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Me
olitintrci31
VOL. 127.
SATURDAY AUGUST 25 1928.
financial Chronicle
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The Financial Situation.
Governor Smith's acceptance speech on Wednesday night, on the formal tender to him of the nomination for President of the United States by the
Democratic Party, makes the liquor question the
paramount issue of the campaign—in fact, virtually
the only issue, since on the Farm question and other
leading points of controversy, his expression of views
accords so closely with the views of Mr. Hoover,
his Republican opponent, as to make it difficult to
find any essential points of difference between the
two, as we show in a separate article on a subsequent page. On the other hand, on the liquor question the views of the two men are as wide apart
as the poles, and Mr. Smith is to be congratulated
for having brought out the distinction so clearly and
with such great candor.
After what he says in his speech, there cannot be
the slightest doubt as to his attitude and position
with reference to that issue, any more than there
can be any doubt of the attitude and position of Mr.
Hoover. The latter in his acceptance speech said,
without qualification, "I do not favor the repeal of
the 18th amendment," meaning the Federal Prohibition amendment, which by its first paragraph declares that "the manufacture, sale, or transportation of intoxicating liquors within, the importation
thereof into, or the exportation thereof from the
United States, and all territory subject to the jurisdiction thereof, for beverage purposes, is hereby prohibited." Governor Smith in defining his position
on this prohibition amendment, also speaks without
reserve or equivocation. He says: "I personally believe in an amendment to the 18th amendment which
would give to each individual State itself, only after
approval by a referendum of popular vote of its peo-
NO. 3296.
ple, the right wholly within its borders td import,
manufacture, or cause to be manufactured, and sell
alcoholic beverages, the sale to be made only by the
State itself and not for consumption in any public
place." There can be no mistaking the meaning of
such a declaration.
With this sharp cleavage in the views of the two
candidates on the only point of real consequence on
which there is any great difference between them, it
happens, however, that the liquor question, rightly
considered, has absolutely no place in a Presidential
campaign, unless, indeed, it is intended to go a step
further and carry the contest into the Congressional
elections, and likewise into the different elections to
the State legislatures throughout the country. If
the contest is to be made State-wide and nationwide, in the way indicated, and Governor Smith is
to be the leader in the crusade, then possibly something can be accomplished towards changing the
Prohibition amendment, or at leAst establishing
whether such a change is possible. But, judging
from appearances, there is no intention of doing
anything of the kind.
In these circumstances, the issue is a wholly ex•
traneous one, since the President, in and by himself, can do nothing to bring about a change. Under
the Federal Constitution the matter of instituting
changes, or altering in any way the fabric of that
instrument, is made the sole duty of Congress and
of the State Legislatures. The President is endowed
with no authority or function in connection with the
matter. In making this statement we do not wish
our own position on the question to be misunderstood. We agree entirely with what Governor Smith
has to say, and we think the solution proposed by
him is wise and sensible. We believe he is entirely
right when he asserts that "disregard of the Prohibition laws is insidiously sapping the respect for
all law" and we are not at all prepared to deny
his claim that the plan proposed would have certain
distinct merits and advantages: "It would preserve
for the dry States a Federal enforcement of Prohibition within their own borders. It would permit
to citizens of other States a carefully limited and
controlled method of effectuating the popular will,
wholly within the borders of those States without
the old evil of the saloon. Such a method would reestablish respect for law." Perhaps most important
of all, it would "assure to each State its complete
right of local self-government."
All this, however, does not change the fact that
under the United States Constitution, amending that
instrument is made the duty alone of Congress and
the State legislatures, and the President is given no
function or power in connection with it. What are
the provisions respecting amendments contained in
the Constitution itself? Article V., which specifies
996
FINANCIAL CHRONICLE
the ways in which the Constitution can be amended, says:"The Congress, whenever two-thirds of both
Houses shall deem it necessary, shall propose amendments to this Constitution, or, on the application of
the Legislatures of two-thirds of the several States,
shall call a Convention for proposing amendments,
which, in either case, shall be valid to all intents and
purposes as part of this Constitution, when ratified
by the legislatures of three-fourths of the several
States, or by Conventions in three-fourths thereof,
as one or the other mode of ratification may be proposed by the Congress."
It will' be seen that two alternative methods of
making amendments exist. Congress on its own initiative may propose amendments, but only by a
two-thirds vote of both the Senate and the House of
Representatives, or the Legislatures of two-thirds
of the States may force Congress to call a convention
for proposing amendments, but in either case the
amendments must be ratified by the Legislatures of
three-fourths of the States or by conventions in those
States. The number of States in the Union is now
so large as to render impracticable united action by
two-thirds of the whole number in an application for
calling a convention for proposing amendments. This
leaves as the only feasible method of amending the
Constitution, that of action by Congress itself, and
then only by the required two-thirds vote of both
Houses. But that does not end the process. After
the proposed amendment has been agreed upon it
must be referred back to the Legislatures of the different States, and be ratified by three-fourths of
them. At no step in the proceeding is any part assigned to the President. He can have no hand in it.
He is not even given the right of approval or disapproval, such as he possesses with reference to ordinary measures or bills passed by Congress. In
other words, he does not possess any veto powers
over Constitutional amendments, and such amendments do not require his signature either before they
are referred to the State Legislatures or after they
have been ratified by the requisite three-fourths of
them.
The situation of Governor Smith, therefore, in
thrusting the Prohibition question so prominently
to the front is an anomalous one. He is a candidate
for President and seeking support for a policy which
as President he can have no part in carrying out.
In his speech he does not refer anywhere to the Constitutional requirements respecting amendments but
leaves the citizen wholly in the dark on that point.
He does, however,refer to the duty imposed upon the
President to "recommend to the consideration of
Congress such measures as he shall judge necessary
and expedient." Having that duty in mind, he goes
on to say:"I personally believe that there should be
change (meaning in the Prohibition law) and I shall
advise the Congress in accordance with my constitutional duty of whatever changes I deem 'necessary
and expedient'It will then be for the people and the
representatives in the National and State Legislatures to determine whether these changes shall be
made."
Evidently Governor Smith did not see the implications of the foregoing statement by him. It is
not necessary to wait until he can succeed in having
himself elected President and make the recommendation to Congress referred to, in order to get the judgment of "the people and the representatives in the
National and State Legislature." The time to get
For,. 127.
an expression of opinion is right here and now. Representatives of Congress will be elected next November from every Congressional district in the country
at the same time that the President is chosen, and
many States will also elect U. S. Senators. Not
only that, but most of the States will have elections,
too, for the State Legislatures. Accordingly, an opportunity will then exist, which will not be repeated
until two years later (when another Congressional
election comes around), for testing the question in
the broadest and most comprehensive way. The Federa," requirements, respecting Constitutional amendments, which we have quoted above, make it plain
that the Prohibition amendment can be changed only
by Congress, with the aid of the State Legislatures,
and, therefore, no effort should be spared to elect
members who shall be in full accord with the views
advocated by Mr. Smith. In order to attain the object sought, the important thing is not the election
of Mr. Smith, but of the right members of Congress
and of the State Legislatures. Mr. Smith says "the
people themselves should, after this eight years of
trial, be permitted to say whether existing conditions should be rectified." Nothing truer was ever
said. Why not then let the people render their verdict the coining November?
Governor Smith tells us he is raising "what I (he)
profoundly believe to be a great moral issue, involving the righteousness of our national conduct and
the protection of our children's morals." John J.
Raskob, the Chairman of the Democratic Committee,
it is known, also looks upon the question as a moral
issue. This being so, why should not both insist that
the test be applied everywhere throughout the land
to candidates for members of Congress and to members of the different State Legislatures. They should
all be required to declare whether they are for or
against the Prohibition amendment. If the issue is
a moral one, as most assuredly it is, then no means
should be left unemployed for electing candidates
of the right kind—that is, candidates pledged to secure a modification of the Prohibition Amendment.
As already stated, to secure modification of the Prohibition Amendment, the really essential thing is the
election of a Congress and of the several State Legislatures in full accord with the proposal, for decision
will rest entirely with them. On the other hand,
as far as that issue alone is concerned, it is of no
consequence whatever, whether Mr. Hoover or Mr.
Smith shall be the successful candidate for President, since, as we have shown above, the President
can have no hand in the matter in any event.
Inasmuch as Mr. Smith is pleading so earnestly
for modification, and since he is the proper person to
lead in the crusade, he might follow up what he has
already said and done with the further assurance
that in the event of his election to the Presidency, he
will promptly call Congress together, as soon after
the 4th of March as possible, in order that that body
may immediately draft and adopt the necessary modification of the Prohibition amendment for submission to the different State Legislatures and for the
purpose of having these latter act with equal expedition in ratifying the amendment. In that way
Mr. Smith could be really helpful. The duty of action rests entirely with Congress, but Congress cannot act until it is in session, and the President does
have the power to convene that body ahead of the
customary time. The simple election of Mr. Smith
would get the country nowhere as far as determin-
AUG. 25 1928.]
FINANCIAL CHRONICLE
ing this particular issue is concerned. A remedy
would be as far off as ever. If, after making the
contest with zeal and energy, Messrs. Smith and
Raskob failed in securing Congressmen and Legislatures responsive to their views, at least they would
have the satisfaction of knowing that they had done
their full duty in the premises and that fault for
the failure did not rest with them.
Of course, in making these suggestions, we do so
with no idea that they will find acceptance and adoption. We merely undertake to indicate what ought
to be done if the campaign for modification of the
Prohibition amendment is conducted in good faith.
The state of things, as it now exists, is that while
Mr. Smith is making the Prohibition question his
leading issue, many dry Democrats will vote for him
notwithstanding they do not agree with him, on the
express ground that as President he would be powerless in any event towards doing anything for modifying or repealing the amendment. On the other
hand, the wets would be for him anyway, since their
views accord with his own and in addition, he would
get the votes of many Republicans of the same persuasion of mind. In such a state of things, the raising of the Prohibition question in the canvass for
the Presidency, with no intention of carrying the issue into the Congressional and the State elections,
takes on the aspect of introducing an entirely false
issue—a mere vote getting device for obtaining popular support in the wet States. We imagine that
Governor Smith would not care to rest under any
such imputation, and that neither would Mr. Raskob. Perhaps the Republicans can be induced to
accept the challenge offered by Mr. Smith and Mr.
Raskob and bring the question of prohibition up as
a real issue before the different constituencies
throughout the country, now that Mr. Smith has
made it such a live matter. It would be a great
point gained if they did, though we very much fear
that they will be no more inclined to tackle the problem in its full and all embracing sense than the
Democrats appear to be.
The Federal Reserve statements this week do not
wear quite so favorable an aspect as did those of
last week. As far as brokers' loans are concerned,
there is a further decrease in the total the present
week, but it is of relatively slight extent and the
total still remains exceedingly large, and declines
very slowly. Last week the amount was reduced
from $4,273,884,000 to $4,223,230,000 and this week
there is a further reduction to $4,201,131,000. At the
latter figure, however, comparison is with only $3,168,074,000 at the corresponding date a year ago
when the amount was far from small. The week's
changes under the different headings are relatively
small, the same as the change in the grand total.
The loans to brokers and dealers (secured by stocks
and bonds), made by the 45 reporting member banks
for their own account increased during the week
from $783,437,000 to $808,873,000, while the loans
made by these reporting member banks for account
of out-of-town banks decreased from $1,579,742,000
to $1,535,448,000 and those "for account of others"
from $1,860,051,000 to $1,856,810,000.
What attracts most attention, however, is the renewed increase in the borrowings of the member
banks at the Reserve banks. As measured by the
holdings of discounted bills, this borrowing at the
12 Reserve institutions increased during the week
997
from $1,002,534,000 to $1,037,446,000; at the corresponding date a.year ago (Aug. 24) these discounts
aggregated no more than $414,157,000. Holdings of
acceptances and of U.S. Government securities show
relatively slight changes during the week, the first
having decreased from $189,902,000 Aug. 15 to $183,600,000 Aug. 22, and the latter having increased
from $206,413,000 to $206,910,000. The result altogether is that total bill and security holdings—measuring the extent of Reserve credit in use—stand at
$1,428,946,000 the present week, as against $1,399,839,000 a week ago, and comparing with $1,038,107,000 on Aug. 24 1927. Federal Reserve notes in circulation increased during the week from $1,638,622,000 to $1,641,967,000, while aggregate gold reserves
increased from $2,612,592,000 to $2,613,988,000.
Pressure at the Federal Reserve Bank of New York
appears to be especially pronounced, the discounts
here during the week having risen from $274,575,000
to $314,026,000, an increase of $39,451,000, which is
more than the increase for the 12 Reserve banks
combined, including that at New York.
The stock market the present week has broadly
and steadily advanced, finally developing actual
buoyancy on Friday. Money rates have continued to
rule high, but this has had no tendency to restrict
the speculation for higher prices. In fact, the market seems to be getting accustomed to high rates and
to ignore that fact altogether. The renewal rate for
call loans on the New York Stock Exchange on Monday was 6%, but in the afternoon the rate on new
loans rose to 7/
1
2%. On Tuesday the renewal rate
was marked up to 7% and it has not been at any
lower figure than this on any subsequent day, and,
in fact, on Wednesday, Thursday and Friday all
loans were at that figure. The volume of business,
too, has been on an increasing scale, rising on Fri1
2 million shares. On Monday the sales
day to over 3/
aggregated 2,437,496 shares; on Tuesday 3,064,730
shares; on Wednesday 3,175,575 shares; on Thursday 2,965,260 shares, and on Friday 3,527,800 shares.
In the Curb Market the dealings reached 317,866
shares on Monday; 270,210 shares on Tuesday; 378,405 shares on Wednesday; 331,565 shares on Thursday, and 383,489 shares on Friday.
Business has been widely distributed throughout
the list and many new high records for the year
have been established, including, among others,
Montgomery Ward & Co., American Smelting &
Refining, Allied Chemical & Dye, Anaconda Copper,
Kennecott Copper, Granby Copper, American Can,
Chrysler Corp., Continental Can, Cushman's Sons,
Paramount Famous Lasky Corp., Natl. Cash. Register, Purity Bakeries, and Sears-Roebuck & Co.
Among the groups especially distinguished for
their upward movement may be mentioned the copper stocks, some of the motor stocks, several of the
steel stocks; and in addition, some of the railroad
shares have also been prominent in the rise. The
continued strength of the steel market has been the
agency behind the rise in the steel shares and in like
manner the continued demand for the copper metal
has been the stimulating agency in the rise of the copper shares. As far as the railroad group is concerned, the impression is gaining ground that with
larger crops and continued activity in the steel trade,
these rail carriers have the prospect of improving
traffic and improving revenues ahead of them. Some
of the high-priced specialties have shown more ir-
998
FINANCIAL CHRONICLE
[VoL. 127.
rise of last week, but the international shares were
regularity than the general list, even though their
under the influence of improvement at New
trend has been strongly upward the same as the firm
York. The industrial group found most favor among
rest of the list. The remark applies to General Mospeculative element, with gramophone and artitors, which declined from 185% on Saturday to the
although
78 on ficial silk issues prominent in all sessions,
8 on Tuesday and then advanced to 192/
/
1817
Tobacco
way.
either
place
no great movements took
Friday, closing at 191% against 185% at the close
In yesactive.
were
also
strong and communication issues
on Friday of last week. U. S. Steel while
ed
display
list
entire
the
y
up terday's market virtuall
has also shown considerable irregularity; it sold
h.
strengt
4 on Wednesday, but declined to 149% on
to 1523
The Paris Bourse began the week with a firm un4 against
Thursday, and closed yesterday at 1503
which gave way to dull heaviness in the
% on Friday of last week. Bethlehem Steel dertone
1473
s middle of the week, but in the late trading on Thursclosed yesterday at 61 against 60% the previou
2 against 58%. As day some improvement was again apparent. Selling
Friday and Ludlum Steel at 611/
readily absorbed on Monday, and tradfor the copper group, Kennecott Copper closed yes- orders were
g
8 the previous Friday; ing increased in volume without greatly affectin
/
terday at 9714 against 957
liquidasome
induced
4 against 663%; Cerro de quotations. The better tone
Anaconda Copper at 711/
.
Granby Copper at 59 tion by speculators and the market reacted Tuesday
77;
Pasco at 77% against
rate
t
discoun
France
of
a
in
rise
Bank
the
of
g at Rumors
against 53%, and American Smelting & Refinin
set prices tumbling Wednesday,with the final figures
specialpriced
high
the
Among
213.
against
238%
showing considerable losses. Decided improvement
at
ay
ties, Montgomery Ward & Co. closed yesterd
n
set in Thursday, however, with the market recoupAmerica
219 against 194% the previous Friday;
ing the losses of the previous day. The better tone
Electric
General
4 against 175%;
Tel. & Tel. at 1791/
that
4; Allied Chemical & Dye 197% was prompted by M. Poincare's declaration
% against 1551/
at 1573
tory
satisfac
% against there will be no tax increases and by a
against 184%; Sears-Roebuck & Co. at 1503
Boerse
Berlin
The
129%, and Radio Corporation of America at 191 statement of the Bank of France.
ne and a degree
underto
firm
a
the
with
week
opened
against 181%.
sessions, but
most
in
ned
4 against of confidence was maintai
In the motor group Chrysler closed at 981/
were
changes
Price
ed.
8 on Friday of last week; Studebaker at 79% trading was very restrict
941/
set
which
ement
improv
toward
y
the
tendenc
against 72%; Packard at 83% against 80%; Nash small,
by
offset
being
York
New
from
on
in
better
advices
;
4
/
at 88% against 86; Hudson at 81% against 801
Streser
Ministe
Foreign
of
as
to
health
the
rumors
4. In the rubber
/
and Hupp at 64% against 611
shares advanced steadily, while
group U.S. Rubber common closed yesterday at 34% mann. Reichsbank
s also did well.
4 the previous Friday and the pfd. at 65 some of the speculative favorite
/
against 321
8; Goodyear Tire & Rubber closed at 64%
against 611/
Official arrangements for signing the multilateral
against 55; and B. F. Goodrich at 81% against 76.
as an instrument of national
In the oil group Atlantic Refining has again been treaty renouncing war
received their final
a strong feature; it closed yesterday at 168% against policy in Paris next Monday
ry of State Frank
%
3
Secreta
touches in the past week.
% the previous Friday; Marland closed at 37
1653
negotiations with
the
e
against 371%, and Standard Oil of N. J. at 45% B. Kellogg, at whose instanc
additional
thirteen
to
include
d
France
were extende
against 45%.
de France
Ile
the
on
Paris
for
ents,
sailed
In the railroad list New York Central closed yes- Governm
y in the
ceremon
the
attend
early
to
last
y
Saturda
terday at 170% against 165 the previous Friday;
reprethe
as
d'Orsay
Quai
the
s
des
of
Salle
Horloge
ChesaBaltimore & Ohio at 110% against 106%;
When
ent.
Governm
States
e
of
United
the
sentativ
193
at
n
Atchiso
peake & Ohio at 184 against 182%;
T.
William
nt
Preside
against 190%; Canadian Pacific at 212% against sailing, he announced that
for
attend
would
State
206%; Great Northern at 97 against 97%; Northern Cosgrave of the Irish Free
announced also that
Kellogg
Mr.
his
ent.
Governm
against
77
at
Wabash
95%;
against
98%
Pacific at
signing the treaty,
after
%; South- he would proceed to Dublin
4 against 1933
75%; Union Pacific at 1961/
visit to this counofficial
recent
ng
the
4 against 120%; New York Chi- thus returni
ern Pacific at 1231/
e.
While en route to
Cosgrav
nt
by
Preside
try
made
cago & St. Louis at 125% against 125%; St. Louis
a
hed
dispatc
Kellogg
Mr.
message to Sir
France,
South Western at 103% against 93 bid; and St.
ry of the Britlain,
Foreign
Secreta
Chamber
Austen
%.
Louis-San Francisco at 117% against 1133
ish Government, expressing appreciation of a message in which Sir Austen had assured him of his
European securities markets again evinced a more
earnest hopes for the success of the treaty. The SecBerlin
and
London
cheerful tone the past week, with
retary regretted Sir Austen's enforced absence from
h
Paris
althoug
,
engaging in slight bursts of activity
the ceremony at Paris and sent well wishes for his
ere
everywh
is
remained more subdued. Caution
health.
Premier Mackenzie King of Canada journeyed
forto
yet
as
inclined
manifest, with traders little
to
for the ceremony on the same vessel with
France
and
ago
months
get the furious markets of several
, and both dignitaries were heartily
Mr.
Kellogg
seem
would
activity
their unfortunate sequels. The
at
greeted
Havre
yesterday on their arrival. The
repduly
issues
ent
to be well balanced, with investm
City of Havre presented Mr. Kellogg with a gold pen
resented in the turnover along with a moderate
to be used for signing the treaty, while Mr. King was
amount of speculative trading. On the London Stock
medal. Every care
ed
Exchange,tighter monetary conditions weakened the present with a specially struck
make the occasion
to
gilt-edged section early in the week, but some re- is apparently being exercised
covery followed the commencement of dealings in the as felicitous as possible.
Dispatches from Madrid and Moscow again told of
new Treasury 5 per cents of 1933-35 on Thursday.
some
disappointment in Spain and Russia over the
Home rails were firmer as a group with a few small
of
lack
invitations to these two Governments to join
rises apparent on reports of better traffic receipts.
of original signatories. It was reiterated in
list
the
Oil issues were somewhat easier after their steady
FINANCIAL CHRONICLE
AUG. 25 1928.]
Washington early this week that Governments other
than those invited to become original signatories can
adhere to the new treaty by notifying Washington
of their intention. Russian notification, owing to
the lack of diplomatic relations between Washington
and Moscow, would necessarily have to come through
a third Government. It appeared late in the week
that Secretary Kellogg had given his approval to a
plan for opening the treaty to all Governments on
the day following its signature in Paris by the fifteen
original participants. Russian adherence also is
to be invited, acording to the plan, the French Government acting in the matter. The total list of
countries that will be invited to adhere the day after
the treaty signature in Paris, was given in a wireless
dispatch from the Ile de France to the New York
"Times," as follows:
Albania,
Argentina,
Austria,
Bolivia,
Brazil,
Bulgaria,
Chile,
China,
Colombia,
Costa Rica,
Cuba,
Denmark,
Ecuador,
Egypt,
Estonia,
Finland,
Greece,
Guatemala,
Haiti,
Honduras,
Hungary,
Latvia.
Lithuania,
Luxembourg:
Mexico,
Nicaragua,
Norway,
Panama.
Paraguay;
Persia,
Peru,
Portugal,
Rumania;
Salvador,
Santo Domingo,
Siam,
Spain,
Sweden,
Switzerland,
The NetherlandS.
Turkey,
Uruguay,
Venezuela,
Yugoslavia.
Veiled discussion of the Anglo-French agreement
on the terms of a possible naval compromise, first
announced July 30 by the British Foreign Secretary,
Sir Austen Chamberlain, was continued in London,
Paris, Washington and Tokio the past week. Reports reaching London Monday intimated that President Coolidge was greatly perturbed by his first
study of the summary of the agreement transmitted
to Washington by the British Foreign Office. These
reports, a London dispatch to the New York Times
said, led to some elucidating intimations from British officialdom. The surmises current in Paris and
Washington indicate "serious misunderstanding"
concerning the nature of the tentative agreement,
this report declared. "Strictly speaking," the London dispatch said,"there is not any final and definite
Anglo-French naval agreement. There is merely a
stage that has been reached after much difficulty in
the proceedings of the Preparatory Disarmament
Commission of the League of Nations. Now that the
French and British agree, officials here see no reason
for American perturbation. The agreement is only
for the purpose of the coming discussion at the
Geneva disarmament session, and if the United
States representatives there object to it in toto as
useless and ineffective in the task of further limiting
navies it is sure to be tossed aside. British officials
discount entirely the charge made in a portion of the
Liberal press that the French agreement with British policy in matters of naval limitation was obtained at too great a cost when Britain consented to
abandon her opposition to the French policy toward
land disarmament."
This was followed by an equally informed Paris
dispatch, dated Tuesday,from Edwin L. James, special correspondent of the New York Times in the
French capital. President Coolidge's insistence on
knowing more about the naval agreement constitutes
proof of his political sagacity, Mr. James said. "He
has probably been told everything there is in the
naval agreement," the correspondent added. "In all
likelihood, when Paris and London say they have
told the Americans all about the accord over cruisers
and submarines they are absolutely correct. But it
might be suggested that the President try to find out
if there are other agreements between London and
999
Paris. Are there other accords technically quite independent of the naval program, but forming with
it the bases of a new policy of cooperation between
England and France? In other words, what should
be asked, perhaps, is whether or not the entente
cordiale has been remade and whether Paris and
London have not agreed to look with a common eye
on a great many European and world problems which
interest them both. The existence of a hard and fast
alliance between Britain and France was denied by
the Times correspondent, but, he added,"would it be
too much to say that France and England have considered how their fleets might be used conjointly in
a war—or effort to preserve peace—in which both
nations might find themselves involved? That is
a much more accurate way to state the situation than
to say they have pooled their fleets for better or for
worse."
In London on the following day a semi-official
statement was circulated by British news agencies
which branded as "gross misstatements of the facts,"
any reports that the agreement contains secret
clauses which may be interpreted as leading to the
pooling of the two navies. The statement, a London
dispatch to the New York Herald-Tribune indicated,
declares that the real facts are that "a compromise
has been reached which eventually will be submitted
to the preliminary committee of the disarmament
conference" and adds that "at present efforts are being made to get unanimity in regard to a formula
among the principal naval powers which are holding
what is described as a round-table conference by
means of post and telegraph." Despite all assurances, the Liberal English journals, notably the Manchester Guardian, continued to attack the agreement.
A Tokio dispatch of Wednesday to the United Press
indicated that the Japanese Government found itself
"highly in accord" with the agreement, and would
soon advise both Paris and London of her satisfaction with it.
Great significance is attached in the larger European capitals to the forthcoming visit to Paris of the
German Foreign Minister, Dr. Gustav Stresemann.
The German Minister's acceptance of the French
Government's invitation to come to Paris for the
signing of the Kellogg multilateral treaty renouncing war as an instrument of national policy aroused
some opposition in Germany, chiefly because of the
continued French insistence on Allied occupation of
the Rhineland. The French action is entirely in accord with the Treaty of Versailles, but it has nevertheless proved increasingly irksome to all elements
in Germany. The German plea has been that signature of the Locarno treaties and German cooperation
in the work of the League of Nations has rendered
such occupation superfluous and a broad propaganda
has been conducted to promote withdrawal of the
French, British and Belgian troops. Intimations
from London have seemed to indicate a British desire to end the occupation as rapidly as possible, but
French spokesmen have insisted that it is a necessary
guaranty. Press dispatches from the French capital,
however, have long insisted that the occupation is
continued largely as a bargaining point in the eventual definite settlement of the reparations question.
As a preliminary to his visit to Paris for the signing
of the Kellogg pact, Dr. Stresemann attended a Cabinet meeting in Berlin at which international affairs
were admittedly under discussion. Similarly, a
1000
FINANCIAL CHRONICLE
Cabinet meeting was held in Paris Thursday, at
which Dr. Stresemann's visit was the chief subject of
discussion, acording to an Associated Press report.
A meeting between Foreign Minister Stresemann
and Premier Poincare has already been arranged,
a Paris dispatch of Tuesday to the New York Herald.
Tribune indicated. "Officials at the Quai d'Orsay
do not conceal the importance which they attach to
the meeting," the dispatch added. "In their opinion
it would be folly to expect any immediate settlement
of the French and German difficulties in the space
of an exchange of ideas between the Reich Minister
and France's Premier. But they feel that a cordial
discussion by the spokesmen of the two governments
should sow encouraging seeds for the future. It is
realized here that M.Poincare is the only man fully
qualified to .discuss Franco-German finances and
reparations with Herr Stresemann, and the signing
of the Kellogg treaty will afford this opportunity,
which otherwise might never have presented itself."
Trade and industrial reports from Great Britain
continue to furnish causefor disquietude,with the unemployment situation growing steadily worse, while
trade and transportation returns are not so happy
as might be hoped. The latest unemployment index
of the Ministry of Labor shows 11.7 per cent of unemployed among the 11,800,000 registered work people,
as against 10.8 per cent. a month earlier and 9.2 per
cent. a year ago. Every effort is being made by the
Conservative Government to minimize this admittedly alarming trend. In •a. debate before the House of
Commons late in July, Prime Minister Stanley Baldwin made it plain that he fully realized the gravity
of the situation which he believed would be remedied
chiefly by stimulating emigration. The actual number of unemployed, after adjustments are made, is
believed to be between 1,250,000 and 1,300,000, but
these figures by themselves are apt to be sotnewhat
misleading. All industrial countries are faced with
this problem in greater or lesser degree, with seasonal activities and numerous other influences contributing to variations in the demand for labor. On
the basis of pre-war experience, the normal number
of unemployed in Great Britain, according to authoritative estimates, would at present be about 400,000
to 500,000. Even with this circumstance borne in
mind, however, the continued unemployment constitutes a serious problem.
The review of Great Britain's overseas trade for
the first six months of this year, as issued August
10, by the Board of Trade, brings out some interesting facts, the most significant of which is the failure
of exports to increase in proportion to the rise in imports. Total imports in the first 6 months of1928 were
£585,750,000, against £378,750,000 in the same period
of 1913. Exports in the same period this year totaled
£400,250,000, as against £316,000,000 in the first half
of 1913. This unfavorable trend is offset to some
extent by the fact that the proportion of imports
from Empire units is constantly growing larger.
Coal production continues to decline, although it is
believed that efforts of British exporters to secure
a larger share of overseas markets are meeting with
a certain degree of success. The iron and steel trade
fails to show improvement, while very quiet conditions continue to prevail in the cotton industry. In
agriculture, on the other hand, conditions are reported as excellent for all crops.
rirca.. 127.
The railways of Great Britain, taken as a whole,
will effect savings estimated at $15,000,000 a
year as the result of a sweeping 21/
2 per cent. wage
reduction agreement between the managers and the
unions, which went into effect August 13. Competition with motor buses, however, which is one of the
chief reasons for the decline in revenues of British
railways, promises to cut further into passenger receipts. The London Northeastern Railway announced
last week that it would soon reduce fares throughout
the north of England, where new motor bus lines are
springing up almost every week. The high development of this mode of transportation was indicated
by the inauguration on August 14, of a motorbus
service between London and Liverpool with sleeping
accomodations for patrons. The drop in coal tonnage is another important factor in the declining
revenues of British railways. Taken together, the
four largest British railroads—the Great Western;
the London, Midland & Scottish; the London &
Northeastern and the Southern, were declared by
Sir Felix Pole, Managing Director of the first named,
to be losing approximately $5,000,000 a month at
the present time. Sir Felix, in an interview in the
"Daily Mail," summarized in a London dispatch of
Aug. 21 to the New York "Times," ascribed this unsatisfactory state of affairs to three main causes,
namely, stagnation of industry, wage burdens imposed by the Government and motor transport competition.
The French budget for 1929 was outlined by Premier and Finance Minister Raymond Poincare Tuesday, in a formal statement. The chief endeavor of
H. Poincare, a Paris dispatch to the New Yolk
"Times" said, has been to save the French taxpayer
from any increase in taxes, while enabling the Government to proceed with the program of economic
and social reconstruction demanded by the public
at the last election. This was achieved by the Premier, the dispatch Indicated, only by severe cutting
of the demands of vari9ns administrative departments which, if granted, would have augmented the
budget by 6,001,000,000 francs. "In framing this
budget," M. Poincare said, "the present total of collected revenues has )(len made the base which I refuse to exceed and intend to balance by energetic
compression of expenditures." In considering the
Departmental budgets, preference was given by the
French Premier to that of the Ministry of War, to
assure successful reorganization of the army system
in accordance with the new army bill which provides for a reduction in the military service to one
year.
No reduction whatever was made in the navy building program, the Premier remarking that "on the
one hand, we intend to assure the completion of all
ships now in the yards and already authorized by
Parliament, and on the other hand, we have included necessary credits for carrying out the year's allotments in building ships and submarines under
our naval program, as well as the modernization of
present cruisers, which should be completed in 1929;
reconstruction of our coastal batteries, improvement of coast defenses and the construction of reservoirs for liquid fuel. In addition, there has been provided an increase of about 110,000,000 francs in the
credits assigned to naval aviation." One of the most
notable changes in the proposed budget was an increase in the base of income taxable from 7,000 to
AUG. 25 1928.]
FINANCIAL CHRONICLE
10,000 francs. The outline is preceded by the warning that "the economic recovery effected during the
last two years, although relatively important, remains precarious and might even be virtually undone without constant vigilance to preserve what
has been accomplished."
Parliamentary elections were held in Greece last
Sunday, the results constituting a complete and
sweeping victory for Premier Eleutherios Venizelos,
who resumed his leadership of the Liberal Party in
May after several years of voluntary retirement. The
election was looked upon as a contest between the
Royalists and the Government of the Republic. In
his campaign speeches, according to Athens dispatches, M. Venizelos tried to galvanize his countrymen into some semblance of energetic, constructive
republicanism. He tried apparently to stem the
drift of the tide back to the Government of Greece
by the Royalists. In this effort, the veteran leader
was more successful than was anywhere expected.
Of a total of 250 seats in the Chamber of Deputies,
the Liberal Party won 228 as a result of Sunday's
balloting, thus settling quite definitely the question
of control of the next Parliament. The ultimate and
far more important question of whether Greece shall
retain the present Republican form of Government,
or return to a monarchy, appears also to be definitely settled. The Royalists received only 15 seats in
the elections, while the Pangalos Party, grouped
with the Royalists, got only 1 seat. The Progressive
and Independent Parties each gained three seats.
Premier Venizelos, commenting on the outcome of
the voting Monday, expressed regret for the misfortunes which have visited Greece in the past eight
years. He declared, however, an Athens dispatch to
the Associated Press said, that the nation still had
sufficient territory, vigor and capacity for work to
carve out a fine future for itself.
A proposal made by Secretary of State Frank B.
Kellogg for a treaty of arbitration between the
United States and Egyptian Governments aroused a
good deal of conjecture the past week in Cairo, London and Washington. London was particularly interested, since the foreign relations of Egypt constitute one of the four "reserved points" specified in
the unilateral declaration of 1922. Britain, however, a London dispatch to the New York "Times"
said, "has placed herself on record unequivocally as
favoring the principle of arbitration, and if the
United States wishes to provide such means of settlement of possible disputes with Egypt, Britain
sees no reason for questioning her action. In view
of the extreme unlikelihood of such disputes arising,
however, Downing Street is puzzled why Secretary
Kellogg should take such action at all." Diplomatic
circles in Washington were reported at the same
time to be speculating as to how the move would be
received in London and how it would affect Great
Britain's special status. It was indicated in Washington reports that ever since 1922, when Great Britain formally abolished its protectorate over Egypt
and granted the country "theoretical" independence,
the State Department has proceeded in its relations
with Cairo on the assumption that Egypt is in fact
an independent sovereign State. "It is on this assumed basis," a Washington dispatch to the New
York "Times" said, "that the new treaty is being
negotiated." In Cairo it was openly declared that
1001
the benefit of such a treaty for Egypt was doubtful.
"There is a general impression," a Cairo dispatch
of Sunday to the New York "Times" said, "that the
British Government will object to the treaty or interfere in some manner in order to secure the inclusion of reservations safeguarding British interests."
Winds of hurricane force, accompanied by torrential rains, swept over the southern peninsula of
Haiti Aug. 17 and 18, causing the deaths of about
200 persons and rendering 10,000.homeless. Incalculable damage was done to crops by the tropical
storm, while the more readily estimated damage to
roads, wire communications and public services, was
placed in the neighborhood of $1,000,000. Most of
the damage was done in the outlying sections, few
of the larger towns and cities being injured to any
great extent. Shipping, however, suffered greatly,
many of the small coastwise craft being sunk, while
others were cast on the shore. The United States
naval tug Woodcock made several relief trips to the
stricken area, the officers of the vessel reporting
that the crops, particularly the all-important coffee
crop, were badly damaged in the storm area. Communication with the affected area remained interrupted for a number of days. President Louis Borno
visited a part of the devastated district last Saturday and promised the speedy aid of the Haitian Government. The Government decided Monday to appropriate $100,000 toward relief of the stricken people.
The Swedish Riksbank on Thursday advanced
its discount rate from 4% (the figure in effect from
Otherwise no changes have been
May 1) to 4
reported this week in discount rates by any of the
central banks of Europe. Rates continue at 7% in
Germany; 63/2% in Austria; 532% in Italy and
Norway; 5% in Denmark and Madrid; 432% in
London and Holland; 4% in Belgium, and 3
in
France and Switzerland. In London open market
discounts remain at 44% for short and 44@4 5-16%
for long bills, the same as on Friday of last week.
Money on call in London was 432% on Wednesday,
but down to 3
yesterday. At Paris open market
discounts remain at 34% and in Switzerland at
3 7-16%.
A gain of £67,632 in gold is reported by the Bank
of England in its latest weekly statement published
on Wednesday; moreover, as there was a contraction
in note circulation of £874,000, the reserve of gold
and notes in the banking department increased
£1,549,000. The ratio of reserve to liabilities which
is now 52.10% is said to be at its highest percentage
since the 52.36% of July 22 1914. In the corresponding period of last year this ratio was 28.97% and
two years ago (1926), 26.75%. Public deposits
gained £3,532,000. but "other" deposits fell off
£4,732,000. Loans on Government securities declined £703,000 and loans on other securities,
£1,988,000. The total of gold held by the bank now
amounts to £174,823,209 in comparison with £151,492,223 last year and £154,805,514 in 1926. Notes
in circulation aggregate £134,919,000 against £136,429,755 in the corresponding week last year. The
Bank's official remains unchanged at
Below
we furnish comparisons of the various items of the
Bank of England return for five years.
1002
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1924.
1925.
1927.
1926.
1928.
Aug. 27.
Aug. 26.
Aug. 25.
Aug. 23.
Aug. 24.
Circulation
b134,919,000 136,429,755
Publie deposits
16,611.000 17,424,169
Other deposits
97.893.000 102,737.468
GOv't securities__ 27,969,000 55,421,999
Other securities__ 45,093,000 48,140,304
Reserve notes & coin 59,653,000 34,812,468
Coin and bullion_a_174,823,209 151,492,223
Proportion of reserve
to liabilities
28.97%
52.10%
Bank rate
43470
44%
140,271,005
26,116,116
102,057,104
38,773,589
73,313,855
34,284,509
154,805,514
144,266,870
21,812,962
104,218,070
35,414,033
70,114,076
38,677,352
163,194,222
125,372,030
17,041,827
105,392,435
40,998,943
76,903,827
22,693,356
128,315,380
26.75%
5%
303i%
455%
1834%
4%
a Includes. beginning with April 29 1925, £27,000,000 gold coin and bullion
Previously held as security for currency note Issues and which was transferred to
the Bank of England on the British Government's decision to return to gold standard.
b Beginning with the statement for April 1925, includes £27,000,000 of Bank
Of England notes issued In return for the same amount of gold coin and bullion
hold up to that time in redemption account of currency note issue.
In its weekly statement of Aug. 18, the Bank of
France reports a decrease in note circulation of
371,000,000 francs which reduces the total to 60,552,323,585 francs. Note circulation last week aggregated 60,923,323,585 francs and 61,345,323,585
francs the week before. On the other hand creditor
current accounts rose 85,000,000 francs and current
accounts and deposits gained 1,578,000,000 francs.
Gold holdings which gained 18,132,587 francs during
the week now amount to 30,269,449,483 francs, but
credit balances abroad dropped 927,825,158 francs.
French commercial bills discounted rose 759,000,000
francs, bills bought abroad 872,000,000 francs and
advances against securities 4,000,000 francs. Below
we furnish a comparison of the various items of the
bank's return for 3 weeks past:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status ca of
Changes
Aug. 18 1928. Aug. 11 1928. Aug. 4 1928.
for Week.
Francs.
Francs.
Francs.
Francs.
Gold holdings____Inc. 18,132,587 30,269,449,483 30,251.316,896 30,093,385,798
Credit bals. abr'd_Dec. 927,825.158 13,567,864,069 14,495.689,227 16,810,425,734
French commercial
bills discounted_Inc. 759,000,000 5,527,656,357 4,768,656,357 2,686,565,347
Bills bought abr'd_Inc. 872,000.000 16,916.797,986 16,044,797,986 13,604,797,986
Advances agst.sec.Inc. 4,000,000 2,005,112,396 2,001,112,396 2,032,112,396
Note circulation —Dec.371,000,000 60,552,323,585 60,923,323,585 61,345,323,585
Creditor curnacetsInc. 85,000,000 15,166,578,417 15,081,578,417 14,690.578,417
Curr.accts.&dep-Inc, 1,578,000,000 7,528,284,279 5,950,284,279 5.342,284,279
In its statement for the second week of August,
the Bank of Germany reports a decrease in note
circulation of 214,070,000 marks. Total circulation
now aggregates 4,134,369,000 marks. For the corresponding week last year circulation was 3,592,437,000 marks and the year before 2,861,525,000
marks. Other daily maturing obligations dropped
47,750,000 marks while other liabilities rose 1,838,000
marks. On the asset aside of the account gold and
bullion rose 8,916,000 marks, reserve in foreign currency 2,449,000 marks, silver and ,other coin 12,373,000 marks, notes on other German banks 5,036,000 marks and advances 32,022,000 marks, while
bills of exchange and checks decreased 305,496,000
marks and other assets dropped 15,182,000 marks
Deposits abroad and investments remained unchanged at 85,626,000 marks and 93,820,000 marks
respectively. A comparison of the various items of
the bank's return for the past 3 years is furnished
below:
REICHSBANK'S COMPARATIVE STATEMENT.
Changesfor
Aug.15 1928. Aug.15 1927. Aug. 14 1926.
Week.
Relchsmarks. Reichsmarks. Reichsmarks. Reichsmark:.
Assets—
Gold and bullion
Inc. 8916.000 2,240,915.000 1,831,232,000 1,492,575,000
66,543.000 260.435,000
85,626,000
Of which depos.abed.. Unchanged
Res've in for% curr__ _Lac. 2,449 000 217 003 000 168,590,000 405,858,000
Billsof exch.&checks_Dec. 305,496,000 2,004,318,000 2393,928,000 1,108,513,000
89,642,000 116,830,000
Silver and other coin_ _Inc. 12.373,000 103,180.000
20,127,000
22,658,000
23,693,000
Notes on oth.Ger.bks..Inc. 5,036,000
10,651,000
46,355,000
61,702,000
Advances
Inc. 32,022.000
89.494,000
92,261,000
93,820,000
Unchanged
Investments
Other assets
Dec. 15,182,000 572,286,000 505,434.000 813,038,000
MoMItstes—
Notes in circulation_Dec.214,070,000 4,134.369,000 3,592,437,000 2,861.515,000
Oth.daily matur.obligDec. 47,750,000 560.718,000 596,951,000 703,000,000
Other liabilities
Inc. 1,838,000 236,492,000 394,431,000 132,681,000
[VOL. 127.
FINANCIAL CHRONICLE
The New York money market remained tight the
present week, with only minor fluctuations in rates.
Demand loans renewed Monday at 6%, but the rate
rose to 73/2% in the course of the day. The rate
fluctuated narrowly in the subsequent trading, the
range Tuesday being 7 to 73/2%, while on Wednesday, Thursday and Friday an undeviating figure of
7% prevailed. Withdrawals by the banks were
heavy on all days, partly to meet large requisitions
for Government account and partly to meet the
heavier commercial and agricultural demands that
are now becoming pronounced. The sums withdrawn amounted to $35,000,000 Monday,$30,000,000
Tuesday, $25,000,000 Wednesday, and $25,000,000
Thursday. Time money was in fair demand at the
high figure of 63/2% for all maturities recently established. A few deals were made at 631% for the
shorter maturities, but not much money was available at this figure. Brokers' loans against stock and
bond collateral, as reported by the Federal Reserve
Bank of New York for the 45 reporting member
banks, furnished somewhat of a surprise for the
financial community when the weekly statement was
issued Thursday evening. A rise in the total was
generally expected owing to increased dealings in
securities, but instead the total showed a drop for the
week of $22,099,000. Gold imports for the week
ended Wednesday night were $330,000, while exports
amounted to $104,000. This is the third successive
week in which no important outflow of gold has taken
place.
Dealing in detail with the rates from day to day,
the renewal rate on Monday was 6%, but as the
day advanced the charge on new loans gradually
moved up to 732%. Tuesday the renewal rate was
marked up to 7% and 732% was again reached on
new loans. On Wednesday, Thursday and Friday
all loans were at 7%, including renewals. For time
loans the rate the early part of the week was 61
/
1@
63/2%, but on Thursday and Friday only the single
figure of 6% was quoted. Rates for commercial
paper have further advanced. Names of choice
character maturing in four to six months are now
quoted at 53/2@5Y1%, with an occasional transaction at 534%. For names less well known the
quotation is 53
4%. The rate for New England mill
paper is 532%.
Rates for banks' and bankers' acceptances have
remained unchanged during the week, the posted
rates of the American Acceptance Council for prime
bankers' acceptances eligible for purchase by the
Federal Reserve banks continuing at 4%% bid and
4% asked for bills running 30 days and also for
bills running 60 and 90 days, 4 8% bid and 49%
asked for 120 days, and 534% bid and 53 3% asked
for 150 and 180 days. The posted rate of the Acceptance Council for call loans against acceptances was
advanced on Monday from 43% to 53/2%, on
Tuesday to 6% and on Thursday to 63/2%. Open
market rates for acceptances are as follows:
Prime eligible bills
SPOT DELIVERY.
—180 Days— —150 Days— —120 Day,—
Asked.
Bid.
Bid.
Asked.
Asked.
Bid.
644
634
534
634
5
534
Prime eligible Ms
,
—
—90 Days— —60Days-- —30 Dag
Asked.
Bid.
Asked.
Bid.
ABU&
Bid.
aft
48
411i
"
am
4
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non-member banks
5 bib
5 bid
AUG. 25 1928.]
FINANCIAL CHRONICLE
1003
on them to maintain the rate for 3-months bills at
4Yi to 4 5-16%. The intimation was received from
the bank that a decline in the rates was considered
undesirable. Bankers say that London is strongly
averse to any increase in the British bank rate as
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASS
AND MATURITIES OF ELIGIBLE PAPER.
it would be detrimental to the British export business.
British exports rose in July 8.4%.
Date
Rate in Irt ect
Previous
on Aug. 24.
Established.
Federal Reserve Bask.
Rue.
This week the Bank of England shows an increase
6
July 19 1928
tH
Boston
5
July 13 1928
New York
in
gold holdings of £675,632. On Friday last the
434
5
July 26 1928
534
PhiladelPkia
5
Aug. 1 1928
Cleveland
Bank
of England received £81,000 in sovereigns from
434
5
July 13 1928
Richmond
ah
5
July 14 1928
Atlanta
04
Arabia.
On Monday the Bank received £600,000 in
5
July 11 1928
Chicago
434
5
July 19 1928
St. Louie
434
from South Africa and £12,000 in gold
sovereigns
Apr. 25 1928
434
Minneapolis
4
534
June 7 1928
Kansas City
4
On
Tuesday the Bank reported the sale of
bars.
434
Dallas
May 7 1928
4
San Francisco
June 2 1928
434
4
£13,000 in gold bars. On Wednesday the Bank reported the sale of £8,000 in gold bars. British cusSterling exchange continues dull, ruling lower, toms returns for Aug. 13-Aug. 16 showed gold imthough steadier than a week ago. The range this ports of £1,146,673 and exports of £693,849, of which
week has been from 4.84% to 4.853/i for bankers' £666,200 was taken by Germany. Germany took
sight, compared with 4.84% to 4.853i last week. £1,258,825 the week before. At the Port of New
The range for cable transfers has been from 4.85 7-32 York the gold movement for the week Aug. 16-22,
to 4.85 7-16 compared with 4.85 7-16 to 4.85 19-32 as reported by the Federal Bank of New York, cona week ago. The underlying features of the market sisted of imports of $330,000 of which all but $17,000
have not changed from the past few weeks. The came from Latin America. Gold exports totaled
weakness is due partly to seasonal causes which, $104,000, of which $54,000 was shipped to Germany
unless otherwise offset should become more pro- and $50,000 to Mexico. There was no Canadian
nounced as autumn approaches. Under normal movement of gold either to or from New York.
conditions the seasonal pressure should continue Canadian exchange has been firm. The premium on
until after the turn of the year. European funds Montreal funds was 3-64 of 1% on Saturday last and
continue to be attracted to this side owing to the on Monday and Tuesday; 1-32 of 1% on Wednesday,
high money rates prevailing here and this circum- 1-64 of 1% on Thursday, and 1-32 to 1-16 of 1%
stance, together with the fact that there is less Friday.
Referring to day-to-day rates, sterling on SaturAmerican money seeking investment in Europe,
last was steady in a dull half-holiday market.
day
helps to depress the rate. While London and other
Bankers'
sight was 4.85@4.851
%, cable transfers
European funds are strongly attracted to the New
4.85%@4.85
7-16.
On
Monday
sterling was under
York short-term market, the flow is not so great as
Bankers'
sight
was
pressure.
4.84
15-16@4.85 1-32.
it was in the early part of July, partly because most
of the money which the London banks had to loan cable transfers 4.85 5-16@4.85 11-32. On Tuesin this category have already been put to employ- day the market continued adverse to sterling.
ment; again, the tendency of brokers' loans in the The range was 4.84%@4.85 for bankers' sight
New York market is to decline, as a number of large and 4.8522@4.85W, for cable transfers. On
pool operators, trustees, and investment trusts seem Wednesday the market was quiet and steady.
to have come into the security market again, buying The range was 4.843/s@4.85 for bankers' sight
for cash, so that less money is called for by the New and 4.85 7-32@4.85 5-16 for cable transfers. On
York brokerage houses. However, bankers accept- Thursday sterling was steady. The range was
ance rates are sufficiently high in New York to be 4.84%@4.85 1-32 for bankers' sight and 4.853i©
attractive to European banks, although for the most 4.85 11-32 for cable transfers. Yesterday the marpart it is central bank funds which are employed ket was somewhat firmer. The range was 4.84 15-16
@4.85 3-32 for bankers' sight and 4.85 9-32@
in this manner.
Banking circles both in New York and London 4.85 13-32 for cable transfers. Closing quotations
continue to speculate on the prospect of gold imports yesterday were 4.84 15-16 for demand and 4.85 5-16
from London. As London is working with a com- for cable transfers. Commercial sight bills finished
paratively narrow margin of gold, small losses would at 4.84 15-16, 60-day bills at 4.811
/
8, 90-day bills
tend to have a pronounced effect on the money at 4.79%, documents for payment (60 days) at
market there, so that it is quite probable that were 4.81%, and seven-day grain bills at 4.843(. Cotton
there the prospect of a drain of gold in favor of New and grain for payment closed at 4.84 15-16.
York the Bank of England would take measures to
halt the efflux before it had gone too far. As it is,
The Continental exchanges have been inclined to
there is considerable agitation among London bank- fractional ease owing to a sympathetic movement
ers and the press whenever large amounts of gold with sterling. French francs ruled fractionally easier
are taken from the bank, and even when gold from than last week, due in part to a considerable flow of
the open market is taken abroad instead of being French funds to London and Berlin and in a less
sold to the bank the buyers are often subject to open degree to New York. While money rates are still
or disguised criticism. There continues to be a easy in Paris, there has been a tendency for money
division of opinion in London as to the prospect that to harden. There are even hints of a prospect of an
the Bank of England will increase its rediscount rate. increase in the Bank of France rate of rediscount.
Money rates in London have shown a tendency to The rate has been at 33'% since Jan. 19. Premier
sag, so much so that only recently the Bank of Poincare recently stated that there can hardly
England authorities felt obliged to meet with a com- be any appreciable tax reduction in France bemittee of the discount houses and exerted pressure fore 1931, although in 1929 the exemption
may
There have been no changes this week in Federal
Reserve Bank rates. The following is the schedule
of rates now in effect for the various classes of paper
at the different Reserve banks:
len
1004
FINANCIAL CHRONICLE
be increased from 7,000 francs to 10,000 francs,
with the annulment of some minor indirect taxes.
Prices are tending upward in France and nearly every
foreign exchange is now at a premium against the
franc. The depreciation of the franc as compared
with the other currencies is believed to be due principally to the export of funds, chiefly to Germany.
French banks are discounting German bills at rates
substantially lower than those current in Berlin.
German marks are appreciably easier than they
were last week and the cable transfer rate ruled for
2, which comthe greater part of the week at 23.823/
pares with dollar parity of 23.86. As already noted
in the discussion of sterling exchange, Germany has
taken considerable gold from London and small
amounts have been shipped from New York during
the past three weeks. The gold shipments from London to Berlin are subject to constant criticism by
the London money market. The argument is advanced that a measure of discrimination should be
employed, as it is considered that Berlin is hardly
on full gold standard, since were exchange to go
against Berlin there would be opposition to a corresponding outgo of gold.
It is pointed out that although the Reichsbank
did not take the initiative and, in fact, intimated
to the German banks that the transactions were
viewed with disfavor, the Reichsbank is subject to
criticism for having allowed this one-sided gold
movement to take place. London opinion states
that so long as Germany itself is not on a gold
basis (ready to convert notes into gold) shipments
to the Reichsbank, even on an arbitrage basis,
cannot be considered wholly justified, and financial
authorities in London say that the rule of reciprocity, like that of the abstention of central banks
from buying from an unwilling seller, should be
recognized by all central banks which participate
in the movement 'towards co-operation. Berlin
dispatches in replying to such suggestions state
that the Reichsbank has no intention of introducing
irksome measures to restrict the influx of gold.
The German financial press endorses these statements, remarking that the time has not yet come
for the application of Clause 31 of the Reichsbank
statute concerning the convertibility of notes into
gold. The Reichsbank's gold reserves stand at
2,240,915,000 reichsmarks, an increase over the
previous week's reports of 8,916,000 reichsmarks.
Italian lire have shown fractional firmness throughout the week in contrast to most of the Europeans.
The London check rate on Paris closed at 124.23
on Friday of this week, against 124.21 on Friday
of last week. In New York sight bills on the French
centre finished at 3.90 5-16, against 3.90 9-16 a
week ago; cable transfers at 3.90 9-16, against
/s,
3.90 13-16, and commercial sight bills at 3.901
for
finished
at
13.90
belgas
Antwerp
against 3.903.
against
transfers,
as
cable
for
checks and at 13.91
13.903' and 13.91 on Friday of last week. Final
quotations for Berlin marks were 23.83 for checks
and 23.84 for cable transfers, in comparison with
2 a week earlier. Italian lire
23.833/ and 23.843/
sight bills and at 5.23%
bankers'
for
closed at 5.23%
15-16 and 5.23 3-16.
5.22
against
transfers,
as
for cable
Austrian schillings have not changed from 143/g.
Exchange on Czechoslovakia finished at 2.9615,
against 2.9615; on Bucharest at 0.61, against 0.609;
on Poland at 11.25, against 11.20, and on Finland at
2.52, against 2.52. Greek exchange closed at 1.293
[VoL. 127.
for checks and at 1.293/i for cable transfers, against
/
s and 1.29%.
1.293
In the exchanges on the countries neutral during
the war the outstanding features this week have
been the weakness in Holland guilders and the
fluctuations in the Spanish peseta. The guilder
rate, while moving partly in sympathy with lower
sterling, is also under seasonal influences in connection with the increasing volume of import payments against cotton and grain. There is a considerable flow of Amsterdam funds to London and
the German markets and to some extent to New
York. This outward movement of funds from the
Dutch centres militates, of course, against the
guilder rate. Swiss francs continue remarkably
stable. The price barely varies from 19.253/b at
any time. In view of the 332% Swiss bank rate
it is thought extraordinary that the Swiss franc
rate should be so stable with money rates so high
in New York and Berlin. The Swiss bank has
neither lost gold nor liquidated foreign balances
to maintain exchange. Spanish pesetas have fluctuated rather widely several days this week, largely
as the result of transactions in London and the
Continental centres. Market opinions are divided
as to the intentions of the Foreign Exchange Committee in Madrid. Nevertheless, considerable funds
are being transferred once more to Spain with the
intention of keeping them there until pre-war parity
is restored. The greater part of the transactions
in pesetas. it seems, represent mere gambling upon
the immediate intentions of the Foreign Exchange
Committee. In possession of large resources, the
Committee is undoubtedly the master of the situation and the odds are against the speculators. The
Scandinavian exchanges have been steady, with the
Swedish unit inclined to fractional firmness. On
Thursday the Swedish Riksbank increased its rediscount rate from 4% to 432%. The Swedish
rate had been at 4% since April 30 1928.
Bankers' sight on Amsterdam finished on Friday
at 40.07, against 40.08% on Friday of last week;
cable transfers at 40.09, against 40.10%, and commercial sight bills at 40.04, against 40.06. Swiss
francs closed at 19.25 for bankers' sight bills and at
19.25% for cable transfers, in comparison with
19.25% and 19.25% a week earlier. Copenhagen
checks finished at 26.68 and cable transfers at 26.69,
against 26.683/ and 26.693/2. Checks on Sweden
closed at 26.76 and cable transfers at 26.77, against
26.753/ and 26.763/2, while checks on Norway finished at 26.68 and cable transfers at 26.69, against
26.683/
2 and 26.693/
2. Spanish pesetas closed at
16.63 for checks and at 16.64 for cable transfers,
which compares with 16.653/ and 16.663/i a week
earlier.
The South American exchanges, with the exception
of Argentine paper pesos, have been steady, although
extremely dull. During the past few weeks Argentine exchange has been ruling at prices which indicate a gold flow from Buenos Aires to New York
and also to London. It is reported that in Buenos
Aires there is a feeling in financial circles that Argentina imported gold to excess, although the expansion
of currency and credit was partly checked by banking
authorities. Argentina paper pesos closed yesterday
at 42.19 for checks, as compared with 42.19 on Friday of last week, and at 42.24 for cable transfers,
AUG. 25 1928.1
FINANCIAL CHRONICLE
against 42.25. Brazilian milreis finished at 11.93
for checks and at 11.96 for cable transfers, against
11.90 and 11.96. Chilean exchange closed at 12.07
for checks and at 12.12 for cable transfers, against
12.06 and 12.12, and Peru at 3.98 for cheeks and at
3.99 for cable transfers, against 3.98 and 3.99.
1005
Owing to a marked disinclination on the part of
two or three leading institutions among the New
York Clearing House banks to keep up compiling
the figures for us, we find ourselves obliged to discontinue the publication of the table we have been
giving for so many years showing the shipments and
receipts of currency to and from the interior.
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec.6 1920,it is also no longer
possible to show the effect of Government operations in the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
The Far Eastern exchanges have been steady, and
somewhat more active than in several weeks. Japanese yen seem not to have suffered any increased
pressure this week, owing doubtless to the fact that
no further aggressive measures have been taken in
the China-Japan imbroglio over Manchuria. Thursday and Friday the yen rate enjoyed a sharp rally DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
on active buying for both the long and the short
account. Much of the weakness in yen has arisen Saturday, Monday. Tuesday, Wednesd'y, Thursday, Friday,
Aggregate
Aug. 18. Aug. 20. Aug. 21. Aug. 22. Aug. 23. Aug. 24.
for Week.
from the Chinese trade boycott against Japanese
$
$
S
$
$
$
i
goods; on the other hand money has recently be- 89,000,000 94.000,000 74,000,000 82,000.000 69.000.000 80.000.000 Cr.488.000,0041
-The foregoing heavy credits reflect the huge mass of checks which come
come plentiful in Tokio and there have been con- to Note.
the New York Reserve bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances.
siderable transfers to foreign markets, especially to however,
reflect only a part of the Reserve Bank's operations with the Clearing
House institutions, as only the Items payable in New York City are represented to
New York and London for investment in securities. the
daily balances. The large volume of checks on institutions located outside of
New York are not accounted for in arriving at these balances, as such checks do
Chinese units have been in relatively increased de- not
Dam through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
mand, with rates steady on the whole, owing to increasing prospects of better business and more
The following table indicates the amount of bulpeaceful conditions. Closing quotations for yen
lion
in the principal European banks:
checks yesterday were 45.20@459/s, against 444
3
on Friday of last week; Hong Kong closed at 49.95@
Aug. 23 1928.
Aug. 25 1927.
50 3-16, against 50.10@503; Shanghai at 65@65M, Banks of
Gold.
Silver. I Total.
Gold. I Silver.
Total.
against 654
1 @653/
3 , against 494
2; Manila at 494
3;
£
1
England..174.823
174,823,209 151,492,223,
151,492,222
Singapore at 563/8@563', against 563/
8(4)563/
242,155,596 147,260,559 13,680,000 160,940,559
2; Bomc994,600108,313,250 88.234,600
b 107,318,65
994.600 89,229,200
bay at 36%2', against
and Calcutta at 363/2, Spain
104.337,000 28,099
132,436,000 103.902,000. 27,050,000130,952,000
53,261.000
53,261,000 46,774.000: 3,842.000 50 616,000
Italy
against 363/
2.
Netherl'ds. 36,243,000 1.947.000 38,190,000 32,200,0001 2.361,000 34,561,000
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just past:
FOREIGN EXCHANGE RATES CERTIFIED BY
FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT
OF 1922.
AUG. 18 1927 TO AUG. 24 1928. INCLUSIVE.
Country and Monetari
Unit.
Noon Rutting Rate for Cable Transfers to New York.
Value in United States Money.
Aug. 18. Aug. 20 Ago. 21 Aug. 22. Aug.
23.IAug. 24.
$
$
$
$
$
.140796 .140815 .140814 .140872
.140879
.139053 .139058 .139055 .139066
.007172 .007168 .007171 .007214 .139076
.029618 .029820 .029622 .029624 .007197
.029620
.266848 .266841 .266817 .266808
.266841
4.853011 4.852752 4.852357 4.852372
4.853014
.025166 .025169 .025169
.025170 .025170
.039083 .039081 .039058 .039045
.238204 .238219 .238195 .238226 .039080
.238361
.012946 .012941 .012952
.400864 .400853 .400837 .012945 .012948
.400896
.174213 .174207 .174242 .400841
.052307 .052325 .052346 .174209 .174210
.052368
.266856 .266835 .266820 .052344
.266796 .266838
.112015 .111980 .111980 .112022
.111977
.045167 .045067 .645085 .045421)
.006102 .00e110 .006108 .006109 .045105
.006112
.166340 .160275 .166210 .166271
.166343
.267618 .267619 .267615 .267643
.267683
.192545 .195539 .192535 .192529
.017596 .017594 .017590 .017594 .192555
.017596
EUROPE$
Austria,schilling
140907
Belgium, belga
.139062
Bulgaria, lev
.007211
Czechoslovakia, krone .029624
Denmark, krone
268852
England. pound ster
sterling
4 853593
Finland. markka
.025167
France. franc
039079
Germany. reichsmark .238350
Greece, drachma
012947
Holland, guilder
400920
Hungary, pengo
174288
Italy, lira
052309
Norway, krone
.266846
Poland, zloty
.112015
Portugal. escudo
045289
Rumania,leu
006102
Spain. peseta
106600
Sweden,krona
267626
Switzerland, franc__ .192523
Yugoslavia, dinar-----017594
ASIAChinaChefoo tadl
.669166
Ylankow tael
664583
Shanghai teal
651250
Tientsin tadl
685416
Hong Kong dollar__ .499553
Mexican dollar
.470500
---Tientsin or relyant
.470833
dollar
.467500
Yuan dollar
.363231
IncUaruin,'
.
447069
Japan, yen
SIngapore(S.S.)dollar .560416
NORTH AMER.1.000364
Canada, dollar
.999625
Cuba. Dew
Mexico, peso477500
Newfoundland. dollar. .997843
SOUTH AMER.Argentina, peso (gold) .959040
119383
Brazil, milreis
120742
Chile. peso
1 026418
Uruguay, peso
.970900
Colombia nom.
.668750
.664583
.651250
.682083
.499553
.471400
.470833
.470833
.362965
.447838
.560000
1.000381
.999875
.477500
.997968
.958728
.119381
.120737
1.025790
.970900
.669166
.603333
.649732
.580833
.499089
.471250
.e68958
.664791
.650803
.681041
.499285
.472250
.669583
.664166
.650178
.681666
.499285
.471000
.666250
.661666
.648839
.679583
.498392
.468000
.472291 .473333 .472083
.473750 .470000 .468750 .470000
.466666
.363053 .362725 .362793 .362806
.449027 .448083 .448355
.451277
.560000 .559583 .559791 .559375
1.000407 1.000138 1.000130 1.000203
.999812 .999656 .999687
.477250 .477250 .176750 .999718
.997812 .997656 .997687 .476501)
.997812
.958513 .958652 .958132
.119416 .119425 .119372 .958336
.119400
.120735 .120731 .120731 .120745
1.025190 1.025118 1.024385 1.024949
.970900 .970900 .970900 _moon
Nat. Belg
Switzland.
Sweden.-Denmark _
Norway
22,950,000 1,249,000 24,199,000
17,983,000 2,179,000 20,162,
12,776,000
12 776 000
10,100,000,
606,000 10,706,000
8.166,000
8,166,000
18,445,000, 1,175.000 19,620,000
17,353,0001 2,698
20,051 000
12,290,000
12 290,000
10,121,0001
718,000 10,839,000
8.180.000
8,180,000
Total week 791,113,455 35,074,0001825,188,055 636,252.3821 52,518.600688,770,982
prey. week 789.122,762 35.129,600824,352,362636,792,995 52.504,600689.297.596
a These are the gold holdings of the Bank of France as reported in the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is £4,281,300. c As of Oct. 7 1924.
d Silver is now reported at only a trifling sum.
Governor Smith's Speech of Acceptance.
Those who expected that Governor Smith's speech
at Albany on Wednesday night, accepting formally
the Democratic nomination for the Presidency,
would in general show sharp contrasts between the
positions of the Democratic and Republican candidates on important national issues, will probably
have to confess to some disappointment. With the
exception of prohibition, in regard to which Governor Smith declares himself with precision as well
as with emphasis, and the implication that the tariff, if the Democrats have a chance to revise it, will
be revised downward where Mr. Hoover apparently
contemplates revision upward, there is little in the
speech to indicate any fundamental difference in the
programs of the two party leaders, or, for that matter, in the programs of the parties themselves. In
this respect the speech affords another convincing
illustration of the extent to which the two great
parties have lost the distinctive characters which
they once possessed, and on most questions of national policy have come to think and act very much
alike. It is apt to be so in any country in which,
as in the United States, sectional or class divergences
are not strongly marked, racial or religious groups
with tenacious solidarity or fundamental animosities
are practically non-existent, and economic issues
prodominate over issues mainly political.
On the question of farm relief, for example, Governor Smith does not seem to differ essentially from
1006
Mr. Hoover.
FINANCIAL CHRONICLE
He does not, to be sure, go as far as
Mr. Hoover in committing himself definitely to a
Federal appropriation of some hundreds of millions
of dollars as a capital loan to aid in the handling of
surplus crops, and he of course does not look to the
tariff as a means of extricating the farmers from
their difficulties. He recognizes, however, the need
of developing co-operative marketing as a means of
dealing with crop surpluses, and pledges himself, if
he is elected, to call into conference "farmers and
farm leaders," "sound economists and fair-minded
leaders of finance and business," to aid in working
out a constructive plan of farm relief to be presented
to Congress as soon as that body convenes. There
is some force in his pointed criticism of the Republican Administration for its failure to offer an
"adequate substitute" for the McNary-Haugen bill
twice passed by a Republican Congress and twice
vetoed by President Coolidge, but he nevertheless
concedes that "the question for agriculture is complex," and that "any plan devised must also be coordinated with the other phases of our business institutions." We cannot see that the Federal Reserve system, whose accomplishment of alleged
"financial stability" is cited as apparently an illustration of what may be hoped for from co-ordinated
effort with Federal aid, offers any guidance in the
solution of the agricultural problem, but there will
be no dissent from Governor Smith's general contention, which is also Mr. Hoover's, that the plight of
the farmer has become a matter of national concern,
and that the economic interests of the country as a
whole, and not merely those of agriculture, must be
taken into account in the search for a remedy. It is
entirely probable that both Governor Smith and Mr.
Hoover, in confining themselves to generalities on
the farm issue, have gone about as far as it was
wise for them to go at this stage, and that the one
candidate is quite as anxious as the other to be shown
precisely how the difficulty of extending Federal
financial aid to agriculture may best be met without
"putting the Government into business" on the one
hand or encouraging excessive crop production on
the other.
What Governor Smith has to say about the tariff
is, of course, to be interpreted in the light of the
Democratic tradition. "The Democratic party does
not, and under my leadership will not," he declares,
"advocate any sudden or drastic revolution in our
economic system which would cause business upheaval and popular distress. ... The Democratic
party stands squarely for the maintenance of legitimate business and a high standard of wages for
American labor. Both can be maintained and at
the same time the tariff can be taken out of the
realm of politics and treated on a strictly business
basis. ... Democratic tariff legislation will be
honest. It will play no favorites. It will do justice
to every element in the nation." To this end he endorses President Wilson's idea of "a non-political,
quasi-judicial, fact-finding commission which could
investigate and advise the President and Congress
as to the tariff duties really required to protect
American industry and safeguard the high standard
of American wages," and he proposes to restore the
Tariff Commission, which under Republican administration, he asserts, "has ceased to function," to
"the high level upon which President Wilson placed
it." If these statements seem to commit Governor
Smith and his party, as they clearly do, to the main-
[vol. 127.
tenance of protection in some form or degree, they
go no farther than to register a change Which has
carried the Democratic party a long distance from
the stalwart repudiation of protection which President Cleveland embodied in his ringing message of
1887.
When it comes to prohibition, on the other hand,
Governor Smith is definite and outspoken. He
pledges himself to execute "to the very limit" the
promise of the Democratic platform to make an
honest effort to enforce the Eighteenth Amendment
and all other provisions of the Constitution, and
ruthlessly to stamp out the corruption which has
characterized the enforcement activities of the Government. He will "never advocate nor approve any
law which directly or indirectly permits the return
of the saloon." He urges, however, the propriety of
so amending the Volstead act as to give "a scientific
definition of an intoxicating beverage," leaving each
State to "fix its own standard of alcoholic content,
subject always to the proviso that that standard
could not exceed the maximum fixed by the Congress;" and he accords his personal approval, as
pointed out in the opening paragraphs of our article
on the financial situation, on a previous page, to
"an amendment to the Eighteenth Amendment which
would give to each individual State itself, only after
approval by a referendum popular vote of its people,
the right wholly within its borders to import, manufacture or cause to be manufactured, and sell alcoholic beverages, the sale to be made only by the State
itself and not for comsumption in any public place."
Such an amendment would preserve Federal prohibition for "dry" States, while permitting "to citizens
of other States a carefully limited and controlled
method of effectuating the popular will wholly within the borders of those States without the old evil of
the saloon," and at the same time "re-establish respect for law and terminate the agitation which has
injected discord into the ranks of the great political
parties which should be standing for the accomplishment of fundamental programs for the nation."
For the rest, Governor Smith declares his intention to effect, with the aid of Congress, "a real reorganization and consolidation of governmental activities upon a business basis, and institute a real
economy which comes from prudent expenditure."
He is against the policy of American intervention in
the electoral dispute in Nicaragua, and is at one
with the Democratic platform in demanding the
abolition of "the practice of the President of entering
into agreements for the settlement of internal disputes in Latin-American countries unless the agreements have been consented to by the Senate as provided for in the Constitution." He will continue to
work for the outlawry of war and the reduction of
armaments, "aid programs for the relief of unemployment," and give his full support to measures
looking to the abolition of "the unwarranted issuance
of injunctions" in labor disputes and the preservation of the constitutional guarantees of "individual
liberty, free assemblage and speech, and the rights
of peaceful persuasion." He is for public ownership
and control of water power, the development, under
proper engineering advice, of inland waterways, the
conservation of natural resources, adequate appropriations for flood control on the Mississippi and its
tributaries, and the further development of national
parks. The Boulder Canyon Dam controversy he
thinks would best be settled by the creation of a
AUG. 25 1928.]
FINANCIAL CHRONICLE
Colorado River Authority, representing equally all
of the States concerned, and acting under authority
of Congress through a treaty which Congress should
ratify. He would modify the immigration laws by
removing the harsh provision which separates families, and would find some other basis for the restriction of immigration than "a census thirty-eight years
old."
Taken as a whole, the speech is frank and, in the
main, direct and explicit. One misses the high sentiments and well-phrased generalizations which distinguished the acceptance speech of Mr. Hoover; and
the sharp arraignment of the Coolidge Administration with which the speech opens, while unhappily
characteristic of most campaign utterances when a
candidate represents a party that is out of power,
might well have been tempered. It is natural that
Governor Smith, with an unprecedentedly long and
notable career as Governor of New York, should
make frequent references to his own political experiences, and his aggressive personality stands out
again and again in declarations of what he himself
thinks or what he proposes to do.
With the delivery of the speech the preliminary
phase of the campaign ends and its final period begins. Save for prohibition, it is obviously far more
a contest between candidates than a struggle over
divergent political principles. Mr. Hoover has already made it clear that he does not propose to indulge in personalities or mudslinging, but that the
campaign, as far as he is concerned, will be conducted on a high plane as befits a great national decision. It is sincerely to be hoped that Governor
Smith's recital of Republican shortcomings does not
mean that his own campaign is to move upon a plane
any lower than that desired by his Republican opponent.
Further Features of the Williamstown Institute.
The attendants at the Institute are seeing how
much more there is in every question before them
as the discussion advances, and the contacts are
helping the leaders to know and appreciate each
other. Dr. Graham Wallas furnishes a conspicuous
illustration in both respects. His powerful personality, his English habit of direct approach and clear
incisive thought backed by long experience in public affairs and wide acquaintance with important
men, sustained by unflagging devotion to serious
study, command and reward attention. The universal need, he holds, is continuous, purposeful
thought. Reading, however constant and wide, without "intense mental friction," as he puts it, has
"slain its thousands." Wit, cleverness, and the
comic picture do not strike the spark that excites
thought. That may come from any chance suggestion. When it is felt it must be caught and nourished as opportunity may be found. Fertilemindslike
Hobbes, the Stotchman of a century ago, and Ralph
Waldo Emerson, caught every such transient mental
excitement and fixed it on paper, hundreds of them,
afterwards to be studied, classified'and used. It is
well to study faces. Look hard at people. Get an
idea. Ask then what is its relation to the public.
Anyone who will take the trouble to think hard
will find interest everywhere. A bit of psychology
now and then freshens one, if he is looking for light.
The simian world seems remote, but it suggests
queer human limitations. Try to see things sympathetically, not for rebuff or attack.
1007
The significance of all this lies in the present confusion of minds. New lines of growth open on all
sides out of the experiences and upheavals of the
past. The memorial service at Ypres the other day
moved England to the heart, and finds a response in
all Europe, drawing people together sympathetically. The questions requiring close thought now are
as to how democratic ideals widely prevalent can
be applied in countries where great social changes
have taken place. Countries like Britain, Germany,
France and the United States when once largely
rural communities required little active government.
In early American democracy there is little suggestion of means for securing social ends, little of
constructive politics. Great changes have taken
place. These countries have become largely urban.
City people live by highly organized systems of manufacture and business. The farmer has to be in
good part a financier. Government is important,
and has become a matter of controversy. It must be
responsible for health, means of communication, education, police duty and external relations. All
highly civilized states, large or small, must arrange
for what have become common needs. Once science
was not thotight necessary. Now if democracy is
to prevail there must be specialized scientific knowledge. Democracy must know how to choose experts. And, what is more important, the public
habit of mind must change. The theory of natural
rights has already changed, as evidenced in our own
case. A ship on the open ocean cannot be sailed by
the public opinion of the passengers or a conference
of the crew. To protect a democracy from anarchy
on the one hand or autocracy on the other there
must be a thinking citizenship and responsible administration. Government by consent will always
be preferable to any mere expedient, but to secure
that consent definite responsibility is necessary.
Professor Harry T. Collings, of the University of
Pennsylvania, one of the first authorities on economics in the country, and having large experience
in Latin American relations and international trade,
is contributing much to the meetings. Of our nine
billion dollars of foreign trade, two billions are with
Latin America, and we have five billions privately
invested there, one billion of which is in the Caribbean rim. Because of long established restrictive
habits and the very limited circulation of money, it
has been difficult to establish new conditions, but
business is rapidly growing. And for us competition there with European traders is active. We have
growing exportable production, and when we look
for markets, Europe is restricted and sharply competitive; the'Orient is potentially tremendous, but
-day is the
actually small, while Latin America to
best. Socially there is no color line. There are only
two classes: the wealthy, owning large estates, and
their servants, the peons, who are closely attached
to the soil and have been little advanced by the centuries of Spanish possession; so that there is in
reality no middle class. The population is as yet
like their vast store of raw materials, mainly undeveloped, and while several of the States, like Argentina, Uruguay, BraAil, have a high state of independence and self-sufficiency, the field as a whole awaits
a new development which must be necessarily slow
and carefully constructive. Trade is rapidly settling into definite lines based on the varying productions of the different States, from coffee, rubber, and manganese from Brazil, hides and wool
1008
FINANCIAL CHRONICLE
[VoL. 127.
from Argentina, to nitrate and copper from Chile, progress in maStering the essential details of sound
sisal from Mexico, sugar and cocoa from the Car- finance and are establishing banking connections,
ibbean. We now provide latin America with 38% honorable to both parties and essential to permaof all their imports. Our leading position is in the nent prosperity. Such abuses as have existed in
Caribbean, and there is no one of the twenty-one some foreign loan transactions are not likely to rerepublics to which we are not the chief suppliers; appear; better ethical principles are coming into
while our imports from them are heavy, especially recognition in domestic banking and also in other
lines of business.
in necessary raw materials.
Professor C. W. Hackett, of the University of
Collings
had
In discussing Imperialism, Professor
Texas,
took up the subject in a succeeding conferButler
SherMr.
and
the aid of Dr. William B.Dunn
well, both of whom have had many years of inti- ence in special relation to Mexico, and in a rapid
mate acquaintance with our relations with these historical review of recent events showed that in
countries, coupled with protracted residence there the face of some misunderstandings and occasional
and constructive employment both by them and our friction, relations especially under Mr. Dwight MorGovernment. Both spoke with conviction and deep row's guidance have so advanced that the great comfeeling about the situation and the really essential plexity of the situation is clearing up, and the espart which our Government has had to play, in tablishing of confidence in the action and responsiwhich, if there have been some mistakes, there is bility of the Mexican Supreme Court, and the munot a trace of selfish desire to possess their land tual good-will and confidence now shown on both
or to oppress the inhabitants. The artistic and cul- sides, make possible friendly and satisfactory settural temperament of the influential people of Latin tlement of all outstanding problems. Adverse criAmerica, with a suspicious attitude toward other ticism of the policy and action of our Government
nations as the result of past relations makes neces- in various individual details broke out in the dissary a sympathetic attitude and good understanding cussion but was effectively and completely disposed
on our part the basis for business and enduring of by a detailed statement of the facts of the situafriendship if this is to be established. "Economic tion made by Mr. Paul Harvey, who had gathered
penetration" by debarring competition by means of them in a careful study on the spot.
Dr. Otto E. G. Hoetzsch of Berlin is the latest
control of state finances, occupation of custom
arrival.
He is Professor of History in the Univerhouses and collection of revenue in the weaker country, has been in the past a method by which strong sity and has held important positions in Germany,
nations have pushed their own interests. It has pro- rising through various public offices until in 1918
duced sharp competition among their representa- in the Reichstag he served on the Committee that
tives for control of the chief native resources of the drafted the German Constitution which was promptLatin American States. Many instances are famil- ly adopted in 1919 and now charts the policy of her
iar to all. Taking Haiti and San Domingo as an Parliamentary Representative Government which
illustration, the story of our interference there was was shaped upon a careful study of the American
told at length. Foreign creditors were exerting Constitution. He is obviously simple, earnest and
pressure to collect payments on account of standing sincere, eager to be welcomed, and has a message.
debts and loans, which could not possibly be met be- He was here 21 years ago as a lecturer and student of
cause of the helpless demoralization of the two history. He speaks English perfectly and is full
islands. To save the situation and help the carry- of feeling. He will confine himself, through his six
ing out of the policy started at the close of the war lectures, to Germany and her problems. He is opin Cuba with Spain, the United States placed finan- pressed by the contrast between her situation to-day
cial advisers in Haiti, took over the customs and and hers when he was here before. The Europaid the overdue interest. American bankers paid pean nations to-day are beggars. The word is sethe European creditors and established banking fa- vere, but we know what he means. They are humilicilities. The immediate result was so beneficial ated. They want security. They want restored prosthat San Domingo sought the same aid and guidance perity and freedom from debt. They fear one anwith the result as seen to-day. Prosperity and peace other and distrust even their own population as revfor the islands are established and the way opened olutionary ideas are everywhere.
Meanwhile, a new world is opening with unlimitfor early withdrawal of the protective force and the
ed
opportunity and inevitable possibility of danger.
development of self-government in such form as shall
Dr.
Hoetzsch has come with intense desire to cherbe required. In Cuba this has been accomplished
for
ish
Germany and for Europe America's undersatisfactorily, and in the one case as in the other, the
standing
and the continuance of the United States
desire
than
to
render the
United States has no other
in
her
great
historical road of good-will, of which
well
permanent
being
of
neighaid necessary to the
he
recognized
the Dawes Plan and the Kellogg Pact
thought
without
of
compenbors, an aid rendered
expressions.
as
sation or possession of territory.
Mr. Dunn and Mr. Sherwell, having accurate
Campaign Chatter.
knowledge, testified to the great benefits already
To "an inhabitant of Mars," as the saying so often
brought to these various peoples by the entry of
American capital, which far more than compensated runs, the way we conduct our political campaigns
for any exploitation practiced by unscrupulous in- must be a wonder and a delight. For nothing less
terests which were rare. Working capital is every- than wonder attaches to the minute records we keep
where needed and could not be had under existing in advance of the changes in political preference occonditions. Our bankers are now offering loans to curring throughout the country. If Mr. Nobody of
some of the smaller countries on terms much more the town of Unknown in the State of Nowhere anfavorable on the whole than those that have been nounces that though a life-long Republican he has
obtained in the past by the larger Latin nations. decided to vote for "Al Smith" for President, the
Moreover, these countries have made considerable fact is heralded forth as a certain indication that
Aua. 25 1928.]
FINANCIAL CHRONICLE
1009
It is all a delectable and enlightening experience.
Smith is sure to be elected. On the other hand, the
faith awakened in the far-off sphere by the meticu- Once in every four years, like good patriots, we come
lous care with which the dollar campaign contribu- to the relief of the country. We ride in the political
tions of Tom, Dick and Harry, over three thousand machine of a machine age. We revive our devotion
miles of territory, are published to the universe, and oil our memories. We study our statistical
must soothe the virtuous minds of the Martians, tables as the fan studies the baseball scores of past
though in secret they shake their sides with laugh- performances and present glories. We call from the
ter. No Republic, in these modern days of political occult deep of hidden forces of nature the radio
theory and the fantastic fan-like spread of Federal and the movie-tone that no mystic handshake of the
power, can ever perish under such open conditions. "leaders" may escape our enraptured ears and eyes,
It matters not that the parties in trumpeting for are not we ourselves of the elect, those who name
forth the high resolve to limit expenditures, set the the electors, who name in turn the President? Men
"necessary" amount for the year 1928 at the modest of learning may talk of times and things "Hamilsum of four billions of dollars; we are assured tonian" or "Jeffersonian," but what are these anthat no dollar can slip into or out of the war chest cient screeds to our own potent and precious duty
unnoted or unheralded. If on election day some of deciding whether Hoover really said the Volstead
enthusiastic worker hires and pays for an auto to Act must stand or Smith really meant to nullify the
bring voters to the polls, and forgets about it, that Prohibition amendment?
And then—the farmer! Is he indeed at last in
is a contingent expense to saving the country no
one has a sane right to inquire into. But let us his distress the ward of the nation? It is no easy
not boast too much of our honest elections lest pro- task for the voter to decide whether he is to be put
testing too much we convict ourselves. However, 'in charge of Hoover or Smith. Each has special
there are other weightier matters to consider. When qualifications. Hoover hunted rabbits on the old
Mr. Unheardof from the town of Don't-know-where home place in his early boyhood and gained the rest
in the State of the Undiscovered Country by the vast of his dirt-farmer experience in the mines of AuPacific announces that though a life-long democrat stralia, China, Russia and others. Smith gained his
he intends to vote for Mr. Hoover as the only means first knowledge on the sidewalks of New York and
of keeping his conscience, there is great rejoicing in later studied "agriculture" supposedly in the wigwam at Fourteenth Street. No such difficulty as
the camp of the faithful.
And so, day by day, in the alert, up-to-date, and making a selection from this material ever conearly-morning columns of the mighty Press, that fronted the Midwest before. And on a rightful choice
Eye of the World, under which no sparrow falls nn- •hinges all the law and the prophets. And, true to
noted and no crumb of the changes of time es- our mechanistic character, we must seize upon the
capes, we are told that all the news that is "fit right plan as expressed in acceptance speeches and
to print" becomes of huge importance in election elsewhere. It is a difficult task. The lone farmer
time. If, in a moment of aberration, we escape from traveling down his long furrow has abundant food
the thrall of seasoning our breakfast food with ac- for thought. A mistake in choice would not harm
counts of what Smith or Hoover said or did on any next year's crop but it might make a difference in
given day of the year preceding November, we are price—and there's the rub!
And while "each and all" of us decide whether we
compelled to recount the string of fish Mr. Coolidge
caught on the preceding day in or out of the waters are "dripping wet" or "bone dry" the majestic Ship
of the now famous river Brule. Caesar may have of State will "sail on, sail on," and the Washington
crossed the Rubicon and made history, but no mod- machine will function as of yore, and the melanern statesman dares to keep away from the Brule, choly days will come, the saddest of the year—until
or fails to confer with the "candidates," either by November! And then Mr. Hoover or Mr. Smith will
take up the task of appeasing the farmer and padaccident, intention or special invitation.
It is said, quite frequently, that we live in a locking the country. For however the election turns,
"mechanistic age" or an "age of machinery." Take of the Eighteenth Amendment it must be said:
your choice; they are equally forceful and meaning- "There she stands! And who from the White House
less phrases, and it behooves us, therefore, to make dare lay an impious hand upon that sacred citadel
the "wheels go round" in a campaign, and we do. of Constitutional Liberty"—though that charter proNor do we disdain to ride in the "Great American hibits, and knows no distinction between whiskey
Band Wagon" (political), and ballyhoo, three and light wines and beer.
months in advance, the States we are going to carry
To this, 0 my Country, have we come after one
If
day
one
election.
the
the
in
Republicans are sure hundred and fifty years of republican representaday
next
the
the
Texas,
of
Democrats are just as tive government in the land of the free, the home of
certain to carry Pennsylvania. On such food as this the brave! With this momentous, all-embracing, poare we fed daily, throughout the months interven- litico-economic question before us, on which hangs
ing, and when election day does come there is no the life or death of a government, exemplar to all
primciple of political economy, no knowledge of the world, we may not wander far in Midwest farmStatecraft, no vital need of the country, with which ing, we may not decide on the extent to which we
we are not thoroughly familiar, if only we listen to will forbid injunctions in the interest of "labor,"
this familiar chatter. And, like the schoolboy with but though the heavens fall and freedom perish, we
his "shining morning face," we can each go to the must once and forever decide whether or not we will
polls ready for the "rescue" from all the ills, real or permit ourselves to put one foot on the rail and blow
imaginary, that may be charged to the "other side." the foam from the brimming glass!
1010
FINANCIAL CHRONICLE
[VOL. 127.
tion in courage, constancy and chivalry in all the
affairs of life. Alexander, weeping for more worlds
And the Voice of the Infinite spoke: "Go thou to conquer; Caesar laying an Empire at the feet of
to yon faint, far star and bring back the story of a wanton Queen; Constantine bearing the sword and
cross; Napoleon, retreating amid the snows of RusMan on Earth!" And it was done.
Once more the Messenger stood before the Lord sia; pointed to an appraisal of Washington and
of Lords and King of Kings and in accents meek of Foch; and, in contrast, set forth the virtues of Arissorrow and joy told the tale of one to whom was totle, Abelard and Aggasiz. The very appeal to
given Dominion, the story of a civilization that con- force by the Captains and Kings taught the opquered itself, the Saga of the rise and fall and rise pressed to deliver themselves by the same weapons
again of a servant of the Most High, who toiled that enslaved them; and through Revolutions to
immeasurably, wrought and achieved immemorially, secure the rights of man and the liberty that lives
and at last builded out of the unseen spiritual an best under law. Still, under the free governments
thus secured and erected it was given unto the
enduring habitation of love and peace.
And the messenger of the Almighty said:"I bring powers that rule to declare and prosecute war. As
Thee, 0 my Master, tidings of the little star, that, the ages swept by, and in the intervals of fighting,
in Thy sacred Book, it may be written that all Thy knowledge arose to bless the toilers and wisdom
works are good and all Thy plans are perfect; for came to analyze the mission and true majesty of
that Thou hast vested in all Thy creatures the pow- man. It was found that might never made right,
er of overcoming; and that through travail there is nor power brought peace, nor conquering the matriumph, and through suffering there is salvation. terial released the soul. The rivers of blood that
Know that man, whom Thou created in Thine own flowed down the corridors of time, drowning the
image, has been the victim of his own aspiring; the impulses of kindness, the sacrifices that save and
buffet of his own ascendency, and the redeemer of the love that endures and is patient, left only hate,
his own revoltings. It is the story of light and dark- envy and bitterness in their wake, and sowed the
ness I bring Thee, the history of the good and evil, seeds of future fratricidal conflicts. The weapon
without which the free will Thou gayest to man, Thy of War had turned in the hand, and the fell Deservant, could not lift Life into the realms of the stroyer, in one last and terrible orgy of death and
Everlasting and the Soul into the joys of Immor- destruction, had written in the hearts of men its
tality.
own doom!
"The Children of Men, in this little star, grew
"The story of the little star, circling yonder in the
slowly into the stature of the spiritual, not know- illimitable spaces of Thy kingdom,
0 my Master,
ing that only the good liveth and the evil perisheth, is an epic of trial
and error and victory at the last.
even as the things that are not. With the beasts of For on a day that henceforth in its annals shall be
the field and the forces of the physical about them, historic, the principal nations of earth, representthey struggled upward through long ages of sav- ing the peoples most advanced in learning, accompagery, and, losing their way in the terrors of super- lishment and aspiration, met together in solemn constition, builded false gods out of their fears and clave and with a sublime consecration, never before
forsook the paths of peace for the ways of force. approached, denounced war as an agency for the setThey gathered their flocks upon the hills and became tlement of disputes, renounced
its use as unworthy
the good shepherds of golden days and starry nights. of civilized government;
and declared it forever
They lingered in the valleys and turned down the an outlaw in the thought and
uses of mankind. It
grasses that they might sprout again into fields of is told in the lore of these Thy servants that amid
grain. They left their cave dwellings and builded all the great leaders who from time
to time taught
them lowly homes by lake and stream. Tribe fol- the humility of love and the majesty of worship,
lowed tribe and possessed the lands. Villages grew there came one, born in a manger, visited by wise
into cities. Tribes became clans, and clans became men bearing gifts, while the heavens proclaimed
principalities. And ever knowledge increased and "peace on earth, good will to men," who in himself
power grew selfish. In the heart, generosity gave taught best Thine own Most Holy Truths, as he
way to greed. Might became right. Love turned passed through life, doing good, to his glorified
into hate. And as the people multiplied and migra- death at the hands of those
who did not undertions increased, conflict and contest arose. The stand. Last among the prophets, philosophers and
chiefs became mighty men of arms. Kings and saviors of men, he now stands first, and it is the
Princes assumed to rule by divine right, and though glorious heritage of his work in the world of this
letters and art and science had their lowly begin- unforgotten star that he taught, as none other,
nings, the fatal institution of war guided the des- that in Thine own Omnipotence there is no cruelty,
tinies of nations and delivered the races into the or hate, or malice, or eternal condemnation to sorarms of the Moloch of Slaughter. The black horse row, suffering or death, and in thine own Omnisciof Death trampled on the innocent. Famine and ence no wisdom of science or discovery or control
Pestilence followed in the wake of battle. Millions of material forces that transcends the simple Brothperished that a few might rule the many. And that erhood that brings all men together; and the divine
which was fair and of good repute was swept down unity which draws all times and places, and peoby the torrents of hate and the winds of destruc- ples and philosophies, all temporal achievements
tion.
and immortal accomplishments, to accept, forever
"But always and ever out of the ashes of spoliation and forever in the everlasting advance, Thy holy
and the frenzies of reprisal the divine spark of and altogether righteous Judgments of Love and
good-will and helpfulness burst again into flame to Mercy and Peace—in that all Thy law is perfect and
light the way onward and upward. Even the idol- all Thy work is worthy.
atrous worship of the heroes of conflict was not
"As it were but yesterday," continued the Meswithout a measure of good. For it led to emula- senger, after a pause, "this new light shone in the
War Made an Outlaw.
[By Charles W. Stevenson.]
Aug. 25 1928.T
FINANCIAL CHRONICLE
1011
The project, which had been in the course of construchearts of men, and now the rivalry of armaments
is no more. No more the frowning battleships sweep tion for two years and involved an expenditure running
millions, included the building of a line 155 miles
into
the seas, no more the serried bayonets of marching long the
from Aberdeen, in Northeastern Mississippi, to Kimarmies give back in terror the lances of the life- brough, in Southwest Alabama. Aberdeen was already
giving sun. All is quiet, contentment, victory of upon a spur of the main 'Frisco line between Kansas City
hope and assurance of peace. For right at last has and Birmingham, and Kimbrough was the northern terbecome might, reason has become rule, and faith minus of a short line from Pensacola intended ultimately
reach Muscle Shoals.
and trust are universal. Thy people of the little toIn
reaching Kimbrough the 'Frisco crossed the line of
star, though they are not convinced, every one, that the Alabama, Tennessee & Northern Railroad at Aliceville,
the way is found, feel that the Dawn is come and Ala., which ran south to a point within thirty miles of Mothe to-morrows will grow increasingly secure; that bile. Concurrently, the Alabama, Tennessee & Northern
man, emancipated from the selfishness of State, Railroad completed its tracks into the Alabama city and
which
the greed of the Material and the egotism of the un- entered into a traffic agreement with the 'Frisco by Pensathe latter finds an outlet at Mobile as well as at
bridled will, will now turn to the spiritual for cola.
guidance, solace, and recompense. Long has been
Completion of the 'Frisco line into Pensacola and the conthe climb upward, heavy the burdens borne, con- necting line into Mobile is the climax of a considerable
fusing the clash of ideas and ideals, but they know railroad activity involving seaports in Mississippi, Alabama
that the divine purpose has always been present, and Florida. New lines have been built and older ones
acquired by large railway systems. Not only has the 'Frisco
and out of the lowly toil of the many and the as- reached the East Gulf at Mobile and Pensacola, but repirings of the untiring has come the joy that is cently the Illinois Central has found an additional port at
Gulfport, Miss., by the purchase of the Gulf & Ship Island
eternal!
"My task is finished. I bring back these tidings Railroad, and the Burlington has made a reciprocal agreeof great joy. Governments shall be purified and, ment with the Gulf, Mobile & Northern Railroad by which
it comes to the Gulf.
as a consequence of this new alliance and treaty,
The Gulf, Mobile & Northern Railroad has expanded rapshorn of the power to declare war. The last con- idly during the past two years. Twenty years ago it was
vulsion, fearful in its havoc and destructive in its only a short line with a standard gauge road from Mobile
cost, has brought in its revulsion a consecration to to Pontotoc, a small town in Northeast Mississippi. and a
new thought of destiny and desire. Everywhere narrow track from Pontotoc to the Tennessee line. The entire length was subsequently made standard, and, soon after
minds are stirring to a study of life and love. Men the war extended to Jackson, Tenn., where it connected with
would know God as never before. There are con- the Illinois Central, the Mobile & Ohio and the Nashville,
stant calls for a new religion, a new appraisal of Chattanooga & St. Louis Railway. The extension to Jackthe worth of things, a new transformation of the son was the beginning/ of the railroad's recent rapid
growth.
material achievements of discoverers, statesmen, Two years ago it leased traffic rights over the Nashville,
savants and workers into the spiritual, which finds Chattanooga & St. Louis Railway which enable it to opersufficiency in the frugal, honor in the humble, hero- ate its trains between Mobile and Paducah, Ky., where it
ism in the acceptance of the sacredness of things connects with the Burlington. Meantime, having acquired
as they are, and aspiration in the physical accom- a short line connection running from Union, in Southern
Mississippi, toward Jackson, Miss., it began an extension
plishments that endure only in the immaterial. Life, into the Mississippi capital, which has been only recently
love, liberty, law, are watchwords of the New Day. completed. By a reciprocal traffic agreement with the
Strife will flee from mart as from the mind. And New Orleans & Great Northern Railroad; the Gulf, Mobile
in the new insight into cause and effect, evil will & Northern Railroad now enters New Orleans as well as
evolve into good, and error into perfectness, and Mobile.
Prior to the construction of the new 'Frisco line, Pensaat last Death, the Transformer, will become the har- cola, the chief city of West Florida, had been served by
binger of happiness undying."
only one large railway system, the Louisville & Nashville.
The Messenger of the Divine ceased. And through With a deep-water harbor, Pensacola has important ocean
the infinite reaches of systems and suns there commerce and its business men predict a rapid development as the result of
'Frisco's entry. In comment upon
breathed the holy music of Hosannahs to the Most the recent celebrationthe
particular stress has been laid upon
High. For another wandering world had been the fact that more and more Western railroads are building
brought into the ineffable harmony and another into or otherwise entering the Southeast at a time when
of the works of the Infinite One had justified the railroad construction is not going on conspicuously in the
will that is over and in all other wills. And as the country as a whole.
matchless melodies of the unseen spiritual rose and
Real Achievement of Late George B.Harvey.*
fell and rose again, through all the silent spaces of
Editorial from Boston News Bureau of Aug. 23.
universes that are vaster than thought and deeper
The great accomplishment of the late George Harvey is
than love, the light of a new glory lifted everywhere, to-day almost without record in the popular press; perhaps
because it was in London and there were no American newsand that light was the smile of God!
paper reporters to ferret out the details of the situa-
Great Rail Line Now Finished—St. -Louis-San tion.
When Ambassador Harvey arrived in England he was
Francisco Obtains an Outlet to Pensacola, met by Stanley Baldwin, who had negotiated the AmericanFla.—Other New Lines.
English war debt settlement at Washington, and was told
[Prom the New York "Times," Sunday, Aug. 13.]
When the St. Louis-San Francisco Railroad recently began the operation of trains into Pensacola, Fla., a railroad
building project described as the largest in the United
States since the World War was completed and another
Western railroad system acquired an outlet at an East
Gulf port. The city held a celebration in which 20,000 of
its people participated, and more than 300 of its business
men traversed 150 miles of territory which had never before
been directly served by a railroad. Pensacola, which has
one of the deepest harbors on the Gulf, found itself an important port on two railroad systems instead of one as
formerly.
that the case was hopeless in England.
Baldwin declared that the cabinet was entirely opposed
to the settlement he had arranged, and he did not see any
way to get the British endorsement. Harvey said: "Please
do one thing for me; have the matter laid over for a week."
This was done, and Harvey set at work. He said to representative people and to the British prime minister: "How
do you expect to maintain the peace of the world if after
the war you begin by dividing the English-speaking people?
Do you want America to turn her back on Europe and go
It alone? What is the hope for the future except in a closer
union of the English-speaking people, that their united
(Concluded on Page 1020.)
[VOL. 127.
FINANCIAL CHRONICLE
1012
The New Capital Flotations During the Month of July.
In our article last week dealing with the new financing done in this country during the month of July, some errors crept
into the table showing the foreign Government loans brought out. We therefore reprint this table, with the errors eliminated, as follows:
GOVERNMENT
FOREIGN
Amount.
Issue and Purpose.
23,000.000 State of Rio Grande do Sul (Brazil) Ext.68,
1968(refund internal es external debt: provide
for subscription to cap. stk. of Rural Cred. &
Mtge.Bk.; municipal improvements)
15,000,000 State of San Paulo (Brazil) 40-Yr. Ext. 6$,
1968 (additions, betterments, & extensions to
water supply & sewerage systems of City of
San Paulo; railway extension)
3,396,000 City of Tucuman (Argentine) Ext. 75. 1951
(Provide for paving:for discharge & consolidation of toating debt; municipalimprovemls _
Price
94)(
945
963
LOANS.
To Yield
About.
Offered Si,
6.40-7.53 White Weld & Co.; Nat'l City Co.: Equitable Tr. Co. of New York; Illinois Merchants
Tr. Co.; Cassatt & Co.and Anglo London Paris Co.
68 Speyer & Co.: Blair es Co.. Inc.; J. Henry Schroder Banking Corp.; Ladenburg. Thalmann di Co.; E. H. Rollins & Sons: Equitable Tr. Co., of N. Y.; Myth, Witter
& Co.
7.30 E. H.Rollins & Sons and H. M.Byllesby & Co., Inc.
41,396,000
Gross and Net Earnings of United States Railroads
for the Six Months Ending June 30
The half year ending June 30 was a poor one
throughout for the railroads of the United States
and that fact is naturally reflected in the revenue
results, both gross and net, though only slightly in
the latter, owing to the policy pursued of adjusting
expenses to the lowered level of gross earnings. Every month of the half year showed reduced gross
receipts, in larger or smaller amount, and every
month also recorded some falling off in net earnings,
save only February and May when there were nominal increases. In both of the months mentioned,
the railroads had the advantage of an extra working
day the present year. In February the extra day
came by reason of the fact that 1928 is a leap year
and in consequence the month had 29 days, as
against only 28 days in ordinary years. In May the
extra working day grew out of the circumstance
that there were only four Sundays in May 1928,
leaving 27 business days, whereas in May 1927 there
were five Sundays, leaving therefore only 26 ordinary days.
In none of the six months was the falling off of
very striking magnitude and yet for the six months
combined the shrinkage reaches no less than $116,628,506. Yet in ratio even this very considerable
falling off is relatively moderate, it being only
3.86%, because of the magnitude of the totals with
which we are dealing, the aggregate of the gross
earnings for the six months of 1927 having been over
three billion dollars, or, to be precise, $3,018,008,234,from which there has now been a drop to $2,901,379,728 in the first six months of 1928. The circumstance that the falling off, while considerable in
amount, is yet proportionately quite light, portrays
accurately the character of the conditions prevailing during the half year. It was a poor period, while
not being actually a bad one—this reflecting industrial conditions generally throughout the United
States if we except two or three leading industries
which were favored beyond others, and enjoyed better conditions the present year than fell to their
lot during the first half of 1927. In other words,
there was nothing to boast of in the state of trade
outside the excepted industries, the volume of this
trade being in many instances moderately smaller
than in 1927 when it was by no means of more than
ordinary proportions. Another distinctive feature
of the year's results is found in the reduction in expenses. With gross revenues smaller by $116,628,506, expenses were reduced in amount of $103,569,-
057, leaving therefore a decrease in net (before the
deduction of the taxes) in amount of only $13,059,449, or but 1.83%. Doubtless the curtailment of expenses was clue in part to greater efficiency of operations, but in part also it must be ascribed to less
liberal outlays on maintenance account and a general policy of retrenchment made necessary by the
falling off in traffic and in revenue. The following table shows the comparative totals for the two
years:
Jan. 1 to June 30—
Mlles of road
1928.
239,833
1927.
Inc.(+)or Dec.(—
+963 0.40
238,870
2,901,379,728 3,018,008,234 —116,628,506 3.88
Gross earnings
Operating expenses_ _ _
_____2,200,532,949 2,304,102,006 —103,569,057 4.50
76.34%
75.84%
—0.50
Ratio of expenses to earnings
Net earnings
700,846,779
713,906,228 —13,059,449 1.83
There was in 1928 a revival of the automobile
trade after the severe slump which that trade experienced during the previous year, which slump, however, was due mainly to the fact that the Ford plants
were out of commission being engaged in devising
a new model of car. Then also the agricultural implement makers found a wider market for their
machinery owing to the improved agricultural situation in the Spring wheat sections of the Northwest and the two together stimulated a revival of
activity in the steel trade. But outside these favored lines there were adverse developments of larger
or smaller consequence, which played their part in
pulling railroad revenues down. As far as the different geographical divisions of the country are concerned, there was really only one section of the country, namely, the spring wheat section of the Northwest, where the situation was generally and widely
better than in the year preceding. Here a great economic improvement was wrought by the abundant
spring wheat harvest of 1927, after several years of
poor or indifferent harvests in that part of the
country.
Trade statistics reveal both the favorable and the
unfavorable features of the half year. For the first
six months of 1928 the output (factory sales) of motor vehicles in the United States aggregated 2,201,880 vehicles against 2,068,974 in the first half of
1927, but comparing with 2,305,877 vehicles in the
first six months of 1926. The Ford plants were
again actively at work, but did not attain the expected capacity or come anywhere near the maximum which is ultimately to be their goal. The steel
trade enjoyed what was tantamount to a genuine
revival and the statistics of production make that
fact very plain. For the first six months of 1928
AUG. 25 1928.]
FINANCIAL CHRONICLE
1013
the production of steel ingots is estimated at 24,- ing that in mind, it is only necessary to say that
792,883 tons, as against 23,807,387 tons in the first for the first six months of 1928 the production of
half of 1927 and 24,153,809 tons in the first half bituminous coal in the United States reached no
of 1926. Iron production, however, in the first half more than 234,289,000 tons against 276,629,000 tons
of 1928 aggregated only 18,520,921 tons, as against in the same six months of 1927 and 265,229,000 tons
19,430,678 tons in the first six months of 1927 and in 1926, there having hence been a falling off the
19,848,461 tons in the first half of 1926.
present year of over 42,000,000 tons. In the hard
Statistics regarding coal production afford per- coal region the slump in output the present year has
haps a clearer idea of the general trade situation been no less pronounced and only 37,103,000 tons.
than anything else. Last year conditions in the of anthracite were mined the first half of 1928, as
coal trade were unusual, especially in the soft coal against 40,897,000 tons the first half of 1927. This
regions. For the first three months the soft coal great shrinkage in anthracite production followed
mines were worked to capacity, owing to the knowl- in part as a consequence of the mild winter weather,
edge that on the 1st of April there was to be a strike which reduced the consumption of hard
coal, but
at all the union-controlled mines in the United in part it followed also from the further fact
that
States and the output of coal accordingly reached hard coal is being to some extent supplante
d by
maximum figures. During the last three months of other fuels and
more particularly by oil.
the half year, after the strike was actually in efThe statistics regarding the loading of revenue
fect, there was a pretty general suspension of min- freight by the railroads of the United
States tell
ing at the different unionized mines throughout the the same story of a diminishe
d volume of tonnage
country, about the only exceptions being a few in and of dull trade which according
ly accounts for the
Pennsylvania, which continued operations on the falling off of $116,628,
506 in the gross earnings of
old scale of pay as a result of temporary agreements Class 1 railroads in this country.
From the figures
between miners and operators, but even these furnished by the Car
Service Division of the Ameristopped work at the end of June when the operators can Railway Associati
on, it appears that the loadrefused to continue the old scale any longer. As ing of revenue freight
by the railroads of the United
far as the country as a whole was concerned, the States aggregated
no more than 24,457,105 cars in
strike proved of little consequence, the non-union the 26 weeks of 1928
against 25,521,040 cars in the
mines heavily increasing their output, thereby mak- same period of 1927 and
25,333,232 in the same peing up in part at least for the stoppage of production riod of 1926. The falling off
from last year, it will
in the unionized field. Nevertheless, the roads serv- be seen, has been over 1,000,000
cars, which speaks
ing the union mines lost the coal traffic they would eloquently of the diminished
volume of traffic the
otherwise have had except for the strike. The re- railroad carriers have had to transport
the present
sult altogether was that owing to the prodigious year. The shrinkage in the coal
traffic was of
amount of coal then mined in the early months, the course one element in the falling
off, but it should
production of soft coal for the half year, notwith- also be remembered
that this falling off occurred
standing the strike beginning with April, was ac- notwithstanding the great
increase in the grain traftually somewhat larger than in the first half of the fic, in part as the result
of the large spring wheat
previous year (1926).
harvest of last season, and in part as the result of
These explanations with reference to the coal sit- the large corn crop raised
in Kansas and Nebraska
uation last year (1927) seem necessary in order
to (which two States produced 468,356,000 bushels of
understand the situation in the coal trade the
pres- corn in 1927 against only 200,600,000 bushels in
ent year. The most important single item of traffic 1926). As is shown
further below, grain receipts
carried by the railroads is the coal tonnage. There- at the Western
primary markets the first half of
fore in any study of railroad revenue the coal situa- 1928 were 91 million
bushels in excess of those for
tion demands attention above everything else. Dur- the first half of
1927. Many of the Southwestern
ing 1928 the demand for coal was poor throughout. roads on the
other hand had to contend with a dimThis was so for a three-fold reason, namely, the mild inished movement
of grain on account of the reduced
weather, the inactive state of general trade and
the yield of both wheat and corn in that part of the
fact that large stocks of coal were carried over from country.
Moreover, many of these roads had to
the previous year, the stocks accumulated early
in contend at the same time with a shortage of the
that year, when everyone (the railroads, public util- cotton
crop, the production of which last season
ities, as well as ordinary consumers, and also
deal- was heavily reduced, particularly in Oklahoma, Arers) stocked up with coal in preparation for
the kansas and Texas.
strike, not yet having been worked off. It
was a
In addition to all this, the South experienced no
foregone conclusion of course that during the
first relief from the intense business depression under
three months of 1928 there would be a big decrease which it
has been laboring for about two years now.
in the soft coal output as compared with the same This business depressio
n in the South, it may be
period of 1927, when the output was of such huge recalled, had
its origin in the first instance in the
dimensions, and that railroad revenues
would be collapse of the speculative boom in real estate and
reduced as a consequence. As it happened,
how- the havoc caused by the Florida hurricane in Sepever, the output during the three months from April tember 1926. The situation was
made acute by the
1 to June 30 also fell below that of the correspond- big drop in the price of cotton which came with
such
ing months in 1927, when mining was so heavily re-. suddenness in the autumn of 1926, when the
cotton
duced because of the strike. This last served to consuming world began to realize that
the crop
illustrate the slackness of trade and business more which was then being gathered was to
be of imclearly than anything else, since it showed that the mense size. The depression persisted all
through
general trade demand for coal had become so con- 1927, even though the price of cotton fully
recovtracted that current output sufficed to meet it not- ered, and came back to the level prevailin
g before
withstanding it had been so severely curtailed. Bear- the break and even moved higher
than this previ-
1014
FINANCIAL CHRONICLE
ous level. During 1928 the depression has continued, besides which the reduction in the size of the
crop itself meant a considerable reduction in railroad tonnage, the 1927 yield of cotton in the United
States having been only 12,956,043 bales against 17,977,374 bales in 1926. As a consequence, we find
heavy losses in earnings shown by all the leading
Southern railway systems-in addition, too, in most
cases to equally heavy losses sustained by the same
roads the previous year. As was the case in 1927
the heaviest losses in earnings in 1928 come from
railroad systems connecting with or running through
Florida and its winter resorts, such as the Atlantic
Coast Line and the Florida East Coast. As a measure of the intensity of the business depression in
that part of the country, it is worth noting, that
bank clearings at Miami the first six months of 1928
aggregated no more than $90,044,000, against $168,702,415 in the same six months of 1927 and $441,472,095 in the first six months of 1926; those at
Tampa only $103,602,772 against $136,417,696 in
1927 and $255,456,969 in 1926, and the clearings at
Jacksonville $456,180,633 against $564,700,947 and
$896,788,324, respectively, in the two years preceding.
Nor should we omit mention of the fact that the
ore-carrying roads to the Great Lakes which in
1927 had an advantage in the much earlier opening
of lake navigation, the present year on the contrary suffered from the late opening of navigation.
This will explain the relatively heavy losses in earnings sustained by such roads as the Duluth Missabe
& Northern and the Duluth & Iron Range. It must
have been a drawback also on the ore-carrying lines
of the Great Northern Railway, offsetting to that
extent the advantage which the latter system derived from the large spring wheat harvest in its
territory and the economic revival which this
brought with it, as already mentioned.
As against all these various drawbacks there was
one single distinct advantage the present year, in
the absence of any extensive overflow of the Mississippi River. In April, May and June last year immense damage was done by the floods in the Mississippi Valley, with the inundation of large areas in
important sections of the Southwest. These overflows not only interrupted traffic movements in the
afflicted areas, but rendered business wholly out of
the question in many of these areas and thus did twofold injury, first in the damage and destruction
caused to the roads themselves and secondly in reducing the traffic to be handled by the roads in the
movement of passengers and freight. Arkansas,
Mississippi and Louisiana were the worst sufferers,
but several other States also suffered in greater or
smaller degree. The overflow of the Mississippi
River was the worst in history. In the upper reaches
of the Mississippi and its tributaries, the overflow
reached an acute stage as early as April, and then
the water passed slowly off, making it possible in
great numbers of cases to resume farming work the
latter part of May on many of the submerged areas,
but unfortunately, in June spring freshets caused
a second overflow which did new damage, and
though this second overflow did not cover anywhere
near so wide an area as the first, it covered a substantial portion of it, and much of this twice submerged land was still under water the middle of
'pine. Down in Louisiana the worst stages of the
Inundation did not occur until June and important
FoL. 127.
areas were still under water at the beginning of
July. The damage to the railroads in some parts
of the Southwest was enormous and the Missouri
Pacific system apparently suffered beyond all
others. All this, Southern and Southwestern roads
escaped in 1928.
We referred above to the fact that Western roads
as a whole the present year had the advantage of a
heavier grain movement than in the corresponding
period of 1927. The increase extended to all the
cereals with the single exception of rye. The receipts of wheat at the Western primary markets for
the 26 weeks ending June 30 1928 aggregated 131,901,000 bushels, as against 116,963,000 bushels in
the corresponding period of 1927; the receipts of
corn 182,852,000 bushels, as compared with but 117,532,000 bushels in 1927; of oats 69,984,000 bushels,
as against 64,100,000 bushels; of barley 22,185,000
bushels, against 14,013,000, but of rye 7,602,000
bushels as compared with 10,815,000 bushels. For
the five items combined, the receipts reached 414,524,000 bushels in 1928, against 323,459,000 bushels
in 1927. The details of the Western grain movement, in our usual form, are set out in the subjoined table:
WESTERN FLOUR AND GRAIN RECEIPTS.
Barley
Oats
Corn
Jan. 1 to
Flour
Wheat
bush.).( (bush.).
June 30.
(bush.).
(Ms.).
(bush.).
Chicago-1928._ 5.927.000 11.612.000 60,241,000 26,929,000 3,751.000
1927„.. 6,019,000 9.260.000 40.159,000 22,568.000 3.156.000
Milwaukee1928_ 1,099,000
618,000 9,458.000 3.375,000 4.732,000
1927___ 999,000 1,485.000 5,832,000 5.991,000 3,976,000
St. Louis535,000
1928_ 3,083,000 12,626,000 21.549,000 9.511,000
222,000
1927-. 3,087,000 9,393.000 10,508.000 10,287,000
Toledo18,000
890,000 1.440,000
1928_.
3,855,000
17,000
19275.981.000 2.227.000 5,192.000
Detroit17.000
620,000
576,000
1928797,000
17,000
456,000
1927
738,000
1,031,000
Peoria1928._ 1,726,000
506,000 13,424,000 5,073.000 1,479,000
708.000
1927___ 1,613,000
419,000 13,254,000 4,494.000
Duluth2,193,000
520,000
1928_
424,000
24,252,000
1927
262,000 1,411,000
213,000
15,811.000
Minneapolis1928_
42.551,000 5,740,000 9,946.000 9.399,000
1927..
29,578,000 6.928,000 5,147,000 4,501.000
Kansas City-1928
16,902,000 26,993.000 1,734,000
1927W
23,957,000 7,740,000 1,464.000
Omaha di Indianapolis30,000
7,132,000 29.785,000 8,226,000
1927_
3,000
6.840,000
Sioux City25,000
1928..
720,000 5,471,000 1,809,000
2,000
1927_
530.000
494,000 2,028.000
St. Joseph5.000
1028631,000
2,979,000 6,557,000
1927_
660,000
3,727400 4,948,000
Wichita1928_
170.000
7.351.000 1,744.000
1927_
269,000
399,000
8,809,000
Rge
(bush.).
1.090,000
943,000
305.000
713,001)
35,000
423.000
31,000
107,000
159,000
318,000
47,000
21,000
3,969.000
6,889,000
1,925,000
1,437,000
31,000
9,000
1,000
Total AR1928_11,835,000 131.901,000 182,852,000 69,984,000 22.185,000 7,602,000
1927.-11.718.000 116,963,000 117,532.000 64,100,000 14,013,000 10,851.000
On the other hand, the Western livestock movement was considerably reduced. At Chicago the
receipts for the six months of 1928 comprised 119,146 carloads, against 123,096 in 1927, and 129,282
carloads in 1925; at Omaha,46,833 carloads, as compared with 46,264 carloads in 1927, and 52,533 cars
in 1926, and at Kansas City 46,611 carloads, against
48,741 cars and 48,515 cars, respectively, in 1927
and 1926.
Southern roads, as already indicated, suffered a
heavy falling off in their cotton movement, owing
to the smallness of the crop in 1927, as compared to
the banner crop of the staple in 1926. This was of
course in addition to the loss which followed directly as the result of trade prostration in the South.
Gross shipments overland aggregated only 379,522
bales in the six months of 1928, as against 625,348
bales in 1927, and 598,596 bales in the six months of
1926. At the Southern outports the receipts of the
staple reached only 1,811,414 bales, as compared
with 3,815,138 bales in the corresponding period of
1927, and 2,757,939 bales in 1926. Details of the
latter are given in the following table:
AUG. 25 1928.]
FINANCIAL CHRONICLE
RECEIPTS OF COTTON AT SOUTHERN PORTS FROM JAN. 1 TO JUNE 30.
1015
inches of snow fell, and another on Feb. 9-10, when
the snowfall was 11.6 inches. For the whole month
387,746 921,851 740,597 923,578 595,274 487,598
Galveston
February the snowfall in this city in 1926 aggreof
435,908 1,002,201 638,872 816.971 261,659 196,421
Texas City. &n
New Orleans
542,108 935.427 768,087 613,103 543,512 485,482
gated
25.7 inches, being the heaviest on record for
Mobile
80,363 110,697
62,146
46,372
44,616
19.783
Pensacola, dm
1,658
2,878
4,224
2.874
4,778
3,683
Savannah
176,035 405,479 303,984 182,091 179,275 168,834 any February since 1899, when the fall was 27.5
Brunswick
350
64
3,447 inches, and compari
ng with only 0.8 inch in Febru77,963 212.726 129,488 126,407
Charleston
46,128
72,080
Wilmington
84,803
53,734
35,195
49.063
32,687
26,062
54,875 139,076 115,382 143,026 101,726
Norfolk
81,484 ary 1925 (when, however, the fall was extremely
1.024
Lake Charles
heavy in January), and with 11.5 inches in FebruIirr
1,811,414 3,815,138 2.757,939 2,903.655 1,809,719 1,544,874
Total
ary 1924 and 17.9 inches in February 1923. The
As a final summary of the conditions which pre- February snowstorms
in 1926 seem to have extended
vailed during the half year and their effects upon all over New England
and through New York State.
railroad traffic and revenue, certain statistics which
New England roads virtually all reported for that
have been given out the present week by the Bureau
month large losses in gross, as well as in net, and
of Railway Economics are very pertinent, and high- no
doubt the circumstance mentioned was in part
ly important, too, because they deal directly with
responsible for this, in addition to which, however,
the volume of traffic moved during the half year
these roads must have had their coal traffic reduced
and establish beyond controversy the fact that the
by the anthracite miners' strike.
volume of such traffic was substantially smaller
In both 1925 and 1924 the railroads enjoyed quite
than in the first half of last year notwithstanding
remarkable exemption from bad weather and from
the revival of the steel trade and the increased acthe often extreme rigors of the winter. In January
tivity in the automobile industry. The volume of
1925 bad weather was somewhat of a drawback on
freight traffic handled by the Class 1 railroads durcertain lines here in the East, though not to any
ing the first six months of this year amounted to
great extent for the country as a whole. There were
223,845,340,000 net ton miles, according to the Burepeated snowstorms in these parts in the month in
reau of Railway Economics. This was a decrease,
1925, and in New York City the fall of snow was
it is stated, of 10,158,687,000 net ton miles, or 4.3%,
the heaviest of any January in the history of the
from the corresponding period in 1927, and a
de- local weather bureau, reaching 26.2 inches. This
crease of 3,289,873,000 net ton miles, or 1.4%, from
compared with only 2.6 inches in January 1924,
the same period in 1926. The Eastern district showed
but with 21.9 inches in January 1923, this latter
a decrease of 8.1% and the Southern district a de- having
also been a month of very heavy snowfalls.
crease of 8.5%, while the Western districts reported A storm
which came toward the end of the month
an increase of 3.1%.
in 1925-that is, Thursday, Jan. 29, and evtended
As far as the weather is an influence on the traf- into Friday, Jan.
30-proved particularly mischievfic and earnings of the roads, the winter of 1928 will ous in New
York State. The New York Central
rank as one of the mildest on record, complaints of Railroa reporte
d
d it as the worst in its history, esobstruction to railroad operations from snow or ice pecially
between Albany and Rochester, causing conor extreme cold having been entirely absent in all
siderable delay in the running of trains. The Twenparts of the country. In 1927, too, the winter was
tieth Century train from Chicago was 16 hours late
not severe in any part of the country, if we
except in reaching the Grand Central Terminal in New
a limited area in the Rocky Mountain regions,
where York City. It was due at 9.40 a. m., but did not arunusually heavy falls of snow were encountered
dur- rive until 1.18 and 1.33 the following morning (Sating January, February and March. In fact,
it may urday), coming in two sections. The area of disbe said that in some of the Rocky Mountain
States, turbance, however, in this way was very much cirparticularly Colorado and Wyoming, repeated
heavy cumscribed, being confined largely to New York
snowstorms occurred all through the winter of
1927, and New England, while elsewhere in the northern
making railroad operations difficult; even
towards part of the country the winter was comparatively
the middle of April an unusually severe spring
bliz- mild, and little complaint was heard of obstruction
zard was reported, seriously interrupting
traffic, because of snow and ice or because of extreme cold.
the latter extending also into South Dakota.
BarAfter this heavy snowstorm in New York State
ring this, however, the winter of 1927 did
not impose the latter part of January (1925), from which, as
drawbacks of any great consequence
anywhere. In noted, other parts of the country were exempt, mild
1926, likewise, the winter, on the whole,
was not weather developed in February, and this may be
much of a disturbing influence. The
situation in said to have been a condition common to the whole
that respect was not so extremely good as it
had been United States and even Canada, the winter nearly
in 1925 and yet was on the whole quite
favorable. everywhere having been an open one and spring
In January weather conditions in 1926 did
not im- having come unusually early virtually everywhere.
pose much of an obstacle to railroad
operations over Nor, as already stated, was there much severe winany large sections of the country. On
the other ter weather in 1924, but in 1923, on the other hand,
hand, in February the New England
roads suf- the winter was of unsual severity in many parts of
fered, presumably by reason of heavy falls
of snow. the northern half of the United States, especially
The winter of 1926, taking the country as a
whole, in New England and in northern New York, where
was, as stated, quite mild, but in February
there the roads suffered from repeated snowstorms, and
were some big snowstorms in the East, with,
how- from the depth of the accumulated snowfalls, with
ever, nothing approaching a blizzard. In
other resulting large increases in operating expenses.
words, there were no big drifts to tie up traffic
and
What gives additional significance to the presinterfere seriously with the running of trains.
In ent year's falling off in earnings, amounting to $116,this city there was in 1926 no snowfall of any
con- 628,506 in gross and to $13,059,449 in net, is that
esquence during the winter until February, but in it
follows a decrease last year, too, though only a
this last mentioned month there were two very heavy
very slight decrease. The statistics of the Bureau
snowstorms, namely, one on Feb. 3-4, when 10.3
of Railway Economics at that time showed a small
Since Jan. 1-
1928.
1927.
1926.
1925.
1924.
1923.
1016
increase in the tonnage movement one mile, but that
the roads then encountered many drawbacks and adverse conditions has already been made plain. The
Mississippi River floods, the coal miners' strike, the
slump in the automobile trade, the depression in the
South, the impaired status of the agricultural
classes, especially in the Northwest, by reason of
successive poor crops of spring wheat, all imposed
a state of quietude on general trade and left their
mark on ralroad revenues. However, the decrease
was very slight—only $9,132,430 in the gross, or less
than one-third of 1%,and $16,035,003 in the net, or
2.20%. In the two years preceding, on the other
hand-1926 and 1925—the situation was different.
Then the returns were distinguished for quite considerable improvement. Especially was this the case
in 1926, when our compilations recorded no less than
$131,448,135 increase in gross and $71,056,875 increase in net. There were increases also in 1925
over 1924, but they were much more moderate, at
least in the gross, having been only $23,096,456 in
that item, but $58,807,728 in the net. However,
these increases came after a big falling off in both
gross and net in 1924. This latter year was the year
of a Presidential election, when, pending the outcome, a tremendous slump in business occurred,
which involved a corresponding contraction in the
traffic and the revenues of the railroads. The falling off in the gross in 1924 amounted to no less
than $225,987,341; in the net it was $54,000,364.
But in noting the 1924 shrinkage in gross and net
it is important not to overlook the fact that this
followed prodigious gains in gross and net alike in
the year preceding, that is 1923, the addition to the
gross that year having been no less than $480,926,565 and to the net $117,564,651. Moreover, this improvement, at least in the net, came after large increases in 1922 and the year before, too, the improvement, however, in those two years following entirely
as a result of savings in expenses, gross earnings in
both 1922 and 1921 having recorded losses. In 1922,
as against $63,399,701 decrease in gross, the saving
in expenses was $281,731,725, affording, therefore, a
gain in net earnings of $218,332,024. In 1921, in
like manner, though there was $67,476,090 loss in
gross, this was turned into a gain of $141,808,030 in
net by a reduction of $209,284,120 in expenses. The
1921 reduction in expenses would have been very
much greater than actually recorded except that
the railroads were operating under much higher
wage scales, the United States Labor Board having
in July 1920 awarded an increase of 20%. On the
other hand, the decrease of 12% made by the Labor
Board, effective July 1 1921, was a factor in lowering expenses in the first half of 1922.
It must be particularly remembered, however,
that previous to 1921 expenses had been mounting
up in a frightful way, until in 1920 a point was
reached where even the strongest and best managed
properties were barely able to meet ordinary running expenses, not to mention taxes and fixed
charges. And it is these prodigiously inflated expense accounts that furnished the basis for the savings and economies that were effected in 1921 and
1922 and in the years since then. As compared with
1920, the roads in both 1921 and 1922 also had the
advantage of much more favorable weather conditions. In 1921 the winter was exceptionally mild,
and much the same was true of the winter of 1922,
though this last is declared to have been a hard one
[VoL. 127.
FINANCIAL CHRONICLE
in certain special sections—in Wyoming and Montana, for instance, and contiguous territory. In
1920, on the other hand, not only was the winter
unusually severe, but many other adverse influences and conditions existed at the time, all combining to cut down the net, and in our review of the
earnings for this half-year period we were prompted to say that it was not likely that we would ever
be called upon to record a poorer statement of net
earnings of United States railroads for any period
of six months than that for the first half of 1920.
Rising costs of operation—induced by wage increases, advancing prices for material, fuel, supplies and everything else entering into the operating acounts of the railroads, and by heavy extra
expenses arising out of special unfavorable circumstances of one kind or another—had been a feature of railroad affairs for many years, we then
pointed out, but in 1920 the movement, unquestionably, might be said to have reached its climax and
its apex, many of the roads failing to earn bare
operating expenses. Altogether, the result of this
array of unfavorable influences on earnings in the
first half of 1920 was that as against a gain in gross
earnings of $358,015,357, our compilations showed
an addition to expenses of no less than.$425,461,941,
leaving the net diminished in amount of $67,446,584.
It should be noted, furthermore, that the falling
off in net in 1920 was merely one of a long series of
losses in net. In the first six months of 1919 the
higher rates then in force (as compared with 1918)
for the transportation of passengers and freight
barely sufficed to meet the great rise in expenses;
our compilations then showed $265,635,870 addition
to gross earnings with. a coincident increase in expenses of $265,952,855, leaving net slightly smaller,
namely by $316,985. In the preceding two years
the results were equally bad, huge increases in expenses acting to cause heavy losses in the net. For
instance, in 1918 the addition to expenses (over
1917) reached the prodigious sum of $457,054,265,
or about 34%, with the result that a gain of $181,848,682 in gross was turned into a loss of no less
than $275,205,583 in the net, or over 50%. Not
only that, but in 1917 a gain of $205,066,407 in
gross was concurrent with an addition of $212,222,155 to expenses, leaving a loss of $7,155,748 in net.
In the following we furnish the half yearly comparisons back to 1906:
Gross Earning*.
Year
Year
Clem.
Year
Preceding.
Increase or
Decrease.
Net Earnings.
Year
Given.
Year
Increase or
Preceding. Decrease.
•
$
$
3
Jan. 1 to June 30.
1900. 923,564,268 815,486,0251+108,068,243 272,101,047 228,345,855 +95,765,192
1907. 999,082,691 884,426,1631+114,856,528 280,697,496261,423,946 +19,273,566
1908. 863.860,965 1036,729,560.-172,868,595 231,259,071 294.738,973 —63,489,902
1909. 1172,185,403 1051,853,1951+120,332,208 371,591,341 294,951,102 +76,640,239
1010.1351,570,837 1172,481,315,+179,089.522 408,380,983 371,562,668 +36,817,815
1911.1310,580,765 i339,539,5631 —28,958,798 378,852,053 404.569,430-25,717.377
1912. 1365,355,8.59 1309.006 353, +56 349 6 373,370,171 375,907,648 —2,037,477
1913. 1502,472,942 1366,304,1991 +136,168,743 400,242,544 373,442,875 +26.788.669
1914. 1401,010,280 1486.093,706, —85,033,426343,835,677 394,495,885 —50,660,208
1915. 1407,465.982 l447,404,642i —39,998,560394,683,548 347,068,207 +47,615.343
1916.1731,460.912 1403,448,334 +328,012,578 559,476,894 393,225,507 +166151381
1917. 1946,395,6841741,329,277 +205.006,4075.55,683,025562.838.773 —7.165,747
1918.2071,337,977 1889,489.295 +181,848,682365,705,922690,911,505 —275205588
—310,985
1919.2339,750,126 2074,114,256 +265,635,870 265,007,159 265,326,144
1920.2684,672,507,2326,657,150 +358,015,357195,582,649 263,029,233 —67,446,584
+141808030
160.082,335
—67,476,090310,890,365
1921.2671,369,048,2738,845138
1922.2602,347,511'2665,797,212 —63,300,701530,420,651312,088,627 +218332024
1923.3086.129,793 2605,203.228 +480,926,565 649,131,565531,566,924 +117564841
19242865,947,474 3091,034,815-225,987,341 597,828,199651,828.563-54.000,364
1925. „
67 +.3,096.456656,663,561 507.855,833 +58,807,728
,
1926_3022,413,801 2890,965,666 + 131,448,136 727,905,072666,848,197 +71,056,875
1927.3011,796,048 3020,928,478 —9,132.930 711.888,565 727.923,568-10,035,003
1928.2901,379.728 3018.008,234 —116,628,506 700.846,779 713,906,228-13,059.449
As far as the separate months of the year are concerned, it has already been indicated further above
that the gross earnings recorded a falling off from
last year in each and every month, and that the.
'41
AUG. 25 1928.]
FINANCIAL CHRONICLE
1017
$1,359,095 and the net $517,186, while the Duluth &
Iron Range falls $506,828 behind in gross and $303,366 in net.
Further south in the Western district, immediately below the spring wheat belt, where also crops
were good, some other roads are also able to give a
good account of themselves. Thus the Union Pacific shows $8,082,392 improvement in gross and $3,Net Earnings.
Gross Earnings.
988,309 improvement in net, and the Burlington &
Month.
Increase or
Increase or
Quincy $3,505,670 in gross and $1,225,434 in net.
Degrease.
1927.
Decrease. I 1928.
1927.
1928.
In the Southwest the Texas & Pacific continued its
$
$
$
S
I
January 456,520,897486.722,646 —30,161,749, 93,990,8401 99,549,436 —5,558,796 phenomenal record of improvement and reports $5,+541,678
February 455.681,258468,5321117 12,850,859 108,120,7291107,579,051
—4,034,267
0
March__ 504,233,099 530,643,758 26,410,6591131,840,275135,874.542
increase in gross and $3,744,887 increase in
Apr11_ _ 473,428,231 497,865,380 24,437,149l110,907,453113,818,315 —2,910.862 822,117
+840.317
509,746,395 518,569,718 —8.823.3231128,780.3931127,940,076
May
The Missouri Pacific regained $1,021,296 of
June __.501.576.771 516,448,211 14,871,44 127,284,3671129,111,754 —1,827,387 net.
Note.—Percentage of Increase or decrease in net for above months has been its loss of the previous year and $2,858,391 of its
—Jan.,5.58% dec.; Feb.,0.50% inc.; March,2.96% dec.; April, 2.56% dec.; May.
0.66% inc.; June, 1.41% dec.
loss in net. The previous year the road reported
In January the length of road covered was 239,476 miles in 1928, against 238,608
miles in 1927; In Feb., 239,584 miles, against 238,731 miles in 1927; In March, 239,- $3,578,291 loss in gross and $3,289,328 loss in net.
