Evening Star Newspaper, February 26, 1931, Page 14

‘A_14 ehe 'FINANCIAL. ‘'THE' EVENING STAR, WASHINGTON, D. C, THURSDAY. FEBRUARY 26, 1931, FINANCIAL BUSINESS PROGRAM URGED FOR BRITAIN Sir Oswald Mosley Suggests Cancellation of War Debts 1 as First Proposal. BY JOHN F. SINCLAIR. Bpecial Digpatch to The Star. NEW YORK, February 26.—Sir Os- wald Mosley, the intellectual and weal- thy left- bor party, has announced his program for dealing with the business and po- litical life of Great Britain. It has caused a new sensation in the smug little istands. Sir Oswald lays down four proposi- tions, which deal with the future of the British empire. Here they are: I. Great Britain to cancel all her war debts, providing the United States does the same. Establish a_“directorial”_cabinet ve or six men. and scrap the pres- " Parbaments of ent “cumbersbme cabinct.’ are old and useless. 3. Protect the home market and ar- range for an ecorfomic partnership, with each of her dominions and coionies. 4. Force industrial mobilization of all national capital and technical re- sources, create new employment, and abolish the dole. Upon this_platform, Sir Oswald, his wife, Lady Cynthia Mosley. and three other members of the Parliaient, in- cluding Oliver Baldwin, the Socialist son of the former Conservative prime minister, have aiready voted to with- draw from the Labor party and estab- lish themselves as a separate political entity. Whether he succeeds or not in this sensational departure from constitu- tional government, Sir Oswold Mosley has started something that is likely to be controversial fcr months. China’s Cigarette Consumption. China is a big cigarette-smoking country. It consumes about 60,000,- 000,000 cigarettes a year. During the last few years China im- ported about 9.000,000,000 cigarettes, the bulk of which came from the United States. It also imported most of the leaf tobacco with which it man- ufactures its own cigarettes from the United States. In 1928 leaf tobacco imports totaled 144,000,000 pounds, of which 93 per cent was from the United States. In 1929 the 123.000,000 pounds. Shanghai is the chief production center, manufacturing about 60 per cent of the total produced in China. There are three large foreign-owned | factories, and fully three-score medium and small Chinese factories, according to information supplied by the United States Department of Commerce. Foreigners produce about 70 per cent of the cigarettes. R. Schaddelee of Chicago. United Light & Power executive, when asked by the Sherman Corporation what he thinks is a real cure for depression, sala: 1f a Yeal and permanent cure for business depression is to be found, the Jeaders. managers and operators of our industrial and business affairs will have to change their direction and tactics and devote 90 per cent of their time, efforts and intelligence toward increas- ing the purchasing power of the peo- ple—first, to catch up with the present productive capacity, and, second, to keep it in line for the future.” This Chicago executive thinks it is chasing rainbows to spend in any one year the income received from two to three years. Such action is delusion and a ‘snare. “To buy in two years what it will take one four years to pay for means that in the last two years one will buy very little.” Bank Loans. I. J. Fairchild of Washington, chief of the division of trade standards of t'.e National Bureau of Standards, gives another angle to the business situation. He points out that many bankers, through fear, have lost their better Judgment in the handling of loans. “Undue conservatism on the part of banks in making loans in times of de- pression has a profound and cumulative deterrent effect on business men, who naturally are guided to a large extent in financial matters by the actions of their bankers and who retrench, even when they might buy stocks of goods were it not for the reactionary views of the bankers.” One physician in a Middle Western city told the writer of his experience in recent months. He has a large practice, and is known in his profession as one of its leaders. Collections beihg slow, two w-eks ago, he attempted to borrow a few thousand dollars at the bank where he has done business for many years. Not having liquid assets of the kind the bank wished for collateral, th> loan was re- | fused. Yet he had borrowed many times on the same collateral in Dls!l years. Apparently security. not character, is the basis of loan-making with that particular bank. which happens to be ® very powerful bank in its community. Anti-Trust Law Revision. B. A. Rowe, president of the W. T. Grant Co., sees in the revision of the anti-trust laws one of the pressing needs of today. But dertake such revision “under more normal business conditions.” While Mr. Rowe inclines to the belief | that wage rates will continue to be ad- Jjusted slightly downward to correspond 10 the decreased cost of living, it should | be “the last resort,” because every re- duction decreases purchasing power. “There seems to be a general opinion that some retailers have endeavored to improve the quality of their merchan- dise, hoping thereby to maintain both the 1929 price levels and business vol- ume.” This is a mistake. he thinks. The vast majority of retailers applying such principles “are making a losing fight (Copyright. 