Evening Star Newspaper, December 31, 1936, Page 21

’ r ; ) FINANCIAL : THE EVENING STAR, WASHINGTON, D. C. THURSDAY, DECEMBER 31, 1936. . . BONDS ON N. Y. STOCK EXCHAN(,E 3 mumcmu-nulu. , RAILROAD BONDS CONTINUE CLIMB Most Active Junior Issues Move Up Fractionally. Volume Cwindles. Bond Averages ralls mduie 0¥ P +.2Unc. +.1 +5 98.0104.1162.3 72.7 97.8104.11022 722 97.5104.1102.1 71.2 8691024 993 69.6 97.9104.4103.1 722 86.9101.8 99.3 67.6 87.8102.2 998 704 764 922 845 655 458 400 646 422 101.1 98.9102.9 100.5 10 Low-Yield Bonds. Noon .._.1132 Prev. day- 113.2 Month ago113.3 Year ago- 110.2 1936 high_ 113.5 1936 low.. 110.2 1935 high. 110.7 1935 low.. 107.9 1928 high. 104.4 1932 low.. 86.8 Net change. Today, noon Prev. day--- Month ago- Year ago. 1936 high. 1936 low.- 1935 high... (Compiled by the Assoclated Press.) By the Associated Press. NEW YORK, December 31.—Most of the active rails of secondary rat- ing carried forward fractionally on light volume in the bond market today. Other sections of the list also main- tained their previous closing levels or slightly bettered them, but pre- New Year eve influences began to divert trading interest late in the morning period. New Haven 6s of 1940 stood out from the main body of low and medium priced carrier loans with a gain of more than a point. Other issves of the road, while less conspicu- ously buoyant, continued the advance which has demonstrated their popu- larity of the past few sessions. Up large fractions were Frisco 4l2s, “Katy” 55 and New York Central 5s. St. Paul 5s of 1975 and Southern Railway 4s tended to slip off a little. The United States Government group made further, though somewhat la- borious, progress. o Better Machines Cited as Factor In Auto Industry By the Associated Press. DETROIT, December 31.—“Reason- able prospects” of a closer approach in 1937 to the 1929 record of automo- bile sales are seen by Alvan Macauley, president of the Automobile Manu- facturers’ Association and president of the Packard Motor Car Co. More than three times as many vehicles were sold in 1936 as in the low depression year of 1932, he point- ed out in a year-end statement. “A leader in new production meth- ods, the-automobile industry has saved much labor through the installation of better machines and processes,” he said. “But it takes as much labor per unit to turn out today’s production as it did in 1929. * The explanation is that work saved in specific processes, such as on the assembly lines, has been plowed back into the making of improved qualities.* * * These im- provements have been added without cost to the consumer.” INVESTING COMPANIES YORK. December 31 (#).—New York Becurty Denters Associat ion. (Noon quotations.) A Admin Fd 2nd Inc 24 Corp Tr Acc Mod Cumulative Tr Sh BKShNY - Bec Asriculture Sec Automobile S thvest shrs Sec’ Merchandise - Sec Mining Sec Petroleum Keyston_Cust_Fund B-3__ Major Shrs Corp Maryland Fund Mass Invest Tr._. Mutual Invest Nation Wide Sec Nation Wide Voting k Tr Shr ‘Wellington Fund CHICAGO I-IVE STOCK. December 31 P —(United e Depgstment of Agriculture) - Hoas > ,{koog ncluding Jso& direct; active: 15 sday's average: vely _broad: X el hed 5a40: good and chnlce strons X\n B 50T 000" sows. sce und 500 Nundl. oflermn calves, 500: fed steers ieady to strong on better eady, to we buyers contlmu active nluo u ul at u ward: wp uf 13.4 & lfl 9 16t Leti, neavics. 29, i Teients ter 0 " dowi € shori-ted 5 lu'!r, veal- selects,” 12.00 500 direct: fat bids .""":.{:".:’1%‘0"*.%'.“3& Youzs nufl THan0: numrnnl lfll‘l ve: 0.10; top. 1"2‘”“’! l‘nl‘ C'.’. IOREY MARKET. Deécember 31 (P—Call l per cent ail da; % per cent Bankere acce are New Vort Rescrve Banks 113 percohts Pennsylvania Sugar Oo.—Complny announced withdrawal of price in- crease of 20 points to 5 cents a pound, e A Foreign Bond: Domestic Bonds. TREASU 2145 1949-53 23,8 1945-47_. 238 19485 2% 8 1951-5: 2% 1956-59._ 2%s 1955-60 . | 2% s 1955-60 reg. 33 1946-48_ 38 1951-55 3%51946-49_. 3148 1949-52_. 3181941 3% 19444 3% 1940-43Ju 41,8-3%8 194345 43,8 1947-52 4%s1947-52 reg_. 