The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
The
tinitntraal
Finafittat
tantrit,
SATURDAY, AUGUST 3 1929.
VOL. 129.
financial (Chronicle
PUBLISHED WEEKLY
Terms of Subscription—Payable in Advance
Including Postage—
12 Mos. 6 Mos.
Within Continental United States except Alaska
$10.00
56.00
In Dominion of Canada
11.50
6.75
Other foreign countries. U. S. Possessions and territories
13.50
7.75
The following publications are also issued. For the Bank and Quotation Record the subscription price Is $6.00 per year; for all the others is
$5.00 per year each.
COMPENDIUMS—
I MONTHLY PUBLICATIONS—
BANK AND QUOTATION RECORD
PUBLIC UTILITY— (semi-annually)
RAILWAY & INDUSTRIA L—gow year) MONTHLY EARNINGS RECORD
STATE AND MUNICIPAL— i01111-BEL/I.)
Terms of Advertising
Transient display matter per agate line
45 cents
Contract and Card rates
On request
Cnicsao OPTICS—In charge of Fred. H. Gray, Western Representative.
208 South La Salle Street, Telephone State 0613.
LONDON OPTICS—Edwards & Smith, 1 Drapers' Gardens. London, E. C.
WILLIAM B. DANA COMPANY, Publishers,
Front, Pine and Depeyster Streets, New York
Published every Saturday morning by WILLIAM D. DANA COMPANY.
President and Editor. Jacob Seibert: Business Manager, William D. Riggs;
Treas., William Dana Seibert:deo., Herbert D.Seibert. Addresses of all. Office of Co
The Financial Situation.
Perhaps the event of chief interest this week has
been the fact that the Bank of England has not
raised its discount rate, but has left it unaltered at
51/
2%. Of course this does not imply that there will
not be a change next week and the rate advanced to
6/
1
2% Montagu Norman, the Governor of the. Bank
of England, after a sojourn here of about a month,
has returned to England as quietly as he came, and
he may want to discuss the subject with his colleagues before definite conclusion is reached as to
the best course to pursue in circumstances of admitted difficulty.
The problem confronting the Bank is how to prevent the Bank from being drained of its gold supplies and what means are best adopted to that end.
Shipments of gold to the United States have ceased,
exchange rates here on Londan having risen to a
point where gold engagements for this country can
no longer be made at a profit. On the other hand,
both France and Germany continue to take gold
from London in huge amounts. The Federal Reserve
Bank of New York in its Monthly Review, issued
the present week, estimates that a total of at least
$36,000,000 of gold was taken in London during
July for shipment to Berlin and about $41,000,000
for shipment to Paris, making $77,000,000 together;
besides which, about $10,000,000 arrived here during
the month on engagements made the previous month.
The Bank of England, in its statement issued on
Thursday,showed a further loss of gold of £8,089,914,
reducing the total •of its gold holdings to £142,610,000, whereas it has been generally assumed that
£150,000,000 must be considered the minimum figure
at which the stock of gold must be kept. The loss of
£8,089,914 of gold this week was accompanied by an
increase of £4,486,000 in outstanding notes, making
a reduction in reserves of £12,577,000. We notice,
however, that the London correspondent of the New
NO. 3345
York "Evening Post" says that of this week's decline
in reserves £4,500,000 was due to seasonal holiday
requirements for currency which will reach their
peak next week. The proportion of the Bank's
reserves to liabilities has fallen during the week
from 39.7% to 28.2%.• In addition, £1,306,866 more
gold was purchased on Thursday from the Bank for
shipment to France, and a little more on Friday.
In these circumstances it seems clear that an
advance in the Bank of England rate of discount
cannot much longer be avoided, unless some way
can be found not only of preventing further takings
of the metal'but of replenishing the present depleted
holdings of the metal. The further takings of the
metal by France are difficult to understand. Money
rates rule much lower in France than in Great
Britain and this should therefore induce a flow of
funds from France to Great Britain. Apparently
nothing of the kind is going on. In the case of the
United States the situation is different, inasmuch
as money rates are ruling inordinately high. The
correspondent of the New York "Evening Post,"
after referring to the large shrinkage in reserves,
goes on to say that "this not unnaturally gives rise
to some discussion as to the possibility of an arrangement for expansion of the fiduciary limit as
arranged in the original bill."
This would mean a further addition to the note
circulation—to the stock of paper money. But is
not that the weak point in the situation of the Bank
to-day? Through the amalgamation of the so-called
fiduciary currency with Bank of England notes, circulation was increased roughly in the amount of
£260,000,000. This is equivalent, roughly, to $1,300,000,000. Under the old system, before the change,
every Bank of England note was represented by a
corresponding amount of gold—all but £11,015,100,
which was based on Government debt and a few millions based on "other securities." Through the currency amalgamation the portion of the Bank of England note circulation not secured by gold has been
raised to the huge figure of £260,000,000.
To be sure, a total of £40,000,000 gold at the outside was considered adequate in the earlier period,
whereas now £150,000,000 as a minimum is now
deemed a prerequisite. But that does not alter the
fact that paper money in the shape of Bank of England notes secured in the way mentioned has been
injected permanently into the banking system of
Breat Britain, and to that extent the currency correspondingly diluted. If anyone doubts this, let him
examine any recent Bank of England statement.
Take :the return for July 17 1929. What does this
show as the security behind Bank of England notes?
The items are: (1) Government debt, n1,015,100;
(2) other Government securities, £234,996,331; (3)
other securities, £9,149,548; (4) silver coin (sic),
682
FINANCIAL CHRONICLE
£4,839,021, making £260,000,000 together, besides
£154,443,014 of gold, the latter reduced the present
week to £142,610,244.
The Bank's hold over the gold currents, with the
circulation thus enlarged and diluted, has been correspondingly impaired. Formerly, that is under
the old system,advances in the Bank's discount rates
met with immediate response. We cannot recall a
single instance where they were not effective. Now
the Bank is lame and impotent. The fact that with
the discount rate up to 5/
1
2% the Bank is still losing
gold in huge amounts makes that plain beyond peradventure. In other words,the Bank no longer exercises the control over the gold currents it once did.
How the defect referred to is to be cured, now
that the fiduciary notes created during the war have
been adopted as part of the system, is not easy to
say. Things would doubtless be improved if the
Bank cancelled £100,000,000 of notes and paid
£100,000,000 of gold back into circulation. Perhaps
the Bank would then regain its former position of
independence and not have to look askance at the
Federal Reserve whenever it got into a tight fix.
This country also would be a great deal better off if
the Federal Reserve System was not compelled to
keep 41,000,900,000 of Federal Reserve notes constantly afloat to eain expenses.
The income statement issued the present week by
the United States Steel Corporation for the June
quarter is of interest outside the circle of those having ownerdhip in the shares of the company. The
Steel Corporation has a long record of wonderful
performances, and this latest return is perhaps the
most wonderful of the whole series. But the results
now diselosed would not have been possible of
achievement, even for a company which ranks so
high in every way for achievement of unusual character, except for the extraordinary activity of the
steel trade which has been a characteristic of the
trade during the whole of the last eighteen or nineteen months, or, say, since the beginning of 1928.
In this constantly growing activity of the steel trade,
other leading steel companies have, of course, participated, even if not to quite the same extent. It
is for that reason that prosperity of the United
States Steel Corporation possesses interest outside
the circle of those having a pecuniary interest in the
shares of the property.
The results for the quarter and also for the half
year ending June 30 are really phenomenal in their
favorable character. Earnings of the subsidiary
companies, after deducting all expenses incident to
operations, including those for ordinary repairs and
maintenance of plants, also taxes (including reserve
for Federal income taxes) and interest on bonds of
the subsidiary companies, aggregate for the quarter
no less than $71,995,461. In the March quarter the
earnings, as similarly computed, were only $60,105,381, and in the June quarter of last year they
were no more than $46,932,986. The increase over
last year, it will be seen, is considerably in- excess
of 50%. The company is paying 7% dividends per
annum and, after deducting the 13
4% on that basis
for the quarter and which called for $14,053,032, and
allowing also for dividends at the same rate on the
preferred stock, and likewise for the quarter's interest on United States Steel Corporation bonds and
deducting, too, the allowances for depletion, depreciation and obsolescence, there remained a surplus
[vor„. 129.
for the quarter of $33,467,892. In other words, the
company paid out $14,053,032 in dividends on the
common stock and then had $33,467,892 left with
which to pay further dividends had such a course
been deemed expedient.
It is figured that fully $5.91 a share was earned
on the amount of shares actually outstanding on
June 30, the share capital being in process of increase, as is known,by reason of the additional stock
that was offered the shareholders for subscription
in order to provide the means for taking up the outstanding bonds of the Steel Corporation. For the
half year the earnings are computed as being equivalent to $11.72 a share, figuring the first quarter on
the basis of the stock outstanding during that period
-and the second quarter on the basis of the same share
capital. Calculating the second quarter on the basis
of the stock outstanding at the end of July the net
for the full six months amounted to $10.38 a share.
Before the deduction of dividend and interest requirements on the company's own bonds, net earnings for the half year were $132,100,842, which compares with only $87,867,018 for the first half
of 1928, the improvement here also being over
50%.
It would be a grave mistake to count upon equally
phenomenal results in succeeding quarters for any
long continued period in the future. No doubt for
the current, or September, quarter the results will
be equally good, if not better, all the indications
pointing that way. But as to what the showing will
be in 1930 and immediately following years, it is
best that conclusions be held in abeyance. Continuance of income on the present scale of great magnitude will be possible only if the existing rate of
activity in the steel trade shall be maintained without break. The Steel Corporation has for many
months been producing steel in excess of its rated
capacity, something very exceptional, and which
means that plants have been engaged to full 100%
with something extra by reason of the great efficiency of operations. It should be borne in mind
that there is a double advantage in producing on
such a scale. There is first the added profit from
the enlarged volume of business, and secondly the
further profit derived from the fact that by working mill and furnace to the limit of capacity the cost
per unit is correspondingly reduced. It follows that
when the demand falls off and production is correspondingly lowered, profits will in like manner be
reduced in the same double way.
There is a reference to the point here made in a
paragraph contained in this week's market summary
of the "Iron Age" of this city. Referring to the
splendid showing made by the Steel Corporation in
its return, the "Age" says: "The encouraging outlook in steel is commanding special attention in
view of the importance of a high rate of operations in
terms of Steel Company profits, as revealed by the
quarterly report of the United States Steel Corporation. With prices over the first half of this year
(measured by the "Iron Age",composite price for
finished steel) averaging only 2y4% higher than
those of the first half of 1928, but with production
17% higher this year than last, total earnings went
up over 50%,the earnings for the first two quarters
of the Corporation this year being 4132,101,000, and
for the same quarters last year $87,867,000." The
"Age" does not say so, but obviously this should
moderate expectations as to possible profits when
AUG. 31929.]
FINANCIAL CHRONICLE
683
the inevitable decline in the steel trade occurs, of it is found that, whereas the amount now stands
which, however, there are as yet no indications.
at $7,473,794,294, on July 31 1928 the total was
only $4,837,347,579, and on July 30 1927 no more
Brokers' loans on the Stock Exchange are now than $3,641,695,290. It thus appears that during the
increasing at such a rate and with such uninter- last two years the total has more than doubled, the
rupted regularity that the record is one that should expansion in this two-year period having been
make the most confirmed optimist pause and ponder $3,832,099,004. If we went back to January 31 1927,
whither we are drifting. Two compilations of these when the amount was no more than $3,138,786,338,
loans have come to hand the present week, and both we would find that the expansion in this period of
have told the same story of undeviating and startling two and one-half years has been over 4 1/3 billion
expansion. The two statements referred to are,first, dollars. It is not necessary to say anything to add to
the regular weekly statement of the Federal Reserve the force and significance of figures like these, which •
Bank of New York and, second, the monthly com- speak 60 eloquently for themselves.
pilation of the New York Stock Exchange itself,
This week's further increase in the absorption of
which latter was not available until after the close bank credits in speculative channels has also been
of business yesterday afternoon. The return of the attended with further borrowing on the part of the
Federal Reserve Bank for the week ending Wednes- member banks at the Federal Reserve institutions,
day night shows a further increase in the total of the discount holdings of the 12 Reserve banks having
these loans of $52,000,000. If this stood alone it risen during the week from $1,063,956,000 to $1,075,would not be so lad, and yet perhaps bad enough, 714,000. The Reserve Banks have also at the same
but, as the reader well knows, there has been an time added to their holdings of bankers' acceptances
uninterrupted series of such increases, or rather a purchased in the open market, and likewise their
series only occasionally interrupted, and it is the holdings of United States Government securities.
magnitude of these series of increases that furnishes The former item has risen during the week from
occasion for deepest concern.
$68,842,000 to $74,567,000, and the latter from $145,Considering only the increases in recent weeks, 700,000 to $147,283,000. The total of Reserve credit
this week's addition of $52,000,000 follows $95,- outstanding therefore has increased during the week
000,000 addition the previous week, $58,000,000 ad- from $1,288,748,000 to $1,308,014,000. At the Feddition the week before, and, in fact, additions each eral Reserve Bank of New York, member bank borand every week, with only a single exception, all the rowing was slightly reduced, the discount holdings
way back to the week ending June 19,in which latter having fallen during the week from $398,106,000 to
week the addition was $136,000,000 and was suc- $385,949,000. It deserves to be added that the Receeded by $122,000,000 addition in the week ending serve Banks, besides increasing their own holdings
June 26, and again succeeded by an addition in the of acceptances, also further enlarged their purchases
week ending July 3 in the prodigious sum of $227,- of bills for their foreign correspondents, the aggre000,000. The one week in this period which formed gate of the latter having risen during the week from
an exception was the week ending July 10, when a $446,980,000 to $458,477,000.
decrease appeared, but in the relatively insignificant amount of $14,000,000. With reference to the
The stock market this week underwent a comfurther expansion of $52,000,000 in the latest week plete transformation. On Monday prices were
it is only necessary to say that all the different tumbling all around in continuation of the break
classes of loans contributed to the increase, the experienced during the latter portion of the previous
loans made by the reporting member banks in New week. On Tuesday a rally occurred, and this rally
York City on their own account rising from $1,193,- has continued the rest of the week, the market at
000,000 to $1,205,000,000; those for account of out- times showing something closely akin to actual buoyof-town banks from $1,680,000,000 to $1,696,000,000, ancy. The collapse on Monday was of large dimenand those "for account of others" from $3,034,000,000 sions, as will appear from the enumeration of a few
to $3,058,000,000. The grand total of these loans of the striking instances. Thus Western Union Tel.
under the three categories combined now is very showed a net decline for the day of 5 points, North
close to the $6,000,000,000 mark, the exact total American of 57
/
8,General Elec/8, N. Y. Central of 47
being $5,960,000,000, at which figure comparison is tric of 67
2, Allied
/8, American Power & Light of 61/
with $4,259,000,000 a year ago on August 1 1928.
Chemical & Dye of 5, American TeL & Tel. of 5I/2,
The Stock Exchange statement furnishes even Standard Gas & Electric of 47
/8, and so on through
more emphatic testimony to what is going on in that the list. U. S. Steel, however, suffered a net loss for
respect. The Stock Exchange compilation covers a the day of only 1 point, and this gives a clue to the
wider scope and hence deals with larger figures. It subsequent upward course of the market, by which
has just been stated that in the case of the returns we mean that U. S. Steel and the steel shares beof the Federal Reserve the grand total has now came the leaders in the upward and forward moveclosely approached the $6,000,000,000 mark, which, ment.
of course, is sufficiently startling. But in the case
On Tuesday U. S. Steel started a new revival and
of the Stock Exchange's own tabulations the further carried the whole market with it, covering of shorts,
increase the past month leaves the grand aggregate of course, aiding the rally, and, as a matter of fact,
only just a little short of being 71/
2 billion dollars, U. S. Steel on that day established a new high record
the exact amount of the total for July 31 being $7,- for the year. After the close of business on Tuesday,
473,794,294. On June 29 the amount was only the quarterly statement of the Steel Corporation ap$7,071,221,275, and on May 31 but $6,665,137,925. In peared, and it was of such a strikingly favorable
other words, there was a further increase of $402,- character that it led to very extensive buying of all
573,019 in July, following an increase of $406,- the different steel stocks; and, aided by the aggres083,350 in June, making the addition for the two sive rise in the steel shares, it was easy to stage
months combined $808,656,369. Going further back bullish demonstrations all along the line. Stock
684
FINANCIAL CHRONICLE
[Vora. 120.
Exchange call loan rates were an unfavorable fea- new high records for the year. The list includes,
ture, touching 10% on Monday and ruling at that among others, the following:
figure all of Tuesday and Wednesday, and on ThursSTOCKS MAKING NEW HIGH FOR YEAR.
Industrial and Missal. (Cona.)--.
day even rising to 12%, but this had no influence in
Railroads—
Internat Telephone & Telegraph
Topeka & Santa Fe
deterring operations for a rise or in diminishing Atchison
New York New Haven (Sc Hartford Kimberly-Clark
Maytag Co.
speculative enthusiasm. The market grew stronger
Motor Wheel
Industrial and Miscellaneous—
day by day, and buoyancy became more pronounced American & Foreign Power
Nat'l Power & Light
North A,merican Co.
American Telephone & Telegraph
as the upward movement proceeded. The steel Auburn
Pacific Lighting
Automobile
Peoples
Gas Lt & Coke (Chicago)
stocks remained ever in the foreground, but other Bethlehem Steel
Philadelphia Co.
Central Alloy Steel
high-priced specialties continued prime favorites, Certain-Teed Products
Pirelli Co. of Italy
Poor & Co. class B
Cola
as on so many occasions in the past. The volume Coca
Remington-Rand
Commercial Solvents
Shattuck (F. G.)
of trading increased as prices advanced. On the Consolidated Gas
Spencer Kellogg & Sons
Cuyamel Fruit
New YorkStock Exchange the sales at the half-day Detroit Edison
United States Steel
Utilities Power & Light class A
Dome Mines
session last Saturday were 1,370,610 shares; on Engineers
Vulcan Detinning
Public Service
Westinghouse Air Brake
Monday they were 2,760,280 shares; on Tuesday, General Electric
General Gas & Electric class A
Westinghouse Electric & Mfg.
2,686,290; on Wednesday, 3,407,040 shares; on Ingersoll-Rand
Worthington Pump & Machinery
Thursday 3,322,740 shares, and on Friday, 4,032,420 Internat Paper & Power class A Youngstown Spring & Wire
The steel stocks have again been leaders among
shares. On the New York Curb Exchange the sales
those
showing large advances, as a result of favorlast Saturday were 1,172,600; on Monday, 2,272,100
able
quarterly
income statement of the U. S. Steel
shares; on Tuesday,1,938,700 shares; on Wednesday,
Corporation
and
the excellent reports regarding the
2,713,700 shares; on Thursday, 2,198,400 shares, and
steel trade. U. S. Steel closed yesterday at 213%
on Friday, 2,646,400 shares.
/8 on Friday of last week; Bethlehem
As compared with Friday of last week, prices are against 2067
higher nearly all around. Westinghouse Elec. & Steel closed yesterday at 123% against 123%; ReMfg. closed yesterday at 215 against 2031/
4 on Friday public Iron & Steel at 111% against 1111%; Ludlum
of last week; United Aircraft & Transport closed Steel at 99% against 99%; Youngstown Sheet &
yesterday at 136% against 1281/
2; American Can at Tube at 154 against 152. The motors have not been
1671/
8 against 1591/
2; United States Industrial Alco- especially prominent. General Motors closed yes/8 on Friday of last week;
hol at 183 against 180; Commercial Solvents at 492/
1
2 terday at 71 against 687
against 467; Corn Products at 991/
4 against 100; Nash Motors at 86% against 84½; Chrysler at 73Y2
4 against
8 against 1671/
Shattuck & Company at 1851/
4; Co- against 71%; Packard Motors at 1301/
Hudson
Motor
129%;
Car
at
847
/
8
against
85½;
lumbia Graphophone at 663
/
4 against 671/
8; Brooklyn
1
2
. Goodyear Rubber
Union Gas at 2257
/8 against 210½; North American Hupp Motors at 42 against 40/
1
2 on
at 184y8 against 177; American Water Works & & Tire closed yesterday at 1201/8 'against 119/
Elec. at 135 against 130; Electric Power & Light at Friday of last week; B. F. Goodrich at 76 against 77,
80 against 801/
2; Federal Light & Traction at bid 87 and United States Rubber at 49 against 48, and the
2 against 75%.
against 87/
1
2; Pacific Gas & Elec. at 701/
2 against pref. at 751/
Railroad stocks have no such spectacular advances
697
/8; Standard Gas & Elec. at 1431/
2 with rights
against 1391/
8; Consolidated Gas of New York at to their credit as in some other recent weeks, yet a
156% against 1461/
4; Columbia Gas & Elec. at 1007
/8 few have reached new high records for the year, the
with rights against 911/
8; Public Service of N. J. at list including both Atchison and New Haven. • New
2 against
1187
/
8 against 116%; International Harvester at York Central closed yesterday at 2381/
on
236%
Friday
of
last
week;
Pennsylvania
RR. at
1231/
2 against 123%; Sears Roebuck & Co. at 1651/
8
8; Erie RR. at 84 against 831/
2; Del.
against 162; Montgomery Ward & Co. at 1401/
4 with 96% against 951/
2 against 212; Baltimore & Ohio
rights against 141%; Woolworth at 89 against 90/
1
4; & Hudson at 2161/
8 against 134%; New Haven at 114% against
Safeway Stores at 176 against 168; Western Union at 1351/
/8; Union Pacific at 268/
1
2 against 2661/
8; CanTelegraph at 221%8 against 215; American Tel. & Tel. 1127
/
4; Atchison at
at 290% against 269; Int. Tel. & Tel. at 115% adian Pacific at 224% against 2293
2621/
2 against 248; Southern Pacific at 143 against
against 110%.
/
4 against 94; Kansas
Allied Chem. & Dye closed yesterday at 316 144%; Missouri Pacific at 931
1
2against 104; St. Louis Southagainst 3121/
2 on Friday of last week; Davison Chem- City Southern at 104/
ical at 523
/
8 against 54; E. I. du Pont de Nemours western at 102% against bid 104;St.Louis-San Fran1
2against 1283
/
4; Missouri-Kansas-Texas
at 193 against 187%; Radio Corporation at 88% cisco at 128/
8
at
581
/
against
60;
Rock
Island at 1387
against 84; General Electric at 394 against 374%;
/8 against
1
2; Great Northern at 1201/
2 against 121; NorthNational Cash Register at 129/
1
4 against 127%; 135/
Wright Aeronautical at 129 against 130; Inter- ern Pacific at 108% against 112%, and Colorado
national Nickel at 48% against 47%; A. M. Byers Southern at bid 125 against 129.
The copper stocks have moved up with the general
at 133 against bid 135; Timken Roller Bearing at
101 against 991/
8; Warner Bros. Pictures at 581/
8 marked. Anaconda Copper closed yesterday at 119
/
4 on Friday of last week; Greene
against 571/
2; Motion Picture Capital at 51 against against 1123
51; Mack Trucks at 96 against 96½; Yellow Truck & Cananea at 177% against 1711/
2; Calumet & Hecla
1
4 against 40%; Andes Copper at 53% against
Coach at 371/
4 against 38; National Dairy Products at 44/
1
4;Inspiration Copper at46% against 437
at 80 against 771%; Johns-Manville at 185 against 50/
/
8;Calu186; National Bellas Hess at 437
8 against 127%; Granby
/8 against 437
/
8; met & Arizona at 1341/
Associated Dry Goods at 49 against 51½; Common- Consol. Copper at 811/
2 against 771/
8; American
wealth Power at 235 against bid 220; Lambert Com- Smelting & Refining at 115% against 110%; U. S.
pany at 144% against 146%; Texas Gulf Sulphur Smelting & Ref. at 57% against 53/
1
2.
The oil stocks have been inclined to sag. Simms
at 71% against 72½; Kolster Radio at 347
/8 with
rights against 32 9/16 with rights. As in previous Petroleum closed yesterday at 34 against 34% on
weeks, quite a number of stocks have this week made Friday of last week; Skelly Oil at 40% against 41;
AUG. 3 1929.1
FINANCIAL CHRONICLE
685
and the appointment of Aristide Briand to head the
Government. The market was irregular at the opening Monday, with a.few stocks like Bank of France
moving upward although the bulk of the issues listed
declined. Tuesday's session, however, was both weak
and dull, with the heaviness attributed largely to the
approaching month-end settlements. Reports from
London and from Wall Street also were considered
were
quiet
week,
markets
this
securities
European
satisfactory. The tendency improved Wednesless
prices
jerkily
moving
share
about
irregular,
but very
from day to day with no definite trend apparent. day, owing partly to more favorable political inUncertainty was caused at London by the continued fluences. Not the least of these was an accord
outflow of gold to Paris and Berlin. In most between the Government and the Finance Committee
quarters it was believed the Bank of England will of the Chamber concerning tax reductions, many of
2 to 6/
2% which are to be made on Bourse transactions now
1
have to raise its discount rate soon from 53/
to prevent too much of a decrease in gold holdings paying heavy duties. News was received late in the
below the Cunliffe minimum of £150,000,000. day of the increase in the Brussels discount rate,
Whether or not this 'belief is well grounded, it had and this caused a reaction on the Bourse. Activity
a depressing effect on the London market in most increased Thursday and prices also rallied again.
sessions. The question of the Bank rate will prob- The closing of Parliament for three months was
ably be even more acutely discussed in England in favorably commented on by traders, and the market
the coming week, since Montagu Norman, Governor was possibly helped to some extent thereby. Tradof the Bank of England, will be present at the meet- ing was quiet in yesterday's final session of the
ing next Thursday after an absence of about six week, and prices held steady.
The Berlin Boerse was listless and depressed at
weeks in America. Mr. Norman sailed from Boston
on the Caronia Sunday night. Continental markets the opening Monday, with commentators at a loss to
also were adversely affected by the anxious discus- explain the tendency. Losses of four and five points
sions regarding the British Bank rate. An increase were registered in many issues, but a slight recovery
would, of course, be felt in Europe generally and to took place just before the close. The trend Tuesday
some extent in the New York market also. That the was irregular, with further losses in a number of
tendency of rates is still upward was indicated by an stocks, while others showed slight improvement.
increase in the Brussels rate Wednesday from 4 to Declines were moderate, however, and sentiment
5%.
was not nearly so pessimistic as on the previous day.
The London Stock Exchange was depressed at the Wednesday's session at Berlin was firm and confiopening Monday. Not only were gold withdrawals dent, the month-end settlement proving less troublefor Paris and Berlin exceptionally heavy, totaling some than had been expected. Steels, shipping
£2,857,213, but a crisis in the Lancashire cotton in- shares, textiles and electricals were especially active,
dustry also occurred, 500,000 workers laying down with gains of 1 to 3 points in these groups. The
their tools rather than accept a 121/
2% wage cut cheerful tone was continued Thursday, with steels
which the mill owners declare imperative. The and shipping shares again prominent. The most
strike has continued all week, with no signs of con- striking feature was a 16-point rise in Elektrische
cessions or of mediation. It is described as the Lieferungen, the electrical holding company affiligreatest industrial crisis in Britain since the general ated with the A. E. G. This was attributed to the
strike of 1926, and of course it will have an unfortu- pending deal between the General Electric Company
nate effect on British industry generally. This de- and the A. E. G., which it is believed will greatly
velopment caused severe recessions in textile stocks benefit the affiliate of the latter. Yesterday's seson the Exchange and other industrials were weak sion at Berlin was dull, with price changes of little
in sympathy. British funds moved to lower levels. importance.
The market as a whole was dull Tuesday. Gilt-edged
securities were steady at first, but on announcement
Representatives of the six governments whose unof a further sale by the Bank of £1,022,353 in bar official delegates signed the Young Plan at Paris on
gold they again turned weak. A little animation June.7 will gather at The Hague, Holland, next
was displayed in one of two of the international Tuesday, to place the official stamp of approval on
issues. A greater degree of firmness was manifested the new reparations scheme and to consider means
Wednesday, most groups showing improvement for placing it in effect. The new plan is intended to
under the leadership of the international stocks, become operative Sept. 1, the authors of the plan
which rose sharply. The gilt-edged list joined in assuming that it would automatically supersede the
this trend, but textiles were lower. The improve- Dawes Plan on that date. The early annuities were
ment was maintained in great part Thursday, owing arranged with this end in view. Accordingly, the
to the decision of the directors of the Bank of six interested governments have allowed it to be
England to refrain from raising the discount rate. understood for some time that they would meet forSales of gold were again very heavy, however, mally on Aug.6, to arrange final details and declare
amounting to £1,306,866, and this caused recession the plan in effect. The governments, however, enin British funds. The international issues, led by gaged in an uncommon amount of bickering when a
Hydro-Electric, showed marked strength. The tone meeting place came up for consideration. Great
was again cheerful yesterday, but activity dimin- Britain several times suggested London, which the
ished. The gilt-edged list held steady, as did textiles French firmly refused. The Paris Government sugand most of the international stocks. Hydro-Elec- gested Lucerne, which the British declined. Britain
and France compromised on Brussels, but the Gertric shares lost some of their previous gains.
The Paris Bourse showed little effect of the Cabinet mans objected because it was not neutral enough.
crisis caused by the resignation of Premier Poincare A suggestion of the Hague brought out Belgian oh•
Atlantic Refining at 66 against 67; Pan American B
2 against 60; Phillips Petroleum at 371/,
1
at 61/
against 37½; Texas Corporation at 61% against
8; Richfield Oil at 3978 against 40; Standard Oil
/
625
4; Standard Oil of N. Y.
/
of N. J. at 57% against 563
at 39 against 39%;Pure Oil at 25% against 26.
686
FINANCIAL CHRONICLE
Fora.129.
jections, but these were overcome at the instance of The results of the conversation were communicated
the French Government, and the understanding to President Hoover, and a reply from Washington
finally prevailed this week that.The Hague had been was received in London Tuesday. Although offidefinitely decided upon, although no official an- cial reticence was maintained, dispatches from
nouncement was made. The Governments repre- London made it appear that a vast plan of limitasented will include Great Britain, France, Germany, tion, embracing all forms of warships, was under
Belgium, Italy and Japan. An unofficial observer conLideration. Edwin L. James, London correfor the United States is also to be present at the spondent of the New York "Times," remarked that
gathering.
"there now seems good reason to believe the naval
That the conference will be difficult and trying negotiations have reached a stage justifying the
has been made exceedingly clear in the two months belief that the preliminary conference of the five
since the Young Plan was signed by the experts of naval powers may be held in London, probably in
the tix interested governments and by the two November, which would lead, according to present
Americans — Owen D. Young, and J. Pierpont plans, to a full-fledged naval conference in WashingMorgan—who were invited to the Paris meeting by ton." It was'suggested, moreover, that the formal
the Reparations Commission. The question of conference might be expected about the first part of
Rhineland evacuation will necessarily come up for next year. A further dispatch of Wednesday to the
discussion. The French Government has made it "Times" stated definitely that "Washington and
plain that it will stand by the original announcement London have agreed that in the projected naval conat Geneva last Sept. 16 which declared that evacua- ference battleships shall come up for consideration in
tion is to be arranged and a "Conciliation Commis- an effort to effect a complete limitation of all forms.
sion" substituted, when the reparations problem ofwarships." One additional point of great interfinally is settled. The German Government, on the est in this report was the suggestion that it is.
other hand, has several times declared that it will "entirely possible" the occasion may be taken for
not tolerate the proposed "Conciliation Commission" the advancement of a suggestion that battleships
and moreover will demand immediate evacuation of be abolished.
the Sarre Valley as well as the second and third
Rhineland zones. To a large extent, the British
France presented the spectacle over the last weekLabor Government may be expected to back the end of a confused jumble of political events, which
German demands.
was capped finally by resignation of the Cabinet
A second point of extreme difficulty will concern headed by Premier Raymond Poincare and speedy
the location of the proposed "Bank for International reformation of the same Cabinet under Aristide
Settlements." There have been numerous unoffi- Briand. M. Poincare's determination to resign the
cial intimations from London that Britain will make office which he had held three years was made known
efforts to have this institution located in the British late on July 26, soon after the French Senate voted
capital. The original prospectus, however, provided for unconditional ratification of the Mellon-Berenger
for its location in a country that was neutral during and Churchill-Caillaux debt accords. It appeared
the World War. These major problems and a host also that M. Poincare, weary and ill, had tendered
of minor ones will probably make the Hague confer- his resignation to President Doumergue about ten
ence a long-drawn affair. Aside from these ancil- days previously, the President refusing to accept it
lary questions, the acceptance of the Young scheme on that occasion. With ratification of the accords
is not likely to provide any difficulties, since all the assured, and this further step in his far-reaching
governments are understood to be committed to it. economic program accomplished, the Premier inA discussion of the plan in the House of Commons in sisted that his resignation be accepted, and M.
London late last week brought out some critical re- Doumergue made it immediately effective. Just bemarks from Philip Snowden, Chancellor of the Ex- fore M. Poincare's resignation became effective,
chequer, and David Lloyd George, the Liberal whip. steps were taken in the Chamber of Deputies for
An attempt by the British Government to effect immediate adjournment of the Parliament for
some changes in deliveries in kind was foreshadowed the Summer recess, Louis Barthou, the Minister of
by Mr. Snowden. It is not believed, however, that Justice, presenting the decree. A roar of protest
the Labor Government will insist on such changes followed the reading of the decree, according to a
to the point of imperilling the plan. Acceptance of Paris dispatch to the New York "Times," and a vote
the plan "as a whole which cannot be resolved into was promptly taken which, thought it was purely one
parts" was announced for Italy by Premier Benito of form,showed a majority of 24 against the GovernMussolini Thursday.
ment. "It was made clear," the report added,"that
the anti-Government forces were getting ready to
Conversations on the intricate problem of Anglo- overthrow M. Poincare next week on the question of
American naval reduction were resumed in London the reduction of taxation." M. Barthou was credited
this week, with indications that substantial progress with anticipating this maneuver and thus
saving the
was made toward a naval agreement of wide scope. Cabinet, making its existence dependent
on the will
A conference took place early on Monday between of the Premier and not on that of the Chamber.
Prime Minister MacDonald and A. V. Alexander,
When informed of M. Poincare's desire to relinFirst Lord of the Admiralty, on the one hand, and quish his office, the Cabinet promptly
appointed
Ambassadors Charles G. Dawes and Hugh S. Gibson Foreign Minis-ter Briand and Minister
of Justice
on the other. Much interest was displayed in this Barthou to visit the Premier early last Saturday
and
meeting in both countries, since it followed close on ask him in the name of the country's welfare
to rethe curtailment of cruiser construction announced main as head of the Government if at all possible
by Prime Minister MacDonald and President Hoover for him to do so. The Premier refused to change his
on July 24, concurrently with Mr. Hoover's procla- mind, however, remarking: "I have the right to demation placing the Kellogg-Briand Treaty in effect. fend my own life. You know my character too well
Ave. 3 1929.1.
FINANCIAL CHRONICLE
687
Formal ratification of the Mellon-Berenger debt
to think that I could remain quiet even if I was only
in title the head of the Government. I could not agreement was effected by President Gaston Donhelp taking some part." As a result, the Poincare mergue of France by decree last Saturday, promptly
Cabinet resigned in a body at noon last Saturday. after bills accepting the agreement for settlement
A few hours later, M. Briand, who had already been of the French.debt to the United States were passed
Premier on ten previous occasions, accepted the invi- by the Senate in Paris. Expectations were entertation of President Doumergue to form his eleventh tained for a time that the Chamber of Deputies
Cabinet. "The President of the Republic has asked would follow its close vote for ratification by passage
me to form a Government,and although the situation of a bill making the payments to this country deis difficult, I could not see my way clear to refusing; pendent on the receipt of comparable sums from
I accepted the task," he said. In forming the new Germany under the new Young Plan. This action
Cabinet, several places were offered by Premier has so far failed to materialize, and it now appears
Briand to the parties of the Left which had been likely that French ratification of the agreement will
virtually unrepresented in M. Poincare's Cabinet remain unconditional in every sense.. The final vote
even though they form a majority of the Chamber. in the Chamber of Deputies on the motion authorizThis attempt to gain security for the new regime ing the French President to ratify the accord was
was • unsuccessful, however, the Left declining to 300 in favor of the motion and 292 against it, giving
allow its leaders to accept portfolios. M. Briand the Government only the narrow margin of 8 votes.
therefore adopted the simple expedient, Monday, of In the Senate, where the Government • forces are
reappointing the entire Poincare Cabinet with him- stronger, the resolution was accepted by 242 votes
self at its head. He retained also his portfolio of again 30, with 40 abstentions.
Foreign Affairs, thus insuring his participation in
'Much gratification was occasioned in Washington
the Hague conference on the Young plan, and in the by the French action on the agreement, which was
September meeting of the League Assembly.
concluded in 1926. Statements expressing their satCommenting on his new Cabinet, M. Briand de- isfaction were issued last Saturday by President
clared: "We all know our jobs and we have never Hoover, Secretary of State Stimson, and Secretary
been defeated, so there ceems no reason for any of the Treasury Mellon. Mr. Hoover regarded the
change. "I am sorry that the Radical group has definite settlement of the amounts to be paid as a
not seen fit to consent to my proposal and take part cause for mutual satisfaction, since it removes a
in the Ministerial councils at such an important question that has occasioned much controversy and
time. I am sure, however, that they will give us debate. "I am very much gratified," he said, "to
their support and if we have not succeeded in en- learn that France has ratified the agreement, . . .
larging our Cabinet we shall enlarge our majority." thus disposing, insofar as lies within her power,
Announcement of the formation of the Cabinet of one more of the great financial problems left
was followed by publication of the names of the over by the World War. With the high sense of
Ministers in Tuesday's "Official Journal" and the honor and financial responsibility that have always
issuance of a Presidential decree convoking the characterized the French people, it was always cerSenate and the Chamber of Deputies Wednesday to tain that to the full extent of their abilities they
vote Parliamentary acceptance or rejection of the would meet their obligations." The statement renew Government.
• called that payment of $35,000,000 is provided for in
In his Ministerial declaration to the Chamber in the fiscal year 1930, with rising payments over a
the special session, Wednesday, the Premier ap- period of eleven years until a maximum of $125,pealed for support solely on the basis of the foreign 000,000 annually is reached.
_
developments in the offing. "It seems to us that, in
think, in fairness to the American people, I am
the face of such in event as the Hague conference, justified in mentioning the liberality of
the settleaccord should be poicsible among us," he said. "We ment," the President added. "The
total debt of the
allow ourselves to hope that even those who have, to French Republic to the United States,
as of June 15,
our great regret, felt it their duty to refuse our offers 1925 was approximately $4,230,000,000.
On a 5%
of participation in the new Government will at least basis, which is the rate of
interest borne by the obliby their votes facilitate this international task. The gations given by the French
Government,the present
moment is grave enough to justify the sacrifice of value of the payments
provided for by the Mellonevery other consideration. To us it does not seem Berenger agreement is
$1,682,000,000, or, in other
too much to ask for a three months' truce in such words,a reduction of
approximately 61% of the total
circumstances. The conference at the Hague will indebtedness. This
settlement in effect wipes out
be one more essential link in the chain of organized the entire indebtedness
of France which arose during
peace. In that .great international debate the de- the war period
and simply provides for the payment
fense of the rights and interests of France is our of advances to
French after the Armistice, which
program and our only program. We must face the aggregate, including
accrued interest, $1,655,heaviest responsibilities which Shave weighed on any 000,000." Mr.
Hoover pointed out also that some of
Government since the end of the war, but with your the post-Armistice
advances were made for the
help we are willing to assume them." Despite this liquidation of war-time
obligations of the French
appeal, the Radical Deputies abstained from voting Government, but that these
might well be balanced
when the test came, and as a result the Chamber by the considerable advances
made during the war
sanctioned the new regime by a vote of 325 to 136, for permanent improvements.
"I am giving these
with 139 abstentions. This attitude means that the facts," he remarked, "so that in
recognition of the
strife of parties will be resumed in the Autumn, honorable ,vay in which France
has to meet its
when Parliament reassembles, and the Briand obligations, they will understand
that our people,
regime has already been dubbed in' France "the too, feel.that this settlement
involves a measure of
Cabinet of the Hundred Days."
sacrifice on their part. There is every
reason to
hope and believe that such an agreement, based
as
688
FINANCIAL CHRONICLE
[Vol,. 129.
it is on mutual sacrifice and consideration, cannot Government free to pursue its policies until sittings
' but promote a better understanding between these are resumed on October 29. The Government, in
'two great nations and serve further to cement a the session which began July 2, made several anfriendship that has lasted for a century and a half." nouncements on policy which differed materially
, Secretary of State Stimson announced that a mes- from that of the predecessor Conservative regime.
sage•had been transmitted to former Premier Poin- These announcements, dealing chiefly with naval
care through the American Charge d'Affaires in disarmament, recognition of the Soviet Government,
" Paris in which the Secretary expressed "very deep and steps to relieve unemployment, were clearly fore• personal appreciation of the magnificent effort shadowed in the pre-election campaign. Summarizwhich he made in the debate on the ratification of ing the Parliamentary developments of the month,
the Mellon-Berenger agreement," and his "great per- a dispatch of July 25 to the New York "Times" said:
• sonal regret that the strain which M. Poincare has "In the preliminaries it has been successful, but
thus undergone has undermined his health." Secre- it is too soon for an appraisal of the Government's
tary Mellon, who headed the American Debt Corn- ability to withstand the Opposition's attacks, or to
' mission that fixed the agreement in 1926, said he carry out its program of domestic economy, legisla' was "greatly pleased" at the ratification of the tion and foreign policies. This first month has proaccord by France. The agreement involved some duced no real tests of either its fighting or consacrifice on the part of both France and the United structive capacity."
• States, he
The moc.t unexpected development was the resigindicated, with the likelihood that the
• burden which it involves as regards the French nation on July 24 of Baron Lloyd of Dolobran as
people will grow lighter, relatively speaking, as time High Commissioner for Egypt, which produced a
goes on. "By ratifying this agreement, France has considerable sensation in the House of Commons.
• now eliminated in the relations of the two countries Foreign Secretary Arthur Henderson was interpo' a matter which was disturbing so long as it remained lated in the House by Conservative members, and he
unsettled," Mr. Mellon continued. "At the same admitted sending a telegram to Lord Lloyd which
time this action, by disposing of one of the last of "was of such a character that most people would
the financial problems inherited from the war, will accept it as an invitation to terminate his position."
' make for world stability and will prove a powerful Statements made by Mr. Henderson in the closing
factor in promoting general economic progress." . session on July 26 revealed that Lord Lloyd was
• French ratification of the agreement was fol- not in sympathy with the more liberal policy of the
lowed -Monday by an exchange of notes between new Labor Government toward Egypt. He indi'Secretary Mellon and the French Ambassador, M. cated, moreover, that the High Commissioner had
Claudel, providing for postponement of the maturity -several times found himself at cross-purposes with
date. of the 400,000,000 war stocks payment due the Conservative Government of Prime Minister
August 1. Under the Mellon-Berenger agreement, Stanley Baldwin. "Things became so bad early in
• this debt will be merged with the general French 1929 that the conduct of businel s had become diffi• debt to the United States. In the expectation that cult, since Lord Lloyd was able to accept the views
;French ratification would be effected before the due of the Cabinet on few, if any, points, and vice versa,"
date, the United states Congress voted President the Foreign Secretary said. In reply to a question
Hoover the authority to postpone the payment. This by Mr. Baldwin, he remarked that "whatever our
action was considered advisable since the Mellon: policy is, it will not be put into operation until it
Berenger agreement will not be given full effect until has been submitted for the approval of the Egyptian
it is also ratified by the House and Senate in Wash- people and to this House for ratification."
ington. Acting on the authority of the President,
The Labor Ministers, meanwhile, continued the
Mr. Mellon agreed to the postponement of the war steps taken for resuming relations with Soviet Russupplies debt "until the Mellon-Berenger agreement sia with the result that direct eonversations were
has been approved or disapproved by the Congress of begun this week. An invitation for such a discusthe United States, but in no event shall such date sion had been sent by the British Government
be postponed beyond May 1 1930." It was stipu- through the good offices of the Norwegian Governlated that France in the meantime would continue ment, the Soviet replying on July 23 that Valerian
to pay interest on the obligation in accordance with Dovgalevsky, Russian Ambassador to France, had
the terms of the Mellon-Berenger agreement, such been instructed to proceed to London for this pur, payments in the event of approval to be credited to pose. The Soviet acceptance, made public in Mos; the first annuities specified in the agreement. Mr. cow, said in part: "The Government of the Union
Mellon's note, which M. Claudel accepted in behalf of Soviet Socialist Republics believes it necessary
• of his Government, also made clear that France, to establish a durable agreement of controversial
within a reasonable time after approval of the agree- questions in the shortest possible time and is of
ment by the Congress, will pay to the United States the opinion that such a durable agreement is possible
sufficient sums to bring to a current basis the pay- of achievement only through equal treatment for
ments.due to that time under the agreement. The both sides and by maintenance of mutual dignity and
Secretary remarked in his note that "the Congress respect. The Union Government accepts the rights
, will reconvene shortly, and it is my expectation that and obligations of States in diplomatic relations
the Mellon-Berenger agreement will receive consid- between them as long as the Government of Great
eration at an early date." A number of Senators, Britain accepts these rights and obligations." M.
who were in Washington last week, expressed the Dovgalevsky arrived in London Monday and
,opinion that acceptance of the agreement was promptly began discussions with Mr. Henderson,
.assured by an. overwhelming majority.•
the Foreign Secretary. The opinion was expressed
in authoritative quarters that two questions were
Adjournment of the short session of the British brought up by Mr. Henderson, first, a request for a
,Parliament was taken July 26,leaving the new Labor promise by the Soviet that Communist propaganda
i
AUG. 3 1929.1
FINANCIAL CHRONICLE
will not be employed in England, and second, the
matter of Russian indebtedness to British investors.
An official statement issued after the meeting said
only that "present relationships between the two
countries formed the subject of a friendly exchange
of opinion." It was pointed out in London dispatches that a formal exchange of Ambassadors cannot take place until Parliament has had a chance
to discuss the matter because of a promise to that
effect made by Prime Minister MacDonald. M.
Dovgalevsky informed Mr. Henderson, however, that
Moscow desired an immediate resumption of full
relations,.and when the Foreign Secretary was unable to agree to this, Thun-3day, the negotiations
were interrupted to give the Russian Ambassador
time to communicate with his Government.
Speedy and peaceful adjustment of the Sino-Russian difficulty occasioned by Chinese seizure, on
July 11, of the Russian-owned Chinese Eastern Railway became a virtual certainty this week. Notwithstanding the prompt severance, as a result of this
action, of all diplomatic and consular relations between the two countries, it appeared late last week
that semi-official negotiations were in progress at
Manchuli, on the Manchurian-Siberian border, between B. N. Melnikoff, th8 Russian Consul General
at Harbin, and the Chinese Commissioner for Foreign Affairs in that city. Officials of the Chinese
Government made known in Peiping Thursday their
intention to conduct the negotiations on the basis of
placing all rights and interests in the Chinese Eastern Railway under joint Sino-Russian ownership.
The administrative power over the railway, however,
should be taken over by China, they contended.
Definite assurances of the intentions of the Nanking Government also were given the United States
Government late last week, a Washington dicpatch
to the New York "Times" remarking that "doubts
as to the willingness of China to return the Chinese
Eastern Railway to semi-Russian control have been
largely dispelled with receipt of official advices from
China which went far to reassure the powers that all
foreign property in that country would be respected
in future." Dr. C. T. Wang, the Chinese Foreign
Minister, was said to have declared that the Nationalist Government had taken only temporary control
of the railroad and that Russian interests had not
been nullified. "The vigilance of the powers in
watching the situation is not to be relaxed," the
Washington dispatch stated, "although if the promises of Foreign Minister Wang are applied it is believed that no further steps will be necessary on
the part of foreign powers."
689
block the strong Bolivian desire for an outlet to the
Pacific. Forming an integral part of the treaty,
the protocol declares: "The Governments of Chile
and Peru cannot under the previous agreement cede
to a third power the whole or any part of the territories mentioned in the treaty. The territories will
remain under their respective sovereignties and, because of this provision, it is prohibited to construct
on them now international lines." The ceremony of
ratification included the payment by Chile to Peru
of 49,600,000 Chilean pesos (about 46,000,000), as
provided for in the treaty, President Carlos Ibanez
handing a check for this amount to the Peruvian
Ambassador, Cesar Elguera.
There have been no changes this week in the discount rates of any of the central banks of Europe,
except that on Wednesday the Bank of Belgium
raised its rate from 4% to 5%. Rates continue at
71A% in Germany; at 7% in Italy; at 5% in Great
Britain, Holland, Norway and Spain; 5% in Denmark; 4% in Sweden; and 332% in France and
Switzerland. London open market discounts for
8% on Friday
7-16% against 5/
short bills are 5/@5
3
of last week, and 53/2% for long bills the same as on the previous Friday. Money on call in London
4%. At Paris open market disyesterday was 33
4%.
counts remain at 33/2%, and in Switzerland at 31
The statement of the Bank of England for the week
ended July 31 shows a decrease of £8,089,914 in gold
holdings and an expansion of £4,486,000 in circulation. Reserves therefore decreased £12,576,000.
Gold holdings now aggregate £142,610,244 compared with. £150,700,158 last week, £155,665,097
two weeks ago and £173,659,029 the corresponding
period last year. A decrease of £606,000 was shown
in public deposits while private deposits increased
£471,225. The latter is subdivided into deposits for
bankers' accounts, which contracted £731,942, and
those for other accounts which expanded £1,203,167.
Although the total deposits showed a sight loss of
£134,775, the decrease in reserves, was so large as to
bring the proportion of reserves to liabilities down
from 39.72% last week to 28.23% this week. A year
ago the ratio was 48.56%. Reserves now total £30,792,000 as compared with £43,368,000 a week ago
and £56,193,000 a year ago. Loans on Government
securities and those on other securities showed
increases of £11,475,000 and £1,002,708, respectively.
Other securities includes "discounts and advances" •
and "securities." The former increased £524,258 and
the latter £478,450. The rate of discount reinains'.
51A%. Below we give a comparison of the various,,
items for 5 years.
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
Exchange of ratifications of the Tacna-Arica
. 1026...
• 1927.
1925. • I.
1928.
1929.
Aug. 3.
. Aug. 4.
Aug. 5..
Treaty, settling the long-standing territorial dispute
Aug. 1.
July 31.
.
£
between Chile and Peru, was effected in Santiago, Circulation
a371,817,000 137,216,000 138,342,010 142,503,470 .146,319,625
deposits
11,078,000 12,171,000 9,521,683 8,366,960 11,037,467
Chile, last Sunday, in the presence of many officials Public
97,964,585 103,540,000 102,840,165 1,38,491,60.1 .11.0,497,528j
Other deposits
Bankers'
60,277,499
accounts
countries.
The
both
ceremony
was timed to coinof
,...;
Other accounts
37,687,086
cide with the 108th anniversary of Peruvian inde- Governin't securities 62,256,855 29,202,000 52,076.999 36,340,326, 33,508,520.
_ _ _ 34,102,467 48,423,000 44,740,905 68;543;557' 68229.479
pendence. Concurrently with this action, the two Other securities_
9,951.195
Disct. & advances
'
Governments made public the text of a supplemen- Securities
24,151,272
Reserve notes & coin 30,792,000 56,193,000 33,676,770 30,090,674 • 37.930,527.:
tary protocol to the general treaty which caused a Coin and bullion_ 142,610,244 173,659,029 152,268,780 152,844,144 164.500.152.•
of reserve
• good deal of surprise in Washington and other capi- proportion
29.97%
25.75%
314 : • .
28.23%
48.56%
to liabilities
5%
454%
5%
tals. The protocol, theretofore unrevealed, provided Bank rate
534%
454%
a On Nov. 29 1928 the fiduclary currency was amalgamated with Bank of England
further details for the relations between the two note
Bank
of
£234,199,000
amount
of
that
time
to
the
adding
at
issues,
EnglaA4 .
• countries and also declared emphatically that no notes outstanding.
,
The Bank of France statement for the week ending'
part of the territory covered in the general treaty
-1
could be ceded to a third power. This appears to July 27, shows an increase in gold holdings of 513,-
•
.Vf.
690
FINANCIAL CHRONICLE
531,504 francs, raising the total of the item to
37,299,601,159 francs, as compared with 36,786,069,655 francs of last week and 36,660,637,935, francs
two weeks ago. Credit balances abroad decreased
9,000,000 francs. Due to an increase- in note circulation of 26,000,000 francs the item now aggregates
64,136,181,345 francs. French commercial bills discounted expanded 679,000,000 francs and bills
bought abroad 16,000,000 francs.
An increase
appeared in creditor current accounts of 1,095,000,000 francs and a decrease in advances against
securities of 61,000,000 francs. Below we give a
comparison of the various items for three weeks past:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as of
for Week.
July 27 1929. July 20 1929. July 13 1929.
Francs.
Francs.
Francs.
Francs.
Gold holdings ----Inc. 513;531;504 37,299,601,159 36,786,069,655 36,660,637,935
Credit bais. aked_Dec. 9,000.000 7,325,378,319 7,334,378,319 7,318,378,319
French com'l bills
discounted
Inc. 679,000,000 8,404,278,297 7,725,278,297 7,488,278,297
BIM bought abed_Ine. 16,000,000 18,502,146,341 18,486,146,341 18,464,146.341
Adv. agt. securs _ _Dec. 61,000,000 2,354,464,900 2,415,464,900 2,456,464,900
Note circulation _Inc. 26,000.000 64.136,181,345 64,110,181,345 64,554,181,345
Ored. curr. accts. _Inc.1095,000.000 18,317.690,903 17,222,690.903 17,863,690,903
In its statement for the last week of July, the
Bank of Germany shows an increase in gold and
bullion of 63,010,000 marks, raising the total to
2,148,333,000 marks. The gold holdings for the
corresponding week last year aggregated 2,199,655,000 marks, and the year before to 1,801,047,000
marks. Deposits abroad remained Unchanged.
Notes in circulation expanded 634,472,000 marks;
the total now is 4,725,526,000 marks.' Reserves
in foreign currency declined 906,000 marks and
silver and other coin 19,583,000 marks. Due to a
large gain in bills of exchange and checks of 555,385,000 marks, the item now amounts to 2,688,708,000 marks. An increase was shown in advances
against securities of 55,914,000 marks and in other
liabilities of 8,469,000 marks. Notes on other
German banks contracted 18,282,000 marks and
investments remained unchanged. A decline of
21,640,000 marks was shown in other assets and
35,043,000 marks in other daily maturing obligations. A comparison of the various items for three
years is shown below:
REICHSBANK'S COMPARATIVE STATEMENT.
Changesfor
July 31 1929. July 311928. July 31 1927.
Week.
Assets—
Reichsmark:.
Retchsmarks. Retchsmarks. Reichsmarks.
Gold and bullion
Inc. 63,010,000 2,148,333,000 2,199.855,000 1,801,047,000
Of which depos. abed. Unchanged
142,887,000
85,676,000
57,878,000
We've in for'n curl _ _Dee.
906,000 339.882.000 183,688,000 179,059,000
Bills of each.& checks.Inc. 555,385.000 2,688,708,000 2,516,486,000 2,512,094,000
Silver and other coin_ _Deo. 19,583,000 125,455,000
93,234,000
86,221,000
Notes on oth.Ger. bks.Dee. 18,282,000
5,148,000
10,075,000
7,389,000
Advances
Inc. 55,914,000 109,121,000
63,621,000
76,876.000
Investments
Unchanged
92.891,000
93,968,000
92,322,000
Other assets
Dec. 21,640,000 518,525,000 578,922,000 470,689,000
Ltabilifte-t—
Notes in circulation_ _Inc. 634,472,000 4,725,526,000 4,569,272,000 3,928,220,000
0th. daily mat. oblig_Dec. 35,043,000 515,863,000 561,528.000 553,347,000
Other liabilities
Inc. 8,469.000 338.276,000 236,860,000 364,694,000
•
[VOL. 129.
to 10% on new loans. Withdrawals by the banks
amounted to $35,000,000. The call loan rate was
maintained at 10% Tuesday and Wednesday, without deviation, although withdrawals were only
nominal. Needs were heavier on Thursday, and
after renewing at 10%, the rate for call loans was
advanced to 12%. Bank withdrawals were estimated at $40,000,000. In yesterday's market, the
call loans rate was 10% throughout, withdrawals in
this session amounting to approximately $30,000,000.
Time loans were marked up swiftly in the course of
the week from 83. to 83/2% Monday, to 8% and 9%.
Two compilations of brokers' loans against stock
and bond collateral were issued this week, as already
stated, and both showed great accessions which carried the totals to high records for all time. The
weekly tabulation of the New York Federal Reserve Bank registered a gain of $52,000,000 in the
period ended Wednesday night. The tabulation of
the New York Stock Exchange for the month of
July, issued late yesterday, marked an increase of
$402,573,019. Gold movements through the Port
of New York for the week ended Wednesday night
consisted of imports of $1,078,000 and exports of
$110,000. The stock of gold earmarked for foreign
account, however, was increased by $6,997,000, indicating a net loss of gold ,,of $6,030,000.
Dealing in detail with the call loan rates on the
Stock Exchange from day to day the rate on Monday on new loans rose to 10% after renewal had been
put through at 9%. On Tuesday and Wednesday
all loans were at 10%, including renewals. On
Thursday after renewals had again been effected at
10% there was an advance to 12%. On Friday
the rate fell back to 10%, this being the only rate for
the day. Time money moved still higher. On
Monday the quotations were 83/2% for 30 to 90 days
2%for four to six months. On Tuesday,
and 83@83/
Wednesday, Thursday and Friday 8%@9% for 30
to 90 days and 83'@.8%% for four to six months.
Commercial paper in the open market continued dull
and inactive. Rates for names of choice character
maturing in four to six months remain at 6%, while •
names less well known are 63.@,6%, with New
England mill paper quoted at 6%%.
114•11-
The market for prime bankers' acceptances has
been without noteworthy movement this week, with
an abundance of offerings, but little buying. Rates
have continued unchanged. The posted rates of the
American Acceptance Council remain at 53,% bid
and 51A% asked for bills running 30 days, and also
for 60 and 90 days, and at 5/% bid and 51A% asked
for 120, 150 and 180 days. The Acceptance Council
no longer gives the fates for call loans secured by
acceptances, the rates varying .widely. Open market rates for acceptances have also remained unchanged as below:
An upward tendency in money rates prevailed in
the New York market this week, with a number of
influences combining to accentuate the stringency
that has existed now for approximately a year. That
funds continue to be absorbed in great quantities in
SPOT DELIVERY.
stock market speculation is indicated by the rising
--180 Days—
—150 Days—
—120 Doye—
n!. Asked.
Bid. Asked,
Bid. Asked.
totals of brokers loans, which establish new records Prime eligible bibs
51.g
5%
51
514
54
5%
week by; wetl. Funds also are being required in
—90 Daps—
—80 Days—
—30 Days—
Bid. Asked.
Bid. Asked.
Bid. Asked
increasing amounts for crop moving purposes. In- Prime eligible bills
514
5yi
54
54
534
534
dustrial requirements likewise have been heavy this
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
534 bid
summer, trade and Manufacture showing hardly any Eligible non-member banks
531 bid
recession for the season. To these influences in the
past week were added the usual month-end needs.
There have been nO changes this week in the redisDemand loans renewed Monday at 9%, but demand count rates of the Federal Reserve banks. The
exceeded supply at this figure and the rate advanced following is the schedule of rates now in effect for
AUG. 3 1929.1
FINANCIAL CHRONICLE
691
the various classes of paper at the different Reserve on this side, so that the hazards of the autumn,
when exchange turns against London, are in no way
banks:
diminished.
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
Some bankers even intimate that there is a possibility
of a further loss of gold by London to New
Rate in
Date
Previous
Federal Reserve Bank.
Effect on
York. It is the opinion of many that London's
Established.
Rate.
Aug. 2.
exports of gold to New York would have been greater
July 19 1928
5
4j.
Boston
July 13 1928
New York
5
43.
July 26 1928
but for accommodations arrived at through co4 Si
5
Philadelphia
Aug. 1 1928
4 ti
Cleveland
5
July 13 1928
4
5
operative arrangements between London and AmeriRichmond
July 14 1928
Atlanta
5
4l.
July 11 1928
Chicago
5
4l.
can banking authorities. In July our gold imports
July 19 1928
4 ti
St. Louis
5
May 14 1929
4
5
Minneapolis
for the month totaled $29,980,000, following imports
May 6 1929
44
Kansas City
5
Mar. 2 1929
Dallas
414
5
in June of $28,370,000. Of the July imports, $9,May 20 1929
San Francisco
5
44
740,000 was received from Great Britain and in June
the gold from the same source .totaled $9,305,000.
Sterling exchange, after showing strength the early It would seem then that the English banking authoripart of the week, developed weakness the latter ties face grave difficulties in maintaing their position.
part. The range this week has been from 4.84 11-16 Much of the demand for sterling this week and last
to 4.853i for bankers' sight, compared with 4.84 9-16 arose because a majority of opinion in banking circles
to 4.85 last week. The range for cable transfers has counted upon an increase in the Bank of England
been from 4.85 3-16 to 4.85 9-16, compared with rate.
4.85 1-32 to 4.85 15-32 the week before. The outIt is pointed out in some quarters that any increase
standing feature of exchange continues to be the in the official rate of rediscount could not arrest the
feeling of uncertainty engendered by the steady loss export movement to France, and that these exports
of gold by the Bank of England. which has been were in the nature of special transactions. European
going on for a month. At present the greater part dispatches indicate that the English are alarmed
of the London gold exports are to Paris, whereas a over the extent of the gold shipments to France,
few weeks ago the shipments were to both Paris which have now exceeded £15,000,000 within a few
and Berlin, and still a little earlier to Berlin, Paris weeks, and it is intimated that some part of the gold
and New York. ,Owing to the heavy outflow of has been taken for the purpose of intimidating
gold from London, rumors were rife in the foreign London interests seeking to make the headquarters
exchange market that the Bank of England would of the proposed Bank for International Settlements
probably increase its rediscount rate on Thursday at London rather than some other European city.
from 532% to 63/2%. No change was made in the However, the gold holdings of the Bank of England
rate, however. Bankers are now looking forward may be threatened, there can be no gainsaying the
to a probable marking up of the Bank's official fact that both political and business interests in
rate of rediscount 'within the next week or two Great Britain are urging that there should be no
and many profess to believe that a change in the marking up of the official rate, lest general business
rate simply awaits the return to London of Montagu interests suffer. Hence, while the gold holdings are
Norman, Governor of the Bank of England. Mr. now approximately £8,000,000 under the Cunliffe
Norman left this side last Sunday. Many bankers minimum of £150,000,000 and are likely to decline
believe that an increase in the English Bank rate is still further, there is a strong body of opinion advoinevitable in the near future if the Bank's gold cating that the Bank of England should rather than
reserves are to be maintained and the heavy autumn raise its rate of rediscount approach the Treasury
drain successfully encountered.
with a view to increasing the fiduciary note issue
There was a sharp advance in bill rates in London above the statutory minimum of £260,000,000.
early in the week to a fraction above the official rate, The Currency and Bank Notes Act of 1928 envisaged
and this strengthens the fears that a higher rate of such a possibility, it is claimed, in the case of emerrediscount is in prospect. The possibility of a change gencies. Such a step, it is argued, would have the
in the rate has been largely responsible for much of effect of permitting still further reductions in the
the activity on many occasions during the past two present gold stock without greatly endangering the
weeks. Although the rates on marks and francs status of the currency. London dispatches on
have declined as a result of the heavy gold shipments Wednesday stated that the city was in an optimistic
from London, the gold drain to Paris continues, and mood as the result of the prevailing belief that
since the French holdings of sterling are exceptionally Governor Norman of the Bank of England has
large the London exports may continue still further, achieved substantial results by this visit to the
reducing the ratio of English reserves to a dangerously United States, and that American and British
low point when the autumn pressure as a seasonal finances may present a united front to avert further
factor turns exchange against London. The state- undue pressure on sterling. On Saturday the Bank
ment of the Bank of England just issued as of Aug. 1 of England sold £1,297,711 in gold bars. Bullion
shows a reduction in bullion of £8,089,914 for the brokers in London stated that £500,000 of this gold
week ending July 31, bringing the total stock to was taken for shipment to France and the rest to
£142,610,244. This compares with bullion holdings Germany. On Monday. the Bank sold £2,857,213
of a year ago of £173,659,029. Since the Bank's in gold bars and exported £3,000 in sovereigns. Of
statement was issued a further £1,306,866 was sold the £2,857,213 it is believed that £2,357,213 were
by the Bank, all of which was taken for French ship- taken for Paris and the remainder for Germany.
ment. Of course, the strong money rates in New On Tuesday the Bank of England sold £1,022,353 in
York are in no way favorable to sterling and are gold bars and bought £16, in foreign gold coin. Of
largely responsible for the firming up of money in the gold sold on.that day approximately 068,000
most centres. For the present, at least, there seems were purchased for shipment to France and the rest
to be little prospect of material easing in money rates was absorbed by the requirements of the trade and
692
FINANCIAL CHRONICLE
of India. On Wednesday the Bank bought £339,094
in gold bars and sold £742,354 in gold bars and released from earmark £350,000 in sovereigns. The
entire shipment of gold bars was taken for Paris.
On Thursday the Bank of England sold £1,306,866
in gold bars, all of which is understood to have been
taken for shipment to Paris. On Friday the Bank
sold £324,349 gold bars and exported £2,000 sovereigns, but released £500,000 from earmark.
At the Port of New York the gold movement for
the week July 25-July 31 inclusive, as reported by
the Federal Reserve Bank of New York, consisted
of imports of $1,078,000, of which $900,000 came
from Argentina and $178,000 from Latin America.
Exports totaled $111,000, of which $101,000 were
shipped to Mexico and $10,000 to Trinidad. The
Reserve Bank reported a net increase in gold earmarked for foreign account of $6,997,000. In tabular form the gold movement at the Port of New York
for the week ended on July 31, as reported by the
Federal iteserve Bank of New York, was as follows:
GOLD MOVEMENT AT NEW YORK, JULY 25-31, INCLUSIVE.
Imports.
Exports.
9900,000 from Argentina
8101,000 to Mexico
178,000 chiefly from Latin Amer.
10,000 to Trinidad
$1.078,000 Total
8111,000 Total
Net Change in Gold Earmarked for Foreign Account.
Increase $6,997.000
Canadian exchange, while still at a discount,
shows improvement over the past several months,
the discount on Montreal funds ruling on average
at 15-64 to 5-16 of 1% discount.
' Referring to day-to-day rates sterling exchange on
Saturday last was steady and in moderate demand.
Bankers' sight was 4.84 27-32@4.85; cable transfers
were 4.85 7-32@4.85%. On Monday sterling was
firm. The range was 4.84%@4.851
/
g for demand,
and 4.85%@4.85 9-16 for cable transfers.
On
Tuesday the market was irregular, but with sterling
in demand. The range was 4.84%@4.851
/ for
bankers' sight and 4.853
/
s@4.85 9-16 for cable
transfers. On Wednesday the market was quiet
and sterling worked fractionally lower. Bankers'
sight was 4.84 13-16@4.85 and cable transfers
were 4.85 5-16@4.85/
38. On Thursday the market
was still easier. The range was 4.84 11-16@4.843/
for bankers' sight and 4.85 3-16@4.853 for cable
transfers. On Friday, market was slightly firmer;
the range was 4.849@4.84% for bankers' sight and
4.85 3-16@4.85 5-16 for cable transfers. Closing
quotations on Friday were 4.843/i for demand and
4.853 for cable transfers. Commercial sight bills
finished at 4.849; 60-day bills at 4.79 13-16; 90-day
5 documents for payment (60 days)
bills at 4.77%;
at 4.79 13-16, and 7-day grain bills at 4.84. Cotton
and grain for payment closed at 4.84%.
The Continental exchanges, while relatively firm,
have receded somewhat from the higher ground of
the past weeks. As noted above, a great deal of
the interest in exchange is focussed upon the heavy
gold withdrawals of France from London. French
francs in the New York market have averaged lower
this week and the rate of the franc with respect to
the pound has decreased sufficiently to give rise in
some quarters in London to the hope that the gold
flow from London'to Paris will soon come to an end.
This week the Bank of France shows total gold holdings as of July 26 of 37,299,000,000 francs, an increase over the previous week of 513,500,000 francs.
Besides the gold taken from England, France re-
[VoL.129.
ceived a shipment of 1,650,000 florins in gold from
the Bank of The Netherlands. The gold withdrawals
by Paris from London up to the end of July are believed to have reached £15,000,000. The present
fractional decline of the franc is of comparatively
little importance, as the Bank of France and French
bankers hold large balances in both London and .
New York. A considerable part of the gold withdrawals from London and the transfer of French
balances from this side is due partly to improved
confidence on the part of the French in their own
financial outlook, and partly to increased opportunities for employing funds at home.
German marks have been in moderate demand,
although ruling lower. The firmness in marks may
be judged from the fact that the average rate for
cable transfers . this week has been around 23.84,
whereas dollar parity is 23.82. The recent heavy
shipments of gold from Berlin to London have reduced the sterling-mark rate, but not to a point
sufficiently low to bring the gold movement from
London to Berlin to a halt.
Italian lire, Swiss francs and belga,s have been
steady, but show a fractional ease due to the improvement in sterling with respect to the Continental
exchanges and especially to the improvement in the
position of London with respect to Berlin and Paris,
since these minor exchanges move for the most part
more in sympathy with Berlin and Paris than with
London. On Wednesday the National Bank of
Belgium advanced its discount rate to 5% from 4%.
Exchange on Jugoslavia is of extremely minor
importance in this market. The dinar is nominally
quoted here at 1.75%, par being 3.193. Interest
attaches to the currency this week owing to a dispatch from Vienna to the Wall Street "Journal"
which says:
The Jugoslavian Minister of Finance has just announced that the
question of stabilization of the dinar at present rates is again under study
and will be undertaken as soon as circumstances permit. Stabilization has
been long overdue.
It was delayed first by disputes over pre-war Serbian foreign loans
and then by unfavorable market conditions abroad. The currency position
is considerably weaker than it was six months ago and therefore renewed
efforts will be made to place it on a solid basis. The markets abroad
are still so ill disposed as to render the chances of a stabilization loan in
the near future rather slender.
The Jugoslavian National Bank has maintained its rate at 6% for
seven consecutive years, but it is largely a theoretical rate, for commercial banks discount even the finest paper at no less than 12% and
13%, while in the country districts farmers are paying 25% and more for
short term credits. However,the National Bank has succeeded in keeping
the dinar stable in terms of dollars and cents since the middle of 1925.
It has been aided recently in this task by a loan of 822,000,000 from the
Swedish Match Trust.
National bank's cash reserve to-day is calculated at only 25% of
deposits and note circulation. Hence the urgent need of foreign capital
for stabilization.
The London check rate on Paris closed at 123.85
on Friday of this week, against 123.73 on Friday of
last week. In New York sight bills on the French
centre finished at 3.91%, against 3.923/ on Friday a
week ago; cable transfers at 3.91%, against 3.923
%,
and commercial sight bills at 3.913
/
8, against 3.913
%.
Antwerp belgas finished at 13.90 for checks and at
% for cable transfers, against
13.903
13.893 and
13.90 on Friday of last week. Final quotations for
Berlin marks were 23.83 for checks and 23.84 for cable
transfers, in comparison with 23.833, and 23.843 a
week earlier. Italian lire closed at 5.22% for bankers' sight bills and at 5.233/
8 for cable transfers, as
against 5.22% and 5.233' on'Friday of last week.
Austrian schillings closed at 14.10 on Friday of this
week, against 14.10 on Friday of last week. Exchange on Czechoslovakia finished at 2.963', against
2.963/s; on Bucharest at 0.593, against 0.593'; on
Poland at 11.23, against 11.23, and on Finland at
2.52, against 2.52. Greek exchange closed at 1.293i
AUG. 3.1929.1
693
FINANCIAL CHRONICLE
of this renewed
for checks and at 1.293/2 for cable transfers, against quotations at this time as the result
money rates and
that
fact
the
for
but
confidence
,1.293. and 1.293/2.
opportunities are so strong in New York and London
speculators
The exchanges of the countries neutral during the as to be highly attractive to Japanese
checks
yen
for
quotations
Closing
investors.
and
been
war have been dull. Scandinavian units have
on
7-16
453.(0)46
against
15-16,
8@46
/
465
were
show
and
Swedish
ruling steady and the Norwegian
483(4),
at
closed
Kong
fractional improvement, due to steady improvement Friday of last week. Hong
Shanghai at 583',
9-16;
48%@48
against
9-16,
48
countries
n
the
Scandinavia
in
in business conditions
against 50; Singa50,
at
Manila
8@,58;
and to increased tourist demands, a feature ot ex- against 58/
Bombay
563/s@563;
against
563g@563,
change which all European countries enjoy to a pore at
against
363/g,
at
Calcutta
and
363/s,
against
8,
greater or less extent at this season. Holland guild- at 363/
ers continue under pressure and relatively lower than 361A.
most of the other European currencies. This is due
Pursuant to the requirements of Section 522 of the
largely to the fact that while money rates have firmed
Act of 1922, the Federal Reserve Bank is now
Tariff
up recently in Amsterdam, theer is a steady flow of
daily to the Secretary of the Treasury the
certifying
Dutch funds to other markets where money rates are
for cable transfers in the different counrate
buying
of
highly attractive to temporarily unemployed funds,
below a record for the
which Amsterdam has always an excessively large tries of the world. We giire
volume. As noted above, the Bank of the Nether- week just past:
lands' shipped 1,650,000 florins gold to Paris during FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACTS OF 19=
the week, the florin rate having sunk to the import
JULY 27 1929 TO AUG. 2 1929, INCLUSIVE.
point in the wake of sterling, despite the Dutch bank
Rate for Cable Transfers to New York
rediscount rate of 53/2%. Spanish pesetas continue Country and Mondani Noon BuyingValue in United States Money.
to show improvement as a result of. Government
July 27. July 29. July 30. July 31. Aug. I. Aug. 2.
$
8
$
$
8
activities in support of the peseta.
$
EUROPE.140652
whining.- .140619 .140547 .140659 .140569 .140617 .139015
.138978 .139003 .139082 .139055 .139051
Bankers' sight on Amsterdam finished on Friday Austria.
Belgium. belga
.007181 .007160 .007211 .007179 .007220 .007181
lev
.029592 .029587
at 40.053, against 40.081A on Friday of last week; Bulgaria,
Czechoslovakia, krone .029590 .029594 .029592 .029589 .266438 .268427
.266461 .266492 .266556 .286469
Denmark, krone
cable transfers at 40.073., against 40.103/2, and com- England. pound
.853296 .854598 4.854761 .852684 4.851896 4.852400
ling
.02.5142 .025151 .025154 .025150 .025152 .025145
mercial sight bills at 40.02, against 40.05. Swiss Finland, markka
.039211 .039231 .039217 .039188 .039187 .039180
France. franc
reichamark .238408 .238410 .238382 .238324 .238296 .238291
francs closed at 19.233 for bankers' sight bills and Germany,
.012918 .012921 .012921 .012925 .012922 .012920
Greece. drachma
.401039 .401108 .401113 .401047 .400793 .400716
Holland, guilder
at 19.243 for cable transfers, in comparison with Hungary,
.174303 .174261 .174280 .174320 .174333 .174317
pengo
.052304 .052297 .052293 .052291 .052293 .052291
lira
Italy,
checks
1923 and 1924 a week earlier. Copenhagen
.266508 266539 .266626 .266542 .266538 .266488
Norway, krone
.111940 .111877 .111877 .111925 .111872 .111885
Poland, zloty
finished at 26.633 and cable transfers at 26.65, Portugal.
.044730 .044370 .044740 .044730 .044575 .044720
escudo
.005935 .005936 .005925 .005937 .005933 .005935
Rumania, leu
closed
and
Sweden
26.65.
26.633
on
Checks
against
.145892 .145926 .146001 .148167 .148128 .146075
Spain, peseta
.268030 .268054 .268061 .268028 .268027 .268015
krona
at 26.793 and cable transfers at 26.81, against Sweden.
.192394 .192416 .192438 .192441 .192416 .192387
Switzerland, franc
.017554
Yugoslavia. dinar-. .017552 .017550 .017555 .017548 .017558
finished
on
Norway
while
checks
26.81,
and
ASIA26.793'
.606250 .605000 .599583 .600833 .599583 .600833
at 26.643/ and cable transfers at 26.66, against ChinaChefoo tael
.597187 .595000 .591562 .593125 .591562 .593125
Hankow tad
.581767 .579842 .576500 .577857 .576607 .578035
tael
26.64 and 26.65. Spanish pesetas closd at 14.61 Shanghai.tad
.617291 .815625 .609583 .611250 .609583 .610833
l
Tientsin
.481428
Kong dollar.- .482535 .482321 .480964 .481428 .481071 .415833
for checks and at 14.62 for cable transfers, which Hong
Mexican dollar.... .417916 .416886 .415625 .418458 .416250
Tientsin or Pelyang
compares with 14.59 and 14.60 a week earlier.
.420833 .419583 .418541 .418541 .418333 .418750
dollar
The South American exchanges have been dull.
Argentine exchanges his been ruling steady owing
largely to the fact that so much gold has been shipped
to New York and London in recent weeks to improve
the position of the unit. During the past seven months
of the year, until the end of July, Argentina has
sent a total of approximately $51,000,000 in gold
to New York. The peso has not responded to this
gold movement as fully as it might, owing chiefly
to labor troubles at the Port of Rosario in recent
months. Argentine- paper pesos closed on Friday at
42.02 for checks, as compared with 42.02 on Friday
of last week, and at 42.07 for cable transfers, against
42.07. Brazilian milreis finished at 11.85 for checks
and at 11.88 for cable transfers, against 11.86 and
11.89. Chilean exchange closed at 12.10 for checks
and at 12.15 for cable transfers, against 123'g and
12 3-16, and Peru at 3.98 for checks and at 3.99 for
cable transfers, against 3.98 and 3.99.
Yuan dollar
India. rupee
Japan, yen
Singapere(S. S.) dollar
NORTH AMER.Canada, dollar
Cuba, peso
Mexico, Pe60
Newfoundland. dolls
SOUTH AMERArgentina. peso (gold)
Brash. milrels
Chile, peso
Uruguay. peso
fletInmhis
rt..,
.417500
.3.59728
.482181
.558750
.416250
.3.59825
.462521
.558750
.415208
.359771
.462943
.558750
.415208
.359667
.483693
.558958
.415000
.359787
.466359
.558918
.415416
.359762
.466240
.558916
.997031
.999018
.483200
994218
.996858
.999050
.483125
.994212
.997349
.998987
.483575
.994585
.997407
.999112
.483425
.994647
.997407
.999237
.484075
.994867
.9975.54
.999656
.484050
.994790
.953966
118597
120621
987135
oac3nn
.953718
.118590
.120632
.992514
0651110
.953962
.118568
.120425
990274
988900
.954063
.118590
.120508
.988789
.963900
.954242 .953988
.118609 .118581
.120709 .120572
.988550 .988814
993900 963900
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 ClearHouse each day as follows:
ing
The Far Eastern exchanges have been dull and
show practically no change from the past few weeks, DAILY CREDIT BALANCES OF NE V YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
except in the case of Japanese yen. The Chinese
Monday. Tuesday, 1Wednescry, Thursday, Friday,
A yyregate
rates move strictly in conformity to the changes in Saturday,
for Ira*.
July 29. Juk 30.
July 27.
Aug. 1.
July 31.
Aug. 2.
yen
continue firm as
the price of silver. Japanese
s
the result of confidence entertained both in Japan 111.000,000 105.000.000 140.000.000 147,000,000 190.000,000 110,000,000 Cr. 931.000,000
Note.-The foregoing heavy credits
the huge mass of checks which come
and abroad that the Government will soon remove to the New York Reserve Bank from reflect
all parts of the country in the operation of
the Federal Reserve System's par collectiontscheme. These large credit balances.
the gold embargo and bring yen back to full gold however, reflect only a part of the Reserve Bank's operations with the Clearing
House institutions, as only the items
in New York City are represented
standard. The yen might be registering still higher the daily balances. The large volumepayable
of checks on institutions located outside of
694
FINANCIAL CHRONICLE
New York are not accounted for In arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
[Vol,. 129.
taining that the debts could not be paid save in the
measure in which France was assured of reparation
payments from Germany.
The following table indicates the amou t of bulThe past three years have seen a gradual, but none
lion in the principal European banks:
the less notable, modification of this intransigent
Aug. 1 1929.
attitude. Time and circumstance have mellowed a
Aug. 2 1928.
Banks of
Gold.
Silver.
Total. I
mind which had long seemed hopelessly legalistic.
Gold.
Total,
£
£
£
£
I
Wholly
lacking in the art of winning popular affecEngland __ 142.610,244
142,610,244 173,659,029
173,659,029
France a_998,396,809
d
298.396,809239.346.40
d
239,346,403 tion or applause, M. Poincare again and again
won
Germany b 100,272.300
c994.600 101,266,900 105.701,45
994,600,106,696,050
Spain ____ 102,513,000 28,761,
131,274,000 104,337,000 28,272,000 132,609,000 support
from a reluctant and even hostile Chamber
Italy
55,792,000,
55.792.000 52,855,
52,855.000
Neth'Iands 37,451,000, 1,751,000 39,202,000 26,242,000 1,948,
28,190,000
Nat. Bela_ 28,561,000, 1.270,000 29,831,000 22,944,000 1,250,000 24,194,000 by sheer force of intellectual ability.
The skill with
Swits'land 19.877,0001 1,397,000 21,274,000 17,914,000 2,250,
20.164,000 which he
carried through the financial reorganizaSweden___ 12,979,000
12,979,000 12,792,000
12,792,000
Denmark _ 9,588,0001
419,000 10,007,000 10,103,000
10,718,000 tion
of France and the stabilization of the franc
Norway __ 8,154,000
8,154,000 8,166.000
8,166.000
Total week 816,194,353, 34,592,600850,786,953 774,059,882 35,329,600809,389,482 placed him in the front rank of European statesmen.
Prey. week 818.499,015 34,562,600 853,061,615 781,819,911 35,269,600817,089.511
Once the financial stability of 'the country was asa 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 sured, his attitude
toward the debts also changed,
abroad, the amount of which the present year is E7,144,350. c As of Oct. 7 1924.
d Silver Is now reported at only a trifling sum.
and the memorable debate in which he literally
wrung from the Chamber approval of the MellonThe Change of Ministry in France—Poincare Berenger
agreement and the agreement with Great
and Briand.
Britain, while it broke his apparently inexhaustible
The resignation of M. Poincare as President of the physical strength, was
a performance without a
Council, or Premier, on July 27, did not occasion parallel in French parliamen
tary history. The
great surprise either in France or in other countries. stabilization of the
franc and the ratification of the
Itepeatedly, during the Past three years, the rela- debt agreements will' be his monument
, whatever
tions between the Ministry and Parliament, particu- other may in time be erected.
larly the Chamber of Deputies, have been so strained
To what extent M. Poincare's change of front in
that the resignation of the Government seemed regard to reparations and
war debts was due to a
imminent, although, when a test vote came to be corresponding change in
French public opinion it
taken, the support that was necessary has been forth- would be difficult to say
with precision. M. Poincoming. The immediate occasion of the change of care was not a man to shift
his ground merely beMinistry which has just taken place was the serious cause public opinion had
taken a new position.
impairment of M. Poincare's health due to the long Something, perhaps a good
deal, is doubtless to be
strain of heavy and uninterrupted work, and ascribed to the smooth working of
the Dawes Plan,
especially the extraordinary effort involved in carry- as something was doubtless also
learned from the
ing through Parliament the ratification of the war costly experiment in the Ruhr.
The high standing
debt agreements with the United States and Great of the men who formed the recent committe
e of exBritain. A specific disorder, necessitating surgical perts at Paris, and the thoroughness with
which they
interference, brought the Premier to the conclusion went about their work, would naturally appeal
to a
that he could no longer give to the duties of his man of his temperament and intellectu
al habits,
exacting office the attention that they required, and although he was cautious expressin
in
g himself about
he accordingly insisted upon the acceptance of his the committee's report.
The Locarno agreements,
resignation. As is usual in such cases, the retire- the Briand-Kellogg anti-war
treaty, and the increasment of the Premier carried with it the resignation ing demand for a reduction
of armaments, all had
of the Ministry.
their influence in creating a new atmosphere in
M. Poincare's position in French and European Europe to which
M.Poincare could hardly have been
politics has been, in many ways, unique. By pro- insensible.
The strongest argument in favor of
fession a lawyer, and for some years an acknowl- ratifying the
debt agreements, however, if we may
edged leader of the French bar, he has been for a judge from the
abbrevated press reports of the
generation a conspicuous' figure in public life. Chamber debate,
was that unless France kept faith
During the World War, when he was President of with its creditors
its financial standing and its
the Republic, his official position gave him little national honor
would suffer, and a last-minute atopportunity for direct influence in national affairs, tempt to make the payments depend
upon the reand during the Peace Conference, while the ceipt of reparations failed.
It is entirely possible
Clemenceau Government was in power, it was the that, in spite of M. Poincare's
eloquence, the debts
Premier and not the President who figured most may continue to be talked
about as if they were still
prominently in the public eye. For some years after a political issue, just as Mr. Snowden,
the British
the war, while the controversy over reparations was Chancellor
of the Exchequer, still expresses dissatisat its height, M. Poincare's writings and speeches faction with the debt
settlement between Great
placed him at the head of those who seemed bent Britain and the United
States; but the issue in
upon keeping alive the enmities of the war, and he France is nevertheless closed,
and for that welcome
continued, for some time after the adoption of the result the country has M. Poincare,
more than anyDawes Plan,to insist that the claims of France upon one else, to thank.
Germany must be fully met. In Germany, na .urally,
The new Briand Ministry, practically identical in
and in other countries as well, he stood our' at that membership with that of M. Poincare,
obviously has
time as the ablest spokesman for the French irrecon- no easy task, and the popular allusion to
it as "the
cilables, and the occupation of the Ruhr was the Ministry of a hundred days" reflects
a feeling that
crowning act in a systematic policy of "Thorough." its life will not be long. Only with
the utmost efHe was as irreconcilable in regard to the war debts fort was M. Briand, now for the eleventh time
Prewhich France owed to Great Britain and the United mier, able to obtain a vote of confidence in
the
States as he was in regard to Germany,stoutly main- Chamber of Deputies on Wednesday; and although
AUG.3 1929.1
,FINANCIAL CHRONICLE
695
the vote of 325 to 136, representing a majority of 000,000 francs for the second half of the present
about 50 in the whole Chamber, was as large as M. year. The interval will give the Government time
Poincare on the average was able to command, the to develop its foreign policy along the lines which
political complexion of the Government following the declaration laid down,and perhaps to strengthen
does not hidicate stability. The Radical Left, with its po on at home.
which M. Briand has on the whole been identified,
ation of Speculative Values to Real Values.
refused to allow any of its members, and notably
Figures compiled by the New York Stock ExEdouard Herriot, to take office in a Ministry whic
change monthly with reference to the market value
included Louis Barthou as Minister of Justice a
Andre Tardieu as Minister of the Interior, and while of listed stocks prompts the inquiry whether some
a few of the party supported the vote of confidence, of our recent "prosperity" is solely on paper, and
far the larger number either absented themselves or no more substantial than the dancing heat of noonrefrained from voting. In so doing the party con- day. For while open market quotations on stock
formed to a tradition of French politics by which an values are one thing to-day and another to-morrow,
Opposition, while interposing no direct obstacle to they are a result of speculating on the alleged values
the formation of a new Ministry, declines to give it and profits, intrinsic, of the going concerns the
sumaort. The stand of the Opposition was the more stocks represent. This has been the talk of the bulls
significant because the Ministerial declaration for years. "Do not sell the United States short,"
specifically asked for "a three months' truce" pend- and other slogans, if they mean anything at all, mean
ing the discussion of the Young report at The Hague. that back of all the frenzied ups and downs of "the
H. Briand, accordingly, finds himself in the pecu- market" there is a basis of actual growth and inliar position of depending for support upon a party crease that is forcing our industrial endeavor to new
aggregation to which not only does he himself not and permanent' heights in production and profits.
belong, but.which has also, in the past, differed Hence the advice has been to disregard the temposharply from him in certain matters of national rary "setbacks" and believe in higher values as a
policy. Generally speaking, it is the conservative constancy, progressive and unassailable. .But, acRight that has favored a firm stand with Germany, cording to the Stock Exchange compilatikm, stock
looked with disfavor upon an early abandonment of values in the month of May declined $2,797,449,653,
the Ruhr occupation, opposed any reduction of the while in the month of June they increased $6,342,French claim to reparations, and viewed with cool- 702,722. Some compilations of the New York
ness the proposals for armament reduction. M. "Times" showed a loss in May of $3,001,409,396. Did
Briand will go to The Hague knowing that the this drop in values emanate from any sudden decline
course.. which he will probably advocate at these in industrial values at the source? Oh, no. This
points has far more sympathy in the Left, which does was due to speculation! Did all the advances of the
not approve of his Ministry, than in the Right which recent years, aiad the further advance in June, rest
does, and with no very definite assurance that the upon values at the source? Not quite the same
confirmation of the Young plan will be heartily en- answer can be returned. But in large part was not
dorsed by either side of the Chamber. Fortunately this rise in values due also to speculation—due to a
for him, he is a skillful diplomatist, and has more fictitious playing upon an assumption that values
than once snatched victory from seeming defeat by at the source were invincible?
Now between speculative values and investment
kome adroit or eloquent appeal.
In the Ministerial declaration, the full text of values there is always a counterplay. Each reacts
which is not available at this writing, M. Briand on the other. If we separate ourselves entirely from
appears to have been frank as well as diplomatic. speculative market values we estimate investment
"The conference at The Hague," he said, "will be one values upon earning powers; and to be on the safe
more essential link in the chain of organized peace. side we average earning power over a period of
In that great international debate the defense of the years. Even when this is done there is hazard
rights and interests of France is our program and enough through natural changes. How,then, can we
our only program." "I am going to try to put an say that this normal, indestructible, advancing value
end, by means of the Young plan," he is reported as at the source, the basis of so-called permanent prossaying in the course of the debate, "to that system perity," upon which the "longest bull market in hiswhich has made us appear as pitiless debt collectors tory" has been based, can feel no counter effect from
trying to extract payment from an unwilling debtor. a precipitate drop of three billions of market values
As long as that system lasts there can be no real in the single month of May in the single year of
peace in Europe or in the world." Replying to a 1929? It is a poor economic rule that will not work
question regarding his proposed "United States of both ways. Either market values (prices) of stocks
Europe," M. Briand denied that the project was have not been justified by the investment values of
"directed against any one else. What we are trying going concerns or there was a terrible slump in our
to do . . . is to reduce the state of anarchy in which "prosperity" in May, and yet we all know there
Europe is to a state of organization. Ours is a work was not. An actual, real prosperity that can slump
of peace, not of opposition." A United States of three billions in a month is not progressively permaEurope, it may be suggested, is still a long way off, nent, and since action and reaction are equal, inasbut the acceptance of the Young plan and the freeing far as real prosperity is affected by speculative or
of the Ruhr are immediate, practical mattet:s to assumed prosperity we find ourselves compelled to
which,it is to be hoped,the Briand Government may revise our estimates of the actual values and returns
of our going industries.
be able to make a substantial contribution.
Let us take some specific instances. In the month
Meantime the new Ministry will not have to face
Parliament until early in November, as the session of May, motors lost in values (according to the
which was called to receive the Ministerial, declara- "Times" figures) $835,736,950! Was this due to any
tion adjourned after voting a tax reduction of 520,- change in the business, any change in the "pros-
696
FINANCIAL CHRONICLE
[VoL. 129. •
,perity" at the source? If not, then speculation was of the "control of credit" and the "stabilization of
basedon
a mere.assumption of increasing values at the dollar." We begin to see the need of tightening
.
,the source. ,Or, if this be not wholly true, then the the domestic purse-strings. We have enjoyed our
.increasing values at the source were over-estimated cake and are discovering that we have eaten the most
and a part of the much-lauded prosperity was fic- of it. As long as we could borrow easily we never
titious. In June the values of this same motor felt the pinch of poverty. Having inordinately high
group increased. Take American Telephone & Tele- wages we have not noticed the "cost of high living."
graph. It registered a loss of $358,248,365 in May Having grown rich by spurts through speculation
and a gain of $365,238,506 in June, according to we have been able to keep glowing and growing dethe "Times" figures. The business is stable and posits at the banks, to buy bonds to pledge for marrelatively increasing with the increase of the popula- ket purchases, to swell the chorus of "perpetual
tion. By all rules of investment its value at the prosperity," and lo! in a single month we lost three
source is constantly increasing. Of course it did billions of our paper profits, three billions of our
not suffer any material loss at the source. And its paper prospdrity! And since "prosperity" has been
earning power was not affected by the ups and downs based upon our marvellous actual production, upon
of "the market," save that there cannot fail to be our energy, acumen, invention, at least for specusome reaction upon value at the source, and in esti- lative bases, we are compelled to ask what ou;real
mating real values earnings become affected.
prosperity consists of—luxuries for pleasure or
It is not to be argued that there has been in the needs for comforts and contentment. When all
last eight years, say, no substantial prosperity, but speculation dries up what will we have left?
that it has not been such as to justify these ephemPopular Amusements.
oral market values. And so rampant has been the
rise in these purely speculative values that we do
To what extent popular amusements indicate the
not know now what the real values are. We have character of a people is not so easily determined as
been intoxicated with our slogans. Those who lost might at first be supposed. We work hard and
the three billions of paper values in May are won- cuffer many inconveniences to enjoy our vacation.
dering why they were told to buy upon a progress- Yet these vacations have become proverbially necesively permanent prosperity that disappeared like sary. Business has almost been compelled to grant
the mists of the morning. Those who bought in the them. The humane element has been invoked to
,market in March for investment, in motors, coppers, provide the annual week or two on full pay regardoils, chemicals, steels, all integral great industries, less of the fact that industries must continue to
are wondering what real values they possess if they produce and distribute in the same ratio to supply
• now hold their stocks. They will no doubt see a the human need. It is impossible to inject new help
return in prices, but will this only be to experience to supply the lack and the consequence is that reanother slump? Nothing could more clearly show maining employees must double their service. This,
the demoralization of this saturnalia in speculation. of course, is only proximately true. But it is sufSo much has been based upon anticipation of future ficient to prove that the employer pays the bill as
advances, ko much upon incidental factors in opera- far as wage is concerned, and somehow or other the
tion, such as stock dividends, mergers, split-ups, that people pay the employer. We may doubt, somewhat,
actual values are largely indeterminable. Those that vacations are voluntarily granted; and many of
who (they are few in number who can resist the the older men of to-day can remember when a vacafascination of speculation) have remembered and tion was a special favor.
followed* the old adage to "clean up and clear out"
The actual benefits, therefore, of this popular cusare the only ones who are easy in mind. The "richest tom, now so firmly established, must be determined
nation on earth," the most "prosperous," does not largely by the current popular amusements. Here
yet know where it stands, does not know the nature again, since it takes all kinds of people to make a
of its "prosperity," does not know what is perma- world, we can arrive at no fixed rules or principles.
nent, what impermanent.
Idleness for its own sake cannot be defended, and
Three billions loss in values in a month only car- if cessation from work cannot show really beneficial
ried brokers' loans down some $232,000,000, leaving results, we are compelled to question the vacation
a tremendous credit based upon stocks whose market custom. One or two weeks, or perhaps a month in
values are so precarious as to lose three billions in a ome instances, out of every year, computed for a
month. "Prosperity" based upon actual values that lifetime, becomes a matter of economic moment.
give rise to market values so variable cannot be Not, it is true, to the passionate advocates of six,"actual" prosperity. It is of the made-to-order kind. hour days and five-day weeks, but to the general
It is an impermanent kind. It is not prosperity that wealth and comfort of a people. Since we forget
.is real and durable. And new levels in prices all our debt to the inventors, workers and thinkers of
round must be reached before business can proceed previous generations and accept our blessings as a
in an orderly way. Those who cry "Lord! Lord!" matter of right, future toilers may not
ask of us an
are not always the saints. And we can fool our- accounting, but we are bound to
jastify ourrelves
selves some of the time, but not all of the time. A in our own sight, nevertheless.
"blow-out" in a tire may only temporarily cripple
We must analyze the way in which we spend our
the machine, but the man who carries no "spare" vacations, consider our popular amusements, in
will be compelled to seek help. Boasting about order to form a conclusion. In the first place,
it
strength is not as wise as knowing how to use it. appears that our vacations are too costly. The ordiDream "prosperity" must sometime suffer waking nary worker spends as much in a
single month of
hours. A straight road for speed, but a quiet road pleasure-seeking ar he has been able, probably, to
for safety.
save in half a dozen. It aids no little to recall that
, Anticipatory to an inevitable slowing-down, a our contribution to European finance runs into hunpseudo final settlement, we are beginning to talk dreds of millions of dollars, for by far the larger
AUG. 3 1929.]
FINANCIAL CHRONICLE
697
part of this is contributed by the "idle rich." How- glance into the byways of work and turmoil will
ever, what are known as "teachers' excursions" are reveal characters of sublime devotion to others worincreasing, and with rapid and luxurious transport thy our best obeisance. Just contemplating the
these searchers after knowledge are undeterred by vicissitudes that attend lives of toil and cervice will
mere diaance. Doing Europe and the Mediter- awaken new purposes and nobler consecrations. If.
ranean in a month or six weeks has become a stand- thought has a chance in vacation-time it will reveal
ing joke, though many still attempt it. "Seeing wonders.
It will be alleged by few that the chief object of a*
America first" is in the same category for America,
as the United States is a big country. The net vacation is to seek either society or solitude. One
results of these hurried and harried "vacation trips" may lose one's self in the crowd; one may realize
are vague and inconsequent, if we can rely on our individuality in the social whirl. Patronizing popuwise critics, but there is no doubt, all the advertise- lar amusements, when one has a chance to look
ments to the contrary, that they are col tly measured within, to rearch the soul does not commend itself
by the annual personal income for very many of us. as one of the reasons for escaping for a time from
Mountain and shore resorts that live on what they work and place. Let the crowd do as it will. One
can "make" in a "Summer season" are many and of the best lessons we have is to watch its pursuits.
rapidly multiplying. These "places" are, in the It thirsts for something new, strange, bizarre, thrilleconomics of an "equalized" progress, in the nature ing! It rushes to the incidental and unusual. It
of excrescences, or at least are fungous growths that takes its vacation so seriously that it strives, unlive, and even prey, on the solid business of the availingly, for a sensation never realized before. It
country. They produce little of permanent value; seldom smiles, it laughs. It squeezes the orange so
and their patrons, spending at high prices the sav- hard there is always the bitter taste of the rind.
A man drowns in the ocean, and the bathers run
ings of months, realize little of value, save in often
imagined health-renewal, and a zest for more of a to shore to watch the efforts to resuscitate, and for
life that is carefree and pleasureful. Yet he is a no More reason, apparently, than they rush to shelter
hard-hearted employer who will not grant a vacation when it rains. A morbid desire animates the crowd'
on full pay, judged by the devotees of the new idea. to be in first at every excitement. Pause, quietude,
Those who animadvert against the herd instinct meditation, are foreign to its nature. A twanging'
have a good example in our vacation customs. In guitar On a beach will gather hundreds. A stray
addition to the waste in money, there is a waste in bear in a forest preserve will lure many to watch the
time—and here, as otherwhere, time is money. How- capture. To make a record in mountain climbing is
ever imperative change may be to mind and body, worthy of any vacation. And in the interim, there
it ought to be directed to the most purposeful end. is time to kill. If nothing more than vaudeville
If one returns from a vacation wearied and dis- offers one must make the best of it. This, so far
gruntled by the hard effort to extract pleasure.from as it prevails is the herd instinct. But profitable uninviting surroundings and unappealing amuse- vacations are enjoyed by individuals, not masses.
The mind that needs rest cannot find it in our
ments he or she might better have remained at home.
amusements. The "tired business man"
popular
One would not expect picture shows to thrive by the
antidote for worry in frivolous theatlittle
finds
beaches, but they do. One would not expect tennis
and golf to flourish by the mountain-side far from ricals, if he only knew it. He is not restored by hapthe pent city, but they do. One would not expect hazard and spectacular change. The mere stopping
palatial hotels and country clubs to invite those who of a watch does not re-establish its equilibrium of
are seeking the "deep wild wood" to "commune with movement. In the same way, and for the same reanature," but they do. And the rebels are those who son, a well-ordered life cannot rush away on a vacaare content to live in cabins or sleep in the open, or tion without plan or purpose. Not that there must
tent under the stars. The clerk, hoarding his dollars always be a prosaic or profitable end. But there
during the year, delights to fling them away for huge must be a turning away from too arduous work in a
hotel verandahs and luscious victuals. Fashion is manner that does not destroy the rhythm of effort.
as ruling in vacations as in dress. And planning Games, popular amusements, vacation voyages that
to derive substantial benefits from the prized vaca- are pre-arranged, to attract the masses, do not
requite the overworked individual.
tion is not the prevaing order.
Our thought is that the holiday must be based on
Camp meetings, Chautauqua assemblies, and Summer schools do have, each of them, a definite object the tastes and wants and needs of the person. As
in view. But we may dismiss these stereotyped meth- often said', "the rocking chair on the back porch"
ods of spending a profitable vacation to say that a may carry the thought far afield with freshening
mind agiated constantly for two weeks or a month profit to the ever-active mind; and wandering along
by getting the most out of nothing is not much en- the byways of the "old home place" may be exercise
lightened or energized. Nor, on the other hand, can that unconsciously strengthens the body enervated
it be argued that profit in knowledge, health or by sitting too long in the office chair. Dawn, with
pleasure is the sole incentive and aim of a beneficial its colors, ushers in the new day; and night with its
vacation. Just to do nothing has its charm. And, darkness and stars is fit ending for the struggle of
since the mind can never be idle, a contemplation of the active hours. And a perfect vacation begins in
life that is sure to come at such a time may be the joy and ends in rest.
quintessence of benefit. Jack's dullness from too
much drudgery disappears. If a vacation every year The Great Problems of To-day—The Williamstown Institute of Politics.
must be endured, what of life itself? Can work be
The Williamstown Institute of Politics is to open
made more advantageous to life's purpose than it is?
It Would not be difficult to suggest ways and means. to-day its ninth annual session, and it never faced
Are national games and their heroes the best we can a more compelling situation. "Politics" to-day is
summon out of the deeps of life? A mere casual wrapped up in economics, as embracing industry,
698
FINANCIAL CHRONICLE
(Vol.. 120.
agriculture, commerce,finance,and,in a wide range,
Then in successive chapters the subject is followed
science, art and human life. The Institute each year in the widest range of interests. The human body
has dealt with questions of vital significance. This in its heredity and development; its chemical reamyear will be no exception. Men of light and leader- -lators; its diseases, their causes and remedies; its
ship are always there. Dr. W. E. Rappard of entire dietary; the regulation of internal secretions;
Geneva will give a comprehensive course on eco- the chemistry of its medical diagnosis; its protection
nomic progress in finance and in industry; Andre against destructive germs; all are given in detail
Siegfried will follow up his recent book on con- until it is possible to look upon chemistry as the
ditions in America and lecture on the situation in main hope for the physical life of mankind. The
.France. Count Giovanni Ella of Rome will speak conclusion is reached that however costly has been
on conditions in Italy, and Prof. T. E. Gregory of the sacrifice of life in seeking a cure for yellow
the London School of Economics will lead confer- fever, malaria, and the pestilential diseases of Asia,
ences on the world economic stabilization as well Africa and South America, and however necessary
as discuss the present state of England.
the support of great chemical factories put at the
These are only a few of the speakers and features disposal of scientific investigators, as in the develof the session. The two and three daily sessions for opment of salvarsan, this will be met, and the path
the month will be crowded with interesting discus- now open for scientific research will never be closed.
sions of these leading themes in their wide aspects Meanwhile, adventure as an inspiring appeal will
and connections. The intellectual atmosphere of the lose none of its charm or hold out less noble reward.
Last year no man made a greater contribution or
whole series will be charged with the spirit of the
discussions and the impression made by the leaders was, more interesting in his modest personality than
in previous years. Among these latter Drs. Bonn of Dr. C. R. Fay of Toronto, Professor of Economics
Berlin, Mendelssohn Bartholdi of Hamburg, Zim- in its university. He had given much study to the
merman of Rotterdam, Michels of Basle, Sforza of agricultural situation both in Canada and in the
Italy, Abbe Dimnet of France, Sir James Irvine of United States, and spoke with fulness of knowledge
St. Andrews, Sir Frederick Whyte from the Orient, and rare power of statement. He was in constant
and Dr. Graham Wallas of London are a few whose attendance and his testimony was usually connames come to mind out of the many whose contribu- clusive. As showing the range of his thought and
tions were most valuable and who left distinct and the breadth of the subject he has lately published a
memorable impressions. There is every reason to small pamphlet entitled "Two Empires." It is called
forth by a book, "Social and Economic History of
expect similar experience this year.
As to the importance and growing significance of the Roman Empire," by Prof. Rostovizeff, the Rusthe subjects discussed, two illustrations are at hand. sian scholar, now of Yale. He finds in it light upon
At the session three years ago chemistry in the field the economic problems with which he is struggling,
of economics was allotted a large place. It was and he uses the material with that purpose in mind.
opened by Yice Chancellor Irvine of St. Andrews, It is hardly necessary to say that the result is
who, taking the breakfast table as an instance, enlightening.
The questions before us, of agriculture, tariff,
showed how modern chemistry was manifest in every
article from the cloth, the china and the silver of the finance, are not local or theoretical. Professor Fay
furnishings to the bread, the meat and the sugar of is a hard-headed student of fact. He believes that
the food. Passing to the field of industry it was civilization itself is at stake, and turns at once to
taken up by a host of American experts and in many the history of the past civilization that is nearest our
crowded conferences discussed with intense interest. own—that of Rome. Why did Rome, with the world
Men from the laboratories of the great establish- in her hands, fall? Here is the answer in rapid
ments, electrical, metallurgical and manufacturing, but instructive detail: Many strifes have divided
the Government bureaus, the universities and tech- mankind. Of national strife Rome knew little; the
nological schools, thronged to discuss their special only one that concerned her was Rome versus barinterests. Now a new book is issued, not as a direct barians. The army was the key to all her problems.
result of that meeting, but the product of the more Decade by decade it saved her from foreign foes,
but it devoured the resources of the empire. Labor
recent tremendous growth of the subject.*
in
all its stages, from slaves to the proletariat of the
Under the lead of Professor Stieglitz of Chicago
University, some 38 experts dealing with the subject cities, was always depressed. Culture was very real,
under the restricted head of its connection with but bled itself to death under a uniformity imposed
medicine, in fact, record the extent to which chem- by force. Her great emperors from Trojan to Maristry in its present development has penetrated cus Aurelius served with a disciplined devotion, but
every relation and is shown to be fundamental in their efforts ended in disaster. War was inevitable;
every phenomenon and function of man. The book the mother city had no partnership with the rest
opens with the account of the startling experience of of the empire The central government was someDr. Loeb of California successfully fertilizing a cell times captured by an outside soldier; and after Veswith a few drops of a chemical solution and starting pasian the emperors lived loyally with their troops
a series of living organisms with all the charac- in the field.
The waste of war was in every chapter of her
teristics of a normally fertilized origin. This has
amplified Dalton's earlier demonstration that every history. The subjugation of Carthage reduced
chemical element consists of distinctive atoms, and Africa to a wilderness, and after Trojan's conquests
to-day, the analytical quest of chemistry has pene- the army itself was so reduced that it was henceforth
trated into the structure of the molecules which com- drawn from a barbarian peasantry raised on the
pose the secretions of the 'various glands and con- limits of the empire. Under Nero the army had
already sunk in Rome among the city rabble and-lost
tribute to life's complex structure.
its
connection with the provincial cities which were
•"Chemistry in Medicine—A Co-operative Treatise," Chemical Foundathe outposts of Italian culture.
tion Co.
AUG.3 1929.]
FINANCIAL CHRONICLE
In finance the empire never had great liquid capital and soon began to destroy the stream of income
at its source. The emperors imposed every form of
direct taxation, compulsory on individuals, and
wholesale levies on the cities. Merchants and workers fled their homes to escape, and a state of financial siege in the cities narrowed markets and froze
out trade. A high degree of territorial specialization
in foodstuffs and fine manufactures was developed
early, and later supplied the military force in its
region, and added of its surplus to Rome; but unlike
modern experience, it followed the flag, instead of
taking the flag with it, and the recrudescence of
piracy in the third century was but an incident in
the decay of Roman strength between the Rhine
and the Far East. Roads were built everywhere, but
the needs of the army came first, and as the cities
were impoverished by extortion they could less and
less afford to maintain the roads to Rome, and the
emperor substituted commandeering men and animals for transport.. The monetary chaos of the third
century brought private banking to the ground.
Agriculture was theoretically always encouraged,
and exhibits successively, peasant ownership, resident, and absent landlordism, with tenants and middlemen. Each flourished in turn. In Nero's time
six landowners possessed one-half of the African
territory. The cities owned wide areas but found
it difficult to get them occupied. Emperors tried in
all directions to settle soldiers on the land, but with
small success. Most of the manual labor was by
slaves or natives. There was nothing comparable
to the modern tenant farmer who with hired labor
on rented land raises crops in scientific rotation.
Only when, as to-day, science and machinery are
brought to the labor of grain growing does that
become at once the staple and hall-mark of high
farming.
As Rome had no full industrialism she had not
the special social phenomena connected with it; but
she had grave social problems. The mass of the
people gained little from city life. They toiled and
groaned over their primitive plows and looms. They
rose in frequent and wide revolt, and class warfare
was acute. There was no scope for a lowering of
wages, they were always as low as they could be;
and there is abundant evidence of the degradation
of workmanship. Taste was barbarized. Provincial
industry catered for cheap requirements. Machines
were unknown; there. was no protection against
counterfeiting; standards were low, and subdivision
of hand-processes, as of to-day, was unknown.
In the end, to meet the needs, of the cities, forced
labor was required of the peasants, and each person
was confined to his place of origin; and the result
was feudalism. Labor of men as well as of cattle
went with the land. This killed free capital and
the middle class. The empire dug its feudal grave.
It remained for another age to satisfy on another
plane the fundamental human inainceior self help
through association.
•
Modern civic conditions are far from satisfactory.
There has been little or no initial town planning.
Undoing past mistakes wastes funds that should go
to new construction. Rusticity dies hard even today, and the slums are a poor substitute. Rome
in many directions could have ridiculed us. She had
scientific water supply and drainage, hygienic and
spacious markets, shaded porticoes and streets, an
abundance of public baths, gymnasia for sport, and
699
splendid provision for religion and education. But
all was for the minority of the inhabitants. And
Rome fell! The alternatives to war have grown
ever wider. Their growth should mark our social
progress. Quantity of possessions and production
is to-day our goal; but only as we banish fear that
the gain of one people, or class, is the inevitable
measure and cause of another's loss do we establish
our civilization.
It is a far cry to ancient Rome, but the first few
years of the twentieth century have given us much to
think of. In great areas not only have we seen kingdoms fall, but civilization its elf appears at times
threatened. Its problems were surely never greater,
and the work of the Institute has serious purport.
Is Not Group Speculating Conspiracy, Fostering
Sham Prrsperity.
ARTICLE V111(Communicated).*
AMERICAN PROSPERITY UNDER STILL MORE
GRAVE SUSPICION.
"The most disturbing factor in our progress is this—that we go faster
and faster, that to an appearance we cannot stop ourselves, until we
shall come at least to an automatic stop, after rushing violently down
a deep place into the sea."
So wrote Elmer Davis for "Harper's Monthly Magazine"
of March 1929, describing, perhaps unconsciously, and let
us hope too pessimistically, not only our rampant "prosperity" (so-called) of the last seven years or more, but also
something therein that strongly suggests runaway business
inflation—"an inflationary boom."
Since then this "prosperity" has struck an even more
rapid pace, as shown by the midsummer pressure on favored
industries, luxury buying, improvement projects, the money
market and stock prices.
Possessed by devils, the herd of the parable rushes headong to the deep. Germany, defeated and under the spell
1of fiat money, did the same, her industries breathless with
the inflationary blast. Other nations, likewise emerging
from the great war with their finances in confusion, suffered
somewhat the same experience from governmental-fiat
money inflation, until they too had their finances more or
less fully stabilized.
And now what of American "prosperity" in its wild
careening under domination of an artificial purchasing power
which our own people are creating in their mad enthusiasm
for "self-determination" and pleasure making?
IS NOT
OUR
BUSINESS, OUT OF BAND, AN
RUNAWAY?
UNCONTROLLED
Was not this "amazing prosperity" born a war baby,
in the mighty war inflation of 1915-18 (as the editor of the
"Times" more than once has claimedx), and was not its
growth greatly promoted by the huge foreign-buying-"silk
shirt" boom in the post-war frenzy of 1919-20?
Then,after a relatively slight deflation in 1921, did not this
"prosperity" in 1922 resume its rapid growth,swelling to such
immense proportions, because of our own luxury buying,
and with such feverish "fits and starts," that merchant and
manufacturer dare not do others ise than live from hand to
mouth? Like a child at the breast, did not our "prosperity"
for a considerable time draw increasing purchasing power
from the seemingly natural home supplies—bank and other
credits, wages granted and profits gained, speculative winnings, proceeds of mortgages, securities, Stc., a "metered"
but seemingly inexhaustible supply as the gold flowed in?
And now,having installed its own generating plant, making
wholesale use of wage manipulation, stock listing and inflating, stock flotations and all the other means of nroducing
and expanding artificial purchasing and boreowing power,
is not our "prosperity" breaking loose from its foster mother,
to sail away whither no man knows, rPgaling itself on gold
wrested or enticed from foreign capitals and forrtign bank
reserves—until the credit situation somewhere, here or
abroad, shall weaken or fail under the pressure?
If he may be permitted to say so, all of the essential conditions appear to be working out in vindication of the writer's
claim that this abounding "prosperity" is none other than
a modified "specialized" form of the familiar vicious circle
of 1919-20 with the skylarking price feature suppressed
4.,For Articles Nos. 1 to 7,see V.127. p.3303,3461; V.
128,v.181.1455.
1624. 2714. 3585.
x_Editorials published on Oct. 24 1928 and Feb.3 1929.
700
FINANCIAL CHRONICLE
(for the time being at least) by general market conditions
and the sensational wage advances confined almost entirely
to union labor. All other elements required to further the
process are supplied in increasing volume by the reciprocal
action of popular luxury-buying and speculation, public
and private improvement programs, new credit devices, wage
boosting and capital exploitation—a grand "whoopee" in
which we all participate, our eyes closed to both cause and
consea uence.
Peace time inflation, lacking war time restrictions, has a
well-known fondness for luxuries, speculation and the improvement mania, and its very existence depends upon its
growth and acceleration in these lines, for it is only thus
that an over-expectant people, staking both their present
and prospective profits and wages on uncertain ventures and
increased expense accounts, can hope to meet their ever
widening commitments.
The fallacy of the process is sufficiently well demonstrated,
one would think, by the fact, generally conceded, that this
"prosperity" cannot stand still, but must be constantly
stimulated (y) by repeated wage boosting, credit devices and
such economic absurdities as the doctrines of "early obsolescence" (waste) and "leisure for spending"; and also by the
circumstance that while still enjoying the relaxed ptovisions
of the Banking Act adopted in aid of war financing, and also
protected by the lofty barriers of the Emergency Tariff Act and
its successor, the Fordney-McCumber Act of 1922, we should
now be encountering such a long run of excessively tight
money on the one hand and on the other the necessity, as
we are assured, for multitudinous heavy increases in our
tariff rates.
Does this not look more like an inflationary development—
a hot house energizing—than a sound healthy growth—this
"prosperLy" by wa..te, increasing taxation, and swollen
expenditures of every nature?
ACCELERATION AS SEEN BY TIIE ECONOMIC COMMITTEE.
Singularly enough it is just this abnormal speeding up of
industry by the so-called "optional purchases" which disturbs Elmer Davis, that,in their report on "Recent Economic
Changes," the Hoover Investigating Committee hails as the
outstanding characteristic of the times.
The fact that such luxury acceleration is usually one of
the principal symptoms of a serious inflationary wave is
cheerfully disregarded by the distinguished committee, for
do they not comment approvingly on our "accelerating cycle"
of such production and consumption,which,as the committee,
notes, is marked not alone by new inventions and improved
methods on familiar though accentuated lines, but also
by "an almost insatiable appetite" and an "increasing
production" on account of a long list of articles and services
belonging to the category of "optional consumption," useful as aids to "the rising standard of living" and the "employment of leisure."
Thus there has come about this unprecedented development in the nation's manner of living and playing described
by President Coolidge last December as a passing "beyond
the standard of necessity into the region of luxury" ("Chronicle," Dec. 8, p. 3152), a development epitomized for the
Economic Committee by Dr. Wesley C. Mitchell and involving, as he points out, much that is detrimental to old
essential lines. Dr. Mitchell notes (the word "luxurious"
being our interpolation):
(a) "The luxurious diversification of diet advantageous to
dairy men, market men and fruit growers" (also to the purveyors of sweets and choice cuts of meat); (b) luxurious
dressing, "more silk and rayon (also millinery, laces, furs
and other finery) to the detriment of cotton and wool
growers"; (c) "free spending for automobiles and their accessories, gasoline, house furnishing and equipment, radios,
travel, amusements and sports"; (d) the displacement from
the farms by tractors and autos of produce-consuming
horses and mules to a number aggregating 3,700,000 for the
period 1918-28—a change hastened by labor shortage due
to migration to the high-paid luxury jobs in the city; with
a still greater horse elimination in cities and towns. (e) The
frills of education to thousands for whom places might better
be reserved at bench or counter or on the farm. Was not
billions
our bill for education, public and private, $2
annually in 1925-26 against $781,700,000 in 1913-14?
The Committee also notes those other customary aids to
inflation, "the new quickening method" and "the increased
velocity of turnover," in the use of the broadened (and
y It was a Republican National Chairman, was It not, who last fall
as "An endless chain
disaster..
described deferred-payment prosperity, such as ours,
In which the breaking of a single link would mean
[VOL. 129.
broadening) supplies of capital and credit. (3) The growth
in wages, averaging for all labor 2.1% per annum with living
costs relatively Stable (but maintained, we recall, at a price
range 50 to 60% higher than the pre-war level, while union
labor in most of its activities is rolling up snowballs—getting
by its recent achievement $10 a day in New York for a
"helper" in the building trades and for the worker himself
$15.40 a day or thereabout and for all in the trade a fiveday week).
THE NEW FLIGHT OF THEofaUXURY BOOM.
The aforesaid Report on Economic Changes has not been
three months off the press and yet already there is need for
many supplementary pages. What has happened, for instance, to disturb in so many instances the "industrial peace"
of which it speaks, and also "price stability" and the absence
of commodity speculation, as for the grains, iron, steel,
copper, sugar, &c.? What is it that now raises luxury
buying and mass production so precipitately and serves to
tinge our "open mindedness" and "optimistic energy" with
misgivings? What is it that has turned the flow of capital
once more inward to the disturbance of the money markets
of the world in the year 1929?
What do all these phenomena mean, if it is not that our
inflationary "prosperity" has broken loose and is making
new records for speed and altitude?
In the face of such an exhibit is there nothing forced in
suggesting as among the causes for such a flight those strictly
potential, long wdstant influences, "economic equilibrium"
"American psychology," "domestic free trade," "popular
solidarity," "natural resources"? Helpful though these
must be to any industrial development, do they not resemble bank deposits in that they must largely lie dormant if
not aroused into activity by something more potent than
"wishes, wants and wasted leisure"?
Must we not look with increasing distrust on the Committee's assurance that "as long as the appetite for goods and
services is practically insatiable, as it appears to be, and as
long as productivity can be constantly increased, it would
seem that we can go on with increasing activity?"
"But a nation cannot live by the prosperity of its luxury
trades," as remarked by Harold J. Laski, Professor of
Political Science in the University of London, writing of
"England in 1929" for the "Yale Review" of March 1929
(see page 419).
DIAGNOSING THE INFLATIONARY BOOM UNDER MODERN
CONDITIONS.
At this point a more precise definition of the terms used
in this article is essential. Modern economic conditions and
forces have modified and greatly widened the character of
the economic movement known as the "inflationary boom,"
as they have most other business and economic influences.
The boom is no longer simply or chiefly an endless chain of
paper money, price and wage increases.
Webster's Dictionary defines a boom "as a strong, rapid
and expanding movement," such as a "rapid (often forced)
settlement and development of a town or district," or "a
marked and sustained advance in the market price of a
commodity." To inflate, the dictionary says, is to "swell
or'distend with air or gas" and hence to "expand or increase
Anormally or improperly," or "to extend improvidently,
as to inflate the currency, prices, &c." Hence inflation is
defined "as an undue.expansion or increase, as in paper
currency, prices, &c."
These definitions, well enough in days gone by, place
undue emphasis on the dilation of prices and currency.
Other equally or more important elements (covered by the
"&c.") have come to the fore. Mote appropriately we may
say:
An inflationary boom is an abnormally strong, abnormally
rapid, businefs expansion, artificially forced and kept in
progress by some urgent, mass buying, governmental,
corporate o... individual (as "by a nation going to war," by
extensive territorial developments, or the chase after automobiles and other indulgences by a large section of the
community suddenly and progressively enriched), in consequence of which excessive optimism takes possession of a
people and induces them to extreme private and public
extravagance, accompanied by the use of a growing artificial
purchasing power of their own creation.
Such expenditures still further increase profits, wages and
hopefulness, already abnormal, causing the movement to go
on repeating itself in a more and more vigorous fashion.
Long continued, the process causes a marked over-develop-
AUG. 31929.]
FINANCIAL CHRONICLE
ment of the facilities for manufacture, transportation and
marketing.
As we have previously remarked, the "artificial purchasing
power" so employed may consist of the proceeds of credits,
both floating and fixed (that is, promises to pay, such as
bonds, mortgages and notes, and also book credits of all
kinds); wage increases irrespective of a corresponding increase
in output of essential products ("essential" under normal
conditions); dividends and profits in increasing amounts from
essential and non-essential, abnormally stimulated, enterprises; proceeds from the abnormal rise in value of securities,
real estate, and commodities, and, if long persisting, an
excessive use of speculation and stock flotations, good, bad
and indifferent, such as are to-day flooding the country.
Since, under such conditions, future profits and dividends
and advancing stock quotations seem to offer unlimited
possibilities, these become the main desideratum of the
inflamed public mind; and regardless of future security,
stock, more and more commonly replace bonds for long term
corporate financing.
If -a general shortage of supplies and materials develops,
price kiting may also appear and, it would seem, must come
eventually in every case to a greater or less extent, if the
volume of money is much increased, or if the dividends and
profits are to be maintained and the public inflationary
buying is to continue expanding in the face of the advancing
taxes and wages. (For it is hardly to be supposed that
trenchant economies, such as have marked for us this recent
era, can indefinitely be multiplied by merchants and manufacturers,and the overhead charges be sufficiently reduced by
the expanding volume of business to continue, for more than
a limited period, as an adequate offset to the higher operating costs.) In countries of little financial development
resource will also be had under such circumstances almost
certainly to fiat money issues, and the tendency is likely to
prove in that direction in every pernicious inflation.
SURPRISING FEATURES OF THE HOOVER ECONOMIC REPORT.
Astonishing as it may seem, the words "Inflation," "Speculation," "Luxury" and "Extravagance" do not appear in
any form in the index to the 1,000 pages comprising the two
volumes of "Recent Economic Changes" prepared for and
by the Hoover Committee. The nearest reference of the kind
is seen in the indexing of "Speculative Credits, High Interest
Rates."
Moreover, one searches in vain through the brief report of
the Committee itself, for more than vaguest allusions to any
of these topics. Nevertheless, in the opinion of leading
bankers and others, this "Prosperity" era of ours has been
characterized by nothing more striking than the inflation of
general credit, the inflation of bank deposits and bank loans
as a result of gold imports, the inflation of union wages and
the inflation of stock prices; while table after table in these
volumes bears witness to the growing dominance of our
national thirst for luxuries.
The inflation of union wages and also of prices for luxury
and semi-luxury stocks on the Stock Exchange speak for
themselves. As regards credit and bank inflation, the
testimony is no less certain, given as well by the respresentatives of those prominent banks quoted in a previous article,
and also more recently by the Federal Reserve Board and by
C. E. Mitchell, Chairman of the National City Bank of
New York, and Col. Ayres, Vice-President of the Cleveland
Trust Company.
Writing on April 18, regarding brokers' loans and the
"invisible money market," Mr. Mitchell makes (in this or
that connection) the following illuminating statements: '
That the condition of credits with which we have to deal to-day is one
of inflation can scarcely be denied. . . . Taking the reports of all
banks in the United States, it is found that between Dec. 31 1927 and
Dec. 31 1928 there was an increase in the combined loans and investments from $55,450,000,000 to $58,260,000,000, or 5.1%. (On Jan. 1
1915 the total was only $17,300,000,000 and on Jan. 1 1919, $27,700,000,000. D."
This . . . does not tell the whole story of credit expansion in
. Taking account then of the extraordinary growth in
1928. .
• these brokers, loans for account of others, as reported by both the New
York banks and the Stock Exchange,from $1,627,000,000 at the end of
1927 to $3,301,000,000 at the end of 1928, we find the total increase of
credit, as represented by the bank figures and the loans "for others"
combined, to have been from $57,077,000,000 to $61,627,000,000, or 8%,
a difference as compared with the estimated increase of business which
can only spell inflation. (The brokers'loans on June 29 1929 had increased
to $7,071,000,000, of which $4,208,000,000 "from others"; while from
July 3 to July 31 the portion thereof obtained through the member banks
in New York City (and reported by them) increased by $191,000,000,
of which $124,000,000 from and for account of others. D.)
In like tenor Col. Ayres writes in "Business Bulletin" of
April 15th 1929:
701
The evidence reviewed indicates two things. The first is that this is a
period of increasingly intense credit inflation that has taken the form of a
progressively more rapid turnover of bank credit rather than that of an
important growth in the volume of bank loans and deposits. The second
conclusion is that the development of this inflation is closely related to
stock speculation. The term inflation as used here may be considered
as meaning, the expansion of credit use at a rate distinctly more rapid
than the rate of growth in the production and consumption of useful
goods.
Our present inflation is less extreme than the one we had after the war
. . . and it has been accompanied by speculative price increases
in Florida lands and in stocks, rather than in the price of farm lands and
commodities.
Respecting the gold situation Col. Ayres in "Bulletin" of
May 15 adds (in brief):
War came, and price inflation followed it, and when this was at its
worst in the summer of 1920, bank credit had expanded until there was
about $14.50 of credit for each one dollar of gold. This was over twice as
much bank credit in use for each dollar of monetary gold in the country
as there had been when gold payments mere resumed 40 years before.
The diagram shows the changes that have taken place since the sum
mer of 1924. At that time gold was almost 10% of the bank credit.
By the summer of 1925 it was less than 9%;in 1927 it fell beiow 8%;last
year it declined to less than 7%. It is now lower than it has ever been
before, lower even than it was at the worst of the inflation period and
credit strain of 1920.
In computing the percentages the relation has been found between
the amount of monetary golds in the country and the total of loans and
all banks until 1926, and since that time the increases in brokers,loans
for others than banks have been included in computing the bank credit
outstanding. If these were not included the lowest point in the line would
be just above seven instead of slightly below it.
Continuing with this thought in mind the National City
Bank in circular of June 1929 says: "Since it is evident
that there must be a limit to credit expansion somewhere if
the country is to remain on a gold* basis, and since that
limit unquestionably is not far off, most people who are not
obsessed by the speculation fever will agree that the restriction had better begin before the final limit is reached."
Also carrying back the evidence of credit and banking
inflation to the very beginning of this so-called Prosperity
era in 1922 the Federal Reserve Bulletin of April 1929 in an
article respecting the credit policies of the Federal Reserve
Board stresses the fact that "during the period 1922-27
gold had come to the United States in large volume (aggregating net approximately $900,000,000) and had been added in
large part to the reserve balances of member banks where
ifformed a basis of rapid expansion of bank credit . . . at
the unusually high rate of $15 of member bank credit to $1 of
member bank reserves."
If these be the facts, one wonders why they fail of a
prominent place in a treatise on the causes of our exceptional
business activity since 1921.
THE ECONOMIC COMMITTEE TACITLY DISAGREES WITH ITS
EXPERTS.
But the most surprising fact elicited by a study of "Recent
Economic Changes" is the apparent putting aside by the
Committee of the finding of its own experts respecting these
and other essential matters.
To the subject of credit inflation the committee (Page
XII)comes no nearer than to speak of "a continuing source of
funds," the "imports of gold early in the period" having
"tended to make credit easier." To this they add that "in
the period 1922 to 1926 prices declined on the average 0.1%
a year."
Opposed to this stand is the opinion expressed in the 50page chapter on "Money and Credit and Their Effect on
Business" nrepared by Prof. 0. M. W. Sprague of Harvard
University and W. Randolph Burgess of the Federal Reserve
Bank of New York. These investigators refer to the "huge
gold import" of nearly $900,000,000 from the beginning of
1922 to the middle of 1927, "such as ordinarily carries with
it a threat of inflation and of prices," and then they make the
following statements (page 697):
Thus it may be said that gold imports from 1922 to 1927 exercise much
the normal influence toward credit expansion. This credit expansion
was large and rapid; it was accompanied by an increase of the general
level of prices as shown by an increase of 9% (14 points) in the general
price index of the Federal Reserve Bank of New York.
It is true that there was no inflation of commodity prices. The change
in the price index of the Bureau of Labor Statistics from Jan. 1922 to
July 1927 shows an increase of 3%. That the large increase in bank
credit, that is in purchasing power, was not accompanied by a
large
increase in commodity prices may be explained in a number
of different
ways, some of which have already been dealt with in this
report (compare similar explanations in our Article VI,
"Chronicle" V. 128,
p. 2716.) . . .
The Federal Reserve System during this period
did not prevent a
very large extension of credit which might perhaps be
described in some
* Net gold imports since their resumption last
fall have aggx-egated
approximately $250,000.000, and since
are still encouraged by high
Interest rates and the need by various they
banks of additional reserve funds
(due to the lack of ample commercial paper
eligible for rediscounting). they
are changing materially the gold and credit
outlook. Each additional
$100.000.000 of gold might be used to produce
$1.500.000,000 additional
credit as in the past were not the member banks
(not too
successfully) both to reduce their indebtedness to endeavoring
the Federal Reserve
banks and to limit new loans to the needs of industry and
commerce. D.
702
FINANCIAL CHRONICLE
part as inflationary to the extent that it was accompanied by an increase
In prices of various kinds.
Looked at from a broader standpoint, may we not with
propriety describe the resulting inflation in somewhat
stronger terms?
MASS SPECULATION FOR THE RISE AS A BOOM FACTOR.
It would seem hardly open to question that as a boom
promoter there are few factors more potent than a prolonged
and rapid speculation for the rise, such as our professional
speculators, commanding almost unlimited capital and
credit (the products of inflation), have been able to prosecute
by mass purchases for many months past on the stock
exchanges of the country, to the arousing of a general
furore for stock gambling.
As observed in a previous article, Colonel Ayres of the
Cleveland Trust Co., suggested in March last that the stock
market was "giving business a ride" by overstimulating
business confidence and optimism, by giving rise to undue
profits on stock transactions, and by creating a passion for
stock issues, to the reduction of corporate bonds and bank
loans.
Also, of course, this ready market for stocks opens the way
to new enterprises involving more or less important new
construction,and for operating purposes,an added (inflationary) demand for labor and materials.
But the process does not stop even with these tremendous
influences at work. It puts on Easy Street, in their own
minds at least, millions of stockholders and sends them on
their way rejoicing to indulge their own and their family
whims, whether for building extravagant homes, for traveling widely, or for expensive sports, etc. It thus supplies
just the momentum to keep luxury business accelerating,
luxury dividends on the rise and the inverted pyramid
growing,—so long as banking and other authorities work to
this end.
We are told that there are some millions of stockholders.
in the country (including many in the ranks). Consider what
this bull market has meant to an army of the larger holders,
seeing that the average high price of 25 great industrial stock
issues, aggregating now many millions of dollars in market
value, has risen from 67 in 1913 to 138 in 1919, then, after declining to 90 in 1921 and advancing again to 116-118 in 19221923, has advanced to 135 in 1924, 185-86 in 1925-26, to 247
in 1927, to 332 in 1928, and 421.51 Aug. 1 1929. This is
the sort of buoya,ncy that on a single day (July 13 1929)
cau.,ed a telephone issue to rise more than $75,00Q000 in market value, and 10 leading stock issues to achieve an aggregate
advance in the five-hour session of $300,000,000—a buoyancy
also phenomenal among bank stocks and public service issues,
and likewise, in recent weeks, as the inflationary tide of expansion has risen, among the long-neglected railroad shares,
the average market value of 25 shares thereof advancing
from 123 in March 1929 to 153.82 on July 20 1929.
Merely the listing of a stock theretofore closely held on any
Stock Exchange of importance lifts the issue, it may be,
from an unmarketable mass, so far as quick personal financing is concerned, to the circle of active dealings, a source of
ready purchasing and borrowing power,since making possible
ca.h realization at a moment's notice on larger or smaller
interests in the shares, at, quite commonly in these days,
"fancy prices."
Let us see then what the new listings and the price boosting
has done to increase actual and potential purchasing power.
As early as 1923 credit in the United States was declared
to be "the cheapest commodity we have to-day; no doubt
everyone is using credit extravagantly," so said the Secretary
of the National Association of Credit Men. In 1926 also
both A. W. Loasby, President of the Equitable Trust Co.
of New York, and John Moody were among those dilating
on "the plethora" of money (or capital) resulting in a lavish
purchase of luxuries—automobiles selling like "hot cakes,"
as Mr. Moody remarked.
The bull market on the Stock Exchange, however, while
starting earlier, did not get into full swing until 1925. In
that year the sales reached an aggregate of 454,000,000
shares, contrasting with an average of 144,000,000 annually
from 1909 to 1913, and a previous maximum record of 312,000,000 in the boom year 1919. In 1926 the activity was
maintained; in 1927 it increased to 577,000,000 shares; in
1928 to 920,000,000, and now in the half year just ended a
new record of 537,865,000 shares has been made (contrasting with 415M million in the six months of 1928) with an
additional 238,000,000 sold on the New York Curb as against
99,000,000 in the same interval of 1928.
(Vol.. 129.
Note the result. On Jan. 1 1925 the market value of the
isted shares as shown by the year book of the New York
Stock Exchange, was 27 billions; a year later 3432; two years
3 on Oct. 1 1928, 59; on
later 38%; on Jan. 1 1928, 49%;
Jan. 1 1929 more than 61 billions and greatly more to-day.
(The "Times" compilation of 240 listed stocks discloses a net
increase in their aggregate market value since Feb. 28 1929,
notwithstanding the small recession in March and the great
($3,045,000,000) recession of May, amounting to no less
than $3,360,000,000. In July the increase was $1,895,000,000, in June $4,234,000,000.)
. Here then is a total increase of more than 34 billions of
dollars in the market value of the listed shares of one single
Stock Exchange in the brief period of four years. Who can
estimate how many thousands of millionaires have thus been
made by the "tick of the ticker" backed up by tha new
listings and the expanding luxury buying; how many
hundreds of thousands of persons, previously with relatively
modest personal property, who are now worth some hundreds
of thousands of dollars and therefore in their own minds
justified in indulging, as they are doing,in luxuries "galore."?
Can we doubt the enormous urge to inflationary enterprise,
wage demands, luxury buying and spending, to wasting and
the distribution of extravagant "tips" arising from such
easy-found wealth, and the spectacle of the same, perpetuating itself by the luxury wave?
In spite of all this we find not a word of it in the report of
the Economic Committee and only some slight allusions and
rather colorless generalities respecting stock dealings in the
reports of its experts, although one of them does say:
Unquestionably Stock Exchange transactions have been the most
conspicuous financial development of the period under review, and the
causes of the unexampled expansion in trading and its economic, as well
as financial, significance and effect deserve careful examination.
But broadly speaking, the whole great subject of speculation (one of the mightiest factors, it appears, in modern
society for promoting inflation) is practically ignored,and yet,
along with the greatest known boom in stocks, we have
participated during this period in the greatest of speculations
ingrain,in the greatest of land booms,(if we consider in their
aggregate significance the Florida land and building boom),
the oil and building development in Southern California, and
the land and building construction expansion in and around
practically all the large cities of the nation, and especially
notable of late in the financial section of• our great metropolis ("Chronicle" July 20 1929, p. 325).
THE CAUSES—ARE THEY RISING "PRODUCTIVITY" AND
MECHANICAL POWER.
Remarks often reiterated by high authority, notably by
Mr. Hoover and his Economic Committee in their recent
report, have spread the impression that the explanation for
our accelerating prosperity lies mainly in the increasing use
of our surpassing national endowments, through additional
mechanical power (largely electric), material-handling
machinery, and better scientific waste-saving methods, thus
making for higher productivity per man hour and so for
big profits and high and higher wages. But is the impression wholly justified?
No one questions the enormous part played by these
elements in our highly developed American life. Without
them it would have been impossible for the nation to maintain the union wage scales as greatly increased by the war
and the post-war boom of 1919-20 and still rising.
But would these elements alone, working so unequally,
have been able, in the face of the expanded price and expense
account of war days,to roll up a prosperity wave capable ofincreasing the people's income, exclusive of speculative profits,
to more than $90,000,000,000 per annum at the present time,
as against $35,700,000,000 in 1913 and only $65,900,000,000
in the great boom year 1919, and still advancing at a rate
never approached in the past by any nation?
In the first place the experts reporting to the Economic
Committee appear far from convincing on this point. In
some essential lines, as on road construction and foundation
excavating, the saving on this score is assuredly immense.
However, writing on "Labor" in the aforesaid reoort,
Leopold Wolman of the National Bureau of Economic Research finds that the "startling" increase of productivity in
manufacturing in 1922 (20%) followed the extreme war and
post-war demoralization of labor in 1918-1921 and that the
"greatest advances have come in five industrial groups, of
which three (automobiles, rubber products and chemicals)
are directly or indirectly associated with the automobile,
since much of the growth of the chemical industry may be
attributed to the development of the industry of petroleum
AUG. 3 1929.]
