Evening Star Newspaper, October 2, 1930, Page 14

Declaration of Principle by Exchange Would Help Investing Public. BY JOHN F. SINCLAIR. Epccial Dispatch to The Star NEW YORK, October 2 ‘A short | seller of stocks is a public enemy,” says a famous writer. Publish the names, is_his suggestion. For they “would not relish Fuhllc disgrace.” Ncnsense! Rudolph Spreckels has another sug- gestion. He wants Congresss to prohibit short selling for one year, as emergency legislation only. John J. Raskob, “who mnever sells stocks short,” thinks it's far healthier not to interfere with the law of supply | and demand, upon the theory that for| every seller of a stock there's always & buyer. Comparatively few people sell stocks | short * ¢ * probably mot one inj| ten knows anything about it. They're afraid of short selling. cople in-} stinctively are afraid of things they do| not understand. Short sellers are few | in number, but usually bolder, more courageous 'and more nervy than long| buyers. Is short selling a crime? When a company issues millions of shares of stocks and unloads them at an inflated figure on the public when times are good, that is a crime. Yet that trans- action is not a short sale. A short seller today is one who be- lieves that certain stocks are not worth what they are quoted at—that they are not worth the market price. So he decides to sell that stock, upon the theory that it should be brought own. He thus acts as a “deflater of financial balloons. “The real publi¢ enemies today are insiders who are~trying to hold sto far above what they are really worth, said a banker to me in discussing the matter. Another said this: “If you are go- ing to prohibit short sales, then you had better prohibit Jong sales, too, for just as much skull duggery and manip- ulation take place on the long side as on_the short side.” The difficulty, of course, is in the jgnorance of the vast majority of people. They know nothing about the short sale. But they should. If they did, they would realize it is impossible to carry on a natural free market with- out an ability to sell as well as to buy. But the New York Stock Exchange should tell the American people what objections it has to eliminating or re- stricting short sales. In these times, when people are nervous and over- wrought, an announcement and an ex- planation should be given to confused and bewildered investors. Hitler's Outbursts. spectacular outbursts of Adolph Hl’é\'::. &rmm Fascist leader, has ob- scured the sensational news of the new deep sand oil gusher in the Nienhagen field, Germany, 30 miles from Hanover. This gusher is reported capable of pro- ducing 7.500 barrels a day. Two years ago the Elwerath Co, 8 small German organization, brought in a 700-barrel well at 2,400 feet. Now comes this latest announcement, which |- brings Germany with a bang into the roducing class. oque‘rmnnynfs producing about 1,250,000 barrels of ofl annually—about 5 per cent of its total consumption. Amct%- can ofl men, including Harry F. Sinclair and Edward G. Seubert of the Standard oil Co. of Indiana, have been inve gating the German fields in recer Weeks. This important discovery is the first major result of the growing movement in Gern;any toward drilling eeper than heretofore. ° “It means,” said Todd Pettigrew, one of the largest American oil operators in Germany, “that not only Germany. but possibly all Europe, may. become inde- endent of the importation of oil. That ?s why American oil men in increasing numbers have been making trips to Northern Germany in recent weeks,'m, Perhaps this German oil boom do for-Germany what oil did to Okla- ‘homa—give it a fresh start. Branch Banking. e . Hecht, New Orleans er, l'.hfil’n?fln Dg the Economic Policy Com- mission of the American Bankers’ Asso: ciation, told the bankers at Cleveland lly this: .“‘B‘rnnar{:,n‘bzmngum!\'iuh\e ot It's liks a tide coming in. It has its weaknesses and objections. The old unit pank is doomed. Branch banking fits into the scheme of modern business, whether we like it or not. So, 1nst,eld‘ql fighting the new movement longer, let's co-operate with it, regulate and direct ‘nigmstmw on the American ‘Bankers’ Association will not oppose the exten- sion of branch banking in principle. It's useless. The record of 5,700 bank fail- ures curing the last 10 years—mostly in the farming sections, tying up assets of mearly $2,000,000,000—must not be eatec. “?\l: Hecht pointed out that now there are 275 group or chiin bank organiza- tions, comprising near.; 10 per cent of the tota! unit banks of the country, with bank rescurces of about $15,000,000,000. | Ninety-two per cent of the bank fail- ures have been in places of less than 10,000 people. The handwriting on the wall points the way and the bankers have cecided to quit fighting the branch banking idea. | When the proper State and Federall legislation is enacted, group and chain{ bankers will probably reorganize to fit FINANCIAL. ~Pre 145% 324 32 1284 135! 415 265 15% 132% 57 105 97 5014 4 32 243, 1094 . 