f.o.b. Wssh lngton. By the U. 8. Bureau of Agricul tural Economies: BOOS—Market weak. U. 8. extras, large. 1 cent lower, and U. 8. standards, large. cent lower. Current receipts. 28s30: hennery whites. 31s33 Govern ment graded and dated white eggs (net prices paid shippers f.o.b. Washington): U. 8 extras, large. 34 Vs: U. 8. extras, mediums. 30V4; C. 8. standards, large. 3317 cents. _ LIVE POULTRY—Market steady to firm. Chickens and fowl higher Receipts light. Fowl: Colored, heavy. 16al8: Leghorns. Pall: No. 2t. 7. Chickens: Virginia Rocks, broilers and tryers. 18a21: Dela ware Crosses. 18a21. Guineas, young. 2 pounds and up. 40 each: under 2 pounds. 25s30 each: old guineas. 20s25 each. Turkeys: Young hens. IftalP: young toms. 16gl7; No. 2s, 12: old hens, 14? old toms. 14. Hlfh. Low. 2:45. San AAA Pus 4s '43. 102 102 102 Santa Fe PAPSl ’42.. 114 114 114 Schulco 64s’46 A stp_. 424 424 424 Schulco 64* ’46 B stp. 414 414 <14 Scioto C A N E 4s‘89_121 121 121 Seabd A L. 4s’50 stp... S14 SO S04 Seabd A L ref 4s‘59... 18 174 174 Seabd A L rf 4s '59 cfs. 17 184 184 Seabd A L adj 5s ’48... 13 124 124 Seabd A L 6s ’46 A- 204 194 1*4 Seabd A L 6s’45 ctfs._ 194 184 1*4 Seabd A-FI 6s’35 A ct.. 124 12 124 Shell Un deb 3 4s '51.. 1004 1004 1004 Silesian Am 7s’41_ 684 684 *64 Shelly Oil 4s'51_ 102 102 10S Socony Vac 34s’50... 1064 10*4 1064 So Colo Pwr (s '47 A... 1064 10*4 10*4 So Pac 34s *46-1014 1014 1014 So Pac col 4s ’49- 974 974 974 So Pac ref 4s ’55_ 108 1074 1074 So Pac 44a’88- 944 984 »44 So Pac 44s’*9- 944 9*4 934 So Pac 4 4s’81- 984 984 984 So Pac Ore* 44s '77_ 994 99 994 So Pac S F Ter 4s ’6Q_. 108 108 108 So Ry *en 4s’5* A_ 804 80 80 So Ry 6s’94-1114 1114 1114 So Ry gen 6s ’56___ 994 994 994 So Ry 64s’56_1014 1014 1014 So Ry M A O 4s ’18_ 934 «4 #84 So Ry St L div 4s ’51_102 1014 1014 Southw'n G&E 4s ’60.. 10(4 1064 1064 Spokane Int 5s’55_ 884 S3 ssu £ E 4® ’**-106 106 106 Stand Oil N J 3s ’61.„ 101 1004 101 Studebakercv 6S’46._. 116 114 u< Swift A Co 34s ’50- 1064 1064 1064 Symgn GAG ‘56 xw_ 122 128 188 ieun «• 47__ 104 W 104W 104W Tenn El Pw <■ ’47 A— 100h 1004 1004 Texas Corp 3 4a '51— 1064 1M4 1054 TexAPMPT64a’54. 1094 1094 10*4 Texas A Pac 5» 77 B.. 1054 10«4 1064 Texaa A Pac 6s ‘80 D_108 10* 108 Third Av ref 4s'<0_ 67M MM MM Third A ad in ex 6a’66. 37 334 37 Tol AOhloC 384s’60_. 1084 1074 1084 Truax T C *4s '43-1024 102 1024 Un El L ft P 5s ’57- 1064 106 106 Un Oil Calif 4s '47_107 105 X06M Un Pac 34s "71-100M 1004 1004 Ji" oac J"! *! '*7.Uiy* >i64 Un Pac l*t rf 4b 2008.. 1094 1094 1094 United Drug 6s '63_ 10* 102W io2W U S Rubber s* *7 _ ZZ_ IS* 1064 ImV Utah LAT5« *44 (A)_ 108)4 108)4 108)4 Utah PAL 5s '44. 106 1044 106 Util P4L 5s *69 ww... 664 664 664 Util PAL64a’47- 684 684 684 Ver She 1st 7s*42 ctfs. 88 884 MM Va CAP 1st 4tts’34 as. 44 44 44 Va E A P 1st ref 4e'66. 1094 1094 1014 Va Ir CAC 1st 6s '49_ 66 66 # **8 ’«« A... 1MH 1064 1064 VaSWconSs'68_ 984 98M 98M Wabash 4 Ha’78- S»>4 86)4 86)4 Wabash 1st 6s ’39_10SU 10SU lOSU Wabash 6s 'll B_ <7 MU MU Wabash CHS'76_ M!4 M M Wabash T AC 4s’41._. 98 96 M Walworth 4s'65_ 86)4 86 SS Walworth (a *66 n_ 98 97)4 »g Warner Bros cv «a *39. 99)4 99)4 •»It Warnsr-Quin 6s ’39_ 6* 61)4 61W Warren Br cv 6s’41_ 77 77 77 Warren Br 6s *41 rets. 76J4 76 76 WMh Term 4a‘46-111* 111)4 11*H Wash W P 1st 6s ’39_ 109)4 100)4 100M West Penn P 3 Ha *66108)4 10SH 108X W Pa P 4a ’61 H.. 109)4 109)4 109H W Pa P 1st 6a ’63 E-1X1)4 UB96 11tu W8h lit 4« 3061 ftd.. 98)4 88)4 WH Waat'n Md 1st 4s *IS._ 106)4 106U lotU Waat’n Md «%8 ’77_ 107 107 107 Waat’n Pao 6s ’40 ▲_ 06)4 04)4 00 Waat’n PacSs *40 A as. 06)4 04)4 M Waat’n Vn 6s ’Ol- 106)4 106)4 106H Waat’n Vn 6a-60- 106)4 100)4 106V) Wheel Steel 4%s’66— 101)4 101)4 101)4 White Sew M Os *40— 104)4 104)4 104)4 W Bp 8tl lot 7a 16 at.. 96)4 06)4 00)4 W Sp Stl con 7a’16 ct. M)i 00 06 Wilson A Co 4s ’65 ... 