FINANCIAL CHRONICLE
703
refining"; the other two are tobacco manufacturing (chiefly the claims made for increasing productivity as the primal
of cigarettes) and smelting and refining. The "changes in cause of the movement fall immediately under grave sus1926 and 1927 were slight."
picion?
Tables show that from 1923-25 the productivity in all manufacturing
When it is also observed that the greater wage increases
Industries increased only 9.7%;in the aforesaid five groups 16 to 29.3%.
For all manufacturing industries also, from 1921 to 1925,the increase have gone to those lines, such as building trades, in which
was more than 35%, but the index of output per person (1899 equaling increasing productivity per man day has been trifling, if
100) had fallen from 116.3% in 1913 and 119.2 in 1916 to 1043 in 1919 not diminished by shorter hours, does not the suspicion
and 107.3% in 1921.
As to use of methanical power, Dr. Wolman finds from the Census of become still more grave; and is it not still further heightened
Manufactures that the amount of primary horsepower installed in fac- when we recall that in the case of our greatest industry—agritories showed a relatively smaller increase between 1919 and 1925 than culture—in which labor shortage has necessitated the use of
in any previous census period, and the expansion from 1923 to 1925
much mechanical power and hence resulted in a large increase
was not unusual."
So also in his article on "Consumption and the Standard of in productivity per man hour, the *age level, while materially
advanced, is so far below the level of union wages in most
Living," Mr. Welmmi says(p 52 and 54).
industries that agricultural wage earners have had relatively
Pk While there may have been some relative reduction in the cost of food
and clothing, the gains from this source are probably dissipated by the small opportunity to participate in the accelerating optional
relatively higher prices of other commodities. There is certainly no purchase movement—the saving in this case being swallowed
overwhelming evidence that the new goods are together cheaper than
up by distribution costs.
the items they replace. . . .
Supplemented, however, by a variety of data regarding particular
Finally, if none of these other objections to the productivity
commodities the figures given a fair representation of the situation; on theory existed, would not the tremendous acceleration in
the whole they appear to show that staple consumers' goods have had
no great increase as indicated by the slight growth of flour milling, business, profits, wages, speculation during the last ten
slaughtering, cotton and woolen goods and clothing.
months suffice to settle the question?
Certainly there has not been in this recent period, or during
Likewise the chapter on "Technical Changes in Manufacturing Industries" by L. P. Alford of the American Engineer- the months immediately preceding the same, any industrial
ing Council, says with respect to individual productivity development by economies, more mechanical power, "more
(page 166): "Only a limited number of product groups have science in industry," improved machinery or otherwise, in
been studied but these fall into two classes--,the first com- the least commensurate with this phenomenal bursting
monly looked upon as prosperous, and many of the second forth of operations in and from the inflation of the favored
as notoriously in trouble and beset with economic and busi- industries.
As a symposium of statistical studies by ranking experts,
ness difficulties." Tables are submitted showing the rela"Recent Economic Changes" has had few equals in any
tive increases in output, &c., for the groups in question.
Is it not most significant that the six industries in the previous investigation. But as a motion picture machine,
first class here mentioned as showing the highest percentage attempting to portray the life history and destination of
of increase in productivity per man hour in 1925, as com- our runaway "prosperity," it must, we fear, be adjudged
pared with 1914, belong (page 147) to the rapidly growing in need not only of focusing and a broader field of vision,
"optional purchase" and allied lines, viz.: Automobiles, with but also more attention to esiential details, lest it be proved
a 210% increase; rubber tires, 211%; petroleum refining, by coming events a somewhat misleading effort.
ARNOLD G. DANA.
77%; cement manufacture, 58%; blast furnaces, 54%; steel
New Haven., Conn.
works and rolling mills,60%? On the other hand those in the
second class, with percentage increases ranging only from
BOOK NOTICE.
17 to 39% (or far less than the percentage of wage increases
in these cases), were the old, always essential lines, flour mill- AVIATION: ITS COMMERCIAL AND FINANCIAL ASPECTS. By
Richard Rea Bennett. 137 pages, 4 illustrations.
ing, slaughtering and meat packing, leather tanning, cane In printing a notice of this book in our issue of July 20, we
sugar refining, paper and wood pulp, boots and shoes.
to give the name of the publishers of the book. As
In the second place if it be true, as the facts seem to indi- neglected received
a number of communications asking for
we have
cate, that these much heralded elements making for economy the name of the house, we will say here that the book is
of operation are linked with other equally potent factors of gotten out by the Ronald Press Company, 15 East 26th
doubtful character-inflated credits, speculation, &c.—do not Street, New York City.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, August 2 1929.
In general business, the mid-summer showing is rather
better than usual. There is more fall business being done.
The retail trade i,largely in the shape of closing out summer
lines. The big industries on the whole are making a better
showing than a year ago. The wheat crop will be smaller
than that of last year. But on the other hand prices are
some 25 to 30o. a bushel higher than at this time in 1928.
December wheat touched $1.48, the highest of the season.
Corn futures are anywhere from 10 to 28c. higher than at
this time last year. Oats are 150. higher and rye 15 to 200.
higher. Hog products are higher than at this time last year.
There is more activity in fall jobbing trade than a year ago.
Retail business is fully up to the level of last year at this
time. The weather has been hot all over the country and
this has naturally stimulated trade in summer goods. lkrot
forgetting seasonal cotton goods and also those for the fall
trade. It is regrettable that a drought has prevailed in this
section for 6 weeks past, greatly injuring the crops in New
York, New Jersey and Connecticut. At the same time there
has been a drought at the Northwest which has cut down
the spring wheat crop. In Canada the wheat yield it is
believed will not be more than 50% of that of last year. It
would seem conservative judging from present appearances
to put the Canadian crop at 250,000,000 bushels as against
508,000,000 bushels last year. The trade in agricultural
implements has been brisk. The manufacturing shoe trade
feels the stimulus of good buying for the fall trade. Raw
wool according to some reports has advanced slightly and
there has at times been some increase in trade, though
there is no real activity. In the brick industry there has
been some improvement. The hard wood trade is better.
Over on the Pacific Coast the salmon pack is smaller than .
that of last year. The American Woolen Co. has reduced
the opening prices on men's wear worsteds for the spring of
1930 on an average of 23'2 to 3%. Raw silk has been quiet,but
firm. Broad silks for the fall trade have been in good demand. Copper has been in good demand for export. Trade
in machinery has continued brisk, showing that on the
whole the manufacturers are busy.
Wheat has declined only very moderately even after the
recent and tremendous rise due to bad crop accounts from
Canada and from the Northwestern spring wheat country
of the United States, and a decline of 13 to 2 cents net this
week has been merely because of showers and cooler weather
in the Northwest and Canada. But the crop news is not
reassuring. On the contrary it looks more than ever as
though there would be a sharp decrease in the yield both of
this country as well as Canada. It also looks as though
eventually the sales of hard American wheat for shipment
by way of the Gulf of Mexico to Europe may increase materially. Early in the week it was stated that sales had been
made of such wheat to the amount of 2,000,000 bushels.
It appears too, that 1,000,000 barrels of flour were sold at
St. Louis. One report was that it was all for export, while
another version was that half was to be shipped to Europe.
In any case the export prospects for this country seem to be
brighter. The irony of it is that we shall have less to spare
for export this season. Corn has been in the main quite
firm, owing to dry weather in the belt and a better cash demand. This grain has therefore followed wheat less docilely
704
FINANCIAL CHRONICLE
[Vol.. 129.
when wheat happened to react. The oats crop is not so ment and casting war into the limbo of barbarism and giving
promising and prices are some 2 to 2% cents higher for the civilization a new impetus toward a state of affairs "when
week. Rye, owing to the recent dry weather, and the rising the war drums will throb no longer."
Fall River, Mass, reported that the Arkwright Mills there
prices for wheat, has also advanced. To-day there were
rumors of a better inquiry for rye from exporters, though are sold ahead for 3 months. Manchester, N. H., wired
no actual foreign business was reported. There seemed to that 50 employees of the mechanical department of the
be a possibility, however, that foreign interests were buying Amoskeag Manufacturing Co. have been laid off for an inrye futures. Provisions declined. Coffee with somewhat definite period. The employees will be called back to the
lower prices in Brazil at times has dropped 10 to 30 points. plant when business conditions warrant. It is probable that
Sugar has not changed much. President Machado of curtailment will take place in other rooms before the annual
Cuba has issued a decree authorizing the establishment of a shutdown next month. Charlotte, N. C., wired that with
single selling agency for the Cuban sugar crop and word the last of the strikes in South Carolina settled the mills in
comes to-day that his act has the endorsement of powerful that State for the first time in 5 months are undisturbed by
trade interests in Cuba. Cotton has advanced owing to hot, labor troubles. In the settlement of the strike at Mill's Mill
dry weather in the western and northwestern Texas,reports the strikers failed to get increased wages or the abolition of
of shedding there and weevil damage in southern Texas. On the stretch out system. The mill agreed that there should
the other hand the central and eastern belts have had too be no discrimination against union employees. The strike
much rain and reports of weevil damage are persistent from at the Marion Manufacturing Co., at Marion, N. C., has
those quarters. There is a wide divergence of opinion as to continued for 2 weeks with no signs of an early ending.
On Monday,July 29 at Lancashire a strike started at 1,600
the size of the cotton crop, some estimates being about a
million bales apart. The world needs, it is believed, fully mills of 500,000 cotton workers because of a reduction in
15,500,000 bales from this country, and it all depends upon wages of 12%%. The strike comprised workers on spinning
the weather in August and early September whether this and weaving machinery. A week's idleness will mean
quantity will be raised or not. The strike of half a million $5,000,000 lost in wages by the operatives. It is the most
workers in Lancashire would theoretically have its unfavor- serious strike in Great Britain since the general strike in
able repercussions on the American cotton trade. But it is 1926. Representatives of the workers as resolutely resist
not so clear that it will turn out that way. It is now said and say human beings cannot exist on such low pay. The
that German and French mills are already profiting by the workers say they are willing to submit the issue to arbitrastrike in England in an increased export business. In other tion, but no man or woman is to be allowed to entei the mills
words they are getting some of England's foreign trade in at the old wages. In London the prevailing opinion is that
cotton goods. That would seem to point to larger buying the Lancashire mill owners must face their financial tangle
of American cotton by the continent. Manchester cables and get out of control of banks, where they have heavy loans,
that the trade news from China is discouraging and there is before they can insist that the workers bear the sole cost of
not much business with India. But to-day cotton had a the present plight of the industry. Any intervention by
setback here of 35 to 40 points which may have an unfavor- the Prime Minister probably would take the line of insuring
able effect on the wholesale cotton goods market. Some of some such action by the mill owners. At least half the workers
the largest cotton mill concerns of late have admitted that it seems are ready to take a reduction of wages, but not
the sales were running behind the production. Buyers are one of the full 12%% and powerful leaders on the employers'
endeavoring to secure goods at lower prices but mills as a side are angry that a lockout was resorted to before overrule refuse to make any concessions. Recently indeed they financing had been reduced. The average wage for male
advanced some goods % to 3 cents. Rubber has declined spinners and lower-paid weavers is now said to be 47 shillings
nearly half a cent net with most plants apparently reducing 'a week, and for women workers 30 shillings 3 pence. Manproduction at least for the time being. Consumers are repre- chester cabled that the failure to make any progress toward
sented as buying only on a moderate scale with the hope of settlement of the Lancashire cotton strike, increased the
lower prices later on. London moreover has been dull and gravity of the industrial situation as other mills began to
latterly declining. In steel there has been a fair business feel the effects of idleness of some 500,000 workers. The
with few concessions on prices where there are any at all. great rayon firm of Courtaulds, Ltd. announced that it was
Wire nails are lower. Scrap is firm, and production is still temporarily closing down its works at Nuneaton, Leigh and
on a large scale with very gratifying returns as to earnings. Holywell, due to the cotton stoppage. There is no demand for
In pig iron there is the usual mid-summer lull and prices processed yarns at Lancashire where the bulk of the supply
have declined. Alabama iron is a disturbing factor in the usually is sent, the firm announced.
Automobile production in the past month shows increasing
keen competition for business and it is hinted compels
Northern foundries to follow. The possibility of the price activity when compared with the corresponding month a
of this iron being further reduced is something that the iron year ago, according to reports from manufacturers, Production this month is expected to exceed that of July owing
trade has to keep in mind.
The stock market on Monday declined 2 to 11 points on to increased production schedules contemplated by several
many stocks with money up to 10 per cent and the trans- companies that are preparing to introduce new models.
actions down to about 2,760,000 shares, and the technical However, the entire production for the industry during
position weaker after heavy recent buying and sharp ad- July will undoubtedly show depression from June, it is said.
Montgomery, Ward & Co. report July sales totaling
vances. But the rest of the week the Market has moved
steadily upward. On Wednesday, the trading reached $19',803,343, a gain of 41.7% over the total of $13,976,559
3,407,000 shares. In some directions the net gains were 2 reported for July, 1928.
The heat wave which began late last week reached 92
to 10 points and in a few cases 16 to 20 points. Very flattering earnings caused a rise in United States Steel common degrees on Sunday, July 28 with the wind South to Southof 33/i per cent net. July sales of stocks turned out to be. west and half the New York population is said to have left
93,378,690 shares against 39,001,098 in July last year. The the City for the beaches. The low point was 71 but at 10
Curb transactions for July reached a new high of 57,646,460. a. m. it was 82. There are complaints of a scarcity of water
Heavy gains in prices took place on both exchanges during in New Jersey. Swimming pools have been banned in
the month. There was aggressive trading on July 31st in South Orange and the Yonkers reservoir was low. One
General Electric, American & Foreign Power, American Can, very.regrettable thing is the bad effect of the prolonged
Auburn Auto, Commercial Solvants, N. Y. Central, Mont- drought on the crops of New York, New Jersey and Congomery, Ward, Peoples Gas and American Telephone & necticut of which the complaints are growing louder. At
Telegraph. The belief was that the outside public had re- Boston it was 70 to 92, Chicago 78 to 86, Cincinnati 74 to
turned to the market. On the 1st inst. stocks continued to 92, Cleveland 74 to 92, Detroit 76 to 92, Kansas City 76 to
rise despite 12 per cent money and also on Friday despite a 88, Milwaukee 74 to 86, Minneapolis 62 to 84, Montreal 54 to
gain in brokers loans of $52,000,000, reflecting an increased 92, Norfolk 70 to 90, Omaha 72 to 86, Philadelphia 72 to
3 points. 92, Portland, Me. 64 to 90, San Francisco 56 to* 66, Seattle
interest in stocks by the public. Prices rose 4 to 374
China and Russia, it seems, have reached the stage where 58 to 82, St. Louis 76 to 98, Winnipeg 58 to 84. London
feature. It is something for this country to be proud of that cabled on the 28th that a heavy rain had ended one of the
as soon as war seemed imminent it invoked the Kellogg pact longest droughts in the experience of London. The drought
which each of the contestants had signed and so averted in New York and nearby States has lasted for a month with
such a catastrophe as armed conflict which once begun dire effects.
It was 91 degrees here on July 29. Warning not to waste
might spread with dire results to mankind. This country
has in concert with France and England taken along step water was issued in White Plains, N. Y. Grain crops of 'the
oward making the Kellogg pact a practical working instru- Northwest and Canada were still suffering for rain. At Boston
t
AUG. 31929.]
705
FINANCIAL CHRONICLE
Open market rates on 90-day bankers acceptances declined from 53 to
it was 88 degrees, Chicago and Cincinnati 86, Cleveland 82,
5%% between the latter part of June and the middle of July, while rates
Detroit 92, Kansas City 90, Milwaukee 90, St. Paul 94, on prime commercial paper remained unchanged.
Montreal 84, Omaha 88, Philadelphia 94, Portland, Me.92,
San Francisco 64, Seattle 82, St. Louis 90, and Winnipeg 84. New York Federal Reserve Bank's Indexes of Business
On July 31 the maximum temperature here dropped to 82.
Activity.
In Chicago, Cincinnati and Cleveland, however, it was 90,
1 monthly review it.. indexes of
Aug.
its
in
presenting
In
at Detroit 92, Kansas City 96, at Minneapolis 82, at Omaha
Reserve Bank of iiew
York
Federal
the
activity
business
94, at Seattle 80, at St. Louis 94 and at Winnipeg 72. In
says:
this section there was no relief from the six week's drought,
Our indexes of business activity showed no consistent change from May
and New York, New Jersey and Connecticut continue to to Juno. Primary distribution of goods was somewhat smaller than in
while retail distribution of goods was somesuffer. On the 1st inst., rain fell for a time here, but it did May, after seasonal allowance,
what larger. Bank debits in 140 centres outside of New York City inp.
3.10
was
temperature
at
86
maximum
little good. The
creased slightly after seasonal allowance, but debits in New York City
By 9 p. mAt was down to 76. Chicago and Montreal had 68, declined, probably due chiefly to the decline in financial activity in June.
July freight car loadings showed little change after seasonal adjustment.
Cleveland and Milwaukee 70, Detroit 72, Omaha 92, Kansas In
while bank debits increased.
Texas
Boston
90,
Seattle 80,
City and Phoenix, Ariz., 100,
of past oloarl00 per cent: adjusted for seasonal variations)
100 to 104, Oklahoma 100 to 108, Minneapolis 82. The (Computed trend
only
July
during
19
for
and
years,
April
dry
June
May
so
June
been
city has not
1929.
1929.
1929.
1928.
once in 58 years has New York been any dryer. The average
Primary DIstrtbeatotsJuly rainfall is 3.94 inches, but this July it was only .63 of Car
105
103
106
loadings, merchandise and miscellaneous 101
98
104
91 . 102
an inch. In July last year it was 7 inches. To-day was cooler Car loadings, other
94
103p
100
101
Exports
124
11415
122
with the maximum 72 and the minimum 62. Overnight Imports
99
79
91
85
80
Panama Canal traffic
Chicago was 68.
101
108
104
93
Wholesale trade
Federal Reserve Board's Summary of Business Conditions in the United States-Manufacturing Activity
Continues at High Rate-Small Seasonal Decline
in Factory Employment and Wages-Increase in
Reserve Bank Credit.
The continuance during June, of a high rate of activity
in manufacturing establishments, is indicated in the monthly
summary of business conditions in the United States issued
July 26, by the Federal Reserve Board. The summary
follows:
Output of manufactures continued in large volume in Juno while mineral
production declined. There was a rise in the general level of commodity
prices, reflecting chiefly an advance in agricultural commodities.
Production.
Activity of manufacturing establishments continued at a high rate in
June. Output of automobiles and of iron and steel showed a seasonal
decline, smaller than is usual, from May to June. Silk mill activity increased and there was a growth in the daily average production of cement,
leather, and shoes. Production of copper at smelters and refineries decreased sharply and output of cotton and wool textiles was reduced, although production in all of these industries continued larger than in other
recent years.
The volume of factory employment and payrolls in June showed a small
seasonal decline from May, but, as in earlier months, was substantiallY
larger than in 1928. Output of mines was generally smaller in June than
in May, reflecting declines in the production of coal, copper, and other
nonferrous metals. Output of petroleum, however, increased to new high
levels.
Reports for the first half of July indicate some further reduction in output of cotton textiles, iron and steel, lumber and coal. Volume of construction contracts awarded decreased further in June and for the first half
year awards were 12% less than in the same period in 1928, reflecting
chiefly a substantial decline in residential building. During the first 3.
weeks of July, contracts awarded were larger than in the same period a
year ago.
Agriculture.
Department of Agriculture est'mates, based on July first crop conditions
report, indicate a wheat crop of 834,000,000 bushels, about 8% smaller
than production last year, but larger than average production in preceding
5 years. The acreage of cotton in cultivation on July 1, was estimated at
48.457,000 acres. 3% more than a year ago.
Distribution.
During the month of June, freight car loadings were plightly smaller
than in May, as a result of decreases in loadings of most classes of freight,
except grain products and ores. In comparison with other recent years,
however, loadings continued to show an increase.
Sales of department stores in June, as in earlier months, were larger than
in the same month in 1928.
Prices.
Wholesale prices, according to the Bureau of Labor Statistics index,
advanced from May to June, on the average somewhat less than they had
declined during the preceding month. Farm products, particularly grains,
cattle, beef, and hides,showed marked advances in price. Prices of mineral
products and their manufactures also averaged higher in June than in May,
the rise reflecting largely Increases in the price of petroleum and gasoline.
Prices of leading imports, rubber, sugar, silk, and coffee showed a decline
for the month as a whole. During the first 2 weeks of July wheat and
corn continued to move sharply upward, while hides declined slightly in
price. Hog prices increased and prices of rubber and tin, which began to
advance in the middle of June, continued to rise.
Distribution to ConsumerDepartment store sales,2nd district
Chain grocery sales
Other chain store sales
Mall order sales
Life insurance paid for
Advertising
General Business ActivityBank debits, outside of N.Y.City
Bank debits, New York City
Velocity of bank dep. outside of N.Y.City_
Velocity of bank deposits, New York City.__
Sharessold on N.Y.Stock Exchange
Postal receipts
Electric Power
Employment In the United States
Business failures
Building contracts 36 states
New corporations formed in N. Y.State
General price level
Composite index of wages
Cost of living
it Preliminary.
100
102
102
112
104
95
101
94
94
119
102
97
103
94
103
126
101
98
104
95
105
137
102
98
114
167
119
177
239
89
106
97
121
138
127
176
223
170
109
170
121
195
304
85
110
101
112
121
112
179
226
171
107
178
123
201
329
87
112
101
106
119
112
179
226
171
109
158
126
182
252
81
102
109
110
111
179
227
171
Wholesale Trade in New York Federal Reserve District
During June-Sales Compare Favorably with Those
of Year Ago.
The Aug. 1 "Monthly Review of Credit and Business
Conditions by the Federal Reserve Agent at New York has
the following to say regarding wholesale trade:
June sales in most lines of wholesale trade compared favorably with those
of a year ago. Sales of men's clothing, although seasonally smaller than
in May, showed an unusually large increase over a year ago, and sales of
silk goods, shoes, stationery and paper also showed substantial increases
over June 1928. Smaller increases were reported in sales of cotton goods
and hardware, but considerable decreases, following increases in May, were
reported in sales of jewelry and diamonds. Accompanying the continued
high level of industrial activity, the National Machine Tool Builders'
Association again reported a substantial increase in machine tool sales over
the very large volume of a year ago.
Wholesale shoe dealers' stocks declined further below the level of a year
ago, and stocks of cotton goods, hardware and jewelry and diamonds held
by wholesalers also were smaller than at the end of June last year. Increases in stocks of merchandise over a year ago were reported by grocery,
silk goods and drug dealers.
Collections in most lines were a little slower than in June 1928. •
Percentage Change P. C.of Charge Accounts Outstanding
June 1929
Compared with May 31 Collected
in June.
June 1928.
Commodity.
Groceries
Men's clothing
Cotton goods
Silk goods_a
Shoes
Drugs
Hardware
Machine tools_b
Stationery
Paper
Diamonds
Jewelry
Percentage
Change
in
Net Sales.
June '29 First Ste
from Mos.'29
May '29. from '28.
Net
Sales.
Stock
End of
Month.
+2.3
+26.9
+1.3
+21.5
+15.2
-1.5
+0.7
+35.9
+12.3
+8.4
-35.8
-11.7)
68.6
70.8
+1.4
+5.1
46.1 -17.7
45.4
___
--------+0.8
-9.4
51.6
53.4
-1.4
+7.2
42.0
39.6 +15.0
-28.4
41.0 -11.8
43.5
+31.7
48.4
+4.2
60.3
-8.3
-------------12.8
75.1
-__
72.8
-3.2
88.8
73.1
-8.5
---1-30.8
24.2 1 +0.4
24.4
-12.0
1028.
1929.
-..41
52.6
+10.4
54.1
Weighted average
a Quantity, not value. Reported by the Silk Association of America
b Reported by the National Machine Tool Builders' ABSOCIa ion.
+0.1
+2.3
+0.8
+17.1
+8.7
+5.8
-1.0
+48.8
+1.9
+8.7
+3.0
___1.8
-1-R n
Bank Credit.
Wholesale Trade During June as Reported to Federal
During the first half of July, the volume of credit extended by member
Reserve Board-More than Usual Decline Seen.
banks in leading cities declined somewhat, following a rapid increase in
at wholesale during June declined more than is usual
Sales
of
these banks were about $100.June. On July 17, loans and investments
000,000 above the level at the end of May. The increase reflected chiefly at this season, according to the survey issued July 29 by
rapid growth in loans to brokers and dealers in securities and also some
Federal Reserve Board, which further says:
further increase in commercial loans. The banks' holdings of investments the
Decreases were general throughout the country and were shown for all
continued to decline and were on July 17, about $700,000.000 below the
the reporting lines of trade, except meat. The largest decreases were in
middle of last year.
The total volume of Reserve Bank credit outstanding showed an in- the sales of dry goods, men's clothing and boots and shoes.
As compared with the corresponding month a year ago, there was a
crease of about $120,000.000 during the 4 weeks ending July 17, the increase being in discounts for member banks. Demand for additional decrease in the volume of sales of groceries and dry goo -s, while substantial
were shown for men's clothing, boots and shoes and furniture.
increases
of
out
chiefly
a considerable increase in the
Reserve Bank credit arose
Sales of agricultural implements during June were larger than last month
volume of money in circulation which accompanied the issuance of the
new small size currency. There was also some increase in reserve balances and continued larger than a year ago.
The following table summarizes percentage changes in sales by lines
of member banks accompanying the growth in their loans and consequently
during June as compared with May 1929 and June 1928. A comparison
n their deposits.
706
of sales during the first half of this year, as compared with the first half of
last year, is also shown:
Percentage of Inc.
(+) or
Dec.
June 1929 Compared with
Groceries
Meats
Dry goods
Men's clothing
Boots and shoes
Hardware
Drugs
Furniture
Total, eight lines
(-) in
Sales.
May
1929.
June
1928.
First Half of
1929 Compared
with First
Half of 1928.
--1.0
0.0
--10.3
--18.3
--16.8
--2.0
--4.5
--4.0
-2.1
+6.1
-L4
+25.7
+22.1
0.0
+1.9
+14.5
-0.1
+9.0
+2.3
+2.5
+3.0
+1.3
+5.4
+6.2
-5.2
+2.2
+2.9
Sales June 1929,
Compared with
Lane and Federal
Reserve District.
Stocks June 1929,
Compared with
May 1929. June 1928. May 1929. June 1928i
MWOONO.M.I.COOct,
,
i
‘006,
600
t i++Iiii+1+111. TI+ITy+T+11 7-1.4.
- 1+7TIT+i 1+7-7-1'
77-.Tri 1117+
6711).-1 T
GroceriesUnited States
Boston District
New York District
Philadelphia District
Cleveland District
Richmond District
Atlanta District
Chicago District
St. Louis District
Minneapolis District
Kansas City District
Dallas District
San Francisco District
Dry GoodsUnited States
New York District
Philadelphia District
Cleveland District
Richmond District
Atlanta District
Chicago District
St. Louis District
Kansas City District
Dallas District
Ban Francisco District
Boots and ShoesUnited States
Boston District
New York District
Philadelphia District
Cleveland District
Richmond District
Atlanta District
Chicago District
St. I.OtnS District
Minneapolis District
Ban Francisco District
HardwareUnited States
New York District
Philadelphia District
Cleveland District
Richmond District
Atlanta District
Chicago District
St. Louis District
Minneapolis
Kansas City District
Dallas District
San Francisco District
DrugsUnited States
New York District
Philadelphia District
Cleveland District
Richmond District
Atlanta District
Chicago District
St. Louis District
Kailas.) City District
Dallas District
Ban Francisco District
FurnitureUnited States
Richmond District
Atlanta District
Chicago District
St. Louis District
Kansas City District
Ban Francisco District
Agricultural ImplementsUnited States a
(Per Cent.)(Per Cent.)(Per Cent.)
-2.1
-5.6
-2.3
+0.9
+2.3
-1675
-C--5:1
-0.6
-6.5
-0.5
-1.7
-2.3
-5.2
-9.4
-6.2
-2.5
-0.5
-8.4
-10.7
+0.3
-2.3
+6.6
-3.5
-3.0
-13.8
-4.0
-1.0
-2.0
-12.1
-8.2
-13.4
-0.2
-6.2
+7.4
-1.7
+1.7
+18.1
-1.4
+0.4
+0.8
+6.3
-1.8
-6.2
+2.0
-7.4
-1.5
+1.6
-1.3
+4.0
_ ---8.0
-5.3
+13.8
-2.6
+4.7
+11.8
-10.6
-6.0
-2.1
+22.1
-13.8
+15.2
-10.4
-24.2
+0.8
+0.2
-5.8
+21.8
-10.0
-0.1
+3.8
-0.2
-7.3
-14.7
-17.9
-28.1
-4.8
+9.6
-20.7
-14.0
-7.2
+ 17.7
-1.0
+6.5
-6.4
-15.5
-20.0
-14.3
0.0
+0.7
-1.6
+5.4
-12.9
-0.1
+7.3
-4.3
-5.0
+7.9
-0.4
+0.5
-4.3
-8.3
-4.3
-6.2
-3.3
-1.2
-2.9
-4.4
-2.0
-9.2
+0.3
-3.3
0.0
-8.3
-6.0
+3.1
+4.7
+6.7
+7.1
+5.7
-1.0
+3.9
-6.1
+0.5
-1-1.9
-1.5
-2.6
+3.7
-4.4
+12.6
+0.9
+8.7
+9.6
-2.0
+4.3
0.0
-1.4
0.0
+31.7
-6.1
+2.3
+1.4
-2.3
+1.0
+3.1
+0.7
+21.2
+1.0
+7.0
-12.4
-1-7-.I
-16.8
-16.8
-16.5
-18.7
-23.7
-11.3
-1.6
:1T+V *6i
+14.5
+1.1
+8.2
+3.2
+28.8
-8.4
+6.3
-2.9
+1.0
___
-3.8
-6.0
+4.0
+2.6
--1-1-.i
+15.5
+14.0
+10.2
WHOLESALE DISTRIBUTION-EIGHT LINES OF TRADE.
(Index numbers, monthly average 1923-1925=100)
Adjusted for
Seasonal Variations.
Total eight lines
(-):
P. C. Inc.(+)or Dec.
1929 Compared with same Period or Date in 1928.
Sales.
June
1929.
May
1929.
June
1928.
June
1029.
May
1929.
June
1928.
92p
122
79
06
100P
93
113
108P
99
121
89
101
112
95
118
105
94
112
79
76
82
92
110
94
95p
119
70
49
94p
06
106
95p
06
121
78
GO
113
98
111
99
97
114
71
39
77
06
101
83
97
102
92
91
96
89
In its survey of retail trade during Juno, the Federal
Reserve Board, under date of July 29 says:
Department store sales for June were 2% larger in the
aggregate than
the corresponding month a year ago, according to reports made to the
Federal Reserve System by 523 stores in 229 cities; on an average basis
I
for business days, sales were 6% larger than a year ago. For the first .
half of 1029 sales were 3% larger than last year.
'
Stocks.
June.n
Jan.-June.
-3.3
+2.2
-1.7
+3.4
+4.11
-6.2
+2.9
+1.6
-5.0
+2.8
-3.1
-0.4
+1.0
+4.5
-0.5
+2.9
+2.8
+3.7
+0.8
--2.0
+3.7
-0.2
+2.2
June 30.
-8.4
+2.6
-8.3
-1.4
-0.1
-2.6
+4.7
-4.0
-11.0
-0.5
-2.9
-3.7
United States b
+2.9
+1.9
a The month had 25 business days this year and (26) last year.
b Based on statistics of sales from 523 stores; of stocks, from 433 stores.
Detailed statistics follow:
DEPARTMENT STORES-DATA BY CITIES-SALES, STOCKS, RATE OF
STOCK TURN.
1029.
Rate of Stock Turn g.
Increase (+) or Decrease(-)
1929 Compared IV ilk 1928.
City.
Stocks.
Sales.
June.
Jan.-June. June 30.
June.
Jan. 1June 30.
NortheasternBoston
New Haven
Providence
New York
Bridgeport
Buffalo
Newark
Rochester
Syracuse
Philadelphia
Per Cent.
-54
-1.3
+0.6
+1.9
+2.8
+2.8
+3.7
-1.9
+4.7
-4.2
Per Cent.
+0.6
+1.4
+3.0
+4.7
+0.5
+2.4
+8.1
+0.8
+2.6
-2.2
Per Cent.
-5.3
-3.2
-0.9
+2.4
+12.7
-2.1
+6.7
-2.8
+8.0
-10.9
.39
.27
.29
.38
.28
.30
.27
.31
.33
.37
2.18
1.51
1.59
2.10
1.60
1.63
2.04
1.67
1.90
2.02
Mid4VesternCleveland
Akron
Cincinnati
Columbus
Dayton
Pittsburgh
Toledo
Chicago
Detroit
Indianapolis
Milwaukee
+1.4
+10.7
+4.5
+1.0
+3.6
+4.0
+3.7
--1.8
+12.6
+6.2
+4.9
+2.7
+6.3
+3.0
+0.3
+0.2
+1.8
+9.2
+0.8
+12.3
+2.7
+1.9
-3.3
+3.0
+5.8
+4.7
-8.5
-1.4
-10.1
+4.2
+13.3
+29.9
-10.1
.29
.27
.20
.29
.28
.29
.33
.32
.41
.33
.35
1.78
1.53
1.71
1.68
1.55
1.66
1.94
1.80
2.37
2.08
1.89
+1.0
+7.8
+5.3
+2.0
-3.8
-5.8
-1.4
-10.3
+2.2
+0.1
-2.1
+2.4
+3.1
+2.5
-7.5
+3.5
+2.1
+4.9
+2.6
-1.2
-3.1
-1.2
-5.3
+2.3
-1.5
+0.0
--3.7
+3.4
-1.7
-0.9
+6.7
-1.7
+2.3
-2.7
-2.1
-0.9
-5.8
-5.0
-3.1
-10.6
-0.8
+7.0
-5.1
-3.3
-3.6
.31
.30
.31
.27
.20
.23
.23
.15
.33
.20
.25
.26
.24
.21
.26
1.79
1.64
1.73
1.70
1.42
1.16
1.47
1.08
2.00
1.24
1.58
1.56
1.59
1.28
1.6;
SouthernRichmond
Baltimore
Washington
Atlanta
Birmingham
Chattanooga
Nashville
New Orleans
St. Louis
Little Rock
Louisville
Memphis
Dallas
Forth Worth
Houston
WesternMinneapolis
-9.0
-1.0
-15.0
2.91 '
.52
Duluth-Superior
-10.0
-8.0
-22.0
.35
1.92
St. Paul
+2.0
+2.0
-6.0
.3-i
2.08
City
ICansas
+4.6
+0.01
+0.8
1.34
.22
Denver
+1.8
+2.3
-3.2
.20
1.15
Oklahoma City
+3.3
+10.4
+1.6
.23
1.61
Omaha
+0.3
+3.4
-6.2
.22
1.42
Topeka
+0.5
+1.8
-5.5
.15
0.94
S
- an Francisco
-3.7
+0.6
-3.4
.22
1.44
Los Angeles
-0.01
+3.3
-1.7
.25
1.69
Oakland
+5.8
4-2.5
-11.6
.24
1.46
Salt Lake City
-1.4
+2.4
-17.9
.29
1.54
Seattle
+1.4
+3.0
-2.9
.28
1.58
Spokane
-2.5
+0.01
-5.6
.17
0.98
g Ratio of sales during given period to average stocks on hand.
DEPARTMENT STORES-SALES AND STOCKS, BY FEDERAL
RESERVE DISTRICTS.
(Index Numbers. Monthly Average 1923-1925=100.)
Without Seasonal
Adjustment.
Federal Reserve Board's Survey of Retail Trade in the
United States-June Sales 2% Above Those for
Same Month Last Year.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Federal Reserve
District
p Preliminary.
In
Inventories of the reporting department stores at the end of June wero
1% below the level of a year ago, according to reports from 433 stores.
Changes in sales and stocks of reporting department stores are summarized by districts in the following table:
DEPARTMENT STORES-DATA BY DISTRICTS-SALES, STOCKS.
(Based on value figures.)
Federal Reserve District.
CHANGES IN SALES AND STOCKS OF WHOLESALE FIRMS BY LINES
AND BY FEDERAL RESERVE DISTRICTS.
(Increase 1+) or Decrease (-) Per Cent.)
Groceries
Meats
Dry goods
Men's clothing
Boots and shoes
Hardware
Drugs
Furniture
[VOL. 129.
FINANCIAL CHRONICLE
SalesBoston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago_
St. Louis
Minneapolis
Kansas City_b
Dallas
San Francisco
United States
StocksBoston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St Louis
Minneapolis
City _b
Dallas
San Francisco
Number
of
Stores.
a
Adjusted for Seasonal
Variations.
Without Seasonal
Adjustment.
June
1929.
May
1929.
June
1928.
June
1929.
May
1929.
June
1928.
38
64
60
59
29
44
105
19
20
27
107
120
99
107
111
102
122
104
89
104
112
90
103
107
100
116
104
92
106
114
90
100
101
104
113
99
84
36
100
112
ioi
114
163
109
108
114
95
103
107
93
117
96
90
87
97
100
108
113
03
108
109
107
121r
105
97
95r
115
120
111
112
96
100
102
98
113
94
84
84
98
101
523
ill
107
105
106
110
104
38
45
47
53
29
31
81
19
10
21
21
32
98
105
87
93
97
09
112
91
72
100
107
87
94
98
99
111
90
72
101
103
91
95
99
101
107
95
81
94
101
83
92
94
94
105
88
70
112
72
99
101
107
87
OS
99
100
112
91
75
121
81
103
97
99
87
94
95
96
100
91
79
108
76
103
76
-io
81
102
102
106
United States
433
98
99
95
99
101
a Stores for which figures are avallab e since base period,
1923 1925.
b Monthly average 925=100. r Revised.
06
AUG.3 19291
707
FINANCIAL CHRONICLE
DEPARTMENT STORES-DATA BY DEPARTMENTS-SALES, STOCKS.
(Percentage increase(+)or decrease(-)--June 1929 compared with June 1928)
Sales
Stocks of merchhndise on hand at the end of the month remained somewhat larger than a year ago, but the rate of stock turnover for the month
was practically unchanged. Collections on charge accounts outstanding
continued to average slightly below 1928.
r GMT ffi IIGNICTIZ 1/7.71(4.
Department.
Total. Boston.
New Cleve- Rich- CMSt.
DalYork. land. mond. cago. Louis. Las.
San
Fran.
Piece GoodsSilks and velvets__ -4.2 -4.2 -2.7 -1.9 -4.1 -2.3-10.1 -2.4 -10.9
Woolen dress goods -38.5 -34.7 -r41.4 -38.7 -62.4 -45.9 -47.9 -27.8 -23.4
Cotton wash goods +6.1 +4.2 +10.8 +14.8 +16.8 +8.9 -3.1 -8.8 -12.6
-3.6 -8.4 +1.9 -8.5 -1.0 +3.9-16.4 -2.8 -7.1
Linens
Domestics, muslins
-1.9 -11.0 +4.1 -4.2 -0.5 +8.4 +8.3 -10.5 -11.1
&c
Ready-to-Wear A ccessor l45Neckwear.scarfs -13.0 -9.8 +2.0 -14.7 -25.4 -20.9 -25.3-29.1 -13.1
-1.7 -2.8 -3.0 -0.1 +1.2 +3.5 -7.5 -8.1 -7.1
Millinery
Gloves (women &
-1.8 -12.8 -10.1 +5.6 +4.9 +2.0 +24.3 ____ -4.0
children)
Corsets, brassieres. +0.4 -6.4 +3.0 +1.8 -0.8 +11.0 -10.4 +2.2 -3.4
Hosiery (women &
+1.3 -1.5 +2.0 +4.6 - +1.9 +3.8 -5.4 -5.2 -2.7
children)
Knit underwear... -1.4 -4.8 +0.3 -4.9+16.9 +0.7 +1.1-27.8 +0.2
Silk, muslin under+3.0 -5.1 +2.9 +6.7 +6.0 +7.7 -1.4 +7.6 -0.03
wear
-4.5 -9.2 -14.3 -1.8 +2.3 +2.1 -0.1 +6.1 -1.9
Infants' wear
Small leather goods +3.6 -0.5 +1.4 +8.2 +13.1 +0.8 +7.9 +11.6 -2.2
+10.4 -2.0 +23.5 +7.6 +15.4 +16.9 +6.6 -4.5 +8.4
Women's shoes
-1.4 ____ -3.1 -4.9 +4.3 +0.7 -2.4 +32.0 +0.2
Children's shoes
Women's Wear-34.0 -32.3-29.2 -42.4 -25.7 -20.1 -30.3 +3.4 -30.1
Women's coats
Women's suits._. -1.1 -51.4 -10.7 -14.8 -10.7 +50.4 ---------32.4
Tot.(2 above lines) -31.4-32.6-27.3-41.1 -19.2 -18.3-27.4 +27.5-30.2
+7.0 +2.8 +0.5 +8.8 +10.1 +22.8 -5.3 -2.6 +4.0
Women's dresses
Misses' coats, stilts -25.1 -34.2-20.3-34.4 -11.9 -6.4 -37.4 +57.2-12.5
Misses' dresses_ _.+11.6 +5.0 +14.6 +17.1 +14.1 +13.7 +6.3 +2.5 +9.1
Juniors', girls' wear +6.8 +0.03 +10.0 +4.9 +7.6 +17.9 +1.2 +16.3 +12.8
Men's, Boys' We arMen's clothing_ +2.6 -6.9 +6.6 +3.5 +21.5 -3.6 +26.4 -2.4 -2.8
Men's furnishings_ +9.9 ---- +8.8 +9.2 +14.3 +18.1 +6.6 +0.9 +4.9
Men's hats, caps
+1.6 -__ -11.3 +2.8--- +3.2 +13.5 -12.3 +10.1
Tot.(2 above lines) +7.2 -0.7 +7.9 +8.6 +12.6 +13.1 +7.4 -3.4 +5.3
-1.7 -11.8 -4.4 +1.7 +0.9 +8.5 -7.2 -3.7 -2.3
Boys' wear
Men's, boys' shoes +7.8 +7.9 +0.6 +12.7 +10.0 +9.4 +18.4 -5.1 -6.9
House Furnishin goFurniture
+4.3 -6.1 +3.7 -3.1 -4.1 +27.4 +16.3 +68.9 +10.0
-14.8 ---- -1.8 -26.4 +15.2 -9.2 -41.4
Oriental rugs
-32.9
Domesticfloorcov-5.5 -10.9 -8.4 -2.4 -5.2 +0.8 -15.4 -6.7 -3.5
erings
Draperies, uphol'y -1.2 _- -1.2 -0.7 +2.9 +3.6 -5.4 -5.5 -13.3
Lamps,shades... -7.8 --- -8.9 -4.2 +5.0 -10.7 -23.0 _ _ - -12.8
Tot.(2 above lines) -2.8 -4.8 -2.7 -1.6 +3.1 +0.6 -7.6 -5.6 -13.3
China, glassware
-7.5 -9.3 -12.1 -8. +12.7 -3.1 -17.0 +0.03 +1.7
SALES OF CHAIN STORES.
(Index Numbers of sales. Monthly Average 1923-1925=100J
Aajusiea for zea- wultout Seasonal
No. of No. of Stores. canal Varfarns.b Adjustments.b
Chains.
Reporting
June
June
June
June
June
June
Firms. 1929. 1928. 1929. 1928. 1929. 1928.
Locality.
New York
Buffalo..
Rochester
Syracuse
Newark
Bridgeport
Elsewhere
Northern New York State_
Central New York State
Southern New York State_
Hudson River Valley Dist_
Capital District
Westchester District
All department stores
Apparel stores
Per Cent of
Percentage Change Charge Accounts
Outstanding
First Sic Months
May 31
1929
Collected in
Compared with
June.
1928.
Percentage
Change
June 1929
Compared with
June 1928.
Average
Stock
on
Hand.
Stock
Na
on Hand
Sales. End of
Month,
Net
Sales.
+1.9
+2.8
-1.9
+4.7
+3.7
+2.8
+3.0
+0.9
-1.1
+3.9
+2.6
+2.4
-2.1
-2.8
+8.0
+6.7
+12.7
-2.6
____
____
-___
____
+3.4
+2.5
+0.4
+2.3
+8.0
+0.3
-0.2
-3.2
+2.0
+2.9
-0.1
+1.8
-1.4
+1.0
+4.3
+5.7
+1.9
-4.0
+2.2
+1.1
+2.6
+2.0
+3.6
+4.4
+1.8
-2.5
1928.
1929.
54.4
52.0
42.0
42.2
48.3
46.2
40.7
39.7
51.1
49.0
49.0
47.2
Sales during June and stocks held at the end of the month are compared
in the following table with those of a year ago:
Net Sales
Percentage Change
June 1929
Compared with
June 1928.
Stock on Hand
Percentage Change
June 30 1929
Compared with
June 30 1928.
+16.3
+11.7
+7.9
+5.4
+5.2
+3.7
+3.6
+3.4
+2.1
+2.1
+2.0
-1.1
-1.5
-2.2
-3.6
--5.5
-16.9
-41.4
+3.4
+1.0
-5.9
-6.7
+0.9
+0.7
+5.2
+4.2
-1.1
+0.5
+11.8
-1.1
-10.2
+13.4
- +4.9
-10.0
-10.0
-12.2
-7.1
Shoes
Toys and sporting goods
Men's furnishings
Cotton goods
Linens and handkerchiefs
Furniture
Luggage and other leather goods
Women's ready-to-wear accessories
Hosiery
Toilet articles and drugs
Men's and Boys' wear
Books and stationery
Silverware and jewelry
Women's and Misses' ready-to-wear
Home furnishings
Silks and velvets
Musical instruments and radio
Woolen goods
Miscellaneous
Grocery
34 1129,867 29,173 232
222
209
208
Ten cent
14
3,448 3,028 174
153
153
139
Drug
13
1,246
990 208
162
197
164
Shoe
147
ICI
134
659 183
720
7
a Figures relate to reporting t rras with no adjustment to eliminate the nfluenee
of increase in the number of stores operated: thus indexes given reflect the full
growth of the business of the reporting companies.
b Figures revised for period May 1928-March 1929.
Annalist's Weekly Index of Wholesale Commodity
Prices.
The "Annalist" Weekly Index of Wholesale Commodity
Prices stands at 149.7, representing the first reversal 3ince
the beginning of the almost perpendicular increase which
began on May 28, when the index stood at 142.7. The
Chain Store Sales in New York Federal Reserve District "Annalist's" advices further state:
in June Larger Than Those in June Last Year.
This week's index is 0.7 point lower than last week's (150.4) and comlast year at this time (149.8). The rise
In its Aug. 1 Monthly Review the Federal Reserve Bank pares with almost the sameitsindex
inception largely in the movements of prices
since the last of'May had
of New York reports that "sales of reporting chain store in the farm products group and related movements in the food products
organizations in June continued in considerably larger group. This week's decline again is traceable to declines In the farm and
group. The farm products group declined 0.5 points largely
volume than a year previous. Drug and variety chains food products
because of declines in prices of hogs, steers and lambs. These declines
reported unusually large increases, and grocery, 10-cent were somewhat, but not wholly, balanced by price increases in oats, wheat,
store, and shoe chains continued to report substantial in- cotton, eggs and potatoes. Potatoes have shown almost as spectacular a
rise as wheat, old Maine potatoes being quoted at $3.75 a sack, compared
creases."
with $1.65 on June 18. Declines in flour and meat products account for
The Bank further says:
the drop of 1.0 point in the food products group.
Type of Store.
Grocery
Ten-cent
Drug
Shoe
Variety
Candy
Total
Percentage Change Firs
Percentage Change June 1 929 6 Mos. 1929 Compared
Compared With June 1928.
With 1928.
No. of
Stores.
Total
Sales.
Sales per
Store.
Total
Sales.
Sales per
Store.
+1.1
+9.9
+19.0
+8.0
+27.6
+6.6
+8.2
+6.2
+17.6
+9.2
+21.5
-2.8
+7.0
-3.3
-1.1
+1.1
-4.8
-8.8
+9.7
+8.4
+12.1
+10.7
+15.4
+1.4
+10.9
-1.3
-1.8
+2.8
+3.3
-8.2
+7.3
+10.3
+2.8
+10.2
+4.9
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES.
(1913=100.1
July 30 1929. July 23 1929. July 31 1928.
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commorlitlea
N CC C Of 1..
<D•J oP•Ca CONslC1,00
Grocery chains continued to show the largest increase in sales per unit,
and shoe chains also showed a small gain. After allowance for the increase
in number of stores operated, 10-cent, drug and candy chains, however
showed somewhat smaller sales per store than in June 1928.
149.0
157.0
147.2
162.2
128.3
153.7
134.6
130.0
150.4
150.6
152.8
154.3
162.4
119.8
156.5
134.6
120.6
149.8
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES.
(1913=100.)
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All rAmmnrliti
July 1929.
June 1929.
July 1928.
147.1
154.2
147.3
162.8
128.3
153.4
134.6
129.9
149.1
139.8
146.0
147.9
163.5
128.4
153.1
134.6
130.3
144.7
153.4
152.9
Department Store Trade in New York Federal Reserve
155.2
161.5
District in June 6% Above that of Same Month
120.0
158.5
Last Year.
134.6
117.1
The total sales of the reporting department stores in the
150.8
New York Federal Reserve District during June showed an
increase over a year ago for the seventh consecutive month,
according to the Aug. 1 Monthly Review of the New York Loading of Railroad Revenue Freight Continues to
Increase.
Federal Reserve Bank, which adds: '
After allowance for the fact that there were five Sundays in June this
revenue freight for the week ended on July 20
Loading
of
year, and therefore one less business day than in June 1928, the average
totaled 1,078,695 cars, the Car Service Division of the
daily sales showed an increase of 6% over a year ago.
Substantial increases were reported by stores in Syracuse. Newark, American Railway Association announced on July 30.
Southern New York State, and the Capital District. The apparel stores Compared with the corresponding week last year, this was
reported a slightly smaller increase in their sales over a year ago, than did
an increase of 44,852 cars and an increase of 66,110 over
the department stores.
Total sales for the first six months of 1929 were nearly 4% higher than the corresponding week in 1927. Compared with the prethe corresponding period of 1928. The larger localities showed increases. ceding week this year, the total for the week of July 20 was
but most of the smaller localities showed decreases compared with the
an increase of 14,063 cars, with increases being reported in
first half of last year.
708
FINANCIAL CHRONICLE
the loading of all commodities except live stock and coal.
Details are outlined as follows:
[VOL. 129.
Unusual Trend of Steel Output.
"The most remarkable industrial record for the first half of 1929 has
been reported by the steel industry. Although automobile output shows
a greater relative increase in comparison with figures for other years, the
gain is less surprising by reason of the fact that the motor industry is well
known to be subject to such sharp fluctuations in activity. The comparatively stable steel industry has not only surpassed all previous records for
an initial half-year by a wide margin; but it has also, for the first time in
many years, reached a very high level of operations in the early months
without experiencing a marked recession in the spring or early summer.
"The rate of production is seen to be uniformly high in the early months;
usually the peak is reached in March, though in some cases it has occurred
in April. But in no case before this year has the recession been deferred
until after the end of the first half-year. The rate of output last month
was almost exactly equal to that of May, and recent reports indicate that
the July figure will show only a slight decline.
"This striking record is, of course, due in part to the phenomenal output
of automoniles so far this year. But no single industry, however active,
could have provided such a market for steel as has existed during the last
6 months. The demand that has made possible the maintenance of steel
output at a record level cannot be traced to any one source. It is a reflection of true Industrial prosperity distributed over an unusually vdde
range. Nearly all the principal consumers of steel-railway equipment
manufacturers, the construction industry, petroleum and natural-gas producers and distributors, the tin-plate industry, and makers of agricultural
machinery, have been operating at high levels, some at the highest on
record. Notwithstanding the large output of steel, unfilled orders have
declined only moderately and at the end of June stood at a higher figure
than on any corresponding date in the last 6 years."
Miscellaneous freight loading for the week totaled 421,548 cars, an
increase of 11,288 cars above the corresponding week last year and 31,045
cars over the same week in 1927.
Coal loading totaled 154,502 cars, an increase of 3,048 cars over the
same week in 1928 and 4,100 cars above the same period two years ago.
Live stock loading amounted to 22,855 cars, a decrease of 384 cars
under the same week in 1928 and 2,064 cars below the same week in 1927.
In the western districts alone, live stock loading totaled 17,412 cars, a
decrease of 129 cars below the same week in 1928.
Grain and grain products loading totaled 64,699 cars, an increase of
9.466 cars above the same week in 1928 and 16,568 cars above t e same
week ia 1927. In the NV(stern Districts alone, grain and grain products
loading totaled 50,035 cars, an Increase of 6,909 cars over the same week
in 1928.
Loading of merchandise less than carload lot freight totaled 257,517
cars, an increase of 1,815 cars above the same week in 1928 and 1.132
cars above the same week in 1927.
Forest products loading amounted to 66,698 cars. 1,996 cars above the
same week in 1928 but 1,336 cars under the same week in 1927.
Ore loading totaled 79.317 cars, 14.819 cars above the same week in
1928 and 15,030 cars over the same week two years ago.
Coke loading totaled 11.559 cars, 2,8C4 cars above the same week last
year and 1,635 cars over the corresponding week two years ago
• All districts reported increases in the total loading of all commodities
compared with the same week in 1928 and also 1927 except the Southern
w ich reported a decrease compared with the corresponding weeks in the
two preceding years.
Loading of revenue freight in 1929 compared with the two previous
years follows:
Survey of Manufacturing Activity in U. S. by Silber1929.
1928.
1927.
Four weeks in January
3.570,978 3,448,895 3,756,660
ling Business Service.
Four weeks in February
3,767,758 3,590,742
3,801,918
General manufacturing activity in the United States
Five weeks in March
4,807,944
4,752,559
4,982,547
Four weeks In April
3,983,978 3,740,307
3.875,589 according to the Bi-Monthly Industries number (July 20)
Four weeks in May
4,205,709
4,005,155
4,108,472 of the Silberling
Business Reports, has proceeded at record
Five weeks in June
5,260.571
4,924,115
4,995,854
levels during the past few months. It adds:
Week ended July 6
908,832
850,947
839,085
Week ended July 13
Demand for most products has been well maintained, stocks generally
1,064,632
1,024,925
1.017,394
Week ended July 20
1,078,695
1,033,F43
1,012,585 have been moderate, and impel taut price changes relatively few. There
has been evidence of price softening in SIAM industrial lines, however, and
Total
28,649,097 27,371,488 28.390,104 evidence pointing toward a decline in industrial production continues to
accumulate. The report goes on to say that this
decline will very likely
get under way during the third quarter of the year. They do not anticipate
Guaranty Trust Co. Finds Little Evidence of Recession marked recession to developo, however,
until toward the last quarter.
in Activity—Urges Moderate Pace to Forestall Over- The immediate outlook for different important lines (after due allowance
has been made for purely seasonal fluctuations) is summarized briefly
as
taxed Transportation Facilities and Rising Prices. follows:
I—Industries Operating Actively and Maintaining Momentum.
Business has passed into the mid-summer season with very
Railroads, railroad equipment, electrical equipment,
cottons, woolens.
little evidence of the recession in activity that is usually newsprint,
cigars, cigarettes.
witnessed at this time of year, states the current issue of
II.—Induslries Operating Actirely, But Facing Readjustment
.
Steel (general and structural), machine tools, automobiles, tires, agriculthe Guaranty Survey, published July 29, by the Guaranty
tural implements, copper, petroleum, shoes, silks, shoe chains.
Trust Company of New York. The Survey continues:
M.—Industries Operating Close to Normal Trend With Fairly Stable Outlook
"Despite the exceptional levels that have now been maintained for more
Electric power, chemicals (some decline), candy chains, general merthan 6 months, and despite the advent of hot weather, the vacation season, chandise chains,
department stores, newspaper advertising.
and the mid-year inventory period, there is little apparent disposition to
Iv.—Industries in a Depressed Condition With Doubtful Outlook.
cut down operating schedules," the Survey continues. "As has been
Cement, sole leather.
true
for some time, the most notable activity is reported in the basic industries
V.—Industries in a Depressed Condition With Farorable Outlook.
.
Although wholesale and retail trade in general is distinctly gocd, it makes
Kraft paper.
no such striking comparisons with past records as do mcst branches of
heavy manufacture. Such industrial curtailment as has taken place is,
for the most part, purely seasonal in character: and in many branches
of
business the recession in activity that ordinarily appears at this season is National Industrial Conference Board Finds Average
Hourly Earnings of Workers in Manufacturing
almost entirely absent."
No Signs of Immediate Business Recession.
"To all outward appearances, the current level of operation is fully
warranted by demand; and the prevailing sentiment among business men
has seldom been more thoroughly optimistic. These considerations lend
support to the view that any necessary downward adjustment of operating
schedules may be deferred for some time. Nevertheless, it is a well known
fact that the final consumption of goods, upon which all industrial
activity
ultimately depends, changes comparatively slowly, and that a sharp
upward movement in business activity Is invariably followed
sooner or later
by a corresponding decline. Even in the absence of definite signs of
speculative purchasing or of inventory accumulation, it is difficult not to suspect
that the conservative buying policies which have been generally followed
in recent years at every stage of production and distribution,
from the retail dealer to the user of Industrial raw materials, have been allowed to
relax to some extent.
"it must be admitted that two of the factors which have encouraged
forward buying in the past, namely, over-taxed transportation facilities
and rising commodity prices, are entirely absent. As long as this remains
true, it is not likely that any radically unsound commodity situation
will
develop. In order to forestall such a situation, however, it will be necessary
for some branches of business
to moderate their pace."
Regarding business activity in the first half of the present
year the Trust Company says:
Business Records in First Half Year.
'Business reports for the first half of
the year emphasize the exceptional
character of the 6 months' period through
which American industry and
trade have just passed. The movement
of railway freight was greater than
in any corresponding period on record.
Bank debits to individual accounts
outside of New York City were 7%
larger than in the first half of 1928.
Retail trade appears to have been
consistently more active than a yea':
earlier. Imports of merchandise were larger
in every month of the half
year than in the corresponding period of
1928; and the same is true of
exports, with the exception of the total for
May.
"But it is in industrial activity that the most striking
gains are reported.
General indexes of the volume of production
are unanimous in pointing to
an exceptional half year; and some of these indicate
that, even with allowance for normal growth, industrial output reached
a new peak. Industr al employment throughout the country was certainly
much larger than
a year ago, and the same is true of industrial consumption
of electricity.
The steel and automobile industries maintained unprecedent
ed rates of
output throughout the period. Raw cotton consumption
was considerably larger than in the corresponding period a year ago. In
5 of the 6
months, coal production was in greater volume than in 1928.
The output
of crude petroleum mounted to a series of new peaks, although
strenouus
efforts were made to prevent it."
Industries in Past Five Years Practically Unchanged—Greater Fluctuation in Weekly Earnings
—Increase in Purchasing Power of Wages.
One of the most significant economic changes in American
industry during the past decade has been the changed
relationship between the course of general business conditions
and that of wage earnings, according to the National Industrial Conference Board, 247 Park Avenue, New York. The
wage situation has been hailed both as a cause and a result
of continued industrial prosperity in the United States, but
its most significant phase, in the view of the Conference
Board,is to be found in the stability of wage rates as reflected
in average earnings per hour, which for some time have
shown an increasing tendency to resist the influence of
ordinary fluctuations in business activity. The Board states:
Whereas in former years a slowing up of activity almost
invariably made
itself felt in declining wage rates, and increased business activity
was likely
to result in rising rates of pay, average hourly earnings per worker
in
the manufacturing industries during the past five years have been practically
unchanged. Hourly earnings per worker in 25
major branches of manufacturing during 1924-28 from month to month on the
average have varied
by only two cents between the highest and lowest points, and
by only one
cent during the 12 months of 1928.
Average weekly earnings, reflecting as they do part time work
and a
shorter work week during slack seasons, as well as
longer hours during busy
periods, naturally show proportionately greater fluctuation,
which, for the
five year period 1924-28, however, amounted to only about
$2.67 between
the extremes, and to only 67 cents between the highest and lowest month
of 1928. During the same perird, other factors affecting business condiditions, particularly me nay rates, underwent
considerably greater disturbances.
"Under present economic conditions, no radical change in
rates of pay is likely to occur without radical changes in the
business situation," the Board declares in a study of "Wages
in the United States in 1928." It adds:
Such business changes as have occurred in the last few years have brought
about, at best, a slight augmentation, at worst, a slight decline in business
activity, whose effects, so far as they are traceable in the labor situation.
have affected more the hours of work and the volume of employment than
they have the rates paid for labor.
Auc. 31929.1
FINANCIAL CHRONICLE
Relating wage earnings to the movement of retail prices
of such articles as generally enter into the wage earner's cost
of living, the Conference Board finds that the purchasing
power of an hour's work in the manufacturing industries for
the year 1928 on the average was from 42 to 45% greater,
and that of the weekly pay envelope from 33 to 37% greater
than in 1914 in spite of the increase in living costs since
that time, and also in spite of the fact that the average
work week in 1928 was 48 hours as against 52 hours in 1914'
The following table, made available by the Board July 29,
presents the monthly changes in average hourly earnings
per worker, average weekly earnings, "real earnings" per
hour and per week, the average actual work week and the
index numbers for employment in 25 major branches in
manufacturing for the year 1928. In making public the
figures the Board says: The figures here given for hourly
and weekly earnings, however, represent averages and take
into consideration the entire range from the highest to the
lowest of the earnings of skilled and unskilled, of male and
female workers combined and thus are not directly comparable with cost of living data expressed in dollars and cents.
CONDENSED DATA ON WAGES.HOURS AND EMPLOYMENT,ALL WAGE
EARNERS-25 INDUSTRIES.
Period.
Average Average
Hourly 1Veekly
Earnings Earnings
Index Numbers
Average
Index
"Real Earnings" Nos. of Actual
Employ- Work
'nest,
Week
June for Wage
Hourly. Weekly. '20=100 Earner.
1914.
July
$.245
$12.54
100
100
.__
51.5
.568
.567
.570
.570
.567
.570
.568
.570
574
.576
.573
.572
27.22
27.35
27.59
27.19
27.23
27.30
27.09
27.35
27.76
27.76
27.42
27.73
142
143
145
145
143
145
144
144
143
144
144
144
133
135
137
135
134
135
134
135
135
136
135
136
79.1
80.8
81.2
80.7
81.2
81.1
81.8
82.1
83.0
82.9
81.9
tin a
47.9
48.0
48.2
47.4
47.8
47.7
47.5
47.9
48.2
48.0
47.8
45 5
1928.
January
February
March
April
May
June
July
August
September
October
November
December
709
the continued decline in building operations, although the fact that supply
of certain cl sses of building has overtaken demand is an important factor
of the situation. While the consumption of steel by the automobile industry during the latter part of the month was about 30% below the peak
reached earlier in the season, this was offset in good part by heavy purchases of steel for pipe lines, large orders for structural steel and a good
volume of consumption in a number of miscellaneous lines."
Trust Co. of Cleveland Finds Business Somewhat
Above That of Last Summer.
Although there has been some recession from the high
levels of Spring, business is carrying through the Summer
at a more than average pace, says the Union Trust Co.,
Cleveland. Among the outstanding current developments
recounted are the rise in wheat prices and improvement in
the agriculture outlook, continued high rates of steel output
and large retail trade. "Outlook for the last half of 1929
is good," says the bank in its magazine, "Trade Winds."
"In many fields 1929 may be expected to set now high records both in production and in earnings." It adds:
Union
"The general volume of business, although not as large, on the average,
as was the ease during the late Spring, continues very satisfactory at a
level somewhat above that which was the ease during the Summer of last
year. Such seasonal recession as has taken place has proceeded in an
crderly manner. The momentum which business gained during the Spring
is in many lines carrying far into the Summer, as is well illustrated in
the case of steel. Present indications point towards a steady flow of
business during the third quarter, with the possibility of quarter activity
in the Autumn.
'The recent remarkable recovery in the prices of wheat has considerably
altered the aspect of the agricultural situation. A wheat crop marketed at
the low point which wheat quotations reached a number of weeks ago
would have meant a drastic curtailment of farm purchasing power.
During July, however, wheat prices advanced sharply .
"The recovery was largely accounted for by decreases in estimates of
the total size of the wheat crop, both in the United States and in the
entire world'. According to the Department of Agriculture's July 12
estimate, the world's wheat crop may be some 328,000,000 bushels less
than last year. Whereas, on last June 1st, the Department estimated the
domestic crop at 622,148,000 bushels, its July 1st estimate showed a very
considerable decline, standing at 582,492,000 bushels."
Automobile
Boot and shoe
Chemical
Cotton-North
Cotton-South
Electrical manufacturing
Furniture
Hosiery and knit goods
Iron and Steel
Leather tanning
Lumber and millwork
Meat packing
Paint and varnish
Paper and pulp
Paper products
Printing-book and lob
PrintIng-news and magazine
Rubber
Silk
Wool
Foundry and machine shot)
(1) Foundries
(2) Machines and machine tools
(3) Heavy equipment
(4) Hardware and small parts
(5) Miscellaneous
47.9
43.9
50.4
46.9
43.8
459
47.0
46.8
54.3
45.2
47.6
50.6
50.8
50.8
47.5
46.2
45.2
46.0
48.4
44.5
48.3
49.2
49.3
47.7
47.5
47.4
.p.cpuommuuum.uu..u.4.o.uuut.
K..47,4o=uuuww.i,o...wmuovuwwu
In the following table are given the average hourly and Production of Electric Power in the United States in
weekly earnings per wage earner of all wage earners, that is
June 1929 Exceeded Same Month Last Year by
skilled and unskilled, male and female workers combined,
Approximately 11%.
in the various separate industries covered by the Conference
According to the Division of Power Resources, Geological
Board study; as well as the average number of hours worked Survey, the production of electric power by public utility
AVERAGE HOURLY AND WEEKLY EARNINGS, ALL WAGE EARNERS, power plants
in the United States for the month of June
BY INDUSTRIES-1928.
amounted to approximately 7,768,790,000 k.w.h., an increase of about 11% over the same period a year ago when
AU Wage Earners.
output
totaled around 6,998,000,000 k.w.h. Of the total
Average
Industry.
Hours per
Average
Average
for
June
this year, 4,697,034,000 k.w.h. were produced by
Week per
Hourly
Weekly
Wage Earner. Earnings.
fuels. and 3,071,756,000 k.w.h. by water power. The
Earnings.
Agricultural Implement
"Survey" further shows:
49.9
531.16
32.67
PRODUCTION OF ELECTRIC POWER BY PUBLIC-UTILITY POWER
21.64
28.51
PLANTS IN THE UNITED STATES (IN KILOWATT HOURS).
19.66
13.85
Change in Oldpw
Total by Fuel and Water Power.
28.25
Item Previous Yr.
25.58
May
June
4 mit
21.72
1929.
1929.
Nay '29. June '29.
1929.
Divisions35.13
24.54
535,683,000 526,709,000 505,475,000 +15%
+14%
New England
26.39
+13%
1,967,434,000 1,968,623,000 1.941.529.000 +9%
Middle Atlantic.25.90
+12%
East North Central_ 1,938,223,000 1,917.160,000 1,815,229,000 +17%
28.72
+14%
West North Central_ 431,455,000 463,068.000 463,646,000 +11%
27.12
+7%
1,044 098,000 1,088,511,000 946,298,000 +23%
South Atlantic
24.87
+7%
East South Central_ 277.843,000 292.395.000 280,331,000 +6%
31.76
385,167.000
394.681,000
376.600,000
+23%
+22%
West
South
Central_
39.08
319,979,000 352,337,000 351,029,000 +4%
+4%
Mountain
29.92
989,944,000 1,089,430,000 1,070,572,000 +12%
+7%
Pacific
23.36
21.76
+11%
7.881.259,000 8.083,400,000 7,768.790.000 +14%
Total for U.S_
28.79
29.85
The average production of e ectricity by public-utility power plants in
29.99 '
June was 259,000,000 k.w.h. a day, a decrease of less than 1% from the
31.34
2512
daily rate for May. The tota production of electricity the first half of
27.57
1929 was 47,392,000,000 k.w.h , an increase of 12% over the production
for the corresponding period in 1928. Based on the output for 1928, the
total
output for 1929 will be about 98,000,000,000 k.w.h.
Bank of North America N. A. Finds High Rate of AcThe average production of electricity by the use of water
shows a
tivity Continuing, with Seasonal Decline Smaller marked decrease from the previous month and wa.s less thanpower
that for June
Than Usual.
1928. This decrease is due to the low precipitation during the month of
June in the Eastern part of the United States, which caused low-water
The high rate of activity in commerce and industry, which condition
in the streams used for power.
characterized the first half of 1929, continued unabated during July with the seasonal decline unusually small and indications in many lines that such decline would not be long
continued, according to the August review of business conditions, prepared by the Bank of America N. A. The review
notes that the textile trade reported a good demand and
that most classes of goods moved into consuming lines in
satisfactory volume. The decline during the munth in the
activities of automobile plants is given as being largely preliminary to the introduction of new models, while the continued advance in the prices of wheat and other grains is
said to have created a feeling of optimism which in some
instances was reflected in an increase in business activity.
The review says:
"Business for the most part appeared to be almost entirely unaffected
by firmer money rates. This influence doubtless is partly responsible for
TOTAL MONTHLY PRODUCTION OF ELECTRICITY BY PUBLIC
UTILITY POWER PLANTS IN 1928 AND 1929.
January..._
February... March
April
May
June
July
AUgust
September_.
October....
November- _
December...
Tntall
1928.a
1929.
7,265,000,000
6.868.000.000
7.241,000.000
6.845,000.000
7,118,000.000
6,998,000,000
7,142,000,000
7,510,000,000
7,276,000.000
7.922.000,000
7,753,000,1)00
7,912,000.000
8,241,000,000
7.429.000,000
7.989.000.000
7.881.000,000
8.083.000.000
7,769,000,000
R7 RAO non non
Increase Increase
1929
1928
Over
Over
1927.
1928.
13%
8%
10%
15%
14%
I I ‘'',
Produced by
Water Power.
1928.
1929.
6%
bl I%
6%
6%
8%
8%
10%
12%
10%
14%
13%
10%
38%
38%
39%
43%
45%
44%
43%
40%
38%
38%
38%
35%
33%
33%
39%
42%
43%
40,
inw_
Anal
a Final revision. b Part of increase Is due to February 1928, being one day
longer than 1 ebruary 1927.
710
FINANCIAL CHRONICLE
The quantities given in the tables are based on the operation of all power
plants producing 10,000 k.w.h. or more per month, engaged in generating
electricity for public use, including central stations and electric-railway
plants. Reports are received from plants representing over 95% of the
total capacity. The output of those plants which do not submit reports is
estimated: therefore the figures of output and fuel consumption as reported
in the accompanying tables are on a 100% basis.
[The coal Division, Bureau of Mines, Department of Commerce, cooperates in the preparation of these reports.]
Real Estate Activity Index Figure is 82.3 for June,
National Association Reports-Compares with 88.6
for May.
June real estate activity is indicated by the figure 82.3,
according to the statistics compiled by the National Association of Real Estate Boardsfrom the number of deeds recorded
in 63 cities from which the Association draws its data, using
1926 as a base year upon which to compare activity from
month to month. This is the tenth index figure to be computed by the Association in the new series. Formerly the
association compiled index figures based not on deeds alone,
but on all transfers and conveyances in cities reporting.
For that reason the former series is not comparable with the
present one.
The revised monthly index from January 1924 to date is
as follows:
1924.
January
February
March
April
May
June
July
August
September
October
November
December
•Activity for each month
1925,
1926.*
1927.
1928.
1929.
[VOL. 129.
rains through the Central States, whereas wheat has suffered severely from
dry weather in the West.
The most spectacular development of the past month has been the change
In the wheat situation. The drought so reduced the crop prospect for hard
red winter and spring wheats that in one month the Chicago prices advanced
nearly 30 cents a bushel. Prices have declined somewhat, however, during
the past week or two.
The clover and alfalfa meadows, particularly in the Central and Eastern
States, are again back in shape after the extensive winterkilling of last year.
While ample hay is assured, however,dairymen and other feeders are beginning to expect higher-priced feed grains this fall.
The prospects for fruit are not good. Virginia and Idaho have a promising
crop of apples but elsewhere the apple crop is below average. Peaches.
pears. citrons fruits, and grapes will all be decidedly smaller crops than
last year.
Agriculture in Transition Period According to Union
Trust Co. of Cleveland-Farmer of Future To Be
Combination of Business Man and Technician.
With the growing mechanization of farming, agriculture
is now in a transition period such as industry passed through
a few years ago, and the farm of the future will resemble a
well-managed factory, according to the Union Trust Co. of
Cleveland. The completion of the transition should have a
profound effect on general prosperity by increasing thefarmer's
profits and enabling him to buy more of the products of
industry, the bank says in its magazine, "Trade Winds."
The four major factors working toward that end are reported as labor saving machinery, mass marketing, scientific
management and large scale production. The bank says:
89.6
87.2
97.9
91.3
Industry went thr gh a period of distr es,similar to that now experienced
97.7
100
94.6
100
90.5
92.7
86.8
95.7
by agriculture, as mass production began to displace the less efficient and
91.7
85.2
82.3
88.6
98.0
100
independent
individual producers. A small percentage of farmers to-day82.6
85.7
99.8
102.4
90.6
100
through adequate capitalization,skilled management and mass production88.6
100.9
91.2
90.2
107.9
100
82.3
84.2
88.2
97.4
100
87.8
are making substantial profits regardless of the conditions which distress
84.3
94.4
106.8
100
94.1
the farmer whose production costs are high because of poor management
91.3
96.3
96.1
107.0
100
and lack of machinery.
93.0
100.0
100
91.2
83.8
These farmers enjoy practically all the advantages of well-to-do city
103.0
112.6
100
94.7
95.0
92.5
105.7
100
96.9
89.9
dwellers. Not long ago. Kansas and Nebraska, distinctly agricultural
109.6
90.9
85.6
100
95.7
States;tied for fourth place among the 48 States in proportion of population
of 1926 Is taken as the norm of activ ty for that month. attending college. Massachusetts, containing a large majority of city
dwellers, ranked twenty-second.
It is estimated that 7% of the world's arable land,6% of its population
Farm Price Index Advances Five Points from June 15 and only 4% of its agricultural workers are found within the boundaries
of the United States. Yet the United States produces 25% of the world's
to July 15.
wheat, 75% of its corn, 60% of its cotton, 50% of its tobacco, 25% of its
An advance of five points in the index of the general level oats and hay,20% of its flaxseed and 13% of its barley.
These figures demonstrate that the change from hand labor to machinery
of farm prices in the United States from June 15 to July 15
is reaching the American farmer. An average of 400.000 persons have
is reported by the Bureau of Agricultural Economics of the left
the farm each year for the last eight, being replaced by machinery which
United States Department of Agriculture. The Bureau's does their work better and more quickly. It is estimated that full power
can reduce the annual man-hours required per acre of grain from
farming
advices Aug. 1 state:
At 140% of the pre-war level on July 15 the index is still five points lower 42 to 5.
When electricity is made available to the farmer, a vast new market for
than a year ago. The advance in the farm price index during the past
month has been the direct result of sharp advances in the prices of potatoes, electrical farm machinery and household appliances will be opened up.
than 400 uses for electricity on the farm have been tabulated from
More
wheat, and rye; moderate advances in the farm prices of flaxseed. barley,
corn, apples, oats and eggs, and seasonal advances in the prices of hogs, actual practice. Electric devices which may be expected on the market
cattle, and calves. These advances were partially offset by slight declines soon are milk bottle washers, and grain feed cutters.
The farmer of the future will be a combination of business man and
in the prices of cotton, cottonseed, chickens, hay and wool, and seasonal
technician. He will use much machinery, will keep accurate records, will
declines in the farm prices of sheep and lambs.
production costs and how to control them, and will have a larger
know
Changes in the indices of farm prices of-agricultural commodities, by
groups June 15 to July 15 were as follows: Fruits and vegetables advanced and more stable income.
16 Points,grains 11 points, meat animals 4 points, and poultry and poultry
products 3 points. Cotton and cottonseed declined 1 point and dairy pro- Michigan Business
Conditions as Viewed by First Naducts remained unchanged.
tional Bank of Detroit-Increasing Activity Due to
The farm price of hogs showed a seasonal advance of 5% for the country
as a whole from June 15 to July 15. This advance was accompanied by a
High Rate of Automobile Production.
decline in market receipts. The corn-hog ratio for the United States at
, In the August number of the "Michigan Graphic," pub11.3 on July 15, was the same as on June 15. Corn-hog ratios for the
North Central States and Iowa failed to show any material change. The lished monthly by the First National Bank and First Nafarm price of beef cattle at 89.80 was about 7% hivher than a year ago.
tional Company of Detroit, Inc., business conditions in MichReceipts of cattle at seven primary markets were about 4% smaller during
the four-week period ending July 13 than in the corresponding period last igan are summarized as follows:
As the midway post of the year has been passed it is interesting to note
year.
The average farm price of corn advanced about 5% from June 15 to that the State of Michigan continues to show a greater proportionate growth
July 15. Farm prices showed a general advance throughout the country in several basic industries than the United States as a whole. It is
during this pe7ibii, except in Far Western States where there was little recognized that a large part of this increasing activity is due to the
prolonged high rate of automobile production, but the statistics, while
change.
Weather conditions furnished the basis for an 18% advance in the farm reflecting this condition, also point to a composite picture of Michigaa
price of wheat from June 15 to July 15. However, at $1.02 per bushel on business in a healthy upward trend.
July 15 the average farm price in the United States is still 13% below July
The high record of'the number of automobiles and trucks produced is
15 1928.
self explanatory of the status of this industry, while the total of bank
Potatoes led in the magnitude of farm price changes from June 15 to clearings, industrial power consumption, electrical energy produced and
July 15. During this period, the farm price advanced 58% in the North cement production manifest the upward swing of
business activity and
Central States. 52% in the Far West, 40% along the North Atlantic coast. industrial operation as a whole in this State.
13% along the South Atlantic Seaboard, and 3% in the South Central
Bank clearings in Michigan for the month of June show a gain of 4.7%
Division. In the Far Western and Northern States these price changes are over the same month last year in comparison to
a decline of 2.4% in the
due largely to a shift in sales from an old to a new crop basis. The general bank clearings of the entire
country as reported by the Federal Reserve
price advance averaged 38% for the United States, and the average farm member banks. The
monthly proportionate gain of bank clearings over
price for all sections on July 15 was nearly 12% higher than a year ago.
those for the nation have accumulated to the extent that Michigan clearings
show a relative gain almost double that of all States during the first six
months of this year. The gain for this State was 20.1% over the same
Spotted Condition of Crop Prospects but Encouraging period
in 1928, while the national increase was 10.5%.
Price Situation Seen by Department of AgriculNew building contracts awarded in Michigan were in line with lessened
in this index all over the country during the month of June,
activity
ture.
showing a decline of 36.1% from the June 1928 total, the drop for the
A generally spotted condition of crop prospects but an 37 Eastern States being 34.6%. However, the decline in the State for
encouraging price situation is reported by the Bureau of the first half of the year was 13.7%, in comparison to 29.6% for the
group.
Agricultural Economics of the United States Department of representative
The production of cement, one of Michigan's important industries, regisAgriculture in its review of the past month. Under date of tered a gain of 13.3% for the first five months of 1929 to be compared
with a decline of 2% in the figures for national cement production for
Aug. 1 the Department says:
The total acreage of crops harvested this season will apparently be about the same period over 1928. Michigan cement production increased 8.3%
the same as last year, the composite conditions of all crops last month being during May this year over May 1928. The entire country shows a decrease
of 6.6% for the corresponding period.
about 4% below the 10-year average.
Industrial power consumption and electrical energy produced both conMost of the cultivated crops have made fair growth during the past
month, but both corn and potatoes and late in many sections and show wide tinued their increasing stride in this State. The former was 22.3% higher
variation in condition. Haying and cultivation have been held up by local than for June 1928. The volume for the six months just closed was 26.5%
AUG.3 1929.]
FINANCIAL CHRONICLE
higher than at the half year mark of 1928. For the five months' period
ending May 31 1929 compared with the first five months of 1928, Michigan's
gain in electrical energy produced was 15.3%, while that for the country
was 12.2%.
Production of motor vehicles in the United States for the first half ef
this year reached a volume of 8,273,090 units. This is an increase over
the corresponding 1928 figure of 46.4%.
Canada's Economic Progress Halted by Drought
According to Canadian Bank of CommerceCountry's General Prosperity Reflected in Increased Foreign Trade and Railway Earnings.
- The unfavorable status of western crops on account of the
drought, may retard temporarily the steady economic progress maintained by Canada for the past 5 years, according
to the monthly survey of the Canadian Bank of Commerce.
On the other hand, Canada's prosperity is reflected in the
foreign trade figures which show a total of $2,681,492,305
for the 12 months ended May 31, an increase of $307,809,699
over the previous corresponding period. Gross earnings of
the Canadian Pacific and Canadian National railway
systems for the 6 months ended June 30, were $228,127,366
which compares with $218,410,811 for the first half of last
year. General Manager S. H. Logan, says:
A considerable reduction in the purchasing power of
the Western graingrowing area Is now Indicated by the condition of the crops
In that part of
the country, even after allowing for the comparatively
large carry-over
of old wheat and for a higher price level during the,ensuing grain
year.
This loss may prevent the country as a whole from
continuing this Year
the steady economic progress it has made every year since
1924 The effect
of the damage to the Western crops has already been felt by certain industries
the products of which are ordinarily in large demand on the
prairies, but the
full force of this unfavorable development will not
exert Itself until the
coming autumn and winter.
A factor which should in some degree help to offset
unfavorable conditions
In the West and thus benefit Canada as a unit, is
the promise of one of the
most successful seasons in the hLstory of agriculture
in Eastern Canada.
While the Eastern farmers have more
conservative spending habits and
grow crops with a smaller cash value than those on
the prairies,their farms
comprise about 60% of the total number of occupied
farms in Canada. and,
In contrast to some former years, notably
the last three, there is In the
prospect that they will have a substantial harvest,
except in the case of
oats, and that practically all their products
will sell at high prices.
Industrial Activity in New England in First Six Months
This Year Higher Than any Previous Corresponding Period.
The Federal Reserve Bank of Boston in its Aug. 1
"Monthly Review" states that "the general level of industrial activity in New England during the first six months
of 1929 was considerably higher than in any corresponding
period on record." The Bank goes on to say:
711
Further summarizing conditions in its August 1 Business
Review, the Bank says:
The market for manufactured goods generally Is moderate, although
sales have naturally declined since last month. Comparisons with a year
ago on the whole are satisfactory. The demand for building materials,
however, has lagged behind that of last year,reflecting lessened operations
In construction.
Forward business on the books ofreportingfirms is appreciably larger than
was the case at the same time last year, although there has been a decline
since last month as is to be expected. The gain in unfilled orders over a
year ago in metal products and most textiles accounts chiefly for this
favorable showing.
Operations have declined moderately although the present rate is somewhat higher than that prevailing a year or two years ago, most of the
manufacturing groups showing declines in the month but increases in
comparision with last year. The demand for workers by employers in
June showed a considerable increase and was also much greater than that
in June, 1928, Indicating a more favorable labor situation.
Factory employment in this section as a whole showed a slight gain from
May to June while payrolls declined somewhat, as usual at this time.
Factory activity as measured by payrolls and employment, however,
continued substantially above the level of a year ago. The industrial
consumption of electrical energy and the total output of electric power
also declined in the month but showed material gains over the preceding
year.
Further evidence of seasonal decline Is afforded by the reduction in the
output of shoes, hosiery, pig iron, and anthracite. Mill takings of wool
fibers by the textile industry Lkewlse decreased in this district, as In the
country. Production of cement, on the other band, while increasing
seasonally, remained noticeably below the volume of last year.
Building contracts awarded during June showed a slight gain but still
lagged considerably behind the volume of last year. Lately, however,
comparisons with last year appear to be more favorable. The value of
building permits in this district declined slightly in the month and considerably as contrasted with June 1928.
The market for both anthracite and bituminous coal is characterized
by the usual dullness, sales having declined further since the middle of
last month. Prices of domestic sizes of anthracite have turned upward,
as is customary at this time, while those for steam sizes show some weakness. Quotations for bituminous coal have declined, reflecting probably
lessened demand from Industries.
Shipments of goods by railroads in this section have declined only a little
from the May volume, which was almost the largest, when due allowance
is made for seasonal variations, since 1923. Lately, however, freight car
loadings turned up slightly and continued well ahead of a year ago. The
movement of most raw materials and of merchandise and miscellaneous
commodities continued appreciably heavier than in the same period last
year or two years ago. Chock payments in the latest four weeks have
increased more than 3% and were nearly 16% larger than in the same period
last year.
Trading at wholesale is moving forward at a fair gait, and prices have
fluctuated only within a narrow range. Sales generally declined from May
to June and were smaller than In June. 1928, owing partly to the fact that
there were fewer trading days in June this year than last.
Retail business, while fair, has reflected summer influences since the end
of last month. Sales in June, however, were larger than in May, depart.
ment, apparel, and shoe .stores showing gains while credit stores reported
declines. In comparison with a year earlier, total retail sales were somewhat smaller owing mainly to a decline in salts of department stores.
Total sales on a daily basis, however, were larger.
Commerical money rates in Philadelphia, as reported by large banks
in this city, were practically unchanged in the past month. The loans
of banks in 21 cities of this district increased owing chiefly to heavier loans
on securities. Other loans, which reflect principally the business demands
for funds, continued to expand despite seasonal recession in industrial
activity. Borrowings of member banks from the Federal Reserve Bank
did not change materially in the four weeks ended July 17, gains in the
settlements being approximately balanced by a heavier demand for currency.
Although there was a slackening in many lines of industry during the
second quarter, and more especially in the month of June, nevertheless
the decreases In most cases were much less than have
usually been experienced during this season of the year. The index
of New England
business activity In April receded slightly from the
unusually high level
which had been maintained during the first throe
months, but advanced
in May by approximately the same volume as
it had declined between
March and April, and In Juno the Index rose to a
new high level. The
increase in the Index during June was quite
general throughout most lines Consumption of Electrical Energy by Industries in
of activity, and was caused largely by the f.ct
that customary seasonal
declines did not take place to the extent which had
Philadelphia Federal Reserve District During
prevailed In past years.
Out of 12 Individual series which represent
business activity, only one
June.
series showed a decline during the first six
months of 1929, compared with
the corresponding period a year ago.
The Federal Reserve Bank of Philadelphia reports that
Residential building contracts
awarded in New England were smaller in each
of the first six months the use of electrical energy by industries, while declining a
of 1919 than In 1928, and during the entire
period averaged about 19% little from May to June, was almost 23% larger than in
less this year. As Is indicated by the chart, 11
other series showed Increases during the six-months' period of 1929,
the principal gains being June 1928. The total sales also declined about 5% in the
In electric power production, fine cotton
goods production, commercial month but, says the Bank, were more than 23% above the
and industrial building, and wool consumption.
Electric power Pro- quantity sold a year earlier. Similarly, the output of
duction in New England has been increasing over
a period of years at a
rapid rate, approximately 25% per annum, and
this rapid growth has electric power by 12 systems in June decreased about 7%
tended to lend a strong sustaining influence to the
measure of New England but was nearly 19% greater than in the same month last
business activity. Employment conditions in
New England remained
year. Details as prepared by the Bank follow:
generally satisfactory, with a more active demand
for workers in Massachusetts in June than in May or in June
1928. A seasonal reduction In
employment and earnings in June was reported In
the
Electric Power.
shoe
Change
Change
Industry, and In identical manufacturing establishments boot and
Philadelphia Federal Reserve District
June.
from
from
In Massachusetts
there was a decrease of 2% In the number of
12 Systems.
May 1929. June 1928.
wage earners employed.
Sales of Boston department stores in June were
larger than in May, but Rated generator capacity
1,781,000 kw.
-0.0%
+1.8%
were less than in Juno 1928. During the first half
of July sales were some- Generated output
516,873,000 kwh.
-6.6
+18.8
what less than in this period a year ago. During the
Hydro-electric
117,890.000 kwh. -46.7
-27.8
first six weeks this
year sales of all reporting New England stores
Steam
294,523,000 kwh. +38.9
+67.1
were 1.1% ahead of the
Purchased
104,460,000 kwh. -12.8
+25.7
corresponding Period a year ago. Quotations for brokers' prime comof electricity
Sales
433,176,000 kwh. -4.9
+23.4
mercial paper In New York have remained unchanged
Lighting
73,377.000 kwh.
+4.8
at 6% since April 6.
Time money secured by mixed collateral strengthened
Municipal
-1.4
+18.9
8,469,000 kwh.
during the three
Residential and commercial
weeks ending July 20, while the rate on bankers'
64,908,000 kwh. -7.5
+3.2
acceptances eased off
Power
277,488.000 kwh. -2.8
+19.4
during this period. During the week ending July
20 call money in New
Municipal
+0.7
-4.2
5,224,000 kwh.
York averaged 9.56%.
-6.5
Street cars and railroads
48,461,000 kwh.
+10.3
Industries
223,803,000 kwh.
-2.0
+22.9
82,311,000.kwh.
All other sales
--9.9
+57.6
Business Conditions in Philadelphia Federal Reserve
District-Volume of Transactions Compare Favorably With Same Period in Past Two Years.
While stating that business conditions in the Philadelphia
Federal Reserve District generally show the usual midsummer quiet, the Federal Reserve Bank of Philadelphia
says, however, that "the volume of transactions compares
favorably with that at the same time in the past two years."
Report on Hosiery Industry in Philadelphia Federal
Reserve District.
The Federal Reserve Bank of Philadelphia makes available the following preliminary report on the hosiery industry
by 120 hosiery mills in the Philadelphia Federal Reserve District from data collected by the Bureau of the Census:
[Vol,. 129.
FINANCIAL CHRONICLE
712
the item, which compares with 54.0% in May and 41.0% for 17 dealers in
June last year.
MIDWEST DISTRIBUTION OF AUTOMOBILES.
Changes in June 1929 from Previous Months.
PERCENTAGE CHANGES FROM MAY TO JUNE 1929.
Boys'
Women's
Men's
Misses'
InFull- Beam- Full- Seam- and
Total. fashion. less. fashion. less. ChiP ns' fonts'
Hosiery knit during month_.. -8.2 -6.5 -1.7 -7.1
Net shipments
during month -3.0 -27.5 -3.3 -2.2
Stock on hand at
end of month,
finished and In
-3.3 +15.8 +8.1 -2.2
the gray
Orders booked
during month_ -15.0 +43.5 -24.6 -19.0
Cancellations
during month_ +47.6 -61.2 -57.5 +25.1
Unfilled orders at
and of mnrith
-a a +es 1 -0.3 -2.9
Athletk.
-8.0 -11.5 -19.4 -30.2
+6.8
-0.6 -14.2 -12.1
,
-3.8 -18.6 -18.9
+3.7
-1.4
-5.9
-3.1 +69.9
-3.8 +727.9 +51.7 -19.5
+7.4 -47.8 -40.4 -30.7
Companies Included
Per Cent Change from
New CarsWholesale'
Number sold
Value
Retail:
Number sold
Value
On hand June 29Number
Value
Used Cars
NumberSsold
Salable on hand:
Number
Value
May 1929. June 1928.
May 1929.
June 1928.
-19.3
-22.4
-11.9
-15.9
38
27
27
-8.5
-15.2
+37.9
+9.0
65
65
41
41
-15.6
-14.6
+14.6
+33.3
66
66
42
42
+2.2
+23.0
65
41
+48.1
+12.5
64
64
40
40
-13.0
-10.1
as
Industrial Employment Conditions in Chicago Federal
Regarding the conditions in the furniture trade the Bank
Reserve District-Slight Decline in Month.
says:
Furniture.-The volume of new orders booked during June by 25 furniIndustrial employment within the Seventh (Chicago)
declined 12.9%
Federal Reserve District remained practically stationary ture manufacturers in the Seventh Federal Reserve District
May, but as compared with a year ago showed an increase of 45.2% •
in aggregate volume during the period May 15 to June 15, from
a drop
reported
firms
the
In the former comparison, about two-thirds of
plants with an approximate total of 350,000 workers showing In orders booked, while in the latter slightly more than half of the firms
the preceding month,
a decline of 0.1%. The Federal Reserve Bank of Chicago, recorded a decline. Shipments fell off 2.4% from
but totaled 28.8% more than in June 1928. Unfilled orders on hand
in indicating this in its Monthly Business Conditions Report June
the amount on
exceeding
29 approximated those on May 31, though
Aug. 1, also says:
the corresponding date last year by 71.6%. Operations increased slightly
Payroll amounts at these plants increased 0.6%, a partial recovery from over May and were also greater than a year ago.
the decrease of 1.4% reported for the previous period. The slight indication of a downward trend in the volume of industrial employment is the
Reserve
first since January and follows a steady rise during the past four months Merchandising Conditions in Chicago Federal
amounting to 4.9% for the period. Payroll amounts during these same
District-Declines in Wholesale and Department
months registered an increase of 9.2% and on June 15 were almost 10%
Store Trade.
higher than on Jan. 15. In the comparison with a year ago employment,
as represented by reporting plants, is approximately 7% heavier, both in
Merchandising conditions in the Chicago Federal Reserve
number of workers and in payroll amounts.
District are reviewed as follows in the Aug. 1 "Monthly
Industrial groups recording gains in both men and payroll amounts over
the preceding month were the textiles and textile products, an increase Business Conditions" Report of the Federal Reserve Bank of
mainly due to seasonal activity in the clothing industry; food and related Chicago:
products, in which group a majority of the industries showed expansion,
Wholesale Trade.
especially canning and preserving and the manufacture of ice; leather
Sales declines were recorded in June from May in the majority of reportproducts; and the paper and printing group in which the paper mills were
of
wholesale
trade,
while
four of the six groups had larger sales
lines
ing
mainly responsible for the total gain. Metals and metal products showed
in June a year ago. Conditions in the hardware, dry goods, and
a further downward trend in number of men but not in payrolls; vehicles than
electrical supply trade continue, as in recent months,to reflect improvement
declined more sharply, both in men and payroll amounts, the automatic
the corresponding period of 1928, both sales and collections gaining In
industry showing definite curtailment in operations. The stone, clay and overcomparison, although several of the individual reports indicate slower
glass products group also recorded a decline, although in this group the the
collections in electric supplies. In the first half of 1929, sales of wholesale
cement industry reported a gain.
hardware firms have totaled 7.6% above the same six months of 1928.
Reports on employment outside manufacturing plants indicate some gain
those of dry goods firms 9.0, drugs 5.0, electrical supplies 21.5. and shoes
in sales forces, especially at retail stores as well as a continued steady exmore, while grocery sales have been 0.7% smaller. Prices are steady
pansion in building and construction work. Public utilities registered a 0.4% groups, though somewhat firmer for wholesale groceries.
most
decline in employment and there was a reduction in the number of workers In
WHOLESALE TRADE DURING THE MONTH OF JUNE, 1929.
at coal mines. For Illinois, the unemployment ratio as reflected in the
number of applicants for positions available at the free employment offices.
Stocks at End of Month
Net Sales During Month
registered an increase, rising from 124% in May to 139 for June; in Indiana
Per Cent Change from
Per Cent Change from
there was also an increase from 100% to 113: while Iowa showed a drop
from 244% to 232.
Same Month
Preceding
Same Month
Preceding
Last Year.
Month.
Month.
Last Year.
EMPLOYMENT AND EARNINGS-SEVENTH FEDERAL RESERVE
DISTRICT.
Number of Wage Earners
Industrial Groups.
Total Earnings.
Week Ended
Week Ended.
Per
Per
May 15
Cent
June 15
June 15 May 15 Cent
1929. Change.
1929, 1929. Change. 1929.
Groceries
Hardware
Dry Goods
Drugs
Shoes
Electrical SuP9113s
(29) % 0.8 (29) - 2.3 (20) + 0.3 (20) + 6.6
(15)- 3.5 (15) + 7.3 (10)- 2.9 (10) + 7.1
(9) + 2.0
(9) + 0.1
(7) + 4.7 (7) - 5.2
(7) + 3.1
(8)- 3.5
(7) - 6.1
(8) + 0.9
(8) - 6.4
(8)- 7.4
(8) - 5.8
(6)- 7.2
(36)- 3.2 (36) +18.3 (30) + 4.1 (30) +27.4
Accounts Outstanding End of Month.
Per Cent Change from
All groups (10)
350,393 350,812
Metals and metal products
(other than vehieles)
138,556 139,735
Vehicles
41,866 43,200
Textiles and textile products 25,083 23,989
Food and related products_ 45,621 44,721
Stone, clay & glass products 14,314 14,497
Lumber and its products
27,955 28,088
Chemical products
10,773 10,783
Leather products
14,747 14,423
Rubber products
4.067 4,164
Paper and printing
27.411 27,212
-0.1 10,178,761 10,113,971 +0.6
-0.8
--3.1
+4.6
+2.0
-1.3
-0.5
-0.1
+2.2
--2.3
+0.7
4,396,346 4,391,888 +0.1
1,245,561 1,302,009
563,971 +9.5
617,763
1,225,901 1,161,323 +5.6
438,073
422,663
664,796 +0.6
669,032
294,119 -4.2
281,684
309,414 +5.7
326,946
93.666 +1.1
94,730
898.135
894,712 +0.4
Preceding
Month.
Same Month
Last Year.
Groceries- (26) + 0.7 (26)- 5.7
Hardware - (15) + 0.5 (15) + 7.8
(8) + 4.5
Dry Goods (9) - 1.3
(7) - 3.3
Drugs
(8) + 2.0
(7) - 4.0
Shoes
(7) + 2.0
Elec. suPP. (36) + 0.4 (36) +26.8
Figures in parentheses ndlcate number
Ratio to
Net Sales
During
Month.
Collections During Month.
Per Cent Change from
Prededing
Month.
(26) 99.0 (24) + 2.0
(15) 193.9 (11) - 1.4
(9) 301.6
(8)- 1.4
(8) 142.7
(3) - 8.5
(7) 290.8 (6) + 3.7
(36) 139.8 (28) - 2.6
of firms Included.
Same Month
Last Year.
(22) - 4.1
(11) + 3.0
(8) + 2.2
(6) - 1.4
(6) + 2.6
(27) + 25.9
Department Store Trade.
A decline of 3.9% from May and a gain of 2.9% over a year ago, took
Manufacturing Activities and Output in
place in aggregate June sales of 97 Seventh district department stores.
Federal Reserve District-Midwest Distribution of Chicago stores recorded a slight increase in the comparison with May, but
Detroit, Indianapolis, Milwaukee, and stores in smaller centers shared in
Automobiles.
the decline shown. As compared with June last year, sales of Chicago firms
A decline in the volume of automobiles sold in the Midwest totaled 1.8% less, and the aggregate for 62 stores in the smaller cities
practically no change, while data for Detroit, Indianapolis, and
at wholesale and retail in June is reported by the Federal registered
Milwaukee showed moderate gains. For the first half of 1929, department
Reserve Bank of Chicago,in surveying automobile production store sales In the district have been 3.7% heavier than in
the same period of
and distribution in its Monthly Business Conditions Report, 1928, both the larger and the smaller cities recording expansion. Stocks on
averaged 6.1% lower for the district than a month previous, but
29
June
issued Aug. 1. We quote as follows from the report:
continued above the level of a year ago, being 4.7% larger than on June 30
Automobile Production and Distributicm.-A further recession was recorded 1928. Stock turnover for June this year
was very slightly less than for the
in automobile production for June, but output was maintained at a higher same month of 1928, and turnover for the six months' period shows little
rate than a year ago. Production of passenger automobiles totaled 452,641, change, averaging 1.91 times for 1929 against
1.90 a year ago. Total
or 12.3% less than in May and 27.1% greater than in June last year. For collections gained 1.3% in June over a month previous and
were 6.5%
the first half of 1929 output of 2,772,277 cars has aggregated 41.2% above above last June, while accounts
outstanding the end of the month declined
the same period of 1928. Truck production totaled 91,296 for June. 0.6% In the monthly and increased 12.1% in the yearly comparison. The
against 86,647 in the preceding month and 40,174 a year ago; output for ratio of June collections to accounts outstanding the end of May averaged
the half year increased 86.9% over the first six months of last year. Both 40% this year, compared with 41.2% for the
corresponding period of 1928.
passenger and truck output have made records for the half-year period.
Chain Store Trade.
Middle West distributors report a smaller volume of cars sold at wholeThe number of units operated and aggregate sales of 21 chains continued
sale during June than in either the month previous or June 1928. while
sales at retail continued to decline in the month-to month comparison but to gain in June, the former item increasing 1.4 and 16.6%, respectively, as
with the preceding month and a year ago, while total sales
compared
were much larger in number than a year ago; the value of retail sales,
however, shows a smaller gain over last June. Used cars sold increased gained 0.3 and 8.8%. Average sales per store, however, showed declines of
over May and over June 1928. Distribution of new cars at wholesale and 1.1 and 6.7% in the respective month-to-month and yearly comparisons.
retail and sales of used cars have aggregated considerably larger during Aggregate sales of five-and-ten cent, cigar, and drug chains recorded
the first six months of 1929 than in the same half of last year. Stocks of expansion over the preceding month, with grocery, shoe, musical instrunew and used cars on hand the end of June fell below those held the last of ment, furniture, and men's and women's clothing chains registering a
May, but continued heavier than a year ago. Deferred payment sales recession: as compared with last June, sales in the grocery, musical instruconstituted 51.6% of the total retail sales during June of 42 dealers reporting ment, and furniture groups only were leas.
Chicago
FINANCIAL CHRONICLE
UG. 31929.]
Other Retail Trade.
Sales of shoes during June by 26 retail dealers and 24 department stores
exceeded those in May by 8.5% and totaled 10.6% greater than for the
corresponding month last year. The increase in the month-to-month
comparison was accounted for largely by heavier sales of department stores,
as less than one-third of the dealers showed gains, while five-eighths of the
department stores had increased sales. As compared with a year ago,
more than half the department stores reported smaller sales, and almost
three-fourths of the dealers recorded gains. For the first half of 1929, sales
exceeded the corresponding period of 1928 by 4.8%. Stocks of dealers and
department stores averaged 7.8% smaller the end of June than a month
previous, but were 11.2% heavier than a year ago. Dealers' collections
gained 2% over May, though declining 2.6% from last June; accounts
receivable the end of the month showed an opposite trend, being 3.9%
less in the monthly but 10.9% larger in the yearly comparison. Accounts
receivable averaged 65.1% of June sales, against a ratio of 63.5% for May
and of 63.7% for June 1928.
The volume of furniture and house furnishings sold during June by 26
dealers and 28 department stores in the district fell 21.7% below the May
aggregate, but continued, as in previous months this year since January,to
total larger than in the corresponding month of 1928, the gain averaging
7.9%. Installment sales by dealers declined 30.2% in the monthly comparison and were 6.6% above a year ago. Stocks held on June 29 by both
dealers and department stores averaged 1.9% less than a month previous
and were 0.6% under those on the same date last year. Accounts receivable
on dealers' books the end of June declined 0.5% from May 31 and aggregated 4.5% more than a year ago, while total collections during the month
were smaller by 5.6 and 1.9%, respectively, in the monthly and yearly
comparisons; installment collections increased 1.2% over May but declined
4.3% from June 1928.
Increases of 1.4 and 9.1%, respectively, over May and a year ago were
recorded in the aggregate of June sales by 101 retail hardware dealers in
the five States including the Seventh district. Indiana,Iowa,and Michigan
shared in the expansion over a month previous, with Illinois and Wisconsin
reporting declines, while all five States had heavier sales than for June last
year. For the first half of 1929, sales totaled 2.1% more than in the same
period of 1928, with Illinois and Michigan alone effecting the increase shown
sales by Wisconsin dealers in this comparison were approximately the same.
.Review of Building Situation in Illinois During June
and Six Months-More Than Usual Decline in June
-Six Months' Expenditures for New Buildings Below Those of Same Period Last Year.
The Illinois building program, which registered an increase in May, showed far more than its usual seasonal
decline in amount of construction authorized by permits
issued in June of this year, says Sidney W. Wilcox in surveying, under date of July 25, the building situation in
Illinois during June, and for the first six months of 1929.
In his survey, Mr. Wilcox adds:
For comparable cities * the total of June permits amounted to 3,447
buildings, valued at $22,753,788. This is a decrease of 49.9% for the
same cities as compared with the preceding month and 38.2% as compared
with June of 1928. The severe decline in the State average of June
building projects is to be attributed mostly to the metropolitan area,
including Chicago. Chicago alone, with a June valuation of $14,592,310,
decreased its construction plans nearly 59% comparing June with May.
Last year's June figure for Chicago was $26,902,135, which means a
decrease this year of 45.8%. Outside the metropolitan area the decline
from May was about 26%. This area, however, showed nearly 1% increase
in its building program for June 1929 over June 1928.
Seven suburban cities reported increases in value of building projects in
June 1929 as compared with May, the most noticeable increase occurring
In Wilmette, whose report was about 275% over the preceding month.
Maywood, with projects amounting to $334,200, made the next largest
Increase of nearly 179% over May 1929. The other increases over May
occurred in Cicero, Evanston, Highland Park, Kenilworth and Lake Forest.
In 10 of the 22 cities outside the metropolitan area, there occurred
significant increases over last month. Of the larger of these cities, Springfield showed the greatest increase, 154%, over the May 1929 figure. The
nine remaining communities outside the metropolitan area which showed
increases over May are Batavia, Bloomington, Centralia, Decatur, Granite
City, Joliet, Murphysboro, Ottawa and Waukegan.
The first six months of 1929 show much less money expended in new
building than in the same period of 1928. The amount of $165,099,360,
representing the value of all building authorized for January through June
1929 in the reporting cities of Illinois (exclusive of Park Ridge, Alton
and Ottawa), is 30.7% less than that of January through June a year ago,
which amounted to $238,352,033.
Residential building in 41 comparable cities throughout
the whole State
for the first six months of this year amounted to $85,295,468, and nonresidential building was valued at $68,569,422.
In the 21 comparable cities of the metropolitan area for
the first six
months of 1929 there was a decrease of 33.1% from
the same period a
year ago. Chicago showed a decline from the same
period in 1928 of
35.4%. The suburbs of Chicago declined as a group much more slowly
than Chicago in the same period, since their decrease
amounted to 19.6%.
Of these suburban communities, 16 showed marked declines in amount of
construction for the first half of 1929 as compared
with the same period
in 1928, the most noticeable decrease appearing in
Wheaton, 81.8%.
Contrasting with this sharp decline is the decided
increase in building
projects of 80.7% in Lake Forest.
Outside the metropolitan area, the tendency to decrease
the amount of
building in 1929 as compared with a year ago was
not so great as in the
metropolitan area. Nine of the 20 cities in this area
for which there are
comparable figures showed marked increases over last
year. These cities
are the following: Canton, Centralia, Danville, Decatur, Moline, Murphysboro, Rockford, Rock Island and Springfield. In the cities
that decreased
in value of building from a year ago, the most drastic
reduction occurred
In Freeport, with a decrease amounting to 59.9%.
•"Comparable cities" in the table for June (Table 1) include
all cities
for which data are reported for June 1929, May 1929, and June 1928, and
exclude Park Ridge and Ottawa, for which data for June
1928 are lacking.
"Comparable cities" in the cumulative table (Table 2) include
all cities
for which data are reported for the first six months of 1928 and of 1929,
and exclude Park Ridge, Alton and Ottawa, for which 1928 data are
Incomplete.
713
Tables supplied by Mr. Wilcox follow:
NUMBER AND ESTIMATED COST OF BUILDINGS BASED ON PERMITS
ISSUED IN 44 ILLINOIS CITIES IN JUNE 1929, BY CITIES,
ACCORDING TO KIND OF BUILDING.
Total.
June 1929.
May 1929.
June 1928.
Cities.
No. of Estimated No. of Estimated
Bides.
Bides.
Cost.
Cost.
Estimated
Cost.
a3,447 322,753,788 a4.245 345.393,859 340,788,016
Total all cities_a
52,100 19,126,935 52,560 40,470,581 38.391,535
Metropolitan area_b
1,587 14,592,310 1,939 35,390,085 26,902,135
Chicago
Metropolitan area (excluding
621 5,080,446 6,289,500
513 4,534,625
Chicago).b
50
284,850
26
713,815
Berwyn
810,000
89,090
49
34
387,172
Blue Island
103,470
463.258
69
69
300,750
Cicero
362,751
103 1,323,200
68 1,357,500
Evanston
718,2.50
31
37,885
54,195
25
Forest Park
43.810
17
131,100
171.950
12
Glencoe
56,475
106,000
11
12
155,800
Glen Ellyn
146.875
127,553
42
49
128.544
266,156
Harvey
248.114
37
196,088
36
Highland Park
204,280
8
160,200
9
149,500
Kenilworth
130,500
41,900
11
22
135,535
122,150
La Grange
175,602
143.316
26
18
Lake Forest
133,346
25,525
10
14
137.875
Lombard
188.326
7
334,200
26
119,900
Maywood
322,675
84
298,725
478.265
47
Oak Park
620,075
18
57
(d)
179,100
414,824
Park Ridge
5
14
127,350
80.500
234,350
River Forest
6,025
5
9
23,880
West Chicago
29,584
8
44,000
9
113,100
836.600
Wheaton
426.848
24
29
113,711
705,327
Wilmette
13
95,750
16
106,500
254,500
Winnetka
1,347 3,626,853 1,685 4,923,328 3,597,383
Total outside 15Ietrop. area_c
41
72,627
55
77,371
131,950
Alton
103
178.554
424,605
77
153.565
Aurora
9,000
2
2
500
5,640
Batavia
137,000
22
24
87,500
127,800
Bloomington
12
208.835
1,025
Canton
56,500
2
5,000
5
2,000
Centralia
39
63,994
22
141,660
125,134
Danville
241.150
79
SO
177.075
420,385
Decatur
134
146.371
219,750
120
185,803
East St. Louis
114
111,948
244,999
74
143,155
Elgin
35
131.475
132,200
30
127.150
Freeport
10
67.500
55,000
15
54,700
Granite City
69
358,800
351,500
69
184,800
Joliet
137,146
224,371
113
166
209,177
Moline
5,000
1
Murphysboro
21
(d)
82,650
69,000
18
Ottawa
211,885
123
148
327,04(
430.350
Peoria
23
58.700
302.355
44
148,651
Quincy
351,915
170
244
850,260
573,771
Rockford
168
138,677
367,639
165
131,561
Rock Island
857.161
337,958
134
144
293,65:
Springfield
291.450
95
284,400
59
250.41(
Waukegan
a Totals do not include figures for Park Ridge and Ottawa. b Does not include
figures for Park Ridge. c Does not include figures for Ottawa. d Complete data
for 1928 not reported.
NUMBER AND ESTIMATED COST OF BUILDINGS AS STATED BY PERMITS ISSUED IN 44 ILLINOIS CITIES FROM JANUARY
THROUGH JUNE 1929, BY CITIES. ACCORDING
TO KIND OF BUILDING.
Total.
Jan.-June 1929.
Jas.-June 1928.
Cities.
No. of
Bidgs.0
Estimated
Cost.
No. of
Bklgs.
Estimated
Cost,
a18217 a$165099360 22,115 3238,352,033
Total Illinois, a (41 cities)
D11751 5145,806,008 15,387 217,932,218
Metropolitan area, b (21 cities)
8,873 120,459,440 11,254 186,402,700
Chicago
Metropolitan area, b (20 cities), excluding
52,878 525,346,568 4,133 31,529,518
Chicago
Berwyn
Blue Island
Cicero
Evanston
Forest Park
Glencoe
Glen Ellyn
Harvey
Highland Park
Kenilworth
La Grange
Lake Forest
Lombard
Maywood
Oak Park
Park Ridge
River Forest
%Vest Chicago
Wheaton
Wilmette
Winnetka
Total outside area, c (20 cities)
Alton
Aurora
Batavia
Bloomington
Canton
Centralia
Danville
Decatur
East St. Louis
Elgin
Freeport
Granite City
Joliet
Moline
Murphysboro
Ottawa
Peoria
Quincy
Rockford
Rock Island
Springfield
Waukegan
351
2,317,265
716
159
683,018
262
291
2.128,281
262
387
5,077,200
518
133
834,209
152
78
723.750
99
69
557,918
147
172
727,084
192
152
967.970
199
35
611,220
54
98
646,685
117
112
1,227,890
76
64
257,423
124
146
789,210
235
290
4,533,525
486
146
1.188,974 (d)
57
684.254
81
33
59,977
41
31
224,700
73
119
1,138.114
158
101
1,156,875
141
c6,466 c19,293,352 6,728
257
419
15
86
23
17
116
458
581
414
117
47
330
512
2
94
563
150
866
796
608
346
659.968 (d)
1,423.996
423
31,912
17
519,700
84
217,760
15
171,000
a
433,549
111
2,373,850
682
1,067,220
562
786,239
549
602,075
431
183,650
50
1.508.552
327
801,659
435
1
(d)
712
206
851
549
589
431
9,500
294,400
1.264,133
496,150
3.140,200
1.070.423
1,993,544
1,198,240
3,899,100
643,591
1,641,101
5,332,725
580,355
1,296,514
1.046,347
776,102
1,442.430
933,608
758,025
679,577
683.298
1,558.635
5.098,884
(d)
767,310
220.540
1,237,600
1,631,201
1,302,575
20.419,815
(d)
5,645,899
41,925
606,300
13,975
3,800
385.325
2,114,161
1,394,952
1,440,022
1,501.859
354,70C
1,512,171
588,841
5,00(
(d)
1,544.711
946,421
2,579.961
498,221
1,604,791
1,638.74:
a Totals do not include figures for Park Ridge.
Alton and Ottawa. b Does not
Include figures for Park Ridge. c Does not include
figures for Alton and Ottawa.
d Complete data for 1928 not reported.
Gain in Volume of Business in Kansas City Federal
Reserve District During Month-Six Months Record
Greater Than Same Period Last Year.
"The flow of business in the Tenth (Kansas City) Federal
Reserve District continued heavy and in sustained volume
714
FINANCIAL CHRONICLE
through June and the first six months of 1929,and on a higher
level than in the corresponding month and six months of
1928." The August 1 Monthly Review of the Federal
Reserve Bank of Kansas City in stating this goes on to say:
Bank credit outstanding in June was at the peak of recent years, but eased
somewhat in the early part of July. Bank debits, reflecting payments
by check in thirty cities, were 6.9% larger for four weeks in June and 10.6%
larger for the first twenty-six weeks of the year than in the like periods ofthe
preceding year.
Mid-year reports of the United States Department of Agriculture forecast
this year's farm production at 94.9% of the average for the previous 10
Years- This was a higher composit figure than the farmers of this District
had reason to expect. in view of the unfavorable weather conditions which
seriously retarded plowing and planting in the spring and the growth
and maturing of crops during the season. As the harvesting of winter
wheat advanced the returns showed smaller per acre yields in many sections
than previously had been forecast, with a July promise of 258.903,000
bushels for the Tenth District, 61,337,000 bushels below the bumper crop
Yield of 1928. Marketings of the new crop to the middle ofJuly exceeded all
former records to that time, and prices paid producers were higher than last
year. Due to reduced acreages this year's crops of corn, oats, and potatoes
were estimated as smaller than those of last year, while crops of rye, barley,
sugar beets. bay and fruits would be larger than those of last year. The
cotton acreage in cultivation on July 1 was larger than that reported a year
ago, but no report on condition and estimated production would be made
public until early in August.
Productive activity in leading industries of this District continued
at a high rate during the month and recessions which usually occur in some
lines at mid-suminer were not so pronounced as at this season in former
years. The output of flour was a new high record for June, while the number
of barrels produced in the 1928-29 wheat year which ended June 30 was
higher than in the 1927-28 wheat year. The slaughter of meat animals at
packing establishments was at the low point of the year in June. For
the half-year numbers of cattle, calves, and hogs killed and dressed were
smaller and numbers of sheep larger than for the same period last year.
The production of crude oil was larger in June and the six months period.
Petroleum refinery operations slackened during the month but were at a
higher rate than a year ago. The half-year output of zinc and lead ore and
coal Increased.
Distribution of commodities, as reflected by carloadings of freight, was in
record breaking volume for the month and six months. Movements of
miscellaneous products, grain and grain products, automobiles, coal and
ore showed increases, while movements of livestock showed decreases as
compared with last year.
The distribution of goods by wholesale firms located at leading trade
centers of the District was maintained during June and the six months at
approximately the same volume as in 1928. Measured by their dollar
value, sales in June were one-tenth of 1% below those for June a year ago.
and sales In the first six months were eight-tenths of 1% below those for
the like period last year.
Retail trade at department stores in cities throughout the District, in
June, although showing about the usual decline from May, was larger than
in June of last year, and the half-year sales were larger than for the like
period last year.
The value of building permits reported by nineteen cities for the first
six months was the high half-year record since 1925. while the value of
construction contracts awarded during this period was 9.2% below that
for the like period in 1928.
[vol.. 129.
bushels produced in 1928. As harvesting moves into the Spring wheat belt
spotted conditions will be found for all small grains. North Dakota gave
an indication of 95,822,000 bushels of wheat, including durum, on July 1,
as compared to a five-year average of 104,902,000 bushels, and 142,923,000
bushels harvested last year. The dry spell in June, which was not broken
until early July, caused much damage in portions of the Dakotas, Minnesota and Montana, and the rains when they came were uneven, ranging
from showers to excessive downfalls. More rain is now needed. The corn
raising sections are faring better than other districts, generally speaking,
and as corn is paramount in Minnesota, South Dakota, Iowa and Nebraska,
this fact is consoling when the territory at large is considered; the crop
is late this year and the usual frost hazard will likely develop in the more
northern sections.
•
a
•
As has often been repeated in these columns, wheat is constantly becoming
less of a dominating factor in the northwestern income. In the Ninth
Reserve District, according to the June 28 bulletin of the Minneapolis
Reserve Bank, only 35% of the farm population is located in the main
wheat raising section and 65% in the mixed farming region where dairying
and livestock raising predominate.
Various indications of the course of material affairs in this section of the
country have been disclosed during the past month. The Northwest
Shippers' Advisory Board expects an increase of 8.9% in carloads of freight
moved in this territory during the third quarter of the year over the
number of cars moved in the third quarter of 1928, which is larger by 2%
than the average increase indicated for all districts of the United States.
There has been a decrease, amounting to 8%, or 24,914 carloads, in all commodities received and forwarded in Minneapolis during the half year as
compared with the first six months of 1928. Production of electric power
by public utility plants of the United States-a good index of industrial
activity-increased 12.0% this year, up to June 1, over the same period
a year ago. In the seven State of Wisconsin, Minnesota, Iowa, Nebraska,
the two Dakotas and Montana, the increase was 7.7%, somewhat below
the general average. States in this group which showed gains above the
national average were Wisconsin (15.5%) and North Dakota (15.2%),
and above the average of the group itself was Nebraska (an increase of
10.2% in the five months). For the full year of 1928, compared with
1927, there was an increase of 9.3% in electric power produced in the
seven States named, which, for the full year, was practically the same
proportional gain as that indicated for the country at large. North Dakota
shows an increase of 51.0%, South Dakota 20.1%, and Montana 16.1%.
In some cases, at least, these figures are only roughly correct ; the extraordinary increase in North Dakota, for example, is partly due to the consolidation of many small isolated plants whose figures were not formerly
included in published reports, with reporting interconnected systems. The
largest producer of electrical energy in these States is Wisconsin
(2,106,423,000 kilowatt hours in 1928), with Minnesota, Iowa, and
Montana reporting the next largest totals, and Nebraska, with a production
of 464,291,000 kilowatt hours.
Business Conditions in Oklahoma-Slight Recession
With Continued Unfavorable Money Conditions
-Gain in Employment, but Wages Decreased in
Month.
•
The Bureau of Business Research, School of Business,
The Bank thus reports conditions in wholesale and retail University of Oklahoma, in reviewing, under date of July 20,
business conditions in Oklahoma and adjoining States
trade:
Wholesale.-The volume of wholesale distribution in the Tenth District during June says:
during the month of June and the first six reports of 1929 was on practically
the same level as in the corresponding month and six months of 1928,
according to the reports of identical firms handling five lines of merchandise.
Their combined sales in dollars for the month of June were one-tenth of 1%
below those for the same month last year, and for the first six months eighttenths of 1% below those for the like period last year.
By separate lines, the reports show June sales of drygoods and groceries
decreased and sales of hardware,furniture and drugs increased. as compared
with those for June of last year. For this year's six months sales of drygoods
and groceries,showed decreases, and sales of hardware, furniture and drugs
showed increases over the six months period of 1928.
Inventories of reporting wholesale firms at the close of June revealed the
stocks of drygoods,groceries, hardware and furniture were smaller and stocks
of druzs were larger than one month earlier. As compared with June 30
last year. stocks of drygoods and groceries were smaller, while stocks of
hardware, furniture and drugs were larger.
Retail.-Sales of department stores In cities throughout the Tenth District In the 25 trading days of June were smaller by 12.2% than in the 26
trading days of May. but were larger by 2.8% than in the 26 trading
days of June, 1928. The accumulated total of sales for the first six months
of this year was larger by 3.7% than for the like period in the preceding year.
The reports of 22 stores indicate June sales were larger than in the same
month last year, while sales of 13 stores showed decreases.
June sales of reporting Special line stores, including men's and women's
apparel. and shoes, were 7.8% larger than in June of last year. while sales of
reporting retail furniture stores were 6.1% smaller than a year ago.
•
Stocks of reporting department stores at the close of June showed a
reduction of 6.7% as compared with May 31, and were five-tenths of I%
below June 30 a year ago. Stocks of special line stores and also of furniture
stores were larger than on June 30 last year.
Collections.--Collections of department stores during June represented
41.3% of their total outstandings at the close of May, which compares
with 42.0% collected In June of last year. Wholesale reports indicated
collections in June were generally good, about equal to June of last year,
and slightly In excess of May of this year.
In the face of the continued unfavorableness of money conditions, industries in Oklahoma in June fell somewhat below the record of May.
During the month of June call money rates again fluctuated violently,
namely from 5 to 15%. Toward the end of the month the tendency in
the rate of call money was to become steady.
From May to June of this year employment in Oklahoma increased 6%,
while Oklahoma pay rolls decreased 3.3%. Since May is a record month,
June is very favorab:e in spite of the above comparison.
Retail trade for the group of 43 stores in Oklahoma in four lines of business, decreased from $1.334,748 In May 1929. to $1.083,166 in June 1929:
but this month shows an increase of 2.8% In volume of retail sales above
June a year ago.
The month of June established high records for the year In prices of
several stocks and bonds of Industries operating in Oklahoma.
The index of wholesale commodity prices In the United States was above
that of May. Daily spot prices also rose in June above those of May, in
the United States.
In contrast to the upward trend of commodity prices, daily spot prices,
and prices of stocks and bonds of industries operating in Oklahoma, general
decreases occurred in the rate of production and consumption.
Gasoline consumption In June in Oklahoma, although it was 17.6%
above that of June a year ago, was not up to the rate established by May
1929 over May 1928 (21.7%). In actual gallons an increase occurred:
but the rate decreased.
Oklahoma daily production of crude oil decreased from 679,187 barrels
in May 1929. to 674.271 in Juno 1929.
Oklahoma (7 centers) Increased in debits to individual accounts from
$336.576.000 to $345,802,000 in June 1929. The tendency in the United
States as a whole is the reverse of that In Oklahoma in debits to individual
accounts.
Building permits of 16 reporting cities in Oklahoma showed a decrease
from $4,650,893 to $3,892,725.
The charters granted in Oklahoma In June 1929 were 26 In number below
those granted during the previous month. Capitalization of these same
charters increased from $18,814,384 in May 1929. to $52,516,948 in June
1929.
On July 1 the estimated wheat production for Oklahoma was 44,972,000
bushels; while last year's yield was 59,576,000 bushels.
Oklahoma corn and oats estimated production is below the yield of last
year.
June experienced a general rise in prices and a decrease in tho rate of
production and consumption.
Business in Northwest Dependent on Crop Outcome,
Says Northwestern National Bank of Minneapolis.
The outlook for general business in the Northwest, says
the Northwestern National Bank of Minneapolis (under
Employment and Payrolls,
date of July 15), "rests to a considerable extent on the
Department of Labor, Oklahoma.
Source:
crop outcome, chiefly corn and wheat, and the price level
Employment in Oklahoma increased 6% from May 15 to
15 1929,
which will prevail for grain and livestock." The bank, in according to Payroll reports of 710 plants which report to theJune
Department
Oklahoma.
The same report shows an increase
its "Northwest Bank Corporation Review," further says:
of Labor of the State of
Harvesting of wheat is moving northward towards Nebraska at a rate, in employment of 31.8% from June 1928 to June 1929. The following
It is said, of 25 miles a day; the prospect for Winter wheat in that State
on July 1 was an outturn of 55,138,000 bushels as compared with 66,697,000
per cent increases In employment from May 15 to June 15 1929, occurred:
lo in cotton seed oil mills, 6.9 In food products, 12.5 in lead and zinc,63 in
metals and machinery. and 12.4 in oil industry. Decreases in employment
were in printing and woodwork.
Employment in the meat and poultry group of food products shows an
Increase of 5.4%. Seasonal increases are shown for the month of June in
creameries and dairies. A seasonal increase of 21% In employment was
registered by June 1 in ice and ice cream.
Payrolls In Oklahoma decreased 3.3% from May 15 to June 15 1929:
but payrolls increased 35.2% from June a year ago to June 1929. The
Per capita weekly earning for the month of June is reported by the State
Department of Labor at $27.31. which is a decrease of 8% since May 15.
The fo !lowing per cent increases occurred in payrolls in Oklahoma: 1.1
In cotto n seed oil mills. 9.5 in food products, 10.1 in lead and zinc, 1.7 in
metals and machinery, 13.5 in oil Industry, 2.6 in public utilities. The
per cent decreases in payrolls from May 15 to June 15 1929 are: 5.0 in
printing, .6 In stone, clay and glass, 5.4 in textiles and cleaning, and 8.9
in woodwork.
Tables I and II show the per cent changes in each of the 10 major industries which report employment and payrolls to the Department of
Labor.
Since employment and payrolls in May were high, June, when compared
with May,is a favorable report both for employment and payrolls.
The number of placements made by the Federal State Employment
offices is shown in Table III. Placements in all industries decreased 156
from May to June 1929. In this same month agriculture registered a strong
increase of 1,044 employees, while the manufacturing industry showed a
slight Increase of 82. The miscellaneous group increased 206 and the
personal service decreased 75.
TABLE I-EMPLOYMENT IN SELECTED GROUPS OF INDUSTRIES IN
OKLAHOMA.
(Average Month 1925=100).
Industry.
Cottonseed oil mills
Food products
Lead and zinc
Metals and machinery
011 industry
Printing
Public utilities
Stone. clay. glans
Tex. and clean
Woodwork
All industries
In June, the downward trend of prices which had been evident since the
first of the year was reversed largely as a result of advances in quotations on
agricultural products. Lumber prices remained firm.
Discounts at the Federal Reserve Bank of San Francisco fluctuated
irregularly during June and early July without showing much net change
until the week ended July 17, when they dropped sharply. Recent increases
in borrowings by country member banks, probably in response to the seasonally expanding credit needs of agriculture, were offset by reduced borrowings
of city banks. The decrease in Reserve Bank credit extended to city member banks was coincident with a sharply increased demand for currency.
and the member banks met the situation by sales of investments,reductions
in loans on securities, and transfers of funds into this District from other
sections of the country. The Reserve Bank further reduced its holdings
of acceptances and government securities.
Analysis of Imports and Exports of the United States
for June.
The Department of Commerce at Washington, July 26,
issued its analysis of the foreign trade of the United States
for the month of June and the 6 months ending with June.
This statement indicates how much of the merchandise
exports for the past two years consi.:ted of crude or of partly
or wholly manufactured products. The follou ing is the report
in full:
ANALYSIS OF DOMESTIC EXPORTS FROM AND IMPORTS INTO THE
UNITED STATES FOR THE MONTH OF JUNE 1929.
.
Finns.
June
1929
Index.
May
1929
Index,
June
Change
1928
Index.
for
Month.
13
144
63
83
189
24
67
32
61
34
21.9
131.2
100.6
116.2
133.9
101.9
169.1
117.5
102.7
190.4
19.9
122.7
89.4
110.7
119.1
103.8
166.7
117.6
114.3
199.2
22.7
113.2
77.7
75.9
97.9
88.8
109.9
89.2
103.2
195.9
10.0%
6.9
12.5
63.0
12.0
-2.0
1.4
.1
-10.2
-4-5
710
1251
1105
oft n
A 1
TABLE 11-PAYROLLS IN SELECTED GROUPS OF INDUSTRIES IN
(Value In 1.000 Dollars).
Industry.
F117713.
Cottonseed oil mills
•
All Industries
June
1929
Index.
May
1929
Index.
June
1928
Index.
Change
for
Month.
25.4
25.1
254
136.0
91.3
117.1
138.2
109.8
183.0
112.7
106.4
177.2
124.1
82.9
115.1
121.7
115.5
178.2
113.3
112.4
194.5
128.3
67.8
69.0
96.0
90.9
125.1
93.0
103.5
174.1
9.5
10.1
1.7
13.5
-5.0
2.6
- .6
-5.4
-8.9
710
1255
1RR A
OR I
-3.3
OFFICES.
Source: Oklahoma State Department of Labor.
Industry.
Total
1929
1929
1928
Per
Per
Value. Cent. Valve. Cent.
Per
Cent.
Value.
Value.
Per
Cent.
Domestic Exports__-- 380.305 100.0 386.864 100.0 2,324,680 100.0 2.578,725 100.0
Crude materials _- Crude foodstuffs___
Manuf'd foodstuffsSeml-manurrs
Finished manucrs
Imports
Crude materials_ _
Crude foodstuffs_ _
Manuf'd foodstuffs_
Semi-manurrs
Finished manurrs._
74,918 19.7 56.132 14.5 538,088 23.1 484.188 18.8
97.145 4.2 126.959 4.9
17.243 4.5 14.534 3.8
31.137 8.2 34.090 8.8 221.950 9.5 237,620 9.2
63.046 113.6 62,079 16.0 368.982 15.9 382.685 14.8
193.961 51.0 220,029 56.9 1.098.515 47.3 1.347.272 52.3
317.248
-109.665
48.325
30,005
57,655
71,598
100.0 353,409 100.0 2,085.931 100.0 2.286,353 100.0
34.5 120,717
15.2 40.954
9.5 36.527
18.2 75,574
22.6 79,637
34.2
11.6
10.3
21.4
22.5
784,312
291.639
213.399
367.930
428.651
37.6 828.008 36.2
14.0 286,495 12.5
10.2 234.603 10.3
17.6 454.746 19.9
20 6 482.501 21.1
1.1%
13
144
63
83
189
24
96
32
61
34
TABLE III-PLACEMENTS MADE BY FEDERAL STATE EMPLOYMENT
Agriculture....
Building and construction
Clerical
Manufacturing industry
Personal service
Miscellaneous
Six Months Ended June
Month of June
1928
OKLAHOMA.
(Average Month 1925=100).
Food products
Lead and zinc
Metal and machinery
011 industry
Printing
Public utilities
Stone, clay, glass
Text, and clean
Woodwork
715
FINANCIAL CHRONICLE
Auc. 3 1929.]
June 1928.
June 1929.
May 1929.
1,875
210
6
550
915
2,624
831
251
5
468
1.090
2.418
262
604
1,497
5,064
6,220
3.126
587
172
4
Business Conditions in San Francisco Federal Reserve
District-More Activity in First Six Months Than
in Same Period a Year Ago.
According to Isaac B. Newton, Chairman of the Board
and Federal Reserve Agent of the Federal Reserve Bank of
San Francisco, "business in the Twelfth (San Francisco)
Federal Reserve District was more active during the first
six months of 1929 than during the same period of 1928."
Mr. Newton adds that "prices of many commodities, particularly farm products, important in the District's commerce have advanced during the past month indicating that,
despite reduced yields of some crops agricultural purchasing
power, in the aggregate, may not be seriously reduced as
compared with recent years." Under date of July 20, Mr.
Newton reports further as follows as to conditions in his
District:
Automobile Prices Cut-New Models Announced.
The Packard Motor Car Co., effective Aug. 1 1929,
made a straight reduction of $290 per ear on its standard
eight line of passenger automobiles on the 126-in. and 133-in.
wheelbases. The factory price of the five-passenger sedan
on the 126-in, wheelbase now is $1,985 while the same model
ear on the 133-in, wheelbase lists at $2,285. These reductions have been in anticipation of the introduction this fall
of new lines of cars, which though the same in size and of
characteristic Packard appearance, will have enough changes
to classify them as new models.
The motor coach division of Dodge Bros. has reduced
the price of school buses $50 to $220, and has introduced
three new models of six-cylinder school buses with a 40%
increased carrying capacity at lower prices. School bus
sales by Dodge Bros. during the first six months of 1929 increased 75% over the first half of 1928.
The Studebaker Corp. of America early in July made
its second bid this season for business in the medium-priced
field by its announcement of a new Dictator Six series,
priced from $995 to $1,195. The four-door sedan, which is
the most important model in any line of automobiles, carries
a`reduction of $250 in list price. Early in June the company
announced a new Dictator Straight Eight line, priced from
$1,185 to $1,435. The new six $995 business coupe is the
lowest priced Studebaker closed ear ever offered. Comparative prices of new and old Dictator Six models are as
follows:
Model-
Club sedan
Four-door sedan, mohair upholstery
Regal sedan, with six-wire wheels
Two-passenger business coupe
Four-passenger coupe
Five-passenger touring car
New Price. Old Price.
$1.185
$1.035
1.345
1,095
1.395
1,195
1.265
995
1.395
1.045
1.265
1,095
The credit situation, which occasioned some concern during the early
"The new Dictator Sixes round out the Studebaker line offering greater
part of the year, Improved during June and early July. The advance of
values in the $1.000 field and provide a formidable competitor in that
Interest rates was halted, bank reserves Increased, and the amount of
price market," Paul G. Hoffman, Vice-Pres, of the Studebaker
popular
Reserve Rank credit in use approached the lowest level of several years,
Corporation stated. "The company expects the new Dictator Eights and
notwithstanding the Increased accommodation extended to agricultural
Sixes to stimulate summer sales and bring the lower priced cars in line with
sections.
Commander and President sales, which showed an increase of over 50%
Industry operated at record levels during the early months of 1929. but
the first five months of this year,"
during
slackened its pace considerably during June. despite a record-breaking
The Stutz Motor Car Co. of America, Inc. last month
production of petroleum and an increased cut of lumber. There were sharp
recessions in building permits issued and in construction contracts let introduced an entirely new standard of values in the fine
during June, as compared with large totals of earlier months of the Year.
that the base
Retail and wholesale trade have been active during the past six months. ear field with the announcement on July 1
Sales of new automobiles exceeded previous records throughout the half- price on the new series Stutz would be $2,775, f. o. b.
year. The volume of water-borne intercoastal traffic has declined steadily Indianapolis, and $1,995 on the companion Blaekhawk ear.
since early 1929, but both it and the volume of foreign trade during the past
The reductions run as high as $700 on Stutz and $400 on
six months were greater than during the first six months of 1928.
716
FINANCIAL CHRONICLE
Blackhawk, although the cars have been still further refined
and improved.
The Chevrolet Motor Co. announces two new models,
the Imperial sedan listing at $695 and the sport coupe at
$645. The addition of these models gives the company
seven cars in its passenger car line, five closed and two open
types. Production of the new models has been under way
for several weeks and several thousand have been shipped to
dealers.
Larger wheelbase, increased horsepower and refined body
lines feature the 1930 models introduced by the Buick Motor
Co. Prices in the three new series range from $1,225 to
$1,995, compared with the former price range of $1,195 to
$2,145. Series 40, which replaces the old Series 20, has a
wheelbase increased to 118 inches, from 116, and an engine
stepped up to 80M h.p. This series is offered in the following six models: Five-passenger two-door sedan, fourpassenger sport roadster, five-passenger phaeton, twopassenger business coupe, five-passenger four-door sedan,
and four-passenger DeLuxe coupe. The wheelbase on the
two models in the Series 50 line is increased to 124, from
121 inches, and on the six models of Series 60 to 132 inches,
from 129 inches. Models in the 50 and 60 series have an
engine developing 99 h.p. Series 50, replacing the former
Series 40, is offered in a five-passenger four-door sedan and
a four-passenger coupe. Series 60, which replaces the
former Series 50, is produced in a seven-passenger four-door
sedan, seven-passenger four-door limousine sedan, fivepassenger coupe and a seven-passenger phaeton.
Cut in Tire Prices-Goodyear Reduces Second Grade
Line 23/2% to 4%-Firestone Cut Also Reported.
From the "Wall Street Journal" of July 27 we take the
following Akron (Ohio) advices:
Although no official confirmation has been forthcoming, Goodyear Tire
& Rubber Co. has reduced prices on second line tires, which include the
Pathfinder line and comprise largely the output going to mall order houses.
Reduction is from 2%% to 4% and has already gone into effect.
Firestone Tire & Rubber Co. has been reported as making the same reduction on second grade tires to dealers.
Lumber Movement Less than Last Year-Production
Exceeds New Business and Shipments.
An examination of various reports from 799 of the larger
lumber mills of the country to the National Lumber Manufacturers Association indicates that the lumber movement
as a whole for the week ended July 27 was less than a year
ago; representative identical softwood mills showing a decrease in production, current sales and shipments, although
identical hardwood mills reported increased production and
orders. Softwood orders on hand declined by the amount
of one day's production, comparing reports from 460 mills
on July 27 with 472 on July 20. Even with many mills on
a five-day week, production is running ahead of new business
and shipments.
Lumber orders reported for the week ended July 27 1929,
by 572 softwood mills totaled 312,460,000 feet, or 14% below
the production of the same mills. Shipments as reported
for the same week were 346,073,000 feet, or 5% below
production. Production was 365,424,000 feet.
