Evening Star Newspaper, December 31, 1934, Page 19

BONDS CONTINUE TOMOVEUPWARD Secondary Rails‘in Favor. Federal Issues Show Small Losses. BY BERNARD S. O'HARA. Associated Press Financial Writer. NEW YORK, December 31.—With minor exceptions bonds continued to move upward today. Secondary rails remained in favor as | evidenced by a long list of gains rang- ing from fractions to more than a point. The prime section was a bit uneven, due to slight losses in United States ‘Governments and some of the higher- priced corporate issues. Foreign loans showed a forward trend under the lead of Austrian and German obligations. FEDERAL POLICIES EXPECTED TO STAY| United Business Service Head Be- lieves Spending and Laws Will Dominate 1935. The controlling influence in 1935, as in 1934, will be governmental policies and expenditures. says G. Irving Gibbons, editor in chief, United Business Service. “No material alteration in the un- derlying economic and political poli- cies of the Federal Government is an- ticipated in the coming year. The | administration is not likely to give‘ up socialistic experimentation nor, on the other hand, are its endeavors | to extend business recovery likely to be along exclusively orthodox lines. | “In spite of the President’s re-| straining desires, social legislation! burdensome to business, and a further | outpouring of Government funds even | in excess of the present rate, seem probable. “Large disbursements of Govern- | ment funds, however, together wxlh‘ & more active replenishment of ob- solete and worn-out capital equip- ! ment, will maintain and even expand | public purchasing power. There- fore, trade and industry should ex- |3s 452 BONDS ON 'NEW YORK STOCK EXCHANGE %= . Low. % 111% lllh I.IIEITV BONDL gh. Low. 2.55. 3%s 1932-47..... 1082‘0 10318 10318 1st v 434 s 32-47. 10815 10315 10315 4th 41,5 1933-38. 10324 1”22 10822 Ath 4148 33438 %3'.1 called.. 10128 10126 10128 TREASURY BONDS. 10029 10028 10029 10029 10025 10029 10128 10125 10128 10119 10119 10119 10418 104 18 104 18 10229 10226 102 28 I!fil 1940-43 June 104 13 10413 10413 «.. 10331 10331 10331 . 107 10629 10631 . 10831 16823 10823 4% 8-3%s 43-45.. 10931 10228 10230 4%s1947-52.....1137 1137 1137 FEDERAL FARM MORTGAGE BONDS. 3s1949.. . 9924 9918 9920 351964 .10117 10114 10117 HOME OWNERS LOAN BONDS. 2% 839-49. 9628 9623 9623 9925 9921 9923 +.. 10031 10028 10031 FOREIGN BONDS ADitib! Pa&Pw bs ‘53. Agr Bk Col 63’4 Akershus 5s ‘63. Antioquia 7s 45 Antioquia 7s *45 C Antloquia 3d 78 '67. Antwerp 6s ‘58 Argentine 6% Argentine 6s Argentine 6s Argentin Argentine 6s Argentine 65 Argentine Argentine 65 '60 Oct. . Argentine 6s'61 May. Australia 4%s ‘56 Australia 55 '55. Australia 5s '57. 1951 103% 1027 Belgium 7s Belgium 7s Berlin 6s 5! Berlin Elec 6 Berlin Elec 6% s 51, Bolivia 7s '58. Bolivia 75°69... Bolivia 8547, Brazil 6%s '26.57. Brazil 6%s '37-57. Brarzil 7s '52. Brazil 8341 Brisbane 5 Brisbane 5s '58. | Budapest 6s '62 unmat cpn on. Buenes A 6561 st Pv. Buenos A6%s'61stPv. Bulgaria 7s'67 . Canada 4s 60 | Canada 4%s Canada 6s ‘52 perience a moderately higher level of ; Ch activity during the coming year than in 1934.” CAPACITY PRODUCTION NEXT YEAR PREDICTED! By the Associated PPess. CLEVELAND, December 31.—Ca- | pacity operation for industrial planu before the end of 1935 s foreseen by | Adrian D. Joyce, president of the Glidden Co., in a review of prospecv.s for the new year today. | “It is evident there is a lremendousl dormant demand for all kinds of | manufactured products,” Joyce said, “and with the renewed spirit of con- | fidence it is apparent that business is coming into its own again.” Referring to Glidden Co., he| added: “Our business year began on | November 1, and for the first two | months of our new year we will| show a gain over last year of more than 20 per cent.” VISIBLE GRAIN SUPPLY. NEW YORK, December 31 (#).— The visible supply of American grain | shows the following changes in bush- els: Wheat decreased 1,856,000, corn decreased 351,000, oats decreased 399,- 000, rye decreased 40,000, barley de- creased 115,000. STOCK SEAT UNCHANGED. NEW YORK, December 31 (#).