34% 90% 461 99% 80% 178 145 23% 674 128 TT% 35% 43 26W 9 32% 14 55% 80 101% 12 86% 1641 99 221 27% 44% 5614 25% 15% into the various branch banking systems I think it can be safely said, if the! present trend continues, within 10 years | branch banking es a national institu- | tion viil be @ reality. | Braich banking will have the support | of an impressive group of American bankers from now on. British Conference. Great Britaln herself is the key to the success of the British Imperial Con- | ference now in session. The theory of protection is agreed to by the British! dominions—has been for years. Canada\ | Australia, New Zealand and South ‘Africa all have protection at home-and believe in preferential duties within the British Empire. Their leaders have re- peatedly so stated in the past. Their Tepresentatives are ready to bind them- selves in such an agreement But Great Britain hesifates. She knows her century-cld free trade policy made her the world's richest and most powerful nation. The Labor government _officially stands for world free trade. Both Pre- mier MacDonald and _ Chancellor Snowden have advocated it repeatedly since they have taken office. But now what? “Unless Great Britain arranges her fiscal policy to provide a measure of preferential return to the dominions for what the dominions have given her, then the dominions will be forced to Jook to other countries and consider ¥avorable trade arrangements with na- tions outside the empire” says the Fnancial Post, Canada’s leading busi- | pess weekly, 3 . " So the political and financial leaders of Great Britain study and survey and wonder, while the dominion leade wait in London fcr an answer. (Copyright, 1930. by North American News- paper Alllance.) Wirginia Building Contracts. RICHMOND, October 2 (Special) — 100% 213% 130 116% o TH E EV NEW YORK STOCK EXCHANGE wiymuuwmmumsmomt (Continued From Page 13). 1930 4614 11 28 29 17 T% 354 32m 40 7 21% 9 23% Stock and Dividend Rate. Manhat Elev gtd (7). Manhat Shirt (1).... Marine Mid (1.20) ... Marlin-Rock (15%). Market St Ry pr pf Marmon Motor Car., Marshall Field (2% Mathieson Alkall (2) May Dept Strs (n2).. Maytag Co (1). Maytag Co pt (3) Mengel Co (2). . Metro Gold pf (1.89). Mexican Seaboard. .. Miami Copper (1%). Mich Steel (h235). Mid-Cont Pet (2). ... Midland Steel (3) . Midland Steel pf (8). Minn Moline Pow. .. Mo Kan & Texas (2). Mo Kan & Tex pf (1) Missouri Pacific Missouri Pac pf Mohawk Carpet_ ... Monsanto Ch (g1%). Montgom Ward (3) | Moon Motors Mother Lode (20¢) . + Motor Meter G & E. Motor Wheel (3). Mullins Mfg. . 34 ¢Munsingwear (+4).. 11% Murray (B)(2% sti) 36% Myer (FE) & Br (2). Nash Motors (4). Nat Acme (13) Nat Bejla Hess. ... Nat Biscuit (13.30). . Nat Cash Reg A (14) Nat Dairy (£2) XatDist Products(2) Nat Pow & Lt (1).... Nat Ry Mex 2d pf.. at Steel (2) Nat Supply (5). PPy pe (7 Nat Surety (5) Natl Tea (1) Nevada Copper (1).. Newton Steel. : N Y Alrbrake (3.60). N Y Central (8).. . 5 N Y Ch &St L pf (8). NY & Harlem (5)..\ N Y Invest (1.20).. N Y NH & Hart (6) NYNH&Hpf (7). N Y Railwavspf.... Norf & Western (10) North Am Aviation.. Nor Am (b10%stk) - North Amer pf (3). North Am Ed pf (6) .. Northern Pacific (5). Northwest Tel (3).:. Norwalk Tire & Rub. Ohlo O11 Co (2). 0il Well Supply. Oll Well Sup pt ( Oliver Farm Equip. . Oliv FEqpf A (6). .. Oliver Farm Eq cv pt Orpheum Cir pt (8). Otis Elev n (2%). Otis Steel (234) . . Owens Il Glass (3) Pacific Gas & El (2).. Pacific Lighting (3). Pacific Mills. ..... 3 21% 84 615 29% 92 50t 110 16 10 18 8 6% 871 51 100% 62 42 K 2214 914 86 6% 47 12% 63 55 20% 401 524 T1% 2014 Pac Tel & Tel pt (6). Packard Motor (1).. Pan-Am Petrol (B) Panhandle P & R Param'nt Publix Park & Tilford Park Utah...... Parmelee Tran (60c) Pathe Exchang Patino Mines. . Peerless Motor Penick & Ford (1) Penney (JC) (3). .. Penney (JC) pf A (6) Penn Dixie Cement. . Penna RR (4)...... Pere Marquette (18). Pere Marq pt (5), Pet Milk (13%) Petrol Corp (1%).... Phelps Dodge (3). Phila Co 6% pf (3).. Phila Read C&1.... Philip Morris&Co(1) Phillips Petrol (n2).. Pierce-Arrow (A). Plerce-Arrow'pt (6) . Plerce Oil.... Pierce Oil pf..... Pierce Petroleum. Pillsbury Flour (2). Pirelll Italy (a3.14) Pittsburgh Coal Pittsburgh Coal pf. Pitts Screw (1.40) Pittston Co (75c). Poor & Co (B) (2)... PRAm Tob A (3%), PRAm Tob (B).... Postal Tel & C pf (7) Prairie Ol & Gas (2) Prairie Pipe L (15).. Pressed Steel Car ... Pressed St C pf (7). Prod & Refiners..... Prod & Refiners pf. . Proct & Gamb (2.40). PubSv N J (3.40), Pub Sy NJ pf (5).. PubSv NJ pf (6)... Pub Sv N I pt(7). Pub Sv E & G pf (6). Pullman Corp (4 Punta AlegreSugar. Pure Ol (1%). Pure Ol pf (8) Purity Bakerfes (4) % Radio Corp Radio Corp (B 10% 501 31 488 10 1% 5 2% 9% 3% 264 4T 93% 5 68% 125 95 17% 14% 28 5014 1% 8% 24% 19 67 % 19% 2% 27 38% 35% 82 17 20% 20% 16 5% 80 27% 26 5% 50 5 26% 52% 8134 91% 106 121 107% 59 1% 1 « 10 Sales— Add 00. High. Low. Close. 208 1 +.3008 28 1 3 708 80s Pacific Tel & Tel (7). 60s 108 59 [YSTOVSE 0P 1 @ » 1 1 210 1S 59 10 1 1 VRO S 1 10 21 S8 e R 0000 B 1 09 €0 1 00 1 ) s b 6 Radio-Keith-Orph A. 404 RR Sec 1 C stk C (4)% Raybestos Man 2 60 Reading Rwy (4)... 34% Real Silk (5).. 