Evening Star Newspaper, January 1, 1937, Page 16

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FINANCIAL. ntiful—Business Fits Self to Situation. FREDERICK GARDNER, ssociatea Press Financial Writer. J YORK, January 1.—Business 1936 steered a course marked by r-reaching Federal laws touching ade and industrial policies, | Washington's legislative mill slowed ‘down after three years of momentous activity for reform and control of the imoney machinery, the securities busi- ness and large sectors of industry. But out of the last session of Congress came, notably, a tax measure—the corporate surplus levy—which helped produce a spectacular year-end dis- tribution of dollars to shareholders and | workers. Get Adjusted to New Laws. Besides dipping into larger earn- ings to disburse hundreds of millions of dollars in extra dividends and bonuses for workers, business sought 1o adjust itself to the Robinson-Pat- man law against price discrimination | 4n distribution of goods and the social securities program, passed in the pre- ous session. | At the same time helmsmen of busi- ness had to keep an eye on the Su- preme Court as New Deal measures underwent the constitutional test. Anticipating further efforts to write NRA principles into law, some indus- tries sought under scrutiny of the Federal Trade Commission to work out voluntary agreements for self- @discipline. See New Philosophy. Many tax authorities saw in the | sieeply graded levy on undistributed | corporate earnings, passed over loud | ¥ opposition from industry, an expres- | 1 sion of social and economic philosophy more important in the long run than immediate revanue-producing effects. They linked it with heavy Federal | spending, public works and high in- | come taxes on the upper extremes of wealth as an avenue for sluicing money into consumption channels to raise purchasing power of the masses and | speed full employment of the Nation's productive machinery. 3§ ‘What long-range influence this would have upon expansion of indus- trial plants and industries supplying tools of the machine age was a topic | of controversy. Purchasing Power Climbs. At any rate, a record-breaking year- | end downpour of extra and special | dividends accompanied the rush to | reduce tax liabilities under the law. Wage increases and Christmas bonuses for workers swelled the Na- tion's stream of purchasing power substantially at a time when rising | prices threatened to lift living cosis | turther. | Many companies stated candidly | they were paying out funds which ordinarily would have gone into re. serves for contingencies or expansion. | Wholesale revamping of dividend policies was evident. | Another important effect of the tax | 1aw was increased pressure for sim- | plification of corporate structures by lower exemptions on inter-company dividends. Coupled with previous legislation, including the 1935 utility holding company act, the tax measure appeared to have hastened elimina. tion of subsidiary units to avoid pen- alties on complicated holding setups. | Pensions a Problem. The Robinson-Patman law, inter- | preted