— Arrangements have been made for sale of a seat on the New York Stock Exchange at $95,000, unchanged from the last previous transaction. L PR KITCHENWARES ORDERED. NEW YORK, December 31 (#)— Orders for low-price kitchenwares for | Spring sale are reported being re- ceived in volume in the wholesale market, SPAIN IS RECOVERING. Spain reports a continued recovery | from the effects of recent political and | social disturbances. Washington Exc_hange ' SALES. Capital Traction 55—$500 at 90. AFTER CALL. Wushfng!on Gas 55 1958—8$1,000 at 10015, Potomac Electric 6% pfd.—5 at 110%. Potomac Electric 5!2% pfd—15 at 110%4. Capital Transit Co.—25 at 26. Bid and Asked Prices. BONDS. PUBLIC UTILITY, Amer, Tel, & Tel, 4155 130.. S5 Wash. Gas 85 1958 Wash. Gas 5s. 1960 © Gas e, series B . Rwy. & Elec. 4s.... MISCELLANEOUS. Barber & Ross. Inc.. 6%s.. Chevy Chase Club 5las. ‘olumbia Country Club k) Paper Mfg. . $u.7Cold Blorage 55 STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel. (9) Wash. Ry. & EL com. (7)., 300 Wash. Ry. & El. pfd. (5)... 100 NATIONAL BANK. Capital (4 Amer. Sec. & Trust Co. (8).. National Sav, & Trust ‘Wash, Loan Piremen's ) National Union Columbla | (:30).. Real Estate (6.00). MISCELLANEOUS. Carpel_Qord ). . Paper Mig. “Selz.” A (3] an<ton Monotype (4) 8 Mergenthaler _Linotype. 30% Peoples Drug El Guld (6507 110 vd. *Ex dividend s Chile 7s'42.. Chile Mtg Bk 6148 '57 { Chilean ML 78°60... | Colombta 6: Colombia 6s ‘61 Oct. . Copenhagen 43s '53. Copenhagen 6s '52... Cordoba 7s *42 Prv | Cuba 534s45. Cund’amareca 6% Czechoslovakia 8s '53 Denmark 4%s '62. ... Demark 5%s '55. Denmark 6s'42... Estonia 78 °67....... Finland 5%s'58..... Finland 6s'45. Finland 6148’56 Finland 7s°50. Finnish 614554 B.. Frankfort 6148 53 French Gov 7s '49. French Gov 718 41 100‘4 104 1017 1007% 100% 104 1017% 1007% 101 26 183% 186 Ger C Bk A 6’60 Oct. Ger CBk Ag 7s50.... Ger Gen El 6548, Ger Gen El 7s "45 . German Gov 6%s "65. German Rep 7s "49 Great Br & Ir 5%s°37 Greek Gov 6s'68..... Hansa SS 65’39 ww... Hungary T%s'44.... Ttaly 7s'61. . Ital PUCr: Japan 6%s '65. Japan 6%s '54. Karstadt 6s "43. KreuwkToll 65'59Acfs. 1004 674 £34 Medellin 6% s '54. Mexico 4s '54 asst. Milan 6% '52. . New So Wales 6s ‘58 Nord Rys 6%s '50 ... Nor Ger Ld 65’47, Norway 6s Norway § Norway 6 Norway 6s "44... Norway 6s'52. Norw Hy El 5%s '57. 100 167% 43% 99 » 104% 104 101 88 Oriental Dev 6% 76 Oslo 65 °56... Panama 55’63 std asd. Paulista Ry 7843, T3% 878 27% 106 109% Queensland 6s '47. Queensland 7s '41... Rhinelbe Un Rhine W E1 P 6 Rio Gr do Sul 6s°68. Rio Gr do Sul 7s Rio Gr do Sul 78 '67.. Riode Jan 6%s'53... Rio de Jan 8s'46 Rome 638 Fumania Saarbrucken Sao Paulo Cy 6 Paulo St Santa F Arg 78’4 Saxon Pb W 6% 51 Serbs 8s '62. Siemens & H (% Silesia Prov 7s '68 Sydney 5%s '56. Toklo E1 Lt 6353 Tolima 7s '47 Trondhjem 6 Tyrol Hy EI 7 Un Stl Wk 6%s Unterelb P& L 6 '63. Uruguay 6s " Uruguay 6s'84.. Uruguay 8s 46 Warsaw 78 ‘68. Westphal E1 Pés's3. Yokahama 68 61 DOMESTIC IONDl. Abr & Straus 5348¢3. 103% 103% Alb&Sus 33 s 46 gtd. 99% Alb Per W P 64% Am Chain 6s 38...... 99 Am & For Pw 55 2030 57 Am IGChb%s'49 Am Intl 53%s 49 Am Roll M bs ‘38 Am Smelt & R 6847, Am Sug Ref 6s '37 AmMT&T 4%s '3 Am T & Tcltr$ Am T & T deb b Am T & T deb 6s 110% 110% 103 103% 102% 102% 107 107 108% 108% 108% oo 111% 110% 111 . 111% 111 111 THE EVENING BTAR, WASHINGTON, AmT&TE%s"43 Am Type Fd 6s’40cfs. Arm of Del %843 Armstrg Cork b5 '40. . 