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Evening star. [volume] (Washington, D.C.) 1854-1972, January 03, 1938, Image 15

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Utility and Specialty Issues
Assume Leadership in
Market Rally.
By the Associafed Press.
NEW YORK. Jan. 3.—The curb
market moved forward over a broad
front today, with utilities and indus
trial specialties leading.
Principal gainers in late trading in
cluded Aluminum Co. of America, Pan
American Airways, Newmont, Great
Atlantic & Pacific, American Cyana
mid "B," American Gas & Electric
and Electric Bond & Share, with ad
vances ranging from fractions to
around 2 points.
, There were a few laggards, but their
losses were small. Down a little were
Lake Shore Mines, Sherwin-Williams
and Pantepec Oil.
CURB BONDS
DOMESTIC BONDS.
., _ High. Low. Close.
A a Power 4'aS «7- 80V, 80', 80',
Ala Power 5s 08_ 80*, 80*, 86*,
Am G A E 6s 2028_ 107 107 107
Ark PA L 5s 56- 92 Vi 92 92 V,
As El Ind 4'as ’53- 36 3H 36
As QAE 4'as '49 C_ 28 28 °8
As G A E 5s '50_ 31 31 31
Bell Te C 5s 60 C _121 V, 121', l‘*l Vi
Cent II P S 5s '56 E __ 99 99 99™
Cen I1PS 4‘as '67 F._ 91*, 91V, 91*V
Cen St PAL 5'aS '53__ 44'a 44‘a 44'a
Cities Svc 5s 50 _ 57'a 57 57'a
Cit S PAL 5‘as '52_ 52*, 5"*, 5**i
Cit S P A L 5'as '49_ 52‘a 52>a 52'J
Comw Ed 4s '81 F -108V, 108',, 108',
:g»s '65 H ... 106 106 106
Con GELAP 3',s '71 __ 103*, 10.3*, 103*,
Cons G U 6s '43 std__ 62 62 6°
Cont G A E 5s '58 A_^ 78 78 78
East G A F 4s '56 A___ 67*, 67 67*,
5) Pw A Lt 5s 2030- 68 68 68
£jlm WLARR 5s '56_104'a 104 104'a
frie, Light 5s '67 I03Va 103'a 103'a
--lorida P A L 5s '54._ 85V, 85', 85',
Gatineau Pw 6s '56_103T, 103’, 103’,
Georgia Pw 5s '67 ._ _ 87 86*, 87
gr,No Pw 5s 50 Stp . 107'a 107'a 107'a
Hall ' W Fl 6s '4 i st A. 76'a 76'a 76'a
111 Pw A L 5s '56 C . 84*, 84*, 84*,
Interst Pw 6s 52 25'a 25'a 25'a
Interst P S 5s '56 D 69'a 69 69
i,ex Util 5s '52 __ 95', 95 95'i
Libby MeN A I, 5s '42 102*, 10°*, 10"»,
La Pw A Lt 5s '57 . Iu4 104 104
Metrop Edis 4s '71 E 104 104 104
Minn PAL 5s '55 08', 98',a 98'a
Muns SS 6'as '37 cod 3*, 3*, 3*,
Nat P A L 6s 2026 A 83 83 83
Nat Pb S 5s 78 cod_ 44’, 44*, 44*,
New E GAE 5s 48.__561a 56'a 56',
New E GAE 5s '50 _ 57 57 57
New- Or 5s 42 stpd ... 90’, mi*, no*,
NY P A Lt 4'2S 67 107*, 107 *, 107*,
Peon G LAC 4s '81 B 87*, 87*, 87*,
Peop L A P 5s '79 _ 8'a 8'a 8'a
Phila El P 5'as '72 111 111 111
Pub S No 111 5s '66 C 111 111 111
Pub S N I 4'as '81 F . 102’, 1(12’, 102’,
Pug Sd PAL 5‘as '49 66'a 65'2 65>2
Pug s PAL 4'as '50 D 60’, tin’, on’,
Schulte Real E 6s 51 22'a ""'2 ""'2
Shw WAP 412S '68 B ln.'t*, 103*8 103*,
Shw WAP 4'2S '70 D lo.'lta 103'a in.'!',
S E PAL 6s 2025 A 95 94’* 95
Sou Cal Ed 3*«s '45 106'i I06i2 106'i
6ou Cal Ed 3’,s '60 104’, 104’, 104’,
• Std Gas A El 6s '66 51*, 51*, 51*,
Stand Pw A Lt 6s '57 48*, 48’, 48’,
Super of II 4'as '68 105 105 105
Super of II 4'as '70 105 105 105
Eexas Elec 5s 60 98 98 98
Tex Bw A L 5s '56 103 103 103
Unit L A R D 5'as '52 76'2 76'2 76'2
Va Pub Ser 6s 46 78 78 78
West Nws U 6s 44 __ 37 37 37
West T Ut os '57 A 84'2 84'2 84 Vi
Yadkin Riv P 5s ’41 105 105 105
FOREIGN BONDS.
Lima Peru 6'2s 58 13 13 13
Puhr G C 6'2S '53 A 26*, 26*, 26*,
Terni-Soc 6'2S '53 58 58 58
ww—With warrants. xw—Without
warrants. n—New. st tstp)—Stamped.
fNegotiabillty impaired by maturity.
tCompanies reported in receivership.
INVESTING COMPANIES
NEW YORK. Jan. 3 f/p).—New York
Security Dealers' Association:
. . . _, „ , _ Bid. Asked.
