Evening Star Newspaper, November 26, 1930, Page 14

FINANCIAL NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. GIFFORD HOPEFLL | FOR TRADE FUTURE A. T. & T. President Foresees l Long Period of Pros- ~perity in U. S. Special Dispatch to The Star. NEW YORK, November 26—In the leg:rh ) his the United States is “about to enter a period. of prosperity, the like of which u try has ever seen before; a new big business working for the ful- nument ol m social obligations; & new to work out what we ave plenty to | around. L""‘é;,.’& ot 8 epmening or wi ! iness today. That business. n is the spirit of nrvice which will luvethe!flecto mlk.\n(whlt'oelon hgt“y infini itesimal compared wi 15-to.be in the next 50 years.” And that statement is worth think- over. Conference Urged. Anouur business leader, J. D. Mooney, Export , and its relation to this country. Call such a conference, let America dp-!e wholeheartedly, and abide mulu vhlch are warked out at the confere his suggestiol “No utlm can sit back In 1isola- tlon" Mr Mooney thinks, “and look sidelines on the world’s: fiwbk for sooner or later every nation | is affected. Only by co-operating with mp. ILIQ pu'lo‘l:‘e waolve not M.Il ms pn;bmbleml confro; m’:flm the Unlud States as well.” Thinks Worst Is Over. John E. Edgerton, dent of the Association of Manufacturers, those business men who be- present basically due to the forces which were by the Great War. So far as nerally.” '!“we are nearer real :uhmuuon thln since then,” sa; “If all the people, ducers and consumers, will demmlmh their faith in iversify, as e by Cambridge University, Eng- Much of his time has boen ‘England in recent country estate at Aldenhun official figures of the United States Doplflmenl of Commerce at the end of $1,960,320,000 Europe 1383753000 | the 1 Cuba and the West Indies. 1,053,751,000 Mexico and Central Amer- ica. 917,003,000 Asia . . 394,540,000 Australia and New Zealand 149,154,000 Africa 102,229,000 Total.coeerssenanaass's . $7,477,785,000 North and South America together have over 70 per cent of the total. Can- ads has more than double that of any uhzr country. The United States today has twice s much money invested abroad as Great Britain. And is investing in for- countries about three times as much annually as any other nation in ing the world today. These figures look huge and very fmpressive now. But 25 years from now they will lookmll and m-uuly in- 1990 by Maeth Amgrices News- (oalrfllhh IM 7 i s OCTOBER AUTOMOBILE OUTPUT AT LOW LEVEL |2 (Continued From Page 13.) Dividond Rate. ml; Hish. Low. Missour! Pacific. Missouri .Pac of (§).. Mohawk Carpet ... Monsanto Ch (g1 u). S Motor Products (2) Motor Wheel (3).... Murray (B)(2% stk) 20 Nash Motors (4). Nat Lead (48). 2 Nat Lead pf (A} (T). 1908 Nat Pow & Lt (1)... Nat Steel (2). . Nat Supply pf (1) Nat Surety (5). Hasives 1) er Bros (1.60) Nnvnd- Copper (1). N Y Steam ist pf (1) 1008 Norfolk & Southern. Norfolk&West (112) North Am Aviation Nor Am (b10%stk) Northern Pacifie (5 North % Norwalk Tire & Rub. Oh10 041 Co (2)..... Oliver Farm Equip. Oliv F' Eq pf A (6). Pacific Gas & Bl (2). Pacific Lighting (3). Pacific Tel & Tel (7). 208 Packard Motor (60c) 42 lO'l‘A Pl.rlm ot l;ublll Patino Mine Phnick&Ford Penney (J C) 3) PROPHWV - J ll% 64% 6T 1% 36% 264 v 19% 2% 56 80 12 6% 326 164% flh uu 445 16% 33 2% o e SRl bl Phillips Petrol hilip Morris&Cot1) Plerce-Arrow A (2). Pittsburgh Coal. .. Pitts Terminal Coal. Pittsburgh Unit Cory PR Am Tob A (3%). PR Am Tob (B).... Postal Tel & C pf (1) Pratrie Oll & Gas (2) Prairie Pipe L (18).. IRt TH TSI T ST Pub SvE &G pf (§). Pullman Corp (4). . Kadio ,mn-xmn-orua. bestos Man360. - 6 T4 a-ularl-fl‘)« 3 n-unnu)..,... , 12 8 Reis (R) & Co18¢ BE.11008 . Reny Rand (1.60).... 