Evening Star Newspaper, January 1, 1937, Page 15

ETNGFRM [ TR ANsACTIONS ONN.Y. CHANGES NAME James M Johnston & Co. Also Adds Nees and Cram as Partners. BY EDWARD C. STONE. James M. Johnston & Co., an in- vestment firm active in the financial district for several years, changed its name to Johnston, Lemon & Co., &t the same time adding Bernard J. Nees and Harvey B. Cram as general partners. The firm conducts a gen- era] securities business, specializing in Washington securities and participat- ing in underwritings. James H. Lemon remains as a partner under the new deal, the company continuing to be correspondents of Spencer Trask & Co., members of the New York Btock Exchange. James M. Johnston, founder of the original firm, is a native of North Carolina, graduate of the University of Illinois, class of 1917; served in the Air Service during the World War, later being associated with Spencer Trask & Co. in New York and in Washington until 1923, when he became w partner in the firm of Irving & Johnston. Upon dissolution of this firm in 1929, he started his own concern. Mr. Johnston is secretary and mem- ber of the Board of Governors of the ‘Washington Stock Exchange; vice president, treasurer and director of the Federal Storage Co.; & director of the Lawyers’ Title Insurance Co., of the Seaboard Finance Corp. and a member of the Columbia C(mnlry; Club. | Other Pariners Well Known. Mr. Lemon is a graduate of Cen- | tral High and of Princeton University, class of 1925, being noted as an ath- lete. He entered the securities busi- ness in 1925 with Spencer Trask in New York. Coming here he became s partner in the Johnston firm in 1929. He is A member of the Wash- | ington Stock Exchange, former presi- dent of the Bond Club of Washington. as well as being vice president of the American Bridge League and a mem- ber of the University and Metropoli- tan Clubs. Mr. Nees, upon graduating from the | Hyattsville High School, attended the | American Institute of Banking. Later | he graduated from National University Law School and is a member of the | bar of the District of Columbia. He | is & member of the Washington Stock Exchange and has been connected | with James M. Johnston & Co. since | 1929, Mr. Gram is a native of Washing- | ton and a graduate of Central High®| School. He graduated from Wesleyan | University with the class of 1926, en- tered the employment of Spencer Trask & Co. and later became man- ager of the Rochester office of that firm. From 1930 to 1932 he was man- | ager of the Buffalo office of J. G. White & Co. and in 1932 became as- \ sociated with James M. Johnston. | being made sales m2nager in 1934, He is & member of the Columbia Coum,ry‘ Club. { Distriot High Lights in 1936. | High lights from the summary of the | Federal Reserve Bank of Richmond. showing greater progress than in any | other year since the depression, reveilj & 10 per cent gain in department store sales over 1935, steady increase in loans | to commerce and industry and real improvement in employment. A marked increase in construction Is a | favcrable sign of recovery, the review | states. Building permits in November were 31 per cent ahead of November, 1935, ! and contracts actually awarded were | 27 per cent greater. Business lmluret and liabilities were larger than & yenr 2go. Spot cotton prices climbed to a | figure about $4.50 a bale above the same date last vear. Seasonal influences were credited with checking “the decrease in anem- | ployment” in recént weeks. Two strikes were reported in the diatrict during the past month, one of workers at & manufacturing plant at Cumber- | land, Md., and another at a glass plant | in Charleston, W. Va. A third, involv- | ing miners in the Southwest Virginia | coal fields, was reported Monday. | ‘The bank found that a number of | textile mills were “sold up several | months ahead,” the fifth district on | October 31 having 44.5 per ceni of total | spindles in place in the United States. ‘ Spot cotton prices climbed to & ng— ure about $4.50 a bale above those on the same date a year ago, rising from | an average of 1.99 cents per pound on | November 13 to 12.64 on December 11. | Chain Drug Sales Up. Average daily sales of chain drum stores in November, 1936, were 1 per | cent higher than in November, 1935, | according to preliminary estimates o.