649 miles, against 238,729 miles in 1927; In April. 239,852 miles, against 238,904
miles In 1927; In May,240,120 miles, against 239,079 miles in 1927;in June, 240,302 The Southern Pacific fell $1,339,970 behind in gross,
miles, against 239,066 miles in 1927.
but was able to add $1,999,842 to its net, through reDealing now with the exhibits of the separate ductions in expenses.
roads, the roads distinguished for substantial gains,
In the case of the roads with large losses in gross,
at least as far as the gross earnings are concerned, the Pennsylvania heads the list with $24,505,486 deare as would be expected from the detailed analysis crease for the six months, though, through reducof conditions and influences that were operative dur- tion in expenses there is a gain in the net
ing the half year, comparatively few. They embrace of $583,071. The previous year the company
almost entirely two classes of roads or systems, managed in the same way to convert a loss
namely, (1) those serving the spring wheat sec- of $3,143,461 in gross into a gain of $7,325,264 in
tions of the Northwest, where the excellent spring net. The New York Central shows for the six
wheat harvest of last season gave the rail carriers months of 1928 $8,454,833 shrinkage in gross and
not only an increased traffic movement in the trans- $2,930,953 in net. This is for the Central itself. Inportation of grain but also a larger movement of cluding the various auxiliary and controlled roads,
merchandise and general freight by reason of the the result is $10,710,345 loss in gross and $2,239,great economic changes which the bounteous crop 881 loss in net. The Baltimore & Ohio reports $12,wrought, and (2) a few roads in the Southwest, like 164,633 falling off in gross and $5,569,260 in net.
the Texas & Pacific, which are deriving important The Erie Railroad manages to give an exceptionally
advantages from the oil developments in that part good account of itself; with $803,336 decrease in
of the country, or which, like the Missouri Pacific, gross, it reports $1,736,241 increase in net. The
suffered severely from the overflow of the Missis- Lehigh Valley shows $3,306,278 reduction in gross,
sippi River and its tributaries last year, and the but only $311,131 in net. Among the leading anpresent year, in the absence of any such misfortune, thracite carriers, the Del. & Hudson has $1,940,781
were able to make good in part the falling off then loss in gross, with $140,498 gain in net; the Lackasustained. This year's losses in gross, on the other wanna $2,555,112 loss in gross and $1,045,048 loss
hand, are, as would be expected, very numerous and in net, and the Reading $3,878,659 loss in gross and
many of them are for large amounts. They come $1,856,391 loss in net. The soft coal roads serving
from all parts of the country and all classes of roads, the Pocahontas region have a similar record, the
outside of those already mentioned as forming ex- Ches. & Ohio having suffered $7,840,266 loss in gross
ceptions to the rule. In the case of the net earn- and $3,851,170 in net; the Norfolk & Western $6,ings, the showing, as concerns the different systems, 492,361 in gross and $3,512,962 in net, and the Viris somewhat different in that the increases are ginian $2,781,660 in gross and $2,107,259 in net.
more numerous and pani passu the decreases less
It is the Southern roads that make the poorest
numerous. This follows from the fact that not a showing of all, and that follows of course because of
few roads were able in good part to offset the losses the continued trade prostration under which that
in gross by reductions in expenses, or to overcome section of the country has been laboring. Virtually
such losses entirely in that way.
all the leading systems have suffered heavy deAs instances of roads which were able : enlarge creases in gross and net alike, and even among the
their gross earnings in conspicuous measure in the minor roads there are few exceptions to the rule.
Northwest, we may mention the Milwaukee & St. Worst of all, the losses the present year in most
Paul, with $4,747,751 gain in gross and no less than cases are in addition to losses last year. The At$8,261,636 gain in net; the Great Northern with $2,- lantic Coast Line shows 5,858,137 decrease in gross
183,254 gain in gross and $362,401 in net; the North- and $2,037,692 in net, following $8,146,543 decrease
ern Pacific with $3,237,455 gain in gross and $1,- in gross and $5,592,148 in net in the first six months
623,639 in net; the Chicago & North West with $733,- of 1927. The Florida East Coast reports $2,638,413 gain in gross and $190,872 increase in net, and 049 decrease in gross. but $110,647 increase in net,
the "Soo" road with $892,585 in gross and $435,644 after having suffered $5,970,975 decrease in gross
in net. On the other hand, the two ore-carrying and $2,4,463 in net in 1927. The Seaboard Air
roads in the same section report a heavy diminution Line adds $3,493,212 decrease in gross and $609,in gross and net alike, owing to the late opening of 579 decrease in net to its decrease of $2,106,1747 hi
navigation the present season as against the very gross and 827,615 in net last year. The Louisville
early opening of navigation the previous year. The & Nashville sustained $4,535,836 more loss in gross
gross of the Duluth, Missabe & Northern fell off and $1,169,702 more in net, following $655,687 in
statement is true also with reference to the net
earnings, except that a very small gain in net was
shown in February and also in May,in both of which
months however the railroads had the advantage of
an extra working day the present year. We therefore add the following monthly comparisons for the
two years without further comment:
mei
1018
FINANCIAL CHRONICLE
[VOL. 127.
gross and $2,049,876 in net in 1927. And these illus- the Eastern district and also in those of the Southtrations might be extended all through the list.
ern district, but improved results in some of the reThe Southern Railway has done better perhaps gions of the Western district, with the Northwestthan any other of the leading systems east of the ern, or spring wheat, region particularly distinMississippi, reporting $2,948,880 decrease in gross, guished in that way. Our summary by groups and
but only $572,366 in net, which latter is not quite geographical divisions is as follows. We group the
3%. The previous year the Southern Railway roads to conform with the classification of the Intershowed a decrease of $2,859,080 in gross and of $2,- State Commerce Commission. The boundaries of
203,577 in net. The figures given are for the South- the different groups and regions are indicated in the
ern Railway proper. Including the Alabama Great foot note to the table:
Southern, the Cin. N. 0. & Tex. Pac., and the other
District & RegionGross Earnings
Jan. 1 to June 30Ine.(+) or Dec.(-)
1927.
1928.
Eastern Districtroads going to form the Southern Railway system, New
$
A
%
England Region (10 roads).,.. 127,714,346 133,323,972
-5,614,626
Great Lakes Region (34 roads).... 637.217,975 555,771,649 -18,553,674 4.20
the result is $4,067,221 decrease in gross and Central
3.34
Eastern Region(31 made). 655,416,802 706,306,843 -60,889,841 7.21
$899,739 decrease in net, following $5,128,803 Total (75 roads)
1,320,349,123 1,395,407,264 -75,058.141 5.35
Southern Districtdecrease in gross and $4,266,333 decrease in net Southern
Region (31 roads)
388,277,585 415,736,207 -27,458,622 6.60
the previous year. In the Southwest, the Atchison Pocahontas Region (4 roads)
124.092,038 141.629,356 -17.537,318 12.44
(35 roads)
is one of the systems with a conspicuously large Total
512,369,623 557,365,563 -44,995,940 8.07
Western DistriaRegion (18 roads).- 332,437,014
falling off, namely $12,248,771 in gross and $8,578,- Northwestern
+11,387,245 3.54
Central Western Region (23 roads) 471.329,441 321.069,769
471,104,964
+224,477. 0.05
Southwestern
Region
(33 roads)... 264,894,527 273,060,874 -8,166,147 2.99
547 in net, due to the fact that a considerable por1 068.660,982 1,065.235.407 +3,425,575 0.32
tion of the territory traversed by its lines had to con- Total i74 roads)
tend with both a short grain yield and a short cot- Total all dist/late(184 road/0.-2,901,379,723 3,018.008,234 -1113628,606 3.86
1 io June 30.-Mileageton yield, but in this case present losses follow large Jan.
1928.
1927.
Inc.(+)or Dec.(-)
Eastern Dist.- 1928. 1927.
$
I;
$
%
New England__ 7,305 7,371
gains the previous year, the system in the first six Great
32,172,657 -1,615,465 5.02
30.557,192
Lakes.-- 24,873 24,955 130,997.198 132,015,145 -1.017.947 0.77
Central Eastern_ 27,148 27,101
months of 1927 having reported $12,677,605 improve155,926,898 163,154,485 -7,227,587 4.43
59,326 59,427 317,481,288 327,342,287 -9,860,999 3.01
ment in gross and $2,622,266 improvement in net. Total
Southern Dist.
In the following we show all changes for the sepa- Southern
40.051 39,646
91,852,733
99,888,469 -8,035,736 3.05
Pocahontas.-- 5,624 5,617
49.348,661 -9,549,975 11.94
39,798,686
rate roads for amounts in excess of $500,000, wheth- Total
45,675 45,263 131,651,419 149,237,130 -17,585.711 11.77
Western Dist.- .
er increases or decreases, and in both gross and
Northwestern_ _ 48.711 48,494
71,142,656
60,876.760 +10.265.896 16.86
Central Western_ 51,429 51,356
net:
117,127,324 117,326,751
-199,427 0.17
Southwestern-. 34,692 34.330
63,444,092
59,123,300 +4.320,792 7.31
PRINCIPAL CHANGES IN GROSS EARNINGS FOR SIX MONTHS ENDED
Total
134,832 134,180 251,714,072 237,328,811 +14,387,261 6.06
JUNE 30 1928.
Increase.
Total all dIsts___239.833 238,870
Decrease.
700,846,779 713,9013,228 -13,059,449 1.83
Union Pacific(4)
$8,022,392 Florida East Coast
2,638,049
NOTE.-We have changed our grouping
Texas & Pacific
5,822,117 Del Lack dr Western
of the roads to conform to the class2,555,112
of the Inter-State
Chic Milw St Paul & Paa- 4.747,751 'Wools Central
Union, and the following indicatee the
2,201.826 c
anes
:Ites
no
o fh
the d
differentferet groC
uo
pm
s an
Chicago Burl & Quincy.._._
medrereege4
3,505,670 Missouri-Kansas-Texas..lonmsm
:
2,201,197
NorthernPacific
3,237.455 Western Maryland
2,140,895
EASTERN DISTRICT.
Great Northern
2.183,254 NYNH dr Hartford
New England Region.-T.ThLs region
2,083,644
comprises the New Eng. nd States.
Missouri Pacific
1,021,298 Delaware & Hudson
1.940,781
Great
Lakes
Region.-This region comprises the section on the Canadian bondarY
Minn St P & S Ste Marie_
892,585 C C C & St Louis
1,918,820 between
New
Michigan Central
England
and the westerly shore of Lake Michigan to Chicago. and
782,691 Chicago & East Illinois
1,618,447
Chicago & North Western
733,413 Colorado & Southern (3)1,602,623 north of a line from Chicago via Pittsburgh to New York.
St Louis Southwestern (2).
506,031 Central of Georgia
1.417.662
Central Eastern Region.-This region
comprises the election south of the Great
Boston & Maine
1,378,258
Total (15 roads)
$31,514,655 Duluth Missabe & Northern
1,359,095 Lakes Region, east of a line from Chicago through Peoria to St. Louis and the
Decrease. Southern Pacific (2)
1,339,970 Mississippi River to the mouth of the Ohio River, and north
of the Ohio River to
Pennsylvania
$24,305,486 Central Vermont
1,325,303 Parkersburg, NV. Va., and
a line thence to the southwestern corner of Maryland
Atchison Top & Santa Fe(3) 12,248,771 Pittsburgh & Lake Erie
1,274,451 and by the
Potomac River to its mouth.
Baltimore & Ohio
12,164,633 Hocking Valley
1.264.128
New York Central
a8,454,833 Central of New Jersey
1,198,549
SOUTHERN DISTRICT.
Chesapeake dr Ohio
7,840.266 Pere Marquette
961,183
Poraholaar Region.-ThLs region comprises the section north of the southern
Norfolk de Western
6,482,361 Los Angeles & Salt Lake.883.404
boundary of Virginia, east of Kentucky
Atlantic Collet Line
5.858,137 Erie (3)
803,336
and the Ohio River north to Parkersburg.
Louisville & Nashville
4,535,836 N Y Chicago de St Louis
732,444 W.Va., and south of a line from Parkersburg to the southwestern corner of Maryland
Reading
3,878,659 Clinchfield
650,975 and thence by the Potomac River
to
Seaboard Air Line
its
3,493,212 Maine Central
mouth.
636,493
Southern Region.-Thls region
Lehigh Valley
3,306,278 West Jersey & Seashore
comprises the section 888t "f the Mississippi Rive
614,192 and
St Louis San Francisco(3).south
of
3.297,367 Duluth ic Iron Range
the
Ohio
River to a point near Kenova. w, VC., and a line thence
506,1328
Southern Railway
b2,948,880 Buffalo Each & Pittsburgh.
502,284 following the eastern boundary of Kentucky and the southern boundarY
Virginian
of Virginia
2,781.680
to the Atlantic.
Chicago R I & Pacific (2).2.719.509 Total (49 roads)
$142,313,817
WESTERN DISTRICT.
a This is the result for the New York Central proper. Including the various
Northwestern Region.-This region
comprises the section adjoining Canada lying
ancillary and controlled roads, like the Michigan Central, the "Big Four," &e.. west of
the Great Lakes region, north
the whole going to form the New York Central System, the result is a loss of
of a line from Chicago to Omaha and thence
to Portland and by the Columbia
$10,710,345.
River to the Pacific.
b This is the result for the Southern Railway proper. Including the Alabama
Central Western Region.-This
region comprises the section south of the NorthGreat Southern, the Cincinnati New Orleans Ze Texas Pacific, the Georgia Southern
region, west of a line from
Chicago to Peoria arid thence to St. Louis. and
dr Florida, the New Orleans dr Northeastern,and the Northern Alabama. the whole western
inefromStiLoul
to be
going to form the Southern Railway System, the result is a decrease of $4,067,221, north f abolun
stioc.Kansas City and thence to El Paso and by the
Mexican boundary
Pacific,
PRINCIPAL CHANGES IN NET EARNINGS FOR SLY MONTHS ENDED
Southwestern Region.-Thla region
comprises the section lying between the MU
JUNE 30.
sireippl River south 01St.
Louis and a line from St. Louis to Kansas City and thence
Increase.
to El Paso and by the Rio
Decrease,
Grande
to the Gulf of Mexicio.
Chicago Milw St Paul & Pao- $8.261,636 Atchison Topeka & 8 Fe (3). $8.578,547
Union Pacific(4)
Baltimore & Ohio
5.569.260
3,744.887 Chesapeake de Ohio
Texas & Pacific
3,851,170
2,858,391 Norfolk & Western
Missouri Pacific
3,512,962
1,999,842 New York Central
Southern Pacific (2)
a2.930,953
1,736,241 Illinois Central
Erie (3)
2,170,079
1.823,639 Virginia
Northern Pacific
2,107,259
Chicago Burlington & Quincy 1,225,434 Central Vermont
2,067,613
Long Island
1,127,080 Atlantic Coast Line
2,037,692
822,114 Reading
Michigan Central
1,856,391
St Louis Southwestern (2)...
742,773 Louisville dr Nashville
1.169,702 EA1t1*NG9 OF UNITED STATES RAILROADS FROM JAN. 1 TO JUNE 30.
627,977 St Louis-San Francisco (3)_ 1,136.200
Indiana Harbor Belt
_arE
osastern District.
583.071 Del Lack & Western
Pennsylvania
1,045,048
a571,332 Hocking Valley
New York Central
Net
788.487
New England
1928.
Line
Seaboard
Air
1927.
544,443
Buffalo Rochester de lattabInc. or Dec.
1917.
1928.
609,579
Region-$
$
Wabash
510.204 Western Maryland
591,592 Bangor & Aroostook
Southern Railway
1,538,574
1.842,680 -104,106
6572.366 Boston & Maine_ _ _ _ 4.042.334 4.253.123
36,538,620
Chicago de Eastern Illinois
37,966.878 9,086,381 8,716,986 +369.395
571,572 Canadian National LinesWestern Pacific
553,706
Atl & St Lawrence 1,295,443
1,383,342 -184,790
149,655 -334,445
Duluth Missabe le Northern
517,186
Central Vermont- 3.003.087 4,328,370
-1,463,515
603,998 -2.067.513
Chic Det & C T jet-See
Great
Lakes
Region
Total (23 roads)
$30,967,373 Total (24 roads)
$42,237,264
Dul Winn & Pac-See
Northwestern Region
Grand Think West-See
Great Lakes Region
a These figures merely cover the opera ions of th" New York Central itself. InDet Gr Hay &
cluding the various auxiliary and control ed ro..
like the Michigan Central, the Canadian Pacific Mil-See Great Lakes Region
Lines"Big Four," &c., the result is a decrease of $2,239,881.
Can Pac Linesin Me 1,451,521
1,523,105
36:21
32
15
7
b This 13 the result for the Southern Rat way proper. Including the Alabama Great
184,345 :4
78
1
11
42
768
Can Pao Linesin Vt
992.923
999.470 -276,701
Southern, the Cincinnati New Orleans & Texas Pacific, the Georgia Southern dr
flu! S S & Atl-See North
weste Region
western
Florida. the New Orleans & Northeastern and the Northern Alabama, the whole
Minn St P & S 8 M--See Northwestern
Region
going to form the Southern Railway System, the result 18 a decrease of 6899,739.
Spokane International-See Northwestern
Region
Maine Central
+20,358
9,607,434
2,165,700 2,145,353
10,243,927
New Haven SystemNYN 11.4 Hartf 66,008,165 68,089,809 18,000,376 17,429,044 +571,332
N Y Ont de West-See Great Lakes Region
N Y Connecting_ _ 1,362,886
-14,105
884,548
870.443
1,486.254
Rutland
3,363,953 3,054,694
465.161 +171,209
636,370
We now add our detailed statement for the half
year. It shows the results for each road
separately,
classified it districts and regions the same as in
the foregoing summary:
When the roads are arranged in groups or geographical divisions, according to their location, we
find just what would be expected, namely, losses in
;TUSS and net alike in all the different regions of
TOtal(10 roads)-127.714,346 133.328,972 30,557,102 32.172,657 -1,615,465
-1
AUG. 25 1928.]
FINANCIAL CHRONICLE
Net
rOSS
1927.
1928.
1927.
Inc. or Dec.
1928.
Great Lakes
3
$
8
Region$
5
1,673,279
8,813,704
1,128,836
+544.443
Buff Roch & Pitts- 8,311,420
Canadian National SystemAtl 4, St Lawrence-See New England Region
Central Vermont-See New England Region
2,004,555
1.141,173
968,783 +172,390
Ch Det& C G TJc 1,935,646
1,682,158
1,668,844 +113,314
Det Or Hay & Mil 4,495,770 4,073,170
Dul Winn & Pac-See Northwestern Region
2,781,713 2,790,568
-9,255
Grand Trk West_ 10,757,010 10,377,752
18,944,614 20,885.395 3,466,229
3,325,731
+140,498
Del & Hudson
39,183,295 41,738,407 9,977,129 11,022,177 -1,045,048
Del Lack & West
776,461
757,893
115,494
154,662
Det & Mackinac
-39,168
1,064,164
394,653
342,024
+52,629
Detroit Terminal _ _ _ 1,078,243
2,617,010
1.284,197
1,403.125 -118,928
Det Tol Shore Line_ 2,446,212
Erie System2.669,851
2,499,630 +170,221
Chicago & Erie- 7,117,648 6,814,351
9,866,558 8,314.766 +1.551,792
51,964,187 53,070,451
Erie
774,810
774,679
68,611
54,383
+14,228
NJ 8,NY
2,441,774
470,786
386,626
N Y Susq dr West 2,414,117
+84,160
1,990,313
Indiana Harbor Belt 6,077,405 5,658,046
1,362,336 +627„977
496,412
540,472
-32,841
-22,343
Lake Terminal
-10,498
7,200,375
33,925,004 37,230,274
Lehigh Valley
7,511.506 -311,131
1.671,287
Lehigh & Hudson R 1,403,895
476,071
549,907
-73,836
2,846,520
545,887
Lehigh & New Eng_ 2,603,174
919,756 -373,869
3,488,683 3,903,111
Monongahela
1,527,946
1,959,966 -432,020
Montour
738,760
644,754
167,772
29,560 +138,212
New Haven SystemN It N H ,S, Hartford-See New England Region
NY Ont & West_ 5,442,779 5,649,476
611,969
547.934
+64,035
N Y Central LinesCincinnati Northern-See Central Eastern Region
C C C & St Louis-See Central Eastern Region
Evans Ind & T H-See Central Eastern Region
Michigan Central 45,289,157 44,506,466 14,406,721 13,584,607 +822,114
N Y Central
183,107,132 191,561,965 43,101,296 46,032,249 -2,930,953
15,021,785 16,299.236
Pitts 4, Lake Erie
2,445,242 2,688,951 -243,709
25,872,527 26,654,971 6,726,523 7,178,087 -451,564
N Y Ch &St L
Newburgh & So Sh_ 1,023,340
863,695
245,702
115,546 +130,156
20,689,256 21,650,439 5,562,471
Pere Marquette
5,984,020 -421,549
823,391
Pitts & Shawmut_ _ _ 1,007,752
361,782
80,125 +281,657
2,064,892 2,272.251
Pitts & West Va._
880,374
1.009,091 -128,717
950,466
901,857
Pitts Shaw & Nor
214,318
134,963
+79,355
722,809
753,306
Toledo Terminal_ _ _
253,754
236,457
+17,297
600,682
482,056
Ulster 4, Delaware
13,383
-10.392
+23,775
Wabash System2,852,413
2,839,612
705,044
Ann Arbor
671,203
+33,841
33,774,463 33,546.465 8,001.265
Wabash
7,491,061
+510,204
Total(34 roads)._537,217,975 555,771,649 130,997,198 132,015,145 -1,017,947
--Gross
Central Eastern
1928.
1927.
1928.
Region$
1,614,408
Ak Cant & Youngst_ 1,603,591
525,551
Baltimore & Ohio SystemBalto & Ohio_ _111,231,256 123,395,889 24,520,772
Staten Isl R T
1,539,987
431,866
1,517,120
Balt & Ohio Chic Ter 2,130,810
1.922.126
437,088
Belt Ry of Chicago_ 3.893,702 3,614,358
1,188,662
Bess & Lake Erie
1,559,925
6,080,174 6,309,341
732,561
Brooklyn E D Term
303,398
750,968
44,349
/3uffalo & Susqueh
780,157
796,735
Chesapeake & Ohio SystemCheseapeake & Ohio-See Pocahontas Region
2.914,701
Hocking Valley
9,078,574 10,342,700
1,895,963
Chic & East Illinois_ 11,744,100 13,360,547
Chic & Ill Midland. 1,252,665
893,131
254.281
Chic Ind & Louis... 8,999,114
2,396,099
9.106.601
Conem & 131 Lick
21.644
772,353
831,306
Det Tol & Ironton
1,392,337
4,769,017
4,725,265
Elgin Jo!& Eastern_ 12,767,524 12,938,363 4,228,220
Monongahela Conn_
958,005
1,061,379
217,289
N Y Central LinesCinia Northern__ _ 2,030,386
2.294,677
580,505
C C C & St Louis_ 43,500,504 45,419,324
9,902,236
EvansInd &Ter H
925,949
1,173,975
236,196
N Y Central-See Great Lakes Region
Pitts & Lake Erie-See Great Lakes Region
Michigan Central-See Great Lakes Region
Pennsylvania SystemBait Ches Sr AU
573,563
594,343 -358,480
Long Island
18,776,234 19.051,169
4,558,355
Pennsylvania_ _ _309,166.552 333,672,038 75,414,946
W Jersey & Seash 4,706,542 5,320,734
595,667
Reading SystemAtlantic City_ _ _ _ 1,485,140
1,735,650 -300,515
27,638,959 28,837,508
Central of N Jer
7,189,116
Perklomen
606,842
609.174
170.798
Port Reading. ___ 1,081,810
494,552
1,279,341
Reading
43,494,922 47,373,581
8,783.256
Union RR (Penn)_ _ 4,681.629 5.017,995
801,694
Western Maryland_ 9,125,187 11.266,082 2,747,486
Wheel'g & Lake Erie 9.336,305
9,434,603
2,778.941
Net
1927.
552,199
Inc. or Dec.
-26,648
30,090,032 -5,569.260
404,120
305,787 +131,301
1,234,785
-46,123
1.634,686
-74,761
273,940
+29,458
-6.091
+50.440
3.703,188
2,467,535
-109,549
2,358,852
-45,296
1.169,147
4,433,010
277.198
-788,487
-571,572
+363,830
+37,247
+66.940
+223,190
-204,790
-59,909
682.102
10,315,949
364,558
-101,597
-413,713
-128.362
-196.173 -162,307
3,431,275 +1,127,080
74,831,875 +583.071
531,461
+64,206
-200,762
-99,7.53
6,720.424 +468,692
212,326
-41,528
576,577
-82,025
10,639,647 -1,856,391
585,848 +215,846
3,339,078 -591,592
2,576.757 +202,184
Total(31 roads)_655,416,802 706,306,643 155,926,898 163.154,485 -7,227,587
Total Eastern District(75 roads).- _ 1320349123 1395407,264 317,481.288 327,342.287 -9,860.999
Southern District.
Southern
1928.
1927.
1928.
Region
-$
Dim
&
All
Coast- 2,306,767
2.626,980
-6,018
Atl Coast L SystemAll Coast Line
39,549,339 45,407,476
9.999.588
All & West Point- 1,510,558
1,538,652
347,992
Charles & W Car.. 1,703.181
1,890,347
341.347
Clinchfield
3,424.929
4,075.904
1,267,110
Georgia
2,533,955
2,821,029
343,337
Louisv & Nashv... 67.304,750 71.840,586 13,530,055
Louis Hood & St L 1.654,464
1,962.118
269,144
Nash Chat & St L 11,099,312 11,499,587
2,068,895
Western Ry of Ala 1.617.915
1.525,518
461,220
814,736
848,992
Colum & Greenville_
74,648
Florida East Coast_ 8,973,573 11,611,622
3.353,828
Florida._
760,447
931,599
Georgia &
119,188
Gulf Mobile & Nor_ 3,599,548 3,530.626
899,385
111 Central SystemCentral of Ga.... 12,522.898 13,940,550 2,768,307
1,880,237
308,976
Gulf & Ship Isl.__ 1.729.190
75,013,944 77,215,770 16,622.925
Illinois Central
1.987.901
Yazoo & Miss Vail 12,459,675 12,645,631
800,831
794,416
Mississippi Central221.868
1.575,779
455.504
New Orleans Gt Nor 1,615,827
5,013,709
1,436,208
Norfolk Southern._ 4.749.731
7,910,298
Seaboard Air Line- 30,082,522 33.575.734
Southern Ry Syst4,994,522
4,898,293
1,236,999
Southern_
01
Ala
3,080.495
C N 0& Tex Pao.. 10,589,355 11,005,955
213,754
Georgia Sou 8r Fla 2,286,235 2,428,733
8,507,064 8,985,798
1,808,386
Mobile & Ohio
2,903,918
845,384
New On & N E._ 2,716,619
979,739
327.603
877,379
New On Term
697,343
157,948
538,493
Nor Alabama....
70,430,527 73,370,407 19,075,284
Southern lty
1,607,930
325,174
1,605,528
Tennessee Central-
Net
1927.
Inc. or Dec.
$
86,543
-92,561
12,037,280 -2,037,692
321,371
+26,621
410,634
-69,287
1,477,862 -210,752
456,829 -113,492
14,699,757 -1,169,702
560,010 -290.866
2,370,128 -301,233
306,243 +154,977
85,306
-10.658
3,243,181
+110,647
179,840
-60,652
933,952
-34,567
3,199,293 -430,936
-56,707 +365.683
18,793,004 -2.170,070
1.810.730 +177,171
207.844
+14,024
491,894
-36,390
1.551,398 -115.190
8,519,877 -609.579
1,305,952
3,131,196
145,836
2,067,045
922,833
404.436
290,392
19,647.650
286,860
-68,953
-50,701
+67,918
-258,659
-77,449
-76.833
-132,444
-572,366
+38,314
Total(31 roads)._388.277,585 415,736,207 91,852,733 99,888,469 -8,035,736
----Gross--
Pocahoraas
1928.
1927.
1928.
Region$
$
$
Ches & Ohio System59,652,434 67,492,700 17,524,817
Ches & Ohio
Hocking Valley-See Central Western Region.
Norfolk & Western_ 49,501,489 55,983,850 16,879,554
Riche) Fred & Po
5,935,375
6,368,406
1,786,154
9,002,740 11,784.400
3.608,161
Virginian
Total(4 roads)_124 092 038 141.629.356 39,798.686
Total Southern District(35 roads)___512,369,623 557,365,563 131,651,419
Western District.
-Gros
Northwestern
1928.
1927.
1928.
Region5
Canadian Nat SyAti St Lawrence-See New England Region.
Central Vermont-See New England Region.
Chic Det & C G T Jet-See Great Lakes Region.
1,252,704
Dul Win & Pac__ 1,288,918
250,577
Grand Trunk Western-See Great Lakes Region.
Canadian Pac SysCan Pac I.ines in Me-See New England Region.
Can Pac Lines in Vt-See New England Region.
2,632,970
Dul So Sh & Atl_ _ 2,492.987
353,877
Minn StP &SS M 21,835,168 20,942,583 4,208,180
540,847
Spokane Internat.
588,164
141,577
Chic & N W SysChicago & N W__ 71,261,134 70,527,721 14,702,301
1,793,014
Chic St P M & 0_ 12,674,360 12,394,065
Chicago Great West 11,670,165 11.571,216
2,187,533
Chic Milw St P & P. 79,384.200 74,636,449 19,114,315
Chic River & Ind__ 3,386,480 3,360,986
1,265,087
Dul & Iron Range__ 2,181.639
2.688.467
139,332
Dul Miss & Nor_ _ 5,175,924 6,535,019
2,022.420
Great Northern_ _ _ 49,967,483 47,784,229 11,733,425
Green Bay & West__
843,570
787,229
228.332
Lake Sup & Ishp _ _
876,372
846,752
187,425
Minn & St Louis__ 6,773.092
6,603,629
479,312
Northern Pacific__ 44,576,322 41,338,867 9,307,886
Spok Portl & Seattle 4,130,884 3.946,930
1,379,845
Union Pacific SysLos Ang & S Lake-See Central Western Region.
Oregon Short Line-See Central Western Region.
Ore-Wash Ry & N 13,376,969 12.631,789
1,648,218
St Jos & Ord Isl-See Central Western Region.
Union Pacific-See Central Western Region.
Total(18 roads)..332,437,014 321,069,769 71,142,656
Gross
Central Western
1928.
1927.
1928.
$
$
Region$
Atchison SystemAtch Top 4,S Fe_ 91,508,763 96,955,088 19,883,458
Gulf Colo & Santa Fe-See Southwestern Region.
Panhandle & Santa Fe-See Southwestern Region.
234,380
Bingham dc Garfield
258,088
29,895
Burlington RouteChic Burl & Quin_ 75,109,581 71,603,911 20,625.294
362,568
383,314
Quincy Om & K C
-48,424
1,471,891
Ft W & Denver C 5,117,065 6,199,247
Colo & South__ 5.512,525 0,032,966
825.133
Wichita Valley-See Southwestern Region.
chicagp <S, Alton-. 13,570.821 13,887,851 2.566,270
3.067.714
Denver & Rio Gr__ _ 14,601,189 14,683,009
1,758,958
566,791
Denver & Salt Lake_ 1.815,129
488,531
475.936
236,394
Nevada Northern__
2,806.191
26,313
Northwest Pacific_ 2,747,114
996,997
903,814
332,906
Peoria 6,Pekin Un__
Rock Island SystemChic R I & Pac___ 62,498.669 64,596,044 14,750,559
920,647
Chic RI & Gulf__ 3,072,593 3,694,729
Southern Pacific SysSouthern Pee__ _ 102,213,573 102,013,836 28,935,851
Texas & New Orleans-See Southwestern Region.
982,412
801,159
179,199
Toledo Peoria 5, W_
Union Pacific Sys1,703.642
Los Ang & S Lake 11,412,997 12.296,401
4,482,602
Oregon Sh Line_ 17,176,391 15,464,764
Ore-Wash Ry & Nay-See Northwestern Region.
1,883,361
1,466,294
Isl.._
594,821
Grd
&
.Jos
St
Union Pacific__ 51.587,012 46,378,494 15,360,484
783.716
818,592
196,278
Utah
6,992.683 6,820,804
235.435
Western Pacific
661,371
805.476
184,171
Ban Diego & Anis
Total(23roads)._471,329,441 471,104.964 117,127,324
Gros
Southwestern
1928.
1927.
1928.
Region5
$
Atchison SystemAtch Top & S Fe-See Central Western Region
Gulf Colo & S Fe_ 12,391,427 17,047.000
1,832,312
Panhandle & S Fe 5,619,448
7.766,321
711,126
Burlington RouteChic Burl & Quin-See Central Western Region
Quincy One dr K C-See Central Western Region
Colo & Southern-See Central Western Region
Ft Worth & D C-See Central Western Region
Wichita Valley
848,803
900,019
368,754
687.489
816,699
56,825
Ft Smith & West.Frisco Lines11,026
607,338
611,876
Ft W & Rio Gran_
St Louts-San Fran 38,328,143 41,419,805 10,688,576
134,048
806,568 1,007.735
St Louis S F of Tex
962,332
402,890
Galveston Wharf...
982,280
Kan C Mel & Orient Lines1.475.305
160,871
Kan C Mex Orient 1,524.001
557,874
K C Mex Or of Tex 3,010,093 3,236,766
Kansas city Southern9,199,096 2,657,066
Kan CitY Southern 8,856,871
1,463,604
572,522
Texark & Ft Smith 1,321,134
1,368,843
428.176
Kan Okla & Gulf _ _ 1,434,921
1,779,041
621,521
Louisiana & Ark.__ 1,869.112
321,021
Louis Ry & Nay... 1,655,879
1.511,664
510.112
-47,321
Louis Ry&Nav of Tex 494,461
1,906,044
642,686
1,700,579
Midland Valley_
795,454
848,907
50,777
Missouri & No Ark_
Mo-Kan-Texas. _ _ 25,295,424 27,496,621
7,244,020
Missouri Pac System1,535,981
330.316
Beau & Sou Lake. 1,605,167
8,974.750
1,509,409
Int'l Gt Northern 8.770,552
Missouri Pacific
61,165,201 60.143,905 13,515,222
1,416,925
354,039
N Orl Tex & Mex. 1,491.935
5,075,906
1,546,060
St L Brown & Mex 4,524,101
1,043.512
398,742
San Ant Uv & Gulf 1,174,496
7.792,695
Texas & Pacific.. 24,237.380 18,415,263
St L Southw System8,301,407 3,050,368
St Louis Southw_ 8,804,261
3,416,438 -319.477
St L S West of Tex 3,419,615
Sou Pacific LinesSouthern Pacific-See Central Western Region
32,749.349
34 289,056
Texas & New On.
5,409,886
6,648,059 2,086,436
Term Ry Asso of St L 6,363.016
656,978
749,644
190,692
Texas Mexican
1,232,220
46.367
Trinity & Brazos Val 1,045,835
477.164
469.870
Wichita Falls & Sou
118,567
Total(33 roads) 264,894,527 273,060.674 63.444 092
Total Western District(74 roads)._ _1068660982 1065235,407 251.714 072
Grand total (184
2901379728 3018008,234 700,846.779
roads)
1019
Net
1927.
Inc. or Dec.
$
21,375.987 -3.851,170
20,392,516 -3.512,962
1,864,738
-78,584
5,715.420 -2,107,259
49,348.661 -9.549,976
149,237,130 -17585,711
Net
1927.
$
Inc. or Dec.
207,703
+42,874
533,542
3,772,536
178,684
-179,665
+435.644
-37,107
14,511,429 +190,872
2,268.417 -175,403
1,956,254 +231,279
10,852,679 +8,261,636
1,117,851 +147,236
442,698 -303,366
2,539,606 -517.186
11,371,024 +362,401
176.697
+51,635
213,277
-25,852
44,524 +434.788
7,684,247 +1,623,639
+28,715
1,351,130
1,654,462
-6.244
60 876 760+10,265,896
Net
1927.
$
Inc. or Dec.
$
25 884,471 -6,001,013
57,771
-27.876
19,399,860 +1.225,434
-67,044
+18.620
1,624,299 -152.408
698,984 -126,149
3,026,070
2,976,592
70.902
241.563
329,196
253,678
-459,800
+91,122
+495,889
-5,169
-302,883
+79,228
14,295,717
1,135,419
+454,842
-214.772
27,672,220 +1,263.631
37,044
+142,155
1.882,189
3,666,439
-178.547
+816,163
263.672 +331,149
12,513,243 +2,847,241
289,669
-93,391
789,141 -553,706
285,656 -101.485
117,326 751 -199,427
Net
1927.
Inc. or Dec.
3,315,005 -1,482;693
1.805,967 -1,094,841
402,014
93,768
-33,260
-36,943
446.778
-35,752
11,797,161 -1,108,585
-74,393
208,441
+47.068
335,822
23,556
689,859
+137,315
-131,985
2,887,257
564,148
164,965
350,202
70,553
3,545
713,006
109,730
7,721,084
-230,191
+8,374
+263,211
+271,319
+244,468
-50,866
-70,320
-58.358
-477.064
-19,915
350,231
-55,801
1,565,210
10,656,831 +2,858,391
-39.519 +393,558
1,789,290 -243,230
+92,219
306,523
4.047,808 +3.744,887
2,246,568
-258,450
+803,810
-61,027
4,673,675 +736,211
2,217,702 -131,266
106,775
+83,917
+2,199
44.168
-51,590
170.157
59 133 300 +4,320,792
237.326,811 +14387.261
713,906.228 -13059.449
1020
[VOL. 127.
FINANCIAL CHRONICLE
(Continued from Page 1011.)
the highest value. He wrung success from defeat and did
more in the interest of international peace than has been
accomplished by any individual since the war or during
this century.
Had he failed there would have been no national debt
settlements from any quarter; and it is quite probable that
the United States would have gone on piling up interest
charges upon the $10,000,000,000 it loaned the European
Allies during the war, still further estranging the nations
of Europe in their relations with the United States. The
debtor never loves his creditor where there is no hope
for more loans.
But for George Harvey all Europe to-day might be regarding the United States as a monster Shylock piling up
debts and interest never to be extinguished until the United
States became weakened by war or some unforeseen forces
and appealed to Europe for help. Then and then only might
Europe be able to effect a settlement.
With increasing bitterness between the East and the West
the cause of international peace would have been hopeless.
Let us give George Harvey his due and lay a wreath
for peace on the tomb of this great political warrior.
forces may be more potential in the peace and progress of
the world?"
One who knows George Harvey can well imagine that he
was free with his language, his wit, and his imagery. He
was a new voice from America. He spoke fearlessly and
was regarded as the voice of Washington. He was not
only listened to but he was convincing.
The first thing on the calendar for the next cabinet meeting was the American debt settlement. When the prime
minister is in doubt in England, he takes a vote of his cabinet for guidance, but when he assumes responsibility, the
cabinet does not vote; it loyally supports him.
When the cabinet members arrive dat Downing Street
at the appointed hour the prime minister stood by the
door of the Council Chamber and, greeting each individually,
said: "I assume the responsibility and shall accept the
American debt settlement."
Harvey was not known as a statesman or a diplomat.
He was a free lance journalist with a sharp tongue and
a biting pen. His appointment to the Court of St. James
was generally regarded as a matter of politi 1 expediency
*Col. Harvey, formerly Ambassador to Great Britain, and also formerly
and of doubtful diplomatic value.
editor of The North
Review in 1899 and later President and
But the historian will record that the first effort of Am- Managing Director of American
Harper & Brothers, died suddenly at his summer
bassador Harvey in England was a diplomatic triumph of home at Dublin, N. H., on Aug. 20. He was born at Peachem, Vt., in 1864.
Indications of Business Activity
STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Aug. 24 1928.
There is less retail business, as it is between seasons,
but there are signs of a larger jobbing trade, especially at
the South and the North. The early crops are being gathered, both of grain and cotton. The crop outlook in this
country is in the main favorable. Frost seems to bave
threatened the corn in Iowa & Nebraska after hot weather,
but no harm was done in either case, and the forecast today was for favorable temperatures. Even in Canada the
wheat crop seemed to be beyond the reach of the frost,
further than that the quality might be injured by a hard
frost at this time. There were better trade reports from
the Central West and the Northwest. There was some increase in steel output; and iron prices are reported quite
steady with a good business at the West. It is not denied
that new buying of steel has as a rule fallen off. The automobile trade is active, not only as to output, but as to
actual sales. July automobile output was smaller than in
June, but 45% higher than in July last year, if nearly 9%
smaller than in July two years ago. For seven months there
is a gain of close to 11% over the same period last year,
while there is a decrease of about 4%% as compared with
a like period in 1926. The July figures show an increase In
truck manufacturing in which there had been a lull. It is
believed that a new high level will be reached in the August
production in the automotive industry. Such an expectation seems to be warranted by the steady increase in employment at Detroit, which is a matter of weekly record.
The figures this week show a gain of some 7,500; that is,
the total is 287,603 against 280,099 last week, and 206,000
a year ago and 238,200 in 1926. These are certainly cheerful figures. The increase is 81,500 over a year ago and
nearly 50,000 over 1926.
Cotton has declined slightly with at times better weather
and many of the trade are by no means convinced that the
crop is to be only 14,300,000 bales. Some look for 15,000,000. Meanwhile, spot cotton does not sell so well, either
for prompt or forward delivery, as it did a year ago. Cotton goods meet with only a moderate demand, although
there has been some increase of late. Tire fabrics are in
distinctly better demand and some duck goods have a readier
sale. Wool has been rather inclined to weakness than to
strength, with Australian sales showing a decline in prices
of 5 to 7% cents and the demand in this country far from
urgent. No improvement is reported in the woolen and
worsted goods trade.
Fall buying from jobbers has increased noticeable in general merchandise in sections where early crops have been
secured and the agricultural community is in funds. The
shoe mantifacturing business has been more active. Not only
the autorebbile, but the implement industry has been taking
I
considerable amounts of steel. Railroad buying is not
large enough to be a factor. Silk mills are running broad
looms at 97.4% against 87% last year, while the narrow
looms are operating at about the same capacity as a year
ago. Wheat has declined owing to an improvement in the
crop outlook, both at home and abroad. Harvesting of
spring wheat has proceeded apace in both the American
and Canadian Northwest. Alberta, Canada, had light frosts,
but they seemed to have done no harm. There were complaints of hot dry weather in the corn belt of Iowa and Nebraska, causing firing, but in the main, the crop outlook
Is favorable. Corn has as a rule declined slightly under
the circumstances, although September corn has shown considerable strength coincidentally with a good cash demand.
There has been some export business in both oats and rye.
Sugar has declined somewhat. It looks as though Cuba
had decided definitely not to adhere to the restriction
scheme next year. Coffee has declined as Brazil has sold
rather more freely, though at times there have been reports
that the Defense Committee was buying in Rio and would
also make purchases in Santos evidently for the purpose of
sustaining prices. Rubber has declined some 14 to Ihc.
with a lessened demand from consumers. A report that the
big pool had been liquidated proved to be erroneous. In
general, it is plain enough that artificial meddling with industries will not do. The experience in sugar and rubber
are cases in point and although in coffee the Defense Committee has made out very well thus far it is merely an
exception which proves the rule and the coffee experiment
probably will not in the end prove successful. The copper
trade has been quiet. Lead has advanced and of late a
slight increase in the export demand for copper is reported.
There is a resumption of the upward swing in the lumber
movement. Production for the week ending Aug. 18 of soft
wood and hard wood mills was 359,517,000 feet; shipments
369,514,000 feet and orders 365,848,000 feet.
Stocks on a very active trading advanced to-day 1 to 10
points with Adams Express up 13 points. Noticeable advances occurred in United States Steel, Radio, General Motors, General Electric, Anaconda Copper, Houston 011, American Smelting, Montgomery Ward, Sears-Roebuck, Wright
Aero, Allied Chemicals, Case Threshing and Commercial
Solvents, not to mention others. Transactions reached
3,527,800 shares, the largest in some months past. Thirty
stocks led in activity and strength. American Smelting advanced 10 points. Money was 7%, but was no deterrent
on the trading nor clog on the advance. Over the counter
trading was active at strong prices.
Fall River, Mass., wired that the banks would arrange in
future for the sale of so-called distressed lots of goods as
New York had complained of the dumping 'of such lots on
its market recently. At Lockhart, S. C., the Monarch Mills,
AUG. 25 1928.]
FINANCIAL CHRONICLE
which curtailed last Friday and Saturday on account of
damage to some of the electrical equipment in last week's
flood on Broad River, resumed full-time operations on the
20th inst.
Here the weather has been cooler and latterly rainy. On
the 21st Inst. it was 66 to 75 degrees. On the 224 it was
rainy with the temperatures 62 to 69 and on the 23d 62 to 66,
with more rain; about 1% inches fell in 2 days, the rainfall
dwindling on Thursday. On the 22d inst. it was 64 to 74
at Chicago, 62 to 82 at Cincinnat, 58 to 68 at Cleveland,
74 to 86 at Kansas City, 62 to 78 at St. Paul, 54 to 66 at
Seattle, 62 to 72 at Boston and 64 to 76 at Philadelphia.
To-day it has been cool and cloudy here with the temperatures 67 to 72. Yesterday Chicago was 60 to 80, Cleveland
70 to 82, Cincinnati 70 to 86, Kansas City 54 to 82, in parts
of Texas 52 to 54; there was frost in Wyoming; St. Paul was
46 to 64. The forecast here was for showers to-night and
to-morrow, with moderate temperatures, and fair and cooler
on Sunday.
1021
Detroit Employment at New High Record.
Detroit industrial employment in the week ended Aug. 21
according to Detroit Employers' Association reports totaled
287,603, a new high record. This is an increase of 7,504
over the previous week and compares with 206,074 in the
same week a year ago.
Loading of Railroad Revenue Freight Still Behind a
Year Ago.
Loading of revenue freight for the week ended on Aug. 11
totaled 1,044,442 cars, the Car Service Division of the
American Railway Association announced on Aug. 21.
This was a decrease of 4,180 cars under the preceding week,
due principally to a reduction in the loading of miscellaneous
freight. Decreases were also reported in the loading of
forest products, ore and merchandise less than carload lot
freight, while grain and grain products, live stock, coal and
coke showed increases. The total for the week of Aug. 11
was a decrease of 5,197 cars below the same week in 1927
a decrease of 58,218 cars below the corresponding week
and
July
Slightly Above Those for June.
Wholesale Prices in
ago. Details are added as follows:
years
two
of
prices
level
wholesale
in
July
general
was
slightly
The
Miscellaneous freight loading for the week totaled 408.453 cars, an
higher than in June, according to information collected in increase of 8,106 cars above the corresponding week last year and 6.794
representative markets by the Bureau of Labor Statistics cars above the same week in 1926.
Coal loading totaled 161,224 cars, a decrease of 9,884 cars below the same
of the United States Department of Labor. The Bureau's week
in 1927 and 31,644 cars below the same period two years ago.
weighted index number, computed on prices in 1926 as
Grain and grain products loading amounted to 58,022 cars, an increase
above the same
100.0 and including 550 commodities or price series, stands of 4.411 cars over the same week last year and 853 cars
week in 1926. In the western districts alone, grain and grain products
at 98.3 for July compared with 97.6 for June, an increase loading
totaled 41,480 cars, an increase of 6,522 cars above the same week
3 of 1%. Compared with July 1927, in 1927.
of approximately %
Live stock loading amounted to 23,639 cars, a decrease of 3,755 cars
with an index number of 94.1, an increase of nearly 4
below the same week last year, and 6,840 cars below the same week in
is shown. The Bureau on Aug. 18 further states:
1926. In the western districts alone, live stock loading totaled 17,501 cars.
Farm products as a group advanced about 1-3 of 1% above the June a decrease of 2.552 cars compared with the same week in 1927.
level, due mainly to price increases for corn, calves, steers, hogs, lambs,
Loading of merchandise less than carload lot freight totaled 256,921 cars,
cotton, eggs, and onions. Barley. orate, rye, and wheat, on the other a decrease of 2,500 cars below the same week in 1927 and 928 cars below the
hand were cheaper than in June.
corresponding week two years ago.
An increase of 2% is shown for foods, while smaller increases are shown
Forest products loading amounted to 66,295 cars, 2,017 cars below the
for hides and leather products, textile products, fuel and lighting, and same week last year and 5,744 cars under the same week in 1926.
took
price
decreases
place
in
Small
materials.
the groups of
building
Ore loading totaled 60,551 cars, 852 cars above the same week in 1927.
goods
metals and metal products. chemicals and drugs, housefornmidg
but 18.750 cars below the same week two years ago.
and miscellaneous commodities.
Coke loading amounted to 9.337 cars, 410 cars below the same week in
Of the 550 commodities or price series for which comparable information 1927, and 1.959 cars below the corresponding week in 1926.
were
increases
shown
in
146 instances
for June and July was collected,
All districts reported decreases in the total loading of all commodities
and decreases in 118 instances. In 286 instances no change in price was compared with the same week last year except the Allegheny, Centralreported.
western and Southwestern, which showed increases. while all reported
Comparing prices in July with those of a year ago, as measured by decreases compared with the same period two years ago.
farm
that
seen
is
products, foods, and
changes in the index numbers, it
Loading of revenue freight in 1928 compared with the two previous
hides and leather products were considerably higher, while textile products, years as follows:
metals and metal products, and building materials were somewhat higher.
1926.
1927.
1928.
Small decreases are shown for fuel and lighting materials, chemicals and Four weeks in January
3,447,723 3,756,660 3,686.696
3,677.332
3.801,918
larger
a
and
decrease for the group of Four weeks in February
3,589,694
drugs, and housefurnishing goods,
4,752.031 4,982,547 4,805,700
Five weeks in March
miscellaneous commodities.
3,738,295 3,875,589 3.882,703
Four weeks in April
4,008,058 4,108,472 4,145,820
INDEX NUMBERS OF WHOLESALE PRICES BY GROUPS AND SUB- Four weeks in May
4,995,854 5,154,981
4,923,304
June
in
weeks
GROUPS OF COMMODITIES (1926=100.
Five
3 942,931 3,913,761 4,148,118
Four weeks in July
1,048,622 1,024,038 1,075,392
ended Aug. 4
Week
Purchasine
1,044.442 1,049,639 1,102,660
Power of is. Week ended Aug. 11
1927
1928
1928
1926 Dollar
31,508,478 31,659,402
30,493,100
Total
Juno
July
July
July 1928
Groups and Sub-Groups.
(Cents).
All commodities
Farm products
Grains
Livestock and poultry
Other farm products
Foods
Butter, cheese, and milk
Meats
Other foods
Hides and leather products-Hides and skins
Leather
Boots and shoes
Other leather products
Textile products
Cotton goods
Silk and rayon
Woolen and worsted goods
Other textile products
Fuel and lighting materials._
Anthracite coal
Bituminous coal
Coke
Manufactured gas
Petroleum products
Metals and metal products
Iron and steel
Non-ferrous metals
Agricultural implements
Automobiles
Other metal products
Building materials
Lumber
Brick
Cement
Structural steel
Paint materials
Other building materials
Chemicals and drugs
Chemicals
Drugs and pharmaceuticals._
Fertilizer materials
Fertilisers
Houseturnishing goods
Furniture
Furnishings
Miscellaneous
Cattle feed
Paper and pulp
Rubber
Automobile tires
Other miscellaneous
Raw materials
Semi-manufactured articles-Finished products
Non-agricultural commodities__
•Data not yet available.
94.1
97.6
107.0
95.3
95.9
03.9
97.9
90.5
94.7
111.7
133.5
113.5
103.0
101.6
94.3
96.1
87.4
97.2
93.9
84.2
95.2
100.0
93.7
99.6
68.1
97.7
95.5
89.3
99.4
102.6
100.6
93.7
93.0
93.3
96.5
90.7
91.5
94.0
95.3
100.0
86.9
93.8
86.6
98.0
97.8
99.1
89.3
115.4
92.0
72.0
77.9
100.0
94.7
95.7
93.5
93.2
97.6
106.7
119.9
104.7
103.4
100.3
99.8
104.0
98.1
123.7
155.0
127.3
110.8
108.4
96.3
101.1
82.6
101.2
85.9
82.1
90.3
91.8
84.7
95.2
71.9
98.7
94.2
92.8
98.8
105.1
96.9
93.9
88.7
93.2
96.5
94.5
87.1
104.0
94.9
100.4
70.3
94.0
98.1
97.0
97.7
96.5
82.2
148.8
89.2
40.1
62.2
98.4
99.3
97.8
96.7
95.2
98.3
107.1
111.6
112.1
102.1
102.3
103.3
112.7
95.5
124.2
155.8
128.5
110.8
108.6
96.8
102.0
81.7
101.5
89.6
82.8
90.5
91.4
84.6
..
73.5
98.6
94.0
02.6
98.8
105.1
96.9
94.4
89.5
93.2
96.5
94.5
87.6
104.1
94.5
100.2
70.4
93.0
97.5
98.9
97.4
96.6
80.8
132.4
89.2
39.8
61.6
98.4
99.5
97.8
97.8
95.9
101.7
93.4
89.6
89.2
97.9
97.8
96.8
88.7
104.7
80.5
64.2
77.8
90.3
92.1
103.3
98.0
122.4
98.5
111.6
120.8
110.5
109.4
118.2
1-3-6:1
101.4
106.4
108.0
101.2
95.1
103.2
105.9
111.7
107.3
103.6
105.8
114.2
96.1
105.8
99.8
142.0
107.5
102.6
103.2
102.7
103.5
123.8
75.5
112.1
251.3
162.3
101.6
100.5
102.2
102.2
104.3
Trend of Business as Viewed by Continental National
Bank & Trust Co. of Chicago-Expects Last Half
of Year to Show Improvement Over Same Period
Last Year-No Credit Stringency Looked for.
The view that "the last six months of 1928 should set a
distinctly better mask than the second half of 1927" is expressed by the Continental National Bank & Trust Co.
of Chicago in the circular on"The Trend of Business" made
available Aug. 20. We quote as follows therefrom:
Economic forces rather than a Presidential campaign will determine the
de ree of business activity during the fall. The economic influences that
call for particular attention are crops and money. Crop conditions bespeak business activity-as do moderate inventories. And money rates
are likely to retard new financing rather than negative the usual expansion
of production and trade.
First Half of 1928 Measures Up to Expectations
'The business record for the first six months of 1928 should equal the
average for the entire year 1927. It may be up to the figures for the first
half of 1927." This statement is taken from our summary of last December. It Can now be checked against facts.
The first half of last year was better than the second half. But even so.
the figures for the first six months of 1928 compare very favorably with the
corresponding period of 1927 The following summation is offered in
evidence.
Domestic trade, as measured by revenue freight, wasn't quite Up to the
first half of 1927. Total car loadings were off 4% and merchandise shipped
in less-than-carload-lots was down 1%.
Bank debits-which usually measure trade payments most satisfactorily.
but for some months have also been reflecting speculation-increased 20%
Bank debits
for the entire country, compared with the first half of 1927
outside of New York City-which have been affected less by speculationwere 7% higher the tint half of 1928 than in the corresponding period of
1927.
Industrial production-manufacturing and mining-was practically up
to the 1927 half-year average and was above the average for all of last year.
Manufacturing output was slightly greater than in the first half of 1927
Mining was reduced somewhat.
and was well above the year's average
Building contracts totaled many more dollars the first half of this year
than in the same period o 1927. But permits-which evidence future
intent as to new buildmg-were down. In number, permits were some
5% fewer, while the value of these permits was off 2%.
1022
FINANCIAL CHRONICLE
Employment in manufaturing industries was 'ess than during the first
half of 1927. But the unemployment hullabaloo of last spring has subsided. Also, part of the slack has been taken up by other industries.
And, so far as manufacturing is concerned, the maintenance of output with
a smaller number of workers is proof enough of the continued trend toward
greater efficiency in manufacture.
Busin•ss Off to Good Start Second
of 1928.
Everybody who plays golf knows that a good score out doesn't necessarily
mean as good a score in. But two or three sevens, or eights or nines,
early in the game, certainly do play hob with one's disposition and usually
with his medal score for the 18. It's mighty comfortable in trying to
shoot say 85. to go out in 40. A few sixes can then creep in and one can
still be in the money. He can even blow a hole or two.
And so it is with MisIness. The fact that the second half of the year has
started very few down to Old Man Par is a good sign. The trip out begets
confidence for the trip in. Moreover, the outlook for agriculture is distinctly promising.
No Reason for Fear of Credit Stringency.
The fear that business will be hamstrung either by credit stringency
or high rates for money does not seem to be well founded. Before the
situation could reach such an acute stage, the Reserve Banks would be
obliged to correct it by buying securities and thereby increasing the reserves
of member banks. This, 1.1 turn, would permit credit expansion several
times the increase in reserves,
The purpose of the Reserve Banks is to accommodate business. It was
doubtless with this purpose in mind, as well as to protect their own reserve
position, that these banks have latterly been following a policy of trying
to reduce speculative loans. If they had been able to get these down
before the seasonal peak in the commercial demand for funds, they would
thereby have released credit for the general money market.
[VOL. 127.
monthly increase is indicated by the fact that 55% of all
the reporting companies experienced increased sales over
last July. Most sections share the country's gain,for the
month of July. Every section in the country shares the
gain for the year to date. It seems probable that the second
half of 1928 will continue \the excellent record of the first
half-year. The above figures have just been issued by
the Life Insurance Sales Research Bureau and include the
reports of 81 companies having in force 90% of the total
life insurance outstanding in United States legal reserve
companies and reporting the production of new paid-for
ordinary insurance exclusive of revivals, increases, dividend
additions, reinsurance from other companies and group
insurance. An analysis of geographical groups is furnished
as follows by the Bureau under date of Aug. 18:
NEW ENGLAND.
The New England States show a slight loss in July sales as compared to
1927 records. Vermont reports the only monthly gain of 1%. A gain of
5% is recorded during the first seven months of this year, Maine leading
with a 15% increase. For the 12 months just ended, the New England
section increased 1% over sales in the preceding 12 months.
MIDDLE ATLANTIC.
Sales in the Middle Atlantic section Increased 3% over last July's volume.
New Jersey continues to lead with a 19% increase. The record for the
first seven months of thbs year is 3% better than the sales over the same
period in 1927. New Jersey leads both for the year to date and the 12month period Just ended
EAST NORTH CENTRAL.
Sales in Ohio are practically Identical with last year's record, the other
States showing increases for July. An 8% gain Is reported by the section
as a whole. It is the best monthly gain recorded. The year-to-date gain
of 4% is shared by all States except Michigan. A gain of 3% is reported
for the 12-month period ending this month, and Is shared by most of the
States in the section, Michigan again recording a loss.
Conclusion as to Vfoney and Business.
It now seems unlikely that the Reserve Bank authorities will adopt a
purchasi
sg enough government securities and bankers' acceptances
policy of
to cause a marked reduction in money rates this fall. They may make
purchases in the open market that will °Mat the tall demand for money
in some degree. But our best guess is that the general level of money rates
will not be redued much,if at all, below that now prevailing, at least during
the seasonal pressure of commercial demand. Nevertheless, the banking
situation is fundamentally sound. Credit is and will be available for the
seasonal needs of business and agriculture. The increase in money rates
has affected the investment securities market and will probably continue
WEST NORTH CENTRAL.
to do so for a time. Firm rates for money might conceivably tend to reNebraska continues to lead this section of the country with an 18%
tard business activity, but money rates will be a minor influence compared
increase
for
the
month.
The section as a whole gained 4%• The 6%
with the pressure of reasonably clean shelves of merchandise and an agrigain for the first seven months of this year Is led by a 16% gain in Nebraska.
cultural purchasing power greater than last year.
Sales during the past 12 months are 4% better than sales in the preceding
12 months.
Real Estate Market Index for July 157.
Real estate market activity for July was measured by an
index figure of 157, according to the compilation made
monthly by the National Association of Real Estate Boards.
The compilation is made from official figures of transfers
and conveyances recorded in 41 typical cities. The Association states:
SOUTH ATLANTIC.
This section records a slight loss in sales for the month, its record being
2% under business last July. A 1% increase Is reported for the first seven
months of this year as compared to the same period in 1927. Sales in the
12-month period are 1% better than last year's record. North Carolina
leads for the month and
year-to-date.
EAST SOUTH CENTRAL.
The section as a whole gained 1% over last July, Mississippi and Alabama showing the only gains. Sales this year have increased 6% over
production in the first seven months of 1927. The record for the 12
months just ended Is 3% better than sales in the preceding 12 months.
The index is ten points lower than the index for July of 1927.
It is two points lower than the index for June of the present year.
The Association's compilation uses for its base the average number of
WEST SOUTH CENTRAL.
transfers and conveyances recorded in the 41 cities during the corresponding
This section's record for July Is practically Identical with 1927 production.
month of the years 1916-23. Since it does not include in this base the
Louisiana leads this section with sales this month 14% better than last
years 1924-27, it is pointed out that in interpreting the index the figure
July. All States gain for the first seven months of this year. a 7% infound for any month Is comparable with that of the corresponding month crease
being recorded for the section as a whole. A gain of 2% was reof the previous year, but is incomparable with that of the month directly
corded for the 12 months just ended.
preceding it.
July 1927__167
Oct. 1927_.i51
Jan. 1928.-175
April 1928__154
MOUNTAIN.
Aug. 1927_163
Nov. 1927.-159
Feb. 1928-189
May 1928-157
This section reports a slight loss over sales last July. Arizona leads the
Sept. 1927_158 ..' Dec. 1927__l63
Mar. 1928--169
June 1928-.159
section
with a 39% gain. The 12-month production is practically identical
July 1928.-157
with that of the corresponding period last year. A gain of 2% for the first
seven months of this year is recorded by this section. Nevada leads with a
Good Business for Remainder of Year Looked for by gain of 48%.
Union Trust Co., Cleveland.
PACIFIC.
Sales for the month are 4% better thin the record for July 1927. The
With the second half of 1928 well under way, indications
12-month production and the sales for the first seven months of WS Year
point definitely toward a continuation of good business for are 1% better than
the corresponding records for 1927. Only slight State
the remainder of the year, according to the Union Trust Co., gains are recorded for either the year-to-date or 12-months production.
Sales
in
California
are practically identical with the year-to-date and 12Cleveland. "In fact it seems evident that 18'r prove
months' record for 1927.
to be a much better year than was expected during the
spring," says the bank in its magazine, "Trade Winds."
issued Aug. 22. "Larger volumes and better earnings have Gain in July Sales of Ordinary Life Insurance in
been witnessed in many lines, including building, automoCanada—Business for First Seven Months Inbiles, iron and steel, machine tools, mail orders and chain
creqsed.
stores." The company also says:
A total of $49,492,000 of ordinary life insurance was purFurthermore a number of factors point toward a continuance, or even an
chased in Canada during the month of July. This repreincrease in this volume. Among them may be mentioned good agricultural
prospects, increasing car loadings, and satisfactory employment conditions. sents a gain of 24% over sales last July and is the third
It is little wonder that with so many factors pointing toward long term largest volume ever
written in a single month. The fact
prosperity, buyers ofsecurities should remain optimistic. Although interest
that 80% of contributing companies share in the above gain
rates may remain at levels about as high as at present for a considerable
Period, business should have no difficulty in securing ample funds for its indicates the extent of this prosperity. These figures ate
operation, and somewhat lower interest rates should appear after the furnished by
the Life Insurance Sales Research Bureau and
current speculation cycle has run its course.
The automobile situation is particularly encouraging. Production for represent the experience of companies having in force 84%
July, according to preliminary figures, showed an increase of about 40% of the total legal reserve ordinary life insurance outstanding
over that of July 1927. The decline from the level of June 1928 was in the Dominion
of Canada. The Bureau also states:
extremely small and may be accounted for largely by shutdowns on the
The monthly gain is well distributed throughout the Dominion. all
Fourth of July. Production for the first half of this year totaled 2,326,887
units which is about 6% over the first half of 1927.
Increased Sales of Ordinary Life Insurance in United
States During July—Record for Year to Date
Indicates Favorable Conditions.
The volume of ordinary life insurance sold in the United
States during the month of July amounted to $700,939,000.
New business for the year to date is 4% better than during
the corresponding period last year. The extent of the
provinces sharing the cctmtry's gain with the exception of Nova Scotia.
Substantial increases are recorded ranging from 13% in Saskatchewan,
50% in New Brunswick. Newfoundland practically doubled last July's
production records with a gain of 92%•
For the first seven months of 1928. production shows a 15% gain over
the 1927 record. All provinces share this increase showing substantial
gains. Newfoundland gained 37% over the first seven months last year
while Alberta gained 27%. Prince Edward Island and Saskatchewan
increased 18% and 17% respectively. Sales in Canada have continued
to increase each month of this year over 1927 records.
The record for the 12 months just ended represents an increase of 12%
over the preceding 12 months. Gains for this period are noted in all the
provinces. A berta and Quebec lead with increases of 21% and 14%
AUG. 25 1928.]
FINANCIAL CHRONICLE
respectively while gains in the other provinces range frdm 1% in Nova
Scotia to 13% in Manitoba.
All reporting cities show Improved conditions for the month. Hamilton
leads with a gain of 82% over last July. For the first seven months of
this year. all cities show increased volume. Hamilton leads the reporting
cities with a gain of 33% for the year to date.
Corn Crop Prospects Encourage Ohio Farmers, According to Ohio-Pennsylvania Joint Stock Land Bank.
With a good corn crop in sight Ohio farmers are much
encouraged, says the Ohio-Pennsylvania Joint Stock Land
Bank. The long period of purchasing high-priced feeds is
nearing its end, it adds. Lower prices for corn and oats
do not meet with objections in the sections of the State
where grains are sold in the finished products of fat animals,
milk or eggs. Aside from its material benefits there is a
certain inspiration in good corn crop prospects which leads
to a hopeful and even optimistic attitude on the part of
the farmer. Ohio farmers are fortunate in having a fairly
large supply of livestock to consume the corn and oats
from this year's crops. There is a shortage of feeder cattle
but the number of hogs will be fairly adequate and the dairy
herds are of almost normal size. The financial condition of
Ohio farmers will be decidedly better for the next six months
than for the same period a year ago,according to the August
Report on Farm Finance of the Ohio-Pennsylvania Joint
Stock Land Bank, based on a survey through banks having
country business. The bank further states:
Farm land prices are at least holding the levels of last spring and in a
few sections there has been some increase in activity of sales and trades.
Reports tend to confirm the earlier opinion to the effect that the bottom
in farm land prices has been reached taking the State as a whole.
In some
counties there has been a noticeable increase in prices, while in a few
sections some further readjustment in prices is necessary
before there
can be much activity in the sale of farms.
The decline in wheat prices does not greatly concern the farmers of
this
State because of the almost entire failure of that crop. Those who
have
wheat will be able in many instances to sell it for seed at a price
above
the market.
Oats are selling at a cent a pound at some points of large local production
and feeders are taking advantage of this opportunity to fill their bins
with
a supply of cheap feed.
An estimate of corn prices for this winter is of more than usual interest
in view of the high cost of feeder livestock. There will be a resistance in
the country against selling corn at a low price after a year of empty corn
cribs, but selling will be necessary in many instances to meet obligations.
There will be heavy purchases of corn by feeders in the country
should
prices drop to bargain levels. Altogether it is not safe to depend
on the
occurrence of unusually low corn prices.
1023
EXPORTS AND IMPORTS OF MERCHANDISE,BY MONTHS.
1928.
1927.
1.000
1,000
Dollars. Dollars
410,779 419,402
371,446 372,438
420,617 408,973
364,169 415,374
421.888 393.140
388,636 356.966
382,000 341,809
374,751
425,267
488,675
460,940
407,641
EstradaJanuary
February
March
AprII
May
June
July
August
September
October
November
December
1926.
1925.
1924.
1923.
1,000
Dollars.
396,836
352,905
374,406
387,974
356.699
338,033
368,317
384,449
448,071
455,301
480,300
465,369
1.000
Dollars.
446,443
370,676
453,653
398,225
370,945
323.348
339,660
379,823
420,368
490,567
447,804
468,306
1,000
Dollars.
395,172
365,782
339.755
346,936
335,089
306,989
276,619
330,660
427,460
527,172
493,573
445,748
1.000
Dollars.
335.417
306.957
341,377
325,492
316,359
319,957
302,186
310,966
381,434
399.199
401,484
426,666
7 mos.end.July__ 2,759,533 2,708,102 2,575,170 2.702,980 2,366,372 2,247.745
12 mos. end.Dec.
4,865,375 4,808,660 4,909,848 4,590,984 4,167.493
JetportsJanuary
February
March
April
May
June
July
August
September
October
November
December
337,943
351,035
380,437
345,194
353,967
317,290
316,000
356,841 416,752
310,877 387,306
378,331 442,899
375,733 397.912
346,501 320,919
354,892 336,251
319,298 338,959
368,875 336,477
342,154 343,202
355,738 376.868
344,269 373,881
331,234 359,462
346,165
333,387
385,379
346,091
327,519
325,216
325,648
340,086
349,954
374,074
376,431
396,640
295,506
332,323
320,482
324,291
302,988
274,001
278,594
254,542
287.144
310.752
296,148
333,192
329,254
303,407
397,928
364,253
372,545
320,234
287,434
275,438
253,645
308.291
291,333
288.305
7 mos.end.July __ 2,401,866 2,442,473 2,640.998 2,389.4052.128,185 2,375,055
12 mos.end. Dec.__
4384,742 4,430,888 4,226,589 3.609.963 3,792,066
GOLD AND SILVER.
7 Months Ending July.
Jody.
GoldExports
Imports
Excess of exports
Excess of Imports
1928.
1927.
1928.
1927.
Inc.(+)
Da (-)
1.000
Dollars.
74,190
11,531
1,000
Dollars.
1,803
10,738
1,000
Dollars.
529,708
94.507
1,000
Dollars.
31,674
172,110
1.000
D01078.
+498,034
-77.603
62,659
535,201
8,935
140,436
Siker-
Exports
Imports
6,160
6.560
Excess of exports
Excess atm nortsi _
6,650
4.288
48,491
38,013
44,642
31,284
2,362
10,478
13,3.58
400
-3,849
-6.729
EXPORTS AND IMPORTS OF GOLD AND SILVER. BY MONTHS.
Gold.
1928.
ExportsInuary
ebruary
[arch
A pill
1.1lay
me
sly
ugust
mdember
ctober
14ovember
13ecember
1927.
1.000 1,000
Dols. Dols.
52,086 14,890
25,806 2,414
97,536 5,625
96.469 2,592
83,689 2,510
99.932 1,840
74,190 1,803
1,524
24,444
10.698
55,266
77,849
Myer.
1926.
1925.
1,000
Dols.
3,087
3,851
4,225
17.884
9,343
3,346
5,069
29,743
23,081
1,156
7,727
7,196
1.000 1,000 1,000 1,000 1.000
Dols. Dols. Dols. Dols. Dols.
73,526 6,692 7.388 9,763 11,385
50.600 7,479 6,233 7,752 6,833
25,104 7,40.5 6,077 8,333 7,917
21,604 6,587 6,824 7,612 9,323
13.390 6,712 6.026 7,931 6,536
6,712 7,456 5,444 7,978 8,522
4.416 6,160 6,650 7,921 8.349
2,136
5,590 8.041 8,285
6,784
6,627 7,243 7,487
28,039
5.945 7,279 8,783
24,360
5,634 6,794 8,118
5,968
7,186 5,610 7,589
1928.
1927.
1928.
1925.
Country's Foreign Trade in July-Imports and Exports.
The Bureau of Statistics of the Department of Commerce
at Washington on Aug. 17 issued its statement on the foreign
trade of the United States for July and the seven months mos.
end. July 529.708 31.674 46,805 195,352 48,491 44,642 57.290 58.865
ending with July. The value of merchandise exported in 1 t mos.end.Dec
201,455 115.708 262,640
75,625 92,258 99.128
July 1928 was $382,000,000, as compared with $341,809,000 Importsmuary
38.320 .59.355 19,331 5,038 6,305 5.151 5.763 7,339
in July 1927. The imports of merchandise are provisionally ebruary
14,686 22.309 25,416 3,603 4,658 3,849 8.863 4,929
2.683 16,382 43,413 7,337 5,134 4,308 5,539 6,661
computed at $316,000,000 in July 1928, as against $319,298,- [arch
5;319 14,503 13,116 8,870 4,888 3,815 6,322 4,945
A prIl
000 in July the previous year, leaving a favorable balance lay
1.968 34,212 2,935 11.393 4,247 5,083 4,872 3.390
me
20,000 14,611 18,890 4,426 6,221 4,790 5,628 4.919
in the merchandise movement for the month of July 1928 JIIlY
11,531 10,738 19,820 10,204 6,560 4,288 5,949 5.238
7,877 11,979 4,862
4,856 5.988 7,273
of $66,000,000. Last year in July there was a favorable ugust
mtember
12,979 15,987 4,128
4,992 7,203 4.504
2,056 8,857 50,741
trade balance on the merchandise movement of $22,511,000. 0ctober
5,069 5,098 5,602
ovember
2.082 16,738 10,456
5.102 3,941 4,049
Imports for the seven months of 1928 have been $2,401,866,- ecember
10,431 17.004 7,216
3,770 4,430 5,737
000, as against $2,442,473,000 for the corresponding seven 7 mos. end. July 94,507 172,110 142,941 50,871 38,013 31,284 42.936 37,421
207,535 213,504 128,272
55,074 69.596 64,596
months of 1927. The merchandise exports for the seven I mos end Dec
months of 1928 have been $2,759,533,000, against $2,708,102,000, giving a favorable trade balance of $357,667,000 in Building Permits in Canada Continue to Show a Large
1928, against a favorable trade balance of $265,629,000 in
Increase.
1927. Gold imports totaled $11,531,000 in July, against
The value of the building authorized in Canada during
$10,738,000 in the corresponding month in the previous year, July according to the Dominion Bureau of Statistics showed
and for the seven months they have been $94,507,000, as an increase of $3,268,079 or 14.4% as compared with the
against $172,110,000. Gold imports in July 1928 were $74,- preceding month, and of $9,527,791 or 58.2% as compared
190,000, against only $1,803,000 in July 1927. For the with July 1927. The aggregate for the 63 cities was $25,seven months of 1928 the exports of the metal foot up $529,- 896,986, as against $22,628,907 in June, and $16,369,195
708,000, against $31,674,000 in the seven months of 1927. in the same month of last year. The total for July 1928, is
Silver imports for the seven months of 1928 have been $38,- the highest for that month since the series was commenced
013,000, as against $31,284,000 in 1927, and silver exports in 1920. Some 50 cities furnished detailed statistics, show$48,491,000, as against $44,642,000. Following is the com- ing that they had issued nearly 1,700 permits for dwellings
plete official report:
valued at approximately $7,000,000, and some 2,800 permits
other buildings estimated at about $18,000,000. In
TOTAL VALUES OF EXPORTS AND IMPORTS OF THE
UNITED STATES. for
June, authority was given for the erection of some 1,700
(Preliminary figures for 1928. corrected to August 1928.)
dwellings and 3,600 other buildings, valued at approximately
MERCHANDISE.
$9,000,000 and $12,000,000, respectively. Increases as
July.
7 Months End. August.
compared with June 1928, were reported in Nova Scotia,
Int.(+)
Ontario and Saskatchewan, that of $4,629,679 or 43.3% in
1928.
1927.
1928.
1927.
Dec.(-)
Ontario
being especially pronounced. Elsewhere there
1.000
1.000
1.000
1,000
1.000
Dollars. Dollars.
Dollars.
Dollars,
reductions, of which that of $1,925,702 or 32.7% in were
Exports
382,000 341,809 2,759,533 2,708,102 Dollars.
+51,431
Quebec
Imports
316,000 319,298 2.401,866 2.442.473
-40,607 was most pronounced. In comparison with
July 1927, all
Excess of exports
66,000
22,511
provinces registered improvement, the gain in
357,667
265,629
Excess of Imports
Ontario of
$6,394,357 or 71.7% being especially noteworthy.
1024
[Vol.. 127.
FINANCIAL CHRONICLE
Of the larger cities, Toronto reported marked increases
as compared with June 1928, and July 1927; Montreal and
Winnipeg recorded losses in the former, and increases in the
latter comparison, while in Vancouver there was a fallingoff in both comparisons. Of the other centres, Halifax,
Fredericton, Moncton, Fort William, Kingston, Welland,
Windsor, Woodstock, St. Boniface, Moose Jaw, Regina,
Medicine Hat, North Vancouver and Victoria showed gains
as compared with both June 1928, and July 1927. The
following table gives the value of the building authorized by
63 cities during July and in the first seven months of each
year since 1920,as well as index numbers for the latter, based
upon the total for 1920 as 100. The average index numbers
of wholesale prices of building materials in the first•seven
months of the years since 1920 are also given (1913=100).
farmer obtains'more profitable prices for his grain, and the credit situation
is adjusted, it is not unnatural to suppose that a pause will occur, while the
ground is prepared for the next move forward.
Agricultural and Financial Conditions in Minneapolis
Federal Reserve District-Volume of Business in
July Exceeds that of Year Ago.
According to the preliminary summary of agricultural and
financial conditions prepared by the Federal Reserve Bank
of Minneapolis, "the July volume of business in its district
exceeded the volume in July last year making the eleventh
consecutive month of this trend."
The Bank, under date of Aug. 18, also has the following
to say:
Debits to individual accounts were 9% larger than a year ago. The
value of checks collected by this Federal Reserve Bank from country banks
in
this district increased 11%. Carloadings of miscellaneous freight, forest
Indexes of Average Indexes of
Value of Wholesale Prices of products, ore and grains (in the three weeks ending July 21), shipments of
Permits Issued,Building Materials linseed products, department store sales and postal receipts were also
-Value of Permits Issued-First Seven In First Seven
larger in July than in the corresponding period last year. Smaller totals.
Months.
In First
Months.
as compared with July last year, were reported for flour shipments, and
Seven Months. (192e=100) (1913=100)
YearIn July.
149.1
carloadings of livestock, coal and coke. Building permits were larger but
$25,896,988 3127,503,184 168.9
1928
147.4
128.8
1927
building contracts and deeds recorded were smaller in July than in July
150.2
97,443,834 129.1
18,683,415
1926
last year.
154.1
78.712,320 104.3
12,812,603
1925
The crop is safely past the danger of rust. Good growing weather in July
95.8
72,355.350
163.8
11,681,196
1924
114.1
86,126,043
168.7
13,078.547
increased the prospective yield. The Government forecasts on August 1,
1923
115.3
87,022,484
161.5
15,740,810
1922
for Minneasota, North Dakota, South Dakota and Montana, indicated
66,737,575
88.4
194.5
10,965,891
1921
production of all important crops well above average except rye and oats.
75,497.755 100.0
215.3
13,743,045
1920
Durum wheat, corn, oats and barley forecasts were above last year's
months
of
this
year
was
first
seven
production.
the
aggregate
for
The
Farm income from cash crops, fluid milk and hogs was 13% smaller in
greater by 31.2% than in 1927, the previous high lei-el of the July
than in the corresponding month last year. Dairy income made a
record, while the average index numbers of wholesale prices new high record in
June. Prices of livestock, butter, milk, hens, eggs.
of building materials continued to be lower than in any feed grains and rye were higher in July than a year ago. July prices of wheat.
and
flax
potatoes
were
lower than a year ago.
other year since 1920, except 1927.
Estimated Value of Important Farm Products Marked in the Ninth Federal Reserve
District.
% July 1928
Recent Changes in Business Outlook Seen by Bank of
July 1928. July 1927. of July 1927.
Bread
wheat
50
Nova Scotia-Noteworthy Expansion in Industry$3,486,000 $6,958,000
Durum wheat
81
1,948,000
1,577,000
Decline in Purchasing Power of Wheat.
Rye
15
423,000
62,000
Flax
121
357,000
431,000
The marked industrial activity in the Canadian Provinces Fluid milk
114
1,752,000 1,537,000
Hogs
124
8,321,000 6,728,000
is commented upon by
the Bank of Nova Scotia, in its
104
$26,342,000 325,450.000
August "Monthly Review", which states that "because of Dairy products
the great expansion that has occurred in business generally,
of the
and because of the prospective requirements for crop moving Automobile Production Keeps Well Ahead
Year.
Previous
purposes the loanable funds of the banks will be very fully
July production (factory sales) of motor vehicles in the
employed." We give the bank's observations herewith,
United
States, as reported to the Department of Commerce,
omitting the charts referred to.
There ism paradoxical element in business conditions at the present time, was 390,445, of which .337,933 were passenger cars and
which makes it advisable to watch very closely the developments of the next 52,512 were trucks, against 396,967 passenger ears and
few months. Two features in the present situation especially call for comtrucks in June, but comparing with only 268,485 in July
ment.
In the first place, it is to be noted that business at the moment is in a con- 1927. For the seven months the total is 2,592,592 against
dition of quite unusual activity. This is vividly shown in the charts re- 2,337,459 in the same seven months of last year.
produced on the fourth page of this "Review," which illustrate the course
The table below is based on figures received from 156
of employment in Canadian industry during the last six months. The
scale upon which these charts were laid out at the New Year was supposed manufacturers in the United States for recent months, 48
at the time to be wide enough to take care of any favorable developments making passenger cars and 126 making trucks (18 making
that might reasonably be expected. Nevertheless, as will be seen at a
glance in the case of Quebec, the Prairie Provinces and British Columbia, both passenger cars and trucks). Figures for passenger cars
the curve of employment has moved "right of the map"; in that of the include taxicabs and those for trucks include ambulances,
Prairie Provinces, indeed, with such abruptness as to necessitate a special funeral
cars, fire apparatus, street sweepers and busses.
Inset diagram to show the remarkable expansion that has occurred. In
Ontario, the same persistent improvement continues that has characterized Canadian figures supplied by the Dominion Bureau of
the last three years. The Maritime Provinces, in which the growth of busi- Statistics.
ness has been less marked than elsewhere, nevertheless witnessed an amount
of industrial activity such as they have experienced only once during the
last seven years, in the fall of 1923. Not since the scientific collection
and analysis of these statistics was first attempted in Canada has the
picture presented by them been so satisfactory. It is doubtful if at present
these conditions could be matched in any other large country.
In the second place, there has been a precipitous drop, since April,
in the purchasing power of wheat. This is graphically shown in the diagram on page 3 overleaf. During the last three months the bushel has lost
approximately one-fifth of its value. The bank's index for July stands
at a lower figure than at any time during the last four years, and for the
first time in four years is below the level provisionally regarded as "normal."
The causes of this great market adjustment are not far to seek. It is
due partly to the very large carryover from last season, partly to the genererally good crop conditions in the northern hemisphere this summer, but
largely to the fact that within this country sowing and growing conditions
have been almost ideal for the wheat farmer, and that within a fortnight
the harvesting of what promises to be the largest wheat crop in the country's
history will have begun. Quite obviously the size of the prospective supply
has created the present situation.
It is with the bearing of this on business in general that we are now
chiefly concerned. Two points may here be stressed: (a) The present and
prospective supplies of wheat in the Canadian market will create an unusually large demand for credit within the next few months. (b) The fall
in the purchasing power of the bushel of wheat has been more than in
Proportion to the growth in the crop volume, with the result that (unless
the price of wheat recovers within the next few months, a factor not to be
depended upon) the demand of the western wheat farmer for the products
of other Canadian industries, while still large, may be somewhat less this
season than last season.
Because of the great expansion that has occurred in business generally.
and because of the prospective requirements for crop moving purposes.
the loanable funds of the banks will be very fully employed. While there
are ample funds for the legitimate needs of business, requests for credits for
speculative purposes are being frowned upon. The reaction of this upon
the stock market is already visible. In Canada,as in the United States,
"tight money" has halted over-confidence, and for some months ahead
there is little prospect of change in credit conditions.
For all these reasons, and while recognizing that conditions at present
are excellent, it may be that the summer of 1928 will represent, for the
time being, a peak in Canadian industrial activity. Until the western
AUTOMOBILE PRODUCTION.
(Number of Machines.)
Canada.a
United States.
Total.
Total.
Passenger
Cars.
Trucks.
199,650
284,171
345,911
357,009
357,150
278,729
236,888
39,277
40,592
48.532
47,750
46,965
43,238
31,617
15,376
18,655
22,023
24,611
25,708
19,208
10,987
11,745
14,826
19,089
20,890
21,991
16,470
8,719
3,631
3,829
8,534
3,721
3,717
2,738
2,268
Total(7 months)_ _ _ 2,337,459 2,039,488
1927-January
February
March
April
May
June
July
238,927
304,763
394,443
404,759
404,115
321,987
268,485
Passenger
Trucks.
Cars.
297,971
137,168
113,730
23,438
274,381
226,443
183,042
109,758
106,080
34,445
33,944
36,677
24,658
27,499
12,626
11,262
7,791
6,817
3,435
10,139
8,681
6,238
5,173
2,277
2,387
2,681
1,353
1,444
1,158
Total(year)
3,394,386 2,939,192
455,194
178,799
146,236
32,563
1928-January
February
March
April
May
June
July
231,693 205,578
323,809 291,151
*413,386 371,821
*410,191 364,877
*426.101 375,863
*396,967 356,439
390,445 337,933
26.117
32,658
*41,565
*45,314
*50,238
*40,528
52,512
8,463
12,504
*17,469
24,211
33,942
28,399
(b)
6,705
10,315
*15,223
20,517
29,764
25,341
(b)
1.758
2,189
2,246
3,804
4,178
3,058
(b)
August
September
October
November....
December
308,826
260,387
219,719
134,416
133,579
Total(7 months)._ 2,592,592 2,303,660 288,932
a Reported by Dominion Bureau of Statistics. • Revised. b Not available.
Industrial Employment Situation in Illinois-Analysis
by Cities.
In addition to the survey of industrial employment conditions in Illinois, published in our issue of Aug. 18, page 886,
we are giving to-day the analysis of employment conditions
by cities, furnished by Sidney W.Wilcox, Chief of the Bureau
of Labor Statistics, of the Illinois Department of Labor. As
AUG. 25 1928.]
FINANCIAL CHRONICLE
was indicated in our item of a week ago a slight falling off0.7%-occurred in employment during July-Mr. Wilcox
states that "the present decline in factory employment is due
primarily to inventory taking and to the usual slack in
business activity during the summer months." He adds:
1025
is due to reductions in two leading lines of industry-furniture and
metals.
Both of these lines have laid off a considerable number of men,
many of
whom have been absorbed in road building and agricultural industries.
Good weather conditions have been principally responsible for the pickup
in these latter activities.
Rock Island-Moline.-Factory employment conditions have been rather
dull during the past thirty days because of inventory taking in many of the
Reports from various lines of manufacturing give assurance of a general
fall pickup. In the Rock Island and Moline district orders already re- large metal products establishments. Since two leading industries in this
ceived insure an increased business for farm implement manufacturers as community,the agricultural implement and automobile products industries,
soon as inventories have been completed. Furniture shows have brought both continue to be exceedingly active throughout the country, it seems
highly probable that industrial activity will resume in August the pace it
Increased orders to Rockford.
The extent of unemployment as indicated by the experience of the thirteen had set this year prior to May. According to all available information
State free employment offices has declined-the ratio dropping from 168 skilled metals workers will not have a hard time finding work in this comin June to 151 in July. Last year the ratio stood at 170. In all but two munity in the near future. Even with the present slowup. the demand for
jobs has declined at the Rock Island free employemnt office, there being
of the offices more jobs were available than was the case a month ago.
Aurora.-Heightened activity in metal products and textile establish- 104 fewer requests than in the preceding month.
Springfield.-Although the customary vacation period in a reporting
ments and the presence of the harvesting season have reduced the extent
of unemployment to a point where a labor shortage seems apparent. The Springfield establishment has carried the volume of employment in reporting
factories below last month's level, there are many indications that funds,increase in building over a month ago and the heightened activity on
the
railroad car repair shops have also absorbed workers. The manufacturing mental business conditions in the Springfield area have improved. With
prospects for a revival of the coal mining industry and Improved conditions
fields have experienced no decided upward or downward movement
except
in the case of metal establishments which almost uniformly report
in the metals group, the immediate future is brighter than it has been for
increased working forces. Last year In July a general
downward movement sometime. The free employment office ratio of 112 is on the same level as
was noted. The free employment office ratio reflects the improved
month and as that of July 1917.
con- last
tions in tditions in the Aurora district, having declined from
Sterling-Rock Falls.-The hiring of 35 workers by a large metal products
173 in June
to 137 in July.
establishement counterbalanced lesser reductions in other branches of
Bloomington -Harvesting activities and increased working
Sterling-Rock Falls industry and carried the volume of employment upward.
schedules
in railroad car repair shops have both helped to absorb workers
from the Payrolls, however, have declined. The present employment pickup comes
manufacturing industries which have lately been laying off
help. As a at the end of a two months' dull period which in turn followed an unusually
result of this absorption the actual extent of unemployment as
a whole has active season in the Sterling-Rock Falls industry.
decreased-the free employment ratio declining from 122 a
month ago and
The statistics made available by Mr. Wilcox follows:
121 in July 1927 to 116 during the present month. The downward
movement in factory employment is a customary July occurrence in
Bloomington COURSE OF EMPLOYMENT AND EARNINGS IN ILLINOIS DURING
and is not indicative of poorer conditions.
JULY 1928.
Chicago.-As indicated by the reports of leading Chicago
manufacturers,
conditions of employment are less favorable than they were a
Employment.
Earnings(Payroll);
month ago.
The present downward movement is seasonal, however, and
due to the
Total
-Aro.usual July business decline in metals, meat packing and men's
clothing
Per Cent Index of Employment Earnings age"
establishment. Printers and manufacturers of women's
clothes report
Change
Industry.
(Average 1922-100). Per Cent Weekly
increased working forces. According to the free employment
from a
of Chge. Earnings
office reports,
conditions of unemployment have remained unchanged when
Month
from a
for
compared
Ago.
July
June
July
with a month ago, although they are decidedly better than
Month
July
they were in
1928.
1928.
1927.
Ago.
1928.
July 1927.
All industries
Cicero.-A sharp increase in the working forces of Cicero
-0.7
98.3
99.0
96.4
-4.4 528.80
manufacturers All manufacturing industriei_. -2.0
92.1
94.0
93.1
-6.6
has carried the volume of employment in 8 leading Cicero
27.45
establishments Stone-clay-glass products.... -0.3 123.8 124.2 129.0
-7.3
28.07
3.3% above last month's level. The present upward movement
95.5
99.4 101.9
is prim- Miscellaneous stone products. -3.9
-4.5
30.23
arily the result of increased activity in metal establishments and
Lime-cement-plaster
+0.3 106.4 106.1 144.6
-4.2
28.59
is a direct Brick-tile-pottery
+2.1 111.0 108.7 116.6
reversal of the customary downward movement of employment
-7.6
30.98
in Cicero Glass
-1.6 152.2 154.7 150.9
-8.9
24.34
during July. The extent of unemployment as indicated by the
free em- Metals-machy.-conveyances... -4.3 100.1 104.6
96.9
-9.7
28.48
ployment office ratio has declined slightly due largely to a falling
Iron and steel
-0.8 121.4 122.4 113.7
-9.3
29.25
off in Sheet
metal work-hardware_ _ _ -2.6
the demand for jobs.
97.7
98.1 100.7
-8.0
24.34
Tools and cutlery
-20.4
59.2
74.4
75.2 -23.9
31.14
Danville.-July has been an unusually active month in Danville
with a Cooking-heating apparatus... -2.2 101.8 104.1 107.0
-2.4 • 30.66
pickup in all leading lines of industrial activity. The construction
Brass-copper-zinc-other metaLs -1.9 138.3 141.0 131.4
-4.4
28.74
of a new Cars
and locomotives
State highway has been absorbing the largest number of workers,
42.3
39.0
54.7
-7.0
28.67
+8.5
and brick Autos-accessories
97.4 -19.0
26.91
-8.6 123.8 135.5
yards and metal establishments have been able to offer many
additional Machinery
-1.6 127.2 129.3 125.9
-7.0
29.11
openings. This pickup is even more interesting when it is
contrasted with Electrical apparatus
99.3
-4.3
95.0
95.1
-8.4
27.36
the 13% decline of July 1927 when the extent of unemployment
Agricultural implements
-2.2 142.6 145.8 116.7
-5.9
26.55
was also Instruments-appliances
greater. Last year, in July, 153 people applied for every
51.3
0.0
51.3
55.6
-6.6
27.48
104) jobs offered Watches and Jewelry
-35.6
68.6 106.5
70.0 -29.6
27.40
to the free employment office while this year only 142
requests were re- All other
-------------35.9
-4.4
20.53
ceived for every 100 jobs.
Wood Products
75.9
89.3
-0.4
75.6
-6.0
26.48
Decatur.-An upswing in metal products establishments,
-1.5
mills
31.75
+4.0 102.6
98.7 118.5
and the presence Saw-planning
Furniture-cabinet work
-1.3
-5.4
27.52
88.4
89.6
99.3
of the harvesting season have increased the demand for men
in Decatur. Pianos-musical instruments__ -3.7
53.1
20.07
51.1
75.9 -23.9
One metal firm's records show no less than 100 more names
than in June, Miscellaneous wood products_ -0.3
54.8
61.8
-4.3
21.28
54.6
and in another instance 28 workers have been added to the
+6.0 111.2 104.9 111.0 +11.4
23.18
forces of a manu- Household furnishings
Furs and leather goods
facturer. Textiles and food products factories experienced
114.8
1-3.9
110.5
19.95
115.3
+0.9
decided reduc- Leather
+4.5 108.9 104.2 105.2
-1.5
27.27
tions in the number of workers. This year's upward movement
is a reversal Furs and fur goods
+40.5
33.90
68.0
48.4
67.8 +48.9
of last year's experience, although it is not without
precedent. Since Boots and shoes
+3.9 117.3 112.9 117.3
+1.1
18.49
1923 three years have witnessed an upward swing during July
Miscellaneous leather goods.. +1.0
65.2
64.6
74.6
+3.0
20.87
and in two Chemicals-olla-p
alnts
the movement was downward. As indicated by the free
122.2 114.1
+0.3
122.6
-3.2
26.26
employment office Drugs-chemicals
-0.9
95.5
96.4
84.1
23.94
-1.8
ratio, the extent of unemployment has declined-the ratio of
applicants Paints-dyes-colors
-0.3 145.5 145.9 137.9 -11.4
26.53
per 100 Jobs falling from 182 to 151. The improvement is
-1.7 122.0 124.1 114.3
primarily due Mineral-vegetable oil
28.89
-0.8
Miscellaneous chemicals
to an increased number of available jobs.
+3.8 140.8 135.6 129.9
-0.4
24.05
Printing-paper goods
+4.3 117.1 112.3 116.8
East. St. Louis.-A sharp increase in activity of meat packing
-1.7
33.09
plants Paper boxes-bags-tubes
+0.6 136.0 135.2 139.0
24.35
-6.9
which have added 60 workers to their payrolls with other lesser
Miscellaneous
paper goods
increases
-1.7 118.5 120.5 121.4
27.44
-3.3
carried the volume of employment in 17 leading East St. Louis
printing
+11.4 118.8 106.6 123.3
32.82
+6.8
establish- Job
Newspapers-periodicals
ments 2.5% above the June level. Metal establishments continued
-1.4 132.2 134.1 135.8
43.34
-7.7
on Edition bookbinding
June schedules with very slight changes of working forces.
A considerable Lithographing-engraving
-------------8.5
+2.4
43.30
amount of road construction in this locality has also created a
demand for Textiles
-9.8
93.3 103.4 112.4 -17.5
18.17
the services of many outdoor workers. The extent of
C,otton and wooien goods
27.24
+0.9
148.8
147.5 163.3
-3.8
unemployment as Knit goods-hosiery
indicated by the free employment office ratio has declined both in
-5.7
82.0
87.0 100.3 -29.3
11.50
comparison
Thread
and twine
-5.9
-5.4
19.34
77.4
82.3
with last month and with July 1927.
66.3
All other
-------------29.4
19.51
-30.6
Joltet.-An actual shortage of farm hands has developed in
26.29
the Joliet Clothing-millinery
-1.6
-0.3
63.9
64.9
67.7
district according to recent reports which indicate that fifty
clothing
Men's
30.59
+2.4
-0.6
52.6
52.9
58.1
orders for
farm jobs remained unfilled on Aug. 1. Builders are very
Men's shirts-furnishings
18.27
+6.6
86.3 100.1
+7.1
92.4
active in Joliet Overalls-work
+3.3
16.50
78.9
clothing
+3.6
74.6
72.0
according to recent reports which indicate that during the
first seven Nfen's hats and caps
31.03
53.6 +28.4
54.0
0.0
54.0
months of 1928, permits have been let for the construction of
20.80
-7.7 108.6 117.7 107.8 -12.5
buildings Women's clothing
costing $2,096,240. Last year's total for the same period was
Women's underwear
14.53
+4.5
+4.7 127.2 121.5 113.7
only 31,635.- Women's
hats
24.01
700. Total factory employment has remained practically
-39.9
65.7 -44.7
51.4
85.5
unchanged, Food, beverages, tobacco._
-4.8
26.26
-1.2
99.4
91.5
92.6
although some rather large differences appear on the payrolls of
individual Flour-feed-other cereals
-2.1
26.18
94.8
96.8 102.7
-0.2
establishments. Conditions in the metal industry have been
canning
18.37
-25.0
17.9
23.8
41.3 -13.8
especially Fruit-vegetable
spotty,some firms within the group showing increase offrom 20 to.30
Miscellaneous groceries
23.84
-4.6
-21.9
90.8
105.1
95.2
names, slaughtering-meat
and others showing reductions of from 10 to 50 men. The
packing... -0.3
91.4
-1.5
26.83
86.8
87.1
extent of un- Dairy Products
22.05
-3.0 106.7 110.0 101.2 -10.9
employment as indicated by the free employment office ratio
is less than Bread-other bakery products_ -2.5
-4.1
27.28
84.3
90.4
86.5
either last month or a Year ago
Confectionery
+1.2
19.32
72.6
71.7
78.0 -11.7
•
Beverages
Peoria.-An increased demand for workers on farms and by road
+1.1
70.3
32.34
69.5
+8.7
87.8
builders Cigars-other tobacco
Products +10.4
75.8
and heightened activity in automobile products establishments
68.7
84.9
+8.6
23.05
have been Manufactured ice
44.65
+7.1 100.7
94.0 117.1
+19.5
helpful in reducing the free employment ratio from 234 in June
to 150 in Ice cream
52.91
+6.2
_______
+12.2
____
uly. According to the records of 32 leading Peoria manufacturers
-retail
-0.5
70.6
71.0
75.3
+0.7
32.63
the Trade-wholesale
Department stores
conditions of employment in the manufacturing industries of
-1.1 121.7 123.1 115.1
-3.4
25.87
that city have Wholesale dry goods
-0.6
57.6
57.9
changed relatively little in the majority of plants outside
51.6
-0.5
21.44
the automobile Wholesale groceries
-2.6
89.0
91.4
99.8
-1.7
26.22
goup in which 130 additional workers have been employed.
Mall order houses
-0.4
97.0
97.4 105.8
+0.7
24.45
Quincy.-Exceedingly favorable weather conditions
distributing
Milk
+0.2
52.41
------------+4.3
for harvesting com+0.1
-------------5.7
bined with improved business have resulted in a better employment situation Metal Jobbers
29.50
in this district. As yet, the increase in activity is very slight but the fact Services
Hotels and restaurants
that it has been experienced in all leading lines and that
20.92
+2.7 126.4 123.1 127.2
+2.6
it Is greater than Laundries
usually occurrs in Quincy during July leads to the opinion that the present Public utilities
31.14
+1.7 141.2 138.8 138.1
-1.0
Water-light-power
37.55
+2.2 147.6 144.4 132.4
+3.6
movement is part of a cyclical upswing. At the present time the volume Telephone
26.54
-2.8
+1.3 139.6 137.8 133.3
of unemployment as indicated by the free employment office ratio is less Street railways
34.03
-0.4
+0.7 110.7 109.9 112.7
Railway Car repair shops
than either last month or July 1927.
26.99
-7.1
+5.0
57.5
53.8
51.2
Rockford.-Rockford manufacturers have followed their usual July policy Coal mining
27.44
+2.6
+11.3
6.0
37.8
34.0
44.39
+1.1
+2.0 131.9 129.3 133.9
of laying off help. The extent of unemployment, however, has decreased Building-contracting
Building construction
from a month ago according to the free employment office ratio
which
Indicates that it is on the same level as a year ago. The present decline
+1.0
Road construction
-6.3
MLicellaneous contracting__.. +16.8
88.7
835.6
233.1
87.8
891.8
199.6
90.1
577.4
294.7
-4.2
-8.0
+53.8
42.95
42.28
55.81
1026
[you
FINANCIAL CHRONICLE
Report That "Rubber Pool" Has Liquidated Denied.
A report to the effect that the so-called "Rubber Pool"
—the National Reserve for Crude Rubber—had liquidated,
was denied, according to the daily papers Aug. 23, by
Charles B. Seger, Chairman of the United States Rubber
Co. The "Wall Street News" quoted Mr. Seger as saying.
There is no truth in the published report that the so-called "pool" has
been liquidated. It is a fact that the shrinkage in the value of the crude
rubber held by the "pool" has been written down and apportioned to the
various participants but its activities will continue.
The "Times" of Aug. 23 stated:
The pool has at its disposal a credit of 860,000,000 arranged through the
International Acceptance Bank and the National Bank of Commerce.
This credit was established in March when a previous credit of $40,000,000
expired. There never has been a credit of $100.000,000 as was indicated
In the report that the pool had liquidated.
The pool was established as a means of insuring American rubber manufacturers an adequate supply of rubber at reasonable prices and as a safeguard against violent fluctuations in the market. At the present time.
ft is understood, the pool holds only a small amount of rubber, but it stands
ready to go into the market again should it become necessary.
A reference to the $60,000,000 credit appeared in these
eolumns Mar. 24, page 1735.
Rubber Stabilization Conference.
advices from Amsterdam (Holland) to the
Press
United
"Wall Street Journal" Aug. 21 stated:
The Dutch Rubber committee announces British producers are ready to
co-operate in a proposed conference with American manufacturers to stabilize the industry.
In a circular to producers, the Committee said the British were not willing
to send delegates to the United States, however,and added that negotiations
with Belgian and French producers had resulted in no agreement.
The circular added that in response to a request for mediation, the Dutch
minister at Washington replied that although the American consumers
would not take the responsibility for inviting the Dutch, they are ready to
deliberate if the latter formulate definite proposals.
Dutch to Curb Rubber Output Two:Months During
Winter.
From the "Wall Street News" we take the following
Central News advices from Amsterdam, Aug. 22:
The Dutch Rubber committee has issued a circular containing the result
of its work and proposes restriction of the output for two months during the
winter. British producers, while prepared to co-operate, have not promised
definitely to send delegates to America. The Belgian and French interests
also have failed to agree to a proposal to communicate with United States
rubber consumers.
Past Week.
127.
Preceding Week 1928.
(Revised).
Softwood. Hardwood. Softwood. Hardwood.
366
464
369
475
306,409,000 53,108,000 305,674,000 50,512,000
310,698.000 58.816,000 310,843,000 58,533,000
301.363,000 64,485,000 308,845,000 55,778,000
Mills (or units')
Production
Shipments
Orders (new business)
•A unit is 35,000 feet of daily production capacity.
West Coast Movement.
The West Coast Lumbermen's Association wires from Seattle that new
business for the 145 identical mills reporting for the week ended Aug. 18
amounted to 150,664,743 feet, shipments 144.295,809 and production
141,339,970. Unfilled orders totaled 518,587,843 feet.
Southern Pine Reports.
The Southern Pine Association reports from New Orleans that for 147
mills reporting, shipments were 10.18% above production and orders
were 5.41% above production and 4.33% below shipments. New business taken during the week amounted to 74,326,304 feet (previous week
81.763.947); shipments 77,687.584 (previous week 77,553,198); and Production 70,509,529 feet (previous week 70,536,811). The normal production (three-year average) of these mills is 79.776,103 feet. Of the 141
mills reporting running time, 68 operated full time, 11 overtime. Four
mills were shut down and the rest operated from one to six days.
The Western Pine Manufacturers Association of Portland. Ore., reports
production from 33 mills as 34.363.000 feet, as compared with a normal
production for the week of 34,879.000. and for the week before 34,303.000.
Shipments were larger last week, and new business slightly loss.
The California White and Sugar Pine Manufacturers Association of
San Francisco, reports production from 17 mills as 25,006.000(49% of the
total cut of the California pine region) as compared with a normal figure
for the week of 25,447,000. Fifteen mills the week earlier reported production as 20,849,000 feet. Shipments and orders showed a marked increase last week.
The California Redwood Association of San Francisco. reports production from 15 mills as 6,270,000 feet, compared with a normal figure of
9,401,000, and for the preceding week 6,610,000. Shipments and new
business showed some reduction last week.
The North Carolina Pine Association of Norfolk, Va.. reports production from 60 mills as 9,224,000 feet, against a normal production for the
week of 13.326,000 and for the previous week 9.069.000. Shipments were
slightly larger last week, and new business slightly less.
The Northern Pine Manufacturers Association of Minneapolis, Minn.,
reports production from 8 mills as 12,042,000 feet, as compared with a
normal figure for the week of 12,942.000. Seven mills the week before
reported production as 12,075,000 feet. Shipments showed some decrease
last week, and a good gain In new business.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh, Wis. (in its softwood production) reports production from 50
mills as 7,654,000 feet, as compared with a normal production for the
week of 22,852,000. Fifty-one mills the week earlier reported production
7,727.000 feet. Three was a marked increase in shipments last week and
a considerable increase in orders.
Hardwood Reports.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh, Wis., reports production from 79 units as 9,282,000 feet, as
Rubber Restrictions inICeylon.
compared with a normal figure for the week of 16.625,000. Eighty-one
the preceding week reported production as 8.818.000 feet. ShipA Central News cablegram to New York News Bureau units
ments were larger last week and orders about the same as the week earlier.
from Colombo Aug. 22 stated:
The Hardwood Manufacturers Institute of Memphis, Tenn., reports
_ In reply to the Legislative Council, resolution claiming a release from production from 290 units as 43,826,000 feet, as against a normal productelegraphs:
Government
the
1,
Aug.
rubber restruction not later than
tion for the week of 60,920,000. Two hundred and eighty-five units the
Marmot meet wishes of council until expiration of August and October week before reported production as 41.694,000 feet. Shipments wore about
quarter."
the same last week, with a marked increase in new business.
Lumber Movement on Upward Swing.
Resumption of the upward swing in the lumber movement featured the reports received Aug. 25 by:the National
Lumber Manufacturers Association from 765 softwood and
hardwood mills for the week ended Aug. 18. Production
totaled 359,517,000 feet; shipments, 369,514,000 feet, and
orders, 365,848,000 feet. In the softwood group, there was
a slight falling off in new business, but shipments and production kept pace with the same items for the week before.
Reports from 226 West Coast mills for the week under
review show production of 193,954,682 feet, 12.6% under
their normal three-year operating capacity. This group of
mills during 1927 produced more than 9,500,000,000 feet,
or about 75% of total production of the Douglas fir region.
This is the largest number of mills from which production
reports ever have been received by the Association. New
business in the hardwood branch of the industry established
a new high for the year when 369 units reported orders
totaling 64,485,000 feet, a gain of about 9,000,000 feet.
Production and shipments also were higher. The Association continues:
Unfilled Orders Increased.
The unfilled orders of 292 Southern Pine and West Coast mills at the
end of last week amounted to 762,427.699 feet, as against 705,563,952 feet
for 271 mills the previous week. The 147 identical Southern Pine mills
In the group showed unfilled orders of 243.839,856 feet last week, as against
247,201,136 feet for the week before. For the 145 West Coast mills the
unfilled orders were 518,587,843 feet, as against 458,362,816 feet for 124
mills a week earlier.
Altogether the 475 reporting softwood mills had shipments 101% and
orders 98%, of actual production. For the Southern Pine mills these
percentages were respectively 110 and 105; and for the West Coast mills
102 and 107.
Of the reporting mills, the 280 with an established normal production
for the week of 175,771,000 feet, gave actual production 90%. shipments
89% and orders 82% thereof.
The following table compares the lumber movement, as reflected by the
reporting mills of eight softwood and two hardwood regional associations,
for the two weeks indicated:
West Coast Lumbermen's Association Weekly Report.
Lumber production, orders and shipments for 164 major
mills in Washington, Oregon and British Columbia, for the
week ended Aug. 11, were reported to the West Coast Lumbermen's Association as follows:
WEEKLY REPORT OF PRODUCTION, ORDERS AND SHIPMENTS.
164 mills report for week ending Aug. 111028.
(All mills reporting production, orders and shipments for last week.)
Shipments.
Produaion.
Orders.
157.093,671 feet.
152,400,107 feet.
172,925,733 feet.
100%.
over production.
3.08%
18.47% overproduction.
Orders were 13.47% in excess of production, and shipments
3.08 over current production. For the past three weeks
average mills' orders have been 9% above production. Production per unit reporting has gradually declined, the association states, during this period while orders have shown
a slight increase.
Complete production reports from 222 mills received by
the Association for the week ended Aug. 11 indicate a continuing substantial reduction in the amount of lumber produced by the plants of the Douglas fir region as compared
with their three-year normal operating capacities. These
222 mills, with an aggregate weekly normal capacity of
217,985,757 board feet, reported production for the week
ended Aug. 11 as 185,624,638 board feet or 14.84% below
the operating normal. This group of mills during the year
1927 produced more than nine and one-half billion board
feet of lumber or approximately 75% of the total production of the Douglas fir region.
Reports from 11)0 identical mills show that during 1928
to date orders have exceeded production by 11.31% and
shipments have exceeded production by 6.84%. During the
corresponding period of 1927, the orders obtained by these
mills exceeded their production 4.70% and their shipments
exceeded production by 2.88%.
AUG. 25 1928.1
FINANCIAL CHRONICLE
COMPARISON OF ACTUAL PRODUCTION AND WEEKLY OPERATING
CAPACITY (222 IDENTICAL MILLS).
(All Mills reporting production for 1927 and 1928 to date.)
Average Weekly
Actual Production
Average Weekly
Production
Production 32 1Vecks,
Week Ending
*Weeklil Operating
Ending Aug.11 1928,
During 1927.
Aug. 111928,
Capacity/
185,975.630 feet.
183,301,326 feet.
185,624,638 feet.
217,985,757 feet.
WEEKLY COMPARISON FOR 124 IDENTICAL MILLS-1928.
(All Mills whose reports of production orders and shipments are complete for the
last 4 weeks.)
Aug. 4.
Aug. 11.
Week EndingJuly 28.
July 21.
127,779,829 127,198,544 128,729,925 131,279,609
Production (feet)
140,791,269 145,678,773 135,042,406 122,345,707
Orders (feet)
65,355,163 64,467,315 65,793,720 62,099,362
Rail (feet)
32,621,358 43.732,408
Cargo (feet)
42,121,989
32,985,153
29,534,375
Export (feet)
25,864,749
21.383,696 21,896,892
13,280,373
Local (feet)
11,614.301
5,743,011
5,364,300
134,383,185 139,495,293 142,425,427 120.219,443
Shipments (feet)
63,601,831
Rail (feet)
64,909,370 62,512,683 64,551,292
41,019,374
Domestic cargo (feet)
44,939,150 53,119,409
38,350,493
16,481,607
Export (feet)
18,032,472 21,050.324
11,953,358
11.280.373
Local (feet)
11,614,3015.743,011
5.364,300
458,362.816 456,989,685 471,631,752 471.703,298
Unfilled Orders (feet)
Rail (feet)
165,806,891 172,235,084 169,678,193 169,856,015
Domestic cargo (feet)
143,922,929 155,203.135 170,186,332 170.220,840
Export (feet)
148,632,996 129,551,466 131,767,227 131,626,443
100 IDENTICAL MILLS.
(All Mills whose reports of production, orders and shipments are complete for 1927
and 1928 to date.)
Week
Average 32
Average 32
Ending
Weeks Energ Weeks End'g
Aug. 11 '28. Aug. 11 '28. Aug.13'27.
Production (feet)
103,681,049
99,780,130 95.909 556
Orders (feet)
115 404,053 110,120,776 100.473,097
Shipments (feet)
110,769.221 106,232,714
98.192,119
• Weekly operating capacity is based on average hourly production reported for
the years 1925. 1926, 1927 and 4 months of 1928 and the normal number of operating
hours per week.
1027
During July the Canadian mills operated at 79% of rated capacity and the
United States mills at 79.5%. Stocks of newsprint paper at Canadian mills
totalled 48,270 tons at the end of July and at United States mills 40,386
tons, making a combined total of 88,656 tons, which was equivalent to
6 days' average production.
Egyptian
Cotton
Growers Receive Advance from
Government.
Central News advices from Alexandria, Aug. 21 to the
"Wall Street News" stated:
The Egyptian Government has decided to allocate .S4,000,000 (Egyptian)
to cotton growers as advances from the reserve fund.
Advances are made on not less than 5 kantars (cwt.) and not more than
500 kantars, at the rate of .C5 on Salkellarid and E31.i on Ashmouni grades.
Change in Auction Methods in Cotton Textile Industry
Urged by Association of Cotton Textile Merchants
of New York.
Auction methods in the cotton textile industry should be
replaced by production that is more intelligently directed in
line with demand and by an extension of sound and modern
merhcandishag methods, according to the Cotton Textile
Bulletin, published on Aug. 17, by The Association of Cotton Textile merchants of New York. "Any one who takes
the time to examine present conditions in the cotton textile
Value of Canadian Pulp and Paper Exports Declined industry must be impressed by the effect of two major factors," the Bulletin states. "One of these embodies economic
During July.
Canadian exports of pulp and paper in July were valued influences; the other includes those psychological factors
at $15,122,162, according to the report issued by the which color the background of the industry and reflect its
Canadian Pulp & Paper Association. This was a decline of state of mind." It goes on to say:
On the
side it is clear that the principal problems in the
8379,905 from the previous month, but the decline was industry areeconomic
the familiar problems which have to do with production and
seasonal and the total for the month was $1,448,485 higher distribution. The profitable and orderly sale of merchandise is so closely
than for the month of July 1927. In stating this the related to production that the two may be said to constitute a single problem. That problem is continually to determine how mills can meet changMontreal "Gazette" of Aug. 21 added:
ing conditions and maintain production in an orderly and profitable
Wood-pulp exports in July were valued at $3,896.754 and
exports of
paper at $11.225,408 as Compared with $3.939,810 and
$11.562,257 rospectively in Juno.
Quantities and values for the various grades of pulp and paper
were as
follows:
July 1928.
Tons.
PulpMechanical
Sulphite bleached
Sulphite unbleached
Sulphate
Screenings
Total
PaperNewsprint
Wrapping
Book (cwts.)
Writing (cwts.)
All other
I
July 1927.
$
17,006
478,337
23,557 1,732,910
823,597
16,719
13,934
821,670
1,877
40,440
Tons.
24,655
777,849
20,668 1,592,677
15,680
835,137
13,640
823,875
2,758
50,400
73,093 3.896,754
77,401 4,079,938
167,456 10,765,033
1,341
147,938
4,907
45,913
1,101
10,330
256,194
140,543 9,146,271
880
94,302
11,465
750;519473
707
277,426
Total
11,225,408
9,993,739
For the first seven months of the current year the total value
of exports
of wood-pulp and paper from Canada was $109,226,243 Compared
with a
total of $98,683,491 in the corresponding months of 1927, an
increase for
this year of $10,542,752 or nearly 11%.
Exports of wood-pulp for the seven months amounted to
$26.236,634
and exports of paper to 382.989.609. as compared with
$26,787,095 and
$71,896.396, respectively in the seven months of 1927.
Details for the seven months are as follows:
PulpMechanical
Sulphite bleached
Sulphite unbleached
Sulphate
Screenings
Total
x 4 months only.
PaperNewsprint
Wrapping
Book (cwts.)
Writing (cwts.)
All other
Total
7 Months 1928.
7 Months 1927.
Tons.
Tons.
103,927
147,420
125,396
95,544
'17,077
S
2,827,380
11,070,136
6,333,246
5,659,481
346,301
134,588 4,013,427
139,479 10,872,521
110,313 6,021,126
95,026 5,750,312
16,707
129,709
489,364 26,236,634
486,113 26,787,095
1,232.836 79,469,925 1,041,442 68.180.451
9,371 1,026,819
8,884 1,005,126
36,243
302,821
58,405
403,226
2,825
26,967
8,670
71,003
1,163,077
2,236,590
82.989,609
71,896,396
Pulpwood exports in the seven months of this year
amounted to 931,357
cords valued at $8,917,914, which was a decline from the
1,038,988 cords
valued at $10,288,884 exported in the seven months of
1927.
mann
In e
ar.
n industry that is subject to the many fluctuations which affect the
making of cotton goods it is necessary for the manufacturer to know as
much as possible about the market for his goods and the factors that influence that market. This means that the first essential is to seek the
facts. Having found the facts it is equally necessary to use them as a
guide just as long as they serve this purpose.
If any one is not convinced of the practical value of facts, let him
consider where this industry might be at the present time without its
statistics. There is no intrinsic magic in collecting and disseminating
statistical information. It is valuable when used and interpreted as a
guide that will eliminate guesswork and establish business wherever possible on a basis of fact.
It should be noted that the statistics which have been assembled by the
industry during the last three years are being used to a greater extent than
ever. This is gratifying evidence of progress, and it is progress in the
industry's approach to economic problems.
While the psychological factors are not always tangible they are real
and potent. By way of illustration, consider the attitude of individuals in
this industry and in others who take the postition that because they produce staple goods they should be able to continue indefinitely without
regard to present or prospective changes in demand. The fallacy of such
a position lies in the failure to understand that progress means change
and change means more than physical expansion. Constructive change
calls for new processes, new products, and an alert attitude which enables
an individual to adapt himself to new conditions.
The mere fact of production is insufficient to account for demand, and
the producer who bluntly persists in a policy of piling up goods regardless
of demand is creating difficulties for himself as well as for others. In
time a distress signal is sighted; then comes weak selling, and prices
touch a level where they are unremunerative both to the manufacturer
who precipitates such a condition and to others who are bound to be affected by it. It is difficult to understand any reasonable basis for such
a policy, for it weakens the position of even the soundest producer and
creates a vicious circle of instability for consumer as well as manufacturere and merchant.
Another mental trait that has been characteristic in this industry is
the disposition to think in terms of losses instead of in terms of legitimate
and necessary profits. It has been pointed cut on other occasions that
this negative tendency is neither good business psychology nor sound
economics. Every business must be able to operate at a reasonable profit
in order to continue and to succeed. If the buyer of merchandise is in
business to sell at a reasonable profit, it is just as essential for the
manufacturer to produce hia goods so that he can derive a fair profit. He
certainly cannot hope to succeed by contnually selling at a loss.
If there is to be real progress and prosperity in this industry it will
be accelerated by the promptness with which the individual manufacturers
of cotton textiles realize how large an influence they have in creating and
affecting the market for their goods. The economics and the psychology of
the situation can be solved as successfully in this industry as in any other."
Canadian Newsprint Production.
Members of New York Cotton Exchange Authorize
The following is from the Montreal "Gazette" of Aug. 16:
Board of Managers to Prepare Amendments to
Newsprint production in Canada during July 1928
amounted to 184,199
Provide for Trading in Wool Futures and in 50tons and shipments to 181,834 tons, says the News
Print Service Bureau.
Production in the United States was 110,313 tons
Bale Cotton Contract.
and shipments 109.611
tons, making a total United States and Canadian newsprint
production of
At a meeting of the members of the New York Cotton
291,512 tons and shipments of 291,445 tons. During July, 19,287
tons of
newsprint were made in Newfoundland and 1.369 tons in Mexico, so that Exchange on Aug. 22 the Board of Managers was requested
the total North American production for the month
amounted to 315.168 to prepare amendments to the by-laws providing for tradz‘i ing in wool futures and also for trading in a 50
The Canadian mills produced 182,334 tons more in the first
-bale cotton
seven months '
of 1928 than in 1927, which was an increase of 16%. The
United States contract in addition to the present 100-bale contract. This
output was 64,859 tons or 7% less than for the first seven
months of 1927. 1 action was taken as a result of the reports
of two special
Production in Newfoundland was 15.404 tons or 13% more and
in Mexico
committees of the exchange, both favoring the two proposals.
748 tons more, making a total North American Increase
of 133.627 tons or
6% over the first seven months of 1927.
George H. Hutzler was Chairman of the Wool Futures Corn-
1028
mittee and •T. Lurelle Guild, Chairman of the Odd Lot
Committee.
Before either proposal can be officially adopted by the
Exchange, however, amendments to the by-laws covering
them must be voted upon by the membership. If the vote
of the members then favors the adoption of the amendments
as submitted, trading in wool futures.and in a 50-bale cotton
contract will be assured.
Gardiner H. Miller, President of the Exchange, presided
at the meeting of the membership. The reports of both
committees were read and resolutions offered for the adoption of the reports, which was done. The question of whether
it would be necessary for the exchange to obtain a new charter, or whether the present charter could be amended to
provide for trading in wool futures on the exchange was referred to the Board of Managers for investigation. The
present charter of the exchange provides only for trading in
cotton. No amendment to the charter, it is understood, is
required to permit trading in a 50-bale contract supplemental
to the present contract. The next step, as a result of this
week's meeting, will be for the board to have the By-laws
and Rules Committee, of which Elwood P. McEnany is
Chairman, draw up the necessary amendments for submission to the Board. If favorably acted upon by the Board,
a date will be fixed for the members of the exchange to vote
upon them. The board will consult with the Secretaries of
the U. S. Departments of Commerce and Agriculture in regard to the proposed changes.
Cotton Houses Oppose 50-Bale Unit.
It was stated in the "Journal of Commerce" of Aug. 22
that opposition is crystallizing, especially in the older New
York cotton houses, to various proposals before the New
York Cotton Exchange to reduce the contract unit from its
present 100-bale minimum to a 50-bale unit. As indicated
elsewhere in our issue to-day, members of the Exchange
on Aug. 22 authorized the Board of Managers to prepare
amendments looking to trading in 50-bale cotton contract.
The "Journal of Commerce"item says:
Representatives of the older cotton houses show the same unfaltering
hostility to what they call "odd lot" trading in cotton as at any time in
the past 25 years. They have never found any inspiration to change their
minimum of 100 bales in the action of the Chicago Board of Trade in
halving that unit for its own contract, when it installed its cotton futures
department, and are as strongly disposed as ever to look askance at
the New Orleans system, which maintains a 100-bale contract unit, but
tolerates trade In odd lot of 50 bales.
It was explained yesterday that it was never the purpose or wish of the
raw cotton merchants of New York to throw open the doors of their exchange to promiscuous trade in cotton options. On the contrary it was their
consistent and recognized policy to discourage the entry ofsmall speculators
oflimited means in speculative market operations that are of a nature calling
for ample cash resources. It is insisted the exchange is far better off with
a clientele so limited, than a democratized constituency that might undermine its high standing without creating much more new business than
an extra burden of overhead cost Incident to a changed cabling system and
the installation of odd lot accountancy departments.
Some modicum of benefit, it was believed, would be derived from a 50bale unit by small cotton growers, who had occasion to hedge the oven of
their little crops. There was not, it was claimed, sufficient tangible good
In that consideration to induce the exchange to swerve from a fixed policy
to which it owes its stability and strength, and it was declared the increasing support the old opponents of "odd lot" trading have been receiving from the wire houses, adds its own peculiar emphasis to their arguments
against changing the contract unit.
Members of New York Cotton Exchange Vote to Close
Exchange the Saturday Preceding Labor Day.
Members of the New York Cotton Exchange voted on Aug. 22 in favor
Of Closing the exchange on Sept.1,giving a 3-day holiday over Labor Day
Activity in the Cotton Spinning Industry for July 1928.
The Department of Commerce announced on Aug. 21 that
according to preliminary figures compiled by the Bureau of
the Census 35,542,122 cotton- spinning spindles were in place
in the United States on July 31 1928, of which 28,228,024
were operated at some time during the month, compared
with 28,624,488 for June, 29,060,360 for May, 30,965,404
or April, 31,412,820 for March, 31,687,012 for February,
and 32,324,426 for July 1927. The aggregate number of
active spindle hours reported for the month was6,258,620,372.
During July the normal time of operation was 25 days
(allowance being made for the observance of Independence
Day) compared with 26 for June, 206 for May,24 2-3 for
April, 27 for March, and 24 2-3 for February. Based on
an activity of 8.83 hours per day the average number of
spindles operated during July was 28,351,621 or at 79.8%
capacity on a single shift basis. This percentage compares
with 88.3 for June, 95.0 for May, 94.8 for April, 96.8 for
March, 101.2 for February, and 99.1 for July 1927. The
[vol.. 127.
FINANCIAL CHRONICLE
average number of active spindle hours per spindle in place
for the month was 176. The total number of cotton spinning
spindles in place, the number active, the number of active
spindle hours and the average spindle hours per spindle in
place, by States, are shown in the following statement.
State.
Spinning Spindles.
In Place
July 31.
Cotton growing States_ _
New England States__ _
All other States
Alabama
Connecticut
Georgia
Maine
Massachusetts
Mississippi
New Hampshire
New Jersey
New York
North Carolina
Rhode Island
South Carolina
Tennessee
Texas
Virginia
All other States
Total United States
Active Daring July.
Active Spindle Hours for July.
Total.
Aver. per Spindle in Place.
18,510,488
15,463,054
1,568,580
17.674,582 4,415,032,326
9,260.192 1,637,831,863
1,293,250 205,756,183
239
106
131
1,627,618
1,121,884
3.080,568
1,106,036
9,349,994
176,604
1,414,518
378,936
802,304
6.191,580
2,325,814
5,491,604
602,228
282,196
711,228
879,010
1,551,088 353,297,198
185,856,870
1,033,670
756,993,840
2,937,458
128,350,341
814,318
793,954,764
4,595,674
36,978,636
129,872
170,332,996
881,904
47,597,714
356,834
107,594,150
625,718
5,861,196 1,458,025,386
343,184,581
1,821,878
5,385,198 1,434,898,771
152,396,475
552,338
49,727,672
251,332
96,793,581
685,758
142,637,397
743,788
217
166
246
116
85
209
120
126
134
235
148
261
253
176
136
162
35,542,122
28,228,024 6.258.621,372
176
Canadian Wheat Pool Has Record Payments—Checks
for Interim Dividends Exceed Previous Totals.
A Canadian wheat pool made a record interim payment of
$34,000,000, according to a statement made public at the
Department of Agriculture at Washington, Aug. 18. The
full text of the statement as given in the "United States
Daily" follows:
Checks totaling more than $34,000,000 were distributed to members of
the wheat pools of Alberta. Saskatchewan and Manitoba, on July 28, as a
second interim payment on 1927 wheat. This was the largest interim
payment ever turned over to the provincial pools by the sales agency,
the Canadian Co-operative Wheat Producers, Ltd., Winnipeg. Checks
went to practically every post office In the three provinces. The amounts
distributed ranged from 14 to 25 cents a bushel. The first interim payment
was made on Mar. 10, and amounted to nearly $28,000,000.
All grade differentials were adjusted in the second interim payment,
and all deductions were made for elevator and commercial reserve, carrying
charges, and the like, therefore, the final payment to be made at the end of
the marketing season will be a flat payment for all grades.
Progress of Agricultural Co-operatives Reviewed by
C. L. Christensen of Department of Agriculture
Before Institute of Politics.
Encouragement and support of agricultural co-operation,
through active assistance in research and educational activities, is the policy of the Federal Government as outlined by
Chris L. Christensen, in charge of the Division of Co-operative Marketing, United States Department of Agriculture,
in an address before the Institute of Politics at Williamstown,
Mass., Aug. 15. Mr. Christensen said:
The agricultural co-operatives in the United States are engaged In a farreaching program which is vital to the welfare of agriculture. Co-operation
among farmers is not an abstract theory but a practical way of applying
better business methods to farming and marketing and an aid to rural
development. It aims to go beyond the mere marketing of farm products
and the purchase of farm supplies, to eliminate wastes in marketing and distribution, to set up standards by which farm products will be graded and
sold, and to aid in adjusting production to market requirements.
Research, educational and service work with farmers'
co-operative associations, it was stated, became a specific
Government activity through the Co-operative Marketing
Act, approved July 2 1926. This Act provided for the establishment of the Division of Co-operative Marketing in
the Bureau of Agricultural Economics, United States Department of Agriculture, and for enlargement of the Department's research, educational, and service work relating
to co-operative marketing of agricultural products, co-operative purchasing of farm supplies, and other co-operative activities among farmers. Mr. Christensen declared that the
majority of people probably under-estimate the co-operative
movement in American agriculture. We have to-day, he
said, something over 12,000 co-operative associations engaged in the co-operative marketing of farm products and
purchasing of farm supplies. These associations have a
combined membership of about 2,000,000 farmers and de
an annual business of approximately $2,500,000,000. Among
these are hundreds of large-scale farmers' marketing associations, several of which sell annually farm products valued at
850,000,000 or more. More than 100 associations are in
the $1,000,000 group.
Among the farmers' co-operative purchasing associations,
one organization,formed in 1918, was said to have a membership of 24,000 and to have distributed somewhat less than $8,000,000 worth of commodities in 1927. Another association,
distributed in 1926-27 commodities valued at nearly $11,000,000. Mr. Christensen went on to say:
AUG. 25 1928.]
FINANCIAL CHRONICLE
From their position in the scheme of agricultural production and marketing
the farm co-operatives deserve and have a right to expect active assistance
from the Federal Government and particularly from the Department of
Agriculture. . . . The Co-operative Marketing Act authorized the
establishment of a Division of Co-operative Marketing in the Department
and thus research, education and service to farmers' co-operative associations became a part of the statutory responsibilities of the Department of
Agriculture.
In the work of the Division of Co-operative Marketing,it Is our aim,first,
to assist in making existing associations more efficient business units;
second, to asisst by regional surveys of production and marketing practices
in the development of sound co-operative organizations, and, third, to di:.
seminate correct information regarding the possibilities and limitations of
the co-operative method of marketing farm products and purchasing farm
supplies.
Secretary Jardine, in a recent communication to the American Institute
of Co-operation, made the following statement with regard to the policy
of the Department of Agriculture."In any efforts which the co-operative
groups make to promote the soundness and efficiency of the co-operative
movement, they may be assured of the assistance and guidance of the
Federal Department of Agriculture. . . . The Department's obligation to render service to agriculture includes service to farmers' co-operative
organizations. . . . The department proposes to enlarge and strengthen
its services to co-operative associations, because by so doing it is effectively
serving the American farmer."
Plans Under Way for Collection of International Wool
Statistics.
International wool statistics seem likely to become a reality,reports George T. Willingmyre, wool marketing specialist
of the United States Department of Agriculture, who recently returned from Europe where he attended a conference
held at Paris, to consider the problem of collecting comparable
statistics on this commodity.
Delegates from the wool industries of England, France,
Belgium, Germany, Italy and Czecho-Slovakia attended the
conference and reviewed a schedule for international use in
the collection of this information. It was the recommendation of the conference says a statement issued Aug. 15 by
the Department of Agriculture that wool statistics be
made compulsory by the passage of laws within each of the
countries making it obligatory for dealers and manufacturers to report their holdings of wool on certain dates and the
quantity of wool entering into consumption. The International Wool Statistical Committee,set up by the Economic
Council of the League of Nations, also held a meeting in
Paris which was attended by representatives of the principal
wool-consuming countries of Europe. Mr. Willingmyre
while at Bradford, England, attended a conference of Australian, New Zealand and South African wool growers and
members of the British Wool Federation and the Bradford
Chamber of Commerce, which was called to dicuss difficulties
of production and manufacture, changes of fashion, &e.
He believes that meetings such as this could advantageously
be held by wool producers and manufacturers in other
countries. The Department's statement adds:
1029
quoted at the openings of staple and semi-staple clothes were in no way
deter tithed because of either—
(a) Any anticipation of lower wool prices in the near future, or
(b) Because of the existence of accumulated stocks of these fabrics.
This comment is not intended to convey a prediction as to the trend in
raw wool prices. It is made to offset the opinion which has been expressed
by a number of buyers that anticipation of lower wools influenced the pricing of staples.
A most careful inquiry on that point made both before and after the
openings of the spring staple lines eliminates that feature as a deciding
factor in the price situation.
With even more definite assurance, a statement may be made to the effect
that the stocks of staple and semi-staple Menswear fabrics on hand with the
mills on as June 30th did not exceed the requirements of this market for
40 days' supply, at the current rate of consumption.
There is no evidence whatever which substantiates the thought that any
factor has governed the revisions of staple prices made so far, excepting the
nature of the competition on the part of the minority of mills producing
those cloths.
The Institute, in surveying the situation previous to the spring openings,
brought out clearly to its members the fact that this 'group of fabrics was
the only major division in which the membership of the Institute did not
consist of more than 50% of the active looms producing those clothe.
Under the circumstances, members were advised that the situation could
only be considered from the standpoint of the individual mills.
Summary.
The new set-up of the Industry from a group fabric competitive standpoint will have a favorable effect upon the trend of conditions in the
woolen and worsted industry.
This comment is made from the viewpoint of the outlook of this industry
singly, as it would be impractical under existing conditions to attempt
to forecast the industrial situation in general, particularly this year.
The weavers may feel no apprehension from the menace of an accumulation of stock goods as reductions of 47% have made since Jan. 1st In the
low-priced fabrics, and 24% in the carry-over of last year's Womenswear,
reducing those cloths to a point where they could be absorbed on the slightest
sign of an activity in demand.
There are only very meagre current stocks on hand of Menswear mediumpriced woolens or worsteds, staples, semi-staples or fancies.
Fine woolens and worsteds are being produced only on order.
During the past six months, the utmost caution has been exercised by
the mills in working on topcoatings and overcoatings.
Perhaps at no time in the entire history of the woolen and worsted industry
has the production of Womenswear dress goods and sultings been timed
with such exact precision to meet the current demand as at present.
With prices at an irreducible minimum—
With the inactive looms in the majority of mills definitely segregated—
With costs more accurately estimated than ever before—
With declarations of price policy filed by mills representing 70% of the
looms in the industry. and
With fabric group meetings attended by the majority of leaders in each
division considering the collective figures available from a majority a the
total loomage showing the monthly production, billings and stocks of all
fabrics—
It would not seem unduly optimistic to look forward to the near future
of the woolen and worsted industry as one that would yield a reasonable
return for the capital investments at stake and the energy and Intelligence
Invested in its management.
National Raw Silk Exchange to Begin Operations
Sept. 11.
The official opening of the National Raw Silk Exchange
has been fixed for Sept. 11, it was announced on Aug. 10
by President Paolino Gerli. On the opening day trading
in raw silk futures will begin at 10:30 a. m. and continue to
At the meetings in Bradford many other matters of trade importance were 3 p. m. The
quarters of the Exchange at 58-60 Water St.,
discussed, such as sheep branding fluids that will withstand the rigors
of
atmospheric conditions and soil, and yet, after months of service as an iden- in the Grace National Bank building, are expected to be in
tification mark,remain soluble in the regular scouring solutions. A subject readiness by the first of the month.
During September the
discussed which deserves the consideration of all producers is the produconly months for future delivery of raw silk to be traded in
tion of uniform fleeces according to official standards, qualities and trade
will be the month of October and the succeeding 6 months.
requirements.
Organization of the entire wool industry in the Continental countries has There will be no
trading in the then current month of
Willingmyre.
