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AGREEMENT GOSSIP LIFTS RAIL SHARES Carrier Securities Register Impressive Gains. Eastern Roads Reported Bucking I.C.C.'s Four-TrunkLine Plans. NEW YORK. Dec. 19 (P).-Railroad securities recorded some of the most violent upswings of recent years in the New York Stock Exchange today In the bond division the carrier liens made the sharpest gains witnessed in recent years Advances of $10 to $20 per bond of $1,000 par value were common. and Frisco 412 per cents surged up $50 The Standard Statistics price index of thirty representative bond issues. equally divided between industrials utilities and rails gained 1.2 points. and the index for ten rails alone surged up 1.7 points These are the widest advances for a single day since this index has been compiled on a daily basis. starting at the beginning of 1928 In stocks, the rail issues made the most pronounced recovery since the violent rebound from the bottom level reached in November 1929. The average of twenty issues showed a gain of approximately $3.50 The vigorous upturn in rail securities is regarded in Wall Street as representing technical reaction from an oversold and an over -deflated condition of these issues Both rail stocks and bonds had been depressed to an average level which was the lowest in about five years The upturn greatly enlivened brokerage house gossip over the in the railroad consolidation plans Eastern railway heads are expected to meet in New York again early next week and one report that a four-trunk line system had been virtually agreed upon was widely circulated. This would be in conflict with the interstate commerce commission -trunk line plan. Upon this rumored agreement the Pennsylvania would sell the Lehigh to the Chesapeake & Ohio The Baltimore & Ohio would get the Reading and the New York Central would get the Lackawanna The Pennsylvania would seek to retain the Wabash. No official was available It seemed like old times to veteran traders to see the rail stocks once more in the spotlight for these issues which had dominated the stock market for generations, took a back seat in the great bull market of 1924 29 and were quite overshadowed by industrials and utilities Norfolk & Western rose $9.75 getting up to $200, compared to recent low of $181.50 Union Pacific sold up $6.50 to $179.50 having recently touched $166 50. Baltimore & Ohio rose $5.12 to $72 after touching $55.37 earlier in the week New York Central rose $4 62 to $119 a gain of $13 over its minimum level of the week ATLANTA BANKS TO PAY $1,200,000 IN INTEREST ATLANTA, Dec 19 (AP) -Banks here will distribute approximately $1,200,000 on New Year's day as reward to persons who saved their money A total of $700.000 of the amount will be paid as interest on savings deposits while $500,000 will be distributed in dividends Bank officials who compiled the figures said interest is computed semiannually on savings accounts at 3½ per cent. BIRMINGHAM INVESTORS TO RECEIVE $3,000,000 BIRMINGHAM Dec 19 (AP) The Age-Herald today said stockholders in financial institutions industrial and soon. utilities corporations here will receive more than $3,000,000 in dividends and interest disbursements on Jan. Figures given by the paper, it was stated, were compiled from reports of major industries and institutions located here or which have places of business in Birmingham Corporations listed include iron and steel. utility. insurance. real estate building and loan. banking, dry goods and other companies. Bank Suspensions. RALEIGH. N C., Dec. 19 Four North Carolina banks closed today The largest was the Savings Bank and Trust company, of Elizabeth City which was capitalized at $100,000 and had deposits of $805,049 according to its bank call statement of Sept. 24 The others were the First National Bank of Lenoir, capital deposits, $534,035 the Carolina State bank. of Gibson, capital $20,000. deposits. $41 162 and the Merchants and Farmers bank. of Garysbury, capital, $15,000. deposits, $27,869. ALTA VISTA Va. Dec 19 (AP) The Farmers and bank of Alta Vista, failed to open for business today The bank had capital stock of $25.000. surplus of $3,500 and deposits of $105 661 52 in its last statement An examiner has been sent here by M E. Bristow. commission of Insurance and banking, to take over the bank's affairs LITTLE ROCK, Ark. Dec. 19 (AP) The Clark county bank at Gordon notified the state banking department it had suspended today for five days On Sept 24. the date of the last bank call. the bank listed surplus and capital $33,000 and deposits. 332 The Citizens bank at Foreman also suspended for five days to permit reorganization It recently was merged with the and Planters bank and retained the capital stock of both. INDIANAPOLIS. Dec 19 (AP) Three Indiana banks failed to open their doors