‘ the Bureau of Foreign and Domestic | Commerce. The greatest gain was| shown by fountain sales, which weu 7.3 per cent higher, followed by “all other” sales with a 0.3 per cent in- crease from last year, while tobacco | sales decreased 3.6 per cent. | The preliminary adjusted index fig- | ure of the value of retail sales of new | passenger automobiles shows a marked increase from October to November, according to the Bureau of Foreign and Domestic Commerce, Department of Commerce. Sales in November were sbout 18 per cent higher than’ in No- vember, 1935, and 190 per cent greater than in November, 1934. FARM GAINS SPUR IMPLEMENT SALES International Harvester Chief Believes Next Year Will Bring Further Improvement, By the Associated Press. CHICAGO, January 1—"“The sus- tained upward trend in agriculture, particularly in farmers’ cash income, has resulted in a further increase for 1936 over 1935 in our farm implement sales,” declares Sydney G. McAllister, president, International Harvester Co. “Farmers are still a long way from replenishment of farm stocks after the long period in which they were unable te buy anything like normal and nec- sssary supplies of machines. We therefore feel that it is reasonable to expect further improvement in our im- plement trade next year. “It is noteworthy that farmers have shown greater interest in power farm- Ing machinery. This has been due in part to development of smaller gower farming units. Similarly 1936 has shown an increase over 1935 in our motor truck trade and sales of in- Bustrial tractors, stationary and mo- Wile power units, etc. These increases reflect the continued improvement of eenditions throughout industry and business generally. “We look forward to still further im- prevement in those lines next year.” TOTAL STOCK SALES, January 1, 1936, to date___. Year ago - Two years ago- BY the Associated Press, NEW YORK January 1—Following is a table of transactions in stocks on the New York Stock during the year 1936. It gives yearly sales, price ranges and net changes from the previovs January 1, 1936, on stocks listed prior to January 1, 1937. Z simisias 4 stngh and “dmuennl ale: s, 3 570 Abr & Strl s (22.55) - 87,900 Adams Millls (a1%) 161,400 Addressograph (1)-. 314,000 Advance Rumley_ 200 Ala & Vicksb'g (6) 753,400 Alaska Juneau (160c) 20 Albany & Susque (19) 2,203,100 Alleg Corp () 611,400 Alleg Corp pf $30 ww(d) 51“ 107,900 Alleg Corp pf $40 ww(d) 60% 99,100 Alleg Corp pt xw (4)___. 60 155,100 Alleg Corp pr pt (d) 241,600 Allegheny Steel (a1.65) . 270 Alleg & West (6) . __ . Allied Chemical (6. Allted Mills (a50c) . Allied Stores (a20c) Allied Stores pf (5) . Allis-Chalmers (1133) - Alpha Port Cement a1%. Amal Leather. - Amal Leather pf (3) Amerada Corp (2) Am Ag Chem (Del Am Bank Note (11) Am Bank Note pf (3)_. Am Brake Shoe (12) = Am Brake Shoe pf (5%). Am Can (14) __. Am Canpf (7). Am Car & Foundry . Am Car & Foundry pf_ American Chain (a4) 200 Am Chain pt (5) Am Chicle (4) 370 Am Coal of Allegheny . 183,800 Am C olorlype 464,600 Am Comc'l Alcohol as0c. 524,800 Am Crystal Sug (a50c) . 13,230 Am Cryst Sug 1st pf (6). 244,600 Am Encaustic — 00 Am European Secur ____. 00 Am & Foreign Power Am & Foreign Pw $6 pf _ Am & Forelgn Pw $7 pf . Am & Foreign Pw 2d pf Am Hawaiian (1) __ Am Hide & Leather Am Hide & Leath pf (3) Am Home Prod (72, 0) = AmlceCo Am Ice pf (2). - Am International a40c Am Locomotive Am Locomotive pf (33) Am Mach &Fy (1) . Am Mach&Metal (a2bc) - Am Metal Am Metals pf (6) Am News (NY) (3)_ Am Power & Lizht _ Am Pwr & Lightt pf (5) - Am Pwr & Light pt (6) Am Radiator Co (160¢) . Am Radiator pf (7) Am Rolling Mills (11.20) Am Safety Razor (2) Am Seating (a233) . . Am Shipbuilding (2) Am Smelting & Ref (3) Am Smelt & Refin pf (6) Am Smelt & Refin pt (7) Am Snuff (13) Am Snuft pf (6) Am Steel Foundry (a1) - Am Steel Foundry pf (7) Am Stores (2) Am Sugar (2) Am Sugar pf (7) < Am Sumatra Tob (1) Am 'Tel & Telegrapn (9) Am Tobaceo (8) ... Am Tobacco (B)(6) Am Tobacco pf (6) Am Type Founder Am Water Works (a40c) Am Wat WKs 1st pf (6) 17% 13 lDB 178 178 2% 4%+ 1% 12% 48 +33% 124 48 +34% 12% 44% +33 11% 98 110% +12% 245 157 226% +68% 2! 31% + 4% 17 + 9% 84 +12 9% +42% Ié +10% % 34 104% +25% 124 14 110 116% —18% 162% 174 + 9% 9% +256% 875 100 +13% 36% + :'/: 143 + b% 27 389,400 241,700 113,700 538,700 68,300 159 900 484 < 11% 255 — 18 14+ 3% % 45% +19% 116% +43% 28% — B% 2,451,000 471,100 314,000 2,880,300 2,160 +9 1948, um gua + 3% 3% 231 + 8 44 418% 93% +32% 107 + 1 13 149 +12% 4 6413 — 6% 145 4+12% 61% -+-37h 107% 112 + % 24 25% — Th 54% + % 41 <11 2444 + i 2034 mm 1485 134% +29% 87 98 — 2 Am Woolen Am Woolen pf (:4) Am Writing Paper (d) _ Am Writing Pap pf (d) Am Zinc & Lead Am Zinc & Lead pf. 15,400 Am Zinc & Lead pr p 223,000 Anaconda Copper (1) . 75,500 Anaconda Wire (12) 27.800 Anchor Cap (60¢) 6,590 Anchor Cap pf (6%2) 62,600 Andes Copper____ 38,100 A P WV Paper 89,800 Archer-Daniels({2) 1,330 Archer-Danlels pf (7). 34,700 Armour of Del pf (7). 201,600 Armour (111inois) 100,800 Armour of 111 pr pf (6) 3,400 Armour of DL pf (7) . 