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Irregularity Rules Stocks and Bonds Continued on Page 9 stocks have descended to great depths in discounting this fact. Therefore, readjustment of capitalizations for the railroads would merely represent official recognition and adjustment to the statutes already assumed by the securities markets. What great harm can come from formally marking down capital from $100 par basis to, say, $75 par or $50 par, when the market valuation for these same securities are $10 or $20? Such a step, if generally followed by the railroad, would mark a major move toward recognition of the fact, rather than permit continuation of artificial conditions which only befuddle investors. * * * Professional pressure hardly could be blamed for the continued downslide in quotations. The latest outbreak of liquidation is attributed to insurance companies, who seemingly are merely adjusting themselves to actualities instead of depending upon arbitrarily set price levels. It is a fact, nevertheless, that beneath the surface important sentiment at the close of the week was much less fearful of eventualities than for a long time past. Only one reservation is being made to this hopefulness—that no disturbing action comes out of Washington. North Carolina Bank to Reopen RALEIGH, N. C., April 30 (A. P.).—The Bank of Littleton, which closed January 11, 1932, will reopen Monday, Guerney P. Hood, State Commissioner of Banks, said today. The Bank is capitalized at $15,000 and will be reopen with resources of about $155,000.