Admin Ed 2nd Inc _ 11.34 12.06
Am Business 8hrs_ .66 .73
Am Gen Ea Inc _ .62 60
Am Ins 8tocks.._ _ 4 50 4 75
Bancamer Blair _ . _ .3.75 4.75
Bankers Nat Inv Corp_ 2.125 3.125
Basic Industry _ 3 20
Bostoh Fund Inc __.__ 14.R2 15.85
Broad 8t Inv _ _ _21 5° 23 0°
Bullock Pund _ 12 60 13 625
Corporate Trust _ 2.07
Corporate Trust A A_ 2.00
Corp Tr AA mod _ 2.44
Corp Tr Accum Ser_ 2 00
Corp Tr Acc mod _ 2.44 _
Cumulative Tr Sh _ 4.25
Depos Bk Sh N Y A __ _ 1.50
Depos Ins Shrs A _ •> 51
Depos Ins Shrs B _ •* 31 ~
Diversified Tr C __ 3 35
gividrnd Shrs _ _ 115 ] 05
quity Corp S3 pf _ "4 011 27 00
Fidelity Fund Inr _ _ 17 68 1003
First Boston Corp _ 11.50 13 00
Fiscal Fund Bk Sh__ •’ 45 0 60
Fiscal Fund In' _ 0 os 3
Fixed Trust Sh A _ s" 37
Fixed Trust Sh B _ 6 58
Found Tr Sh A _ 3 65 3 oo
Fund Investors Inc_ 15.08 16 (it
Fund Tr Shrs A _ 4.35 4>8
1 Fund Tr Shrs B _ 3.07
Gen Capital Corp _ 27 63 *»o 71
Gen Investors Tr _ 4 42 4 81
Group Sec Agriculture_ 1.04 ] 14
Group Sec Automobile _ 68 75
Group Sec Building _ 1.15 1 °6
Group Sec Chemical __ ill 1 oj
Group Sec Food GO .77
Group Sec Invest Shrs __ .63 .70
Group Sec Merchandise _ .79 87
Group Sec Mining __ 1.10 1,20
Group Sec Petroleum_ 1.00 1.10
Group Sec RR Equip_ .73 81
Group Sec Steel _ 1.10 1.20
Group Sec Tobacco_ .80 .08
Huron Holding "M 60
Incorp Investors 15.01 17 11
Int! Sec. Bank Group_ 1.10 122
Instl Sec. Insurance_ 1.15 1.27
investors Fd "C " Inc_ 9."8 0 85
Keystone Custodn B 2_ 21.04 23.07
Keystone Custodn B 3 i_14.72 16.08
Keystone Custodn K 1_14.58 15.86
Keystone Custodn K 2_ 9.47 10.37
Keystone Custodn S 2_13.25 14.52
Keystone Custodn S 4_ 4.44 4.02
Major Shrs Corp _ 2.25
Maryland Fund _ 5.57 6.11
Mass Invest Tr ..J._18.63 10.77
Mutual Invest ___ 9.02 10 85
Nation Wide Sec _ 3.08 3.18
Nation Wide Voting_ 1.15 1.28
Natl Investors __ 4 74
New England Fund _ 11.60 12.47
N Y Stocks. Bk Stocks _ 7.64 8.28
N Y Stocks. Bldg Supnly _ 6 47 7.01
N Y Stocks Elec Equip __ 7.29 7.89
N Y Stocks Insurance _ 7.72 8.35
N Y Stocks Machinery _ 7.02 7.60
N Y Stocks RR Equip _ 7.17 7 7’(i
N Y Stocks Steel _ 7.55 8.17
North Am Bond Tr ctfs - 53.25 _ _
Nor Am Tr Shares 1953 _ 1.97
Nor Am Tr Sh 1055_ 2.38 _ _
Nor Am Tr Sh 1056 _ 2.33
Nor Am Tr Sh 1958_ 2.13
Plymouth Fund Inc . . .39 47
Quarterly Income Sh 10.18 11.15
Schoellkopf-Hutton & Pom 1.25 2.125
Selected Am sh Inc 8.65 0.43
Selected Income Sh_ 3.78
Sovereign Invest _ .64 .70
Spencer Trask Fund_14.18 14.93
Stand Am Tr Shrs_ 2.50 2.70
Stand Util Inc _ .50 .54
Super of Am Tr A_ 2.01
Super of Am Tr A A_ 1.08 _
Super of Am Tr B_ 3.03
Super of Am Tr BB_ 1.08
Super of Am Tr C_ 5.27 _ II"
! Super of Am Tr D_ 5.27
Supervised Chrs . _ 8.83 9.59
Trustee Stand Inv C_ 2.15
Trustee Stand Inv D_ 2.11
Trusteed Am Bk "B" __ .59 .66"
Trusteed Industry Shrs__ .87 .95
Wellington Fund _ 12.40 13.67
INSURANCE STOCKS
NEW YORK. Jan. 3 i/P).—New York
Security Dealers' Association:
. „ Bid. Asked.
Aetna Cas (3a) _ 85 80
Aetna Ins (1.60)_ 39% 41 Vi
Aetna Life (la) _ 23V« 25
Am Eouit (1.60a) _ 25 26%
Am Ins Nwk (%a)_ 0% 11%
Am Reins d.20t)_ 31 33
Am Reserve (1a)_ 19% 21
Am Surety (2%)_ 36% 38%
Automobile (la) _ 23% 35%
Balt Amer (,20a)_ 5 6
Carolina 11.30) _ 17% 18%
City of N Y (1.20) _ 17% 18%
Conn Gen Life (.80)_ 22% 24%
Contin Cas (1.20)_ 21 % 24
Fid & Dep (41 _ 02 9fi
Flrem's Nwk (.30)_ 7% 8%
Frank Fire (la) _ 24 25%
Gen Reinsur <2> ___ 29% 31%
81en Falls (1.60) _ 35% 37%
lobe & Rep (,80a)_ 10% 12%
'Globe & Rut . _ 24 28%
Great Amer (1) _ 20% 21%
Hanover d.OO) _ 24 25%
Hartford Fire (2)_ 57% 59%
Home Fire Sec _._ ’% •’%
Home Ins (la)_ 25% 27
Homestead (1) _ 13% 15
Knickerbocker (.80)_ 8% 10%
Lincoln Fire _ 3 4
Maryland Cas _ 3 4
Mass Bond (3%)_3ti% 39%
Merc In Pr (.31*)_ 4 n
Natl Fire (2) _ 49% 61 Vi
Natl liberty (,20a) _ (1% 7%
N Hampshire (1.60)_ 40 41%
N Y Fire 1.80a)._ 13 14%
Nor River (1) _ 23% 24%
Phoenix (2a) _ 73 75
Prov Wash (la) _ 25% 27%
Revere (P) In (1.30)_ 19 20%
Rh Isl Ins (.40r)_ 5 7
Rossia Ins (%r> _ 4Vi 5%
St Paul Fire (61 _179 188
fprinafleld (4%a)_102% 106%
Sun Life (15) _ 400 450
Travelers (16) _ 406 416
l K S fid * °“M- 12% 14
k usJ?re (2) _ 46% 48%
Westchester (1.20a) ... 27% 29%
•—Also extra or extras.
•—Declared or paid so far this year.
I .
NEW YORK CURB MARKET
(By private wire direct to The Star.)