These
Mr.
organizations
says
gone far,
include wool producers, merchants, wool pullers. commission combers, spinners, weavers and September. Copies of the by-laws and rules of the new
distributors. Problems arising in any branch of the industry are brought exchange and the by-laws and rules of the National Raw
to the attention of representatives of the different branches and free discus- Silk Exchange
Clearing Association were mailed to members
sion is invited, usually resulting in a recommendation for correction with
on Aug. 9. President Gerli announced on Aug. 7, the
the welfare of the entire industry in mind.
receipt of a cablegram from the Steam Filature and Cocoon
Conditions in Woolen and Worsted Industry Reviewed Guild of Shanghai assuring him of the guild's desire to cooperate with the Exchange. The cablegram, which was
By A. D. Whiteside of Wool Institute.
signed by Wang Chin Chen, Chairman, follows:
A. D. Whiteside, President of the Wool Institute, Inc., "The Guild
learns with pleasure that the National Raw Silk
in a review of conditions in the woolen and worsted industry, will soon be ready for trading. Should you decide to include ChinaExchange
raw silk
presents both a resume of the situation in the industry at in your trading you are assured of our hearty cooperation."
"This is only another evidence," said Mr. Gerli, "of the
the time of the organization of the Institute on Feb. 15 1928,
and the conditions on Aug. 15 1928, his remarks relative to keen interest which has been aroused throughout the world
the situation at the last named date, being in part as follows: markets of silk by the establishment of the National Raw
From a central point, where the facts are more or less accurately known Silk Exchange; an interest which is being keyed up to a
about nearly every mill, and where exact information is received as to the
plans of 70% of the industry, it is not unreasonable to suppose that a fairly great pitch of expectation now that the exchange is almost
clear idea of the new lineup in the woolen and worsted industry could be ready to function." The election of Mr. Gerli as President
visualized at this time.
of the new Exchange was noted in our issue of July 21, page
It might be well to point out again the fact that the conditions, both
336.
from a competitive and an efficiency-of-production standpoint,
in regard
to all groups of cloths, are not identical.
now
in
a
is
institute
position
to
wool
formulate
The
a fairly accurate
opinion as to the favorable or unfavorable situation from a marketing
standpoint in connection with most of the major groups of fabrics.
The information available at this time makes it reasonably safe to make
the following general comment covering the entire situation.
There is every reason to believe that the prices of the fabrics which have
been opened so far for the spring of 1929, and those which will be quoted in
the openings from now on. whether higher or lower than the corresponding
season last year, will be the lowest prices charged for identical fabrics as
long as the present level of wool prices is maintained.
It is further an opportune time to state authoritatively that the prices
Petition to President Machado of Cuba for Removal
of Sugar Restrictions.
From Havana on Aug. 23 Associated Press advices were
reported as follows:
The Cuban Government will permit an unrestricted sugar crop in
1929
if producers so desire. President Machado has decided, according
to the
newspaper El Mundo.
101
A delegation of sugar planters from Santa Clara province
called on the
President this morning and asked him to repeal the
restriction measures
as well as those permitting official intervention in the sale of the crop.
1030
FINANCIAL CHRONICLE
The President said that as the measures had been promulgated at the
petition of the planters their opinion would likewise prevail if there were a
concerted demand for repeal.
Last night's (Aug. 24) "Wall Street Journal" announced
the following from Havana:
Commissions representing American and Cuban sugar interests interviewed President Machado separately on Thursday. Their petitions
asked that there be no restriction on the next sugar crop and that the Cuban
Sugar Export Corp., in charge of sales of sugar to other countries than the
United States be dissolved.
Representatives of the producers stated after the interview that President Machado had declared there would be no restriction of the next crop
unless the majority of planters ask for it. There is no indication, however that the Export Corp. will be dissolved.
Practically all the important American producing companies signed
the petition, including companies that had formerly favored both crop restriction and the Export Corp. Among the companies signing the petition
were: Cuba Cane, Punta Alegre, American Sugar, United Fruit, Cuban
Dominican Sugar, Cuban American, the National City Bank interests
and Antilla Sugar.
Sugar Exports from Cuba Exempted from Tax.
According to Havana advices Aug. 21 a decree has been
signed exempting sugar shipped from Cuba before Oct. 15
from the 3% tax on gross receipts on maritime freight imposed by Congress last July.
[Vou 127.
State Commissioner of Agriculture, Monday asked the Federal Trade
Commission to make an investigation.
Talmadge's request followed publication of figures by his Department
today showing that to date the 1928 season in Georgia has seen sales of
28,089,810 pounds at an average price of $13.56 per hundred, a decrease of
31.6% over the average price for the same period last year.
"The only explanation so far offered for this state of affairs," said Talmadge in his letter to the trade Commission, "is the estimated increase
in the crop this year as compared with 1927. I have taken occasion this
morning to carefully compare the figures issued by the United States census
bureau and other crop reporting agencies. and find that the estimated increase in yields of bright tobacco for Georgia. South Carolina, North Carolina, South Carolina, North Carolina and Virginia, which covers the entire
bright tobacco belt, is only 4% over 1927, while the decrease in price
is 31.6%.
"The average price in Goergia last year was actually 17.7% under the
average price paid for the four states mentioned, thus the price being Paid
in Georgia today Is more than 40% decrease over the average price for the
entire belt last year.
"From this it would seem that Georgia farmers certainly are being discriminated against and I respectfully urge that your Commission start a
thorough investigation at the earliest possible moment, as the sales season
will not last more than three or four weeks longer, and it is, therefore, very
important that whatever is done must be done quickly.
"I have every reason to believe that there has been collusion on the part
of tobacco interests to unduly depress prices in Georgia in violation of the
Sherman anti-trust law."
Talmadge estimated that in a great many instances the prices now being
at Georgia tobacco markets will fall to defray the actual cost of the marketing.
Joint resolutions asking that Commissioner Talmadge
Cuba's Recognition of Nanking Administration—
Possibility of Creating Sugar Market in China.
withdraw his request to the Federal Trade Commission for
an investigation of Georgia tobacco prices were unanimously
Associated Press advices from Havana Aug. 17 stated:
Opportunitity to create a market in China for Cuban sugar Is seen here adopted at
Douglas, Ga., on Aug. 14 by the Chamber of
Government
in
giving
Cuban
full
recognition
action
of
the
yesterday's
in
to the National Administration at Nanking. The Department of State Commerce and the Kiwanis club, according to associated
followed this up by stating to-day that it would take immediate steps Press advices which stated:
trade treaty with China. The Far East has long been sought
to close a
as an outlet for Cuba's surplus sugar.
Hawaii Produces Record Sugar Crop.
Hawaiian sugar production for the year ending Sept. 30
1927 is reported to the Department of Agriculture to be
811,333 short tons, which is the largest crop so far produced
on the islands. The next largest, which was produced the
preceding year, amounted to 787,246 short tons. More than
124,500 acres were required to produce the 1927 crop. Nearly the same acreage was used for the 1917 and 1922 crops
but the yield per acre in both of those years was less than
43 tons of cane as compared with 56 tons last year. The
average out-turn of sugar per ton of cane last season was
only 232 pounds, which is 8 pounds below the previous fiveyear average.
Suit for Receiver of Subsidiary of Burley Tobacco
Grower's Co-operative Association.
From the Louisville "Courier-Journal" we take the following Carrollton, Ky., advices, Aug. 15:
Suit for receivership for the Northern District Warehousing Corp..
subsidiary of the Burley Tobacco Growers' Co-operative Association was
filed Aug. 10 in Circuit Court at Owenton It was learned here to-day.
The suit was filed by W. A Lee, Owenton, for ten stockholders in the
corporation, among them Estill Ayers, and J. M. Smith, Sparta; Kelly
Cobb, Roy Cobb and Vanden Cobb, Owenton, and .1. A. Lee, Glencoe.
The petition alleges the corporation has issued, without authority of
stockholders, bonds totaling 5274.000 and bearing 5% interest to the
Burley Tobacco Growers' Co-operative Association in payment of a debt
alleged due the association.
Business Has Ceased, Claim.
It also charges the business of the corporation has ceased and that the
property, consisting of a number of warehouses in Owen, Carroll, Gallatin,
Grant, Boone and other counties in the district, as well as redrying plants,
are depreciating and nothing is being done to preserve them.
Directors of the corporation met here to-day but refused to make any
statement of action taken. They will meet here again Saturday.
Recently the directors called for bids for rental of the corporation property
here, but refused them when one of $10,500 for the five warehouses here
was the highest offer made. It then was announced the corporation would
operate the floors here this year as it did last.
June W. Gayle, Owen County, then offered $15,000 for lease during the
1928 season of the five houses and the redrying plant, but it was refused.
Operates Boors Houses
The corporation was formed to operate tobacco warehouse acquired in
this district by the Burley Tobacco Growers' Co-operative Association and
stock in the corporation was distributed to former members of the pool
when a sufficient number of tobacco growers failed to sign contracts to
continue operation of the association when they were submitted a year ago
at the expiration of the old contract.
Mr. Gayle and Forest Butcher, Carroll County, also are said to be
parties in the suit.
the
The Judge of the Owen Circuit Court promised he would consider
case immediately, as court is in vacation, and hand down his decision as
soon as possible.
State Commissioner of Agriculture Seeks Federal Investigation Into Georgia Tobacco Prices—Withdrawal of Request Asked by Douglas (Georgia
Chamber of Commerce).
The following Associated Press advices are from the
Atlanta "Constitution" of Aug. 14:
Asserting his belief that there has been collusion on the part of tobacco
interests to depress prices on Georgia markets this season,Eugene Talmadge,
The resolutions declared the Commissioner of Agriculture's action "inopportune" and "111 advised" and added that it was the belief of persons
here conversant with market conditions that such a probe would react
to the detriment of the market, rather than its improvement.
Speakers at the meeting said that while prices were low it was due mainly
to the "inferior grade" of the weed and overproduction, pointing to the
carry-over figures on bright leaf to substantiate their claims.
Congressman Edwards of Georgia Petitions Secretary
of Agriculture to Investigate Georgia Tobacco
Market,
Congressman Edwards, of Georgia wired United States
Secretary of Agriculture Jardine on Aug. 14 asking for a
probe of the tobacco market situation in Georgia. Savannah
Associated Press advices state:
The Congressman said his action was prompted by "rumors and suspicions of collusion between tobacco buyers and the trust."
Tobacco prices on the Georgia markets have been very low and farmers
have suffered losses, said Mr.Edwards. He asked the Agricultural Depart.
ment to work out a fairer method of marketing.
Eugene Talmadge, Georgia Commissioner of Agriculture, who last night
asked the Federal Trade Commission to investigate the tobacco sales situation, was advised of Mr. Edwards' action and was asked to co-operate with
the Government in an endeavor to establish a better marketing plan.
NationalMetal Exchange to Begin About Oct. 1—
Applications for Membership Exceed Number
Available.
According to an announcement on Aug. 11 by President
Vogelsang, the newly organized National Metal Exchange,
which will succeed the New York Metal Exchange, will
be ready for business about Oct. 1. Trading on the New
York Metal Exchange will come to an end before the National
Metal Exchange opens. President Vogelsang also announced
on Aug. 11 that applications for membership in the National
Metal Exchange have been received in excess of the number
available for public offering.
He announced that "there are only 128 memberships
to be filled and we are exercising great care in the selection
of applicants." The first election of new members of the
exchange was held Aug. 15. Fifty new members, including
representatives of a number of leading New York Stock
Exchange houses, were elected at the meeting. The directors
of the National Metal Exchange have since approved the
election of 43 new additional members.
Petroleum and Its Products—Kerosene Higher—
Gasoline Firm.
Higher prices for kerosene at Philadelphia, New York
and Chicago furnished the only actual changes in the tank
car market position of the refined products of petroleum
the. past week. Atlantic Refining Company August 22
advanced tank ear kerosene 4
3 c. to 83.0. a gallon, f.o.b.
Philadelphia. On August 23, Sinclair Refining Company
announced a lc. advance on kerosene in tank car lots to
83.ic. at New York, Philadelphia, Portsmouth, Va., Charleston, S. C., and Tiverton, R. I. The market was advanced
lc. to 8%c. at Jacksonville and Tampa. Standard Oil
Company of New Jersey the same day advanced its price Yic.
to 83.c. at Bayonne. Other refiners who had been quoting
AUG. 25 1928.]
FINANCIAL CHRONICLE
1031
Crude Oil Output in the United States Higher.
Sc. advanced Mc. to 83'e.in following the Standard advance.
Gasoline was firm at principal refinery points during the
The American Petroleum Institute estimates that the daily
week. Unfavorable weather retarded consumption in the average gross crude oil production in the United States for
East, and the expected tankcar advance failed to material- the week ended Aug. 18 1928 was 2,444,500 barrels as comize. In Group 3 territory, prices were steady, but demand pared with 2,389,200 barrels for the preceding week, an
had fallen off a little.
increase of 55,300 barrels. Compared with the output of
Chicago kerosene showed a strong upward move for the 2,518,400 barrels per day in the week ended Aug. 20 1927,
week. The market opened the week at 6c. to 634c., and the current figure shows a decrease of 73,500 barrels per day.
on August 21 advanced Mc. to 63/2c. to 63.c. On August The daily average production east of California was 1,809,100
23 a further advance of Mo. occured, to 63/2c. a gallon, barrels, as compared with 1,752,500 barrels, an increase of
which figures prevalied on August 24. Gasoline at Chicago 56,600 barrels. The following are estimates of daily average
4c. to gross production by districts for the weeks ended Aug. 18,
was steady and unchanged througout the week at 9%
93/80. for U. S. Motor Fuel Oil was firm and unchanged at Aug. 11 1928 and Aug. 20 1927.
623/ic. to 65c. a barrel for 24-26 gravity oil.
DAILY AVERAGE PRODUCTION.
Aug.18'28. Aug. 11'28. Aug. 4'28. Aug.20'27.
There were only two changes in the tankwagon basis re- (In barrels.)
817,050
592,150
604,600
661,450
ported during the week. The first was an advance of lc. a Oklahoma
104.600
103,000
102,750
102,350
Kansas
99.850
63,750
61,700
63.150
Texas
gallon on tankwagon and service station gasoline August 20 Panhandle
86.050
94,85092,550
93,850
North Texas
55.700
67,300
55,450
55,450
bringM.,
N.
at
Company
Albuquerque,
West
Oil
Texas
Central
by Continental
163.100
351.550
333,600
343,950
West Texas
21,150
32.050
21,100
20.900
ing the market to 22e. tankwagon and 25e. service station. East Central Texas
25,350
31,600
25,650
25,250
Texas
Standard Oil Company of Ohio on August 24 announced an Southwest
41.000
56.550
40,500
40,200
North Louisiana
104.550
87,500
87,900
87,450
Arkansas
on
lc.
of
gasoline
25,
19c.
to
increase effective August
123,950
105.300
106.450
105,550
Coastal Texas
28,200
14,700
24,150
24,700
tankwagon and 20c. service station.
Coastal Louisiana
115,000
113,500
113.000
113,500
Phillips Petroleum Company announced August 22 that it Eastern
60,300
54.050
59,750
50,750
Wyoming
16,850
10.050
10,100
10.100
Montana
had closed contracts to supply aviation gasoline to the Colorado
6.850
8.250
8.000
7,500
2,700
2,850
2,950
3,000
Boeing Air Transport, Inc., Robertson Aircraft Corpora- New Mexico
642,000
621.600
636,700
635,400
California
tion, Western Air Express, and National Parks Airways.
2,444,500 2,389,200 2.404,150 2,518,400
Chestnut & Smith Corporation have organized Naturaline Total
The estimated daily average gross production of the Mid-Continent field
to
aviation
market
subsidiary,
a
America,
of
Corporation
'including Oklahoma, Kansas. Panhandle, North, West Central. West.
East Central and Southwest Texas, North Louisiana and Arkansas, for
gasoline.
week ended Aug. 18 was 1.494,000 barrels, as compared with 1,428.100
Export gasoline trading was quiet. U. S. Navy gasoline the
barrels for the preceding week, an increase of 65.900 barrels. The Midin bulk was Mc. lower at 10340. at Gulf Ports. Bulk kero- Continent production. excluding Smackover, Arkansas heavy oil. was
4c. for 1.436.800 barrels, as compared with 1,370,300 barrels, an increase of
sene for export was Mc. higher at the Gulf at 63
66.500 barrels.
prime white and 73/2c. for water white.
The production figures of certain pools in the various districts for the
Prices on motor gasoline at principal points as of Aug. 24 current week, compared with the previous week follow. (Figures in
/0.; California, nic.; barrels of 42 gallons.):
follow: New York, 11%c.; Group 3, 93
Aug.18 Aug.11
Aug.18 Aug.11
Boston (delivered), 133/2o.; Tiverton, R. I., 12Mc.; Chelsea, OklahomaNorth Louisiana5,590 5,950
13,050 13.100 Hagnesyllle
123c.; Providence (delivered), 133/20.; Philadelphia, 12c.; Tonkawa
6,850 6,850
29,050 29,000 Urania
Burbank
Arkansas20,750 20,950
Marcus Hook, Norfolk, Carteret, Baltimore and Ports- Bristow Slick
7,400 7.550
9.250 9,450 Smackover. light
Cromwell
mouth, 113%c.; Jacksonville and Tampa, 110.; Houston and Seminole
57.200 57,800
48,800 50,200 Smackover. heavy
12.950
13,250
Champagnolle
55,950
54,800
Bowlegs
navy,
York,
New
were:
prices
New Orleans, 103/2c. Export
Coastal Texas13,350 12.850
searight
7,950 8,150
90,950 45,300 West Columbia
Little River
cases, 26.90.; bulk, 120.; 61-63 degrees, 13c.; 64.66 degrees, Earlsboro
10,150 10,500
79.750 77,250 Pierce Junction
13,300 11,800
63,550 50,600 Hull
133/2e.; 66-68 degrees, 163/2e.; Gulf ports, navy, 103'c.; Bt. Louis
38,600 37,700
Spindletop
21,400
Dome
21,450
Allen
60-62 degrees, 113/2c.; 64-66 degrees, 123'ie.
Coastal LouisianaPanhandle Texas4,400 4,450
County ____ 34,500 33,300 Vinton
Other principal refined products at New York as of Hutchinson
4,650 4,050
6,700 6,700 East IlackberrY
Carson County
4,100 3,950
tankgasoline,
Lake
18c.;
Sweet
20,200
Tank-wagon
20,500
Gray County
Aug. 24 were as follows:
3,400 3.400
County
700
950 Sulphur Dome
wagon kerosene, 15c.; gas oil, 32-36, Sc.; Diesel oil, $2 a Wheeler
WyomingNorth Texas30,000 38,100
35.000 36.000 Salt Creek
Wilbarger
barrel; bunker C fuel, $1.05 a barrel; furnace, oil, delivered, Archer
20,200 20,350
County
MontanaWest Central Texasbe.; f. o. b. refinery, 6c.; kerosene, water white, 83/2e.
8,300 8.300
10,550 10,650 Sunburst
Shackelford County
Steady markets prevailed for crude. Although refinery Brown County
11,950 12,100
CaliforniaWest Texaswas
believed
that
up
it
rate,
opening
high
a
at
runs were
38,000 38.000
18,200 18,300 Santa Fe Springs
Reagan County
192,000 194,000
68,700 67,750 Long Beach
County
of the Little River pool in the Seminole area would afford Pecos
52,500 52,000
Crane dc Upton Cos_ _ _ 61,300 62.600 Huntington Beach
17,700 17,700
177.000 170,250 Torrance
an adequate supply of sweet crude and obviate the necessity Winkler County
11,000 11,000
East Central TexasDominguez.-for another advance in posted prices on high gravity oil Corsicana Powell
6,000 6,000
10,400 10,500 Rosecrans
1,000 1,000 Inglewood
29.700 29.700
Creek
The St. Louis pool, nine miles from the Little River field, Nigger
74,500 74,500
Southwest TWA,
Midway-Sunset
52,500 53,000
13,250 13,500 Ventura Ave
Luling
is now up to 63,000 barrels daily, with further expansion Laredo
8.700 8.800 Seal Beach
31,000 31,500
District
looked for. This field has no pro-rating agreement, as yet.
Oil operators met in Tulsa during the week and tent- Looks for Further Advances in Gasoline and Petroleum.
tively agreed to control flush production, the plan being
Because of the very tight situation in gasoline, further
to limit the entire State to 700,000 barrels daily. It is advances in refinery prices may be expected, is the opinion
day.
a
The
barrels
new
plan
665,000
virtunow producing
expressed by Fenner & Beane, members New York Stock
ally means extending shutdown agreements which have
Exchange, in a report on the outlook for the petroleum inthe
entire
to
State,
Seminole
limiting
at
the
effect
in
been
oil has been one of the
its
in
basis
proportion to total dustry. "Overproduction of crude
flow of each pool on a pro rata
statement. "In the
the
says
points
industry"
the
weak
of
flush yield, which will be determined by permitting open
spring of this year it appeared menacing, but It has
early
unit.
each
from
hours
flow for 24
now been brought under control to a satisfactory extent.
Refiners in Pennsylvania were looking for another adAs a result, storage stocks of crude oil, which had become
reported
restricting
were
future
and
sales
crude
in
vance
are not being increased this summer. On the
burdensome,
costs.
refining
Tank farm and
in anticipation of higher
contrary
there
had been some slight withdrawal from storage.
pipe line gross domestic crude oil stocks east of the Rockies Last winter refiners exercised restraint in manufacturing in
to
according
the
July,
in
barrels
American
decreased 749,000
preparation for the 1928 spring and summer demand. The
Petroleum Institute.
result has been extensive drafts on gasoline storage.
Oil
Standard
of
of
President
Co.
New
Teagle,
C.
Walter
"In spite of the small price advances in crude and the
Jersey was quoted from London on his recent meeting with large advances in gasoline, increases in the retail price
of
of
director
the
Royal
Dutchmanaging
Deterding,
Henri
Sir
few and unimportant. Profit margins
gasoline
been
have
Anglochairman
of
Cadman,
Shell group and Sir John
have not suffered, however, since quantity discount allowPersian Oil Co. Ltd., as follows;"Opportunity was naturally ances and other trade concessions have been
eliminated.
among
oil
industry,
the
of
problems
taken to freely discuss
Additional profits to the industry have therefore been efwhich restriction bulked largely in conversations as of par- fected by economies in distribution rather than by
increases
amount importance to the industry to-day. No definite in the cost to the public." The report continues as
follows:
the current production remains under control there will be
scheme of restriction was formulated as this would need
no occain
industry
oil
order
world
sion for a decline in crude prices next winter. In fact, an
the
throughout
action
concerted
additional adis
vance
if
possible
not
do
operatOrs
misinterpret
the
three
groups
reprethe
July
to
advance and
to be effective and not confined
increase their output excessively. Successful pro-ration
depends on withsented." American oil companies have been seeking Royal drawing from underground oil reserves only such amounts as the market
Dutch-Shell co-operation in curtailing Venezuelan output. can take at a fair price level. These amounts can be revised frequently
1032
FINANCIAL CHRONICLE
either way. The large supply available makes for stability and pro-ration
properly managed will allow a fair profit.
"Curtailment of refinery runs, when the peak-load of summer demand
is passed, will keep inventories down and avoid the necessity of breaking
refined oil prices by dumping on an unwilling market. The restraint practiced last winter was conspicuously successful and its lesson will, in all
probably, be followed this coming winter.
"Further economies in distribution are still possible. The margin between the refinery price and the filling station prices can be further reduced with distribution profit maintained by improved efficiency in retailing.
"Following such a program, and the oil industry has every incentive to
follow it. the best managed companies In the most favorable positions face
a prolonged period of satisfactory earninga."
[vol.. 127.
1. Absolute guarantee of private property rights when legitimately
acquired.
2. Clear definition of the nation's rights on oil-bearing subsoils in public
and private lands, as well as on other tydrocarbon subsoils declared by law
to be national property, in order to avoid through legal action the exploitation of the nation's property as if it were private property. The manifesto
urges quick action in order to obtain the desired result.
J. Precise and definite regulation covering exploratin of oil lands.
4. Organization of mixed companies in which the nation and private
capital—both Colombian and foreign—would be interested, for the ex- .
ploitation of oil lands belonging to the nation, as well as for the refining
and marketing of the oil and the construction and exploitation of public
pipe lines.
5. Regulations covering the national oil reserves whose exploitation the
country would not consider convenient at the present time.
W. C. Teagle In Statement Regarding Visit to Scotland
Oklahoma Oil Proposal Involves Many Factors—ComSays No Definite Scheme of Restriction of Oil
panies to Study Effect of State-Wide Proration
Was Formulated.
Before Agreement on Co-operation.
It was announced in press cablegrams from abroad Aug.
From the "Wall Street Journal" of Aug. 24 we take the 22 that Walter Clark Teagle, President of the Standard
following:
Jersey, had returned to London from
Proposal to limit crude oil production in Oklahoma to 700,000 barrels Oil Company of New
daily, presented at a meeting of operators in Tulsa on Tuesday (Aug. 21', Scotland where he was the guest of Sir Henri W. A. DeterIs the result of the unexpectedly large yield of the Little River extension pool ding, general managing director of the Royal Dutch Comand growing size of the nearby St. Louis pool. These two areas were repany, together with Sir John Cadman, chairman of the
sponsible for virtually all of the 55,000-barrel gain in daily light oil producAnglo-Persian Oil Company, Ltd. The accounts quoted
tion last week.
•
The proposed limitation has not reached a stage to indicate it will be Mr. Teagle as saying:
carried Girt,. It is sponsored, according to reports received in New York
by oil companies, by Umpire Collins of the Seminole area and members of
the shutdown committee, who have been active for several months in holding back production in new areas.
Reports received by oil company executives from their representatives
who attended the meeting are to the effect that about 20 operators were
present when the plan was outlined: that 11 of these signified their approval
of the project, two were opposed to it and others did not vote. While
most of the larger units were represented at the gathering, some were not
present. A great many of the small producers, of course, were not in attendance as there are hundreds of producing companies and individuals
In the State.
As at present constituted the plan is in the form of having been outlined
to various companies or their representatives. The latter will report back
to their home offices to give the matter consideration before any action will
be taken. Inasmuch as the plan is Statewide instead of limited to the area
in and around Seminole as heretofore, serious consideration will be required
because of the numerous factors involved. This is true not only of companies with large production but also those which have, in addition, large
pipe line operations. Study will be required to learn what effect the proposed limitation will have on their pipe line runs in the flush districts which
will be affected most.
There are few who question that something should be done to prevent
a new flood of light oil in Oklahoma at a time when prices are improving,
but, what is more important, at a had time of the year seasonally for any
large addition to the crude oil supply.
Oklahoma is now yielding 665,000 barrels of crude oil daily after having
dropped to around 580,000 early in July. Little River has added 60,000
barrels a day since producing limitation was changed on Aug. 15 and promises still further gain while wells drilling in St. Louis indicate that the pool
will substantially increase in production above the 63,000-barrel mark it
Is now hitting. As a result of Little River opening up and some addition
in yield at Earlsboro, the Seminole pool has increased its production from the
low of 235.000 barrels on Aug. 2 to 318,000 at present.
No special significance must be attached to the meeting of heads of three
major oil companies. Opportunity was naturally taken to discuss oil problems, among which restriction of output bulked largely. No definite
scheme of restriction was formulated. Little attention was given to disCussing the Turkish Petroleum Co.. for which many years must elapse
before it reaches the productive stage.
Reports of a world conference on oil were noted in our
issue of Aug. 18, page 891. A Central News cablegram
from London Aug. 22 was published as follows in the "Wall
Street News":
The "Financial Times" says in regard to the current reports of world
conferences on oil control and stabilization: "It is understood that no general step has been taken in the matter, but that there has been informal
discussion with American producers who co-operated voluntarily in a
curtailment of the output. It is felt that producers in other fields, particularly Venezuela, should exhibit an equal readiness to co-operate."
Rumania May Relax Oil Restriction.
Central News advices from London Aug. 21 to the New
York News Bureau stated:
The "Times," commenting on the Schroder-Rumanian government
agreement regarding a portion of the 41 % loan of 1913 and other conventions with Continental interests respecting the prevar loans, hopes
that the progress made by Rumania in adjusting relations with foreign lenders may induce a more sympathetic attitude toward the oil companies.
Those interests are now precluded by the adverse mining law from obtaining fresh concessions.
Market for Steel Gaining in Breadth—Price Situation
is Firmer.
The iron and steel market shows evidences of growing
At the request of oil operators, the Oklahonsa Corporation Commission, strength in virtually all products, from finished steel to semiat a meeting yesterday agreed to hold hearings on a proposal to limit the
crude oil production of the State to 700,000 barrels daily. Current pro- finished products and primary materials, states the "Iron
duction is approximately 667.000 barrels daily, of which the Seminole and Age" of Aug. 23, in its market review: Pig iron prices, which
St. Louis areas are producing almost 400,000 barrels daily. The consensus have been on
a downward trend since the middle of March,
among operators is that limiting producion to 700,000 barrels a day would
be ineffective and practically of no benefit. They believe that any restric- are stiffening, notably in the Central West. Cleveland protion program to be effective must limit production of the State at some ducers have raised prices 50 cents a ton on foundry iron for
figure between 500,000 and 600,000 barrels daily. The outcome of the shipment
to outlying districts, and an advance by Chicago
hearing is problematical.
We also quote the following Associated Press accounts furnaces is expected shortly continues the "Iron Age," which
is further quoted:
from Oklahoma City Aug. 23:
The "Wall Street News" in advices from Tulsa (Okla.)
Aug. 22 stated:
In the Valleys, prices on both basic and foundry iron are firmer and inquiries have been Issued by four large melters. Steel companies that ordinarily market surplus iron are no longer seeking business, and one steel
interest,finding its own pig iron output short of its requirements,is regarded
as a probable buyer. A factor contributing to the revival of interest in
basic iron is the recent sharp advance in scrap and its continued scarcity
at higher levels.
Sales of merchant pig iron by Cleveland producers totaled 63,000 tons.
following bookings of 84.000 tons in the previous week, and Chicago furnaces sold 50,000 tons. Several Central Western stacks are so well booked
that they are out of the market for the rest of the year. Two merchant
Mexican Oil Taxes Cut.
furnaces have been blown in, one at Dubois, Pa., and another at Buffalo,
while the lighting of a stack at Chicago is an early possibility.
The "Wall Street Journal" of Aug. 18 stated:
Price strength extends to furnace coke at Connellsville, which has been
Mexican oil production taxes for August are 0.378 cent to 1.129 cents a
on
favorably affected by a second draft on the spot supply of beehive fuel by a
barrel under July rates. On light crude the tax is 13.99 cents a barrel,
cents.
oil
12.48
steel producer.
heavy crude 8.74 cents and on fuel
Steel production continues at close to 85% of capacity in the Greater
Combined production and export taxes are correspondingly reduced,
and
on
13.668
Cents
heavy
crude
cents,
on
Pittsburgh
21.938
district and at a 75% rate at Chicago. The average for all Steel
being
crude
on
light
rate
Corporation subsidiaries is 77%. New business Is light in all products exfuel oil 18.84 cents a barrel.
Harbor
York
cept pipe, but this is not surprising, since consumers are well covered for
Reduction in taxes is due to lower prices for fuel oil in New
on which the value of Mexican crude and fuel oils for taxation purposes is this quarter. Measured by specifications against contracts, the market
is
August
in
for
fuel
oil
113 active. Shipping orders for bars and sheets are particularly heavy.
Government
Mexican
based. Value fixed by
and releases of hot and cold-rolled strip steel leave little to be desired.
$1.2496 a barrel, compared with $1.303 for July.
The sustained volume of mid-season activity has given producers increasing confidence. Most producers of sheets, including the leading inColombia Calls For Oil Laws to Guard Rights—Presi- terest, have adopted the advances for fourth quarter recently announced.
dent's Manifesto Asks Definite Legislation and and virtually all sheet and strip mills have reduced the discount for cash
payment to one-half of 1%. In addition, sheet mills at Chicago are adding
Urges Further Credit.
an extra of 10c. Per 100 lb. for orders of less than 100 tons.
the
prints
-Tribune"
"Herald
the
Bookings of the American Shoat & Tin Plate Co. were the largest for
Under the above head
any week since late In 1925, and independent sheet producers appear to
following from Bogota, Colombia Aug. 23:
have done correspondingly as well. Whether heavy specifying can be atThe necessity of social defense legislation against communism; of a defitributed to the lower discount, which becomes effective Oct. 1, or to the
nite oil legislation and of further foreign loans to carry out the program of
clause in third quarter contracts cancelling tonnage not released by Sept. 10
public works construction is emphasized in a manifesto issued to-day by
Is not clear. Indeed, the Pittsburgh view is that neither of these factors
President Dr. Abadia Mendez and his Cabinet.
Is an important influence. Little evidence that consumers are stocking Is
The manifesto also urges a balanced budget and a comprehensive public
and current activity is ascribed to an unusually well-amaintained rate
works program. Regarding oil legislation, the manifesto says it should seen,
of consumption.
cover the following basic points:
Application for an order extending to all oil fields in Oklahoma the curtailment program effective in the Seminole field was filed with the State
Corporation Commission to-day by Ray M.Collins. umpire of the Seminole
field.
Collins acted for Seminole field operators, who at a recent meeting
voted to ask the Commission to limit the total daily oil production in the
State to 700,000 barrels.
The Commission set hearing on the petition for Sept. 6 at Tulsa.
AUG. 25 1928.]
FINANCIAL CHRONICLE
That there will be general insistence on the Sept. 10 clause (which has
been inserted in third quarter contracts for bars, plates and shapes, as well
as for sheets) is indicated by current reports. Buyers who have specified
their September quotas with instructions to ship in the last week of that
month have met with refusals. The mills propose to ship at their convenience on or after Sept. 10 to protect themselves from the customary
carryover tonnage that has resulted from heavy shipping orders in the
dosing week of a quarter.
Price advances have been announced in cold-rolled strips and sheet bars.
The latter product has been raised $1 a ton to $33. Youngstown, by a
Valley maker, for fourth quarter delivery, and a leading producer of coldrolled strips has announced an advance, effective immediately, of $2 to $4
a ton above recently prevailing prices. Ground shafting was marked
up $2 a ton, effective Aug. 13.
Pending tests of prices announced for fourth quarter, the growing strength
of the current market is attested by bids on 25.000 tons of plates, shapes and
bars for the Pennsylvania RR., which brought out minimum quotations
of 1.90c. from Pittsburgh and Ohio mills and 2.10c. from Chicago district
producers.
An order for 37,000 tons of I8-in, pipe has been placed for a gas line to
run from Fowler, La., to Memphis, Tenn. For an oil line from Oklahoma
to Whiting, Ind., for the Sinclair Pipe Line Co., 42,000 tons of 8. 10 and
12-in, pipe will be required.
Structural steel contracts amounting to 53,000 tons include 20,000 tons
for a Brooklyn department store and 10,500 tons for Mississippi River
barges. At Oakland, Cal., bids are in on 7,200 tons of fabricated steel pipe
for water mains; alternate bids were taken on 22.000 tons of cast iron pipe.
Unfilled orders of independent sheet mills on Aug. 1 were 550,468 tons.
or nearly double the shipments of 278,310 tons in July. The gain in sheet
sales in July was 14,455 tons over June, while production fell off 40,000
tons. Sales for the month exceeded shipments by 57,047 tons.
The "Iron Age" composite prices remain unchanged. That for finished
steel is 2.348c. a lb. for the third week and that for pig iron $17.04 a gross
ton for the fifth week, as the following table shows:
Finished Steel.
Aug. 21 1928, 2.3480. a Lb.
2.348e.
One week ago
2.319e.
One month ago
2.367e.
One year ago
1 6890.
10-year pre-war average
Based on steel bars, beams.tank plates,
wire, rails, black pipe and black sheets.
oonstituting 47% of the United States
output of finished steel.
Low.
High.
1928..2.364c. Feb. 14 2.314c. Jan. 3
1927_2.453c. Jan. 4 2.2930. Oct. 25
1926_2.453c. Jan. 5 2.4030. May 18
1925..2.560c. Jan. 6 2.3960. Aug. 18
1924...2.789c. Jan. 15 2.4600. Oct. 14
1923_2-824o. Apr. 24 2.446c. Jan. 2
Pig Iron.
Aug. 21 1928, $17.04•Gross Ton.
One week ago
$17.04
One month ago
17.04
One year ago
18.13
10-year pre-war average
15.72
Based on average of baste iron at Valley
furnace and foundry irons at Chicago.
Philadelphia, Buffalo, Valley and Birmingham.
High.
Low.
1928__$17.75 Feb 14 $17.04 July 24
1927_ 19.71 Jan 4 17.54 Nov. 1
1928._ 21.54 Jan. 5 19.45 July 13
1925__ 22.50 Jan. 13 18.96 July 7
1924- 22.88 Feb. 26 19.21 Nov. 3
1923_ 30.86 Mar.20 20.77 Nov.20
1033
the best in several years. Private buying is holding up well. A contract
for 10,000 tons of cast iron pipe for the Buenos Aires waterworks was closed
with a British maker. Two western roads placed a total of 15.000 tons of
rails and 7,500 tons of track fastenings. August rail specifications are
about equal to those of July. An award of 500 gondola car bodies for the
Chesapeake & Ohio is a feature of the eastern market, making this month's
total of domestic freight car awards larger than July's.
Steel production in the Pittsburgh district this week is up about two more
points this week, to an average of close to 80% with a slightly higher tendency despite hot weather. Carnegie Steel Co. is at approximately 80%
Bethlehem Steel slightly over 80% and Jones & Laughlin at 75 and 80%.
A slight increase is reported in sheet mill operations in the Youngstown
district. Chicago mill operations average around 75%.
"Iron Trade Review's" composite of 14 leading iron and steel products
is up 12 cents this week to $35.01, which compares with an average of334.91
for July and $36.25 August, 1927.
Ohio Miners Accept Scale-Work to Resume at 14 Mines
As Result of New Agreement Effective Until 1930.
The following United Press advices from Columbus appeared in the "Wall Street Journal" of last night (Aug. 24):
Between 3,000 and 3,500 miners are expected to return to work in 14
mines Sept. 1 as a result of the agreement between the Central Ohio Coal
Operators Association and the union mine workers calling for a $5 wage
scale and 70 cents per ton for cutting and loading.
The agreement, which will be in effect until March 1 1930, was reached
late Thursday after more than a week of conferences between operators
and union officials.
A competitive clause, which would have permitted the operators to
compete with prices paid in non-union fields, was not included. The competitive clause was opposed by union representatives.
Although only 14 mines are affected by the agreement-which will bring
to an end 17 months of idleness-hope was expressed by both union officials
and operators that the scale would be extended to other mines.
Under the new pact a Joint committee of three miners and three operators was created to study conditions existing in Ohio and adjoining states
with relation to a joint conference of miners and operators before Mar. 1.
1930, when the new agreement ends. The joint committee is scheduled to
meet in November and study conditions until the second week in February.
Pittsburgh Mine Owners Ignore Union Invitations to
Negotiate Wage Agreements.
Through their refusal to accept an invitation to participate in the wage conference with local representatives of the
Mine Workers of America, Pittsburgh district coal
demand,
greatly
Iron and steel
accelerated in recent United
weeks, shows no signs of diminishing. On the contrary, good operators have indicated that they will continue to ignore
special dispatch to the "Journal of Commerce"
as the market is at present, the brightest part of the picture is the union. A
which
we
quote, added:
from
the assurance of sustained and broadening activity says the
This much was learned in a canvass of coal company officials here after
"Iron Trade Review" in its weekly summary of the iron and they had received invitations sent out by union heads.
Fourteen officials of local coal companies stated that they are not intersteel industry. Buying of all classes of steel continues heavy,
in the coming conference which P. T. Fagan, President of District
and while the automotive industry has been one of the chief ested
No. 5 of United Mine Workers, proposed. Fagan sent out invitations to
mainstays of the market, a wider range of interest is ap- thirty-one operators, expressing a desire to negotiate a new wage scale to
parent. The stronger tone of the market is largely responsible replace the abandoned Jacksonville scale.
said he was desirous of bringing operators and union men together
for an unusually heavy run of specifications on this quarter's forFagan
an earnest effort to stabilize conditions in the coal industry here. He
contracts. Some manufacturers in the Middle West have stated his invitation was issued by authority granted by the policy comalready placed fourth quarter requirements at the higher mittee of the national organization in conformity with resolutions adopted
that committee in Indianapolis last month.,
prices for that period. The tendency of prices of pig iron, as byThe
operatori here are of the opinion that they have done without the
well as finished steel, is toward higher levels, and this dis- union for many months and are working their mines, in many cases, under
conditions. At this time they see no need of changing their
shop
open
play of strength has not retarded the movement, adds the
operating cmditions.
"Review" continuing:
Pig iron buying continues active in the Middle West, and is broadening
Decline in Wages and Employment in Pennsylvania
in the New England territory. Cleveland furnace interests added 63,000
Anthracite Collieries.
tons to their bookings in the past week, bringing their total of the past four
weeks' buying movement to 245,000 tons. The past week's sales were the
Latest reports from representative anthracite collieries in
best of the summer for several sellers in the Chicago district; all makers
Pennsylvania show a heavy decline in employment and paythere report August business ahead of that of the month in 1927. Furnace
stocks show more evidence of depletion. An advance of 50 cents by Cleve- rolls from June to July. According to index numbers preland furnaces for outside shipment was followed by a similar step in western pared by the Federal Reserve Bank of Philadelphia on
the
Ohio, Indiana and Michigan. Shipments generally continue to exceed the
basis of operators' reports to the Anthracite Bureau of InJuly rate.
An increasing tendency is noted toward 1.90c. as the current price for formation,employment declined 7.6% in July and was 10.1%
plates, shapes and bars. All bids opened by the Pennsylvania RR. for
less than last year. Payrolls reached the lowest level since the
25,000 tons of plates, shapes and bars for delivery to Altoona, Pa., showed
minimum quotations of 1.90c., base, mill, or 2.10c., Chicago. Most mills end of the strike in 1926 and were 28.2% smaller than in
named no delivery period; others, for delivery to the end of the year. Bar July 1927. The trend of employment and payrolls in recent
sales appear to be the largest of any of the heavy steel products, August
made available by the
tonnage running well ahead of July. Motor car manufacturers' require- months is shown in the following
ments give the bar market its chief support, while agricultural implement Reserve Bank Aug. 21:
makers' needs are increasing.
Sheet specifications have increased substantially as consumers show more
eagerness to take all that is due them on third quarter contracts, especially
in view of the advance in black and galvanized for fourth quarter. Jobbers
are laying in heavy supplies, due to the decrease in discount, now more
generally followed, and to strengthening prices. Soi..-• manufacturers in
the Middle West have already closed on fourth quarter sheet needs. The
leading maker at Pittsburgh reports last week's orders were the heaviest
of any week since November. 1925. It has followed the independents in
adopting 2.75c. for black and 3.60c. for galvanized for fourth quarter, with
blue annealed continuing at 2.00c. to 2.10c. and autobody at 4.00c., mill
operations now are as close to capacity as weather conditions will permit.
Sheet production by independents reporting to the National Association
of Flat Rolled Steel Manufacturers dropped to 267.685 tons in July, the
lowest point since Secember, 1927. Shipments were reduced to 278,310
tons, smallest since January, 1928. Sales, however, increased to 333,357
tons, largest since March.
Demand from automobile and parts makers provide the bulk of heavy
specifications for strip steel. Makers in the Pittsburgh district have increased operations greatly over the July rate and report the possibility of
this month's output setting a record. Tin plate mills still operate close to
capacity. Fourth quarter books for wire and nails have been opened at
unchanged prices by a Pittsburgh maker.
Several large pipe line projects are maturing. The Sinclair Pipe Line
Co. has entered the market for 50.000 tons of 6 to 12-inch pipe for a 450'mile line into Chicago. Some makers report July and August business
Index numbers-1923-23 monthly average equals 100.
Employment.
January
February
March
April
May
June
July
August
September
October
November
December
1Vage Payments.
1928.
1927.
1923.
1926.
1927.
1928.
8.1
36.7
111.4
114.6
115.8
116.9
116.9
117.8
118.0
118.9
119.3
119.9
119.6 120.2
119.2 113.6
114.3 107.7
115.5 112.3
119.0 115.9
118.7 '113.8
116.9 105.1
--__
117.1
118.7
____
____
119.8
____
116.6
119.7
____
8.2
10.3
120.0
115.7
128.0
131.1
115.5
123.6
126.2
134.6
115.0
127.2
112.4
105.9
91.3
93.0
120.1
126.6
86.3
90.5
112.0
109.4
116.2
95.1
98.7
96.0
58.5
86.1
122.1
'92.8
62.0
•Revised figures.
Vice-President Joseph R. Kraus of the Union Trust Co.
of Cleveland Outlines the Problems of the Soft
Coal Industry.
Abandonment of many small high cost mines is one
important measure necessary for the stabilization of the soft
coal industry, says Joseph R. Kraus, Vice-President of th
e
1034
FINANCIAL CHRONICLE
Union Trust Co. Another necessary step is some transfer
of mine labor to other industries. "The difficulty of the coal
situation can be summed up by the comment that there are
too many mines and too many miners," according to Mr.
Kraus,in a discussion of the coal situation in the August issue
of the bank's magazine "Trade Winds", which we reproduce
below:
The recent action of the United Mine Workers in authorizing local
negotiations with operators, marked the official demise of the famed
Jacksonville wage scale. Actually the wage agreement met its end months
before when it became evident that conditions in soft coal industry made its
continuance impossible.
Whatever economic basis the Jacksonville scale had has vanished, and
more than a year of the strike in the unionized bituminous districts demonstrated the union's inability to enforce it. Unionized mines were unable to
compete with non-union mines, where production has increased so greatly
as to banish all semblance of a shortage of coal. The result has been the
shutting down of union mines or their going upon a non-union basis. Developments leading up to the present situation in the soft coal industry
provide one of the most interesting chapters of contemporary industrial
history.
The bituminous coal industry has been in a chaotic condition almost
uniformly since the war. That as basic and essential an industry as coal
should suffer such serious demoralization for so long a period argues a
fundamentally wrong condition for which no ready-made solution can be
offered. The situation can be summed up on the production side by the
terse comment that there are too many mines and too many miners. The
converse of this appears en the consumption side, namely, that the use of
coal has not kept pace in volume with the economic growth of the country
over the last eight years.
The average production of coal in the five-year period from 1906 to 1910
was 373.415,000 tons per annum. In the next five-year period it averaged
440.000.000 tons per annum and it still followed a fairly uniform conservative growth. In 1916 it reached 502,000,000 tons per annum. Then,
stimulated by the war in the next two years, it averaged 567,000,000 tons
per year, relapsed in 1919, reached 568,000,000 tons in 1920 and since then
with the exception of 1926 has averaged only 488,000.000 tons per annum.
In 1926 due to the anthracite strike and a British coal strike, coinciding
with a year of record industrial production in the United States, coal output reached 573,000,000 tons, in sight of the 579.000,000 tons, the high
record of all times in 1918.
Once more some of the blame for the present conditions in an industry
may be thrown back upon the war. Production of coal was enormously
expanded to meet war demands. Immediately thereafter it ran into post
war depression. During the war years the Bureau of Mines estimates that
an annual capacity of 275,000,000 tons was added to the industry and
150,000 more miners put on the pay rolls.
It would seem that with the tremendous Industrial expansion in the United
States during the last six years this over-expanded position of the industry
would have been worked off by the present time. Two sets of factors, however, had worked to bar such a result. One set of these factors falls on the
consuming side and the other set can be grouped under changed conditions
of production which were the effect both of the war and of the changed
consuming conditions in recent years.
On the consuming side this slack has not been taken up for several reasons.
The first of these has been the more efficient use of coal over the last eight
years. Since the opening of the century the more efficient use of coal by
central power stations has brought the necessary consumption of the fuel
per kilowatt hour generated down from four pounds of coal to one and onehalf pounds. In the period from 1919 to 1927 coal used per kilowatt hour
generated by.central power stations has declined 39%. The railroads use
approximately 25% of all the bituminous coal produced in the country.
Locomotive consumption per freight train mile has declined 21% since 1920.
Horsepower produced from coal has increased 50% since 1916 as a general
proposition. There has also been a growing use of substitutes for coal.
From 1915 to 1925 the use of oil, putting it on coal equivalent, has increased
from 82.000,000 to 182.000.000 tons. The tonnage of oil-burning steamers
has increased from 1,500.000 tons to 20.500.000 tons in the last 12 years.
seriously limiting the market for bunker coal. From 1920 to 1927 power
generated from water has grown from 8,000,000 to more than 12,000,000
horse power. With the growing efficiency of central stations in the use of
coal,small concerns have been giving up their relatively inefficient individual
power stations and buying power from central producing units. All these
factors have contributed seriously to modifying the use of coal since the war.
On the production side we have first the over expanded condition of the
industry as a war heritage. The competition within the industry, the more
efficient use of coal and the competition of other fuels have forced the machinization of the coal mine. Hand labor in mines is rapidly disappearing.
The following table shows the percentage of machine-mined coal for various
periods:
1920.
1915.
1926.
1910.
1905.
65.6%
71.7%
56.5%
43.8%
33.7%
Here at the beginning of the century coal production per man averaged
less than two tons per day, at the present time the average is close to five
tons per day, contributing vitally to the surplus of miners in an industry
where conditions are against the full employment of labor on many other
grounds.
War conditions gave the mine unions more or less of a strangle hold on
since the war has
the industry. The subnormal period which has prevailed
of
turned the mine owner to the use of non-union labor and to the opening
mines in non-union territory where his competitive position was not handlCapped by the high labor rates of strongly union territory. This phase has
one of the high cost
Interesting connotation. It is worth noting that where
operated
factors, namely, labor, has been reduced, coal production has
examining
closely the
worth
It
is
under reasonably prosperous conditions.
following table which shows coal production in the strongly union Illinoisl
Indiana and Ohio fields as against the West Virginia and Kentucky fields
where non-union labor and non-union mines are predominant.
Illinois, Indiana Kentucky
Illinois, Indiana Kentucky I
W.Virginia.
Ohio.
W. Virgins. I
Ohio.
122.622,000
—114.513.000
118,854.00011922
1916 ____120.815.000
152,677,000
114,250.00011923 ---140.176.000
1917 _---153,954,000
146,810,000
121.549.00011924 ---120,276,000
1918 __--167,819.000
.450.000
177
-116.168.000
109.073.00011925 _
1919 _ _ _ 115,873.000
207.433 000
-120.427.000
124,980.00011926
1920 _ _ _ _159.963.000
224.406,000
103.788.00011927 ---- 77.795.000
1921 - _ A22.458,000
It will be noted from the table above that 1927, which in general was one
of strike
period
of the poorest years in the coal industry and which was a
In the union fields, showed the highest production on record in the Kentucky
and West Virginia fields. It should also be noted that in 1926. which was
the best coal year since the war period the Illinois, Indiana and Ohio field
produced little more than in 1925. whereas coal production in the Kentucky
and West Virginia fields increased nearly 17% over the preceding year.
[VOL. 127.
This is a rather gloomy picture of the bituminous coal industry as it
exists to-day and the cause of the depression is deep-seated. It is a striking
illustration of the over capacity of the industry that in spite of strike conditions in the union fields during the greater part of 1927 total production for
the year was 520.000,000 tons as compared with 573,000,000 tons in 1926.
The non-union mines of the country and those union mines which were
still working under the hangover of the Jacksonville Agreement produced
practically sufficient coal to take care of all of the needs of the country
last year.
The situation, however, is not hopeless. Coal production is an essential
industry of the country and a way out of the present demoralization must
and can be found. That it will be a long process is certain in view of the
seriousness of the situation. It will be achieved along two lines. The first
of these will be widening of present uses and the development of new uses
for coal. The appliance of mechanical power to coal production is being
extended and will continue to be extended and will bring production cost
of coal at mine mouth down below present levels.
Automatic stokers, both for domestic and industrial uses are cutting the
cost of coal handling and are making it a more attractive fuel for domestic
heat and power than it has been in the past. A reduction in the cost of
artificial gas and progressive improvements in its making are spreading its
use and will probably continue to spread its use indefinitely. The use of
pulverized coal for many power processes is in its infancy and many uses of
by-prodects are being continuously developed.
These steps are helpful from the consuming angle. The main path toward
Improvement, however, must be found in the field of production. The
difficulty of bringing organization into the field is indicated by the relatively small size of the majority of mines. There are in the United States
7.177 mines exclusive of wagon mines. These are divided into size classifications as follows:
Tons Per Year—
Number. Percentage.
Over 500.000 tons
2.4
174
200 to 500.000 tons
649
9.1
100 to 200,000 tons
11.8
845
50 to 100,000 tons
12.1
867
10 to 50,000 tons
26.6
1,912
Less than 10.000 tons
38.0
2.730
Nearly 65% of the total mines in United States produce less than 50,000
tons a year. Less than 12% produce over 200,000 tons a year. To organize
a field in which the unit of production is so small and the number of units
so large will be a long and difficult proposition. Progress towards this
achievement is yet in its infancy. One large company has abandoned its
small and high cost mines and concentrated on its lower cost and more
efficient producing mines. In one field a group of companies has organized
to control production from their own mines but the total tonnage affected
is only 30,000,000 tons, or about 6%,or less, of the annual total tonnage.
The steps taken, however, are helpful, and not only helpful but necessary,
and the return of prosperity to the industry will be in direct proportion to
the rapidity with which such changes are made.
Nor will these steps be to the disadvantage of the miners. At present
they are working on an average of 180 days a year for the industry as a
whole. At least 210 days are necessary for a reasonably decent standard
of living for them and their families. In this respect it is worth noting
that in the newer fields which are non-union and relatively the lowest cost.
the number of days' work in recent years has varied from 230 in Kentucky
to 247 in West Virginia. 263 in Virginia and 266 in Alabama. That there
will have to be some transfer of mine labor to other industries in the process
is inevitable. But such transfer will make for an alleviation of the general
level of poverty among bituminous mine workers at the present time, and
will make for stable and comfortable working conditions for the number
needed to mine the country's coal under present conditions.
Commercial Stocks of Anthracite and Bituminous Coal
July 1 1928.
According to the U. S. Bureau of Mines, Department of
Commerce, consumers' stocks of bituminous coal on July 1
amounted to 41,700,000 tons. In comparison with the quantity on hand at the beginning of the previous quarter this is
a decrease of 6,600,000 tons. The abnormal reserves built
up in anticipation of the suspension of mining on Apr.1 1927,
have now been largely absorbed and the present stocks are
not far from those at the corresponding period of 1925 and
1926. The "Bureau" further states in part:
As usual at this period of the year there was a sharp decline in the rate of
consumption following the end of the heating season. The average consumption for the second quarter, excluding exports, was 8,312.000 tons
per week, as against 10,636,000 tons in the first quarter. A decrease is
also shown in comparison with the second quarter of 1927, when consumption averaged 8,889.000 tons a week.
Exports in the period under review were at the rate of 270.000 tons a week,
and the total of consumption plus exports was 8,582,000 tons.
Stocks of anthracite in retail yards on July 1 showed a large increase over
the amount in storage on April 1, but were 7% less than on July 1 1927.
Tonnage of Bituminous Coal in the Hands of Commercial Consumers.
The total stocks in the hands of commercial consumers, including coal in
the yards of retail coal dealers, but excluding steamship fuel and coal in
the cellars of householders are shown below for all dates on which statistics
are available. Coal on the Upper Lake docks is not included but is shown
elsewhere as in transit (see below).
ESTIMATED TOTAL STOCKS OF BITUMINOUS COAL IN THE HANDS
OF COMMERCIAL CONSUMERS IN THE UNITED STATES
(NET TONS).s
Oct. 1 1916 —27.000.000 Oct. 1 1922 _26,000,000 Jan. 1 1926 —49,000,000
Oct. 1 1917 __28,100,000 Nov. 11022 _32.000,000 Feb. 1 1926 _45.000,000
July 15 1918 -.39,700,000 Jan. 1 1923 _36,000,000 Apr. 1 1926 —40,000,000
Oct. 1 1918 -.59,000,000 Feb. 1 1923 _38,000,000 May 1 1926 —36,000,000
ArmisticeDay_63,000.000 Mar. 1 1923 —36.000.000 July 1 1926 _39,000.000
Jan.
--57,000,000 June 1 1923 _42.000.000 Aug. 11026 —41,000,000
Apr. 1 1919 _40,400,000 July 1 1923 _46,000,000 Oct. 1 1926 ___43,000,000
Mar. 1 1920 __24,000.000 Aug. 1 1923 _52,000,000 Jan. 1 1927 —.55,000,000
June 1 1920 —20.000.000 Sept. 1 1923 —56.000,000 Apr. 1 1927 ....75.000,000
Jan. 1 1921 _45,800,000 Oct. 1 1923 __60,000.000 July 1 1927 _63,400,000
Apr. 1 1921 _39,500.000 Jan. 1 1924 _62.000.000 Aug. 11027 _60,100,000
Aug. 1 1921 __41.000.000 June 1 1924 _51,000.000 Oct. 1 1927 _61.900,000
Nov. 1 1921 —48,500.000 Sept. 1 1924 _47.000.000 Nov. 1 1927 —61,300,000
Jan. 1 1922 —48,000.000 Mar. 1 1925 —44,000,000 Jan. 11028 ..-55.500,000
Mar. 1 1922 _52,500,000 June 1 1925 _38,000,000 Feb. 1 1928 _51.500.000
Apr. 1'1922 _663,000,000 Sept. 1 1925 _43,000,000 Apr. 1 1028 —48,300.000
Sept. 1 1922 -A2,000,000 Nov. 11921 _48 000 000 July 1 1928 —c41,700,000
a The figures for 1918 In this table are based upon actual count. Beginning
April 1 1919 the figures are estimates based upon reports from a selected list of
consumers whose stoclutjn 1918 bore a known relation to the known total stocks.
b Minimum estimate, No canvass made on this date. c Subject to revision.
For July 1 1928 consumers' stocks are estimated at 41.700.000 tons. sub;
ject to a possible variation of from 3 to 7%. This estimate is based upoh
AUG. 25 1928.]
FINANCIAL CHRONICLE
signed reports from representative consumers and coal merchants scattered
all over the country and drawn from all kinds of industries and uses.
Reports were received from all by-product coke plants, all steel works,
all large railroads (through courtesy of the American Railway Association), and from a large number of electric utility plants. coalgas works,
general industrial plants, and retail dealers handling bituminous coal.
These large firms, although a small part of the total number of consumers, use a very large part of the coal, and furnish an adequate basis for
estimate.
[The Power Resources Division of the Geological Survey, Department of
the Interior, co-operates in the preparation of these reports by collecting
figures from the electric public utilities.]
Average Rate of Consumption and Exports.
From Apr. 1 to June 30 the average rate of consumption of bituminous
coal. including coal drawn from stock piles or from the reserve in transit,
was 8.312,000 tons a week. The exports averaged 270.000 tons a week
and the total of consumption plus exports was 8,582,000 tons.
From the table below, it will be seen that the exports were less than in the
corresponding period of 1927. and much less than in 1926 when the British
miners' strike stimulated shipments overseas.
The home consumption in the second quarter-8,312,000 tons a weekshows the usual decline in comparison with the first quarter, reflecting
the end of the heating season. Milder weather tends to cause a decrease
in the consumption of the railroads, the public utilities, and the general
industrial plants, as well as a very sharp drop in the deliveries of retail
dealers.
In comparison with the corresponding period a year ago, when the consumption averaged 8,889,000 tons a week, the current rate also shows a
decrease.
AVERAGE WEEKLY EXPORTS AND CALCULATED UNITED STATES
CONSUMPTION OF BITUMINOUS COAL, ALLOWING FOR CHANGES
IN COMMERCIAL STOCKS, IN NET TONS.
Period.
1921-Apr. 1 to July 31
1922-Mar. 1 to Aug. 31
1923-June 1 to June 30
1924-June 1 to Aug. 31
1925-Mar. 1 to May 31
1926-May 1 to June 30
1927-Apr. 1 to June 30
1927-Oct. I to Dee. 31
1928-Jan. 1 to Mar. 31
1928-Apr. 1 to June 30.c
Net
United States
Consumption.a
6,260,000
7,480,000
8,870,000
7,320,000
8,300,000
8,030,000
8,889.000
9,912.000
10,636,000
8,312,000
Exports.
b637.000
155,000
6632,000
380,000
269,000
b470,000
370,000
273,000
199.000
270.000
Total
Consumption
and Exports.
6,897,000
7,635.000
9,502.000
7,700J100
8,569.000
8,500,000
9,259,000
10,185,000
10,835,000
A 5R9 non
a Production plus Impats and minus exports plus or minus changes in stocks.
Allowance is made far stocks at the mines; coal In transit, including unbmed loads,
coal in cars en route to destination, and coal on the Lake docks; and stocks of commercial consumers. b Unusual demand for export overseas. c Subject to revision.
Bituminous Coal in Transit.
According to the American Railway Association, on July 1 there were
1,195,000 tons (23,903 cars) of bituminous coal in cars unbilled at mines or
in classification yards. In comparison with July 1 1927, this is an increase
of 114,000 tons.
With the resumption of navigation on the Lakes, the tonnage held by the
dock operators has naturally increased. On July 1. there were 6.204,389
tons of bituminous coal on the Upper Lake docks of which 4.583,960 tons
were on Lake Superior and 1.620.429 tons on Lake Michigan. On the same
date last year the total stocks were 6.840,554 tons.
1035
Aug. 1 1921
1,090.253 June 1 1925
July 1 1923 ____ 447,610 July 1 1926
June 1 1924
450,000 July 1 1927
955,051 May 1 1928
531,422 July 1 1928
1,094,874
737,968
867,596
Stocks of By-Product Coke.
As usual at this season of the year. stocks of domestic coke at by-product
plants have increased since Apr. 1. A group of 21 plants supplying gas for
city use and producing coke suitable for household fuel had 879,000 tons of
unsold coke on hand July 1, as against 750.000 tons en Apr. 1 and 584.000
tons on July 1 a year ago. Figures for the same group of plants on comparable dates are given below:
July 1 1923
303,000 July 1 1926
334,000 May 1 1928
787,000
June 11925
694,000jJuly 1 1927
584,000 July 1 1928
879,000
Bituminous Coal and Anthracite Production Shows
Small Increase over Previous Week-Coke Production Lower.
According to the United States Bureau of Mines, production of bituminous coal during the week ended Aug. 11
amounted to 9,006,000 net tons, as compared with 8,757,000
net tons in the preceding week and 9,093,000 net tons during
the week ended Aug. 13 1927, output of anthracite during
the week ended Aug. 1 1928 is estimated at 1,387,000 net
tons as compared with 1,607,000 net tons during the corresponding week last year and 1,164,000 net tons in the
week ended Aug. 11 1928. Production of beehive coke in
the United States during the week ended Aug. 11 is put at
58,000 net tons, compared with approximately 60,000 net
tons the preceding week and 109,000 net tons in the week
ended Aug. 13 1927. The Bureau of Mines report is as
follows:
The total production of soft coal during the week ended Aug. 11, including lignite and coal coked at the mines, is estimated at 9.006.000 net
tons. Compared with the output in the preceding week, this shows an
Increase of 249,000 tons, or 2.8%. Production during the week in 1927
corresponding with that of Aug. 11 amounted to 9,093.000 tons.
Estimated United States Production of Bituminous Coal(Na Tons), Ind. Coal Coked.
1928
1927
Cal. Year
Cal. Year
Week,
to dale.
Week.
to DaU.a
8,964,000
July 28
267,335,000
308,085,000
8,594,000
Daily average
1,494,000
1,507,000
1,432,000
1.738,000
Aug. 4_b
8,757,000
276,092,000
8,495,000
316,580,000
Daily average
1,460,000
1,505,000
1,416,000
1,727,000
9006,000
285,098,000
Aug. 11-c
9,093,000
325,673,000
1,501.000
Daily average
1,505,000
1,516,000,
a Minus one day's production first week in January to equalize number of daYs
in the two years. b Revised since last report. c Subject to revision.
The total production of bituminous coal during the present calendar
year to Aug. 11 (approximately 189 working days) amounts to 285.098,000
net tons. Figures for corresponding periods in other recent years are
given below:
325,673,000 net tons
1924
280,353,000 net tens
1927
324,847,000 net tons
1923
346,615,000 net tons
1926
1922
287,905,000 net tons
219,685,000 net tone
1925
ANTHRACITE.
April 1 1928
May 1 1928
July 1 1928
Superior.
Michigan.
Total.
3,282.115
2,723.118
4,583,960
1,038,681
747,012
1,620.429
4,320,796
3,470.130
6.204,389
The total production of anthracite during the week ended Aug. 11 is
estimated at 1,387,000 net tons, an increase of 223,000 tons, or 19.2%,
over the output in the preceding week.
Estimated United States Production of Anthracite (Net Tons.)
1928
1927
Cal. Year
Cal. Year
Week.
to Date.
Week EndedWeek.
to Date.a
1 066,000
41,190,000
July 28
1,330,000
45,691,000
1,164,000
Aug. 4
42,354,000
1,371.000
47,062,000
1,387,000
43,741,000
Aug. 11,b
1,607,000
48,669.000
a Minus one day's production first week in January to equalize number of days
Anthracite and Retail Bituminous.
In the the two years. b Subject to revision.
Retail coal yards were well stocked with anthracite on July 1. At the
As already indicated by the revised figures above, the total production
rate their customers were calling for hard coal in May and June the stocks
of soft coal for the country as a whole during the week ended Aug. 4
of dealers reporting were sufficient to last 55 days. In New England the
amounted to 8,757,000 net tons. Compared with the output in the presupply on hand was equivalent to 63 days' deliveties.
ceding week this shows a decrease of 207,000 tons, or 2.3%. The following
It was not feasible to canvass all retailers, but information was obtained
table apportions the tonnage by States and gives comparable figures for
from a representative group whose replies have been summarized in the folother recent years.
lowing table. Of these dealers there were 510 handling anthracite and 808
Estimated Weekly Production of Coal by States (Net Tons).
handling bituminous coal who had reported at every one of the stock surveys
lVeek Ended
A ug.1923
since 1919.
Aug. 4
A rerAug. 7
Aug.6
July 28
Retails stocks of anthracite naturally tend to increase during the summer
Stateaoe.a
1926.
1927.
1928.
1928.
months as dealers lay in reserves against the winter demand. The an- Alabama
397,000
379,000
331,000
292,000
290,000
20,000
24,000
39,000
38,000
30.000
thracite on hand July 1 showed an increase of 67% when compared with Arkansas
173.000
157.000
169,000
161,000
170,000
Apr. 1, but was slightly under the figure for the corresponding date last Colorado
Illinois
140,000 1,064,000 1,363.000
757,000
794,000
year.
440.000
356,000
234,000
Indiana
240,000
238,000
Retail stocks of bituminous coal also increased during the last quarter Iowa
63.000
100.000
9,000
46,000
47,000
84.000
66.000
•
29,000
Kansas
21,000
sufficient
to
23,000
Mat
were
July
43
1
days at the rate of delivery in May and
and on
948,000
705.000
Kentucky-Eastern
June. The tonnage on hand July 1 showed an
990,000 1,008,000 1,008,000
increase of 24% over the
268.000
217.000
448.000
Western
222,000
232,000
figure for Apr. 1 but a decrease of about 20% when compared
57,000
44.000
55.000
49,000
48.000
with the Maryland
6,000
21.000
amount on hand a year ago.
16,000
10,000
Michigan
10,000
47,000
61,000
36,000
58.000
Missouri
60,000
COAL IN YARDS OF A SELECTED LIST OF RETAIL COAL
40,000
42,000
50,000
46,000
46,000
DEALERS. Montana
43,000
49.000
44,000
52,000
New Mexico
51,000
15,000
9,000
20,000
9,000
North Dakota
12,000
Net Tons in Yards
Days' Supply130,000
414,000
871.000
290,000
Ohio
280,000
of Identical
All Dealers
Deliveries
Used
48,000
43,000
55.000
in
48,000
Oklahoma
50,000
Deakrs.a
Reporting.b
Calculating
2,167.000 2,296,000 2,174.000 2,723,000 3,734.000
Pennsylvania
Date.
Days' Supply,
111,000
92,000
102,000
118.000
Tennessee
97,000
AnthraBttuAnthraSitu18,000
24.000
23.000
19.000
Texas
16,000
cite.
minous.
cite.
minous.
87,000
76,000
66.000
83,000
70.000
Utah
248.000
265,000
243,000
248.000
Virginia
228,000
935,276 1,533,711
36
1919-Jan. 1
39
Jan -March
1919 Washington
33,000
47.000
34.000
47,000
32.000
771.230
-July
1
1,269,201
25
1923
39
June
1923 W.Va.-Southern b
1,906,000 2,022,000 2,168.000 1.990.000 1.552.000
1,057,930 1,249,686
40
1926-July 1
43
May 1-June 30 1926
754,000
781,000
838.000
745,000
Northern_c
763,000
1,239,850 1,525,623
50
1927-July 1
48
May 1-June 30 1927 Wyoming
91,000
154.000
84,000
99,000
98,000
688,816 985,038
25
1928-Apr. 1
17
Feb. 1-Mar, 31 1928 Others_d
4,000
1.000
4.000
5,000
1,000
861,210 932,440
41
1928-May 1
33 I May 1-June 30 1928
10951--inly 1
1.150.985 1.223.173
55
d't
r
Total bituminous
8,757,000 8,964.000 8,495.000 10,057,000 11.538,000
1,164,000 1,066.000 1.371,000 1.831.000 1,926.000
a This group includes only retailers who reported on every one of the dates shown Pennsylvaniaanthracite
and covers 510 dealers who handle anthracite and 808 who handle bituminous coal.
Total all coal
9,921.000 10,030,000 9866,000 11,888,000 13,464,000
b This second group includes all retailers who reported on the particular dates
cited, the number varying at each survey. On July 1 1928, for example, there
a Average rate maintained during the entire month. b Includes operations on
were 910 who handled bituminous coal.
the N.& W.. C.& 0.. Virginian and Charleston division of the II. & 0. c Rest of
State,
including Panhandle. d This group Is not strictly comparable in the several
Upper
the
Lake
docks
on
anthracite
compare favorably with corStocks of
years.
responding dates of other years. On May 1, there were 319.266 tons on the
BEEHIVE COKE.
Lake Michigan docks and 418,702 tons on Lake Superior, a total of 737.968
The total production of beehive coke for the country as a whole during
tons. By July 1 the stocks on Lake Michigan had increased to 369,535
tons and those on Lake Superior to 498,061 tons, a total of 867,596 tons. the week ended Aug. 11 is estimated at 58,000 net tons as against 60,000'
_•••
The total stocks in other recent years are shown below:
tons in the preceding week.
While the present stocks of bituminous coal at the head of the Lakes
show a decrease of 636,165 tons when compared with the amount on hand
July 1 1927 they are considerably larger than on corresponding dates in
other recent years.
1036
FINANCIAL C RONICLE
Estimated Production of Beehive Coke (Net Tons).
19
Week Ended
1928
Aug. 11
Aug. 4
Aug. 13
to
e.a
Date.
1928.b
1928.c
1927.
Pennsylvania and Ohio__ 38,000
77,000 1,877,000 3 60,000
38,000
West Virginia11000
497,000
11000
371,000
15.000
Ala., Ky.,Tenn.& Gs_._
167,000
109,000
1:000
2:000
4.000
Virginia
151,000
218,000
4,000
5,000
6,000
Colorado, Utah dc Wash._
233,000
132.000
4,000
4,000
7.000
United States total__ 58,000
109,000 2,640.000 5,075,000
60,000
Daily average
26,500
18,200
13,900
9,700
10.000
a Minus one day's production first week in January to equalize number of days
In the two years. b Subject to revision. c Revised.
Total Value of Imports and Exports of Merchandise
by Grand Divisions and Principal Countries.
The Bureau of Foreign and Domestic Commerce of the
Department of Commerce at Washington has issued its report showing the merchandise imports and exports by grand
divisions and principal countries for the months of June and
the 6 months ending with June for the years 1927 and 1928.
The following is the table complete:
TOTAL VALUE OF EXPORTS OF MERCHANDISE BY GRAND DIVISIONS
AND PRINCIPAL COUNTRIES.
Month of June.
6 Months Ended June.
Boons to1927.
Grand DtetsionsEnrope
North America
South America
Asia
meatus
Africa
1928.
1927.
1928.
$154,951,509 $161,420,671 $1,086,233,233 $1,097,727,196
108,072,286 114.004,985
815,045,896
628,361,109
31,468,237 39,138,591
220,032,614
217,905,691
37,104,389 48,089,858
289,727,138
294,579,370
17,805,520 15,429,804
103,841,559
84,004,634
51,412,527
7,763.876 10,552,373
54,954,848
[VOL. 127.
Dr. George Oits Smith of Geological Survey Thinks
Mineral Industry Has Grown Too Fast.
"In recent years," said Dr. George Otis Smith, Director
of the Geological Survey and President of the American
Institute of Mining and Metallurgical Engineers, speaking
in the afternoon of July 24, before the Mineral Law Section
of the American Bar Association in session at Seattle, "the
mineral industry seems to have grown too fast. The
American habit of 'stepping on the gas' has brought the
mineral industry close to the danger line. Back in 1890,"
he continued, "the Sherman law was passed; since then the
population of the United States has about doubled. Since
then, too, the value of the annual product of the mines of
this country has increased better than eight-fold-from 650
millions to 44 billions of dollars. Since then the four
largest branches of the mineral industry, which supply the
iron and copper, the bituminous coal and petroleumthe bone and sinew and the energy of all other American
industries-have increased their annual output nearly tenfold as to value; and six-fold as to quantity.
"We must not make the mistake of interpreting the speeding up of the mines, quarries, and wells as a special
phenomenon caused by the war demand, for, in the mineral
industry as a whole, the postwar growth has been equal to
the growth for a similar period of war and pre-war years.
So long as the supply permits, the consumption of mineral
raw materials increases in response to civilization's demands.
Agriculture grows only about as fast as population, because
the per capita demand for foodstuffs changes in variety
only-not in quantity. Mining grows at a far different
and a rate independent of population, for the demands by
civilization for mineral products change in both variety and
quantity with every discovery and invention." Dr. Smith
then went on to say:
$356,965,817 $388,838,282 $2,386,292,967 $2,377,532,848
TOtal
Priatiaal Countries7.894,093
8,851,269
55,963,512
Belgium
54,606,280
490,252
414,935
Gaechoslovakla
2,558,297
2,698,924
3,526,780
2,924,691
Denmark
29,072,342
25,523,890
In a large way, however, wise public policy has a real concern in the
14,908,759 15,711,599
France
101,139,801
103,116,209
Germany
29,940,813 28,364,881
205,788.540 supply of mineral raw materials. This is true not only because the prod210.309.694
1,022,956
659,482
Greece
8,263,245
5,963,179 ucts of the mines are the stuff that civilization feeds on, but also because
9,496,147 11,254,193
Italy
80.882.587
76,913.048
continuous depletion, whereas agriculture harvests
Motherlands
9.529,285
9,426.157
66,675,516
67.970,888 mining is a process of
Norway
2,019,731
1,603.962
11,631.484
11,032,480 annual crops, and even forestry harvests periodic crops. As a Harvard
Soviet Russia in Europe_
6,402,711 10,919,290
33,490,589
44.201,675 economist has stated the contrast. "Mining typically lives upon its capital;
4,483,600
5.819,282
Spain
34,563,996
38,143,747 agriculture upon its income." This increasing draft upon irreplaceable
Sweden
3,612.698
5,524,316
21,266,905
30,694,138
reserves, makes a Job for the
Switzerland
918,302
1,103,541
4,448,122
6,381,411 mineral deposits, this depletion of fixed
56,103,194 52,170,199
United Kingdom
415,482,996
384,457,308 mining engineer, but more than that, it presents aproblem to the intelCanada
74,311,644 81,887,790
403,395,687
429,198,922 ligence of the nation. Minerals are essential assets because they constitute
Central America
5,848,390
8,930,175
36,508,094
39,693,927 a country's guaranty of future prosperity.
9,512,028
Ildeideo
9,149,890
57,358,182
57,420,878
American industry has all the energy of youth, yet with a background of
12,544,238
Cuba
9,251.852
81,850,741
64,010,422
Dominican Republic....
1,374,485
1,641,745
8,874,391
8,537,970 three centuries of colonial and national life we Americans are now mature
11,389.116 15,692,150
75,546,746
Argentina
80,174.989 enough to begin to think in terms of time as well as of space. A nation's
6,533,066
7,959,492
B.razil
47,832,523
46,106,976 greatness can be gaged by duration as well as by area, and a nation's
3,044,068
Oldie
2,770,250
17,818,828
17,924,401
3,224,322
Colombia
4,711,373
24,299,065
27,701.295 wealth can be measured by its power to last. Prosperity to continue
548,115
3,104,172 through the centuries is what we must plan for.
Ecuador
434,767
3,009,173
Peru
1,977,112
1,725,088
12,724,965
11,323,168
The Old World idea of an entailed estate might well be brought over
1,893,441
2,261,759
12.838,943
12,163,182
Uruguay
natural resources. The vital
Venezuela
2,212,416
2.813,471
21,650,353
15,264,347 into our thinking of the public interest in
4,459,944
3,516,539
39,283,952
29,937,135 question for America today is not how many acres of oil fields or square
British India
8,218,508 miles of coal beds or million tons of copper ore are there for us to exploit,
British Malaya
943,449
6,944.786
827,907
57,623,853 but rather how long can the present order of things be continued so as to
8,056,145
China
9,912,476
46,689,806
11,777,780
Hongkong
1,745,495
9,545,938
1,349,937
16,175,140 benefit other generations of Americans. Prosperity should fail to satify
1,996,838
Netherland East Indies
2,795,891
15,838,641
13,898,433 21,628,122
Japan
127,528.389
122,913,793 the patriotic citizen unless it is backed up with some guaranty of perPhhippine Islands
5,879,104
6,238,561
31,792,620
37,014,509 manence. To regard ourselves as trustees, possessing the uncounted
Australia
15,046,874 12,478,043
86,424,509
66,534,959 wealth of America
only to be passed on to our successors in interest with16,220,324
New Zealand
2,348,238
2,780,827
16,273,939
British South Africa....
115 out unnecessary depletion, is adopting the Golden Rule in perpetuity.
4,127,836
5,463 118
015
,,,... nan
4111.11All
%
27'
Mnn.010
402,
25'
''''''''n
418'
Stewardship of that type means the greatest good to the greatest number
for the longest time, and that is practical conservation.
TOTAL VALUE OF IMPORTS OF MERCHANDISE BY GRAND DIVISIONS
As seen by the engineers, the issue of the control of production is truly
AND PRINCIPAL COUNTRIES.
a national one, not simply the problem of their employers, the mining companies. We recognize the public interest as far greater than that of the
Month of June.
6 Months Ended June.
industry, and especially do we see that the public interest will continue
over a longer period than the interest of even the largest corporations.
1927.
1928.
1927.
1928.
The present-situation is urgent as we look to the future. The mineral
industry in general has outgrown its old garments and is in dire straits for
Grand Divisions299,625,896
$95,583,381
$607,314,414
$602,005,826
Europe
new working clothes. And we must admit that in part the industry has
89,835,814 72,901,082
North America
488,251,478 itself to blame for the misfits. Progress, so called, may overstep reason.
504,163,268
40,364,908 50,099,171
301,096.450
South America
260,207,861
overgrown. Supply is ever ahead of
112,426,966 84,009,873
886,421.394
612,749,767 Most of our great industries are
Asia
4,164,710
3,232,542
31,598,881 demand, with little hope-and less expectation of capacity orders. Under
32,540,443
Oceania
8.474,022
9,312,294
52,527,490
48,732,294
Africa
these chronic conditions neither 100 per cent efficiency nor a full measure
thought of. Meanwhile we are skimming the cream
$354,892,116 $315,118,343 $2,123,174,868 $2,084,432,498 of economy can be
Total
from many of our resources; of others we have already had to begin using
Principal Countries5,863,871
37,450,785 the 'skim milk.'
5,549,327
34,631,590
Belgium
2,606,341
17,543,713
14,457,214
2,638,965
Czechoslovakia
We may easily agree that the underlying purpose of exercising some con1.834,198
303,217
2,147,191
226,392
Denmark
mining is to promote efficiency, to pre78,353.965
72,153,256 trol over a productive industry like
12,907,781 11,926,400
France
waste, and thus to lower costs. Unrestricted competition with its
vent
15,787,995
91,649,561
102,201,118
14,152,914
Germany
21,694,163
9,130,858 stimulative effect on production has been found too expensive a policy
719,477
1,365,931
Greece
8,168,368
53,023.103
49,835,568 because in practice too commonly it Is wasteful of material, of labor, and
8,499,049
Italy
39,416,885
6,195,511
42,367,741
7,474,286
Netherlands
12,067,739 of capital. Both coal and oil, as they have been handled, light up a path
1,338,285
11.214,941
1,568,166
Norway
4,333,943
6,287,393 that should not be traveled much longer. To be effective in the mineral
1,099,398
1,100,208
Soviet Russia in Europe..
19,531,475
16,855,157 industry the control for the common good must be of such nature as to
2,219,372
3,256,912
Spain
21.328,822
18,606,088
3.877,471
3,728,557
Sweden
19,935,792 protect the resource against waste and to protect both the producer-a
21,333,090
3,348,466
3,859,725
Switzerland
175,820,064 collective term for labor and capital-and the consumer against loss from
169,803,522
29,590,642 27,853,145
United Kingdom
231,851,578
224,707,381
prices that are too low or too high. Plainly, control of production mus
40.578,379 40,015,444
Canada
25,084,985 start with the extractive branches of the mineral industry, where raw
21,359,888
4,094,655
3,839,093
Central America
89,580,631
78.909,444
8,721,884
12,118,214
Mexico
111,888,647 materials are won from the ground and where costs can be affected, and
143,590,738
Cuba
26,017.797 11,938,151
5,641,403 not with the market end, where control would be directed at prices only.
6,853,484
837,380
2,200.661
Dominican Republic- _
57,015,909
47,512,417
The urge and driving force of private initiative must be preserved; can
Argentina
8,921,341 10,318,679
110,059,228 this motive power be kept under full control? Granted that there must
95,227,472
Brazil
15,110,715 17,812,997
39,981,429
33,233,218
8,384,357
Chile
4,055,587
54,021,779 be less restriction In the-matter of guiding business, I suggest that there
49,170.511
8,270,437
Colombia
7,156,291
3,013,980 should be better equipment for governing its speed. The momentum of
2,698,943
Ecuador
355,745
898,946
9,112,979 big business is a potential hazard to all within reach as well as a possible
Peru
9,728,011
1,235,311
2,047,382
7,429,838
7,999,899
1,020,283
1,176.902
Uruguay
19,145,797 power for the general benefit.
Venezuela
2,069,694
12,540.023
2,989,297
So it is that I urge that brakes are needed by the mineral industry.
British India
79,323,817
13,198.324 12,132,338
71,889,202
119,542,724 The buggy period of small and slow-moving business is past; modern busiBritish Malaya
22,272,780 11,927,683
150,743,444
China
76,205,613
18,327,438 16.291,001
89.874,719
ness requires modern brakes of the four-wheel type, ready for quick and
Kongkong
9,926,178
1,112,744
1,524.679
8,229.656
Netherland East Indies
4.729,242
42,344,486 effective application.
3,843,775
44,793.885
As a matter of safety, a double set of brakes is now regarded as essential
Japan
36,034,835 22,306.339
184,126,455
195,388,041
Philippine Islands
11,001,664 11,238,099
65,053.212 and indeed is generally required by law-brakes of two kinds, which can
63.921,565
Australia
2,173,504
1,246.137
19,884,557 be applied independently. In terms of industrial control, we may look
24.063,923
1,780,290
1,724,492
New Zealand
6,957,485
10.630,309
the other as
886,335
British South Africa__ _
782,240
8,319,251 upon one set of brakes as representing self-regulation and
4,685,512
Vt.evnt
3.030 255
1 AAR A42
17 152 570
17 am 505
representing Government restriction.
AUG. 25 1928.]
FINANCIAL CHRONICLE
1037
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on Aug. 22, made public by the Federal
Reserve Board, and which deals with the results for the
12 Reserve banks combined, shows increases for the week of
$34,900,000 in holdings of discounted bills, of $500,000 in
Government securities and of $3,300,000 in Federal Reserve
note circulation, and decreases of $6,300,000 in holdings of
bills bought in open market, of $4,600,000 in member bank
reserve deposits and of $1,900,000 in cash reserves. Total
bills and securities were $29,100,000 above the amount
held on Aug. 15. After noting these facts, the Federal
Reserve Board proceeds as follows:
The principal changes in holdings of discounted bills were increases of
$39,500,000 at the Federal Reserve Bank of New York, $11,200,000 at St.
Louis, and $6,100,000 at San Francisco, and decreases of $10,900,000 at
Cleveland and 17,700,000 at Boston. The System's holdings of bills bought
In open market decreased $6,300,000 and of U S. bonds $200,000, while
holdings of certificates of indebtedness increased $700.000 and holdings of
Treasury notes remained practically unchanged.
Federal Reserve note circulation shows an increase of $2,000,000 at the
Federal Reserve bank of Chicago. $1,500,000 at Dallas, $1,300,000 at
Boston. and $1,200,000 each at Richmond and San Francisco. and decreases of $1,800,000 at Philadelphia and $1,100,000 at Atlanta.
The statement in full, in comparison with the preceding
week, and with the corresponding date last year, will be
found on subsequent pages—namely,pages 1071 an-11072. A
summary of changes in the principal assets and liabilities
of the Reserve banks during the week and the year ending
Aug. 22 is as follows:
Increase (+) or Decrease (—
During
Week.
Year.
—$1,900,000 —$396,100,000
+1,400.000
—395,900.000
Total reserves
Gold reserves
Total bills and securities
Bills discounted, total
Secured by U. S. Govt. obligations
Other bills discounted
Bills bought in open market
U. S. Government securities, total
Bonds
Treasury notes
Certificates of indebtedness
+29,100,000
+34,900,000
+17,300,000
+17,600,000
+390,800,000
+623.300,000
+366,500.000
+256,800,000
---6,300,000
+4.800.000
+500,000
—200,000
—237,900,000
—149,000,000
—3,700,000
—85,300,000
+700.000
Federal reserve notes in circulation
+3,300,000
—28,900,000
Total deposits
Members' reserve deposits
Government deposits
+2,100,000
—4.600.000
+8,000,000
—28,300,000
—25,200.000
—1,900,000
Returns of Member Banks for New York and Chicago
Federal Reserve Districts—Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also began to give out the figures of the
member banks in the New York Federal Reserve District,
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks
themselves, and for the same week, instead of waiting until
the following Monday, before which time the statistics
covering the entire body of reporting member banks—now
636—cannot be got ready.
The following is the statement for the New York member
banks and that for the Chicago member banks thus issued
in advance of the full statement of the member banks, which
latter will not be available until the coming Monday. The
New York statement, of course, also includes the brokers'
loans of reporting member banks, which this week again
showed a decrease, this time of $22,099,000, the grand
aggregate of these loans on Aug. 22 being $4,201,131,000.
The total of these loans is now $362,109,000 below the alltime peak registered for the week of June 6.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York-45 Banks.
Aug. 22 1908. Aug. 15 1928. Aug.24 1927.
Loans and Investments—total.
7,107,620,000 7,113,471,000 6,509,566,000
Loans and discounts—total
5,254,698,000 5,251,615,000 4,695,912.000
Secured by U.S. Govt. obligations.— 45,136,000
46,670,000
31.986,000
2 400,075,000 2.399,771,000 2,195,569,000
Secured by stocks and bonds
2,809.487.000 2,805.174,000 2.468,357,000
All other loans and discounts
Investments—total
1,852,922,000 1,861,856,000 1,813,654,000
995,797.000 994,939,000 889,976,000
_ 857,125,000 866,917,000 923,678.000
Reserve with Federal Reserve Bank-- 692,257.000 695,290,000 725,901,000
51,861,000
Cash In vault
51,378,000
54,723,000
U.S. Government securities
Other bonds,stocks and securities_
Net demand deposits
Time deposits
Government deposits
4,985,967,000 5,013.390,000 5,121,828,000
1158.087,000 1,172,151,000 1,006,896,000
24,588,000
32,035.000
4,467.000
Aug. 22 1928. Aug. 15 1928. Aug. 24 1927.
$
86,275,000
85,062,000
79,279,000
1.061,208.000 1,093,400,000 1,124,782,000
Due from banks
Due to banks
229,040,000
187,610,000
86.652,000
Secured by U.S. Govt. obligations— 123,820,000
All other
105,220,000
89,945,000
97,665.000
50,200,000
36.452.000
Borrowings from F. R.Bank—total
Loans to brokers and dealers (secured by
stocks and bonds):
For own account
808,873,000 783,437,000 1.000,961,000
For account of out-of-town banks...1,535,448,000 1,579,742,000 1,246,848,000
1,856,810,000 1,860,051,000 920,265,000
For account of others
Total
4,201,131,000 4,223,230,000 3,168,074.000
On demand
On time
3,350,256,000 3,361,774.000 2,335,079,000
850,875,000 861,456,000 832.995.000
Chicago-43 Banks.
Loans and investments—total
Aug.22 1928. Aug. 151928. Aug.24 1927.
$
2,047,602,000 2,055,138,000 1.949,324.000
Leans and discounts—total
1,574,615,000 1,571,370,000 1,504,493,000
14,400,000
14,620,000
Secured by U.S. Govt. obligations—
14,619,000
Secured by stocks and bonds
783,470.000 784,871,000 809,932,000
All other loans and discounts
776,526,000 771,879,000 680,161.000
472,987,000
483,768,000
444,831,000
216,070.000
256,917,000
221,086,000
262,682,000
187,205,000
257,626.000
Reserve with Federal Reserve Bank._ 179,09,000
Cash in vault
16,234,000
179,840.000
16,460,000
190,698,000
18,471,000
Investments—total
U.S. Government securities
Other bonds, stocks and securities
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
1,225,693,000 1,235.324.000 1,304,216,000
672,163,000 669.911.000 619,836,000
12,415,000
14,814,000
3,013.000
150.015.000
340,200,000
155,230,000
343,911,000
145,331,000
360,806,000
Borrowings from F. R.Bank—total---
76,758.000
81.658,000
2,975.000
Secured by U.S. Govt.obligations-All other
65.909,000
10,849,000
67,494,000
14,164,000
2.645,000
330.000
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York and
Chicago member banks are now given out on Thursdays,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statisties
covering the entire body of reporting member banks, now
636, cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business Aug. 15.
The Federal Reserve Board's condition statement of 636 reporting
member banks In leading cities as of Aug. 15 shows decreases for the week
of $63,000,000 in loans and discounts, of $15,000,000 in investments, and
of $62,000,000 In borrowings from Federal Reserve banks, and increases of
$73,000.000 in net demand deposits and of $6,000,000 in time deposits.
Loans on stocks and bonds, including United States Government obligations. were $79,000.000 below the Aug. 8 total at all reporting banks,a
decrease of 1566,000,000 being shown for reporting banks in the New York
district and of $12,000,000 in the Boston district, and an increase of $6,000,000 in the San Francisco district. "All other" loans and discounts declined
$23,000,000 in the New York district and Increased $12,000,000 in the San
Francisco district, $9,000,000 in the Boston district, $6,C00,000 in the
Richmond district. and $16,000,000 at all reporting banks.
Holdings of United States Government securities declined $6,000.000 at
reporting banks in the New York district and $16,000,000 at all reporting
banks, while holdings of other bonds, stocks and securities show a net
Increase of $2,000,000 for the week.
Net demand deposits, which at all reporting banks were $73,000,000
above the Aug. 8 total, increased in nearly all districts, the principal
Increases by districts being:Chicago $30,000.000,San Francisco $21,000,000.
Philadelphia $10,000.000, and Kansas City $8.000,000. Time deposits
increased $17,000,000 and $5,000,000, respectively, at reporting banks in
the New York and Cleveland districts, and declined $11,000,000 in the
Chicago district and $6,000,000 in the San Francisco district, all reporting
banks showing a net Increase of $6,000,000.
The principal changes for the week in borrowings from the Federal
Reserve banks were declines of $57,000,000 at reporting banks in the New
York district. $I '.000.000 in the Chicago district, and 57,000,000 in the
Cleveland district, and an increase of 88,000.000 In the Philadelphia
district.
A summary of the principal assets and liabilities of 636 reporting member
banks, together with changes during the week and the year ending Aug.
15, 1028, as follows:
1038
'Loam,and Investments—total
Loans and discounts—total
FINANCIAL CHRONICLE
Increase(±) or Decrease (—)
During
Year.
Week.
Aug. 15 1928.
$
$
$
22,184,258,000 —77,946,000 +1,548,409,000
15,739,318,000 —63,184,000 +1,065,185,000
Secured by U.S. Govt. obligations_ 128,690,000 —.4,856.000
6,561,493,000—.74,235,000
Secured by stocks and bonds
9,049,135,000 +15,907,000
All other loans and discounts
+10,936,000
+549,923,000
+504,326,000
6,444,940,000 —14,762,000
+483,224.000
2,923,783,000 —16,375,000
U.S.Government securities
Other bonds,stocks and securities_ _ 3,521,157,000 +1,613,000
+427,272.000
+55,952,000
Reserve with Federal Reserve banks_ _ 1,691,887,000 +34,617,000
237,373,000 —7,214,000
Cash in vault
+23,692,000
—12,108,000
12,952.061,000 +72,957,000
6,903,565,000 +5,500,000
184.787,000 —.9,229,000
—351,534,000
+595,630,000
+144,388,000
1,064,476,0004-.33,790,000
3,036,215.000 —13,403,000
—84,063,000
—287,545,000
Investments—total
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F.R.banks—totaL _
764,946,000 —62,351.000
+528.903,000
Secured by U.S. Govt. obligations_
All other
*Aug.8 figures revised
457,811,000 —39,907.000
307,135,000 —22,354,000
+296.581,000
+232,322,000
Summary of Conditions in World's Markets According
to Cablegrams and Other Reports to the Department of Commerce.
The Department of Commerce at Washington releases for
publication August 25 the following summary of market
conditions abroad, based on advices by cable and radio:
ARGENTINA.
Business in Argentina throughout the week ending August 17 was better
than during the previous one, and the general tone was more optimistic
than for several weeks past. The weather was good. It is expected that
the work on the Lacroze subway will be resumed shortly. Automotive
sales continued to be good, with closed cars showing large gains this year
In Buenos Aires.
AUSTRALIA.
After a year of depression, conditions in Australia have taken a trend
for the better. Slight improvements are noted in general enterprises, less
unemployment is reported, and the outlook for agricultural products is
unusually good. The success of the Federal conversion loan, due in September, is now reported assured and this, together with improvement in
reserves, has influenced bankers to be a little less conservative. Wholesale,
retail, import trade, and construction, however, are experiencing little
mprovement, though seasonal activities are encouraging. The approach
of the November election is also causing some slight hesitancy.
[vol.. 127.
CHILE.
Centralized selling of Chilean nitrate was started by the Nitrate Producers Association on August 15 and prices for Europe have been fixed.
Prices for the United States are expected in the next few days.
The
Comptroller's report of the government's operations during the first seven
months of the year indicates a surplus of approximately $2,000,000. although
the heaviest income is expected in the latter part of the year. The merchandise situation continues favorable with greater activity apparent than
In the prevous month when the demand for merchandise was heavy.
CZECHOSLOVAKIA.
According to the Czechoslovak statistical office, imports to Czechoslovakia from the United States totaled 15,000.000 crowns In the first
half of 1928, exports to the United States 516,000,000 crowns. Of imports, 75% were raw materials, notably raw cotton, and only 18% were
finished manufactures. On the other hand, 99% of Czechoslovak exports
to the United States were finished goods, chiefly linen and other textiles.
ceramic products, glass and glassware, and ready made articles. (Crown
equals $0.0296. )
FRANCE.
The situation as a whole in France reflects general confidence. Preparations are being made for the expansion of industries in the fall when it is
believed locally that busines will exceed the normal level for that period
of the year. All basic lines, except cotton textiles are being produced in
large quantities. Sales are heavy, prices are firm and future orders are
larger and more numerous while delivery delays are longer. Any difficulties that exist are of minor nature. Bourse activities have shown a
sharp recovery, while the heavy daily clearances indicate a large business
turnover. Issues of corporate securities continue at a high level indicating
confidence in the expansion of industry. The general industrial production
Index has shown a gain. The demand for coal is increasing and production
has risen. Domestic and foreign purchases of iron and steel are stronger
and prices are firmer. Most plants are accepting orders only for three to
five months delivery In the cotton mills the situation is calmer and stocks
of raw cotton are increasing. Conditions in the wool industry remain good.
while in the silk plants operations are normal for the season although stocks
of finished products are higher than usual. Other industries show a generally good condition.
HAWAIIAN ISLANDS.
Weather conditions in the Hawaiian Islands during the past month have
been favorable to growing crops, with well distributed showers and high
temperatures. Sugar cane is reported 94% harvested with a yield of
813,000 short tons to date, of which 670,000 short tons have already been
shipped. Thirty-two mills are still busy. The pineapple pack, it is estimated, locally will show a moderate inc.-ease over estimates and all plantations report excellent fruit. Retail trade in the past month has been
only moderate with collections fair and reflecting the influence of low
sugar prices.
INDIA.
General business and industrial conditions in India the first half of
August have been unsatisfactory, due largely to the decline in export
demand and to lower prices for most commodities. Protracted strikes,
particularly at Bombay mills and at Tate steel works, have curtailed proAUSTRIA.
duction and restlited in largo josses in profits and wages, it Is reported.
While the steady upward trend in industrial and trade activity in 1928 Although the monsoon has been generally satisfactory throughout the
appears to have reached its peak, the present Austrian situation shows larger part of India, there is developing a fear of serius crop failure in
no unfavorable development apart from the tightness and Increasing cost northwestern India, including most of the Punjab, becasue of inadequate
of money and the fear that this will curb business operations. The seasonal rainfall and excessive heat.
downward curve in unemployment has apparently reached the low point
IRISH FREE STATE.
for the year, with some 116,000 totally unemployed receiving doles on
Following the removal in May of restrictions resulting from the outbreak
July 15: this is 24,000 below the figure of last year.
of foot and mouth disease earlier in the year, conditions in Munster have
BELGIUM.
shown steady improvement. The increase in business in the Cork district
In spite of thesummer season there has been practically no slackening of in the second quarter of the year is partly seasonal, but the position of
production in the principal industries, the retail trade has shown only the farmers is understood to be much better than at this time last year. The
customary summer slowing up, and Belgian business on the whole is sur- crop outlook is not especially promising, and gives indications of only a
prisingly good. In the major industries only textiles have been slack, and fair harvest if favorable
weather continues. Alhough agricultural prices
prices generally are strong. In the iron and steel industry manufacturers' continue at an extremely low
level, more money is in circulation and trade
books are well filled and delivery delays are required. The domestic market prospects are considered
fairly good.
Is very active awl general prospects are bright. The improvement In the
ITALY.
coal situation has been maintained. The output of plate and window glass
The labor situation has greatly improved in Italy during the last six
remains high, while in the cement industry the situation is favorable and
months
judging from the figures of unemployment which have been rethe output is at a capacity level. General crop conditions are good and
satisfactory yields are anticipated. There Is arising tendency on the bourse. duced from 439,000 at the end of January to 247,000 at the end of June.
Following the recent crisis on the Brussels bourse the situation is now said Seasonal agricultural activity accounts for much of the difference.
to be stronger than at any time in the past year. Money continues plentiBRITISH MALAYA.
ful and the outlook is optimistic.
Uncertainty regarding the trend of rubber prices after the first of NoBRAZIL.
vember continues to affect general economic conditions somewhat unGeneral business continues fair in Brazil with export bills scarce and favorably.
Confidence, how ever, is gradually being restored and colmoney plentiful in the banks but lacking in the interior. The coffee market lections are improving. Import
stocks are low and dealers are placing
remains dull but prices are firm. Exchange has weakened 120 refs during forward orders in preparation
for Christmas and Chinese holidays.
bill
is
now
petroleum
weeks.
A
federal
recommended
by
the
the last two
Rubber trade has firmed somewhat,but there is considerable uncertainty
Ministry of Industry and action during the present year is passible. Terms regarding November and
December shipments. The tin market remains
of the bill are declared highly unfavorable to foreign operation.
dull.
CANADA.
MARTINIQUE.
Business continues good in Martinique and imports in recent months
With allowances for the seasonal lull and exceptionally warm weather
have
been
maintained
volume
of
trade
remains
good.
at
a
satisfactory level. Construction work is active
In eastern Candada last week, the general
and there is prospect of increased governmental expenditures on port im'The very satisfactory crop situation in all provinces appears to indicate
general prosperity in rural communities this fall, with corresponding stimu- provements in the next few months. Weather conditions favored the
sugar harvest and a normal yield of about 40,000 metric tons is expected.
lation of purchasing. The outstanding factor in crop returns is the conof which 38,000 tons will be available for export.
tinued decline in wheat quotations. According to local estimates the
ncreasein wheat acreage in 1928 is approximately8% and the crop is popularMEXICO.
ly forecast locally at more than 500,000,000 bushels. The carry-over at the
Busines in Mexico during the week ended August 18 showed a slight
•ead of the crop year was 76,484,000 bushels, as compared with 50,765,900 Improvement over the
unsettled conditions which existed during the latter
bushels on July 31 1927. Cutting of grain is expected to become general half of July. The
peso has shown more strength, but further improvement
throughout the Prairie Provinces this week; binder twine is in demand since has been checked on
account of the unfavorable crop outlook caused by
straw is heavy. Increased traffic on the principal Canadian canals in July the continued
drought, expecially in the northern part of the country. The
Is credited mainly to the wheat movement, which was later this year than national banking
recommending steps which
In 1927. Increased shipments of iron ore also a factor in heavier traffic are designed to convention adjourned after
encourage savings and investments in domestic industries.
through the Sault Ste. Marie canals. Trading activity on Canadian ex.changes continue to decline and the traders' index of the 25 best selling
NETHERLAND EAST INDIES.
industrial and public utility common stocks on the Montreal and Toronto
General retail buying is improving, with increased native purchasing
exchanges was 378.1 for the week ended August 9 as compared with 386.3 for power resulting from favorable crop returns. Ths volume of import trade
the previous week. Returns of the chartered banks for June show a re- continues heavy, except in east Java where the sugar situation is restricting
duction of call loans in Canada from $269,392,000 in May. the highest buying. Lack of forward sales is necessitating the storing of sugar by a
level ever reached. to $268,017,000 in June. Call loans outside of Canada number of mills. Demand for rubber has improved somewhat and natives,
(New York and London)show a much larger deduction,$22,972,000in June. despite low prices, are proceeding actively with tapping. Pepper supplies
Canadian newsprint production in July amounted to 184,000 tons. During for shipments are heavy and prices are declining. In the absence of Amerithe first seven months of 1928 production was 16% higher than for the can demand, tapioca trade is dull.
same period of last year.
NETHERLANDS.
The contract for the International Paper Company's new mill at DalGeneral business conditions in the Netherlands during July showed
housie, New Brunswick. has been awarded to a Montreal firm. The plant
somewhat less than the usual summer slackness. Industrial activity was
will cost about $15,000.000.
AUG. 25 1928.]
FINANCIAL CHRONICLE
maintained at a good level and the retail trade was satisfactory owing to
better weather and the influx of tourists and visitors because of the Olympic
games. Prices have shown little change and unemployment is relatively
low. The money market has remained practically stable although rates
were somewhat easier. A new financial organization, the Netherlands
Credit and Financial Company, with a capital of 12,000.000 florins, has
been established at Amsterdam. Capital issues during June increased, those
for foreign account being heavy. The stock market has experienced the
usual summer calmness. Commodity markets were seasonally inactive,
with prices rather steady until the end of the month when a weaker tendency encouraged stock replenishment. Declared exports to the United
States during July showed a heavy drop as compared with the June value.
PORTO RICO.
Reports from trade circles indicate little change in Porto Rican business
conditions, and the merchandise movement remains slow in practically
all lines. The usual seasonal purchases of fertilizer for sugar estates are
being made but prices are extremely low on account of competitive conditions. Tobacco growers are delaying their purchases of needed fertilizer
pending the conclusion of satisfactory credit arrangements. Collections
are still difficult but banks report indications of improvement in some
districts. Shipment3 from Porto Rico to foreign countries during the
fiscal year ended June 30 last were $4,133,000 compared with $7.493,000
in the preceding fiscal year. The drop in these shipments was largely the
result of the decrease in coffee exports from nearly nineteen million
pounds, valued at $5,625,000 in 1926-27 to 11,145,000 pounds worth
$3,503,000 in 1927-28. Imports from foreign countries were $12,595,000
in 1927-28 as aghast $11,764,000 a year ago, the increase in great part
being accounted for by larger purchases of Cuban tobacco for elaboration
and reshipment to continental United States.
RUMANIA.
Rumanian customs receipts for the first six months of the current Year
have shown a decrease of about 23% as compared both with the budgetary
estimates for the period and actual collections for the first half of 1927. The
respective figures are: Receipts in 1928. 3,663,012,000 lei (average rate
of exchange, $.00618); budgetary estimates, 4,600,000,000 lei; collections
in 1927. 4.754,737,000 lei. The decrease in the total receipts is due exclusively to the marked shrinkage in collection of export tax and incidental
charges, chiefly as a result of the abolition and reductions of export tax
and commission on the principal export commodities and partly because
of the heavy decrease in exports of cereals. Receipts from import duties
held their own with an increase of about 1% over the 1927 period, but are
4.6% below the budgetary estimates.
PHILIPPINE ISLANDS.
Except in copra districts where buying is reported to be better general
trade conditions in the Philippines remain dull. Collections continue
difficult and the situation compares unfavorably with the corresponding
period of last year. In copra areas, credit conditions have improved somewhat, but remain tight in hemp, tobacco, and sugar areas.
SWEDEN.
Settlement of trouble in the iron mines which has seriously disturbed
Sweden's economic situation since January has led to anticipation of a
general improvement throughout the remainder of the year. At the middle
of August economic conditions were fundamentally sound, although somewhat adversely affected by the poor crop prospects and as a result of labor
conflicts. Crop conditions are considerably below average on account of
the unusually cold rainy weather. Imports of grains and fruits will undoubtedly be heavier than last year when crops were also subnormal.
The money market in July remained fairly easy with net foreign credits
showing further growth. The bourse was fairly active with quotations
showing a recovery. The Swedish industrial production showed a further
advance during June and a general tone of improvement was noticeable
in industrial and market conditions.
TURKEY.
Economic conditions in Turkey continue to feel the effects of recent
business failures and unfavorable crops. Turkish exchange has remained
steady, around $0.505, in contrast with a usual rising tendency at this
time of the year. The exchange of paper currency has not yet been completed, and a further extension beyond August 15 was expected.
UNITED KINGDOM.
Important foreign railway contracts have been awarded to British coal
firms but the trade generally remains quiet. Three new mergers reported
in process of formation in Northumberland involve 27 collieries. Output
for the week ended July 28 was 4,455,900 tons and employment 897,800.
A new treasury issue of £35,000,000 5% bonds has been announced.
Control of Spanish Peseta Now Realty as Speculation
Ends—Anglo-American Credits Aid Bank of Spain
to Keep Currency Value Up—Now Has $520,000,000
Holdings in Gold.
The following special correspondence from Madrid Aug.
11 appeared in the "Journal of Commerce" of Aug. 22:
For several days past there have been rumors—amounting, indeed, to
positive assurances—that the days of the speculator in pesetas had assuredly
come to an end;for the Government,successful at last in its efforts to control
the exchange, was about to make an announcement. But statements had
been made so often before, and had been found so often to have been unreliable, that the game of selling and buying pesetas went on just the
same.
To-day the gambler in exchange is a sad and very indignant man. Rumor
at last has spoken truly, and the control of the peseta is an accomplished
fact.
With the oft-threatened control of the exchange at length achieved, Spain
—the last of the important European countries with a depreciated currency
—Is about to be relieved of all the evils that a debased money entails. Up
to a few days ago the peseta was the most interesting European currency
still uncontrolled, the depreciation amounting to between 10 and 15%.
with a world market.
Strong Credits Secured.
The cable will have informed your readers that strong credits have been
at
the
placed
disposal
of the committee Created on June 25 by
secured and
the Spanish Government to organize the defense of the peseta exchange and
that the long-drawn-out negotiations between the Bank of Spain and
London and New York monetary institutions had been crowned with
success.
At the head of the powerful syndicate stands the Midland Bank, but
also are included I3arclay's Bank, Lloyd's Bank. the Westminster Bank,
Martin's Bank, the Anglo-South American Bank; Hambro's Bank, Lazard
Bros. and Morgan, Grenfell & Co. This group forms about as powerful
a financial league as has over been got together. The United States is
represented by a smaller number of leading banks, at the heed of whom,
however,is the famous house of J. P.Morgan & Co.
1039
Little more than a year ago the position of the peseta was such as to
cause real anxiety to the Government. Following its recovery from 35
to the neighborhood of 29 to the pound sterling, owing to the general
Improvement in Spanish finances brought about by the funding of the
floating loan, by the reduction in the budget deficit and by much lighter
commitments in Morocco, the peseta continued to fluctuate between 29
and 26 to the pound sterling in a thoroughly disconcerting manner.
Those who have had any experience of Spanish money matters were, of
course, aware that at certain periods in the year the value of the peseta
would normally vary a few points. For instance, during the fruit exporting
season, when payments from abroad, especially in sterling, flowed into the
country; or. again, at the beginning of the summer, when numerous rich
Spaniards provide themselves with foreign currencies to pay for their
travels abroad. These moments were known and could be anticipated: but
other fluctuations of a more mysterious nature were playing havoc with
the financial interests of the country, and all official efforts to identify and
stop the game failed. But it is safe to say that the speculators will flaunt
them no more, or, if at all, to a very minor degree.
These gamblers in exchange, whose chief habitat has been found in Holland and Switzerland, have had several good reasons for operating in pesetas
The situation of the kingdom has been steadily improving during the
past 3 or 4 years; so steadily, in fact, that the movement of the peseta
toward par seemed to be increasingly probable, and any further cause of
depreciation to be just as remote. Additionally, for certain Continental
nations, the peseta had appeared for some time past to be a profitable
medium for the purchase of sterling. It was found, in fact, more advantageous to make purchases of pounds sterling through pesetas, the value of
which was temporarily enhanced by the process of buying, than to buy
sterling at a fixed rate in the gold market.
Good Gold Reserve.
Naturally, these fluctuations proved a nuisance to legitimate Spanish
traders, who, therefore, called upon the Government to peg the exchange
value of the peseta, or, at least, to pull some of the strings which every
Government has, or is supposed to have, at its disposal in order to keep
fluctuations within bounds. For this purpose a Government has always
means at hand in the gold brought into the country in payment of customs
duties in gold specie: and so far as Spain is concerned this gold has been
carefully hoarded for the last three or four years. It has been lying in the
Treasury vaults entirely unproductive,of course,of interest. This considerable reserve, combined with the resources of the wealthy banks referred to,
will be more than sufficient to intimidate speculators, whose maneuvers
the Spanish Government declare (and no doubt with ample reason) to have
been the principal cause of the fluctuations, during the past six months
particularly.
At the end of June, following some violent movements in the exchange,
the Government. through an official decree, gave authority to exercise
control of the foreign exchange market through a committee formed under
the chairmanship of the Minister of Finance, at whose disposal the vast
credits above mentioned have now been placed.
The position of the Bank of Spain has been rendered so strong of itself
that the step now taken may prove a precautionary measure, of which
there will be little need to take advantage. The bank possesses to-day a
gold holding of over 2.600,000.000 pesetas. about £104.000,000, or, say,
$520,000.000, while its note circulation amounts to 4,295,000.000 pesetas,
thus giving a proportion of nearly 61% compared with the legal ratio of
40%• But this is not all. The bank holds over 700,000.000 pesetas in
silver, very much more than its pre-war stock of the white metal; while its
gold holding compares with 543,497,000 pesetas in pre-war days, at which
period the note circulation was about 1,920,000,000 pesetas.
When, at the end of June last, the violent movements in the exchange
already mentioned took place, an official decree was issued wherein the
idea of the Government's acceptance of the then-existing depreciation in
the currency was rejected. The decree indicated that the Government
would not renounce the gold parity of the peseta, even though for the time
being it might direct its efforts to maintain regularity in the rate "nearest
to its just valuation." It was then announced that an exchange committee
to be nominated would have full powers gradually to stabilize the peseta.
Now the bold step taken will probably prove the preliminary only to
ultimate stabilization. The one danger to be apprehended is that the committee's efforts may have to be directed to regarding a too-rapid return of
the exchange to the parity level, of 25 pesetas 2235 centimes, rather than
to the support of a falling peseta.
Little doubt exists (except among international gamblers) that the Government has acted wisbly, if somewhat belatedly. It very sensible refrained from making any official announcement with regard to its stabilization plans until these had taken definite shape. Although the agreement
for the English part of the credits obtained was concluded some little time
ago. it was necessary to await the result of the American negotiations before
anything could be satisfactorily proclaimed.
While no official statement of the actual amount of subscription toward
the protection of the peseta has been published, it Is believed here to be
not less than £10,000,000 (850,000.000), a sum equally divided between
United Kingdom and United States banking houses. At any rate the
Government has shown—notwithstanding its oft-boasted independence of
foreign capital—preference for the co-operation of other countries, thus
following the example of nearly all those States which have stabilized their
currencies during the past few years. The Government would not have
been able, or content, to rely upon its own unaided resources, notwithstanding the powerful position now attained by the Bank of Spain, through
the gold stock, to which reference has already been made.
It is quite clear that the Government, aided by the banking consortium,
intends to strictly enforce the new measures concerning exchange transactions. Already an ordinance has been issued forbidding the opening
abroad of credits in pesetas that are not Justified by the requirements of
commerce, while the Ministry of Finance announces that the Committee
for the Control of the Exchange Market will utilize the patriotic collaboration offered by the leading private banks for the purpose of regularizing the
peseta exchange.
A board meeting has Just taken place at which was read the royal order
regulating the conditions in which a register of all exchange transactions
throughout Spain will hereafter be kept for the information of the control
committee. In these new regulations an attempt will be made to "preserve secrecy" regarding the names of individuals engaged in transactions,
but although it is stipulated that every effort will be made to avoid divulgation of professional secrets by allowing the banks to submit the information
regarding the operations amounting to over $20.000 in a key form instead
of nominatively, there is very little doubt that the information will trickle
through where and when it is desired to ascertain it. As it has been decided, however, to group transactions up to $5,000 without specifying
details, to some extent this may serve to cover up small individual transactions.
The credit in behalf of the Bank of Spain was referred to
In the "Chronicle" of Aug. 11 page 767.
1040
FINANCIAL CHRONICLE
200,000 to Remain Permanently Out of Jobs in Britain—
Government's New Labor Policy Expected to Stabilize Unemployment of Workers—State to Lend
Money to Men So They Can Settle in Booming
Districts.
From its London correspondent Aug. 17 the New York
"Evening Post" reports the following (copyright) advices:
People who are looking to see Great Britain do great things in the way
of business recovery have received a shock from the latest report of the
Labor Department and the last full-dress debate on unemployment in
the House of Commons.
Within three and a half years unemployment has increased by 225,000
and the Labor Department estimates that 200,000 men never will get
steady work so long as they live in their present districts. The Government has announced its policy for dealing with the problem and it is very
much like feeding pills to a man with a broken leg.
The upshot of the Government's policy is that unemployment will be
stabilized. Perhaps not at its present figure, but something near 200,000
able-bodied men are not to have work and a million persons, counting five
to a family, out of forty-five millions in the country are going to live on the
starvation line supported by public relief.
This does not mean that Great Britain is not recovering in a business way.
Prosperity in some districts is remarkable. The London area, for instance,
is as well off as before the war. The unemployment is concentrated in
certain areas and certain industries. Taken as a whole, the wealth of the
British increase year by year, the amount of money spent is larger, the
purchasing power of wages is increasing, the rich are richer, the workers
as a whole are enjoying a better standard life.
Business Flourishing
The revelations about unemployment do not discredit the fact that Great
Britain, in a business way, is flourishing. They do not take any of the
luster from the success of her electrical industry, her artificial silk and half
a dozen lesser lines of manufacture.
The British have "come back." But like a middle-aged man who has
risen, cured, from a sick-bed, they are older for the experience and not
physically stronger. They are faced with a problem that can only be
solved by youth,courage and imagination. And they are not going to solve
It.
To put it simply, 200,000 men live in areas where there is no work and
never will be any. In other parts of the country there is a condition almost
like a boom. The obvious thing to do is to move the 200,000 men. The
Government sees this. But all it is doing is offering to lend individual
men the money to move and to carry on while settling in their new homes.
The job-finding is to be done by labor exchanges.
This is not enough. Moving 200,000 men is a gigantic task. It is a
bigger task of its kind in state management than ever has been undertaken.
It involves not only uprooting a million persons and transporting them to
other areas, it involves housing them and giving them work for which they
are fitted and by which they can support their families. It is the kind of a
task that a Rhodes or a Hill might be equal to. It requires capital, enterprise. administrative genius and,above all, courage and yet more courage.
Unemployed Are Miners.
It happens that these 200,000 permanently unemployed men are miners.
Either they must be put into mines which can be operated at a profit or
they must be taught new trades. The Government has said nothing about
opening up new mining areas, though there are areas which are merely waiting for the capital and labor to become profitable. Nor has the Government said anything about teaching these miners on a large scale new ways
of earning their living.
This transference scheme is not the only remedy. The coal mines are to
receive another subsidy, this time a secretive one, for the public subsidy
for coal cannot be repeated after the experience of two years ago. The new
subsidy is the rating scheme, which will go into operation one year sooner
than planned and by virtue of which the railroads are to be freed from paying
local taxation. This reliefis then to be passed on to the coal and steel industries in the way ofreduced freight rates. It will be a help. Just how much,
no one knows. But ne one dreams that it will give work to those 200,000
miners or any substantial number of them.
The present British Government is the government of big business. It
has access to the best bushieas minds in the country, it could call on the
services of any business genius it chose. If it had the heart to face this
unemployment problem it could do as it pleased. It commands prestige.
Its power in Parliament is indisputable.
Baldwin in Appeal.
But, it has chosen to muddle along, applying palliatives, doing nothing
daring and counting on the general improvement of trade to keep the country generally prosperous and generally contented. For the particular areas
it expresses its regrets, and Mr. Baldwin, when discussing them in the
House of Commons, made quite a stirring appeal for their assistance. It
was good rhetoric, but that was all.
This is not to intimate that any alternative Government would do better. Ramsay MacDonald, the Socialist leader, who moved the vote of
censure on the Government on the score of increased unemployment, did
propose more substantial measures. He spoke of the road building and
widening needed, the drainage of low districts and the public works, all of
which would give business a fillip.
He criticized the misdirection of capital, as a Socialistwould. But the
fact is, the failure is not a party failure, it is national. The initiative to
deal with the matter is wanting. The business brains which might cope
with it are conspicuous by their absence. Britain has recovered its health
but not its youth.
British Roads Lose $5,000,000 Monthly—Sir Felix Pole
Attributes Condition to Depression, High Wages
and Buses.
The "Big Four" of British railroads are losing roughly
an average of $5,000,000 a month, says a London cablegram Aug. 21 to the New York "Times" which adds:
This was disclosed today in a "Daily Mail" interview with Sir Felix
Pole, general manager of the Great Western Railway Company, at which
representatives of the other great railway companies were present.
Sir Felix pointed out that the public was mistaken in believing the railroads relied mainly on passenger traffic. It was the carriage of freight
which provided the main receipts, and the drop in coal tonnage was largely
responsible for the serious crisis through which the railroads are passing,
he said.
[VoL. 127.
At the end of May this year there had been the following decreases in
coal tonnages conveyed compared with the same period in 1927: Great
Western. 2,373,000 tons; London, Midland and Scottish, 2,400,000: London and Northeastern, 3,262,000, and Southern, 375,000.
To the end of July the decrease in railroad traffic receipts, exclusive of
docks and other auxiliary businesses, of the four great groups were: London
Midland and Scottish, £3,070,000; London and Northeastern £1,967,000:
Great Western, £1,142,000, and Southern, £654,000
Sir Felix ascribed this unsatisfactory state of affairs to three main causes,
namely,stagnation of industry, wage burdens imposed by the Government
and motor transport competition.
Plan Canadian Farm Loans—New $5,000,000 Bond
Issue to Finance Organization Similar to Federal
Land Banks of U. S.
Winnipeg advices published in the "Wall Street Journal" of Aug. 16
state an issue of $5,000,000 in Federal bonds is being made to finance a
national loan plan similar to the Federal Land Bank of the United States.
Each province that desires to participate must make itself responsible
for a part of the issue. It is said the plan may supply funds on the prairies
at slightly less than the banking system, but that is yet to be determined.
The idea is declared to be promoted in the interest of the agrarian sections
of Western Canada.
To finance the enterprise, $5.000,000 is to be raised by the Ottawa
Government in bonds or advanced in cash. This is to be paid back out
of the interest on the loan. In addition to this basic capital there will be a
further stock issue of which the Dominion and provincial governments adhering to the plan must subscribe 5%, while each borrower must subscribe
for 5% of the sum borrowed by him and pay for the stock at the time. Provincial boards to work in conjunction with the Farm Loan Board.
Industrial Progress in Canada Depicted By Canadian Bank
of Commerce--Pulp and Paper Advances to First
Place Among Industries.
A review of the industrial progress in Canada appears as
follows in the August number of the Monthly Commercial
Letter of the Canadian Bank of Commerce:
Canadian manufacturing plants are turning out in physical volume approximately 140% of the output reached at the peak of wartime activity ten years ago, and in spite of lower prices their
Products have a gross value over 20% higher. The value for 1927
was recently stated to be in the neighborhood of $8,500,000,000, or
abount $250,000,000 above the figures for 1926. This constitutes a
record in the history of the country and indicates the extent to
which Canada has shared in the general industrialization of nonEuropean countries since the war.
It is worth while to draw attention to the general growth in
industry during recent months. At the end of 1926 the capital invested in Canadian plants stood at $4,000,000,000, but this has
since been largely increased by extensive additions to plants and
the erection of new factories, notably in the pulp and paper industry, the manufacturing of real and artificial silk, the automobile and allied trades and in concerns supplying construction materials
and household goods of all kinds. The Bank has made a careful
survey of recent developments in Canada and finds that during the
last eighteen months over two hundred important extensions have
been added to existing plants and over one hundred new factories
have been erected.
A healthy sign of the times is the general increase in industrial
efficiency that is taking place in Canada as well as elsewhere, linked
as it is with the world-wide movement for standardization and
ende
loss a
weh ehm
rationalization. Europe is slowly recovering f
tailed by the over-capitalization of the war years,
industrial leaders consider anew their methods of production and
distribution, and brought into greater prominence the need for
further scientific research. The movement had made rapid strides
in the United States, and although it is comparatively new in
Canada, the recent report of the National Research Council show*
what has already been accomplished and the wide range of investigations that are now under way. It is significant that the
Dominion Parliament at its last session increased the annual appropriation to the Council from $170,000 to $300,000, and that the
Legislature of Ontario recently voted $1,000,000 for an Ontario Research Foundation, $200,000 to be expended annually for five years,
upon condition that an equal amount was raised by private interests. Manufacturers now look for economies in the cutting of
costa rather than of wages, and it is notable that although the
number of employees is on the increase, not only the average wage
but the value of the output per capita is increasing. In 1926, the
last year for which figures are available, the value of Canadian
products added by manufacture was $2,600 per employee, which compares favourably with the corresponding figures for the United States
in 1925, namely, $2,740. Adjusted on the basis of prices, the output per employee was 4% greater than in 1925 and 60% greater than
in 1920.
The relative importance of Canadian manufactures, as measured
by the gross value of their products has altered in many respects
during the past ten years. The pulp and paper industry, for example, has risen from third to first place, while automobiles have
risen from eighth to fifth. Flour, meats and lumber occupy the
intervening places in the order indicated; the first two have in
recent years shown steady growth, while lumber has lately taken
on a new lease of life. The rapid extension of the automobile
trade has again brought the rubber industry into prominence and.
taken together with the increased demand for machinery of all
kinds, has improved the condition of the metal-working trades,
although the value of iron and steel manufactures has not yet
recovered the predominating position it occupied during the war.
The chief development in the textile trades has been the increase
in the demand for silk, both natural and artificial, which makes it
clear that the competition is not entirely between those two but
between the latter goods and the other textiles as well. The wealth
of pulpwood resources and water power in Canada offers an nn.
AUG. 25 1928.]
FINANCIAL CHRONICLE
usual attraction to the manufacturer of artificial silk. The world
textile situation, especially as regards cottons, has been complicated
by the change of markets since the war owing to the establishment
of cotton spinning in countries heretofore dependent upon the older
industrial lands. Japan is said to have increased her spindleage
142% between 1913 and 1926, and China is credited with as much
as 240%. The increase in the United States was 19%, and in Canada
86%, the expansion being due for the most part to an increase in
domestic rather than foreign consumption.
Germany Orders Minting of Three-Reichsmark Coin.
Minting of a new three-reichsmark coin has been announced
by the German Federal Minister of Finance, according to
a report from the Consul General at Berlin, C. B. Hurst,
made public by the Department of Commerce Aug. 20.
This is learned from the "United States Daily" which gives
the department's statement as follows:
Belgium—Army of Occupation
Deliveries of coal and coke (including transport)
Other deliveries in kind
Cash transfers
1041
Fourth Angola/
Month of
Year—CumidaJuly
live Total to
1928.
July 31 1928.
Gold Marks.
Gold Marks.
245,174.23 1,975,‘ -.44
92,939.93 22,638,003.23
4,969,128.86 54,288,961.07
17,782,182.89
5.307,243.02 96,684.244.63
Serb-Croat-Slovene State—Deliver es In kind
Miscellaneous payments
Cash transfers
2,294,508.50 40,449,068.57
25,062.00
271,338.07
1,716,653.02 12,341,558.01
4.036.223.52 53,061,964.65
United States of America—Deliveries under Agree2,055,508.78 25,258,070.37
ment
Cash transfers in liquidation of priority for Army
costs in arrears
4,598.923.59 44.422.736.02
6,654.432.37 69.680,806.39
Rumania—Deliveries in kind
Miscellaneous payments
971,286.97 13,217.454.11
The new coin weighs 15 grams, measures 30 millimeters in diameter,and
34.070.21
maintains the accepted standard of fineness of 500 parts silver to 500 parts
971,286.97 13.251,524.32
copper. The obverse side reproduces the statue of Margrave Herman,
founder of Naumburg on the Saale, the town's arms being displayed upon Japan—Deliveries in kind
1,302,756.11 4,105,935.41
the shield which is carried, together with the sword, in the left hand; while
Cash transfers
290,902.16 2,787.972.14
the right clasps a fold of his garment. To the right of the figure appears
1,593,658.27 8.893,907.55
the date of the city's founding, 1028; to the left the date of Issue of the
commemorating coin, 1928. a line being placed above and below the num- Portugal—Deliveries in kind
651,629.19 7.834.428.86
erals. The whole is encircled by quatrefoil foliation and, further, by an
Cash transfers
758,244.31
195,105.39
embossed edge representing a pearl wreathed rod. Between these two
846,734.58 8.592,673.17
ornamentations is engraved in antique lettering the words ”Guendungsfeier" (celebrating the establishment) “Naumburg, Seale," the first word Greece—Deliveries in kind
1,196,430.19
being separated by the foliation.
219.107.08
21,055.19
On the reverse side is shown the value of the coin, the ornamentation Poland—Deliveries in kind
Miscellaneous payments
149.59
4,797.00
being the same as that displayed on the three-reichsmark piece recently.
Settlement of balances owing for deliveries made or
services rendered by Germany prior to Sept. 1
1924
2,191.88
Cash transfers
German Reparations Receipts and Transfers During
24,827.87
July.
.250,923.83
21,204.78
Transfers totaling 137,839,597 gold marks are shown in
Total transfers to Powers
129.866,971.23 1431902,647.07
For Prior Charges—
the statement for July, issued Aug. 8 by the Agent-General Service
of the German external loan, 1924
7,632,226.66 81,237,043.08
Costs
of Inter-Allied Commissions
Reparations
Payments. The available funds for the
340,398.92 8.529,298.22
for
Costs of arbitral bodies
53,933.37
month totaled 145,971,881 gold marks. For the fourth
Total transfers
137,830,596.$1 1521722,921.74
annuity year to July 31 1928 the total transfers amounted
to 1,521,722,922 gold marks, out of total available funds
of 1,682,813,004 gold marks, leaving a cash balance July 31
Japan Restricts Rice Imports.
1928 of 161,090,083 gold marks. The statement in detail
The restriction on imports of rice into Japan, Chosen
follows:
and Taiwan, has been extended by the Japanese governSTATEMENT OF AVAILABLE FUNDS AND TRANSFERS FOR THE
ment to Dec. 31 next, according to radiogram received by
FOURTH ANNUITY YEAR TO JULY 31 1928.
(On cash basis, reduced to gold mark equivalents.)
the Department of Commerce from Tokio Aug. 23, says
Fourth Annuity
Month of
Year—Cumula- a Washington despatch toithe "Wall Street News." It
live Total to
further states:
Available Funds—
Balance as at Aug. 31 1927
Receipts in completion of the third annuity:
Transport tax
Interest on railway reparation bonds
Receipts on account of the fourth annuity:
Budgetary contribution
Transport tax
Interest and amortization on railway reparation
bonds
Interest and amortization on industrial debentures_
Interest and exchange differences
(
I.r7
Gok1arks.
91.j
eod
r 318
185,487,192.84
20,000,000.00
55,000,000.00
41,666,666.66 458,333,333.33
24,166.000.00 241,660,000.00
55,000,000.00 550,000 000.00
25,000,000.00 175,000:0
0 0.00
731,611.55 4,107,705.17
•
146,564,278.21 1889688,231.34
Less discount on advance payments for service of
railway bonds and industrial debentures
592,397.58 8,775,226.88
Totals
146,971,880.63 1682813,004.46
Transfers—
In foreign currencies:
Service of the German external loan, 1924
7,632,226.66 81,237,043.08
Reparation Recovery Acts
30,362.464.23 319,333,146.17
Deliveries under agreement
2.055.508.78 25,258,070.37
Settlement of balances owing for deliveries made
or services rendered by Germany prior to Sept.
1 1924
7,511,586.93
Transferred in cash
39,633,813.54 374,752,634.73
Costs of Inter-Allied Commissions
70,581.59 3,544.443.85
Costs of arbitral bodies
53.933.37
79,754,694.80 811,690,858.50
By reichsmark payments for:
Deliveries in kind
Armies of Occupation
Costs of Inter-Allied Commissions
Miscellaneous objects
52,433,048.93 643,212,092.49
5,281,924.16 60,698,912.79
269,817.33 4,984,854.37
100,211.59 1,136,203.59
58.085,002.01 710,032,063.24
Total transfers
The ordinance restricts the importation of foreign rice by requiring
special import licenses for shipments during the period Mar. 6 to Aug. 31.
inclusive. Import licenses are not required in respect to shipments from
the United States and other countries having treaties of commerce and
navigation with Japan.
Roumania's Resources'and Economic Possibilities.
Roumania's resources atidieconomic possibilities have recently been summarized in a detailed survey by L. Mrazec,
Minister of Commerce and Industry. According to Mr.
Mrazec, whose report has just reached the United States,
the immediate economic objectives of Roumania are: first;
the necessity of determining and assuring a favorable relationship between agricultural and industrial production,
second, the creation of the largest possible interest in the
development of the nation's natural resources; and third,
the will to assume in the south-east of Europe the role of chief
agent for economic development and peace. In speaking
of Roumania, Mr. Mrazee says: "Indeed a country that
possesses the principle economic necessities and which nature
has destined to serve as a bond of union between the markets of Europe and the Orient, Roumania is capable of
great economic development." The Roumanian Legation
at Washington, in its advices regarding the survey under
date of Aug. 14, says:
The survey shows that the country is made up of 73,741,750 acres,
of which 30,792,000 are suitable for agricultural purposes; 10,300.000 acres
are prairies and pasture lands and 1.360.000 are orchards and nurseries;
18.120.000 acres of forest and 13,146,000 acres of unimproved land.
Of the 30.792,000 acres of workable land, 26,012,000 acres are devoted
to cereals: 1,513.000 to forage and 3,065,000 to other crops. The value of
the agricultural products of the country is placed at 8682,000,000.
Live stock totals 27.100,000 head of which 1,900,000 are horses. 5.000,000
cattle, 200,000 oxen, 16,000,000 sheep, 500,000 goats and 3,500.000 pigs.
The estimated value of this live stock is $496.000,000.
69,970.432.57 755,053,608.02
Of the total forest land of Roumania 7,390.000 acres are State property
which 2,194.000 are in the Government administration and 5.196,000
British Empire—Army of Occupation
of
1,155,115.21 11 824
10
Act
Recovery
Reparation
25.608,984.67 270:513,
1
5201.
83. 4 are managed by private companies under State supervision. Public inSettlement of balances owing for deliveries made or
stitutions own 3,301.000 acres while 7,531,000 are private property. The
services rendered by Germany prior to Sept. 1
Ministry of Agriculture places the value of the Roumanian forests at
1924
7,509,395.05
Cash transfers
5,025,006.92 30,027,899.81 $347,421,000.
The value of arable land in Roumania Is placed at $412.654,000. Fish31,789,106.80 319.874,679.50 eries produce annually about $121,954,000 while mineral products including
Italy—Deliveries of coal and coke (incl. transport)__ 5,095,969.05 64,693.105.22 crude oil, coal, natural gas, gold, silver, aluminum, iron and a wide variety
Other deliveries in kind
150,374.63 9,803.597.42 of other minerals have an annual total production of $73,898,000. Of this
Miscellaneous payments
998.31 group, crude oil is the most important item with a valuation of approxiCash transfers
3,430,304.67 32,864,183.87 mately $45,835,000.
During recent years the government has lent active support to the
8.676,648.35 107,381,884.82
growth of Roumanian industry. The last available figures show that at
137,839,696.81 1521722,921.74
Cash balance as at July 31 1928
161,090,082.72
b. Distribution of Amounts Transferred—
To the Powers—
FranceArmy of Occupation
3,881,634.72 46.899.614.25
Reparation Recovery Act
4,753,479.56 48.819,962.63
Deliveries of coal, coke and lignite (incl. transport) 13,970,287.87 157.546,370.69
Other deliveries in kind
22.913,112.83 267,219,630.64
Miscellaneous payments
75,000.00
825.000.00
Cash transfers
24,376,917.79 233,743,029.81
1042
FINANCIAL CHRONICLE
the end of the first three months of 1928 there were 1,280 industrial companies with a total capital of $164.664,000; 434 commercial companies
with a total capital of $17,505,000 and 78 other companies with a capitalization of $2,864.000.