1! AT&SFegn és'95. AT &S Fead 45'95st. Atl&Ch AL Gs"44... Atl Coast L 1st 4s AtICLun4% Atl & Dan 24 4 Bal & Ohio 12t Bal&Oref5s'95 A. . Bal & O ref 58 2000 D. Bal & Ohio5s'96 F'... Bal&Oref 6s'95C.. Bal & O Toledo 48 '59. B&O PLE&WYV 4s '41 Bal & O Swn §s '50. Bang & Aroos 4s ‘61. Bang&Aroos cv 1. Bell T of Pa s '48 B. . Beneficlal L6s ‘46 Beth Stlrf db 5s ’IZ . Bos & Me 4%5 '61J Boston & Me 5s '55... Boston & Me 55 °67.... Bos& N Y A L 4s 55, Bot Con M 6%s'34... Bklyn Cy R R 58 41.. Bklyn Edis 6549 A Bkiyn Edis 55 '62 B Bklyn M T 6s'68 A Bklyn Un Gas 6 Bklyn Un Gas 63 '50. BR& P con 4%s'57. BCR& N bs 34 ctf. Bush Term 1st . Bush Term cn 6s '55. By-Prod Ck 5%s '45.. | Calif Pet 5539 Can Nat Rys 1'&- ‘51, Can Nat Rys 4%s '54. Can Nat Rys 4%s '56. Can Nat Rys 43%s '67. Can Nor 4% Can Nor deb 7 Can Pac deb Can Pac 4 %8 '60. Can Pac 5S ‘44 ctf: Can Pac 58 '54. . Caro C1& O 5538 Cent of Ga con 5s "45. Centof Ga5s'59C... Cent IIE &G 58 °'51.. Cent N J gen 55 '87... Cent Pac 1t rf 4549, Cent Pac 6s°60. ... CentR R B Ga 6537, Cert'd deb 5348 " Chi& Altref3s'49... CB&Q 11 div3ls 49 Chi B & Qref Chi&E11163°61..... Chi GFt West 4s°59. . Chi Grt W 4’59 stp.. ChiIn & L gen 686 CM&StP 45 '89. CM&StP gn 4% CMStP & P58 '75.... CMStP&P adj 53 2000 Chi & NW gn 7. Chi & NW gn Chi & NW 4345 2037.. C&NW 4%5 2037 C... QaaanQag g-ezxx!x; PN g LIST Taladatde ] Childs Co 6843 CinGasEl4s'68 A... Cin Un Term 55 2020. CCC&StL rf 4%s'T7TE CCC&StL rf 55'63 D. CCC&SL StLdiv4s's0. CCC & St L Wh Wat Val 4540 Clev Un Ter 4%s'77. Clev U Ter 6s '73 B... Clev U Ter5%s Colon O1] 6s°38. . Col Fuel & 1 68 '43. Col RP & L 1st ColRP&LS Com Inv Tr 5%8'49.. Con Coal Md 58'50cts. Con Gas Chi Con Gas N Y 43%s'51. Con Gas N Y bs ‘B7... Con G NY 5%5'45 reg. Container deb 6s 43.. Crown C& S 6s°47... *| Crown Will P 68 °51 Cuba R R 1st 58 °5. * | Cuba Nor RR 538 ‘42 Cuban Cane P 6s '50. CumbT & T 6s'37... Del & Hud rf 45 43.. Del & Hud 5%8 " Den & R G cn Den & R G rf5s'78... D& RG W 6855 asst Det Edison 43%8'61 D. Det Edison rf 5349 . Det & Mack 1st 4595, Det Riv Tun 4%s '61. Ddge Br cv db 65 '40. Duqu Lt 1st 4%8°67. KTV &Gacnbs 66 Erierf bs 'Ii. FlaECRy 4%s'59.. Fla EC Ry bs'74. Fla E C Ry bi Fond J&G 4s Gen Baking 5% Gen Cable 6% Gen Pet 58 °40. . Gen Steel C 514849 Gen Thea Eq 65 '¢0... Gen Th Eq 65 '40 ‘Goodrich 6 . Goodrich 6%s 4 Goody'r T & R bi Gr Tr'k of Can 6: Gr Tr'k of Can 7s°40. GtNRref4%s'61A. Gt N R gen 4%s'76 D. Gt NRgen 4%s'717 E. GtNRgen7s'36 A Gulf. M &N 5s°'6 Gulf Sta Stl 53%s"42. Har Ry-P C 1st b4 Havana cons 5s e Hous B&T 1st bs '37.. Hudson Coal s 62... Hud & Man ref 58 °57. Hud & Man inc 68 '6 —ee 111 Bell Tel 635 111 Cent coll tr 4 111 Cent ref 4s '65 Il Cent 618 36 ICCStLNO4 1ICCStLNOGs’63.. 111 Steel deb 4% s '40. Inland Stl 43%s'81 B. lanTllfi:;‘l Int GtNor adi 68’624 Int Hydro El 6s'44.. Int Mer Mar 6s 41. Int Pap 1st5s’4TA Int Pap ref 68 '56. IntRof C A 6%: IntT&T 4%8°63 Int T&Tev il »Int T&T68°86.. Inv Equity §s'47 32y 32% 944 '4!‘ ! 2% 22% 22% 56% b5% 102 . 102 103% 103% 104% 104% 106% 106% 101% 101% 1065 106% 100% 100% 90 90% 31 31 44% 4% 107% 107% « 101% 102% | 55% 574 107% 2% 72 106% Towa Cent 5s ‘38 ctfs. James, F& C4s'39... KanCFs&Mm Kan Cy P&L 43861, Kan C Sou 1st 3 Kan Gas&El 4%s '80. Kelly Spr Tire 6s'42. Kendall 6%8 48 ww. Kresge Foun 6s'36 Laclede G 6%s ‘63 C.. Laclede G 6%8°60 D. LE&Wn2d Lautaro Nitr Leh C&N 4%s8'54 C. Leh Val Coal 5s'74 L V Pa con 4s 2003... L V Pacon ¢%4s 2003, High. 10 LVRR con s 2008.. 1 Ligg & Myr 58 '51. Ligg & Myr s '44. Loew’s 65 °41.. Long Isl gen 4s'38 Long Isl ref 4s '49 Lorrillard 5s°51 La & Ark 5569 Loulsv G&E §s Lou & N unif 4s°40. ., Lou & N 4182003 C. L&N Atl. K&C 48 °55. &R 65%s 50, mod 77542 ctfs stamped. , Man Ry 45 '90....... Man Ry 4s°90 ctfs. .. Marion St Sh 6s'47.. Market St Ry 78’40 A Mead Co 6s '45 Met Ed 1st rf 4 Met Ed 1st rf &5 ‘53 Mich Cent 3%s '52 Mich Cent 48’79 Midvale St1&0O Mil El R&L rf 58'71.. Mil Spa & N W 4s'47, Minn & StL 58’ 34 M.StP&SSM cn 4; M StP&SSM §s'. Zlgrd M.StP&SSM 5348 '49. MStP&SSM rf 65'46A. MoK & T 1st 48 °'90... MoK&T4 Mo K &T 53 '62 A. Mo K & T adj 5s 57.. Mo Pac 4 Mo Pac Mo Pac Mo Plc Mo Pa 6- Mo Pac 5 Mob & Oh 5s°38. Mont Cent 6s ‘37 Mont Pow ref 5s '43.. Mont Tram 5s°41.... Morris & Co 4%s°39. Murray Body 6%s'34 Nash F & Shef 5s'37. Nassau El 45 '51 gtd Nat Dairy 5%s National Steel §s Newb'ry (JJ) 6% NewJP& L4 aQ - s a - - ) ¢ ts e ref 43482013 0. ref 58 2013 Qaana Mich C 3l 3 &St L 18t 48 '37 :StL 1st 45'37rg &St L 4%s 78, C&StL 513s'T4 A. g o 1 aan Y C 2 Q00 |3 . NH&H ¢s '65. . NH&H 4s'56. 