37 84 Rem-Randistpfe¢?) 1 Ronsselaer & S4r.(3) 10 ). Reynolds Tob A (3). lo- Reynolds Tob B (3) Richfleld O11. 8t L-San Fran pf 8t L Southwestern St L Southwesternpt r Sharon Steel Hoop. . Shattuck(FG) (11%) Shell Union OAl...... Snell Un O11 pf (53) Shubert Theate: Stmmons Co. .. SinelairCon Ol (1) Skelly Ofl (2). . Skelly Ofl pf (§) . 10:30 AM 1:30 P M. . yDiridend rates as 4Unit of tadh A Jesular n’r’fu‘: 2% o ns 14% 1n ® Stand Comm Tob, StandG&E (3%) Stand G& E pf (4).. Stand Invest Corp. . Stand O11,.Cali(h2%). Stand O1l of Kan (3) Stand Dilof NJ (13) Stand Ol N Y (1.60). Starrett (L 8)(12%) Sterling Seo (A).... Ster! Sec pf (1.20)... I Sec cv pf (3)... ewart-Warner (3). Stone & Webster (4). Studebaker Corp (3). Submarine Boat. Sun Ofl (1) Sun Ol pf (6) Superior 011 Superior Steel...... Symington (A). Telautograph (11.40) Tenn Cop& Ch (1).. Texas Corp (3).. ulf Sulph (4).. & Pacific (5).. PCca&on,. Pac Land Tr.. The Fair (2,40)..... The Fair pf (1)..... Thermold Co. Thompson Pr ( Thompson Starrett. , Tnomvl;-sur pf (3%4) Det Ax (80¢) Uniy Pipe & Rad. Ut Pwr&Lt A 12.15. % Vadasco Sales Corp. . Vanadium Corp (3). Va-Car Chem. . Va-Car Chem 6% pl’. Vulean Det (4). Warren Fdy & P (; Wess Oil & Snow (2). ‘Wess O & Bn pf (4)., West Penn El pf (8). West Penn El pf (7). West Penn Pw pf (6) Western Dairy A (4) Weatern Md. .. E& Mot (5)., Weston El Instr (1), tvaco Chlor (2).. White Motors (2)..,.. Wh Rock M 8 (1434). Wilcoz O1l & Gas. Worthing: Wrigley (Wm) [t Yellow Truck....... Youngs Spring (3).. 2% Zenith Radlo........ 2 3 3 I8 Sales of Stocks on New York bf:" .m ulharltofll ':m 15 Stoek and Bales— Dividend Rate. - Add 00. High. Solvay Am prww § Sy v Southern Cal B4 (2). Southern Pacife (6). :§..¢,,==....=..::.=...=...s...§__,...... r As (80¢) As pt (8) Ol (pf (5). PS<TN ISP T IR ST PR 8 = @ Twin City R T ot (1) Und-Ell-Fischer (8). Union Oil, Calif (fl) Union Pacific (10)... Un Tank Car (1.60). BoalBormen & T BT R TP Y=L TSR eI 2 0w Sandus 2aSuan paSam au H % S8 narmne T Bennnmnn 1 11 10 208 3 3* Excbange 12:00 Noen 2:10 P.M at .1.".':15??,"».“..!: s Shares. |-u % 1; '% in lak‘n k“;'le PPits $1:00 T prefocsa S 329.600 1,13 }00 B =i FEDERAL RESERVE BANK ACTS AS GOLD STANDARD CHAMPION BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK] ’;w'mmld”bh—‘d‘lr‘eg the long struggle for a n had been won Americal fidnfl lead- nbennwmelurlythnnuut two serious weaknesses stood out in their banking system—currency inelas- ticity and deposit inelasticity. ‘The volume of money was based upon the volume of Government bonds out- standing, ot upon the needs of indus- try. Thus periods of inflation were fol- lowed by periods of deflation, and no adjustments of the volume of currency in circulation to the needs of industry could be scientifically carried out. It was an awkward, senseless system. ‘Today one may smile at the thought of basing the volume of currency upon the amount of Government bonds outstand- The inelasticity ofsthe volume of money was s fundamental and far- reaching source of trouble. The 19907 Panle. um of the reserves of the ‘m gotten together nulcll eoula not be umu n( emergency. They woul main frozen and umnlhhlo !or other parts of the country. This inelasticity o!depo-lubrou‘ it the erisis