Stock and Sales—
Dividend Rate. Add 00. High Low Close
Aero Su B .12 4g. 5 34 34 34
Ainsworth 1.60*. 1 64 64 64
Air Inv war_r 14 4 4
Alrlnvcvpf_ 1 144 144 144
AlaPowpf(6)_ 60e 62 52 52
Ala Pow pf (7) . 70s 63 62 62
Allied P (A) 1.75. 150s 134 13 13
Alum Co Am ... 650s 78 4 774 774
Alum Co pf (6).. 50s 105 105 105
Alum Ltd _100s 70 70 70
Am Airlines_ 2 94 94 94
Am Book (420s 48 48 48
Am Boa Bd 1.65*. 1 74 74 74
Am Centrifugal . 16 24 14 2
A CF&L w w 2 4 h 8 25 24 24
Am Cynam B 60a 6 244 234 234
Am Pk & H (la).. 1 114 J14 114
Am ft Fgn P war. 2 14 14 14
Am GasftE) 1.40a 8 274 27 274
Am G ft E pf (6).. 25s 110 110 110
Am L&Tl 1.20a) 6 124 124 124
Am Maracaibo_ 2 d 4 d
Am Meter <4g)_ 1 22 22 22
Am Repub(.40g)_ 6 84 8 8
Am Sup Power ... 19 14 1 1
Am Thrd pf (4)— 1 34 34 34
Anch Post F ... 1 14 14 14
Apex Elec ( 60g). 1 10 10 10
Arctur Rad Tube. 3 4 4 4
Ark Nat Gas- 7 34 34 34
Ark Nat Gas A... 9 14 34 34
ArkP&Lpf (7).. 10s 71 71 71
As El lnd(.364g). 1 104 104 104
As G ft El_ 2 111
As G ft El A- 6 14 14 14
As G ft El pf_ 1 7 7 7
Atl Coast L (3*)_ 10s 28 28 28
Atlas Corp war... 1 d d d
Austin Silver M._ 12 4 4 4
Automat Prod_ 4 14 14 14
tfabcock&Wll 5*. 50a 83 83 83
Baldwin Lo war . 4 34 34 34
Barium Stain Stl. 9 24 2Vi 24
Bath 1 W(6%f)._ 11 64 64 64
Beech Aire_ 1 14 14 14
Bell Aire.3 16 16 16
Bellanca Air .50*. 6 34 34 34
Berk&Gay Furn.. 2 M H W
Berk&G f war 8 A fc *
Birdsb S P 1.25*.. 1 84 84 84
Bliss (EW)- 6 74 64 64
Blue Ridge (.15g) 1 14 14 14
Blumenthal (S) 1 54 54 64
Brazil T&L 1.40*. 1 124 124 124
Brewster Aer.05g 14 4 4
Brldgep't M (2e)_ 2 94 9 9
Bridgept M pf 7.. 200s 85 85 85
Brill A _ 1 34 34 34
Brown F&W .60a. 3 54 5 64
Brown Rubi.60a) 13 3 3
Buckeye P L 3.75* 100s 89 39 39
BnkH&S(lH). 2 14 14 14
Burry Bis (.2og)_ 6 2 2 2
Can Marc Wire .. 12 14 14 14
Cap City Pr(.60)_. 1 104 104 104
Carib Syn (,50h)_ 6 14 14 14
Carnegie Met_ 1 14 14 14
Carrier Corp _ 8 30 284 29
Carter <JW) .60*. 3 64 6 6
Casco Pr (2%*).. 4 11 104 11
Cent Oh Stl 1.20g. 2 64 64 64
Cen St El _ 2 4 4 4
Cen St El 6% pf . 100s 54 54 54
Cen Sta El 7% pf. 60s 13 124 124
Centrif Pipe 40a. 2 374 34 34
Charts (1.3714g). 1 74 74 74
Chi Flex Shft (4). 50s 40 40 40
Chi Rivet(1.25g). 19 9 9
Cities Service ... 21 2 14 2
Cit Serv pf ... 8 374 36 374
Cit S P & L *6 pf. 25s 33 33 33
City Auto St .60a. 4 44 44 44
Claude Neon Lt— 22 14 1 14
Cleve Tract.._ 3 44 44 44
Colon Develop_ 4 24 24 24
Colon Devi cv pf. 1 34 34 374
Colts Pat F A 4g. 300 s 56 554 554
Col Fuei&l war.. 3 5 5 5
ColO&G (.40g). 14 44 34 3Tk
Comwlth E 1.25a. 1 264 264 264
Comwlth & So wr 2 A 4 ill
Comm PubS (la) 60s 19 19 19
Cons Biscuit .40s 4 34 34 34
Cons Cop.M .12 4* 11 44 44 44
Cons Ga3 Util_ 2 4 4 7s
Cons Steel Corp__ 6 4 37* 4
Cont Roll * Stl_ 8 7 64 7
Cooper-Bess 3 7 64 7
Copper Range_ 2 44 44 44
Cord Corp __ 9 14 1H 14
Corroon&Rey_ 2 24 24 24
Creole Pete(.50a) 2 234 234 234
Crocker W .10*... 3 64 64 64
Crown Drug _ 1 14 1H 1H
Crystal Oil Refin. 11 1 1
Cusl Mex_ 11 4 i 4
Darby Pet (74)_ 17 7 7
Det Mich Stove_ 1 214 2*4 214
Det Pap Pd (74)- 1 214 214 2's
Det Stl Prod(2g). 2 1614 1514 16's
Dom St & Coal .. 1 15 15 15
Duke Pwr 5.078*. 60s 65 64 65
Duro Test (.40a). 1 6*4 614 6H
Duval Tex_ 1 774 7*4 7*4
Eagle Plcher ,40g 8 914 8*4 914
East Gas & F 5 3 2*4 3
E G&F R% pf (I) 50s 27 27 27
Easy WM(B).75g 5 37* 3% 3*4
El Bond & Sh 99 9*4 9 9
El P&L 2d Df A... 20» 29'4 29'4 29', :
Elect Share_ 1 1*» 1*4 1*4
Evans Wallo _ 3 *4 ft, ft
Ex-Cell-O (,80a). 3 10** 10 10**'
Fidelio Brew _ 5 ft '«
Fisk Rubber 8 5*4 514 S'*
FI P&L 7 pf 1.75k 50s 3fi 36 36
Ford M Can A (1) 3 16 15*4 15*»
Froedt cvpf 1.20. 200g 1414 1414 1414
Gatineau P pf (5) 10* 75*4 75*4 75*4
Gen Firepr 1.60g. 2 ll's 11 11
Gen Invest . 1 *4 14 '4
Gilbert (AC).6 2 74 1 6*4 6*4 6*4
Gorham, Inc, pf . 50s 19'4 19'4 1914
Grand Nat Films 14 ft *4 *4
Gt A&P n-vt 6.25g 50i 47 46 47
Gulf Oil (1)_ 7 3774 3714 3714
Hall Lamp(.30g)_ 1 21* 2*4 2*4
Hartf Rayon vtc. 4 1*4 1*4. 1*4
HeclaMin (,95g). 14 8*4 8'4 814
Horn&Hard(2)... 25s 2.3*4 23*4 23*«
Hudson Bay 1.75g 18 2214 2214 22>4
Humble Oil (2g). 4 6514 65 65
Huyler’s (Del)_ 8 *4 *4 *4
Hydro ESe(.20g) 1 4*4 4*4 4*4
Hygrade Food_ 2 174 174 174
111 Iowa Pow__ 8 314 314 314
111 Iowa Pow pf— 1 1414 1414 14'»
Ind Ter 111 B_ 1 iy4 114 114
Int Hyd-Elec pf.. 2 16 1514 15*4
Inti Pa&Pw war— 5 214 214 214
Inti Pet (l%a)_ 1 2814 2814 2814
Inti Util B . _ 2 74 74 74
Inti Vitam (.60).. 1 314 314 814
Inv Royalty .06a. 8 74 74 V4
Irving Air Chu la 19 9 9
Jacobs Co (2g)— 2 5*4 6 6*4
Jones &Lau Stl._ 5 3214 3114 3114
Kingston Pr(.40). 4 2*4 214 214
Kirby Pet.— 2 3*4 314 3*4
Lake Sh M (4a)— 13 52* 52* 52*
Lakey FAM .15g- 3 2* 2* 2*
Lefcourt Real pf. 1 12* 12* 12*
Lehigh CAN(.30). 1 S* 3* 3*
Leonard Oil_ 9 * A *
Lion Oil (la) ... 20.19* 18* 19*
Llpton(TJ)A(l)_, 2 "10* 10* 10*
Lockheed Alro 29 10* 9* 9*
Lone Star G ,60g. 6 7* 7* 7*
Long Is Lt .. 2 1* 1* 1*
L I Ltg pf 3.50k__ 40s 38 36* 38
LaL&Bxpl40a. 1 8* 8* 8*
McWlll's D 1.25g. 1 10* 10* 10*
Margay Oil (1)._. 8 20 20 20
Massey Harris... 1 6* 6* 6*
Mem Nat G 60g .14 4 4
MerCAS pfA6.50k 75s 45 45 45
Mer & Mf A(.60). 1 3*' 3* 3*
Mesabl Iron_ 4 * * *
Mich Bumper__ 3 * * *.