7 . NH&H cl trés'40 . NH&H cv 63 '48. . O&W ref 48 '92. ZALLL L2222 22227 L2222 L L2222 22222227, Niagara Sh 5%s Norf So 1st ref 5s '61. Norf S1st ref5s'61cts. Norf & W div 4s Norf & W 1st 4 No Am Co 58 '61. Nor Am Ed 65 63 C. . No Am Ed 5%s 63 Nor Pac gen 3s 204 Nor Pac gn 3s 2047rg Nor Pac 5s 204 Nor Pac 6s 2047 Nor Sts P 1st 5: MA oo X Nor Sts P 65’41 B. Ohio Pub Ser 7%s 46 Ore S L 58’46 gtd. . Ore-WRR&N ¢s 61 Otis Steel 6s'41..... PacG & E 5s°42. Pac Tel 1st bs '37 Par F La 47 ctfs.. Par F La 68 47 filed Par Pbx 5%s ‘50 ctfs. Par Pbx 6%s 50 filed Pathe Exch 7s '37 . Penn R Rcon 4s‘48.. PennR R 4%s'81D.. Penn RR 45 '84. Penn R Ren 4%s'60. Penn RR gn 4%s'65. Penn R R db 4%s '70. Penn R R gen bs'68.. Penn RR 61836 Penn O & D 4%s 7 Penn P& L 4%s'8 Peo G L & C ref b8 PeoGL&C6s'43 Peoria & E inc 4 Marq 1st 4s ‘66 ere Margq st 6s '56. PhilaB& W 4%s8°81. Phila Co 6s '67. Phila& RC&16s°'73 Phila& RC&16s°49 Philippine Ry 4s°37.. Phillips Pet 6% 8'39. PCCC&StL 4%8'77C. PCC&St L 5’75 Brg Port Gen El 438 60. PortGen E4% Port Gen El 1st Postal Tel & C PubS El &G Pure Oi1 6% Purity Bak bs '48 — Rem-Rd 5% 8"4TAwWwW. Rep I & St1 55 40. Rep 1 & Stl 5% Revere Cop & B 6: Richfield O1l 63 °44... Richfield O 44 ctfs Rio G Wn col 4549 A Roch G &E 6s'62 E RIA&L 1st 4%s 34. StJo Lead 6%s°41... StJ Ry L H&P 6s'37. StL IM&S R&G 4833, StL-SF4s’'50 A.. St L-S F 45 '50 A cfs. St L-SF 4%s8'78.. StL-S F 4358’78 el’lt StL-SF56s50B..... St L-S F 6550 B efs. StLSWils 4s'89... St L S W gen rf 58" St L S W 1stTerbs'52. StPKCSL4%s 41, St P M&M ext 55'43. . StPM&MPac 45’40 ext St P U Dep ref 5s '72. San A & A Pass 45’43 Schulco 6%s 46 . Seabd A L ref 4i Seabd AL refis'sdctfs Seabd A L adj 58 °49.. Seabd AL 6345 A. Seabd A L 6545 Acfs. Sea A-Fla 6535 Acfs. Sea A-Fla 6s'35 B cfs. \ 1094 115 101% 69 106 107 62 621 62% 62% 10215 108 100% 100 114 105% 9% 111 110% 94% 63 17% 16 14% 13% 16% 15% 1% 38% 50% 17% 106% 100% 114 82% 37 8% Th 3% 11% 9% 4 4 104% 93 8 58 54y 54l 6814 9% 95% 101'5 101% 100% 100% 9315 102"- 12% 110% 9% FINANCIAL. y , D. C, MONDAY, DECEMBER 31, 1934 w¥¥ B 7 w te to tar Low. 2:35. 80 81% . 103% 103% 1027% 102% 102% % 1031% 103% 103% 103% 102% 103 Sharon SHGE%s '48.. Shell Pipe L 53 °63 Shell Un Oi1 Sierra& SF P s Sine Con O Sine Con O 7 Skelly Oil 68 SoBell T& T bs'41. So Pac col 45°49 So Pac S F Ter 4s'50. So Ry gen 4s'56 A | timor: & Southw Bell T Stand Oil N J 68 "4 Stand Ol N Y 4%s ‘51 Stevens Hotel 6s '45.. Studebaker 65 '42. . Studepaker 6s’42ctfs. Tenn Cent 6547 Tenn Ei Pwr 6s Term Assn St L 4853 Tex Corp cv 68 44 Tex & Pac 5879 C Tex & Pac Tex & Pac 1s 56 91% 104 103% 8814 89 116 25% 100% 101% 107 103% 116% Tob Pr NJ 6%s 2022, Trumbull Stl 6s '40.. 101% 100% 1017% 100% 107 107 103% 10374 116% 116% 993 UnEL&PS5s’'57.... Un O Cal 68 46 re ww UnOCal6s 4Z2A.... Un Pac 4s 68 Un Pac 18t 43 '47... Un Pac 4%s°67. United Drug 5 U S Rubber §s "47 9315 102% 6% 46 8 30% 374 18 184 86% 59% 71 3214 9% 25% 24% 251 25% UtilP&L6%s"41... Vanadium ¢ Va Ry 1st 58 ! Va S W con5s'58.... Wabash 4%s 78 Wabash 1st bs'39 Wabash 2d 53 '39. Wabash 55'76 B Wabash Des M 4s°39. Warn Bros cv 6s ‘39 Warren Br cv 6541 Wash Cen 4s '48 W PaP4s'61 H W Pa P 1st 55 6. W Pa P 1st 5856 G.. W Sh 1st4s 2361 gtd.. W Sh 1st 45 2361 reg. West El deb 5s ‘44 West Md 1st 4552 West M 5%577. WNY&PIists West Pac 55 46 A. .. West Pac 5546 Aasst. West Un col tr 55 '38. West Un 58 '51. West Un 68 ‘60 West Un 6% Wheel Stl 4148 ‘53 Wheel St1 51,848 100% White Sew M 65 '40. . 597 W SpSticons'35ct. 9 9 9 Wilks B&E Ist 5542, 46% Wis C 1st gen 45 '49.. 12% Wis C ist gn4s'49cf., 10% 58% 35'% b 93 . !05% 105 114% 114% 109's 109's 12% 10% 12% 10% Youngtn S&T 6s'TSA. Youngtn S&T 68'70B. 95 95 935 9415 UNSTABLE DEMAND FOR STEEL CITED Weir Points to Uncertainties as Cause of Abnormal Changes in Activity. 