257,000 Armstrons Cork (f133) .. 321,100 Arnold Constable (50¢ 486,600 Artloom Corp 80 Artloom Corp pf (7). 015,300 Asnooiat & 5,900 Associate@ Dry G 24 pf £ 968,800 Atch 1o & S Fe (a2) 72,500 Atch Topeka & S F pf(5) 934,000 Atlantic Coast Line (al) 61,000 Atlantic Gulf & W Ind__ 60,400 A1 GuIf & W I pf (a8) 931,500 Alantic Refining (11) 18,300 Atlantic Refining pf (4) 59,800 Atlas Powder (2) 650 Atlas Powder pf (5) . . 30,200 Atlas Tack (ab0c) 00 Auburn Automobile. 00 Austin Nichols - 830 Austin Nichols pf (A) _. 1,290,600 Aviation Corp (Del) 442,000 283,400 180,600 643,700 7.100 110% T% i28 105% 107% — % 1% 7% + 2% 66% 82 +16% 104 126 +25 47% 61 <411 21% 45 +14% 11 264 +11% 13% 41% +26% 26% 31% + 4% 114 73 +24% 130 +17 15% — 3% 2,055,900 Baldwin Locomotive (d) 177.800 Baldwin Loco pt (d) 390,300 Baldwin loco asd (d) 39,400 Baldwin J.oco pf asd (d) 2,074,700 Baltimore & Ohio 26% 431,900 Baltimore & Ohiapf .. 41% 4% -rll’( 39,000 Bangor & Aroost (232) . 49% 39 6,750 Bangor & Aroost pf (7). 118 XON 109% — l% 662,900 Barber Co (a75¢) - 33% 21 3T% +16% 158,100 Barker Brothers 28% 18% 27 +18 13,630 Barker Bros pf ( e SOL 82% 119 <36 1,458,300 Barnsdall Corp (80c)___. 28% 14% 27% +12% 196,400 Bayuk Cigars (i76c) - 224 16% 2,040 Bayuk Cigars 1st pf (7). 116 110 208,400 Beatrice Creamery ({1). 28% 18 8,200 Batrice Cream pf ww(5) 105 100 770 Beech Creek RR (2) - 42% 356 44,000 Beech-Nut Packing (i4). 112 195.400 Belding-Heming (1) - 3.800 Belg Nat Rys pt pf 3.24 _ 1,687,700 Bendix Aviation (al3) 524,900 Beneficial I Loan ({1%). 80,100 Best & Co (2%) - 2,098,800 Bethlehem Steel(all4) - 188,600 Bethlehem St15% pf (1) % 59 600 Bethlehem Steel pf (7). 13‘% 107% 73,700 Bigelow-Sanford (11) 8,200 Black & Decker (25¢) 865.000 Blaw-Knox (a80c) __ 7,080 Bloomingdale (a1) - 3,170 Blumenthal pt (321)._ 1,395,200 Boeing Aeroplane 237,400 Bohn Alum & Brass [ON 10,100 Bon Ami Co (A) (a5)- 25,670 Bon Ami Co (B) (a3). 801,100 Borden Co (1.60)___ 357,100 Borg Warner (4) 72,200 Boston & Maine RR ... __ 68,900 Botany Cons Mills A (4) 615,100 Bridgeport Brass ({40c). 946,300 Briggs Mfg Co ({2) 74,500 Briggs & Stratton (3)___ 60,100 Bristol-Myers (12.40) __ 467,600 Bklyn-Man Transit (4) . 42,800 Bklyn-Man Tran pf (§) - 466,900 Bklyn & Queens 66,5600 Bklyn & Queens pf (tl). 152,800 Bklyn Unfon Gas (3)_. 22,800 Brown Shoe (3) - 331,600 Brunswick-Balke Col. 613,900 Bucyrus Erie 2,110 Bueyrus Erie pf (7) 2,879,600 Budd (E G) Mfg 26,800 Budd (E G) Mfg pf _. 966,000 Budd Wheel (a20c). 281,400 Bullard Co (a1%)-_ 290,100 Bulova Watch 470,200 Burr Add Mach (160¢)__ 249,800 Bush Terminal (d) . 55,700 Bush Term deb (d) 26,110 Bush Term Bldg efs 33,700 Butler Bros (aé0c) 24,900 Butler Bros pf (13) 706,700 Butte Cop & Zing (abe) - 544,800 Byers (A M) 31,480 Byers (A M) pf 182,200 Byron Jackson ( 206,200 California Pkg (1%)-. 962,400 Callahan Zine 1,556,500 Calumets Hecla (276¢) - 810 !00 Campbell Wyant (11) __ 900 Canada Dry Ginger Alg. 00 Canada Southern (3) . LY&!,M Canadian Pagifie 59,600 Cannon Milly (4) 9% 4% 0 21% + 4% 8% 106 12% 51% 33 57 €6% - ow A4+ 444 $2 ¥ - - e EER T P 2 o A » » 'an'l b ‘4 9 Stocks and dividends in dollars. High. Capital Admin (A) a50c. 18% Adm pf (A)(3)-. 53 ‘290 Caro Clin & Ohlo'(4) ! __. 100 4,730 Caro Clin & Ohio sta (5). 108% 256,500 Carriers & Gen (30¢c). 421,200 Case (J I)Co (4). terpillar Trac (12).. 1, ”: :g: Celan 4 8 Celanese Corp pr pf (7). 810,200 Celotex Corp 26,700 Celotex Corp pf (15) 160,900 Central Aguirre (11%)-. 408,000 Central Foundry 69,000 Central RR of N J a.m Century Ribbon Mills _ 630 Century Rib Mills pt(1) losu 830,800 Cerro de Pasco (4) .- 796,300 Certain-Teed Products . 19‘/& 13,470 Certain-teed Prod pf (6) 72% 70,900 Champ Paper & F (1) 8% 6,520 Champ Paper pf (6). 51,300 Checker Cab Mfg . 217,800 Chesapeake Corp (3 988,000 Chesap & Ohio (12.80_ 19,000 Chi & Eastern 111 (d) . 126,300 Chi & East'n Ill pt (d) 115400 Chi Great Western () 350.400 Chi Great West'n pf (d)- 1,980 Chi Ind & Lou pf (d) ___ 80,300 Chi Mail Order (t1%) 221,400 Chi Milw StP& P (d) _. 587,800 Chi Milw St P & P pf (d) 436,400 Chi & Northwestern (d)._ 101,500 Chi & Northw't’'n pf (d) - 2‘“ 000 Chi Pneumatic Tool _ . 76,600 Chi Pneum Tool pf $37% . 125,100 Chi Rock Isl & Pac (d) . 165,700 Chi RI& P 6% pf (d)___ 151,700 CM RI&P 7% pf (d).__. 89,300 Chi Yellow Cab (2) - 128,500 Chickasha Cottons’d Oil. 442,300 Childs Co 6,230 Chile Copper (1)__ 6,700,800 Chrysler Corp (212) 271,300 City Ice & Fuel (2) - 21,130 City Ice & Fuel pf (6%) 100 City Investing (2) 299,600 (‘ny Stores __ 294,900 Clark Equipment (11.60) uv. 300 Clev & Pittsbgh (334) _. 540 Clev & Pittsbgh spe (2)_ 80 Clev CC&St L (10) 200 ClevCC&StLpf (5)... 