Full text of Commercial and Financial Chronicle : August 4, 1928, Vol. 127, No. 3293

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The
otlinurd31

I fin-and-A.
ftrantde

SATURDAY AUGUST 41928.

VOL. 127.

Crinancial

Chronicle

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The Financial Situation.
Strained credit conditions, with excessive borrowing of Member Banks at the Federal Reserve institutions, mostly for the purpose of loaning out on the
security of stocks and bonds—(or,in the vernacular of
the day, to employ in making brokers loans)—have
continued to be the uppermost subject of discussion
in the financial community the present week, and
also the uppermost matter of concern. Consideration has been given the subject in a number of different quarters and from a number of different standpoints. First of all, the New York Clearing House
has been tackling the problem. Here the main
point has been how to deal with the growth of outside loans—that is loans not made by the banks for
their own account. As we showed last week in this
column, the 45 reporting Member Banks of the Federal Reserve in New York City, in their weekly
returns, segregate their loans to brokers and dealers
(secured by stocks and bonds) under three separate
headings, namely (1) the loans which they make for
their own account; (2) the loans made by them "for
account of out of town banks" and (3) the loans
which they. make "for account of others." The
expansion as compared with a year ago, an expansion
which is exciting so much uneasiness, has been
entirely in the loaning under the two latter heads,
and especially in the loaning "for account of others."
These loans "for account of others"—representing
loans which the banks make for account of their large
depositors, corporate and individual—have recently
been growing with startling rapidity. According to
this week's returns (in which a further increase in the
item is shown) these loans on Wesnesday night
(Aug. 1) aggregated no less than $1,852,631,000, as
against only $872,771,000 on Aug. 3 last year, an




NO. 3293.

expansion under that head during the twelve months,
it will be seen, of not far from $1,000,000,000. In
such loaning the banks act merely as agents of their
depositors. The depositors in turn by employing
their balances at the banks in the making of loans on
the Stock Exchange are actuated by a desire to
avail of the high rates of return that it has been
possible to obtain in that way. The deposits, if
kept with the banks, earn simply the rate of interest
paid by the banks on deposits, say 2@3% per annum.
On the other hand in loaning on the Stock Exchange
it has been possible to get recently all the way from
5 to 10%. This very week the range for call loans
on the Stock Exchange has been
to 8%. In the
circumstances it is not strange that the loaning "for
account of others" has been rapidly increasing and
that the aggregate of moneys loaned in that way has
been mounting with a rapidity that has arrested
general attention. Acting merely as agents for the
depositors it can be readily seen that the banks do
not hold the same degree of control over such loaning
as they do in making loans for their own account.
Obviously, growth in this form of borrowing has
reached a stage where the banks were forced to take
some measures to prevent never-ending expansion.
Obviously, too, the banks, if they choose to apply it,
have the remedy in their own hands. They can
refuse to allow themselves to be used in that way
any longer. They can decline to continue to act as
agent for the depositor. Yet the problem is not free
from difficulty. The accounts of many of these
depositors are valuable and the banks would not like
to lose them. Besides, should the Clearing House
banks, peremptorily refuse to serve in that capacity
hereafter it is by no means certain that other banking institutions could not be found to accept the
accounts and gladly act as agents for the depositors
in placing the money on the Stock Exchange. In
that event the banks would have lost the business
without the situation being in the slightest degree
changed for the better. The matter is one that has
to be handled judiciously and plainly, too, it could
only be handled collectively. No single bank or
even group of banks could adopt a go-it-alone policy.
The Clearning House has steered what might be
called a middle course. Its action is calculated to put
a curb on the business rather than to stop it
altogether. On the one hand it has increased the
rate of interest allowed on the deposit and on the
other hand it has raised the service change which the
depositor is obliged to pay to the bank when it acts
as his agent in loaning the money. Time alone can
tell whether these expedients will suffice for the
purpose. By raising the rate of interest allowed on
deposits, the inducement to let the deposit remain
with the bank is increased, and by increasing the

FINANCIAL CHRONICLE
service charge for negotiating the loan and for attending to all the details connected with the loan, the
profit to be derived by the depositor from Stock
Exchange loaning is diminished. The raising of
interest rates was done by the Clearing House Committee on its own initiative, after consulting most of
the members of the Clearing House, that being
within its province. The higher rates were announced
on Thursday, Aug. 2, and become effective on
Monday, Aug. 6. The raising of the service charge
for acting for depositors who insist on loaning on
the Stock Exchange, was made by the Association
itself at a meeting held yesterday, and does not
become effective until Sept. 1, permitting a considerable lapse of time during which the effectiveness
of the higher interest rates on deposits can be tested
all by themselves. 'Stated in brief, devoid of technicalities, the rate of interest allowed out of town banks
is to be increased from 19 to 2%; the rate allowed
on commercial accounts from 2% to 23/2%, and the
rate on time deposits of thirty days or longer, from
23/2% to 33/2%• Present rates of interest have
remained unchanged for over four years—that is
have been in force since June 12 1924.
As for the higher service charge, this required an
amendment to the Clearing House Constitution,
which is why the Clearing House Association itself
was obliged to act on the matter. The service
charge now is 5% of the interest collected on the
loan. Under the change now to be inaugurated, the
service charge to be made by the banks in negotiating
loans for account of others than banks and bankers
will be M of 1% of the principal of the loan, and a
minimum limit of $100,000 will be put on the amount
to be loaned out in that manner.
The loan situation has the present week also received further consideration at the hands of the
Federal Reserve Bank of New York in its review
of credit and business conditions for the month of
July. The remarks in the Review partake of the
nature of a lecture to the banks. After noting that
the banks have found it necessary to borrow increasingly large amounts from the Reserve banks
to maintain the minimum reserves required by law,
the Review goes on to say: "Conservative bankers
are not content to continue long in a position where
they can balance their books only by borrowing
money. While funds from the Reserve banks are
available to meet seasonal and unusual needs, it
is not regarded as sound banking for a bank to be
continuously dependent upon the use of such funds."
This is gospel truth. Nothing truer has ever been
said. It is also admirable advice, which the banks
will do well to heed. It is an utterance full of
common sense and wisdom—but wisdom after the
fact.
For ourselves, we cannot refrain from saying it
ill becomes the Federal Reserve authorities to
criticize the banks for doing what the Federal
Reserve policy directly impelled them to do. Who
is responsible for the speculative folly, the ill effects
of which are now visible on every side? Not the
banks, no matter how their course is to be deprecated,
but the Federal Reserve, every move of which during
the last twelve months has been fraught with latent
mischief. Did not the Federal Reserve banks last
summer reduce their rates of rediscount to 33/2%,
even compelling one obstreperous Reserve bank in
the West to make the reduction against its emphatic




[voL. 127.

objection and protest? At that time, the member
banks were not borrowing, as they are to-day, over
$1,000,000,000 at the Reserve banks, but barely
half that amount, and could not be induced to
increase their borrowings even at the low rate of
33/2%, since they had no use for the money. Did
not the Reserve banks then undertake to thrust
out Reserve credit on unwilling banks by purchasing
several hundred million dollars of Government
bonds, thereby flooding the market with Reserve
funds to a corresponding amount?
Did not all this in the end start a rampant speculation which it has been impossible to control since,
either by the Reserve banks or anyone else. Have
not brokers' loans been mounting with extraordinary
rapidity as evidence of the speculation. Has not
every move that the Federal Reserve banks have
made to check and control the speculation which its
own unfortunate policy had started, been ineffective?
In the endeavor to prevent the further use of
Reserve credit and of ordinary bank credit for speculative purposes have not the Reserve banks made
repeated advances in their rediscount rates during
the last six months, first from 332% to 4%, then
from 4% to 43/2%, and now from 43/2% to 5%,
without its having the slightest effect in checking the
employment of credit in speculative channels. Did
not the Reserve banks at the same time sell the hundreds of millions of dollars of United States Government securities which they had acquired the last
half of 1927, when they were engaged in flooding
the market, as we have already seen, with Reserve
credit, the purpose now being to withdraw the funds
so prodigally put afloat at that time? Did these
sales of Government securities have any effect in
checking the volume of Reserve credit in use? Did
not the member banks take the very bonds which
they then purchased from the Reserve institutions,
back to these institutions and borrow upon them,
keeping the same amount of Reserve credit outstanding as before and even increasing the total of the
same? Was not the only effect of the sale the utter
demoralization of the Government bond market.
Has not the whole credit control policy of the Federal
Reserve been an utter and complete failure? Could
any other result indeed have been expected? Must
not failure be the inevitable result in the future?
Can the member banks be blamed for doing what
the Reserve policy invites them to do, even though
wise utterances from Federal Reserve quarters tell
them it is not "sound banking." The tension in
the money market has not been due to the advance
in the rediscount rates of the Reserve banks. The
tension was in progress before that, and the higher
discount rates have been merely the reflection of it.
At no time have the Reserve rates been so high as call
loans on the Stock Exchange. The Reserve banks with
ponderous slowness, have simply been following
the general rising tendency. Even to-day, with the
Reserve rate up to 5%, it is possible to loan money
on call on the Stock Exchange at 6%, 7% and 8%.
And so long as borrowing at the Reserve banks can
be conducted with such profit, is it not certain to
continue. Of what avail is good advice and criticism,
or condemnation, going to be when the Reserve policy
so constantly and persistently invites the borrowing
member banks into the wrong path. In these circumstances, would it not be far better for the Reserve
authorities, instead of holding the member banks
up to reproach, to turn the light inward and

AUG. 41928.]

FINANCIAL CHRONICLE

587

see if nothing can be done to reform their own other hand, the course of prices again took a downward turn, call money remaining at 7% throughout
methods?
the day, but knowledge that a meeting was being
The foregoing observations are not only pertinent, held at the Clearing House with the view to dealing
but seem imperative in view of the character of this with the matter of the phenomenal growth in brokweek's returns of the Federal Reserve banks, which ers' loans for outside account, had a distinctly unonce more reveal changes that are all in the wrong settling effect. On Friday the renewed large expandirection. First the course of brokers' loans has sion in brokers' loans together with news of a furagain been reversed and there is a big increase in ther meeting of the banks at the New York Clearthe total of these loans after the moderate decreases ing House, with the view to completing the action
of preceding weeks. As against ,183,919,000 July of the day before, tended further to depress the mar25, the amount the present week (Aug. 1) is $4,259,- ket at the opening, but later when it appeared that
396,000, the increase for the week therefore being the call loan rate on the Stock Exchange was down
$75,477,000. Worst of all, the loans made by the to 6%, a brisk rally occurred. The volume of busi45 reporting member banks on their own account ness has remained moderately large, the sales on
which had been showing contraction, have the present Monday aggregating 1,824,700 shares, on Tuesday
week run up in amount of nearly $105,000,000, being 1,521,950 shares, on Wednesday 2,370,620 shares,
$928,466,000 Aug. 1, against $823,516,000 July 25. on Thursday 1,877,360 shares, and on Friday 2,343,The loans "for account of others" have also further 500 shares; on the Curb Market the dealings were
increased, rising from $1,808,645,000 July 25 to 218,366 shares on Monday, 255,855 shares on Tues$1,832,631,000 Aug. 1, thereby establishing a new day, 317,475 shares on Wednesday, 384,121 shares
high record. Loans for account of out-of-town banks, on Thursday, and 411,625 shares on Friday.
The net result of the fluctuations up and down
however, have fallen during the week from $1,551,the different days of the week, is that prices are
on
$1,498,299,000.
758,000 to
Unfortunately, too, this renewed increase in the irregularly changed as compared with Friday of
total of brokers' loans has been attended by further last week. The copper group, as a group, manifested
borrowing at the Reserve banks,the discount holdings more strength than any other, Kennecott Copper
8 against 94% the close on
of the twelve Reserve institutions having risen during closed yesterday at 941/
1
2
the week from $1,025,109,000 to $1,085,776,000 at Friday of last week; Anaconda closed at 66/
8; American Smelting & Refining closed
which latter figure comparison is with only $445,- against 671/
/
8 against
/
4; Cerro de Pasco 767
373,000 at the corresponding date last year. A at 201% against 2043
of
motor
good
account
The
stocks
also
gave
a
75.
considerable part, too, of the further borrowing,
195
/
1
2
Motors
ranged
between
themselves;
General
occurred at the Federal Reserve Bank of New York,
/
8
where the discount holdings have increased from on July 30 and 185% on Aug. 3 and closed at 1867
week;
Chrysler
last
/
4
Friday
of
against
1931
on
$310,344,000 to $339,883,000, which latter compares
2 against 793
/
8; Studebaker closed at 72
with only $123,697,000 a year ago. Evidently lec- closed at 831/
/
4 against 73; Nash at
turing and criticizing the member banks is proving against 71; Packard at 743
Hudson
at 82/
1
2 against 81;
83
/
1
2
;
against
/
4
just about as effective in bringing a corrective, as 863
8
against
561
/
2
.
In
the case of the
at
597
/
Hupp
the other moves of the Federal Reserve during the and
-145% on
ranged
between
Steel
shares,
U.
S.
steel
last six months. The acceptance holdings of the twelve
1391
on
Aug.
2,
the
income
stateand
/
4
good
28
July
Reserve banks were further reduced during the week,
having
been
months
ending
June
30
the
six
ment
for
while on the other hand the holdings of United States
influence,
and
favorable
yesterday
at
140
/
1
2
closed
a
Government securities were somewhat enlarged.
Bethle144
/
1
2
the
close
the
previous
Friday;
against
The final result is total bill and security holdings by
1
2 against 57%; Crucible
the twelve Reserve banks of $1,463,808,000 the hem Steel closed at 56/
72
against
721
Steel
at
/
8
, and Ludlum Steel at 57
(Aug.
1)
against
present week
$1,402,323,000 July 25,
against
58
/
1
4
.
In
the
oil
group, Atlantic Refining
with
comparing
$1,031,835,000
and
Aug. 3 last year.
moved
almost
steadily
upward
all through the week,
Federal
Reserve
of
amount
notes
The
in circulation
1
2 on Aug. 3, with
increased during the week from $1,606,582,000 to rising from 147 on July 30 to 169/
1
2the pre$1,612,690,000, while gold reserves declined from the close the same day at 163 against 147/
vious
Friday;
381
/
4 against
at
Marland Oil closed
$2,604,031,000 to $2,599,538,000.
4 against
351/2, and Standard Oil of N. J. at 451/
The stock market the early part of the week 4334. In the rubber group, U. S. Rubber pf& closed
showed decided manifestations of strength, but later at 62 against 64/
1
4 the previous Friday, and the
the upward course was again reversed by unfavor- common at 321/
8 against 331%; Goodyear Tire and
8 and B. F. Goodable developments in the money market. Call loans Rubber closed at 52 against 521/
on the Stock Exchange on Monday touched 6%, rich at 76/
1
2 against 77%.
and on Tuesday advanced to 8%, though little imIn the case of the specialties, Montgomery Ward
portance was attached to the rise, it being plainly & Co. ranged between 1713
/8
/
4 on July 28 and 1937
due to preparations for the 1st of Aug. interest and on Aug. 1 and closed at 1867
/
8 yesterday, against
dividend disbursements and likewise the monthly 171 the previous Friday. Amer. Tel. & Tel. ranged
settlements. On Monday there were many substan- between 1731/
8 on July 31 and 176% on Aug. 1 and
tial advances, renewal of loans having been effected closed yesterday at 175/
1
4 against 175 the previous
1
2%, the rise in call money not occurring until Friday. General Elec. ranged between 1523
at 5/
/
4 on
the afternoon. On Tuesday with the renewal rate July 31 and 1491/
8 on Aug.2 and closed yesterday at
6%, and the general rate 8%, the market became 1497
1
2
. Allied Chemical & Dye ranged
/
8 against 150/
ragged and a portion of the previous day's advances between 1791/
4 on July 30 and 174 on Aug. 3 and
4. Sears4 against 1771/
was lost. On Wednesday, with renewals at 7/
1
2% closed the same day at 1751/
2 on July 28 and 1243
/
4
and a decline in the general rate to 7%, stocks were Roebuck ranged between 1171/
/
4 against1171/8
strong with few exceptions. On Thursday, on the on Aug.1 and closed yesterday at1233




588

FINANCIAL CHRONICLE

the previous Friday. Radio Corp of America ranged
between 179% on July 30 and 1671/
4 on Aug. 2 and
closed yesterday at 169y8 against 175%.
There were no special features in the railroad
stocks; Texas & Pacific closed yesterday at 169
against 175 the previous Friday; New York Central closed at 1617
/
8 against 163%; Ches. & Ohio at
183 against 180/
1
2; Atchison at 1871/
4 against 188;
Canadian Pacific at 207, against 2067
/8; Great Northern at 961
/
2 against 96/
1
2; Northern Pacific at
95/
1
4 against 95; Wabash at 711/
4 against 73½;
Union Pacific at 1931
/
2 against 1937
/8; Southern Pacific at 119 against 11914; Baltimore & Ohio at
105/
1
2 against 1057
/
8; New York Chicago & St. Louis
at 126 against 125 and St. Louis Southwestern at
85 against 851/
8.
European securities markets have again been
quiet the past week, with trading on a small scale
in comparison with the great activity of two months
ago. The course pursued by the markets in London,
Paris and Berlin is very similar to that at New
York, with only momentary flurries of interest in
one section or another to relieve the dullness that
prevails throughout most of the respective lists. The
London Stock Exchange on Monday found an outstanding feature in home rails, which turned upwards sharply on the provisional wage settlement,
whereby $15,000,000 yearly would be saved to British railways through a 2/
1
2% reduction in the pay of
all workers. The home railway shares again reacted, Tuesday,however, and other bright spots were
looked for. Cunard Steamship shares showed
marked strength Wednesday and attracted further
interest Thursday. Oil shares were distinctly firm,
Thursday, reflecting the improvement in this section at New York. The issues in the international
list were inactive, along with the rest of the market.
Gilt-edged securities showed very slight weakness
early in the week and an equal measure of strength
in the closing sessions. Yesterday's market was
both more active and more cheerful than the preceding day's sessions, which caused surprise in view
of the impending bank holidays.
The Paris Bourse opened the week with extreme
dullness, in keeping with its performances the past
month. There were no outstanding factors Monday and the volume of trading was small. The
usual apprehension over the month-end settlements
was apparent, but such settlements were made with
unaccustomed ease. Stimulated by this circumstance, trading increased somewhat Wednesday and
the better tone continued on Thursday, although the
volume of transactions again began to decline. The
Berlin Boerse has been characterized by a fairly
good tone durng most of the past week, although
trading could hardly be said to be even. Strength
on Monday was frankly considered a reflection of
better reports from New York. This was followed
by weakness Tuesday, bear attacks on Polyphone
and Glazed Textiles being again successful, as they
were last week. A firmer tone prevailed Wednesday
and Thursday.
Assurances that fourteen Governments are prepared to join the United States as original signatories to Secretary of State Frank B. Kellogg's
treaty renouncing war as an instrument of national
policy caused discussions to turn the past week from
the formal diplomatic realm to informal but prac-




[VoL. 127.

tical consideration of the real significance of the
treaty. The fourteen Governments were invited by
Secretary Kellogg on June 23 to become signatories,
and favorable replies were received successively in
the period from July 11 to July 21. This was followed by tentative suggestions, later made formally,
that the ceremony of signature take place in Paris,
Aug. 27 or 28. Secretary Kellogg announced on
July 27 that he had accepted an invitation from the
French Government to proceed to Paris for this purpose. This announcement also was followed by a
train of conjecture as to the possibility of securing
a reconsideration of the Mellon-Berenger Debt Accord. The agitation reached such serious proportions on both points—that of the significance of the
treaty and that of any collateral importance that
Mr. Kellogg's projected visit to Paris may have—
as to call forth a number of formal clarifying statements.
The first of these statements was made by Mr. Kellog at the time he announced that he would go to
Paris for the signing of the fifteen-power multilateral anti-war treaty. He stated with great
definiteness that his only purpose in visiting Paris
would be to sign the treaty and he added specifically
that he would not discuss the war-debt situation or
any purely European problems. He remarked, moreover, that he would stay in Paris only long enough
to sign the treaty. These assertions were regarded
as a move on the part of the Secretary to discountenance any efforts to induce him to consider extraneous matters, such as war debts, reparations,
Allied occupation of the Rhineland or other international problems. As an interesting sidelight on
French anxiety for concessions of some sort or other
on the debt agreement, a Paris dispatch of July 28 to
the New York "Times" asserted with .apparent
authority that Premier Poincare "has even extended
his efforts to approaching Secretary Mellon, now
on vacation in France." From Secretary Mellon, the
report added, Premier Poincare obtained no satisfaction whatever. Despite Secretary Kellogg's announcement that he would discuss only the treaty
and no other matters while in Paris, speculation
continued to be reported in press dispatches from
European capitals as to the likelihood of drawing
the American Secretary of State into discussions on
other matters. Such conjecture was effectually
stopped by a second State Department announcement last Monday, which again asserted authoritatively that no other business than the signing of the
treaty would be transacted by the Secretary.
The question of the significance of the treaty was
raised in most direct fashion by no one other than
Sir Austen Chamberlain, Secretary for Foreign Affairs in the British Cabinet. His remarks were made
during a debate over the Foreign Office appropriation measure. Warning the House of Commons
against too great expectation of the treaty, lest disillusion follow, the Foreign Secretary estimated the
worth of the treaty as follows: "The proposal is a
recognition of the horrors of war—of the fact that
war is a thing to be had recourse to only in the last
resort. How much more it will be will, in my opinion, depend not upon any engagement taken by the
United States Government, but on how the rest of
the world thinks the United States is going to judge
the action of an aggressor and whether the United
States will help him or hinder him in his aggression.
If the American nation ranges itself behind its own

AUG. 4 1928.]

FINANCIAL CHRONICLE

treaty, then indeed the signature of the treaty will
be an additional and most formidable deterrent of
war, and it will be in addition a most valuable
security for peace. That is what his Majesty's Government has hoped it would be, and it was in that
spirit that his Majesty's Government has been glad
to co-operate with the United States in bringing the
proposal to the fruition of union."
This debate in the Commons ranged over all
aspects of British foreign policy, touching the general question of disarmament as well as the Kellogg
treaty. In the course of the debate Sir Austen announced that the British Government had been negotiating with France over differences in regard to
naval armaments. He believed, he added, that a
compromise had been reached which would remove
"a great obstacle" to the further cutting down of
the world's navies. He said he intended to communicate the provisions of this compromise soon to
the other principal naval powers of theworld to see
if they met with their approval. This announcement created intense interest in all important capitals, and it was followed on subsequent days by
other statements relating to it It is, therefore,
treated fully in a separate item below.
The debate in the Commons on the Kellogg treaty
renouncing war as an instrument of national policy
also brought about a detailed discussion of the
stipulation of the British Government that it would
retain freedom of action in regard to "certain
regions of which the welfare and integrity constitute a special and vital interest for our peace and
safety." This stipulation, presumed to refer to the
Suez Canal, and to Egypt and India, has been called
the "British Monroe Doctrine." Both Lloyd George,
the Liberal leader, and Commander Kenworthy, on
behalf of the Labor Party, criticized this reservation. "Does anybody suppose," Sir Austen said in
defending the reservation, "that the American Government in proposing this treaty, means to abolish
or change its policy in regard to the Monroe Doctrine? They expressly reserved all questions relating to the Monroe Doctrine. Why should it be
thought that this country is doing anything unreasonable, something which may break the whole
scheme, if it states what everybody knows—that
there are certain parts of the world in which we,
too, have a Monroe Doctrine? It does no good to
spread these exaggerated suspicions. Our doctrine
is not one of aggression nor the desire of territorial
expansion, but a pure measure of self-defense."
Secretary Kellogg, when his attention was called
to the remarks of Sir Austen Chamberlain, reiterated his previous statements, Wednesday, that the
multilateral treaty proposed by himself did not involve the United States in European affairs. It was
merely an instrument, he said, through which Governments declared policies for themselves by renouncing war as an instrument of such policies. No
sanctions are contained in the compact, it was
pointed out, and there is no commitment for the
United States to go to war. Mr. Kellogg announced
at the same time, a Washington dispatch to the New
York "Times" said, that he would sail for Paris
Aug. 18 and leave Sept. 4 for the return trip. In
Paris, the successive statements of the American
Secretary that the treaty would not involve America
in European concerns and that he would not discuss
those concerns in the French capital, caused obvious
disappointment. "The position of Mr. Kellogg," a




589

Paris dispatch of Aug. 1 to the New York "Times"
said, "seems to indicate a negative answer to Sir
Austen Chamberlain's query as to whether or not
the American people would get behind the new
treaty."
Agreement between France and Great Britain on
a new plan by which delegates to the Preparatory
Disarmament Commission of the League of Nations might reach agreement for naval limitation
was announced in the British House of Commons,
Monday, by Sir Austen Chamberlain, Foreign Secretary in the British Cabinet. The announcement
was made in the course of a general debate on the
Foreign Office appropriation. "Conversations have
been proceeding between ourselves and the French,"
Sir Austen said, "in the hope of reducing the differences between us and of finding a compromise on
which we can both agree and which we may again
submit to the other powers, and perhaps by our
proposals facilitate progress. These conversations
have been successful and I am about to communicate
with the other principal naval powers the compromise at which we have arrived, with the hope
that the compromise be acceptable to them and also
that this great obstacle to progress may be removed
and a step made in advance." Sir Austen indicated
that the proposals probably would be seriously discussed first at the sessions of the League of Nations
Preparatory Commission for a Disarmament Conference at Geneva, for which, however, no date has
yet been fixed. In reply to questions by Members
of Parliament, Sir Austen added only that the proposals "deal with the disagreements that arose in
regard to naval issues in which we had a particular
interest."
The agreement was forwarded to Washington,
Rome and Tokio by the British Government on Aug.
1, Washington dispatches of the same date indicating its prompt receipt. Officials in Washington, a
dispatch to the New York "Times" said, placed emphasis on the statement that it was not an agreement
between France and Great Britain to limit their
naval armaments. It was agreed, however, that the
compromise looks to the limitation of such armaments. It was added that "the issues raised do not
present insuperable obstacles and the American
Government, according to indications here, will be
prepared to enter upon negotiations at the next
meeting of the League of Nations Preparatory Commission at Geneva." In diplomatic and naval
circles, the report continued, there was substantial
agreement that European problems were responsible for the meeting of minds in Paris and London.
At the same time it was agreed that the plan might
have important reactions on American policies at
the Preparatory Commission. The communication
was sent only as a matter of information to the
American Government, and it was stated at the
State Department that this Government would
merely send a note acknowledging its receipt.
The most important phase of the agreement was
said to be that France, for the first time, now agrees
to consider seriously limitation of auxiliary craft
and particularly of submarines. The agreement, according to the "Times" report, would base naval
restrictions on four categories, or classes of ships,
rather than on the global method of lumping all
tonnage and is understood to provide for restrictions
on capital ships and airplane carriers much along

590

FINANCIAL CHRONICLE

the lines of the Washington Treaty. It also is said
to call for grouping destroyers and cruisers in one
category of surface ships under 10,000 tons, and limit
submarines above 600 tons, leaving those under that
displacement without restriction as to numbers.
"The belief in diplomatic and naval circles is," the
dispatch added, "that France agreed to consider
limitation of naval auxiliary craft because of the
naval building activity of Italy, and the diplomatic
ambitions of Italy in the Mediterranean basin. It
also was felt that the strength of the Entente Cordiale between France and Great Britain, dominated
as it now is by two Foreign Ministers who are actuated by pacific motives, was a factor in making the
agreement possible."
Official figures of unemployment in Great Britain
continue to cause great anxiety, notwithstanding the
overwhelming defeat, July 24, of the Labor Party
motion censuring the Conservative Government for
its handling of the problem. The return published
in London July 27for the week ended July 16 showed
a further increase of 4,967, carrying the official
compilation to a total of 1,247,400 unemployed. This
figure is practically 200,000 more than it was a
year ago. Various measures are being considered
by British authorities for relieving this grave and
difficult problem. One scheme being considered by
the British Government, in conjunction with the
Canadian Government and Canadian railway companies, provides for the transference of 10,000 unemployed persons from Britain to Canada to garner
the Canadian harvest. The railways, under the
scheme, would help to place the harvesters and would
transport them both ways at cheaper than regular
fares. A further plan to settle 21,000 workless miners and their dependants on lands overseas was announced Monday by Lord Lovat, Under-Secretary
for the Dominions. This scheme provides for training the miners in England as agricultural workers
and for the maintenance of families of married men
while they are being trained to the extent of 17 shillings weekly for a wife and 2 shillings for each child.
At the expiration of the training period the whole
family would be assisted overseas. The first trial
of the plan is to be made in Canada, and Lord Lovat
is proceeding to that Dominion to enlist the aid of
the Ottawa authorities.
Annual savings to British railroads of approximately $15,000,000 will be effected by means of a
remarkable industrial agreement, concluded provisionally at London, July 27, between the British
railroad managers and representatives of the three
railroad trade unions, the National Union of Railwaymen, the Associated Society of Locomotive Engineers and the Firemen and Railway Clerks' Association. The agreement provides in effect that there
2% each payday from the
1
shall be a deduction of 2/
conditions of service are
whose
all
gross earnings of
The deducAgreements.
National
governed by the
"Times"
York
New
the
to
dispatch
tions, a London
people
work
to
as
well
as
officials
to
said, will apply
of every grade. Railroad directors also have inti2% reduction in
mated that they will accept a 21/
their salaries. The agreement will have to be ratified by conferences of the railway unions, but little
doubt was entertained that such ratification would
be forthcoming, as the most prominent union leaders
heartily endorsed it. J. H. Thomas, M.P., speaking




[VOL. 127.

for the National Union of Railwaymen, described the
agreement as "a great settlement, a triumph for
British common sense." John Bromley, spokesman
of the Locomotive Engineers and Firemen, said it
was "a good and reasonable settlement. Most directors of the big British railways also expressed satisfaction with the new agreement and all remarked
upon the spirit of co-operation displayed by the men
and their leaders. The agreement is to be placed in
effect Aug. 13. London dispatches yesterday indicated that there is some dissatisfaction with the
settlement among the smaller unions. Executive
representatives of eighteen shop crafts unions balked
at accepting the "dictation" of the larger unions.
The conference of representatives of the managers
and the workers, at which the wage reduction was
agreed to, had been meeting for some time to consider ways of helping the railways out of the poor
economic position they are in. Representatives of
the workers demurred at first to the proposals of reductions. They were convinced, however, dispatches
said, by the irrefutable evidence of declining revenues. The reports of the railways showed that the
wage scale could not be maintained and that unless
drastic economies were effected in some form or
other, there would have to be wholesale dismissal of
men. The revenues are understood to have declined
chiefly because of competition from motor vehicles,
which is also the main factor in the declining passenger revenues of railroads in this country. In
the last national budget in England, an effort was
made to minimize the effect of this competition by
decreasing the tax burdens of the railways. The new
agreement reached last week may be terminated any
time after one year's trial by a three months notice
from either side. One of the effects of the settlement will be that 100,000 railway shopmen who are
now working only four days a week at the present
wage rate will henceforth be employed at least five
days weekly and perhaps, in the majority of cases,
full time. The companies have given a promise to do
this wherever there is sufficient work to keep the
men busy. Regulations respecting old age pension
funds remain undisturbed. The settlement was reflected on the London Stock Exchange, where home
railway shares showed real strength for the first
time in months.
One curious result of the French currency stabilization laws of June 24 has been shown by recent
statements of the Bank of France, which for a number of weeks indicated increases in gold holdings of
200,000,000 to 250,000,000 francs. These increases
were at first thought to reflect the heavy importations arranged for by the Bank, but assurances were
promptly forthcoming that such was not the case.
It developed that the increases were wholly due to
purchases from the public, over the counter,
of demonetized coin of pre-war issue. The
sales by the French public were astonishingly great,
bankers in Paris agreeing that tenders of gold from
such quarters were far more numerous than could
have been expected. Long queues of people formed
every day at the Bank of France in order to sell their
old gold coin. The applications became so heavy
late in July that the Bank had to limit its purchases
to 500 individual transactions daily, 250 numbered
tickets being delivered to applicants early in the
morning and a further 250 at noon. Brokers quickly
established headquarters in nearby cafes and did a

AUG. 4 1928.1

FINANCIAL CHRONICLE

thriving business buying gold from those who did
not care to wait at slightly less than the Bank figure
at 97.55 francs per 20 franc piece. Such brokers
bought silver as well as gold.
Estimates of the amount of gold still hoarded by
the thrifty French peeople are somewhat vague and
conjectural. Before the war, a Paris dispatch of
July 27 to the New York "Times" pointed out, some
5,000,000,000 francs gold Were in circulation in
France, of which 2,500,000,000 were surrendered to
the Bank of France during the war by patriotic
Frenchmen. From September, 1926, until stabilization, the Bank purchased about 500,000,000 pre-war
francs. According to this computation, some 2,000000,000 francs remain hoarded, which at the present
rate would be about 9,000,000,000 francs. This figure is certainly excessive, the dispatch adds, as
many gold and silver pieces were melted down and
sold. Moreover, French gold pieces were steadily
smuggled over the border into Switzerland, this
traffic being well known to French authorities, although they never could stop it entirely. The
amount remaining, therefore, cannot be so great
that the weekly purchases of close to 250,000,000
francs can be continued very long. The fact that
the hoarded gold came to light so readily was, naturally, a matter that gratified the French banking
authorities, especially in view of the elaborate precautions against withdrawals of gold from the Bank
by people of small means embodied in the stabilization laws.
Efforts to establish a Cabinet in Yugoslavia,
which continued throughout almost all of July,
finally succeeded on July 27, Dr. Anton Korosec,
a Slovenian Catholic Priest, who was Minister of
the Interior in the previous Cabinet, forming a new
Coalition Government made up principally of Serbian radicals. The country was without a Cabinet
during most of July, Premier Vukitchevitch having
resigned July 4 because of the Skuptchina assassinations of June 20. The more prominent political leaders of the Serbian State declined King Ferdinand's
invitation to form a Cabinet, probably because of
the acknowledged difficulty of pacifying the Croatian faction, whose leaders were shot or wounded
in the National Parliament by a Montenegrin Deputy. In the new Cabinet, most of the ministers of the
preceding Government will remain at their posts.
Dr. Korosec is the leader of the Slovenic Party,
which, although small in number with only 15 Deputies in the Skuptchina, controls the balance between
the Serbian radicals and the Croatian peasants.
The Ministry was formed without the approval of
Stefan Raditch, leader of the Croatian Peasant
Party, and the Croats began immediately to attack
the new Cabinet. Moreover, when the Skuptchina
reassembled in Belgrade Aug:1, the Croatian Deputies declined to attend the session. Instead, they
organized a Parliament of their own in the Croatian
city of Zagreb. These two rival bodies continued to
meet on succeeding days with the ultimate outcome
in question. There was thought, however, to be little
likelihood of open secession on the part of the Croatians, as sentiment in all three areas of the Tri-une
State—the Serbs, Croats and Slovenes—was declared to favor continuance of the present union.