The agricultural phases of Roumania life have always dominated the
economic life of the country. Roumania is the second cereal exporting
nation of Europe,led only by Russia with its much greater land area. The
last available figures for exports are those of 1926 in which year the total
value was $236,954.824; expressed in tons the exports amounted to 6,103,675
while the imports stood at 917,714.
Financial Situation of Switzerland.
The financial situation of Switzerland is dealt with in a
bulletin published by the Swiss Bank Corp. in which a
warning is sounded to the Swiss Government "lest they
should be carried away unduly by the existence of a surplus
and should give in to the assaults which will certainly be
made upon them with a view to securing additional expenditure." The Swiss Bank Corp. furnishes the following
summary of its discussion in the Bulletin:
The accounts of the Swiss Confederation for the year 1927 showed a
deficit of Frs. 1,584,161 which compares with Frs. 9,378.432 a year before.
The Budget estimated the deficit at nearly Frs. 14 million while supplementary credits voted during the year brought the total up to over Frs.
23 milllon. The improvement thus shown in the eventual figures is to be
attributed to the fact that effective receipts amounted to over Frs. 17%
million more than the official forecast while expenditure was more than
Frs. 334 million behind the figures originally foreseen.
The two latest monthly bulletins published by the Swiss Bank Corp.
under the dates of the end of June and of July respectively study in some
detail the various figures which go to make up the national accounts of the
Swiss Confederation. The general impression which is drawn from this
study is that while the financial situation of the Swiss Confederation has
not yet become truly normal, it has certainly improved considerably
during 1927. On the other hand legislation has been passed which goes to
provide further resources for the Exchequer and which should definitely
assure the equilibrium of the Budget for the coming year.
The most interesting feature of the Bulletin is the section dealing with the
National debt. The Public debt of Switzerland amounted in 1913 to only
Frs. 146 million, while at the end of 1927 it has grown to more than Frs.
2,184 million without taking into account the figures of the Swiss Federal
Railways which are kept separately. This total compares with a high level
of 2,304 million touched in 1924. The gradual reduction in the total has
been rendered possible thanks to the operation of the special war tax the
proceeds of which go to the reduction of the debt incurred by the State for
military purposes during the war and for general provisioning of the country.
The revenue from this source amounted to 27U million francs in 1927.
being considerably less than the previous year's figure of 45 millions, owing
to the fact that many taxpayers had compounded a three years' payment
in that year.
The service of the National debt required Frs. 111.992,000 in 1927, or
more than one third of the total revenue for the year and it is significant of
the change which has taken place in the national finances when it is pointed
out that in 1913 the total debt only required Frs. 9,175,000 of which
Frs. 4.930,000 represented sinking fund payments. The service of the
internal consolidated debt involved a charge of Frs. 80,622.000 in
1927 as compared with about 81 million in 1926 and the external debt cost
the Exchequer Frs. 22,075,000 as compared with Frs. 22,544,000 in 1926.
The average cost to the Exchequer in 1927 was 4.68% on the internal and
6.20% on the external debt.
The July "Bulletin" continues the study of the Swiss finances in so far
as the various Federal Services are concerned and shows that the Post
Office, the most inportant of these services, worked with a net surplus of
5.920.000 francs in 1927 comparing with 5.504,000 francs in 1926 and is
thus continuing the steady curve of improvement which has been witnessed
mince 1920.
The Telephone and Telegraph services also showed better results. The
excess of revenue over expenditure in 1927 amounted to 30.953.000 francs
against 30,114,000 francs a year before, while the net results of the year's
working showed a profit of 2,599.000 francs against 1,993.000 francs. The
component parts of these accounts make interesting reading as it appears
that while the Telephone service alone could show a surplus of Frs. 4,283,000
the telegraphs suffered from their competition adn showed a loss of Frs.
1,684,000. This amount however, shows a decided improvement on previous years' figures, the deficit for 1926 having been Frs. 2,312.000.
The results are thus on the whole satisfactory and it now remains to be
seen whether a reduction of postal and other charges cannot be secured.
In concluding his survey of the national finances proper, the writer of the
"Bulletin" sounds a note of warning to the Swiss Government lest they
should be carried away unduly by the existence of a surplus and should
give in to the assaults which will certainly be made upon them with a view
to securing additional expenditure.
Definitive Bonds of Department of Tolima Available
Aug. 27.
Definitive coupon bonds of the Department of Tolima external 20-year secured sinking fund gold 7s due Nov. 1 1947
will be received on Aug. 27 upon surrender of interim receipts
at the office of the International Acceptance Trust Co., 52
Cedar Street.
commencing from the date of its first meeting. British subjects desirous
of submitting claims to the Commission are warned that they should at
once communicate, if they have not already done so, with the UnderSecretary of State for Foreign Affairs, Foreign Office, London, S. W. I.
Particular attention Is directed to Article 8 of the convention, which
debars claims, whcih fall under the terms of the Anglo-Mexican Convention,
but are not presented to the Anglo-Mexican Commission for settlement,
from being subsequently presented to the Mexican Government for settlement in any other manner.
Some British claimants are understood to have already submitted to the
Mexican National Claims Commission claims falling within the terms of the
Anglo-Mexican Convention. In view of the terms of Article 8 of the latter
convention, such claimants should at once approach the Foreign Office,
if they have not already done so, with a view to their claims being submitted to the Anglo-Mexican Special Claims Commission. In order that
their claims before the latter Commission may be duly documented, they
should at once withdraw from the purview of the Mexican Commission
and submit to the Foreign Office any documents which they may have
lodged with the Mexican Commission, since such documents may be essential for the proper presentation of their claims before the Anglo-Mexican
Commission. If they neglect to take these steps, they may in view of the
provisions mentioned in the preceding paragraph subsequently find themselves deprived of any further remedy in respect of their claims.
L. S. Rosenthal, American Manager of Managua Bank,
Asserts Nicaragua Will Gain by Loan—Expects
Issue After Elections There—Plans For Rehabilitation of Nicaragua.
A cablegram from Balboa to the New York "Times,"
Aug. 13, says:
The recent halting of steps in Wall Street for the proposed $12,000,000
loan to Nicaragua is a matter of no surprise, according to L. S. Rosenthal.
American manager of the Nicaraguan National Bank at Managua, who arrived here today en route to New York on business for the bank and for a
short vacation.
Mr. Rosenthal attributed the holding up of the loan to low bond market
conditions generally and to possible lack of confidence in the United States
as to the situation in Nicaragua until after the elections there in November
under the supervision of Brig. Gen. McCoy. While the need for the loan
was not urgently pressing, the sooner its flotation, he said, the earlier
could the economic rehabilitation of the country
begin.
The proposed $12,200,000 issue, he asserted, would be amply backed by
the physical property of the National Railroad,the stock of the Nicaraguan
Bank and a second customs lien. The surplus of customs collections after
the
hecplr
ae
ip
meseed
of lteheeefirst lien is said to be already sufficient for the service of
Mr. Rosenthal praised the report of Dr.W.W. Cumberland, who recently
made a survey for the State Department on the economic condition of
Nicaragua, which report was studied in relation to the proposed loan.
He said that Dr. Cumberland. although his stay in the country was comparatively brief, had acquired a good grasp of the essentials of the situation.
To Link East and West Coasts.
Asked as to the most important public work to which a part of the loan
funds would be devoted, Mr. Rosenthal said that communication between
the practically isolated East and West Coasts should come first. He
added that he did not wish to question the relative merit of railroad or
highway development, the latter being recommended by Dr. Cumberland;
but he asserted that public sentiment in Nicaragua favored the former, and
expressed doubt that the Nicaraguan Congress would approve a highway
loan. This was due to the fact that at the most there were only 500 autom
yeotbed
iles
eee
intedthetecotuhn
etv
rayie w
eie
tf
h gneoemodern
e.highways, and the people were not
o
td
ee
er
dn
He stated that the political value of a railroad would probably exceed
its economic value for the time being, but that the enhancement of the
latter would be a natural result of greater political stability and unity,
and that therefore the railroad would seem
to be a justified investment.
Nicaragua National Bank.
Mr. Rosenthal indicated three points in the rehabilitation of Nicaragua:
The legal authorization and fiscal support of the National Guard, now
being trained by United States Marine officers; the removal of the National
Bank from possible political interference and influence, and the determination and settlement of claims arising from the revolutionary troubles.
At present there was no authority from the Nicaraguan Congress for
the establishment and maintenance of the National Guard, which is intended to keep law and order after the withdrawal of the marines, nor
was there any budget provision for the Guard. The politic,al,and conseetil the.economic,
iteeeetherseta
yibeiw
ilt.y of the country will depend largely on this
force
Need of Settling Claims.
While the claims for damages as result
of the revolutionary fighting
a
were estimated at about
$15,000,000, it was expected that this sum would
be reduced in the adjudication for settlement; but the claims represented a
potential liability until definite steps were
taken for such settlement. Mr.
Rosenthal said. Settlement would react favorably on the economic condition of the country, because many native business men need the sums
represented in their claims to continue
and extend their operations.
All stock in the Nicaragua
National Dank Is owned by the Government
and the directors are appointed by
the President, who has practically
complete authority over the bank, although
it is operated by the American
manager. For many years the customs receipts under lien, collected
by the American receiver, have
been deposited in the National Bank.
The possible pledge of the
bank stock, or its sale, which would bring
the bank under disinterested
private control, divorced from potential
political difficulties, Mr. Rosenthal indicated, would correct faults in the
present status and strengthen
the financial structure of the whole country
While the bank had been practically free
from political interference so far,
there was the possibility of difficulties arising therefrom that it would be
to the benefit of Nicaragua and the
bondholders to avoid.
The National Bank Is the only bank of issue, and under the present
management has maintained a stabilized currency in Nicaragua, with
the total present circulation guaranteed by 85% gold deposited in a bank
in the United States, which in turn is backed by an equal amount in United
States Liberty bonds deposited with the Federal Reserve Dank of New
York.
Mr. Rosenthal expressed the opinion that the plan broached in connection with the awaited loan, for the centralized collection of all Governt
mhe
enh
terledvee
assurance te
re f
asingleefdelsca. 1 agent, would give added assance
Nicaraguan bonds.
blr.
Mr. Rosenthal will sail for New York to-morrow on the steamer Cali-
Anglo-Mexican Special Claims Convention.
The first meeting of the Commission set up under the
Anglo-Mexican Convention of Nov. 19 1926 for the settlement of British Pecuniary Claims in Mexico arising from
loss or damage from revolutionary acts between Nov. 20
1910 and May 31 1920, was held in Mexico City on Aug. 22.
Copies of the Convention (Cmd. 2876) can be purchased
direct from the Stationery Office, London, through any
bookseller, or through the British Library of Information
New York. The latter, in a statement made public Aug.
23, says:
The period of nine months within which claims falling under the terms
of the convention may be presented to the Commission is calculated as fornia.
[VOL. 127.
Ana. 25 1928.1
FINANCIAL CHRONICLE
Chile Estimates $2,420,000 Surplus-1928 Budget
Indicates Improvement Since Kemmerer Reorganization.
In accordance with Article 27 of the Budget bill enacted in
Nov., 1925, following the suggestions of the Kemmerer
Committee, the Minister of Finance has just submitted to
the President of the Republic a lengthy report concerning the
financial situation of Chile, explaining the credit conditions
and giving a general outline of the fiscal policy. A Santiago,
Chile, cablegram, Aug. 20, to the New York "Times" in
making this statement, continues:
In the course of the lengthy document the Minister of Finance reviews,
piecemeal, a vast amount of data covering the last few budgets and
including that of next year.showing a steady improvement.
Ills figures report that 1926 showed a deficit of 217.000,000 pesos (about
$26,257,000); 1927 brought a surplus of 3,500.000 pesos (about 5423,5001
According to available estimates 1928 will show a surplus of
20,000,000
pesos (about $2.420,000) and 1929 a surplus of 35,000,000 pesos
(about
$4,235,000.)
The Minister explains that the budget for 1928 shows a surplus
of 16,000,000 pesos assigned to serve as a loan of 200.000.000 pesos, being the
first
quota on an extraordinary budget for public works, but in view
of the fact
that only an eighth part of that loan has been floated so far, which
is already
covered by the recent 25,000.000 pesos loan subscribed in the
domestic
market, the report states that it is possible to take into consideration
the
surplus mentioned. It is added that the figures for the next
five months are
estimated on the experience of past months. Conservatively reckoned
a
probable revenue of 135.000,000 pesos is expected from the
nitrate exports
up to December. This means an average exportation per month
of 270.000
tons.
Referring to the item of 200,000,000 pesos in this year's
extraordinary
budget which is meant to cover part of the vast public works
plan, the
Minister of Finance says that 175,000,000 pesos have still to be
obtained
In foreign market by the loan floated in September, but he
adds that the
Government has already received from the National City
Bank, as an
advance on this amount,approximately $5,000,000
The document goes on to say that the Government will
maintain its relations with its official bankers, the National City
Bank and Rothschild
& Sons of London. It Is expected that both firms will
handle the next
loans to cover the public works budget. The issue will
probably be at
95 to 96%. It is noted that the last Issue for railroad
consolidation WS at
93;.6%.
After referring to the improved prices of Chilean bonds
in New York
In comparison with last year, the Minister observes that
internal credit
is also better, and he shows that the 8% bonds of 1926 were
valued at only
80%,while this year the 1928 bonds are valued at 102%.
Dealing with the policy to be pursued, the Minister contemplates
that
part of the surplus obtainable from the ordinary yearly
budgets will be
assigned to the extraordinary budget for public works, and that
when it is
possible a special emergency fund should be created to aid
the public
debt. When the surplus allows,050% reduction of taxes is
contemplated.
Referring to the budget for 1929, he says the total expenditure
is estimated at 1,068,000,000 pesos, as compared with 942.000,000
for the
present year, but he also mentions 21 new sources of revenue,
totaling
186.000,000.
The Minister ends by proposing a new law to make the
1929 buget figurea for fiscal services the normal and fixed budget. and
he suggests nullifying the numerous decree laws enacted in the last few
years. which are
now considered unnecessary.
• Court Approves Release of Special Fund of $500,000 to
General Creditors of G. L. Miller & Co.
On Aug. 16 Judge Julian Mack in the Federal Court
approved the release of a special fund of approximately
96500,000 for the benefit of the general creditors of the bankrupt investment firm of G. L. Miller & Co., Inc., which
passed into the hands of a receiver in Sept. 1926. Claims
first filed in the bankruptcy proceedings were in excess of
$22,000,000, according to the New York "Times" of Aug. 17,
but these have been scaled down through objections filed
by the trustee in bankruptcy to approximately $6,000,000.
Godfrey Goldmark of the law firm of Goldmark, Bennett
& Colin, counsel for the trustee, explained the preliminar
y
settlement by saying:
Under the Miller plan various mortgagors were
obliged to pay to the Miller
Co. each month large sums of money toward
coupons becoming due and maturing bonds, which money the Miller Co. agreed
to apply for that purpose.
Instead of keeping the money available for such
purposes the Miller Co.
mingled the moneys with its own funds and
used the same in its business
affairs. A few weeks before the failure the
directors of the company
attempted to set aside in a special trust fund cash
and bonds of a value
of more than $750,000 to be applied to the payment of
these bonds and coupons for which the company had received payment.
This trust fund came into the possession of the
Trustee in bankruptcy,
and the claim was advanced by him that the trust fund
was illegally created
and was an attempt to prefer one group of creditors over
another. Claims
against the trust fund were asserted by a bondholders'
committee, of which
George E. Roosevelt is Chairman and Messrs. Root,
Clark, Buckner,
Howland & Ballantine are counsel, on behalf of coupon
holders and bondholders,for whose benefit it was alleged that the trust fund
had been created.
As a result of protracted negotiations between the
attorneys for the
committee and the trustee in bankruptcy, a settlement
agreement was made,
which was approved by the Court to-day, under which all claimants
against
the trust fund will receive 30% in cash of the amount which was set up
in
the trust fund for their benefit in full for their claims. These payments
will aggregate 5250,000, releabing the balance of the fund, or approximately
$500,000, for the benefit of the general creditors of the Miller
company
without further litigation.
As the assets remaining in the hands of the trustee in bankruptcy consist of bonds of various issues underwritten by the Miller company, the
liquidation of which will take a long period of time, it is impossible to state
what these assets will realize, but as a result of the release of the trust fund
money and the eventful liquidation, it is hoped that the general creditors
will receive a substantial dividend.
SIN
1043
Further continuing the paper mentioned remarked:
It was said the assets of the bankrupt company would amount to about
$1.500,000. This would leave a deficit in full settlement of all allowed
claims of about $4,500,000. The largest creditors are the mortgagors; the
other class consists of holders of receipts for bonds that were not delivered.
Mr. Goldberg said there were 120 different bond issues and 20.000 customer,
of the bankrupt concern and that the bonds sold amounted to $60,000.000.
The Miller Co.'s business was the underwriting and selling of bonds or
other evidences of indebtedness secured by first mortgages on real estate.
The receiver in a preliminary report said the company's practice of providing funds for interest payments, amortization, taxes and other charges
and not for the completion of buildings was believed to be largely responsible for its financial troubles. As a result of these practices, it was said,
its working capital gradually became converted into frozen assets.
Our last reference to the affairs of G.L. Miller & Co.,Inc.,
appeared in the "Chronicle" of Oct. 8 1927, page 1913.
New York Stock Exchange Makes Available Monthly
Figures of Market Value of Listed Shares.
The intention to release, regularly, figures of listings on
the New York Stock Exchange was announced on Aug. 22,
by President E. H. H. Simmons of the Exchange, who
stated that the total market value of all listed shares on
Aug. 1 was $53,728,776, 349. President Simmons' statement
follows:
For some time the Statistical Department of the Exchange has regularly
made compilations of the total market value of all listed securities as of
the first of each month, as well as of the average prices, both of all
listed bonds and all listed shares. Owing to the extensive character of
these compilations, the final audited statistic@ for shares are not as a
rule available until toward the end of each month; for special reasons,
the similar figures for bonds take even longer to complete.
Hitherto these figures have been officially published by the Exchange
only on an annual basis in its President's Reports, although they have
been furnished to anyone who so requested. So numerous have such requests become that it has been thought advisable to release them regularly
to the press as they become available.
As I have previously pointed out in my annual reports, fluctuations in
the ratio of total Stock Exchange member borrowings on security collateral
to total listed share values may be assumed to indicate in a general way
whether the "floating supply" of listed shares is increasing or decreasing, and thus to shed a certain amount of light upon current tendencies in
the distribution and redistribution of securities which the stock market
is constantly effecting. Bonds are omitted from the calculation in order
to avoid unnecessary delay in making these figures available to the public.
On August 1st, 1928, the total market value of all listed shares was
$53,728,776,349, an increase of $798,397,993 over the figure of $52,930.,378,356 for July 1st preceding.
Over the same period, security collateral borrowings by New York
Stock Exchange members declined $81,003,908, from $4,898,351,487 on
July let to $4,837,347,579 on August 1st.
The ratio of Exchange member borrowings to listed share values declined 0.25%, from 9.25% on July 1st to 9.00% on August 1st.
The average market value of all listed shares advanced $0.29, from
$76.89 per share on July 1st to $77.18 per share on August 1st.
Application to Broadcast Stock Quotations Overseas
Denied By Federal Radio Commission.—Opposed
By Reuters—Not Approved by New York Stock
Exchange.
Washington advices to the "Times" stated that the
Federal Radio Commission, for the second time, refused on
Aug. 23 to grant a license to the International Quotations
Co.,Inc.,for a short transatlantic wave to send stock market
quotations to Europe. An earlier Washington dispatch
(Aug.21) to the same paper said:
Ormsby MacHarg appeared before the Federal Radio Commission
for
the third time to-day on behalf of the International Quotations
Co.. Inc,.
and asked for a short wave with which to send stock market quotations to
Europe. The application was opposed in an affidavit filed with the Commission by Douglas Williams, General Manager in this country of Reuters
News Agency of London.
The original application for sending stock market quotations by radio
to the Continent was filed by what was then called the S. P. Radio Co. It
developed at to-day's hearing for the first time that these initials stand for
De Saint Phalle & Co., members of the New York Stock Exchange.
The International Quotations Co. is the new name of the S. P. Radio Co.
Mr. MacHarg told the Commission there is a need for the instantaneous
radio service of stock market quotations and predicted that if such
a
service is put into operation it will increase the sale of American securities
abroad. The new company, he said, would act
as a public utility.
Official endorsement of the New Orleans Cotton Exchange
and the
Chicago Board of Trade have been obtained for the proposed service, while
the New York Stock Exchange has taken no official action, Mr.
MacHarg
explained.
The affidavit filed by Douglas Williams of Reuters, joined
in also by the
Haves News Agency of France and the Wolff
News Agency of Berlin,
challenged the statement of the International
that the existing service was
limited. The present service, said Mr.
Williams, fully supplies the requirements.
"The operation of such a service as proposed
by the International under
Government license." said Mr. Williams, "would
constitute unfair competition to existing services which do not enjoy
that privilege."
Ticker advices yesterday (Aug. 24) from Washington
to the "Wall Street News" in stating that the second
ai
plication
of the International Quotations Co., Inc. had been
_ _
denied by the Commission added:
.4
.4 a 4
The Commission received a telegram from Ormsby McHarg. Council
for the company, attacking the operations of the Renters Agency, and
charging that the quotation company has learned through official channels
that Reuters Agency has not been authorized to transmit the official quotations from either the Chicago Board of Trade or the New York Stock
1044
FINANCIAL CHRONICLE
Exchange. Far from awaiting the required 30 minutes,the telegram stated,
the official quotations of the stock exchanges taken from the tickers are
placed in London through the regular communication companies in a few
minutes and three minutes later broadcast through the Rugby. England,
wireless station. The telegram charged that this creates a condition "inconsistent with American market exchange practices, and against their
written rules and allows bucket shops and unauthorized persons throughout the world to act on these quotations to the demoralization of the American market."
A letter from E. H. II. Simmons, President of the New York Stock Exchange, informed the commission that the Stock Exchange has never approved any plan of the International Quotations Co. for broadcasting
market quotations to Americans and others in Eitrope.
"No application for permission to transmit the quotations in this manner
has been made to the New York Stock Exchange, or any of its committees,
and the plan of the International Quotations Co. has not been approved,
nor will any plan which would permit unauthorized persons the continuous
quotations of the New York Stock Exchange be approved by it," Mr.
Simmons declared.
"For many years," the letter explained, "the Exchange has found it
necessary in order to prevent dishonest persons using them for improper
purposes, to confine the distribution of its quotations to persons approved
by it. The results of this policy have been so beneficial that practically
all American exchanges, including our great commodity and grain exchanges, have adopted the same principle, and the Exchange will certainly
not at this time approve any method of distribution which might result in
permitting Its quotations to be used for illegitimate purposes."
[VOL. 127.
through which he deals oft proclaims the man. I can tell you that the
securities dealt upon our Exchange bear favorable comparison with those
of the major Exchanges of the country: indeed, of the 1,700 stocks dealt
in on our Exchange. approximately 1,200 pay dividends.
You are particularly interested in our listing department. The listing
requirements of the Curb follow in all essentials those of the New York
Stock Exchange.
As further evidence of the standing of the Curb Exchange, the recent
action of 28 of the leading banks and trust companies in New York City
is of interest. For a period of over 75 years, the transfer agents in the City
of Now York have exacted to an endorsement on a stock certificate deposited for transfer the guarantee of a New York Stock Exchange firm.
The guarantee of a Curb Exchange member is now accepted equally with
those of the Stock Exchange.
Surely if these institutions have placed their stamp of approval upon our
Exchange, it should in a measure be a determining factor in this matter of
exemption.
The Board of Governors of the Curb Exchange are men of standing
in the financial community; they are men voiced in the intricacies of Wall
Street procedure and dedicated to service in the public interest, and as stands
this Board of Governors, so stands the Exchange, for the institution itself
may not very well be higher than that of its directing force. Its presiding
officer is responsible for its policy.
Resolution of New York Curb Market Requiring
Specialists to Own Stocks in Which They Specialize.
A previous item regaring the proposed transoceanic
Regarding a now rule of the New York Curb Market the
radio service appeared in our issue of Aug. 18, page 899.
"Sun" of last night (Aug. 24) stated:
The Board of Governors of the New York Curb Market to-day put a
by requiring
new wrinkle into the rules and regulations of that body
President Muller of New York Curb Exchange Urges specialists in stocks of companies admitted to unlisted privileges to know
by
National
Association
Exchange
something about the companies whose shares they specialize in. The
Recognition of
board ruled that specialists would have to become stockholders of record,
of Securities Commissioners—Seeks Exemption from even
if to the extent of only one share.
Provisions.
Sky"
"Blue
It was explained at the Curb Market that the exchange has not the same
or authority over stocks admitted to unlisted trading privileges
Responding to an invitation to address the eleventh jurisdiction
as it has over listed stocks, and frequently it has inadequate information
Securities
National
Association
of
the
of
annual convention
about dividends, dividend dates, rights and other matters affecting such
Commissioners at Salt Lake City, William S. Muller, Issues. Now the specialists in these stocks are saddled with the responsiof collecting and collating such information.
President of the New York Curb Exchange, expressed himself bility
The Curb's new ruling takes effect Oct. 1 and applies to all regular memas happy "to again embrace the opportunity to plead with bers who act as specialists. During such time as they continue as specialists
you for recognition of the New York Curb Market, the they must receive and transmit to the office of the secretary such informareports, &c., as the company in each case sends to them. This regulasecond largest Stock Exchange in the United States. I tion.
tion also applies to regular members who may in the future become special
have come three-fourths of the way across the continent lists in stocks wh'ch in the future may be admitted to unlisted trading
to plead with you for the same exemption under your 'Blue privileges.
Notice of the new ruling was made as follows by the
Sky' provision that is conceded to our esteemed contemporary, the New York Stock Exchange." In part, Mr. Secretary of the Curb Market.
NEW YORK CURB MARKET.
Muller, whose address was delivered at the Convention on
August 23 1928.
Aug. 22, said:
To the Members,
I shall make my argument principally on the basis of character, for regardless of what our listing requirements may be,regardless of what our rules
of trading and our general policy may be, they all stand for nothing unless
they are interpreted by men of character.
I have found in ray conversations with men who are not in immediate
contact with the Curb Exchange, a tendency to think of it in the terms of
Broad Street and Exchange Place. the old outside market. That is not
hard to understand, for it is a psychological fact that our first impressions
are those that remain the longest, and I have no doubt it is that very
thought which gives some of you gentlemen pause in conceding the exemption we ask.
That old outside market was no better and no worse than should have
been expected in the circumstances, and should you take a cross section of
our citizenry to-day and place them in that same environment, under the
same conditions, history would repeat itself. That market nevertheless
served its useful purpose, for many of the securities on the Stock Exchange
had their initial trading on that market. We had the skeleton of an organization and we had laws, but we had no means of enforcing them by reason
of our outside environment, so it is not hard to understand that sinister
Influences crept in and capitalized its facilities to their selfish and unlawful
purposes. But these were not of our organization, and it is indeed unfortunate that we were often confounded with that element that chose to
live beyond the law. . . .
When we came indoors seven years ago, we came in as an entirety both
as to personnel and mediums of trade. It was necessary to do so in order
that we did not leave the nucleus of another market outside, but from the
moment we came indoors, the process of refinement started. It has been
going on ever since, and, in the nature of things, will continue to go on so
long as we endure as an institution.
Your Mr. Hicks inquired of us recently regarding our disciplinary procedure. The constitution of the Curb Exchange provides for a Committee
of Arrangements consisting of 9 members, who are given broad powers to
supervise the process of business on the Exchange floor. They are men
thoroughly conversant with the rules of trading which have their fundamental basis, so far as the public is concerned, on the laws governing the
obligation of an agent. Should it come to their observation that a member
has transgressed the provisions, he Is notified by the Secretary of the Exchange to appear before the Committee, not next week or next month,
but that very afternoon. The member is examined together with witnesses; if in the judgment of the Committee there has been a wilful violation
and the infraction is serious, charges are drawn under a section of the Constitution. The President calls a meeting of the Board of Governors and the
member is given his day in court; he may call witnesses. He is subject to
further examination by the Board and the Chair. Upon completion of the
examination, he may be found guilty or not guilty by a majority vote of the
board. A vote is then taken If guilty for the penalty provided for in the
section of the Constitution under which the charges were drawn. The
board, through the Constitution. Is vested with an all powerful authority
over the members and they approach their duty with true Judicial understanding. Judgment is passed not with the idea of vengeance, but as a
warning to others who may contemplate the same Infraction.
The Business Conduct Committee functions in the same manner but confines its observations to the process of business beyond the Exchange floor.
The Constitution of the Exchange has laid down an exhaustive law of
procedure for the protection of the public and the body of the membership
as among themselves, but its exercise is rarely called upon,for the standards
of business ethics are high.
You gentlemen will agree with me that the charlatan with whom you
have had to deal operates through mediums of questionable merit, and so
If you subscribe to the theory that a man's profession and the medium
At a regular meeting of the Board of Governors held Aug. 22 1928. the
following resolutions was adopted:
"Resolved. That regular members of this Exchange who are specializing
In stocks of companies admitted to unlisted trading privileges, regardless
of the date the stock was admitted, are required, on and after Oct. 1 1928
(1) to become registered stockholders, if for only one share, in such companies, (2) to continue as registered stockholders In same during the time
they act as specialists, and (3) to file with the Exchange all communications
the/ may receive, as stockholders, from such companies. This requirement shall also apply in the future to all regular members specializing in
securities which may be admitted to unlisted trading privileges."
The Committee on Listing (Unlisted Department)desires to call specialists
attention to the fact that in the event of absence from their office, arrangements shall be made with some one in the office to see that all circulars,
communications. &c., addressed to them, containing information with respect to companies admitted to unlisted trading privileges, are forwarded
to the Secretary's office.
A. B. STURGES, Secretary.
H. C. Hick's of National Association of Blue Sky Commissioners Praises Development of New York Curb
Market.
In an address delivered at the eleventh annual convention
of the National Association of Blue Sky Commissioners at
of the Asrocialion
—iliciWbirector
.
—
S-aTtitaloToir—H7C
and Chairman ofIhe Committee to investigate and report
on stock exchanges in the United States, said:
For many years the New York Curb Market was operating on the street,
but a few years ago that organization built its own building and Is now
housed in its own quarters and is without question conducting the second
largest Exchange in America. We are taking up this case first, because
it represents the most picturesque if we may be permitted to use the word
and the most rapid reconstruction of the Exchange business in the history
of that business. To-day the New York Curb Market is just as vigorous
If not more so in the correction of evils which may creep into the business
than any other similar institution in the United States.
Statement by W. C. Wood, California State Superintendent of Banks on Situation Relative to Bank
Taxation.
The following statement relative to the situation in California bearing on the taxation of bank shares, and the
move for a change in the law through the adoption of a constitutional amendment, appears in the August "Bulletin,"
published by Will C. Wood, California State Superintendent
of Banks:
On July 2, the California Tax Commission issued a statement announcing
that it had decided to recommend that the Governor call a special session of
the legislature to deal with the taxation of banks and intangible personal
property. The Governor has stated that he will consider calling a special
session if he can be assured that there is substantial agreement among the
various interested groups and that no controversy may be expected to arise
which will protract the meeting of the legislature.
411
Aua. 25 19281
FINANCIAL CHRONICLE
The Tax Commission is about to publish a special report setting forth in
detail its analysis of the problems involved, including the results of its
statistical analysis based on the replies received to questionnaires sent some
time ago to all of the banks and to a large sample of the corporations in
the State.
It will be recalled that the validity of the present share-tax method of
taxing banks was questioned in suits brought by various banks seeking the
refund of their taxes for 1926 and 1927. The grounds for complaint were
the so-called 7% solvent credits law of 1925 had the effect of taxing other
moneyed capital at a lower rate than hank shares, this being forbidden by
the Federal statute, section 5219. which states the manner in which national
banks may be taxed. In the hope of removing this alleged discrimination,
the legislature in 1927 changed the 7% law so as to make the rate on foreign
securities and solvent credits the same as the rate on bank shares. A
few months ago the State Supreme Court, in the case of Arnold vs. Hopkins,
declared both the 1925 and 1927 solvent credits laws unconstitutional,
with the result that once more solvent credits are taxable at the usual
general property rates.
However, recent decision of the Supreme Court of the United
States
seem to indicate that the banks may still be able to base a claim of discrimination on the fact that the California constitution exempts real estate
mortgages from taxation. It is considered undesirable economically
and
impossible politically to seek the repeal of this constitional exemption
of
mortgages. The Tax Commission, after exploring all of the possible
methods of taxing banks permitted by section 5219, has decided to proceed
under the fourth method, which calls for a tax "according to or measured
any net income." This contemplates a tax applied to net income substantially as defined for Federal income tax purposes, except that certain
items, such as interest on Government securities, are included in the base.
When banks are taxed under this fourth method, the Federal statute
insists that other financial corporations, as well as manufacturin
g and
business corporations, be subjected to an equivalent burden
upon the
income arising from business carried on in the State. This necessitates
a
revision of the present general franchise tax on corporations.
It is proposed that corporations in general be submitted to precisely the same tax
as the banks, with the proviso that they continue to pay the local taxes
on personal property (which the banks do not pay), but be permitted
to use these local tax receipts as an offset or credit against the new franchise
tax "according to or measured by net income."
The rate to be applied to the income of the banks and business
corporations has not yet been announced, but the Commission has stated
that the
rate of the new tax is to be fixed so as merely to produce the yield
of the
present taxes it is to replace. The rate of similar taxes in New
York State
is 4 % and in Massachusetts is approximately 6%. It Is expected
that
the rate of the proposed new California tax will be slightly lower
than the
New York rate.
With the fourth method in force, the tax is no longer compared
with
the rate on "other moneyed capital." The way is then open to attack
the solvent credits difficulty. The Commission urges that the necessary constitutional changes be made to permit the taxation of foreign
securities and solvent credits at a rate of 4 mills on the dollar, that is, at
the rate of 4-10 of 1% of full value. This is the rate which is generally
applied in other States which have such laws.
It will be observed that these three proposals are interrelated. The
proposed new bank tax makes necessary the proposed revision of the
franchise tax and the desirability of a solvent credits law has been strongly
urged as a reason for the new bank tax.
While the general problem is one which is a matter of concern in many
other States, the situation in California is rendered particularly
difficult
because of the extent to which the present taxes are imbedded in
the Constitution. The situation can not be cleared up without
a constitutional
amendment. If the opportunity is not seized to amend the constitution
this fall and action is postponed until two years hence, the
amount of
State revenue placed in jeopardy may amount to as much as
$22.000,000,
sufficient to wipe out entirely the surplus in the State treasury,
It is understood that, as a result of preliminary discussions,
the Commission is confident that the adoption of its recommendation by
the legislature and by the people will lead ultimately to the withdrawal
of all of
the pending bank litigation. This would be a fortunate result not
merely
from the point of view of Its effect upon the State treasury, but also because
it would apparently eliminate the possibility of a reassessment at full value
of the securities and solvent credits assessed in 1926 and 1927 at 7%. If
the suits are contested, such a reassessment may be found necessary, and
the onus of this action will inevitably fall upon the banks.
Comptroller of Currency McIntosh Appoints B. K. Patterson Chief National Bank Examiner of Chicago
Federal Reserve District Succeeding H. M. Sims.
The Comptroller of the Currency announced on Aug: 17
the appointment of B. K. Patterson of Minneapolis to be
Chief National Bank Examiner of the Seventh (Chicago)
Federal Reserve District, which vacancy has been created
by the resignation of Howard M.Sims, who has accepted the
position of Clearing House Examiner of Chicago, as noted in
our issue of Aug. 18, page 900. The Comptroller's announcement says:
Mr. Patterson is a native of Idaho and received his commission as National Bank Examiner in 1918, prior to which he was for a number of years
engaged in the banking business in Pocatello, Idaho, and other places, and
since which time his activities with the Department have embraced
important assignments in the Eastern States and those of the Northwest.
He will take up his now ditties in Chicago in the course of the next few days.
To fill the vacancy created by the transfer of Mr. Patterson to Chicago.
the Comptroller has appointed Irwin D. Wright to be Chief National Bank
Examiner of the Ninth Federal Reserve District, with headquarters at
Minneapolis.
Mr. Wright is a native of Oregon and was appointed a National Bank
Examiner in 1920,since which time he has been engaged in the examination
of large banks in both the Seventh and Ninth Districts. He first came into
the Service as an Assistant in 1919 and has been continuously with the
Department since that date.
1045
but was not prepared to enter into a general discussion
of the political situation in this country. A dispatch
from Washington to the "Times" stated:
Secretary Mellon said he was much impressed by Herbert Hoover's
speech of acceptance. He thought it was timely, appropriate and
altogether a very effective speech.
As to conditions abroad, Secretary Mellon said that while he had not
conferred with any foreign officials or bankers, he felt, from all that he
saw that conditions were very good. His impression, he said, was gained
only from casual observations.
Forthcoming Treasury Issue—Proceeds to Retire
Third Liberty Loan Bonds.
A forthcoming Treasury issue, to be put out, it is expected, in furtherance of the plans to retire outstanding
Third Liberty Loan Bonds, is indicated in the following
notice issued by the Federal Reserve Bank of New York:
FEDERAL RESERVE BANK OF NEW YORK.
New Treasury Issue, Preliminary Notice of Offering and Methods of Filing
Subscriptions.
To all Member Banks, State Banks, Trust Companies and Savings Banks
in
the Second Federal Reserve District:
From advices received from the Treasury Department of the United
States, this bank is enabled to transmit to banking institutions in this
district the following information:
1. That a Treasury offering may be expected shortly.
2. That the subscription books may be closed by the Treasury without
advance notice, and therefore,
3. That each subscribing bank, upon receipt of information as to the
terms of the Treasury offering (either in the press, through the mails or by
telegram) should promptly file with the Federal Reserve Bank any subscriptions for itself and its customers. This is important, as no guarantee
can be given as to the period the subscription books may remain open, and
subscribing banks, even before receipt of official subscription blanks, may
file their subscriptions by telegram or by mail with the Federal Reserve
Bank. Any subscriptions so filed by telegram or mail in advance
of receipt
by subscribing bank of subscription blanks furnished for the
particular
issue should be confirmed immediately by mail, and on the blank
provided.
when such blank shall have been received.
4. That if the terms of the offering when announced provide for both cash
subscriptions and subscriptions for which payment may be
tendered in other
securities, the subscribing bank should prepare its subscriptions
in such
manner as to indicate the method by which it proposes to make
payment
and the respective par amounts of securities, if any, to be tendered in
payment.
Classification of Subscriptions, Etc.
Bank Customers' Subscriptions.—With regard to issues, subscriptions
to
which the Treasury determines for the purpose of allotment shall be considered as on a cash basis irrespective of whether or not payment is to be
made in cash or insecurities, the following classification will be required of
subscriptions made for account of customers, stating the number
of subscriptions in each class.
Class A—Subscriptions for $1,000 or less for any one subscriber;
Class fl—Subscriptions for over $
1,000, but not exceeding $
10,000;
Class C—Subscriptions for over $ 10,000, but not exceeding
50,000:
Class D—Subscriptions for over $ 50.000, but not exceeding $
100.000;
Class E—Subscriptions for over $ 100,000, but not exceeding $
500,000;
Class F—Subscriptions for over $ 500,000, but not exceeding $1.000,000;
Class G—Subscriptions for over $1,000,000.
Where the maturing securities are not by the instructions accompanyin
g
the offering given a preference they shall be treated as cash and such subscriptions to be paid for in securities should be included
in the classification.
Bank Subscriptions.—A subscription for a bank's own account
should not
be included in the above classification of subscriptions for account
of customers but should be clearly indicated as for the bank's
own account and
in addition to subscriptions for customers.
Subscriptions Not Classified.—Where under the terms
of an offering or
under instructions accompanying an offering the Treasury
agrees to allot
new securities in full for any of its securities maturing on
the date of the
new issue or on any later date,subscriptions to be paid
for in such securities
should not be classified.
Application Forms to be Furnished.
When the terms of the offering are announced, notice
thereof, together
with subscription blanks, will be mailed promptly by
this bank to banking
institutions in this district. Should notice and subscription
blanks for
any reason be delayed in reaching such institutions this bank will
nevertheless receive subscriptions either by letter or telegraph.
It is suggested
that subscriptions be promptly transmitted to this bank.
If it be found necessary to telegraph subscriptions they should be confirmed immediately either by letter or on subscription blank,
setting forth
the classifications indicated above and method of payment, and clearly
stating that the confirmation is not an original subscription so
that duplication may be avoided.
Very truly yours.
Benj. Strong, Governor.
The "United States Daily" in its issue of Aug. 24 said:
Although the Treasury has issued no formal statement on
the subject, it
was stated orally Aug. 23 by the Department
that the New
circular related to a refunding issue which will be forthcoming York Bank's
in connection
with the maturity of Third Liberty Loan bonds on
Sept. 15.
While the Treasury declined at this time to discuss the
character of the
issue under consideration or to give a suggestion as
to its terms,it was offically stated that the usual custom as to announcemen
t of the issue will be
followed in this Instance. Heretofore, it was explained,
the issues have been
announced about two weeks in advance of the
date from which the securities
bear interest, and since the Third Liberty
bonds mature at the middle
of
the month, the usual course of Treasury
procedure would bring
announcement of the amount and terms about
Sept. 1.
Billion in Bonds Outstanding.
There are approximately
$1,000.000,000 of Third Liberty
bonds outstanding, but the issue's maturity
date coincides with an
installment
Secretary of Treasury Mellon Returns From Abroad. on income and profits taxes and this
fact will enable the Treasury date
funds from that source to a limited
to use
extent, it was explained.
Secretary of the Treasury Mellon reached New York this
The Secretary of the Treasury,
Andrew W.Mellon, has said on
several ocweek on the steamer "Leviathan." With Secretary casions that the Third Liberty Loan
was more widely distributed than
any
of the wartime issues and
Mellon's return to Washington on Aug. 22 he was reported other
this was accepted by the Department
meaning that the matured bonds
as
will be slow in coming In,
as optimistic about business conditions here and abroad, that the interest will cease on
despite the fact
the maturity date.
1046
FINANCIAL CHRONICLE
[VOL. 127.
Coolidge-for-President men at the Republican National Convention in
1920. He continued so in 1924, and in 1928 came out for Mr. Hoover
only when convinced Mr. Coolidge would not seek the office.
Silent on His Policies.
Mr. Whiting was reticent to-day when asked whether he would make
any changes in the policies of the Department of Commerce during the
six months which remain of the term of office.
"I should prefer not to make any declaration of policy until I learn
something about the problems now before the Department of Commerce,"
he said. "I suppose Mr. Hoover has followed the policies of President
Coolidge and I shall endeavor to uphold them likewise."
Asked about his political relations with Mr. Coolidge, the new Cabinet
member said: "I was interested in Mr. Coolidge when he started—frum
the time he was President of the Senate of Massachusetts."
Whiting Delegate Thrice.
The President let it be known that he had known Mr. Whiting many
UnderClark
Reuben
J.
Names
that
he was an important political factor in the city of Holyoke,
years;
President Coolidge
to the
Secretary of State to Succeed Robert E. Olds, where the Whiting paper plants are situated; that he was delegatethat
his
Republican National Convention in 1920, 1924 and 1928, and
Resigned.
father was spoken of for a position in the McKinley Cabinet, although
Announcement was made on August 17 of the appointment the President could not remember what position it was.
It was
that Mr. Whiting would not be disposed to remain
by President Coolidge of J. Reuben Clark of Salt Lake City, away fromunderstood
his paper business longer than the six months of Mr. Hoover's
Robert
succeeding
State,
Utah, to be Under-Secretary of
unexpired term.
Redemption is Often Slow.
On some security issues, as little as 60% of the total outstanding at
maturity were turned in promptly, according to the Treasury records, and
the Department said that undoubtedly the Third Liberty bonds will not be
turned in for redemption very rapidly. None of the officials of the Department would estimate the amount which will come in at once after the interest
ceases.
The Treasury has been gradually cutting down the amount of the outstanding Third Liberty bonds, since early spring. The sinking fund required by law to be employed in reducing the public debt has been turned
almost wholly to the purchase of these bonds, and in addition other funds
were used from the surplus, while the Department also employed a refunding issue on two occasions to bring the total to manageable proportions at
maturity.
E. Olds, whose resignation, effective July 1, was noted
In our issue of June 23; page 3870. The "Journal of Com- Speech of Acceptance of Gov. Smith, Democratic Canmerce," in advices from its Washington correspondent Aug.
didate For President—Proposes Amendment To
17, said:
Eighteenth Amendment So As To Permit States to
afAs Under-Secretary, Mr. Clark will deal particularly with Mexican
Authorize Sale of Alcoholic Beverages—Pledges
fairs, a field in which he has had wide experience.
State
Law For Relief of Agriculture—Revision of Tariff
When Olds submitted his resignation two months ago Secretary of
Kellogg sought Clark for the post, but the latter replied that he would
Schedules.
his home
prefer to have the Republican Senatorial nomination from
the
of
outcome
the
await
to
Placing
decided
before the Nation his _views on the prohibition
thereupon
Kellogg
State, Utah.
Republican convention in Utah, holding the Under-Secretaryship open in question, Governor Alfred E. Smith of New York, Demothe meantime. Yesterday Mr. Clark was defeated for the nomination and the cratic candidate for
President of the United States, in his
Secretary again offered him the position, which he accepted.
Although equipped by experience to handle almost any phase of foreign speech at Albany, N. Y., Aug. 22, formally accepting the
relations, Mr. Clark recently has found his greatest interest directed to- nomination, declared that "we have not achieved temperward Mexico. Two years ago he was American agent before the Mexican- ance under the
present system" (the Volstead Law) and
American Mixed Claims Commission sitting in Mexico City. Last summer
he unofficially "sat in" as Under-Secretary of State, handling many Mexi- that "to-day disregard of. the prohibition law is insidously
can matters, while Olds was absent on leave. Later in the year be ac- sapping respect for all law." "Certainly," he said, "no
companied Mr. Morrow to the Mexican capital, where, as the Ambassador's one foresaw when the
Eighteenth amendment was ratified
principal aide, he assisted Mr. Morrow in bringing about a settlement of
the
conditions
which
to-day of bootlegging, corruption
exist
controversy.
the oil law
Mr. Clark was Assistant Solicitor of the Department of State from Sep- and open violation of the law in all parts of the country."
tember, 1906, to June, 1910, when he was appointed Solicitor, a position The belief "that there should be submitted to the people
be held until the end of the Taft administration. On the day of his re- the
question of some change in the provisions of the Eightirement, March 2 1913, he was named General Counsel for the United
States before the British-American Claim Commission. In this capacity he teenth Amendment" was expressed by the Governor, who
handled only a few special eases. President Taft also appointed him Chair- added:
The people themselves should, after this eight years of trial, be perman of the American delegation to attend the Third Hague Conference,
mitted to say whether existing conditions should be rectified. I personally
which, however, was never convened because of the World War.
During the war Mr. Clark was a major on the staff of the Judge Advocate believe in an amendment to the Eighteenth Amendment which would give
General, relinquishing this post June 18 1917, to become adjutant of the to each individual State itself, only after approval by a referendum popular
vote of its people, the right wholly within its borders to import, manuProvost Marshal General.
Mr. Clark also served as Counsel for the Department of State and as an facture or cause to be manufactured and sell alcoholic beverages, the sale
expert Assistant to the American delegation at the Washington Conference to be made only by the state itself and not for consumption in any public
place. We may well learn from the experience of other nations. Our
on the Limitation of Armaments in 1921-22.
Canadian neighbors have gone far in this manner to solve this problem
by the method of sale made by the State itself and not by private indiResignation of Herbert Hoover as Secretary of Com- viduals.
merce Accepted by President Coolidge—Ws F. There is no question here of the return of the saloon. When I stated
that the saloon "is and ought to be a defunct institution in this country"
Whiting Named as Successor.
I meant it. I mean it to-day. I will never advocate nor approve any law
Comof
Secretary
as
which directly or indirectly permits the return of the saloon.
Hoover
The resignation of Herbert
merce was formally accepted by President Coolidge on Aug.
21 at which time the President made known the appointment of William F. Whiting, of Holyoke, Mass., as Mr.
Hoover's successor. The latter's resignation was tendered
early in July after his nomination for President at the Republican National Convention. Telegraphic advices from Superior, Wis. (the summer White House), on July 7, to the
"United States Daily," stated that oral announcement had
been made that day of the receipt of Secretary Hoover's
resignation; it was added that the text was not made public, but Mr. Sanders, the President's Secretary, said the
resignation was to take effect at the pleasure of President
resigCoolidge. In his letter acepting Secretary Hoover's
said:
Coolidge
nation, President
Superior, Wis., Aug. 21 1928.
Secretary
Hon. Herbert Hoover, Washington, D. C.:—Your resignation as
to express
of Commerce tendered some time ago is hereby accepted. I wish
renhave
you
to you my appreciation of the character of the service
commercial
dered in that office. It has been of great benefit to the
business
life of the nation and has given a new impetus to our entire
structure.
You have gained a. knowledge of the mechanics of business and governhave
ment that is unsurpassed. It will always be a satisfaction to me to
had the benefit of your wise counsel in meeting the problems which have
attend
always
arisen during my Administration. My best wishes will
you in the broader field to which you have been called.
CALVIN COOLIDGE.
Regarding Mr. Whiting's appointment we quote the following dispatch Aug. 21 to the "Herald Tribune" from Superior, Wis.:
The appointment was understood to be something of a surprise to Mr.
Whiting himself. He returned from Europe about a week ago to find
the offer of a cabinet position had come to rest on his doorstep.
Although Mr. Whiting has taken an active interest in Republican politics
in the city of Holyoke, near Northampton, the President's home, he never
has before held public office. He is President of the Whiting Paper Company, and is so absorbed in the conduct of his business that he has engaged
his three sons in it with him. He was, however, one of the original
Preliminary to his views on the question as expressed
above Gov. Smith said in part:
"The President of the United States has two constitutional duties with
respect to prohibition. The first is embodied in his oath of office. . . . I
shall to the very limit execute the pledge of our platform 'to make an
honest endeavor to enforce the Eighteenth Amendment and all other provisions of the Federal Constituion and all laws enacted pursuant thereto.'
President
ildent
m to
ke the laws. He does his best to execute them,
ma
ot.
whether
The he likes them or
"The second constitutional duty imposed upon the President Is 'to
recommend to the Congress such measures as he shall judge necessary
and expedient.' Opinion upon prohibition cuts squarely across the two
great political parties. There are thousands of so-called 'wets and drys'
in each. The platform of my party is silent udon any question of change
in the law. I personally believe that there should be change, and I shall
advise the Congress in accordance with my constitutional duty of whatever change I deem necessary or expedient, it will then be for the people
and the representatives in the national and State legislatures to determine
whether these changes shall be made.
In his acceptance speech Gov. Smith reiterated his previously announced intention, if elected President, to call
a conference of "those best equipped on the particular
subject" to work out a solution for the relief of agriculture."
The previous indications of the Governor's intentions in
this respect were noted in our issue of July 21, page 358. In
his declarations on the subject in his speech accepting the
Presidential Nomination Gov. Smith said:
Co-operative, co-ordinated marketing and warehousing of surplus farm
products are essential Just as co-ordinated, co-operative control of the
flow of capital was found necessary to the regulation of our country's
finances. .. . The question for agriculture is complex. Any plan devised
must also be co-ordinated with the other phases of our business institutions. Our platform declares for the development of co-operative marketing
and an earnest endeavor to solve the problem of the distribution of the
cost of dealing with crop sun luses over the marketed unit of the crop whose
producers are benefited by such assistance. Only the mechanics remain
to be devised. ... In my administration of the government of my State
whenever I was confronted with a problem of this character I called into
conference those best equipped on the particular subject in hand. I shall
follow that course with regard to agriculture. Farmers and farm leaders
with such constructive aid as will come from sound economists and fair-
al
Atm. 25 1928.]
FINANCIAL CHRONICLE
minded leaders of finance and business must work out the detail. There
are varying plans for the attainment of the end which is to be accomplished.
Such plans should be subjected at once to searching, able and fair-minded
analysis, because the interests of all require that the solution shall be
economically sound.
Gov. Smith, also in his acceptance speech, made the
statement that "the tariff is ineffective on commodities of
which there is exportable surplus without controlled sale
of the surplus. Our platform points the way to make the
tariff effective for crops of which we produce a surplus." He
further said: "I shall ask Congress to carry out the tariff
declaration of our platform." He likewise said:
The Democratic party does not, and under my leadership will not, advocate any sudden or drastic revolution in our economic system which
would cause business upheaval and popular distress. . .. The Democratic
party stands squarely for the maintenance of legitimate business and a
high standard of wages for American labor. Both can be maintained and
at the same time the tariff can be taken out of the realm of politics and
treated on a strictly business basis.
I shall restore this [Tariff] Commission to the high level upon which
President Wilson placed it, in order that, properly manned, it may produce
the facts that will enable us to ascertain how we may increase the purchasing power of everybody's income or wages by the adjustment of those
schedules which are now the result of log-rolling and which upon their
face are extortionate and unnecessary.
In his remarks relative to the conservation of our natural
resources Gov. Smith noted that "the recent disclosures of
the methods employed by private monopolies to wrest our
remaining water powers from public control." ... I shall
carry into Federal administration the same policy which I
have maintained against heavy odds in my own State.
Under no circumstances should private monopoly be permitted to capitalize for rate-making purposes water power
sites that are the property of the people themselves. It is
to me unthinkable that the Government of the United
States or any State thereof will permit either direct or indirect alienation of water power sites.
The measures for flood control were also referred to by
Gov. Smith, who said: "the policy thus initiated for the
Mississippi must be carried through. The money actually
appropriated for flood relief is too small to make even a
start. Too much time has been spent in squabbling over
who shall pay the bill."
From these premises It was inevitable that our platform should further
recognize grave abuses in the issuance of injunctions in labor disputes
which threaten the very principle of collective bargaining.
The Judiciary Committee of the United States Senate has already in
progress a careful study of this situation. I promise full co-operation to
the end that a definite remedy by law be brought forth to end the existing
evils and preserve the constitutional guaranties of individual liberty, free
assemblage and speech and the rights of peaceful persuasion.
He likewise said:"it will be the policy of my administration
while retaining government ownership and control, to develop a method of operation for Muscle Shoals which will
reclaim for the government some fair revenue from the
enormous expenditure already made for its development
and which is now a complete waste."
Labor and the abuse of injunctions were also touched upon
by the Governor, who observed:
We declare for the principle of collective bargaining which alone can
put the laborer upon a basis of fair equality with the employer; for the
human principle that labor is not a commodity; for fair treatment to Government and Federal employees; and for specific and( mmediate attention
to the serious problems of unemployment
Gov. Smith asserted that "the present Administration
has been false to that declaration of one of its greatest party
leaders. The situation in Nicaragua fairly exemplifies our
departure from this high standard. The Administration has
intervened in an election dispute between two conflicting
factions, sent our troops into Nicaragua, maintained them
there for years, and this without the consent of Congress."
He added:
To no declaration of our platform do I more heartily commit myself
than
the one for the abolition of the practice of the President of entering
into
agreements for the settlement of internal disputes in
Latin-American
countries unless the agreements have been consented to
by the Senate
as provided for in the Constitution of the United States.
I personally
declare what the platform declares: "Interference in the purely
internal
affairs of Latin-American countries must cease." And I specifically
pledge
myself to follow this declaration with regard to Mexico as well as the
other
Latin-American countries.
The Governor's speech was delivered in the Assembly
Chamber at Albany, a heavy rain having upset the plans
for its delivery outside the capital. The notification speech
was delivered by Senator Key Pittman of Nevada, Chairman of the Notification Committee following a speech by
the Mayor of Albany, John Boyd Thacher. The speeches
were broadcast throughout the entire country, 111 stations
carrying the address over the largest network ever assembled
In addition (we quote from the "Times") six short wave
stations sent his words ringing around the world as he spoke
from the Assembly room of the State Capitol at Albany.
The Governor's acceptance speech follows in full:
1047
In the Capitol building itself, where twenty-five years ago I first came
into the service of the State. I receive my party's 8111111110129 to lead it in
the nation. Within this building I learned the principles, the purposes
and the functions of government and to know that the greatest privilege
that can come to any man is to give himself to a nation which has reared
him and raised him from obscurity to be a contender for the highest office
in the gift of its people.
Here I confirmed my faith in the principles of the Democratic Party so
elequently defined by Woodrow Wilson: "First, the people as the source
and their interests and desires as the text of laws and institutions. Second,
individual liberty as the objective of all law." With a gratitude too stong
for words and with humble reliance upon the aid of Divine Providence, I
accept your summons to the wider field of action.
Government Should Be Progressive.
Government should be constructive, not destructive; progressive, not
reactionary. I am entirely unwilling to accept the old order of things as
the best unless and until I become convinced that it cannot be made better.
It is our New World theory that government exists for the people as against
the Old World conception that the people exist for the government. A
sharp line separates those who believe than an elect class should be the
special object of the governments' concern and those who believe that
the government is the agent and servant of the people who create it. Dominant in the Republican Party today is the element which proclaims and
executes the political theories against which the party liberals like Roosevelt and La Follette and their party insurgents have rebelled. This reactionary element seeks to vindicate the theory of benevolent obligarchy.
It assumes that a material prosperity, the very existence of which is challenged, is an excuse for political inequality. It makes the concern of the
government not people but material things.
I have fought this spirit in my own State. I have had to fight it and
to beat it, in order to place upon the statute books every one of the progressive, humane laws for whose enactment I assumed responsibility in
my legislative and executive career. I shall know how to fight it in the
nation.
It is a fallacy that there is inconsistency between progressive measures
protecting the rights of the people, including the poor and the weak, and
a Just regard for the rights of legitimate business, great or small. Therefore, while I emphasize my belief that legitimate business promotes the
national welfare, let me warn the forces of corruption and favoritism that
Democratic victory means that they will be relegated to the rear and the
front seats will be occupied by the friends of equal opportunity.
Likewise, governmental policy should spring from the deliberate action
of an informed electorate. Of all men, I have reason to believe that the
people can and do grasp the problems of the government. Against the
opposition of the self-seeker and the partition, again and again. I have
seen legislation won by the pressure of popular demand, exerted after the
people had had an honest, frank and complete explanation of the issuee.
Great question of finance, the issuance of millions of dollars of bonds for
public projects, the complete reconstruction of the machinery of the State
Government. the institution of an executive budget, these are but a few
of the complicated questions which I myself have taken to the electorate.
Every citizen has thus learned the nature of the business in hand and
appreciated that the State's business is his business.
That direct contact with the people I propose to continue in this campaign and. If I am elected, in the conduct of the nation's affairs. I shall
thereby strive to make the nation's policy the true reflection of the nation's
ideals. Because I believe in the idealism of the party of Jefferson, Cleveland and Wilson, my administration will be rooted in liberty under the
law; liberty that means freedom to the individual to follow his own will
so long as he does not harm his neighbor; the same high moral purpose in
our conduct as a nation that actuates the conduct of the God-fearing man
and woman; that equality of opportunity which lays the foundation for
wholesome family life and opens up the outlook for the betterment of the
lives of eur children.
In the rugged honesty of Grover Cleveland there originated one of our
party's greatest principles: "Public office is a public trust." That principle
now takes on new meaning. Political parties are the vehicle for carrying
out the popular will. We place responsibility upon the party. The Republican Party today stands responsible for the widespread dishonesty
that has honeycombed its administration.
During the last Presidential campaign the Republican managers were
partially successful in leading the American people to believe that these
sins should be charged against the individual rather than against the
party. The question of personal guilt has now been thoroughly disposed
of and in its place, challenging the wisdom and good Judgment of the Amer.
ican people, is the unquestioned evidence of party guilt.
The Democratic Party asks the electorate to withdraw their confidence
from the Republican Party and repose it with the Democratic Party pledged
to continue those standards of unblemished integrity which characterized
every act of the administration of Woodrow Wilson,
But I would not rest our claim for the confidence of the American people
alone upon the misdeeds of the opposite party. Ours must be a construetive campaign.
False Prosperity and Unemployment.
The Republican Party builds its case upon a myth. We are told that
under
the benevolent administration of that party can the country
only
enjoy prosperity. When 4,000,000 men, desirous to work and support
their families, are unable to secure employment there is very little In the
picture of prosperity to attract them and the millions dependent upon them.
In the year 1926, the latest figures available show that one-twentieth
of 1% of the 430.000 corporations in this country earned 40% of their
profits; 40% of the corporations actually lost money; one-quarter of 1%
of these corporation earned two-thirds of the profits of all of them. Specific
industries are wholly prostrate and there is widespread business difficulty
and discontent among the individual business men of the country.
Prosperity to the extent that we have it is unduly concentrated and
has not equitably touched the lives of the farmer, the wage earner and the
individual business man. The claim of governmental economy is as baseless as the claims that general business properity exists and that it can
exist only under Republican administration.
Promises of Consolidation of Federal Agencies.
When the Republican Party came into power in 1921 it definitely promised reorganization of the machinery of government and abolition or consolidation of unnecessary and overlapping agencies. A committee
Was
appointed. A representative of the President acted as Chairman.
It
prepared a plan of reorganization. The plan was filed in the
archives.
It still remains there. After seven years of Republican control the structure of government is worse than it was in 1921. It is fully as
bad as the
system which existed in New York State before we secured by
tional amendment the legislation which consolidated more than constituone h
dyed offices, commissions and boards into eighteen co-ordinated
depart
meats, each responsible to the Governor. In contrast with
this, the Ite:
1048
FINANCIAL CHRONICLE
publican Party in control at Washington when faced with the alternative
of loss of patronage for the faithful or more efficient and economical management of the Government permitted the old order to continue for the
benefit of the patronage seekers.
The appropriations for independent bureaus and offices not responsible
to any cabinet officer increased from $3,400,000 in 1914 to $163,000,000
in 1921, and to $556,000,000 in 1298. No wonder that a cabinet officer
of the Republican President of 1921 said "if you could visualize the Government as a business or administrative unit, you would see something
like one of those grotesque spectacles of a big oyster shell to which in the
course of years big and irregular masses of barnacles have attached themselves without symmetry or relevancy." And the Chamber of Commerce
of the United States said in its annual report this year: "No progress has
been made on the plan of reorganization of the Government's departments
as advocated by the chamber." The Administration spokesman answers
only. "We have given an economical administration," and that has been
repeated so often that some people begin to believe it without the slightest
proof. I assert that there is no proof.
Increased Federal Appropriations.
The appropriation bills signed by the President of the United States
for
for the last year are just one-half a billion dollars more than they were
the first year of his Administration. The appropriations for the Executive
more
Department itself (the President and Vice-President) have increased
than 10% under President Coolidge.
tell
appropriations
from
The figures for expenditure as distinguished
has been
the same story. Aside from interest on the public debt which
at lower interest rate,
reduced by retirement of bonds or by refinancing
during the fiscal year
the actual expenditures for governmental activities
President Coolidge's
ending in 1928 were just $346,000,000 more than in
Foreign Policy.
The Constitution provides that treaties with foreign powers must be
ratified by a vote of two-thirds of the Senate. This is a legal recognition
of the truth that in our foreign relations we must rise above party politics
and act as a united nation. Any foreign policy must have its roots deep
in the approval of a very large majority of our people. Therefore, no greater
service was ever rendered by any President than by Woodrow Wilson when
he struck at the methods of secret diplomacy. To-day we have close
relations, vital to our commercial and world standing, with every other
nation. I regard it, therefore, as a paramount duty to keep alive the
interest of our people in these questions and to advise the electorate as to
facts and policies.
Through a long line of distinguished Secretaries of State, Republican
and Democratic alike, this country had assumed a position of world leadership in the endeavor to outlaw war and substitute reason for force. At
the end of President Wilson's Administration we enjoyed not only the
friendship, but the respectful admiration of the peoples of the world. Today we see unmistakable evidences of a widespread distrust of us and unfriendliness to us. particularly among our Latin-American neighbors.
first year.
Increased Federal Taxes.
that taxes have been reIf the defenders of the administration answer
The total taxes collected
duce& they find themselves in a similar dilemma.
of the Coolidge administration.
are $24,000.000 more than in the first year
taxes abandoned, the
war-time
some
and
reduced
While tax rates have been
Government actually took from the people in income taxes $383,000,000
more during the last fiscal year than during the first year of the Coolidge
Administration. And even these reductions in tax rates have been brought
the Governabout primarily because the Administration has committed
approximately
ment to appropriations authorized but not made,amounting
being passed on to sucto one billion dollars, which is an obligation that is
those
ceeding administrations. I wish to focus the public attention on
trifles about
picturesque
with
fed
is
it
fundamental facts and figures when
petty economies, such as eliminating stripes from mall bags and extingishing electric lights in the offices at night.
False vs. True Economy.
With this has gone a governmental policy of refusal to make necessary
The
expenditure for purposes which would have effected a real economy.
in the handPostmaster General states that there was a large annual waste
equipment. Scarce ly
ling of mall.resulting from lack of modern facilities and
for the transaction of
a large city In the country has adequate quarters
Washington
Federal business. The Government pays rent in the City of
that the
alone of more than one million dollars annually. It is estimated
True economy
Government is paying rentals of $20,000.000 in the nation.
especially in the
would be effected by the erection of Federal buildings,
been left
numerous instances where sites acquired many years ago have
expenditures
these
have
to
desire
vacant because the administration did not
spend money and to
appear in the budget. It is not economy to refuse to
of Staff of the Army
have our soldiers living in barracks which the Chief
the meanest
recently stated were indecent and below the standard for
wise, properly timed contype of housing permitted anywhere. And the
tend to lessen
struction of needed public improvements would substantially
the evils of unemployment.
Congress
If the people commission me to do it, I shall with the aid of the
activities
effect a real reorganization and consolidation of governmental
comes from
upon a business basis and institute the real economy which
prudent expenditure. I shall aid programs for the relief of unemployment,
to
recognizing its deep, human and social significance and shall strive
inaccomplish a national well-being resting upon the prosperity of the
dividual men and women who constitute the nation.
Tariff Proposals.
Acting upon the principle of "Equal opportunity for all, special privileges
out the tariff declaration of our platfor none," I shall ask Congress to carry
in the campaign to
form. To be sure the Republican party will attempt
Democratic party does
mispresent Democratic attitude to the tariff. The
not advocate any sudden or drastic
not and under my leadership will
would cause business upheaval
revolution in our economic system which
principle was recognized as far back as the pasand popular distress. This
re-states it in unmisplatform
Our
bill.
sage of the Underwood Tariff
party stands squarely for the maintakable language. The Democratic
a high standard of wages for American
tenance of legitimate business and
maintained and at the same time the tariff can be
labor. Both can be
and treated on a strictly business basis.
taken out of the r tin of politics
writing in criticism of the present tariff law, said:
InA leading Rept'. an,
-drawn pieces of legislation in recent political
stands as one oft most ill
actual truth to say that taking for granted
history. It is probably near the
American business and industry, the country
of
protection
of
principle
some
conditions abroad and in spite of, rather
has prospered due to post-war
Fordney-McCumber tariff." What I have just
than on account of, the
document. It was written a few months
quoted is no part of a campaign
Myers of Princeton University, writing the
ago by Professor William Starr
history of his own party.
log-rolling, Woodrow Wilson pointed
Against the practice of legislative
for the creation and maintenance of a
the way to a remedy. It provided
commission which could investinon-political, quasi-judicial, fact-finding
Congress as to the tariff duties really
and
President
the
advise
and
gate
safeguard the high standard of
required to protect American industry and
anxious to meet political obligaAmerican wages. In an Administration
and it has been publicly stated
tions, the commission has ceased to function cm:emission has been turned
the
of
work
the
that
it
of
members
by former
bring this about, it is a matover to the advocates of special interests. To
undated resignation of one
ter of record that the President demanded the
of its members before he signed his appointment. upon which President
high level
I shall restore this Commission to the
may produce the facts
Wilson placed it, in order that, properly manned, it
increase the purchasing power
may
that will enable us to ascertain how we
those schedules which
ofaverybody's income or wages by the adjustment of
face are extortionate
ire now the result of log-rolling and which upon their
Ind unnecessary.
accept my assurance
Pay no attention to the Republican propaganda and
will be honest.
as the leader of our party that Democratic tariff legislation
nation.
It will play no favorites. It will do Justice to every element in the
[Vor.. 127.
Latin-Afnerican Policy.
I especially stress the necessity for the restoration of cordial relations
with Latin America and I take my text from a great Republican Secretary
of State, Elihu Root, who said: "We consider that the independence
and equal rights of the smallest and weakest member of the family of
nations deserve as much respect as those of the great empires. We pretend
to no right, privilege or power that we do not freely concede to each
one of the American republics."
The present Administration has been false to that declaration of one of
its greatest party leaders. The situation in Nicaragua fairly exemplifies
our departure from this high standard. The Administration has intervened in an election dispute between two conflicting factions, sent our
troops into Nicaragua, maintained them there for years, and this without
the consent of Congress. To settle this internal dispute, our marines have
died and hundreds of Nicaraguans in turn have been killed by our marines.
Without consultation with Congress, the Administration entered on this
long-continued occupation of the territory of a supposedly friendly nation
by our armed troops.
To no declaration of our platform do I more heartily commit myself than
the one for the abolition of the practice of the President of entering into
agreements for the settlement of internal disputes in Latin-American
countries, unless the agreements have been consented to by the Senate as
provided for in the Constitution of the United States. I personally declare
what the platform declares: "Interference in the purely internal affairs
of Latin-American countries must cease." and I specifically pledge myself
to follow this declaration with regard to Mexico as well as the other Latin
American countries.
VIonroe Doctrine.
The Monroe Doctrine must be maintained, but not as a pretext for
meddling with the purely local concerns of countries which, even though
they be small, are sovereign and entitled to demand and receive respect
for their sovereignty. And I shall certainly do all that lies in my power to
bring about the fullest concerted action between this country and all the
Latin American countries with respect to any step which it may ever be
necessary to take to discharge such responsibilities to civilization as may be
placed upon us by the Monroe Doctrine.
The evil effect of the Administration's policy with respect to LatinAmerica has extended to our relations with the rest of the world. I am
not one of those who contend that everything Republican is bad and everything Democratic is good. I approve the effort to renew and extend the
arbitration treaties negotiated under the Administration of President
Wilson. But the usefulness of those treaties as deterrents of war is materially impaired by the reservations asserted by various nations of the
right to wage defensive wars, as those reservations are interpreted in the
light of President Coolidge's record Defending his policies he announced
on April 25 1927. the doctrine that the person and property of a citizen
are a part of the national domain, oven when abroad. I do not think
the American people would approve a doctrine which would give to Germany,
or France, or England, or any other country, the right to regard a citizen
of that country or the property of a citizen of that country situated within
the borders of the United States a part of the national domain of the foreign
country. Our unwarranted intervention in internal affairs in Latin-America
and this specious reason for it constitute the basis upon which other countries may seek to justify imperialistic policies which threaten world peace
and materially lessen the effectiveness which might otherwise lie in the
multilateral treaties.
Real Outlawry of War.
The real outlawry of war must come from a more substantial endeavor
to remove the causes of war, and in this endeavor the Republican Administration has signally failed. I am neither militarist nor jingo. I
believe that the people of this country wish to live in peace and amity
with the world. Freedom from entangling alliances is a fixed American
policy. It does not mean, however, that great nations should not behave
to one another with the same decent friendliness and fair play that selfrespecting men and women show to one another.
Limitation of Armaments.
In 1921 there was negotiated a treaty for the limitation of the construction of battleships and battle cruisers of more than 10,000 tons. It
was approved without party dispute as a start of the process ofremovingfrom
the backs of the toiling masses of the world the staggering burden of the
hundreds of millions of dollars that are wrung from them every year for
wasteful transformation into engines of destruction. For seven years the
Republican Administration has followed it with nothing effective. No
limitation has been placed upon land armaments, submarines, vessels of
war of under 10,000 tons displacement, poisonous gases or any of the other
machinery devised by man for the destruction of human life. In this
respect our diplomacy has been futile.
I believe the American people desire to assume their fair share of responsibility for the administration of a world of which they are a part,
without political alliance with any foreign nation. I pledge myself to a
resumption of a real endeavor to make the outlawry of war effective by
removing its causes and to substitute the methods of conciliation, conference, arbitration and judicial determination.
Prohibition and Law Enforcement.
The President of the United States has two constitutional duties with
respect to prohibition The first is enibodied in his oath of office If,
with one hand on the Bible and the other hand reaching up to heaven.
I promise the peope of this country that "I will faithfully execute the office
of President of the United States and to the best of my ability preserve,
protect and defend the Constitution of the United States," you may be
sure that I shall live up to that oath to the last degree. I shall to the very
limit execute the pledge of our platform "to make an honest endeavor;
AUG. 25 1928.]
FINANCIAL CHRONICLE
enforce the Eighteenth Amendment and all other provisions of the Federal
Constitution and all laws enacted pursuant thereto."
The President does not make the laws. He does his best to execute them
whether he likes them or not. The corruption in enforcement activities
which caused a former Republican Prohibition Administrator to state that
three-fourths of the dry agents were political ward heelers named by politicians without regard to civil service laws and that prohibition is the "new
political pork barrel." I will ruthlessly stamp out. Such condition cannot
and will not exist under any administration presided over by me.
The second constitutional duty imposed upon the President is "To
recommend to the Congress such measures as he shall judge necessary
and expedient." Opinion upon prohibition cuts squarely across the two
great political parties. There are thousands of so-called "wets and drys"
in each. The platform of my party is silent upon any question of change
in the law. I personally believe that there should be change and I shall
advise the Congress in accordance with my constitutional duty of whatever
changes I deem "necessary or expedient." It will then be for the people
and the representatives in the national and State legislatures to determine
whether these changes shall be made.
I will state the reasons for my belief. In a book "Law and its Origin,"
recently called to my notice, James C. Carter, one of the leaders of the bar
of this country, wrote of the conditions which exist "when a law is made
declaring conduct widely practiced and widely regarded as innocent to be
a crime." He points out that in the enforcement of such a law "trials
become scenes of perjury and subornation of perjury: Juries find abundant
excuses for rendering acquittal or persisting in disagreement contrary to
their oaths" and he concludes "Perhaps worst of all is that general regard
and reverence for law are impaired, a consequence the mischief of which
can scarcely be estimated." These words, written years before the Eighteenth Amendment or the Volstead act, were prophetic of our situation
to-day.
Temperance vs. Disregard of Law.
I believe in temperance. We have not achieved temperance under the
present system. The mothers and fathers of young men and women
throughout this land know the anxiety and worry which has been brought
to them by their children's use of liquor in a way which was unknown before
prohibition. I believe in reverence for law. To-day disregard of the prohibition laws is insidiously sapping respect for all law. I raise, therfore.
what I profoundly believe to be a great moral issue involving the righteousness of our national conduct and the protection of our children's morals.
The remedy, as I have stated, is the fearless application of Jeffersonian
principles. Jefferson and his followers foresaw the complex activities of
this great, widespread country. They knew that in rural, sparsely settled
districts people would develop different desires and customs from those in
densely populated sections, and that if we were to be a nation united on
truly national matters there had to be a differentiation in local laws to
allow for different local habits. It was for this reason that the Democratic
platform in 1884 announced "We oppose sumptuary laws which vex the
citizens and interfere with individual liberty." and it was for this reason
that Woodrow Wilson vetoed the Volstead act.
ability." The Business Men's Commission on Ahriculture said in November, 1927,"Since the war, the prices of farm products have persisted in an
uneconomic and unfavorable adjustment to the general scale of prices of
other goods and services:" and "the disparity between urban and farm incomes has emphasized the disparity in standards of living in the rural and
urban populations." "The value of farm land and farm property decreased heavily in the post-war deflation" and "large numbers of farmers
have lost all their property in this process."
We have not merely a problem of helping the farmer. While agriculture is one of the most individualized and independent of enterprises.
still as the report of the Business Men's Commission points out, "Agriculture is essentially a public function,affected with a clear and unquestionable public interest." The country is an economic whole. If the buying
power of agriculture is impaired, the farmer makes fewer trips to Main
Street. The shop owner suffers because he has lost a large part of his
trade. The manufacturer who supplies him likewise suffers as does the
wage earner, because the manufacturer is compelled to curtail his production. And the banker cannot collect his debts or safely extend further
credit. This country cannot be a healthy, strong enonomic body if one
of its members,so fundamentally important as agriculture,is sick almost to
the point of economic death.
The normal market among the farmers of this country for the products
of industry is ten billions of dollars. Our export market, according to
latest available figures, is exclusive of agricultural products, approximately
one billion, six hundred millions of dollars. These large figures furnish
striking indication of the serious blow to national prosperity as a whole
which is struck when the buying power of the farmer is paralyzed.
Amendment to Volstead Law.
In accordance with this Democratic principle, some immediate relief
would come from an amendment to the Volstead law giving a scientific
definition of the alcoholic content of an intoxicating beverage. The present
definition is admittedly inaccurate and unscientific. Each State would
then be allowed to fix its own standard of alcoholic content, subject always
to the proviso that that standard could not exceed the.maximum fixed by
the Congress.
Amendment to Eighteenth Amendment.
I believe moreover that there should be submitted to the people the
question of some change in the provisions of the Eighteenth Amendment.
Certainly, no one foresaw when the amendment was ratified the conditions
which exist today of bootlegging, corruption and open violation of the
law in all parts of the country. The people themselves should after this
eight years of trial be permitted to say whether existing conditions should
be rectified. I personally believe in an amendment in the Eighteenth
Amendment which would give to each individual State itself only after
approval by a referendum popular vote of its people the right wholly
within its borders to import, manufacture or cause to be manufactured.
and sell alcoholic beverages, the sale to be made only by the state itself and
not for consumption in any public place. We may well learn from the experience ofother nations. Our Canadian neighbors have gone far in this manner
to solve this problem by the method of sale made by the State itself and
not by private individuals.
There Is no question here of the return of the saloon. When I stated
that the saloon "is and ought to be a defunct institution in this country"
I meant it. I mean it to-day. I will never advocate nor approve any law
which directly or indirectly permits the return of the saloon.
Such a change would preserve for the dry States the benefit of a national
law that would continue to make interstate shipment of intoxicating beverages a crime. It would preserve for the dry States Federal enforcement
of prohibition within their own borders. It would permit to citizens of
other States a carefully limited and controlled method of effectuating the
popular will wholly within the borders of those States without the old evil
of the saloon.
Such a method would re-establish respect for law and terminate the
agitation which has injected discord into the ranks of the great political
parties which should be standing for the accomplishment of fundamental
programs for the nation. I may fairly say even to those who disagree with
me that the solution I offer is one based upon the historic policy of the
Democratic Party to assure to each State its complete right of local selfJe offered by
government. I believe it is a solution which would
Jefferson. or Jackson or Cleveland, or Wilson, if those great leaders were
with us.
Agriculture.
Publicity agents of the Repubican Administration have written so many
articles on our general prosperity, that they have prevented the aveage
man from having a proper appreciation of the degree of distress existing
to-day among farmers and stockraisers. From 191n to the present time
the farm debt has increased by the striking sum of ten billions of dollars,
or from four billion to fourteen billion dollars. The value of farm property
between 1920 and 1925 decreased by twenty billions of dollars. This depression made itself felt in an enormous increase of bank failures in the
agricultural districts. In 1927 there were 830 bank failures, with total
liabilities of over 270 millions of dollars, almost entirely in the agricultural
sections, as against 49 such failures during the last year of President Wilson's Administration.
The report of Nov. 17 1927, of a Special Committee of the Association
of Land Grant Colleges and Universities states: "Incomes from farming
sufficient to pay a fair return on the current value
since 1920 have not been
of capital used and a fair wage for the farmers' labor, or to permit farm
people to maintain a standard ofliving comparable with other groups of like
1049
Plansfor Relief of Farmer.
When,therefore, I say that I am in accord with our platform declaration
that the solution of this problem must be a prime and immediate concern
of the Democratic Administration, I make no class appeal. I am stating a
proposition as vital to the welfare of business as of agriculture.
With the exception of the Administrations of Cleveland and Wilson.
the government of this country has been in Republican hands for half a
century. For nearly eight years the President and Congress have been
Republican. What has been done to solve this problem. Many promises
were made which have never been fulfilled. Certainly the promise of relief by tariff has not been fulfilled.
The tariff is ineffective on commodities of which there is exportable
surplus without controlled sale of the surplus. Our platform points the
way to make the tariff effective for crops of which we produce a surlpus.
There has been Government interference with laws of supply and demand
to benefit industry, commerce and finance. It has been one-sided because
business, industry and finance would have been helped more if proper
attention had been given to the condition of agriculture. Nothing of substance has been done to bring this basic part of our national life into conformity with the economic system that has been set up by law. Government should interfere as little as possible with business. But if it does Interfere with one phase of economic life, be it by tariff, by assistance to merchant
marine, by control of the flow of money and capital through the banking
system, it is bad logic, bad economics and an abandonment of Government
responsibility to say that as to agriculture alone the Government should
not aid.
Twice a Republican Congress has passed legislation only to have it
vetoed by a President of their own party; and whether the veto of that
specific measure was right or wrong, it is undisputed that no adequate substitute was ever recommended to the Congress by the President and that
no constructive plan of relief was ever formulated by any leader of the
Republican Party in place of the plan which its Congress passed and its
President vetoed. Only caustic criticism and bitter denunciation were
provoked in the minds of the Republican leaders in answer to the nationwide appeal for a sane endeavor to meet this crisis.
Co-operative Marketing.
Co-operative, co-ordinated marketing and warehousing of surplus farm
products is essential just as co-ordinated, co-operative control of the flow
of capital was found necessary to the regulation of our country's finances.
To accomplish financial stability, the Federal Reserve system was called
into being by a Democratic Administration. The question for agriculture
is complex. Any plan devised must also be co-ordinated with the other
phases of our business institutions. Our platform declares for the development of co-operative marketing and an earnest endeavor to solve
the problem of the distribution of the cost of dealing with crop surpluses
over the marketed unit of the crop whose producers are benefited by such
assistance. Only the mechanics remain to be devised. I propose to substitute action for inaction and friendliness for hostility. In my administration of the Government of my State, whenever I was confronted with a
problem of this character, I called into conference those best equipped on
the particular subject in hand. I shall follow that course with regard to
agriculture. Farmers and farm leaders, with such constructive aid as will
come from sound economists and fair-minded leaders of finance and business, must work out the detail. There are varying plans for the attainment
of the end which is to be accomplished. Such plans should be subjected at
once to searching, able and fair-minded analysis, because the interests of
all require that the solution shall be economically sound.
If I am elected, I shall immediately after election ask leaders of the type
I have named, irrespective of party, to enter upon this task. I shall join
with them in the discharge of their duties during the coming Winter and
present to Congress immediately upon its convening the solution recommended by the body of men best fited to render this signal service to the
nation. I shall support the activities of this body until a satisfactory law
Is placed upon the statute books.
Railroads and Waterways.
Adequate distribution is necessary to bring a proper return to production.
Increased efficiency of railroad transportation and terminal handling means
lowering of cost, which in turn reflects itself in the form of increased purchasing power through reduction in the cost of everyday necessities of life.
Nor do railroads exhaust means of transportation. I believe in encouraging the construction and use of modern highways to carry the short
haul of small bulk commodities and to aid in effective marketing of farm
products.
Of great importance and still in a highly undeveloped state are our
transportation routes by waterways. Commodities of great bulk, where
the freight cost is a large part of the cost to the ultimate consumer, are
among the least profitable to railroads to carry and lend themselves most
readily to water transportation.
Certain areas of our country are deeply interested in opening up a
direct
route from the Middle West to the sea by way of the Great Lakes and
adjacent waterways. Controversy has arisen over the relative merits of
the
St. Lawrence route sr the all-American route. As Governor of New
York.
I have heretofore expressed a preference for the all-American
route, basing
my view on engineers' reports made to me. The correctness
of these reports and also of those favoring the St. Lawrence route has been
challenged.
1050
FINANCIAL CHRONICLE
As President of the United States, therefore, it would be my clear duty to
restudy this question impartially upon engineers' reports the accuracy of
which must be above question. When the results of such a study are
given to Congress, I am entirely willing to abide by the decision of Congress.
Flood Control.
With the development of inland waterways goes the control of floods
thereon. The Mississippi flood of last year brought home to the nation
the imperative need for a national policy of flood control. The last two
administrations waited for this calamity and for universal demand that
something be done instead of taking leadership in this important work.
Forethought, courage and leadership and knowledge of what real ultimate
economy means would have done much to prevent this calamity with its
ensuing waste and misery. An ounce of prevention is worth a pound of
first aid and relief. In the last Congress the Reid-Jones bill laid down
sound lines for the solution of this great problem. The policy thus initiated for the Mississippi must be carried through. The money actually
appropriated for fled relief is too small to make even a start. Too much
time has been spent in squabbling over who shall pay the bill.
The Mississippi River and its tributaries constitute a great network of
waterways flowing through a large number of States. Much more than
flood control is involved. Fullest development of the Mississippi River
and its tributaries as arteries of commerce should be the goal.
[VOL. 127.
toll with the conditions under which they live and work is an essential basis
of the nation's well-being. The welfare of our country, therefore, demands
governmental concern for the legitimate interest of labor.
The Democratic Party has always recognized this fact, and under the
Administration of Woodrow Wilson a large body of progressive legislation
for the protection of those laboring in industry was enacted. Our platform
continues that tradition of the party. We declare for the principle of collective bargaining, which alone can put the laborer upon a basis of fair
equality with the employer;for the human principle that labor is not a commodity; for fair treatment to Government and Federal employees, and for
specific and immediate attention to the serious problems of unemployment.
From these premises it was inevitable that our platform should further
recognize grave abuses in the issuance of injunctions in labor disputes,
which threaten the very principle of collective bargaining. Chief Justice
Taft in 1919 stated that government of the relations between capital and
labor by injunction was an absurdity. Justice Holmes and Justice Brandeis
of the United States Supreme Court unite in an opinion which describes the
restraints on labor imposed by a Federal injunction as a reminder of involuntary servitude.
Dissatisfaction and social unrest have grown from these abuses and
undoubtedly legislation must be framed to meet just causes for complaint
in regard to the unwarranted issuance of injunctions.
The Judiciary Committee of the United States Senate has already in
progress a careful study of this situation. I promise full co-operation
to the end that a definite remedy by law be brought forth to end the existing evils'and preserve the constitutional guarantees of individual liberty,
free assemblage and speech and the rights of peaceful persuasion.
I shall continue my sympathetic interest in the advancement of progressive legislation for the protection and advancement of working men
and women. Promotion of proper care of maternity, infancy and childhood and the encouragement of those scientific activities of the National
Government which advance the safeguards of public health are so fundamental as to need no expression from me other than my record as legislator
and as Governor.
None can question my respect for and co-operation with the Civil Service nor my interest in proper compensation for Government service. I
believe in that true equality of women that opens to them without restriction all avenues of opportunity for which they can qualify in business.
in Government service and in politics.
Conservation of Natural Resources.
Wide possibilities for public good are latent in what remains of our
natural resources. I pledge myself to a progressive liberal conservation
policy based upon the same principles to which I have given my support
in the State of New York, and to fight selfish aggression in this field wherever it appears and irrespective of whom it may involve. No nation in
history has bean more careless about the conservation of natural resources
than has ours. We have denuded our forests. We have been slow to
reclaim Janis for development and have allowed to run to waste or have
given to p•ivate exploitation our public waters with -their great potential
power for the development of electrical energy.
The value of this heritage can best be measured when we consider the
recant disclosures of the methods employed by private monopolies to wrest
our remaining water powers from public control.
No more dishonest or unpatriotic propaganda has ever been seen in this
Country than that disclosed by the investigation into the methods of certain
Veteran Relief.
utility corporations. Private corporations to gain control of public reI have a full appreciation of what this country owes to our veteran
sources have procured the writing of textbooks for the public schools; have soldiers. I know
that when the country called, the veteran came promptly.
subsidized lecturers pretending to give to the country their own honest
When the veteran in distress calls to the country, the country should be
and unbiased advice: have employed as their agents former public officials
equally prompt. Red tape and technicalities and autocratic bureaucracy
sad have endeavored to mislead public opinion by the retention of the
should be brushed aside when the time comes for a grateful American
•3rvices of leaders of the community in various parts of the country. Highlypeople to recognize its debt to the men who offered themselves in our hour
paid lobbyists penetrated into every State and into the legislative halls of
of need.
$h3 nation itself.
Immigration.
As against propaganda, it is the duty of the Democratic Party to set up
During all of our national life the freedom of entry to the country has
truth. The ownership of acme of these great water powers is in the
nation, of others in the several States. These sources of water power must been extended to the millions who desired to take advantage of the freedom
remain forever under public ownerhip and control. Where they are owned and the opportunities offered by America. The rugged qualities of our
by the Federal Government they should remain under Federal control. immigrants have helped to develop our country and their children have
Where they are owned by an individual State they should be under the taken their places high in the annals of American history.
Every race has made its contribution to the betterment of America.
con'rol of that State, or where they are owned by States jointly am'
While I stand squarely on our platform declaration that the laws which .
oho ild I e under the control of those States.
Wterever the development, the Government agency, State or Federal limit immigration must be preserved in full force and effect. I am heartily
as the case may be, must rot tin through contractual agreeement with in favor of removing from the immigation law the harsh provision which
the di tributing companies the right to provide fair and reasonable rates separates families, and I am opposed to the principle of restriction based
to the ultimate consumer and the similar right to insist upon fair and upon the figures of immigrant population contained in a census 38 Years
equal di•tributir n of the power. This can be secured only by the abso- old. I believe this is designed to discriminate against certain nationalities
lute retention by the people of the ownership of the power by owning and and is an unwise policy. It is in no way essential to a continuance of the
controlling the site and plant at the place of generation. The Government restriction advocated in our platform,
—Federal. State or the authority representing joint States—must control
Will Not Be Influenced in Appointments.
the switch that turns on or off the power so greedily sought by certain
While this is a Government of laws and not of men, laws do not execute
private groups without the least regard for the public good.
themselves. We must have people of character and outstanding ability
I shall carry into Federal Administration the same policy which I have to serve the
nation. To me one of the greatest elements of satisfaction in
maintained aginst heavy odds in my own State. Under no circumstances
my nomination is the fact that I owe it to no one man or set of men. I can
should private monopoly be permitted to capitalize for rate-making purwith complete honesty make the statement that my nomination was brought
poses water power sites that are the property of the people themselves.
about by no promise given or implied by me or by any one in my behalf.
It Is to me unthinkable that the Government of the United States or any
I will not be influenced in appointments by the question of a person's wet
State thereof will permit either direct or indirect alienation of water power
or dry attitude, by whether he is rich or poor, whether he comes from the
sites.
North, South, East or West, or by what church he attends in the orship
Colorado River.
of God. The sole standard of my appointments will be the same as they
Electrical energy generated from water power as an incident to the have been in my Governorship—integrity of the man or woman and his
regulation of the flow of the Colorado River is the common heritage of all or her ability to give me the greatest possible aid in devoted service to the
the States through which the river flows. The benefits growing from such people.
development should be equitably distributed among the States having
In this spirit I enter upon the campaign. During its progress I shall
right of ownership. The duty of the Federal Government is confined to talk at length on many of the issues to which I have referred in this acnavigation. I am of the opinion that the best results would flow from the ceptance address, as well as other important questions I shall endeavor
setting up of a Colorado River Authority, representative equally of all to conduct this campaign on the high plane that befits the Intelligence of our
the States concerned. The development should be by the States through citizens.
Victory, simply for the sake of achieving it, is empty. I am entirely
the agency of this authority by treaty ratified by Congress.
satisfied of our success in November because I am sure we are right and
Muscle Shoals.
therefore sure that our victory means progress for our nation. I am conIt will the policy of my administration, while retaining Government vinced of the wisdom of our platform. I pledge a complete devotion to the
ownership and control, to develop a method of operation for Muscle Shoals welfare of our country and our people. I place that welfare above every
which will reclaim for the Government some fair revenue from the enormous other consideration and am satisfied that our party is in a position to proexpenditure already made for its development and which is now a complete mote it. To that end I here and now declare to my fellow-countrymen,
waste. In this way the original peace-time purpose of the construction of from one end of the United States to the other, that I will dedicate myself
this plant will be achieved. The nation will be reimbursed, agriculture with all the power and energy that I possess to the service of our great
will be benefited by the cheap production of nitrates for fertilizer and Republic.
the surplus power will be distributed to the people.
The remaining public natural resources now under control of the Federal
Gov. Smith's Farm Stand Praised by B. F. Yoakum—
Government must be administered in the interests of all of the people.
Likewise, a complete survey and study of the remaining undeveloped
Says Agriculture Is Convinced Governor Earnestly
public resources of land, coal, oil and other minerals is greatly needed and
Seeks Efficient Market Plan.
should be undertaken.
The United States, because its people use more wood than any other
According to the "Times" of Aug. 11, B. F. Yoakum,
on earth, is therfore more dependent on the forest than any other great
West,,,rn railroad executive and an expert on agrariannation. At the same time we are the most wasteful of all people in the former
economic questions, has written a letter to Governor Smith
destruction of our forest resources.
The use of our national forests for recreation should be greatly extended pnising him for the stand
he has taken against the principles
I also pledge myself to give the same continuing interest and support to a
national park. reforestration and recreation program as have brought involved in the McNary-Haugen bill. The "Times" stated
about the establishment of a great conservation and State park system fur teher:
m Yoakum)
In the State of New York.
He (Mr.
said In his letter that the Governor's attitude had
It was Grover Cleveland who first made our national forest and con- convinced those in the farming industry that "you are earnestly seeking to
servation policy into a great public question. Theodore Roosevelt followed enact an efficient and profitable system of marketing farm products."
In his footsteps. What these two men began must be continued and carried
Mr. Yoakum, in his letter, given out for publication yesterday, upheld
forward.
the contention that to prove efficient any systems for marketing surplus
Labor and Abuse of Injunctions.
products of agriculture must provide for spreading the cost over the entire
The, American pety,le constitute a structure of many component Paris. volume of the prodcut benefited. But he holds that the power of compelling
suet
a distribution of the cost should not be lodged in a Federal Governmen
One of Its foundations is labor. The reasonable contentment of those who
Ara. 25 1928.]
FINANCIAL CHRONICLE
1051
agency but in the marketing units created by the several farm commodities. United States, who, under our Constitution, Is given more power than any
"How can the present situation be remedied?" Mr. Yoakum wrote. one human being in the world.
Remember, this campaign will be the most stirring in the history of
"If Congress will enact a simple law permitting producers of the different
does not want to take part
farm commodities to organize as separate marketing units under a Federal American politics. There Is no American who
charter or license, with authority to stabilize prices and direct distribution, in it. In many instances heretofore the race has been very close. Under
they can not only conduct their marketing effectively and profitably, but our Electoral College system of selecting a President, one Ste;e may decide
that State a few votes either way may determine the entire
do their own 'equalizing.' No Federal 'equalization fee' or Government tax the result. In
another man's vote. The quality
or enforcement would be required. The beneficiaries would pay their own election. One man's vote is as good as
marketing and all other expenses from the proceeds of their respective known as Americanism is demonstrated to a mathematical certainty' at the
polls. Your vote is valuable. Do not throw It away. If a debtor owed you
products.
would make arrangements
"Each commodity would be self-supporting, founded and run on a money and you were away on the due date, you
wherever you might be. You can
strictly business basis. That is the best and only sound form of 'equal- for him to transmit your money to you
vote.
regard
to
the
arrangement
in
similar
make
a
appropriations
would be required. Farmers could
ization.' No large Federal
Voting under the absentee voting laws is made simple and rewires but
finance their operations through regular banking channels on their own
little effort. Let your Government hear from you no matter where you are
values and credits."
election day.
A letter previously addressed by Mr. Yoakum to John J. onThe candidates will struggle incessantly in making an appeal for your vote.
Raskob, Chairman of the Democratic National Committee in They are at least entitled to expect you to exercise your franchise. Strong
air. It will be up to you to pass judgwhich Mr. Yoakum declared that "it would be unfortunate men are running. Great issues fill thefail
to register. The American vote
ment and you cannot do it if you
both for Gov. Smith's campaign and for the future of the has a background of bloody sacrifice by the great Americans of all our
country for the Democratic Party to expouse the cause of wars. If you choose to be voteless, they have sacrificed, to that extent,
McNary-Haugenism" was given in our issue of Aug. 11, in vain.
After a terrific struggle, the franchise was granted to the women of Amerpage 774.
ica. In the 1920 election, it is estimated that the women cast 37% of the
total vote; and 43% of the women qualified to vote actually voted. In
Senator Brookhart Finds Much Ego in Governor only a few of the States did the women cast 50% or more of their voting
strength.
Smith's Acceptance Speech.
The issues presented at the coming election will be of intense interest
We take from the New York "Times" the following to the women of the land. The cost of living, employment, freedom of
should attract a great
telegraphic advices to its Editor from Senator Brookhart conscience, religious liberty and equal opportunity
majority of the women to register and to vote.
at Cedar Rapids, Iowa, Aug. 22:
encourage the other
not
Every man and woman who votes and does
Ego is the outstanding style of the address. I counted 100 "I's" and members of their families to do likewise, only casts a portion a a vote.
Working women have a vast interest at stake in the election. Governor
then thought of Lindbergh and "We." The most excessive use of the
Smith stands as the champion of human rights and welfare of the working
ego is found in the statement:
"If, with one hand on the Bible and the other nand reaching up to women. Of no other accomplishment Is he prouder than of the success
heaven, I promise the people of this country that I will faithfully execute attending his efforts in the State of New York to better the conditions of
the office of President of the United States and to the best of my ability women in
industry. As President, he would have a tremendous influence
preserve, protect and defend the Constitution of the United States, you
on national legislation toward the same end. I trust the women will appremay be sure that I shall live up to that oath to the last degree."
How superlatively impressive. But Al Smith as Governor of New York ciate his services in this respect by their registration and vote.
Remember, you cannot vote if you do not register.
took that same oath. Did he live up to that oath to the last degree?
He did not. The Eighteenth Amendment puts the same obligation upon
the State of New York to maintain an enforcement law that it puts upon
the Congress, but Al Smith repealed the enforcement law, put nothing in Henry Ford Opposed to Repeal of Prohibition Law—
Its place and cast his oath into the gutter. This same logic would repeal
For Hoover If He Is Interested in Retaining
the Volstead Act and leave no Federal power of enforcement. No wonder
Eighteenth Amendment.
he must be impressive. His proposal for farm relief might be described
by the two words, ignorance and camouflage.
In the view of Henry Ford "the worst thing that could
SMITH W. BROOKHART, Senator from Iowa.
happen to this country would be a step backward in our
John J. Raskob, Chairman of Democratic National
Committee, Urges Voters to Take Advantage of
Their Voting Rights at This Year's Presidential
Election—Only 50% of Qualified Voters Cast Vote
in 1924.
In a message to voters, in which he deplores the fact that
only about 50% of qualified voters cast their votes at the
last Presidential election, John J. Raskob, Chairman of the
Democratic National Committee, says: "this is no way
to elect a President of the United States, who under our
Constitution, is given more power than any one human
being in the world"—"Let your Government hear from
you," he urges, "no matter where you are on election day."
Mr. Raskob's statement, made public Aug. 20, is given herewith:
Nothing is more important to the future of America than that our citizens
manifest their own Interest in its future by voting. We must deplore the
fact that in the last Presidential election, of 54,000,000 qualified voters, only
about 50% cast their votes.
This year it is anticipated that there will be 58,000,000 qualified voters
in the country, and I hope and urge that the great proportion of these will
take advantage of the voting right. It is a sad commentary on our democracy that Germany, with only half of our population, saw two million more
votes cast at its election for President than the United States in 1924. We
are generally behind other countries in the voting record, although In foreign
countries the voting franchise has been a comparatively recent exercise of
sovereignty by the citizens.
It is commendable that both parties this year are making earnest endeavors to have enrolled a very large vote. If an administration Is to function well and to decide wisely on important issues, it should be governed by
public opinion. We certainly do not get the public opinion of the United
States when only 50% of the qualified voters appear at the polls. The
time to record either satisfaction or disapproval of officials is on election day.
Grumbling about our public servants on other days of the year is largely
a waste of time.
We ao not want to see here a Government of all the people by 50% of the
people. We have been having a Government by only a majority within
the 50%, which is far less than the actual majority of the qualified voters.
This coming election will afford the people an opportunity to register
their views in no uncertain way on some fundamental issues. Neither of
the candidates, if elected, would feel primed for acting as Chief Executive
If only a portion of 50% of the voters is responsible for his certificate of
election.
In 1924 Mr. Coolidge'received 15,725,016 votes. Mr. Davis received
8,388,824 votes. Mr. La Follette received 4,830,478. And there were
scattered 157,000 votes. The total vote was only 29,099.131. There were
qualified to vote in 1924 54,128,895. So that Mr.Coolidge, who was elected
President, only received a little more than one-fourth of the qualified votes
of the country.
h. Research into this neglect of voting by the people of the United States
has led our legislative bodies into taking action in order to develop a greater
vote. The principal measures in this line have been the various laws made
by the States for "absentee voting." Forty-five of the forty-eight States
have made provisions so that absentees from these States may cast their
ballots.
For every 100 votes cast for President in 1920, there were ninety-six
who could vote but did not. This is no way to elect a President of the
fight against liquor." Mr. Ford is also quoted as saying:
"I am interested in anything to keep the Eighteenth Amendment as it is. If Hoover stands on that belief, and I am sure
he does, I am for him." His views on a score of subjects,
expressed to newspaper men at Wayside Inn, Sudbury,
Mass. were given in a Boston dispatch to the New York
"Times" Aug. 17.
He is for Hoover. He believes Thomas A. Edison is the greatest man in
the country. He believes somebody must "give aviation a big push"before flying becomes commonplace. He believes permanent peace is
almost here because "the present generation is too intelligent to be trickedi
war."
things, he is keenly interest in a new diet, or manner or
Among
into
eating, which makes for the greatest human efficiency.
confident
that he will not lose money making his new autoFord
is
Mr.
mobile, despite the fears of many friends.
"I am sure I can make money," he said, although he declined to say
whether he is now or when he expects to. He anticipates that his plants
will attain a daily output of 10,000 cars about Jan. 1 1929. The present
production, he said, is about 4,300 cars.
"I am now worrying about how much each car costs me," he remarked
smilingly. "Much money is wasted merely trying to find out such facts."
Returning to the election and prohibition, Mr. Ford declined to say
whether he would vote for Smith "if Smith were dry and Hoover were wet.
"There are no such things as 'ifs.'" he answered bluntly. But later he
predicted a continued era of prosperity for the country, no matter who won
the election in November. He has no fear of prohibition being repealed.
"Such a change would be a calamity," he declared, "but there is no
possibility of it. As for present enforcement conditions, we manage to
get along well enough at Detroit, although we are next door to Canada.
Personally, I'd turn out the army and navy to stop bootlegging.
"But if the law were changed, we'd have to shut up our plants. Everything in the United States is keyed up to a new pace, whicestarted with
prohibition. The speed at which we run our motor cars, operate our intricate machinery and generally live would be impossible with liquor. No,
there is no chance of even modification."
Herbert Hoover, Republican Nominee for President,
Enlarges upon Plans for Farm Relief—Conference
of Leaders, Including Gov. Lowden, Proposed-Development of Waterways.
In an address, delivered on Aug. 21 at his birthplace,
West Branch, Iowa, Herbert Hoover, Republican nominee
for President, alluded anew to the legislative proposals for
relief to the agricultural industry which the Republican
Party has put forward in Its platform, and made known
his intention, in the event of his election as President, to
invite Gov. Lowden and other farm leaders to join in a
conference with a view to finding a solution of the farm
relief problem. Mr. Hoover in his speech this week enlarged upon his remarks on the subject in his speech of
acceptance given in our issue of Aug. 18, page 902. In
that speech Mr. Hoover indicated that it was proposed to
create "a Federal Farm Board of representative farmers to
1052
FINANCIAL CHRONICLE
be clothed with authority and resources with which not
only to still further aid farmers' co-operatives and pools
and to assist generally in solution of farm problems, but
especially to build up with Federal finance farmer-owned
and farmer-controlled stabilization corporations which will
protect the farmer from the depressions and demoralization of seasonal gluts and periodical surpluses." In his address at West Branch, Secretary Hoover also called attention to "the importance of the development of our interior
'waterways as bearing on the prosperity not only of agriculture but of the whole of our Midwest business and commerce." Mr. Hoover's speech of Aug. 21 follows in part
berevrith:
I am proud to have been born in Iowa. I have ofttimes said that the
good Lord made it the richest stretch of agricultural land that ever
blessed any one sovereign government. It was settled by the adventurous,
the courageous, who fought their way across the ever-extending frontier.
They have builded here in so short a period as seventy-five years a State
with the least poverty, the highest average intelligence, the most generous
education, which ever blessed a single commonwealth.
Here in West Branch can be found all the milestones of the changes
which have come to American agriculture. Only a mile from here is the
farm of my Uncle Allen, where I spent some years of my boyhood. That
Many
was just at the passing stage of the great pioneer movement.
farms were still places where we tilled the soil for the immediate needs
of the families. We ground our wheat and corn on toll at the mill; we
slaughtered our hogs for meat; we wove at least a part of our own
clothing; we repaired our own machinery; we got our own fuel from
the woods; we erected our own buildings; we made our own soap; we
preserved our own fruit and grew our own vegetables. Only a small
part of the family living came by purchases from the outside. Perhaps
20% of the products were sold in the markets to purchase the small
margin of necessities which we could not ourselves produce, and to pay
Interest on the mortgage.
In a half century the whole basis of agriculture has shifted. We have
improved seed and livestock; we have added a long list of mechanical
inventions for saving of labor; we have increased the productivity of
the land. And it has become a highly specialized business. There is
no longer one industry called farming, but in fact a dozen industries.
Probably over 80% of its products now go directly or indirectly to the
markets and probably over 80% of the family living must be purchased
from outside.
IR the old days, when prices fluctuated in the Chicago market, at
most they affected only 20% of the income of the farm. A violent drop
in prices could reduce the family income by only 4 or 5%. To-day
the same fluctuation in price, affecting as it does 80% to 10% of the
farm, can take 25 or 50% away from the family net income and make
the difference between comfort and freedom from anxiety, and on the
other hand, debts and discouragements.
I do not suggest a return to the greater security which agriculture
eajoyed in its earlier days, because with that security were lower standards
of living, greater toil, less opportunity for leisure and recreation, less of
the comforts of home, less of the joy of living.
I am often conscious of sentimental regret for the passing of those oldtime conditions. I have sometimes been as homesick for the ways of
those self-contained farm homes of forty years ago as I have been for
the kindly folk who lived in them. But I know it is no more possible
to revive those old conditions than it is to summon back the relatives and
friends in the cemetery yonder. While we recognize and hold feat
to what is permanent in the old-time conditions, we much accept what
is inevitable in the changes that have taken place. It is fortunate indeed
that the principles upon which our Government was founded require no
alteration to meet these changes.
Just as there is transformation in agriculture, so there is in other
Industry; just as there is more specializations on the farm, so there is
In other industry. We live to-day by the exchange of goods among ten
thousand sorts of producers of specialties. A large number of occupations which were conducted on the farm in the old days are now conducted in the factory. That is one reason why we have a decreasing proportion of our people on the farms. By this revolution the American
farmer has become enmeshed in powerful and yet delicate economic forces
which are working to his disadvantage.
[VoL. 127.
leaders of agricultural thought. I am not insensible to the value of
the study which sincere farm leaders have given to this question of farm
legislation. They have all contributed to the realization that the problem must be solved. They will be invited into conference. Outstanding
farmers such as Governor Lowden will be asked to join in the search for
common ground upon which we can act.
Importance of Development of Interior Waterways.
I had thought to-day to particularly point out the importance of the
development of our interior waterways as bearing on the prosperity not
only of agriculture but of the whole of our Midwest business and commerce. It is a most important supplement to agricultural relief.
The necessarily large advances in railway rates from the war militates
against the economic setting of this whole interior section. This, together with the completion of the Panama Canal and the fact that
ocean rates have increased but little since before the war, further disturbs the whole economic relationship of the Midwest. It is as If a row
of toll gates had been placed around this whole section of our country.
It seriously affects the farmer. I think we can accept it as an economic
fact that the farmer on most occasions pays the freight on his products.
It is a deduction from the ultimate price; you yourself can attest this.
In a general way, the center point of markets is overseas or the Atlantic
seaboard, where prices are determined by the meeting of streams of world
products. For every hundred miles you are removed from these market
centers the price of farm products is lower by the amount of freight
rates.
Some calculations which I made a few years ago showed that the
increases in railway rates had in effect moved the Midwest 200 to 400
miles further from seaboard. Moreover, some of the competitive agricultural regions, such as the Argentine and Australia, are close to seaboard,
and with sea rates about the same as before the war they are able to
compete with the American farmer in foreign markets to a greater advantage than before the war. This increase in transportation rates also
affects the prices of many things which the farmer must buy, for
much raw material which comes into the Midwest pays the increased
freight rate, and this in turn is taken up by the consumer.
We cannot return to pre-war railway rates without ruin to the railways. Therefore I have long asserted that the real hope of reducing
charges upon our bulk goods was through the modernization of our great
interior waterways.
By modernization, I mean increasing depths to a point where we can
handle 10,000 tons in a line of barges pulled by a tug. This Administration has authorized the systematic undertaking of this modernization.
Within a few years we will have completed the deepening of the Ohio
up to Pittsburgh, the Missouri up to Kansas City, Omaha and beyond, the
Mississippi to St. Paul and Minneapolis, the Illinois to Chicago.
We already have experience with results, for with only the main river
from St. Louis to New Orleans as yet working properly, the rates for
transportation of bulk agricultural products through that section is near
pre-war railway rates. We will not have the advantage of full results
u
pona
tia
l ttioh:
esy
nsttierem.Mississippi and its tributaries are in one connected trans-
We have another great opportunity of relief in the building of a shipway
from the Great Lakes to the sea. Our engineers have recommended the
St. Lawrence route as the preferable outlet. The Administration has undertaken negotiations with Canada upon the subject. If these negotiations fail
we must consider alternative routes. In any event the completion of this
great system of barge lines on the rivers and connecting the lakes with
the Gulf, of opening a ship-way from the lakes to the sea, will make an
effective transportation system 12,000 miles in length penetrating twenty
Mid-west States. It will connect these States with seaboard at the Gulf
on one hand and with the North Atlantic on the other. And this means
more than the mere saving upon the actual goods shipped over these routes.
If part of our crops can move to market at a seven to ten cent saving per
bushel, the buyers' competitive bidding for this portion of the crop will
force upward the price of the whole crop.
Industry and Business Would Dewitt.
And this development concerns not alone agriculture but every industry
and business in the Midwest. The manufacturer and merchant in this
section is suffering from a curtailment of his distribution field; his
business province has shrunk. This development should tend to increase
manufacturing industry in the Midwest and thereby create a larger diversity of employment and a greater local market for agricultural products.
Nor does this development mean the crippling of our railways. The
annual increase in railways traffic will give to them a far more and
complete offset to these diversions. Moreover, everything that increases
Proposals for Farm Relief.
the prosperity of the country also
helps the railways. The policy of rapid
In my acceptance speech ten days ago I made an extended statement consummation
of this great project will be continued if the Republican
legislative
proposals
for
relief
to the agricultural industry
upon the
Administration be continued. We should at the present rate of progress
which the Republican Party has put forward in its platform. You have completed
the Mississippi system within the next four years. It
would not wish me to take your time to review that statement. I should, is a vital part
of the rehabilitation of the Middle West agriculture and
however, like to emphasize that the spirit of those legislative proposals business.
is to work out a more economical and stable marketing system. A Federal
The modernizations of our waterways recall again the earlier life of
Farm Board is to be set up with the necessary powers and resources to
Iowa. At one time its transportation was in large degree over these same
assist the industry to meet not alone the varied problems of to-day, but
rivers, and many of our pioneers reached this State by the old packet
those which may arise in the future.
boats and their own rafts. Nor are the days of the pioneer over. We
My fundamental concept of agriculture is one controlled by its own mem- have to pioneer
through economic problems, through scientific developeconomic
battles
own
and
its
fight
its
to
determine
bers, organized to
ment and invention on to frontiers just as forbidding, just as romantic,
own destinies. Nor do I speak of organization in the narrow sense of tra- andjust as
pregnant
of added happiness as our fathers ever knew. The
ditional farm co-operatives or pools, but in the much wider sense of a test of our
generation will be whether we can overcome these frontiers,
sound marketing organization. It is not by these proposals intended to whether we can
hold mastery over the system we have created, whether
put the Government into the control of the business of agriculture, nor to we can maintain
the advantage we have inherited, whether we can hold
subsidize the prices of farm products and pay the losses thereon either by ourselves a
nation dedicated to equal opportunity for all.
the Federal Treasury or by a tax or fee on the farmer. We propose with
There
are those in this audience who saw Iowa an open prairie. I
Governmental assistance and an initial advance of capital to enable the
recall members of my own family who in my childhood were still breaking
agricultural industry to reach a stature of modern business operations
the
soil
in
the western part of the State and were then still living in the
by which the farmer will attain his independence and maintain his infirst sod houses of the pioneer farmer. Our fathers and grandfathers who
dividuality.
poured over the Midwest were self-reliant, rugged, God-fearing people
And upon this whole question I should like to repeat from my acceptance of indomitable
courage. They combined to build the roads, bridges and
speech that:
towns; they co-operated together to erect their schools, their churches
”Tbe working out of agricultural relief constitutes the most important obligation and to raise their barns and harvest their fields. They asked only for
of the next Administration. The object of our policies is to establish for our farmers freedom of
opportunity and an equal chance.
an income equal to those of other occupations:for the farmer's wife the same comforts
In these conceptions lies the real basis of American democracy. They
In her home as women In other groups; for the farm boys and girls the same opportunities in life as other boys and girls. So far as my own abilities may be of service. and their fathers give a genius to American institutions that distinI dedicate them to help secure prosperity and contentment In that industry where I guished our people from
any other in the world. Their demand for an
and my forefathers were born and nearly all my family still obtain their livelthood.':
equal chance is the basis of American progress. To those who have by
Conference bf Farm Leaders.
necessity worked in other lands comes this most vivid meaning of America
In formulating recommendations for legislation to carry out the pro- and a deep gratitude for what our fathers have builded. Here there are
;poses of the party, I trust that we may have the full assistance of the no limits to hope; no limits upon accomplishment; our obligation to-day
AUG. 25 1928.]
FINANCIAL CHRONICLE
well as for every
Is to maintain that equal opportunity for agriculture as
other calling.
this State
builded
have
who
When we traverse the memories of those
in the soil of service.
and this nation we recall these acts which are rooted
gives us such
When we rehearse our own memories we find that none
able to
comfort and satisfaction as the record of service we have been
finer qualities of
render. I do not believe our people have lost those
great
the
rugged character, self-reliance or initiative, nor have they lost
neighquality which they embedded in American character, the quality of
our
borly co-operation and mutual service. It is in this quality that
hopes must lie in the solution of our great problems.
And I must say again that the solution of these problems has but one
purpose, that is the comfort and welfare of the American family and the
American home. The family is the unit of American life and the home
Is the sanctuary of moral inspiration and of American spirit. The true
conception of America is not a country of 110,000,000 people, but a nation of 23,000,000 families living in 23,000,000 homes. I pledge my
services to these homes.
1053
means the personal observance of law and the formation of public opinion
to support and demand its enforcement.
"I do not believe that the majority of American business men are ready
deto join the defeatists. I believe that good citizenship, morality and
leadership
cency are on the side of prohibition and that American business
also belongs on that side.
Republican
"I do not expect to make a startling contribution to the
and morals,
campaign fund because I think this election involves principles
rather than money. I shall vote for Hoover."
Senator Curtis Invited to Sit in Hoover Cabinet in
Event of Election of Republican Candidates.
Herbert Hoover on Aug. 18 invited his running mate,.
Senator Curtis, to join in the Cabinet meetings in his office as.
Vice-President,in the event of Republican success in the election, and the Vice-Presidential nominee accepted the proposal. This is madeknown in telegraphic advices (Associated
from Topeka, Kan., which said:
E. D. Funk of President Wilson's "Fair Price" Com- Press)
In proposing this.
The proposal came in a telegram from Mr. Hoover.
mittee Says Secretary Hoover Had No Part in course. Mr. Hoover is following the precedent established by President
Vice-President
had
Harding
Harding. During his term of office Mr.
Wheat Price Fixing During War.
meetings. However, Vice-President Dawes
Cabinet
the
in
join
Coolidge
of
in
the Chicago "Tribune"
The following appeared
asserting that he did
declined a similar invitation from President Coolidge,
practice.
Aug. 8:
not believe a precedent should be established in the
An Illinois farmer. Eugene 13. Funk, who operates 4,000 acres near
Bloomington, arose yesterday to the defense of Hebert Hoover against
Democratic charges of responsibility for the low price fixed for wheat
In 1917. Mr. Funk was a member of the Wilson "fair price" committee.
"Secretary Hoover had no part in that price fixing during the war," he
said at the farm section of the Republican western headquarters here he
cohsulted with Congressman L. J. Dickinson of Iowa.
"The story that he was responsible for the price established is absolutely false and has been so branded by every member of our committee.
"Hoover Present Only Once"
"Mr. Hoover obtained a room for us to meet in at the Albany hotel
In Washington and that was the first and only time he met with us. At
that time he asked to be relieved from acting with the committee and
we acceded to that wish. He never was present during our deliberations
and we did not take up our decisions with him.
"Our report was sent directly to President Wilson and not to Mr. Hoover,
Harry A Garfield, chairman of the committee. Charles Barrett. L. J.
Taber, W. J. Shortall and I were present when the last ballot was taken
and the price of spring wheat was fixed at $2.20.
Notified After Price Is Set.
"No one left the room until the statement to President Wilson had
been prepared and approved by the committee and the conclusions of
the committee were not made known to Mr. Hoover until this action had
been taken.
"Our final decision was of necessity a compromise as some members
of the committee wanted a lower and others a higher price set."
Similar statements on this subject are said to have been made by Chairman Garfield in a letter which also was signed by four other members of
the committee.
The telegram from Mr. Hoover is as follows:
nt and experience in problems of
"I feel that your life-long accomplishme
n arm of the Governgovernment should be available to the administratio
extent, Lam in hopes
to
ment. That this should be accomplished the fullest
you will consent to join
that upon return of Republican Administration
in Cabinet session."
Senator Curtis replied as follows:
your telegram
"I wish to acknowledge the receipt of and to thank you for
if the Republican
of Aug. 18, inviting me to attend your Cabinet meetings
ticket is elected in November.
and greater har"It has been my belief always that closer co-operation
having the Vicemony in the Administration as a whole can be secured by
of Government
President keep in active touch with the executive problems
to the exesutive
and that in many respects this can be a distinct benefit
branch as well as to the legislative branch.
invitation and I
"Therefore it gives me pleasure to accept your courteous
n the most
shall do my best to assist in making the coming Administratio
successful the country ever has had."
Dr. Nicholas Murray Butler of Columbia University
Rejects Hoover's Stand on Prohibition and Naval
Program—Confident that "Millions of Earnest Republicans" Agree with Him.
Disagreeing with Herbert Hoover, the Republican canNicholas
didate for President, on two essential points, Dr.
adMurray Butler has indicated his stand in a letter
follows in
dressed to the New York "Times," published as
y rethe August 20 issue of that paper, with introductor
follows,:
as
marks
William C. Durant for Hoover and Prohibition—Looks
Columbia University and a
Dr. Nicholas Murray Butler, President of
for Higher Stock Prices.
he has maintained since
life-long Republican, breaking at last the silence
to-day, in a letter to the Editor of
William C. Durant, President of the Durant Motor Com- the Kansas City Convention, announces
to become notable
New York "Times," printed below, and likely
pany, declared for Herbert Hoover, Republican nominee Thethis
taken by Hercampaign, his complete disapproval of the stand
in
for President, and for prohibition, before leaving for Europe bert Hoover, Republican nominee for President, upon what Dr. Butler charAmericas
on the Ile de France on Aug. 17 to open a branch in Paris acterizes as two of the most important questions before the
people.
Berlin.
The
in
following account
and an assembly factory
United States
The two questions involve Mr. Hoover's attitude on the
of Mr. Durant's statements before his departure is from the naval program, as related to our striving for world peace, and upon prointensive study.
"Times:"
hibition. To both these questions Dr. Butler has gives
Mr. Durant, who described himself as an independent Republican who
had voted for Woodrow Wilson, said that he believed that good citizenship, morality and decency were on the side of prohibition and asserted
that the leaders of American business belonged on that side.
Mr. Durant would not admit that his remarks on prohibition constituted
a reply to other motor company officials, when it was recalled that John
J. Raskob, Democratic National Chairman, and Pierre S. du Pont, until
recently active in the management of the General Motors Comporation,
were both opposed to present prohibition laws and for Governor Smith.
Mr. Durant added that Mr. Hoover's election seemed assured and that the
American people had a right to expect a continuance of prosperity.
Expects Higher Stock Prices.
"Now that the Federal Reserve has abandoned its attempt to influence the
stock market," Mr. Durant said in a statement, "by regulating brokers
loans and forcing liquidation (an outrageous and unwarranted procedure).
we can once more enjoy a normal market and reasonable money rates.
which means, If I am not greatly mistaken, very much higher prices for
good securities.
"With Hoover's election practically assured, we have a right to expect
a continuance of the remarkable prosperity which we have enjoyed for
the past four years.
"The first duty of a good citizen Is to obey the law. The highest law
of the land is the Constitution. Part of the Constitution is the Eighteenth
Amendment. For the widespread disobedience to the liquor law as embodied in the Constitution, the business leaders of the country are very
largely responsible. Had our business leaders frowned upon instead of
encouraging bootlegging, had they raised their voices in protest of public
and private violations, had they used their money and their influence to
obtain a fair trial for one of the beet measures ever adopted by this or any
other country—in other words, If they had supported the Constitution of
the United States—our public officials (including our judges), our children,
our servants, our employes and the thinking public generally would without
question have caught the spirit oflaw observance—a very necessary requisite
if we are to have a safe and permanent Government.
Says Business Leaders Defy Law.
"Business leaders, who have the largest stake in law observance, set the
example of law defiance.
"Two solutions are offered. One is to throw up our hands, admit the
liquor law is unenforceable and agitate for its repeal, and by so doing confess that the American public has failed in this teat of their capacity for
self-control and self-government. The other solution is to postpone admission of failure until we have given the law a chance for success. That
He has spoken and written extensively upon both.
International
As President of the Carnegie Endowment Foundation for
country read
Peace, Dr. Butler has addressed learned bodies, both in this
and the proIn Europe, on question' relating to international relations
taken SD
motion of world peace. In the matter of prohibition he has
amendment, as
advanced position in favor of repeal of the Eighteenth
the United
not being in consonance with the spirit of the Constitution of
States.
added tinon
Dr. Butler's letter may perhaps be regarded as taking
Butler,
portance from the fact that his daughter, Miss Sarah Schuyler
Committee, owing
is at present acting Chairman of the Republican State
Miss Butler's present
to the recent death of Chairman Geroge K. Morris.
chosen. She Is,
position is temporary, until a new State Chairman can be
and as such is is
however, permanently Vice-Chairman of the committee,
charge of Republican work among the women of the State.
DR. BUTLER'S STATEMENT.
Here is Dr. Butler's letter:
Southampton, N. Y., Aug. 16 1929.
Republican by cosTo the Editor of the New York "Times":—As a
to the Reviction from youth, and as one who has given and is giving
to dispublican party the best service of which he is capable, I wish
on two
positions
sociate myself quickly, publicly and completely from
American people
of the three most important questions now before the
agreethat were taken by Mr. Hoover in his speech of acceptance. In full
ment with me, there are, I am confident, literally millions of earnest
Republicans throughout the country, both men and women, who are estirely unselfish.
Peace and Preparedness.
The first has reference to Mr. Hoover's acceptance of the time-worn
prebut wholly false argument that what he describes as "adequate
paredness for defense" is a factor co-operating in the maintenance of peace.
mimes
The contrary is now the well-demonstrated fact. The sober and
words of Viscount Grey of Fallodon on this point, based on most unusual
observation and experience, ought to carry conviction to any (van and
the
honest mind. Mr. Hoover dismisses with a few perfunctory words
all the
truly remarkable treaty just now to be signed by ourselves and
instrument
an
great powers of the earth pledging renunciation of war as
must sad
of national policy, and chooses this moment to repeat that "we
shall maintain our naval defense. . . . in the strength and efficiency
Bberty;
which will yield to 911 at all times the primary assurance of
that is, of national gaiety."
1054
FINANCIAL CHRONICLE
[Vor... 1.27.
Listen to this sentence: "We must not only be just; we must be re"A reading of the language of my letter to The New York "Times,"
spected." Is it not plain that the thought behind the word "respected" published Aug. 20," he said, "ought to make it perfectly plain that the
would be more accurately expressed by the word "feared"? What sort position which I have taken has been taken by me as a Republican and a
of mind and nature is it which can at this stage of the world's history
member of the party organization."
libeiately find a basis for respect in force rather than in justice?
This supplemental statement by Dr. Butler, who was the Republican
Is not the just man, the just nation, respected? Are not Holland and candidate for Vice-President in 1912 and a candidate for the Republican
Belgium; Switzerland and Denmark respected? Surely the repetition of nomination for President in 1920, was taken to indicate that he expected
this ancient and discarded doctrine will not be accepted by the masses the fight for the repeal of the Eighteenth Amendment to continue within
of the Republican Party or by the people.
the Republican Party.
In political circles interest centred in whether or not Dr. Butler would
The Principle of "Swagger!'
support Governor Smith, Democratic nominee for President, for whom he
It is but a few months since the Secretary of the Navy presented pro- has
frequently expressed admiration and with whom he is friendly. It 113
posals for a program of naval construction, which affronted the intelli- regarded
as certain that Dr. Butler will make no further statement of
gence and the moral sense not only of the American people, but of the his position
until after Governor Smith's acceptance speech tomorrow.
entire world. Fortunately, public opinion rose promptly in its might Asked
what he intended to do then, Dr. Butler replied:
and slew the monster before it had done much damage. The House of
"When I see what Governor Smith's proposed treatment of the prohibiRepresentatives so hacked to pieces the official proposal that it could tion question
is it will be time enough for me to consider discussing it."
not be recognized by its own parent. Then the Senate contemptuously
Mr. Hoover's speech of acceptance was given in these colthrew the whole thing upon the legislative garbage-heap, where it now
lies. unwept, unhonored and unsung.
umns Aug. 18, page 902.
That amazing proposal was made in the interest of "national security,"
fling thereby swagger, and it rested upon precisely the principle which
Mr. Hoover now enunciates and accepts. A whole host of Republicans disSenator Curtis in Accepting Nomination for Vicesent absolutely on this point and will make that dissent manifest by
President on Republican Ticket Declares Opposievery means in their power. When the American people pledge renunciation of war they mean what they say, and take it for granted that our
tion to Repeal of Eighteenth Amendment—Profellow-nations mean what they say. We shall not support any policy
poses Committee to Solve Farm Relief Problem.
which would at once enter upon a new and enlarged plan of naval construction under the guise of defending ourselves against some power
Formally notified at Topeka, Kan., on Aug. 18 of his
which has only just taken a formal pledge not to attack us. The contra- nomination for
Vice-President on the Republican ticket,
diction and the hypocrisy of it all would be comic were they not so unSenator Charles Curtis of Kansas, in his speech of acceptspeakably tragic.
ance enumerated fourteen methods whereby the maintenance
Prohibition's Repeal.
The second dissent has reference to the question of prohibition. It and promotion of national prosperity can be accomplished.
is quite obvious that Mr. Hoover has no conception of the real problem "To protect
agriculture effectively and to encourage it in
by which the country is faced and which has been under eager debate for
some five years. That problem has to do not with liquor, not with social every way" was one of the means to the desired end menexperiments, good, bad or indifferent, but with the structure and func- tion by Senator Curtis, and in further indicating his views
tions of the Government of the United States. No one can be In favor on the subject, he
said:
of the principles upon which our overnment rests or of the Constitution
The question of the proper relief for agriculture is a trying and perplexing
itself as it existed before 1920, and at the same time in favor of the one. . .. I am convinced
that if a small joint committee of the House and
Eighteenth Amendment, because the two are absolutely contradictory. Senate were
appointed to study the problem and to find its proper solution.
That amendment is an alien and unnaturalized invader of the Consti- the necessary relief
quickly could and would be afforded. The committee
tution and must be deported by the people if the Constitution itself is to could be assisted in its task
by the advice and experience of the most capable
be preserved and protected.
experts on the subject whose services can be obtained.
Mr. Hoover is opposed to the repeal of the Eighteenth Amendment,
The solution will be found, and found promptly. Our party has pledged
and at that point his troubles begin. Accepting the formula of that paid Itself to the development and enactment of measures which will place the
band of agitators, lobbyists and persecutors, which calls itself the Anti- agricultural interests of the United States on a basis of economc equality
Saloon League, he speaks of nullification as if there were an unheard of with other industries, to insure its prosperity and success.
and horrid thing. As a matter of fact, the word "nullification" should not
Senator Curtis also declared his views on the subject of
be used to describe what is in Mr. Hoover's mind, for in American politieal history it has a very precise and definite meanings as applied to prohibition, saying:
I believe in meeting an issue squarely:therefore I state that not only am
the doctrine of Calhoun, which Andrew Jackson smashed with his heavy
hand. The process and action which it is now fashionable to call nulli- I heartily in favor of faithfully enforcing all our laws, but, further, I am
opposed
to the repeal of the Eighteenth Amendment or of the Volstead act.
fication are the accepted and usual ways by which any free people, and
In his declarations on the question, the Vice-Presidential
particularly the American people, have gotten rid of laws that they did
not like or that were offensive to their sense of justice and right. If It candidate observed
that "the prohibition amendment ultihad not been for this treatment of the Fugitive Slave Law, the Republican
Party might newer have been born. Statute books, national and State, mately was adopted by all of the states except Connecticut
are filled with enactments which legislatures are too indifferent or too and Rhode Island—not merely by the required three-fourths
lazy to repeal, but to which no one longer peys the slightest attention. of the states, but by all
except two." He went on to say:
In almost any one of the older States it would be quite impossible to
Through this voluntary action, which binds all, the states delegated to
pass the waking hours of Sunday without violating a half dozen laws.
the Federal Government their full original power and responsibility on
the liquor prohibition question. The Federal Government accepted the
host Be Repeal or Lawlessness.
power and responsibility so delegated, thereby binding itself, and, accordAny one who is opposed to the repeal of the Eighteenth Amendment ingly,
Congress passed the Volstead act. For the Federal Government now
and who is also opposed to that process of statutory abeolesence that is
to adopt, or even to propose or to favor, a policy which will result in allowing
now called nullification, must then be in favor of their only alternative,
each State to determine for itself the alcoholic content of beverages to be
which is the continuance of the present reign of lawlessness, debauchery
manufactured, sold and transported throughout the country would be a
and Government-made crime. Every bootlegger in the land will support direct and
indefensible attempt on its part to evade or to repudiate the
this position, both with eagerness and with a share of his very
satisfac- responsibility so delegated and assumed, and an endeavor to redelegate
tory profits.
that responsibility to the several States from whence it came, without any
The parrot-like cry for law enforcement means somewhat less
than justification for such action.
nothing, and, as the Irishman said, not much of that. The facts
being
His recital of methods looking to the promotion of the
whet they are, to declare for law enforcement in respect to the
Eighteenth Amendment is to declare for lawlessness and for a continuous and nation's prosperity included therein the following:
To encourage active participation by women in the conduct of the Governorganized assault under official protection upon the foundations of our
ment.
Government. It means what Mr. Justice Holmes, speaking
from the
To reduce the public debt, public expenses and taxes.
bench of the United States Supreme Court, has properly called "dirty
To encourage all industry and to maintain a protective tariff with duties
business."
high
enough fully to protect American producers, American products and
What I wish to make entirely plain is that no candidate of my party
for the Presidency can commit me or countless others like me to any such American labor against foreign competition.
To develop, aid, and encourage means of transportation and comdoctrines or te any such policies.
munication, national and international, by land and water, and in the air,
through the consolidation of railroads; the establishment of a complete
The Sinister Anti-Saloon League.
system of inland waterways; the re-establishment of a strong merchant
It would indeed be a sorry day for the Republican Party if it were
marine: a strong postal and commercial aircraft service; and a wider and
te turn its back upon all its principles, its traditions and its ideals
more efficient use of the ever-increasing possibilities of the radio.
Ii order te put the sinister figure symbolic of the Anti-Saloon League
The speech formally notifying Senator Curtis of his nomiIn a plaee elf honor an dauthority among its counsellors. Should that
day come, and should the door of hope be closed to those hosts of Re- nation was delivered by Senator Simeon
D. Fees. Senator
publicans whose mind and heart are set upon Republican leadership in
Curtis' acceptance speech follows:
restoring the purity of our Federal form of Government, in putting an
Mr. Chairman, Members of the Notification Committee, Ladles and
end to the rspielly growing menace of centralized bureaucracy at Washington and in advincing the cause of temperance while protecting the civil Gentlemen:
There has grown up in our system of politics the custom of formally
liberties of Os people, then the Republican Party, as we have known
and served and honored it, would have come to a dismal and discreditable notifying the candidates of the respective parties of the fact that they have
been nominated for the two highest offices within the gift of the people.
end.
In the face of a state of things like this, it seems a far cry to the There has also grown up the custom on the part of the candidates, when accepting
the nomination, to devote some time to a presentation of their
days of Patrick Henry and James Otis and Samuel Adams and Thomas
Jefferson, but some of us at least have not forgotten them. Of what I views on the outstanding political topics of the day. Like many another.
have written say in the words which Patrick Henry made famous: "If I have hoped that some day the State of Kansas might be represented by
such a fortunate individual. Today this has occurred for the first time in
that be treason, make the most of. it 1"
the history of our State. The committee has done its part gracefully and
NICHOLAS MURRAY BUTLER.
well in these ceremonies.
I accept the nomination of the Republican Party for Vice-President of
In its issue of Aug. 21 the "Times" stated that Dr. ButUnited States. It is not in the nature of man to refuse such a signal
lbe declared on Aug. 20 at his summer home in Southamp- the
mark of political recognition. I feel that my thirty-three years of life
ton, L. I., that in rejecting the stand of Mr. Hoover, Re- spent in an endeavor to further the
cause of good government in this country
publican nominee for President, in his letter to The "Times," have been rewarded indeed. I experience a sense of humbleness when I
think
that
our
party
manner testified its faith in my
has
in
splendid
this
he did so as a Republican. We quote further from the capacity
to fill such an exalted office in the affairs of the nation. I promise
Aug. 21 issue as follows:
ou that if elected no effort of mine will be spared to justify that faith.
