Evening Star Newspaper, December 28, 1936, Page 13

GORPORATE BONDS HAVE MIXED TONE . Few Industrial Convertibles Gain, but Railroads Move Unevenly, Net change. Unc Unc. —1 Today noon. 97.3103.9 101.9 Previous day 97.3 103.9 102.0 Month ago.. 97.3104.1102.4 T 764 922 845 458 400 646 10 Low-Yield Bonds. Noon .i..113.3 Prev. day. 113.1 Month ago 113.3 Year ago . 110.2 1936 high_ 113.5 1936 low.. 110.2 1935 high_ 110.7 1935 low.. 107.9 1928 high. 104.4 1932 low.. 868 (Compiled by the Associated Press) B the Lssociated Press. NEW YORK, December 28.—Cor- porate bonds moved unevenly today as United States Governments improved. A few industrial convertibles moved up a point or so under the lead of Youngstown Sheet & Tube 38 and American ' Typefounders 5s. Rails were on both sides, with loans of Rock Island, Illinois Central, New York Central and Missouri Pacific higher, and those of Baltimore & Ohio, Great Northern, M.-K.-T. and Southern Railway down fractions to around a point. Rallying tendencies were fairly broad through the Government list. A few of the Treasuries gave up 1/32d to 3/32ds, but the major movement was upward, with advances ranging from 1/32d to 5/32ds. }\dvertising Total .Rises 6.8 Per Cen Above 1935 Level Special Dispatch to The Star. CHICAGO, December 28.—Retail ewspaper advertising for this year through December 19, is 6.8 per cent ahead of the corresponding period of 1935, accordimg to Advertising Age, bational advertising newspaper. This report, based on total volume of retail display advertising carried by newspapers in 67 major cities, shows a total of 915,977,555 lines for this year, against 857,345,616 lines for the like period of last year, a gain ©f 58,631,939 lines, or 6.8 per cent. NEW RISE LIKELY IN PIANO SALES| Higher Prices and Plant Expan- . sion Also Expected for In- dustry in Coming Year. ’By the Assoclatea Press. CHICA&O, December 328.— With 1936 piano sales the largest in a decade, P. Bull, president of the | National no Manufacturers’ Asso- ciation, predicted today & further in- crease in volume, higher prices and plant expansion of the industry in 1937, “A continuation of the great sales | volume of 1936 already is assured for next year” Bull said, “and such an increase will make necessary a larger production than our present !ncwry, equipment can handle. “The demand for pianos during 1936 not only exceeded previous years, but each month was greater than the preceding one, reflecting the growing | public demand.” An increase in piano prices is in- evitable, Bull said. He pointed out that the instrument has some 18,000 parts. Various metals, dozens of kinds of woods, ivory, rubber, felt, paints and textiles are used. A rise of only a few cents in each article, he said, megns much in the total effect on costs' of piano construction. In addition,” other costs also are in- ereasing. Bull reported that piano shipments this year reached their highest level In many seasons, yet, in the face of this, the industry accumulated the Piggest backlog of unfilled orders ever seported. INSURANCE STOCKS ORK. December 28 (P).—New Forr B Becurity Deaters” Association: Aetna Cas etna Ins ( otna uf m e 55 SIE2RRIE WS o B Lol S On e o2 58 & T e ‘estchester 28 (»).—Rall- et operating and other ’ Rumania 7s *49 ¥ | Siemens & H 63 A |Cuba 535845 __ % | Nuremberg 68 '52. By private wire direct to The Star. TREASURY. Hi 2348 1949-53__. 101, 2% 1945-47 1069 1065 1069 238 1948-51. 104, 103.81 104. 2% s 1951-54 102.35 102.35 103.35 238 1956-59. 102.16 1028 103.16 2%s 1955-60. 