quickly to Tb! 1907 panic brought this out foreibly. Call loans advanced as high uloperunt,umnbove:lpneem on days. Bapks falled. The ‘nlehw Trust Co. of Aldrich, Rhode Island, an exhaustive study extending over several years was made. In 1912 Senator Aldrich sub- mitted his report and his recommend- ations t Congress. He asked for a central bank of issue with power of note issue, based on an elastic system. But Congresiturned down the plan be- cause iis marhmzry ‘was thought too | concentrated and not democratic enough. Federal Reserve Act. When tre Wilson administration eu'ne into wnr one of its first steps Mmfi nct of 1913, ich npruenkd as -Prof. Beard, in hir “Rise of American Civ- {lization,” said, “the union of Jack- sonian hope and financial propriety.” ‘This mcasure created the serve Board consisting ! of u\en mem- bers, including the of ‘Treasury, the controller of t.he cumncy the Pederal Reserve | ing el-oflcm and five others nominated by | trade. Whether or not the Federal Reserve | Re! ident. The country was divided the Presi into 12 Pederal Reserve districts and the 12 Federal Reserve cities selected at that time were Boston, New York, Phil- adelphia, Cleveland, Richmond, Mlnnu Chlclg)- 8t. Louls, )llnu-po is, Kansa: 01'7. llnl lnd San Prancisco. bllc 'l'hl dop:gt d“: w‘?‘nh ul are people’s gmy are hn’km‘ banks. ey receive deposits, muke rediscounts and hold re- serves for member banks. All national banks are compelled to become mem- bers, and State have every oppor- tunity to join the system. The most Important fuuction of lhe Pederal Reserve Banks, according to the Federal Reserve Act, is t “furnish an elastic currency.” Federal Reserve notes, guaranteed by the Government, are issued by the 12 PFecera! Reserve Banks and secured by m:hn:l’:l;l paper In| of a character defined Any smount of Reserve motes can be jesued, but they must be protected by-«lpfioen gold resetve, which provision, however, can be modified if uoe-nry but in that eue a notes outstanding makes |-ua unprofitable. Value of Reserve Bank. Now for the Federal Reserve system A G the brakes whes ‘moved -teo er- fast, and moved llo'w up“;{‘m:".th‘:::’: 3‘ - ',wm: 'orm flnuwe much_more Laurence - Laughlin, forme fessor of flmne':' at the um::.’, Chlmo‘ thus summarized the de old system whlch the Federal Reserve to o ystem “was supposed An inelastic bank note c¢f an even more dmnmsxykfigm system, flective Supplies. of gold & e ot | serves and lack of co-operati .n‘m by banks in times of o stress, reserve system which induced State banks and trust camlunl: dz- & commercial business, but in dif- ferent systems; an independent Treas- ury divorced from the money market, | in | which Imperiled bank reserves i times En :kl“dmullllu '.\!!.Gflflhof idle funds to loan mat el Il;‘et, where they helped American Mnkmfi facilities in other countries to aid United States foreign | bas been able in'its 16 years to _correct all defects in the old system, it has ac- complished wonders in mobilizing credit ! \, Mech i and reserves in s s | complished. young claim perfection in the results so far | and the want of Mar '.fl never before ac- | wm-:'r‘fa h{hm .xJ [ It 1s in expe- | *Ex dividen Its officers would be the last to g, Aoans clma. BONDS ARE LOWER ON SHARP SELLING Lists Affected by Steady Liquidation. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW. YORK, November 26.