davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1918-11-14
Ste ell Men A SIX
Govt to Supervise
Transitional Period
Price Control Needed Until
Industry Reaches Peace
Basis

WASHINGTON. Nov. 13.-Continu-
alton of government supervision of the
steel industry during the period Of
readJustment to peace conditions was
recommended to-day by the steel COM
mlttee of the American Iron and Steel
institute at its first meeting with the
War Industries Board since the sign
ing Of the armistice.
After the conference, officials in ex-
planning the steel committees recon-
mendation for continued supervision
by the War Industries Board SAID that
II price control were abandoned and
the price of steel decreased those who
stocked up with raw and semi-fnished
materials at the fixed price cou.d not
compete with those who could go into
the market with lower prices prevail
ing. On the other hand if the price
Snould increase manufacturers with
stocks on hand would have an advan-
tage. Government supervision and
prlce control, it was explained, will
prevent any such conditions and stabil-
ize the industry until it is on a peace
basis.
This formal joint statement was
issued by Bernard M. Baruch, chair
man of the War Industries Board, and
Ebert ii. Gary, chairman of the steel
committee, after the meeting:
THE discussion followed general
lines regarding trade conditions, both
OF national and international nature,
and with the main purpose of preserv-
ing industrial stability
The Iron and Steel Institute COM
mlttee, in the course of it's sugges-
tons, made emphasis upon the point
that continuation of governmental
supervision of industry for the present
was highly desirable. 1t was agreed
that many changes in operating con-
ditions of the steel mills will be
necessary in the transition from war
to a peace basis. Some cancellations
and adjustments in war contracts will
follow, but owing to the removal of
many restrictions imposed on non-war
industries and the immediate demands
of such industries and probable re-
sumption of Federal state and NUM-
cipal improvements which had been
temporarily suspended and the de-
demands from abroad for foreign con-
struction. which are already taking
definite shape, it is believed that the
transition can be accomplished in an
orderly and systematic way.
"The discussion was entirely in
formal, and was characterized chiefly
by spirit of cooperation between the
board and the industry that was as
strong as that which existed during the
war pressure. Further data and in
formation is to be gathered and col
lected for the use Of the War Indus
tries Board for it's further confer
noes with this and other industries.
New-York tribune., 1918-11-14
Higher Commission
Charge by Brokers
Is Recommends
Stock Exchange Governor,
Will Act ON Proposal,
on November rs

Favorable action on a proposes 49,.
prehensive revision of the COM:
sion rates charged by brokers on st.,
Exchange transactions was ra..N
mended to the Board of Gover..a
Yesterday hy special cofiimitts.
headed by Bayard Dominick, Of y. ~
firm of Dominick & Dominiek viii
has had the matter under cons;a.s
alton several months. The Goyerro,.
Will reach 81 decision at meetins ~
November 26. it was announced
The suggested rates, which are !.
signed to meet the increased cos, ~
brokerage operations, will remove a.,
tain inequalities, which members os
the exchange declare are found in ~.
prevailing charges, by the substitn.
tion of sliding scale instead of III.
present uniform basis of commissions
At present customer of brokersvs
firm who buys or sells one hundrsS
shares of stock. the unit of tradine
pays n commission of IL per cent I,
was also stated that the amount NJ
the commission will depend on the
market value of the stock BOUGHT or
sold. In other words, high priced IL.
sues will command larger commits.
sion than low-priced securities.
In addition the plan prepared BY the
special committee may recommend .
readjustment of the commissions
charged between brokers and between
brokers and out-of-tow firms who
do not have representatives on the
floor of the exchange. Under the ex.
listing conditions wire houses pay
commission of 50 hundred shares on
all stocks selling above 500 a share.
while floor traders pay what is termed
a 81 clearance charge on units Of 100
shares.
The movement to raise the comms.
sion rates on brokerage transactions
was started to offset the higher
operating expenses which have de.
veloped since the beginning of the
war. Among the factors making 70,
greater costs, it is asserted are sal
arv advances. increased cost of sup.
plies and heavier wire tolls.
New-York tribune., 1918-11-14
Money and Credit