10,320 Clev Elec Il pf (4%) .. - 159,400 Clev Graphite Br (2) _. 1294 ooo ett Peabody (3) 1,1 ett-Peabody pt (7). 226, 000 Coca-Cola Co (12) _ .. 134 14,400 Coca-Cola Co (A) (3) . 967,800 Colgate-Palm-Peet t50c. 21V 21,200 Colgate-Palm-P pf (6)_. 106% 790,000 Collins & Atkman (2) . 66% 10,000 Collins & Aikman pf (7). 116% 2,000 Collins & A pf(7)called . 110% 52,350 Colonial Beacon Oil . __ 30 152,300 Colorado Fuel & lron 48 25,850 Colo & Southern _ __ 364 30,700 Colo & Southern 1stpf_. 37% 9,110 Colo & Southern Zapf _ 36 4,321,400 Colum Gas & Elec a40c) . 23% 1,460 Columbia G & E pt (5) _ 103 58,900 Columbia G&E pf (6)___ 108% 244,266 Columbia Plc vte (11) .. 45% 42,000 Columbia Piccv pf (2%) 51k 132,500 Columbian Carb vte (4) 136% 861,700 Comc’l Credit (14) 84% 58,850 Comcl Credit pf(43%) 128 675,200 Comc'l Inv Trust (14) . 91% 61,200 Comc Inv Tr pf (4%) _ 136 2,516,300 Come'l Solvents (160c) . 24% 8,007,200 Comwlth & Southn 5% 215,100 Comwith&Southn pf (3) 82 158,800 Conde Nast Publishers 1513 341,400 Congoleum-Nairn(11.60) 44% 23,900 Congress Cigar (a2) 25% 8310 ConnRy & Ltpf._ . 33% 240,100 Consol Cigar T 3,760 Consol Cigar pf (7)_ 85 10,450 Consol Csr pr pt ww 613 95 190 Consol Cig pfxw (6,.) 90 3,098,000 Consol Edison (NY)(12) 48% 85,200 Consol Edis (NY) pf (5) 109 257,100 Consol Film Tk 164,100 Consol Film pf (32) 20% 218,800 Consol Laundries o9y 97 L 1% 2,900 Consol Ol pt (). - 106% 148,000 Consol RR of Cuba pf. 12% 1,uc,m Consol Textile (4) ____ 204,600 Cons Coal (Del) vie z 38,060 Cons Coal (Del) pf vic 531,800 Container Corp (1) 911,200 Contl Baking (A). __ 1,040,100 Contl Baking (B) 66,400 Contl Baking pf({9) ‘727,400 Contl Can (13) 119,400 Contl Diamond Fibre (2) 253,200 Contl Insurance (11.60) 1.149,600 Contl Motors - 1,223,300 Contl Ofl of Del (al13) - 183,100 Contl Steel (1) 28,200 Corn Ex Bk & Tr (3) 601,300 Corn Products Ref (13) 16,900 Corn Products pf (7). 652,100 Coty Inc ____ 81,800 Crane & Co - 300 Crane & Co pf (17)_ 116,300 Cream of Wheat (12) 406,500 Crossley Ragfo (a1%) - 450,600 Crown Cork & Seal (a4) $7.600 Crown C'k & S pt ww 2% 10,400 Crown C'k & S pf xw 2% . 49% 620 CrownWill P 1st pf 16% . 110 914,000 Crown % 19 87% 9% 9,100 Consol Ofl (80¢) . 58% 25,610 Cubs RR pf 1,055,700 Cuban-Am Sugar. 65,420 Cuban-Am Sugar pf 65,300 Cudahy Packing (2%) - - 467,200 Curtis Pubishing_. . 83,300 Curtis Publishing pf (7) 5,411,600 Curtiss-Wright__ 2,644,800 Curtiss-Wright (A) a50c 2,110 Cushman’s Sons pf 335 2,430 Cushman’s Sons pf 96,600 Cutler Hammer (i1) - 99,300 Davega Stores (1) = 530 Dayton P & L. pf l“n) = 628,600 Deere & Co . 1 78,200 Deere & Co pf (1.40) ___ 299,300 Deisel-Wem-Gil (11)__ 824,800 Delaware & Hudson - 1,137.800 Delaware Lack&West'n . 67,100 Denver&Rio G W pf () 42,200 Detroit Edison ({4) B 60 Detroit & Hillsdale (4) -. 4,050 Detroit & Mackinac 450 Detroit & Mackinac pf__ 59,300 Devoe & Rey (A) (73) 97,000 Diamond Match (1138)_. 35,600 Diamond Mtch pf (113%) 1,018,600 Distillers Corp Seag Ltd 5,400 Dist Corp Seag pf ww (5) 20,300 Dixie Vortex (133) B 300 Dixie Vortex (A) (2%) . 211,600 Dome Mines (12) 89,500 Dominion Stores 2,346,700 Douglass Aircraft . 46,500 Dresser Mfg (A) (a3) 76,600 Dresser Mfg (B) (a1) _ 172.700 Dunhill International 19,700 Duplan Silk (1) . 1,670 Duplan Silk pf (8)- 512,100 Du Pont de Nem (26.10)_ 184% 40,700 Du Pont de Nem deb (§). 13615 6.110 Duquesne Light 1st (5) 116 e 824,900 Eastern Rolling Mills 117,700 Eastman Kodak (15) 3,610 Eastman Kodak pf (6 437,200 EatonMfg (f3) 468,200 Eitington-Schild 1,309,100 Elec Auto Lite (12.40) 5,050 Electric Auto Lite pf (7) 1,340,200 Electric Boat (a80c) . 601,400 Elec & Mus Ind (al8c) . 12% 186 - 166 - 40% AT 1156 24,400 Endicott-Johnson (3) .. _ 2.660 Endicott-Johnson pf (5). 108,000 Engineers Pub 8vc 28,000 Eng Pub Sve §5 pf (110) 41,100 Eng P S 5% pf ww(ill)_ 10,600 Eng Pub Sve §6 pf($12) . 295,700 Bquit Office Bldg (a20c). 130 Erie & Pittsbgh (33%) 447,100 Erie RR 244,700 Erie RR 1st pf.... 116,200 Erie RR2d pf .. 181,000 Eureks Vacuum CI (30¢) 472,300 Evans Aute Prod (})- 145,100 Exchange Buffet___ -—_— 14,410 Fairbanks Co. 62,970 Fairbanks Co pf. - 248,300 Fairbanks-Morse (11) . 18,100 Fairbanks Morse pf (! 388,800 Fajsrdo Sugar (2) ll. 25 'uu 0\6 Net Iow. Last. Ohg 12% 16% 4+ 2% 45% 62 87 100 +12 o1 103% +13% 8% Th-— % 9214 143 +45 26% 37 +11% 6% 8% 35 39% — T% 6% 11% + 2% 97% 108% + 5% 4% 2% +18% 8% 1T% + 1% 2% 5% % 5% 47% +22% !5% 116% +23% 15% 19% + 4% 86 412 50 <13 9% + 4% 3% + 8% 89 + 6 505 + 2% 150'5 200 60 80 98 <15 107% 111'% 33 363 — 9% 48 17 +22% 124 126% + 5 84 123% 435 39%, 58% +10% 107% 112% + 3% 110% 110% 25 +16% 45% 19 —2% 24% + 6 26 +-12% 18% + 4% ; 98 417 10575 +15% 36 - T 423 — 5% 120 -4231% 6815 422 3% 114 167 101 108! 