Reports from 227 hardwood mills give new business as
43,748,000 feet, or 7% below production. Shipments as
reported for the same week were 42,455,000 feet, or 10%
below production. Production was 47,066,000 feet. The
association's statement follows:
Unfilled Orders.
Reports from 460 softwood mills give unfilled orders of 1.095.928,000 feet
on July 27 1929, or the equivalent of 21 days production. This is based
upon production of latest calendar year-300-day year-and may be compared with unfilled orders of 472 softwood mills on July 20 1929, of 1,188.844,000 feet, the equivalent of 22 days' production.
Three hundred thirty-nine identical softwood mills report unfilled orders
as 802.460.000 feet. on July 27 1929, as compared with 849,084,000 feet for
the same week a year ago. Last week's production of 390 identical softwood mills was 270,566,000 feet. and a -year ago It was 281,039,000 feet;
shipments wore respectively 251.467,000 feet and 302,247,000 feet; and
orders received 227,408,000 feet and 292,117,000 feet. In the case of hardwoods, 216 identical mills reported production last week and a year ago
45,831.000 feet and 37,959,000 feet: shipments 41,110.000 feet and 43.347,000 feet, and orders 41,976,000 feet and 38,305,000 feet.
West Coast Movement.
The West Coast Lumbermen's Association wired from Seattle
.
that new
business for the 209 mills reporting for the week ended July 27 totaled
160,610,000 feet, of which 50,710,000 foot was for domestic cargo delivery,
and 26.481.000 feet export. New business by rail amounted to 71,590,000
feet. Shipments totaled 182,804,000 feet, of which 59,963,000 feet moved
coastwise and intercoastal. and 38,542.000 feet export. Rail shipments
totaled 72,462,000 feet, and local deliveries 11,837,000 feet. Unshipped
orders totaled 680,999,000 feet. of which domestic cargo orders totaled
263,226,000 feet, foreign 210,980,000 feet and rail trade 197,793.000 feet.
Weekly capacity of these mills is 240.020.000 feet. For the 29 weeks ended
[VOL. 129.
July 20 140 identical mills reported orders 7% over production, and shipments were 5% over production. The same mills showed a decrease in
inventories of 14.2% on July 20 as compared with Jan. 1.
Southern Pine Reports.
The Southern Pine Association reported from New Orleans that for
159 mills reporting, shipments were 1% above production. and orders 8%
below production and 9% below shipments. New business taken during
the week amounted to 66,528,000 feet (previous week 61,446,000 for 150
mills): shipments 73,500,000 feet (previous week 65,541,000 for 150 mills),
and production 72,620,000 feet (previous week 68.369.000 for 150 mills).
The three-year average production of these 159 mills is 80,563.000 feet.
Orders on hand July 27 at 119 mills were 164,052,000 feet. The 144 identical mills reported a decrease in production of 4% and in new business of
22%. as compared with the same week a year ago.
The Western Pine Manufacturers Association of Portland, Ore., reported
production from 38 mills as 40,537,000 feet, shipments 38,421,000 and new
business 37,043.000. Thirty-five identical mills reported an increase of
6% in production and of 1% in orders compared with 1928.
The California White and Sugar Pine Manufacturers Association of
San Francisco, reported production from 20 mills as 29,063,000 feet,
shipments 21,858.000 and orders 19,482,000 feet. The same number of
identical mills reported a 2% increase in production and a 21% decrease
in new business compared with the same week the previous year.
The Northern Pine Manufacturers Association of Minneapolis, Minn.,
reported production from 9 mills as 10,657,000 feet, shipments 9,366,000
and new business 7,101.000. The same number of identical mills showed a
decrease of 11% in production and 40% in orders compared with the same
week last year.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh. Wis., reported production from 31 mills as 4.424,000 feet, shipments 3,650,000 and orders 2.326,000. Twenty-eight identical mills
showed a decrease of 10% in production and of 21% in new business compared with the same week a year ago.
The North Carolina Pine Association of Notfolk, Va., reported production from 90 mills as 8,961.000 feet. shipments 10.597,000 and new business
9.800,000. Forty-one identical mills reported production 10% less and
orders 20% less than for the same week in 1928.
The California Redwood Association of San Francisco reported production from 13 mills as 7,457,000 feet, shipments 5,539,000 and orders
8.874.000. The same number of mills showed a 2% increase In production
and an 8% decrease In new business compared with the same week the
previous year.
Hardwood Reports.
The Hardwood Manufacturers Institute of Memphis, Tenn., reported
production from 196 mills as 41,505,000 feet, shipments 36,804,000 and
new business 38,891,000. One hundred and eight-eight identical mills
reported an increase of 24% in production and of 12% in new business compared with the same week for 1928.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh, Wis., reported production from 31 mills as 5,561,000 feet, shipments 5,651,000 and orders 4,857,000. Twenty-eight identical mills showed
an increase of 1% in production and a decrease of 5% in orders compared
with the same week last year.
CURRENT RELATIONSHIP OF SHIPMENTS AND ORDERS TO PRODUCTION FOR THE WEEK ENDED JULY 27 1929 AND FOR 30 WEEKS
TO DATE.
Production, Shipments, % of
Orders, % of
AssociationM.Feet. M Feet. Prod. M Feet. Prod,
Southern PineWeek-159 mill reports
72,620
73.500 101
66,528 92
30 weeks-4,413 mill reports
1,986,514 2,035,100 102 2,024,968 102
West Coast Lumbermen'sWeek-212 mill reports
191,705
183,142 96
160,946 84
30 weeks-5,897 mill reports
5,163,797 5,335,223 103 5,393,891 104
Western Pine ManufacturersWeek-38 mill reports
40,537
37,043 91
38.421 95
30 weeks-1,137 mill reports
1,014,665 1,052,010 104 1,033,055 102
California White & Sugar PineWeek-20 mill reports
29,063
19,842 68
21,858 75
30 weeks-773 mill reports
753,475
815,850 108
795,978 106
Northern Pine ManufacturersWeek -9 mill reports_
10,657
9,366 88
7,101 67
30 weeks-270 mill reports
215,829
259,085 120
248,493 115
No.Hemlock dr Hardwood (Softwoods)Week-31 mill reports
4,424
3,650 83
2,326 53
30 weeks-1,267 mill reports
136,492
126,038 92
120,563 88
Northern Carolina PineWeek-90 mill reports
8,961
10,597 118
9,800 109
30 weeks-2,248 mill reports
302,858
293,388 97
265,561 68
California RedwoodWeek-13 mill reports
7,457
5,539 74
8,874 119
30 weeks-419 mill reports
222,463
221,933 100
241,587 109
Softwood TotalWeek-572 mill reports
365,424
346,073 95
312,460 86
30 weeks-16,424 mill reports
9,796,093 10,118,755 103 10,143,968 104
Hardwoods Manufacturers InstituteWeek-196 mill reports
41,505
36,804 89
38,891 94
30 weeks-6,372 mill reports
1,163,691 1,253,175 108 1,251,309 108
Northern Hemlock & HardwoodWeek-31 mill reports
5,561
5,651 102
4,857 87
30 weeks-1,267 mill reports
363,643
268,111 74
254,045 70
Hardwoods TotalWeek-227 mill reports
47,066
42,455 90
43,748 93
30 weeks-7,639 mill reports
1,527,334 1,521,286 100 1,505,354 99
Grand totalWeek-768 mill reports
412,490
388,528 94
356,208 86
22,796 mill reports
11,323,427 11,640,041 103 11,649,322 103
West Coast Lumbermen's Association Weekly Report.
According to the West Coast Lumbermen's Association,
reports from 210 mills show that for the week ended July 20
orders were 5.56% below production, while shipments exceeded output by 2.60%. The association's- statement
follows:
WEEKLY REPORT OF PRODUCTION, ORDERS, AND SHIPMENTS.
210 mills report for week ending July 20 1929.
(All mills reporting production, orders and shipments.)
Production
187,581,101 feet (100%)
Orders
177,157,379 feet (5.56% under production)
Shipments
192,455,153 feet (2.60% over production)
COMPARISON OF CURRENT AND PAST PRODUCTION AND WEEKLY
OPERATING CAPACITY (278 IDENTICAL MILLS).
(All mills reporting production for 1928 and 1929 to date).
ee .
Actual production week ending July 20
212,819,325
Average weekly Production 29 weeks ending July 20
196,388,310
Average weekly production during 1928
201,379,247
Average weekly production last three years
205,067,324
• Weekly operating capacity
279,303,782
• Weekly operating capacity is based on average hourly production for the 12
last months preceding mill check and the normal number of operating hours per week.
FINANCIAL CHRONICLE
AuG. 3 1929.1
WEEKLY COMPARISON (IN FEET) FOR 209 IDENTICAL MILLS-1929.
(All mills whose reports of production, orders and shipments are complete for the
last 4 weeks.)
June 29.
July 6.
July 13.
July 20.
Week Ended174,835,960 104,268,948 189,449,741
187,298,149
Production
176,888,122 185,151,391 145,436,705 190,582,427
Orders
71,573,970
57,980,488
64,369,505
74,591,657
Rail
66,004,546
67,158,791
48,674,548
56,116,492
• Domestic cargo
39,442,225
27,102,326
41,429,098
28,407,949
Export
13,561,686
12,193,997
11,679,343
17,772,024
Local
192,164,238 170.904,902 140,793,423 218,505,518
Shipments
85,715,299
52,299,345
64.196.697
74,818,078
Rail
77,299,190
67,605,535
48,539,762
66,530,826
Domestic cargo
41,929,349
26,908,678
28,274,973
33,043,310
Export
13,561,686
11,679,343
12,193,997
17,772,024
Local
706,625,911 725,555,435 713,185,368 715,684,911
Unfilled orders
199,927,912 200,852,323 202,029.862 197,626,035
Rail
274,488,225 286.730,848 286,601,417 289,685,650
Domestic cargo
232,209,774 237,972,264 224,554,089 228,373,226
Export
(All
mills
717
New York "Journal of Commerce" of July 30, from which
we also take the following:
The mark downs in most instances average about 2% to 3% and reasonably reflected the softening of values in the raw wool market during the
past few months.
The prime quoted by the company were termed "reassuring" by several
leaders in the wool industry who lauded the concern for bringing a measure
of stability into a market made somewhat unsteady by talk and rumors of
concessions, price slashes and general price irregularity.
Reductions offrom 10c. to 14c. on several cloths are regarded as an effort
on the part of the company to compete with firms which have slashed prices
wean
"to the bone" in an attempt to hold their own staple business and to
away accounts from competing mills.
reasonable
a
The action of the big concern in refusing to cut prices below
profitable level is expected to bolster the courage of mills which are quite
willing to co-operate in maintaining spring quotations at levels slightly
112 IDENTICAL MILLS.
cutting
below those for fall 1929, but which fear they will be led Into a price
whose reports of production, orders and shipments are complete for 1928
plants
war by competitors who will price cloths close to cost to keep their
and 1929 to date.)
Week Ended
July 20 1929.
115,726,745
116,826,677
117,204,854
Production (feet)
Orders (feet)
Shipments (feet)
Average 29
Weeks Ended
July 20 1929.
108,619,414
114,522,718
114,566,361
Average 29
Weeks Ended
July 21 1928.
113,447,710
121,995,247
121,506,640
DOMESTIC CARGO DISTRIBUTION WEEK ENDED JULY 13'29(113 mills).
Orders on
Hand BeOrders
gin'g Week
July 13 '29. Received.
1Vashinglon db Oregon
(96 Mills)California
Atlantic coast
Miscellaneous
Cancellations.
Shipments.
Unfilled
Orders
Week Ended
July 13 '29.
Feet.
Feet.
93,798,785 14,857,168
139,429,528 31,761,187
203,867
7,967,179
Feet
Feel.
Feet.
79,209 21,646,674 86,930,070
265,00028,737,525 142,188,190
None
7.313,195
857,851
Total Wash.& Oregon 241,195,492 46,822,222
344,209 51,242,050 236,431,455
Brit. Col. (17 Mills)California
Atlantic Coast
Miscellaneous
394,655 1,000,000
14,405,698 10,512.640
2,660,000 1,486,000
Total Brit. Columbia _
17,460,353 12.998.640
'rotaldorneade earyo_ 258 655 845 52825852
None
276,000 1,118.655
None 8,958,712 15,959,626
909,000 3,237,000
None
None 10,143,712 20,315,281
24.1 200 51
9125 '50 Oeft 9,442
operating full time.
In view of the fact that several factors prominent in the staple business
the
have been courting a price war by undercutting the leader's prices,
action of the American Woolen Co. in "sticking to its guns" and remaining
praiseparticularly
true to the course planned by the institute is deemed
the competition
worthy. The explanation of cuts on several cloths IS that
maintain
offered by competing factors does not permit the company to
values as it would have liked.
tropical
goods,
A short time ago the company opened its lines of summer
Others in the
millings, &c., at prices 23-ic. to 10c. below last year's level.
spite of this
same field cut prices much lower, but it is understood that in
the big concern booked its full share of light-weight business.
yesterday were
Among those who praised the American's pricing policy
to fall price
several leading clothiers who some time ago urged mills to hold
would
levels and not to reduce quotations to the extent that manufacturers
for which
be forced to give rebates to retailers on garments made of fabrics
fall prices were paid.
from
The company, however, quoted prices on several fabrics unchanged
against
last season. The famous Fulton serge, No. 3192,-is priced $2.02, as
cheviot.
414-1
Washington
The
the same price last fall and $2.06 last spring.
as
long regarded as the market barometer, was quoted at $1.77 yesterday.
against $1.87 for the season previous.
outas
regarded
Buyers who viewed the lines yesterday said that they
as
standing values the following cloths: No. 9116-58. frenchback. $3.60,
as against
against $3.72 last fall; No. 9613-1, unfinished worsted, $1.96,
as against
$2.07 in the fall of 1929: Ayer Mill cheviot, No. 6875. $2.16,
$2.28 the season before.
Canadian Pulp and Paper Exports in June Totaled
$17,288,856-Second High Monthly Total for Year
-Gain of $1,786,789 Over Figures for June Last
Year.
Canadian exports of pulp and paper in June were valued
at $17,288,856, according to the report issued by the Canadian Pulp & Paper Association. This was the second
highest monthly total for the year and showed a gain of
$1,786,789 over the total for June 1928. The Montreal
"Gazette" of July 24, from which we quote, adds:
Wood-pulp exports for the month were valued at $3.732,877 and exports
of paper at $13,555,979, as compared with $3,939.810 and $11,562,257.
respectively, in June 1928.
For the various grades of pulp and paper exports for the past month
and for June 1928 were as follows:
PulpMechanical
Sulphite bleach
Sulphite unbleach
Sulphate
Screenings
PaperNewsprint
Wrapping
Book (cwts.)
Writing (owls.)
All other
Wage
Strike of British Cotton Mill Workers Following
Cuts.
of
Following the failure of efforts to effect a compromise
and
operators
mill
cotton
British
the wage dispute between
on
workers, the industry was brought almost to a standstill
to
continued
had
workers
the
that
indicating
July 29. In
was
reference
which
(to
hold out against the 12M% wage cut
advices
made in these columns July 20, page 400), London
stated:
"Times"
July 27 to the New York
June 1929----- ------June 1928-Tons.
$
5
Tons.
445,376
16,424
19,996
563,056
1,716,096
1,773,602
22,322
23,818
938,659
683.293
18,333
13.916
770,381
650,730
12,984
10,935
69,298
62,196
3,822
3,396
72,487
3,732,877
73,459
3,939,810
219,895
1,199
4,070
51
13,055,556
128,567
44,157
1,249
326,450
174,031
925
5,493
11,130.679
103,140
45.558
45,558
282,880
11,562,257
13,555,979
For the first half of the current year exports of pulp and paper were
valued at $97,199,980 as compared with a total of $94,104,081 in the corresponding six months of 1928, an increase for this year of $3,095,899.
Wood-pulp exports for the first six months amounted to $21.470,505 and
exports of paper to $75,729,475, as compared with $22,339,880 and $71,764,201, respectively, in the first half of 1928.
Details for the various grades of pulp and paper exported in the six
months' period are as follows:
Pulp- •
Mechanical
Sulphite bleach
Sulphite unbieach
Sulphate
Screenings
-Six Months 1929- -Six Months 19285
Tons.
Tons.
93,253
2,349.043
2,531,483
86.921
131,313 10,008,525
9,337,226
123,863
5,509,849
4,546,128
91.472
108,677
68,674
4,837,811
4,088,745
81,610
16,711
305,951
295.624
15.200
401,423 21,470,505
PaperNewsprint
Wrapping
Book (mtg.)
Writing (cwt..%)
All other
416,271
22,339,880
1,210,301 72,619,227 1.065,380 68,704,892
878,881
835,123
7,715
8,030
256,908
321,319
37,673
31,336
3,094
16,637
27,685
1,724
1,906,883
1,926,121
75,729,475
71,764,201
Pulp-wood exports have been smaller this year, the total for the first
six months being 612.946 cords valued at $5,942,623 as compared with
744.974 cords valued at $6,926,030 in the first half of 1928.
Opening By American Woolen Co. of Men's Wear
Staple Worsteds for Spring 1930--Slight Reduction
in Prices.
Moderate reductions on most of its outstanding or "key"
offerings marked the formal opening on July 29 of men's
wear staple lines for the 1930 spring season by the American
Woolen Co. Advices to this effect were contained in the
cotton mills on Monday
A lockout of 500.000 workers in the Lancashire
-hour capitulation saves the
seems inevitable to-night unless an eleventh
themselves the operatives desituation. After a 2-hour conference among
in their wages. They will
cided unanimously to-day to refuse any reduction
case to arbitration.
repeat to-night their offer to submit the whole
Secretary to the Ministry
To-day's meeting between Sir Horace Wilson,
committee ended abruptly when
of Labor, and the operatives' negotiating
conferences scheduled bethe weavers' section refused to continue further
preventing joint negotiations.
tween the executives of all the unions, thus
a lockout the alternative,
with
,
The dispute centers on the 12%% wage cut
the entire British press is
which the owners recently announced. Almost
save the owners only
against the reduction, pointing out that it would
to them, but would be
12yi% on wages, which they maintain is immaterial
eff,rts thus far have
disastrous to the workers. -The Ministry of Labor's
particularly the American
been fruitless. Sixteen thousand mills are affected,
coarse cotton industry.
On the following day (July 28) a cablegram to the New
York "World" (copyright) said:
Britain since the general
The most serious industrial dispute in Great
hundred cotton mills will be
strike began at midnight to-night. Eighteen
out of work.
closed to-morrow, throwing half a million operators
compromise made by
The frantic endeavors to bring about a last minute
The dispute arose
night.
the Labor Government broke down Saturday
one-eighth in all wages
through the demand of employers for a reduction of
A fortnight ago the
paid in the cotton industry. The unions refused this.
were accepted.
mill owners announced a lockout unless their terms
all in Lancashire.
The 1,800 closed spinning and weaving mills are nearly
in them to-morrow.
No workers, excepting engineers and firemen will report
and the unions
In the past few days 14 representatives of the employers
there might
were in almost constant conference. At one time It appeared
representatives of the Weavers'
be a split among the workers, but to-day
committee
Trade Union voted to refuse its representatives on the joint
of wages. In
of all the workers the power to negotiate for a reduction
were preview of this, the operative spinners and cardroom workers, who
executive
pared to negotiate for a small reduction, decided through their
not to accept any cut and the final breakdown resulted.
Workers' Delegates Bound.
deleIt was clear in the final meeting of the employers with the workers'
not
gates that most of the latter were bound by votes of their members
employers
to accept wage cuts, and these delegates vainly tried to get the
the rank and file.
to extend present wages until they could again consult
including
What the dispute means to-the jobless 500,000, which means,
is indicated by
children,
dependents, more than 1,500,000 men, women and
weavers has
the fact that the average weekly earnings of male spinners and
a week. The
been $11 a week. They were asked to take a cut averaging $1.50
that they
average wage of women workers has been $7.40. They are told
must take 98 cents a week less.
Premier
helpless.
appears
moment
The Labor Government for the
the present
Ramsay MacDonald tried to get the employers to maintain
conducted, but the
wages while a Government inquiry into the industry was
money.
employers refused on the ground that their mills were losing
18
FINANCIAL CHRONICLE
[VoL.129.
Plea for Reopening.
1928. The Lancashire trade is meeting fiercer competition
•
than ever in
The workers' representatives assert that the cure is in better machines, Japan and India and is
only able to hold its own in China.
more efficient marketing and organization, not in wage reductions.
The present wages agreement in the cotton trade has not
changed since
The labor organ, the "Daily Herald," to-morrow will say that the lockout it was fixed in 1922.
The employers argue that only by reducing costs can
will settle nothing, that these issues must be faced by workers, employers foreign competition
be met. They point out that the total of looms in the
and the Government together and will plead for reopening of the mills on
the country is 8% less than before the World War and the producing capacity
old wage rates pending Government action.
of these looms has been further reduced 13% through reduction
in working
'The employers are blamed for the crisis in a lengthy statement issued hours.
to-night by Sir Horace Wilson, Permanent Secretary of the Ministry of
Labor. Negotiations broke down, the statement said, because the emReport of Finishers of Cotton Fabrics for June.
ployers would not agree to the workers' suggestion that the dispute be submitted to a court of arbitration.
The National Association of Finishers of
According to Associated Press advices from Manchester
July 30, three meetings of different cotton organizations
that day failed to bring about resumption of negotiations in
the cotton industry stoppage. These advices of July 30,
as given in the New York "Evening Post," went on to say:
Cotton Fabrics
collects and compiles each month, and furnishes to the Federal Re3erve Board by Federal Reserve districts, .tatisties
on production and shipments of finished cotton goods. The
June figures, furnished by 27 (out of 49) members of the
National Association, are shown in the following table:
A committee of the Master Cotton Spinners Federation confirmed the action of the employers' wages committee in reducing wages 12%
White
Dyed
%, but
Printed
Federal Reserve District.
stated readiness to reopen negotiations.
Total.*
Goods.
Goods.
Goods.
The Spinners Amalgamation Federation discussed only domestic affairs, Total finished
yards billed during mo.:
while the General Council of the Amalgamated Weavers Association at Bury
No. 1-Boston
42,251,151 9,211,749 21,550,598 11,488,804
No. 2-New York
simply indorsed the steps taken by thier representatives.
15,931,759 3,151,148
458,209 3,669,178
No. 3-Philadelphia
11,299,752 7,603,352 3,696,400
The Weavers. Association also passed a resolution expressing the fullest
No. 5-Richmond
6,579,604 4,688,678 1,890,926
appreciation of the determined stand taken by their members in the dispute
No. 8-St. Louis
2,901,441 2,901,441
and of their loyalty to stand firm for maintenance of the present wage rates.
Total
Delegates from 37 districts engaged in the weavers' discussion, to which
78,963,707 27,556,368 27,596,133 15,157,982
special significance was attached because they had refused to discuss Total gray Yardage of finishing order
received:
the reduction of wages until Saturday.
No. 1-Boston
35,338,175 9,951,881 13,936,994 11,449,300
A new branch of the trade was drawn into the dispute to-day on postNo. 2-New York
13,199,301 4,504,954 3,162,151 2,436,607
No. 3-PhIladelphia,
ing of notices by the Cotton Waste Spinners and Manufacturers Associa8,803,975 6,021,475 2,782,500
No.
5-Richmond
5,525,518 4,083,625 1,441,893
tion that the present wage scale would end Monday. The employers of this
No. 8-St. Louis
2,595,284 2,595,284
association seek similar reduction of wages and will meet representatives of
the workers to-morrow.
Total
65,462,253 27,217,219 21,323,538 13,885,907
The mills wtre c pen. if the workers wanted to work, and in some few of Number of cases finished goods shipped
to customers:
the mills where the wage reduction was not made immediately effective,
No. 1-Boston
a
23,863
4,283
5,409
3,574
few thousand spinners and weavers followed their usual routine, unaffected
No. 2-New York
91418
1,214
301
No. 3-Philadelphia
by the strife which has developed elsewhere.
6,219
4,486
1,733
No. 5-Richmond
Contrary to the usual case in British trade disputes of such magnitude
4,011
4,011
,
No. 8-St. Louis
2,163
2,163
bitterness of feeling has not yet developed, and there was In many quarters a firm belief the dispute would be settled amicably before it reached
Total
45,674
16,137
7,443
a Number of cases
3,574
more serious aspect or the stoppage I wages.among the none-too-well-of
finished goods held In
f
storage at end of month:
workers began to be felt greatly.
No. 1-Boston
17,565
2,681
4,636
3,332
No. 2-New York
7,416
1,945
1,223
Dole for Union Men.
No. 3-Philadelphia
7,385
1,167
No.
5
-Richmond
2,399
2,399
Of the 500,000 workers who have struck, all but 150,000 are union
No. 8-St. Louis
mem722
722
bers and provided for by an unenr ployment wage or dole, having an
American equivalent of from $1.92 a week for young girls, to $4.80 a
Total
35,487
8,914
week for men Total
5,859
3,332
average percentage of capacity
In the cardrooms; of from $1.64 to $6.00 for spinning operatives
with 72
oferated:
cents extra for every child in the family under 16; and of
No. 1-Boston
from $3.60 to
60
561
82
$7.20 for weavers, according to the grades of their work.
No. 2-New York
57
44'
98
No. 3-Philadelphia
These scales applied only to unionists. There are as many
56
561
as 150,000
No. 5-Richmond
workers who are not union members and conceivably will
60
601
be compelled to
No. 8-St. Louis
131
131x
seek relief from the public authorities before many days.
While the unionists, under the foregoing unemployment
Average
(five
districts)
60
wages of their
56x
87
Total average work ahead at end of
guilds, will be far from destitute, they will be far short of
normal income,
month expressed In days:
which, although a complicated system of piece work prevails, has
No. 1-Boston
been esti5.9
3.31
16.6
mated at 47 shillings ($11.08) weekly for men and 30 shillings
No. 2-New York
($7.20) for
2.2
2.0x
8.0
women.
No. 3-Philadelphia
3.6
3.6x
No. 5-Richmond
The reduction, which the employers proposed to make effective,
9.0
9.01
would
No.
8
-St.
Louis
8.5
8.5x
have reduced the averages to about 41 shillings ($9.84) for
men and 27
shillings ($6.48) for women.
Average (five districts)
5.1
3.81
15.6
It was held generally the present Labor Government would be
much
*Includes in certain instances figures for plants reporting totals only.
more likely to find a way of settling the dispute than would
have a govFigures for white goods and dyed goods combined.
ernment of another political complexion, and both operators and operatives
looked to Miss Margaret Bondfield, Minister of Labor, for
suggestions
toward solution.
From London, July 31, the New York "Times" reported
the following:
A decision to close more Cotton mills in Lancashire as
a result of the wage
dispute was announced to-day.
The Government is being pressed to appoint Sir
David Shackleton to
act as intermediary between em loyers and workers in the
stoppage which
is costing the workers $10.000,000 a week in lost
wages and the country
more millions In lost trade. Sir David is a former president
of the weavers'
trade union and the weavers are thought to hold the
command of the
present situation.
The Government, in accordance with the predetermined
plan, has appointed a commission to investigate the present condition and
prospects
of the cotton Industry and make recommendations to improve
its position
In the world markets. It will comprise William Graham, M.
P., president
of the Board of Trade; Albert V. Alexander, First Lord of the
Admiralty;
Sir Alan G. Anderson, shipping magnate; Joseph Jones and Sir
William
McClintock. Their findings will not be reached for many months.
Courtaulds is closing its Coventry mills at Leigh. Only six out of forty
Heywood mills are now working. Only one mill at Blackburn Is
working,
and it is expected that in a few days all the Lancashire mills
operated by
members of the Cotton Federation will be closed. The Ordsall mill at Salford, with 250,000 spindles, will close Saturday.
The Associated Press reported further developments in
the following from Manchester (England) Aug. 1:
Association of Cotton Textile Merchants in Letter to
Senate Committee Revising Tariff Schedules
Urges Manufacturers of Jute Fabrics.
The Association of Cotton Textile Merchants made public
July 29 a memorandum, which sent by its Tariff Committee
to Members of the Senate Finance Committee, comparing
tariff schedules on jute, burlap and jute yarn in European
countries with those effective in the present American tariff.
The text of the memorandum follows:
While the major portion of burlap imports comes from British India,
very
large quantities are shipped from Belgium, Netherlands, Germany, Italy,
Austria. and Czechoslovakia.
Therefore, we present a synopsis of their respective tariff schedules
on
jute burlap and the yarns from which it is manufactured, compiled
from
data furnished by the Department of Commerce, together with
exports
of burlap to the United States during 1928.
An examination of these schedules reveals three significant
facts:
1.-That even though their wage scales are substantially lower
than our
own. each of these countries has found it necessary,
in establishing a jute
weaving industry and protecting its home market, to raise a
tariff barrier
against the still lower wage scales of India.
2.-That in each instance duties on jute burlap
than those on the yarns out of which it is woven. aro substantially higher
4.-That even though they are able to absorb our tariff and
still distribute
their jut., products here profitably, four of
tariffs on burlap more than double our own. these nations have established
The cotton dispute made no progress toward solution on its fourth day
of stoppage.
The Cotton Waste Spinners and Manufacturers' Association met to-day
Belgium shipped us 6,792.000 pounds of jute burlap. The
Belgian import
and resolved to enforce notices on Saturday reducing wages by about 60 duty is equivalent to 0.57 cents per pound and
their rate on the yarn amounts
cents on each $4.85 of wages.
to 0.19 cents per pound.
This will add another 6,000 idle operatives to the total, which already
The Netherlands shipped us 1,764,000 pounds of jute burlap.
The Dutch
stands at more than 500,000.
import duty is equivalent to 0.65 cents per pound and yarn
is free.
It was practically certain to-night that there would be no peace move
Germany shipped us 8,650,000 pounds of jute burlap.
The
German
Imbefore Monday. The Mayor of Manchester was approached to-day with port duty Is equivalent to 2.05 cents
per pound and their rate on the yarn
suggestions of mediation, but although he expressed himself as ready to amounts to 0.97 cents per pound.
do anything possible, he t ought the time for mediation was not ripe.
Italy shipped us 15,913,000 pounds of jute burlap, The
Italian import
According to a London cablegram July 28 to the New duty is equivalent to 2.10 cents per pound and their rate on the yarn amounts
to 1.23 cents per pound.
York "Times," the cotton trade this year has been in worse
Austria shipped us 4,710,000 pounds of jute burlap. The
Austrian import
condition than for two years past, and has been in a depressed duty is equivalent to 3.87 cents per pound and their
rate on the yarn
amounts
to 0.74 cents per pound.
state for the last seven years. The cablegram also says:
Czechoslovakia shipped us 4,954.000 pounds of jute burlap.
The CzechoThe exports of piece goods for the first half of 1929 according to Board of slovakian Import duty
is equivalent to 3.95 cents per pound and their
rate
Trade returns, were roughly 87,500,000 lees than in the same period of on the yarn amounts
to 0.95 cents per pound.
AUG. 3 1929.]
FINANCIAL CHRONICLE
719
There are many special problems with which co-operatives have to deal.
and
In the organization and incorporation of the co-operative associations
The
in their relations with their members, various legal problems arise.
under
of association cannot be satisfactorily incorporated
The present duties on jute yarn restrict these jute yarn imports to a level non-profit form
corporation laws of the States. It was necessary for the
substantially less than 1% of the annual production of such goods in the the general
new legislation providing particularly for the formation
United States. The fact that in the same schedule the duty on jute cloth States to enact
associations. The co-operative organization must be set
is 82% lower than those on the very yarns out of which it is woven makes the of co-operative
as to comply with the provisions of the various comanufacture of jute burlap in the United States economically impossible. up in such a way
acts and at the same time be in harmony with proIn our opinion, a schedule which enables the jute spinner to function and operative marketing
corporation laws and the statutes of the various
general
the
of
visions
is
indefensible.
weaver
jute
the
to
denies that same right
contracts, also, many legal problems have arisen
We bespeak your careful consideration of this departure from the prin- States. In membership
study. The financing of fixed assets and operating
ciple of compensatory duties that the new schedule may provide reasonable which call for careful
organizations presents problems which differ
protection to American manufacturers-of jute fabrics and more particularly capital by the co-operative
corporation because of differences in form of
to American cotton manufacturers and cotton farmers who have borne the from those of a commercial
organization and in objectives.
brunt of this severe competition.
with
In its relation to its members also, the co-operative is confronted
business. The
problems for which no precedent has been set in commercial
same time the owner and patron of the association. He
Strike Ended at Hackettstown—New Head of Hosiery farmer is at athemember
of the association not to obtain a profit on any
become
has
an agency
Company Settles with Workers, Out Two Months.
capital which he may invest in the orov nization, but to create
certain services foF him. Naturally, his interest in
Special advices to the New York "Times" from Hacketts- which will perform keener
and more personal than that of the average
the organization is
will for its
town, N. J., July 23, stated:
stockholder. The organization is dependent on his good
silk
re-organized
Hackettstown
newly
the
Stanley Zardecke, President of
It is dependent to a greater degree than in the ordinary corporasupport.
Hosiery Company, and Carl Holderman. representing the 35 workers who tion form of business on the leadership and guidance of the members. The
walked out 2 months ago as a protest against the discharge of another problems may be summed up in a few words by saying that farmers
employe, announced to-day that an agreement has been reached under without any extensive previous experience in large-scale business are
loyalty and
which the strikers will return to work immediately.
developing organizations which make large demands on their
About a month ago the strikers, accompanied by about 150 friends intelligence. It is, therefore, fundamental that the members generally
and sympathizers, staged a demonstration against the employment of should understand the problems and purposes of the co-operative organize:
strike-breakers who had been brought to the mill. In a rough-and-tumble tions and should within their own ranks develop the leadership necessary
scrimmage which ensued Otto Schubert, at that time President of the to carry on the co-operative movement.
merchancompany, was knocked down, but was rescued by the police. The Fire
On the side of management, tremendous problems arise in the
Department was called and threatened to turn the hose on the crowd un- dising of the product. These are more acute and more important in the
In
for
reasons.
several
business
less it dispersed.
private
in
than
co-operative organizations
the kind
the first place, the private handler of farm products can select
to handle. He can reject any
Secretary of Agriculture Arthur M. Hyde on Govern- and quality of products which he wishesmeet
his needs and any quantity
of products which do not
ment Policy Toward Co-operative Marketing—Gen- grade or kind
on the other
in excess of his requirements. The cooperative association,
Through
Possible
Made
Movement
to it by its members.
delivered
products
Forward
all
of
eral
hand, must receive and dispose
Furthermore, the co-operatives early realized that it was their task to
Federal Farm Board.
is but
undertake to improve marketing conditions. The average middleman
policy
al
the
of
Government
on the
sympathy
Evidences of the
one link in the marketing chain. The co-operative associations,
and
wastes
from
suffer
who
men
toward agriculture and co-operative marketing were cited other hand, represent the farmers, the
they occur. Therefore, the co-operatives have been
wherever
inefficiencies
,
addressing
M.
in
Hyde
Arthur
of
Agriculture
by Secretary
improving methods of
active in the developmeat of grade standards, in
on July 29, the American Institute of Co-operation at its packing, handling and processing the various farm products, in developing
and in
fifth Summer session, at Baton Rouge, La., on July 29. Sec- new outlets and more direct connections with the consumers
products by advertising and other mediums
farm
for
demand
the
stimulating
policy
retary Hyde noted that "the latest expression of the
that the
of education and publicity. It can easily be seen, therefore,
of the Government toward the co-operative movement is merchandising problem of the co-operative is much larger and more comFurthermore, the associafound In the Act creating the Federal Farm Board," and he prehensive than that of its private competitor.
have special problems in pooling and accounting, in the equitable
them
further said that with the formation of the Board "sympa- tions
allocation of the profits of sales to the various members. Many of
thetically but soundly administering its broad powers, and also have the problem of obtaining marketing credit in order to make
crops are sold.
ample funds, the cause of co-operative organization of agri- advances to their members until theirthrough
the Bureau of Agricultural
The Department of Agriculture,
part,
In
"
movement.
culture is ready for a general forward
Economics, has organized its research program so as to attack these special
problems of the co-operative organizations. Its research work includes
Secretary Hyde spoke as follows:
problems, and of membership and
The Government's attitude toward the co-operative movement is a studies of legal problems, of financial
its work has been devoted to detailed
natural development of its traditional policy of fostering and encouraging merchandising problems. A part of
studies which inquire into every phase
agriculture. The establishment of the Department of Agriculture; the studies of individual associations,
way in which it has met its various
aid granted to the land grant colleges and the experiment stations; of the association's business, the
environment in which it operates. This
economic
and
special
the
teaching
and
for
research,
problems
spent
money
Federal
of
dollars
of
the millions
in response to specific requests by the co-operative
extension work in agriculture; these are evidence that the Government work has been carried on
meeting the various problems which arise.
recognizes the prosperity of agriculture to be essential not only to the associations for assistance in
Other research work has been undertaken in an attempt to anticipate probwelfare of the farmers but to the well being of the nation.
serious proportions in the near future.
Agriculture has inherent difficulties which cannot be overcome by the lems which would appear to be of
There are also a number of marketing services performed by the Bureau
individual producer. It is a far-flung industry characterized by small
are available to farmers and to all
producing units. Nearly two million cotton growers compete for the of Agricultural Economics which
The market news service gives daily
markets of the nation and the world. Corn „is produced on nearly five agencies engaged in marketing.
other important
million farms. All of these farms are in competition with each other. prices, shipments, stocks on hand, market trends and
mail, telegraph, telephone
Imagine, if you can, the manufacture of automobiles by two million small information. This information is transmitted by
or fruits and
independent factories. High costs, price-cutting and financial distress and radio. The producer of livestock, grain, dairy products
concise summary of
would be the inevitable result. Industry has met this problem by mergers. vegetables can obtain by radio in his own home a
service makes
We can not merge 6,000,000 farms. We have no desire to do so. The one- that day's market. The standardization and inspection
farm products
family farm is a valuable social unit. Its independence must be maintained, available certificates showing the grade and quality of
but in maintaining its independence we must remember that we preserve moving in the channels of trade.
Information regarding foreign crop and market conditions assist the
a small producing unit in a society where organization and combination are
to market their products
the rule. The farmer must have help, not only to reduce the competition co-operatives, and other shippers, in making plans
competition. Reports of stocks
of his fellows, but to see that social and industrial adjustments do not abroad and warns them of probable foreign
aid
of commodities on hand, and analysis of supply and demand conditions
bear too heavily upon him.
The
•
•
•
the co-operatives in formulating their merchandising programs.
the
of
expressions
The latest expression of the policy of the Government toward the development and enlargement of all these services are
co-operative movement is found in the act creating the Federal Farm Government's policy toward agriculture and agricultural co-operation.
There is need not only for research and service work in co-operative
Board. I shall not undertake to discuss the policies of the Board. Such
of correct information regarding
a statement will be made by its chairman, Mr. Legge, during the session marketing, but also for the dissemination
only farmers but public officials,
of the Institute. The act is a further development of the Government's the co-operative form of business. Not
need an understanding and
policy of service and assistance to the co-operative movement. In its first business men, bankers, and the public generally
of this movement. The
section the purpose of the legislation is stated to be to encourage "the appreciation of the significance and possibilities
who are
organization of producers into effective associations or corporations under department in its educational program has worked with those
educators and leaders in the co-operative movement. Its officials have
their own control for closer unity of effort in marketing."
in conThis declaration of policy is borne out by the personnel of the Board. participated in the sessions of this Institute. They have assisted
designed particularly for
Since my membership is ex-officio, I can with entire propriety say that ducting State co-operative marketing schools
officials,
extension
every man on it except the Chairman has been active in the growing of officers and directors of co-operative associations,
and in marketing through co-operative county agents, vocational teachers, and others who stand in the relation
farm products on his own farm
department are
and
s
the
in
of
thought
agriculture
Representative
in
agricultural
leaders
communities.
in
of
are
their
educators
associations. They
position by their own outstanding records, in close working contact with county agents, extension marketing specialists
who have been nominated for the
their associates in the co-operative and vocational teachers in order to bring to them the results of research
and by the recommendations of
in co-operation and the experience gained by contacts with the co-operative
movement.
farmers of the United States have associations. These contacts have provided the county agents and teachers
the
In the Chairman of the Board,
of the leading business men of the with first-hand material which has strengthened their work.
secured the trained service of one
The extension services of the department and the States are serving the
and understanding of the problems
country; a man of broad sympathy the Board will function in a* broad
leadership,
co-operatives with increasing success. The 8,000 county agents with their
of agriculture. Under his
to enlarge and strengthen their co-operative close personal contacts with farmers and farmers' local organizations have
way to assist American farmers
in the President had an unequalled opportunity to strengthen the foundations of the moveorganizations. And I cannot refrain from saying that
farmers have a friend, and the cause of co-operative ment. A group of farmers in a local community wish to organize an
of the United States the
has been proved by his works, and association. They are in doubt as to the procedure to follow. In the
marketing an adherent whose faith
of equal opportunity for the farmer is as majority of cases, they turn to the county agent. He in turn may consult
whose devotion to the ideal
the marketing specialist of his State, or representatives of the Department
as that of any man in America.
firm and unflinching
matters of statutes. The services which the of Agriculture, and gives these farmers unsparingly of his time and the
Policies are more than mere
associations and the spirit in which best information and assistance at his command. And then there are the
Government offers the co-operative
may also be regarded as expressions of policy. services of teachers of vocational agriculture. They, too, are working in
these services are performed
Accompanying the memorandum was a letter which stated
in part:
720
FINANCIAL CHRONICLE
their communities to strengthen and upbuild the co-opera
tive movement.
They are living evidence of the interest of the Governm
ent in the success
of co-operation.
These are some of the many concrete examples of
the attitude of the
Government toward co-operative marketing. From their
early beginnings
co-operative associations have travelled far. Two million
farmers are
members of twelve thousand five hundred marketing
and purchasing
associations, doing an annual business of approximately
two and one-half
billion dollars. Most, if not all, of the legal barriers
have been removed.
Much experience has been gained. Much leadership
has been developed.
For many problems, the answers have been found.
With the formation
of the Federal Farm Board sympathetically but soundly administ
ering its
broad powers, and ample funds, the cause of co-opera
tive organization of
agriculture is ready for a general forward movemen
t.
In the impending advance of co-operative marketing,
the greatest need
Is leadership. After all that the Government
has done or can do, there
still remains the fundamental necessity of adequat
e, skilled, loyal leadership. Such leadership must be increasingly
more unselfish and farvisioned. The motive of co-operative marketing
is not primarily profit
for the co-operative organization, but profit for
its constituent farmers.
Its leadership must realize that dollars
left on the farm by reason of
better market prices are just as valuable as dollars
collected from the
farm and paid back to the farm. The objectiv
e of co-operative marketing
Is not swollen cash balances or large surpluse
s in the co-operative treasury.
Co-operation looks beyond these. It demands strong,
well-financed, closeknit organization to achieve its purposes, but
its purposes are prosperous
farm homes, affording to the members of the
farm family an American
standard of living, an American education and
an equal opportunity in
the race of life.
In the service of such a cause many men
of this audience have enrolled
themselves. It is in some respects a great
adventure on a new frontier.
Agriculture is entitled to a position of equality
in the economic structure
of America. Through its own farm organiza
tions, and by its own efforts,
agriculture can regain that place, and having
gained it, hold it. In that
cause, agriculture has the sympathy and
the aid of the Government of the
United States of America.
[VoL. 129.
Brazil could stand a reduction of about 8 cents from
the present quotation of 22 cents for Santos coffee and still make
a profit. In a recent
survey published by the Secretary of Agriculture, it
is estimated that the
total cost of producing a pound of coffee, including such
items as depreciation, interest and so on, is about 12 cents with a return
of 10% to the
planter. Without this 10% the total cost of a pound
of coffee ready for
shipment from Santos, would be about 11.08 cents, and
this includes the
heavy interest charge of 12% per annum for the 16 months
time it takes
coffee to move from the interior to seaboard, as a result of
the marketing
plan followed by the Institute.
• It must be admitted that so far the Coffee Institut
e has successfully
stabilized the price of coffee, but the future depends on the
ability to
continue this practice without impairing Brazil's position as a
world producer and without resorting to an abnormal accumulation
of stocks.
Probably the most important factor of the future is the ability
of the
Coffee Institute to hold things in line when production in other
countries
has increased to a certain point. There is no doubt that
the policies
of the Institute have greatly stimulated coffee growing
throughout the
world, and this tendency will increase.
Costa Rica Growers Deny Crisis in Coffee.
In the "Times" of July 28 we find the following specia
l
correspondence from San Jose (Costa Rica) July 12:
Reports circulated by travelers from Costa
Rica that coffee growers here
are facing an economic crisis, due
to a partial failure of the crop, lack of
transportation facilities and the steadily
decreasing demand for the commodity in the European market,
are rather far-fetched.
The coffee crop of 1928-1929
was about 4% larger than the preceding
crop, and although serious washout
s occurred on the Costa Rica Railway
to the Atlantic, not only did the crop
move satisfactorily over the government owned and operated railway
to Puntarenas on the Pacific, but it
was shipped out of the country slightly earlier than
the season before.
What was of greater interest to
shippers was that toward the end of
the shipping season competing steamer carried
s
coffee to Europe for approximately 50% of the freight rate
which had previously been charged.
It is true that the London market
for Costa Rican coffees has been
exceedingly slack, and prices
dropped from an average of about 150 shillings
a hundredweight to about 125.
Co-operation of any nature in Costa
Rica has never been feasible, and
the statement that large growers
of coffee have banded together to form a
protective association is groundl
ess. There was some talk of such action,
but the principal growers for one
reason or another appeared not to favor
the idea.
Coffee growers and shippers have
become so accustomed to good crops
and attractive prices for the last four
or
able in either size of crop or price obtainefive years that anything unfavord starts the rumors of a crisis.
Price of Coffee Successfully Stabilized
by Coffee Institute of Brazil, According to D. A. Del Rio
of Central
Hanover Bank & Trust Co.-Suggestion
by Institute for International Convention To Limit
Production and Establish Quotas for Vario
us
Countries.
D. A. Del Rio, Manager of the Latin Ameri
can Department of the Central Hanover Bank & Trust
Co. of New
York, who has just returned from Brazil
after making an
May Gas Sales Higher-Production
exhaustive study of the coffee situation,
Lower.
states that the
An increase of 11% in gas sales for May 1929,
Agreement between the different Brazil
as compared
ian States and the with May 1928, is indica
ted by the first 96 companies reCoffee Institute, whereby a uniform policy
is followed, will porting to the statistical depar
expire next September. It is believed,
says Mr. Del Rio, Association. As of May 31 tment of the American Gas
1929 the customers of these
that this agreement will be extended
another year. The companies aggregated 9,522,
956, which is an increase of
problem confronting the Coffee Institute
in the immediate 2.5% from the corresponding
date of the preceding year.
future is not a financial one, he says, but
how to prevent
In New England sales of gas for all purposes
increased production in other countries at
registered an
the expense of increase of over 8% for the month
of May and of more than
Brazil's stabilization policy. Mr. Del Rio
adds:
6% for the 5 months ending with May. In
Coffee planters are, generally speaking, in
this territory,
excellent financial condition,
as throughout the country generally, the most
due to the high coffee prices of the
last four or five years. They are
marked
quite satisfied with the policies of the
expans
ion
occurred in sales of gas for industrial-commerc
Institute, and are able to carry a
large portion of their crop with their
ial
own resources. On over 60% of uses and for domestic
the coffee stored in Brazil no
house heating. For the 5-month
accommodation was required, and on the
period
other half only one-third of the value
of
1929
gas house heating sales increased 61% in
was covered by loans.
Should the Coffee Institute release
more coffee than is actually re- Massachusetts, while in Connecticut gas
sold for house
quired by world needs and bring about
a reduction of prices in order to heating purposes
gained 118% over the same period of 1928.
meet competition from other countries,
the result would be serious politically.
Moreover, increased supplies on the world
The
Middle Atlantic and South Atlantic region
market would not lead to ins continued
creased consumption, according to
officials of the Coffee Institute, for to show relatively smaller increases
than other sections, the
any increase in consumption will be
gradual.
gain in these two regions amounting to less
than 2% for the
• The directors of the Institute have of late
discussed the 5-month period. In the East North Centra
l group May
advisability of calling together an internationa
l convention sales were 11% above a year ago, but in this
region also
of coffee-producing countries for the purpos
relati
vely
the largest gains were effected in
e of limiti
industrialproduction and establishing quotas for the different countr ng commercial and
ies,
house-heating sales. In Wisconsin
according to Mr. Del. Rio Well-informed circles
indusin Brazil, trial-commercial sales for May were 14% above May
he states, believe that such a step would be
of the
advisable and preceding year; in Illinois the gain was 15%, while
in Michihighly advantageous from Brazil's standpoint, as the
country gan industrial-commercial sales increased by nearly
30%.
produces over two-thirds of the world's coffee and has
The data on gas produced and purchased for
in
distribution
storage nearly 13i times the annual production of
the by these 96 companies show the following significant trends
rest of the world.
for the 5-month period: (1) A 6% decrease
in water gas
Mr. Del Rio observes that coffee represents
over 70% produced; (2) a 12% decrease in coal gas produced;
(3) a
of the total exports of Brazil and as the immed
iate future 39% increase in coke oven gas produced; (4) a 22% increa
of the country depends to a great extent
se
coke
oven
in
gas
purcha
sed and
on this
coke and steel compathe Coffee Institute has the entire nation behind product, nies operating by-product cokefrom
oven plants. The Assoit.
"The
ciation's statement also shows:
latest coffee statistics available, those
of Feb. 8 1929, show
that on that date 11,522,000 bags of coffee
were stored in COMPARATIVE STATISTICS OF 96 GAB COMPANIES IN UNITED STATES.
the warehouses of the Sao Pualo Coffee Instit
ute, or held
Month of May.
Five Months Ended May 31
by the railroads, with practically no more of
the 1928-29
P. C.
crop coming in," Mr. Del Rio stated. Contin
P. C.
1929. I 1928.
uing, he said:
Inc.
1929.
I
1928,
Inc.
The opinion
in coffee and financial circles
at Santos and Sao Paulo was
that on June 30 1929, the end of the
coffee year, there would be a stock
of coffee in the State of Sao Paulo of not
more than 8,500,000 bags. This
compares with 11,672,000 begs in
storage on the corresponding date last
year.
The 1929-30 crop will, however, be
estinaates. A large crop usually follows large, according to authoritative
a small one and vice-versa. The
1927-28 crop exceeded 28.000,000 bags and
the 1928-29 crop will be considerably less than 9,000.000 bags.
Figures for 29-30 show not less
than 18.000,000 bags, and exports will probabl
y be 14,000,000 bags. With
the carryover of June 30 1929 a stock of
12,500,000 bags will be on hand
st the end of the 1929-30 coffee year, not a high
figure if compared with
the carryover of the two previous years.
Customers
9,522,956' 9,294,365 2.
SeelMay
Gas sales(thou.cu.ft.) 37,028,738 33,357,122 11.0
194,594,6191 177,949.854 9.4
Revenue
835,360,932 533,124,668 6.8 $184,128,428
$176,234,988 4.5
Gas produced (thousand cu. ft.)
Water gas
15,020,281 16,302,407 17. 84,011,3101
89,083,397 x5.7
Goal gas
3,160,848 3,606,78
15,898,9661 18,035,514x11.9
Coke oven gas---- 3,375,575 2,363,0040112.4
42.9 16,212,239 11,698,140
Oil gas
38.6
2,489,331 2,227,27 11.8 15,151,508
13,086,602 16.0
Total gas produced 24.046,035 24,499,4687 x1.9
131,274,023 131,883,653 x0.5
Coke oven gas purch_ 8,711,780 6,766,334 28.8
40,715,600 33,373,882 22.0
Total mfd, gas pr
duced & purchased 32,757,815
02 4.8 171,989,623 165,257,
Naturalgas purchased 7,584,535 31,265,8
53
4.1
5,660,865 34.
46,288,843 32,678,223 41.7
Total gas produced
and purchased_ _ _ _ 40,342,350 36,926,667
9.2 218,278,466 197.935,758 10.3
x.Deerease.
AUG. 3 1929.]
721
FINANCIAL CHRONICLE
mobile consumption, but because of the huge stocks on hand
Cacao Crisis Reported in Ecuador-Production Falls it is not felt that this will have any effect on wholesale
50% Through Tree Diseases.
gasoline prices.
The following is from the New York "Times" of July 28:
On the other hand, there was a better tone in kerosene
A serious agricultural crisis exists in Ecuador, according to a United
week. Sellers are now more firmly established on quothis
a
at
continues
States Government report, which says that the cacao crop
are
which
of
two
diseases
account
on
tations and not so many concessions are heard of. A brisk
greatly reduced scale of production
attacking the trees and the cacao beans.
business is being done and several noteworthy contracts were
National production hE s dropped a out 50% since 1922, when the
% cents a
41-43 water white at 73
or
exported 50,600,- placed during the week for
disease affecting the trees was first reported. Ecua
to hold
attempting
now
are
refiners
pounds
lots,
were
18,800,000
smaller
shipped
gallon. ()n
000 pounds of cacao during 1928, of which
to the United States.
to an 8-cent level.
Bunker fuel oil firmed up despite the drop in crude prices,
Petroleum and Its Products-Pennsylvania Crude and it would not surprise the trade to hear of an advance
Takes Initiative in Cutting Prices-Lower Level of 10c. or more a barrel shortly. Grade C continues very
Expected.
firm at $1.05 a barrel refinery.
Except'ons of close followers of the petroleum market were
California gasoline is still proving a big factor in eastern
of
series
an
of
expected
first
the
when
week
fulfilled this
markets, but the west-coast refiners are finding difficulty
cuts in crude petroleum prices wa 3 announced. The in- in securing adequate shipping facilities, and a reduction in
itiative in what is believed to be a country-wide recession the volume of California gasoline sent to New York is to be
of prices was taken in Pennsylvania, where a general cut expected this month.
of 25c. a barrel was made. This is the second cut in recent
The Kettleman Hills agreement, whereby operators in that
of
course,
16;
the
July
on
reduction,
being
one
last
the
weeks,
fertile field voluntarily agree to cease drilling for two years,
is attributed to the tremendous production not only in the is not yet completed, as only about half of the needed signaPennsylvania area but throughout all the oil-producing tures have been obtained.
territories.
Because of the quality and volume produced in the new
There is no connection between the Pennsylvania crudes Kettleman fields, the entire industry is awaiting with unand those produced in Mid-continent, but it is generally concealed anxiety completion of the "cease drilling" agreebelieved here that Mid-continent is much easier and that ment. Unrestrained production at Kettleman Hills would
reductions in that sector may be expected at any time. have a far reaching effect on the entire industry,it is admitted.
There would have already been reductions in Mid-continent
Gasoline, U. S. Motor, Tankcar Lots, F.O.B. Refinery.
3.06% North Loulsiana--$.07K
Y.(Bayonne).--3:10 lArkansas
.0651
crude, due to the rapidly mounting production which has N.
0831 North Texas
.0631 California
West Texas
.07
export_
.0734 Oklahoma
Angeles,
past
for
Los
the
in
out
and
week
week
0931
y
consistentl
continued
Chicago
.09)4
Pennsylvania
.0834
exportCoast,
0731 Gulf
Orleans
New
few months, but a disagreement among several of the
Gasoline. Service Station. Tax Included.
$ 182
principal purchasing companies held back such a move. New York
Minneapolis
$ 18
Cincinnati
3 19
195
New Orleans
.16
Denver
21
However, several of the larger producing units are declared Atlanta
21
Philadelphia
188
22 Detroit
Baltimore
215
18 San Francisco
.20 Houston
to be ready to take the first steps towards a general down- Boston
.205
24 Spokane
.15 Jacksonville
Buffalo
169
ward revision in crude prices.
179 St. Louis
.15 Kansas City
Chicago
It has been puzzling to market observers why there have
Kerosene, 41-43 Water White, Tankcar Lots F.O.B. Refinery.
$.073(
$ 05Si New Orleans
Chicago
not already been drastic cuts in Mid-continent, due to the N.Y.(Bayonne)_$.0731-.08
NA
.05% Los Angeles, export_ .05% Tulsa
North Texas
example,
recent bringing-In of new sources of supply. For
Fuel Oil, 18-22 Degree, F.O.B. Refinery or Terminal.
3.75
385 Gulf Coast
there was the Indian Territory Illuminating Oil Co.'s gusher New York(Bay000e)_$1 05 Los Angeles
.55
95 Chicago
2.00 New Orleans
Diesel
in the Oklahoma City field, which came in last week and is
Terminal.
or
32-36 Degree, F.O.B. Refinery
Oil,
Gas
$0
continuing to flow at the rate of 20,000 barrels a day. This New York(Bayonne)S.05)4!Chicago
3 031Tulsa
company is a subsidiary of Cities Service, and the new gusher
is one of the largest ever drilled in Oklahoma and adds conWeekly Refinery Statistics for the United States.
siderably to the output of that area. Although production
According to the American Petroleum Institute, comin California fell off slightly last week, for the first time in panies aggregating 3,051,900 barrels, or 91.4% of the 3,339,months, the decline there was more than off-set by increases 100 barrel estimated daily potential refining capacity of the
elsewhere, and last week established another new high record plants operating in the United States during the week, ended
for all time in gross production in this country. It is not July 27 1929, report that the crude runs to stills for the week
known to what extent the Mid-continent drop will go, but show that these companies operated to 85.6% of their total
it is thought that it will trail along at about the same rate capacity. Figures published last week show that companies
of reduction as put in in the Pennsylvania fields.
aggregating 3,035,200 barrels, or 90.9% of the 3,339,100
The failure of the industry as a whole to agree upon any barrel estimated daily potential refining capacity of all plants
sort of conservation program is bringing about the situation operating in the United States during that week, but which
warned of some time ago. Surplus stocks, lower prices, operated to 85.1% of their total capacity, contributed to
forced let-up of drilling, abandonment of new gushers, &c. that report. The report for the week ended July 27 follows:
However, leaders in the industry now feel that some such
STOCKS,
RUNS TO STILLS, GASOLINE AND GAS AND FUEL OIL
situation may be just what is needed to bring the facts CRUDE WEEK ENDED JULY 20 (BARRELS OF 42 GALLONS).
abruptly before those who have been backward in coming
Per Cent
to any agreement regarding conservation of the country's
Operated
Per Cent
Gas and
Gasoline
of Total
Runs
Crude
Potential
resources.
natural oil
Fuel Oil
Stocks.
Capacity
capacity to Stills.
District.
Stocks.
ReportAug. 1.-General cut of 250. a barrel for all Pennsylvania
Reportthy.
Me.
crude oil announced.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. I. degrees are not shown)
$3.85 Smackover, Ark., 24 and over
Bradford, Pa
1.75 Smackover, Ark., below 24
Corning, Ohio
1.35 El Dorado, Ark.. 34
Cabell, W. Va
1.45 Urania, La
Illinois
1.53 Salt Creek. Wyo., 37
Kentucky
Western
1.23 Sunburst. Mont
Midcontinent, Oklahoma, 37
.80 Artesia, New Mexico
Corsicana, Texas, heavy
.87 Santa Fe Springs Calif., 33
Hutchinson, Texas, 3.5
1.00 Midway-Sunset. Calif., 22
Luling, Texas
Huntington, Calif., 26
1.20
A
grade
Texas.
Spindletop.
1.05 Ventura, Calif 30
SpindietoP, Texas, below 25
.65 Petrolia. Canada
Winkler. Texas
3.90
.75
1.14
.90
1.23
1.65
1.08
1.35
.80
1.09
1.18
1.90
REFINED PRODUCTS-SHARP COMPETITION KEEPS GASOLINE
MARKET IN WEAKENED CONDITION-BUNKER OIL FIRMER.
100.0
East Coast
86.5
Appalachian
Wilma. W., Kentucky 94.7
73.4
Okla.. Kansas, Mo
87.1
'MVO
Loubilana, Arkansas.- 90.2
92.3
Rocky Mountain
97.8
California
3,273,000
600,600
2,024,800
1,725,400
3,877,500
1,124.000
482,500
5,177,700
82.7
85.0
92.8
79.2
93.8
70.4
56.1
90.0
5,009,000
1,028,000
6,053,000
3,373.000
4,718,000
1,805.000
1,786,000
12,170.000
10,289.000
1,131,000
3,468,000
4,399,000
12,437,000
5,424,000
653,000
104,781.000
91.4
18,285,500
2,612,200
18,089,100
2,584,200
85.6
35,942,000
142,492,000
85.1
36,002,000
141,925,000
3,015,300
96.6
TO S
3,985.000
1 sag MA
9,708 000
4A9 Ann
Total week July 20__
Daily average
Total week July 13-Daily average
Texas (Cult Coast)
T.nollalana frzwit f'nftetl
90.9
99.3
MA (a
A t In.net^
Nofe.-All crude runs to stills and stocks figures follow exactly the pres-
Bureau of Mines definit ons. In California, stocks of heavy crude
Sharp competition among refiners in the New York area ent
and all grades of fuel oil are included under the heading "Gas and Fuel
condition
weakened
somewhat
a
in
market
gasoline
kept the
Oil Stocks." Crude oil runs to stills include both foreign and domestic crude,
during the past week. Although there were no changes in
Oil Curtailment at Kettleman Hills, Calif.
quoted prices, it is freely stated in the trade that jobbers
From Los Angeles the "Wall Street Journal" of July 31
with substantial orders are being offered slight concessions.
Business was done in fair volume this week in U.S. Motor reports the following:
With ten signattres attached and two others promised, all but three
gasoline at 9M cents a gallon in tank cars at refinery, and
15 Operating companies on north dome Kettleman Hills oil field have
one cent higher in tank cars delivered to the nearby trade. of
their intention to abide by two-year agreement curtailing drilling
signified
of
range
run
August
will
prices
the
that
believed
It is
and production till July 11931.
at
ear
tank
This
refinery.
All major companies have signed or agreed to, and conferences with two
from 9.50 to 10 cents a gallon
month is expected to establish a new high record for auto- small companies, Bolsa Chlca Oil and Superior Oil Co. of California, are
722
FINANCIAL CHRONICLE
expected to result favorably. Final negotiations with Mexican Seaboard
will be left until Dr. George Otis Smith's arrival in the East.
While desirous that all sign, the fact that one or two refused would
not
prevent agreement becoming effective, the committee announced.
use and consequently the demand. There have also been
wide increases
in the cost of producing crude oil, manufacturing gasoline and
in distribution.
The cities in which prices were obtained were scattered from
Portland,
Me.,to Portland, Ore., as near the oil fields as possible and
as far away.
Crude Oil Output in United States Continues to
Increase.
The American Petroleum Institute estimates that the
daily average gross crude production in the United States,
for the week ended July 27 1929, was 2,896,650 barrels, as
compared with 2,893,950 barrels for the preceding week, an
increase of 2,700 barrels. Compared with the output for the
week ended July 28 1928, the current figure shows an increase
of 510,400 barrels daily. The daily average production east
of California for the week ended July 27 1929 was 2,031,050
barrels, as compared with 2,013,650 barrels for the preceding
week, an increase of 17,400 barrels. The following estimates
of daily average gross production, by districts, are for the
weeks shown below:
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
Weeks EndedJuly 27 '29. July 20 .29. July 13 '29. July 28 '28.
Oklahoma
726,500
717,700.
589,800
Kansas
126,700
125,000
121,300
102,600
Panhandle Texas
93,000
89,250
89,800
62,700
North Texas
86,600
85.100
83.350
91,300
West Central Texas
58,800
59,400
54,500
56,250
West Texas
395,250
396,200
392,300
338,500
East Central Texas
17,700
17,500
17,750
21,250
Southwest Texas
77,700
76,350
77,500
25,050
North Louisiana
36,100
36,150
35,700
42.150
Arkansas
68,200
68,650
69,150
88,750
Coastal Texas
128,000
128,150
131.850
104,750
Coastal Louisiana
19,400
18,350
19,300
26,750
Eastern
123,300
122,000
120,900
114,000
Wyoming
54,500
53,100
53,700
59,200
Montana
11,400
11,600
11,600
10,100
Colorado
6,850
6,900 .
6.800
7,900
New Mexico
2,550
2,250
2,750
2,700
California
865,600
880,300
882,600
642,500
Total
2,896,650 2,893,950 2.891,750 2,386,250
The estimated daily average gross productio
n for the Mid-Continent
Field, including Oklahoma, Kansas, Panhandl
e, North, West Central,
West, Nash Central and Southwest Texas, North
Louisiana and Arkansas,
for the week ended July 27 was 1,686,550 barrels,
as compared with 1,671,300 barrels for the preceding week, an Increase
of 15,250 barrels. The
Mid-Continent production, excluding Smackove
r (Arkansas) heavy oil, was
1.639,600 barrels, as compared with
1,624.350 barrels, an increase of
15,250 barrels.
The production figures of certain pools in the
various districts for the
current week, compared with the previous
week, in barrels of 42 gallons
follow:
-Week Ended-Week EndedOklahomaJuly 27. July20.
North LouisianaJuly 27. July 20.
Allen Dome
25,050 25,150 Hay nesville
4,900 4,950
Bowlegs
34,400 34,550 Urania
6,400 6,300
Bristow-Slick
20.750 20.650
Burbank
19,500 19,600
A rkansasCromwell
8.050 8,050 Chem yagnolle
7,250 7,500
Earlsboro
83,000 81,800 Smackover (light)
6,100 • 6,200
Little River
79,800 76,850 Smackover (heavy) ____ 46,950
46,950
Logan County
23,000 21,050
Maud
12,000 11,600
Coastal TexasMission
30,700 32.200 Hull
8,300 7,900
St. Louis
74,150 72,300 Pierce Junction
16,000 17,150
SearIght
11,000 11,350 Spinciletop
27,000 27.400
Seminole
33,600 33.750 Vest Columbia
5,950 5,850
Tonkawa
9,350 9,550
Oklahoma City
24,700 21,450
Coastal LouisianaCarr City
14,200 13,900 East Hack berry
2,700 2,800
KansasOld Hack berry
1,000 2,100
Bedgwick County
36.500 36,500 Sulphur Dome
2,250 1,600
Panhandle TexasSweet Lake
50
50
Carson county
7,500 7,100 Vinton
5,100 4,300
Gray County
58,500 56.050
Hutchinson County
25,000 24,500 WyomingNorth TexasSalt Creek
30,850 29,500
Archer County
19,600 19,000
Wilbarger County
28,250 27,000
MimtanaWest Central TexasSunburst
6,850 6,850
Brown County
7.650 7,500
Shackelford County.
-._ 10,950 11,200
CaliforniaVest TexasDominguez
10,000 10,500
Crane & Upton Ces--- 45,500 45,200 Elwood-Goleta
27,000 27,600
Howard County
42,200 43,200 Huntington Beach
44,000
44,000
Pecos County
138,300 139,900 Inglewood.
23,500 23,000
Reagan County
17,900 18.100 Kettleman Hills
4.000 3,400
Winkler County
142,000 140,200 Long Beach
171,000 172,000
East Central TexasMidway-Sunset
67,000 66,000
CorMeann-Powell
7,400 7,200 Rosecrans
6,700 6.000
Southwest TexasSanta Fe Springs
268,000 282,000
Laredo District
10,900 11,000 Seal Beach
48,000 47,500
Luling
11,250 11,300 Torrance
12,700 13,000
Salt Flat
48.550 47,250 Ventura Avenue_
57,000 58,500
[VOL. 129.
Output of Portland Cement in 1928 Exceeded 1927,
Previous Record Year, by 2%-Stocks Increased.
Production of Portland cement in 1928-176,195,488 barrels-was the largest quantity manufactured thus far in any
year, exceeding that in 1927, the next highest year in production, by 2%, according to statistics relating to the Portland
cement industry in 1928 compiled by the U. S. Bureau of
Mines,"Department of Commerce, from the final returns of
the producers for the year, which are, however, still subject
to revision, confirm the estimates published by the Bureau
of Mines early in January. Shipments of Portland cement
from mills in 1928 amounted to 175,734,974 barrels, valued
at $275,885,902, an increase of 2% in quantity and a decrease
of 1.1% in gross value. The average factory price per barrel
in bulk in 1928 was $1.67, a decrease of 5 cents per barrel
as compared with 1927. Stocks at the mills also increased,
reaching a total of 22,917,896 barrels on Dec. 311928, the
greatest at the end of any year during which official records
of stocks have been kept. They were about 2% higher than
at the end of 1927. The Bureau also states:
The commercial capacity for production of finished Portland cement
of
the 156 plants active at the end of 1928, and of three plants idle in 1928
but
producing within the two previous years, according to manufactu
rers'
reports supplemented by a few estimates, was 243,252.000 barrels. This
total includes besides increased capacity due to extensions and
improvements at old plants approximately 3,900,000 barrels capacity for finished
Portland cement of 4 new plants that began operating during
the year and
are located one each in Maine, Pennsylvania, Tennessee, and Washingt
on.
The total production for the year 1928 was 72.4%
of the indicated capacity
at the close of the year. The corresponding figure
for 1927 from the producers' reports was 76.3%.
[A summary of the monthly estimates of output
of Portland cement in
1928. compiled from the monthly reports of producers
, was published early
in January 1929, by the Bureau of Mines. These estimates
, which indicated
a production of 175,968,000 barrels and shipments of
about 175,455,000
barrels, were within 0.1% and 0.2%, respective
ly, of the figures for 1928
here presented.]
PORTLAND CEMENT MANUFACTURING CAPACIT
Y OF THE UNITED
STATES. BY COMMERCIAL DISTRICTS, 1928.
Distria.
Estimated
Capacity
(Barrels).
Percentage
of
Capacity
Utilized.
Eastern Pennsylvania, New Jersey, and Maryland____
New York and Maine_a
Ohio, western Pennsylvania, and West Virginia
Michigan
Wisconsin, Illinois, Indiana, and Kentucky
Virginia, Tennessee, Alabama. Georgia, Fla., and La
Eastern Missouri, Iowa, Minnesota, and South Dakota
Western Missouri, Nebraska. Kansas,and Oklahoma
Texas
Colorado, Montana, and Utah •
California
Oregon and Washington
50.945,000
17,037,000
24,671,000
19,508,000
26,607,000
24,667,000
22,993,000
14.598,000
7,700,000
5,567.000
22,700,000
6,259,000
77.1)
67.4
74.3
71.0
85.5
64.7
72.6
74.9
82.4
40.8
59.3
63.3
243,252,000
72.4
a Maine began producing in April 1928.
PORTLAND CEMENT PRODUCED SAND SHIPPED
IN THE UNITED
STATES, 1927 AND 1928, BY STATES.
State.
.4c ire
Plants.
1927. 1928.
Alabama
California
Illinois
Iowa
Kansas
Michigan
Missouri
Ohio
Pennsylvania
Tennessee
Texas
Other States.a
6
12
4
5
7
15
5
10
25
5
7
52
153
Production
(Barrels).
1927.
1928.
6
7,564,863 6.749.202
12 14,580,654 13,452,221
4
7,017.047 7.334,833
6
5,415,144 7,070.172
7
6,180.255 6,574,219
14 13,965,241 13,848,561
5
6,778,384 /.881,118
10
8.853,869 6,233,033
26 43.732,278 41,522,401
6
4,430,439 4,689,703
7
5,655,836 6.345,604
53 49,032,504 51,494,421
shipments
(Barrels).
1927.
1928.
7,313,404
14,433,153
7,061.240
5,661,234
6,141,937
13,708,259
6,929,229
8,727,879
42,969,513
4,343,337
5,692,350
48,043,103
6,696,684
13,596,493
7,405,667
6,880,731
6,787,568
14,044,230
7,943,367
9,364,338
41.161.019
4,634,280
6,231,083
50,989,514
156 173,206,513 176,195,488 171,864,728 175,734,97
4
a Includes Colorado, Florida, Georgia, In( lane, Kentucky,
Gasoline Prices Today Are far Below II-Year Average. Maryland,
Maine:
Minnesota, Montana, Nebraska, New Jersey. New Louisiana,
York, Oklahoma,
Gasoline not only has maintained its position as the Oregon, South Dakota, Utah, Virginia, Washingto
n, West Virginia, and Wisconsin.
cheapest commodity in universal use on the market, but
the average filling station price to-day is lower than the Demand for Copper
Shows Improvement-Weeks Sees
average of the past 11 years, a survey by
Good Business in Lead at Unchanged Prices.
the American
Petroleum Institute indicates.
A marked improvement in the appearance of
First-of-the-month prices of gasoline
the copper
at filling stations of the major
marketing companies in 50 representa
market has been a feature of the past week. Enginee
tive cities during the period from
ring and
1918 to 1928 averaged 22.63 cents a gallon,
it was found. Prices in the Mining Journal reports, adding:
same cities and at the same
filling stations on May 1 of this year
averaged
17.52 cents a gallon.
The average price of gasoline is lower
despite a 300% increase In gasoline
taxes. Where from 1918 to 1928 the
gasoline tax averaged 1.23 cents
a gallon, making the average cost per gallon to the
motorist 23.86 cents,
on May 1 the tax averaged 3.50 cents a gallon.
making the average cost
per gallon to the motorist 21.02 cents.
The Institute points out that gasoline is unique
among commodities
In that its price has declined despite an enormous gain in
demand. Back
in 1918 there were less than 10,000,000 motor vehicles registered
in this
country. To-day there are more than 25.000.000. There
are in addition
thou.sands or airplanes, stationary engines and other power
units using
gasoline as fool, as well as a number of industries which
employ it either
as a raw material or agent, all of which have enormous
ly expanded gasoline
Prices are unchanged at 18 cents, delivered
Connecticut, but sales In both
domestic and foreign market have improved.
Zinc and tin prices are firm,
with very little comumer buying. Demand for
lead rose considerably, an
average of a thousand tons a day having been
sold. This is described as
the best business in six weeks.
Sentiment in the copper market has improved
materially during the last
few days. An important factor which helped
bring this about has been the
large sales for export which have averaged better
than 2,000 long tons per
day during the last few days. Domestic consumer
s are taking an increased
interest in forward metal, although 25%
of the business was for prompt and
45% for August.
Lead prices in the East are uniformly on a
6.75 cents Now York basis.
but in the Middle West a little business was done
both above and below the
generally quoted level of 6.55 cents, St. Louis.
AUG. 3 1929.1
FINANCIAL CHRONICLE
723
States Steel
profits, as revealed by the quarterly report of the United
by the "Iron
Corp. With prices over the first half of this year (measured
higher than
%
4
-2
only
Age" composite price for finished steel) averaging
higher this year than
those of the first half of 1928. but with production 17%
first two quarters
last, total earnings went up over 50%,the showing of the
000 and for the same
of the Steel Corporation this year being $132,101,
Steel
and
Ore
Iron
Sees
Union Trust Co. Cleveland
quarters last year $87,867,000.
In Northern and
Competition by Alabama producers for pig iron business
Industries Entering Upon New Era-Upward Price
Southern basic
markets has accentuated, rather than diminished.
Eastern
am, and less in recent bids
Trend Looked For.
iron has been quoted at $13 a ton. Birmingh
Under this pressure, prices of furnaces
The iron ore and, consequently, the steel industries are for eastern Pennsylvania tonnage.
giving ground, as evidenced by concessions
are
district
ia
Philadelph
on
the
in
indicati
the
to
due
era,
on foundry grade. Buffalo
definitely entering upon a new
of 50c. to $1 a ton from recent quotations
l backlogs,
that the reserves of merchantable iron ore in the Lake producers, on the other hand, having accumulated substantia
price position, and the situation with other furnaces
Superior region are sufficient for little more than a quarter of are taking a stronger
the Great Lakes Is satisfactory.
a century, the Union Trust Company of Cleveland reports. onThe large demand for pipe for gas lines accounts, in large measure,
the overflow of considto-day,"
as
it
stands
industry
ore
iron
for the unusual pressure on Chicago plate mills and
"In a survey of the
placing of 250,000
plate tonnage to producers farther east. The
the bank says in its magazine, Trade Winds, "three out- erable
York. for a gas line from
tons of pipe by Henry L. Doherty & Co., New
The
.
the
observer
upon
es
themselv
Co. has booked
Tube
National
impress
standing facts
Texas to Chicago is in early prospect. The
for a line of the Southwestern Gas Co.
most immediate are the facts that April, May and June of 8,000 tons of 10 and 12-in, pipeincrease
in bar specifications from the farm
Of seasonal significance is an
this year have set new high records for these months in the equipment
industry, following completion of inventories.
that
and
region,
Superior
Lake
of 14,000 tons by
the
shipment of ore from
The construction outlook is promising. The award
k River bridge is imminent,and bids
the price of all grades of ore for the current season is 25 cents the Pennsylvania RR.for a Hackensac
tons will be opened Aug. 2.
a New York subway section taking 13,200
a ton higher after remaining stationary for four years." on
Steel Co.'s expansion program
Structural steel requirements for the Illinois
tons. Fabricated steel lettings
The bank continues:
at Gary are estimated at 40,000 to 50.000
33,000 tons. Fresh
"A third fact is more fundainental than the other two. It is that the for the week were of average proportions, totaling
on the inquiries called for 36,000 tons.
Industry is entering an era in which less at d less ore will be offered
72% of capacity
price
Rail mill operations continue to taper, now averaging
open market, probably at increasingly higher prices. The upward
excellent, however, with new
trend is not expected to be sharp or sensational, but rather gradual and at Chicago. Demand for track supplies is
for 6,000
and
an
inquiry
district
bookings of 7,000 tons reported in that
sustained.
& Hartford pending.
"The reason for this is found in the progressive depletion of iron ore tons of tie plates from the New York, New Haven
Superior
The New Haven will also buy rails.
reserves. Reserves of iron ore of merchantable grade in the Lake
more is heard of price
at
With mill backlogs declining in some products,
region are estimated by tax authorities of Minnesota and Michigan
In the
are being maintained.
apparent
shading, although market levels as a whole
1,500.000.00 tons. The full import of this situation becomes
general, with sales
more
upon
become
has
depends
Central West weakness in wire nails
when it is recalled that the American iron and steel industry
, a drop of $1 a ton from the recent
the Lake Superior district for 85% of all the ore it consumes.
at $2.60 a keg, Cleveland or Pittsburgh
aggressively for galvanized
exist,
minimum. A few mills are competing more
"Reserves of an unknown quantity And extent of low grade ore
to Jobbers, has been extended
prcsheets, on which 3.50c.. Pittsburgh, the price
but its marketability depends upon future perfection of beneficiaticg
inceases. Based upon official estimates of reserves, there is now every
in certain cases to consumers.
other centres, with prices
dication that the American iron and steel industry is confronted with the
Scrap is buoyant at Pittsburgh, Chicago and
grades
standard
of
the
present
of
supplies
fact that it has a small margin
pointing upward.
first half, at 1,149,000 tons,
of ore.
Exports of rolled and finished steel in the
ing period last year.
"Out of this situation are evolving two logical basic policies. One is the showed a gain of 21% over the total for the correspond
$18.38 a ton from $18.42
further development of methods for treating low grades of ore, and the
The "Iron Age" pig iron composite has fallen to
remains at 2.412c.
other is the further consolidation of ore mine and steel company interests of the last two weeks. The finished steel composite
to the end of conserving supplies and controlling costs.
a lb., as the following table showier
Pig Iron.
"In fine, the feeling among the leaders of the industry is that the picture
Finished Steel.
July 16 1929. $18.14 a Gross TOTI.
July 30 1929. 2.412e. a I.I.
Is definitely changing. From whatever angle it Is viewed, it means a
$18.54
week ago
One
2.412e
far
ago
week
as
One
prices
18.63
restriction of the supply of ore and a gradual increase in ore
2.412c. One month ago
ago
One
month
than
17.04
opened
ago
being
are
mines
year
2.319c. One
In the future as now can be foretold. Fewer
One year ago
15.72
average
pre-war
expensive.
10-year
be
689e.
will
1
ore
grade
low
of
average
.
Treatment
pre-war
10-year
exhausted mines abandoned
Valley
at
Iron
haste
of
average
on
Based
plates.
beams, tank
future
bars.
of
steel
on
on
Based
preservati
over
Anxiety
hands.
Chicago.
at
fewer
Into
Irons
go
will
Control
furnace and foundry
of ore wire, rails, black pipe and black sheets.
a. Buffalo. Valley and Blrsupplies will result in keener bidding for the ever decreasing amount
These products make 87% of the United Philadelphi
mingbam.
offered on the open market.
output of finished steel
States
Low.
High.
as
ly
Low.
emphatical
more
felt
s
High.
"These factors cannot but make themselve
14 $18.29 Mar. 19
all 1929-2.412e. Apr. 2 2.391c. Jan. 8 1929-818.71 May
through
up
influence
their
July 24
exert
17.04
27
should
Noy.
1819
time goes by, and eventually
1928_2.391e. Dec. II 2.314c. Jan. 3 1928._
19.71 Jan. 4 17.54 Noy. I
strata of the iniustrial world."
1927._2.453e. Jan. 4 2.2930. Oct. 25 1927...
July 13
5
19.46
Jan.
21.54
1926...
18
1926-2.453e. Jan. 5 2.403c. May
22.50 Jan. 13 18.96 July 7
1925-2.560e. Jan. 6 2.3960. Aug. 18 1925._
New
at
American Tin Deliveries For Seven Months
Steel producers have negotiated July, the first real hazard
High Record.
operations and order books reduced not
either dealers
Practically no interest was shown throughout the week by
in prompt deliveries.
or consumers In tin futures and only slightly more
Prices showed little change.
American tin deliveries for the first seven months of the
year, established a new high record of 55,055 tons, an increase of more than 7,000 tons over the previous high record
established in 1926. July deliveries, according to figures
made public by the National Metal Exchange, totaled
6,965 tons, about 500 tons loss than the record June figures,
but 1,420 greater than for July last year. Deliveries so far
this year indicate an annual rate of approximately 96,000
tons which would exceed last year's deliveries by 18,000
tons.
No Marked Recession-New July
Indicated-Pig Iron Price Declines.
The end of July has disclosed no marked recession from
the high rate of steel output that has prevailed since early
n the year, says the "Iron Age" this week. It is taken for
granted that production statistics for the past month will
indicate a new July record in steel ingots and an average
operating rate approaching that of June. Present interest
for
is not in past performance, but rather in the prospects
coming months, continues the "Age," further stating:
Steel
of the summer, with
more than 10% on the average, during the month, according
August
to the "Iron Trade Review," Cleveland, this week.
ents
commitm
s'
producer
but
cycle,
the
s
normally complete
are insurance that substantially the current rate of operation
will be maintained, adds the "Review," which goes on to say:
Output Shows
Record
gradual curtailment of steel works
At Pittsburgh there are evidences of
open-hearth operations have been
activities, although thus far reductions in
specializing in a few rolled products. Reconfined to smaller companies
slower specifications for
reflecting
although
ports from other steel centres,
current or imminent slackening in
certain finished materials, indicate no
Ingot output.
according to a statement by President
The Bethlehem Steel Corp.,
capacity throughout August. ChiGrace, will continue to run at close to
their own, but are increasing their backlogs.
cago mills are not only holding
were 50% heavier than in the previous
Their sales of plates,shapes and bars
abreast of the average to date this year.
week, when bookings were fully
orders of some mills were larger than the total tonnage
At Cleveland, sheet
weeks of the month.
preceding
three
the
for
augury, in view of the recent decline in demand for
A particularly good
car makers have arranged shipping
automobile steels, is the fact that motor
that, for the most part, call for more
schedules for August and September
them during the past month. While the Chevrosteel than was delivered to
reduced its production, the trend among other comhas
Co.
Car
Motor
let
panies is upward.
in steel is commanding special attention in view
The encouraging outlook
of operations in terms of steel company
of the Importance of a high rate
it may well follow
There not having been usual mid-summer recession
The statement of President
there will be no compensating Fall bulge.
he does not expect an imFarrell, of the United States Steel Corp., that
the year epitomizes sentiment of the
portant let-down over the remainder of
industry.
making moderate inroads on
Through most of July shipments have been
not only to make more prompt
order books,and steelmakers have been able
ts. The margin between
requiremen
delivery, but also to schedule emergency
narrower in the past week,
shipments and bookings, however, has been
especially at Pittsburgh and Chicago.
been notably heavy for the
Plate and structural steel requirements have
e buyers of steel have not
season of the year. The two leading automotiv
on of new models will
introducti
curtailed specifications appreciably, and
and implement demand has
shortly stimulate other makers' needs. Tractor
influence as formerly.
not succumbed quite so far to seasonal
sheets and wire nails, esHeavy steel prices generally are firm, but in
pecially cement coated, softness is more evident.
scrap, which tends toward
Basic niateriaLs are on an even keel. excepting
districts and consumption has
strength. First grade material is scarce in most
scrap prices have been
never been heavier for July. In some markets,
lle beehive coke
advanced; in others, weakness has been checked. Connellsvi
cents.
10
of
Northern pig iron
has been offered in the Ea.st at a reduction
of
tion
the Southern
demoraliza
by
influenced
prices have not been further
market, though some melter continue to wait developments.
It is reported in Washington that the Senate Finance Committee, in
re-writing the tariff bill as passed by the House,is considering increasing the
duty on pig iron front 81.1234 per ton, the current rate, to $1.50; also, that
the 1 cent per pound duty on manganese ore will be applicable to a metallic
content of 10% and up instead of 30% and up. The "Iron Trade Review's"
composite of 14 leading iron and steel products is unchanged this week at
S36.68. This gives July an average of $36.71, compared with $36.99 in
Jdne and $34.91 last July.
A slight increase has occurred in steel ingot production,
which is now at 96% of capacity, compared with 92%
in the preceding week and about 95% two weeks ago, according to the "Wall Street Journal" of July 30, which also
says:
Independent steel companies accounted for the gain, showing a rate of
92%, contrasting wish better than 91% In the previous week and around
90% two weeks ago.
724
FINANCIAL CHRONICLE
No change has been made by the U. S. Steel
Corp., which is still running
at slightly better than 100%, as a week
ago. Two weeks ago the big corporation was at 99%.
At this time last year steel operations were
increasing from the low summer rate, the Steel Corp. running
between 76 and 77%, with independents
at 70%, while the average was about
723. to 73%.
The "American Metal Market" this week says:
It is an achievement for the steel indust
ry to have pulled
[you 129.
net tons.
This Is a decrease of 234,000 tons, or 2.5%,
from the output in
the preceding week. Production during
the week in 1928 corresponding
with that of July 20 amount
to 8,642,000 tons.
corespndig
Estimated United Boles Production
of Bituminous Coal (Net Tons).
1929Cal. Year
Cal. Year
Wee/c.
to Date.
Week.
to Date.,,
July 6
7,414,000 260,620,000
6,830,000 239,319.000
Daily average
1,483,
000
1.645,
000
1,366,
000
July 13 b
1,512,000
9,432,000 270,052,000
8,610,000 247.929,000
Daily average
1,572,000
1,643,000
1,435,000
July 20c
1,509.000
9,198,
000
279,25
0,000
8,642,000 256,571,000
Daily average
1,533,000
1,640,000
1,440,000
1,507,000
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.
through the
month of July without any decrea
se in production of discernible size. The
official report of production in
the month may show a small decrease,
assignable to the disturbance of the holida
y and to purely physical causes,
hot weather and the necess
ity of repairing an unusual number of openhearth furnaces after nearly six month
s of hard driving.
The general expectation is that
steel production will be a trifle lighter
In the second half of the year,
which would be in accordance with precedent.
The total production of soft
Automobile production averages about
coal during the present calendar year to
16% decrease and regularly rail July 20 (approximately
170 working days) amounted to 279,250,000
production has been lighter. Both
net
structural fabricating shops and freigh
tons.
Figure
s
for
t
corresponding periods in other recent years are
car shops are in line to consu
given
me more steel in the second half than in* the below:
first half.
1928
1927
Strike of 7,000 Miners Called Off at Lans
ford, Pa.
Associated Press advices, July 27, are reported
as follows
in the New York "Times:"
Acceding to the suggestion of the concil
iation board, the sub-district executive board of the United Mine
workers to-day called off the strike
which had prevailed among the 7,000
workers since July 1. The concil
iation board said the strike was a violat
ion of
district board agreed to confer with offical the agreement and the subs of the Lehigh Coal and Navigation Company on an equalization
of working time, the grievance which
brought about the cessation of work.
256.571,000 net tons l 1926
291,661,000 net tone
296,021,000 net tons 1925
259,544,000 net tons
As already indicated
by the revised figures above, the total production
of soft
coal for the country as a whole
during the week ended July 13
amounted to 9,432,000 net
tons. This is an increase of 2,018,000 tons over
the output in the preceding
week, when working time was curtailed by the
Fourth of July holiday.
The following table apportions the tonnage by
States and gives comparable
figures for other recent years:
Estimated Weekly Production
of Coed by Stales (Net Tons).
Week Ended
July 1923
July 13'29. July 6'29. July 14'28. July
16'27. Average.a
281.000
271,000
315,000
310,000
389,000
,000
20.000
30, 00
24,000
25,000
102.000
87,000
135.000
134,000
165,000
856,000
720,000
742,000
68,000 1,268,000
290,00
0
Consumption of Coal at By-Product
246,000
234,000
218,000
451,000
Coke Plants Con- Kansas
53,000
45,000
62,000
10.000
87,000
d
d
tinues to Increase.
d
Kentucky-Eastern
000
912,000
695,000
930,000
9486.
3 ,000
Western
75,00
36
0
A continuation of the increase in the cons
179,00
0
166,00
233,00
0
0
Maryland
471.000
202,000
umption of coal Michig
47,000
36,000
49,000
51,000
42,000
an
at by-product plants is seen from the figures
11,000
11,000
10,000
15,000
17,000
for June, states Missourf
55.000
43,000
50.000
34,000
Montana
the U.S. Bureau of Mines, Department of
58,000
38,000
33,000
Commerce. The New Mexico
45,000
33,000
41,000
50,000
total quantity of coal used during the mont
41.000
North Dakota
52,000
h amounted to Ohio
11,000
10,000
4
10
"
8
'
.000
41,
"
6,505,445 net tons, as compared with 5,719,803
453.000
371,000
285,000
Oklah
5:000
159
oma
8110
000
tons
in
June
38,000
46,000
Pennsylvania
67,000
49,000
1928, an increase of 12.1%. The plants in
000 2,140.000 2.230.000 2,147,000
the Mountain Tennessee (bituminous) 2,670:
3,880,000
100,000
75,000
and Pacific region continue to lag somewhat
116,000
Texas
103,000
113,000
16,000
behin
16,000
17,000
Utah
23,000
23,000
56,000
for 1928, but a substantial gain is shown by all d the record Virgini
47,000
57,000
75,000
a
87,000
other
237,00
0
181,00
regio
0
ns,
245,000
249,000
Washington
239,000
ranging from 32.5% in New England to 8.8%
35,000
31,000
44,000
42,000
37,000
in the Middle West Virginia-Southern b 2,050,000 1,420,
000 1,860,000 2,032,000 1,555,000
Atlantic.
Northern c
728.000
564,000
701,000
Wyoming
833,00
830,00
0
0
'98,00
0
CONSUMPTION OF COKING COAL
76,000
86,000
80,000
Other States
115,000
AT BY-PRODUCT
40,000
31,000
PLANTS, AS
REPORTED TO THE BURE
30,000
5,000
4,000
AU. OF MINES.
Total bituminous coal__ 9,432,
Pennsylvania anthracite__ 1,068,000 7,414,000 8,610,000 8,213,000 11,208,000
000
801,000 1,112,000 1,288,000
No.
Net Tons Consumed. Inc.
1,950,000
(+)
Region.
or
Dec.(-)
of
Total all coal
10,500.000 8,215.000 9,722,000
Plants. June 1928. June 1929.
9,501,000 13,158,000
Net Tons, Per Ct.
a Average weekly rate for
New England
5
N. & W. C. & 0.: Virginian; the entire month. b Includes operations on the
104,585
154,839
Middle Atlantic
+50.254 +32.5
K. & M., and Charleston division
23
c Rest of State. including Panhan
2,326,312 2,551,083 +224,7
of the B. & 0.
Ohio
dle. d Kansas included in "Other
71
+8.8
15
921.344 1.052.387 +131,0
States."
Southern Michigan
43 +12.5
7
276,02
9
PENN
SYLVANIA ANTHRACITE.
313,803
Illlnols-Indiana
+37,77
4
+12.1
15
1,082,851
1,290,654
Lower Missouri Valley
+207,803 +16.1
The total production of Pennsy
lvania anthracite during the week
Lake Dock Territory
ended
July 20 is estimated at 1,062,
.1
1)
158,773
194,965
000 net tons, as against 1,068,000 tons
+36.192 +18.6
Southeast
13
738,60
in the
6
preced
ing
842.63
8
week.
+104,032 +12.3
Mountain and Pacific
Production during the week in 1928
3
111,303
corres
105.076
ponding with
that of July 20
-6,227
-5.9
86
5.719.803
6.505.445
+785.642
+12.1
Bituminous Coal & Beehive Coke Outp
ut Maintained
at High Levels-Anthracite Producti
on Again
Lower.
According to the weekly report of the Unit
ed States Bureau
of Mines, Department of Commerce, for
the week endel
July 20 1929, the production of bituminous
coal and beehive
coke continues to show increases over last
year, while output
of Pennsylvania anthracite still shows decre
ases. Total
production for the week ended July 20 1929
was as follows:
Bituminous coal, 9,198,000 net tons; Penns
ylvania anthracite, 1,062,000 tons, and beehive coke, 135,0
00
compares with 8,642,000 net tons of bitumino tons. This
us
000 tons of Pennsylvania anthracite and 62,0 coal, 1,195,30 tons of beehive coke produced in the week ended July
21 1928, and 9,432,000 net tons of bituminous coal, 1,068
,000 tons of Pennsylvania anthracite and 132,400 tons
of beehive coke produced in the week ended July 13
1929. The Bureau in its
statement also stated:
BITUMINOUS COAL.
The total production of
soft coal during the week ended July
including lignite and coal
20 1929,
coked at the mines, is estimated at
9,198,000
StateAlabama
Arkansas
Colorado
Illinois
is
Indiana
amounted to 1,195,000 tons.
The total production of
anthracite in Pennsylvania
during the present calendar year to
July 20
amounts to 39,800,000 tons,
a decrease of less than 100,00 tons
0
from the
figure for the corres
ponding period in 1928.
Estimated Production of
Pennsylvania Anthracite (Net Tons).
1929
1928
Cal. Year
Week EndedCal. Year
Week.
to Date.
July 6
Week.
to Dale.a
801,00
0
37,670,000
July 13
714,00
0
37,580
,000
1,068,000
38,738,000
July 20 b
1,112,000
38,672,000
1.062,000
39,800.000
1,195.000
39,867,000
a Less one day's produc
the two years. b Subject tion first week in January to equalize number of days in
to revision.
BEEHIVE COKE.
The total production of
beehive coke for the country as a whole
the week ended July 20 is
during
estimated at 135,000 net tons, as
against 132,400
tons in the preceding week.
In the Connellsville region, accord
Connellsville "Courier,"
ing to the
there was a net decrease of 20 in the
number of
ovens fired during the
week ended July 20. The following
table apportions the tonnage by States
:
Estimated Production of Beehive
Coke (Net Tons).
Week Ended1929
1928
July 20 Juty 13 July 21
to
to
1929.6
1929.c
1928.
Pennsylvania and Ohio
Date.
Date,,,
110,20
0
109,40
0
West Virginia
42,000 2.876,800 1,752,
800
12,200
11,500
11,200
Georgia, Kentucky & Tennes
295,60
0
336,300
see_ 1,400
900
Virginia
1,200
44,600
102,800
6,000
6,000
4,400
Colorado, Utah and Washin
150,60
0
136.000
gton_ 4,200
4,600
3,200
153.300
120,600
United States total
135,000 132.400 62,000
Daily average
3,520,
900 2,448,500
22,500
22.067
10,333
20,470
14,235
a Minus one day's production first
week in January to equalis
the two years. b Subject to
e number of days in
revision. c Revised.
Current Events and Discussions
The Week With the Federal
Reserve Banks.
The consolidated statement of
condition of the Federa
Reserve banks on July 31, made
public by the Federal
Reserve Board, and which deals
with the results for the
12 Reserve banks, shows increases for
800,000 in holdings of discounted bills, the week of $11,of $5,700,000 in bills
bought in open market and of $1,600,000
in Government
securities. Cash reserves increased
$16,300,000, while
member bank reserve deposits
declined $1,600,000, Government deposits $2,800,000, and
Federal Reserve note circulation $1,000,000. Total
bills and securities were $19,300,000 above the amount
held
these facts, the Federal Reserve on July 24. After noting
Board proceeds as follows:
Holdings of discou
nted bills declined $12,20
0,000 at the Federal Reserve
Bank of New York, and !no
eased $12,300,000 at Chica
go, $5,300,000 at
St. Louis, $4,900,000 at
Kansas City, and $11,800,000
at all Federal
Reserve banks. The
System's holdings of bills bough
t in open market
AUG. 3 1929.]
725
FINANCIAL CHRONICLE
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
s,
Chicago member banks are now given out on Thursday
themg
banks
rve
precedin
the'Rese
the
for
with
on
figures
the
comparis
simultaneously with
The statement in full, in
held
week and with the corresponding date last year, will be selves, and covering the same week, instead of being
statistics
the
time
758.
which
and
757
before
pages
amely,
Monday,
pages—n
following
until the
found on subsequent
banks, in 101
A summary of the principal assets and liabilities of the covering the entire body of reporting member
and
week
the
during
ready.
changes
got
with
be
cannot
together
cities,
Reserve banks,
loan
Beginning with the statement of Jan. 9 1929, the
the year ended July 31, is as follows:
Increase (-I-) or Decrease (—)
banks and bills of
other
of
nces
"Accepta
exclude
figures
During
all
Year.
Week.
July 31 1929.
exchange or drafts sold with endorsement," and include
banks;
the
by
held
loans
mortgage
00
3 109.419,000 —16,324,000 +353,854,0
real estate mortgages and
Total reserves
+324,525,000
with
2 924.063,000 —19.669,000
Gold reserves
previously acceptances of other banks and bills sold
the
of
00
0
—155.794.0
some
and
+19,266.00
308,014,000
loans,
1
with
included
Total bills and securities
endorsement were
—10,062,000 banks included mortgages in investments. Loans secured by
1 075,714,000 +11,758,000
Bills discounted, total
—62,717,000
+8.047,000
separately,
Secured by U. S. Govt. obliga'ns 592,783,000
+52.655,000 U.S. Government obligations are no longer shown
+3.711,000
482,931,000
Other bills discounted
Furthergiven.
being
securities
—91,312,000 only the total of loans on
+5,725,000
74,567,000
Bills bought in open market
now subnot
are
Reserve
Federal
the
at
gs
borrowin
—64,380.000 more,
+1,583,000
ent
U. S. Government securities, total 147.283,000
—12.473.000 divided to show the amount secured by U. S. Governm
—37,000
42,626,000
Bonds
—6,898,000
—376,000
80,779,000
al paper, only
Treasury notes
commerci
by
secured
those
and
0
ns
—45,009.00
obligatio
+1.996,000
23,878,000
Certificates of indebtedness
have also
+166,698.000 a lump total of the two being given. The figures
—1,015,000
Federal Reserve notes in circulation_ _1,779,388,000
o disFrancisc
San
the
in
bank
—4,631,000 been revised to exclude a
—4,564,000
2 397,583,000
Total de posits
+11,780,000
—1,633,000
2 355,284,000
Jan. 2,
Members' reserve depesits
on
,000
$135,000
of
nts
investme
and
0
loans
—15,502,00
—2,789,000
14,488.000
trict, with
Government deposits
wnich recently merged with a non-member bank.
Federal
In the following will be found the comments of the
Returns of Member Banks for New York and Chicago
of
body
entire
the
of
returns
the
g
respectin
Reserve Board
Federal Reserve Districts—Brokers' Loans.
for
reporting member banks of the Federal Reserve System
Beginning with the returns for June 29 1927, the Federal the week ended with the close of business July 24:
statement of weekly reporting
Reserve Board also commenced to give out the figures of the
The Federal Reserve Board's condition
on July 24 shows increases for the week of
cities
leading
in
York
District,
banks
Reserve
New
Federal
the
in
member
member banks
0 in time deposits.
0 in loans and investments and of $23,000,00 of
$61,000,000 in
as well as those in the Chicago Reserve District, on Thurs- 550.000,00
net demand deposits,
and decreases of $73,000,000 in
Federal
days, simultaneously with the figures for the Reserve banks Government deposits, and of 519,000,000 in borrowings from
banks.
themselves, and for the same week, instead of waiting until Reserve
0 at all reporting banks. $45,Loans on securities increased $39,000,00
in the Cleveland district,
the following Monday, before which time the statistics cover- 000.000
in the New York district and $9,000,000
loans increased
ing the entire body of reporting member banks in 101 cities and declined $7,000,000 in the Boston district. "All other"
$11,000,000 in the New York
539.000.000 at all reporting banks, and
cannot be got ready.
district.
and declined $6,000,000 in the Cleveland
declined 519,000,000 at all
Below is the statement for the New York member banks district,
Holdings of U. S. Government securities
59.000.000.
and that for the Chicago member banks thus issued in reporting banks and holdings of other securities
banks were 573.000.000
Net demand deposits, which at all reporting
advance of the full statement of the member banks, which
520,000.000 in the Chicago
below the preceding week's total, declined
and $11,000,000
districts,
The
Dallas
latter will not be available until the coming Monday.
district,$16,000,000 each in the Boston and
districts. Time deposits inNew York statement, of course, also includes the brokers' each in the Philadelphia and San Francisco
$23,000.000 at all report513,000.000 in the New York district and
loans of reporting member banks. The grand aggregate of creased
ing banks.
Federal Reserve banks for the
these brokers' loans the present week has increased $52,The principal changes in borrowings from
New
0 at the Federal Reserve Bank of
524,000,00
of
declines
again
were
week
00,000,
to
$5,960,0
up
000,000, bringing the amount
Chicago and 511,000.000 at Cleveland. and increases
at
0
$15,000,00
York,
establishing a new high record. This is the third week in of 514,000,000 at San Francisco. $7,000,000 at Boston and $6.000,000 at
succession that these loans have made new high records Philadelphia.
liabilities of weekly reporting
A summary of the principal assets and
in all time. The total July 31 at $5,960,000,000 comand the year ended
banks, together with changes during the week
member
pares with $4,259,000,000 on Aug. 1 1928.
July 24 1929, follows:
. while holdings
Increased 55,700,000 and of Treasury certificates 52.000,000
.
of U. S. bonds and Treasury notes were practically unchanged
at Boston, and
Federal Reserve note circulation increased 52,600,000
and $1,000,000
decreased $4,200,000 at Cleveland, 53.600,000 at Chicago
at all Federal Reserve banks.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
July 31 1929. July 24 1929, Aug. 1 1928.
$
Loans and Investments—total
7 575,000,000 7,502.000,000 7,136,000,000
Loans—total
5,850,000,000 5.815,000,000 5,284,000,000
On securities
All other
Investments—total
3,082,000,000 3,017,000,000 2,646,000.000
2 768,000.000 2,797.000,000 2.638,000,000
1,726,000,000 1.687,000,000 1,852,000,000
973,000,000 946,000,000 1.081,000.000
U. S. Government securities
753,000,000 741,000,000 771,000,000
Other securities
Reserve with Federal Reserve Bank.... 743,000,000 737,000.000 759.000,000
52.000,000
50,000,000
53,000,000
Cash in vault
5,357,000,000 5,203,000,0(g) 5,252,000.000
Net demand deposits
0
1
1150,000,00
,105,000,000 1.159,000,000
Time deposits
50,000,000
22,000,000
22,000,000
Government deposits
103,000,000
97,000,000 102,000,000
Due from banks
1
023.000.000 900,000,000 1.019,000,000
Due to banks
Borrowings from Federal Reserve Bank_ 282,000,000 305,000.000 255,000,000
Loans on securities to brokers and dealers
1 205,000,000 1.193,00n.000 928,000,000
For own account
For account of out-of-town banks_ _1,696,000,000 1,680,000,000 1,477,000,000
3058,000,000 3.034,000.000 1,854.000,000
For account of others
Total
On demand
On time
Loans and investments—total
Loans—total
On securities
All other
Investments—total
5 960.000,000 5,908,000,000 4.259,000,000
5 805,000,000 5,554,000,000 3,304,000,000
355,000,000 354.000,000 955,000,000
Chicago.
2 061.000,000 2.012,000,000 2,061,000.000
1 636,000,000 1,606,000.000 1,580,000,000
930.000.000
707,000,000
424,000,000
909,000,000
696,000,000
408,000,000
851,000,000
729,000.000
481,000,000
164,000,000 165,000.000 221,000,000
U. S. Government securities
280,000.000 241.000.000 260,000,000
Other securities
178,000,000
Bank__
173,000.000 188,000,000
Reserve with Federal Reserve
16,000,000
16,000,000
16,000.000
Cash in vault
1,289,000,000 1,230,000,000 1,236,000,000
Net demand deposits
688.000.000
638,000,000
636,000,000
Time deposits
6,000,000
16,000,000
6,000,000
Government deposits
138,000.000
149,000.000 166,000,000
Due from banks
352,000,000
298,000,000
304.000,000
Doe to banks
32,000,000
93,000,000
36,000,000
Borrowings from Federal Reserve Bank_
process of revision.
"Revised. a 1928 figures in
July 24 1929.
Increase (4-) or Decrease (—)
Since
July 17 1929. July 25 1928.
Loans and investments—total. __ _22,459.000,000
Loans—total
16,970,000,000
On securities
All other
+50.000,000
+669.000,000
+18,000,000 +1,233,000,000
7,683.000,000
9,287.000.000
+39,000,000
+39.000.000
+868.000.000
+365,000.000
5,490,000,000
—28,000,000
—584,000,000
U. S. Government securities_ __ _ 2,723,000,000
2,766,000,000
Other securities
—19,000,000
—9,000,000
—229.000.000
—336,000.000
Reserve with Federal Res've banks 1,710,000.000
243,000,000
Cash in vault
+11.000,000
—13,000,000
+27,000.000
+3,000,000
13,146,000.000
6.671.000,000
91,000.000*
—73,000,000
+23,000,000
—61,000,000
+139.000,000
—153,000.000
+19.000,000
1,096.000,000
2,669,000,000
—25,000.000
—5,000.000
+39,000.000
—142.000,000
771.000,000
—19,000,000
—28,000.000
Investments—total
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from Fed. Res. banks_
Summary of Conditions in World Markets, According
to Cablegrams and Other Reports to the Department of Commerce.
The Department of Commerce at Washington releases for
publication Aug. 3 the following summary of market conditions abroad, based on advices by cable and radio:
ARGENTINA.
pessimism, bct
Early in July business was slow and there was some
nt and an optimistic tone
the latter part of the month showed improveme
and better
reappeared, chiefly because of advancing prices for cereals
Aires bank deposits
Buenos
June,
During
weather conditions for crops.
20,000,000
increased 26,600,000 paper pesos, while cash on hand decreased
paper pesos. In the absence
gold pesos and remained stationery as regards
s
of
n
Bondholder
the Corporatio
of official statistics the annual report of
paper pesos and
shows the Argentine Federal debt to be 2.708,000,000
ss 1,181,000,000 pesos. The
the Provincial and municipal indebtedne
six months compared with
stock exchange movement during the first
pesos. The strike of the
last year shows a decline of 77,000.000 paper
was declared there
port workers at Rosario continues and a general strike
activity over last month
increased
shows
July 26. Building construction
of
with a small decline in prices for building materials at the beginning
the month, although present indications point to an early recovery. The
726
FINANCIAL CHRONICLE
demand continues good for electrical
fixtures, devices, and machinery.
The demand for yarn is slightly greater with
lower prices. July is seasonally
a dull period for textiles, but some job
lots of silk and mixed crepes have
been sold and winter purchases are
beginning. Retail textiles sales are
slower owing to mild weather Collect
.
ions are comparatively slow.
Automobile retail sales for July show improvement
over June.
•
AUSTRALIA.
The need of rains in New South Wales
and South Australia continues
to be of considerable concern. No indicat
ions of early settlement of the
coal strike are apparent, though strenuo
us efforts have been made in the
past week to effect an agreement.
A slight surplus just announced for
the State of Victoria has had a hearten
ing effect upon business in that
area. Apparatus for broadcasting photogr
aphs is at present being installed in Sydney and Melbourne.
BOLIVIA.
Business conditions in Bolivia continue unsatis
factory, and trade is
slow in all lines. However,some improvement
is expected if the recent
rise in tin prices continues. The failure
on July 20 of an important firm
of Potosi led to the suspension of paymen
ts by the company and caused
considerable uneasiness. Strenuous efforts
are being made by creditors
to settle its affairs without recours
e to bankruptcy proceedings. An
executive decree of July 4, which was announ
ced on July 22, modified
extensively the new Organic Law of Custom
s Administration. The
modifications resulted from the general protests
of the merchants and
are in accordance with the suggestions made
by the National Chamber
of Commerce and the Compania Recoud
adora Nacional. Tenders to
supply electric light and power to the City
of Potosi for a maximum period
of 15 years were called for on July 25,
the time limit for submission of
bids being Oct. 30 1929. The tenders must
be accompanied by a deposit
of 5,000 bolivianos (approximately
$1,770) to the order of the Tesoro
Municipal and should be addressed
to the Consejo Municipal City of
Potosi, which offers to supply all informa
tion to interested parties.
BRAZIL.
A slight improvement in general busines
s is reported in some quarters
though there is apparently little change
in basic conditions. Exchange
continues firm with no appreciable influen
ce on trade. Numerous State and
municipal loans are planned, the proceed
s from which are expected to furnish additional strength to the Govern
ment exchange policy. There is still
no rediscounting. Best commercial
paper was discountable July 26 at
10% which represents easier money conditi
ons as compared with recent
months. It is generally believed that May
was the worst month in recent
years, there having been a slight tenden
cy toward improvement in money
and credit conditions since then. Banks
report unexpectedly small demand
for credit accommodation despite lower
rates. The Bank of Brazil balance
sheet for June shows increasing cash on
hand but more bills discounted
compared with May, indicating that the
policy of the Bank relative to
credit restriction is changing slightly. Commer
cial failures were considerably
smaller during July than during previou
s months. The coffee market at
Santos declined steadily, especially with
regard to futures, until July 23
when a reaction set in. Coffee for July,
August and September delivery
lost about 1.50 milreis (18 cents) but
regained 500 rels (6 cents) per ten
kilos. Sales for export are poor and the
total for July is not expected locally
to reach 700,000 bags. Santos entries fluctua
ted greatly falling as low as
2.000 bags some days during the early
part of the month with the daily
average to date only 23,000 bags. On
July 22 it was announced by the
Coffee Institute that the anticipated free
entry of high grade coffees into
Santos is not to be granted this year. The
explanation offered is that the
Santos warehouses are full. The announ
cement caused an upward trend in
the market but planters who had planned
to ship high grade coffees to
Santos in substitution for the old crop
coffee in the warehouses are disappointed. Picking weather in the interior
has been excellent with a decreasing possibility of frost. The trees are
said to be in excellent condition
and the quality of the coffee is being improv
ed by careful picking methods,
guaranteeing a better condition for the trees
next crop. The planting of new
trees is reported continuing at a high
rate especially in the Moroestes,
Luminas,Parana and Espirito Santo zones.
Santos stocks are now approximately 1,100,000 bags and Rio de Janeiro
260.000 bags. The condition
of the cacao crop is reported good.
BRITISH MALAYA.
Although the business situation is not believe
d to be serious, general
caution prevails in British Malaya as market
s continue dull. Some import firms have lost heavily during the past
month and fears of pending
failures among Chinese dealers are reported.
CANADA.
Wholesale and retail trade is reported as generally
fair to good with the
situation in Eastern Canada much more satisfactory
than in the West.
While higher wheat prices are expected to compensate
growers for decreased
yields the crop outlook continues markedly unsatisfactory
and retail sales
in such lines as agricultural hafdware have been falling
off in sympathy.
Collections in the West are generally slow and from the
Calgary and Edmonton districts are reported as becoming difficult.
The business section
of Wainwright, Alberta, was wiped out by fire during
the past week with
an approximate loss of $750,000 and merchants are now
rebuilding and
restocking. The employment report for July 1 establi
shed a new record for
that date although the increase over June was somewh
at smaller than was
the case last year, and much of it was credite
d to construction, transportation and mining. Manufacturing and logging
show seasonal curtailment.
Recent Toronto reports show some improv
ement in the local iron and steel
trades but automobile and accesso
ry plants are fairly quiet with the June
output reflecting a further pronou
nced decline in production. The used car
situation issomewhat better. With
prolonged hot weather,crop prospects in
the Prairie Provinces continue to
deteriorate, although scattered showers
have benefited some areas, particul
arly in Manitoba. Southern Saskatchewan is said to be losing ground with
other parts of the Provinces in a somewhat better position because of rains.
Peace River crops are expected to be
average but Central and Southern
Alberta expect serious losses. The
Canadian Passenger Association
has issued a statement to the effect that
no eastern help will be required for the
harvest this year because of the
anticipated short crop and the
greater use of combines. No. 1 Northern
cash wheat was quoted at Winnipeg on
July 26 at $1.87%, and No. 3
Northern at 51.68%. Construction,
as
continues high in volume. With the reflected In June building permits,
exception of Quebec and Manitoba.
all provinces register increases over May
figures. Ontario figures, however,
are 8% lower than those of June last year.
CHILE.
Commercial relations between Chile and
the United States are expected by
many to greatly benefit by the inauguration of the air
mail service between
the United States and Chile on July 21. This service reduces
mail time to
[Vol.. 129.
eight days. The merchandising situati
on in July was somewhat below
the levels of June but is generally conside
red to be good for this period of
the year. Retailers in the Santiago region
report a high volume of sales
but wholesalers placed only a small number
of orders mostly in the early
part of the month. The present mid-season
slackness of trade is expected
to continue until about the middle of Septem
ber; nevertheless, the turnover
in July exceeded that of any July
for many years. The credit situation
appears somewhat better with bank collecti
ons prompt and an improvement
in collections of commercial houses.
Money is easier, although the discount
rates of commercial banks remain
firm at about last month's level. Commercial houses continue using a large volume of bank credits,
but there has
been a lessened demand from
the agricultural zones as a result of farmers
still having funds from the past
crops. Reports from the agricultural
sections continue favorable, althoug
h some complaint has been heard
against the insufficiency of rain In
the areas from Santiago north to Cordite.
Reports from Valdiva indicat
e a decided tendency towards larger cattle
production, principally because
of the profitable prices and also because
of the losses sustained in
crops as a result of rains at harvest times during
the psi few years.
CHINA.
Numerous indications pointing
to a peaceful settlement of the Chinese
Eastern Railway situation have
resulted in a general feeling of reassurance in
trade circles of North
China. Except for flood conditions reported last
week in central Chihli Provinc
e, and the appearance of locusts in certain
areas in Shantung and Hupeh
Provinces, recent heavy rains have bettered
the general crop outlook.
Except in northwest sections,conditions in Henan
Province have much improv
ed as a result of sufficient rains assuring fair
crops. Abundant rains
have also fallen in Shansi Province, and a fair
precipitation is reported in the
Suiyuan area, where a famine relief irrigation
project Is now in progress.
ICansu Province is reported to be badly affected
by famine conditions.
COLOMBIA.
Business conditions through
out Colombia are unsatisfactory with the
depression more noticea
ble in the important commercial centers of Cali,
Barranquilla and Medellin.
Business is somewhat bettor in Cartagena.
Sales of automobiles, both
passenger and trucks, are slow. Purchases of
merchandise are limited to
staple articles and imports of goods
in general
are decreasing. Credit is
tightening and the number of extensions on
protested drafts is increas
ing. Protested drafts in Bogota during June
amounted to $130,000.
Bank clearings for the month amounted to $50;
000.000. which was 10% less
than in the previous month. Local estimates
on the coffee production in
the department of Antioquia indicate an increase over last year and the
quality is reported good. The new crop will
begin to come on the market in
September. Speculation in coffee futures
has decreased and advances
to growers have been reduced. Informa
tion
from other sections of the
country indicates a larger production than
last
year when 2,900,000 bags were
produced.
COSTA RICA.
Although business was dull
during July, collections are reporte
d as
having been good. Railway service
again interrupted on July 18, but between San Jose and Port Limon was
it is expected to be resumed in a few
days. It is reported that 2,500 men
are working on roads and that 3,500
kilometers have been bridged, graded
and made ready for paving. City
paving is marking time owing to lack
of funds and definite plans. Exports
of cacao during the period from Jan.
1 to July 15 amounted to 2,399 metric
tons, of which 1,389 metric tons wont
to the United States. Exports of
bananas to the United States during
the period from Jan. 1 to July 15
amounted to 2,601,639 stems.
The exchange rate continues at four colones
to the dollar, where it has been
since 1924.
DOMINICAN REPUBLIC.
Business conditions In the
Dominican Republic continued quiet during
July and sales approximated
those of Immediately preceding months.
In Puerto Plata retail busines
s is dull and wholesale business firms and
small merchants have ceased
importi
ng direct. Imports during July
fallen off considerably and
customs receipts arc running below those ofhave
last
February which has hithert
o been the worst month of the present year.
Exports during the June
quarter exceed those of the previous quarter
and
for the elapsed part of the
year are ahead of those of the same period
of
1928. In Puerto Plata crop
returns are below expectations and import
stocks of merchandise are
ed
considered to be in excess of local requirements.
The credit situation has
not improved, collection being slow throug
hout
the country. Building
operations and manufacturing are very
dull and
unemployment has increased
slightly. Sugar production to July 1 amount
to 394,092 short tons,
ed
exceeding the previous estimates of 382,000
tons for
the entire crop by 11,000
tons.
ECUADOR.
Economic conditions in Ecuado
r during July showed no change, the
acute depression being severel
y felt, particularly in the coastal
region.
In Guayaquil, business
remains very quiet and collections
continue to be
very difficult and slow. In
the interior areas, especially in Quito,
is less depressed although
busines
s
feeling the effects of the unsatis
factory conditions in Guayaquil. with the
adjournment of the National Assemb
ly, money
circulation in Quito decreased.
The prolonged rainy season and
cloudy
weather have been very unfavor
able to cacao, coffee and cotton,
and the
outlook for future cacao deliveri
es Is unfavorable. The coffee
drop is
unexpected to be slightly less than
that of 1928. but of better quality
The cotton crop may not meet
.
the needs of the textile industry, in
case imports of foreign cotton
which
will be necessary.
EL SALVADOR.
It Is reported that of the 1028-29
coffee crop. 48,000 bags remain
unshipped and it is believed that the
greater portion of this amount remain
s
unsold owing to the little or no demand
during the past three months. Present
approximate average f.o.b. prices are
current grade, unwashed,$20,Superio
r
grade, unwashed, $21, and washed
, around $21.50 and $22. with
few sales,
if any. Prospects for a large
1929-30 crop are very favorable,
but unlike
the past several years, there is little
or no business being done relative
to
the new crop. Sales consummated
to date are on a basis of $19 for
current
unwashed and $20.25 for Superior
unwashed.
IIAITI.
The seasonal recession in trade is
accentuated by a greater than normal
dullness which continues in many
branches of commerce. Tho volume of
retail business points downward
and the
an appreciable tendency towards decline currency circulation is showing
. Collections are becoming more
difficult with prospects of a further
recession until the seasonal coffee movernent begins in October. However,
coffee prospects are bright and as
coffee is the chief money crop of
Haiti. an abundant yield sold at satisfactory prices will do much to improve the
present sitdation. An American
corporation proposes to erect in
the near future the first unit of a plant for
Am.31929.]
* INANCIAL CHRONICLE
F
727
PERU.
canning pineapples of selected variety and to gradually develop the export
of
National holidays shortened the period of business activities at the close
market. As a result of the unsatisfactory commercial conditions and
slackening in business and lack of optimism disshrinkage in currency circulation, interest rates have had a tendency to July, but the noticeable
of the uncertainty concerning the approaching
become firmer. The financial status of some firms continues difficult played are probably the result
Building construction continues at high levels
and American exporters should give particular attention to credit requests general election in August.
but there is some local apprehension that
and particularly avoid extension of purchases and credits. The drygoods and labor employment is normal,
may be curtailed after December
trade is particularly unsatisfactory. Sugar stocks as of July 1 amounted the Government's public works program
elimination of this uncertainty as to future
to 5,835 long tons. No sugar was manufactured during June, but 68 tons through lack of funds. The
in better
employment would leave Peru's fundamental business condition
were exported and 156 tons sold locally.
from retailers
than normal shape for this period of the year. Collections
concurtailed
the
of
result
a
as
.
difficult
HONDURAS
and small importers are slow and
than foodstuffs. The automotive trade has slumped
An extraordinary session of Congress convened on July 20 for the pur- sumption in lines other
in registration costs and the fear of an additional
pose of prolonging the period of martial law on the Nicaraguan border. because of the increase
consumption tax which is already high. Sugar
A rumor is current that another session will convene upon adjournment of increase in the gasoline
half of the present year were 130,000 metric tons
first
the
during
budget
to
exports
the
pertaining
matters
of
treat
to
the above mentioned session
totaled 13,000 metric tons.
and commerce. Business remains good throughout the Republic, banks and cotton shipments
TRINIDAD.
and merchants reporting above normal activity. New York exchange in
Tegucigalpa remains at 2.04 pesos to the dollar. The peak of banana
conditions continuing favorable, cacao prospects are for a
weather
With
were
stems
3,144,643
when
May,
in
passed
shipments from Honduras was
Notwithstanding
large output in the new harvest beginning in December.
exported.
cane, the total crop
that heavy rains halted the reaping of the sugar
JAMAICA.
Reports from
1928.
amounted to 90,000 tons, an increase over that of
is
The economic outlook in Jamaica continues favorable as a result of a coffee areas indicate an excellent crop and considerable lime planting
1929
bumper banana crop, exports of bananas being greater than in 1928. How- taking place. Exports of cocoanut and copra for the elapsed part of
ever, the drought still continues in various parts of the island to the detri- show large increases and the condition of minor crops is excellent.
ment of certain crops and there is also a shortage of water for domestic
UNITED KINGDOM.
purposes. Declared exports from Jamaica to the United States for the
resolutions were passed
elapsed part of July were valued at $500,000, an increase of $45,000 over
At a miners' federation conference on July 26
regulation
those of the same period of 1928. chiefly as a result or larger shipments of urging nationalization of the British coal industry; internation
higher minimum wage
labor;
cacao, coconuts, and pimento. Imports from all countries into Jamaica of the coal trade, including uniform hours of
district
show an increase of 5% in the first 25 days of July. Retail business is rates for British miners, and a return to the national as against
eight•-hour
experiencing seasonal dullness and building and road construction work is basis for wage agreement. Immediate repeal of the permissive
conference.
moderately active. Bank deposits and collections are slightly below the working day Act was demanded in a resolution carried by the
that output
average. Tourist traffic in the summer season shows a falling off of approxi- Also the conference instructed its officials to take steps to insure
ascertainwage
in
coal
included
be
Labor
mately 45% in July as compared with the same month of 1928.
and profits of all by-products plants
in Parconditions continue unchanged. Sugar stocks on hand as of July 1 amounted ments. The Government's program on mining matters, as stated
a
to 13,000 long tons. Imports of sugar, chiefly from Canada were 100 tons liament on July 23, includes the introduction of legislation to bring about
marketing
of
and domestic production amounted to 4,000 tons. Shipments of sugar dur- reduction in the length of the mining shift, the formation
district
such
of
n
co-ordinatio
ing July, chiefly to Canada, totaled 5,000 tons and domestic consumption schemes in all mining districts, and the
make formawas 1,000 tons. Final stocks of sugar on hand as of July 31 were approxi- schemes on a national basis. The intended legislation would
if voluntary
mately 11,000 tons. The average price of refining crystals per ton f. o. b. tion and co-ordination of the district schemes compulsory
coal owners attended
was E12 5s., or El higher than in June.
action by coal owners were not effective. About 400
marketing
forming
of
matter
a meeting in London on July 25 to discuss the
under a nation
JAPAN.
schemes in all mining districts and co-ordinating them
reported to have
Added business to railways and to shipping entering Dairen is noted as a committee or association. Considerable progress was
place at an early date.
result of the Chinese-Russian difficulties. However, trade to and from been made and a further meeting is expected to take
effective July 29, is
Vladivostok is adversely affected. Japan's foreign trade in the period A stoppage of work in the Lancashire cotton industry,
to agree on
July 1-20, shows an export excess. Various issues in the stock market have expected as a result of the failure of employers and operatives
rallied, particularly issues concerned in the Chinese-Russian situation. the matter of reducing wages.
such as flour, textiles, and shipping.
VENEZUELA.
throughout
The midsummer dulness in business continues in all lines
MEXICO.
stocks of
Venezuela, with the result that wholesalers are carrying large
A better atmosphere prevails as a result of the most peaceful conditions
Sales of
fair.
Business, however, in Maracaibo continues
merchandise.
which now exist and the adjustment of problems which have been confrontnot being pushed on account of the large number of accounts
are
textiles
ing the Government. Sales of goods in many lines have increased and there
is usually
overdue from interior merchants. The cattle business, which
Is a distinct upward trend, but interrupted communications in the interior,
dealers are well
active at this time of the year, is very quiet. Motor car
caused by the beginning of the rainy season, have bad a detrimental effect stocked and are endeavoring to unload used cars. Congress adjourned
upon business in that section of the country. Reports from the West Coast
the petroleum
after an uneventful session and no changes were made in
indicate that conditions have been restored to normal, after a period of law. Forecasts of the coming coffEe crop indicate that it will be less than
disorganization produced by the recent revolution. Better prices obtained the crop of last year, which was brought on the market in the early months
for winter vegetables during the past months and served to offset in part the
of 1929.
losses caused by the revolution. The West Coast wheat crop was the
The Department's summary also includes the following
largest harvested for a number of years and cotton acreage for this year is
reported Increased. Less improvement has been noted in the Northern with regard to the Island Possessions of the United States:
section of the country, although the region about Monterey is said to be
PHILIPPINE ISLANDS.
In good condition. Monterey is one of the most Important distributing
a gradual slowing
General business conditions continue only fair showing
centers in Mexico. An American company has selected this city for the
causing some complaint from importers, particularly
location of a new electric lamp factory. The State of Chihuahua continues up of buying which is
lines. The recent increase in sugar prices
to suffer from business disorganization brought about by the revolution and dealers in non-essential or luxury
general situation this year inasmuch as the
conditions are far below normal. One effect of the rebel activities is noted is not expected to react on the
sugar season. Import trade in textiles
In the increased exports of cattle to the United States, although it is thought advance occurred too late in the
ry as a remit of the
that the good prices for cattle in this country have been an important continues slack. Provincial business is unsatisfacto
revenue payments were due this
factor in causing the increased exports. A disturbed state of affairs has recent typhoon, and the fact that internal
credit and small dealers are
been prevalent in regions of Jalisco and Aguascalientes for several years month. Ranks continue strict in extending
business will depend
finding the situation somewhat difficult. Future textile
because of bandit activities.
expressed by local
largely upon the attitude of the banks and the opinion is
trade will
NETHERLAND EAST INDIES.
indentors that after the present depression has passed the textile
abaca market continues very firm, with
The Java Bank discount rate was raised on July 22 to 54i%. The ad- be on a more sound basis. The
situation
the
past week. Local dealers believe
vance is believed to have been caused by increased documentary loans by increased prices during the
shortage in sisal. Local sellers are holding
a
to
due
sound,
be
basically
to
and
decreased
for
season
heavy
the
exports,
of
the
at
Bank
beginning
the
50 centavos over the following buyers' prices:
gold reserves, reflected in higher rates of exchange on England and the for increases of from 25 to
I, 25.50; JUS, 23:
29 pesos per pkul of 139 pounds for grade E; F, 27:
Netherlands.
equals $0.50.) Arrivals
JUK,18.75,and L,15.75. (One peso of 100 centavos
NEW ZEALAND.
the week ended
for
bales
of abaca at Manila are decreasing, totaling 18,090
Business in New Zealand has been stimulated by decision of the Cosame week amounted to 16,501 bales. Copra
the
during
Exports
22.
July
per
defor
pound
June
operative Dairy Co. to pay one shilling sixpence
resulting partly from
sellers are holding firm on account of light arrivals,
f.o.b.
liveries of butter. Building activities at Auckland and Wellington have
bad weather. A few transactions are being made at the following
increased slightly and this, together with anticipated rebuilding in the
resecado; Manila, 11.25 pesos per picul;
grade
warehouse
for
prices
steamer
earthquake areas, is expected to improve the demand for timber, par10.50. Arrivals of
Hondagua, 11; Cebu, 10.75, and Logaspi and Iloilo,
ticularly for the construction of private dwellings. The motor trade is
1 to 23, amounted to 228,000 bags and arrivals
from
July
at
copra
Manila
for
550
passenger
cars
and
1911
s
reached
excellent. Registration for June
reported to be
at Cebu to July 19 totaled 104.890 bags. Oil mill reserves are
for trucks. Stocks of second-hand cars are somewhat heavier but in proper badly depleted and two mills have closed down.
proportion to the number of new cars being sold. Conditions in the secondPORTO RICO.
hand car market are satisfactory.
The situation in Porto Rico continues to be affected by the economic
NICARAGUA.
is locally
depression and poor unemployment of past weeks and little hope
authentic
The business situation in Nicaragua appears less favorable than in held for any improvement within the next few months. Fairly
season was
previous months. Collections are slower and the number of overdue drafts figures now indicate that the sugar crop outrun of tho past
at the
is increasing. Circulation of the cordoba has decreased to 3,729,000 as approximately 593,8011 short tons or 20% below the estimate made
increases
price
crop beginning of the grinding season. Although the recent
compared with 3,843,000 in Juno. Indications for the next coffee
planters,
to
tobacco
the
that
effect
17.500
is
the
of
estimate
came too late to benefit cane growers and many
continue favorable, and a preliminary
they nevertheless are affording some encouragement and relief. Weather
tons will be available for export.
crop
conditions have been favorable to agriculture, especially to the cane
PANAMA.
condition. Prospects continue satisLand Co. will expend approximately which is reported to be in excellent
in
the
market
on
arrive
It is reported that the Chiriqui
Chiriqui Province. It is also esti- factory for a fine grapefruit crop which should
at
$8,000,000 on its plantations located in
the September,the Novembtr to July shipments of this fruit being estimated
in
development
Tonosi
the
on
expended
be
will
two direct shipments
mated that $4,000,000
the establishment of a 13,000 boxes. Arrangements have been completed for
for
way
under
are
Plans
Santos.
Los
Province of
to England by refrigerated steamers during
automobiles,across the Pacific entrance of at least 10,000 boxes each
steamer ferry, with a capacity, of 30
midseason. Reports from the orange district indicate that the mountain
obviate the necessity of going to Pedro Miguel.
will
which
Canal
and Inferior. Widely differing leports
the
small,
late,
of
canal zone authorities. Since May orange crop will be
The question is being handled by the
from various coffee districts prevent any dependable estimate of the
on
from
the
highway
$671,000
nearly
expended
has
1927, the Government
coming coffee crop,but it is unlikely that the production will greatly exceed
river to Chopo.
, in which case a greater importation of
the bridge across the Tapia
aggregating $25,000,000 have the needs of local consumption
Construction projects for the canal zone
foreign coffee will be made in order to release the native product for exthem being an expenditure of $5,000,000 on the
among
outlined,
been
portation.
on Prance field.
Albrook flying field and $2,000,000
•
728
FINANCIAL CHRONICLE
Arrival of J. P. Morgan in England.
J. P. Morgan, whose departure for Europ
e was noted in
our issue of July 27 (page 557) lande at
d
Plymouth on July
30. It is stated that following a brief
stay in London he will
go to Scotland.
India Government Replaces Silver Reser
ves with Gold.
The Indian Government, the Depar
tment of Commerce
was informed July 26, has been able
to export appreciable
quantities of fine silver this year, as a result
establishment early this spring of an electrolytic of its
silver refinery in
Bombay, and the subsequent increase in alloy
silver refined.
The Department's statement, as given
in the "United States
Daily" of July 27(from which the forego
ing is taken),follows
In full text:
•
The actual silver exports on
Government account duringMarch came to
1.948,535 ounces valued at 2,838,0
00 rupees, and during April to 5,317,239
ounces valued at 7,719,000 rupees.
These sales of silver were made by the
Government in pursuance of the recomm
endation of the Hilton Young
Currency Commission that surplus
silver should be gradually disposed of
and replaced by gold assets.
It was realized that if the silver
holdings in the reserves was to be reduced
at a rapid rate it would not
do to wait for the occasion of a foreign Government requiring alloy silver for
coinage; and it was accordingly decided to
set up an electrolytic refiner
y capable of turning out large quantities speedily, the news item declare
s. The installation of the refinery, therefore,
means that the Government
will be having for sale fair amounts of fine
silver month after month and
that the policy of spasmodic selling will yield
place to a policy of regular sales
as and when price3 are suitable, it is said.
Montagu Norman of Bank of Engla
nd Said to Be Returning to .Europe---New York Bankers
Reported
Prepared to Aid England with Credit if Neede
d.
Following reports on July 30 that Monta
gu Norman,
Governor of the Bank of England, has left
the United States
and is now sailing for England, it
was indicated in the New
York "Journal of Commerce" of
Aug. 2 that New York
bankers are prepared to come to the suppo
rt of England,
should the occasion arise, to protect her
gold reserves against
new large exports, according to report
s in informed quarters
on Aug. 1. The paper we quote went
on to say:
At the Federal
[VOL. 129.
Reports were circulated that the Bank
of England has obtained a credit
at the Federal Reserve Bank of New
York to be used in the pegging of
Its exchange. Since 1925 there has been
no such credit announced. While
Gov., Norman was visiting United
States last February it was generally
supposed that he sought, among other
things to obtain a Federal Reserve
credit for use in protecting British exchang
e. The advance of the rediscount rate of the Bank of England
at the time to 534% suggested to local
bankers that this attempt had not been
successful. No official statement was made either by the Bank of Englan
d or by the Federal Reserve
Bank, it being stated unofficially that neither
could make a definite announcement without involving its relation
s with the other.
In local banking circles it was pointed out
that the sharp decline in the
franc yesterday may indicate the termina
tion of gold shipments from London to Paris. The halting of this gold flow
would, it was declared, serve
to defer an upward revision of the British redisco
unt rate.
Some bankers are of the opinion that France
is entirely in control of the
situation. The argument offered in support
of this assertion is that France
holds large balances both in London and
in New York and that by buying
and selling sterling and dollars against each
other is able, to a large extent,
to determine their quotations. It is generally
supposed that insofar as
control of exchange rates rests with France,
this power will be used as a
stabilizing factor, since the profit yielding mechan
ism of purchasing whichever exchange falls to a discount against the other
would have a stabilizing
effect. In London, however, according
to cabled reports, the possibility
that France is using its position for politica
l ends is being discussed.
Advices to the same paper from London July 31, commented thus on Governor Norman's visit to the
United
States:
Despite the reported further small shipments
of gold to Paris, the city
is in a more optimistic mood as
a result of the belief
Montagu Norman, Governor of the Bank of Englan which prevails that
d, has achieved substantial results by his visit to the United
States, and that American and
British finance may present a united front
to further overt acts by' the
Bank of France. Banking authorities en both
sides of the Atlantic, it
is said in informed circles here, have reached
an agreement to combat
what is regarded here as the effort of the F'reach
to use
.
a temporary financial
advantage as a weapon to gain political ends.
Although the city believes that chances
now distinctly favor a rise
in the discount rate to 654%,that is
not believed to be the most important
question at stake in British finance
. It is realized that a rise in the rate
Is not enough to solve the problem if the
Bank of France decides to convert
its balances in London, estimated at
about £100,000,000, into gold, or
even into some other currency.
In that case the danger of a rapid diminution of the Bank of England reserve
would be so great as to lead to the
possibility of panic conditions on
the money market.
See Political Aims.
The fact that the Bank of France has chosen the fortnig
ht preceding
the Hague conference on the Young l'ian
to bring its gold import policy
to a head has placed the political motives
behind its acts so strongly in
Reserve Bank it was stated that London
dispatches to the the light as to clearly indicate the wisdom of Gov. Norman
effect that the Bank of Englan
's trip to the
d had obtained a credit at the Federal Re- United States at this strategi
c moment. Mr. Norman, It is confidentally
serve Bank could neither be confirm
ed nor denied.
believed here, does not return to London
In informed banking circles it
empty
handed
.
view of his
In
was declared that London and New York past marked successes in Washin
gton and New York, it is said in the city
bankers are in perfect accord and
will prevent serious losses of gold. The by well informed bankers that he
has arranged a credit, the announcefact that the bullion holdings of
the Bank of England have fallen to E142.- ment of which will be made this
if
proves necessary.
610,000, while the minimum suggest
ed the Cunliffe report of 1918 was Z150,The attitude of American bankers is the subject of
000,000, was held to be of little signific
keen discussion here.
ance, since £150,000,000 is merely an A breakdown in the London money market
would necessarily have serious
arbitrary figure unrelated to the currenc
y and deposit liabilities of the Bank. repercussions on the other side of the Atlanti
New York bankers will purchas
c, and America has intere sterling in large blocks whenever the vened to aid the cause of European
financial stability too often in the
rate declines, it was hinted.
In foreign exchange circles it was declared past to be willing to sit by and let
any such threat arise. Furthermore,
that purchases of sterling yesterd
ay, evidently from local sources, had pre- the political aims of the British are believe
d to be in accord with the policies
vented a drop in quotations followi
ng the announcement that the Bank of of the present American Administration,
so that financial co-operation is
England would maintain its
5 % rediscount rate at least for another week. thought to be altogether feasible
because
of this prior political agreement.
Should the Bank of England
or the British Treasury at any time request
a credit in New York, it was
stated,
Report Credit Arranged.
York hawkers are ready to co-oper it would obtain it at once. Since New
If the Bank of France should decide upon
ate with London,however, no such credit
open financial war in order
would at present be necessary,
to try to coerce Premier MacDonald and Chance
it was declared.
l or Snowden on the
It was pointed out that the
Bank of England had been able throughout subjects of the location of the Bank for Internationa Settlem
the year to maintain its
ents and the
534% rediscount rate despite the drain upon its evacuation of the Rhine, it is expected that
a credit in favor of the Bank
reserves first from United
States, then from Germany and finally from of England ,by the Federal Reserve system
would be announced. Should
France. It was predicted that the
bank would be likely to continue its this credit have to be utilized, it is believed that the Reserve
former policy of purchasing
authorities
open market gold, even when it needs to ad- would be willing to allow their ample stocks
of gold to be drawn upon to
vance its buying rate against
all outside bidders taking advantage of the offset any large purchases of the metal by France
low price of British exchang
London
in
.