104.1 10336 1041 38 1946-48 107.28 10718 1C1.28 38 1951-5 1062 106. 106.1 33 194 108.20 108.18 108.20 1083 1082 1083 108.17 108.17 108.17 3%s 1940-43June. 33,8 1941-43 Mar_ 3% 8 1943-47 114.10 114.6 11410 - 116.22 116.17 116.17 109,19 109,17 109.19 4% 51947-52 - 12010 121.7 13L10 FEDERAL FARM MORTGAGE. . 106.16 106.16 105,16 < 106, 10430 106, HOME OWNERS' LOAN. - 102.22 102,19 102. - 102.28 102.20 K 381952 . 104.22 104.19 10432 / FOREIGN BONDS. Hish. Low. 2:45. = T ) L 13134 1203 .21 1213 .21 2% 22 204 2K 18 16% 1 18 18 18 18 17 1% 9% 973 9% 10234 102 10234 1023 1033 Abitibi Pa&Pw 58'53... Adriatic Lllc 78 '52. Antioquia Antioquia Antioquia 75’45 C_. Antioquia 78'45 D. Antioquia 1st 75’5’ Antioquia 2d 78'57 new Antioquia 3d 7s '57. Antwerp 5s'58. Argentine 5%s Argentine 68’57 A. Argentine 6s 58 Argentine 6559 Ju Argentine 68’59 Oct_ Argentine 65’60 May. Argentine Argentine Argentine 6s Argentine 6s Australia 4 Australia 5s Australia 58’57 Austrian7s ‘57 Belgium 68 Belgium 6 Belgium 75’55 Bergen City Berlin 685! Berlin Elec 6 Berlin Elec 635 '59. Brazil 63s 26-'57_ Brazil 6352 Brazil 78'62_. Brazil 85'41_ Breda Ernesto 7s Brisbane 55’57 Brisbane 5558 Brisbane 6s'50 Budapest 6s '62 unmat coupon on. Buenos A C3s" Buenos A C 6560 Oct_ Bue Al 4328-4%s'75_ Bue A C 615 '61StPv__ Buenos Aires 4% s-4%s T Buenos A 41,87 Buenos Air 4%8-3%3'77 Pv____ Bulgaria 7s'67 July coupon off. Bulgaria 718’68 May coupon off. Canada 2% 10234 102 102 103 1023 103 102 102 102 102 10284 1023 102% 10234 102 102 1023 102% 1023 1025 102t 1025 1024 1023y 1023 10215 102} 102l 1105 11034 11034 1095 10934 10934 98l 8ly 98k 10534 10634 10034 108%4 10834 10835 1163 116% i16% » 3% 10074 101 103 108} 10 110 l“% 114% 8y iox tex 16} 163 16% 16% 1634 16% Canada 5s " Carlsbad 8s'54 Chile 6s "60 Chile 68’61 Jan Chile 65’61 Febr_ lee 65’61 Sept._ Chile 65’62 Chile 6563 Chile 7s°42 Chile Mtg Bk 65 '61.__. Chile Mtg Bk 65'62___ Chile Mtg Bk 61.8'57_ Chile Mtg Bk 6 Chilean Mun L Cologne 6138 '50 Colombia 6561 J; Colombia 68 '61 Oct Col Mtg Bk 7s 46 Copenhagen 41;s Copenhagen 5s'52_ Cordoba 7s’42 Pr i % 603 1035 lfl% 1085 9935 99l 99K 10055 10035 10034 105 106 106 T} 0% TN % 1B 3 18 18 10735 10635 10635 20 20 2 127 127 30 30 2634 26% 3¢ Cuba 5328 '53. Denmark 4335 '62 Denmark 51 " Denmark 6s°42 Dominic 1st 5138 " Dominic 1st 51542 Dominic 2d 5%s'40 Finland 6s°45__ Frankfort 6%s French Gov 748 '41 127 %0 2644 Ger C Ag Bk 6860 Oct _ 26 GerCBkA 78’50 ___ 34 Ger Gen Elec 6s '48 Ger Gov 5% 8’65 s Ger Gov 5%38'65 Ger Prv & City Bank con Ag 6148°58 Ger Rep 75 '49 stp Ger Rep 75’49 un Greek Gov 68’6 Greek Gov 78§ Haiti 6852 _ Hung Con M 7. 2634 | Clev Un Tel 4%s°77_ Hungary 738 '44 Febr couponon Hung LM 7%8'61B.__ Italy 7851 - Ital P U Crd 7s * Japan 51%s '65. Japan 6%s'5¢4 Karstadt 6s’43_ Kreug&Toll 58°59 cfs_ Leipsig 7s'47_ = Lombard Elec Medelin 6128 '54 _ Met Wat 532850 _ Mex 48 '10-45 asst. Mex 4s5°10-'45 asst sm. Mex 48’54 asst Mex 55°45 asst Ige. Mex sf 5s°45 asst Mex 6s 38 assi Milan 6328 '52 Minas Gers6%s '5! Sept coupon off MinasGers 6%s '59 Sept coupon on_ New So Wales 5. Norway 4% Norway 5s 63 263 2634 2 4034 20 204 26% 27 Y 30 » 24 . 2 4k 6% 9% 9634 40 “ £} (] 16% 104 3% 34 94 9% 12% L] 105 10435 10434 10136 101 101 101 101 101 Norw Hy El 5%s 57 102 101% 101! Norw Mun Bk 58 '70. HER 1025 102% 1023 20% Oriental Dev 5%s Oriental Dev 6s '53_. Oslo 43855 OsloG&ES Panama 5s°63 stp Paris Orl Ry 6%s Peru 6s°'60._. Peru 68 '61.. 