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Specialties Advance With Brisk Market—Many Fa vorites Lag Behind. By the Associated Press. NEW YORK, January 28.—Sharp advances were scored by specialties and generally less active shares in the Curb market today. The customary trading favorites also improved, although at a some what less spirited pace. Setbacks w ere scarce late in the session. Acme Wire, Holophane. Humble Oil. Creole Petroleum and McWil liams Dredging each advanced a point or more. Jones & Laughlin Steel was up about 6 and Sherwin-Williams. 5. Newmont Mining was ahead 3. Losers included Singer Manufac turing. Agfa Ansco and Aluminum Co. cf America. CURB BONDS DOMESTIC BONDS. High. Low Noon. Ala Power ll*s 07 JP1* JO.*1* WCVi A, a Power 5s Id A loo loo loo Ala Power 5s *51 loC me IOC Ala Power 5s *5H_loi iol 101 Ala Power 7>s 'OS !*.'*’ * J»>’* OS Vi Ali:m Co 5s ’5C 1 O.Pa 1 O.VJa 1O.V» Am G & E 5s 20C8 . 107 lo‘. 107 Am PAL Os Colli loo’s 10574 105*4 Am.Seat Os :;ti stpd loo loo 100 Aik P & L 5s *50 iol loi 101 A* El Ind t Ms *53 op* <Pa oil. As G A E 4l*s *4S . 5s 5S 58 As G & E 4**5 111 50' > 50jh 50** As G A E 5s ’50 OP4 0P« 01*4 As G <te E 5s ’OS til 1*4 OUia 001 a Bald Lo Os OK WW 107 107 107 Bald Lo Os '38 XW 15 P 4 I0CV2 154 Bald L Os '38 ww s p loo 105 100 Bald L Os '38 xw sip 154*2 151 153** Birm El 41 *s ’08 SIS3.4 S*8*U PS*?4 Can No Pw 5s '55 A 2 05% 105% 105% Caro PwAL! 5s '50 lor.'g 1051a 105% Ceil UPS 4%s '07 F 101 104 104 Cent HI P S 5s 'OS G lots', lots lots'. Cent Pw A Lt 5s '50 08% !'S’, 08% Cent St El 5s '4S ... O!'1* OS' 60% Cent St El S'4s '51 70% so TO1: Cen St PAL 5'*5 ’55 75 74'* 74% Chi Di El 4%s '10 A 10n% D'5% lo.n'a Chi Rys 5s '77 cod so3, SO3, 80% Cm Sir Ry Os '.<5 B ll'l loo'* 100’* Cities Svc 5s '5o 70 78% 78% Cities S Gas 5%s '47 3"*.", In-."* 1'>7’b ClI S P A L 5'jS ’57 757s 75', 75 a Clt S P & L n'-s 11' 70 751* 70 Comw Ed 4s '81 F lort loo loo C omuty PAL 5s '57 873, 81 8. font G A E 5s '58 A l"i7, 00', WO7, Detroit C G 6s '47 A lots3, l"03a 106% Fast G A F 4s '50 A 043a 04 04 El Pw A Lt 5, 70:50 05'* 05'* 05'* Erao O A R 5>*s 4 2 07 Oo3, 07,. Fed Wat 5’*s 55 01'* 01'* 01'* Florida PAL 5s '54 loo 00% loo Clary EAG 5s 14 s'P xw I no' * ion'* loin . Gatineau Pw 5s '50 1(153, lots7, loti3, Gatineau Pw its '41_1 oi 3a 1 oi 3b 1 o! 3a Gen Pub Sv 5s '55 lots lots lo.'t Gen W WAE ’111 A 00 00 00 OeorKia Pw 5s *07' 104% 1o4't 1"1% Grand Tr We 4s 50 no', HO', liMO Hall 1 WF> 6s '47 stn loo ion inn Hou Gulf O o.s 45 A I "4 lul HU Hi P'.v A L Os ’StS A 1 Oil ll"'. 100 111 PwAL .v s ’51 B li'.V, 105% 105% 111 Pw A L 5s '50 C 104 104 K>4 , Indiana Srr 5s '50 70% 7 03a 7o’a Indiana Ser 5s ’05 A 70 7 0 7 0 InriiauaD Gs 5s *52 80 So so Inrinan PAL 5s '57 A loo', loo loo llld Hy-El 5s '58 A OS', On7, !'•_•% Inti P Sec «»>>s ’.■»•"» C 75 7 5 7 .> Inti Securities o'1 'll li'l'a lul l'JlVb Lnterst Pw 5s '57 75 7ts 75 lnterst P S 5s ’50 D 04 * 04 , 04'* Lnterst P S 4%s '58 F 87'* 8, '. 8;% lowa-N LAP 5s '57 A 1053, lot’.3, 105% Iowa Pub Sv 5s 57. . Ills'. lo.iL 10.;'< Kentucky Ut 5s 01 . OO3, On3, oo3, Kentucky U 5s '61> I !»»?1u 00*2 lit»x2 Km U 0’*s '48 D 107 1117 107. Lehik-i P S 0' 2026 A ll"3, 11"% ll":-* Lex Util 5s 57 . 1"4'* K'4'* 104'* Lone Is Lt 6s 45 . 105 105 ion La Pw A- Lt 5s '57 . 105', 105% K'n% Minn PAL 4%s '78 1"7% D>7% 107% Miss Pow 5s '55 -- pn Oo • Miss Pw & L 5s ’57 Of* f*8% !'# Mo Pub S nr '4 . A 8.. 81 8. Muns S S 6'*s 57 WW 17 17 1. Nat P A L 6s 2070 A l"n'* loo', loti’, Nat P A L 5s 2"t!" B OS7, 05% On a Nevad Cal Ei 5s 50 00 00 00 New E GAE 5s ’17 . 85 82% 87% New E GA-E 5s '48 8.5 873, 8.. New E GAE fo '50 87% 8'P, S'»4 New E Pw 5s 48 loo f»0% loo New E Pw 5'*s '51 D>"% 3"ii * loo7. New Or PS 6s '40 A 89% 80% 89% N Y P A Lt 4' 7 ''ll 100% 100% loo-', j* y S EAG 4 1 7: '80 D'l7. 1"1', 104% Not A U' r,'-s 01", 00% 00% No' Ind PS 4%s ’7" E ln4 % 104% 104 % No St Pw 5%s 'in 105 105 10... Ohio Pub S 5s '54 D 10;3' , D'n 1 'J * Okla N G 4%s 51 A 0l'% 00 0.'% Pac G A £ 'Is ’ 11 .B 118% 118% 118% Pac PAL 5s no 0" ■ a OO7, 00% Penn C LWP 4'*- '77 1 "4% 1 "4% 1 "47r Penn O E 5%S ’59 B l"..3, D»n% l"o% Peep GU'C 4s '81 B OS *8 98 Peop LAP 5s 70 20 2« Phila El P 5%s 72 HI HI 111 Pitts Steel 6s '48 IOC; DI" 106 Pub Ser N J 6s c^s L4..% 14.1% 14..', Pub S N I 4'*s '78 D U*5 108 104 Pub S N I 4'*s 'Si) E lW* i"5% 15% Pue S PAL 5%s ’40 A 9., 0"% Puz S PAL 5s ’50 C On’, On', On , Puk S PAL 4%s ’5n D OO3, Oil3, Oo3., Q-.ee GAE 5’aS '57.A 107 lo. J". Safe H Wa 4%s '70 Din l"n D’j St L GAC Os 47 mat 1 .'.a 1; a * • » Schul RE os ’55 xw 44 44 44 Shw WAP 4%s '7o D DU % 304 >, 1 "4 • r S E PAL Os 7075 A 108' a D'8% 108 a Sou Cal F<* 8%s '00 - 1"5% 105% D'5% ?ou Cal E 8%s '60 B l"n% D'n%J''5% Krui Pal Ga 41 »S ’01 1 <• .*> 10n 10;> ISu CCaro’a5f '57 loo'■ loo'* loo'* Std G&E 05 ’00 B Shx4 Stand Inv 5'*s :<o - I'l-a* In- 4 In ' Super of II 4%s ,’68 D o% ] n'33’ •’ 4 Therm°os°21V st.ww' - 1|;4% 1"4% Unit1 El n‘.t’4s ’4f> .. l'l«% ljg% 11 Unit LV&PPnt%s-57 ’5 * '5/ Unit L A P. M 6s o'. A 114% 114% 114 * Utah PAL 6s 2077 A 104 14 14 Va Pub Ser os n" B 10-'.a 10- » 1J* - a Wash Gas Lt ns 58 10. 10; 10; , West ?e Ut 5s '57 A f’O3r 00'a f»0% Wh-M'n L & P ns *4 1 - 10‘: J0**,- I Wis P & L 4s *5t* A 100*2 100U lOOVfe j FOREIGN BONDS. Sad Con M 7s, '62 inj» JlJJi l?]'* Blien A Prv 7s ’.-.2 stp S!)'« S» 4 sn>. Cauca Val 7s 4f> 1* h i 1« Col Aar M B 7s '47 Id'* -Jla jJ'* Com Prv B fP.-aR 37. o4 .*>4 54 CtXnTe 7’eS 41 A . P3 JM> m» Isarco Hyd El 7s '52 73',4 7.Ua 7.1'j Ital Su Pw ds d3 A dd M «d , Mendor P 4s '51 stp 92 -• SI a 91'a Ruhr G C rt’as '33 A 23's 23’* 2J'4 it—With warrants, ii—Without warrants n—New. st t stp t—Stamped. SNecotiability impaired by maturity ■(Companies reported in receivership. SHORT-TERM SECURITIES. (Reported by Chas. D. Barney i Co.) Bid. Offer. Amer T A- T 5’2s ’43 HI1/* 111*. Auburn Auto 4 is ’3!» - California Packing 5s ’40 104'2 It s Caro, Clinchf fic Ohio ;,s '38 10.. 10H Chesapeake A: Ohio 5s '39 108 loo Edison El Ilium.4s Ulft - 10(> Gen Public Service •->’** ’30 - 1017« Gr Rapids & Ind l’rs ’41 111 — Houston Oil 5‘.s ’40 lo2*< 103 jntl Mercantile Mar os 41 ..V2 .^*4 Internatl T A- T 4‘is 33- 8. 8, * Laclede Gas Light 5s 3t> .- 9!,:J4 1<]1 a Lehigh Valley Coal (is ’38 _ loo ion', Lehigh Valley Term 5s ’41 108 100 Long Island Gen 4s 38 103 a 104 Louisville Ac Nashville 4s 40 10. U J"; a Michigan Centra! 