The announcement made in Wall
e.
Street yesterday that Montagu Norman
Since open market gold usually
averages between £1,000,000 and L2.- had sailed Sunday night on the Caronia from
Boston
000,000 weekly, while direct purchas
,
after
stay of about
a
es, chiefly for French account, from four weeks in this country, again aroused keen
interest here in the negotiathe Bank of England last
week exceeded £8,000,000, other means to pro- tions with American financial authorities which
brought
tect British reserves would
him to the United
States on the eve of the Hague Confere
need to be resorted to. it was indicated.
nce to draft the plan for the organization and the establishment of
The Washington correspondent of the "Jour
the proposed Bank for International
nal of Com- Settlements, as well
as to decide upon the other features of
merce" supplied the following advices to it on Aug.
the Young
Plan to settle the reparations problem.
1:
Federal Reserve Board and Treasury official
Govern
or
s to-day professed ignorance
Norman was said to have spent most of his
of the reported agreement reached
time
at Bar Harbor,
in this country by Montagu Norman. Me., although his activitier were shroude
d with the greatest mystery.
Governor of the Bank of England, during
his recent visit to obtain credit At various times it was reported that he was
in
Washin
extensions for use in combating any
gton,
was visited
move by the Bank of France to con- by members of the Federal Reserve Board, and
was in direct conference
vert its balances in London into
with W. P. G. Harding, Governor
gold.
of the Federal Reserve Bank of Boston.
While officials insisted that they
were unaware of the agreement hinted Also it has been widely rumored here that
he was in touch with reprein a London dispatch, which appeare
d in to-day's issue of the Journal of sentatives f the State Department.
Commerce,they refused to permit
Bankers in touch with the situati
use of their names in commenting on the
on
have said all along that he was
report.
concerned with two important questi
ons—the present weakened gold
Asked if such an arrangement
could have been made between Gov. position of the Bank of England, making
a further rise in the discount
Norman and the New York
Federal Reserve Bank without knowledge of rate there appear imminent, and the
discussion of details connected with
Washington officials, one high
officer said this could be passible. This the formation of the Bank for Interna
tional Settlements. Only lately.
spokesman scouted reports that
Mr. Norman had held "secret" confer- however, has it appeared how closely
the two problems were intertwined,
ences with officials here during his
visit, but the official refused to permit for the French have taken during the
past week some £5,000,000 in gold
use of his name as authority for
from the Bank of England at a
the statement.
time when the reserve of the latter was
A veil of secrecy clothed the whole
situation to-day, but intimations were virtually down to its unofficial minimu
m of £150,000,000.
given that high interest was manifes
The French have clearly indicat
t in the London reports by members of
ed that they want the new bank in a
the Federal Reserve Board and official
neutral capital, which would put
s of the Treasury.
the
London
market in danger of further
Referring to the reported departure of Gover
large losses of gold and place
the new bank in a position where the French
nor Norman, could
dominate it more easily. The
as adding force to the fears that the Bank of Engla
ultimat
e
aim of the French policy
nd would Is believed to be to coerce the British into
announce an advance in its rediscount
a more friendly attitude toward
rate, the "Journal French plans for staying in the Rhine zone
and acquiring greater control
over the reparations situation
of Commerce" of July 31 said:
in
reductions in German payments. the future, to guard against further
It was recalled that the departure of Gov.
Norman, following his visit
By securing promise of aid
here last February, was simultaneous with
and support for his plans hero, Sir Montag
the lifting of the rate to the Norma
u
n has vastly strengthened
present level of 5%%.
the position of the Birtish, who, standing
alone,
are actually at the mercy of
The weakness of sterling, which has led during
the Bank of France, in veiw of the
the past few days to large fact
that the latter has large credits
gold shipments from London to Paris bringing the
in London, aggregating from $400,bullion holdings of the 000,000
Bank of England far below the unofficial minimu
to $500.000.000, according to
m of £150,000,000, gave
informed estimates.
rise yesterday to several suppositions as to what the
Gover
nor
Norman's visit to this country was referred to
Bank of England would
do to protect its gold reserves.
In our
issue of July 13, page 212, and July 27,
page 563.
AUG. 3 1929.1
FINANCIAL CHRONICLE
Secretary of State Stimson in Identic Note Advices
Signatories That Kellogg-Briand Multilateral Treaty
for Renunciation of War Has Been Declared in Force.
According to a Washington dispatch July 25 to the New
York "Times" formal notice has been sent by Secretary
Stimson through diplomatic missions abroad in an identic
note to the Foreign Offices of the countries which have deposited their instrument of ratification that the KelloggBriand multilateral treaty for the renunciation of war has
come into force. The proclamation of President Hoover declaring the treaty effective was given in our issue of July 27,
page 557. The text of the note is given as follows in the
"Times" dispatch:.
-729
the House and Senate providing for the postponement of the
maturity date of the French debt for war supplies in the
event of the ratification by France before August 1 of the
Mellon-Berenger debt agreement. (The ratification Of this
agreement by France was noted in issue of July 27, page
559). The resolution did not become a law, owing to the
failure of the presiding officers of the House and Senate,
through the confusion incident to the adjournment on June
19 to affix their signatures thereto.
Secretary Mellon's note to M. Claudel on July 29 follows:
"By telegraphic direction of my government I have the honor and the
pleasure to notify through your Excellency, the Government of
In conformity with the third paragraph of Article 3 of the treaty for the
renunciation of war, signed at Paris on Aug. 27 1928, that the instrument
of ratification of that treaty by his Majesty, the Emperor of Japan, was
deposited with the Government of the United States on July 24 1929.
"The instruments of ratification of the treaty by all the other governments In whose behalf the treaty was signed having been previously deposited with my government, the requirements of paragraph 1 of Article 3
of the treaty have been met, and in accordance with the stipulation of that
paragraph and article the treaty became effective among them on that date.
At the same time, I am happy to inform your Excellency, also by
Instruction of my government, that instruments evidencing the definitive
adherence of Afghanistan, Albania, Austria. Bulgaria, China, Cuba, Denmark, Dominican Republic, Egypt, Estonia, Ethiopia, Finland, Guatemala, Hungary, Iceland, Latvia, Liberia, Lithuania, The Netherlands.
Nicaragua, Norway, Panama, Peru, Portugal, Rumania, Russia, Kingdom
of the Serbs, Croats and Slovenes, Siam. Spain, Sweden and Turkey having been previously deposited with the Government of the United States.
the treaty became effective on the same day with respect to those governments also."
The following is also taken from the "Times" dispatch:
Governments Addressed.
The governments addressed are:
Albania
Irish Free State
Egypt
Norway
Estonia
Italy
Panama
Austria
Ethiopia
Japan
Belgium
Peru
Bulgaria
Finland
Kingdom of the Serbs, Poland
Canada
France
Croats and Slovenes Portugal
China
Germany
Rumania
Latvia
Cuba
Great Britain
Siam
Liberia
Czechoslovakia
Spain
Guatemala
Lithuania
Denmark
Sweden
Hungary
Netherlands
Dominican Republic
Iceland
Turker
Nicaragua
The American Charge d'Affaires at Paris. Norman Armour. was instructed
to deliver a similar note to his Afghan colleague at Paris and the French
Government will telegraph the information to Moscow.
General Dawes, the American Ambassador in London, will also request
the British Government to communicate the notification to Australia,
New Zealand. the Union of South Africa and India.
July 29, 1929.
My Dear Mr. Ambassador:—The agreement between the French Republic
providing
agreement,
Mellon-Berenger
the
as
known
States,
and the United
for the funding of the payment of the indebtedness of the French Republic
to the United States,has been ratified in France in accordance with the terms
thereof, but has not as yet received the approval of the Congress of the
United States.
The said agreement having been ratified by the Government of the(
French Republic, the Secretary of the Treasury, with the approval of
the President, hereby agrees with the French Republic to the Postponement of the date of maturity of the prihcipal of Its'indebtedness in respect
of its purchase of surplus war supplies maturing August 1 1929, until the
Mellon-Berenger agreement has been approved or disapproved by the Congross of the United States, but in no event shall such date be postponed
beyond May 1 1930.
The Congress will reconvene shortly, and it is my expectation that
the Mellon-Berenger agreement will receive consideration at an early
date.
It is understood that the French Republic agrees to continue to pay
interest on the said obligations maturing August 1 1929, in accordance
with the terms thereof, until payment, provided, however, that if the
Mellon-Berenger agreement is approved by the Congress of the United
States prior to May 1 1930. such amounts paid as interest prior to that
date will be credited to the first annuities specified in the Mellon-Berenger
agreement. It is further understood that in the event of the approval of
the Mellon-Berenger agreement by the Congress of the United States the
French Republic, In a reasonable time thereafter, will pay te the United
States such additional amount as may be necessary to bring to a current
basis the payments duo up to that time under the terms of the MellonBerenger agreement.
your
I shall appreciate it if you will transmit this communication to
Government with the suggestion that your Government authorize you to
exchange
this
that
and
signify in writing its acceptance of this agreement
the two
of letters constitutes a definite and binding agreement between
Governments.
With assurance of my esteem, I am,sincerely yours.
A. W.MELLON,Secretary of the Treasury.
His Excellency the Ambassador of France, French Embassy,Wash.,D.C.
Approved:
HERBERT HOOVER,President.
Ambassador Claudel replied as follows:
Washington. July 29 1920.
My Dear Mr. Secretarr—I have the honor to asknowledge receipt of
the date of payment of the
of
report
the
concerning
your letter of July 29
obligations contracted by France toward the United States for the purchase
of war stocks and coming to maturity on August 1 1929.
I take pleasure in informing you, after having consulted my Government,
that the latter has just invited me to notify you of their acceptation of the
conditions expressed in your communication.
Please accept, my dear Mr. Secretary, the renewed assurances of my
high Consideration.
(Signed) PAUL CLAUDEL,
Hon.ANDREW W.AIELLON,Secy. of the Treasury. Washington, D. C.
French Foreign Minister Brian, in Message to Secretary of State Stimson, Says Treaty for Renunciation of War Is Most Important Contribution to
Cause of Peace.
In a message to Secretary of State Stimson, received at
Washington July 26, Aristide Brian, the French Foreign
Minister, characterizes the Kellogg-Briand multilaterial
treaty for the renunciation of war as "the most important Premier Briand of France Leaves For Hague Next Week
contribution thus far made to the cause of peace." M.
to Participate in International Conference on
Briand also says:
Young Reparation Plan.
France has received with deep and unanimous satisfaction the news
Fronfthe New York "Times" we take the following copyof the putting into operation of the pact against war. The solemn ceremony which has just takeniplace in Washington is the crown of the nego- right cablegram from Paris Aug. 1:
tiations in which our two Governments have collaborated in a close
Premier Briand will head the delegation of 18 Ministers and experts in
communion of ideas and in the spirit of trust and friendship which char- foreign affairs and finance when he leaves Paris for The Hague on Monday
acterizes their relations.
to take part in the international conference for setting up the Young
The pact, which tenders such precious promises for the future, becomes Reparations Plan.
to-day part of the law of nations and is the most important contribution
Of his Cabinet, he will take with him Henri Cheron, Finance Minister,
thus far made to the cause of peace. I thank you from the bottom of who has a reputation for being a sound bargainer, and Louis Loucheur,
my heart for your generous and friendly telegram while congratulating Minister of Labor, who has already acted as M.Briand's second at several
you on having so happily brought to a successful issue, under the auspices international conferences. From the Quai d'Orsay there will be a strong
of President Hoover, the great work carried on for two years between delegation headed by Philippe Berthelot, General Secretary of the Ministry;
our Governments.
M.Leger, Assistant Director; M.Fromageot, Jurist; M.Peycelon, Director
Permit me to express the wish that the collaboration of the United of Staff; M.Bargeton, head of the press information section of the Ministry;
States and Franco, so valuable to the peace of the world, may grow even M. Massigli, head of the French service at the League of Nations; M.
closer.
Coulondre, Assistant Director of Commercial Relations, and MM. Aron
The message of Secretary Stimson to M.Briand felicitating and Leverve, technical experts.
The Bank of France will be represented by Governor Emile Moreau
the latter in proposing the treaty was given in our issue of and
Jean Parmentier, who both served on the Young committee, and by
July 27, page 558.
Pierre Quesnay, who acted as Secretary for the French delegation on that
committee and whose usefulness, ability and tact obtained for him at the
of the committee's labors a special letter of thanks from Owen
Postponement of Maturity Date of French Debt to U. S. conclusion
D. Young.
on Account of War Supplies—Text of Notes BeTreasury
will be represented by M. Fernier, Director General of
The
tween Secretary Mellon and Ambassador Claudel. Operations, and by MM. Bizet and Deperster. From the Rhineland it is
expected M. Tirard, French High Commissioner, and General Guillaumat,
An agreement for the postponement of the maturity Commander-in-Chief of the Rhine Armies, will be called to assist at the
date of the French debt to the United States for the purchase latter part of the conference. With secretaries, stenographers and other
staff, the French delegation will number fully 100.
of war
supplies has been reached
by the French Government
between Secretary of the Treasury Mellon and the French
Ambassador Paul Claudel, with the approval of President
Hoover. The debt, which would have matured Aug. 1 1929,
has been postponed "until the Mellon-Berenger agreement
has been approved or disapproved by the Congress of the
United States, but in no event shall such date be postponed
beyond May 1 1930." As has been noted in these columns
(June 22, page 4083 and July 6, page 47), at the final day's
session of Congress on June 19 a resolution was passed by
Secretary of State Stimson to Name Unofficial Observer
to International Conference on Young Reparations
Plan.
Secretary Stimson has decided to send an unofficial observer to the conference at The Hague to consider the Young
plan for the solution of the German reparations problem.
An Associated Press dispatch Aug. 1 from Washington,
in indicating this, said:
730
FINANCIAL CHRONICLE
Several names have been considered for the
post, but it is believed the
Person selected will be one who has dealt intimate
ly with the reparations
question in the past.
The only questions in the reparations settlement
in which the American
Government is interested directly are a proposed
10% reduction in the bill
to Germany for the cost of the American army of
occupation on the Rhine
and a spreading over a greater period of
the World War claims.
• Italy Will Accept Young Plan for Solution of Germa
n
Reparations, but only Along with All Others and
if Scheme Is Regarded as an Industrial Whole.
Rome (Italy) advices Aug. 1 to the New York "Times"
state:
A meeting of the Cabinet convoked to-day to consider the Young reparations plan, decided that Italy is ready to accept
the plan provided that
all the other Governments concerned accept
it also. Italy considers the
Young plan as an inseparable whole, believing
the entire scheme would
collapse if any part of it were suppressed:
The Cabinet's decision was preceded by an expose
of the Italian view,
made by Premier Mussolini, which is summari
zed in the official communique as follows:
"It is impossible to express an Opinion on the Young
plan in an absolute
Sense. It Is nerstssary to judge it in relation
to the facts which preoedtd
it and the situation it aims to solve.
It is obvious that it represents a
compromise based on reciprocal concessio
It Is therefore impossible
to express an opinion on any part of the ns.
plan without keeping in mind
all the others.
"As its authors clearly stated. all Its parts are
intimately bound one
o the other. Each part is valueless if divorced from
the others.
"The Italian Government
the Young plan, keeping these
facts in mind, and is ready to examined
accept
it
as
an
indivisib
le whole, provided
the other Governments accept it also,
with the aim of thus aiding the
economic and political reconstruction
of Europe."
Study of Young Plan for Solution of German
Reparations by Bank of America.
Sixty-five per cent of all the money which 9ermany is to
pay will eventually find its way to the United States Treasury, while about 35% will go for the repair of war damage,
mostly in France, according to a study of the Young Plan
for Reparations Payments, published in the July issue
of the
Bank of America review. The Review says:
"The report does not discuss as such, however
, war debts to the United
States. This is apparently in deference to the
fact that the United States
Government recognizes no connection between
German reparations payments and allied debts to the United States.
The report does discuss,
however, net 'outpayments' of allied nations,
items which correspond to
amounts owing to the United States."
"The chief advantage of the Internati
onal bank to bo created under
the Young Plan lies in its ability to take
certain measures to forestall the
development of conditions which might make
it necessary for Germany
to put off the transference or payment of the
postponable portion of the
annuities.
"In the first place, the bank may arrange temporar
y assistance, in the
form of credit, in the transference
of annuities. The bank will also be
able if it seems wise to invest a certain amount
of its own funds in German
reichsmarks. This would return temporarily to
the German economy
and aid in providing foreign exchange with
which to pay current installments of the annuities. These measures
are both preventive and will
operate in advance of the time when
difficulties might Present themselves,
thus helping to lessen the strain. In
addition to this, it is planned that
the bank shall give short term
and intermediate credit to purchasers of
deliveries in kind.
"The international bank, as outlined
in the report Is to carry on the
work of administering reparations
payments on a purely business basis,
entirely free from political control. It
is expected that its activities will
extend far beyond its duties in connecti
on with reparations payments, and
that it will come to hold an important
position in influencing foreign exchange and international gold movemen
ts. It is planned, however, that
the bank shall be strictly non-competitive
and that it shall in no way interfere with the business of existing banking
institutions. Although no official
statements have been issued, early ratificat
ion of the Young Plan by Japan
and the European countries represented in
the recent meeting in Paris is
generally expected."
President Hoover Commends Action of
France in
Ratifying Agreement Providing for Settle
ment of
Debt to United States.
In expressing his gratification at the ratification
by France
of the agreement for the settlement of that country
's debt to
the United States, President Hoover says
that "there is
every reason to hope and believe that such an agreement,
based as it is on mutual sacrifice and conside
ration, cannot
but promote a better understanding between these
two great
nations and serve further to cement a friends
hip that has
lasted for a century and a half." The
ratifica
agreement by the French Chamber of Deputi tion of the
es on July 21
and by the French Senate July 26 was indicat
ed in our issue
• ,of July 27, page 559. President Hoover's
statement commending the action of France was issued on
July 27; in it he
said "this settlement in effect wipes out the
entire indebtedness of France which arose during the war period and
simply
provides for the payment of advances to France
after the
armistice, which aggregate, including interes $1,655,
t,
000,000." The statement of President Hoover,
follows:
I am very much gratified
[VOL. 129.
The definite settlement of the amounts to be
paid in complete discharge
of this debt is a cause for mutual satisfaction, removing
as it does a question
that has occasioned much controversy and
debate.
The settlement calls for payments of 535,000.
000 in the fiscal year 1930.
gradually rising over a period of 11 years until
they reach a maximum of
$125,000,000 annually.
I think in fairness to the American people I am justified
in
liberality of the settlement. The total debt of the French mentioning the
Republic to the
United States, as of June 15 1925, was approximately
$4,230,000,000. On
a 5% basis, which is the rate of interest borne by
the obligations given by
the French Government, the present value
of the payments provided for
by the Mellon-Berenger agreement is $1,681,000.000.
or, in other words, a
reduction of approximately 61% of the total indebted
ness.
This settlement in effect wipes out the entire indebted
ness of France,
which arose during the war period and simply provides
for the payment of
advances to France after the armistice, which aggregat
e, including accrued
Interest, $1,655,000,000. While some of the
after-armistice advances were
made for the liquidation of obligations incurred
in this country by the
French Government during the war, considera
ble advances during the war
period itself were for permanent improvements,
for shipping, for the meeting of obligations to private creditors incurred
prior to the entrance of the
United States into the war, and advances
to the Bank of France for credit
and exchange purposes.
I am giving these facts so that in recogniti
on of the honorable way In
which France has to meet its obligatio
ns, they will understand that our
people too feel that this settlement involves
a measure of sacrifice on their
part. There is every reason to hope
and believe that such an agreement,
based as it is on mutual sacrifice
and consideration, cannot but promote a
better understanding between these two
great nations and serve further to
cement a friendship that has lated for a
century and a half.
Secretary of Treasury Mellon Says Ratification
by
France of Agreement for Settlement of Debt to
United States Will Make for World Stability.
Secretary of the Treasury Mellon, who as head of the
World War Foreign Debt Commission, negotiated with
Henri Berenger (former Ambassador from France
to the
United States) the agreement for the funding of the French
debt to the United States, says that the action of France
in
ratifying the agreement "will make for world stabilit
y and
will prove a powerful factor in promoting general
economic
progress." The following is Secretary Mellon' stateme
s
nt,
issued July 27:
"I am greatly pleased at the action of France
in ratifying the agreement
for the settlement of the debt owed by
her to the United States. Under
this agreement, France undertakes to meet her
obligations and, by so doing.
gives evidence of that financial integrity which
has always characterized
her conduct.
"As one who helped to negotiate the agreemen
t for the settlement, I
feel that much credit is duo to the frankness shown
by those representing
France in disclosing all the factors involved in arriving
at an estimate of
their country's capacity to pay. The American commissi
on approached
the situation with equal frankness and good-will, and
the settlement subsequently arrived at is one which we believe is eminently
fair to both nations.
"It involved, of course, some sacrifice on the part of both
the United States. But the amount which it was agreed France and
that France
could pay, was determined without taking into considerations
any payments from preparations or other outside sources; and the
astonishing
financial and economic recovery which Franco has made,
even in the
short period intervening since the agreement was negotiat
ed, is convincing evidence that great hardship will not be imposed on
France in meeting
the payments to America. Furthermore. I am convince
d, as I was three
years ago when the settlement was made, that the burden
which it involves
as regards the French people will grow lighter, relativel
y speaking, as
time goes on.
"By ratifying this agreement, France has
now eliminated in the relations of the two countries a matter which was disturbin
g FO long as it remained unsettled. At the same time this action, by
disposing of one of
the last financial problems inherited from the war, will
make for world
stability and will prove a powerful factor in promoting
general economic
progress.
"In so far as this country is concerned it brings to a
successful conclusion the task entrusted to the World War Foreign Debt
Commission to
negotiate settlements with the various nations for the debts
incurred during and after the war. Agreements have been reached with Great
Britain,
Finland, Hungary, Lithuania, Poland. Belgium, Czecho-slovakia,
Latvia,
Estonia, Italy, Yugoslavia, Rumania, Greece and France,
bringing the
total amount which has been funded to date to $11,554,851,000.
All of
these nations are punctually meeting their engagements and
the payments. as they are received, are being applied on the debt owed
by this
government to its bondholders."
Senators Smoot and Borah Look for Prompt Ratification by Congress of Agreement for Settlement
of French Debt to U. S.
Senator Smoot, Chairman of the Finance Committee,
and other Republican Senate teaders expressed the opinion
on July 26 that prompt action would be taken by Congress
to ratify the Mellon-Berenger debt agreement funding the
wartime debt of France to the United States, which was ratified July 26 by the French Senate. This statement was
made in a dispatch July 26from Washington to the New York
"Times" which likewise said:
Even Senator Borah, Chairman of the Foreign Relation
s Committee,
who opposed the leniency of the terms granted to France
when the agreement was negotiated, will not fight it, and this
apparently assures quick
action.
Poinrare's Action Regretted.
to learn that France has ratified the
The announcement received late in the day that
agreement providing for the settlement of the debt of
Premier Poincare of
the French Republic to France had handed in his resignation, because
of ill health, shortly after
the United States, thus disposing, in so far as lies within
her power, of one the French Senate ratified the agreement for which
he made such a strenuous
More of the great financial problems left over by the World
War. With the fight caused much regret. The Premier's action
also recalled the frequently
high sense of honor and financial responsibility that has
always characterized repeated rumor that Secretary Mellon would
resign with final ratification of
the actions of the French people, it was always certain that to the
full extent the Mellon-Berenger agreement and that his desire to remain
as Secretary
of their ability they would meet their obligations.
until the• pact which bears his name became effective was
one of the reasons
AUG. 31929.]
FINANCIAL CHRONICLE
731
these two items making
Hoover's $10,621,185,993.10 in interest, at varying rates,
Which influenced him to accept reappointment in President
rumors that the grand total of 522,163,869,993.10.
a total
Cabinet, Mr. Mellon however, has denied the many recent
Great Britain, which agreed to return in principal and interest
to
he will leave the Cabinet, and there was no information available -day
her funded debt of 54,600.000.000, bears the heaviest
on
65,000
of
$11,105,9
life.
public
quit
to
which indicated that he intends soon
10 years and at 33 %
a brief burden. She contracted to pay interest at 3% for
Senator Smoot said that though the Senate might engage in
when brought for the following 52 years.
ingly
overwhelm
passed
be
would
t
the
agreemen
4,104.17 on a
,
discussion
France comes next with a total repayment of $6,847,67
the
to a vote. He pointed out that as the accord involved the revenues,
having been granted a concession of interest
0,000.
of
$4,025,00
debt
funded
the
initiative.
take
to
have
House, under the Constitutien, would
rates which, over the 62 years, averaged 1.64%•
will pay over
The average interest rates which the various countries
Borah Expects Ratification.
rates representing cases
the period of the funding are here given, the lower
would
promptly
that
Congress
opinion
the
that a
expressed
convinced
were
States
Senator Borah
not think where the debt negotiators of the United
follow the lead of France and ratify the agreement. He did
be made:
should
leniency
of
showing
he
that
recalled
Mr.
Borah
Senate.
3.306; Finland.
there would be any real opposition in the
Belgium, 1.79%; Czechoslovakia, 3.327; Estonia,
as all of
Hungary. 3.306; Italy. 0.4045:
had opposed other agreements made with European debtors, but
no reason 3.306; France, 1.64; Great Britain, 3.306;
saw
he
one
with
France,
the
except
here
3.321; Yugoratified
Rumania.
them had been
Latvia, 3.306; Lithuania, 3.306; Poland,. 3.306;
why there should be opposition in this instance.
slavia,
1.030.
Debt
War
World
Senator Smoot, who was a member of the American
Patterned on British Rate.
was a good one
Commission, declared that the agreement with France
rates are calculated on the debts as funded.
interest
appreaverage
full
to
a
came
people
These
French
the
when
that
for that country, and
Yugoslavia, the rates
done. Mr. Except in the cases of Belgium, France, Italy and
what
been
had
approve
heartily
would
they
terms
its
of
ciation
principle laid down in funding
were virtually the same as those fixed by the
Smoot said:
whereas the British debt.
"We settled with France on the basis of 50 cents on the dollar,
t provided only for reaction of
In the instance of Greece, the funding agreemen
Great Britain paid on the basis of 83 cents on the dollar. The
The payments of principal. The total of the debt to be funded was 518.125.000
country.
for
that
thing
good
a
be
will
pact
the
ratifying
in
France
interest
this but bonds were accepted totaling $20,330,000 and no mention of
Poincare Ministry is to be congratulated on its success in handling
these two amounts would
payments was made. The difference between
question."
charged
that
of
excess
in
slightly
represent interest over 62 years at a rate
No Move Likely Before Oct. 11.
a calculation.
Italy but the Treasury records do not give such
of each debt, which is
When the House adjourned for the Summer on June 19 it fixed Sept. 23
The following table shows the funded principal
that
providing
be received by the United
as the date for reassembling. It also adopted a resolution
to be repaid in full, the interest and the total to
d
transacte
be
should
business
public
no
11
between that date and Oct.
t and interest:
might States in principal repaymen
except in an emergency. This was done in order that members
Interest To Be
Funded
not
Received.
Principal.
feel free to remain away from Washington until Oct. 11,as the House did
Country—
that
5310.050.500.00
5417.780.000
believe that there was any possibility of a vote in the Senate before
Belgium
33.88
197.811,4
00
115.000,0
aadministr
the
tiniest
Czechoslovakia
date on the tariff. The chances are, therefore, that
19.501.140.00
13.830,000
12.695,055.00
tion urges it, no attempt will be made to ratify the Mellon-Berenger agree- Estonia
9,000,000
Finland
2,822,674,104.17
4,025.000,000
ment in the House before Oct. 11.
6,505.965,000.00
been France
4,600.000,000
The House ratified the agreement in June, 1926, shortly after it had
Great Britain
2.754.240.00
1.939.000
deferred
was
Hungary
365.677,500.00
submitted by the World War Debt Commission, but action
2.042,000,000
new Italy
8,183,635.00
5,775,000
in the Senate pending acceptance of the instrument by France. A
must Latvia
8.501.940.00
6,030,000
Congress has since come into being and this means that the House
Lithuania
50.00
257,127.5
00
178,560,0
that
Poland
again vote on the debt pact. Administration officials are confident
77,916.260.00
44.590.000
32,327,635.00
ratification will be easily accomplished in 4he House and that the Senate Rumania
0
62,850,00
Yugoslavia
20.330,000
will promptly concur.
in- Greece
The French indebtedness was funded at $4,025.000,C00. which
511,542,684,000 510.621,185.993.10
Totals
cludes the $407,000,000 item for toeplus war supplies, and France agrees
Total.
5727,830.500.00
to repay this principal amount and $2,822,674,104.17 in interest in instalBelgium
312,811.433.88
ments sptead over a period of 62 years, or a total of 56,847.674,104.17. Czechoslovakia
33.331,140.00.
The interest rate averaged over the period is 1.64%. The Mellon-Berenger• Estonia
21,695,055.00
has Finland
agreement was negotiated in April. 1926, and since that time France
6.847,674,104.17
ratifiFrance
11.105,965,000.00
been making payment according to the schedules, despite the fact that
the Great Britain
4.693.240.00
cation has been delayed. With final ratification of the pact, all of
Hungary
2.407,677,500.00
European debtor nations will have funded their war debts to this country, Italy
13,958,635.00
Latvia
•
14.531.940.00
except Russia, which owes about 5187,000.000.
Lithuania
435,687.550.00
Poland
122,506.260.05
Rumania
95,177.635.00
of Yugoslavi
a
20,330,000.00
Secretary of State Stimson Expresses Appreciation
Greece
g
Securin
in
France
of
Efforts of Premier Poincare
222,163.869.993.1.0
Grand total
Ratification of Agreement for Settlement of French
France Has Paid Interest.
Debt to United States.
$1.100.000.000 in principal
The nations combined have already paid about
it by Great Britain, as the early payments
A Washington dispatch July 27 to the New York "Times" and interest, practically all of
have been very light.
nations
funding agreements by most of the other
from 1919 to 1926 o.a
reported that Secretary of State Stimson, in a message under
about $20,000,000 interest annually
paid
France
Ameriwhich will be merged with the
transmitted that day through Norman Armour, the
a surplus war supplies debt of 5407.000,000
, and since 1926, when the latter agreement was
can Charge d'Affaires at Paris, conveyed to Raymond Poin- Mellon-Berenger agreement
called for payments of
has been meeting the terms agreed to, which
care the "sincere hope" that the retiring French Premier signed,
1926 and 1927, and $32,500,000 in 1928 and 1929.
in
each
00
530.000,0
"will mole a speedy recovery" from his illness. The dis- despite the fact that the pact was not ratified.
Greece for the funding of
As a by-product of the agreement made with
patch added:
extended an additional loan of
deep
States
Stimson's
United
the
to
s,
Mr.
express
instructed
obligation
was
Armour
time
Mr.
war
its
In addition,
debate 512,167,000 which Greece has agreed to repay as a purely commercial debt
personal appreciation of the effort which M. Poincare made in the
of
payments on this debt
within the next 20 years at 4% interest. The total
on the ratification of the Mellon-Berenger agreement and the Secretary
under- will total 517.790,760. Because It was based on a new loan made this year to
State's groat personal regret that the strain which M. Poincare has
directly attributable
Greece, the figures are not included in the debt totals
gone has undermined his health.
to war loans.
Fourteen Nations to Pay United States $22,163,869,993
Soviet Bank in Harbin Closed.
—Ratification of French Debt Agreement to Clean
United Press advices from Moscow.were published as
War Slate Except for Russia.
the
of
ent
ws in the "Wall Street Journal" of July 31:
fell
French
the'
Parliam
by
ion
With the ratificat
Russian State Bank, announced the
of
George Piatakeff, President of the
Mellon-Berenger agreement providing for the funding
far-eastern bank at Harbin, on
closing of the Dal Bank. the Soviet owned
14
States,
the
to
United
s. Ile pointed out that the
France
by
operation
owed
the war debt
account of police interference in its
the financing of Chinese-Soviet trade. It
European nations have formally approved contracts under Dal Bank did a large business ainturnover
of 3,500.000,000 goid rubles.
founded in 1923 and had
which they obligated themselves to pay to this country was
to seizure by the ManThe Dal bank closure follows what amounts
amount
l
of
the
principa
ion
to Soviet information, deliquidat
according
$22,163,869,993.10 in
churian authorities at Harbin, who
on which made it
official
supervisi
d
War.
establishe
manded the bank's keys and
and in interest on advances resulting from the World
e for the bank to centinue operations.
22
impossibl
July
on
"
York
New
"Times
the
to
dispatch
A Washington
up
in reporting this indicates that the slate is thus cleaned
ting
aggrega
which
loans
to
Russia,
of
instance
Tripartite Commission of United States, Austria and
the
except in
h
Hungary Practically Ends Task with $41,000,000
$187,729,750 were extended. It is noted in the dispatc
e the
y
recogniz
officiall
not
does
nts on War Claims.
ment
Govern
Judgme
this
as
that
for the
date of July 30 the New York "Evening Post" reUnder
present Rassian Soviet Government, negotiations
dispatch is
funding of that debt have been impossible. The
ported the following from Washington:
follows:
as
The Tripartite Claims Commission of the United States, Austria and
further quoted
will
there
that
confident
officials are
State and Treasury Department
final ratification of the French debt and are
be no further slip-up in the
on the deal. If the French Senate
books
making preparations to close their
the pact will go to the American Senate
ratifies, as now appears certain,
atives soon after they re-assemble in September.
and House of Represent
accepted by those bodies has been dwindling and
terms
the
to
n
Oppositio
the special session adjourns.
before
probable
is
action
final
Britain's Share is Heaviest.
principal of the 14 debts was fixed at S11,542,The aggregate funded
n is accomplished over the period of 62 years as
684.000. If final liquidatio
concessions being made for revisions, the
provided, without any further
have repaid this principal amount, plus
end
the
in
will
nations
foreign
Hungary. which has issued judgments totaling more than $41,000,000 in
settlement of war debts of individuals and groups,shortly will cease to exist.
Edwin B. Parker, sole commissioner, is preparing a final report. There
remains only the depositing of a sum in the Treasury to cover Hungary's
debts before the commission's task will be complete.
Through private settlement between nationals of the three nationa.
Austria's debt was reduced finally, to $370,000, That amount was deposited in the Treasury and all but about twenty American citizens to
whom it was due have been reimbursed.
The Austrian agent, Dr. Ernst Brossinago, has returned to his post
with the Austrian clearing house. Hungary's agent, Judge Alexius de
Boer, is en route to his home, where he will prepare his final report and
732
FINANCIAL CHRONICLE
arrange for the deposit to cover his country's debt.
This sum is estimated at $200,000.
French Tax Cuts Voted—Relief, Chiefly on Food, Will
Mean Revenue Loss of $20,000,000.
A special cablegram July 31 to the New York "Times"
from Paris said:
Tax relief measures which will mean a loss in revenues totaling
$20.000,000
and applying principally to food products were voted this
evening by the
French Chamber of Deputies. The reductions were unanimous
ly agreed
to by the Senate and therefore will take effect immediatel
y.
It was with the idea of pleasing the Radical Socialist
Party, which
contended that a Treasury surplus of 2,500.000,000 francs had
resulted
from this year's tax collections, that the Cabinet
decided to-day to ask
the Chamber to approve the reduction before adjournme
nt for the summer
vacation.
Government of Poland Completes Contract with Baldwin Locomotive Works with Final Payment.
According to an announcement July 29 by the Legation of
Poland at Washington, with the final payment, on the date
agreed upon, of $995,000 to the Baldwin Locomotive Works,
the Government of Poland completes its contract with that
company, negotiated on July 28 1919, to the total amount of
$6,965,000. The announcement of the Legation says:
The contract between the Baldwin Co. and the Republic of
Poland was
arranged when the restored nation was only a few months old,
before its
borders had been finally determined. The contract called for
the delivery
of locomotives of a heavy freight type at Danzig, where
they were established. It was the first American agreement entered into by Poland. and is
the first on a credit basis to be concluded. both
as to performance and as to
Payments of principal and interest. The early delivery
and assembly of
these locomotives made an important contribution to
the extension of transportation facilities within the country.
In a letter to the Legation of Poland, William de
Krafft, treasurer of
the Baldwin Locomotive Works, states:
"It has been a great pleasure to have so successfully
carried out and
completed this contract with your Government.
-Under the terms of agreement certain payments were to be
made to us
at various maturities, and without exception each payment of
principal and
of interest has been made either on the day of its
maturity or a few days
prior thereto.
"We are aware that there were many times during the
10 years of the
contract when payments were made under conditions of
greatest difficulty
to your Government, notably one payment which
made
was
to us the day
upon which the world waited with great anxiety
ot see whether Poland
could successfully withstand the drive of the Bolsheviki.
"Perhaps this was the most critical of the many discomfort
ing
which have occurred which no doubt handicapped your Ministry incidents
of Finance,
but nevertheless, each succeeding Minister has made
it a point to meet the
Baldwin payments without reference to the inconveniences
of the moment.
This contract, as you are aware, was the first one entered
into by Poland
with a foreign manufacturer and the confidence displayed by
both parties
has been well rewarded."
[VOL. 129.
and accepted for purchase at prices below par. Tenders of
such bonds with coupons due on and after Feb. 1 1930
should be made at a flat price, below par, at the office of
J. P. Morgan & Co. or at the head office of The National
City Bank, 55 Wall St., prior to 3 p. m. Aug. 31 1929. If
tenders so accepted are not sufficient to.exhaust the available
moneys, additional purchases upon tender, below par, may
be made up to Oct. 30 1929.
----Bonds of Republic of Chile Called for Redemption.
The National City Bank of New York has issued a notice
to holders of Republic of Chile external loan sinking fund 6%
gold bonds that $82,000 aggregate principal amount of bonds
of the loan due Sept. 1 1961 and $50,000 aggregate principal
amount of bonds of the loan due March 1 1962 have been
called for redemption at 100 on Sept. 1 1929 through operation of the respective sinking funds. Such called bonds will
be payable on and after the redemption date at the head office
of the bank,55 Wall Street, New York, and interest on these
bonds will cease from and after that date.
Bonds of Province of Buenos Aires Called for
Redemption.
Hallgarten & Co. and Kissell, Kinnicutt & Co., as fiscal
agents of the Province of Buenos Aires for the issue of 6%
refunding external sinking fund gold bonds dated March 1
1928 and due March 11961, have notified holders of these
bonds that there have been called for redemption at their
principal amount on the next interest date, Sept. 1 1929,
bonds of this issue in the aggregate amount of $218,000.
On that date the principal amount of the bonds will be payable in New York at the offices of either of the fiscal agents
or in London, Amsterdam or Zurich, at the offices of the
designated agents.
Bonds of State of Minas Geraes (Brazil) Called.
The National City Bank of New York, as fiscal agent,
has issued a notice to holders of the State of Minas Geraes
(United States of Brazil) 634% secured external sinking
fund golds bonds, due March 1 1958, that $51,000 principal
amount of bonds of this loan has been called for redemption
at par through operation of the sinking fund, on Sept. 1
1929. Such called bonds will be paid upon presentation on
and after the redemption date at the head office of the
Jugoslavian Currency—Question of Stabilization Of bank, 55 Wall
St.; interest on the called bonds ceasing
Dinar at Present Rates Under Consideration.
from and after that date.
In its issue of July 31 the "Wall Street Journal" reports
the following from Vienna:
Radio Broadcasting of New York Stock Exchange
The Jails'avian Minister of Finance has just announced that
the question
Quotations—Regulations Effective Aug. 15.
of stabilization of the dinar at present rates is again under
study and will be
undertaken as soon as circumstances permit. Stabilizati
Regulations, effective Aug. 15, for radio broadcasting of
on has been long
overdue.
quotations of the New York Stock Exchange were anIt was delayed first by disputes over pre-war
Serbian foreign loans and
nounced
on July 29 by Secretary Ashbel Green on July 29.
then by unfavorable market conditions abroad. The
currency position is
considerably weaker than it was six months ago
and therefore renewed It is noted in the "Herald Tribune" of July 30 that the new
efforts will be made to place it on a solid basis. The
markets abroad are ruling reverses the former policy of the Exchang
Still so ill disposed as to render the chances of a
e, which
stabilization loan in the
near future rather slender.
prevented any broadcasting of quotations. It is further
The Jugoslavian National Bank has maintained its rate
at 6% for seven stated in that paper:
consecutiv
e years, but it is largely a theoretical rate, for commercial
banks
discount even the finest paper at no less than 12% and 13%,
while in the
country districts farmers are paying 25% and more for short
term credits.
However, the Natimial Bank has succeeded in keeping the dinar
stable in
terms of dollars and cents since the middle of 1925. It has
been aided recently in this task by a loan of 522.000,000 from the Swedish
Match Trust.
National Bank's cash reserve to-day is calculated at only 26% of deposits
and note circulation. Hence the urgent need of foreign capital for
stabilization.
The question, which was an important one in the bull market days of
1928 and early this year, has been the subject of a searching investigation
by the Committee on Quotations and Commissions. This Committee held
a meeting July 18 and approved the now broadcasting rules, first announcement of their action being made yesterday.
The committee's announcement was made as follows:
NEW YORK STOCK EXCHANGE.
Committee on Quotations and Commissions.
Tenders Asked for Argentine Government Bonds to
July 29 1929.
To the Members of the Exchange:
Be Retired Through Sinking Fund.
I am directed by the Committee on Quotations and Commissions to
call
J. P. Morgan & Co. announce that they are prepared to your attention to the rules with respect to radio broadcasting of quotations
of this Exchange, which will become effective Aug. 15 1929, a copy
of which
receive tenders for the amortization on or before Sept.30 1929 Is
enclosed herewith.
WOO
of $654,900 Argentine gold pesos, approximately £130,980,
I am further directed to ask that you furnish the committee on Quotaof the Argentine Government 5% internal gold loan of 1909. tions and Commissions with a complete list of radio stations, If any, utilized
by you in broadcasting quotations of this Exchange, giving the call
letters
Tenders for the sale of bonds with coupons due March 1 1930, and Its location.
and subsequently, at a price to be stated in the tender,
ASHBEL GREEN,Secretary.
must be lodged not later than 3 p. m. on Aug. 14 1929 with
The regulations were announced as follows by Secretary
J. P. Morgan & Co., 23 Wall St., New York. Tenders will Green:
also be received in London by Messrs. Baring Brothers &
NEW YORK STOCK EXCHANGE.
Committee on Quotations and Commissions.
Co., Ltd., and in Buenos Aires by the Credit° Public°
Nacional.
July 29 1929.
At a meeting of the Committee on Quotations and COMMISSiola held
on
J. P. Morgan & Co. and The National City Bank, asfiscal July
18 1929, the following regulations with respect to radio broadcasti
ng
agents, have issued a notice to holders of Government
were adoped:
of the
(1) Members desiring to broadcast quotations of this Exchange by radio
Argentine Nation external sinking fund 6% gold bonds,
issue must first receive
of Feb. 1 1927, sanitary works loan, due Feb. 1 1961, to the Comnissions. written approval from the Committee on Quotations and
(2) Permission may be given to more than one firm In the same city.
effect that $151,956 in cash is available for the purchase
for
(3) Permission to broadcast quotations of this Exchange shall be limited
the sinkingfund of such bonds of this issue as shall be tendered
to the prices at the opening, 12 noon,and the closing,and such broadcasting
AUG.3 1929.1
FINANCIAL CHRONICLE
of those quotations shall be made only at 10:30 a. m.; 12:30 p. m.,and after
the close, respectively (New York time.)
does
(4) No market information or gossip may be broadcasted. This
ts renot include statements as to money rates and official announcemen
vergarding action by Federal Reserve authorities, which must be quoted
batim, without interpretation or comment.
statement
than
the
simple
further
made
(5) No announcement may be
furnishing
that the quotations are supplied through the courtesy of the firm
them.
(6) The Committee shall be notified when the recipient of the privilege
discontinues the use thereof.
at
(7) Permission to broadcast may be withdrawn by the Committee
any time.
ASHBEL GREEN, Secretary.
Brokers' Loans on New York Stock Exchange Reach
New Peak—Total July 31 $7,473,794,294.
Record figures of outstanding loans on the New York
Stock Exchange are revealed in the total made public yesterday (Aug. 2) by the Exchange, showing the amount as
$7,473,794,294 on July 31 1929. The figures exceed by
$402,573,019 the previous high mark recorded a month ago—
June 29—when the total reached $7,071,221,275. The July
31 total consists of demand loans of $6,870,142,664 and time
loans of $603,651,630. The following is the statement issued yesterday (Aug. 2) by the Stock Exchange:
733
Would Check Speculation.
The Senator said that he has not made any canvass of sentiment in the
exSenate regarding his amendment, which is designed to curtail "the
cessive stock-speculation orgy into which the market has been plunged
for more than a year." Some Senators have volunteered the information
to him, he stated, that they believe a majority of the Senate will be against
such legislation.
Senator Glass admits that a tax of 5% on the value of 60-day stock
in curbing
transactions may be "too stiff," but believes it would be effective
speculation.
the
"People investing in securities do not sell them within 60 days,"
investSenator stated,"nor do they sell stock which they do not own,as an
ment."
to receive
Regarding other phases of the credit situation which are likely
he was
attention at the coming session of Congress, Senator Glass said that
attractive
more
system
in favor of legislation making the National banking
he pointed out.
to banks. Many banks are withdrawing into State systems,
Two Changes Sought.
Senator Glass mentioned specifically two changes which he thought
Act
would be beneficial. One is an amendment to the Federal Reserve
member
providing for a better division of profits from the point of view of
banks.
ing by
Second, the Senator favored legislation to permit branch-bank
Proposals
National banks to enable them to compete with State banks.
enable
would
out,
which have been made in this direction, it was pointed
by the
National banks to establish branches to the number permitted
State laws where they are located.
proposed
Touching on the subject of Federal Reserve participation in the
governmental
International Bank, Mr. Glass said that this was not a
l
internationa
such
form
could
matter and that the Federal Reserve System
Total net loans by New York Stock Exchange members on collateral. contacts as it believes advisable.
similar
contracted for and carried in New York as of the close of business July
Senator Brookhart (Rep.), of Iowa, is author of an amendment
The Brookhart proposal,
to that offered to the tariff bill by Senator Glass.
31 1929, aggregated $7,473,794,294.
not
exceed
paid
shall
tax
75%
however, provides that the amount of the
The detailed tabulation follows:
Demand Loans. Time Loans. of the profits of the transactions.
New
The Glass amendment follows in full text:
(1) Net borrowings on collateral from
85.704,990,914 $448,723,820
Amendment to be proposed by Mr. Glass to the bill (H. R. 2667) to ProYork Banks or Trust Companies
countries, to encuorage
(2) Net borrowings on collateral from Private
vide revenue, to regulate commerce with foreign
American labor, and for
bankers, brokers, foreign bank agencies or
the industries of the United States, to protect
1,165,151,750 154,927,810 other purposes, viz: That schedule A of title VIII of the Revenue Act of
others in the City of New York
following:
1926 is amended by adding at the end thereof the
for sales of shares of
86,870,142,664 8603,651.630
Total
"8. On all sales or agreements or contracts or options
and usages of any stock
rules
the
under
stock of any corporation at, or
Combined total of time and demand loans, 87,473,794,294.
addition to all other taxesImposed by
in
places,
similar
other
or
exchange,
The scope of the above compilation is exactly the same as in the loan paragraph 3 of this schedule.$5 for each $100. of the selling or buying value
the stock covered by such
report issued by the Exchange a month ago.
whichever may be greater, or fraction thereof, ofhas
not had the legal title
seller
sale agreement, contract or option—if thefor
issuance
60 days prior to the
least
at
the
since
Exchange
The compilations of the Stock
to or the beneficial interest in the stock tax shall not
be imposed upon a
The
option.
or
contract,
agreement,
sale
order to
of the monthly figures by it, beginning in January 1926, sale of certificates of stock made at the interests of a lender indeposited
been
have
obtain satisfaction of a loan for which such certificates
follow:
seller has
the
that
presumed
conclusively
be
shall
It
security.
Total Loans. as collateral
than 60
Time Loans,
Demand Loans.
nu—
the beneficial interest in such stock for lesscontract,
$3.513,174,154 had the legal title to or prior
$966,213,555
$2,516,960,599
Jan. 30
to the making ofsuch sale agreement,
3,536.590.321 days,if,, thin 60 days
in an
interest
beneficial
the
or
1,040,744,057
to
2,494,846,264
title
Feb. 27
legal
the
acquired
3,000,096,167 or option he hasnumber
966,612,407
2,033.483.760
Mar.31
of shares of stock of the same character issued by
2,835,718,509 equal or greater
865,848,657
1,969,869,852
Apr1130
corporation.
2.767,400,514 the same
or carry on
780,084,111
1,987,316,403
May 28
"Every bank, broker, or intermediary who shall undertake
2,926,298,345
shall be required to
700,844,512
2,225,453,833
June 80
the purchase or sale of stocks for account of others,
2,996,759,527
to the
same
the
pay
to
714,782,807
and
levied,
2,282,976,720
hereinbefore
81
tax
the
Judy
of
3,142,148.068 make deduction
778,288,686
2,363.861,382
for the district in which is place of business
Aug. ill
to be
3,218.937.010 collector of internalinrevenue
regulations
ve
administrati
799,730.286
with
2,419,206,724
accordance
Sept.30
situated,
be
3,111,176.925 shall
every such
821,746,475
2,289,430,450
Oct. 31
by the Commissioner of Internal Revenue. .And
as an
3,129.161,675 prescribed
799.625,125
2,329,536,550
other intermediary, shall be regarded as acting
Nov.30
or
banker,
broker,
3,292,860,256
and the provisions of the fore751.178.370
2,541,682,885
Dec. 31
agent for the seller or buyer of such stock,
such
each
of
transactions
the
to
going paragraph shall apply individually
1927—
3.138.786,338 seller or byuer, and not to those of the said broker or banker collectively.
810.446,000
2,328,340,338
seller
Jan. 31
the
sale,
of
option
or
contract,
3,256,459,379
"Upon each such sale agreement,
780,961,250
2,475,498,129
buyers, a
Feb. 28
3,289,781,174 shall make and deliver, or cause to be made and delivered, to the
785,093,500
2,504,687,674
Mar.31
agreement,
3,341.209,847 bill, memorandum, agreement, or other evidence of such sale
799,903,950
2,541,305,897
of the
April 30
amount
the
to
equal
3,457.869,029 contract a lawful stamp or stamps in value
783,875,950
2,673,993,079
May 31
of such
3,568,966,843 tax. Every such bill, memorandum, agreement, or other evidence
811,998,250
2.756.968.593
June 30
name
the
thereof,
date
the
contain
shall
option
3,641,695,290 sale agreement, contract, or
877.184.250
2,764.511.040
July 30
3.673,891,333 of the seller, and an accurate statement of the number and face value, if
928,320,545
2.745,570.788
Aug. 31
refers.
it
which
to
3,914,627,570
shares
any, of the
896,953,245
3.107,674.325
Bept.30
as
3,946.137,374
-Any person liable to pay the tax as herein provided, or anyone acting
922,898.500
3.023,238.874
Oct. 31
4,091,836.30? agent or broker for such persons, who makes any such sale agreement,
957.809.300
8,134,027.003
Nov.30
conagreement,
sale
any
such
of
pursuance
in
who
4,432.907,321 contract, or option or
3,480,779.821
952,127,500
Dee. 31
m,
tract, or option, delivers any such stock without a bill, memorandu
or option as
1928—
agreement, or other evidence of such sale agreement, contract,
4,420.352,541
or
agreement,
1.627,479,260
m,
3,392,873,281
memorandu
bill,
Jan. 31
or who delivers such
4,322,578.914 herein required,
3,294,378,654
1,028,200,260
Feb. 29
evidence of such sale agreement, contract, or option without having
4.040,174,172 other
proforegoing
3.580,425,172
the
1,059,749.000
evade
to
intent
Mar.31
with
thereto,
proper stamps affixed
4,907.782,599 the
1.168.845,000
3,738,937,599
Apr1130
be deemed guilty of a misdemeanor and, upon conviction
5.274.046,281 visions, shall be
4,070,359,031
1,203,687.250
May 31
fined not more than $1,000, or imprisoned not more than
4,898,351,487 thereof, shall
1,156,718,982
3,741,632,505
June 30
4,837,347,579 six months,or both."
1,069.653.084
3,767,694,495
July 31
Act shall take effect on the 60th day after the date of
2.
This
Section
5.051,437,405
4,093,889,293
957,548,112
Aug. 31
its approval.
5,513,639,685
4,689,551,974
824.087.711
Bept.80
5.8179.721.062
• 763,993,528
5,115,727,534
Oct. 31
6.391,644,269
777,255,904
5,614,388.360
Nov.30
6,439,740,511
5.722,258,724
717,481.787
Dec. 31
Loans to Brokers Could Reaeh 12 Billion Dollars Before
1929—
6,735,164.242
5.982,672,411
752,491,831
Jan. 31
Reaching Limit of Potential Expansion, According
6.678.545,917
5,948,149,410
730,396,507
Feb. 28
6,804,457.408
6,209,998,520
594,458,888
Mar.30
Midland Bank of Cleveland.
to
6,774,930.395
6.203.712,115
571,218,280
Apr. 30
6,665,137.925
565,217,450
6,099,920.475
May 31
loans to brokers could rise to around $12,000,000,Outside
7,071,221,275
626.762,195
6,444.459.079
June 29
7,473,794,294 000 before reaching the limit of their potential expansion,
6,870,142.664
603,651,630
July 31
Senator Glass to Seek Adoption of Amendment to
Tariff Bill so as to Provide for Tax on Sales of
Stocks Held by Seller Less Than Sixty Days—
Intended to Curb Speculation.
Senator Carter Glass intends to push for adoption his
proposed amendment to the tariff bill whereby a tax of 5%
would be imposed on sales of stock held less than 60 days by
the seller. This proposed amendment, intended to curb
speculation, was referred to in these columns June 1, page
3612 and June 8, page 3766. In its issue of July 20, in giving
the text of the Glass amendment the "United States Daily„
said:
orally
intends
July 19 that he
Senator Glass (Dem.),of Virginia, declared
of the Senate to obtain adoption of his
to make every effort on the floor
of
amendment to the tariff bill (H. R. 2667) Plating a 5% tax on transfers
stock held loss than 60 days.
before the Senate Committee on Finance,
This amendment is now pending
not expect his proposal to be considered.
but the Virginia Senator does
Senator Glass intends to ask its approval
Whether it is or not, however,
Senate.
when the bill reaches the
says the Midland Bank, Cleveland, in a study of the call
loan market. The present volume of corporation loans of
around $3,000,000,000 represents an increase of 380% in
three years. The theoretical limit of outside loans is estimated by the bank on the basis of nearly $10,000,000,000
of cash on hand held by about 350,000 corporations, together
with more than $2,000,000,000 of cash holdings of investment trusts and other reservoirs of wealth which might be
tapped for the purpose of brokers' loans. The bank says:
The estimated limit of outside loans to brokers does not imply that
they will reach that figure. In fact it is very unlikely, at least in the near
future. But it does suggest that these loans could expand considerably
over their present level and still be well below their theoretical limit.
Although outside loans involve no great danger to our present credit
structure, they do increase materially the difficulties of credit regulation.
The Federal Reserve System is charged by the Federal Reserve Act with the
responsibility of fixing its discount rates "With a view of accomodating commerce and business," which implies credit regulation. Regulation of bank
credit may be accomplished in several ways: through open market operations,
discount rate changes, moral suasion, or in exceptional cases through refugal to rediscount. But none of these apply to outside loans to brokers.
The Reserve System has no control whatever over such loans.
734
FINANCIAL CHRONICLE
The effect of this may be seen clueing the first half of 1929, when the
System felt that too much bank
credit was going into the call loan market
and urged certin member banks to reduce
such loans, which they did to the
extent of 585 million dollars (Jan. 9 to June
If there were no such
thing as outside loans, such a reduction would 12).
meant real liquidation
In the call market; but as it was, outside loanshave
millions, almost equaling the drop in bank loans.actually Increased by P5
Although the Reserve System accompl
its expressed object of reducing member bank borrowings which ished
were continually going into the
call market, this also involved the transfer
of
half
a billion dollars of credit
from the banks, where it was subject to Federal Reserve
regulation, to the
corporations, where it is not.
Outside loans have also changed the significance of high interest rates
Formerly an 8 or 10% call money rate meant that credit was very scarce—
almost unobtainable—and such rates,
continued, often foreshadowed
severe credit stringency and a decline inifsecurity prices.
in the past
year or two high call and time rates have merely attractedBut
additional outside loans in large quantities, and consequently money has been availabl
to those willing to pay the price. High rnoneY rates used to be an indexe
et the availability of credit; now their importance
in this direction is greatly
reduced.
Senator King Says Stock Speculation Will
Result in
Drastic Legislation.
The situation brought about by the steady increa
se in
brokers' loans must sooner or later bring drastic
regulatory
legislation, Senator King
of Utah said in a statement
Made public on July 26. According
to the "United States
Daily" the Senator again announced his intent
ion of asking
at the regular session of the 71st Congress, which conven
es
in December,for pressing for action
on his resolution (S. Res.
71) for an investigation into the
increase in loans And stock
market activities. The full text of
Senator King's statement
is taken as follows from the paper
quoted:
(pain.)
[Vo,129.
Eurepe's ecenomIc state in comparison he pictures as deplorab
le. With
trade depression hanging like a thunder cloud
over Europea
changes and political complications always possible, it is notn stock exsurprisi
ng,
according to the writer, that money, which is the most sensitive
and mobile
commodity wed,should fly to the fairer
fields of the United States. America
today is seen as the goal of refugee capital,
just as a generation ago she was
the goal of political fugitives.
Viscount Rotherrilere describes Wall Street as a celpssal
suction pump
draining the world's capital
creating a vacuum in Europe. The
sources or guropo's credit, he and
adds,
are drying up, and since most of the
smaller countries of the Continent always lived by
mortgaging their future
revenues. the Process threatens them with bankruptcy and ruin.
The expansion now going on in Wall Street, the writer asserts,
is the
greatest financia
l phenomenon of any age, and will have vast and widespread consequences. The
absorption of European capital in America
he sees rapidly giving to the United
States the financial empire of the
SfOrld• Greet Ellredlean banks, with the exception of the Bank
of England
and the Bank of France, will tend increasingly
to become dependencies of
the Federal Reserve Dank of Now York, in his opinion
.
"These are facts which emphasize for England the supreme importance
of Strengthening still further our good relations with the united
states,"
he concludes. "By closer co-opera
tion with thq United States, by copying their modern methods and securing
their friendly aid, we shall be
using the best means to extricate our
own older and hardly tried °caw:gate
organization from the difficulties which
so clangorously beset it."
New York Real Estate Securities Excha
nge to Open in
New York Oct. 1 for Trading in Real Estate Securi1w cyrua C. Miller.
Announcement that the New York Real
Estate Securities
Exchange would begin operat
ions in this city on Oct. 1 was
made by Cyrus C. Miller, Presid
ent of the Exchange, at a
luncheon on July 31 to editors
and publishers of New York
newspapers, at the Uptow
n Club. The new exchange,
which will have its quarters
at 12 East 41st St., will function,
New York brokers' loans yesterday reached the unprecedented
height
of
accord
ing to Mr. Miller, as the
nearly $6,000,000,000.
,
New York Stock Exchange
Undoubtedly brokers in other parts of the United States have
large dons in its field. In addressing the gathering Mr. Miller
borrowings, perhaps aggregating 81,000,0
00,000. The total loans to said in part:
brokers will
certainly amount to 87,000,000,000. Individuate, oarneratienS,
inVestMent trusta and other corporat
ions not falling Under the classification
of banks have loaned to brokers a very substant
ial portion of this aggregate
amount. Perhaps not more than one-half of these
to brokers were
made by banks. state and national. I do not havploans
figures before me but
my recollection is that the loans made by
banks within the Federal Reserve
System exceed by $1,000,000.000.
It is a matter of surprise that so large a part of the brokers
loans C011(113
from individuals, iodustrial anti business corporat
ions, investment
and various forms of investment and securitie
s companies. It means that.
Capital is being withdrawn from business
enterprises and used to aid and
promote stock speculations. The high rates
of interest paid for these loans
are a powerful magnet to draw money from
savings banks and from business
enterprises and from prospective industrial develop
ments.
Funds are withdrawn from all parts of the United
States to meet the
demand of brokers. People withdraw their Accounts
savings ban*
which pay 4%, attracted by the, much ItiglInf rates from
Paid for money for
speculative purposes, and funds from Canada
ard other countiles are
transmitted to the United States, attracte
d by the high rates or interest
paid for money by brokers and those
engaged in stock speculations.
This condition is =wholesome, and in the long run will
Prove injurious
to the country.
Tne stock
-gambling mania is rampant, and thousands of individnalg
who cannot afford to speculate in
or buy on margins are drar(14
Within this destructive maelstrom. stocks
Only recently stocks declined nearly
two billion
dollars in a few days and thousands of persons were victimiz
ed,
many being forced into bankrup
tcy.
Persons who bet upen races or upon cards
who
or
indulge
In
the
game
St "craps" are often arrested for gamblin
The losses sustained by the
American people in stock speculations and g.
the operation, of stock and grain
exchanges amount to hundreds of millions
of d911„ars annually. This
sitnation will sooner or later bring about drastic legislat
ion.
Viscount Rothermere of Great Britain Sees Wall Stree%
as World Power—Calls It Greater Than League,
More Subtle Than Bolshevism—Wants Britain to
Cement Ties of Friendship With Us in View
of Our
Growing Power:
In its issue of July 28„ the
New Yprk "Times" priated the
following Associated Prom Account from Londo
n July 27:
The tiondnant Influence of American financial strength in the world's
economic affairs makes it
ly important for Great Britain that she
Improve her relations withsupreme
United States, in the opinion of Viscount
Rothertnere, noted British the
editor,
in The Sunday Pictorial. His attic's
was headed "Will Wall Street Swallow
The publisher describes Wall StreetEurope?"
as another world power, having
more authority than the League
of Nations and "more subtlety than
Bolshevism."
The rise of this great financial
world power, Viscount Rothermere declares. ought to be a cause for
satisfaction and not resentment for Great
Britain.
"When the present glut of capital
in
plus." he says, "we should do everythiAmerica at length produces a surng
together
with American technical skill and experienpossible to attract it,
revitali
ce, to the task of
zing
and developing depressed British
industries. This is Britain's shortest
road to industrial recovery and all
handicaps of the investment of American capital in our country, such as the
fication of American shareholders from voting, should be removeddisquali
,"
Pointing to the United States'
situation. Viscount Rothermere
asserts that the statement the warnatural
made America rich
is only partly true
and that with such supreme advantages
nothing could keep the United
States from becoming the richest and most
On Qct. 1, the New York Real Estate Securities Exchang
e will be opened
at 12 East 41st St. for trading
real estate securities. For the real estate
field it will function as the NowinYork
Stock
Exchang
e
does
in its filed.
The unit of bnsittess operation has 4oc.roalie
of the real estate unit, particularly with ci in pie. and with the growth
regard to buildings and their
operation, financing by individuals has become
incompatible with progress.
In addition to the normal interest in real estate,
many people will now be
concerned with it through increase in the application
of collective ownership
which the exchange will afford.
To use the principle of collective ownership, real estate
securities in the
form of mortgage certificates and stock in corporations owning
property
have been bought and sold for a number of years.
But the ability of corporations to obtain funds for large scale operatio
ns
in this way has been hampered by a lack of facilities for
securities. The trouble lay in the reluctance of investor marketing their
to
s
place
their
money in securities which were not readily saleable and for
which there was
no authoritative source of information as to their soundne
ss.
It is the purpose of the New York Real Estate
es Exchange to
make real estate securities liquid by providing a Securiti
market where real
estate stocks, bonds, and other securities mayregular
be negotiated, sold and
transferred. In addition it will urge banking institutions
to arrange to
finance real estate transactions and the transactions growing
out of real
estate.Exchange
The
will direct its efforts also to safeguard tho interests of both
dealers and investors.
Proposed listings will be rigidly investigated.
acceptance or
rejection will be based on appraisals of property andTheir
examina
financial condition, the records of past activities, and the tion of the
personnel of
corporations and individuals offering securities. This informat
will be
made available to prospective investors so, if they 'wish, they ion
may form
independent opinions on the basis of responsible data.
Through the mutual benefits to the Investing public, real
estate men.
and the people whose interest in real estate Ls founded on their
every day
use of it, the Exchange will give new life to the real estate
business
.
Stabilization of the real estate market values will be an outstan
achievement through its tendency to curtail blind speculation and its ding
strong
emphasis of the aspect of sound investment.
Real estate men whose securities are accepted will gain sales
prestige by
having their securities bear the approval of the Exchange,
and the public
will be served both by the liquid market as well as by the
Exchangna(Bscouraf ement of unsound offers.
New York partimilarly will find the Exchange of two
-fold
importance,
eal estate operatera will be given the means to obtain
larger capital mr
more ambitious and better developments In the city
and
its
presence
here
will strengthen the financial leadership of New York.
What the public in general will be most interest In. I
believe, will be
what effect the improved method in financing willedmean
commercial building. That larger financial capacity will to domestic and
enable
real estate
operators to work in larger units, Is a certainty. It
also followa that greater
efficiency is possible in larger units. Changes
which
will
the daily
Intimate lives of the people are the logical wake to be madeaffect
by the forward
movements of the Exchange. What happens as result
a
of
the
inaugur
ation
of the Exchange will touch millions.
We realize keenly that the New York Real Estate Securities Exchang
e
must merit public faith and that the degree of confiden
ce it ieseine in the
public will measure its success.
Although it will be revolutionary in the real estate field in
America, the
Exchange does not start under a handicap of strangeness
unfamiliarity
to investors as a method of buying and selling securitieand
s. The public is
already acquainted with the salient features of its operatio
n, for, in general,
It is patterned after the New York Stock Exchange.
The necessity of launching the project under a sponsorship enjoyin
g the
firm confidence of the public has been acknowledged as a
site to
success. For this reason, it was decided that the Real Estateprerequi
Board of New
York should be the sponsor. It stands responsible for the discharg
e of duty
powerful nation in the world.
Work and money-making, says the
r, are almost the sole inter- assumed by real estate on its initiation into the field of organized
ests of the entire American nation. ptiblishe
financial
Americans have few hobbles, no markets.
leisured class and rarely retire from bnsiness,
he declares, and the presiThe
of
the
Exchang
e
restrict
is
ed to members of the Board,
dent of any one of a score of American corporations is a
but this does not confine the membership to New York City
than any political president or Prime Minister in Europe. greater figure
real estate men
Statistics and to the exclusion of those in other cities, nor does it prevent
salesmanship are the scientific hobbies of the nation.
of securities on property throughout the country. The various classeslisting
of membership.
Ava. 3 1929.]
FINANCIAL CHRONICLE
s on property in Seattle.
permit memberships in other cities and securitie
listed if they pass the test of
Washington, or Brownsville, Texas, may be
soundness.
Exchange, but the Exchange,
The Board pledges its character for the
the limit of its possibility for
however, in order to carry out its function to
must earn and maintain
the benefit of investors and the real estate field,
confidence on its own merit of service.
news to the members of the
The Exchange will be a source of interesting
of the public toward the
community, because it will reflect the attitude
a safeguard to the whole public,
basic values of real estate. It will act as
upon which your prosperity and ours rests.
Aaron Rabinowitz is ViceThe organization is fully manned. Mr.
r; Anton L. Trunk is Secretary;
President; Morton R. Cross is Treasure
Governors, consisting of twenty
Peter Grimm is Chairman of the Board of
names are well known throughout
other prominent real estate men whose
of the Membership Committee;
country; J. Clarence Davies is Chairman
Edward L. Bernays has been
T. S. Mersereau is Business Secretary.
press and advising on our
charged with maintaining relations with the
public relations.
735
ng the
comments as follows on the Macallen decision involvi
franchise tax law of Massachusetts:
Payment of Bank Taxes.
office concerning the effect on the
Many inquiries have come to this
recent Macallen decision in the United
new California bank tax law, of the
g the Massachusetts statute govStates Supreme Court in a case involvin
The Macallen decision is to the
erning the taxation of corporations.
corporation the state taxing authorities
effect that in case of an ordinary
pt bonds in estimating the amount
can not include the incomefrom tax-exem
ions should pay. The United States
of franchise or excise tax the corporat
in the Macallen case specifically
Supreme Court in rendering the decision
of including income from tax
reserved for further consideration the matter
that a national bank should pay.
exempt securities in estimating the tax
setting forth general principles which
In brief. the Macallen decision, while
national and state banks, does
may later be extended to the taxation of
ionality of the California method of
not specifically decide the constitut
taxing national state banks.
commissioner, states that he has
Mr. Reynold E. Blight, franchise tax
and Massachusetts that the
York
New
from
ion
informat
direct
received
tax returns
states intend to submit their franchise
two
these
of
banks
Reas required by their respective franChatham Phenix Review Cites Record-Breaking
to their respective commissioners
California franchise tax act. Bankers
chise tax acts, which are similar to the
turns from'Stocks and Bonds.
in making their moons intend to disin Massachusetts and New York
the
in
and
bonds
stocks
from
It seems to me that this action on
Record-breaking returns
regard wholly the Macallen decision.
to the
Massachusetts banks is of great interest
United States are tabulated in the August issue of the the part of New York and
banks of California will
California. We are hoping that the
m
of
Chatha
by
31
bankers
July
on
uted
distrib
the
s
income,
Outline of Busines
including in the gross
transmit their franchise tax returns,
the refund provisions of the
Phenix National Bank and Trust Co. The bank's summary income from tax exempt securities. Under
a banks will not surrender any of
California franchise tax act the Californi
says:
should, so
of holders of principal their legal rights by so doing. It is my belief that the banks
"Dividends and interest paid into the pockets
on
the franchise tax commissioner's suggesti
American securities in the half year just closed total approximately $3,265,- far as possible, comply with
oner's
commissi
tax
franchise
the
confirm
ent.
banks
e
e
Departm
S.
U.
the
respectiv
Commerc
to
the
if counsel for
545,000, it is shown by data reported
s, while the remaining opinion above quoted.
Of this sum $1,264,500,000 represents dividend
of New York
interest.
is
15,000
$2,001,0
In reporting that Attorney-General Ward
increased by
"These figures are preliminary and will almost certainly be
ey-General
Attorn
the
with
ating
co-oper
was
are
he
s
is
They
that
of
made.
payment
tally
indicated
many millions of dollars when a final
Supreme
S.
U.
the
to
for
data
tion
with
similar
afford
on
they
applica
comparis
an
valuable, however, for the
of Massachusetts in
en case. Albany advices
Macall
previous years.
the
of
ment
reargu
a
for
Court
in interest
In the corresponding period of 1928 a total of $2,878,405,000
the current year's June 18 to the "Wall Street News" added:
and dividends was reported paid. As against this figure
d with
Compare
or
13.5%.
.000
Court declared that the Bay State
payments show an increase of $387.140
In the Macallen case the Supreme
income by which the tax is
the me total of $2,769,230,000 the gain for 1929 is $496,225,000 or 17.9%.
corporations could not include in the
taxing
in
bonds or
The heaviest rate of increase is found on the dividend side, where pay- measured interest received by corporations from United States
with
d
that commonwealth.
of
ities
municipal
or
ments this year are found to be 15.9% above last year, compare
counties
the
from the bonds of
11.9% for interest. Uptrending profits in recent months have enabled
Decision Far Reaching.
the
some 580 corporations to declare increased or extra dividends since
importance, Attorney General Ward
nding
correspo
the
reaching
in
as
385
far
against
of
Is
disclose,
records
the
decision
of
The
year,
the
first
224 a pointed out, because of its effect upon the new method of taxing financial
period of 1928. Initial declarations number 508 compared with
a
year there institutions and corporations adopted by many of the larger states as
Year ago. Only 26 dividend reductions are reported where last
formerly in operation.
substitute for the haphazard systems of levy
were 34.
chiefly
statute
"the
"In this state." Attorney General Ward added,
This record distribution of investment income offers one explanation of
law (articles 9-b and 9-c) levying a
the sustained purchasing power of the American people which is enabling affected is the amendment to the tax
institutions,
financial
other
and
s
franchise tax upon banks, trust companie
them to absorb an output of goods never before equalled.
data of the revenue from which is paid to the cities, towns villages and school
Another reason for the nation's well-filled purse appears from
be districts of the State. If the decision stands it is estimated that the loss
the U. S. Labor Department which shows manufacturing payrolls to
aggregate upward of $4,500,000
the
on
is
This
last.
than
year
this
larger
of revenue to the municipalities will
running approximately 10%
with a annually. These estimates are based upon past collections under this
basis of reports from nearly 13,000 establishments in 54 industries
weekly wage-roll aggregating $97,954,378. Industry it is thus seen is helping new tax."
Ward announced that he had desigAt the same time Attorney General
furnish the means to maintain the markets for its own wares.
Brown, Corporation Tax Expert,
P.
the
Wendell
of
measures
Attorney
accurate
most
the
Assistant
of
nated
Retail trade is claimed to be one
General
upon daily to represent him at a conference in Boston, at which the Attorneys
Based
s.
of
consumer
mass
great
the
of
n
financial conditio
decision
5% larger or their representatives of various states affected by the Macallen
average sales the country's retail turnover is approximately
court for a reargument of the case.
framed the application to the highest
than in 1928: latest Federal Reserve Board data indicate.
and Seth Cole, Counsel to the
n
Graves
America
Mark
s
of
large
oner
quantitie
take
to
Commissi
State Tax
Foreign markets also continue
were present at this conference.
Departfinance,
and
e
S.
U.
Commerc
by
taxation
the
reported
of
exports
ent
ise
Departm
products. Merchand
89,000 last
ment total $2.627,142,000 to July 1, compared with $2,377.9
year.
industrial New York Federal Reserve Bank on Gold Movement.
and
home
at
abroad
both
from
Under this stimulus of demand
average
to
d
are
which
estimate
at
levels
ed
maintain
being
is
production
of New York reports that
short • The Federal Reserve Bank
15% above last year. Seasonal recassions in most lines have fallen
inflow of a moderate amount
further
a
has
"during July there was
of expectations. This is especially so of steel where unfilled tonnage
ation of the movements
continu
a
nted
declined only slightly in spite of continued heavy shipments.
represe
which
gold,
of
In the automobile plants Increased activity is forecast with the August
d in June." In its
reporte
na,
Argenti
and
d
The year's record-breaking output now stands at from Englan
production schedules.
Bank further come
Reserv
3,222.033 machines to July 1, compared with 2,201,521 in 1928.
Aug. 1 "Monthly Review" the
Agriculture is finding encouragement in recent recoveries in the prices ments as follows on the gold movement:
$10,000,000 in the first
of important farm products, including wheat, rye, cotton, cattle and
Receipts from London totaled approximately
hogs. The general level of farm prices was higher on July 15 than on June half of tho month, but as sterling exchange became somewhat firmer in
remain
Imports from Argentina
15. according to the U. S. Agriculture Department, and is likely to
July, no further shipments were reported.
l sales of gold in
so during the next two months.
amounted to nearly $21,000,000 in July and additiona
l0.000.
$2,331.1
totaled
1929
year
fiscal
the
for
ns
during the month.
reported
Income tax collectio
were
York
Now
to
t
for
Aires
shipmen
year. Buenos
ng of $20,000,000 of
the U. S. Treasury announced, an Increase of $156,53;,000 over last
These imports were partly offset by the earmarki
Largely because of this the Government was able to close its books with gold at the Federal Reserve Bank of New York for foreign account, and
s
gain to the monetary gold
a surplus of $185,000,000 maintaining unbroken the record of surpluse
exports of less than $1,000,000, so that the net
approximately $10,for each year since the budget was instituted.
stock of this country through these transactions was
any month since
000.000 in July, which was the smallest net gain for
Cuba May List Our Stocks—Havana ETchange Names January.
England to ova.
The July imports brought the total receipts of gold from
Group to Study Quotation Problem.
000 during the
$48.000,000, and the total from Argentina to about $51,000,
these movements there
Assoeiated Press advicos from Havana, July 29, published first seven months of this year. In addition toalso
earlier
Canada
from
were substantial shipments from Germany and
of
in the New York "Times" said:
these Imports have been partly offset by a net increase
but
year,
the
in
s
so that the
The Havana Stock Exchange may soon be quoting American securitie
about $20,000,000 in the amount of gold held under earmark;
since the
on the local exchange.
total gain of gold through net import and earmarking transactions
An investigating committee has been named to consider the feasibility
first of the year has amounted to about $184,000,000.
or
Street.
"Boise."
the
liavana
on
business
god in
increase
of
to
ns
s
quotatio
purchase
ofsuch
The principal gold movements abroad in July were
viewpoint
London for shipment to Germany and France, which, from the
In printing the above the "Times" stated:
t than purchases
for the listing of American securities of the British money market, were much more importan
No arrangement has been made as yet
a total of at least
far as could be learned here. It was for shipment to New York. New reports indicated that
so
e,
Exchang
Stock
Havana
the
shipment to
on
to consider the matter $36.000,000 of gold was taken in London during the month for
understood that the investigating committee named
$41,000,000 for shipment to Paris.
about
and
.
Berlin,
e
interests
Stock
with
Exchang
confer
to
here
may send representatives
said they did not think the Havana
Members of Now York Exchange houses
in obtaining securities for its list.
Exchange would have any difficulty
York Federal Reserve Bank on Economy in Use
New
of Currency.
on
en
of
Decisi
Macall
Law
Bank
Effect on California
ly Review" of the Federal Reserve
1
"Month
Aug.
the
on
From
Involving Massachusetts Law Governing Taxati
of New York we take the following:
amount
of Corporations—Decision Far Reaching According Bank
During the past few years there has been a decline in the total
.
eneral
ey-G
when business
to New York State Attorn
of currency in circulation in the United States during a period
all
exceeded
been generally active and production in several lines has
William C. Wood, California State Superintendent of has
to be unusual and contradictory.
appears
this
While
marks.
high
previous
n
ment Bulleti for July,
Banks, in the State Banking Depart
736
FINANCIAL CHRONICLE
[voL. 129.
an analysis of previous years shows
that for some time there has been
going on in this country a continuous economy
in the use of currency.
The accompany chart [this we omit, Ed.] presents
a comparison of the
amount of currency in circulation (after deducting
cash held by the banks)
with the long-term trend of growth of the
trade of this country,and with
an index of the general price level, all of
which were calculated by this
bank. This comparison shows that, after allowing
for the trend of business growth and for changes in the price
level, the use of currency has
been declining almost continuously for at
least 45 years. During the
greater part of this period the tendency to use less currency
has been obscured by the increase in the population and business
activity of this
country, or by a rise in the general level of prices, or both,
with
a consequent increase in the total currency requirem
ents, and it has only been
within recent years that the tendency has become plainly
apparent.
The effects of changes in the general price level
on currency circulation
are strikingly shown during the late war
and the post-war recession. In
fact, the Increase in currency circulation
from 1917 to 1920 appears to
have slightly exceeded the rise in the
price level and the growth of trade,
so that there was a temporary rise in the adjusted
currency figures, shown
in the lowest line. This may have been due
to the fact that a considerable
amount of currency, although nominally in circulati
on in the United
States, actually was taken out of the country
during the war and immediately following, and did not return rapidly until
the period of depreciation
of European currencies had largely
ended. The renewed decline since
those years, however, appears to be in line
with tendencies which were
operative for a considerable period prior to the
war toward an increased
use of checks for payrolls and other transact
ions, and reductions in the
amounts of currency carried or hoarded.
Federal Reserve Bank of New York on Money Market
in July—New Sized Paper Currency Increases Currency Circulation $100,000,000.
The demand for the new paper currency served to increas
e
the demand for credit during July according to the Federa
l
Reserve Bank of New York, which in discussing the money
market in its Monthly Review August 1 says:
Recommendation—The Federal Advisory Council believes
there is a relationship between the discount rates established
by the Federal Reserve
banks and the New York call money rate. The
establishment of a 5%
rate by most of the Federal Reserve banks has been
followed by a minimum
renewal rate of 6% in the New York call money
market, the actual rate
depending upon the supply of and demand for money
on the New York
stock market from day to day. A change at this
time of the rediscount
rates in either direction is not regarded as advisabl
e, having regard to the
needs of the commercial, industrial and agricultural
interests and the speculative situation. A raising of the rates would
be detrimental to business
interests and a lowering would probably encourage
continued speculation
on the stock markets of the country.
Topic No. 2—The effect of open market operations
and buying rates
of the Federal Reserve System on the security loan
market.
Recommendation—The open market operations have a direct
and immediate influence upon all money markets. The buying
rates prevailing In
the open market operations should not
be inconsistent with the policy
adopted in fixing the rediscount rates.
Topic No.3—The relation of security loan rates to other
money rates.
Recommendation—The demand for loans on securities has
undoubtedly
caused an advance in interest rates generally. However
, the requirements
of business have been fully met at preferent
ial rates which have not been
burdensome or restrictive.
Topic No.4—The proper function and use to be made
of banking investments in brokers' loans.
Recommendation—Insofar as this refers to non-customer
loans, the
Council is of the opinion that such investm
ents are proper for member
banks to make with surplus funds
only except for the purpose of meeting
a temporarily disturbed situation. Member
banks, however, should not
borrow to carry these loans solely for the purpose
of making a profit.
Topic No. 5—In the opinion of the Council, under
what conditions and
what methods of policy, management or
operation, may the Federal
Reserve System in discharging its duties under
the Federal Reserve Act
use to prevent a seepage of Federal Reserve
credit into the call loan market.
retaining at the same time every assurance
of a minimum interference with
the free play of credit to accommo
date business and commerce.
Recommendation—The Council in its answer to Question No. 4 has indicated the co-operation which it believes
the member banks of the System
would give to the Federal Reserve banks
in order to prevent a seepage of
Federal Reserve credit into the call loan market. In
the opinion of the
Council this is the most effective method of accompli
shing the desired object.
Money conditions in New York were firmer in July than
in June, accompanying heavy indebtedness of New York City banks
at the Reserve Bank,
which persisted after the passing of the usual demands
of
The recommendations of the Council to the Board earlier
and 4th of July holiday. The chief causes were curiosity the mid-year
a
demand for the in
new sized currency issued on July 10 which led to an increase
the year are indicated as follows in the report:
of
$100,000
,000
In the amount of currency in circulation, and an increase
d demand for credit
largely for the security markets. The influence
of both these causes was
largely concentrated upon the New York money
RECOMMENDATIONS OF THE FEDERAL ADVIS
market.
ORY COUNCIL.
There is ordinarily a close similarity from one
year to another in the
amount of currency required for the Juno month-e
February 17 1928.
nd and the fourth of
July holiday. This year the changes in the
No recommendations were made by the Federal
total volume of currency in
Advisory Council at
circulation outside of the Treasury and the Reserve
Banks from the first its first meeting in 1928, held Friday, Feb. 17.
of June to July 8 paralleled the changes
of last year; there was a regular
ebb and flow of about $50.000,000 of currency
May 18 1928.
each week,and an additional
outflow over the end of June and the fourth
Topic No. 1—Discount and open market policy of the Federal
of July amounting to about
Reserve
$100,000,000 for the country as a whole.
System.
For a few days beginning with July 9,
Recommendation—Report by Gov. Roy A.Young but
however, the similarity between
no recommendation
currency movements in the two years suddenl
y ceased, and when it reap- made by Federal Advisory Council.
peared again after July 15 the total amount
Topic No. 2—Purchase and sale of Government securitie
of outstanding currency this
s by Federal
year was running about $50,000,000 above the
corresponding days in 1928, Reserve banks for their own account apart from the system's open market
whereas before July 8 the volume outstand
ing had been running nearly investment account.
$50,000,000 below a year previous.
Recommendation—The Federal Advisory Council believes it to
be desiraThe effect on the banks of this extra demand for
currency was to increase ble to include in the open market portfolio of the Federal Reserve System
by a corresponding amount their indebtedness at
all
operations connected with any Government security holdings
the Reserve Banks. As
of the
is frequently the case, the demand on banks through
out the country ap- system. This would seem to be the only means of making the policy of
pears to have been met largely by their withdra
wing funds they had in the open market committee effective.
New York City; consequently almost the full
Topic No. 3—The desirability of requirin
burden of the increased borg member banks in Federal
rowing had to be carried by the New York
City banks. The increased Reserve bank and branch bank cities and in other cities designated by
the
indebtedness incurred by these banks over the midFederal
Reserve Board from time to time to calculate and adjust their
year period could not
lawbe retired rapidly between the 7th and the 15th of
July, as is usually the ful reserves daily instead of on an average semi-weekly basis as at present.
case, but was largely continued throughout
Recommendation—The Federal Advisory Council is emphatic
the month.
ally opposed
to any further shortening of the period
for calculating and adjusting reserves
Demand for Credit.
because
of the unnecessary disturbance to current
The second factor in the heavy indebtedness of
business
caused thereby.
Now York City banks The Council regards the suggesti
was the sustained demand for credit. The
on to require a daily adjustment of reserves
accompanying diagram [this as being aimed at a relativel
we omit, Ed.] shows that after the April
and May liquidation there was Council that the purpose y few offending banks. It is the view of the
desired could be attained if regulations were
again a rapid expansion of credit, which was
considerably in excess of the adopted penalizing those banks
abusing the present average system. The
temporary mid-year increase which frequently occurs,
and which was not Council begs to inform the Federal Reserve
Board that it will file a memoliquidated to any considerable extent after the mid-year
period had passed. randum reciting in detail the difficulties and
The greater part of this increased demand for credit
disturbances which would be
caused by the suggested change
took the form of bor
the
in
rowings by security brokers, but there was also
calculation and adjustment of
an increase in the demand reserves.
for credit for commercial and agricultural purposes
. This increased demand
Topic No. 4—The desirability of recommending
for credit was largely concentrated upon the
legislation amending
New York City banks and was Section 19 of the Federal Reserve Act relating
to required reserves of memresponsible for the rapid increase in their borrowings
during Juno. Between ber banks and of writing into law a complete
definition (along the linos of
July 1 and July 24 these banks reduced their brokers loans consider
ably as the Board's Regulation D) of what constitutes savings
funds became available from out-of-town banks
and other time
and other lenders, but their deposits.
total loans and investments on the latter date
remained about 400 million
Recommendation—The Federal Advisory Council
believes
higher than at the end of May. The increase
that it would
in loans was accompanied be inadvisable to approach the Congress on
the question of reserve reby a steady and substantial withdraw
quirements and definition of savings and other
al of deposits from Now York.
deposits or any like matters.
The Federal Reserve banks and the Comptrol
ler of the Currency through
Informat
obtained by the examiners should be able to
correct the abuses
Recommendations of Federal Advisory Council to Fed- referred ion
to in the topic suggeste by the Federal Reserve
Board. In general Reserve Board During 1928 on Discount Rates, eral, Regulation D seems to thedCouncil
equitable and just. It might be
d to prevent some of the abuses which
Speculative Restrictions, Open Market Policy, &c. amplifie
have developed, such as the
withdrawal by check of savings and time deposits
and the lack of a clear
In its complete report covering
distinction between demand and time deposits
the operations for the year ered
. The Council has considthe matter of reserves to be required in the
1928 (made available June 10)
recommendation to Topic 6.
the Federal Reserve Board
Topic No. 5—The advisability of formulating
has incorporated the recommendati
a program of advising all
ons made to the Board member bank directors as soon as possible of their
legal responsibilities
by the Federal Advisory Counci
ally arising out of non-compliance with the
l at various periods during individu
reserve requirements
of the Federal Reserve Act on the part of their
the year. From this it is reveale
respective banks.
d that "the relation of
Recommendation—The Federal Advisory Council
Federal Reserve discount rates
does not favor communiand security loan market cations such as suggested except in cases of persiste
nt wrongdoers. The
rates" was considered last Novem
regulations appear to be adequate.
ber, and, according to the present
Topic No. 6—The desirability of revising
report, the Council expressed it as
the
present
list of reserve
its belief that "there is a cities and including in the list certain cities
not now so designated which
relationship between the rediscount
are within a short distance of a Federal
establi
rates
shed
by
the
Reserve bank or branch city and
Federal Reserve banks and the
cities in which a largo volume of bank
New York call money rate." other
deposits are carried.
Recommendation—The Federal Advisory
We quote as follows from the report
Council believes those cities
regarding the Council's should be designated as reserve cities whose
banks are carrying a subrecommendations on Nov. 22:
stantial volume of deposits from other banks.
November 22 1928.
September 28 1928.
Topic No.1—Therelation of Federal
Reserve discount rates and security
Topic No. 1—Business conditio
loan market rates.
ns in the respective Federal Reserve
districts.
Atm. 31929.]
FINANCIAL CHRONICLE
737
ing institutions,
and report banks, capital at time of merger, continu
Recommendation—Members of the Council have been polled
aggregate and date of mergers, is as follows:
The
basis.
sound
a
on
and
good
is
generally
that business
part of
Date of
Capital at
volume is greater than the most optimistic forecasts of the earlier
Continuing Institutions— Merger.
Time of Merger.
Absorbed Banks—
the year prophesied.
Apr. 12 1926
National Bank
Chase
00
$10,000,0
Nat—
on
business.
rates
Metals
t
&
rediscoun
g
Mechanics
June 26 1926
Topic No. 2—Effect of prevailin
2,000,000 National City Bank
rates have not retarded Peoples Trust Co
Aug. 7 1926
Liberty National Bank
Recommendation—The prevailing rediscount
by the Peoples Commercial Bank_
Aug. 14 1926
n Co
Manhatta
200,000
business since its demads have been taken care of satisfactorily
t
Bank
GreenPoin
20 1926
-Sept.
Co.
Trust
&
by
Bank
Irving
favored
been
2,000,000
Nat. Butchers ex Drovers
banks in this time of high money rates and generally have
Central Mere. Bk.& Tr Oct. 13 1926
1,000,000
Bank
are
the
banks
American
disposed
believes
National
11 1926
--Dee.
Co.
a preferential discount rate. The Council
Trust
&
Bank
Irving
7,500.000
s as long as pos- Amer. Exch. Pacific Nat
1927
to continue this practice of favoring commercial borrower
300.000 Central Mere. Bk. & Tr— -Tan.
Bank
per- Broadway Central
Nat Feb. 18 1927
or
less
River
a
more
of
East
Bowery
financing
some
that
1,000,000
noted
be
Bank
also
It
should
sible.
Discount Nat.
1927
26
r.
Bank—Ap
National
Hanover
1,000,000
Greenwich Bank
July 1 1927
manent type has been delayed by the present high money market.
800,000 Interstate Trust Co
Franklin National Bank_
1927
July
Bank
alth
Commonwe
Topic No.3—Open market committee.
1.000,000
1927
any intention Montauk Bank
250,000 Manufacturers Trust Co Aug. 1
Recommendation—The Federal Advisory Council without
Trust CoAug. 1 1927
of Standard Bank
s
rers
all
Governor
Manufactu
that
order
in
but
2,500,000
ents
arrangem
Bank
of criticizing the present
Commonwealth
1927
10
Aug.
Co
n
Manhatta
400,000
up Bank of Wash'n Heights-.
ns
Oct. 31 1927
the Federal Reserve banks may participate in the discussio leading
200,000 Municipal Bank
to the Federal Reserve Nostrand Bank
Dec. 28 1927
Bank
National
Chase
to actions of the open market committee, suggests
500,000
Jan. 10 1928
ip of the open Mutual Bank
200,000 Brooklyn Trust
Board to consider the advisability of having the membersh
of Coney Island
Jan. 20 1928
Interstate Trust Co
banks Bank
Hamilton National Bank.... 1.500,000
market committee consist of all the Governors of the Federal Reserve
Feb. 1 1928
National
Seaboard
00
with full power to New Netherland Bank...-600,0
b. 20 1928
with an executive committee composed of five members
700,000 International Ger. Trust..Fe
Terminal Trust
Mar. 10 1928
2,000,0001
act.
National Bank.__.
Capitol
10 1928
Mar.
Tr{
Bk.&
to
Nat.
et
1919
its
revoke
ruling
Cap.
United
Board
Topic No. 4—Suggestion that the
National Bank.... 2,000,000
Mar. 10 1928
from United
1,000,000
Longacre Bank
Mar. 30 1928
the effect that balances due from foreign banks may not be deducted
Exchange
Globe
200,000
in calculating its reserves.
Bushwick National Bank,..
Apr. 30 1928
Bank of America
balances due to other banks by a member bank
ruling Bowed& East River Nat. 4.000,000 Bank of America
Apr. 30 1928
1,500,000
Recommendation—The Council understands fully the need of the
alExchange
Commerci
21 1928
—May
States—
United
of
under
now
that
Bank
urges
strongly
it
3,500,000
of 1919 at the time it was made, but
5 1928
Central Mere. Bk.& Tr—
June
Manufacturers Trust
June 18 1928
altered conditions deposits in foreign banks immediately available be made United Cap. Nat.Bk.&'Fr. 5,000,000
Bank
Century
100,000
of
banks.
reserves
member
2 1928
ug.
required
te
r
the
Bank
DeweySta
figuring
in
item
•
e
Co
a deductibl
500,0001 City Trust
Atlantic State Bank
Aug. 2 1928
Topic No. 5—Suggestion that the Board's regulations be amended so Harlem Bank of Commerce 1,250,000f
1928
27
g.
u
StatesUnited
of
Bank
by
Federal
600.000
as to fix seven days as the minimum limitation on advances
Cosmopolitan Bank
Sept.28 1928
00
Sept.28 1928
Reserve banks to member banks on their promissory notes secured by eligible Flushing Nat. Bk.(L. I.).-200,0
n Co
Manhatta
150,000
Queens-Bellaire (L. I.)
Sept.28 1928
paper or Government securities.
100,000 Manhattan Co
Whitestone Nat.(L.IJ
Sept.28 1928
100,000 Manhattan Co
Recommendation—The Federal Advisory Council Is opposed to the above Bayside Nat.(L. I.)
Dec. 1 1928
Exchange
Globe
will
300,000
amendment of the Board's regulations. It 8001119 to the Council it
Bank of Glendale (L. I.).. 1,500,000
Dec. 21 1928
Municipal Bank
Dec. 29 1928
tend to increase rather than diminish the funds available for speculation Seventh National
n Co
Manhatta
1,000.000
Borough Bank
Deo. 29 1928
and to increase the sale and purchase of Federal Reserve funds. It is obvi- Bronx
1,500,000 Manhattan Co
First National of Brooklyn
Jan. 26 1929
National
even
of
a
seven
Chase
days,
for
period
borrow
must
1,000,000
bank
member
a
if
ous that,
28 1929
Garfield National
5,000,000 Manufacturers Trust Co.-Jan.
though it needs the money for a shorter period only, such a bank will be State Bank
Feb. 8 1929
4,000,000 Brooklyn Trust
Bank
of United States— —Apr. 1 1929
Bank
compelled either to place Its idle funds temporarily at the disposal of the Mechanics
1,400,000
1 1929
Colonial Bank
100,000 Bank of United States-- —Apr.
call-money market or to sell such Federal funds to some other member bank. Bank of the Rockaways
May 6 1929
30.000,000 Guaranty Trust States.......May
12 1929
Bank of Commerce
United
of
Bank
5,000.000
May 15 1929
Municipal Bank
10,000,000 Central Hanover TrUst
National
1929
8,000.000 Chemical Bank & Trust—June 30
Seventeen New York City Banks Out of Fifty That Hanover
United States Mtge. & Tr_
Have Merged in Three Years Retain Identity—
Unprecedented Concentration of Banking Capital
Detailed by Clinton Gilbert.
The rapid and unprecedented elimination of independent
banking units in New York City in the last three years
is depicted in a tabular summary drawn up by the bank
and insurance stock house of Clinton Gilbert and made
public July 22. Of 50 banks absorbed by larger institutions
since April 12 1926, when the merger movement got its first
real impetus with the consolidation of the Mechanics &
Metals National Bank and the Chase National Bank, the
largest concentration of banking capital in the history of
the financial centre was achieved, representing practically
all of the mergers in this field during that period and leaving
but 17 with their former identity. The aggregate capital
represented by these mergers amounted to $125,050,000, or
within $15,050,000 of the present capital of the National
City Bank, conceded to be second only to Barclay's Bank,
Ltd., of England, in capitalization. Commenting on the
move, Mr. Gilbert says:
50 banks—Aggregate-1125,050,000
Co.. which is to be merged into the Inter
•Assets taken over by Mutual Trust
national Germanic Trust Co.
Suspended
Coinage Operations at Philadelphia Mint
during July.
2) stated
The "Wall Street Journal" of yesterday (Aug.
lphia
Philade
the
at
ed
suspend
were
ons
that coinage operati
annual
for
down
closed
was
Mint during July as the plant
the mint is shut
repairs and cleaning. Usually, it is noted,
but this year
repairs,
for
15
July
and
down between June 15
suspension was between July 1 and Aug. 1.
These mergers signify in the aggregate a degree of merger activity in
the short space of about three years never before enjoyed by the banking
fraternity in a similar period as well as a greater and more effective stimulation of investment interest that would not have been possible under the
previous diffused conditions with the 50 banking institutions, State and
national, operating independently. Not only have far stronger institutions been created, but in the cases of national banks which were merged
with State banks and trust companies the field of operations has been
automatically extended and made more profitable thereby.
It is of interest to note that there has been a constant relinquishment of
national banking charters in favor of State charters through these consolidations, thus giving the continuing institutions the broader powers
permitted them as State banks or State banks and trust companies. Trust
companies operate under State charter and their trust business provides
a substantial percentage of a State institution's earnings, hence one of the
reasons for the surrender of the national charter in favor of a State charter
when a national bank merges with a State bank.
At the present time, out of all these institutions which have been merged
with larger ones there are but 17 which have retained their old or similar
identity. The striking thing about this is that the competitive phase
of New York City banking, so far as the mergers here listed are concerned,
has been reduced by approximately 05%. ThLs does not, of course, take
Into consideration those institutions which have sprung up in the meantime.
It is probabip that this list of merged banks will be considerably augmented in the next identical period, the smaller being taken into the fold
of the larger institutions powered by greater capital. This deduction is
made as a result of the present disposition of the national and State authorities to countenance mergers when they are in the interest of greater banking
strength.
Committee To Act
Gov. Roosevelt of New York Names
sioner Moses'
Commis
on Recommendations of
g Law.
Bankin
State
of
n
Revisio
for
Report
announced intention,
In accordance 'with his previously
has aippointed a
Gov. Franklin D. Roosevelt of New York
ons for a
endati
recomm
the
study
special committee to
in the report of
made
law,
banking
State
the
of
revision
The recomRobert Moses, Moreland Act Commissioner.
ed in the
mendations of Commissioner Moses were contain
investigation
the
with
dealing
or
Govern
the
to
report
latter's
to the City Trust
of the Banking Department in relation
of July 13, page
issue
our
in
to
referred
was
report
This
Co.,
those who will
of
names
the
28,
July
on
ing
219. In announc
constitute the committee, Gov. Roosevelt said:
which I made the day after
Carrying out the definite announcement
Moses, Moreland Act
receiving the recommendations made by Robert
banking law, that I would
Commissioner, in relation to the changes in the
recommendations and the banking
appoint a committee to study the
and received acceptances from the following
Invited
have
I
general.
in
law
gentlemen to serve on this committee:
the Central Hanover Bank and
Mr. George W. Davison, President of
Trust Company.
of the Manufacturers and
Mr. Howard Bissell, of Buffalo, President
Traders People's Trust Co.
of the City Bank Assocn.
Mr. James Byrne, lawyer, formerly President
East River Savings Bank.
Mr. Darwin R. James, President of the
the private banking firm of J. P.
Mr. Russell C. Leffingwell, member of
of the Treasury.
Morgan & Co. and formerly Assistant Secretary
Co., formerly of the Investment
Mr. Ray Morris, of Brown Bros. &
Bankers' Association.
American Car and Foundry
Mr. William H. Woodin, President of the
Co.
Bank of United States and
Mr. Henry W. Pollock, Vice-President of
formerly State Senator.
of R. H.Macy & Co. whe is abroad.
I have also cabled to Mr.Jesse Straus
med gentlemen to serve I
At the same time that I asked the above-naChairman of the Banking
W. Cheney,
Nelson
yman
Assembl
invited
also
W. W. Campbell, Chairman
Committee of the Assembly, and Senator
the Senate. Up to the present time I have
of the Banking Committee of
a reply from these two gentlemen.
not yet received the courtesy of
Only in one instance in the period under review, it is
pointed out, has a national bank linked up with a State
bank and at the same time retained both national and
State charters. This case is that of the National City
"
Noting the appointment of the Commission, the "Times
Bank's acquisition of a controlling stock interest in the
part:
r,
is
It
pointed
in
out,
Co.
howeve
said
Trust
29
&
July
Loan
of
Farmers
fields of banking, including
The commission represents the four chief
that this was not a merger in the strict sense of the word, national
banks, trust companies, savings banks and private investment
in that the City Bank Farmers Trust is operated as a com- companies. • •
leadCommenting on the suggestion that the two Republican legislative
plete unit and held in trust for the benefit of the National
tsaid:
ers migh tprefer to conduct their own investigation,Governor Roosevel
d
the
giving
table,
The
absorbe
lders.
stockho
Bank
City
738
FINANCIAL CHRONICLE
"I have no objection to the Assembly and Senate Banking Committee
nvestigating all they like, but I can see no reason why the Chairman of
the two committees should not co-operate with my Commission. I think
the personnel of the commission demonstrates clearly that it is representative of all banking interests and is not in the least political. I believe a
majority of the members are Republicans."
Gov. Roosevelt's announcement of July 28 was made at
Plattsbmg, New York, where he had gone after several
days' cruising in Canadian waters. The Governor's earlier
announcement regarding the proposed appointment of the
commission, was issued as follows on July 10:
"I have read with great interest the thoroughly excellent report
[VOL. 129.
President Hoover In Reply to Communication From
Commander McNutt of American Legion on Establishment of Naval Parity Between U. S. and
Great Britain Says Solution is in Negotiation Not
Competitive Building.
A protest by Paul V. McNutt, National Commander of
the American Legion, against any action by President
Hoover "which will prevent in any way the regaining by
America of her lost Naval parity with Great Britain," has
brought from the President an answer in which he says
"we need not disguise the fact that . . . competitive building has been in progress on 'both sides (of the Atlanti
c)
since the great war, and we have arrived only at disparity,
not parity." "I feel confident," says the President, "that
the American Legion will be sympathetic with principles of
parity by negotiation and of reduction and limitation of
armament instead of competitive building, with its continuous expansion and all its train of world dangers."
The President thus expressed himself in reply to the following telegram from Commander McNutt. published in the New
York "Times" of July 26.
of Moreland Act Commissioner Robert Moses.
"The report falls under two main heads. The first of these relates
to the investigation of the acts of individuals which led up to the
failure of the City Trust Company. The net result is that Commissioner Moses has with great speed uncovered a clever and unscrupulous swindle game. A number of arrests have been made and the
prisoners held by Justice Cropsey, acting as Committing magistrate.
The prosecution of these men and any further necessar criminal
y
actions will be conducted by Justice Tompkins, sitting
in extraordinary trial term, with a special grand jury. Former District Attorne
y
Perkins has been asked by District Attorney Banton to
act as Special
Assistant in his office and to supervise the prosecution
of these and
any other necessary actions.
"I am immediately forwarding copies of Commissioner Moses's
report to Justice Tompkins, to Judge Banton, to Mr.
Perkins and
to District Attorney Dodd of Kings County.
The second phase of the Moses report deals with recommendation
s To Presiden
t of the United State*,
as to administration of the Banking Department,
and as to suggested
legislation to amend the State Banking
Wcwhington, D. C.
Law as to private banks, as
to saving and thrift accounts, as to the
The American Legion respectfully protests against
responsibility of directors and
any action by the
officers, as to relations of a bank or its officials
with other financial Chief Executive which will prevent in any way the regaining by America
institutions and as to capital and capital
of
her
lost
naval
increases.
parity with Great Britain.
"These suggestions are of the utmost
Our lost parity can be regained by only twb methods, which are
importance and because of
conthis importance require immediate
and careful study so that no time tinued cruiser building by America, or extended cruiser scrapping by Great
will be lost in making recommendation
s to the next session of the Britain, or by a combination of these methods.
Legislature.
Should Great Britain definitely abandon completi
on of the two cruisers,
"I have therefore decided to appoint
a special Governor's commis- Surrey and Northumberland, which Prime Minister MacDonald has ansion to take up the recommendations made
by Commissioner Moses, nounced work will be suspended upon, and should all of our fifteen
to give them the most careful study
and be prepared to report to me cruisers authorized last Winter be completed, America would still be 75,000
in December.
tons inferior to Great Britain in cruiser
tonnage.
"It is my thought that this commiss
It would seem, therefore, that a drastic
ion should consist of one or
scrapping program of British
two high-grade business men, a banker
cruisers
should
be inaugurated as proof that they concede us actual cruiser
familiar with the savings
bank situation, a banker in close
touch with private banking in- parity before America suspends construction on our cruiser prgram, which,
stitutions and a banker in touch
with commercial banks and trust if fulfilled, will still fail to achieve us cruiser parity with Great Britain.
companies. In addition, I will ask
The Legion is not questioning at this
the Chairman of the Banking
time the authority of the Chief
Committee of the Senate, the Chairma
n of the Bank Committee of Executive to suspend construction on three of the five cruisers
which the
the Assembly and the State
Superintendent of Banks to act as Congress authorized should be undertaken during the
fiscal year which
members of the commission.
ended June 30 last, although the United
States has not become signatory
"While every citizen deplores the
events leading up to the closing to any international agreement for the further limitation of naval
armaof the City Trust Company, includin
g the committing of a former ment.
state official, it is a satisfaction to know
The Legion has uniformly stood and still stands
that the new Superintendent
for movements which
of Banks, Mr. Broderick, has given
public assurance' that no other will make permanent peace more certain and assure a better understa
nding
State supervised banking institution
is in an unsound condition and between nations, but we would, however, respectfully remind the
Chief
that the State Banking Department
is in process of thorough over- Executive of the one-sided sacrifices which resulted from America'
s zeal
hauling and reorganization."
for peace at the Washington Conference, when our
scrapping of the most
modern battle fleet in the world led to our present
cruiser inferiority and
the loss of our former naval parity.
Assemblyman Cheney of New York
Offers to Help
PAUL V. lieNUTT,
Gov. Roosevelt in His Plans for Study
ing Banking
National Commander.
Laws with View
to Revision.
The "Herald Tribune" of yesterday (Aug.
2) made public
as follows
letter to Gov. Roosevelt from Assemblyman
Nelson W. Cheney, Chairman of the
Assembly Banking
Committee.
President Hoover's reply to Commander McNutt was
made
public at Washington on July 30 as follows:
The White House,
Washington, July 30 1929.
Mr. Paul V. McNutt,
The Cheney Reply.
National
Command
er,
The letter follows:
•
The American Legion,
My dear Governor: I have received
your letter of July 20, inviting me to Indianapolis, Ind.
serve on a conunitte appointe
d by you to investigate the banking laws.
My Dear Mr. McNutt:
Your letter came during my
absence from home and I have not replied
previously for that reason.
I am glad to have your assurance
that the American Legion supports
The Joint Legislative Banking Committ
ee, of which I am chairman, the policy of parity for our navy with that of Great Britain. This prinhas already taken steps to investig
ate the banking laws generally, with a ciple is enunciated by our naval authorities as a complete defense
of the
view to submitting to the next Legislat
ure recommendations designed to Coiled States in any contingency and defense is all that we seek.
prevent, so far as humanly possible, a
The first step of the renewed considera
recurrence of the recent bank failtion
of
reduction of the excessive
ures in this state. Possibly due to
your absence on official business, you world naval armament has been acceptance of that principle
as a prehave not noticed that I have already
announced publicly that it was my liminary to discussion between Great Britain and the United
States. This
intention to invite your unofficial committ
ee to join with the joint leg- is a forward step of the first importance.
islative committee during this investigation.
It seems to me that every person of
common sense will agree that it Is
The committee which you have appointe
d is composed of men of the far better to at least try to establish such a relation by agreemen
highest caliber whose long experien
t before
we
resign ourselves to continue attempts
ce in banking would be of inestimable
to establish it by rival construcvalue in the coming investigation. Do
you not see the advisability of the tion programs on both sides of the Atlantic. We
need
two committees joining forces:
not
disguise
the
first bemuse by so doing all political com- fact that (aside from the capital ship limitatio
ns under the Washington
plexion would be removed from
the investigation and. second. because Treaty) competitive building has been in progress
Parallel investigations would
on
both
sides
the
since
great
war, and we have arrived only at
obviously involve a waste of time and effort?
disparity, not parity. It creates
Furthermore, with the two committ
ees acting thus jointly, they will burdensome expenditure, a constant stream of
have the benefit of the
suspicion, ill will and mispower of subpoena and the legislative authority understandings.
attaching to the present legislati
Moreover, by constant expansion
ve committee.
of naval strength we cannot fall to
stimulate fear and ill will througho
Committee Ready to Art.
ut the rest of the world toward both of
us, and thus defeat the very purposes
The joing legislative
which you have so well expressed
committee is prepared to proceed with the inves- as being
the object of the Legion, when
tigation at once. Before
you say, "The Legion stands unifixing a definite time for the first
meeting I formly for movements which will make
shall await your reply to
this letter in order to give the members
permanen
t peace more certain anal
of your assure better understanding between
committe an opportunity to
nations."
join with us in the first meeting, provided
I fear you have been misinfor
you give me your permissi
med as to the actual problems that lie
on to invite them to attend. I assure you that
before us if we are to succeed in
they will be given the same
such a negotiation, for they are far more
rights of questioning witnesses, &c., that are intricate
enjoyed by the regular
and far more difficult than can
appointed members of the joint legislati com- which
be solved by the simple formula
ve
mittee.
you suggest. But I feel confiden
t that the American Legion will
I sincerely hope that the
be sympathetic with principles
of parity by negotiation arid of reduction
factory to you. I appreciatearrangement I have suggested proves satis- and limitation of armament,
instead of competitive building, with its
your thoughtfulness In naming me
on your continuous expansion and
committee. If you do not see
all its train of world dangers.
your way clear to having Your commAtee
join with the joint legislative
I am further confiden
t that the American Legion will join
with me in
men, appointed pursuant to a committee made up of bankers and lay- endeavoring to establish
and co-operate with others in an atmosphe
resolution of the Legislature. I shall be
re of
glaii! to sts've to the best of my ability
good-will and sincerity within
which
with
to
find
the
such
a
committ
solution.
ee
you
have named,
h•ving it understood always that
We and other nations have entered
when the two committees are
into a solemn covenant that we shall
meeting
at the same time. I must necessarily
not resort to war as an instrume
give my attention to the legislati
nt of national policy, that we shall seek
ve to settle disputes by
committee of which I am chairman.
pacific means, and if we are honest in this undertaking
Sincerely yours,
it follows that every effort should
be made to establish confidence in our
NELSON W. CHENEY.
intentions and to hold our prepared
Mr. Cheney's reply was made public at
ness programs solely within the area
Buffalo, Aug. 1.
of efficient defense. I am confiden
t that these policies are consonant
AUG. 3 1929.]
FINANCIAL CHRONICLE
739
it will be the policy
I wish to assure you, however, that as a general rule
orga Stations for ssistatimj
of the Board to call on all Federal and State
may muse some of you to
end o-operation, erhaps to an extent that
work. The task before us is
think we are trying to get them to do our
requires that we utilize
program
of such magnitude that a common-sense
e which may be able to conto the fullest extent every agency in existenc
as tribute anything to the cause.
ng Act is a matter that has
S. R. McKelvie, Former Governor of Nebraska Named
The enactment of the Agricultural Marketi
Wheat
enting
uppermost tho ght in the minds of
Member of Federal Farm Board Repres
long been delayed and perhaps the
to get busy to do something
many of you is when and how are we going
Interests.
more important
Prompt action is important, but it is still
it.
under
ie
In the short space of time it has
Announcement that former Governor Samuel R. McKelv
that we move in the right direction.
the conclusion
reached
has
l
to devote to the problem, the Board
on
of Nebraska had been named as a member of the Federa been ablefirst
can be most useful, and more safely carried,
ns
operatio
at
its
that
made
was
ts,
hed agencies in the coFarm Board, to represent the wheat interes
es to furt er the activities of establis
undertak
it
if
ening
strength
of
building up and
operative marketing field. Perhaps th
Washington, July 30. This completes the membership
Board of these co-operative agencies will so simplify many problems that their
the Board; the list of those previously named to the
silutioo will beootne comparatively early.
ure show that there are some
were given in our issue of July 20, pages 417-418. A White
The records of the Departtnent of Agra.ult
ie's
McKelv
e
Mr.
to
States, or practically one-third of the
relativ
30,
July
2,000,000 farmers in the 'United
House statement, on
ately 12,500 co-operative associatotal, who are now members of approxim
and
appointment said:
Can be built up so that their strength
tives
co-opera
these
If
tions.
hip,
of exthat he could accept members
Gov. McKelvie has not hitherto felt
ed by those not ttoW members, the question
recogniz
are
y
efficienc
the
at
w
to
withdra
ion that he may need
Ralf. In other words, it is
but has consented with the reservat
tending membership very largely settles
from belonging to a corefrain
Would
end of a year.
farmer
any
that
e
ine mceivabl
thig in his
the Washington advices, July 30, to the New York
e organisation, once he is conr1ncod that It is t per
Legion and the sentiment of
with the many declarations of the American
the American People.
Yours faithfully,
HERBERT HOOVER.
From
"Times" we take the following:
operativ
interest.
Will study the law itself so you
I hope taat each and every one of you
the Goverit is we are expected to do. Ia
Mr. McKelvie is one of the youngest men who has occupied
have a better unterstanding of what
may
been
having
after
to
1923,
from
1919
served
Ho
a.
norship of Nebrask
ons as to things that might be done to help
ce in poli- it you will find many suggesti
Lieutenant-Governor two years. He had a progressive experien
find anywhere any suggestion that Governnot
will
You
te.
co-opera
one
you
for
c3mpetition
tics. Ile was a member of the City Council of Lincoln, Neb.,
be Spent for the phrpose of stimulating
should
money
Mont
tatives,
of
Represen
state
the
House
in
groups there is marked
year, and from that position stepped
yourselves. In Many of the commodity
among
nor,
nt-Gover
as
Lieutena
selected
where he served until
problem a ould be worked out, and
" an divergence of opinions as to how the
Ile is at present the owner and editor of "The Nebraska Farmer,
it from different angles. These should
tackling
up
set
been
have
agencies
S.
to get together and pull together
influential journal. Ile makes his summer home near napic CRY.
find-some common ground on Which
whore he ootertained President Coolidge two years ago and frequently
cause.
common
the
for
a long-time constructive program
conferred with him on farm matters.
The Board is considering this as
with emergencies. If We cotifine our
dealing
Of
one
simply
than
rather
the probabilitiet are we will find
to dealing with those in distress,
distress, which after all is the more
Chairman Alexander Legge of Federal Farm Board on efforts
time to remove the causes of
little
necessity of prompt and
Relation of Board to Co-Operative Movement— satisfactory solution. We realize keenly the
keenly that any action Which
equally
realize
we
but
ce,
assistan
f.
adequate
Board To Help Farmer To Help Himsel
betterment of
takes must be sound and for the permanent
the Board
Expressing it as the belief of the Federal Farm Board agriculture.
not mentiond stabilization corporas
Some of you will say that we have
that it "can be of great assistance to the American farmer
happen that the co-operatives
well
may
It
that
me
to
It seems
tions growing out of existing coby encouraging the development of large-scale central tions.
organiza
d
improve
or
e,
existenc
now in
all that is needed to carry out
co-operative organizations," Alexander Legge, Chairman of operative organizations, may prove to beThere
may prove to be extreme
tion corporations.
fifth
stabiliza
of
the
s
idea
before
addres
the
an
in
Board,
l
Farm
Federa
the
out by the co-operatives,
call for Measures that cannot be Carried
which
cases
ion,
of
Co-Operat
te
causes of agricultural
ntal
fundame
the
summer session of the American Institu
of
on
correcti
that
but it is hoped
ntly carry forward a program
at Baton Rouge, La., on July 30, said:
emergencies will enable the Board to Consiste
efficiently-managed
financed and
based on the development of large, wellco-operative organizations.
Board Will be administered for
The funds entrusted to the care of the
of which the central thought will
program
its
out
carrying
of
purpose
the
tive movement, and the permanent
be the strengthening of the co-opera
financing of plants and facilities
betterment of farm conditions. In the
other Ways, the Board can be of
for co-operative organizations, and in
has been one of the handiassistance. Lack of adequate finances
"The Federal Farm Board, as now organized," said Mr. material
the co-operative moevment.
of
caps
a note of warning at this point.
Legge, "is not going to buy or sell any commodity, agriI think It proper, however, to inject
tive movement can be weakened
assist you in doing It should be obvious that the co-operaupon
'
cultural or otherwise. It is our duty to
it by unsound investments.
a large financial burden imposed
for the acquisition of facilities
a better job of this yourselves. True, while we are assisting and
e, money borrowed from the Board
Therefor
. This is essential in order to safeyou we will want to have some voice in the transaction, must be invested wisely and frugally
At wisely provides
aid
of agricultural co-operation. The
to
future
funds
the
nment
for
guard
call
Gover
you
when
larly
particu
new plants or facilities where
money shall not be loaned to build
that
our
on
l
or
y will not be
advice
this
counse
if
certainl
but
e. Money
you in the operation,
satisfactory facilities are already availabl
te facilities. Certainly loans will
part becomes irksome, and you do not like it, the solution loaned to purchase obsolete or inadequa
greater than their
t acquire plants and facilities at prices
for you is simple—namely, to liquidate the indebtedness to not betomade
a matter of fact.
the associations making such purchases. As
value
sais
Legge
tions will drive hard bargains.
the Government." Among other things, Mr.
it is expected that the farmers' organiza
the investments
d
safeguar
ility to
"there are many people who think that the Board's activities having in mind always their responsib
ng
economical and efficient facilities for marketi
provide
and
level
members
their
price
of
of
ry
the
raising
the
d
arbitra
to
should be directe
products.
their
be
"canshould
Board's activities
for agricultural products." The Board, he continued,
There are many people who think that the
level for agricultural products.
not raise prices arbitrarily." "What the Board hopes to do," directed to the arbitrary raising of the price
as has been said many
Prices,
cannot raise prices arbitrarily.
demand for a
he said, "is to assist farmers to become better able to com- The Board
by basic economic conditions—by the
ned
determi
are
times,
manner
pete with other groups in the markets of the nation and commodity, the supply available to meet that demand and thehopes
to
Board
market. What the
the world. It expects by aiding in the development of in which that supply is fed to the
groups
other
with
compete
better able to
become
to
farmers
assist
to
is
do
econoco-operative marketing associations to make possible
It expects by aiding in the
in the markets o the nation and the world.
economies in
mies in marketing and stabilized marketing conditions, development of co-operative associations to make possible
to
ng conditions, and to assist farmers
and to assist farmers to obtain their just share of the national marketing an t stabilized marketi
income.
national
the
of
share
just
their
obtain
Board on production
income." In part Mr Legge spoke as follows:
The effect of all activities of the Federal Farm
the
circle.
The Board will provide S Contact between organized farmers and pured. The result would be only a vicious
consider
y
be
carefull
must
the
to
the Board for
n of cultivated
Government—even though they may not come
of the Board should result in a large expansio
work
the
if
Board
the
d
group
l
to
may
come
Any
organize
principa
loans.
supplies of our
pose of obtaining
land and the production of greater and greater
the
at any time for counsel, advice and assistance in meeting their p oblems.
the Board's program of work through
that
t
I
confiden
feel
crops.
of this kind.
The major Palley of the Board will be the expansion an strengthening
co-operatives is the only plan which will avoid a Calamity
ting
of the co-operative movement. You may ask at this point, "What ffect
associations are more than mere distribu
s
tive
Farmer'
co-opera
agencies
n;
will
on
have
other
mar'set. Hitless
the development of co-operative marketi
. They also serve t link the farmer with his
agencies
to
be
It
to
is
me
seems
purely
simple.
answer
The
his products, he
sow existing?"
a t ruler is a member of the organiz tion which markets
question of efficiency. Any efficient, well-managed organization that is
s mid little or no tonceplion
problem
market
with
no
contact
le
or
lit
has
market
satisfactorily serving the public at a reasonable cost will in some way work
uallt m nd quantity of f rm prcducts w ich he
f th tan
receives
in o the picture. The inefficient, whether they be co-operative organiza
V der th ea-tlporative syStetn, the farmer usualli
s.
denim
and
ntly,
to
continue
hope
permane
s,
cannot
member of a
tions or individual operator
market pretni ms for produc, f igli quality. Hence, th,
who her the Passing of the inefficient operator is brought about by co- co-operaticv association has an oconomie motive for improving his proConsequently, the
operation or competition, the resu,ts are the same.
other duction practices which other farmers do not have.
Agains, we are asked, what is the retell n of the ford to be to
ions, in so far as they have developed to the point
associat
tive
co-opera
the
ure,
o"
Agricult
rtment
Dap
t
ng service, are
a eneies now in existence—the gr
ent where they are offering the farmer a complete marketi
I rge Extensi n Service, the State Agricultural Colleges and Experim
rising for co-ordinating production and marketing.
w
and
State
agency
Federal
other
every
and
associaeach
and
tions,
t
Because of this relationship to their members, the co-operative
there
the advancement of agricultural interests? We do, not see that
can effectively discourage unwise expansion
which
agency
one
the
are
tions
.
agencies
nce
of,
existing
demand varies
should be any serious interference with,or disturba
with in acreage. The problem of co-ordinating production with
, the associaCongress has very wisely asked us to avoid duplication, a Sentiment
In difficulty with regions and commodities, In many sections
interto
we
do
y
not
propose
Certainl
accord.
full
in
is
ard
B
which tha
in adjusting the total and
the Board, way Governmental tions marketing milk have made great prorress
ion
of
jurisdict
the
to
transfer
or
other comwith,
With
fere
ents of the market.
interests of greater efficiency and seasonal production to the requirem
are
activity unless such transfer is in the
progress has been made. However, the possibilities
less
modities
work
some
n
be
farmer.
There
May
America
As I
more effective service to t o
large sad a need for careful study of these possibilities is urgent.
to
essential
of
the
ns
is
and
Board
operatio
the
into
fits
must be
which pecu'larly
have said, effective co-ordination of production with demand
Its efficient operation.
Such an agency would be in itself, because f its prestige and influence
le
a stabilizing element in marketin t. It would be able to exert a measurab
avoid
degree of control over the flow of its products to market. It would
price
temporary surpluses which so often result in unduly depressing the
be
of farm products much below their real value. In other words, it would
under
ns
a strong merchandising agency, virtually in control of the conditio
which the products of its members are sold.
IN\
740
FINANCIAL CHRONICLE
brought about through the co-oper
ative associations. Enough progress
has been made, in my opinion, to indicat
e that the farmers' organizations
can meet and solve this problem as
they are meeting and solving the problems
of marketing.
The production of farm products in
excess of normal marketing requirements is a waste. It injures the
producer without benefiting the consumer. The consumer requires
and should have a normal supply of food
and textile products of high unifor
m quality. The producer desires a
supply which can be sold at prices
which will assure him a reasonable
profit on his farm business.
The develompent and maintenance of a
condition of stability with regard
to production and price will benefit
both producers and consumers.
Such co-ordination of supply and demand
is a problem to which the farmer
co-operatives must give further attention
and in the solution of which the
Federal Farm Board must render all
possible assistance.
In conclusion I wish to say that
the farmers and the public must be
Patient. The problems of agriculture
are of long standing and can not
be solved overnight. On the contrar
y, there is always present the danger
of increasing and aggravating our difficul
ties by unwise and premature
action. I wish to assure you that
the Federal Farm Board will move as
quickly as is consistent with the assured
and permanent improvement of
agriculture. At the same time, the
Board will not undertake to force
its program on any group of people.
It will move only as fast as the
farmers through their organizations
are able and willing to accept the
program. The improvement of agricul
tural conditions must be based
on self-help. The Board can contrib
ute largely and will contribute to
such improvement. In the long run,
however, the Board will render the
greatest service to agriculture and to
the nation by helping the farmer
to help himself.
Organization of $20,000,000 Grain Marketing
Corporation Proposed at Meeting of Federal Farm
Board
at Chicago.
A 820,000,000 world-wide co-operative grain
marketing
corporation is proposed by the newly forme
d Federal Farm
Board; its proposal having been announced
on July 26 at
Chicago, where the first meeting of the
Board outside of
Washington was held. The Board's annou
ncement said:
"The first
meeting of the Farm Board held outside
its home office at
Washington took place to-day at the Hotel
Sherman when the Board met in
conference with officials of farmers'
grain marketing associations in the
United States.
"Some fifty representatives of these
associa
the farmer-grain dealer associations handlin tions were present, including
g wheat at country elevators,
wheat pools operating on State lines
and terminal co-operative sales agencie
s
operating at central markets.
"At present approximately 40%
of all
are marketed co-operatively at countr grains grown in the United States
y elevator points.
"The Federal Farm Board believe
s that one of its jobs under the
Agricultural Marketing Act is to develop
and strengthen the farmer-owned
and the
farmer-controlled co-operative
institutions for marketing the farmers
' crops
and that it is the province of the
Board to use the funds and authori
ty provided to it for this purpose.
"The Board therefore proposed to
the representatives of the farmer
-owned
grain associations and pools that,
as part of a long-time program
for the
development of agriculture, all of them
join in the creation of a sales corporation with an ultimate paid-up
capital of not less than $20,000.
,000.
"This corporation would operate
for all grain co-operatives in all market
s
of the United States and
foreign countries for the collective selling
of such
portion of the grain crops as are
now or may hereafter be marketed
cooperatively at country points.
"Officials representing various
principles of grain co-operatives, such
as the elevator associations, the
wheat people and the terminal commis
sion
houses, who are in conference
with the board, have expressed themse
lves
as being in therough sympathy
of the general idea—creation of a corpora
tion which will mobilize all of the
various co-operating agencies into
unity of
action and which will eventually
strengthen all of them.
"No agreement was reached
at the meeting to-day, and no action
was
taken concerning the detailed
methods whereby such a centralized
sales corporation might be set up."
Firm Position on Suspension of Work
on
by President Hoover—Bill Provi Naval Cruisers
so Is Cited in
Support of His Action—King Stand
s by Move,
While Hale Opposes.
From the New York "Herald-Tribune"
we take the following from Washington July 26:
President Hoover believes he has two
years' leeway for naval reducti
on
negotiations before he must start on the
fifteen-cruiser program
pressed
through Congress last winter. This
the White House disclosed to-d
ay in
declaring the President well within his
authority in staying constru
ction
of three cruisers to promote negotia
tions with Great Britain. It was
said
that he could suspend all progres
s on the program until July 1 1931,
saw fit.
if he
An oral statement to this
effect, presumably approved by the
President
was considered his reply to
the big-navy group, which is challen
ging his right
to hold up three of the five
cruisers projected for this year, in respons
e to
word that Ramsay MacDonald,
British Prime Minister, was
work on five British naval
suspending
vessels and otherwise slowing down the
British
naval program.
Hale Attacks Delay.
Open opposition to the Preside
nt's action was forthcoming to-day from
Frederick Hale, Chairman of the
Senate Committee on Naval Affairs.
Senator Hale, in a statement issued
at
Hoover "is entirely in error" in his Portland, Me., declared President
interpretation of the proviso of the
fifteen-cruiser bill under which he
stopped the building of the three vessels.
This clause, Senator Hale contends,
refers to the starting of the ships
within the year specified, and not to
any delay in their construction thereafter.
Senator William King, Democrat, of
Utah, announced he would support
the President's action and was prepared
to introduce a resolution in the
Senate to sustain Mr. Hoover's course.
To Thresh Out Issue.
There are indications that the President will
not hesitate to thresh out
the Issue, if necessary, as he presses on with his world
peace endeavors. The
White House said Mr. Hoover's action was fully
justified under the cruiser
bill proviso "that if the construction of any vessel herein
authorized to be
[VOL. 129.
undertaken in the fiscal year,June 30 1929,
or 1930,is not undertaken in that
fiscal year, such construction may be undert
aken in the next fiscal year."
Under this clause, it was pointed out, it is
in the President's discretion to
hold up as many as ten of the fifteen cruiser
s in the program,since the quota
for each of the years, 1929.
1930 and 1931, is five. In other words,
the
Administration construes the law to permit
the President to hold up the
1930 as well as the 1929 quota if satisfied would
it
be in the public interest,
whether because of the prospect of naval
reduction or
Though the President does not consider that prospecotherwise.
t excellent, there was
no intimation at the White House that
he has in mind delaying more than
the three cruisers which were to be started
this fall in three different navy
yards.
On the contrary, there is a settled convict
ion in Administration circles
that some of the 15 cruisers will have
to be built to bring the United States
up to the tonnage parity likely to be
agreed upon with Great Britain.
Moreover,it was said in these quarters,the Preside
nt has no thought of nullifying the intent of Congress, but does conside
r it essential to have latitude
in proceeding with his end of the naval reducti
on negotiations.
To that end, according to high Administration
leaders, he has in mind
asking Congress to modify the fifteen-cruiser bill
on the ground that conditions have changed in the nearly six months since
Congress, under the pressure of the big navy group, put through that
legislation.
President Hoover's announcement that work on
three
cruisers would be suspended was referred to in our
issue of
July 27, page 563.
Representative A. Piatt Andrew
Criticizes President
Hoover's Proposal to Suspend Work
on Cruises—
Says President Exceeded Autho
rity.
President Hoover's action in ordering a postponeme
nt of
the construction of three cruisers until consideration
is given
to their effect on Anglo-American treaty relati
ons was
criticized on July 28 by Representative A. Piatt
Andrew
of Gloucester, a member of the Naval Affairs Commi
ttee,
who declared that the President had exceeded his autho
rity
in the matter. A Boston dispatch to the New York "Tim
es"
in reporting this, added:
Representative Andrew's statement
pointed out that the cruiser bills, as
drafted by Congress, provided for
authority for the President to suspend the construction of the vessels only
"in the event of an international
agreement for the further limitation of
armament." The British announcement,in the opinion of Mr.Andrews,
does not constitute such an agreement.
His statement follows:
"It was certainly not the intention of
those who drafted the cruiser construction bill to give the President authori
ty to suspend the building of
naval vessels for which Congress had
made appropriations, except upon
one condition, and this condition was specifi
cally named in the bill, 'in
the event of an international agreement for
the further limitation of armament.'
"Congress did not say that the President could
suspend construction during negotiations, but only 'in the event
of an international agreement.'
Premier MacDonald's announcement that
the building of certain naval
vessels contemplated by the British Govern
ment will be delayed can
scarcely be regarded as an international agreem
ent.'
"Every one must rejoice that so many countri
es have signed the total
abstinence pledge in regard to war and every one
must hope that the signers
will live up to their pledge. But there is still wisdom
in the old injunction
that while hoping for itte best, one should be prepare
d for the worst. The
millenium has not yet arrived and many good
Americans still believe its
the part of wisdom to maintain a navy
that is not inferior to that of any
other country.
"To those who so believe, the proposa
l of Premier MacDonald to postpone the building of two additional cruiser
s is without much significance,
since the British already have nearly
four times as many cruisers as the
United States. His proposal to delay
the building of two more cruisers
hardly seems to warrant our abandoning
three such vessels, which were
authorized and appropriated for by
the Congress and for which contracts
already have been awarded.
"The real problem before the American
people Is whether they consider
it essential that the United States mainta
in a navy equal to the rest. If
they do, this can only be accomplished in
one of two ways, either by our
building up to the British level or by their
scrapping down to our level.
It will not be accomplished by their not
building two cruisers and our
not building three.
"We tried that sort of arrangement in 1922 when
we agreed to scrap
more than half of our battleships in order to bring
our fleet down to the
British level. By way of recompense,the British immedi
ately proceeded to
build more and bigger cruisers with heavier
armament than had ever
been built before. It looks as if the United States
were about to try the
same futile experiment again."
Secretary
of State Stimson Says Doctrine
of Naval
Parity Is to Be Applied Toward All
Classes of Vessels in N avies of United States and
Great Britain.
Secretary of State Stimson in announcing on
July 25 that
the doctrine of naval parity between the United States
and
Great Britain, previously agreed upon as to
capital ships,
would be extended to "cruisers and other catego
ries of vessels
which constitute those navies," is quoted as
follows:
The doctrine of parity which was
adopted by the Washington Confer
ence
in 1921 between the American and British fleets,
as to capital ships, was
not a doctrine of warfare but a doctrine of
st,tesmanship. It does not
look to a future combat between those two fleets,
but has an exactly opposite
purpose, namely, to prevent such a conflic
t. Its immediate purpose is to
prevent those two navies from building against
each other and to accomplish instead a reduction of their respective
naval power.
It thus represented an agreement that they
should
not regard each other
as possible enemies,in that they agreed not
to take the step which potential
enemies would take as the very first
step against each other, namely, to
try to outbuild the other fleet.
The doctrine of parity as thus used,
instead of being an impossible or
futile doctrine. Is supremely intelligent.
In fact, it is the only doctrine by
which two proud and independent
nations in the positions occupied by
Britain and America could agree to
be friends and eliminate the thought of
war between them.
AUG. 3 1929.]
FINANCIAL CHRONICLE
This beneficent principle is now proposed to be extended and agreed to
as the principle which should control the relations of the British and American navies, not only as to capital ships, but cruisers and the other categories of vessels which constitute those navies.
741
Even in the face of the record traffic that has been carried by them so far
this year, the railroads have never had less than 5,132 serviceable locomotives in storage, which would have been instantly placed in use if transportation requirements necessitated such action.
in
From Jan. 1 1923 to July 1 1929, 14,079 new locomotives were placed
service, all of which have been of improved types, permitting greater
before.
utilization than ever
On July 1 1923, the railroads had 11,450 locomotives, or 18% of the
a steady
number on line, in need of repair. Since that time there has been
improvement with the result that on July 1 this year, fewer locomotives
been
having
there
years,
recent
in
time
any
were in need of repair than at
extremely heavy moveonly 7,453 or 13% of the number on line despite the
ment of freight traffic.
Prices of Live Stock and Their Relation to
Transporation Costs.
Net proceeds to the seller of live stock at shipping point
have been gradually increasing for the past five years, with
the result they were greater in 1928 than in any of the other
four preceding years, according to a bulletin made public
Aug. 1 by the Bureau of Railway Economics pertaining to Smaller Increases in Savings Deposits in New York
Federal Reserve District During First Half of
prices of live stock and their relationship to transportation
This Year, in Comparison with Last Year.
costs. The bulletin summarizes a study covering a fiveyear period from 1924 to 1928, inclusive, of live stock shipWith regard to savings deposits, the Aug. 1 "Monthly
ments and prices paid at ten important markets, as follows: Review" of the New York Federal Reserve Bank says:
District
Chicago, East St. Louis, Ill.; Baltimore, Md.; Fort Worth, Reports from 30 representative savings banks in the Second
unusually small increases in deposits during the first half
Tex.; Jersey City, N. J.; Kansas City, Mo.; Lancaster, Pa.; have shown
deposits
on
rates
interest
higher
1929. notwithstanding a tendency to pay
Nashville, Tenn.; South Omaha, Neb., and South St. Paul, of
the period on which interest
and to offer more liberal terms in calculating
of
the
sales
of
earloads
23,377
embraces
study
The
Minn.
is paid.
change in deposits of
The following table compares the percentage
live stock shipped from 4,384 points located in 40 States
in the
banks between Jan. 10 and July 10 with the change
reporting
during the five-year period. The bulletin states:
corresponding period last year.
There was a consistent downward trend in the proportion of the live stock
purchaser's dollar absorbed by freight charges and other costs of distribution, and a consistent upward trend in the proportion received by the seller
at shipping point during the five years, 1924 to 1928.
The proportion of the purchaser's dollar absorbed by freight charges
dropped from 5.6 cents in 1924 to 3.6 cents in 1928, a decrease of 36%•
That absorbed by other costs of distribution dropped from 3 cents in 1924
to 2 cents in 1928, a decrease of 33%.
The proportion of the purchaser's dollar received by the seller at shipping
point rose from 91.4 cents in 1924 to 94.4 cents in 1928, an increase of
about 3%.
The average price paid by the purchaser at the markets, for all live stock
combined, rose gradually from $7.36 per hundred pounds in 1924 to $11.15
in mg, The average amount absorbed by freight charges was 41 cents
per hundred pounds in 1924 and 40 centi in 1928, while other costs of distribution were 22 cents per hundred pounds in 1924 and 23 cents in 1928.
The total marketing cost amounted to 63 cents per hundred pounds in both
years. Average net proceeds to the seller at shipping point rose from $6.73
in 1924 to $10.52 in 1928. Net proceeds to seller is the price paid at market
less marketing costs-that is, freight charges and other costs of distribution.
Marketing costs being the same in 1924 and 1928, the increase in live
stock prices paid by the purchaser must have been due to other causes,such
as quality, condition of stock and general marketing conditions.
Since the increase in the price of all live stock paid by the purchaser and
the increase in the net proceeds to the seller for the period were exactly the
same, with no change in total marketing costs, the seller was the beneficiary
of the increase in average price.
The differences in price per hundred pounds paid by the purchaser for
cattle and calves from the different States varied, during the four Years
1924 to 1928, from over 35 to 500 times the differences in the combined
freight charges and other costs of distribution.
New York City
Rest of New York State
Northern New Jersey
Southeastern Connecticut
Percentage Change
Jan. 1010
Jan. 1010
July 10 1928. July 10 1929.
+1.20
+2.12
-0.36
+1.86
+1.05
+2.18
--0.23
+1.80
+0.85
+2.08
Total
the deposits of reporting
For the district as a whole, the increase in
of this year has been less than
savings banks during the first six months
than 2% in the corresponding
1%, as compared with an increase of more
City and northern New Jersey
period last year. Reports from New York
occurred last year, and
showed increases approximately half as large as
section of Connecticut
reports from up-State New York and from the
declines in deposits from
which is included in this district, showed actual
increases of nearly 2%
January to July this year, whereas there were
year.
in each case in the first six months of last
First National Bank &Trust Of Panama Begins Business.
by
What is claimed to be the first bank organized jointly
operating
and
capital
American
North
and
American
Latin
its
under the laws of any Latin American republic opened
1, asdoors for business in the City of Panama on Aug.