591

ing to China "complete national tariff autonomy"
was followed, early this week, by expressions of
gratification from Chinese officials, and by cautious
and hesitant statements in London, Paris and Tokb. Dr. C. T. Wang, the Nationalist Foreign Minister, replied in an undated note which reached
Washington Monday, to Secretary Kellogg's note
of July 24, expressing willingness to negotiate a new
tariff treaty. with Nanking. "The Chinese people
rejoice in the fact that the United States is yet the
first power to make a response in a spirit of sincerity and good will, to the policy of treaty revision
maintained by the Nationalist Government," Dr.
Wang said in this note. Dr. Wang referred also to
"the negotiations soon to commence," but as the
treaty had been signed on the day following Secretary Kellogg's initial announcement, an additional
exchange of notes followed to clarify the situation.
Sir Austen Chamberlain, the British Foreign Secretary, declared in a statement before the House of
Commons, Monday, that the United States's action
in signing a treaty was"tantamount to recognition."
British recognition of the Nanking Government
could only follow that Government's accepting responsibility for the Nanking incident, he added.
"They should make with us the friendly settlement
their Government has made with the United States,"
he said. "When they have done that we can talk
about the changes necessary and take up treaty revision." Britain, he indicated, was quite ready to
negotiate a new commercial treaty with China and,
as soon as life and property there are secure, to
agree to an alteration of the old system of extraterritoriality. Sir Austen pointed out that all was
not yet well in China, as fighting was still in progress. "As regards Manchuria," he said, "we do not
recognize Manchuria as anything but a part of
China. We recognize that Japan has great interests in Manchuria, which has a large Japanese population, and that she may well have a certain anxiety
about the protection of those persons. But our
interest is in a united China under one government
which can make and keep obligations and with
which we can negotiate a friendly settlement and
maintain friendly relations."
France, a Paris dispatch of Sunday to the New
York "Times" said, will very probably follow the example of the United States and will seek shortly to
conclude a commercial treaty with the Nationalist
Government. There will not, however, be any undue
hurry about taking such action, the report added,
for "there is no final conviction here that the Government to which the American action has given recognition as the legal Government of China is in itself so solidly established as to endure against all
chances. In recent years outside influences have
played no little part in making it difficult to rule
China and that kind of maneuvering, it is believed,
has not entirely come to an end." Japanese officialdom, Tokio dispatches said, was frankly skeptical of the results of the treaty signed between the
United States and China, nor was the Japanese Government entirely pleased with the step. So far as
Japan was concerned, however, it was declared to
make no material difference in the situation.

The political atmosphere in Mexico cleared to a
The swift conclusion last week of a new tariff considerable extent late last week on the appartreaty between the United States and China grant- ently authoritative but informal statement




that

592

FINANCIAL CHRONICLE

President Plutarco Elias Calles does not intend to
succeed himself in the Executive office. President
Calles was said to have told persons in his confidence that he had no intention of remaining President when his present term expires in December. Accordingly, dispatches indicated, it appeared likely
that Aaron Saenz, Governor of the State of Nuevo
Leon, will succeed to the Presidency to which the
late General Alvaro Obregon was elected July 1,
just seventeen days before he was assassinated.
Senor Saenz is a zealous follower of the policies inaugurated by General Obregon during the years the
latter dominated Mexico. He is, however, leader of
the right, or more conservative wing of the Obregonista faction. Additional evidence that the precarious situation occasioned by the assassination of
General Obregon had passed was seen in a strong
declaration by army officers of loyalty to President Canes. The declaration was made on behalf
of his command by Brig. Gen. Augustin Mora, commanding the First Corps Area, which includes the
Federal District and the Valley of Mexico. Moreover, the trial of Jose de Leon Toral, the youthful
assassin of General Obregon, was begun by civil authorities, as had been promised.
American Ambassador Dwight W. Morrow, speaking before the American Chamber of Commerce in
Mexico City, Wednesday, also expressed confidence
in the situation. Referring to the assassination of
President-elect Obregon and to the accidental death
in the United States of the Mexican flier, Captain
Emilio Carranza, Ambassador Morrow said: "We
have been deply impressed by the fortitude and tranquillity with which the Mexican people have withstood these two stunning blows. With dignity and
courage and calmness, the Mexican people, whether
in Governmental positions or in the ordinary vocations of life, have gone on with their work. The
calmness and steadiness which the Mexican rulers
and people have shown in their hour of trial may
well be practiced by us. We can have that confidence in Mexico which this Chamber of Commerce
has written into the first and last paragraph of its
code of business. We who know Mexico and the
Mexican people can have a firm faith that they will
solve their great problem by orderly process of law."
Presidential elections, which are to be held in the
Republic of Panama to-morrow, have been featured
Dr. Jorge Eduardo Boyd, who is supported by forruption and fraud have been bandied between the
two contending parties with reckless abandon. The
National Liberal Party candidate is Florencio Harmodio Arosemana, who is supported by President
Rodolfo Chiari. The Opposition party candidate is
Dr. Jorge Eduardo Boyd, who is supported by former President Belisario Porras. The Opposition
Party is also known as the Porras Coalition Party.
The Government, in the course of last week, arrested twelve leaders of the Porras Party on charges
of inciting the public to armed revolt in connection
with the elections. These leaders, dispatches indicated, will probably be kept in jail until after the
election through the medium of court delays. The
Opposition Party, for its part, attempted to secure
intervention by the United States Government, saying that revolutionary activities will result unless
such intervention takes place. Secretary of State
Kellogg considered the matter and issued a statement in Washington, July 27, which said in part:




[Von. 127.

"A painstaking analysis of the representations made
and of the documents submitted has failed to convince the department that there is sufficient ground
to authorize intervention. While this Government
has vital interests to protect in the Canal Zone and
authority to intervene to maintain public order, the
primary obligation, as the department has heretofore stated, to conduct a free and fair election and
for the maintenance of law and order in Panama
rests upon the Panaman Government. Between the
two parties, the United States maintains an attitude of perfect impartiality and will do nothing to
help either the party in power or the opposition
party."
No changes have been reported this week in discount rates by any of the central banks of Europe.
Rates continue at 7% in Germany; 63/2% in Austria;
532% in Italy and Norway; 5% in Denmark and
Madrid; 432% in London and Holland; 4% in Belgium and Sweden, and 332% in France and Switzerland. In London open market discounts are now
41
/
1% for short and 4 5-16_ for long bills, against
4% for the former and 4 3-16@434.% for the latter
on Friday of last week. Money on call in London was
37
4% on Tuesday, but only 35 yesterday. At
Paris open market discounts remain at 31
4% but in
Switzerland there has been advance from 3 8% to
3 7-16%.
For the first time in several weeks the Bank of
England failed to report a gain in gold, this week's
statement showing a loss of £2,361,358, together with
an expansion in note circulation of £1,200,000, causing a loss in the reserve of gold and notes in the
banking department of £3,561,000. The ratio of
reserve to liabilities, which last week stood at 50.39%
(the highest for several years) dropped this week to
48.36%. In the corresponding period last year the
ratio stood at 29.97% and two years ago, in 1926, at
25.75%. Public deposits showed an increase of
£634,000 but "other" deposits fell off £3,298,000.
Loans on Government securities gained $923,000 and
loans on other securities, £5,000. Gold holdings
now total £173,659,029 in comparison with £152,268,780 last year and £152,844,144 in 1926. Notes
in circulation aggregate £137,216,000 against £138,342,010 and £142,503,470 in 1927 and 1926 respectively. The Bank's official discount rate remains at
432%. Below we furnish comparisons of the various
items of the Bank of England statement for five years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1924.
1928.
1925.
1927.
1926.
Aug.1.
Aug.6.
Aug. 5.
Aug. 3.
Aug. 4.
£
Circulation
b137,216,000 138,342,010 142.503,470 146,319,625 127,106,315
Public depoalts-- 12.171,000 9,521.683 8,366,960 11,037.407 13,310,943
Other deposits
103,540.000 102,840,165 108,491,601 110,497,528 110,936,442
Govt. securities—, 29,202,000 52,076,999 36,340,328 33,508,520 43,242,467
Other securit1es-- 48,423,000 44.740,905 68,543,557 68,229,479 78.137.020
Reservenotes coin 56.193,000 33,676,770 30,090,674 37,930,527 20,951,272
Coin and bullion..a173,659,029 152,268,780 152,844,144 164,500,152 128,307,587
Proportion of reserve
to liabilities
48.56%
18%
29.97%
25.75%
31ii%
Bank rate
4%
435%
5%
5%
a Includes, beginning with April 29 1925, £27,000,000 gold coin and bullion
previously held as security for currency note Issues and which was transferred to
the Bank of England on the British Government's decision to return to gold standard.
b Beginning with the statement for April 1925, includes £27,000.000 of Bank
of England notes issued In return for the same amount of gold coin and bullion
held up to that time In redemption account of currency note issue.

In its report of July 28, the Bank of France shows
an increase in note circulation of 569,000,000 francs.
Total note circulation now aggregates 50,435,701,760
francs against 59,866,701,760 francs last week and
60,161,701,760 francs the week before. Creditor

AUG. 4 1928.]

FINANCIAL CHRONICLE

593

current accounts also showed an expansion of 1,116,000,000 francs, but current accounts and deposits
dropped 351,000,000 francs. Gold holdings, which
increased 256,122,318 francs now stand at 29,918,300,373 francs. French commercial bills discounted
showed a gain of 843,000,000 francs while bills bought
abroad and advances against securities decreased
145,000,000 francs and 31,000,000 francs respectively.
A comparison of the various items of the bank's
return for 3 weeks past is shown below:

ended Wednesday night. The disproportion in these
loans between those made by the banks for "own
account" and those made for account of "others,"
caused much discussion during the week as to means
for correcting this one-sidedness. The plan adopted
for that purpose has been outlined at the beginning
of this article. Gold exports during the week ended
Wednesday were $4,177,000, while imports totaled
$112,000.

BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as of
for Week.
July 28 1928. July 21 1928. July 14 1928.
Gold Holdings—
Francs.
Francs.
Francs.
Francs.
Gold holdings—Inc. 256,122,318 29,918,300,373 29,662,178,055 29,403,240,563
Credit bals. abed_Inc. 241.303,406 16,810,612,316 16,569,308,910 16,539,734,455
French commercial
bills discounted_Ine. 843,000.000 3,150,512.523 2,307.512,523 2.109,512,523
Bills bought abed-Dec. 145,000.000 12,624,056,223 12,769,056,223 12.708,056,223
Advs.againstsec—Dec. 31,000,000 1,903,910.604 1.934,910,604 1,941,910,604
Note circulatlon__Inc. 569,000,000 60,435,701,760 59.866,701.760 60,161,701,760
Creditor cur. acc'tsInc.1116,000,000 15,561.644,050 14,445.644.050 13,621,644,050
Cur. acc'ts & dep_Dec. 351,000,000 5,475,518,876 5,826,518,876 5,903,518,876

Dealing in detail with the rates from day to day,
renewals on Monday were at 53/2%, but later in the
day 6% had to be paid on new loans. On Tuesday
the renewal charge was put up to 6% and 8% had
to be paid on new loans, but the rate dropped back
to 6% by the close of the day. On Wednesday
but as the
the renewal charge was raised to 7
day advanced the rate on new loans declined to 7%.
On Thursday all loans were negotiated at 7%, including renewals. On Friday after renewals had
been effected at 7%, there was a drop to 6%. For
time loans the rate has been firmly held at 6% for
all dates of maturity. For commercial paper names
of choice character maturing in four to six months
continue to be quoted at 5@534.%, with only an occasional transaction at 5%. For names less well known
2%, which is also the rate
the quotation is 5%@5/
for New England mill paper.
Rates for banks' and bankers' acceptances have
remained unchanged and the posted rate of the
American Acceptance Council for prime bankers'
acceptances eligible for purchase by the Federal
0 bid and 4/% asked
Reserve banks continue at 4%7
for bills running 30 days and also for bills running
60 and 90 days 478% bid and 4%% asked for 120
days, and PA% bid and 5% asked for 150 and 180
days. The posted rate of the Acceptance Council for
call loans against acceptances was left unchanged on
Monday at 5%,but on Tuesday there was an advance
on Wednesday to 63/2% and on Thursday
to 5
to 7%,but yesterday there was a reduction to 63/
2%.
Open market rates for acceptances have continued
unchanged as follows:

In its statement for the last week of July the Bank
of Germany reports an increase in note circulation
of 581,842,000 marks raising the total to 4,569,272,000
marks. Total note circulation for the corresponding
week last year aggregated 3,928,220,000 marks and
the year before 3,106,505,000 marks. Other liabilities also showed an increase of 2,597,000 marks while
other daily maturing obligations dropped 126,771,000
marks. On the asset side of the account gold and
bullion showed a gain of 50,847,000 marks, bills of
exchange and checks rose 433,306,000 marks and
advances 42,871,000 marks, while reserve in foreign
currency decreased 10,299,000 marks, silver and
other coin 12,917,000 marks, notes on other German
banks 18,177,000, investments 19,000 marks and
other assets 29,494,000 marks. Below we furnish a
comparison of the various items of the bank's return
for 3 years past:
REICHSBANK'S COMPARATIVE STATEMENT.
Changesfor
Week.
July 81 1928. July 30 1927. July 31 1926.
Reichsmark+.
Asada—
Reichsmarks. Reichstnarka. Reichsmark*.
Inc. 50,847,000 2,199,655,000 1,801,047.000 1,492,503,000
Gold and bullion
Unchanged
85,626,000
Of which depos.abr'd_
57,876,000 260,435,000
Res've in for'n curr_ __Dec. 10,299.000 183.688,000 179,059,000 494,810.000
checks.Inc.
433,306,000
2.516,486,000 2.512,094,000 1,198,823,000
Billed exch.&
93,234,000
Silver and other coln _ _Dec. 12,917,000
86.221,000 109,574,000
Notes on oth.Ger.bks_Dec. 18,177,000
10,075,000
7,389.000
9,209,000
Inc. 42,871,000
76,876,000
Advances
63,621,000
80,325,000
19,000
Dec.
93,968,000
Investments
92,322,000
89,494,000
Dec. 29,494,000 578,922,000 470,689,000 646,491,000
Other assets
Liabilities—
Notes in circulation—Inc. 581,842,000 4,569,272,000 3,928,220,000 3,106,505,000
Oth.dally matur.oblig.Dec. 126,771,000 561,528,000 553,347,000 538,088.000
Inc. 2,597,000 236,860,000 364,694,000 116,763,000
Other liabilities

The New York money market the present week
has again been under a strain, due to month-end requirements, and the call loan market has repeated,
the gyrations witnessed at the end of June. The
occurrence reflected the continued tightness in the
market. From an initial figure of 53/2% Monday,
the call loan rate climbed to 6% on withdrawals of
approximately $30,000,000. Further withdrawls of
$60,000,000 Tuesday caused an upward bound to 8%.
An inflow of funds, coupled with the passing of the
month-end requirements, started the rate sagging
again on Wednesday, a gradual decline taking place
to 6% yesterday. Withdrawals of $20,000,000 Thursday had no apparent effect on this movement. Time
funds continued throughout at 6% and, as has been
the case for some time now, they furnished a better
guide to the trend of money than the daily fluctuations in call funds. Brokers' loans against stock and
bond collateral have again begun to expand the present week, the Federal Reserve Bank of New York
reporting an increase of $75,477,000 for the week



Prime eligible bills

SPOT DELIVERY.
—180 Days— —150 Days— —120 Days-Bid.
Asked.
Bid.
Asked.
Bid.
Asked.
534
5
534
5
434

Prime eligible bills

—90 Days— --60 Days— —30Days—
Bid.
Asked.
Bid.
Asked.
Bid.
Asked.
434
494
434
434
456
494

FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
non-member
Wake
Eligible

436 bid
416 bid

The discount rate of the Federal Reserve Bank of
Cleveland was increased from 43/b to 5% effective
Aug. 1. The change in the rate was authorized by
the Federal Reserve Board on July 31. The following
is the schedule of rates now in effect for the various
classes of paper at the different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASS
AND MATURITIES OF ELIGIBLE PAPER.

Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas

Rate in'Med
on Aug. 3.
5
5
5
5
5
5
5
5
494
436
434
41.4

Dais
listablished.
July 19 1928
July 13 1928
July 26 1928
Aug. 1 1928
July 13 1928
July 14 1928
July 11 1928
July 19 1928
. Apr. 25 1928
June 7 1928
May 7 1928
Jona 2 1O2R

Previous
Rats.
436
434
636
434
434
434
436
43.4
6
4
4
a

Sterling exchange was probably under greater
pressure this week than at any time since Great

594

FINANCIAL CHRONICLE

[Vot. 127.

Britain returned to the gold standard. The decline longer. Last year gold was imported from England
since early in July is due partly to seasonal causes, when sterling sold at 4.85 to 4.853/8.
but more largely to the high money rates in this
This week the Bank of England shows a loss in
market, which have attracted funds from London gold holdings of 0,361,358, the total standing at
and many other centres. The range this week has £173,659,029, compared with £176,020,387 on July
been from 4.85 to 4.853/ for bankers' sight, com- 26 and with £152,268,780 on Aug. 4 1927. On
pared with 4.85 9-32 to 4.857A last week. The Monday the Bank of England received £500,000 in
range for cable transfers has been from 4.853
/i to sovereigns from South Africa. On Tuesday the
4.85 13-16, compared with 4.85 21-32 to 4.86 3-16 Bank of England sold £607,000 in gold bars and set
a week ago. In view of the fact that there is still a aside £500,000 in sovereigns for South Africa. On
large demand for sterling and for European exchange Wednesday the Bank of England bought £23,000
in connection with tourist requirements, this week's and sold £984,000 in gold bars. On Friday the
sharp decline is the more surprising. The market has Bank released £500,000 gold to South Africa which
been by no means active, but buyers of sterling had been earmarked for the account of the Reserve
have continued to have the advantage, as offerings Bank of South Africa. It is understood that Gerwere more numerous and urgent than requirements. many took £850,000 of the 084,000 gold bars sold
On virtually every day of the week sterling dropped on Wednesday in addition to Tuesday's withdrawal
to a new low for the year, and yesterday cable of £607,000. London advices state that these large
transfers sold as low as 4.85/. The selling on withdrawals of gold from London were in the nature
Thursday was very heavy, especially late in the of special transactions rather than the outcome of
afternoon, due in some measure to the fact that the exchange operations. At the Port of New York
Bank of England had not changed its rediscount the gold movement for the week July 26-Aug. 1, as
rate from 43/2%. Bankers have been expecting reported by the Federal Reserve Bank of New York,
the rate to be marked up for several weeks. Failure consisted of imports of $112,000, of which $106,000
to alter the rate was interpreted as an indication came from Latin America and $6,000 from other
that the British financial authorities have decided places. Gold exports totaled $4,177,000, of which
to maintain the present British money rate levels $4,062,000 was shipped to Italy, $63,000 to Mexico
as long as possible even at the expense of a loss of and $52,000 to Germany. There was no Canadian
part of the gold holdings of the Bank of England, movement of gold either to or from New York rerather than protect the Bank's position by raising ported by the Federal Reserve Bank. Canadian
money rates at the expense of British business. exchange was somewhat irregular this week. On
Gold flowed into the Bank of England throughout Friday of last week Montreal funds closed at a disthe first half of the year, until last week gold hold- count of 1-16 of 1%. The discount was 3-64 on
ings of the Bank reached a record high of L176,- Saturday and on Monday Montreal funds moved
020,387. The increase in gold holdings was largely to a premium of 1-64 of 1%, dropped to par in
offset by the sale of other assets as the Bank was Tuesday's market, to a discount of 1-16 of 1% on
averse to permitting any expansion of credit on the Wednesday,and to 9-64 of 1% on Thursday's trading.
basis of the increased gold.
It is believed that whenever the Canadian funds
It is pointed out that since this has very evidently showed depression during the week the cause was
been the Bank's policy, the Bank can now afford to be found in the transfer of funds from Canada
to lose some of the gold accessions without great to the New York call money market. As a seasonal
disturbance to the London money market. It was matter Canadian exchange should now be ruling firm.
stated here last week that London bankers were of
Referring to day-to-day rates, sterling on Saturthe opinion that if gold were to leave London owing day last was inclined to rally in listless half-holiday
to the drop in sterling within the past few weeks, market. Bankers' sight was 4.853
/s@4.85 7-16;
the probabilities were that London would ship to cable transfers were 4.85%@4.85 13-16. On Monother centers before making shipments to New York. day sterling was under pressure. Bankers' sight
This has turned out to be the case as an outflow of was 4.85 11-32@4.853/
2, cable transfers 4.85M@4.85
gold from England has already begun. London 13-16. On Tuesday under considerable pressure
comment on the Bank rate is to the effect that sterling moved still lower. The range was 4.85
should higher money rates in New York continue 7-32@4.85% for bankers' sight and 4.85 19-32@4.85
during the autumn season, European imports would 11-16 for cable transfers. On Wednesday, on selling
be largely financed in London instead of in New both here and abroad, sterling again moved lower.
York. The pressure thus thrown upon sterling The range was 4.85 3-16@4.859/ for bankers' sight
would result in a considerable gold efflux. It is and 4.85 9-16@4.85 21-32 for cable transfers. On
pointed out that since, however, London has gained Thursday sterling continued to be sold. The range
more than 04,000,000 of gold this year, even a was 4.85 3-32@4.85 5-16 for bankers' sight and
drain on the gold reserve to this extent, which is 4.85 15-32@4.85 19-32 for cable transfers. On
hardly likely, would not in itself justify the increase Friday the rate moved to a new low for the year.
in the Bank of England rate to 5%,and it is thought The range was 4.85@4.853/ for bankers' sight and
that there is every reason to believe that the open 4.85%@4.85 11-16 for cable transfers. Closing
market rate of discount will rise to a level which quotations yesterday were 4.85 1-16 for demand and
will make the 432% Bank rate fully effective. 4.85 7-16 for cable transfers. Commercial sight
London and New York bankers are almost united in bills finished at 4.85, 60-day bills at 4.81 3-16,
the opinion that the high money rates on this side 90-day bills at 4.793/2, documents for payment (60
are likely to continue long enough to render it more days) at 4.813/g, and seven-day grain bills at 4.8434.
profitable to finance the European crop imports in Cotton and grain for payment closed at 4.85.
London than in New York, and for this reason it is
The Continental exchanges, as during the past few
expected that sterling exchange will continue to
show weakness for the next two months and possibly weeks, shared in the reaction in sterling. Even



Ave. 4

1928.]

FINANCIAL CHRONICLE

595

French francs have shown a decline this week, al- ers' sight bills and at 5.23% for cable transfers, as
though the French position is strong. The decline against 5.23Y1 and 5.233/2. Austrian schillings have
in the Continental currencies, and all the exchanges not changed from 143/
8. Exchange on Czechoslovakia
for that matter, is, as stated above, partly a seasonal finished at 2.9615, against 2.9615; on Bucharest at
matter, but results principally from the higher money 0.60%, against 0.61%; on Poland at 11.20, against
rates in New York. While France is less dependent 11.45, and on Finland at 2.52, against 2.52. Greek
than many European countries upon cotton and grain exchange closed at 1.29% for checks and at 1.29%
imports from the United States, nevertheless the for cable transfers, against 1.30 and 1.3014.
franc can hardly escape a sympathetic depression as
the result of the lowering of sterling and other ElmThe exchanges on the countries neutral during the
pean units. This week the Bank of France shows war have continued depressed as during the past few
total gold holdings of 29,918,300,000 francs, an weeks. Amsterdam exchange, the most important
increase over last week of 256,000,000 francs. French of the neutrals, has suffered the greatest decline this
revenues from all sources for the first half of 1928 week and has dropped below par of 40.20, the closing
amounted to 19,729,000,000 francs, which was quotation for bankers' sight on Amsterdam on Fri1,386,000,000 more than for the corresponding period day of last week. Bankers' sight on Amsterdam has
in 1927. The changes in revenue are such as to declined steadily this week from 40.18 to 40.08
make the outlook favorable for a final balancing of yesterday. Much of the decline in the guilder is
the budget for 1928. German marks suffered a due to transfer of funds from Amsterdam to various
decline during the week. There have undoubtedly European centers and doubtless to New York, as
been some transfers offunds,though in small amounts, interest rates and the opportunities for the profitable
from German centers to New York owing to the employment of money are not so attractive in Holmore secure employment of these funds in this market land. Part of the decline is due, of course, to symat rates quite as satisfactory as those prevailing in pathetic movement with sterling exchange and also
the high money markets of Germany. Some of the to preparations of Amsterdam merchants to meet
weakness in the mark is the result of seasonal prepara- import bills arising out of transactions in the United
tion to meet import payments, and again, the high States, Canada, and South America. The finanmoney rates in New York have retarded to some cial and economic situation of Holland is essentially
extent the flow of money from this side to Germany. sound. A survey of general conditions in trade and
The mark still continues to rule above par (par 23.82) industry for the country during the second quarter
and, with Antwerp belgas, shares the distinction of of 1928 made by the Amsterdamsche Bank shows
being the only important exchange selling at pre- that the export of manufactured goods has increased
mium to the dollar. There is not much danger that considerably as compared with the first half of
the mark will go materially lower, whatever the 1927. The Scandinavian currencies have been dull
course of sterling. At the most loan negotiations for in the New York market and all of them have ruled
German political divisions and corporations are only slightly lower than a week ago. The lower quotations
delayed and postponements have in many cases been for Swedish, Norwegian and Danish currencies results
accompanied by temporary advances. The premium more from operations in Europe than from transon marks over sterling has resulted in heavy German actions here. The currencies were sold abroad as
purchases of gold from the Bank of England in the early as Monday and with the downward movement
past few days. As noted above, Germany is believed they continued to be sold here. Spanish pesetas
to have withdrawn £1,457,000 in gold bars from continue to register a decline. No confirmation has
London within the past two weeks.
been obtained of recent reports that Spain has been
Italian lire register a fractional decline this week. seeking stabilization credits abroad in the past few
An official of the Italian National Institute of Ex- weeks, though it is believed in London that such
change in a recent interview with a representative of credits have been obtained, but that the transactions
the "Wall Street Journal" said with regard to rumors have been kept secret. The market in pesetas has
that the present par value of the lire would be revised given evidence of official control, as the rate has
downward. "As Premier Mussolini stated in his fluctuated only a point or two a day.
pronouncement on Italian finances July 23, present
Bankers' sight on Amsterdam finished on Friday
parity of the bra is irrevocable and will be protected at 40.09, against 40.20 on Friday of last week; cable
with all the resources at the command of the Italian transfers at 40.11, against 40.22, and commercial
treasury and the Bank of Italy." Austrian exchange sight bills at 40.06, against 40.16. Swiss francs
is extremely inactive in New York at all times, but it closed at 19.2431 for bankers' sight bills and at
is worth passing note that the Austrian National 19.25 for cable transfers, in comparison with 19.251
4
Bank last week bought £50,000 in gold in London. and 19.26 a week earlier. Copenhagen checks
The import was made by a private bank through an finished at 26.69 and cable transfers at 26.70, against
arbitrage transaction.
26.70 and 26.71. Checks on Sweden closed at 26.75
The London check rate on Paris closed at 124.17 and cable transfers at 26.76, against 26.75% and
on Friday of this week, against 124.08 on Friday of 26.763/2, while checks on Norway finished at 26.69
last week. In New York sight bills on the French and cable transfers at 26.70, against 26.70 and 26.71.
center finished at 3.90%, against 3.913A a week ago; Spanish pesetas closed at 16.43 for checks and at
cable transfers at 3.91, against 3.91%, and commer- 16.44 for cable transfers, which compares with 16.45
cial sight bills at 3.91, against 3.91. Antwerp belgas and 16.46 a week earlier.
finished at 13.90% for checks and at 13.913 for
cable transfers, as against 13.92 and 13.923
4 on
The South American exchanges, with the excepFriday of last week. Final quotations for Berlin tion of Argentina, continue steady. The Argentine
marks were 23.843/2 for checks and 23.85% for cable peso is still under pressure and the exchange is not
2 and 23.883/2 a expected to show material recovery until the grain
transfers, in comparison with 23.873/
Italian
lire
closed
.
at
5.233
for bank- and other products which have accumulated at the
week earlier.