23 Rem Rand (1.60)4... 81 Iteo Motor Car (80¢c). 24148 Republic Steel. ..... 727% Republic Steel pt (6) 10 Revere Copper & Br. * 16 Reynolds Metals (2). 2 Reynolds Spring.... 45% Reynolds Tob B (3). 10% Richfield Oil (2) « Rio Grande Oil 5% Ritter Dent Mf (13)., 27% Rossia Insur (2.20).. 427 Royal Dutch a3.2165. 40 Rutland pf.. 574 Safeway Stores (5) 87 Safeway pf (6). 77 Safeway Strs pf 72 St L-San Kran (3).., 16 Savage Arms (2). 41 Schulte Retail Strs. cott Paper (11.40) eaboard Air Line ears Roebuck $2% . 224 98 4 2% 56 10s 18 10 16 2 2 2 1 50 68 11 2814 28% 194 8 37% 36% 40 8% 20 9 26% 17% 104 52% 116% 134 110% 61% 1w 17% { 110 109% i 56% 58 27% 304 58 56k 24% 26% 72 12% 23% 24 98 98 43 43 24% 2 1% 11% 110% | 62% | 1% 18% 50 | stock. 2% 501 59% “| JPlus 8 3% | per cent 61% 61% | preferred stock. Plus 6 per cent in stock. Der cent in stock, in stock. n Pl Stock and Dividend Ratd Second Natl Inv. .. .. 4 Sec Nat Inv pt Seneca Copper.. 4 Servel Inc. . Sharp & Dohme. ... .. Shattuck(FG) (t13%) Shell Union Ofl Shell Un Oil pf ( i Shubert Theaters. Simmons Co. .. Simms Petrol (1.60). Sinclair Con Of] €2)., Sinclair Ofl pf (8).... Skelly Ot (2).. Sloss Sheffield Steel.. Snider Packing. . Snider Packing pf. Solvay Am pr ww 5% Sou Dairies (B)..... Sou P Ric Sug (1.40) Sou P Ric Sug pf (8) Southern Cal Ed 2). Southern Pacific (6). Southern Rwy (8)... 4 Southern Rwy pf (5) Spang-Chalfant Sparks Withing (1) Spicer Mfg N 4 Splegel-May-Stern. Stand Brands (1%) Stand Comm Tob, Stand G & E (33%) Stand G & E pf (4).. Stand'G & Bl pf (7). Stand O of Cal (234). Stand Oil of Kan (2) 4 Stand Ofl of N J (12) tand Oil N Y (1.60). Starrett (L §) (1214) Sterling Sec (A . Sterl Sec ev pf (3)... Stewart-Warner (2). Stone & Webster (1). Studebaker Corp (3). Submarine Boat Sun Of1 (11)...." 4 Sun Ol pf (6). Saperior Steel Superheater (13 Superior O1l. . Telautograph (11.40) Tenn Cop & Ch (1). Texas Corp (3).., Tex Gulf Sulph (4). Texas PC&Ol..... Texas Pac Land Tr.. % Thatcher Mfg (1.60). Thermoid Co. . Third Nat Inv (2) Thompson Pr (2.40).. Thompson Starrett. . Thomp-Star pf (3%) Tide Water As (60c) Timken Det Ax (80c) Timken Roller (3) Tobacco Products, Transamerica (1) Transue &W (1) % Tri-Cont Corp. Tri-Cont Corp pf (6). Trico Prod (23%) .. Truscon Stl (£1.20).. Truax Traer (1.60).. Und-Ell-Fischer (5). Union Bag & Paper.. Union Carbide (2.60) Union Oll of Cal (32) Unlon Pacifle (10)... Union Pacific pf (4). Utd Afrcraft. .. Utd Afreraft pf (3) Utd Biscuit pf (1) Utd Carbon (2) Utd Cigar Store: Utd Cigar Stores pf Utd Corp (50¢). Utd Corp pf (3).. Utd Dyewood.. ~100s Utd Dyewood pf (7). 50s td Electric Coal. . Utd Fruit (4). Utd Gas & Im (1.; Utd Gas & Im pf (5). Utd Piece Dye W (2) Utd Stores (A)...... Utd Stores pt (2%) U S Distributing. U S & For Secur U S & For Sec pf U S Ind Alcobol (17) U S Leather. .. U'S Leather (A) USPipe & F (2) U S Realty (5)... U S Rubber. ., U S Rubber 1st pi U S Steel (7).. U S Steel pf (7). Univ Leaf Tob (1), Univ Pic 1st pf (8),. Univ Pipe & Rad... . Util Pow & Lt A (e2) A mom 10s 10 El & Pow pf (6).. 10s Va Iron Coal & C pf. .120s Vulcan Det (4)...... 60s Wabash. ..., 3 Wabash pf (A) (5).. 2 Waldorf Systm (1%) Walworth Co (2). 3 Ward Baking (B) . Ward Baking pf (7). 2 Warner Bros Pict... 202 Warner Quinlan..... 4 Warren Bros (3)..,. 12 War Bros cv of (2)..110s Warren Fdy & P (2). 1 Wess 011 & Snow (2). 1 WessO&Snpf (4).. 1 West Penn EI pf (§). 50s West Penn EI pf (7). 20s West Penn Pw of (6) 100s West Penn P of (7).. 10s Western Dairy A (4). 2 Western Dairy (B).. 2 Western Md......... 13 Western Md 2d pt . 1 Western Pacific pf 1 Western Unfon (8)., 2 Westinghise A B (2). 12 Westing E & M (5).. 227 West E& M pt (5)... 30s Weston El Instr (1) 5 Westvaco Chlor (2).. Wheeling & L Erle. . Wh Rock M S (t434), White SewingMach Willys-Overland Woolworth (2.40), Worthington Pump.., 27 Wrigley (Wm) (4).. 13 Yellow Truck....... 114 Youngs Spring (3).. 1 5 Zenith Radio. .. 12 1 3 2 2 1 1 1 1 10 42 331,800 1.151.400 50nit of trading le: per ‘cent 1n' stock. - §Payable In’soriy | aPald this ye when' earned JPayable in scrip. i 4 © Payable in cash or stocl k Pl us § per cent in h Plus Sales— Add 00. High. Low. Close: Close. 1% 3 10714 70 6614 27 66 25% 221 T 61 % 62 1% 5 20% 31% 1% 87 1% 19% 141 1704 110% 233 22% . 9 443 51% 26% 241 561 102 1% 110% 17 31 % 19 2014 331 160 36% 131% 130 26% 3434 100% A4 4% 5l 643, 99 69% 15% 3615 6% Sales of Stocks on New York Exchange 10:30 A M 3 ) 624 1% 5% 20% 3216 12% 87 1% 19% 14% 1.166, ENING STAR, WASHINGTON, D. Prev. 7 63% 1% 5% 20% 32 11% 88 1% 20% 14t 17% 110% 243 2015 315 17 110% 12 105 54% 112% 9% 89 .100 -+ 1,839 300 d P tock. yable L Plus 10 per cent in 2 per cent in stock, 3 per cent in stock m Plus i v Sublect to spproval of stockhoiders ¢ Co0 1B | Bpecial CLEVELAND, Ohio, October 2.— As | yy,0 for several weeks, demand for steel | this week were the lightest in many | shows improvement, but the upward |weeks, being only 14,387 tons, but ine | trend | Steel, their There is no dim! Says Trade Journal Review. 