8 1942-47 194 105, 2451942-44_____ 103, 3,5 1939-49_ 38 195! Abitibi Pa&Pw 58 '53_. Agr Mtg Bk Col 6s '47 Febr coupon on.... Akershus 5563 Antioquia 78’45 B. Antioquia 7s '45 C Antioquia 7545 D Antloquia 1st 7 Antioquia 2d 7. Antioquia 3d 7s " Argentine 5128 Argentine 6s'57 A Argentine 65’58 B Argentine 6s°59 Oct Argentine 6s 60 May Argentine 6s 60 Sep! Argentine 63 '61 Feb Argentine 63 '61 May_. Australia 4% s°56. Australia 58 '57... Belgium 6s°5 Belgium 61 Belgium 7s Berlin 613850 Berlin Elec 6 Brazil 61;s 2 Brazil 6158'27 Brazil 7 Brazil 8s 2 Breda Ernesto 7s '54 Brisbane 5s'58 Buenos A C 615 Buenos A C 63°60 OCt Buenos Aires 4145338 1T Pv____ Buenos A 6 Bulgaria 7s'67 July coupon off_.__. Canada 2148’45 Canada 3% s"61_. Canada 4s'60 Canada 5s Chile 65 '60 Chile 6361 Jan _ Chile 6s '61 Febr. Chile 6s°61 Sept. Chile 6s 62 Chile 6563 Chile 7s'42 Chile Mtg Bl | Chile Mtg Bk 65 °62_. Chile Mtg Bk 614857 Chile Mtg Bk 6% s'61_ Chilean Mun L 7s'60 Cologne 6138 Colombia 6s 61 Jan._. Colombia 6s '61 Oet._. Col Mtg Bk 7 Copenhagen 5s'52 | Costa Rica T8 A" Cuba5¥%s’ Denmark 4%5'62._. Denmark 51;s Denmark 6s 42 Dominie 1st 514542 Dresden 7s 45 Frameric In 713842 Ger C Ag Bk 65'60 Oct.. Ger C Bk A 7850 Ger Gen Elec 63’48 Ger Gov 5%s '65 st. Ger Rep 7s 49 stpd Ger Rep 73’49 un st__. Grt CElJap 7s'44 Greek Gov 6868 Greek Gov 7s'64 Heidelberg 734550 Italy 78’51 __ Ital P U Crd 75 *52._. Japan 53,8 "65___ Japan 6‘,,! 54 Jugos Mtg Bk 78 '57 unmat coupon ___ Kreug&Toll 58°69 cfs_ Lombard Elec s Medelin 6148 54 Met Wat 5 Mex 48°10-'45 asst sm. Mexico 4554 = Mexico 65’33 sm asst_ Milan 6138°'52 _ Minas Gers6,s ‘58 Sept coupon off MinasGers 6135 °59 Sept couponon__._. Norway 4, s '65_. Norway 4128 '56_. Norway 55’63 Norway 6544 Norw Hy El5%s Nuremberg 65'52 ___ Oriental Dev 5’&! "58.. Oslo G & Panama 5563 stp as Paris Orl Ry 5345 '68 Pernambuco 7s 47 Sept coupon off. Peru 65 '60 _ Peru 6s '61 Peru 7559 Poland 63 Poland 7s '47_ Poland 8550 Porto Altegre 7%s'66 July coupon off Porto Alegre 85’61 June coupon off ... Queensland 7s’41 Rhine W El P Riode Jan 61853 Aug couponoff_____ Rio de Jan 8s'46 April coupon off____ Rio Gr do Sul 6568 June coupon off __. Rio Gr do Sul 8546 April coupon off _ Rome 635752 .. Sao Paulo C6%s '57 May coupon oft Sao Paulo St 6s 68 July coupon off Sao Paulo St 78 '40.._.. Sao Paulo St 8s ’50 July coupon off Shin'su E1 P 61552 Siemens & H 6168 '51 Silesia Prov 78’58 Taiwan Elec 54871 . Tokio 5%s'61 Tokio E L Ltd 6s'53_. Trondhiem 5%s '57. Uruguay 8s'46_ Vienna 68’52 May co.. Warsaw 78’5 12011 12111 FEDERAL FARM MORTGAGE. 104.14 1049 105,21 106.21 105,21 103.4 . 106.z2 105, FOREIGN BONDS. m.l.n. Low. Close. - 100 - 1007 10034 1003§ Low. 3 101,10 101,18 106,13 106,20 104.10 104.11 103,13 103, 104.20 12111 104,14 3 1059 105.13 105,30 105.30 105.30 HOME OWNERS' LOAN. 102,31 108, 108, 103, 108, 844 26 8 19 19 19 16 1% 184 102%5 10244 10174 101% 1017%¢ 101% 102 102 1023 102% 102 102 10215 1024 10235 1023 1023 102 10134 10134 109% 10934 109% 1054 1063 10534 10834 10825 108% 1155 115% 115% 20 20 20 21% 21y 214 4L 0% 41 1024 102!4 1024 - 10134 10135 1013 101 106 101 781 18 8535 85 78 8534 2634 284 254 101 1003 101 10834 10285 108% 10974 10974 109% um 11415 1143 19% 20 199 19% 91§ 1934 1E 1934 1934 19 19% 2134 17 16% 16% 17 16% 213 334 313 2214 vl5 2734 5934 100 19’4 5934 100 1053 1083 108 6% 834 6% 2314 284 28y 10755 107%§ 10734 263 2634 3 3% « 4 213 213 287 2434 90 275 323 184 8515 70 8 984 2934 “ 69 68 16 18! 1634 104% 10475 10424 % 4 s 65 64 6y 1% 1y uy 703 64l5 704 26 4% 26 1014 10114 1014 10815 108!5 1033 10134 10115 1013 108" 108" 108 102 102 102 18% 18% 18% 73 723 7284 1021 102}5 102Y 4 T4 4 10134 10045 10134 2534 20 20 23 5734 k3 565 26% 28 11134 1113 1113 2 22 22 26} 26 3™ 28 29% 244 194 195 26)4 28 2 034 2% 28% 85 934 6934 DOMESTIC BONDS. Alleg Corp 5844 Alleg Corp 58 '50 stp__. 2030 Am Writ Paper 68°47_ Anaconda deb 4% s ’50. Anglo-Chil Nit 78’67 _ Ann A1st ex in 4 Armour & Co 4%s 39 Armour(Del)1st 48'55 " | Armstrong C'k 4850 '05-'5, A T&S Fe 413848 Atlanta & Birm4s'33 _ Atla&Ch A L 5844 _ AtiCoast L 1st 485! Atl Coast Lclt ds'52... AtIC Lun4%s Atl Coast Line 58 45 Atlantic & D 1stés ‘48 Atlantic & D 2d 48 °48_ B&O1st4s’4s B&O 4%s'60 B B B & O ref §s 2000 D B&Oref6s’'9S5C B & O PLE&W V 45’41 B & O Swn 5850 Bang & Aroos cv 48’51 Bang & Aroos. Bell T of Pa b Bell T of Pa Beth Steel 33,866 Beth Stl 4%s'60 sf__ Bos& Me 4%8'61J. Bos & Me 5855 .