1931. by North American News Daper Alliance.) D|V|DENBS DECLARED NEW YORK, Pebruary 26 () Regular Pe- Hidrs. ot Company e. riod record. v_(Daven- pt A. 31 2 pt A ext 8% Feo Motor Can(40c). 10 R4 8, 83 Zenith Radio ¢ & Dyt 12 Repubhic Steel 24 SHTS—EXP Amer Can pf /.31 2945 Republic Steel pf... a8y - S o NNIKE A Bob ser pi. 319 3 74 Revere Copper & Br . ot 2 2 PacGas&El.Marll 58 2% 2% 2 21 Bilawin Rup A 37 20 30 11% Reynolds Metals (2) 195 20 Sales of Stocks on New York Exchange. Borion Woven Hoie 2| 75% 70 Keynolds Tob A (3). T4 T3k | 10:30 AM 700.000 12:00 Noon. . 2,000 000 | Cen St Pl n; 21 4 ; ynolds Tob B (3). 4T 1:3¢ P.M........ 2900,000 2:10 P.M <. 3300000 | Gen Stat Uil p i { ’ 4 i 4 2] " Dividend rates as given in the above tabl, the annual cas Contin_Diam Fib. 25 i % a3 S Unit of trading less than 100 shares. 1Partly exira. - :Pius 4's Fam Players Can. 50c 5 16 Rossia fnsur (2 20) . 7 M1, | 10 flock. iPavable in scrip. {Plus 9% in stock. a Paid last vear e & W Co 3128 T104 378 1 ki o 241 - vegular rate. bPavable in stock. d Payvable when earned. | g:nl‘fl‘P ’:KMI e 54 37% Royal Dy h m1.3404 ® 40 'ayable in cash or stock. fPlus 8 .in stock. & Plus 6% n Homs Con O1 Ltd. 30c B 38% Safeway Stores (5). b3 9% 59% ck. hPlus 2% in stock. k Plus 37 In stock. m Paid this year Lindsay Light 170.¢ 0 Nrt Brewer Lid 40c 16 Do »of + & B Axxn#vl $1.37: $% Bl s....cii; 908 ST Do 6% pf $1.50 Btarrett Cor pf T8¢ © 00 DOOODD DOOOOO O OOOOD OOOO’ LOOOO POZOL. © t. & Clothier & 'b;fl,dl! s United Corp pf. 8¢ ‘Warner Co oo S0 Elu h3 Armst Y';ll ‘ts:;lk 28¢ 3 'Bl 5178 Monsan Ch_ Wk. 31%¢ Pipe Line . s Extra. Pt Worth Stk Yds..$2 . Becur, Trust (Ind)..$5 @ nereased. Extiogu..35¢ Q Mar. ng leader of the British La-| volume dropped to about | he questions | whether it would not be better to un-| Feb, 34 is used v NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. ~Prev. 1931 Stock and Sales— Prey , il e ) High. Low. Dividend Rate. Add 00. High. Low. Close. Close. ~Prev. 1931~ Stock and Sales— Prev 86 Safeway pf (6). 954 95l Hifh. Lov. Dividend Ra Add 00. High. Low. Close. Closs. | 24% St Joseph I (2 274 #6% 774 Lambert Co ($) 10 85 831 A3y 84 | 43 St L-San Fran (8). 17% ‘11 LaneBryant(1).... 1 13 13 13 13%| 63% St L-San Fran pf (6) 18% 13% Leh PortCmt(1)..4 1 18 1R 18 18%| 23 StL Southwestern.. 614 Leh Valley Coal. .. 3 6 6% 61 6% 13 Savage Arms (2).... 20 Leh Val Coal pf (3) 1 20 20 21 Schulte Retail Str | 54 Lehman Corp (3). 9 68N £6% Seaboard Air Line 24 Lehn & Fink (3) 2 32 a2k eab Alr Line pf. 11% Lib Ow Ford Glas: 3 14m 1414 615 Seagrave (60c)...... 87 Liggett & Myer (t5). 9 89 91 44’4 Sears Roebuck 12%. 83 Livg & Myers B (15) 6 897 891 A1y Second 23% Lima Locomot (m2). 3 30t Second 28% Link Belt (2.40) g | 41% Liauid Carbonic (4). 4 45% Loew's Inc (3) 41 28 EoOTtING...cous.ss X 43% Loose-Wiles (12.70). 5 11% Lorillard (F) Co 68 81 Lorillard (P) pf (7). 1 27 LouG&EA (1%).. 36 9014 Louis & Nash (7)... 11 Ludlum Steel. 19 MacAn & For (2.4 34 McCrory A «2) 28 McGraw-Hill ( 20% Meclntyre Pore M (1) T1% McKeesp T P (143%). 13 McKesson & Rob (1) 19 31 McKes&Robpf(313) 12 7 McLellan Stores. ... 85% Mack Trucks (4). 83 Macy & Co (nt3). 20% Magma Copper (3).. 15 Manati Sugar....... 208 32% Man Elev mod g (45) 10 7% Manhat Shirt (1). 4 214 Maracaibo Oil Exp.. 17 19% Marine Mid (1.20) 5 7 Market St R c... 408 Marlin Rockwell (14) 1 > 28 51. Marmon Motor Car. . 32% 231 Marshall Field (2%) 8 31% 231 Mathieson ATkalf (2) 21 133 120 Mathieson nf (7).... 208 857 20% May Dept Strs (24). 46 5% Mavtag Co o 1515 Maytag Copf (3).... 1 6 Mengel Co. .. - 2515 Met-Gold nf (1.89).. 10% Mexican Seaboard. .. 7% Miami Copper. ...... 1313 Mid-Cont Pet (2). 21 Midland Steel (3)... 85 Midland Steel pf (8). 415 Minn Moline Pow. .. 20 Mo Kan & Tex (a3).. 2 70 Mo Kan & Tex pf (1) 2 864 Missouri Pac pf (5). 3 315 10315 108 1 20 Monsanto Ch (g1%4). 2 2 i 15% Montgomery Ward.. 803 29 | 6% 3 215 Motor Meter G & El 2 3| 204 47 30 Motor Products (2).. 3 a3 wn 19% 147 Motor Wheel 1%4) 3 19 | 36 204 8% Mullins Mfz..... 23 19% | 56% 31% 27% Munsingwear (3)... 1 29 | 6% 16% 1115 Murray Corp. .. 12 15 | 1% 38% 274 Nash Motors (4) 20 368 | 19 10% T Nat Acme (80c)....." 4 9 | 8 34 Nat Belia Hess. . 68 R 2815 17 Nat Bellas Hess pf.. 2 2814 83% 76 Nat Biscuit (280).. 32 81 38 29 NatCash Reg A (3). IR 2615 47'; 38% Nat Dairy (2.60) 31 457 7 4% Nat Dept Store i 6% | 36% 198 Nat Dist Prod (2)... 