generally as aimed to put inde- | pendent retailers on a better competi- tive footing with great chain store or- ganizations, precipitated much discus- sion as to meaning of some of its pro- | visions. Trade sources reported. how- ever, that it was moving manufactur. ers to revise selling contracts With the 2 per cent pay roll tax for | »ld-age pension reserves slated to take | effect at the outset of the new year, | many corporations pondered what m[ do with their own pension plans and | bow the pay roll levy would affect op- } erating costs. Most larger industrial | units having private plans were dis- posed to continue them, with some | modifications, pending clearer insight | into the future of the Federal pro- gram. | OUTLOOK IS BRIGHT | IN SOUTHWEST AREA (By Cambridge Associates) ‘ NEW YORK, January 1.—S. T. Bledsoe, president of the Atchison, Topeka and Santa Fe Railway, points to a general upward trend in both | freight and passenger traffic in ter- | ritory served by the Santa Fe during | the present year. | “Various factors have contributed | %o this,” he says. “Industries such as building, mining, ofl, lumber and | wmanufacturing have become more | active. “Another season of deficient moist- ure east of the Rocky Mountains cur- tailed such crops as grain, cotton and | hay; however, prices for these and | other farm products have improved. Live stock is doing well. “Drought conditions in considerable ereas of the Southwest were largely relieved by heavy rains during the early Fall, although they came too | late to be of much benefit to any rrops except feed for live stock. West | of the Rocky Mountains agricultural eonditions have been on the whole satisfactory. “The increase in ttavel has been | due to the attractiveness of air-con- ditioned cars, faster service and low fares. coupled with the improved fi- nancial status of the general public.” | {.ife Insurance Expected to Set | All-Time Record Yeroy A. Lincoln, president of the Metropolitan Life Insurance Co., de- clares: “A decided gain in the amount of life insurance in force with prac- sically all of the life insurance com- peanies is the report for 1936. There S every reason to expect that 1937 will see a greater amount of life in- surance in force than ever before in the history of the country. ““This forecast rests on the evidence of confidence in the stability of life snsurance as an institution, as dem- onstrated during the financial stress of the last few “The eighteen billion five hundred million dollars paid out by the life insurance companies of America from the beginning of 1930 to December 31, 1036, without weakening the finan- cial strength of the institution, have done much to in~re2se the faith of Americans In ' ‘nacg,” ) BONDS ON NEW YORK STOCK EXCHANGE IN 1936 TOTAL BOND 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 bonds on the New York Stock Exchange during the year 1936. It gives yerly sales, price ranges and net changes from the prevoius year on bonds listed prior to January 1, 1936: UNITED STATES GOVERNMENT BONDS. (Practions in Government bonda