- Bos & Me 58 '67. Boston N Y A L ds *55- Bot Con M 6128’34 Bot Con M 6%s 34 ct_. Bklyn CRR 58’41 __. Bklyn Man T l'&l'il_ Bklyn Un Gas 5s 50 Bklyn Un G ref 847 Buff R&P con 4% '57. BCR&Nclbs'34 Bush Term con 5 '55 Bush Term Bldg 5560 Camag 7842 ctfs Can'dian N R 41 Can'dian N R 41 Can’ Can'dian N R 4% 8’55 Can‘dian N 55'69 Oct __ Can'dian Pdb 4s "’ Can’dian Pac 58’44 cfs Can’dian Pac 5s ‘54 Carth & Ad 4s'81 gtd _ Central Fdry cv 6s'41. Cent of Ga con 58’45 Cent of Ga 55 '59 C Cent of Garf 515859 Cent Ga Chat 48’51 _ Cent Ga MG&A 5s'47... Cent Il E & G 58'51 Cent N England 4s Cent of N J gen 5 Cent Pac 55 '60 Cent P T'r Sh 4854 Cert'd deb 5 Ches &0 3%s'96 E C&O gen 4.8 C &0 con5s'39_ Chi B & Q gen 45 '58_ ChiB& Q48’17 ChiB & Qref 55’7 Chi B&Ql div3s ChiB&Q I11dv 4s'49_ Chi & E 1l 58 '51 Chi & E 11158 51 ctfs Chi Grt West 4s " Chi 1 & L. gen 55°66 Chi Ind & L gen 68 CM&StP24s '89 = CM&StP gn 43589 C_ CM&SEP 4348 89 B CM&StP 4%s'89 CM&St P 5875 CM&SIPAP 2} 5 Chi& NW men 48787 Chi&NW gen 4s '87 st Chi & NW 4138 2037 .. Chi & NW 4182037 C. Chi& NW 4% 849 __ Chi & NW gen 58'87__ Chi & NW rf 58 2037__. C&NW Nr W 6158 "3 Chi R I&P rf 45 ‘34 Chi R I&P rf 4s'34ctf_. Chi R I&P gen 45’88 __ Chi R 1&P 4s '88 ctfs__ Chi R I&P 43852 ___ Chi R I&P 4148’52 ctf. Chi R I&P 43560 Chi T H&S 1st 53°60__ Chi Un Sta 31 Chi Un Sta 3 Chi Un Sta 45’44 Chi & W In con 4s°5. Chl& W Ind 4% 562 Childs & Co 5543 CinGasEl4s'68 A _ Cin Un Ter 3138 D gtd CCC&StLrf4%s'TTE Clev E1T11 3% 5°6; Clev Un Tel 41,877 Clev Un Term 55'73 B Colo Fuel & Ir 58°70__ Colo& So41:9'80 ___. Columbia G & E deb 5s'52 April Columbla G & E 53 ‘52 May Columbia G&E 58 °61_. Colum Ry P&L 4s '65_. Cons Coal Del 5860 __. ConsEd NY 3%s46n_ Cons Ed NY 31,556 n. Cons Gas NY 418 ‘51 Consol Oil 3335 '51_ Cons Pwr3%s'70 __ Consum Pwr 3%5"65_. Container 65 *46 _ Crane Co 315551 __ Crown C & S 4s” Cuba RR 1st 58 Cuba RR 7%:8°36 ctfs_ Cuba Northn 514842 Dayton P&L 3%s *60__ Del & Hud ref 45’43 Del P& L 418’69 __ Del P& L 4128’71 Den & R G con 4536 Den & R G 415836 . Den& R G W 6s°55 Den & RGW 5s’'55asst_ Den& RGref 5878 __ Detroit Ed 43’65 F ___ Det Edison 4158°61D_ Det Edison 5s°52 Dul SS& At §s'37. Duquesne Lt 31,856 East Cuba S 71:8'37 E Cuba S 714537 ctfs. El Paso Nat G4158'51_ Erie cons 4596 Erie gen 4s'96___. Erie ref 5867 Erieref 58’75 _ - Erie Gen Riv 68°57_ Fairbks Morse 48 °56__ Fla ECRy 5874 Fla EC Ry 55 'T4 ctfs Fond J & R 4s'82 filed Francisco Su: 6856 Fran Sug 7%;8'42 ctfs Gen Mot Acc 38’46 Gen Mot Ass 318’51 Gen Stl Cast 513849 Ga & Ala 5845 . Ga Caro & Nor 65 '34__ Goodrich 4%s'56 Goodrich 68’45 Goodyear T&R 58 °57_. Great N Ry 45°46 G Great N Ry 48’46 H Grt NRgen 4877 E. Grt NR gen 68’73 C. Grt NR5%s'52 B Green Bay 55’62 B... Gulf M & N 58’50 Gulf M & N 5%s'50 Gulf Sta St15% Gulf States Uti! 45 '66. Har Ry P C 1st 48°54._ Hock Val 4138 '99 Houston Of1 5% s'40__ H’satonic con 58 '37 Hudson Coal 5: Hud & Man inc 5857 Hud & Man ref 5s '57_. 111 Bell Tel 3%s'70___ 111 Cent 3%s '52 111 Cent col tr 48’52 I11 Cent col tr 4s 111 Cent ref 48°55_ ... I Cent 4%s'66 . 111 Cent ref 65’55 11l Cent St L 3s°51 ICC&StL N O4% ICC&StL N O 55’63 Inland Stl3%s'61 Int R T 1st rf 58°66 TR T 1strf 5566 ctfs. IntRT6s’32. IntR T 63'32 ctfs. Interlake 5 Int Agrel 6534 | Int Grt Nr 2% 112% hm 1113 111% 1113 178% 171 1793 1105 1305 1101 3 172 13 9954 10736 1073 10736 10834 10635 1063 107 107 107 1113 11136 111% 11136 11136 11134 116 1163 116 . 1103 11024 110% 36 35 38 1144 11434 1164 108}6 108 1063¢ Int Grt Nr 68 ‘52 A. Int Grt Nr adj 6s°52 A- Int Hydro Elec 6: Int Mer Marine 6s Int Pap 1st 58°47A _ Int Pap ref 64 ‘55 Int T&T cv 4148°39 Int TET 4138562 __.. Int T&T 53°65 James F & C 4 Jones&L Stl 44 8'61A_ Kans CF S&M 45'36 _ Kan CFS&M rf4s'36ct. Kans C So 1st 38'50 Kans City So ref & Kendall %848 ww. l‘clnd.gl%l 53 C . 108} - 10934 109} - 101% 101}4 10134 - 108% 106 5 993 mu 10834 10834 | Leh Vi Coxl 55 44 60} 604 | Leh Val Coal 58 '64... nK 634 88 t:,h;{yl':,:&oll [] 8°40 gtd.. 1083 108% 100K | Lien V P con 48 2003 114% 115 | Leh VPcon ¢ e Al erm o Bty (90 e - 1014 £ 8134 8134 109 109 101 101 .~ 1055 1063 l“!‘ 98! 