Porras,
cording to an announcement by Dr. Belisario
the
President of the bank, and three times President of
Trust
Republic of Panama. "The First National Bank &
management
Co. in the City of Panama, with financial and
States will
backing from both Latin America and the United
trade and
of
t
develpomen
the
in
link
important
form an
Record Freight Traffic Moved So Far This Year Handled business relations between the two Americas," said Sr.
With Fewer Freight Cars and Locomotives Than Enock Adames, Consul General of Panama in the United
bank. He
at Any Time Since 1923.
•
States commenting on the opening of the new
The record freight traffic, which has been moved so far added that "it is also expected to play a large part in furtherthis year by the railroads of this country, has been handled ing relations between South America and North America,
with fewer freight cars and locomotives than at any time inasmuch as the City of Panama is the natural half-way
since 1923, the car service division of the American Railway point between the two Continents."
Association announces. Notwitshstanding that fact, and
The bank starts with an authorized capitalization of
the steady growth that has taken place in recent years in $1,000,000 represented by 100,000 shares of $100 par stock
the industrial development of the nation, the railroads have and surplus of $300,000. It is announced that to date,
been able to Meet transportation requirements without car $147,600 of the capital has been paid in and $47,280 of the
shortage except in a few isolated instances and then only of surplus, partly by interested Americans and partly by
short duration.This achievement of the railroads has been Panamans. The Pan-American Trust Co. which is affiliated
largely brought about by the steady increase that has taken with the First National Bank & Trust Co., and is expected
place in the capacity of freight cars and the power of loco- to handle the bulk of its security and investment business,
motives together with improved operating methods that has a paid-in capital of $273,800.
have been placed in effect by the carriers. The Association
The Irving Trust Co. will act as New York correspondent,
also states, further adding:
insuring complete New York and international banking
thus
On July 1, this year, freight car ownership of the class I railroads exwill offer complete banking
cluding railroad controlled private refrigerator cars totaled 2,266,099, a facilities. The new institutions
reductiOn of 98,603 cars under the greatest number ever owned in any one facilities and plans to open branches or agencies in other
year, which was in September 1925. Compared with July 1 1928, the
cities of Panama, including Colon, Aguadulce, David,
total ownership of class I roads on July 1 this year was a decrease of 34,600.
capital and
Excluding railroad controlled private refrigerator cars, the average Bocas del Toro and Santiago. That part of the
capacity of the freight cars owned by the class I railroads on July 1 this surplus which has been set aside for subscription and allotyear was 49.09 tons per car, compared with 43.10 tons in 1923. In the ment in the United States is said to have been paid in full and
last seven years there has been a steady increase in the average capacity.
offering
Class I railroads since Jan. 1 1923 to July 1 1929, installed 751,723 new the balance is being placed in Panama. No public
freight cars in service. These cars have been largely of steel construction of the stock is contemplated in the United States at present.
with increased carrying capacity compared with the older type of cars and
Stockholders in Panama participate on exactly the same
their installation has enabled the railroads to retire much obsolete equipmaintain,
also
but
to
had
smaller
a
expensive
was
only
not
which
basis as do those in this country. In addition to Dr. Pones,
ment,
carrying capacity.
officers and directors are all men long experienced in
the
The same situation that prevails in regard to freight cars also applies to
American banking. Frederick Dietrich, New York
Latin
this
1,
I
which
railroads,
class
on
the
July
by
ownership of locomotives
reduction
a
of
was
This
compared
locomotives.
7,012
is Chairman of the Board; Douglas Bradford,
capitalist,
57,912
year. had
with the number of July 1 1924. Compared with July 1 last year, the Executive Vice-President and General Manager; Rodolpho
number of locomotives owned on that date in 1929 was a reduction of 2,182.
Estripeaut, of the National Ice Co. of Panama, and Enrique
With the decline in the number of units owned, there has been a steady
increase in the tractive power of the new locomotives installed by the rail- Jiminez, former Vice-President and Manager of the Banco
power per locomotive is
roads with the result that the average tractive
of Panama, Vice-Presidents; J. Hollis Hall, an
with 38,217 pounds seven years ago. Through Nacionale
now 43 985 pounds compared
of locomotives owned, the railroads have been associate of Mr. Dietrich, Treasurer and Assistant Secretary,
this reduction in the number
locomotives, while the increased power of the and Moses Cardoze,of the Panama Hardware Co., Secretary.
able to retire many obsolete
locomotives now in use enables them to move heavier loads of freight than The other directors are Frederick H. Allen, New York
was formerly possible.
1
742
FINANCIAL CHRONICLE
attorney, and George A. Tompkins, another associate of
]ir. Dietrich.
Elisha Walker Slated to Succeed A. P. Giannini Next
Year In Event That Head of Transamerica Corporation Retires—Former Blair & Co. Head Takes
Increasing Role in Group—Plan New Acquisitions.
The following is from the New York "Journal of Commerce" of July 30!
[VoL. 129.
Federal Legislation Committee and Federal Legislative Council,3;30 p.m
Executive Council, 9 p.
On call of chairmen the following meetings will be held; Administr
ative
Committee, Finance Committee, National Bank Division
Executiv
mittee; Special Committee on Section 5219 United States Revised e ComStatutes
and Resolutions Committee.
Tuesday, October 1. at the Hotel St. Francis:
State Secretaries Section General Meeting. 2 p. m.
Examiners Conference Clearing House Section, 2:30
ri• in.
Savings Bank Division General Meeting, 2;30 p.
Nominating Committee, 5 P.
Resolutions Committee, call of chairman.
Subscription dinner, National Alumni Association American Institute of
Banking, 6 p. in.
Wednesday, October 2, at the Hotel St. Francis:
Auditors Conference Clearing House Section, 2:30
13• in.
State Bank Division General Meeting, 2:30
P. in.
Resolutions Committee, call of chairman.
Incoming President's dinner to American Bankers Association incoming
State Vice-Presidents, 6:30 P.
In.
Thursday. October 3, at the Hotel St. Francis:
Second Meeting Auditors Conference Clearing House Section,
2:30 P. in.
ExecutiveCouncil Meeting, afternoon or evening, followed by Administrative Committee.
Resolutions Committee, on call of chairman.
Permanent quarters for special activities will be maintained for the
entire convention period in the Hotel St. Francis as follows: Press headquarters, reams 270-72-74; separate State Secretaries, rooms 211, 212.
201, 202, 203, 207. 276, 288. 289; State Secretari
es having no separate
headquarters. room 210; hotel committee and informati
on bureau, the
hotel lobby; bank library exhibit,
the mezzanine: offices of the association,
registration counters, golf desk, post office, desks for validatio
n of railroad
tickets and Pullman reservations, hotel
lobby.
A shift in the management of the Giannini group of companie
s,
by the Transamerica Corporation and including leading banks in Newheaded
York.
California and elsewhere, is expected to take place next spring in
banking
circles here. Amadeo Peter Glannini, who built up the Transamerica
Corporetion and its largest subsidiary, the Bank of Italy, will reach
his fiftieth
Year on May 6 1930, and he has'repeatedly reiterated his firm intention
• to retire on that date.
According to expectations of the financial district here, Mr. Giannini will
be succeeded by Elisha Walker, who was President of:Blair & Co.,
Inc., before its merger with the Bank of America early this year, and who
is now
Chairman of the Executive Committee of the Bank of America, President of the Bancamerica Corporation,its security subsidiary,and director
of
both the Bank of America and the Transamerica Corporation. Mr.
Walker,
it is understood, has taken an increasingly broad interest in the
management of the Giannini companies since the merger of Blair & Co.
with
the Dank of America, and has aided in the further formulation of
the extensive expansion plans which the Giannini interest have in mind
for the
future.
The merger of the Bank of America and the investment banking house
of
Blair Co. attracted a great deal of attention when it occurred in
March because of the unusual character of the transaction. It was the
first occasion
of a leading investment banking house merging with a commerci
al bank.
Furthermore, in view of the close business relations which
had existed
between Blair & Co. and the Chase National Bank,rumors of
a new align- Special Tours to American Bankers' Association Conment of interests had been heard.
vention to be Held in San Francisco Sept. 30
In view of the apparent unwillingness of Mr. Giannini to reconside his
r
Oct. 3.
original intention of retiring at the age of 50, the merger now appears
to
bare been designed in part to furnish an organization which would
Nine special train or combined rail and boat tours to the
be
prepared to take over the management of the vast Giannini
enterprises. American Bankers Association convent
ion, which will be
In some quarters it had been anticipated that Dr. A. H. Giannini,
brother held in San
of the founder of the Transamerica group and Chairman of the
Francisco September 30 to October 3, have
Board of
the Dank of America, would take the leading place as
successor to his been arranged for various parts of the country by railroad
brother, but those in touch with Dr. Giannini assert that he
has again and and steamship companies,
again expressed a desire to return to his California home
according to information retherefore ceived at
would not be in a position to assume the leading place in the and
the association headquarters in New York. These
Giannini group.
The failure of the Bank of America to bring its negotiati
ons for the ac- tours are to be provided with special trains made up of de
quisition of the Chatham Phenix National Bank &
Trust Co. to a successful luxe equipment and in
conclusion is not expected to in. rk any halt in the expansio
some cases reservations are on the
n activities of the
Giannini interests here. From those in touch with
the situation it is learned all-expense plan, covering berths, meals, and hotel and
that steady Progress is being made by Transamerica
motor expenses at designated stop-over points. Several of
in
nation-wide chain of banks and that eventually one of thethe evolution of a
largest New York the tours include short
city banks, in which Transamerica has a large
stays at leading cities and various
stock interest, may be
absorbed in the chain. Furthermore, through the
Bancamerica Corp. the national parks and scenic wonders, such as Yellowstone or
Investment banking activities of the Giannini group
will be co-ordinated Yosemite Park, the Grand Canyon and others. These
with its commercial banks and on the same nation-wi
tours
de scale.
are announced
as follows:
The Pennsylvania Railroad will operate a train leaving New
York the
afternoon of September 21, with princi al stop-overs on the
Annual Convention of American Bankers' Association at
outgoing
Chicago; Kilbourn, Wisconsin; St. Paul and Minneapolis; Glacier trip
Park,
to be Held at San Francisco Sept. 30—Oct. 3. Montana; Spokare, Washington; Portland-Columbia River
Highway and
Horsetail Falls In Oregon and Shasta Springs, California. This
Preliminary Outline of Program.
train will
arrive at San Francisco, September 29. On the return trip there will be
A preliminary outline program showing the order of meet- stop-over
s at Yosemite National Park,
Barbara, San Diego, Los
ings for committees,commissions, Sections, Divisions,general Angeles, Riverside and San BernardinoSanta
in California; Grand Canyon,
Arizona;
Albuquerque and Santa Fe, New Medea; Kansas City, Mit3601111
sessions and other events scheduled for the American Bankers
' and Chicago, with arrival back in New York October 16. Full particulars:
Association convention to be held in San Francisco
this trip may be obtained from W. E.
Sept. for
, Passenger Repre30 to Oct. 3, as issued by W. G. Fitzwilson, Secretary of the sentative, Pennsylvania, Railroad New York Eastman
CIO%
The New York Central Liues "Red Tour"
Association, indicates that all phases in the banking
will leave New York and
field Boston, Sentember 12 at noon, stopping over at Chicago; Medoio, North
will be covered. The sessions of the general convention
will Dakota for the rodeo; Yellowstone National Park for three and a half
be held in the convention hall the mornings of Oct. 1, 2, 3, days; Spokane, Washington; Banff, Lake Louise and the
Canadian Rockies,
Alberta; Vancouver, British
Columbia: Puget Sound. Washington, via
opening at 9:45 a. m. each day. The general meeting of
the S.S. Princess; victoria. British Columbia
;
Columbia
River
Highway and
National Bank Division will take place in the mornin
g of Portland, Oregon; Yosemite National Park and Del Monte, California.
Monday, Sept. 30, and the Trust Company Division general This tour reaches San Francisco September 20. The return
trip includes
s in Los Angeles, Riverside, Redlands
meeting is scheduled for the afternoon of Sept. 30. The stop-aver
and San Bernardino,
California; Grand Canyon, Arizona; and
ends
in New York or Boston.
Savings Bank Division will hold its general meeting during October 10. Information regarding this tour may
be obtained from A. E.
the afternoon of Oct. 1, at which time also the State Secre- Brainerd, General Passenger Agent, New York Central Lines, New York
taries Section will meet in general session. The meeting of ciA
"%special train will leave
the evening of September 23, with
the State Bank Division will be held Oct. 2. There will be stop-overs at St. Paul and Chicago
Minneapolis, Minnesota, and Spokane and
Seattle,
Washingt
on, arriving at San Francisco on Septembe
a conference of Clearing House Section Managers on Sept. formatio
r 29. Inn regarding this train is available
thr Ugh nervy Wilkiwon,
30; an Examiners Conference, Clearing House Section,
Banker, Chicago, or any Chicago banker.
has Chicago
Michigan
delegates
will leave Detroit September 23
been arranged for Oct. 1, and an Auditors Confere
at 1:35 p. m. in a special car which will
nce, join this train
at Chicago.
Clearing House Section, will open Oct. 2, and will
be conThe New Orleans Bankers Special, via
Southern Pacific Lines,will leave
cluded on the succeeding day. The following is the
schedule Now Orleans midnight September 34, stopping at Houston, Sun Antonio
announced by Secretary Fitzwilson:
and El Paso. Texas; Globe and Phoenix,
Arizon ,and Los Angeles,arriving
in San Francisco, September
Monday, September 30, at the Hotel
29. Details of this tour may be had from
St. Francis:
W. P. O'Neal, Canal Bank and Trust
Membership Committee, 8:15 a.
Company
, New Orleans; Harry D.
In,
Shannon, Traffic Passenger Agent
Public Relations Cemmission.
Southern Pacific Lines, New Orleans;
9
or George B. Power, Secretary
Insurance Committee, 9 a. in. a. In.
Mississippi Bankers Association, Jackson.
Mississippi,
State Bank Division Executive
Committee. 9:30 a. in.
On September 24, the Missouri
Savings Bank Division Executive
Special, via
Louis, arriving in San Francisco Septembe Kansas City, will leave St.
National Bank Division General Committee, 9:30 a. nt.
r 28. Particulars regarding'
Meeting 9:30 a. in.
this train are obtainable from W.
Trust Company Division Executive
Keyser, Secretary Missouri Bankers
Committee, 9:30 a. m.
Association, Sedalia, Missouri. Kansas
Tax Conference, Special Committee on
delegates will loin the Missouri
Section 5219 United States Special at Kansas City,
Revised Statutes and Committee on
September 25 at 8'30 a. en.
The Bankers Tour of the Rainbow
Economic Policy Commission, 10:30Taxation. 9:30 a. in.
Tours
will start from Boston. New
a. m.
York and various points in East,
Commerce and Marine Commission,
September 17, and from various points
12:15 P. in.
iii Ohio and Michigan,
Claming House Section Executive
September 18. Included In its stop-overs are
e, 12:30 P. m.
chLago; Albuquerque, New
State Secretaries Section Board of Committe
Mexico; Grand Canyon, Arizona; and Lee
control, 1:30 p. in.
Angeles, San Diego, Catalina
50th Anniversary Committee, 2 p. m.
Islands' and Yosemite N; Menai Park, California,
arriving
in
San Francisco, September 28. The return trip
State Legislation Committee and State
includes
Legislative Council, 2:15 IL
In. stop-avers in Salt Lake City, Utah; Colorado Springs and Denver. ColoFoundation Trustees, 2:30 p. in.
rado, arriving In Chicago, October
Clearing House Section Managers Conferen
10. Full particulars MAY be obtained
ce, 2:30 p.
from Rainbow Tours, Columbus,
Trust Company Division General Meeting. 2:30
Ohio.
p. m.
A Bankers Special will leave Clevelan
Agricultural Commission. 2:30 p. in.
d September 16, visiting the Grand
Canyon, Arizona; Zion National Park,
Public Education Commission, 3 p. m.
Utah, and Colorado Springs and the
Royal Gorge, Colorado. Details of this
train may be obtained from Collver-
AUG. 3 1929.]
FINANCIAL CHRONICLE
743
Allen K. Brehm. since January 1928 Assistant Treasurer
of The Equitable Trust Co. of New York, was this week
elected Vice-President of The Continental Bank of New
York. He will assume his duties with the Continental on
Sept. 1, taking charge of the new business department of
that institution, the establishment of which is a feature
of the expansion program of the bank following the enlargement of its capital funds through the subscription of $13,500,000 of new money by a group of Stock Exchange and
Curb houses. While with the Equitable Mr. Brehm has
been active in the opening of new branches of that trust
company. With the Continental he will devote his efforts
at the outset to building up the brokers' business handled
May
by the bank. Mr. Brehm's banking activity began in
Co.
Trust
Marine
the
of
employ
the
entered
he
1919, when
of Buffalo as a runner and check-desk clerk. A graduate
of the Buffalo public schools, Mr. Brehm had enrolled in
d:
announce
further
It is
the Wharton School of Finance, but left near the end of his
Reduced stllllltier tourist fares to the convention have been authorized first year to join the army and after two years in service
by the railroads from the territory east of and including El Paso, Texas:
upon his discharge to take up banking, returning to
Albuquerque, New Mexico; Ogden and Salt Lake City, Utah; the states decided
as an Assistant
of Montana, Idaho. Washington, Oregon, and from British Columbia. the Marine Trust. In 1921 he resigned
Tickets may be purchased up to September 30 with final return limit Secretary of the company to become Assistant Treasurer
October 31 1929, and are good going and returning via diverse routes with
Co. Six months later he was made a
stop-overs. No identification certificates as delegates to the convention of the Buffalo Trust
are required.
President of the Buffalo Trust Co.,continuing as a ViceViceFront points in the territory comprising California, Arizona, Nevada,
President of the combined institution following the merger
Idaho, Washington, Oregon and British Columbia, a special round tHp
on
be
be
and
will
also
available
will
ticket
excursion
on Jan. 1 1926 of the Buffalo and Marine Trust companies.
summer
limit
-day
16
desale until September 30. This ticket, is practically on the fare and one- With the enlarged bank Mr. Brehm had charge of the
the
third basis. Full information as to exact fares and other particulars can
At
offices.
thirty
of
consisting
partment of branches,
be had of local ticket agents.
was with
end of 1926 Mr. Brehm came to New York and
Equitable
the
joining
before
year
a
for
Pynchon & Co.
Florida Bank Failures Now Thirty-two.
Trust Co.
Two more Florida banks closed their doors on Monday of
Details of the recapitalization and enlargement of the
this week (July 29). This brings the total number of failures
the Pacific Coast Trust Co.,
of Florida banking institutions since July 5 to 32. The banks Pacific Trust Co., formerly Broadway, N. Y. City, were
51
at
located
is
office
whose
&
Bank
Trust
which failed Monday are the lirevard County
The trust company recently
Co. of Cocoa, and the Melbourne State Bank at Melbourne, made available on July 31.
authorities for permission
banking
State
the
to
applied
from
on
advice
Press
to
Associati
according
Brevard County,
$1,500,000, consisting
from
tion
capitaliza
its
increase
Jacksonville, appearing in the Now York "Times" of July 30, to
par value, to $8,000,000,
deposits aggregating $1,392,000 wore tied up by the closing of 15,000 shares of stock of 8100
par value. Capital,
of these last two banks and Brovard County was left with consisting of 80,000 shares of $100
Pacific Coast Trust
the
of
profits
undivided
only one bank—the Bank of Titusville. Officials of both surplus and
as of June 29
condition
of
t
statemen
its
in
disclosed
as
Co.,
State
of
the
hands
in
the institutions, which were placed the
the upward
of
result
a
As
4.
$3,319,44
to
amounted
Banking Department, attributed the failures to heavy with- last,
the paid-in surplus will be
tion,
capitaliza
its
of
revision
which
Cocoa,
of
Co.
Trust
&
Bank
County
drawals. l3revard
same time that the company's
was organized in 1889, had a combined capital and surplus increased to $7,100,000 at the
0. In furtherance of the
$8,000,00
to
increased
of $250,000, deposits of $997,643,and resources of $1,247,817. capital is
American Pacific Corp.
the
,
expansion
of
plan
n's
institutio
as
that
saying
reported
Albert L. McGlaun,its President, was
affiliated with
company
securities
a
as
organized
the closing of the institution was duo largely to the steady has been
stock of the
the
of
p
ownershi
common
withdrawal of approximately $500,000 within the previous the bank through
a capital
have
will
Corp.
Pacific
American
s.
companie
two
90 days.
made
also
is
ment
Announce
0.
$1,250,00
Tho Melbourne State Bank had a combined capital and and surplus of
Vice-President of
a
been
has
who
Cook,
J.
Herman
of
and
assets
that
$394,433,
of
surplus of $60,000, deposits
of
the Equitable Trust Co. of New York for a number
$497,424, the dispatch said.
the institution; he
Previous items with reference to tho recent numerous bank years, has been elected President of
As part of its expansion
failures in Florida appeared in our issues of July 20 and July assumed his new duties Aug. 1.
d to have placed
understoo
is
company
plans, the trust
27, pages 422 and 576, respectively.
privately 40,000 shares of its capital stock, to which are
attached an equal number of shares of the stock of the
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC. American Pacific Corp., at a price of $275 per unit, thus
Arrangements were reported made this week for the sale raising a total of $11,000,000.
The Pacific Coast Trust Co. was originally organized
of a Now Yo k Curb Exchange membership for $235,000,
some two years ago as an affiliate of the American Trust
the same as the last preceding sale.
Co. of San Francisco, and Western interests will continue
al portion of its stock. It is also underChicago Board of Trade memberships have been steadily to hold a substanti
Sachs Trading Corp. will own a
Goldman
the
that
stood
advancing, new high records being recorded almost every
substantial interest in the bank as recapitalized. Among
day. last F1iday (July 2 sale of six memberships were
directors of the enlarged institution will be the following:
reported as from $44,000 to $49,500. Sales wore made this the
Samuel W. Anderson, Assistant Secretary the Goldman Sachs Trading
week at $50,000, $52,000 $60,000, $62,000 and $66,000, Corp. and director Insuranshares Corp. of Delaware and Insuranshares
Management Co.
the last mentioned being the highest on record.
ent Pacific Trust Co.
Miller Company, Travel Department, Cleveland Trust Company. Cleveland.
Two combined water and rail tours have been announced. The Dollar
Steamship Line has arranged a tour which starts from New York on the
S.S. President Johnson, the afternoon of September 12. Stops will be
made at Havana, Cuba; Cristobal and Balboa. Canal Zone, and 1..cfs
Angeles; thence the trip continues by train to San Francisco, with arrival
there September 30. The itinerary of the Pennsylvania Railroad special
train will be used for the return trip. Information is available at the
Dollar Steamship Lines or the Pennsylvania Railroad, New York City.
The Panama Pacific Line has planned a rail tour to the convention city
with return by water. The train leaves New York via New York Central
Railroad at midnight. September 23. Stop-overs will be made in Chicago;
Colorado Springs, Colorado; Santa Fe and Albuquerque, New Mexico:
Grand Canyon, Arizona. and Pasadena, Santa Barbara and Del Monte.
California. This train arrives in San Francisco, September 29. The
return trip, will include stop-overs at Yosemite Valley, Riverside, San
Diego and Los Angeles. California. From the last point the water trip
begins via S.M. California to Balboa, Canal Zone, and Havana, Cuba,
with arrival at New York, October 28. Arrangements for this tour are
In charge of Donald V. Briggs, Tour Director, Panama Pacific Line.
New York City.
A Chicago Club Exchange membership was reported sold
this week for $17,000 and a new high record.
of
At a meeting of the board of trustees of The Bank
John
week
this
hold
York
New
of
Co.
Trust
&
New York
Fischer was appointed an Assistant Treasurer.
of
At the meeting this week of the executive committee
W. Brown,
Everett
York
New
of
Bank
City
National
The
appointed
Robert H. Matson and James Wallace were
Assistant Cashiers and James B. Birmingham, heretofore
an Assistant Vicean Assistant Cashier, was appointed
President'.
C. J. Bertheau, Vice-Presid
Edward Hardy Clark, Vice-President and director Cerro de Pasco
director
Copper Corp. and director American Trust Co.; President and
Homestake Mining Co.; director American Co., California-Pacific Title
American
Co.,
Surety
National
Insurance & Trust Co., Irving Trust Co.,
Metal Co., Consolidated Cigar Co. and Sinclair Consolidated Oil Co.
Harley L. Clarke, President Utilities Power & Light Corp.; President and
director Eastern New Jersey Power Co.; Chairman Indianapolis Power &
Light Corp.; President and director Laclede Gas St Electric Co.; director
General Theatre Equipment Co.; director St. Louis Gas & Coke Corp.;
Chairman Laclede Gas Light Co., and President and director Central
States Utilities Corp.
Herman .1. Cook. President Pacific Trust Co., and director Atlantic
Refining Co.. Mercbants Fire Insurance Co.,and Transportation Insurance
Co.
Oscar Cooper, partner Shearson, Hammill & Co.. New York.
F. Donal Coster, President McKesson & Robbins, Inc., and director
Bridgeport Trust Co.. Bridgeport, Conn.
Reg. HalladaY, member Halladay & Co., New York; director International Nickel Co., Carib Oil Syndicate, Transportation nsurance Co..
Capitol Administration Co.. Ltd., and Colon 011 Co.
744
FINANCIAL CHRONICLE
[Vol,. 129.
Franz H. Hirschland, President and director Metal & Thermit Corp.;
of earnings since the bank was chartered on August 20 1908.
director New York & Hanseatic Corp.
Silas W.Howland, partner Root, Clark, Buckner, Howland & Ballantine, The "Eagle" also says the stock is closely held, stockholders
New York; director National Cash Register Co., Anglo-Chilean Con- numbering 162 at
the end of last year. The establishment
solidated Nitrate Corp., German Credit & Investment Corp., American
of a trust department is planned by the bank.
Hawaiian Steamship Co., and Southern Phosphate Corp.
William Forbes Ingold, partner Pynchon & Co., New York; director
American Brown Boveri Corp., General Gas & Electric Co., Utilities
Power & Light Corp., Southern California Gas Co., New Jersey Power &
Negotiations looking toward a merger of the First National
Light Corp., Metropolitan Edison Co., New York Shipbuilding Corp.,
Bank and the Second National Bank & Trust Co. of Owego,
Central States Power & Light Corp., and International Projector Corp.
Christian 0, G. Miller, President Pacific Lighting Corp., San Fran- N. Y., have been successfully concluded by F. L. Carlisle
cisco; Vice-President and director American Trust Co.; director California & Co.,
Inc., according to an announcement made recently.
Gas & Electric Corp., Los Angeles Gas & Electric Corp., Langley &
Michaels Co., Mercantile Mortgage Co., Pacific Gas & Electric Co., San The combined institution will have capital, surplus and unFrancisco Gas & Electric Co., Southern Counties Gas Co. of California, divided profits of $925,000 and plans are now being
formuTucker Investment Co., and Mercantile Securities Co. of California; lated
for the organization of an affiliated security company
Vice-President and director, Pacific Coast Borax Co.
Harry C. Piper, Vice-President Lane, Piper & Jaffray, Inc.; Vice- with capital and surplus of $200,000 to be owned by stockPresident and director Truax Traer Coal Co.; director Pillsbury Flour holders in proportion to their holdings
of stock in the new
Mills, Inc., Archer-Daniels-Midland Co., Canadian Consolidate Grain
d
bank. The Carlisle firm will be a substantial holder of
Co., Ltd., Munsingwear, Inc., Wayne Knitting Mills, Inc., and Universal
stock in the new bank. The announcement goes on to say:
Aviation Corp.
Howard J. Sachs, partner Goldman, Sachs & Co.; director Gimbel Bros.
In recent years, the Carlisle interests have been active in Oswego, the
and Van Rallte Co., Inc.
local public utility company, the Peoples Gas and Electric Co., which
Clifford F. Stone, President Shenandoah Corp.
owns two water power developments on the Oswego River, being part
of
the Northeastern Power System now included in the Niagara-Hudson
Power group. The Oswego Board Corporation, controlled by the St.
At a meeting of the stockholders of the Fidelity Trust Co. Regis Paper Co., operates a large factory manufacturing fibre
insulating
of New York City on July 26, the plan recommended by the lumber. The largest plant of the Taggart Corp. Is located at Oswego and
arrangements are now being made for the removal of the machinery division
directors for an increase in the capital funds of the trust of the Bates Valve
Bag Corp. to Oswego. In addition, the Carlisle interests
company and its securities affiliate, Fitrust Corporation, in have sponsored the Oswego
Rayon Corp., which has been successfully
manufacturi
ng
rayon garments for a number of years.
the amount of $4,000,000 was ratified. The present Fidelity
Trust Co. stock, which is of $50 par value, will be reduced
to $20 par value, making 200,000 shares outstanding. An
Pursuant to a recent recommendation of the directors,
item regarding the plans to increase the capital appeared in the stockhold
ers of the Lincoln-Alliance Bank of Rochester,
our issue of June 22, page 4099.
N. Y., at a special meeting on July 31, voted to change the
name of the institution to the Lincoln-Alliance Bank & Trust
Sidney S. Prince, a former Governor of the New York Co., in order to include trust company facilities, according
Stock Exchange, died at his home in Mamaroneck, N. Y., to the Rochester "Democrat" of August
1. The necessary
on July 20. Mr.Prince who was born in Germany, came to application will be made to the State Banking Departme
nt
the United States in 1877 and in 1879 entered the employ after the legal requirements are fulfilled,
it was stated.
of the New York Stock Exchange firm of Asiel & Co. with At the same meeting, the stockholders
also approved a
which he remained for half a century. He was made a partner recommendation of the directors that
the par value of the
in 1893.
bank's stock be reduced from $100 a share to $20 a share,
and the number of shares be increased from 20,000 to 100,000.
Expenditures made by Class I railroads in 1928 for taxes,
•••••••••••
Including Federal, State and local taxes, were the largest
Stockholders of the Winchester Trust Co., Winchester,
for any year on record, according to reports just filed by
the carriers and made public July 15 by the Bureau of Rail- Mass., have approved a reduction in the par value of the
capital stock of the company from $100 a share to $10 a
way Economics. The Bureau's advices continue:
share and the issuance of 10 new shares for each old share,
During the calendar year, $389,432,403 were expended for this
purpose,
an increase of $509,547 over the previous high record established
in 1926, according to the Boston "Transcript" of July 26. The
and an increase of $13,322,153 over 1927.
institution's capital is $100,000.
Out of each dollar of
gross revenue in 1928, the railroads paid six and
two-fifths cents in taxes, which for the first time exceeded
the amount
spent for fuel. Of expenditures made out of gross
revenue last year, the
tax bill of the railroads was only exceeded by two
other items, labor
requiring 43c. out of each dollar of gross
revenue and materials and
supplies requiring 18 1/5c.
Class I railroads in 1928 paid $431,030,914 in
cash dividends. In 1927,
cash dividends amounted to $411,581,093.
Of the total dividends paid in
1928, $248,492,875 represented dividends
charged against current net
income, while $182,538,039 was charged to the
surplus account.
Michael W. Rayens, President of the United Electric
Service of this city, a corporation with main offices located
at
Seattle, Washington, was elected a director of the Harriman
National Bank & Trust Co. of New York on July 31. Mr.
Rayens has been active in business in this city for the
past
35 years and is connected with many of its civic organizations. Edward R. West, President of the E. R. West Coffee
Co. of New York and Chicago, and President of the WestEnglish Co., was also elected a director of the Harriman
National Bank & Trust Co. The E. R. West Coffee Co. of
which Mr. West is President, absorbed the C. D. Gregg
Tea
& Coffee Co. established in 1893.
H. C. Sylvester, Jr., Vice-President of the National
City
Co. of New York returned to his desk on Aug. 1.
The Board of Directors of the Peoples National Bank
of
Brooklyn in New York propose to recommend to the stockholders of the bank the declaration of a 100% stock dividend,
with a further privilege to the Stockholders of subscribing
for one new share for each four shares held, after the dividend
declaration, at $300 per share. It is intended to effect an
increase in the capital of the bank to $500,000 from $200,000
and of surplus to $400,000 from $300,000. It is stated
in the Brooklyn "Daily Eagle" that as of June 29, the most
recent call of the Comptroller of the Currency, the bank
had a capital of $200,000, surplus of $300,000 and undivided
profits of $382,742, the latter account in addition to transfer
to surplus account of $200,000, having been built up out
Two Bridgeport, Conn., banks are about to consolidate—
the Bridgeport Trust Co. and the City National Bank &
Trust Co., according to a press dispatch from that city on
July 27, printed in the New Haven "Register" of the same
date, which stated that announcement was made the previous
day (July 26) that a general plan of consolidation or merger
of the institutions had been approved by the directors of
each bank and would be recommended to their respective
stockholders for favorable action. The new organzation
will have resources of more than $30,000,000. Combined
assets of the two institutions, according to their reports to
the State Bank Commissioner as of June 29 last, totaled
$34,233,667, of which $15,573,151 represents the trust
company's assets and $18,660,515 the national bank's
assets. The dispatch furthermore said:
Approval of the merger was given by directors of the Bridgeport Trust
Co. by resolution adopted yesterday morning. Harral S. Tenney, President of the New York Trust Co., instrumental in bringing about the consolidation, arrived in the city early in the afternoon and subsequently the
directors of the City National Bank adopted a similar resolution.
Details of the merger were not made known, but it was announced that,
if approved by the stockholders, the active personnel of both banks will be
retained in the combined bank and that it is believed more complete and
satisfactory service will be rendered the public than before.
A plan to consolidate the Guaranty Trust Co. of Newark,
N. J., with the New Jersey National Bank & Trust Co. of
that city was approved on July 31 by the respective stockholders of the institutions and the union becomes effective
to-day (Aug. 3), according to the New York "Times" of
Aug. 1. The Guaranty Trust Co.is to be operated as a branch
of the New Jersey National Bank & Trust Co. Continuing
the "Times" said:
The stockholders of the National concern also have approved
the increasing of the stock from $2,650.000 to $2,800030.
The main office of the
merged bank is to be at Broad and Market Sta., and
there are to be five
branches, all in Newark.
Governor Morgan F. Larson Is Chairman of the executive
committee
and John J. Stamler. President of the merged bank.
Am.31929.]
FINANCIAL CHRONICLE
745
A merger of the American Bank & Trust Co. of Philadelphia with the Central National Bank of that city, involving
resources of $49,000,000, was recommended by the respective
directors of the institutions on July 18, according to the
Philadelphia "Ledger" of the next day. Included in the
merger plan are the formation of a $1,000,000 securities
company by the Central National Bank and the purchase by
the institution of two valuable parcels of real estate at 15th and
Ionic Sts.,below Chestnut St. The name of the enlarged bank
will be the Central National Bank of Philadelphia. The total
resources of the two banks, the paper mentioned said, as
of June 29 1929, were $49,084,429. Under the terms of the
merger, stockholders of the American Bank & Trust Co. will
receive two shares, par value $10 a share, of Central National
Before the banks were closed this same group offered to buy control of
held. If the terms of the merger
the Hobart and its branches for $45 a share. Last week, before the securities Bank stock for each share
a
company was thrown into temporary receivership, it offered $20 share. are approved by the respective stockholders, the Central
The reduction, it was explained, was due to the loss in good-will and "going National Bank of Philadelphia, after the consolidation is
concern value" occasioned by the litigation, and the $10 a share offer was
consummated, will issue to its stockholders rights to subthe last which would be made.
par value stock in the
A later edition of the same paper stated that two indict- scribe to 34,000 shares of new $10
each five shares held at
for
new
of
share
one
of
New
of
the
proportion
founder
Weinberger,
H.
Harry
naming
ments,
Swift, President of the
Jersey Bankers' Securities Co.; his brother, Joseph J. Wein- the price of $70 a share. Archier D.
President of the
berger, Corporation Counsel of Passaic, and Frank C.Camp- Central National Bank, will continue as
and
employees of the
officers
the
and
institution,
of
the
securities
director
enlarged
former
J.,
N.
bell of Maplewood,
by the new
company and an official of its closed subsidiary, the Hobart American Bank & Trust Co. will be retained
said:
"Ledger"
the
Continuing
.
by
organization
2)
yesterday
(Aug.
returned
were
Passaic,
of
Co.
Trust
Chestnut Ste.
The Central National Bank's main office is at 5th and
the Passaic Grand Jury.
Broad and Cambria Sts. and 134 South 15th St.
Supplementing our item of last week (page 580) with reference to the closing on July 24 of the Hobart Trust Co., of
Passaic, N. J., and its two local branches, and the throwing
into bankruptcy the following day of the New Jersey Bankers'
Securities Co., which controlled the stock of the failed bank,
Vice-Chancellor Backes issued an order on Aug. 1 directing
the stockholders of the New Jersey Bankers' Securities Co.
to show cause before him next Thursday (Aug. 8) why they
should not accept an offer of $10 a share for the 30,000 shares
of Hobart Trust Co., which the holding company owns, made
by a group of Passaic business men. The New York "Evening
Post" of last night(Aug.2)from which the above information
is taken, went on to say in part:
An application to convert the Asbury Park Trust Co.,
Asbury Park, N. J., into the Asbury Park National Bank
& Trust Co. was approved last week by the Comptroller
of the Currency and a special meeting of the stockholders
of the institution has been called for Aug. 7 to vote on
the proposed change. An announcement in the matter by
the bank says:
Immediately after the completion of formalities in connection with
the change, the institution will operate as the "Asbury Park National
Bank & Trust Co."
The bank was chartered under the New Jersey laws In 1911 and on
July 1 last completed 18 years of successful operation. The reputation
of the bank as a sound and conservative institution during this 18-year
period led the officers and directors to retain the old name, changing it
merely to insert the words "National Bank."
"We have made this change because we believe that Asbury Park needs
a strong national bank," W. J. Cense, President of the bank, said this
morning. "The prompt acceptance of our application for a national
Charter has, of course, been very gratifying. We filed our application
with the Comptroller's office at Washington on July 10. On Monday,
July 15,the Chief Examiner sent his staff of examiners to make an examination, which was very thorough. On Monday, July 22,the examiners had
completed their work and filed their report with the Chief Examiner of
the Second Federal Reserve District. This was in turn forwarded to
Washington on the 23d; approved on the 24th and advice from the Comptrollers' office received on July 25."
The officers and directors of the institution remain the same.
The latest statement (as of July 29 1929. date of last call) showed
aggregate resources of nearly five million dollars. The capital of the
bank is $300,000; surplus. $300,000, and undivided profits in excess of
$157.000.
On July 1 1929 the bank increased its capital from $150,000 to $300,000
and its surplus from $150,000 to $300,000, with undivided profits account
of $157,000, making the total capital structure over three-quarters ot a
million dollars.
It has branch offices at
consolidated with the
The latter office will be discontinued and its business
which also has an office
15th and Sansom Sts. office of the American Bank,
will be continued as a branch
at Broad St. and Passyunk Ave. The latter
that at the Broad
office of the Central National Bank. It was announced
a substantial and profitable
up
built
had
St. location the American Bank
business.
0. Harry
Subject to approval of the merger plans by stockholders,
Central National
Johnson has completed negotiations for the purchase by the
present
the
adjoining
St.,
15th
Bank of the properties at 114 and 116 South
was $750,000,
central city office of the American Bank. The purchase price
Trust Co..
which figure, it is understood, gave a profit to the Integrity
with
which acquired one parcel when the Tenth National Bank was merged
it and the other through a straight purchase.
American
the
of
merger
the
and
Acquisition ofthe two parcels ofreal estate
4 inches on
Bank into it gives the Central National Bank a lot 72 ft. and
the future
15th St., 118 ft. on Sansom St. and 98 ft. on Ionic St., ample for
needs of the bank.
voted to
also
Bank
The Board of Directors of the Central National
the
recommend to stockholders the setting aside of $1,000,000 to be used in
formation of a securities company.
An application to organize a new bank in Philadelphia
under the title of the Park National Bank with capital of
$200,000 was filed with the Comptroller of the Currency on
July 24. According to the Philadelphia "Ledger" of July
31, the new institution will begin business with a surplus of
$150,000 and undivided profits of $50,000.
At a meeting of the directors of the Philadelphia National
Bank of Philadelphia on July 22, Edward B. Leisenring,
President of the Westmoreland Coal Co., was made a director to succeed the late S. Pemberton Hutchinson.
That the Marion Title & Trust Co. of Ardmore, Pa. is
The directors of the Belvidere National Bank of Belvithe Bala-Cynwyd National Bank of
dere, N. J. have elected Morris S. Faust President to suc- planning to absorb
was reported in the Philadelphia
Pa.,
ynwyd,
Bala-C
Prall.
T.
ceed the late George
"Ledger" of July 19. The "Ledger" said:
The statement of condition of the Bankers Trust Co. of
Philadelphia for the half year ended June 29 1929 shows
total resources as of that date of $39,853,019, deposits are
shown at $27,597,373 and combined capital surplus and
undivided profits as $6,384,905. A letter to the stockholders signed by Samuel H. Barker, President of the institution, under date of Aug. 1 says:
Operations of your company for the first half of this year resulted ins gain
adding that much to the
of $1,419,493 to surplus and undivided profits, so
asset value of the stock. Included in this large amount were certain
were
unusual profits. Current day by day operations of your company
highest point yet reached,
good for the half year and now are running at the
they should
both in gross and net earnings. With increasing resources
expand proportionately.
profits
undivided
$250.000
Your board on July 15. transferred from
was paid in
additional to surplus, making $1,250,000. Of this $500,000
from
undivided
transfer
such
After
earned.
by stockholders and $750,000
quarterly dividend
profits, the second made this year. and deduction of the
there remained $910,268
coming to you and other stockholders to-day,
profits totaled
undivided
undivided profits. Capital. surplus and
$6.322.752.
Simultaneously with the 1M% quarterly dividend paid on
Aug. 1 to the stockholders of the institution, the 221 employees, other than officers, received a salary dvidend of
04% based on their annual salaries.
Directors of the Bala-Cynwyd institution have recommended to stockMerlon Title stock
holders the acceptance of an offer of one-half a share of
stock. The last public
and $24 in cash for each share of Bala-Cynwyd
that more
is
sale of Merlon Title stock was at $305 a share, It understood
than 70% of Bala-Cynwyd stock favors the exchange.
In
are
excess
of
institution
$480.000.
nwyd
Total resources of the Bala-Cy
Its deposits exceed
The Merion Title & Trust Co. has capital of $750.000.
in Bala-Cynwyd.
$8.000.000. The company maintains a branch office
Henry B. me.
Richard J. Hamilton is President of the Merion Co. and
institution.
Bala-Cynvryd
Laughlin occupies a like post with the
An Associated Press dispatch on July 30 from Blossburg,
Pa., printed in the Philadelphia "Ledger" of the next day,
reported the closing of the Miners' National Bank of that
place on July 29. The following sign was displayed on the
bank's door:
"Closed by order of directors. F. T. Ransome, Bank Examiner,takes
charge."
J. R. Stratton, a director of the Institution, was quoted
in the dispatch as saying:
"I have no statement to make, other than we are trying to reorganize
the bank to pay 100 cents on every $1 deposit."
From the Detroit "Free Press" of July 24 it is learned that
a special meeting of the stockholders of the American State
746
FINANCIAL CHRONICLE
Bank of Detroit has been called for Aug.6 to vote on a proposed increase in the bank's capital from $1,500,000 (75,000
shares of the par value of $20 a share) to $2,000,000 (100,000
shares of the par value of $20 a share), and also on the formation of a securities company with a paid-in capital of $375.000
to be known as the American Detroit Co., with 100,000shares
of no par value stock, the beneficial interest of such stock to
be held in such manner that each share of bank stock shall
have the beneficial interest of one share of American Detroit
Co. stock, which interest shall be noted upon each certificate of bank stock. It is the intention of the directors, the
paper mentioned said, to extend the right to purchase one
share of the new bank stock (25,000 shares of the par value
of $20 a share) together with the beneficial interest on the
one share of the American Detroit Co., to stockholders of
record at the close of business Aug. 6, at the price of $65 per
unit share on the basis of one share of the new unit stock for
every three shares of the bank stock then outstanding, payment for the new unit shares to be made on or before Sept.
30 1929, at which date rights will expire. The $1,625,000
(25,000 shares at $65 a share) obtained from the sale of the
new stock, the directors propose, it is understood, to allocate
as follows: $500,000 to capital account; $750,000 to surplus
account, making the latter approximately $2,250,000, and
$375,000 to provide the capital of the new American Detroit
Co.
[Vol. 129.
heffer will be President and in active charge of the organization and development work. Mr. Redheffer was formerly a
Vice-President of the Security Bank and the Second Security
Bank, Chicago, and a former President of the Amalgamated
Trust & Savings Bank of that city and the Amalgamated
Bank of New York. The paper mentioned quoted him as
saying:
The Merchandise Mart is in itself one of the most potent examples
of
the extension of the "Loop" district of Chicago, enabling this new
financial
institution to take its place among the established and recognized
loop
banks.
"Not only will it furnIsh banking service in all departments to the
occupants of the Mart, which in itself will be a small city under one roof,
but
will be the most convenient and accessible banking home of the adjacent
industrial district North and Northwest of the river." he added.
"With the unlimited parking facilities which this great building
will
afford on the plaza on the North bank of the river and with the development of the Northwest superhighway, which will reach the center
of the
city by way of the Orleans-Franklin bridge, this location will be brought
within easy driving distance of practically the entire northwest section
of
Chicago."
The respective shareholders of the National Bank of the
Republic of Chicago and the Teter State Bank of that city
on June 29 ratified the proposed consolidation of the latter
with the former and the union became effective July 1.
That the Minot National Bank of Minot, N. D., said to
be the oldest and largest bank in the Northwestern
part of
With reference to the increase in the capital stock of the North Dakota, had joined the Northwest Bancorporation
of
Equitable Trust Co. of Chicago from $250,000 to $350,000, Minneapolis on July 24, was reported in the
Minneapolis
approved by the stockholders on July 16, as indicated in "Journal" of the same date. Announcement of
the affiliathe "Chronicle" of July 27, page 581, the 1,000 shares of tion of the Minot National Bank was made by E. W.Decker,
new stock, par value $100 a share, is being offered to share- President of the holding corporation and of
its largest unit,
holders of record July 16 in proportion to their holdings on the Northwestern National Bank of Minneapo
lis. It folthat date at the price of $150 a share ($100 to be credited to lowed an announcement that another North
Dakota bank,
capital account and $50 to surplus and reserve accounts), at Valley City, had become affiliated with
the holding corpoprovided such purchase is made on or before Aug. 16 1929.
ration. The Valley City institution was formed recently
by
the consolidation of the American Exchange Bank and
the
Reduction of the par value of the stock of the Penn Middle West Trust Co. and has resources of more than
National Bank of Philadelphia from $100 to $10 a share $1,000,000, it was said. The Minot institution has deposits
was sanctioned at a special meeting of the stockholders of more than $4,000,000 and resources in excess of $4,353,000.
on July 2. The directors of the institution, July 8, declared By its addition the aggregate resources of the institutions now
a quarterly dividend of 6% and an extra dividend of 1%. affiliated with the Northwest Bancorporation are increased
both payable Aug. 1. These are the first dividends on the to more than $249,000,000, it was stated. The First Nanew stock of the bank, which was recently split ten for one. tional Bank of Minot was organized in 1897 as the Great
Northern Bank by Joseph Roach who became its
President.
In 1902 the institution was converted into the Second NaPursuant to a recommendation of the Directors, stock- tional Bank
and in 1926 the name was again changed to the
holders of the Eighth National Bank of Philadelphia on First National Bank.
Robert E. Barron is now President.
July 2 approved a reduction in the par value of the institu- He joined
the institution in 1901 as Cashier and in 1914
tion's shares from $100 to $10 a share and the issuance of ten succeeded Mr.
Roach in the Presidency. In announcing the
new shares for each share at present outstanding, according affiliation of
the institution with the holding corporation,
to the Philadelphia "Ledger" of July 4.
Mr. Decker was quoted as saying:
The National Security National Bank of Philadelphia
recently changed its name to the National Security Bank &
Trust Co. of Philadelphia.
Advices from Muskegon, Mich., on July 1 to the Chicago
"Journal of Commerce" stated that stockholders of the
Hackley National Bank of Muskegon and the Union
National Bank of that city, will vote shortly on a proposed
merger of the institutions recently recommended by their
respective Directors. The consolidation will bring together
,
the dispatch said, resources in excess of $12,000.000, deposits
totaling $9,000,000, and invested capital of $2,000.000.
The
new institution will be known as the Hackley Union
National Bank and will occupy the Union Bank Building
. Its
capital structure will consist of $600,000 capital,
surplus of
like amount, and reserves and undivided profits of
$800,000.
There always has been a clone and important relationship
between
Minneapolis and Minot. Both cities are natural trade centers
from grain
producing territories. Both are building up reputations as
dairying centers.
Minot is the most important city in the northeastern part of North
Dakota.
Its importance as a railway distributing city is rapidly increasing
. The city
of Minot is awake to the need for greater development of
its trade territory
and of building up new business contacts with other pails of the country.
Now, with the combined interests of banks comprising
the Northwest
Bancorporation, it is believed that greater and more lasting results
may
obtained in this and all other undertakings which tend to increase be
the
importance of this city.
According to the Minneapolis "Journal" of July 18, the
issuance of 90,000 additional shares of stock, with prior rights
of purchase at $62 a share to stockholders of record Aug. 15,
on the basis of one share for each 10 shares held, was announced on that date day by day officials of the Northwest
Bancorporation of Minneapolis. Sale of the additional stock,
it was stated, was authorized at a meeting of the Board of
Directors of the corporation, providing for issuance of an
amount equal to 10% of the stock outstanding at the close of
business Aug. 15.
All stock rig ts will be listed on the Minneapolis-St
A new bank is being organized in Chicago under
. Paul Illtock Exthe title change, on which Northwe.t Bancorpor
ation stock traded to-day (July 18)
of the Merchandise Bank & Trust Co. According to
75.
at
Rights
to
purchase
the
the stock under the plan announced to-day
Chicago "Journal of Commerce" of July 26, the new
expire'Aug. 31.
in- will
Proceeds from the sale of additional stock will be used
stitution is beirrg planned by interests affiliated with
In carrying out
the an extensive program of development during the year. according
to E. W.
Continental Illinois Bank & Trust Co. for the Merchan
dise 'Decker. President of the Bancorporation.
Following the sale, he said, the Bancorporation will
Mart, "the world's largest building," now in course (1
have a cash balance
of between $9.000.000 and $10.000,(100 In aillition
erection on the North bank of the Chicago river at Wells interests
to owning controlling
In leading banks of the Northwest, having combined
resources
St. The new bank will have an initial capital of $500,000 of more than 5213.000.000.
he group banking idea Is taking rapid hold
with paid-in surplus of like amount and a reserve fund of
of the public mind. Keen
business men and bankers see In this plan a solution
to many of the banking
$250,000, and will occupy quarters on, the ground floor of ills
of the past. They see In It a greater financial stability,
improved
the Mart where it is expected to open for business in May banking facilities and a more permanent growth
for the entire northwest.
of next year. Sterling B. Cramer, a Vice-President of ae
Continental Illinois Bank & Trust Co., will be Chairman of
Directors of the Boatmen's National Bank of St. Louis
the Board of the new institution, and Raymond L. Red- ion July 19 approved an increase
in the capital of the insti
AUG.3 1929.]
FINANCIAL CHRONICLE
press
tution from $2,000,000 to $2,500,000, according to a
Chicago
dispatch from that ity on July 19 appearing in the
additional
"Journal of Commerce" of the next day. The
the disa
share,
of
$100
value
stock, 5,000 shares of the par
record
of
olders
stockh
to
offered
be
to
was
said,
patch
of
price
the
at
share
nal
additio
one
Aug. 20 in the ratio of
further$200 a share for each four shares held. It was
w11 go
more stated that one-half of the proceeds of the sale
Co., which
to the newly organized Boatmen's National
rehandles the investment business of the bank, and the
bank.
the
by
d
retaine
maining half will be
it is
From the St. Louis "Globe-Democrat" of July 2
St.
the
of
sioner
Commis
former
learned that Davis Biggs,
Trust
years
five
past
the
for
and
s,
Appeal
of
Court
Louis
city, was
Officer of the National Bank of Commerce of that
Co.,
appointed a Vice-President of the St. Louis Union Trust
ent
Presid
Orr,
H.
Isaac
by
cement
announ
according to an
say:
of the trust company. The St. Louis paper went on to
747
the Virginia National Bank of Norfolk, according to the
his
Norfolk "Virginian" of July 30. Mr. Moore began
in
banking caner as a runner in the Norfolk National Bank
r
dashie
nt
Assista
to
stages
ive
success
h
1889, and rose throug
al Bank of
in 1920. When. his institution and the Nation
the present
Commerce were merged two years ago to form
bank, he continued as Assistant Cashier in charge of publics
he has
relations and new business—the position from which
r of
r
membe
anothe
er,
Niemey
B.
A.
now been promoted.
who went into the
the old Norfolk National Bank's staff
in operations
merger two years ago, and has been engaged
departments,
of the bank's foreign department, and other
Moore, it
has been promoted to the office vacated by Mr.
was stated.
C. and
The First National Bank of Roanoke Rapids, N.
ry, N. C.
the Rosemary Banking & Trust Co. of Rosema
dated under the
(both Halifax County banks), have consoli
the new instituname of the Roanoke Bank & Trust Co.,
former institutions
y on probate tion taking over the assets of both the
d
Judge Bigp, who lives in Kirkwood, is considere an authorit
ies, according
in
liabilit
law
and
s
and
practiced
County
deposit
in
Pike
born
their
all
and guaranteeing
and fiduciary matters. He was
who was Judge of the
Va. to the "Wall
ond,
Richm
from
25
St. Louis with his father, Judge William H. Biggs,
July
on
s
advice
to
Co. is
St. Louis Court of Appeals for twelve years.
of the Street Journal." The new Roanoke Bank & Trust
During the late war, Judge Biggs was appointed legal adviser
District.
Louis
at $250,000, making it one of the largest banking
ized
capital
Ordinance Department of the United States Army for the St.
following
ch said.
Be served as Commissioner of the Court of Appeals for five years
institutions in Eastern North Carolina, the dispat
Presithe war.
is
Co.,
Mills
ke
Roano
the
of
University S. T. Peace, President
He is a graduate of the University of Virginia and Washington
r of the
Cashie
Ross,
W.
J.
with
bank,
new
the
of
Law SchooL
dent
r of the
Roanoke Rapids branch, and H. H. King, Cashie
newly
the
of
With reference to the proposed consolidation
Rosemary branch.
organized Colonial National Bank of Norfolk, Va., with the
•
Virginia National Bank of that city, indicated in our issue
a, Ga. is planning the
The Fourth National Bank of Atlant
of June 29, page 4266, advices from Norfolk on July 29 to
,and office building. A news
bank
tory
15-s
ive
a
respect
of
the
that
n
h"
stated
erectio
s-Dispatc
the Richmond "Time
says in part:
stockholders of the institutions had met on that day and item in the matter
National Bank of Atlanta is 80Cr
a
Virgini
Confirming reports that the Fourth
of
the
title
the
under
union
ed
propos
the
ed
approv
structure at Five Points, John K.
erect a great new bank and office
to
go
would
dation
on. Saturday authorized the statement
National Bank of Norfolk. The consoli
Ottley, President of the instituti
prepared for a 15-story building to occupy the
into effect the next day (July 30), it was said. The merger that plans are now being by
the bank at this loaction, which Includes not
ground now owned
gives the consolidated bank a capital, surplus and undivided entire
Bank Building, but also the
the site of the present Fourth National
only
,000
Marietta St. now occupied by Jacobs'
profits in excess of $1,000,000; deposits in excess of $4,000
73 feet of additional frontage on
a
restaurant. This property, a rectangular plot with
and resources of approximately $6,500,000. The Virgini drug store and Childs'
on Marietta. and
of 110 feet on Peachtree and 123 feet
frontage
total
Vira
the
by
owned
and financial activiBank & Trust Co., a State institution,
the recognized center of Atlanta's commercial
at
located
parcels of downtown real estate
ginia National Bank stockholders, would continue in opera- ties, is one of the largest and most valuable
designed for It.
and is ideally adapted to the type of building
tion under the merger, it was said. The advices,furthermore, in the city,that
not be inconvenienced by a
may
patrons of the bank
the
order
In
consoli
tion. it is understood
stated that officers understood to be chosen for the
of its location during the period of construc
here- change
intact until the new part of the prothat the present building will remain
dated institution were as follows: Arthur W. Brock,
will be moved
quarters
of posed structure is completed. Then the banking
tofore a Vice-President of the Norfolk National Bank
building. after which the present structure will be
the
of
wing
new
the
to
Street
to the final step of joining the
Commerce & Trust and lately in charge of the Granby
d to extensive alterations leading
that Is planned.
Whitehead, subjecte
whole into one great architectural unit
office of that institution, President; Hugh G.
Sept. 1 with the demolishing
ViceConstruction work is scheduled to start
the erection ef
heretofore President of the Virginia National Bank,
now occupied by Jacobs and Childs, and
s
building
the
of
as possible, It was
President; John H. Rogers, Vice-President; John R. Kilby, the new structure will be carried forward as rapidlyBarge-T
hompson Co.
Cashier, stated. Pringle and Smith are the architects, and
Vice-President and Trust Officer; Rosser J. Smith,
to
ce
contractors in charge of the work.
referen
the
r.
With
nt
Cashie
Assista
Jr.,
h banking
Wyatt,
mammot
will be the
and W.B.
The dominant feature of the new building
in
located on the main banking
the banking career of Mr. Brock, the following appeared
room, 110 feet wide and 123 feet In length,
ments in modern bank architecture
floor and embodying the latest develop
the Norfolk "Virginian" of July 30:
most commodious
as well as
to-day
design. One of the most Impressive
Mr. Brock, to be chosen President of the consolidated bank com- and
ample space for the officers'
s in this
banking floors in the South, it will also afford
(3tily 30). has long been connected with banking activitie
trust department and of the Fourth
the
of
quarters
the
resident
for
and
a
but
been
has
(tasks
County,
munity. He is a native of Princess Anne
he was connected.with the office National Company.
of Norfolk for 2 years. For many years
to erect the new building, Mr.
as City Treasurer for
In commenting on the decision of the bank
ated by the notable
of City Treasurer and during the year 1900 he acted
he accepted a Ottley pointed out that the step has been necessit
Norfolk. Ills banking experience dates back to 1912 when
stea_ily increasing requirefor Savings 5: Trusts expansion of the Institution's acti ities and the
position as Assistant Cashier of the old Norfolk Bank
to the Trust Co. of ments of its clientele.
on Main Street, the name of which was changed later
organized in
institution,
Norfolk, in which Mr. i rock served as Vice-President until that
The Fourth National Bank of Atlanta was
with the National Bank of
assets of less than
and
and the Norfolk National Bank. merged in 1927
00
$500,0
of
capital
a
with
1890
Trusts.
of
ce
it
Rank
Commer
Commerce to tbrin the Norfolk National
,
merger, and has had $1,000,000. To-day the institution has combined capital
Mr. Brock continued as Vice-President in this
of
the
s
In
is
which
deposit
operated
,273;
bank,
the
$4,220
of
office
of
Street
charge of the Granby
surplus and undivided profits
old Trust Co. of Norfolk quarters.
total resources of $52,583,699.
$36,590,664, and
A press dispatch from Richmond on July 31 appearing in
dathe "Wall Street News" of Aug. 1 stated that the consoli
the
ta,
tion became effective July 30 upon the approval of
That a new bank has opened for business in Saraso
Comptroller of the Currency. The new organization is Fla., under the title of the Palmer National Bank & Trust
al
amount,
located in the present former quarters of the Virginia Nation
Co., with capital of $100,000 and surplus of like
July 25
on
Va.,
ond,
Richm
from
s
advice
Bank for the time being, it was said.
in
was reported
lders
to the "Wall Street Journal." The principal stockho
of
Palmer
Potter
and
Honore
of
are
Bank
tion
al
l
institu
Nation
Colonia
new
the
the
of
The proposed union of
rs,
directo
of
board
the
of
r
membe
a
city,
that
Chicago, the latter being
Roanoke, Va., and the American National Bank of
of May 11. page it was said. The dispatch,furthermore, stated that John B.
reference to which was made in our Issue
The new organization, Cleveland, former banker of Kewanee, Ill., and for the past
8134, was consummated on June 29.
l-American National three years manager of the Tampa offices of the Palmer
Colonia
the
of
which bears the name
000.
Corporation, is President of the new bank, which is occuBank of Roanoke, is capitalized at $1,000,
pying the banking rooms of the former American National
Bank.
Assistant Cashier of the
R. H. Moore, heretofore an
rce & Trusts, Norfolk,
Comme
of
Norfolk National Bank
A charter was i sued recently by the Comptroller of the
St. office of the
Granby
the
to
rred
transfe
been
Va., has
cy for the Beverly Hills National Bank & Trust Co.
Curren
by the resignation as
institution to fill the vacancy caused
y Hills, Calif., with capital of $150,000. The new
Beverl
of
of
ent
Presid
become
to
Brock
Vice-President of Arthur W.
748
FINANCIAL CHRONICLE
LVoL. 129.
institution represents a conversion of the Beverly Hills
The stock market was reactionary during the two
Savings Bank. 0.N.Beasley is President and G.J. Brooks
hour
, session on Saturday. Most of the trading
Cashier.
was on the selling
end and substantial losses were sustained by numerous stocks
that have been conspicuous in the recent upswings. Amer.
The directors of Barclays Bank Limited, London,
have
declared, out of profits for the half-year ended June 30, an Tel. & Tel. fell about 3 points under the precedi
ng close,
interim dividend at the rate of 10% per annum on the "A" General Electric was down
at one time more than 8 points,
shares, and 14% per annum on the "B" and "C"
shares, though it regained part of its loss during the final hour.
respectively, subject in each ease to the deduction of income
United States Steel, common was down a point or two and
tax. The interim dividend will be payable on and
after many high priced industri
al stocks gave way easily under
Aug. 1 to those shareholders whose names were register
ed in pressur
e. In the closing hour North American Company
the books of the company on the night of June 30
last.
started upward and established a new high record at 182,
Westinghouse Air Brake followed with a gain of nearly 2
THE CURB EXCHANGE.
points. Railroad stock were under pressure and were down
Utilities continue the most active group on the Curb Exabout 2 to 4 points.
change this week and despite considerable profit-taking
in
On Monday, the market suffered a sharp s Aback and
the early part of the week, continue strong. Allied Power
& practically every active stock was
more or less affected by
Light corn. dropped from 1033s to 9514, but recover
ed to the downward lunge. The largest
losse
; were in the public
104% and finished to-day at 103; Amer. Light & Tract, corn.
utilities group and electric stocks which have made such
sold up from 335 to 390, the close to-day being at
38634; remarkable gains during the recent trading. The
weak
Commonwealth-Edison advanced from 340 to 449%
but
reacted and closed to-day at 400. Elec. Bond & Share com., issues included General Electric, Amer. Tel. & Tel. and
Westinghouse El.ctric. In the railroad group Norfolk &
after early loss from 13534 to 130%, recovered to
% Western had a quick drop of
1433
six or rrore points and New
and finished to-day at 1413
%. Electric Investors com, was
York Central slipped back to a new low on the reaction as it
off at first Loin 252 to 240%, then advanced to
302%, the lift 225. Columbia
Carbon moved against the trend and
close to-day being at 293. Middle West Utilities
corn. scored a net gain of
334 points while Radio Corporation
jumped from 348 to 503, the final tigure to-day being
466. followed with a gain of
15
% points. F. G. Shattuck was the
Northern States Power corn. advanced from 210 to 234,
the strong stock of the specialties and
closed with a gain of :ix
close to-day being at 231%. Among industrials and
miscel- points at 17634.
laneous, Aluminum Co. of Amer. rose from 440 to 490
and
The mark,t came back to some extent on Tuesday and
closed to-day at 475. Aluminum Ltd., after early loss
from much of the loss of the precedi
ng session was made up.
20934 to 195, advanced to 225% and sold finally at 222.
Amer. Investors corn. B moved up from 2734 to 40 reactin United States Steel common was strong all through the
g session and closed about two points
higher. Copper stocks
finally to 3734. Insull Utility Investments corn, was
con- were in demand at higher prices
and
motor issues were in
spicuous for an advance from 913
4 to 14934, the closing
sale to-day being at 14634. Lehigh Coal & Nay, gained numerous instances higher by one or tw) points. In the
merchandising section Montgomery-Ward was particul
almost twenty points to 17334 and ends the week at
arly
17034. active, selling ex-rights at 109% while the
rights closed at
National Investors Corp. corn. sold up from 108 to
1914
3
% or a total fo 12)34 for the old stock. American Can
and at 186 finally. Shenandoah Corp. corn. dropped from 193
attract
ed considerable attention as it bounded forward
38 to 3134 and the pref. from 6134 to 533/3, the close to-day
four
points
to 157%. General Electric closed at 36734 with
being at 33 and 55 respectively. Oils were very quiet and
a
gain
of
nearly
six points and American & Foreign Power
changes slight.
moved
ahead
to
132
with a net gain of 534 points. Auburn
A complete record of Curb Exchange transactions will be
Auto made a spectacular jump of 22 points and closed
found on page 778.
at
403. Other strong stocks included such issues as Peoples
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHAN
GE.
Gas which advanced 3734 points. Gulf States Steel up
434
points and Consolidated Gas which improved over
Bonds (Par Value).
two
Week Ended
points. Railroad stocks were represented on the
Stotts
Foreign
up side by
Aug. 2.
(No. Shares). Rights.
Domestic. Government.
Atchison which moved ahead about six points,
Saturday
Chesapeake
1,172,600
206,300
31.072,000
6143,000
Monday
2,272,100
413,100
1,302,000
170,000 & Ohio which improved six points, St. Louis Southwestern
Tuesday
1,938,700
295,200
1,575,000
222,000
Wednesday
2,713,700
which advanced three points and numerous
385,700
2.348,000
185,000
Thursday
other stocks
2,198,400
321,100
2,011,000
133,000
Friday
2,646,400
287,300
1,835,000
164,000 which ranged upward from two to five points.
Total
12,941,900 1,908,700 $10,143,000 $1,017,000
The market resumed its upward swing on
Wednesday
under the leadership of United States Steel,
common which
became extremely active and broke into new high
ground at
THE WEEK ON THE NEW YORK STOCK EXCHANGE. 210% and
closed at 209% with a net gain of 3 points. BethExcept for a brie" period of reaction on Saturday and a lehem Steel followed with a gain of nearly 2 points
at 1235
%.
sharp setback on Monday the stock market has shown General Electric reached a new record level at 37734 with
an
advanc
e
of
10
points
and Westinghouse bounded forshown strong recuperative tendencies the present week and
many new tops have been established among the more active ward 5 points to 204. American & Foreign Power gained
points at 13834. American Water Works shot
ahead
speculative issues. Steel stocks have been fairly buoyant, 63/3
more than 6 points and American Power & Light
improved
public utilities have kept close to the leaders throughout the about 5 points. Amer. Tel.
& Tel. crossed 280 to a new top
week and electrical equipment shares have continued strong and copper shares displayed marked
improvement all along
and active. Copper stocks improved toward the end of the the line. Allied Chemical & Dye was the star of the specialweek and considerable speculative attention has been di- ties group as it bounded forward 634 points to 31134, folrected toward the marchandising stocks and specialties. Oil lowed by American Can which advanced 6% points to 162%
and Allis Chalmers with a gain of 8 points to 279. Auburn
shares have made little or no progres3. The weekly report
Auto shot ahead 21 points to 424, Union Carbide & Carbon
of the Federal Reserve Bank, published after the close of the ran up over 7 points to 1223
4 and Commercial Solvents
market on Thursday, showed a further expansion of $52,- Corporation advanced
1634 points to 490. Railroad stocks
000,000 in brokers' loans in this district. Call money re- moved upward under the leadership of New York Central
newed at 9% on Monday morning, advanced to 10% around which gained 6% points to 23534, and there was a brisk demidsession and continued unchanged at that rate until Thurs- mand for New Haven at higher prices. Merchandising
stocks were higher, Montgomery-Ward moving upward 33/3
day afternoon when there was an advance to 12%. On points
to 113% and Sears, Roebuck over 2 points to 164.
Friday call money renewed at 10% and continued at that
Despite the advance in the call money rate to 12% the
rate throughout the day.
market contined its upward swing on Thursday and many
1
Aua. 3 19291
FINANCIAL CHRONICLE
speculative favorites moved upward into new high ground.
United States Steel common maintained its leadership as
it again surged upward to a new peak above 213 with a
gain of 35% points on the day. Copper shares continued to
advance, Andes moving ahead nearly 2 points, Calumet &
Arizona improving 33
4 points to 133%, Greene-Cananea
gaining 45% points to 176, Kennecott running up about 23/i
points and Magna Copper closing with a gain of over 2
points. Amer. Tel. & Tel. was the outstanding feature of
the day as it made another sensational advance into new
high ground with a net gain of 12% points as it crossed 280.
Westinghouse and General Electric were again in strong
demand, the former shooting ahead more than 7 points to
2115
% while General Electric forged ahead to a new top
record at 3843/i with a gain of over 4 points. Public utilities
attracted considerable speculative attention and new high
records were established by Utilities Power & Light "A",
and National Power & Light.
Stock prices continued to soar on Friday,and a long list of
securities including public utilities, steel stocks, some railroad shares and copper issues moved upward in a wildly
bullish market. Public utilities were the outstanding strong
features and new tops were recorded by Peoples' Gas, Detroit
Edison, American & Foreign Power, General Gas & Electric
and General Public Service. As the day advanced railroad
stocks moved to the front under the guidance of Atchison
and New Haven both going into new high ground for the
year. New York Central climbed to 239, Rock Island gained
nearly 3 points to 138%, and Atlantic Coast Line gained
nearly 2 points as it hit 199. United States Steel, common
again improved its top and reached 215% at its high for the
day. General Electric and Westinghouse both broke into new
high ground and Amer. Tel. & Tel. closed at 2903
4 with a
net gain of 103
4 points. Numerous new peaks were registered throughout the general list, among which were
Inter.
Tel. & Tel., Commercial Solvent, Bethlehem Steel
and Gillette Safety Razor. The final tone was good.
TRANSACTIONS AT THE NEW YORK STOCK
EXCHANGE.
DAILY. WEEKLY AND YEARLY.
Week Ended Aug. 2.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Stocks,
Number of
Shares.
Railroad,
&a.,
Bonds.
State,
Municipal db.
Foreign Bonds
1,370,610
2,760,280
2,686,290
3,407,040
3,322,740
4,032,420
33,665,000
7,408,000
8,214,000
7,818,000
8,875,500
9,071.000
31,868,000
2,104,500
3,049,000
3,225,000
3,237,500
1.392,000
051 nnn
114.1275nnn
17 A702511
Sales at
New York Stock
Exchange.
IAA
Week Ended Aug. 2.
1929.
Stocks-No. of shares_
Bonds.
Government bonds__
State and foreign bonds
Railroad & misc. bonds
1928.
United
States
Bonds.
881,000
605,000
840,000
188,000
203,700
218,000
C9 125
inn
Jan. Ito Aug. 2.
1929.
1928.
17,579,380
10,794,740
638,601,600
451,617,536
82,135,700
14,876,000
45,051,000
84,029.000
10,446,000
26,620,000
$76,930,500
370,260,650
1,182,593,000
3129,143,250
502,452,565
1,528,301,025
Total bends
$62,062,700 $41,095,000 $1,629,784,150
32,159,896,840
DAILY TRANSACTIONS AT THE BOSTON,
PHILADELPHIA AND
BALTIMORE EXCHANGES.
Week Ended
Aug. 2 1929.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Boston.
Philadelphia.
Baltimore.
Shares. Bond Sales. Shares. Bond Sales.
Shares. Bond Sales.
*26,919
$61,000 a45,492
$1,000
5849
312.403
*46.019
22,000 094.988
15,000
51,966
20,000
*44,034
34,000 a81,097
24,500
b1.600
22,500
*33,926
34,000 a96,862
4.000
52,743
10,200
*53,408
37,500 096,740
8,000
53,995
20,800
*37,847
30,000 029.610
54,132
6,000
262,153 3218,500 444,789
352,500
15.015
691,900
Prey. week revised
365,898 $172,500 822,458
$55,800
19,078 8109,500
•In addition, sales of rights were: Saturday.
1,534; Monday, 2,120; Tuesday.
3,832; Wednesday, 4,404; Thursday, 754.
a In addition, sales of rights were: Saturday,
7,800; Wednesday, 5,000; Thursday, 3,600. In 4,100; Monday, 6,400: Tuesday,
addition, sales of warrants
Saturday, 3,800; Monday, 3,900; Tuesday, 2.100;
were;
Wednesday. 4.300; Thursday,
1,100; Friday, 2,300.
In addition. sales of warrants were: Tuesday, 5.
749
Public Debt of the United States-Completed Return
s
Showing Net Debt as of May 31.
The statement of the public debt and Treasury cash holdings of the United States, as officially issued May 31 1929,
delayed in publication, has now been received, and as
interest attaches to the details of available cash and the
gross and net debt on that date, we append a summary
thereof, making comparisons with the same date in 1928:
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
May 31 1929.
Balance end of month by daily statement, &c
Add or Deduct-Excess or deficiency of receipts over
or under disbursements on belated items
Deduct outstanding obligations:
Matured interest obligations
Disbursing officers' checks
Discount accrued on War Savings Certlficates......_
Settlement warrant checks
Total
Matinee. deficit(-)or surplus(+)
May 31 1928.
138,227,607
54,831.703
+4,637,391
-2,153,838
142,864,998
52.677,865
29,476,589
84,347,590
5,746,985
1,365,342
36.473,680
75,456,010
6,552,850
2,041.254
120,933,506
120,523,794
+21.931.492
-67,845.929
INTEREST-BEARING DEBT OUTSTANDING.
InterestjAtay 31 1929. May 31 1928.
Title of LoanPayable.
8
$
2s DOLMAS of 1930
Q.-J. 599.724,050
599.724.050
2s of 1916-1936
48,954,180
Q.-F.
48,954,180
25 of 1918-1938
(L-F.
25.947,400
25,947,400
3s of 1981
Q.M. 49,800,000
49,800,000.
3sconversion bonds of 1946-1947
0.-J.
28,894,500
28.894.500
Certificates of indebtedness
J.-J. 1,796,028.703 1.236.249,700
334s First Liberty Loan. 1932-1947
J.-J. 1,397,685,200 1,397,686,200
IS First Liberty Loan, converted. 1932-47
.1.-D.
5,155.450
5,155,650
6)(s First Liberty Loan, converted. 1932-47
J.-D. 532,816,600
532,820.150.
6Hs First Liberty Loan,2d converted. 1932-47-1.-D.
3,492.150
3,492,150
Liberty
Third
Loan
4)(a
of 1928
M.-S.
1,328,881,750
43is Fourth Liberty Loan of 1933-1938
A.-0. 6,283,580 '50 6,294,043,600,
44(5 Treasury bonds of 1947-1952
758,984.300
762,320,300
48 Treasury bonds of 1944-1954
1,036.834,500 1.042,401,500,
3)(s Treasury bonds of 1946-1956
489,087,100
491,212,100
3565 Treasury bonds of 1943-1947
493,037,750
494,704,7503545 Treasury bonds of 1940-1943
359,042,950
4s War Savings and Thrift Stamps
19,048,570
150,032.559.
2145 Postal Savings bonds
J.-J.
16,887,180
14,812,380
5i.is to 5)(s Treasury notes
J.-D. 2,940.392.500 2,957,309.600•
Aggregate of interest-bearing debt
16,885,702,530 17,464,442,179.
Bearing no interest
239,529,949
240.138.267
Matured, interest ceased
41,889,715
51,128,905
Total debt
a17,167,122.194 17,755,709,691
Deduct Treasury surplus or add Treasury deficit
+21,931,492 -67,845,929
Net debt
517.145,190,702 17,823,555,620.
The total gross debt May 31 1929 OD the basis of daily
Treasury statement
was 617,167,124.980.13, and the net amount
of public debt redemption and receipts in transit, sc.. was $2.786.03.
0 No reduction is made on account of obligations of foreign governments
or otherInvestments.
COURSE OF BANK CLEARINGS.
Bank clearings will again show a very substantial increase
the present week. Preliminary figures compiled by us, based'
upon telegraphic advices from the chief cities of the country,.
indicate that for the week ended to-day (Saturday, Aug. 3).
bank exchanges for all the cities of the United States from,
which it is possible to obtain weekly returns will be 25.9%
larger than for the corresponding week last year. The total
stands at $14,191,262,071, against $11,274,008,467 for the
same week in 1928. At this centre there is a gain for:the
five days ended Friday of 35.6%. Our comparative summary for the week follows:
_
Clearings-Returns by Telegraph.
Week Ending Aug. 3.
1928.
Per
Cent.
38,076,000,000
648,455,100
457,000,000
433,000,000
148,288,023
114,400,000
155,573.000
148,158,000
..,_
185,000.000
177,598.251
132,765,508
98.191,825
43,402,109
85,955.000,000
634,709,950
418,000,000
389,000,000
136,900,512
132,700,000
167,157,000
146,493,000
149,276,530
167,353.790
105,576,231
117,000,000
54,945.547
+35.6
+2.2
+9.3
+11.3
+8.3
-13.8
-6.9
+1.1
+23.9
+6.1
+25.8
-16.1
-21.0
Thirteen cities, 5 days
Other cities, 5 days
$10,817,783,816
1,008,267,910
18,574,112,560
987,287.270
+26.2
+2.2
Total all cities, 5 days
All cities, 1 day
$11,826,051,726
2,365,210,345
39,561,399,830
1,712,608,637
+23.8
+38.1
314,191,262.071 811
,274,008,467
+25.9
New York
Chicago
PlalladelPhia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
Total all cities for week
1929.
Complete and exact details for the week
ENGLISH FINANCIAL MARKETS-PER
covered by the
CABLE.
foregoi
ng will appear in our issue of next week.
The daily closing quotations for securities, &c., at
We
London
,
furnish
them
to-day,
inasmuch as the week ends cannot
as reported by cable, hzve been as follows the past
to-day
week:
(Saturday) and the Saturday figures will
Sal..
Mon..
Tues.,
Wed.,
Thurs.,
pci,,
not be available
July 27, July 29. July 80. July 31.
until
noon
to-day.
Aug. 1.
Accordi
ngly, in the above
Aug. 2.
Silver, p. os.d_ 24H
24)6
24)(
245-16
245-16
24 5-16
of the week has in all cases had to be estimat the last day
Gold,p.fine oz. 84.11H
84.11H
84.11H
84.11H
84.1116
ed.
84.113
Consols, 2)6% 53)'
5371
In the elaborate detailed statements,
53 15-16 53%
53(
53H
however, which weBritish. 5%-- ---.
wok
look
t00%
present
further
leo
below, we are able to give
10016
British, 06% ____
9436
9434
9434
94
94
results for the week previous-the week final and complete
French Rentes
ended July 27. For....
Paris).
fr_
(In
74.80
74.35
74.40
that week there is an increase of 40.1%,
74.85
74.95
French War L'n
the
of clearings for the whole country being 1929 aggregate
(in raris)..tr. ---102.60
102.65
102.90
102.35s
102.20
$13,136,349,513,
against $9,376,086,056 in the same
The price of silver in New York on the same days has
week of 1928. Outside
been: of this city the increas
(silver in N. Y per oz. (cts.):
e is only 14.8%, the bank
5234
5231
5234
Foreign
5254
exchanges
5254
5254
at this centre having recorded a gain of
57.5%. We group,
according to the Federal Reserve Districts in
the
which they are located, and from this it appears that in
New York Reserve District (including this city) the expan-
the cities now
it is
sion reaches 57.2%, in the Boston Reserve District
21.0% and in the Philadelphia Reserve District 22.5%. In
the Cleveland Reserve District the totals are larger by
in
21.7%, in the Richmond Reserve District by 17.9% and
Rethe Atlanta Reserve District by 5.0%. The Chicago
serve District has a gain of 9.0%, and the Minneapolis
Reserve District of 18.7% but the St. Louis Reserve Distirct
In the Kansas City Reserve District
there is 9.6% gain, in the Dallas Reserve District 23.6%,
and in the San Francisco Reserve District 8.2%.
Reserve
In the following we furnish a summary by Federal
suffers a loss of 2.2%.
districts:
SUMMARY OF BANK CLEARINGS.
$
566.971,377
8,901,256.497
601,963,866
484,182,136
165,455,076
155,895.011
1,021,158.068
189,335,207
137,132,973
291,702,794
72.82+,731
545.421,777
129 cities 13,136,349,513
Total
4,385,308,916
Outside N. Y. City
Si ettfr.
445 Sal 44o
1927.
1026.
%
+21.0
+57.2
+22.5
+21.7
+17.9
+5.0
+9.0
-2.2
+13.7
+9.6
+23.2
+5.2
$
546,809.207
5,853.819.143
518,596.733
398,174.610
178,603,559
157,214.695
887,922,134
195,703,845
106.277,240
231,270.292
60,158,165
484,056.841
$
495,011,472
4,962,292.262
550,181.252
384,640,435
182.480,378
179,845,625
861,867,041
201,205,930
108.990,176
237,755,428
73,666,493
480,851,761
9,376,066,056 +40.1
3,820,361,401 +14.8
9,599,406,464
3,856,189,540
8,673.791,253
3,826.318,277
4,A
111 r65 665
277.834.476
$
468,468,055
5,663,457,677
491,253,121
397,848,433
140,315,512
148,394,717
939,860,128
193,491,919
115.573.071
251,277,059
59,109,289
501,037,075
4% PAP R.I
week's
We now add our detailed statement, showing last
years:
four
the
for
separately,
city
each
figures for
Week Ended July 27.
Clearings at1929.
1929.
Inc. or
Dec.
1927.
1926.
$
S
First Federal Reserve Dist rIct-Boston 487 233 +15.6
563,493
Me.-Bangor_ _
3,832,541 +13.0
4,331,425
Portland
Maes.-Boston _ 506.000.000 421,000.000 +20.2
906.475 +18.4
1.091.857
Fall River_
+5.9
1,034.718
1.096,265
Lowell
1,052,368 -8.4
964.245
New Bed ford
4,883,593 +3.6
5,048,024
Springfield. _
+7.3
3,178,348
3,410,303
Worcester
11.488,941 +71.3
19.682.607
Conn.-Hartford
7,735.054 +15.6
8.941.403
New haven.
12,243,800 +24.1
15.197.200
R.I.-Providence
+3.1
624,994
644,555
N.H.-Manches'r
678,940
3,363,598
494,000.000
1,961,209
1.043.822
942.751
4,659,773
3,248,196
15,471,606
9,356,314
11,488,000
594,998
690,002
3,395,397
448,000,000
1,817,626
1,021,385
911,909
4,772,729
2.869,000
13,937,520
6,750.580
10,198,000
647.344
468,468,055 +21.0
546,809,207
495,011.472
Total(12 cities)
566,971,377
Second Feder al Reserve District-New
5,186,447
5.391.337
N. Y.-A lbany _
1,149,915
1.426,2871
Binghamton_ _ _
40,882.288
69.040.313
Buffalo
1,059,429
1,184,316
Elmira
1,171,450
1,233,699
Jamestown_ _
New York _ _ 8,751.040,507 5,555,724,655
14,652,550
10,583,506
Rochester
6.0157.382
4,786,731
Syracuse
4.492.952
3,950,431
Conn.-Stamford
928,983
771,562
N. 2.-Montclair
32,371,593
46,427,751
Northern N..1_
York.
(3,821,526
5.640,190
+4.0
1,252.000
1.325,338
+24.0
48,756.903
46,473,434
+47.3
993.459
811.166
+11.8
1,170.614
1.296,726
-5.0
+07.5 5,743,216,924 4,847,472,976
10,333.123
10,203,778
+38.41
5,192,881
5,272,936
+39.1
3,375,381
5,683.083
+ 13.7
614.202
6450.897
+45.8
36,279,194
+43.4
35.234,671
Total (11 cities) 8.901.256,497 5,663,457.677 +57.2 5,853,819,143 4,962,202.262
Third Federal Reserve Dist rict-Philad elpkla
+ 2.7
1.532.371
1.573.092
Pa.-A I too na_ _
4,123.402 +29.4
5,334,517
Bethlehem_
1,253,139 -0.1
1,252.241
Chester
*1,600,000 +12.9
1.806,849
Lancaster
+24.1
572,000,000 46(1,000.
Philadelph la_
5,119.059 -28.
3,661.971
Reading
5,252,437 + 12.4
5,902,782
Scranton
3,710,346 -5.7
3,497,412
W likes-Barre. _
1,662,266 +25.6
2.087,453
York
6.000,001 -19.2
4.847,5.50
N. J.-Trenton._ _
Total (10 cities)
601,963.866
491,253,121
+22.
1,661.697
4.813,816
1.286.823
1,697,268
489,000,Si
3.896.174
4,856.957
2.560,297
1,732,896
6.000.705
1,749,697
5.200.000
1,414,917
1,805,169
520.000.000
4,118„527
2.105
5.55,
3,653.524
1,788,734
4,898,579
518,506,733
550,181,252
7,191,000
3.648,911
69.106.839
129.312,507
16,580.400
1.735,915
6,013,704
164,586,214
397.848,433 +21.7
398,174,6101
Fifth Federal Reserve Died !act-Riche% wad1,166,610 -16.6
972,494
W.Va.-}lunt'er'n
4.134,853 +0.8
Va.-Norfolk _
4,166,977
38,131,000 -5,i
Richmond _
37.735,000
1,715,000
1,437.588 +19.
S.C.-Charleston
95,071.909
72.517,382 +31.1
15141.-Balttm ore
22,928,079 +12.
'25,793,699
D.C.-Waahinten
1.050,2541
4,852,3191
43,075,0001
2,167,87
105,256,169
22.170,717
140,315,512 +17.9
178,603,559
Total(6 eltlen)_
481,182,136
165,456,076
Sixth Federal Ree2vve Dist Het-A thrrrt a2,330,4(3
2,235.000 +4.3
Tenn.-Knox5Ille
19,634,032
17.756,173 +10.6
Nashville
_
48,641,7:
41.85024 I +10.2
Ga.-Atlanta
1,687,519
1.598,306 + 5.6
Augusta
1,409.459
5,713,796 -17.8
Macon
13,308.026
+0.8
13,203,951
1,656,000
1,680,000 +1.0
Miami
20.060,593
21,384,706 -6.2
A1a.-111rm ing' 1,814.886
1,493,720 +23.5
Mobile
+5.8
1.682.000
1.500.00
Miss.-Jackson__
194,260
285.287 -31.
VIcksb
-0
43,445.133
43,634,526
Orleans
-'New
La.
155.895,011 148,394.717
+5.0
I. Total(12cities)
t,
1929.
2,750,000
21,691,695
39,790.498
1,495,088
1,722,430
15,164.991
2,737.0011
21,719,758
1,247,463
1,471,032
288,368
47,136.372
157,214,695
6,075.000
3,503,996
71.711,000
116.214./73
15.671.300
'2,030,276
4,655.512
164,746,178
1928.
Inc. or
Dee.
1927.
1926.
$
$
%
$
$
Seventh Fede r al Reserve D [strict-Chi cago186,810 +30.4
243,595
Mich.-Adrian _
607,339 +25.3
766,960
Ann Arbor_ ._ •
Detroit
240,858,158 207,963,049 +15.8
7,740,314 -13.9
0,667,744
Grand Rapids+7.7
3,315,606
Lansing
3,571,243
2.849,522 +41.2
4,022.609
Ind.-Ft. Wayne
19,332,000 +25.8
24,321,000
Indianapolis. 2,746.800 -8.3
2.518.310
South Bend _ _ 4.252,823 +18.8
5,052,213
Terre Haute .
37,891,016 -12.1
33,315.543
W is.- NI ilwatikee
2.512.927 +18.4
2,976,360
Iowa-Ced. Rap8,010,578 +10.9
8,887,285
Des NI()Ines _.
+0.3
6.260,094
6,260.117
Sioux City._ 1,159,496 +22.8
1,423,623
Waterloo - _._.
1,347,294 +12.1
1,510,12'
IIL-Bloomlngto a
+7.5
669,516.835 622,653,226
Chicago
+5.9
1,097.106
1,162,733
Decatur
4,522,431 +14.7
5,187,791
Peoria
+15.7
3,055,072
_
3,534.921
Rockford
2,356,292 -0.7
2,340,901
Spring held
-
100,515
635,439
163.297.742
7,742,117
2,501,689
2,426,012
20,959.000
2,231,600
4,436,208
36,418,235
2.471.032
8,354,852
5,448,617
911.274
1.378,933
617.926.251
1,241,528
4,224,312
2,748,938
2,376.810
191,665
897,494
148,416.795
8,192,119
2,071.884
2,618,367
21,992,1100
2,825,200
5,035,572
36.105,442
2,268.831
8,358,870
5.771.536
1.022,471
1,539,788
603,889,069
1,355,557
4,307.608
2,621,672
2,384.983
+9.0
887,922,134
861,867,041
Eighth Feder I 1 Reserve Dig trict-St. Lo uis4,922,619 -2.4
Ind.-Evansville.
4.802,43,
Mo.-St. Louis.. 121,400,000 132,100,000 -8.1
28,716,906 +15 7
33,233,201
Ky.-LoulsviIle _ .
344.220 +5.4
362.826
Owensboro _ _ _
+9.9
14.293,053
Tenn.-Nlemphi 4
15,702,707
11,529,263 +6.3
Ark.-Little Roc ;
12.250,531
297,368 +20.0
3.50,674
111.-Jacksonvill
1,288,560 -09
Quincy
1,276.837
5,402,056
131,600.000
31.103,116
319.767
14,881,766
10,787.271
349,587
1,257,259
5.483,379
138,700.000
31.530.435
368,143
15,530.358
11,731,174
456.013
1.404.428
-2.2
939,860,128
195,793.845
201,208,930
Ninth Fedora I Reserve Dig trIct-Minn capolis5,880,793
5,864,476 +76.)
Minn.- Duluth_ .
12,759,728
63.715,411
75.965.497 +20.9
Minneapolis, .
91,822.466
20.867,520
26,821,036 -6.3
25,127,814
St. Paul
1,747,741
+9.7
1,730.047
N. flak -Fargo
1,898,432
1,126.555
1,313,607 -17.1
1,089,002
S. D.-A berdecn
485,217
+14.8
504,409
579,302
Mont.-Billings
3,454,000
3.374.000 +14.3
3,856,329
Helena
5,566,914
69.472.900
27.998,271
1,636.206
1.127.617
479,671
2,689.597
106,277,240
108,990,176
Tenth Fedora I Reserve Dig trict-Kane as City345,062
388,119 -28.6
277,100
Neb.-Fremont
756,485
+4.8
462,211
484.181
Ha-stings
4,613,475
-3.8
3.470,363
3,338,315
Lincoln
39,080.462
41,039,487 +16.1
47,633.755
Omaha
2,892.474
3.416.858 +36.6
4,664,899
Kan.-Topeka _
8.625,793
12,066,315 -4.9
11,471,625
Wichita
Mo.-Kans. Cit , 178,959,347 153,198,156 +16.8 140,007,016
6,140.975
6,559,984 +19.0
7.809.651
St. Joseph. _ _
26,255,377
+9.6
31,172,364
34,179,892
Okla.-Okla. Cit ,
1,258,423
1,239,759 +6.8
1,324,193
Colo.-Col. Bogs.
1,294.750
1.263,443 +23.5
1,559,836
Pueblo
442.839
448,963
3,790,717
35,037.095
3,056.154
10.361.287
148,236.375
6,679.612
26,905,856
1,221.236
975,264
Total (8 cities)
Total (7 cities).
180,385,207
137,132,973
193,491,919
115,573.071
+18.7
254,277,059
+9.6
231,270,292
237,755,428
Eleventh Fed ral Reserve District-Da
844,773
1,443,854
Texas-Austin _
30,626,739
46,421.207
Dallas
13,1361.969
16.432,849
Fort 'Worth _
3,628,000
4,366,000
Galveston
4,314,808
4,157.821
La -Shreveport,
las+70.9
+26.7
+20.3
+20.3
-4.3
1,025.763
38,901.879
9,640,446
6,221,000
4,366,077
1.613,258
42.974,211
13,636,627
11,448,000
3,996,397
59,109,289 +23.2
60,158.165
73.666.493
Franel &co38,396,710
+ 15.0
10.816.030
+1.4
889,326
+14.8
31,271,090
+11.7
13 693,710
+22.5
2.773,010
-1.0
6,354,262
+5.1
+9.2 157,869,000
15.410,921
+0.4
5,213,015
+4.8
5,552,819
+8.4
4,365.638
+0.3
+ 11.3 163,811.000
2.433,297
+7.8
1,303.681
+10.0
2,057,902
-2.9
2,645,400
+28.6
39,905,343
10.080,000
932,266
36,762.390
17.880.104
2.932,031
6,003.599
146,317.000
19,829,8130
5.414,811
6,671,082
4,891,135
174,342,000
3,030,974
1,010.506
2,215,860
2.570.800
Total (11 cities
Total(5.cities)
291,702,791
72,824,731
Twelfth Fede al Reserve D intact-San
42,805.337
49,244,19:
Wash.-Seattle _ _
11.499,000
11,664,000
Spokane
1,001.852
1,130,469
Yakima
33,707.534
37,666,103
_
Ore.-Portland
14,62.6.075
17,911.018
Utah-8. L. City
3,367,003
3,333.163
Calif.-Fresno, _ _
8.056.477
8,465,256
Long Beach._ _
192,707,000 176.171,090
Los Angeles_ _ _
16,497,460
16,361.722
Oakland
5.099.610
5.343,771
Pasadena
5.884,836
6,382.136
Sacramento _ _
4.808,069
4,824,546
„
San Diego
San Francisco. 191,001,365. 371,5)50004.)
2.769.026
2,983,279
San June
1,406,014
1,683.623
Santa Barbara.
2.184,312
2,121,339
Monica.
Santa
2.302,300
2,961.800
Stockton
4841,851,761
Total(17 cities) 545,421,777 504.037.075 +8.2 4454,856,841
Grand total (127
9,599,406.465 8,673.791,253
40.1
+
9,370,086,056
13136,349.513
cities)
3.826,3/8,277
Outside NewYork 4,386,308,016 3,820,361,401 +14.8 3,856,189,540
Week Ended July 25.
Clearings al1929.
Fourth Feder al Reserve D 'strict-Cie,eland.
+3.6
8.096,000
8,389.000
Ohlo-Akron
4.201.222 +71.5
7.329.874
Canton
67.470.226 + 13.8
76,765,209
ClneinrsatL
161,971,637 130.531,903 +24.1
Cleveland._
13,920,300 +36.1
18,912,400
Cohan 6119
+9.0
1.964,708
2,140,830
Mansfield
5,416.260 +14.8
6,217,146
Youngstown .._
Pa.-Pittsburgh _ 202,456,038 166,244,811 +21.8
Total (8 citles)_
Week Ended July 27.
Clearings at-
Total (20 cities) 1.024,158,069
Inc.or
Dec.
1928.
1929.
Week End. July 27 1929.
Federal Reserve DIsts.
141 Boston _ ___ 12 cities
2nd New York_ .11 "
3rd Philadelpla 10 ''
4th Cleveland__ 8 "
5th Richmond . 6 "
5513 Atlanta___ 13 "
7th Chicago - _ _20 "
805 St. Louis__ 8 "
Dth Minneapolis 7 "
10th KansissCity 12 "
5 "
1165 Dallas
12th Ban Fran_17 "
flanyartn.
[VOL. 129.
FINANCIAL CHRONICLE
750
Canada
Montreul
Toronto
innipeg
Vancouver
Ottawa
Quebec
Halifax
384.640,/35 Hamilton
Calgary
St. John
1,328,934 Victoria
7,282.236 London
41,300,000 Edmonton
2.100.679 Regina
106,600.436 Brandon
23,860,093 Lethbridge
Saskatoon
182,480.378 Moose Jaw
Brantford
Fort William
2.650,842 New WetiVIIInster
18.868.802 Medicine Hat_ _
54,5233189 Peterborough _ _
1.451,855 Sherbrooke
1,816.629 Kitchener
21,811.17'3 Windsor
5,543,097 Prince Albert,_
21,331.487 Moncton
1,797.452 Kingston
1,113,820 Chatham
269,851 Sarnla
48,363.928
Total (31 cities)
179,845,625
•Estimated.
1928.
Inc. or
Dec.
153.523.553
121,127,823
72.694.719
21.031,020
7,720,730
6.685,716
3,337,102
6.320.511
10,286.037
3,402,236
2,808,230
3,207.175
6,099,289
5,873,050
761,087
673,518
2.528.403
1.326.217
1,448.932
1;225,545
990.266
417,187
1,012,398
1,013,379
1,221.487
5,066.093
591.772
1.064.260
850.287
605.114
904,286
131.149,315
124.540.688
77,857.085
21.219.6432
6.521.803
5,894.380
3.744,210
5.890,541
10,031,571
2.673.001
2,708.655
2,957.440
6,627,087
5,355.055
663,867
616.569
2,290.184
1,143,610
1,240.752
1,238,614
718,397
390.237
906,981
919.531
1,098,385
4,955.128
409.392
1,132,232
771,756
596.298
605,999
+17.1
-2.7
-6.6
+3.4
+18.4
+ 13.4
-10.9
+7.3
+2.5
+16.1
+3.7
+8.4
-9.3
+9.7
+14.6
+9.2
+10.4
+16.0
+16.8
446,361.840
426,868,515
+4.6
+37.8
+6.9
+11.6
+13.5
+11.5
+2.2
+44.5
-6.0
+10.2
+1.5
+49.2
1927.
99,600,366
94,607,144
43.839.741
16,493,623
5.502,472
5,030,125
2,740,086
4,905.712
7,850,022
2,357,768
1,980.914
2.657.885
4,640.503
3,822.501
608,214
454.337
1,909,965
1,224,276
1,025.157
1,051,287
787,268
225.705
743,527
819,73(1
1,019,073
4,474,176
381.313
847.130
828,611.
618,406
603,148
1928.
80,968.153
81,774.691
43,651,938
16.557.267
4,8(11,412
5,724,466
2,862,257
4.878.183
5,986.027
2,867,836
1,930.091
2,180,891
4,412.951
3,088,501
561,068
509,207
2,369,153
982,754
1,037,675
919.383
740.104
232,633
713,020
835,799
834,071
4.552,886
366.781
809,271
676,421
539.177
626.399
313.650,5551 2774,47(1,83
I.
AUG. 3 1929.1
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
July 17 1929:
751
Friday
Sales
Last Week's Range for
Sale
of Prices.
It
Stocks (Continued) Par. Price. Low. High. Shares.
Byron Jackson Co
•
California Bank
25
Central Investment Co_100
GOLD.
Citizens National (new)_20
• The Bank of England gold reserve against notes amounted to £154,- Corneal Discount com_.25 45
• 384
494.374 on the 10th instant (as compared with £154.524.998 on the previous Douglas Aircraft Inc
Emsco Derrick & Equip... 33
Wednesday), and represents an increase of £588.059 since April 29 1925
- Farmers & Merch Bank.100
when an effective gold standard was resumed.
Globe Grain & Mill com_25
In addition to :424.000 bar gold from South Africa, £500,000 was availFirst preferred
25
able from an outside source (believed to have been a resale by a former Holly Development
Co. .1 82
unknown buyer), making the total offered in the open market yesterday Holly Sugar
£924,000. The reaction in the German exchange caused some enquiry Home Servicecommon__-• 41
Co cum_ _.25 25
from that country, which secured £529,000. the Bank of England obtained
5 25
8% preferred
bout £325.000, India £15.000, the Home trade £35,000 and the Continental Internet
Re-Ins Corp_ __10 63
trade £20,000. Besides that purchased in the open market, gold was taken Laguna Land
& Water_ _1
from the Bank of England on German account both yesterday and to-day, Lincoln
Mtge corn
whilst a withdrawal of £530.000 for Prance was also made to-day.
Preferred
The following movements of gold to and from the Bank of England have Los Angeles Inv Co
1
2.05
been announced, showing a net efflux of £52,639 during the week under Maddux Air Line
review:
MacMillan Per Co
25
July II. July 12. July 13. July 15. July 16. July 17. Merchants Nat'l Bank..25 200
Monolith Port' Cent corn •
Received
£23,471
£6,000
£700.000 £322.118
Withdrawn___ 172.749
2.000
2,000 142.023 £785.456 Moreland Motors corn_ _10
Mortgage Guarantee Co100
The receipt on the 15th instant was in sovereigns-t500.000 from South Occidental Petro coin_ ___1
2.75
Africa and £200,000 from Argentina-whilst that of yesterday was in bar Par Ann Fire Ins
7234
gold from the open market. Of the withdrawals about £380.000
Pacific Clay Prod Co_
•
in bar gol
was for Germany. about £680,000 in bar gold for France
and £36,000 in Pacific Fin Corp cony__ _25 13854
sovereigns for Spain.
Pacific Lighting corn
•
United Kingdom imports and exports of gold for the
25 21
month
of June last Pacific Nat'l Co
are detailed below:
Pacific Public Service A.
Pacific Western Oil Corp.' 1534
Imports.
Exports.
Pickwick Corp corn
Germany
10
£4,085,667 Republic Petroleum Co_10
Netherlands
3.40
27.486 Bepublic Supply Co
Belgium
•
1,031.045
Richfield Oil Co com _ _25 40
France
£38,003
84.750
Preferred
Switzerland
25
115,968 Rio Grande 011 corn_.•.25 244
Egypt
2834
61,634 San Joaquin L & PWest Africa
70.741
7% prior preferred 100
Austria
34,800
6% prior preferred..101)
United States of America
2.654.784 Seaboaid Nat Sec Corp_25
Argentina, Uruguay & Paraguay
500,000
Signal 011 & Gas Co A.25 354
Union of South Africa
3.623.627
25
Rhodesia
76.541
So Calif Edison corn.....25 71
British India
105,106
Original preferred...25 69
Other countries
18,527
22.795
7% preferred
25
6% Preferred
Total
25 254
38,219.767
34.332,607
534% Preferred
2.5 234
The Transvaal gold output for the month
So Calif Gas 6% pref
25 2434
856.029 fine OUlleee, as compared with 897,598 of June last amounted to Standard OH
of Calif....' 704
fine
ounces
and
for
1929
May
862.363 fine ounces for June 1928.
Taylor Mile. Corp
The following were the United K ngdom
Trans-America Corp_ __.25 135%
registered from mid-day on the 8th instant toimports and exports of gold Union Oil ASROCIatee- _25
mid-day on the 15th that.:
Union 011 of Calif
Imports25 47
ExportsUnion Bank & Trust Co100
Franco
£17,155 Germany
£680,220
British South Africa
1.040.710 France
Bonds17.942
British West Africa
32,543 Switzerland
54.460 Pacific Elec Ry 1st m 55'42
Other countries
9,536 Spain
1944
52,274 Richfield 65
Egypt
27.292 So Calif* Edison 5s_ _ _ _1952 100
British India
20.320
* No par value.
Other countries
12,224
Total
$1,099.944
Total
$864,732
SILVER.
The China exchange developed firmness
due
to the situation between
the U. S. S. R. and China with regard
to the Chinese Eastern Railway and.
although well-informed quarters hold
to be amicably settled, conditions for the opin on that the matter is likely
the
are of a necessity somewhat uncertain. There has in consequencmoment
e
some fresh buying orders
on China account, and a disposition on the been
part
Cover some of their bear ales. Nevertheless the of the Indian Bazaars to
rise appears limited as China operators have been capacity of the market to
inclined to sell at slightly
higher prices and although America has perhaps offered
that quarter have been fairly regular. Supplies from lass freely. sales from
the Continent have
been only moderate
The following were the United Kingdom imports
and
exports of silver
registered from mid-day on the 8th instant to mid-d
ay on the 15th inst.:
ImportsExportsGermany
£10,894 British India
£110.426
France
26.435 Other countries
9,993
Mexico
98.362
Irish Free State
20.000
Pill Islands
30,000
Canada
17,484
Other countries
14,189
Total
£217,364
Total
£120,419
INDIAN CURRENCY RETURNS.
(In lacs of rupees.)
July 7. June 30. June 22.
Notes In circulation
18.503
18771
18648
Silver coin and bullion in India
10400
10157
10265
Silver coin and bullion out of India
Gold coin and bullion in India
.
3222
3222
Gold coin and bullion out of India
3222
Securities (Indian Government)
4325
4322
Securities (British Government)
561
962
94
The stocks in Shanghai on the 13th instant
considted
of about 80.400.000
ounces In sycee. 124.000.000 dollars
with about 80,300,000 ounces In syceo,and 9,760 silver bars, as compared
125.000.000 dollars and 9,380 silver
bars on the 6th instant.
Quotations during the week:
-Bar Silver. Per Os. 814.Bar Gold,
QuotationsCash.2
.
. Mos.
Per O. Fine.
July 11
243-16d.
84a.
10%d.
12
243-104,
243-164.
84s. 11144.
13
24144.
245-164.
84s.
11%cl.
15
24%d.
247-160.
84s. 11 34d.
16
24 5-16d.
2434cl.
84s. 11%d.
17
24%d.
245-160.
84a.
1134d.
Average
24.2604
24.3024
84s. 11.23d
The silver quotations to-day for cash and two
months'
delivery are each
%d. above those fixed a week ago.
gonrmrrctal antiMiscelianerinsgelttlf'
Los Angeles Stock Exchange.-Record of transactions
at the Los Angeles Stock Exchange, Ju.y 27 to Aug. 2,
both inclusive, compiled from official sa es lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices
Week.
Par Price. Low. High. Shares.
Associated Gas St Elec._ •
Hamadan Oil A
25
Bolsa Chief' Oil A
1
351,4
2.10
634 634
200
354 354
100
1.90 2.10 20.500
Range Since Jan. 1.
Low.
53
May
3514 Aug
1.70 Apr
110h.
634 July
354 Aug
4.30 Jan
3514 36%
900
135 136
505
994 100
41
115 115
50
45
45
100
333.4 38% 10.000
2814 334 4.200
475 4804
20
2914 30
284
25
25
400
82
82
2,000
41
41
500
204 27
1.488
25
254
303
55
5.500
63
2.50 2.50
125
70c 700
8.967
84 84
800
2.05 2.05 6.300
1134 114
400
36
3634 2.000
200 207
70
124 13
200
2.10 2.10780
200 202
85
2.75 3
400
6734 75
1.100
33
33
230
125 1384 13.450
106 107
400
204 24
1.691
21314 274
500
15
154
1.200
10
1014
1.900
3.40 3.95 1,300
354 354
200
40
404 6.200
2434 2434 1.278
2814 2934
5,800
Range Since Jan. 1.
Low.
High.
33
Apr 864
125
Jan 142
9934 July 10334
115
July 115
July 45
45
244 Mar 45
284 July 444
460
Jan 495
2814 June 344
2434 June 2514
82
Aug 82
41
Aug 41
20 June 25
24% June 264
484 June 65
2.50 Feb2.50
60e
Jan 1.47%
83.4 Jan
8:4
June
2
2.55
1134 July
114
3434 Feb 434
200
Aug25314
1254 July
1414
2 Feb
4.10
190
Feb208
2.10 Jan
53-4
634 July 75
31
Jan 3614
673-4 Jan 1384
70
Jan 1104
21
Aug 4014
234 June 274
Aug 23
a
5% July
1214
340 July
94
34
July 3514
40
Feb 483.4
2354 May 2534
2634 July 424
Jam
May
Mar
July
July
May
Feb
June
Mar
July
Aug
Aug
Jan
Jaa
Apr
Feb
Jan
Jan
Jan
July
June
Jan
May
June
June
Jan
Aug
Jam
Aug
July
Mar
July
Jan
June
Feb
July
Jan
Apr
Jan
114 114%
101% 1014
43
43
354 36
35
35
71%
68
70
68
2814 28%
25% 2534
23% 24
244 25
70% 71%
36
36
1354 1304
46
48%
46
474
300 305
as 111
50 100
10 42
300 354
100 35
4.700 544
49 56
648 2814
3.480 254
2.406 2334
880 234
1,800 644
700 36
1,700 125
700 45
2,500 485.4
53 255
92% 92%
101% 101%
994 100
8.000 914 July
9554 Jail
5.000 1014 Aug 101% Aug
6,000 9914 May 101% Jan
June
Mar
Apr
Aug
Aug
Jan
Slay
June
Jane
July
Jan
Feb
July
Feb
Feb
Feb
Feb
116% Mar
1014 Apr
484
4734
724
71
29%
2651
25
254
814
36
143
534
54
305
Mar
Mu
July
July
Jan
Jan
Fen
Feb
May
July
May
Apr
Apr
July
Pittsburgh Stock Exchange.-Record of transactioni
at Pittsburgh Stock Exchange, July 27 to Aug. 2, both
inclusive, compiled from official sales lists:
Stocks-
.rtaay
.sates
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
Allegheny Steel corn
•
Aluminum Goods Mfg cent
Animal Trap Company Arkansas Gas Corp corn _•
Preferred
10
Armstrong Cork Co
•
Bank of Pittsburgh
50
Blew- Knox COInpany __ _25
Carnegie Metals
10
Clark (D L) Co corn ____•
Consolidated Ice pfd____50
Devonian 011
10
DINie Gas & Util coin ___•
Donohoes class A
•
Exchange Nat Bank ----5°
Follansbee Bros pfd ___100
Hart 'son-Walk Bel corn..'
ludepend Brewing coin._50
/Wooers Gas & Coke pfd _
Lone Star Gas
25
National Erie "A"
Nat Fireproofing coca _50
Preferred
50
Peoples sac & Trust _ _100
Petroleum Exploration _25
Phoenix 011 pref
1
Pittsburgh Brewing pfd 50
Pittsburgh Plate Glass _100
Pittsburgh Oil & Gas_ ...5
Pgh Screw & Bolt Corn- -•
Pith Steel Foundry cow ....•
Pittsburgh Trust Co_ _100
Ruud Manufacturing
Salt Creek Congo' Oil_ .10
San Toy Mining
1
Stand Steel Propeller
Stand Steel Sprtigs
Suburban Electric Dev. •
Third National Bank. _100
Union Steel Castlng cora...
Preferred
100
United Eng az Fdy con..'
United States Glass _ __ _25
Westinghouse Air Brake _.
Whim-ow Steel corn.
•
Preferred
100
Range Since Jan. 1.
Lew.
74
7434
Feb
440 60
32
33
Mar
330 29
514 5134
100 49
Apr
16
1534 17
8.183
34 Jan
84 814
1,437
74 Jan
7354 734 7434
250 614 Jan
175 175
13 175
July
52
52
57
11,987 38
July
184 19
300 16
June
1515
154
155 15
July
24
24
2.5 194 Slur
93.4 10
10
1,140
6
Mar
20
1934 21
4.205
74 Jan
16
1514 164
265 1534 May
87
87
11
87
July
95
95
60 944 June
8314 6311 634
75 52
Jan
2
2
200
1
Feb
9914 994 9934
392 99
July
3834 137
39
8,855 137
July
2654 2734
2734
470 2614 June
20
10
20
1014 Jan
aol 364 364
29 284 Jar,
1168
172
244 1160
June
28
28
13 28
July
50c
400 50e
4.276 30c Mar
7
90
7
6
Jan
71
71
70
524 64
Jai
334 314
127
3
Apr
274 126
28
8.497 28
July
50
45
65
1.500 33
Jan
295 295
275
Jan
40
40
140 40
July
24 24
80
24 Aug
Sc
Sc
Sc
1.100
40 June
47
37
48
3,910 24
May
95
3.130 72
9234 89
Apr
224 224
50 22
June
170
170
2 150
Feb
46
444 4,814 2.027 20
Feb
105 105
217 100 June
49
45
49
5,675 38
Jan
12
12
100 1014 Jan
5514 534 5514
1,175 443.4 May
4815 51
1.345 314 Jan
75
75
152 7134 Apr
UnlistedPenne Industries Units
West Pub Serv v t c
RightsColumbia Gas & Elec.
Lone Star Gas.
• No Par Value I New stock.
99
100
as% asss
64
7
49
2,901
64
260
73-4 12,514
High.
90
40
514
1714
814
7514
188
57
21
20
26
1334
21
164
132
9914
6334
2
10314
39
2754
21
3754
172
35
790
8
75
484
2834
65
295
4214
5%
25c
48
95
29
170
4814
105
4934
15
554
80
78
Mar
Feb
July
July
Jam
July
Jan
July
July
Feb
Feb
May
Mar
July
hell
Jan
Jul,
Aug
Feb
Aug
JAI
June
J111111
Aug
Jan
Jae
Feb
J92
Feb
July
Aug
Aug
July
Jam
Jam
Aug
July
Jan
Apr
July
July
Apr
Feb
Aug
Mar
Feb
96
July 111
Feb
244 Apr 394 July
4:4 May
514 July
6% July
8
July
National Banks.-The following information
regarding
national banks is from the office of the Comptroll
er of the
Currency, Treasury Department:
CH ARTERS ISSUED.
July 23-First National Bank In Pawhuska,
Okla
President, J. W. Teter; Cashier, E.
C. Dysart.
July 23-The Citizens National Bank of
Colton.
President, G. A. Marsh; Cashier. H. Calif
M. Hawkins.
100.000
50.000
APPLICATIONS TO ORGANIZE RECEIVED WITI1 TITLES
REQUESTED.
Capital.
July 24-The Park National Bank of Philadelphia,Pa$200,000
Correspondent, Stephen A. Rhoads, 2017 W. Atlantic
St., Philadelphia, Pa.
40,000
July 26-The Citizens National Bank of Humboldt, Neb
Correspondent, Frank Snethen, Humboldt, Neb.
July 37-The Barnstable County Nat. Bank of Hyannis. Mass. 100,000
Correspondent, Ralph Bodman, Hyannis, Mass.
APPLICATION TO CONVERT APPROVED.
July 26-Asbury Park National Bank & Trust Co., Asbury Park,
300,000
N. J
Conversion of Asbury Park Trust Co., Asbury Park,
N. J.
100,000
July 23-The National Bank of Commerce of Astoria, Ore
Conversion of Bank of Commerce, Astoria, Ore. President, J. E. Roman; Cashier, Chas. Wirkkaia.
APPLICATIONS TO ORGANIZE APPROVED.
July 24-The Woodlawn-American Nat. Bank of Birmingham,
100,000
Ala
Correspondent, Horace C. Wilkinson, 502 First Nat.
Bank Bldg., Birmingham, Ala.
50,000
July 24-The Leeds Traders National Bank, Leeds, Ala
Correspondent, B. E. Merrell, care Atlas Portland Cement Co., Leeds, Ala.
CHANGE OF TITLE.
July 22-The Citizens National Bank of Fulton, N. Y., to
"Citizens National Bank & Trust Co. of Fulton."
VOLUNTARY LIQUIDATIONS.
$250.000
July 23-The National Bank of New Bern, New Bern, N. C.
Effective July 17 1929. Lig. Agent, W. W. Griffin,
New Bern, N. C. Succeeded by the First Nat. Bank
of New Bern, N. C.. No. 13298.
July 24-The First National Bank of Brookville, Ohio
25,000
Effective July 22 1929. Lig. Agent, Abraham Hay,
Brookville. Ohio. Absorbed by the Citizens State &
Savings Bank, Brookville, Ohio.
80,000
July 25-The Jackson National Bank, Jackson, Minn
Effective July 9 1929. Lig. Committee: Asher 0.
Nasby, C. H. Sether and W.D. Hunter, Jackson. Minn.
Succeeded by the Jackson National Bank in Jackson.
Minn., No. 13269.
July 25-The Oklahoma National Bank of Hastings. Okla
25,000
Effective May 29 1929. Lig. Agent, C. C. Stephens,
Hastings, Okla. Succeeded by the Oklahoma State
Bank, Hastings, Okla.
BRANCH AUTHORIZED UNDER THE ACT OF FEB. 25 1927.
July 25-The Seward National Bank & Trust Co. of New York, N. Y.
Location of branch. Northeast corner of 93d St. and Amsterdam
Ave. (175 West 93d St.), New York City.
Auction Sales.-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo on Wednes
day of this week:
By Adrian H. Muller & Son, New York:
Shares. Stocks.
per Sh. Shares. Stocks.
Per Sh.
100 Outlook Co. let 7% Pref. no
97 The Ammonia Corp., corn.;
36 pref. A
Dar
$3 lot
1
1 Northampton Portland Cement
3,000 Copper Canyon Mining Co.,
Co., v. t. C.; 125 Southwest
$154 lot
Par $1
Metals Co., no par; 349 Ophir
Sundry notes aggregating $5,099.15,
Loop Mines Co., pref., par $1;
made by Joseph Blaker; due various dates from June 15 1929
676 Ophir Loop Mines Co.,
to Nov. 15 1932
common, par $1; $600 The Fifty
$10 lot
Mines Corp. 1st mtge. 65, Jan. 1
250 National Garages, Inc.(Mich.).
class A; 750 class B
1914
$53 lot
$1 lot
By Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
$ per oh.
8 First Nat. Bank (Haverhill)..._ _110
5 Federal Nat. Bank (undep.)
300
10 Federal Nat. Bank, v. t. c
300
62
5 Beacon Trust Co., par $20
10 Nyanza NIills
23
1 Franklin Co., Lewiston, Me
30034
25 Lancaster Mills, corn
234
15 Boot Mills
12534
6 Merrimack Mfg. Co., com_17234-17234
25 Merrimack Mfg. Co., pref
70
15 Charlton Mills
81K ex-div
4 Associated Textile Cos
38
10 Queen City Cotton Co
28g
1 Everett Mills
8K
14 Hill Mfg. Co
19
35
10 Associated Textile Cos
5 Androscoggin Mills
75
35-36
22 Associated Textile Cos
10 Multibestos Co., corn
30
1 unit First Peoples Trust
30
10 Kidder Partic.Inc. com.No.3_19ex-div
150 Malden & Melrose G. L. Co.
40g
par $25
55 Bost. Wov.Hose & Rub.Co.corn 92
11 New Engl. Pow. Assoc.8% pfd_ 90K
17 University Assoclates
42g
2 Quincy Mkt. Cold Storage &
Warehouse Co., corn
36K
4 Beacon Falls Rub,Shoe Co., pref. 70
Shares. Stocks.
$ Per sh'
5 John P.Squire & Co.,corn
90
10 Nor. Bost. Lt . Prop. corn.
80
(undeP.)
15 Odd Fellows Hall Assn. par $20_ 4
50 Brown & Beckwith Corp. Cl. A
$1 lot
CM
20 Nor. Bost. Ltg. Prop. com.v.t.c. 9334
10 Real Estate Associates
55
10 State Theatre Co., corn
6K
25 Hood Rub. 755% preference_68 ex-div
3 Plymouth Cordage Co
93
2 units First Peoples Trust
30
20 Draper Corp
72-72K
15 units First Peoples Trust
30
10 special units First Peoples Trust_ 3
$1,000 Phoenix Lace Mills. 1st 68,
due 1940; 5 pref.; 4 Samoset
Chocolate Co., 7% pref.: 2
Sequoia Mills, cl. B; 20 Puritan
Bakeries, pref.: 64 33-100 corn.;
$200 Buckingham School Inc.,
deb. 55
$100
BondsCent.
Perlot__.
$1,000 Stillwater Worsted Mills,ser.
A 534s, Feb. 1943
80 & int.
$1,000 Utah Idaho Bug., 65, Mar.
1932
96 & int.
$ per Right.
Rights240 Waltham Nat.Bank
534
303 Pow. & Lgt. Scour. Trust
2-234
By R. L. Day & Co., Boston:
Shares. Stocks.
$ per oh.
$ Per sh. Shares. Stocks.
76 Nat. Shawmut Bank, par $25-- 8554 6 W. L. Douglas Shoe Co. pref____ 75
150 First Nat. 133ak. par $20
163A 2 Lewis A. Crossett Shoe Co. pf_$234 lot
3 American Trust Co
71 J. R.. Whipple Corp. common_ _ _ 154
502
50 Beacon Trust Co., par $20
62
10 New England Pow. Assoc. pref_ 9034
10 Worcester County Nat. Bank,
2 West Boston Gas Co. y. t. c..
par $50
179
par $25
42
10 Medford Trust Co. (new), par
3 units Thompson's Spa, Inc
100
$20
81
6() Fall River Gas Wks., par $25___ 55
168 Everett Mills
834-8K 25 Rolistone Paper Co. 1st pref.;
12-12A
19 York Mfg. Co
10 ditto common
$1 lot
103 Everett Mills
8 A-8g I British Internat. Corp
$1 lot
. 4 Plymouth Cordage Co
5 West Boylston Mfg. Co.,pf., 70 ex-dB,
93
169
80 Nor. Dos. Ltg. Props., pref.
5 Ludlow Mfg. Associates
50
(undeposited), par $50
51
50 Amer. Mfg. Co. common
Corp.
pref.
Bond
&
Mtge.
S.
Rights25 U.
$ per right.
20 90 Waltham Nat. Bank
(Mass.)
6
BondsPer cent.
5 Boston Woven Hose & Rubber
92
Co., common
$1,000 Great Lakes Terminal Ware68
house, Toledo, 78, Sept. 1937_ __ _ 90
2 Hood Rubber Co. 734% pref
$25 lot $3,000 Walsh Steam Boiler deb.634e.
28 Service Excavating Co
May 1938
85
25 Boston Woven Hose & Rubber
92g 32,000 Plrnie Simons Building gen.
Co. common
5:Greenfield Tap & Die Corp. 8%
634s, July 1943
98
105 ex-div._ _
II preferred
By A. J. Wright & Co., Buffalo, N. Y.:
50 Boston & Montana Bevel. Co.,$1 lot II 500 Barry Hollinger Mines, par $1.
N. Y. ctfs., Par $5
[VOL. 129.
FINANCIAL CHRONICLE
752
25c.
By Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per sh.
10 Sixth National Bank
300
25 North Broad Nat. Bank, par $20 23
30 Central Nat. Bank, par $10
97
2 Olney Bank & Trust Co., par $50A50
10 First Camden Nat. Bank & Trust
Co.. par $25
135
15 Security Title & Trust Co.,
par $10
14
5 Security Title & Trust Co., par
$10
10
220 Security Title & Tr. Co., par $10 OK
50 Northern Central Trust Co.,
with rights, par $50
174
50 Northern Central Trust Co., with
rights, par $50
172
8 North City Trust Co., par $50_ _ _130
100 Bankers Trust Co., par $50__ 135 A
100 Bankers Trust Co., par $50_ _ _ _135 A
50 Metropolitan Trust Co., par 350 112
50 Mortgage Security Trust Co.,
par $10
20
10 Manheim Trust Co., par $50
63
37 Franklin Trust Co., par $10
72
$ Per sh.
Shares. Stocks.
48 Phila. Warehousing & Cold Stor50
age Co
5 John B.Stetson Co., common _ __ _ 86
3 John B. Stetson Co. common_ _ _ _ 85
26A
136 Phila. Life Ins. Co., par $10_
310
32 Colonial Trust Co
6 Sixty-Ninth Street Terminal Title
173
& Trust Co
24K
50 Adelphia Bank & Tr. Co
24K
50 Adelphia Bank & Tr. Co
24A
50 Adelphia Bank dr Tr. Co
100 Quaker Products Co. class A_ _ _ _ 7
734
100 Quaker Products Co. class A _
198
2 Girard Trust Co
5 per right.
RightsNorthern Central Trust Co. at $25:
50 at 514: 100 at 1 K ; 100 at 74;
87 at I; 66 at 34:160 at A.
130 West Jersey Trust Co. at $40.. 30
Per cent.
Bonds$1,009 Day & Hanson Security Co.
real estate savings bond. reg.,
$27 lot
due 1925 ($600 paid)
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Railroads (Steam).
Boston & Albany (quar.)
Sept. 30 *Holders of rec. Aug. 30
*2
Cleveland & Pittsb. reg. guar. (qu.)
*8734c Sept. 1 *Holders of rec. Aug. 10
Special guar. (quar.)
*50c. Sept. 1 *Holders of rec. Aug. 10
Louisville blend & St. Louis, common _ _ *214 Aug. 15 *Holders of rec. Aug. 1
Maine Central, corn. (quar.)
Oct. 1 Holders of rec. Sept. 16
1
Preferred (quar.)
134 Sept. 3 Holders of rec. Aug. 15
N.Y.Chic. Se St. Louis, corn.& pref.(qu)
Oct. 1 *Holders of rec. Aug. 15
Public Utilities.
Amer. Gas & Pow. Co. 1st pf. (qu.)
$1.50 Aug. 15 Holders of rec. Aug. 1
Preference (quar.)
51.50 Aug. 15 Holders of rec. Aug. 1
Canada Northern Power (quar.) (No. 1)
15c. Oct. 25 Holders of rec. Sept. 30
Detroit (Edison (quar.)
2
Oct. 15 Holders of rec. Sept. 20
Cities Serv. Pow. & Lgt. $6 pf.(mthly.) *50c. Aug. 15 *Holders of rec. Aug. 1
$7 preferred (monthly)
*5811c. Aug. 15 *Holders of rec. Aug. 1
East Kootenay Pow., Ltd., pf. (qu.) _
134 'Sent. 16 Holders of rec. Aug. 31
Engineers Public Service, corn.(quar.)
*25c. Oct. 1 *Holders of rec. Aug. 29
Common (I-50th share corn. stock).,_ (I) Oct. 1 *Holders of rec. Aug. 29
85 preferred (guar.)
*$1.25 Oct. 1 *Holders of rec. Aug. 29
$5.60 preferred (guar.)
8$ 1.3734 Oct. 1 *Holders of rec. Aug. 29
Intercontlnents Pow.,com.A(qu.)(No.1) *50c. Sept. 1 *Holders of rec. Aug. 1
Keokuk Electric, pref. (quar.)
*134 Aug. 15 *Holders of rec. Aug. 10
Memphis Power & Light,$7 pref. (quar.) *81.75 Oct. 1 *Holders of rec. Sept. 14
*81.50 Oct. 1 *Holders of rec. Sept. 14
$6 preferred (guar.)
National Water Works, corn. A
25c. Aug. 15 Holders of rec. Aug. 1
Preferred A
8734c. Aug. 15 Holders of rec. Aug. 1
Penn. Water Service, $6 pref. (quar.).. *$1.50 Aug. 15 *Holders of rec. Aug. 5
Pittsb. Sub. Water 85.50 pref.(quar.)__* 81.375 Aug. 15 *Holders of rec. Aug. 5
Portland Electric Power, 2nd pfd. (qu.)_ *ly.i Sept. 2 *Holders of rec. Aug. 15
Power Corp. of Can., corn. (In corn. stk.) (p) Sept. 25 Holders of rec. Aug. 31
Participating 2nd pref. (in corn. stk.) _ (p) Sept. 25 Holders of rec. Aug. 31
Scranton-Spring Brook Water,$6 pf.(qu) $1.50 Aug. 15 Holders of rec. Aug. 50
$1.25 Aug. 15 Holders of rec. Aug. 54
$5 preferred (guar.)
Southern Calif. Edison, pref. A (guar.)._ 4334e. Sept. 15 Holders of rec. Aug. 20
3734e. Sept. 15 Holders of rec. Aug. 20
Preferred B (guar.)
Fire Insurance.
Globe & Rutgers (guar.)
Stuyvesant (guar.)
U. S. Fire (guar.)
*6 July 13 *Holders of rec. July 23
*2 Aug. 1 *Holders of rec. July 24
*60e. Aug. 1 *Holders of rec. July 22
Miscellaneous.
American Chatillon Co., pf. (qu.)
'
134 Nov. 1 *Holders of rec. Oct. 20
American Tobacco, corn. & corn. B (qu.) $2
Sept. 3 Holders of rec. Aug. 10
Alaska Packers Assn. (guar.)
Aug 10 Holders of rec. July 31
$2
Albers Bros. Milling, pref. (guar.)
*$1.75 Aug. 15 *Holders of rec. July 31
Amer.Bancorporation Cl. A (No. 1)
*25e.
Amer. Home Products Corp.(Mthly.)_ 30c. Sept. 3 Holders of rec. Aug. 14a
Amer. Multigraph, Corn.(guar.)
*6234c Sept. 1 *Holders of rec. Aug. 17
Atlantic Coast Fisheries (guar.)
*30e. Sept. 1 *Holders of rec. Aug. 20
Pac.
A.&
Internat. corn A.(No. 1)
46c. Aug. 1 Holders of rec. July 15
Preferred (guar.)
75c. Aug. 1 Holders of rec. July 15
Atlas Imperial Diesel Eng.Class A & B (guar.)
*50c. Sept. 1 *Holders of rec. Aug. 20
Bastian Blessing Co., Corn.(guar.)
'6234c Sept. 2 *Holders of rec. Aug. 15
Beacon Mtg., corn. (quar.)
*2
Aug. 15 *Holders of rec. Aug. 1
Beneficial Indust. Loan Corp.,com.(qu.) (s) July 31 Holders of rec. July 10
Preferred series A (quar.)
(s) July 31 Holders of rec. July 10
Berkey & Gay Furniture, pt. (qu.)
Aug. 15 *Holders of rec. Aug. 5
Blaw-Know Co., corn.(guar.)
*25c. Sept. 6 *Holders of rec. Aug. 26
Brown Durrell Co., corn. (qu.)(No. 1) 50c. Aug. 15 *Holders of rec. Aug. 1
Common (quar.)
*50c. Nov. 15 *Holders of rec. Nov. 1
BA % preferred (guar.)
*154 Oct. 1 *Holders of rec. Sept. 15
634% preferred (quar.)
'134 J. 1 '30 *Holders of rec. Dec. 15
Buckeye Steel Casting, corn, (qu.)
*62340 Aug. 1 *Holders of rec. July 24
Preferred (guar)
'
134 Aug. 1 *Holders of rec. July 24
Byron Jackson Pump (quar.)
*50c. Sept. 1 *Holders of rec. Aug. 15
Cabot Mfg. (quar.)
*$2 Aug. 16 *Holders of rec. Aug. 1
Canada Wire & Cable. corn. A ((Mar.)--- $1
Sept. 15 Holders of rec. Aug. 31
Canada Foreign Investment pref
4
Aug. 15 Holders of rec. July 31
Canadian Oil Cos., corn. (quar.)
.
250 Aug. 15 *Holders of rec. Aug. 1
Preferred (guar.)
*2
Oct. 1 *Holders of rec. Sept. 20
Caterpillar Tractor (quar.)
*75e. Aug. 25 *Holders of rec. Aug. 15
Chartered Inv., Inc. pref. (qu.)(No. 1). 411.25 Sept. 1 *Holders of rec. Aug. 1
Childs Co.,corn.(quar.)
60c. Sept. 10 Holders of rec. Aug. 23a
Preferred (guar.)
134 Sept. 10 Holders of rec. Aug. 230
City Ice & Fuel, corn. (guar.)
*90e. Aug. 31 *Holders of rec. Aug. 15
Preferred (guar.)
*194 Sept. 1 *Holders of rec. Aug. 15
Columbia River Pack Assn
*75e. Aug. 20 *Holders of roe. Ang. 5
Continental Mills
•$5 Aug. 1 *Holders of roe, July 24
Curtiss AeroPl. & Motor, corn
50c. Sept. 16 Holders of rec. Sept. 20
Davis Drug Stores, pref.-Dividend pass ed.
Deere & Co., corn.(quar.)
'
1.50 Oct. 1 *Holders of rec. Sept. 14
Preferred (quar.)
*1,31 Sept. 2 *Holders of rec. Aug. 15
Dow Chemical, corn. (guar.)
$1.50 Aug. 15 Holders of rec. Aug. 1
Common (extra)
$1
Aug. 15 Holders of rec. Aug. 1
Corn (In corn stock
*1400 Subject to stklildrs. approval.
Preferred (quar.)
134 Aug. 15 Holders of rec. Aug. 1
Drug Incorporated (quar.)
Sept. 3 Holders of rec. Aug. 153
$1
Duff-Norton Mfg.. corn, (guar.)
*62g c Aug. 15 *Holders of rec. July 31
Eisemann Magneto, pref.(guar.)
134 Aug. 1 Holders of rec. July 20
Esmond Mills, corn. (quar.)
1
Aug. 1 Holders of rec. July 25
Common (pay in corn. stock)
*150 Aug. 1 *Holders of rec. Aug. 1
Preferred (quar.)
134 Aug. 1 Holders of rec. July 25
Ewa Plantation (guar.)
*60e. Aug. 15 *Holders of rec. Aug. 5
Firestone Footwear, pref.-dividend om Wed.
Firestone Tire & Rubber, pref.(guar.). _
134 Aug. 15 Holders of rec. Aug. 1
First Amer. Bancorp. Cl. A.(qu.)(No. 1)
25c. Aug. 10 Holders of rec. July 31
First Federal Foreign Banking Corp-di vldend omitted .
First Trust Bank-Stock Corp.(guar.).-. 12g c. Sept. 1 Holders of rec. July 31
Extra
1234c. Sept. 1 Holders of rec. July 31
General Asphalts, pref. (quar.)
134 Sept. 3 Holders of rec. Aug. 140
AUG. 3 1929.1
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
Globe Grain & Milling, 1st pf. (au.) ___ "4330 Oct. 1 *Holders of rec. Sept.20
Second preferred (quar.)
*5033. Oct. 1 *Holders of rec. Sept. 20
Golden State Milk Products (quar.)____ *40e. Sept. 1 *Holders of rec. Aug. 15
Grand Rapids Furniture,Pf.(qu.)(No.1) *50c. Oct. 1 *Holders of rec. Sept. 20
Graniteville Mfg., com.-Dividend Pass ed
Hamilton Watch, pref. (quar.)
134 Sept. 1 Holders of rec. Aug. 10
Hathaway Bakeries, class A (quar.)-_750. Sept. 2 Holders of rec. Aug. 15
Preferred (guar.)
$1.75 Sept. 2 Holders of rec. Aug. 15
Hobart Mfg., corn. (quar.)
*6233c Sept. 2 *Holders of rec. Aug. 20
Illinois Pac. Glass, el. A & B (guar.)
•50c. Aug. 1 *Holders of rec. July 20
Indiana Limestone, pref. (quar.)
134 Sept. 1 Holders of rec. Aug. 20
InlandPaperBoard,com.(qu.)(No.1)•40c. Oct. 1 "Holders of rec. Sept. 15
Inland Steel (quar.)
•8733c Sept. 1 *Holders of rec. Aug. 15
International Silver, corn. ((uar.)
134 Sept. 1 *Holders of rec. Aug. 15
Iron Cap Copper, pref. (quar.)
3.150. Aug. 15 *Holders of rec. Aug. 10
Keystone Investing, el. A (quar.)
"3734e Sept. 1 *Holders of rec. Aug. 15
Kroger Grocery & Baking, corn. (guar.)_ "25e. Sept. 3 *Holders of rec. Aug. 10
Libby-Owens Glass Co.(qu.)(No. 1)___ '
3250. Sept. 1 'Holders of ree. Aug. 22
Magnin (I.) Co., pref. (quar.)
'133 Aug. 15 *Holders of rec. Aug. 2
Mallory Hat, pref. (quar.)
*134 Aug. 1 *Holders of rec. July 20
Marathon Shoe, corn -Dividend passed
Massachusetts Investors TrustQuarterly
"52c.
Stock dividend
•1
Metropolitan Stores, corn
*21 25 Aug. 15 *Holders of rec. July 31
3.154 Aug. 15 *Holders of rec.
7% Preferred (quar.)
July 31
Monroe Stores, Inc.-DIvidend passed
Monsauto Chem. Works
"3134c Oct. 1 *Holders of rec. Sept. 14
Stock dividend
*el% Oct. 1 *Holders of rec. Sept.14
Motor Wheel Corp., corn
Si
Oct. 20 Holders of rec. Sept. 5
Common (payable in common stock). 120 Oct. 1 Holders of
rec. Sept. 5
National Baking, pref. (quar.)
154 Aug. 31 Holders of rec. Aug. 10
National Container, cony. pref. (quar.) *50e. Sept. 1 *Holders of rec. Aug. 15
Nat. Distillers Prod., pref.(No. 1)
81.75 Aug. 1 Holders of rec. July 150
National Supply, pref. ((uar.)
'$1 75 Sept.30 *Holders of roe. Sept. 20
Nestle Le Muir Co., Cl. A (qu.)
*50e. Aug. 15 *Holders of me. Aug. 5
North American Cement. pref. (quar.)... *134 Aug. 1 *Holders
of rec. July 15
Northam Warren Corp., pref. (quar.)75e. Sept. 3 Holders of rec. Aug. 15
Ohio 011, com. (guar.)
•50c. Sept. 14 *Holders of rec. Aug. 12
Common (extra)
'25c. Sept. 14 *Holders of rec. Aug. 12
Ontario Steel Products, coin, (quar.)__ _
40e. Aug. 15 Holders of rce. July 31
Preferred (guar.)
134 Aug. 15 Holders of rec. July 31
Parker Rust Proof, common (guar.).50c. Aug. 20
of rec. Aug. 10
Pender (D.) Grocery Co.. Cl. A (quer.). 8734c Sept. 1 *Holders
Holders of rec. Aug. 20
Pillsbury Flour Mills, corn. (quar.)
50e. Sept. 1 Holders of rec. Aug. 15
Common (extra)
50e. Sept. 1 Holders of rec. Aug. 15
Ranier Pulp & Paper, corn. A (quar.)__ _ *50c. Sept. 1 *Holders
of rec. Aug. 10
Common B (guar.)
"25c. Sept. 1 *Holders of rec. Aug. 10
Common B (extra)
•25c. Sept. 1 *Holders of rec. Aug. 10
Rogers Paper Mfg., class A (quar.)
•90c. Aug. 1 *Holders of rec. July 15
Rolland Paper, Ltd., pref. (guar.)
133 Sept. 1 Holders of rec. Aug. 15
Sagamore Mfg.,,common ((uar.)
'2
Aug. 1 'Holders of rec. July 25
Savage Arms, from. (quar.)
*50e. Sept. 3 *Holders of rec. Aug. 15
2d preferred (guar.)