108 101)4 106 Wle Cent 1st in 4s *49. 69)4 ** 68 Wls C 1st sn 4s *49 at.. 81 81 81 Wio C 8AD Trm4s'36— U 84 64 TatatnlAT (Ha’ll.. 130)4 116)4 «»H T*n*stn SAT 4a’61_ 164 166)4 104 . Holders Approve Plan for Arrears Of Marshall Field »the Associated Press. CHICAOO, December 28.—Marshall Field St Co. stockholders approved to day the management’s recapitalisation plan by which accumulated unpaid dividends on the preferred stock win be cleared up and fixed charges re duced. Directors already have authorised payment of $11.50 a share on the out standing preferred stock. Under the plan each share of this stock plus the right to remaining unaccumulated dividends of $30 a share win be ex changed for one share ot 6 per cent cumulative preferred and five-sixths of a share of common stock. s Boom Atmosphere Appears as Production Mounts in Many Lines. ercclsl Dispatch to Tbs Star. NEW YORK, December 28.—Busi ness comes to the close of 1936 with something of a boom atmosphere cropping up here and there, says Busi ness Week. Production in several consumer industries like cigarettes, household appliances, rayon, shoes, as well as producer industries like chem icals, Diesel power, petroleum and elec tric power has reached new tops. Btock and commodity prices have reached the highest levels in at least a dozen years. Employment and pay rolls are expanding. Relief rolls have been reduced, but not so much as the ex pansion of industry would seem to justify. Business defaults have reached the lowest marks since the boom days of 1920. Steel operations this week slowed down (or one of the few holidays ob served in the Industry, but the month as a whole will be the best of the year. This year’s output of approximately 47,000,000 tons, a 40 per cent increase over 1935, represents the best results since 1929, and the third best in the history of the industry. Railroads Get Jolt. The I. C. C. has jolted the railroads by refusing to grant the plea for con tinuation of freight surcharges after December 31. An estimated increase of 5 to 10 per cent will be required to make up for the loss of $10,000,000 monthly revenue, and judging from current trends of loadings in bulky commodities chiefly affected by the rate surchages the roads will manage. So far there have been no indications that the dismay of the roads has led to any cancellation ot equipment orders. Motor plants are worried about the labor situation in their parts supply plants, which may cause serious in terruptions In assemblies. Some steel mills report postponement of sheet and strip orders from motor centers. Assemblies may not reach the 500,000 mark expected this month. Neverthe less, the year will close with the great est volume of cars produced since 1939. Motor registrations in 1936 are ex pected to reach 28,500.000, a new high, surpassing the former peak of 1930 by 2,000,000. Trade Failures Down. Commercial failures have declined as the business curve has been rising, dropping to little more than 9.000 this year against 11,510 in 1935. One has to go back to 1920 to find a lower figures for failures and to 1919 to find a smaller amount of liabilities In volved In failures than the current estimated total of $145,000,000. That 193S marks the bottom of the default curve, and that 1937 will see the up ward swing begin, is now