AUG. 25 1928.]
FINANCIAL CHRONICLE
are particularly fitting.
The time, place and manner of your notification
residence; and my home. Around
I am in the city of my birth; my lifelong
gathered from throughout our
me are my neighbors and friends—friends
thousands of others not present.
great State of Kansas and representing
since that far-off day when
efforts
They have given me loyal aid in all my
my words what their friendship
I entered politics. They know without
it, and that I am and will be
has done for me. They know I appreciate
my friends to aid me, all
loyal to them. Alone, I could no nothing; with
1055
an epoch in
The passing of the Sixty-seventh Congress into history marks
legislative camthe undertaking of the American Farm Bureau's national
laws passed by that
paign. It is not too much to say that the twenty-sixth
Congress which were initiated and supported by us are of far more importance to American agriculture than all the legislation relating to agricultur
passed since the adoption of our Constitution.
things seem possible.
of all the subjects
Neither the time nor the occasion will permit a review
of wisdomthat a speech
treated in the Republican platform. It is the part
great a strain on the
of this character be sufficiently concise not to put too
attention of the audience.
never
The United States is enjoying today an era of national prosperity
been acbefore equaled by any nation on the face of the globe. This has
task of
complished by the application of Republican principles to the
government. To maintain and promote that national prosperity, not to
sacrifice it to factional interests, are the essential purposes which should
a
shape the administration of our Government. The following are only
:
few of the principal methods by which these aims can be accomplished
proper
1. To protect agriculture effectively, and to encourage It in every
manner.
by
and
all
legislation,
enacting
needed
be
labor
American
protect
2. To
encouraging closer relations between labor and capital.
3. To enforce the laws without fear or favor.
4. To encourage active participation by women in the conduct of the
Government.
5. To reduce the public debt, public expenses and taxes.
6. To maintain peace, engage in commerce with all nations, and to enter
entangling alliances with none.
7. To encourage all industry and to maintain a protective tariff with
duties high enough fully to protect American producers, American products
and American labor against foreign competition.
8. To develop, aid and encourage means of transportation and communication, national and international, by land and water and in the air, through
the consolidation of railroads; the establishment of a complete system of
inland waterways: the re-establishment of a strong merchant marine; a
strong postal and commercial aircraft service, and a wider and more efficient
use of the ever-increasing possibilities of the radio.
9. To give equal and exact justice to all men, of whatever state or persuasion.
10. To support the State Governments in all their rights.
11. To preserve the Federal Government in its whole constitutional
vigor, and to maintain and expand the existing high state of national
consciousness.
12. To preserve the liberty of the press; the freedom of speech and
worship; civil liberty and security of individual rights, and to promote
the cause of education among the people.
13. To protect the lives and property of our citizens by the completion
of an adequate system of flood control for the Mississippi River and its
tributaries, and elsewhere if necessary, to prevent a recurrence of a disaster
such as recently occurred in the Mississippi Valley.
14. To continue a generous policy in the fulfillment of obligations to
veterans of our wars, and to extend it to their widows, orphans and dependents.
Manifestly, I cannot discuss here each of these fourteen means to the
desired end: and I shall, therefore, limit myself to the first four or five.
Joint Committee Proposed to Study Farm Relief Problem.
Though much has been done to ameliorate the farmers' situation, still
in agriculture
more remains to be done, for there exists today a depression
which in the best interests of all of the people must be relieved.
perplexing
The question of the proper relief for agriculture is a trying and
to every citizen
one. The problem Is of deep-seated economic importance
its soluProperly
party.
political
his
without regard to his occupation or
that if a small
tion is and always should be non-partisan. I am convinced
study the probJoint committee of the House and Senate were appointed to
could and would
lem and tofind its proper solution the necessary relief quickly
by the advice
task
its
in
be afforded. The committee could be assisted
whose services
and experience of the most capable experts on the subject
can be obtained.
with the problem
It will be remembered that for years we had great trouble
settle the question had
of settling our standard of value. The failure to
Ftee Silver Party. In
brought forth the Greenback Party and later the
B. Reed appointed
1899that great and able statesman from Maine Thomas
the standard of value.
a committee of eleven to draw a measure fixing
of a bill and the
draft
a
In three weeks the committee had agreed upon
had no trouble with
Gold Standard act of 1900 was the result. We have
settle so satisfactorily
that question since then. If such a committee could
committee of able legislators
that great and vexing question surely a
an agricultural relief
specifically charged with the task could agree upon
plan which would be equally satisfactory.
party has pledged
The solution will be found, and found promptly. Our
which will place the
itself to the development and enactment of measures
of economic equality
agricultural interests of the United States on a basis
with other industries to insure its prosperity and success.
Capital and Labor.
unsanitary conditions
In the early days employes labored long hours amid
of the native workingand dangerous, unguarded machinery. The plight
irmnigrant laborers
men was aggravated by the ever-Increasing number of
who contended with them for jots.
legislation to relieve
Steady progress has been made in the enactment of
to eight where
these conditions. The hours of labor have been reduced
conditions
formerly they were ten and twelve. Laws to improve working
constantly.
have been passed, and the scope of these laws is being broadened
Immigration has been restricted sharply.
they are
In recent years capital and labor have come to recognize that
enemies.
indispensable to each other; that they are economic allies, not
well as
as
and that disputes between them are to the detriment of both,
It is believed
to the detriment of the people of the country as a whole.
there will be a
that the time will come, and that it is not far off, when
as to their
complete and honest understanding between labor and capital
respective rights and the rights of the general public.
Republican Party Pledged to Enforcement of 18th Amendment.
is beneficial and beyond
To determine the extent to which legislation
Good laws—that
which it is hurtful is the province of statesmanship.
application of common sense
is, good statesmanship—are the result of the
may differ
people
While
and sound Judgment to immutable principles.
particular piece of legislation, or as
as to the wisdom of the enactment of a
regard thereto, it is impossible to
to the amending of the Constitution in
evade it by a particular adignore the Constitution and unthinkable to
ministrative policy.
keystone of our national
the
is
The Constitution of the United States
consolation and rallying
strength, our pride in the hour of prosperity, our
seriously wishes to
point under every pressure of adversity; and whoever
of necessity wish
preserve our Constitution in its full purity and vigor must
and faithfully
to have all its articles and amendments honestly obeyed
Curtis-Aswell Bill For Encouragement of Agriculture.
The encouragement of agriculture always has been a Republican doctrine•
It is a necessary part of our philosophy of government. Agriculture is the
basic industry of the country and in the very nature of things will ever be so.
Whatever is to the detriment of the farmer is, eventually, to the detriment
of all our citizens; his welfare and prosperity are inevitably reflected in the
welfare and prosperity of the whole nation.
Many plans for the encouragement of agriculture have been proposed
and many have been given effect by our party. In the course of my political life every one which in my opinion promised an appreciable measure of
sound relief has had my wholehearted and active support. Of recent years
two farm measures have been introduced by me in the Senate. Two Democrat members of the House joined in their preparation and introduction.
The first was known as the Curtis-Aswell bill. It created an interstate
farm marketing association. Its purpose was to promote and stimulate
the orderly flow of agricultural commodities in commerce; to remove enforced.
respect
Both freedom and justice are to be secured only through popular
burdens and restraints on such commodities in commerce; and to rpovide
remain so, regardless of personal
for the processing, preparing for market, handling, pooling, storing and for the laws of our country while they
pledges itself to the faithful enforcement
marketing of agricultural commodities through co-operative marketing opinion. The Republican Party
the Eighteenth Amendment to the Constitution.
associations. The object of this measure was to place the marketing or- and vigorous execution of
Prosecuting Attorney tor Shawnee County
ganizations under the ownership and control of the farmers themselves. My own record among you as
practice enforcement of the law.
The other measure was known as the Curtis-Crisp bill. Its object was to shows clearly that I believe in and
enable the farmers to stabilize their markets against undue and excessive
By All States Except Too.
Adopted
Amendment
Prohibition
fluctuations; to preserve advantageous domestic markets, and to minimize
amendment ultimately was adopted by all of the States
prohibition
The
marketing.
in
waste
and
speculation
Island—not merely by the required three.
Without the help which the Republican Party has given, the agricultural except Connecticut and Rhode
except two. Through this voluntary action,
situation would be infinitely worse than it Is. The Capper-Volstead act fourths of the States, but by all
to the Federal Government their full
gave to the farmer the right to engage in collective buying and co-operative which binds all, the States delegated
liquor prohibition question. The
selling. In every possible way the Republican Administration has en- original power and responsibility on the
so delegated.
Federal Government accepted the power and responsibility
deavored to give practical and substantial effect to that right.
passed the Volste,ad act.
The Department of Agriculture fills an important place in the work of aid- thereby binding itself, and, accordingly. Congress
even to propose or to favor, a
ing and advising the farmer. It is our policy to widen each year as much For the Federal Government now to adopt, or
determine f•r itself the
as possible the scope of the department's effectiveness. Iia the last year policy which will result In allowing each State to
, sold and transported
alone $2,298.172 was spent in particularly valuable research work covering alcoholic content of beverages to be manufactured
indefensible attempt on its
numerous classes of agricultural products, including cattle and swine. It throughout the country would be a direct and
delegated and assum.ed
I. estimated that $4,157,887 will be required for this work for the coming part to evade or to repudiate the responsibility so
to the several States from
year. Nearly $3,000,000 is expended annually by the Department of and an endeavor to redelegate that responsibility
action.
Agriculture in broadening agricultural markets.
whence it came, without any justification for such
The development of inland waterways, and water transportation in
Amendment.
Against Repeal of
general, is of great value to the agricultural sections of the country. An
I state that not only am
I believe in meeting an issue squarely, therefore
extensive project in this regard is now being executed. The last Congress
all our laws, but, further. I am
has provided for a barge line to extend from St. Louis to Missouri River I heartily in favor of faithfully enforcing
Amendment or of the Volstead act.
points, which when in full operation will bring decided relief in the diffi- opposed to the repeal of the Eighteenth
culties and cost of transporting farm products. When the loss of the foreign
Encouraged.
Government
In
Women
Participation By
market for our products was imminent because of insufficiency of ships in
vote, which is the right to
Since the beginning of civilization the right to
which to transport them, vessels of the United States Shipping Board were
of Government, has been coveted and
reconditioned and placed in service, thereby saving the market. Tariff have a decisive voice in the affairs
been cherished by its possessors; hedged
protection against foreign competition always has been given to farm pro- fought for. When obtained it has
qualifications; and extended to others only with
ducts. The Fordney-McCumber Tariff act carries higher rates of duty on around with restrictions and
period of our own Government it was not
agricultural products than any tariff law in the history of the nation. reluctance. During the early
entitled to vote. Our present policy of universal
It has been found that certain of the duties are not high enough to give every free man who was
and the recognition of woman's rights
adequate protection to some of the products of the farm, and I believe it is suffrage is the growth of the years,
the duty of Congress to provide rates high enough to protect such products was particularly slow.
and openly
My personal stand on the question was at all times firnaly
against foreign competition. In addition, by this act the duties have been
It Is known and recognized that
lowered on most of the articles the farmers buy or they have been put upon In favor of permitting women to vote.
procuring
my active aid and support were instrumental to no small degree In
the free list.
which the Nineteenth AmendlesAppropriatIon.s have been made freely to aid the farmers in time of crop the action of the Senate on June 4 1919. by
several
the
of
proposed to the Legislatures
failures. The Federal farm loan system and the intermediate credit banks ment to the Constitution was
to the ballot became effective Aug. 26 1920.
on
a-lotv
loans
at
right
farmers,
rate
woman's
to
of
and
more
interest,
States,
available
made
have
useless. As a matter of duty
The mere right to vote, not exercised, is
than $2.500,000.000.
exercise that right. There are in the United
That effective help has been given to the farmer by the Republican Party women as well as men should
million women over
between twenty-six and twenty-seven
since it took charge on March 4 1921, is indicated by the statement of the States today
As the years pass these women are
vote.
to
entitled
twenty-one
Bureau
Farm
of
American
age
the
On
Federation.
1
the
page
of
Washington office
to take a large and import.
becoming increasingly alive to their opportunity
of its annual report dated April 6 1923, there appears the following:
1056
FINANCIAL CHRONICLE
[VOL. 127.
ant part in the management and control of the country's affairs;
to enforce to Governor L. G. Hardman of Georgia, where the cotton was grown.
recognition, change and improvement in their own particular problems
and to be made into clothing for orphaned Georgia children. "This will insure
those which most interest them, and to become a distinct power in
deciding the South's getting back what it sent North," said Mr. Collier.
all questions of vital concern to every citizen regardless of sex.
The bale was first auctioned at Atlanta for the benefit of the DemoThe Republican Party has welcomed and encouraged this development
, cratic cause and was sent North by air mall at a cost of $1,100. The
From the first it has given women substantial recognition in its
councils. Governor, Mr. Collier said, undoubtedly will accept the gift, but probably
It believes in, and practices, the principle of full equality between
man and will never see it, as it will be sent directly to Atlanta, although not by
woman. It has procured the appointment of women to responsible
executive air mall again.
positions in the various departments of Government throughout
the country; it has caused the appointment of women Judges and women
A reference to the auction sale of the bale appeared in
diplomats,
and it has procured the election of women legislators. This was
done be- our issue of Aug. 18, page 906.
cause women have borne their full share of responsibility in Government
,
with great credit, and have demonstrated their ability in its management
The Nineteenth Amendment has been of the utmost importance in
assisting Rift
Reported in General Motors Corporation on Raskob
our party in the task of good government. We feel confident
that our
record for the maintenance and promotion of national prosperity will result
Issue—Stand Taken by du Pont for Smith Regarded
In aligning the wemen's votes on the side of the Republican Party
in the
As Lending Emphasis to Stories of Internal Strife—
coming campaign.
Effect on Market.
Reduction of Public Debt, Expenses and Taxes.
The following is from the "Wall Street News" of Aug. 11:
Prompt reduction of the public debt, of expenses of public administration and of Federal taxes are obviously sound business practices.
That there is a serious rift in
the executive organization of
The people have not forgotten the real condition of the country and General Motors Corporation
not only was made clearly evident by
of the Government when the Republican Administration tookcharge the happenings at Thursday's
meeting of the board but also was
on March 4 1921. The aftermath of the tremendous struggle of the given greater of the board.
It is becoming daily more apparent that
World War was full upon us. Credit was on the wane, our bonds the recent advent into
politics of John J. Raskob, former Chairman
were far below par, industry was at a standstill or running at a loss, taxes of the Finance Committee,
started a cycle of developments which is
were high and almost intolerable and the work of the Government was being likely to have a
far-reaching effect upon the company.
extravagantly administered. Our party, under the able leadership of
Officials and others who are in
possession of the facts are reluctant
President Coolidge, has brought about the correction of these conditions. to talk, but the report
is steadily gaining strength that Pierre S. du
Credit has been restored, our bonds are above par and industry is prosper- Pont's offer to resign
as Chairman of the Board of Directors was
ing.
prompted by his pique at the decision
of the directors to accept Mr.
The budget system was installed to control governmental expenditures Raskob's resignation
as Chairman of the finance committee.
and to reduce public expenses. It has resulted in substantial elimination
Consideration of the unusual
series of events affecting General
of extravagance and waste in administration. There is one way in which Motors' official
family aroused wild rumors in Wall Street yesterthe expense of government can and should be reduced still further. It is by day. Stimulated
by reports that Mr. Raskob had become heavily
doing away with every useless and unnecessary board, bureau and com- interested in
Chrysler Motor stock speculators bid the issue
UP
mission. There are many such, the existence of which greatly enlarges the more than 9
points in the face of 8% call money. At the same time
Federal payroll. Some of them overlap each other and cause duplication General Motors
shares receded about 4 points, but recovered most of
of work which if necessary at all could be handled by previously existing the loss before
the close of business.
departments. They are the result of a modern tendency, seriously unwise
Inquiry at Mr. Raskob's private
office brought information that he
to overlegislate, overregulate and overadminister the lives of our people. had denied
informally any stock interest in Chrysler. It was learned
This fault should be checked at once and eradicated entirely as soon
as further that he had no thought
of becoming associated with the
possible.
Chrysler organization.
In spite of this situation, which the budget system cannot reach, the
It is no secret that when
Mr. Raskob accepted the chairmanship
Government has bi the adoption of that system materially reduced
its of the Democratic National
Committee he fully expected to retain his
expenses, living well within its income and setting a praiseworthy
example active participation in the
management of General Motors and conof sound financing not only to our peop:e but to those of the world in
gen- tinue as the company's
Finance Chairman. When this action began
eral. This is shown by the fact that the Treasury surplus for the fiscal
year to have an adverse
effect upon the hitherto friendly sentiment of
ended June 30 last was $398,000,000.
many of the company's dealers
and car owners, and when, as a result
At the close of the war the public debt had reached a total figure quite
of this, certain influential stockholders
suggested to Mr. Raskob that
beyond the comprehension of the average man. It was approximately
he temporarily give up his managerial association with General Motors,
$25,500,000,000. The interest charges thereon alone were stupendous.
Mr. Raskob readily acquiesced
and tendered his resignation, which was
The policy of quick and substantial curtailment of the public debt was
accepted.
adapted and put into immediate effect. If for no other reason than to cut
Pierre du Pont, it is said,
was not in accord with this action and
down the almost incredible annual interest charges, the propriety of this
immediately decided to show
his disapproval by also withdrawing from
action cannot be denied seriously. The report of the Treasury Department
active participation in
the company's affairs. When he made known
for the year ended June 30 1928, now shows the public debt to be $17,604.000,000, a reduction of $7,796,000,000. A second good business principle to his associates his decision to resign as Chairman of the Board,
put into effect needs merely its statement to show its wisdom. By transfer they prevailed upon him not to insist upon the acceptance of his
into securities bearing a lower rate of interest the annual rate on the interest- resignation but to take a leave of absence instead.
To many intelligent
bearing debt was reduced from 4.29 to 3.38%. The prompt reduction
observers this is but an expedient to allay the
of the total debt and the lowering of the interest rate have resulted in an impression that Mr. du Pont is out of General Motors for good, at
least
in
so
far
as active participation in its management is concerned.
annual interest saving of more than $275,000,000. A graphic illustration of
the result of this second policy alone is: The payment on the public debt There is little doubt but that he will retain his stock interest. It
during the last year was $900,000,000, on which there was an interest is pointed out that since President Sloan stated that Mr. du Pont
saving of $35,000,000. As recently stated by President Coolidge, this was offering to resign— because of his activities in connection with
saving is approximately sufficient to meet the Government's annual expense the Association Against the Prohibition Amendment, his absence from
General Motors must
in taking care of flood-control work to be done in the Mississippi
necessarily continue until the association shall
Valley. have
gained its objective or shall have
The practical result of the Republican program is sufficient to show
been dissolved.
that
Following hard on the
our opponents' proposals to carry the debt indefinitely and to continue to
heels of his tendered resignation from the
General Motors Corp., which
pay such interest charges cannot be justified as good business.
however was later withdrawn, Mr. du
Despite the tremendous sums paid toward reduction of the public debt, Pont, Chairman of the Board of General Motors Corp., and E. I. du
the sound financial policy adopted by the Republican Party has enabled it Pont de Nemours Co., yesterday came
out flatly with a statement of
to make four reductions in taxes, thereby greatly lightening the tax burden his intention to support the candidacy
of Gov. Alfred E. Smith for
of the American people. In the fiscal year just closed taxes were cut President.
"You have asked
by more than $220,000,000. Our party is pledged to a continuation of
whether it is my intention to support Governor
Smith of New York as
these sound policies, and to such further reduction of the tax burden as
candidate for the Presidency of the United
the
condition of the Treasury may from time to time permit.
States. To this question I
reply—yes, and might then pause without
A few words more and I shall have finished. You have notified me that further comment," Mr. du
Pont stated making his announcement.
the man who has been nominated to the high office of President of the "However, I believe that you are
interested in knowing why, on this
United States; who in a few short months is to lead our party to renewed occasion a man should reject the
party of his usual choice."
Mr. du Pont dealt largely
victory and our country to continued honor, happiness and prosperity. is
on the subject of prohibition enforcement.
Herbert C. Hoover. He is well worthy of the party's choice; a credit to it "The really important issue
before the country, namely that of mainand to the nation, both in the eyes of our people and of the world. His ex- taming intact our original form
of government and the liberties of
tensive knowledge, training and experience well fit him to guide the country the people, is not dealt with in
either party platform," he said. "Nine
years of experiment have
wisely and justly to new heights of renown.
proved that 'prohibition' does not prohibit,
strong drink is still readily
Policies of President Coolidge Expressed in Party Platform.
obtainable and the ill effects of its abuse
remain with us. The real
question involves the government itself—
The policies of Calvin Coolidge are those of our party and are expressed whether the
machinery
of our system designed to promote individual
In our platform. They are Mr. Hoover's, and they are mine. They are liberty can
be twisted and abused so as
to curtail liberty and impose
those of Washington. Lincoln and Roosevelt. Their wisdom and beneficent upon our
people without their consent,
laws that may be odious to a
effect on the lives of our 118,000.000 people have been demonstrated during substantial
minority or perhaps even to a majority."
the years, particularly these last years, in Mr. Coolidge's Administration,
Mr. du Pont then went on
to point out that Governor Smith both
alsd will continue to be demonstrated for years to come. We can well before and
after his nomination had been clearly in favor of modibe proud of our record of sound and constructive leadership.
fications. Stating that he
believed that Governor Smith if elected fully
There must be no disloyalty within our own ranks, and there will be intended to
uphold the laws, Mr. du Pent said that his declaration
none. Republicans may quarrel among themselves, but not at such a of
modification gave greater encourageme
nt than does the noncontime as this. Then they form and present a united and impenetrable front. structive
opinion of his opponent.
Loyal and united, we can go to the polls in November assured of a deMr. du Pont eulogized Governor
Smith's record while in office.
served and decisive majority vote of the people.
South to Get Back Georgia's First Bale of Cotton Sold Lammot du Pont In Notice to
Employees Says du Pont de
in Behalf of Democratic National Campaign—To
Nemours Co. is "Not in Politics."
Be Made into Clothing for OrPhans.
In a statement addressed on Aug. 15 to employees of the
From the "Times" of Aug. 17 we take the following:
E. I. du Pont de Nemours Co., President Lammot du Pont
Barron G. Collier, advertising man, who paid $5,000 for the first bale of
the Southern cotton crop, auctioned Wednesday night by Mayor Walker warned them that the company is "not in politics", and that
between the acts of "Show Boat" in the Ziegfeld Theatre for the Demo- they are expected to vote as their judgments dictate.
cratic National Committee, decided yesterday to give the bale to Governor
The statement followed the publicity given the actions
Smith.
There is a "string" to the gift, Mr. Collier suggests that Governor Smith, of Pierre S. du Pont, Chairman of the Board of Directors,
who will reap the benefit of the 85.000, reciprocate by presenting the bale and John J.
Raskob, Vice-President and member of the
FINANCIAL CHRONICLE
AUG. 25 1928.]
1057
"As a result of the highly unsatisfactory income and credit condiboard, in supporting Governor Smith for the Presidency. tions just referred to, important investors have lost faith in overlying
The statement of Lammot du Pont issued at Wilmington, western trunkdline bonds, the principal financing media available for
raising new capital. Stock cannot be sold. There are no surplus
Del. follows:
earnings to be put back into the property in substantial amounts.
"Though employees know that the du Pont Company has never
taken part in politics and makes no effort to direct or control the
political acts of the men and women who comprise its organization,
recently there have been public discussions of political activities whic.i
have raised questions of a nature to call for a definite declaration
of the company's position.
"The company's officers, regardless of their political affiliations, and
the company itself are in no wise concerned with the political leanings or activities of employees, who are expected, as always, to vote
as their judgments dictate.
"The leanings of employees, regardless of position, toward any
political party are not to be taken as indicating a company attitude
or any effort to influence employees politically.
"As good citizens and not as employees of the company, many members of the orgaiization have held and are now holding public and
political posts, both of emolument and honor. They have been delegates to the various party conventions, city, county, State and national.
They have been and are members of various political and campaign
committees.
"It is right that they should do these things as long as the doing
does not interfere with their daily work and as long as their actions
do not involve the company. Employment by a corporation should
not have the remotest influence on their freedom of action as citizens.
"There must be no misunderstanding about this. The company is
not 'in politics.' It does not seek to influence the votes of its employees, but expects them to excercise care that their acts as individuals shall not involve it or reflect upon it, nor shall the company's
name, resources or property be used for political purposes."
Brief In Behalf of Security Holders Committees Filed With
Inter-State Commerce Commission Seeks Higher Class
Rates for Western Railroads—Bankruptcies Predicted
Unless Rate Structure Is Revised—Unsatisfactory Incomes Cause Decrease in Railroad Holdings by Insurance Companies.
In a brief filed with the Inter-State Commerce Commission
and served upon opposing counsel in New York on August 14,
the Security Holders' Committees for a Fair Return asks
higher class rates for the railroads in Western trunk line
territory and predicts that "if the present trend of earnings in
relation to interest charges is not corrected by proper rate revision additional bankruptcies in Western Trunk Line Territory
are inevitable." .As a result of the unsatisfactory income of
the roads, it is said the two most important buyers of investment bonds, life insurance companies and savings banks, have
substantially decreased their holdings of western trunk line
bonds.
The Security Holders' Committees for a Fair Return were
organized by Roosevelt & Son of New York in 1925 and at
present represent about $635,000,000 of bonds of carriers in
Western Trunk Line Territory, as well as a substantial amount
of stock.
Taking investment at the Commission's own valuation in
accordance with the principles of the O'Fallon case the brief
points out that the seven year record of return on investment
of eight typical western trunk line roads is as follows:
Year
1921
1922
1923
1924
1925
1926
1927
Rate of Return
2.04
3.13
3.61
3.47
3.68
3.74
3.35
Average
3.28
The eight roads covered are the Chicago & North Western;
the Chicago, St. Paul, Minneapolis & Omaha; the Chicago,
Burlington & Quincy; the Minneapolis & St. & Sault Ste.
Marie; The Minneapolis & St. Louis; the Chicago & Alton;
The Chicago Great Western; and the Chicago, Milwaukee &
St. Paul. This includes all of the railroads (except short
lines) having more than 75% of their mileage in western
trunk-line territory. In the aggregate they have more than
90% of their mileage in that territory. According to the
brief the Commission held in the O'Fallon case that regulations must be so administered that an adequate supply of
private capital can be secured for and maintained in the railroad industry. The Commission then said "Obviously such an
inflow of capital can only be assured by treatment of capital
already invested which will invite and encourage further investment."
"In respect of the eight typical western trunk-line roads the
return for seven consecutive years has averaged less than 33 clo
on the 'Rate base' ascertained on the Commission's own
O'Fallon method and doctrine," the brief points out. It continues:
salt
If new money is to be put into the transportation plant it must be
raised through junior bonds. But the importaat purchasers of railroad bonds will no longer buy the junior obligations of the western
trunk lines. The most important single factor in the investment buying of the country is that of the so-called big five insurance companies.
Of these the Prudential has decreased its holdings of western trunk.
line overlying bonds in the last four years; the Mutual has decreased
its holdings; the Equitable has decreased its holdings; and the New
York Life has not increased its holdings. The Metropolitan has
somewhat increased its holdings but this was due almost entirely to
purchase of Burlington and Great Northern bonds which are scarcely
typical of the territory. Aggregating the change in the holdings of
these five companies in western trunk-line territory from 1923 to
1926 and comparing it with the increase in their holdings outside of
western trunk-line territory we find that, judged by every available
standard of comparison, they are putting new money into their railroads from eight to ten times as fast as into the eight typical western
trunk lines.
"The record of the savings banks, the next largest single factor in
investment buying, is even more striking. During the four years ending 1926 the member banks of the New York Savings Bank Associa•
of the
tion, which represent about 55% of the savings bank resources
country, decreased their holdings of western trunk-line bonds nearly
five million dollars, although their total resources increased more than
a billion dollars and their total holdings of all railroad bonds in.
creased more than a hundred milli n dollars. This was for the simple
reason that most western trunk-line bonds are no longer legal investments for savings banks."
Additional points made by the brief are:
'Western trunk-line territory is fully able to pay rates which will
produce a fair return on the value of the carriers' property. As
measured by wealth per capita, wealth per mile of railroad, demand
for railroad service and development of railroad tonnage, this territory
is in a healthy condition and the commission is under a paramount
duty to authorize and require this increase of western trunk-line class
rates as an essential step to insure adequate transportation service."
The brief concludes:
"Unless the intent of the Transportation Act is to be violated;
unless the Transportation Act is to be nullified in respect of a substantial
portion of the railroad mileage of the country, western trunk-line
territory must have immediate and substantial rate increases, including, as a first step, the entire increase in class rates proposed by the
respondents herein."
The brief is submitted by William Church Osborn of 50
Broadway, New York, Grenville Clark, of Root, Clark,
Buckner, Howland & Ballantine, 31 Nassau Street, New York,
and Ernest S. Ballard, of Butler, Lamb, Foster & Pope, 120
So. La Salle Street, Chicago, Ill., attorneys.
Western Lines Seeking Blanket Rate Increase—HochSmith Briefs of Shippers and Carriers Swamp
Inter-State Commerce Commission as Controversy
Spreads to All Localities and Industries.
From Washington, Aug. 17, the "Wall Street News"
reported the following:
For the past week a continuous stream of brief for and against increases
in rates on a wide variety of commodities for Western trunk lines has continued to pour into the offices of the Inter-Sttae Commerce Commission.
The volume of printed matter detailing at great length: with statistical
exhibits, extracts from testimony, &c., is seen by transportation authorities
here as another attempt of the carriers in the Northwest to obtain a blanket
increase in freight rates. That this is believed to be the case is borne
out by the opposition briefs which are as lengthy and statistical as those
for the railroads. Practically all of the principal shippers, industries
and localities in the trunk line group have petitioned the Commission to
prevent any increase in rates, many asking for reductions under the provisions of the Hock-Smith resolution.
The influx of brlefs is the aftermath of hearings conducted by the Commission over a period of years known as the "general rate structure Investigation.- This inquiry into the rate structure of the nation was undertaken
under the Hock-Smith resolution for the purpose of revising the present
rate structure to ease the "farmer's load." The rates in the Western trunk
lino group, are a part of the general investigation. A decision is awaited
by all interested parties with considerable anxiety.
— —
—
Chairman Winslow of U. S. Board of Mediation Thinks
Law Will Meet Possible Rail Strike Situation on
Western Roads.
Under date of Aug. 17 advices from Washington to the
New York "Journal of Commerce" stated:
There appears to be no reason for supposing that the railroad labor law
would not be adequate to meet any situation likely to arise out of the
threatened strike of conductors and trainmen on the Western roads, according to Chairman Samuel E. Winslow of the United States Board of Mediation. Efforts are being made to induce the board to appeal to President
Coolidge for the creation of a special board to inquire into the situation.
State officials, business men and officials of civic organizations are seeking
to forestall labor troubles.
Chairman Winslow sees nothing different in this from other similar cases
where railroad employes have undertaken a strike vote. He stated that
the law clearly Indicates the procedure to be followed in the event of any
really threatened strike within the meaning of the act. The law Is adequate, in his opinion, to meet any situation that may arise, or to protect
the interests of the public.
An increase of ni% has been demanded by the workers and arbitration
has been refused by them. Just what the Federal board plans to do was
not divulged by its chairman.
The distribution of strike ballots among employes of
Western roads was referred to in these columns Aug. 18,
page 909.
1058
FINANCIAL CHRONICLE
$450,000 Wage Raise Granted by Rock Island Lines.
A wage increase of $450,000 annually, which is retroactive to June 1 last, has been granted to 6,000 employees
of the Rock Island Lines, it was announced at Chicago on
Aug. 20, according to the Chicago "Journal of Commerce,"
which added:
• The new wage scale was agreed upon after two months of negotiations
between representatives of the company and the Brotherhood of Railway
Clerks & Freight Handlers. with T. E. Stickers of the !Jilted States Board
of Mediation participating in the conferences.
Under the new wage contract the clerks will receive an advance of $7
a month; miscellaneous classes of employees, Including switchboard and
elevator operators, an increase of $5 a month; and day workers, including
freight handlers and station employees, were granted an increase of from
2 to 2% cents an hour.
L. C. Fritch, F. D. Reed and W. H. Burns, Vice-Presidents of the
railroad, and J. Y. McLean, General Chairman of the brotherhood, took
part in the negotiations.
[VoL. 127.
Tuesday, Oct. 2, Bellevue-Stratford:
State Bank Division general meeting.
2.30
Nominating Committee, 5 13- no.
Resolutions Committee, call of Chairman.
Wednesday, Oct. 3, Bellevue-Stratford:
State Secretaries Section general meeting, 2 p.
Conference of Clearing House Managers auspices of Clearing House
Section, 2.30 13. In.
National Bank Division general meeting, 2.30 P. in.
Trust Company Division general meeting, 8.30
p.
Resolutions Committee, call of Chairman.
Thursday, Oct. 4, Bellevue-Stratford:
Executive Council. 9 p. no.
Administrative Committee, call of Chairman.
Each day of the convention period there will be open in the
Bellevue-Stratford Hotel press headquarters, joint headquarters for State Secretaries having no separate headquarters,
booths for the hotel committee and information bureau, a
bank library exhibit, registration headquarters, office of the
general association, golf committee desk, a post office and a
ticket validation desk.
Western Rail Wage Dispute-Effect of a 7% Increase.
The following is from the "Wall Street Journal" of Aug. 14: A. B. A. Convention to Have Financial Library Exhibit
If a 73 % increase was granted to conductors and trainmen on all westat Annual Convention in Philadelphia.
ern railroads, it would raise the wage bill of those carriers about 57,500,000
A complete financial library exhibit will be presented by
annually, but in the present dispute between the roads and the men only
80 railroads and approximately 70.000 men are affected.
the Financial Group of the Special Libraries Association
Due to provisions of the Watson-Parker Act, it is not likely that a strike at
the American Bankers Association Convention to be
will be called on western lines, as has been threatened by heads of the
held in Philadelphia, Oct. 1 to 4, according to announceBrotherhood.
Watson-Parker Act calls for negotiations between the representatives of
the roads and the men, and in case they are unable to agree the "good
offices" of the Federal Board of Mediation will be invoked. The Board
of Mediation is to seek to bring the opposing sides together or at least to
have them agree to arbitration proceedings. In case arbitration fails, the
President of the United States may be asked to appoint a fact finding committee to study the case. For 30 days, while this conunittee is familiarizing itself with the dispute,the Brotherhood Is prevented by law from striking,
Conditions in West Different
The heads of the Brotherhood in this case hold that the questions
of
working rules here involved have been decided by arbitration on four
occasions, thereby eliminating the necessity of arbitration in this one instance.
The western roads contend that conditions in their territory are
not comparable with those in other sections where 73 % increases have
bee
awarded. They cite the fact that most of the roads in receivership
in
the country operate in the West.
Early in 1927 conductors and trainmen on western carriers asked for
a
7%% advance in pay, which they were refused by the railroad and by a
board of arbitration under the Watson-Parker Act. The brotherhoods
again made preliminary demands on the roads on Nov. 7 1927.
The
roads denied this,request on Dec. 6 1927.
Payroll Comparisons.
Payroll of principal western carrier for trainmen last year and the effect
of a 7M% increase in pay to this class of employes on their lines follow:
Trainmen
Effect;f a
Compensation
7% 0
for 1927.
Increase.
Southern Pacific
$13,000,000
$975,000
Atchison
9.300,000
697,000
Union Pacific
8.100,000
607,000
St. Paul
7,700,000
577,000
Chicago & North Western
7,100.000
532,000
Chicago Burlington & Quincy
6,700,000
502,000
Rock Island
6,600,000
492,000
Missouri Pacific
6,000,000
450,000
Illinois Central
5,900,000
442,000
Great Northern
4.600.000
345,000
Northern Pacific
4,300,000
322,000
Trainmen employed on western roads received $99,290,069
in compensation during 1927.
Fact that the companies have offered to concede a 7%% increase
with
modifications of certain working rules or a 63 % advance on the present
rules appears to indicate that the parties in the dispute are not as far
apart
as a strike vote would indicate.
ment this week by the committee in charge, consisting of
Ethel Baxter, librarian, American Bankers Association;
Emma Boyer, librarian, Union Trust Co., Cleveland; Edna
Casterline, librarian, Mellon National Bank, Pittsburgh;
and Florence Wagner, librarian, Wall Street Journal. The
exhibit, which is sponsored and financed by the various
banks, is presented to assist bankers in obtaining the latest and most authoritative financial information. It is
stated that:
The exhibit, which will be model both in point of equipment and
arrangement, will consist of representative financial books for reference
and general use as well as files of newspaper clippings and pamphlet
material showing best methods of filing and the valuable uses of such
files. There will also be samples of financial periodicals. A special
pamphlet is being prepared for this exhibit which will show how the
library may serve the bank. It will also contain a comprehensive bibliography. A staff of financial librarians will be present to advise and
answer questions.
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
Arrangements have been completed for the transfer of a
second membership in the Los Angeles Stock Exchange at
the record figure of $90,000 it was announced yesterday
(Aug. 21) by Norman B. Courteney, Secretary and Manager. Names of the purchaser and seller will not be made
public until the transfer is approved by the membership of
the Exchange.
The new thirty-eight story home of the Chase National
Bank, of New York, adding another pinnacle to the region
of towers in the heart of-the financial district, has been completed and the coming week will house the country's second
largest banking instiution. Overlooking the Sub-Treasury
Building, the new Chase Building rises 494 feet above the
street level on a site extending along Nassau Street from
Pine to Cedar. One of the most architecturally impressive
business buildings in the city, it combines unusually modern
American Bankers Association Convention Program. and commodious banking quarters
with a large area of office
According to the schedule of meetings the annual con- space rented to outside tenants. A description of the buildvention of the American Bankers Association and its Divisions ing, and a narration of the history of the site it occupies is
and Sections at Philadelphia Sept. 30 to Oct. 4 the general furnished as follows:
sessions of the association as a whole will be held at the
Academy of Music the mornings of Tuesday, Wednesday
and Thursday, Oct. 2 to 4, opening each day at 9.45 a. m.
The convention headquarters will be the Bellevue-Stratford
Hotel. An outline of the sessions is furnished as follows:
The new home of the Chase bank stands on historic ground. Early
records disclose that in 1697, when Nassau St. was known by the quaintly
descriptive title of Pye Woman's St., the plot of land now occupied
by
the Chase Building was purchased by the French Huguenot Church.
The
site then lay "far out of town" and it was seven years before the
congregation erected its church building there. Only July 8,
1704, Lord
Cornbury, Governor of Manhattan Island, laid the cornerstone
of
the
Monday, Oct. 1, Bellevue-Stratford:
church, naming jt "Le Temple du Saint Esprit," although it became
genInsurance Committee, 9.a. m.
erally known as "L'Eglise Francoise du Saint Esprit."
The congregation
Clearing House Session general meeting, 9.30 a. in.
worshipped there for many years until the growth of the
city forced it to
Economic Policy Commission, 9.30 a. in.
seek a home farther uptown.
Federal and State Taxation Committees Joint meeting. 9.30 a. in.
Nearby on Pine St., the notorious sea-roving Captain
Kidd owned a
Fiftieth Anniversary Committee, 9.30 a. in.
house and 75 feet of ground while an adjoining
site on Nassau St. marked
National Bank Division Executive Committee, 9.30 a. in.
the home cf Aaron Burr.
Public Relations Commission, 9.30 a. in.
One of the most interesting of the recorded transfers
Trust Company Division Executive Committee, 9.30 a. in.
of the property
took place in 1834, when it was sold by the church for
Educational Foundation Trustees, 10.30 a. M.
a price of $50,000.
At the present time the site, exclusive of the building, has
Commerce and Marine Commission. 12.15 p. In •
an assessed
valuation of more than $5,000,000. It has a frontage of
Membership Committee. 1 p. in.
160 feet on
Cedar St., 150 feet on Nassau St. and 94 feet on Pine
State Bank Division Exe-ritive Committee. 1 P• in.
St.
The new Chase Building replaces one formerly occupied
State Secretaries Section
rd of Control. 1.30 p. m.
by the Mechanics
& Metals National Bank, which was merged with the Chase National Bank
State Legislation Committ, and State Legislative Counell, 2.15 p. In.
In 1926. It will be the sixth home of the bank and the first to be owned
Agricultural Commisqfon, 2.31 p. in.
Conference of Bank Auditors auspices Clearing House Section, 2.30 13.
m• directly by the institution, which has heretofore leased its banking quartConference of Clearitig House examiners auspices Clearing Home Section, ers. The first business of the bank was carried
on at 117 Broadway, where
2.30 P. in.
it opened In September, 1877, and later at 104 Broadway, where it moved
Public Education Commission, 2.30 p.
in January, 1878. The third home occupied in May, 1887, was at 16
Savings Bank Di%:Mon general meeting,
Nassau St., where the business of the bank grew so rapidly that it was
2.30 p. in.
Federal Legislat on Committee and
necessary
to rent additional space on Pine St. before the next move in
Federal Legislative Council.3.30 p.
Executive Coun..7:1, 9 p. In.
December, 1895, to the Clearing House Building at 83 Cedar St. Twenty
ei
AUG. 25 1928.]
FINANCIAL CHRONICLE
years later these quarters were outgrown and since 1915 the bank has made
Its home at 57 Broadway.
The general form of the new building, determined by the shape of the
property and the setback ordinances of the city, is suggestive of the stepped
pyramids of Egypt and the architectural detail has been worked out with
the Egyptain influence in mind. Thirty-five sculptured stone sphinxes
adorn the four corners of the various setbacks and of the tower.
The great rectangular portal, which marks the main entrance to the
bank on Pine St., is framed by an architrave of carved marble, which forms,
by replicas of coins in has relief, an historical picture of the coinage of
the world. Occupying the keystone position is a carving of the American
Peace Dollar, for the reproduction of which it was necessary to obtain
special permission from the Department of Justice in Washington.
The interior of the building contains many novel features. The bank's
mammoth vault is the largest in the country, with single exception of
vaults of the Federal Reserve Bank. Three stories deep and 90 feet long,
It is guarded by massive steel doors two of which weigh forty-five tons
each. An elevator connecting two floors is enclosed inside the valut and
all the latest devices for safety and protection have been incorporated in
its construction.
Surrounding the vault which is located below the street level is the
building foundation of reinforced concrete twelve feet thick. An intricate
network of girders and wires embedded in concrete gives added protection to the vault itself. The low point of the building is approximately 85
feet underground in the solid rock. Suspended five stories above the street
level is another vault, especially installed for the use of the Trust Department to insure physical separation of the securities left in trust from
all other securities owned or handled by the bank. This vault is held in
place by a re-enforced steel sub-structure which carries down into rock
foundation.
The main banking room and officers' platform is five feet above the street
level and is of impressive proportions, 126 feet in length, 66 feet wide
and 28 feet in height. Below this main room are located the paying and
receiving tellers, customers securities, brokerage loan and other departments, all of easy access to the public.
Indicative of the modem treatment in the interior arrangement is the
abolition of the old-style teller cages with their bronze brill work and
glass partitions. In their place the bank has substituted walnut rolltopped cageless counters. These result in greatly improved appearance
and ease of transacting business.
Altogether the bank will occupy seventeen floors of the new building
and two additional floors are used by the Chase Securities Corporation.
In addition to executive offices on the fourth floor there is a large
directors' room in which a special table is installed so that each director,
when seated, will face the chairman. Thirty-five stories above the street
two floors have been set aside for officers' quarters. Dining rooms for
the officers and several private dining rooms are also located in the tower.
An innovation in the bank's equipment is an incinerator for destroying
cancelled bonds, etc., which is located near the top of the building.
Millions of dollars of matured paper will be destroyed annually in this
Incinerator, which is unique not only in altitude but also in operation.
The topmost tower houses ventilating and elevator equipment, a fan room
and a huge water tank for emergency purposes.
The telephone system which will serve the new building is one of the
largest ever installed outside of the plants operated by the telephone companies.
Positions for twenty-two operators at as many panels
are provided to operate the switchboard, which, with its 150 trunk lines
and 800 extensions, will be capable of handling 27,400 calls in an eighthour day.
An elaborate ventilating system to launder the air through an oil filter
supplies 146,000 cubic feet of fresh air per minute, while another battery
of exhaust fans is capable of removing 196,400 cubic feet of air 4 the
same time.
Twenty-one elevators, will provide service for occupants of the new
building. In place of messenger service for the Chase Bank, the various
departments will be connected by three electric push button dumbwaters
running from below the street level to the 15th floor. It is estimated that
they will do the work of 30 messenger boys.
The vast amount of building material which went into the construction
of the building is indicated by the following figures, 12,477 tons of
steel.
8,370,000 brick, 55,000 square feet of glass and 150,000 pounds of bronze.
The metal work of the main entrance alone required 1514 tons of bronze.
1059
ceived enthusiastic approval. All those interested in the plans agreed that
no better time could be chosen for a constructibe bank organization than
the present. As A. F. C. Fiske, of the Metropolitan Life Insurance Co.,
recently stated concerning this bank, -we found a general confidence of the
business community that whichever way the elections go, a definite period
of prosperity lies ahead." Since the organizing group itself included strong
supporters of both candidates, the unanimous agreement on this point
removed the only possible objection to immediate organization.
To-day's statement in one of the Baltimore papers coneerning the present
organization plans are correct so far as matters now stand. The proposed
capital and surplus of the bank itself will be $40,000,000, and as each certificate of the bank stock will carry an additional certificate of stock in a securities company of $15,000,000 capital and surplus, the combined capital
funds of the two companies will be $55,000.000. The requirements of modern business are so large, and the tendency toward enlargement of individua
banking units so pronounced, by merger and otherwise, that we felt any
new institution in New York of less than 820,000,000 capital funds would
hardly serve a constructive purpose. Our first plans called for $20,000.000
but the reception of the idea in many quarters convinced us of the advisability of doubling that figure.
Certain important features in the organization plan are as fellows:
stock will be held chiefly by men engaged in the largest industrial, profes,
sional and financial enterprises. Every stockholder invited to participateincluding the organizers, will be on exactly the same basis; that is, a subscription to stock will carry with it the obligation, within a reasonable period,
of initiating deposits in a ratio of $4.00 in deposits to each $1.00 of capital
stock subscribed to the bank and investment company. This means, of
course, that the bank will start business with the assurnace of approximately $200,000,000 in deposits, representing the interests of firms of the
highest credit standing, and with a broad and well varied Est of memberstockholders whose interest would be that of active partners. Their stock
holdings would have an assured earning power from the start, and the interests of depositors and stockholders would be identical.
As regards personnel, Eugene L. Norton will be Vice-Chairman of the
Board and Frederick E. Hasler will be President. Various newspaper
rumors which have mentioned John J. Raskob, William F. Kenny, members
of the DuPont family and the Fisher Body Company as organizers of this
bank are not authorized. Naturally they are all men of the calibre and
standing so important to the future growth of an institution of this kind.
I wish to make this very clear to avoid any possible embarrassment to them.
A full list of organizers and directors will be given out later
In the August number of the "Planet," devoted to the
interests of the employes of the Morris Plan Co.of New York,
we find the following concerning the retirement of Joseph
B. Gilder:
An item of news which will be received with regret by every Morris
Planner from east to west, and by many outside the confines of our organization, is the resignation of Joseph B. Gilder as Secretary of the Industrial Finance Corporation this coming December. Mr. Gilder has been
associated with the Industrial Finance Corporation since its incorporation
Feb. 16 1914, and has made a host of friends during his long term of activity. He has also been Secretary of the Morris Plan Insurance Society
since 1917. He will become Secretary Emeritus of the I. F. C. from
Jan. 1. When questioned as to the future, Mr. Gilder reported plans which
foretell a happy time ahead. He says he is now all set to "play." Our
good wishes go with this genial gentleman whose wit and brain have added
so much to the success of Morris Plan and whose kindness to the members
of its personnel will be remembered for many a day.
A special meeting of the stockholders of the International
Union Bank of this city at 5th Ave. and 21st St., will be
held Aug. 27 for the purpose of acting upon a proposal to
increase the capital of the bank by $250,000 and the surplus
by $250,000 and to reduce the par value of the stock from
$100 per share to $25 per share; the stockholders will also
be called upon to fix and prescribe the terms and conditions
under which the stock shall be offered to the stockholders
and to create and establish a Reserve Fund. An item regarding the proposed increase in capital appeared in our
Thedirectors of the Chase National Bank of- Nev
7T
- 7k issue of Aug. 18, page 910.
announce the appointment of William T. Hoops as a member
Stockholders of the Bank of United States and of the
of the Advisory ammittee of its Mutual Bank Branch loCosmopolitan
Bank, both of this city, on Aug. 21 voted to
cated at 49 West Thirty-third St., N. Y. City.
Bank will beFifty years ago total resources of the Chase National Bank merge the institutions. • The Cosmopolitan
States. An
United
Bank
of
branch
office
of
the
a
come
were $1,000,000. To-day they are $1,103,742,061, accordthese colin
appeared
regarding
the
merger
proposed
item
ing to the bank's statement of June 30, an increase of over
beeome effeteive
will
merger
Aug.
4,
umns
page
635.
The
growth
of
The
the
1,000%.
bank to the second largest banking institution in the United States is credited to the enter- Monday, Aug. 27.
prise of the various managements and the recurrent absorpA new bank is being formed in Brooklyn under the name
tion of other banks, in a monthly review prepared by B. H. of the National Kingsboro Bank. The application to orRoth & Co. "With the latest increase in capitalization," ganize the bank was approved by the Comptroller of the
says the review "the bank's capital stands at $60,000,000 Currency on Aug. 7. The institution will start with a capiand total surplus and undivided profits at over $57,000,000, tal of $500,000 and a surplus of $250,000; it will locate at
while deposits approximate
50,000,000."
the southeast corner of Bay Ridge and Fifth Avenues. The
bank is scheduled to begin business about Jan. 1 next. The
A statement concerning the organization and policy of directors chosen for the new bank are: Emmet J. McCorthe proposed new bank in New York reported last week as in mack, Howard E. Jones, M. S. Lott, M. J. O'Hara, Henry
pro' as of formation was given out on Aug. 22 by Eugene P. Molloy, A. J. Gonnoud, John F. McKenna, B. Turecamo,
L. Norton, former President and now Vice-Chairman of the P. J. Carley, William J. Heffernan, Thomas F. Wogaia and
Board of the Baltimore Trust Co. Mr. Norton was men- C. C. Valentine. John J. Bennett, Jr., of 115 94th St.,
tioned in dispatches from Baltimore on Aug. 22 as being Brooklyn, is correspondent.
one of the principal organizers of the new bank, a reference
In commemoration of its founding one hundred and twento which appeared in these columns a week ago, page 909.
ty-five years ago, the Plymouth National Bank, Plymouth,
His statement follows:
Mass., has issued a most attractive and interesting book,
"The formation of this bank has been under serious consideration for more
than six months as the result of organization plans prepared last Feb., giving a brief history of the institution since its inception
and submitted since them to perhaps 50 of the leading industrial and finan- in 1803 as the Plymouth Bank and depicting the every-day
cial men of the country, including bankers in other cities, representing large
starting from
Institutions comparable to the Baltimore Trust Co. The plans have re_ life and habits of the people of Plymouth,
1060
FINANCIAL CHRONICLE
the founding of the bank and continuing down to the present time. The cover of the book—which is profusely illustrated throughout—is a reproduction of the first record book
of the bank and the fly leaves are reproductions of pages
taken from the original account books. From a meagre beginning the bank has followed the changing commercial
and business conditions through which the town has passed.
To-day it is an institution with combined capital and surplus of $260,000 and total resources in excess of $2,700,000.
Edward R. Belcher is President, and Henry W. Barnes Jr.,
Cashier.
At a regular meeting of the Board of Directors of the
Rhode Island Hospital Trust Co. of Providence, R. I., held
on Aug. 15, Frank D. Comerford, of Boston, President of the
Narragansett Electric Co. and of the New England Power
Association, was elected a director. The Providence "Journal" of Aug. 15 printed the following on the matter:
Mr. Comerford was born in Worcester. Mass., cn July 31 1803. He
graduated from Holy Cross College in 1914 and attended Harvard Law
School, graduating in 1917. Prior to his election as President of the New
England Power Association, he was a member of the law firm of Ropes,
'Gray, Boyden & Perkins of Boston. He is known to Rhode Islanders through
his work in connection with the merging of the Narragansett Electric Lighting Company' and the United Electric Railways Company.
Mr. Comerford has broad connections with New England business. In
addition to the positions noted above, he is trustee of the Massachusetts
Utilities Investment Trust and director of the First National Bank of
Boston, New England Power Association, New England Power Company,
Liberty Mutual Insurance Company, Lowell Electric Light
Company,
Lawrence Gas and Electric Company, Narragansett
Electric Company,
United Electric Railways Company, Rhode Island Public
Service Company,
Webster and Southbridge Gas and Electric Company, Quincy
Electric Light
and Power Company and International Paper Company.
Newark, N. J. press advices on Aug. 22 stated that efforts of the present management of the New Jersey Bankers'
Securities Co. to recover $2,847,000 from former directors
ended on that day when Harry H. Weinberger, ex-President
of the company, agreed to pay $2,500,000. It
was stated
yesterday (Aug. 24) that John J. Stemler, President of the
company, announced his approval of the proposal, which
will be submitted to Vice Chancellor Backus for approval.
He has jurisdiction of a suit for a receivership of the company and the proposal will be brought before him Sept. 4.
The "Post" of last night (Aug. 24) said:
To settle the company's
claims of $2.847,000 against him and nine directors, Weinberger proposed to pay $200,000
in cash and give a note for
$2.300.000.
The note will be secured by a $200.000 mortgage on
the Blltmore Apartment, $100.000 mortgage on the Gregorian Court
Am....
" _tments, both in
PrZalc75500 shares of Hobart Service Trust stock,
16-000 shares_of
Securitle7-Co. stock and an assigzunent-of
$200,000 worth of insurance
policies on his life.
The note, which is to be in full payment for
the 172.034 shares that were
the subjects of the dealings in the company's
stock that caused the liabillty_of the directors, will run for three years
and bear 2% interest on..all
unpaid 13
.±.1ances. The directors a!ainst whom
claims will be settled by
pazment of the note are Frederick N.
Bidwell:Frank C. Campbell,Senator
Edwards. William W. Evans, William Harris,
Supreme Court Justice
Minturn, John J. Folgner, Edward Schoen
and David G. Smith.
The Newark "News" of Aug. 21 in referring to the claim
against the former directorate said:
The claimwas based onallegations that the directors authorized the use
of the company's funds to deal in its stock. It
was alleged that 306.583
shares were bought for $4,622,236 and that
136,459 shares were sold for
$1,775,195.
Reginald Henwood Creyk, President of the Montclair
National Bank of Montclair, N.j., died on Aug. 16 in the
Mountainside Hospital in Montclair, Mr. Creyk was 66
years of age. In 1922 he aassisted in the formation of the
Montclair National Bank and became its President. Mr.
Creyk was also Treasurer of the Spool Cotton Co. and a
director of the National Notion Association.
F. Another
important Philadelphia bank merger was announced this week—namely that of the Oxford Bank &
Trust Co. with the Corn Exchange National Bank & Trust
Co., one of the largest Philadelphia banks. The directors
of both institutions have approved/the merger plan and
notices of meetings to ratify the proposalihave been sent to
the respective stockholders. The new institution will have
resources of approximately $95,000,000 and/seven offices.
The consolidation will be effected, according torthe Philadelphia "Ledger," on a basis of one share:of Corn Exchange
National Bank & Trust Co. stock, par $100 aTshare, for
three shares of Oxford Bank & Trust Co. stock, the par
value of which is $50 a share. Prior to the consolidation, it
is said, the stockholders of the Oxford Bankr&rrust Co.
will receive a cash dividendrof $10 a sharellIPArstatement
given out Wednesday night, Aug. 22, printed in the/paper
mentioned, reads as follows:
Oxford
Bank
Trust Co. has its main office on the most prominent
corner in Frankford and maintains four-branch offIces.11These are located
[VOL. 127.
at Burholme. Bridesburg, Wissinoming and East Orthodox Street, all
in the fast-developing northeast section. Corn Exchange now has two
offices, one in the great wholesale district at 2d and Chestnut Streets and
the central city office at 1510-12 Chestnut St.
This consolidation will give to the northeast a banking service broad
enough to look after the personal banking and trust needs of the small
merchant and individual and yet will be large enough to handle the great
industrial accounts of that section.
Charles S. Calwell, now head of the Corn Exchange
National Bank & Trust Co., will be President of the enlarged
institution, and the active officers of the Oxford Bank &
Trust Co. will become officers of the new bank. According to its statement of June 30, the Corn Exchange National
Bank & Trust Co. had a capital of $2,700,000, surplus of
$7,800,000 and undivided profits of $978,861. Its total
resources were $85,490,743. On the other hand, the Oxford
Bank & Trust Co.,according to a recent statement,it is said,
has a capital of $500,000, surplus of like amount, and total
resources in excess of $9,500,000. The present officers of
the Corn Exchange National Bank & Trust Co. in addition
to President Caldwell are: M. N. Willits, Jr., Newton W.
Corson, Albert N. Hogg, W. C. Fitzgerald, Edgar W.Freeman (and Trust officer), Roland A. Hillas, Paul E. Ludes
and Lewis R. Dick, Vice-Presidents; Edward T. James,
Cashier; Edward J. Paul, H. A. Sinzheimer, J. J. Caprano,
Russell J. Bauer,and George B.Whidden,Assistant Cashiers
Clarence P. Rowland, Assistant Trust Officer, and Charles
L. Chandler, Manager of the foreign commercial department.. The officers of the Oxford Bank & Trust Co. are;
B.E.Effing,President;John Walton and Harry Schumacker,
Vice-Presidents; J. M. Vernon, Secretary and Treasurer;
B. G. Walton, Assistant Secretary and Assistant Treasurer,
and Louis M. McCloskey, Title and Trust Officer.
Stockholders of the Southwestern National Bank of Philadelphia on Aug. 20 approved the proposed increase in the
bank's capital from $200,000 to $300,000, noted in our issue of
July 28, page 503, according to the Philadelphia "Ledger"
of Aug. 21. The new stock (par value $100 a share) will be
offered to stockholders of record Aug. 20 at the price of
$225 a share on the basis of one share of new stock for each
two shares of old stock held. Payment for same may be
made in four monthly installments, it is said.
A dispatch from Philadelphia to the "Wall Street Journal"
on Aug. 23 stated that the proposed consolidation of the
Tradesmen's National Bank, the Guarantee Trust & Safe
Deposit Co. and the Chelten Trust Co., all of Philadelphia,
to be voted on by their respective stockholders on Aug. 27,
will date from Sept. 1, next. And furthermore stated that
on Sept. 4 the various offices, of the merging banks will
open under the name of the Tradesmen's National Bank &
Trust Co. We referred to the proposed consolidation of
these important banks in our issue of July 28, page 503.
A special meeting of the stockholders of the Bank of
Philadelphia & Trust Co., Philadelphia, will be held on
Sept. 5 to vote upon an agreement for merging the Oak Lane
Trust Co.of Philadelphia with and under the name of the Bank
of Philadelphia & Trust Co., said agreement of merger being
pursuant to a plan for the consolidation of the business and
assets of the Oak Lane Trust Co., Queen Lane National
Bank, Broad Street National Bank of Philadelphia, and
the National Bank of North Philadelphia. On the same
date (Sept. 5) a special meeting of the stockholders of the
Oak Lane Trust Co. will be held to vote on the same matter
The Bancitaly Corporation, the holding company of the
Bank of Italy National Trust & Savings Association, with
headquarters in San Francisco) has opened a Philadelphia
office in the Fidelity-Philadelphia Trust building, according
to the Philadelphia "Ledger" of Aug.20. C.Conard Morgan,
Jr.is Manager.
The Union National Bank of Johnstown, Pa., was placed
in voluntary liquidation on July 31, having been absorbed
by the First National Bank of Johnstown. The Union
National sold its assets to the First National on Jan. 23,
1928, an item with regard to the acquisition having appeared
in our issue of Jan. 28, page 531. The capital stock of the
First National Bank is $400,000; it has a surplus of $800,000, and undivided profits of $1,131,294. The absorption
of the Union National Bank made no difference in the
capital or organization of the First National Bank.
The Philadelphia "Ledger" of Aug. 22 reports that the
title of the Citizens' National Bank of Pottstown, Pa., has
been changed to the Citizens' National Bank & Trust Co.
AIM 25 1928.]
FINANCIAL CHRONICLE
Further reference to the proposed increase in the capital
of the Union Trust Co. of Chicago, raising the same from
$3,000,000 to $4,000,000, reference to which was made in
last week's "Chronicle", page 912, the stockholders at a
special meeting to be held Sept. 15 will be asked to adopt
the directors' resolution providing for the issuance of 10,000
shares of new stock (par value $100 a share) to be offered
to stockholders of record Sept. 28 in the ratio of one share of
new stock for every three shares then held, at a price of $400
a share (Union Trust Co. shares on Aug. 21 were quoted at
890 bid, 895 asked), payable on or before the first day of
October, 1928. Upon approval of the proposed increase of
stock on Sept. 15, warrant will be issued to the stockholders
of record evidencing their rights to shares. For fractional
shares, fractional warrants will be issued. These warrants
will be negotiable, and full directions will be given to enable
stockholders to deal with them. The $4,000,000 proceeds
of this issue of stock will be applied substantially in the
following manner: $1,000,000 to be added to the capital
stock of the bank; $1,000,000 to be used to cover the entire
cost of additions and improvements to the Union Trust
Building, a part of which will be for the construction of an
additional story; the balance of $2,000,000 to be added to
surplus. In a letter to the shareholders under date of
Aug. 16, Frederick H. Rawson, Chairman of the Board of
Directors, tells how the bank has grown and how earnings
have increased:
saying that the bank's deposits prior to Toomb's troubles
were between $700,000 and $800,000 "but at one time while
Toombs was in charge of the insurance company's funds he
presented as collateral a certificate of deposit showing the
International had more than $7,000,000 in the Downer's
Grove bank."
Payment of a third dividend, 10%, to depositors of the
defunct Iowa Loan & Trust Co. of Des Moines, Iowa, which
failed on Dec. 20 1926, was ordered on Aug. 14 by Judge
Lester Thompson of the District Court, according to the
Des Moines "Register" of the following day. The distribution of the dividend, which will amount to approximately
$453,000, was ordered by the Court to take place within
the next 15 days. About 12,000 depositors will share in
the dividend. Continuing the paper mentioned said:
Application for the payment was made yesterday by W. H. Vanderploeg, examiner in charge of the closed bank.
Two other dividends, one of 40% and another of 10% have been paid
since the bank failed in December, 1926.
A report filed by Vanderploeg in District Court recently showed that
$2,207,594.25 has already been paid out to depositors. It also disclosed
that the collection of interest, rentals and other profit Items has exceeded
the expenses of the receivership by $99.382.85.
Liquidation of assets up until June 30 amounted to $4,422.335.06.
A recent $60,000 judgment obtained against the city enabled the additional dividend to be taken care of, according to Vanderploeg.
The bank's deposits on Jan. 1 1925 were $64,751,711. and on Aug. 15
1928, were $89,180,998. At various times, special temporary deposits
have brought the total deposits as high as $100.000.000. We believe that
with your further assistance and our own efforts it will not be long before
the hank will be generally known as a $100.000,000 bank.
There has been a corresponding growth in earnings which is reflected not
only in the regular quarterly and extra cash dividends, but also in the
increase of the surplus out of earnings from $3,000,000 on Jan. 2 1925. to
$4.000.000 at the present time. During the same period the undivided
earnings have been increased from $731.253 to $1.431,879. The reserves
established for depreciation and losses in securities have been increased
from $251,977 to $758,553.
There has been a proportionate growth in profits as indicated by the
following comparison: For the year 1924, the net earnings were $766,000,
amounting to 38.30% on the capital stock and 13.58% on the average
invested capital; for 1927, they were $1,312,730, equal to 43.76% on the
capital stock, and 17.21% on the average invested capital. The net earnings for the first seven months of 1928 indicate that the profits for the year
will be at least 25% larger than the amount earned last year, providing
the present interest rates continue.
Our Investment Department not only deals in municipal, public utllty.
corporation and industrial bonds, but also does a large and increasing
business in real estate mortgages and bonds. The Trust Department in its
various capacities has also shown a very gratifying growth in the volume
of business handled. The proceeds of the new issue of stock will be used
not only to increase the facilities of the Commercial Department, but also
to augment the services of the other departments of the bank.
Shortly prior to the last issuance of capital stock at $100 a share, the
market price was $400; at the present time the market price is about $880.
It is confidently expected that the present dividend rates will be continued,
and as earnings Justify, extra dividends will be paid as the Board of Directors deem advisable.
For all of these reasons, and also for the purpose of contributing an even
greater part in the upbudding of Chicago and the Middle West, a most
favorable opportunity is afforded at this time for an increase in the bank's
capital and surplus to a point sufficient to further this development and to
measure up to the opportunities of the future.
Our last reference to the affairs of the Iowa Loan & Trust
Co.appeared in the "Chronicle" of Feb.5 1927, page 747.
Advices from Jefferson City, Mo. on Aug. 16 to the St.
Louis "Globe-Democrat" stated that purchase of the business and assets of the Davis State Bank of Davis, Lincoln
County, Mo., by the People's Bank of Troy, Mo. was approved on that day (Aug. 16) by the State Finance Cornmissioner. The acquired bank, which had resources of
$50,000, the dispatch said, will be disincorporated. Davis
is located five miles from Troy. This bank merger makes
the 50th in Missouri the present year, it is said.
Organization of a new bank in the Hyde Park Section of
Chicago, with capital, surplus and reserve fund of $450,000,
was announced on Aug. 17, according to the Chicago "Journal of Commerce" of Aug. 18. The new institution will be
known as the I. C. Bank & Trust Co. It will be situated at
Lake Park Ave. and 53rd St. and will be opened for business
as soon as the present Illinois Central Railroad quarters
can be remodeled. Among the organizers are the following:
E. D. Carson, President of the Standard Industries Corporation and
a director of the Bank of America; Emil G. Sella, President of the Calumet
Natipnal Bank and a director of the Foreman National 137nk; Walter E.
Schmidt, Preeldent of the Roseland State Savings Bank and of the Cottage
Grove State Bank; Cecil A. Evans, President of the Bryn Mawr State
Bank; Frank B. Bowes, retired Vice-President of the Illinois Central RR.;
Weymouth, Kirkland, attorney; Jacob L. Schnadig, President of the Pullman Coach Company; Louis Kahn, President of the Capital Trust Co..
and William Lederer, President of the Lederer Department Stores.
The financial difficulties of Roy C. Toombs, a Chicago
broker and St. Louis insurance executive, resulted in the
closing on the night•of Aug. 17 of the Downer's Grove State
Bank & Trust Co., at Downer's Grove, Ill., a Chicago
suburb, according to advices by the Associated Press from
Chicago on Aug. 18, appearing in New York daily papers
of that date and the following day. The dispatch stated
that Oscar Nelson, State Auditor for Illinois, closed the
bank, of which Mr. Toombs was President, up to the previous Wednesday, Aug.15,to stop "run" on the institution,
which followed disclosure of Toomb's financing with the International Life Insurance Co.of St. Louis, and the Toombs
& Daily Company, a Chicago investment enterprise. The
closed bank, it was said, was capitalized at $100,000 and
had a surplus of $85,000. Mr. Nelson was reported as
1061
A dispatch from Denton, Tex., on Aug. 16, printed in the
Dallas "News" of the following day, reported that on the
preceding day (Aug. 15) the First National Bank had suspended operations, following which its Cashier, L. H.
Schweer was arrested for embezzlement, and his father,
H. F. Schweer, the President, who was ill at his hozie,
placed under surveillance on a similar charge. On the following day (Aug. 16) the institution was placed in the hands
of F. W. Lensing, as Receiver. The complaints filed against
the two men, it was said, charged the younger Schweer with
the embezzlement of $1,194.83, and H. F. Schweer with the
embezzlement of $3,717. Shortly after his arrival in Denton
on Aug. 16, Receiver Lensing was reported as saying it would
probably be some time before an official statement as to
the bank's condition could be made.
Announcement of the consolidation of the National City
Bank of Los Angeles with the California Bank of that city,
was announced as effective Aug. 16 by A. M. Chaffey,
President of the latter institution, according to the Los
Angeles "Times" of Aug. 17, which furthermore stated that
at the regular meeting of the Board of Directors, four new
names were added to the directorate of the California
Bank, namely Byron J. Badham, President of the Hoffman
Hardware Co.; C. R. Luton, Capitalist; R. F. McClellan,
County,
Chairman of the Board of Supervisors, Los Angeles
Co.
Packing
Standard
the
and T. P. Breslin, President of
Cornice
California
the
of
Specht
Christian
time
same
At the
Trust Co.
Works, was elected a Director of the California
of the CaliHenry M. French, formerly assistant Cashier
-President, and 3
fornia Bank, was promoted to Junior Vice
as Assistant
personnel
the
new officers were elected to
and J. A.
Pollock
B.
L.
Moriarity,
J.
W.
including
Cashiers,
Treasurer
years
6
for
Thorson,
Shipe. The resigation of C. J.
directors. Mr.
of the California Bank, was accepted by the
changes in
Other
himself.
for
business
Thorson is going in
Seeley as
personnel included the appointment of A. D.
Bank
California
the
of
branch
Mesa
Angeles
Manager of the
Sloane.
S.
R.
of
resignation
to fill the vacancy created by the
-& Savings Bank of Los Angeles
The Citizens National Trust
has just completed alterations at its head office costing $400,000. The bank now enjoys one of the finest and best equipped
banking homes in the West.
the
Frank C. Bolt, Chairman o- f the Executive Board of
Pasadena branch of the Los Angeles-First National Trust
the dean
& Savings Bank of Los Angeles, and recognized as
on Aug.
Pasadena
in
of local bankers, died at his home
1062
FINANCIAL CHRONICLE
[VOL. 127.
10, following a prolonged illness. Mr. Bolt was 82 years of profit and loss brought
forward from the preceding 12
of age and had been active in Pasadena banking and civic months, made £724,911 available
for distribution. Out
affairs for the last thirty years.
of this sum, the report tells us, an interim dividend at the
rate of 14% per annum for the half year ended Sept. 30 1927,
The following in regard to a change in the personnel of calling for £156,042, was paid, and £100,000 credited to
its Fullerton Branch was received from the Los Angeles- bank premises account, leaving a balance of £468,870. This
First National Trust & Savings Bank, of Los Angeles under amount the directors recommended be allocated as follows:
date of Aug. 11:
£125,000 to officers' pension fund;£156,042 to pay a dividend
An event,filled with human interest, occurred yesterday when the Board at the rate of
14% per annum (subject to income tax),
of Directors of the Los Angeles-First National Trust & Savings Bank appointed H. A. Krause, Assistant Manager of the Fullerton Branch, as and £55,729 to pay a bonus of 2s. 6d. per share (subjec;
Manager to succeed his father, F. C. Krause.
to income tax), leaving a balance of £132,099 to be carried
While the elder Mr. Krause resigned as Manager, he retains his official forward
to the current year's profit and loss account. Total
position as Vice-President and will continue to act as Chairman of the
Executive Board of the Fullerton Branch. Although he will hand down assets of the institution are shown in the report as £67,356,854
many responsibilities of his work to his son he will, nevertheless, maintain and its paid-up capital as £2,229,165,
with reserve fund of
a keen interest in the business and progress of the Fullerton Branch. £2,893,336.
Father and son
have worked together during the past 10 years in the same
bank and have made it one of the outstanding financial institutions in
Southern California. The elder Mr. Krause, in 1918 became President of
the First National Bank of Fullerton and the Fullerton Commercial &
Savings Bank and held this position until the merger of these banks on
Nov. 1 1924 with the Pacific-Southwest Trust & Savings Bank, now the
Los Angeles-First National Trust & Savings Bank. At the time of the
merger he became Fullerton Vice-Pres. and Manager. His son, who was
with the Anaheim National Bank in 1915 and 1916, later going with the
Merchants National Bank of Los Angeles, joined his father In 1918 at the
Fullerton First National. He was Cashier and Asst. Secretary and upon
the consolidation of the Pacific-Southwest Bank with the First National
Bank of Los Angeles on Sept. 1 1927 became Assistant Branch Manager.
The younger Mr. Krause was born at Hood River, Oregon and graduated
from the Anaheim Union High School in 1913. He attended Pomona
College during the following two years and then entered upon his banking
Lloyds Bank, Ltd., London, announces that L. A. Stanley,
formerly Deputy Chief Inspector, has been appointed an
Assistant General Manager of the Bank.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
There has been further manifestation of strength in the
New York stock market the present week and many prominent issues have moved upward to new high records for
1928 and in some instances in all time. On Monday and
Tuesday industrial stocks and railroad shares were the
leaders, but these were superseded during the latter part
Career.
P. 0. Krause was born in Iowa. He attended the Upper Iowa Univer- of the week by
the mining stocks, steel securities and motor
sity, the Northwestern College and the Pacific Theological Seminary in
Oakland. He was a Congregational minister until 1903 when he was ap- issues. On Monday call money, after early renewals at
pointed United States Commissioner at Cleary. Alaska, and also Manager 6%, advanced to 7 2% and the rate at no time dropped
of the Washington Alaska Bank, Cleary Branch from 1904 to 1907. He below 7% the
rest of the week, but the stock market prothen moved to Newport, Washington and was Cashier of the Security
ceeded in disregard of that fact. During the short session
State Bank untll 1911.
During the period from 1912 to 1917 Mr. Krause was Cashier and then on Saturday, many popular industrial
shares moved briskly
President of the Anaheim National Bank. In 1918 he became affiliated with
forward. Railroad shares displayed considerable strength,
and was a large stockholder in the First National Bank of Fullerton and the
Mil. & St. Paul and Missouri-Pacific issues being the outFullerton Commercial and Savings Bank.
standing strong features. Other strong stooks included
A new institution—the American & Security Insurance such issues as Gulf, Mobile & Northern, Missouri-KansasCorporation—has now been organized in San Francisco as Texas, Wabash, Western Maryland and Texas & Pacific,
a subsidiary of the National Bankitaly Co. to act as agent the latter moving up to 180—the highest peak in the history
for insurance companies In connection with the Bank of of the road. Canadian Pacific crossed 210 with a gain of
Italy National Trust & Savings Association's activity in the nearly four points and Baltimore & Ohio, St. Louis-San
Insurance field, according to advices from San Francisco Francisco, Rock Island and Ches. & Ohio were in strong
on Aug. 14 to the "Wall Street Journal."
demand at improving prices. Columbia Gas was the
feature of the public utility group and reached new high
We learn from the San Francisco "Chronicle" of Aug. 12 ground at 1213
%. Eaton Axle was also noteworthy for its
that the United Security Bank & Trust Co., with head- brisk advance
of over three points to 483, the demand for
quarters in San Francisco, announced the previous day this issue
developing as a result of the continued report that
(Aug. 11) purchase, through its subsidiary institution, the the earnings
this year would exceed $6 a share.
French-American Corp., of the Lassen Industrial Bank of
The market continued to rise on Monday, the advances
Susanville, Cal., with its branches at Bieber and Fall including
both railroad shares and industrial issues, though
River Mills. The acquired bank and its branches will the real
high spots were most numerous in the industrial
continue to operate as an independent unit. The paper stocks.
International Tel. & Tel. closed with a gain of
mentioned went on to say:
23% points, followed by Continental Can which moved up
The Lassen Industrial Bank was organized in 1912 and has capital of
$150,000, surplus of $31,500, and undivided profits of $8,120. The Susan- 2% points to 1183, Gold Dust up three points and Jewel
vine office has deposits of $582,146; the Bieber branch has deposits of Tea which
improved four points. Cyrysler assumed the
$153,485, and the Fall River Mills branch has deposits of $347.607, giving
total resources of $1,572,864. Officers include J. Alexander, President, and leadership of the motor group and sold up to 963%, but
finally closed at 953 with a net gain of 23 points. General
G.H.Taylor, Cashier.
This Is the second relatively large bank to be purchased In the north- Motors was
inclined to sag and most of the independent
eastern part of California by the United Security Bank and Trust Co. It
announced the purchase of the Bank of Altura!' in Modoc county, late in issues were without noteworthy movement. Local ;traction
June. The Susanvllie buy gives the United Security Bank and Trust Co., stocks were in excellent demand, especially Interborough
108 separate banking houses, and also extends its operations into 34 of Rapid
Transit which moved forward about two points
California's 58 counties.
Sunnyllle is a town of about 2,000 people, the county seat of Lassen and Brooklyn-Manhattan Transit which closed with a subcounty, and is at present accessible from California only by highway, but stantial advance over the preceding final. Railroad
shares
has rail service over a branch of the Southern Pacific Railway from Fernley, again moved
to the front and St. Louis Southwestern reached
Nev. Construction of trackage to make this road link the Overland route
and the Shasta route of the S.P.is also under way, and the people of Lassen a new top above 100. Industrial shares continued in strong
county are expecting to sea a very marked development in their principal demand, especially American Can which
reached the highest
resources of timber,live stock and agricultural products.
peak in its history. Sears-Roebuck gained about three
The Old National Bank & Union Trust Co., of Spokane, points as it crossed 133 for the first time. On Tuesday
Wash., announces the resignation of George H. Greenwood, advances were again the rule and new peaks were reached
Vice-Pres., effective Sept. 1 1928, to become President of by many speculative favorites. The best gains were made
by such popular stocks as Commercial Solvents, Case
the Pacific National Bank of Seattle, Wash.
Threshing Machine and Rossia Insurance, all of which
The death occurred in Seattle, Wash., on Aug. 1, of John registered gains ranging from six to eight points. AdEwing Price, founder of the Marine Bancorporation, and vances of two or more points were scored by Allis Chalmers,
one of the prominent citizens of Seattle. Mr. Price was Crucible Steel, Atlantic Refining, Detroit Edison, General
Electric, Republic Iron & Steel and American Power &
71 years of age.
Light. Other stocks showing gains of four or more points
The annual report of the Standard Bank of South Africa, included American Smelting, Sears-Roebuck and Pressed
Ltd., (head office London), covering the fiscal year ended Steel Car. In the closing hour American International
Mar.31 1928, and presented to the proprietors at their 115th advanced five points to 101. Railroad stocks were active
ordinary meeting on July 25, has just recently come to hand. all through the session. The strong stocks of the group
It shows net profits for the period (after making full provision included, among others, Bait. & Ohio which bounded
for bad and doubtful debts and contingencies) of £596,596, forward more than four points to within a fraction of 112,
which when added to £128,315,representing balance to credit New York Central which gained 3% points to 169 and St.
IL
1063
FINANCIAL CHRONICLE
AUG, 25 1928.]
THE CURB MARKET.
gain
Louis Southwestern which moved ahead to 105 with a
Trading in the Curb Market this week was more active
of six points.
adstriking
for some time past and prices moved to higher levels.
numerous
than
brought
orders
Overnight buying
many
and
Wednesday
Substantial gains were recorded in the industrial and miscelvances during the early trading on
highs
issues. Bancitaly Corp. was an outstanding
previous
their
laneous
improved
favorites
of the speculative
%, reacted to 1293'
3
143,
It advanced from 120 to 1365
at
opened
instance,
feature.
for
for 1928. Sears-Roebuck,
/. The close was at 132%.
up to 1247
the
sold
for
new
at
high
a
and
to-day
close
and
prevous
its
from
up
points
class B, gained 5% points to 3934, the
present shares. National Products opened at a new top Amer. Cyanamid,
3834. Amer. Rolling Mill, corn. sold
at
Radio
being
year.
for
the
close to-day
and Packard reached its highest peak
and reacted finally to 90. Celanese
933(
brisk
to
its
by
86
attention
from
e
up
considerabl
attracted
n
Corporatio
dropped from 68 to 57. Columbia
corn.
points.
Am.,
7
of
net
of
gain
a
with
191
Corp.
at
closing
advance to 1923's,
7134 to 783 and finished
General Motors was active and strong and advanced to 189, Graphophone advanced from
corn. from 401, reacted to
Co.,
&
Deere
closed
and
783.
at
to
back
to-day
slipped
ly
1863/i
subsequent
though it
recovered finally to 449.
and
445
to
demand
back
in
was
dropped
also
470,
with a fractional gain. Studebaker
jumped from 653. to 7534 and
and rolled up a gain of 4 points, followed by Hudson which Niles-Bemeus-Pond, corn.
3
Safeway Stores, corn. advanced
ends the week at 74%.
advanced 23 points to 82.
gained 15 points to
On Thursday the market generally continued its upward from 573 to 608. Sanitary Grocery
were strong.
Utilities
363.
being
to-day
the
as
figure
front
final
to
the
the
moving
375,
stocks
mining
the
trend,
%,
to 1743
from
up
moved
1683
s.
corn.
transaction
Elec.,
day's
the
&
Amer. Gas
most noteworthy feature of
173. Elec. Bond &
American Smelting & Refining moved rapidly forward more fell back to 172 and closed to-day at
4, closely followed by Share Securities improved from 101 to 10634, reacted to
than 8 points to a new peak at 2293
was at 1113/2.
by Kennecott which lifted its top to 973'. Anaconda was 103 and to-day jumped to 112. The close
from 8234 to 87
up
sold
corn.
Light,
higher
&
Pow.
3
points
nanea
closed
Sound
Greene-Ca
Puget
68%;
to
points
up 2
Galena-Signal
at 104, and such stocks as Calumet & Arizona, Butte Copper and sold finally at 86. Oils were quiet.
81 and the old pref.
& Zinc, Nevada Consolidated and Granby Mining reached Oil, new pref., advanced from 75 to
at 81 and 80 respecthe final hour with substantital gains. Chrysler was the from 74 to 80. The close to-day was
conspicuous for an
was
com.
leader and bounded forward about 3 points before mid- tively. Standard Oil (Ohio)
being at 81.
to-day
close
the
,
4
sharp
the
843
was
shares
to
railroad
the
from
of
advance
feature
The
7534
session.
s for.the
transaction
Market
gain
Curb
net
a
of
A complete record
forward movement of Del. & Hud. which made
of 7 points to 199%. On Friday the market became posi- week will be found on page 1090.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
tively buoyant, an avalanche of buying carrying prices
rapidly upward to higher levels and in some instances to
BONDS(Par Value).
*STOCKS(No. Shares).
record tops. American Smelting & Refining, after scoring
Week Ended
Foreign
dt
Indus.
24.
Aug.
higher
a net gain of 8 points on Thursday, opened 5% points
Total.* Domestic. Government.
Miscell.
on a block of 3,000 shares and continued its advance to Saturday
$268,000
3621.000
11,820 161,465
25.150
124.495
401.000
30,000 325,866 1,101.000
48 110
247 756
240-its highest peak on record-finally closing at 238% Monday
402,000
39,700 270.310 1,621.000
43,970
186,640
Tuesday
635,000
47,400 378.405 1,228,000
59,500
271,505
with a net gain of 8% points for the day. Kennecott moved Wednesday
544,000
1,278,000
331,565
44,610
37,840
229,115
197.000
to a new high for all time close to 98. Chrysler again as- Thursday
68,600 383,489 1 478 000
50.850
266,039
Friday
over
sumed the leadership of the motor stocks and advanced
1,325,550 285,420 240.130 1,851,100 37.327,000 $2,447,000
Total
3 points on an initial sale of 10,000 shares. General Motors
Monday, 44,800;
*In addition, r ghts were sold as ollows: Saturday. 16,400;
sold up to 190%, as compared with its previous close at Tuesday, 71.200; Wednesday, 28,200: Thursday, 31,100; Friday, 43,900.
187%. Montgomery Ward raised its top with a 9-point
gain to 12. Sear-Roebuck also moved into new high ground
COURSE OF BANK CLEARINGS.
above 149. American Can likewise reached a new peak and
Bank clearings the present week will show an increase
closed at 109 with an advance of over 3 points. United
as compared with a year ago. Preliminary figures compiled
States Steel common sold up to 152 at its high for the day,
by us, based upon telegraphic advices from the chief cities
but reached its final at 1503 with a net gain of 1% points
of the country, indicate that for the week ending to-day
for the session. The strong stocks of the railroad group (Saturday, Aug. 25) bank exchanges for all the cities of the
Pacific,
included Rock Island, New York Central, Canadian
United States from which it is possible to obtain weekly
Atchison and Southern Pacific, the latter moving up 23/i
returns will be 5.9% larger than for the corresponding
;nts to 124. Columbia Gas was the star of the public
last year. The total stands at $9,495,752,045, against
•Ind rushed forward to 120%, closing at 1193.. with week
,019 for the same week in 1927. At this centre,
$8,965,203
a net gain o 2,1 ', points over its previous close. The final
is a gain for the five days ending Friday of 4.7%.
there
tone was good.
Our comparative summary for the week follows:
TRANSACTIONS AT rri I NEW YORK STOCK EXCHANGE
DAILY, WEEKLY k NI
YEARLY.
Clearings-Returns by Telegraph.
Week Ended August 25.
State.
Municipal &
Foreign Bonds
United
States
Bonds.
Stocks,
Number of
Shares.
Railroad,
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
992,790
2.437,496
3,064,730
3.175,575
2,965,260
3,527,800
$2,867,000
.5.394 000
6.359 500
5,094 000
5.030 000
6,010,000
8873,000
1.518.000
1.995.000
1.648.000
1,965,000
1,327.000
399.000
88.500
256,000
130.500
606,000
437,000
Total
16,163,651
$30,754,500
39,326,000
31,617.000
Week Ended Aug. 24.
...to..
Bonds.
Week Ended Aug. 24.
Sales at
New York Stock
Exchange.
1927.
1928.
Stocks, No.of shares.. _
Bonds.
Government bonds__
State and foreign bonds
Railroad de misc. bonds
Jan. 1 to Aug. 24.
1928.
1927.
16,163,651
11,472,342
479,184.058
355,168.368
31.617,000
9,326,000
16,163,651
$2,080,750
11,390.400
30.804.500
$135,194,250
532,118,565
1,597,486,676
$206,725,050
544,447,300
1,460,596,050
$27,106.651 $44.275,650 $2,264,799491 42,211.768.400
Total bonds
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE =CHANGES.
Philadelphia.
Boston.
Week Ended
Aug. 24 1928,
Shares. Bond Sales
36,000
9,200
10,000
22,500
24,000
27.000
680
2,020
3.286
2,324
2,160
1,819
824,000
10.000
8.000
30,000
43.200
4,000
145.534
398,700
12.199
$119.200
102.170
395.600
8.577
3104,600
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
15,256
33,477
*37,954
40.635
*44,416
19.375
31 000
10,000
10,000
11,000
3.000
a8,713
a37,010
a41,848
a25.949
a15.558
a16.456
Total
191,113
$35,000
166.341
834,550
Prey. week revised
Baltimore,
Shares. Bond Sales. Shares. Bond Sales.
•In addition, sales of rights were: Tuesday, 147; Thursday, 60.
a In addition sales of rights were: Saturday .750: Monday. 2,000; Tuesday.
1,850; Wednesday, 1,400; Thursday, 700; Friday 1,600.
Per
Cent.
1928.
1927.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
Ban Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
34,591.000.000
517,696,950
374.000.000
315.000,000
133,261,844
108,900,000
176,800.000
155,093.000
132,725,433
173.000,000
100.024.118
76,770,415
44,563,369
54,386.000,000
510,207,179
395,000.000
311.000.000
101,706,733
106.200,000
150.261.000
125,242,000
134,435,138
133,041.532
89,685.958
76,744.054
48.414,838
+4.7
+1.5
-5.5
+1.3
+31.0
+2.5
+17.7
+23.3
-1.3
+30.0
+11.3
0.0
-8.0
Thirteen cities, 5 days
Other cities, 5 days
36.898,835,129
1,014,291,575
$6,567.938.432
895,978,355
+5.0
+13.2
37 913,126,704
1.582,625,341
37,463,916.787
1.501.286,232
+6.0
+5.4
$9,495,752,045
38.965.203,019
+5,9
Total all sides.5 days
All cities. 1 day
7'nthl all PitiPII for
week
the week covered by the
Complete and exact details for
next week. We cannot
of
issue
our
in
appear
will
foregoing
week ends to-day (Satthe
as
inasmuch
furnish them to-day
be available until
urday), and the Saturday figures will not
last day of the
the
above
the
in
y,
Accordingl
noon to-day.
estimated.
week has in all cases had to be
statement, however, which we
In the elaborate detailed
able to give final and complete
are
we
below,
present further
results for the week previous-the week ended Aug. 18. For
that week there is an increase of 0.5%, the 1928 aggregate of
clearings for the whole country being $9,716,382,442, against
$9,671,572,278 in the same week of 1927. Outside of this
city, the clearings show an increase of 1.2%, the bank exchanges at this centre recording a loss of 0.1%. We group
the cities now according to the Federal Reserve districts in
1064
FINANCIAL CHRONICLE
which they are located and from this it appears that in the
New York Reserve District (including this city) there is a
trifling increase, it being only 0.1%, in the Boston Reserve
District there is a loss of 5.9% and in the Philadelphia Reserve
District of 8.1%. In the Cleveland Reserve District the
clearings show a gain of 0.6% but the Richmond Reserve
District records a decrease of 10.5% and the Atlanta Reserve District of 4.9%. In the Chicago Reserve District the
totals are larger by 1.3%, in the St. Louis Reserve District
by 6.0% and in the Minneapolis Reserve District by 7.7%.
The Kansas City Reserve District discloses an improvement
of 12.5%. The Dallas Reserve District of 11.3% and the
San Francisco Reserve District of 16.3%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
For... 127.
Week Ending Aug. 18.
Clearings at
1928.
Seventh Feder
Mich.-Adrian_ _
Ann Arbor_ _ _
Detroit
Grand Rapids.
Lansing
Ind.-Ft. Wayne
Indianapolis
South Bend_
Terre Haute__ _
Wis.-Milwaukee
Ia.-Ced. Rapids
Des Moines_ _ _
Sioux City
Waterloo
III.-Bloomingt'n
Chicago
Decatur
Peoria
Rockford
Springfield_ _
1927.
Inc. or
Dec.
1926.
1925.
$
al Reserve 13 istrict-Chi cago277,561
247.860 +12.0
249,698
215,888
1,080,162
1,042,138 +3.7
1.144,882
904,979
213,250,252 181,539,964 +17.5 186,990.333 179,884,225
8,398,507
7,404,720 +13.4
8,598,885
8,281,025
3,225.847
2,696,995 +19.6
2,587,605
2,544,528
2,642,957
2,642,957
2,994,454
0.0
2.520.471
23,909,000
21,967,000 +10.6
21,722,000
15,556,000
3,196,300
3,047,850 +1.5
3.104,400
2,783,467
4,860.372
4,632,197
4,741,486
+5.1
4.015.346
45,807,959
44,699,522 +1.2
40,274,974
38,386,142
2,752,762
2,902,304 -7.1
2,427.297
2,607,428
10,683,000
8,498,646 +19.4
8,962,076
9,441,791
7,013,605
5.749,378 +22.0
6,385.524
6,818,834
1,519,795
1,090,175 +39.4
1.102,700
1.244.134
1.857,819
1,583,050 +17.4
1,418,625
1,460.091
653,634,003 682,809.970 -5.0 655,828,451 613,805,025
1,343,620
1,312.812 +2.3
1,199,183
1,765.560
5,350,796
4,730.699 + 13.1
4,598.242
4,597,581
*3,561,468
3,122,933 +12.1
2,968.215
2.498,836
2,645,599
2,375,048 +11.4
2,456,987
20512,649
Total(20 cities) 996.949,916 984,096,218
+1.3 959,765.967 901,849,500
Eighth Federa Reserve Die trict-St
.Lo
Ind.-Evansville.
Federal Reserve Dist..
5,412,149
$
$
6.236,433 -13.2
$
%
5,185,921
4,808,400
$
Mo.-St. Louis_ _ 149,900,000
lit Boston_ _ _ -12 cities
438,604,802
465,948,255 -5.9
137,100,000 +9.3 143,799,807 133,600,000
457,323,044
432,164,548
2nd New York_11 "
35,541.627
5,735,995,932 5,733,976,165 +01 4,932,386,553 4,832,076,754 Ky.-Louisville,
34,387,716 +3.4
33.868,186
30,338,137
Owensboro_
__
Rd Philadelphlal0 "
389,745
552,014,337 -8.1
507,046.714
306,717 +27.1
537,432,961
293,517
366,304
551,709,915 Tenn.-Memphis
9th Cleveland... 8 "
405,402,338
16,834,428
402,866,331 +0.6
17,545,091 -4.0
399,801,050
17,947,970
377,861,308 Ark.-Little Rock
16,819,515
6th Richmond _ 6 "
12,254,316
153,951,584
176,921,999 -10.5
12,360,913 -0.9
182,373,640
13,880,053
195,153,213 III.-Jacksonville
13,279,986
6th Atlants____13 "
179,159,945
188,210,161 -4.9
422,697
423.558 -0.2
202,320,825
419,645
243,911,277
448.870
Quincy
7tt1 Chicago_ ....20 "
996,949.916
1,533,387
984,096,218 +1.3
959,765,967
1,416,349 +8.3
1.488,521
901,849,500
1,868,930
Eith Bt. Louis_ - 8 "
272,288.349
209,776.777 +6.0
216,883,620
201,530,142
Total
(8 cities). 222,288,349
Rh Minneapolis 7 "
127,322,828
118,177,852 +7.7
209.776,777
117,908,182
+6.0 216.883,620 201,530.142
127,237,253
10th Kansas City12 **
237,632,871 +12.5
267,244.109
243,398,158
225,917,979
Ninth Federal Reserve Dis
11th Dallas
76,438,977
68,695,234 +11.3
5 trict.-MInn capons
79,628,323
71,424,877 Minn.-Duluth
605,976,948
12th San Fran_ _17 ''
6,543.287
533,256,078 +16.3
555,465,618
6,582,868 -0.6
7.509,218
499,914,949
7.817.787
Minneapolis_ _ _
82,260,761
78,563,347
+4.7
74,919,810
81.396,299
St. Paul
30,959,528
Total
129011166 9,716,382,442 9,671,572,278 +0.5 8,884,678,941 8,660,751,715
28,356,867 +9.2
29,144,021
31,357,450
4,103,799,663 4.055,534,494 +1.2 4,065,726,781 3,942,651,553 No. Dak.-Fargo
Outside N.Y.City
1,999,406
1,737,577 +15.1
1,719,583
1.648,262
S. D.-Aberdeen _
1,373,729
1,191,635 +15.3
1,273,321
1,553,359
Mont -Billings
25 ..i Chu
4.1.1 604 062
341_206.012 -I-27.0
664,117
323.005.680
901 AAA na.
565,558 +17.4
555.992
578,592
Helena
3.532,000
1.180,000 -0.7
2,786,237
2,885,504
Total(7 cities). 127,332,828
We now add our detailed statement, showing last week's
118,177,852 +7.7 117,908,182 127.237.253
figures for each city separately, for the four years:
Tenth Federal Reserve Dis
trict.-Kans as CRY
Neb.-Fremont
360,887
468,624 -23.0
293,073
373,196
Hastings
599,519
545,989 +9.8
Week Ending Aug. 18.
465.120
531,750
Lincoln
4,756,002
Clearings al
4.713,565 -0.9
4,368,185
3.977,722
Omaha
47.724,311
41,874,492 +14.0
40,666,668
Inc. er
41.579,102
Kan.-Topeka _ _
3.470,846
3.409,265 +1.8
1928.
1927.
3,009,195
Dec.
3,631,242
1926.
Wichita
1925.
10,256,771
8,653,185 +18.5
8,528,835
7.922.244
Mo-Kansas City 159,025,879
143,405,360 +10.9 147,267,256 134,010,744
$
St. Joseph_ _
7.207,000
First Federal Reserve Dist rict-Boston
6,523,266
7,051,969
+7.7
6,991,174
Okla.-Okla.City
30,830,216
Maine-Bangor_
582,084
25,008,900 +23.3
29,144,500
702,365 -17.1
24,252.572
711,964
621,822 Colo.-Colo Slim
1,569,100
Portland
3,435,922
1,473,805 +6.5
1,228,732
1.559,346
3,488,179 -1.5
3,502,990
Denver
3,266,172
a
Mass.-Boston_ _ 388,000,000 416.000,000 -6.7 410,000,000 385,000,000
a
a
a
Pueblo
1,443,578
1,556,420 -7.3
1.375,125
1,385,391
Fall River_ _
1,088,887
2.021.260 -31.4
2,122,356
1,972,627
Lowell
1,361,527
1,092,848 -25.4
1,138,335
Total(12 cities) 2
1.181,275
67,244,109 237,632,871 +12.5 243,398,158 225,917,979
New Bedford- _
1.120,622
1,181,175 -5.1
1,246,866
1,454,448
Springfield_ _
5,149.896
4,357,368 +53.4
4,700,018
Eleventh Fede rat Reserve
5.170,382
District.-D alias.
Worcester
__
3,165,359
3,351.990 +5.6
3,506,964
3,303,277 Tex.-Austin _
1,637,641
1,161,640 +41.1
1,266,635
1,955,894
Conn.-Hartford
12,387,328
14,363,014 -13.7
Dallas
11,648,604
11,745,782
50,265,650
45,839,826 +9.7
47,467,334
44,183,135
New Haven_ _ _
7,655,508
6,754.175 +13.3
Forth Worth
6.928,431
6.003,474
13,084,323
10,699,289 +22.3
14.058.788
11.706,991
R.I.-Providence
13,719.300
12,046,900 +14.0
Galveston
11,373,600
_
11,850.000
6,118,000
6,729,000 -9.1
11 744 000
8,097,000
N.11.-Manche'r
641.865
588.981
+8.8
442.916
595,289 La.-Shreveport _
5,333,363
4,265.479 +25.0
5,091,566
5,481,857
Total(12 cities) 438,604,802 465,948,25.5 -5.9 457,323,044 432,164,548
Total(5 cities)76,438.977
68.695,234 +11.3
79,628,323
71.424,877
Second Feder al Reserve D strict-New YorkTwelfth Feder al Reserve
D Istrict-San Franc
N. Y.-Albany _ _
6,217,630
6,039,243 +3.0
Wash.
6,222.202
-Seattle..
5,747,883
49,611,122
44,573,289 +11.3
46,723,817
Binghamton_
42,310,537
1,240,274
1,076,089 + 15.3
Spokane
991,052
977.800
15,358,000
13,257,000 +15.8
13,072,000
11.745,000
Buffalo
53,283.295
Yakima
49,777.470 +7.0
49.159,997
55,452.465
1.466,717
1,161,603
1,459,717
+26.2
1,514,951
Elmira
1.171,137
899,906 +30.1
Ore.-Portland_ _
931,573
4
786,119
1,138,807
39,485,929 +4.2
45.002,892
Jamestown
37,623,202
1.345.142
Utah1,558,960 -13.9
S.
L.
1,536,571
City
1.745.870
18.221.570
16,504,975
17,040.799
+10.4
New York
5,612,582.759 5.616,037,784 -0.1 4.818.972.160 4,718,100,1
15.966.685
Cal.
-Fresno__ _
62
3,692,501
4,517,580 -18.3
4,248,312
Rochester
3,746,437
13,146,361
Long Beach..
12,310,552 +7.6
11.522,663
10,557.377
8,583,719
6,393,476 +29.5
6,960,078
Syracuse
6,644,776
6.469,878
Los Angeles..
5,611.927 +18.4
5.360,868
5,229,138
211.014.000
165,909,000
+27.2
175.620,000
Conn.-Stamford
147,840,000
4,122.605
4,148,316 -0.6
Oakland
3.765,563
3,710,318
19,065,680
18,286,368 +4.3
20,393,002
21,098,763
731,535
N. J.-Montclair
Pasadena
732,280 -0.1
643,357
437,719
5,884,868
5.668,329 +3.8
Northern N.J_
5,626,046
5,271,711
35.510.418
35,783.638 -0.8
Sacramento __
33.280.547
29,336,003
8,084,100
8,081,160 -0.1
8,481,679
8,563,501
San Diego
5,623.324
5,050.828 +11.7
5,770.224
Total(11 cities) 5,735,995,932 5.733.976,165
4,766,670
San Francisco
0.0 4.932,386,553 4,832,076,754
207,700,000 195,000,000 +6.5 195,523,000 183.347,000
San Jose
3,745,430
2,963,780 +26.4
2,825,294
Third Federal Reserve Dist rict-Philad elphia.
2.987,371
Santa Barbara.
1,860,875
1,556,481 +19.6
1,504.984
1,206.857
Pa.-Altoona _ _
1.854,917
1.714.565 +8.9
Santa
1.698,265
Monica _
1,414,047
2,434,035
2,127,580 +14.4
2,089,381
2,395.779
Bethlehem_
4,069,199
_
4,079.365 -0.2
Stockton
3,945,322
4,482,395
2,492.200
2,718,700 -8.3
3.034.300
3.150.700
Chester
1.151,024
1,258,312 -8.5
1,674,779
1,347,675
Lancaster
1,724.760
1,918,863 -10.2
Total(17 cities) 605,978,948
1,902,416
2,540,848
533,256,078 +16.3 555.465,618 499.914.949
Philadelphia
476,000.000 521,000,000 -8.6 506.000,000
521,000,000 Grand total (129
4,011,700
Reading
cities)
4.145.635 -3.2
3.922,964
9 716,382,442 9.671,572,2
3,399.547
78 +0.5 8,884,678,941 8,660,751,715
5,575,973
Scranton
5,486,570 +2.0
6.075,506
5,949,906
Wilkes-Barre_ 4.772,853
4,435,799 +7.0
4,213,563
4,326,345 Outside New York 4.103,799,683 4.055,534,494 +1.2 4,065,706.781 3,942,651,553
2.051,229
York
1,828,139 +11.4
1.821,744
2,188,107
N.2.-Trenton5,835,059
6,147,089 -5.0
6.169,402
5,061.045
Total(10cities)
1928.
537.046,714
1927.
552,014,337
Incas?
Dec.
1926.
1925.
-8.1
537,423,961
551,709,415
Fourth Feder al Reserve Di strict.-Clev eland.
7,213,000
7,411,000 -2.7
Ohio-Akron.4,838,521
4.786,522 +1.1
Canton
79,820,906 -12.4
69,903,865
Cincinnati --138,067.462 122,986,483 +12.2
Cleveland
17,246,000 -6.7
16,082.400
Columbus
2.759,791 -0.6
2,247,163
Mansfield
5,151,771 + 13.1
5,826.859
Youngstown Pa.-Pittsburgh
161.223.068 163,198,858 -1.2
6.584,000
3.755,322
73,534,851
122,303,043
16,072.600
2,392,707
5,233,133
169.925,394
5.214,000
3,525,444
68,581.263
114,838,727
13,311,600
2,008,441
4,039,142
166.342,691
+0.6
399,801,050
377,861,308
Flfth Federal Reserve Dist rict-Richm ond1,130.934 + 10.9
1,254.612
W.Va.-Hunt'g'n
Va.-Norfolk
5,035,113 -10.4
4,510,759
Richmond _ -39,917,000
47,080.000 -15.2
S.C.-Charleston
1.630,013 +62.0
2,641.000
Md.-Baltimore_
81.785,836 100,540,848 -12.6
D.C.-Washing'n
23,842,377
21,505,091 +10.9
1,505,264
6,698,173
47,499,000
1,716.623
100,951,104
23,803,476
1,725,638
7.484.439
54,757,000
2,054,490
105,414,327
23,717,319
176.921,999 -10.5
182,373,640
195,153,213
Sixth Federal Reserve Dist rict-Atlant a.-Tenn.-Chatt'ga
8,948,086
9,272,737 -3.5
Knoxville
3,823.881
3,380,955 + 13.1
Nashville
22,609,745
23,240,406 --2.7
Ga.-Atlanta_ __
51,034,314
49,336,887 +3.4
Augusta
1,636,943
1,786.624
Macon
2,304,836
2.060.747 +11.8
Fla.-Jack'nvllle.
13,645,048
16,268,332 -16.1
Miami
1,815,000
3,721,0130 -51.2
Ala.-Blrming'm.
22,364,822
23,196.621
Mobile
1,580,719
1,991.676 -20.6
Miss.-Jackson
2.040,290
1,449.120 +40.8
Vicksburg
306.970
323,380
LIL-New Orleans
47.049,291
52,181.676 -9.9
8,163,211
3,076,035
22.679,667
53,593,486
1,774.097
1,737,001
23,476,362
6.319.260
23,132.402
1,997,188
1,640,000
355,732
54.376,384
6,665,049
2.769,509
21,530,043
68,834,162
1,755,171
1,902.653
27,544,075
32,424.828
24,290,473
1,837,392
1,594.000
324.812
52,439,110
Total(8 cities)-
Total(6 cities)-
Total(13 cities)
405.402,338
153,951,584
179,159,945
402,866,331
188.210,161
-4.9
202.320,825
243,911,277
Week Ended Aug. 16.
Clearings as1928.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St.John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William_ _ ...
New Westminster
Medicine Hat_ _.
Peterborough __ _
Sherbrooke
Kitchener
Windsor
Prince Albert....
Moncton
Kingston
Chatham
Sarnia
Total(31 cities)
$
137,976,970
133,573,863
64,057,390
19,780,468
8,311,993
6.213.782
3,228,405
7.589,999
10.578.122
2,500,593
2.526,116
3,127,890
6,436,555
5,925,316
792,884
820,846
2,764.996
1,344,745
1,240,052
1,114,791
785,835
472.790
852,872
894,793
1.114,194
5.791,911
445,814
887,825
893.087
830,838
728.317
433,604,052
1927,
$
113,250,605
101,988.890
42,869.325
17,913,587
6,898,163
6.745,959
2,592,913
5,206,198
6,998,650
2,500,464
2 129.300
3,156,344
5,609,906
4,354,441
664,006
575,206
2,436,064
1.249,359
1,022 044
1,055,900
819,870
282.803
738.183
913.414
1,054,953
4,691,301
392,029
791,420
850.276
823,601
720.838
Inc. or
Dec.
+++++.4.14-1-4-,+++++
.00wwwww0,4 0,...4wwtocow.Doo
Week End. Aug. 18 1925k
341.296,012 +27.0
1926.
$
111,006,619
95,030,650
39,046,184
17,642,744
6,797,877
5,335.038
2,938,930
4,855,067
6,575,211
2483.417
2,270,811
20597,453
4,661,616
4,555,241
689,469
506,820
2,057,420
1,153,852
1,012.501
745,518
750,002
248,342
735.919
1.026,094
937.388
3,970,092
369.534
767,617
795,783
620.990
824,481
323,008,680
a manager refuse' to
report weekly clearings.
'Estimated*
1925.
$
98,762.983
80.410,360
40,481,202
16,645,721
6,195,383
6,006,223
2,590,810
4.652,065
5,825.327
2,192,742
1,950,111
2,487,267
4.620,585
4,220,020
726,551
538,147
1,915,743
1,063,100
872.238
669,333
683,366
249,054
708,000
1,090,938
937,545
30512,693
342.268
738.369
767,600
291,848,644
Aus. 25 1928.1
FINANCIAL CHRONICLE
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
August 8 1928:
1065
gyaironercial antlAliscellancons4.eurs
National Banks.-The followin
g information regarding
GOLD.
national banks is from the office of the Comptroller of the
The Bank of England gold reserve against notes amounted
to £170,894,225
on the 1st inst. (as compared with £173,222,505
on the previous Wednes- Currency, Treasury Department:
day), and represents an increase of £16,987,910 since
the 29th April 1925when an effective gold standard was resumed.
APPLICATION TO ORGANIZE APPROVED.
With the exception of about £50,000 taken for the Home and
Capital.
Continents Aug. 16-First National Bank in Prescott,
Ariz
trade, the E680,000 South African gold offered in the open
$100.000
market today
Correspon
dent,
Charles
C.
Miller,
Jr.,
Prescott,
Ariz.
was bought on account of Germany.
The following movements of gold to and from the Bank
CHARTERS ISSUED.
of England have
been announced, showing an influx of £750.000
during the week under Aug. 15-The National Bank of Wyoming, New York
review:
Succeeds the Wyoming Banking Co., Wyoming. N. Y. $50.000
President,F.J. Humphrey;Cashier, Wm.L. McClusky.
Aug. 2. Aug. 3. Aug. 4. Aug. 7. Aug. 8.
Received
Nil £500.000
Nil £250,000
Nil Aug. 17-The Pacific National Bank of Seattle, Wash
Withdrawn
Nil
Nil
Nil
President, G. H. Greenwood: Cashier, Allan P. Hull.2,500.000
Nil
Nil
The receipts on the 3d and 7th inst. were in sovereigns
on South African Aug. 17-Citizens National Bank of Point Pleasant, W. Va
account, the former being released from "set aside"
President, Walter A. Windsor; Cashier, Harold Sayre. 100.000
and the latter an
actual arrival.
The following were the United Kingdom imports
CHANGES OF TITLES.
and exports of gold
registered from mid-day on the 30th July to mid-d
Aug. 13-The First National Bank of Saugerties, New York, to
ay on the 4th inst.:
"The First National Bank & Trust Co. of Saugerties.:
ImportsExportsAug. 15-The Citizens National Bank of Pottstown, Pa.,to "The
British South Africa
/524.982 Germany
£328.500
British West Africa
Citizens National Bank & Trust Co. of Pottstown."
24,634 Austria
15,000
Other countries
19.161 Other countries
9,872
VOLUNTARY LIQUIDATION.
£568,777
£353,372 Aug. 13-The First National Bank of Gooding, Idaho
Effective June 26 1928. Liquidating Agent, First $40,000
SILVER.
Security Bank of Gooding, Idaho. Succeeded by First
The market has been quiet during the week,
Security Bank of Gooding. Idaho.
more supplies-Continental and otherwise-than sometimes with rather
the moderate demand Aug. 16-The American National Bank of Wagoner,
Okla
could conveniently absorb. Prices receded therefore
Effective Dec. 15 1927. Liquidating Agent. R. M. 50.000
to 27 1-16d. on the
4th inst., but with better enquiry from bears and from
Grimes, Wagoner, Okla. Succeeded by the American
the Eastern markets
the tendency improved and the price rallied.
Bank
of
Wagoner,
Okla.
America on the whole has
not been much of a seller here.
Aug. 17-The American National Bank of Spearfish, S. Dak25,000
The following were the United Kingdom imports
Effective
Dec.
27
1927. Liquidating Agent, W.
and exports of silver
Dickey. Spearfish, S. Dak. Absorbed by Bank E.
registered from mid-day on the 30th ult. to mid-d
of
ay on the 4th inst.:
Spearfish, S. Dak.
ImportsExportsFrance
CONSOLIDATIONS.
£123,698 British India
£69,704 Aug. 13-The First National
Other countries
20,394 Other countries
Bank of Tarpon Springs, Fla
$100,000
26,133
and -The Bank of Commerce & Tr. Co. of Tarpon Spgs.,
Fla. 50,000
£144,092
Consolidated to-day under Act of Nov. 7 1918,
as
£95837
amended Feb. 25 1927, under the charter of the First
The following figures compiled by the
Yokohama Specie Bank throw
National Bank of Tarpon Springs, (No. 12274), and
some light on the continual flow of silver into
under the title of "The First National Bank
China: "Chinese in the
of Commerce of Tarpon Springs," with capital stock of $75,000.
Malay Archipelago sent to China a total of
$45,950,000 in 1924 and $43.100.000 in 1925. as follows:
Aug. 18-Second Wisconsin Nat'l Bank of Milwaukee. Wis
and -Merchants & Manufacturers Bank of Milwaukee. Wis_ 200,000
1924.
1925.
Straits Settlements
Consolidated to-day under Act of Nov. 7 1918, as 400.000
$19,400.000 319.026,000
Philippine Islands
amended Feb. 25 1927, under the charter and corporate
15,500,000
13,228,000
Dutch East Indies
title
of "Second Wisconsin Nat'l Bank of Milwaukee,"
11,050.000
10,846,000
No. 13184, with capital stock of $200.000.
$45.950,000 $43,100,000
"Thirty-six per cent of the above was sent through
foreign banks, 32%
Auction Sales.-Among other securities, the following,
by post, 16% through Chinese owned banks, and 16%
taken to China by
Chinese themselves. There were at the time of the
actually dealt in at the Stock Exchange, were sold at auction
not
report.
1,170,000
Chinese in the Straits Settlements, 810,000 in the Dutch
Indies and 250,000 in New York, Boston, Philadelphia and
in the Philippines. Basing on the above figures,
Buffalo on Wednes$16 Per head was sent
from the Straits Settlements, $13 from the Dutch Indies
day of this week:
Philippines. The average sent per head is about $27. and $53 from the
The above figures
By Adrian H. Muller & Sons, New York:
do not include the money sent from Annam. Burma
and Slain, of which
there is no reliable report. Based on population, with
Shares. Stocks.
$ Per sh. Shares. Stocks.
$ per oh.
$25 lot Certificate No. 3)11,304 purporting
In Slam. 360,000 in Annam. and 300,000 in Burma. 1.800.000 Chinese 200 David P. Barry, Inc
to represent 10,000 shares of
this figure. at $27 per head, the average for the Malaytotalling 2.460.000, 1.687 Allied Packers, Inc., pr. pref. 135
Wendell
Coal
Co
390
lot
530
capital
Archipela
stock
go, would
of International
give $66,420,000 or a total altogether of $109,520,
Life Ins. Co., St. Louis, Mo..$500 lot
000 for 1925. This 200 Standard Publishing Corp.,
figure, however, does not include remittances from
ch-ss A, no par
2
BondsPer cent.
Chinese
in
North
Kan.
50
City
(Mo.)
or
Joint
Stock
$500 I. S. C. Corp., 6% 1st gold
South America and Europe, who are estimated to
remit at least fifty
Land Bank
$33 lot
deb., 8s Oct. 1 1931 bond
million dollars a year to the mother country."
$1 tot
INDIAN CURRENCY RETURNS.
(/n lots of rupees.)
July 15.
July 22.
July 31.
Notes in circulation
17893
17978
Silver coin and bullion in India
18079
10156
10241
10313
Silver coin and bullion out of India
Gold coin and bullion in India
i4S
t-fie
Gold coin and bullion out of India
Securities (Indian Government)
4277
..i .i
Securities (British Government)
i175
484
484
517
The stock in shanghai on the 4th
inst. consisted of
ounces in sycee, 82.500.000 dollars. and 7.420 silver about 47,500,000
bars, as compared
with about 47.500,000 ounces in sycee, 80,600.000
dollars, and 7,460 silver
bars on the 28th ultimo. Quotations during the week:
-Bar Silver per Oz.Std.
Ear Gold
Cash.
2 Mos.
Per Oz. Fine.
Aug. 2
2735d.
2735d.
84s. 1135d.
Aug. 3
2735d.
2730.
84s. 1135d.
Aug. 4
27 1-16d.
27 1-I6d.
84s.
Aug. 7
113,d.
2735d.
2735d.
84s. 1130.
Aug. 8
273-16d.
273-16d.
84s. 1135d
Average
27.150d.
27.150d.
84s. 11.4d:
The sliver quotations to-day for cash and two
months delivery are each
1-16d. below those fixed a week ago.
ENGLISH FINANCIAL MARKETS-PER
CABLE.
The daily closing quotations for securities, &c., at
London,
as reported by cable, have been as follows the past
week:
Sat.,
Mon.,
Tues.,
Wed.,
Than.,
Frt.,
Aug. 18. Aug. 20. Aug. 21. Aug. 22.
Aug. 23. Aug. 24.
Sliver, per intl. 2734
273-16
2735
273-16
2735
27
Gold, per line
ounce
84.1134
84.1135
84.1154
14.1155
84.1154
84.1134
Consobi,254%- -56
56
56
56
56
10234
British. 5%--- -10251
10234
10234
10254
434%
British,
9834
9834
9854
9834
9854
French Rentes
68.85
(in Paris)-fr. ---68.70
68
68.25
68.25
French War L'n
94.20
94
tin Paris)-fr.
93.75
93.80
93.80
The price of silver in New York on the same days has been:
Silver in N.Y., per Os.(eta.):
59
Foreign
159
6834
69
6834
58,5
By Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
$ per sh. Shares. Stocks.
8 pa *h.
8 First National Dank
46031 10 Plymouth Cordage Co
6654
13 Arlington Mills
3551 46 special units First Peoples Trust_ 4
26 Naumkeag Steam Cotton Co.. 12834 40 Old Colony Tr. Associates
_5234-5254
Mills
Brookside
1
55
15 Old Colony Trust Associates_ _ _ 5351
44 Whitman Mills Corp
1735 9 units First Peoples Trust
10 Nashua Mfg. Co., pref___845$ & div. 2 special units First Peoples Trust_ 5434
4
al Sharp Mfg. Co., corn
14c.-19e. 9 Mass. Cities Realty Co.. partic.
4,500 U. S. Worsted Corp., corn.*
preferred
5
Ballou
Yarn Co.; 3 Methow
50
6 Amer. Invest. Securities Co.,
Trading Co.; 45 Advance Gin &
common, par $10
18
Mill Co
$280 lot 15 Boston Belting Corp., pref., par
100 U. S. Machine Gun Co., cl. 3
$50; 7 Boston & Worcester St.
trust certificates
Ry., pref.; 51,000 Girardsvhie
$2 lot
45 Eastern Util. Associates. corn 41
Ga tCo.. 1st 68. due 1943. May 1
121 New England Power Assn.,
1921 coupon and subsequent
6% preferred
9954 & div. coupons attached
511 lot
5 Thomson Electric Welding Co.,
31 Beacon Participations, Inc.. Pf..
par $20
3554
class A
hex-div.
Shawmut
Asan., part paid
90
52 20 Westfield Mtg. Co.,8% pf.106 & div.
200 Fall River Gas Works Co..
12 units First Peoples Trust
54,4
par $15
5834 5 units First Peoples Trust
5434
30 Merrimac Hat Corp., pref.,
12 units First Peoples Trust
5431
par $50
47
By Barnes & Lofland„ Philadelphia:
Shares. Stocks.
$ per sh. Shares. Stocks.
$persh.
13 Philadelphia National Bank__ -750 5 Fidelity Tr. Co., Wildwood, N.5.10254
1 Queen Lane National Bank
150 30 Wildwood (N.J )Title & Tr.Co.300
1 Queen Lane National Bank
145 26 Mortgage Guar. Co. of Pa
100
10 Overbrook National Bank
180 5 Strawbridge & Clothier, cum. pf-10054
4 Nat. Bank of North Philadelphia 355
Bankers Bond & Mtge. Co. ,com.,
2 Nat. Bank of North Philadelphia 355
all ex-rights, as follows: 50 at
1 ONat.Bank of Nor.Philadelphia_352
5134.50 at 51. 100 at 50. 100 at
U nion Bank & Trust Co
15
49, 600 at 49.
390
5 Oxford Bank & Tr. Co., par $50._300
Bonds.
Per en,
12 Mitten M. & M. Bank & Trust
$30.000 Wayne Coal Co. 1st 68.
Co. (stamped)
117
1937
lot
Northweste
rn Tr. Co.. par 550.1,010 $35,000 Illinois Coal Corp. 1st s.$120
5
f.
4 Guarantee Tr.& Safe Dep. Co- _461
78, 1943. ser A, ctf. del,
$155 lot
8 Guarantee Tr.& Safe Dep.Co__ _481
$ Per right.
19 Guarantee Tr. dr Safe Dep. Co. 460
12 13elmont Trust Co
25
90 Colonial Tr. Co., par $50
25034 20 Franklin Trust Co
151
Trust
Tacony
6
Co
495 5 Franklin Trust Co
151
5 Broad St. Tr. Co., par 550
95
75 Franklin Trust Co
Bankers Trust Co., par $50, as
Bankers Bond & Mtge. Co. rights150
follows: 25 at 134, 25 at 13354.
as follows: 100 at 3, 100 at 234,
25 at 1325.1. 25 at 13254, 9 at 13054
100 at 234,200 at 234,300 at 2,
5 Fidelity Tr. Co.. Wildwood,N.5.102
500 at 134,500 at 1.
By A. J. Wright & Co., Buffalo:
Shares. Stocks.
Per sh.IShares. Stocks.
$ per eh.
10 Assets Realization CO
$1 lot
Qualitol, Inc.,Keltr
par $20._ 50c.
1.000 Kirkland Bunton, par Si.... Sc, LON Canadian
Lorrain, Dar $1--- 10c.
1066
[Vora. 127.
FINANCIAL CHRONICLE
By R. L. Day & Co., Boston: '
$ per sh.
d Per oh. Shares. Stocks.
Shares. Stocks.
4604 10 Champion International Co., pf_10834
5 First National Bank
54
1 unit First Peoples Trust
319
25 National Shawmut Bank
1614 I Springfield Gas & Light Co.
17 Boston National Bank
63
(undeposited), par $25
128
25 Naumkeag Steam Cotton Co
19434
1024 19 Essex Co., par $50
5 Berkshire Cotton Mfg.Co
20 Naumkeag Steam Cotton Co ....1269 Lynn G.& E.(undep.), par $25_1634
54
Trust
Peoples
First
units
6
common
Co.,
Mfg.
Amoskeag
6
20 Old Colony Trust Associates-- 524
85
(old stock)
1,1034
Co
Insurance
Boston
1
ex'div.
884
Co
Mfg.
Pepperell
3
354 36 Thomson Electric Welding Co.,
120 Arlington Mills
3534
par $20
1934
4 Ludlow Mfg. Associates
200 Eastern Utilities Assoc., cony_ 14
6
3 Saco-Lowell Shops, 24 pre:
•
par
Co.,
Paper
Northern
100 Great
4
7Saco-Lowell Shops,com
82-83
$25
300 Carr Fastener Co.,com.. par $203534
&
Storage
Cold
Market
Quincy
1
com___3201ot
73 Suburban Elec. Secur.
73
Warehouse Co., pref
544
6 Sullivan Machinery Co
Per Cent.
Bonds.
41 Turner Centre System, pref.... 544
Invest.
National
Federal
$1,000
10 Public Light & Power Co., pref_ 354
Trust 48, June 1948, ser. A. with
18
2 Public Light & Power,Co
20 shares common as bonus_ _75 dr int.
10 Amer. Founders Trust, 7%
$200 Boston Lodge No.10 B.P.O.E.
50
Pref.. Par $50
60 & int.
2d mtge. 65, Apr. 1940
20 Amer. Founders Trust, com.,
10741084
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
Sept. 1 Aug. 22 to Sept. 3
$1
Florence Stove, com.(guar.)
$1.75 Sept. I Aug. 22 to Sept. 3
Preferred (guar.)
•134 Oct. 1 *Holders of roe. Sept.16
Florsheim Shoe,6% pref. (guar.)
25e. Oct. I Holders of rec. Sept.15
Forhan Co., corn. (guar.)
Class A participating stock (guar.)... 40c. Oct. 1 Holders of rec. Sept.15
Sept. 1 *Holders of rec. Aug. 20
*1
Garner Royalties (monthly)
Sept. 1
Goldberg(S. M.)Stores,Inc., pf.(NO. 1) $1.75 Sept.15 Holders of rec.
62340. Oct. 1 Holders of rec. Sept.12
Gotham Silk Hosiery (guar.)
Sept. 15
rec.
of
*Holders
*670. Sept.29
Grasselli Chemical, corn. (guar.)
*134 Sept.29 *Holders of rec. Sept.15
Preferred (guar.)
Great Western Saddlery Co144 Sept. 1 Aug. 18 to Aug. 31
First and second preferred (guar.)*70c. Oct. 2 *Holders of rec. Sept. 15
Great Western Sugar, com.(guar.)
*14 Oct. 2 *Holders of rec. Sept.15
Preferred (guar.)
25c. Sept. 1 Holders of rec. Aug. 25
Homestead Funds Corp., cons.(gust.)....
Preferred (guar.)
$1.75 Sept. 1 Holders of rec. Aug. 25
Horn(A.C.) Co. 1st pref.(au)(No. 1).. •8734c Sept. 1 *Holders of rec. Aug. 27
$1.25 Oct. 1 Holders of rec. Sept.11
Hudson Motor Car (guar.)
14 Aug. 30 Holders of rec. Aug. 25
Imperial Royalties Co., pref.(mthly)_
Class A preferred (monthly)
150. Aug. 30 Holders of rec. Aug. 25
Sept.28 Holders of rec. Sept. 7
(Can.)
740
and
Imperial Tob.
(interum) 3 Sept.29 Holders of rec. Sept. 7
Preferred
Imperial Tob.of Gt.Brit.& Ire.(s) Sept. 6 *Holders of rec. Aug. 16
Amer.dep.rcts.for ord.abs
DIVIDENDS.
*31 Sept.28 *Holders of rec. Sept.11
International Cement,tom.(guar.)
75 Oct. I *Holders of rec. Sept. 15
*31
Internal.Comb. Engineering.pref.(qu.).Dividends are grouped in two separate tables. In the Internat. Equities
Corp., class A (guar.) 8734c Oct. 1 Holders of rec. Sept.20
the
announced
Sept.29 Holders of rec. Sept. 10
750
Nickel,
dividends
corn.
International
(guar.)
the
first we bring together all
Investment Trust of N. Y.
current week. Then we follow with a second table, in
0 Aug. 31 *Holders of rec. July 31
17
3
'
Collateral trustee shares(No. 1)
$1.10 Sept. 1 Holders of rec. Aug. 25
Koplar Co., pref.(guru.)
which we show the dividends previously announced, but Kraft-Phenix
*14 Oct. 1 *Holders of rec. Sept.10
Cheese (guar.)
which have not yet been paid.
Stock dividend
•14 Oct. 1 *Holders of rec. Sept. 10
•30c. Sept.29 *Holders of rec. Sept. 10
Kresge (S. SO Co., cons. (guar.)
The dividends announced this week are:
10 *Holders of rec. Sept. 10
*14 Sept.29
Preferred (guar.)
Holders of rec. Sept. 1
Lake
Shore
20c Sept.
Mines,
Ltd
Books Closed
When
Per
Aug. 24
Lake of the Woods Milling, corn.(qu.).
80c Sept. 1 Holders of rec.
Days Inclusive.
Cent. Payable.
Name of Company.
Sept. 1 Holders of rec. Aug. 24
Aug. 15
rec.
of
Holders
I
Sept.
Legare (P. I.) Co., Ltd.(Que./04(1u.)
144
Railroads (Steam).
Lehigh Portland Cement, prof (qu.)..... •14 Oct. 1 *Holders of rec. Sept.14
*24 Oct. I *Holders of rec. Sept. 8
*Holders of rec. Sept.20
Chesapeake & Ohio. corn.(guar.)
I
Oct.
Ludlum
Steel
.
(guar.)
.34 Jan 1'29 *Holders of rec. Dec. 8
Preferred series"A"
Oct. 1 Holders of rec. Sept. 17a
Mathieson Alkali Wks., com.(guar.).*24 Sept.29 *Holders of Lee. Sept. 8
Hocking Valley, com.(quar.)
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept.17a
34 Sept.15 Sept. 11 to Sept. 14
St. Joseph South Bend dr Sou, com
May
Sept. 1 Holders of rec. Aug. 22
Hosiery Mills, Inc., pref. (cm.)
$1
24 Sept.15 11414.11 to Sept. 14
Preferred
.20 Holders of rec. Sept.15
.1
tt
sep
*50c. 0c
Midvale Company (guar.)
Holders of rec. Sept. 10
Motor Wheel Corp., corn. (guar.)
*50c.
0
Public Utilities.
Common (extra)
*250. Sept.20 Holders of rec. Sept. 10
50e. Sept. 1 Holders of rec. Aug. 15
Atlantic Public Util., corn."A"(quar.)..
Holders of rec. Sept.
Corn.
15
Oct.
(payable
In
*125
com.
stock)
$1.75 Sept. 1 Holders of rec. Aug. 15
17
Aug.
rec.
$7 preferred series"A"(guar.)
of
Holders
I
Sept.
Mortgage Security Corp. of Am„inn! _ $1.75
Oct. 15 Holders of rec. Sept.22
2
Bell Telep. of Canada (guar.)
*750. Sept. I Holders of rec. Aug. 16
Munsingwear, Inc. (guar.)
*31.25 Oct. 1 *Holders of rec. Sept. 6
Brooklyn Union Gas (guar.)
National Breweries, Ltd., corn. (OIL)--- 31 Oct. I Holders of rec. Sept. 15
$1.75 Oct. I *Holders of rec. Sept. 13
Elec. Power & Light, pref. (guar.)
134 Oct. 1 Holders of rec. Sept.15
Preferred (guar.)
*14 Sept. 1 *Holders of rec. Aug. 20
Houston Gulf Gas, pref.(guar.)
Sept.15 Holders of rec. Aug. 31
National Casualty (Detroit) (gust.).... •3
Sept.29 *Holders of rec. Sept.28
*2
Illinois Bell Telep.(guar.)
Oct. 1 Holders of rec. Sept. 184
24
National
Surety (guar.)
K.C.Pow.& Light, lat pf"S"(guar.)-- *11.50 Oct. 1 *Holders of rec. Sept. 14
New Bedford Cordage, corn. (111.)
•250. Sept. 1 Holders of rec. Aug. 21
Kentucky Hydro Elec. Co., pf.(guar.).- *14 Sept.20 *Holders of rec. Aug. 31
1 Holders of rec. Aug. 21
Sept.
Preferred
'13.4
(guar.)
114 Oct. 1 Holders of rec. Sept. 14
Montana Power.com.(guar.)
New England Equity Corp., pref. (qu.)
2 Oct. 1 Holders of rec. Sept.15
Sept.29 Holden; of rec. Sept. 10
New England Telep.& Teleg.(guar.)- - - 2
Holders of rec. Sept. 1
Sept.15
New
York
3740
Auction
Co.
(guar.)
Sept.20
rec.
•13.4 Oct. 15 *Holders of
New York Telephone,Pref.(guar.)
5013. Sept. 1 Holders of rec. Aug. 25
North Atlantic Oyster Farms cl A(qu.)*14 Sept.29 *Holders of rec. Sept.20
Pacific Telep. & Teleg., com.(guar.)
North American Provision. pref.(quar.). *14 Oct. I Holders of rec. Sept.10
*14 Oct. 15 *Holders of rec. Sept.29
Preferred (guar.)
n Oct. 1 Holders of rec. Sept. 19
OtisSteel, prior Prof. (guar.)
Peoples Light dr Pow.Corp. corn A(qu.)_ P60c. Oct. 1 Holders of rec. Sept. 8
Pennsylvania-Dixie Cement,com.-DIA dend o mitted.
Aug. 31
Public Serv. Corp. of N.J., com.(guar.) *50c. Sept.29 *Holders of rec. Sept. I
.3740
Preferred (guar.)
•154 Sept.15 *Holders of rec.
111.25 Sept.29 *Holders of rec. Sept. 1
$5 preferred (guar.)
A.31 *Holders of rec. Aug. 20
Perfective Stove (extra)
*14 Sept.29 *Holders ol rec. Sept. 1
14
Sept.
rec.
of
7% preferred (guar.)
Holders
1
3734c Oct.
Phillips Petroleum (guar.)
Sept.29 *Holders of rec. Sept. 1
*2
8% preferred (guar.)
Sept.15 *Holders of rec. Aug. 23
Pilgrim Mills (guar.)
411
*50o.Sept.29 *Holders of rec. Sept. 1
Sept. I
rec.
of
Holders
6% Preferred (monthly)
Sept.15
14
Port
Alfred
Pulp & Paper Corp., pf.(qua
15
Public Service Elec.& Gas7% pref.(qu.) 134 Sept.29 Holders of rec. Sept. 1
14 Sept. 1 *Holders of rec. Aug. 15
Rolland Paper, Ltd.,Prof.(qu.)(No.1)- '134
14 Sept.29 Holders of rec. Sept. 1
6% preferred (guar.)
Sept. 1 Holders of rec. Aug.
Ruddy (E. L.) Co., Ltd.. prof.(quar.)
24 Sept.15 Holders of rec. Sept. I
25
Aug.
rec.
Laclede Gas Light, com.(guar.)
of
Holders
1
250. Sept.
St. Louis Screw &Bolt, cons
$1 Sept.15 Holders of rec. Aug. 31
Au'. 18
Standard Gas& Elec.8% pref.(qu.).
Schine Chain Theatres, pref.(guar.).--- *750. Sept. 1 *Holders of rec. Sept.21
•75o. Oct. 1 *Holders of rec.
Scoville Mtg. (guar.)
Banks.
rec.
of
Aug. 310
Holders
50c. Sept.15
Seeman Brothers, Inc. (extra)
*4
Sept. I *Holders of rec. Aug. 24
Chemical National (Interim)
Extra
500. 3-15-29 Hold'rs of roe. Mar.1'294
*4
Oct. 1 *Holders of rec. Sept.15
1
Sept.
rec.
Public Nat.Bank & Trust(quar.)
of
Holders
Sept.15
$1.25
Shubert Theatre Corp. (guar.)
*50c. Oct. 1 *Holders of rec. Sept.20
Sonatron Tube (guar.)
Trust Companies.
rec. Sept. 15
of
*Holders
Sept.29
South
Penn
*50c.
Oil
(guar.)
Sept.29 Holder* of rec. Sept.15
$3
Equitable (guar.)
Extra
•250. Sept.29 *Holders of rec. Sept. 15
South Porto Rico Sugar, corn.(guar.)--50c. Oct. 1 Holders of rec. Sept.10
Fire Insurance.
Common (extra)
25c. Oct. 1 Holders of rec. Sept. 19
8740. Sept.15 Holders of rec. Sept. I
Universal of Newark (guar.)
Oct. 1 Holders of rec. Sept. 10
Preferred (quar.)
2
15
South
Oct. 1 Holders of rec. Sept.
West
Pa.
Pipe
$1
Lines (guar.)
Miscellaneous.
Sept.15
Sperry Flour. pref. B.(guar.)
s134 Oct. 1 *Holders of rec. Sept. 17
60c Sept.15 Holders of rec. Sept. 1
Acetol Products,Inc., cl. A (guar.)
of rec.
Holders
Sept.29
Standard
134
Milling,
corn.
24
Aug.
(qu.)
14 Sept. 1 Holders of rec.
7
Alliance Realty, pref. (guar.)
Standard 011 (Ohio). corn
62140 Oct. 1 Holders of rec. Sept.
American British & Continental CorpAug. 31 *Holders of rec. Aug. 16
Taunton-New Bedford Copper (Mier.)-- •32
75c Sept. 1 Holders of rec. Aug. 15
First pref, allot. certificates (quar.)
of rec. Aug. 16
*Holders
Extra
31
Aug.