5% 10% 26% - 9% | T7% 31 46% Bila 44 47 102 1084 + 8% 'm ll -o- L] 99% 106% + 3% 6% -+ 2% | 19% + T 80 —5 49% —134% 8315 437% 17 + 8% 145 — 120 + 4 138 178 -33% 129 135 + 4 111% 114 5% 11% + 4% 186 176 -18% 162 163% + 3% 28% 34% + b% 80% 39% -+ 21 110% 113 * 2% llo ll! T% 16% + 84 45% T1% +24% 80 432 81 429% 9% + 8 68 —5 4% + l 27% + ll +10\0 ol %+ 1 w ™ sen o 1o mu sio% +ab (a1%) evptal llfli :: 11, Dept nl.'lumglml'hn 60). .. 49% 1,270 Pilops’'s Beps (81.70).... 0l L) ‘“ 'fl'h T mn and dlvldmll Net ‘l.D 100 g}ulto:: Tln & R(2) - Zl% ?‘fi * g% T&R DIA ( ) 1 mlfi I + 3% m First Natl Stores (12 O ,400 l'lllwb: Co (1) bty 600 Florence Stove (43 ). tlfl Florsheim Shos (A) (1). a1 700 Follansbee Bros (d).._. 400 Food Machinery (1)_._. 48% 32 fl 710 Food Machine pf (435).- 120 108 120 401,800 Foster-Wheeler.. 45% 24% 44% +16% 5,910 Foltlr-whuldrp 127 96% 126 +14 153,000 Fourth N I ww (a2.35' 4T% 30% 48% +12% 3,320 Franklin Simon pf $53%_. 97% 63 76% + 8% 432,200 Freeport Sulhur Co (1)_.. 3| 28% 2% =~ 3 1,820 Freeport lulplmr PL(6). 135 ~10 8,170 Fuller Co pr pf. - 18 421 26,070 Fuller Co 2d pf._. - 63% 31% 43 —2 —_—— 814,300 Gabriel Co A % 3% B 80,100 Gamewell Co.. 30 . 11% 26 106% 100 108 17% 15% 16% 14% 8% 12% + 2% 3 +1 +13 C dus (as5e)_ 351,700 Gen Am Investors a7 10% 17% + 4% 185 U118 47 1N% 7 1%+ 2% 28 B% 2% +22% 60% 17 60% +48% 128% 7015 120% +48% 59% 49 49% — 4% 152 140 150% + 8% 2,280 Gen Baking pf ( 316,100 Gen Bronze._. ,000 Gen Foods (11.80) 1, 312 500 Gen Gas & Elec A__ 10,650 Gén Gas & E 6% cv pf al 1,500 Gen Gas & E 7% pf A. 1,320 GenGas&E8% pf A 106,800 Gen Mills (3) - 1,045,000 Gen Mills pf (6) 7,502,800 Gen Motors (a4%)_ 104,000 Gen Motors pf (5). 367,900 Gen Outdoors Adv. 107,800 Gen Outdoor Adv 59% 18% 67 +38% 30,900 Gen Printing Ink (a! 12 38 67 426 2,270 Gen Printing Ink pf (§)- 110 105 108 + 2 213,400 Gen Public Servic 6% 3% A%+ % 185,400 Gen Ry Signal (1) 57 32% 56% +16% 1,240 Gen Ry Signal pf 118% 106 116 + 8 1,153,200 Gen Realty & Utilities _. A% 2 4% + 1% 101,400 Gen Realty & Ut pf ww . 48% 43% + 6% 260,000 Gen Refractorjes (a3%). 71 0% +36% 53,360 Gen Steel Castingpf_. . 89 268,900 Gen Theatre Equip (a2). 31% 30,300 Gen Time Instr (11)__ .. 44% 737,000 Gfilette Safety Raz (11). 18% 13,600 Gillette Saf Raz pf (5).. 90 1,166,800 Gimble Bros .. .. . 27% 78,300 Gimbel Bros pf (C),, 2 425,600 Glidden Co (2) 39,400 Glidden Cocv pf (2%) - » 604,800 Gobel (Adolf) = 587,200 Goebel Brew (720c) 70 Gold Stock Tel (6) —__ 1.995,700 Goodrich (B F) ial) 65,100 Goodrich (B F) pf (5) 1,831,300 Goodyear Tire & Rubber 31% 21% 21,100 Goodyear T & R pf (5)° . 1057 100 13,800 Goodyear T & R $7 pf (4. 116% 109 318,900 Gotham Silk Hoslery . 14% 8! 7,780 Gotham Silk Hos pr (7) - 1,631,000 Graham-Paige . _ - 401,000 Granby Consol (new) 195,700 Grand Union Tea ctfs 119,300 Grand Un Tea pf (11 98,200 Granite City Steel (1) 213,700 Grant (W T) (11.40) - 1,576,800 Great Northern pf_ 405,900 Great North'n Ore (1) . 353,300 Great West'n Sug £2.40 . 421 5,840 Great Westn Suz pf (7). 149' 1,240 Green Bay &W (5) 381700 Green (HL) Co (¥1)__ . 39- 1,620 Greene Cananea (3) - 410,700 Greyhound Corp (180c) 247,600 Guantanamo Sugar 10,990 Guantanamo Sugar pi 111,700 Gulf Mobile & Northn 58,300 Gulf Mobile & Nor pf.__ 84,900 Gulf States Steel 6,640 Guif States S Ist pf 121 4% 7 7 63 129% 10,400 Hackensack Water(1%) 50 Hackens'k W pf A (1%) 389.300 Hall (W F) Printing____ 15% 124,400 Hamiiton Watch 32 14 4,270 Hamilton Wacth pf (6) - nlu 104 4,990 Hanna (M A) pt () oo 253,300 Harbison Walker (+2 2% 920 Harbfson Walker pf (8) um 120 128 +10 888,300 Hat Corp of Am A 8% 12 17T + 3% 3,740 Corp pf ww (6%) 115 109 — 4 566,400 Hayes Body 6% + 1 29,100 Hazel Atlas Glass (15) m 99% 101 —19 915,900 Hecker Prod vie (60c) . 21% 12% 13% — 6% 6.000 Helme (G W) (15) _ M1 117 121 -10 - 1,890 Helme (G W) pf (7). 150% 185 + 6% 308,800 Hercules Motor (f1) 40,400 Hercules Powder (a53;). 150 4,360 Hercules Powder pf(7) .. 135 24,500 Hershey Chocolate (13). 80 1,800 Hershey Choe pf (+4) 119 242,800 Holland Furnace (a1°4). 49% 30% 49% +19% 6,690 Holland Furnace pf (5)_ 124 108 120 509700 Hollander & Son (f50c) . 33% 9 438,200 Holly Sugar (12) ___ 42% 19% 42% +19 620 Holly Sugar pf (7) 115 108 112% +21% 13,400 Homestake Mines (112). 544 407 410 43,200 Houd-Hersh (A) (233) . i 39% su 800 Moud-Hersh (B) (11%) 22% 1,800 Household Fin new (13). 6715 12,900 Household Fin (4) (13) 65% 1,720,500 Houston Oil yte ___ 6% 310,400 Howe Bonnd (+3)- 438% lll m nunu Manhatian - a6 & Mannattan IW llu mlmrur., » 000 Hupp Moto: a7 24% +15% 6814 8 13% 1,315,600 Illinois Central . 