—Liquida- tion snd pronounced weakness in sev- eral groups of domestic and !oniln bonds developed today. The grade the semi-s) list, new The ing with & holiday character to the market. Declines of 'a point or more took place on a turnover of a few bonds. The narrowness ‘of the market exaggerated its evidence of weakness. However, dealers said that there were more bonds pressing for sale and they were at & loss to explain the heaviness of some of 1, | the best protected issues. This was reflected In fractional de- clines in some of the first mortgage raflroad obligations and in s more pro- nounced way in second grade lssues, M|where the declines reached a point or more. Conspicuously heavy in the latter group w:re issues like 'Frisco lor lien 4s, Missouri Pacific 4s, Rock land 4%s, Western Maryland 4s and Erie 4 and 5 per cent loans. Going 14 | further down the scale, St. Paul adjust- ments were quoted 13 points under the previous closing and wlmn a fraction of their K!:nflom low of 32Y%. All of th: Alleg] tion issues were soft. The moratorium talk coming from Germany and some defection in the coalition government brought ‘out another wave of selling in German issues. Ome transaction on a delayed delivery basis in German government 78 was made under par. The 5%s. which touched 72 on Tuesday and closed at 71%, declined a point. There were losses of 2 points in German Agri- cultural Bank 6s and 7s and fractional losses in the Prussian loans. Holders of the Young loan are wait- ing patiently for some evidence that sponsors of this loan are enough inter- ested in them at least to mput publicly the statements as to the exemption of | this loan from trouble in the event of { the revision of the Young pisn which were made when the loan was sold by them at 90 last June. Weakness also cropped out in Italian, Peruvian, Bolivian, Serblan and Polish An issue of $14,000,000 Northern In- diana Power 4158 at 92 is to be offered Friday. The transaction by which New York City borrowed $60,000,000 for three and six months at 2%, per cent illustrates the enormous amount of funds available for short-term invest- ment at the present time, SALES. Ans. & Pot. R. R. 5s Wash. &t&u—‘mnlm Capital Traction Co. Fed.-Amer. Co. com.—10 at 29%. Mergenthaier Linotype—10 at , 25 at 8015, § at 89%. N‘ F . & Inv. Dld.—loo at 5, 300 CANCELLATION. of yesterday, Wash. Ses, te— n 000 3¢ 103, was ordered canceied. NOTICE. This_Exc] will be closed tomor- Thanksgiving day. -3 i ¥+ 23322,,333223228352; & F isggle 283 el e B Pot. Power. Wash. f-y com. Wath. Rwy. & Hec pia Gapitar ) gt‘l.nntlcul (stamped) "(i0) nd (9 Washington (i3} UST COMPANY. Trust Co. (18) 388 Both Domeshc and Foreign; ANC T BONDS ] UNITED STATES. (Bales are in $1.000.) U| ll-. Low. 64 10128 10126 10128 1032 10231 1082 Liboth ¢xs U u USeKs .. ib lMW FOREIGN. Sales. Argentine$%s'e2. 8§ Argentine May'$1. § Argentine s Ju sy 6 Argentine 63 Oc ‘59 25 Argentine 6s A '57. 17 Argentine 6s B8, 10 33 16 5 84% glum ¢ i Belgtum §3%8 Colombia u Jan'8 Con Pow Japan 7s. Copenhag 4 SAVINGS BANK. Bank of xlh-d- « rm. ¢ l- omac Sec. Bav. Seventh nm: uz; United States Wash' Mecnanics (30 PIRE INSURANCE. American (13) s Na Uni | Columbia (eh) . Real Estate ( 4 | porver & ghevy &, Dllv‘ nlg . &b Bnd®s Biamelom: 55§=_E:ts * 3 S8.u88.3.82 attained. Mistakes . of palicy the Ped-| 1% extr 3 % eral Reserve has made. hardly a student of banking anywhere in the world who does not believe the system has been of inestimable service to American business and banki) The Federal Reserve System stands But_there is el NEW YORK BANK STOCKS NEW YORK, November 26 (#).