•133 Nov. 15 *Holders of rec. Nov. 1
Scotten-Dillon Co. ((uar.)
3.300. Aug. 15 *Holders of rec. Aug 7
Extra
3.20c. Aug. 15 "Holders of rec. Aug. 7
Seacrest Laundry, Pref. (quar.)
8754c Aug. 1 Holders of rec. July 27
Seneca Plan Corp., pref. (quar.)
134 Aug. 1 Holders of rec. July 15
Simms Petroleum (quar.)
*40c. Sept.14 *Holders of rec. Aug. 30
Simons (II.) & Sons, Ltd., corn. (qu.)_. 50c.
Sept.
Holders of rec. Aug. 20
Preferred ((liar.)
131 Sept.
Holders of rec. Aug. 20
Smith (Howard) Pipe Mills, pref. ((u.)- 134
Sept.
Holders of rec. Aug. 21
Spear & Co., let pref. (quar.)
•$1.75 Sept. 'Holders of rec. Aug. 15
Standard Oil of Calif. (guar.)
6233e. Sept. 1 Holders of rec. Aug. 15
Standard Oil(N. J.) 225 par (guar.)- - 25c. Sept. 16 Holders of rec. Aug. 15
225 par value (extra)
25c. Sept. 16 Holders of rec. Aug. 15
$100 par value (quar.)
1
Sept. 1 Holders of rec. Aug. 15
$100 par value (extra)
1
Sept. 1 Holders of rec. Aug. 15
Standard Oil of N. Y.(quar.)
*40e. Sept. 16 *Holders of rec. Aug. 16
Standard Royalties Wetumka Corp.Pref. (monthly)
1
Aug. 1 Holders of rec. July 31
Standard Royalties Wewoka Corp.Pref.(monthly)
Aug. 1 Holders of rec. July 31
1
Standard Royalties Wichita Corp.Pref. (monthly)
1
Aug. 1 Holders of rec. July 31
Sterehl Bros. Stores, Inc.,corn.(quar.)-- *300. Aug. 15 "Holders of roe. July 30
Common (qua:.)
•300. Nov. 15 *Holders of rec. Oct. 30
Studebaker Corp., corn. (guar.)
311.25 Sept. 2 *Holders of rec. Aug. 10
Preferred (quar.)
•134 Sept. 2 *Holders of rec. Aug. 10
Sun 011, preferred (quar.)
133 Sept. 3 Holders of rec. Aug. 10
Swan & Finch Oul, pref.(guar.)
"43340 Aug. 31 'Holders of rec. Aug. 10
Texas & Pacific Coal& Oil (quar.)
e233 Sept. 30 Holders of rec. Sept. 5
Union Cotton Mfg.(guar.)
*Ili Aug. 1 *Holders of rec. July 24
Union Sugar. pref. (guar.)
"44c. Aug. 10 *Holders of rec. Aug. 5
United Paperboard. pref.-dividend pass ed.
U.S. Envelope,common
*4
Sept. 3 *Holders of rec. Aug. 15
Preferred
•334 Sept. 3 *Holders of me. Aug. 15
U. S. Steel Corp., corn. (quar.)
134 Sept. 28 Holders of rec Aug. 250
Preferred (quar.)
134 Aug. 30 Holders of rec. Aug. 50
Va.-Carolina Chemical, prior pref.(qu.)- '134 Sept. 1 *Holders of rec. Aug.
17
Veeder-Roos, Inc
"132c. Aug. 15 "Holders of roe. July 31
Walker Mfg.,common
*3733c Aug. 1 *Holders of rec. July 25
Preferred ((uar.)
•75c. Aug. 1 *Holders of rec. July
Weber Showcase & Fixture, 1st pref.(qu.) *50c. Sept. 1 *Holders of rec. Aug. 25
15
Wesson Oil& Snowdrift, pref. (quar.)___ 21
Sept. 1 Holders of rec. Aug. 15
Western Dairy Prod. class A (quar.)---- •2I
Sept. 1 *Holders of rec. Aug. 12
Western Reserve Investing,6% pt. (qu.) 134 Oct. 1 Holders of rec. Sept. 14a
Participating preferred (quar.)
1)3 Oct. 1 Holders of rec. Sept. 14a
Western Royalty Corp.(monthly)
134 Aug. 8
Westfield Mfg., common (guar.)
*3733c Aug. 15 *Holders of rec. July 31
Preferred (guar.)
*2
Aug. 15 *Holders If rec. July 31
Wheeling Steel Corp., nun
"g1
Sept. 1 Holders of rec. Aug. 12
White (.1. G.) & Co., pref. (quar.)
1% Sept. 2 Holders of nsc. Aug. 15
White (1.0.) Engineering, pref. (quar.)_
134 Sept. 1 Holders of rec. Aug. 15
White Motor (guar.)
250. Sept. 30 Holders of rec. Sept. 12
White Motor Securities, pref. (quar.).__ •i,i Sept. 30 'Holders of rec. Sept.
12
Winsor Hotel, pref. (guar.)
134
pt. 1 Holders of rec. Aug. 15
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Per When
Cent. Payable.
Railroads (Steam).
Alabama Great Southern, preferred
Aug. 15
$2
Preferred(extra)
$1.50 Aug. 15
Atoll. Topeka & Banta Fe, coin. (0111.).- 233 Sept. 3
Baltimore & Ohio, corn.((uar.)
134 Sept. 3
Preferred (quar.)
1
Sept. 3
Bangor & Aroostook. corn. (guar.)
88e. Oct. 1
Preferred (guar.)
134 Oct. 1
. Buff. Rochester dr Pittab., common-_ 2
Aug. 15
Preferred
Aug. 15
3
Central RR. of N. J. (quar.)
Aug. 15
2
Cuba RR.. preferred
Febl'30
3
Delaware & Hudson Co.(qua?.)
254 Sept.20
Erie RR.,first & second pref
2 Dee. 31
Hudson dr Manhattan RR. prof
233 Aug. 15
Illinois Central, corn. (qua?.)
134 Sept. 3
Preferred A
3
Sept. 3
Internat. Rya. of Cent. Amer., pf.(qu.)
134 Aug. 15
834 Aug. 10
Louisville & Nashville
Mo.-Kansas-Texas, pref. (quer.)
134 Sept. 30
134 Sept. 3
New Orleans Texas & Mexico (quar.)___
Sept. 19
Norfolk & Western, cons. (guar.)
2
Aug. 19
1
Adjustment pref. (qua?.)
sj,
Aug. 31
Pennsylvania RR.(quar.)
Books Closed
Days Inclusive.
Holders of rec. July 11
Holders of rec. July 11
Holders of mc. July 28a
Holders of rec. July 13a
Holders of roe. July 13a
Holders of rec. Aug. 31
Holders of roe. Aug. 31
Holders of rec .Aug. 54
Holders of ree. Aug. 54
Holders of res. Aug. ea
Holders of rec. Jan. 15a
Holders of reo. Aug. 28a
Holders of rec. Dec. Ida
Holders of rec. Aug. la
Holders of rec. Aug. 1s
Holders of ree. Aug. la
Holders of rec. July 3Ia
Holders of ree. July 15a
Holders of roe. Sept. 14a
Holders of rec. Aug. 15a
Holders of rec. Aug. 3I0
Holders of roe. July 310
Holders of ree. Aug. la
Name of Company.
Railroads (Steam) (Concluded).
Reading Co.. common (guar.)
First preferred (quar.)
Second preferred (qua:.)
St. Louis-San Francisco, pref.(quar.)
Utica. Clinton de Binghamton
Wabash Ky. pref. A (qua?.)
753
Per
When
Cent. Payable.
Books Closest
Days Disturbs.
21 Aug. 8 Holders of rec. JULY 1141
50c. Sept.12 Holders of rec. Aug. 220
50e. Oct. 10 Holders of rec. Sept. 199
134 Nov. 1 Holders of ree. Oct. la
•134 Aug. 10 *Holders of rec. Aug.
1
134 Aug. 24 Holders Of ree. July 25.
Public Utilities.
Allied Power & Light, $5 pref. (au.)- 51.25 Aug. 15 Holders of rec. Aug. 1
$3 preferred (quar.)
754. Aug. 15 Holders of rec. Aug. 1
American Commonwealths PowerCorn. el. A &B(1-40 share el. A stock)
Oct. 15 Holders of Mo. Oct. 1
Amer. Electric Power, 26 pref. (quar.)_ _ 21.50 Sept. 1 Holders of rec. Aug. 22
$7 Preferred ((car.)
21.75 Sept.15 Holders of rec. Aug.31
Amer. Water Works de
Common (guar.)
250. Aug. 15 Holders of rec. July 26a
Coin.(1-40 share corn. stk.)
(f) Aug. 15 Holders of rec. July 260
$8 first preferred (guar.)
$1.50 Oct. 1 Holders of rec. Sept.124
Arizona Edison, 28.50 pref.(quar.)_* 21.8233 Oct. 1 *Holders of rec. Sept.27
Associated Gas & Elec., $6 pref.(quar.). 31.50 Aug. 31 Holders of rec. July 31
$6.50 preferred (quar.)
1.6231 Aug. 31 Holders of rec. July 31
$5 preferred (quar.)
$1.25 Sept. 14 Holders of rec. Aug. 15
Associated Telep. Utilities, corn. (guar.) "25e. Oct. 15 *Holders of rec. Sept.30
Common (payable In corn. stock) _ _ '1234 Oct. 15 *Holders of rec. Sept.30
Brazilian Tr. L. dr Pow.. ord. (quar.)___
50c. Sept. 3 Holders of rec. July 31
Brooklyn Edison (guar.)
2
Sept. 3 Holders of rec. Aug. 90
Brooklyn-Manhattan Transit Corp.
Preferred. series A (guar.)
$1.50 Oct. 15 Holders of Teo. Oct. la
Preferred, series A (guar.)
$1.50 Jan15'30 Holders of rec. Dec. Sla
Preferred. series A (qua?.)
$1.50 AprI5'30 Hold, of rec. Apr.1 '30e
Cedar Rapids Mfg. dr Pow.(quer.)
Aug. 15'Holders of rec. July 31
Cent. & Southwest Util.. $7 prof. (qu.). $1.75 Aug. 15 Holders of rec. July 31
$1.75 Aug. 15 Holders of rec. July 31
$7 prior lien ((car.)
$1.50 Aug. 15 Holders of roe. July 31
26 prior lien (guar.)
Chic. Rap. Transit pr. pf. A (mthly.)__ *65.3. Sept. 1 *Holders of me. Aug. 20
Prior preferred class B (mthly.)
•60e. Sept. 1 *Holders of rec. Aug. 20
Cities Serv. P.& L., $5 pref.(monthly). 412-3c Aug. 15 Holders of rec. Aug. 1
Cleve. Elec. Illuminating, pfd.(Qu.)-- - 133 Sept. 3 Holders 01 rec. Aug. 15
Columbia Gas & Elec., corn.(quer.). _
50e. Aug. 15 Holders of roe. July 200
6% pref. seriesA (guar.)
133 Aug. 15 Holders of rec. July 200
5% pref. (guar.)
134 Aug. 151 Holders of rec. July 204
Commonwealth & Southern CorpCorn. (qu.)(No. 1)(1/80 sh. com.stk.) (/) Sept. 1 Holders of res. Aug. 1
Conn. Ry.& Ltg., corn. dr pf.(qu.)- -2 1.1234 Aug. 15 Holders of rec. July 31a
Cons'd Gas El. LAPow.Balt.,com.(qu.) "750. Oct. 1 *Holders of roe. Sept.14
•134 Oct. 1 "Holders of rec. Sept. 14
5% Preferred series A (guar.)
"153 Oct. 1 *Holders of rec. Sept. 14
533% preferred, series E (guar.)
8% preferred, series D (quar.)
Oct. 1 *Holders of rec. Sept.14
Consolidated Gas of N.Y..com.(guar.). 750. Sept.16 Holders of rec. Aug. 60
Consumers Power, $5 pref.(qua?.)
$1.25 Oct. 1 Holders of rec. Sept.14
133 Oct. 1 Holders of reo. Sept.14
6% pref. (guar.)
6.6% preferred (quar.)
$1.65 Oct. 1 Holders of rec. Sept.14
134 Oct. 1 Holders of rec. Sept.14
7% prof. (guar.)
6% pref.(monthly)
50e. Sept. 3 Holders of rec. Aug. 15
50e. Oct. 1 Holders of roe. Sept.14
6% prof. (monthly)
55e. Sept. 3 Holders of rec. Aug. 15
6.6% Preferred (monthly)
6.6% preferred (monthly)
550. Oct. 1 Holders of reo. Sept.14
Duquesne Light 5% let pref.(guar.)
134 Oct. 15 Holders 01 ree. Sept. 14a
Eastern Mass. St. Ry.First pref. and sink,fund stk.(quar.)_ 133 Aug. 15 Holders 01 ree. July 31
Empire Public Serv., corn. B (qua:.).... 3,45e. Aug. 15 *Holders of rect. Int/ 25
Federal Water Serv., class A (guar.).Sept. 1 Holders of rec. Aug. 2
Gas Securities, corn. (payable in scrip)._ •f133 Sept. 3 *Holders of rec. Aug. 15
•).g Sept. 3 *Holders of rec. Aug. 15
Preferred (mthly.)
Common (payable in scrip)
*034 Oct. 1 *Holders of rec. Aug. 15
eyi Oct. 1 *Holders of rec. Sept.14
Preferred (mthly.)
Havana Elec. Ry.,6% pref.(qua?.)..
134 Sept. 3 Holders of rec. Aug. 120
Havana Elec.& 0th., let prof.(qua?.)__ $1.50 Aug. 15 Holders of rec. July 20
Preference (qua:.)
$1.25 Aug. 15 Holders of rec. July 20
Kentucky Utilities, prior pref. (qua?.) "8733c Aug. 20 *Holders of rec. Aug. 1
•1% Aug. 10 *Holders of rec. Aug. I
Los Angeles Gas & Elec.. pref.(quar-)
Middle West Utilities, corn.(guar.)
$1.75 Aug. 1 Holders of roe. July 31
Monongahela West Penn. Pub. Service,
7% Preferred (guar.)
4334c. Oct. I Holders of rec. Sept.14
Nat. Gas & Elec., $6.50 pref.(auar.)-*$ 1.6234 Oct. '1 *Holders of rec. Sent.20
Nat. Power dr Light, corn. ((uar.)
250. Sept. 3 Holders of rec. Aug. 12a
North American Co (payable in corn. elk) 1233 Oct. 1 Holders of rec. Sept. 54
Preferred (liar.)
75e Oct. 1 Holders of rec. Sept. 50
North American Edison Co.. pf. (qu.)._ $1.50 Sept. 3 Holders of rec. Aug. 154
North Amer. Utility &cur. corn.(guar.) •$1.50 Sept.18 "Holders of rec. Aug. 31
1st preferred (qua:.)
$1.50 Sept. 16 Holders of rec. Aug. 31
1st pref. allot. etre. (quar.)
21.50 Sept. 18 Holders of rec. Aug. 31
First pref. allot. certifs. 75% paid.
- 1.1233 Sept. 113 Holders of rec. Aug. 31
Northern States Power, pref. (guar.)._
131 Sept. 3 Holders of rec. Aug. 20
North West Utilities,7% pf.(guar.).- -- 134 Aug. 15 Holders of rec. July 31
Ohio Edison Co.6% pref.(qua?.)
133 Sept. 2 Holders of rec. Aug. 15
6.8% preferred (guar.)
1.85 Sept. 2 Holders of rec. Aug. 15
7% preferred (guar.)
134 Sept. 2 Holders of rec. Aug. 15
5% preferred (quar.)
134 Sept. 2 Holders of rec. Aug. 15
6% preferred (monthly)
50e. Sept. 2 Holders of ree. Aug. 15
8.8% preferred (monthly)
55e. Sept. 2 Holders of me. Aug. 15
Pacific Gas & Elec. 534% pref.(guar.) •3433c Aug. 15 *Holders of rec. July 31
8% prof.(guar.)
•3733e Aug. 15 *Holders of rec. July 31
Pacific Lighting common 01=0
75e. Aug. 15 Holders of rec. July 310
5% Preferred ((car.)
*134 Aug. 15 *Holders of ree. July 31
Penn-Ohio Edison 7% prior pf.(guar.). 134 Sept. 1 Holders of rec. Aug. lb
Pa.-Ohlo Power & Light $6 Pl.(quar.)- - $1.50 Nov. 1 Holders of rec. Oct. 21
7% Preferred (guar.)
134 Nov. 1 Holders of rec. Oct. 21
7.2% preferred (monthly)
600. Sept. 1 Holders of roe. Aug. 20
7.2% preferred (monthly)
60e. Oct. 1 Holders of rec. Sept.20
7.2% preferred (monthly)
00e. Nov. 1 Holders of rec. Oct. 21
6.6% Preferred (monthly)
554. Sept. 1 Holders of rec. Aug. 20
6.6% preferred (monthly)
55e. Oct. 1 Holders of rec. Sept.20
6.6% preferred (monthly)
55e. Nov. 1 Holders of rec. Oct. 21
Philadelphia Co., 5% pref
$1.25 Sept. 2 Holders of rec. Aug. 100
Philadelphia Elec.Power. prof.(qua?.)
50e. Oct. 1 Holders of roe. Sept. 104
Phila. Rapid Transit Co.,corn.(special). 21
Aug. 15 Holders of ree. July 31a
Phila. Suburban Water Prof.(quar.)--- 134 Sept. I Holders of rec. Aug. 120
Public Serv. Corp. of N. J., corn. (qu.)
65e. Sept.30 Holders of rec. Sept. 60
8% preferred (quar.)
Sept.30 Holders of rec. Sept. ea
2
7% preferred (guar.)
134 Sept.30 Holders of rec. Sept. 84
25 preferred (guar.)
$1.25 Sept.30 Holders of rise. Sept. 60
6% Preferred (monthly)
50c. Aug. 31 Holders of rec. Aug. 94
6% Preferred (monthly)
50c. Sept.30 Holders of rec. Sept. 60
Pub.Serv. Elec. & Gas,8% pref.(qu.)-- 133 Sept.
30 Holders of rec. Sept. 64
7% Preferred (guar.)
•134
30 *Holders of rec. Sept. 6
Sioux City Gas & Elec..7% Pfd.(guar.)- 134 Sept.
Aug. 10 Holders of rec. July 31
Southern Calif. Edison, corn.(guar.)
50c. Aug. 15 Holders of rec. July 200
Southern Canada Power, corn. (quar.)
25c. Aug. 15 Holders of rec. July 31
Southern Colorado Power. corn. A (au.)50c. Aug. 24 Holders of rec. July 31
Tampa Electric Co.corn.(quar.)
50c. Aug. 15 Holders of rec. July 254
Corn.(1-50th share corn,stock)
(f) Aug. 15 Holders of rec. July 254
Tennessee Elec. Pow..5% first pref.(qu)
Oct.154
1 Holders of reo. Sept.14
6% first preferred (quar.)
134 Oct. 1 Holders of rec. Sept.14
7% first preferred (quar.)
134 Oct. 1 Holders of rec. Sept.14
7.2% first preferred (guar.)
$1.80 Oct. 1 Holders of rec. Sept.14
6% first preferred (monthly)
50c. Sept. 2 Holders of rec. Aug. 15
6% first preferred (monthly)
50o. Oct. 1 Holders of rec. Sept.14
7.2% first preferred (monthly)
600. Sept. 2 Holders of rec. Aug. 15
7.2% first preferred (monthly)
80e. Oct. 1 Holders of rec. Sept.14
United Gas Impt.. corn.(qua?.)
1.1234 Sept.30 Holders of rec. Aug. 31a
West Penn Elec. Co.,class A (quar.).___
134 Soot.30 Holders of rec. Sept. 17s
Seven per cent preferred (quar.)
154 Aug. 15 Holders of n3c. July 200
Six per cent preferred (quar.)
134 Aug. 15 Holders of rec. July 20a
West Penn Rys Co.. Prof. (qua:.)
134 Sept.18 Holders of rec. Aug. 24
Wilmington Gas Co.. Preferred
23
Aug. 31 Holders of roe. Aug. 120
Fire Insurance.
Amer. Re-Insurance (quar.)
754. Aug. 15 Holders of rec. July 31
Bankers & Shippers (quar.)
$1.25 Aug. 7 Holders of rec. Aug. 5
Pacific Fire
$1.25 Aug. 5 Holders of rec. Aug. 2
(1)
Name of Company.
Per
When
Cm!. Payable.
Books Closed
Days Inclusive.
Miscellaneous.
Acme Wire. pref. (quar.)
*2
Nov. 1 *Holders of rec. Oct. 18
15c. Aug. 17 Holders of tee. July 310
Allegheny Steel, common (month/P.-15c. Sept.18 Holders of rec. Aug. 31a
Common (monthly)
Preferred(quit.)
Sept. 1 Holders of roe. Aug. Ira
Preferred(quar.)
141 Dec, 1 Holders of roe. Nov. lia
Allis-Chalmers Mfg., common (quit.).. 134 Aug. 15 Holders of ree. July 24a
Aluminum Mire.. corn. (mar.)
*50e. Sept.30 *Holders of roe. Sept. 15
Common (quiz.)
•50c Dec. 31 *Holders of tee. Dee. 15
Preferred (quar.)
•134 June 30 *Holders 01 reo. June 15
Preferred (guar.)
el% Sept.30 *Holders of rm. Sept. DI
Preferred (quar.)
*1% Dec. 31 *Holders of tee. Dee. lb
Amer. Bank Note. cool.(quiz.)
50c Oct. 1 Holders of rec. Sept. 100
Preferred (quiz.)
75e. Oct. 1 Holders of rec. Sept. 100
American Can. corn. (quar.)
75e. Aug. 15 Holders of rec. July 310
American Chicle, corn.(qua:.)
50e. Oct. 1 Holders of rec. Sept.12a
American Elec. Secur. Corp.50e. Aug. 15 Holders of rec. Aug. 5
Participating preferred (extra)
Amer. European See., pref. (quiz.)
$1.50 Aug. 15 Holders of rec. July 31
el
Amer. Hardware Corp.(quar.)
Oct. 1 *Holders of rec. Sept.14
.61
Jan2'30 *Holders of rec. Dec. 17
Quarterly
Amer. Internat. Corp. com.(stock div.) *e2
Oet. 1
American ManufacturingCommon (quiz.)
750. Oct. 1 Holders of roe. Sept.15
75e. Doc. 31 Holders of rec. Dee. IS
Common (quiz.)
Preferred (quar.).
15 Mar. 31 Holders of tee. Mar. 16
Oct. I Holders of rm. Sept. la
Preferred (quiz.)
1% Dee. 31 Holders of roe. D.C. ii
Preferred (quar.)
Amer. Metal, corn. (quiz.)
75e. Sept. 1 Holders of rec. Aug. 21a
$1.50 Sept. 3 Holders of rec. Aug. 21.
Preferred (quar.)
American Radiator, common (qua:.)__
$1.50 Sept.30 Holders of rec. Sept. ha
elm Aug. 15'Holders of rec. Aug. 8
Preferred (quar.)
Amer. Radiator & Standard
Sanitary Corp., corn.(quar.)
374e Sept.30 Holders of roe. Sept.lla
$1.75 Aug. 31 Holders of rec. Aug. 150
Preferred (qua:.)
500. Oct. 15 Holders of rec. Sept.30s
American Rolling Mill, Gem.(quar.).
Amer. Smelt. & Refg., Prof. (qua:.)1)ff Sept. 3 Holders of rec. Aug. 20
American Stores (quar.)
50e. Oct. 1 Holders Of rec. Sept. 14a
Aug. 10 Holders of rec. July 31
Amparo Mining (quar.)
1
Anaconda Copper Mining (qua:.)
$1.75 Aug. 19 Holders of rec. July 13a
75e. Aug 5 Holders of rec. July 13a
Anaconda Wire & Cable (quar.)
75e. Aug. 12 Holden) of rec. July 134
Andes Copper Mining (guar.)
Armstrong Cork, com.(qua:.)
"37)1c Oct. 1 *Holders of rec. Sept. 16
Common (extra)
*124c Oct. 1 *Holders of rec. Sept. 16
Oct. 1 *Holders of ref. Sept. 10
Armour & Co. of Del., pref. (quer.).- Armour & Co. (Ill.) pref. (qua:.)
1% Oct. 1 *Holders of rec. Sept. 10
1% Sept. 1 Holders of rec. Aug. 150
Artloom Corp., pref. (quar.)
Oct. 1 Holders of rec. Sept.20a
Associated Apparel Industries (ILO ---- $1
Associated Dry Goods, let pref.(qua:.). 1% Sept. 2 Holders of rec. Aug. 100
Sept. 2 Holders of rec. Aug. 10.
neeond preferred (guar.)
Atlantic Gulf & West Indies 8.91. Lines.
Sept.30 Holders of reo. Sept. 10e
Preferred (quar.)
$1
Dee. 81 Holders of roe. Dee. lls
$1
Preferred (quar.)
Bakers Share Corp., core. (qu.)
14 Oct. 1 Holders of rec. Aug I
1% Jan 1'30 Holders of rec. Nov. 1
Common (quiz.)
Balaban & Katz, corn. (fluor.)
*75e. Sept. 27 *Holders of rec. Sept. 16
Preferred (quar.)
*13i Sept. 27 *Holders of rec. Sept. 16
Baniberger (L.) & Co..04% Pf.(qu.)... 1% Baps. 2 Holders of rec. Aug. 13.
14 Doe. 2 Holders of tee. Nov. Ile
04% preferred (qmar.)
Oct. 15 *Holders of rec. Sept.30
Bankers Capital Corp., prof. (quar.)_._,. *22
Preferred (Guar.)
*82
*Holders of roe. Dee. 21
Hamadan Corp., class A A B (quar.).. 50e. Aug. 8 Holders of rec. July 80
Clans A & B (extra)
25e. Aug. 8 Holders of Fee. July 841
Baumann (Ludwig)& Co., let pref.(qu.) 1% Aug. 15 Holders of roe. Aug. 1
Belding-Corticeill, Ltd., pref.(guar.).- 1% Sept. 14 Holders of rec. Aug. 31
Berkshire Fine Spinning Associatee75e. Sept. I Holders of rec. Aug. 15
Common (quar.)
1% Sept. 1 Holders of rec. Aug. 15
Preferred (quar.)
431
Aug. 15 Holders of roe. July 19s
Bethlehem Steel common (quiz.)
Common (quar.)
41.50 Nov. 15 Holders of rec. Oct. 18a
1% Oct. 1 Holders of rec. Sept. 60
Preferred (quar.)
Bigelow Hartford Carpet, pref.(quar.)__ *1% Nov. 1 *Holders of rec. Oct. 18
Blauner's, corn. (guar.)
30e. Aug. 15 Holders of rec. Aug la
Corn. (payable In coin. stock)
el It Aug. 15 Holders of rec. Aug. la
$3 Preferred (quer.)
75e. Aug. 15 Holders of rec. Aug. la
Bon Ami Co., corn. class A (quar.)
$1
Oct. 30 Holders of rec. Oct. 15
Common class B (qua:.)
50e. Oct. 1 Holders of rec. Sept. 24
Bend & Mortgage Guarantee (quar.)..... $1.25 Aug. 15 Holders of rec. Aug. 8
Booth (F.E.) Co.,com.(pay.In com.stk) 150
Aug. 15 Holders of rec. Aug. la
Borden Co.. common (quar.)
75e. Aug. 31 Holders of rec. Aug. 15
e50
Aug. 15 Holders of rec. Aug. 1
Borg-Warner Corp. (in stock)
Bortn-Vivitone Corp. $3 pf.(No. 1)____ *111J5 Aug. 15 *Holders of rm. Aug. 1
$3 cony. pref. (extra)
*50e. Aug. 15 "Holders of roe. Aug. 1
BOGS Mfg., COM. (guar.)
$2.50 Aug. 15 Holders of tee, July 31
Preferred (guar.)
$1.75 Aug. 15 Holders of reo. July 31
Brine Mfg. Co., class A (guar.)
50c. Oct. 1 Holders of rec. Sept. 150
Smirk silk Mills
25c. Aug. 15 Holders of rec. July 31
Brunewick-Balke-Collender, corn, (qu.) 75c. Aug. 15 Holders of roe. July 256
Buckeye Pipe Line (guar.)
$1
Sept. 14 Holders of rec. Aug. 23
Bucyrus-Erie Co.. common (quar.).
250. Oct. 1 Holders of rec. Aug. 28a
Preferred (quar.)
134 Oct. 1 Holders of rear. Aug. 280
Convertible preference (quar.)
6234e. Oct. 1 Holders of rec. Aug. 286
40e. Aug. 16 Holders of rec. July 310
Bullard Company (extra)
Banker Hill & Sullivan
Mining & Concentrating (monthly) _ .25c. Aug. 5 *Holders of rec. July 25
.25c. Aug. 5 *Holders of rec. July 25
Extra
Burma Corp., American dep. receipts-- (o) Aug. 21 *Holders of roe. July 13
Burns Bros., corn. class A (quar.)
$2 Aug. 15 Holders of rec. Aug. la
Burroughs Adding Machine20c. Sept.10 Holders of rec. Aug. 27a
New no par stock (qu.)(No. I)
*50c. Aug. 15 *Holders of rec. July 31
Butler Bros. (guar.)
Byers(A. M.) Co. pref. (guar.)
134 Nov. 1 Holders of rec. Oct. 15a
*134 Sept. I "Holders of rec. Aug. 11
California Dairies, pref. A (guar.)
$1
Sept. 15 Holders of rec. Aug. 310
California Packing (Quit.)
Cam pet Wyanta Cannon Fd .• corn.(qu.) •50c. Sept. I *Holders of rec. Aug. 15
Aug. 30 Holders of rec. Aug. 15
Canadian Car & Foundry, ord.(quar.).. 1
Canadian Converters Ltd. (guar.)
134 Aug. 15 Holders of tee. July 31
Canadian Power cfc Paper. pref. (quar.). .624e Aug. 15 *Holders of rec. July 20
Canfield 011, corn. & ore.(Que.)
$1.75 Sept. 30 Holders of MO. Aug. 20
Common & preferred (quiz.)
$1.71 Dec. 31 Holders of ree. Nov. 25
Carman & Co., class A (quiz,)
*50c. Sept. 1 *Holders of rec. Aug. 15
Carnation Milk ProductsCommon (payable in common stock/Jan 2'30 *Holders of rec. Dec. 21
Celluloid Corp. let panic. pref.((Mar.). $1.75 Sept. 1 Holders of roe. Aug. 10
$7 Preferred (guar.)
$1.75 Sept. 1 Holders of roe. Aug. 10
Centrifugal Pipe Corp.(quiz.)
15e. Aug. 15 Holders of roe. Aug 5
Century Ribbon Mills. pref.(guar.).134 Sept. 3 Holders of roe. Aug. 230
Chain Belt Co. (guar.)
-* 6234 c. Aug. 15 *Holders of roe. Aug. 1
Chelsea Exchange Corp.class A & B (qu) 25e. Aug. 15 Holders of roe. Aug. 1
Clasp A & B (Quiz.)
250. Nov. 15 Holdall of rec. Nov. 1
Class A & B (Quit.)
25e. Fb15'30 Hold.of rec. Jan. 31 '30
Class A & B (quar.)
25e. My1510 Hold, of ref. May 1 '30
Chicago Yellow Cab (monthly)
25e Sept. 2 Holders of roe. Aug. 200
Mile Copper Co.(qua:.)
87 he Sept.30 Holders of rec. Sept.
Chrysler Corp. (quiz.)
75c. Sept.30 Holders of roe. Sept. 3a
Cburngold Corp., com. (quar.)
*750. Aug. 15 *Holders of roe. Aug. 1
Cities Service. corn. (monthly)
e Sept. 1 Holders of roe. Aug. 150
Corn.(payable in corn. stock)
f)5 Sept. I Holders of rec. Aug. 150
Preferred and preference BB (mthly.)50e. Sept. 1 Holders of too. Aug. 150
Preference B (monthly)
Sc. Sept. 1 Holders of roe. Aug. 150
City of Parts, 2d pref.(qua:.)
*$3.50 Aug. 15 *Holders of roe. Aug. 1
City Radio Stores, corn.(guar.)
37)4e Sept. 1 Holders of rec. Aug. 150
City Stores class A (quar.)
87)4e. Nov. 1 Holders of rec. Oct. 15a
Cleveland -cone. common (quar)
.50e Sept 1 *Haider, of tee Aug. 15
Colgate-Palmolive-Feet Co., pref. (qu.). 134 Oct. 1 Holders of rec. Sept. 7
1% Janl'30 Holders of roe. Dee. 7
Preferred 'quiz.)
Colorado Fuel & Iron, pref. (guar.)._ *32 Aug. 26 *Holders of rec. Aug. 10
Community State Corti.. A A B (guar.)- 1)ff Sept. 2 Holders of reo. Aug. 28
13' Deo, 31 Holders of tee. Dee. 20
Class A dr B (quar.)
$1.75 Sept. 3 Holders of reo. Aug. 196
Consolidated Cigar, pref.(guar.)
Consolidated Sand & Gravel, pref.(qu.). 1% Aug. 15 Holders of roe. July 31
*3t4 Aug. 20 *Holders of roe. Aug. 10
Consumers Co., pref
[VOL.129.
FINANCIAL CHRONICLE
754
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days hadusiott.
Miscellaneous (Continued).
Continental Can, corn. (guar.)
82)ffe. Aug. 1.8 Holders of roe. Aug. la
Continental Motors Corp.(guar.)
20e. July 30 Holders of tee. July 150
Continental Securities, pref. (quiz.)
"81.25 Sept. 3 *Holders of ree. Aug. 15
Coon (W. B.) Co., corn
4.600. Nov. 1 *Holders of reo. Oct. 10
Preferred
4134 Nov. 1 *Holders of rue. Oct. 10
Com, Inc..stock dlvklend
13s Aug. 27 Holders of roe. Aug. 12
Stook dividend
134 Nov.27 Holders of res. Nov. 12
Courtaulds. Ltd.
5w4
Aug. 15 *Holders of ree. July 15
Amer. dep. rota, for ord. reg. etk
Crane Co.. com (Qatar.)
43340. Sept. 16 Holders of rec. Aug. 31
1% Sept. 16 Holders of rec. Aug. 31
Preferred (quar.)
e4 Dec. 31 Holders of reo. Dec. 204
Crueler Radio (stock dividend)
Crown Zellerbach Corp.,cony. pref.(qu.) $1.50 Sept. 1 Holders of rec. Aug. 13
Preferred series A& B (Quar.)
$1.50 Sept. 1 Holders of rec. Aug. 13
•144 Sept. 15 *Holders of roe. Sept, I
Cuneo Press. pre.(quit.)
Curtis Publishing common (monthly)
50o. Sept. 2 Holders of rec. Aug. 20
Common (monthly)
*500. Oct. 12 'Holders of tee. Sept.200
Preferred (quar.)
$1.75 Oct. 2 Holders of tee. Sept.20
Decker (Alfred) & Cohn, corn. (qu.) _- •500. Sept. 16 *Holders of roe. Sept. 5
Preferred (quar.)
.01.54 Sept. 1 'Holders of rec. Aug. 22
Detroit Electric, corn. B (quar.)(No. 1) *20c. Aug. 15 'Holders of rec. Aug. 25
Detroit Motorbus
*20c. Aug. 15 *Holders of rec. July 31
Detroit Steel Prod.. corn.(monthly)___ *25c. Sept. 1 *Holders of rec. Aug. 20
Distillers Co.. Ltd.Amer. refs. ord. shares (25. 6d.)
(w) Aug. 7 *Holders of rec. July 5
Dominion Bridge (quar.)
75e. Aug. 15 Holders of rec. July 31
Dominion Distillers Consol.. class A -_
25e. Sept. 1 Holders of rec. July 5
Dunhill Internat. common (quar.)
Oct. 15 Holders of ref. Oct. la
$1
Common (guar.)
Jn 15'30 Holders of tee. Dee. 310
$1
Common (payable In corn. stock)
1
Jn 15'30 Holders of rec. Dee. 3Ia
Common (quar.)
Ap15'30 Holders of rec. Apr. la
$1
Common (payable in corn. stock)
*1
Ap15'30 Holders of roe. Apr. la
Dunhill Internat. (stock dividend)
Oct. 15 Holders of rec. Oct. la
el
Duplan Silk Corp., common
50c. Aug. 15 Holders of rec. Aug. ld
Eastern Bankers Corp., pref. (quar.)--- $1.75 Nov. 1 Holders of rec. Sept. 30
Preferred (quar.)
$1.75 Febl'30 Holden; of too. Dee. 31
Eastern Theatres (Toronto) com
50e. Aug. 31 Holders of rec. July 31
Eastern Utilities Associates, corn.(quar.)
50c. Aug. 15 Holders of rec. July 290
Eastern Utilities Invest., $6 pref.(quiz.) $1.50 Sept. 2 Holders of rec. July 31
$1.75 Sept. 2 Holders of roe. July 31
$7 Preferred (quar.)
Prior preferred (altar.)
$1.25 Oct. 1 Holders of rue. Aug. 31
Eitingon-Sebild Co.. corn.(qua:.)
6244e. Aug. 30 Holders of tee. Aug. I54
Electric ShareholdingsCommon (quarterly) (No. 1)
*25e. Sept. I 'Holders of rec. Aug. 5
Common (Payable in corn. stk.)
*12 Sept. 1 *Holders of rec. Aug. 5
Pref. (1-20 share com. stk.)
Sept. 1 *Holders 01 rec. Aug. 5
Elect.Storage Bat., corn.& Pf.(qu.)
$1.25 Oct. 1 Holders of rec. Sept. lia
Emporium-Capwell Corp., COM.(qua:.).
50c. Sent. 24 Holders of ree.dAug. 316
Evans Auto Loading, stock dividend__
Oct. 1 *Holders of rec. Sept. 20
Fairbanks. Morse & Co., corn.(guar.)._ *75c. Sept.30 "Holders of tee. Sept. 12
•15.‘ Aug. 31 *Holders of rec. Aug. 12
Preferred (guar.)
Fair (The). corn. (qua:.)
*60c. Nov. 1 *Holders of rec. Oct. 20
•134 Nov. 1 *Holders of rec. Oct. 20
Preferred (quar.)
Faultless Rubber, com.(quit,)
50e. Oct. 1
Sept. 17
Preferred (quar.)
1% Oct. 1
Sept. 17
Federal Knitting Mills, pref.(quar.)--- '134 Oct. 1 *Holders of rec. Sept.20
Federated Capital Corp. common
374e Aug. 31 Holders of roe. Aug. 15
Common(payable In common stock)._ ft
Aug. 31 Holders of roe. Aug. 15
Preferred
3734c Aug. 31 Holders of rec. Aug. 16
Finance Service Co.(Bait.), corn.(quiz.) 4
Sept. 2 Holders of rec. Aug. 15
Preferred (Qmar.)
Sept. 2 Holders of rec. Aug. 15
Fits Slmoruf& Connell Dredge & Dock..
*50e. Sept. 1 *Holders of tee. Aug. 21
Common (fluor.)
Sept. 1 Holders of roe. Aug. 21e
Common (stock dividend 1-40th shells)
Dee. 1
Common (stock div.. 1-40th share)
134 Oct. 1 Holders of roe. Sept. 160
Florshelm Shoe, pref. (quar.)
50e. Sept. 15 Holders of rec. Aug. 31
Follansbee Brothers, com. (quiz.)
25c. Sept. 1 Holders of rec. Aug. 31
Common (special)
134 Sept. 15 Holders of rec. Aug. 31
Preferred (quar.)
•350. Oct. 1 *Holders of roe. Sept. 14
Formica Insulation (mar.)
035e. Jan1'30 *Holders of rue. Dee. 14
Quarterly
*25e. Aug. 15 "Holders of rec. July 31
Foster dr Klelser Co., corn. (guar.)
250. Aug. 15 Holders Of reo. July 31
Foundation Co.of Canada, corn.(quiz.)
Furness, With & Co.*ze5
Aug. 21 'Holders of rec. July 24
Amer. dep. refs, for ord. reg. she
35e. Aug. 15 Holders of rec. July 314
General Alliance (Quit.)
General Box, prof.(quar.)
*$1.75 Sept. 1 *Holders of rec. Aug. 15
*50e. Sept. 2 Holders of rec. Aug. 14
General Bronze, corn.(quit.)
General Cable, elms A (qmar.)
$1
Sept. I Holders of rec. Aug. 80
General Cigar., pref. (guar.)
$1.75 Sept. 3 Holders of roe. Aug. 230
General Mills. Inc., corn. (extra)
50e. Sept. 3 Holders of rec. Aug. 15
Gen'l Outdoor Advertising, pref. (quar.) 41.50 Aug. 15 *Holders of reo. Aug. 5
Class A (quar.)
Aug d15 Holders of rec. Aug. 50
$1
General Refractories (qua:.)
75e. Aug. 26 Holders of roe. Aug. 12a
Extra
500. Aug. 26 Holders of rec. Aug. 120
Gillette Safety Razor (guar.)
$1 25 Sept. 3 Holders of roe. Aug. la
Madding. MeBean & Co.
Common On ooze stk)
*2
Oct. 1
Globe-Democrat Publishing, pref.(cm.). 134 Sept. 1 Holders of rec. Aug. 20
Godman(H.C.)Co.(quar.)
760, Aug. 10 Holders of reo. July 25
Goldberg (S. M.)Stores,27 prof.(quar.) *$1.75 Sept. 15 *Holders of roe .Sept.
Golden State Milk stock dividend (qu.). *el
Sept. I *Holders of rm. Aug. 15
Stock dividend
*el
Dee. I 'Holders of reo. Nov. 15
Gorham. Inc., $3 pref. (guar.)
750. Aug. 15 Holders of ref. Aug. 1
Gorham Mfg., COM.(qunn)
50e. Sept. 1 Holders of roe. Aug. 1
Common (mar.)
ilea. I Holders of rec. Nov. 1
Grand Rapids Varnish (quiz.)
025e. Sept.30 *Holders of rec. Bel)t.20
Quarterly
"25o. Dee. 31 *Holders of roe. Dec. 20
Grand Union Co.. $3 cony. pref.(qar.) "75o. Sept. 1 *Holders of roe. Aug. 15
Gotten & Knight. pref. (quiz.)
•1% Aug. 15 "Holders of roe. July 15
Great Atlantic & Pacific Tea, core.(qu.) "$1.25 Sept. 1 *Holders of reo. Aug. 3
Preferred (quiz.)
•1% Sept. 1 *Holders of rec. Aug. 3
Great Lakes Dredge & Dock (quiz.).... 2
Aug. 16 Holders of roe. Aug. 7
Greenfield Tap AC Die,6% pref.(quiz.). 1% Oct. 1 Holders of roe. Sept. 14
Eight per cent pref. (qmar.)
2
Oct. 1 Holders of ree. Sept. 14
threes:may Corp.. 5% pref. (quar.)
*75e. Aug. 15 *Holders of reo. Aug. 1
4% preferred (quar.)
075e. Nov. 15 'Holders of rec. Nov. 1
Gruen Watch, common (quiz,)
050o. Sept. 1 *Holders of ree. Aug. 21
Common (quiz.)
0500. Deo. I *Holders of rm. Nov.20
Common (quar.)
•500. Wrl'30 *Hold,of roe. Feb. l$'80
•154 Nov. 1 "Holders of roe. Oct. 21
Preferred (guar.)
•10.i Febl'30 *Hold,of roe. Jan. 21 '30
Preferred (quar.)
Gulf States Steel, corn. (quay.)
$1
Oct. 1 Holders of rec. Sept. 166
Preferred (quar.)
134 Oct. 1 Holders of rec. Sept. 166
Preferred (quar.)
lfi Jan 2'30 Holders of roe. Dec. 1641
Hale Bros., com.(guar.)
•50e. Sept. 1 *Holders of rec. Aug. 15
Hammermill Paper, corn, (quiz.)
*25e. Aug. 15 *Holders of rec. July 31
Hart-Carter Co., pref. (guar.)
*50c. Sept. 1 *Holders of roe. Aug. 15
Hartford Times. Inc. partic. pf. (qu.)... *750. Aug. 15 *Holders of rm. Aug. 1
Hart,Schaffner& Marx,corn.(quar.).__ *52 Aug. 31 *Holders of rec. Aug. 15
Hawaiian Com'l & Bug.(mthly)
025e. Aug. 5 *Holders of rec. July 25
Monthly
*25e. Sept. 5 Holders of rec. Aug. 25
Monthly
*M.Oct. 5 *Holders of reg. Sept. 25
Monthly
*25e. Nov. 5 *Holders of rec. Oct. 25
Monthly
*25e. Dee. 5 *Holders of rec. Nov. 25
Hawaiian Pineapple (cum.)
50e. Aug. 31 Holders of rm. Aug. 150
Hayes Body Corp.(guar.)(Pay. In it!.) 2
Oet. 1 Sept.26 to Sept.30
Quarterly (Payable In Mock)
2
Jan 2'30 Dec. 25 to Jan. 1
Hercules Powder, Prof. (quar.)
1% Aug. 15 Holders of rec. Aug. 30
Hershey Chocolate, cony. pref. (quiz.). Si
Aug. 15 Holders of rm. July 256
Prior preferred (guar.)
1% Aug. 15 Holders of roe. July 25a
350. Aug. 30 Holders of rec. Aug. 23
Hibbard,Spencer,Bartiett&Co.(mtbly.)Monthly
35e. Sept.27 Holders of rec. Sept.20
Hollinger Consol. Gold Mines (monthly)
Sc. Aug. 12 Holders of rec. July 26
Holopbane Co., common
*35e. Oft. 1 *Holders of rec. Sept. 15
Preference
*$1.05 Oct. 1 *Holders of reo. Sept. 15
Ltd
Home 011
20
Aug... July 28 to Aug. 10
ti Sept. 1 *Holders of rec. Aug. 20
Co..Products. Pre!. (guar.).Flood Rubber
Hormel (Geo. A.) Co.. corn. (guar.).-'37)4c Aug. 15 *Holders of roe. Aug. 1
Horn & Hardart of N.Y.. pref.
1% Sept. 2 Holders of roe. Aug. 130
Household Products(quar.)
87340 Sept 3 Holders of rec. Aug. 150
(1)
134
AUG. 31929.]
Name of Company.
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Hupp Motor Car Corp.(stk div.) (quar.) e25.4 Nov. I Holders of rec. Oct. 150
Huron dr Erie Mortgage(QUar.)
"2
Oct. 1
Illinois Brick (quar.)
*(50e Oct. 15 "Holders of rte. Oct. 3
Indiana Pipe Line
$1 Aug. 15 Holders of rec. July 26
Extra
33 Aug. 15 Holders of rec. July 26
Ingersoll-Rand Co.. corn. (gear.)
it
Sept. 3 Holders of rec. Aug. 60
Internal. Agricultural Corp.. Pr. Pf.(riO.)
Sept. 3 Holders of rec. Aug. 150
Internat. Business Mach. (guar.)
$1.25 Oct. 10 Holders of rec. Sept. 210
Internat. Combustion ling., corn. 0211.550c. Aug. 31 Holders of rec. Aug. 16a
Preferred (guar.)
1K Oct. 1 Holders of rec. Sept. 160
International Harvester, pref. (quar.)_ _ _
154 Sept. 3 Holders of rec. Aug. 50
Internat.! Oxygen, pref. (guar.)
•154 Aug. 15 *Holders of rec. Aug. 5
International Paper Co., corn. (guar.)._
60c. Aug. 15 Holders of rec. Aug. la
Internat. Paper A Power. corn. A (ga)
60c. Aug. 15 Holders of rec. Aug. la
International Perfume. corn. (quar.)_... *25c. Sept. 3 *Holders of rec. Aug. 20
*6854 Aug. 15 *Holders of rec. Aug. 3
Preference (quar.)
Internat. Safety Razor, cl. A (quar.)_
60c. Sept. 3 Holders of rec. Aug. 14
50c. Sept. 3 Holders of rec. Aug. 14
Class B (guar.)
25e. Sept. 3 Holders of rec. Aug. 14
Class It (extra)
International Shoe, pref. (monthlY)-- - - .1500 Sept. 1 *Holders of roe. Aug. 15
•50c Oct. I *Holders of rec. Sept. 15
Preferred (monthly)
Preisrred (monthly)
•50e Nov. 1 *Holders of rec. Oct. 15
Preferred (monthly)
•50c Dec. 1 *Holden] of tee Nov. 15
.50c Jan 130'Holders of roe Dee. IS
Preferred (monthly)
Int. Tea. Amer. dep. rote, for ord. reg.- •16 Aug. 12 'Holders of rec. July 16
Intertype Corp.. eons. (guar.)
25e Aug. 15 Holders of rec. Aug. lo
Common (extra)
25e Aug. 15 Holders of rec. Aug. la
lot pref. (guar.)
*32 Oct. 1 *Holders of rec. Sept. 16
Jefferson Electric (gnarl
*750 Oct. 1 *Holders of rec. Sept. 17
Jewel Tea, common (guar.)
*75c Oct. 15 *Holders of rec. Oct. 3
Joint Security CoreCoin (payable is ewe.stook)
ft
Nov. 1 Holders of rem Oct. 20
Jones & Laughlin Steel, common (qu.)
*1
Sept. 2 *Holders of rec. Aug. 13
Common (extra)
.1
Sept. 2 *Holders of rec. Aug. 13
Preferred (guar.)
134 Oct. I Holders of rec. Sept. 13a
Kalamazoo Vegetable Parchment (qu.).. _ "150. Sept. 30 'Holders of rec. Sept. 20
Quarterly
*15e. Dec. 31 "Holders of rec. Dec. 21
Kawneer Company (gear.)
.62 c Oct. 15 *Holders of rec. Sent. 80
Quarterly.
*62 4c Jan15'30 *Holders of rec. Dee. 31
Kinney (G. R.) & Ce., corn. (quar.)
25e. Oct. I Holders of roe. Sept. 16a
Preferred (guar.)
2
Sept. 3 Holders of rec. Aug. 150
Kirby Lumber (gear.)
•10.: Sept. 10 *Holders of rec. Aug • 31
Quarterly
•l)4 Dec. 10 "Holders of rec. Nov. 30
Knox lint, corn. (lar.)
ili$1.50 Sept. 15 *Holders of rec. Aug. 15
Prior preferred (quar.)
$1.75 Oct. 1 Holders of rec. Sept. 16a
Participating prof rquar.)
75c Sept. 3 Holders of rec. Aug. 15e
Participating pref. (guar.)
75c Dec. 2 Holders of rem Nov. 156
Kruskal & leruskal (guar.)
315.0. Aug. 15 Holders of rec. July 310
Lackawanna Securities
*33 Sept. 3 *Holders of roe. Aug 15
Lakey Foundry rz Mach., stk. dividend_ *e2 1.4 Oct. 3() *Holders of rec. Oct.
15
Landers, Frary & Clark (Guar.)
'Me. Sept. 30 *Holders of rec. Sept. 20
Quarterly
•75c. Dec. 31 *Holders of tee. Dee. 21
Langendort United BakeriesClass A and B (quar.)
*50e. Oct. 15 *Holders of rec. Sept. 30
Clam A and II (lear.)
•50e Ja 1530 *Holders of rec. Dee. Si)
Lanston !genotype (guar.)
14 Aug. 31 Holders of rec. Aug. 216
Leath & Co., pref.(quar.)
•874c Oct. 1 *Holders of rec. Sept. 15
Lefcourt Realty Corp., common (quar.)_
40c. Aug. 15 Ilolders of rec. Aug. 5
Lehigh Coal & Nav. (guar.)
$1
Aug. 31 Holders of rec. July 31a
Lehn & Fink Products, common (guar.).
75e. Sept. 1 Holders of rec. Aug. I5a
Leesings, Inc., common (guar.)
25c. Sept. 30 Holders of rec. Sept. 11
Liggett & Myer% Tob.,00m .dr corn .11(qu.) $1
Sept. 2 Holders of rec. Aug. 15
Lindsay (C. W.) & Co.. Ltd., corn.(qu.)
25c. Sept. I Holders of rec. Aug. 15
Preferred (guar.)
14 Sept. 1 Holders of rec. Aug. 15
Link Belt Co.(near.)
65c. Sept. 1 Holders of rec. Aug. 150
Loewe, Inc.. pref.(quar.)
1.6254 Aug. 15 Holders of rec. July 260
Louisiana 011 Ref.
., pref. (guar.)
14 Aug. 15 Holders of rec. Aug. la
Lunkenheimer Co., pref. (guar.)
*14 Sept. 30 *Holders of rec. Sept. 20
Preferred (guar.)
'1)4 Dee. 31 *Holders of rec. Dec. 21
Lynch Glass Niacillne, pref. (quar.)
*50c. Aug. 15 *Holders of rec. Aug. 5
Macy (R. H.) A Co., corn. (quar.)
50c. Aug. 15 Holders of rec. July 260
NiallInson (II. It) Prof. (gear.)
15,i Oct. 1 Holders of rec. Sept. 20a
Massey-Harris Co., Ltd., pref. (quar.)-134 Aug. 15 Holders of rec. Aug. 3
Material Service Cerp. (guar.)
*50e. Sept. I *Holders of rec. Aug. 15
May Dept. Stores Ina (quar.)
$1
Sept. 3 Holders of rec. Aug. 150
McIntyre Porcupine Mines (guar.)
25c. Sept. 3 Holders Of rec. Aug. la
McKesson & Robbing, Inc., corn. (qu.)....
50e. Aug. 10 Holders of rec. Aug. la
Preference ((Mar.)
874c Sept. 15 Holders of rec. Aug. 310
Mengel Co., pref. (guar.)
154 Sept. I Holders of rec. Aug. 150
Merrimack Mfg., common
3
Aug. 31 Holders of rec. July 24
Preferred
2)4 Aug. 31 Holders of rec. July 24
Merritt-Chapman&Seatt Corp..eom (au)
40c. Sept. 1 Holders of rec. Aug. 15
Preferred sertee A (guar.)
14 Sept. 1 Holders of rec, Aug. 15
Meyer-Blank° Co.. common (quar.)_._ 31 tic. Aug. 10 Holders of
rec. June 30
Miami Copper Co. (guar.)
$1
Aug. 15 Holders of rec. Aug. la
Mid-Continent Petroleum. corn. (quar.).
500. Aug. 15 Holders of rec. July 150
MInneapolle-lionorwell Reg., corn
*31.25 Aug. 15 *Holders of rec. Aug. 3
Common (extra)
'50c. Aug. 15 *Holders of rec. Aug. 3
Preferred (guar.)
'1)4 Aug. 15 *Holders of rem Aug. 1
Preferred (quar.)
01)4 Nov. 15 *Holders of roe. Nov. 1
Minneapolis-Nil:dine Power Implement
Co. pref. (guar.)(No. I)
31.625 Aug. 115 Holders of rec. July 26
Mitchell (Robert) CO. Ltd.(guar.)
25e. Oct. 15 Holders of rec. Sept. 30
Mitten Bank Securities Corp., corn
254 Aug. 15 Holders of rec. July 1
Common (extra)
154 Aug. 16 Holders of rec. July 31
Preferred
3
Aug. 15 Holders of rec. July 1
Preferred (extra)
4 Aug. 15 Holders of rec. July 1
Preferred (extra)
Si Aug. 15 Holders of rec. July 31
Mock Judson Voehrisger Co., corn.(qu.)
50c. Aug. 15 Holders of rec. Aug. I
Mohawk Mining
$2
Sept. 2 Holders of rec. July 31
Mohawk Rubber (guar.)
75c Aug. 20 Holders of rec. Aug. 5
Stock dividend
el
Aug. 20 Holders of roe. Aug.
5
Monsanto Chemical Works, new stock.. *314c Oct. 18
of rec. Sept. 14
Montgomery Ward & Co., corn.(guar.). 5254c Aug. 14 *Holders
Holders of rec. Aug. 36
Class A (guar.)
'31.78 Oct. 1 *Holders of rec. Sept. 20
Moody's Invergort ServiceParticipating pref.(guar.)
75c Aug. 15 Holders of roe. Aug.
Participating prof.(gnarl
75c Nov. 15 Holders of rec. Nov. 1
I
Mortgage Bank of Colombia. Amer. she_ (x) Aug. 15
Mulford (II. K.) CO.. corn. (guar.)
031.50 Aug. 15 'Holders
Muncie Gear Co., pref., class A (guar.) •50e. Oct. 1 *Holders of rec. July 15
of rec. Sept. 15
Preferred. Maas A (quer.)
*b0c. Jan 1'30 *Holders of rem Dec. 15
Munsingwear, Inc. (guar.)
75e. Sept. 1 'folders of rec. Aug. I50
Murphy (0. C.) Co prof (quar.)
*2
Oct. 2 *Holders of rem Sept. 21
National Aviation (stock dividend)el() Sept. 1 Holders of rec. Aug. 15
Nat. Beilan-llees, new own.(quar.)
25c. Oct. 15 Holders of rec. Oct. la
New common (guar.)
25e Jan15.31) Holders of rec. Jan.2'30a
Stock dividend (gear.)
el
Oct. 15 Holders of rec. Oct. la
Stock dividend (gear.)
el
Ja.15130 Holders of rec. Jan. 2'30a
Preferred (guar.)
1°f Sept. 2 Holders of rec. Aug. 2Ia
National Biscuit, Isom. (guar.)
$1.50 Oct. 15 Holders of roe. Sept. 270
Preferred (quer.)
114 Aug. 31 Holders of rec. Aug. 150
National Dairy Productseurninoll (payable is common
Oct. 1 Holders of rec. Sept. 30
stock). II
Nat. Fireproofing, ere (guar.)
6254c Oct. 16 Holders of roc. Oct. 1
National Food ProductsClass 11 (payable in elan Bath.)
2
Oct. 15 Holders of rec. Oct. 5
National Lead, corn. (guar.)
1)4 Sept. 30 Holders of roe. Sept. 130
Preferred A (guar.)
154 Sept. 14 Holders of rec. Aug. 300
Preferred II (guar.)
14 Nov. I Holders of rec. Oct. 18a
National Refining. corn. (quar.)
3754e Aug. 16 Holders of rec. Aug. 1
National Supply, corn. (guar.)
$1.25 Aug. 15 Holders of rec. Aug. 50
Neisner Bros., Inc. corn. (In com.stk.) _
fflOc. Aug. 5 Holders of rec. July 120
New Bedford Cordage, corn. (quar.)
*50c. Sept. 2 *Holders of rec. Aug. 16
Preferred (guar.)
•154 Sept. 2 *Holders of rec.
Aug. 15
NewherrY (J. J.) & Co.. Pref. (quar.) _ _ *154 Sept. 1 'Holders of rec. Aug. 16
New Jersey Zinc (goar.)
•50e. Aug. 10 *Holders of rec. July 20
Nichols Copper Co., clue A (quar.)
43He. Oct. I Holders of rec. Sept. 20
Class II
.75e Nov. 1
Nineteen Hundred Corp., el. A MO.__
50c Aug. 15 Holders of rec.
Aug. 1
*21
North America Inves, corn.(guar.)
Aug. 20 *Holders of roe. July 30
1K
Name of Company.
755
When
Per
Cent. Payable,
Books Closed
Days Inclusive.
Miscellaneous (Continued).
North American Provision, pf. (guar.)._ "14 Oct. 1 "Holders of rec. Sept. 10
150. Sept. 1 Holders of rec. Aug. 10
North Central Texas Oil (guar.)
Northern Manufacturing. Pref.(guar.)
100. Sept. 1
190. Dos.
Preferred (guar.)
Aug. 15 Aug. 1 to Aug. 14
Ohio Seamless Tribe ((mar.)
31
1254c. Aug. 15 Holders of ree. July 31
OlLstocks. Ltd., cl. A & B
Oppenbeim, Collins & Co., rem. (qu.).... $1.25 Aug. 15 Holders of rec. July 260
11.4 Oct. 16 Holders of rec. Sept. 30a
Otis Elevator, pref. (guar.)
14 Pn15'30 Holders of roe Dee. 31a
Preferred (quiet.)
51
Aug. 15 Holders of rec. Aug. 1
Overseas Securities Co., Inc
25e. Aug. 31 Holders of rec. Aug. 120
Packard Motor Car (monthly)
•154 Aug. 15 *Holders of rec. Aug. 8
Paepke Corp corn. (guar.)
Parker Pen Co. (guar.)
6254c Aug. 16 Holders of rec. Aug. 1
Park & Tilford, Inc. (guar.)
75c. Oct. 14 Holders of rec. Sept. 30a
1
Oct. 14 Holders of rec. Sept. 300
Stock dividend
75e. Jan14'30 Holders of rec. Dec. 306
Quarterly
Jan14'30 Holders of rec. Dec. 305
1
Stock dividend
75e. Apr14'30 Holders of rec. Mar. 29s
Quarterly
Apr14'30 Holders of rec. Mar. 290
1
Stock dividend
Parmelee Transp., corn.(mthly)(No. I). 1254e Aug. 10 Holders of rec. Aug. 50
Penmans. Ltd., corn.(goar.)
Aug. 15 Holders of rec. Aug. 5
El
Pennsylvania Investing, cl. A (quar.)..._ 6254c. Sept. I Holders of rec. July 310
•3754c Aug. 31 *Holders of rec. Aug. 16
Perfection Stove (monthly)
Monthly
'37)4c Sept. 30 'Holders of rec Sept. 18
"3734e Oct. 31 *Holders of rec. Oct. 17
Monthly
•3754e Nov. 30 *Holders of rec. Nov. 18
Monthly
Monthly
'3734e Dec. 31 *Holders 11 rec. Dee. 18
Phillips-Jones Corp., corn.(guar.)
75c. Sept. 62 Holders of rec. Aug. 200
14 Sept. 1 Holders of rec. Aug. 100
Pierce-Arrow Motor Car, pref. (qu.) _
Pittsburgh Steel Co. pref. (guar.)
154 Sept. 1 Holders of rec. Aug. 10a
Poor & Co., corn., A & B (guar.)
50c. Sept. I Holders of rec. Aug. 150
Powdrell & Alexander, inc., corn.(guar.) •8754c Aug. 15 *Holders of rec. Aug. 1
0151 Oct. 1 *Holders of rec. Sept. 19
Preferred (guar.)
•15i Oct. I Holders of rec. Sept. 12
Pressed Metals of Amer.. Pref. (quar.)
•1H Jaen()*Holders of rec. Dec. 12
Preferred (mar.)
Aug. 15 July 24 to Aug. 11
Procter & Gamble Co., corn.(quar.)__
$2
25c. Sept. 16 Holders of rec. July 15
Public Investing CO.(Qum.)
Si
Aug. 15 Holders of rec. July 240
Pullman, Inc. (guar.)
37 He Sept. 1 Holders of rec. Aug. 100
Pure Oil, corn. (guar.)
'1)4 Aug. 31 *Holders of rec. Aug. 1
Quaker Oats Co., prof. (guar.)
(guar.).
1H Oct. 1 Holders of rec. Sept. 70
Pref.
Co.,
lst
Remington-Rand
;Oct. I Holders of rec. Sept. 70
$2
Second preferred (guar.)
Remington Typewriter common (qu.) *$1.25 Oct. 1 'Holders of rec. Sept. 7
'1)4 Oct. 1 *Holders of rec. Sept. 7
First preferred (quar.)
Oct. 1 *Holders of rec. Sept. 7
*2
Second preferred (quar.)
Oct. 1 'Holders of rec. Sept. 10
"$1
Republic Brass, class A (tluar.)
*11.54 Nov. 1 *Holders of rec. Oct. 10
Preferred (quar.)
$1
Sept. 3 Holders of rec. Aug. 120
Republic Iron & Steel, coot. (quar.)
1H Oct. 1 Holders of rec. Sept. 120
Preferred (qua!'.)
40e. Oct. 1 Holders of rec. Sept. 20
Republic Stamping dr Enamel
50e. Aug. 15 Ilolders of rec. July 200
Richfield Oil. corn. (quar.)
Hold, of rec. Jan. 5 '80
(r)
$1
Rio Grande 011
el 4 Oct. 25 Holders of rem Oct. 5
rStock dividend
31.873 Aug. 13 Ilolders of rec. July 300
Royal Dutch Co., N.Y.sharo
50c. Sept 20 Sept 10 to Sept. 20
St. Joseph Lead Co.(guar.)
25e. Sept 20 Sept 10 to Sept. 20
Extra
•154 Aug. 15 *Holders of rec. Aug. 1
Savage Arms, 2d pref. (quar.)
Schulte United Sc to 31 Stores. pref.(111.) *51.75 Oct. 1 'Holders of rec. Sept. 20
Dec. 31
Corn.(in stk. sub). to stkhrs.' aPProv.) f2
Seaboard Surety (quar.)
13-4 Aug. 15 Holders of rec. July 31
Sears. Roebuck & Co el
Nov. I Holders of rec. Oct. 15e
Quarterly (payable In stock)
Seth Thomas Clock, corn. (guar.)
'373-4c Aug. 15 'Holders of rec. Aug. 5
.435.1e Aug. 15 *Holders of rec. Aug. 5
Preferred (guar.)
Sheaffer(W A.) Pen Co.(quar.)
Sept. 19 *Holders of tee. Aug. 27
*SI
Oct. 1 *Holders of rec. Sept 20
Sheffield Steel, corn.(pay. In corn. stk.)_
Sherwin-Williams Co., corn. (quar.)___ _
750. Aug. 15 Holders of rec. July 31
25e. Aug. 15 Holders of rec. July 31
Common (extra)
134 Sept. 61 Holders of rec. Aug. 15 9
Preferred (guar.)
154 Sept. 3 Holders of rec. Aug. 190
Simon (Franklin) Co., pref.(guar.)
Aug. 15 Holders of rec. Aug. la
2
Sinclair Consul. Oil, pref. (guar.)
50c. Sept. 16 Holders of rec. Aug. 15a
Skelly Oil (guar.)
30c. Aug. 15 Holders of rec. Aug. 1
Smith (A. O.) Corp. common (quar.)„.
154 Aug. 15 Holders of rec. Aug. 1
Preferred (guar.)
*23c. Aug. 16 *Holders of rec. Aug. 1
Sonatron Tube (special)
31.75 Aug. 15 IIolders of rec. July 31
South Coast Co. pref. (guar.)
Southern Pacific Golden Gate Ferries*3754c Aug. 15 'Holders of rec. July 31
Class A and B (guar.)(No. 1)
154 Oct. 1 Holders of rec. Sept. 146
Spang, Chalfant & Co.. pref.(quar.)40c. Sept.30 Holders of rem Sept. 140
Spencer Kellogg & Sons. Inc (auar.)-- Standard Investing Corp. pref.(qu.)_-_E 1.3754 Aug. 15 Holders of rec. July 26
Standard Oil (Ohio), pref. (quar.)
154 Sept. 3 Holders of rec. Aug. 9
Standard Pay. & Materials corn. (go.)._ 50c. Aug. 15 holders of r3c. Aug. 2
134 Aug. 15 Holders of rec. Aug. 2
Preferred (guar.)
.3734c Aug. 15 *Holders of rec. Aug. 3
Stanley Works,6% pref. (guar.)
24 Oct
t. _
.
Steinite Radio(guar
syyie Aug. 15 Holders of rec. Aug. 50
Stewart-Warner Corp.. corn.(quar.)4
a
Aug. 15 Holders of ree. Aug. 15
New $10 par stock (in stock)
e2
New $10 par stock (In stock)
Nov. 16 Holders of roe. Nov. 5
a
2/15/30 Holders of rec. Feb. Ma
New $IO par stock (In stock)
03754c Sept. 1 "Holders of rec. Aug. 15
Sex Baer & Fuller, corn.(anar.)
Common (guar.)
•373-4c Dec. 1 *Holders of roe. Nov. 15
.750. Oct. 1 *Holders of rec. Sept.16
Stroock (S.) Co. (guar.)
•7.5e. Deo. 21 *Holders of rec. Dec. 10
Quarterly
Studebaker CormSept. 1 Holders of rem Aug. 10e
fl
Common (Payable in eons. stock) _ _
Dec. 1 Holders of rec. Nov. 91
ft
Common (Payable in corn. stock)
Aug. 15 Holders of rec. July 15
Swift International
$1
Tennessee Copper & Chemical (guar.)._
25e. Sept. 16 liolders of rec. Aug. 310
Aug. 15 Aug. 1 to Aug. 15
3
1010 Fifth Avenue, Inc., pref
Thatcher Mfg., cony. prof. (guar.)
90c. Aug. 15 Holders of rec. Aug. be
Thompson (John R.) Co.(monthly).- 30e. Sept. 2 Holders of tee. Aug. 234
Thompson Products, preferred (guar.)._
1)4 Sept. 1 Holders of rec. Aug. 20
$1.25 Aug. 15 Holders of rec. July 22a
Tide-Water Oil. Pref. (guar.)
35c. Aug. 15 Holders of rec. July 25a
Tobacco Products, class A (par $2O)_
1
Aug. 15 Holders of rec. July 25
Class A (par $100)
25e. Aug. 31 Holders of rec. Aug. 15
Townsend Securities Corp. (em.) (No.1)
25c. Aug. 31 Holders of roe. Aug. 15
Extra
Stock dividend
Aug. 31 Holders of rec. Aug. 15
1
Truscon Steel. corn. (quer.)
30c Oct. 15 Holders of rec. Sept. 26a
Preferred (guar.)
Sept. 3 *Holders of rec. Aug. 21
•50c. Aug. 10 *Holders of rec. July 18
Union Oil Associates (guar.)
50c. Aug. 10 Holders of rec. July 186
Union Oil of Calif. (guar.)
Union Twist Drill, corn. (guar.)
•15e. Sept. 30 *Holders of rec. Sept. 20
.1.1% Sept.30 *Holden; of MC.
Preferred (guar.)
Sept. 20
40c. Sept. 1 Holders of rec. Aug. 170
United Biscuit, corn. (guar.)
United Chemicals, Pref. ((mar.)
*75c. Sept. 1 *Holders of rec. Aug. 15a
1H Oct. 1 Holders of rec. Sept. 13a
United Dyewooa Corp.. pref. (quar.)._
United Electric Coal Cos., corn. (guar.)750. Sept. 3 Holders of rec. Aug. 15
United Engineering & Fdy.. com.(q11.) - .40c. Aug. 9 *Holders of rec. July 30
Common (extra)
.20c. Aug. 9 *Holders of rec. July 30
Preferred (guar.)
0154 Aug. 9 *Holders
•1% Oct. 1 *Holders of rec. July 30
United Piece Dye Wk,.. pref.(auat.)
of rec. Sept. 20
•15.‘ Jan2*30
Preferred(guar.)
*Holders of rec. Dee. 20
United Shirt Distributors, corn. (quar.). 012)40 Aug. 15 *Iieldere of rec. Aug. I
U. S. Cast Iron Pipe & Fdy., corn.(qu.)
500. Oct. 21 Holders of rec. Sept. 30a
Common (muar.)
50c. Jan20'30 Holders of rec. Dec. 310
First & second pref. (quar.)
30o. July 20 Holders of rec. June ilea
Flret & second pref. (quar.)
30o, Oct. 21 Holders of rec. Sept. 306
Find & second Prof. (guar.)
30o. Jrui2030 Holders of rec. Dee. 315
U. S. Hoffman Machinery (guar.)
El
Sept. 1 Holders of rec. Aug. 20a
United States LeatherClass A panto. & cone. stock (au.)._ $1
Oct. 1 Holder's of rem Sept. 105
U.S. Playing Card, corn.(guar.)
*81
Oct. 1 *Holders of rec. Sept. 20
U. S. Printing & LithographingCorn, and second pref. (guar.)
.$1.50 Oct. I *Holders of rec. Sept. 20
United States Realty A Improvement
$1.25 Sept. 14 Holders of rec. Aug. 16
U.S. Stores Corp.,pf-(seet. accrued env.) 532
Sept. 2 Holders of rec. Aug. 151
Universal Cooler, prof. (guar.)
.35e. Sept. 1
Universal Leaf TobaccoCommon (payable in corn, stock) ____ f35 Sept. 10 Holders of rec. Aug. 90
756
Pet
When
Cent. Payable.
Name of Company
Books Closed
Days Inclusive.
Miscellaneous (ConelUdsd).
Universal Products (stk. dlv.)
Sept. 4 *Holders of rec. Aug. 20
*e5
Upressit Metal Cap Corp., pref.(guar.). $1
Oct. 1 Holders of rec. Sept. 15
Utility & Industrial Corp., pf. (guar.).- 37Kc Aug. 30 Holders of rec. July 31
Vanadium Corp. of Amer.(guar.)
750. Aug. 15 Holders of rec. Aug. la
01% Sept. 10 *Holders of rec. Sept. 2
Vapor Car Heating. pref.(guar.)
Preferred (quar.)
•141 Dec. 10 *Holders of rec. Dec. 2
'Sc. Aug. 15 *Holders of rec. July 31
Venezuelan Petroleum (quar.)
Volcanic 011 & GAS (guar.)
•35o. Sept.10 *Holders of reo. Aug. 31
Extra
'Sc. Sept. 10 *Holders of rec. Aug. 31
•350. Dec. 10 *Holders of rec. Nov. 30
Quarterly
•gy. Dec. 10 *Holders of reo. Nov. SO
Extra
*70c. Aug. 15 *Holders of rec. Aug. 5
Vorclone Corp., partic. pf. (guar.)
14 Oct. 19 Holders of rec. Oct. 90
Vulcan Detinning. pref. (quar.)
h4
Oct. 19 Holders of rec. Oct. 90
Preferred (accrued accum. city.)
144 Oct. 19 Holders of rec. Oct. 90
Preferred A (guar.)
h4
Oct. 19 Holders of rec. Oct. 90
Preferred A (accrued accum. div.)
Wagner Elec. Corp., com.(guar.)
3744c Sept. 1 Holders of rec. Aug. 15
500. Sept. 1 Holders of rec. Aug. 15
Common (extra)
Oct. 1 Holders of rec. Sept.20
Preferred (guar.)
Waltham Watch, pref. (quar.)
*14 Oct. 1 *Holders of rec. Sept.21
Warchel Corp., cony. pref. (quar.)
*62 Kc Aug. 1 *Holders of rec. July 15
Warner Bros. Pictures, com.(qu.)(No.1)
75c. Sept. 1 Holders of rec. Aug. 100
Common (extra)
12)40. Sept 1 Holders of rec. Aug. 10
55c. Sept. 1 Holders of rec. Aug. 10
Preferred (quar.)
$1.75 Aug. 15 Holders of rec. July 31
Warren (S. D.) Co., com.(quar.)
75c. Sept. 1 Holders of rec. Aug 16
Wayagamack Pulp dr Paper (quar.)
50c. Sept. I Holders of rec. Aug. 150
Westvaco Chlorine Prod., corn.(quar.)_ _
West Va. Pulp dr Paper pref.(guar.).
•13i Aug. 15 *Holders of reo. Aug. 5
*13i Nov. 15 *Holders of rect. Nov. 5
Preferred (quar.)
*Holders of rec. Aug. 15
*e10
White (S 1) Dental Co.. stock div
Subject to stockholders meeting Aug. 10.
750. Oct. 1 Holders of rec. Sept.200
White Rock Mineral Spgs., corn. (quar.)
Oct. 1 Holders of rec. Sept. 20
First pref. (quar.)
Second preferred
"4 Oct. 1 Holders of rec. Sept. 20
10c. Aug. 15 Holders of rec. Aug. 1
Will & Balmer Candle Co., corn. (qu.)Oct. 1 Holders of rec. Sept.16
2
Preferred (quar.)
Willys-Overland Co., pref. (guar.)
111 Oct. 1 Holders of rec. Sept. 16a
*354 Aug. 15 *Holders of rec. July 15
Wilson Line, Inc.. 7% pref
Witherow Steel, 1st pref. (quar.)
'154 Aug. 31 *Holders of rec. Aug. 23
•154 Aug. 31 *Holders of rec. Aug. 23
Second preferred (quar.)
1;,5 Aug. 15 Holders of rec. Aug. 5
Wolverine Portland Cement (guar.)._
Woolworth (F. W.) Co.
600. Sept. 3 Holders of rec. Aug. 100
New $10 par stock (guar.)
Worthington Pump&Mach., pf.cl.A(qu.) 141 Oct. 1 Holders of rec. Sept. 100
Preferred class A (acct. accum. div.)- - h114 Oct. 1 Holders of rec. Sept. 10a
144 Oct. 1 Holders of rec. Sept. 100
Preferred class B (quar.)
Preferred class B (acct. accum. div.)
5134 Oct. 1 Holders of rec. Sept. 10a
50c. Aug. 31 Holders of rec. Aug. 15a
Wright Aeronautical Corp. (quar.)
250. Sept. 1 Holders of rec. Aug. 200
Wrigley (Wm.) Jr., Co.(monthly)
25c. Oct. 1 Holders of rec. Sept.200
Monthly
25c. Nov. 1 Holders of rec. Oct. 190
Monthly
50c. Dec. 2 Holders of rec. Nov. 200
Monthly
Oct. 1 Holders of rec. Sept. 10a
$1
Yale &Towne Mfg.(guar.)
Aug. 15 Holders of rec. Aug. 20
Young(L. A.) Spring & Wire (stock dIv.) q25
Subject to stkh'ders meet.Aug• 15
Youngstown Sheet & Tube,com.(In stk.) 4'20
•250. Aug. 15 *Holders of rec. July 15
Zonite Products, corn. (guar.)
•From unofficial sources. *The New York Stock Exchange has ruled that stock
will not be quoted ex-dividend on this date and not until further notice 2 The
New York Curb Market Association has ruled that stock will not be Quoted exdividend on this date and not until further notice.
d Transfer books not cloned for this dividend. d Correction. e Payable in stock.
fPayable In common stock. g Payable in scrip. is On account of accumulated
dividends. .1 Payable in preferred stock.
oBUrma Corp. dividend Is 7 annas and 2 annas per share less deduction for expenses of depositary.
P Power Corp. of Canada stock dividends are uncommon five shares of common for
,each one hundred shares, and on partic. preferred two shares corn, for each onehundred shares.
q L. A. Young Spring & Wire stock dividend subject to approval by stockholders
at meeting on Aug. 1.
r Rio Grande Oil stock to be placed on a $2 per annum bolds. The company has
declared $1 payable July 25 and intends to declare another $1 payable on or before
Jan. 25 1930. The stock dividends are 134 shares on each 100 shares, the first
% having been declared payable April 25 with the Intention to declare a second
% payable on or before Oct. 25.
s At the quarterly rate of 3735c. per share on common and 8754c. on preferred
both for period from May 9 to July 31 1929.
Blauner's, Inc., declared a stock dividend of 6%. Payable in quarterly installments; first installment 14% payable Aug. 15, 1929.
to Less deduction for expenses of depositary.
z Mortgage Bank of Colombia dividend is 2 pesos.
y Holders of Federal Water Service class A stock may on or before Aug. 12 apply
50c. of this dividend to the purchase of additional class A stock at $27 per share.
z U. S. Shares Corp. dividend is $.564685.
Weekly Return of New York City Clearing House.Beginning with Mar. 31 1928, 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 new returns show nothing but the deposits,
along with the capital and surplus. We give it below in full:
STATEMENT OF THE MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, JULY 27 1929.
Clearing House
Members.
• Capital.
• Surplus &
Undivided
Profits.
Net Demand
Deposits
Average.
8
$
$
59,809,000
Bank of N.Y.& Tr. Co__
13,828,900
6,000,000
Bk. of the Manhattan Co_
42,862,600 176,823,000
22,250,000
Bank of America N. A__ 135,775,300 138,675,900 165,217,000
National City Bank
110,000,000 125,260,400 a1026917,000
Chemical Bank & Tr. Co_
21,003.400 185,196.000
15,000,000
Guaranty Trust Co
h90000,000 h196418100 b731,251,000
Chat•Ph.Nat.Bk.&Tr.Co
16,212,700 147,055,000
13,500,000
Cent. Han. Bk.& Tr. Co_
21,000,000 .79,153,300 362,990,000
Corn Exchange Bk.Tr. Co
22,425,500 176,361,000
12,100,000
National Park Bank
15,000,000
24,500,800 124,643,000
First National Bank
10,000,000
97,773,200 238,331,000
Irving Trust Co
50,000,000
81,396,700 366,808,000
Continental Bank
96,000,000 g11,000,000
9,378,000
Chase National Bank.... 180,000,000 1120397,400 c561,256.000
Fifth Avenue Bank
24,415,000
500,000
3,736,600
Bank
Seaboard
11,000,000
17,121,700 115,874,000
Bankers Trust Co
25,000,000
79,638,500 d383,049,000
Title Guarantee & Tr. Co_
10,000,000
34,231,000
24,063,500
Fidelity Trust Co
4,000,000
42,436,000
3,933,100
Lawyers Trust Co
3,000,000
4,327,900
19,890,000
New York Trust Co
12,500,000
33.094,500 143,530,000
Equitable Trust Co
30,000,000
28,801,900 e341,820.000
Comml Nat.Bk.&'Tr. Co.
7,000,000
34,888,000
7,886,400
Harriman N.Bk.& Tr. Co
1,500,000
2,845,300
31,458.000
Clearing Non-Members
City Bk. Farmers Tr. Co_
Mechanics Tr.Co.,Bay'ne
Totals
Time
Deposits
Average.
$
9,767,000
42,698,000
56,072,000
154,952,000
14,297,000
85,426,000
38,180,000
49,305,000
31,042,000
8,711,000
10,779,000
41,390,000
845,000
56,151,000
853,000
7,917,000
34,594,000
2,171,000
4,973,000
2,453,000
18,871,000
42,857,000
5,366,000
6,519,000
8,006,000
3,093,000
1,361,000
5,594,000
601.625.300 1107101.100 5.515.625.000
734.044.000
10,000,000
500,000
10,000,000
832.800
Includes deposits in fo eign branches: (a) $311,572,000; (b) $124,854,000; (c)
$13,527,000;(d) $64,850,000:(e) 5126,874,000.
As per official reports, National, June 29 1929; State, June 29 1929; Trust co's,
June 29 1929. (f) As of July 1 1929;(9) As of July 151929;(h) As of July 22 1929.
[VOL. 129.
FINANCIAL CHRONICLE
The New York "Times" publishes regularly each week
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 July 26:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
FOR THE WEEK ENDED FRIDAY, JULY 26 1929.
NATIONAL AND STATE BANKS-Average Figures.
Loans.
Oth.Cash, Res, Dep., Dep, Other
Gross
Including N. Y. and Banks and
Bk. Notes Elsewhere. Trust (Jos. Deposits.
Gold.
$
$
$
$
$
60,000 4,996,200 35,224,900 1,987,000 237,856,000
2,059,300
226,300
____ 214,800
19,849,000
593,000
____ 1,699,000
60,100 1,569,200 1,924,800 16,282,800
2,500
95,700 3,314,000
184,000
85,000
29.800
32,000 1,904,000 9,467,000 23492,000 154,698,000
Manhattan$
Bank of U. S__ 249,114,500
Bryant Pk. Bk. 1,987,600
Chelsea Es. 13k 22,072,000
Grace National 17,630,600
Port Morris._
3,824,100
Public National 143,672,000
BrooklynPeoples Nat'l__ 8.044.400
115.500
3.000
582.000
7,954,700
109,600
TRUST COMPANIES-Average Figures.
Loans.
Cash.
Reeve Dep., Depos.Other
N. Y. and Banks and
Elsewhere. Trust Cos.
Gross
Deposits.
Manhattan-.
$
S
$
$
$
20,300 48,435,600
American
977,600
48,866,200 9,821,700
16,406,300
Bank of Europe & Tr. 17,355,380
90,284
941,852
21,071,163
Bronx County
1,429,457
614,841
22,483,328
25,137,000 462,461,000
central-Hanover. _ 599,733,000 *44,394,000
Empire
76,432,900 *5,151,600 2,776,300 3,179,600 72,799,100
172,353 17,925,442
Federation
169,195 1,278,970
17,728,054
14,051,100
Fulton
309,200
17,122,500 *1,905,900
352,226,000
1,784,900
Manufacturers
49,115,000
3,065,000
403,938,000
57,740,050
United States
72,595,861 3,700,000 7,081,168
Brooklyn108,527,600
Brooklyn
117,231,000 2,725,000 18,387,000
22,609,621
Kings County
25,748,630 1,464,919 1,927,891
Bayonne, N. J.
735.333
320.948 9,090,532
Mechanics
9.005.098
285 393
* Includes amount with Federal Reserve Bank as fo lows: Central-Hanover,
111,276,000, Empire $3,582,100, Fulton $2,215,100.
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.
Changes from
Previous Week
July 31
1929.
$
94,050,000
Capital
110,938,000
Surplus and profits
Loans, disets dr invest'ts- 1,147,751.000
Individual deposits
699,085,000
131,067,000
Due to banks
259,530.000
Time deposits
5,321,000
United States deposits...
Exchanges for Cig. House
29,926,000
81,449,000
Due from other banks
Ites've In legal deposit's.._
83,621,000
Cash in bank
8,795,000
Tiog'inr• Pl(f.P.U1 In P Ti 111c
954 rinn
July 24
1929.
July 17
1929.
$
$
$
94,050,000
94,050,000
Unchanged
+9,000 110,929,000 110,644,000
-183,000 1,147,934,000 1,148,070,000
-4,707,000 703,792,000 703,336,000
-3,821,000 134,888,000 138,276,000
-1,042,000 260,572,000 262,235,000
8,876,000
5,812,000
-491,000
36,862,000
32,359,000
-2,433,000
87,591,000
80,489,000
+960,000
84,295,000
84,686,000
-1,065,000
9,256,000
9,427,000
-632,000
778.000
-310.000
573.000
Philadelphia Banks.-The Philadelphia Clearing House
return for the week ending July 27, with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
is not a part of legal reserve. For trust companies not
members of the Federal Reserve System the reserve required
is 10% on demand deposits and includes "Reserve with
legal depositaroes" and "Cash in vaults."
Beginning with the return for the week ending May 14 1928,
the Philadelphia Clearing House Association discontinued showing the reserves and whether reserves held are above or below
requirements. This will account for the queries at the end
of the table.
Week Ended July 27 1929.
Two Ciphers (00)
omitted.
Members of
Trust
F.R.System Companies.
Capital
60,802,0
Surplus and profits _ _ 208,393,0
Loans, onsets. & invest. 1,073,200,0
Exch. for Clear. House
39,476,0
Due from banks
91,321,0
Bank deposits
128,071,0
Individual deposits- - - 634,265,0
Time deposits
210,795,0
Total deposits
973,131,0
Res. with legal depos_
Res. with F. R. Bank_
70,909,0
Cash In vault*
10,310,0
Total res. & cash held_
81,219,0
Reserve required
Excess reserve and cash
in vault
July 20
1929.
July 13
1929.
Total.
$
67,739,0
7,500,0
68,302,0
68,302,0
16,519,0 224,912,0 224,784,0 225,336,0
74,154,0 1,147,354,0 1,145,922,0 1,147,708,0
40,765,0
349,0
39,825,0
42,970,0
06,387,0
91,334,0
13,0
99,525,0
1,192,0 129,263,0 134.685,0 133,980,0
32,259,0 666,524,0 676,943,0 675,733,0
21,607,0 232,402,0 229,272,0 228,770,0
55,058,0 1,028,189,0 1,040,900,0 1,038,483,0
5,479,0
5,610,0
5,451,0
5,454,0
69,882,0
71,220,0
70,909,0
13,236.0
11,992,0
12,351,0
1,682,0
88 97.0
89 187,0
88 355,0
7,136,0
i5
• Cash in vault not counted as reserve for Federal Reserve members.
AUG, 3 1929.]
FINANCIAL CHRONICLE
757
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon,
1, and showing the condition.
of the twelve Reserve banks at the close of business on Wednesday. In the first table weAug.
present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the
The second table shows the resources and liabilities separately for each of the twelve banks. corresponding week last year.
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
latest week appears on page 724, being the first item in our department of "Current Events and Discussions." the returns for the
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS
AT THE CLOSE OF BUSINESS JULY 31 1929.
July 31 1929. July 24 1929. July 17, 1929. July 10 1929. July 3 1929. June
26 1929 June 19 1929. June 12 1929. Au:. 1 1928.
RESOURCES.
5
$
8
8
$
$
$
*
$
Gold with Federal Reserve agents
1,479,499,000 1,504,983,000 1,494,374,000 1,439,492,000 1,380,112,000 1,372,441,000
1.367,581,000 1.318,782,000 1,117,466,000
Gold redemption fund with U. S. Treas_
73,580.000
88.842,000
79,607,000
82,335.000
67.828,000
71,589,000
69,988,000
66,118,000
63,309,000
Gold held exclusively agst. F. R. notes 1,553,079,000 1,593,825,000 1,573,981,000 1,521,827,000
1,447,940.000 1,444,030,000 1,437,569,000 1,384.900,000 1,180,775,000
Gold settlement fund with F.R.Board
666,970,000 608,264,000
Gold and gold certificates held by banks_ 740,014,000 741,643,000 610,822,000 600,666,000 669,696,000 644,038.000 637,598,000 691,678,000 690,048,000
744,773,000 779,324,000 748,704,000 807,446,000 805,135,000 799.052,000 728,715,000
Total gold reserves
2,924,063,000 2,943.732.000 2,929,576,000 2,901,817,000 2,866,340,000 2.895.514,0002
Reserves other than gold
185,356,000 182,011,000 168,100,000 160,222,000 174,959,000 177,040,000 .880.302.000 2.875,630,000 2,599.538.000
166,379,000 149,559.000 156,027,000
Total reserves
3,109,419,000 3,125,743,000 3,097,676,000 3,062,039,000 3,041.299.000 3.072,554,000
3,046,681.000 3,025,189,000 2,755,565,000
Non-reserve cash
66,661,000
75,804,000
71,099,000
79,275,000
55,912,000
69.108.000
74,841.000
83,604,000
60,172,000
Bills discounted:
Secured by U. S. Govt. obligations
592,783,000 584,736,000 611,162,000 650,390,000 609,898.000 532,545,000
Other bills discounted
482,931,000 479,220,000 472,538,000 502,651,000 515,185,000 484,202,000 480,292,000 474,086,000 655,500,000
478,812,000 459,825,000 430,276,000
Total bills discounted
1,075,714,000 1,063,956,000 1,083,700,000 1,153,041,000 1,125,083,000 1,016,747,000
959,104,000 933,911,000 1,085,776,000
Bills bought In open market
74,567,000
68,842,000
67,638,000
65,976,000
73,922,000
82,839,000
87.032.000 114,117.000 165,879.000
U. S. Government securities:
Bonds
42,626,000
42,663,000
42,668,000
42,669,000
43,246,000
42,738.000
42,672,000
44,630,000
55,099,000
Treasury notes
80,779,000
81,155,000
82.816,000
97,181,000
85,779,000
92,021,000
83,014,000
97,244,000
87,677,000
Certificates of indebtedness
23,878,000
21,882.000
10,660,000
13,265,000
12,357,000
14,768,000
13.772,000
27,999,000
68,887,000
Total U. S. Government securities,,,., 147,283,000
145,700,000 153,115,000 136,144,000 141,382,000 149.527,000 139.458,000 169.873,000 211,663,000
Other securities (see note)
10,450,000
10,250,000
10,665,000
10,465,000
10,255,000
13,315,000
13,167,000
9.917,000
Foreign loans on gold
490,000
Total bills and securities (see note)
Gold held abroad (see note)
Due from foreign banks
Uncollected items
Bank premises
All other resources
Total resources
LIABILITIES.
F. R. notes in actual circulation
Deposits:
Member banks—reserve account
Government
Foreign banks (see note)
Other deposits
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities
1,308,014,000 1,288,748,000 1,314,708,000 1,365,826.000 1,350,852,000 1,262.428.000
1,198,761.000 1.227,818,000 1,463,808,000
726,000
728,000
729,000
728,000
729,000
729,000
730,000
729.000
573,000
678,772,000 718,180,000 822,126,000 716,451,000 810,892,000 676,603.000 812,097,000
746.312.000 651,501,000
58,795,000
58,725,000
58,614,000
58,614,000
58,614,000
58,614,000
58,613.000
58.613,000
60,115,000
10,285,000
10,454,000
7,710,000
7,846,000
8,132,000
7.441,000
7,602.000
8,486,000
8,463,600
5,232,672,000 5,278,382,000 5,380,974,000 5,282,468,000 5,326,429.000 5,147,477,000 5,199.325,000
5.150,751.000 5,000,197,080
1,779,388,000 1,780,403,000 1,801,225,000 1,833,004,000 1,736,259,000 1,658,496,000
1,649,187,000 1,644,216,000 1,612,690,000
2,355,284,000 2,356,917,000 2,352,081,000 2,302,874,000 2,380,165,000 2,343,813,000 2,291,765,000
2,328,232.000 2,343,504,000
14,468,000
17,257,000
27,555.000
12,567,000
23,373,000
48,924,000
46,731,000
18.700,000
29,970,000
5,796,000
5,567,000
6,128,000
7.370.000
8.138,000
5,606,000
7,124,000
6,225.000
9,523,000
22,015,000
20,577,000
23,715,000
21,198,000
28,282,000
21.312,000
23,052,000
23,058,000
19,197,000
2.397.563,0002,402.127,090 2,393,984,000 2,359,711,000 2,437,948,000 2,419,655.000 2.368,672,000 2,376.215,000 2,402,194,000
611,362,000 651,948,000 742,129,000 649.848,000 712,989.000
625,737,000
161,565,000 161,406,000 161,547.000 158,797.000 158.585.000 158,607,000 739,228,000 688,296,000 587,799,000
254,398,000 254,398,000 254,398,000 254,398,000 254,398.000 254,398,000 158,412,000 157,931,000 143,009,000
254,398,000 254.398,000 233,319,000
28,396,000
28,100,000
26,710,000
27,691,000
26,250,000
30.584,000
29,428,000
29,695,000
21,186,000
Total liabilities
Ratio of gold reserves to deposits and 5,232,672,000 5,278,382.000 5,380,974,000 5,282,468,000 5,326.429,000 5.147,477.000 5.199,325.000 5,150,751,000 5,000,197,000
F. R. note liabilities combined
70.0%
70.3%
69.2%
69.8%
68.6%
71.0%
Ratio of total reserves to deposits and
71.6%
71.5%
64.7%
F. R. note liabilities combined
74.4%
74.7%
73.0%
7.29%
73.8%
75.3%
75.8%
Contingent liability on bills purchased
75.2%
68.6%
for foreign correspondents
458,477,000 446,980,000 442,526,000 440,592,000 428,711,000 424,566,000 416,999,000
405.240,000 306,285,000
Distribution by Maturities—
$
$
8
$
$
$
$
1-15 days bills bought in open market _
$
5
47,368,000
40,059,000
35,293.000
36.848.000
39,538,000
40,728,000
36,927,000
62,241,000 896,105,000
1-15 days bills discounted
844,787,000 846,120,000 871,167,000 928,035,000 898,478,000 799,237.000 730,889,000 713,597,000
52,006,000
1-15 days U. S. certif. of Indebtedness_
12,965.000
12,325,000
1,520,000
2,990,000
4,410.000
4,975,000
2.250.000
18,835,000
1,210,000
1-15 days municipal warrants
102,000
102,000
16-30 days bills bought in open market _
10,457,000
10,890,000
13,026,000
17,764,000
18,005.000
11,045,000
22.594,000
23,974,000
39,364,000
16-30 days bills discounted
47,421,000
47,285,000
52,149,000
53,445,000
49,796,000
49,840,000
62,339.000
51.665,000
41,986,000
16-30 days U. S. certif. of Indebtedness_
16-30 days municipal warrants
31-60 days bills bought in open market,
9,432,000
10,445,000
11,315,000
12,123,000
10,581,000
15,654,000
17,445,000
16,653,000
42,714,060
31-60 days bills discounted
87,375,000
81,913,000
79,936,000
78,270,000
78,382.000
78,909,000
81,554,000
84,307,000
31-60 days U. S. certif. of indebtedness_
81,514,000
9,242,000
7,467,000
100,000
31-60 days municipal warrants
61-90 days bills bought In open market.
6,672,000
7,296,000
5,685,000
5,735.000
5,832,000
6.527.000
7,497,000
61-90 days bills discounted
8,640,000
25,519,000
75.010,000
66,435,000
63,919,000
63,552,000
52,665,000
60.135,000
47,910,000
61-90 days U. S. certif. of indebtedness_
51,090.000
51,540,000
1,090,000
8,235,000
7,166,000
8,027,000
7,319,000
7 066,000
61-90 days municipal warrants
12,000
300,000
300,000
300,000
300,000
Over 90 days bills bought in open market
638,000
352,000
1,452,000
657,000
1,925,000
642,000
2,569,000
Over 90 days bills discounted
2,609,000
6,276,000
21,121,000
22,203,000
29,002,000
31,338,000
24,220,000
36,096,000
36,422,000
Over 90 days certif. of indebtedness__
33.252.000
14,631,000
1,671,000
1,000,000
2,201,000
905,000
2,474,000
728.000
4,456,000
Over 90 days municipal warrants
9,152,000
67,767,000
300,000
300,000
300,000
300,000
F. It. notes received from Comptroller... 3,763,896,000
3,814,484,000 3,845,385,000 3,831.317,000 3.831.793,000 3.777,049,000 3.670,046,000 3,595.813,000
F. It. notes held by F. R. Agent
2,825,782,000
1,423,985,000 1,448,847.000 1,450,273,000 1,471,785,000 1,571,715,000
1,585,752,000 1,526,482.000 1,482,382.000 806,970,000
Issued to Federal Reserve Banks
2,339,911,0002,365,637,000 2,395,112,000 2,359,532.000 2.260.078,000 2.191.297,000 2.143,564,000
2.113,431,000 2,018,812,0110
Ilow Secured—
By gold and gold certificates
371,153,000 371,153,000 374,153,000 356,395,000 376,395,L00
368,025,000 372,045,000 371,145,000 348,477,000
Gold redemption fund
100,136,000 102,797,000
98,685.000
101,609,000
97,579,000
93,393,000
96,802,000
Gold fund—Federal Reserve Board
90,753,000
99,796,000
1,008,210,000 1,031,033,000 1,018,612,000
984,412,000 908.138.000 911,023,000 898.734.000 856.884,000 669,193,000
By eligible paper
1,102,295,000 1,079,006,000 1,104,651,000 1,170,445.000
1,164,330,000 1.063,446,000 1,015,461,000 1,010,892,000 1,213,595,000
Total
2,581,794,000 2,583,989,000 2,599
025 000 2.609,937,000 2,544,442,000 2.435.887,000 2.383,042,000 2.329,674,000 2,331,061,000
visea rigures.
NOTE.—Beginning with the statement of Oct. 7 1025,
two
to foreign correspondents. In addition, the caption, "All othernew Items were added In order to show separately the amount of balances held abroad and amounts due
"Other securities," and the caption, "Total earning assets" to earning assets," Previously made up of Foreign Intermediate Credit Bank debentures, was changed to
"Total
the discounts, acceptances and securities acquired under the provision bills and securities." The latter Item was adopted as a more accurate description of the total of
of Sections 13 and 14 of the Federal Reserve Act, which, it was stated, are the only
therein.
items Included
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES
OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF
BUSINESS
HILY
31 1929.
ciphers
Two
(00) omitted.
Total.
Boston. New York, Phila,
Federal Reserve Bank of—
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minntap. Kan.City.
Dallas. San Fran.
—
RESOURCES.
$
$
$
$
$
$
$
Gold with Federal Reserve Agents 1,479,499,0 127,339,0 223.264.0
$
$
$
$
$
8
128,592,0 160,671.0 47,301,0 99,794,0 329,611,0 16,866,0
Gold red'n fund with U. S. Treas.
73,580,0 6,956,0
19,260,0 6,442,0 3,771,0 4,096,0 3,510,0 4,571,0 5,335,0 60.682,0 61.642,0 20.769.0 202,968,0
2,849,0 9,704,0 3.049,0
4.237,0
Gold held excl. agst. F.It. notes 1,553,079,0 134,295,0 242,524,0
Gold settle't fund with F.R.13oard 666,970,0 64,636,0 156,832,0 135,034,0 164,442,0 51,397,0 103,304,0 334,182,0 22,201,0 63,331,0 71,346,0 23,818.0
207,205,0
52,067,0 96,068,0 27,024,0 18,128,0
Geld and gold Ws held by banks_ 704,014,0 26,373,0
432.372,0 29,456,0 40,024.0 6,485,0 4,102,0 109,259,0 28,884.0 15,326.0 50,343.0 16,970.0 31,397,0
103.127.0 9,243,0 7,042.0 5,186,0
11,439,0 29,165,0
Total gold reserves
2,924,063,0 225,304,0 831,728,0
216,557,0 300,534,0 84,906,0 125,534,0 546,604,0
Reserve other than gold
185,356,0 11,673,0
76,204,0 9,932,0 9,660,0 6,562,0 7,440,0 26.450,0 60,328,0 85,699,0 126,875,0 52,227,0 267,767.0
10,205,0 2,806,0 4,278,0
5,425,0 14,721,0
Total reserves
3,109,419,0 236,977,0 907,932,0 2
26,489,0 310,194,0 91,468,0 132.974,0573,054,0 70,533,0 88,505,0
Non-reserve cash
66,661,0 8,944,0
131,153,0 57.852.0282,486.0
18,855,0
1,723,0
4,533,0
3,759,0
5,822.0
discounted:
7,261,0
Bills
4,776,0 1,476.0
1,762,0 3,115,0 4,835,0
Sec. by U. S. Govt. obligations 592,783,0 37,637,0 282,650,0
Other bills discounted
482,931,0 34,907,0 103,299,0 45,053,0 45,527,0 21,162,0 12.773,0 51,968,0 28,735,0 10,288,0 14,192,0 13,665,0
29,133,0
30,794,0 27,626,0 38,385,0 59,599,0 62,237,0 35,483,0
9,952,0 22,254,0 24,308,0 34,127,0
Total bills discounted
1,075,714,0 72.544,0 385,949,0
75,847,0
59,547,0
72,332,0
73,153,0
114,205,0
bought
In
market
open
Bills
64,218,0 20,240,0 36,448,0
74,567,0 10,254,0
21,105,0 2,597,0 3,691,0 2,036,0 5,568,0
37,973,0 63,260,0
9,482.0
U. S. Government securities:
106,0 1,684,0
883,0 6,509,0 10,672,0
42,626.0
Bonds
689,0
155,0
585,0
1,152,0
548,0
17,0 19,937,0 7,125,0
Treasury notes
80,779,0 1,522,0
11,927,0 8,835,0 26,816,0
7,813,0
65.0
657.0 3,038,0 3,097,0 6,500,0 4,540,0
Certificates of indebtedness
23,878,0 1.055,0
3,827,0
13,445.0 7.038,0
3,223,0 11,337,0
1,0
1,0 2,264,0
65,0
9,0
Total U. S. Gov't securities
147,283,0 3,266,0
25,527,0 16,458,0 27,365,0 1.809,0
3.056,0 25,298.0 13.625.0 04590
11 nix n it d(19 fl
[VOL. 129.
FINANCIAL CHRONICLE
758
RESOURCES (Concluded)Two ciphers (00) omllted.
Fran.
Cleveland. Richmond Atlanta. Chicago. .51. Louis. Minneap. Kan.City. Dallas. San
Phila.
$
3,000,0
$
S
S
$
$
$
300.0
S
2,600,0
$
$
10,450,0
Dther securities
Foreign loans on gold
New York.
Boston.
Total.
$
1,500,0
$
1,250.0
$
1,200,0
38,829,0 56,777,0 86,534,0
435,181,0 95,202,0 104,200,0 63,392,0 80,956,0 148,985,0 77,949,0 33,030,0
53,0
24,0
24,0
18,0
29,0
100,0
28,0
34,0
74,0
70,0
218,0
42,861,0 22,131,0 33,465,0
13,388,0
20,678.0
82,047,0
209,795,0 61,058,0 63,046,0 45,266,0 19,781,0
2,110,0 4.140.0 1,922.0 3,881,0
16,087,0 1,762,0 6,535,0 3,39.5.0 2,744,0 8,529,0 3,988,0
409,0
448,0
193,0
079,0
395,0
704,0
485.0 4,804,0
279,0 1,173,0
580.0
140,112,0 218,962,0 142,069,0 411,685,0
184,348,0
820,680,0
246,099,0
208,553,0
488,990,0
376,583,0
5,232,672,0 405,063,0 1,588.648,0
Total resources
LIABILITIES.
76,300,0 149,748,0 330,798,0 61,150,0 64,332,0 74,295,0 43,039,0 168,411,0
F. R. notes in actual eireulatien_ 1,779,388,0 156,935.0 308,008,0 151,844,0 194,728,0
169,251.0
Deposits:
187,825,0 65.853,0 69,944,0 350,012,0 77,078,0 51,958,0 91,755,0 61,752,0
1,864,0
217.0
Member bank-reserve met 2,355,234,0 145,9.20,0 053,870,0 135,766,0
945,0 1,509,0
98,0
1,750,0 1,041,0
274.0 1,313.0 2,010,0
1,330,0
14,468,0 2,117,0
404,0
185,0
Government
185,0
140,0
224.0
768,0
210,0
258,0
572,0
530,0
1,887,0
415,0
5,796,0
9,113,0
43,0
Foreign bank
164,0
208,0
284,0
270,0 1.786,0
107,0
42,0 1,084,0
8,809,0
105,0
22,015,0
Other deposits
78,627,0 53,251,0 03,613,0 62,197,0 180,632,0
2397,663,0 147,857,0 970,896,0 136,621,0 190,794,0 68,228,0 60,531,0 354,316,0
Total deposits
26,866,0 11.328,0 36,684,0 22,897,0 32,002,0
611,362,0 68.117,0 171,058,0 46.733,0 58,978,0 43.013,0 18,491,0 74,235,0 5,185,0 3,034,0 4,292,0 4,464,0 11,315,0
Deferred availability Items
5,403,0
19,868,0
6.177,0
15.434,0
00,132,0 15,662,0
161,565,0 10,549.0
Dapital paid In
9,086.0 8,690,0 17,978,1
71,282,0 24,101,0 26,345,0 12,399,0 10,554,0 36,442,0 10,820,0 7,032,0
254.398,0 19,619,0
1,267,0
3urplus
782,0
992,0
1,035,0
1,700,0
7,272,0 1.822,0 2,711,0 1,536,0 2,272,0 5,021,0
28,390,0 1,086,0
Ill other liabilities
411,005,0
142,069,0
218,962.0
488,990,0 208,553,0 246,099,0 820,680,0 184,348,0 140,112,0
5,232,672,0 405,063,0 1,588,648,0 376,583,0
Total liabilities
80.9
Memoranda.
54.8
78.1
75.3
60.5
63.3
80.5
83.6
63.2
78.6
71.0
77.3
74.4
leserve ratio (percent)
33,220,0
Dontiligent liability on bills pur15,231,0
15,231,0
11,538,0
18,461,0
21,230,0
17,990,0 63,220,0
chased for foreign corresPend'te 458.477,0 34,153,0 136,702,0 44,307,0 47,076,0
?. R. notes on hand (notes reed
from F. R. Agent less notes in
AI nee n ta 120 n 0 057 n 0 054.0 13.655.0 87.081.0
27.7160
15.166.0
nnn Kg, n An 7 vs n 905 007 n ai. 2970 97.540.0
Total 1,1113 and securities
Due from foreign banks
Uncollected Items
Bank premises
All other
1,308,014,0 86,064,0
54,0
726,0
678,772,0 69,256,0
58,795,0 3,702,0
66,0
10,285,0
RESERVE AGENTS AT CLOSE OF BUSINESS TULY 31 19211.
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL
Cleseland. Richmond Atlanta, Chicago, Si, Louis, Minneap. Kan.Cay. Dallas. San Fran.
s
s
$
$
$
$
s
$
$
$
3
142.639,0 79,136,0 393,912,0
921,690,0 259,512,0 305,344,0 184.420,0 313,623,0 618,578,0 120,930,0 152,928,0 59,290,0 22,442,0 138,420,0
382,745,0 73,541,0 82,770.0 92.954,0 130.159,0 243,180,0 46,350,0 78,639,0
3
Two elphefl (00) omitted.
$
F'. R.notes rec'd from Comptroller 3,763,896,0 271,186,0
F. R.. notes held by F. R. Agent__ 1,423,985,0 67,495,0
F'. It. notes issued to F. R. Dank_ 2,339,911,0 203,691.0
LDollateral held as security for
F. R. notes Issued to F. R. 13k.
Gold and gold certificates__ 371,153.0 35,300,0
100,136,0 19,039,0
Gold redemption fund
1,008,210,0 73,000,0
Gold fund-F. R. Board
1,102,295,0 82,644,0
Eligible paper
Total collateral
Phila.
New York.
Boston.
Total.
Federal Reserve Agent at-
2.541.704.0 209.983.0
83,349,0 56,694,0 255,402,0
538,945,0 185,971,0 222,574,0 91,466,0 177,464,0 375,300,0 74,580,0 74,289,0
7,800,0
38.800,0 10,190,0 9,500,0
11,871,0 0,111,0 3,894,0 2,611,0 2,066,0
110,000,0 22,000,0 80,400,0 327,000,0 7,000,0
76,610,0 56,518,0 77,793,0 123,315,0 64,170,0
603.562.0 192.511,0 237,281,0 103,819,0 177.587,0 452.926,0 81.036.0
109,638,0
13,626,0
40,000,0
380,298,0
30,000,0
11,735,0
86,857,0
63.919,0
14,758,0
14,167,0
3,515,0 4,282,0 4,011,0
43,000,0 57,360,0 2,000,0
21.834,0 37,195,0 44,364,0
35,000,0
14,375,0
153,593,0
73,635,0
82.516,0 98,837,0 65,133,0 276,603.0
Return for the Member Banks of the Federal Reserve System.
Weekly
the resources
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items ofalways
a week
are
figures
These
are
weekly
obtained.
returns
which
from
cities
and liabilities of the member banks in 101
the statebehind those for the Reserve banks themselves. Definitions of the different items in the statement were given in
upon
ment of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 3475. The comment of the Reserve Board
the figures for the latest week appears in our department of "Current Events and Discussions," onpage 725, immediately premember banksfor a week later.
ceding which we also give the figures of Now York and Chicago reporting
"Acceptances of other banks and bills of exchange or drafts sold with en-
Beginning with the statement of Jan. 9 1929, the loan figures exclude
bank. Previously acceptances of other banks and bills sold with
dorsement," and include all real estate Mortgages and Mortgage loans held by the
investments. Loans secured by U. S. Government obligations are
endorsement were included with loans, and some Of the banks included mortgages In
Furthermore, borrowings at the Federal Reserve are not any Moro subno longer shown separately, only the total of loans on securities being given. commercial
paper, only a lump total being given. The number of reporting
by
secured
divided to show the amount secured by U. S. obligations and those
figures have also been revised to exclude a bank in the San
banks is now omitted; in its place the number of cities included has been substituted. The
with a non-member bank. The figures are now given in
merged
recently
which
2.
Jan.
on
of
and
district
with
Investments
$135,000,000
loans
Francisco
round millions instead of In thousands.
IN EACH FEDERAL RESERVE DISTRICT AS AT CI.OSE OF
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS
BUSINESS JULY 24 1929. (In millions of dollars).
Federal Reserve District-
Total.
Boston. New York
s
Phila.
Cleveland Richmond Atlanta.
16,970
1,166
6,766
919
InernwInea frnm V It TItnk
v Subject to correction.
518
265
466
351
1,330
1,227
1,382
233
283
90
175
123
342
103
218
413
918
149
365
...oans--total
Due from banks
Due to banks
2,610
514
$
2,183
let demand depositS
rime deposits
Dovernment deposits
$
1,928
518
3
1,227
Reserve with F. R. Rank
Dash in vault
473
202
316
8,753
U. S. Government securities_.
Other securities
695
1,546
$
1,514
Investments-total
390
040
$
22,459
3
Dallas. San Fran.
683
676
:mans and investments-total
On securities
All other
Chicago. St. Louis. 3finneelp. Kan. City
$
3,290
$
$
$
$
3
7,683
9,287
485
681
3,454
3,312
479
441
722
824
5,490
348
1,987
308
638
159
120
686
165
124
230
122
597
74
85
58
68
312
375
54
111
70
65
107
123
82
40
346
251
2,723
2.766
172
176
1,048
939
95
213
306
332
1,710
243
98
18
800
07
79
14
128
30
41
13
38
10
256
39
43
6
27
6
61
12
31
8
108
20
13,146
6,671
91
918
454
5
5,798
1,638
23
711
264
8
1,046
948
9
352
239
7
313
240
6
1,857
1.231
9
381
225
2
231
131
1
516
180
2
275
143
5
707
977
13
1,096
2,669
50
111
145
954
55
155
94
198
46
89
65
83
211
424
52
104
52
73
122
224
51
74
152
180
771
45
340
37
132
28
43
73
34
In
21
22
47
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of Now York at the close of business July 31 1929,
In comparison with the previous week and the corresponding date last year:
Resources.Gold with Federal Reserve Agent
Gold redemp. fund with U.S. Treasury_
July 31 1929. July 24 1929. Aug. 1 1928.
3
223,264,000 223,351,000 175,367,000
16,372,000
20.093,000
19,260,000
Gold held exclusively agst. F. It. notes
Gold settlement fund with F. It, Board_
Gold and gold certificates held by bank-
242,524.000
156,832,000
432,372,000
243,444,000
111.174.000
463,135,000
191,739,000
218,902,000
491,012,000
Total gold reserves
Reserves other than gold
831,728,000
76,204,000
817,753,000
75,451,000
901,653,000
30,218,000
Total reserves
Non-reserve cash
Bills discountedSecured by U. S. Govt. obligationsOther bills discounted
907,932,000
18,855,000
893,204,000
24,211.000
931,881,000
18,964,000
282,650,000
103,299,000
275,925,000
122,181,000
240,904,000
98,979,000
Total bills discounted
Bills bought in open market
U. S. Government securities-Bonds
Treasury notes
Certificates of indebtedness
385,949,000
21,105,000
398,106,000
13,102,000
339,883,000
35,289,000
155,000
11,927,000
13,445,000
155,000
12,367.000
12,805,000
1,384,000
14,481,000
19,614,000
25,527,000
2,600,000
2.5,327,000
2.000,000
35,479,000
Total 17.8. Government securitiee__
Other securities (tee note)
Foreign Mena on gold
July 31 1929, July 24 1929. Aug. I 1929
Resources (Concluded)Gold held abroad
Due from foreign banks (See Note)
Uncollected items
Bank premises
All other resources
Total resources
LiabilitiesFedi Reserve notes In actual circulation
Deposits---alember bank, reserve RedGovernment
Foreign bank (See Note)
Other deposits
Total deposits
Deferred availability Items
Capital paid In
Surplus
Ail other liabilities
Total liabiliti
218,000
209,795,000
10,087,000
580,000
220,000
211,804,000
16,087,000
773,000
218,000
186,572,000
16,563,000
1,267,0011
1,588,048,000 1,585,434,000 1,566,120,009
340,067,000
935,417,000
7,229,000
2,248,004
5,449,000
308.008.000
958,870.000
1,330,000
1,887,000
8,809,000
306.844.000
949,514.000
2.801,000
3,467,000
8,687,000
970,896,000
171,058.000
00,132,000
/1,282,000
964,449,000 953,343,000
175.750,000 155,886,000
47,864,000
60.132.000
63,907,000
71,282.000
6,283.000
8,977.000 I,0612•7,0
1,588,648,000 1,585,434,000 1,666,120S
Ratio of total reserves to deposit and
72.0%
70.3%
Ferri Res've note liabilities combined.71.0%
Contingent liability on bills purchased
86,329,000
138,640,000
136.792,000
for
foreign
410,650,000
correspondence
Total bills and securities (See Note)... 435,181,000 439,135,000
the amount of balances held abroad and amounts MI* to
NOTE.-Beginning with the statement of Oct. 7 1925, two new Items were added in order to show separatelyintermediate Crsdlt bank debentures. Was changed to
of Federal
up
made
previously
assets,"
earning
other
"All
addition,
caption
the
foreign correspondents. In
as a more accurate description of the tetal of the
adopted
was
term
The latter
"Other securities." and the caption "Total earning assets" to -Total hills and securities."
stated, are the only items included therein,
discounts, acceptances and securities acquired under the Provisions of Sections 13 and 04 of the Federal Reserve Act, which, it was
AUG. 3 1929.]
FINANCIAL CHRONICLE
759
New York City Realty and Surety Companies.
arctert: Oazettc,
(All prices dollars per :Dare.)
Wall Street, Friday Night, Aug. 2 1929.
Railroad and Miscellaneous Stocks.-The review of the
Stock Market is given this week on page 743.
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. 2.
RailroadsPar.
Balt& Ohio etts full paid
Cart...Clinch & Ohio _100
Cleve & Pittsburgh_100
C C C & St LouLs _ _100
Ill pent leased line_ _100
Alanhat Elev Guar_100
New On Tex & alex 100
Northern Central _ -50
Pacific Coast
100
181 preferred
100
Ir 2nd preferred_ _ _100
Pine Ft W & Chic pf100
Wheeling dr L Erie_ _100
Preferred
100
Indus. & Miseell.
Alleghany CorpPreferred ex-warrants
Prof receipts ex-war- _
Amer Snuff new
25
Archer Dan Mid 01_100
Art Metal Construc_10
Assoc Dry Oda let 1)1100
Beatrice Creamery._50
Briggs & Stratton_ --•
Bristol-Myers
•
Brooklyn Edison_ _ _100
Campbell W & C FdY-*
Col Gas & El pf B_ _100
Rights
Col Graph full pd ctfs_ _
Commercial CreditClass A
Conting Bk of N Y.
_10
Consol Cigar pfd (7) 100
Continental Can pf _100
Continental Oil
•
Duluth Sup Trac_ _ _100
Duplan Silk
•
Preferred
100
Emerson Brant el IL.5
Emporium Capwell___*
Engineers Pub Service
Preferred (5%)._ _•
Fisk Runner let pf _100
So 1st prof cony_
100
Fleisclunann Co Ws--
Bid
&Mance RIO 123
Am Surety-. 137
Bond &
CI_
(320par)____ 95
Home Title Ins 285
Lawyers Mtge 58
Lawyers Title
&Guarantee 375
Ask
Bid I Ask
I
135 Lawyers WestN.Y.Invk'ns
142
chest M & T 275 825
let pre____
2d pret ._
98 Mtge Bond__ 205 220 Westchester
300 N Y Title &
Title & Tr _
61
Mortgage._ 5718 5812
382 U
Casualty_ 107
8$$
Auk
98
97
160
180
112
New York City Banks and Trust Companies,
(All prices dollars per share.)
Ask Banks-N.Y. Bid Ask ITr.Cos.-N.Y . Bid
Ask
224 Public
257 260 Equitable Tr. 646 651
235 Seaboard
980 Fidelity Trust 219 225
965
Lowest.
Ifighest.
Lowest.
Highest.
ward
160 166 Felton
555 010
Trade.
812 330 ruuarstm____ 905 910
Shares. $ per share. I 3 per share. 5 per skare,$ per share. Central
206
199
U
lot
int*10ermanlo
$25•207
_
IOU
220 227
5,300 128 July 2913534 Aug 2 12334 June 13634 July Century
8,320 350 Yorkville ._._ 225 135 Interstate new 63
65
100 83 July 291 8334 July 291 82 May! 92% Feb Chase
Irving miss
7714 784
40 7434 July 30 74% July 291 7374 Ap79% Jan Cliath Phenix 223 225 Yorktown'... 260
LawYent True
200 271 July 29 272 July 29 48 ,May 275
July
Nat
Bk&Tr
875
885
Manufacture% 270 Ito
10 7214 July 311 7234 July 31! 72 June 80
Feb
Rights
73
76
Murray Hill.. 318 639
10 64 July 31 64 LJuly 31 6014 Apr 87
Jan Chelsea EC
98 102
Brooklyn.
Mutual(Weet2 140 July 29 140 July.29 130
Apr 156
May Chemical ...._ 127 130 Globe F.tch• _ 420 435
cheater) _... 308 sill
83
Aug
1
83
Aug 1 83
201
Aug 8634 Feb Commercial__ 780 800 People's
1200
Y Trust.. 363 866
1,700 27 July 27 3034 July 31 20
Feb Continental*
Feb 43
58
59 Prospect
170 185 Times Square. 143 147
10 38 Aug 2 38 Aug 2 32
Mar 50
Mar Corn Exch.._ 215 1 2111
Title
17/ 180
70 31 July 31 3114 Aug 1 2134 Jan 40
Feb
United Statue4400 4600
160 145 July 31 146 July 31.14434 July
1531.4 Feb Fifth Anent._ 3650 13850 Trust Co.,
Weetchess'r Cr 1000 1100
100 110 July 29 110 July 29
70
Apr 110
July First
7650 7725
Nets York.
100 110 July 29 110 July 29 70
Mar 110 July
Grace
750 ...... Bangs Comle
Breetlyis.
Harriman....._ 1520 1600
Italians Tr. 410
Brooklyn _._ 1168 1176
Letcourt
365 Bank of N Y
Kings Co.__ 3400 3600
Liberty
220 228
& Trust Co_ 905 920 hthlytood._
390 400
1,400 84 Aug 2 85 July 31 8234 July 85
July kianhattatie.854 880 Bankers Trust 189 191
200 8334 Aug 1 85 July 30 83)4 Aug 85
July Milieus,' ow 400 403 Broax Co Tr _ 635 850
700 4674 July 31 4834 July 27 46% July 49
July Part
' 108 cent nanover 428 432
13010334 July 31 107 Aug 2 103)4 July 116
Jan Penn Etch-, 145 155 °Minty
490 510
600 29 July 29 2944 July 31 2634 June 30% Feb
Port Merril...I 121 I 140 HinDire
611 621
100 94 Aug 1 94 Aug 1 8844 July
Jan
107
700 95 Aug 2 90 July 31
'State banks. t New stock. z Es-dividend. e Ea-stook My. p Ex-rights.
July
July 96
6,100 363.4 July 29 3934 Aug 2 95
36
July 4845 July
23,700 122 July 311303.4 Aug 2 115)4 July
Aug
13044
10037434 Aug 137434 Aug 1 300
Jan 37444 Aug
Sales
for
Week.
Range for Week.
Range Since Jan. 1.
3,000 4344 Aug 2 4744 July 29 43)4 Aug
4844
1,400 90 July 29 9034 July,27 86
9044
94,100 5% July 29 6% Aug 2 434 June
June
M
1,200 62 Aug 1 66% Aug 2 61
July 6644
400 50 Aug 1 50 Aug 1 50
Aug 50
6,600 58 Aug 1 60 July 27 58
Aug 01%
200 83 July 29 90 July 30 83
July 100
1 12434 July 29 1243.4 July 29 124% Jan 126
27,900 2934 Aug 2 303.4 July 29 29% Aug 3544
30 5 July 30 5 July 30 5
July 1234
600 2014 Aug 2 21 July 30 20% Aug 28%
500 92 July 27 95% Aug 2 92
July 102
200 444 Aug 2 4% Aug 2 4
Jan 13
24 Aug 2 24
Aug 38
8110134 Aug 11013.4 Aug 2 9214 June 107
1.900 4034 Aug 2 4274 July 27 4034 June 7214
1,480 393.4 July 31 44 Aug 1 3934 July 82%
4,300 913.4 July 29 94 Aug 1 883.4 July 9744
July
July
July
July
Aug
July
Mar
Feb
July
Feb
Jan
Jan
Feb
Feb
July
Jail
Jan
July
Gamewell Co
•
400 77 Aug 2 70 July 29 77
July 8334 July
Gen Baking prof
•
101303.4 July 27 13034 July 27 130
Feb
Mar 140
General Foods
• 44,800 723.4 Aug 2 7534 July 271 7244 Aug 7744 July
Gen Motors pilaf (6)100
10010844 Aug 11083.4 Aug 1 1083.4 Aug 10934 Feb
Gen Pub Service
47,500 65 July 29 783.4 Aug 2 57 June 7844 Aug
Gen Ry Signal pref_100
801043.4 Aug 21043.4 July 30 99
Apr
Jan 105
Gold & Stock Teleg_100
30111 Aug 1111 Aug 1111
Jan
Aug 122
Gold Dust prof
•
6001063.4 Aug 1 107 July 31 10834 June 120
Mar
If
Corp Cl A_ ...*
400 24 July 27 2434 Aug 2 233.4 July 27
Jan
Hercules Power
100 128 July 29 128 July 29 128
•
July
July 130
Preferred
100
200 120 July 30 120 July 30 120
July
July 120
Household Fin pr pfd50 1,600 49 Aug 2 4934 July 27 49
July
Aug
50%
hot Ilydro-El Sys el A_. 65.100 48 July 29 5234 Aug 2
July 5434 July
jot Mere Mar ctfs_ _100 8,800 2734 July 31 2834 July 31 47%
27
July 29 34 July
Island Creek Coal prof 1
20 105 July 31 103 July 31 105
May
105% Mar
Bolster Radio rts
52,500
July 29
15. July
% July 27
% July
Kuppenheinier & Co._5
50 36 Aug 1 30 Aug 1 34
Apr
Laclede Gas
100
440 250 Aug 231)5 Aug 2 23134 May 49% Mar
Aug
305
Preferred
100
101023.4 July 31 1023.4 July 31 100
Mar
Loew's Inc pref
•
500 9234 Aug 1 9534 Aug 2 92)4 June 102% July
110% Jan
Banks-N.Y.
America
Amer Unione_
Bryant Parki
Bid
221
225
150
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 U. S. Bond Prices. July 27 July 29 July 30 July 31 Aug. 1 Aug. 2
First Liberty Loan
High
334% bonds of 1923-47_ _ I.ow(First 334)
Close
Total tales PI $1,000 units.._
Converted 4° bondS of High
1932-47 (First 4s)
9020ii
962,2,
002,2,
1
06".1
96151,
962.2,
181,
97
962.2,
96,732
22
97.21
062.2,
975,,
31
972.,
97
9734,
14
97..,
971.,
972.,
5
Total sales in 11,000 units_-___
Converted 4 M % bontisrligh 982.2,
of 1932-47 (First 4%s) Low- 932.2.,
Close 98un
Total sales in $1,000 units.32
Second converted 4)4% High
bonds 011932-47 (First( LowSecond 4,4s)
____
Total sales in $1.000units._
righ 9912.
Fourth Liberty Loan
434% bonds of 1933-38
Low- 935.21
(Fourth 434s)
Close 9830.,
Total sales in 51.000 units27
Treasury
Illili
____
4145, 1947-52
Low-___
Close
.-__
Total sales in 11,000 units___
____
High 103..,
Low 102222,
Is, 1944-1951
Close 102",,
Total sales in 31,000 units...
20
Higl.
____
334s, 1946-1956
Low_
____
Close
____
Total sales in 51.000 units_ __
____
High 972,,
334e, 1943-1947
Low. 97,a,
Close 9722,
Total sales in 21,000 units __
1
High
......
83-4s, 1940-1943
Low_
____
Close
____
TnInI enIp• in MI OM eindt•
___
9822.1
982.21
98irri
33
__
99
_982.22
99
39
__
_99
93222,
99
5
_ _.
99
.
982.2.
99
2
__
99
_.
99
99
74
____
_.__
9922,
9922,
98.12, 982.2,
99
9922,
143
126
107,7:: 1071.8
1072.1 10711.,
107.2, 107113,
224
16
102,,a, 102,.32
1022.2, 1022.2,
102.hr 102un
2
1
____
____
___-__
----___
___
9922,
9821.1
982.21
79
1071'n
107.21
107.H
27
102,.:g
102"2,
102"st
21
___.
_-_.
-__
____
99321
98....
991.,
46
10712,1
1072221
10722.
1
103.2,
102n.,
102'34
337
100..
100..
100.2
__
99
_.
982.22
99
151
1071in
107.,,
107,a,
4
1022.e
102".1
102"al
2
100...
100"e
100",.
2!
962an
.....
96,..2
--...
96,.32
Middle States 011 new _
200 6% Aug 1 0% Aug 1
63.4 Aug oi Aug
alinn-Mol Pow Impl . 6,100 30 July 30 3934 Aug
2 36
July 43% July
Preferred
• 1,400 05 July 31 9844 Aug
95,
July 102
July
__ _ 962
. .2, 90132
.
Montgomery Ward rts_ 234,600 17% July 29 2334 Aug 2
17% July 23% Aug
--- 96"23 961,12
Mot Met Gauge &Eqt• 41, Ii 26 July3 3114 Aug 2
1 26
July 31.4 Aug
_ _ _. 95 1at 06us:
Outlet Co
•
9 8034 July 31 8034 July 31 80
July 96% Jan
150
1
Preferred
100
1 i i 108 July 31 108 July 31 106
Jan
Apr
__ - 00"32 951532
---.
-.
Pitts Steel prof
100
110 97H July 31 100 July 27 9234 Feb
June
___ 962.:, 06..2,
Pub Ser of NJ pf(5)...*
1
9534 July 29 9534 July 29 95 June 00
Jan
96
962..,
__-_
95222,
Radio Corp pref cl B..* 4,1
77% July 29 78% Aug 2 74
Mar
I
Apr
100
82)4
Railway & Express___* 3,4
5034 July 30 55 Aug2 4934 July
July
Rand alines
35 July 27 35 July 27 34% July 58%
36% Feb
Note.-The above table includes only sales of coupon
Rein Typewr 2d pfd 100
10 105 July 29 105 July 29 100
Mar 12
Apr
Reynolds Tob cl A.._ _10
7 70 July 31 70 July 31 70
bonds. Transactions in registered bonds were:
Apr
Mar
80
Scott Paper
•
500 63 July 30 6334 July 29 62
July 03% July 8 let 434s
Servel Inc
952.2, to 982..2
76,300 20 Aug 2 2134 Aug 2 20
Aug 21% Aug 15 4th 434,
So Porto Rico Plug pf100
982.2, to 992.,
60 123 Aug 2 123 Aug 2 123
Feb
Stand Gas & Elec rts_ _ 152,100 43-4 July 29 514 Aug 1 4% Aug 135
July 534 July
Stanley Corp of Amer..
500 37 July 27 38 July 27 26
Apr 45 May
Sterling Secs el A
9.900 2934 July 30 31 July 27
June 3344 July
Preferred
Foreign Exchange.20 10,800 1434 Aug 1 1514 Aug 2 25%
13%
Stone & Webster
22,300 170 Aug 117434 Aug 1 170 June 1544 July
To-day's (Friday's) actual rates for sterling exchange were 4.8
Aug 17444 Aug
4340
for checks and 4.85 3-1641)4.85 5-16 for cables.
4.8474
Tobacco Prod Ws
Commercial on
6.700 1234 July 3 14 July 27 12% July
July banks, sight, 4.84 44@4.84 44; sixty days, 4.7944(44.79 13-16; ninety days.
Class A etfs
2,400 1534 Aug 2 1734 July 27 15% Aug 10
and
4,7734,
documents
for
payment.
July
4.70
183.4
44 ©4.70 13-16. Cotton for
Transcontinental 011 rts 153.400 1 July 30 134 July 27 1
July 144 July payment, 4.84, and grain for payment, 4.84.
United Carbon
• 1,400 82 July 27 843.4 Aug 2
To-day's (Friday's) actual rates for Paris bankers francs
July 93
July
United Cig Stores elle • 1,000 1334 July 29 14 July 27 82
were 3.9174
13)4
for
short.
3.9134
July
bankers'
Amsterdam
guilders were
16% July
United Corp rights__ _ 102,000 534 July 29 634 July 27 444
Exchange at Paris on London, 123.85 francs; week's40.0644 for short.
734 July
United Dyewood_ _.100
range, 123.85 francs
120 103.4 July 29 1034 July 27 644 July
high
and
123.73
francs
low.
Apr
21
May
United Gas & Impr Co* 266,900 54 July 29 58 July 31 4
The range for foreign exchange for the week follows:
634 June 693-4 July
Preferred
810 943.4 July 27 9534 July 31 9244
July 95)4 July
Sterling, ActualUS & Foreign Secs_ _.• 25,000 623.4 July 29 693.4 Aug 2, 58
Checks.
Cables.
July
6934 Aug High for the week
Preferred
• 1,800 91 July 27 9234 Aug 1' 89)4
4.8534
4.85 9-16
July 92% Aug Low for the week
Univ Leaf Tob pfd_100
10 120 July 31 120 July 31 120
4.84 11-16
4.85
3-16
July
Mar
Bankers'
l'aris
Prunes
Va El & l'ow pf (6).100
120 9934 July 30 100 July 27 99)4 June 12334
1023.4 Jan High for the week
Va Iron Coal & Coke100
10 21 July 29 21 July 29 21
3.9234
3.92%
July
for
the
2534
week
Low
May
Zenith Radio Corp_ _ _* 9,100 46 July 29 4914 July 27 45%
3.91 9-16
3.91 27-32
July 52% July
Amsterdam Bankers' Guilders}Mb for the week
• No par value.
40.10
40.1134
Low for the week
40.04
40.07
Germany Bankers' Marksfor the week
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c. /Ughfor
23.84
23.84%
the week
Low
23.8074
23.82%
Int.
/at.
Maturity.
Rate.
Bid
Asked.
Maturity.
Rate. Bid
Asked.
et.
Sep1.161929.-- 44% garss,
414% 991121' 992 n
1)eo.151929
Mar.15 1930._ 54% 100,81 1 100.2.
Sept. 15 1930-82
Mar.151930-32
Doe. 15 19311-32
Sept. 15 11129
Dec. 15 1929
34%
34%
834%
4411%
44(%
97iii
97un
972.2,
97.8.
97.2.
992"r. 100
99.2,1 100
The Curb Market.-The review of the Curb Market is
given this week on page 749.
A complete record of Curb Market transactions for the
week will be found on page 778.
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
Fos gales during the week of stocks not recorded here, see preceding page.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
July 27.
Monday,
July 29.
Tuesday,
July 30.
Wednesday,
July 31.
Thursday,
Aug. 1.
Friday,
Aug. 2.
Sales
far
the
Week.
PBR MARS
Range Since Jan. 1.