Mich GAO __ 1444
Midwest Abr- t l* i* i*
Mock Jud Vo lg.. 1 6* 6* 6*
Mngrm Pictures 9 1* 1* 1*
Moody In pt pf(l) 25t 22 22 22
Moore cvpf A(7). 60* 145 145 146
Moore (T) Dist.. 8 1* 1* 1*
Moun Clt C .25g_. 2 5* 5* 5*
Nat Auto F n 25h 8 5* 5 6
Natl Baking ,50a. 1 4* 4* 4*
Nat Bellas Hess 1 * * A
Nat CL cvpf (3). 50s 37 37 37
Nat Rub Mch 1 4* 4* 4*
Natl Steel Cor lg 50s 35 85 35
Nat Tunnel AM 1 1* 1% 1*
N E TAT (6.25g) . 120s 98 98 98
Newmont Min 3a 2 56 56 56
NY & HR 4.42 *g 50s 24* At* 24*
NYPALtpt<7) 10s 97 97 »T
N Y Shipbldg Fd 4 7* 7 7
Nlag Hudson 40g 18 7* 7* 7*
Nlag H 2 pf (5) 50s 61* 61 61
Niles-Bem-P(2a) 6 33 31* 33
Nlag SMd B 60g. 1 6* 5* 5*
Noma El (.40g)__ 4 3* 3* 3*
Nor Am LtAPw . 1 1* 1* l*
No Am R A 2.26g. 3 20* 20 20*
No Am R B 2.25g. 1 20* 20* 20*
Nor St P A 8 10* 9* 9*
Nwst Eng 1.75g-. 1 11* n* u*
Ohio Br Bass (3). 2oa 32 32 32
Okla Nat Gas . 9 8* 8 8*
Okla Nat Gas pf.. 60s 21* 21* 21*
Oldetyme Dlst> 1 2* 2* 2*
Pao GAB 6 pf 1.60 8 29* 28* 29*
Pao Lgtng pf(6). 25s 108* 103* 103*
Pan-Am Air .50g. 6 18 17* 17*
1
Stock and Sales—
Dividend Rate. Add 00. High Low Close
Pantenec Oil _ 22 64 54 64
Pannroad (.26*). 10 24k 24 2tk
Pepperell (6a) ._ 25» 684 684 68V.
Phila Co (1.05g). 3 6‘*k 6*. 64
Phoenix Sec pf 3. 60a 1744 1744 1 744
Pines Winter xr.. 11 11
Pitts Fore ... 2 7 7 7
Pitts PI G1 6.60*.. 1 86'4 864 864
Plough. Inc (.80). 4 74 74 74
Powdrell & Alex. 3 44 44 44
Polaris M (.03*). 4 3 24 2V4
PS Ind $6 pf ... 60s 1244 124 124
P S Ind 37 pr pf.. 10s 244 244 244
Pug Sd P 36 pf— 25s 12 12 12
Quaker Oats (5>_. 60s 98 95 98
Quak Oats pf (6). 30s 1384 1384 1384
Red Bank Oil ___ 5 44 4 44
Rio Gr V G vtc_ 1 4 "» 4
Root Pet (44 *)_ 13 3 3
Rustless 1 & 8_ 8 74 74 74
Ryerson&H- 2 14 14 14
Saf CH&Lt 10*_ 26s 82 82 82
St Anth Gold. 1 ft ft ft
St Regis Pap ... 25 34 3 34
Scullin Steel war. 2 111
Segal Lock . 5 14 11
Select Industries. Till
Seversky Alrc_ 5 2 14 2
Seiberling Rub .. 3 24 24 24
Shat Dem M .26*. 2 7 64 7
Sherwin-Wms 4a 200a 83 83 83
Singer Mfl (6a>.. 20s 226 224 226
Sonotone t.25g).. 1 14 14 14
Southland R .60*. 1 64 64 64
St Oil Ky (la)_ 2 174 17 174
St Pow & Lt _ 8 14 14 14
StPow&LtB_ 1 14 14 14
Stand Products_ 2 64 54 64
Stand Silver&Ld. 10 ft 4 4
Stand St Sp 1.25g 2 74 74 *74
St Alum Prd 1.20t 16 6 6
Stetsont JB).60*. 100s 74 74 74
Sullivan Mach_ 2 74 74 74
Sunray 011(.25*)_ 13 3 3
Taggart ... ... 2 44 44 44
Technicolor .75*. 6 164 1614 164
Tech-Hughes 40a 3 64 64 64
Texon Oil (.60)... 4 44 4 4
Tilo Roof (la)... 5 8 74 74
Todd Shipy’d 2a.. 50s 444 444 444
Trans-Lux (.20a). 1 24 24 24
Transwest Oil_ 8 64 6% 64
Trl-Cont war- 1 ft ft ft
Tublxe Chatlllon. 1 74 74 74
Tubtxe Ch A (4«). 2 25 25 25
Un Pram FS .80a. 5 104 10 104
United Alro war.. 16 114 104 104
UnltChem . _ 13 3 3
Utd Cgr WJi Stra. 8 4 ft ft
Unit Corp war_ 2 4* H 4*
Unit Gas _ 30 44 44 44
Unit Gas war_ 1 14 14 14
Unit Lt & Pow A. 4 34 24 24
Unit Lt & Pcv pf. 12 234 214 22
Unit Shlpyds A 1 24 24 24
Unit Shoe M 24a 75s 72 71 72
U S Foil (B) .56* 2 54 54 54
US&lnt Sec pf 5k 100s 504 504 504
Unit Wall P .16*. 7 24 24 24
Univ Corp vtc_ 1 14 14 14
Util Pw & Lt (r) 10 ft 4 ft
Utility Equity pf. 25s 424 424 424
Utility & Ind 2 4 4 4
Valspar Corp vtc. 2 24 24 24
Valspar pf vtc... 50s 26 26 26
Waco Aircraft_ 1 24 24 24
West VaC&C_ 2 24 24 24
West Air Exp_ 2 3 3 3
Willms RC .45*_ 4 5 5 5
Willms-O-M ,5ug. 3 34 34 34
Wolverine T 40g 1 44 44 44
Wright Har(.40a) 16 74 74 74
Ygstwn S D ,75g_ 6 21 194 21
Yukon Gold .21g_ 3 14 14 14
r In oakruptcy or receivership or being
reorganized under the Bankruptcy Act or
securities assumed by such companies
. ? .dividend a Also exera or extras,
bIncluding extra or extras e Paid last
f Payable in stock g Declared or
paid so far this year no regular rats
h Cash or stock k Accumulated dividend
paid or declared ur Under rule ww With
warrants, vw WTthout warrants war War
rants
Rates of dividends in the foregoing table
are annual disbursements based on the
last quarterly or semi-annual declaration
Unless otherwise noted, special or extra
dlvidens are not included.