9414 95 Instability of consumer demand, and therefore of operation, was an out- standing condition in the steel in- dustry in 1934, according to E. T. Weir, National Steel Corp. “Operations fluctuated from a weekly high of 62 per cent in June tember, and there were abnormal duction. “A number of circumstances com- | bined * to produce this _condition 4| which, of course, was a reflection in the steel industry of the doubt and uncertainty that prevailed in business generally. “Despite these adverse influences, however, the industry will end the tion than in 1933. If operations con- tinue at the present rate, it is esti- mated that total production will be approximately 25,000,000 tons, which will compare with 22,600,000 tons in 1933 and will be about 54 per cent of the average production during the years 1924-1929, inclusive, which was considered a prosperous period. “1934 has witnessed a substantial improvement in earnings positions. Although the industry as a whole is still “in the red,” several companies earned money and most companies will end 1934 with smaller deficits than was the case in several years immediately preceding.” * CONSTRUCTION WORLD LOOKS FOR UPSWING “Construction looks forward to 1935 with definite and substantial expectation of improvement.” says F. E. Schmitt, editor Engineering News- Record. “Carrying forward the initial rise in volume of construction that came about during the past year as the fitst change from a iive-year decline of catastrophic proportions the coming year will see a further increase, though one whose amount will prob- ably remain moderate. “Three important factors are to be reckoned with: Housing revival, re- sumption of industrial and utility construction to catch up with rapidly accumulating obsolescence and the expanded public works program now under discussion in Washington.” e NEW YORK BANK STOCKS UP SLIGHTLY IN YEAR Special Dispatch to The Star. NEW YORK, December 31.—In a year of reduced return un earning as- sets and adjustment to changes wrought by i933 banking laws, New York City bank stocks managed to! close 1934 at slightly higher levels. The weighted average of 17 repre- sentative issues closes December, 1934, at about 42, compared with a 1934 low of 40 early in January and a 1933 low of 35 on December 26, 1933, During the year, however, a num- ber of important banking develop- ments caused relatively wide swings in prices. ———— ARGENTINE FOREIGN TRADE TOTAL CLIMBS Argentina’s foreign trade for the month of November showed an in- crease of 44 per cent over the same month of 1933, according to official trade statistics. November, 1934, im- ports were valued at $36,300,000 at the official rate of exchange and ex- ports at $34,650,000, the imports show- ing a small seasonal excess over ex- ports for that month. The corre- sponding figures for November, 1933, ‘were $25,900,000 for imports and $23,- 330,000 for exports. The November, 1934, imports were the highest for any month since March, 1931. 4 to a low of 17.5 per cent in Sep-! variations in seasonal levels of pro-| year with a higher aggregate produc-| B. & 0. NET CLIMBS ABOVE YEAR AGO November Total Discloses Increase of $57,240 for Carrier. Special Dispatch to The Star. BALTIMORE, December 31.—Net railway operating income of the Bal- Ohio Railroad Co. for No- vember exceeded the corresponding month of last year by $57,240, the first pdvance over a year ago for any since last May. The month's operations, however, produced slightly over $400,000 less than for October. The November total was $1,596,5 as contrasted with $1,999,673wfor tober and $1,539,349 for No¥ember of 1933, a gain of 3.7 per éent over the 1933 perioc. All of the gain " is accounted for through saving operating expenses. Railway operating revenues in the gross were $10,306,319, or $877,006 less than for the similar 1933 month, but expenses were $7,592,878, or $973,726 less than for a year ago. For the 11 months to the end of November net railway operating in- come amounted to $21,902,818, as compared with $27,222,678 for the like period of 1933, a decrease of $5,319,- 860, or 19.9 per cent. Freight revenue for the period was $107,452,645, a gain of $2,523,315; pas- senger revenue was $9,262,252, an in- crease of $314,200, and gross revenue from all sources $125,013,504, against Operating expenses, however, were $91,504,856, against $82,644,993, an in- crease of $8,859,863. Western Maryland Reports. BALTIMORE, December 31 (Spe- cial) —Net income of the Western Maryland Railway Co. for November | amounted