596

[you 127.

FINANCIAL CHRONICLE

ports owing to strikes can be freely shipped again.
Once the labor troubles are fully adjusted, it is
believed that there will be a material enhancement
of the peso, as all present indications point to an
export season equaling the record export seasons
of the past few years. The economic conditions of
Brazil, Peru, Chile, and most of the South American
countries give promise of strong support to the
Latin-American currencies. Argentine paper pesos
closed yesterday at 42.20 for checks, as compared
with 42.20 on Friday of last week, and at 42.25
for cable transfers, against 42.25. Brazilian milreis
finished at 11.94 for checks and at 11.95 for cable
transfers, against 11.94 and 11.95. Chilean exchange closed at 12.07 for checks and at 12.08 for
cable transfers, against 12.11 and 12.12,and Peru at
3.98 for checks and at 3.99 for cable transfers,
against 3.98 and 3.99.
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
JULY 28 1928 TO AUG. 3 1928, INCLUSIVE.
Noon Buying Rate for Cable Transfers to New York,
Value in United States Money.

Country and M
Unit.

July 28. July 30.

July 31.

Aug. 1.

Aug. 2.

Aug. 3.

EUROPE$
$
$
$
$
S
.140910 .140933 .140836 .141002 .140937 .140932
Austria,whining
.139176 .139155 .139135 .139125 .139117 .139090
Belgium, belga
007200 .007235 .007250 .007237 .007265 .007270
Bulgaria, lev
Czechoslovakia, kron .029627 .029622 .029625 .029626 .029625 .029626
Denmark. krone
266976 .267030 .267021 .266987 .266988 .266957
England, pound st
sterling
4.857855 4.857571 4.855910 4.855773 4.855058 4.853804
Finland, markka
.025171 .025173 .025177 .025184 .025169 .025177
.039147 .039149 .039144 .0391413 .039129 .039097
France,franc
Germany. reichsmark .238820 .238777 .238738 .238690 .238528 .238480
Greece, drachma
.012972 .012966 .012969 .012969 .012962 .012957
Holland, guilder
.402163 .402136 .402030 .401882 .401685 .401401
Hungary, pengo
.174398 .174346 .174314 .174322 1174363 .174350
Italy, lira
052335 .052334 .052313 .052307 .052322 .052319
Norway, krone
.266988 .266983 .266954 .266928 .266941 .266923
Poland, zloty
.112019 .112150 .112240 .112081 .112017 .112195
Portugal, escudo
044440 .044600 .044633 .044766 .045116 .045466
Rumania,leu
.006139 .006137 .006139 .006121 .006114 .008113
Spain, peseta
164509 .164495 .164435 .164442 .164452 .164315
Sweden.krona
.267547 .267540 .267522 .267530 .267526 .267521
Switzerland, franc__. .192569 .192547 .192532 .192527 .192525 .192500
Yugoslavia, dinar
.017601 .017602 .076105 .017600 .017601 .017602
ASIAChinaChefoo tael
.672500 .873125 .672500 .672083 .671250 .668750
Hankow tael
.665833 .668125 .667916 .667500 .666666 .663750
Shanghai tael
.655178 .653428 .653250 .653357 .652410 .649500
Tientsin tael
.687916 .688125 .686666 .686250 .684583 .682083
Hong Kong dollar
.500178 .500482 .499696 .499135 .499285 .498785
Mexican dollar_ __ - .472750 .471750 .471250 .471000 .469000 .467750
Tientsin or Pely
dollar
.474166 .474166 .474166 .473750 .472083 .470416
Yuan dollar
.470833 .470833 .470833 .470416 .468750 .467083
India, rupee
.362096 ,361990 .361943 .361900 .361889 .361840
Japan, yen
452722 .453158 .452736 .451794 .451047 '.450768
8ingapore(S.S.)dollar_ .559583 .559583 .559583 .559583 .559583 .559583
NORTH AMER.Canada, dollar
.999600 1.000353 .999631 .999163 .998694 .998372
.999281 .999250 .999218 .999437 .999437 .999593
Cuba, peso
Mexico. peso
.471166 .471166 .471166 .470833 .471083 .470833
Newfoundland. dollar .997531 .998687 .997062 .996843 .996312 .995875
SOUTH AMER.Argentina. peso (gold) .960116 .960157 .960150 .960084 .959966 .960051
.119472 .119390 .119436 .119463 .119427 .119427
Brazil, milrets
.121164 .120829 .121015 .121004 .
Chile, Peen
.120087
1.024040 1.023499 1.023790 1.024040 1.024958 1.025008
Uruguay, peso
rInInrnht* newn
980400 .980400 .980400 .979200 .979200 I .978000

The Far Eastern exchanges have been under pressure. Japanese yen have been selling at rates even
lower than those during the banking panic of 1927.
Of course, the unsatisfactory situation in China
following last year's financial difficulties in Japan
does not favor an immediate return to financial
stability. Bankers here consider it surprising that
the Japanese finance officials have not taken measures
to reduce fluctuations in exchange. Japan is exporting a considerable quantity of capital for investment abroad owing to low money rates ruling
in Japan and to the difficulty of trading with China.
This, of course, is adverse to Japanese exchange,
as is also the continuance of the Chinese boycott
against Japanese goods. A return to parity under
present circumstances would probably be unwise,
but Japan's foreign balances, it is believed, are
large enough to insure some measure of exchange
control if it were attempted. Closing quotations
for yen checks yesterday were 45.10@45%
3 , against
453@453 on Friday of last week; Kong Hong
2; Shanghai
closed at 50(4)503., against 503@503/




at 65@653.1., against 66%@663'; Manila at 493,
against 493.; Singapore at 563.(0)563', against
5634@563'; Bombay at 363
2, and
%, against 363/
Calcutta at 36M, Against 363'.
Owing to a marked disinclination on the part of
two or three leading institutions among the New
York Clearing House banks to keep up compiling the
figures for us, we find ourselves obliged to discontinue
the publication of the table we have been giving for
so many years showing the shipments and receipts
of currency to and from the interior.
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is also no longer
possible to show the effect of Government operations
in the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the Clearing
House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday, Monday,
July 28. July 30.
$
86,000,000

Tuesday, Wednesiry
July 31.
Aug. 1.

$
92.000,006

$
88.000.000

Thursday,
Aug. 2.

FridaY,
Aug. 3.

Aggregate
for Week.

$
$
$
94,C011,000 128,000,000 109,000,000

$
Cr. 695.000.00
Note.-The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balanced.
however, reflect only a part of the Reserve Bank's operations with the Clearing
House institutions, as only the items payable in New York City are represented in
the daily balances. The large volume of checks on institutions located outside of
New York are not accounted for in arriving at these balances, as such checks do
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.

The following table indicates the amount of
bullion in the principal European banks:
Aug. 2 1928

Banks of
Gold.

England_ _ 173,659,02
France -- 239,346.403
Germany 105 701 4
Spain
104.337,000
Italy
52,855.0
Netherl
26,242,000
Nat, Belg_ 22,944,000
Switzerl d 17,914,000
Sweden_ _ 12.792,000
Denmark _ 10.103,000
Norway _ _ 8.166.000

Silver.

Aug. 4 1927.
Total,

Gold.

Total.

.0
173.659.029152,268.780
152,268,780
239,346,403 147,260,559 13,680,000 160.940.559
d
c994,600 106,696,0.50 87,158,550
994,600 88,153,150
28,272,000 132,609,000 103,898.000 27,201,000 131,099,000
52,855,000 46,611.000 3,835,000 50,446,000
1.948,000 28,190,000 32,200,000 2,374,000 34,574,000
l,2SO,OOO 24.194,000 18,429,000 1,172,000 19,601,000
2,250.000 20.164,000 17,772,000 2,707,000 20,479,000
12,296,000
I 12,792,000 12,296,000
615.0001 10,718,000 10.700.000
719,000 11,419,000
8,180.00()
I 8,166.000 8.180,000

Total week 74,059,882 35,329,600'81J9,389.482 636,773,889 52.682,600689.456,489
Prey. week 781,819.911 35.269,600817,089,511 635,988.800 52,633,600 688,622,400
a These are the gold holdings of the Bank of France as reported in the new
form of statement. b Gold holdings of the Bank of Germany are exclusive of
gold held abroad, the amount of which the present year is £4,281,300. c Al of
Oct. 7 1924. cl Sliver is now reported at only a trifling sum.

A New Phase of Armament Limitation-The
American Attitude Toward Europe.
Something of mystery, or at least of uncertainty,
seems to have attached to the announcement which
Sir Austen Chamberlain made to the House of Commons on Monday regarding the agreement recently
reached between Great Britain and France in the
matter of naval armament. According to the report
of his speech which has reached this country, the
British Foreign Secretary appears to have confined
himself to stating that negotiations, which it had
been known for some time were going on, had resulted in a "compromise" which would remove "a
great obstacle" to a general world reduction of
naval strength, and that the approval of the other
leading naval Powers would be sought. The British
press, on the other hand, appears to have hailed the
agreement as virtually a regional pact between the
two countries, made outside of the League of Nations although possibly to be submitted to the
League for formal approval, and constituting a real
step forward in the direction in which the League
has long been endeavoring to go. Apparently inspired dispatches of American correspondents in
London and Paris have not only accepted in general
this latter view of the nature of the agreement, but

Am.4 1928.1

FINANCIAL CHRONICLE

have gone so far as to indicate tentatively some of
the features of the plan. The structure of uncertainty was completed on Wednesday by a semiofficial announcement from Washington that the
agreement, the details of which had been received
but were being temporarily withheld from publication, embodied a plan which was to be submitted at
the next meeting of the Preparatory Disarmament
Commission of the League "recommending a basis
on which an agreement might be reached for naval
limitation," but that it was "not an agreement between France and Great Britain to limit their naval
armament."
What apparently may be gathered from these
vague and contradictory statements is that Great
Britain and France, hitherto sharply opposed to one
another in regard to the way in which naval armaments should be limited or reduced, have now
reached an agreement between themselves on the
question, and that other naval Powers, together
with the Preparatory Commission of the League,
are to have an opportunity to consider the plan as
a possible basis for an agreement of more comprehensive scope. The plan, in other words, is a regional plan whose provisions may, if the Powers and
the League desire, be copied on a larger scale.
If the forecast of the plan given in a dispatch of the
Paris correspondent of the New York "Times" on
Tuesday is correct, the two contracting parties have
agreed to apply limitations of some kind to four
classes of war vessels, namely, capital ships of over
10,000 tons, airplane carriers of similar tonnage,
other surface vessels of less than 10,000 tons carrying six to eight inch guns, and submarines of more
than 600 tons. As capital ships are already subject
to restriction under the Washington Treaty through
the application of the 5-5-3 ratio of naval strength
to the United States, Great Britain and Japan, it is
not quite clear whether the Anglo-French agreement
contemplates some modification of the Washington
Treaty in the case of Great Britain, or only some
limitation to which the provisions of that treaty do
not apply. On the other hand, the imposition of a
limit upon submarines of over 600 tons, with no
limit to the number of submarines of smaller tonnage, looks like a recognition by Great Britain of
the French contention, which Great Britain has
hitherto opposed, that France needs a relatively
large number of small submarines for purposes of
defense, and is willing, if it may have them, to concede a limitation of submarines of greater tonnage
whose principal use is offensive.
It will be recalled that at the three-Power conference on the limitation of naval armament, held
at Geneva last summer at Mr. Coolidge's invitation,
the United States proposed (see the "Chronicle" for
Aug. 13 1927, Vol. 125, page 830) to limit the maximum total tonnage of vessels of the cruiser class to
designated amounts for the United States, Great
Britain and Japan, in harmony with the 5-5-3 ratio,
but to leave each Power free to "build the number
and type of vessel which they might consider best
suited to their respective national needs, with freedom, subject to the limitation of the Washington
Treaty, to arm these vessels as they saw fit." It
also proposed to apply the same ratio, with restrictions based upon global tonnage, to so-called auxiliary vessels, principally destroyers and submarines.
The conference broke down because the British
delegation, while willing to accept the limitation on




59/

the size of vessels of all classes, refused to accept
the principle of limitation by total tonnage alone,
and insisted upon a strict limitation of the number
of 10,000-ton cruisers armed with 8-inch guns and
the establishment of a secondary class of cruisers
with 6-inch guns as the maximum calibre. It was
the refusal of France to consider the application of
the 5-5-3 ratio to auxiliary vessels that led it to
decline the invitation to the conference, and the absence of Italy was believed to be due to a similar
reason. As between Great Britain and the United
States, the former, with its numerous naval stations
scattered about the globe, stood out for an unlimited
number of small cruisers, while the latter, with few
naval stations,long coast lines and widely separated
island possessions, emphasized its need of large
Cruisers with long cruising range.
One naturally wonders why Great Britain and
France, the former openly advocating the abolition
of submarines and the latter insisting that it could
not do without them, have now reached an agreement under which only large submarines are to be
limited while small submarines are to suffer no restriction. If the intimation of the New York
"Times" dispatch referred to above is to be accepted,
the two Powers have also agreed, as between themselves, to disregard the Washington 5-5-3 ratio, and
will henceforth build such amounts of tonnage as
they choose, merely undertaking to inform one another in advance of the amount and kind of construction proposed, and perhaps to accept some supervision of their building programs by the League.
The opposition press at London is reported as intimating that the quid pro quo, in the ease of small
submarines, is to be found in a tacit acquiescence by
Great Britain in the continued maintenance by
France of a large standing army, and an implied undertaking on the part of France to concentrate its
naval strength in the Mediterranean. Washington
dispatches, on the other hand, indicate that the
State Department, while withholding definite comment until the agreement has been studied, sees
as yet no repugnancy between the FrancoBritish agreement and the continuance of the
work of the League Preparatory Commission, and
that it will be disposed to join in the deliberations
of the Commission whea that body again convenes.
We may perhaps conclude, therefore, that the United
States sees in the recent agreement only an attempt
on the part of Great Britain and France to further,
by means of a regional pact, a cause which the Preparatory Commission has thus far found it impracticable to deal with satisfactorily on a world scale,
and that it is prepared to co-operate provided no
serious difficulties develop later. If this is what
the agreement really means, there will be occasion
for congratulation that the cause of naval disarmament has been to this extent advanced.
In the same speech in which he cautiously revealed
the Anglo-French accord, Sir Austen Chamberlain
expressed the hope that the Kellogg anti-war treaty
would prove to be more than "a recognition of the
horror of war—of the fact that war is a thing to be
resorted to only in the last resort." "How much
more it will be," he added, "will in my opinion depend not upon any engagement taken by the United
States Government, but on how the rest of the world
thinks the United States is going to judge the action of an aggressor, and whether the United States
will help him or hinder him in his aggression. If the

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American nation ranges itself behind its own treaty,
then indeed the signature of the treaty will be an
additional and most formidable deterrent of war,
and it will be in addition a most valuable security of
peace."
Save for the covert suggestion, rather unusual in
speeches of Foreign Ministers, that the treaty may
not mean in fact all that it seems to mean, Sir
Austen Chamberlain's remarks are in accord with
intimations and hints that have become current in
Europe, particularly in Great Britain and France,
during the past few weeks, to the effect that the
United States, now that the Kellogg treaty has been
accepted, will of course be disposed to take a larger
part in European affairs than it has taken heretofore. There is no foundation whatever for such an
expectation, and those who entertain it are certainly
doomed to disappointment. There is nothing in the
anti-war treaty that commits the United States to
any change of policy toward Europe or any other
part of the world, nothing that requires or invites
the United States to mix in the affairs of other
States or to become, even indirectly, a party to their
plans. The treaty is a declaration of opposition to
aggressive war. The right to wage a defensive war
is not precluded because, as Secretary Kellogg has
pointed out, the right to defend itself against attack
is a primary right of every nation, but the course
which the United States may take, in the event of a
defensive war involving one or more signatories of
the treaty, will depend upon the circumstances, and
is in no way indicated or suggested by the treaty.
Secretary Kellogg himself has hastened to announce
that he does not propose to discuss international
matters with any one when he goes to Paris to sign
the treaty, and that he expects to return as soon as
possible after the ceremony of signing is over.
The suggestion that the United States, having
successfully proposed an anti-war pact, must henceforth play a more important part in Europe is only
part and parcel of the same political propaganda
which for years has been laboring to draw the
United States into more intimate political association with Europe. It belongs with the demands for
forgiving the war debts, revising the war debt agreements, accepting in payment of the debts only what
Germany pays in reparations, joining the League of
Nations, and adhering to the World Court. Back of
every one of these suggestions has been the hope of
shouldering upon the United States some burden,
financial, political or what not, which Europe was
disinclined to carry for itself. The same reasons
which have led the United States to turn a deaf ear
to all of these solicitations will continue, we feel
sure, to determine American policy after the antiwar treaty is signed. If Great Britain and France,
by agreeing between themselves to restrain the
building of war vessels, shall thereby advance by
never so little the general cause of peace, the United
States will have no occasion on that score to object
to the undertaking. If the Preparatory Commission
of the League of Nations can go forward more hopefully with its comprehensive plans now that Great
Britin and France have put disarmament in a new
light, the United States will wish it all possible success. But there is no sufficient reason why European
statesmen or publicists should expect that the
United States will allow any agreements to which
it is a party, to be arbitrarily set aside or radically
changed without its consent, or accept any measure




[VOL. 127.

of responsibility for European peace where European
interests alone are concerned. It is in the light of
this historical policy that the Anglo-French naval
agreement and the anti-war treaty should both be
judged.
A Message To America.
In the Associated Press dispatch from Small
Hythe, Kent, England, July 21, announcing the
death of Dame Ellen Terry, occurs this paragraph:
"A few days ago with the end approaching she gave
the Associated Press this message for America:
'Give my love to America, and tell my dear friends
there that I am thinking of them as I rest here in
my quiet English countryside. When one is 80, one
has dreams of days gone by and often in my dreams
I live again the many happy times I spent in America. My heart is warm with the memories of my
friends across the sea.'" It is given to the generous and kindly critics of "The Stage" to fix the place
of this great actress in her time and country, and
many are the fine encomiums that have paid tribute
to the genius of her art; but it is given to the people of a friendly nation, and especially to the press
of America, to acknowledge the beauty and tenderness of this message of good-will, and to testify to
the nobility of character and warmth of heart of
one who After long years of retirement and almost
in sight of the encroaching shadow "remembers"!
Not here is there the falsetto ring of the publicity
agent; not here is there faint and false announcement of another "farewell tour"—there is only the
love of an aged woman who looks back upon the triumphs that are never to come again and thinks gently
on her friends and remembers them! If she gave
gladness to tens of thousands by her portrayals
throughout her long and distinguished career, if she
spoke the lines of the immortal Bard of Avon to
the enraptured ear of a kindred people on her American tours of an older day, there is no doubt that
those who were fortunate to know and hear her in
her work, now remember even as she remembered,
in the twilight hours of peace and placid content.
That she thought, thus, to send a message to "America," is witness to the fidelity of her nature and to
the chivalry of her spirit. And in common with the
older generation who felt the influence of her genius,
and those of the newer generation who revere a
noble career that is now of the past, may not the
press of America say, as Horatio of Hamlet:
"Now cracks a noble heart. Good night, sweet prince,
And flights of angels sing thee to thy rest."

Sometimes, as we mourn the fact that the "speaking stage" is under the shadow of a commoner art,
there comes to mind the glory of a day when there
were great men and women who gave their lives to
portraying character as conceived by the poets and
playwrights who probed the hearts of men and
peoples, intent only on teaching the lessons of truth,
love and beauty. It was a more spiritual age than
ours. The mechanism of lights, scenery, and even
orchestral music, had not dimmed the spoken words
that wrought upon the human heart and wove unseen pictures of the soul as it felt the passion of high
resolve or plumbed the depths of despair and guilt.
To sit now in the darkened stalls and witness only
the moving panorama of an artificial and lifeless
portrayal of human character, even though it be
drawn from the written word of the immortals, is
to feel a loss that is poignant and disturbing. The

Atio. 41928.]

599

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great actors and actresses of that other day, with
Developing the Issues.
an "art that conceals art," lived for a time, before
One of the reasons why a citizen, though he be
our very eyes, the characters they portrayed, and
not
a partisan, must interest himself in political
still
undying
in
the
printed
that
are
words
spoke the
page. It is well, therefore, to pause at the passing campaigns is that issues are proposed that impinge
of Ellen Terry, and recall the reality of the tragedy directly on his social and business life. Another
and comedy of which she was a leading part and to reason is that issues are made out of etonomic conditions and out of phases of government that have
which she contributed a generous share.
But more than this, the message to "America" no rightful place in partisan politics. For instance,
gives us thought as to our human relations in a we read in the dispatches that Governor Smith extime swirling with discontent and marred by an pects to outline a policy of reorganization of the Deunsatisfied quest for wealth, renown and achieve- partments at Washington. It is even intimated that
ment. The fine good-will sent overseas from the he had this rather obscure plank inserted in the
quiet English "countryside" must awaken a keen re- Democratic platform. 4 is thought that he will
sponse in the heart of a citizenry that, for the most attempt to duplicate, as far as practicable, his work
part, in its world-relations, is content to "live and of simplification and economy hi State affairs. Now
let live." Love centers about the home. Good-will this is a good thing, if needed, and no doubt is needradiates from the heart that "fears and trembles." ed to some extent. But it probably bears little relaIt is not through the power of great nations, by the tion to consolidation and elimination in State govmechanism of Leagues and convocations, that the ernment, save in principle. And it is quite in lint
peace of the world shall be preserved, but by that with putting "more business into government." But
kindly feeling which, passing the laws and govern- if, on examination, it is the proper thing to do, is
ments of men, shall see in alien peoples far away it not, thereupon, a duty of any and all parties?
the same toils, trials, hopes and trusts, that we our- And if so, how can it be made a partisan political
selves endure. This good-will bears and forbears. issue in a campaign?
It respects and is respected. It passes from human
How can it be said, in advance, that one party is
heart to human heart and unites all in a common more fitted for such a task than another? And
bond of love and memory. For in this "tie that how can it be said that a party on the outside is
binds" there is the fellow-feeling that suffers and more fitted for this task, admittedly a "business"
is patient, knowing that art, letters and achieve- proposition, than one on the inside? As a matter
ment are the common expression of aspiring life of fact, this matter of consolidation and elimination
everywhere. Though but a single quiet voice in the has been under discussion and experiment in all
strident masses of an all too unheeding world, this recent administrations—the Wilson, the Harding
"message to America" is a trumpet call to all who and the Coolidge administrations. Regarding the
love love and would remember the good and forget "Budget" as a symbol of the whole, how can it be
all else.
said to be political? Applying business principles
It is natural that the link of a common language to governmental administration is neither Demoshould bind England and America in mutual appre- cratic nor Republican—it is, as the plain statement
ciation. Mechanical devices are merely means of indicates, purely a "business" matter. It is techniphysical contact. But Emerson and Shakespeare cal and "administrative." Yet the "budget" and
are living personalities weaving for all time the any proposed "organization" is the concern of the
golden chain of wisdom and love, and those of us whole people, regardless of party. It has nothing
who often think our best in the thoughts of others to do with States' Rights or Federal domination;
and counsel our highest in the words of others, we or the correct balance of power between the two. It
who have our little day upon the stage of life, if is incumbent on the Executive Division of the Govwe can, out of our own experiences, find at the last ernment, by whomsoever administered, to save waste
the prompting to a message of good-will, we shall effort, to economize, and to maintain the highest efnot have lived in vain. And in how many, many ficiency in what is but routine work at most.
hearts here and elsewhere is there the abiding
It can hardly be argued, and we say this in no
thought:"I wish the whole world well!" Our voices partisan sense, that Mr. Smith, as an experienced
may be drowned in the clamor of the "mechanical Governor of New York State, is more able to perage." No signal achievement may lift us above form this work than is Mr. Hoover, an experienced
others. Renown may pass us by. And wealth may Secretary of Commerce in close touch for seven
shower its pride and power upon friend and foe. years with all Departments of the Federal GovernBut if, touched to life and action by the simple ment. But our chief objection to projecting this
words of another far away, we may "remember," into the campaign is that such an "issue" is, in its
and re-echo the gracious good-will that so often is very nature, indefinite, and therefore inconclusive.
given to us, we too shall add a little to the common If reform is needed, partisan politics is by no means
heritage which in the end is the glory of "mortals" an adequate solution. Can a skeleton of department
who put on "immortality."
and bureau work at Washington be so outlined by
If it were permitted to us to speak as part of the two opposing parties as to be made intelligible to
representative press and, modestly, for that press, the voters? Can there be any choice between two
we would say: Peace to thee, Ellen Terry—woman systems or methods, even if they can be clearly
and artist! and may all thy love for others turn stated, when both look to the same end—the econto joy for thee, and these thy words fall like a bene- omy and efficiency of administration? To make gendiction upon the hearts of men, that they, too, pause eral promises of "reform" is only to follow the oldin the afterglow of lives well-spent to touch the gold- time custom of beating the bushes for votes. What,
en gates of memory and muse on friends whose good- specifically, is going to be done? Who is to overhaul
will though unknown and unspoken still runs round the machinery, as, manifestly, the investigations
cannot be personally made by the President-elect'?
the world!




•

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However, the most formidable objection to such
a proposed issue is yet to be stated. Fortunately
or unfortunately, and mainly the latter, outside
business has become so enmeshed in governmental
regulation and control that any attempt to reorganize the machinery at Washington affects the industry and commerce of the whole country. And the
only way such reorganization can reasonably be
undertaken is by slow and sane methods and in consultation with "business" itself. Mere Democracy
or Republicanism can afford scant clue to the method. Not that tariff, income tax, even prohibition
and farm relief, do not ultimately reach and affect
departmental reorganization, but only through Congress and the' laws. A "business administration,"
in the sense of consolidation and elimination, is
technical, nothing more, nothing less. How to do
the work that is to be done, whatever it may be, is
the task of the Executive, and as said, he must employ experts versed in accounting and syntematization.
Is a Democrat a better bookkeeper than a Republican? Is a Republican more a master of system
than a Democrat? Is either, in an administration
of the ministerial and technical, closer to the people
than the other? And is not the acme of all such
work to keep it free from violent interference with
the established relations between "government" and
"business"? Is any party expected to go before the
voters with a monkey-wrench in its hand, which it
proposes to cast into the machine, and tell nothing
of its plan save to assert that something different
is necessary? And unless there is a non-partisan
effort, "something different" is all that may be expected. Bureaus, good or bad, are not quick-lunch
stands. The internal revenue bureau does not lay
the taxes—it merely collects them. But, using this
as an example, all business must fit itself to the
tax as administered, and the more changes are made
by Congress or the more "interpretations" are made
by the administering officials, the more business is
confused and confounded.
We are not arguing against the need for system
and saving at Washington. We are asserting that
no legitimate political "issue" can be made out of
it, Really "putting business into government" is
"taking government out of business"—and it may
be added, as far as administration is concerned, is
taking it out of politics. We may, each of us, have
our own opinion as to which party has the best record in technical administration, but that is hardly
justification for a change in politics. For instance,
we may believe, or have believed, that a gold standard Republicin would better administer the Treaslir; than a free silver Democrat, because in his opJona decisions, in his interpretations of law, and
in his discretionwy powers, he would be guided by
sounder printilges, but in the technique of office
there could be no rightful difference.
Our Government, though, as a system of rule, it
is reached by a two-party system, is not, in its
routine functioning, partisan political. In this sense
it is not a football of politics. It is not an agency
of social or economic reform. In its necessary routine it is an impartial machine. It serves all the
people, or should, without distinction of class or
section. Looked at in this light, when business has
adjusted itsalf to its administrative requirements,
to its accepted supervision, its routine should be
changed slowly and imperceptibly. Our corpora-




[voL. 127.

tions should not be asked to meet new bureaus, to
make new and different reports, every four years.
And reorganization of departments, generally and
not specifically stated, is not a legitimate issue in a
campaign. Policies and principles have no place,
in this sense, in departmental work. We have heard
much of Jeffersonian and Hamiltonian division.
Neither of these fundamental doctrines concerned
itself with democratic machinery. Neither envisioned the cumbersome rule of to-day. The ship of
State requires continual overhauling regardless of
party. From time to time the barnacles must be
scraped off. But on all its voyages, under all its
commanders, it is the same ship, to be preserved, repaired, reconditioned.
The Williamstown Institute of Politics.
The opening of the Institute of Politics at Williamstown Aug. 2 for its eighth session makes a
reference to last year's meeting desirable. This
both because some of the most important lecturers
of last year will be present and will be heard with
greater interest because of the events of the year,
and also because of the light which new speakers
will throw upon the questions which are uppermost
to-day.
We may not have men of the financial importance
of earlier days, as M. Robert Masson of the Credit
Lyonnais of Paris, and Dr. Peter Reinhold, the German Finance Minister, or such first hand authorities in public affairs as M. Felix Valip of Paris,
editor of the "Revue Internationale Politique," and
Professor Mendelssohn-Bartholdi of Hamburg, Professor Bonn of Berlin, or Sir Arthur Willert of the
British Foreign Office, Dr. William Rappard of
Geneva, permanent member of the Mandate Commission of the League, and the repeated and exceptional
contribution of the lamented Lord Bryce; Count
Sforza's presence will remind all of the presence last
year of his colleague the attractive Professor Robert
Michels of the University of Basle who, with him,
were as Italians the center of such attention.
Last year Count Sforza's field was wide and confined to fundamental and creative European questions. He dealt at length with the situation of the
smaller states, of which there are so many, and
which have not ceased to play a most important part
in international affairs, as, in fact, they have done
in all modern history. He held that the small
states, because of their weakness, have a deeper
concern for peace than the great ones. Each of
these, if it has succeeded in keeping its life intact,
is a center of light which no one should wish to see
extinguished.
He referred to Finland as an example. She fought
for her existence in the face of Russian aggression
and has a finer message for humanity than an older
bureaucratic Empire had, formed by the compression of several small nationalities. A testimony
which the passing years confirm and which is of
value in following the history of the smaller states
established by the Treaty of Versailles in unions
of peoples of similar speech and customs and common interests in the hope of their growing into an
identity of political and economic life that would
strengthen and create permanent bonds. Some, like
the lesser Baltic states, have embraced the opportunity of the upheaval of Russia to declare that
their national life was never dead and has simply
revealed itself. Poland has never left any doubt

Au°. 4 1928.]