4s ’40 105 l'W: Midland R R of N J 5s ’40 88 ! l j M)lw A: Northern 4'2s ’30 W> loo, N Y. C A- St L notes ’38 S»!*34 f|.i’» New York Dock 5s ’38 08 <o!j N Y Susqueh A- West 5s ’40 50 »*8 New York Tel Co 4>2s ’3!l 1"8>4 108*4 Northern States Pw 5s ’41 loots 103U Pacific R R of Mo 4s ’38 100'* lOl’.a 1 Pen.n-Dixic Cement (Is '41 10(P« 101 Pennsylvania R R 4s '43 11 ". a 114'« Rio Grande Western 4s '30 M 83,2 Southern Bell T 6z T 5s "41 107*4 H*S Ter R R Assn St L 452s 30 los ins*® Vanadium Corp 5s ’4J . lOo 100*3 * Vertiente* Sucar 7s ’4’! 3.312 35 Wabash Railway 5s *30 103*4 103*® Warner Bros Os ’30 OOr8 lOO Western N Y & Pa 4s *4.3 1 i 1 J 1 1 34 Western Union 5s ’38 103Va 103% j CHICAGO PRODUCE. CHICAGO. January 28 OP).—Poultry, live 45 trucks: hens easier, balance steady: hens, over 5 pounds. 17: 5 pounds and less. 17*2: Leshorn hens. 12: colored Springs. 18: Plymouth and White Rocks, 20 tolored broilers. 21: Plymouth and Wfiite Rocks. 22: Leghorn chickens, 13; roosters. 13: Leghorn roosters. 12. Turkeys, hens. 18: young toms, 16: old. 13: No. 2 turkeys. 13; ducks. 4'b pounds up, white and colored 1T'2: small white and colored. IK'2 Geese. 15. Capons. 7 pounds up, < Si: less than 7 pounds, 20. Butter. 6.H13: easy: creamery-specials (03 score). 33a33Va; extras (02). 32",i; extra firsts <00-01). 32a32',i: firsts <88 Sin .'tll-ia^: standards iOO centralized carlots). 32 li: eggs. 0.840, easw extra firsts, local. 22*«: cars. 22J4: fresh graded firsts, local. 22; cars. 22Vi; current re ceipts. 21’ 4. PHILADELPHIA PRODUCE. PHILADELPHIA, January 28 (JP).— ; Butter—Top grades, 3414-38'4; 82 score, 33%-3414; 91, 33y4; 90, 33; 89, 3214:, 88, 32. Daessed poultry—Fowls, fresh lulled, In boxes, 1714-23. Live poultry unchanged. NEW YORK CURB MARKET By prlvitc wire direct to The SUt 2:30 Stock and Sales— Dividend Rate. Add 00. Hath. Low. Close. Acme W vto (2)-- 800» 63 62V* 63 Aero Supply A 14- 1 22 2,M 21'^ Aero Supply (B).. 10 6V* 6V* 64 Agfa Ansco-— 2 154 15 15 Ainsworth (al)—. 2 204 20'* 204 Air Inv Inc war... 1 14 14 14 Ala Pwr pf (6)... 20a 744 74 7 44 Alabam Pw pf <7) lOr 844 834 844 Allen Indus <tl) 1 244 244 2*4 Alum’n Co of Am.760t 1664 564 164 Alum Am pf all % 200, 116 1154 116 Alum'n Ind (40c) 5800. 144 l>4 14 Alum n Ltd _660. 1154 1114 1H4 Am Airlines. Inc. 3 28 4 28 4 284 Am Beverage .. 6 34 34 34 Am Box B'd t80c . 3 18 174 174 Am Cit P&L (A) 3 25, 394 394 394 Am CltP&L B a20c 6 64 «4 64 Am Cynam B t60c 12 s:>4 834 384 Am & For Pw ww 4 44 4 44 Am Fork & H (tl) 7 234 234 234 Am G&E (1.40)... 12 46 <44 444 Am G&E pf (6) . 100. 1104 1104 1104 Am Gen C’p <a50c) 17 114 114 114 Am Gen C pf <2) 300, 344 34 344 Am Lau Mch t60c 19 304 294 33 Am L&T <tl.20>_ 2 22*4 234 234 Am MfgCo (a3)._ 25. 33 33 33 Am Maracaibo_ 37 24 14 2 Am Pneu Service 2 14 14 14 Am Pot & Ch a 2 Vi 100. 41 41 4» Am Superpower . 83 £4 24 24 Am Superpwr pf.. 5 62 60 614 Am Thread pf 25c. 3 44 *H 44 Anchor Post F .. 7 54 64 54 Apex Electric (al) 2 86H 364 364 Arcturus Radio T 16 24 14 24 Ark Nat Gas .. 35 104 94 94 Ark Nat G cu pf . 3 104 104 104 Ark Nat Gas (A) 184 lo4 94 94 Art Metal W t60c l 134 134 134 Ashland O&R t40c 25 8 4 7 4 8 Asso Gas & Elec.. 5 24 24 24 Asso G & E (A) .. 37 a!* 34 34 Asso G & E S5 pf.. 4 314 31 314 Atl Coast Fisher.. So 124 124 124 Atlas Corp (80c)_. 33 174 174 174 Atlas Corp war . 4 S’* 3!. S’* Atlas Crp pf A(3). 1 614 614 614 Atlas Ply w’dllVi) 2 26’, 264 264 Austin Silver 9 2»* 24 2*. Auto Vot Mch 50c. 2 84 84 84 Ax-Flsher<3.20)A 10. 89s, 39 39 Babcox & VYil (4). 75« 149*4 '47 147 Baldw L bd rts(d) 160 3s, 37* 374 Barium Stain SlU. 58 57* 47* 5 Bell Aircraft_ 7 It** 14 14 Bellanca Aircraft 2 67* 67* *74 Bell Tel of Can(6) 60# 167 161 162 Bell Tell Ta pf 6>4 2us 123*4 12374 123*4 Berkey&Gay K Co R1 3’, 3*4 3*t Berk&GF pur war S6 2 17* 17* Bliss Co < E \V) . 6 227* 2l>, 227* Blue Ridge C alOc 1 37* '** 3s* Blue Ridge cv pf 3 1 47*4 47»* 47*4 Blumenthal S 1 30 59 39 Bohack HC 1st pf 60s 65 74 5 5 5 5 74 Bower Roll B 12) - 2 297* 2974 £97* Bowmn-Bllt 2d pf. 1 6 6 6 Brazil TL&P 40c.. 2 £2 22 22 Bridgep't Alch al_ 7 21.74 2074 20'4 BrlllCorp(A)__ 17 974 07* 97* Brill Corp(B)_ 8 4** 3's 4‘a Brill Corn pf _£00« 69)* 5J** 57** Brillo Atfg (COc).. 1 10 10 lo Brown Co pf 300# 61 584 6SH Brown F & 7V al5t 4 147* 147* 14** Brown Forman _ 6 107* 10*» 10*# BufT N&E of 1 60 4 Z5'4 25)4 BufT Xia.c&E 1st 5 IOU1104 104 lot Bunker H&S «t2> 75# 116 J15 11574 Burma (a25 4-5c). 14 4 4 .’able& Wire(B) 33 14 7, 14 [ Can Hydr E 1st pf 40a 79 79 79 Can Indus Alco A- 2 7)4 fiT4 6)4 Can Marconi _ 13 2*, 21, 214 Carlb Syndicate _ « 2)4 2)4 2)4 Carnation Co (1).. 2 34 34 34 Carrier Corp 32 36!, 35 36*4 Carter (J W) t60c. 4 11 10*4 1094 Casco Products __ 1 37)4 37)4 37'j Catlln Corp (a40c) 13 10 45.4 9*4 Celluloid Corp 1 111.4 11)4 11)4 Cellul'd Cist pf a8 20, 95 94’4 94)4 Cen Hud G&E 80c 2 18 18 18 Cent Ohio Stl b25c 1 18)4 18)4 18)4 Cen P&L pf 3.06)4 26a 87)4 87)4 87)4 Cent & S W Util . 12 6*4 6)4 6)4 Cent States Elec . 11 214 2 2 Cent St El 6% pf 60a 23)4 23V* 23)4 Centrlf Pipe t40c 1 674 57*, 6)4 Chesebrough < T4) 160a H2h 111)4 111)4 Chi Flex Shaft t2 400a 61)4 61 6D4 Childs Co pf_ 475a 86 83*4 83*4 Cities Service_ 93 4*« 4)? 4)4 Cities Service pf 9 64** 63)4 53*, Clt Svc P&L 36 pf 60a 7(’H 7(>H 70)4 Cit Svc P&L $7 pf 60f 74H 74)4 74)4 Cltv Auto Slt60e) 13 14*4 14 14)4 City & Sub H 30c— 1 4)4 414 414 Claude Neon Lts.. 72 2)4 2L 2N Clev Tractor _ 3 11*4 11)4 11*4 Colon Dev Ltd ... 10 6T4 6», 694 Colon Dev 6% pf-. 6 4 31, 37, Colo Fuel&Ir war 14 20)4 20 20)4 Colts PF A (1194 ) 1 58)4 58)4 -‘8H Colum G&E pf <5 ) 60a 89)* 89)4 89)4 Columb C& G al’Oc 18 10 9)4 9», Co’wlth Dist alOc. 1 2*4 2*, 29, Cemwlth Edis t4. 2 131 130 130 Com1 with St S war 9 > ’» ‘4 Com’u’tv P&L 1st. 76a 68)4 68‘4 58)4 Compo S M stc tl- 1 16)4 16)4 16)4 Cons Aircraft 9 26*4 2684 26U Consol Biscuit 60c 1 994 9)4 97, Consol Copper 17 8 7)4 774 C GELt&P Bo 3.60 10 88 87)4 88 Cons Mln&Sm t2 2fa 76 76 47 Consol Retail Stra 69 8)4 9 Cons Royal(20c) 1333 Cont'l G&E pr pf 7 60i 101 101 101 Conti Oil (Mex) 1 2'4 2)4 2)« Cont’l Roll & S Fv 15 2 I.H 22 2.*4 Cook P & Var t60c 1 21 21 21 Cooper Bessemer. 5 3014 2 974 2974 Copper-Range_ 5 11 14 14 Cnrd Corp ... 13 6)4 6 5)4 Corroon & Reyn ..11 7 «74 6)4 Cor'n&R pf A(a4). 1 89*4 89*t 89*4 Cosden Oil Me (d) 16 3)4 3*4 394 Cosden(Me)pftd) 1 33 32*4 32*4 Crampt W&Sons). 1 1)4 1)4 m Creole Pet (a50c). 24 3744 37 S7)4 Crocker-Wh alOc. 7 1894 18 18'4 Croft Brewing ... 