Conditions in the money market
were substantially unchanged yester-
'day. Call loans were made at per
cent on mixed collateral and 61z per
cent on industrial collateral. Very
little new time money was offered.
The whole question of restrictions on
loans for Stock Exchange purposes
was discussed at meeting Of the new
money committee Of the Association of
Stock Exchange Firms.
Discount Rates.--The following table
gives the current rates of the twelve
Federal Reserve banks on commercial
paper for all periods up to ninety days:
New-York tribune., 1918-11-14
Sumatra Stock Dividend

Directors of the American Sumatra
Tobacco Company did the expected yes
terday when they declared a Is per
cent common stock dividend. The
amount now outstanding is S6,SOO,0O0
so that increase will add 100000 to
the total. During the last two days
the common stock has had rise of
about 10 points. presumably Discount
ing yesterdays action OF the board.
New-York tribune., 1918-11-14
Wealth Markets and Commerce

S5c; double daisies. held. s2@sShc;
Young Americas, fresh, 36hQ37 lxc;
state skins specials, 24h@25 1sc;
prime to choice. 23@24c; fair to good,
2o@22c; lower grades, 1o@1sc.
Eggs.-Receipts to-day, as reported
by the New York Mercantile Exchange,
were 1856 packages. Fresh gathered
extras. per dozen. zoe; extra frsts. 81
@69c; firsts. 64@66c; seconds, 5SQ6Sc;
dirties, No. l. 47@48c; No. 2 and poorer.
A2046c; checks, good to choice. dry,
42@44c; under grades. S6@41c: re-
frigerator, special marks, fancy,
charges paid, 47@l4s iirsts, charges
paid, 45G47c; seconds. charges paid,
42R @441 1ac; state, Penn. and nearby
Western hennery whites. fine to fancy,
92@96c; ordinary to prime, 10000;
gathered whites ordinary to fine, 75@)
94c; pu!lets, 74@78c; Pacific Coast
whites. frsts to finest, s6@90c; West
ern and Southern gathered whites. IS
a e0c; state, Penn. and nearby hennery
browns, 7O@75c; gathered brown and
mixed colors, 60M70c.
Hay and Straw
Yesterday
(Per toni. 4 year ago.
Timothy, No. I,
No. clover mxd 22.o0127.oo 25.oo@2a. 90
Rye straw. No. 19.oo@2o0o 1a.oo@tS.o0
New-York tribune., 1918-11-14
Cotton Oil Earnings

The annual report of the American
Cotton Oil Company, issued yesterday,
disloses net profits amounting to So
327,994 an increase of $685. over the
year before. After interest Of 1856 666.
balance available for dividends was
1861 328 Preferred dividends PAID
during the year totalled Ss11.916, and
common dividends were s8O9.4S4 A
surplus of $239.928 was reported after
dividend payments had been made. This
amount is the equivalent to S5.18 per
share on common stock. compared with
81 SIS earned the preceding year.
New-York tribune., 1918-11-14

sales 1870 bales. New Orleans, quiet,
100 points lower, at 1888; sales GAS
bales. Savannah, nominal, unchanged,
at $3.50; sales MI. Wilmington, steady,
unchanged, at $3.50; sales nil. Nor
folk, nominal, rs points lower, at PIC;
sales nil. Augusta, quiet, 100 points
lower, at 27.13; sales 2s bales. Mem
phis, nominal, unchanged, at 1880;
sales $50 bales. St. Louis, quiet, un-
changed, at soc: sales nil. Houston.
nominal, unchanged, at soc; sales 1900
bales. Little Rock, quiet, unchanged'
at soc; sales S72 bales.
New-York tribune., 1918-11-14
Livestock, Meats, Provisions

Following ore yesterdays prices. compared Will
those of year ago:
Yesterday. A year ago.
Live steers. far to
prime 100 ID. .$i2.T5 @$l7.25 $500 3St25o
Dressed heef. sides.
ID. ........... III q .2s .iS @ al
live veals. common
TO prime. 100 III. 1900 q 1000 HOO % 1880
Dressed veals. city.
ID. ........... 40 q 80 .is q ~
Live ewes, 100 Id. 6.25 d 1880 200 al Hoo
Live lambs. fair to
prime. loo h. 1890 q i4.75 1850 % t7.4o
Dressed mutton ID. ..i2 q 20 .is 40
Dressed lambs. city.
Hogs. 100 ID. 1900 @ 1925 1915 q 1880
prarscd hogs. ba-
Ness S' pork bbi Also 42oS GO 47.5S a AZ So
Mess heef,, Dbl. $500 @ $500 3i.O0 q $500
H. . ........... .... .27os @ 27.Is 2s.oo q 2s.to
New-York tribune., 1918-11-14