•325
35c Sept.29 Holders of rec. Sept. 12
American Colortype, com.(guar.)
*Holde of rec. Sept. $
10 'Holders
Oct.5ept.20
25c, Oct. 1 Holders of rec. Sept.140 Todd Shipyards (guar.)
Amer. Home Products (monthly)
Holders of rec. Sept.29
Toddy Corp., class A (guar.)
50c
•30c Sept. 1 *Holders of rec. Aug. 20
Amer. & Scottish Invest. Co.(No. 1)
Holders of rec. Sept. 12
1
United
Sept.29
Cigar
Stores
250
of Am.,corn.(quar.)
Nov. 1 Holders of rec. Oct. 15
2
Amer. Shipbuilding, corn. (guar.)
of roe. Aug. 23
United Electric Coal Cos., 1st pref
Sept.
$2
134 Nov. I Holders of rec. Oct. 15
Preferred (guar.)
Holders of rec. Sept.29
*
1
S.
15
U.
Oct.
Industrial
*14
pf.
14
Alcohol.
(guar.) - - 34 Sept. 1 Aug. 28 to Aug. 31
of rec. Sept. 10
Amer. Window Glass Co., pref
Holders
U. S. Leather, prior pref. Mar-)
374c Oct. 1
14 Oct. 1 Holders of rec. Sept.10
Armour & Co.(I11.), pref.(guar.)
Holders of rec. Sept.20
Waldorf System, corn. (guar.)
rec. Sept.20
of
Armour & Co. of Delaware. pref.(guar.) 134 Oct. 1 Holders of rec. Sept. 10
Holders
io
1
00sept.
3
Oct.
Preferred
20.
(guar.)
14 Sept. I Holders of rec. Aug. 15
Asch, Limited, pref. (guar.)
*Holders of rec. Sept. 5
Walworth Co., corn. (guar.)
75c Oct. 1 Holders of rec. Sept. 10
*Holders of rec. Sept.20
Auto Strop Safety Razor, Cl. A (guar.)
1
.29
Preferred
tt
p
e
e
O
S
•750
(guar.)
Sept.15
*Holders of rec. Sevt. 13
Bancroft(Joseph) & Sons Co.,com.(qu.) 6240. Sept.29 Holders of rec.
Ward Baking, corn. A (guar.)
*32
Sept. 1 Holders of rec. Aug. 21
$1
Sent. 13
Bentley Chain Stores. pref. (guar.)
Preferred (guar.)
•1 n Oct. 1 *Holders of rec.
Oct. 30 *Holders of rec. Oct. 15
*31
Holders of rec. Sept.15
1
29
Weber
Bon Ami Co., class A (guar.)
&
.
t
Hellbroner,
v
P
0
e
S
Inc.,
N
corn.(guar.).
rec.
28
of
1
Sept.
Oct.
*Holders
*50c
Oct. 15
roe.
of
(guar.)
Holders
B
Class
Preferred (guar.)
$1.50 Sept.15 Holders of rec. Sept. 1
Boston Woven Hose & Rub, coon. (qu.) _ *14
Westland Oil
Sept.30 *Holders of rec. Sept.15
*SI
Oct. 1 *Holders of rec. Sept. 10
Sept.29
rec.
of
Holders
Brockway Motor Truck cony. pf. (guar.) (r) Sept.92
31
Oct.
Air
500
Brake (guar.)
Widen; of rec. No. 124r Westinghouse
16
White (E. A.) Organization,
British-Amer. Tob., ordinary (Interim). *250 Sept. 4 *Holders of rec. Aug. 31
Inc., pref.- 37440 Aug. 30 Holders of rec. Aug. 1
Woodworth. Inc., com.(guar.)
Bunker Hill & Sullivan Mining (mthly). *50c. Sept. 4 *Holders of rec. Aug. 31
Oct. 15 Holders of rec. Oct. I
Sept.
rec.
of
Holders
Preference (guar.)
Extra
62340 Sept.15
•14 Oct. I *Holders of rec. Sept. 13
Burns Bros., pref. (guar.)
*31.50 Sept.24 *Holders of roe. Sept. 7
Calumet & Arizona Mining (quar.)
31
Aug.
rec.
of
Sept.30
*Holders
Below
announced in previous weeks
*14
we
give
the
dividends
Canada Cement, pref. (guar.)
3740. Sept.15 Holders of rec. Aug. 31
and not yet paid. This list does not include dividends anCanada Malting. Ltd
rec. Sept. 15
*Holders
of
1
Oct.
*750.
(guar.)
Celotex Co., corn.
nounced this week, these being given in the preceding table.
*14 Oct. 1 *Holders of rec. Sept.15
Preferred (guar.)
*50c. Oct. 1 *Holders of rec. Sept. 25
Central Alloy Steel, com.(guar.)
Books Closed
When
Per
Oct. 1 *Holders of rec. Sept. 13
*14
Preferred (guar.)
Days inatain.
Name of Company.
Cent. Payable
75c, Sept.30 Holders of rec. Sept. I
Certo Corporation (guar.)
25c. Sept.30 Holders of rec. Sept. 1
Extra
Railroads (Steam).
*75c. Jan 129 *Holders of rec. Dec. 10
Chickasha Cotton 011 (guar.)
24 Oct. 1 Holders of rec. Sept. 8s1
3
Aprl'29 *Holders of rec. Mar 10'29 Alabama & Vicksburg
•750.
of rec. July 271
Quarterly
1'29 *Holders of rec.June10'29 Atch. Topeka & Santa Fe, corn.(guar.). 14 Sept. 1 Holders of
Jul
*750.
rec. July 144
Quarterly
Baltimore
&
Sept. 1 Holders
23
Ohio,
Aug.
corn.
rec.
of
Holders
(guar.)
650. Sept. 1
rec. July 144
of
Clark Lighter, cony. A (guar.)
Holders
1
Preferred (guar.)
Sept.
1
Oct. I *Holders of rec. Sept. 10
Container Corp. of Amer., corn.. A (qu.) *300. Oct.
Holders of roe. Aug. 31a
I
&
Bangor
Oct.
88e
10
14
common
Aroostook,
(guar.)._
Sept.
rec.
of
*Holders
I
*15c.
Aug. 314
roe.
of
Common class B (guar.)
Holders
1
Oct.
Preferred
10
(guar.)
*134 Oct. 1 *Holders of roe. Sept.
Preferred (guar.)
Boston & Albany (guar.)
24 Septd29 Holders of rec. Aug. 31
1 *Holders of rec. Aug. 17
Aug. 310
roe.
of
Holders
Continental Securities, pref.(q.)(No.1) •134 Sept.
1
Oct.
Canadian
Pacific,
cow.
31
Aug.
rec.
(guar.)
Sept.15 Holders of
Cookeville Shale Brick, Ltd., pref. (qu.) I
Oct. 1 Holders of rec. Aug. 31
Preference
2
24
*87340 Sept. 1 *Holders of rec. Aug. 10
Crosse & Blackwell, pref.(No. 1)
I Holders of rec. Sept. 81
Oct.
750
Chesapeake
Corporation
(guar.)
Sept.
rec.
of
*Holders
Sept. 3
to
Crowley Milner & Co., corn.(quar.)- -- *500. Sept.30 *Holders of rec. Sept. 13
Chestnut Hill (guar.)
134 Sept. 4 Aug. 21
siji Sept.29 *Holders of rec. Sept. 7
Crown Willamette Paper, 1st Id. (guar.) *31.75 Oct. 1 *Holders of rec. Sept. 13
Chic. R.I.& Pacific, corn.(guar.)
*31.50 Oct. 1
Holders of rec. Aug. 106
1
2nd preferred(quar
&
Cleve.
Sept.
000
8734e.
Pittsburgh.
guar.
(guar.)
Sept.20
rec.
'
)(monthly)
Aug.0e
*50c. Oct. 2 *Holders of
Curtis Publishing, corn.
Special guaranteed (guar.)
14 Sept. 1 Holders of rec. Sept.
100
.131 Oct. 1 *Holders of rec. Sept.20
Oct. 1 Holders of rec.
Preferred (guar.)
Consol. RR,. of Cuba, pref. (guar.).*880. Sept.15 *Holders of rec. Sept. 4
Pept.28 Holders of rec. Sept.28a
Cutler-Hammer Mfg.(guar.)
Cuba Northern Rys., com.(No. 1)
3
131.40
'29
15
Jan
roe.
of
Holders
(Montreal)
Ltd.
Febl'29
Frere,
David &
Cuba RR., preferred
24
Aug. 28a
56e. Sept.15 Holders of rec. Aug. 31
Common class A (guar.)
14 Sept.20 Holders of rec. Sept. 15a
Delaware & Hudson Co.(guar.)
*50c. Sept. 1 *Holders of rec. Aug. 20
Dinkier Hotels Co., class A (quar.)__
Ix Oct. 1 Holders of rec.
Gulf Mobile & Nor.,6% pref.(guar.)
Sept.20
rec.
of
*Holders
Aug. la
roe.
of
1
Oct.
Holders
*31
1
t.1
Dolese & Shepard Co.(extra)
Sept.
Illinois Central, common (guar.)
Holders of rec. Aug. 31
Holders of rec. Aug. la
Du Pont(E.I.) de Nem.& Co.,com.(gu) $2.50 Sept.15 Holders
Sept.
3
Preferred
15
of rec. Oct. 10
Sept.
rec.
of
Holders
114 Oct. 25
1
Oct.
Debenture Stock (guar.)
14
1
Maine Central, common (guar.)
Holders of rec. Aug. 15
*$1.25 Oct. 1 *Holders of rec. Sept.20
Sept.
Electric Controller & Mfg.(guar.)
Preferred (guar.)
Aug. 25
Holders of rem. Sept.150
Sept.29
Electrographic Corp., corn.(qu.)(No. 1) *50c. Sept. 1 *Holders of rec.
14
Missouri-Kansas-Texas.
pref.(Quar.)--*2.0c. Sept. I *Holders of rec. Aug. 21
14 Sent. I Holders of rec. Aug. 15a
Fair (The)(monthly)
New Orles 're:WM& Mexico (guar.)
Sept.29 *Holders of rec. Sent. 19
Federal Terra Coon, pref.(guar.)
3100%
Eli
AUG. 25 1928.]
Name of Company.
Railroads (Steam) ((Joncluded).
New York. Chicago & St. LOMB,COM.&
preferred((MO
Norfolk & Western,corn.(guar.)
North Pennsylvania (ouar.)
Old Colony (quar.)
Pennsylvania RR.(quar.)
Pere Marquette, corn. (quar.)
Prior preferred & preferred (1:MR1'3
Phila. Germantown & Norristown (gu.)_
Pittsb.Bessemer & L.E.,corn.(guar.)
Pittab. Youngs. d, Ash., pref. (quar.)_.._
Reading Co., first pref. (guar.)
Second preferred (guar.)
St. Louis-San Francisco, corn.(au)
Common (extra)
6% preferred (quar.)(No. 1)
6% preferred (quar.)
Old preferred-See Note belowSouthern Pacific CO.(guar.)
Texas & Pacific (guar.)
Union Pacific,corn.(guar.)
Preferred
Vicksburg Shreveport & Pacific, corn_Preferred
FINANCIAL CHRONICLE
Per
When
Cent. Payable
Books Closed
Days IncBialys.
135 Oct. 1 Holders of rec. Aug. 15a
2
Sept.19 Holders of roe. Aug. 810
$1
Aug. 25 Holders of rem Aug. 204
144 Oct. 1 Holders of rec. Sept. 154
8734c Aug. 31 Holders of rec. Aug 10
135 Oct. 1 Holders of rec. Sept. 70
131 Nov. 1 Holders of rec. Oct. 80
31.50 Sept. 4 Aug. 21
Sept. 3
to
*750. Oct. I *Holders of rec. Sept. 15
131 Sept. 1 Holders of rec. Aug. 200
50e. Sept.13 Holders of tee. Aug. 230
50c. Oct. 11 Holders of rec. Sept. 200
141 Oct. 1 Holders of rec. Sept. la
25o. Oct. 1 Holders of rec. Sept. la
134 Nov. 1 Holders of re*. Oct. 80
14 Feb.129 Hold. of rec. Jan. 7 '29a
134
13.(
235
2
234
234
Oct.
Oct.
Oct.
let.
Oct.
Oct.
1
1
1
1
1
1
Holders of rec. Aug. 240
Holders of rec. Aug. 310
Holders of rem Sept. 10
Holders of rec. Sept. 10
Holders of rec. Sept. Sa
Holders of roe. Sept. Sa
1067
Per
When
Books Closed
Name of Company.
Cent. Payable.
Days Inclustse.
Public Utilities (Concluded).
Nor. States Power (Wisc.). pref.(qu.)-- 154 Sept. 1 Holders
of rec. Aug. 20
Northern Texas El. Co.. pt.(in scrip)
Sept. 1 Holders of rec. Aug. 15.2
p3
Ohio Edison Co.,6% pref.(qua?.)
1% Sept. 1 Holders of rec. Aug. 15
6.6% preferred (guar.)
1.65 Sept. 1 Holders of rec. Aug. 15
7% preferred (guar.)
134 Sept. I Holders of rec. Aug. 15
5% Preferred (quar.)
11( Sept. 1 Holders of rec. Aug. 15
0% preferred (monthly)
500 Sept. 1 Holders of rec. Aug. 15
6.0% preferred (monthly)
55e. Sept. 1 Holders of tee. Aug. 15
Ohio Power Co.,6% pref.(guar.)
•1)4 Sept. 1 *Holders of rec. Aug. 10
Ohio Pub.Serv.7% 1st pf.,ser.A(mthlY.)• 58 I-3c Sept. 1 *Holders of roe.
Aug. 15
Oklahoma Gas & Elec., pref.(guar.).
*1H Sept.15 *Holders of rec. Aug. 31
PennsylvaniaGas&Elec.Corp.,A&B(qu.) *3714c
Sept. 1 *Holders of rec. Aug. 20
7% pref.(quar.)
'13.4 Oct. 1 *Holders of rec. Sept.20
$7 preferred (quar.)
•51 75 Oct. 1 *Holders of roe. Sept.20
Penn-Ohio Edison Co.7% prior preferred (guar.)
154 Sept.
Holders of rec. Aug. 20
Pennsylvania-Ohio P.& L., 55 pt. ((lu.) $1.50 Nov. 1
1 Holders of rec. Oct. 20
7% preferred qinar.)
13( Nov. 1 Holders of rec. Oct. 20
7.2% preferred (monthly)
600 Sept. 1 Holders of rec. Aug. 20
7.2% preferred (monthly)
8
60c
secp
5o O
t..
t
Holders of roe. Sept.20
7.2% preferred 'monthly)
60e Nov.
Holders of rec. Oct. 20
6.6% preferred (monthly)
Holders of rec. Aug. 20
8.6% preferred (monthly)
55c Oct.
Holders of rec. Sept.20
6.6% preferred (monthly)
Holders of roe. Oct. 20
Philadelphia Company. 5% pre!.(quar.) 5$115e. Sept.Se
Nov.25
Holders of rec. Aug. 104
Philadelphia Electric (guar.)
50o. Sept.' Holders of rec. Aug. 31a
Phila. Suburban Water, pref.(qua?.)... 1% Sept.
Holders of rec. Aug. ha
Portland Else, Power, 2d pref.(gust.).. 134 Sept. 1
1 Holders of rec. Aug. 15
Power Corp. of Canada,6% Pf. 61u.)
75c. Oct. 15 Holders of rec. Sept.29
Public Service Corp. of N.J., cow.(qu.) 50c. Sept.29 Holders of
rec. Sept. la
6% preferred (monthly)
50c. Aug. 31 Holders of rec. Aug. 30
6% Preferred (monthly)
50c. Sept.29 Holders of rec. Sept. la
7% preferred (guar.)
Sept.29
134
Holders of rec. Sept. la
8%preferred(Quer.)
Sept.29 Holders
2
rec. Sept. la
Public Service Elec.& Gas,6% pfd.(qu.) 13.4 Sept.29 Holders of
of rec. Sept. la
7% preferred (guar.)
134 Sept.29 Holders of rec. Sept. la
Radio Corp. of America, prof. A (qu.).. 8734e Oct.
Holders of rec. Sept. la
Rochester Gas & Elec., pref. B (Oust.).. .13s Sept. 1 *Holders of
roe. Aug. 15
Preferred series C & D (guar.)
•135 Sept. 1 *Holders of rec. Aug. 15
San Joaquin L.& P.,7% pref.(guar.)
•134 Sept.15 *Holders of rec. Aug. 31
6% Preferred (guar.)
*135 Sept.15 *Holders of rec. Aug. 31
Southern Calif. Edison,7% pf.ser.A(qu.) 4354 Sept.15 Holders
of rec. Aug. 20
5% prof. series B (qua?.)
Sept.15 Holders of rec. Aug. 20
Southern Cities Utilities, $6 pr. pf.(qu.) 3754
81.60
Holders
Sept.
tee. Aug. 11
of
Southern Colo. Power, COM. A (gust.).. 50c. Aug.
25 Holders of roe. July 31
Preferred ((luar.)
134 Sept.15 Holders of rec. Aug. 81
So'west Gas UHL,pref.(qu.)
1.6234 Nov. 1 Holders of rec. Oct. 20
Preferred ((luar.)
$ 1.6235 Febl'29 Hold. of rec. Jan.20'29
Preferred ((uar.)
1.6235 M'yl'29 Hold,of rec. Apr.20'29
Southwestern Power & Light. pref.(qu.) 131 Sept.
1 Holders of recs. Aug. 14
Superior Water L. ec Pow.. pref. ,(lu.) _
131 Oct. 1 Holders of rec. Sept.15
Tennessee Elec. Power Co.
15% Bret preferred (guar.)
134 Oct. I Holders of rec. Sept. 15
6% Bret preferred (guar.)
135 Oct. 1 Holders of rec. Sept. 15
7% first preferred (gust.)
151 Oct. 1 Holders of rec. Sept. 15
7.2% preferred (guar.)
1.80 Oct. 1 Holders of rec. Sept. 15
6% Bret nreferred (monthly)
50e Sept. 1 Holders of roe. Aug. 15
6% first preferred (monthly)
50e Oct. 1 Holders of roe. Sept. 15
7.2% first preferred (monthly)
600 Sept. 1 Holders of rec. Aug. 15
7.2% first preferred (monthly)
60c Oct. 1 Holders of rec. Sept. 15
Toledo Edison Co.,7% pref. (mthly.)_ _ '581st. Sept.
1 *Holders of rec. Aug. 15
6% pref. (monthly)
*50c Sept. 1 *Holders of rec. Aug. 15
United Gas Improvement (qua?.)
$1
Oct.
15
of rec. Sept. 151
Virginia Elec. dr Pow.,7% pref.(qu.).__ 131 Sept.20 Holders
Holders of rec. Aug. 31a
6% preferred (guar.)
14 Sept.20 Holders of rec. Aug. 31a
West Ohio Gad. class A pref.(quar.)_. 131 Sept. 1 Holders
of roe. Aug. 15
West Penn Elec. Co., class A (guar.)
14( Oct. 1 Holders of tee. Sept.151
West Penn Rye..6% Prof.(guar.)
134 Sept.15 Holders of rec. Aug. 2$
Western Power Corp.,7% prof.(guar.). 144 Oct. 15 Holders
of rec. Oct. 1
Wilmington Gas,Prof
3
Sept. 1 Holders of roe. Aug. 111
Wisconsin Power dr Light. pref.(guar.). •144 Sept.15
*Holders of tee. Aug. 31
6% pref. (No. 1)
Oct. 15 *Holders of rec. Sept.30
Banks.
American Colonial of Porto Rico (qu.) _ 2
Sept.
Holders of tee. Aug. 17
Extra
2
Sept.
Holders of rec. Aug. 17
Trust Companies.
Title Guarantee & Trust (extra)
5
Sept.29 Holders of rec. Sept.22
Miscellaneous.
Public Utilities.
Amer.Power & Light, corn.(quar.)
25e. Sept. I Holders of roe. Aug. 164
Amer.Teleg.& Cable (guar.)
131 Sept. 1 Holders of rec. Aug. 810
Amer. Telep. & Teleg.(guar.)
Oct. 15 Holders of tee. Sept. 204
234
American Water Works & Electric36 first preferred (guar.)
51.50 Oct. 1 Holders of roe. Sept.12a
Associated Gas & Elec.. $6 prof.(guar.) 151.50
Sept. 1 Holders of rec. July 31
$635 pref.(quar.)
15 1.6234 Sept. 1 Holders of rec. July 31
Original series pref.(quer.)
187)4cOct. 1 Holders of rec. Aug. 31
$6 preferred (quar.)
181.75 Oct.
Holders of roe. Aug. 31
Associated Telco. Utilities, $7 Pt.(N.). $1.75 Sept.15
Holders of ree. Aug.
$8 preferred (guar.)
$1.50 Sept.15 Holders of rec. Aug. 31
31
Baton Rouge Elec. Co., pref. A (guar.)
131
1 Holders of rec. Aug. 150
Brazilian Tr. L & P., new corn.(guar.). 440. Sept.
Sept. 1 Holders of rec. July 31
Brooklyn Edison Co. (guar.)
2
1 Holders of rec. Aug. 80
Brooklyn-Manhattan 'Fran..sot. A(qu.) $1.50 Sept.
Oct. 15 Holders of roe. Oct. la
Preferred series A (guar.)
81.50 JanI1V29 Holders of roe. Dec. 3I0
Preferred series A (guar.)
$1.50 AprI5'29 Hold. of rec. Apr. 1'290
Buffalo Niagara & East. PowerCommon and class A (guar.)
•300. Oct. 1 *Holders of rec. Sept. 15
Old preferred (guar.)
*400. Oct. 1 *Holders of rec. Sept. 15
lust preferred (quar.)..
*31.25 Nov. 1 *Holders of rec. Oct. 15
Central Ark. Pub.fiery., pref.(quar.)
134 Sept. 1 Holders of rec. Aug.
Central Gas & Elec..$7 pref.(quar.)
•31.75 Sept. 1 *Holders of roe. Aug. 150
16
es 1.6234 Sept. 1 *Holder
5634 preferred (quar.)
s of roe. Aug. 16
Central Ill. Pub.eery.. pref.(quer.) - •51.50 Oct. 15
Central Indiana Power.7% pref.(guar.) 131 Sept. 1 'Holders of roe. Sept.80
Holders
of roe. Aug. 20
Central Public Berv. Corp.. Cl. A (gu.)-n •4331c Sept.15
*Holders of rec. Aug. 26
$6 pf.(gu.)(No.1)
*31.50 Oct. 1 *Holders of rec. Sept. 100
Chicago Rapid Transit, pr. pi. A (qua
650. Sept. 1 .Holders of rec. Aug. 210
Prior preferred B (quar.)
600. Sept. 1 Holders of rec. Aug. 2I0
Cleveland Electric III., 6% pref.(qua-- 134 Sept. 1
Holders of rec. Aug. 15
Coast Cos. Gas & Elea.. 1s1 & 2d pf.(qu.) *135 Sept.15 *Holder
s of rec. Sept. 1
Columbus Elec. & Power, corn. (Guar.). 50a. Oct. 1 Holders
of rec.
104
Second preferred (quar.)
134 Oct. 1 Holders of ree. Sept.
Sept.104
Preferred, series B ((mat.)
144 Oct. 1 Holders of rec. Sept. 100
Preferred,series C(guar.)
1St Oct. 1 Holders of rec. Sept. 104
Connecticut Light & Power, corn. ((lu.) •134 Sept. 1
*Holders of rec. Aug. 15
8% preferred (guar.)
*2
Sept. 1 *Holders of rec. Aug.
15
•14i Sept. 1 *Holder
7% preferred (guar.)
s of rec.
634 preferred (guar.)
*144 Sept. 1 *Holders of roe. Aug. 16
Aug.
15
535 Preferred (quar.)
134 Sept. 1 *Holders of rec. Aug.
15
Connecticut Power, common
*52.50 Sept. 1 *Holders of rec. Aug. 20
6% preferred (quar.)
O134 Sept. 1 *Holders of rec. Aug.
20
Consol. G. E.L.& P.. Balt.. com.(qu.) *750. Oct. 1
*Holder
s of rec. Sept. 15
Preferred A (quar.)
4.114 Oct. 1 *Holders of rec.
Sept.15
Preferred 13 (guar.)
*135 Oct. 1 *Holders of rec.
Preferred E (quar.)
'
134 Oct. 1 *Holders of roe. Sept.15
Sept.15
Consolidated Gas. N.Y.. corn.((uar.).- $1.25 Sept.15
Common (payable In commonIstock)_ _ f100 Aug. 27 Holders of rec. Aug. 31
Aug. 118
Consul. Gas Utilities, class A (No.1)33e. Sept. 1 Holders of to Aug. 26
rec. Aug. 24
Consumers Power Co.6% pfd.(quar.)
134 Oct. 1 Holders of rec.
6.6% preferred (quar.)
1.85 Oct. 1 Holders of rec. Sept. 15
Sept.15
7% preferred (gust.)
134 Oct. 1 Holders of rec.
Sept.15
6% Preferred (monthly)
5041. Sept. I Holders of
Aug. 15
6% preferred (monthly)
50e. Oct. 1 Holders of rec.
6.6% preferred (monthly)
55e. Sept. 1 Holders of rec. Sept. 15
Aug. 15
6.6% preferred (monthly)
350. Oct. 1 Holders of rec.
Adams Express, corn.(guar.)
rec. Sept. 15
Electric Public Service. pref.(quar.)---- 134 Oct.
1% Sept.29 Holders of rec. Sept. 15a
Preferred (guar.)
Electric Public Utilities, pref.(ouar.)_. 51.75 Oct. 1 Holders of rec. Sept. 12
134 Sept.29 Holders of rec. Sept.15a
1
Alabama
Holders
Cash Credit Corp.,corn.(qu.) 9e.
of
roe.
Sept. 12
Empire Gas & Fuel8% pref.(mthly.)..' 66 24 Sept.
Aug. 25 Holders of rec. Aug. 13
1
Preferred (guar.)
*Holders of tee. Aug. 15
6% preferred (monthly)
15c Aug. 25 Holders of rec. Aug. 13
Preferred (extra)
15
634% preferred (monthly)
Or. Aug. 25 Holders of rec. Aug. 13
•54.517C
Allen
Industri
corn.
es,
re
ree
(quar.)
c.
. Vgr..
7% preferred (monthly)
25e Sept. 1 Holders of rec. Aug. 20
•58 1-3c Sept.
Preferred (quer.)
Engineers Public Serv.,cony. p1.(qu.)_ _ $1.25 Oct. 1 *Holders of ree. Aug. 15
750, Sept. 1 Holders of tee. Aug. 20
1 Holders of rec. Sept.
Realty Co.. pref. (qu.)
Federal Light dr Tree., corn.(quar.)._.. 200. Oct. 1
5a Alliance
134
Aluminu
Holders of rec. Sept. 130
m Manufactures, corn. (gust.). 50c Sept. 1 Holders of rec. Aug. 24
Common (payable in eom.stock)
)15c. Oct. 1 Holders of
Sept.80 Holders of roe. Sept. 4
Common (guar.)
tee. Sept.
Preferred (oust.)
50e Dec. 3 Holders of rec. Dec. 15
134 Sept. 1 Holders of rec. Aug. I30
15a
Preferred (guar.)
20s
Federal Water Service, class A (guar.)._
154
Sept
500. Sept. 1 Holders of roe.
30 Holders of rec. Sept. 15a
Preferred (guar.)
Aug. 8
Galveston-Houston Rice. Co.. pref
3
15( Dec. 3 Holders of rec. Dec. 150
Sept.15 Holders of rec. Sept.
Amer.
Art
Works,
corn.
&
4
pt.(guer.)
Gary Railways, class A pref.(guar.).- $1.80 Sept.
American Bank Note,common (Guar.).__ 13.4 Oct. 15 Holders of rec. Sept.30
Holders of rec. Aug. 20
Gas & Elec. Securities, con).(monthly). *50c. Sept. 1
50e Oct. 1 Holders of rec. Sept. lia
1 *Holders of rec. Aug. 15
Preferred (guar.)
Common (Payable in common stock). 175o. Sept. 1
75o Oct.
*Holder
Am.,
s
British
of
rec.
& Cont. Corp.,1stpf(qu.).- $1.5 Sept. 1 Holders of tee. Sept. 124
Aug. 15
Preferred (monthly)
*Holders of rec. Aug. 15
'Holder
Amer. Chatillon Corp.. pf.(gu.)
s of ee
0eiofr
ree:
GasSecur. Co.,corn.(mthly.i (hisnip):913c
15
g3.4 Sept.
41.7 Nov. *Holders of tea. Oct. 20
American Chicle,common ((luar.)
Preferred (monthly)
730 Oct.
4.34 Sept. 1 *Holders of
Holders of too. Sept. lba
Prior
pref.(guar.)
General Geed,Elec., corn. A (quar.)
37350. Oct. 1 Holders of reo. Aug. 13
1)4 Oct.
Holders of rec. Sept. 15a
6% preferred (guar.)
rec. Sept.12
•1M
$8 preferred class A (quar.)
$2
Oct.
*Holders of rec. Sept. 15
Oct.
1
Holders
America
n
of
rec.
Hardwar
e Corp.
$7 preferred class A (quar.)
31.75 Oct. 1 Holders of rec. Sept. 124
Quarterly
Preferred class 13 (guar.)
Oct.
Holders of rec. Sept. 154
$115 Oct. 1 *Holders of rec. Sept. 124
Quarterly
Sept. 124
Great Western Power. pref.(guar.)._ •154 Oct. 15
JanE29 Holders of rec. Dec. 154
American Home Products (monthl
Holders
roe. Oct. 1
Gulf States Utilities,$6 Prof.(quar.)
y).
Sept.
Holders
$1.50 Sept.15 Holders of
of rec. Aug. 14a
of rec. Sept. 5a Amer. Laundry Machinery, corn.(guar.)
$5.50 preferred (guar.)
Sept. *Holders of rec. Aug. 20
1.8734 Sept.15 Holders of roe.
Havana Elec. Ry., pref.((lust.)
Sept. 50 Amer.Linseed. prof.(quer.)
Oct.
134 Sept. 1 Holders of
Holders
of res. Sept.20e
Preferred (oust.)
Illinois Power Co.,6% pref. (guar.). _
Jan2'29 Holders of rec. Dec. 21,
135 Oct. 1 Holders of roe. Aug. 10a Amer.
Locomotive, corn.(guar.)
rec. Sept. 15
Seven per cent preferred (guar.)
Sept.29 Holders of rec. Sept. 13a
134 Oct. 1 Holders of
Preferre
rec.
d (guar.)
Indiana Service Corp..7% prof.(quar.). 144
15
13.4 Sept.29 Holders of rec. Sept.13a
Sept. 1 Holders of rec. Sept.
American Manufacturing, corn. (gust.). 1
0% preferred (quar.)
Aug. 15
Oct. 1 Holders of rec. Sept. 154
131 Sept. 1 Holders
Common (Oust.)
Internat. fly.(Buffalo), pref.(No.I)
•$6.33 Sept. 1 *Holders of rec. Aug. 15
Dec. 31 Holders of toe. Dee. 15a
1
Preferred (guar.)
of rec. Aug. 20
Keystone Telephone of Phila., pref.(QU) $1
134 Oct. I Holders of roe. Sept. 15a
Sept. 1 Holders of rec. Aug.
Preferred (guar.)
Laclede Gas & Elec., prior lien att.(qu.) '131 Sept.
18
Dec. 31 Holders of rec. Dee. 1541
134
America
n
Metal. common (guar.)
Lexington Water Co.. pref.(Oust.)
750. Sept. 1 Holders of rec. Aug. 21a
*134 Sept. :/1:1 r:
r °
Preferred (guar.)
off
Louisville Gas & Elec., corn. A & B (qu ) 4334o.
1% Sept. 1 Holders of rev. Aug.
Sept.25 Holders of rec. Aug.
Marconi Wireless Teleg. of London,
316 Amer. al ultigraph. tom.(guar.)
50c. Sept. 1 Holders of rec. Aug. 21a
15
Amer. Potash & Chem. Corp.(No. 1).. *50o. Sept.29
ordinary (interim)
10
*Holders of rec. Sept.21
American Radiator. common (gust.)... $1.25
memphisPower & Light.$7 pref.(qu.)._ $1.75 Aug. 81 July 18 to July 24
Sept.29 Holders of rec. Sept.15a
Oct. 1 Holders
Amer. Railway Express (guar.)
roe. Sept. 15
$6 preferred (quer.)
$1.50
Sept.29
$1.50 Oct. 1 Holders of
Holders
of
rec.
Sept. 15a
American Seating Co.corn.(guar.)
of
Middle West Utilities, prior lien (quar.)
Sept. 15
75e. Oct. 1 Holders of rec. Sept. 20
2
Sept.15 Holders of rec.
Amer. Smelt. & Refg., prof.(quar.).... 154
tee.
66 prior lien (guar.)
Sept. 1 Holders of rec. Aug. 3a
$1.50 Sept.15 Holders of ree. Aug. 31
Amer. Stores 'gust.).
Monongahela West Penn Pub.Serv.Aug. 31
50e Oct. 1 Sept. 16 to Oct.!
Amer. Sugar Refg., pref.(guar.)
7% preferred (guar.)
4314e. Oct. 1 Holders of tee.
Oct. 2 Holders of rec.
Amerean Sumatra Tob.. pref. (gust.).. 144
5a
National Power & Light, corn. ((luar.)
&CCU
1)4 Sept. 1 Holders of rec. Sept.
250. Sept. 1 Holders of
Aug.
rec. Aug. lla Amer. Tobacco,corn. & corn, B (qu.)... $2
Nat. Public Service. corn. A (quar.)
Sept. 1 Holders of lee. Aug. 15a
400. Sept.15 Holders of tee.
Angle Steel Tool (guar.)
10a
Aug.
Nebraska Power. pref.(guar.)
27
20e. Oct. 15 Holders of toe.
131 Sept. 1
Artioom Corp., cons. (qua?.)
New Rochelle Water Co.. pref.(guar.).- •134 Sept. I Holders of roe. Aug. 15
75e. Oct. 1 Holders of rec. Oct.
Common (guar.)
' of reo. Aug. 20
New York Steam Corp.,$8 pref.(qua?.). 31.50 Oct. 1 *Holder
75e. Jan1'29 Holders of rec. Sept. 21a
Holders
Dee. 21a
Preferre
of
tee.
d
(guar.)
$7 preferred (guar.)
114 Sept. 1 Holders of
$1.75 Oct. 1 Holders of rec. Sept. 150
Preferred (guar.)
Sept. 15a
North American Co.. common (guar.).- /214 Oct. 1 Holders
154 Dec. 1 Holders of rec. Aug. 17a
Associat
rec.
Dry
of
ed
tee.
Goods,
Nov. 151
Sept.
1st
pref.
64
(guar.)_
Preferred (guar.)
1)4 Sept. 1 Holders of
75e. Oct. 1 Holders of lee.
tee. Aug. lla
2d preferred (guar.)
Sept. 15a
North American Edison Co.. Prof• (gu.). $1.50 Sept. 1 Holders
134 Sept.
Holders of tee. Aug. ha
of tee. Aug. 15a Atlantic Coast Fisheries, coin.(gust.).. 51
North Amer. Utility Securities Corp.Sept.
Holders of tee. Aug.20
Atlantic Gulf & West I. S. S. LinesFirst preferred (guar.)
$1.50 Sept.15
Preferred (guar.)
of rec. Aug. 81
First preferred allot. eds. (guar.).- (m) Sept.15 Holders
750. Sept.29 Holders of rec.
Holders
Preferre
of
reo.
(guar.)
d
Aug.
Sept.104
31
Northern Liberties Gas
75c. Dec. 3 Holders of
$1
SOL 12 Aug. 5 to Sept.
Atlantic Refining (guar.)
rec.
11
Northern Ohio Pow.& Lt.. 7% rd. Wu.) 114 Oct. 1 Holders
I
Sept.15 Holders of rec. Dec. lla
Atlantic Terra Coda. pref. (guar.)
of
rec.
Sept.
15
Aug. 21a
6% preferred ((lust.)
134 Oct. 1 Holders of reo.
I
Septd1 Holders
Atlas Portland Cement(guar.)
Sept. 15
rec. Sept. 5
*50c. Sept. I Holders of
of roe. Aug. 17
Sept. 1:roirer-soof
11
rreece:14g..M
1068
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Sept. 10 *Holders of roe. Aug. 310
$1
Atlas Powder,common(guar.)
434te Sept. .Z
Atlas Stores Corp.(No. 1)
Oct. 1 Holders of rec. Sept. 200
194
Babcock & Wilcox Co.(guar.)
114 Jan 1'29 Holders of rec. Dec. 20a
Quarterly
Aprl'29 Hold, of rec. Mar. 20'29a
144
Quarterly
80e. Aug. 25 Holders of rec. Aug. 13
Badger State Cub Cred.Corp..pLIau.)•25e. Sept. 1 *Holders of rec. Aug. 20
Balaban & Eats (monthly)
•25e. Oct. 1 *Holders of rec. Sept.20
Monthly
•144 Oct. 1 *Holders of rec. Sept.20
Preferred (guar.)
Co.
es
(L.)
Bamberger
149 Sept. 1 Holders of rec. Aug. lb
Preferred (guar.)
199 Dec. 1 Holders of rec. Nov. 100
Preferred (guar.)
Oct. 15 Holden of rec. Oct. 1
$2
(guar.).
pref.
Bankers Capital Corp.,
Jan15'29 Holders of rec. Dec. 31
$2
Preferred (guar.)
1 Holders of rec. Aug. 15
Sept.
15e.
(qu.)
A
Pf
Trust,
6%
Security
Bankers
50c. Oct. 1 Holders of rec. Sept. 14a
Barker Bros., corn. (guar.)(No. 1).199 Oct. 1 Holders of rec. Sept.14a
649% pref.(guar.)
*50e. Sept. 1 *Holders of rec. Aug. 16
Bastian Blessing Co.. corn. (guar.)
51.75 Oct. 1 Holders of roe. Sept. 200
Preferred (ouar.)
•25e. Sept. 1 *Holders of rec. Aug. 31
Beaton & Caldwell Co.(monthly)
•250. Oct. 1 *Holders of rec. Sept.29
Monthly
60e. Oct. 10 Holders of rec. Sept.25
Beech-Nut Packing. corn. ,quar.)
134 Sept.15 Holders of rec. Aug. 31
Ltd.,
pref.(quar.)
Belding Corticelli.
of rec. Sept. la
Belgo Canadian Paper, pref.(guar.). - 154 Oct. I Holders of
roe. Sept.15
*50e. Oct. 1 *Holders
Bendix Corp., class A(guar.)
rec. Aug. 295
of
Holders
15
mot.
750.
Beat & Co. guar.)
194 Oct. 1 Holders of rec. Sept. le
Bethlehem Steel, pref. (guar.)
of rec. Aug. 20
Holders
1
Sept.
154
(guar.)
Inc.,
pref.
Stores,
Grocery
Bird
100, Sept.15 Holders of rec. Sept. 1
Bishop 011 Corp
3754c Nov. 15 Nov. 10 to Nov. 14
Bloch Brothers Tobacco, eom.(guar.)
Sept.30 Sept. 25 to Sept.29
134
Preferred (guar.)
1)4 Dec. 31 Dec. 26 to Dec. 30
Preferred (guar.)
Sept.30 *Holders of ree. Aug. 31
*2
Bona Chica Oil, clan A (No. 1)
$1.50 Sept. 1 Holders of rec. Aug. 15a
Borden Co.. corn. (guar.)
•70e. Sept. I *Holders of rec. Aug. 15
Brach (E..7.) & Sons, corn,(guar.)
1 54 Sept. 1 'Holders of rec. Aug. 20
'
(guar.)
pref.
Brill Corp.,7%
Sept.29 Holders of rec.!Sept. 19
$I
Bristol-Myers Co.(guar.)
$1 ' Dec. 31 Holders of nee:Dec. 21
Quarterly
Sept. 1 'holders of rec. Aug. 15
.254.
Brown (John W.) Mfg.(guar.)
•12 49c Sept. 1 *Holders of rec. Aug. 15
Extra
I Holders of rec. Aug. 20a
Sept.
6234c.
(guar.)
common
Shoe,
Brown
Sept.15 Holders of rec. Aug. 17
$I
Buckeye Pipe Line (guar.)
25e. Oct. 1 Holders of rec. Sept. 8a
Bucyrus-Erie Co.. common (qual.)
194 Oct. 1 Holders of rec. Sept. 86
Preferred (guar.)
6299c Oct. 1 Holders of rec. Sept. 8a
Convertible preference (guar.)
Burroughs Adding Machine75e. Sept.10 Holders of rec. Aug.24a
No par value stock (guar.)
50e. Sept.20 Holders of rec. Sept. 5a
By-Products Coke Corp., corn. (qu.) Sept. 1 'Holders of roe. Aug. 10
"51.50
(guar.)
A
pref.
Dairies,
California
Sept.15 Holders of rec. Aug. 31a
$1
California Packing (guar.)
25e. Oct. I Holders of rec. Sept. 7a
California Petroleum, corn. (guar.)_
Holders of rec. Aug. 31a
Sept.15
50e.
(qu.)
Calumet& Hecla Consol. Copper
Campbell.Wyant& Cannon Fdy.(guar.) 50c. Sept. 1 Holders of rec. Aug. 15
Holders of rec. Sept. 15
1
Oct.
3
(guar.)
Mtge.
Permanent
Canada
•40e. Sept. 1 "Holders of rec. Aug. 15
Canada Vinegars, Ltd.(No.1)
Canfield OilSept. 30 Holders of rec. Sept. 20
2
Common (guar.)
Dec. 31 Holders of rec. Dec. 20
2
Common (guar.)
1( Sept. 30 Holders of rec. Sept. 20
Preferred (guar.)
Dec. 31 Holders of rec. Dec. 20
194
Preferred (guar.)
•14.5 Ott. 1 "Holders of rec. Sept. 10
Case (J. I.) Thresh. Mach.,corn.(guar.)
1 "Holders of rec. Sept. 10
Oct.
•194
Preferred (guar.)
of rec. Aug. 15
Caterpillar Tractor,common (quar.)_ - 9.55e, Aug. 25 'Holders
•25e. Aug. 25 *Holders of rec. Aug. 15
Common (extra)
rec. Aug. 10
of
Holders
1
Sept.
$1.76
Celluloid Corp., lot pref.(guar.)
$1.75 Sept. 1 Holders of rec. Aug. 10
$7 preferred (guar.)
rec. May 15
of
'Holders
1
Oct.
.3755c
A
cl.
(quar.)
Corp.,
Central Investors
"3749c Jan 2'29 'Holders of rec. May la
Class A (guar.)
of rec. Aug. 200
Century Ribbon Mills. pref.(guar.)---- 194 Sept. I Holders
25e. Nov. 15 Holders of rec. Nov. 1
(qu.)
Chelsea Exch. Corp., A & B
rec. Feb. 1 '29
of
Hold.
25c. FbI5'29
Class A & B (guar.)
25c. My15.29 Hold, of rec. May 1 '29
Class A & B (guar.)
ree. Sept. 10
of
Holders
29
Sept.
$1
ClIesebrough Mfg. Co. (guar.)
250. Sept.29 Holders of rec. Sept.10
Extra
rec. Aug. 21
of
*Holders
1
Sept.
•194
Chicago Flexible Shaft, Pref. (guar.)
25e. Sept. 1 Holders of rec. Aug. 200
Chicago Yellow Cab (monthly)
75e. Oct. 1 Holders of rec. Sept. 10
Chickasha Cotton 011 (guar.)
Me. Sept.10 Holders of roe. Aug. 27e
Childs Company,common (guar.)
154 Sept.10 Holders of roe. Aug. 27
Preferred (guar.)
Sept.29 Holders of rec. Sept. 5a
6249c
(guar.)
Co.
Copper
Chile
75e. Sept.29 Holders of rec. Sept. 170
Chrysler Corp.. common (guar.)
Sept.29 Holders of rec. Sept. 174
2
Preferred (Ow.) Jan 2'29 Holders of rec. Dee. 17a
2
Preferred (guar.)
Holders of rec. Aug. 15
49 Sept.
Cities Service,common (monthly)
Holders of rec. Aug. 15
f49 Sept.
Common (payable In common stock)._
of rec. Aug. 15
Holders
49
Sept.
BB
red
(montbly)Preferred and vele
Holders of rec. Aug. 15
5e, Sept.
Prelerred B (n on tnly)
of roe. Sept.15
Holders
Oct.
49
(montnly)
Common
Holders of rec. Sept.15
Oct.
Common (payable in corn. stock). _ 114
Holders of roe. Sept.15
Oct.
49
Preferred and preferred B Li (mthly) Holders of rec. Sept.15
Sc. Oct.
Preferred B (monthly)
Holders of rec. Aug. 10
75e. Sept.
City Ice & Fuel. common (guar.)
•1 54 Sept.
of rec. Aug. 10
*Holders
(quit.)
preferred
649%
Holders of rec. Aug. I50
Sept.
50c.
Cleveland Stone(guar.)
Holders of rec. Aug. 15
25c. Sept.
Extra
Holders of rec. Sept. 120
21.50 Oct.
Coca-Cola Co..common (guar.)
Holders of roe. Aug. 236
Collins & Alkman Corp., pref. tquar.)
2 Holden of rec. Aug. 10a
..
t
g
p
u
e
8
A
M
1
2
(quar.)
pref.
Iron.
&
Colorado Fuel
Holders of rec. Sept.20a
Oct.
$2
Commercial Solvents Corp. (guar.) -. •1
*Holders of rec. Aug. 15
Sept.
Congoleum-Nairn, Inc., pref.(guar.)-of roe. Aug. 15
Holders
Sent.
l(
(guar.).
pref.
Consolidated Cigar Corp..
"Holders of rec. Sept. 15
p114 Oct.
Consurn ere Co.,prior pre:.(guar.)
Sept. *Holders of rec. Aug. 16
•194
(guar.)._
pref.
Board.
Corrugated Paper
$1 25 Sept.3 Holders of rec. Sept. 18a
Coty, Inc.(guar.)
Holders of rec. Sept. 1
3749e Sept.1
Crane Co., common (guar.)
194 Sept.' Holders of roe. Sept. I
Preferred (guar.)
3
Dec.
e4
Crosley Radio (stock dividend)
Holders of ree. Sept. 20a
25e. Oct.
Crosiey Radio Corp.(Qum.)
2.5e. an 1'2 Holders of rec. Dec. 20a
Quarterly
*Holders of rec. Aug. 15
Sept.
*2
(guar.)
pref.
Co.,
Crown Overall
*Holders of roe. Aug. 10
"149 Sept.
Crow's Nest Pass Coal (guar.)
194 Sept.30 Holders of rec. Sept.15a
Crucible Steel, pref.(guar.)
Sept.29 Holders of rec. Sept. la
25e.
(guar.)
com.
Cuban-Amer. Sugar.
114 Sept.29 Holders of rec. Sept. la
Preferred (guar.)
199 Sept.15 Holders of rec. Sept. la
Cuneo Press. pref.(guar.)
50c Sept. 2 Holders of rec. Aug. Ma
Curtis Publishing, common (monthly)
50c Sept.10 Holders of rec. Aug. 20
Common (extra)
Sept.15 Holders of rec. Sept. la
50e.
_
(qu.)
corn.
Curtiss Aeroplane & Motor,
Sept. 1 Holders of rec. Aug. 15a
Cushman Sons, Inc.. common (guar.).- $1
Holders of roe. Aug. 150
sSeepptt..
$21
38 preferred (guar.)
Holders of tee. Aug. 150
14
7% preferred (guar.)
of rec. Aug. 13
"Holders
'114 Sept. 1
Dartmouth Mfg., corn. (guar.)
.1g Sept. I *Holders of rec. Aug. 13
of rec. Sept. 20
Preferred (guar.)
'Holders
1
Oct.
*3144c
Davis Industries, class A (guar.)
"3194e Janl'29 *Holders of reo Dec. 20
Class A (guar.)
Oct. 1 *Holders of rec. Sept. 20
*3144c
20
Class B (guar.)
•3144c Jan I'29 *Holders of rec. Dot.
Class B (guar.)
Sept.22 Holders of ree. Sept. 8
1
Davis Mills, common (guar.)
Sept. 5
rec.
of
*Holders
•50c
Decker (Alfred) & Cohn, corn. (qua:.)
1 Holders of rec. Aug. 200
P15
144 Sept.
Preferred (guar.)
Sept.15
51.50 Oct. I Holders of rec.
Deere & Co., common (guar.)
13( Sept. I Holders of rec. Aug. 154
Preferred (guar.)
Holders of rec. Aug. 310
1
Sept.15
2
Diamond Match (guar.)
*Holders of ree. Aug. 17
•500. Sept,
Dictaphone Corp., corn,(guar.)
17
*2 Sept. I *Holders of rec. Aug.
Preferred (guar.)
IIolders of rec. Aug. 15
Sept.
1
25e.
Dominion Oil, Ltd., class A (guar.)
150
Aug.
rec.
of
Holders
Sept. 1
$1
Drug, Inc). (guar.)
Oct. 15 Holders of rec. Oct. la
$1
Dunhill International (guar.)
Jan15'29 Holders of roe. Dec. 310
$I
Quarterly
Ap15'29 Hold, of rec. Apr. 1 '290
Quarterly$1
1 Holders of rec. Aug.d210
Sept.
$1
(quar.)I
Durham Duplex Razor. pr. pref.
[Vora. 127.
FINANCIAL CHRONICLE
Name of Company.
When
Per
Cent. Payable
Books Closed
Days Inclusive.
• Miscellaneous (Continued).
roe. Aug. 15
Durkee-Thomas Co., cony. A (No. 1)--- '4354c Sept. 1 *Holders of
"Mo. Sept. I *Holders of roe. Aug. 15
Convertible B stock (No. 1)
Aug. 20
roe.
of
*Holders
Eagle (C. K.) & Co., 7% pref.(qu.) --- •154 Aug. 31
Sept. 30
Eastern Bankers Corp.. preferred (guar.) 134 Nov. 1 Holders of tee. Dec. 31
rec.
of
Holders
Febl'29
,
147
Preferred (minx.)
$1.25 Oct. 1 Holders of rec. Aug. 310
Eastman Kodak,common (guar.)
750. Oct. 1 Holders of rec. Aug. 310
Common (extra)
199 Oct. 1 Holders of rec. Aug. 81
Pref. (guar.)
160
6214c Aug. 31 Holders of roe. Aug. la
Eitingon &Mid Co.,corn.(guar.)
134 Sept.15 Holders of rec. Sept. 80
Preferred (guar.)
Sept.
ree.
of
Electric Storage Battery, corn.& pf.(qu.) $1.25 Oct. 1 Holders
50e. Sept.24 Holders of rec. Sept. Is
Emporium Capwell Corp., corn.(guar.).
•149 Sept. 1 *Holders of tee. Aug. 18
Equitable Financial Corp. (guar.)
15a
Equit. Off,Bldg. Corp. new com.(No.I) 50e. Oct. 1 Holders of rec. Sept. 15a
154 Oct. 1 Holders of rec. Sept.
Preferred (guar.)
15
Aug.
rec.
Evans(E. S.) Auto Loading (in stock)._ *e100 Sept. 1 'Holders of
20t. Sept. 1 Holders of reo. Aug. 210
Fair (The), corn. (monthly)
200
Sept.
rec.
of
Holders
Oct.
1
20c.
Common (monthly)
75e. Sept.29 Holders of tee. Sept. 120
Fairbanks. Morse & Co.. cond.(guar.)._
144 Sept. 1 Holders of roe. Aug. 110
Preferred (guar.)
25e. Oct. 1
Fanny Farmer Candy Shops,corn.(qu.).
25c. Jan 1'29
Common (guar.)
50e. Aug. 31 Holders of rec. Aug. 170
Fashion Park, Inc.. corn.(qua:.)
50e. Nov.30 Holders of rec. Nov.300
Common (qua:,)
Federal Mining & Smelting pref.(guar) 134 Sept.15 Holders of roe. Aug. 240
20e. Oct. I Holders of roe. Sept. 15a
Federal Motor Truck (qual.)
Stock dividend
234 Oct. 5 Holders of rec. Sept. 15a
Federated Capital Corp. corn.(guar.) '3734c Aug. 31 'Holders of rec. Aug. 15
'3734c Aug. 31 'Holders of rec. Aug. 15
Preferred (guar.)
•16e. Oct. 1 'Holders of rec. Sept.14
Fifth Avenue Bus Securities(guar.)
Sept. 1 Aug. 18 to Sept. 2
3
Fifty-five Park Ave.. preferred
Sept. 1 Holders of rec. Aug. 15
4
Finance Service Co.(Salto.). common__
194 Sept. 1 Holders of rec. Aug. 16
Preferred (guar.)
First Federal Foreign Invest. Trust (qu.) 21.75 Nov. 15 Holders of rec. Nov. 1
Oct. 1 Holders of rec. Sept.130
First National Pictures Prof. (quar.)2
123.40.Sept. I Holden of rec. Aug. 1
First Trust Bank, Inc.(quay.)
214e.Sept. 1 Holders of rec. Aug. I
Extra
Fisk Rubber. 2d pref. cony.(guar.)
$1.75 Sept. 1 Holders o rec. Aug. 150
Fitzsimmons & Connell Dredge & Dock,
cont. (guar.)
•50c. Sept. 1 *Holders of roe. Aug. 21
Formica Insulation (guar.)
25e. Oct. 1 Holders of rec. Sept. 15a
Extra
We. Oct. I Holders of rec. Sept. 15a
25e. Ian 1'29 Holders of rec. Dec. 15a
Quarterly
Extra
10c. lan1'29 Holders of rec. Dee. 15a
Fuller ((leo. A.) Co. partic. prior pf.(qu) 134 Oct. 1 holders of no. Sept.10a
Galland Mere. Laundry mu.)'No. 1)_ _ *Mc. Sept. 1 "Holders of roe. Aug. 15
150
General Asphalt, Prof. (guar.)
13.4 Sept, I Holders of rec. Aug. 100
Sept. I Holders of rec. Aug.
General Cable, class A (guar.)
21
22a
Aug.
rec.
of
Holders
1
154 Sent.
General Cigar, Inc.. pref. (guar.)
General Ice Cream Corp.,Pref.(quar.)199 Sept. I Holders of rec. Aug. 20
General
%
.)on (guar.)
mrm
$1.25 Sept.12 Holders of rec. Aug. 13a
(0pa
s,co
preferred
149 Nov. I Holders of rec. Oct. 8a
7% preferred (guar.)
194 Nov. 1 Holders of rec. Oct. So
8% debenture stock (guar.)
134 Nov. 1 Holders of rec. Oct. 8a
Gillette Safety Razor (guar.)
$1.25 Sept. 1 Holders of tee. Aug. la
GladdIng. McBean & Co.. monthly
25e. Sept. I Aug. 21 to Aug. 31
Monthly
25c. Oct. 1 Sept.21 to Sept. 30
25e. Nov. 1 Oct. 21 to Oct. 31
Monthly
25e. Dec. 1 Nov. 21 to Nov. 30
Monthly
140
Glidden Co., prior pref. (guar.)
$1.75 Oct. 1 Holders of rec. Sept.
Globe Democrat Publishing, pref.(qu.)
134 Sept. 1 Holders of rec. Aug. 20
20
Sept.
rec.
of
*Holders
1
Oct.
Globe Grain & Milling, corn.(guar.)---- *2
Oct. I *Holders of rec. Sept. 20
*2
Eight per cent preferred (quar.)
20
Seven per cent preferred (guar.)
•154 Oct. 1 *Holders of rec. Sept.
Golden State Milk Products (qua:.).-- •40c. Sept. 1 *Holders of rec. Aug. 18
Goodrich (B. F.) Co.,common (qual.)
$I Sept. 1 Holders of rec. Aug. 100
154 Oct. 1 Holders of reo. Sept.10a
Preferred (guar.)
Goodyear Tire & Rubber 1st pref. (qu.) 134 Oct. 1 Holders of rec. Sept. la
Preferred (ouar.)
134 Oct. 1 Holders of rec. Sept. 1
Gorham Manufacturing, 1st pref. (qtr.).
134 Sept. 1 Holders of rec. Aug. 15
Gossard (H. W.) Co., eon). (monthly)., 33 1-3c Sept. 1 Holders of rec. July 20a
Common (monthly)
33 1-3c Sept. 1 Holders of rec. Aug. 210
Common (monthly)
33 1-3e Oct. 1 Holders of rec. Sept. 200
Common (monthly)
33 1-3c Nov. 1 Holders of rec. Oct. 19e
Common (monthly)
33 1-3c Dec. 1 Holders of rec. Nov.20a
Common (monthly)
33 1-3e an1'29 Holders of rec. Dec. 20
Grand Union Co. cony, Prof. tquar.)
Me. Sept. 1 Holders of rec. Aug. 25a
Sept. I IIolders of rec. Aug. 16
Great Atl. dr Pacific Tea, corn.(guar.)- *S1
Preferred (guar.)
*154 Sept. 1 Holders of rec. Aug. 10
Great Northern Paper (guar.)
*75e. Sept. 1 Holders of rec. Aug. 20
Greene Cananea Copper (guar.)
Oct. I Holders of rec. Sept. 140
$1
Greenfield Tap & Die Corp.,6% pt.(au.) 154 Oct. 1 Holders of roe. Sept. 15
8% preferred (guar.)
Oct. 1 Holders of ree. Sept. 15
2
Group No. 1 011
$100 Oct. 15 Holders of ree. Sept.15
Gruen Watch, common (guar.)
50e. Sept. 1 Holders of roe. Aug. 20a
Common (guar.)
50e. Dec. 1 Holders of rec. Nov.20a
Common (guar.)
50e. Marl'29 Holders of ree.Feb.19'29a
20a
Preferred (guar.)
194 Nov. 1 Holders of rec. Oct.'29a
1 Hold. of rec. Jan. 19
Preferred (qual.)
194 Feb 1'29
15a
Sept.
rec.
Holdersof
I
sept.
Guantanamo Sugar. Pref.(guar.)
50e. Oct.
2
.
Holders of rec. Aug. 15
Hale Bros. Stores, Inc
Hamilton United Theatres. Ltd..pf.(gu.) 134 Sept.29 Holders of rec. Aug. 31
10a
[famine.. Watch, pref.(Qum.)
15e. Sept. 1 Holders of tee. Aug.
Hanes(P. H.) Knitting, corn.& corn. B. 15i Sept. 1 Holders of rec. Aug. 20
20
Sept.
rec.
Holdersof
1
Oct.
Preferred (guar.)
1
Harbison-Walker Refrac., corn, (guar.). 154 Sept. 1 Holders of roe. Aug. 21a
Preferred (guar.)
Oct. 20 Holders of rec. Oct. 100
Hart-Carter Co.,cony. prat'.(qU.)(NO.I) *We. Sept. 1 'Holders of rec. Aug. 15
Hartman Corp.. clan A (guar)
50e. Sept. 1 Holders of rec. Aug. 20a
Class B (guar.)
30e. Sept. 1 Holders of rec. Aug. 206
Hart, Schaffner & Marx, Inc.(guar.).- .2
Aug. 31 *Holders of rec. Aug. 15
Hathaway Bakeries class A 9quar.)._ _ $71615
7 Elept. 1 Holders of ree. Aug.15
Holders of ree. Aug. 15
Preferred /guar.)
Sept.
Hawaiian Comml & Sugar (mthly.)-- •25e. Sept. 5 *Holders of rec. Aug. 25
Extra
•25c. Sept. 5 *Holders of roe. Aug. 25
Extra
•250. Oct. 5 *Holders of ree. Sept.25
Extra
•250. Nov. 5 *Holders of rec. Oct. 26
Hayes Body pref. A (guar.)
•200. Sept. I "Holden of roe. Aug. 25
Hecia Mining (quay.)
•150. Sept.15 *Holders of rec. Aug. 16
Hibbard, Spencer,Bartlett&Co.(mthly)Me. Aug. 31 Holders of rec. Aug. 24
Monthly
35e. Sept.28 Holders of rec. Sept.21
Higbee Co., 2nd pref.(guar.)
Sept. 1 Aug. 21 to Sept. 1
2
Hires(Charles E.) Co.. corn. A (qu.)-50e. Sept. I Holders of rec. Aug. 15
Hobart Mfg. corn. (guar.)
•50o. Sept. I *Aug. 19 to AMT. 81
Hollinger Consol. Gold Mines(mthly )-10e. Sept. 8 Holders of rec. Aug. 200
Holly 011 (guar.)
25e, Sept.30 Holders of rec. Sept. 156
FIomestake Mining (monthly)
50o. Aug. 25 Holders of rec. Aug. 22
Hood Rubber Products, pref.(quar.)
•$1.75 Sept. 1 *Holders of rec. Aug. 20
Horn & Harden of N.Y., pref.(qu.), 031.75 Sept. 1 *Holders of reo. Aug. 11
Household Products (guar.)
87 Mc Sept. I Holders of rec. Aug. I50
Illinois Brick (guar.)
600. Oct. 15 Oct. 4 to Oct. 15
Illinois Cash Credit Corp. corn.(guar.).
10e. Aug. 25 Holders of rec. Aug. 13
Preferred ((Mar.)
20e. Aug. 25 Holders of rec. Aug. 13
Preferred (extra)
10c. Aug. 25 Holders of rec. Aug. 18
Illinois Safety Razor el. A (No. I).au ) •600. Sept. I *Holders of rec. Aug. 20
Class B (No. 1) (guar.)
*50c. Oct. 1 'Holders of rec. Leot.19
Imperial Chemical Industries-.
Amer. deposits receipts
(o) Sept. 8 *Holders of rec. Aug. 18
*Aug. 15 to Aug. 31
Imperial Oil. Ltd.,registered (guar.).
9250.
ug 31
Registered (extra)
*12 Me Sept. 1 'Aug. 15 to A.
of coup. No. 15
"Holders
1
25e. Sept.
CoUPOu (guar.)
No. 15
Coupon (extra)
'1234e Sept. 'Holders of coup.Aug. 20
rs of rec.
Indiana Limestone, Prof.(qua:,)
75e. Sept. 1 Holders
Aug. 60
Ingersoll-Rand Co.. corn,(guar.)
54 Sept. I Holdersof rec. Aug. 15
Holders of ree.
Inland Steel (guar.)
Insurance Shares Management Co.
1 Holders of roe. Aug. 15
Series A-27
50 Sept.1
335o..
Holders of reo: Aug. 15
Sept.
Series C-27
Aug. 15
32o. Sept. 1 Holders of ree.
Series F-27
l 1 Ho ders oj rec. Aug. 15
0.. Sept.
190
27
Series H-27
Holders of roe. June 30
Series B-28
t1
Name of Company.
Per
When
Cent. Payable
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Sept. 1 Holders of rec. Aug. 150
Internat. Agricul. Corp., prior pref.(qua
Internat. Business Machines(guar.)---- $1.25 Oct. 10 Holders of rec. Sept. 22a
50c. Aug. 31 Holders of rec. Aug. 150
Int.Combustion Engineering,corn. (1u.)
International Harvester corn. (guar.).- $1.50 Oct. 15 Holders of rec. Sept.25a
Sept. 1 Holders of rec. Aug. 40
Preferred (guar.)
•141 Sept. 1 *Holders of rec. Aug. 200
International Milling pref.(guar.)
600. Sept. 1 Holders of rec. Aug. 200
Internal 1 Safety Razor class A (guar.)
50c. Oct. 1 Holders of rec. Sept.19
Class B (No. 1) (guar.)
International Securities55e. Sept.
Holders fo rec. Aug. 15
Common A (guar.)
12190. Sept.
Holders of rec. Aug. 15
Common B (quar.)
19( Sept.
Holders of rec. Aug. 15
Seven per cent pref. (guar.)
Sept.
Holders of rec. Aug. 15
% preferred (guar.)
1% Sept.
Holders of rec. Aug. 15
Six per cent preferred (guar.)
50c. Sept.
Internat. Shoe preferred (monthly)
Holders of rec. Aug. 150
50c. Oct.
Preferred (monthly)
Holders of rec. Sept. 150
Preferred (monthly)
50c. Nov.
Holders of rec. Oct. 150
Preferred (monthly)
50c. Dec.
Holders of rec. Nov. 150
International Silver, common (quar.)
Sept.
Holders of rec. Aug. 150
Oct. 1
Interstate Iron & Steel, corn.(quar.)-... $1
Holders of rec. Oct. 50
Common (guar.)
$1
J'n15'29 Holders of rec. Jan.5'290
.1% Sept. 1 *Holders of rec. Aug. 20
Preferred (guar.).
Intertype Corp., let pref. (quar.)
$2
Oct. 1 Holders of rec. Sept. 14
Isle Royale Copper Co
75c. Sept.15 Holders of rec. Aug. 31
Jaeger Machine,corn.(guar.)
624e Sept. 1 Holders of ree. Aug. 17
Jewel Tea. corn. (guar.)
*S1
Oct. 16 'Holders of rec. Oct. 2
Preferred (guar.)
•131 Oct. 1 'Holders of rec. Sept. 14
.Johnson-Stephens-Shinkle Shoe (guar.)_
500. Sept. 1 Holders of rec. Aug. 15
Jones & Laughlin, common (guar.)
•$1.25 Sept. 1 'Holders of rec. Aug. 15
Preferred (guar.)
191 Oct. 1 Holders of rec. Sept. 15a
Kelsey-Hayes Wheel corn. (quar.)
50e. Oct. 1 Holders of rec. Sept.200
Kennecott Copper (guar.)
$1.50 Oct. 1 Holders of rec. Aug. 310
Kinney (G.11.) CO.. pref.(guar.)
2
Sept. 1 Holders of tee. Aug. 170
Kirby Lumber, common (guar.)
15( Sept. IC Holders of rec. Aug. 31
Common (guar.)
1% Dec. 10 Holders of rec. Nov. 30
Kobacker Stores Inc. pref.(guar.)._ *S1.75 Sept. 1 *Holders of rec. Aug. 15
Kroger Grocery & Baking,corn.(qu.) _
284. Sept. 1 Holders of rec. Aug. 106
Kuppenbeimer (B.) Co. pref. (quar.)_.
13( Sept. 1 Holders of rec. Aug. 290
Lackawanna Securities
*S3
Sept. 1 *Holders of rec. Aug. 15
Landers, Frary & Clark (guar.)
750. Sept. 30 Holders of tee. Sept.210
Quarterly
75c. Dec. 31 Holders of rec. Dec. 220
Langton Monotype Machine (guar.)._
1% Aug. 31 Holders of tee. Aug. 210
Lawyers Title Guaranty
Oct. 1 Holders of rec. Sept. 200
Lehigh Coal & Navigation (guar.)
$I
Aug. 31 Holders of rec. July 316
Lehn & Fink Products, corn.(guar.)._
75e. Sept. 1 Holders of rec. Aug. 15a
Lioby-Owens Sheet Glass, corn. (guar.). '50c. Sept. 1 *Holders of rec. Aug. 22
•15.i Sept. 1 *Holders of rec. Aug. 22
Preferred (guar.)
Liggett & Myers TobaccoCommon and common B (guar.)
$1
Sept.
Holders of rec. Aug. 156
Lindsay (C. W.)& Co.. Ltd., p1.(qu.)
1% Sept.
Holders of rec. Aug. 20
Loblaw Grocerterins, Ltd. (guar.)
*50c. Sept.
*Holders of rec. Aug. 18
•13.4 Sept.
Lord & Taylor 1st pref.(guar.)
*Holders of rec. Aug. 17
Ludlow Mfg. Associates (guar.)
$2.50 Sept.
Holders of rec. Aug. 11
Lyall(P.)& Sons Construction, coin.._ _
750. Sept.
Holders of rec. Aug. 15
Manhattan Shirt, common (guar.)
50c. Sept.
Holders of tee. Aug. 160
May Dept. Stores, corn.(guar.)
$I
Sept. 1 Holders of rec. Aug. 150
Marmon Motor Car (guar.)
Sept. 1 *Holders of rec. Aug. 15
McCahan (W. J.) Sugar Refining &
Molasses pref. (quar.)
111 Sept. I Holders of rec. Aug. 170
McCrory Stores Corp.com.&com.B(qu.)
50c Sept. 1 Holders of rec. Aug. 200
McIntyre Porcupine Mines. Mar.).25e. Sept. 1 Holders of rec. Aug. la
McLellan Stores, class A & 13(No.2)_
10c. Oct. 1 Holders of rec. Sept. 200
Mengel Company, pref.(guar.)
1% Sept. 1 Holders of rec. Aug. 5
Mergenthaler Linotype (guar.)
$1.25 Sept.29 Holders of rec. Sept. 50
Extra
25e. Sept.29 Holders of rec. Sept. 50
Merrimac Mfg., common
3
Sept. I Holders of rec. Aug. 1
Preferred
2
--3ept. 1 Holders of rec. Aug. 1
Metro-Goldwyn Pictures pref. (guar.). 4732c Sept.15 Holders of rec. Aug. 250
Metropoiltan Paving Brick corn. (au.).
50c. Sept. 1 Holders of rec. Aug. 15
Mid-Continent Petrol., pref.(guar.)_ _ _ _ $1.7( Sept. 1 Holders of rec. Aug. 150
Miller (I.) & Sons coin. (qu.) (No. 1).
50c. Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
1.62% Sept. 1 Holders of rec. Aug. 26
Minneap.-Honeywell Regulator. pf.
.(qu) 111 Nov. 15 Holders of rec. Nov. 3
Mitchell (J. S.) Co., pref. (guar.)
11i Oct. 1 Holders of rec. Sept. 15
Mitchell (Rolm.) Co. pref.(guar.)
1% Sept. 1 Holders of rec. Aug. 15
Mohawk Carpet Mills corn
624( Oct. 1 Holders of rec. Sept.100
Mohawk Mining (guar.)
$I
Sept. 1 Holders of rec. July 31
Montgomery Ward & Co., el. A (guar.). $1.75 Oct. 1 Holders of rec. Sept. 200
Montreal Cottons, Ltd., corn. (quar.).
199 Sept.15 Holders of rec. Aug. 31
Preferred (guar.)
Sept.15 Holders of rec. Aug. 31
Montreal Loan & Mtge.(guar.)
3
Sept. 1., Holders of rec. Aug. 31
Morris (Philip) & Co.. Ltd., Inc.(qu.)_ _
25c. Oct. 15 Holders of tee. Oct.
a
Quarterly
25c.Ja . 16'29 Hold, of rec. Jan. 2 '290
Muns1ngwear. Inc. (guar.)
750. Sept.
Holders of rec. Aug. 16a
Murphy (G. C.) Co.(guar.)
25e. Sept. 1 Holders of rec. Aug. 22
Quarterly
25e. Dec. 1 Holders of rec. Nov. 21
National American Co., Inc.(guar.)..._
50e. Nov. I Holders of tee. Oct, 150
519‘ Sept. 'Holders of rec. Aug. 10
National Baking. pref. (guar.)
National Hellas Hess Inc., pref. (guar.). 19( Sept.
Holders of rec. Aug. 216
National Biscuit. corn.(guar.)
$1.50 Oct. 15 Holders of tee. Sept.28a
Preferred (guar.)
Aug. 31 Holders of rec. Aug. 170
corn.
Dairy
Products.
Nat.
75e. Oct. 1 Holders of rec. Sept. 40
(guar.)
Preferred A & B (guar.)
*S1.75 Oct. 1 *Holders of rec. Sept. 44
•1zi Sept. 1 *Holders
National Dept. Stores, 2d pref. (qu.)
of rec. Aug. 15
National Family Stores. pref.(guar.)._
50c. Sept.
Holders of rec. Aug. 20
National Lead.common (guar.)
51.25 Sept.29 Holders of rec. Sept. 146
Preferred class A (guar.)
11( Sept.15 Holders of rec. Aug. 310
Preferred class B (guar.)
1% Nov. 1 Holders of rec. Oct. 190
National Sugar Refining (guar.)
11.1 Oct. 1 Holders of rec. Sept. 4
National Transit (extra)
*25e. Sept.lb *Holders ot rec. Aug. 31
Nauhelm Pharmacies, Inc., pref.(guar.) 62990. Nov.
Holders of rec. Oct. 17
Nelson (Herman) Corp., stock div
el
Oct.
Holders of rec. Sept. 184
Neptune Meter con). A iquar.)
•50c. Sept.1. *Holders of rec. Sept. 1
Newberry ,J. J.) Co. corn.(ou.)(No. 1)
300. Oct. 1 Holders of rec. Sept.15
Pref. (guar.)
*S1.75 Sept. 1 *Holders of tee. Aug. 16
N.
Transportation (guar.)
•50c. Sept.20 *Holders of re*. Sept.14
Nichols Copper. common
50c. Dec. 15 Holders of rec. May 24
North Central Texas 011 (guar.)
150. Sept. 1 Holders o rec. Aug. 10
Ogilvie Flour Mills pf. (guar.)
Sept. 1 Holders of rec. Aug. 22
Ohio Oil (guar.)
*50c. Sept. 11 *Holders of rec. Aug. 14
Omnibus Corp., pref.(quar.)
$2
Oct. 1 Holders of rec. Sept. 140
Ontario Mfg. corn. (guar.)(No.
•450. Oct. 1 'Holders of rec. Sept. 15
Preferred (guar.)
"S1.75 Oct. 1 *Holders of rec. Sept.15
Otte Elevator, pref.(guar.)
139 Oct. 15 Holders of recs. Sept. 296
Packard Motor Car Co.(monthly)
250. Aug. 31 Holders of rec. Aug. 156
Monthly
25c. Sept.29 Holders of ree. Sept. 150
Monthly
25e. Oct. 31 Holders of rec. Oct. 150
Monthly
250. Nov.30 Holders of rec. Nov. 15a
Palmelive Peet, corn.(In stock)
•I 32%
'Holders of rec. Aug. 1.0
Paraffine Cos., Inc. (guar.)
*75c. Sept.27 *Holders of tee. Sept. 17
Extra
*250. Sept.27 'Holders of rec. Sept. 17
Paragon Refining. pref.(No. 1)
"S3
Oct. 1 'Holders of rec. Sept. 15
Param't Famous Lasky Corp. com.(qu.) $2
Oct. 1 Holders of tee. Sept. 70
Park & Tilford (guar.)
75e. Oct. 14 Elollders of rec.Sept.291
Stock dividend (guar.)
el
Oct. 14 Holders of rec. Sept. 29a
Quarterly
750. Ja 14'29 Holders of rec. Dec. 290
Stock dividend (guar.)
el
Is 1429 Holders of rec. Dec. 290
Quarterly
75e. Apl4'29 Hold,of rec. Mar.29'290
Stock dividend (guar.)
el
Ap14'29 Hold. of rec.Mar. 29'296
Fender (D.) Grocery class A (guar.)._ •8799c Sept. 1 *Holders of rec. Aug. 18
Pennsylvania Investing. class A
6299e Sept. 1 Holders of rec. July 31
4
Pepperell Manufacturing
Sept. 1 Holders of rec. Aug. 15
Perfection Stove (monthly)
3799c Aug. 31 Holders of rec. Aug. 201
3799c Sept. 30 Holders of rec. Sept.200
Monthly
Monthly
3799e Oct. 31 Holders of tee. Oct. 206
374c Nov.30 Holders of rec. Nov. 200
Monthly
3799e Dec. 31 Holders of rec. Dec. 200
Monthly
75c Sept. 1
Phillips-Jones Corp.,corn.(guar.)
•1zi Sept. 1 *Holders of rec. Aug. 200
Phoenix Hosiery, pref.(guar.)
Holders of rec. Aug. 17
50c. Oct. 1 Holders of rec. Sept.20
Plekrel Walnut Co.(guar.)
*1740 Aug. 25 *Holders of tee. Aug. 15
Pickwick Corp. 7% pref.(guar.)
sok
1069
FINANCIAL CHRONICLE
AUG. 25 1928.]
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days ',admire.
Miscellaneous (Continued).
40e. Sept. 1 Holders of rec. Aug. 15a
Pillsbury Flour Mills, Inc.. coon. (qu.).
50c.. Sept. 1 Holders of rec. Aug. 15a
Common (extra)
199 Sept. I Holders of rec. Aug. 156
Preferred (guar.)
Pines Winterfront Co.,cl. A & B (guar.)_ •75o. Sept. 1 *Holders of rec. Aug. 15
.2
Oct. 1 *Holders of rec. Sept. 15
Pittsburgh Plate Glass (guar.)
131 Sept. 1 Holders of rec. Aug. lla
Pittsburgh Steel. Pref.(qua
"
Pittsburgh Steel Foundry, pref. (guar.) •191 Oct. 1 *Holders of rec. Sept.15
191 Sept.29 Holders of rec. Sept. 1
Pressed Steel Car, pref. (guar.)
Pro-phy-lac-tie Brush. pref. (guar.)_ --- $1.50 Sept.15 Holders of rec. Aug. 31
199 J an 15'29 Holders of rec. Dec. 316
Prudence Co., Inc., pref.(guar.)
1299c Sept. 1 Holders of rec. Aug. 10a
Pure Oil, corn. (quar.)
*S1 Oct. 15 *Holders of rec. Oct. 1
Quaker Oats, corn.(guar.)
134 Aug. 31 Holders of rec. Aug. la
Preferred (quar.)
•194 Nov.30 Holders of rec. Nov. 1
Preferred (guar.)
.3
Dec. 1 'Holders of rec. Nov.21
QuIssett Mills, preferred
3740. Sept. 15 *Holders of rec. Sept. 1
Rapid Electrotype (guar.)
$1.52 Aug. 28 Holders of rec. Aug. 210
Rand Mines Ltd. Amer.shares
2
Oct. 1 Holders of rec. Sept. 100
Remington-Rand Inc. 1st pref.(1U.)
1% Oct. 1 Holders of rec. Sept. 100
2d preferred (guar.)
8740. Oct. 1 Holders of rec. Sept. 19a
Preferred (guar.)
131 Oct. 1 Holders of rec. Sept. 15a
Remington Typewriter, let Pt.(guar.)
Oct. 1 Holders of rec. Sept. 15.
Second preferred (guar.)
$I Sept. 1 Holders of rec. Aug. 146
Republic Iron & Steel, corn.(guar.)
Roxy Theatres Corp.. class A (quiz.).... 11,1 Sept. 1 Holders of rec. Aug. 15
50c. Aug. 31 Holders of rec. Aug. 28
Russ Manufacturing (guar.)
50e. Sept.20 Sept. 9 to Sept.20
St. Joseph Lead (guar.)
25e. Sept.20 Sept. 9 to Sept.20
Extra
50c. Dec. 20 Dee. 9 to Dee. 20
Quarterly
25c. Dec. 20 Dec. 9 to Dec. 20
Extra
19( Oct. 1 Holders of rec. Sept.15
St. Maurice Valley Corp., pref (au.)
Sept.15 Holders of rec. Sept. 5
$2
Sanitary Grocery Co.,corn.(guar.)
1.6299 Sept. 1 Holders of rec. Aug. 17
Preferred (guar.)
50c. Sept. 1 Holders of rec. Aug. 151
Savage Arms, new corn.(guar.)
•15.1 Oct. 1 *Holders of rec. Sept.15
First preferred (guar.)
"14 Nov. 15 *Holders of rec. Nov. 1
Second preferred (guar.)
87990 Sept. 1 Holders of rec. Aug. 15a
Schulte Retail Stores, corn. (guar.)
87990 Dec. 1 Holders of rec. Nov. 15a
Common (guar.)
u99 Sept. 1 Holders of rec. Aug. 15
Common (payable in com.stock)
u4 Dec. 1 Holders of rec. Nov. 15
Common (payable in corn. stock)
Common (payable in corn. stock)
u4 Mar '29
Holders of rec. Aug. 150
Sears, Roeouck & Co.(qu.)(Pay.in stk ) el Sept.
el Nov. 1 Holders of rec. Oct. 15a
Quarterly (payable in stock)
el Febl'2 11,1d. of rec. Jan15'2C6
Quarterly (payable in stock)
Myl'2 Hold. rec. Apr. d 13 '290
Quarterly (payable in stock)
25c. Sept.11 Holders of rec. Aug. 31
Segal Lock & Hardware COTO. (quar.)_
Preferred (guar.)
19( Oct. I. Holders of rec. Sept. 30
Shell Union 011 (guar.)
35c. Sept.30 Holders of rec. Sept. 6a
75c. Nov. 1 Holders of rec. Oct. 20
Shepard Stores. Inc., el. A (guar.)
Class A (guar.)
75e. Febl 29 Hold. of rec. Jan.20 29
75e. May129 Hold.of rec. Apr.20 29
Class A (guar.)
Sherwin-Williams Co., pref. (guar.) _
14 Sept. 1 Holders of rec. Aug. 15
Shippers' Car Line Corp., pref. (guar.)... $1.75 Aug. 31 Holders of rec. Aug. 17
Simon (Franklin) Co., pref.(guar.)
191 Sept. 1 Holders of tee. Aug. 171
Simons(H.) & Sons, Ltd.. pref. (quar.)_ $1.75 Sept. 1 Holders of rec. Aug. 20
60c. Sept.15 Holders of tee. Aug. 15a
Skelly Oil (quar.)
Smith 'Howard) Paper Mills pref.(qu.) 199 Aug. 31 Holders of rec. Aug.021
Southern Grocery Stores corn.(guar.)._ •1239c Sept. 1 *Holders of rec. Aug. 15
Class A (oust.)
"6299c Sept. 1 *Holders of rec. Aug. 15
Southern Ice & Utilities. S7 pref.(guar) $1.75 Sept. 1 Holders of rec. Aug. 15
S1.75 Sept. 1 Holders of rec. Aug. 15
Participating preferred (guar.)
•45c. Sept. 1 *Holders of rec. Aug. 15
Southwestern Stores, pref.(guar.)
•95c. Sept. 1 *Holders of rec. Aug. 15
Class A (No. 1)
Spalding(A.G.)&Bros.,corn.(qui---- $1.25 Oct. 15 Holders of rec. Sept. 29
Oct. 15 Holders of rec. Sept. 29
$1
Common (extra)
19( Sept. 1 Holders of rec. Aug. 181
First preferred (guar.)
2
Sept. 1 Holders of rec. Aug. 18
Second preferred (guar.)
*S1.75 Sept. 1 *Holders of rec. Aug. 15
Spear & Co., 1st & 2d pref.(guar.)
Specialized Shares Corp. corn.(a u.)- - - - 12 4c. Sept. 1 Holders of rec. Aug. 20
75c. Sept. 1 Holders of rec. Aug. 20
Class A dr B preferred (guar.)
*40c. Sept.29 *Holders of rec. Sept. 15
Spencer Kellogg & Sons Inc. new
Sept. 1 Holders of rec. July 31
$I
Standard Chemical. Ltd
6239c Sept.15 Holders of rec. Aug. 17a
Standard 011 (Calif.)(guar.)
"6299c Sept.15 *Holders of rec. Aug. 16
Standard Oil (Indiana)(guar.)
*25e. Sept.15 *Holders of rec. Aug. 16
Extra
63c Sept.20 Aug. 26 to Sept.20
Standard 011(Nebraska) (guar.)
284. Sept.20 Aug. 26 to Sept.20
Extra
25c. Sept.15 Holders of rec. Aug. 250
Standard 011(N. J.) Par $25 (guar.) _
12990. Sept.15 Holders of rec. Aug. 25a
$25 par value stock (extra)
Sept.15 Holders of rec. Aug. 25a
$100 par value stock (guar.)
$1
50e. Sept.1 Holders of rec. Aug. 25a
$100 par value stock (quar.)
40c. Sept.16 Holders of rec. Aug. 176
Standard 011 of N.Y.(guar.)
Standard Oil(Ohio). pref.(guar.)
Holders of rec. Aug. 10
1% Sept.
Standard Sanitary Mfg., corn. (qu.).....
42e. Aug. 2 Holders of rec. Aug. 6a
1% Aug. 25 Holders of rec .Aug. 6a
Preferred (guar.)
Sept. I Holders of rec. Aug. 22
Sterling Securities Corp. pref.(guar.)
Stromberg-Carlson Telep. Mfg., corn
25c. Sept. 1 Holders of rec. Aug. 20
*750 Oct. 1 *Holders of rec. Sept.15
Stroock (S.) & Co.(quar.)
*750 Dec. 22 *Holders of rec. Dec. 10
Quarterly
Studebaker Corp.,corn.(guar.)
$1.25 Sept. 1 Holders of rec. Aug. 100
Preferred (guar.)
19( Sept. 1 Holders of rec. Aug. 10,3
25e. Sept.15 Holders of rec. Aug. 25
SLID Oil Co.. common (guar.)
Preferred (guar.)
134 Sept. 1 Holders of rec. Aug. 104I
• 4394c. Sept. I 'Holders of rec. Aug. 10
Swan Finch Oil Corp.. pref.(qu.)
Tennessee Copper & Chemical (ou.)---25c. Sept.15 Holders of rec. Aug. 31a
Texas Corp.(guar.)
750. Oct. 1 Holders of ref. Sept. 7a
Texas Gulf Sulphur (guar.)
$I
Sent.15 Holders of rec. Sept. la
Texon Oil & Land
10e, Oct. 15 Holders of rec. Sept. 15
Thompson (John II.) Co.(monthly).....
Holders of rec. Aug. 236
30e. Sept.
Thompson Products, class A (guar.) --Holders of rec. Sept.20
30c. Oct.
Holders of rec. Sept.20
10c. Oct.
Class A (extra)
Holders of rec. Sept.20
30c. Oct.
Class B (guar.)
Holders of rec. Sept.20
Class B (extra)
10c. Oct.
"Si Sept. *Holders of rec. Aug. 20
Preferred (guar.)
Aug. 21 to Aug. 31
1% Sept.
Timken-Detroit Axle, pref.(guar.)
Sept. 5 Holders of rec. Aug. 200
Timken Roller Bearing, corn. (quiz.).... $I
250. Sept. 5 Holders of rec. Aug. 20a
Common (extra)
• 124c. Oct. 1 *Holders of rec. Sept.15
Traymore. Ltd., corn. (guar.)
•1% Sept. 1 *Holders of rec. Aug. 21
Truscon Steel, pref.(guar.)
Underwood-Elliott Fisher Co..com.(qu.) $I Sept.29 Holders of rec. Sept. 14a
$1.75 Sept.29 Holders of rec. Sept. 14a
Pref. and pref. B (guar.)
Union Financial Corp..cl.A.(qu.)(No.1)_ 3734e. Sept. 1 Holders of rec. Aug. 15
*50e. Sept. 1 *Holders of rec. Aug. 15
Unlon Mills common (guar.)
•199 Sept. 1 *Holders of rec. Aug. 15
Preferred (guar.)
624c Nov. 10 Holders of rec. Nov. 1
Union Storage (guar.)
$1.25 Sept. 1 Holders of rec. Aug. 18a
Union Tank Car Co.(guar.)
Aug. 25 *Holders of rec. Aug. 15
.111
United Amusement
United Btscult of Am.,COM.(guar.).- 40e. Sept. 1 Holders of rec. Aug. 18
Sept. 1 *Holders of rec. Aug. 10
*S1
United Biscuit, class A (guar.)
Oct. 1 Holders of rec. Sept. la
S1
United Fruit(guar.)
United Milk Crate, A (qu.)(No. 1)---- •390. Sept. 1 *Holders of rec. Aug. 15
*Holders of rec. Nov. 15
*50c. Dec.
Class A (guar.)
$1.50 Oct. 15 Holders of rec. Oct. la
United Paperboard. Pref.(Qum.)
$1.50 Jan6'29 Hold, of rec. Jan. 2 '29a
Preferred (guar.)
$1.50 ApI5'29 Hold, of rec. Apr. 1 '290
Preferred (guar.)
199 Oct. 1 Holders of rec. Sept. 20a
United Piece Dye Works,64% pf.(qu.)
634% preferred (guar.)
1% Jan2'29 Holders of tea. Dec. 206
*Holders of rec. Aug. 15
Sept.
*S2
U.S. Bond & Share, coin
"Holders of rec. Nov. 15
*S2.50 Dec.
Common (extra)
•25c. Sept. 'Holders of rec. Aug. 15
Participating preferred
*Holders of rec. Nov. 15
*50c. Dee.
Participating preferred (extra)
U.S. Cast Iron Pipe & Fdy., corn.(qu.). 299 Sept. 15 Holders of rec. Sept. 30
24 Dec. 1 Holders of rec. Dec. la
Common (quar.)
191 Sept. 1 Holders of rec. Sept. la
Preferred (guar.)
1S1 Dec. 1
Holders of rec. Dec. la
Preferred (guar.)
Aug. 31 Holders of rec. Aug. 20a
U.S. Dairy Products, corn. A (quit.).... $1
131 Sept. 1 Holders of rec. Aug. 20a
First preferred (guar.)
Sept. 1 Holders of rec. Aug. 20a
Second preferred (guar.)
"4
Sept. 1 *Holders of rec. Aug.
U S. Envelope, corn
•3% Sept. 1 *Holders of rec. Aug. 15
Preferred
15
*75c. Sent. 10 *Holders of rec. Aug. 17
United States Freight (guar.)
$I
Sept. 1 Holders of tee. Aug. 216
U.S. Hoffman Machinery (guar.)
1070
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Name of Company.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
U. S. Gypsum, corn.(guar.)
540c. Sept.30 *Holders of rec. Sept. 15
Preferred (guar.)
Sept.30 *Holders of ree. Sept.15
U. S. Playing Card, (guar.)
*81
Oct. 1 *Holders of rec. Sept.20
U. S. Print. & Lith. 2d pref. (quar.)_
15 Oct. 1 Sept. 21 to Sept. 30
Second preferred (guar.)
14 Jan1'29 Dec. 22 to Dec. 31
U. S. Realty & Improvement
El Sept. 15 Holders of rec. Aug. 220
U.S. Realty & Invest.(guar.)(No. 1) .3730 Oct. 1 •Hokiers of rec. Sept. 15
U.S.Sheet & W.G., pref.
Oct. 1 *Holders of rec. Sept. 21
*2
(guar.)
U.S. Steel Corp.. coin. (guar.)
1% Sept.29 Holders of rec. Aug. 30a
Preferred (guar.)
1M Aug. 30 Holders of rec. Aug. 60
Universal Pictures 1st pref. (guar.).Oct. 1 Sept. 16
2
to
Oct. 1
Universal Pipe & Radiator. pref.(qu.)
$1.75 Nov. 1 I-hiders of rec. Oct. I5a
Vacuum Oil (guar.)
75c. Sept.20 Holders of rec. Aug. 31
Valvoline Olt common (quar.)
Septd17'Holders of roe. Sept. 14
Vapor Car Heating, pref.(guar.)
139 Sept. 10 Holders of rec. Sept. la
Preferred (guar.)
19.1 Dec. 10 Holders of rec. Dec. la
Vesta Battery Corp., pref.(guar.)
•31.75 Sept. 1 *Holders of rec. Aug. 20
Victor Monaghan common (guar.)
Sept. 1 *Aug. 21 to Aug. 31
*2
Preferred (guar.)
*1 M Oct. 1 *Sept.21 to Sept.30
Va.-Carolina Chem., prior pref.(qu.).-15 Sept. 1 Holders of rec. Aug. 170
Participating pref. (No. 1)
3
Sept. 1 Holders of ree. Aug. 170
Wagner Electric, pref. (guar.)
1 M Oct. 1 Holders of rec. Sept. 30
Waitt & Bond. class A (guar.)
60e. Sept. 1 Holders of rec. Aug. 15
Class B (guar.)
30e. Oct. 1 Holders of rec. Sept.15
Wayagamack Pulp & Paper( guar.)
75e. Sept. 1 Holders of rec. Aug. 15
Wayne Pump pref. (ouar.)
*87Me Sept. 1 *Holders of rec. Aug. 24
Welch Grape Juice, tom.(guar.)
25c. Aug. 31 Holders of rec. Aug. 20
Aug. 31 Holders of rec. Aug. 20
Preferred (guar.)
Wesson Oil & Snowdrift, pref. (quar.)
Sept. 1 Holders of rec. Aug. 15
Western Auto Supply, class A&13
750 Sept. 1 Holders of rec. Aug. 20
Sept. 1 Holders of rec. Aug. lla
Western Dairy Products, class A (qu.)_ _
1
Sept. 15 Holders of rec. Aug. 15
Western Oil& Refining, pref
4
Westinghouse Elec.& Mfg. corn. lunar.) El Oct. 31 Holders of ree. Sept. 286
El Oct. 15 Holders of rec. Sept. 280
Preferred (guar.)
Sept. 1 Holders of rec. Aug. 15
White (J. G.) & Co., pref.(guar.)
1
White (J.(1.) Engineering, pref.(guar.). 12, Sept. 1 Holders of rec. Aug. 15
Sept.29 *Holders of rec. Sept. 15
White Motor Securities, pref.(quar.)--25e Sept.29 'folders of rec. Sept. 1.56
White Motor (quar.)
50c. Oct. 1 Holders of rec. Sept.12
White Rock Mineral Spg.. com. (Clu.)-IN Oct. 1 Holders of rec. Sept. 12
First preferred (guar.)
Second Preferred
234 Oct. 1 Holders of rec. Sept. 12
Wire Wheel Corp. of Amer., peel. (qu.)_ 31.75 Oct. 1 Holders of rec. Sept.20a
$1.75 Jan 1'29 Holders of rec. Dec. 20
Preferred (guar.)
$1.25 Sept. 1 Holders of rec. Aug. 16
Woolworth (F. W.) Co., (quar.)
500. Aug. 31 Holders of rec. Aug. 150
Wright Aeronautical Corp. (guar.)
25c. Sept. 1 Holders of rec. Aug. 20
Wrigley (Wm.) Jr. Co., corn. (mthly.)....
Common (monthly)
25e. Oct. 1 Holders of rec. Sept.20
Common (monthly)
25c. Nov. 1 Holders of rec. Oct: 20
Common (monthly)
25e. Dec. 1 Holders of rec. Nov.20
Yale & Towne Mfg. (guar.)
81
Oct. 1 Holders of rec. Sept. 70
Yarns Corp. of America class A (qu.)_ *30e. Oct. 1 *Holders of rec. Sept. 15
Yellow & Checker Cab, corn. A (mthly) 6 2-3c Sept. 1 Aug. 26 to Aug. 31
Common class A (monthly)
6 2-3c Oct. 1 Sept. 26 to Sept. 30i
Common class A (monthly)
6 2-3c Nov. 1 Oct. 26 to Oct. 31
Common class A (monthly)
6 2-3c Dec. 1 Nov. 26 to Nov. 30
Zellerbach Corp.. pref.(guar.)
•1M Sept. 1 Holders of rec. Aug. 151
•From unofficial sources. t The New York Stock Exchange has ruled that stock
will not be Quoted ex-dividend on this date and not until further notice. 9 The
New York Curb Market Association has ruled that stock will not be quoted ex
dividend on this date and not until further notice.
a Transfer books not closed for this dividend. it Correction. e Payable in stock.
1 Payable in common stock. g Payable in scrip. h On account of accumulated
dividends. j Payable In preferred stock.
I Associated Gas & Electric dividends payable In cash or in class A stock as
follows: On $6 pref 3.33-100 shares class A stock: on $6.50 pref.. 3.61-100 shares
class A stock: on original preferred, 2.26-100 of a share of class A stock: on 87 preferred. 3.95-100 of a share of class A stock.
m $1.50 for each $100 paid in.
n Payable either In cash or class A stock at rate of one-fortieth of a share.
o Dividend is one shilling six pence, less deduction for expenses of depositary.
,
7 May be applied to the purchase of additional common A stock at rate of 1-50th
of a share for each share held at rate of $30 per share.
r British American Tobacco dividend Is 10d. per share. All transfers received In
Order in London on or before Sept. 3 will be in time for payment of dividend to
transferees.
s Imperial Tobacco of Great Britain & Ireland dividend Is Is. 6d. per share, less
deduction for expenses of depositary.
U Shulte Retail Stores declared 2% in stock, payable M% quarterly.
Note.-Old preferred stock of St. Louis-San Francisco Ry. was called June 1
1928, a one-month (May to June) dividend 01 50 cents being paid. All subsequent
dividends on this stock were cancelled.
[VOL. 127.
The New York "Times" publishes regularly each weem
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The following are the figures for the week ending Aug. 17:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
FOR WEEK ENDED FRIDAY, AUG. 17 1928.
NATIONAL AND STATE BANKS-Average Figures.
Loans.
OtherCash Res. Dep., Dep.Other
Gross
Including N. Y. and Banksand
Gold, Bk.Notes. Elsewhere. TrustCos. Deposits.
Manhattan-$
$
$
Bank of U.S
141,909,000 11,400 1,783,500
Bronx National
19,948,000 6,600 630,000
Bryant Park Bank 2,024,800 70,400 158,700
Chelsea Exch. Bk.. 20,788,000
____ 1,499,000
Cosmopolitan_ _ _
7,934,656 1,544 263,962
Federation
17,455,868 1,700 198,858
*Grace National
92,133
17,524,632 6,000
Harriman Nat'l
32,743,000 20,000 884,000
Port Morris
80,000
4,440,300 29,800
Public National 111,627,000 22,000 1,852.000
BrooklynFirst Nat1onal
20,015,900 45,200 413,500
Mechanics
54,593,000 235,000 1.251,000
Municipal
45.268,500 21,200 1,323,000
Nassau National_ 22,548,000 85,000 290,000
TrqaPrn NiftfInnnl
00,, Ann
al ,nn
$
$
17,794,800 1,081,700
807,000
120,000
772,000
2,910,909
1,316,581 254,737
1,369,875 899,767
4,198,000 710,000
181,900 163,200
6,777,000 3,329,000
1,933,500
11,777,300
3,156,100
1,772,000
/09 von
274,300
107,000
26,200
277,000
1(1 70(1
$
140,513,600
20,510,000
2,045,500
20,194,000
10,156,623
17,751,185
14,669,968
36,542,000
3,942,500
105,611,000
17,358,100
52,065.300
42,356.800
19,863,000
2215 Ann
* Clearing non-member.
TRUST COMPANIES-Average Figures.
Loans,
ManhattanAmerican
Bank of Europe & Tr
Bronx County
Central Union
Empire
Fulton
Manufacturers
United States
BrooklynBrooklyn
Kings County
Bayonne, N.I.Mechanics
Cash.
Res. Dep., Dep. Other
Gross
N. Y. and Banks and
Elsewhere. Trust Cos. Deposits.
$
$
S
$
$
29,025 53,053,242
705,374 9,361,679
51,276,901
15,796,380
77,453
16,428,204
817,570
22,750,861
22,846.219
658,989 1,481,348
235,464,000 *26,511,000 4,596,000 3,119,000240.424,000
74.831,800 *4,469.300 3,142,200 3,596,700 71,519,100
16,299,000
214,100
16,488,200 *2,039.800
276.975,000 2,371,000 37,819,000 1,661,000 258,539,000
68,069,166
81,791,640 4,133,333 6,734,686
61,200,600
26,877,691
Q441 Ill
64,448,400
25,222,646
1,414,100 9,357,000
1,906,870 2,417,296
210541
700.728
317.557
9.630.777
* Includes amount with Federal Reserve Bank as follows: Central Union. $25.809,000; Empire, $2.844,000; Fulton, $1,932,400.
Boston Clearing House Weekly Returns.-In the
following we furnish a summary of all the items in the
Boston Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
Aug. 22
1928.
Changesfrom
Previous Week
Au,. 15
1928.
Aug.8
1928.
s
$
3
a
Capital
84,150,000
84,150,000
84,150,000 Unchanged
Surplus and profits
108,448,000 108,448,000
108,448,000 Unchanged
Loans, disc'ts & invest'ts. 1,113,418,000 -17,951,000 1,131,369,000 1,136,465,000
Individual deposits
654,636,000 -5,638,000 660,274.000 660,039,000
Due to banks
130,016,000 -3,075,000 133,091,000 138,949,000
Time deposits
+30,000 283,644,000 283,453,000
283,674.000
36,469,000
United States deposits_ _ _
35,170,000
32,643,000 -2,427,000
26,195,000
Exchanges for Clg. House
23,422,000
22,785,000
-657,000
78,253,000
Due from other banks...
78,902,000
77,853,000 -1,049,000
81,511,000
Res've in legal deposiries
80,429.000
79,714,000
-715,000
8,956,000
Cash in bank
9,318,000
9,449,000
+131,000
1.022.000
Res've excess in F.R.131c.
214.000
433.000
+219.000
Weekly Return of New York City Clearing House.Beginning with Mar. 31, the New York City Clearing House
Association discontinued giving out all statements previously
issued and now makes only the barest kind of a report. The
Philadelphia Banks.-The Philadelphia Clearing House
new return shows nothing but the deposits, along with return for the week ending Aug.18, with comparative figures
the capital and surplus. We give it below in full:
for the two weeks preceding, is given below. Reserve
STATEMENT OF THE MEMBERS OF THE NEW YORK CLEARING HOUSE requirements for members
of the Federal Reserve System
ENDING
WEEK
SATURDAY
AUG.
18
THE
FOR
1928.
ASSOCIATION
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
•Surplus ,4 Net Demand
Time
Undivided
Deposits
*Capital.
Deposits
Clearing House
is not a part of legal reserve. For trust companies not
Average.
ProfUs.
Average.
Members.
members of the Federal Reserve System the reserve required
$
$
$
$
54,036,000
8,006,000 is 10% on demand deposits and includes "Reserve with
Bank of N. Y.& Trust Co__ 6,000,000 12,875,200
136,051,000
19,228,500
31,856,000
12,500,000
Bank of the Manhattan Co__
51,144,000 legal depositaries" and "Cash in vaults."
Bank of America Nat. ASsoe„ 25,000,000 37,009,900 123,170,000
90,000,000 73,961,000 a867,400,000 158,473,000
National City Bank
Beginning with the return for the week ending May 14, the
124,553,000
20,014,500
5,059,000
6,000.000
Chemical National Bank
50,176,000 Philadelphia Clearing House Association
National Bank of Commerce_ 25,000,000 46,295,200 299,507,000
discontinued showing
157,429,000
14,868,400
43,196,000
Chat.Phenix Nat.Bk.&Tr.Co. 13,500,000
2,945,000 the reserves and whether reserves held are above or below require5,000,000 26,702,400 114,040.000
Hanover National Bask
166,116,000
29,069,000
17,762,700
11,000,000
Corn Exchange Bank
7,922,000 ments. This will account for the queries at the end of the
10.Q00,000 25,069,500 116,525,000
National Park Bank
11,017,000 table.
10,000,000 87,588,200 229,906.000
First National Bank
50,715,000
52,522,200 352,609,000
Amer.Exchange Irving Tr.Co.
. ,ntinental Bank
CI-Ise National Bank
Fift5 Avenue Bank
Garfield National Bank
Seaboard National Bank
State Bask & Trust Co
Bankers Tru.,t Co
U. S. Mortgage & Trust Co
Title Guarantee & Trust Co_
Guaranty Trust Co
Fidelity Trust Co
Lawyers Trust Co
New York 'Trust Co
Farmers Loan & Trust Co_ _
Equitable Trust Co
Colonial Bank
40/000,000
1,000,000
60,000,000
500,000
1.000,000
9.000,000
5,000,000
25.000.000
" 000
.5 0
....uii,000
42.000.000
4,000,000
5,890,000
5530,734,000
23,954,000
14.486,000
117,174,000
35,250,000
c320,711,000
55,335,000
36,944,000
d429,659,000
39,023,000
19,005,000
130,798,000
e103,459,000
1312,252,000
26,666,000
600,000
68,502,000
Week Ended Aug. 18 1928.
811,000 '
Two Ciphers (00)
Aug. 11
Aug. 4
454,000
omitted.
Members of
Trust
1928.
1928.
7,074,000
P.It.System Companies.
Total.
59,507,000
61.081,000
$
4,801,000 Capital
9,500,0
54,790,0
64,290,0
64,290,0
64,290,0
1,993,000 Surplus and profits_
18,293,0 191,100,0 191,100,0 191,100,0
172,807,0
82,047,000 Loans, dIsets. & invest. 1,034,089,0 104,943,0 1,139,032,0 1,140,644,0 1,136,193,0
4,838,000 Exch. for Clear. House
790,0
30,177.0
30,967.0
31,298,0
35.128,0
2,624,000 Due from banks
559,0
86,542,0
85,083 0
79,449,0
87,111,0
30,681,000 Bank deposits
3.388,0 123,513,0 123,149,0 123,988.0
120,125 0
20,306,000 Individual deposits
48,347.0 647,407,0 648,163,0 653,650.0
599,060 0
41,785,000 Time deposits
29,470,0 238,135,0 237,799,0 230,992,0
208,665,0
7,064,000 Total deposits
81.205,0 1,009,055,0 1,009,111,0 1,017,630.0
927,850,0
8,188,0
Res. with legal depot'.
8,123,0
8,188,0
8,588,0
Clearing Non-Member.
66,279.0
Res. with F. R. Bank_
66,929,0
66,929,0
66,882,0
5,782,000 Cash in vault *
3,473,000
Mechanics'Tr. Co., Bayonne2.492,0
773,900
500,000
9,072,0
11,614,0
11,564,0
11,364,0
10.880,0
Total res. & cash held_
76,001,0
86,681,0
86,018,0
86,834,0
00U,010.VVV
40V.4UU,VUU152,1301,20145.10,240,000
Reserve required
cash
•As per official reports: National, June 39 1928. State, June 30 1928: trust Excess reserve and
In vault
companies, June 30 1928.
Include% deposits in foreign branches, (a) $283,456,000: (5) $13,624,000; (C) $50,•
Cash In vault not counted as reserve for Federal Reserve members.
785,000: (5) $86,486,000: (e) 32,359,000; (1) 8108,784,000.
1,438,900
77,826,700
3,158,700
1,899,000
12,351,100
6,631,700
75,000,000
5,951,400
21,857,400
59,231,700
3,648,500
3,000,000 3,845,200
10,000,500 24,009,500
10,000,001 22,149,200
30,000,000 25,591,000
1,400,000 3,705,600
FINANCIAL CHRONICLE
AUG. 25 1928.]
1071
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Aug.23, and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appear on page 1037. being the first item in our depa7tment of"Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS AUG. 22 1928.
Aug.22 1928
Aug. 151928. Aug.8 1928.
Aug.1 1928. July 25 1928. July 18 1928. July 11 1928. July 31928. Aug.24 1927.
$
$
$
$
$
$
$
S
$
RESOURCES.
1,107,113.000 1,117.450,000 1.107,601,000 1,117,466,000 1,119,717,000 1,130,963,000 1,161,160,000 1,129,584,000 1,615,271,000
Gold with Federal Reserve agents
40,689,000
66,020,000
73,465,000
71,406,000
67,361,000
62.100,000
71,555,000
63.309.000
Gold redemption fund with U. S. Tress_
72,563.000
Gold held exclusively eget. F.R.notes 1.173.133,000 1,189,005,000 1,180,164,000 1,180,775,000 1.191.123,000 1,204,428,000 1,228,521,000 1,191,684,000 1.655,960.000
Gold settlement fund with F.R.Board... 715,244,000 694,976,000 695,550,000 690,048,000 680,561.000 661,912,000 666,960,000 699,796.000 643,573.000
Oold and gold certificates held by banks_ 725.611,000 728,611.000 729,702,000 728,715,000 732,347,000 733,252,000 699.395,000 655,010.000 710.308.000
Total gold reserves
Reserves other than gold
2,613,988,000 2,612,592,000 2,605,416,000 2,599,538,000 2.604,031,000 2,599,592,000 2,594,876,000 2,546,490,000 3,009,841,000
147,414,000 150,699,000 150,042,000 156,027,000 157,154,000 159,244,000 152.361,000 146,100,000 147,663,000
Total reserves
Non-reserve cash
Bills discounted:
Secured by U. S. Govt,obligations
Other bills discounted
2,761,402,000 2,763,291,000 2,755,458,000 2,755,565,000 2,761,185,000 2,758,836,000 2.747,237,000 2,692,590.000 3,157,504.000
53,039,000
54,273.000
65,096,000
63.113,000
57,582,000
60,172,000
64,517,000
58,337,000
60.354,000
777.480,000
413,530,000
217,677,000
196,480,000
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of indebtedness
1,037,446,000 1,002,534,000 1,061,285,000 1,085.776,000 1.025,109,000 1,011,757.000 1,089,268,000 1,191,010,000
183,600,000 189,902.000 161,847,000 165,879,000 169.083.000 181,035.000 187.642,000 209.664,000
414,157,000
178,809,000
584,184,000
453,262,000
566,854,000
435,680.000
603,944,000
457.341,000
655,500.000
430,276.000
596,385.000
428,724,000
615,027,000
396,730,000
713,372,000
375,896,000
54,599,000
85.651,000
66,660,000
54,819,000
85,622,000
65,972,000
55,259.000
87,641,000
64,968,000
55.099.000
87,677,000
68.887,000
55.044.000
87.206,000
65,391.000
56.024,000
89,505,000
63,813,000
60,968,000
87,720,000
69,077,000
55,701,000
90,687,000
73.177.000
203,557,000
89,333,000
151,931,000
Total U. 8. Government securities
Other securities (see note)
206.910,000
990,000
206,413.000
990,000
207,868,000
490,000
211,663,000
490,000
207.641.000
490.000
209,342,000
490.000
217,765.000
490,000
219,565.000
490,000
444,821,000
320,000
Total bills and securities (see note)
Gold held abroad
Due from foreign banks (see note)
Uncollected Items
Bank premises
All other resources
428,946,000 1,399,839,000 1.431,490.000 1,463,808,000 1,402,323,000 1,402,624,000 1,495,165,000 1,620,729,000 1,038,107,000
574,000
636,859,000
60.134,000
8,813,000
575,000
735,573,000
60,125,000
8,993,000
574,000
593.054.000
60.123,000
8,743.000
573,000
651.501,000
60,115.000
8.463,000
573.000
626,843,000
60,113,000
8,628,000
573,000
740,451,000
60,063,000
8,431,000
571,000
687.818,000
60,056,000
8,563,000
571,000
758,391,000
60.047,000
8.520,000
23,629,000
609,876,000
59,452,000
17,032,000
4,954.310.0005,028.750.000 4.907,779,0005,000,197.000 4.924,182,000 5,036,074,000 5,062.523,000 5.195,121,000 4.958,639,000
Total resources
LIABILITIES.
1,641,967,000 1,638,622,000 1.627.586,000 1,612.690,000 1,606.582.000 1,618.863.000 1,640,150,000 1.660,132.000 1.670,831,000
F. It. notes in actual circulation
Deposits:
Member banks-reserve account
Government
Foreign banks (see note)
Other deposits
2,280,560,000 2,285,180,000 2.265.606.000 2,343,504,000 2,299,893,000 2,306,632,000 2,365.396,000 2,402,892,000 2,305,727,000
19,247,000
13,735,000
20,331,000
17,331,000
21,468,000
12,230,000
29,970,000
9,307,000
42,277,000
4,935,000
8,852,000
8,651,000
9,476,000
10,057,000
9,523.000
9,140,000
8.724,000
8,953,000
23,973,000
26,104,000
20,339,000
18,618,000
17,241,000
19,197.000
18,599,000
17,803.000
20,053,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
2,325,630,000 2,323,493,000 2,334,410,000 2,402,194,000 2,346,116,000 2,349,042,000 2,407,441,000 2.459.316.000 2,353,882,000
584,711,000 665,639,000 547,270,000 587,799,000 574.543.000 672,160,000 619,630,000 682.191,000 561,147,000
144,854,000 144,695,000 143,057,000 143.009,000 143,024,000 143,116,000 143,221.000 141,210,000 130,730,000
233,319,000 233,319,000 233.319,000 233,319,000 233,319,000 233,319,000 233,319,000 233,319,000 228,775.000
13,274,000
19,574,000
18,953,000
18,762,000
20,598,000
21,186,000
23,829,000
22,137.000
22.982,000
Total liabilities
4,954,310,000 5.028.750.000 4.907,779,000 5.000,197.000 4,924,182,000 5.036,074,0005,062.523.000 5,195,121,000 4,958,639,000
Ratio of gold reserves to deposits and
74,8%
65.5%
64.1%
61.8%
64.3%
F. R. note liabilities combined
65.9%
64.7%
65.9%
65.8%
Ratio of total reserves to deposits and
78,5%
69.5%
67.9%
65.4%
69.9%
F. R. note liabilities combined
69.6%
68.6%
69.5%
69.7%
Contingent liability on bills purchased
for foreign correspondents
289,353,000 290.180,000 305,018,000 306,285,000 305,452,000 305.186,000 310,888,000 309.038,000 162,087.000
Distribution ott Maturities1-15 days bills bought in open market.
1-15 days bills discounted
1-15 days U. S. certif. of Indebtedness_
1-16 days municipal warrant.,
16-30 days bills bought In open market_
16-30 days bills discounted
16-30 days U. S. certif. of indebtedness
16-30 days municipal warrants
81-60 days bills bought in open market _
81-60 days bills discounted
81-60 days U. S. certif. of indebtedness
81-60 days municipal warrants
61-90 days bills bought in open market _
61-90 days bills discounted
61-90 days U. S. certif. of indebtedness
61-90 days municipal warrants
Over 90 days bill, bought in open market
Over 90 days bills discounted
Over 90 days certif. of Indebtedness
Over 90 days municipal warrants
$
$
73,920,000
94,671.000
936,325,000 1,044,234,000
3,220,000
6,942,000
$
106,034,000
317,677,00
445,000
37,839,000
39.563,000
37.114,000
43.862,000
29,818,000
21,681,000
69,340,000
44,012.000
68,759.000
43,478,000
54,585.000
37,931,000
52,506,000
24,604,000
42,921,000
25,410,000
57,393,000
24,602,000
59,333,000
26,683,000
43,594.000
26.099,000
40,859,000
16,234,000
26,444,000
5.593,000
12.903,000
64.586,000
7.329,000
13,868,000
63.408,000
5,722,000
15,201,000
65,857,000
7,101,000
16,297,000
66,235,000
20,000
2,119,000
5,434,000
82,146,000
3
75,725,000
850,533.000
3,280,000
3
77,748,000
823,346.000
1,955.000
$
51.655.000
883.129,000
1.235,000
$
52,006,000
896,105,000
1,210,000
3
57,426.000
844,643,000
805.000
$
76,020,000
828,869,000
405,000
36,924.000
48,386,000
37.618,000
44,542,000
37.852,000
40.727,000
39,384,000
41.986.000
36,340,000
38,675.000
29,072,000
40,928,000
41,387,000
86,953,000
39,414,000
79,650,000
40,716,000
80,142,000
42.714,000
81,514.000
44,314,000
71.495,000
22,794.000
41,200,000
27,693,000
42,491,000
26,143,000
45,324,000
25.519,000
51,540,000
6.770,000
10,374,000
63,380,000
7.429,000
12,505,000
64,017,000
5,481,000
11.963,000
63,733.000
6,276,000
14,631,000
67.767,000
F. It. notes received from Comptroller__ 2.807,420,0002,816.638,000 2,819.200.000 2,825.782,000 2.822,202.000 2,831,152,000 2,824,675,000 2,819,200,000 2,883,884,000
780,020,000 799,980,000 804,820.000 806.970.000 799,770,000 796,880,000 783.160,000 798.775,000 841.595,000
F. R. notes held by F. R. Agent
Issued to Federal Reserve Banks
2,027,400,000
2,016,658,000 2,014.380,000 2.018.812.000 2,022,432,000 2,034,272,000 2,041.515,0002,020.425,000 2,042,289,000
_
How SecuredBy gold and gold certificates
Gold redemption fund
Gold fund-Federal Reserve Board
By eligible paper
348,620,000 352,827,000 350,977,000 348,477.000 352,477,000 352,476,000 354,977,000 355,376,000 413,276,000
96,938,000
89.541,000
96,552.000
99,796,000
99,815,000
88,153,000
95,355,000
91,446,000
94,652,000
668,952,000 676,470.000 661,972.000 669,193,000 675.794,000 683.132.000 706,368,000 677,656,000 1,105,057,000
1,189,770,000 1.155,853,000 1,191,042,000 1,213.595.000 1,160.789.000 1,157,472,000 1.222.349,000 1,318.795,000 567,172,000
Total.
2.296.883.000 2.273.303 ono 9 900 Ad./ 0009 931 061.0410 2.2gn SAR 0009 955 eqc non's RA7 ano 0002 44R 379.000 2.182.443.000
NOTE.-Beginning with the statement of Oct. 7 1925. two new items were added in order tO show separately the amount of balances held abroad and amounts duel°
foreign correspondents. In addition, the caption "Al other earning assets.- previously made up of Federal Intermediate Credit bank debentures, was changed to
"Other securities." and the caption "Total earning assets" to "Total bills and securities." The latter term was adopted as a more accurate description of the total of the
discount acceptances and securities acquired under the provisions of Sections 13 and 1401 the Federal Reserve Act. which, t was stated,are the only items Included therein;
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS AUG.22 11120
Two ciphers (00) Male&
Federal Reserve Bank of-
Total.
Boston.
New York.
Phila.
Cleveland. Richmond Atlanta. Chitaso. St. Louis. Minftsap. Kan.Ctty. Dallas. San Fran,
RESOURCES.
$
$
3010 with Federal Reserve Agents 1,107,113,0 109,630,0
66,020,0 6,559,0
3old red'n fund with U.S.Treas.
$4
$
$
S
k
II
S
s
$
s
175,175,0 80,546,0 142,617,0 18,090,0 67,563,0 214,525,0 15,493,0 40,509,0 47,953,0 16,283,0 178,729,6
15,952,0 10,020,0 5,580,0 2.458,0 4,520,0 6,835,0 6,307,0 1,264,0 2,074,0 1,780,0 2.691,0
Geld held excl. &gat.P.R.notes 1,173,133.0 116,189,0
30ld settle't fund with F.R.Board 715,244,0 67,347,0
725,611,0 26,871,0
301d and gold certificates
191,107,0 90,566,0 148,197.0 20,548.0 72,083,0 221,360,0 21,800,0 41,773,0 50,027,0 18,063,0 181,420,6
196.060,0 36,294,0 84,876,0 24,096,0 13,468,0 171,803,0 12,637,0 21.316.0 45,334,0 10,177,0 31.836,0
497,466,0 27,593,0 40,466,0 10.614,0 3,067,0 52,625,0 11,768,0 4,865.0 6,954,0 12,527,0 30,795,0
Total gold reserves
3.eserve other than gold
2,613,988,0 210,407,0
147,414,0 12,592,0
884,633,0 154.453,0 273,539,0 55.258,0 88,618,0 445,788,0 46,205.0 67.954,0 102.315,0 40,767,0 244,051,0
27,284,0 6,479,0 14,220,0 10,151,0 16,559,0 18,793,0 17,345,0 2,454,0 5.370,0 5,587.0 10,580,0
2,761,402,0 222,999,0
Total reserves
57,582,0 5,828,0
Pon-reserve cash
3111s discounted:
Bee. by U.S. Govt. obligations 584,184,0 31,627,0
453,262,0 28,371,0
Other bills discounted
911,917,0 160,932.0 287,759,0 65.409.0 105,177,0 464,581,0 63,550,0 70,408,0 107,685,0 46,354,0 254,631.0
18.088,0 1,701,0 3,415,0 3,333,0 4,928,0 8,036,0 3.414,0 1.030,0 1,768,0 2,492,0 3,549.0
Total bills discounted
Rile bought in open market
7. S. Government securities:
Bonds
Creasuri notes
:ertificates of indebtedness
314,026.0 98,639,0 68,377,0 54,487,0 74,126.0 150,134,0 65,692,0 19.134,0 21,834,0 29,527,0 81,472,0
41,691,0 13,611,0 20,834,0 8,079,0 12,983,0 11,795,0
11,0 9,865,0 10,284,0 13,540,0 21,477.0
Mud
Ti A Ckiv't APAIII7(1AR
1,037,446,0 59,998,0
183,600,0 19,430.0
186.109,0 73,984,0 36,897,0 20,115,0 17.730,0 112,860.0 23,575,0 10,434,0 8,769,0 14,825.0 47,259,0
127,917,0 24,655,0 31,480,0 34.372,0 56,396,0 37,274,0 42,117,0 8,700,0 13,065,0 14,702.0 34,213,0
54,599,0
85,651,0
66,660,0
703,0
1,713,0
4,427.0
1,384,0
548,0
585,0
7.583,0 9,002,0 27,009,0
17,639,0 11,340,0 5,550,0
1,153,0
594.0
1.529,0
79,0 19,927.0
3,054.0 5.412.0
1,897,0 8,847,0
206.910 A
R R43 n
26 AM n
297e il
A con n
sans, n
go In, n
nd 1 pa n
7,125,0
9.500,0
lc anc n
4,519,0 10,090,0
3,925,0 2.912,0
2,214,0 4,327,0
In ern n
Is SOO n
42,0
8.444,0
3,393,0 11.554,0
3,964,0 4,926,0
lc 501 0
1R 699 n
1072
[VOL. 127.
FINANCIAL CHRONICLE
aliSOURCES (Concluded)Two Ciphers (00) omitted.
B082011.
Total.
$
990,0
Otbersecurities
Total bills and securities
Due from foreign banks
Uncollected Items
Bank premises
Another resources
New York.
$
$
500,0
Cleveland. Richmond AUatila. Chicago. Si. Louis. Minneap. Kan.City. Dallas. SanFrafa
Phila.
$
$
$
$
$
$
490,0
$
$
$
$
382.823.0 133,177,0 122,318,0 65,842.0 92,139,0 196,115,0 82,328,0 40,147,0 49,447,0 58.868,0 119,471,0
35,0
52,0
218,0
47,0
25,0
17,0
21,0
14,0
18,0
69,0
21,0
170,634,0 49,742,0 62,660,0 44,387,0 23,391,0 80,579,0 29,582,0 14,559,0 40,122,0 24,706,0 37,233,0
16.568,0 1,752.0 6,806,0 3,483,0 2,833,0 8,720,0 3,902,0 2,202,0 4,308,0 1,901,0 3,835.0
603,0
1,349,0
270,0 1,311,0
415,0 1,266,0 1,021,0
521,0
415,0
694,0
844,0
1,428,946,0 86,271,0
574,0
37,0
636,859.0 59,264,0
60,134,0 3,824,0
104,0
8,813.0
Total resources
4,954,310,0 378,327,0 1,501,597,0 347,621,0 484,321,0 182,894,0 229,755,0 759,121,0 183,491,0 129,204,0 203,763,0 134.859,0 419,357,0
LIABILITIES.
F. R. notes In actual circulation. 1,641,967,0 144,220,0 344,684,0 129,388,0 195,625,0 54,771,0 127,167,0 278,178,0 56,794,0 53,680,0 59,135,0 31,833,0 166,492,0
Deposits:
Member bank-reserve ace't 2,280,560,0 145,799,0 879,519,0 132.887,0 185,560,0 64,929,0 63,403,0 345,902,0 77,143,0 50,039,0 92,828,0 63,133,0 178,418,0
119,0
668,0
538,0
2,313,0
882,0 1,471,0 4,173,0 1,357,0 1,360,0 1,237,0 1,358,0 1,855,0
17.331,0
Government
914,0
624,0
448,0
9,140,0
660,0
2,828.0
835,0
Foreign bank
369,0 1,222,0
308,0
378,0
317,0
237,0
7,115,0
123,0 1,471,0
18,599,0
403,0
291,0
Other deposits
139,0 1,135,0
55,0 6,070,0
746,0
737,0
314,0
Total deposits
Deferred availability Items
Capital paid In
3urplus
&II other liabilities
2,325,630,0
584,711,0
144,854,0
233,319,0
23,829,0
147,400,0
57,246,0
10,039.0
17,893,0
1,529,0
891,775,0
146,447,0
48,845.0
63,007,0
6,839,0
133.964,0
46,691,0
14,369,0
21.662,0
1.537,0
188,613,0 66,550,0 65,382,0 353,432,0 79,615,0 51,950,0 95,218,0 64.854,0 186,967,0
59,327,0 41,896,0 20,623,0 72,506,0 29,790,0 12,387,0 35,509,0 24,777,0 37,512,0
14,301,0 6,080,0 5,243,0 18,207,0 5,397,0 3,017,0 4.202,0 4,305,0 10,849,0
24,021,0 12,324,0 9,996.0 32,778,0 10,397,0 7,039,0 ,9046,0 8,527,0 16,629,0
2,434,0 1,273,0 1,344,0 4,020,0 1.498,0 1,131,0
908,0
563,0
743,0
Total liabilities
4,954,310,0 378,327,0 1,501,597,0 347,621,0 484,321,0 182,894,0 229,755,0 759,121,0 183,491,0 129,204,0 203,763,0 134,859,0 419,367.0
Memoranda.
73.8
74.9
61.1
53.9
Reserve ratio(per cent)
76.5
72.0
69.6
54.6
47.9
73.6
46.6
69.8
66.7
Contingent liability on bills pur30,179,0
14,799,0 12,188.0 40,335.0 12.478,0 7,835,0 10,446,0 10,156,0 20,603,0
chased for foreign correspond'ts 289.353,0 21,763,0
27.567,0
0
81.004,
1P. It. notes on hand (notes rec'd
from F. R. Agent less notes in
eirculation_
335.433.0 25.647.0 121.680.0 26.758.0 30.555.0 12.568.0 21.8660 44 9315 n in 000 n 0 07Ct n a 71M n n 700 n 11 641.0
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS AUGUST 22 1928.
Boston.
Total.
Federal Reserve Agent at-
New York.
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas. San Eras.
$
$
Two ciphers (00) Otrillla.
F.R.notes rec'd from Comptroller 2,807,420,0 235,717,0
F.R.notes held by F.It. Agent__ 780,020,0 65,850,0
3
S
$
$
$
$
$
$
$
$
$
727,844,0 182,946,0 255,810,0 92,988,0 222,793,0 446,861,0 85,918,0 79,095,0 99,030,0 54,085,0 324,333,0
261.480,0 26,800.0 29,630,0 25,649,0 68,760,0 124,400.0 18,280,0 16,439,0 31,180,0 15,552,0 96,000,0
F. R.notes Issued to F. R.!Ionic_ 2,027,400,0
Collateral held as security for
F. R. notes issued to F. R. Bk.
Gold and gold certlficates____ 348,620,0
89,541,0
Gold redemption fund
668,952,0
Gold fund-F.R. Board
1,189,770,0
Eligible paper
.
169,887,0
466,364,0 156,146,0 226,180,0 67,339,0 154,033.0 322,461,0 67.638,0 62,656,0 67,850,0 38.533,0 228,333,0
35,300,0
11,330,0
63,000,0
79,408,0
153,160,0
50,000,0 13.990,0 27,100,0
12,303,0 35,000,0
7,600,0 14,167.0
17,015,0 10,969,0 12,617,0 4,100,0 5,463,0 1525,0 1,893,0 3,342,0 3,093,0 2,980,0 15,214,0
5,000,0 69,577,0 80,000,0
35,000,0 213,000,0 6,000,0 23.000,0 44.860.0 1,000,0 128,515,0
345,892,0 97,233,0 88,882,0 59,866,0 87,064,0 161,790,0 65,678,0 26,626,0 31,904,0 43,052,0 102,375,0
_
521.067.0 177.779.0 231.499.0 77.956.0 154 627 0 270 Qlx n al vv. n n,,on
n ,r1 on., n Co 535 n 981 104.0
_ 2.296.883.0 189.038.0
Total oonateral
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the 636 member banks from which weekly returns are obtained. These figures are always a week behind
those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement
of Dec. 12 1917, published in the "Chronicle" of Dec.29 1917, page 2523. The comment of the Reserve Board upon the figures
for the latest week appears in our department of "Current Events and Discussions," on page 1037, immediately following which
we also give the figures of New York and Chicago reporting member banksfor a week later.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS AUG. 15 1928 (In thousands of dollars).
Total.
Federal Reserve DistrictLoans and Investments-total
As.
Loans and discounts-total
Boston. New York
PhUa.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas. San Frac
S
$
S
$
$
22,184,258 1,540,873 8,327.110 1,253,954 2,207,954
$
678,634
3
3
645,367 3,309,022
$
716,769
9
387,669
g
687,939
S
s
458,776 1,989,291
848,444 1.465,623
518,844
503,833 2,419,354
508,091
233,352
446,234
335,580 1.341,868
13,033
657,326
798,264
3,197
184,363
331,284
4,251
20,592
130,088 1,054,921
369,494 1,343,841
4,345
218,496
285,250
2,697
74,149
156,506
3,191
127,249
315,794
3,631
86,708
245,221
_ 15,739,318 1,090,547 6,027,568
5,059
360,456
976,353
Secured by U. S. Gov't obliga'ns
128,690
Secured by stocks and bonds _ ___ 6,951,493
All other loans and alscounts____ 0,049,138
48,588
10,481
405,784 2,797,193
674,282 3,181,787
9,625
464,760
374,039
6,444,940
450,326 2.299,542
405,510
742,331
159,790
141,534
890,568
208,678
134,317
241,705
123,216
647,423
U. S. Government securities__ _ _ 2,923,783
Other bonds, stocks and securities 3,521,157
170,265 1,088,240
280,061 1,211,302
121,208
284,302
324,984
417,347
71,030
88,760
69,541
71,993
382.307
508261
73,278
135400
73,154
61163
115,319
126,386
85,149
38,067
349,308
298,115
78,765
13,426
127,614
27,940
40,28'
11,129
38,491
9,849
257,644
39,295
44,788
6,658
23,155
5,850
57,470
11,330
32,101
8,544
114,396
21,175
354,80"
247,503
5,512
318,163 1,851,842
238,164 1,245.731
11,366
24,944
377,972
240,484
4,190
207,731
128,394
2,494
510,247
176,469
4,265
Investments-total
Reserve with F.R.Bank
Catkin vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
1,691,887
237,373
119,509
17,949
757,669
64,228
12,952,061
6,903,565
184,787
894,208 5,579,956
489,575 1,715,003
35,236
38,717
710,225 1,033,160
306.657 980,385
20.724
21,617
1,064,476
3,036,215
45,127 117,638
132,246 1,152,813
55,600
162,051
93,562
212,688
47,524
93,493
66,630
93,588
232,089
485,510
43,929
121,070
48,669
79,249
119,765
234,627
52,811
83,668
141,132
194,212
50,218
125,280
36.309
12.598
15,971
20,981
69,316
58,983
10,333
55
287.695 826,057
129,411 1,005,789
11,100
6,622
Borrowings from F. R. Bank-total
764,946
44,941
230.729
68,301
63.460
26,842
Secured by U.S. Gov't obliga'nsAn other
457,811
307,135
17,485
27,456
128,675
102,054
51,672
16,629
37,154
26,306
12,294
14,548
13,858
36,360
96,834
28,446
11,252
25,057
7,220
5,378
9,681
6,290
12,703
8,278
636
36
78
49
70
64
RI
no
on
OA
04
44
Number of reporting banks
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of New York at the close of business Aug. 22 1928, In
comparison with the previous week and the corresponding date last year:
Aug. 22 1928. Aug. 15 1928. Aug.24 1927
ResourcesGold with Federal Reserve Agent
Gold redemp.fund with U. El. Treasury.
175,175,000
15,932,000
175,284,000
17,984,000
321,368,000
10,634,000
Gold held exclusively agst. F.R.notes
Gold settlement fund with F. R. Board.
Goldand gold certificates held by bank_
191,107,000
196,060,000
497,466.000
193.268,000
211,969,000
498,560,000
332,002,000
216,348,000
468,482,000
Totalgold reserves
Reserves other than gold
884,633,000
27,284.000
903,797,000 1,016,832,000
28,414,000
28.298,000
Total reserves
Non-reserve cash
Bills discountedSecured by U. S. Govt. obligationsOther bills discounted
911,917,000
18,088,000
932,095,000 1,045,246,000
13,304,000
18,535,000
186,109,000
127,917,000
154,961,000
119,614,000
74,108,000
55,798,000
Total bills discounted
BUB bought in open market
U.S. Government securitiesBonds
Treasury notes
Certificates of indebtedness
314,028,000
41,691,000
274,575,000
50,393,000
129,906,000
75,222,000
1,384,000
7,583,000
17,639,000
1,384,000
7,993,000
18,314,000
30,349,000
15,118,000
33,399,000
Total U.S. Government securities-All other earning assets
26,608,000
500,000
25,691,000
500.000
78,866,000
Total bills and securities (See Note)--
382,823,000
351,159,000
283,994,000
Resources (Concluded)Gold held abroad
Due from foreign banks (See
Note)
Uncollected Items
Bank premises
All other resources
Total resources
Aug.22 1928. Aug. 1 1928. Aug.24 1927
s
218,000
170,634,000
16,588,000
1,349,000
$3
219,000
201,013,000
18,568,000
1,440,000
6,684,000
154,355.000
16,276,000
6,885,000
1,501,597,000 1,521,029,000 1,526,744,000
LfabiiittesFed'I Reserve notes in actual circulation
Deposits-Member bank, reserve acctGovernment
Foreign bank (See Note)
Other deposits
344,519,000
879,519,000
2,313,000
2,828,000
7,115,000
344,684,000
877,781,000
628,000
2,641,000
9,574,000
370,532,000
900,744,000
1,443,000
1,549,000
16,792,000
Total deposits
Deferred availability items
Capital paid In
Surplus
All other liabilities
891,775,000
146,447,000
48,845,000
63,007,000
6,839,000
890,624.000
167,086,000
48,702,000
63,007,000
6,781,000
920,528,000
131,836,000
39,358,000
61,614,000
2,876,000
Total liabilities
Ratio of total reserves to deposit and
Fed'i Res've note liabilities combine&
Contingent liability on bills Purchased
for foreign correspondence
1,501,597,000 1,521,029,000 1,526,744,000
73.8%
75.5%
81.0%
81,004,000
78,455,000
45,229,000
NOTE.-BeginnIng with the statement of Oct• 7 1925. two new items were added In order to show separately the amount of balances held abroad and amcunts due
to foreign correspondents. In addition, the caption. "All other earing assets." previous!). made UP 01 Federal intermediate Credit Bank debentures, was changed to
"Other securities," and the caption. "Total earning assets" to "Total bills and securities." The latter term was adopted as a more accurate description of the total of
the discounts, acceptances and securities acquired under the provision of Sections 13 and 14 of the Federal Reserve Act, which, It was stated, are the only Items included
*herein.
AUG. 25 1928.]
FINANCIAL CHRONICLE
Vaulters"
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
azette,
Maturity.
Wall Street, Friday Night, Aug. 21 1928.
Railroad and Miscellaneous Stocks.-The reivew of the
Stock Market is given this week on page 0000.
The following are sales made at the stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week Ended Aug. 24.