21 % % J4 Crown Cent Pa6c. 24 294 2)4 254 Crown C I(A)b50c 1 13)4 13)4 15)4 Crown Drug blOc. 8 4)4 4)4 494 Curtis Mfg (a50c) 60a 14*4 14*4 14H Cusl Mex Mining. 87 ‘4 \ Darbv Petr (50c). 3 184% igi4 14)4 Dayton Rubber_ 6 204 23*4 22*4 Dennison 776 pf... IPs 69V$ 614% 694% Derby Oli& Ref _ 21 7*% 6)4 7 Derby O&R pf at.. 26a 8j 82 82 Detroit Gasket tl. 3 17 1644 17 Det Gray lr t20c . 2 1)44 1 444 149% Det Pap Prod t2.*>c 1 9'4 914 9'j Det Stl Prod al >4 - 1 so.4 56>£ 6644 Dohler Die Cas(3) 3 3844 389% 3844 Domin 84C (Bi 1 144% 14'j lit. Draper C )t2.40l 110a 86 84 85'4 Driver Harris 1>£. 4 42*4 41 41 Dubeller Condens. 4 6*4 314 344 Eagle Pitch d a60o 66 25'* 2454 244% East’n G&F Aeeo. 7 944 944 944 East'n G&F C{(6) 80 a 68)4 684% 68)g East G&F p pf 4 44 60 e 77 77 77 East'n States Pwr 1 644 644 644 East'n St Pw (B). 1 78 78 78 Easv W M B toOc. 1 1144 11)4 1144 Elsler Elec (a5c). 8 4(4 4 4 Elec Bond & Share 111 2614 2444 2)44 E!#C B & S Of (5). 1 7644 76>* 7644 Klee B & S pf (6) 10 87*4 87 8744 El Pwr Assoc at’Sc 2 104% 104% 104% Kl Pwr Asi A la25c 2 84% 84% 844 Elec P&l. 2d pi A 15( s 6846 67 67 Elec .Shareholding 1 6)4 644 6'i El Shpv C 1st pf 100a 15*, 154« 15)4 Emp G&F 6% pf £6. (644 6644 669% Emp G&F 7% pf 160a 1U*4 704% 704* Emp G&F 8% p* 100a 76 744% 76 Enisco DerriCK tl 3 1844 1894 1844 Equity i.'orpiaL'jc) 123 £*% 24% 24% Burop'n El bd rts. 1 % 44 v Evans Wall Lead 4 144 144 114 Evans Wall L pf ,660a 2844 28 2844 Ex-C-O A&T t60c. 6 2344 22)4 2244 Fairchild Av al5c. 11 74a 794 744 Falstaft Brewing- 7 94% 944 #44 Fansteel Metal... 2 13 13 18 Ferro Enam(a3)_. 10 4344 42 42 Fidelio Brewery-- 29 144 1 144 Fire As(Phlla.)t2. 60a 82 82 82 Fisk Rubber_ 20 1344 13 13 Fla P&L Of. 200a 6044 60 60 Ford Ltd alSl-lOo 7 744 744 744 Ford (Can! A (1). 11 27)4 *794 2794 Froedt G&M(20c). 4 13'* 13 13)4 Froedt't cv pf 1.20 100. 18)4 1*M 18)4 Gen Alloys .... 18 4)4 4‘t 4*4: Sen Flrepr’f »40c. 1 20 19)4 20 i Gen Invest Corp . 13 1)4 14% 1)4i Gen Rayon Ltd A 1 2'/* 24* 24* ! Gen Tele C p al 35 a 22 22 22 Gen Tel cv pf (3). 2 61 61 61 Gen Tire &/tub .. 8 24 £3)4 23)4 Gilb’K AC >a62 )4c. 4 9)4 » 944 Gilbert) AClpf 3 4% 100s 45 45 45 Glen AldenC(tl) 4 1394 13^ 13tf GodchauxSA(bl) 1150a 60 46 60 Godchaux Sug( B) 68 86 82)4 36*4 Goldfield Consol— 6 94 44 44 Grand Natl Film*. 21 4 8)4 4 Gr Rap Var(t60c). £8 18)4 18 18 Gray Tel PS 11)-- „ 2 20)4 20H 20)4 2: .10 Stock and Sales— Dividend Rate. Add 00. High. tow. Close. Grt A&P T n v t6. 10.1134 113 111 Grt Nor Pap (tl).*00s 44 43 44 Greenfield T & D 5 12 114 1*4 Gulf Oil (Pa) b25c 24 624 «14 «2 Hall Lamp t80e).. 4 64 64 *4 HPptpf a28 25c. 1 104 104 104 Hat Corp (B) .. 1 184 134 134 llazeltine Corp a3. 1 17 17 17 Hecla Min taKCcI 7 18 174 174 Heller (WE) t40c. 2 9 9 9 HevdenCh (t2) — 3 42 414 42 ■olllneer G »65c 8 154 164 154 Holopliane (h50c) 8 32 8t 31 Horders Inc (tl) 60s 194 1»4 194 Hudson BM&S (1) 11 394 324 334 Humble Oil ttli.. 15 864 844 844 Huyl of stpd id) — 60. 20 20 20 Hygrade Food_ 2 64 fi4 64 Ill P & L 6% pf ... 100. 67 67 67 111 Pwr* L,t t6 Pf 1060. 674 6*4 67 Imp Oil Ltd J60c 13 21!* 214 214 Imp Oil reg (t50c) 1 214 21 214 Ind'n Ter 111 CHB) 2 44 <4 <4 Indiana PL (t40c) 1 94 PH 9H Indus Fin vtc — 1 14 14 *4 InsCoof No A t2. 60. 73 724 13 Inti Clear M »2 4 27 4 264 2''4 Inti Hold&Inv Ltd 2 3 24 24 Int HE Sep A war 8 24 14 >4 Inti Hy El S cv pf 21 44 41 41 Inti Petr (tlH) - 9 864 364 864 Inti Safety RazB. l 1H 1H 1H Inti Util (B) - 4 2 14 14 Inti Vitamin(50c) 3 64 64 64 Interst FfDeDpf- 60. 214 214 214 Invest Royalty 6c- 36 '4 !S* *4 Iron Firemen!tl) 160. 24 24 24 Irving Air Ch (1). 3 164 168* 164 Ital Superpwrl A) 1 14 14 14 Jacobs! FLlCntl) 3 134 164 134 Jeanette G1 (80c)- 2 12*. 124 14 JerCen P&Lpf 5 4 6Cs 83'* 86** 864 ! JersCt-n I'&L Pf 6 4). 93 93 93 Jer Cent P&L pf 7 10. 99 9*4 984 Jonas A Naum 11 8 74 8 Jones&Laueh Stl- 8 108 105 108 Kans City P S vtc. 2 4 4 4| ; Kan City P S pf A 5 44 44 44 Ken RT&L A a75c 1 22',* 2 4 224 Kingston Prod 40o 17 74 7 7 Kirby Petr <200 8 84 7 4 84 Kleinert Co(t40c) 1 114 114 114 Koppers pf (6) 450. 1084 1074 1084 Kreuger Brew tl- 6 194 184 184 Lack RR (NJ) (4) 20. 774 774 774 LakeShM(T4) 8 667. 664 564 Lakey Fv & Mach. 89 8 74 74 Langendorf <B) .. 1 44 44 44 Leh Coal&N 30c.. 15 I2‘* 114 124 Leonard OH — 8,1 2 14 14 Lion Oil Ref (11— 7 18V* 17)4 17*2 Locke Stl Ch tSOc. 55 184 17*2 184 i Lockheed Aircraft II 114 1172 114 , Lone Star G a6Uc. 4 13*2 134 134 I Long Island Ltg18 5»* 5?2 &?» Long I L pf A (7) 70« 894 88 804 Lons Isl Lt pf B 6 100. 774 77 77 Loudon Pk'n t50c. 1 64 6'2 fi,2 La Land (40c) ... 7 144 144 144 ; Lucky T (tl2c)_ 2 172 l?i 172 McCord Rad (B).. 6 124 12 124 McWilliams D (+2 81 394 37*2 384 , Maiestic Ra&Tal.. 2 44 4'* 47* Marlon Steam Sh_. 4 1872 17*» 18 j Massev Harris_ 6 872 84 872 Mead John «t3)_ 2 107 1064 107 I Mem Nat G(a50c) 2 6'. 6'2 672 J Mercantile Strs b3 1 39 39 39 Merch&Mf A a3ltc. 1 6*2 6*2 6*2 Merritt Chao & S 47 lie* 10*2 U'7* 1 Merritt C & S pf A 125» 76 75 75 j Mesa hi iron ’0 172 1 1 * 4 i MetTexpt pf t37i 80* 33 3( 33 Mich Bumper C 12 34 3 372 Mich Gas & 011 43 6», 6 64 Mich Steel Tal.09 4 17 17 17 Mich Suear _ 4 14 172 14 Mid Sta Pet I A) 1 5», 5s, 6*2 MldStaPet(B) - 1 17* 172 1*2 Mid-W Abras alOc 1 472 44 4'2 Mid Oil cr pf al7*-100. 10 10 10 Minins Co (Can > 3 3*2 3*2 3*2 Minn Mln&Mfttl) 100. 40 40 40 Mock Judson 60c 1 1472 1 472 144 Moh H P&L lst(7)3C0i 102 ICO 100 Mohawk H 2d pf . 60g 110 llO 110 Molybdenum Corp 11 107* 10 10 Monroe L S(A)32c 14 4 4 Mont Ward A (7) 50. 154*2 15472 15472 Montr HLt&P 174 2 354 354 3541 Moore Dlst (t50c) 1 6*2 6*2 6»* Mortg B'k Am Sh. IS 6 6 Mount Prod < 60c). 2 64 64 6'2 Mueller Brass tl... 3 46 46 46 I Nachman Sprtal). 8 21 21 21 I Nat Aut Fib baOc. 2 3fi!» 3644 36?, ! i Nat Bella Hess . 40 344 S 314 i Nat Bd&Sh(a25c). 1 5244 6244 62Va i Nat Contain aiOC. 2 13’, 134, 1314 Nat Fuel Gas 1 1).. 2 I&J4 p^,, is*, 1 Nat Gyps A a244.. 1 67 67 67 I Nat Investors _ 8 344 3*4 3*4 I N’at Invest war_ 1 ’4 Nat Leather _ 7 244 2 2 j Nat Mfjr & Stores. 2 1144 11 llt( Nat P & Lt pf (6 ) 30s 90!4 9C'f 9014 I Nat Rub Mch a20e 9 151; HM 14*4' 'Nat Service .... 9 \ * i Nat Service pf_ 3 4*4 444 444 : Nat Suear S J (2) 1 2644 2644 2644 j Nat Union Radio.. 69 2*4 244 24, j ; Nehl Corp - 2 374$ 371^ 37u New BradOalOc.. 16 6 s I New Hav Cl (144) 8 24J4 21?4 24?4 ■ N J Zinc (t2) . 600, 82 8144 82 | New M&A Ldalc. 4 4 4 4 Newmont Ma3%. 2 125 124 124 N Y & Hound (tl) 100, 34 31*/ 31*/ N Y Shlpbldjj - 1 1144 im xiS N Y Tel pf (644) . 