80,300 Illinois Central p: 8,690 Illinois C lease Hnel(l) 2 136,900 Jndian Refining (a1) - 501,000 Industrial Rayon(71.68) % 25% 45,100 Ingersoll-Rand (12) __ 147 108 135 10 Ingersoll Rand pf (6) 140 125 140 < 226,000 Ynland Steel ({3) 122 88% 117% +17%. 830,100 Inspiration Copper - 24% 6% 28% +16% 67.900 Insur Sh(Md) ctfsa20c.. 7% & - 1% 221,600 Interboro Rapld Tr (d)_. 18% 169,100 Intercont] Rubber__ 5 1,327,600 Interlake Jron __ 405,200 Int Agriculture 109,900 Int Agriculture prpf_ 70,500 Int Business Mach (16) - 756,600 Int Harvester (2%) 18,700 Int Harvester pf (7)____ 936,600 Int Hydro Elec (A) 206,100 Int Merchants Marin AT 194 2% 2,678,800 Jnt Nickel (Can) (1.20) .. 14,600 Intl Nickel pf (7)- 1 704,200 Intl Paper & Power A Intl Paper & Power B Intl Paper & Power C Intl Paper & Power pf. Int Printing Ink (12) Intl Printing Ink pf (! Intl Ry of Cent Am Intl Ry of Cent Am vtc Intl Ry of Cent Am pf . Int Salt (11%) 354 ,800 Interatate pt S - 8% 6,990 Interstate Dept S pf (7) 107 22% 19% + 6% 1% 24% 29% + 1% -~ 126 113 1204 + 6K 93% 581 87% 4284 ,800 1,000 Island Creek pf ( 39,900 Jewel Tea (14) 162 88 151 +55% 2,640 Johns-Manville pf (7)__. 126} 121% 126 <+ 8% 20 Joliet & Chicago (7) - 150 145 150 --20 561,500 Jones & Laugh pf $3% - 133 75% 129 +48% 44% 16% 5% 12U + AN | e e— 28,900 Kalamazoo Stove (11) .. 50% 860 Kans CP&L 1st pf B (6). ]21 292,800 Kansas City Southern__. 162,600 Kan City Sou pf (a1) 109,200 Kaufm'n Dep St 11.60. 184 900 Kayser (J) (a1%) 1,640 Keith-Alby-Or (¥12%) 330,200 Kelsey Hayes (A) 1% . 28% 218,300 Kelsey Hayes (B) al% - 24% 1,660,200 Kelvinater (150c).. 8,290 Kendall pf A (16). 1,960,500 Kennecott Cop (21.70. . 276,000 Keystone Steel (2) 88,900 Kimberly Clark (1) 90,400 Kinney (GR)Co 47,470 Kinney (G R) pf (a1) 27,700 Kresge Dept Stores 1,080 Kresge Dept Stores pf_ 300 Kresse (§8) (11) 63% 28K 60K +31% 1% 19 18% 44K +25% 3% 6 32,000 Lane Brya) 254,600 Lee Rllbbcl'h'l‘lrc §0¢) - 2) le He)ltfll &L (")_ Libbey-Owens-F (23%)- 80 55,800 YAfe Saver (11.60) #13% 29,800 Jiggett & Meyers (14) . 11 220,700 Liggett & Meyers B (14) 116% 10,300 Ligmest & Moyers pf (7). 1704 148% 167% + 4% | 9% -+ b% | I‘INA.NCI.A.L STOCK EXCHANGE IN 1936 Stocks and dividends 65’00 Lily Tufi;cfln('l%)u. !”VA 19 253,400 anl.ooomo v 63% 26% 97,600 Link Belt (12) 55 36 231, Liquid Carbide (2.60)__. 46 12% 45 + T% 1,160, ow’s The (12 66% +14% - lb!% 104% 107 2 2% + % *s Inc pt (635)-. "lm Lof! hc“_! - 3% 61% 35% b57% +22% 8% 3% 6% + 3% Last. r.hn 22 + 1% 60% +34% b54% +13 Cll.m Lone Star Cement (12) _. 378,000 Long Bell Lumber (A)_- 53,600 Loose-Wiles (2) . - 45 1,640 Loose-Wiles pf (5)_ 38% 43% + 2% ,790 Louisiana Ofl Ref pf(d). 144,900 Louisv Gas & EI(A)1% 118,100 Loulsv & Nash (a§) 541,900 Ludlum Steel (1) b1% 13 30% 20 22% 30% + 6% 29,300 M'Andrew & Forbes(12). 42 38 34% — 6% 580 Mc And & Forb pf (6) - - IM% 127% 133 + 6 100,700 McCall Corp ($2)-. 29 239,600 McCrory Stores _ = 6,100 McCrory Stores pf (5)- 8,300 McGraw Elec (12) 66,100 McGraw-HIN P (12%e¢) . 567,800 McIntyre Porcupine (2). 540,000 McKeesp't Tin Platea5_. 118% 1,153,100 McKesson & Robbins __ 8% 134,600 McKesson & Rob pf (3). 37% 538,000 McLellan Stores(a2.06) W 11% 3,620 McLellan Strs p: 590,200 Mack Trucks (1) 493‘200 Macy (R H) & Co 107,600 Madison 8q Gar (160c)._ 568,000 Magma Copper (a3) £ 973,000 Manati Sugar (d) __ 60,940 Manati Sugar pf (d) 362,000 Mandel Bros 2,020 Manhattan Elec gtd (d) = 187,800 Man Elec mod gtd (d)__ 101,100 Manhattan Shirt (1) .. 320.400 Maracaibo Ofl Explora. 627,300 Marine Midland ({40¢) 38,470 Market Street Ry __ 10,480 Market Street Ry p! 17,320 30,650 681,000 Marlin-Rockwell (12)__ 988,300 Marshall Field & Co_. 980,000 Martin Parry ._ 333,100 Mathieson Alkfli (1% 1,700 Mathieson Alkili pf (7). May Dept Stores (13) Maytag Co (a50c) Maytag Co 1st pf (6) Maytag Copf ww (3) Maytag Co xw of (3)- Mead Corp Mead Corp pf (6) _ Melville Shoe (i5) MengelCo ___ Mengel Co pf Merch & Min Tr (11.60) . 45 Mesta Machine (a3%) - 65 Miami Copper - 16% Mid Cont Petrol (a1.15) . 307 Midland Stl Prod (12) .. 48% Midland Stl 1st pt (8)__. 1313 MilwEIR& L pf (6) _ 109 Minn Honey Reg (1112) 112 Minn Honey cv pf B(4)_. 120 Minn Moline Fower __ 123 Minn Moline Pwrpf 3 - 94 MStP&SS Marie 2% MStP &S S Marie pf 5% MinnStP&SSMIisin . 6% Mission Corn (ad5c) - 29% 481,200 Mo Kans & Texas - 9%, 1,013,200 Mo Kans & Te aspf__ 33% 105,200 Missouri Pacific (d)__ 4 364,000 Mo Pacific pf (d) i % 281,200 Mohawk Carpet (11.20) . 3313 170,200 Monsanto Chem ($1) . 103 3,454,900 Montgomer Ward (12) . 28.700 Morrell J & Co (2.40) ___ 6,260 Morris & Essex (3%) 986,000 Mother Lode (a12% ) 483,700 Motor Products (2)__ _ 669,900 Motor Whel (1.60) 2 326,700 Mullins Mfg (B) (a50c) - 15,500 Mullins Mfg pf (7) 71,400 Munsingwear (13) 36,000 Murphy (GC) (¥2) . 