FINANCIAL CHRONICLE

601

about hers; and all are now facing the obligation an active part as a liberal publicist in Young Turk
of making good their claims by the new life and Movement and the Revolution of 1908, and aided in
the educational reorganization of Turkey. In 1916
spirit which the new situation calls for.
married the Director General of the Health Deshe
the
and
ia
like
Czecho-Slovak
others,
Meanwhile
Balkan States, are struggling with various success partment, and the next year was appointed Proto make real and enduring the unions which mutual fessor of Western Literature in the university. After
agreement or the issues of the war have forced upon the Armistice, the fate of Turkey and the landing
them. Count Sforza claimed that the Baltic States of the Greek army in Smyrna made her one of the
had long nourished the idea of union that found leaders in the new nationalist movement. Fleeing
expression when their independence was won and with her husband in disguise after the Allied coup
then became imperative. But this has not yet ad- d'etat in 1920, she was condemned to death by the
vanced beyond some commercial treaties, and only Sultan's Government but escaped capture and joined
of late have these small states made approach to the army and became widely known as Corporal
Halide. She was an active supporter and counsellor
an effective scheme of union.
Last year at the Institute Count Sforza had the of Kemal Pasha, and after the new government was
opportunity of telling of the dissent he had ex- established, went with her husband to live in Engpressed when after the Armistice and the apparent land where she is devoting her time to writing the
collapse of Turkey, at the time when he was High story of her people in the struggle of the period
Commissioner in Constantinople, he was invited to 1918 to 1923. With her unique personal experience
the English embassy with his colleagues of the and the intimacy and fullness of her knowledge,
French and Italian legations to hear the instruc- she cannot fail to be a notable feature of the Institions sent from the Paris Conference to the British tute and to attract wide attention.
The program of the meeting embraces a wide vaAdmiral to permit the Greeks to occupy Smyrna.
He was convinced that only disaster would result. riety of interesting and important subjects and preThis quickly developed and the end came when In sents a long list of notable speakers. Dr. Otto
August 1922 the Turkish army destroyed the Greek Hoetzsch, of Berlin, will give a course of lectures on
front and occupied Smyrna. In the treaty of Mu- Germany's Foreign and Domestic Policies; Dr.
dania in October, Europe had to consent to the re- Louis Pierard, of Brussels, on Current Political
occupation of Constantinople and the establishing Problems in Belgium; and Prof. Graham Wallas,
of the Turkish Government under Kemal Pasha in of London, on Means of Social Direction. Conferences are to be led by Dr. Raymond L. Buell of this
Angora.
The return of Turkey into Europe accentuated city, on Problems of Africa; Prof. Collings of the
the end of all European privileges. As one of the University of Pennsylvania on Inter-American ReEuropean officials who signed the treaty Count lations; Prof. Fay of the University of Toronto on
Sforza told with what mingled feelings he received Agriculture and its Surplus; Prof. McKenzie of the
the acknowledgment of the mistakes of his English University of Washington on Problems of the Popcolleagues in sanctioning the Greek advance into ulations on the Pacific Rim; and half a dozen others
Smyrna three years before. At Williamstown he on as many important questions.
The discussions of the Round Tdble Conferences
undertook to draw the moral that there is no greatare usually concurrent through the meeting of
which
to
judge
than
existing
in
mistake
dissituations
er
regard of the teachings of the past. Europe had the Institute will be largely carried over into the
thought that if they should destroy the Turks they General Conferences which are held at 11 a. m. daily
would through fear inflict a mortal wound on the in Stetson Hall. The lectures are each evening in
Moslem world. In fact, fear provoked Moslem re- the handsome Chapin Hall and draw large audisistance, and resistance can only be overcome by ences.
Quite apart from the scheduled exercises which
removing fear. He emphasized this truth that reestablishing European influence in the East cannot are always interesting and often develop keen debe simply a problem of force; and that as never be- bate and unexpected participants, the constant infore is the task before the world to-day. Not An- tercourse of the many well known men and women
gora, nor Egypt, nor India, nor China, in the East, coming from distant lands as well as from all parts
nor the Balkans in Europe, nor the States of Cen- of the country is by no means the least valued featral and South America, present a political prob- ture of the gathering. It is a talk-feat of the best
lem with essential terms in any way different from sort and the hospitality of the region is constant.
The beauty of Williamstown and its surroundings
that.
Special interest will attach to the presence at the is at its height and is a constant incitement.
Whatever may prove to be the character of any
Institute of Halide Edib Hanum, the Turkish patriot, who comes to give one of the lecture courses, one of the yearly meetings, the effect each year is
and is the first woman invited to do so. Her sub- to send away a large assembly of intelligent people
ject is "Modern Turkey and Its Problems," and she who carry with them much fresh information and
is introduced as a "demonstration of the growing many pleasant associations, coupled with a quickinfluence exerted by women in creating public opin- ened mental interest.
ion in international questions." Born in ConstanThe Federal Reserve System.
tinople when her father was secretary in the palace
(CONCLUDING ARTICLE..)
of Sultan Abdul-Hamid, she was brought up in the
by I. H. Lionberger, St. Louie, Mo.)
(Communicated
old Moslem traditions. Although sent when eight
the system has not been always
although
whole,
the
On
years old to the American College for Girls, she was
wisely managed, it has rendered services of distinct value
removed by Imperial order. Returned to the col- to the community. Inaugurated just before the war, it
lege scion after she was graduated in 1901 and mar- had in its infancy to confront very grave responsibilities;
ried to Zeki Bey, a distinguished mathematician, but 'First article appeared in the "Chronicle" of July 21, page 319. Secwas divorced in 1910, having two sons. She took ond article appeared in the "Chronicle" of July 28, page 468.




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[Vox.. 121.

and if under the pressure of that emergency it was tempted are In effect obligations
of the Government, and as such
to make an indiscreet use of notes in its effort to help the should be advanced
to all on equal terms or not at all.
borrowing of the Government, yet after the crisis had passed Today the community
pays toll to the member banks. DurIt courageously called in its redundant currency, in spite ing and after
the war, the member banks borrowed notes
of the opposition of the merchant classes. Throughout the from the Reserve
Banks at 436% and charged borrowers
war it maintained the gold standard. It is to-dhy on a carrying Government
bonds 7%.
sound basis, and as the experience of those who manage it
So the case stands. The Reserve Act is a compromise,
widens we may venture to hope that its service will improve. and like all compromises
is part good and part bad. It
Nevertheless, the system rests upon a false basis and a does not abolish deposit banking,
nor displace gold as a
false theory. The premises of its promoters are fallacious. measure of value, but it
does so qualify deposit banking
The powers intrusted to the Federal Reserve Board are not and a sound currency as
to rob them of their wholesome
likely to be used judiciously. No successful bank in the restraints. It attempts
to enrich men by means of currency,
world has ever been subject to such direction. The banker and does not compel them
to enrich themselves by means of
is the custodian of other peOple's money and must in the prudent enterprise.
It tends to trouble. It has brought on
exercise of the responsibilities resting upon him have every trouble.
possible inducement to prudence. The most effective of
Note banking is an obsolete and dangerous sort of banksuch inducements is and ever has been the effect of folly ing. In former times banks
having $10,000 of actual cash
upon the banker himself and upon his bank. The banks and an authorized capital
of $100,000, put a million of notes
of the Reserve System have everything to gain by im- to help trade. The argument
for such notes was precisely
prudent, and much to lose by prudent, banking.
the argument used by those who urged the establishment
The members of the Federal Board are remote of the Reserve Syttem.
Business needs more and more
from actual daily contact with business affairs. They money. Gold cannot be
increased. Credit properly secured
cannot judge of the tendency of business by consulting with is as good as gold.
The value of gold lies in what it will
those most familiar with it. A good banker must know buy. Notes having
buying power, amply secured, will be
the affairs of all who borrow from him. He should know, just as safe and far
more convenient. Back of them are
and can know, not only the concerns of one, but of many. all the property of the
borrowing merchant, including the
The prosperity of his bank depends upon their prosperity. goods purchased with the
notes, and all the resources of
It is partner in every enterprise to which he lends. He the bank; they are
secured in precisely the same manner
ought to confer with those who conduct the enterprise. He as discounts.
should never be tempted to lend where he is not confident
It is hard to resist so ingenious an argument. It deceived
the object of the borrower is achievable.
Mr. Law and it deceived the authors of the Reserve System.
Under the Reserve System, these inducements to caution It did not convince
Congress, and so the Reserve System is
and mutual service are relaxed. Even where it is evident required to maintain
the gold standard by carrying a gold
that trade is not making money, the member bank is tempted reserve of not less
than 35% of the face of all notes issued.
to continue to lend. It makes money by so doing, and the Such an expedient
by itself is insufficient.
Reserve System promises that It will be protected in any
Let us assume that the gold in the vaults of the Reserve
event. It is permitted to borrow notes at one rate and Banks amounts
to two billions of dollars. By the act they
lend them at a higher. During the boom of 1919-1920 the may issue more than
five billions of notes. Why should
member banks made more money than ever before; their they be issued? They are
not needed for pocket nor for
customers lost more than ever before during the years that till money. Checks are more convenient
for large transacollowed. The transfer of any of the very delicate responsi- tions. Why, then, should notes be issued?—to
provide crop
bilities of the banker to a benevolent board sitting at Wash- money, to stop a run on banks? If so, Why
was not their
V ington, remote from daily transactions and unadvised by use limited to such emergencies, and why
was no provision
conference with those who conduct business affairs, cannot made for their cancellation after the emergency had
passed?
theoretically be justified.
To supplement the credit resources of the banks? These
Although under the scheme of the Reserve System the were already sufficient. There was, to be sure, a
limit to
district Reserve Banks are not money-making institutions, them, but that limit afforded a precious safeguard
against
and their dividends are limited to 6% plus one-half of the Imprudence. What would be the consequence if merchants
excess, yet in order to make money, and for no other pur- were permitted to put out negotiable checks
secured by all
pose, they put out in a single year (1924, when money was their goods, equal in amount to two and a half times
their
easy) more than a billion of notes to buy interest-bearing deposits in the banks? Such checks would
supplement the
securities. They put out in the week ending Nov. 7 1925 borrowing resources of merchants in
a remarkable way.
(when money was easy and stock speculation very hazardThere is no necessary fraud in such a use of checks. A
ous) nearly 19 millions of notes, investing 47 millions in merchant may buy goods with them, sell the
goods and pay
rediscounts and nearly 7 millions in bills and securities the checks. But he may not, and therefore
we denounce
When caution was most necessary, they seemed most im- as fraudulent their use. Why are notes better?
They also
prudent.
are promises to pay. They supplement the resources of the
By its name the system is called to Reserve System, yet banks and enlarge the borrowing of the merchants
in preIt name belies its character. Used as a storehouse of cisely the same way. And they involve a
mischief which
potential and absolute credit, it might be very useful in a the use of checks avoids. Checks
cannot stay oat. A
crisis; used as it is to-day, it is apt to be impotent in the merchant will not dare to put out more
than he can Instantly
emergency for which it was intended to provide.
redeem.
The control over interest rates, which is theoretically
Notes circulate as money and are apt to stay out because
absolute in the Reserve System, has never been used by it men have absolute confidence in them. They are as
good
judiciously. The actual rate charged by the district banks as cash: one can buy with them and pay with
them, not,
market
the
than
rate
less
has always been
for money, and however, as in the case of gold or checks representing gold,
never more. They have not yet refused to lend in order by the exchange of one commodity for another, but by the
to stop foolish borrowing. Their directors are representa- exchange of goods for promises predicted upon two and a
tives of the member banks who have a motive to be im- half times as much gold as is available.
There is this significant difference between the two transprudent and can be so safely.
Every other institution which actually controls the money actions: in the one case buying is limited to the gold
market charges a higher rate than the current rate. The actually used or to the deposit actually on hand, whereas
propriety of such a policy is evident. Private banks resort in the other it is not so limited.
If to-day every inhabitant of a country has say $10 in
to a central bank only after their own resources have been
exhausted, and then the central bank imposes such terms his pocket, his spending will be limited to such sum; but if
as in its judgment seem beneficial to the community. So it overnight a good fairy shall add $10 to the purse of each,
corrects a tendency to inflation and imprudent borrowing, many will be able and tempted to buy more, and such buyby high rates before harm is done; and during the trouble ing must enlarge the demand for goods, put up prices and
which follows uses its reserves to lend to those that are stimulate production. If we now assume that after a while
solvent, and so extricates them from danger. The Reserve the fairy appears and exacts the return of her gift, what
System lends freely to member banks during a boom, at less should follow? Should not everybody be forced to sell in
than current rates; and when trouble comes, finds itself order to pay, and should not such selling have a- correin a strained situation.
spondingly depressing influence on prices and industry?
The use of notes guaranteed by the Government to enrich
The Reserve System plays the part of the fairy. It issues
the member banks cannot be justified. Notes so guaranteed notes: the demand for goods increases, prices advance, pro-




•

AUG. 4 1928.]

FINANCIAL CHRONICLE

'duction is stimulated. Then it calls in its notes: selling
/ begins, prices fall and production is arrested.
Prior to 1919 it put out three and a half billion notes;
in 1920-21 it called in one-half of them. Before 1919 prices
had risen 100%; in 1920-21 they declined 30%. Goods could
not be sold at cost, many failed in business, and 3,000,000
workers lacked employment.
• The courage of troops may be stimulated for a moment
by brandy, but industry cannot be sustained by any such
expedient. It is true that while notes are being put out,
prosperity seems to advance by leaps and bounds. But they
cannot be put out indefinitely. Russia, Germany, France
and Italy committed this blunder. We put out all that
were authorized by law, and then stopped short. As soon
as we stopped, the artificial demand for goods was arrested,
the market hesitated, prices fell, and we were confronted
by the discovery that goods produced or purchased in antici-

603

pation of a constant rise could not be sold at cost. Liquidation and distress followed.
Every period of inflation must have and has had such
consequences, and it is hard to understand how the country could have been induced to again try the elastic currencies of our ancestors.
It is high time that we should seriously consider whether
we can entrust such dangerous power to any human institution, however constituted. The manufacture and distribution of goods have always involved some measure of uncertainty and risk. Why should we add to the anxieties of
trade the disturbances which are bound to result from a
fluctuating medium of exchange?
The Reserve Act should be so amended as to compel the
redemption of notes as soon as the immediate object of their
Issue shall have been accomplished, in order that it may be
and remain an emergency or reserve system and nothing more.

Indications of Business Activity
STATE OF TRADE—COMMERCIAL EPITOME.
Friday night, Aug. 3 1928.
There is a feeling of hopefulness in regard to the outlook for trade. It is of fair volume in some directions even
now. In fact, in some lines, it might be called good, although on the whole, industry is not active and wholesale
business still leaves not a little to be desired. But one
thing is clear. Trade is in better shape than it was a year
ago. Then it was dying down; now it tends to increase.
Carloadings in July showed a gain outside of grain shipments. That was a good sized straw. Not for a year has
an upward trend in the shipments been noticeable until
now. Another sign perhaps of the times is the increase
In mail order business. For July the two large companies
report an increase as compared with the same month last
year of 16% to 25%%. Montgomery Ward & Co. had sales
In July of $13,976,559 against $12,006,312 in July 1927,
although it is true that the total in June 1928 was $19,179,246. Sears, Roebuck & Co.'s sales in July were $26,276,337 against $20,960,713 in July last year and $25,669,119 in
June this year. In other words, here is a total of $40,252,896 for July for the two big companies against $32,967,025 in July last year and $44,848,365 in June this year.
The total for seven months of these two companies is
$282,919,876, an increase of about 11% as compared with
the same period last year. The improved outlook for the
crops is reflected partly in such returns and also in the
very general increase in the retail trade. Some of this increase of course is due to warm weather throughout the
country. Prices have advanced for cattle, hogs and privisions, owing partly to depleted supplies. The greatest
activity at the present time is in the trade in automobiles,
farm implements, steel sheets, and structural material.
There are also cheerful reports, however, from the hardware and shoe trades. The business in cotton goods has
Increased on the decline in raw cotton and in goods themselves. Most goods are down 1/fi to Y4c. There has been
only a moderate business in the more expensive grades of
cloths. The best business has been in print cloths. It is
evident that stocks of goods of both wholesale and retail
dealers throughout the country have become depleted after
a prolonged abstention from active buying.
Woolens and worsteds for the spring season have been
In fair demand. There is rather sharp competition in the
trade in serges for men's wear. The fall demand for
broad silks has been increasing, especially for velvets,
crepes and georgettes. Raw silk has met with a moderate
sale here at steady quotations. The oil country has been
buying steel to a very fair extent. Pig iron has been quiet.
Most of the metals show a falling off in the demand. There
has been rather more business in leather, following some
recent decline in hides. The furniture trade is quiet. Soft
coal lacks anything like an active demand. The miners
are making the best terms they can with the operators in
the matter of wages and this seems to presage a larger
production and possibly lower prices later on. In the Pacific Northwest a rather better demand for lumber has
appeared and production has increased. In the petroleum
trade gasoline prices have risen and stocks of crude oil
show a decrease for the first time in nearly two years.
The commodity price index shows a slight increase after
declines in May and June. The advances have been most




marked in live stock and provisions, offsetting in a measure declines in grain and cotton as well as textiles. Merchants are beginning to talk about the upward tendency
of money rates in this country as apparently shown in
recent advances to 7 and 8% on call in Wall Street and
higher rates than ruled at one time on time loans, but
there is no feeling of uneasiness about the matter.
Rubber has been in better demand from manufacturers at
a slight advance. Coffee advanced with the grip of the
Defense Committee apparently as firm as ever and some
fears of damage to the crop by rain or frost. Cost and
freight prices have shown an upward tendency. It is a
weather market and merchants still stick to the waiting
policy hoping for lower prices as the stocks in the interior
of Brazil are said to be large and it is hoped may yet bring
down prices. Sugar futures have declined, although latterly steadier with signs of a European demand for store
sugars here despite Europe's heavy buying from Cuba recently. This may mean a turn in the long lane looking to
better times in this branch of business. Present prices are
not very profitable, if at all, to the Cuban producer and
such a state of things, needless to say, cannot go on indefinitely. Refined prices have latterly been reduced, however, to stimulate trade. In the speculative market the
long liquidation has been drastic. The technical position
is therefore regarded as sound. The total of New York
stocks is 50,000 tons under the peak.
Wheat has declined moderately, owing to good weather,
big receipts, increasing crop estimates and finally to some
extent to reports of rains in Continental Europe where
drought and extraordinary heat recently prevailed. The
private estimates of both the winter and spring wheat crops
have been raised and Canada to all appearance will have
a good crop. The total of winter and spring in this country
may fall only about 20,000,000 bushels below the total of
last year. Export demand has at times increased. Some
export business has been reported in oats and rye. Oats
have declined somewhat with good weather, but rye, although similarly favored, has been on the whole steady.
In corn, the trading has been large and excited, and July
In particular has given a good account of itself, vindicating
the judgment of some well known grain interests at the
West. Cotton has declined sharply, owing to better weather
over very much the whole belt and a tendency at times
to increase crop estimates to something above 15,000,000
bales as against 12,955,000 bales last year. Prices fell 114c.
with no serious complaints of weevil damage, and Texas and
Oklahoma, as well as the Carolinas, and other parts of the
belt, either rainless or practically so. In other words, the
weather has been decidedly favorable. All the world's
markets have dropped sharply owing to the heavy impact of
very heavy liquidation. There are some signs now of evening up at the present time among the shorts as the date of
the Government report on Aug. 8 approaches, and it is
realized that it may prove to be a surprise. It did last
year. Everybody had made up their minds that the crop
estimate was to be 15,000,000 bales or not very much under
it. Instead, the estimate was in round figures 13,500,000
bales, causing a rise on Aug. 8 last year of the limit of 200
points for the day and about 140 points on the day following. The August weather will largely fix the size of the
crop and also the direction of prices.

604

FINANCIAL CHRONICLE

The stock market has been irregular and activity has
died down at times although to-day there was a renewal
of brisk trading and prices took an upward turn with
money back to 6%, after an advance earlier in the week
to 8%. The trade reports were on the whole more encouraging. The foreign markets have been rather more cheerful. Sterling exchange declined again to-day and is near
the gold importing point and francs were at a new low for
the year. Japanese yen declined. Canadian remained at
a discount. The sales by leading mail order houses in
July were reported to have shown further advances, Sears,
Roebuck & Co. reporting a gain for the month of 25.4% over
the same month last year, and Montgomery Ward & Co.
showed an increase of 16.4%. Fall River, Mass., wired that
the strike of twenty-two weeks' duration at the Arkwright
mill which affected 525 employees, was ended by the workers' acceptance of terms reached at a conference between
the mill authorities and the strikers. The plant is now
closed but it will be reopened as soon as possible. New
Bedford, Mass., advices say that the matter of re-opening
the mills and restoring the morale among local mill workers has become secondary to the necessity of protecting the
finances of various corporations and lessening the desire
of several interests to acecpt offers to move the mills elsewhere. At New Bedford, on July 30, the National Guard
with fixed bayonets cleared a mob from the vicinity of
the central police station where it had gathered in a demonstration against detention of several score of textile strike
picketers. Some stones were hurled as the guardsmen appeared on the scene, but the crowd fell back quickly.
Charlotte, N. C., reported that the number of mills closed
for the week was considerably smaller than during the
early July close-down. Most of the North Carolina mills
continued their usual weekly schedule of 3 and 4 days, although a small number are idle this week. Information
from the Southern Power Co. shows that the mill power
is only slightly less than on Monday of last week. In South
Carolina, however, the company reported that the power
load indicates that the number of mills closing was rather
large, the load being very much less than last week The
shut-down is confined mostly to mills on narrow sheetings
and some of the print cloth numbers. Such plants are numerous in South Carolina and Georgia. Georgia report
said that most of the mills there closed for the week. Mills
are not closed completely but continue to curtail heavily.
Charlotte, N. C., wired later that in spite of the fact that
a large number of Southern cotton mills have found it necessary to curtail operations for the week which started Monday, a survey of Charlotte textile companies shows that
of the 22 textile plants listed in Charlotte, approximately
15 mills are still in operation. At Chattanooga, Tenn., the
cotton mills are working at 50%.
London cabled the operatives of the Ramsey Mill at
Oldham have decided to resume work Friday. The lockout,
notices of which had been posted some time ago, will be
avoided. The weather here turned noticeably cool last
Sunday when the range was 63 to 76 degrees, followed on
Monday, July 30, by 61 to 76, with the air so clear as to be
in marked contrast with the humidity and the high temperatures which recently prevailed for the better part of two
weeks. At Seattle it had been so hot late in the previous
week that there were numerous prostrations. In the State
of Washington it had been as high as 114 degrees with 110
to 112 degrees at other points In that State. Even in
British Columbia it had been 90 to 103. In Utah and Idaho
It had been 94 to 105. On the Pacific Coast unusual heat
had prevailed at a time when the east was in the grip of a
prolonged hot wave and the Continent of Europe had been
suffering from remarkably high temperatures, so much so
that it had begun to affect the markets for sugar, &c. But
by July 30 the temperature at Seattle had fallen to a range
of 56 to 70. At Chicago it was 62 to 80, at Cincinnati 62
to 78, at Cleveland 58 to 72, at Kansas City 62 to 74, at
Milwaukee 68 to 74, at Montreal 52 to 72, at Minneapolis
00 to 82, at Portland, Me., 54 to 76, at Philadelphia 66 to 80.
On the 2d it again became very warm and humid here,
with the temperature up to 89 degrees, and no promise of
Immediate relief. In Chicago it was 74 to 90 degrees, Cincinnati 72 to 88, Cleveland also 72 to 88, Detroit 70 to 90,
Milwaukee 70 to 88, Boston 68 to 92, Kansas City 76 to 94,
Omaha 78 to 96, St. Paul 62 to 80, Seattle 54 to 68, Montreal
64 to 76, Philadelphia 70 to 90, St. Louis 72 to 92. July
was the hottest month in seven years, also the wettest. The
highest temperature was 92. There were only six clear
days in the month. To-day it was 88 degrees here and




[vol.. 127.

very humid. The forecast was shower to-night and cooler
to-morrow.
Federal Reserve Board's Summary of Business Conditions in the United States—Decline in Industrial
Production and Wholesale Prices—Bank Credit at
Record Volume.
Summarizing business conditions in the United States,
the Federal Reserve Board says "industrial production and
tho distribution of commodities in June were in smaller
volume than in May and the general level of wholesale prices,
following a sharp advance in April and May, also declined.
Member bank credit was in record volume in early July," says
the Board, "and indebtedness at the Reserve Banks was
larger than at any time in the past six years." The Board's
summary issued July 27, continues:
Production.
Activity of manufacturing Industries declined in June and there was a
decrease of about 6% in the output of materials, owing to declines in the
production of coal. The manufacture of Iron and steel decreased in June
by somewhat more than the usual seasonal amount, but there are indications that there were no further declines in July and the industry was somewhat more active than a year ago. Production of flour and activity of
cotton and wool mills also declined in June. Automobile production
slapvved considerably less than the usual seasonal decline In June. and
weekly employment figures for Detroit indicate that operations of automobile plants were well maintained during the first three weeks of July.
The manufacture of agricultural implements and machine tools continued
in June at the high level reached last spring. Production of lumber, copper and shoes, and activity of silk mills increased In June.
Contracts awarded for new building continued large in June and total
awards for the first half of the year exceeded those for any previous corresponding period. There were Increases over last year in contracts for
residential, Industrial, public and educational building. Awards during
the first three weeks on July were in somewhat smaller volume than for the
corresponding period of last year.
The July estimates of the department of agriculture indicate a yield of
wheat of 800,000,000 bushels, a decrease of 8% from the harvested yield
of 1927. and a yield of corn 2.736.000,000 bushels, a reduction of 2%. The
production of oats, barely, white potatoes and tobacco is expected to be
larger than last year. The acreage of cotton in cutlivation on July 1 was
estimated at 46,605,000 acres, an increase of 11% as compared with that
of a year ago.
Trade.
Merchandise distribution at reteall and wholesale was seasonally smaller
in June than In May. Sales of department stores declined by about the
usual seasonal amount, while the declines In sales of chain stores were
smaller. Sales of wholesale firms in most lines of trade showed a more
than usual seasonal decline. Compared with a year ago sales of department stores and chain stores were larger and those of wholesale firms were
smaller. Stocks of wholesale firms were in about the same volume at the
end of June as a year ago, and those of department stores were smaller.
Freight car loading for practically all classes of commodities declined in
June and continued in smaller volume than a year ago. During the first
two weeks of July, however,owing to Increases in loadings of grains and miscellaneous commodities, total loadings were larger than in the corresponding
period of 1927. but continued below the high level of 1926.
Prices.
The general level of wholesale commodity prices declined in June and the
bureau of labor statistics index, which had advanced from 96% of the 1926
average in March, the low point for the year. to 98.6% in May, declined
in June to 97.6%. The decline in the all commodities Index reflected decreases in those groups which had advanced most rapidly in previous
months—farm products, foods and hides and leather products. Prices
of livestock and meats, which are included In these groups, however,
showed further advances in June, and there was also an increase In the
prices of building materials, while prices of silk and rayon,fertilizer material,
house furnishings, and automobile tires declined. During the first three
weeks in July there were declines in the prices of wheat and cotton, and
advances in those of cattle and hogs.
Bank Credits.
Member bank credit, after rising to a record volume early in July dedined somewhat during the two following weeks and on July 18 total loans
and investments of reporting banks In leading cities were about 8160.000,000 smaller than four weeks earlier. The decrease was largely the result of reduction by about $125.000,000 in the banks investment holding.
but reflected also a decline In the volume of loans on securities following a
temporary increase over the mid-year. Contrary to the usual seasonal
trend loans largely for commercial purposes were In record volume during
the period. Member bank borrowing at the reserve banks showed a decline following the mid-year settlement period, but the volume en July 25.
at slightly more than 81.000,000.000, was somewhat larger than five weeks
earlier. Holding of acceptances and United States securities declined
during the period. In July there were farther advances in open market
rates for commercial paper and bills, and discount rates at seven of the
Federal Reserve banks were raised from 43•5 to 6%•

Monthly Indexes of Department of Commerce.
The monthly indexes of production, stocks and unfilled
orders of the Department of Commerce, issued Aug. 3,
follow:
Production.
Niarketings of animal products in Juno, although higher than in the
previous month, were lower than a year ago, according to the index numbers
of the Department af Commerce. Crop marketings showed declines from
both the preceding month and June of last year. The output of forest
products showed a decline from May but no change from a year ago.
Mineral production was smaller than in either prior period, while the output
of manufactures, after adjustment for seasonal variation, showed a slight
decline from May, but was higher than In June, 1927, the Indexes of both
minerals and manufactures being those of the Federal Reserve Board.
Commodity Stocks.
According to the revised Index, stocks of commodities were lower than at
the end of May. but higher than a year ago. Compared with the preceding

FINANCIAL CHRONICLE

AUG. 4 1928.]

month the decline in the general index was due to smaller holdings of raw
materials, stocks of manufactured goods showing a slight increase over
May. Contrasted with June of last year, stocks of both raw materials and
manufactured goods were held in larger quantifiles.

605

427,121 for the second quarter of 1927. The following
totals of bookings for each quarter since the beginning of
190 are presented, not as a complete statement of the
industry but as probably sufficiently representative to
indicate the trend:

Unfilled Orders.
Unfilled orders for manufactured commodities at the end of June were
higher than at the end of either the preceding month or June, 1927, the
ORDERS FOR ELECTRICAL GOODS.
gains over both periods being due to larger forward business on the books
lumber
mills.
orders
for
Unfilled
of iron and steel manufacturers and
1925.
1924.
1926.
Qturr1923.
1927.
1928.
ter.
textiles and transportation equipment were lower than at the end of either
$
$
$
$
$
$
prior period.
lst--- 225,399,383 226,760,838 233,023.102 262,677,736 243,651,415 *242,875,462
The index numbers of the Department of Commerce are given below, 2nd.__ 240,542,824 221,167,876 227,502,652 248,000,075 236,427,121 244,440,063
together with the industrial production index of the Federal Reserve Beard. 3rd __. 201,910,099 185,747,314 232,933,532 241,114,209 235,847,857
4th

,retto 55/1 C117 701 R117 1411 ARA 9212 AM 41ft 10111170100 954 925691
•Revised.

Index Numbers, 1923-1925=100.
May,

June.

June.