18 13 | 184 1113 11134 u1lg 223 2285 22% 22% W4 Riode Jan 8s'46 April coupon off. Rio Gr do Sul 6s June eoupon oft Rio Gr do Sul 7s May coupon of Rio Gr do Sul 85 April coupon off. Rome 6%8°53 . ... H ggedsppsg e e paange wapsispspr g gargye Aus coupon off ... ... Sao Paulo C6%s '57 Silesia Prov 7s ‘58 Sydney 5%8°55. ggefsgrerg = g g g Tokio EL Ltd Tyrol Hy Elec 96% | Cons EA NY 3%s’56 n_ 7% | Crown C & S 48 '50_ THE EVENING STAR, .WASHINGTON, D Tyrol Hy E1 7%8 55~ - Ujigawa E P 7845, uH:anm 4TA uu ll)i ‘Westphal El Pw 68 l 2K ress 4s°48. 106 105 106 D Adams Exp; . 86) 864 86X 1085 108)4 10834 10634 108} 105 1125 1123 11234 1113 11134 1114 Anglo-Chil Nit 78 ° Ann A 1st ex in 4s'95. Armour & Co 4%s '39. Armour(Del)1st 4 A T&S Feadj 48’95 8 108% 108% 10334 R ] 11134 111 1113 116 116% 1163 Atl Coast Line 45_. 104% 1043 1043 Atlantic & D 1st4s'48_ 6l 60% 61} B&O1st4s'48_ 10834 10834 10834 B&O 4%s'60 B&Oref5s'95 A B B B . B&Q PLE&EW V 4s'41. B&OSwn s Bell T of Pa 5548 B. Bell T of Pa 5560 C. 10334 108} 10835 10T 1073 1073 . 993§ 9935 993 . 12034 12034 12034 - 130% 13034 1303 0 v 9K 106 1063 Wfih 8)§ 7 Bos & Me s’ 55 Bos & Me 5567 Boston N Y A L 4s '55- Bot Con M 638°34 Bot Con M 63534 ct. Bklyn C RR s '41 Bklyn Ed con 3% s’ Bklyn Man T 4%s "6 Bklyn Un Gas 58°45 Bklyn Un Gas 5857 B. Brown Shoe 3 BufGE4%s'81B Buff R&P con 438’5 Bush Term con 5s°5. Bush Term Bldg bs " By-Prod Ck 5138 '45... Camag 75’42 ctfs Canada So 5862 A Can'dian N R 4333 Can'dian N 55'69 July_ Can'dian N db 61,846 Can'dian P db 4s”'per Can'dian Pac 438’ Can’'dian Pac 5s '54 CaroCl& O 68°52 A Central Fdry cv 6s'41_ 108% 1083 108% 0834 10634 10634 093 109 109 89% 9% 6% 7634 593 6134 10295 30256 1023 116% 115% 19 119 1275 1273 123% i 8% v9 06 106 106 109% 1093 1095 2034 2034 204 20 19% 20 6534 65l 6ol5 86 85 8 12 1113 12y 108 10234 10274 125% 12844 12545 91§ 903§ 91 10736 1075 107% - 102} 102 1023 1021 1013 10175 12734 12735 121 109 109 563 664 114% 114% 114 118% 109 12y 363, 383 475 Centof Garf ; Cent N England 4s'61. Cent of N J gen 55 '87_ Cent Pac 1st rf 45°49__ Cent Pac 5860 _ Cent Steel 85 '41 Cert’d deb 51:s 4 Champ P& F 4%5°50._ Ches& 031 Ches &03% C&Ogendizs’y C&Ocon 5839 Chi & Alt ref 3s" Chi B & Q ge; ChiB& Q4%: Chi B & Qref §s Chi B&QI div 31549 . Chi B& QI11dv 4s'49_ Chi & E 111 5851 Chi & E 11155 '51 ct. Chi Grt West 4859 Chi Ind & Lou 48'47_ ChiI &L gen 58’66 CM&StP gn 3135’89 B_ CM&StP24s '89 CM&StP&P M” 552000 Ch &NW gen 3145 '87_. Chi & NW gen 4s°87__. Chi & NW 4338 2037 . Chi & NW 4182037 C_ Chi& NW 4%,5'49 ___ Chi & NW gen 58°'87__ C&NW Nr W 61,8'36_. Chi RI&P rf s '34____ Chi R I&P rf 4s'34ctf_ ---. 10834 108} 108) - 110 109% 110 63 11234 11234 1125 Chi& W In con 4s'52_. 10734 10734 10745 Chl& W Ind 438’62 _ 108} 106 1065 Childs & Co 55 '43 9335 98 93 Cin Gas El 45 ‘68 A 10435 10435 1044 Cin Un Ter 3%s D gtd. 108% 108% 108% CCC&St Ligen 43’93 105 104§ 106 CCC&StLrf4%s'TTE 97 96)5 9634 CCC&St Liref 5863 D_ 108 1024 102% CCC&StLCW&M 45'91. 101% 10184 1013 1063 105 106 Clev Un Term 5s°73 B. 1103 110% 110% Clev Un Ter 5%8'72A_ 1113 111% 1% ColoFuel&Ir58°70__. 90 89} 89)¢ Colo&So4%:8'80 ___. 78 T4 T4 Columbia G & E 53 ‘52May_______ ____104 104 Columbia G&E 5s '61_ Com Inv Tr3%s’51 Cons Coal Del 5s'60__. ConsEd NY 3%s 46 n_ 104 10435 104 104% 685 6315 634 106 1063 106%; Cons Gas NY 4345 '5; iw Toss¢ 10g ‘ons Gas 8°51.. 1 1 Consol Oi1 335 '51 _. i Consum P un 3 Cons Pwr 31;8'70 Consum Pwr 8 Container deb 55 °43__. 10215 16 1 Crane Co 3%s°51 el e 101% 10154 1013 1064 10634 106§ 6035 60'; 60§ 63 613 63 108 107% 108 Cuba RR 1st §s Cuba Northn 5%s'42 Dayton P&L 3%s “60__ Del & Hud ref 45’43 Den G & E 58°51. DenG & Ebs'518 32 % !l% 173 17% 1% 29 29 29 - 1% 17 17 116% 116% 118% l“h 10934 109}¢ 68} 68)4 lflfl( 109 1093 4636 443§ 45% . 