1 Dispatch to The Star. has lost some formerly Iron Trade impetus, recent gain. ,I;EMAND FOR STEEL |SHOWS IMPROVEMEN‘Fi lBut Upward Trend Has Lost Force, says Review, | Cleveland. The rise which made Sep- | tember an encouragingly better month | than August appears to have spent it- self, and at the turn of the gquarter producers are chiefly bent on holding In fact, dppraising the fourth quarter, producers indicate they will account it an accomplishment to maintain their present operating average of 55 to 60 | company 1is capitalized at $1,000,000. per cent and consolidate the strength |No shares will be issued to the public | they have been imparting to prices. inution of confidence Contfacts let in Virginia during Au-|that the low point—excepting perhaps ust for new construction of all types {auud. 3,080,200, as against $11,613,- 700 in the previous month and $3,402.- 600 in A 1929. The August, 1930, ‘contract res showed $3,092,200 for pon-residential building: $699,200 for yesidential building, and $197,800 for public works and utilities. put. the year end holiday—h: but it is realized that other industries, have not shared the gains in steel, and | that normally the fourth quarter is not a period of heavy consumption or out- been passed, | Unfavorable developments outside the eight months this year, contracts let|the automotive situation have in Virginia totaled $55.537,300, com- dampener in the past week. ver, high lights which producers yared with $43,052900 in the corre- rding pericd of 1929, ho [ ‘e will brighten the quarter and For the first | industry and unexpected weakness in ved a re are, preserve a moderately good though | Spotty market. Bookings, of course, will shortly be stimulated by orders for Tafl- road track material, but these are for rolling in 1931. The transition from the third to the | | fourth quarter is being accom | with little regard to contracts or price. | September | In isolated instances prices higher than 'yield about a month ago are obtained, but the Stuart & strengthening process has been largeiy | a negative one, consisting of the &limi- | g, nation of concessions and, hence, sta- | bility at third-quarter contract levels is the immediate godl. most active market. | quiry 'is heavy. and no financing is contemplated. curre: tructural shapes continue to present | Actual awards | FORMS 8 SUBSIDIARIES. | NEW YORK, October 2 (#).—Trans- | |america Corporation has farmed eight subsidiery companies to carry out a plan of simplification and rearrange- {ment of its corporate structure. MANK MERGER RATIFIED NEW YORK, October 2 (#).—Di tors of the Bank of Italy and the Bank of America have ratified consolidation | of the banks following notification from ‘Washington that the controller of the application for the merger. Portugual and Austria have just ben “<nne=ied by telephone. Co. than 47 ity ... Fifth' “Ave. ! | First Natl NY' Harriman_..... Manhat G Peoples N Each Bankers . Corn_Exchanse County .. Guaranty Irving _...0..0 Manufactirers New York.... United States green, 2dow. brown, Westchester Title' & Tt y had approved informally the - Smart make-up in Paris this scason | includes such colors as silver NEW SECURITIES NEW YORK, October 2 (#).—New securities offered today include: Supzrpower Co. of Tllinois, $10,000,000 plisted | first mortgage 412 per cent bonds, due 1, 1970, and priced at 96, to t 472 per cent, by Halsey, Minneapolis Gas Light Co., $9,000,000 rst mortgage 4!, per cent bonds, due |in 1950, priced at 95, to yisld more per .cent, by a syndicate Lieaded by Bonbright & Co. NEW YORK BANK ‘STI'OCKS NEW YORK, October 2 (#)—Over- the-counter market: Bank Stocks. Bid. 85 110 leck Askced. 88 3610 134 103 141 10515 500 135 blue, and gold eyé C. THURSDAY. OCTOBER 2, 1930. FINANCIAL. . Received by Private Wire Direct to The Star Office ’HlBHJ}RAI][ BOND | (v vew vom BONDSsmocewsaws] |URGES BIG CHANGE LIST HOLDS FIRM Maket Turns Irregular, However, on Weakness in Convertible Group. BY F. H. RICHARDSON Special Dispatch to The Star. NEW YORK, October 2.—High-grade domestic bonds and a sizable group of foreign dollar bonds were strong today, with substantial gains registered in many issues, but weakness in convert- ibles and a large body of industrial do- mestic_descriptions gave the market an irregular tone. Money rates were un- changed. Volume was heavier than on ‘Wednesday. There was a total of nearly $20,000,- 000 in new bonds, which being largely of good-grade public utility types—a fa- vorite investment class in. the current market—were rapidly distributed and consequently offered some resistance to the improvement of outstanding issues. At the opening the feature was the active strength of German governmert 5145, which improved a point under heavy trading. They later fluctuated narrowly around a _9-point discount which, however, was 2 paints above the low point of earlier in the week. Most | other German credits improved, includ- ing German Reparations 7s, German Central 6s of all maturities, Berlin 6%s, Bavaria 6'.s and Deutsche Bank 6s. Other strong spots in the foreign list included British issues, which 'had a bullish argument in ths