Sales
for
Week.
Range for Week.
Lowest.
Par. Shares $ per share.
RailroadsBoston & Maine
100
Buff Hoch & Pitts__ _100
Preferred
100
Buff & Susquehanna_100
Havana Elec Ry pref_100
Ill Cent leased line_ _ _ 100
Michigan Central_ _ _100
Minneap & St Louls_100
Morris & Essex
50
500 75
20 78
30 98
100 36
210 7134
10 8034
10 1600
800 234
10 8234
Nash Chatt & St L..10
80 175
New On Tex & Mex_100
50 14034
N Y Central rights
83.500 634
NY Lack & Western_100
10 106
Pacific Coast let pref.100
10 4054
24 preferred
10 23
100
So By 51 & 0 ctfs
100 1.650 126%
Highest.
Range Since Jan. 1.
Lowest.
Highest.
$ per share. $ per share.$ per share.
Aug 21 7534
Aug 20 78
Aug 23 98
Aug 23 36
Aug 23 71%
Aug 20 8034
Aug 18 1600
Aug 21 2%
Aug 22 8234
Aug 21
Aug 20
Aug 23
Aug 23
Aug 23
Aug 20
Aug 18
Aug 18
Aug 22
58
60
94
3234
64
7934
1600
1%
8234
Feb 83
Feb 86
Mar 105%
July 43
Mar 72%
June 86
Aug 1600
May 634
Aug 89
May
Apr
May
Jan
May
Apr
Aug
May
June
Aug 1817634 Aug 23 17134
Aug 18 14034 Aug 18 125
Aug 18 7 Aug 24 534
Aug 22 106 Aug 22 106
Aug 20 4034 Aug 20 40%
Aug 21 23 Aug 21 22
Aug 18 141% Aug 23 100
Aug 20434
Apr 14834
July 7
Aug 11234
Aug 70
Apr 39
Jan 159%
May
May
Aug
June
Jan
May
Jan
Indus.&Nliscellaneous
Abitibi Pr & Pap pf 100 1,300 89% Aug 20 90 Aug 22
Aug
Am Pr & Lt pref. _ _ _ 100
800 103 Aug 20 10334 Aug 22 8734 July 10234 Apr
10734 May
Am Wholesale prof..100 250 108 Aug 21 109 Aug 22 102
Apr 11034 July
Archer-Daniels Midi rts_ 8 300 334 Aug 21 334 Aug 24 104
• 1 000 28 Aug 22 29 Aug 18 334 Aug 334 Aug
Barker Bros
Brockway Mot Trk _ _ _ _* 59 100 60 Aug 18 6434 Aug 24 2634 Aug 3234 June
45% June 6434 Aug
Preferred
800 123 Aug 21 12834 Aug 24 110
100
12834 Aug
Bklyn Edison ctfs
900244 Aug 2224634 Aug 24 235 June
Aug
May
Bucyrus-Erie Prof (7) 100
100 11334 Aug 20 11334 Aug 20 11034 Mar 252
117
Apr
Cannon Mills
3,800 4714 Aug 23 48 Aug 23 4
734 Aug 48
Cent Alloy Steel pref _100
Aug
20 110 Aug 2311034 Aug 24 107
June 111% May
Chickasha Cotton 011_10 2,400 51 Aug 22 53 Aug 20
4514
June 5654 July
City Investing
100
30 146 Aug 24 146 Aug 24 140
Mar
June
Colo Fue.d:Iron prof 100
10 135 Aug 24 135 Aug 2412734 June 152
140
Aug
Consol Film Ind pref..'20,900 2534 Aug 21 26% Aug 20
23
July 26% Aug
Container Corp cl A_ _ _ _ 9,900 2834 Aug 24 2174 Mar 36
-Apr
-Aug
Class B
*9013,600 1234 Aug 20 1414 Aug
241 1034 Mar 1914 Apr
Cutler-Hammer Mfg10 5.300 57 Aug 18 5834 Aug 21
52 June GO
Apr
Davison Chemical rts___ 3,000
is, Aug 20
is, Aug 20
'a Aug
34 Aug
Debenture Securitles_a50
500 40% Aug 23 42 Aug 21 4034 Aug 4934
May
Drug Inc
•65,500 96% Aug 18 10234 Aug 24 80
Mar 10254 Aug
Durham Hosiery
100 434 Aug 21 434 Aug 21 4
50
May 834 May
Eizenlohr Bros Prof..100
20 881.4 Aug 22 8814 Aug 22 88% Jan 10034
Eltingon Schild
*
100 3334 Aug 20 3334 Aug 20 3334 Aug 40% Feb
June
Elk Horn Coal prof
60 14 Aug 18 14 Aug 18 13% May 19
50
Emerson Brant el B
*
200 4% Aug 20 4% Aug 24 2% Apr 934 Feb
May
General Gas & El el 13._. 400 66 Aug 23 66% Aug 22 37
Jan
July
Gen Ice Cream
* 4,100 7714 Aug 22 7934 Aug 24 743.y July 75
8234 July
Gen Ry Signal pref__100
10 1043.4 Aug 21 10434 Aug 21 104
Aug
11534 Feb
Graham-Paige Mot ctfs• 1,700 36 Aug 21 38 Aug 20
2614 June 38
Grand Stores
100 2,700 79 Aug 24 8134 Aug 20 6534 June 8134 Aug
Aug
Grand Union
*42,700 2934 Aug 18 3334 Aug 21 2634
3334 Aug
Preferred
•37,300 5034 Aug 18 54 Aug 21 4634 July
Aug 54
Aug
Gulf States St 1st p1_100
40 10834 Aug 21 10834 Aug 22 104
Jan 110
Apr
Hackensack Water p1_25
110 30 Aug 24 31 Aug 20 25% July
Jun(
Preferred A
50 2734 Aug 22 27% Aug 20 25% Jan 38%
25
30% July
Internal Nickel prof.100
600 123 Aug 20 124 Aug
11034 Jan 124
Internat Paper Ws_ _. 2,200 68 Aug 24 69"4 Aug 20
Aug
18
Aug 72% July
Preferred certifs_ _ _100 1,400 99 Aug 22 100 Aug 18 6634
9734
July
Keith-Albee-Orpheum _* 11,300 19% Aug 22 2134 Aug 20 1534 Aug 103
May
Aug
Preferred
300 79 Aug 23 80 Aug 21 7534 May 27
100
99
May
Kelvinator Corp
*28,600 8 Aug 22 91.4 Aug
734 July 22% Aug
Roister Radio Corp,...* 92,100 5434 Aug 20 6334 Aug 20
24 51% Aug
Lehigh Portl Cem__.5o
800 4434 Aug 22 4534 Aug 21 4414 Aug 63% Aug
Mai
Preferred
200 110 Aug 22 110 Aug 22 108% May 54
100
110% May
Loew's preferred
* 3,700 100% Aug 21101)4 Aug 22 9
93.4 Mar 110% May
McKeepsort Tin Plate.* 8,800 6634 Aug 18 6934 Aug 24 6234
72% Ain
Manhattan Shirt prof 100
50 120 Aug 24 120 Aug 24 ussi June
June 122
Fel
. 6,000 41% Aug 20 4714 Aug 24
Maytag Prof
40%
May
* 1,500 91 Aug 18 9234 Aug 24 90% Aug 52
Prior preferred
Aug
May
Mengel Co
•45,500 2834 Aug 18 353.4 Aug 24 25% July 101
353.4 Aug
Mohawk Carpet Mills •11,900 3914 Aug 18 42% Aug 22 39%
Aug 42% Aug
Motor Products
• 4,100121 Aug 22 128 Aug 18 94
July 134
Aug
National Supply pf_ _100
60114)4 Aug 23 115 Aug 23 11434 Aug 119
Jar
Norwalk Tire & It p1_100
30 38 Aug 22 38 Aug 22 33% Jan 45
Jar
Pacific Lighting
* 500 78% Aug 20 79 Aug 22 7554
85% Jun(
Aug1
Pacific Mills
100 27 Aug 23 27 Aug 23 27
100
AUgI 3434
Penna Coal & Coke_ 50
100 834 Aug 21 834 Aug 21 834 Aug 14% Mao
Jar
Phillips Jones Corp...' 500 5234 Aug 22 54 Aug 18 38
APrj 54
Aug
Preferred
100
10 9654 Aug 23 9634 Aug 23 85
May
Pierce-Arrow class A_ _ .... 3,500 2534 Aug 23 2614 Aug 24 25% App 99
Aug 2634 Aug
Postal Tel*Cab pi IN
900 101 Aug 21101)4 Aug 23 101
AugllO3
July
Reynolds Tob cl A_ _ _25
10 183 Aug 24 183 Aug 24 165% Ma 195
May
Spang Chalfant & Co...' 1,600 2934 Aug 21 3134 Aug 24 26
Julyl 32
Aug
Preferred
100
100 100 Aug 22 100 Aug 22 100
Aug 100
Aug
Stand Sanitary Mfg_• 2,200 36 Aug 18 363-4 Aug 22
34
June 42% May
Stanley Co
• 7.700 3634 Aug 21 38% Aug 22 3634 Aug 4134 July
Trico Products
100 6,700 3734 Aug 23 40% Aug 21 32% Jun 4334 Aug
Tobacco Prod ctfs A_ _10
100 193.4 Aug 24 1934 Aug 24 1934 AugI 2534 Jar
United Dyewood _ _ _ _100
270 11% Aug 23 15 Aug 21 5
FebI 15
Aug
United Paperboard_ _100
500 18 Aug 23 2034 Aug 20 17% AugI 2734 Ap,
U S Cast Iron Pipe &
Is'Foundry pref etre_ _100
10012434 Aug 21124)4 Aug 21 124
June 128
Juno
Walgreen pref
100 200 106 Aug 23 106 Aug 23 106
Aug 106
Aug
Warner Bros Pictures_ 71,200 8034 Aug 23 893-4 Aug 24
803.4 Aug 8934 Aug
Well Fargo & Co
1
100 334 Aug 20 314 Aug 20 134 Jan 33-4 Juno
Bank, Trust & Insurance Co. Stocks.
Bank of Commerce_ _100
20647 Aug.Juni
Feb770
224? Aug 23 550
_150
940 may
Corn Exchange Bank 100
130664 Aug 20 790 Aug 23 660
Niay.753
May
Equit Tr Coot NY._100,
60 480 Aug 23 499 Aug 21 410
Jan 599
May
• No par value, a shillings.
New York City Realty and Surety Companies.
(Alt prizes dollars per share.)
Bid
72
280
420
345
Alliance WIty
Amer Surety.
Bond & M a.
Lawyers Mtge
Lawyers Title
&Guarantee 335
458
Bid
86 Mtge Bond_ _ 165
290 N Y Title &
440
Mortgage- - 600
350 U /3 Casualty_ 400
340
1073
Ask
Bid I Ask
175 Realty Assoc'.
(Bklyn)com 280 290
605
1st pref.... 96
99
415
24 pref.... 93
95
Westchester!
Title & Tr_l 650
....
Int.
Rate.
Bid.
Dec. 15 1928_ 334%
Dec. 15 1928_ 4%
Mar.15 1929_ 334%
Mar.15 1929_ 33.47,,
99",,
99",,
9910n
9920,,
,f.
I
Maturity.
Int.
Rate.
Bid.
99"ss Sept. 15 1930-32 314%
99"n 'loan 15 1930-32 334%
99oss Dec. 15 1930-32 334%
990(n
Asked,
97"n
97",,
97"is
98'n
984ss
98ta
New York City Banks and Trust Companies.
(All prices dollars per share.)
Banks-N.Y. Bid
Ask Banks-N.Y. Bid
America
210 214 Port Morris__ 675
Amer Union*. 235 245 Public
805
Bronx Bank*. 625 675 Seaboard ___ _ 795
Bryant Park' 230 300 Seventh
250
Central
190 197 Seward
180
Century
235 250 State*
740
Chase
548 554 Trade*
290
Chath Phenix
Yorkville_ _ _ 250
Nat 13k &Tr 571 576 Yorktown'... 210
Chelsea Exch• 265 274
Chemical.... 905 920
Brooklyn.
Colonial'.... 1275
__ First
475
Commerce... 636 643 Globe Exch•.. 325
Continental*. 575 625 Mechanics'.. 364
Corn Each_ 670 680 Municipal* _ 420
CosmopoliVne 500
Nassau
430
Fifth Avenue.2200 2300(People's
950
First
4000 4050(Prospect
170
Garfield
600
Grace
400
__
Trust Co..
Hanover
1290 1305
New York.
Harriman.... 930 970 Am Ex Iry Tr 426
Liberty
280 290 Bence Comic
Manhattans._ 715 730
Italiana Tr_ 425
National City 811 816 Bank of N
Park
685 695
& Trust Co 710
Penn Exch.__ 175 185 ,Bankers Truer 950
1
Ask Tr. Cos.-N.Y.I Bid
Ad
725 Bronx Co Tr.1 400 450
82
10
5 Ce
on
u8
trtayl Union 1640 1660
675
260 Empire
1 6
428
5 438
187 Equitable Tn.1 492 497
760 Farm L & Tn. 787 795
310 Fidelity Trust 380 400
290 Fulton
565 600
240 Guaranty....I 646 851
Intl Germanic 225 235
Interstate__
268 274
525 Lawyers Trust
375 Manufacturers
370
New 225par, 226 230
430 Murray BBL. 255 265
450 Mutual(West-!
chester)____' 365 395
_
190 N Y Trust...• 725 735
Times Square 183 188
Title Gu & Tr. 795 810
S Mtge & Tr 500 510
430 United States3100 3250
Westchest'rTr 1000 1100
475
Brooklyn.
Brooklyn_ ___.•1100 200
720 Kings Co_
2600 800
960 Midwood____ 260 270
*State banks. t New stock. z En- cityi lend. v Ex-stock div. y En-rights.
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.Below we furnish a daily record of the transactions in Liberty Loan bonds and Treasury certificates on the New York
Stock Exchange. The transactions in registered bonds are
given in a footnote at the end of the tabulation.
Daily Record of Ll. S. Bond Prices. Aug.18. Aug20. Aug.21. Aug.22. Aug.23. Aug.24.
First Liberty Loan
IHIgli
334% bonds of 1923-47_ Low_
(First 314)
Close
Total sales in $1,000 units__
Converted 4% bonds of{Hie;
Close
Total sales in $1,000 units__ _
Converted 434% bondsrlgh
of 1932-47 (First 4;is) Low_
Close
Total sales in 51.000 units ___
Second converted 434%(High
bonds of 1932-47 (First)Low_
Second 44s)
Total sales in 51.000 untts___
High
Third Liberty Loan
434% bonds of 1928....1 Low_
(Third 43.42)
Clow
Total sales in $1,000 units_
High
Fourth Liberty Loan
43.4% bonds of 1933-38.. Low_
(Fourth 44s)
IClose
Total sales in $1,000 units__
High
Treasury
dyis, 1947-52
I Low_
Close
Total sales In 61.000 units...
units__
High
iS, 1944-1954
4I..ow_
(Close
Total sales in $1,000 netts__
High
350, 1946-1956
ILow_
Close
Total sales in $1,000 unit,
High
3445. 1943-1947
Low_
Close
Total sales la $1,000 units__
High
*3348,1940-1943
Low_
C108C
Total sales in 31.000 unit.
9911,2
99",,
9911:1
1
99,,
99",,
99"ss
21
9911,,
9910
99"s,
II
99",,
9910,1
99",.
18
9911,,
9914,,
9915s,
s
9915,,
9911,,
991las
28
____
____
___
____
___
___
10000,0 100",,z, 101
____ 101',I
101.'n
____ 100211, 10020s, 100"s: 100"a, 101'n
____ 101in 100",, 10010,, 10021,, 1014,
____
7
2
4
4
12
------------____
____
___-___
____
____
____
___ _
____
____
____
99.1a2 9921a, 992132
9911s, 9921ss 9921a,
9921z, 99211, 9911,0
1
30
2
101 21: 101.s: 101's,
101in 1011,, 1011,,
101in 10I",, 101's,
20
58
58
____
--__ 11021s,
__
_ - _ 110",,
____
-__ 11011,,
........
.......
30
30
1062s,
-__ 105",,
10527s,
---- 1052's,
1062,2
--__ 1052,s,
25
1031s,
10323,
103in
____ 103
1031::
____ 103
25
75
____
__
9821,
____
____
98",
____
__ 9811,
10
.......
__
9511,
__
___
____
981',
-..__
.„. 9811,
10
____
__
9911s, 9921s,
9911 , 9911as
9921s2 9911s,
44
101 1s, 1011,3
1011,, 1010,,
1012,, 1011a,
72
187
111 1s, 11011:,
11020, 11021s,
111 431 110"31
24
2
--__ 106
-__ 105":,
---- 106
____
100
__ 103's,
____ 1031,,
--- 103'st
10
9810,
,
- 98",,
9820s, 98221,
9820a, 9822s,
2
5
9800,, 98",,
9811:, 981 s,
9811s, 9811so
252
6
____
9921,,
9900,2
9924,
3
101'n
1011n
101'st
175
111 10as
111',1
111 1.11
153
106"st
106
106'as
51
1032,,
103'ss
103's,
10
98",1
981',1
9811,1
4
9813,1
98",,
98"si
1
Note.-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
4 1st 335s
99,,, to 991°,0 4th 4115
101
to
101
Foreign Exchange.To-day's (Friday's) actual rates for sterling exchange were 4.84 15-16@
4.85 3-32 for checks and 4.85 9-3244.85 13-32 for cables. Commercial en
banks. sight, 4.84% @4.84 15-16; sixty days, 4.8034 @4.81 %; ninety days,
4.793444.793-4. and documents for payment, 4.8054@14.813.4; cotton for
payment. 4.85, and grain for payment, 4.85.
To-day's (Friday's) actual rates for Paris bankers francs were 3.90 5-16
43.9034 for short. Amsterdam bankers' guilders were 40.0534@40.07)4
for short.
Exchange at Paris on London, 124.23 francs; weeks range, 124.23
franca high and 124.22 francs low.
The range for foreign exchange for the week follows:
Sterling. ActualChecks.
Cables.
High for the week
4.85 7-32
4.85 7-16
Low for the week
4.8474
4.8534
Paris Bankers' FrancsHigh for the week
3.91
3.9034
Low for the week
3.90%
3.9034
Amsterdam Bankers' GuildersHigh for the week
40.10
40.09
Low for the week
40.0834
40.053-4
Germany Bankers' MarksHigh for the week
23.84)4
23.8331
Low for the week
23.8234
23.8034
The Curb Market.-The review of the Curb Market is
given this week on page 0000.
A complete record of Curb Market transactions for the
week will be found on page 1090.
Report of Stock Sales—New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Seven Pages—Page One
41s
For sale, during the week of stocks not recorded here, see preceding page
HIGH AND LOW SALE PRICES—PER SHARE, NOT PER CENT.
Sales
JOT
Saturday,
Aug. 18.
Monday,
Aug. 20.
Tuesday,
Aug. 21.
Wednesday, Thursday,
Aug. 23.
Aug. 22.
Friday,
Aug. 24.
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
per share 15 per share S per share $ per share $ per share $ per share Shares
Railroads.
190 19138 19114 19212 192 19414 192 193
19118 19212 1921 19314 0.100 Atp
eh
reT
feo
rred
peka & Santa Fe--P
100
ar
*104 10458 104 104 '5104 10458 *10412 10458 •10412 105 •10412 105
100
100
*16312 164
16312 164
16732 16712 16713 18734 *165 168
165 167
1.300 Atlantic Coast Line RR-100
106 107% 10713 10834 10712 112
110 112
42,600 Baltimore & Ohio
10912 11073 110 111
100
*77% 80
80 '7814 80
78
80
78 .78
80
400 Preferred
*7814 80
100
0
7312 7414 75
7578 7412 7578 7578 7613 *7514 76
6.800 Bangor & Aroostook
75% 76
50
*111 115 *111 115
*111
111 111
115 •111 115 *111 115
10 Preferred
104)
6634 674 6614 6838 683* 70
683s 69% 6812 69
68
6813 23.200 Bklyn-Manh 'Fran v t c_No par
*8912 9014 9014 9014 *9012 91
1,200 Preferred v t c
9012 9012 *9012 91
91
91
No par
4313 4312 43
4112 4234 4212 4212 4258 4314 7.300 Brunswick Term & Sty See_100
43
4378 42
48 '33
*32
*33
48
*32
48
*32
48
48
*33
Buffalo & Sum pref
48
100
20734 2103s 2C958 21134 21114 21212 212 21412 21138 21212 2124 21434 32.500 Canadian Pacific
100
•307 330 *308 340 *308 340 *308 330 *308 340 *308 340
Central RR of New Jereey.100
183 18438 183 18434 184 18513 18434 18538 18478 18478 182 18434 7,500 Chesapeake & Ohio
100
1012 1138 11
1112 104 114 1058 1034 1018 1058 8,000 Chicago & Alton
1178 11
100
1612 1613 1612 161s 1638 9,900 Preferred
16
16% 1638 174 1634 1714 16
100
42 •40
41
4314 •40
41
42 *10
41
42
*40
900 Chic & East Illinois Mt_ _100
42
6212 6312 6212 6234 6158 62
59
62
6112 6112 6112 6112 2,100 Preferrea
100
1338 144 14
144 1334 1414 1334 1438 1314 1334 1314 13% 29,700 Chicago Great Western
100
2612 2734 2712 2838 284 29% 2912 3058 3
27
818
4 3
27
93
58
4 2914 304 45,600 Preferred
100
3812 37% 3712 3814 3734 3812 37
3812
374 3818 51,100 Chicago Milw St Paul & Pao__
48
504 4978 5114 5034 5212 5034 5238 .5012 5134 5112 5212 125,000 Preferred new
8112 8312 8214 8334 8212 8312 824 834 8258 831
84
8434 13.200 Chicago & North We•••ra_100
•1394 141 •13713 143 *13712 143 •13912 143 *1374 141 •13713 141
Preferred
100
12234 124% 122 123
120 12138 1214 124
1224 12378 12238 12434 26,200 Chicago Rock Isl & Pactflo_100
*10734 10814 108 108 *108 108% *108 10834 *108 109 *108 10812
100 7% preferred
iool
101 10114 *101 102 •101 102 *10112 102
10134 10134 010112 102
300 6% preferred
1001
*107 11678 •106 118 •110 11978 •110 12778 •110 115 *110 115
Colorado & Southern
iool
'N.-- 77 •-___ 78 •____ 77 a- _ - 77
10 First preferred
68
68 •_ _ _ _ 75
1001
75
•72
75 '72
75
Second preferred
*72
75 .
72
75 •72
75
1001
7334 7334 73% 7358 74
74
74
74
7418 78
75
77% 9,600 Consol RR of Cuba pref1O0l
19112 19134 19234 19314 192 19412 193 193
19234 200
1001
198 20034 12,300 Delaware & Hudson
13234 13234 13212 13314 13314 13314 *133 13334 1324 134
Delaware
Lack & Western. 1001
1.800
134 13514
*56
5634 57
584 5712 5713 *56
1.300 Deny & Rio Gr West pref--100
57
*55
57
*55
57
Duluth So Shore & Atl_ _ ,. 1001
*334 3% *34 34 *313 334 *34 334 *314 334 *314 334
44312 7
*612
7
*612 7
Preferred
*6
7
iool
*6
7
7
'6
5134 5278 5234 5312 53
31.600 Erie
5358 524 52% 5134 53
5334 53
1001
57
5713 57
5712 5712 5734 5634 5758 57
iool
5718 5734 12,000 First preferred
58
59
*55
5612 5612 56
12,000 Second preferred
57 •55
5614 *55
5612 *55
57
100
9714 9778 984 9978 9834 9938 994 9912 *9712 9912 9934 10034 14,300 Great Northern preferred_ 100
*96
97
9612 9612 9613 9712 954 96% 9558 9558 9534 9712 2.700 Prof certificates
1001
2138 2112 2114 2214 2158 2134 21
2158 21
2114 2112 2112 9,900 Iron Ore Properties_.No par
48
50
2.500 GulfMobile&Norjbern._ 1001
49% 5012 *1812 50
•48
49 •4814 49
49
49
100 101
500 Preferred
iooi
100 100
*9913 10012 *9912 10012 *9912 10012 *9913 10012
57
57
574 5758 5758 593s 571a 5814 5713 59
5758 5818 7.500 Hudson & Manhattan
iol
92
100 Preferred
•84
92
100L
*89
92
*83
91
*83
8314 8314 •8414 90
14234 14234 *142 143
142 14334 14312 14312 14214 14314 14214 14234 2,700 Illinois Central
100
1001 Preferred
*138 145 *138 145 •138 143 '
5138 145 •138 145
100
14114 1414
4612 4613 4714 48
900 Int Rys of Cent America_ _100
48
48
*464 4738 *4613 471
46
46
1501 Preferred
80
80
*7834 80
81884 80
100
80
80
80
80
8014 801
4478 4614 4414 4612 4612 4834 47
46
4712 16,000,Interboro Rapid 'Fran v t 0.100
4714 464 473
53
5314 5434 534 54
52
100
5334 5438 5018 504 5112 534 7,900 Kansas City Southern
2001 Preferred
*67
71
69 .67
674 6712 *67
100
68
68
*67
*67
68
101 101
98 100
100 10078 9814 997
50
99
9938 9912 2,800,Lehigh Valley
993
*140 143 *140 143
1,100 Louisville & Nashville
142 14334 •143 145
100
145 145 *145 149
36
86
*85
40 Manhattan Elevated guar 100
90
8514 90
*86
9212 *86
86
86
90
49
49
48
4958 4912 5078 *49
100
50
49
4955 4938 4934 5.400 Modified guaranty
*414 5
*44 41
*414 41
*414 41
100 Market Street Rallway._ 100
412 413
*44 41
•20
25
*13
25
*16
Preferred
25 •13
100
25 •13
•13
25
25
*4314 451 *43
45
*4312 45
100 Prior preferred
*4313 45
100
4313 431 *43 4 45
*11
16
•10 .15
*10
15
Second preferred
*10
100
15 •10
*10
15
15
494 50
4912 4913 494 4914 494 494 *49
49
4978 1.100 Minn St Paul & SS Marie-100
50
•79
*79
83
83
*79
83
100 Preferred
82
100
82 •80
83
84
*80
*6334 66 .6334 66
20 Leased lines
*6312 66
6313 6334 *6312 651 •6311 6512
100
3938 3938 41'z 41
417
38
4018 4134 40
No Par
405s 4018 404 139,800 Mo-Kan-Tex RR
10334 1033 10358 10378 104 10414 1034 104
100
104 1041 10414 1044 4.000 Preferred
63
6534 64322 66
644 653
644 654 6313 841
100
6414 654 91,100 Missouri Pacific
117 1184 117 11834 118 1181 11578 1181 11834 1171 1164 119
17,600 Preferred
100
*214 27
*234 24
234 234 *234 3
234 23
234 234 1,300 Nat Rye of Mexico 2d pref_100
16412 16584 165's 16614 166 169
16714 16938 16734 18913 170 1717 45.5001 New York Central
100
12638 12612 1254 126
126 126
2,5001N Y Chia at St Louis Co---100
12512 12512 12434 12614 12512 126
510413 10512 *10412 10512 *10412 1054 *10412 10512 10412 1041
*10413 10513'
100
100 Preferred
50
28314 2634 *265 270 •265 270
10191 Y & Harlem
*26314 215 *26314 2737 •265 270
5934 584 594 5818 5812 5813 591 19.3001N 'Y N H & Hartford
5738 5914 5814 5934 58
100
114 114 *11378 114 *11378 114
114. 114
1,0001 Preferred
114 114
114 114
4,500,N Y Ontario & Western-100
2734 274 2712 2914 2818 284 2814 287
2713 2734 2814 288
914 *812 912 *813 913
9
700 NY Railways pre'etts_No par
84 834
*734 834
94 91
839
38
38
374 38
38
.36
100
3734 *35
300 Norfolk Southern
3734 *35
373
100
900 Norfolk & Western
182 182 *179 18212 18112 18112 182 183
18312 186
18314 1831
Preferred
100
86
*85
*85
86
86
585
*85
86 '
*85
86
*85
86
100
9778 9758 984 9712 98
8.600 Northern Pacific
9534 9638 9638 9712 97
974 991
100
2,300 Certlficates
9514 9612 9612 96% 9512 9612 954 96
95
95
9514 97
100
27
2714 2714 '520
300 Pacific Coast
•20
28
•23
25
25
27
*20
27
50
637 64
6312 6438 6358 64
6334 64
6312 6378 6334 637 17.100 Pennsylvania
100
33 •30
5,900,Peoria & Eastern
305
, 3338 3234 3234 *31
32
33
839
33
*31
1314 13612 13018 1304 132 134 •133 1333
100
4,100 Pere Marquette
130 130
13114 132
100
Prior preferred
98
98 '597
*97
•97
•97
98
98
*97
98
*97
98
Preferred.,
100
*9413 964 *9412 9634 *9412 9634 *9412 9634 *9412 97
*95
97
14212 14334 *143 14334 •136 143
5.200 Pittsburgh & Walt Va----100
142 14234 *136 143
143 148
50
10112 10234 10214 103
102 102
162 103
102 102
1004 10414 5,700 Reading
5Q
4312 *42
4312 *42
100 First preferred
4312 .42
42 .
4312 x42
.42
42
4312
Preferred
,,.5
Second
50 .
48
4958 50
47
48
48
48
700
*44
51
51
*47
pref
RR
70
Rutland
70
6212 621
*82
1920
*60
65
70
400
•60
651
67
67
1154 1161 116 11738 11658 11738 11614 1163 11634 11713 11.100 St Louis-San Francisco- —100
114 116
9878 9758 9712 9734 9712 971
100
9714 0714 *9414 973
9734 9734 1,600 1st pref paid
• 9334 9878 9734 10014 9934 105
10434
10212
101$8 103
103 10434 64,60081 Louis Southwestern.---100
92
92
92
*91
92 •89
92
*89
00
100
200 Preferred
90
*91
93
1312 14
1414 1434 1478 151
.1313 14
1512 151
3,900 Seaboard Air Line
100
1558 16
•174 18
1812 1918 19
18
18
1914 •1834 19
9001 Preferred
100
1858 1834
1204 1211 121 12214 121 12318 122 12278 12134 123 x12314 124
100
39,300 Southern Pacific Co
*148 1491 150 15073 1494 1507 150 1501 150 1507 15012 151% 7,600 Southern Railway
100
99t *9878 100 •9812 100
99
9001 Preferred
994 994 994 994 *9914 102
100
184 1897 •184 188
17514 18214 18134 183
184 189
9,800 Texas & Pacific
100
187 190
4,334 34
*334 34
34
35
3438 343
34
341 *32
3,500 Third Avenue
100
34
4212 421 *41
*42
43
42
43
42
4114 42
800 Twin City Rapid Transit.._ 100
*41
42
101 Preferred
*102 1021 102 102 *__-- 102 •____ 102 *102
100
•102
_
19312 19412 193% 1951 195 19612 194 195
19312 195
100
19512 19634 8,800,Union Pacific
*8412 85
*8412 85
•8412 85
6301 Preferred
85
85
*844 85
100
85
85
78
764 7712 764 771
784 77
76
77% 77
100
77
774 19,200 Wabash
*9312 96
•9312 96
Preferred A
9514 9414 *9312 95
95
100
*9312 96
'92
*90
*90
93
Preferred B
93
*90
93
93
100
*90
*90
93
93 '90
4612 4414 451
474 4512 46% 45
4412 454 37.900 Western Maryland
100
4634 464 46
*44
47
3.000, Second preferred
47
*44
474 *48
46
46
44
44
48'
100
46
I
1001
PER SHARE
Range Since Jon. 1.
On basis of 100-share tots
Lowest
1
58238
parM
shar
are2
1024 Jan 5
163' Aug 14
10334June 19
6
78
1 Aug 6
61
12
110 July 7
538e Jan 17
82 Jan 4
144 Jan 6
484May 2
19512June 19
2974 Feb 17
17512June 19
514 Jan 30
778 Feb 20
37 Feb 28
58 Aug 15
94 Feb 8
2013 Feb 20
2214 Mar
87 Mar
78 June 19
138 July 19
106 Feb 18
10614 Feb 9
100 Feb 24
105 Aug 16
67 July 3
721e Jan 3
69 Apr 12
16314 Feb 10
129 Feb 20
50I Feb 20
8 Aug 3
418June 19
4834.1une 19
50 June 18
4914June 20
9312 Feb 6
914 Feb 7
1914June 12
43 Aug 6
99 Aug 16
51 Jan 8
83 Jan 16
13114 Jan 11
13018 Jan 13
364 Mar 18
6973 Jan 8
29 Jan 5
43 June 13
8613 Aug 10
844 Feb 20
13918July 21
75 Jan 9
40 Jan 10
418 Apr 3
21 Apr 17
4312 Aug 23
814May 24
40 June 21
73 Feb 7
62121uly 17
Mauna 13
10112June 12
41% Feb 7
106 Yob 20
2 Feb 17
156 Fop 16
12358July 23
10412 Aug 24
168 Jan 3
5438June 19
113 July 21
24 Feb 20
514 Jan 24
32 June 12
175 June 19
7912 Apr 26
9238 Feb 7
9038 Feb 20
1912May 14
6178June 19
25 Mar 12
12478 Feb 9
97 June 9
94 Aug 2
12114 Feb 20
9414 Feb 7
42 July 16
64 Jan 26
BO Feb 21
109 Feb 7
9578July 17
674 Feb 8
89 July 14
1114 Mar 3
17 Aug 4
1174 Feb 7
13914 Feb 8
9814June 19
9913 Jan 8
284 Jan 10
4114 Aug 23
102 July 14
1864 Feb 6
8234 Aug 15
51 Feb 18
8812 Feb 7
87 Feb 4
8114 Feb 8
$tile Feb 8
Highest
PER SHARE
Range for Protases
Year 1927.
Lowest
Highest
Share
1
397
Palsr 'a
A parr2
a 7 $18
Pe
lr3"
4 Jaarna 8200".
10812 Apr 9
994 Jan 10634 Dee
19112May 7 17478 Apr 20511 Aug
11978 Apr 12 10612 Jan 125
Got
85 Apr 4
7314 Jan 83 June
Jan 1034 Mal
44
844 Jan 11
11534May 31 1014 Jan 122 Juni
7734May 3
53 Aug 7078 Jan
Jan
9532May 3
7818 Oct 88
4534July 6
74 Oct 1933 Doe
594 Apr26
60 Apr 68 June
22334May 8
375 May 7 2111- -iiii iii"i6:
20514 Jan 6 15134 Jan 2184 oet
1058 June
184May 2
414 Jan
184 July
2638,May 2
74 Jan
4814Niay 10
801s Jan 61 July
7658May 4
63 Jan 84% Oel
1638May 2
813 Jan 224 May
321sMay 2
404 Apr26 -II -iin 4121jDuneee
Daeo
9
0
31
74
1 a
5212 Aug 21
9414May 1 "fig; "iiii
On
150 May 2 12414 Jan 150
12434 Aug 24
6813 Jan 116 July
11112May 31 10234 Jan 11134 Deo
105 May 31
9514 Jan 104 Nov
126 May 3
Jan 1374 July
84
Dee
85 Apr 10
Jan 78
70
Oct
Jan 78
68
85 May 9
8758June 1
66 Aug 77 NW
226 Apr 26 17111 Jan 230 June
150 Apr 9 13018 Oct 173 Mar
4118 Jan 6714 June
6534 Apr 28
258 Apr
634 Jan 5
734 Dee
4 Mar 1114 Dee
912May 2
3911 Jan 6934 Sept
6613 Jan 4
6378 Jan 7
5238 Jan 6614 Aug
49
Jan 641e Aug
62 Jan 6
109 May 14
7958 Jan 10378 Sent
854 Mar 101 Sept
10534May 15
25 Jan 24
18 July 2834 Sept
764 July
861s Jan
6178May 10
Jan 11214 App
109 May 1 105
404 Jan 6578 May
7312 Apr 24
Jan 901s Ma
78
934 Apr26
14834May 91 12118 Jan 1394 Oct
Oct
147 May 15 12072 Jan 140
51 June 18
23 Apr 4213 Oct
82 May 2
62 Apr 7414 Oct
62 May 3
3012 Aug 5218 Feb
414 Jan 7011 July
6318 Jan 7
77 Apr 20
6474 Jan 7313 Dec
116 Apr26
881s Oet 13713 June
15912May 10 12838 Jan 15918 Oot
7814 Dec 90 Feb
96 May 4
6478 Feb
64 May 3
411
/
4 Dee
67 June
438 Nov
7125.1ay 15
2912May 3
18 Feb 2518 June
doe Feb 5984 Aug
6434May 4
1114 Oct 174 June
1618May 4
27
5238 Jan 6
Jan 564 Dee
50 Apr 8813 Dec
8734May 16
5814 Mar 71 Nov
7114 Jan 9
314 Jan 56le Jane
4174 Aug 21
9534 Jan 1091s DSO
109 Feb 8
6958June 4
377k Jan 62 Aps
9018 Jan 11858 Nov
12338May 11
118 Aug
814 fle
54 Apr26
i9ii2may 10 12714 Jan 17112 00
148 May 11 6110 June 34012 May
110 Jan 4 102 Mar 110 Dee
505 Apr26 167 Dec 185 Apr
6838May 2
4158 Jan 634 Dec
117 May 3 1104 Oct 11438 Nov
39 May 2
2314 Jan
4134 Sept
13 May 3
458 Dec 1534 Jan
494 Jan 11
3718 Jan 6413 June
197 May 9 156
Jan 202 Nov
90 June 12
83 June 90 July
10512May 15
78
Jan 1024 Dec
10134May 16
84 July 997k Dec
3478May 25
1514 Feb 314 Dee
724 Apr 27
5634 Jan 68
Oa
37 May 1
20
Jan
MN July
146 Apr 11 11412 Jan 14012 May
10134 Mar 28
93
Jan 994 Dec
10034 Mar 30
894 Jan 974 Dee
161 Apr 9 12211 Jan 176 May
1194May 10
94 Jan 12334 June
46 Apr 9
We Dee
4012 Jan
697sMay 1
4334 Jan
Feb
7214May 18
43 Jan 69 May
122 Mar 23 1004 Jan 1174 June
101 May 21
105 Aug 21 if Jan 98 Jine
95 Jan 3
767 Jan 9414 Dec
2818 Mar 6114 Feb
8012 Jan 3
38 Jan 3
3212 Apr 4548 July
13114May 9 10614 Jan 1241e Dee
165 May 7 119
Jan 149 Dee
94 Mar 10118 Dee
1024 Jan 17
63% Jan 1037a Nov
190 Aug 24
2834 Aug41 Feb
4618May 3
45 Nov6514 Feb
56 May 8
99 Apr 106 May
107 Feb 10
20434May 9 1594 Jan 19784 Dec
77 Mar 8514 Dee
874 Jan 20
4011 Jan 81 Jute
9614Nlay 11
Jan 101 Jute
76
102 May 18
Jan 98 Jule
65
9912Nlay 18
1334 Jan 6778 Jut e
5434May 10
23 Jan 671s Jar e
5478May 10
ao
•Did and asked prices; no sales on this day. z Ex-dividend. a Ex-dividend and ex-rights. e Ilke-PJghte. b Ex-dly. of Vie the shares of Chesapeake Corp. stock.
AIDA
New York Stock Record-Continued-Page 2
1075
For sales during the week of stocks not recorded here, see second page preceding
•
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Aug. 15.
Monday,
Aug. 20.
$ per share $ per share
30
3072 *2914 31
*5278 55
*53
55
Tuesday,
Wednesday, Thursday,
Aug. 21. I Aug. 22.
Aug. 23.
Friday.
Aug. 24.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100-share 10811
Lowest
Railroads (Concluded).
per share S per share S per share S per share Shares
*2914 2912 2912 30
100
30% 3178 3178 3312 3,000 Western Pacific new
53
5378 5414 5414 *54
100
58
5514i5534 2,800 Preferred new
Highest
PER SHARI
Range for P 608061
Year 1927
Lowest
Highest
$ Per share
2814 Feb 7
5212 Aug 15
I per share
3712 Jan 13
8218 Jan 6
47 July 30
90 June 19
11012 Mar 8
195 Jan 4
93 Jan 16
1112 Feb 8
344 Jan 17
23 Jan 17
59 June 19
712June 12
1 Jan 5
23 Mar 15
9813 Jan 17
140 Feb 18
12012June 28
11518 Feb 18
1018June 12
69 Mar 2
2718 Feb 20
153* Feb 20
553, Feb 20
7434 Jan 17
61 Feb 10
1434 July 13
38 Feb 17
153
,Feb 18
397 July 17
12418 Jan 4
1058 Apr 27
404 Apr 27
7012 Jan 18
13634 Jan 10
8814July 311
1105, Aug 1
9914 Mar 7
69 Jan 12
107 Jan 5
11 Feb 18
53 Jan 4
169 Jan 10
2238 Feb 28
10493340 ge 25
81 Feb 24
Aug 10
40 June 13
59 Feb 18
28 Jan 10
90 Jan 7
71 Jan 5
514 Jan 12
56 Jan 10
565* Jan 13
8612 Jae 13
87 June 21
114 June 26
12912June 19
11112Mar 1
39 Mar 13
109 Aug 8
124 July 19
501* July12
6214 Jan 11
13018 Jan 18
11013 Jan 4
5114 Feb 7
56 Jan 10
2918July 16
312 Aug 9
8412 Aug 4
169 Feb 27
1313 Jan 9
141 Jan 5
102 Jan 5
5018June 13
109 June 19
55 Feb 18
100 Feb 17
475a Feb 27
2278 Aug 23
172 July 24
152 June 19
152 June 19
117 July 24
1097 Aug 10
1071's Jan 7
152 June 11
100 July 3
14 July 27
4018July 2
1012June 20
34 June 12
618 Jan 10
40 Jan 16
54 Jan 18
5514 Feb 20
1124 Feb SO
8638 Jan 3
114 Jan 16
658 Jan 10
6718 Jan 12
3514 July 23
2512 Jan 10
29 July 20
107 July 25
4014June 13
85 Apr 62
11112 Apr 13 -ail; KIWI. 1-183
;Nov
11412June 18 109 Aug 11312 Feb
378 Apr 37 124
Jan 210 Nov
9618 Dec
9913 Mar 28
948 Nov
5014June 6
15/4 Feb
75, Oct
6712June 6
2218 Oct 4534 Nov
55 Mar 20
3% June
818 Sent
7878 Aug 24
1438 Jan 24 -'Y1; June11;
3 Ws;
478 Apr 27
I June
214 Feb
18
314 Jan 26
Apr 32 Sent
11134 Mar 14
96 June 102 *NMI
19834 Aug 21 131
Jan 16914 Belt
12738May 4 120 Mar 124 Aug
132 Aug, 22
88
Jan 118% Dee
1834 Apr 19
1138 Nov
244 Feb
90 Apr 19
88 Dee 108
Feb
3834 Mar 31
2753 Apr 3758 Feb
2314Nlay 24
818 Apr 211 Dee
2814 Apr 7234 Dee
7612 Aug 21
159 May 9
61
Jan 98 Nov
5612 Jan 85 Sept
8573 Jan 3
1518 Oct 233* Mar
2312 Aug 20
61 June 16
35 Dec 604 Jan
13
41 June 4
Jan 265 Oct
4918 Jan 27
3512 May 46 July
128 June 12 11714 Feb 128 Mar
514 Aug 391 Jan
2614May 21
60 Aug 98 Feb
6578May 21
435 Mar 77% Dec
109 Aug 24
Jan 14134 Dec
147 Apr 30 126
Dee
11112 Jan 3 95 July 111
13712 Mar 31 12434 Oct 1345* June
9812 Dec 103 Sent
105 June 4
90 Aug 22
36
Jan 7434 Nov
Jan 110 Dec
114 May 21
90
98
Apr 151 Nov
1513 Apr 10
75 Apr 25
3838 Aug 5712 Nov
Jan 183 Nov
218 Aug 24 127
3878Nlay 1
1878 Feb 31 Dec
110 May 24
8613 Feb 109% Dec
9634 Apr 27
153* Feb 1
--is: -AD; -1-2-7i -60i
68 Mar 087
6733 Fels 1
,July
8134May 31
3038 Jan 71 Nov
4638 Aug 6
25% Oct 32 Aug
9912May 9
84
Jan 9612 Mal
125 May 17
37 Mar 7238 Dec
778May 7
6 June
10
Jan
74 Mar 27
6018 Dec 9018 Jan
12014 Aug 23
2018 Apr 72% Nov
13018June 25
4658 Mar 11212 Nov
115 Jan 31
994 Oct 116 May
134 Mar 24 11912 Feb 127 July
180 Mar 26
7314 Jan 18811 Dec
118 Jan 13
51 June 4 -3-81; Nov 113.
8 Dec
11712 May 14
9934 Aug 20
110 June 5
3712 Feb 18
3718 Feb 18
38 Feb 27
9534 Feb 9
115 July 21
63 Jan 3
102 July 24
814 Jan 5
438 Jan 3
25 July 13
60 July 16
6% Jan 18
26 June 11
4318 Jan 10
235 June 11
11638 Aug 23
10812 Apr 25
2312 Aug 20
20 June 12
20 June 14
11378 Apr 3
11912 Jan 27
5114 Aug 24
5978May 21
5714 July3
16912 Aug 3
11814 Jan 3
101 Mar 23
11012May 31
1738June 6
914May 14
3. Jan 21
75 May 9
1738May 25
3734May 25
5212May 1
285 Mar 31
124% Apr 11
1117, Jan 5
5212 Feb 1
2878 Apr 30
2714 Apr 30
Per share S Per shire
2518 Apr 4712 June
, Feb
55
Apr 781
Industrial & Miscellaneous.
52
*95
*11034
*290
sg434
*4113
*51
2%
69%
*818
*3%
2612
5212 52
5278 5218 528 5158
99 101
10112 10314 *100
100
111 *11034 111 *11034 111 *11034
295 305
307
295 *290 295
0612 *9434 9612 *9434 10038 *9434
42
41
4214 41
4278 4138
*51
53
54
52
53
523
3
28 3
3
3
278
7312 7312
7012 7012 7134 72
778 84
734 8
8%
84
334
3% 334
38 334
3%
2612 27
27
27
27
*2612
5212 5158
103
100
111 *11034
318
315
9612 *9434
4238 41
5312 *5214
3
278
74
7212
812
8
384
334
27
2612
5212 6,500 Abitibi Pow & Pap new _No par
10212 2,000 Abraham & Straus_..No par
100
20 Preferred
11034
100
3,700 Adams Express
339
Preferred
100
9612
100
4112 6,200 Advance Rumely
100
1,100 Preferred
53
1
2% 7,200 Ahumada Lead
78% 41,500 Air Reduction, Inc, newNo par
No par
814 10,100 Max Rubber, Inc
334 4,200 Alaska Juneau Gold Min__ 10
700 Albany Pert Wrap Pap_No par
2618
Preferred
100
186 19038 187 190
18714 18934 188 190
188 19212 194 19834 60,600 Allied Chemical &Dye_No par
•12212 12312 *12212 124 *122 124 *12212 12312 12234 12234 *12212 123
200 Preferred
100
•126 128
12734 12812 12812 13114 130 132
13018 1317 131 132
100
7,400 Allis-Chalmers Mfg
•11
12
11
11
1034 1034 1114 1114
11
11
700 Amalgamated Leather_No par
1034 1034
*75
77
*75
77
*75
77
*75
77
1 2 *73
100 Preferred
76
7612
76
3113 3112 3114 3112 31
3114 31
3114 3118 3138 3034 3112 7,000 Amerada Corp
No par
*1834 19
19
19
1978 2038 20
2038
1938 1912 1914 1978 6,800 Amer Agricultural Chem_ loll
*71
72
72
727
7314 7612 74
7534 731.2 75% 73
7434 18,400 Preferred
100
120 120
11934 11934 1197 125
124 124
123 123
12212 123
2,200 Amer Bank Note
10
*61
63
*61
63
6278 6278 *61
63
*61
63
*61
20 Preferred
50
63
22
22
2138 2312 2238 2312 2214 2212 2212 2212 22
2258 10,000 American Beet Sugar__No par
*58
604 *58
6034 *5712 6014 *5712 6014 *5712 60
Preferred
*5712 60
100
*3212 33
3258 33
33
33
33
34
327 3338 33
3358 4,000 Amer Bosch Magneto... o Par
40
40
3973 4034 4012 4013 4012 408 *40.2 408 4012 4078 2,100 Am Brake Shoe &F newNo par
012418 128 *12418 128 •12418 128 *12418 128 *1244 128 *124,8 128
Preferred
100
13
1412 1438 1434 14
1434
1378 1418
1318 1314
6,500 Amer Brown BoveriEl_No par
13
14
5078 5434 55
5714 5714 56
5834 5618 59
56
430 Preferred
54
100
55
101 10438 10313 10712 10578 108
10478 108
10414 10614 1065, 109 439,300 American Can
25
*14014 14112 141 141
1404 14114 *14014 14112 14038 14038 *14012 142
900 Preferred
100
7
90
90
8934 92
*9114 91
9014 9014 9012 9058 9014 9112 3,300 American Car & Fdy__No par
*115 119 *115 119
11518 11518 115 115
11518 11513 *116 12313
300 Preferred
100
13101 103 *101 103
103 103 *10178 103 *10178 103 *10112 103
100 American Chain pref
100
*83
8512 8334 85
85
8512 8512 90
8634 8834 8614 878 13,400 American Chicle
No par
*11034 113 *111 113
111 111 *111 1111 Ill 1 111 *1111 11112 7' IMO Prior preferred
No par
115* 1134
1113 1134 115* 12
1178 12
1158 12
11381 1158 i 7,900 Amer Druggists Syndicate...10
6313 64
6312 6312 •8313 6513 6312 6312 65
65
6578 I 6938 2,300 Amer Encaustic Tiling_No par
*190 191 *189 191
191 196
195 206
207 21512 214 .218
16,500 American Express
100
35
3538 3514 3638 3534 3614 35% 3678 3534 3614 3534 3758 32,200 Amer & Porn Power__.No par
108 108
10778 10778 10778 107% *10714 108 *10714 10712 *10714 107%
No par
300 Preferred
9234 9334 94
94
93
94
*93
94
No par
2,000 24 preferred
*10
1034 *10
1034 *10
1034 *1014 1034 :
3
130'4 9
American Hide & Leather_100
10
33
7 •
:
*3
13014 9
10
3378
4
*41
4312 *41
42
4114 4114 *4113 43
4134 4134 ..41
100
4312
200 Preferred
74
741
7514 7614 *7412 7512 75
7738 7512 767 . 7414 7634 9,500 Amer Home Products_ _No par
4313 4334 4314 4413 4312 4412 4312 44
*,
46
318 ,
48
No par
312 i..4
,8
318 ,
12,000 American Ice new
44
8
*96
98
*96
*96
98
98
*96
98
Preferred
100
9534 97
9618 9778 9812 10212 100 103
9
,
8%4 108
138
6
,,033
4 103
56,800 Amer Internet Corp_ _.No par
*612 678
638 638
638 638
612 612
1,000 Amer La France ,Is Foamite_10
*7014 74
*7012 74
*7012 74
*71
74
.71
Preferred
100
74 1+71
7614
4
111 11514 116 1183* 116 11714 11514 117
116 12014 11758 11878 35,200 American Linseed
100
•115 120
120 122 *118 124 *____ 120 *115 124 *115 124 y 0 300 Preferred
100
61313 9012 8818 9012 89
90
8914 91
8958 90
8978 927 12,400 American Locomotive_No par
*115 116 *115 11513 *115 116
115 1154 115 115 *114 116
500 Preferred
•148 152
146 150
a
148 148
14734 148 *146 149
14534 148
900 Amer Machine & Fdy_.No 1p()
*114 115 *114 115 •114 115
114 114 *114 115 *114 115 -'"' 10 Preferred ex-warrants
4734 4734 4734 484 247
par
Ltd..
.No
Metal
Co
47
Amer
4718 4714 474 48
4734 48 is 2,500
•108 111 *108 111 *108 111 *108 111 *108 111 *108 111
100
Preferred (6%)
*1612 177 *1613 17
No par
*1612 17
--------1734 1734 *1612 17
200 American Piano
58
5812 55
55
5334 5334 53
Preferred
100
5312 *53
571
53
534
8113 8338 8313 85
85
8814 86
8678 841.4 851
10
30 Am Power & Light_ __ _No par
8514 8614 27,3
14834 149
149 15112 15018 153
25
149 152
14713 14734 14878 15312 23,400 American Radiator
•12012 123 *12013 123 •120% 123
12034 125
1,700 Amer Railway Express.....A00
12014 124
12014 12334
844 65% 65
6618 *6414 66
6413 65
64
3,200 American Republics_ _.No Par
644
627
8
673
8
*6312 6434 *62
6412 6412 6512 05
6634 6512 6634 6534 66
13,700 American Safety Itazor_No par
*3112 3212 *3112 32
*3112 3212 3134 3213 3113 32
No par
11,400 Amer Seating v t c
32
32
*338 418
418 41
4
4
418 5%
5
4%
48s
4% 5,100 Amer Ship & Comm_ _ _No par
90
90
89
89
90
90
90
90
*85
40 American Shipbuilding....100
95 .85
95
21134 31414 21212 21518 21334 218
2197 222
2227 22934 23214
51,900 Ame,Smelting & Refining _100
•13412 135
135 135 *13412 13512 13412 13514 13412 135 *13312 240
100
135
500 Preferred
515912 160
160 160
160 160 *1130 161
100
161 161
162 162
500 American Snuff
*107 114 *107 11212 *107 11212 *107 11212 *107 1121 •107 11213
Preferred
100
5378 5412 523* 543* 5318 5414 5314 54
535* 54
53
53% 9,300 Amer Steel Foundries__No par
*11013 111 *1103* Ill
111 111
111 111 *11034 111
100
111 111
*69% 7014 694 70
704 72
7013 7212 7013 711
err
ugea
dr Refining
Pr
erefS
100
7114 72% 7,8
3° Am
100
•10713 10858 10712 10712 *10712 1084 *108 10818 *1075* 1084 107% 107%
100
200 Preferred
65
65
6414 6514 64
*6412 66
64
No par
643* 6434 65
2,700 Am Sum Tob v t C
65
2412 *22
25
•22
*22
2313 *22
2313 227 227 *2212 23
100 Amer Telegraph & Cable.100
1
1753
4
1
765* 763* 1803 1785* 1805 17834 17934 17913 17978 38,600 Amer Telep & Teleg
7512 176
100
161 162
161 161 *1601,3 161
61%1613* 161 161
161 16313 3,400 American Tobacco corn __
161 16112 16012 1621. 16012 1618g 181 161
61 161
161 164
4,800 Common class 13
50
118 118 *117 118
5117 119
117 117 *1113 118 .
115 117
100
t410 Preferred
13109 112 *109 112 *11012 112 *11012 11112 •110 11112 *III 11112
American Type Founders__100
10818 10914 109 109 •109 110 •109
10914 10914 *10018 110
so Preferred
100
119
5713 61
57
58% 5712 5812 5712 58
5812 60
5812 593* 18,300 Am Witt Wks & El new_No par
100 100 •100 10012 10013 10012 *____ 100
100 100
500 let preferred
101
•1613 1634 1634 1734 174 1712, 1714 1714 •17
1713 163* 17
4,800 American Woolen
100
*4214 4312 4313 4312 4213 4338 425* 4334 4234 4234 4
100
23* 423* 1,500 Preferred
•12
•11% 13
13
*12
13
*12
13
•12
13
.12
Am Writing Paper ctfs_No pa
13
38
38
.37
37
3714
4' *37
42
*37
41
Preferred certificate_ _ _100
*37
41
400
2712 27% 3714 2773 2713 273
2714 2712 2678 2734 2678 2712 5,300 Amer Zinc, Lead & Smelt__ _25
*8514 86 •8413 8831 865* 865* 85
85
*85
8612 86
400 Preferred
25
88
6634 67
6638 6712 66
67
6618 675* 6634 6913 6913 7134 140,300 Anaconda Copper Mining50
*7713 82
18
7912 7712 78
7714 78
78% 7812 7814 82
4,600 Archer, Deals, IHiell'el_No Par
•11312 114 *11312 114 *11313 114 *11312 114 *11312 114
11312 114
40 Preferred
100
9434 9434 9434 9414 9434 9434 948 947
95
95
947 947
1,300 Armour & Co (Del) pref
100
1918 1914 19
1938 19
20
20
2012 2018 2114 2112 22 288,300 Armour of Illinois class A. _25
10%
1014 10%
10% 1014 105* 1038 1078
10% 11
1038
83,800 Class B
25
8614 8614 86% 8634 8634 8634 8634 8678 8678 87% 8778 1114
4,000 Preferred
877
100
3812 3912 3814 3934 397 405* 3918 3978
38
38
7 20,200 Arnold Constable Corp_No par
303
4
39
2813 28% 2812 2812 *2812 30
*2812 2913 *2818 29 '2858 29
500 Art Metal Construction. _10
*3234 37
*3134 34
3234 323 *3134 35
*3134 35
3314 3314 9,600 Artloom C OP
No par
•109 111 *109 111 *109 111 *109 111 •109 III *109 III
Preferred
100
45% 45% 4612 49% 475* 495* 474 48,8 4818 491
4814 4914 L44,100 Assoc Dry Goods
No par
9934 100 *100 103
*98 103
*981 104
*98 100
*93
'11 200 1st preferred
100
110 110 *108 112 *ios4 112 *108 112 *108 104
112 112
112 a 200 2d preferred
100
51
4878 48% 49
4912 50
*5038 5114 5014 5014 50
5114 ..r' 880 Associated Oil
25
49
49% 4713 494 49
50
4814 497
4858 485* 49
7
All G & W 1 88 LlueNe par
2,700
49
*53
55
54
*5214 55
54
*53
55
*53
h5
*53
100 Preferred
55
ioo
16234 165
1605, 16314 2162 1653 16034 16234 161 1633* 163 169
59,400 Atlantic Reftn[ng
100
116 116 *114 11812 *114 11812 *114 11812 *114 11812 *114 113 gi. 100 Preferred
100
*75
80
50
*75
80
*75
*75
80
*75
80
Atlas Powder
*75
80
No par
10613 10612 10312 10313 *104 106 *10434 10612 *10434 10612 *10434 10612
30 Preferred
100
•1318 1312 123 13
1214 1234 1314 143
143* 143
1412 1512 6,500 Atlas Tack
Vo par
5
412 434
4% 4% *45
413 434
45
434
45, 63* 2,500 Austin,Nichols&Co vtc No par
25
25
*2413 28
*2413 25
*2412 28
*241 28
27
27
200 Preferred
100
63
63
8212 6212 64
*60
63
6518 64
64
6413 6412 1,200 Austrian Credit Anstalt
*7
8
74 718
*7
8
7
83* *712 814
7% 7%
700 Autosales Corp
No
par
*2034 25
*2034 32
*20% 34
*2034 3034 *2034 3034
*20% 30
Preferred
50
*4412 46
46
46
*4412 46
*4412 4534 *4413 46
40
46
300 Autostr Sat Razor "A"_No par
13238 260 *235 260 *235 260 *235 260 *235 264
245 245
100 Baldwin Locomotive Wk..100
1163* 1163* •116 118
*116 11712 117 117 *116 11813 *116 118
200 Preferred
100
*107 109 •107 109 *107 109 •107 109 *107 109 *107 109
Bamberger (L)& Co pref__100
24
24
2312 244 *2313 24
2313 2313 2412 25
25
25
700 Barnett Leather
No par
2618 2512 26
2458 2434 2412 24% 244 2412 24
255 265* 108,600 Barnsdall Corp class A
25
2334 2334 *25
2612 *25
25
*24
2612 *25
*24
25
2612 * 100 Class B
25
•••••••••,....4
5218 52
100
10238
111 ,11084
333 ,338
9612 1•9434
4118 4114
5212 53
3
278
7434 7313
818
8
334
334
2612 3618
i
•Bid and asked Prices; no sales on this day. z Ex-dividend. a Ex-rigiatss
25 Feb 7
20% Dec 4314 June
90 Jan 3
84 Nov 11014 May
95 May 14
54
Jan 73% Oct
15312 Aug,24 11012 Jan 15778 Sept
13834 Feb 21
8713 Apr 11614 Nov
85 Apr 12
354 Jan 8213 Dec
6878June 1
42 July 6478 Nov
45 May 14
3873 Oct 51 July
6182s4ay 28
213 Oct
614 Jan
119 Jan 6
Jan 1233* Nov
80
240 Aug 24 13238 Jan 18834 Dec
142 Apr 20 11914 Mar 133 Dec
17412 Apr 13 11933 Jan 14034 Nov
120 June 5
9412 Jan 10812 Oct
6112 Apr 7234 Dec
7038 Jan 11
Jan
120 Feb 29 11014 July 115
7814 Jan 12
654 Nov 9534 may
11012'May 31 104 Nov 11613 May
68 Aug 7
41% Jan 6834 Oct
32 Jan 17
26
Apr 3634 Aug
211 May 17 1494 Jan 185% Oct
176 Jan 3 120
Jan 189 Nov
177 Jan 3 11914 Jan 188 Nov
126 Apr 20
12834 Jan 3
115 Mar 31
7034May 4
106 Apr 13
2414 Feb 14
6214 Feb 14
191/ Feb 9
4834 Mar 1
3254May 16
98 Apr 11
7478June 4
97 May 9
11514 Mar 16
9712June 7
22 Aug 24
1313May 11
9113Ju1e 6
5134 Apr 2
3434 Apr 19
445 Mar 30
114 Mar 19
4912 Aug, 23
11018 Jan 120 Dee
1197o Nov 1413 Feb
10714 Feb 116 Sent
48 Aug 724 Sept
9978 Oct 10312 Dee
164 June 3332 Jan
46% June 884 Jan
97 May 2414 Os'
2534 Apr 5714 Am,
514 Sept 1014 Feb
35
Oct 5114 Feb
4114 June 6013 Dec
38 Mar 63 Dec
Jan 11312 Dec
106
79
Oct 9014 Feb
8'* May 1572 Jan
5 Dec
94 Jan
60 Apr 8614 Jan
21
Ain 6512 Nov
22
Jan 32 June
4014 Dec 5434 Jan
10912 Nov 11411 Near
39% Feb
5338 No•
9712 Mar 112 Dec
105 Mar 114 Dec
35
Oct 5014 Feb
3038 Mar 43% Nov
39% Mar 615* Nov
104
Dec .13133 Aug
11511 Feb 119 Aug
5611 Mar 70 June
98
Jan 107 July
74 June 1218 Apr
414 Mar 1014 Jan
2313 Dec 81
Jan
7214 Dec 8034 Nov
43 Mar
Dec
11
28 May 4214 Dec
43 Nov 46741 Nov
14318 Jan 26534 Sept
Jan 12514 July
116
, Dee
1061* Mar 1107
Jan 597s Feb
40
203* Oct 3513 Feb
2012 Oct 8218 Eel
1076
New York Stock Record-Continued-Page 3
For sales during the week of stocks not recorded here, see third page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Aug. 18.
Monday,
Aug. 20.
Tuesday,
Aug. 21.
Wednesday, Thursday,
Aug. 22.
Aug. 23.
Friday,
Aug. 24.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
$ Per share $ Per share
Per share
per share 8 per share $ Per share Shares Indus. & MIscell.(Con.) Par
•106 109 *106 109 *101 109
10512 10512'.
1 105 107 *101 109
100 Bayuk Cigars, Inc
No par
*10512 106 *10512 106
10512 10534 •10512 10578 10578 106
100 First preferred
106 106
100
1678 1738 1634 1712 1614 17
1612 1634 16
1612 1618 1718 11,600 Beacon 011
No par
*74
75
7514 7612 7612 77
77
'7738 7612 76,2 76
7612 3,200 Beech Nut Packing
20
1412 163s
1578 17,4
1712 1878 1712 174 1312 1658 1334 1538 15,000 Belding Ilem'way Co__No par
*8614 87
*8614 87
*88
87
300 Belgian Nat jtY8 pan pref..
8612 87
8614 8614 *8812 87
7012 70% 7112 74:4 734 7814 7534 7678 7412 7614 7538 7678 29,800
eni
o
lthC
No par
6034 61,2 6018 6134 5978 8134 60
6138 60
58,000 Bethlehem Steel Corp
6058 6012 61
100
*11734 120
118 11812 118 118
118 118
119 11912 120 120
900 Beth Steel Corp pi (7%)-100
*36
3612 *36
3612 3612 3612 37
Bloomingdale
37
*3638 3634 36
500
36
Bros__ No par
*10912 110 *10912 110 *10912 110 •10912 110
Preferred
rred &
10912 10912 •10912 110
p
100
*100 10012 10012 10012 10038 104
102 104 *103 105
20 Blumenthal Co ref
103 103
820
100
*7012 7134 71
72
72
72
7212 7234 7334 4,800 Bon Am!class A
734 7214 74
No par
812 812
812 858
734 838
858 878
812 858
772 814 12,300 Booth Fisheries
No par
*55
57
5458 55
55
5514 57
57
5718 60
5518 5518 3,800 1st preferred
100
*157 161
159 16238 16212 16758 165 16834 163 165
16234 16514 10,700 Borden Co
50
1212 1212 *1214 14
12
12
800 Botany Cons Mills class A.50
*834 11
834 9
84 834
364 3634 3618 3634 36
3718
3634 3614
364 3614 3714 36
66,500 Briggs Manufacturing_No par
*312 414 .334 414
438 438
438 438 *334 44
334 34
400 British Empire Steel
100
*614 714 • *614 7
*614 7
*614 7
612 612
300I 2d preferred
*838 6'2
100
*24412 248
245 24512 *244 249 *245 249 *24414 248
24678 243
800 Brooklyn Edison Inc
100
*140 143 •14012 143
14014 14014 *140 143
142 143
142 142
1,000 Bklyn Union Gas
No par
*47
4812 *47
4812 48
4778 4778
*47
48
48
47I3 48
200 Brown Shoe Inc
No par
44
44
44
4412 4518 4638 4478 4578 45
4578 4412 45
10,500'Brunsw-Balke-Collan'r_No par
35
3538 *3434 3512 3478 3712 36
3678 3538 3578 3538 3658 5,900 Bucyrus-Erie Co
10
4434 45
4414 4538 4412 4678 45
4534 45
454 4434 4512 5,2001 Preferred
10
*114 120
120 120
11938 120
120 120
120 12018 *11978 120
1,100 Burns Bros new clAcomNo par
*32
33
3012 3034 *31
3212 3334 *32
33
3378 *30
4001 New class B corn ____No par
33
*10512 106 •10512 106 *10512 106 *10512 106
10512 10578 *10512 106
90 Preferred
100
17312 17313 2140 141
14334 14834 14834 152 2154 1541 11,300 Burroughs Add Mach_.No par
141 145
*5012 5034 *5012 5034 *5012 503 *3012 5034 504 504 *51
55
1001Bush Terminal new___ _No par
*10514 10712 10514 107
10714 10714 10634 10634 *106 10634 •1013 10634
501 Debenture
100
*114 117 *114 117 *115 117 *115 117 *115 117
11678 11678
30 Bush Term Bldgs pref
100
*7
7
7
714
714
22,5001Butte Copper & Zinc
7
7
7
734
734 9
7
5
45
45
45
45
4514 45
45
45
45
4512 4,51. 1,6001 Butterick Co
45
100
9
914
9,4 9,4
914 914
94 938
1114 11,200 Butte & Superior Mlning___10
914 104 10
*71
71
71
73
7114 7114 *71
721
7014 7014 *70
72
500 By-Products Coke
No par
*9512 96,4 964 9812 97 10034 9958 10134 9814 100,2 994 10434 28,600113yers dz Co(A NI)
No par
•112 114,2 •112 11412 *112 11412 *112 11412'112 11412 *112 11412
Preferred
100
*7412 75,2 *74
*7312 7412 74
75
75 7512 7312 75
74
900 California Packing _____ No par
*31
32
*3112 32
32
*31
*31,2 32
32
*31
'California Petroleum
*31
32
25
3
318
3
3
318
212 3
31s
24 3
258 3
10,900 Callahan Zinc-Lead
10
*9618 97
9712 9718 0812 97 10034 09 10158 16,200I Calumet Arizona MinIng
9612 974 97
10
2312 2414 2414 2478 2478 2512 2534 2638 2578 2634 2612 2714 6
na
et z
a.
1 u rd
ryIIecia
0 C.
29
1:
9500
7512 7534 76
78
7714 78
7734 79
Dry Ginger Ale.N0172
7812 79
7812 7918
4
*328 333
33134 332
331 33834 334 33634 33312 33634 338 34034 6,5001C
iphrteesshh ahltaacelehlee
Case T
pref._.100
100
*121 125 *121 12412 *121 125 •121 125 •121 125 *121 125
3434 351
3534 3778 3712 3812 3778 3934 3938 4038 3934 4012 192,000 Central Alloy Steel_ _ __No par
113 •11
*11
1134 *1112 1134 •1112 1134
11
1112 *11
500 Century Ribbon Mills_No par
1158
*7812 80
*80
81
*7634 81
*7634 81
Pr
asee
*7634 81
77
77
100
774 773
7734 78
7634 7734 7612 7714 77
7878 7738 7812 19,40
10er_No
0 Cerro de
Copper
par
444 4418 4358 4414 44
4312 431
4418 44
4418 4312 4312 2,900 Certain-Teed Products_No par
*91
961 *91
9612 *91
7% preferred
9612 *91
9612 •91
9612 *91
9612
100
I
*7112 74
714 7212 7358 754 76
7712 78
79,2 4,100 Certo Corp
7912 79
No par
*10
10
10,4
958 1038 1014 1014
1018 10
1014
1014 104 6,700 Chandler Cleveland MotNopar
2214 22,4 22
2214 2118 2134 2118 2134 21
21 18 2118 2158 8,600 Preferred
No par
6578 6638 6514 66
6514 6638 6534 6618 6512 6578 6538 68
9,500 Chesapeake Corp
No par
*11112 113
11114 1113
111 111 *111 113 *111 113
'
400 Chicago Pneumatic Tool__100
4 111 113
*3018 31
3112 3112 3112 3112 3112
330
140 Chicago Yellow Cab__.No par
3018 *3014 3112 *31
4758 4914 484 4878 47
Childs
Co
4878 4734 4812 4734 49
9,700
48
49
No par
4414 4452 4438 45
4414 4438 4418 4458 4414 454 4518 4512 17,000 Chile Copper
25
.81
Christie-Brown tern ctfsNo par
84
*81
*84
95
*83
*8518 9478 *8514 944
85
95
9212 934 9334 964 9418 9634 9418 9558 95
984 9734 100 824,900 Chrysler Corp
No par
Preferred
No par
;SiT8 538 *531, 537
City Stores class A
13Y8 *5313 537 *5312 537 5531, -i3-18
No par
85
8614 8638 8612 87
8712 87
874 864 864 *84
86
73
73
7314 73
73
73 .71
73
7114 7134 7012 7118
•12012 121 *12012 121
12012 12012 •12012 121 *12012 121 *12012 121
16312 16312 *16234 163 •16234 183 I 162 16278 162 163
16234 16312
55
56
554 5634 5514 5578 5514 5878 5512 57
5614 5734
94
94
*9334 9518 9314 9334 *93
97
97
*92
97
593
6214 6112 6178
61
6158 6178 6378 6114 633s' 8138 6234 61
*87
8778 8718 8718 8814 0034 8934 8934 8734 8734 87
89
11834 12114 11834 12112 11958 12178' 118 12078 11712 11918 11858 12038
108 108 •10718 10818 •107 108
*10612 108
10678 10714 *10712 108
7978 8134 8134 8378 82
84 I 8214 8358 82
83
8212 8414
3078 3178 314 3218, *31
32
*31
32
31
3112 3034 3134
*24
*24
24
2434 24
24121 24
24
24
24
*24
2412
•254 26
•2518
*2518 26
2512 *2518 253 •2518 26
*2512 26
8858 884 8812 8812 8812 8812 89
89
8818 8834 8878 8878
7318 74,4 75
7918 8038' 80
78
8034 80
8078 80
8134
*10512 109 •10512 109 •10512 109 1'106 109 *105 109 •10512 109
97,4 98,4 98,2 •96
98
9778 9778 .98
*96
98 .96
9712
159 1624 16014 1654 162 17112 167 17112 18712 173
171 175
5812 5812 5812 *58
.60
5912; 5912 60
82
•58
62
6414
2318 234 2318 2358 2312 2441 241* 244 244 2478 2412 2434
73
724 7238! 7012 7012 72
7212 7338 73
7258
724 *71
95
97,4 9434 96 I 9412 9558 95
9534 9718 95
9414 95
98
99
99
98,4 9834 .
*96
9853 98
98
*98
*97
9834
iiais
1463 1477*
14612 1471-4 14718 11934
118-18 i6i4 14134 14638 148
99
9934 99
994 9958 994 9938 994
9934 9934 9978 100
212 234
238 278
258 278
234
234
234 278
234 24
3012 2934 304 30
3014 29
3012
2812 2912 2958 3012 30
478
434
438 5
412 478
44 5
434 5
438 44
8234 8114 8212 8112 82
82
81
82
8012 81
80
80
113i2 116
11512 11812 11512 11758 11438 11712 11312 1177* 11714 11878
•12434 12612 •12434 12612 •12434 1261 *12434 12612 •1244 12612 *12434 12612
83
7934 7934 7974 7934 8412 82
79
79
79 •7812 79
1134 12
114 12,4 1134 1214
1158 1218 1158 1218
1178 1178
8538 8334 8558 8318 8478 8312 8358
8112 8212 8212 84,4 84
•14014 145 *14014 145 •140 145 •14014 145 •14014 145 •14014 145
18612 1894 190 191
188 1894 188 1894 190 192
•18612 190
7878 79
794
7918 774 7934 78
78
7611 7678 784 78
•115 117
115 115 •114 118 *114 118 .114 120 •114 119
2414 2358 2478 244 2.5
2458 244 2434 25
2412 244 24
412 44
458 434
412 458
458 434
434 434
434 434
1712 1713 1714 1712 17
1738
•18
1818 1814
1812 •1714 181s
1
1814
181_
1818
18
4
18
1712
1818 1818
184
1812
18
1814
•100 1014 •100 10112 •100 10112 *100 10112 .100 102 •100 10112
*74 84 *734 834
574 84 *734 878 *734 84 .734 8,4
73
74
7312 754 7538 7814 7412 777$ 7338 7434 724 744
10512 1074 10614 11214
10634 10812 106 1094 106 1094 10512 108
'180 185 185 185 'ilia- flit; *ilia' fuli 184 199 199 202
•12314 12934 *12314 12934 *12314 12934 12312 12312 .12314 12034 •12314 12934
*49l 50
*4912 50
*4912 50
4934 493 *4912
494 50
*4912 50
53
534
5318 5314 5314 5434 53
534 5258 5338 5258 53
12238 12238 •123 124
12418 12478 124 1254 12514 12514
124 124
96 200
203 203
19812 19812 199 2004 201 202 •202 205
*1912 4934 4914 49,4 494 51
5012 503* 5012 5012
*5013 51
1312 115 •11.312 115 *11312 115 .11312 115 *11312
- *11312 115
534 155
1574 15778
133 1544 15534 1554 156 156
15514 156
1818 1812 1814 19
19
1914
1812 194
19
1934 194 194
984 99
984 10038 9934 100
984 10014 99 10034 100 1004
*8
818 818
818 814
814
818 514
*818 814
818 8,4
•57
58
58
5814 *5712 5814 5814 5814
58
58,4 *57
*57
•100 10212 •101 10212 *101 102
10018 1004 10018 100,8 •10034 102
•182 18312 18312 1844 *182 18414 18412 18578 183 184
184 18514
130 130
130 130 *125 130 .125 130 •125 130 •125 130
4612 49
484 4934 4718 484 4738 4858 47
4814 474 48
374 378
37912 381
374 37512 376 376
377 380
37634 379
11438 11412 •11414 115 •114 115 *11412 115 •11412 115 •11412 115
3,100 Class B
No par
1,800 Cluett Peabody & Co._No par
50 Preferred
100
2,900 Coca Cola Co
No par
15,200 Collins & Alkrnan new_No par
400 Preferred
100
14,700 Colorado Fuel & Iron
100
2,000 Columbian Carbon v t cNo par
95,100 Colum Gas & Elec new_No par
400 Preferred new
100
19,500 Commonwealth Power No par
3,200 Commercial Credit_ __.No par
140 Preferred
25
Preferred Li
25
160 1st preferred (6 SS %)-- -100
23.100 Comm Invest Trust......No par
7% preferred
100
800 Preferred (63.4)
100
35,100 Commercial Solvents_ _No par
1,200 Conde Nast Publica__ No par
52,700 Congoleum-Nairn Inc..No par
2,100 Congress Cigar
No par
11.900 Consolidated Cigar__ No par
500 Preferred (6)
100
Consolldated Distrib'erallo par
55,400 Consolidated Gas(NY) No par
4,900 Preferred
No par
6,300 Consolidated Textile_ No par
7,500 Continental Baking Cl ANo par
14,400 Class Li
No par
4,000 Preferred
100
168,100 Continental Can Inc...No par
Preferred
100
6,500 Continental Ins temp etts_.10
23,800 Continental atotors _ _._No par
124,300 Corn Product, Refining..._25
Preferred
100
4,500 Coty Inc
No par
4.900 Crucible Steel of America. 100
700 Preferred
100
1,900 Cuba Co
No par
3,700 Cuba Cane Sugar
No par
2,800 Preferred
100
1,600 Cuban-American 8ugar-_10
Preferred
100
Cuban Dom'can Bug newNopar
89,500 Cudahy Packing new
50
35,600 Curtis Aer & Mot Co__No par
Preferred
100
1,300 Cushman'* Sons
No par
20 Cushman's Sons pret (7)._100
500 Cuyamel Fruit
No par
Davison
21,500
Chemical v t e_No par
420 Deere & Co pret
100
900 Detrolt Edison
100
900 Devoe & Itaynolds A__No par
Ist preferred
100
700 Diamond Match
100
10,400 Dodge Bros Class A.
,o par
8,800 Preferred cent:
No par
1,300 Dome Mines. Ltd
No par
400 Dunhill International..No par
Duquesne
Light tat prof_ -100
200
5,100 Eastman Kodak Co_ __ _No par
50 Preferred
100
62,400 Eaton Axle & Spring_._No par
3,300E I du Pont de Nem newNo par
300 6% non-cot deb
100
'Bid and asked prices; no oleo On this day. z 117,-dIrklend. 5 Ex-tights.
K3-1,Arrantg
PER SHARE
Range Since Jan. 1.
Oa basis of 100-share tots
Lowest
Highest
per share
98 June 20
10.4 June 19
1214 Mar 16
7032July 13
13 July 26
844 Aug 14
5314 Jan 19
5172June 19
11618June 29
3358July 23
10912 Jan 11
87 June 27
6514 Jan 3
514 Jan 4
4114 Mar 14
152 June 19
84 Aug 23
2112 Feb 4
14 Jan 10
24 Jan 5
2064 Jan 10
139 June 13
4518June 11
2712 Feb 20
2412 Feb 1
3338 Feb 17
9312 Feb 17
1572 Mar 8
9714 Feb 21
139 Jan 14
60 June 20
10478 Aug 16
111 Aug 1
412 Jan 19
40 July 13
834 Aug 6
85 Mar 1
9012 Jan 16
10832 Apr 13
6812June 18
2514 Mar 16
114 Mar 8
89 Feb18
2012 Jan 10
6472 Jan 5
247 Jan 21
12438June 28
2818 Mar 27
11 Aug 14
77 Aug 24
Mils Jan 3
4034May 24
9412 Aug 1-i
71 May 3
54 Feb 29
14 Mar 13
8234July 13
111 Aug 15
2978 Aug 1
37 Apr 19
37/
1
4 Mar 5
79 June 20
544 Jan 16
113/
1
4 Jan 9
6114 Jan 19
62 Jan
69 Aug 13
1184 Mar 21
127 Feb 20
30 June 25
90'4 July6
5212June 25
79 June 12
8912 Mar 15
106 June 19
6214 Jan 11
21 Feb 20
23 Feb 3
23 Feb 7
85 June 12
5534 Mar 1
99 Jan 27
9238June 16
13770une 19
48 Jan 14
22 June 12
67 Feb 18
7912 Jan 20
9614June 26
78 Jan 21
119/
1
4 Jan 10
984 Aug 15
214 Aug 16
2612 Apr 10
314 Apr 10
73 Apr 10
8014 Jan 10
123 Jan 5
75 Feb 15
10 Mar 13
6412 Jan 3
13812 Jan 16
123 Jan 3
6914 July 3
11218 Mar 16
22 Apr 4
432July 31
15 July 31
1618 Aug 13
100 Aug 10
714 Aug 1
per share
140's Mar 1
11032 Mar 28
2014 Apr 25
8312 Feb 9
22 Jan 12
9212May 14
7814 Aug 21
6938 Apr 14
125 Apr 13
444 Jan 6
11134July 3
104 Aug 21
7834 Jan 27
912 Aug 9
61 Aug 9
187 Jan 11
23 Jan 4
4272June 4
gi4 May 25
12 Feb 1
26814 Apr 13
15914 Apr 14
6512 Apr 5
5138May 16
5078June 2
5458May 14
12512Juue 2
4338June 4
11034June 11
175 July 18
6714 Apr 13
115 May 21
11912June 15
10 May 28
6712May 15
1634May 21
8014May 24
11711 Jan 27
11412 Aug 11
7234 Apr 13
32345fay 22
532 Apr 30
12014 Jan 3
2714 Aug 24
8612May 8
35612July 5
13512 Mar 30
4034May 24
1758 Apr 4
92 May 15
79' July 6
6438 Apr 28
100 May 21
7912 Aug 23
1312May 15
2538May 15
811
/
4 Jan 6
141 14 Jan 30
43 Jan 14
5212 Jan 7
4634 JIIIY 5
131 Jan 23
100 Aug 24
117 Mar 12
5414June 11
64 Jan 3
5312 Feb 27
11714 Jan 5
14444 Jan 13
114 Jan 11
49 July 27
341
,Feb 18
1154 Feb 1
16612 Jan 11
40 Jan 3
108 Jan 9
13432 Jan 18
12 June 11
6312June 19
8 June 13
5512 Jan 9
10012 Aug 22
163 Feb 20
125 Mar 7
26 Jan 11
310 Jan 10
114 July 18
102 June 8
10034 Apr 6
12434 Mar 19
17734May 15
11114 Jan 3
109 Jan 3
8412 Jan 31
984 Jan 24
1214 Aug 21
1104 Jan 3
5712May 8
353211.1ay 4
27 May 8
27148lay 11
96 Mar 16
814 Aug 24
109 May 14
9812 Aug 20
1891/ Mar 28
65 June 2
3112 Apr 17
811
/
4 Jan 3
92 June 4
10214 Apr 18
3 May 18
17014MaY 7
103 Mar 28
6/
1
4 Mar 28
5312 Jan 13
6 Jan 13
9612 Jan 20
11878 Aug 24
128 Mar 26
944May 15
1472May 8
8558 Aug 22
14634 Apr 10
195 Aug 6
93 Feb 7
121 May 11
2872May 8
712May 12
1
4 Jan 12
112/
2414May 25
108 Feb 1
12 Jae 4
7814 Aug 21
19214May 16
14312 Apr 18
202 Aug 24
130 Aug 3
564 Jan 20
57 July 9
12634May 15
20914June 4
61 Apr 16
120 May 16
161 Feb 2
244 Jan 4
10034 Aug 23
134 Jan 6
76 Mar 29
11612Mar 3
19414 July 30
134 Apr 3
494 Aug 20
40512June 4
12112Ntay 8
PER SHARI
Range for Prestos*
Year 1927
Lowest
Higbee'
$ per share $ per skirl
4912 Jan 109 Deo
101
Jan 110 Aug
Oct 1814 June
14
5014 Apr 7414 Nov
1512 July 2714 Jan
01
;Nov
493* Aug -5.
4314 Jan 6612 Sept
10414 Jan 120 Dee
34 June 5272 Nov
10912 Jan 114 Nov
Jan 95 Deo
44
1
4 Deo
534 Jan 69/
44 Sept
8/
1
4 Apr
36 Sept 5714 Ma7
16712 Dee 169 Dee
18 May 3012 Bent
1912 Sept UN Feb
12 Apr
2 Dec
712 Del
1 Apr
Do
14812 Feb 225
89/
1
4 Apr 15712 Deo
3012 Feb 5014 Dee
2572 July 8872 Jan
85'1June1268, Jan
1614 mar 3434 Jan
Jan
100
146 Dee
69 Nov
1117, Deo
120 Aug
54 May
6114 Feb
1134 Jan
9212 June
10214 Dee
11212 Deo
79 Deo
90 June
290 Mar
2934 Jan
9114 Jan
10358 Feb
34 Mar
Oct
64
71, Nov
Jan
66
Jaz
42
10614 May
6014 Apr
114 Sept
2', Jap
6112 June 12312 Deo
1414 July 2434 Deo
Jan 6012 Aug
36
Jan 28314 Oat
132
111 Feb 129 Deo
24 Apr 33 Ard
1634 Aug
1012 Jan
Jan 8814 Deo
70
68 June 724 Dee
Jan 5514 May
62
2 Aug
65 1:1-ea 71714 MCJ
413 Nov
13 June 264 May
6434 June 8672 Oct
12012 Jan 13714 Mar
Oct
38 July 47
1
4 Aug
48/
1
4 Mar 65/
3312 June 4482 Deo
3472 Jan 9072 Deo
3812 Jan 634 Dee
10232 Apr 116 Deo
4614 Mar 64 Deo
411a Apr 6412 Deo
61 June 8412 Oct
11114 Jan 12514 Nov
29612 Apr 19912 Apt
88 Aug 113/
1
4 Doc
10212 Sept 10934 Dee
42/
1
4 Jan 9632 July
6672 Jan 1014 Nov
8272 Feb 9814 May
994 Jan 11012 Deo
48/
1
4 May 7834 Oct
14 June 244 Deo
17 June 2412 Sept
18/
1
4 June 25 Dee
69 July 8912 Deo
414 may 62 Deo
944 Sept 102 Deo
1
4 July 9814 Dee
86/
145 Nov 203 Hopi
39 Aug 53 Deo
1714 Jan 2934 Deo
47 Mar 884 Deo
7414 Oct 8614 July
Oct
Mar
Mar
Mar
Apr
May
72 Apr
5814 Apr
Jan
120
7412 Dec
872 Nov
4672 Jan
Jan
128
Jan
56
7612 Oct
103 Jan
184 Aug
472 Oct
2832 Nov
1872 Nov
9712 Nov
1012 Nov
211Feb
12614 Deo
103 Deo
74 Juno
7472 Jan
1014 Jan
9714 Nov
8672 Deo
126 June
9314 Deo
1344 Jan
68 Nov
14214 Dee
123 Deo
9614 Mar
115 SePI
3414 Jan
1034 Jan
5034 Jan
2812 Jan
107 Aug
Jan
18
434 Am
454 Nov
111 Nov
103 Apr
107 Apr
30
Apr
7614 Apr
1054 Jan
1334 Jan
364 Aug
Jan
101
115 Feb
1314 Oct
654 Oct
7 June
49 Aug
11414 Mar
1264 Jan
11914 Jan
214 Oct
Jan
168
1054 Feb
684 Rens
6934 Deo
118 Dee
Oct
152
125 Dee
554 Oct
4812 Des
1254 Nov
17012 Dee
124 Del
11412 Dee
14714 Sent
2712 Jan
85 Feb
1414 Des
6212 Oct
117/
1
4 Nov
17514 Sept
1814 Oct
2934 June
34372 001
118 Dee
94
93
312
331,
New York Stock Record-Continued-Page 4
1077
For sales during the week of stocks not recorded here,see fourth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Aug. 18.
Monday,
Aug. 20.
Tuesday, !Wednesday, Thursday,
Aug. 21.
Aug. 22.
Aug. 23.
Friday.
Aug. 24.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Sines Jan. 1.
Os basis of
&Men
Highest
PER SHARI
&MO A? Prittotia
Year 1927
Lowest
Higheal
per share $ per share
per share $ per share
per share
Par
$ per Chars
per share per shy.
per share Shares Indus.& Miscel.(Con.)
$ per share
1478 1612 1512 21
2018 22
*1414 16 *1414 15
25 121s Jan 8 23 Apr 12
20
21% 58,400 Elsenlohr & Bros
1024 Nov 1612 Feb
8134 80 8112 8034 8134 8112 8412 8412 87
No par 60 June 26 8734 Aug 24
81
86% 8734 117,900 Electric Autollte
10
10
10
10
1112 1078 11
978 9s
No pa;
938 1018 10
834 Aug 15 1733June 6
6,300 Electric Boat
114 Aug
3734 3612 3732 36% 3712 50.900 Electric Pow & Lt
3534 3612 3612 3714 3634 3734 36
No par 2824 Jan 10 4612May 14
1612 Jan 3228 Dee
No par 10612 Jan 10 11018 Mar 8
10778 108 •10738 108 *10732 108 *10718 108 .10738 108
500 Preferred
98 Jan 109 Nov
108 108
Electric Refrigeration_ _No par 1118 Feb 6 1713Mat 19
534 Nov 3788 Jan
80% 8078 7914 8078 7932 8138 •8178 8274 sue 8214 81% 82
14,900 Klee Storage Battery--..No par 69 Feb 20 847sMay 16
6314 May 7913 Jan
612 612 4,612 612 *618 612
100 Elk Horn Coal Corp__ _No par
6 June 19
7 Dec Ws May
9 Jan 1
*614 612 *618 612 *614 612
51 Feb 21 1512June 4
81
812 *812 10
8
8
9
1,400 Emerson-Brant Class A.No par
*8
3 Oct 13 Apr
734 8
812 9
*25
31
•25
31
1125
31
31
•25
*25
31 •25
Emporium Corp
30 July 3 33 Mar 1
NO par
30 July 3712 Mar
31
*7712 79
7712 7712 7778 7778 78
78
78
400 Endicott-Johnson Corp---50 76I4June 12 85 Apr 17
6424 Jan 8114 Deo
78
*7734 79
*12334 12712 *12334 12718 *12334 12718 *12334 12714 *12334 12712 •12334 127%
Preferred
100 12114 Jan 27 127 May 18 11688 Jan 125 Sept
378 381
38 4134 3978 4118 4034 431e 4214 42% 27,200 Engineers Public Serv__No par 33 Feb 18 4614May 7
3712 38
2124 Jan 3928 Gel
9712 98
*97 9718 *97 98
*97
98
98
1,400 Preferred
No par 97 Aug 14 99 Aug 9
99
9812 99
Erie Steam Shovel
5 331 Feb 20 3838 Jan 23 147;
2 Jan 15.72 -15e0-3
318
4
318 if3-4 -51114 I13-4 -31'
-51E8 3178 j12 31s 31's 3184 - -5:560 Equitable Office Bldg _No par 3114Ju1y 20 3334July 3
6612 6674 66 6714 66
6738 67 6778 6634 6679 6634 6778 18,200 Eureka Vacuum Clean_No par 5912 Aug 11 79 Jan 8
50 Aug 77'7 Nov
*2012 2138 •2012 2138 *2012 2132 2138 2138 *2112 2134 2134 2134
200 Exchange Buffet Corp_ _No par 1934 July 17 2278May 7
1614 Jan 23 Dee
*43 4312 *43 4312 *43 433g 43 4312 *43
44
3014 Nov 431k May
700 Fairbanks Morse
No par 3213 Jan 6 54 Apr 19
43% 4312
112 112 *10814 113
*11112 112
113 113 *10412
170 Preferred
100 104 Jan 9 11434May 14 107 Dee 112 Mar
113 113
13878 140
13814 139
139 141
139 141
13834 140
92 Ally 11134 D••
13878 1401 67,100 Famous Players-Lasky_No par 11114 Jan 16 141 Aug 21
5212 5212 *5212 54 *5212 54
1152
54 .52
8713 Jan 67 May
54
200 Federal Light & Tree
15 42 Jan 10 5634May 2
*5212 54
10338 10338 x104 104 *10334 104 *10334 104
104 104 *10334 104
91/
1
4 Feb 100 Aug
100 Preferred
No par 98 Jan 6 109 Apr 19
11116 126 *116 126 *116 126
126 126 *120 140 *120 140
60 Feb 187 RIM
200 Federal Mining & SmeWg_100 120 Apr 17 145 May 15
*9712 9912 *9712 9812 119712 9812 *9712 9912 *9712 9912 *9712 991
Preferred
100 91h Jan 3 9938May 21
7512 Jan 27 Mat
*17% 1814 1732 1812 1814 1814 1838 1978 1938 21
1914 197 13,800 Federal Motor Truck_ _No par 1618 Aug 1 2578May 8 17 Dec 12072 Jan
80 80
80 80
81
81
80
8034 81
3,100 Fidel Phen Fire Ins N Y new 10 7514June 12 9412May 16
84% 8314 851
*1212 14
1112% 14
14
14 *1212 14
10-Nov Ws ii71.;
1238 1238 1372 14
250 Fifth Ave Bus
No par 1114 Jan 9 16I4May 10
4012 4118 40 4138 4034 4238 42
1914 May 30 Feb
4314 4112 4234 4114 423 23,800 First Nat'l Stores
No par 28 A," 4 4314 Aug 22
97 1019 10
912
934
912 934
1424 Oct 20 Apr
1012
No par
978 10
88 Aug 13 1724 Jan 4
10
101 16,300 Fisk Rubber
81
6112 61
63
61
61
6114 6134 6138 6134 6012 601
81 Jan 100 Sept
1,900 1st preferred stamped--100 5812 Aug 11 9112 Jan 10
1150
70 '55 62 *55 62 *59
62
9412 July 102 Sept
61
100 1st preferred cony
100 5634 Aug 11 9734 Jan 5
61
*59
601
71% 7238 7134 7238 7218 7412 7338 75% 73
4618 Feb 71% Dec
14
Fleischman
19
7638
Apr
Co
65
June
new__
_No
par
81,100
74
7338 7438
3714 38
3938 3912 40
40
35 Nov 88% Apr
*3912 41
1,100 Foundation Co
IV0 par
37 Aug 17 3534May 16
*39
42
*39
42
8312 8414 8414 85
8412 85
50 June 85% Dee
8434 8534 844 85% 85
Fox Film Class A
72 June 12 92I4June 2
21,000
No
par
853
8
6212 6212 6214 637
6314 647
3414 Jan 10513 Dec
64
55 July 23 10914 Jan 11
No pa
6678 6412 6634 6532 661 45,000 Freeport Texas Co
11103 10512 *101 105 *101 10512 *10212 10512 10512 10e1 •101 107
No par 10318 Mar 17 10978 Apr 23
100 Fuller Co Prior pref
20 2214 2084 2238 2114 22
2232 23
No pa
15 Mar 23 2812 Jan 6 ii-'Dec 69 Aug
2214 2332 2278 231 40,800 Gabriel Snubber A
10
10
934 10
*938 10
613 Jan 1512 Dee
*932 10
912 97
1,300 Gardner Motor
No pa
714June 12 1634 Feb 2
*938 978
70
70
70 7078 69 69
66 Jan 6482 Dee
69% 70
3,200 Gen Amer Tank Car.- _No pa
6078 Feb 20 771258ay 15
6978 70
70
71
*10912 110 •108 110 11109 110
110 110 *107 110
700 Preferred
100 109I4June 23 11134May 15 10628 Mar 11213 Sent
110 110
74% 747s 7412 7612 7439 7514 7318 75
65 Aug 9624 Mal
100 68 June 12 9478 Apr 30
73
74
74
7883 11,400 General Asphalt
4115 119% *11612 11912 *117 120
100 110I2June 12 14112 Apr30 10714 Aug 1447s May
11612 11714 *114 11712 11712 11712
400 Preferred
*14112 146 *14112 146 •14112 146 *14112 146
General
Apr 1_40 OcS
Baking
pref-__No
par
110
134
Jan
26
150
June
8
11813
14112 14112 *14112 146
•24 25
25 25 *25 27
No par 21 Feb 4 3512 Alm 28
25
1,600 General Cable
2514 2512 2512 2712 28
*72
74
73 73
*7132 73
No par 56 Feb 9 807s Mar206212
Dec
Dee
7138 7234 7139 717
1.500 Class A
73
73
6034 8034
as 6038 6084 61
7478 Dee
61
61
6114 6112 6112 63% 3,500 General Cigar. Inc new_No par 5912June 12 7538 Feb 2
11116 120 •116 120 •116 120 *11414 120 •11414
I Preferred (7)
100 11534June 18 130 Apr 27 116 Jan 136 Sent
120 *11414 120
•49 50
*49 50 •49 50
5411 Apr 5972 Nov
600 Gen Outdoor Adv A-- _No par 49 Aug 15 58% Jan 3
50
50
50
50
50
50
3412 341
3334 341
37 Jan 5872 Nov
3412 341 *3312 341
8001 Trust certificates- _ _No par 2912 Aug 1 6238 Jan 7
34
34
3334 3334
15414 1551 15312 15614 15514 158
81 Jan 14638 Sep3
No par 124 Feb 27 17413 Apr 16
157 1587 154 15818 15612 158 73,000 General Electric
1138 1138 Mg 1118 1119 1132 1118 111
11 June 1128 Jan
1118 11% •1114 1138 1,400 General Electric special_ ---10 11% July 11 12 June 7
55 55
5512 5512 56
34 Apr 471 Feb
1,900 General Gas & Elec A_No par 3514 Jan 18 604 Aug 2
56
58
5638 5838 56
5534 56
18110 115 *110 115 11110 115 18111 116 *111 115
100 Gen Gas & Elea pf A (7) No par 10812 Jan 4 118 May 10 100 Jan 11018 Oct
111% 11118
*120 127 •120 127 *120 127 *120 127 *120 127 •120 127
Preferred A (8)
No par 122h Mar 22 144 Apr 18 11314 Mar 12338 Nov
•10412 107 *10412 107 *10412 107 *10412 107 •10412 108 *10412 108
96 Jan 10518 Dee
No par 105h Jan 17 11478May 16
Preferred B (7)
18412 1851 182 18484 18178 18714 18512 189
5234
1 D
Ge
ol
e
1867s 18912 18939 19278 840,000 General Motors Corp new_ _25 130 Jan 10 210 May 7 11314 Aug 145
*12412 1247 12434 12484 125 125
100 12312 Jan 26 12712 Apr 12 11813 Mar
900 7% preferred
12434 1243 1247 125
12434 12434
1238*
3
8218
Jan
15314
9614 963
Signal
new__
__No
par
20
Jan
Sept
Ry
8414June
Gen
9512 9612 9512 991
15,700
98
9818 1007
9912 9812 998
38 Jan 81 Dee
5434 547
5418 5514 5284 5312 52
52
52
55
5312 5434 3,800 General Refractories_._No par 4512June 13 82 Jan 3
OA NOV 10912 Oct
101 1011 10114 1017 101 10184 10118 104 102% 10534 10434 10639 41 600
Safety Razor-No par 9718June 19 11218 Apr 13
3512 Dec 59 Sept
No par 3418 Mar 6 5978June 14
5434 5412 55
53% 53% 53 5438 54
9,3001Gimbel Bros
5412 5434 5418 55
91 Nov 10812 July
100 87 Mar 6 101 June 15
9812 981
98 98
9813 981
9812 981 *9718 9812 *98
9812 1.1001 Preferred
1412 May 22 Mar
No par 2038 Jan 27 2638May 23
22% 223
2314 2312 2312 25
2238 233* 2314 2339 23% 231
15,500 Glidden Co
86 Aug 101 June
101 101
100 95 Jan 4 1047sJune 1
101 101
1801 Prior preferred
10012 10012 10012 10011
10018 1007 11100 101
22 Mar 7834 Dee
88 90
90 93
9034 9238 92 9384 93% 9738 9734 9934 79,600 Gold Dust Corp v t o_. No par 71 Jan 16 10538 Feb 15
4224 Jan 9612 Dec
No par 6812June 18 9938 Jan 4
753s 761
76
7812 808 7834 81
77
7612 781
8114 8238 42,900 Goodrich Co(B F)
95 Jan Illh Dec
*11112 112
100 10912 Feb 17 11688May I
112 112
200 Preferred
112 112 *11124 1121 *11134 11218 *11134 11218
4838 Aug 6938 Dee
55
551
5514 5524 5534 597
60 6184 6112 6428 6414 6584 67,300 Goodyear T & Rub____No par 4518June 25 7212 Jan 4
9212 Nov 987e Dec
98
No par 921 Mar 16 9912 Jan 13
981
98
1,800 lot preferred
98 98
981: •98
981
9812 9839 9812 99
6738 Jan 8528 Dec
NNo
75 June 13 937s Apr 14
7714 771
7914 8013 784 7914 78
78% 7934 79
80
783* 4,300 Gotham Silk Hosiery
par 75 June 19 93 Apr 14
68 Jan 8512 Dec
*77
7812 79
793
7912 797
7812 787 17
1,800 New
79 79
17
513: 17
17
61
0114 116
Preferredeferred eNx_ewwarrants....110000 112 Aug 6 130 Apr 12 164 Jan 122 Sept
115 115
11534 11534 •114 116 *114 116
800 Pr
*10814 112 •10814 112 *110 112 •110 112 .110 112 *110 112
109 Jan 3 112 May 7
No par
•71s 714 *Th 714 s718 714 •7% 714
7 June 23 122s Feb 2 -1- Oct 111* No
100 Gould Coupler A
714 714 *714 71
5214 4012
212 4
51 41
52
4218 40
4034 42% 41
42 120.700 Graham-Paige Motors_No par 1634 Feb 18 4434 Aug 17
5
417
4238 41
53% 54
5418 5514 5578 5634
5839 598 63,800 Granby Cons M Sm & Pr_100 3918 Feb 18 5939 Aug 24 I1-1; Jan 45 May
32% 33
3518 Dec 4428 Sept
3234 34
.13
13
534 13
14
5,800 Great Western Sugar newNo par 31 Jan 26 38 Jan 7
2
3234 33
Preferred_
100 11212 Feb 20 120 Jan 3 11612 Feb 123 Sent
•11614 117 *11534 117
153
314
4 1317312 1316314
11538 11534 •13
1316384 105 113 59,80
10112 10178 10012 10238 10018 10112 101 10238 10112
2914 Jan 15112 Dee
10514
28 Greene Cananea copper-no 8983June 19 16412 Jan 4
612
8%
812 012 .10
61
6 July 13
7 Oct 1114 Mal
982 Jan 4
81* +Vs ay
*6% 614
4,6
014 106
11
6o0 Guantanamo Sugar-No par
11100 101 *100 101 *100 101 *100 101 11100 101
Preferred
100 90 July 11 107 Jan 7 957s Jan 104 Dee
6218 6338 :
40 Gc
64 Feb
100 51 Jan 9 69 June 1
6138 61% 6112 6212 6212 6278 62% 63
223
844
12 6
25
3
1,600 Gulf States Steel
Hackensack Water
*2412 25 *2434 25
*2434 25 *2412 26
25 23 Jan 5 30 Jan 31
22 Aug 27 July
25 25
6972 6978 6912 6912 68
70
*88
56 Jan 7271 Dee
70 *68
72
70
110 Hanna 181 pre elms A_ -- _100 59 May 25 7934 Jan 19
68
*2312 25
2215 Oct2774 Mal
*2312 25
Hartman Corp class A_No pa
•24 25 •2312 25 *2212 25
112312 25
2312 Aug 2 2738 Feb 3
OIv)
lass
e(B
*18
un
No pa
1678 Aug 6 25% Jan 27
1812 Dec Ms ADP
1712 1712 1739 1712 1718 171s 17
1914 *1712 18
17
5
80
00 HeC
114 11478 11534 1153
•10914 114 *110 114 *110 114 •110 114
25 10334June 13 11812 Feb 20
75ls Jan 126 Oct
3
535
1184
2
Preferred
0
5% :052s.
*12112_ *12112 _- *12112 ---- *17
51
100 121 Jan 3 134 May 28 11814 Jan 130 July
•
*12
5512 56
3478 Dec 4014 Deo
5212 -5212 5013 5012 5112 5212
2.500 Hershey Chocolate_ No pa
3034 Jan 31 64 Apr 26
-71-31-42 7634 77% 77% 7712 2,500 Preferred
73% 7534
7014 Dec 7513 Dec
1873 74
1873 75
No pa
7014 Feb 6 112 Apr 16
101 101 :
10
2112 102
-- *10018 101 *10018 101 •10014 101
9978 Dec 103 Deo
200 Prior preferred
100 10014 Aug 17 104 Apr 14
201 •20
•20
22 Jan 4172 July
2212 2032 2038 *2012 2212 *me 2212 .20
No pa
19 July 13 3078 Jan 20
2012
100 Hoe(R)& Co
*2638
2712 *2638 273* 2618 265
2712
3114 June 4014 Oct
*27
28
*27
28 *27
300 Hollander & Son (A)__..No par 26% Aug 24 367s Apr 13
*7312 75
74
1172
74
75
*7212 75 *72
60 Jan 76 Oci
75
1172
75
100 Homestake Mining
100 67 Jan 4 75 Apr 11
70 70% 70
4314 Jan 7038 Nov
713
*6712 6912 691s 6912 6912 70
7178 7212 5,500 Househ Prod.Inc.tem ctINopar 6413 Feb 21 7312June 1
6018 Jan 174 Oct
13814 1398 139 14034 138% 14012 13734 139% 138 141
13912 14478 28,500 Houston 011 of Tex tern ctf8100 119 June 19 181 Apr 9
*571 57% 5T1 5734 5612 Ea% 57
583* 5712 597
59
69% 21,900 Howe Sound
3434 July 4814 Dee
No par 4028 Feb 18 6234May 28
80
7834 7912 79% 83
4814 Jan 9113 Aug
813
7912 8012 785* 80
8034 8178 67,900 Hudson Motor Car
No par 75 Jan 16 9978 Mar 16
16 Oct 3614 Dec
61% 6214 61% 6238 61% 62% 6112 6212 6134 641
6312 64% 133,600 Hupp Motor Car Corp....10 29 Jan 16 65 June 2
2512 2538 2534 261
1758 May 8224 Feb
*2614 2638 26
2614 25% 26
26
2614 7,100 Independent Oil & Gas_No par 2134 Feb 20 3178 Apr 30
33% 33% 333 310
3212 3212 33
13 Mar 47 Dec
33
33
*3218 327
33
514 133
0814 1,900 Indian Motocycle
No par 27 Aug 3 70 Apr 27
105 105
Apr
12
92
Jan 10234 Dec
116
*10314 109 1110314 109 •10314 109 11105 109
8
Jan
10 Preferred
100 10014
3112 31% 3012 3114 3032 337
712 May 121s Sept
32
3239 3112 32
34,600 Indian Refining
10
9 Feb 18 395 July 9
7I4 JW
11
12 Sept
2912 2934 298 30% 2938 29% 285* 2914 2838 323* 31
37h July 9 06
m
3134 17,900 Certificates
10
812 Jan 1
Oct
20
*220 240 *200 240 *215 240 11216 240 *220 240 *23
3 2343078
Preferred
Jan 4 241 Aug 6
100
101
93
190 93 *90 92 *90
8718 Nov 9612 Apr
91
91
93
*90
*91
93
2,500 Ingersoll Rand new----No Par 90 Feb 18 98 Apr 16
6334 85
64
6412 6512 63% 65
6478 64
6412 65
647
8,200 Inland Steel
No par 46 Mar 3 6612 Aug 3 41 Feb 6238 Dee
._
Preferred
100 11613 Jan 6 118 Feb 18 111 Jan 118 Oct
11 2O7 Wig -ii" Ii3;.-...
20s 214
2119 "ioEs 21
21
,,
1212 June 2512 Jan
Inspiration Cons Copper_ _20 18 Feb 25 2578May 28
.:700
984 103s 10
10
*912 10
139
10
11 Nov 25 Nov
10
10
10
10
1,900 Intercont'l Rubber_ _ _.No par
8'* July 2 2124 Jan 4
1612
17%
1712
15%
16
15
1512
1614 1534 16
15
15%
we Apr 1628 Dee
6 8
207
1 8May 17
rear
b 24
7,500 Internet Agricul
4
18
33, m
No
i
po
ao
r
1178
79
79
7814 79
*77 79 *77 80 •78
2June 18 33 Mar 66h May
7934 793
300 Prior preferred
12312 125% 12372 1241 *123 125
124 1261 123 126
12512 12734 6,900 Int Business Machines_No par 114 Jan 16 14724 Feb 3 53h Jan 11934 Dee
63
64
6213 6328 6312 6414 4,200 International Cement No Par 68 Jan 3 7412May le 451* Jan 45538 May
*8412 651 *6413 65114 64% 6472
PreferredlO
Eng corp No paOr 10812 Jan 4 11072 Apr 25 100 Got 113 Dec
"Kis 164 "Eire "iffie
'ie. ii5; "6834 60 ail W63-8 *10578
113;366 Inter Comb
4514 Feb 20 7238June 6 6018 Oct 64 Mal
1091
.1o578 107 4.1057$ 109 *10572 10912
Oct 1051* Dee
Preferred
100 103 Mar 21 109 May 15 101
27434 279 280 283118 282 28434 28314 28634 Tr 285
9:
1± 181P8a i3
premm
efatlonal Harvester
e'C811-42 11,400 Intern
100 22484 Feb 18 290 June 4 13528 Jan 25512 Deo
14012
140
•140
140
14014 14072 *14014 141
•140 141
140 140
147 May 1 12684 Jan 139 Dee
1
5.000
Mar
13514
100
513
5% 512
5
434 512
5
514
514 51
738May 9
412 5
9,800 Int Mercantile Marine
312 Oct
8/
1
4 May
100
334Mar 26
3512 35
36
3478 351234
35
35
3518 35
35
35'z 2,800 Preferred
100 3412June 12 4428 Jan 17 3212 Oct 6532 May
10312 104% 103 10473 103 10412 104 1063 105 1063* 10.5Z 10612
2May 14 62 Mar 9512 Dee
1217
3
27,100
International
931e
Jan
Match
pref__35
4
9934 10138 10014 1011± 1001s 10112 10118 105
10114 10214 9914 1011
189,500 International Nickel (The)_25 7328 Feb 24 105 Aug 24 3814 Jan 8912 Dee
69 6912 6812 69
68
69% 6912 68
68% 698
69
6914 6,500 International Paper__ _No par 56 June 19 8638May 14 a3912 May 8112 Nov
96 96
*9612 1001 *9612 100% *9612 10012
119613 10012 *9812 1001
10 Preferred (6%)
100 96 Aug 21 107 Apr 12 8514 July 106 Des
99
*9812 9914 go% 9918 9918 994 991 991
9918 99
9914 1,100 Preferred (7)
100 9838 Aug 2 108 Jan 14 9613 Jan 11222 Dee
E,612 5812 *5612 5712 565* 565
571
*54
571 *54
*5812 57%
30
International
49h Mar 28 6834 Jan 12 63 Sept 74 Des
100
Salt
147 149 *148 14912
•143 148 *13618 148 *138 148 41142 147
600 International Silver
100 125 June 20 195 Jan 24 13512 Mar 193 Nov
122 122 *122 127
•122I4 127 •122 127 •12214 127 11122 127
Preferred
10
Aug 23 131 Jan 27 109 Mar 128 Oct
122
100
17814 180% 17878 18114 1791 18114 17914 181
17234 177
179 18178 27.400 Internal Telep & Teleg
100 13913 Feb 20 19738Jtme 2 12214 Jan 16878 Sept
yi.; May
Bid and asked prithe; no eales on this days ir
Ex-dIVIderd. •Ez-rightes
1078
New York Stock Record-Continued---Page 5
For sales during the week of stocks not recorded here, see fifth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Aug. 18.
Monday, I Tuesday,
Aug. 20.
Aug. 21.
Wednesday, Thursday, I Friday,
Aug. 22.
Aug. 23.
Aug. 24.
Sales
for
the
Week.
PER SHARE
Range Sines Jan. 1.
On basis of 100-share iota
STOCKS
NEW YORK SVOCK
EXCHANYE
Lowest
Highest
PER SHARE
gases for Pretinte
Year 1921
Lowest
Highest
$ Per share $ per share $ per share J $ per share $ Per share $ per share Shares Indus. & Miscel.(Con.) Par $ Per share
per share $ Per
$ Per Mare
*25
27
*24
27
*24
27
*24
Intertype Corp
1012 Jan 894 Juni
27
*24
27
*24
27
No par 26 Aug 17 3812 Jan 20
*48
49
49
4912 4934 4934 *4813 4912 *4813 4913 494 4914 1,000 Island Creek Coal
1 4713 Aug 7 51 May 14
4812 Mar 67 Sept,
124 126
128 133
131 1324 129 130
12713 129
12914 130
6,400 Jewel Tea, Inc
534 Jan
No par 7754 Mar 1 133 Aug 20
813 Dee
*124 125 *124 126 *124 126 *124 126 *124 126 *124 126
Preferred
100 120 Jan 18 125 May 28 11118 July 12512 Mai
12312 12534 12238 12413 123 12712 125 12838 12412 12614 12538 12713 31,400 Johns-Manville
No par 9614June 19 134 May 10
*121 12114 *121 1214 *121 12114 12114 12114 12114 12114 *121 12114
40 Jones & Laugh Steel pref_-100 11918 July 2 12414May 7 111/ Feb 128
001
29
31
3112 3112 2,600 Jones Bros Tea, Inc_ _No par 2558 Mar 31 4034 Jan 10
3134 33
3258 33
33
3134 3213 33
1058 Jan 3458 Dee
84 858
85s 84
834 9
858 858
9
9
2,600 Jordan Motor Car
878 84
No par
84 Aug 10 15'8 May31
1258 July 2212 Jan
*111 11214 *111 11214 111 111
110 111 *110 11214 *110 11214 7,050 Kan City P&L lst pf B No par 108 Aug 2 114 Ayr 28
70
71
7038 7134 7018 7013 704 7012 6934 7012 6978 7138 8,900 Kayser (J) Co v t o__.._Nopar 8258 Jan 5 7012 Mar 30
Apr 065* Dee
49
184 184 *1834 1914 19
6,700 Kelly-Springfield Tire
1978 19
2014 1913 1978 19
19
25 15 Feb 17 273g Jan 8
04 Jan 3214 Nov
*65
68
*6512 67
300 8% preferred
*6512 68
*6512 68
6513 66
*6512 68
100 5514 Feb 17 84 Jan 6
35 Feb 102 Sept
*64
69
*64
69
*64
69
*63
67
64
64
*63
66
500 6% preferred
100 68 Feb 17 80 Jan 28
Jan 9712 Sept
44
324 3278 3238 3272 3214 3212 32
3218 3218 3278 32
3338 8,300 Kelsey Hayes Wheel___No par 2212 Jan 10 3812May 18
19
Oat 27 July
*10212 108 *10212 108 '
31024 108 *10212 108 *10212 108 *10212 108
Preferred
106 Mar 8 11018 Jan 5 103 July 110 Dec
9558 9618 9514 96
9513 96
9513 9534 954 9712 97
58,700 Kennecott Copper
98
No par 8018 Feb 20 98 Aug 24
60 Feb 904 Dec
*40
41
*40
*37
41
*37
40
100 Kinney Co
41
39
39
*374 41
No par 3778 Aug 15 52 Jan 19
4912 June 66 Jan
91
91
9118 9118 *9112 92
91
91
92
50 Preferred
92
92
92
100 874 Mar 22 100 Apr 11
613 June 98 Dee
66
66
6512 6634 6614 6678 6638 6712 6658 6634 67
6758 7,800 Kraft Cheese
25 6312 Mar 31 76 May 17
69 June 627s Feb
7334 7438 74
7578 7414 7918 7913 8134 7934 8118 80
8178 70,600 Kresge (8 8) Co new
10 6058 Feb 24 8178 Aug 24
6578 Jan 7714 Sept
*112 11412 *112 11412 *112 11412 *112 11412 *112 11412 *112 11412
Preferred
100 11014June 14 118 Apr 27 1104 Feb 118 Ally
2258 2312 2258 235* 23
2314 2338 2412 2412 2618 2414 2538 11,000 Kresge Dept Stores--No pa
134 Jan 18 2714 Feb 29
10 June 18 Dee
*75
90
*73
85
*75
90
*70
99
*75
90
*75
95
Preferred
100 5154 Feb 1 731g Aug 17
65 Nov 80 Jan
*102 104
10434 10434 105 109
1,100 Kress Co new
10934 10934 1094 10912 109 109
No par 87 Feb 20 11412 mar 29
59 Jan lose ems
11158 11278 11218 11338 11178 11338 111 11338 11118 11312 11112 11278 43,700 Kroger Grocery dr Bkg_No par 7314 Mar 27 11413 Aug 17
*250 265 *250 265 *250 265 *250 265 *250 265 *250 265
Laclede Gas L (St Louls)_100 200 Jan 10 260 Feb 2 flit; Jan lift;ilia
*10012 112 *10012 112 *10012 112 *102 112 *102 112
102 102
10 Preferred
100 100 Jan 5 12412 Jan 28
98
Jan 180 May
*31
3112 31
31
3338 31
31
31
31
3114 32
3158 5,800 Lago Oil & Transport_No par 2758 Feb 20 3918 Apr 17
204 Jan 3738 Nov
10812 10812 10714 108
10934 11278 10934 11234 11213 11612 56,100 Lambert Co
10713 110
No par 794 Jan 10 12178May 9
Jan 8812 Oat
66
19
19
2034 2134 2114 2218 2038 2178 20,700 Lee Rubber & Tire_
1878 1934 194 21
No par 171 Jan 3 2412May 1
7 Jan 184 Dee.
5258 52
5312 5314 5334 24,800 Lehn & Fink
504 51
5058 51
5058 5118 51
No par 38 Jan 17 5414 July 24
3258 Apr 43 Nov
2914 2914 2914 2914 2912 3013 3014 3118 3118 3118 *3014 3118 4,300 Life Savers
No par 2812 Aug 15 3618 Feb 7
2014 Sept 845* Dee
100 Liggett & Myers Tobacco_ _25 8318June 22 12212 Jan 3 *874 Fab 128 Sent
*8878 89
8934 8978 *90
92
*8812 89
*8812 90
*8978 90
8812 87
8814 8778 8778 8834 9034 4,800 Series B
8712 8812 8734 88
88
25 8014June 19 12312 Jan 3 1.8858 Feb 128
Oat
*136 146 *136 147 *136 142 *136 147 *137 147 *138 145
Preferred
100 184 Aug 2 147 Apr 11 12454 Jan 140 Dee
*40
41
3958 40
3912 40
3914 3912 40
40
4012 4012 1,500 Lima Loc Works
No par 38 July 27 65/
49
Oct 768* Apt
1
4May 14
72
7278 71
72
7158 7212 72
7214 725* 7134 73
73
4,300 Liquid Carbonic certifs_No par 6312 Feb 20 7778 Jan 13
4534 Sept 7834 Dee
5638 5518 5558 5538 56
5438 55
5414 554 5414 .5578 55
27,300 Loew's Incorporated
No par 4918June 19 77 May 9
481
, Jan 0378 Mar
14
1458 1458 1578 410,200 Loft Incorporated
11
1138 1118 1178 1178 124 1318 14
No par
758 Jan
6114 Feb 9 1578 Aug 24
6 Oct
3278 3314 32
32
*3214 3314 *3212 36
3314 *32
32
33
500 Long Bell Lumber A__.No par 28 Jan 3 3554 Feb 8
254 Dec 43 Mar
5512 5418 5538 5418 5678 5638 5912 69,000 Loose-Wiles Biscuit new_-_25 4414June 19 5912 Aug 24 '354 July 5714 Dee
54
54
5418 5414 54
11812 11812 11934 11934 *119 11934 *119 11934 11934 120 *11912 11934
250 let preferred
fon 11712 Aug 17 125 May 9 118 Jan 123 Nov
28
2858 2818 2958 2858 2914 2814 29
2812 2934 2914 295* 14,300 Lorillard
25 2352June 12 4678 Apr 19
2312 May 67112 July
*9518 9612 *96
97
*96
98
*96
158
*9578 96
96
96
100 Preferred
• 100 93 July 13 114 Mar 13 107 June 11812 Jan
1414 1412 1438 1458 1414 1412 1438 1458 1414 1438 1418 1438 11,400 Louisiana 011 temp ctfs_No Dar
10
Oat 12 Aug
958 Feb 21 1934 Apr 30
*8538 8934 *8538 8934 *8538 8934 *8532 8934 *8538 8914 *858* 8934
Preferred
8514 Dec 97 Feb
100 78 July 24 96 Apr 30
3534 36
3578 3612 3638 3732 3673 3738 3658 3714 36
3634 10,600 Louisville 10 & El A...No par 28 Feb 7 41 May 16
2358 Jan 3012 Dee
58
59
5812 5912 5812 5938 5912 6114 6014 6134 6034 6134 20,500 Ludlum Steel
No par 2558 Jan 11 6812May 24
20
Oct 8314 Max
48
48
48
48
4734 48
47
474 45
47
46
46
1,400 MacAndrews & Forbes-No par 45 Aug 23 5734 Apr 14
63 Nov 5814 Dee
*122 126 *122 126 *122 126 *122 126
126 126
126 126
300 Mackay Companies
100 10812Mar 2 134 Mar 20 105 June 184 Aug
*794 84
81
81
*80
81
*80
8378 *80
8378 *80
100 Preferred
8378
07 Aug 76 Aug
100 8814 Jan 13 84 Mar 19
89
8918 8938 9018 8914 91
894 9058 894 9014 8934 9138 20,200 Mack Trucks, Inc
8814 Jan 11854 M157
No par 83 Apr 17 10772 Jan 8
*371 376 *371 376
371 371 *372 376 *372 376
376 376
200 Macy Co
Jan 3431a Nov
No par 235 Jan 10 376 Aug 24 124
24
25
2478 2478 2434 2434 24
2414 24
2418 2318 2378 6,300 Madison Sq Garden
2012 Aug 284 Oat
No par 2214 Jan 9 34 May 7
4934 5012 4918 5078 4938 5078 5012 5234 5134 5214 6,700 Magma Copper
*5012 51
2912 Feb 5814 Dee
No par 4334 Feb 27 5834May 28
2114 2114 2114 2178 2134 2178 2058 2113 2012 2238 2114 2218 4,800 Mallinson (II R)& Co_No par 16 Jan 20 2878 Apr 12
114 Apr 2054 Dee
*100 10434 *10034 10434 *10034 10434 *101 10434 *101 10412 *101 10412
Preferred
064 July 95 Dec
100 871s Jan 30 108 Aug 1
*2712 30
*2712 30
*2712 30
*2712 30
*2712 30
27 Nov de Feb
*2713 30
Manati Sugar
100 2913 Aug 1 41 Jan 14
*44
5434 *45
5338 44
50
*44
5434 *44
49
*44
4913
48
Oat 8054 Doe
Preferred
100 4934 Aug 9 88 Jan 17
*32
34 '
332
3213 32
32
*32
34
32
32
*32
34
200 Mandel Bros
894 Dec 4984 Aug
No par 32 June 25 4012 Jan 24
4213 44
444 3114 3912 3413 3638 3612 3738 3318 3818 72,600 Manh Elea Supply-_No par 3114 Aug 21 86118June 6
37
63 Oct 132 Aug
3234 3314 334 3314 334 3334 3313 3313 34
245* Jan 3552 Dee
34
2,800 Manhattan Shirt
3334 34
25 3134 Feb 18 43 May 14
.316
1612 16
1638 16
12
Oct 2254 Jan
16
16
164 *16
1612 1614 1614 1,900 Maracaibo 011 Expl__No par 1212 Feb 20 2512 Apr 28
374 3734 374 3734 3634 3734 3658 3714 3613 37
June 5812 Jan
81
4412
Apr
17
3714 3818 26,300 Marland 011
17
No par 33 Feb
*5512 59
5812 5834 *58
27
Jan 5578 Nov
59
59
6178 61
6234 6114 6458 14,100 Marlin-Rockwell
No par 4514 Mar 6 6512May 24
e17
18
1778 17781 1758 1812 1814 20
154 Dee Ws Feb
19
1912 18
1914 4,500 Martin-Parry Corp
No par
1218 Mar 12 25yJune 4
135 136
13578 13938 13814 141
13712 13978 136 13858 13713 13913 19,300 Mathieson Alkali WorksNo par 11754June 19 141 Aug 21
1
4 Des
82 Jan 182/
*122 125 *122 125 *122 125
125 125 *122 125
50 Preferred
12214 1221
4100
115 Jan 12 130 Apr 27 108 Jan 120 Dec
7838 7878 774 7978 804 82
82
83
8014 82
6854 June We Nov
8058 8134 38,300,May Dept Stores new
25 75 July 17 854 Jan 3
1712 18
*1714 18
1778 1814 1812 21
2112 2338 21
2212 11,700,Maytag Co
No par 1712 Aug 14 2338 Aug 23
*71
72
71
7118 7258 7258 *72
7213 72
72
920'McCall Corp
*71
73500
No par 56 Feb 3 7454 Aug 1
100 100 x100 10134 9858 9858 100 100
.
102 103
10278 104
McCrory Stores class A No par 77 Feb 13 l047 July 20
55 WI; Id- Wed
10854 10634 *105 106
105 10512 104 10534 10334 106
6811 Mar 9654 Dee
1,700 Class B
106 106
No par 5012 Mar 14 112 July 20
*11014 116 *11034 115 *11212 11412 *11012 115 *11012 115
11012 115
97 Mar 11612 Sent
Preferred
100 109 Feb 8 117 July 19
2012 2114 *20
*2012 21
2034 2013 201 *20
2612 Mar 2854 Oat
21
*2113
1,500 McIntyre Porcupine Mines_ _5 2012 Aug 20 2812 Mar 113
*2512 26
*254 26
*2512 26
*2512 28
26
26
*25
2114 Jan 2614 Feb
100 Metro-Goldwyn Pictures pf_27 25 July 17 2718May 29
26
2914 30
29
30
2858 2934 2834 2938 2834 3038 2938 3078 65,000 Mexican Seaboard 011__No par
914 Feb
8 Aug
Os Jan 19 89 May 14
21
2158 22
2134 2118 2134 2114 22
2134 22
184 June 2054 Dee
2114 2172 12,400 Miami Copper
5 1754 Jan 5 2218 Aug 17
29
291
2914 2914 2834 2938 2813 2912 2834 2914 29
2512 Oct 8958 Jan
30
8,300 Mid-Continent Petro_.No par 2518 Feb 20 3314 Apr 28
*10914 1121s 310914 1121g *10914 11218 *10914 11218 *10914 11218 *10914 11218
97 Apr 105 Feb
Mid-Cont Petrol pref
100 10314 Feb 20 11518May 11
41.8 458
412 458
413 458
413 458
84 June
438 412
158 Jan
738May 10
438 8
258 Jan 3
11,500 Middle States 011 Corp_ _ _ _10
*3
318 .33
34
3
318
3
254 Juno
3
118 Jan
3
318
578May 10
3
358 3,100 CertifIcates
112 Jan 8
10
215 229
226 230
224 226
215 215
229 239
23913 24234 11,900 Midland Steel Prod prat_ _ _100 193 June 19 290 Jan 4 108 Apr 315 Dee
2712
1812 1858 *1834 19
*1834 1912 *19
Nov
3654 AV,
1913 1834 1912 21
No par 1812 Aug 13 27 Jan 8
2278 1,700 Miller Rubber ctfs
*14212 168 *14212 168 *14212 168
14212 168 *14213 168 *14213168100
814 Jan 10912 Oa,
10214 Jan 10 175 May 3
Montana Power
8014 Feb 12318 Dee
1934 19478 19212 19514 195 20234 199 202
19714 204
20334 21913 195,000 Montg Ward az Co III Corp_10 117 Jan 19 21912 Aug 24
778 8
712 8
778 818
712 8
6 June 124 Jan
713 712
68487,500 Moon Motors_._.....No par
54 Feb 6 1112may 11
aaa Jan
112 Oat
24 258
24 212
213 212 *24 24
212 258
418May 14
258 2581 2,200 Mother Lode Coalition_No par
24 Aug 10
*712 g
64 Sept 164 Mir
9
*74 9
9
29
11
May
712 712 *71
5 Mar
74 74 *712 8
No par
200 Motion Picture
17 Nov 384 AB r
15
15
15
16
16
1518 1518 1513 1512 1,700 Motor Meter A
*151/4 1612 16
No par 13 Mar 22 234 Jan 12
2054 Jan 2772 mse
4312 4638
4312 4538 434 4514 4378 4478 4338 45
No par 2512 Jan 12 4638 Aug 23
45 4534 62,100 Motor Wheel
10
Jan 7914 Dee
7412 7412 73
7312 7212 7212 7214 7314 73
7534 7738 7918 9,200 Mullins Mfg Co
No par 6914June 19 9414 Apr 13
80
Jan 11014 Des
100 10454 Jan 17 11054 Jan 9
*10632 10934 *10613 10934 *10638 10934 *10638 10934 *10638 10934 10934 10934
20 Preferred
*504 51
4834 4938 49
8212May
18
85
5
4
May
5013 5012 494 50
53 Nov
*50
51
par
463
No
4
Mar
5
4912 3,400 Munsb3gwear Inc
5418 55
164 Oct 63 Feb
544 5678 5458 56
5414 5512 5412 5538 30,900 Murray Body new_ __ No par 2112 Feb 1 584June 1
5415 55
6014 Apr 10178 Dos
8858 8814 8978 33,200 Nash Motors Co
No par 804 Feb 20 10158 Jan 8
86
861s 854 8573 8514 8678 8638 8812 87
5 Feb
74 Oel
714 Jan 4 1914May 2
154 1518 1558 1514 1528 1478 1514 15
1518 1518 15
1518 2,800 National Acme stamped_ _ _10
8118 Sept 4812 Dec
*86
89 *8613 88
No par 41 Jan 3 95 May 4
, 8513 8534 8534 8518 87
8532 8538 845
1,300 Nat Bellas Hess
*105
107
111
May
7
•10414
9014
Jan
8
8514
*105
108
107
100
sent 97 Apr
*1065
8
1067
8
*105 107
Preferred
*106 108
16718 16934 15714 16814 16812 16913 3,900 National Biscuit
904 Jan 187 Dee
35 1594July 12 182 Jan 27
167 170
16512 16512 166 166
100 1374 Feb 29 150 Apr 11 130
Jan 142 Dee
Preferred
*14112 145 *14113 145 *14314 145 *14112 145 *14113 144 *14113 145
75
7734 7838 8058 223,200 Nat Cash Register A w I No par 474 Jan 16 8058 Aug 24
3978 Jan 5158 Dec
734 7258 75
71
734 72
7134 71
9314 9038 92
8618 9012 91
5914 May 8878 Aug
92
8412 8538 844 86
9434 195,600 Nat Dairy Produeta-NO Par 6412 Jan 5 94114 Aug 24
2514 2534 *2512 2634 2512 2512
204 June 274 Mar
2534 26
*2534 26
*2534 26
600 Nat Department Stores No par 2178 Jan 5 29 June 4
*9312 94 .9312 94
*9313 9412 *9313 94
100 91 Jan 10 102 May 2
894 July 944 Jan
*9312 94
9313 94
200 lot preferred
4114 424 4112 4112 4112 4112 2,400 Nat Distill Prod ctfa__No par 2914June 12 584 Jan 9
17 Feb 60
Oct
42
4212 414 4134 4178 42
6312 6312 6312
63 Mar 0954 June
6312 634 6313 *62
*63
*624 65
200 Preferred temp ette_No par 5114June 13 714 Jan 9
*62
64
3012 3138 3038 307,1 4,700 Nat Enam & Stam ping_
100 2314 Mar 28 3712 Apr 12
1918 Apr 8558 June
3113 3012 31
3118 3134 31
304 31
100 9018 Mar 28 9912May 15
Preferred
6918 Apr 9178 July
120 12134 *117 121
121 12514 2,400 National Lead
100 115 July 11 136 Jan 31 095 May 2024 May
;*iio- 122
12013 110112 *Ho- 1-2-173
Preferred A
100 139 Jan 3 14714MaY 18 1134 June 13954 Dee
*14414 145 *14414 145 *14414 145 *14414 145 •14414 145 *14414 145
Preferred B
*119
100 11212 Mar 20 122 July 17 104/
1
4 June 11514 Dee
*119 _- *119 -- •119 -- *119
*119
3558 365s 3514 36
3538 -3-6is 2-177:100 National Pr & Lt ctfs._No par 2158 Jan 18 37 Aug 21
1914 June Hy Sept
3338 337
3378 3514 3534 37
21
*20
21
*19
*20
14 July 25 404 Jan 9
Ilfly Nov 0912 Nov
2214 2312 2212 23
21
3,200 National Radiator_ _ __No par
21
22
70
*62
70 .62
Preferred
*62
No par 60 July 24 9812 Jan 17
70
96 Nov 98 Dee
70
*62
70
•62
70
*62
96
97 1004 7,100 National Supply
50 8414June 12 110 Apr 19
9238 9478 9414 9434 94
78 May 9778 Dec
*93
93
9312 93
30314 31034 31134 31434
100 28712June 13 370 May 15 a218 July 373 Dee
29934 29934 29912 304
620 National Surety
*29614 300 *29712 300
27812 28134 276 278
No par 180 Jan 17 28612 Aug
278 282
3,900 National Tea Co
108 Apr 180 Dee
273 279
*270 272 *270 273
2438 2438 2434 2434 2513 2513 2614 94,600 Nevada Consol Copper_No par 1754 Jan 18 504 Feb 16
1254 June 2052 Dee
24
2438 24
2414 24
4212 4238 4233 *4113 42
4112 4112 1,300 N Y Air Brake
No par 40 June 19 2614 Aug 24
391A Oct 50 Jane
*4114 42
4112 4112 42
49
4814 4814 *48
Jan 6558 Nov
48
100 47 Aug 14 6414 Jan 4
49
400 New York Dock
34
*47
*47
49
*4712 49
50
*85
*85
89
89
8518 8518
100 8518 Aug 15 95 Jan 4
89
*85
89
200 Preferred
7218 Feb 054 Nov
*85
89
*85
*100 10013 *100 10034 10034 10034 *100 10114 *100 10114 101 101
30 NY Steam pref (6)-- __No par 9914 Jan 3 10512May 16
9312 Feb 1024 Oct
*11134 113 '11134 113
11278 11278 11134 11134 *11134 11234 *11134 1123
50 let preferred (7)..._No par 102 Jan 30 115 Apr 10 105 Jan 11412 Oct
Niagara Falls Power
274 Jan 295a May
new_25 2712 Apr 17 2912May 17
7314 WIZ 73l 7433 73'2 74
74 -7-4-7g 21,200 North American Co
73
73
4558 Jan 041s Oct
10 5858 Jan 5 784May 14
727s 74
Jan 55 Aug
5312 *53
5312 5312 5312
*53
loo Preferred
50 52 Aug 14 5558May 18
50
5312 *53
5312 *53
5312 *53
Oct
0658 Jan 105
*101 10112 10112 10113 10134 10134 *101 10112 10134 10134 *10134 102
300 No Amer Edison pref..No par 10014June 29 10578 Feb 7
Northwestern Telegraph.. 50 50 Jan 5 55 May 15
6754 Jan 58 %Pt
*5034 5113 *5034 5113 *5034 5112 *5034 5112 *5078 5112 *5034 5112
Ps
Feb
4
4
June
4
4
Norwalk
1
/
1
4
4
4
4
Tire
dr
*334 4
4
900
Rubber__ __10
212 Mar 15
5 May 21
334 378
4912 11
*912 10
854 Dec 13 Jan
*9
11
*9
10
10
100 NunnallY Co (The)----No vat
8 mar 8 13 May 14
938 93s *9
ioo
• Bid and asked prices; no sales on this days
El-dividend. a Ez-rights.