to $66,188, or 37 cents lon 177420 shares of first preferred | stock, taxes and charges for the like period a year ago. For the first 11 months of this year net income after taxes and charges-amounted to $870,510, or $4.90 a share on the first preferred, as compared with $783,997 for the first 11 months of last year. CHECKS ON INDIVIDUAL BANK ACCOUNTS DROP * | By the Associated Press. Checks cashed on individual bank accounts in leading cities of the Fed- eral Reserve System showed a 32 | per cent drop during the week ended { December 26, which included but five business days, as compared with the preceding week. In the table "that follows, the total of such debits is given for comparable periods, as an- nounced by the board: Yeek gended Decembe, Preceding week Same week last yea 0 Washington Produce _BUTTER—One-pound prints (92 tub. 1-pound prints (90 . 31; 1-pound prints (88 MEATS—Beef. 10a15: lamb, 17 pork _loins. smoked hams. lard. score). score). score. veal. 1%a19 19a20: urlda 1412215 compoun 13014 GAME—Rabbits, ver dozen. 1.50a1.80. Agricultural Economics | EGGS—Market steady to firm: nearby unstaded, eges up 1 cent Current re- | ceipts. 28, hennery 3 Government sraded and dated white eges U.S. large. 40: U. 8. extras. me- Extras. smail. 26; U. S LIVE POULTRY—Market | unchanged, "Fowl: Colored. large. 14ai5: medium, 13a14: Leghorns 0810 roosters Chick Plymouth Rocks. K: mixed colors. 15a16; Leg- Spring Broilers: Plymouth | 7a9. | sizes. 1 | horns. 13 Rocks. 1 TULSA. Ol December 31 (#).—Base crude oil prices. Midcontinent klahoma-Kansas—Gravity scale {108 North and North Central Texas— Gravity scale to $1.03. East Texas—S1 2. North _Louisiana - Arkansas — Gravit; seale to $1.03. Gulf Const, Louisia Texas—Gravity_scales to § and $1 West Texas (Permian Basin)—30c s exi Panhandle—Gravity area: Salt Creek Wyo —-Gravity scale to $1.08 Eastern area Pennsylvania grade (Bradford-Allegany) same grade In Southwest Fennsylvania lines S1% same grade in Eu reka lin same grage ‘in Buckeye. lines. i 56: Cornine, FOREIGN MABKETS By the Associated Press. LONDON.—The Stock Exchange. as- sisced by the Javorable trade outlook and optimistic American news. finished the Jear with a cheerful tone today ns: Atlantic issues and oil shares improved In sympathy with the Wall Street market. Gt -edged " securites and . industrials strengthened on investment buying and in_anticipation of a further demand after tomorrow’s holiday. Gold mining shares were active. The market closed firm An'® optimistic outlook. for 1935 was_ registered at the close of the losed. FOREIGN EXCHANGES. NEW YORK, December 31 (#.—Foreign exchange firm: Great Britain in_donars: e~ de- Germany, rance, Italy, r%nt ng 1: Shanghai, 00: Mexico City silver pes in New York, 100. ew Yotk Montreal; 09405, n—Nominal. RUBBER FUTURES. NEW YORK, December 31 (# (noon _closing) —Crude rubber fu- tures closed steady, 16-22 higher. Jan- uary, 13.12n; March, 13.34-36; May, 13.54-55; July, 13.75. . Smoke bed spot closed 13.10n. n—Nomi Market Averages By the Associated Press. - omamsoEoRoe S, RO DE IR Eg, 5 = g8 £ % 3 00! 2 Today. 1 REES SovLoLrtband] w=tisd Lt DisnE” Low High Hosy Low (1932) (1926 average equals 100 " ougzamnszanzeds [risteesatasia s dal ) Zd::‘..‘é;fifl"‘:; Snbeaomicslaa ARARIBEINA? W gsaxzzaaz (Copyright. 1034, Std. Statistics Co.) $121,750,319, an increase of $3,263,- | 185. Prices by the United States Bureau of | FINANCIAL.) | All U. S. Markets Will Be Closed New Year Day N!.'W YORK, December 31.