1,240 Murphy (G Cpf (5) - 1,531,100 Murray Corp (a50c) 27,600 Myers (F E) & Bro (3) ]01% 23% + 5% 39% — % 88 -31% 13% + 3% 44% + b% 17% + 6% 97% 108% 27% 45 +14% 40% B2% + b% 14% + 4% 65% +20% 6% + 4% 27 +19% 15 4+ 5% 38 —18% 14% — % 24% + 6% A% - 215 10% + 1%a 12% o+ l‘ 5% + ‘Z” 375 +17% 50 +7 19% -+ 715 10 + 5 40 - 4163 + 63 +10 14% — 274 1097 + 6% 4313 — 6% M -4y 2615 +127% 96 — 1 8215 42015 11% + 8% +4T% 9+ 6 +17% 8% 84% 1% 431 27 393 10115 36% 9% 108 22% €23 1,643,800 Nash Motors (1) _ 40,080 Nashv Chatta & St 1. 458,700 Natl Acme Co (a76c) 231,800 Natl Aviation (a1)__ 1,191,200 Natl Biscuit (1.60) 8% 12,800 Natl Biscuit pf (7). 164% 14,000 Natl B'd&Inv(A)al1l . 37% 30% 33 900 Natl B'd&In 5%pfal.15. 107% 100 100 824,500 Natl Cash Register (a1). 32% 215 31 + 1,421,500 Natl Dairy Prod (a1%) . 28% 21 23% - 6,700 Natl Dairy Prod pf A(7) 112% 107% 111% + 3,940 Natl Dairy Prod pf B(7) 112 107 107% 509,300 Natl Dept Stores _____ 24% 10 19% 1.383,500 Natl Distillers (12) . . 33% 25% 28% — "8.200 Natl Enam & Stamp (2). 37% 28 314 + . 36% 26% 343 171 155 168 147 137% 143 61% 54 57% 1 9% 11% + A 1% + 3,460 Natl Lead pf B (6) & 9,800 Natl Malleable&St! (a2). 1Power & Lt (60c) 27,600 Natl Ry Mexico Ist pf_ 106,100 Natl Ry Mexico 2d pf_ - 531,400 Natl Steel (712%3) - 437,200 Natl Supply 193,400 Natl Supply Co pf 13% 229,200 Nat Tea Co (60¢) - 811,200 Natomas (180c) % TaA 128 - 54% % 10% + 1% 10% 12% & % 33 B6% 194 a1 M -1 1,689,200 Newport Intu.t (a80y) . 112,800 N YAirbrake(a2l3) _ 4,859,800 N Y Central RR 207,200 N Y Chicago & St L 247,300 NY Chi &St L pf 49,600 N Y Dock 72,480 N Y Dock pf 29% 2,410 N Y & Harlem R (5) _ 150 60 N Y & Harlem R RD!(‘) IIB 430,300 N ¥ Investors (d) 690 N Y Lack & West (5) 421,400 NY NH&H (d) - 428,300 NY NH & H pf (4) 97,400 N Y Ontario & W. 119,900 N Y Rys pf (d) 7,400 N Y Rys pf stpd (d) 380,500 N Y Shipbuilding Corn 8,440 N Y Shipbuilding pf (7) 11,040 N Y Steam pf (6) ___ 7.250 N Y Steam 1st (7) 34,100 Norfolk Southern (d) - 40,040 Norfolk & West (18) 4,680 Norfolk & Westn pf (4) - 2,483:300 North Am Aviation_ 2,455,600 North AmCo (1) . __ 52,800 North Am Co pf (3)__ 31,200 North Am Ed pf (6) 740 Northern Central (4) 2,150,400 Northern Pacifie 5,850 Northwest Tel (3)_ 172,600 Norwalk Tire & Rubber_ 1,550 Norwalk Tire & Rub pf —_— 1,814,800 Ohio Oil (a60c). 342,600 Oliver Farm Equip. 920,400 Omnibus Corp vtc 5,600 Omnibus Corp pf A (3) 148,900 Oppenheim Collins 497,600 Otis Elevator a75¢c) 8,270 Otis Elevator pf (i). 1,218,800 Otis Steel 20% 124 17% + % 46,620 Otis Steel pr nt 20% 70 119 +429% 1706 Otix Btasl ev iut pf (au) 2% 79 940 Outlet Co (2 +18% 20 Outlet Co pf (1)_ lll - 1% 145,800 Owens I11 Glass (5) - . 164 +26 —————————— 318,500 Pac Am Fi: 80,600 Pacific C 23,790 Pacific Coast 1st._. 53,210 Pacific Coast 2d 51,000 Pac Finance (11.80)_ 83% +4T% 10% + 5% 22% + T'a 128% + 8% 188 +23% 119 125 1 97 +1 16% + 8 4h— 4% + 1% 3+ % 121 — s 57 70 +5 83 99 -+ 9y 109% 93% 109% -~ 9 24 s 2% - % 810%°210 267 - 358 115 106 111% -- 6% 14% 6% 14 -+ 6% 23% 31 + 3% 52% 55%+ s 98 108% + 5% 97% 108 8 3 A 1% 28% + 8% 15% 99 1 12% 24% 17% + 3% 56% +30 26% 17 18% — 1% 116% 107 110 + 8 1% 8 4% + 6% 39% 244 3T +12% 136 123 135 412 68 114 154 21% + 5% 1215 + 8% 25% +16% 28 +18% 32% 35% + 4% 1% + % T 141 40% -+25% 153 118 158 36 l,7§0 Pagific Tel & Tel pf(a7)- 162 140 149 -+ 6% 194,500 Pacific West'n Ofl a66c_. 23% 11% 23 + 9% 500 P: 10% + 8% 2% 17% — 4 22 15 IMVa 108 108 25 Th _24% +14% 59 1721 +94% 8% 224 +10% 34% +15% 4% 8% - % 26 %+ 2 % + 1% 14% + 1% 3% + 2% 62% — 5% 98 420 A% — % 7% + 3% 66% +36% 65,800 Parke Davis @1%) 196,000 Parker Rust Prod 1% §50,000 Parmelee Transpert.. 946,600 Pathe Film Corp 511,600 Patino Mines (160c) - 103 88,100 Penn Dixie Cem pf (A) - 74 56,600 Penn Glass S ctfs(a50e). 27% 17 243 100 Penn Glass Sand pf(7)_- 185 135 136 uu,m Penna n.nma m). dl 284 40% + 9% 97,700 Peoples Drug 30 50 +17% 1,060 Peop! lanlllD! (8%)- ll“ 110 114 ll: Gas Chieago.. 68 88 50%+ 9 16,1 49,200 Pere Marquette. 49,000 Pere Marquette pf 0 56 37,500 Pere Marq pr pt $20_ 112 64% 87 +22% (Continugd en Ninelswnth Pege) 1%+ % 55 + 18 NEWSFAI o PACKERS CUT Armour & Co. Chief Duties to Consumers Producers. BY R. H. CABELL, President Armour & Co, In the adjustments that able in the next few years, i come possible to get away fi old-time method of buying live as cheaply as possible and selling as high as possible. I don't believe this practice. I belleve in endeavoring to see that the live stock producer makes a fair profit on his operations. After that it is our duty as merchants and manu- facturers to see that the goods which result from the processing of live stock are marketed at a profit fair to us.apd at prices which are fair