5 33% 223 326 308, 1401 136 Nat Lead nf A (T)... 108 140 140 140 140 | 444 25% Nat Pow & Lt (1)... 202 | 1% & Nat Radlator 2 | 58 43 NatSteel (2) 6 68 59 Nat Supply (5) 2 % Nat Supply pf(7)... 10x at Surety (5) S | at Tea (1) 3 i Neisner Bro: . 1 10% Nevada Copper (1).. 14 ewport o (1)..... 2 | ewton Steel....... 1 i Y Air Brake (240) 3 | Y Central (8). 9 YChi&StLpf6) 1 227 165 N Y & Harlem (5)... 808 12t ©10% N ¥ Invest (120). 5 94 75 NYNH&Hart(6)., 2 R B% NYOnt& Western., 1 ™ 1 Y Railways pf 2 103 100 Y Steam pf (6)... 90s 115 111 Y Steam 1st pf (1) 508 215 200'% Norf & West (t12).. 6 & 89% Norf & West pf (4).. 108 4% North Am Aviation.. 18 62 Nor Am (b10% stk). 156 53 North Amerpf (3).. 1 102 North Am Ed pf (6). 2 24% No Geb Lloyd(a3.43). 2 47% Northern Pacific (3). 2 | | 19% 15% Ohio Oil (1). s e 0 | 5% 3% Oliver Farm Eqnew. 1 26 18% Oliv Farm Eqpi pf.. 1 6 3% Omnibls Corp. 1 2513 22 Oppenheim Col (3).. 1 5815 521 Ous Elevator (2%).. 12 16 10 OtisSteel ... 6 39% 33% Owens 11l Glass (3). 2 50% 45% Pacific Gas& El (2). 30 65% 50% Pacific Lighting (3). 26 131 116% Pacific Tel & Tel (7). 10s 11% 8% Pack Mot Car (6ve). 63 3613 Pan-Am Petrol B. 3 2% Panhandle P& R EO% 36% Paramount Pub (4). 9 5% Park & Tilford E 1% 1% Park Utah. ... . 4% 3 Parmelee Transport. | 4 1% xcharge. 5 3 Pathe Exchanze A 4% Peerless Motor Car. . 463 Penick & Ford (1) 39% 28% Penney (J C) (3).... 53 3'3 Penn Dixie Cement. . 29 17 Penn Dixie Cmt pf 64 55% Penn RR (4).... 31% 23 Peop Drug Strs (1).. 96% 961 Peoples DS pf (613). 108 250 200% Peop Gas Ch (8) 1 | “80 7 Iere Marq pf (5).... 208 | 924 86 Pere Marg pr pf (5). 2808 170 16% Pet Milk (1%)...... .1 | 10% 6% Fetrolm Cpof Ami1) 1z | 25% 19% Phelps Dodge (2). 7 12 7% Phil Read C& 1. 11 52 49 Phiilips-Jones pf (7) 50s 11% 9 PhilipMor&Co1). 5 16% 12% Phillips Pet (2) ... 123 2% 63 Pierce-Arrow pf (6). 2 % Pierce Oil 2 9 Plerce Ol pf.. 17 1% Pierce Petrolm (10c) 26 Pillsbury Flour (2). 2 Pitts Coal. . cesee & Pittsburgh Coal pf.. 14 Pitts Screw (1.40) R315 Pitts Steel pf (7). 13 Pitts United Corp, 60 Pitts & W Va (6). »% Poor & Co (B) 104 11y X3y 16 Porg R Am To Vi 268 | 4% PRAmM TobB...... 6% 6% 5 Postal T & C pf (1).. 3714 37 Prairie Ol & Gas (2) 1 o190 183, | 17% Prairie Pipe Line (3) 3 2 25% 25 1 4 Pressed Steel Car... 6% 6 6% | 35'% Pressed SUCpf (7)., 4 44 a4 | 63 Proct & Gamb (2.40) 0 69% 69% 215 Prod & Refiners o ! 72 PubS8vNJ (3.40). B9 95 PubSv N Jpfh). 98 49% Pullman Corp (4) 5615 3 Punta Alegre Sug 't A% PureOll. ........ 10% 103, 95% Pure Oil pf (8) 9% 991, 991, 3% Purity Bakeries (4). 100 507 4% 49% 4% )2 RadioCorp......... ¥36 26 4% Radio Corp pf A3, 34'% Radio Corp B (5).... 16% Radio-Keith-Orph A. 1 18% Raybestos Man 2.60. 79 Reading Ry (4).. 25 Real Siik Hos (3). 15% Rem Rand (1.60). 28 22 |FIRST TARIFF CHANGES - ARE EFFECTIVE MARCH 7/ By the Associated Pre: 11930 will become effective on March 7.| On that date there will be four re- | Gians” principally affects Icather, straw_hats, maple sugar and ® bound maple sirup. The rate on wire fencing will be increased. 3 Wood flour, used in linoleum man facture, has & 33Y; per cent duty e to 60 per ing since 19'2, which will be cut 25 per cent. The rate of 25°per cent on Falvanized ‘after weaving. pigskin leather will be reduced tc 15 per P RO cent. This does not affect leather used in manufacture of shoes, which remains at 10 per c<nt. The commodity affected | szure thoughts, of ne principally in the manufacture' which have led 4o it. A distinct thought Un U hod o | of cases, gloves, straps, sports goods, etc. | The present tariff act carries & Guty | 5y ine Associated Press of $4.00 per dozen on straw hats and 160 per cent ad valorem, but the com- flour i ‘The first changes in the tariff act of | mission rccommended & cut t0 $3.00 & | gor: ot apenr o ied With flour of dozen and 50 per cent ad valorem. This | d0Mestic wheat, was passed by the first The | Chamber of the Netherland Parliament | duty on maple sugar will be reduced | la | ductions ana one increase, the former | from 8 to 6 cents a pound, and on |has been Advised. in the duties on wood flour, pigskin|maD : sirup from 5'; cents to 4 cents,come a law In the near fupure. Ttaly. Woven wire fencing and netting, in- | will be subject to the issuance of ad uding many types, is to be increased from 45 to 50 per cent on fencing and netting galvanized before weaving, and |the effect of this measure cannot be cent on fencing and netting | determined. However, flour imports are is pever anythin but the last link of a |¢:&ahnm of ob- eneca Conper ervel Inc. . Sharon Steel Hoop. . Sharp & Dohme. Sharp & Do pf (3% Shattuck F G (11% Shell Union Oil Shell Un Ol pf (5%) Shubert Theaters Simmons Co. 4« Simms Petro! Sinclair Con Ofl (1). Skelly O11 Skelly Oil pf (6).... Sloss Sheffield Steel. Sloss Sheffield St pf. Solv Am pr ww 5% .. Sou P Ric Sug (1.40) South Cal Ed (2). South Pacific (6). South Ry (8). Sparks Withing (1). Spear & Co. . Spencer Kellog (80c) picer Mfg piegel-May-Stern. . 