1073 10734 10734 161 161 161 903 903§ 905 905§ 903§ DulSS& At 58’3 Dugquesne Lt 3%s E Cuba S 7%s'37 ctfs. Ed E1 111 Bklyn 4539 El Paso Nat G 4%5'46. Eriecv Eri 48°56._ FlIaECRy 55’74 Fla E C Ry 58 "4 ctf Fed Lt & Trac 58 43, Fed L&TT 55 42 FlaECRy 4%s'59 Fond J&G 4s°52 filed __ FondJ&R 4s filed. Galv H&H 6%s 38 _. Gen Cable 5 %847 Gen Mot Acc 354 Bt 8% 'XIKIK 963 96% 963 10834 10634 10835 10434 10434 10435 204 104 104 83§ lm 118% Grt NRgen4%s'76D_ 108 108 108 Grt NR gen 4%8'717 E Grt NR gen 6s°73 C. 6 H. Bl’tNR!r‘f‘Kl'O A 11 Gulf Sta St15%s'43.. Houston Ot 5%s°40.... Hudson Coal §8°52 = L TEFH g T HIEF IRT istrf 5s'66 ctfs. IatRT 6833 e setiesalase s 382 H h. Low. 2:45. mfl)fi .:K 934 | In 34 | Int Cement 34 | James F & C 4s " High. lfi l“ tRT 78’32 _ — ‘ T 2 et Interlake 68 '51. % mu mu m“ 61% l:)‘ - 335 82} A. 12 1) 12 ‘44_. 82 81y B2 ‘41, 8% 8% 013§ 1013 10134 ”» 9N 9 96 9% 96 lflh 46._. Int Grt.Nr6s 52 A. Int Grt Nr adj 69’5 Int Hydro Elec Int T&T cv 4 %- °3 Int T&T 4%s 52, Int T&T 53°56 Towa Cent 1st&rfis's1. B 8 B 9934 9! - 104§ I.:K}‘ l.d’: - 61 61 Jones&L St1 4% Kans C F 8&M 4 1936 GAINS HELD IN BANK REVIEW Guaranty Trust Sees Best Advances Since Start of Depression. year since the advent of the depres- sion, the Guaranty Trust Co. of New York, in its monthly review of busi- ness and finance, today said the period was .closing with general prospects more favorable than for some time. Not only has the general level of activity during the past 12 months been the highest in six years, survey pointed out, but for the % tlmlllu.flub.‘lnnln‘oflho “ Leh V P con 48 2003 Leh V P con 4%s 2003. Leh V RR con 55 2003 Leh Val Har bs ‘54 Ligg & Myers 58°51 Loew's 3148°46_ Long sl ret 48°49. Lorillard 5s°55_. Lorillard 7s L & N Atl K&C 4856 um ut% mu L&NStL3s'80._ 9% 96% 9% McCrory Stores 5s '51 106 106% 106% McKess&Rob Man S1st7%s'42 ctf: % | Manhat Ry 4s'90_ Manhat Ry 4s°90 ctfs_ Marion St Shov 6s'47._ Mead Co 6 Mil Spa& NW 47.. 88! Minn & St L 58’62 A _. MStP&SSM cn 4s'38__ MStP&SSM 58°38 gtd.. Mo 111 58’59 MoK & T 1st 4s'90_. MOK & T bs'62 A MoK & T adj 55 '67_ Mo Pac 3d ext 48 '38. *75. Mo Pac Mo Pac Mo Pac Mo Pac Mo Pac Mo Pac Mo Pac 58’81 1_ Mo Pac 55 '81 I ctfi MoPac5%8'49 A _ Mob & Ohio 4128'77___ Mob & Oh M div 58'47._. Monong Pub S 68 '65__. Mor&Lissex 3128 2000 Nassau Elec 48’51 gtd. Natl Dairy 33 Natl DisPC4 Natl RM 1st 4, N 483 4 10734 10734 107){ 9834 vbly Wl 60 60 60 - 10834 106 108 10634 10635 10633 4 . £l 6 6 & 07 108% 107 6934 0By 6934 12434 12436 124 12534 1263 126} S3s ualy v ew I T&T 4%s '61 New E T&T 18t 5852 \ew OrlG\R bs 81 A 4635 46l5 asly - 49 @ 4 NY Central 3338 104 108% 104 NY Central 3%s ‘46 NY Cent 45°42_ NY Cent con 4s'98 NY Centrf 4138 201 NYCrf4%s2013n_ NY Cent rf 55 2013 . 108 108 10455 10834 108% 4 | NY Cent cv NYCLSt3 \xc)udn. NY Conn 18t 4%s'53__ ‘\Y Dock 1st 4551 €5% 68)5 663 | Obi . 1083 10634 105§ . 10634 1055 106% 227222227 ZEEInnL NY O&W ref 43752 NY Steam 1st 68 '47_ NY S&W 1strf 58" NY S&W gen 5 NY Tel gen 4138 '39_ NYW&B4 4 - 6634 | Seabd A-F168'35 A ct_. “hl“h 108% 10474 10435 10424 | 0634 | R G W 1st ex in 48 " North Am Ed 5%3'63. 104% 104% 104% Nor'n Pac gen 3s 2047. 