10734 10734 107% | Lo & Nash 33, nzooz_ - 9T uTl Vg 118% 113% 118% | L & N unif 4-'40 1183 115% 11634 | L & N 41652003 C 12034 12034 120% | Louv & N F&S 5537 131 131 131 | McCrory Stores 58 9934 99§ WK | McKess&Rob 5128’50 lom lom lnm Manati Sug 7%s 42 Manhat Ry 48°90 _. Manila RRS L 48’59__ Mex IntR 48’7 MiIlER&S 58’61 Mil & Nor con 4148 '39. Mil Spa & N W 4847 Minn & S L rf 45°49 Minn & St L 58'34 ctfs. MStP&SSM cn 4538 _ MStP&SSM 6s '38 gtd._ MStP&SSM rf 68"46A_ MoK & T 1st 4590 __ MoK & T 45°6: MoK & T 4%s 131% 131% 8944 7 ” % 5 60 6L 3534 35% 11534 11534 116 1163 118% 116% 1183 18% 12034 1203 98% W8l 10214 102} 15 116 1083 1093 o 91 175 178 33 833 21 21% 21% 21% 214 273 19% 193¢ 103% 10344 68 63 851 86 103% 10374 10834 1083 931§ 9334 10215 1024 10215 10284 127% 128 109 109 114% 114% 133 113% 1183 1183 10915 1093 1128 112% 836% 34 483 2314 2274 6214 654 861 63 2% Mo Pac 4s'75 Mo Pac 58’65 A Mo Pac 58'77 F Mo Pac 5877 F ctfs Mo Pac 58'78 G Mo Pac 5s ‘80 H__ Mo Pac 5s'811 ‘81 Ictfs Mob & Ohio 4% 8’7 Mob & Ohio 5s°38 -5 Mob & Oh M div 58'47 . Monong Pub S 412560 Monong Pub S 6s Morris&Essex 415 '55 Morris& Essex 5s '35 Mutual Fuel G 5547 __ Nassau Elec 4851 gtd . Natl Dairy 3% 4 Natl DisPC 4% Nat Ry Mex 41:5'57 as Natl Stel 45’66 New Eng RR 4545 NR 5! 83 A AL New Orl P S 5s " New Orl Ter 1st 45 °53. New OrlT&M 4';s " ew Orl T&M 5! 6 C. w Orl T&M 518 '54. Y Central 33;8°97 _ NY Central 3%s '46 NY Cent 4842 NY Cent con 45’98 Cent rf41,82013 YCrf43%s2013n Y Centrf 582013 Y Cent cv 6544 NYC&St L 5%s Chi&StLé6 NY Conn 1st 415 2 NY Edison 3%s 65 D._. NY Edisref 31,8"66__. NY NH & H 3854 NH & H 315856 NH & H 4 NH & H 4s 57 NY NH & H 413867 __ NH & H cl tr 65’40 NH & Hev 63°48 NH & H Cons Rys 48 54 Queens con3 1y 1ys inc 6865 Tel gen 413539 W&B4%s 46_ 8 Sh51;8°50 __ orf So 1st ref 58'61 orf S 1st r{3s'61 cfs orf & W 1st 4s '69C. orth Am Ed 5158 '63_ Nor'n Pac gen 3s 2047_ Nor'n Pac 4897 _ Nor'n Pac 55 2047 D or'n Pac 45 2047 C or'n Pac 4128 2047 Nor'nPac6s2047. __ NorthSt<Pw 41,861 ._ North S P ist5s'41 A_ North Sts Pw 6s'41 B_ Ogden L C 4848 Ohio Edison 4’65 Ont Pwr Niag 5543 Oreg Sh Line 55 '46_ Otis Steel 6541 PacG&E3%s'%1 ___ Pac RR Mo 1st 45’38 __ Pac T&T rf 3% 866 B_ Pan AmPCés'40 _ Pan Am PC 6840 ctfs_ Paramount Pic 63 Fenn Co 4s°63 Tenn Dixie C 6541 Penn P&L 4%s '81 Penn RR3%s'70C Penn RR 435’81 D 3| PennRR 435’84 Penn RXR con 4} Penn R gn 4 1053y 10534 | \ 93 93 1043 10434 97} nuz 106Y% 11134 11074 11134 9035 90 903 4% 10434 10435 106 104% 10434 1043 108 108} 6 6514 10634 106% 107 107 10674 1084 10434 1084 661 1064 107% 107 10634 10915 n 62 62 108 108 Ny 91y 102 102 1055 10815 343 34y 864 36 195 18§ 18% 18% 324 30% 1113 11134 1164 1165 Penn RR gen 55 '68 People GL&C rf 58'47_ Peoria & E 1st 4: Peoria & E inc 4 Pere Marq 4%s'80 Pere Marq 1st 5856, Phila Co 5567 Phila Elec Co 4s Phila Elec Co 414 s" Phila & R C&I 5873 Phila & R C&I 63°49 8534 | Philippine Ry 4s'37 86 | Pillsbury F1 M 6s 117% 11735 117% gorloGRlco AT6s'42 % 7 | Port Gen 1415560 10078 19as Mtat | Postal Tel & 18% 18 18 | Potomac EIP 338’66 4% 4% a3 PureOil4is'50 ww_ 83 8 83 126 1253 126 105 106 108 10434 10434 10434 9% 9 96 404 €0 403 | 46 46 46 1 6 10934 109'5 4 46 4615 45y 104 104 106} Purity Bak 5s '48_ R-K-0 65’41 Reading Jer | Reading R 41; Rem-Rand 434« Republic St 4145 '61. Republic Stl 435550 Republic St1 5 l/.! Revere Cop 4 %s'56 Richfield Oil 6s'44 - Richfield O 6544 ctfs.. Rio Gr June 55 '39 RG W Ist ex in 4539 Rio G W col 45°49 A RIA&L 18t 438°34__. o4 04 04 Rutland RR 4358 '41_- Saguenay Pw4¢ 148'66__ 10535 10435 Tobss | St 1 Ehnde R&G 4533 9l 95 953 | St LIM&SR&S4s'33ct. 1253412835 12634 | St L P & NW b3 48 102% 1028 1025 | StLR M & P b8 '55_. 7814 178}4 178 | St L-S Fran 4s '50A 51 803 51 |StL-SF 45'50 A otf, 32 32 3214 |StL-S Fran4%s 8 sijg 7o ang|SEL-S F4KeTactai ran 5s°50 - no 1% IStLSFss 50 B ctta StLSWist4s'sy. StLS W gnrf 6590 - 2 ::;ivcvsul: ter 58%53_ 44841 19% b St P MEMEGT4 g: ll: g&u ext §s 43 n Dep rf o8 *73.. o Sa eri|San A& A Pass n'43. 10754 10783 | Santa Fe P & P 55°43_. 9635 947 9634 | SChulco 6% 46 A. Seabd A L 48’50 Seabd A L 48’50 stp. Seabd A Liref 4s'59 _. Seabd A L rf 48’59 cfs Seabd A L adj 5849, Seabd A L 63°45 A 35 85 Seabd A L 63 45 ctfs 121§ 123 1234 | Seabd A-F162'35 A ot 807 sos 80| Seabd A-Fla 65'35 B ct 72 12 gl:eld u(x;“deh 334851 elly 4851 ‘”“ e Socony Vac 33%s 50 utlr Bell T&T 5s ‘41 ';" :;v. '“‘ So Colo Pwr 6347 A 99% 100 | 8o Pac ref 435! 108 106" 108 So Pac 43 6234 605 62| 50 pa, e s 8 $in 108 104% 1043 1043 119 118% 119 10874 10834 108% 075 10734 1073 116 115 115 n% 11 u7 u4% U 1% 100§ 993§ 10034 10134 1013 1013 101 10944 100 a 854 U4 334 1043, 86 1095 109% 10835 10834 10834 | EFecial Dispatch to The Star. 00 100 108 108 84 b4% bA% UK K% 3} 34 104% 104% 86 86 3% 42 5 - 113 42 3234 r 107% 108 935 100% it 4y 1004 100 474 483 b2 10434 . 108§ 9814 3. 1085 10514 1063y 106§ 10634 10634 1061¢ 8235 11y 10914 10834 106 12 1063 103% 108% 295 10634 114 1214 10134 1073 10214 1051 56l 561 10085 10634 995 - 106% 108% 116% 104 106 106 - 103 1053 . 