are thirty-seconds of & doliar.) TREASURY. High. THE EV NG _STAR. WASHINGTON, D. FRIDAY, JA " % . B g ;: 8 B £l g s = 1 Low. 4% 91 13 »! * 108% 97 "y ressed 3 3 | - ¥ E Low. Last. el 993, 104% - 80 e 34 3t 00 ‘14% 8 3¢ [ 102 108 comac BI'F 3%s '8 1080k “fé COBs B1os 99, - 2% sizzisseis 7 43 Lt 2252 1% e T ) 285 hh.bl;.fi s222s2 ©w © 3 '3 33 17 | 4+ Gt SNTSERES o .. S & 2mEE 2, L oo e a9 202 rrF" & SR PR Re35S {3 555 8 < 0 R gg <y e 2SR S ssssessiss Suads 5 £ 5 08 ®a B H L] S 2 2 2 1 - 1 B | s 3 2! < RS2 5205 = e 233 e e [ 45 ‘Mz: d 4Ves 13% 1 Rens & Sarato; '1/:. 41. 112 112 Sk Seisssssisssn: 932 O 3 PEse g~ e ‘gfllll := PR QR ERRT ARy, g 3 S S R AR S S22 i Ya - o BEEsIae 80 2 siors S R — L CERRssaRsRERRTINY g5zt FEEE Sinan 5 $3 133 Net Onge. -8, 616 Sales in thousands. ° 55.47.2 2 5: 11,045 5 o} a B2 30! o o' 4 + +Hit HEEE & F 3 FOF EONERSR ge =34 29 22 EX [ 551 EEE ket 5958 b [, - i 2 :3%?%2;«;52228:38 R 333353 o ko bk kot o ok ke o el b et b KEEEEEEEKK 5 3 9 S8 3+ ® 2| 100 107 1 322% 112% 1 28% 13 -yt ~ = BRZSSEE et SerEEes i i 13 S = 07% 22% 20% I S Sloprci ) * i teoiotet etiietey e éqeiinun§§§§§3&n it (SIS ) 3! 3t ERREE s _ TmED A S5 BEsRER 383 a;l-fing 2 EEERXEEER 2! o i L S o 2335588228583232 E8oal o9 S 22RE -+t O DI D Twisisi =Y P b b 923! 2325 EE IS PNt b3 s3352 ottt ol bk 3 ioioisteiiiy isiamiis s i3 isizkiic 2! tt =S5cs552 = A DU 2noblenh o 3E5REIES ‘fl * otttk kot ko VR 2333 FEREER 1 e 3 CErCRE X3IZSS2XBI3R 20 A= E s o CRTMERS GRE [T B It et it Yok PENBRHNR! Z 583233 Gontainer ‘Cor 64 '46 €] b - Co,‘ll 3 1"3 s £33 25! 282 ) r".ll !’ 68, ul "68__ Sni 4% 3 4 236.000 Mo 20,063.000 Mo 1,007,000 Mo 2 » & E‘gg 8 Pac gen 45 " Pac bs '80 H o Pac 55 H '80 ct. bs 'SL1 o ) 23 R SINETNRES! & & L7 2on00n0N0DS: i ™, i " e 3 G&El 43 '8 c 6s 5% 5 SRIGR & = P b i r& -A:.:a’ T, i o 99, 9927 102.29 - 99.17 103 Net High. Low. Last. change. Adams Exp 4s ° 1uo 13 ¥ Adams ExXD 4'as Adams Exp 4s Alx Gt sou o Az Gi_dou +s Alo & Sus .3las 0 Aib P Wiap bs Alb P W bs ‘4 s es Val 4 t&Mack 13t 43 '95. gfi D_ M 1st 43 195 asd 35:C. {31 Yas ex 1,000 Mor & Essex 4':s {000 Mor & Essex :$%a 2000 Mut Fuel G b: 102% 1u% 1117 Aliea Sirs 425 49 1005 Am & F Am Am 1 5 13, s 2 Nat Ry Mex 2 NCR R Mex 4 So Pac 413 69 Las600 Nt R R Mex So Pac rfg 4s '55 So Pac col tr 4s '49_ So Pac Coast 45 '37 00 So Pac 33 '46 ¥ #5 2084 08 94 RE Bao R0Va G &1 olas T & T cv ahas T »sdr cv_ " W W& E Wri Pap s Wri P s 47 ¢ Anacouda Cop 47 Ang C Nitra aeb b Ann Arpoc 4s 90, Ark&MRYB&T 63 64 Arm Ll 45 _05- Arm 4la2s ‘39 _ Armstrong ¢ 4s 0 At & S F evi 48 At & 8 F 45 "¥o AT&SF ad) 45 South Ry gen 6s '56 South Ry 'con bs 94 South Ry gen 45 '56 - Sou Ry Mem 5s '9 = = 8 W Bell Tel 3%3s S W Gas & il 4 ig 4 Stana Ol N J 35 "6l Studebaker 6+ © Swilt & Co Symingion Syminzion Gou = 2.199.000 000 352535822 S =omoeps. FEFEFIESE T & Pitts 3%as '40 Hrie s k";m 3las '40 airban 4 000 Feg T T Tat 08 45 Fed Lt 17.000 NO 53 '54 B ct 1.655.000 NO Tex & Mex bs '56 C {000 NY & Erie 4as 48 000 NY & Erie 15t 45 1000 NY & Harl 3125 2006 73,000 NY & Long Bran 4s '41 56,000 NY & Putnam 4 93 95,000 NY&Q'ns EI&P, 000 N R cve os 3013 WS, 00 191,000 441,000 1 RRR33IF335R SP Rky M Cha AL 4 At o ok 5 RS o kb e Atli Knox & Nor AU & sirm 4y 55 A C Line 1si 45 0 A C L cit 4s o A C Line 4% 6" A C Lue oy '3 Atl & Dan lst 4s Atl & Dan d 4s N 2229353353 2. M= B RD B B 13 : Y 62,000 NYC rf 201 441,000 NYC 4'a8 .416.000 NYC con 4y 54,000 NYC 2%s '46 254,000 NYCKHR 4! 