813 0% 803§ 1113 11136 11134 1085 105% 10935 10w)g 103§ 109 109 109 12 L1 11y 10634 10534 1083 315 31% 1% 10655 1063 10634 16 115 116 uz 1135 118% 118% 10634 1063 106% 107% 107 10934 10974 109§ 108}5 10234 102} Nor'n Pac 58 2047 D._. Nor'nPac6s2047___ NorthStsPw 438’6 Ogden L C 48" Onio Edison 48 Ont Pwr Niag 68 Ohio Pub Svc 7 10336 1023 Loass = 4434 | Schulco 6% 546 B stp nomic relapse the strongly upward thxw;hwt year. As the country enters 1937, it was is that of possible overexpansion in the field of money and credit. “If the public finances can be promptly placed on a sound basis,” the review said, “if the problem of has the outlook for continued recovery.” L C. C. Approves Dividend Issue For Greyhound 35 BY the Assoc’ated Press. ‘The Interstate Commerce Commis- sion today authorized the Greyhound Corp. to issue $1,950,900 par value 5 per cent preferred stock to provide an extra dividend to owners of its com- mon stock. The action was taken by the corpora- tion to evade a surtax of approximately #5751 $300,000, which would have been due on its undistributed net income. The payment of the proposed dividend, the corporation said in its original application, complies with the purpose of the revenue act of 1936 in that it is expected to result in the distribution of more than 90 per cent of the corporation’s net earnings this year. Washington Produce. & ‘Range of prices to stores gathered from wholesale dealers (prices to Bearby shippers based on Philadelbhia and Drices) On a"Drinte. care New York (90 score). '37; tul score), 34: i hoan D { m&. roughs, .2“ 2; 78, net tob z?"i Bureau of cllvll. ll A:rfi- wo-—unm weak. U, B. Jarse. 3 cent lower and U, cent_lower. Govern: STas, %ncu nll lmn s “larse; ttfl white' -n 4DI'- meditims. . 8. -unu:g 33%2 cents. IJVI POULTRY—Market steady to firm. ickens and lc'l hl'hfl Fow! Coloted v, H mltlenl 7 Rocks, bmufl lnd trnn’ 18a21 19: 4 ol‘d xmu. ‘fi‘ old tos High. Low. 2:48. SanA&APassds’43_ 102 102 102 SantaFe P& P 58’42 114 114 114 Schulco 63546 A stp_. 42} 421 42% 14 A1) 1 121 121 lll 3% 30 18 174 “h 17 Scioto CANE 4s Seabd A L 48 50 stp. Seabd A L ref 45’59 Seabd A L rf 4859 cfs. 34 12% 12 il Shell Un ltblh' 1. 1009( 10034 10034 Silesian Am 78’ Skelly Oil Socony Vac 3%s ‘50 So Colo Pwr So Pac3% So Pac col 4 So Pac ref 4 So Pac 43 So Pac 434s So Pac 4%s So Pac Oreg 4 %a So Pac 8 F Ter 485 So Ry gen 48’56 A. C, MONDAY, DECEMBER 28, 1936. Holders Approve Plan for Arrears Of Marshall Field By the Associated Press. CHICAGO, December 28.—Marshall Pleld & Co. stockholders approved to- cumulative preferred and five-sixths of & share of common stock. BUSINESS' HOLDS AT HIGH LEVELS Boom Atmosphere Appears as Production Mounts in Many Lines. Epecial Dispatch to The Star. NEW YORK, December 28.—Busi- ness comes to the close of 1936 with something of a boom atmosphere cropping up here and there, says Busi- ness Week. Production in several consumer industries like cigarettes, household appliances, rayon, shoes, as well as producer industries like chem- icals, Diesel power, petroleum and elec- tric power has reached new tops. Stock and commodity prices have reached the highest levels in at least a dozen years. Employment and pay rolls are expanding. Relief rolls have been reduced, but not so much as the ex- pansion of industry would seem to Justity. Business defaults have reached the lowest marks since the ‘boom days of 1920. Bteel operations this week slowed down for one of the few holidays ob- served in the industry, but the month as a whole will be the best of the year. This year’s output of approximately 47,000,000 tons, & 40 per cent increase over 1935, represents the best results since 1929, and the third best in the history of the industry. Railroads Get Jolt. The I. C. C. has jolted the railroads by refusing to grant the plea for con- tinuation of freight surcharges after December 31. An estimated increase of 5 to 10 per cent will be required to make up for the loss of $10,000,000 monthly revenue, and judging from current trends of loadings in bulky commodities chiefly affected by the rate surchages the roads will manage. 