-•
TIME IS HELD RIPE
FOR BUILDING BOOM
Mortgage Money Plentiful for
Financing Home Con
struction Work.
By Cambridge Associates.
In the face of a Nation-wide short
age of new homes, which has been
; accumulating for about eight years,
j and with more general recognition of
j the vital relation of construction to
i our national prosperity, conditions
j seem ripe for a tremendous stimula
I tion throughout the residential build
ing field, declares J. R. Ridgway,
chairman of Investors’ Syndicate.
“However, for the movement to
reach the proportions it should in
order to have a widespread business
effect, there must be concerted sup
port from the building industry, gov
ernmental agencies, the buying public
and all other elements affecting con
struction.
"There is an abundance of mort
gage money available today, at in
terest rates that are the lowest in
history for this type of loan. Ninety
per oent loans, if restricted to the pro
posed classification, and carefully ap
praised, would be helpful. However,
application of remedies through
financing liberalization can be only
partly effective. Caution should be
used in any further reduction in in
terest rates.
“It must be recognized that the cost
of securing and administering re
latively small monthly payments on
loans is a substantial factor. There
fore, any reduction in rates that im
pairs net earnings of mortgage in
vestors can drive the public out of
this field.”
TEXTILE PRODUCTION
EQUALS 1936 HIGH
Industry Was on Way to Record
• Until Recession Set In,
Says Editor.
By Cambridge Associates.
Douglas G. Woolf, editor of Textile
World, points out that on July 1
textile mills of the country concluded
a phenomenal period—the most active
12 months in the history of the in
dustry.
“It looked as if a new record would
be established for the calendar year
1937. However, the recession which
occurred in all industry in the latter
part of this year did not spare textiles.
“Despite this set-back the total
textile mill activity for 1937 has
been about equal to that of 1936.
Since the latter was itself the highest
previously on record, 25 per cent above
the 1923-25 average, this means a fine
performance this year.
“For 1938, the textile outlook is one
which is not too easy to define at this
writing. So much depends upon the
behavior of the stock market and the
course of general business. My own
belief is that the first part of the year
will be slow, with a decided pick-up
in the latter part, and that total
activity for the year should rate at
approximately the high level which
has characterized 1936 and 1937.
Obviously all predictions made now
for 1938 must be hedged carefully,
pending clarification of the present
situation.” a
TRADE SETBACK SEEN.
PHILADELPHIA, Jan. 3 (*>).—The
Federal Reserve Bank of Philadelphia
reported business activity in the Phila
delphia area during the closing months
of 1937 receded to virtually the level
of two years ago.
A
Advances % of Cent to 44.
London Market Scores
Further Gain.
By the Associated Press.
NEW YORK. Jan. 3.—The newly
established industrial base price for
imported silver was boosted % cent
to 44 cents an ounce today by Handy
& Harman, bullion dealers.
The increase following a lift of 1%
cents last Thursday was in the face
of President Roosevelt’s proclamation,
announced Sunday, cutting the Gov
ernment's buying price for newly
mined domestic silver from 77.57 cents
to 64.64 cents an ounce.
At the same time the bullion firm
announced a cut in its quotation on
domestic silver to 64 cents from 77
cents to conform with the Govern
ment's revision. The difference be
tween the official and the dealer's
price arises from costs of handling,
and the like.
In view of the wide slash in the Gov
ernment's premium on newly mined
metal, which was said to have taken
some quarters of the trade by surprise,
the reaction of silver markets today
aroused comment in dealer circles.
The boost in the industrial base price
by Handy & Harman today had been
preceded by a rise in the London prioe
of bar silver to 19'/4 pence, up 3-16
pence. This was equal to about 43 1-3
cents an ounce.
Early in December world silver prices
broke sharply on conflicting rumors of
U. S. Government buying policies with
expiration of existing contracts under
the silver purchase act on December 31.
To meet a big spread between the
depressed London price and the Treas
ury's buying price of around 45 cents
for foreign metal, H; ndy & Harman
established the new "industrial base’’
price of 42SR cents. This was later
cut to 42 cents, but with the advances
of last Thursday and today the quota
tion is currently at a peak.
EXPANSION CONTINUES
FOR GAS COMPANIES
eiecial Dispatch to The Star
NEW YORK. Jan. 3.—The year
I 1937 was one of continued progress
and expansion for the gas companies
in the United States, according to
Alexander Forward, managing di
rector of the American Gas As
sociation.
Manufactured and natural gas com
panies, supplying towns and cities
with a population of 80,000,000,
served a total of 17,022.000 customers,
representing the largest number of
consumers ever connected to the
mains of the industry and an in
crease of 517,000 over the year 1936.
Of these, 9,976,000 were served by the
manufactured gas industry and the
remaining 7.046,000 were served by
the natural gas industry.
Revenues of the entire industry,
both manufactured and natural,
aggregated $801,931,000, a gain of
4.1 per cent over the preceding year
of 1936. The natural gas companies
grossed $441,176,000, a gain of 6 9 per
cent for the year, while revenues of
the manufactured gas companies were
$360,755,000. as compared with $357,
531,000 in 1936, an increase of 0.9
per cent.

BETTER SERVICE CITED
AS AIR TRAVEL GAINS
Special Dirpatch to The 8tar.
CHICAGO. Jan. 3— New records,
both domestic and international, in
volume of air passenger traffic were
established during the summer of 1937
by the airlines of the United States.
This increase can be attributed to sev
eral factors, important among which
was the re-equipment program of the
major lines, says W. A. Patterson,
president, United Air Lines.
“Finer, faster and more frequent
coast-to-coast and intercity service
was provided during 1937 as a result
of new Douglas DC-3 type transports
Introduced on the principal lines early
in the year.
“It is estimated that the re-equip
ment program of the three coast-to
coast operators aggregated $10,000,000.
Operators on other routes spent sev
eral million dollars for new planes, in
addition to the $10,000,000 investment
in the coast-to-coast transports.
"Fares generally were lowered In
May, accounting for part of the gain,
and more widespread use of volume
travel plans by business organizations
provided an added stimulus to air
travel during the year.”
-•
WOOL SALE OPENS.
SYDNEY, Australia, Jan. 3 UP).—
The fifth series of w-ool sales for,the
current season opened today. De
mand was good and prices firm for
best grade wools. Poorer grades, how
ever. were unchanged to 5 per cent
below the November series. Offered at
auction were 12,211 bales of which
8,476 were sold.