25s 11844 11844 11844 N Y Water Svc pf 60s 6044 6044 6044 i Nlaa Hud Pw a40c 37 164, 16)/ 16U Niae H P(A > war 8 44 ^ Nias H P (B) war 6 2?,* 2*j 2*4 Niac S Md B a6lc. 11 15 1444 15 j NUes-Rem-P (al). 1 60 61' 60 j Nipissing (50c)__ 10 3'i 314 z'i Noma Elec (a40e). 7 9*4 ; 914! North Am L & P _ 9 644 6 6 N A Rayon A tl 14. 9 43*4 43 431/ N A Rayon B tl 44 2 42 41*4 41*/ North n Europ 011 57 44 •„ • Nor IPS 6% pf 4 44 20s 964/ 95*t 96 North States P A 2 354* ts 36*/ Nor Tex El 6% Rf- 3 6*4 bu 6u North st Ena al 44 12 33 32 82 Ohio Pnr pf <6)— 10i ltl!$ iii!$ iil«$ Okla Nat Gas Co.. 4 13*$ 12*$ i8i^ Okla Nat Gas pf._ 100* 30*$ 30*$ 30*$ Oldetvme Distil .. 2 6*$ 5*$ 5*$ Overseas Sec 60c.. 1 lo lo lo PacG&K 1st <M4) 2 32 32 32 Pacific Ltc pf (6) 25s 107*$ 107!$ 107*$ Pac Tin spec 112) 250s 41'$ 41 41 Pan-Am Air (tl). 1 69'.$ 69'$ 69'$ Panrepec OP 66 8», 8'$ Peninsular Tel tl 100s 30*$ 29'$ 29'$ Pennroad (a‘J5c). 20 5 47$ 47^ Penn P& L (6) 20« 109*$ 108 109*$ Penn Wat & P (4) 3 91^ 9, v$ Pepperell Mfc t6 25s 188 138 138 Phillips Pke a.'.Oc. 2 13!$ 13!$ 13*$ Phoenix Secur . 10 8 7!$ 71$ Pierce Gov (a50c) 9 265$ 24*$ 28*$ Pines Wintfrt(n). 11 3 2*$ 3 Plon’r GM Ltd 8O0 4 6*$ 6!$ 6*$ Pitney Bow(t40c) 4 8!$ 8’$ 8*$ Pittsbgh Forging. 6 23*$ 23 23 Pitts & L E b2>$ .. 80s 92*$ 91!$ 92*$ Pleas Vail \V(b5c) 7 2*$ 2*$ 2!$ Potrero Sugar . 4 3J-$ s!$ 35$ Plough Inc (1.20). 1 17*$ 17*$ 17!$ Premier Gold tl2o 7 4 4 4 Pressed Met (t2). 2 32 82 32 Producers Corp... 15 •$ *$ •$ Propper-McC (d). 2 !$ *$ • $ Prosperity Bal 54 6 15*$ 15!$ 15*$ Prudential In a50c 1 13!$ 13!$ 13!$ Pub S Colo pf (7) 30s 109 108*$ 108*$ Pub Svc Ind or pf 10* 65 65 65 Uue Sd P&L of(5) 25s 85!$ 85*$ 85*$ Pug Sd P&I. *6 pf 75* 52 51 51 P.vrene Mfc(aOOc) 18 8 8 Quaker Oat* < t4) lOtfs 121*4 121 121*4 Rwy Lt Seed.55) 26s 25!* 25»* 26!* Rainbow Lum (A) 1 1V$ 1^ 1V$ Rainbow Lum (B) 1 54 M % Raym’d Cone (tl) 400* 8054 80 8054 Raytheon Mfg vtc. 6 654 654 6 Red Bank_ JO 1154 1154 1154 Reiter-Foster__ 7 1 % % Reynolds Invest.. 2 214 254 254 Rlchm'd Radiator. 6 654 * 654 Roosevelt Field._ 8 354 354 854 Root Petrolm(l)_ 2 1154 1114 1154 Root Pcvpf 1.20.. 1 1654 1654 1654 Rossla Inti Corp .. 1 54 54 54 Russeks F A (tl). 1 3254 3254 8254 Rustless Ir&Stl .. S6 1754 1654 1654 Ryan Consolld'd . 7 654 654 554 Ryerson & Haynes 1 b% 654 554 St Anthony Gold 2 54 54 54 St Lawrence Corp. 1 1054 1 054 1 054 St Kesris Paper 78 1054 10‘4 1054 St Reels Paper pf 100* 116*4 H6*4 JI654 Savoy OH — 14 4 4 Schulte R Eld)—. 2 % % \ Scvill Mfg(3)_ 160* 62 62 52 Scrant S B Wat pf 26* 72 72 72 Seeal Lock & H . 16 354 354 354 SeiberltnK Rubber 1 754 754 754 Selected Indus 2 4 354 3\\ Sel Ind all cfs 5% 450* 100 9954 100 Sel Ind prpf <6H) 60. 100 9954 10O Sent Saf Control-. 2 1 54 1 54 1 54 Seversky Aircraft 28 654 *14 *54 Shattuck Den Min 21 2254 20)4 2254 Sherwln-WlU (4).740* 14854 148 . 143 Operating Income in 1936 $441,425,189—Net Rise Nearly 20 Per Cent. By the Associated Press. PHILADELPHIA. January 28 —The Pennsylvania railroad reported yes terday operating income last year ex ceeded that of 1935 by more than 73 i million dollars. The gain in net income (before fixed charges and other income) was $13,785,951. or 19.6 per cent. Gross operating revenue for the year was $441,425,189. as compared to $367,812,186 in 1935 and $343,668,699 in 1934. Holiday passenger and freight traffic boosted December’s gross revenue to $40,401,711, a gain of 26.1 per cent over the final month of 1935. Net Income jumped 41.8 per cent to $8,797,941. Operating expenses for the year showed a gain of $50,987,517 over 1935. The company said $29,059,588 of this increase was spent in additional main tenance expenditures. Freight revenue for the year was $333,350,239 and passenger income was $67,552,238. New York Central. NEW YORK, January 28— New York Central Railroad, in its prelim inary report for December, showed net railway operating income (before fixed charges and other income, but after depreciation and retirements) of $1, 779,938, compared with $3,464,119 in December, 1935, a decrease of $1,684, 181. Passenger revenue was $6,211,489. against $5,591,560 in the same month last year, an increase of $619,929. Northern Pacific. CHICAGO, January 28.—Net income j of the Northern Pacific Railroad for ; 1936 was $1,817,000. an increase of $1,385,000 over 1935, Charles Don nelly, president, reported. Gross rev | enues aggregated $61,906,000, an in ! crease of $8,076,000, and net operating income totaled $10,788,000, a gain of $3,179,000. Great Northern. ST. PAUL. January 28 —The Great Northern Railway today estimated net income for 1936 at $9,918,812. This included dividends from the Chicago, i Burlington & Quincy Railroad : amounting to $3,230,716. : MARYLAND FARMS GAIN. The Bureau of Agriculture Eco nomics reported today receipts from the sale of principal farm crops in Maryland from January through No vember. 1936, rose $4.000 000 over the figure from the comparable 1935 period. Receipts were $49,910,000 in 1936, compared with $55,355,000 in the 11 months of 1935. Sale of live stock and live stock products brought in $30,116,000 in the period last year and $29,881,000 in 1935. 2:30 Stock and Sale*— Dividend Rate. Add 00. Hi*h Low. Close. Sher-WIll nf(5)n 130« 112 112 112 Shrev-EI Dor P&L 2 1 *4 4 Singer Mfg tt6) 80*345 340 340 Smith Cor v ext tl 2 32*4 3;*i 3'-** Sonotone C (alOc) 3 24 ?4 24 So Penn OiKtl U ) 1 48 48 48 So Cal K<1 pf C 1 3« 2 27*4 27 4 27 4 Southn Union Gas 2 3 3 3 Southjvest P L(2) 300* 39 38 39 Spanish&Gen ret* 4 4 T» ’* Spen Chain St ROc 1 84 95* 94 Square D pf A 2.20100* 39 88*4 89 Stand Brewing— 11 1 1 Stand Dredging.. 14 64 64 *'* Stand Dr cvpf 700* 184 174 174 Stand Inv cum nf 50* 604 604 *04 Stand Oil Ky (tl). 2 194 194 194 Stand Oil Ohio tl. 5 85 4 354 354 Stand Pwr & Lt... 41 6 5*4 674 Stand P & L (B).. 2 64 64 54 Stand P & L pf 100 * 654 654 6514 Stand Prod <a25c) 1 21 21 21 Stand SIl&Ld (4c) 6 4 4 •» Stand Stl Sp a2>*. 5 36 34*4 34*4 Siarrett Coro vtc 2 84 84 8*4 Sterchl Bros a30c 9 124 124 124 Sterchl Bros 1st 3 25* 38 38 *8 Sterl'g Brew a"3c 5 Rt* 6 6 Sterling. Inc(20c) 4 64 64 64 Stetson(JB)b50c.. 25* 25 244 25 Stinnevi Hugo) d . 2 44 4 4 Stroock* Coa24 2 29 28*4 29 Stutz Motor 47 24 2 2tf Sunrav Oil (a10e) 44 4*4 44 4*4 Sunr'v O CU pf 2*4 1 49 49 49 Sunshine Min (3). 26 204 20 204 Taggart Corp ... 20 154 144 l» Tampa El (2.24)_ 1 38 38 38 Tastyeast(Del)A. 1 24 24 24 Taylor Dlst (300 . 