establishment of a 100': minimum for t:nders on the new 4 per cent issue, Greek 6s, Silesian Bank (s, Swiss 5i.s, Italy 7s, Milan 6158, Rome 6'4s, Denmark 418, Seine 7s, Lyons 6s, Royal Dutch 4s, Peru 6s Colombia_6s, Urusuay s, Chile Mor gage Bank 65, Chile 6s and Argentine 6s. Some of the South American descrip- tions showed & tendency to rally strongly. ¥ Particularly wernk spots in_the ofls included Creole Petroleum, Richfield Oil preferred and Standaré Oil of Ohio Atlas Plywood registered one of the first lows in the industrial list and National Aviation ,performed a similar feat in the aviation division. Pennroad Corporation responded to the intimation that it may be put on an annual divicend basis of 40 cents a share. This action would, of course, depend on the general railroad outlook when the matter of dividends is before the directorate in January. In the high grade domestic section Baltimore & Ohio first 4s, Canadian National 5s, Chicago,” Burlington & Quincy 4s, Inland Steel 41:s, Standard Oil of New Jersey 55, Utah Power & | Light 5s, Utilities Power &Light 5%s | and New York Telephone 4las were | higher. s Convertiblés were irrégular. Inter- national Telephone convertible 4158 Fwere persistently weak, dropping a point to a new low level for the year. U. S. Government bonds were fairly wctive and close to their best prices for the year. 1 There were a number of soft spots in the industrial group, most of them reflecting wide cuts in earnings. Good- rich 6145 dropped 3 points, to sell under par for the first time since 1928. U. S. Rubber 5s were still hovering around their lowest level. Armour of Dala- ware 514 wert off fractionally to a new low. Dodge Bros. 6s and Chile Cop- per 5s were lower. Pathe 7Ts, after dropping 3!: points at the opening. re- covered quickly to show a net gain of 11, points. Parmalee Transportatian-6s were fractionally better. Oil company issues were generally weak. Tractions, especially the New York City group, maintained their strong levels. Secon- dary obligation of the carriers were apathetic. Washington Stock Exchange SALES. Washington Rwy. & Elec. 4s—$500 at Federal-American National Bank—10 at 27215, Merchants' Transfer & Storage com.— 10 at 105. AFTER CALL. Peoples’ Drug Stores pfd. at 101. . Washington Gas 65 “A”—$500 at 1031, ‘Washington Gas 55—$2,000 at 105. UNLISTED DEPT. | Raleigh Hotel Co.—10 at 45, 10 at 45, 10 at 45, 10 at 45, Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Telga. 4135 '33... 10! Amer, Tel. & Telga. 411s '39 Am. Tel. & Tel. ctl. tr. 5s.. R. R. 5 Ana. & Pot. guat. 55 C. & P. Tei of Va. bs Capital Traction R. R. | Gity & Suburban 5. Georgetown Gas 1st 5; Potomac Elec. cons. Potomac, Eiec. Wash.,' Alex 3 Wash. Balto, & Annap. 55 Washington Gas 3s... Wash. Gas 6s, series A Wash! 65, series B . & Elec. 45... .. MISCELLANEOUS. Barber & Ross. Inc., 6'as. Chevy Chase Club $%gs D. C. Paper Mfs. Gs.. W. M. Cold Storage 5 Wash. Cons. Titie SR PUBLIC UTILITY. Amer. Tel. & Tel. (9) Capital Traction_Co. Wash. Gas Lt. Co. (18) Nk W. Steamboat (12 Pot. Elec. Pover 6. pid Power 5'2% pid . & EL com. (7). & EI pfd (5). NATIONAL® BANK. Gapital (14) Columbia (12} Commercial (stamps District (8) P Federal-American’ (10). Liberty (75)... Lincoln (12). Metropolitan (14} Riges (15Y) Second (9e) ; Washington (13) TRUST COMPANY. Amer. Sec. & Trust Co. (15). Continental 0 e Merchants' Bank_& Trust (6) National Sav: & Trust (12f Prince Georges Bk. & TT. Union Trust (8g)...... Wash. Loan & Trust (14) SAVINGS BANK. Bafik of Bethesda (65) Commerce & Savings { East Washington (12). Potomac (10)......... ... Security Savings & Com. Seventh Street (12) United States (30) . Wash. Mechanics’ { FIRE INSURANCE American (12) 3 Corcoran (10)..... s Firemen's (8) . National Union (15) Ao TITLE INSURANCE. Columbia (6h) ........... Real Estate (6h).." Title & Inv. Co. Md com. . MISCELLANEOUS. Barber & Ross, Inc., com, Chevy Chase Dairy pfd. (7). Columbia Med. Bldg. Corp Col. Sand & Gravel pfd .(1) D¢ Paper Mfx. pid. Dist. Natl. Sec. ptd. ( Emer. Bromo-Selz, A" { Federal Storage pid. (8) Fed.-Am. Co. com (1.200) Fed-Am Co pfd. (6) Lanston Monotype (8) Mer. Tr. & Btge. com. Mer. Tr. & Stee pid. Mergenthaler Linotype (6 Natl. Mtge. & Inv. pfd. .. Ecoples Driss Stores pld. (615)' Real Est. M. & G. pid. (8) Security ‘Storage (4e).. Teig Ref. & Wh. Corp. i3 Thé Carpel Corp. (1.50) W. Mech. Mige. ‘com. (i, Wash. Med, Bldg. Corp. .. ' Woodward & Lothrop pfd. (7). “Ex dividend, y2lach €xt B Books closed. 837 extra, n2se extra. h4% extra 130c extra. 8% extra. | 515 ‘extra. Wi When issued. dEX right €55 paid Oct. 1, 1930, ellach exti per hundred. s2% extra. 10 at 101, 40 1 | - . 245 375 120 110 (10) in SIL&R QUO‘EA&‘I&NS. NEW YORK, October 2 (#).—Bar silver, 35%. UNITED STATES. (Sales are in $1.000.) Sales. High _Low. . Lib3%s..... 19 1017 1013 1014 Lib1st4%s. .6 10212 10210 10210 Lib4th 43is, 114 10314 10311 10312 jUS3%s43.. 61024 1022 1022 US3Ks'4T.. 110215 10215 10215 US3%s...., 110619 10617 10617 USd4s’ae 14 108 29 108 29 10829 US4ys’s2.. “31 1133 11228 1133 FOREIGN. Saies Argentine 53;s'62. 