1.039,000 NYCEHR 4 761.000 NYC&HR_ i 86,000 NYC La Sh 00 NYC Mi Cen 131,000 NY Chi & STI, 65 7.355,000 NYC&SIL 52s Te oris 5 Tex o P I3 b3 Tex & Pac bs Tex & Pac os Zex & Pac os 'S0 D. TexP-MP Ter blas 64 Third Ave 55 i rd Ave adj 65 6 Toira Ave 390.35 '8 Tol & Oh Cen 3%as "60 T St L & W 45 ‘50 Toronto H & Bf 4s Trent G & E 5s 49 Tri Continen bs '53 < 5 an' Y Pond 1 6 Ga e it Fond J&G 4%4s 82 10 .\o’il. S 2,476,000 £t SRR £ S 2905 =355 b ¢ Auburn Aulo 43 = Ausun & N W b3 ‘41 - Bald Loco 5s '40. 1 Bald Loco b '40 Asd._ & O Tig 63 "85 T30 & O 1st s '45.. iy Bs '95_ B3 96 F. w : S‘ 10 122 ° 13 130 115 1 102}z 90l 102'2 107% 104% 106 Saa e 53 23572 3335 o i it Disks ! 00 NY Edis - 744,000 NY Edis 3'es ° = 25.000 NY G El H&P bs 758,000 NY G EI H&P 4s '49_. 294,000 N Y Greenwd L 55 '46 613, ki 0262 108% 1 32 = Union Oil Cal 6s '42 Union Ojl Cal 4s '47. Un Pac 1st 53 2008 'S 33! 3 o0 s o e 33 HEL L T :,oo%oooo - 3322833 223323%2 -2 3: TS 332 33 ES p2iiee - 223 ;o 3353802333, e ’33;58=§Zi§3; aum s ¥ 355 o ] i IS bt bbbttt <36 =35 I o 755 EEY] e S = 0 Gult " MobAR, B1e Uh ITe N Bs | Big Sandy 45 43~ Boston & Me bs 67 Bosion & Me 4%s I 5 = e = o = s ey ) N 000 NYNH&H 4 NYNH&! n iy 3 ' Feieip Sag = 3 £ 23 30 EE EPTREY SU5ER32325203R323 3.000 Vandalia 4s 3000 Vandalia 4s '3 000 Vera C Pac 4as '34_ 000 Ver C Pac 4'25 asd '34 Vertient Sug 2 SIS PR Man T, Bkiyn QnC&SB ¢ Bk @n C & 232383332 37R W W PESEEES S o b gaaices § O E 553" 2232 2 2] it Bklyn Un Gas 5s Bkiyn Un Gas bs Brown Shoe 3.5 Bruns & Wes. 4s Buf Gen EI 4’25 '8 Buf R&P bs Buf R&P 4%s ' Bur C R&No 5s Bur C R&No_bs Bush Term 5s Bush Term 4s Bush T Bldg 5s '60. By-Prod C blas '45 Cal Gas & El 5s "37. Cal Pack 55 '40 Camag Sug 7. Can Sou bs "62 Can Nat Ry 5s Nat Ry 4%s '51 Can Nat Ry 4%as '56_ Nat Rv 4las Nat Ry 4%:= Nat 53 'A9 Jly Nat 5s Oc! Nor 62 766,000 461.000 e | B2 S 8 o 9 — = smizag BRE2: 102% 102% 65% 90% 1 27 17 26% 48% 4 80% 50 2215 1033, 103% TSRS 3 3 O 22 2 222 2! i i g o odo, o) RAFSRISIIZ2R82R o i 23 000 000 N 000 NL&O Pow bs '55 A Palls 7,206, 340, 469. Soe-er5535, SRR 33335 LRSS 2. 000 T6:450000 1430, Wabash DesM $s WabashDet&Ch 5s Wab 3i3s Om '41 Wabash T 45 '54 Wab Tol & C 45 '4 Walwrth 6s '35 Walwrth_4s 55 Warner Bros 6s 9! tr 43 "33 iro_4s '{03, 2 itch 3s '51 s 8 9! 9 &8 R SR 55838558 00| £} 53 9989999 LA RERI R8N, Warren Ry wi Cen 4s ™ 8 4020 23 3 5 e e 53.000 '48 £3.000 39. 000 0 i Wash Wat P 58 194,000 Westch Lt 5s 50, 83, P bs 63 K 4s 61 H 7 ZIDDERD AONIBSE N, o i Db g G G i 2588225232 [ oo 53283 SRS FORRR FR SRSRERS 23553 =2333333388033325! 2! T 23305 u 43 '56 ows 43 '50. &W 43 '40. 