to the con- sumer. In other words, it is our duty io take care of the producers and also the consumers, but in doing this there 1s no reason why we should not obtain a fair margin. This should not be difficult, because packers are satisfied with much smaller profits than are generally demanded by manufacturers of other lines. Our profits will noc Dpenalize either the producer or the consumer. Obviously it takes good manaxemm: to accomplish these objectives, and L believe that we are entering a period in which greater emphasis than. ever before will be placed on good mer~ chandising. The public is coming to recognize that our function as manu- facturers is important in the economy of the country zs a whole. To the extent tnat this is recognized by prp=- ducers and consumers, and to the ex= tent that they co-operate with the in- dustry our net results, and also our service, will be improved. Our confidence in this eventualily is illustrated by our advertising ap- propriation for 1937. Our budget is the largest it has ever been, especially that portion of it which applies. jo newspaper advertising. We believe the daily press offers the right kind of publicity and reaciwes | the right kind of clientele to make our sales program most effective. :| AIR-CONDITIONING MARKET BROADENS Collection of Data Showing Effects on Many Kinds of Business Is 1936 Achievement. = &pecial Dispatch to The Star. NEW YORK, January 1.—Marked broadening of the applications of air-conditioning, resulting in much wider markets, plus collection for the first time of data showing, in facts and figures, the effects of air« conditioning on commexcial establishe ments of many kinds, are the two outstanding achievements of 1936 in his industry, according to J. J. Dono=- van, manager of the General Electrie Air-conditioning Department. “First adopted in homes, offices and | public meeting places like theaters, , | air-conditioning has now demonstrated its value in innumerable other places,” Mr. Donovan states. “To name one or two, many instale lations in hospitals have been made ‘duflng 1936, in order to reduce t high mortality in hot weather, to im= prove post-operative care, to assist in treatment of respiratory diseases, and to provide better conditions in operate ing rooms. “Again, a number of newspaper of- fices have found that air-condition- ing their printing rooms has improved the quality of their printing and the handling of paper and ink. Othér applications of inferest have been made in department stores, banky, he« els and broadeasting stations.” 'VOLUME OF GRAIN TRADING INCREASES Slight Gain on Chicago Board of Trade Reported, but Turn- | over Is Low. | By the Associated Press. CHICAGO, January 1.—The vol- ume of grain trading on the Board of Trade increased slightly during 1936, Government figures indicated to- day, but the aggregate turnover was near the all-time low record. Market observers attributed the Jow volume of business to decreased ac~ tivity of speculators and to the small United States grain production as & result of the drought. Figures compiled by the Grain Fu- tures Administrations showed total purchases of grain futures on the Board of Trade for the year through December 24 was 10,194,410,000 bushels, compared with 10,061,803,000 the corresponding 1935 period. The lowest year's volume since the administration began keeping records in 1921 was 10,006,296,000, established in 1932. The highest was 26,895,040, 000 in 1925. ‘Wheat futures purchases mrough December 24 totaled 7.166,498,000 bushels, against 6,970,127,000 last yeat and the 1931 low of 6,925,000,000, Corn purchases totaled 1,949,721,000, against 2,203,838,000 last year A.nd the 1932 low of 1,497,000,000. SELLERS ARE EXPECTED TO RULE 1937 MARKETS Adrian D. Joyce, president of the Glidden Co., points out that business activity and the consumption of indus- trial products have continued at high levels during the last quarter of 1936." “We will enter 1937 with a supply of finished goods on & per capita basis smaller than during the period from 1923 to 1925. Raw material stocka are low and everything points to & seller's market. “Merchants and consumers are now actively in the market. T confidently expect a continuance of industrial operations at high levels during the first half of 1937.” P S e PASSENGER AUTO SALES: IN NOVEMBER INCREASE BY the Associated Press. Retail sales of new passenger au- tomobiles in November increased sub- stantially over October and Novem- ber, 1935, the Commerce Department The department’s seasonally adjust- ed index of these sales, based on 1939-1931 as 100, stood st 151.5 lash month, compared with 85.5 in Octo- ber and 113.5 in November last year.