expected. Enterprises which have come into ex istence during recent years of rapidly rising volume and prices may find it more difficult to hold on in the com ing period of more slowly expanding business. Construction activity jumped more than 50 per cent over 1935, but fell short of the 1930 total despite this substantial gain. As in the preceding year, home construction has featured the market, running 70 per cent ahead of 1935. Non-residential construc tion, especially of an industrial nature, has revived sharply, but the backlog of needed construction Is still sub stantial. That the campaign for Increasing the use of incandescent lamps has borne fruit is apparent from the report that sales this year will set a new high of 880,000.000, a 19 per cent gain over last year’s peak. Because such in creased volume made certain produc tion economies possible, two large manufacturers have announced price cuts on some of the larger lamps finding an expanding use in the home market DECLINE IS REGISTERED BY INSURANCE SHARES Special Dispatch to The Star. NEW YORK, December 28.—In surance stocks in the New York City market continued their downward trend during the past week, accord ing to records compiled by Holt, Rosa St Troster. The aggregate value of 30 leading fire and casualty insurance issues on December 24 totaled $644,636,000. compared with 3652,256,000 at the close of the previous week, a decrease ot $7,030,000, or 1.17 per cent. The current average yield of the 30 issues of 3.35 per cent compares with a yield of 3.31 per cent on De cember 18. The current market value equals 1.17 times the current liquidat ing value, against 1.18 times at the cl06e of the previous week. First Mortgacr Loans District of Columbia— Naarby Maryland — and Virginia— Homes GjL Apartments ^^0 Business Properties I Terms from 3 to 15 Yean j Also Monthly Payment Loans Randall H. Hagner & Co. iMMMnM MORTGAGE LOAN CORRESPONDENT New York lit* ImrWM Ch mi corr. Am mjt. os. mm RETAIL TRADE UP 12 T014 PER CENT Substantial Increase Above 1935 Levels Reported by Standard Statistics. •peeiai Dispatch to The star. NEW YORK, December 2*.—In its weekly summary of the general busi ness situation, the Standard Statistics Co. of New York currently comments as follows: “Holiday trade in department stores and specialty shops has run from 12 to 14 per cent ahead of. 1935,.at ap proximately, the- levels of 1930. In clement weather and disturbed labor conditions Jn certain cities' helped to restrict the gain'for the first 10 days of the month to 10 per cent, thereby cutting down the possibility of realiz ing the previously more optimistic es timates for the month’s business. After that, however, the rate of in crease was materially greater. "Not only did sales continue to ex pand, but price trends were also fa vorable and gave evidence of continu ing so for the next few months. Re tail prices as of December 1 were the best since July of 1931 and about 3.2 per cent above those on the cor responding date last year. Wholesale prices for finished products, mean while, although beginning to move up ward, were only slightly above those at the beginning of the year. “Furthermore, in anticipation of the probable uptrend of wholesale prices, department stores began to increase their inventories of staple mer chandise. As a result of this and the fact that higher sales volume requires larger stocks, inventories at the fiscal year end on January 31, 1937, will probably be considerably above those at the previous fiscal year end in the majority of stores. “The steady heavy volume, however, has helped in keeping stocks clear and the percentage of old goods should be considerably smaller, thereby aid ing prospective profits. “The general outlook for retail trade is bright. In the final analysis, retail trade volumes are governed by the trend of consumer purchasing power, which, at the present time, is headed definitely higher. For this reason, earnings of well-managed stores should expand considerably further in 1937.” I CHICAGO PEODUCE. * pounds. "colored.'T«:‘Plymouth and White Rock IT: colored broilers. 