108
72
101

117
52
96

123
60
96

105
110
117
107
96
121
91
108
97
113
111
150
134
120

100
109
112
105
93
___
92
119
101
112
115
153
148
___

104
108
105
121
102
112
98
95
105
109
108
134
131
116

116
114
118

109
102
119

106
101
114

74
72
72
73
79

75
68
75
65
86

72
86
63
69
81

Wholesale Trade During June as Reported to Federal
Reserve Board-Sales Below Volume of Previous
Month and June a Year Ago.
Sales of firms included in the Federal Reserve Board's
index of wholesale distribution declined in June and averaged
3.5% smaller than a year ago. Seasonal factors generally
cause a decrease in wholesale trade between May and June
but the decline this year was larger than usual, says the
Board, which in its survey issued July 30, further states:
Declines by more than the usual seasonal amount were shown for all
reporting lines, except meats and furniture, the largest declines being in
sales of dry goods, clothing, and shoes. Compared with June a year ago,
sales were smaller in all lines except meats and drugs.
For the first six months of the year sales of reporting firms averaged
about 1.5% smaller than in 1927. Increases compared with the first half of
1927 were reported for meats and drugs and no change in sales of groceries
and men's clothing. Declines in sales of boots and shoes and hardware
were very small, but decreases in sales of women's clothing and furniture
were comparatively large. A summary of the changes in sales, by lines.
In June, as compared with May, 1928 and June 1927 and in the first half of
the year as compared with the corresponding period of 1928, is given in
the table.

.5i
113
144
121r
82

5.7
121
138
127
__

177
222

176
223

p Preliminary. r Revised.

Increase of 3,239 in industrial employment during the week ended July 31
brought total number employed by members of Employers' Association to
273,796, a new high for year and within 603 of the high record set in the
first week of March 1926. Total is now 71.640 above a year ago and shows
as increase of approximately 11,000 during July.




-3.5

Total, nine lines

-0.1
+0.6
-3.0
-0.7
-13.3
-1.0
-1.8
+5.0
-1.5

Sales of agricultural machinery and machine tools continued in June at a
much higher level than a year ago. Reports of 76 agricultural machinery
and farm implement manufacturers showed an increase of 26% in sales
over June a year ago for the country as a whole. In the Dallas district
sales of agricultural machinery and farm implements were 113% larger
than a year ago. Orders for machine tools reported to the National Machine Tao' Builders' Association were 4% larger than in May and 55%
larger than in June of last year.
Stock* Of wholesale firms.-Merchandise inventories carried by reporting
wholesale firms, as measured in dollar values, continued in about the same
volume in June as in May and as in June a year ago. Stocks of dry goods,
boots and shoes, and drugs were larger than in June of last year, while those
of groceries, hardware, and furniture were smaller.
WHOLESALE DISTRIBUTION BY LINES.a
-100.)
(Index numbers, based upon dollar value of sales. Monthly avge. 1923-1925.Total

Oro-

Dry

Men's We-

Par-

Boots Hard,-

Month

Nine certes.1, Meats. Goods Cloth- men's J and ware. Drugs. niter&
Ina. Cloth'g1 Shoes.
I
With °di men t for seasonal
192798
104
92
93
113
112
January _ -- 94
Lines.

February
March._ -April

95
96
93

93
98
95
97
98
91
97
94
90
94
92

112
108
111
109
104
102
109
109
109
105
109

110
97
94
110
90
134
111
104
91
185
101

93
98
94
91

108
106
106
104

98
101

96

98
May
95
102
108
92
93
June
192
105
92
95
July
109
112
97
August.
.__ 100
103
114
99
September_ 96
99
111
94
October _ _ _ 91
100
112
100
November. 95
89
1011
97
December. 93
192889
108
92
114
January.__ 94
93
106
109
93
96
109
February
113
97
98
95
109
96
91
March
93
97
109
37
110
87
93
AprIL
89
93
112
92
116
94
113
May
110
96
99
95
109
91
81
June
89
94
112
IVIthour a d.fustm ent for season
1927102
86 '
92
82
113
January.__ 86
86
98
82
95
107
87
91
81
February
117
114
111
102
94
104
March_ __ _ 103
97
100
96
108
104
April
90
90
sa
111
93
98
95
109
May__
88
85
96
99
90
101
106
87
June
104
107
90
100
84
92
88
July
122
98
110
111
97
III
August.... 111
127
106
122
102
117
117'
September_ 112
114
105
122
128
118
102
106
October _
110
98
101
118
105
100
November. 93
82
90
99
103
83
90
December _ 82
192894
82
108
106
78 .
85
January _ -- 87
108
87
82
101
96
85
February.- 93
105
110
95
120
107
95
March.... 99
99
89
112
88
105
88
86
AprIL
114
170
97
109
96
87
89
May
76
114
95
103
94
97
83
Tn.0
d stribut on Is described In the Federal Reserve Bulletin
a Index of wholesale
numbers
by
lines
from
Index
January
1927.
919
to
date
December
are
for
pub.
Robed In that bulletin and may he had upon request to the Federal Reserve Board,
4WQMV)
OMM4M

Orders For Electrical Goods Increase Again in Second
Quarter.
New orders booked during the second quarter of 1928, as
reported to the Department of Commerce by 86 manurac_
turers of electrical goods, were $244,440,063, as compared
with $242,875,462, for the first quarter of 1928 and $236,-

-5.6

Furniture

.W2MVNWM00,
0t.,
065
C.00WMNVCONWVM

Gain in Detroit Industrial Employment.
Detroit advices in the "Wall Street Journal" of Aug. 3
state:

+7.5
-9.5
-15.2
-24.7
-10.0
-0.7
+3.3
-7.4

First Half 1928
Compared with
First Half 1927.

I
I

114
167
119
177
239
89

+0.9
+4.8
-6.4
-31.0
-39.5
-33.0
-2.3
-6.0
-4.4

Groceries
Meats
Dry goods
Men's clothing
Women's clothing
Boots and Shoes
Hardware
Drugs

11
...

III
167
117
169
307
92

June 9128.

00IONNM
t.V.p40,1$

103
104
102
123
111
95

I

May 1928.

t..0.062412
[....t.“00000t,

96
102
98
110
110
95

q.

.M

101
91
102p
989
80
93

.N

tsMOM4MC.0b.MO
ONIONM000.VN=

General price level
Composite index of wages

105
96
104
105
84
100

NNOV.Ct...OWNMOO
.0.00MOQCM.m
....M

00.0NO
.
0000.W

General Business ActivityBank debits, outside of N.Y.City
Bank debits, New York City
Velocity of bank dep., eutalde of N.Y. City_
Velocity of bank deposits, New York City..._
Shares sold on N.Y.Stock Exchange
Postal recelpte
Electric power
Employment in the United States
Business failures
Building contracts, 36 States
New corporations formed In N.Y.State...-.
Real estate transfers

June.

C.MWOOPPC.
Q000005

000.0M

Distribution to ConsumerDepartment store sales, 2nd District
Chain grocery sales
Other chain store sales
Mail order sales
Life insurance paid for
Advertising

May.

4.0!...MtrM
OCAMCPWW

Primary Distribution
Car loadings, merchandise and miscellaneous
Car loadings, other
Exports
Imports
Panama Canal traffic
Wholesale trade

1928.
April.

June 1928 Compared with-

.
OMMOOVOWW8OM

1927.
June.

(-) in Sales in-

Percentage of Inc. (-1-) or Dee.

I.454.

•.1e0.40,
042.
00.411.00

This bank's indexes of various types of business activity showed no
consistent change in June. Retail trade, especially mail order trade, was
more active than in May, after allowance for the usual seasonal changes,
and showed a substantial increase compared with a year ago. Car loadings,
adjusted for seasonal variations, declined somewhat following a gradual
Increase in the months just preceding, and were smaller than in June 1927.
Wholesale trade and foreign trade also declined.
June indexes, in which allowance is made for year-to-year growth, for
the usual seasonal variations, and where necessary for price changes, are
compared in the following table with indexes for other recent months and a
year ago:
(Computed trend of past years=100 per cent.)

CHANGES IN VALUE OF WHOLESALE SALES.

COMMOOMMWMOMn
.40O.WWWJMO.4

New York Federal Reserve Bank's Indexes of
Business Activity.
The Aug. 1 "Monthly Review" of the Federal Reserve
Bank of New York presents as follows its indexes of business
activity:

..4M.400.000
COVOOMMO

Produaion
Raw materials
Animal products
Crops
Forestry
Industrial (compiled by Federal Reserve Board)
MIneraLs
Total manufactures(adjusted)
Iron and steel
Textiles
Food products
Paper and printing
Lumber
Automobiles
Leather and shoes
Cement, brick, and glass
Nonferrous metals
Petroleum refining
Rubber tires
Tobacco manufactures
Commodity Stocks (revised)
Total
Raw materials
Manufactured goods
Unfilled OrdersTotal
Textiles
Iron and steel
Transportation equipment
Lumber

218,165,415 231,470,552 244,597,050 260,078,082 239,999,298

1927.

_

1928.

606

FINANCIAL CHRONICLE

CHANGES IN SALES AND STOCKS OF WHOLESALE FIRMS BY LINES
AND BY FEDERAL RESERVE DISTRICTS.
Increase (+1 or decrease (-) per cent.
Sales-June 1928
Compared with

Line and Federal
Reserve District.

May 1928.
GroceriesUnited States____
+0.9
Boston District _ _
New York District
Philadelphia Dist.
+0.3
Cleveland District
+0.4
Richmond District
-2.3
Atlanta District_
-8.7
Chicago District. _
+1.5
St. Louis District_
-9.7
Minneapolis Dist_
+7.0
Kansas City Dist_
+2.3
Dallas District_ __
-3.4
San Francisco Dist
+7.1
Dry GoodaUnited States_ __ _
--6.4
New York District
-5.1
Philadelphia Dial.
-10.3
Cleveland District
-8.1
Richmond District
-17.6
Atlanta District__
-19.3
Chicago DLstrict__
+6.0
St. Louis District_
-4.4
Kansas City Dist.
-2.6
Dallas District_ .._
-7.4
San Francisco Dist
-3.7
ShoesUnited States__ - _
-33.0
Boston District._ __
-2.9
New York District
+3.4
Philadelphia Dist.
-12.8
Cleveland District
+4.1
Richmond District
-39.5
Atlanta District. _
-29.5
Chicago District__
+4.8
St. Louis District_
-48.4
Minneapolis Dist.
+14.0
San Francisco Dist
-2.3
HardwareUnited States__ - --2.3
New York District
-2.7
Philadelphia Dist.
-5.0
Cleveland District
-3.0
Richmond District
-6.1
Atlanta District__
-5.0
Chicago District_ _
-4.8
St. Louis District_
-1.7
Minneapolis Dist_
+5.0
Kansas City Dist_
+7.5
Dallas District_
-8.9
San Francisco Dist
-0.1
DrugsUnited States_ _ _
-6.0
New York District
-8.7
Philadelphia Dist,
-5.7
Cleveland District
-6.9
Richmond District
-4.0
Atlanta District..
-7.8
Chicago District __
St. Louis District_
-7.1
Kansas City Dist.
-6.9
Dallas District _ _
-1.5
San Francisco Dist
+0.2
FurnitureUnited States_ _ _
-4.4
Richmond District
+11.8
Atlanta District__
-7.6
St. Louis District.
-3.1
Kansas City Dist_
-12.1
San Francisco Dist
+19.3
A priculluraJImp lementsUnited States b__
+ 19.2
Minneapolis Dist.
-30.0
Dallas District...
+14.6
Paper and &alio neryNew York District
-12.1
phliadelphia Dist.
-1.8
Atlanta District..
-8.6
San Francisco Dist
+14.0
Automobile Supp liesSan Francisco Dist
+4.7
Caton JobbersNew York District
+1.2
Silk GoodsNew York District
-10.7
Cotton Commissi on HousesNew York District
+2.2
Machine ToolsUnited States e....
+4.4
DiamondsNew York District
+36.7
Jewelry+17.7
New York District
Philadelphia Dial.
-8.7
Electrical SuPPli es+12.8
Philadelphia Dist _
+7.3
Atlanta District_
+3.5
Chicago District__
+16.7
St. Louis
-1.0
San Francisco Dist

a Stocks-June 1928
Compared with

June 1927.

May 1928.

June 1927.

-3.9

-1.7

-6.5

-5.7
-2,5
+0.2
-10.2
-5.7
-9.1
-9.0
-2.0
+7.1
+4.2

-4.2
+1.1

+1.4
+3.9
+1.2
-8.6
-5.9
+7.5
-5.0
-1.4
+2.7
+2.5

-9.5
-14.6
-6.7
+8.4
-25.0
-21.4
-10.6
-0.7
-9.1
-2.5
-10.0
-3.0
-19.3
-0.7
+12.4
-14.6
-16.2
+20.2
-11.5
-7.0
-11.4
-0.7
-4.8
-3.4
-3.3
-14.0
-0.7
-4.3
+2.2
+4.0
+0.1
+13.3
+2.2

+3.1
-1.6
-1.0
+2.5

+4.5

+0.4
+15.2
+1.1
+8.0
+6.3
+14.7
+4.6
-3.1

-0.1
+1.0
+9.5
-0.1
-2.2
+9.5
+5.7
+0.2

+5.9
-2.7
+3.4

+13.2
-11.8
-11.1

+18.G
--7.6
+13.7
+7.0
-4.1

--12.8

-2.0
-3.7
-3.0

-5.2
+13.7
-1.1

-4.1
-7.8
+30.2
-3.0
-5.9
-0.3
-3.8

-1.9
-8.8
+2.8
-2.0

+27.3
+66.0
+14.3

+14.0

+3.3
+15.6
-1.3
-1.8
-2.1
-7.7
+2.3
-8.7
-1.7
+4.0
+7.5

41-37i

-1175

+0.0
+0.7
-1.9
-2.8

-1.0
-2.7

-7.4
-4.5
-0.5
-1.8
+13.2
+1.3

-5.4

-1.5

-4.8
+23.9
-4.4
+3.8

+4.8
+12.2
-9.6

+25.7
+11 0
+112.9

+1.9
+2.0

+1.4
+6.4

+-2-0TO

+-3-6:15
-21.9

+0.2
+3.3
-3.9
+6.5

-21.6

+5.1

--2.1

-10.9

--19.6

Due to rather poor business in the early months of the year, total sales
of reporting department stores for the first six months of 1928 were less than
1% larger than in the corresponding period of 1927. the smallest increase in
several years. Stocks of merchandise on hand were slightly smaller than
last year, and the rate of stock turnover showed a further slight Increase.

Percentage
Change
June 1928
Compared With
June 1927.

New York
+2.2
Buffalo
-1.6
Rochester
+2.4
Syracuse
+1.6
Newark
+8.0
Bridgeport
+5.3
Elsewhere
+1.3
Northern N.Y.State_
-1.4
Central N. Y. State.... +0.2
Southern N. Y. State _
+4.3
Iludson Itiv. Val. Dist _ _
+4.7
Capital District
-3.6
Westchester District
_
+4.6
All department stores
+2.8
Apparel stores
+8.4
Mail order houses
+22.9

+I A
+0.1

d+8.5
-6.2

+11.3
+1.9
+17.3
-0.2
+4.3

-3.0
-3.1
-3.8
-20.8
-3.0

+1.2
-19.1
-11.1
+6.4
+ 7.3

Per Cent of
Charge Accounts
Outstanding
May 31
Collected
in June.

+0.2
+0.8
-1.1
-2.5
-0.1
-9.1
-3.7

+3.1
_

Net
Sales.

Average
Stock
on
Hand.

+0.9
-1.5
-0.3
-1.6
+2.9
-2.4
+1.5
+0.6
-1.4
-3.2
+3.8
+3.5
+8.2

-1.7
+3.2
+0.4
-3.2
+0.6
-6.2
-1.5
_

+0.9

Z-71.4

+9.0
+8.4

+5.2

1927.

1928.

51.2
49.9
39.9

51.5
54.7
42.0

47.4

4-8:2

3-7-.2

3-977

_

8:8
448.0
-

49.7
49.3

Departments selling vacation goods were among those showing the
largest increases in sales compared with Juno 1927. Comparisons of June
sales and stocks for the principal departments follow:
Stock on Hand
Net Sales
Percentage Change Percentage Change
• June 30 1928
June 1928
Compared with
Compared with
June 1927 .
June 30 1927.
Musical instruments and radio
Shoe
Books and stationery
Toys and sporting goods
Luggage and other leather goods
Women's ready-to-wear accessories
Men's and boys' wear
Cotton goods
Toilet articles and drugs
Furniture
Home furnishings
Linens and handkerchiefs
Men's furnishings
Women's and misses' ready-to-wear
Ilosiery
Silverware and Jewelry
Silks and velvets
Woolen goods
Miscellaneous

-20.1
+13.0
+9.2
+9.3
-9.3
+3.8
+4.6
+5.5
+7.0
+2.3
+7.7
-0.7

+26.7
+21.3
+15.2
+6.8
+5.4
+5.0 .
+4.9
+3.9
+3.6
+2.9
+2.5
+2.1
+1.6
+0.4
-0.1
-2.2
-13.2
-24.9
-4.3

+1.2
-2.0
+2.7
+5.6
-8.9
-3.7

Gains in Chain Store Sales in New York Fedora
Reserve District.
1
In its survey of the chain store trade the Federal Reserve
Bank of New York in its "Monthly Review" dated Aug. 1
says:
Sales of reporting chain store systems In June continued substantially
larger than a year ago-on a daily basis the increase was even larger than In
May. Chain grocery business was not as good as In other recent months,
but shoe sales showed an unusually large Increase, and substantial increases
were reported also by variety and 10-cent stores.
For the first 6 months of the year total sales for all reporting chains were
nearly 10% larger than a year ago. The largest increase was in the sales of
variety stores, and substantial gains were reported also by grocery, 10-cent
and shoe chains. In several lines the Increases In sales during May and
June were well above the average increase for the first half of the year.
Percentage Change
First Sir Months
1928 Compared
with 1927.

Percentage Change
June 1928 Compared with
June 1927.
Type of Store.

-8.1
-4.6

Stock on
Hand
End of
Month.

Net
Sales.
Sales.

Number
of
Stores.

Total
Sales.

Grocery
Ten cent
Drug
Tobacco
Shoe
Variety
Candy

+1.4
+8.6
+2.4
+3.0
+9.7
+17.7
+15.5

+6.9
+12.4
+2.4
-1.4
+24.5
+23.9
+4.9

Total

+4.8

+11.6

+54.8
+44.4

Percentage
Change First
6 Mos. 1928
Compared
with 1927.

Locality.

-19.8
-3.3

[VOL. 127.

Sales
per
Store.

Total
Sales.

+5.4
+3.6

+13.5
+9.2

-4.3
+13.4
+5.3

-4.9
+8.7
+19.4
+0.4

o

+6.4

+2.9

+9.8

Sales
per
Store.
+11.7
+0.3
0
-8.3
-0.9

o

-9.3
+5.0

a Changes in total stocks for the United States are weighted averages computed
on the basis of firms which have reported regularly to the Federal Reserve System
since January 1923.
I) Sales of agricultural implements for the United States are compiled by the
Chicago Federal Reserve Bank from reports of leading manufacturers and include
Ill of their domestic business.
C Sued upon indexes of orders placed with manufacturers furnished by the
National Machine Tool Builders Association.
d Includes diamonds.

Federal Reserve Board's Survey of Retail Trade in
the United States-Decline in June Less Than
Seasonal.
In indicating that retail trade was smaller in June than
in May the Federal Reserve Board states that the decline,
however, was less than that which usually occurs at that
season and the Federal Reserve Board's indexes of sales of
Moderate Increases in Department Store Sales in New department stores, mail order houses and chain stores,
adjustment for seasonal variations, wore slightly larger
York Federal Reserve District in June as Com- .after
in June than in May. Compared with Juno a year ago sales
pared with Same.
this year were generally larger,the says Board, whose survey
According to the Aug. 1 "Monthly Review of Credit and made public July 31 continues:
For the first six months of the year trade was larger than during the
Business Conditions" of the Federal Reserve Bank of New
corresponding period of last year. Sales of department stores averaged
York, department store sales continued in June to show slightly larger than
in 1927 and sales of mail order houses were 6% larger.
modorate increases over last year in most sections of this Chain stores In each of the reporting lines, except cigars and tobacco, reported larger Increases than department stores, but sales of these firms
district. The average increase over Juno 1927 for all re- reflect
growth in the number of stores as well as changes in the volume of
porting stores was close to 3%. The largest increases were trade, and the constant Increase
in the number of stores operated by the
reported from Newark and Bridgeport. Apparel store sales reporting chains accounts In part for the growth In sales. Mail order
houses are also opening additional retail outlets and the growth In sales of
continued to show a fairly large increase over last year, and those
firms reflects the trade of the new stores. A summary of the changes
sales of leading mail order houses showed a large increase, in retail sales In June 1928 compared with June 1927 and the first half of
the year compared with the first half of 1927 Is as follows:
says the Bank, which'adds:




ii

FINANCIAL CHRONICLE
CHANGES IN VALUE OF RETAIL SALES AND NUMBER or STORES
REPORTING.
Percentage of Increase (+) or
Decrease(-) in Sales in
Type of
Stores.

June 1928
Compared with
June 1927.

Department stores_ _ _ _
Mall order houses
Chain storesGrocery
Five-and-ten-cent..
Apparel
Drugs
Cigars
Shoes
Candy

First 6 Mos. 1928
Compared with
First 6 Mos. 1927.

June
1928.

June
1927.

+2.0
+19.0

+0.3
+6.4

510
4

510
4

+16.5
+13.3
+25.6
+18.8
-1.5
+23.8
+6.6

+22.8
+9.8
+20.7
+14.2
-5.0
+8.7
+3.8

29,194
3,022
1,173
990
3,524
659
317

28,604
2,821
943
833
3.423
598
275

Department Store Sales and Stocks by Federal Reserve DistrictS.
Larger sales of department stores in June than a year ago were reported
by firms in nine Federal Reserve districts, the largest increases occurring
In the Chicago and Dallas districts. In three districts-Philadelphia.
Minneapolis and Kansas City-sales were smaller than a year ago. For
the first half of the year sales were larger in six districts, smaller in four
districts and in about the same volume in two districts.
Inventories carried by department stores for the country as a whole were
seasonally smaller at the end of Juno than at the end of May and smaller
than at the end of June a year ago. Smaller stocks than last year were
reported by stores in eight districts and in two districts stocks were approximately the same as in 1927. For the first half of the year stocks of department stores averaged smaller than in 1927 and with larger sales the rate
Of stock turnover was slightly higher than in the first half of 1927.
DEPARTMENT STORE SALES AND STOCKS BY FEDERAL
RESERVE DISTRICTS.
(Index numbers. 1923-25 average equals 100.)
reaeras AZSATVAILMSCTIa NUVIOAT.
U.S.

1

2

3

4

5

6

7

8

9 .10

11

12

1
OMOMCON
,
-,00000

Sales (unadj uste di1927-Apr ___ Ill 111 112 103
109 117 108 104 98 109 115
May... 102 100 102 94
108 108 96 91 88 112 107
June- 101 110 109 97
99 107 93 91 86 95 95
1928-Apr _ _ 102 99 103 90
102 113 99 83 93 102 114
Slay... 107 101 109 94
114 122 104 95 94 116 116
June__ 103 112 112 94
98 113 94 84 84 98 101
Sales (adjust d)
1927-Apr ___ 105 102 107 98
104 106 101 92 ____ 108 114
May___ 103 102 104 96
105 107 98 90.... 108 106
June... 104 105 111 96
105 107 98 91 ____
99 103
1928-Apr ___ 103 97 106 91
103 110 100 78 ____ 108 121
May... 104 98 107 92
107 115 103 89 ____ 107 111
June... 105 106 114 94
104 113 99 84..... 103 100
Stocks (unad usle d)1927-Apr ___ 106 107 109 103
110 105 103 95 115 93 119
103 101 102 91 112 90 107
Slay... 103 106 105 98
June_ _ _
97 99 98 92
92 95 97 84 104 83 103
1928-Apr- 104 107 108 96
108 106 98 93 116 87 111
May... 101 106 104 93
103 103 96 88 116 83 10)
June. _ _
95 97 98 86
96 95 91 78 108 76 102
Stocks (Win' ted)
1927-Apr __. 102 104 105 99
105 101 98 9 _._
88 104
May... 101 105 105 98
102 100 100 8 ____
89 101
June__ 100 103 103 97
97 100 101 8 ____
89 101
1928-Apr ___ 100 104 104 92
103 102 94 9 ........
101
102 102 94 8 -_
May... 99 105 104 931
81 101
Juno __
OR 101 102 01,
101 100 95 R _
Al lAl
• Monthly average 1925 equals 100.
1 Boston; 2 New York; 3 Philadelphia; 4 Cleveland; 5 Richmond; 6
Atlanta:
7 Chicago;8 St. Louts; 9 Minneapolis; 10 Kansas City; 11 Dallas; 12 San Francisco.
SALES OF MAIL ORDER HOUSES AND CHAIN STORES.
(Index numbers. 1923-25 average equals 100.)
N.ION ,
r.
000000

1,
..1,00.1.Q.,
000000

NMNO0,0
000000

coto. n00000 000noo ocooc...
ao,==.0 wow..m 000nw-4

Change in Sales.
Federal Reserve
District and City.

Number of
Stores.

Slum
(7).•

Candy
(4).•

Cleveland:
Cleveland
Akron
Cincinnati
Columbus
Dayton
Pittsburgh
Toledo
Wheeling
Youngstown...
Other cities....
Total
Richmond:
Richmond
Baltimore
Washington....
Other cities....
Total
Atlanta:
Atlanta
Birmingham
Chattanooga.-Nashville
New Orleans
Other cities_ _ _ _
Total
Chicago:
Chicago
Detroit
Indianapolis...
Milwaukee
Other cities....
Total
St. Louis:
St. Louis
Evansville
Little Rock....
Louisville
Memphis
Total
Minneapolis:
Niinneapolls
Duluth-Superior
St. Paul
Total
Kansas City:
Kansas City....
Denver
Lincoln
Oklahoma City_
Omaha
Topeka
Tulsa
Other dties
Total
Dallas:
Dallas
Fort Worth
Houston
San Antonio__ _
Other cities....
Total
Ban Francisco:
San Francisco
Los Angeles....
Oakland
Salt Lake MYSeattle
Spokane
Other cities
Total

+4.7
+12.1
+2.3
+2.1
+2.7
-2.2
+13.8
+8.7
+0.6
-5.0
+2.1

+1.7
+10.4
+1.0
+1.4
-0.1
-5.4
+6.1
-3.3
-0.7
-7.4
-0.8

+1.3
+23.0
+1.9
-4.0
+5.0
-9.2
-0.5
-10.4
-7.7
-4.3
-2.5

-4.5
-4.4
-6.7
-5.8
-5.1
-7.0
-4.5
-5.6
-8.9
-4.2
-5.8

4-4.0
-1.2
+4.4
-5.9
+1.0

+2.7
-1.6
+2.4
-5.8
-0.1

-6.2
-3.8
-1.4
-1.5
-2.8

-9.0
-5.4
-5.6
-.8.0
-6.6

+13.2
-0.8
-0.6
+2.6
-7.3
+0.6
+0.6

+15.7
+8.6
-3.3
+6.0
-3.4
-3.1
+2.9

-1.4
-0.7
-6.9
+6.4
+11.6
-0.2
+3.7

--2.3
-7.2
-6.4
--3.3
-8.8

+4.2
+10.0
-3.7
+4.0
-0.7
+4.1

+2.8
+16.1
-0.3
+0.2
-1.7
+4.1

+6.5
+8.6
-3.4
-8.3
-5.5
+1.7

-7.0
-9.6
-9.8
-8.1
-7.3

+4.2
+2.0
-5.7
--3.7
-6.6
+0.9

+1.7
+0.2
+2.1
-4.3
+7.0
+1.9

--8.1
-0.9
+7.7
-0.2
-7.1
-5.5

-8.1
-3.5
-10.3
-4.8
-5.4

-6.0
-6.0
0.0
-3.0

-10.0
-4.0
-8.0
-4.0

--9.0
+6.0
-2.0
--4.0

-4.0
-5.0
-5.0

+1.6
--7.2
-4.2
+1.4
-2.6
-6.0
-5.7
+5.6
-2.4

+1.1
-3.5
+3.7
+3.0
+0.7
-1.3
-2.9
+5.1
-0.2

-3.6
+1.3
+5.0
+0.8
-9.2
+13.9
-2.8
-1.0

-10.7
-6.4
-1.5
-6.7
-1.6
-4.7
-8.5
-8.4
-6.3

+4.9
4-2.7
+2.8
+7.7
+3.7
+4.3

+1.8
-0.1
0.0
-0.7
+3.4
+0.9

-14.2
-2.8
-1.5
-17.0
-3.0
-8.1

-7.0
-6.4
-8.4
-20.3
-4.0
-8.5

+1.8
+0.9
-1.2
+9.1
+5.5
-4.9
+2.4
+1.7

+2.5
+0.4
+4.0
+8.1
+8.3
-1.7
-0.3
+2.1

-6.8
+2.6
-14.0
+8.2
--7.2
-10.2
-1.9

-6.1
-5.6
-2.7
-7.3
-5.6
-1.9
-4.9
-6.4

4.2 0

4.0 5

-5 'I

_A 1

+0.7
-2.8
-2.9
+4.2
+0.1
-1.2
+2.3
+0.9

+0.2
-9.1
+0.8
-0.1
-1.1
--2.5
-3.7
-0.4

--4.6
6.3
-10.6
7.0
4.2
8.9
-4.3
-5.5

-1.0
+0.9
+0.1
-0.3
-3.5
+5.3
-2.0
-5.7
+2.1
+5.2
+6.6
-2.7
-1.3

--4.4
-3.6
-6.7
+1.8
-10.8
+2.6
-0.6
-7.0
-1.1
+0.7
+2.9
-6.1
-4.0

-7.6
+0.7
+9.1
-4.4
-21.1
-0.5
+0.6
-7.2
-9.8
+1.1
-5.2
-4.4
-6.2

--8.5
-5.5




-5.5
--2.4
-3.2
-5.1
--7.4
-3 9
-7.7
-7.3
-4.3
-7.4

.37
.29
.29
.38
.30
.34
.21
.35

.36
.26
.29
.35
.29
.32
.20
.34

1.99
1.56
1.66
1.94
1.75
1.87
1.08
1.88

.35
.20
.21
.22
.23
.23
.21
.30
.32
.25
.27
.21
.31

.34
.22
.22
.21
.19
.21
.21
.29
.28
.24
.25
.21
.30

.27
.26
.29
.29
26
.28
29
.315
.37
.20
.28

.27
.28
.28
.27
:27
.26
.26
.25
.35
.20
.27

RichmondRichmond....
Baltimore_
Washington __
Other cities_
Total

.32
.27
.30
.20
.27

.29
.26
.29
.21
.27

1.63
1.52
1.63
1.27
1.54

AtlantaAtlanta
Birmingham

.26
.20

.27
.26

MN
,ON
. .

