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.. MM MM ««M
Silesia ProT 7s’68-_ 60 60 SO
Sydney 6Ms*65 —.- 104*4 IMM 104M
Taiwan Elec SV&s‘71— TO TO 70
TokioiMo‘41.- TOM TOM 70*4
Tokio E L Ltd la *81_ «M TIM Tt
Tyrol Hy Elec 7s *11— M to M
A w
High. Low. 2:46.
Tyrol Hy El 7 74 »’55— MM MM MM
UJifawa EP7»’45.... 86 64* It
Un 8tl Wk (74a *47 A.. MM MM MM
Uruguay Ca ’60_ MM MM MM
Uruguay 6s'64- MM MM MM
Westphal El Pw 6s '51. ISM MM MM
DOMESTIC BONDS.
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