1t was hardly six weeks from the
appointment of a committee to con-
slider fixing q maximum price for
cotton to the order of this same COM
mittee issued yesterday to prohibit
short-selling of cotton on account
Of the precipitate fall in price. This
illustrates the abrupt change which
the sudden ending of the war has
brought about. Other markets and
other industries are in an equal state
of hesitation. But cotton had a
more violent rise during the war
than any other great commodity. At
one time it sold this year at over
five times the low price of 1914. A
natural reaction would tend to be
more vigorous than in commodities
which have been more in restraint.
Cotton averages to sell at around 10
per cent of the wheat price. That
would mean a present corresponding
price for cotton of 22 cents.
New-York tribune., 1918-11-14
Relevant Comment
Stock Exchange Partners Meet

The new money committee of the
Association of Partners of Stock Ex-
change Firms met for two hours yes
terday at its headquarters at AZ Broad
way. After the conference Albert Nc
Glave, president of the association,
declined to reveal what had been dis
cussed, but reiterated that the new
committee planned to cooperate with
the other money committees and was
not an "insurgent" body. 1t was as
serted that an additional reason for
the formation of the new committee
was the desire of stock exchange
firms to be fully organized to meet
any fundamental changes in the situ-
alton which the money committee of
bankers might decide upon. Brokers
expressed the belief that sooner or
later the money restrictions, which
were a wartime safeguard, would be
removed, and declared that every ele
ment among them wanted to have
spokesmen to act in their behalf in
making the new adjustments which
they anticipate. Bankers reiterated
their opinion that the government need
for credit would continue to be large,
and the restrictions on stock exchange
loans would continue until the credit
situation becomes easier.
New-York tribune., 1918-11-14

The Federal Reserve Bank Of New
York has put in force the following
schedule of rediscount rates which ap-
ply to bankers acceptances: Maturities
up to Is days, per cent: 16 to GO
days, inclusive, Az per cent; 81 to 80
days, inclusive, Az per cent.
Bank Clesrings.-Bank clearings yes
terday in New York and other cities
were:
Exchanges. Balances.
New York E. .$688, 1876 $67, 7,t37,ee7
Boston ....... 31,c39.3 1897 1925, 2,618
Philadelphia :. 65,887 ,631 1851, ,503
Suh-Treasury-The banks lost ST.
016,o0O to the Sub-Treasury yesterday
Silver.-Lonuon. 49hd, unchanged;
New York, 101 ,sc, unchanged; Mexican
dollars, 77hc, unchanged.
New-York tribune., 1918-11-14
Bond Market Easier

Bond men explain that, though the
demand for bonds this week has not
kept pace with the sensational advance
that preceded the signing of the Ger
man armistice terms, good buying Of
high grade issues continues. Regard
ing the matter OF future loans to the
Allied governments to finance their
reconstruction requirements. there is
a strong belief in investment circles
here that public offerings Of foreign
municipalities and even corporations
would find a ready market in this
country
New-York tribune., 1918-11-14
Ne.u Orleans Exchange
Weak After Ne.u Ruling

NEW ORLEANS, Nov. 13.-Prohibi-
tion OF speculative short selling by the
War Industries Board, announced short
ly before the opening of the local eY-
change to-day, was followed by q 200
point drop in active months. the limit
allowed at one session under the war-
time rule. Some demand which soon
sprang up, however. raised prices rs
to 100 points from the bottom.
New-York tribune., 1918-11-14
Standard Oil
Other Oil Stocks