3 4 4 4 4 44 Technicolor *50e.. S 214 214 214 Tech Hughes t40c 80 * 64 64 Texpn Oil & L 60c 10 7*4 74 74 Thew Shovel a50c 126* 444 434 44 Tilo Roof (t50c).. 6 15 144 144 Tiahman R & C — 2 10 10 10 Tonopah Belmont. 10 4 M H Tr-Lux DPS t20c. 8 44 *H *H Trl-Conti C war .. S 24 24 24 Tubize Chatilllon. 9 204- 194 194 Tublze Chatl (A). 1 66 (6 66 rune-Sol I/bmp n. 3 84 84 84 Tung-Sol Lpf 80c. 1 114 114 114 Twin-Coach al 40 15 19 184 184 Ulen & Co 7 «* <& pf 7 81* 7!* 8 Unit Corp war_ 1 1** II* II* UnitGasCorp ... 81 12'* 11!* 11!* Unit Gas C w ar . 18 SI* 3)* S'* Utd Gas pf <a3!4). 7 124 123 123 Unit Lt & Pw (A) 86 9!< S»K 91* Unit Lt * Pw pf 5 68 67'* 67!* Unit Milk Prod(2) 60s 28 28 28 Unit Mol bllV2c _ 2 6!* 6!* 6!* Unit Prof Sh alOo. 1 II* 11* 1|* Unit Shlpyds B .. 67 41* 4!* 4!* Unit Shoe Mt2% 250* 96'* »6|* 96!< Unit S Mch pf 1.50 120a 45!* 4S 45!* US Foil (B) (1>_7 17 16!* 161* U S & Inti Secur_ 1 2|< 21* 21* U S Lines pf _ 3 2** 2K 21* U S Play Cards tl 150. 811* 81|* 81}* U S Radiator ... 3 8!* 8!* 8!* U S Radiator pf . 100s 69!* 69 69 U S Rub Reclaim. 21 10!* 91* 10 U S Stores _ 2 I* J* •* Unit Stores vtc ..3 1 1 1 Unit Verde Ex (1) 1 3!* 3!* 8}* Unit Wall Paper.. 174 6 61* 5!* Univ Insur <11 .100» 20!* 20!* 20!* Univ Prod (a2!4) 100s 29!* 28t* 29!* Utah Apex 44 6 4|* 5 UtahPALpf(2.9114 60s 80!* 80!* 80!* Utilities P& L (d) 6 1|* 1|* i|* Util P&Lpf (d)..860» 28J* 26 26 Utility Eaulties .. 6 6|* 6!* 6!* Utilities Indust’l. 10 1J< 1J* V4 Utility Sc Indus pf. 8 6** 6»* t|* Venezuela Mex O. 6 71* 7!* 7!* Venezuela Patrol.. 91 8!* 8!* 8!* VogtMfgCo_ 1 14 14 14 Waco Aircraft19 9 9 Wagner Bak a2.35. 1 20 20 20 Wait & Bond (B).. 1 2!* 2!* 2!* Wayne Pump <50o 80 40 89!* 89!* Wentw'h Mf tl.20. 1 86}* 25}* 26}* W Va Coal A Coke 14 4 4 Westn A E (a25c). 2 9}* 9}* 9}* West Au Sup A t4 100» 80 80 80 W'n Tab&Sta (tl) 1 31 81 81 Will Oil-O-M asOc 2 10!* 10}* lol* Wil-low Cafeteria 8 1!* l|* l}* Wil-low Cafe pf... 1 8}* 8!* 8H Wilson Jon a2ti . 2 60}* 491* 6u!* Wolverine Port C. 7 7!* 7H 7}* Wolv Tube (140c). 22 17}* 16}* 17>* Woodley Pet t40c 4 11!* 11 n Wrisrht Harg t40c 18 8 V4 7}* Ygstn Stl Door(2) 2 78 72!* 72!* Yukon Uold(al3c) 2 2»* 21* 21* Dividend rates in dollars based on lait quarterly or semi-annual payment. tAn nusl rate—not including extra*. (Ac cumulated dividend! a Paid lait year, b Paid tbls year d Companies reported as being in bankruptcy or tn receivership, er being reorganized under the bankruptcy act. or securities assumed by such com panies. NEW YORK STOCK EXCHANGE (Continued Prom Eighteenth Page.) 2:18 o.m. 1936-37 Stock and Sales— Net High. Low. Dividend Rat*. Add 00. Blab. Lew. Close Cbg# 167% 84% Westhse Klee (hi) 35 160 157% 167% -2% 170 123% Westhse El lst(bl) 20a 166% 1«6% 166% — V* 33% 22% Weat'n El Inst a85c. 10 29% 28% 28% » % 37 19% Westvaco Chlor (1) 8 25% 24% 25%+1 86% 31% Westvsco 6%pf 1% 2 33 83 33 - % 43% 21% Wheeling Steal_ 23 42% 41 42 42 28% 18% White Motor. 18 27% 26% 26% - % 18% 13% White Rk M 8(1.40) 3 18% 18% 18% - % 6% 3% White Sewing Meh.. 1 5% 6% 6% 4 % 46% 16 White 8ew Meh pf.. 1 4C% 40% 40% 4 % 6% 2% Wilcox OH ft Gas_ 23 6% 5% 5% - % 11 6% Wilson ft Co <60c)_. 48 lOVi 9% 9% - % 87 70 Wilson ft Co pf («). 2 83% 83 83% 41% 71 44% Woolworth <2.40>_ 19 62% 61% 61% -1% 47 23% Worthington Pump 19 46% 46 46 4 % 99% 56 Worth Pump pf A.. 210a 96 95 95 -1 91 47 Worth Pump of B . 4 88 87 87 -3 2:15 p.m. 1936-37 8tock and Sales— Net Rich udw. Dividend Rale Add 00. Hlch. Low. Close. Chge. 140% 62% Wrlirht Aero (all— 10a 118% 118% 118% —1% 79 63 Wrlgley W 1r ttl>_ 1 74 74 74 — % 66% 38% Yale ft Towne t60c_ 2 61% 61% 6t%-1 29% 8% Yellow Tr ft Coach- 61 28% 27% 27%-% 163% 83% Yellow Tr&Cpfa35. 10» 138% 138% 138% 65 42% Young Spr&W <t3). 2 45 45 45 +1 87% 41% YouneWtn SheetAT 64 84% 78% 80 41% 122 105 Ygetn 8&T pf (6% >- 1114 lit lit -% 42% 21% Zenith Radio <b50c) 8 34% 34% 34% - % 9% 5% Zonlte Products .. 4 8% 8% 8% 4 % Approximate bales of Stocks on the N. Y. Stock Exchange. 11:00 A.M_ 710.000 12:00 Noon_1230.000 1:00 P.M_ 1.590.000 2:00 P.M_1 820.000 Dividend rates as given In the above taole are the annual cash payments based on the latest quarterly or half-yei'iy declaration*, a Unit ol trading less than 100 shares ♦ Annual ra'.e—not including axtra* i Accumulated dividends a Paid mis year, b Paid last vear J Companies reported in receivership or being reorganized x Ex dividend. Bond Issue to Gain Funds Needed by Pennsy in Harrisburg Move. By the Associated Press. NEW YORK. January 28 —Vindica tion and recovery were evidenced in ! the announcements by two large rail i road system of plans for floating bond [ issues totaling $107,670,700. Revelation that the Pennsylvania plans to extend Its electrification to Harrisburg. Pa, with proceeds from j the sale of $52,670,700 fcf bonds was I interpreted in rail circles as the man ! agement's answer to its critics when the original step was taken. The first electrification between New York and Philadelphia drew about as much ridi cule as it did support. Later, when it was extended to Washington, the skeptics remained adamant in their position that elec trification was not practical for long haul railroading. That the manage ment is convinced otherwise was seen j in the plans to complete powering of ' the carrier's Eastern lines at a cost of i more than 50 millions. I The New York Central’s confidence in its ability to refund outstanding 6 per cent debentures with a new issue of not more than $55,000,000 of lower coupon debentures stands out sharply in contrast with its position several years ago. At that ‘ime the system’s obligations were selling at sharp dis counts and its revenues were suffering . the same constrictions afflicting those ! of most other roads. While the in terest cost of the prospective financ ing is beyond estimate at this time, the size of the proposed issue attests the improved sentiment toward the carrier's outlook. — — m - ■ . ! Reserve Board May Cut Excess To $630,000,000 By the Associated Press. Federal Reserve officials estimate j that the present *2,130,000,000 of ex ! cess bank reserves could be cut to j about *630.000,000 if the Reserve Board used its maximum authority to raise reserve requirements. The board effected a 50 per cent in crease in reserve requirements last August, and. under the law, could raise them another 33'a per cent. This would • freeze" close to $1,500. 