24 20 107 8054 724 413§ 10535 - 128 9934 103 107 294§ - 13334 132 643 64% 108% lll)‘ . 101% 102 108 106% 10636 10535 | W Sh 1st 4s 2061 gtd__ 1085 uu 96 95)4 | West'n Pac 58 '46 A as 803§ m 364 40 294 119 10614 4 1054 813 11085 109 10835 105 11134 10614 103% 108% 28 10634 14 12134 12 10134 1073 10234 105 66 8534 10044 106 106 1065 106 103 108 10534 36 4625 47% | 26 uy 19% 19% 107107 80% 80% ket a a 105 1053 122 122 Pure Oil uu 50 xw_ 1043 104% 104% 993§ 99X - 11814 11634 1153 10215 10215 1075 107% wi_ 1105 1105 110, Republic Stl 41,8'66_. 99} I';‘ i 9935 991§ 9934 1824 3035 3134 993§ 83 63% 284 30 10336 108% 1 ll)j 1 l‘)‘ 34 18% 17% 2144 2044 18% 13 10034 101 1023 1024 108 108 1024 6 99 108 108 s 95 " 80 mu 11% 9 10334 1087 | H ..POWER INDUSTRY = TOSPENDMILLIONS Construction and Mainte- nance to Cost $635,000,- 000, Forecast in 1937. NEW YORK, December 31.—The electric power and light industry will spend $635,000,000 in 1937 for new construction and maintenance, ac- cording to Electrical World's annual statistical issue of January 2. A min- imum of $530,000,000 of this amount will go into new capital equipment, 60 per cent more than was spent for this purpose in 1936. To accommodate the rapidly rising demand for power, the construction of new generating equipment will be double that of 1936; distribution sys- tems will be expanded by over 40 per cent; power transformers will keep step with generating machinery; welding equipment and industrial heating apparatus are due for an equally large increase—40 to 50 per cent. ‘The report shows that the number of customers increased by 715,000 dur- | ing 1936 to a total of 26,028,000, the highest in the history of the elec- trical industry. Meanwhiie, the aver- age rate has dropped to a new all- time minimum of 4.73 cents from 5.03 cents in 1635. | As a result of more general use of electric conveniences, the average consumption per domestic customer has risen to 740 kilowatt hours an- nually, against 673 in 1935. Evidence of the speeding up of in- dustry in general is the 19 per cent | increase in electrical consumption by wholesale customers, essentially for industrial use, to 49,000.000,000 kilo- watt hours. This is more than three time the energy sold for household purposes. The value of electrical products manufactured in 1936 will run close to $1,200,000,000, based on reports to Electrical World by a representative group of manufacturers. This com- pares with $912.000.000 in 1935, $742.- 000,000 in 1934 and $550,000,000 ln“ 1933, Washington Produce BUTTER—Range of prices to stores. sathered {rom wholestle dealers (prices 1o nearby shippers based on Ph: 1lfl!lphll? New York prices): One-pound prints, 1 7: le-pound prints, car- pound prints. car- e-pound prints. car- :Ve-pound prints. carton carton (90 tub (90 Market 16: calves. 1R: smoked ham. bacon, sliced, L iight hees, 0=s. 10a1002" heavies. 2 calves, 5a12: lambs. ret fob Wash- Bureau of Agri- very strong. MEATS—Choice beef OCK— medium : roughs. 6as Prices paid ington. By the culiural Economics. EGGS—Market cent Jower on shinpers, U. 8. xrvrzu'zr Prices 13 Carriers Improve Service to Get Larger Volumes By the Associated Préss. NEW YORK, December 31.—“The close of 1936 finds the railroads in an w a3 U. 8. Fxtras. mefllllll\‘. U. 8. B(lnd- ards. large, 31. LIVE POU! TRY — Market generally quiet_and steady Fowl Culm’ed heavy, 16alS: Leghorns. f%all 0. 5. Chick- ens:. Virginia Rocke. broilers and_fryers. 18a20: Delaware Crosses. 18a20. Guineas. youne’ 2 pounds and up_40 ench uqder each, 2_pound: d guineas. 25 each. Turnv-‘ Younz hens, Pounds. No. Zs. l'.‘. old | and Vegetables. Sales in large lots by original receivers up to & am.toda APPLES—No cariot arrivals: no cars | Supolies moderate: ~demand | market steady. Bushel baskets, Virginia, Stavmans, 2'4-inch k) b minimum. 1 50a1,6 : 21z-incl mnimum, one fppiies mod- et stronger. New_York, Green Moun- Tnllmphs. v 8 N, I No. 2, 50, L GE—One South Carolina arrived: | one DroRen e - ohe NnbroReR. cars on Supplies moderate: deman market steady. South Clrnnm | 1'5-bushel hampers. pointed type. truck X0: Plorida. freieht | j pers, pointed type. )-pound sacks “do- cAnRoTs—No nrlol " arrivals: three broken cars on t Supplies moder: narker siendy, rn-lettuce crates, 6-doze; Tair conaition, High. Low. Close. . 106% 106% 106% S102 01 102 107 107 107 . 