0). tand Brands (1 tand G & E (3% Stand G & E pf (4).. Stand Invest Cor Stand Oil Cal ¢ Stand Oil of K. Stand Oil N J ( ke Stand OI N ¥ (1.60). Starrett (LS) (12%) Sterling Sec A Stome & Webster (3). Studebaker (1.20) Studebaker un O (11) . un Oil pf (6 perheater uperior Oil. Superior Steel. Symington A... Telar Tennessee Corp(50c) Texas Corp (3) Tex Gulf Sulph (4).. 1 Texas PC&OIl..... Texas Pac Land Tr.. 101 Thatcher Mfg (1.60). Thatcher pf (3.60).. The Fair pf (7). Thermoid Co Third Avenue. Third Nat Invest. Thompson Pr ( Thompson Starrett. . Thomp Iide Water As (60c) Tide Wat As pf (6).. Tide Wat Oil (80¢). . Tide Wat Oil pt (5).. Timken Det Ax (30c) Timken Roller (3).. Tobacco Products Tobacco Prod A 195¢ Transamerica (1) Transue & W (1).... 'ri-Cont Corp. ..... rico Prod (2%). Truax Traer (1 Truscon Stl (£1.20) Twin ¢ Twin City RT pf (7) Und-Elliot-Fish (8). Un Ol of Cal (2) n Facific (10) n Pacific pf (4 nit Arcraft. = Unit Aircraft pf (3). Unit Biseult (2). Unit Biscuit pf (7).. Unit Carbon (1). Unit Cigar Stores. .. Unit Cig Strs pf (6). Unit Corp (T5c) . Unit Corp pt (%) Unit Dyewood pt (7) o nit K nit G & Im (1.20).. a3 2 Unit G & Im pf (5). . 1003 1008 Unit Piece D W (2 29 29 | U'S & For Secur. . 12 11% USGypsum (1.60).. 44 44 U 'S Hoftrman....... 1y 7S Indus Alco (6). 7 | L Lea . K Leath prpf (7)., Pipe & F (2).... U S Realty & im U S Rubber. .. USR s S Steel (7). . U S Tobaceo (4). Unit Stores A. Unit Stores pf (4 Univ Univ Pipe & Rad Utll P&L A (et Vadasco Sales Corp.. Van Raaite. . Vana Va-Car Chem Va Iron Coal & Coke. Va Iron € & € pf (5). Vulean Let (4) Wabash RR.... Waldorf Sys (1%).. Walworth Co (1). Ward Baking A. Ward Baking B. Warner Bros P! Warner Quinidn. . Warren Bros (3). War Bios cv pf (3).. Webster Kisenlohr. . Wess Ol & Snow (2) Wess O & Sn pf (4).. West Pa EI pf (6). Western Dairy A ( Western Dairy B.... 1 Western Md........ Western Unlon (8).. 8 Westing AB(2).... 5 Westing £ & M (5).. 205 Westing &M pf (5) 1108 Weston Weston . Westvaco Chlor (2 Wext White Motors (2)... White Sewing Mach. Wiicox Rich A (213) Wiliys-Overland Wilson & Co. Wilson & Co A Woolworth (2 & Yale & Towne (2). Yeilow Truck. Yello Youn, Young Sh & Tube b D 1 [14 20 % 34 5ot ograph (1.40). wHSen 14 20% | 40). ar pt (315) ). Y RTr (84). bide (2.60)... iectric Coal. .. it ., e % . bber 1st pf. .. relt & Itef (1). m & Rel pf33. ¢ EonanmmdnsnesSoy & teel pf (7). af Tob (3) 15). dium Corp (3). | Chem pt (7). | 108 x 10 1 instr (1). lec A (2) rk Radio Strs. ley (Wm) (4).. Truck pf Spring (3) ‘Wheat Bill Passed. ‘The “wheat bill,” requiring wheat t week, the Commerce Department It is expected to be- The carrying out of its provisions | ministrative ~regulations. Until ~ thes: | are issued, the manner of operation and | [ to be represented on the Advisory Com- mittee. I Great (995-1035) ruled for Enut the and actions a brief time over England, Norway, Prussia, | Denmark and part of 'mQ.m General 4! i Wash., | Capital | Prince Grorges Bank ! Barber & Ross. Inc.. com | Col 'BONDS ARE STRONG | Coxex vorx BONDS IN ACTIVE MARKET U. S. Long-Term Issues Go Against Trend—Foreign List Firm. BY F. H. RICHARDSO Special Dispatch to The Star. NEW YORK. February 26.—Bonds were strong today all along the line, with the exception of the group of United States long-term Government issues. These were from 3-32 to 26-32 lower. with most of the weakness in the Treasury 335 of 1943 and 1947. These have recently been selling on a 3.25 per cent yield basis and today’s declines bring the yields more in line with the Treasury 41,s. 4s and 3%;s. is tholight that "the Treasury’s March refunding will cause some small ad- justment in Government bon Once again the feature of the general list was the strength of foreign dol- lar credits. In point of activity Ger- man issues led the market, the Young Plan 5155 and Reparations 7s both go- ing to new peaks for the year. Ger- man Central Bank 6s, Cologne 61.s, Berlin 6s and 6!,s and some German industrials, such as United Steel Works 6!,s. were also fractionally higher. The . widest gains were in the Au- stralian group, which reflected favor- able developments in the political situa- tion in that country. Australia 415s and 5s, New South Wales 5s, City of Bris- bane 5s, City of Sydney 51,5 and Queensland 65 and 7s advanced 1 to 4 points. There was a substantial volume of buying in South American bonds, espe- cially the obligations of the Brazilian government. This strength was at- tributed to sinking fund purchase, but there was also a mite of bullish news in the announcement that Janeiro propos:d to float an internal loan for the purpose of