000 000 of the idle funds as a reserve behind deposits, eliminating them as a basis for credit expansion. The board is expected to decide soon whether it will again increase re quirements to brake a possible specu lative credit inflation. Washington Business Notes. The Commerce Department reports | December chain drug store sales rose 32.7 per cent over November and 8.7 j per cent over December. 1935. Industrial alcohol production in De cember is reported by the Internal Revenue Bureau at 19,943.198 gallons. .Stocks in warehouses at the end of the month aggregated 9.702,285 gal lons. The Census Bureau says dry goods and allied wholesalers handled $4. 308,690,000 of business in 1935, em ployed 97.760 persons and paid wages and salaries of $187,711,000. Commerce Department statistics fix wheat imports from Canada for con sumption at 334.000 bushels during the week ended January 23, compared with 723,000 bushels in the previous week and 561,000 bushels in the same week last, year. Business advices to the Commerce Department from representatives in foreign countries include: Cuba—Imports of American lard in crease. Turkey — Office equipment sales mount. Germany—Meat imports advance. France—Export bounty on rosin dis continued. EAST TEXAS BOOSTS OIL PRICE 12 CENTS By the Associated Press. DALLAS. January 28—The East Texas Refining Co., largest inde pendent purchaser of crude In the field, announced a 12-cent Increase in the price of East Texas crude oil effective today. The increase boosted the price of East Texas crude oil from *1.15 to *1.27. Officials of the company said they were meeting the Humble in crease announced yesterday in Hous ton. Officials of the Bell General Pipe line Co. in Tulsa announced it also would meet the increase. NEW CAR GOALS Trade Looks for Used Ve hicle Problem During Spring Season. By the Associated Press. DETROIT. January 28.—Far behind in the delivery of new cars, the mer chandising division of the motor car industry is revising its expectations for the first half of 1937. Roughly, the dealer organizations expected to deliver to consumers close to 2.800.000 cars and trucks between January 1 and July 1, but these plans have been up set by the labor troubles that cut so sharply into the assemblies of the General Motors Corp., "biggest of the big three” manufacturers. While deliveries of General Motors units from the factories were curtailed the accumulation of used vehicles shrank considerably under the impetus of a continuing campaign of quick movement and the fact that trade ins fell off considerably. The trade, however, looks for the used-car "prob lem" to come back with renewed force during March, April and May this year. This will be a trend contrary to long established practice in the industry, resulting from the accumulation of new-car demand, which the merchan disers do not expect to overtake until well into the Summer months. The manufacturing division of the industry is adequately equipped me chanically to step-up production, and as far as production facilities are con cerned it easily could swing into an assembly volume of 150.000 units or more a week. Full speed operations at that level for the next four months, however, would not clean up the ac cumulation of new -car orders expected during that period. The Dealers' Association, which re cently moved its national headquar ters to Detroit, Is taking an active in terest in a movement initiated at a national dealers’ convention here to eliminate all price discounts regard less of whether they affect units used in interstate or intrastate commerce. Particularly, the dealers are concerned about price discounts heretofore sought by the purchasers of multiple units or "fleets,” as the trade calls them. The association holds that the Rob inson-Patman amendment to the Clayton act bans fleet discounts in the case of vehicles used in interstate commerce and it plans to seek or recommend State legislation to curb price discrimination w herever evidence of it is found within State borders. INDUSTRIAL PM Auto, Steel and Electric Pro ductions Affected by High Water. By ihe Associated Press. NEW YORK. January 28.—Many business analysts look for a recession in leading industrial barometers as a result of the disastrous Ohio Valflfv flood and threats of rising waters in the Mississippi Valley. Motor production already has been hindered by the partial General Motors tie-up. On top of that comes widespread interruption of production In the populous Ohio Valley indus trial areas. With power shut off, pro duction has been paralyzed in some communities. It was estimated in trade circles that about 40 per cent of the country's machine tool output was affected by the flood. The Cincinnati district is rated a leading center of machine tool production. This industry entered the new year with a large accumulation of unfilled orders and the flood is ex : pected to delay deliveries. Steel, rail carloadings and automo tive activity also are expected to show effects of the disaster. Even after the crest moves an, several days probably will pass before industrial plants get back into a normal stride in the hardest hit flood districts, wialysts PQinted out. Since 1933, business recovery has survived two bad drought years, the Spring floods last year, strikes, a suc cession of war alarms and chills over pending legislation and currency moves. Now it encounters the Ohio j Valley's worst flood. Considering the stamina recovery has shown through preceding inter ruptions. there is wide confidence in the financial district In its ability to weather the latest trial. However, the depressing effect of the flood disaster upon sentiment, at least temporarily, was apparent in selling of steel, motor and other industrial shares. HUPP STOCKHOLDERS’ MEETING POSTPONED RICHMOND. Va.. January 28 UP\.— Eppa Hunton, 4th. counsel for the Hupp Motor Car Corp., announced that a special meeting of stockholders called for today in connection with proposed recapitalization of the c(S*poration was postponed until February 11. Stockholders adopted a resolution at the adjourned annual meeting here January 7 recommending recapitali zation in order that the company might "proceed with production of models already designed for the year. 1937, . and to allow it to resume active par ticipation in the automobile industry." The corporation has not manufac tured automobiles for approximately a year. INSURANCE STOCKS <7 PM. Quotations) NEW YORK January 7S ij>t_New York Security Dealers Association Bid. Asked. Aetna Cas (7a) _117 llfi Aetna Ins <1.