5. SRS R 02 = o o 5 r 55 St 5s ‘41 States Pw 423 or West Tel 4%a8 | den & L 0 Caro C & O Caro C & O Bs "38_ 0 Carriers & Gen 53 '50_. . Carth & Adir 4s '81_"_ ) Cen B Un Pac 4s '48___ Cen Foundry 6s '41 Cen Foundry bs '41 _ Cen of Ga 5%s '59. Cen of G: 24m82333EE35 Saa SEE-ERE EE e 32233 R 3 ¥R e NN OABOND = s [ e R e 2 5 )00 Western Un 5 Western Un 4 IS EX 1.572.000 189.000 271.000 Ohio Ed 45 '65 - Ohio Pub 8vc 7%as 46 Ohjo Pub S 47 BE ot FEE 2328 &F } SREIE ¥ ¥ s33:5s s 3 i 3 F o) " 8355252 SR2RRBZRNE & Wh 92.000 W] con 5: X 38.000 2,000 0 Cen Ga Midland 5s Cen Ga Mobile 5 Cen Hud G 2 - 248 1 5.4 4 ot B3o e, = ] 932110100 IRSRINRES IS5 SE3RR S eteles] $225B30255% e 2R S RFRES 1 o S e WD DR £ 2 [y SR ARG DEIREL e e R = i 3352 S S b 19132 5o 13 ||+ L Se39353 2 PRt e e R R b i) ' EEER Sz el e B i 22 32 o % =00 T 3 8 4 4 SRk noADAL WD 30N NSRS R +14 - &2 S = ettt Pi 00 Park Lex 6las '53 ct_ LBRR.000 Parmales T 63 '44 = AB.000 Pat & Pass s ‘49 ____ ooy :E N o % g +] {et £ 90 B DRI E IR IDIR OO0 4 i ¥ i WERFTRESR 4 SEEEER R ORR W @D = a0, 3! ] 233, 32 B = 5 £ ge 7 H 44+ ._ 33; S 3! 2 5% ERFEFRENE, btttk b > 3 0 C. 3,560.000 971.000 1,368,000 CB: 11194000 - u-nu'u; S5 g¢ 2322 el > :3 134 CEECCE RN RES D201 = 505 215 i \.n-t-n-n-l Sk bk kb b i bl St ek FERFSESE B S jeimiiep ejetwimar e [eehdhuee Yo e Rt b bbb e S SR D 38 B 820992093355 999292990, - e 1 ek b et = g W I WS RN 53 " FEERNRRS ] ] FEEET oy BER5Y 533333333 EPRRER s 3s; 33838 7] &® FF SN 3 0 Lo @, 3ERI3T: g oy v g i [~ R % 37, & 173, 468.000 22,266.000 TR17. g AR SESSE R |+ 4 e b i Rk R C S § SR RN g - = 002 LT i i 29 D% DYa st +14 e " 2B 5 H ® 238 GG SIS 822 3 2993 EEY Arg 81 May. Argentine 5%s "62 .- Australia s 55 ia Bs, '8’ .._u RER R 3 » 2) 2D, 223! (it iteiry 32 i e TR SR8 82 R R 238 33855332 E:éa 22 9 :Ei:?-#gflfifl? fe) 22 ot kb et ~_-..~ — SRoERaSR RS SRES 21 rasnise RRRRRARS EEESER iy ® FRFRNESE NN SIESE § o e bk 0 4 LG 2eom 9 o & ! X, s = adatreat p Egflgig 23 2335 2 8 2232233323 R, FE FESAEF . 2 235585552 ¥ H RN 3 238333333 LA P T e ety 8 2 ~s===sssma=s..-sszs=s==§§§§§ Sie £ » - 9 3 2 A1 = i - = i 3 M RO 10101 BRIC3 B hish Do 3 S| 153 It oy SRRt S T E 220882253333 G S SIS S +H+ | F bt k) ES § " " = it vE SR il srspesiEtiol 2322a! WS ¢ {ot Ry SN RERS5EIR32S 535 EEM 2% F RS bttt BIORRAR DD VA0 AmE o Y 333 e BBRR 53 SIS FFFHFFE 2 &3 e | SNRRES i 91633 OO &3 £ 50301259 9N N 228 <td o8 ERRERSESSE £ s £ !Eg o) 2 3 19it0 £33 e ] 2 ¥ 2R3 *so— ot ot ettt et > 0 5 333338333 22082 o e DRI RV gack-k i = ~) £t > FEEF R F OB FRRESSPIRRERR SRR SR TN bbb bbb+ R OER ESRNERE SR A b o EEa e R b e P F AR R 990098 s £ E ot ey '§‘. 9999999 SSEEEREERSEEREE dd<ddd g SesssssEss e S S g33332383533 g!"""’l"""".-‘"l" ik e = 3 o KBS 25 2 332333333ssaassenins 13 SRR SRR 4 o 9o ousahSI0miRoo®: PR RS REER B 35500 2: .?és ot 3 P s 3 3, e B 5 -y 3. e R Larans 3 #Re = 3 Erniica At $3323332232322ssaszs3szassssszszsszs: = BUIOHRUIASNBANDIIAINDUDD NA DN D] DA% * FRRESEE O ORF SESR 3232 =2 1O 0! 4 BRuas 38 L3 T ouxbuSRSRTRRE, 825! S Bntanin --.no:nmh 5334353 e 2 , 3 £ 58 =2 SRar S et} 3 g0t Do 5 =2 3 8 e [+t i 2 g0 ! s32 - » S 333 i SR 855 *® Lm0 5o Attt b ki it 30 SREERIIWEREIZAR TR RE A e R o - R E £ oy 1y et lene? B o * & £ ¥ D832 SEREE R 000000 6o B C0tA ot £ #F bt s B a5 [ ARG R b bt bt e eemrneRni PR R -ttt 4 e 3335852 3 »=0000000000000F = i = == 3 vt o & 3 + e 23 (x> 338883338323 n N .. 