caring for debt service. On the domestic market there was a tendency to firmness in railroad bond: following the bringing out of an add tional Pere Marquette 4! per cent mortgage issue at 99':. Outstanding bonds of the same mortgage were promptly marked up from 98 to meet the new price level, and small gains re- sulted in Atchison 41;s, Canadian N: tional Railway 5s, Canadian Pacific 4s and 5s, Chesapeake & Ohio General Great Northern 7s, Missouri- Kansas Texas adjustments, New York Central 5s, Nickel Plate 4}:s, Penns Frisco A 45 #nd other investment type carrier credits. Public utility and industrial issues of a high grade were also firm, with activ- ity in Atlantic Refining 5z American Telephone 55 and 5'.s, Brooklyn-Man- hattan Transit 6s, Duquesne Light 4135 and Utah Power & Light s, Junior fssues improved fractionally, with the best gains made by U. S. Rul ber 5s, Seaboard Airline 6s, Interna- tional Telephone 5s. Lorillard 5'5s, In- ternational Megcantile Marine 6s, Hud- n Coal 5s, Florida East Coast Railway Cuban-American Sugar 8s, Certain- teed” 55, American 1. G. Chemical 5',5. American & Foreign Power 5s and Anglo-Chilean Nitrate 7s. Washir;gtor;'S.tockmE;change SALES. Washington Gas 55—$500 at 104. Capital Traction Co.—10 at 36', 10 at 36, Washington Rwy. & Elec. pfd.—1 at 98, 10 at 98. Continental Trust Co.—10 at 118, 10 at 118, 10 at 118, 20 at 118. Federal-American Co. com.—10 at 26';. Lanston Monotype—20 at 103. National Mtge. & Inv. pfd.—200 at 5, 100 at 5. . AFTER CALL. Uaion Traction Co.—10 at 210. Potomac Electric 67 pfd.—2 at 110, Washington Gas 6s “A"—$1.000 at 1017 Capital Traction 55—8$500 at 8115, Potomac_Electric 5! 1 at 109, _ Washinzgton Gas 65 “A"—8$500 at 1017%. Bid and Asked Prices. BONDS. PUBLIC UTILITY, & Telga. 425 ‘33 & Telga. 4135 ‘30, Tel. cul. tr. 58 Pot. R. R. 58 guer. 85........ Tel. of Va_5s . raction R. R. 5 sburban 55. . Gas 1st 5% Elec. cons. 57 Potomac Elec. s 1953 Alex. & Mt. Vernon ctf. sh. Balto_ & Annap. s. Washington Gas 473s. Washington Gas 55! 3 Wash. Gas s, serjes A Wash. Gas 6s. series B Wash' Rwy. & Elec. 45 Amer. Amer Am. Tel Anacostia “Tel. Tel & & Ana. & Pot C. &P MISCELLANEOUS. Barber & Ross, Inc.. 6'zs..... B2 Chevy Cnase Club 5':s L0 Columbia Country Club 5'ss.... 100 D. C._ Paper Mie. 6s 47 1 Sec. Stge. & Safe Dep. 65.. 94 100 Wash. Cons. Title 6s S5 aza s PUBLIC UTILIT' Amer. Tel & Tel. () Gas L.gnt Wash . Elec Elec Wash. Rwy. Wash. Rwy. & & Ei. NATIONAL BANK. Capital (14). ... Yaasusmne Coumbia _12) Sommercial (stamped) (10) trict (B). ... ... : -Am. Natl Bk & Tr. (2).." ty Lincoln (12) Metropokitan Riggs (155) Second (9e) Washington {i3). 710000 TRUST COMPANY. Amer. Security & Trust Co. (15) 33 Continentel Trust (6) ... 5 Natl. Sav. & Tr. (12 (14 Trust Union Trust (8s)... S Washington Loan & Trust (i4)! SAVINGS BANK. Bank of Bethesda (6§ 65 Commerce & Savings (10) : East Wasningion (12) Y tomac (10) 7 Secliniy Sav & Com.Bar 500 Seventh Street (12).. .. e United States (30). 30 630 | Washinton Mechatiics (0)..110 '30 60 , FIRE INSURANCE. Americant (121, virsans 200 o Corcoran (10) . Thopt s Firemen's (8 .. 0%0 30 40 National Union (i3} ol TITLE INSURANCE. Columbin (6h) 3 8 11 Real Estate (6ih) 40 13 | Title & Inv. Co. Md. com... ) 20 30 MISCELLANEOUS. Medical Bidg. Corp. (6} Col..8and & Gravel pfd. (7) Disi. Natl.'Sec. pfd, (7). ... Emer. Bromo-Selz. “A” i2} Federal Storage pfd. (8).. Fed.-Am. Co. com. (i.20f) Fed.-Am. Co. pfd. (6).. Lanston Monotype (8) Mer. Tr. & Stge. com. 110} Mer. Tr ‘& Stge. pfd (7) Mergenthaler Linotype (6) Natl, Mige. & Inv. pid. (8) Peoples Drig Stores pfd. 16i: Real Est, M. & G. pid. ( Security 'Storage (de) ... Ter. Rel & Whg. Corp. The Carpe} Corp. (1.50¢) W Mech. Mtge com. (6) @ Wash Med. Blde. Coip. (7s) Woodward & Lothrop com Woodward & Lothrop pfd. 8200 extra extia, *Ex dividend. b Books closed. n2se extra. extra f30c extra extra, 1§17 extra. . extra ella%e ext o extra ‘WHOLESALE PRICES. By the Associated Press. General commodity prices continued to recede last week as their change was measured by the Department of Com- merce. In the index that follows the wholesale selling price is given for com- parable periods, based on representing It ! Rio de | % ptd.—1 at 109, | Received by Private Wire Direct te The Star Office ’ Sine CrO 53838, . Skelly Oi1 535 '39. Solvay Am 5s 4 Sou Bel T&T 63 41. SW Bell T s A "54. StOIINJ58'46. ..., StOIN Y 4%s 51, Brazil 618 S 61y 8814 97 Bremen Canada 5831, Canada 5s Chile s 60, 103% UNITED STATES. Sales Hish. (Sales are in $1,000.) Mont Pow 58°43... 2 104% Gt Sules. High" Low. Close. | Mont PdbbsA 62, 1 100% : s..... 300 10112 10110 10110 | . Libist4%a.. 9 10228 10223 10223 |\'y fi'fi,‘.“;:. iR Lib 4th 434s.. 190 108 14 1036 103 11 el US3%s'43.. 374 100 28 10013 10013 Y Tel 6341 5 31 U S3%s"4T.. 101 100 20 100 24 N Y Tel 6s ‘,‘ 10 lqll!