On basis of 100-share tots
Highest
Lowest
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARB
Range for Preytoss
Year 1928
Highest
Lowest
Railroads
per share $ per share $ Per share Per IWO
Par
$ Per share $ per share $ per share $ per share $ per share $ per share Shares
24534 251
24438 24934 24514 25118 249 254% 25114 25712 254 26234 34,400 Atoll Topeka & Santa Fe....100 19518 Mar 28 26234 Aug 2 18238 Mar 204 Nov
100 99 May 16 10378 Jan 7 10211 Jan 10818 Apr
2,600 Preferred
101 10118 101 10138 101 10114 *101 10114 10038 101
10034 101
4,000 Atlantic Coast Line RR-100 169 Jan 2 20912July 16 15718 Oct 19112Map
197 197
194 196
195 19712 196 19718 19712 19712 19612 199
100 11518May 27 138%July 25 10334 June 12558 Dee
13212 13578 12934 13434 13138 133 13212 13414 13338 13538 13438 13638 88,800 Baltimore & Ohio
77 Nov 85 Apr
100 75 June 13 8013 Mar 20
700 Preferred
*7512 76
7512 7512 *76h 76
7512 7512 *7512 76
7578 76
61 June 8414 Jan
6412May 8 8814July 25
8538 86
84 85% 8313 8434 8212 8414 8212 8412 9,900 Bangor & Aroostook
8414 88
100 105 Apr 4 11058May 20 104 Dec 11534 Mar
160 Preferred
109 109
*10714 109 *107 109
107 107 109 109
109 109
68 Feb 91 Dee
100 85 Apr 4 145 July 25
2,000 Boston & Maine
12978 130
140 1401 132 132
130 133
13112 13134 *12514 130
60h 801
5353 Jar 775g Ma,
6012 8,000 Bklyn-Manh Tran v t o_No par 5918Ju1i 31 8178 Feb 25
5914 6038 5914 5913 5918 6134 6018 607s 60
No par 79 July 29 9238 Feb 1
82 Jan 9533 May
200 Preferred v t o
83
*7812 85 *79
79
79
83 *78
8112 811
83 *78
Brunswick
Term
&
18
May
Ry
28
44le
1412 Jan 4774 Beni
Seo_100
Jan
18
1,900
2418 25
2412 25
2212 25
*2214 2412 2438 2438 *2214 24
3214 July 641i Nov
5,100 Buffalo & Susquehanna- - A00 5434 Jan 26 85 Mar 2
84
68 68
6812 7112 75 83% 83 85
837s 83% 80
100 5118July 1 3112 Aug 2
38 Sept 63 Nov
7414 811z 2,906 Preferred
*52
58
57 62
5538 56
6514 72
82 65
100 218 May 27 2697,3 Feb 2 19512June 253 Nov
22,600 Canadian Pacific
227 2293 224% 229% 22834 229 22812 231% 22711 23138 22438 228
Caro Clinch ac Ohio Otis sVd100 9434July 24 10112Mar 14
98 Sept 10714 Mar
97 *95 97
*95 97 *9514 97 *95
*95
97
*95
97
Chesapeake
&
Ohio
195 May 20 2771:July 17 17511 June 21834 Dee
100
25518 2581 253 257 253 259% 257 258 257 258
25812 26334 9,000
412July 11 1934 Feb 4
100
553 Jan
1834 May
400 Chicago & Alton
*6
7
*6
7
7
7
7
7
*6
7
7
714
778 Feb 268e May
100
612July 9 2533 Feb 4
812 812 *812 918 agh 914
9
9
8% 81
914 94 1,100 Preferred
37 Feb 4814 May
Ohio & East Illinois RR-100 28 May 20 43 Feb 4
31
*26
*30
31
*28
32 *29
32
31
*28
31
*28
Preferred
58 Aug 7658 Ma,
100 49 June 26 6674 Feb 4
61
*58 61
*57 61
61
*58
*58
61
*58
61
*58
918 Feb 25 Dee
1818 161
153a 18
1553 1638 1538 1634 1578 1634 1578 164 6,700 Chicago Great Western.._ 100 1234May 28 2378 Feb 1
2013 Feb 50% Dee
100 39 June 11 6358 Jan 31
4314 4434 4434 4612 *4512 464 44
4334 451
33 4512 0.300 Preferred
4514
2214 Mar 4011 Apr
37
3878 397
3938 3734 387a 3838 3912 39
40% 3834 4012 32,100 Chicago Milw St Paul & Pao__ 2734May 28 43 July 20
87 Mar 5958 Nov
6334 Feb 2
461sMaY
6138 45,900 Preferred new
5812 597
5712 5878 5818 5913 5814 59% 5938 6134 60
9313 8912 9138 90 9214 91
78 June 9414 May
92
93
9034 9214 9112 9314 28,900 Chicago & North Western_100 8014May 28 9714July 20
100 134 Apr 24 145 Feb 5 135 Dec 150 May
400 Preferred
*134 136 *134 136
134 134
136 138 •135 1364 13612 13612
Chicago
Rock
fel
&
115
.May
27
14273July
18
106
Feb 13938 Nov
Paelflo-100
13413 13512 13012 134
13612 13912 13,100
132 13314 134 135 135 137
100 10514 Mar 27 10814 Jan 25 105 Dec 11113 May
600 7% preferred
*10614 107
10512 106
106 106
10578 106
10534 106 •10512 106
100 9812June 20 10278 Feb 5
99 2 Dee 105 May
9912 9912 994 9934
700 8% preferred
9934 9978 1004 10018 *9934 10034 *9912 1001
Colorado & Southern
100 101 May 28 135 July 20 105 Aug 126 Mal
*125 132 *125 132 *125 130 *125 132 •125 13012 *125 13012
100 68 July 3 80 Jan 25
87 July 85 Ape
150 First preferred
73
73
75
75
70
7414 *70
73 *70
73 *70
73
Second preferred
694 Nov 85 Ma7
100 64 Apr 22 7218 Mar 5
*68
70 *88
70 *68
*68
70 *68
70 *68
70
70
6912 Dec 8752 June
200 Conool RR of Cuba pref.-100 51 May 29 705s Jan 2
59
581
5778 577 *5778 59
*57
59 *58
5813 5834 *58
100 182 Mar 26 226 July 20 16314 Feb 226 AP
214 214 20834 2134 209 21138 21114 215 215 2164 21412 21734 10,200 Delaware & Hudson
14512 1471 145 148
145 146
145 14834 145 149
145 150's 13,400 Delaware Lack & Weetern-100 12014June 11 16012July 22 12514 Dec 150 API
501i Feb 6534 Avo
7578 7578 7238 75
75
7518 75
752 3,800 Deny & Rio Or West pref-100 5514 Jan 2 7734 Feb 21
7238 7312 744 76
238June 11
478 Feb 4
3 Atli
100
814 Jan
*234 312 *234 312
100 Duluth So Shore & Atl
234 234 *234 31
*234 312 *234 313
91 May
Preferred
100
4 June 11
711 Feb 4
438 June
61
*6
7
•6
*5
*4
6
*4
6
7
*6
7
100 64 Mar 26 8684 July 24
4854 June 7211 Dee
8278 837
8214 84
8534 71,100 Erie
8218 838 8038 83
8112 83
83
preferred
100
57
Mar
26
6614
July
2
50
6374
Jan
First
June
6218 6218 624 8218 6218 6214 621
6212 6212 62
62
6234 3,300
100 56 Mar 27 6378July 2
Second preferred
4914 June 62 Jan
*59 61
*59 61 *60 62 *60 62
*5813 63 *59 61
Northern
101
May
28
12814July
22
9313
Feb
11434
Nov
preferred-100
Great
11714
11812
120
11812
12012
11914
12282
21,200
120
116%
120
119
11912
9118 Feb 11134 Nov
100 100 May 15 12214July 22
116 11618 11314 1154 1134 11312 1134 11434 11212 114
11312 11512 5,200 Pref certificates
43 Aug 6178 MaY
527 5278 52
5234 1,000 Gulf Mobile & Northern...,..100 323eMay27 69 Feb 4
*4814 534 *4814 52
50 5014 50
51
100
901
6
103
Jan
3
99
Preferred
:June
Aug 109 May
97
94
95
500
9634 9634 96
96
96
96 *95
*96 97
7 Aug 17% Juno
7 Feb 18 114 Apr 20
Havana Electric By.,_.No par
*814 9
*S
9
*8
9
*8
9
*818 9
*814 9
51 Dec 7818 84391
Preferred
100 55 Feb 16 73 Apr 15
75
75 *70
75 *70 75 *70
O70
75 •70
75 *70
100 375 Mar 26 525 July 15 340 July 473 Nov
40 Hocking Valley
505 505 500 500 *492 515 *492 515 *492 510 494 494
5018 Dec 7313 Apr
100 3412may 28 5838 Jan 5
6,900 Hudson & Manhattan
48
4838 4734 4812 47
*45
4512 4413 4538 444 4614 46
81 Oct93% Apr
100 70 June 25 84 Jan 18
1,100 Preferred
78
78 *74
74
75
7478 7478 *73 75
7534 7814 *74
100 13212May 27 15312July 20 18133 Jan 14834 May
3,400 Illinois Central
145 14612 144 14638 14414 14512 147 147
*146 14878 *145 149
Preferred
100 1331254gy 31 15112July 20 13011 Jan 147 May
*143 150 *145 152 *144 152 *145 152 *142 152 *142 152
75 July 8238 June
20 RR See Stock certificates... 7238July 26 8018 Feb 21
75
7434 7434 *73
75 *73
*7214 75
*7234 75 *7234 75
29 Jan 62 May
10,100 Interboro Rapid Tran v t 4%100 1958July 30 5838 Feb 25
20
2114 22
20
2318 2112 23
1938 2018 20
2014 20
3618 Mar 5218 Nov
Cent America__100 43 Apr 1 59 Jan 26
of
Ry*
jut
*4438
*4414
49
49
*4438
49
*4430
49
*4414
49
49
*444
Jan
25
4018June
1
5911
Certificates
No
pa
44418
53
4.444 53 *44'8 53
*4458 53 *4438 5312 *4438 5312
Cityeferred
100 6912June 13 8014 Jan 2 6978 Jan "iF May
7412 7412 28,620030
75,8 7638 744 75
76
76
X73'8 7412 *73113 74
43 Jun
95 Nov
Southern__ 100 78 Mar 26 10873July 20
Kansas
10238 10234 102 10434 103 1048 10212 10378 103 10534
103 104
6613 Aug77 Apr
100 63's July 3 704 Jan 15
800 Preferred
65 6538 *65 66 *66
67
67
65 65
67
66
66
8418 Feb116 Apr
50 7734May 29 10214 Feb 2
9234 93
9238 937s 1,700 Lehigh Valley
94
9238 9334 *93 9312 94
93 93
100 13812May 28 1534 Feb 5 139114 Nov15918May
1,900 Louisville & Nashville
144 145
145 145
145 145
145 14512 143 14612 14512 146
40 Jan 64 May
Jan 11
337 3378 3312 3312 3338 3714 354 3712 36
*3312 34
3714 8,100 Manhat Elev modified guar100 3113 Apr 8 5713
3813 Dec opt May
20 May 28 391k Jan 4
St
Ry
prior
pref--100
Market
0
•22
•27
34711
3478 *26
34711 2712 3312
3478 *28
3478 *26
178 May
Oh may
Jan
19
22
3%
May
2
*238 21
238 238 ✓214 212
*214 21
216 24
214 214 1,100 Minneapolis & St Louts-100
40 June 5253 .1sn
300 Minn 8t Paul & 58 Marle_100 35 May 31 4712July 15
4234 44
47 *43
*44
47 *42
47 *41
47
47 *42
Jan
23
87
7014
Dec
3
6814June
Preferred
100
8733
May
77
75
*73
75 *73
*73
*73
77 •72
75
*73
77
60 Dec 7118 Jan
100 5638July 8 66 Jan 25
80 Leased lines
58
58
58
58
58
58 *58
*57
58
5812 *58
5812
6534Ju1y
20
3013
Mar
28
June
4212
58
Dee
Mo-Kan-Texas
RR-..-No
5818 60a 5538 59
Par
61,700
5712
5634 5918 584 5938 5814 5938
6034
100 102 Apr 9 10713 Apr 25 10118 June 109 Feb
105 1057 10514 10534 1054 10538 105 10538 10514 10514 104% 10514 2,500 Preferred
10138July
15
4174
Jan
4
6218
Feb
100
7614 Beni
9278 9312 9278 9614 16,400 Missouri Pacific
924 9418 924 9478 9214 94
94 95
100 120 Jan 2 147 July 22 105 Feb 12678 Dee
13978 14078 14078 14078 13934 14038 4,800 Preferred
143 143
140 1401 13934 141
50
70 Morris & Essex
80 *78
80 *78
80
*78
77
77
*7634 30 *7634 80
68sJj
ully
n1
17
19
8 23
89
7 18
77
6 j
JulY
an 2
72
111 Attig
ug 20
84
914L
ull
160 Nash Chatt & St Louis-A0° 18
*221 225 225 225 225 225 226 227 *230 240 *230 240
124May 28
358 Jan 25
2 Feb
515 Apr
300 Nat Rye of Mexico 2d pref_100
218 24 *2
212 *2
212
24 218
•24 238 *218 21
100 17812Mar 26 245 July 20 158 Feb 196.2 Nov
23212 23612 23512 24012 86,500 New York Central
232 234 22512 2331 226 2321 23212 236
12818 Mar 26 163 July 23 12114 Oct 146 May
1574 1571 15814 15834 15812 15978 4,300 N Y Chic & St Louis Co_100 100
155 159
153 1571 157 157
may 28 10914 Jan 4 104f8 Aug 110 Jan
100
1,000 Preferred
10478 1061 10614 10614 107 107
105 105
10478 1047 *104 105
50 27718june 13 379 Jan 18 168 Jan 605 Apr
160 N Y & Harlem
310 310 310 31012 301 315
*302 312 295 305 305 307
Jan 4 116 Aug 2
8073
545s June 8233 Dee
100
H
&
Hartford
N
Y
N
90.800
11214 11358 11338 11438 11378 116
1104 11238 10918 11238 1104 112
11458 Jan 3 125 July 3 112 Sept 117 May
3,000 Preferred
12234 1231
12434 1247 125 125
12234 12278 123 123
12312 124
28 32 Feb 4
231zJune
24 Feb 39 May
Western_100
&
Ontario
NY
8,400
251
253
4
27
27
2534
2612
2514
*2538 2812 25 25
25
3 July 24
978 Feb 21
514 Jan 13 May
v312 4
200 N Y Railways pref_ _No Par 33
*3
4
*3
4
3
3
*3
*134 4
4
may 28 4818 Feb 4
32 June 58 Nov
100
Norfolk Southern
*37
39
39
39 *37
*37
*37
3934 *37
39 *37
39
191
Jan
9
263
July
16
100
175
Western
June 19818 NOV
&
Norfolk
2521
3,400
4.252 253 252 254 25012 253 25178
252 25234 252 255
100 83 Feb 15 8714May 14
8478 Oct90 Jane
854 8512 4,8512 _ _ *8512 -- *8512 -30 Preferred
*8512 -100 9518May 27 11878Ju1y 22
9253 Feb 118 NOV
111 112
10838 11178 13,700 Northern Pacific
11018 1117 108 111
10838 11012 10918 111
100 ge may 27 11458July 22
9058 Feb 415 Nov
*108 109
107 108
106 1071 10612 1071 106 107321 10534 10818 5,700 Certificates
Ot7sJune 7678 DOS
50 7212 Mar 26 99 July 16
944 954 9434 97 80,200 Pennsylvania
9418 9534 9214 9434 93 943
94 953
2512June
4
35
July
16
190
25 Mar 07 May
&
Eastern
Peoria
*30
30 3
33 *30
33 *30
33 *30
33
33 *30
100 148 Jan 3 20344July 15 12478 Feb 154 NoV
198 19934 1,700 Pare Marquette
*190 19612 19614 19652 *190 195
19614 19914 *190 199
100 96 Jan 5 101 Mar 22
96 Oct10134 May
250 Prior Preferred
9618 9618 •9614 974 9638 9638 9612 973
97
97
97
9734
.
100 92 Mar 15 97 Jan 8 92 Nov10034 Mar
100 Preferred
•94 95
94 94 *94
95
*94
95
95 *94
95 *94
12558May
28
14834
Va----100
Jan
10
Pittsburgh
&
Wert
12114
Feb 163 0431
100
•141 145 *141 14312 *141 143 *14112 1433 1431z 14312 •141 143
50 10112May 27 12678July 1
9414 Feb 11953 May
122 12212 118 12012 119 120
11912 120% 119 120% 120 121% 14,700 Reading
4113 Apr 22 47 July 12
415* Nov 416 AP11
491
46 46
800 First Preferred
*46
4912 *48
*46
4812
48
4818 *46
4912 .
50 4358May 21 50 July 17
44 Jan 597s May
Second preferred
*46
4914 *46
*46
50
50 •46
*46
49
49
4934 *46
100 0318 Mar 21 71 June 19
50 Feb
500 Rutland RR pref
*68
70
70
6712 6712 67
*68
67 *66
70 *65
70
77 M111
D
13,000 St Louis-San Francisco.-100 10912May 20 133 July 15 109 Feb 122
12838 1291 12714 129
12712 130
12812 12834 12712 129
128 129
100 9214 Mar 26 9613 Feb 2 94 Dec 101 May
9434 948 9514 9514 9538 9534 9518 951
95
954 3,100 let pref paid
*9438 951
82 May 27 11584 Feb 4 6713 Feb 12418 Nov
1021t 103
*101 1041 100 100
100 10238 10278 103
100 10414 8,700 St Louis Bouthwestern......100
June
14
94
100 87
Apr 26
59
411, os Jar
300 Preferred
91
91
*9013 93 •90 93
*914 93
93
*90
90
90
100 12 June 15 3134 Mar 5
1152 Mar Ms Jan
1438 15
1434 143
1512 151
1312 1434 1313 1438 1314 1478 5,300 Seaboard Air Line
100 1614June 14 2411 Mar 5
17 Aug 38 Jan
200 Preferred
*1714 20 *1714 20
20
18
•19
18
*1714 20 •1714 20
100 124 Mar 25 150 July 22 11738 Feb 13114 May
141 14538 14134 1437 143 1437 142 145
14218 14478 14,200 Southern Pacific CO
144 145
100 138 May 27 16013July 16 13913 Feb 165 May
15112 15278 152 1521 153 1543 152 152
3,900 Southern Railway
15278 153
152 153
100 93 June 14 99 Jan 3
9658 Sept10214 Jan
400 Preferred
9518 951 .95% 9714 9515 951
*95
9512 9518 951 *9518 971
104 Apr 4 14078 Jan 14 100 Jan 15912 Jan
Mobile
&
certif.-100
Ohio
114
116
*108
114
1,200
*101
114
*101
114
*101
114
110 112
100 155 May 28 181 May 2
9911 Jan 19458 Oet
165 165 *162 170
300 Texas & Pacific
170 170 •166 170
170 170
*165 170
100 1214July 23 39 Feb 25
28% Jan 4818 Ma,
600 Third Avenue
1312 15 •14
18
14
14
16
1278 12% *1212 13 *14
3214 Sept56 Mal
400 Twin City Rapid Transit-100 39 July 1 584 Jan 25
40 40 *40
411
42
42 *40
42 *40
42
40
40
Preferred
100 93 July 11 100 Jan 5
9458 Oct107 Feb
*__ __ 90 *-- 92
90 •___.. 90
100 209 Mar 26 2761z July 22 18612 Feb 22478 Nov
14,100 Union Pacific
265 270 26112 268 263 269 26514 26834 265 26634 26614 270
100 81 July 12 13438Mar 16
8214 Oct8714 Jan
81
8118 8118 81
8112 81
600 Preferred81
81
811
8112 *81
*81
ao
as
iso
• Bid and asked prices: no Banff Ou tills nay. 5 Es-dlvldend. V Ex-right.
New York Stock Record-Continued-Page 2
For sales during the week of stocks not recorded here.
see second page preceding.
761
HIGH AND LOW SALE PRICES-PER SHARE,
PER SHARE
NOT PER CENT.
Sales
PER SHARE
STOCKS
Range Since Jan. 1.
for
Range for Prestos.
NEW YORK STOCK
Monday,
Tuesday, Wednesday, Thursday,
On
haste
of 100-share lots
Friday,
the
Year 1928
EXCHANGE
July 29.
July 30.
July 31.
Aug. 1.
Aug. 2.
Week.
Lowell
Highest
Lateen
HIghest
5 Per share $ Per share 5 per share $ per share S per share
$ per share Shares
Railroads (Con.)
Par 5 Per share
731 2 7412 72
per share $ Per share S per share
7318 72
7178 7212 7112 7378 724 75
73
Wabash
6,500
60
100
*9014 9034 90
May 27 8138 Jan 5
9014 90
90
51
*90
Feb 9614 May
9018 *90
9014 *90
400 Preferred A
9014
100 90 July 29 10478 Jan 7
*8312 86
*834 86
*8312 86
8612 Feb 102 May
*8312 86
*831z 85
*8312 86
Preferred B
4412 4578 4358 4518 4478 4638 4484 463
100 79 May 24 91 Jan 8
87 Feb 9912 May
7
44
46
,
8
4512
Western
47
15,100
3
8
Marylan
d
*45
100 3212 Mar 26 54 Feb 4
49
*43
49
*44
3114 Feb
49
*44
48
5484 May
*44
49
*44
Second preferred
100 3812May 28 5312 Feb 4
*37
3778 *35
3634 *3612 3712 *3612 3684 *3514 3612 363 49
3312 Feb 5478 May
4 3714
500 Western Pacific
100 32 May 27 4178 Mar 5
64
64
63
284
6378 04
Feb
6414 6412 6412 *63
3812
Deg
64
64
65
1,600 Preferred
100 56 May 27 67%July 22
5212 Aug 6212 Jan
Industr
Miscell
ial
&
aneous
45
4578 4512 4814 47
5034 5018 5118 50
5012 507s 5112 26,600 Abitibi Pow & Pap
No par 3818'May 27 5472 Jan 22
*8312 8414 8334 84
8312 84% 85
361
/
4 Nov
86
85
87
Api
87
86
8618 2,900 Preferred
100 79 Apr 10 8358 Jan 7
•115 12714 115 115 *116 128 •116 128 *116
76 Nov 10232 July
127
•116 128
100 Abraham & Straus____No par 101 May 28 15912 Jan 3
108 108 *10714 108 *107 108
90 June 142 Dee
108 108 *106 109 *106 109
120 Preferred
1011 106 June 4 112 Jan 2 me
*575 625 *555 600
600 60012 610 62012 621 62134 620
Oct 11412 June
620
1,500 Adams Express
100 389 Jan 16 750 Apr 23 195
89
89
*8714 89
89
89
*8712 89
Jan 425 Dee
8834 8832 .8714 89
300 Preferred
100 84843une 26 95 Jan 3
31
31
3012 3114 3134 32
93
Jan
3038 3112 3014 3034 *3012 31
9912 Max
Adams
2.000
kIllils
No
8klay
273
par
32
1
33
357
Jan
8
32
3312 34
15
304 Dec 3312 Dee
3712 3612 37
34
34
34
3.300 Advance RumelY
34
100 27 May 31 1047sMaY 1
50
50
5012 5012 5014 5378 51
11
Jan
51
65
Sept
50
50
50
1,600 Preferred
50
100 4018May 29 119 May 1
112 158
112
112
112 158
3414 Jar 691
1,2
RI
/
4 Sept
1%
1%
134
178 8.600 Ahumada Lead
14July 24
1
478 Feb 20
234 Jan
170 17234 167 16978 16818 172
5
/
1
4
Mar
17212 17718 175 17738 171 1768 18,000 Air Reductlon. Inc____
4
No par 0518 Apr 10 18134July 18
4014 4034 40
4034 3914 395* 3938 40
59 June 9938 Dot
3934 4078 4014 4034 5.600 Air-Way Lice ApplianceNo par 3714May
478 518
1
4878/)lay
478 518
13
478 478
478 5
-434 5
434 478 7,200 Ajax Rubber,Inc
No par
412May 31
1114 Jan 2
558 558
814
534 64 *6
712 Jut
6
61
1432 Jan
618 614
6
5,600 Alaska Juneau Gold Min_le
6
19
412June 4 1014 Jan 8
1934 1834 1878 1812 1812 1818 1814 18
1
Jan
10 Nov
1812 1812 1914 3,400 Albany Pert Wrap Pap_No
1%
5018 5118 4738 50
May
pa,
31
25
4912 5034 5018 5138 50
Jan
3
2234
Dec 311
/
4 Jan
5114 50
5214 353,800 Alleghany Corp
*113 115
No par 2758 Mar 26 54%July 24
114 114 *11312 118
11312 1131 *113
300 Preferred
11434 115
100 9918 Apr 1
113 11534 11234 11334 11312 11413 211112 110 *113 116
1183g July 15
112
11278 114
4,200
Receipts
308 312
8May
1003
302 309
1
118
303 312
July
15
3O08312
311 32112 316 323
22,600,Allied Chemical & Dye_No pa
*12114 122 *121 122 *121 122
41 Jan
34484July 8 146
122 122 *121 122
Feb 25234 Nov
121 122
300 Preferred
27434 278 *21334 278
100 121)14 Apr
125 Apr 27 12012 June 12732 May
271 272
275 279
1 Allis-Chalmere Mfg
275 27712 27412 275
55u 558 *538 534
3,200
Mar
100
5
166
28
28412July 25 11518 Feb 200 Dee
5
6
52
*5
38
6
*512
6
531
5001Ama
lgamate
2812 29
d Leather_No par
5 May 31 111,Jan 14
28
cps Oct 16/
29
2712 28
2734 28
1
4 Apr
*2712 28
2718 28
5,800,Amerada Corp
1134 1214
No par 2212May 2
1134 1134
4238 Jan 3
12
1234 1278 1278 1234 123
2718 Feb
4378 Nov
1214 1214
1.600, Amer Agricultural Chem__100 1018May 2
45
45
45
45
2352 Jan 15
46
47
474 4714 474 48 4 48
1558
Feb
26
Nov
48
12
1,6001 Preferred
•13813 140
100 40%May 2
13612 13978 13612 13914 13912 14114 141
73/
1
4 Jan 11
5588 Feb 7978 Nov
141
141 143
5,900 Amer Bank Note
*58
10 110 !der 2 14878 July16
69
*58
59
*58
59
*58
7434 Jan 159 May
59
*58
59
*58
Preferre
1
59
*1478 1512 1512 1578
d
50 57 July 2
6584June 14
1512 1512 1478 1812 164 16
60
Oct 657a Jan
1.800,Amerlcan Beet Sugar_No Par
18, •1512 1612
*50
1412July 1
53
2012 Jan 16
50
50
50
50
1434 July
5014 5012 5014 50141
2412 Ant
•50
54
700, Preferred
611 2 63
100 46 Apr 24 6014 Feb 5
594 8278 58% 624 60
36
Feb
0212 6112 632
6138 Sept
6018 62% 28,200 Amer Bosch Magneto__No par 4012 Feb 14 734May 2
Si's 578 5638 5778 5618 5634 561 2 58
1538 Feb 4438 Nov
5712 5778 674 5778 10,300 Am Brake Shoe & F___ _No pa
•117 119% *117 11712 *117 11712 11712 11712
45
Jan
16
62
Feb 4
3972 July
4918 Jan
*117
10 Preferred
3012 31
100 117 July 10 1264 Mar 21 120 Dec 128 June
3018 3114 2958 3112 3034 32313 3118 11978 *117 11978
3238 31
3173 22,300 Amer Brown Boyer' El_No par
1518 Jan 7 3434June 1
1018 Apr 2614 May
84
84
8218 83
8312 86
8512 88 I 8512 85341 87
1,470 Preferred
87
15633 169
100 4934 Jan 7 104 June 12
153 15778 15484 15834 315778
4014 Apr 654 Mal
'
•138 13812 13812 1384 *138 13812 138 162581 16112 16538 16334 16714 149,600 American Can
25 10734 Feb 18 169 July 12
704 Jan 1174 Nov
138 *138
10178 10214 09 102
400 Preferred
100 13612Ju1y 8 142 Mar 28 13634 Jan 147
100 10134 10014 10134 1004 13812 *138 13812
AP'
10234 100 101
5,300 American Car & Ftly __No par 92 May 27 10612 Jan 3
114 114 *11214 116 *114 116 *114
8814 July 11112 Jan
116 *114 116 *114 116
*84
100 Preferred
8512 *84
100 114 June 25 12,1 Jan 29 11032 Aug 1374 Mar
8512 84
84
84
84
*84
85
*84
*6312 64
200 American Chain Pret
85
100 7014May 3
63
6312 63
86 July 22
6334 63
71 Dec 105 June
6638 65
66
3
8
635
America
8
Chicle
11,600
4518 4514 45
65
n
No par 4634 Mar 26 6684July 5
454 45
4534 46
44 Dec 5034 Dec
4778 4734 4858 4734
33
33
4834 12,100 Am Comml Alcohol_ _ _No par 4312May 1
335* 3334 33
55 May 20
3318 31
_
3258 324 3258 *32
9012 91
2,500 Amer Encaustic TIllngNe par 2384MaY 3
324
8812 9013 8812 89
473
4
Feb 25
92
9134 9212 92
9212 9,200 Amer European Sec's
12812 13113 12412 1291 127 13212 00
No par 8288July 1'
9312July 24
133
12 13938 136 139
-13634 142 391,100 Amer & For'n Power
10512 10512 106 106
No par 7514 Jan
142 Aug 2
106 10612 107 107 *105
228 Feb 85 Dec
107
107 107
*94
1,000 Preferred
9514 *94
No vat 104 July
9514 95
1084 Feb 14 104/
95
1
4 June 110 May
9514 9612 9534 96
95
2,900 2d preferred
07
35
par
35
No
3434 35s 3412 36
88
Apr
103
Feb
21
81
i34/
Feb 100 Sept
1
4 35
3418 3434 34
1,200 Am Hawaiian S S Co
34
614 614
10 2418 Mar 2
64 614
42 Apr 19
6
614 *51 2 6
*512 6
*512 6
1,000 American Hide & Leatber_100
*34
36
6 July 3
*33
36
*33
10 Jan 2
36
*33
814 Oct 1532 Feb
35
3318 3318 *324 331
500 Preferred
75
75
*7414 751 *7414 75
100
3014
Feb
42
June
3
31 Nov 67se Feb
75
75
74
7478 744 747
2,000 Amer Home Producta_No par 64 June
4512 458 4458 453
8532 Jan 24
4434 4512 46
59 Feb 86 Noe
46
4612 48
468 483* 22,810 American Ice
*90
92
No par 38 Mar 26 4812July 15
*90
92
*90
02
28
99
Jan 4632 Aug
9014 *9014 9212 *01
921
500 Preferred
74
89%May
100
7558 71
23
7512 72
96 Mar 6
744 7318 7534 7318 745
90
Jan 994 May
7334 747 48,500 Amer Internet Corp_ NO par 5212May 31 7958July 20
*412 434
412 412
47
458 458
47
__458
458
458 458
800 Amer La France & Foamite_10
*__ __ 50 11._ _ _ _ 65
412June 10
878 Jan 10
_..
55---- 50
514 Jan
ill% Oct
50
50
280 Preferred
523
*128 129
100 50 Aug 2 75 Feb 21
1253 128
126 128
56
Jan 8512 Oct
128 128
128 1318 12912 13012 8.700 American Locomotive_No
Pa 10288 Feb 18 136 July 16
87 June 115
'
11712 110
Jan
119 119 •1174 11934
6241 11712 11712 *11712 11934 11712
900 Preferred
119%
17914 1791 179 18012 *177 18012 170 180
100 113 Jan 3 11978 Aug 2 10314 Oct 134 Mar
182 182
178 18012 1,100 Amer Machine & Fdy_ _No pa 14714June 3 192 July 18
62
6238 604 628 6034
12912 June 183/
62
12 6378
1
4
63
Dec
6
Metal
6
1
2
Amer
Co Ltd___No pa
6622 7018 61,600
9120 122
50 May 27 8134 Feb 6
12178 12178 *120 121 *118 120
39 Mar 631,Nov
120 120
122 12218 1,4001 Preferred (6%)
100 11338alay 21 135 Feb 6 109 Aug 11712
70
70
66
6914 664 67
6812 6812 6614 67
May
67
1,790,Amer Nat Gas prig__ _No pa
69
65 July 19 98/
1
4 Jan 7
43* 438 *4
414 *4
414
963
4 Dec 99/
4
4
1
4 Nov
*4
4
1
4
600:AMedeall Plano
No pa
4 June 13 1772 Jan 31
25
25
*2258 25
25
25
12/
1
4 July 25 Feb
*2258 25
*2258 25
*24
258 245
Preferred
260
100
15014 15214 145 15012 1443 149
1812June
28
55
Jan 31
148 15338 15034 15412 15214
38
Dec 90
Jan
15478 90,900 Am Power &
pa
8112 Jan 8 15838July 24
9934 10018 9978 9978 100 100
100 100
6214 Jan
994 9978 100 100
95 May
1,100 Preferred
No pa
*7312 74
9838June 14 105 Feb 28 10012 Dec
•7312 74
*7312 73% 7312 7313 7312 7358 .
10714
7
8
0
3
18
8
7
3
1
1
8
Mr.1
8
Preferre
1,100
d
A
pa
No
81
81
70 May 31 80 Feb 13
80
80
*784 8114 *80
8114 80
7018 Nov
7712 Nov
804
300 Pref A ,tamped
4612 4758 4512 4778 4684 48
No pa
78 July
4983 48
48
8112 De
4912 4788 4878 110,600 Am Rad & Stand Belfry No par 4018May 25 8484 Feb 15
86/
1
4 Nov
28 5412July 17
RallWaY
Amer
Expresa
43
43
____100 12978 Jan 16 188 May 3 11018
40's 43
42
4258 4158 42
41
4213 -59i8 117Jan
- 143 -1Yei
12518 12614 123 12518 124 1251 2 12158 1273
3
39718
8 -1,400 American Republics„-NO 1,
2
: Aug
A
uu
u
l
yy3
6
/
1
4
J
4
7
F
e
en
b
2
5
1224 12512
511
3,
4
1 Fe
85
Apr
96 10612May 2 1343
*644 65
12738 33,700 Amer Rolling Mill
65
65
654 651 2 6512 651 *6512 66
8July 12
61'234
*3254 33
66
1,300 American Safety Resor_No par 61 June 1
66
33
33
3312 3312 34
74/
1
4 Jan at
34
-E6.- -.Jan 74.Sept
3312 34
*312 4
*3284 3414
Amer
800
Seating
314 338
t
par
No
0
v
312 312
4178 Mar 15
318 33*
2738 Nov 45 May
35*
338
• *92
3,13
94
358 1,900 Amer Ship & Comm
*93
No par
94
93 10112 100 100
100 100
Aug
618 May
11038 111
100 100
1,250 American Shipbuilding _ ___100 8112June 13 10214July 11
10818 11058 1093* 11134 11058 1111 1113
80 Sept 119
8 113
114 11578 104,500 Am Smelting & Reflaing_100 9312 Jan 16
Jan
*13312 134 *13312 134 •
1 1334 134
135 135
1241
/
4 Mar 1 169
13412 13412 *132
Feb 293 Dec
Preferre
18314 18314 *185 190 *185 190 *185 190
d
200:
13312
130
100
May
31
138
Jan
4
185
131
Mar
142
Apr
10134 102
200 American Snuff
10112 10112 *10112 103 *102 12103 •10212 185 *185 187
1791
100
2June
5
208 Feb 1 141
103
Jan 210 Dec
10212 10212
110 Preferred
100 10112July 29 112 Jan 24 100
638 6378 6212 64
Oct 120 Jute
628 6312 6312 66
6414 6614 6518 667, 1,3401 Amer Steel
*112 11272 112 11214 11234 11284
Foundries-No Da
56 May 28 7972 Feb 4
112 112
1101
504
2
June
1101
2 *11012 111
7038 Jan
68
68
200 Preferred
6614 68
*6612 68
100 110 June 17 114 Mar 13 109 June 120
6618 6612 66
8614 66
84
Feb
1,800 American Stores
8412 838 86
No pa
834 84
65 June 21 85 Apr 25
8334 83% 8234 8334 8238 66
8318 4,300 Amer Sugar Refining
-_
108 108
108 108
108 108 *108 10812 10812 10812
100 7112 Apr 5 9434 Jan 25
55
Feb 9312 Nov
*108 10884
42
Preferre
4318 41
d
600
4258 42
100
1043
8June
42%
4312
7 111 Feb 1 100 Feb 11012
4378 4112 4284 40
*2414 26
4112
13,900
May
Am
Sum
257 2578 •25
Tob
No pa
26
351,0une 1 60 Jan 2
*25
26
27
413
27
Feb 7358 Sept
*25
264 268
27
400,Amer Telegraph & Cable__10
25714 265
25918 265
17 Jan 2 3274 Mar 25
26514 26778 26718 280
1714 Dec 32
281 291 147,600 Amer Telep & Teleg
175 17512 17514 17618 176 176
Jan
100 19314 Jan 8 291 Aug 2 172 July
178 178
179
1791
2
178
211 Map
175 176
175 177
18078 7,000'American Tobaceo com____50 160 NW 28 18612 Jan 28
176 1778 17634 17934 17834 18078
152 June
11712 18078 14,0001 COMMOD class B
*11534 116 *11534 116
11534 116
10014Mar 20 188 Jar 24 152 June 18432 Dec
1154 11514 *11514 116
50
11512 11512
*150 158 *150 1561* •150 157
1844 Nov
i n
01 Amaraa
Preferred
4
200
100 115 June 20 1211
157 157
/
4 Jan 15
1
4 Sept 126
*19712 109
10712 10712 *10712 10814 10712 10712 *150 157 *150 155
Apr
Type Founders 100 13612 Jan 5 160 July 24 115/
10972 Aug 142/
1284 129
1
4 Nov
125 12834 127 12914 131 13612 10812 10812 *10812 110
22,6
1
0
8(
1
1
111(1 10714May 15 112 Apr 5 107
Nov 115 Mar
AmP"WfaertrWea
•100 1007* *99 10012 *9934 10018 *0934 10078 134 13634 13414 13534
Wk,&
0714
Jan
No
Den'
8
14812July
100
11
100
52 June
*9934 10012
100 1st preferred
1718 1712 174 1718 •17
7612 Nov
1712 1758 184 18
97 Jan 3 104 Jan 28
1888 18
98
Oct 106
*4014 4114 4014 4014 4018 41
1888 4,900,41.marican Woolen
Apr
100 1618June 21 2772 Jan 3
4118 4214
4212 41
14 ;uly
*1312 14
4112 2,400) Preferred
*1418 1434 1312 1312 1312 1312 4114
32/
1
4 Nov
3912June
100
28
583
8
1312
Jan
2
39 Aug 65/
*42
44
*4112 44
1312 1,400 Am Writing Paper etfs_No par
1
4 Nov
4112 4112 *4112 4212 *4112 1312 *13
9 May 28 1618July 18
423
4
*42
10.2
24
June
Preferre
23
23
4234
1001
d certificate-- _100 991,may 2
2334 24
1912 Feb
267* 244 2538 244 293* 2718 2912
RI Ma
u
r 1,
2
3
31
1 38 Jija
9112 918
91
nr
e 5334 Oct
01
20,600 Amer Zinc. Lead & gmelt___25 2218July 1
92
03
94% 9478
4984 M
93
*93
11218 11314 111 11314 11214 11414 11334 11514 92
948
67
Oct
25 9012July 26 1114 Mar 19
11514
11714
1178
4
40
119 428,600
68
*57
Jr.n 1177s Oct
67
dsedCopper MID. news° 99 May 20 140
Preofn
eff
67 '67
1Anse
67
0612 6612 67
671s 6718 6718
800 Anaconda Wire & Cable No par 6234June 13 861 Mar 22
5112 52% .50
62
4Nlay 9
50
5134 50
51
50
____
50
50
108 108 *105 1071 *105 1071 •105
5014 0,000 Anchor Carl
*108 112
No par 43 June 26 8238 Feb
10712 •105
21
-4/1 Dec 5458 Dee
60
5012 49% 504 5014 5118 51
100 Preferred
No per 10212June 17
511„ 614 5234 5284 10712
2958 29% 29
4 39,500 Andes Copper Iffnins No par 4488May 28 124 Mar 1 10614 Dec 111 Dee
2914 2918 3014 30
3134 3012 32% 3288 533
68/
1
4 Mar 1
35
364 Nov
*8518 86
17,400 Archer. Da'.
85
til Mid'Id_No par
851
85
85
56 Nov
8512 8512 8514 8514
854 8512 1,100 Armour & Co (Del) pre/ ___100 29 May 28 4912 Mar 4
551
1012 11
1034 11
/
4 Feb 11272 Nov
10% 11
1012 11
11
1114
95 Jan 30
11
11
868
6
13,000
of
8 Jan 974 June
5% 6
64
Armour
11110012
578
clam
A ___25
5% 6
1818
57
8
Jan
5%
G
2
6
1114
73
73
7.5001 Class B
72% 73
Jan
*7234 731 *7234 73 *7234 73
2312 Sept
588May 29
25
1014 Jan
*72% 73
500 Preferred
21
2014 2014 21
21
21
658 Jan
21
1312 May
21
100 71l4June 15 86 Jan 2
2034 21
*2038 21
24
•21
1,800 Arnold Constable Corn.); par 19 July
22
22
22
*20
22
718 Jan 9112 June
21
21
*2012 22 .21
17
407
8
Jan
2
22
200IArtloom Corp
524 63
3514 July 511
*5212 53
514 52
Fire, 21 July 31 30
51% 51% 6114 53
/
4 Apr
507
51
Feb 5
5018
5112 3,100,Associated Apparel Ind No Pa
5038 48% 5°
50
2814 Dec 4458 Mar
49% 50% 4934 5012 49
49581\fay 31 5S1
/
4June IS
50
_
13,300 Assoc Dry Goods
4412 4412 *4412 45
*441z 45
4412 4412 4412 4412
No
par
43
May
22
7034 Jan 10
45
4-614 Jun120 Associated 011
5614 574 594 6134 60% 61
61% 6138 6134 64% *4412
7511 Dee
/
4 Apr 5
6512 5,900 AUGI It W I 13 EI Line-No 25 4012May 31 471
*6312 65
5318 5318 5412 541
3712 Feb 5338 Sept
54% 54% 5412 574 63
pa
3218 Feb 16 6734June 25
56
His 2,200 Preferred
3718 Feb 5972 May
6518 6778 67
654 67
673
6614 68
100
66
58 67%
11 6112June 26.
6718 60,600 Atlantic Refining
10214 10214 10078 101 *100 101
100 10012 99 10018 66
Feb 65,4 005
25 131842 .
Feb.
Jan 29 777g July8' 38
•102
98'2 981 102 102
2,200 Atlas Powder
100 100
101 101
50 Nov 6612 Dee
NO pa
10(1 100 •100 103
90 Apr 15 115 Jan
101
Preferred
2
63
*1611-1612 16
170
•16
16
Jar 114 Dec
17
*16
1612 •16
100
981
16% 16
2July 30 1064 Jan 14 102
16
385 390
200 Atlas Tack
38014 388
385 405
July 11012 May
406 424
NO pa
423 432
lai%F
ir
415 42712 12,800 Auburn Automob
y 25 1776 July 16
814 Jan
ile_ _ No pa 217
1738 June
16 432 Aug 1
Saturday,
July 27.
851,g,,..P,'„'YyNi
•II NI and asked prices: no oaks 00 Oils day. s Ea-flividend.
I Ea-rights.
762
• ed-Page
New York Stock Record-Continn
recoecedlag
got ash,a during the week of stocks not
NOT PER CENT.
HIGH AND LOW 3.4 LE PRICES-PER SHARE,
Friday,
Thursday,
Wednesday,
Tuesday,
Afondao,
.31nurdau,
Aug. 2.
Aug. 1.
July 31.
July 30.
July 27.
July 29.
STOCK
NEW YORK STOCK
EXCHANGE
Sales
for
the
Week.
PER SHAER
Jarmo SIstes les. 1.
Os bases of 100-share lois
Highest
Lowest
PER SHAMS
Ranee for Front's*
Year 1928
Lowest
Highest
per Mare
per share
Indus. & faecal- (Con.) Pas $ per same $ Per More $ 44 Jan
94 May
share $ per share $ Per share Shares Austin, NIchola & Co_No par
512May 28 10 Jan 11
$ Per share $ per share $ Per share $ per
5t2 512 .512 512 5.100
512 512
Jan
25 July 39
4218 Jan 14
14
Mar
32
non-voting.-__100
Preferred
5,2 512
*513 6
54 54
400
36
34
38
75 May
Oct
*3612
.58
8
38
Jan
65
12
*36
15
5112July
3612
3612
Anstalt
38
38
.36
Credft
*36
Austrian
58
*544
4
341
Nov
58
Jau
*5412
8
58
Apr
58
8
*5412
613
4,5412
*5413 58
No par 224 Feb 15 353
*544 53
8,800 Autogales Corp
3114 31% 3/12 32
25 Aug 41 Nov
31
_50 3614 Mar 4 4374 Jan 23
900 Preferred
*314 314 314 3112 3058 3112 31
394 3913 40% 42
43
Oct 524 May
40
*39
Alrtnetr Sat Razor "A"_No par 4214June 10 50 Jan '1
3912 394 3912 3912 *394 40
400
1
*42
2
8
42
423
.42
June 285 Mat
235
44
hfar 22
4214 4214 4214 4214 424 4214 *42
14,500 Baldwin Locomotive Wke_100 2/0 May 01 27112 Apr 3 115
248 250
251
Oct 12434 Apt
125
7
ue
11412Ju
100
24812 25213 24812 25334 24914 25314 25012 25312 250 120 *11913 121
200 Preferred
Feb 1 10714 Nov 11173 Jan
118 11812 11612 11713 117 117 •117 1191, 1194 105 *10612 107
10 13amberger (L) & Co pref 1110 104 June 13 11013
106
2678 Aug 354 Dec
2 3334 Jan 23
July
25
par
Yo
Brother;
•105 108 •105 107 *105 107 *10613 107
Barker
110
2613 264
27
91% Dec 101% June
2712 27
2712 *27
100 8538July 2 07 Jan 28
30
2713 *27
*28
*27
130 Preferred
04
.93
93
93
2313 Aug 5213 Feb
93
93
93
7 June 13 294 Jan 15
93
NO par
934 93
*23
93
200 Barnett Leather
912
8% *8
81
20 June 63 Nov
10
10
y
*8
491aMa
2
10
354
Aug
*8
chum
25
A
9
*8
Corp
*8
10
Barnadall
8 3612 23,900
355
3712
364
98 lane 14013 Mat
23
3712
Jan
4
3
113
37
1
No par 87 Jun*
3712 371; 3778
37
3712 38
400 Basuk Cigars, Inc
se 1104 Mar
9978 99% 997
997 *96
3 10634 Jan 29 10312
100
9912Ju3y
100 10014 *9912 10214 *96
*100 105
preferred
First
80
1214 Mar 2413 Doe
99 *100 10034 *100 101
99
No par 20 Feb 7 3.273 July 17
1119 101
.99 10034 *99 101
Beacon 011
19.800
2912
29
30
1014 Del
July
29
703a
13
394
20 73 May 28 101 Jan
2814 2934 2713 2933 2812 2833 2834
8,100 Beech Nut Packing
Jan
12 Dec 22
4 Apr 18
8412 864 8512 864 8512 8714
83 83
83
82
84
*83
1,900 Belding Hera'way Co_-No par 1034 Aug 2 /73
7
10
104
11
924 May
11
Sept
3
7
823
1118
3
Jan
114
84
114
•11
11
11
11
11
500 Beigfan Nat Rye part pref____ 81 Jan 29
8238 5233
1324 824 *8214 8212 8214 82,4 8214 8214 *8214 8212
24
8July
No par 79 May 31 1043
Aviation
538 Jan 1-02
Oct
4 9618 9858 90,500Ben11x
9614 10012 9518 9718 9512 99341 964 983
No par 7134 21,, 26 964July 20
93 101
9334 9118 9218 3.300 Bost & Co
5172 June 884 Deo
9214 924 0234, 92
9114 92
90
9113 93
306,300,Bethlehem Steel Corp __100 824 Jan 31 125 Aug 2
125
12314
1244
Apr
125
June
12218
12412
11618
2
3May 31 12334 Aug
12058 12212 122
12158 12338 120 123
12134 1234 2,300'Beth Steel Corn Pf C7%)_100 1165 Jan 21 61% Apr 5
3358 July 50 Sept
12112 123 *12112 123
par 4214
_
12113 12212 122 122
•12112 122
Bloomgdale ros___No
11114 July
4 51
*444 51
*444 51
*4414 51
*444 52
*4414 51
00 104 June 3 111 Jan 16 10913 Jan 122 Dee
01
11
4
*973
110
0
*
m
d
f
e
r
P
*9534
87 June
Jan 2
*9734 110
19
118
July
95
734 110
Co
&
pref_-_100
.9734 110
*9734 110
Blumenthal
Blu
20
97
*95
97
*95
95
4
95
451ay
1363
28
t;
s
po
p
1101411.1ay
95
&
o
95
o
v
13r__N
97
Alumlnum
97
*95
•96
119 1254 5,600; Bohn
lirs "fie;
11714 119
71413Mar25 8913 Jan 12
122 122
12018 12214 120 1214 116 120
100 Bon Ami class A
81
8234 81
1213 Nov
8234 *81
514 Jan
1134 Jan 2
El Mar 26
No par
800 Booth Flatteries
*8114 8234 *8114 8234 *8114 824 *8114
7
64
.
724 Nov
Mar
7
4114
4
3
*6
18
3
Jan
73
4
10
633
4
3
45
*6
Apr
100
7
7
*634 7
let preferred
738
*7
50
50 .47
*47
50
10012July 10
*48
8318May
28
*4712 50
25
Co
50
*49
*471, 50
n
27.700,13orde
9334 9614 9513 974
94
10 107 June 11 1434alay 1
ore
ne
ro
eau A..50
rg-1;ac
otan
Bo
93,4 9312 914 9314 9214 3438 93
00 13
300
16,6
83* Aug 23 "i,;;
11212 1147 11414 1183a 118 1191/
1612 Feb 11
811July 17
Corp3510.
•114 11414 11134 11313 11212 113
2118 Feb 6352 Oat
97
*914 073 *914 98 *914 973 27,200 Briggs Manufacturing_No par 30 May 31 634 Jan 3
94 9,2 *8
*914 98
3512
33
91e May
3313
14 Jan
3212
8
3
28
33
Jan
8
5
32
6%
3214
3318
July11
8
3'
315
100
32
314 3212
200 British Empire Steel
*312 4
12 Feb
214 Jan
312 312 *312 4
1311 Jan 28
100
54 Jan 14
*312 414 *312 414 .31s 414
1 2d preferred
814 *718 814 12,0001Brock
4512 Juno 754 Nov
73% Jan 2
4014July
27
par
Mot
Tr_
___No
way
*718 814 *71a 84 *74 814 *74 Sr% *74 44
4238 4212
4318 4418 43
100 106 Apr 30 145 Jau 2 110 June 150 Nov
Preferred 7%
4014 4278 4038 4114 4078 44
*80 105
*80 105
*80 105
H
N: parpar 170 Apr 9 22612July 12 139 Juno 20334 Noy
*80 106
*SO 105
*90 105
19,000 Bklyn Union Gag
226
n
21
2204
44 Dec 5612 Apr
216
216'2
213
4
3
213
3818 Apr 4 49 July 22
Inc
210
216 216
21112 215
900 Brown Shoe
474
47
2712 Feb 62/4 Sept
4712 4734 *4712 4734 4713 4713
Bruna-Balke-Collander_No par 3512July 26 5514 Jan 18
4814 4734 48
•48
3333 3914 3914 4178 8,300
2413 Fob 484 MaY
39
5
Jan
4
423
251351ay
28
384 34
10
CO
11513 3512 3512 3579 36
5,6110 BUM/la-Erie
3014
2918
31
4
3
30
3112
307
3038
3014 3038 2912 3012 30
3333 Feb 544 May
10 31138-May 23 50 Feb 5
5,0001 Preferred
41
4012
4112
Ann
41
Mar 117
411%
11014
4078
25
100 11112July 3 117 Apr
4112 41
4113 4012 4078
41
20 Preferred (7)
4 *11212 11234
No par 46 June 3 5153July 19
4,11114 11234 11114 11134 11134 1114 •11213 11234.1124 1123
800 Bullard Co
4812
.47
Oct
4812
127
44
Feb
4914
11
Jan
1
931a
•4813
Aug
127
9512
50
50
604 504 504 5OI
5001 Burns Broe new clAcoraNe par
9512 9512 *9512 100
1572 Mar 434 June
9712 98
*96 100
*96 100
100 100
200 New class B aom_-.No per 22-4June 4 39 Jan 14
31
2833 2914 *28
9734 Feb 11034 June
9514June 27 1054 Jan 7
*2914 31
*2914 31
*294 30
*2914 32
97
Jan 249 Dee
994 9714 9714 97
*97
s Add Maoh_Ne per 234 Jan 16 32934hlay 21 139
red
oruegrb
0 earr
00
Pre
63
9934 *97
•97
994 *97 100
319 319
50 June 88 Dec
3174 318 *317 319
NTO par 543k July 1 8918 Feb 2
317 31714 317 317
*316 320
900 Bush Terminal.
4
598
*593
116 May
5812
Aug
3
5812
5813
1047
Mar
2
5812
11012
29
1024June
5812
100
58
5812 5812
58
58
105 105
10412 10413 105 105
100 110 Mar 22 11813 Feb 19 111 Aug 1194 June
ureBldga pref
eigm
10434 10434 104 105 *104 105
ebT
pli
01Biut
150
1614 May
114 114 *114 115
834 Aug
4
Jan
8
123
29
646day
114 11412 114 115
Superior
alining....10
&
1144 1154 •I14 115
Butte
1,800
8
8
8
1214 Nov
8
413 Jan
4
8
913 Jan 3
41211113.1 28
8
5
8
8
Copper I. Zino
8
8
412 434 7.800 Butte
412 41*
3713 Dec 674 May
438 433
100 28 June 6 41 Jan 2
434 434
Co
453 434
412 4%
Butterick
1,700
31
30
30
30
30
9013 Jan 30634 Del
3()
30 .
30
31
•30
At Co (A M)____No par 12234May 29 1924 Jan 2
31
*30
133 13313 3.000 Byers
136 136 *13333 136
100 105 Ayr 3 12114 Jan 8 10833 Apr 118 Deo
13414 137
13318 134
13334 135
111 1/1
29 3738July 17
8July
317
Par
Cote
110 111 *111 113 •111 113 *111 113
ete
ed
new-Na
u
dr
er
o
rr
*111 113
e
131-P
40'
10
3218 3332 7.4
3312 34
72's Mar 26 8278July 16 181-3 Juno 825* Sans
3214 34
33
3173 3214 32
33
33
dt
(153 5.700
2614 Mar 36
718 ;1
28
7
7834 .
Petroleum-n- -N. l';1 25 June 17 30 Apr 3
o;rt Pack
7834 7914 7818 7934 7814 78% 7814 7873 7833 30
all1frG
114 Mar
54 Apr
*27
4 Jan 22
30
14July 26
*27
30
10
*27
30
Zino-Lead
27
•
0
30
O27
2A00,Callab8
3
13
8
15
6
135
8
May
15
112
14
16
112
123
July
4
13
112
112
158
158
et A Arbona MInIng..20
158
1334 13434 13,600Calum et & Baca
12914 13034 1294 1304 13018 134
25 3638May 28 6178 Mar 1 -iorg Jan
1274 129
1274 129
427 4438 24,8001Caluma Dry Ginges Ale No per 78 Jan 4 9834July 13
5472 Jan 8612 May
414 4114 427
41
16,8001Ca0ad
404 4133 4018 4034 4018 4138
92
904
9012
43 De0 50 Sept
9078 894
No par 3514July IS 484 Jan 3
8838 914 89
897
89
Cannon Mills
8912 90
1,100
3512
354
3513
3512
4
3
35
*3512
36
*3513
3513
3512
3512 3512
308 June 20 38812July 17
1,100 Cue Three% Machine e113100
---365 374
366 367
360 366
100 120 July 3 121 July 1
*350 375 *350 365 *350 360
300 Preferred ctfs
-___
124 *121 124
Inc_ No par 22 July 19 4218 Feb 28
bbs
Cavanagh-Do
*120 12312 120 121 *121 124 *121 12114 •121
400
Mar 8
10512
1
Aug
8913
2214 221 i •2212 2234 2212 2212
100
*2212 23
Preferred
*2214 23
*2214 23
200
*885 9212
No par 52 May 29 7938 Feb 4
*01111 9473 9014 90,4 8912 8912
*9014 91
*9014 91
1,200:C0101,ex Corp
54
100 8.514June 24 9312 Feb 7
5438 5334 5334 5338 5338 54
54
55
*54
5334 54
0' Preferred
31000contrai
89
8
*857
4 Dec 3913 -Deo
3538
-3817
89
*85
89
*85
3378
yar 30 June 10 4834 Jan 30
89
No
8
*S53
A
86
lirre
Asso
86
86
.85
.3378 3773
2818 Mar 484 Deo
*3373 3778
34
34
Steel_ _Ns par 4012 Mar 26 5914 Aug 2
35
Alloy
35
Central
*3458 35
150,500
5412 5614
Jan 1114 May
107
28
Jan
1134
2
Apr
4
1
105
5418 558 5414 56
100
erred
5118 5314 5238 54
u
f
u
ote
Pr
514 517
20 co
60
Oct
.10912 111
11 Aug 24
10 July 17 204 Jan
Ribbon Milb_No par
•10913 1111 *10913 1114 *10912 11113 10912 10912 10912 10912 10
10
10
77 Aug 92 MAY
1018 10
10
1013
100 69', July15 82 Jan 17
*1018 1012 *10
Preferred
11
*10
1
70
Ncv
119
*6612
Jan
70
584
1
•6612
Mar
70
*6612
28
120
8May
893
70
*6612
par
70
*6612
Cerro de Pasco Copper_Na
*6612 70
9614 9612 9712 8.000 Certain-Teed Products_Na par
234 Doc 6458 Apr
: 9513 96
9412 941
1612 Apr 10 32 July 30
93
9318 9238 93
93
3034 19,300
30
31
3138 29
75 Nov 100 May
30
100 474 Apr 12 8111 Jan 11
2712 2958 2814 32
2914 293
200 7% preferred
90
*70
90
30
74
*70
Jan
624
*70
24
70
June
par
49
70
Fllel
70
No
70
74
870
1.200 City Ice &
57
100 99 June 26 10514 Jan 24
Preferred
5713 574 57.4 574 5714 57
57
.
20
02
658 157
1 Dec83
.
50
2 *10
07
0 15
06%
No par 6634 Mar 28 9214 Jan 31
•100 10212 *100 10212 100 100 •100 102 •15
JCerto Corp
6234 July 8118 Jan
No par 7812 Mar 26 112 July 2
Chesapeake Cory
----1500
-2
5- -ii- -- --8July 25 111 Aug 17313 Dec
445
-8iT4 15.1; -8.
26
Mar
2814
?among
Par
Chicago
Tool
No
-fiaT8 -8-4-1-2
421.1 4212 4212 434 7,900 Preferred
43
4238 42
No par 4813 Mar 27 5658July 25
4258 4314 4118 4238 42
1.9001
541
5334 5418 54
2973 Aug 43 JACO
No par 2313July 16 3.5 Jan 7
5414 5512 544 5434 534 54
56
*55
260 Chicago Yellow Cab
3012 304 *304 3112
45 Dec 584 Oct
3214
*2912
30
29
10 36 July 23 50 Jan 2
304
011
294
Chickasha
Cotton
*3013 31
1.300
3614
36
37
3614
.
37
29
37 Apr 84 Deo
7
74%June
3612 36123
37
No par 4472 Mar 26
37
Childs Co
37
37
6838 7034 6858 70% 9,200
6918 70
6913 6912 6913 7058 6912 70
3738 Mar 74% No.
25 714 Jan 8 1274Mar 21
Copper
'Chile
*7258 100
*7233 100
5434 Jan 14013 Oet
*7238 100
*7238 100
Corp
No par 66 May 31 135 Jan 2
*7233 100
*7238 100
711 741 123,700 Chrysler
733
72
5114 Jan 544 June
7313 7212 74
7212 70
ICIty Stores clams A___Na par 48 July 8 52 Jan 2
7118 724 70
*1818 40
*184 49
*1818 49
par
1818July 8 27 Feb 4
*1813 49
No
*1818 49
e
.--__ 49
3,600,
107
1914
1913
1914
1914
Dec 109*, Apr
3
"Tsai%
724
Jan
1914
29
424July
1913
1014
par
1912 1913 1918 20
11.800,Cluett Peabody & CoNo
53
52
5214 56
4333 438 45% 52
100 10312July 12 119 Jan 3 1114 Dec 12434 Mar
4313 454 4218 43
105 106
10413 105
1
Aug
14912
1
8,June
1203
1044 10514 *10514 106
per
Co
No
105 106
106 106
13,000 Coca
149
_
145 14714 14773 1494 149 14913 .146
No par 4612July 3 50 Feb 4
1454 14678 144 146
1,0001 Class A
4 4634 4634 47
; Dec 11114 Jan
441
4634 4634 4634 4634 463
Alkoir
onoo8166NZ_Lo
&ed
forr
ar 46 July 29 7214 Mar 14
illens
*464 47
*464 47
7 50
4812 3,7001 Con.
4812
Jan
48
109
4
503
90
Nov
6
Feb
48%
26
10312
July
91
4912
464
4712
46
48
48
93
93 .91
*91
93
521z June 841g Jan
*91
93
*91
100 50 May 27 7812 Mar 8
93
9613 *91
*91
6918 23,400 Colorado Fuel & Iron
7018 68
July 9
79 June 1244 Dec
207
26
12114
Mar
6912 6712 691 % 68
66
•
t
Columbian
67
Carbon
Par
eNO
67% 6934 65
1974 20334 6,500
18914 200
81113 Mar 14073 Dee
*185 18634 18314 18512 *186 189 *18612 193
Colum Gaa & Elee__--No Par 534 Mar 26 943 July25
904 918 9012 92% 91 18 9418 137,600 Premed
100 10378 Mar 21 109 July 18 106 June 11018 Jan
9918 917a 8618 898 8814 90
1,1001
106
106
10612
Dee 8419 Nov
1064
9
61
Jan
4
10612
24
883
10612
5614June
107
10613
107
10611
10612
•10612
7 6778 135.700 Columbia Graphoolloas
21
Feb 71 Nov
6334 6512 6334 6518 64
par 43 Mar 26 624 Jan 2
65
6513 668 6212 6533 64
4612 51,000,Commerelal Credit__ .141.
23 Feb 27 Ma
25 24 May 27 2633June 18
4518 4733 4573 4712 4718 474 4634 4733 4618 4734 4618
4
,
26
.
4
243
2614
4
3
14
•24
Feb 28 Deo
23
June
261%
28
4
*243
21
Jan
2.5
25
25
*2413 25
*2434 25
Preferred
86 June 107 Nor
2612 *2512 2612 *2512 2613 *2512 26,2
*26
il (641%)_ _.100
2612 2512 26
25 9212July 30 10514 Jan 24
*26
Preferredat preferred
1
:)C°
0
2(
5
34
95,2
9513
95
14074 Nov
*93
Mar
4
95
554
Feb
4
3
94
2
196
Jan
9212
o
v
edf
e
1314
9212
9518
95
eit
)
n
Tr
er4
feprr
95,8 96
Ir
ust__No Par
i
90
00 1 Cor
0301
rn
Jan 109 May
99
17313 17633 1737 17713 1761a 1793% 72,4
17434 18412 1734 142
1737 174
100 10114 Mar 27 109 Feb 6
9233 June 9811 Aug
May 31 99 Jan 28
100
92
*104 10434 *104 10434 104 104 *104 10434 .104 10434 .104 1044
94
*92
94
618 Aug 30% Dec
94 .92
94
94
941
94
•93
94
100 2714 Jan 7 627s Feb 4
94
5213 5212 2,4001 Warrants
52
*48
56
*54
56
5678 56
564 *54
54
par 22514 Feb 18 4924 Aug 2 13778 June 3504 Nov
Solventa_N•
Commercia1
10.0001
4924
490
490 491
6214 Jan 11013 Deo
455 45834 450 45834 448 47313 480 492
4.700 Commonwealth Power_Na par 1074 Jan 7 246 June lb
Oct
235 233
2294 235
Jan 84
48
11220 230 *220 227 *220 22514 22412 228
Coude Nast PublIca_No par 5914June 3 93 Jan 10
1,300
65
65
69
68
70
22 June 314 Apr
69
6734 70
69
7012 69
•70
Cougoleum-Nairn Ino_Na par 194May 28 354 Jan 28
2434 23% 2433 2334 244 32,100 Congreett Cigar
67 Feb 8714 Dec
0
Feb
2312 2438 2418 2438 24
8
17
923
June
par
67
2334 24
No
34 May
6914 69% 6914 691z 1,400 Conley Tin Poll stpd_No par
4 Jan
7034 6912 70
86912 70
70
113 Feb 7
12June 27
*704 71
600
58
12
,3*
78
,
a
58
38
.58
34
*38
a
.58
794 Jan 100 Dee
No par 6012July 26 96,4 Jan 2
7438 6.700 Consolidated Cigar
4 Apr
71
1023
3
723
Ott
:
68
671
69
944
67
674
68
7
6612
Jan
27
04
7014
3July
63
100 773
5901 Prior prof
8212 8112 8334 8112 8112 8112 8112
23 July 2912 Sept
81
__NO par 25 Afar 26 3034 Apr 23
773*
2514 2.800 Consol Film Ind pref.
25
251
Aug 1704 May
2
2514 25
254 25
974
N14 25
hill
15614
5
2814
26
72 7
2
.
par
Mar
No
954
2
lidated
(NY)
Gas
292,900,Conso
974 Aug 106 Mal
140 14513 14114 14438 14414 14612 14638 1493g 150 15634
14414 146
No par 9612June 28 100.12 Mar 25
5,600 Preferred
612 Dee
24 Aug
9734 9734 9734 9813 9778 98141 9734 98
98
638 Jan 15
9814 98
212-June 3
98
258 5,100 Consolidated Textlle_Na par
212
7
234
36 Apr
8
25
27
24
20 Nov
713
2
9
4
Jan
23
2312
2
24
234
28
May
12
234
Container Corp A vot.._No par
3,200
4
Apr
153
7
194
1512
1534,
Oct
1512
4
4
4
15
2
153
16
03
153
1612
16
0 Apr 20 Ills Jan
1614 1614
Ye par
77
3,900, Class B vottall
734
734 734
2613 Apr 6312 Jan
July 9
74 74
734 74
734 734
734 77
13,100 Continental Baking el ANo par 474 Jan 8 90
Des
7
8614
94
84
Apr
%
81
80
82
851
*81
79
34
9
8114
y
80
1514Jul
818 Jan 8
Class B
7934 80
No Par
1218 1234 1214 1253 1253 1338 1318 1312 24,5001 Preferred
73 Apr 964 Jan
1212 127
100 8813 Jan 2 100 June 6
1238 12%
9634 9578 9614 3,800,
95
95
96
05
53 Lee 128% Sept
95
9412 95
95
95
Continental Can Ine_Na par 60 Jan 19 S23 July 13
50,800
4
783
7712
8
793
4
763
8014
377
78
75 Feb 94% May
7618
16
1001;
July
7673
7618 774 7538
10 79 Mar 28
14,200 Continental Ins
96
93
944 9512 9312 947
10 Mar 2013 Noy
Jan 21
9313 9238 95
3
283
92
19
1312Ju1y
par
934 94
NI
otors___No
Continental
17,8001
1333 14
14
8
137
134
14
13%
134
14
1353
1411
14
I
no Wes an MIR day.
•Bid and Liked prIcee
r Ex-div. and ex-rights, s Ex-dividend.
New York Stock Record-Continued-Page 4
763
For sales during the week of stocks not recorded here, see fourth page preceding.
L,
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
July 27.
Monday,
July 29.
Tuesday,
July 30.
Wednesday,
July 31.
Thursday,
Aug. 1.
Friday,
Aug. 2.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Sines Jon. 1.
On Oasis of 100-;hare late
PER SE IRE
Range for Previous
Year 1928
Lowell
Highest
Lowest
Highest
Ter share $ per share 6 per share $ per share $ per share $ per share Shares Indua. & Mi8cel. (Con.)
Par $ per share
yes
share
per
share
PH shaft
9912
9714
09
0014 1004
9058 98's 9914 08
994 9758 10018 30,100 Corn Products Refining__ _25 52 Mar 26 107',July 15
6438 Jan 94 Nov
•140 14034 14034 14034 *14034 143 *14014 143
143 143 *14112 144
90 Preferred
100 13958July 6 14434 Jan 12 13812 Jan 14634 Apr
5758 5818 5714 58
5718 5911 5768 5914 58
5914 5718 5878 18,300 Coty Inc
No par 51 Mar 28 8214 Jan 28
6238 Dec 8978 Nov
*30
844 *30
3472 *30
3478 *30
3478 *30
35
*30
35
Crex Carpet
100 224 Jan 10 574 Apr 17
1213 Sept 27 Nov
85
65
8514 8614 86
87
8712 89
8834 9578 9134 0834 13,500 Crosley Radio Corp_ _ _ No par 83 July 15 125 Feb 25
6518 6518 65
65
644 6614 *6512 66
67
67
67
704 3,400 Crown Cork & Seal _ __ _No par 4214June 26 7112July 20
*9514 9658 *9454 964 044 9458 *9458 9668 •11458 0658 *9458 964
Crown Will Pap 1st pf _No par 944July 22 10114 Jan 18
100
961, Jan 1-0
6
- 4 00*
*1014 20
*1012 20
*1912 20
1912 1012 1912 1912 191
. 20
1,400 Crown Zellerbach
No par
1812July 9 3534 Jan 9
2314 Dec 2634 Nov
103 104
10112 103
10158 10318 1014 104
10378 10478 104 105
8,200 Crucible Steel of Aram-log.100 85 Mar 98 1084July 3
6914 July 93 Feb
•109 111 *109 112
111 111 *109 111 •109 11034 *109 III
Preferred
200
100 109 Jan 8 11034 Feb 28 111 Dec 121 May
1534 1534 *1512 1612 1518 1512 *15
1512 1514 1514
1514 1512 1,400 Cuba Co
No par 1112May 31 2412 Jan 3
Oct 287k May
20
212 234
218 21s
218 238
218 214
215 238
214 18.800 Cuba Cane Sugar
2
48 July
174.1une 7
512 Jan 3
No Par
74 May
7
738
7
74
714 712
7
834
634 74
612 834 13,900 Preferred
100
572.1une 11 1872 Jan 3
1314 Oct 328e Jan
1334 1413 1334 144 1358 1378 1368 1414 1358 1414 1358 1418
6,200 Cuban-American Sugar- __10 11 Apr 24 17 Jan 3
1538 Dec 2414 May
7514 7512 7512 7512 76
*7812 78
76
754 76
*7512 77
240 Preferred
100 8018June 14 95 Jan 3
9334 Dec 108 Feb
*4
4
418
4
44 418 •312 4
44 418
*312 4
400 Cuban Doto'can Suit-No 21-13
2 Juno 21
83 Jan
5 Nov
Jan
12
52
5118 51 14 5118 5112 51
51
5112 52
5214 51
61
2,500 Cudahy Packing
so 4918May 27 87724 Jan 152 64
Jan 7814 AUX
•159 16012 1574 159
159 15978 1574 15012 15634 15734 137 15812 6,200 Curtiss Aer
& Mot Co_No par 1354 Mar 26 17312 Feb 5
534 Feb 1924 MaY
•11712 119
120 1204 120 120 *120 124 *120 124
120 120
700 Curtis Publishing Co._ _No par 117 Mar 28 129 Mar 16
11412 115 *____ 11434
*--- 115
11434'*____ 11434 •___ 11434
300 Pr ferrea
No par 11312 Mar 23 12134May 25
*305 500 *305 500 *305 590
°nehmen'', Sons
No par 20714 Apr 17 325 July 25 fiA Jan ii6 - Oct
•120 125 *120 125 *120 125
*20 12-6- *HO- 125 '120 125
20 Preferred (7)
100 120 June 19 133 Mar 22 114
Jan 141 Sept
*90
0278 01
90
9234 90
9434 9514 984 97
03
0734 3,300 Cutler-Hammer Mfg
10 5818 Mar 26 10112July 19
62 June 8512 Nov
07
97
, 9612 9634 9658 0814 2,300 Cuyamel Fruit
9518 9518 9412 9568 9814 961,
No par 83 Jan 3 984 Aug 2
49 July 83
Oct
5012 5212 51
5212 53
5212 5168 5212 5134 5238 5114 5234 14,800 Davison Chemleal
No par 4278May 31 8914 Jan 31
3438 Feb 684 Nov
*3332 34
3312 3312 *3358 34
*3368 34
34
34
3312 3312
300 Debenham Securities
58 33's July 9 4674 Jan 24
Oct 4914 Apr
36
118 11912 11812 120
118 118
11714 11714 117 119
118 118
480 Deere & Co pref
100 116 Feb 26 128 Jan 4 11512 Feb 1264 May
*320 33014 325 325
324 32512 33014 335
33814 37034 380 385
3,000 Detroit Edison
100 224 Jan 2 385 Aug 2 18812 Jan 2244 Dec
4458 4512 4512 4512 45
4578 4512 4512 46
46
4618 4718 2,600 Devoe & Reynolds A_-No Par 4312June 13 844 Feb 5
Jan
40
81
Apr
•115
*115
115 115
115 115
preferred
lst
30
112 Jan 7 11512 Jan 15 108
100
Jan 120 Map
11-12 130 111-4 *131 1-35
*31
184 1-34. 13412 13512 1354 138
450 Diainond Match
100 130 Apr 2 18412 Jan 11 13438 Jan 172 Nov
104
10
934 10
1018
10
10
1014 1014 1114
1058 11
30,000 Dome Mines, Ltd
No per
84 Mar 26 1114 Aim 1
8 June
134 Jan
5014 4518 4518 45
46
45
45114 47
4712 4712 *4518 48
1,900 Dominion Stores
No par 40 June 24 5414July 1
112 11212 110 112
111 11178 112 11534 11414 11534 25,200 Drug Inc
110 112
No par 105 May 27 12818 Feb 4 -8-6- KIWI. 12011;is:TO;
50
50
50
50
*50
50
504 50
50
50
5018 5018
900 Du ill International No par 478k July 8 92 Jan 2
5512 Jan 9938 Nov
*9034 09 •984 99
9834 9834 *9838 90
9832 9838 *9838 99
600 Duquesne Light 1st pref___100 £9141 Jan 24 10078 Mar 5
99% Oct 1164 Mar
*4
5
5
*4
*4
*4
5
5
*4
5
*4
5
Durham Hosiery Mills B__ 60
4 July 19 1112 Mar 4
3 Aug
812 May
19934 20378 196 20458 19512 19712 193 19512 193 195
193 194
30,200 Eastman Kodak Co__ _No Par 168 May 27 20778July 11 163 Feb 19414 July
•12514 127
12514 21514 •128 127
1254 12514 •12514 127
127 127
130 Preferred
100 12518 July 15 128 Mar 9 12312 Aug 134
Apr
*5914 3912 6912 6018 5938 597s 5978 62
60
627s 6114 814 7,700 Eaton Axle & Spring ___No par 58 May 31 7834 Feb 1
28
Jan 6818 Nov
18534 18734 184 187
186 18978 8312 19112 188 190
100 194
30.300 El do Pont do Nem
20 1554 Jan 22 202 July 5
11334 11334 *11314 114
11318 11318 113 11334 113 1134 11314 114
3,100 8% non-vot deb
100 113 July 31 119 Apr 5 114 July 12118 May
*27
*27
2712 *27
27
2712 27
2712 2814 2614 *27
2712 1,300 Eitingon &Mild
No par 2614 Aug 1 3938 Jan 10
334 Aug 43 Nov
*91
*91
*8912 92
93
*91
93
93
914 914 *91
200 Preferred 654%
93
100 9012July 18 113 Jan 19 10134 Aug 12172 Nov
160 163
15912 1624 16914 18234 16014 16234 16158 16212 161 18278 38.200 Electric Autolite
No par 12634 Mar 26 174 July 12
60 June 13812 Dee
10912 10912 *109 11034 *100 11034 109 109 '100 110 *109 110
20 Preferred
100 108 July 3 115 Apr 2 1084 Sept 11212 Dec
1012 1034
•1012 1034
1012 1034 1038 1114 1058 1158 1034 114 4,000 Electric Boat
No par 1018 July 24 1838 Mar 19
84 Aug 174 June
81
7734 8114 7734 80
80
7938 8112 79
8114 7912 8012 74,000 Electric Pow & Lt
No par 4318 Jan 8 84'4 July23
2834 !an 4938 Dec
106 10612 *10578 106 4.10578 106
10534 107 •10534 10612 10612 10612 1,300 Preferred
No par 103 June 25 10914 Feb 13 105 Dec 11018 Mat
•14012__ *14012 ___ *14012 ___ 14012 14012 14012
4114012
100 Certlficatee 50% paid
1404
12212 Jan
14012June 28 12014 Nov 12978 Apr
85 -g-ecs 834 -8-518 844 -844 8378 -86's 8534 8612 8634
804 27,200,80ec Storage Battery___No par 77 Mar 28 924 Feb 4
*3 4
69 Feb 9112 Dee
454 *314 44 *314 454 *31t
458 *314 44 •314
Elk Horn Coal Corp___No par
45*
318June 15
612 Jan 9
6
une
Jan
9
74 758
734 734 *712 9
*8
9
8
8
400 Emenson-Brant class A_No Par
2212
Feb
7
5
13187
3
514 Feb
164 Dec
6812 6812 *68
99
6818 0872 1334 6818 603 6434 7,600 Endicott-Johnson Corp__60, 6034
Aug
8338 Jan 4
7434 Dec 85
Apr
122 •110 115 *110 115 *110 115 *101 115 *101 4 115
Preferred
100 121 Feb
12414 Feb 28 12114 Jan 12738 Dec
(181s 6834 6512 6912 6612 6738 67
6958 09
7032 697a 7312 90.500 Engineers Publio Serv__No par 47 Mar 25 7312 Aug 2
33 Feb 51 Nov
•108 11018 108 10818 107 107
10712 112
10912 11412 11212 119
3,800 Preferred
No per 90 Jan 1
119 Aug 2
9012 Dec 1024 Oct
39
39
3884 39
39
39
3834 39 •3834 39
3834 39
1.100 Equitable Office 131dg._No par 314 Jan
41
May
294
1
Oct 3334 July
85012 504 5018 5018 50
5018 5018 80'8 5018 504 4934 50
1,500 Eureka Vacuum Clean_No par 444 Feb
54 Feb 28
63 Dec 79 Jan
54
*50
60
5114 50
5212 *51
52
*50
5234 5112 5112 5,000 Evans Auto Loading
5 50 July 2
7334 Mar 15! _
•2634 27
*2634 27
*2634 27
*2612 27
264 2658 *2612 27
10 Exchange Buffet Corp._No soy 2214 Jan 13 27's July 20
194 July 44-3
; Oct
IV
4312 4212 43
42
42
42
42
42
43
4234 43
1,800 Fairbanks More,
No par 404May 28 5134 Jan 21
3212 Jan 61 Apr
107 10718 *107 110 *107 10812 *107 108
10712 10712 107 107
80 Preferred
4Alay 10 11074 Jan 9 104
100
1063
1143
Jan
a May
65
6678 *65
66
.64
65
64
63
664 6634 .66
6634
800 Fashion Park Assoc_ _ No par 64 July 3
7258 Mar 211
_
*9334 96
*9334 05
*9334 95
*9334 944 •9334 0418 *9334 0418
1 Preferred
100 9612MaY 2 10118 Mar 211 _
**NI?. 90
894 90
87
87
91
04
*87
95 I .87
93
2,400IFederal Light & Trae
15 6818 Jan 3 109 June 19
42 Jan
71 Dec
*100 10014 *0912 10014 *9912 10014 *100 10014 *100 10014
*100 10014
Preferred
No par 9712June 11 104 Feb 6
Jan 109 Apr
98
250 300 *250 300 *250 300 *250 300 *250 300 *250
300
Federal Mining & Smeit'g_100 215 May 22 310 Feb 4 120 Apr 230 Dec
*99 10038 *99 10038 *99 1004 *99 10038 9914 9914
*99 10038
Preferred
100 984 Mar 27 102 July 5
9114 Jan 10212 Sept
•1412 15
14% 1484
1412 1434 *144 1434 1458 1458 144 1458
1334Juue 20 2238 Feb 6
800 Federal Motor Truck_ No Par
184 Aug 2578 May
109 11034 10712 109
10712 109
108 109
10712 108
107 10812 5,800 Fidel Phan Fire Ins N Y____10 9014 Mar 26 114 July 24
7514 June 10712 Dee
*818 10
*812 10
*812 10
*812 10
*812 10
.812 10
612Ju1y
Hue
!Fifth
Ave
1334
23
No
Mar
par
2
1114 Jan
164 May
•65
*65
72
6712 05
6712 .65
65
68
70
70
72
1,300 Filene's Sons
No pas 85 July 31 9812 Feb 25
•100 101
101 101 5100 10112 994 100
10012 10012 *10012 101
9838June 18 107 Jan 23
3701 Preferred
1
73
72
7312 7134 73
72
72
7312 714 74
74
775* 25,400 First National Stores__No Par 62 Apr 18 7712 Aug 2
18
Apr 764 Dee
734 77a
712 778
74 778
74 8
778 8
734 8
71 July 30 2018 Jan 23
18,800 Ffek Rubber
No par
84 Aug
1734 Jan
9278 931. 9134 9278 9158 0378 924 044 9234 9458 9314
9478 33,000 Fleischmann Co
No per 8518 Apr 30 9818 July 17
85 June 8933 Oct
*4818 51 18 4812 4812 4814 4814 4812 5018 *49
50
49
49
700!Floreheins Shoe el ANe par 46 June 28 54 Jan 8
494 Nov 581 Nov
.98
*98 10118 *98
99
99
*98
99
*98
99 .98
99
9714 Mar 18 10212 Jan 18
1
I Preferred 6%
9818 Oct 100 Doe
6912 694 6912 7014 6858 7012
7014 7012 6818 71
60
6958 3,200 Follansbee Bros
No par, 574May 28 7538July 10
584 Dec 6911 Dec
*46
48
*46
4612 46
48
4778 4772 *46
47
4.54 4812
800 Foundation CoNo per 44 May 27 6958 Ant 30
Me Oct 6713 Dee
87
8712 88
8774 8718 8884 673
, 8914 8734 8012 8858 904 20,000 Fos Film elass A
No par 8034May 28 101 Jan 19
4244 424 4213 421s 414 4214 4218
72
JUDO 1194 Sept
424 43
43
424 4278 3,900 Freeport Texas Co
•10012 105 •102 105 •102 10412 *102 10417 •102
No Par 374June 1 5472 Jan 25
43
Oct 10914 Jan
10412 103 103
20() Fillb.r Co prior prof
NO Par 90 Mar 26 10712May 7 102 Mar 10978 Apr
2152 2134 2134 22
2212 23
2112 22
214 2117 2158 2158 2,400 Gabriel Snubber A
No par 20 Mar 25 334 Feb 5
15 Mar 2812 Jan
134 1338 13
1314 131
1318
1314 1414 14
1438 134 1312 5.400 Gardner Motor
1012 Mar 25 23 Jan 31
714 June
1738 Dee
9512 074 9414 9614 95
964 9512 9631 9612 99
974 994 35,1000,,, Amer Tank Car__-No Par 81 May 28 102 Jan 9
8492 894 8712 894 8734 8812 8812 8938
8078 Feb 101 Dee
8734 8914 874 9034 20,100 General AaPhall
1001 61 Mar 26 9112July 24
68 June 9472 Apr
130 130 *129 132
1130 135
132 132 •130 136
130 136
200! Preferred
614 6112 *60
100 10412 Mar 28 138 July 16 1104 JUDO 14111 Ant
61
6178 6134 6212 6212 63
4310
6212 6314 3,900 General Bronze
No par 5512May 23 6934June
4334 45
414 444 4434 45
44
45
454 4912 •45
40
4,900'General
Cable
par 3712 Jan 9 61 Feb 28 if - Feb
No
95
93
74 95
94
92
9414 93
97
9634 9712 96
97
6,000 Class A
Na par 81 Jan 8 12013 Feb 28
58 Feb 8834 Nov
•10412 106 •l0412 106
106 106 •10412
_ *10412 ___ •10412
100 Preferred
100 104 Apr 13 1074 Jan 21 102
Orr, 197
72
7012 7114 7038 7178 7112 7338 7012
7014 7014 71
Oat
Ve par 63 Jan 8 74 100125
594 Nov
368 37434 358 3604 36312 3691. 36814 37744 380 38412 38612 7178 6,000 General Chau Inn
nola Feb
396
159,200 Oatmeal Electric
No par 219 Mar 26 396 Aug 2 124 Feb 22113 Dee
•11
114
11
1118
11
11
11
11
11
1118 11
11
10,150, Special
11 Sept 12 June
9912 10214 9838 102
9814 101
90 102
9914 10314 10034 10414 94,400 General Gas & Elec -Ns 10 11 Jan 3 1134 Feb 4
A
par 70 Jan 7 10414 Aug 2
3514 Jan 74 Nov
•1044 103 *105 110 *104 115
106 106 *106 110 *106 110
100 Cl.l5
No par 70 Jan 3 112 Ape 25
37
*120 12112120 120
Jan 80 Nov
119 119 *115 12112 •115 119
117
60 Prat A (8)
No par, 11112July 18 135 Feb 14.4 121
Oct 144
10414 10414 104 1051 104 10414 10434 10434 105 10512 105 117
Apr
109
000 Preferred A (7%)___ _No par 102 July 20 1l01 Jan211 10812 Jan 11312 Des
_
Pref B (7)
No par 99 June 20 114 Feb 15 105
Oct 11472 May
-752 -71- -73- -7-4-- -73itt 741
74
755* "iii" -71;
1 -7LT2
5::100
1General
675
Mills
8June 1 8918 Jan 18
No par
79 Dec 8412 Nov
94
94
94
93
94
94
64
94
*9212 94
93
1,000 Preferred
LOU' 91 July 12 100. Jan 4
984 Dee 1.0014 Dee
8858 705s 7034 7238 704 7158 7014 93
6812 6934 68
691
724 287,400;General Motore Corp
10 6914 July 23 91842,1ar 21
12414 12414 12414 12414 12312 124
12378 124
7334 Deo CAN NUT
124 124
1234 124 , 1 8301 7% Preferred
100 12212Alay 28 1264 Jan 2 12318 Jan 1271a Apt
467s .45
47
4678 464 *4518 47
*46
454 4512 454 4512
5000,n Outdoor Adv A___No par 44 July 11 52 Jan 2
3334 3334 3318 3338 3318 3334 3312 3358 33
49 Aug 5878 Jan
3312 32
327
8
3,800
certificates_
Trust
---No Par 2712July 12 41 Mar P.
2912 Atu: 5238 Jan
11412 11518 1134 1154 11258 11578 11512 11734 11614 11912 118
12238 44,900 Gen Ry Signal
No Pa? 9312 Mar 26 12218 Aug 2
8414 June 123% J
8014 8114 7934 8012 7034 8014, 80
3314 84
8538 844 86
44,600 General Refractories.__No par 68 Apr 10 8812 Feb 20
11768 11914 1155* 118
1174 119
4512June 82
11734 120,8 12078 127
Jan
127 12938 108,000 Gillette Safety Rasor_No
Par 101 June 11 12938 Aug 2
32
2914 3112 2058 3112 3012 3114 303
31
9718 June 1234 Oct
314 32
4 36
38,601JOimbel Bros
No par 2914 July 30 484 Jan 28
344 Mar 694 June
8118 8012 3012 80
81
82
*81
80
78
78
*78
80
Girl
Preferred
o
ef
100 78 Aug 1 90 Jan 3
58,8 5014 5814 5938 59
87 Mar 101 Itme
6012 6018 61
60
61
5934 8058 12,690000
No Par 3872 Jan 2 6418 July 19
10434 10434 10434 10434 106 105
•10434 105
2038 Jan 37 Dec
105 105
104*4 10434
100 Prior prelsrred
100 10118June 7 10618 Apr 22
404 4058 3938 40
3858 40
394 394 39
95
Jar 105 Sept
3912 38
3812
(WWI
8,200
No
(Adolf)
Aug
38
2
par
68 Feb 5
6414 624 64
62
6414 65
4212 Dec 8212 Nov
6312 664 6414 66
6378 65
44,800 Gold Dust Corp v t e
No par 53121%lay 27 82 Jan 19
7538 7612 7534 774 764 7812 78's
7558 77
71
Jan 1434 Dot
77
754 764 17,100 Goodrich Co (B F)
May
73
27
No
Par
1053
*111 12 113 *11112 113 *11112 113. *11114 113
4
Jan
2
881s
113 113
112 11
400 21
Preferred
00 111 June 14 1154 Feb 25 1091e June 10914 Dee
117 121
11558 118
1164 119
11912 12278 121 1234 12018 12278
Feb
11532 MAX
51,500 Goodyear r & Rub----No Par 112 Feb 21 1544 Mar 18
10168 10134 10158 10134 •10133 10134
10178 10178 *10134 102
451s June 140 Dee
10134 10134
700 lot preferred
No pew 101 May 28 1044 Feb 28
39
3934 *3812 39
3914 40
3834 391 *3812 40
9218 Mar 105 Oita
384
2,800 Gotkam Silk Hos new No 1
rogor 38 July 24 60 Apr 11
____ 96 •____ 95
*90 100
9512
70 Dec
98
98
Preferred new
93 May 27 10114 Jan 5 100 Dec 93 Apr
•
96
96
96
94
130
Anr
95
Preferred ex-warranta
100 92 June 8 100 Jan 12
*gip 10
*912 10
10
10
*10
95
Dec 112 Map
1018 10
10
pg
lear
Gould
C_opual
raha.
No par
7 Feb 18 14 May 6
2734 26
2714 26
28
264 2858 2712 26
64 Dec
27
124 Feb
2412 2612 72IP G
2412
Aug
2 54 Jan 2
*2212 24
2212 2212 *2114 2412 •22
•2212 25
164 Feb 6114 Sept
2412 214 22
1,400 Certlficatee
No par 20 June 3 1918
7634 7634 7533 763t 7534 7712 7818 7812 7912 803
28's June 58 Sept
4 80
8212 7.100 Granby Cons M Sal & Pr_100 6218May 28 1024 Jan 11
*83
84
85
8412 84
*83
.82
837s *82
Mar 20
3918 Feb 93 Dee
83
82
8214
300
Grand
Storer,
100 7734 Jan 30 9612 Mar 18
2614 2714 26
12634 274 2634 27
2612 2534 28
8514 June I 944 Oct
27
2778 3,800 Grand Union Co
2018.Mar 28 3'24 Jan 2
4712 47
4712 4712 47
*4712 48
47
4778 48
2883 July 414 Oct
48
4814 2,200 Preferred
No par 41 Mar 28 543e Jan 4
5114 52
52
5214 5214 5114 52
52
52
464 Aug 6232 Oct
52
5178 52,4 2,200 Granite City Steel
No par 4334June 17 56 July 12
.7,2. .38%
912
68%
•110
2001
- -- • 11Id and asked prices; no sales on this day. x Ex-dividend.
1
New York Stock Record-Continued--Page 5
764
here, see fifth page preceding
For sales during the week of stocks not recorded
IIICH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
July 27.
Monday,
July 29.
Tuesday,
July 30.
Wednesday,
July 31.
Thursday,
Aug. 1.
Friday,
Aug. 2.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jen. 1.
On Oasis of 100-share lots
Highest
Lowest
PER SHARK
Range for Previous
Year 1928
Lowest
Highest
$ ver ohm
Indus. & Mince!. (Con.) Par $ per share 5 per share $ per share
share
Sept
$ Per share 5 Per share $ per share 5 per share $ per share S per 128
No par 11412 Apr 12 144% Feb 5 11134 Dec 12512
Grant (W T)
194 June 333 Oct
12714 12714 12314 12814 12812 12812 128
12714 129 *128 131
par 2814May 28 3914 Feb 1
_No
Ore
Iron
Prop..
Nor
Git
3034
8
295
Jan 3812 Dee
31
2912 3038 2934 31
3014 3012 2912 3012 2938 30
3234 Mar 26 44 Jan 25
par
_No
Western
Sugar__
Great
3758 3633 3714
Jan
3718 3738 3634 371s 3634 3678 3612 37,2 37
109 11212June 18 11912 Feb 1 11212 Feb 120
Preferred
115 115
893* June 17714 Dec
*11412 11612 116 116 *11412 11612 11612 116,2 *11412 115
Greene Cananea Copper 100 13618May 28 19758 Mar 20
176 1774
Jan
434 Dec
3
17112 17158 174 176
Jan
93*
54
28
212May
16914 16914 *170 173
*168 171
par
Sugar____No
Guantanamo
38
31/4
Jan
414
418 *33
90 July 107
4
*4
4
414 414
378 414
100 46 July 1 90 Jan 2
Preferred
6012
Jan
73% Sept
51
79 Mar 6
12
*5212 6012 *5212 6012 *5212 6012 *5212 6012 *4612 6012 *50
4June
551
100
Steel
States
Gulf
7212 7012 7134 10,800
110
Apr
Nov
2
1033
14
Feb
7112 7214 71
109
3
101.12,1une
68
68
6834 6818 72
100
68
90 Preferred
102 102
23
Jar
JaIl 30
10112 10214 10214 10214 103 103
*101 10214 *101 102
25 25 Jan 7 29 Feb 28
450 Hackensack Water
2778 28
23 Jan 30 Dee
*2712 28
*2712 2778 *2712 2778 *2712 2734 2778 28
25 27 Feb 18 31 Mar 8
Preferred
284
*2712
4
283
29
June
Jan
*2712
4
2512
283
14
Jan
29
*2712
31
Jan
4
*2712
283
4
*2712
283
*2712 2834
25 28
40 Preferred A
2712
*27
27
2712 27
*27
2712 *27
*2712 28
*27
28
No par 3334June 10 564 Jan 10
12,200 Hahn Dept Stores
4 35
/
341
4 3414 35
1
3412 3534 3414 3578 3458 3512 3514 35/
100 9512Ma3'31 115 Jan 31
700 Preferred
9614
4
953
4
953
9612
99 Aug 104 Apr
*9614
96
9612 9612 *9614 0612 *9614 9612
100 10012July 13 1055 Jae 8
110 Hamilton Watch pref
4 10134 10134 1018 10178
/
59 May 97 Nov
1.10134 10178 *10134 10178 10178 10178 •10134 1011
100 91 Jan 14 106 July 18
370 Hanna 1st pref class A
54 Dec 5712 Oet
98 100 *10014 101
26
July
100 100
644
3
Jan
54
10312 10312 100 10014 100 100
par
Refrac_No
6212 6212 1,340 Harbison-Walk
37% Deg
63
1658 Aug
2078May 31 398 Jan 2
63
6214 6214 6214 6214 6212 6212 *59
*62
par
B_No
class
Corp
Hartman
6,100
2312 2258 2438
16
61
Apr
Dec 68 Nov
6612
2258 2338 23
19
Feb
60
*2318 2378 2238 2334 2258 23
20
Pineapple
Hawaiian
673
4
*67
70
673
4'
*67
70
*67
*67
70
*6634 6712 *66
No par 28 July 20 6838May 17
3212 3378 4,500 llayes Body Corp
Oat
4 3278 33
1
4 3112 3314 3212 33/
1
3138 33/
33
33
25 100 May 28 11818 Jan 29 105 Dec 120
500 aelme(0 W)
724 Dec
3034 Jan
10012 10012 100 100 *101 1021 •101 10212 100 100
par 64 Feb 16 108 July 26
•10012 104
Chocolate__No
Hershey
9,500
10212
Nov
10114
89
Feb
104
7014
10214
26
106
July
108
16
Feb
10412
4
10314
80
1053
104
10312
10153
par
10134
No
Preferred
106 10634 104 10512 8,200 Prior preferred
100 104 Jan 4 10618 Apr 17 10014 Aug 1057 Apt
10412 10534 103 10538 10412 10612 10512 108
900
Jan
1514 Sept30
104 106 *105 106
105 105
105 105
15 June 4 3112 July 11
105 105
No par
105 105
500 Hoe (11) St Co
2812
*2612
2812
404 Dee 493 Ool
*2612
8
285
4
1
/
28
29
*26
No par 3478May 23 51 Mar 9
2878 2878
4112 4214 6.700 Holland Furnace
18 Dee 3678 Apt
4118 43
421
27 2212July 19
1312May
par
4112 4112 4278 41% 4212 *42
No
41
(A)
Son
&
Hollander
Jan 80 Nov
2112 2112 2134 2134 4,300 Homestake Mining
67
2112 2112 2034 22,2 214 221
2112 22
100 72 July 19 764May 13
100
76
*74
76
741 *74
*74
76
No par 3712June 10 52341May 20
7412 7412 *74
*7412 76
4378 12,700 Eloudallle-lIershey cl 13 No par 82 June 1 794 Jan 7
43
Oct
6418 Feb 84
4312 45
45
4638 4412 4514 4412 4638 4412 46
Inc
Prod
Houseb
7138 7158 2,300
Apr
72
70 Dec 167
711
71
6978 6978 70
70
70
*6712 70
Houston 01101 Tex tern ctfs 100 7012May 31 109 Apr 2
7678 76% 2,500
4058 Feb 733 Nov
75% 76
28 8212Mar 21
7234 731
5618May
75
par
No
7812 7518 7518 75
•74
Sound
Howe
75 Jan 997k Mai
9312 Mar 15
6578 6734 6612 6714 9,100 Hudson Motor Car___ _No par 7518May 31
6518 66
66
6738 6738 6314 6614 64
8558 8414 8534 26.400 Hupp Motor Car Corp____10 3812July 22 82 Jan 28
29 Jan 84 Nov
84
8478 8414 85% 8434 86
84
8418 85
18,900
42
41
38% Nov
2134 Feb
4112 42
Jan 31 3938May 7
4034 417
30
41
par
Gas_No
Oil&
39,2 4012 3934 4058 40
Independent
20
Oct70 Api
4 3158 3118 3134 30% 31 14 19,400 Indian Motocycle
/
No par 173456ay 4 3212 Jan 2
3118 3178 31% 3134 311
3038 32
25% 27,500
3958 Jul)
9 Feb
2434 24
23
221
18
Jan 8 525 Apr 10
29
10
1912 1912 *19
1914 *1814 19
Indian
Refining
,
374 Jul)
812 Jan
4458 4578 44% 4133s
10 28 Jan 7 4834 Apr 10
4514 4614 441g 4658 4438 4534 4458 457
Certificates
17,300
4
433
Oat
8
146
423
Dec
4318
431
118
18
Jan
4214
4318
135
4238
No par 74 May 31
4314 4412 4218 4378 42
9011 1,100 Industrial Rayon
90
90 Feb 127 Not
8014 82
85
84
87
No par 120 Jan 3 165 Aug 2
8614 8518 8518 *85
*85
700 Ingersoll Rand
165
Del
80
165
Mar
46
16312
July
16312
24
160
987
2
160
Jan
par
7812
15812
158
No
15512 15512
,
*155 165
Inland Steel
9734 9313 9612 9,000 tovotration Cons Conner___20 381.4May 28 6612 Mar 1
18 Feb 48% Not
973s 96
9712 96
94
9412 95
96
96
4678 15.900
444 4618 46
42% 4312 4214 4334 4238 4378 4334 443
,8683
:
4;i Jan
84 July 21% Jan
ay 11
Jan4Jul
1
81/May 31 2
par
Rubber____No
Intercont'l
1,300
858 94
13 Feb 204 May
94 958
4 97
1
*9/
634 Aug 2 17% Jan 28
*938 10
912 958 *958 10
No par
Agrloul
64 78 14,900 Internet
4858 Mar 85 Dec
73
758 734
7
712
100 58 July 30
4
1
'7/
7
Prior
preferred
7,4 7%
900
58
*56
58
58
Jan 16638 Nov
114
5912 5818 591
5934 5934 5914 5914 58
Business Machlnes_No par 14038 Jan 24
240 24334 3,000 lot
Jan 9478 Dec
234 240
56
225 23012 231 233
22912 230
• 230 233
International Cement_No par 7712July 22 10214 Feb 4
785t 7912 2,700
454 Feb 80 Dec
7878 773 79
5412May 31 10312 Feb 15
7712 77% 7712 7834 78
*7812 79
Par
Corp
NO
Eng
Comb
Inter
54,400
7378 7114 74
110 Sept
7412 72
Mar
103
16
3
Feb
7112 71
121
Juno
99
6918 7112 70
100
7012 72
2,100 Preferred
106 10612 *107 108
80 Dec 977:, Dec
127 July 24
.105 10514 104 10458 104 10514 106 106
34,900 International Harvester No par 92 May 31
12312 125
147 May
M
12012 12138 12112 124
13614
29
18
Jan
11918 122
145
13812J1,ly
100
122 12312 11614 123
Preferred
1,700,
139 139
13812 139 *13834 139
85 Den 12178 May
Mar 26 1024 Jan 4
13812 13812 *13812 140
.139 139
11,400 International Match pref__35 6514
:3114 Mar
738 May
89,4 874 894 8712 89
9012 8778 8912 88
74 Feb 15
4 June 17
9112 87
89
100
lInt Mercantile Marine
344 June 44% Jan
r 3612 Feb 1 5114 Apr 23
p00
.
1
Preferred
Dec
26912
Feb
73%
72%
23
Jan
26
Mar
4012
4714 48'4 -iiTz 481; -4814 i6- "6-1,ioii lot Nickel of Canada_No
50
Oct 86% May
4714 4753 -4634 471-4 "4638 477
International Paper-No par 5712 Jan 11 83 Apr 9
82
•65
82
Jan
82
*65
*65
108
89
80
Dec
8
9412
Jan
*69
22
75
*60
8514May
100
*60 .75
00 Preferred (7%)
--8912 89% 90kt ___8
90
86
22 Dec 3412 Nov
3614 Aug 1
8834 8912 *87
90
*86
89
*86
37,300 Inter Pap & Pow el A_ _No par 25 May 20
No•
Dec
2
19
14%
Aug
3114 3112 32% 33,
25.8
4 3212 3312 73334 3614 3538 36
143
22
4May
32
par
31
No
B
254 52,000 Class
2212 2312 23
13% Dec
1034 Nov
4 2134 23
1
2118 22/
1058 Jan 10 1714 Apr 4
2014 2014 2018 21
No par
174 64,100 Chille 0
1612 16
4 15
1
4 15/
1
15/
88 Dec 91 Dee
4 1538
1
14/
1418
1438 14
14
100 80 Apr 15 93 Jan 23
9014 6,700 Preferred
89
Dec
8738 89
60
87
Oct
23
47%
Jan
86
86
85
63
21
8May
437
8534 8618 8514 86
lot Printing Ink Corp-No Par
5478 5478 5478 *5414 5414 2,200 Preferred
54
5214 54
.54
100 95 June 5 106 Mar 4 100 Dec 100 Dee
5434 5434 53
30
97
97
97
494 Mar 6834 Jan
97
98
4 Feb 4
*97
3
98
90
4
*97
Jan
98
*97
5512
98
100
*97
Salt
International
100
7214 7214
Jan
*7214 75
47214 7312 *7214 75
72
72
73
100 118 June 14 150 Mar 6 126 June 195
*72
2,600'InternatIonal Silver
145 14614 144 146
138 146
134 134 *136 138
-•134 138
Jan
108 May 16 119 Jan 17 11214 Dee 131
100
Preferred
40
.•
110 110
Aug 2
10934 10934 •10914 110 510934 110
10914 110 1'10914 110
275,500 Internet Telen & Teleg__ _100 78 May 27 11518 Jan 2
8
1155
10912
Dee
4
1
/
Nov
90
110
6112
10814
8
1097
10814
9312
10714
30
10912
106
10934
4 11138
/
1091
3,900 Interstate Dept Stores Pio par 6418July
65
6512 *64
23% Sept 3812 Jan
4 65
1
67/
6612 6418 6534 65
6518 6538 65
No par 29 Jan 2 3878 July 20
1,000 IntertyPe Corp
Oct 61 May
47
23712 3712 377 38
3712 3712 38
3712 *37
*37
38
1 4934May 16 69 Mar 5
*37
5058 1,300 Island Creek Coal
8
505
5012
77% Mar 170 Nov
51
5112
5112
5112
5
52
5012 52
50
*5°12
No par 71 July 29 16214 Feb
4,400 Jewel Tea, Inc
9614 June 202 Dee
2
15
7834 7414 7434 7512 7814 7712 7712 7712 7812 30,300 Johne-Manville
31 24234
7678 71
15212May
*76
par
No
Apr
11812 Oct 122
182 18434 183 1853.1 18214 18512 183 1894
18312 18514 17912 185
nersef&
ed
100 119 Jan 21 123 May
errLa
0 J0P
10
15
120
12414 May
•120 12012 *120 12012 •120 12012 •120 12012 12012 12012 120 4 119%
Laugh Steel pref_100 117 June 14 12214 Mar 11 119 Dec
1193
1912 Oct
Aug
120 120 *11912 120
818
2
Jan
11918 120 *11912 120
1612
26
Mar
par
120 120
6
No
678 678 4,700 Jordan Motor Car
114 Apr
678 7
718
7
718
7
71s
7
7
7
60 Kan City P&L let MB_No par 106 Feb 16 11234 Jan 22 108 Aug
Oct
108 108 •108 109
2912 Dec 34
*108 10918 *108 109 *108 109 *108 109
400IKaufmann Dept Stores_312.50 2434May 22 3718 Feb 6
2912 2912
273
4
29
4
2812
273
92 Nov
Jan
8
*28
2812
2912
625
2
428
5812July
29
*28
No par 50l July30
523s 7,800 Kayeer (J) Co•t c
52
1512 May 5112 Nov
11 46 Jan 4
Apr
5114 5114 5012 5114 50,4 5038 5014 5178 5114 5234
25
Keith-A
300'
_No
Par
ibee-Orpheum
40
3712 .38
7512 May 160 Nov
4 37
1
*3312 37
*3434 36/
*3312 37
*3312 37
100 9412 Apr 11 138 Jan 5
1,400 Preferred 7%
12118 123
115 122
1914 Dec 254 Nov
11412 11412 112 112 *11012 113 '111 120
15,800 Kelly-Springfield Tire_ _No par 11 Mar 26 2378 Jan 2
1234 13
5514 Feb 95 Nov
9
Jan
24
94%
1212 1234 12/
4 1234 1218 1234 1234 1312 1234 1314
1
July
59
100
8%
Preferred
1001
*6012 63
62
62
85
*60
65
61
*58
61
60
60
ilayetWheelnewNo par 4014May 27
4534 4418 4534 7,200IKelsey
4412 4534 45
45
3
b 16
734 July 2278 Apt
eY
Fa
4M
139'14
*3834 3914 4312 4478 44
12 Mar 26 6
r0
oo
13ilaitc
No par
01,
•
0
Croerp
0
00141
1678 1658 17,8 1618 1678 68,38
1518 1512 1518 1534 1512 1612 16
No par 8912 Apr 20 96 Feb 15
92
8
927
*9112
91
91
91
91
91
18
9112
9112 .91
*91
No par 7758May 27 104% Mar
90 136,300 Kennecott Copper
89
4 85% 8612 8678 89
1
8412 8534 8338 8434 8418 86/
No par 4514May 25
4 5112 5238 4,8001K1ro berley-Clark
1
52/
1
17
J ul y 3
2718j
4
6'
5112 5178 6112 6178 5134 5134 5118 5278 5178
No par 2712May 20 4
3,900IKi00ey Co
8
425
424
42
4
423
42%
4 4238 42
1
4278 42/
4212 4238 42
8718 Mar 100 API'
100 9312 Jan 2 10934 Mar 6
Preferred
20
101
8
1007
101
101
•10014
i5114 Aug 957a Nov
2518May 27
••100 101 *100 101 *100 101 *100
3312 31% 3478 30,000 Kolster Radio Corp__ _No par
8
315
8
323
3212
32
4
/
3
22
n
y
l
a
311
u
j
J
%12
8
4
7
5
3214
82 Dec 42 Nov
26
3112
Mar
32%
par
3214 3278
No
5334 5112 5334 12,900 Kraft Cheese
5212 5312 63
53
52
9914 Dee 1014 Dec
5112 53
95 Apr 20 100 July 20
5138 62
100
Preferred
100
97
97
*97 100
*97 100
*9712 100
M aior 4
7 066 Feb 91% Nov
10 4418May 28
*9712 9978 *9712 106
4712 4,200 Kresge (8 S) Co
47
4712 4712 4712 47
AV
47
47
11014 June 118
7' J ul
16
4712 47% 4712 48
100 109 Jan 5 16
80 Preferred
11234 113 *113 11414 •113 11414
29 23 Jan 2
1312 Jan 274 Feb
- 11258 11414 11234 11234 *11234 113
1234May
par
__No
Kresge
Dept
Stores__
2,000
1714 *1612 17
Aug
1514 1514 16
Feb
75
4
2
7312
26
2July
513
Apr
1538 1538 *1514 16
16
16
681
100
120 Preferred
•7212 73
72
72
71
87 Feb 12414 Nov
4% Jan 65
4 7434 .7158 724 7112 7112 71
/
*721
No par 8612July 24 115
1,000 Kresa Co
90
*89
93
8934 89% 00 •89
32% Dec 4034 Oct
88
Mar
8612 8612 87
87
33125fay 27
42 276,800 Kreuger & Toll
4014
413
4012
4
4138
4214
4014
4
3
40
3
734 Mar 13214 Nov
Jan
27
4218
12212
42%
7512May
4218 4338
8878 8612 8718 17,400 Kroger Grocery & Bkg_No Par
3918 Apr
3838June
2738 Feb
31
8512 8914 8614 8838 8634 8834 87
17
May
26
4 89
1
87/
par
_Na
Lego
&
Oil
Transport_
500
33
*32
3212 *3212 33
32
19
1..r
7912 Jan 1264 Nov
4 3278 *3212 33
1
22
32/
Jan
15714M
35
12714
par
*33
No
1434 144% 18,800 Lambert Co
174 Jan 2614 Oct
14558 14718 14414 14634 145 14712 146 14738 144 146
par 10 May 28 25 Jan 14
No
Tire
&
Lee
Rubber
5,800
8
143
1438 1312 141
4 14
/
13
4 13
1
42% June 5312 Nov
1278 12/
•12
1214 12
800 Lehigh Portland Cement__ 50 4784July 31 65 Feb 6
48
4818 4818 48
4838 4838 4818 4818 4734 48
4812 49
100 10634 Jan 3 11034May 9 1064 Dec 11088 May
320 Preferred 7%
109 109 *109 110
10878 109
19 2858 Apr 9
10958 10958 •10712 109
Feb
10912 110
19
par
__No
Coal__
Lehigh
Valley
10,900
2512 2512
2334 24
2334 2412 2458 255/3 2514 2634 2578 27
50 3412 Mar 27 448t July 17
1,000 Preferred
41
*40
3912 3912 4018 41
40
40
41
Jan 64n Out
40
40
*39
38
No par 4778 Aug 2 684 Feb 4
4,800 Lain k Fink
47% 49
49
48
4 4834 4834 49
1
5012 48/
8318 June 12212 Jan
5012 5058 49
8112 Mar 26 1054 Jan 28
&
Tobacco___25
Liggett
Myers
960
4 8812 89
1
4 8812 88/
1
12312 Jan
*8612 88
8634 8634 8712 88/
June
29
*8612 88
804
Jan
26
Mar
1034
25 8118
8812 8812 1,700 eerie, B
8812 89
88
Apr
8612 8742 8634 87
88
*8734 88
100 125 July 29 13711 Mar 1 134 Aug 147
200 Preferred
65% May
125 125 *125 130 *125 130 *125 12912 *125 130
•125 128
July
574July
18
88
28
par
4May
423
2,400 Mee Locom WorkS-No
55%
55
8
567
5412
55
54
*54
*53
5312 54
65
*54
No par 4918 Aug 2 61 Feb 14
800 Link Belt Co
5012 50
5012 . 4918 4918
Nov
*5018 5012 5018 5018 *50
5012 50
No par 71% Mar 26 113% Jan 3 ill; Feb
8,700 Liquid Carbonic
96
4 91
1
87/
90
9334 9212 9312 9438 9712 94
9112 92
4918 June 77 May
Lorm's
No par 4812May 27 844 Feb 27
Iocerporated
11,500
6018
5918
5814
2
59,
5812
Aug
19%
8
57
565
5618
5612
Feb
114
Apr 1
58%
5612 5738
5SA
74 Jan 19
No Par
4 93,000 Loft Incorporated
1
918 9/
038 978
912 10
Jan 354 Feb
26
934
914 978
9
4 934
1
9/
1,200 Long Bell Lumber A-No Par 24 July 24 1124 Jan 5
24
24
SeDI
2434 2412 2434 *2312' 2412 2414 2412 6,800 Loose-Wiles Biscuit
88%
2412 2412 24
June
444
29
May
25 56
4 6738
1
63/
6414 66
4 65
1
6312 6312 6312 6534 64/
85
1%
74
2
63
py
,
La
j
2A
12
7 11712 Aug 12$ May
6
nr 12
100 1153/June 20 13
20 131 preferred
116 11612 *11612 117 •11612 117
*116 118 *11612 118 •11612 119
23% June 4678 Apr
25 20 Mar 25
28,800 Lorillard
2358 2234 2518 2334 2418 2312 2378 2334 24
2312 2378 23
8612 Dec 114 Mar
100 8412May 8 9712May 17
100 Preferred
19% Apr
9% Feb
9
*9214 9312 *9214 9312 *9238 9212 9214 9214 •9214 9312 •9214 9312
Jan
18
18July
11
26
par
No
Louisiana
Oil
8,300
4 1138
/
A pt
4 1134 1114 1112 111
/
1114 11,2 1118 1112 1118 1112 111
78 July 96
100 89 Feb 8 10014 Feb 21
130 Preferred
92
2
*901
9214
May
*9018
92
*
92
9214
92
41
92
92
28 Feb
9212
*92
40,300 Louisville(IA El A____No per 3575May 31 59 July 23
5538 58
52% 5578 5314 55
5514 5714 5534 5638 11,500 Ludlum Steel
8
5334 55
108%July
6612
26
Mar
par
No
9934
9912 99
98
4 9612 99
1
4 98/
/
961
9858 9618 08
98
No par 984 Mar 26 118 June 1
200 Preferred
113 113 •110 11712 •113 11712
4 Apr
44 Aug 17-1116 116 *110 120 •110 113
900 142.0Andrewa & Forbes_No Par 37 Apr 26 46 Jan 4
374 37% •3712 38
Oct 110 Nov
3918 3712 38% 37% 377s *3738 38
39
100 104 Jan 8 107% Apr 19 106
Preferred
8
.1055
8
5
Nov
•105
110
*105%
•1055
Apr
8
8
*1055
-83
--•105% - No par 91 Mar 26 114114 Feb 5
9114 _ -7;i55 Mack Trucks,Inc
96
97
Aug
06
95
9734 9512 97
96
9518 9511 93
No per 148 Mar 26 22214 July 24 9134 Aug 352 May
17,800 'lacy Co
220
21714
21912
213
213
84
207
209
21114
Dec
213
1814
4
/
2091
28
214
Feb
24
.211
1714June 12
1,900 Madison Su Garden_ No par
1838 1838 1838 1818 1812 1814 1814
18
18
43% Feb 76 No•
Mat 21
1812 18
82%
28
May
18
60
Magma
par
No
Copper
6.700
6918 71
69
67
68
6538 6434 6434 66
65
5512 66
Shares
1,200
14,800
8,900
310
4,700
1,200
ea tala lay. I Ex-d1v. 75% In aback, I Ex-dividend. 8 Shillings.
• Bid and arlted Wass: De Wes
y El-rtgble.
New York Stock Record-Continued-Page 6
Pot sales dur1ng the week of aro,ks not recorded here. see sixth page
preceding.
HICH AND LOW SALE PRICES-PER SHARE, NOT PER
CENT.
Saturday,
.1fo.oday,
Tuesday,
July 27. 1 July 29. I July 30.
Wednesday,' Thursday,
July 31.
Aug. 1.
Fridal,
Aug. 2.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCIIANGE
PER SHARE
Range Since Jan. 1.
On haat of 100-share lots
765
PER 881481
Range for Previous
Year 1928
Lowe*:
Hishest
Lowesi
Higbee
S ”er share Shares Indu.. & Mince!. (Con.) Par
per share $ per share $ per share I per share
1812 1912 3.000 Mallison (II RI & Co__No par
18 July 26 3938 Jan 15
16
Jan
384 Nov
*8712 96
20 Preferred
93 Aug 11 1)512 Jan 18
8718 Jan 110
Oct
.1812 24
Manati Sugar
10)) 1212June 22 26 Jan 14
21 Nov
41
Jan
*35
100 Preferred
48
100 31 June 241 5012 Jan 10
40 Nov
88
Jan
*22
400 Mandel Bros
25
No par 22 July 251 3838 Mar 9
32 June 404 Jan
2414 2974 2,003 Manh Elec Supply_ __ No par 2414 Aug 2. 3734 Jan 14
2412 Sept 6638 June
*2818 284 1,101 Manhattan Shirt
25 2538May 29 3558 Jan 4
3154 Feb 43 May
1512 1512
900 Maracaibo Oil Expl____No par
12 Feb 18 1812 Apr 18
1212 Feb
254 Apr
Mariam! 011
No par 3318May 31 4718 Jan 3
33
Feb
4914 Nov
7634 77
7718 7712 .7612 7834 7712 7712 *7612 78
7714 77l
1,10(1, Marlin Rockwell
par 6918 Mar 26 8978May 20
4514 Mar 83 Nov
89
9112 8514 8912 8538 8978 8812 9078 8938 934 904
N par 6634 Feb 18 104 May 10
924 79,200:Marmon Motor Car_ _No
77
Dee 86
*9
Dee
11
9
9
.8
12
*8
10
.8
10
*8
200 Martin-Parry Corp_
10
NO oar
714June 10 18 Jan 2
1218 Mar
60
2558 June
6012 57
6018 5712 5978 60
6114 60
6238 604 61
11,603'Mattileson Alkali WorksNo par 4214May 28 218 Feb 27 11734 June 190
.12214 126 .12214 126 .12214
Dec
_ *12214
, 122 125 •122 125
Preferred .
100 120 Jan 24 125 Jau 2 115
Jan 130
9438 9614 8812 9638 88
Apr
94
89
9341 8914 92
874 924 129,400 May Dept Stores
25 7312may 31 1081z Jan 10
75 July 11312 Nov
23
2314 23
2412 2512 2818 27
2914 26
28
2638 2912 120.000 Maytag Co
No par
19 May 31 2912 Am: 2
174 Aug
3012 No•
41
41
41
41
4234 4612 4634 4914 4558 47
46
20,503 ['referred
47
No par, 3534June 27 4914July 31
4018 Aug 52 May
*82
8414 *82
86
845* 8412 .83
85 .83
84
84
500 Prior preferred
85
No par 80 Apr 26 90 Jan if
8912 Dec 101 May
9714 9714 .9414 97
97
9734 .9414 96
*95
96
97
400 McCall Corp
97
No par 7114 Feb 16 10134June 7
58
Feb 80 Dee
100 100 *100 101 .100 101 *100 101 *100 101
100 101
50 McCrory Stores class A No par 9712)1130 11 11334 Feb 5
77 Feb 10974 Nov
.08 101
*98 101
.98 101 t .98 100
.98 100
98
li
Class
100
98
par
No
9718Juue
18 11512 Feb 6
8012 Mar 11934 Nov
*105 11018 .105 11014 .105 108 .105 108 *10612 108
•106 103
I Preferred
100 107 June 11 120 Feb 7 109
Feb 11813 Nov
.421.2 43
.4212 43
43
43 ! 43
43 .4212 43
43
4)0 McGraw-11111 Publica's No par 4034July 1 48 Feb 14
43
.1514 1578 .1514 1534 *1514 1534 .1514 16
.1534 16
*1512
;McIntyre
16
Porcupine Mines_5 15 July 18 2312 Jan 5
1914 Sept
68
2812 Mar
68
68.4 69
69
69 I 70
71,8 7018 7034 70
7034 3,400 McKeesport Tin Plate_No par 6212 Mar 26 82 Jan 31
6212 Jun.
5114 5114 5058 5112 .5033 5034 50
7838 Nov
5138 4712 5012 50
5178 7.703 McKesson A Rolibins_No par 4712 Aug 1
59 Mar 4
4518 Nov
.8034 61
504 Dee
.5934 6074 5914 60- I 5878 60
5814 594 5918 594 6.300
Preferred
50 55 Mar 26 63 July 19
54 Nov 634 No,
621 4 6214 .63
644 6314 6478 6478 6478 65
6114 6114
800 Melville Shoe
No par 6612Mar 26 72 Jan 3
6074 Nov
2738 2814 2718 2838 2818 2838 2812 2912 2858 65
70 Sept•
2918
8
2912 12,400 Mengel Co(The)
No par
20 Mar 26 344 Jan 4
.2458 25
2514 July
2438 2478 .2458 25
41 Sept
*2412 25
2412 24,2 2412 2412
803 Metro-Goldwyn Pictures pf _27 24 Jan 10 27 Feb 25
2412 Dec
3914 404 3814 40
274 May
3818 39
3834 4138 3814 3934 3818 39
14,100
Seaboard
par
011No
Mexican
3614May
31
693
4
Jan
3
458 Jan
*4214 43
4218 4234 4212 434 4312 4438 4318 454
73
Dee
444 454 27,100 Miami Copper
5 304 Jan 8 6412 Mar 20
1154 11612 11578 117
1734 Jan
33 Dee
114 11512 11312 11414 113 114
112 11318 4.400 Michigan Steel
No par 85 June 3 12278July 22
3278 33
3218 3278 3212 33
3212 331s 3312 3334 3234 3312 16,200 Mil-Cont Petrol
i
5
4
47
4
3
2
,
1
6
par
0
e
l
b
y
)183 JF
No
383
Jan
441 Nov
Feb
3,4
3144
34 31 2
312 412
414 412
358 44
33
37 55,800 Middle States MCorp
10
238 Jan
.214
234
734 May
214
214
234 338
34 358
234 312
214
3 I 21,903 Certificates
214June 4
10
338July 31
.285 290 .2E0 289
112 Jan
54 MAY
280 28712 28314 28834 •283 286
285
28814 2.000 Midland Steel Prod pref_ _ _100 225 Feb 15 30334July 16 193 Jane 295 Nov
1614 1612 16
16
1514 1534 14
15
1418 1458 1312 1414 3,200 Miller Rubber
No par
1312 Aug 2 283* Mae 20
1812 Aug
69
27
69
68
MD
6834 6734 68
6714 68
6634 6712 6612 67
4,603 Mohawk Carpet Mills_No par 6012May 27 8014 Mar 1
3918 Aug
12218 124
121 12334 P10512 10934 11014 114
7574 Dee
11312 11914 11734 12 58 4 7,700 Mont Ward&ColliCorpNo par 99 May 31 15671 Jan 2 1154
338 4
Dec
1544
334
Dee
334
33* 334
313 312
358 34
35
8
35
8
Moon
Motors
par
2.000
No
312July
22
31
Jan
8
538 Feb
78
111s May
78
*77
7712 76
77
76
7612 7658 7738 77
77
1,200 Morrell (J) & Co
No par 72'sJline22 8034July 9
3
3
3
318
3
3
3
34
3
318
34 11,700 Mother Lode Coalltion_No par
3 Feb 8
318
612Mar
4
23
*51
8
52
49
5178 5012 5258 52
Aug
44 May
54
5134 52,2 51
51
6,800 Motion Picture
1212 Jan 8 6038June 21
No par
•1618 17
5 Mar
141
16
. Dee
1678 •1618 17
17
18
1913 1912 1812 1914 2,700 Moto Meter A QM
No par
14 July 19 1912 Aug 1
•113 124 .119 12412 122 12S
125 125
124
1,300 Motor Products CorpNo par 9612June 4 206 Mar
5012 5138 51
94 July 21804 "bet
5212 5114 5238 5114 54,4 5258 12514 124 124
5518
524
Wheel
par
Motor
45.600
533
8
No
39
Mar
5518
26
Aug
1
.4212 4634 .424 4641 .4278 46
2512 Jan
51,4 Oct
44
4578 44
4512 .43
44
1,300 Mullins Mfg Co
No par 4214June 14 8178 Jan 4
6914 June 95,4 001
*-84 •---- 84 •---- 84
Preferred
No pa, 8414July 24 10214 Jan 11
5818 5818 58
98 Dec 10474 Nov
5814 *57
58
5778 58
58
58
57
57
Munstngwear
LOCO
Inc__ .NO Dar 504 Apr 6 6134May 4
8812 91
4634 Mar 624 May
884 8974 88
8978 88
8912 88
8934 8812 8938 45,500 Murray Body
No par 62 Mar 26 10078June 17
8358 8434 831 4 8438 8318 85
2111 Feb 1144 Oct
844 8638 8418 8478 8414 874 24,000 Nash Motors
Co
No par 8114June 11 118.* Jan 25
374 3712 3714 3712 3714 3938 3858 393
8014 Feb Ilk Nov
8
3818
3878
42
3774 385* 16,600 National Acme etamped._ _10 2818 Jan 7 4178 July 18
4312 4214 4314 4212 43
714 Jan
321, Dee
4238 4234 4212 4238 424
4334 43,300 Nat Air Transport
No par 35 July 2 4814May 24
4318 44
4258 4332 4252 44
424 4334 4238 4434 4378 4434 12,900 Nat Hellas Roes
No par 42',July 15 71 Mar 1
•10018 110 .10018 110 *103 110
103 103 *10018 110 •103 104
100 Preferred
100 10234June 15 118 Ian 3
198 19812 194 198
904 Jan 11812 Dee
19714 198
198 198
19714 20074 1974 207
7,800 National Biscuit
•14112 14234 142 142 *142 142
35 16812May 28 21634July 11 15912 July 1954 Nov
142 142 •142 14234 *142 14234
200 Preferred
100 14111May 17 144
12534 12778 122 12538 12358 12714
lao
26
13712
Feb 150
Apr
12538 12738 12514 128
12512 13012 70.600 Nat Cash Register A w I No par 96 Jan g 14834 Mar 20
7634 7712 7534 7718 7618 7858
474 Jan 10434 Dee
7734 7834 78
7912 79
8658 68,200 Nat Dairy Prod
No par 6214May 22, 85 July 11
2812 30
3112 35
30
3374 30
32
31
31
31
Department Stores NO Par 284 Jan 4' 3714 atm 5, 2172 Jan, 3214 Oct
93,4 934 .93,4 96
.9314 9512 9314 9314 9314 9314 •931. 31 I 5,100 Nat
951.
50 1st preferred
100 9214 Feb 4 96 ..:U3c) 8
48
Jan! 102 May
48
91
48
504 4912 51
504 5138 4914 504 49
50 i 9,900 Nat Distill Prod ctrs_No par 33 Mar 26 58 June 17
109 109
2914 June; 5812 Jan
1094 10912 10914 10912 10912
10912 10912 10912 10912 10912 9,500 Preferred temp ctfs__No par 6712 Feb 71 10912.L.1 v 25
4854 4858 491. 50
5114 June! 7134 Jan
.4812 52
.49
52
•49
52
4858 4914 2.300 Nat Enam & Stanaping
100 43 May 29 6214 Jan 9
234 Mar, 5738 Noy
14512 14512 146 146
145 14514' 143 145
151 152
5,400 National Lead
100 132 Jan 2 173 Mar 201 115 July 138
13814 13814 1384 13814 13814 13814 .1384 14134 143 150
Jan
13814 13814 13814 13814
480 Preferred A
100 13814June 12 14112 Feb ,! 139
*117 11712 *117 11712 117 117 *117
Jan 14714 May
11712 •117 11712 117
60 Preferred 13
100 117 July 24 12334 Apr 21, 11212 Mar 122 July
6418 6558 63
6514 6318 6534 6512 6714 6512 6738 6538 117
6658 220,000 National Pr & Lt
No Par 424 Mar 26 6738 Aug 1
217s Jan
46% Dee
2 61.2
612 612
6
6
54 6
54 55*
512 512 2,600 National Radiator
518 Aug 1
go par
17 Jan 10
14 July 401s Jan
.15
19
15
1514
1418 1438 1234 14
•13
14
14
900 Preferred
14
1238July 31 41 Jan 29
No par
36 Dec 9812 Jan
12514 12514 125 12514 125 125 •120 124
124 124
1,100 National Supply
50 11144 Mar 26 144 Jan 2
844 June 146 Dee
*110 114
11034 11034 109 11012 10934 10934 10917 10912 125 126
.10912 111
700 National Surety
50 101 June 14 155 Feb 1 1384 Dec 150 Nov
.71
7112 69
6918 69
7134 7114 7138 •70
71
6814 70
No par 64 May 31
3,400 National Tea Co
tilis Mar 1 0160
Jan 390 De4338 4438 4334 4438 44
453* 4458 4578 4512 48
4712 4838 75,200 Nevada Condo'CoPPer_No par
3934 Jan 16 6278 Mar 21
17/4 Jan
64
65
4,281 Dee
6478 6634 67,8 72,4 7214 7412 72
7212 71'4 72,4 9,800 Newport Co class A
50 43 Mar 28 76 July 1
10018 10134 10018 10012 100 10014 100 10013 101
_
Newton Steel
NNoo parpar 93 May 29 113 July 15
,
4412 4412 4412 4434 4412 4412 4438 4412 4418 10234 10312 104
4412 44
4414 2,800 N Y Air Brake
4112 Mar 25 4954 Mar 4
5312 5334 *51
3974 Oct 6012 Nov
53
*5012 52
5078 5212 52
5212 5112 5134 4,600 New York Dock
100 40 May 28 583s Feb 2
*33
88
47 Aug 644 Jan
8234 8234 .8312 88
*84
88 .84
88
ya.
100 8234July 29 90 Apr 10
1,
00 N Preferred
•101 10112 99 101
86 Sept 95
.99 10112 .99 10112 10112 10112 .84
Jan
.10112 102
pref (6)_-__No par 96 June 17 103 Jan 10
11012 III *11014 11178 .11014 11178 11014 11038 .11014
9812 Oct 10512 May
11114 .11014 11114
120 1st preferred (7)
pa' 11014June 17 11478 Feb 19 102
17538 18258 17612 182
Jan 115
17578 17912 176 17812 1753s
Apr
17978 18654 115,800 North American Co
No par 9058 Jan 7 18658 Aug 2
5238 5234 5258 5234 5278 5278 5212 53 '52l 181
5858 Jan 07 Nov
a
elifeG
rreerdm.
60 5114June 18 5414 Jan 9
.
101 10214 •10178 10214 10134 10134 10114 1011
61
Sept
55
,
1
May
111 10
4 *
1
(1
52
1
53
1
12
5234
5278
1015
8 1015
600 No Amer Edison prat _No par 994 Mar 27 10334 Jan 15
5312 54
5412 544 5412 5438 5434 5514
9934 Oct 105,
s Feb
25
1,600 NoPrrt
4818May 28 6414 Jan 12
49
*47
.46
74 2
45
411 5
49
6354 June 6911 Nov
46
*46
4'2 :
47
47
5
46
412 5
.46
47 .
Northwestern Telegraph-50 43121une 14 50 Mar 16
•214
48
.
Oct
2'4 24
214
55
May
21 a •214 25*
214
24
214
214
700 Norwalk Tire & Rubber_-__10
214July 26
6,4 Feb 4
213 Mar
71s Sept
.5
6
5
5
*5
7
*5
7
7
*5
7
4.5
Nunnally
Co
(The)___No
100
par
29
18
July
18
1818 19
5
Feb
8
8
1838 1838 1818 1818 1818 1818
634 Dec
13 May
18
18
1,80001) Well Supply
97
97
.95
25 1734J03e 18 32 Jan 3
9634 9634 9634 9712 9712 •96
2014 June 41
Jan
9712 98
9712
50 Preferred
100 92 May 31 1064 Jan 16
4218 4234 42
4234 4118 4218 4118 4212 4134 43 .
97 June 1104 Jan
414
Oliver
Farm
Equip
433
_
4
_
11,700
_No
par
53
3418May 31 6412 Apr 25
54
5318 5478 5414 5412 531: 5378 53
5378
53
5378 4,700 Cony participating_ _No par 4918May 31 6938 Apr 25
9378 934 9378 9318 9378 9314 9334
93
9318 9312 93,4 94
2,300 Preferred A
No par 90 June 15 9912May 2
734 8
734 734
_
74 818
734 8
8
8
714 74 2,200 Omnibus Corp _____
No par
85
74 Dec 154 May
74 Feb 21 1074 Feb 28
•_
_
_
85
Preferred
85
A
701. 74
*7134 7512 .
80
100
Mar
26
Feb
28
90
8312
*704 7312 74
Dec 991s June
74
•6834 74
.72
7312
400 Oppenhelm Collins & CoNo par 70 July 10 -844 Apr 13
•____ 85 .
75
8'
67% AU, 884 Jan
.70
82
•80
82
.
80
82
Orpheum Circuit. Inc pre1-100 60 Apr 12 954 Jan 2
*380 390
367 370 *370 390 *366 390
75 May 104 Nov
375 375
378 378
400 Otis Elevator
•12134 126 .12134 124 •12134 124 *12134 124 •122
50 276 Jan 7 405 July 2 147,a Feb 2854 Dee
124
122 123
20 Preferred
48
4812 4718 4814 4718 4778 4734 4938 4718
100 12134June 28 125 Jan 24 11914 Jan 12646 July
4918 4712 484 18,900 Otis Steel
No par 37 May 29 5138July 19
•100 100,8 •100 10018 .100 10018 •100 10018 *100
1012 Jan
411,2 Nov
10018
200 Prior preferred
7512 7612 7514 76
100 9614 July 12 108 Feb 20
.7514 7512 .7514 7512 7612 7612 100 100
824 Jan 103 Nov
.
75
7512 1,200 Owens Illinois class co _-__26 75 July 23 84 May 18
6912 71,4 6812 704 69
704 70
7238 68
40,400 Pacific Gas & Else
10434 10778 105 10734 z10734 10938 11112 7238 6914 71
10714 108
25 5338 Jan 2 7378July I
434 Feb 564 Nov
11734 116 11738 46,700 Pacific Ltg Corp
3114 3114 3112 32
No par 70 Jan 7 11734 Aug 1
31
31
69
3012 3012 .28
Dec 853s June
3112 .
28
3112
190 Pacific Mills
1
1
1
1
100
1
1
271:June 3 37 Apr 17
1
25
118
Oct 3511 Nov
1
1
011
Pacific
4,900
118
.1
par
20812 20812 198 20212 200 205 .200 204
No
1
Mar 6
1 Sept
lls Jan 10
214 Apr
200 201
205
21234
580 Pacific Telep & Teleg
•130 135 .130 135 •12534 135 •130 135 •132 140
100 159 Jan 3 220 July 25 145 June 109 Dee
.132 140
Preferred
12858 1294 12814 1291 4 12812 1314 13018 132
100 11634 Jan 3 130 May 18 114
Oct 12511 May
1294 13034 130 13278 34,000 Packard Motor Car
5912 6012 5914 60
10 11612 Mar 28 15334May 15
593 6018 6018 6034 60
5614 Feb 163 Dee
6158 61
6114 10,100 Pan-Amer Petr & Trans_
50 4014 Feb 18 63 May 4
3814 Feb 551s Nov
595s 6014 5918 60
5938 6012 6018 6078 60
6178 61
6138 78,100 Class B
60
4012
Feb
10
•1334 1458 .1334 1438 1378 1374 14
883
4May
8
14
3714 Feb 534 Noy
1334 1334 •1312 14
West
Pan-Am
812 812
Petrol
150
El_No
par
I
818 838
133
4June 27 174 Jan 3
818 S's
8', 84
154 July
2838 Apr
818 8,8
84 814 1,600 Panhandle Prod & ref_ _No Par
5912
818July 29
154 Jan 3,
5912
_ 5912
5912 *114 Feb 2114 May
5914 ---- 5912
Preferred
*-63
100 474 Fen 25 76 Jan 16! 70
65
.fs 6418 63
6458 6738 6638 68
Feb 10614 May
87
69
Paramount,
Fara
694
_68
Lasky.No par 5512 Jan 2 7134May 13; 474 Oct 5644 Del
202,000
524 5278 .5234 55 .524 53
.5278 55
5212 53
.5212 63
638 658
500 Park & Tilford
No par 47 June 3 87% Jan 14
614 638
618 638
618 614
34 Mar 98 Nov
6
618
534 6
22,900 Park Utah C M
1
534 Aug 2 134 Feb 28
8
8,4
74 814
758 8
818 878
9 Aug
1411 Jan
818 834
84 9
Exchange
No par
1712 1734 1718 18
712 Mar 26
•1712 18
144 Jan 9
19
2
Feb
15 Nov
20,2 1934 1934 1918 2012 17.100 Pathe
6,000 Class A
No par
1312 Mar 26 30 Jan 9
4012 3934 40
4012 4034 40
40
4058 40
812 Feb
34 Aug
4018 4018 4034 8,100 Patina Minee At Enterpr____20 34,a
Jan
7 471
•1214 1234 1214 1218
1238 1238 .124 13
.Mar 4
234 Jan
42
k0
•1212 13
1258 1258
5013 Peerless Motor Car
60 1118June 26 224 Jan 11
5658 5758 5618 57,2 5612 574
5712 5812 5658 57
1418 Sept 254 U11
No par 33 Jan 2 6034July 8
573s 5,500,Penick & Ford
*107 10834 .107 10834 *107 10834 .107 10834 •107 10814 57
2214 Jan 4118 Oct
1081
4
1
0814
20, Preferred
100 100 Apr 2 110 Jan 9 103
*8
812 *8
813 .8
Oct 115 Mar
81
. *8
812 .8
812
84 812
400'Penn Coal & Coke
512May 27
50
12 Jan 20
1334 13
1314 1312 13
8 Aug
1312 13
144 Jan
1312 13
1312 13
1314 2,9001Penn-Dixle Cetnent____No par
114July 1 27 Jan 6
7012 7012 .61
70
•60
14s4 July
6812 *60
31 May
6812 •61
6712 •6012 67
100 547 July 16 94 Jan 22
100 Preferred
31914 325
325 36212 375 385
320 320
75 Sept Ws Apt
384 38814 38812 40014
14,800 People's0 L & C (Chic)__ _100 208 Jan 11 40014 Aug 2 15144 Jan 217 Nov
33 .30
3314 .32
33
.32
3214 3212 •32
33
3214 3214
No par 31 July 13 4512 Jan 3
400 Pet Milk
5934 59
4112 Dec 4614 Dec
5978 5914 60
594 5914 59
5912 6138 6018 614 13.500,Phelps-Dodfr,
e Corp
25 5612May 28 7978MaY 10
209 209 .205 215
•210 215
115 220
220 220
223 228
Philadelphla
(Pittab)
Co
50 15712 Apr 17 224 Aug 21 146 Mar f715-4 Map
9001
*4912 50
*4912 50 .4512 50
*4912 50
•45
50
•45
50
5% preferred
50 4812 Jan 15 51 May 20
451/ Mar 49 Aug
5358 5312 5312 5312 5312 5312 54
.
5274 534 53
•5312 6334
50 5034June 24 54 Mar 181
2,000 6% preferred
61% Oct 57 Mat
• Bid and asked for prices: no salmi on ails day, s Er-dividend.
$ Per share
181. 19
*874 9612
*21
24
41
41
*22
23
.
2438 2478
2834 2834
•1512 16
9 per share
1812 1812
*8718 9612
.21
24
.41
48
22
22
.244 2478
2838 29
1512 1534
$ per share $ Per share
1812 19
19
201 1
•8718 9612 .8714 9612
*19
1812 24
24 .
.35
48 .
48
35
22
23
274 23
2458 2458 2412 2412
*2814 28,2 2812 2812
1512 1512 1534 1534
$ nee share
1912 2012
93
93
•1812 24
.35
48
.22
25
2438 2434
2814 2814
.1512 16
r Ex-rights.
766
New York Stock Record -Continued --Page 7
For sales during
week of stocks not recorded here. see seventh Page Preceding
CENT.
MICH AND LOW SALE PRICES-PER SHARE, NOT PER
Friday,
Thursday.
Wednesday.
Tuesday,
Monday,
1
Saturday,
Aug. 2.
Aug. 1.
July 31.
July 30.
July 29.
July 27.
Sales
for
I the
1Veek.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARI(
Range Sines Jan. 1.
On basis of 100-ehareISIS
ritgoess
Lowes;
PER .811.483
Range for Previous
Year 1928
Lowest
titaness
per Mars
Par $ per iSars $ per Mare 3 Per Mare
8 per share Shares. Indus. & Morrell. (Con .l par
2732 June 3934 Jan
17.38May 28 34 Jan 8
$ Per share $ Per share $ per share $ per share $ per share
2818 113,700 PhIla & Read CA I____No
16 Mar 2512 May
2738 2712 2834 27% 28% 27
2314 Feb 28
30
Apr
2324 2438 2418 2514 25
1312
10
Co..