167 167 167 . 102} 102 102 . 11134 1113 11134 - 118} 118% 118§ 105% 1065 10834 105% 106% 106% 10634 1065 10634 108 108 108 . 6B 61% 68l < m 101 101 89 39 mm 10834 108 108 120 121 121 10034 100% 100 101 01 101 . 1163 115% 118% 109% 10935 10934 103% 103Y 103% Staley A E 45’46 _ Stand Oil N J 38" Swift & Co3%s'50 Symg G&G 5.8 ww_. Tenn El Pw 6547 A Term AsSt L 48 '53 Term Asso con 58" rexas Corp 3% Texas & Pa Texas & Pac 58’79 C Texas & Pac 5580 D. Third Av ref 4s'60 Third Av 1st 5s '37 Third A ad in ex 58’6 Tol & Ohio C 3% 860 Un O11 Calif 48’47 Un Ofl Calif 6542 A Union Pac 312870 Un Pac 3%s Un Pac 18t 48’47 _ Un Pac 1st rf 4s 2008 United Drug 58'53 United Rys St L 45’34 U 8 Pipe&Fy 3125°46 U S Rubber 55'47. _ Utah L& T 55'44 (A Utah P & L 55 *44 Util P &L 5559 ww._ Util P& L 53847 ‘Vanadium cv 58’41 Va C&P 1st 4% 8’34 as_ Ver Sug 18t 75'42 ctf: VaE& Plstref 48’55 VaRy 15t 3%s'66 A_ Va S W con 55’58 Wabdsh 4% 3534 3634 85 1483 14835 148 10915 109% 109% 1065 10635 108% 98 98 98 39 374 39 | Amer. 0c 10674 10734 Au;:;lit lfl. 1936. improved condition compared with a few years ago,” J. J. Pelley, pres- ident of the Axso- ciation of Ameri- can Railrosds, points out. | Amer. Tel “Railroads have greatly improved their services to the public and increased their efficiency in op- eration. In traf- fic and revenues, however, they have not regained all the ground lost in the de- pression. “Net railway operating income of class 1 railroads, according to prelim- inary estimates for 1936, will be about 25 per cent less than that of 1930. “Continuation of the greater volume of traffic is anticipated so far as can be foreseen.” 3. 3. Pelley. e MORE CONTROL SEEN AS FACTOR IN 1937 Near Outlook Clouded, but Long- Term View Bright, Econ- omist Declares. Henry K. Hall, economic adviser of G. H-P. Murphy & Co, New York Stock Exchange firm, believes that the “reflation” portion of the present! cycle of controlled economy indicates completion in many important direc- | tions. From this point forward, he says, “control” seems likely to take a more prominent position in the eco- nomic picture. He adds: “The stock market outlook for the period immediately ahead is clouded, | I think, by the prospects of new legislation, which is always disturb- ing, and by the probability of wide- spread and perhaps serious difficulties | with labor. “Underlying the fabric of business, | however, is a tremendous demand for replacement of fixed capital invest- ments which shoudl show steady, but not spectacular, improvement during 1937, “I believe that one can see more clearly the Fall revival in business and stock prices than the course of either for the first three to six months | of 1937, and equities. in my opinion will be higher at that time than over | | the course of the immediate future. Business should thus be done on a decidedly conservative basis for the time peing, with additional sail being | spread later, when the outlook becomer more clear.” Washington Exchange = - SALES. Capital Transit Co.—20 at 13, 10 at 13, 10 at 13, 20 at 13. AFTER CALL, Washington Gas Light—50 at 80, 10 at 80, 4 at 80, 3 at 80. Mergenthaler Linotype—1 at 53. Lanston Monotype—é at 90, 8 at 90. Notice—This Exchange will be closed tomomw. New Year day, and January 2, 1937. Bid and Asked Prices. BONDS. PUBLIC UTILITY, Big & Tel, 4% Anacostia & Pot = Cap. Traction R. R. 5 City & Suburban b5: Georeetown Ca Pot. Elce. Pow. Wash. Gas 5s Wash. Gas 5s Waush. R¥y. & Elec. MISCELLANEOUS. Coevy Chase CI * Club W. M Cold Storace 5. STOCKS. PUBLIC UTILITY Amer. Tel. & T!l () Capital Transit 6) - Wash: Ry, & EL. pid () 2T 1107 BANK AND TRUST COMPANIES. Tr. Co. 200 & T) Prince Georges B.&T. (.50) Rias () Rices pfd (357 Washington (6) ___ Wash. Loan & Tr. (8) 350 FIRE INSURANCE STOCKS. American (6) Corcoran (5) Firemen's_(1.60) National Union (60) __ TITLE INSURANCE STOCKS. Columbia (.30) __ Real Estate (6) _ HISCH.LANI’OU! STOCKS. Carpel Corp. (2.00) Lanston Monotyoe (4)__ Mergenthaler Linotype (f) 30077 G. securllv Blorllt 5 _ Ter. & Wh. Corp. Wawd & Toth com® (1500 Wdwd. & Loth. ofd. (7).__ 120 *—Ex dividend. +—Plus extras. —50c_paid May 15. 1036. 50c vlld 50c paid November 1! a—go extra closed, e—-"" xtra. % exe. oatd Jm\! 30. Dec mber 22, 1 _.__. INSURANCE STOCKS NEW YORK, December a1 —New York Security Dealers’ Association: 1936; 45¢ pald Aetna cas (2a) 80 9815 v8l§ vBlg " . 