\" t 3% .. . 104 22 104 20 104 22 Nor Am Ed 5-‘,5_’ i lfl‘t: U S4s'44 . 106 22 106 16 106 16 :\'OYOT&L‘R'{'; 1 105% US4%s'52..) 11021 31018 11018 | NOF 8¢ Paba A T FOREIGN. NorStPw 6s B'41. 1 106% Sales. Hieh. Low. Close. | Pac G & EI68*42... 7 10315 Argentine May ‘61. 6 923, 921 92% | Pac T&T ref 6s 52 7107 Argentine fsJu's0. 3 9213 92 921 |Pan-Am Pet 6s'34.. 3 Argentine fs Oc 9215 91% Paramount 6s47.. 3 Argentine 65 A 5’ a2, 911 2 Argentine fs B 58, 3 1 1e0% Australia 4% 3 101 Australia b8 10 82 Australia 5 Phila Pet 634 °39.. 12 871 Austria s '43 L1106 ;:llln:;::m 65°43... 1 105 of Chile 6% 8’61 1 8’7 or l": 6 " 2 37 Batav Pet 413342, 10 f:“;:fi_l&t . 2 % Belgium 6= "55. 'ub Sv G4y 34 1033 Belgium 68 ‘49 Pub8vG 4is 11103y Belgium 7s PureOll5%5°37... 1 Belgium 7s '56 Rem Arms 68 A "37. 1 Bolivar 7s '58. Rem Rbls A '47.. 6 Rolivia 7s ctfs Rich Oll cal 65 '44., 4 Bolivia 8545 ® 5 162626 £ 15838, 21 Bt 2 SmcOTscvA'3l.. 2 9 8 « 1 2 0 » 79 78 Chile 65 61 Tenn EIP6s A 47. 2 Chile7s*3...... 9814 ex C ‘., il s R 665 ’l--x Corpcv bs’44.. 26 DO FARNTR 100 9915 Unit Drugevss’ss 6 piloigudiold ey 95% 951s US Rub 1at5s47.. 7 R e e 10015 100% Utah P& L 68 44.. 1 gone Pt tl Pow 58'59 ww. 9§ o 110G 110 Utll Pow 5%847.. 4 ey 110 110 Vert Sug Ist 7842, 2 Denmark 4158782, 41 296% 96% Warn Br Pie 6339, 67 Denmark 515% '55.. 104015 1015 \Warn Quin 65 3... 2 Denmark 6s " 10 1061 106 West Kl deb 68 '44.. 2 Dutch East I Ma 3 102 West Un Tel 6551, 11 Dutch East 165 ' 1102 West Union 5°60.. 5 El Salvador 8s'48.. 1 101'3 letin L 0 5 ¢ i Wh Sew Mch 6540, 5 s ex war "46. R.i‘ Wil & Co 1st 65 °41. 4 8215 WIl-OV 1st 6%4%°33. 1 ‘N:" WIinRATEs1.., 1 10814 Ygstn Sn&T 58'78. 14 120% 124 RAILROAD. elsenk’chen 63°34 1 9 Ann Arbor 4s - 6 B0 erman 55 % "6%. .. 209 7 Atchison gen 7 98% erman Bk 6s'38.. 4 Atchiscv4l4n'4l.. 24 12115 erman 6%8°'50.., 2 8] Atch Ariz4'58°62.. % 104% German 7srep '49.. 53 AtCL 1st 45 '52. 1 98% AtCL4%s'64.. B&Ocv4ls 33 Greek 6563, Haft! 63°52...... 1 Hol-Am ss f 63 3 57 B&O4%s Hungary 7%s'44.. 3 100 B&O 1st 5s 72 B&C 5 Dol 1B& 0 58 D 2000 = B&O 6295 Japanese B&O L&WV 4541 Japanese 64 "54. . [ B & O Sw dy 58 '50. Jugosl Bank 7857, 1 1051 81 Bos & Me 53°85... .. % : o Bos & Me 536 Karstadt 6s°43.... 14 7 it AR e Kreug & Toll 53°50 30 u21, 921 ot e Lyons6s'34....... 17 105 104% BkIyn Un Ist 58°30. Marseille 6534 20 1045 Slseint [ Bush Ter con 55 ‘55 Can Nat 4148 '54. Can Nat 4% '57. Can Nat 4%s '68. Can Nat 4% " n Nat5s July Can Nat 55 Oct 63 Can Nor 65 db 46 Can Nor 7s deb 40. Can Pac deb 4 Can Pac 4%s Can Pac 5. Can Pag Mex 45 asstd 10 Milan 68 Montevideo 6s '59. etherlands 6s'72. New S Wales 6357 New 8 Wa Norway 5 Narwa Norway 6s Norway 65 '44. Norway 6s" Orient dev 535" Orient dev 6s §. %s 'G5 g Cent of Ga 5s 1 Paris-Ly M 6s '58. Cent Pac 4s5'49. . 6 Paris-Ly M 7558 Ches Corp 53 '47... 36 1007 Ieru 65 '60. % Chi& O &n4%%'92. 15 105 Feru 62 . Chi& O 4i4s 493, eru 7s '54. . s Chi&O4%sB'95.. 40 1014 :‘gl‘::::’l ?: 40 . Chi & Alt3s. . 14 72 & » > strf 58’71, Porto Alegre 8561, uxazmavuu;. h lg:l' Queintande 47 Chi & Kas 111 58°51. 24 465 Queenland 7s ‘41 (:::l‘}x:\\‘e.‘l 45°59 11 691 i et Chi M & St P 4sv89. 10 871 {1::::!}.&: El: . Chi M&SIP 4158 18 95m Rhine West 6s e L S e b AT Chi M StP&P 5575 20 173 sl Chi M & St P adj 5s. 37 301 o Ch&Nwn 41452037, 2 92 R GF DeSulss "t Chi & NW con 4%s. 12 91 Romie®5at 2 Chi&NW rf 55 2037. 4 102 oy D onoas ww.. ChiRuysse 21,0 21 66w b , 3 rf4s 34 ;:3::’:1”1584?;6"4 Chi Rlcv4%x'60. Eg :g‘:- . ChiRI&P4%sA. 30 w3y hi Un Sta 47563, 11 1035, 7 Un Sta 6158 '63. 2 C& W Ind 5%s CCC&SL L 4333 E : L5s D63 C U Ter 4135 2020. . 010 & Sou 4% s '80 on Ry 428 5t '51.. uba R R 58°'52.... uba KR 6% ctf '36. Cuba RR rf 713836 Swed. Swiss 5 Nxe s '£6... Pow 6s°32, Pow Ts 55, © & 6 o & Tokio 538 °61. N wal Bon 1926 averages as 100. In addition the selling price for a ton of composite steel products is given for like periods: Al com- Steel, Week endled Februa $31.63 Previous week 31,69 Seme week las 35.24 Low. 104% 100%5 101% 114% 103 106% 111% 104 105% 102% 106% 1034 1067 100% 82 87 105 77 4% 103y 102% 93% 9315 KRBTy 63% 2315 9513 99 STOCK EXCHANGE I Close. 104% 100% 101% 114% 103 106% 11l 104% 105% 102% 106% 1031 1073, 102% 964, 6814 1067 100% 82 87 105 17 4% 103% 1023 93% 9315 89 63% 84 96 9914 1063, 103% 100 107 100% s it 102 3% 80 36 6315 63 5 104 1041 10315 109%, 31 104 987n 423 100% 80 9515 121 104% 98% 99% 101% 971 107 1041 104 10915 97 104% 102 1021 T5% 1014 88 283, 101 o874 99 99 101% 1054 105% 118 111% 8% 994 10415 1034 911y 9615 1000 105 101 101 72 % 1015 109 98 46 69 8715 9585 100% 2% 30 92 91 102 664 991y 89 9285 1034 90y 105'% 100 10414 10615 103% 100 107 1007 102 4% 80 36 65 63 10415 1041, 102 110 100 957a 42% 101 80 9814 12115 1043 98% 9% 1011 97 1 10435 104 109% 97 1041 1023 1 1014 88 891 101 287 99 99 101% 105% 105% 18 111% 87% 991 10415 1031 9114 974n 100% 105 101 101 72 1015 109y 98 46 69 8715 95% 100% 73 30% 92 91 102 66% 990 891 92% 103% 115 901s 105 100 10415 Y IBANK CONFERENCE FORMALLY OPENED More Than 1,000 Attend First Session of Manage- ment Parley. _ (Continued From Thirteenth Page) which must eventually wreck it and can do nothing except remonstrate until the bank reaches a state of in- solvency. 