A
Ltd
Morris
Phillp
2,700
14
14
14
14
1414
38 Apr 51 Aug
1414 *14
14
7:3 May 17
14
14
14
14
393 42
1,200 Phillips Jone4 Corp__ ..No ,ar 38 July 31
39
39
41
Apr 99 May
38
85
43
*41
43
*40
41
41
100 8814 Jan 17 38 May I
60 Phillips Jones ore
*8934 91
91
91
*8812 91
3514 Feb 531k Noy
3
89
89
Jan
47
18
*8834 91
July
*8834 93
par
3512
11,100 Phillips Petroleam____No
3712
363*
37
37
36%
Oct '38 May
21
35%
22
37
365
Jan
3712
3718 37% 37
5 21 July 18 37%
100 Phoenix Hosiery
22
*19
22
*19
22
*19
94 Dec 10314 Feb
21
21
22
•21
22
*21
100 9314May 22 100 Jan 8
301 Preferred
98
*94
94
30% Dee
94
Oct
18%
98
*94
9
98
Jan
*94
37%
94
25
94
98
Mar
*94
3312 332 1,700 Pierce-Arrow Class A__No-par 2712
34
*33
34
5612 Oct 7478 Dee
3318 3412 *33
34% 3418 3334 34
100 7211 Jan 2 8712June 7
4001 Preferred_
84
84
84
8,4 ADP
12 Mar
86
84
18
*84
86
Mar
*84
3%
86
31
July
86
*84
*83
4
13
2*
011
Corporation
2,600 Pierce
17
17
Oct
1%
1814 Feb 50
1%
1%
178
178
134
178
178
178 2
100 30 Jan 8 51 12 Mar 1.13
600 Preferred
36
35
3514 37
838 Apr
312 Feb
*3514 38
*3512 37
5% Jan 15
37
37
*3714 38
4 July 15
par
No
Pierce
PetroPm
18.300'
7 Dee
,
58
5% 5%
Feb
514
54
323
5
5
553
15
Jan
8
518
538
837
5
434 514
3912May
27
4712 4,200 Pillsbury Flour Mills-No par
48% 4712 49% 4712 4812 47
47
*4612 4714 457 47
5012 Mar 26 68 Au.; 1
6618 6738 44,500 Pirelli Co of Italy
6618 68
36's June 78% Dee
6438 64% 67
64
65
64
6434 65
100 54,2June 4 8334 Jan 9
700 Pittsburgh Coal of Pa
65%
86 .65
*65
66
Si May 10072 Dee
6812 6612 6612 66
6612 65
*65
100 8312J une 5; 100 Jan 5
200 Preferred
8718
*86
88
*86
38 Dee
88
Feb
*86
28
88
*86
88
*86
101 3438 Jan 9
86
86
June
20
100
Coal
Pitts
Terminal
400,
2512
2534 2534 *24
82 Mar
25
25
.23 2412 *23 2412 24 24
100 5212June 10 7814 Jan 9; 6318 Oct1
10! Preferred
59
55
•
59
*55
55
55
59
1
1
*55
Aug
59
855
59
*55
No par 26 June 24 43%
7 4353 72,100 Poor & Co class 13
3834 363 3818 3634 38% 3818 42% 4212 43% 41
37
53% July 8514 Dee
Mar 15
500 IPOrto Rican-Am Tob cl A_100 7612July 2 9534 Jan 2
7612 7612
77
7812! 77
77
77
2314 Aug 01% Dee
77
78
*77
79
*77
B
No par 28 July 16 5034
Claw
32 1 2,5001
*30
3312
33
31)2
33
3414
Aug 108 Sept
100%
*34
31
Jan
4
343
105
34
8 35
34,
10118May 27
800,Postal Tel & Cable pref
102 10312 10312 10312
6138 July 13612 May
*103 10314 *103 10314 10318 10314 103 103
No par 6234 liar 28 81%May 3
_ IPostum Co. Inc
Dec 134% Dec
5912
2
Jan
85%
2
Aug
51
25
6,000 Prairie Oil& Gas
52
5214 51
5214 52
533
5153 5214 52
52
523* 52
'25 5338 Jan 14 6178May 21
4,100 Prairie Pipe & Line
60
59% 6018 60
5934 60
18 June 3312 Oet
22
8 5912 60
,
60
Mar
8
60
253
60
27
May
60
15
par
No
Car
Steel
Pressed
5,400,
1814 19
70 Aug 93% Oct
1812 1812 178 1814 1734 1778 1778 181s 1814 19
100 73 May 29 81 Mar 27
1.1001 Preferred
79
*7653 79
7714 *7612 7712 78
Feb 2972 Nov
10
7712 77
7612 7712 77
15 July :30 2578 Jan 3
1518 1512 3,200 Producers A Refiners Coro _ _60 3784
•1538 1534
15
1538 15
Feb 49% June
41
15
21
Mar
1518 1518
4
483
16
*15
25
July
Preferred
50
38
4
*373
38
4
501
*373
Feb
91
Nov
2
38,
4
52
14
*373
38
4
373
4
Jan
*373
373
4
3812
*38
230 Pro-Phy-lac-tIc Bru8h __No par 4934 Aug 2 8234
4934 50
50
50
50
50
50
50
4112 Jan 83% Dec
20
51
50
par
12458July
51
*50
26
Mar
N
of
75
Corp
J..No
Ser
Pub
11612 119 118,000
116
May
Jan
103%
6
Feb
108,8
115 11712 11118 11512 11284 11534 115 11734 116 118
8
100 103%June
106 10614 106 1061s 10614 10612 1,300 8% preferred
Oct 12912 May
10514 10512 10618 10618 105 105
100 11738June 25 12478 Jan 3 117
800 7% preferred
119 119
119 119 *119 120 *119 120
Jan 150 May
119 1/9 •1163 119
100 146 Apr 17 180% Mar 15 134
400 8% Preferred
152
*150
152
*150
150
15014
15012
11012 Apr
Dee
*150
10812
28
15014
150
Jan
152
•146
Pub Serv Elea & Gas met _100 105 July 26 10953
10012 10612
106 106
106 106
77% Oct 94 May
•10514 106 *10512 106 *10514 106
Vs par 78 May 27 91% Jan 3
8614 875* 24,100 Pullman Ins
3472 JELD
Dee
21
17%
2July
211
8734 88% 8618 88% 8612 8714 8612 87% •1812 19
143
29
8May
50
200 Punta Alegre Sugar
18
1818
31% Nov
Feb
8 •1812 1912 •1812 1912
19
8 18,
•1812 1912 18,
25 2314 Feb 18 3034MaY
Pure 011 (The)
108 Mar 119 June
2512 2534 2514 2534 2514 25% 2512 2553 253* 255* 15,200 8% preferred
25
Feb
116
2538 26
12
June
111
100
80
Oot
139%
June
75
IS
July
•112 11214 112 11214 1121.1 11214 112 112 *11214 11212 *11214 11212
10038May 28 1477s
14014 14212 14018 14178 18,900 Purity Bakeries
May 3
13912 14114 139 1407 139 14138 13912 142
8 650,090 Radio Corp of Amer._.No par 8814 Feb 18 114 Jan 3
60 May
Jaa
5412
8134 8412 8112 8518 8434 8638 8334 86% 84% 87141 8738 903
50
57
5
July
52
300 Preferred
54 ; 5314 5314
*53
*53
55
5334 5334 5334 *53% 54
*53
3414 Dec 5112 Nov
19 Mar 28 4878 Jan 4
3912 3818 40 181,000 Radio Keith-Orp el A-No Par
36
3514 37
3414 3838 3412 36
24% Jan 605* Dec
3612 367
10 57 Jan 7 8438 Mar 4
Real Silk Hosiery
02,600
7918 81
83
8012 83
July 9712 Dee
7834 8078 7912 827* 79
8012
8
788 79
Feb
10212
27
May
95
Preferred
100
240;
99
*98
99
9519
99
*98
98
*95
16 Dee
98
98
512 Feb
09
I
*98
1614 Feb
6 May 28
No Par
600,Reis (Robt) dt Co
1012 1038
1014 1014 *1018 10,4 •1012 1112 •1038 11
131 14 Feb 8912 Dee
*1012 11
Feb 6
10812
29
May
60
100
preferred
First
72
65
72
72 .65
*05
72
*70
3012
72
May
Jan
*70
2312
72
*70
July31
50I
28
26
Mar
No par
4834 176,200 Remington-Rand
47
4812 50,8 477 50
8714 Dec 98 June
478 4918 4714 4934 473* 49
100 9014 Jan 4 96 Feb 4
700 I First preferred
9412 9112
95
95
95
95
95
Jan
*94
95
100
95
Oct
8818
15
*9312 95
Apr
20
Mar
101
03
100
Second
preferred
100
9912
993* •99
9912 *99
3514 Oct
9912 9912 9912 *99
22% Jan
9912 *99
*99
10 2014 July 29 31% Jan 3
2438 39,500 Reo Motor Car
2014 2034 2014 2138 2153 2314 22
8May 3
547
2118 2114 2014 21
28
4May
423
par
No
Brass
Republic
800
4514 4514
4512 46
*45
48
47
*46
47
4612 4812 46
100 105 May 3 107 June 5
3001 Preferred
106% 107 "103 107 *103 107
_*103 107 *105 107 *105 107
No par 9338May 29 111 May 6
200, Class A
100 100 *100 102
4918 June- 9412 rov
•100 105 *100 105 *100 102 *100 102
79% Feb 8 115 July 20
_100
.
.
Iron
Steel_
&
Republic
109 1103* 11034 11234 11118 11234 11012 11212 38,460 Preferred
Feb
112
June
102
110 11012 10718 110
Feb
27
11512
7
Jan
108%
100
300
11212 11212 *110 11012
147e JUDO
814 Feb
•112 11234 *112 11234 11912 11212 112 112
1.214 Jan 18
6 June 8
No par
67
7
.
6* 7
6% 7
634 678
*67,1 7
7
7
II
Jan
26
66
Mar
63
class
Top
(RJ)
5_I0
Reynolds
5438 10.300
Oct -ei Dee
5434 5478 54,2 5434 5414 5434 5414 5434 54
50
2
*5434 55
500 Rhine Westphalia Eleo Pow.. 53 Feb 26 64 Jan
5678 5734 5734
*5578 5634 56
55
55
55
231, Feb 86 Nov
*5534 5612 5.5
3938July 23 49% Jan 3
:393 40 I 6,500 Richfield 011 of Californla__25
3934 40
3934 40
40
Mar
4212
28
11
397 40% 397 4014 40
2514June
par
No
2818 28121 10,700 Rio Grande Oil
2812 29
2834 2912 28% 29
2814 29
2814 29
No par 59 May 28 70 Juno 29
700 Ritter Dental Mfg
6412 644 6412 6412
65
*8514 6638 (353* 65% 6514 65% 65
._10 63 May 23 96 May
Co new...
7212 7312 7218 73 1 5,700 Rod6114 Insurance
72% 74
40 Dec -ig-% -flee
31 43% Jan 2
7118 7118 7018 7118 7038 737
3712 11,300,Royal Baking Powder No Par 27 May 12 11314July
37
3712 3714 3712 37
3614 3678 3614 37
16 10412 Dec 104% Dec
37
37
100 95 June
Preferred
2001
___..;
110 110 *110
*110
•110 11018 11018 110% 110
Oat
44% Jan 84
4978 Feb 19 5534 Jan 5
700:Royal Dutch Co(NY sharea)
5238 5118 5134 5118- 5118 5114 5114
71 12 Deo
37 Ma
*5338 5312 5318 5314 *52
10 5912)1115 23 94 Jan 21
7112 7334 79.000 St. Joseph Lead_
6712 73
Deo 20134 Dee
6434 6618 663* 6853 6614 681
657
15414 May 28 195% Jan 4 171
85
par
No
Safeway
Store°
48,900
97 Dee
95 De
16834 17014 16912 17018 170 1773* 176 1801 176 17912 176 176%
100 93 Apr 4 97 Jan 18
30 Preferred (6)
*9312 9412 9312 9312
*9312 9412 9312 9312 9414 9414 *9312 94
100 102 Feb 18 103 Jan 18 101312 Dec 10612 Dee
200 Preferred (7)
104 104
Dee
104 10414 10434 105
104 104
3614 Dec 51
10434 10434 10312 104
par 3814 Mar 26 51 74 Jan 21
__No
Arms
Corp..
2.200,81avage
3812 3953
40
35% Dec 6712 Apr
40
401* 39,
8 39% *3912 40
4034 4034 40
1838July 3 4112 Jan 8
2038 1978 2014 6.500 Schulte Retail Stores-No Par 90 .fuly 26 11812 Jan 2 115 Dec 129
Apr
2034 2034 2012 2078 201 2 2072 2038 20% 20
100
Preferred
1001
91
90
91
1712 June
91
9018 901 *90
*90
Fe
91
10
*90
90
90
13's July 15 2214 Apr 12
No par
600 Seagrave Corp
14
14
14
Nov
14
14
14
19712
14
Jan
1412
14
*14
8218
2
•14
1412
4 Mar 26 181 Jan
165 16812 02.600;Seara Roebuck & Co_No Par 1393
712 Oot
Jan
2
160 1621.8 159 16178 159 16234 15912 1641 16312 167
4 May 28 1012 Mar 20
No par
47
518 3,400 Seneca Copper
4% 5
434 434
434 5
434 47
8012 Feb 14014 Oot
.434 5
No par 123% Jan 8 187 Aug 1
Shattuck (F a)
52,700
187
187
18518
1843
18312
17834
176
17812
17112
17934
16812 17012
5334July 1
4
June
41
par
Steel
No
Sharon
Hoop
8.500
4818 484
*4814 49
48% 4853 4812;49
51
231-4 -Feb 3938 -NO;
47
5014 49
No par 2534 Feb 18 3134 Apr 2
2612 32,000 Shell Union 011
2638 2618, 26% 2612 2634 26
2638 26
2618 2638 26
54% June 85,4 No•
600 Shubert Theatre CorP_No Par 36%July 8 7412 Jan 24
3914
3914 39
40
39
4012 *39
4012 4012 *39
40
5534 June 10138 Nov
*39
28 12234 July 17
Mar
par
75
Co
No
42.3001SImmons
11312 116% 11412 1173* 116 1193*
11312 115% 111 11414 11178 114
1818 Feb 2714 Nov
17
8July
393
Mar
1818
26
10
24,4001181mila Pe tolem
3414
3412
3414
335*
4
333
3312
34
3312
3318
343*
3418 35
1738 Feb 4638 Nov
33 July 22 45 Jae 2
343* 47,000:Sinc1air Cons 011 Corp_No par 10734May I III Jan 29 10212 Jan 110
348 34
33% 3412 34
Oot
3312 34% 3353 3
3334 34
100
Preferred
I
Feb 4258 Nov
•100% 115 •10978 113 *10978 112 *110 112 •108 112 *10812 112
28
25 3278 Mar 7 4812May
4034 41% 41% 4214 4038 4118 18,600 Skelly 011 Co
Feb
4112 41% 403* 4178 4012 41
Jan 19 102 June 134
125
28
5814June
100
Iron
&
Sloss-Sheffield
Steel
800
60
60
5934 6112 *591z 83
60
60
60
60
1 Oct 123 Mar
62
*60
79% July 31 112 Jan 18 104,
400 Preferred
80
8018 8018 80
79% 80
Apr
11 Dec 20
•____ 85 •____ 8418 *___ _ 81
No par 10% Mar 26 1614 Feb 6
500 Snider Packing
1114 1114 .1112 12
1178 11% *1114 12
12
12
1138 1138
564 Ngn
e
1,
31 Nov 00Jo
6412July
3
Jan
33
par
No
Pr6ferred
1,700
54
5012 515* 518 •53
5214 50
51
3212 Feb 49% May
*5214 5312 4538 52
34 Mar 26 45 Slay 13
No pa
Porto Rico Stag
3634 3678 3612 3634 3612 3678 3618 3612 4,700 So
3634 37
37
4312 Jan
37
Jan 4 7234July 19
53%
23
Calif
Southern
Edison
51,300
1
8
703
71%
7214
71 2
7014
AI);
130% M
70
67% 6934 678 6878 6834
2412 Jan 3
69
3512 Feb 16 5018Juue 14
800 Southern Dairies el A.-No Pa
46
•44
46
*42
48
Jail
4712 4712 4712 4712 *45
9
42
42
1538 Jan 12
812July 20
No pa
Class Is
1,500
10
1012 1012 1012 10
10
*812 10
30 0312l1ay 6
Apr
5014
pa
No
Bros
Spalding
300
55
5418 5418 55
*5312 55
A -pe,
D
54
5
Jan 1-0;
109
*5212 5534 54
*5314 55
100 11218July 17 117 Feb
10 Spalding Bros let pref
11212 113
11212 11212 *11212 113 •11212 113 •11212 113
26 July
*11212 113
34 May 28 5214 Jan 3
1,400 Spans Chalfaut&Co IncNo pa
38% 39
3934 3934 3934 40% 3912 40
39
Oct IOU Aug
3912 3978 39
97
Jan 17
97
19
Mar
ag
100
Preferred
60
90
*85
00
90
*85
90
9,3
*85
•____ 90
5734 Aug 1 6878July 2
6112 7,900 Sparks Withington_ - _ No Pa
5734 5912 59
5914 6038 57% 59
20 Feb
61
1014 Nov
60% 6178 60
13 May 20 14% Feb 4
No pa
100 Spear & Co
.812 9
*812 9
*812 9
9232 Feb
812 812 *812 9
71134 Nov
*814 812
73 May 20 8012 Jan '2
100
70 Preferred
*7312 74
*7312 74
*7312 74
7312 7312 *7334 74
*7312 74
3512 Apr 22 44 July 31
437 34,800 Spencer Kellogg & Sons No pa
43
44
43
4112 4014 4014 4018 44
-5153 Dee
3912 4012 40
45 Jan 7 6834 Mar 1
No Pa
3.0G0 Spicer Mfg Co
517
51% 5I18 5118 5134 50
5112 52
52
*51% 5212 52
45 July 24 55% Mar 1
No pa
400 Preferred A
4812
46
1
40,
46
4614
4
,
46
2 Nov
*4614
47
1:
71
*4518 4712 *4614 47
-65.1; Sept -9
22 11778 Feb 6
July
77
pa
Co_No
600
Spiegel-May-Stern
4
793
78
80
8034 80
80
80
78
8012 *80
80
78
Oct 4014 Nov
24
1812July 5 43% Jan 11
1,200 Stand Comm Tobacco_No pa
1753
1612 1612 1634 1634 1612 1612 1612 1612 1612 1612 17
Dee
Jun
8
19
577
8034 Mar 26 14078July
Standard Gas & El Co_No pa
May
12612 131
131 134
12718 13212 133 135% 136 14012 13714 1393* 76,200
8 Dec
84,
50 62,
8MaY 31 67 Feb 4
6414 8518 13412 6412 2,500 Preferred
D
4412
2
4
18
•6418 6412 6412 64% 64% 64% *6412 65
Jan
100
18
Jan
28
18314
Mar
104
100
Standard Milling
9.4 Dee
15
•10812 116 *10814 132 •10812 132 *10812 132 *10812 132 *10812 132
97 Nov 16
100 98 June 17 133 Jan 12
20 Preferred
*105 107 *105 109
10518 10518 *105 107 8106 108 *106 108
53 Feb 80 Nov
38,100 Standard 01101 Cal_ .No par 64 Feb 18 81%May 0
Nov
715* 7012 71
71
71
7214 70113 7134 70
7112 7012 73
Feb
37%
11
Feb 16 6232Mity
5718 577 74,900 Standard 011 of New-lersey.25 48
5712 58
56,8 5678 56,8 5638 56% 57% 56% 53
38114 Feb 4512 Dec
Mar 7 4534 Jan 2
38
_25
York
Standard
New
011ot
49,000
3938
3
38%
3978 3918 3912 3914 39% 3918 39
3918 3912 39
214 Jan
9% Jan 21
418July 20
45
200 Stand Plate Glass Co_No Par
*412 5
Feb
*412 6
4,4
ee
F
*412 5
*412 5
0 le D
:
7
43
*414 5
Jan 5
10
100 15's May 28 31 Jan 18
501 Prelerred
•1512 16
*1612 17
*1512 16% *15
1514 15% •16,2 17
1634
34 June
20 56 May 3
Jan
41
par
Co____No
San
Mfg
Stand
*40
•40
•40 _ _ _ _ *40
*40
40 _ _
.
10
May
77
10
Apr
85
10
4 1-5.100,8LOW&Ot-Waril Sp Corp
Vi372
70
7034 6934 70% 69% 7012 7034 72
7134 73
Jan 99 Dee
44
,Stromberg Carburetor_No par z5234 Jan II 116 May 20
_
g7t2 Oct
Jan
67
213
8 ----------------- Corp (The___No par 7318May 31 98 Jan 25
76
76's -76E8 -7i376's -7524 -7738 7618 7712 761* 777
76
127 June
Feb
121%
June
126
13
WO 123 May
1401 Preferred
___
_ *125
*123
514 Mar
123 123 *123
123 125 •125
Feb
3
412 Mar 14
Aug 2
12
1
par
No
2,100,Submartne
Boat
13
112
134
178
134
134
134
134
134
134
4
1,
134
77 Nov
31% Jan
011 No par 57 Mar 26 7638July 8
Apr
7312 7014 73
73
69% 73
7334 .72
73% 7218 7218 7.300Sun
110
*73
Jan
100
100 100 Jan 3 105% Jan 8
230 Preferred
103 103
10312 10312 10312 10312 *1021z 103
1414 Nov
*10212 10312 *10212 103
2% Feb
634July 30 12 Jan 3
No par
24.000 Superior 011
7
634
Nov
7
7
Ws
634 7
71s
634 7
7
634 7
Jan
18
9
Apr
4
31
733
May
100 34
5,400 Superior Steel
3912 40
4118 421, 4018 4112 3812 4018 38% 40
2312 SePI
4218 43
11% Feb
22% April
60 1314 July 31
8 13% 1312 14
13,
1314 13% 1334 1334 1314 1312 1,200 Sweeta Cool America
7 May
*1338 14
4 eug
9 May 2
412 Mar 12
No par
200 Symington
612
7
*6
878
*8
6
878 6% *6
6
1032 Apr
7
*6
Aug
10
2
8May
19,
1214 Mar 11
Vs par
700; Class A
161
17
1614 1738 •16
1718 1612 1612 •16
22% Mar
1612 *I6
*16
1514 Jan
Mar 28
25's
June
ear
18
17
Coro_No
6,300
TelautograPh
2014
20
19% Des
1834 2018 2014 21% 2078 2138 20% 2112 20% 21
1012 Jan
__ pip par
16 Apr 9 2072 Apr 29
1738 171
74% Nov
173 175* 5.000 Tenn Copp & mem
1738 181s 17% 1778
8 1778 17% 18
*17,
50 Fe
25 57% Feb 21 8812 Apr 20
61 8 618 31,200 Texas Corporation
8 6112 6178 61% 6238 6112 62
6112 82,
6218 June 8212 Nov
6238 63
29 8514 Apr 18
8June
693
par
_NO
Sulphur__
Gulf
22.600,Texae
71% 72% 71% 7234 718 728
1218 Mar 2838 Nov
7212 7112 72% 71% 731
72
10 1518 July 22 2378 Mar 21
1614 1814
1614 1638 1638 1634 1618 1614 3.400ITexaa Pacific Coal & 011
1614 163
20 June 30% Apr
1618 1618
1314 Mar 26 24% Jan 17
I
1514 1578 1538 1534 1514 1538 8,500 Texas Pee Land Trust
1514 1534
1514 157
15,4 1514
•1381 and asked paces: no sales 00 tha day. s Ex-dividend. r Es-rights
New York Stock Record-Conciucled-Page 8
767
For sales during the week of stocks not recorded here. see eighth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
July 27.
Monday,
July 29.
Tuesday,
July 30.
1Wednesday,
July 31.
Thursday,
Aug. 1.
Friday,
Aug. 2.
Salts
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
per share 3 7.1er share $ Per share S Per share $ Per share I S Per share Shares Indus. & Mime]. (Con.) Par
27
27
27
2718 2712 27.8 2814 2858 2858 2758 2814 2,300 Thatcher Mfg
27
No par
*4514 46
46
4778 48
48
•46
4778 4778 48 1 *46
1,200 Preferred
48
No par
3618 364 35
36
*3512 3578 3578 3638 3612 40 1 .37
6,600 The Fair
39
No par
*10512 110
10612 10612 *10512, 110
10517 10512 10512 10512 *10512 109
40 Preferred 7%
100
*4634 47
*4634 47
4634 4634 *4634 47
4634 47
100 Thompson (J It) Co
*463
25
194 1958 1918 1912 1918 1912 19,8 1958 1914 1958 19 4 47
1918 25,300 Tidewater Assoc 011__No par
8738 8738 .8738 8712 8612 8612 8678 8958 8834 90
8938 9078 6,000 Preferred
100
*3312 35
3312 3312 34
34
*34
35
*3312 35
*34
300 Tide Water 011
35
100
9018 9018 9018 9018 9034 904 *9112 92
9178 9178 92
700 Preferred
93
100
23
23
2234 2338 2234 2412 2418 2438 23
5,900 Timken Detroit Axle
24
23
10
2312
99 100
9734 101
9814 10012 9914 10034 10012 10358 101 1034 9,700 Timken Roller BearIng_No par
1358 14
1314 14
1314 1334 1338 1358 1338 1378 13
Tobacco Products Corp
15.900
20
134
1658 17
1658 17
1618 164 164 1612 16
1612 16
20
1612 9,400 Clam A
*10
1112 •10
1114 810
1112 *10
1114 *10
1578
100 Dividend certificate* A
84 814
*10
1112 *10
1112 *10
1112, *10
1114 *10
13
Dividend
certificates
B
814
100
8
,
4
1112 *818 1112 *818 1112 *818 11121 .84 1678
*8
100 Dividend certificates C
814
858
1118 1112 11
1112 1118 1114
1118 1114 1114 1112 1138 11581 99.200 Transet'l Oil tern ctf__No par
5014 50,4 *4812 4912 *4812 4912 *4812 4912 *4812 4912
Transue & Williams St'l No par
*4812
4912,
100
1
55
55
55
5438 5478 54
544 5412 564 55
5512 55781 3,800 Trio° Products Corp___No par
*21
2112 ..21
2112 21
21
21
21
21
21
*2034 2158
No par
300 Truax Truer Coal
Si
51
52
52
*50
52 .50
51
511
51
5112 5112
600 Truscon Steel
10
15334 155
15212 1554 153 155
15412 158
155 15838 155
Under Elliott
*125
*125
•125 126 *125 126 •125 126 '125 15678 25,000I Preferred Fisher Co No par
100
126
41
4214 3712 4158 3814 4114 384 3958 3812 391
36
3918 15,000, Union Bag & Paper Corp 100
11378'11612 11234 116
11358 11578 11514 12234 1204 123
121 1234 89,900 UnionCarbi&Carb
No par
*4612 4634 4638 4658 4638 4638 47'48
473
4
48
47
25
8,800 Union Oil California
4712
•145 14814 14412 146
147 147
148 148 *145 152
400 Union Tank Car
100
1284 130
12612 12978 12812 1311 12978 13512 134 1371 *144 148
United
13434
par
Aircraft
Tran
No
86.500
&
1383
8
*86
88
86
8614 86
86
88
89
89
891
88
50
8912 1,400, Preferred
494 491s 4858 4912 4818 484 4838 5038 501
4 5012
,
'United Biscuit
_
No par
*130
*130
*130
*130
_ *130
*130
Preferred
100
14
1414
1438 1412 1418 1414
1378 1418 1378 1414
1334 14
4,100 United Cigar Stores
10
*83
85
8312 8312 83
83 .8212 8518 *8212 8258 •80
200 Preferred
100
8258
68
6918 6518 68
6658 68
6738 6858 674 69
217.500United Corp
6712
No par
4912 4934 4912 4978 49
4938 4834 4912 484 4914 4814 684
No par
4918 11.800 Preferred
3834 3834 38
38
3512 37
3618 3618 3618 3678 3618 13
FIreucittrie Coal
Unlit
ted E
80
00 u
No par
1:6
16
07
.8
41 8
11712 118
11612 11712 117 119
11712 11912 117 120
No par
11812
*1314 14
1314 1314
1318 13,8
1212 13
1218 1218
1212 12121 1,300 United Paperboard
100
.76
7612 .76
7612 7612 7612 *76
7612 76
76
75
500 Universal Leaf Tobacco No par
75121
.68
74
70
70
68
69
69
69
69
69
69
350 Universal Pictures 1st pfd_100
69
1118 1114
11
11
11
11
11
11
1012 1034 104 1034 2,800 Universal Pipe & Rad__No par
*83
85
83
83
*83
85
*83
85
*83
85
*83
100
10 Preferred_
85 1
2978 2978 2912 30
29
2912 29
291
29
3018 2914 2978 3,700 U 8 Cast Icon Pipe & Fdy__20
*1712 1734 1738 1712 •1712 18
1712 171
1738 1712 .1738 18
lot preferred
1,500
No par
*1912 2034 1934 1934 *1912 2034 *1912 203
1958 1958 •1912 2034
200 Second pr iferred_ _ No par
134 1338 1338 1338 1378 1438
14
14
1312 1312, 14
No par
1414 1,9000 S Distrib Corp
*8212 84
83
83
8212 83
8234 823
Preferred
1,100
100
83
21
83,
8312
82
'
1
*512 8
54 512 *5,4 614 *514 61
*514 6
458 514
300 U S Express
100
35
35
35
35
3414 35
35
3518 8412 3434 3414 344 2,100 U S Huff Mach Corp_ __No par
176 180
17618 18078 17512 180
17912 1801 18034 18312 181 18438 27,000 U S Industrial Alcohol__ 100
1958 20
1958 20
2014 2034
1912 2038 1958 204 1914 20
4,900 U S 1 eathor
No par
35
353
35
35
32
3314 3212 3412 3434 344 3412 344 4,200 Class A
No par
*90
91
*90
91
90
90
*
90
91
91
91
•90
3001 Prior oreferred
100
91
89
8958 88
8918 8834 9014 8818 9()
8818 8978 88
9212 12,900 08 Realty & Impt____No par
4634 4838 4658 4712 47
4938 4758 504 484 5014 4838 49
21.900 United States Rubber
100
*74
76
76
75
74
7512 74
76
75
7814 '7418 7512 2,700
1st preferred
104.
5334 5414 53
54
5338 54
534 541
5358 554 5534 5738 11,000 U S Smelting. Ref &Min___50
*52
53
52
62
52
52
51
51
51
51
500 Preferred
5034 5034
50
20514 207
20414 20634 205 20712 20512 2103 20918
21314 21312 21512 783.000 United States Steel Corp__100
140 140
13978 140
140 140
140 1401 14018 1404 14058 14034 4,000 Preferred
100
*8334 91
*8354 91
*8334 91
*86
91
*86
91
U 8 Tobacco
91
.88
No pa
*13914 142 •138 142 *13714 142
Preferred
100
*290 310 *290 310 *290 310 813714 142 •13914 142 *139 142
*290 320
301 301 *3(N) 310
20 Utah Copper
10
544 554 5238 55
53
5412 5412 57
55
5714 5438 56 288,300 Utilities Pow & Lt A__No par
812 812
8
814
84 832
84 81
818 838
No par
818' 1.800 Vxdsco Sales
8
*674 70
*6734 70
6734 6734 *6812 70 "6812 69
4001 Preferred
684 70
1001
8712 8818 87
89
8714 .89
8812 9012 28712 8914 86
No par
8,700'Vanadium Corp
*38
40
*38
40
*38
40
40
40
4
8
0
318
Van Raalte
300
:
8
3
No par
2
9
12
8
4
0
3
81'4
8
*82
83
*82
8212 *82
83
*82
83
89212
3
1 let preferred
100
9812 9978 97
0978 9812 10138 100 102
04814 5034 48
No par
4938 64.200 Vick Chemical
•11453 11518 •11453 11518 *11458 11518 *11458 11518
IVic Talk Mach 7% pr pref_100
124 1218 124 1214
1218 13
1212 1278 -iifi Ii7-s
No par
3.501) Virg-Caro C;hein
*41
42
4112 4112 4112 42
4212 4212 4012 4012 4214 412212
100
8001 6% preferred
*91
93
92
92
*89
9112 .89
9112 *88
9112 *88
9112
100 7% Preferred
100
*108 ___ _ •10712 108 .10712 108
108 108 *10712 110 *10712 110
Flee
&
Virg
Pow
pf
40
(7)
100
*45
47
*45
47
42
42
*45
47 .45
47
reD
u eC
tionanlit8Coke pf 100
v
Vu
545
irigmlfi
47
112 113
112 114
112 116
120 12712 10
32
1 10
45
1 .113
100
00
7 10
50
40
812 1,84
*100 106 *100 106 .100 106
101 101
Preferred
100
70'
*110 117 *113 117
117 117 *11612 118
125 125 .118 125
100
30 Clam A
30
3034 30
3078 3014 3034 3014 3014
6,201),Waldorf System
No par
•101 103 •101 103 *101 103 *101 103
*13
00
1 10
"
33 •13
1Walgreen Co pref
00
1'4 1303"
100
4118 4258 41
4138 4138 4314 4212 44%
44l .
4
82834 8
No par
10,800 Walworth Co
40
4
57
57
*57
60
*57
59
57
57
*458314
lz
Ward Baking Class A No par
1C(1
1112
11
1178 1238 11
1112 1114 1114 1138 1154
11
No par
1112 2,700 Clam 1.1
*76
79
76
79 .
76
79
*76
79 .76
79
I Preferred (100)
*76
79
No par
5618 574 5614 5734 564 5834 57
5778 8
50
73
,8
8 5
50
83
4 *5
5
8,2
0
5
52
914 77,200 Warner Bros Pictures new__
*51
52
*51
5512 *5112 52
*5015 5154
2001 Preferred
No par
2918 2934 2918 30
2912 30
30
3012 3014 3134 3118 3134 5,000 Warner Quinlan
No par
168 168
164 166
16314 165
165 166
165 169
Bros
Warren
168
4,400
1687
No
•____ 49
pa
*45
49
*45
49
545
49
1 First preferred
*45
49
*1758 18,4 •1758 18
50
1734 1734 •1758 18
*1734 18
1734 173
400 Warren Fdry & Pipe__ _No pa
*91
93
92
92
*9178 9212 9278 9278 *924
9338 9334 933
300 Webster Eisenlohr
3212 3212 3178 3178 *3112 3212 *31
2
32
304
31
31
314 2.000 Wesson Oil & Snowdrift No pa
60
6018 5912 6012 5912 60
5978 60
60
5912 591
2.400 Preferred
213 213
No pa
20712 21312 20812 21338 214 21512 *5912
217 21834
16,600 Western Union Telegram__100
222
5418 5534 5312 5534 53
5418 5212 5338 5312 5414 21812
5412 553 95.500 Wstughse Air Brake
20034 2024 19514 20078 19712 200
No
pa
19934 20412 20478 21158 212
2151 159,200 Westinghouse Elec & Mfe__50
*10258 105
19014 19014 187 19014 19312 195
198 20578 20534 2053
950 let preferred
*38
39
50
38
38
38
39
3938 4214 43
454 45
6,600 Weston Elee In.strtun't_No pa
451
*334 3434 *334 3434 *334 3434 *3318 343
Class A
104 104
103 103 *103 10512 •10312 105 4 *3318 3434 53318 343
No pa
100 West Penn Elee el A_ No pa
*10312 105
10558 1054 107 108
10614 10712 *106 108
10514 10514 105 105
200 Preferred
9414 9414 9514 0534 94
100
954 9312 94
9312 9514 95
200 Preferred (6)
951
11512 1151 11534 116 •11512 116
100
11412 11512 •11512 116
11512 1151
100 West Penn Power pref
*106 107 *106 107
100
106 106
107 107
106
106
106
Preferred
6%
210
106
*4812 4958 4858 4958 *4912 53
100
*4912 53 "50
53
500 West Dairy Prod el A_ _No pa
5018 501
*2612 27
2678 267s 27
27
2958 27
2658 2678 2612 2678 1.600 Class B
6312 6438 64
Na Pa
6412 63
6312 *6314 64
63
6314
634 1,400 Westvaco Chlorine ProdNo pa
3312 3312 33
33
3212 3338 3212 33,2 3258 3338 63
3234 3314 2,000 White Eagle 01 & Refg _No ya
40
40
3912 41
394 90
39
394 3912 40
3914 40
5,900 White Motor
No par
*44
45
44
44
44
44
44
4534 54414 46
45
1,000 White Rock Min Sp et!
45
50
2118 20
20
2012 2012 2012 20
20
20
2018 1834 1912 2 600 White Sewing Machine_No par
4214 4512 *44
46
4478 4534 *43
44
*43
44
543
Preferred
44
1,800
No par
1712 1712
1718 1734 1734 18
•1734 1812 1812 1812 1818 1818
1,100 Wilcox 011 & Gas
*45
No par
4712 *45
46
454 4518 44
45,8 45
45
4534 454
900 Wilcox-Itich class A _ _ No par
4434 4218 4358 4258 435* 4278 4312 43
43
443
4
It
43
Class
4418 11,400
No par
2418 2438 2334 244 24
2458 2414 2514 2458 2514
2412 25,4 55,400 Willys-Overland (The)
5
99
997 *9812 9914 9858 (*858 *9812 100
9812 981
9812 9812
800 Preferred
100
74 81
.7
71
7
7
658 7
634 634
678 64 2,300 Wilson & Co Inc
No par
1658 1658 1678 1678
1634 17
1612 1634 1638 1658 1618
16i2 2,700 Class A
Vs par
63
*60
*59
63
59
59
59
60
*5812 59
600 Preferred
100
5734 5812
8858 90
907
90
8918 894 8914 9058 89,4 901
89
8958 26,900 Woolworth (F W) Co
10
694 71
71
73
72
7534 7312 75
73
73
723
Worthington
4
&
M
P
7,500
100
74
9312 931 *9014 921
9212 9212 91
92
*9214 94
WO
700 Preferred A
93,2 9312
824 831
82
82
8012 82
82
83
8434 85
8412 8412 1,700 Preferred B
100
12614 131
129 131
12712 129
12812 13012 128 1307 127
10,9(0 Wright Aeronautical___Ne par
129
76
7612 761
76
75
75
75
75
74
74
74
'Vo par
744 1.900 Wrigley (Wrn Jr)
80
82
81
*81
80
80
794 8134 81
823
2,100 Yale & Towne
25
3634 38
3678 373
3614 374 3714 3814 3912 374 82,2 83
37
374 29.100 Yellow Truck & Coach el 5_10
90
*84
90
*8412 90
*84
*84
90 .
8414 90 '84
Preferred
100
90
6678 671 2 6712 68
664 677
6712 704 7038 7158 70
7034 15,600 Young Spring & Wire_ _No par
153 1541 153 155
15412 1541 152 153
154 157
154 15714 5.200 Youngstown Sheet & T_No par
• Did and asked prices; no sales on thia day.
a Ex-Div distributed 1 additional share fir each share held
PER SHARE
Range Since Jan. I.
On Oasis of 100-share tote
II
'
Lowest
Highest
$ per share
1812 Mar 14
35 Mar 9
3414 Mar 26
10412 Feb 28
44 May I
1712 Feb 8
84 June 18
274 Feb 1
90 July 26
224June 13
7312 Feb 16
13 Au:. 2
16 Aug 1
814 Aug 2
814 Aug 2
814 Aug 2
9 Feb 26
41 Feb 28,
3834 Feb 181
1958June 4
4434 Mar 26
91 Jan 7
125 Jan 5
24 June 1
7514May 22
48 Feb 20
12178 Jan 15
784 April
6818 Apr 11
41 May 31
11412June 11
1358July 3
80 July 26
5834May 27
45 May 13
30 June 3
1094June 12
124 Aug 1
7012June 18
68 July 24
1038 Aug 2
83 July 29
27 May 31
1678June
1858 Apr 18
1238 Mar 26
7114 Mar 12
2 Jan 22
30 May 28
128 Jan 16
1714 July 24
2912July 24
90 July 30
81 Jan 8
42 Jan 8
73 May 28
48 May 27
504July 16
163 May 27
13934July 2
83 June 21
136 Mar 6
264 Jan 2
35 Mar 26
614May 28
6734 July 39
68 May 31
27 Mar 12
80 Jan 2
a48 Aug 2
110 Mar 1
934hlay 29
3614May 29
8612Nlay 2
10534June 8
40 July 22
60 Jan 18
91 Jan 4
40 Jan 2
2218 Mar 26
10034 Jan 11
2318 Jan 8
43 Apr 13
84 Mar 2
71 Mar 25
5434May 3
44 Apr It
281lmay 27
139 Apr 16
48 Apr 24
154 Mar 28
7212 Apr 22
3058 Aug 1
5878July 23
17934 Jan 2
43145tay 31
13712 Jan 15
132 Jan 2
22 Jan 28
3312 Jan 7
10212May 17
103 Mar 28
9312July 31
113 Jan 8
10534July 5
4858July 10
2212June 11
4034June 1
3014 Jan 30
38 May 29
43 Jan 2
12 May 27
41 14June 3
171* July 2
37 Mar 26
34 Mar 26
20 June 12
92 June 25
658July 31
16 May 22
57 May 22
85 May 27
43 Mar 25
7734 Apr 12
66 Apr 6
109 May 31
70 Mar 28
8134 Feb 11
3434May 28
80 Mar 8
5214 Mar 26
105 Feb 19
8 per share
3414July 15
484 Jan 5
514 Jan 15
110 Jan 2
62 Jan 12
231 2.June 7
904 Aug 2
40 June 7
9712 Jan 17
31 May 3
150 Jan 3
22,8 Mar 18
2258 Mar 18
18 Feb 13
20 Mar 28
194 Jan 15
1414Nlay 8
534 Apr 18
63 July 3
314 Jan 23
6158 Jan 3
16514July 8
125 Jan 5
43 Jan 14
128 July 8
5412 Apr 18
152 July 5
162 May 1
10912MaY 1
5312 Jan 14
126 Jan 24
2712 Jan LI
104 Jan 2
7512May II
494July 29
814t Feb a
15812 Jan 31
2838 Jan 22
857858ay 10
93 Jan 2
2214 Jan 2
10012 Jun 9
5578 Mar 18
19 Jan 11
20 June 18
1812 Apr 19
84 Apr 20
10 Apr 8
494 Jan 2
19314 July 10
354 Jan 14
814 Jan 14
107 Feb 1
11912 Feb 6
65 Mat 18
924 Jan 16
7278 Mar 20
58 Jan 3
21512 Aug 2
14414 Mar 1
10934 Jan 30
143 May 3
353 Mar 19
5714 Aug 1
1312 Jan 21
82 Jan 16
1164 Feb 8
4178July 18
83 Apr 24
109 May 15
1157s July 5
2434 Jan 26
6512 Jan 26
9712 Feb 4'
10912 Apr 27
48 Jan 29
145 Aug 1
110 Apr 25
125 Aug 1
3412July 10
106 Jan 24
4614June 26
8434 Jan 17
2114 Jan 16
8718 Jan 15
63 July 16
59, Jan 22
4278 Jan 21
175 July 22
53 Mar 27
34,4 Jan 3
11338 Feb 5
48 Mar 7
7212Mar 9
229 July 16
5534July 27
21512 Aug 2
20578 Aug I
4814May 1
534 Apr 23
110 Feb 1
11114 Jan 17
102 Jan 17
117 Mar 18
1104 Jan 16
5934 Feb 5
344 Feb 5
9418May 11
38 Fee 25
53122,1ar 2
54 Apr 19
48 Jan 2
5778 Jan 16
2924 Feb 6
6114May 3
62 May 3
35 Jan 3
103 Jan 3
134 Jan 23
27 Jan 21
79 Jan 23
9412May 4
7534 Jul) 30
9334 July25
8558July 24
299 Feb 5
807a Jan 30
84 July 19
514 Apr 24
9612May 10
7158 Aug 1
160 July 24
2 Ex-dlyldend.
PER SHARE
Range for Previous
Year 1928
L.noest
Highest
Per share 11 Per _____
22
Jan 3912 MAY
45
Oct 5338 June
84
Jan 5212 D.c
10418 Jan 11414 Oct
5614 June 714 June
1434 Feb 23 Sept
8178 Mar 914 Dec
1938 Mar 4112 Dec
864 July 10018 Dee
11-238 Mar 154
19 Aug
19
Aug
19
Dec
64 June
444 Dee
3238 June
Nov
.54 Jan
-2
24 June
23 Aug
1414 Noy
594 Feb
4478 3eot
554 Nov 6378
63 June 937s
119 Mar 126
30 Dec 494
Dee
Dee
Apr
Feb
4234 Feb 58 No,
110
Oct 12818 May
_
3412
11214
2278
1034
Apr
Mar
Aug
Dec
67
185
844
11418
5814 Oct
1314 June
1812 Dec
804 June
9114 Nov
1552 June
874 Sept
38 Dec
18 Nov
1812 Nov
1314 Jun
78
Oct
24 No
41
De
1024 Jan
22
Jan
Jan
52
10034 De
6114 Fe
27 Jun
55 July
3912 Feb
Jan
51
9312
148
2772
874
100
8578
10534
13858 Jan
86 June
12712 Jan
139
Jan
284 Feb
1474 API
Oct
120
139 June
273 Dee
454 May
Jan
80
758 Jan
434 Jan
53
Jan
1014 Jan
12 June
4454 Jan
8812 Jan
10612 Dec
Oct
47
2214 June
74 June
1912 June
1912 Jan
105 Dec
1412 Aug
70 Dec
1514 Dec
Dec
77
8072 Aug
6124 Dec
Feb
28
140 June
4914 Nov
13 June
11112 Nov
4078 Oct
78 Nov
85 Dec
11212 Dec
2034 Nov
6414 Nov
994 Nov
11412 Apr
6254 Jan
74 Nov
99 Sent
484 Nov
2814 Dee
10612 Sept
2678 Sept
Feb
123
2958 Jan
074 Jan
13914 Sens
574 Dec
4478 Ott
87 Nov
10538 Dec
13912 July
4218 June
884 Jan
9534 Jan
1212 Jan
3034 Jan
103 June
10712 Oct
9812 July
11312 Oct
103 June
624 Dec
204 Jan
-20.1.8 Feb
8014 Febl
3418 Jan,
Ccl
Oct
Feb
Apr
Dee
Noy
Apr
No,
Feb
Oct
Dee
53 Nov
191, Nov
191, lee
2014 Jan
9038 Jan
6
Jan
6838 Jan
138
Oct
51 May
Apr
72
10912 May
9358 Mar
6214 Jan
10938 Jan
714 Nov
58
Dec
19212 Apr
81
At
3672 Oct
HO- Dec
10834 Nov
201
Oct
5738 Jan
144 Nov
139 Nov
2812 June
404 May
112
Apr
11514 Apr
1044 Apr
118 June
113
Jan
78
Apr
69
Apr
39 -14e;
4334 Jute
4974 Nov
3314 June' 1523* Dec
5144 Aug 58 Dee
1714 Dec 224 Nov
1734 Jan
9244 Jan
11
Oct
22
Jan
634 Oct
17512 Feb
28
Jan
4614 Jan
41
Jan
69 Feb
68 Illy
6112 Nov
273 Feb
83 Nov
454 121,,c
8312 June
r Ex-eights.
83 Dee
10412 Dec
16
Feb
85 May
7734 Feb
22534 Nor
55 Nov
93 Nov
80 Nov
289 Nov
84 Aug
8412 Apr
6744 Noy
95
Ayr
564 Nov
1164 Dee
768
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
emus.
Ma. I 1999 fee Rseaange method of quoting bonds was changed and prices are now -and lateran"--treept for Income and defaunad
2 •
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 2.
Price
Friday
Aug. 2.
ttttt and City Securities.
Foreign Govt.& Municipals.
1947 Ic A
Agile Mtge Bank s f 68
Sinking fund 68 A_ _Apr 15 1948 A 0
1963 M N
A kerlhus (Dept) esti 56..
A ntioquia(Dept)coils A _ _1945 J J
1945J J
External a f 78 ser B
1945 J J
External 61 712 series C
1945J J
External e 7a ser D
External a t is let ser_ _ _1957 A 0
1957,A 0
Ext1 sec f is 2d ser
1957A 0
Ext1 sec a 713 3d ser
1958 J D
Antwerp(City)en!522
Argentine Goat Pub Wks64_1960 A 0
Argentine Nation (Govt of)—
Sink fund 66 of June 1925-1959 J D
1959 A 0
Exti 6 f Os of Oct 1925
1957 M
Sink fund 6a series A
External Oa series B _ _Dec 1958 J D
Ext.] e1 6s of May 1926 ,.,.1960M N
External s 68 (State Ry)_1960 M
Ex tl Ile Sanitary Works_ _ _1961 F A
Ext Os pub wks(May'27).1961 M N
Public Works exti 534s-....1962 17 A
1945 M
Argentine Treasury 66 L.
ustralta 30-yr 5a_ July 15 1955 J J
External 5,3 of 1927_8ept 195756 111
19156 111 N
Exti g 41
4e of 1928
/
1943 .1 D
Austrian (Govt) s t 7s
Bavaria (Free State) 610-1945
Belgium 25-yr ext s I 7148 g_1945 J D
1941W A
et)-yrs 185
45_ _ -.1949 M
/
25-year external 61
1955 J J
External a f 623
1955 .1 D
External 30
-years f 76
1956 M N
Stabilization loan 75
1945 M N
Bergen (Norway) f S.
15-year sinking fund 66_1949 A 0
1950 A 0
4s
1
Berlin (Germany)a f 6/
External sink fund 68_ _ _ _1958 J D
Bogota (City) ext'l 5 f 88._ _1945 A 0
Bolivia (Republic of) exti 86_1947 M N
1958 .1
External sec 711
11)13984 S
Externals f 78
Bordeaux (City of) 15-yr 6e_1934 M N
Brazil (II Sot)external 8s___1941 J D
External s r 610 01 1926-1
11 1
19
41 of 11127
1
Ext1 e 6/
is (Central Rae.ay) __1952 5 D
f
4e...r.
(coffee
fist)-1952 A 0
710
78_1935 M
Bremen (State ..1
1967 M
Brisbane (City, 8 is
1 A
_1958 ,
- 1,,king bind 4..1.114 .
,
Budapeet (City) cell a1 as _1962 J D
J
_ _1955
Buenos Alres(City)
1900 A 0
6-xti • f 66 ser k.;-2
19230 A 0
Extl a 13a ger C-3
Buenos Aires(Prov) ezti 68.1961 M
Bulgaria(Kingdom)s 17a... _1967
stabTarn a f 71
46.Nov l5'88
/
Chides Dept of(Columbia)7206413 1 J
Canada (Dominion of) 134.._1931 A 0
1929 F A
tO-year 61
46
/
A
F N
2M
36
195
Se
t'is
1954J J
Carlsbad (City) ii fie
Cauca Val (Dept) Colom 734e'53 A 0
Central Aerie Bank (Germany)
tearm Loan s I 76 Sept 15 1950 M
Farm Loans f 64.July 15 1960
J
Farm Loan .1 66.0ct 15 1960 A 0
Farm loan 612eer A_AlOr 15'38 A 0
Chile (Republic of)20-year external f
M
External sinking fund 66._1960 A 0
1961F A
4
1
External fl/
1961 J J
Ry ref ext1 a f 66
1961 M 5
Ext.! sinking fund Os
1962 M El
Extlsinking fund 64
Chile Mtge Bk 634s June 30 1957 J D
46 ot 1926_June 30 1961 1 D
/
8 1 61
Apr301961 A 0
Guars f fle
(Hukuang Ry)541_ _ _1951 J 1)
. bristlania (Oslo) 30-yr e f its '54 M
Cologne(City)Llermany 634,1950 M d
1961 J J
Colombia (Republic)611
External 6 f 6a of 1928_ _ _1961 A 0
Colombia Mtg Bank of 610_1947 A 0
Sinking fund 78 of 1926_ _1948 MN
Sinking fund 721 of 1927-1947 F A
1952 J D
Copenhagen (city) 58
1953 M N
46
1
25-yr g 4/
Cordoba (City) extle f 76_ _1957 F A
External 5 f 7s Nov 15 1937 al N
Cordoba (Prov) Argentina 7a1942 J 1
Coate Rica (Repub)ext1 76_1951 MN
5
Cuba (Repub) Se of 1804...1944
External 543 of 1914 ser A 1949 F A
External loan 410 tier C_ _1949 F A
Sinking fund 514e_Jan 15 1953J J
Cundinamarca (Dept) Columbia_
1959 M N
ExtlsfSb48
Oa the basis of 16 60 tin
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Aug. 2.
Pries
Friday
Aug. 2.
W,ek's
Range or
Lctst Salo.
gf4
High No.
sta Low
Bid
High
10958 17
Czechoelovakia(Rep of)84-1951 A 0 10938 Sale 1091 1
8 12
1097
99$
109
1097
0
A
1952
10914
86
tund
B
Sinking
ser
132
96
961122 97432
4 A1946 F A 10812 Sale 10812 10834 15
1
9931144 Danish Cons Munleipl/
96
99 June'29
7
F
6J
4,
10812 109 10812 109
Series B f 86
94
173 98,u 100'ii
981432 99
10378 36
1
t4
10378 Sale 103
sarAk6
nxiu
year gal 65.. _ _ _1
99'4229954u DeE
99,448Mar'29
36
s 9934 Sale 9912 100
A
51
87
A 0 861a Sale 884
Extlg 41/46
9815.4 9942 488 98744 10011,4
25
12
1.9693
19
9712 36
t 6156_ 1
974 Sale 97
107322 107113 271 105 111,44 Deutache Bk Am partA r.
7
96
1021132103432 283 101441069u Dominican Rep Cust Ad 630'42 M 9 9512 Sale 95
13
95
93 Bale 91
let ser 530 01 1928
35 9814441031/44
1001,n 100,14
17
95
40 A 0 95 Sale 90
94°
2d series sink fund 5348_ _1
19
961,42 97114 102 9542 98,744
4
9812
961,a 96". 340 9544 98144 Dresden (City) external 7s_ _1945 M N 9812 19012 9818
Dutch East Indies exti 85 _ 1947 J J 1023. Sale 10212 1024 18
40-year external Os
10225 Sale 10212 1022* 25
8
30-year external 510_.._1953
9 M S 10236 Sale 10238 1025,
162
2
10212
44
/
30-year external 51
1953 MN 10212 Sale 10214
8812
87
87 July'29
87
108
1
108
8812
8814
.1
J
(Repub)
110
812_1948
Salvador
El
108
5
- 8814
814
88,4
87 -1
14
81
4
1
/
81
8112
8214
Estonia
(Rep
76
of)
1967
9934 Mar'28
8912 17
Finland (Republic) extl 236-1945 M
8814 Sale 884
9912 June'28
External slak fund 7s-___1950 M
9934 13
99
994 Sale 99
95
1i- 9512 June'29
94
20
External s 1 610
1956 M
4 Sale 9314
1
93/
10314 104
1034 June'29
Sail sink fund 530
864 15
86% Sale 8638
10234 104
104 Mar'29
3
96
9512
Muo
Finnish
Loan
58
Sale
19
A
O
F
A
A..1954
4
953
6348
9712 9712
9713 Jan'29
93
External 610 series B_ __ _1954 A 0 93 Sale 9212
4 98
,
95
9534 June'29
92
114
D
J
1941
11312
French
Republic
He_
7
ext
Sale
11312
98
1004
98 June'29
External 78 01 1924
99
99
110 Sale 10912 11012 206
99 Mar'29
D 10534 Sale 10512 1064 64
A O
1949 j
101 10114 German Republic ext'l 7e
101 May'29
N
4
M
tem
(Municipality)
Gras
85
983a
10118
9838 9834 984
9814
101 June'29
"6012
1023. 195
at Brit & Irel(UK of) 5/
46-1937 F A 1024 Sale 10218
1
10812 June'28
10
July'29
-year
100
1004
cony
100
510
1047
105 10334 June'29
64% fund loan E op 1980 _ _19
A c8212 84 8212 July'29
MN
29 F
990
103% 103s
110 103% Apr'212
45% War Loan E opt 1929_1947 J D c96
99 096 July'29
10312 10418
10418 Feb'29
Prague
N
M
Greater
710_1952
(City)
10512 10512 105 July'29
1014
994
10114 May'29
95 July'29
991* 10114 Greek Government al sec 76.1964 MN 9118 96
j
10114 July'29
82
Sinking fund sec 66
24
1968 F A 8112 Sale 8112
9734 15
pusbta
.e)
t)
lIc
ur (
t(
im
501465
Haiti
1952 A 0 97
98313 97
9412
3
.1 9312 94
13
94
Homburg
2
10234
4
1
46 J
750
10212 Sale 10214
797s 9012 Heidelberg (Germany)ext 7/
8414 18
84 Sale 8114
94
18
Hungarian Munlo Loan 710 1945 J J 9338 Sale 9234
7914 90
9
81
80
811: 80
External.
89
16
7.
f
J
J
1946
1
1
883
---Sept
90
8812
844
894
17
88
8513 Sale 8513
9212 26
894 9634 Hungarian Land M Inst 734,'61 M N 92 Sale 92
9
91
90 Sale 8912
92
4s ser B
1
S 7/
1
92 Sale 92
94/
89
4
1
9112 13
9018 Sale 89
11
of)
Hungary
100
(Kingd
7
f
s
A
944F
961MN
1
0_1
4
1
/
4
993
100
4
3
99
90
6
7
95
8
91
91
90
89
984 56
8614 9512 Irish Free State extls s t 5s_..1960 MN 9612 Bale 9614
90%
8912 90% 8614
95
97
Italy(Kingdom of) ext'l 76_1951 J D 945 Sale 9412
8614 95
8814 Sale 8614
864
2
Italian Cred Consortium 7s A1937 M
941
4 9512 944
1
94/
864 96
3
8618
864 861
4 8618
/
ExtIIeOIfi.serh
1947M
9414 14
4
1
933. Sale 92/
861s 93
9
8712
8614 8712 8712
J
Public
J
Utility
74_1952
ext
48
Italian
923*
92
Sale
4
923
93
88
9012
19
9012 Sale 894
131
93
0814 10074 Japanese Govt E loan 4s____1931 J J 924 Sale 924
18
9934 Sale 9912 100
830
1954 F A 9974 Sale 98/
30-year
151
4 100
1
A
F
_1947
7s.
1
I
es
19
Leipzig
9914
(Germany)
98
9914
98
101%
67
4 Sale 9918
100
1
99/
95
2,
46_1950 J
1
95
9118 95
9814 100% Lower Austria (Prov) 7/
9978 34
4 Sale 9914
1
99/
MN
of)
622_1934
(City
-year
Lyons
15
100
58,
Sale
10012
mos
10014
101
55
10(418
1004 Sale 9914
10012 21,
mos 10034 Marseilles (City of) 16-yr 66.1934 MN 10012 Sale 99%
45
100
100 Sale 9914
77
37,
9814 10034 Medellin (Colombia) 630_1954 J D 763 Sale 75
36
99% Sale 9912 100
16
5
98 10034 Mexlean Irristat Sontag 410.1943 _ -- 16 Sale 16
99/
994 78
4 Sale 9938
1
Mexico (13 8)extl 5.of 1899 £'45 Q
4934 Jan'28
_
98 101
9934 Sale 9914
10014 57
1899
01
58
Assenting
254
1945
254
10
3
197
25
98
100%
79
9938 Sale 9914
100
_
Assenting 58 large
28 July'29
244 28
934 9714
9414 Sale 9312
9412 20
18
_
18
Assentlug 4/4 of 1904
1
894 9312
9414 Bale 9112
9414 16
_
July'29
1910
01
4s
18
19
Assenting
18
large
97
914
137
95
9434 Sale 9412
17 July'29 _ _ _
Assenting 4. 01 1910 small__ _
18
17
4 96%
1
91/
9434 75
94 . Sale 94
2714 July'29
_
Trese 66 of'13 meant(large)'33
2512 40
8412 884
86% Sale 86
8612 215
_
25 June'29
Small
10212 27 10114 10.5
10212 Sale 102
8912 39
45 '52 A 0 89 Sale 88%
/
Milan (City, Italy) ext'l 61
Brasil
Germs
Minas
(State)
9
95
9014 9812
95 Sale 934
88
1968 M 8 103 Sale 85
16
EMI s 63.0
54 11211 1154
115
11438 Sale 11438
3
Montevideo (City of) 7a......1952 J D 10012 Sale 10012 100%
10914 23 10512 110
10914 Sale 10734
107
8
1
107
M
Os
_l97'4
p,'92*)
Netherlands
Ulm
1054
10512 66 1024 107
10512 Sale 10518
99% Apr'29
30-year external 66
974 101
116
101
10034 Sale 1004
923
A
D
9216
71
A
F
4
4
7
5
9
1
5e1
Wales
So
Sale
ext
New
(State)
9212
1054
109
48
10712 Sale 10712 108
9212 17
F O 9112 Sale 914
8A
53
94
External,
10618 Sale 10512 10612 92 1044 10611 Norway 20-year
A1
mil 138__9_r_ 1
512A
10134 Bale 10112 102% 22
9 109 11212
111 Sale 11012 11114
32
102
10114
A
(34
F
external
-year
20
1944
Sale
11
1017
97 101
10012 17
100 10012 98
1952 A 02
10234 19
30-year external 6
102 Sale 101
99
93
9
94
94 Sale 93
103
1965J
-years
D
40
6
4
1
/
5
99%
4
1
/
99
Sale
99%
92
854
45
89 Sale 8934
89
9434 63
External 6 5e__Mar 15 1983 M 13 9433 Sale 94
9 100 104
10212
101 Sale 101
36
Municipal Bank ext1 8(68.1967 J D 91% Sale 91%
92
494 104
29
100 Sale 9912 100
84
A
11
F
66_1952
Nuremberg
8212
esti
(City)
8212
8313
95
85
89% 33
8612 Sale 85
3)fu3°-ndyear51/44. f 64._1955 M N 9912 Sale 9912 10W2 24
541g 92
8614 58
8614 Sale 8412
4
973
4
3
A
95
28
F
1946
4
/
971
964
101
9814
10012 25
10011 Sale 100
1953 J D 9834 9878 98%
Panama
42
1
°81Dinkoa(Cingit(Rep) en'5/
Pan
987a 20
10612 44 105 109
10612 Sale 10518
Exti sec s 630
_ 10112 Jan'29
904 9612
9112 154
9112 Sale 9012
58
ser
1
s
N
D
Exti
M
A_
1JI
3
6
96
9
1
91
15
_May
18
894
Sale
06%
90
9912
9112 44
91 Sale 9038
Pernambuco (State of) ext is '47 M
90% 12
89 Bale 89
94 102
9914 58
99 Sale 99
(Republic
Peru
Of)
4
1013
107%
3
106 10712 10512 10512
ExUI f see 734s (of 1926)_1958 M S
_ 10714 Jan'29
eels 1024
10118 131
1004 Sale 100
Exti t see 76
1959M$ 10014 gale 100
10012 10
851s 9312
8914 22
8914 8912 8812
Loan
D
84
.1
extl
66
Nat
t
a
1960
854 86
Sale
4
843
93
86
8934 28
8834 891 86
85
eftros
71
8434 Sale 84
7614 834
48
78
77 Sale 7718
(Rep Of) gold 66.......1
76
O
D
7512
A
Poland
1
0
4
13
6
9
9
1
76
74
102%
99
19
10012
100 Sale 100
0
A
Stabilization
85
1947
85%
1
s
91
loan
Sale
7s
85
94 100
_
98 July'29
Exti sink fund g 822
1950 J .1 9512 Sale 9518
96
45
944 1004
21
100
99 Sale 96
103
3
Porto Alegre (City of) 823_1961 J D 103 104 103
47
92
9114 94
9113 Sale 9113
981z
Extl guar sink fd 73.0_ _ _1968 J J 974 99
98%
3
90
80
2
8012
751 8714 8012
A 0 10934 Sale 10834
10934 24
1941
exile
Queensland
(State)
17e
9714
85%
37
8714
87 Sale 87
1947 F A 102/
25-year external 66
4 Bale 10212 10314 12
1
9313 101
8
9514
9413 Sale 9413
10514 23
981, 101% Rio Grande do Sul extl f 86_19413 A 0 10514 Sale 10514
45
101 Sale 9912 101
1968 .1 0 84 Sale 84
85
EV" f 66
23
991s 102
9934 July'29
9934 100
Ext.! 176 of 1926
95
10
9412 Sale 9412
4
,
9934 106
110
102
102 Sale 1011a
D
MN
966 .1
11967
90
Extle 175 munic loan
89%
7
894
99%
96
82
974
97% Sale 96,
s
Sale 105
10512 10
1 10318 1074 Rio de Janeiro 25-yr f fle._ _1946 A 0 iel
1034 104 10312 10312
1953 F A 9134 Sale 9114
Exile f 634
9214 45
,
102
97
7
98
9878 9711
9812
Rome (City) ext1 810
1952 A 0 8938 Sale 8813
90
43
Rotterdam (City) esti 64_1964 M N 10414 Sale 1034 10414 15
9212 99
96% 15
96 Sale 96
1963 J .1 804 8212 864 June'29
64
Saarbruecken
(City)
8
883
7812
44
4
823
81% Sale 8112
2
Sao Paulo(City) of Si.. _mu 1952 M N 108% Sale 108% 109
88
79
96
83
8134 Sale 8112
48 of 1927
/
024
EMI 8 I 61
93
1957 M N 90
2
934
8412 92%
86% 25
85 Sale 8412
Han Paulo (State) sills f 85_1936 .1 J 105 Sale 104
105
15
J 1041a Sale 10418 105
1950
External sec II f 812
24
24 100 103
102
10134 Sale 10014
External f 76 Water 1:13.1956 56 5 9978 Sale 9934
14
100
94
91
9212 79
92 Sale 91
4 Shit rote
1
/
EMI f(
8538 23
86 8234
83
90% 9414
, 98
923
923* Sale 9025
j 954 Sale 94%
942 M f
96
29
Banta Fe(PM Are Rep) 79 1968j
94
91
9214 40
917a Sale 913*
1945 J D 94
95 948 July'29
_
Saxon
StateMtg that 75
sic44
9113 94
72
94
9334 Sale 9313
9012 9112 904 July'29
Dec 1948 J
4 94
1
90/
78
9114 Sale 9034
92
Dept of(France) extlis '42 .1 J 10718 Sale 107
Seine.
10712
50
%
9
9
9514
35
9038
958s Sale 9538
32
89
954 1007s Serbs. Create & Slovenes 8s '62 M N 8712 Sale 8712
98
4 50
,
98
4 Sale 974
,
1962M N 734 Bale 7312
76
Extl sec 78 ser B
49
94
89
50
92
92 Sale 91
D
.1
1958
(Prov
of)
4
7s
763
12
ext
Silesia
Sale
7812
77
34
%
4
4
15
38
2911 38
3612
9814 1011s Silesian Landowners Assn 68_1947 F A 774 Sale 764 • 78
2
100
9814
9814 100
9912 47
97% Solasons (City of) ext1 66_1936 MN 994 Sale 994
91
9212 18
9214 Sale 92
9012 8912
1946 F A 89
904 11
Styria (Prov) extl 75
91
82
8312 44
83 Sale 82
103
43
1939 .1 D 10212 Sale 102
Sweden 20-year 66
81% 91
76
828
8213 Sale 82
External
Sale
loan
10314
4
1028
83
534s
10314
84
3
1
79
2
8034
8014 8012 80
.1
5451
190
10812 Sale 1084 1084 13
9314 Swiss Coated% 20-yr s 83..1
84
4
4 8434
1
85/
86
84
9514 Switzerland Goat ext 550_1949 A 0 10312 Sale 10212 10312 110
84
2
84 Sale 84
85
75
744
8
Tokyo City 56 loan of 1912._1952 M
744 75
97
94
9418 Sale 944
943. 48
1961 A 0 84 Sale 8318
42 guar
/
84311 27
Ext1 s f 51
8412 8914
33
86 Sale 8412
861
N
M
(Dept
July'29
1947
89
Tolima
of)
ext176._
-88
98
934
5
9512 Sale 94
951
92
1
434 91
92
934 9712 Trondhjena (City) let 5)0_1957 MN
931
934 94
9318
28
96,2 15
Upper Austria (Prov) 75_11245 J D 954 Bale 9512
954 101
9934 Sale 9934
100
9
D
27
J
1
8914
External
161957
8814
610...June
Bale
88%
94
9212 9312 924
9212 96
34
3
108
99 1024 Uruguay (Republic) exti 822_1948 F A 108 Sale 10724
100 102 100 July'29
9678 29
External a Ele
964 Sale 984
9734 10234
101
____ 100 July'29
8
O
A
196°MN
8714
Prov
76_1952
88
Venetian
Mtg
Bale
87
Bank
ems 994
96% 9912 9612
98
8
884 41
extisf 64_1952IM N 8614 Bale 8814
Vienna (Cite
1004 102 101
102
9714 107
11
7776 38
Warsaw (City) external 79_19581F A 77 Bale 764
917a 27
7834 Sale 7834
25
80
9714 8914 Yokohama (City) exti 66...196111 D 904 Bale 8934
Ask
U. S.0
moist.
Bid
First Liberty Loan
JD 97132 Sale
4% of 1932-1947
/
31
JD
Cony 4% of 1932-47
Sale
4% of 1932-47
/
D 99
Cony 41
JD
2d eonv 41
4% of 1932-47
/
Fourth Liberty Loan4/
AO 99
Sale
4% of 1933-1938
1
44 Sale
1947-1952 AO 107,
Treasury 414s
1944-1954 Jo 1021,44 Sale
Treasury 422
1946-1956 M
1001,44 Sale
Treasury 3/
411
1
1943-1947 ID 96.28
Treasury 310
D 06.28 97
42 June 15 1940-1943
/
Treasury 31
NYC 31
4% Corp st_ _Nov 1954 MN
/
314% Corporate st _ _May 1954 MN
1930 MN
45 reglatered
1958 MN
48 registered
4% corporate stock
1957 MN
1957 MN
433% corporate atock
1957 MN
4% corporate stock_
1
4/
1968 MN
4% corporate stock
1959 MN
4% corporate stock
4s corporate stock
/
41
1960 M
1964 M
410 corporate stock
1966 AO
4148 corporate mock
1972 AO
41
42 corporate stock
/
1971 JD
4s corporate stock
/
41
46 corporate stock
/
41
1963
1965
433e corporate stock
413s corporate etock_July 1967 JJ
New York State Canal0 _ _ 1960
Mar 1958 MS
0 Canal
Range
Since
Jan. 1.
West's
Range or
Lao Sale.
steeling.
Low
High No. Low
245
Range
Rinse
Jan. 1.
High
Low
109 111
108 111
4 111
1
107/
1074 110%
4
1
102 104/
9834 10184
gm, no
99
96
9212 99
my% 981y
9734
90
98 101%
101% 10334
10184 104
10034 10376
101 10312
108 111
• 814 86%
8814 97%
974 101
9314 994
92
85
944 9912
9212 9814
4 115
1
109/
10512 111
10434 108
98 10212
102 104%
99 11812
682% 87/
4
1
696 100
104 1074
99
95
8112 87%
954 101
9238 974
10073 10412
91% 100
854 94
92
9814
92
9418
9912 10115
9714
95
944 97%
4 9612
1
93/
9112 951s
9018 954
94
90
987s 10214
95 10012
4
1
924 99/
4 101
1
98/
984 101
89%
75
25
16
"25" 35"
26
16
17
1534
25
25
4
1
87/
34
223s
4
1
23/
22%
374
3538
91%
85
9512
100 1034
103 108
994 10082
9012 95
9014 004
100 10314
100 10314
100 1037s
9878 10134
934 9738
884 95
824 9012
9918 10232
95 1014
984 1024
10114 10112
8912 94/
4
1
95
89
107 1074
99 103
84
9014
901*
84
831*
74
884
81
99
93
10114 10512
97 1024
1054 113
100 10474
105 10614
92
84
944 9914
8914 91%
105 10612
9534
91
Si', 9134
10134 10412
9112
86
10734 115
9214 9812
103 108
1014 10712
9674 102
8234 93,4
9434 98
94 1004
8713 95
1024 10812
8712 96
7313 8112
80
76
844
75
97% 994
8912 94
101% 10414
4
1
10034 105/
toyss 110%
loots 10514
4
1
78/
74
831a 9012
5512 92
3 9614
90.
94% 984
4 8934
1
85/
10414 1093s
90 100
94
86
84% 9012
8514
76
894 9634
New York Bond Record-Continued-Page 2
BONDS
1551 Y. STOCK EXCHANGE.
Week Ended Aug. 2.
Price
Friday
inc. 2.
Week's
Range or
Last Sale.
Range
Since
Jan. I.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 2.
u
t
Jta.,
769
Price
Friday
Aug. 2.
Weeds
Range or
tall Sale.
Range
Since
Jan. 1
--Bid
A sk Low
High No Lots
High
904 Sale 90
9014
8
90
9534
00 May'28
__
9018 Sale 90
903% 27
-Der
81% Feb'28
8978 Sale 8834
90
252 "iS12 vui
7614 Sale 7512
77
501
6914 80
73
75
73 July'29 __ _ _
71
8012
7712 Oct'28
8412 86
8514
88,4
9 -t-34- 41-58
84
Apr'29
84
84
_
8618 July'29
86
9014
9712
9712
9712 102
4
9712 99
104 10738 10518 July'29
_ _ 103% 10934
101
Apr'29 101 101
9912 ____ 995 July'29
99 10014
10014 Oct'28 _ _ _ _
993 9934 998 June'29 _ _ _ _
1004
99 Mar'29
_
09
99
9512 -99
9512
9512
4
9512 10134
100 June'29
10012 10034
10138 Sale 101
10112
7 1004 103
10712 Sale 10712 10712
8 10614 11114
101 102 102
5 1004 105%
102
9312
9314 9334 9312
1
90% 9734
85
8614
88
8614
89
85
I
8814 Dec'28
9314 Sale 9314
94
96 -9-24 95
9234 Jan'29 - -. _
924, 92%
8812 Sale 8714
52
89
86
9518
83
8712 83 July'29
83
88
101 103% 10312 June'29 _ _
102 105
107 Apr'28
81 Sale 81
1
81
81
8158
_ 78
Apr'29 - _
80
78
98
9912 100 Apr'29
9912 101
__
1015, June'28 - _
9938 Sale 9834
9934
9
07 - 1-61-9534 -- 9534 Nlay'29 - _ _
9534 97
9734 98% 9818 July'29.96 101
9712 _ _ _ _ 9734 July'29
9712 9912
__
95 Sale 95
9512 12
91 10012
85
8578 8538
8512
7
9212
85
96 Sale 96
26
96
9512 10614
103 10314 10234 10234
3 101 11344
10114 10134 10138
10134 22 100 10212
112 Sale 112
112
1 112 116%
10012 _ _ _ _ 1004 July'29 ____ 10012 10114
8312 83% 8358
8358 39
8312 8914
102% 103% 10234
10338 10 10014 105
96% 100
9912 June'29
9912 10112
92% 9712 93 Mar'29
_
9458
93
93
__
9612 July'29
96
94
9612
_
87
9014 9014
90141
3
81
9558
RIM
Bid
Ask Low
High No. 1.w
High Chic Milw & St P (Concluded)Railroad
Gen 44e series C___May 1989.1 3
AM GC Sou let cons A 5e____1943 J o 99 1017 10014 July'29
100 10312
Registered
143 cons 4s ser B
94
1943 J O 93
93 June'29
94
Gen 44s series E._ _May 1989.1 J
93
Mb & Susq let guar 341_1946 AO
82 July'29
81
Deb Is (June '25 coup on)..1925 J D
8612
Alleg & West let g gu 4e
1998 AO 84
857 0212 Mar'29
9212 Chic MOW tit P & Pac 5s_..,1975 F A
90
Alleg Val gen guar a 48
92 Sale 92
1942 M
92
2
95
91
Conv adl 58
Jan 1 2000 A 0
Ann Arbor 1st g 4s__July 1995 J J 7214 7514 73
73
1
Chic & N'weet gen g 34s_ _1987 MN
78
71
Arch Top & S Fe-Gen g 4a_1995 AO 92 Sale 91
92
42
Registered
9018 94
Q F
Registered
AO
87
87
1
92
General 48
85
1987 M N
Adjustment gold 4a__July 1995 Nov 85% 86
8512
8658 10
8458 90
Registered
@ F
Stamped
July 1995 MN 8512 86
85
85% 41
8338 90
Stpd 45 non-p Fed In tax '87 NI N
MN
Registered
85 May'29
Gen 4.148 stpd Fed Inc tax.1987 MN
8034 85
Cony gold 4s of 1909
1955 J D
8614 July'29
Gen be stud Fed Inc tax _ _1987 MN
86
90
Cony 48 of 1906
J
D
88
Sale 89
1955
89
Registered
91
MN
85
Cony g 45 issue of 1910_1960 J
8614
85 June'29
Sinking fund 88
8158 90
1879-1929 A 0
Cony deb 445
152 Sale 14314
1948
15312 342 10812 157
Registered
A 0
Rocky Mtn Div let 4e_ 1965 J J 87
8878 89 July'29
Sinking fund 58
92
89
1879-1929 A 0
Trans-Con Short L let 45_1958 J J
87 July'29
Registered
85% 93
A 0
Cal-Arlz let & ref 414e A_1962 M
9512 Sale 9512
96
9512 100
13
Sinking feud deb be
1933 M N
Atl Knoxv & Nor let g 5a1946 Jo 99% ____ 103 Apr'29
Registered
M N
- - 103 10314
Atl & Charl A List 41.45 A _ _1944 J J
95 June'29
I0-year secured g 7e
93
961s
1930 1 D
let 30-year 55 series B
1944 J
102
____ 10212 July'29
I5-year secured g 6 tis. _ ..1936 M S
104
101
Atlantic City 1st cons 4s_ _1951 J J 8412 88
84
84
5
let ref g 5.
84
May 2037 .1 D
8712
Atl Coast Line 1st cone 4s July '52 MS 9012 Sale 8914
1st & ref 4 4,
9012 32
May 2037 1 I)
88/
1
4 93
Registered
M
9014 Jan'29
A
P
9014
It
9014
I
Chic
italiway
gen
4s 1988 J 2
General unified 41421
1964 3D -0414 94 8 9412
9412
1
Registered
J J
931s 9912
L & N coil gold 4e_ __Oct 1952 MN 87
89
87,2
Refunding gold 45
8712
2
1934 A 0
91
86
ALI & Day let g 48 '
194/4 .1 .1 69
7011 6812 July'29
Registered
A 0
75
65
2d 45
.1 5318 54
1948
53
53
Secured 4 4s eeries A
53
1952 M S
8712
Atl & rod 1st guar 48
1949 AO
8012
81
St
I.&
48_1951
D
Ch
NO
J
Mem
Div
8012
83
,
2
Austin & N W let gu a 5e
1941 .1 3 97 10224 9514 July'29
Gold 58
June 15 1951 .1 0
9514 10314
Registered
J 13
Bait & Ohio let g 4s._ ....July 1948 A 0 91 Sale 9014
0114 54
Gold 3(4s
June 15 1051 J D
89% 9314
Registered
July 1948 @ J
8714 July'29
1 I)
Itegtatered
92
87
20-year cony 4 48
1933 M S 9738 Sale 97
3 133
97
Cb
l'
1st
St
cons
LA
g be____1932 A 0
99
951s
Registered
M 8
98
Registered
A 0
Refund & gen (i8 series A-1996 .1 0 10018 Sale 9912 June'28
10114 48 .64 trizii Chic St P NI A Goons 68____1930 1 D
Registered
3 1)
9914 June'29
Cone 68 reduced to 310_1930 1 D
9914 9914
let gold 58
July 1948 A 0 10214 Sale 10112 10214
Debenture 5a
17 1.0138 10412
1930 M S
Ref & gen 65 series C
1995 J 0 10812 Sale 108
10812 43 10714 110
M S
Stamped
PLEA W Va Sys ref 45_1941 MN 9014 9078 90
90
16
Chic T II & So East 1st be. __IMO J I)
90
94
Southw Div let 55
1950.1 1 10318 Sale 102
10312 16
Inc gU 53
Dec 1 1960 NI S
99% 10312
Tol & CM Dly let ref 44 A.1959 .1 .1 8214 86
82
8218
2
7812 8514 Chic Un Sta'n let go 4 iis A.1963 J 1
Ref & gen be series D _ _2000 M S 10038 Sale 100
10034 64
1st bs series B
1963 J J
99 103
Bangor & Aroostook lot 5s 1943 .1 J 100 102
99 July'29
Guaranteed g bs
1044 J 0
99 105
Con ref 4s
1951 J J 7914 83
7914
81
6
1st guar 6 lie series C
19632 J
8014
78
Battle Crk & Stur let gu 35_ _1989 J 0
6812 Feb'28
Chic At West Ind gen 65 Dec 1932 0 M
Beech Creek 1st an g 4e._ 1936 J 1 93 -97
96 June'29
Como!50-year 4s
1952 J J
9412 9
Registered
!J J 03
97
95 Aug'28
196281 S
1st ref 54e series A
2d guar g be
1936 J .1 97 ____ 97 June'28
Choc Okla A Gulf cone Se...1952 M N
Beech Crk Eat let g 31414_ _ _1951 A 0
77,4 ___ 80 Mar'29
Cin IT & D 2d gold 4 lis
19373 J
Belvidere Del cons gu 3346_1943 1 2 83
C 1St L ez C let g 4e_Aug 2 1936 Q F
Blg Sandy 1st 40 guar
1944 1 D 8512 ____ 8518
8518
Registered
Aug 2 1936 Q F
Bolivia Ry 1st be
1927 1 J
Cie Leb & Nor let con go 4e 1942 M N
Boston A Maine let be A C_ .19671 M S 651
4 gale- -033-4 --------- 72
Boston & NY Air Line 1st 48 1955 F A 9l1j 99
78
7612
7612
21
Bruns & West let gu g 412.. _1938 J .1 76
100 July'28
_
76
8112 Clearfield NI Mah let gu 54_1943 32 9812
9814 July'29
e2
Buff Roch & Pitts gen g bs_ _1937 M S
8438
841j 91 98,4 Cleve din Ch A St Leen 48_ .1993 3D 8458 86
8514
9
10134 Sale 10012 10134
20-year deb 4 4s
2
Cense! 44a
1931
9834 98% 9858
99 10134
9858
9912
97
5
1957 M N 88 Sale 85
88
General 5s series B
Burl (I RA Nor 1st & colt be 1934 A 0
70
10218 104 10312 July'29 -- _ 10312 112
1993 J
85
92%
97
9934 97
97
Ref & Met (le ser C
3
1941 ii 103 Sale 103
97 102
103
10034 105%
Inlet
Ref
dr
55 ser D_
Canada Sou cons gu 64 A __ _ _ 1962 A 0
_1963 J J 10034 Sale 10034
14
103
98 10312
1
Cairo Div 1st gold 4s ... 1939
2 10118 108%
9118
Canadian Nat 414s_5ep1 lb 1954 M S 99 10114 10112 10112
91
9412 91%
5
91
9312
9412
NI Div let g 48_1991 JJ
W&Cln
7
5-year gold 4 45....Feb 15 1930 F A 94 Sale 94
___ 82
82 June'29 96%
92
92
80
Sale
9918
9938
9918
30-year gold 44s
21
St L Div let coil tr g g 4s- - 1990 MN -8314 85% 86 June'29
9734 9934
_
85
884
1957 J 1 9214 Sale 9212
9314 52
Spr & Col Div let a 4s... _1940 NI
Gold 454s
96
90
92
9312 9212 Mar'29
9212 924
1968 J D
93
W W Val Dtv 1st g 4s
61
Canadian North deb 1 I 78_1940 2 D 9258 Sale 9112
1940 .1
95
91
Oct'28
__
90
110 Sale 109
110
Ref
&
tmpt
25-year 8 f deb 64e
41.43
33
11
ser
E
913
4
1977
113
14
9212
10818
9134
93
91
411946J J 11334 Sale 1137
11412 26 11212 11612 CCC34 gen cone g as
1934 JJ 101 103 10058 July'29 _ _ _ _ 10053 10418
Registered
112
Apr'29
Clev Ler & W con 1st g be __ _1933 AO 9732 9834 100 July'29 _ _ _ _
10-yr gold 434e__ __ Feb 15 1935
112 113
9712 10112
A
981
: 4
Cleve & Mahon Vol g 5s
1938 JJ 9412
Oct'28 _ _
100
95% 99
Canadian Pao lt7 4% deb Mock .1 J 9812 Sale 97
833 Sale 83
84
Cl & Mar let gu g 41-4e....1935 MN 9412
84
95
Col tr 4 49
2 "iL"
95
8058 86
1946 M S 9534 97
9512
97
Cleve & P gen gu 41.48 ser B_1942 AG 9518 9812 10034 Mar'28
46
9514 99
Carbondale & Shaw let g 181932 M 8
9818 Mar'28
Series B 345
1942 A0
Caro Cent let cone g 48
97
97
-- 97 May'29
1949 .1 J
73
-7
5
79%
May'29
Series A 4 4-4s
7914 -16;
1942 J
Caro Clinch &0 1st 30-yr 58_1938 .1 D
97
95,4 ---- 98 May'29
98%
1
_
Seriee C 3411_
1948 MN
8518 May'29
let & con g 69 ser A_ Dee 15 62 J D 100 10014 100 July'29
98 102
854 8512
107
10912
1081
1085
8
18
Series
FA
D
1950
1 106 109
34s
8412 89
8934 Jan'29
Cart & Ad 1st gu g 4s
8914 8914
1981J D
8734 N1ay 29
__
Cent Branch U P let g 4s 1948 .1 D
8744 871
9914
95
/
4 Cleve Sher Line let gu 448_1961 AO 9315 9714 95 July'29
- 80
85 Mar'29' _ _
Cleve Union Term let 514s _1972 AO 10614 108
0614
(4412 05
10612 30 10512 109
Central of Ga let gs_Nov 1945 F A 10:
-- 10112 May'29
2
_ 10112 10212
Registered
AO
Oct'28
107
Coneol gold be
1945 NI N 100 Sale 98%
100341 55
(stet 5seerB
1973 AO 115212 Sale 1024
10212
98 103
Registered
s iaii, 1o57i
NI N
100 Jan'29'..__ _ 19
lets!guar 44eserC
1977 AO 9812 9712 96 May'29
Ref & gen 514s series B_1959 A 0 103
1112
093
0 4 10
96 101
1-0i14 103
__
Ref & gen 58 series C
1959 A 0 9512 Sale 9512 July'29
9614 48
Chatt Div our money R 48_1951 1 14
1945 3 D 8412
1
8412
951210112 Coal River Re' 1st HUM
8412
8412 9018
87
Mar'29
Colo & South ref & ext 445_1935 M N 94129
Mack Nor DR, let a 6e
5
9512 95
87
2
87
9412 974
1946 .1 .1
107 101
Jan'29
Col & H V let ext g 4e
Mid Oak Ati div our m 64 1947 1 2 _
1948 A 0 --_ 837 8512 Apr'29
101 101
8812 91
05E8 101
95 May'29
_
Col & Tel 1st eat 421
Mobile Div let it 55
1955 F A 92
95
92 July'29
95
92
1946 .1 .1
91,2
101%
100
Apr'29 _ _ _ _
Cent New Eng 1st gu 4e
9952 10012 Conn & Passum Riv 1st 4s 1943 A 0
Apr'29
1961 1 J
_ _ 88
88
90
Central Ohio reorg let 4145._1930 M S 79 Sale 78
Congo! Ry deb 42
7918 14
1930 F A
84
9412 __
76
9412 June'29
9412 9412
9712 Apr'29
Cent RR & Bkg of Oa coil be 1937 M N
Non-cony 45
1954 J J 69 Sale 69
9914
97
7
69
6714 75
95
97
95
Central of N J gen gold SO._.1987 2 5
Non-cony deb 4s..___J&J 1955 3 J 66
95
11
95
70
99,4
69
69
1
72
87
107 11312 107
107 ' 11 105 11118
Non-cony deb 4e____A&O 1955 A 0 66
Registered
76 Nov'28
1987 Q 1 104 108 107
July'29 __ _ 10358 109%
General 4e
Non-cony debenture 4s_ _1956.
66
1
1987 J J 85
J
1
69
69
1
69
75
89
Cent Pao let ref gu g 4s
_
Cuba Nor Ry 1st 54e
1942 1 D 804 Sale 79
89
89
1949 F A 90 Sale 88% Feb'29
80
48
79
9314
90
Cuba RR let 50-year be g_ _.1952 J .1 857 Sale 857s
Registered
23
8834 93
8
F A
8714
8412 96
88 Sept'28
Mtge guar gold 34s _Atur1929 .1 D
__
1st ref 714s series A
19382 D 100 10012 9958 10034
3
9914 106
99 June'29
Through Short L 1st gu 48_1954 A 0
&
lit
lien
ref
(is
D
ger
B
J
_
99
_1936
9012
9178 9012
ii9-4
91
3
9012 98
89
91
88 June'29 _ _
Guaranteed g be
88
1960 F A 100 Sale 100
91%
1005
73
Day & Mich let cone 41.0_1931 J .1
9918 103
97
9912 97 June'29
9812
Charleston &Savn'h let 78..1930 .1 J
Hudson
Del
&
1st
& ref 45
1943 MN
2
8978
8 Sale 8978
9412
89
11114 Nlar'29
__
Ches & Onto lateen a ss.....1939 M N 10714
30-year cony 56
11114113s
1935 A 0
102 July'29
97 10412
10212 10318 102
102
Registered
4 101% 1041t
15-year 51-2e
1939 M N
1937
m N 10212 Sale 102
10212
6 100 105
10214
Dec'28
General gold 414s
1(1-year secured 75
1992 M 8 96
1930 1 D 101 102 _ 10834
7 10012 10314
101
9612 96
9612 15 -982
Registered
094,
1 1-0
141 S
99-6
9614 Aug'28 __
89718
4
- D RR & Bldge 1st gu g 4e_ 1936 F A 91
08
20-year cony 4 48
Den & R 0 1st cone g is__ _1916 J 1 89 Sale 89
1930 F A 9914 Sale 99 Mar'29
32
90
923*
88
9912 40
ltd r A Inlet 4 428
Cense!gold 4 4s
1936 J J 92
1993 A 0 93 Sale 93
4
92
92
93
8912 94%
9334 30
Registered
9018 9558 Den & R G West gen be_ Aug 1955 M N 93 Sale 93
F A
59
96
9034 98
9214 Mar'29 ____
Craig Valley 1st 55. _May 1 '40 2 2
Ref & Met be ear B Apr 1978 81 N
989
89%8
4 180
983:1
214
s
Sale 8828
16
89
8672 93%
0314 June'21) _ _ _ _
Potts Creek 11raneb let 441_1946 2 3
Dee M & Ft D 1st gu 4s
1935J 3 8
25
814
3 3 12 3014 Apr'29
25
40
R& A Div lat cue g 4e____1989 J J 2-_-: -89 - 8512 May'29 _ _ __
Temporary etre of deposit _____
July'29
27
2714
32
_
_
36
25
_
85
85
July'29
___
2d consol gold 42
1989 3 f
83
8834 Des Plalnee Val let gen 414e_1947 411 ____ 9812 9258 Feb'29
92% 92%
95
82
82
Warm Springs V let g be_ _1941 M 8 -82
5 I0
Det & Mac let lien g 4s
D
1995
J
8
0
1
106
86
72
71 July'29
7614
71
100 100 Mar'29 ____
Chesap Corp cony be May 15 1947 M N
Gold 4s
1995 1 I)
73
75 May'29
75
75
99
Chic A Alton RR ref g 3s.....1949 A 0 99 Sale 9612
117
96 10012 Detroit River Tunnel 414e_ _1961 M N
9518 July'29
963.,
95 10014
655 6611 0558
655 10
CH dee stpd Apr 1929 lilt_________
Nflasabe
Dui
42
Nor
gen 541_1941 J .1 101
64
7072
10034 July'29
10012 10314
67
Railway first lien 3 lis_ _1950 J .1 67 Sale 6512
Dul A iron Range 1st Se..,..1937 A 0 97 Sale 9814
2
64
69
99
21
97% 10152
67
69
67 July'29
6
_ 1_0
Certificates of deposit
_
Dul Sou Shore & Atl g 58.._ 1937 .1 J 69
66
71
_ _
76 July'29
70
81%
_
74
67
Chic Burl & Q-111 Div 342_1949 J .1
NIlun
East
Ry
Nor Div 1st 4s '48 A 0 9
6578 71
8
_
9
_
6
8312
1_
2
180
9
6:
4
Feb'29
61
1
4
2
9312 94
-82
.1.
4
83
12
8214
8214 10
Registered
East T Va & Oa Div g Se _ _ _1930 J 1
82
86
J J
99
2
99
90 100,2
84
Apr'29
Illinois Division 45
__
Cons
lat
gold
5e
MN
1949 .1 J 9012 Sale 893
1954
8
,
4
8
94
102% Sale 102%
10258
6 10238 10534
4
0012
General 4s
8
Elgin Joliet & East let g 54..1941 M N
1958 M S 8958 894 89
9712 105
99 July'29
8934
Registered
12
1065 A 0 9834 100 100 May'29
89
M 8
9312 El Paso & 8 W let be
100 1054
9134 Sept'28
1st& ref 41426er 11
1977 F A 9312 Sale 931.
95'2 37 -931-2 lifili Erie 1st consol gold 71 ext._1930 M S 10114
1st & ref be swim A
1971 F A 103 Salo 10212
10178 101
5 100 104
101
10318 16 10118
Chicago 24 East III let tie
let eons a 48 prior
1996 J .1 8112 Sale 80%
1934 A 0
106
8012 8572
8134 38
10412 105 June'29
Registered
C & E 111 Ry (new co) con 59_1951 M N
1996 1 J
Mils
_
106
79% Mar'29
794 8113
77
Sale
1
76
77
40
Chia& Erie let gold 58
let censel gen lieu a 4e
1996 1 .1 7512 Sale 7434
7412 8512
1942 M N 101 102 101
76
741
/
4 8012
57
101
4
Registered
Chicago Great West let 4a_ _1950 81 S 64
1996 1 J
9958 106
7112
May'29
71
12 73/
1
4
Sale
63
6412 36
Penn coil trust gold 4s_ ...195l F A 1-01i2
Chlo Ind & Loulev-Itel 68..1947 J J 10914
63
6978
10112 July'29
100/
1
4 102
_ 109%
10932
50-year cony 4e serlee A _ 1953 A 0 8038 82
3 10018 1133
Refunding gold 50
1947 .1 J 9618 1-(1412 10018
8412
8038
8038
1
7814
June'29
1953 A 0 8014 80% 80%
Series B
____ 100 108
Refunding 48 Series C..,.,1947 .1 1 87
294 8412
8034 10
____ 87 June'29
1953 A 0 82
Gen cony 4s series I)
1st & gen be ser A
82% 92
1966 M N
794 82
_ _ _ _ 82 July'29
9612
9612
3
1967 M N 9212 Sale 9214
Ref & Mut 53
1st & gen 68 ser B __ _May 1966 2 2 10514 Sale 9612
95 10314
914 97
92% 102
10614
106
106
1955 2 1 110 111 110
10 103 110
Erie & Jersey let a f 6e
Chia led & Sou 50-year 4a
1956 J J 85
110
2 105 1114
89
8812 May'29 2::
Gem:owe River 1st s f 5a.._1957 J J 10712 109 10712 July'29
ChM I.8 & East 1st 41.48. __.1969 1 I) 9114
8758 9458
108% 112
94 Mar'29
Erie & Pitts gu g 3145 ser 13.1940 J 1 8572
Ch M & St Peen g 42A-MaY 1989 J J
91
94
887
9
July'29
887s 3872
81 12 -85
811*
82
55
1940J J 8578
Serle5C 3525
80
Registered
86%
8818 Jan'29
Q J
8812 884
80
Apr'29
I
75
Intl
--__
s
1954
RR
Est
M
80
N 10234 Sale 10258
Geug3l.sseerll...,May1986J J
80
103% 21 10111 105
7012 -72
72
72
2
71
76
____I
-8,9;
New York Bond Record-Continued-Page 3
770
T. •
BONDS
N. T 1410CR EXCHANGE
Week Ended Aug. 2.
Pries
Friday
Aug. 2.
•
ange or
Range
Last Sate
mei
Raw
Blom
Jan.1.
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Aug. 2.
U
Price
Friday
Aug. 2.
Weer.
Range or
Last Sale.
122
al re
Range
Slam
Jan. 1
Httihr
High No. Low
Ask Low
MO
Hill
Mob No LOW
Ask Low
Louisville & Nasbv (Concluded)98
98
97% 98 Apr'29
10012
80
107
10
10414
AO
10312
10414 Sale
let refund 534e series A _ _2003
9338 994
9112 9638 9512 June 29
4
1
5 101 185/
10118
2003 AO 101 10134 101
let & ref be series 11
94
91
91 July'29
96
91
95
99
June'29
A0
96
95%
series
4e
/
C.......2003
91
let & ref 41
80
64
6812 56
6712 Sale 6512
9934 101
1930 J J 10014 -- 1003 July'29
N 0 & M 1st gold 6/2
2512 50
31
9
26
29 29
9948 10014
_ 9934 July'29
1930 J J 9958
4
1
/
2d gold(
94
94
92
9511 94 Nov'28
9114
85
July'29
FA
85
88
85
Paducah dr Mom Div 0_1946
10414 10714
10414 106 10414 July'29
(11
67111
MB 62
63 June'29
63
_1980
2d
3s_
Div
gold
LOIlls
St
100
s
7
103
10134 10312 10134 10134
4
1
/
931
934
July'29
MS
9328
g
lst
97
4118._1945
Montg
94%
&
Mob
9612 100
9712 100 99 July'29
84 894
84%
South RI joint Monon 43_1952 J J 84% Sale 84%
9612 100
3
99
____ 99 99
92
89
_
July'29
MN
89
46_1955
Dtv
Cin
89
&
87
Knoxv
Atl
100
92
98 95 July'29 _
95
9911
97
6
98
98
Lottisv Cm & Lox Div g 4146'31 MN
89
86
3
8512
8512 86 8512
9978 100
4
1934 J
__ _- 99% 100
100
Mahon Coal RR let be
75
s
7
73
5
74
MN
74
Lines)
_
45_1939
(South
74
RR
Manila
9418 100
9812
100 July'29
77
68
1959 MN
-6114 68 July'29
let eat 4a ,
7312 7818
727 74 May'29
9878 1004
July'29 _
3D
100
1934
be
Colonize%
W
8
Manitoba
_
9834 Feb'24
_
93% 97
_ 933 July'29
4 884
1
85/
4 July'29
1
85% 88 85/
Man 0 B& N W let 3Hs_ _1941 J
28 10814 113
-- 10912 110
111
9458110
991, 100
100 June'29
Mich Cent Det& Bay City 5e_'31 MS
26 10214 108
105
105 Sale 10214
Apr'28
10034
QM
Registered
97
97
9412 ____ 97 Apr'29
-9214 93
9214 Apr'29
1940 J J 9134
Mich Air Line 45
J J
9213 July'28
Registered
4
1
112/
Great Nor gen 78 series A......1938 J J 10912 Sale 10912 11012 204 108 109
40_1951 M
1
76 Mar'26
Sag 3/
JackLens&
109
J
J
Apr'29
109
Registered
1940 MN
1952
-- 8018 July'29
let gold
92
98
J 93 Sale 93
7
9318
lit & ref 4/
4ssertes A_ __1961
1
964
A0 86%
8734 July'29 'L..
8014-90
39 1002 10934 MidofNJ1stextbe
107
8818 96
General 534e eerie» B_ _ _1952 J J 107 Sale 106
3D
91 July'29
ext
let
4111(1880)
Nor
9512
4
91
193
/villa
4
1043
1004
J
34
J
102%
1973
95
101 Sale 101
General 5s series C
94
May'2,2
3D
94
(1884)_1934
4
ext
931s
Cons
_ _
3.4e
9714
92
22
93
1978 J J 9412 Sale 925s
92
General 434e series D
88
90_ 8818 June'T3
87
9738 Mil Spar & NW lst gu 4s...1947 M
92
J 94
94
9
9412 931
1977
4e eeriest E
/
General 41
Apr'28
J
•
Wi....1941
3
let
Line
90
State
&
Milw
Oct'28
85 86
-1;
15
43
Green Bay & West deb Ws A - - Feb 81
4514
MN
July'29
1934
4514
44
Minn dr Si Louts let cons 8e
Feb 2912 2934 2912
2912
534
Debentures etre B
43
911, 9114
Temp Ws of deposit _ 1934 MN 4314 4418 43 July'29
9114 Mar'29
Greenbrier Ry 1st go 4e_ __1940 MN 913
35
194
43
MS
2112
48
1949
21
gold
refunding
&
Sale
2112
1st
97 106
1037g 102 July'29
4 22
1
15/
Gulf Mob & Nor lat 510---19W AO 100 418 July'29
21
Ref.4 ext 50-yr fse ger A 11)(12 Q F 17
99
98
1950 *0 --_ 97 96 July'29
let M be series C
1912.
16
1712
5
Certificates of deposit......
17
1712 1712
101 108
J /0134_
10158 July'29
8914
Gulf & 1 1st ref & ter g 68_51952
83
2
88
lot
33
18
gu'
eons
M
4e
35
151St P &
88 Sale 88
99
94
J 91
9-414 9412 July'29
99
Hocking Val 1st cone g 43.48_1999
90
1938 3 .1 9012 9312 9012
be
9012
cone
let
J
10212 Mar'28
1999
Registered
991,94
9512 16
let cons be gu as to int_ _1938 3, 9412 Sale 9412
96% 9818
Housatonic Ry eons g be___ _1937 MN -94 -9912 97 July'29
9714 101
10
4e_ __ _1931 MS 97% Sale 97%
1
99
10-year coll trust 6/
102 10214
& T C let g be int guar_ -1937 3,
_ _ 100 103 102 June'29
96 102
1
46• 1 9413 9478 96
949
96
19
6s
A
ref
aeries
&
let
102
100%
4 Mar'29
1
100/
let 6e_ _ _1930 10
Waco & N W
984
85
3
M
88
88 85
25-year 514e
_
98 100
4 11
1
98/
Houston Belt & Term let 56_1937 J J -9812 99 98
9312 934
let Chicago Term s f 48_ _ _1941 MN
- - 9314 Jan'29
9518 90%
991a 10
Houston E& W Tex 1st g 56_1033 MN 9618 Sale 99%
4
1
99/
95
J
July'29
J
let
1949
5s
Central
Mississippi
98
98
96
10218
96%
iet guar 58 red
9612 15
1933 M N 96
9812 9618
814 88
7
84%
Mo Kau & Tex let gold 48._1990 3D 83% Sale 8338
98
87
36
88
Flud & Manbat let 5e set A.1957 F A 8712 Sale 87
904 102
44
99
lien
A_1962
pr
ger
'3
5s
RR
Mo-K-T
97
Sale
9714
72%
841
4
/
7812 132
A djustmentineoine be Feb 1967 A 0 7712 Sale 7712
864
81
J J 82
82% 10
40-year 4s eerie(' B
8218
86
9412
89
.
62
97
19
8 J J 8712 89% 9014 July'29
8912
Prior lien 411s sir D
9014 July'29
90% 92
Winds Central Int gold 4e_ _ _1961 J
23 10112 1074
A0
1987
_Jan
A
(Soper
adjust
105%
Cum
10412
Sale
10414
ii 1
95 May'28
1014
Registered
954
49
FA
5
7
63
9
_19
A
baser
ref
&
9612 Sale 9618
97
85a Mo Pao let
79
let gold 31
4e
/
77
-5612 8311 8014 July'29
70
MS 7234 Sale 72
45
73
General 48
84 Nov'28
Registered
9434 9918
7 MB 9612 Sale 9434
1978
1
96% 87
let & ref 58series F
9312 831s
Extended 1st gold 330_1951 *0 -/3612 8312 8318 Apr'29
100
9412
MN
9534 65
let & ref g 58 ser G
9518 Sale 9434
71% 7414
71% June'29
1951 MS 58
let gold 3s sterling
73
1949 MN 117% Sale 11512 11814 206 10018 1254
Cony gold 6348
8618 9834
86% 18
1952 AO 86% Sale 86%
Collateral trust gold 4s
4 9178
1
89/
9038 9038 July'29
Mo Pao 3d 7s ext at 4% Jul,' 1938 MN 89
MN
Oct'28
87
Registered
1945
99 100
J
101 100 Apr'29
921 Mob & Sir PWOr liens 5e_
88
89
15
let refunding 4e
8814
1956 MN 89
100
99
J
J
Feb'29
Small
991
99
8334
80
1962 3, 7734 813s 80 May'29
Puvhased Ilnee 334e
98
85
1945• J 85
90 85 June'29
let M gold 43
J
87 Nov'28
Registered
1945 J J _82 85 May'29
83 89
91
84
MN
8478
3
88 8478
85
Collateral trust gold 415._ _1953
934
MS
4e-1938
91
gold
gen
:Ohio
June'29
94
91
.
/12
6
MN
8312 834 Mobile
8312 July'29
Registered
99 100
Montgomery Div let g 58_1947 FA 98% 100 100 May'29
10014 10543
10114
10114
1955 MN
Refunding M
MS
12
1977
97
90
414s
Impt
7
937
92%
90%
9212
&
Ref
10614
Ill%
10712 10812
6
15-year secured 6/
4e _. _1936 J J 1077s
1
48_1991 MS 82
821g 87
86
85 July'29
96 10011 Mob & Mar let gu gold
9814 20
60-year 43.4e
g-1 1966 FA 9712 Sale 97%
Aug
102 106
1937• J 102 Sale 102
8e8
102
313
u
l
o
g
3
t
e
r
l
a
u
i
C
I
:
n
e
l
O
M
Jo
90
86
1950
Cairo Bridge gold 48
8514 90 90 Mar'29
1937 J J 95% 1001 10034 Apr'29
10034 101
714 7514
7434 June'29
Litchfield Div let gold 38_1951 J J 7218 75
7112 8102
7514
84% Morris & Essex lst gu 1114e._2000 J O 7412 7514 7412
79
79 July'29
4e 1963 J J 7934 80
/
Louis, Div & Term g 31
7412
A
F
74
Omaha 1314, let gold 3s_ _ _ 1951
7214 74% 7412 Mar'29
907$
8
7
8538
7
3
9
FA
1
A_
14
ser
48
85%
L
St
&
85%
Chan
87
85%
7412 7412 Nash
St Louis Div & Term g 36_1951 J J 74/
9814 102
4 -- -- 7412 July'29
1
P A 96
99 0812 July'29 _ _ _
86% N Fla & 9 let gu g 5s
78
811s
1951
Gold 31
411_
/
81 ---- 81
J
4140_1957
•
_
_
lien
July'28
Mex
18
or
of
Ry
Nat
3 ____ -- 76 July'29
76
76
• ,
Registered
"3
July 1914 coupon on
- 1834 July'28 _ _ _
45_1951'3 80
/
_ 88 Dec'28
Springfield Div let 1 31
1112
6
At18811t cash war rct No 4 on
1014 1112 1114
90l
88
88
Weetern Lines let g 4e_ _ _ _1951 PA 90
88
91
AO
1977
-years
48
70
f
1238 8712 Aug'28 _ _ _ _
Guar
FA
92 Apr'28
Registered
12 June'29 _ _
Assent cash war rct No 5 on
1.11 Cent and Chia St L & N 0
_
4e Oct'28
/
3512 July'27
Nat RR Mex pr lien 41
Joint let ref be series A __ _1963 J
10012 10112 10038 10114 15 100 1054
1934 14 1612 Ili
1934
Assent cash war rct No 4 on
i98 21
9218 9712
93
1963 Jo 93 Sale 92%
lit & ref 434e series C_
1951 A0
011e0ie
8At
- - - - 22 Apr'28 _
.1f1;
912
912 48
cash war rdt No 4 on
912 Sale
Tad Bloom & West let ext 48 1940 *0
_ _ 91 Nov'28
82 82
M N 771
4 83 82 June'29
/
87's 9214 Naugatuck RR let g 411 _ _ _1954 J
1050 J J 85Ind III & Iowa let g 4e
90 89 June'29
86
9978
95
1945
2
5e
Cone
11
8
4
R
r
d
na
au
3
1
95%
8
955
9412
i
Eng
95
waso
4
3
er
c
Ne
81114
80
5
80
80
Ind & Louisville let gu 4a_._1956 J J _
87
4
1
88/
82
1946 J J 80
85 82 July'29 ___ _
98% 103
100
99 100
Ind Union Ry gen Fel ser A 1965 33 98
88
88
RR guar let 4e_ _1986 F A
Mar'29 _ _
Juno
88
N
103
101
J
J
101
1966
97% 103 101
Gen & ref 58 series B
9711
4
/
911
4sA'52
1
/
4
J
imp
&
ref
1st
July'29
NO&NE
9112
J 10312 Sale 10314 10312 12 100% 10612
Int & Oct Nor lot 6s ser A _ _ 1952
853s 91
8712 24
New Orleans Term let 48_1953 J J 8612 Sale 81312
96
84
9035 18
Adjustment 138 ser A July 1952
8912 Sale 89
90 100
N 0Texas & Max n-c Inc be_1936 A 0 9012 9812 943 July'29 _ _
7712 Feb'28
Stamped
9018 1004
1954
0
B
A
let 5e series
97%
95% 99 974
1
9218
19641 Ji 90
7
let be series B
9214 92%
98 101
A 98 10014 9914
C
e
l
1966
series
b
5e
4
1
/
99
let
JJ
9512
91
94
1956
19
95 94
let g ba series C
94
96
88
1956 F A
1st 4)4s series D
88 July'29
22
82
7838 26
Inc Rye Cent Amer let be„ _1972 MN 77% Bale 7712
1954 A 0 102 Sale 101
48 series A
/
18 10014 1054
let 51
102
9634
90
9114 11
let coil tr 6% notes__ _1941 MN 9118 Bale 91
944
904
3
430_1945
guar
_
gen
Bdge
C
June'29
&
N
95
FA
4
1
98/
93
9512 26
1947
48
1
let lien & ref 6/
94% Sale 9312
97
93
NY94&MBletcong5e_1935 A 0 95 100 95 June'29 _ _ _ _
374 31
3858 July'29
Iowa Central let gold Dr_ _ _ _1938 JD 3814 42
4_ _1935 M N 10778 115 1071, 10718 10 10214 108
f1
Cent red
R cony deb /
3734 5112 N YRee
38
38
6
48
38
Certificates of depoeit
106
N
M
106
Jan'29
106
104 20
1951 MB 1012 1312 11 Jrly'29
Refunding gold 4s
1998 F A 874 9014 8734
844 897s
Coneol 4e series A
7
8734
834 92
James Frank & Clear let 4s_1959 3D 8438 8778 8428 July'29
941
,10012
4e series A2013 A 0 9458 96
/
Ref& Mut 41
22
951
9412
994 10014
10014 Apr'29
Kan A&O R let fits g 5s__1938 J J
0
A
2013
C
impt
&
&Beetles
10334 55 1014 10712
10234 Sale 10234
: Ref
8112 841
1990 *0 8234
Kan & M 1st gu g 4e
- 82 June'29
Registered
A0
106 Mar'281 _ _
- -93%
89
92
12
9112
K C Ft fi & M RY ret g 40..1986 *0 9218 93
824
78
7912 Sale 7718
79121 26
991e NY Cent & liud Rlv el 340 1997 3
98
99
2
_ - 99
K C & M It,B let gu 58_ _1929 *0 99
1997 J 3 77
744 784
FtegIstered
78
76 July'29 _
76
70
72
84
1950 *0 72 Bale 7134
Kan City Sou let gold 3s
1934 M N 9534 Sale 9534
gold4s
Debenture
904 974
37
97
R
J 9534 9612 96
904 9934
9612 30
Ref & Impt 5s
Apr 1950
95
94
88
94 July'29
9012
85
39
Kansas City Term let 48_1960'3 8714 Sale 87%
M N
1942 3
J 90
90 9678
97
96%
30-year debenture ti
96%
9072
86
86 July'29
Kentucky Central gold 4s.._1987 J J 85
7414 8184
Lake Shore coil gold 3141_1998 F A 75 Sale 75
7512 13
95
95
Jan'29
95
_
Kentucky & Ind Term 4)48_1961'3
1998 F A 71% 75
Registered
__
735s 75
75 June'29
90
88
1961 J J 33
8712 88% July'29
Stamped
74
7104
hdleh Cent coil gold 8 s 1998 F A 754 795s 75% July'29 - J
9078 96
91 May'29
1961
Plain
78
_
Regbgered
78
743
June'29
4
/
73
711
101
J
98
J
99
2
99
1937
Lake Esle & West let g 5e
96
9118
0
A
_1937
4s..
g
&
1st
Chic
L
St
1
94
Y
9312
9312
N
93%
904 100
1941
36 gold Is
96 10312 9634 July'29
1932 A 0
Reglirtered
901s 904
__
9018 June'29
7534 814
1
781s
Lake Eth & Micb So.31
4s_ _1997 3D 7818 8012 7818
/
1931 M N
25-year debenture 4s
964 9834
9778
9812 10
7518 7812
1
1997 3D
7614
7614
Registered
1931 M N 10014 Sale 10014
A
C
series
B
68
100 10212
2d
101%
9912
4
/
9734 41
1931 MN
Sale 971
15-year gold 48
Refunding 53.4e merles A _1974 A 0 103 Bale 105
10512 156
1 10318107¼
MN
9934 Apr'28
Regigtered
48 series 5.19753
1
Refunding 5/
10512 16 10378 107
10514 Sble 105
11
102
Leh Val Harbor Term gu 38_1954 F A 102 Sale 102
1978 M S 9234 9358 9212
954
91
Ref 434e series C
9212
6
954 9984
Leh Val N Y 1st gu g 4 J1s__1940 J
9714 99 99 June'29
9234 974
1
95
834 8814 NY Connect let gu 414e A.1953 F A 9312 9434 95
85
21
Leh'gh Val(Pa)eons g 41___2003 MN 84 Sale 84
1963 F A 9918 102 100
let guar Si eerie» B
994 10213
1
100
88
MN
80
Registered
86 June'29
7 rA
943
s 8918
M N
99,
89
N Y & Erie let ext gold 48_ _1193
89 July'29 _
9212 100
General cone 4349
9512 12
2003 MN 9414 Sale 94
4e
/
3d ext gold 41
9812 Mar'28 _ _
MN
Registered
99 Nov'28
1930 A 0 9734 99 100
100
4th ext gold 5a
Apr'29
91
98
95 July'29
4 N Y & Greenw L gu g 58_ _ _1948 M N
/
10218 10 10078 1071
Lehi Valley RR gen 5eseries 2003 MN 102 104 1021e
41 _2000 MN 6712 ---- 83 Mar'29 _ _ _ _
1
88
88
99% 103% NY & Harlem gold 3/
101
3
Leh V Term Hy let gu g 5...1941 A 0 1005 101 101
M N
Registered
8518 Apr'28
A 0
Registered
10518 Feb'28
.
Feb'29
Y
58
N
gu
M
ref
N
100%
'73
88
5 8738
88
8738
Leb & N Y let guar gold 4s_1045 M I 8518 88
1973 M N 97% __
ist & ref gu 4)18 eon
96 100%
Apr'29
96
9818 Wel
Lox * East let 50-yr fse gu__ 1965 A 0 10038 100 100 July'29
__
NYLE&Wlet 7s ext___1930 M S 100%
104 Feb'28
8612 Dec'28
Little Miami gen 48 serial A.1962 M N
1932 IF A 9614 97
Y & Jersey ist fse
N
9
97
9812
lips 1044
1936* 0 101 107 10212 May'29
Long Dock connote tle
1941 MS
90 Dec'26 _ _
9734 10114 N Y & Long Branch 4s
Long laid let con gold ISe July1931 Q J 9734 100
98 July'29
NY&NE Rost Term 48-1959 A 0
9512 July'29 _ _
97 100
let consol gold 4s____July 1931 Q J -___ 9634 100 Feb'29
NYNH&H n-c deb 4e_ 1947 M
79 July'29 _ _
78
79
4 94
1
89/
1938 J 13 8912 9212 90 July'29
General gold 4e
7734
1
Non-Cony
73
75
8
He.1947
M
8
75
76
debenture
75
D
J
1932
Dec'28
9912
Go
4
NOO-0011%,debenture 3148_1954 A 0 6812 Sale 6812
3
6812 75
6918
1949 m 11
-25- I01-ifs; 85 July'29
Unified 901O 4e
74
841s
Na0-conv debenture 4e...1955 J J 741
4 78
/
79 July'29 _ _ _
1934 1 D 97/
95 100
3
98
4
1
4 Sale 97/
1
Debenture gold 6e
8418
78
5
Non-cony debenture 48....1956 M N 7414 77
77
77
9938
1937 M N 93% 96
30-year p m deb re
93
93 July'29
6834 75
1956 J J 6812 6978 6914 July'29 _
Cony debenture 3)1s
1949 M
8434 9138
1
8434 8534 84/
843
4
1
Guar ref gold 40
137
118
107
Cony
19483
133
J
12012
13212
debenture
68
Sale
100
Q
'32
Oct
68_
95
gu
con
let
B
9518
9912 93 July'29
Nor 8h
115 129
Registered
1
844 90
86
89 86
86
Lou & Jeff Bdge Co gd g 48.1945 M
12 102 10512
11 0
Collateral trust S.
1940A
2 10414 Sale
1937 M N
9912 1024
101 July'29
_
Louisville & Nashville 5e
24
7012 79
4s
72
N
Debenture
M
1937
70%
7212
72
14
98
J
1940
9112
9212 923
9228
- -4 9214
7
10112Unified gold 40
35
844 924
87
let & ref 41.4e ear 01 1927_1967 J
85 Sale I 85
J
9314 9314
- 9314 May'29
Registered
864 904
_
July'29
R & Pt Chem lst 481954 M N 86% 88
Harlem
70
MN
fle...1911
4
3
100
18
981s
98
991
2
Aoki
99199
trust
Collateral
MN 101 Sale l0034
10118 75 1004 103
10-year eec 7s- --MaY 15 1930
Fla Cent & Pen lat ext g 5e__1930 J J
1943 J
181 ()easel gold be
Florida East Coast let 4;0_1959 JD
1974 MS
let & ref 58 series A
4e 1952 MN
/
Fonda Johns & Glov let 41
1941 JJ
Fort St U D Co lat g 4143
1961 JO
Ft W & Den C let g 534s
_ 1933 AO
From Elk & Mo Val let
1931 MN
GH&SAM&Pletba
1931 J J
2d extens 58 guar
Galv Houe & Hood let 5.__1933 *0
Ga & Ala Ry lot cone S.Oct 1945 J J
Oa Caro & Nor lst gu g 5s_ _ _1929 J I
Extd at 6% to___July 1 1934 J I
Georgia Midland let 35 __Agee A 0
D
1942
Gouv & Oswego let 5e
Or R& Text let gu g 410-1941 J
Grand Trunk of Can deb 64_1940 A0
1938 If S
15-year s 68
Grays Point Term let 58....1947 J
Ma
iZ6F8
----
-jai" ifisi
8714
"ii"
5
8911
9514
163-4
ioa"
V Tit;
"ii.
latAL
-81"
100
-6/112 We"
-9714
.6i-
let
'gars 0;
143.2"Ws
8 Due Feb. 1.
New York Bond Record-Continued--Page 4
re
BONDS
V STOCK EXCHANGE.
Week Ended Aug. 2.
Price
Friday
Aug. 2.
Bid
N Y 0dr W ref let g 48.June 1992 MS 6418
Reg 65,000 only_ _June 1992 MsS
General 4s
1955 J D 56
N Y Providence & Boeton 42. 1942 AO 8612
Registered
At)
N Y & Putnam 1st con gu 4s 1933 AO 8018
N Y Slum dr West let ref 58_1937 J J 84
2d gold 434s
1937 FA
General gold 58
71
1940 FA
Terminal 1st gold bs
1943 MN 90
N Y W-ches & B. let see 1 445 '46 J J 82
Nord Ry ext'l s f 6 Hs
1950 AO 102
Norfolk South 1st & ref A 5e_ 1981 FA
74
Norfolk & South 1st gold 58_1941 MN
Week's
Range of
Last Sale.
0`4
A sk Low
HOP No Low
High
Sale 6418
65
11
64
7434
70 Apr'28
_
Sale 56
56
1
56 -7114
9012 June'29
91
90
8934 Jan'28
9212 8512 June'29
89-12
85
84
8514
7
7978 86,2
8434 Nov'28
74
4 -.-7.51.8 82
71,4
71,4
96
9912 Feb'29
9918 101%
Sale 82
8278 49
.8 85
795
Sale 10034 102
11 100 105
Sale 74
7412 16
72
9034
9934 99 July'29
9712 102
Norfolk & West gen gold 68_1931 MN
Improvement & ext lis _1934 FA
New River 1st gold es_ _._1932 AO
N & W Ry let cons g 45_ _1996 AO
Registered
1996 AO
Div'l 1st lien & gen g 45...1944 J
10-yr cony fis
1929 MS
Pocah C & C joint 4s
1941 J O
North Cent gen & ref be A 1974 M
Gen & ref 4 Sis ser A stpd_1975 MS
North Ohlo let guar g Is...1945 AO
Norch PacifIc prior lien 4s_ _1997 @
Registered
1997 @
Gen lien ry & Id g 3s_jan 2047• F
Registered
Jan 2047 J F
Ref & inlet 4 tie series A _ _2047 J J
Ref & !mot 6s series B__..2047 ii
Ref & impt Is series C._ ..2047 .1
Ref & Inlet Is series D _ _ _ _2047 J 1
Nor Pac Term Co let g es_ _1933 J
Nor Ry of Calif guar g ba_ _ _1938 AO
10034 102 102
102
8
10358
105 Mar'29
101 1-037-8 10112 June'29
90
9178 9018
9018
1
87 June'29
9012 Sale 9012
9012
1
250 July'29
-61-3-4 9138 July'29
10778 Jan'29
-55- 163-4 07 Apr'29
_
9278 96 Feb'29
8534 Sale 8514
87
77
8338
8414 July'29
6334 6412 6338
6334 24
62 Mar'29
9312 Sale 9312
94
18
10978 Sale 10912 11012 141
101 10278 101
101
4
10158 Sale 101
10158 22
10934
10934 Feb'29
100 1-0112 99 Mar'29
•
North Wisconsin let 68_ _ _1930
0918
100 Sept'28 _
& L Chem 1st gu a 4a _ _ _1948
75 -78
77
77
1
Ohio Connecting Ity let 4s..1943
91
0558 Nov'28
Ohio ulcer RR 1st g Is _ _1936
9912 foo
98 July'29
General gold be
106
1937 A
9912 July'29 _ _ _ _
Oregon RR & Nay con g 40_1946
87 Sale 87
8712
3
Ore Short Line let cons g 53_1946
10018 10218 10112 June'29
Guar stpd cons be
102 10218 102
1946
102
1
Guar refunding 45
99% Sale 99
1929
9938! 42
Oregon-Wash let & ref 4s....1961
8512 Sale 85
85121 31
Pacific Coast Co let g be _ _ _1946
71
7312 71 July'29 _
Pac RR of NI° 1st ext g 48_1938 F
8914 91
8912 July'29 _
2d extended gold be.
97
1938
0658
9658
2
Paducah & Ills 1st Sf %a_ _1955
9212
0112 June'29
Paris-Lyons-Med Ell extl Os 1958
9934 Sale 9914
9934 81
Sinking fund external 7a 1958 58 S 10334 10412 10414
10434 63
Paris-Orleans RR a f 7s__ _1954 58 S
10338 Jan'28
Ext sinking fund 534.3_ _ _1968 M
9534 Sale 9512
9618 57
Paudista By let & ref a f 7s_ _1942 MS 10018
101
10212
2
Pennsylvania RR eons g 48_1943 MN 9234
_ _ 94 May'29
consol gold 45
1948 MN 9234 Sale
9234
6
sterl stpd dollar_May 1 1948 MN 9058 9212 91
0214 July'29
Consol sink fund 4 lis
1960 FA 100 10034 100
100
4
General 414s series A _ _1065 J
9612 Sale 9514
9612 85
General be series 15
1968 J O 104 Sale 104
10414 22
10-year secured 7s
1930 AU 100% Sale 10012 10114 128
15-year secured 6 %a
1936 FA 10778 Sale 10612 108
66
Registered
FA
112
Apr'28
40-year secured gold 5s_ ..1964 Nt N 10312
gife" 102
10312 76
Pa Co gu 3%neon tr A
NI
S
reg.- 1937
90 July'29
Guar 334s coil trust ser
13.1941 FA 8413
8612 June'29
Guar 334e trust etfe C____1942 J D
8358 May'29
Guar 3%a trust cite0..._1944 J
83
8114 July'29
Guar 15-25-year gold 49..1931 AU 98
Sale 9714
98
6
Guar 45 ser E trust ctfit___1952 MN 9614 9812 86 July'29
Secured gold 4
MN 9614 Sale 96
1963
9714
44
Pa Ohio & Det let & ref 4 tie
A'77 AO 94
9412 94 July'29
Peoria & Eastern 1st eons 98.1940 AO 82 Sale 8012
82
20
Income 4s
April 1990 Apr. 30
4112 41
41
1
Peoria & Pekin (in 1st 5%3_1974 F A 100 Sale 100
101
7
Pere Marquette let aer A 56_1958 J J 10178 Sale 10114
1017
8
6
1st 98 clerics B
8614 8712 8612 July'29
1956 j
Mile Balt & Wash 1st a 4a__1943 MN 9058 93
91 July'29
General 55 serles 11
1974 FA 101 104 10714 May'29
Phillippine By let 30-yr e f 4s '37 J J 3314 Sale 3314
3314
5
Pine Creek registered 1st 68_1932• 0
101 July'29
Pitts & W Va 1st 4 %.3
1958 J O 92
93
92 July'29
P C C & St L gu 4 %I A.
1940 A 0 9734 -- -- 97,
4
97% 20
Series 13 4 14s guar
1942 A 0 9758
_ 9734
9734 10
Series C 4 kis guar
1942 M N 97,2
9712 Apr'29
Series 1) 98 guar
1995 5.1 N 9614
9614 July'29
Series E 334e guar gold_ 1949 F A 93
93 June'29
Series F 4s guar gold
1953 J El 9614
9614 May'29
Series G 4s guar
1957 NI N
91314
9614 July'29
Series H con solar 48
1960 F A 9614
9612 May'29
Series 1 cons guar 9 %a _ _1963 F A 97
99
9634 June'29
Series .1 cons guar 4345
1964 M N 97
_ _ 97 June'29
General M be series A
1970
1) 104 Sale 103
101
21
Registered
.1 D
102 June'29
Gen mtge guar be ser 13_..1975 A 0 10314
10712 10318
104
6
Registered
A 0
11312 Jan'28
Pitts McK & Y let gu 65._ _ _1932 .1 1
10114 Apr'29
2d guar (is
1934 J
i5i10358 July'28
Pitts Sh & LE lat g 56
1940w 0
10012 9978 June'29
let consol gold be
1943.1 .1 10013
10014 Aug'28
Pitts Va & Char 1st 411
1943 M N
-- 99% Sept'28
Pitts Y & Ash let 9s ser A. _1948 .1 1) 9114
_ 9112 Apr:29
let gen 59 series 11
1962 F A
_ 103-14 10312 May'29
1st gen be series C
1974.1 D
Providence Scour deb 45. .1957 M N _
7278 71 June'29
Providence Term let Sc. _1956 M
77
84
Reading Co Jersey Cen coil 45'51 A 0 9114 gale 0034 May'29
9114
6
Registered
A 0
9434
Gen & ref 4%s series A..1997 .1 J 9534 Sale 94% July'28
9618 24
Rensselaer & Saratoga 68_1941 M N 9714
_ 10018 Mar'21
Rich & Meek let g 4s
1948 MN
_ -79
7818 Nlay'28
Richm Term 113 'at gu M..1952 .1
155
101
Feb'29
RIO Grande June It gu 5a. _1939
93 -9-8
9238 June'29
lUo Grande Sou 1st gold 46.1090 .1 J
6 Nlay'28
Guar 4s (Jan 1922 coupon) '40.1
71:: Apr'28
Rio Grande West let gold 40_1939
.1 -875288
8734
8734
2
1st con & coll trust 4st A _ _1949 A 0 7812 8012 81
8214
12
Louie
let
4
He_
&
1934
Ark
M
RI
93 Sale 93
9418 15
Rut-Canada let gu g 4s. _ _1949 J .1 70
80
81 July'29
Rutland 1st con g 4%a ......1991 .1 .1 80
88
81 July'29
St Jos dr Grand lel let 4s___ 1947 .1 .1 83
8812 84
84
4
19g8 J
St Lawr & Adir let g be
9412 July'29
1996 4 0 100 102 100 July'29
2d gold 65
1931 .1 .1
St L dr Cairo guar g 43
96
96
2
St L 1r Mt & S gen con g 58_1931 A 0 9934 Sale 9838
9934 41
1931 A 0 9918 9934 10134 Dec'28
Stamped guar be
Illv & 0 Div 1st g 48_.1933M N 9318 Sale 9278
9314 26
_1930 A 0 9834 Sale 9834
9834 21
es L M Bridge Ter gu a 58_
85 Bale 84
85
St L-San Fran pr lien 45 A.1950 M
68
1979M S 86 Sale 8514
Coo M 4 Sis series A
86
261
1950-i .1 10018 101
9912 10014 70
Prior lien be serial B
a Due may, a Due June. 4 Due August.
Range
Since
Jan. 1.
N
BONDS
V STOCK EXCHANGE
Week Ended Aug. 2.
771
Price
Pride,/
Aug. 2.
Week's
Range or
Last Sale
gt
Range
Since
Jan,1,
Rid
A s Low
High No. Low
High
St Louis & San Fr Ry gen 66_1931 .7 1 100 10114 100 July'29
99 102
General gold be
1931 J 3 9914 9938 9914
2
9538 100,2
9914
St L Peor & N W let gu be 1948 .1.1 99 10012 10012 May'29
10012 103%
St Louis Sou le:, gu e 411-.1931 58 S 93%
9512 97%
- 9618 July'29
St L SW let g 4s bond ctfs 1989 MN 8158 -83
8134
8114 89
8134 17
2d a 4e Inc bond etre Nov 1989 J J
75
77
7718 June'29 -7718 82
Consol gold 45
1932 3D 96 Sale 9538
96
53
9312 9612
let terminal & unifying 56_1952 • .1 94 Sale 9314
94
4
9314 10122
St Paul & K C Sh List 4%8_1941 FA 8978 Sale 89%
9018
2
8934 9514
St Paul & Duluth let be_
1931 FA 9818 9912 9912 July'29
98
9912
let consol gold 48
1968 3D
8818 Mar'29
80,4 8818
St Paul EGr Trunk let 4%5_1947 J J
9718 Jan'28
St Paul Minn & Man con 4a_1933 .1 .1
9578 July'29
-581
2
let consol g 6s
1933 J
10118 July'29
10118 10418
J
Regletered
103
Jan'29
103 103
100 10314
6s reduced to gold 434s___1933
J
9812
9914
9718
2
9718
J J
Registered
105 105
95 Dec'28 -MOM ext 1st gold 4s
9978 104
1937 3D -55- -531-2 8812 July'29
5-8-8912
9214
89
Pacific ext guar 4s (sterling)'40 J J 8712 ____ 8912
1
86
8934
87
8912 St Paul Un Dep let & ref 55_1972 .1 .1 102
10234
_ 102
3 101 10514
94
S A & Ar Pass 1st gu g 9s_ 1943 J
89
8834 Sale 8834
7
89
8678 91
Santa Fe Pres & Phen let 56_1942 58 S 10034 Sale 10034 10034
13212 250
2 190
,
4 102
9114 9.5% Say Fla & West let g 6s. .1934 A0 10178
104 July'29 --__ 10212 106
10778 107%
let gold 511
1934 A 0
9814 Apr'29
9814 10012
Scioto V & N E 1st MI g 48-1989 MN 88
95% 99
8812 90 July'29
881
/
2 9012
9e
9614 Seaboard Air Line 1st g 4s_ 1950 A0 55
7378 7378
7378
1
74
64
Gold 95 stamped
8434 90
1950 AO 63 Sale 63
15
65
63
7514
8334 89
Adjustment 58
Oct 1949 FA 4V2 Sale 4634
4812 393
35% 51
4712
Certificates
6018 871
of deposit
4734 130
:
Sale 47
4112 4734
62
Refunding 48
5112 19
1959 A0 51 Sale 51
6312
51
60,2
9312 98%
1st & cons Os series A.__ _1945 58 S 70 Sale 66
145
70
6414 80
SI S
109 11312
Registered
75 Mar'29
75
75
Atl & Birm 30-yr let g 49_61933 M S -8272 -84-78 85 July'29
10012 105
89
81
101 10438 Seaboard All Fla let gu 6s A_ 19
93
35 FA 60 Sale 60
6012 136
5912 7114
FA 58
Series B
10934 10034
57
60
58
8
57
7012
Seaboard & Roan let bsextd 1931 J J
99
99
9712 98 Dec'28
S.& NAlaconsgug 58
1936 FA
103 10018 May'29 - 1
10578 1-66;
Gen cons guar 59-yr 55...1963 AO 10158 106 107 Mar'29
10434 107
74% 83 _
So Pac coil 4s(Cent Pao col) k'49 J O 8634 8714 8612
8712 26
8614 91%
.11)
Registered
8778 June'29
-58- 9912
85,4 87%
let 41.4s (Oregon Linea) A_I977 MS 9212 94
99% 100
12
9212 9914
100
92183 10
2
1934 3D
20-year cony 511
85
9212
9018
3
9714 10113
9238
Gold 494s
84
8
1968 M
10112 10658
98
212 72
1134
1
8814 9712
96
w 1
May 1 1969 MN 98 Sale
102 106
Gold 4
8934 9812
San Fran Term 1st 4s____1950 AO 88 Sale 8712
13
9778 9938
88
8678 91
AO
Registered
83 May'29
8412 8918
83
83
N 10014 102 101 July'29 _ _ _ _ 100 103
So Pac of Cal 1st con gu g 58_1937
80
70
-___ 9514 9514 Apr'29
95
8914 9418 So Pac Coast 1st gu g 4s___ _ 19
35
7J
9514 95,2
J J 88 Sale 88
Bo Pac R R 1st ref 4s
961.4 99
85
8812 134
9212
J J
Registered
190534 Mar'29
9112 98
9034 9634
10514 gZe- t)
Southern Ry let cons a Ss..1994 j
05
19 10414 110
9712 101
10312 108
J
Registered
10112 105
- - - - - - 10312 July'29'__
Devel & gen 45 series A.__ 195
956
6 A0 567s Sale 8534
8678 59
8318 89
Registered
AO
96''
8714 Sept'28 _
93
DeR
AO 11134 Sale 11112 11214 16 1551, C1-8-ve
eg
100 104
loisPtc&
68
AO 11818 Sale 111734 11812
Develop & gen 6 Sis
5 117 123
Mem Div let g Se
10212 10614 10258 10258
119991 J
2 10212 106%
9318 95
St Louis Div 1st g 48
1951 J J --__ 8534 86 July'29
8958 94
85
89
East Tenn reorg lien g 58_ _1938 58 S 99
90
____ 9834 July'29
9334
9614 100
Mob & Ohio Coll tr 98_ _1938 58 S 895 Sale 8912
9778 10112
8.514 9311
8955 10
9312 100%
65
4
10214 10811 Spokane Internet 1st g 5a___1955 .1 .1 66
70 65
65
8112
14/038 10378 Staten Island Ry let 434s ___1943 J D
86 Nov'28 _ _
Sunbury'& Lewiston 1st 48 1936 33
95
10612 III
Apr'28
Superior Short Line let 58_ _81930 MS 98 100
99 Mar'29 -- -55- 99
Term Am of St L 1st g 4%8_1939 AO 9658 97
101 105
9658 July'29'_
98
95
let cons gold 5s
1941 FA 98 101 10234 July'29 _
8934 90
9814 103
87 Sale 87
Gen refund 5 f g 48
1
1953 .1
85
87
90
84% 87%
FA
10012 Sale 10038
Texarkana & Ft S lst 530 A 1950
10012 19 10018 10412
83% 89
Tex & N 0com gold 5s
98 Mar'29
1943
81% 85
98
98
10312 23 10312 109%
4 10312
2000 1 11 15372 16339612 991s Texas & Pac let gold Is
2d inc5s(Mar2Sep on)Dee 2000 Mar
95 May 29
95
85% 92
95
1977 A 0 9612 9778 9778
Gen & ref Is series 11
9778
7
9518 9918
96 10214
179
Gen & ref 58 series C
97
1979 A 0 9612 Sale 9638
92
9958
96
9714
9912 100
9914
1931 J .1
La Div 13 L 1st g 5e
100
36
9714 1013g
8012 87
Tex Pac-Nfo Pac Ter 594s. 1964•S 10212 Sale 102
10234
3 10018 10614
36
45
9912 Mar'29
Tol Az Ohio Cent let go 511-- - 1935 2 .1
100 103
9612 10112
Western Div let g be
100 103 Apr'29 _ _
1935 A 0
100 10478
9912 103
General gold be
98
9712
1935 .1 1) 97
9712
5
811
95 10018
9178
15 Nov'28 _ _ Toledo Peoria & West let 48.1917 .1 .1
Tol St L dr W 50-yr g 4s_
I950 A0 8734 8978 8734
8734
1
90
95
-8/ -61Tol W V.9 0 gu 9345 A _ _1931 J J
98 Apr'29
107 108
98
05
let guar 434s &Tiffs B_ _ _ _1933 J J
9512 9622
9558 Apr'29 _ _
32
39
let guar 4s series C
1942 SI S 9018 ____ 9758 Mar'29
101 103
_
9738 99,2
Toronto Barn & Buff 1st g 4111946• I) 86
86
89
86
2
92
96
841
‘ 8812
95% 9934
77
79 July'29
96% 100% Ulster At Del let cons g 5s___1928 J D 75
50
85
Certificates of deposit
73
80
7638 July'29
9712 9934
85
55
1st refunding g 4s
1952 A 0 34
9912 0612
4734 4734
4734 10
33
6212
Union Pac let RR Aid gr't 481947 J .1 93 Sale 921
93
03
30
931
9114 95
Registered
J J 90
9458 9614
9214 90 July'29
92
90
1st lieu & ref 4s
9612
June 2008 M S 8718 89
87
95
8712
85
90%
Gold 434e
9512 Sale 95
1967J
95
961z
9618 28
9912
92
let lien & ref be
10514 10638 10514 July'29
June 2008 M
9658 100
10514 10914
40-year gold 48
1968 .1 D 8534 Sale 8414
116% 9934
8314 8914
8314 81
103 10918 U N J RR & Can gen 48_ _ _1944 M
__ 93
91 July'29
91
96
Nor
&
1st ext 48
Utah
102 102
1933 J
96 Nov'28
10212 10812 Vendetta cons g 9s series A 1955 F A 9034 92
9212 Apr'29
9212 9424
Como f 4s series 13
9034
1957 M N
____ 92 May'29
92
94,
4
Vera Cruz & P assent 494s..1534
10
15
15
15
6
12
1712
10114 10114 Virginia Mid 58 series F_ _ _ _ 1931 MS 9712 99
9758 July'29
9758 10012
General Is
1936 MN 9
@FedFRASER