8o far there have been no indications that the dismay of the roads has led to any cancellation of equipment Fes orders. Motor plants are worried about the labor situation in their parts supply plants, which may cause serious in- terruptions in assemblies. Some steel mills report postponement of sheet and strip orders from motor centers. Assemblies may not reach the 500,000 mark expected this month. Neverthe- Al less, the year will close with the great- Potat est volume of cars produced since 1929. Motor registrations in 1936 are ex- pected to reach 28,500,000, a new high, surpassing the former peak of 1930 by 2,000,000. Trade Failures Down. Commercial failures have declined as the business curve has been rising, dropping to little more than 9.000 this year against 11,510 in 1935. One has to go back to 1920 to find a lower fl(uru for failures and to 1919 to find smaller amount of labilities in- volm in failures than the current estimated total of $145,000,000. That 1936 marks the bottom of the default FINANCIAL . FINANCIAL. ; ON, D. ‘ ; 2 BONDS ON N. Y. STOCK EXCHANGE RETAIL TRADE UP 1270 T4PER CENT Substantial Increase Above 1935 Levels Reported by Standard Statistics. Special Dispatch to The Star. NEW YORK, December 28.—In its weekly summary of the general busi- ness situation, the Btandard Statistics Co. of New York currently comments follows: “Holiday trade in department stores and specialty shops has run from 12 to 14 per cent lhlld of: 1935,.at ap- modm-wy the* lcveu of 1930, In- clement and disturbed labor conditions jn’ certain cities” helped to Testrict the gain’for the first 10 days of the month to 10 per cent, thereby cutting down the possibility of realiz- ing the previously more optimistic es- timates for the month's business. After that, however, the rate of in- crease was materially greater. “Not only did sales continue to ex- pand, but price trends were also fa- vorable and gave evidence of continu- ing so for the next few months. Re- tail prices as of December 1 were the best since July of 1931 and about 3.2 per cent above those on the cor- responding date last year. Wholesale prices for finished products, mean- while, although to move up- ward, were only dl;hny above those at the beginning of the “Furthermore, in muclpnlan of the probable uptrend of wholesale prices, department stores began to increase their inventories of staple mer- chandise. As a result of this and the fact that higher sales volume requires larger stocks, inventories at the fiscal year end on January 31, 1937, will Probably be considerably -bove those at the previous fiscal year end in the majority of stores, “The steady heavy volume, however, has helped in keeping stocks clear and the percentage of old goods should be considerably smaller, thereby aid- ing prospective profits. “The general outlook for retail trade is bright. In the final analysis, retail trade volumes are governed by the trend of consumer purchasing power, which, at the present time, is headed definitely higher. For this reason, earnings of well-managed stores should expand considerably further in 1937.” — CHICAGO PRODUCE. AGO. mber "fi .. ~—-Poul"! tricks: 3 Brm: hens. less lhln‘ 41y munds hens, 1%2: Spring pou 17" Plymoutn and White: Rock 15, less than 4 pounds, (Splored, 16 Pivmouth and White k. colored brotlers. 