1t is true that when the board of di- rectors of a national bank violates th- provisions of & banking statute the bank itself may be sued for the for- feiture of its charter, but this remedy is so violent that it has been used only upon one occasion. In any case, its enforcement would mean the closing of the benk, whereas an intermediate penalty such as the removal of its offi- cers might be enforced early enough to save the bank and to put it i hands. p e “I realize that from the standpoint of the banker, banking is a private business similar to other gainful oceu pations, and that the fundamental business principles of freedom of action and unity of responsibility upon boards of directors should not be subjected to what might be called governmental in- terference On the other hand, in bank- ing there is a large public interest at stake—an interest both of the Govern- ment and of the depositors—and so |long as there is the possibility of a repetition of certain recent outstanding examples of bad management, whether through incompetency or through a wilful disregard of responsibility and honor, there is the prospect of increas- ing the powers of governmental super- vision as a remedy,” Controller Pole concluded. Sound Banks Forenoon Topic. |, The conference program was divided | into four leading subjects— the “Sound | Bank.” “Protected Bank.” “Profitable Bank” and ‘“Practical Bank.” The opening session was devoted to the sound bank. The next speaker after Controller Pole was W. Walter Wilson, president of the First National Bank of Milton, Pa. who discussed a “Sound Loaning Policy for Country Banks." His talk was filled with practical suggestions, Frederick P. H. Siddons, secretary of the American Security & Trust Co. of this city, was the next speaker, his sub- ject being “Safeguarding Collateral Loans.” His discussion of this vital subjedt aroused wide interest. “Farm and Agricultural Paper” came in for special attention, the speaker being William Harold Brown, president of the Union Bank & Federal Trust Co. of Richmond. Va. This topic proved of special importance to the delegates from the smaller banks, which in recent years have had a particularly difficult struggle with this problem. The concluding forenoon address was made by D. J. Leopold, cashier of the First National Bank, Lebanon, Pa., who spoke on “Liquidity of Small Loans Through a Plan of Systematic Pay- ments.” All these addresses teemed with information and comments of in- tense interest to the conference. President McLachlen of the District Bankers' Association gave a luncheon this noon to the officials of the State bankers’ associations, officials of the American Bankers' Association and the members of the local committees, who prepared for the conference, about 60 being present. Rome C. Stephenson, president of the American Bankers’ Association, arrived at the conference shortiy after the opening. He was accompanied by Fred N. Shepherd, executive manager of the association. b Edward J. McQuade, chairman of the Hotel Reservations Committee; C. H. Pope, chairman of the Transportation Committee, and 1. J. Roberts, chairman of the Institute Banquet Committee for Saturday night's annual dinner, made brief remarks to the conference. The bankers reconvened at 2 o'clock this afternoon to consider the protected bank. The first speakem on the pro- gram was Thomas Day Thather, solicitor of the United States, his subject being, “Strengthening Bankruptcy Laws.” Other Afternoon Speeches. The rest of the afternoon program called for the following addresses: “Procedure in Bond Buying:” C. F. Zimmerman, president, First National Bank, Huntingdon, Pa, tematic Method of Compiling and Analyzing Credit Information:” G 5 Cuba Nor 5%s '42.. C. V. Starkloff, credit monager, Mary- | Uruguay 6s S0k 7812 7815 | Del & Hud rf 4 land Trust Co., Baltimore, Md. Uruguay 8s 5 101'¢ 100% 1011 | D& R Gr gn 48 '36. Advantages and Disadvantages of i S iae o | DET G, Real , Estate Loans;” Thomas Shall- Rent o AT s 70 7avg| GOS8, r. president. Philadelphia Co \ a0 528, 62| B : T4 T4 o Yokohama 6s'61... 26 98% 081 98w | krie cv 55 67, 8ine 2 ponrlnc';'"nmmg R MISCELLANEOUS. Erie 38 '75. 80 81 “Adequate Primary and Secondary ADItLI P& P 58753 17 1oe 77 77% | Fla E Coast 24 24 |Reserves:” Waldo Newcomer, chairman Adamsxp4s'48.. 4 87 &7 |Grt Trunk w0 e e echERT ConIE AR RIS s 44 5 BT BT% | Grt Nor 4% s : o | e o0 EelSmoESs M. eny 540D 17 S0b Bis | GRENGE et i , ‘Protecting the Bank by Insurance halm 5537, "2 102 102 t Nor gn 5148 '52, 100K 109 | oo -y aeain: supesiSedent b osotive AmAEChTls'41. 