+2.2
+5.3
-1.6
+8.0
+2.4
+1.6
+1.3
+2.8

2.10
1.56
1.41
1.46
1.87

1.87
1.29

average stocke on hand.

• • • • • • • •

Per Cent.
-8.6
-9.4
-4.2
-10.7
8.9

.38
.28
.25
.27
.34

•

Pre Cent.
--2.7
-2.6
-0.6
-3.8
-2.7

.39
.28
.27
.27
.35

• •

1
.
cAs0

Per Cent,
-3.5
-0.9
+1.2
-0.8
-2.7

Boston-Boston
OutsideBoston
New Haven_
Providence_ _ _
Total
New YorkN.Y.& Bklyn.
Bridgeport_ __
Buffalo
Newark
Rochester....
Syracuse
Other cities__
Total
Philadelphia
Philadelphia_
Allentown _ ___
Altoona
Harrisburg- _ _
Johnstown_Lancaster_ - _.
Reading
Scranton
Trenton
Wilkes-Barre _
Wilmington __
Other cities...
Total
Cleveland
Cleveland....
Akron
Cincinnati....
Columbus_ ___
Dayton
Pittsburgh
Toledo
Wheeling
Youngstown__
Other cities...
Total

•

EiC1111110n

Trenton
WIlkes-Barre.._
Wilmington
Other()Wee

Per Cent.
+2.6
-0.1
+5.6
-1.5
+1.7

1928. 1927 1928.11927.
-

•

Boston:
Boston
Outside Boston_
New Haven
Providence
Total
New York:
New York
13rldgeoOrt
Buffalo
Newark
Rochester
Syracuse
Other cities_ _
Total
Philadelphia:
Philadelphia...
Allentown
Altoona
Harrisburg
Johnstown
Lancaster
Reading

June. Jan.1-June 30

MM.000.4.
3
u. R

•

Change in Stooks.

Jan.1 to June 30
June 30 1928
June 1928
1928 Compared .
Compared with
Compared with
with Jan. 1
June 1927.
June 30 1927. June 30 1927. May
311928.

Rate of Stock Turnover.'
Federal Reserve
Dtstriet and
City.

VM1--00NON

Change in Sales.
Federal &sem
District and City.

-0.7

STOCK TURNOVER OF DEPARTMENT STORES. 1928.

.t.MOMM

Unadjusted
110
174
125
1927-Mar
148
143
111
96
115
172
135
120
Apr.__
199
144
113
150
136
123
171
90
May..
171
134
113
109
115
123
178
June.. 107
172
136
109
118
114
133
224
125
1928-Mar
200
163
107
117
119
135
115
195
201
Apr___
154
100
130
130
139
221
213
May.. 116
164
110
130
127
139
216
207
June.. 127
162
108
147
122
Adjusted175
128
163
1927-Mar.. 117
139
113
104
116
192
137
166
113
Apr___
144
115
117
127
132
172
171
118
NI ay _
137
113
99
120
135
175
178
June.. 121
138
112
108
121
142
224
210
1928-Mar.. 113
157
109
119
120
147
117
205
202
Apr__
161
105
109
125
144
206
213
Slay.. 132
161
105
113
127
153
208
June.. 144
219
164
111
134
129
•NAte.-Number of companies reporting.
CHANGES IN SALES AND STOCKS OF DEPARTMENT STORES,
(Increase (+1 or Decrease(-) Based on Value Figures.) MAY 1928.

Change in Stocks.

Jan. 1-June 30
June 30 1928
June 1928
1928 Compared
Compared with
Compared with with Jan. 1
June 1927,
June 30 1927. June 30 1927. May 31
1928..
Per Cent.
Per Cent.
Per Cent.
Per Cent.

Mni.eul 15t5t1.0 _ __

Mail
Chains of Stores.
Order
Houses Grocery 5 di 10 Apparel Drugs
Cigar
(4).• (34).• (14).• (6).• (13).• (4).•

607

1.82
1.33
1.40
1.23
1.24
1.44
1.42
1.66
1.64
1.37
1.38
1.19
1.68
1.89
1.71
1.73
1.59
1.58
1.52
1.54
1.44
1.92
1.17
1.59

Rate of Stock Turnover.*
Federal Reserve
District and
City.

June.

Jan.1-June 30

1928. 1927. 1928.
Atlanta(Con.)
Chattanooga _
Nashville
New Orleans
Other cities__ _
Total
ChicagoChicago
Detroit
Indlanapolls__
Milwaukee ___
Other cities__
Total
St. LouisSt. Louis
vaneville
ttle Rock
Louisville__ _ _
Memphis
Total
Minneapolis
Minneapolis
Duluth-Sup'r _
St. Paul
Total
Kansas City.
Kansas City..
Denver
Lincoln
Omaha
Topeka
Tulsa
Other cities
Total
DallasDallas
Fort Worth...
Houston
San Antonio
Other cities
Total
San Fran.San Francisco_
LOB Angeles
Oakland
Salt Lake City
ttle
Spokane
Other cities
Total

1927.

.24
.23
.16
.20
.20

.23
.26
.21
.22
.24

1.17
1.48
1.08
1.20
1.25

1.19
1.64
1.1e
1.38
1.37

.35
.43
.39
.29
.26
.34

.35
.42
.41
.28
.25
.33

1.94
2.49
2.21
1.63
1.48
1.93

1.96
2.25
2.34
1.62
1.44
1.87

.30
.22
.18
.26
.24
.27

.27
.21
.20
.27
.24
.25

1.83
1.18
1.12
1.53
1.51
1.64

1.67
1.18
1.19
1.62
1.33
1.54

.49
.31
.32
.36

.45
.33
.31
.35

2.74
1.68
1.91
2.06

2.72
1.78
1.91
2.07

.22
.19
.18
.21
.20
.29
.13
.20

.22
.20
.19
.22
.19
.33
.13
.21

1.43
1.03
1.25
1.37
1.20
1.94
.77
1.24

1.40
1.06
1.18
1.38
1.16
2.27
.79
1.25

.23
.20
.27
.34
.21
.24

.19
.20
.26
.26
.20
.22

1.46
1.26
1.50
1.69
1.36
1.44

1.31
1.22
1.53
1.47
1.35
1.36

.22
.23
.21
.25
.28
17
.16
.23

.21
.24
.20
.20
.28
.17
.15
.22

1.36
1.47
1.35
1.28
1.54
.95
.97
1.37

1.20
1.54
1.21
1.07
1.54
.92
.96
1.34

United States_ .30

.29

1.69

608

CHANGE IN SALES OF DEPARTMENT STORES, BY DEPARTMENTS
(Increase (+) or decrease (-) In sales In June 1928 compared with June 1927.
Federal Reserve District
.Department.

Total.
Boaton.

New Cleve- Rich- ChiSt.
York. land, mend. moo. Louis

DalLas.

CHANGES IN STOCKS OF DEPARTMENT STORES, RY DEPARTMENTS
(Increase(-4-) or decrease (-) In stocks in June 1928 c )(neared with Juno 1927.
Federal Reserve District.
Toted
Boaton.

St.
New Cleve- Rich- ChlYork. land, mend. capo. Louts

Dallas.

San
Fran.

Piece GoodsFordt Per Ct. Per Cl. Per Ct Per Cf. Per Cl. Per Cl. Per Ct. Per Ct.
good_ -6.0 -12.7 +7.0 -5.0 -7.0 +2.8 -7.6 -12.1 -14.6
Silk and velvets_
s -13.0 -22.4 --8.9-15.7 -18.1 -1.8 -11.6-25.9 -9.0
Woolen dress/
Cotton wasekoods -9.4 -16.5 -8.1 -7.5 -7.5 +5.0 -1.5 -11.9 -17.6
-0.9 -6.0 +2.8 -6.5 +25.1 +7.0 +0.8 -34.2 +3.5
Linens
Domesticsmuslins.
sheetings, &o_ _ _ -4.0 -7.3 +11.3 -0.7 -6.8 +9.7 +17.6 -6.9 -12.5
Ready-to-u ear A _ west), teeNeckwear de scarfs -7.0 -13.0 +8.1-10.1 -10.2 -0.9 -19.3 -13.2 +5.8
Millinery
-7.7 -141 +8.; -7.1 +7.6 -5.0 -13.7 -33.6 -8.4
Gloves (woolen's &
+1.4 +2.2 +11.0 +2.4 +13.6 +5.3-232-18.1 -3.9
children's)
Corsets&brassieres -3.7 +0.2 -7.8 -5.2 +1:3 -2.1 -8.1 -8.5 -3.9
Hosiery (women's
-0.2 -4.1 -2.0 -2.0 +0.4 +10.9 -12.0 +22.0 +0.1
and children's)
-3.7 -1.5 +5.8 -2.5 -10.7 +6.7 -13.6 -12.1 -17.8
Knit underwear
Silk&muslin under
wr.(inel.peVets)_ -5.4 -0.1 -7.0 -0.8 -1.2 -1.9 -0.6 -4.7 -13.8
+4.3 +3.5 -1. +5.1 +15.3 +9.0 +2.2 -14.4 +2.9
Infants' wear
Smallleather goods -6.8-20.7 -4.8 +1.5 -4.8 -3.4 -8.4 -5.1 -1.2
+1.4 +9.2 +13.7 -4.1 -2.1 +2.2 +6.5 -4.6 -5.3
Women's shoes_
0.0 +4.3 +8.0 -2.4 -0.5 -5.6 -18.9 -9.6
+0.7
Children's shoes
Women's tt Miss es Rea dy-to- Wear
Women's coats_ _ _ -6.8 -4.5 -12.0 -5.8 -8.1 -15.8 -15.4 -27.2 +7.0
-12.6
0.0 +57.6 -3.9 +8.8 +10.1 -26.4 -23.5 -41.6
Women's suits
Tot.(2 lines above) -6.7 -4.3 -6.6 -5.6 -9.1 -5.6 -10.0 -20.5 -4.8
Women's dresses.... -2.2 -5.5 +3.8 +2.2 +11.8 +3.4 -12.2 -14.4 -17.7
Misses' coatsimults +1.2 +3.2 +13.1 -7.0 -19.7 +50.2 -35.2 -24.3 +11.1
+5.2 +2.5 +14.3 +10.2 +6.6 +0.5 -11.9 -15.8 +7.6
Mimes' dresses
Juniors' and girls
+3.6 +13.1 +1.1 -2.9 +15.4 +21.9 -4.7 +1.3 -0.6
wear
Men's and Boys' Wear
-3.4 +0.1 +4.8 -2.0 -10.0 -1.1 -5.: -19.0 -9.0
Men's clothing
Men's furnishings
(Incl.men's hos'y
0.0 -8.6 -725 -1.3 +10.2 -4.8 -12.9 -2.0
gloves & und'w'r -4.8
0.0 -13.7 -0.8 +16.0 +6.2 -14.9 -19.9 -5.1
Men's bats & caps_ -6.6
Tot.(2 lines above) -3.4 +2.3 -8.8 -6.9 -0.7 +8.7 -6.2 -13.3 -2.3
2.8 +1.4 +4.3 -9.0 -0.1 +0.5 -4.5 -6.8 -0.9
Boys' wear
!den's& boyeshoes -6.8 +3.6 +23.0 +11.7 -5.1 +16.1 -16.8 -26.2 +3.8
to
Furntshin
House
Puy'tureilnel. beds,
mattressesksp'gs -3.0 --4.9 +2.3 -4.6 -10.4 +0.5 -16.0 -20.6 +5.4
0.0 +25.1
0.0 +12.9-10.4 -8.6 +5.1 -23.6
+3.1
)riental rugs
-7.5 +3.9 -18.5 -1z.7 _4.7
3omes.floor cover_ -27.8 -0.3 -1.6 -6.3
)raperies, curt'ns,
upholstery
Amps & shades
701.(2 lines above)
ware
Mina L al

0.0 +21.1
+2.1
0.0 +7.7
+3.2
+ • -2.9 +18.4
-0.7 -4.4 +3.3

-1.4
-3.0
-1.9
+1.1

+1.2
+11.9
+1.2
+4.8

-1.;
+8.6
-0.8
-4.8

tools and drugs, and the principal declines in women's clothing. A majority
of other lines showed small declines.
Collections were irregular in June, but in general averaged somewhat
slower than a year ago.

San
Fran.

Piece GoodsPer CV'Per Cl. Per Cl. Per Ct. Per Cl. Per Cl. Per Cl. Per Cl. Per Cl.
Silk and velvets_ __ -16.1 -19.0 -13.0 -21.8 -11.2 -16.4 -15.8 +1.4 -8.5
Woolen dress goods -17.2 -11.1 -24.9 -21.7 -28.4 +2.6 -18.3 -12.6 -17.8
Cotton wash goods -4.5 -6.3 +10.3 -9.3 -2.6 -0.6 -12.0 -14.4 -7.1
Linens
-1.7 +7.7 +0.5 -2.1 -16.2 -0.5 -7.0 -21.1 -1.0
Domestics,muslins,
sheetings, &c _ _ _ -1.6 -1.0 -3.1 +1.4 +0.9 -0.3 +9.8 -4.3 -10.1
Ready-to-Wear A cceesor leeNeckwear & scarfs -7.6 -17.8 +3.1 +0.8 -7.3 -4.6 -53.9 +2.6 -0.1
Millinery
+7.3 +3.5 +3.2 +14.8 +11.0 +8.7 -4.6 +0.4 +4.7
Gloves (women's &
+10.4 +7.1 +9.0 +21.6 +3.7 +27.7 +36.5 +33.0 -8.8
children's)
Corsets& brassieres +0.9 +0.5 +2.3 -1.3 +0.4 +5.8 -9.7 +3.8 +2.9
Hosiery (women's
& chIldren's)-- +4.7 +5.5 -0.1 +7.9 +3.0 +7.6 -1.9 +1.1 +4.0
Knit underwear
-0.5 -2.7 +5.1 +2.0 -2.8 -2.7 -3.2 -0.7 -6.4
Bilk&muslin underwr.(incl.pettic.). -2.-2 -7.0 -6.5 -2.7 +2.2 +10.2 -2.3 -4.3 +1.7
Infants wear
+6.6 +5.8 +8.3 +9.3 +0.6 +7.1 +2.3 -2.0 +5.9
Small leather goods +4.4 -1.1 +7.5 +9.3 -10.9 +11.9 +2.4' +2.1 +1.5
Women's shoes_ _. +7.1 +4.2 +23.0 +4.0 +11.1 +3.9 +5.7 +2.1 +0.4
0.0 +17.7 +14.8 +21.3 +15.6 +13.3 +14.9 -3.4
Children's shoes_ +13.4
Women's & Miss es Rea dy -to- Wear
Women's costs_
+9.6 +2.4 +4.6 +22.2 -10.9 +8.7 +31.9 -21.6 -5.9
Women's suits_ __ _ -15.5
0.0 +14.1 -26.8 +66.2 -35.2 -24.2 +16.0 -27.1
Tot.(2 above lines) +7.7 +3.4 +5.3 +16.7 -3.2 +8.? +34.1 -13.1 -10.4
Women's dresses
-4.7 -6.1 -5.2 -4.9 -15.9 -7.4 +16.3 -0.1 -1.0
Misses' coats and
stilts
+17.4 +17.6 +16.3 +29.8 -1.4 +3.4 +58.6 +2.5 +153
Misses' dresses_
+4.0 +5.6 -0.4 +4.1 +9.2 +22.3 +21.2 -6.8 +38.3
Juniors' and girls
wear
+10.7 +34.2 +16.4 +19.3 +16.8 +18.0 +16.9 -4.8 +3.5
Men's and Boy's Wear
Men's clothing
+0.7 +2.3 +2.1 -1.4 -1.9 +0.7 +0.8 +7.6 +1.6
Men's furnishings
(Incl.inen's hos'y.
gloves & und'w'r +4.3
0.0 I- 1.5 +6.1 +4.2 +6.6 -2.2 +8.8 +4.9
0.0 +3.7 +1.0 -13.6 -6.2 -14.6 +0.1 +0.8
Men's hats & caps +1.4
701.(2 above lines) +3.0 -0.06 +1.6 +5.6 +2.9 +4.6 -3.8 +9.6 +4.6
+4.8 +0.8 +9.0 +4.2 +2.7 +11.6 +8.3 +4.6 -0.2
Boys' wear
Men's&boys'shoes +8.4 +2.1 +17.0 +7.6 -0.4 +15.7 +4.2 +2.9 +14.4
House Fur'drain as,
Furturetinci.beds.
mattresses&sp'es +1.9 -2.3 +2.? -O. -6.7 +12.2 +1.4 +0.0 +7.9
0.0 -14.1 +32.0 +9.0 +15.1 +77.7 -1.6 -22.7
+0.9
Driental rugs
Domes.floor cover_ +2.1 -1.5 +0.3 +3.0 +2.8 +10.4 +4.9 +16.6 -7.5
Draperies, curt'ns,
0.0 +8.8 +2.4 +1.8 +6.5 -12.6 +12.4 +0.3
+3.4
upholstery
0.0 -0.6 +3.2 -0.0 +31.9 +27.9 -18.1 -1.5
+5.7
Lamps & shoat
Pot.(2 above lines) +2.9 -1.1 +6.8 +2.6 +0.2 +9.7-9.0 +11.2 +0.1
China& glassware_ +1.6 4-1.8 -1-3.4 -4-41.6 .4-4.0 4.1 1 n -I- 1 d 1 _Ls n_vr a

Department.

[VOL. 127.

FINANCIAL CHRONICLE

-7.8 _18.6 _1.7
+40.3 -18.3 -14.3
-321-17.7 -2.8
+2.1 -13.1 -7.4

Per Cent of
Charge Accounts
Outstanding
May 31 Collected
in June.

Percentage
Change
June 1928
Compared with
June 1927.

Percentage
Change in
Net Sales,

Commodity.
Net
Sales.

Stock
End of
Month.

1927.

1928.

June
1928
from
May
1928.

Groceries
-4.5
+2.7
70.7
-4.5
72.6
Men's clothing
-11.8
____
44.3 -31.4
52.5
Women's dresses
-28.9
-------------32.9
Women's coats and suits
-15.9
-------------48.1
Cotton goods-Jobbers_
+1.2
-10.9 -19.6
34.3
33.0
Cotton goods-Com'sion
+2.2
-3.3
Silk goods
-10.7
53.4
52.3
-19.8 a+18.9
Shoes
-19.3 -11.1
+3.4
41.9
41.5
Drugs
-8.7
+6.4
43.5
48.5
+15.6
Hardware
-4.8 +13.7
-2.7
54.1
56.3
Machine tools b
+54.8
------------+4.4
Stationery
75.1 -12.1
78.0
-- - _
+0.2
Paper
-7.3
0
____
73.1
61.6
Diamonds
+41.41
+36.7
Jewelry
-8.1 f +8.5 } 25.3 1 29.6
+17.7
..'
Weighted average
____
53.1 -12.4
-7.0
55.2
a Quantity not value. Reported by the Silk Association of America.
b Reported by the National Machine Tool Builders' Association.

First
Six
Months
1928
from
1927.
-1.4
-0.4
-20.9
-10.6
-2.5
-2.3
-2.9
-12.1
+13.1
-1.1
+58.4
-1.3
+2.2
-1.7
+0.4
-1.8

Loading of Railroad Revenue Freight Increasing.
Loading of revenue freight for the week ended on July 21
totaled 1,033,816 cars, the Car Service Division of the
American Railway Association announced on July 31. This
was an increase of 9,282 cars over the preceding week,
increases being reported over the week before in the loading
of grain and grain products,coal, forest products, merchandise
loss than carload lot freight and miscellaneous freight. Live
stock, coke and ore showed reductions under the week
before. The total for the week of July 21 was also an increase of 21,231 cars above the same week in 1927, but a
decrease of 44,377 cars below the corresponding week two
years ago. Additional details follow:
Miscellaneous freight loading for the week totaled 409,900 cars, an
Increase of 19,397 cars above the corresponding week last year and 17,723
cars above the same week in 1926.
Coal loading totaled 151,441 cars, an increase of 1.039 cars above the
same week in 1927 but 32,969 cars below the same period two years ago.
Grain and grain products loading amounted to 55,247 cars, an increase
of 7.116 cars above the same week last year but 6,552 cars below the same
week in 1926. In the western districts alone, grain and grain products
loading totaled 43,128 cars, an increase of 11,077 cars above the same week
In 1927.
Live stock loading amounted to 23,247 cars, a decrease of 1,672 cars
below the same week last year and 4,293 cars below the same week in 1926.
In the western districts alone. live stock loading totaled 17,550 cars, a
decrease of 999 cars compared with the same week in 1927.
Loading of merchandise less than carload lot freight totaled 255,731, a
decrease of 651 cars below the same week In 1927 but 1,330 cars above the
corresponding week two years ago.
Forest products loading amounted to 64,989 cars. 3.0-15 cars below the
same week last year and 6.698 cars under the same week In 1920.
Ore loading totaled 64.501 care. 214 cars above the same week In 1927
but 10,415 cars below the same week two years ago.
Coke loading amounted to 8,760 cars, 1,164 cars below the same week
In 1927 and 2.508 cars below the corresponding week in 1926.
All districts reported increases in the total loading of all commoditie
compared with the same week last year except the Pocahontas, Southerns
and Contralwestern which showed decreases. All districts reported do-,
creases compared with the same period two years ago except the Southwestern.
Loading of revenue freight in 1928 compared with the two previous years
follows:
Four weeks in January
Four weeks in February
Five weeks in March
Pour weeks In April
Four weeks in May
Five weeks in June
Week of July 7
Week of July 14
Week of July 21
Total

1928.
3.447.723
3.589,694
4,752,031
3,738,295
4,006,058
4,923,304
850.605
1,024,534
1.033.816

1927.
3.756,660
3,801,918
4,982,547
3,875,589
4,108.472
4,995.854
839.085
1,017,394
1,012,585

1926.
3,686,696
3,677.332
4,805.700
3,862,703
4,145.820
5,154,981
897,556
1,076,372
1.078,193

27,366.060

27,390,104

28,385,353

Changes in Cost of Living from December 1914 to
June 1928.
Changes in the cost of living in 32 cities and in the United
States as a whole wore given out on July 30 by the Bureau
of Labor Statistics of the United States Department of Labor.
The following tables 1 and 2 show changes in the total cost
of living in 19 of these cities from Dec. 1914 to June 1928,
and in 13 cities from Dec. 1917 to Juno 1928. In addition
previous for any
This was the largest decline from the sales of a year
the tables show the changes in each city from June 1920,
sales
in
revortod
wore
Month since last October. Unusually large doollnes
and declines, Juno 1927 and December 1927, respectively, to Juno 1928.
of shoes, silk goods. jewelry, and jobbers'sales of cotton goods
and men's Tho first column in the tables shows the changes from the
hardware
by
reported
also
followThg increases In May. were
than last
Clothing dealers. Sales of women's clotting remained smaller
this survey was first taken up to Juno 1928. The
however, time
year. An unusually largo increase occurred in diamond sales,
column shows the changes from the date when prices
jams
second
drug
and
year.
machine tool orders remained much larger than last
were the highest to the present. The third column shows
Continued to show a considerably increase.
For thy f rat half of the year, wholesale trade in this district averaged
changes during the year preceding June 1928 and the
of machine the

Wholesale Trade in New York Federal Reserve District
In June Falls 7% below That of Same Month a
Year Ago.
The Federal Reserve Bank of New York reports that,
"June sales of reporting wholesale dealers in this district were
7% smaller than in June 1927." The Bank in its Aug. 1
"Review of Credit and Business Conditions" goes on to say:

bout the same so last year




The principal increases were in sales

last column shows the changes for the six-month period
preceding June 1928:
TABLE 1-CHANGES IN TOTAL COST OF LIVING IN 19 CITIES FROM
DEC. 1914, JUNE 1920, JUNE 1927 AND DEC. 1927 TO JUNE 1928.
Per Cent of Decrease from
Per Cent of
Increase from
June 1927
Dec. 1927
June 1920
Dec. 1914
to June 1928. to June 1928. to June 1928. to June 1928.

City.

609

FINANCIAL CHRONICLE

Aua. 4 1928.]

Baltimore
Boston
Buffalo
Chicago
Cleveland
Detroit
Houston
Jacksonville
Los Angeles
Mobile
New York
Norfolk
Philadelphia
Portland, Me
Portland. Ore
San Francisco
Savannah
Seattle
Washington

73.7
64.8
78.7
71.5
76.3
79.4
64.1
63.3
67.4
63.5
74.4
71.5
75.3
63.8
50.5
58.8
56.6
85.8
59.7

18.9
21.8
19.3
20.1
20.0
25.3
22.7
22.3
17.0
21.0
20.4
22.8
17.9
21.1
24.9
19.0
25.2
21.2
20.7

Kansas City
Memphis
Minneapolis
New Orleans
Pittsburgh
Richmond
St. Louis
Scranton

11.2
16.4
15.8
18.2
22.3
15.3
19.9
28.9

26.4
20.5
19.2
16.7
18.0
19.8
19.5
16.2

0.5
2.8
.8
1.6
1.5
1.5
2.3
2.7
1.9
1.2
2.6
1.1
1.7
1.9
1.5
1.2
.9
.7
.7

0.9
2.0
.6
3.2
2.2
3.4
1.3
4.2
2.4
1.1
1.9
1.4
1.5
1.8
2.1
1.1
1.1
2.1
.5

PRODUCTION OF ELECTRIC POWER BY PUBLIC UTILITY POWER
PLANTS IN THE UNITED STATES (IN KILOWATT HOURS).
Change in Output
Totals by Fuels and Water.
from Precious Year
Division.
April.

May.

June.

May.

June.

452,462.000 459,425.000 442,858,000 +7%
New England
Middle Atlantic_ _ 1,786,183,000 1,798,517,000 1,725,982,000 +1%
East North Central. 1,632,457,000 1,654,088,000 1,620,899,000 +8%
West North Central. 384,803.000 415.817,000 404,854,000 +6%
840,801.000 895,077,000 897,374,000 +25%
South Atlantic
East South Central_ 268,906,000 278,290,000 255.607,000 -5%
West South Central_ 287,332,000 310,853.000 322,921,000 +20%
310,452.000 338,914.000 327,990,000 +11%
Mountain
889,299,000 977,958.000 997,996,000 +10%
Pacific

+4%
0%
+8%
+5%
+31%
-10%
+18%
+9%
+9%

+5%

+8%

Total In 11. 9

6.852,695,000 7,127,727.0006,996.481.000

The average daily production of electricity by public-utility power plants
in June was 233.200,000 k. w. h. nearly 1;.i % larger than the average daily
output in May.
The total production of electricity by public-utility power plants for the
first half of the year was 42,359,000,000k. w. h., an increase of 7% over
the output for the same period in 1927. By comparison with the figures
for 1927. the output for the first half of this year indicates a total output
for the year of about 86,000,000.000 k. w. h The output for 1927 was
80,200,000,000 k. w. h.
The output by the use of water power in June again exceeded all previous
average daily rate. The output
TABLE 2-CHANGES IN TOTAL COST OF LIVING IN 13 CITIES FROM records for both the monthly total and the
by the use of water power in May and June of this year was respectively
DEC. 1917, JUNE 1920, JUNE 1927 AND DEC. 1927 TO JUNE 1928.
1927. The output by the use
of
June
and
May
in
than
19 and 22% larger
of fuels, however, was only 0.4% larger in May of this year than in May,
Per Cent. of Decrease from
Per Cent of
Increase from
City.
1927, and about 11i% less in June of this year than in June, 1927. The
Dec. 1917
June 1920
June 1927
Dec. 1927
production of electricity by the use of water power for the first half of this
to June 1928. to June 1928. to June 1928. to June 1928.
year was 143i% larger than for the same period in 1927 and was about
41% of the total, as compared with 385i% for the same period in 1927.
13.9
22.4
2.0
0.3
Atlanta
13.7
Birmingham
19.9
1.0
1.7
These figures apparently indicate that water-power development is con21.0
17.7
.2
Cincinnati
1.9
tinuing satisfactorily, notwithstanding the marked advance in the efficiency
14.9
23.6
1.5
Denver
3.0
of fuel-burning power plants in the last few years.
18.2
21.3
Indianapolis
2.6
.8

70.0
Average United States b_
a Increase. b From 1913 to Juno 1928

21.5

2.5
1.4
1.2
1.7
2.5
1.8
2.7
1.0

.6
.8
•.3
1.4
2.0
.9
1.2
1.2

2.0

1.2

Tables 3 and 4 show the changes from Dec. 1914 or Dec.
1917 to June 1928 in each group of items, and in the total
cost of living, in each of the 32 cities:
TABLE 3-CHANGES IN COST OF LIVING IN 19 CITIES FROM DEC. 1914
TO JUNE 1928 BY GROUPS OF ITEMS.
Per Cent of Increase from Dec. 1914 to June 1928 in the Cost of
City.
Food.
Baltimore
Boston
Buffalo
Chicago
Cleveland
Detroit
Houston
Jacksonville _ _ _ _
Los Angeles
Mobile
New York
Norfolk
Philadelphia- - - Portland, Nle _
Portland. Ore._ _
Ban Prancisco
Savannah
Seattle
Washington

62.9
45.0
51.6
69.4
50.8
53.5
45.6
36.4
34.9
45.4
47.5
50.2
51.3
54.2
36.6
41.5
31.1
36.9
55.5

Fuel
House
Clothing. flowing. and
AtI
Furnish- MiscelLight. ing O'de. laneous. Items.
68.1
80.2
71.7
53.3
65.7
64.3
85.8
85.0
71.4
47.5
00.3
71.6
76.5
66.5
50.8
82.9
68.8
GS 8
it,.0

66.7
52.2
72.7
86.8
61.8
79.1
30.4
32.3
54.1
41.0
69.3
41.7
67.1
21.5
20.9
35.7
35.9
55.5
32.7

82.0
90.4
126.7
51.2
161.3
73.2
29.2
74.4
56.5
90.0
94.4
95.6
81.5
98.4
51.6
45.9
58.9
57.1
38.8

103.2
123.1
105.4
96.0

90.2
81.4
132.0
119.2
110.7
93.3
97.8
85.7
85.4
112.5
80.5
102.0
120.8
133.5
102.2

118.7
90.2
117.8
98.5
118.1
128.8
89.7
105.1
107.2
107.3
118.8
114.6
121.4
88.8
76.4
79.6
81.9
97.4
73.6

73.7
64.8
78.7
71.5
76.3
76.4
64.1
68.3
67.4
63.5
74.4
71.5
75.3
63.8
50.5
58.8
56.6
65.8
59.7

TABLE 4-CHANGES IN THE COST OF LIVING IN 13 CITIES FROM
DEC. 1017 TO JUNE 1028. BY GROUPS OF ITEMS.
Per Cent of Increase from Dec. 1917 to June 1928, in the cast of
City.
Food.
Atlanta
Birmingham_ _ _
Cincinnati
Denver
_
Indianapolis_
Kansas City___.
Memphis
Minneapo.is _ _ _ _
New Orleans._
Pittsburgh
Richmond
St. Louis
Scranton

•1.0
*4.7
5,5
*8.6
•1.8
•5.4
*8.1
1.6
*8.8
•3.8
•3.8
*3.5
2.4

Clothing. flowing.
.2
4.3
.
O3.9
8.4
4.3
2.7
1.5
•1.1
13.1
4.2
6.0
3.1
16.2

38.9
69.4
67.1
85.8
31.3
24.8
46.3
27.2
55.9
72.8
30.6
76.3
71.7

62.6
57.6
Average U.S. x 52.6
• Decrease. x From 1913 to June 1928.