16: Plymouth " azd wmu Rock, 17: "Leghorn hickens, |12 roosters '1 sers. 11; ohe ] % furkérs pounds up. B rtered 4 2°Northers A hern seese. 14: " capons, 7 than 7 pounds. 19 mrkeyz firm;_ hens. young. old. ms. young. 18 pounds un less Ihln 18 pounds, 21%2; old. 18%: N turkeys. 1 Butter. turken o1 firsts (RS-80). a3 Standards’ (00, centialized ear: iots) 3314 9,937: steady: extra firsts, cars fresh graded flms c o : on track. tal l;:ma tutes ehipments, ;rhg:gaz, 52”; Tate: ‘Western stock orinern_ stock U. 8. No. | Wiuonsm Round ‘Whites, U. U, !. commercll;' rals, 8. kota Early Ohios. ' }‘%‘:h lle)s.;uthnn carlots Flori crates Bliss Triumphs. U, S No. sale: 5: i ¢ NEW YORK PRODUCE. NEW , December 28 (). Tours . Mixed colors: 3 tandards, curve, and that 1937 will see the up- | No. ward swing begin, is now expected. Enterprises which have come into ex- istence during recent years of rapidly rising volume and prices may find it more difficult to hold on in the com- ing period of more slowly expanding business. Construction activily jumped more than 50 per cent over 1935, but fell 68% | short of the 1930 total despite this substantial gain. As in the preceding year, home construction hss tegtunfl the market, running 70 per cent ahead of 1935. Non-ruident“l:!wIl e:):l.t&uc- tion, espec of an ind ire, has nvived’.l:!hlrply, but the backlog of needed construction is still sub- stantial. That the campaign for mcumn; the use of incandescent lamps has borne fruit is apparent from the report that sales this year will set a new high W of 880,000.000, & 19 per cent gain over 36 | last year'’s peak. Because such in- 10134 10134 Southw’n G&E 4 - 105% 106% 1063§ Spokane Int 55 '55 Staley A E 4 Stand OINJ Studebaker ¢y : Swift & Co 3% s '50_ Symgn G&G *56 xw... Tenn Cent 6347 203t | Tenn EI Pw 65 PennRR 4% Penn RR gn Penn RR deb 435 People GL&C rf 1105 11034 1103 11834 11434 116 Peoria & E inc Peoria Pekin Us Pere Margq 4% 90% | Phila B&W fli Phila Co 58’67 Philippine Ry u'u PCC&St L 4%s"17C.. PCC&St L 5870 A. Port AC& D 6s'53 Port Gen El 435 '60.. Postal Tel & C 53'53__ 413 Pressed Stl Car 5s°'51_ 973§ 97 Pure Ofl 44550 ww__ 12134 120 Pure Ofl 434850 xw._. Purity Bak 5s'48 Reading Jer C 48°51_ Reading R 4% 123 l“!( 1083 ] 12t % R-publle Stl4%s Republic St1 434861 Republic 8tl 435’50 Republic 8t1 5 Revere Cop 4% Richfield Ofl 6s°44 Richfield O 6844 ct: Rio G Wecol 48°49 A Roch G&E 5362 E, RIA&L 1st 4% beee. Rutland Can 48°¢9..... 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Warner-Quin 6s '3 ‘Warren Brev 6s’41.__ Warren Br 6841 rets_ ‘Wash Term 4s°45. gEgeeng §§ ‘Wilson & Co 48°55 ‘Wis Cent 1st gn 4s WisClst gnds'49et fifi?éiiu%fiiifii#=s=s=z= ¢ LR L TESH TR R 11 it 1 creased volume made certain produc- tion economies possible, two large manufacturers have announced price cuts on some of the larger lamps finding an expanding use in the home market. — DECLINE IS REGISTERED BY INSURANCE SHARES Special Dispatch to The Star. NEW YORK, December 28.—In- surance stocks in the New York City macket continued their downward trend during the past week, accord- ing to records compiled by Hoit, Rose & Troster. The aggregate value of 20 leading of $7,620,000, or 1.17 per cent. ‘The current average yield of the 20 issues of 3.25 per cent compares with a yield of 3.21 per cent on De- tier. 27.150: about steady, ery. higher S 7 5 Bess ok 565 teady.” Sta 'Zl whole mile B, held facy 1936, 21885 55 1o weak- By {réteht lee w““"k.!!ll ly it mtxed with .'": Fowla: Colored: 6a10: Les t\ll"l!’