4 Aetna Lif¢ Am Eaquit dul 36} 36)4 36} | Am 4 36 36l | City Wabash 1st ‘Wabash 2d Wabash bs '76 B._. W-bnh Sl 80 D. 36! 108% Illll‘ 108% 5% Warner Bros Warner-Quin Warren Br 6s '41 West Penn P31 West'n Md 1st 48 °52 ‘West'n Md 5%s8°77 West'n Pac6s 46 A __ 10634 1053 1063 107 107 107 38 36y 38 3% 87 MK West'n Un 5’51 West'n Un bs W 8p Stl con 7835 Wilson & Co 48°55 Wis Cent 18t gn 43 °49_ 10834 108 108 nu. l'l)(’l.l)( WisClstgnds’49ct_. 31% 31% llh Wis C 8&D Trmis’36 ‘WCSE&D ter 4536 efs. 91 i 913 | K atl Liverty 73087 N n.muhm (1.60) NY (.608) Nor River ( n‘::-m{'fzn ash 10734 10734 10734 | Eroy W Canners Kept Busy. 109% 109% 109% | ¥ "ltl“‘r"fi".IA- 13034 12934 12034 Italy’s canning factories are oper- 8027 1003 106~ 1063 | Tmgata BAT 48 61 10434 10038 1004 ating overtime, . A . [Credit Standing of Most ‘INANCIAL TO RAISE MONEY Communities improved in Last 2 Years. (By Cambridge Associates.) Never before in financial history have municipalities been able to borrow at sucn low interest rates. An average of twenty 20-year bonds shows a yield of only 2.75, while the best credits with less than a year to ma- turity are currently sold to yield in| the neighborhood of one-fourth of 1| per cent. Three factors are chiefly responsi- ble for placing municipalities in their preferred position. First and fore- most, of course, is the condition of the general money market, which finds more commercial paper out at 1 | per _cent than at any time in the depression. Second in importance is the tax- exempt feature, which frees them from Federal income taxes and sur- taxes and in most cases from State taxes. Rising income taxes and grow- ing business income naturally increase thz cesirability of tax-exempts as a | refuge for surplus funds. | Third, but not to be disregarded, is | | the tremendously improved credit | standing of the Nation's taxing units as a whole. Whereas in 1932 approxi- mately 10 per cent of all municipal bonds were in default, only about 3| per cent are now in default. Taxl collections have been getting better | Aswldxly. | Many municipalities have taken ad- | vantage of the sellers’ market to re- (nnance their indebtedness on terms which will result in important interest | savings, thus further improving their | credit positions. In recent months | | the flood of new issues has receded | | to some extent, and this, too, per- haps, is proof of a new conservatism | in municipal fiscal management. Less favorable to municipal bond | holders is the current urge in many sections to enact laws limiting real estate tax rates. This has not become an important threat as yet, but there | is constant pressure for the enactment of such statutes. Adverse Tendency Cited. Another acdverse tendency is that toward the creation of “authorities” to build and operate municipal power | plants, etc., and so evade the debt re- | strictions binding the parent taxing| unit. | During the past year or two repre- sentative municipals issued in all parts of the country have appreciated great- |ly. In many cases issues which even earlier this year were selling in the lows 80s are now at par or better. While money rates remain low and the tax-exemption feature rules so | important, municipals can be expect- | ed to remain high in favor. Increase in valuations arising from the growih of real estate and general business activity should further im- prove the borrowing power of State and city taxing units. Even though there is at present a lull in new financing, the upward trend in mu- nicipals will probably be resumed as the Federal Government curtails its relief and public works program and as citizens demand the expansion of | facilities and services. SHORT-TERM SECURITIES. (Reported by Chas. D. Barney & Co) Amer_ Tel & Tel. 515 1043 111‘: Atl Refining_Co. 5s 10 Galif. Pack. Corp. 53 1 i ‘ 0iitg 1003, Pac’ 3 Penn-Divie' Com Penna Co. Vanadium Corp. & Wabssh Rwv. Co. 5% Warner Bros. 6s 1f West Y. & Pa. 55 1 ‘West. Union Tel. 5s 193 .. FOREIGN EXCHANGES. NEW YORK. December 31 (P —For- | eien exchange stcadv. Great Britain i dellars. cthers in cents | . Hrmax‘d. $4.91%: cables, e %: France, de- | Italy. de- | Germans, 5 : Mexico R York, “New Yore in Montreal, 09.53%: n—Nominal. NEW YORK BAR SILVER. NEW YORK, December 31 (#).— Bar sllver easy, 14 lower at 45. FIRST TRUST LOANS Long-term REFINANCING . Lowest Rates . . . 3-Year Con- struction Loans . . . 