Fuel
House
and
Furnish. MiscelAU
Light. tag O'de. laneous. Items.
31.8
37.1
61.1
26.9
29.2
28.7
60.0
45.2
34.6
85.6
43.9
18.9
69.0

15.2
13.9
15.4
20.5
13.7
6.8
18,0
12.3
17.9
15.9
33.8
21.8
30.1

35.6
28.2
49.7
33.4
52.3
35.0
36.9
34.6
46.1
46.9
41.0
37.2
56.2

13.9
13.7
21.0
14.9
18.2
11.2
16.4
15.8
18.2
22.3
15.3
19.9
26.9

77.2

101.1

195.5

70.0

Production of Electric Power in United States in June
Increase About 8% Over the Same Month in 1927Output for First Half of 1928 Increases 73.% Over
Same Period Last Year.

The total output of electric power by public utility power
plants in the United States in the month of June amounted
to 6,996,481,000 k. w. h., an increase of approximately 8%
over the same month a year ago when production was about
6,493,000,000 k. w. h., according to the Division of Power
Resources, Geological Survey. Of the total for June of this
year, 3,911,308,000 k. w. h. were produced by fuels, and
3,085,173,000 k. w. h. by water power. The Survey further
shows:




TOTAL MONTHLY PRODUCTION OF ELECTRICITY BY PUBLIC-UTILITY
POWER PLANTS IN 1927 AND 1928.

1927 a
January
February
March
April
May
June
July
August
September
October
November
December

6,830.000,000
6,166,000,000
6,840,000,000
6.482.000,000
6.600,000,000
6,493,000,000
6.477,000,000
6,693,000,000
6,605.000.000
6,932,000.000
6,876,000,000
7,211,000,000

1928.

Increase
1928
Over
1927.

6%
7,265,000,000
6,871,000,000 fall%
6%
7.246,000,000
6%
6,853.000,000
8%
7.128,000,000
8%
6,996,000,000

Produced by
Water Poster.
1927.

1928.

36%
37%
39%
40%
41%
39%
37%

38%

36%

---

33%
34%
36%
38%

---_ ___
- --__--

38%
39%

43%
45%
44%
----

37%
____
SO 205 MCI onti
Tntstl
a Revised totals. b Part of increase is due to February 1928 being one day
longer than February 1927.

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.

Little Change in Business Activity in New England,
According to Boston Federal Reserve BankDecreased Consumption of Cotton.
In the Aug. 1 Monthly Review of the Federal Reserve
Bank of Boston It is stated that "during recent weeks there
has been little change in the rate of New England business
activity, and the index of New England business activity
has fluctuated within an approximate range of 1% during
April, May and June." The Bank's further survey of the
situation follows:
In June, however, when allowances for the Quaternary seasonal variations have been made, the Index was slightly higher than that of April
or May. Increases in June compared with May were evident in the
amount of electrical consumption, and the production of boots and shoes,
while declines were registered in freight earloadings, residential building,
and cotton and wool consumption. Business conditions in New England
during the first half of the year averaged about the same as in the first
less cotsix months of 1927. New England mills consumed substantially
ton during June than in any other month since August 1924, while ConThere
1926.
sumption for the entire country was the lowest since August
mills
is usually a decline in the consumption of raw wool by New England
between May and June, but the recession this year was more than usual,
and in June the smallest amount since Mar, 1926, was consumed. Preliminary figures for the entire country also indicated a decline in June
from May. The daily average production of boots and shoes in June
was the highest for this month since 1923, and although there was a
slight decline between May and June, nevertheless, the decline was much
less than the usual seasonal amount. For the first six months of this
year New England shoe production was approximately seven per cent
larger than for the corresponding period a year ago, while the increase
for the entire country was less than one per cent. The value of new
building contracts awarded in New England in June was nearly 32%
less than in May, but was 15% ahead of June last year. The value for
the entire country declined about 21,4% in June from May, and was
about 3% larger than the corresponding month a year ago. There was a
decline in the total number employed in Massachusetts factories between
May and June. Sales of New England department stores in June were
approximately 21,4% larger than in June 1927, and preliminary reports
for July indicate a slight gain this year as compared with last year. Money
rates have continued to strengthen during recent weeks, and quotations
for brokers' prime commercial paper, at 5.5 24%, were higher the* at
any time since the latter part of 1923. Call money during the week ending

610

FINANCIAL CHRONICLE

July 21 averaged 5.44%, while time money during this same period was
6%. Between June 6 and July 18 there was a reduction in brokers' loans
of $369,000,000.

Increase in Industrial Consumption of Electric Power
in Philadelphia Federal Reserve District.
The use of electrical energy by industries of the Philadelphia Federal Reserve District increased 1.3% in the
month and was 4.7% greater than in June, 1927. Total
sales of electricity also were 1.3% larger than in May and
exceeded those of a year before by 10.1%. The output of
electric power by 13 central stations showed a decline of
less than 1% from the preceding month, but a gain of
10.4% over June, 1927. In reporting this the Federal
Reserve Bank of Philadelphia gives the following details:
Electric Power.
(Philadelphia Federal Reserve District.)
13 Systems.
Rated generator capacity
Generated output
Hydro-electric
Steam
Purchased
Sales of electricity
Lighting
Municipal
Residential and commercial
Power
Municipal
Street cars and railroads
Industries
All other sales

June.
(000 omitted.)

1.697 kw.
441.612 kwh.
165,947
178,412
97.253
359,457
67,187
7,083
60,104
237.196
5,246
43,848
188,102
55.074

Change
Change
from
from
May 1928. June 1927.
%
+4.4
-0.6
+14.0
-13.9
+6.4
+1.3
-2.8
-9.1
+0.3
+0.8
-4.0
+1.3
+12.1

%
+21.2
+10.4
+660.8
-43.1
+50.4
+10.1
+13.7
+8.9
+14.3
+5.6
+165.0
+1.9
+4.7
+28.7

[vol.. 127.

Trade.
Railroad shipments of merchandise and miscellaneous commodities in
the Allegheny district during the four weeks ended July 7 showed a loss
of 1.3% from the preceding four weeks and were 1.0% smaller than in the
same period last year. Transportation of all commodities by railroad
decreased 2.3% in the month and was 1.2% smaller than a year ago.
During the first six months of this year freight car loadings in this section
were 6.0% less than in the same period last year.
Coastwise and foreign shipments by water to and from the Port of Philadelphia in the first half of this year exceeded the tonnage reached in the
corresponding period last year by almost 9%. The gain in the tonnage of
foreign trade was slightly greater than that In the coastwise and intercoastal shipments. The value of imports and exports combined was nearly
2% less than in the first half of 1927.
The majority of reporting firms show practically no change In retail
prices during the month.
Retail sales during June were 1.4% larger than in May but were 1.3%
under the volume in June 1927. Department stores and men's apparel
stores in Philadelphia are responsible for the latter unfavorable comparison.
Sales by women's apparel stores, shoe and credit stores showed substantial
gains over a year earlier; nevertheless, during the first half of this year.
the dollar volume of retail trade in this district was about 4% smaller than
in the same period last year.
Inventories held by retailers generally at the end of June were materially
smaller than those on the same date a month and a year before. The rate
of turnover during June was only a trifle larger than a year earlier.
Wholesale Trade.-Business at wholesale In the main continues to move
at a fair gait. Sales of shoes, drugs, electrical supplies, groceries and paper
are in good volume, while those of drygoods, hardware and jewelry are
rather slow. Since the middle of last month trading in electrical supplies
and groceries has increased somewhat but in that in shoes, drygoods and
hardware has decreased slightly. Other lines show little change. Wholesale quotations remain practically at the same level as four weeks ago.
Sales in June were about 3% smaller than in the preceding month and
a year before. Electrical supplies were the only line that showed a substantial gain in sales over May and over June 1927. while most of the
remaining lines reported declines in the month and In comparison with a
year earlier. Stocks of drygoods, electrical supplies and groceries were
larger but those of hardware, jewelry and paper were smaller than at
the end of June 1927. Collections increased appreciably in five out of eight
lines from May to June but, compared with a year earlier, settlements of
accounts generally were smaller.

Automobile Sales in Philadelphia Federal Reserve
District During June Lower Than in May, But
Above Those of June Last Year.
The Federal Reserve Bank of Philadelphia finds that
business in automobiles at both wholesale and retail, while
Business Conditions in Cleveland Federal Reserve Disdeclining seasonally from May to June, was noticeably
trict-Steel Mills Operating at High Levels.
ahead of a year before. "This," says the Bank, "is likewise
"Fourth District [Cleveland] steel mills, particularly in
tame of business in used cars and in those sold on deferred
the Malioning Valley, are operating at high levels for this
payments." The Bank's further comment follows:
Stocks of new cars carried by the reporting distributors at the end of time of year and steel production continues well in excess
June were reduced from the volume of a month before, but increased as of it year ago," according to the Monthly Business Review,
compared with those on the same date last year. Inventories of used cars
Aug. 1, of the Federal Reserve Bank of Cleveland. The
held by dealers reflect a similar condition.
bank likewise says:
Automobile Ttrade.
(Philadelphia Federal Reserve Diet.)

12 Distributors.
Sales, new cars, wholesale
Sales, new cars, at retail
Stocks of new cars
Sales of used cars
Stocks of used cars
Retail sales, deferred payment

June 1928 Change from
May 1928.

June 1927.

Number.

Value.

Number.

Value.

%
-9.7
-14.6
-2.3
-17.4
-21.4
-9.6

%
-7.3
-14.2
-10.8
-14.7
-16.8
-3.0

%
+19.4
+13.4
+40.8
+60.2
+27.9
+6.8

%
+25.6
+13.6
+38.9
+46.2
+29.9
+25.3

Strong demand for sheets and pipe has brought a heavy volume of business to Youngstown plants, and orders for tin plate have likewise been
large. The price situation continues unsatisfactory, and profit margins
therefore remain small.
Conditions In other lines on the whole appear slightly better than a
month ago. The tire industry has Improved and signs of betterment are
at last appearing in the coal industry. Motor accessory concerns continue
to do a good volume of business. The clothing trades have been hampered all year by unseasonable weather, but the hot days of July stimulated
retail sales of summer wear. June building contracts awarded were 8.7%
larger than a year ago. Heavy June rains benefited some of the crops and
damaged others; oats and some of the fruits look better than a month ago,
while potatoes and tobacco were injured by excessive rainfall.

Business Conditions in Philadelphia Federal Reserve
Reviewing conditions in the rubber and tire industry the
District-Activity Fairly Well Sustained.
Bank says:
The tire business has improved, aided by the cut in tire prices on June
The Federal Reserve Bank of Philadelphia states that
'despite the slackening which usually occurs at this season, 11, the normal summer expansion of publlc buying, and the relatively high
rate of
production during June and early July. Akron manubusiness activity in the Philadelphia Federal Reserve District facturersautomobile
report business at present as being fair to good, with prospects
continues to be fairly well sustained, although generally at Improving.
buying increased materially following the reduction of tire prices
lower levels than those of last summer." The Bank, in its onDealers
June 11, owing partly to the fact that dealers' stocks had been allowed
"Business Review," dated Aug. 1, continues:
to reach a low point in anticipation of price cuts, and partly to an increase

Factory operations In Pennsylvania continue appreciably below last
year's levels, but, from May to June of this year, employment continued
unchanged and wage payments declined less than 1%, although usually,
at this time, pronounced seasonal declines occur. Moreover, In New
Jersey, both employment and payrolls made slight advances in June.
Further evidence of steadier industrial labor conditions in seen in the
Increasing ratio of positions to applicants at public employment offices in
Pennsylvania during recent months. Production of shoes, iron and steel
castings, cement, and wool consumption showed gains in June over the
preceding month, but seasonal recessions were evident in other products.
Pig iron output fell off considerably and anthracite production was much
less than in the prerPding month or in June 1927, While seasonal declines
occurred in the output of hosiery and soft coal and in cotton mill activity.
Industrial consumption of electric power was seasonally larger than in May
but exceeded the total of June 1927 by less than the usual amount.
Distribution of goods in this district generally continues in smaller volume
than last year though at a fairly steady rate for this season. Railroad freight
shipments in the Allegheny District were seasonally lower in June and
slightly under last year's level, but merchandise shipments in recent weeks
have exceeded those of the corresponding period in 1927. Wholesale distribution declined in June, and was about 3% less than in the preceding
year, most lines reporting smaller sales. Business at reporting retail stores
picked up somewhat and the reported volume for June was not far below
last year. Apparel and shoe stores continue to enjoy a relatively good
volume of business.
Real estate transactions in Philadelphia County were larger in number.
but smaller in value than in the preceding month or the same period of
last year. Building operations in the district generally continue active.
Business payments, as measured by debits to individual accounts in the
principal cities of the district, were substantially larger in June than in
the same month a year ago.
In the past few weeks rates on commercial paper and bankers' acceptances
have advanced further, and sveeral of the Reserve banks. Including this
bank, have again advanced discount rates. Borrowings from the Federal
Reserve Bank of Philadelphia early in July reached the highest point since
1921• • • •




in buying by customers as warm weather arrived and the touring season
got well under way. Sales of tires as original equipment have been better
than last year, as June motor production was extremely heavy for that
month in the case of numerous important automobile manufacturers.
Another favorable factor is that a large part of the crude rubber purchased
several months ago around the 40-cent level has now been worked Into
production, and the problem of inventory losses is therefore much less
acute now than earlier in the year.
Crude rubber prices have fluctuated but little during the past month,
and on July 16 stood at 20 cents a pound. Law cotton advanced two
cents a pound between early June and July 16.

The Bank finds the clothing manufacturing business in
its district "only fair." It says:
Moderate improvement has taken place with the delayed appearance of
summer weather, so that the present year now compares more favorably
with 1927 than was the case in the Spring, but demand is still inclined to
be a bit slow In spots and factories are not exceptionally busy.
The Fall order season is well under way and has proved somewhat disappointing on the whole. Makers to women's ready-to-wear report a
slight decline from last year in advance orders in dollars, although the
actual volume Is greater. Other lines also complain of narrowing profit
margins. The knitwear business has compared favorably with last year,
but just at present is not developing to the extent anticipated. Business
Is seasonally quiet in woolens. Fall orders of men's clothing are less than
a year ago. The men's knit underwear business in recent months has been
adversely affected by the drift from heavy to light underwear and the
increasing use of rayon. As a result there are many idle machines.
The retail and wholesale branches of the clothing trade give a more
encouraging picture, with some important exceptions such as dresses.
June clothing sales were larger than a year ago, gains being shown by
women's coats, 22.2%; ITUNICS' coats and suits, 29.8; juniors' and girls'
wear. 19.3; aprons and house dresses. 10.0; furs, 65.3; men's furnishings,
6.1; boys' wear, 4.2; infants' wear, 9.3; knit underwear, 2.0; and hosiery.
7.9%. On the other hand, sales of women's dresses declined 4.9%; misses'
dresece. 4.1; sports' wear, 2.1; and men's clothing. 1.4%•

AUG. 4 1928.]

611

FINANCIAL CHRONICLE

Sales of reporting wholesale dry goods firms in this District in June were
about 8% larger than in the same month of 1927.

Business Conditions in Kansas City Federal Reserve
District-Wholesale and Retail Trade Affected
by Unfavorable Weather Conditions.
From the "Monthly Review" (Aug. 1) of the Federal
Reserve Bank of Kansas City it is learned that "distributive
trade of wholesale firms in six lines and of retail department
stores were affected during June by unfavorable weather
conditions, and the month's sales were smaller than in
June of last year." The bank adds that "accumulated
sales for the first six months of 1928 showed the dollar
volume of sales by wholesalers was 3.5% above, and of
department stores 0.2% below, the volume of sales in the
first six months of 1927." The bank observes that major
industrial operations in its district at this summer season
"have to do with the harvesting of record crops of winter
and spring wheat, oats, barley and poratoes." Continuing,
it says:
Estimates by the United States and State Departements of Agriculture,
based on the July 1 condition, forecast combined yields of these five crops
at 569,333,000 bushels. This is 117,870,000 bushels,or 26.1%, above
the combined yields of the five crops in 1927.
The July 1 promise for this district was an all-wheat crop of 322,386,000
bushels, an increase of 73,219,000 bushels or 28.9%, over all-wheat production in 1927. The winter wheat crop was estimated 307,880,000
bushels, equivalent to 56.6% of the entire United States winter wheat
crop of 543,782,000 bushels, estimated as of the same date. This promise
of winter wheat in the district is 71,426,000 bushels greater than the crop
of 1927, and 31,919.000 bushels greater than the crop of 1926. The
yield of spring wheat, forecast July 1, is 14,506,000 bushels, 1.793,000
bushels more than that of 1927.
This district's production of oats is estimated at 155,135.000 bushels,
an increase of 16,735,000 bushels over the previous year's production;
the estimated barley crop of 47,464,000 bushels is 20,587,000 bushels
larger; and the estimated potato crop of 44,348,000 bushels exceeds 1927
production by 7,420,000 bushels.
Other important farm crops produced in this district, including corn,
cotton, hay, sugar beets, sorghums, and broom corn, made considerable
progress in June, and official July estimates indicated yields either a little
above or a little below that of the preceding year, the final outturn
depending on weather conditionsfrom now on to the time of their harvesting.
The new crop of winter wheat began to move to market from southern
sections late in June, increasing in volume as the harvest moved northward, and by the middle of July receipts at primary markets attained
high record proportions. The heavy marketings of wheat and other
farm products such as potatoes, vegetables and early fruits, were accompanied by some decline in prices.
While mid-year reports were more favorable for agricultural production
than a year ago, there were seasonal declines during June in the output
of manufactures and minerals, both as compared with May of this year
and June of last year. The production of flour during the month and the
first six months was smaller than in the same month and six months of
last year. Early in July the mills shifted to new wheat and with plentiful
supplies available operations were increased to a high percentage of productive capacity. Market supplies of livestock declined seasonally during
June and the activity at meat packing plants showed corresponding decreases. The meat packing record for the month and also for the first
half of the current year showed larger numbers of hogs and sheep slaughtered
and smaller number of cattle and calves slaughtered than in the same month
and six months of 1927.
In mineral production the gross output of crude oil for June and the
first half of 1928 was smaller than in the same month and six months of
last year. Shipments of zinc and lead ore during June were the largest
of the year and laregr than in June 1927, while for the six month's period
they were smaller than in the same period last year. Gradually strengthening prices were reported as giving impetus to the metal mining industry
in Colorado and New Mexico. The soft coal output in June was slightly
larger than a year ago, but for the calendar year to June 30 It was slightly
below 1927 production.
The value of building permits issued in leading cities during June was
the highest record for that month in three years, and the value of permits
issued during the half year exceeded that for the first half of 1927 by 13.6%
The aggregate of contracts awarded in June in the district, as reported by
the F. W. Dodge Corp., showed a gain of 59.5% over that month in 1927.
and for the six months a gain of 22.2% over the six months' period last year.

and 0.1% below that for June of last year, while their combined sales
for the first half of 1928 were 3.5% larger than for the first half of 1927.
Considered by separate lines the reports disclosed business was somewhat irregular. Of the six lines reporting only two,groceries and hardware,
showed larger sales in June than in May. Only two lines, hardware and
furniture, reported their June sales were larger than in June 1927. For
the half-year period sales of dry goods, groceries, furniture and drugs
were larger and of hardware and millinery smaller, than for the first half
of 1927.
Wholesalers of dry goods attributed the shrinkiage in June to continue
cold and wet weather. With outstanding orders for goods to be shipped
in July and August considerably in excess of the same period last year,
and the crop outlook and market prices for grain and livestock favorable,
there was a note of optimism in the reports.

Business Conditions in San Francisco Federal Reserve
District-Activity in First Half of 1928 Below That
of Same Period Last Year.
General business activity in the Twelfth [San Francisco]
Federal Reserve District was at lower levels during the
first half of 1928 than during the first half of 1927. Activity during June 1928 approximated that of June a year
ago, according to Isaac B. Newton, Chairman of the Board
and Federal Reserve Agent, of the Federal Reserve Bank of
San Francisco. Reviewing conditions, under date of July
20, Mr. Newton says:
Crop conditions on the whole have been more favorable this year than
last, and a large volume of agricultural production is in prospect in the
several States of the district
Industry has been less active thus far in 1928 than in the first six
months of 1927. Output of basic industries of the district, such as
lumbering, mining, and petroleum production, has been more nearly adjusted to demand than in the recent past, and it is estimated that stocks
of goods held by industrial producers have been reduced. Employment
and payroll disbursements were in smaller volume from January to June
1928, than during the same period of last year. During June 1928, industrial activity, in the aggregate, revealed the usual seasonal changes
and was at levels only slightly below those of June 1927.
The volume of trade transacted in the district was also smaller during
the first half of this year than during the same period of 1927, although
value of sales at wholesale and at retail was slightly larger than a year
ago. Railroad carloadings and sales of new automobiles were in smaller
volume than last year. During June 1928, carloadings, sales of automobiles, and general sales at wholesale increased by more than the usual
seasonal amount. Sales at retail, although smaller than in May 1928,
did not reveal the full seasonal decline expected in trade comparisons of
these two months. It is estimated that volume of distribution and trade •
was larger during June 1928 than during June 1927.
Commodity prices at wholesale were steady during the first quarter
of 1928 at slightly higher levels than in the first quarter of 1927. In
April and May 1928 advances in prices of many commodities-especially
agricultural products-brought average prices to the highest level since
the autumn of 1926. Recessions in prices during June were moderate
and temporary in character, and indexes for the first two weeks of
July were higher than were the indexes for any week of June, nearly
equalling high points of late April and early May.
The banking and credit situation in the district during the first half
of 1928 was influenced chiefly by two factors, (1) seasonal changes in
commercial demand for accommodation which, reflecting the lower level of
business activity, was in smaller volume than in the corresponding period
of 1927, and (2) the relatively unbroken increase from late January
to early June in member bank loans on stocks and bonds, which loans
have been in larger volume than during 1927. Borrowings of member
banks (chiefly city member banks) from the Federal Reserve Bank expanded throughout the six-month period and were heavier than during
the first six months of 1927. On February 4 1928 the discount rate of
the Federal Reserve Bank of San Francisco was raised from 3%, the
rate in effect at the beginning of the year, to 4%. On June 2 the rate
was raised to 4%%.

Analysis of Imports and Exports of the United States
for June.
The Department of Commerce at Washington July 3o
issued its analysis of the foreign trade of the United States
for the month of June and the six months ending with
June. This statement indicates how much of the merWe also quote from the "Review" the following relative chandise exports for the past two years consisted of crude or
to wholesale and retail trade in the Kansas City district: of partly or wholly manufactured products. The following
is the report in full:

Retail Trade.
June sales or reporting retail stores in cities of this district showed more
than the customary seasonal decline from the preceding month and were
smaller than in June last year. Most of the decrease was attributed to
the sold and rainy weather during the month, which was unfavorable for
shopping. The higher temperatures at the close of the month stimulated
buying activity and in the early part of July sales were in about the usual
volume for this time of the year.
Reports of department stores showed the dollar volume of sales in
June was 12% smaller than in May and 2.4% smaller than in June of
last year, while for the first six months of 1928 the accuumlated total of
sales stood 0.2% below that for the first six months of 1927.
Juno sales of reporting apparel stores were 5.2% smaller than n May,
but 9.1% larger than in the same month last year. Sales of shoes showed
a decrease of 11.1% from the preceding month and ran about even with
those in June last year. Reports of retail furniture houses showed their
Juno sales in dollars were 23% less than in May and 21.6% less than In
June of last year.
Department store stocks at the close of June were 7.2% smaller than
a month earlier and 1.1% smaller than on June 30 1927. Stocks of apparel
stores showed a decline of 2.6% for the month, and an increase of 6.3%
over a year earlier. Retail furniture stocks increased 21% in June but
were smaller by 11.8% than on June :30 1927.
Wholesale Trade.
Reports of wholesale firms, representing six leading lines, showed the
combined dollar volume of their June sales was 1.9% below that for May




ANALYSIS OF DOMESTIC EXPORTS FROM AND IMPORTS INTO THE
UNITED STATES FOR THE MONTH OF JUNE 1928 (Value in 1.000 Dollars).
Six Months Ended June.

Month of June.
Group1927.
Domestic Exports
Value.
Crude materials_ _ _ _ 63,349
Crude foodstuffs_ _ _ _ 25,207
Mftured footstuffs_ _ 36.355
Semi-manufactures _ 62,485
Finished mftures...... 161,149

1927.

1928.

1928.

%
% Value.
% Value.
% Value.
18.2 75,034 19.8 556,735 24.1 538.208 23.0
4.5 150,547 6.5 96.170
7.2 17,024
4.0
9.9 222.952
8.2 229,206
10.4 31,245
9.0
17.9 62,915 16.5 355.153 15.4 368,939 15.0
46.3 194,062 51.0 1,018,570 44.1 1,097,915 47.0

Total dom.exp_ _ _ 348,546 100.0380,2811100.02,310,211 100.02.324,184 100.0
ImportsCrude materials_ _ _ _ 137,511 • 38.7 109,6941
Crude foodstuffs_ _ _ _ 39,619 11.2 47,876
Mftured foodstuffs.. 42,172 11.9 29,131
Semi-manufactures _ 60,384 17.0 57,620
Finished mftures_ _ _ 75,207 21.2 70,797

34.8
15.2
9.2
18.3
22.5

845450 39.8 785,097 37.0
249,612 11.7 291,178 14.0
241,335 11.4 212,409 10.0
371,353 17.5 367,926 17.0
415,425 196 427822 anTs

Total imports_ ___ 354,892 100.0315.118 100.0 2,123,175 100.0 2.084,432 100.0

West Coast Lumbermen's Association Weekly Report.
One hundred twenty-two mills reporting to the West
Coast Lumbermen's Association for the week ended July 21
manufactured 128,134,680 feet, sold 118,463,609 feet and

612

FINANCIAL CHRONICLE

[VOL. 127.

shipped 118,921,683 feet. New business for the first 29
weeks of 1928 for an average number of 114 miles totaled
3,647,634,380 feet, or 298,090,772 feet more than production and an increase of 89,104,817 feet over total shipments
for the same period.
COMPARATIVE TABLE SHOWING PRODUCTION, NEW
SHIPMENTS AND UNFILLED ORDERS.
Week Ended—
July 21.
July 14.
July 7.
No.of mills reporting-.... _
122
113
120
Production (feet)
61,924.373
128,134,680 110,656.236
New business (feet)
99,364,980
118.463,609 113,051,759
Shipments (feet)
94,323,216
118,921,683 138.157.952
Unshipped Balances—
Mail (feet)
169,079,472 172,499,040 172,783,389
Domestic cargo (feet)._ _ _ 161,315.925 156,386,580 165,363,836
Export (feet)
126,399.353 120.171,343 119,745,434

late increased pig production next spring will be a matter for producers
to decide. The prospect is favorable for hog raisers if production is not
again overdone.
The tendency of crop prices has been downward lately, including prices
of corn, wheat, cotton, and potatoes. However, the general price position
of farm products as a whole is still the most favorable in eight years.
Purchasing power of farm products stood at 95 in May and 93 in June,
BUSINESS. the five pre-war years representing par, or 100. This is the highest level
of purchasing power since 1920.
June 30.
115
119,880,930 Canadian Wheat Pool in Interim Payment Pays More
120,101.253
Than $34,000,000 to Members in Western Provinces.
155,878,134

According to Winnipeg advices to the Montreal "Gazette," an interim payment of more than $34,000,000 was
made July 28 to members of the Canadian Wheat Pool
456,794,750 449,058,963 457.892.659 456.221,961
1925.
1926.
1927.
In the western provinces. The "Gazette" says:
1928.
163,738.788
168,328,990
124,154,185

Total (feet)
First 29 Weeks of—
Avge. No.mills reporting.3,349.543.608 2,184,898,137 2,938,764,538 2,884,790,687
New business (feet)
3,647.634,380 2,319,913,051 3,109,124.981 2,977.750,788
Shipments (feet)
3.558.529,563 2,275,528,630 3,061,281,131 3.026.042,909

In practically every district of Saskatchewan, Manitoba and Alberta
pool members will share in the distribution, which is the largest interim
payment every made by the wheat pool.
To-day's payment is the second interim one for the 1927-28 crop, the
Farm Prices Higher Than Last July.
first having been made on March 10.
"There seems to be general satisfaction among our members as to the
The general level of farm prices showed no change during the period from June 15 to July 15, remaining at 145% manner in which the various selling problems were handled and the
average price obtained for their wheat," stated E. B. Ramsay, manager
of the pre-war level, according to the index number series of the Central Selling Agency, Winnipeg, in announcing the payment.
On contract grades the payment ranges from 16 cents to 25 cents per
issued July 30 by the United States Department of Agriculture. During the month, meat animals advanced 7 points, bushel; tough grades from 13% cents to 29% cents; Nos. 4 to 6, 11 to
15% cents, and on Durums, 11% cents to 19% cents per bushel, acpoultry products 7 points, and cotton and cottonseed, 8 cording to grade.

points, while these advances were offset in the computation by a decline of 10 points for grains and a decline of Increase in Tariff on Corn From Argentine Urged at
Hearing Before Tariff Commission.
12 points for fruits and vegetables. At 145 the index is
15 points above July 1927. The Department furnishes the
A 50% increase in the tariff on corn as a protection against
following details:
Argentine imports was urged at a hearing at Washington
Hogs.—The farm price of hogs made a sharp advance of approximately
11% from June 15 to July 15. Receipts of hogs at seven principal
markets were about 9% smaller for the week ending July 14 than for a
similar period ending June 18. Storage stocks of pork on July 1 were
slightly less than on June 1. In addition, the June pig survey showed a
reduction of 7% in the number of pigs saved this past spring compared
with the spring crop of 1927, and indications point to a decrease in the
fall pig crop of this year from that of last year. All of these factors
have favored the upswing in the farm price of hogs since June 15. The
corn-hog ratio advanced from 8.5 on June 15 to 9.4 on July 15.
Sheep and Lambs.—The farm price of sheep declined approximately 4%
while the farm price of lambs declined about 7% from June 15 to July
is. The price decline was accompanied by an increase in market receipts.
The farm price movement and the movement of animals to market were
both typically seasonal.
Corn.—The farm price of corn again failed to make the usual seasonal
advance, the average price paid producers having remained at practically
the same level since May 15. Prospects for the 1928 crop have undoubtedly
offset the price-strengthening effect of the still active feeding demand and
rapid disappearance of visible stocks.
Wheat.—The farm price of wheat continued the decline from the year's
top prices in May during the period from June 15 to July 15. The farm
price was approximately 11% lower on July 15 than for the same date a
month previous. The decrease in the farm price has been accompanied by
Improved prospects for the 1928 wheat crop, and by Canadian reports
indicating acreage increases and conditions better than at this time last
year. The world's stocks of old wheat on July 1 were slightly larger than
a year ago. The movement of the new crop to market has also had a
depressing effect cn the farm price.
Potatoes.—The farm price of potatoes showed a further decline of
about 7% from June 15 to July 15. There was a continued heavy movement of the 1928 crop from the second early States. The farm price movement for this period was decidedly different in various parts of the
country. The farm price declined approximately 29% in the South Atlantic States, 25% in the South Central Division, 20% in the North Atlantic States, and 3% in the North Central States. These price declines were partially offset in the index by a farm price advance of
nearly 15% in the Far West. In the Far West, the average price paid
producers advanced due to the shift from an old crop to a new crop sales
basis.