Sales. Open. High. Low CIose
ssss sss :e::5:s :sssGss' 2 2 g. q X 4 X 4
100 @Elk Be in Pet.
5000 "fEsmerslda OC 4
1900 "Glenrcck Oil. 35s 31s 5ss "a
500 sfInt Pet f4Ns 14Is ID y
$500 "Island o T.. 35s 3ss s7s
$500 Met Pet. ....... t34 17s IL ~
1900 midwest Ref. 1877 1877 1873 ~
500 'tNorthw Oil. So 50 81
1000 Okla Pr g. Ref. 9zs e7s ess va
5000 tOmar Oil & 6. 1s 20 10
1900 "Sapulpa o & f. rs 7Is 7as ~
800 Security r. i q Is
1000 Seauoyah o g. r "a 2. u ~
1900 *Sinclair Gulf % 2'7s .
i5no *Sinclair Gulf. % 225s 22 1sa
1900 stanton Oil 10 . 4
200 "South o & T. 3M 3I4
700 sVictoria Ons 2ss ~ 2A E
New-York tribune., 1918-11-14

eve ngreater credit expansion than
now exists.
1t is a somewhat interesting fact
that from the period from 1862 to
1868 an average Of stock prices on
the New York Stock Exchange
touched low in the week following
Lees surrender. This was the end
Of long decline which had begun
one year previous.
The indications are that the en-
barge on a free traffic in gold will
not be Immediately lifted. Such a
release would probably, under exist
ing conditions, lead to extensive
gold exports. But it could only be
for very short time and to a
relatively small amount. Exchange
rates should in general rule heavily
in favor Of this country, possibly
too heavily for our good.
New-York tribune., 1918-11-14
Dividends
Extras

Extras
Cerro De Pasco Copper Company
An extra dividend of 25 cents per share
has been declared in addition to the
regular quarterly dividend Of 81 per
snare. both payable December % to
stockholders of record November 22
Regular Declarations
New-York tribune., 1918-11-14
Curb Market

Note.--The Tribune assumes no responsi
bility for the accuracy or authenticity Of curt
market quotations. transactions and prizes
Wednesday were as follows
New-York tribune., 1918-11-14
Removing Money Inequities

AS result of the daily hearings
before the committee Of five Of the
Stock Exchange, at which firms which
believe that fixing the level of loans
on September 16 as the standard to
which the present loans must conform
worked an unusual and inequitable
hardship on them receive an oppor-
tunity to present the facts in the case,
it is understood that the committee, of
which Fl. G. S. Noble, president of the
exchange, is chairman, has worked out
a plan to minimize the inequalities in
the situation. Sources in touch with
the plans of the committee indicated
that firms whose borrowings on Sep
tember 16 were at an exceptionally
low level will be permitted to increase
their present loans in proportion to
their capital, and that firms whose
loans were inordinately high on that
date will be asked to reduce their
present level below that of September
10. This adjustment is not expected
substantially to change the aggregate
level of stock exchange loans. but, if
made, will be designed to obvate in
stances Of special hardship The atti-
tude of the money committee is that
so long as there is no increase in the
aggregate the authorities of the stock
exchange NAV make any ARRANGEMENT
IN the distribution Of the credit avail
able that seems fair and equitable to
them.
New-York tribune., 1918-11-14
lndustrials

Sales. Open. Hirh. Low .ln,s
$500 eAetna Explos.. ess So 6ss "
900 Bra Tob coup. 22Il2 22sz 22Is 2a
1000 "Burns Ice. -. as az IS al
25 sCities Ser old 30t 3o1 aoi sot
260 "CoIumbiaville IVA ia II ffts
1900 Emerson Phono 212 2s4 2I7 2A
1875 @Freeport Tex. 80 SO 80 80
5000 Hupp Motor . 5Is 5Ns 424 as
100 Intercont Rub. 1894 1924 1874 l2s4
100 Keys T&R com rs 1874 10 1874
5000 Marconi of Am 5 s 4ss <sS
21O sRelc Equipmt. 1874 ia fiA f1sa
1900 *Smith Motor T Va VI Il is
500 *Steel Alloys E. ga 6s4 6I2 6la
1900 Sub Boat VT ctfs 12 12Ha IL t2la
1900 sUnited Motors 1894 34hs 1874 S3Is
2700 u Steamship AZ s 41e
4400 Wayne Coal :. 3zs 4 Sa4 315
5000 sWr-Mart Aircr 44 4Ia ~ 42s
New-York tribune., 1918-11-14
Mining Stocks