Business Trend and Changes in Stock Market
NEW YORK, Jan. 3.—This chart covers the range of the Associated Press average of 60
stocks and index of industrial activity for the last three years, the lag between the first break
in stock prices in 1937 is clearly shown. Component parts of the seasonally adjusted industrial
activity index, based on 1929-1930 as 100, are electrical power production, steel mill operation,
residential building, cotton manufacture, carloadings and auto production. Figures at left refer
to industrial activity; at right, to the Associated Press average of 60 stocks.
RAIL ECONOMIES
I. C. C. Says Higher Rates
Alone Will Not Solve Car*
riers’ Problems.
Bt the Associated Press.
The Interstate Commerce Commis
sion, discussing the general railroad
situation in a report to Congress today,
said increased rates alone would not
solve the carriers' financial problems.
“No competitive Industry can work
out its- salvation through a price
increasing policy alone, and the rail
road industry is now, to a very con
i siderable extent, in that class,” the
| report said.
The commissioners said their report
was not to be taken as indicating
their attitude toward the pending
petition of the railroads for a 15 per
cent rate increase, estimated to in
crease revenue by $500,000,000 a year.
“We have an entirely open mind,”
they said of the petition.
Along with their discussion of the
rate situation, the commissioners
criticized what they said was the
failure of the railroads to effect
greater operating economies.
They expressed the belief that the
railroads, by co-operation with each
other, and the co-ordination of many
of their facilities and operations, could
make “further material educations in
operating expenses.”
In this connection the commission
expressed belief the Association of
American Railroads should bring
about accomplishments along this line.
--
SKILLED LABOR NEED
SPURSTRAINING PLANS
Special Dispatch to The Star.
SCRANTON, Pa., Jan. 3.—Continued
expansion of employe training pro
grams aimed at building up a supply
of skilled workers is an encouraging
reflection of industry’s increasing em
phasis upon planning for the long
term trend, without giving undue
weight to day-by-day developments, in
the opinion of Ralph E. Weeks, presi
dent, International Correspondence
Schools.
"Shrinking demand for workers dur
ing the depression left industry with
out the class of young apprentices that
would have taken the place of the
older skilled men as death and old age
depleted their ranks.” says Mr. Weeks.
"In addition, increasing use of highly
complicated machinery has necessi
tated a greater proportion of trained
workers than w as required before 1929.
"During 1937 there was an increase
of 254 per cent in the number of
employes enrolled in training pro
grams through co-operative arrange
ments between the International Cor
respondence Schools and Industrial
organizations.”
DIVIDEND ORDERED.
NEW YORK. Jan. 3 (Special).—
■ Directors of American Fidelity & Cas
ualty Co., Inc., of Richmond, Va.,
have declared a quarterly dividend
of 15 cents per share on the com
mon stock for the quarter ending
December 31, payable January 10 to
stockholders of record December 21.
This represents the first dividend de
clared on the new common stock
since its issuance in July, 1937.
Automobiles, parts and accessories
are America's No. 1 export.
How Is Business?
Showing Current Business Activity Compared With
the Same Week a Year Ago.
JAN_ F.B Mar APR MAV| JUNl" JULY Aug 177T OCT NOV “o77lM.tR ”
19J7
+,<# ^ Present
+40*-Business
-11.7 %
GENERAL BUSINESS ACTIVITY for thm country ladlctM by Bonk Oobito outaldn
N. Y. City. Shaded areas show week of activity above the correspondlnf week of tit ;
previous year. Black areas Indicate declines from same weeks twelve months earlier*
ACTIVITY BY FEDERAL RESERVE DISTRICTS
Check Transactions compared with the sans# week a year ays
ftaston I New York Fkiladalnkia BsvsCSf BsEsal I Atlanta I
-as.7% I -aa.6% 1 -».s% -is.7% -a.6% I +a.i%
Ckiuto | St. Loai. Mia..I Can... City I D.ll.i l.frn.iiM
1-14.3% 1 -7.1« I -1*5%' 1 -»■<* 1 -H.35S -9.0%1
LEADING BAROMETERS
Showing Trad of Important Factor. ^ ^_n
Present Trad From Ymu-Ago
Business In Dollars (Checks Cashed) Upward —117
Employment (Dept, of Labor). Downward — J j
Wages (Dept, of Labor).... Downward — 18
Cost of Living (Ind. Conf. Board)... Downward 4- 3 7
Wholesale Prices (Fisher’s Index)... Downward — 3*9
Agricultural Prices (Bureau of Labor) Downward _
Movement of Goods (Car Loadings). Downward 4- 7 a
Retail Trade (Fed. Res. Board). Downward _ i t
Building Contracts (F. W. Dodge).. Downward 4- i*o
Failures (Dun’s).. Downward X 11*7
Bond Prices (Dow-Jones). Upward — 11.1
Stock Prices (Composite Dow-Jones) Downward — 32.2
Stock Mkt. Vol. (Shares Traded)... Upward _
AH righto mavod, Cambridge Attodaltt, Bottom '
A
Glidden Co. Nets
$2,542,793 Profit
In Twelve Months
By the Associated Press.
CLEVELAND, Jan. 3—The Glidden
Co., paint manufacturers, reported net
profit for the fiscal year ended Octo
ber 31, 1937, after all charges, totaled
$2,542,793.30, compared with $3,085,
468.89 the previous year.
Net sales for the period, excluding
intercompany and subsidiary sales
and transfers, totaled $54,052,233.07,
against $44,580,959.33 for the previous
| year.
Washington Exchange
_
SALES—AFTER CALL.
Washington Gas Light preferred—10
at 97.
Bid and Asked Prices.
BONDS.
PUBLIC UTILITY.
Bid. Asked
Anacostia A Pot. 5.' 49 60
Ana. A Pot. Guar 5s_lu7
C. A P. Tel of Vs 5s_105
Cap. Traction R R 5s_ 61 68
City A Suburban 5s ^_ 51 60
Georgetown Gas 1st 5s_113 _
Pot Elec. Pow. 3’.s _ 103
Wash. Gas 5s 1958 _104106
Wash Gas 5s 1960 _ 115
Wash. Rwy. A Elec. 4s .. 106 _
MISCELLANEOUS.
Chevy Chase Club 1st 4V«s 103 _
Col. Country Club 1st 4‘.s 103 _
W. M. Cold Storage 5s 100 _.'
STOCKS.