—Do- mestic commodity exchanges observ- ing a half-day holiday today were the New York cottonseed ofl, cocoa, lead, zinc, copper, tin, silk, hides and rub- ber. All Canadian financial #xchanges and the silver market will observe a half holiday, closing at 12:30 p.m. The Savannah naval stores market and the Liverpool cotton exchange and Paris Bourse remained closed the en- All domestic and foreign markets will be closed Tuudu New Year day. OIL CHIEF HAILS IMPROVED TREN J. Howard Pew of Sun Co. Gives Credit to Natural Economic Processes. Conditions in the oil industry have improved during 1934, due to the fact that natural economic processes have Wi not been interfered with by the in- troduction of artificial controls, J. Howard Pew, president Sun Oil Co., declares. “Whether the industry will, in 1935, hold all that it has gained, end whether there may be further im- provement, are questions about which it is unsafe to venture predictions, ' because so much depends on the poli- cies that governmental authorities | may pursue. “A revival of efforts at price fixing | would be disastrous, while suspending the wholesome restrictions of the anti-trust laws would produce only | undesirable resuits. ‘Substantially everybody with vision | of the industry as a whole now real- | after allowances for all ex- | izes that its troubles result from the | . | penses, taxes and other charges. This compares with net of $101,284 after | Not only the people of the industry, difficulties of controlling production. but, quite as important, the public | at large, have come to recognize that these troubles grew out of the hc'. that oil under ground is the - only | great natural resource for which the Government has heretofore provided no police protection.” AUTO DEATHS MOUNT SHARPLY DURING YEAR Special Dispatch to The Star. HARTFORD, Conn., December 31— A person has been killed every 15 min- utes and some one has been injured every 31 seconds on the average in | automobile accidents during 1934, making a total of at least 36,000 deaths and around a million injured in 900,- 000 personal-injury accidents, it 1s disclosed by year-end statistics com- piled by the Travelers’ Insurance Co. While the increase in deaths has amounted to around 16 per cent, com- pared to 1933, according to incomplete tabulations, there has been a decrease in the frequency of accidents as well as in the number of persons injured non-fatally per dnth CHICAGO LIVE STOCK. CHICAGO. December 31 &) lml\ mcluam: R.000 direct; active, u ) hi; l’euhu -bo\e tol 8 nxhx Jights, 0.8005 00 Slauahter Bigs. 5 0088 50 pack < 6.50a5.80: light h-m kood and choiee 140-160 pounds. 6.50a7.15: light weight. 160-200 nds. 3 pounds. 700 nn“ndnw'x‘_mlmt‘;um and ' goo . a6.90: pigs. €0od 100-140 ‘Bounds. 5008500 - And cholce. Cattle. "13.000 commercial. 1.000 Gov- 00" commercial. 500 food and choice fed steers and vearl ully steady; market dragey on lower grades: bidding weak to ; sizeable supply inbetween unsold: ~ heifer _vearlings mostly steady: choice kinds absent: fed steers. early. 1085 arlings. 1050 very few heifer yearlings alue to sell_ sbove 7.00: best. 7 60; bidding Weak lower' on_cutter and common beef only few good shipping cows steady. and \ulerz ernment: caives. Government steers best Steers. good 25a und pounds. 211.00; mmm $50.150 boundo.. 5 common and medium. 3.0086.50 4,0085.50: common and med; low cutter and cutter. oadgarlings excluded) 2 300 _poun and choice 2ood and 4.5086.00: cull Stocker and | 1 cattle: Steers good and choice Mhl-l,floll‘ nounds 3.75a4.75: common and 00 "fat_tambs_siow: sheep steady: feeding Tambs rade lambs held 860 upward; und : Dl Sround 02" pouncs. feedine lnmh« £.60. ‘Slaughter sheep and lambs: Lam) 90 pounds down. good and choice. common _and medium. 6 00); 90-150 pounds %ood and choice. 0; oyelshis common and me- 25 lambs. PRODUCE EXCHANGE NEW YORK. December 31 (#).—Produce Exchange stock list (Noon quotations.) Sales in hundreds. High. Low. Last. .50 Cache La Poudre.. 1 o3 Davison Chem i Van Swering. . *Listed. MONTREAL SILVER. MONTREAL. December 11 (#).—Silver futures opened ste: January. 54 90b. Mareh. 