SaIes. ODen. High Low oo'
1900 tAlaska-Br CM AZ 43 ~ "
1000 sfAtlanta .... 4I2 az T2 u
$500 Big L Cop Co. IL Ia IN ~
$4,000 Boston & Mon. so 50 90 ~
$3.50 *fCaledonia -. az az 80
;$$ iE$$ ;E$$ $:ss.::s sss:s; IS; s:ss :: z
500 *Cerbat MSM ~ fss lA y,
$500 Cons Ariz Sm. ~ sx
1900 Cons Cop Mines 5l2 So 2Hs FL
5000 Cresson Con Cd 5zs So oys
100 "Dcnbigh Mines y J.
500 Dundee AC Il ~ ~ ~
1900 Eureka c NJ Co 1ss 15s ~ a.
500 First Nat Cop. 2 a
1000 'ffortuna Cons 35 40 50 y
600 fGoldfield Cons. 20 22 "
300 'Iron Blossom. q "a .T a"
1900 'tJim Butler. 4e 49 ~ e
5000 iMcKinlev-Dar. 4a 4e g. 7:s
500 Magma Copper. 331a 35H2 3zsz ~
100 Mason Valley. 20
1880 siMother Lode. az az 4z ~
200 Nipissing NJ c. eH sKa .sga %
$500 nixon Nevada SO 30 80,
1000 sOhio Copper. "a "a e ~
400 RAY Hero Min. s7s q ,W ss
$50 Seneca Cop cp. 1885, 13s4 1874 i's
400 'Sileer Els Sill = y =
2o0o Silver X Of Ar q 4
1900 Stand Silv-Ld. IL is Is az
1000 stewart ~ ID IS 10
200 "Tonopah Bel. g.. ga 3t+ :;
$50 Tonopah Ext. 15s is4 i9s n
1850 United Eastern 49s 4ss "a
1000'tU Id T.. q q.
$500 'fWard NJ 3 NJ SO "a 81 :,
500 tWash Gold Q. 81 81 81 "a
1900 West End Con Ia ia IN q
1900 sW Ut Ex tap) rs is 10 ~
135oo fWh Caps Mg. 20 20 is y"
New-York tribune., 1918-11-14
G. NJ. Cohan at Stock Exchange

George Nj. Cohan, William Collier,
Sam Bernard and Louis Mann will ap-
pear this afternoon on the floor of the
Stock Exchange, Immediately after the
close of the market, to auction off
boxes and seats for the performance
to be given at the Metropolitan Opera
House by the Friars' and Lambs clubs
Sunday night in aid of the United War
Work Campaign.
New-York tribune., 1918-11-14
Coffee, Sugar, Tea and Cotton
seed Oil
Nominal.
Coffee Futures.-Interest in Il

Nominal.
Coffee Futures.-Interest in the
market is now centred in expected
developments in Washington and there
are a number in the trade who are of
the opinion that the exchange will be
reopened for trading not later than
December 1 next. In the meantime the
supply of coffee in this country is
rapidly nearing exhaustion, with the
ing to record breaking levels, and
local merchants hesitate to import, as
the closed exchange prevents them
from hedging their purchases. There
were arrivals of $4,000 bags, with the
amount of Brazil coffee now afloat for
the United States of 100000 bags.
According to advices received in the
trade here the French government
asked merchants early in October to
make bills for portion of the 1900
000 bags still owned by France in
Santos. Up to October % no business
had resulted, but it is possible that
the signing of the armisticc will re-
vive interest, and Brazil has been sus-
tanning the weight of a large tenn
porary SURPLUS supply because of the
confidence III the reopening of Euro
pean oulets.
Cottonseed Oil.-Nothing has trans
pired so far in the cotton oil trade to
indicate any radical difference in con-
ditions arising from the end of the
war. Whether or not the present
regulations in regard to fixed prices
and restricted operations in contracts
will remain in force is not yet appar-
, ent, and in consequence business con-
tlnues of q routine character.
New-York tribune., 1918-11-14

The above rates express the cost of
foreign money in terms of the Amer
ican dollar. You ouy an English pound
sterling. say. at $4.75a5. The intrinsic
parity is s4.seSs per pound. Thus you
say either that pounds are at dis
count or that dollars are at premium,
which is owing to the fact that in Eng
land the demand for dollars with which
to settle accounts in this country i.
greater than the demand in this coun
try for POUNDS with which to settle ac.
counts in England.
New-York tribune., 1918-11-14