3% 3Y%% BOSS & PHELPS MORTGAGE 0. John Hln:o!‘ckcm:sg? l?“! Ins Co. 1417 K 8t NW. Real Estate Current Rates and Courteous Treatment |CITIES PAY LESS (NEW FINANCING NEARLY DOUBLED Refunding Predominates, but 274 Per Cent New Money Is Sought. (By Cambridge Associates.) ‘When 1936 new financing is come pared with 1935 and the five previous years the result is some fantastit percentages. When the 1936 figures are considered in comparison with the interest rates, production indices and general business activity, the achievement is in nowise remarkable Still, in the light of the expecta« tions of two years sgo, they are re- markable enough. For the first 11 months of 1936 total corporate finan- cing reached $3,981,033,346 against the 1935 figure of $2,100,073,852. Ir 1933, the low point, the 11 months total was only $365,433,638. Naturally the emphasis is still upor refunding rather than upon new capital. The borrower is king thest days and naturally his first though! is to place his obligation upon the royal basis that he now enjoys. Vas interest savings are being affected by substituting 4 to 5 per cent bonds ir place of the 6, 7 or 8 per cent obli- gations formerly required of publit utilities and industrial corporations. Utilities Hold Lead. The utilities for the last four year have been the biggest beneficiaries o the current low money rates. Thi year their refunding operations ac. counted for more than a billion anc a half of the total with far steadiel operating revenues than the rails an¢ yet occupying a preferred position over the industrial borrower, the power producers have taken full ad vantage to reduce carrying charge on funded debts. Although still accounting for ¢ minor proportion of 1936 financing the gain percentagewise in new capi- tal is far more striking than tht refunding record. In the first 1: months of 1935 corporate busines asked for only $336832395 in nesv money. In the same 1936 periot $996,744.526 in new-capital securitie were placed on the market. The trend at this point appears wel defined. Refunding operations durinj 1937 will undoubtedly continue to br important but the rising demand fo new capital should, within the nex year. equal or exceed the amoun required for refunding purposes. Faster Rate Likely. Both new and refunding issues wil | come on the market next year a faster rate than has yet been manifes but the vear should bring the peak o | refunding operations. Should the upward trend in com modity prices continue at the sam: rate as in the last two months, 1 would not be suiprising if interes ates were affected befoie the yeg This in turn would. of course have its tearing on the ¢ financing: new capital would b sought more eagerly, there woule be less incentive to re-finance out standing obligations. During the past year it has beel the railroads which have found th greatest need for nmew funds. Eves though loss of the emergency freigh surcharges causes some hesitancy i regard to new equipment commit ments much buying cannot be de ferred. Further railroad issues fo new capital will undoubtedly be 1 feature of 1937 financing. So far long term bonds and note have dominated the picture but & recent months. as more industris | firms have entered the market fo new money. preferred and commot stocks. particulerly the laiter, hav been offered in increasingly larg amounts. vse of ney U. s TREASURY NOTES. B gifarly Chas. D Barney & € —Maturi- . Feb. 15, = ot “Baby” Autos Appelr. “Baby” automobiles have just p | peared in Poland. OFFICE EQUIPMENT WE SELL, BUY OR EXCHANGE Steel Files Steel Cabinets BAUM'S F URNITURE HOUSE 1416 Eve St. N.W. Phone NA 2184 Money for Construction Loans and Loans on Improved Properties 5Y2% FIRST DEED OF TRUST ONLY GEORGE 1. BORGER 643 Indiana Ave. N.W, Nat'l 0350 Investments First mortgage notes, well secured on con- Washington -n‘ near- by Maryland. Denominations of $500 nterest 6% per annum. Bradley, Beall & Howard, Inc. Southern Bldg. Phone Nat. 0271 Established Nearly 40 Years ProperTY MANAGEMENT EFFICIENT management is most satisfoctory to both owner and tenant. WE specialize in the mone ogement of a!l types of in- vestment properties and cre now Monaging Agents for some of Washington's most importent buildings WE would welcome the op- portunity of discussing your management problems with you. Randall H. Hagner & Co., Real Estare 1321 Conn. Ave. N.W. DE. 3600