16: Plymouth and White Rock. IT; Leghorn chickens. 12; roosters. 12: Leghorn roosters. 11: turkeys, hens. 22: young toms. 16, old. 14: No 2 turkeys. 14: ducks, white and colored. 44 pounds up 17; small white and colored. J5: Northern ceese 15: Southern ceese. 14: capons, 7 Pounds up, 20: less than 7 pounds. 19. Dressed turkeys firm: hens, young. 22: old 194; toms, young. 18 pounds up. 21: less than 18 pounds. 214: old. 184: No. 2 turkeys. IB. Butter. 17.331; firm: creamery, specials f»3 score). 34a344: extras (92). 334; extra flrats (po-91). 33V«: firsts (88-8P), 33*324: standards (90, centralized car lots). 334. Ins. 9,937: steady: extra lints, can and local. 294: Iresh graded firsts, cart and local. 29; current receipts. 274: re frigerator extras. 274: refrigerator stand ard*. 27. Potatoes. 169: on track. 254: total United States shipments. Thursday. 318: Priday. 72: Saturday. 428; Sunday. 31: strong; supplies moderate: Western stock demand fairly good. Northern stock de mand light. 8acked. per ewt.: Idaho Rus set Burbanks. U. S. No 1. 2.noa3.no. mostly 3.00; Washington Russet Burbanks. U. S. No. 1. large. 3.13: combination grade. 2.90: U. 8. No. 2. 2.26: Colorado Red McClures. U. S. No. 1. 2.85*2.93; Wisconsin Round Whites. U. 8. No. 1. 2:10: U. 8 commercial. 1.90: Michigan Russet Rurals, U. 8. No. 1. 2.03*2.10: North Dakota Early Ohlos. unclassified. 1.83: less than carlots Florida bushel crates Bliss Triumphs. U. 8. No. 1. few sales. 2.25: U 8. No. 2. 1.75 a crate. Potato futures: Idaho Russets, Jan uary, 2-90: March, grade A, 3.27, NEW YORK PRODUCE. NEW YORK. December 28 ‘IP).—Eggs. 27.801: weaker. Mixed colon: Soeclal packs. 32a32'?: standards. 31'4*31'i; firsts. 30*301?: mediums. 27*28)?; dirties. No. 1. 271ja29'a: average checks. 27a2S: undergrade!, 28*29'?: refrigerators, standards. 29*29'?: firsts. 2Ra2834: sec onds. 27827'?; checks. 23',i: special packs unquoted. Butter. 22.159: about steady. Cream ery. higher than extra. 34J4a35t?: extra <92 score*. 34148341 a: firsts *88-91 scores*. 3S*«a.‘l4,-«: seconds <84-87 scores*. 31(32: centralized *90 score) 33J4. Cheese. 404.893: steady. State whole milk flats, held fancy 1930. 21a22'a. Live poultry steady to weak. By freight, chickens: Rocks. 19: colored mixed with Rocks. 15: Leghorn. 13. Fowls: Colored. 10al9: Leghorn. 13a 15: rooiters, 12: turkeys, 17aC5: ducks. 16*17. STEEL QUOTATIONS. NEW YORK, December 28 <48.—Steel prices, per 100 pounds, f.o.b. Pittsburgh: Blue annealed sheet* hot-rolled. 2.20: galvanized sheets. 3.20: black sheets, hot rolled. 2.60; steel bars. 2.05. RUBBER FUTURES. NEW YORK. December 28 UP*.—Crude rubber futures opened strong. 1.25 to 1.31 higher. December, 23.25a: March, 22.85 23.00: May. 22.75-85. a—Asked. NEW YORK BAR SILVER. NEW YORK, December 28 (IP).— Bar silver firm, V* higher than Thurs day, December 24, at 45 y«. Safe Investments First mortgage notes, well secured an con servatively appraised, new buildings in Washington and near by Maryland. Denominations of $500 up. Interest 6% per annum. Bradley, Beall Sc Howard, Inc. Southern Bldf. Phone Net. 0271 Established Nearly 41 Tsars HOME LOANS to build or refinance INTEREST C m low ms ’I COLUMBIA BUILDING ASSOCIATION 716 11th St. N.W. EARNINGS MOUNT Steady Improvement Likely to Continue Next Year, Poor’s Reports. 