> III s t e n a n c G
Cereals

Wheat.-There are two prominent
outstanding factors in the wheat situ-
alton at present, namely, the big sur
plus in the principal producing coun-
tries and the shortage which borders
on famine in Europe. Il is estimated that
with the Austrian new crop and the
amount carried over from other crops
there are avail able in that country
about 250,0o0.0o0 bushels; Argentina
has around 66.O00,0Oo; India about
0O,000.000. and North America at
least 100000 900, making total of
916 600 900 bushels OF wheat available
for shipment to Europe
New-York tribune., 1918-11-14

price 1Or COCLOIl OK III Genus.
The indication that Mr.. Hoover
will be made virtually the 1nterna-
tional Food Controller is significant
of the actual situation that prevails.
Undoubtedly there are large sup
plies in Australia and in the East.
And the opening of maritime COM
merce will make these quickly avail
able. But the imagination does not
readily compass what a food short
age for the supply of nearly half a
billion people in Europe may mean.
Mr. Ogden Armour, of some expe-
rience and judgment, offers the pre-
diction that food prices will remain
high for the next four years.
"The Black Diamond" offers the
! blackest of prophecies as to the
course of coal prices. Government
protection alone will avail to pre-
vent precipitate fall. "A wool
manufacturer glooms darkly over
the impending decline in wool. A
cotton factor can plainly foresee cot
ton prices back at the level of 1914.
Some iron and steel men predict
sharp lowering of prices in their
trade. And SO on through the list.
Each one of these is thinking only
of the great demand brought by the
war in his especial field. There
fore, with the withdrawal of that
demand, pre-war prices. But in the
largest field Of all, that Of food
prices, representing 40 per cent Of
the average family budget, there
seems no present prospect for
great lowering; therefore, not much
lowering in the cost of living.
Those who look for drastic fall
in the price of commodities gener-
ally. must imagine equally a heavy
"hquidation" in wages. Such
liquidation has never taken place in
this country. In 1866 a financial
magazine reported that "wages were
! higher than ever"
The illusion of prices is uncon-
querable. Three billions of dollars
worth" of imports this year may
represent no greater quantity than,
If as much as, normal imports of a
billion and a half. And six billions Of
exports this year, including vast
stores of munitions and other high
priced goods, may represent in
quantity, outside of foodstuffs, little
more than normal pre-war quanti-
ties. There has been no such actual
expansion of trade as the nominal
figures would suggest.
But trade balance of three bill
ion dollars must be settled some
how. Either in credits or gold.
MOIc Cudll ever UclOIc, AZ lS d Ic2l
balance. The debts for interest
payments, tourists, expenditures and
the like were never so low. Only
the shipping and the insurance bills
are high. Meanwhile we shall have
to add nearly half billion in inter
est charges. That makes at least
two and half billions. Europe can
not spare it's gold; nor do we want
it. Credit is the only alternative.
1t has been announced that gov
ernment loans to our allies now
reach nearly eight billions. And
private loans foot two billions more
BY the end of another year the
total may readily be fifteen billions
That would make us, as perhaps we
now are, the record creditor nation
New-York tribune., 1918-11-14
Bonds

~--s
sso ssts sAm sn'1 Tob 7s 10 1oos iooss 'ooa m
20 do is 1920. lJy.. 80 ,o,,l .eisa
10 'do Is 1909 .os,l tozs
10 sdo u 1923. foasa fo2s4 io29A w..
30 eBath St 7ec '2l. 80 .>,,,. ,o1s5
do 7cs 1922. 1908 iooHa ioosA ,c5 20
edo 7ea 1928. 100 100 '@ oer.. sss
100 Gan Govt 5s.... eska ssfz ~ foils
10 "Cud 10 Is W i. zoos lo.fA 10 ,oo" 100
5 do L, ss S. n 1920. 100 too!+ 100 's' q
500 sInt Rap Tr 7s.. ssss ssYa sSsa Il
125 sRuss Govt 5iss. 20 e IA. Is
Is edo sAs -. 1874 15sS XII toiss
25 su S Rubber U.s.. fo1ks 'o'Ss '""S
ENLISTED. fses. cents per share
New-York tribune., 1918-11-14
The Dollar in Foreign Exchange

Extremely quiet conditions prevailed
yesterday in the foreign exchange
market and rates showed steady ten
dency. Francs reacted somewhat and
the undertone of the neutral exchanges
was a shade firmer. The tone of the
market was due to technical conditions.
Closing rates yesterday, compared
with. week ago, follow:
Quoted dollars to the pound.)