PUBLIC UTILITY
Amer. Tel A Tel <91 *144
Capital Transit Co. _ 7‘i 10
N. A W. Steamboat cH> . 60 88
Pot. Elec. Pow. 6<> pfd (61 113
Pot Ei Pw. 5>»ci. pf 15.501 111*,
Wash. Gas Lt. new '1.20) IS1* 25
Wash Gas pfd. (4.50) 95>. 97H
Wash Ry. A El. com. '36)g_ 600
Wash. Ry. A El. pfd. (5). 109 _
BANK AND TRUST COMPANY
Amer. Sec. A Tr Co. (e8)__*244 285
Bank of Bethesda (h.75) __ 32Vi
Capital (4) __ .... 125 140
Com. A Savings (elO)_235
! Liberty (5) _149!i 165
Lincoln (fo.OO) _ 176 240
Natl. Sav. A Tr. 225 250
Pr. Georges Bk A Tr. (.60) 20 30
Riggs ie8) _ _ 280 320
Riggs pfd. (5) _ 101 _
Washington (6) 130
Wash. Loan A Tr. (e8) _ 238 295
FIRE INSURANCE
American (6) _ . _115 _
Firemen's (1.20) 28 _
National Union (.75)_ 13'2 _
TITLE INSURANCE
Columbia (.30) in 15
Real Estate (6) _ 150 200
MISCELLANEOUS
1 Carpel Corp (2.00) 20 25
Lanston Monotype 04) 71 90
Lincoln (Serv. com. (h+1.00) 17 22
Lincoln Serv. nfd (3 50) _ 50
Mergenthaler Lino (2.00) 23 25
Peoples DruR S. coni. til.not 30 35
Peoples Dr St pid (6.50) 110>2
Real Est. M AC. pf. (••.30) 4»« 5U
Security Storage (5) 95 120
Ter. Ref. A Wh Corp. (3> 63 75
W’dwd A Loth. com. ((1.50) 5(> 60
Wdwd. A Loth. pfd. (7) 117
•Ex dividend
(Plus extras e 2% extra f 2‘,4«4 extra,
g $14 paid Nov. 30. 1937. h 75 cents ex
tra. •• 30 cents paid June 24. 1937.
SHORT-TERM SECURITIES.
(Reported by Smith. Barney & Co >
Bid. Offer.
Am. Tel. * Tel. 5'aS 1043 112'a 113
Auburn Auto Co. 43,s 1939 18'* 20
Baldwin Locom. W. os 1940 102
California Packing 5s 1940 1 04 104*4
Caro.. Clinfd. A O. 5s 1938 101'a 101’,
Ches. & Ohio Ry. 5s 1939 105*. 100
Edison EL Ilium. 4s 1939 103'a 100’,
Gen. Pub. Service 5',s 1939 96
Gr. Rapids & Ind. 4'as 1941 106*,
Houston Oil 5'as 1940 99'a 101
Inti. Merc Marine 6s 1941 43’, 54
Inti. Tel. A- Tel. 4'is 1939 88’, 89",
Laclede Gas Light 5s 1939 84',
Lehigh Valley Coal 6s 1938 68 82'a
Leh Val. Ter. Ry. 5s 1941 _ 75 84'a
Long Island Gen. 4s 19.38 . ion5,
Louisville & Nash. 4s 1940 104 105’,
Michigan Central 4s 1940 102
Midland R. R. N. J 5s 1940 is 24
Milw. A: Northern 4'aS 1939 4n', 75
N Y C. * St. L. 6% n. 1938 76', 80
New York Dock 5s 19.78 46 47’i
New York Tel Co, 4'is 1939 106’, 1 <17
Pacific R. R. Of Mo. 4s 1938 82 88
Pennsylvania Co. 3’aS 194! 102 103
Penn-Dixie Cement 6s 1941 82 86*4
Penna. R. R. Co 4s 1943 109', 110
Phila.. Balt A- W. 4s 1943 109'a 110*4
Rio Gr. Western 4s 1939 42 45
Ter. R. As. St. L. 4'as 1939 106'., 106'a
Vanadium Corp. 5s 194! 87 83’,
Vertlentes Sug. Co 7s 1942 81* 10
Wabash Rwy. Co. 5s 1939 . 69*4
Warner Bros. 6s 1939 74'a 75
Western N Y A- Pa. 4s 1943 107'a 108
Western Union Tel. 5s 1938 99*» 1001*
U. S. TREASURY NOTES.
NEW YORK. Jan. 3 (46.—Prices Quoted
In dollars and thirty-seconds:
Approx.
Rate. Month-Year. Bid. Asked, yield.
2H February '38_100.4 _
3 March '38_ 101.10 101.12 ...
2’, June '38 __ 101.19 191.21 ...
214 September '38-. 101.29 101.31 ..
1', December '38.. 101.3 101.5 .03
I'a March .39_ 101.12 101.14 .29
2** June '39 ._ 102.13 102.15 .41
14, September '39.. 101.12 101.14 .52
1», December '39.. 101.12 101.14 .63
1»» March '40_ 101.26 101.28 .76
l'a June '40 . _. 101.20 101.22 .80
1*4 December ’40_. 101.17 101.19 .95
l’a March '41_101.13 101.15 1.03
l’a June '41 — 100.27 100.29 1.11
1", December ’41 — 100.10 100.12 1.14
1’, March '42 __ 101.24 101.26 1.30
2 September '42 . 102.30 103 1.34
1*4 December ’42— 101.19 101.21 1.401
NEW YORK LIVE STOCK.
NEW YORK. Jan. 3 (ffV—fState Depart
ment of Atriculture).—Cattle. 1,340. In
cluding 800 direct. Steers 25 higher: me
dium to good. 1.210-1.205 oounds. 8.50
0.00. Bulls fully steady: cutter to me
dium. 5.O0-7.00: general toD sausage bulls.
7.25. Cows. 25 higher, low cutter and
cutter. 4.00-6.50. a few lightweights below:
fat cows. 5.75-0.50: best weight dry feds
held higher.
Vealers and calves. 4 200. including
3.000 direct Vealers 50 higher: good to
choice nearbys and Ohlos. 14.00: mediums.
10.00-12.00; lightweights. 0.00-0.50.
Calves generally 50 higher; common. 218
and 280 pounds. 0.25-7.00.
Sheep and lambs. 23.780. including 20.
770 direct. Lambs fully 25 higher than
last Mondav: strictly good so-oound fed
Michigans 0.75. Sheep nominal.
Hogs. 0.850. including 0.820 direct.
Market 20 higher: 198-pound average. 8.75.
NEW YORK BAR SILVER.
NEW YORK. Jan. 3 (/?).—Bar sil
ver, 44%, unchanged; industrial base
price, 44, up %.
STEEL QUOTATIONS.
NEW YORK. Jan. 3 UP).—Steel prices
per 100 pounds f. o. b. Pittsburgh: Blue
annealed sheets, hot rolled. 2.40: gal
vanised sheets. 3.80; black sheets, hot
rolled, 3.15; steel bars, 2.45.
ERIE WILL Ft
TO MEET INTEREST
Carrier Unable to Comply
With R. F. C. Conditions
for Loan.
By the Associated Press.
NEW YORK, Jan. 3.—The New
York Stock Exchange announced
today it had been informed by the
treasurer of the Erie Railroad that
interest on five bond issues due today
would not be met.
The exchange said the Erie treas
urer had informed it the road was
unable to meet some of the condi
tions imposed by the Reconstruction
Finance Corp. for a loan of $6,006,000
and consequently would not deposit
funds here to pay the interest due.