8peclal Dispatch to Tho Star. NEW YORK, December 28.—The satisfactory earnings improvement experienced by agricultural machinery and Implement manufacturers gener ally during 1936 should continue in 1937, according to a new report ap pearing in Poor’s industry and Invest ment surveys. This is predicated on the *9,530, 000,000 farm income estimated for 1936, as against *7,000,000,000 in 1935, on the advancing prices of agricultural produce and on the substantial po tential replacement demand, built up through the depression years by sub normal buying. xne optimistic outlook for 1937 Is brightened still further by the advance in foreign sales,” the report states. ‘‘Normally accounting for about one-fifth of the total business, fanr machinery exports rose 29.5 per cer during the first nine months of 193 as compared with the same period c the preceding year. Of particuk import was the 40 per cent gain i September, 1936, exports, whii amounted to $3,807,000. Even mo: significant was the fact that expor. of tractors and parts accounted fc 69 per cent of the September, 193 J figure. “In the domestic picture agricul tural machinery manufacturers ar doubtless feeling the adverse effect of the 1936 drought. The extent to which sales, and consequently profit.-,, have been reduced from drought stricken areas is Indeterminable. However, with farmers' cash Income in October, 1936, mounting to $886, 000,000, or nearly 18 per cent in excess of that indicated for September, total sales should remain well above 1935 levels.” NEW YORK BANK STOCKS STAGE RALLY IN WEEK Steclal Dlipatch to The Star. NEW YORK, December 28.—New York City bank stocks closed the last week at higher levels, according to records compiled by Hoit, Rose & Troster. The aggregate market value of 16 leading issues on December 24 amounted to $1,856,260,000, compared with *1.836,822,000 at the close of the previous week, an increase of *19,438,000, or 1.06 per cent. The current average yield of the 16 issues of 3.54 per cent compares with a yield of 3.58 per cent on De cember 18. The current market value is now 1.39 times the known book value. NEW YORK BANK STOCKS _ NEW YORK. December 28 OP.—New York Security Dealers' Association: (Quotations as of 2 o'clock.) Bid. Asked. Bank of Manhattan <1 Vi)_30 ‘2 .32‘a Bankers' Trust (2)-. _ 63)* 65)* Cen. Han. Bk. & Tr. (4).. 112 115 Chase National (1.401 46 48 Chem. Bk. * Tr. (1.80) __ 56 58 Commercial (8i _ 196 202 Cont. Bk. * Tr. (.80)_ 1644 17V4 Corn Ek. Bk. A T. (3)_ 62 63 Empire Trust (1) _ 26>4 2714 First Nat. (Bos.) (2)_ 48 60 First National (100)_2025 2065 Guaranty Trust (12)_ 308 313 Irvin* Trust (.60). _ 14 15 Manufacturers' Tr. (2) 49>a 61>4 Manufacturers' Tr. pf. (2) 54 56 National City (1) 37 39 New York Trust (5)_126 129 Public (lVa) _ 56‘/a 57)4 Title G. & T._ 15)4 16)4 LOANS On Washington Real Estate Currant Ratal and Courtaoui Traatmant First Trust Loans For Purchasing a Home or REFINANCING EXPIRING TRUSTS NO COMMISSION CHARGE NO RENEWALS REQUIRED Term# Arranrei on Eaiy Monthly Payment# 1 MttCunON COUMOC^OlC BUILDING ASSOCIATION UNDER. SUPERVISION |T O.*. TRSASURV 949 MINTH STRMT./CV First Mortgage Money For CONSTRUCTION LOANS and LOANS ON IMPROVED PROPERTY in the District of Columbia Nearby Maryland and Virginia 5Vz% Prompt Action B. F. SAUL CO. 92S 15th Street . NstL 2100