11 Argentine May '61. Argentine 6s Ju '59. Argentine 6s Oc 59, 42 Argentine 6s A '57.. Argentine 6s B '58 Australia 4%s '56 Australia bs '57.. Australia 6855, . Austria 7843, Bk of Chile 63357, Bk of Chile 6% s | Batav Fet 4345 42 | Belgtum 6855 Belgium 6145 '49. Belgium 7 '55 Belgium 7s '56 Belgium 8s *41 Bolivar 7s ‘58 J2olivia Ts ctfs’69.. | Bolivia 8s "45. Bordeaux 65 '34. Brazil 6148 Brazil 6 Rrazil 8s*41.. Bremen 75 '35. Canada 5s'31 Canada 5s *52. Chile 65 '60 Chile fs 61 Chile 7= 42 2 Copenhag 4% '53., Copenhag 5s '52. Czecho 85 '51 Dan Mun 8s A *46. Dan Mun 8= B *46. Denmark 41556 Denmark Denmark € Duteh East T M Duteh East 1 6s'47. Fiat 7s ex war 46 Finland 5%s | Finlana 7s'50. Fram I D 7%s Krench 7s '49. French Gvt 714541 41 Gelsenkir Min 6s'34 12 German 51 s 6 148 German Bank 6s'38 23 German 615 '50 a3 German Tsrep *49. 1 Ger Gen E1 7s*45... 11 Greek 6s'63. 10 Haitl 6s 52 1 Irish Free -1 Ttaly 7s°'51.. 91 Ttaly Pub Sv 7552, 16 Japanese 4s ‘31, 11 Japanese 514 ‘6 29 Japanese § 25 Tugosl Ban| Karstadt 6s'43. Krgug & Toll 55 '59. Lyons s 24, Marseilie 6s°24. . Mex 45 asstd 1904 Mex 4s asstd 1910 Mexico 55 A *45., Milan 635752, .. ., Montevideo 7s'52. ., Netherlands 6s '72. New So Wales '57 Nord 6%5°50. .., Norway 58 '63. Norway 5155 '65 Norway fs 52 108'% 108y 1084 108 617 63 59 5 T4 5 1054 105% 88 Y 94 9914 1097% 108: 941, 100% 105 100% 105 10214 5 102% Norway 6s'44. | Orient dev 5% 558, Orient dev §s " Paris-Ly M 6s 5! Paris-Ly M 7s '58 Paris-Or-51;5'68. Peru 65 '60 Peru 6s '61 Poland 6s *40. Poland 7s'47 Poland 8s *50 Prague 73% g Queenland 6s ‘47, Queenland 7s *41. Rhinelbe 7s 46 ww., Rhine West 6s 52 Rhine West 75 '50. . Rio de Jan 614s '53. Rio de Jan 8s'46. . . R Gr De Sul 6568, R Gr De Sulss *46, . Rome 61 s Roy D 4s 45 ww... Sao Paulo 8s ‘36 Sao Paulo 8s ‘50 Saxon 78 '45. Seine 75’42 . Serbs-Cr S17s 62, Serbs-Cr-Sl 8s '62, Sweden 514554, . Swiss 5148 *46. Swiss Confed 8: Toho EI Pow 6 . Toho El Pow 7s '55. Tokio 53861, Gtd King 5% 37, . Utd SS Copen 65 '37 | Uruguay 6s 60 Uruguay 8s 46 Vienna 6s '52 Warsaw 7 '58. . Yokohama 6s '61. . . MISCELLANEOUS. ADItIBI P& P 5 Ab & St 53%s " 8 | Adams Exp 4s°48." Allegheny 55 44, Alleghany 55 *49, Am Ag Ch 7%s "41. Am Beet Sug 6535, Am Chain 65 '33. Am F'P 513 2030. . AmIGCh5%s 49, Am Int Cor 5%s 49 Am Metal 63%s‘34. ., Am S&R 15t 5547, Am Sug Ref 6537, Am T&T cv 465'30. Am T&T 68'65. .... Am T&T ¢ tr 5s ‘46, Am T&T 5ss 160, , Am T&T 515843 Am W Wks 5534, Arm & Co 43539 Arm Del 5155 *43 At Gulf 5955 At Ref deb 55 '37..] Bell Tel Pa 55 B '48. Beth St p m 55 '36. . Beth St rf 5s * Bush T Bldg 5s'60. Cert-td deb 514 s *48 Chile Cop db 5s'47. Colon Oil 65 °38. . . . Col G&E 58 Ma Com Invest 5 Com Invest 6s ‘48 CC Md Istrf 5359, ConG N Y 534845, C Am Sug col 8= '31. Denver Gas 5s'51, . De Edison 5s '40. Det Ed rf 6s B '40. . Dodge Br col 40. .. Duquesne 435 '67. . East C Sug 7%s '37. Fisk Rub 8s'41.... Gen Cable 518 °47. Gen Motors 6s'37. . Gen St Cas 515849, Gen Thea Faq 65 '40. Good 15t 648 47. .. Goody'r Rub 5= '57. Humble Oil 55 °37. . NIBTIistpf6sA.. 3 Inland Steel 4%5'78 Int Cement 58 '48. Int Hydro EI 65 44 Int Match 63 °'47.... In M M col tr 6541, Int Pap 6s A "47 Int Pap 6s ‘55 IntT& T 4%s 52, Int T&T ev 4% 39 170 IntT & T 65'55 Kan Gas&E 4%s Lac G St L 55 ‘34 Lacle Laclede 515 Lautaro Nit 6564, Loew's 6s ex war Lorillard 6s *51 Lorillard 538 '37. . Lorillard 7s '44 Man S 1t 7%5°42. . McCormack 6s'34. . M1d St & O 55°36... Mont Pow 63 '43. Mont P db 5s A '62, Nat Dairy 5% s'48. . Nat Rad 635 '47... - EXpraBioan maw . N 1001 8614 98 " 71 89 93 111 3315 101% 101% 1021 10216 4 104% 104% 104% 104% 4 101 101 20!z 20% Sales. High. Low. Close. 3 109% 109% 109% T 114% 114% 114% N Eng T 1st 53 °'52.. N Y Ed 1st 6%s 41, NY ELH&P 43’49, NY ELH&P 5548 N Y Tel 434539 N Y Tel 6341, . N Y Tel63'49...... Nor Am Ed 51 Nor Am Ed 6148 NorOT& L. $ Nor St Pow 53 A 41 Nor St Pow §s B '41 Pac G & El 5s 42 Pae T&T ref s Paramount 6s *47... Pathe Exch 7s'37 Peoples'Gas 5s..... Phila Co bs '67.... Phila & Read 65 '49.1 Phil Pet 51339, Pillsb F M 6s'43. Por RT am 6s ‘42 Pos Tel & C 5s Pressed St C s "33, Pub Sv G 4348 *70 Pure Ol1 5%s 37, Rem Arms 63 A '37. Rem R'd 6% 8 A 47, Richfi'd O cal 6s 44 Sinel 0 635 B'38. . Sinel O Ts cv A 37, Sinel CrO 63 s'38. . Sinclair P L 58 42, . Skelly Oll 5539, . Solvay Am 5s "4 So P R Sug 75 *41... Sou Bell T&T 5s "41 SW Bell T 65 A ‘54, StOilNJ58'46. ... StOIN Y 414851, Tenn K1 P 65 A *47. Tex Corp cv bs "44 Trans Ol 64s '38. . Utd Drug cv 58 '53., U S Rublst 5847 Utah P& L 58 '44. . Util Pow 5%s°47. .. Warn Br Pic 6s 39, \Warn Quin 6 39 We 3 West Un T 635836, Wh Sew Mch Wick Spen ev Wil-Ov 1st 6145 "33, Wil & Co 1st 6541, YouSt& T 5s 78 Ann Arbor 45 '5: Atchison ad) 4s *95 . Atchisan gen 4 '95. Atchlson cv 4345 48 Atch Ariz 4148 62, . AtCLcol 4 AtCList4 313 .17 T 8 984 9814 9 8% 6 1095 109% 109% 6 107% 1 111 107 110% <15 102% 102% 102% 107% 111 10 104% 10414 104% 11 104 1107 104 107 104 107 2 103% 103% 103% 2 106% 106, 106 . 