2 104% 104% | Grt Nor sen 73 '36. . futit A | Sevaxieent, Meueelcuir FIRHRE Y M0 Am F P55 2030.... 37 R4 8y 3 clation. AmIGCh5%s 40, 5 100% 1009 fiudk!\lnd{s_ 57. T8% 78Y% The evening sessiocn will open at 8 Am IntCp6iss'as. 6 o | Hud & M r£5n 67, 99% 99% | o'clock with an address on “Our New Am Metal 5% ‘34 111 Cent 45 °52. ...... o1 g1, | Responsibilities,” by President Stephen- Am N Gas 615842, 111 Cent 43 ¢ 8% wia|SOn of the American Bankers' Asso- Am S&R 1st 58 47. 111 Cent ref 45 '55. 911 911 | clation. .;:n Tl:ef.s‘« '17:_? HCent 4% s 66.... 7 961y 97 fee——— n TET cv 4% 739 3 Ll Cent 6155 '36. ... 15 109% 1095 109% Am T&T 5s 6 1 CCSIL&N 68 AL, 4 101% 101%; 10115 METAL MARKET. Int Rap Tr bs ‘66 $ 70% 70 70| NEW YORK, February 26 (#).—Cop- Int Rap Trsta’66.. 3 70l 70 70i | per firm; electrolytic, spot and future, Irt Rap Tr 7s 32 1 90% 90'% 90'5)10%4a10%. Iron quiet; unchanged. Tin o o, Int & Gr Nor s 10 EBly BEly 881, | ea: spot and nearby, 27.00; future, Wat Wk 6 75" Int&GNad6s'52. 32 63 609 6215| 27.10. Lead steady; spot, New York. v . s . TR 4.60: East St. Louis, 4.35. 'Zinc stead 7 4o dhe KanClty Sou3s’50 3 79 79 79 gy e : Kan City Sou 5a’50 2 101% 1015 101y | EAst St. Louls. ‘spot and future, 4.00. AL LR Kan City Ter 45°60. 13 95% 951 g | APtimony, 712. © 1l Tel 8 Lake Shore 3113897 10 854 85% 85% i Bell Tel La bu B 48 Leh Valcv4s2003. 21 83 875 8 |, Spaln 8 importing more products BethiSteu b Esse LehV cv 4332003 11 100% 1004 1004 | from the United States than from any roid Leh Val ox 2000, . 2 105% 105 | QUher_country. BUsin Bt Long Isl db 5s '37. 1014 101% | 3 S > i, ‘Man Ry 24452013, 1 47% 47% 4715 | Penn 6%s°3 . 31110 1095 1094 Lt Mil E Ry & L5s'61. 1 101% 101); 10124 | Penn O&D 4%8°77. 10 100% 100%x 100% R S 88l 8y |Peor & E Ist4s’40. 5 85l 854 Rl el 931" 931 | Pere Mar 4155 °80..533 991, 9915 991, G NSP&S 9715 | Pere M 1st 55 '56... 10 10414 104 104 C Am Sug col 8s 31 M StP&SSM 6. . 100 100 Phillppine RR 4s... 10 22y 221, 221 MK & T 1st 4590 91% 91y | P CC&StL 4%s'77. 22 101% 101% Denver ; MK & T adj 55°67.. 9415 9414 [PCC&StL5sB.. 2 109% 109% Det ki G& R4 1% 5'61 MK&Tprinbs A. 102% 103% | P& W V 4%3C'60. 4 94% 9415 DetEdeteaBo.. Mo Pac gen 4x 5. . 70% 707 |Por RL&P 7%8°46 4 107i 1073 odg: r s .. Mo Pac s F " e 4% 94, L 2 1% Duquesne 41;s '67 Mo Pac 55 G T8 UK BN T e A . A0 101 Bast ¢ Mo Pac 53 H '80. 90 se RTINS 00 10en Erpe S Ak Mo Pac ref 55 ‘81 9% -95 - e e i el Mo Pac 5%scv 49, 99% 99y | SIL IM R&G 4s°33.. 1100 100 Gen Motors 6s 37, Nat Ry Mex 4s '51 M 3% 35'5255'.'14"‘ P ggu g?& Gen P Sv 51839, NOT&MOsASS. -1 1005 100% 100% 5t L4SFprinssB. 3 101% 101% OTENse 1‘; :’.‘,"‘ 98 98 |StL&swgenss'3i. 6 1008 100% 4 > gn 33897, 5a 8% 854 |11, & SFgn 6s'31. 1 101% 101% Good 15t 6355 "4 Y Centdb 45°34.. 10 100% 100% 100% |5 1, S W cv 4s°32.. 11 10015 100% Goody'r Rub 5857 YCendas'98. .... 31 964 96% 95%|gipa KCSL4ks. 10 9815 98 i Sl Y Cent 4%s5 2013, 10 1007 100% 100% |Seab A L f 45°43.. 5 16% 16 i ki g YCre im ba 2013, 1074 107 | Seab A L cv 63 °45.. 53 17% 17 nt Y CLS el 3% 84 84 - 5 ] £ s - |Sea Al Fla6sA'38 5 10 10 nland St 4 Y C&StL 4% 81% 91% |Sou Paccoi4s'49.. 4 96% 961 Int Cemen YC&SULS%SA 15 106~ 105% 105% | Sou Pac ref 48'55.. 10 97 965 Int Hydro K1 65 '44. NYC&StLés'32. 101% 101% 101% | gyy Pac 4345 68 18 9814 98 Int Maich 5547, NY NH&H 33556 80 80 |SouP4%s'69 ww..23 99 98l Int MM cal tr 65 \Y NH&H 43 55 86% 86% | Sou P&Or 4%s'77.. 4 101 100% Int Pa Y NH&H 455 8614 864 Sou Ry gen 45°66.. 14 88 871, LntPay Y NH&H 435 67, 94% 9415 Sou Ry 55’94 5109 108% IntT & T 4% %52 NY NH&H cvdbés 3 11815 1181 118% | Sou Ry 6s '56. 1112 L2k &Tcvdlss'd NY NH&H clt 65... 2 105% 105% 1057 | Sou Ry 6% ' .2 11T% 11T% &T 5855 NY O&W ist 4592, 420 42% 426 |;mer g ArkE%sB0. 1 1 hCP& i1, X SV a8, 3T 36k 36| 10T R Ble eaa & o6 oo tan C P& 52 Rys Inc 65 '65. . 3 3 3 % b Kan C P&L 65 A '52 x . Texas Pac5s D'80. 15 98% 98 PPy ot Y Rys 65 A '65. 52 52 G2y | TeTeN N St o NY W&B 435 "46... 861 86 86 e Lackaw St 55 °50... Norf South 641 .. 41% 4% 41| TRINGAvadiis. 31- 325 31N lize G St L bs 34... Nor & Wn cv 45 '96. 981 97'; 98% | Un Pacist 4s'47. 2 99 Laclede 6%s C'53. . Nor Pac 38 2047, 68 68 |Un Pac4s 13 93% Lautaro Nit 6s °54.. Nnrl;r 97. 9415 94% 941 | Un Pacrf4s2003.. 23 95% 95% Lig & Myers 55 '51. or Pac 4155 2047, 100 100 |Un Pac 4%s'67. .. 1 102% 102% Losw's ¢x war 41 Nor Pac r 1 63 2047, 112 113% [ Un P 1strf 55 2008, 20 112% 112% oew's 65 ex war. . el Lol Oreg-Wash 4s'61. . 94% 941 | Va Ry IstBs'62.... 4 107% 107 Lorillard 5%s 2 Penn 45 ‘48 Sta 985 | Wabash 1st 55 °39., 2 104% 104% Lou G & Fl s 2 % Wabash 5is D ‘80 1 92 92 McKes & It b s a %0 97% Wabash blss " 6 9x'g WRY Midvale Stl 58 '46,. 8 102/ 102% 102% 104% West Md 4552, by 82 slu -~