«(>) 48 so Aetna Life < sna) __ 3.3’, 35s* Am Eouit (1 not _ 3?'« 40>, Am Ins Newark (',) _ 13', 14’* Am Reins (3) xd _ 85', ss'2 Am Reserve <lai _ 31 33 Am Surety (7'2» fin fi7 Automobile ■ 1 a • _ 31', ,33’* Balt Amer (,70a) _ S’* 9’, Carolina (l.iliii _ __ _ 2!»'* 30’* City of N Y <1.701 _ 7S'» 79’* Conn Gen Life (.SO) _ 37'a 39 Contin Cas ill _ 7»'2 31', Fid & Deo <le) _ 124', 179 Firemen's Ntvk _ _ 17’* 13’, Franc Fire da’ _ 33'* 35'* Gen Reiiisur <2) _ 43’* 45’* Glen Falls (l.fini _ 4(1’* 48’, Globe & Rod (.80)_ 20’* 27’* Globe & Rut _ 73 78 Great Amer 111) _ 27’* 29'* Hanover (l.fiO) _ .35’* 37’, Harmonia (1.30) _ 30 32 Hartford Fire (2)_ 72', 74'i Home Fire Sec_ fi Home Ins (1a 1_ 40 42 Homestead d) _ 22 23'a Lincoln Fire_ 41« 51* Natl Fire (2) . . fln'4 «7'* Natl Liberty (,20a) _ 10'* 11 N HamDShire (1.60) _ 43 44'^ N Y Fire <.Sna) _ 23’* 2fi’* Nor River C*g) _ 27', 29 Phoenix (2aI _ 95 99 Prov Wash (1a) »_ 37', 39', St Paul Fire (fi) _213 218 Sorinsfleld <4'»a) _ 129 132 Sur. Life 940 990 Travelers (lfi) __5.3K 54S U S Fite (2) _ 54(* 5fi'* Westchester (1.20a)-,— 35’* 37’* a—Also extra or extras, a—Declared or Daid so far this year. ASSETS GAIN SHOWN BY HOME INSURANCE BX the Associated Press. NEW YORK. January 28—The Home Insurance Co. of New York re ported an increase of $26,552,338 in assets during 1936 to a total of $139, 759.200, a new record high. The previous peak for assets was $128,914,080 at the end of 1929. A new high mark also was set by net surplus, as of December 31, which \ was $64,598,858, a gain of $12,048,994 ! over 1935, and surplus as regards policyholders at $84,098,858, a rise of $15,048,994. -% BANK GROUP REPORTS. MINNEAPOLIS, January 28 {&•).— The Northwest Bancorporation and affiliated banks yesterday reported op erating earnings for 1936 of $3,332,014, a decrease of $665,056 from 1935. Gross earnings of Bancorporation and affiliated banks increased $368,646, 17 per cent over 1935. RETAIL SALES SHOW 13.8 PCT. RISE IN ’36 NEW YORK, January 28 UP).—Total retail sales In 1936 amounted to ap proximately $37,300,000,000, a gain of 13.8 per cent over 1935. the National Industrial Conference Board reported today. This was the highest level at tained since 1930, the report said, but was about 24 per cent below 1929. FINANCIAL BAROMETER. NEW YORK. January 28 UP).—Deposits of individuals and corporations in leading centers dipped slightly last week as the result of a cut In outstanding loans and investments of Federal Reserve member banks. . ... Financial circles hold the setback tempo rary. pointing out that the current total is 12.3 per cent above last year s figure and the tempo of industrial profits still pushing higher. Adjusted demand deposits of member banks in 101 cities, reported by the Fed eral Reserve Board, compared as follows: Week ended January 20 $15,547,000,000 Previous week _ 15.662.0OO.OOO Same period last year-13.830.000,000 CHICAGO LIVE STOCK. CHICAGO. January 28 (United States Department of Agriculture'.—Hors. 20,000. including tf.nou direct; mostly. Ida 15 lower; spots. 25 lower than Wednes day's average: bulk good and choice 1 Ho rton pounds. ft.H5alO.00: early top. 10.00; small lot. 10.05. best light lights. 0.75; good sows largely 9.25*9.60. Cattle. 4.500 calves. 1.000: slow, ped dling market on all classes: generally steady: steers scarce: fresh receipts in creased by moderate holdover from earlier in week; general trade unevenly 25*1.00 under late last week, with good to near choice weighty bullocks showing most de cline. these having recently sold very close to top cattle: best medium weights today, 14.in: weighty bullocks. 13.25: compa rable with 13 75 kinds sold Monday: gen erally. 8.26al 1.50 market: heifers dull at week’s 50-cent downturn: largely. 0.50a 8.50. with choice kinds around 11.00: cut ter cows. 4.85 down; practical top weighty sausage bulls. 0.40; fully steady; vealers. 0.50a 11.50 Sheep. 9.000. Including 3.000 direct: fat lambs in fairly broad demand: under tone strong to higher, sheep steady; good to choice native and fed Western lambs bid 10.50 downward asking 10.65a 10.75 and above: load choice 104 pound Western ewes. rt.OO; scattered natives. 5.00a0.00, NEW YORK PRODUCE. NEW YORK. January -’8 up.—Butter. 10.378: easier. Creamery, higher than extra, 33<£a34: extra i92 score*. 33>«: firsts <88-91 scores*. 82V«a33: centraliied <90 score). 32*;: other butter prices un changed. Cheese. 179,592: quiet and unchanged. Eggs. 19.268: unsettled. Mixed colors: Special packs. 24a26: standards. 23a23*<: firsts. 22Via23,/4: undergrades. 21'/aa22; other mixed colors unchanged. Live poultry slow and easy. FOREIGN EXCHANGES. (Reported by W. B. Hlbbs & Co^ Nominal Checks gold value. today. London, pound .— 84.8665 $4.90 Paris, franc - 3.9l3/«o 4.66c Brussels, belga-13.01c 18.85J«C Berlin, mark -23.82c *0.23%e Rome, lira _ 5.26o 5.26VaC zSrSSh. franc _19.3c 22.86c Athens, drachma 1.3c - Madrid, peseta-19.3c ——— Vienna, schilling_14.07c -—— Budapest, pengo ... 17.49c - Prague, crown (nom) . 2.964c --— Warsaw, zloty -11 -22c ------ Copenhagen, crown — 26.8c Oslo, crown -26.8c 24.62VaC Stockholm, crown _ 26.8c 25.20l4o Montreal. l-32f« discount. U. S. TREASURY NOTES. 'Reported by Chas. D. Barney & Co3 Rate—Maturity Bid Offer. Its Peb. 15. '37_ 100 3-32 - - 3s Apr. 15. '37... 100 30-32 101 SV.sSep. 15. '37_ 102 2-32 102 4-32 "*JsFeb 1. ’38— 102 9-32 102 11-32 its Mch. 15. '38_ 102 26-32 102 28-112 2’isJun. 16. '38_ 103 6-33 103 8-32 2 '/as Sep. 16. '38— 103 103 2-32 1 'is Mch. 15. '39_101 9-32 101 11-33 2'JsJun. 15. '39_ 102 23-32 102 25-32 lj/«s Dec. 15, '39--. 1013-32^ 1016-32 lHsMch. 16. '40-. 101 18-31? 101 20-32 lVis Jun. 15. '40_1013-32 1015-32 l<SsDec. 15. ’40_1013-33 1016-32 WA Mch. 15. ’41_101 3-33 101 6-32 Ks Jun. 15. ’41... 100 22-32 100 24-33 ikMBMa U. '41 — 100 6-33 100 8-52 MONTREAL SILVER. MONTREAL. January 28 i/Pi.—Silver futures opened steady. 1 point higher to 4 lower. January. 44.63b; March. 44.61; May. 44.50b. b—Bid. -m - STOCKS TO BE REDEEMED. NEW YORK, January 28 {IP).