5L TURRR " 32 2%: Bass Repiy _,.~ s523EES e 385! FERRR OROFE X 2 zse - 0z o fenes 2 g32333333233 b 232583333 W . g 33 4 g S3siisass EZE,: g.;," roBaBEBuananme » 3 o8, arors s L7 > i . "’.':H B B 2 2 S S A o B R R E 823 i 5 2 5y FERARRE SRR Net Last. chan FINANCIAL. TRUSTFUNDCANS FEATUR DECADE |Economic Stress Results in Many Seeking Expert Management. By Cambridge Associates, Many individuals created trusts dur- ing the depression years who other- | wise might have not seen the necessity % $ 1 for providing expert management for 23% | property. 3 o3 | Figures for state banks and trust companies are not available, but the record shows that the total amount | of property managed under individual | trust agreements by national banks | alone have increased more than 903 4 ! per cent since 1926 to bring over nine | billion in assets under the protection | of these institutions. The 1578 national banks which exercised trust powers were adminis- tering 129711 individual trusts and | 16,801 corporate trusts, according to | the latest figures. Of the total num- | ber of trusts administered by national banks exercising trust powers 47.2 | per cent were created under private or living trust agreements, 413 per cent were administered under the jurisdiction of the courts, and 115 | per cent were trusteeships under cor- porate bond or note issue indentures | Increased Taxes a Factor. | Not completely evident in the now | available statistics but an important % | factor, nevertheless, in the growth of trust service has been the increase in Federal estate taxes. This is particu- larly true so far as the living trust is concerned. By making such a trust | “not in contemplation of death,” with- in the meaning of the statute, the property owner is able to effect aub- stantial savings for his estate since the taxes levied against gifts are ma- terially lower than general estate taxes in the higher categories, Another important feature of trust service which the last few years have revealed as outstandingly important is the discretion it is possible to be- stow upon trustees. By so doing the individual who makes a trust is able | to provide for management of his | property in the light of things as they are, not as he can envision them at the time of making the trust. Advertising Is Effective. ‘These and other advantages of tru-t service have been impressed on the public mind in recent years by more | effective use of advertising. Both in | newspaper and other advertisinz, trust institutions have taken care to explain the applicability of their ser- | vices to the needs of the average indi- | vidual, not alone the person of large ! wealth. By stressing the simplicity and reasonableness of the trust service idea they have dispelled much of the mystery which formerly veiled the | functions of trusteeship and their | Place in sustaining the integrity of the 2 | Average estate. ¥ o Sstammmos St e ST “. = o A AR Aok ok SSRGS + FESOFRF SRS [N DRWDININIDRDRBA-I DI & F 3 | Occasionally, trust service manage- | ment has been questioned on the ground that it 100 conservative. The record reveals that trust service is conservative but certainly no more so than the circumstances of the | average beneficiary warrant. A break- | down of the latest figures on trust fund investments shows that of the total assets 4874 per cent is placed in bonds, 29.28 per cent in stocks, 7.96 per cent in real estate mortgages, and 6.86 per cent in miscellaneous investments. 1936 MARKS END OF BIG DEPRESSION Harbord Sees Problems Yet to Be Solved, but Hails Return to Equilibrium. BY JAMES G. HARBORD, Chairman. Radio Corporaiion Nineteen hundred and thirty-six will go down in historv as the wind-up f the great depression. Although | there are problems still to be solved, and some of the remedies may back- fire on us later on, there is no doubt that industry and business in gen- eral recovered their equilibrium and hit a normal stride during the past year. As 1936 goes into the past tense, the tempo of business activity con- tinues to accelerate, aided by the re- turn of an almost-forogtien feeling of confidence. The highly satisfactory showing which business has made this vear is all the more encouraging because of the political uncertainty which act- ed as & brake during the first 10 months. Without the retarding in- fluence of & bitterly-fought presiden- tial campaign, it is probable that |even more would have been accom- | plished. The closing months of the year have seen industry sweep forward with & vigor and aggressiveness rem- iniscent of those uncomplicated days ! when a chicken graced every pot and |each garage had two doors. The |last year of the depression has re- gained much of the ground lost. since 1930 and, with luck, it may be the springboard for prosperity. \CHAIN DRUG VOLUMES REMAIN ABOVE 1935 By the Associated Press. The Commerce Department reports | that chain drug store sales during | November were 2.1 per cent under | October but 1 per cent over Novem- ber a year ago. Electrical Trade | Pushes Ahead to $750,000,000 Level (By Cambridge Associates.) In the year just closed electrical esquipment manufacturers witnessed the largest volume of business in six years, as rising wage levels permitted & sweeping increase in purchases of household electrical goods and higher rail and utility earnings brought & revival in purchases of capital equip- ment. It is estimated that the total volume of equipment purchases for the | year exceeded $750,000,000, with the two major companies accounting for more than 50 per cent of this total. A sizable recovery was also reported in exgorts. Present backlogs of orders indicate that operations will be near capacity well into 1937, and if pressure is suffi- ciently removed from the utility com- panies & major expansion move will be launched in that industry. Indeed. with new record high levels of power production continually in the news, it is likely that many companies will be forced to increase capacity regardiess of inereased Government regulation.

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