11 108% 1107 3 101 18 47K 108 107 100% 40 103 107 101 46 105% 105% 105% 14 oL 26 108 9632 106 83 87 88 108 9% 96 102% 95% 106 83 86 ° 88 103 9% 96 102% 98Y 9TU 9T 95% 106 83 87 88 108 929% 9 9% 9N 9N T4 71 73 2 108% 103% 103% 104% 104% 104% 102 102 102 10215 102% 102% 96% 100 51 51 100 96% 100 103% 103% 103% 105 105 106 106% 106% 106% 104% 104% 104% 100% 100% 1005 5 18 10 40 10 6 15 110 8% 91 814 77 & 105 105 110 5 40% 4 18 11 101% 17 109% 80 90 80% % 104% 105 1097 404 18 101 1074 107% 107% 10215 101% 101% 110 100% 100% 100% | 8014 1025 102% 102% 90 808, 76 104% 105 110 401 18 101% 14 100% 100% 100% 29 104% 1041 104% RAILROAD. 4 86% 6 95% 14 981 2 126% 1104 ‘10 94% 94% 94n | 3 97y 23 97T% . 95 101% 14 101% 101% 101% 12 108% 108% 108% Ban & Aroos 4s '51, Bos & Me 55 1955. Bos & Me 55 °67.... Brooklyn Elec 6 Bklyn Elev 613 Bklyn Man 6s '68 Bklyn Un El 58 '50. Bklyn Un 1st 5 BR& Fitt 43s Bush Ter cof 5s Can Nat 4145 '54... Can Nat 414857, Can Nat 4165 "68. Can Nat 4%s ‘7. Cdn Nat 5s July ‘69. Can Nat 5s Oct '69. Can Nar 63 s db * Can Nor 7s deb ‘40 Can Pacific db 4: Can Pac 4%s ‘4 Can Pacific 435 '60 Can Pacific 5s '5. Car Clin & O 6s'52. Cent of Ga 55 C '59. Cent of Ga 5355 '59. Cent Pacific 55 60.. Cen Ry NJ gn 5s 87 Ches Corp 58 47 Ch&Ogn 43;s°9; Ch&O4%sA’93 Ch&O4%sB 95 C&Oconbs'39..., c gen 4s'58. . A%, .. st 111 55 *51 West 45 '59. . & StP4s 89., c c Cl C Ch M St P&P 58 75. Ch M & St P ad) bs. Ch&NW gn 3128’87, Ch & NW 4352037, Ch & NW con 4%s. Chi& N W gen 4% Ch & NW 61536, . ChRI&Prf4s'34. ChR1cv43%s'60 ChRI&P4l Ch TH&SE in Ch Un Sta 43 Ch Un Sta 5s'44. . Ch Un Sta 53 B*63. . Ch Un Sta 615863, C& W Ind 534862 CCC&St L 4% s (E) CCC&StL6s(C). Cin U Ter 41;5'2020 Clev Term s " Clev Term 538’72, Colo & Sou 43535, Colo Sou 434580, .. Con Ry 4% s st'51. . Cuba R R 55’53, Cuba RR 6s ctf ‘36, , Cuba RRrf 7%s 36 Cuba Nor 58 42.. Del & Hud rf 4s *43 D& R Gren 4s'36. . Den& R G W 5s '55. Erie 1st con 4596, , Erie Gen 4s Erle 551967, , Erie 55 197 Fla E Coast 55 '74 Fonda J&G 438 '52. Gr Nor 43577 (E) Gr Nor gen 75 '36. .. Gulf Mobile 5s '50 Hud & M adj 65 57, Hud & M rf 58 '57. . Illinois Cent 4s '51. 111 Cent 4% s '66 11l Cent 45 '53. 11l Cent ref 4s 111 CCStL&N 4338 111 CCStL&N s A Int Rap Tr 55 '66 Int Rap Tr sta 66, Int Rap Tr 6s ‘32 Int Rap Tr 7s ‘32 Int & Gr Nor 6s 52, Int & G N ad 65’52, Int RysCA5s'72, . Kan C FtS&M 4s ‘36 Kan City Sou 3s ‘50 Kan City Sou 5s'50. Kan City Ter 4s '60. Lake Shore 31597 Leh Valcv 4s 2003, Leh Vevat Leh Val 5 L &N unf v L & N 5sB 2003. . L&Nistrfslys. .. Manh Ry 1st 45 '90. Market St 75°40... 1 MER&L4%s Mil 2 Ry & L 5561, M &SL 1st rf 45 '39. M StP&SSM con 4 M St P&SSM 6% M SIPESSM 614s. . MK&TprinsA. Mo Pac gen 48 75. . Mo Pacific 55 A "65. Mo Pacific §s I 77, Mo Pacific 55 G *78. Mo Pacific 53 H ‘80, Mo Pac 5%s cv 49, Mont Tr 1st 55°41.. NCh&StL4s'Ts.. Nassau Elec 45’51, MK & T 15t 45°90. . 1 ‘ent 4145 2013, reim 5s 2013 2z foYcYetot L L ] ‘ent db 68 "35. . LS 0l 3%5°93. & St L 4s"37 C&SLL db 45 ‘31 C&SIL 4%s 78 C&StLEY%NA. C&StL TC&StL NY NH&H 1% 7 iSO ao 7 22272727 32 104 1 105% 105% 105% | 5 110 865 958 9814 125 104 97 97% 100 104 110 86% 953 98% 125 104 97 974y 100% 104 110 8 105% 105% 1051 1 921 5 1034 6 76% 30 78 6 93y 1 95% 2 101 1100 12 100% 2 100 € 105% 105% 105% 924 . 12 102% 102 103 76 77 101 100 100 100 102 103 76 77 - 34 101% 100% 101% 5 104% 104% 104% 93% 93 951 951 | 101 100 100 100 6 105% 105'% 101 4 20 105% 105% 106% 4 118% 1184 11 2 1121, 8 901 23 100 4105, 1 108% 1081 1081, 5 101% 101% 1013 11 104% 104% 104% 3 105% 105% 105% 6 115% 115% 115% | 100% 105% 105% 14 1025 1024 1021 8 1025 102% 102% 1 104% 104% 104% 971 11 100% 3 105% 3 971 2 103% 103'; 1031 | 6 58!y 22 4 17 87 8 101 1 96% 287 56 48% 4 82 43 100 33 98y 10 99y, 39 981 12 97% 5 94 1 103% 1031% 103% 2 105 ;4 105% 105% 105% 1 116% 1161 116k 112 8 9915 105 100 971y 58 73% 86% 101 96% 964 87 47 81% 998, 9815 99% 98% 97 94 105 12 897 7 100% 100% 100% 9% 105 58 74 87 101 4% 82 100 985 20 108! 108 1081 1.109% 109% 109% 9914 98%, 97 94 105 4 104% 104% 1045 8 102% 10214 102% 1 103% 103% 103% 5 1041 10 1073 104 107 104 107 2 110% 110% 1101 16 101% 101% 10114 52 100% 8 1011 100 00 67 6135 70% 47 99% 97 9415 887 835, 9214 934 3 31 100% 100 100 67 6114 04 47y 96% 97 9414 8874 84 93 934 397 341y 100% 9 111% 111% 111% 5 100 22 's4 100 8315 833 | 100 8 101% 101% 101% 3 98 2 101% 101% 101% | 6 90% 98 90% 98 90%; 26 94% 93% 93 4 99 75 89 75 18 67 21 99 9414 4 102 102 11 9 TTH 3 TI% 975 2 106% 2 106, 5 B5% 88 951 1 1001 7 103 10 8 2 91 1 82 4 101% 1 104% 16 81% 3 103 27 10214 3 101% 26 10214 110 1 100 797 15 58% 192 5 100 1994 4 103% 34 97 14 100t 15 103% 6 1091 1107 2 6 987 2 100% 36 98 1 107% iz 71 9T% 80% 103% 5% 10614 106% 55% 947, 100% 103 8 91 82 101% 1044 81 103 102 101% 102 4 107% 100% 97 58% 92 997% 991 108 9674 100 1034 108% 107 83% 9874 100% 9716 107% 7 973 807 104 IN BANKIG Fi Head, Stresses Vital Points in Management. Insistance upon sound.bank manage- ment in all types of banks for the futare well being of the banking industry was stressed in an address by Craig B. Hazlewood, vice) president Pirst Na= tional Bank, Chi~ cago, at the Ameri- can Bankers' Asso- ciation Convention in Cleveland. “Whether we op= erate unit banks, branches or groups sald