— today beside the Bank of England and = Over-the-counter market. the Bank of France as the greatest champion of the gold standard in the | orld. (enwmm 1920, by North American News- paper Alli . METAL MARKET. m YOH‘. NOV!BIW 26 (&) u'flnem St. Annmnny. 7.2, popriariy fe— America ... Bk of U 8 Units. ase Manutachurers " "rm-"'“"-'m e T Dateh East1 Nov. Fiat 7s ex war " @elsenkirchen German % ‘65. German Bank §; German %8s German 7s rep % Jugos] Bank 7s '" Karstadt | Washington Stock Exchange| Xsrsias orway i MISCELLANEOUS. AbIUDI P& P s; Gen Motors Gen P Sv 548 3! Gen Thea Eq 65 4 Geodrich ev Int Hydra El6s 44 int Match 68 McKes&Ro 51550 Midvale Steel 55'3¢ Mont Pow 68743, . Mont P ab 68 A 6. Mor & Co 18t 4%s. Nat Dairy $%°48. NatRad 6348 475 85 ln lol 25 108 25 10326 30 106 30 !!0 108 30 31139 1139 1139 High. Low. Close. 9uu 3 % 8% 87% 88% 94% 101% 108 111% 108% 108% 50% 48% 811 944 100% 106% 82 81% 8714 120% 126% 9% MUY 83 9% 204 103% 80 92 106 108 102% 105% 1064 103 90! 101% 103% 139% 106% 110% 102% 104% 100% % 108% 106% 34 94% 87% 1024 103 43 40 95 102% .95 73 69 % 100% 89 101% 102% % 105% 101% 26 97% 9%y 97% 100% 8 65 - 8% 9% 85% 102 102% 103% 103% 59% 104% 121 80w’ 29% 1% w. Closs. unv. 107T% 114% ll‘K 105% 106% 102% 102% 103% 103% 102% 102% Phila & Read Phil Pet 5y s Por RTam Pub Sv G 4%, Pun Aleg 8ug 78 '8’ Pure Ofl 5%8°37... Rem R'a 6348 A '41 Richfi'd O cal 63 ¢4 Shell Un O11 5: Sinci 0 S s Sincl O Tscv A 100 100 8incl Cr O b%s 101% 101% Sinelair P L 5 100 100 Skelly O11 6%s 39 82 82 104% 104% 105% 106% 841 9 Sug EaOr 78 42. Tenn Copper 68 '41. Tenn k1 P 68 A 47, Tex Corp ev Trans Ofl 6343 '38. Utd Drug cv.ba '3 U S Rublst 58 ‘47 Utah P& L bs. Utll Pwr 5859 w Utll Pow 6% 47.. 100'4 100% 109% 109% 97 97 2% 2% 9% 994 . 1% 80% 80% 69" % 53% 104% 104% 1021 1024 YouSt&Tss RAILROAD. 5 33 97w 7 119% 102% 102% 97 97 119% 119% 101% 101% MU 9% Atchison gen Atch'on ev 4% s *41 AtCL4%u'64. B&O4s'es ev l%l'll.. CV 101% B&O B&O B&O B&O B&O B& 1 B&0 Swndy 58’50 3 102% Bos & Me b3 1955 Bos & Me b3 '67 Brooklyn Elec 6s. . zu Bklyn Ele Bklyn Man Bklyn Un E 5 Bklyn Un 18 103% 103% 88% 88k 87% 8T8 9% 9N 9 99 9% 994 04% 104% 104% 101% 101% 10435 105 i 104% 104% 100% 100% N 1U% 89 894 101% 101% 98% 98Y% T 80% Bush Terconfs'sé 1 9% Can Nat4%s'$7... 1 904 Zan Nat ¢%8 Cl-.. H ”h Can Pac 4% 21 Can Pacific 4345’60 105 Can Pac 58 ctfs ‘44. m mm 102% 103% Can Pacific 5s 108 108 10’:!( 1024 ChiNW, 4%sC 10" 27 9!\6 N% w 8815 6108 6 99 2% 9% 7% 76 52 1 88 88 88 Slcn miian. $he 51004 100% 1004 CCCaSt L 4348 (B) 27 100% 99% 99 .. 40 10214 101% 101% 7 25101 101 101 101% 101% 5 105% 105% 105% 18 101% 101% 101% Colo Sou 4%48°80., 10 96% 96% 96% Cuba RRS8'S2.... 7T Cuba RRrf7%#¥36 4 Cuba Nor 5% 43.. 6 Del & Hud rt, 23999999 AERRERR 2 ‘N&T & M 58 8% % 81 80% 9 38 32, 3 29 29 15 106% 106% 106% 2 111% 111% 111% 1 97% 974w 97% "n (E) 35 97% 96 96 1 95% 95%, 95% 3 109% 109% 109% . 11 111% 111% 111% B4y 54% 33% 34 7% 15 99% 100 87% 87T% 89% 89% Erle ou 195, Fla E Coast 68°74. Fond J&G 4% Gr Trs fdb Gr Trunk 1s Hav EI Ry 6% Hud & M ad) b Hud & Mrt6s 111 Cent 48 ‘53. 111 Cent 6865 111 CCSIL&N ¢%s. 111 CCStL&N Int Rap Tr b: Int Rap Tr sta Int Rap Tr 78 Int & Gr Nor Int& G Nad %78 IntRyCA6%s47 1 78% Kan CFtS&M 45736 3 9% Kan City Sou3s50 10 80 Kan City Sou bs ‘50 10 W\fi 1 99% Kan City Ter, ¢ 93% 934 Lake Shors 1.. 2 100% 100% 100 Leh V ev 2008 9 100% 100% 100% Long Tl db 5s°81.. 16 100k 100% 100% Long Ist deb 58 °3¢. 1 100% 100% 100% Long lsidb 5s°37.. 