& 17a25: duck STEEL QUOTATIONS. December 28 (b —Steel rices, DeYr 100 pounds, f.0.b. Pltubuu'h Bitie ~ annealed sheets Foicronied: nlv-niud sheets. 3.20: black she rolled, 2.60; steel NEW YORK, December 28 M—cnld ;‘nh:er xu‘filrn omned ngm 1.2 r:g ‘g..‘ 8%1- 235007 May, ‘5 -35 ed. NEW YORK BAR SILVER. NEW YORK, December 28 (#).— Bar silver firm, % higher than Thurs- day, December 24, at 45 Safe Investments 6% by Maryland. Denominations of $500 up. Interest 6% per annum, Bradley, Beall & Howard, Ine. Southern Bldg. Phone Nat. 0271 HOME LOANS p=oid = 9% §750 PAYMENTS T lowas per $1,000 COLUMBIA BUILDING ASSOCIATION 716 1th St. NW. FARM MACHINERY EARNINGS MOUNT Steady Improvement Likely , to Continue Next Year, Poor’s Reports. Special Dispatch to The Star. NEW YORK, December 28.—The satisfactory earnings improvement experienced by agricultural machinery and implement manufacturers gener- ally during 1936 should continue in 1937, according to a new report ap- pearing in Poor’s industry and invest- ment surveys. This is predicated on the $9,530,- 000,000 farm income estimated for 1936, as against $7,000,000,000 in 1935, on the advancing prices of agricultural produce and on the substantial po- tential replacement demand, built up through the depression years by sub- normal buying. “The optimistic outlook for 1937 is brightened still further by the advance in foreign sales,” the report states. “Normally accounting for about one-fifth of the total business, farm machinery exports rose 29.5 per cer during the first nine months of 193 as compared with the same period ¢ the preceding year. Of particul import was the 40 per cent gain i September, 1936, exports, whic amounted to $3,807,000. Even mo: significant was the fact that export of tractors and parts accounted fc 69 per cent of the September, 193¢ figure. “In the domestic picture agricu!- tural machinery manufacturers ar doubtless feeling the adverse effect of the 1936 drought. The extent to which sales, and consequently profits, have been reduced from drought- stricken areas is indeterminable. However, with farmers’ cash income in October, 1936, mounting to $886,- 000,000, or nearly 18 per cent in excess of that indicated for September, total sales should remain well above 1935 levels.” NEW YORK BANK STOCKS STAGE RALLY IN WEEK Egecial Dispatch to The Star. NEW YORK, December 28 —New York City bank stocks closed the last week at higher levels, according to records compiled by Hoit, Rose & Troster. The aggregate market value of 16 leading issues on December 24 amounted to $1,856,260,000, compared with $1,836,822,000 at the close of the previous week, an increase of $19,438,000, or 1.06 per cent. The current average yield of the 16 issues of 3.54 per cent compares with a yield of 3.58 per cent on De- cember 18. The current market value . |15 now 139 times the known book value. :|(NEW YORK BANK STOCKS NEW YORI l)eu ber 2! ‘York Securit: De‘l 1£10) (Quotations as o 2 Bank of Manhattan (l Hh—— Bankers' Trust (2 e Han. BX. & Tt Chase National (1.40) Chem. Bk. & Tr. (L Commercial &) Bk. & Tr. (80) Sorn = ' Ex. & Empire Trust (1) First N Manufacturers’ Tr. anufacturers’ Tr. National City (1) New York Trust (5) Public (1'3) Title G. & T. On Washington Real Estate Current Rates and Courteous Treatment Fooylt Rumdl @ First Trust Loans For Purchasing a Home or RE-FINANCING EXPIRING TRUSTS NO COMMISSION CHARGE NO RENEWALS REQUIRED Terms Arran Easy Monthly PROPERTY District of Columbu Nearby Mnrylnnd and Virginia 5Y2% Prompe Action B.F.SAUL CO. 925 15th Strect Natl 2100