New York Stock Record-Continued-Page 6
1079
For Gales during the week of stocks not recorded here, see sixth page preceding
111011 AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Aug. 18.
Monday,
Aug. 20.
Tuesday,
A110. 21.
Wednesday
Aug. 22.
Thursday,
Aug. 23.
Friday.
Aug. 24.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
per share $ Per share
per share S Per share $ per share $ Per share Shares Indus. & 5liscel. (Con.) Par
24
24
24
23
*23
*23
2334 2334 23
2334 2338 23/
1
4
800 011 Well Supply
25
*97 100,4 100 100 •100 10014 100 100 *100 10014 0100 10014
201 Preferred
100
*1034 1134
1012 1012 1012 1012 10
1012
9% 10
1018 1018 3,500,0mnIbus Corp
No
par
96
*93
9712 96
1196
93
971s .
9718 *93
971. *95
9718
1001 Preferred A
100
*6712 67/
68
1
4 6912 6912 .
70
1
4 6834 68/
6934 691
/
4 6912 6934
1.300 Oppenheim Collins & CoNo Par
Orpheum
Circuit,
_
l
1
Inc
7979 W7-3 •7i18 '1/65;
;iiTs 80
;7878 ici100 Preferred
100
20033 207
*Zoti" 204 '2011, 203
207 21018 20612 20934 209 21134 5,300 Otis Elevator
50
12612 12612 *12612 _ _ .12612
•12612 -- *12612
*12612 - - -20 Preferred
100
22/
1
4 2378 2438 25/
2278 23
1
4 2412 251
2418 2478 241
/
4 25/
1
4 94,500 Otis Steel
No par
95
.9414 9434 *94
9518 96
9518 951 *0512 96
*9512 96
Steel
prior
pref
1,80010tis
100
89
*85
5914 94
9412 94,2 31434 9434 *94
95
*94
95
900 Outlet Co
No par
79
7834 7934 7758 7814 7734 78,4 *78
*78
70
*78
7914
700 Owens Bottle
25
Preferred
100
4734 17-3-4 48
48
48
49
4834 4834 49 -495-s -4634 I93-4 2,910 Pacific Gas-Elec new
25
114
114
/
4
114
114
138
11
114
138
114
114
114
114 8 900!Pacific Oil
No par
*14712 14934 150 150
152 152
1511
/
4 1511
/
4 *150 15212 15112 15112
801Pacific Telep & Teleg
100
7912 8078 79/
1
4 8114 80/
1
4 8212 8312 85
8212 841
/
4 8'312 8412 234,600 Packard Motor Car
10
*4034 41,2 4112 4112 4034 41
4012 4034 4012 4012 41
3,6001Pan-Amer Petr & Trans
41
50
4212 4258 42
42/
1
4 42
4212 4134 42
4112 4218 4138 42/
Class
B
1
4
18,400
50
*17
17
1714
17
1634 17
17
1718 17
17,8 17
17
4,800 Pan-Am West Petrol B_A'o par
*1334 14
*1334 1434 1334 1334 14
15 •1334 1412
38 1558 2,000 Panhandle Prod & ref__No par
*81
85
*81
85
*81
85
*81
85
*81
85
*81
Preferred
85
100
7778 7778 76,4 77
7412 7612 74
79
80
82% 8314 85
41,903 Park & Tilford tern ctfs_No par
1014
10
978 1038
978 1014
034 1013
378 1018 10
1014
Park
Utah C M
13,300
1
/
4
618 61
618 614
618 658
618 678
614 63.8
614 658 59.000 Pane Exchange
No par
26
2612 2512 2618 2512 2638 23
28
25
2712 2512 26
Pathe
Exchange
17,200
A
new_No
Par
3314 3312 3312 3438 33
3334 3234 3314 33
3312 3234 33/
1
4 9,600 Patin() Mines & Enterpr____20
15
1512 1578 1518 1518 1512 1558 15,
1514
s 16
1578 16
2,300 Peeless Motor Car
50
2978 30
2912 30
3018 3112 3012 31
301, 3012 30
3012
4,000 Penick & Ford
No par
1434 15
15
15
1434 1514
1458 15
1413 1434 1412 1458 3,800 Penn-Dixie Cement
No par
8018 •75
*79
8018 '
'1 75
8018 •75
301,s •75
801 *75
Preferred
8018
100
•I8234 183
18212 18212 *180 181
181 181 *17912 181
18114 18114
400 People's G L & C (Chic) 100
*145 155 *150 15834 *140 160 *140 150 *140 160
160 163
Philadelphia Co (Pittsb)_ _ _50
600
49
*48
49
51
*48
51 .
48
51
.48
51
51
10 5% preferred
50
5238 5238 *5214 5212 5238 5212 •5212 5278 *5212 5278 *48
*5212 5278
SOO 6% preferred
50
*2812 29
29
2934 2938 31
3(08 31
29% 3018 30
31
16,400 Plana & Read C & 1_ _ _No par
Certlficates of int_ No par
15/
1
4 1534 -1634 -1-7;
1 -161-8 -1-7-1:2 "167s I71-4 *1612 17
-li lit; _ 4.
- 655 Philip Morris & Co., Ltd
10
1
4 3938 40
4018 40/
39/
1
4 3978 39
3934 3914 3913 3914 4014 1.5,900 Phillips Petroleum
No par
27
27
27 28
26
2612 *25
27
*25
26
25
25
500 Phoenix Hosiery
5
*9612 991
9612 93
/
4 *9612 9912 .
*9612 98
98
98
*9612 98
50 Preferred
100
1314 1514
1314
13
1414 1538 1412 1518
1438 1518 1478 151 59,300,Plerce-Arrow Mot Car_No par
59
6212 62
69
59
641
/
4 6212 61
03
6414 6312 6578 15,6001 Preferred
100
214 212
214 214
214 214
218 21
/
4
2/
1
4 214
21
/
4 212 4,000 Pierce Oil Corporation
25
•20
21
*18
23 .18
2112 20
20
20
20 .15
20
900 Preferred
100
*418 414
414 414
414 414
41
/
4 414
4
414
4
414 3,400 Pierce Petrorm tern ctfs No par
4134 4134 40/
1
4 4178 4078 411
/
4 41
4138 41
417
42
4338 12,800 Pillsbury Flour Mills_ _No par
*114 118 •114 117/
1
4 *113 11712 •113 117 *113 117
*113 117
Preferred
100
*4734 4812 *4734 50
4818 4818 48
4318 4734 471
/
4 4734 48
1,300 Pittsburgh Coal of Pa
100
*8512 88
*8512 8618 *8534 8618 86
8618 86
86
4186
Preferred
8618
500
100
*8014 88 .8014 83
*8013 88
*8014 88
*8014 88
1180
Pittsburgh Steel pref
14 88
100
*2814 32
*28
31
2814 30
*2814 31
*2814 31
*2814 30
200 Pitts Terminal Coal
100
74
*69
*89
74
69
69
*71
74
*69
74
*60
74
100
60 Preferred
5512 5512 5514 55/
1
4 5534 56
5614 5634 *57
58
58
59
1,500 Porto Rican-Am Tob Cl A_I00
2312 2312 23/
1
4 2358 2312 2312 2334 25
*24
2553 2412 267
No par
4,300 Class B
67
6734 6714 6914 6958 7178 7034 71/
1
4 6934 7114 7014 7138 315,700 Postum Co. Inc
No par
*21 22 *21 22 *21 22 *21 22 *21 22
*21
22
new_No
Car
par
Steel
Pressed
79
*75
*75
7812 72
7438 *70
7812 *70
7812 *70 • 74 --ion Preferred
100
*2312 24
*2312 23/
1
4 2312 2312 23/
1
4 24
23
2318 2312 243
Producers & Refiners Corp_50
3,100
*4214 45
*421
/
4 45
*4214 45
•4214 45 .4214 4,5
.4214 45
Preferred
50
6918 691
/
4 *6614 6
*6614 69
6614 6614 .5512 66
63
63
70 Pro-phy-lac-tic Brush_ _No par
5614 5634 561
/
4 5978 60
8238 6034 62/
1
4 6012 6134 6112 63 232,900 Pub Ser Corp of NJ newNo par
106
•1051,
106 108
10812 10813 *108 10812 *108 108/
108 103
1
4
100
400 '6% pref •rred
*125 126 *125 12558 •125 126
125 125 1312414 127 11125 127 200 7% preferred
100
*137 14118 *140 14118 1411
/
4 14118 *137 142 •138 143 *14112
100 8% pref Tred
100
143
•107 10878 *107 108 *107 10878 •10712 10878 *107 1087
8 *107 10878
Pub Seri Klee & Gas pfd 100
7938 79/
1
4 7918 7978 7912 8017 8014 807s 80
8012 8014 81
No pa
Pullman C)new
11,000
26
*24
24
24
24
24
2314 24
24
2634 24
50
24
3,000 Punta Alegre Sugar
23/
1
4 2234 23
23
2234 23
2234 23
2234 2278 2212 23/
05
1
4 8,500 Pure Oil (The)
11212 11212 *11212 11314 11212 11212 •11212 11314 *11212 11314
*11212 11314
preferred
100
120;
8%
891s 9178 92
96
9538 9612 06
987s 100 107
106 110
52,800 PuritY Bakeries
No par
Clam B
'108 115 '113 118'3 119 119l4 120 120
1.22
.- 130
132 133
3,8001 Preferred new
18114 183% 17918 18412 181 18612 185
19214 187 19112 190 19412 189,100 Radio Corp of Amer___No par
*56
5612 *56
5634 5034 5634 *56
5634 5612 56,2 *56
50
5712
2001 Preferred
38/
1
4 3034 38
391
/
4 3712 39
37/
1
4 38,2 37
3814 3612 3812 9,100 Real Silk Hosiery
10
9158 9158 93
93
93
93/
1
4 93
93
*93
94
93
100
93
1501 Preferred
*7
714 714
778
714 712
8
812
814
814
No
Co
(Robt)
par
&
Refs
1,100
71
/
4
7
/
1
4
24/
1
4 2538 2412 2478 2434 2514 25
2512 2518 2512 25
No par
2538 18,600 Remington-Rand
*9173 9412 92
92
1192
94 .92
94
*92
94
92
02
100
200 First preferred
/
4 94
*911
*9114 94
91 4 .* 94
*9114 94
*9278 94
preferred
*921
/
4
100
94
Second
,
2734 28
2712 28
2714 27,2 2714 2778 2714 27,
s 2738 28
22,5001Reo Motor Car
10
6538 6714 6312 6638 6414 66,8 6414 6578 63
6412 64
6414 49,400 Republic Iron dr Steel___ _100
•106 108 •10678 10734 13 107 10734 107 10734 107 107
107 107
9001 Preferred
100
12
1212 117 1234 1112 1212 1114 1158 1114
121x
1112 111
No par
/
4 10,400 Reynolds Spring
133 1331, 132 134
13212 133
133 134/
1
4 13418 13412 13434 13938 19,500IReynold5 (RI) Tob clam B25
4818 4638 4558 46/
1
4 4512 46
4558 4614 4538 40
46
47/
1
4 25,800 Richfield 011 of California..25
16314 16314 *160 164
165 171
179 172
17034 176
17434 177
4,4001Rossia Insurance Co
25
57% 5734 581
/
4 5814 5818 5838 5712 579
5778 58
5814 583
7,4003 Royal Dutch Co(N Y shares)
4214 42,2 4114 42
4114 4138 4112 425
4214 42/
1
4 4234 431
6.200St Joseph Lead
10
40
4012 3934 411
/
4 3914 3978 3912 .3013 40
41
401 1 4034 4,600 Savage Arms Corp_ _ __No par
23s 2/
1
4 *238 21
•238 21
*238 213
238 238
2,800,Seneca Copper
231 21
No par
*5814 591
/
4 5812 5834 5,133* 583
5934 6134 60
6034 61
4,200:Shubert Theatre Corp No par
621
5312 59
587g 5934 5878 61i
5078 6113 5933 0038 508 601 141,700'Schulte Retail Stores
No par
12112 12112 12012 12012 *12012 1211 120
1211 *121 12112 .121 1211
3,6701 Preferred
100
14
14
1418 14,8
1334 14
1334 133 .1334 14
1334 14
No pa
1,000 Seagrave Corp
12958 13038 13018 13534 13614 1397 14112
125 12734 12653 12734 126 1293 1283 1477g 144 14638 14618 1507 244,500 Sears, Roebuck & Co_ Nopar
8
1317
129 1311
/
4 130 1311 35,800,'Shatturk (F G)
No par
*5112 5212 .5134 5212 *5134 521 •5114
5213 5138 5212 *5138 521
'Shell Transport & TradIng_£2
2658 2678 2678 27
2634 27
2658 27
2612 267e
2612 27
No pa
18,500 Shell Union Oil
*2034 21
2034 2058 2058 203
2053 203 *2058 21
2058 205
1,700,Simms Petroleum
10
611
/
4 6118 6178 6138 62
61
6178 627
62
6212 62
623
5,500 Simmons Co
2612 27
No pa
26
2678 2512 261
2512 261
2514 2534 2512 27
88,800Sinclalr Cons Oil Corp_No pa
•105 108 •10714 108 •107/
1
4 108 •10634 108 906/
1
4 108 *10634 108
Preferred
3034 3118 31
100
31
31
32
31
311
3078 3114 31
25
311
*108 113 *110 113 *108 113 *108
4 8,200 Skelly 011 Co
113 *107 113 *108 113/
-Sheffield Steel & Iron 100
'Sloss
1614 1614 *1614 17
17
*16
•1614 1678
16
16
1534 17
No par
2.800 Snider Packing
4418 4418 *4414 46
*4412 451
44
4412
443k
44
45
45
43
600; Preferred
43
43
No par
4318 4258 43
4212 43
4278 4378 4234 4312 10,500,80 Porto Rico Sug new_No par
*33912 145 *13612 145 •13612 145
•13612 145 •13612 142
13634 13634
10 Preferred
100
4712 471
47
/
4 4713 4734 481
48
4838 4812 5034 49
5038 15,6001Southern Calif Edison
25
33
33
3212 33
33
341
3312 3312 3212 33
3314
Dairies
Southern
1514 1534
el
A__No
par
3314
1,400
1212 14
1214 123
1214 1234
1212 1234
1258 1278 37,600 Clam B
No par
•116 -- *116
116 116 .115 116
•11514 116 *11514 116
1278 1278 •1212 13
10 Spalding Bros 1st pref___ _100
.1212 12%
13
13 .1212 13
*1212 13
No par
20 Spear & Co
*8314 88 .8314 88
*8314 88
*8314 88
*8314 88
*8314 88
Preferred
3512 3573 35
100
3534 3412 35/
1
4 3434 3538 3514
3714 301 3714 26,600 Spicer Mfg Co
No par
Preferred
100
,
;52- 3214 -3212 3314 3-78 34
3313 -311-4 3313 35
-3.-41-4 3514
Stand Comm Tobaceo_No par
661
/
4 6612 6612 65
67
6838 67
6758 6634 6818 6678 6714 -3-0-j00 Standard
Gas & El Co_No par
21,800
*6634 67,4 6634 06711 67
67
67
67
67
67
67
Preferred
67
50
600
11614 11712 *115 117
11734 119
11512 11714 11512 121 18 1177
100
*10312 106 *10312 104 *10314 104
103 10312 .103 1041 *103 8 12012 6,300 Standard Milling
106
Preferred
100
100
5714 5713 5712 5714 57/
5738 57
57
1
4 57/
1
4 5814 5812 5938 17.400 Standard 011of Cal new No par
1
4 451
/
4 4512 45/
4518 4538 45,8 45/
1
4 4512 451
/
4 45/
1
4 z4434 4538 56,400iStandard Oil of New Jersey_25
35/
1
4 3514 3518 3534 3518 3512 3514 3512 3514 3534
3514 3618 62.400 Standard Oil of New York__25
4
4
4
4
3/
1
4 3/
1
4
*334 4
•334 4
*354 4
800'Stand Plate Glass Co_ No pa
•1712 19
1838 1833 19
19
19
19
10
19
*1812 1912
10(
1301 Preferred
Sterling Products
No pa
-1
4
13
.
3
8
13
92s 93
-92T8 192778
-0113 93
/
1
4
95,8 97/
1
4 46,700 Stewart-Warn Sp Corp_No pa
48
50
LIS
*48
4812 491
60
/
4 50
50
5018 4914 491
/
4 1,3001Stromberg Carburetor_No pa
1
•Bid and aaked
peon: no 52161 on this day, z Er-dividend. a El-rights.
b Es-dividend and ez-righte,
PER SHARE
Ranee Since Jan. l.
On basis of 100-s8are lots
Lowest
PER SHARI
Ranee for Previous
Year 1927
Higbee:
Lowest
fltglest
$ per share
311
/
4 Jan
1021
/
4 Mar
11 Mar
81
Jan
581
/
4 Feb
2358 Dec
10234 Nov
2103 Feb
108 Feb
714 Feb
6112 Feb
62/
1
4 Jan
73 Dec
107
Jan
31
Feb
1 May
124 Mar
33/
1
4 Apr
401
/
4 Dec
4014 Dec
BA Oct
Apr
8
54 Sept
20
Jan
0 Jan
334 Dec
1812 Dec
1812 Aug
20 Apr
1912 Sept
2112 Dec
91 Sept
128
Jan
8514 Jan
40
Jan
50 Jan
3738 June
37/
1
4 June
18 Sept
3614 Oct
3518 Dec
Jan
103
per slats
387
, Dee
110 June
171
/
4 June
9912 May
82/
1
4 Deo
35 Apr
10812 June
1551
/
4 Oct
124/
1
4 Aug
1212 June
91 Nov
99 Dee
8512 Dec
120 Nov
50 Dee
ra PLO
182 Deo
62 Dee
6572 Jan
6611 Jan
3772 Jan
1872 Jan
83 Nov
4658 Oat
1012 Dee
12 June
63/
1
4 June
2772 Feb
32
Jan
277t May
3938 Jan
100 May
168/
1
4 Nov
15312 Dee
51 Deo
5312 Sept
4753 May
47 Mai
611, Jan
6014 Feb
5272 Aug
10714 July
1614 Feb 20
312 Feb 16
32/
1
4 Feb 18
108 Jan 6
3618June I2
81 May I
83 July 13
26 Feb 10
69 Aug 14
5334July b
2314 Aug 15
6138July 17
18 June 13
72 Aug 6
1111 Feb 17
41 Feb 20
63 Aug 24
4112 Jan 9
10338 Jan 6
118 Jan 21
134 Jan 7
107 Aug 7
7818 Aug 15
2314 Aug 2
19 Feb 1
108 Mar 15
75 June 15
9614 Jan 3
105 July 12
851
/
4 Feb 20
5412 Jan 4
247
,Jan 17
8012July 12
5,2 Feb 23
23/
1
4 Jan 20
9114 Aug 16
9212 Aug 13
2212 Jan 21
4918June 19
102 June 25
814 Feb 18
128 Apr 24
2312 Feb 17
145 June 13
4438 Jan 20
37 Mar 16
37 Aug 10
2 Jan 18
5434June 19
497 Feb 18
11878june 28
10 Feb 18
821
/
4 Jan 16
gull Feb 17
391
/
4 Jan 24
2314 Feb 8
1812 Feb 20
551
/
4June 19
1738 Feb 20
10212 Jan 4
25 Fch 15
102 June 23
1258 Jan 6
44 Jan 5
3212 Feb 18
133 Feb 1
per :bare
41 Jan 11
1101
/
4 Jan 11
1514May 10
9938June 12
8812 Jan 7
241
/
4 Jan 9
102 Jan 5
21134 Aug 24
12634July 19
2578 Aug 21
9778N1ay 16
9434 Aug 22
9548 Apr 18
117 Mar 18
5334May 4
214 Apr 27
160 May 17
85 Aug 22
5334 Apr 3
5458 Apr 30
28/
1
4 Apr28
2134May 14
10614May 15
85 May 31
14/
1
4 Jan 5
91851ay 10
34 Aug 8
42 Apr 30
257 Mar 18
37 Apr 17
31 May 2
9658 Apr 25
18912 Feb 2
17434May 4
49 Aug 18
57 Mar 29
39/
1
4 Jan 3
38 Jan 12
2512May 28
4458 Apr 30
38 May 8
10314 Feb 14
18/
1
45day 31
6578 Aug 24
514 Apr 27
3012 apt 26
638 Apr 27
45 Aug 1
12018May 14
55 July 6
8812July 9
96 Feb 9
3678 Mar 20
82 Mar 13
7972 Jan 6
3612May 18
13812May 31
267
,Jan 3
88 Jan 4
2853June 6
49/
1
4June 6
91 Feb 17
6638May 7
115 May 4
12912May 31
150 May 4
11012 Apr 25
94 May 15
34/
1
4 Jan 3
2712 Jan 5
119 June 6
110 Aug 24
171 Apt 12
133 Aug 24
224 June 2
60 May 16
4038 Aug 17
95 Aug 3
13 May 15
3612May 31
98 June 2
100 Jan 24
33/
1
4June 4
6934 Feb 7
112 Feb 6
1478June 4
16118 Jan 3
53 May 15
233 May 4
1834 Aug 24
49 May 18
421
/
4 Aug 17
418May 23
1
4 Jan 9
69/
6712 Apr 14
129 Apr 11
1712June IS
1507, Aug 24
13178 Aug 22
51 June 27
31 Apr 30
26 Mar 30
73 Apr 4
3014 Apr 30
10912 Apr 26
34 Apt 30
134 Feb 6
20 Apr 30
80 Jan 11
4938May 24
14412 Aug 9
918 Oct
37/
1
4 Oct
14 Mar
1312 Mar
21
/
4 Mar
3078 Nov
104 Aug
3234 Mar
7058 Mar
94 Dec
30/
1
4 Apr
74 Apr
65 Aug
15 Aug
9238 Mar
3812 Feb
7612 Feb
16/
1
4 Jan
3672 Jan
55 Feb
32
Jan
9812 Feb
1081
/
4 Jan
2338 Mai
10212 Jan
/
4 June
11
24 June
512 June
3713 Aug
109
Oct
7412 June
98 Bent
101
Jan
55 June
8112 Deo
9112 Jan
52% Dee
1261, Dee
7814 Dee
92/
1
4 May
3372 May
50 Feb
71 Sept
467k Bent
105 Nov
12014 Nov
43/
1
4 Jan 5
2412 Jan 25
9 Jan 23
109 Jan 7
12 Jan 16
79 Feb 25
2312 Jan 12
110 AIR 11
28 June 22
57/
1
4 Jan 12
65 Jan 3
100 Jan 5
100/
1
4 Jan 3
53 Feb 20
3734 Feb 18
28/
1
4 Feb 17
2/
1
4 Jan 3
10 Jan 18
13414 Feb 28
7714 Feb 18
414 Jan 3
5414May 4
6058May 21
30 Apr 23
120 Apr 3
20 Feb 29
923 Feb 29
4214May 11
11338June 1
3712Mar
7434May 8
7112May 16
127 Apr 20
112 Apr 23
63/
1
4 Apr 30
49 Apr 30
4112 Apr 30
77 Feb 23
40 Feb 23
150 Jan 26
10112May 9
74/
1
4June 4
$ per share
2014June 13
97 June 14
978 Aug 23
90 Jan 11
67/
1
4 Aug 17
18 May 9
75 May 9
14718 Feb 20
11914 Jan 24
1012 Jan 18
8212 Jan 10
81 June 19
7412 Jan 3
11424 Jan 3
43/
1
4 Feb 28
114 Jan 3
145 June 12
5614 Feb 18
3814 Feb 20
87/
1
4 Feb 20
1512July 23
1112 Feb 11
70 Feb 21
34 Mar 10
9 Aug 15
2 Feb 8
818 Feb 9
237 Jan 8
1479 July31
2238 Jan 7
1414 JulyIS
78 Aug 1
15114 Jan 6
145 Mar 24
4512 Mar 1.5
52 Jan 3
2738June 13
27 Mar 13
15 Mar 1
3514 Feb 20
Aug25
24
98 Jan 9
10112
21„
Fieabr 18
3972 Feb 16
125
102
7234
27
25
1111
/
4
Jan 13514 No r
Jan 11012 Deo
Aug 84% Elea
Oct 4672 Jan
Oct 33/
1
4 Mai
Jan 11512 Dee
ifs:"Jan 687,li;:
411
/
4 Apr fof" Nov
49 May
2012 Nov
80 June
532 July
2012 Nov
87/
1
4 Nov
90
Oct
2512 Dec
63
Oct
96% Jan
4 Feb
981
/
4 Feb
25/
1
4 Dec
74
Jan
444 July
36 May
57
Apr
49 Mal
99 Dec
9 June
4714 Dec
102/
1
4 Apt
110 Apr
2678 Dee
7572 Mar
106 May
13 Deo
182 Dec
281
/
4 Dill
104
Oct
5418 Feb
4372 Mar
1 June
55 Aug
47
Jan
11614 Jan
1
4 Sept
8/
51
Jan
5658 Jan
411
/
4 Oct
2459 Oct
1414 July
33/
1
4 Jan
15
Oct
97
Jan
2412 June
1101
/
4 Nov
111
/
4 June
44 Nov
337 Aug
118/
1
4 Mar
3/
1
4 Jan
747 Nov
57 Sept
123 Aug
1532 Deo
9112 Dee
1011
/
4 0e1
4772 Feb
311
/
4 Feb
263, Dee
641
/
4 Deo
2258 Jan
1041
/
4 Dec
3738 Feb
13414 Apr
1614 July
5214 July
4242 May
137 Nov
8153 Jan 45 Dte
15 May 45/,; Jan
634 Oct20
Jan
103
Jan 11212 Nov
8/
1
4 May 16 Dec
73 Feb 88 Dec
2012 Jan _0
2_6
8_5_
78
4i
M:
i3;
y
104 Feb 1111
/
4 Nov
5753 Jan 8653 Nov
7014 Jan 10458 Dee
84
Jan 103 Deo
50/
1
4 Apr 6014 Jan
351, Apr 4
1
8
131 Feb
:
e
29/
1
4 Jun
34/
1
4 Jan
2 Ma
4/
1
4 June
10 Ma
9012 Jan 14312 Nov
5414 Mar 8712 NOT
2618 June 60 Sept
New York Stock Record-Continued-Page 7
1080
For sales during the week of stocks not recorded here,see
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
DaSartiag,
Aug. 18.
Monday,
Aug. 20.
Tuesday,
Aug. 21.
Wednesday, Thursday,
Friday,
Aug. 22.
Aug. 23.
Aug. 24.
Sales
for
the
Week.
Is page preceding
STOCKS
NEW YORK STOCK
EXCHANGE
per share
Per share $ Per share $ per share
Per share Shares Indus.& Misgel.(Con.) Par
Prr share
7358 7714 76
72
7234 7212 7333 7278 74
7773 7712 7978 387,400 Studeb'rCorp(The) new No par
Preferred
_ _ *12434 -- -- •12434 -- *12434
•12434 ---- *12434 ---- *12434
100
*318 322 *318 358 *314 312
313 312 2,200 Submarine Boat
318 358
No par
333 358
4918 49
49
*48
49
No par
*48
491s 49
49
24834 4914 2,200 Sun Oil
49
Preferred
100
*105 108 *100 106 *103 108 '103 108 *103 108 *103 108
638 612
18,900 Superior 011
6k
No par
618 7
6% 618
614
614 612
614 6
,
3
2112 2134 2338 22
20
*19
20
•1812 1912 *1812 20
2338 3,500 Superior Steel
100
1,500 Sweets Co of America
•1312 15
•13k 15
14
1312 14
*1334 14
1418 15
14
50
412
800 Symington
*318 4
4
No par
4% 4%
4
*4
1212 10
900 Class A
*10,
8 11
*1012 12
1073 11
12
*12
No par
1134 1212
1812 •18
1812 1818 181g
18
18
18
18
18
"1814 18,2 1,400 Telautograph Corp__ No par
6,000 Tenn Corp & C
1434 1513 1412 1434 14% 1458 14% 14% 14% 15
No par
14% 15
61% 6278 61% 6238 6134 6212 6214 63% 42,900 Texas Corporation
621.3 8278 6218 63
25
71% 7234 7134 7234 168,500 Texas Gulf Sulphur new No par
6834 6958 6834 70% 6958 72
6812 69
14
1418 1414 1414 14% *1418 1414 14% 1418 13% 14
1414 2,800 Texas Pacific Coal .14 Oil..._10
8 2318 2418 37,400 Texas Pac Land Trust new_ _1
2334 2313 23% 2318 23,
2453 23
24
2414 23
2718 2712 27
27
*2612 27
No par
27
267
2514 2512 26
27% 2,100 Thatcher Mfg
300 Preferred
No par
*4834 50
•481s 4858 485s 4834 *4858 4834 4834 48% *4834 50
No par
3912 4012 17,100 The Fair
38
8 3812 40
3812 23814 3852 3812 38,
*37
38
700 Thompson (J R) Co
*6112 64
6112 6112 6034 6034 6112 6112 *61
25
61
6112 61
2158 2214 2134 2212 2038 2112 277,300 Tidewater Assoc Oil_ _No par
2112 2112 22
2038 2112 21
894 89
100
89
8912 2,000 Preferred
89% 8912 8912 8934 8913 8934 '89
89
2612 2714 2678 2732 27
2738 4,700 Tide Water 011
26
2612 2612 2612 2613 27
100
200 Preferred
88
8718 8718 8714 8714 *8713 88
*87
88
100
*87
13113 12714 12934 12814 12934 24,200 Timken Roller Bearing.No par
12713
126
12613
12714 12714 2125 1268
25.200 Tobacco Products Corp...100
9814 100
8 98% 9934 9812 101
9514 9512 9458 10034 9814 100,
1,200 Class A
112 116 "112 115 *11018 115 *11018 115
112 112 •11012 112
100
778 818
734 7%
734 8
734 77 20.700 Transc't'l 011 tenactfnewNo par
758 734
752 814
47
47
4714 47
*47
*47
4912 2,200 Transue & Williams St'l No par
4714 *47
48
*47
48
6912 6812 69
69
69
70
6838 6834 2,100 Under,Elliott Fisher Co.No par
69
•69
6913 69
Preferred
*122 125 •122 125 •123 125 *123 125 "123 125
100
•122
_
300 Union Bag & Paper Corp_ _100
•3612 3712 "3812 387s 3814 3814 *3712 3912 3714 3714 3612 3612
16712 17012 16512 16812 16612 168% 16812 17178 70,100 Union Carbide & Carb_No par
16214 168
16234 165
25
5018 50, 50% 5034 5034 5078 5012 5034 5012 5112 6,600 Union 011 California
*5012 51
300 Union Tank Car new_ _ _100
116 116
115 115 *115 116 *115 116
*11212 117 •112k 116
*46
46
46
47
46
47
4612 3,300 United Biscuit
4612 4813 4714 4814 47
No par
100 Preferred
121 121 *11614 123 *11614 123 *11614 123 '116k 123 *11614 123
100
2534 2634 2558 2618 39.300 United Cigar Stores new._..i0
2534 2714 2614 27
2312 2312 2314 27
200 Preferred
10614 10638 '105 10612 '105 10612 *105 10612 *105 10612
100
•105 106
United Drug
100
1st Preferred
50
20 United Dyewood pref
'727 74
68'1 72
100
1,700 United Fruit
13534 13534 13534 13613 136 13638 13614 13634
1,135 13812 '135 136
No par
7012 69
*6912 7112 6912 6912 *69
600 Universal Leaf Tobacco No par
69
*69
70
70
7012
120 Universal Pictures 1s5 pfd_100
97% 973s 9738 97
9738 *97
97% *97
9714 97
9714
*97
1918 1918 1812 1938 18k 1814 1838 19
1912 191
1812 1872 2,600 Universal Pipe & Rad.-Aro par
Preferred
94
94
*86
90
"86
*86
94
94
*86
94
*86
*86
100
•230 250 *230 250 *235 250 '230 260 "230 250
242 24834 2,000 US Cast Iron Pipe & Fdy_100
Preferred
*123 130 *12413 130 *123 130 '123 12512 *125 130 "123 126
100
1612 1613 1634 175s
1718 1712 1612 17%
17
17
1714 17k 7,100 U S Distrib Corp new._No par
Preferred
*80
83 '80
*80
83
*8012 83
84
83
83 '80
*81
100
600 U $ Hoff Mach Corp vtcNo par
49
4973 4918 4918
5012 501
5012 5012 *4914 50,2 *4812 49
114 11434 113 113
113% 1141 11412 11434 1137 114
114 11434 7,400 U S Industrial Alcohol__ _100
10 Preferred
121 121
*12038 121 •120k 121 *1203g 121 "12033 121 *12038 121
100
45
46,8 4434 45% 4414 4434 45
4512 4614 4578 46
4534 10,900 U S Leather
No par
63
63% 63
63
64
61
63
64
61
631a 6253 6373 4,700 Class A
No par
200 Prior preferred
.106 10712 *106 10712 "106 10712 •106 10712 10634 10634 *10712 108
100
28413 86
84
8473 14,400 U S Realty & Impt new.No par
83,
8 85
85
*80
8112 80
8032 81
3412 33,900 United States Rubber
3212 33% 3213 33% 34
3114 327
31
32
31k 317
100
6534 10,400 1s1 preferred
6114 6134 6112 6478 6434 6512 6414 65% 65
6112 62
100
5112 14,500 US Smelting, Ref dt Min_ _50
4612 4734 4713 4814 48
4734 48
48
48k 483s 48
200
Preferred
*5312 5412 5412 5412 *53% 5412 5414 5414 *5312 5412
•537s 54
50
15034 152 497,100 United States Steel Corp new.
14778 14914 1477s 14958 148 15178 14958 15234 14938 151
14014 14084 14014 14014 14014 14014 2,300 Preferred100
14032 14033 140% 14033 14012 141
400 U S Tobacco
8912 8912 9018 9112 92
8912 5'88
8912 *88
No par
088
8912 *88
Preferred
*129 134 *129 134 *129 134 •129 134 '129 134 *129 134
100
Utah
Copper
195
*150
195
•160
175
"145
175
•145
195
195
'145
*145
10
40
4052 3912 4032 3912 401s 12,600 Utilities Pow & Lt A__No par
3953 4034 4014 41
3912 40
73% 7253 74
73k 7434 7253 7314 731 7412 15,800 Vanadium Corp
7234 75
73
No par
Van
Raalte
•1513 1778 *1513 1778 *1512 1778 •1512 1773 •1512 177 •1513 1778
No par
70 1st preferred
54
*5412 57
54
57
5412 55
55
55
54
*55
57
100
68% 6814 6812 6734 68% 1,700 Vick Chemical
6813 6834 68
68
*6734 6812 68
No par
961 971
10158 10314 128,100 Victor Talk Machine__.No par
9613 9912 9938 10138 98% 10012 9913 102
400 8% preferred
•190 200 •192 1992 200 20014 *196 2001 20012 20012 *202 -No par
200 7% prior preferred
•107 1071 •106 10714 10714 10714 •10714 108 *10714 108 *10714 108
100
1334 1312 1312 1353 1372 1334 13% 1352 1378 1334 1373 1,700 Virg-Caro Chem
•13
No par
1,100 6% preferred
50
50k 50
5034 51
51
5034 5084 50
51
100
2,300 7% preferred
*94
95
*93
95
•94
95
9334 933 *9314 95
•9312 95
100
Virginia Iron Coal & Coke_100
*25
*25
35
*25
35
•25
33
35
*23
35
*23
35
•50
52
*50
52
*50
52
Preferred
52
*50
62
*50
*50
52
100
10,000 Vivaudou(V)
1418 1418 1414 1538 15
14
14
17
1514 15% 1512 16
No par
300 Preferred
8313 *80
"80
8312 •78
81
81
8312
8312 83
831 *80
100
330 Vulcan Detinning
30
3152 30
•3152 33'2 30
31
31
3314
32% 3358 32
100
*7818 89
Preferred
*78144 89 .7818 89
•781s 89 "7818 89
"7818 89
100
Class A
*2234 25 .2234 25
•2234 2512 "2234 25 "2234 25
*2234 25
100
2214 2178 2212 2214 2212 4,600 Waldorf System
22
2214 22
2112 2112 2112 22
No par
1512 1534 154 '15
15
16
*15
1512 151
1514 1458 1453 1.000 Walworth Co ctfs
No par
90 Ward Baking Class A. NoDar
92
92
92
905s 905s 9012 9012 91
91
9178 918 92
1812 1712 1833 1732 181s
1812 18
1758 1772 18
1712 1812 10,400 Class B
No par
9013 9012 *90
93
300 Preferred (100)
*9012 91
*90
92
91
.90
9034 91
No par
81% 8212 8134 8534 8314 848 8212 84% 8212 8534 85
88s 114,300 Warner Bros Pictures A __ _10
3634 3714 3634 371
3612 37
3714 365s 37
37
*37
3832 7,100 Warner Quinlan
No par
40 Warren Bros
160 160 *153 160 *150 160
160 163
*156 159 •156 159
No par
54
300 1st preferred
54
*54
55
55
55
55 '54
*54
55 '54
*52
60
*1614 17
8 1678 18
16k 1612 1658 16,
18
1934 1,600 Warren Fdry & Pipe_..No par
•161,2 17
200
6234
63
Weber
&
63
63
63
'6212
*6212
63
4
"6212
*623
Hellbr, new e_No par
"6212 6234
Preferred
•100 101 '100 101 *100 101 *100 101 '100 101 *100 101
100
0143 14412 14412 14612 146 14778 147% 14812 "146 14714 146 14612 5,500 Western Union Telegram_ _100
44% 4353 443s 4358 44
4,600 Wstnghse Air Brake newNo par
44
45
4532 4458 45
45
45
10012 10233 9953 10172 9934 10132 10034 102% 100 1013.4 101 1027s 69,000 Westinghouse Eleo & Mfg. 150
50 1st preferred
101 10334 *9912 104
*9914 10334 *9914 104
*100 104 '99k 104
50
22
2212 22
2214 2212 2314 6,300 Weston Elee Instrum't_No par
2212 23
24
2313 2412 23
3213
3212
500
*3212
3312
3312
Class A
*3212
33
33
32
3212
No par
*3212 33
*105
107
West Penn Elec cl A vtt No par
*105 107 '105 107
*105 107 "105 107 *105 107
250 Preferred
11032 1103s 11034 11034 11012 11012 111 111
100
11014 11014 11014 111
100% 101
80 Preferred (6)
101 101
10034 101
101 10134 101 101
100
*10034 102
150 West Penn Power pref
11513 11513 11512 11512
100
•115 11612 ngss 11632 11518 11512 115 115
20 6% preferred
108 108 *105 111
105 10514
100
*108 110 '108 110 "108 110
7,700
61
West Dairy Prod cl A..No par
80
66
65
6512
80
58
58
57
.57
57
57
29
29
3212 32
3334 6,400 Class B
2712 2712 27
No par
*27
2713 271s 28
2413
2412
1,100
White
24%
2412
2412
24
Eagle
Oil& Befg_No par
2414 2412 "2412 244 2412 2412
371
3634 3714 365s 375s 3,300 White Motor
No par
3653 3653 3652 37
3613 3612 37
3834 391 4014 4,500 White Rock Min Sp ctf
*3713 3813 38
3752 38
50
*3713 3734 3752 37
11,500 White Sewing Mashine_No par
3734 3858 3612 38
3512 351g 3612 3712 39
3558 3634 35
500 White Sewing Mach pf_No par
*52% 53
53
53
53
*52
52% 5214 5134 52
.5214 53
2238 2212 23
2238 22
45,600 Willys-Overland (The)
'
2134 21% 2134 2158
5
2132 2134 21
100 Preferred
98
*97
9712 9714 9714 '97
98
*97
100
98
*97
*97
98
1212 13
*13
1312 3,800 Wilson & Co Inc. new _No par
1214 1234 1214 1273 1278 13
*1212 13
No par
28
28,2 2812 2914 2814 2852 2734 285s 5,800 Class A
2758 275s 2712 28
2,200 Preferred
7018 '69k 70
100
6934 6934 69% 6934 6934 7034 70% 70% 70
18734 19028 190 1933, 19312 19434 50,900 Woolworth (F W) Co
$
18718
25
1857
186
18412 1853s 1858
4012
6,800 Worthington P & M
3812 4034 3913
100
3912 3912 39l 3938 3912 4012 3813 391
5934 *56
Preferred A
5934 *55
5934
9612 *5413 5934 *55
100
5412 5934 *55
*47
48 '4614 49
*45
49
Preferred B
49
*45
100
49
*45
*45 49
37,400 Wright Aeronautical_ __No par
15812 16112 15812 16112 15.512 15912 15912 170
1E11415834 15512 162
3,800
Wrigley
693
(Wm Jr)
693
4
694
*69
893
4
4
7312
No par
693
4
.69
6914
(F 694 269
400
Yale
AL Towne
6734 6734 *6612 6734 *6612 67s
25
*6612 68
68
68 6812 68
3233 3273 32% 3414 337 345 39,200 Yellow Truck & Coach CI B.10
3212 327
3284 3314 3252 33
95
Preferred
*85
95
95
*85
*85
95
100
*85
95
*85
*85
96
90
91
90
90,4 4,000 Youngstown Sheet & T _No par
9014 91)12 901s 90, 9014 90s 9012 91
•Bid and asked prime; no sales on this day, s Ex-dividend. g Ex-rights, •No per Vane
PER SHAW'
Range Bina Jas. I.
Os basis of 100-slarelots
Highest
Lowest
PER SHARI
Bangsfor notions
Year 1927
Lowest
Highsei
$ ger share
57 Jan 10
121h Feb 25
8 Feb 14
3111 Jan 9
100 Jan 6
212 Feb 17
18 Jan 18
1138 Feb 8
4 Aug 20
10 Aug 20
1514 Jan 28
10h Jan 16
50 Feb 17
6218June 12
1212 Mar 1
20 June 13
22 Jan 5
47 Apr 13
34 Jan 3
5614June 13
1434 Feb 20
817s Mar 15
1958 Mar 7
8634July 26
11238 Mar 3
93 Aug 6
1097s Aug 7
634June 13
4534 Jan 3
83 June 13
119 Mar 1
3618 Feb 20
13818 Feb 18
4234 Feb 11
115 July 2
3418 Apr 30
11214 Mar 22
227s Aug 4
10518 Aug 1
190 Jan 5
59 Feb 28
4534 Jan 20
13112June 12
6038June 13
9318May 7
1538June 12
88 Jan 5
19018 Feb 27
115 Mar 10
1312June 22
79 Apr 5
4818June 18
10218June 19
119 Jan 13
22 Jan 18
52 Jan 5
10414June 23
6114 Feb 4
27 June 27
55 July 2
3912 Feb 20
51 Jan 26
13232June 25
13858 Jan 5
88 June 18
$ par share 8 per glare $ per bars
49 June 6318 Sept
8248May 25
127 June 19 118 Feb 12514 Nov
818 May
218 Feb
614 Mar 21
SO Mar 3478 Jan
5038 Aug 3
99 Aug 10158 Dec
10918 Apr 26
318 Dec
614 Feb
918May 16
Oct 28 May
18
2378 Feb 6
7 Apr 14 Dee
1818 Apr 26
8 Jan
218 Sept
7 May 8
6 Oct 1554 Nov
1938 Apr 27
1118 Mar 1714 Nov
223sMay 17
1318 June 1814 Jan
1638May 28
45 Apr 58 Jan
6632May 21
Jan 8118 Sept
119
8038 Jan 4
12 Apr 1878 June
1718 Apr 30
1518 Jan 4,0 JUDI
3034 Apr 27
1612 Aug 2314 gag
3912May 8
43 Aug 5012 Nov
5358June 1
2453 Jan 86 Aug
4338May 16
47 Jan 6534 Dee
7134June 4
1538 Oct 1918 JUDO
2212 Aug 23
Oct 00% JUDO
85
90 May 2
19 July 2918 Jan
2738 Aug 9
ss Nov 9018 Sent
9412May 4
Jan 14214 Aug
78
134 Jan 4
9234 Oct 11758 Dee
11818 Apr 16
Apr 12378 Dee
128 Feb 14 108
334 Apr 1058 Nov
1018 Jan 12
10 May 50 Dec
5918 Feb 7
45 Jan 70 Dee
75%May 16
126 Apr 12 120 Jan 125 Dec
n18 Jan 7314 JUDO
4953 Feb 1
9918 Jan 0418 NOV
17178 Aug 24
3938 June 5614 Jan
57 Apr 16
94 Jan 12714 Dee
12818May 8
3918 Dec 4014 Dec
4812 Aug 18
_
121 Aug 18
3238 Dec 38'e July
34% Feb 10
11418 Apr 5 104 July 109 June
Jan 20014 Nov
210 Mar 17 159
5818 Jan 61 Dec
6018 Jan 4
Jan
3638 July 49
7478 Aug 8
12718 Jan 14
139 Jan 17
2818 Feb 20
60 Jan 18
73s Jan 7
4374 Jan 6
68 Jan 17
5238 Jan 3
10834 Jan 8
10118 Jan 6
12 June 12
4438 Jan 18
8818 Jan 16
27 Aug 18
50 Aug 2
1144June 26
78 June 22
2212June 13
74 June 21
1912June 29
19h Jan 3
1418 Aug 8
9012 Aug 23
139 June 7
185 Aug 6
4534May 31
96 Mar 15
1934June 23
60 June 25
74 May 14
10434MaY 8
20212May 7
11118 Mar 28
1634 Feb 10
5518July 25
97 Apr 27
50 May 22
6238 Jan 13
2538 Jan 4
100 Jan 28
4334 Jail 11
97 Jan 12
38 Jan 11
27 Apr 9
19 May 16
123 Feb 2
2938 Jan 13
971g Jan 19
8832 Aug 24
4138June 7
19218 Apr 11
61 Apr 16
2512 Apr 14
7018May 8
103 Jan 3
17712 Jan 3
5738 Jan 27
112 Mar 31
110 Mar 31
21312June 7
4012May 22
112 Apr 9
115h Apr 9
10418 Apr 10
118 June 27
113 Jan 5
78 Apr 11
49 Apr 12
2638 Aug 1.
1518 July 27
88 Aug 2
22 Jan 6
26 Feb 17
140 June 20
50 Jan 6
13 June 12
5918June 12
9912June 19
13913 July 11
4218June 4
8814 Jan 5
9534 Jan 6
1218 Jan 6
3034 Jan 3
103 June 22
108 June 13
9818July 21
114 Apr 9
103 June 28
5318 Jan 6
2034 Jan 5
2018 Feb 21
3014 Feb 21
3418 Jan 19
3314June 13
51k Aug 21
17114 Jan 16
9234 Jan 3
11l Jan 3
22 Jan 3
66 Jan 3
17511 Feb 20
28 Jan 5
4614 Jan 19
41 Jan 4
69 Feb 27
68 July 26
65 Aug 3
27% Feb 28
87311 Jan 9
8318June 19
14614May 7
8512 Apr 5
100 Feb 24
28 Apr 13
102 Jan 12
300 Apr 9
137 Mar 19
2014 Jan 4
9038 Jan 16
585 Jan 23
12214 Mar 19
12214May 28
51 May 7
72 Apr 25
10912May 14
9338May 4
63h Jan
10938 Jan 13
52 June 4
6514May 2
154 Apr 12
14714 Apr 28
105 AV 16
4334June 1
4438May 11
45 Mar 7
5514June 6
28118 Apr 9
10118May 25
16 Feb 14
35 May 15
7734 Feb 11
19634May 9
44 Aug 3
61 Aug 3
52 Aug 3
245 May 16
7918 mar 22
8412 Apr 25
40 May 8
96 Apr 20
10678 Jan 26
11318 Jan
6018 Nov
9644 Dee
2413 Sept
8134 Jan
19018 Aug
112 Mar
1614 May
81 May
44 Oct
69 Mar
10714 Apr
14 July
2744 June
89 July
54 Apr
3714 June
8534 June
3338 Jan
4554 Jan
1118s Jan
129
Jan
Jan
67
123 Jan
111 Feb
Jan
27
87 Jan
534 Sep
4214 Dec
48 Jan
32 July
87 Oct
9614 Oct
718 May
264 Apr
73 June
36 Dec
6218 Dec
2014 Dee
95 Dec
1618 Jan
Jan
90
Jan
16
1814 Dec
17 Dec
8218 Apr
150 Bent
741 Dec
10318 Apr
8714 Mal
98 Dee
246 /1447
125 Nov
2254 July
9614 Sept
6358 May
11114 Dec
121 Dee
2518 Nov
5618 Dec
10618 Nov
697s Dec
67et Feb
11114 AP
4878 Dec
54 Dec
16011 Sept
14114 Dec
9718 Dee
127 Nov
162 Des
84 May
67% Dee
1454 Feb
64 Feb
6358 June
5458 Doe
11158 Dec
10214 Dee
1514 Sept
4854 Dee
91 Nov
Jan
51
7614 Aug
3914 June
11818 June
80 Aug
125 Aug
,
4 Aug59
25 Feb
• 2414 Apr
11854
3358 Feb
10014 NOV
4514 Jan
3412 Dec
180 Nov
71 Doe
27 June
7511 Aug
10358 Aug
176 Dec
5012 &PI
9454 Dec
10374 Dec
1858 Feb
8584 Apr
111 Aug
112 Sept
10134 Dee
118 May
111 Deo
57 Nov
2858 Nov
2714 Feb
17h June
84 AD
18h Dee
24 June
Jan
05
43 Aug
Oct
18
651s Dec
1014 Nov
1641, Jan
40
Oct
6731 Jan
82 Mar
11 Sept
80 July
9778 Jan
Jan
102
101 Dec
Jan
111
10018 Jan
5318 Dec
2414 Dec
20 Dee
5818 Feb
8014 Nov
Jan 4114 SOPS
26
581
4 Aug
Mar
2118
Jan
66 Feb 59
ulh Oct $44 Mar
87 June 96 Aug
10 May 1758 Feb
1614 May 3274 Feb
68
Apr 84 Feb
117% Jan 19814 Dee
2011 Jan all June
44 Dec 6114 June
Oct 5414 JUDO
37
2418 Apr 9444 Des
5078 Jan 7234 Dec
7014 Jan 8414 Aug
25 IUD 60 Aug
4814 Aug 9958 July
80% Oct 10018 Dee
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 the ExChance method of Quoting bonds was changed and mice; are now
Week's
Range or
Last Sale.
Price
Friday;
Aug. 24.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 24.
Ask
844
U. S. Government.
First Liberty Loan
in 9903, Sale
334% of 1932-1947
in
Cony 4% of 1932-47
-in 101.3, Sale
Cony 431% of 1932-47
J D
20 cony 43j% of 1932-47
Third Liberty LoanMS 991132 Sale
43£% of 1928
Fourth Liberty LoanAO 10134, Sale
4%% of 1933-1938
1947-1952 AD 1111033 Sale
Treasury 43s
1944-1054 J O 10614, Sale
Treasury 48
1946-1956 MS 103,34 Sale
Treasury 33(8
1943-1947 in
Treasury 334s
Treasury 3 yi s June 15 1940.1943 in 98173, Sale
Range
Since
Jan. 1.
9134 9012 July'28
8934 9012 July'28
9934 May'28
_ 9812 June'28
94
9934 9918 July'28
10418 10578 10614 June'28
100 10578 10418 Aug'28
9812 9812 July'28
94
9918 98 Aug'28
98
9934 100
9934 July'28
99 10214 10234 June'28
99 10214 103 June'28
99 10314 10012 10012
102 109 10812 June'28
102 10838 10534 July'28
102 10612 107 June'28
102 10634 107 July'28
10.51 4 Apr'28
10312 June'28
Foreign Govt. & Municipals.
4
89
8912
97
9618
96
9458
9412
9414
0414
9912
9934 Sale
9912 Sale
9934 Sale
9934 Sale
9934 Sale
9934 Sale
9958 Sale
9938 Sale
951 4 Sale
9114 9214
9714 Sale
9638 Sale
8812 Sale
103 Sale
9914
9978 80
9912
997a 36
9912 100
51
9938
9934 36
9918
9934 63
9934 147
9914
9938
9034 87
9914
9955 79
9514 76
9434
92 Aug'28
9714 84
0612
9714 151
9658
875g
8812 367
10258 10314
6
90
8912
98
97
96
9514
95
9512
9514
9958
9012 9312
9318
90
9934 10038
9812 10034
9918 10134
10614 10834
10418 10878
9812 10134
98 10134
9934 10258
10234 10512
103 10538
10012 105
10812 10934
10534 10914
107 10934
107 11018
Bavaria (Free State) 6340_1945 P A
Belgium 25-yr ext a f 7345 g_1945 in
1991 FA
20-yr s f 85
25-year external 63413.— -1949 MS
1955 J
External 8 f Os
External 30-year 87 78
1955 ▪ D
Stabilization loan 75
1956 MN
1945 MN
Bergen (Norway) s f 88
15-year sinking fund 6s
1949 AO
Berlin (Germany) s f 63-4s 1950 * 0
1945 A0
Bogota (City) ext'l s f..8s
Bolivia (Republic of) extl 88_1947 MN
1958 J
hxt'lsec7s
Bordeaux (City of) 15-yr 60_1934 MN
9738 Sale 9612
973s
9
11434 Sale 11412 11538 82
11038 Sale 11038 111
19
10514 Sale 105
10538 27
10012 84
10012 Sale 10014
10712 Sale 10714 10714 89
10534 Sale 10558 1061s 198
11312 11378 113
11378
4
100 1001 10034 Aug'28
9938 Sale 99
9918 36
105 Sale 105
105
1
105 Sale 105
10514 28
9612 Sale 9614
97
59
10014 Sale 9934 10012 25
Brazil(U S of) external 8s___1941 in
Externals f 634s of 1926__1957 * 0
1957 AD
Eine f 834s of 1927
1952 in
7s (Central Railway)
734s (coffee occur) .0 (flat)_1952 AD
1935 si s
Bremen (State of) extl 7s
1957 84 s
Brisbane (City) s f Is
Budapest(City)°MI a f 63.....1062 j p
Buenos Aires (City) 6348_19.55 ii
1960 A0
Exti e f Os ser 0-2
1960 A0
Extl 5 f Os ser 0-3
Buenos Aires (Prov) call 68_1961 M S
Bulgaria (Kingdom) a f 78_1967) J
10834 Sale 10812 10914 28
96 Sale 9518
9618 164
9558 Sale 9512
96
73
10038 Sale 100
10034 29
10712 Sale 107
10712
1
10112 18
10112 Sale 10114
92 Sale 92
9238 17
8518 Sale 84
8512 68
10014 10114 10034 10114
6
9612 9912 99 Aug'28
9612 9812 9812
9812
2
9412 Sale 9412
95
68
91
90
9012
9118
2
Caldas Dept of(Colombia)7344.46 J J
Canada (Dominion of) 58_1931 *0
10-year 5348
1929 FA
55
1952 MN
434s
1936 P A
Carlsbad (City) a f 8s
1954 .1
Cauca Val (Dept) Colom 730 46 AO
Central Agile 13ank (Germany)
Farm Loans I 78 Sept 15 1950 751 S
Farm Loan a f (ls_July 15 1960 ii
Farm Loan s I 63_Oct 15 1960 *0
Farm Loan 65 ser A.Apr 15'38 A0
Chile (Republic of)P A
20-year external s I 78
1942 MN
External sinking fund 85_1960 * 0
External s f 6s
1961 P A
Ity ref MI f 68
1961
Chile Mtge 1314 634s June 30 1957 ID
6348 of 1920...June 30 1961 in
Gears f Its
Apr 30 1961 A0
Chinese (Ilukuang Hy) 58_1951
D
Christiania (Oslo) 30-yr a f 63'54 MS
9934 Sale
10014 Sale
10018 Sale
10412 105
9734 9814
10758 10814
101 Sale
0938 Sale
8912 Sale
89 Sale
9214 Sale
9912 100
10018
10012
10038
100
10438
10434
9834
93
10778 Aug'28
10012 101
9912
8814
8778
9012
55
26
93
18
23
_
6
9
10012
8912 43
8918 253
9214 308
10212 Sale 10153 10212
9412
94 Sale 9378
9414
9414 Sale 9378
9412
9414 Sale 9378
9758
9712 Sale 9678
1001 4 Sale 9912 10014
9314
9234 Sale 9234
345s
3234 Sale 3234
100 10034 102 Aug'28
44
94
74
27
85
66
40
Cologne (City)Germany 634s1950 MS 98 Sale 0712
7
9814
Colombia (Republic) 6s____1901 JJ
91 Sale 91
9112 80
Externals f 6s ol 1028____1961 AO 91 Sale 91
9114 38
Colombia M tg Bank of 63-45_1947 AD 8912 Sale 8834
4
8912
Sinking fund 78 of 1926_1946 MN 93 Sale 9218
9258 19
Sinking fund 7s of 1927_1947 FA
93
9178 93
9312 '8
Copenhagen (City) Is
1952 J D 9578 96
12
96
96
25-yr g 43,6s
1953 M N 8834 Sale 8814
8873 154
Cordoba (City) MI
78-1957 FA 98 Sale 9614
9
98
External a f 78 Nov 15 1937 MN 9612 Sale 9612
1
9612
Cordoba (Prov) Argentina 781942 ii 9934 Sale 9934
3
9934
Costa Rica (Repub) exit 78.1951
N
9512 9612 9578
9612 26
Cuba 5s of 1901
1944
S 10014 10034 10014
10012 11
External 55 of 1914 ser A.I940 FA 103
10214 July'28
External loan 43413 ser C 1949 PA
_
98 July'28
99 101
Sinking fund 53.4s_Jan 15 1053 J
7
10238 10278 102
10434
Price
Friday.
Aug. 24.
A
El Salvador (Repub) 85____1948 J J
S
Finland (Republic) extl 6s__1945
External sink fund 7s____1950 M S
c 1956 M S
External s 263.45
1958 F A
Extl sink fund 5345
Finnish Mun Loan 6348 A 1954 A 0
1954 A 0
External 63-Gs series B
French Republic ext 7 Ms_1941 • D
1949 .1 D
External 75 of 1924
1949 A 0
German Republic ext'l 7s
1954 M N
Gras (Municipality) 8s
Gt Brit & fret(UK of) 5348_1937 F A
1929 F A
10-year cony 534s
4% fund loan £ op 1960_c 1990 M N
5% War Loan £opt. 1929_1947 J D
Greater Prague(City) 734s 1952 M N
Greek Government of sec 75_1964 hO N
1968 F A
Sinking fund sec 65
Week's
Range or
Lass Sale.
99 10034
99 10053
99 10114
9878 10118
99 10034
9838 101
99 1011s
99 101
9412 9714
9118 937s
9558 99
9534 99
8634 925s
102 10438
Rants
Since
Jan 1.
aa
Low
High
9312 100
108 112
108 112
11018 11218
110 11172
103 10638
99
97
97 10078
95 100as
9412 9918
100 1025s
103 10538
103 10512
10134 1044
10114 10412
10918 11 10712 114
10918 Sale 109
9518 10012
10
98
9612 971 9712
9918 10212
10014 101 10014 10012 10
9754 10182
9834 19
9858 Sale 9814
96
91
9178 45
9178 Sale 91
9718 101
5
0814
9734 98'2 9814
101
98
1
98s
9814
9814
9734
114 Sale 11478 11538 30 113 11974
10678 Sale 1061z 10758 185 10512 10911
10612 Sale 10614 10658 188 10478 10734
7 101 10414
10114 10112 10118 10112
10414 184 10334 10034
10418 Sale 104
11684 119
52
11814 Sale 11818 11814
9 r8578 90u.
8534
c853s 861s c8538
July'28
--8 9938
c985
c9914
8
987
c98
10434 10914
106 Sale 105106
4 r2
9638 10034
99 Sale 9814
8418 92
8712 173
8712 Sale 86
1952 A 0
Haiti (Republic) s f 6s
1946 A 0
10514 10514 Hamburg (State) 6s
10312 10312 Heidelberg(Germany)ext 73050 J J
Hungarian Monte Loan 734s 1945 j j
External s I 7s____Sept 1 1946 J J
Hungarian Land M Inst 7348 '61 M N
Hungary (Kingd of) s f 7348_1944 F A
S 89 95 Irish Free State extls. s f. 5s_1960 MN
2
89
8912 Italy (Kingdom of) ext'l 78..1951 j D
9
9412 14)(Ps Italian Cred Consortium 78 A1937 M S
1947 44
17
Extl see s 75 ser 13
9458 99
94
9834 ItalIan Public Utility ext 78_1952 J „I
1931 J j
48
loan
E
Govt
Japanese
9458 96
1954 F A
9 9384 9978 30-year a f 634s
1947 F A
12
9312 9812 Leipzig (Germany)s f 78_
15
9414 9612 Lower Austria (Prov) 7348_1950 .7 D
31
99 10012 Lyons (City of) 15-year 68_1934 M N
89
8912
8912 Sale
9712 98
96 Sale
96 Sale
9434 9514
9412 9512
05 Sale
9414 Sale
9912 9934
stet lag,
1
:1
Bid
MO No,
Ask Loos
Low
High
20
100
Cundiaamarca (Dept-Col) 7s '46 J D 9978 Sale 9978
87 991,3,0114 u Czechoslovakia(Rep of) 8s__1951 A 0 10938 110 10812 10958 31
7
1952 A 0 109 11038 10958 10958
Sinking fund 8s ser B
100.3, 101034
11
11114
29 101, 1031.43 Danish Cons Municip 88 A 1946 F A 11012 111 Ill
18
11112
111
Sale
11012
1946
A
F
8s
I
5
Series B
102.34 1021'n
21
1942 J J 104 105 10458 105
Denmark 20-year extl 6s
9734 14
44 99,132100%u Deutsche Bk Am part ctf 69_1932 M S 9712 Sale 9718
993133 99,13
9914
Dominican Rep Cust Ad 5348 '42 111 13
4 30
95
97
1940 A 0 96
Ist ser 534s of 1926
101334 101,3 570 100144 104
96 Aug'28
1940 A 0 ---- 97
2d series sink fund 534s
110,0”111113 209 109'33,116.31
10012 19
1053033 10633 228 I04.331111,34 Dresden (City) external 78 1945 M N 10012 Sale 100
2
J 10334 104 10314 10314
1947
103,3 120 102133 1081,41 Dutch East Indies esti 6s
103
1962 M 5 10334 Sale 10358 10334 10
21 98344 1031.11
981734 98.13
40-year external 6s
2
1953 M S 10334 104 10278 1027s
30-year external 5345
981.32 98733 272 98
991.43
30-year external 530_1953 M N 10278 10334 10278 Aug'28
New York State Canal 4s___1960
Mar 1962
48 Highway
c 011 tuo basis of 05 to the
1
991,8 99"3
100.3,rne'28
100,.34 101.3
102324 Apr'28
86
86
1947 FA
Agile Mtge Bank s 468
Apr 15 1948 A0
St 6s A
Antloqula (Dept) 001 78 A__I945 ii
1945
External s f 78 ser B
1945 J j
Externals f 78 series C
1945• J
External s f is ser D
External a f 78 let ser_ .1057 A 0
1957 AO
Exti sec s f 78 20 ser
1057 * 0
Extl sec s f 7s 3d ser
Argentine Govt Pub Wks 68_1960 A 0
Argentine Nation (Govt of)—
Sink fund Os of June 1925_1059 in
Extle f 6s of Oct 1925_1959 * 0
1957 MS
Sink fund 6s series A
External 65 series 11__Dee 1958 JO
1960 MN
Extl s f °sof May 1926
Externals f as (State Ity).1960 NI S
1961 P A
Extl Os Sanitary Works
Ext Os pub wks(May 271-1961
N
Public Works extl 5348_1962 P A
Argentine Treasury 53 L._ 1945 MS
Australia 30-yr Os __July 15 1955 .1
External Is of 1927__Sept 1957 MS
1956 MN
Extl g 434s of 1928
1943 in
Austrian (Govt) e f 7s
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 24.
MO No.
Low
State and City Securities.
NYC 334% Corp stNov 1954 MN
394% Corporate st__May 1954 MN
1936 MN
48 registered
1956 MN
45 registered
1957 M N
4% Corporate stock
1957
494% Corporate etock
N
434% Corporate etock_1957 MN
1958 MN
4% Corporate stock
1959
4% Corporate stock
N
43(s Corporate Stock ___ _1960 M
431s Corporate Stock_ _ .. _ 1964 M
1966 AO
43(3 Corporate stock
1972 * 0
4518 Corporate stock
1971 J O
4348 Corporate stock
1963 M
434s Corporate stock
1965 in
494s Corporate stock
Oil;Corporate stock_July 1967 ii
1081
and interest"—except for income and defaulted bonds
9934 102
10014 29
10018 10014 100
9412 9915
11
07
97 Sale 9678
2 10314 10512
10414 Sale 10414 10412
9758 101
9878 9978 9938 Aug'28 .___
94
9712
3
95
9412
9418 95
9758 101
6
99
s
9734 9838 973
10112 Sale 10138 10178 10 10012 10312
974
95
40
96
9514 Sale 9514
9614 10012
86
98
9778 Sale 9738
9514 9978
9678 18
9678
97
98
94 100
3
9534
9512 95
95
9514 10114
51
97
9612
9612 97
9134 9414
9314 24
9234 Sale 9234
34 10014 10514
10134 Sale 10112 102
99 10112
7
9978 Sale 9978 10012
9018 102
I
9658
9658 Sale 9658
99 10111
15
100 Sale 9912 100
Marseilles (City of) 15 yr 68_1934 M N 10014 Sale
3534
33
Mexican Irrigat Asstng 4348.1943 ____
Mexico(U S) extl 58 of 1899 £'45 Q
I -- -- ---.
:
1945
Assenting 5s of 1899
Assenting 55 large
2412 25
Assenting 45 of 1904
27 Sale
Assenting 43 of 1910 large
Assenting 4s 01 1910 small___ _
.1 ____ _ _ _ _
--.
Tress 6s of'13 assent (large)'33 .1
Small
Milan (City. Italy) ext'l 6345 '52 WO -5 - EitdeMontevideo (City of) 7s____I952 J D 10278 Sale
Netherlands 6s(fiat prices) _l972 M 8
1954 A 0
30-year external 63
New So Wales (State) ext 5s 1957 F A
Apr 1958 A 0
1943 F A
Norway 20-year extl 6s
1944 F A
20-year external 65
1952 A 0
30 year external 65
1965 J D
5348
f
s
40-year
External s f 5s__ __Mar 15 1963 NI 8
Municipal Bank extl s f 53_1967 J D
Nuremberg (City) extl 6s___1952 F A
Oslo (C)ty) 30-years f 68___1955 MN
1946 F A
Sinking fund 5348
9934 10014
3318 Aug'28
4934 Jan'28
3818
38
3878 July'28
25
2454
27
27
2414 Aug'28
3918 Aug'28
3758 Aug'28
9184
9218
10218 1027s
24
___
___.
10
____
__1_0.
10
___ _
99 10D2
3734
31
4934 4934
4314
35
4358
30
2234 3418
3278
25
17g
45
1 3
2,
27
3
_ .._ _
85
10
3618 4614
9118 9531
102 105
5 10574 109
10714 Sale 10714 10714
10078 10134 10034 10181 15 10034 loaii
96
93
54
95
95 Sale 943g
96
93
9458 51
9412 Sale . 9414
16 10112 10319
1021z Sale 10112 1021
10234 38 101 10418
10234 Sale 102
10214 Sale 10214 10258 10 10138 10314
66
9818 10238
100 Sale 9878 100
98
94
975,5 273
9634 Sale 9634
9112 9312
9214 9212 Aug'28 ____
91
8912 93.41
16
91 Sale 9012
91
9934 103
2
10114 10134 10114 10134
99 103
9914 101 10012 10078 16
96
9912
114 116
109 11134
10314 10914
9878 10112
10614 109
10414 10814
11234 11378
9858 102
97 100
10378 1087a
10312 108
10234 17
9334 9812 Panama (Rep) extl 53-4a.__1953 J D 10178 10238 102
1961 J D 10234 103 10234 10234
2
Esti see, f 6358
99 10112
76
95
Extl 5 155 set A __May 15 1963 NI N 95 Sale 9414
3
95
107 11334 Pernambuco (State of) ext. 7s '47 M 8 95 Sale 9434
9912 Peru(Republic of)
92
1926)-1956
(of
7345
10318
Sale
8
26
1035
sec
S
f
M
10414
9913
s
Extl
9512
1959 M S 8978 Sale 10034 102
38
EMI s f sec 7s
97 103
1960 J D 9012 Sale 9014
150
91
Nat Loan extl 8 1 6s
103 10858
1940 A 0 83
6s
gold
of)
(Rep
83
834 8278
12
Poland
10014 10312
Stabilization loan 5 f 7:3_1947 A 0 89734 Sale 8812
89s 160
907s 9578
195 J 3 9934 Sale 9958 100
66
Ext sink fund g 89
8212 8978
196 J D 10634 1017s 10734 Aug'28 ____
100 10214 Porto Alegre (City of) 8s
1966 J J 102 Sale 102
lOS's
10
Extl guar sink Id 734s
9634 9914
96
9234
_
Queensland (State) extl s f 7s 194 A 0 11278 114 113 Aug'28
97
93
1947 F A 10478 10614 106
1
106
25-year external 6s
8934 935s
17
107
Rio Grande do Sul extl s f 85_1946 A 0 10618 Sale 106
33
98
1966 • N 08 Sale 9734
Extl s f 7s of 1926
98 102
S
1946 A 0 10712 Sale 10612 10778
100 10212 Rio de Jalleir0 25-yr 8 f 8s
1953 F A 9534 Sale 9514
9534 29
Extl s f 634s
9978 10214
630
93
93
1952
9214
Sale
extl
(City)
93
0
A
ROMer
10418 109
1
103
1969 M N 103 10412 103
98 10178 Rotterdam (City) call 6s
5
9212
1953 J J 9014 9212 9114
105 10934 Saarbruecken (City) Its
4
11512
1952
11514
Mar
Sale
8s.
I
s
(City)
MN
Paulo
11558
Sao
9814 103
1
97
1957 M N 9538 9678 97
Esti 8161,4a of 1927
3
10614
99 10114 San "'mg° (State) extl sf 88_1936• J 10614 Sale 106
6
1950
External sees f 8s
.• 1 108 Sale 10714 108
8634 9334
13
102
Externals f 78 Water L'n_1956 M S 101 102 101
8612 9314
13
98
Santa Fe(Prov. Arg.Rep.)781942 hi S 9714 Sale 9612
96
89
10534 33
Seine, Dept of (France) extl 75'42 J J 10314 105'2 105
55
9812
'62
4
8s
963
Sale
Slovenes
&
98
N
Croats
M
Serbs,
104
8
1005
8
9934
9138 973s Soissons (City of) esti 68_1936 M N 9934 Sale 99
7
9212
1946 F A 9212 Sale 92
Styria (Prey) esti 78
9158 97
2
103
10212
1939
103
10214
68
D
J
Sweden
20-year
9318 97
3
1954 M N 10314 10312 10312. 1031*
9554 9934 External loan 534s
10
112
11112
88_1940
Sale
i
I
a
20-yr
11112
J
Confed'n
Swiss
101
9634
7
Switzerland Govt ext 53-s..1946 A 0 10314 Sale 10234 10314
95
91
7
8078
8114 80
2518 3438 Tokyo City 5s loan of 1912._1952 M 5 79
64
9058
1961
Sale
9012
0
A
9014
guar
534s
f
Extl
9934 102
9614 9938
8834 05311
9038 9512
8634 9334
9218 98
98
92
9534 101
8734 8912
95 )01
95 100
98 10112
9412 9914
9978 10234
10012 10314
96 10014
10112 1051s
95
95 Aug'28
Tolima (Dept of) extl 7s._1947 M N 94
98
2
97
9538
9514
Trondhjem (City) 1st 5348_1957 M N
9714
6
Upper Austria (Prey) 75_1945• D 9714 9814 97
8718
8718
0
External sf6 Ms_June 101957 J D 8712 88
5
Uniguay (Republic) extl 88.1946 F A 10818 1087g 10812 109
9712 108
1960 M N 9718 Sale 97
External a f 6s
1961 ▪ D 9614 Sale 96
9614 20
Yokohama (City) extl 68
10112 1044
102 10414
97
93
9812
94
1031,2 10714
100 10478
94
90
8012 87
9174
88
9812 1017s
10412 109
1013s 10444
11214 11578
104 1084
10514 10814
9712 10012
10538 11014
9312 9714
9114 9643
10234 106
9012 9438
11214 120
9634 10014
105 101358
106 10914
100 1044
9434 10018
10314 10684
9634 10118
98 102
92
97
10218 105
10212 10518
10914 113S2
10178 10518
761, 84
8712 95
9314
9434
9634
86
10714
98,4
94
9754
MI
9914
9012
1104
100
100
1082
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Aug. 24.
New York Bond Record-Continued- Pane 2
Yrizo
Artdav
Aug. 24.
Week's
hangs or
but Salo.
Rasp.;
Since
Jon. 1.
BONDS
111
Weer*
Price
Romer
N. Y. STOCK EXCHANGE.
AFriday
Bongo or
Slur
Week Ended Aug. 24,
',a.
ug. 24.
Laos Salo.
Jas. 1.
Ask Low
fild
High
Low
High Chic Milw & St P (Concluded)AO Low
Aid
High No. Low
HOD
Railroad
Gee & ref ser A 4348__Jan 2014 AU
73; Mar'28
7238 7478
Debentures 4148
1932• D
75
Mar'28
701g
75
Ala Gt Sou 1st con.s A 58____1943 J D 98 105 10512 June'28
10w2 1084
Debentures 43
1925 in
71% Feb'28
71
1st cons 4s ser B
7334
19431 D 91
94 94
9213 96
94
25-year debentures 0.--1934 J
7214
Feb'28
7012
Ala Mid 1st guar gold 58-.....1928 M N 100
73%
-- 100 July'28
100%
Chic Milw St I'& Pac 5s
100
1975
'
9214 98Ig
A -6,
1E4 Sale 0312
9434 458
Alb & Sus(' 1st guar 334s_ -1946 A 0 8214 -87 90 July'28
Cony ad) 55
87
9112
Jan 1 2000 0 77 Sale 744
0178 7934
Alleg & West lst g gu 4s7712 4113
1998 A 0 83 8712 90
2
90
956 Chic & N'west gen g 334s...1987 £
89
MPS 77
80
79
Aug'28
7512
Alleg Val gen guar g 4s
86
1942M
9312 97 9234 July'28
9234 99
Registered
78 June'28
_
78
Q F
8414
Ann Arbor 1st g 48- - - -July 1995 Q J 76
79 79
79
7514 846
General 4s
1987 MN 89 16- 90
3 89
98
9012
Atch Top & S Fe-Gen g 48_1995 A 0 9312 Sale 934
30
9112 99
94
Registered
94 Apr'28
94
94
Registered
A 0
00
90 Aug'28
963r
Stpd 4s non-p Fed in tax '87 Q F 89- I6- 89 Aug'28
89
Adjustment gold 4s_July 1995 Nov 8834
9614
Gen 41,Is stpd Fed Inc tax_1987 M
884 94''
8812 Aug'28
MN 89 11:29 10214 10214 20 102 113
Registered
Nov
9134 June'28
Gen 5s stpd Fed Inc tax_ _1987 MN 1083 110 105
91
904
3 10414 117
108
s
Stamped
July 1995 M N 88 Sale 88
88
8714 94
Registered
MN
113 Mar'28
113 113
Cony gold 0of 1909
1955 J 13
9212 89 Aug'28
Sinking fund 65
83
94
1879-1929
1614
AD
1 10128 10234
10134
Cony 4s of 1905
1013
4
1955 J D
9212 90
8912 94
90
Registered
A0
_ 10114 10114
10114 May'28
Conv g
Issue of 1910_1960 J D 89
93 9334 Jan'27
Sinking fund 58
1879-1929 AD
10018 100%
3 99 1011s
Rocky Mtn Div let 4s
1965 .1 J 8934 ---- 9114 July'28
161-4 141,
Registered
A0
100 May'28
100 1001s
Trani-Con Short L 1st 0_1958 J J 85
90 Aug'28
Sinking fund deb 58
8814 96
1933 ▪ N 102
99% Aug'28
9978 10311
Cal-Aria 1st & ref 414e A 1962 M
9614 1-023-4 9614 Aug'28
1042
Registered
964
MN
4
10013
10013
Atl Knoxv & Nor lst g 5s 1946 3 D 103 ---- 107 Mar'28
1021s
10012
10-year secured g 78
107 1074
1930• D jai" dale 103
10312 133 103 1064
Atl&CbarlALlst44sA_.1944 3 J 954 - - 0812 .July'28
15-year secured g 610
9812 100;
1936 MS 103% 109% 10918 10918
7
let 30-year 58 series B
10812
11414
1944 J J 10214 1-057-8 102 Aug'28
1071
.
102
1st ref g Es
May 2037 3D 103 106 105
4 10418 114
Atlantic City 1st cons 4s___ _1951 J .1 87
10514
9313 June'28
1st & ref 4148
91
94
May 2037 3D 9714 Sale 9614
AU Coast Line let cons 4s July 52 M S 92 -937; Nis
9541 1944
9714 26
9312 13
91
982
Registered
M S
2
93
93
93 : 974 Chic R I & P Railway gen 48 1988 3 .1 884
10
9214 8914
General unified 410
90
19643 D 9678 98'2 9812
8612 96
1
9813
96 104
Registered
3 J
91 May'28
91
L & N con gold ts____Oct 1952 MN 8914 Sale 89
9214
9112 41
Refunding gold 4s
8814 954
1934 A 0 "i5E4 -94 - 9312
94
Atl Dav 1st g 48
66
9314 9614
19481 .1 7612 7655 744 Aug'28
7414 86
Registered
A
0
9514 May'28
2d 4s
95 9514
19481 J 68
70 69%
2 654 761:
Secured 414s seriesA
6934
1952 M S 9234
924
9318 18
Atl & Yad Ist g guar 4s
91
9714
1949 A 0 80 86 85% July'28
8513 924 Ch St L & N 0 Mem Div 48_1951 3 D 8514
AuirrIn & N W 1st gu g 58-1941 J J 96
924 May'28
92 9214
1
97
98 97
Gold 5s
97 10214
June 15 1951 1 13 10518
107 JAu0
10538 10811
1y;28
Registered
.1 D
Balt et Ohio 1st g 0____July 1948 A 0 924 Sale 91
10518 107
93
26
Gold 310
91
98
June 15 1951
D 83%
8413 Jan'27
Registered
.July 1948 Q
DiSi. Ch St L & P Mt °otitis Ers..- _1932 J
92
---- 92 July'28
99s4 1031s
101;
A
0
--.._
June'28
993
20-year cony 414s
1933 M
9714 Bale 0612
97% 69
9612 101
Registered
A 0
_ 101% June'28
Registered
10148 10168
M B
98 June'28
98 1004 Chic St P M &0eons 6s___1930 J
Refund & gen 58 series A-1995 j D 100s Sale 004 10112 89 100 106
10012 10311
Cons Os reduced to 3148_1930 J D 9613 111-14 101 Aug'28
D
lst gold 58
9612 June'28
964 98'
July 1948 A 0 10312 1041s ins% 104% 75 103 110
Debenture 5s
1930M El 98 99 98 Aug'28
9712 1004
Ref & gen 6s series C
19951 D 10812 Sale 0812 10878 47 1061s 112
Stamped
PLES,W Va Sys ref 4s__1941 MN 92 Sale 9118
100 Jan'28 _
100 100
Chic T Ii & So East lst 58_1960 m s
9214 90
j 1P 9713 Sale I 9712
9712 108%
Southw Div 1st 59
1950 j
98
102 Sale 0134 102% 45 18
Inc gu 58
0
1
0
3
2
1
1
7
1
1
s
2
1'
5,
5
s
Dec
1
9
pa 98%
1960 DA 8 9114 9213 9112
Tol & CM Div 1st ref0A_1959 J
7
9112
84
6
8312
Chic Un Sta'n 1st gu 434s A.1963
84% 8212
J J 100 Sale 99
Ref & gen 58 series D
23
100
9738 10313
2000r4 13 10118 Sale 0078 101% 31 10
1st 58 series 13
044
0284
0 1051
1963
10314
____
J
10514
Bangor & Aroostook let 58_1943 J
6
J
103 107
10512
0338 July'28
1024-Guaranteed g 5s
19443 D 10134 Sale 101% 1024 45 1011; 105
Con ref 48
1951 3 j 8412 843-4 8414
lst guar 610series C
5
84%
834s 9314
19633 J 11634 118 11638 1174
Battle Crk & Stur 1st gu 3s 1989 J
7 114 1194
6812 Feb'28
Chic & West Ind gen g 65
6131s
72
Beech Creek lat
1-01932 Q M 102
102 June'28 _ 101% 10611
g 48-1936 J J
96 Aug'28
Consol 50-year 4s
96
98
1952 J J
8812 8638
Registered
84% 981g
8718 17
95 Aug'28
1st ref5/0ser A
94 '97
1962 M S 10414 105 105
2d guar g 5s
1031z 17 10278 1057s
19363
10018 --- 97 Jan'28
97
Choc
97
Okla
&
Gulf
cons
5s
Beech Crk Ext 1st g 310
1952 M N 18
07
1054 May'28
4%
1064 10711
1951 A 0 7958 -82 82 Aug'28
CM H & D 2d gold 44s
82
821s
Belvidere Del cons gu 3/0_1943 .1 J 86
19371 J 9512
_ 9512 Aug'28
9612 100
C I St L & C 1st g 48_Aug 2 1936Q
Big Sandy 1st 4,3 guar
F 9512 98 - 9858 July'28
9738 9831
1944 J D 92
9412 93 Aug'28
Registered
93 91_
Aug 2 1936 Q F
Bolivia Ry 1st 58
9714
Feb'28
974
9714
1927 J J 3712
Cln Leb & Nor 1st con gu 45
Boston & NY Air Line 1st 461955 Ir A 6018 82
1942 MN 8814 Sale 8814
89
8
87 9314
81
794 88
Bruns & West 1st gu g 4s 1938 J J 9412 96 81
94l Aug'28
Clearfield & Mah 1st gu 58_
9412
97%
_1943 .1
00
04
858 10
Buff Roch & Pitts gen g 5s 1937 M S 100% 10214 10018 103
112 100 July'28.
18
- 100 100
9 100 1065s Cleve Cin Ch & St L gen 4s__1993
3 881s 11712
Consol414s
88%
3D
894
1957 M N 93 Sale 9214
20-year deb 4148
9012 9914
934 12
1931 13 9813 9834 98; Aug'28
Burl C R & Nor 1st & coll 5s 1934 A 0 ____ 10212 10212
9738 1004
Aug'28
General
102 10312
59 Series B
112
Aug'28
1993
112
-10814 116
3D
Ref & Impt Os series A...
10014 10012 100% 10014
_1929
Canada Sou cons gu A----1962 A 0 10612 109 107
100 103
J
Ref
107
2
&
106
110
7
8
!rapt
88 ser C
Canadian Nat 4ms_Sept 15 1954 M
1941 J
10414 --- 107 Aug'28
10314 10852
S 9612 9714 97
Ref dr impt 58 ser D
6
9712
97 10214
10014 10138 101% Aug'28
1963 J
10114 10512
5-year gold 410__Feb 15 1930 F A in% Sale 99
Cairo Div 1st gold 48
99% 40
9812 101
95 Aug'28
1939
95
9514
30-year gold 410
.
•
1
19571
9718 Sale 0678
9713 43
Cin
W
1021a
9678
& M Div lst 4s 1991 .1
___ 9214 8518 July'28
85,8 9313
Canadian North deb a f 7s-1940 j D 11238 Sale
.1
St L Div 1st coil tr g g
17 11014 117
110411.1
g
88
88
8618 944s
25-year s f deb 610
19461 1 11518 11512
110
Spr dc Col Div 1st g 4s48..1990 MN
4 1154 123
96% Mar'28
1940 MS 904 96
9712
10-yr gold 4101____Feb 15 1935 F A 97% Sale 0778
14
W W Val Div 1st g 4s
5
97%
97 10314
1940
94
J 8834 93% 94 July'28
Canadian Pac Ry 4% deb stock-- J .1 8712 Safe 8638
961,
Ref & Impt 414s sec
88
35
854 92
9812 10013
Sale 97
9714
1977
Col tr 410
J
1946 M S 98 Sale 97
C C C dr Igen consg 14E
9812 63 96
107 July'28
1934 13 10985571:2s :
Carl,& Shaw 1st gold 48-.1932 M 8
107 10812
9814 981, Clev Lor & W con 1st g
98 9814 Apr'28
56_1933 A 0 10018
10018 10434
Caro Cent 1st cons g 48
- 10018 Aug'28
1949 3 j SiTs
83
824
3 80
903s Cleve & Mahon Val g 5s
99
10118
May'28
Caro Clinch &0 let 30-yr 58_1938 J D
1938
9914
10118
33
1011s
16312 104 Aug'28
Cl
& Mar 1st gu g 434s_._.19
100 10512
35 MN 9634 ---- 100 Nov'27
1st & con g 6s ser A_Dec 15'52 j D 59i210932 10912 1093
10 107 10934 Cleve & P gen gu 414e ser B.1942
10134 Mar'28
Cart & Ad 1st gu g 48
10154
AD
ith-52
19811 o
9312 Mar'28
91
Series
934
A
0
410
Cent Branch U P lst g 48-1948 D 80 82 79
1942 13 97 1-111-12
100 loo
795s
5
Series C 348
79 0
Central of Ga 1st g 58_Nov 1945 F A 106
1948 MN 9012 ---- 9OIg Apr'
9014 904
10613 July'28
_
Series D 310
10818
1055
s
Consol gold 55
1950 FA 8934 ---- 8958 May'28
1945 M N 101 1-01-3-4 10078 101
8958 8958
4 100 10714 Cleve Sher Line 1st gu 4148_1961
Registered
A0 ____ 1004 99 Aug'28
99 10612
111 N
10034 Aug'28
10014 10414 Cleve Union Term let 514e 1972 *0
10-year secured 6s _June 1929 J 13
108 10912 108
109
7 1034 11012
16614 10014 10014
lets
7
f
1024
100
5seerB
Ref & gen 510 series B___1959 A 0
1973 A0 103 10512 104
104
1 100% 10734
10534 10612 1051
10 105 10861
lst f guar00see C
Ref gen 53 series C
1977 A0
1959 A 0
__ 9934 99 July'28
99 99
10312 104 July'28
103
Chatt Div par money g 48-1951 3 93
_ 93% 1312 June'28
9318"
Coal
1
River
9
5112
4
Ry 1st gu 4s
Mae & Nor Div let g 58-1946 j
1945 ID 91
9212 91 Aug'28 -91
ioi 106 105 June'28
9312
Colorado & South 1st g 4s
05 109
Mid Ga & Ati div pur m 58 1947 j
1929 P A 994 9912 in%
9914
101 105 10318 Apr'28
984 1004
3
1034 1034
Refunding & exten 414s
Mobile Div 1st g 55
1946 3
1935 MN 9478 9612 961z
9613 100
964
105 108 103 July'28
7
103 10678 Col & 11 V 1st ext g 48
Cent New Eng 1st gu 4s
1948
1961 J J 854 Sale 8518
A0 904 -- 93 June'28 _92% 9678
851s
2 8313 881e Col& Tol lst ext48
Central Ohio reorg 1st 41,45,1930 m s 9618 99 98 July'28
1955 FA 9014 95 91 Aug'28 -91
9534
98 10014 Conn & Passum Rlv 1st 4...1943
Cent RR & Bkg of Ga coil 55 1937 01
90 May'28 - -90 90
•0
10114
- 101 June'28
10012 102 Como]Ry deb 48
Central of N J gen gold 5/3.--1987 9
1930 P A 95%
109 116 10814 110 - 9 1084 11912
954 June'28
954 9512
Non
-cony
48
Registered
1987 Q
7334 Sale 7312
7218 824
73%
-- - 10914 Aug'28
Non-cony deb 48_ ___J&J 1954 3
10914 1181s
General 45
1987
1955• J 7314 82 72 Aug'28
864
94
72
9714 94 Aug'28
Non-cony deb 43_ _
94
99
A&O 1955 A0
Cent Pac 1st ref gu g 46
1949 17 A 90
June'28
80 814
91
8113
9014
91
11
Non
8934
-cony
964
debenture 4.1_ _1956 13 7218 75 75 Aug'28 ----I 7412 854
Registered
F A
92 June'28
9294 Cuba Nor Ry 1st 510
Mtge guar gold 334e._Aug 1929 3D 99 9914 99
1942 ID 95% Sale 94%
34 9414 984
96
99
1
99 9914 Cuba RR 1st 50-year 53 g
Through Short List gu 413_1954 AO 924 9438 9212
1952'I 97
965 1001s
9714 9712
98
9212
3
lat ref 730ser A
6
9118 954
Guaranteed g 55
1960 FA 10114 Sale 10118 102
1936
D 10612 10714 106; 10634
1. 10512 110
37 1004 1054
1st lien & ref 6s ser B
1936 ID 99 100 96 Aug'28 -. -1 98 1014
Charleston & Sava% 1st 7s_ -1936 J J 1131s
Day & Mich 1st cons
-- 1938 Aug'27
Ches & Ohio fund & impt 58_1929
9712 10011
J
J 9812 -9914 100 Aug'28
97 100 9712 Aug'28
-6974 111-38
- Del dc Hudson 1st & ref4148..1931
413.._ _1943 N 934 9334 9238
1st consol gold 63
1939 ▪ N 10314 104 10314 104
93
79
9014 96%
30-year cony Es
2 10212 10734
Registered
1935 £ 0 102 _ - 102 June'28
1939 MN
103 July'28
100 10313
15-year 510
103 106
General gold 434s
1992 M
1937 ▪ N 10358 Sale 103% 10334
4 10358 107
994 29
98% Sale 98
10-year secured 7e
105
97%
Registered
1930• D 103 Sale 103
9634 July'28
M
10312 77 Ina 107
96% 1024 D RR & Bldge 1st gu g 4s__ _1936
20-year cony 4348
1930 ✓ A 98%Sale 9818
9614 Aug'28
994 25
9814 9614
9818 1011s Den & R G 1st cons g 4s____1936 FA
Craig Valley 1st 58-May 1 '40 J J ____ 101 10218 July'28
'
3 90% Bale 8812
8714 94
90% 72
101 102%
Consol gold 414s
Potts Creek Branch let 4.1946 31
9318 9814
9012 90 June'28
4
9412 9318
9318
90 9312 Den & R G West gen 5s_Aug 1936 33 93
1955 MN 89
R & A Div let con g 48-1989 33
92% 9434 July'28
8912 8913
28
90
87
97
9415 9534
2d consol gold 4s
1989
927s 9234 July'28
.• 1
9112 9234 DesM&FtDlstgu45
1935 3, 29
Warm Springs V 1st g 5s 1941 MB 100 -- 10078 July'28
35 3213 July'28
274 85
Ion 10212
Temporary etre of deposit._
_
Chesap Corp cony 55 May15 1947 MN 9814 Sale 9712
29
30% 324 July'28
26
9814 130
8212
954 1003s Des Plaines Val 1st gen 4148_1947
Chic & Alton RR ref g 38._ _1949 AO 70% 72 7038 Aug'28
14-B
10214 Feb'28
10214 102;
6934 74 Det & Mac 1st lien g 4s
1995 ID
Cif dep stpd Apr 1928 Int.....
7038
Aug'28
72
80
7033
Aug'28
75
82
Gold
0
734
69
1995 D 75
Hallway first lien 312e.__ _1950 -- GO
7912 7514 July'28
62 60
60
80
70
3
58% 7234 Detroit River Tunnel 4148..1961 •
Certificates of deposit
9718 108
60 61
60 Aug'28
59
7113 Dul MLssabe & Nor gen 55.1941 MN 9512 97% 99 Aug'28
33 103 -- 10312 Aug'28
10312 10312
Dul & Iron Range 1st 5s....
_1937 £ 0 100 -- 10012 July'28
Chia Burl & Q-Ill Div 3348.1949.9 J 8514 8612 8614 Aug'28
994 10812
Registered
8518 911s
Registered
10018 10214
10018 May'28
89% Feb'28
J J
89% 904 Dul Sou Shore & Atl g 58_ _ _1937 £ 0
Illinois Division 48
.▪ 1 8014 82 8112 Aug'28
9212
1949j J 92i2 94'l 924
811s 90
92% 9834 East Ry Minn Nor Div 1st 48
General 4s
'48
*
0
9578 July'28
96
1958 M /3 0478 Sale 921z
96
94% 18
88
084 East T Va & Ga Div g 5s____1930
Registered
997
3,
gra 10414
9914
100
July'28
9338 June'28
cons
M
El
Ist
933
933
8
8
gold 5s
lst & ref 410serB
1956 MN 105 10612 10518 10518
3 1064 11019
1977 F A 9214 Sale 0678
9712 54
9634 1024 Elgin Joliet & East 1st g 5s__1941
1st & ref 58 series A
▪ N 10018 10518 10014 10012
0012 10016
2
1971 F A 105% 10812 107
107
2 10418 11014 El P880 S W
Ls
Chleago & East Ill 1st 68____1934
1965 *0
110 106 Aug'28
106 10914
9 1034 1071s
10478 10312 10334
C & E Ill Ry (new co) con 58_1951 A 0
Erie 1st consol gold 7s ext.
MN
Sale
84%
84
8412
31
93
8314
Chic & Erie bit gold 58
1930 M S 10314 Sale 10212 10314
8 10212 10819
1982 N 10338 104 1031s 103%
1st cons g 4s prior
3 10318 11214
Chicago Great West 1st 48_1959 M
1996 J 3 8314 Sale 8312
1
8314 91
m 9 69 Sale 6812
8312
6914 57
Registered
86
7212
Chic Ind & Louisv-Ref 6s 1947 j J 10734
1996 1 3
Jan'28
86
86 86
116
116
118
consol
1st
2
11814
1154
gen
lien
g 0-.1996 J 3 s7914 irde 7018
Refunding gold 58
15
793
7712
8614
1947 j j 99% __-- 10512 July'28
4
Registered •
1054 106
Refunding 0 Series C
1996 J J
7913 May'28
7612 8714
I947 J J
Penn coll trust gold 4s
_ - 8834 July'28
8834 88%
let dr gen Es ser A
1951 F A ion" 101 1001g
11
10012
10015
1966 M N 10012
1.04
50
-year
8910012
10112
10714
5
10012
100
cony 48 series A
let & gen 68 ser B___May 1966.9 j
1953 A 0 8i'8214 8218
8028 8913
82% 32
Series 13
2 109 11112
109% 10912 10912
Chic Ind & Sou 50-year 4s 1958 j j _
gois 8912
1953* 0 81% 8214 8112
8112 60
esi2
.6Gen cony 4s series D
12 _ -- 91 June'28
91
Chic L 8& East 1st 410___ _1969 .1 D 9
1953
86 884
A
0
May'28
86
9934 June'28
Ref &'mot 5s
9434
9934 10212
Ch M & St P gen g 48 A_May1989 j j 86
1967
MN
93
9914
351
95
Sale
9434
9514
86 - 8
162 8334
Erie &Jersey 1st s f(Ie....195 3
8512 934
Registered
111 116
J 111 112% 11214 July'28
Q J
Genessee River 1st s f 55 19575 .1
9234 July'28
8255 91%
Gen g 310 ser B____May 1989 j j 7
112%
115
J
Aug'28
11312
1134
114
76% 8154 Erie & Pitta gu g 310 ser B_1940 .1 J 85%
Gen 4148 series C_-.May 1989 1 j 9518 78 80 Aug'28
--- 102 Feb.28 - - 102 102
95% 95
96
14
95 10414 ' Series C 310
Registered
19403 1 8558 -90 91 June'28
9054 94
100 10012 Est RR esti s f 76
Gen 4148 series E_ _ _ _May 1989.1-3 -9114 Sale 100 May'28
1954
N
M
Sale
8
1035
10234 103% 32 10014 1047s
944
924 9714
951s 18l
1 Duo Feb. e Due May. p Due Dee,
L.
No.
115%
1083
New York Bond Record—Continued--Page 3
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Aug. 24.
Price
Aug. 24.
Week's
Range or
Last Sale.
to 48
Range
Since
Jas. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 24.
Price
"tidos
Aug. 24,
Week's
Range or
Last Sale,
.0 53
Range
Sinai
Jan. 1
High
High NO. Low
Ask Low
SW
High
MOO go. Low
4st (MO
102 106
1
N 10212 --__ 10212 10212
102% Louisville & Nashville 5s1937
99
Aug'28
99
9914
93%
4
993
7
1
9412
95
3
3
9412 Sale
1940
Unified gold 4s
Fla Cent& Penn let ext g 58 1930• J I88 101 100 Aug'28
98% 10334
100 102%
MN 10014 10212 10014 Aug'28
1943
Collateral trust gold 5s_ _ _1931 MN
let cense' gold 55
96% 101%
July'28
9678
10234
10512
96%
9612
10314
16
103
3D
10412
10318
4529_1959
Florida East Coast let
10-year sec 7sMay 15 1930
8314 91%
844
11 104% 110%
0 10412 105 10434 105
1974 MS 84 Sale 8334
let & ref 55 series A
let refund 5525 seriesA 2003 *
45
59
45% 46 _ 4612 Aug'28
10 102 109
2003 * 0 10078 107 10414 105
Fonda Johns & Cloy let 4As 1952 MN
let & ref 5s series B
4
9818
995
Apr'28
9934
97% 10434
4
9914
J
9914
*0
100%
9912
2003
Fort St U D Co let g 450_1941 J
1st dr ref 4525 series C
10412 1083i
2 100 10312
ioi" 108 105 Aug'28
10052
3 100 Sale 100
'
1961
1930
Ft WA Den C 1st g 5%s
N0& M 1st gold 6s
104 10711
10414
Aug'28
10912
10214
10614
10412
AO
July'28
3
10012
'
10112
10012
69-1933
let
1930
2d gold 69
Frees Elk & Mo Val
9914 1021,
95 96%
9612 9518 May'28
1931 MN 100 10034 9914 Aug'28
GH &BA M&P lst ba
Paducah & Mem Div 48_1946 ✓ A 91
9914 101s
68% 71
97 99% 100 Aug'28
3
1
70
70
____
1931
M
70
35_1980
guar
55
extens
gold
2d
St Louis Div 2d
98 10024
9712 1004 June'28
*0 96
_ _ 100% 102%
Only Holm & Heed let 53_193333 8614 9034 871s
Mob & Montg 1st g 452s 1945 MS 97 100 1003 June'28
86 101%
8718
4
1
86% 94/
Aug'28
Ga & Ala Ry let cons 55 Oct 1945 3, 96% Sale 9678
South Ry joint Monon 4,5 _1952 3, 8712 8934 87
6
96% IOW..
8
967
9012 9812
4
9114
9012
1929
____
MN
9114
5s
g
gu
let
Nor
Ga Caro &
Atl Knoxv & CM Div 45...1955
79
74%
Aug'28
74%
100
10034
0
*
74%
7814
4
28
9
'
9
May
04
09
00 19
1946
MN 98
914 103
Georgia Midland let 35
Loulsv Cin & Lax Div g 4528'31 J
96 101
96 Aug'28
4 10312
1
99/
1934
Or R & text let gu g 4528-1941 3
Mahon Coal RR 1st 5s
3 111 117
111
ffi" 111
69% 7934
7312 19
MN 7358 7412 732
Grand Trunk of Can deb 68_1940 AO 11118
48_1939
Lines)
(South
RR
Manila
3
105
109%
10618
10618
7518 8234
10618
1065s
1
81
1936 MS
N 75
80 81
1959
15-years 5 f 65
45
ext
lat
98% 99;
99% 101%
7k
1947 3D 96% - - 99 June'28
Grays Point Term let 5a
Manitoba S W Coloniza'n bs 1934• D 99 10014 99 Aug'28
11234 97 111 116
88 88
July'28
90
J
88
J
84
Great Nor gen 7e series A-1936 3' 11234 Sale 112 Apr'28
_1941
352e__
1st
114% 114% Man G13.1zNW
11412
4 1024
1
3'
10012 101 100 June'28 _- 99/
M
Registered
958 July'28
95% 1091, Mich Cent Det & Bay City 5s_'31 QM
10034 10172
10034 Apr'28
1st & ref 4 ge series A_-__1961 3, -8814 98
Registered
97%
97%
Jan'28
1952 33 10678 Sale 10658 10678 11 10515 11514
9758
J
•
911s
General 5%e series B
1940
Mich Air Line 48
2 4,1312 -409
105
4
1
1067 105
92% 02/
3
'
1973
9218 July'28
General bs series C
J J
Registered
19
9612 10,4
98
__ _7712 Ms
1976 33 971s 98 9714
July'28
78
85
N
General 44s series D
8312
1952
ist
gold
3
As
9578 101%
9738 50
9714 Bale 96
98
100
21
12
4
/
991
1977 J
9918
Sale
0
*
9918
General 452s series E
1929
20-year debenture 4s
80'
86
9212 99%
Green Bay & West deb etft3 A____ Feb 8518 — -- 86 Mar'28
1940 * 0 911g 9212 9212 Aug'28
2
22
26
4 204 Mid of N J 1st ext 5s
,
26 Sale 24
Fe
9852 100%
Aug'28
Debentures etts B
Milw L S & Westimp g 5s.._1929 ✓ A 100 10014 101
lz5.2,
955z
Mar'28
95%
MN
4
1
9312
98 99/
May'28
45
1940
gu
98
let
Ry
98
31)
Greenbrier
10414 107'- Mil & Nor 1st ext 4348(1880)1934 • D 94
9512 99%
97 July'28
9612
Gulf Mob & Nor let 5526-1950 A0 10334 105 10414 Aug 28
_1934
_
(1884)
ext
Cons
434s
991 100 July 28
9514 9714
9912 104
1950 A0
__
May'28
9514
1st M 5s series C
92
93%
M
107% HMIs Mil Spar dr N W let gu 45._ _1947
10838 Aug 28
90
90
90 Apr'28
Gulf & S list ref dr ter g 5iLS1952 33
8 97% 1071 Milw & State Line 1s1 3 As_ _1941 33
100
100
61
4.2
1
4312
Hocking Val let cons g 4528_199P 3'
MN 491s 5278 4912
10212 May 28
102% 1041, Minn & St Louts let cons 53_1943 MN 47% 503 4712 Aug'28
57
49
1999 .1
Registered
Temp ctfs of deposit
9814 101%
9814 July 28
14
2334
Aug'28
Housatonic Ely cons g bs_-_ _1937 MN
1st & refunding gold 45_ __1949 MS 1618 161 1614
9834 10418
1112 21
9834
9834
1937 3,
1612
Aug'28
171
16%
F
Q
H & T C 1st g 58 int guar
Ref & ext 50-yr 5s ser A._1962
102 103%
_ Ica 102 May 28
9212
87
4 10
/
871
Waco dr NW div let 68-1930 MN
J
8712 Bale 8714
98 1021. 61 St P ztr S S NI con g 4a Int gu'383'
93% 100%
Houston Belt dr Term let 55.1937 3, ioi 102 10212 Aug'28
99 Aug'28 _ _
9518 96
1938
1st eons5s
10014 10074
101
98
12
9914
Houston E & W Tex 18t g 68_1933 ▪ N 100_ 10012 Aug'28
I938 3, 9812 994 9812
1st cons 58 ga as to int_
100 1094
1933 MN 99 1-66 100 July'28
10078 28 100 108%
let guar 5,3 red
10-year coil trust 634s....1931 MS 10018 Sale 10018 Aug'28
97% 10312
98% 10
100 1034
Ilud & NIanhat let 55 ser A._1957 FA 9834 Sale 97%
3' 10112 1021 10314
-(is
ref
A
1946
&
series
let
100
4
95,
Sale
0
4
1
/
£
86
4
873
883
8812
4
1957
92% 96
Feb
55
4
9212
Adjustment income
9212 93 9212
1949 M
25-year 552e
95% 9614
9518
03%
June'28
MN
1941
let Chicago Term a 14s
9412 9112 Aug'28
9112 9914
Illinois Central let gold 48__ -1951 33 92
95 May'28
95 95
3
'
98 100
2
Registered
99
99
9924
99
3,
_1049
__
5a_
let
MississIpp
Central
8413
88 8612 June'28
84
92%
1951 J
85
let gold 3525
D 8714 87 864
881s 18
8534 July'28
85% 85% Mo Kan & Tex lot gold 48._ 1060• J 10014
J J
99 104%
Registered
10012 44
Sale 100
pr
A.1962
RR
lien
ser
5e
Mo-K-T
AO
88
81118
84
861s
8612 June'28
86
9212
5
Extended let gold 350_1951
86
J
86
87
8634
1962
40-year 4,5 series B
76
76
1951 MS 7318 76 76 July'28
let gold 35 sterling
3 9214 9234 9218
9234 33 9012 9958
'
1978
Prior lien 4528 ser D
8834 9614
Collateral trust gold 4.- 1952 * 0 90 92 9212 July'28
10312 104 230 1011s 10912
Sale
AG
10312
Jan
Ss
A
1967
Cum
ser
adjust
9158
3 9018 9812
1955 MN 91% Sale 9112
9912 10378
let refunding 48
10
I965 ✓ A 9934 10118 9912 109
8418
4
83% 9018 Mo Pee 1st & ref 55 ser A
1952 I, 83 8814 8334
4
1
7614 88/
Purchased lines 3529
78 276
78 Sale 77
1975 M
General 48
85 Apr'28
3,
85 85
98 102%
Registered
130
99
9814
Sale
8
M
987
1977
5t3
F
lst & ref ser
3 8812 04
92
974
93
Collateral trust gold 48-1953 MN 88% 8918 8958
July'28
93
MN
913
95
9014 May'28
MN
9014 90% Mo Pac 3d is ext at 4% July 1938 .1
103 103
Registered
103 103 Aug'28
1945
1 103 11074 Mob & Bir prior lien g be
1955 M h 103 lO73s 103 July'28
9932 100
100 Apr'28
Refunding be
3
'
Small
Sale
109%
110
33
110
13
10812
1141.
g____1936
654s
84% 98%
secured
15-year
88 8818 Aug'28
J J 87
1945
4a
gold
m
1st
Sale
A
98%
100
✓
44
9912
98 10234
84 92%
Aug 1 1968
.1 84___ 8434 May'28 _ _
•
40-year 412e
1945
Small
D 8612
_
8618 July'28
8618 97,
1950
9412 98%
Cairo Bridge gold 4s
MS 92 -9412 9412 June'28
.• 1 7458 79 781 June'28
7814 8212 Mobile & Ohio gen gold 48...1938 ✓ A 997 101 101
15 101 105%
101
Litchfield Div let gold 38_1951
58_1947
Div
1st
g
Montgomery
,1 801
— - 80 Aug'28
91
80
9218 99%
Aug'28
9212
Louley Div & Term g 352e 1953
MS
95
9318
1977
Ref & impt 452e
7538 July'28
2-76
75% $OL,
88 97%
Omaha Div let gold 38— 195I FA 7438
1991 MS 854 89 90 July'28 ---. 111
Moh & Mar 1st gu gold 4s
90
72
112%
I' 106 111 111 June'28
St Louis Div dr Term g 38_1951 .1 .1 74% 78 7614 July'28
1937
65
gu
1st
C
Mont
4
1
J 8038 87 8578 June'28
84% 89/
10434 104%
1951
Jan'28
Gold 352e
1937 3, 100 105 104%
1st guar gold 55
.1 784 - -- 88 Oct'27
5 7934 88
81
Springfield Div let g 3345_1951
3D 8018 8112 797
gu
Essex
1st
&
3528-2000
Morrie
-9-414
1951 ✓ A 89 -93 91% June'28
Western Lines 1st g 4a
92 Apr'28
✓ A
9614
92
2 90
90
90
✓ A 90 Sale 90
Registered
Nash Chatt & St L 4s Ser A.1978 P
lolls 104%
A 9958 102 10118 Aug'28
Ill Central & Chic StL&N 0—
1937
g 5s
D 10212 10234 10234 102%
8 102 10814 N Fla & let gupr
18
18
July'28
18
Joint let ref be series A___1963
3'
lien 4348_1957
Nat By of Mex
981 98
99
18 96 101
98
18% 1834
1963 J
1st & ref 4528 ger C
J J -1712 afe- 1834 July'28
July 1914 coupon on
17
12
Aug'28
1334
143
1314
on
4
No
rct
war
cash
Assent
9218 9218
Ind Bloom & West let art 45.1940 * 0 8814_ 92% July'28
1977
Guar 70-years f 45
1950 33 90 If 93 July'28
9218 97
'WA 23
Ind Ill& Iowa Ist g 48
5
712 A
16
8
ug:28
Aug
on
5
No
rot
war
cash
Assent
8414 88 88 July'28
88
92
_
Ind dt Louisville let gu 45_1950 J
3812 July'27
Nat RR Mex pr 1 4526 Oct 1926
.1 10114
100 June'28
100 105
141g 2.1114
Ind Union Ry gen bs ser A 1965
21 July'28 _-----Assent cash war rot No 4 on
1041 Feb'28
3 1014
'
1965
4 10413
1
I041/
Gen dr ref Is series B
22 Apr'28
-171
1
4
1951
4s
let consol
7 104 10812
IA
1
Int & Grt Nor lst tis ser A_ __1952 3' 106 1061 105% 10612
--Or;
1014
102
8
103
7
1
1
5n1
Assent cash war rot No 4o
921 8612
92
91
9914
85
Adjustment 65 ser A July 1952
4 8658 Nov'27
1
1954 MN 7814 84/
1st g 45
7712 Feb'28
77% 7712 Naugatuck RRRR
1025,
Stamped
f'
"of
July'28
11
98
102
98
Cons 5s_ _1945
1956 I' 9614 Sale 9614
97
9
94% 10172 New England
let 58 series B
88 93
I, 8734 92 88 July'28
Consol guar 4s
983 9812
1958 ▪ J 95
9812
2
9574 102
let g 58 series C
88 100
__ 8912 July'28
5✓ A
1946
guar let 4s_ __ _198
87
47
8172 92% N J June RR
9512 102
lot Rye Cent Amer 1st 5s 1972 N 87 Sale 85
5
_
July'28
955g
J
9534
94
88imp 452eA'52
9614 32
9434 99% NO&NE let ref &1st
1941 ▪ N 964 Sale 9534
let coil tr 6% notes
,2
2 8812 95
89
3' 8834 917 89
_1953
48_
Term
Orleans
New
1947 ✓ A 9534 Sale 96%
97
31
91 100
let lien & ref 6345
9512 102
4
0
9512
£
Sale
9512
9512
NO Texas & Mex n-e Inc 55_1935 *0
43 41 Aug'28
88
52
Iowa Central let gold Ss__ 1938 3D 41
9814 101%
99
42
99 Sale 98%
B
1954
series
59
let
41
47 411g Aug'28
87% 49
Certificates of deposit......
100 105
195( P A ___ 10078 101 Aug'28
18% 58 series C
1951 MB 1218 121 13 Aug'28
104 19
Refunding gold 45
93 99%
1
9534
P A 9434 9634 9534
1st 4525 series D
8818 96%
James Frank & Clear let 4s 1959 3D 87% 94 8812 July'28
27 102 10512
105
1043
*0
Sale
105
n
o
Ikstc513540egse
N
.1 99%
103 May'27
1938
9634 100
KaA&GRletgugbs
_
_
Aug'28
9634
3'
____
9634
3
g438
4
527
55
3
4
gen guar
1 5
:
:
B1
1990 A 0 8612 8714 8614
5 -88is WI;
864
99 101
Kan & M 1st gu g 4e
A n
99 Aug'28
£ 0 99 101
N Y 13 &1 Isz
105% 109%
6
106
MN
8
1087
106
10534
RR
6e.1935
deb
cony
Cent
Ic C Ft 8 & M Ry ref g 48 1936 A 0 9214 93% 93 Aug'28 _ _ 92% 97 NYRegistered
107 107
107 Apr'28
MN
9912 Aug'28 _
99% 10312
KOdzMR&Bletgu 58.-1929 A 0
9034 28 8934 97,2
1998 ✓ A 9018 Sale 895
Consol 45 series A
7412 75 74%
75
72% 19%
20
9812 1002
Kansas City Sou 1st gold 38_1950 A 0 10059
10018
9914
AO
Sale
100
Ref &(rapt 414s series A.._2013
6
Apr 1950 J J 9834 Sate 9814
97 10314
98%
Ref & impt 5s
2013 A0 10612 Sale 10512 10612 33 10412 11014
Ref & Impt ba series C
9014 15
8812 954
Kansas City Term let 4i.._.,1960 J J 89 90% 893
10414
10614
June'28
10614
A0
Registered
_ _ 924 July'28 ____
9214 9612
Kentucky Central gold 43..„1987 3 .1
9014 9612
90% July'28 _ _
86% 90
914 79% 873s
Kentucky dr Ind Term 4525_1961 J
815e
Sale 8114
33
8114
M
Hud
&
Riv
Cent
'97
352e
NY
_
9014 9212 91 Aug'28
9018 96%
1961 J
77% 85%
Stamped
4 7758 July'28
1
Registered
1997 33 775 79/
9838 98%
98 98% Apr'28
1961 J 3
0614 21
Plain
9312 9914
1934 ▪ N 9512 Sale 9512
Debenture gold 4s
9912 10514
9912 12
Lake Erie & West 1st g 58-1937 J J 9934 10134 9912
4 98118
1
97/
97% Apr'28
▪N
Registered
19413
100 1047s
9134 99
9712 10118 100 June'28
2d gold be
93
93
93 Sale
1942 J
30-year debenture 4s
83
17
7714 8612
81
8712
19
Lake Shr & Mich S g 3528_1997 I D 8234 Sale 8234
82
FA 7812 8012 7712
Shore
coll
gold
3349.1998
Lake
8112 86
8112 June'28
1997 J D
7511 lin
Registered
Registered
1998 FA 7618 78 77 Aug'28
1928 M S 9934 100 9934 Aug'28 _
78 87
98 100
1
781
Debenture gold 48
83 7812
76
Mich Cent coil gold 3%3_1998 ✓ A 8014
9712 24
97 100
1931 M N 971s 975s 9714
25-year gold 4s
77 83%
July'28
77
A
✓
Registered
1998
99% Apr'28
9934 99%
4 9814
1
/
MN
95
2
Registered
951
4
1
/
95
_1937 AD 9555 1634
_ 103 1074 N Y Chic & St L lst g 4s
Leh Val Harbor Term gu 58_1954 F A 10314 103% 103 Aug'28
96% 9612
9612 Feb'28
Registered
1937 A0
_ 101 10211
Leh Val N Y let gu g 4%8_1940 J J
_ 10134 June'28
100
9512
16
973
8
975
Sale
N
▪
9758
1931
25-year debenture 4s
17
88
87% 9312
Lehigh Val (Pa) cons g 4s___2003 M N 8614
99%-E18" 87%
1931 MN 10034 Sale 100% 101340 18 10052 10318
2d 69 series A B C
91
89 July'28 _ _
89
MN
Registered
21 105 1077g
106
* 0 10534 106 105
552s
1974
series
_
A
Refunding
2
9634 102%
9634
2003 MN 9612 9714 96%
General cons 452a
1045.1075.
Refunding 5348 series B 1975 3' 10534 106 10534 105% 15
95 100%
95
1
95
IN N
9512 10218
Registered
1
9512
9512
N Y Connect 1st gu 452s A..1953 ✓ A
10012 leak
5
104
104
104
A
P
1953
1st guar be series II
Lehigh Val RR gen be seriee_2003 M N 105 10612 104% 104%
10418 11114
92% 92%
MN 9134-_ _ 92% Apr'28
1st
Erie
ext
gold
48-1947
&
NY
Leh V Term Ry let gu g be_1941 A 0 10012 10712 100% 10012
5 10014 10714 3d ext gold 452e
9958 10014
9712 100 9958 June'28
1933 M
10378 103%
103% Feb'28
A 0
Registered
4 100118
1003
May'28
4
1930 £ 0 99 100 1003
4th ext gold 5s
Lab & N Y 1st guar gold 45..1945 M S 8818 -9178
92%
87
- 89 Aug'28"
94 100
1048 MN 94 100 94
94
L ge 58
Greenw
&
Y
N
Lax & East 1st 50-Yr 58 811-1965 A
5 105 115%
10514 110 10514 10514
8711
Mar'28
86%
8618
MN
& Harlem gold 3348.-2000
Little Miami gen 45 Ser A__1962 MN
9212 9612 NY Registered
95 95 Apr'28
851s 85%
_ _ 85% Apr'28
MN
10612 10912
Long Dock cousol g 65
1935 A 0 10213 lows 10612 July'28
July'28
80
MN
101
78%____
581973
gu
W
&
1st
Lack
ref
&
Y
Long laid let con gold feJuly 1931 Q J 10018
100 102 N First
99% 109
_ 100 July'28
9918 July'28
& ref gu 452e con_ _1973 MN 100l!-9954
1st consol gold 4a----July 1931 Q J 9612 -993-4 9712
2
9712
103- 106 Feb'27
1930 MS
1st 7sext
9612 NYLE&W Mt
92
icifi
General gold 48
Woo'
1938 J D 92
10138
10138
98 925 July'28
A
✓
Ho8
1932
5s
Y & Jersey
Gold 4s
92 10012 N
1932 3 D 964
_ 92 June'28
90 Mar'28
Bost Term 4s_ 1939 AG
821* 90
Unified gold 4e
90 93% NY&NE
1949 111
-81- 87 8312 July'28
8712 -9358 91 July'28
n-c deb 4s_ _ _1947 M
11
NYNH&
7678 834
98 10014
Debenture gold 59
19343 D 9812 100 99 Aug'28
MS 767 8134 867s July'28
Non-cony debenture 33.48_1947 40
7018 81%
30-year p m deb tzs
97 10112
1937 M N 9814 9872 98% Aug'28
7114 75 71 Aug'28
Non-cony debenture 3548_1954 3'
88%
94%
78%
30
81
Guar Sh 13 1st con gu 55 Oct'32 SI 8 9012 91,2 9012
8014
9012 10 90
Sale
81
_1955
48._
debenture
Non-cony
79
88%
2 10034 102
Nor 813 B 1st eon gu 55.Oct'32 Q J 993
___ 9934
9934
MN
82
8012
Aug'28
81
1956
Non-cony debenture 4s
8714 9412
70% 80
1
7118
Lou & Jeff Bdge Co gd g 4s__1945 N B 87343 7118 Sale 7118
2 80 8714 Aug'28
'
1956
Cony debenture 3528
3 113 Sale 1121s 11318 21 112 11818
'
1948
Cony debenture tle
9812 115
108 Aug'28
3
'
Registered
0
*
101 1-04-14 10414 10414 14 104 105%
1940
68
trust
Collateral
72% 82%
Aug'28
7218
76
MN
73
1957
Debenture 48
87
94%
8934 154
O 8912 Sale 89
let & ref 4525ser of 1927..1967 J
89
93%
Aug'28
90
MN
9012
90
451954
Harlem It & Pt Ches 1st
Bid
D Due Feb. 1.
Issiz
1084
New York Bond Record-Continued-Page 4
BONDS
I. Y.STOCK EXCHANGE
Week Ended Aug. 24.
is
3E
Priding
Aug. 24.
Week's
Range or
Lan Sale.
Range
lifnes
Jas. 1.
BONDS,
N. Y.STOCK EXCHANGE.
Week Ended Aug. 24.
is
Mee
Prided/.
Aug. 24.
W.4'.
Rouge or
Lost Bak.
Rows
0020
lee.'.
Bid
Ask Low
HUN No. Low
High
Bid
Ask Low
NY0& W ref 1st g 45.June 1992 MS 7312 7414 74
Illob No, Low
MO
3
7414
72% 8084 St L-San Fran pr 1 4s A
1950 3' 8778 Sale 86%
Reg $5.000 only June 1992 MS
8512 93
87% 82
_
7612 Apr'28
7012 78
Con M 4559 series A
1978 MS 895e Sale 88%
General 48
8733 97%
90 562
1955 JD 7113 -7i- 74 Aug'28
Prior
70
lien
Is
80
3
4
series
I
13
1950
MY Providence & Boston 413 1942 AO 8738 ---- 8738
100158 Sale 10038 101% 35
98% 10412
Prior Den 88series0
87%
8738 95
1928 J
Registered
9978 June'28
99% 101%
AO
8934 Jan'28
Prior lien 555s series D
89% 8914
'
1942
3
NY & Putnam 1st con gu 48 1933 AO
10214 June128
10114 10312
_
88
1
88
Cum
88
MN
adjust
ser
A
6s__July
1955 A0 10214
NY Susq & West let ref 56_1937 ii 80
0113 July'28
100 1017s
85 8812 June'28
Income series A 6s_July 1960 Oct.
8812 9211
2d gold 4%5
10114 sale 0114 10114 55 9912 1021s
1937 FA 74
79% 82% May'28
80
831s St Louis & San Fr Ry gen 68_1931
J 10114 10212 0212 Aug'28
General gold Is
100 105
1940 FA 6814 71% 68 Aug'28
General
88
gold
804
53
1931
Terminal 1st gold 55
1943 ▪ N 9918 Sale
9934 10312
2
101
9912 10214 St L Peor & N W 1st gu 58_1948• J 9912 9978 00 Aug'28
NYW-ches&B 1st ser I 4.4s '46 ii 85 Sale 9912
10514 05 June'28
105 111
84%
17
85
8312 92 St Louis Sou 1st gu g 4s
1931 MS NordRyext'lef615
975
Apr'28
1950 AO 10012 101 10034 10118 44 100 103
8
974 9738
9714
St
L
S
W
lat g 413 bond Ws _1989 MN
Norfolk South 1st & ref A 56_1961 FA 90
85%
79
9214
853a 10
9113 91%
1
91%
2d g 4s Inc bond etfa_Nov 1989 31 815* oo
9012 97
Norfolk & South 1st gold 58_1941 MN 97%
82
8512 82 Aug'28
82
87%
10212 June'28
Como" gold 4s
9812 103
1932• D 95 Sale 9434
24
9418
95
99
let terminal & unifying 5a-1952 • .1
Norflk & West gen gold 138_1931 MN 10238 10318 10213 June'28
4
9678 103%
9734 9714
9734
10212 105I1 St Paul & KC Sh L 151 4345.1941 P A 97
Improvement & ext 68_ _ 1934 FA 10412 10478 104
9212 Sale 9214
6
91% 98
9212
7* Aug'28
St Paul & Duluth 1st Is
104% 107
1931 FA 99 10034 90 July'28
New River 1st gold 68
1932 *0 103 105 103 July'28
99
99
1st consol gold 4s
103 10614
1968 ID 90%
N & W Ry lst eons g 4a ..„1996 AD 91% Sale 91
_ 9312 Aug'28
90% 9814
92
15
St
Paul
89%
E
Or
98%
Trunk
1st
434s.1947 .11
Registered
9712
1996 AO
95
166
June'28
97%
973
8618 Apr'28
2
95% 981a
Div'l 1st lien & gen g 48_ _1944 Ii 93 dide" 93
93
16
93
9614 St Paul Minn & Man con 45 -1933 3, 95
10-yr cony 6s
1929 MS
9634 95% July'28
9512 9832
175 July'28
1st
consol
175
g
190%
65
1933 1J 10312 10612 10312 July'28
Petah C & C Joint 4s
1941 3D 91% 94
10312 11112
9138
4
9138
Registered
9114 97%
North Cent gen & ref 5a A__ _1974 MS 107%
3,
10634 106%
108 Aug'28
6s reduced to gold 4SZ ___1933 Ii 103 106 10634 Mar'28
10734 108
Gen &ref4Sis ser A stpd 1974 M
9812 Sale 9812
102 99
9613 10114
9812
99
1
Registered
984
10144
North Ohio 1st guar g Is
J 9612 9913 9913 Jan'28 ---1945 AO 95
99% 991a
061s
Aug'28
Mont ext 1st gold 45
95 103
Northyacific prior lien 45_ _ _1997 Q J 9012 Sale 95
1937 3D 92
9534 9512 July'28 - -94%
89%
9812
33
9013
Pacific
ext
89
guar
97
45
7
1
(sterling)'40
Registered
1997 Q J 8734 92 88
8818 WO
St Paul Un Dep 1st & ref 55.1972 3, 88% 93 881s Aug'28 -88
97
Gen lien ry & Id at 3s_Jan 2047 Q F 67 Sale 6514 Aug'28
J
10434 10512 10434 Aug'28
10412 10108
67
32
S
A
&
Ar
Pass
82
12
lat
gu
73
1f
g
4s
-1943
Registered
J
Jan 2047 Q F 6334
897
,Sale 8914
8253 0412
6412
8914 11
6412 10
844 69, Santa Fe Pres & Then 1st 55 _1942 M
Ref & impt 4SO series A...2047 Ii 9834 Sale 9714
100 102 10034 10034
5 100 104
98% 88
97 105 Say Fla & West lst g 6s
1934 *0
Ref & impt 65 series B._ _2047• J 112/
1
4 Sale 11214 11212 24 111 11714
10014 Aug'28
10014 109
1st
gold
Is
1934 *0 993 ---- 10712 May'28
Ref & impt 5s aeries C....2047 Ii 10378 10612 10534
-- 10712 10712
July'28
70512 10912 Scioto V & N E 1st gu g 4s---1989
Ref & impt Is series D____2047 Ii 1037s Sale 10238
9212 98
1037s 11 10232 10914 Seaboard Air Line 1st g 414-1950 MN 9212 ____ 93 Aug'28
Nor Pac Term Co 1st g 68-1933 J 1 10934
*0 7.5 Sale 75
2
75
10934 June'28
8512
7712
log%
Gold
4s
stamped
110%
1950 *0 7353 79
Nor Ry of Calif guar g 5a---1938 AD 102 10512 107 June'28
745s
72
743*
83%
Atiustment 53
105 107
Oct 1949 FA 45 Sale 40
40
45
Mt
117
Refunding
4s
North Wisconsin 1st 65
1959 AO 58
1930 33 99 102 101 Aug'28
5818 575
8
57
5812
Ms
let & cons 68 series A- - _1945 M
100 102%
Og & L Chara 1st gu g 45- 1948• J 82 Sale 82
7834 Sale 74
100
73
77
9814
82
1
Registered
7812 8814
Ohio Connecting Ry 1st 48- _1943 M S 93
9532 Nov'27
85 Mar'28
78% 85
Atl & Blrm 30-yr 1st g 45-41933 MS
Ohio River RR 1st g 5a
M
1936 ID
_
5
104 Apr'28
90
88% 95
6i- Seaboard All Fla 1st gu 6a A _1935 FA 89 Sale 89
10384 1General gold Is
1937 *0 99 166 10112 June'28
71 ,Sale 70
22
8934 94%
72
Series
13
10112
10411
Oregon RR & Nav con g 4s_ _1946 .3 D 9113 9412 9114 Aug'28
1935
1
94%
70
71
Seaboard & Roan 1st Is extd1931 P A 71% 7112 71
9114 98
Ore,Short Line 1st cons g 513_1948 J J 104 105 106
J
08 100%
98% Aug'28
10614
3 102 11014 So Car & Ga lst art 5)48 _
Guar stpd cons Is
_1929 ▪ N 9912 Sale 9912
1946 J J 106
9912 101%
10614 July'28
0
9912
fil&NAla
1111
10814
2
conagug
58
Guar refunding 4s
1936
19291 D 9828 Sale 98
100 105
98% 204
Gen cons guar 50-yr 58-1963 P A 10018 10258 10012 Aug'28 98 100
Oregon-Wash let & ref 43--1961 J
AO - - 10812 1143a May'28
883s 885s 8634
8812 113
- 1102 115
8812 9412
Pacific Coast Co 1st g &L.-1946 J D 7713 80
77% Aug'28
So
Pao
7712
coil
45
8814
(Cent Pao coll)k'49 3D 88%
Pao RR of Mo lat ext g 45_ _1938 F A
92
Sale 8774
P772 95
9214 92 July'28
881* 16
Registered
9134 95%
2d extended gold 53
3D 853* 893s 88 Mar'28 -- -1938 J .1 9758
88
102 May'28
88
20-year cony 43
102 102%
June 1929
Paducah & Ins 1st a f 4%5_._1955 J J
S
98
Sale
981y
216
985
991
8
987
7
4 10038 July'28
s
8
100
1st
434a (Oregon Linea) A-1977
10012 101%
Paris-Lyons-Med RR extl 63.1958 F A
MB 9812 100
8 Sale 9834
9012 104
9913
2
9912
9938 141
20-year cony 55
96 10058
Sinking fund external 75-1958 M
1934
3D 10014 Sale 100
1004
10358 Sale 103
2 100 103/
1
4
Gold 4145
10334 64 10112 10511
Paria-Orleans RR s f 78
1968
19I4 M5 10234 S
9634 39
10234 10234
95% 10012
1 101 loos
San Fran Terml lat 48 .... 1950 MS 9634 Sale 96
Externalsinking fund 53e 1968 M S 95
*0 90 Sale 8938
4
90
88% 98
94
95
,
34
4
9514
Registered
93
98%
Paullsta Ry lst & ref
*0
75
1942 M S 101%
_
90 July'28
89% 90
10214 Aug'28
10114 10412 So Pac of Cal 1st con gu g 55_1937 MN
10234 1043
,10834 June'28
So Pac Coast 1st gu g 4a---.1937
- 105 108
Pennsylvania RR cons g ta--1943
• J 96
98
97% 97%
May'28
973ti
9734 July'28 _
MN
So
-Pao
97%
RR
1st
994
ref
4s
Consol gold 411
1955 J
1948 M N 9312
9212 Sale 92
9234 41
91
9812
9312
3
9312
Registered
93 100
4s aterl stpd dollar_ May 1 1948 M N 9313 94 9218
98
96 Apr'28
96
July'28
Southern Ity 1st cons g 5s_ -1994 J
921a
99
• J 1093 Sale 108% 10912 73 108 119%
Consolidatedef44s
1960 F A 101 102 101
1 100 107
101
Registered
General 4)89 series A
19651 13 9913 Sale 99
_ 110 115%
Devel & gen 4s series A...1956 3, 102 108 115% Apr'28
9912 42
974 10472
General Is series B
*0
8712 Sale 86%
79
19681 D 107% Sale 10614 107%
8544 93
88
8 104% 116
Develop & gen 6s
1956 *0 11312 114 11312 11312 14 1131s 121
10-year secured 78
1930 A 0 102% Sale 102% 1033s 79 10278 10571
Develop & gen 6148
1956 *0 119% Sale 11914 12014
15-year secured 634'
1938 F A 110 1103a 1097s 11018 25 108%
7 1174 127
Mem Div 1st g Is
11334
1996 3, 102 -- 108 July'28 ---- 106 113%
Registered
F A
Sale 112 Apr'28
St Louis Div 1st g 48
112 112
40-year secured gold 58.-1964 M N 10278 Sale 10212
1951
'
3 89 Sale 89
8914 10
89
94
East Tenn reorg lien g 53._1938
10312 53 10114 105%
Pa Co gu 3558 coil tr A reg-1937 M $ 8734 _
3 10414 105
105's
MS ._-- 108 10518
91 June'28 _
Mob
&
Ohio
877
3
coil
23
Cr 4s
Guar 334e coil trust ser 13_1941 F A 8714
M
S
1938
Aug128
88
0114
92
92
-98%
873g
1
87as
8712 92
Guar 3I4e trust etfa C____1942 J D 89
90 Apr'28
8914 904 Spokane Internal let g 58_1955 j
Guar 3585 trust etla D_ _1944 J 0 8718
J 75
Aug'28
82
83
7
s
83
90
8812 July'28
Staten
Island
Icy 1st 4I48. 1943 1 D
8812 90%
Guar 15-25-year gold 45-1931 A 0 975s 9734
85 Nov'27
Sunbury & Lewiston let
3
9738
9738
984 100
Guar 4s ger E trust etts
45_1936 1 J ____ _
1952 MN 90
95 Apr'28 ---- -68
9611
9434 9114 Aug'28
914 9514 Superior Short Line 1st 58..61930 M S
Pa Ohio & Det 1st & ref 434sA'77 A 0 97
997
Apr'28 9971 99%
98
9614
Term
Assn
9713
9514 102
of St L 1st g 4552_1939 A
Peoria & Eastern lat cons 48_1940 A 0 8418 88 837
0 Mr
1o114
4
1o114
99% 102%
1st eons gold Is
8 Aug'28
83%
9
2
Income 48
1944 F A 10134 Sale 10158 1014
April 1990 Apr. 35,4 40
3958
Gen refund s f g 45
18
41
5 101% 107
3712 50%
Peoria & Pekin Un lat 530_1974 F A 103
1953 I .1 88
87
8812 87
94
1
1063 103
87
1 10214 108% Texarkana & Ft S 1st 5345A 119
103
Pere Marquette 1st ser A 5s..1956 J .1 102% Sale4 1017
95
40
3j
F A
j 10414 Sale 10414 10414
2 101% 10712
Tex at N 0corn gold 55
8
12
70()12
1027
s
10512
lat 4s series B
iggt2
19561 .1 90
100
102
July'28
10012
103%
9112 9012 Aug'28
Texas
&
Pm 1st gold 58
8812 98%
3 10712 115
24 ine5s(Mar.28epon)Deo 2000 3 D 10712 Sale 10712 10712
Phila Bait & Wash let g 48_ _1943 MN
2000 Mar
_ 100 Aug'27
9458
9334
95
10
Gen & ref 5s series B
0452 100
General Is series B
1977 A 0 iobiz icif 10012 101
1974 F!. 105
10514
25 Rio; 1041.
La
Aug'28
DIv B L 1st g 58
@FedFRASER