Earlier in the day the exchange
had informally suspended dealings in
the issues because of doubt as to
whether interest would be paid. Fol
lowing word of the road's plans, how
ever, dealings were begun on a ‘ flat"
basis; that is. without regard to ac
crued interest.
The issues in which dealings were
interrupted were;
Erie & Jersey Railroad, first 6s of '55.
Erie Railroad, first consolidated
prior lien 4s of ‘96.
Erie Railroad, consolidated general
lien 4s of ‘96.
Genessee River Railroad, first 6s
of ’57.
New York. Lake Erie & Western
Docks & Improvement Co., first 5s
of '43.
Other Erie issues were being traded
in normal fashion.
PRIVATE ENTERPRISE
DECLARED VITAL FORCE
Special Dispatch to The Star.
PHILADELPHIA, Jan. 3.—The ex
tent to which the people of the United
States will prosper in 1938. as well as
in the years to come, will depend upon
the extent to which individuals and
groups of individuals are rewarded
for their initiative, ability, thrift and
effort, declares Charles R. Hook,
president, the American Rolling Mill
Co. “This means the protection and
encouragement of private enterprise.
Never in the history of the world has
there been any sound prosperity on
any other basis.
“Prosperity for all of us can come
I only through increased production,
with an equitable sharing of that
which is produced.
“But neither individuals nor groups
of individuals organized as corpora
tions can be expected to invest their
savings in the development of business
without the incentive of reward. So
it seems clear to me that general
prosperity is inextricably linked with
confidence built upon the foundation
of individual incentive.”
UTILITY SALE GIVEN
APPROVAL IN VIRGINIA
By ihe Associated Press.
RICHMOND. Va„ Jan. 3. — The
State Corporation Commission an
nounced today final authorization had
been given the Appalachian Electric
Power Co. to sell to the American
Gas & Electric Co. the Kingsport
Utilities, Inc., of Kingsport. Tenn„
and the Kentucky & West Virginia
Power Co., Inc.
Present Income—
Future Security
FIRST MORTGAGE NOTES
Not only do you immediately
gain a good income from this in
vestment, but you may be sure that
its intrinsic value w-ill increase as
the years pass.
ISHANNON&uiCwjl
Members of the Washington
Real Estate Board
1505 H St. N.W. Natl. 2345
National City Bank Sees
Signs That Decline Is
Flattening Out.
By the Associated Prass.
NEW YORK, Jan. 3—The rate of
decline In the business recession was
slower In December, the National *
City Bank said today in its monthly
letter, and “a lew signs have ap
peared that the decline is flattening
out.”
“The commodity markets have been
firmer and new orders in some lines
have picked up moderately,” the letter
stated, continuing:
“This modest improvement in buy
ing evidently reflects a need for the
commodities, for there has been no
change in the prevailing policy of
keeping down forward commitments. •
"No one can state positively whether
this improvement will hold, or when
it will become sufficient to halt the
decline in employment, and income
business men are not optimistic on
the nearby prospects However, a
period of stability would naturally
be expected after a drop of well over
25 per cent in Industrial production ■
in four months.
“All movements of business tend
to exhaust themselves, and the sharper
the recession the sooner the leveling
out should come. For four months'
there has been a great curtailment
of expenditures, especially by the in
dustries themselves and by the dis
tributors of goods, and, to a lesser
extent, by consumers also. The effect
has been an unprecedently swift re
cession.”
The steel industry, the letter states, '
“has been a leader in the recession *
and the evidence that steel inventorie*
have been materially reduced seems
convincing.”
FOREIGN EXCHANGES.
NEW YORK. Jan. 3 >/P —Nervous Lon
don and continental selling of the dollar
I *9 anticipation of the President’s messag®
! l<> Congress carried most European curren
, cies sharply forward in terms of the
i American unit today
| The pound sterling led the advance with
a gain of 12 of a cent. The French franc,
! partially supported by the official control,
, rose ]H»li of a cent. The guilder spurted
I .Hi of a cent and cams of ni of a cent
! ar^d .02*2 of a cent were made bv th®
! belga and Swiss franc, respectively.
In London the dollar sagged of a rent
I to finish at 5 no,7. it closed in Pans at
, the equivalent of 3.309 cents to the franc,
against a week end New York rate ox
3.393 cents.
Noon rates follow
Great Britain in dollar?, others in cents;
Great Britain, demand. 5.no cables,
•sno^: oo-day bills. 5.00 France, de
mand. 3.4o; cables. 3.40: Italy, demand.
5.26*2: cables. 5 26*2.
Demands—Belgium. 16.07: Germany,
free. 40.29*2; registered. 21.70; travel.
25 85; Holland. 55.75; Norway. 25.15:
Sweden. 25.So: Denmark. 22.35: Finland.
! 2.22; Switzerland. 23.15: Spain, unquoted;
Portugal. 4.54*2; Greece. .92*4 Poland. -
18.98. Czechoslovakia. 3.51*2 Yugoslavia.
2 35: Austria. 18.93n: Hungary. 19.80; *
Rumania. .75; Argentina. 33.35n: Brazil
•free*. 5.30n; Tokio. 29.17: Shanghai.
29.65. Hong Kong. 31.32: Mexico City,
27.80; Montreal in New York. 99.95 $•;
New York in Montreal. *00.04 ii.
n—Nominal.
INSURANCE SHARES GO
LOWER DURING WEEK *
Special Dispatch to The Star.
NEW YORK. Jan. 3 — Insurance
stocks ir. the New York City market
eased off slightly during the last
week, according to records compiled *
by Hoit, Rose & Troster.
The aggregate value of 20 leading
fire and casualty insurance issues on
December 31 totaled $495,297,000.
compared with $499,705,000 at the
close of the previous week, a decrease
of $4,408,000, or 0.88 per cent.
The current average yield of the
20 issues is now 4.64 per cent, com
pared with a yield of 4.60 per cent
on December 24. The current market
value equals 79 per cent of current
liquidating value, unchanged from a
week ago.
NEW YORK SUGAR.
NEW YORK, Jan. 3 —Sugar futures
held steady today as scattered covering
and trade buying absorbed liquidation and
hedge selling.
March No 4 sold at 1.18. or net un
changed while March No. 3. after de
clining a point to 2.25. rallied to 2.26,
leaving the list at 2 p.m. net unchanged
MONEY
TO LOAN
ON REAL
ESTATE
\ «' 5 % /
X MONTHLY /
| PAYMENTS V
f IF PREFERRED )
/ Oar | '
V Baal Estate Of Heart J
J Invite Yea te Center u
34 (
I Washington f
x Loan ft Trust / ,
/ Company \
1 oih*r 17th *o / »
v Member. Federal Reserve g
j\ System end Federal Depctll m
ILfrfiJ
- 'i
Loans
ON IMPROVED D. C. PROPERTY
Immediate attention on your application for
buying, rebuilding or refinancing.
Loans repayable monthly.
No charge for appraisal if loan is not made.
Interest charged only on unpaid balance of
principal.
Equitable Co-operative
Building Association
915 F STREET N.W.
Orcanixcd 1819
M_^ ...mini

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