55.35b; May. 55.91b; July. 56.45b. b—Bid: The Trade Mark Guaranteeing Satisfaction Start the New Year Right! Relieve your mind of the necessity of remembering Dates for Appointments Seasonal Events Anniversaries, Etc. Post at once to a Desk Calen- dar all Dates now in mind for uu Entire Year and add new ones as necessary Each year your Calendar be- comes a more nearly perfect Maturity Tickler, freeing your mind for more important work. Desk Calendars in 14 Di Gl Ctomtar 50c to $5.00 KETT- PIoKE <o ING STATIONE SIDE ST N~ W IRAILROADS AN UNITY IN YEAR Association’s - Organization Helps to Bring More Self-Regulation. BY J. J. PELLEY, President of the Association of merican Railroads. The nuroad.s of the United States enter the year 1935 with renewed hopes as to their future. While the past 12 months have not been fully up to expectations, so far as traffic and earnings are concerned, there have been notable accomplishments during the year in other respects. Outstanding has been the organi- zation of the Aassociation of American Railroads. This association was formed in order to bring about greater self regulation within the industry itself, improvement in operating methods, to promote co-operative action and, through research, to develop improve- ments in mechanical and other facili= ties with a view to improving con- tinually the service to the public and enabling the railroads to keep pacc the industrial development of the Na 3 In this new association, more than 98,per cent of the mileage of class 1 railroads of the United States, Canada and Mexico have joined, presenting the most united front on the part of the rail carriers in their history in dealing with their common problems. Although the railroads have, as has industry in general, felt the effects | of the depression, rail transportation service has continued to improve. Freight traffic is now being handled | nearly half again as fast as it was | 10 years ago. Due to improvements | in locomotives and in operating meth- Jods, it now requires only 120 pounds of coal to haul 1,000 tons of weight a distance of 1 mile, compared with 149 pounds a decade ago. In order to provide greater comfort to the traveling public, nearly all of the principal railroads and some of | the smaller ones have air-conditioned | l]arge numbers of their passenger cars i during the past year. Nearly a dozen roads either have placed in operation |or have under construction at this j time new stream-lined, light-weight \pusznger trains. Partly due to Public Works Admin- istration loans made for the purpose of stimulating employment, the rail- roads in 1934 installed in service more i new freight cars and locomotives than i in any year since 1930. New freight | cars installed totaled 24,000, compared with 1,874 cars in 1933. On Decem- | ber 1, 1934, they had 1,771 new freight cars on order, compared with 125 the preceding year. Fifty new steam lo- | comotives and 35 new electric loco- motives were placed in service in 1934 compared with one steam in 1933. On December 1, 1934, there were 23 new steam and 95 new electric locomotives on order compared with one steam locomotive on December 1, 1933. 1 NEW YORK PRODUCE. EW _YORK. December :i1 (#).—Butter. . higher than talva a3; 19:34. fancy to_spec Live pouitry stead: 'm. By freight Chickens. 13a19: brofiers unquoted: fowls, 11819 roosters. 'L1; turkeys. 21a30; ducks, firm: mixed colors, special ticctions (rom fresh FeceiBts d commercial stand- mediums, 40 pounds. 4 nds. 25'. aver: | packs or ‘standar Steel Files | 3 Steel Cab | | Chairs EXCHANGE Office Ea ! Office Furniture i BAUM’S 1416 Eye St. N.W. Internationally Famous for Nearly a Century (Since 1858.) NAtional 2184, 1107 Connecticut Avenue “Where Scvings Are Safe” talking | || Columbia Building Association 716 11th St. N.W. i NAt. 6543 Ample funds available to refinance existing trusts or modernize the L Financial Good Adv1e for the New Year LISTEN TO “FATHER TIME” He has seen centuries come and go and he will tell you that the Build- ing and Loan Plan of Saving leads | the way to Financial Success! . @ Heed his counsel and come to us 'and get started successward without .delny! @ “The Fidelity” plan offers you both Sl!e Saving and increased Profit! . | You save as you earn—and your | money earns as you save it! We Pay 5% —Compounded Semi-Annually from the date of payment to the date of withdrawal ® You can open a savings Account IN ANY AMOUNT . . . and you'll always find, at “The Pidelity,” a friendly spirt of helpfulness and co- speration. The Fidelity (Building & Loan Association MAIN OFFICE 610 13th St. N. I