Mr. Hazlewood, who is a former president of the as- sociation, “we must improve our man= agement. We need , | to fix interest rates scientificatly and this applies both to rates charged and rates id. We must eliminate excess lonnsp:umrd in violation of the banking laws and of good common sense. We must avold capital loans. We must increase our knowledge of costs. We must make each Account pay fts way instead of carrying seven out of ten checking accounts and 40 to 60 per cent of our savings mc- counts at a loss. We must increase emi- ploye efliciency and base salaries on studies of the volume of work per- formed.” Mr. Hazlewood, speaking on the tople “Management—Preface to Conclusion,” ald he was convinced that the imports ance of scientific bank management must be recognized in the operation of every bank in America. He voiced a defence of the unit bank and said it did not follow because unit banks have failed that unit banking is a failure. Sound Unit Banks Succeed. “The record of the American unit | banking system not only proves that & poorly managed unit bank fails,” he added, “but it also proves—a fact we have too frequently forgotten--that & soundly managed unit bank succeeds. I challenge the statement that the unit banking system has failed. It has not failed. It is not the.system, but the management, that needs attention. We may analyze group banking and weigh carefully its possible advantages and disadvantages and we shall find that, 1t can justify itself only as it provides better management. Group, chain and branch banking do not represent any improvement over the unit banking system, unless they provide, at the head office, management ability of a higher » order than would be available in the independent units.” Two obvious weaknesses in bank su- pervision not sufficiently stressed, said Mr. Hazlewood, were the establishment of banks in communities obviously un« able to support a bank and entirely inadequate bank examinations because of inadequate salaries paid to exam= iners. He said that the bank failure record of these last 10 years is, in & measure, a_direct- reflection upon the conduct of bank examinations and upon those who have the power to grant bank charters. Future Banking Trends. In concluding his address, Mr. Hazle~ { wood said he believed “that we shall | witness a continuance of many inde- pendent unit banks, with the develop- ment of larger-sized unit:; that we may advocate the development of local branch banking; that we shall benefit . by the proper extension of group bank~ ing over wide areas, with authority vested in the proper officials to ex< amine and supervise all holding coms | panies, security companies, or invest< ment trusts in’ which either depositors® orl ::’ackhok!er:' money may be in- volved.” Craig B. Hatlewood. INVESTMENT TRUSTS NEW YORK, October 2 (#).—Overs the-counter market: @ Amer Composote Tr Shrs. . Amer Founders 1-70th ctfs. Grum & Foster Inc 8¢ pt Deposited Bank Share Ser Incoroprated Equities Incorporated’ Investors Investment Co of Am Jackson & Curtis Inv As: Mohawk Tnvest _. Natl Industrial Sh'A’ Nor Am Trust Shares. Old Colony Trust Assoc. Selected Am Shares. . Spencer Trask Fund Tnc. ... Super Corp of Am Tr Shrs A Trust Shares of America....... Trustee Standard Oil Shares B. 20th Century Pixed Tr Shrs.... Others unchanged. | Big Askgd Sales. High. NY NH&H v abés. 1 121% NYNH&Heclt6s.. 5 105% NY O&W 1st 45’92, 4 49% NY W&B 415546, . Norf South 55 '41. . Nor & Wn cv 45 '96. Nor Pacific 33 2047, Nor Pacific 45'97.. Nor Pac 4165 2047, Nor Pac 5s D 2047, Nor Pacr 1682047, Ore Short L 5s gtd. Oreg-Wasn 4s'61.. Penn gen 415 '65. . Penn 4%s 63 Penn 4%s ‘70 Penn gen 53 '68 Penna 55 64 Penn 615 '36 PaOh & D 4%s 77, Peqr & E 15t 45°40. Pere Mar 4%s '80. . Pere M 1st 58 °'56... PCC&StL5SB.. P&WV4iLsB . |P& W Vd4lksC 60, Philinpine RR 4s. Port Rv L&P 6547, | Por R L&P 734346 Read zen 4145 A *97 Readinz 4145 B Read Jer ("en 43 ‘51 RIAr& L 4%s 34, StLIrMnts StL IM R&G 4s L&SFindsA . Low Close. 121% 121% 105% 105% 49 1% 52 3 9% 44 T0% 96% 101% 1061 108% 1027 i IStL&SFakn 18] 981 1064 106% 5574 95 100% 103 8 91 82 101% | 104% 814 103 1021 1017 1024 107% 100% 97 5874 92 997 99% 103 97 100 103% 108%% 107 987 100% 97% 1070, 7 102% 1024 10214 22 102% .26 9TH 102 7 102% 7% | SILS 7 416578 w.y St L &SF r In % B ISELS W 1st 4s 89, SULSWoevds® IstLs wens2.. |stP&KCSL4igs. |SanA & APds | Seab A Lrf 4x’en Seab A'L cv 63 1 Seab AN'FI 63 A 35 Sou Pac col 4s 4 Sou Pac ref 4s " Sou Pac 4 i | Sou P41s"69 ww.. { Sou P& or 4yn 71, Sou Rwy gen is . Sou Rwv hs 94 . | 8ou Rwy 61%s 56 | Term As St L 4s 52 | Tex & I 18t 55 2000, Tex & Pac 5 C'79. . Third Av adi 6560 Third Ave ret Tol St L& W 45 Ulst & De 5s ctf Un Pac 1st 45 Union Pac Un Pac4%s Va Ry 15t 63 '62 va Ry & Pow 58 '34 VaSWevhs 58, Wahash 4% s 78 Wahash 1sf 58739, Wabash 2d 553 Wabash 53 D '80. ., Wabash 5% s ‘75 West Md 4s '52. West Md 53877, West Pac 68 41 WilksB & E 1st bs. . 1001, 100% 1023, 318 b2 943 71 991 93% 8 101 34 109 510214 981 101 108% 10214 90% 9284 1043 102 100% 1044 8714 1021 102 99 99 LA 1 20 101 7 104% 11 87% 37 102% 8 99% 6 5TW