—Tide Water Associated Oil Co. notified holders of its 6 per cent cumulative preferred stock it will redeem on April 1 all of the shares at $106.50. Holders of the stock may, subject to allotment, exchange the shares for a similar number of new $4.50 cumulative con vertible preferred stock, plus $2 in cash for each share exchanged at any time prior to the close of business February 8. cS>Loti J-etm CONSTRUCTION LOANS in District of Columbia or nearby Maryland SIX MONTHS TO ONE YEAR INTEREST CI% COMMISSION 1% ^ 2 0 Upon completion of buildings, these loans may be extended on one of several long term monthly payment plans; or for three or five years, without curtails; interest semi-annually. H. L. Rust Company 1001 FIFTEENTH STREET NATIONAL 8100 BUILDING BOOM APPEARSL1KELY Higher Costs Are Regarded as Only Obstacle to 1937 Advance. BY CHARLES F. SPEARE. Special Dispatch to The Btaj NEW YORK, January 28.—If the higher costs of labor and of materials do not handicap it, there is promise of a building boom this year. Easy money—perhaps not the low interest rates of 1935 and 1936—will give it an impetus. The necessity for replacing the shortages in houses, caused by a minimum of construction between 1929 and 1936, and Federal operation* in I the way of slum clearance and the projection of low-cost homes, are factors that seem to justify predictions of a “boom” in the construction in dustry. Just now there is the argu ment that the losses by the floods will require a considerable amount of new building and extensive repairs. The same talk was heard last March, but the amount of such work did not realize expectations. An exhaustive study of the build ing situation in recent years has just been published by the Commercial and Financial Chronicle. The figures hereinafter given are from this pub lication. This shows that, following the “fat” years between 1925 and 1929, when the average annual value of building construction in the United States was $3,700,000,000, it dropped off in 1933 to $355,000,000, or less than one-tenth at ' peak,” with a slow but steady recovery until, in 1936, the amount slightly exceeded $1,000,000, 000. From another angle, that of the | F. W. Dodge Corp., figures of engineer - 1 ing and construction awards, the drop from the value of $6,628,286,100 in 1928 to $1,255,708,400 in 1933. or over I 80 per cent, has been replaced by the amount, in 1936, of $2,675,296,000. In order to give a more intimate picture of what is taking place throughout the United States in the way of recovery in building operations, the totals for 1933 and 1936. respec tively, and in round figures, are given below for about 50 cities. 1 Beginning with New York they «r« as follows; $74.(ion.Olio and $714.000000; Boston. ST."00.000 and $15 000 000: | Springfield Mass.. $747,000 and $1 27.'! - | ooo Hartford. $801 coo and $:!.10.'!.00n; Buffalo. $125,000 and $2,880 ooo. Roch ester. $1..too,(mo and $8241.000; Syra cuse. so;!".ooo and $;i.l76,o00: Jersey i City. $850,000 and $7 705 Odd: Newark. $4 760.000 and $7.570 000: Philadelphia, 40.010.ooo and 471.ooo.oon. Pittsburgh. 1 $2.52o.OOO and $7 48.’!.OOO; Baltimore. ,$»i.02i* ooo and $1 7.044.oo*i: Washington, i $H..>n».iinn and $71.55.1.00(1: Cincinnati. ■ $.i..702.ooo and $7047*1.non: Cleveland, , 47 74K.OOO and $8.s70 0(Ki; Columbus. ! $824.(1110 and -5.507.(mo Davton. $487. I Olio and $7.000.ono; Youngstown. $.107. : ooo and $4 .>00.non. Indianapolis. $150. | ooo and $7,417,000. j Chicago. $7,084,000 and $’<1.000 000: Detroit. $.'{.945,000 and $47!.169.00(0 1 Milwaukee, s7.oon.ono and $12.740.000; St. Louis. $1 (1.10(1 IIOO ar.d $17 775 000; Minneapolis. $7,577,000 and $7 195 ooo: ■ St. Paul. $i48.ooo and $7.K8l,nno; i Omaha. $1,097,000 and $2,842,000; ! Topeka. $259,900 and $2,155,000; Dea Moines. $745.OOo and $2,500.00" Denver, i $2,100.0(10 and $8.777.0110. SBlt Lake City. $508 Ooo and $7,777 oOO: Los An I gales. $15.287 000 and $02,657,000: San Francisco. $56,448,000 and $20,000,000; Portland. Ore.. $2 780.000 and $6,775,000, i INVESTING COMPANIES I NEW YORK January 58—New York i Security Dealers* Association: i , (Noon quotations.! : ., . „ „ . . . Bid- Asked. | Admin Pd 2nd Ine_19.7 7 21 03 I Am Business Shrs_ 1.28 1.41 Am Gen Eq Inc _ 1.12 1 25 1 Am Ins Stocks _ S 125 6.00 Eancamer Biatr _12.00 13.00 Bank GrouD Shrs _ 2.02 2.18 Bankers Nat Inv Corp 4 on 4.625 Basic Industry . _ 5 39 Broad St Inv_ 35.73 38 21 Bullock Fund ._ 22.873 24.625 Corporate Trust _._ 3 10 __ Corporate Trust AA_ 2.97 __ Com Tr A A mod_ 3.7 7 __ Corp Tr Accum Ser_ 2 97 _ Corp Tr Ace Mod __ 3 77 __ Cumulative Tr Sh _ 6.72 __ I Depos Bk Sh N Y 'A*’ __ 2.71 _ Denos Ins Shrs * A *_ 3 75 _ Depos Ins Shrs * B ’_ 3.54 _ I Diversif.ed Tr C _ 5.30 _ Dividend Shrs _ 2.01 5.18 Equity Corp S3 pf_ 41.25 44 25 I Fidelity Fund Inc_2* 62 30.84 ! First Boston Corp_ 46 875 48.375 ; Fixed Trust Sh A_13.87 __ _ j Fixed Trust Sh B_11.45 I Found Tr Sh A _ 5 40 5.70 j Fhind Investors Inc_ 25.62 27.05 I Fund Tr Shrs A _ 6 58 7.25 | Fund Tr Shrs B _ 8.01 Gen Investors Tr _ 7.20 7 *4 | Group Sec Agriculture __ 1,87 2.03 ! GrouD Sec Automobile __ 1.51 1.64 Groun Sec Building __ 2.32 2.51 Group Se» Chemical _ 1.7o i .84 Grouo Ser Food _ 1.06 116 Group Sec Invest Shrs _ 1.76 1.91 1 Group Sec Merchandise 1 47 1.60 Group Sec Mining 1.73 1.88 Group Sec Perolqum_ 151 1.64 i Group Sec R R Equip_ 172 1.87 , Group Sec Steel _ 1 88 2n4 1 Group Sec Tobacco_ 1.20 1.31 Ruron Holding _ 1 13 1.43 Incorp Investors 56.48 _ Insurance Groun Shrs __ 1.7 7 1.91 Investors Fd **C" Inc . 16.33 16 67 Keyston Oust Fund B-3 . _ 23.93 26.27 Major Shrs Com_ 3.375 Maryland Fund_10.33 11.20 Mass Invest Tr_ 29 46 31.26 Mutual Invest _ 17.60 19 53 Nation Wide Sec _: 4.84 4.94 Nation Wfde Voting_ 2.14 2.30 N Y Bk Tr Shrs . _ 4.25 North Am Bond Tr ctfs.. 64 625 68 875 Nor Am Tr Shares _ 2.88 _ Nor Am Tr Sh 1955_ 3 76 __ Nor Am Tr Sh 1956_ 3 69 _ Nor Am Tr Sh 1958_ 3.48 __ Plymouth Fund Inc _ .98 1.00 Quartedly Income Sh_is Si 20.61 Selected Am Sh _ 4.24 Selected Am Sh Inc_ 15 76 17.18 Selected CumuJ Sh _11.07 _ Se'ected Income Sh_ 5.81 Selected Indus cv pf _ 27 75 29 25 Spencer Trask Fund_ 22.96 23.67 Stand Am Tr Shrs- 4 45 4 70 | Stand Util Inc _ 1 14 1.23 Suprr of Am Tr A _ 4.*!? _* Super of Am Tr AA_ __ Super of Am Tr B_ 4 4 7 _ Super of Am Tr BB _ T.R.'i _ Super of Am Tr C _ H 17 Super of Am Tr D _ 8.17* Supervised Shrs _14.7« lrt.0.5 Trustee Stand Inv C_ :? .lu Trustee Stand Inv D . ,7".l Trusteed Am Bk B ’ _ .OS 1 OR Trusteed Industry Shrs 1,57 1 *74 Wellington Fund 21.34 23.38 Chinese Insanity Low. China, with a population of 400, j 000.000 and its share of mental de : flcients. has only six reasonably well I equipped insane asylums.