5 100} 100% 100% L&N 4%s 2003, 10 100% 99% 991 L&NbsB2003.,. Msnh Ry 1 Mich Cent 4% Mil B Ry & L 6861 26 101% 101 M StP&SSM con M StP&SSM M StP&SSM MK&Tds MK&T st z sm \su sm MK&Tpriné 6 1021 1013 101% MEK&Tad 58’67, 4 914 91%. 91k Mo Pac gen 4 105 72% 710 2% Mo Pacific bs L4 98% 98 98% Mo Pacific5s F*17. 30 973 97T 974 Mo Pacific 78, 1 9% 9T% 9TH Mo Pacific 58 H'80 14 975 96% 96% Mo Pacbi%scv'dd. 20 98% 973 97 9% b b4% b54% 54% 8 105% 105% 105% S . Il 101% lOIK wm i, Mont Tristbs 41. 2 98% 98% 98% NCh&StL4s 10 98 98 923 Nassau Elec 48°61. 5 521 524 524 B4. 11 90% 90% 90% 1 99% 99% 99% 95 2 100% 100% 100% 18 101% 100% 100% 9 106% 106 106% l 107% 107 107% 83% 83% 83% 98% 99 lLl’tl"ll 11 87% 87% &StL6%sB 11 107% 7% NTC&StLAs'32 8 100%100% 100% NYNH&H s 8 82% 82% NINB&H4Bs'ST 9 92 9”2 4 R Va Ry 1st 65 '62. Va Ry & Pow b 1AL. BUSINESS OUTLOOK. . MORE FAVURAB[E January W|II Witness Marked _ Signs of Real Recovery, Survey Asserts. Encouraging news for better times is contained in the survey of business prospects printed in today's lssue of the Pinancial World. X “Comparative freedom from serious industrial disputes marks an importatit' . @ difference in the present business de- * pression from those of formet years and' should be an important factor in alding trade recovery,” reads the article. *“Adherence of the country to fts high* '~ standard of living is also & very hVM-‘ able factor, and although buying 'Ilc past year has been below 'm » be regarded as normal, the very main~ tenance of those high standards is an. ° indication that a substantial amount of wn:num. pow!r wnu be released upon ; a resumption of the upward trend ©Recent impro il - vement in T prices and concerted efforts toward thlll’:y in steel prices are important in them- * selves, b\l!mull-:m'emb.vq favorable psychological factogs. Exami- nation of conditions ln 1921 diflcla.u the :;1“ that :drh'; of steel and per prices marl e beginning of definite upward trend of lm“t:l busi- ness as well as of security prices. Auto Outlook Improves. ‘Good news continues to come from the automobile industry, which in re- cent weeks has been sho less. the usual seasonal decllnu in produc- tion. Latest figures, moreover, reflect & return to regular production uhedul- ¢ orh: n&.:whm mlflnlfl in a week when there is normally a sharp. sonal decline in oul y al ?5‘5.?“_5 in line sonal expectations, and latter factor are for a cluded election day. Definite Turn in January. “Recent bank failures in the Souf and Middle West have been too nu- merous to be W a8 being of no importance and can hardly help having > 5§} some adverse effects upon the J depressed conditions in the territories P o e, S R these failures- will' be felt fi\nhee“md i and they shoul ‘ma-’ ¢ uflafly-flmmemnflb\l&n&ufifi.fi-- tion of the entire country. > “Little gain in the level of general in- dwmflwuhmm the balance of the year, wt January should see marked of improve- ment which, in turn, be acceler- ated with the coming of Spring.” INVESTMENT TRUSTS NEW YORK, November ' 28 —_ Over-the-counter market a» & 107% 1075 | .99 | Sales. High. Low. NY NH&H av db s NY NH & H clt 6s. 1 NY O&W 1st 4593 NY W&B 4%8°46. . Nor & Wn'cy 4898 Nor Pacifl 38 2047 472 Nor Pacific 4s NorPac ¢ Nor Pacr 1682047, QresuortL Sagtd: § 108 1 9% 98 1083 102 984 Pere M 15t 48’56 Pere Mar 4348 8 Pere M 1st b Pnilippine RR PCCAStLS Seleare - Read gen 4348 A'97 S Erwn? Sa ‘Term As StL 68 "44 ‘Tex & P 15t 68 2000 Third Av ref 4 Third Av adi TolStL& W 'qt Sh 1st 48 2. “mfl“ 36, 83l nnuwd o8 GBa i~ 5