Crops Made Rapid Progress in Past Month, According
to Department of Agriculture.
Crops generally have made rapid progress during the
past month, with haying in full swing and wheat harvest
moving northward, says the United States Department of
Agriculture in its monthly report on the agricultural situation, issued July 28. The Department's advices add:
Growth has been furthered by the frequent rains throughout the eastern part of the country, although they have interfered somewhat with
the haying and wheat harvest, says the department. The July estimates of acreage indicated some increase in the total crop area over
last year but the composite condition of the principal crops on July 1 was
not quite up to average.
Spring wheat is headed and fairly well filled except where it has been
hurt by drought as in sections of South Dakota and southwestern Minnesota. The July reports indicated a total spring wheat crop about average but much smaller than last year.
Wheat harvest is slowly moving up into the North, having been delayed by bad weather. In the Great Plains territory winter wheat is
threshing out to better yields than expected in many sections, though
some of the grain is reported as rather high in moisture content and low
In protein content. Stands were thin in central and eastern sections,
some areas reporting there would not be enough grain threshed to furnish this fall's seed.
Corn is tasselled out and silking in most of the Corn Belt. Present
prospects for the crop are much more favorable than they were a year
ago. Should an average corn crop or one above average be harvested, its
effect on the hog situation would probably be to make the corn-hog
price ratio favorable to feeding after October, with subsequent late movement of the spring pig crop. Whether such price ratio may also stimu-




on Aug. 1 before the Tariff Commission by a group of farm
leaders headed by Senator Howell of Nebraska and Frank
P. Manchester, Secretary of the Omaha Grain Exchange.
The hearing, according to the United States "Daily" brought
out testimony that competition between Argentine and
American corn in world markets regulates the price of corn
in the domestic markets. The account in that paper goes
on to say:
The Commission's investigation was based on an application by a group of
American corn growers, and supported by the American Farm Bureau
Federation, for a 50% increase in the tariff on corn from Argentina, which
the Commission found in its cost studies to be the principal competing
country. The application for the increase was opposed at the hearings by
the Argentine Government.
Senator Howell Asks Increase.
The hearings were opened by Senator Howell (Rep.) of Nebraska, with a
general discussion of the economic need for higher tariff rates on Argentine
corn.
Manuel G. Durand. Argentine Consul attached to the Argentine Embassy
in Washington, contended that the increase sought by the applicants was
not warranted on the ground that the Argentine importations were negligible.
and that such importations did not come in direct competition with the
American product.
Frank P. Manchester. Secretary of the Omaha Grain Exchange, Omaha.
Neb.. stated that corn produced in Nebraska did compete with Argentine
corn at San Francisco. and that Nebraskan corn growers had to sell their
product at lower prices to meet this competition.
W. R. Ogg. spokesman for the American Farm Bureau Federation,
supported Mr. Manchester's view and added that tho Argentine product
competes not only in the Pacific Coast States but also on the Atlantic
seaboard.
Commissioner Dixon in questioning Mr. Manchester pointed out that
the value of imports is exceeded by value of corn products exported.
Cost Figures Questioned.
Mr. Durand questioned the propriety of tentative cost data prepared
by the Commission, but Mr. Ogg said he was aware that Argentina had
refused its book costs to the Commission which consequently had resorted
to Argentine invoice prices.
Mr. Ogg discussed the Commission's 2 methods for computing costs, and
contended that no matter which method was used, the maximum increase
of 50% allowed under the law would not equalize the difference in costs of
production between the United States and Argentina. Mr. Durand had
previously detailed the relationship between the two governments in the
matter of tariff duties, which he explained were too high, and also other
difficulties the Argentine Government had encountered in the way of
embargoes and other restrictions or importations from that country.
Both Mr. Manchester and Mr. Ogg contended that competition between
the 2 countries centered around corn surpluses. Mr. Ogg further said corn
prices at Buenos Aires and at Liverpool affected prices in the domestic
•
markets.
After expressing his opposition to the proposed increase, Mr. Durand
said that the Argentine Government looked with deep concern upon the
Commission's investigation, lie said that instead of an increase there
should be a downward revision of the tariff on importations from Argentina.
He read into the record statistics to show that the production of corn in the
United States during the last 4 calendar years was 1,000 times greater
than in Argentina. He closed his statement before the Commission with a
request that he be permitted to file a brief, and also made available to
the Commission other data for use in its final consideration of the case.
Testimony was also offered by the applicants to show that corn importations had a tendency to "break" the prices in the domestic markets.
According to Mr. Manchester, the Nebraskan corn growers feel an increase is necessary to keep out Argentine importations. Mr. Manchester
contended that corn imported from Argentina was not interchangeable with
American corn, but Mr. Ogg testified to the contrary, claiming that corn
prices cannot maintain a proper price level because of Argentine importations.
Summing up his case before the Commission, Mr. Ogg said that a study
of'market conditions shows that there is competition in the domestic markets
between Argentine corn and American corn and that domestic prices are
adversely affected thereby. Mr. Ogg accepted the Commission's tentative
coat data with some modifications, which he submitted to the Commission.

Aim. 4 1928.]

FINANCIAL CHRONICLE

Mr. Ogg also said that the Commission's cost data justified the proposed
.
increase in the duty from 15 cents to 22% cents per bushel.
Competition with Argentina.
Iowan corn producers were placed on record by J. 0. Shaft of Clinton,
Iowa, as favoring a 50% increase in duty on corn imported from Argentina.
Mr. Shaft said he appeared at the request of the Governor of Iowa, John
Hamill.
Mr. Shaft'declared that Argentine corn came into direct competition with
Iowa corn, not only on the Pacific Coast, but in his own State. He argued
that Iowan corn producers were handicapped by high freight rates from
Iowan points to points on the Pacific Coast.
It was his opinion that costs of production in the American corn belt
were about the same. He also declared that Argentine importations last
year caused a drop in the domestic prices from 10 to 25 cents per bushel.
Ile predicted that with a higher tariff on Argentine importations,.domestic
prices to the farmers would rise materially.
Questioned by members of the Commission for an opinion as to what factors control corn prices in this country, Mr. Shaft pointed out that Argentine importations had a psychological effect on regulating prices for domestic
corn. Other elements, he said, entered into the question of prices. He
explained that condition of crops In Argentina affected corn prices in this
country.
Concluding the hearings before the Commission, the Chairman, Thomas
0. Marvin, announced orally that interested parties were given ui.i il Sept.4
to file briefs.

Grain Dictator Named in Soviet Crop Crisis.
According to Associated Press advices from Moscow.
Aug. 1, dictatorial powers for control of distribution of the
coming crops were conferred by the Soviet Government on
that day upon G. K. Ordjonikidzo, Vice-Soviet Premier and
head of the Department of Workers and Peasants Inspection.
Simultaneously the Government requested all allied republics
to appoint similar local supervisors. These advices as
reported in the "Times" further state:

613

report each day upon your regular form 101 each Individual account on your books
having an open Interest In July corn amounting to 100,000 bushels or more. In
other words, the amount fixed by section 2, paragraph f, of the regulations now
becomes 100,000 Instezd 01 500,000 bushels, when reporting July corn. Send name
and address for each code number or letter. This call is effective July 25 and until
further notice.
"Please see that your clerks, who are making out the reports on open Interest.
special accounts, are fully informed regarding this change, from 500,000 to 100,000
bushels. Report total long and total short In each account open in July corn. If
you have no such open interest kindly state so on your report. All open interest
must be reported each day regardless of whether or not there Is a change.
On Long Side.
According to trade gossip, Herbert J. Blum, P. K. Wrigley and Allan
Moore, the latter of Monticello, Ill., are the speculators who are principal
holders of contracts calling for July corn. Prominent corn and starch industries here and at Decatur, Ill., are also said to be long awaiting delivery on their contracts.
Ilerbert J. Blum, on the exchange floor of the Board yesterday, readily
admitted that he is long on July corn and that he wants it delivered to
him. Ile said there is an actual scarcity of corn in the country and he
believes corn will sell higher in September than it has any time this
year.
"Chicago shippers are selling to Canada and New England at better than
July price," he said, "and I have a message here stating that Kansas
City is selling corn to Oklahoma and Texas at 4 cents a bushel over
July and to Illinois feeders at 6 cents over July. When such premiums
are paid for the actual article, there can be no justified claim of market
manipulation."
Elevators Are Hit.
The shorts in the market are said to be elevator interests. They, it is
claimed, sold July and bought September, expecting the latter to go to
a premium. The spread went against them and they have faced a loss,
which they must accept within the next four days, unless enough corn
is brought here to change the situation.
L. A. Fitz, local Grain Exchange Supervisor, when asked if he had
anything to add to the special order given the trade, said he believed the
notice self-explanatory. It was issued, he said, to ascertain the actual
situation in the July corn and to place at rest vague rumors that were
being circulated.

The decree empowers the crop dictator to demand from all Soviet Union
authorities and from all organizations, both co-operative and governmental.
immediate delivery of any data relating to the coming crops.
Local supervisors are placed under his jurisdiction and he is vested with
power of immediate action in any emergency without the necessity of consulting the Council of Peoples Commissaries.
The dictator is given the right to remove all obstacles which might
block successful conduct of the coming grain campaign and to apply disciplinary measures and criminal procedure to any persons who created
such obstacles or who neglect to remove them when they have opportunity
to do so.

Distribution to Members of Alabama Farm Bureau
Cotton Association—All Cotton for Season Sold.
All cotton in the annual pool of the Alabama Farm Bureau
Cotton Association for the season of 1927-1928 has been sold
and Farm Bureau members have been mailed checks that
bring the distribution up to 17 cents per pound middling
basis, it is learned from the Montgomery "Advertiser" of
July 27. The account in that paper also says: The checks
Members of Chicago Board of Trade Called Upon by amounted to 8156,000, Allen Northingtoia, general manager
the association, said:
Grain Futures Administration to Report Names ofThe
association is handling 30,161 bales through the annual pool this
of Customers Having Open Accounts of 100,000 year. Final settlement and final checks will be sent to members on this
Bushels of Corn—Unprecedented July Premium. amount, Mr. Northington said, as soon as possible.
A letter which Mr. Northington sent to Farm Bureau members with the
From the Chicago "Journal of Commerce" it is learned distribution is as follows:
situation
lember:—We have succeeded in closing out all the cotton in the
unusual
in
an
July
"Dear
of
for
notice
corn
official
that
annual pool for the season 1927-1928. However it is quite an undertaking
delivery on the Chicago Board of Trade was taken on July to
get out final statements and final checks as we always have to have our
26 when Clearing House members of the Board were noti- final figures audited before mailing checks in final settlement of annual
Grain
the
Futures
Administration the pool cotton.
fied to report to
"For this reason there will be some delay in getting out final checks on the
names of all customers on their books having an open in- annual
pool cotton and apprediating the needs of the members for some addior
bushels
more."
The
100,000
paper
of
says
quoted
terest
tional money right at this time, we are making another distribution to bring
their annual pool cotton up to 17 cents per pound middling basis and we are
In its July 27 issue:
For several weeks, the trade here and at the other leading markets
has been puzzled by the action of the July delivery in maintaining an
almost unprecedented premium over the September delivery. Late In
June the difference was a little more than three cents a bushel and it
was confidently believed first of July deliveries would bring such pressure of the actual grain on holders of July contracts that the premium
would quickly vanish. Instead, it increased to 4c., and then 6. At
the close yesterday, July corn was selling at 13%c. over the September.
Shorts in Tight Hole.
So far this month, there have been delivered on July contracts approximately 5,500,000 bushels. It has been estimated that the long interest
in the market aggregates between 12,000,000 to 15,000,000 bushels. If so,
the shorts have but four more trading days in which to deliver between
6,500,000 to 9,500,000 bushels here in order to meet their contracts.
Possibility of a tight situation in July corn began to make its appearance several weeks ago. At that time, high bids were made for corn to
come here from the country and from other terminal markets. Receipts
here immediately began to increase, rising from 387 cars for the first
week of July to 1,403 cars last week. So far this week, 1,303 cars have
been received.
In the face of this heavy movement to this market, stocks of contract
corn here made no perceptible increase until last week, and then the gain
was only 1,313,000 bushels. The total in store here now is 4,615,000
bushels.
From Other Markets.
A disquieting feature about the big receipts here, so far as those who
wanted the corn was concerned, was that about 75% of them came from
other markets and not from the country. In other words, little was added
to the amount available for general distribution, as stocks were simply
being moved from one visible supply point to another.
This was reflected in continued liberal buying of the actual grain on
track here at advancing premiums over the July quotation. This buying
was for shipments to Canada, New England industries and feeders and to
Buffalo.
A shipper reported yesterday selling a car of No. 3 yellow corn to
Canadian interests at lc. over the July price. This No. 3 yellow corn is
deliverable on contract only at 2c. discount In other words, if the
short wanted to deliver No. 3 yellow on the present basis, lie would have
to pay lc. over July for the corn and then pay the holder of the contract
2c. a bushel for accepting that grade.

enclosing herewith our check for this amount.
"We hope this check will mach you in good time for your needs, and
you can rest assured we are doing everything physically possible to get
the final statements and final checks out to you on your cotton at the earliest
possible moment."

Text of Decision Denying Petition for Injunction
Against New York Cotton Exchange.
In our issue of July 28 (page 475) we presented an outline
of the findings of Justice Alfred Frankenthaler in the Supreme Court of New York County denying an application
by Louis N. Osmond for a temporary injunction to restrain
the New York Cotton Exchange, George H. McFadden &
Bro. and Anderson, Clayton & Co.from delivering allegedly
substandard cotton on future contracts. In issue of Aug. 1
the "Journal of Commerce" gives the text of the opinion, in
the following:
Holding that the inspection of cotton and the determination of its eligilbility for tender under contract within the cotton futures law, as amended
by the Act of 1919. is no longer a function of the cotton exchanges, or
under their control, but that the legal duty and authority to pass on the
tenderability of cotton are vested exclusively in the Federal Cotton Examiners who are employees of the Department of Agriculture, Justice
Frankenthaler, in the Supreme Court. Special Term, Part 1, for New York
County, on July 26. in the case of Osmond against the New York Cotton
Exchange, Anderson, Clayton & Fleming and George It. McFadden & Bro•,
dismissed the plaintiff's motion for an injunction, pendente lite, to restrian
the defendants from tendering cotton which might not conform with the
requirements of certain contracts he alleges he had entered into.

Allege Exchange Obligation.
In affidavits filed with the motion it was alleged that a large part of
200,000 bales of cotton in store at New York owned and controlled primarily
by the individual defendants was ineligible for delivery under the cotton
futures law, that It was the duty of the New York Cotton Exchange under
its by-laws to see that no cotton was tendered which did not comply with
the requirements of that law, and that the effect of repeated tenders of
such cotton by the individual defendants was to depress prices. It was
also alleged that the Exchange was under a duty and obligation to inspect
Text of Notice.
and examine all cotton delivered under contracts made on its floor and
to protest and reject any ineligible cotton.
The notice given the trade follows:
It is a view held in legal circles that under the law as announced in this
"In order that the Business Conduct Committee may be kept fully Informed reissued
is
call
a
corn,
July
herewith
to
all members to decision, amendatory legislation by Congress would be necessary before
garding the open interest In




614

FINANCIAL CHRONICLE

the exchanges could be held responsible, without actual complicity, for
the presence of non-tenderable cotton, even though in volume sufficient to
depress prices. In the course of this opinion Justice Frankenthaler, after
adverting to the fact that after cotton has been once graded and classified by the official examiners of the Department of Agriculture it can be
re-examined only once under its regulations, and that only on request
by the original owner who obtained its certification or by the person to
whom he has delivered it, held that the Cotton Exchange could ask a reclassification only when it itself bought the cotton. which it never does.
The text of the decision follows:
Plaintiff's Charges.
"Plaintiff seeks an injunction pendente lite restraining the New York
Cotton Exchange, Inc., and various members thereof from tendering or
delivering, under contracts made on the Exchange, cotton which does not
conform with the requirements of those contracts. He alleges in his complaint that between May 1 1926 and Jan. 1 1928 he purchased through
members of the Exchange certain contracts for the future delivery of cotton;
that the contracts, in accordance with the rules and regulations of the New
York Cotton Exchange. provided in effect that no cotton should be considered a good tender thereunder which failed to comply with the standards
specified in Section 5 of the United States Cotton Futures Act, and that
the Exchange was under a duty and obligation to inspect and examine all
cotton delivered against contracts made on its floor and to protest and
reject any ineligible cotton. He maintans further that during the period
above mentioned there was held in the Port of New York.subject to delivery
against cotton futures contracts,a stock of cotton averaging about 200,000
bales, owned and controlled primarily by the individual defendants: that
a large portion of this cotton was ineligilbe for delivery under Section 5 of
the Cotton Futures Act, but that it was nevertheless repeatedly tendered
by said defendants as a good delivery, with the result that the market
price of contracts for the future delivery of cotton was artificially depressed
to the intrinsic value of the inferior cotton; that the Exchange, in violation
of its duty, permitted the tender of ineligible cotton against contracts
entered into by its members and that the contracts which plaintiff still
holds will be rendered valueless unless the defendants are restrained from
continuing to tender ineligible and inferior cotton in purported performance
thereof.
Duty Suppressed.
"In his supporting affidavit plaintiff contents himself to a great extent
states
that
the charter of the Exchange required that
with generalities. He
It inspect all bales of cotton to be tendered under its contracts and that.
since its organization, it has been accustomed to make such an inspection
and to protest ineligible cotton. He claims that traders in cotton rely upon
the Exchange's inspection and regard its failure to reject as a sign of eligibility. He charges the individual defendants with having intentionally
shipped to this port thousands of bales of ineligible cotton which had been
certified as suitable for tender under the Cotton Futures Act by the United
States Department of Agriculture, claiming that their purpose was to depress prices and thereby profit from their market manipulations. He complains of the failure of the Exchange to protest to the Federal Government
and to warn the holders of contracts of the presence of the large quantity
of inferior cotton, of which, he contends, the Exchange was well aware.
He alleges that about 50,000 bales out of 200,000 on hand in the Port of
New York fail to conform to the Government standard. In support of his
assertion, he states that a body of experts appointed by a subcommittee
of the United States Senate reclassified 172,000 of the bales, rejected 6,761
outright and found that there were between 40,000 and 41,000 bales additional which were less than the staple length of seven-eighths of an inch
required by law.
"Additional affidavits submitted in plaintiff's behalf add little to the foregoing. One Ganier states that 15 November 1927 he examined a number
of samples of cotton which had been dellveed against contract in New
York and found them to constitute an improper tender; that he protested to
the President of the Exchange, who told him there had been complaints
about the quality of cotton delivered but that he did not consider the Exchange responsible, as the matter was entirely in the hands of the United
States Government. When the answering affidavits are read it becomes
apparent, however, that the extravagant claims of the plaintiff are without
foundation.
"Prior to the passage of the United States Cotton Futures Act in 1916,
It is true, the New York Cotton Exchange determined the quality, grade
and length of staple of cotton deliverable under contracts made upon the
Exchange. A 'classification commt;tee' of the Exchange was under a duty
to examine samples taken from the bales in order to ascertain whether they
were in accord with the standards adopted. When cotton was tendered
for delivery against contracts made on the Exchange, the tender was made
by delivering a negotiable warehouse receipt, accompanied by a certificate
of classification issued by the classificatio committee, stating the grade
of the cotton. This situation continued until the Act was amended in 1919.
Since then the Exchange ceased to classify or grade cotton, that function
being transferred to 'cotton examiners' appointed by the Secretary of Agriculture pursuant to the Cotton Futures Act and regulations promulgated
by him thereunder. The only duty that is still performed be employees
of the Exchange is the 'inspection' of cotton. This consists of an examination of the physical condition and the weight of the bales and the taking of
samples from them. These samples are then submitted to the Federal
examiners, who determine the grade, quality and length of staple of the cotton and classify it accordingly.
"Such cotton as they find conforms with the requirements of the Cotton
Futures Act receives a certificate, and thereafter constitutes a proper tender
under that statute. Section 44, subdivision (a) of the by-laws of the Exchange provides in part that neg, tble warehouse receipts . . . accompanied by a certificate of grade issued by the Secretary of Agriculture
or by a notice of grade, validated by the Secretary of Agriculture, shall be
a good delivery in fulfillment of contracts for future delivery,' and it is,
therefore, clear that certification by the examiners appointed by the Secretary of Agriculture conclusively establishes the eligibility of cotton for
delivery against contracts made on the Exchange. It follows that even if
the Exchange has the right to make an independent examination and
classification, any attempt on its part to do so would be a work of super
erogation, and, what is more, would be utterly useless. Its classificaton
could not add to or detract from the elegibility of cotton which had received
certification at the hands of the cotton examiners representing the United
States Government. Moreover,cotton which has been graded and classified
by the official examiners can be re-examined only once under the regulations
Issued by the Secretary of Agriculture. This cannot bedone except upon
request either of the owner of the cotton who originally requested its classification or the person to whom the owner delivers the cotton.
Only where the exchange itself purchases the cotton—which is apparently
never the case—can it request a review of the examiners' classification and
grading. Assuming, however, that the exchange possesses the right to
have an independent examination, it assuredly owes no duty to any of its
members to examine cotton tendered for delivery against contracts entered
Into by them and, a fortiori, it is under no such obligation to nonmembers,
such as the plaintiff in this action.




[VOL. 127.

Allegations Unsupported.
"Moreover, when we look into the merits of plaintiff's contention that
the 200,00'0 bales held in the Port of New York include about 50,000 bales
of ineligible cotton, we find that the answering affidavits vigorously controvert his claim in this direction. After 6.761 bales had been found ineligible by the experts appointed by the United States Senate subcommittee
the Secretary of Agriculture sent official examiners from the Appeal Board
of Review of Examiners of the Bureau of Agricultural Economics to examine
these bales. They examined 3,295 hales and found only 1.413 untenderable. The balance of the 6,761 hales had been shipped out of New York
some time prior to the reclassification, except for about 100 bales which
could not be located. An examination of the report of the Senate subcommittee fails to disclose any support for plaintiff's statement that between 40.000 and 41,000 additional bales were declared ineligible for
delivery. The views expressed by the 'classers' employed by the subcommittee.are annexed to its report in the form of an appendix.
Experts at Odds.
"They indicate that there was a serious question in the minds of many
of these experts as to whether the standard X, of an inch cotton staple
furnished by the Government was in fact 74 of an inch long. The doubt
on this point was due to the fact that varying conditions of moisture and
temperature affect the staple types and also to the differences in accuracy
in the human eye. If it be the fact that about 40,000 additional bales
were regarded as improper tender by experts employed by the subcommittee,
this may well have been due to the confusion with regard to the accuracy
of the Government standards, over which none of the defendants have
any control. However that may be, there is no satisfactory evidence
presented that more than 6,761 bales were found to be ineligible for tender.
One and One-Half Per Cent Rejected.
"As reclassification by the examiners of the appeal board resulted in the
rejection of only 1,413 bales, slightly more than 1 % of the 172,000 bales
originally examined, it must be obvious that there is, to say the least,
grave doubt that plaintiff will succeed upon the trial of this action in
establishing his contention that about 50,000 bales of cotton were or are
Ineligible for tender. It is indeed difficult to understand upon what
theory plaintiff seeks to hold the defendants responsible for permitting
the tender of cotton certified by the proper representatives of the United
States Government, even if a great quantity thereof be in fact below the
standard specified in the Cotton Futures Act. There is no allegation in
the complaint that any of the defendants was even indirectly responsible
for the Government's approval of ineligible cotton, and there are an entire
absence of averments of fact to warrant the conclusions as to legal liability
which plaintiff spreads at large over his moving papers. As he has, however, failed to establish the existence at the Port of New York of any
considerable quantity of ineligible cotton, it is necessary to pass upon his
right to seek redress from the defendants. The premise upon which his
claim of legal liability is based is the presence in this port of large amounts
of inferior cotton. With that unproved his entire case falls to the ground
and the motion must, therefore, be denied."

Lockout in British Cotton Mills Averted.
Manchester (England) Associated Press advices Aug. 1
said:
The threatened lockout of 500,000 mill hands, announced on July 27
by the cotton mill owners of this district, has been averted. The threat
was based on a strike in the Ramsey mill, which in turn resulted from
refusal of the owners of that establishment to discharge a workman who
had allowed his union membership to lapse.
The employee has rejoined the union and the strike was called offto-day!
The lockout was to have been effective on Aug. 11.

Egypt to Hold Cotton—Government Declares State
Stocks Are Not for Open Market.
The following from London July 30 is taken from the
New York "Times":
Replying to the delegation from the provinces on Saturday, Mohamed
Mahmud Pasha declared that the Government will burn the stocks of
cotton purchased during the operations of recent years, rather than throw
them on the market regardless of the interests of the cultivators. Despite
repeated denials, the rumors regarding the intentions of the Government
to sell the stocks has been again in circulation, causing nervousness on the
Alexandria Bourse, which has shown a healthy tone since the special arrangements were made by which Government cotton was sold to the Soviet
Government.
Indeed it was for this reason alone, that the Egyptian Government consented to receive Soviet textile import representatives, who are now endeavoring to obtain permission to establish a permanent bureau, not only
for cotton purchases, but also for general trading. No official reply to the
request has yet been made.

May Shipments of Rubber Tires Largest Since August
1926—Production at High Level—Inventory Reaches
Record High Figure.
According to statistics compiled by the Rubber Association
of America, Inc., from figures estimated to represent 75%
of the industry, 4,842,513 pneumatic casings—balloons,
cords and fabrics—and 47,604 solid and cushion tires were
shipped during May 1928, the highest figure since August
1926 during which month 5,057,846 pneumatic casings and
56,119 solid and cushion tires were shipped. Shipments in
April totaled 4,358,831 pneumatic casings and 42,145 solid
and cushion tires and in May 1927 amounted to 4,251,078
pneumatic casings and 48,227 solid and cushion tires.
Production in May 1928 totaled 5,069,233 pneumatic
casings and 46,606 solid and cushion tires, the second highest
figure reached thus far, and compares with 4,633,308 pneumatic casings and 43,255 solid and cushion tires produced
in April, 5,113,994 pneumatic casings and 42,950 solid and
cushion tires in March (the previous record month) and
4,613,945 pneumatic casings and 64,617 solid and cushion
tires in May 1927.

AUG. 4 1928.]

FINANCIAL CHRONICLE

Inventory at May 31 1928 amounted to 9,767,754 pneumatic casings, a new record high figure, and exceeds the
previous high reached April 30 1928 by 229,958. This also
compares with 9,346,581 pneumatic casings at May 31 1927.
Inventory of both balloon and high pressure inner tubes
at May 31 1928 totaled 13,276,713, the highest since June 30
1927 when there were 13,393,897 tubes on hand, and compares with 12,479,150 at April 30 1928 and 13,792,496 at
May 31 1927.
The total output for the five months ended May 31 1928
was 23,607,068 pneumatic casings and 205,418 solid and
cushion tires, as compared with 21,592,233 pneumatic casings and 267,894 solid and cushion tires in the corresponding
period of 1927, while shipments amounted to 21,319,281
pneumatic casings and 206,926 solid and cushion tires as
against 19,846,842 pneumatic casings and 252,618 solid
and cushion tires for the first 5 months of last year.
The Association in its bulletin, dated July 12 1928, gave
the following statistics:
May 1928
May 1927
Production. Shipments, Production. Shipments.
3,658,349 2,235,236 2,708.350 2,337,572
1,401.097
1,570,710 1,867,667
1,805,930
6,787
36,567
37,928
107.576

Tires- •
Balloons
Cords
Fabrics
Total pneumatics
Solid and cushion tires

5,069,233
46,606

Total
Inner TubesBalloon pressure
High pressure
Total

4,842,513
47,604

4,613,945
64,617

5.115,839

4,890,117

4,678,562

4,299,305

3,695,296
1,680,621

3,011,432
1,713,411

2,907,364
2,145 654

2.342,781
2,262,496

4,251,078
48,227

TiresBalloons
Cords
Fabrics

5,375,917 4,724,843 5,053,018 4.605.277
-First5 Mos.1928- -First5 Mos.1927Production. Shipments. Production, Shipments.
15,883,027 14,175,570 11,971.327 10,877,747
7,558,450 6,962,067 9,194,116 8,447,267
165,591
181,644
426,790
521,828

Total pneumatics
Solid and cushion tires

23,607,068 21.319,281 21,592,233 19,846.842
205.418
206,926
267,894
252,618

Total
Inner TubesBalloon pressure
High pressure

23,812,486 21,526,207 21,860,127 20,099,460

Total

16,378,150 13,825,449 13,212,897 11,449,434
8,668,868 8,100,811 11,005,078 10.986,060
25,017,018 21,926,260 24,217,975 22,435,494

The Association also released the following figures, estimated to represent 75% of the industry:
CONSUMPTION OF COTTON FABRIC AND CRUDE RUBBER IN THE
PRODUCTION OF CASINGS, TUBES. SOLID AND CUSHION TIRES.
Month of
5 Mos.End. Cal. Year
PeriodMay 1928. Apr, 1928. Mar. 1928. May 31 '28.
1927.
Cotton fabrics (lbs.) 19,167,606 18,309,791 18,853,824 89,294,647 177,979,818
Crude rubber (lbs.). 51,061,030 43,700,630 48,897,275 233,836,423 514,994,728

Statistics, representing 100% of the following respective
industries, were also issued:
Month of
5 Mos. Ended
Cal. Year
PeriodMay 1928.
April 1928.
May 31 1928.
1927.
Gasoline consumed
(gallons)
1 148,364,000 1,105,530.000 5,017,032,000 11,220,342,000
cPass:r.cars produced
379.141
378,886
1,612,432
3,085,738
:Trucks produced__
50,682
43,663
241,518
487,585
x These figures include Canadian production and cars assembled abroad the
parts of which were manufactured in the United States.

Report on Hosiery Industry in Philadelphia Federal
Reserve District.
Thefollowing reportcompiled by the Bureau of the Census,
showing the percentage change from May to June in the
activity of 142 hosiery mills in the Philadelphia Federal
Reserve District, is made available by the Federal Reserve
Bank of Philadelphia:
PERCENTAGE CHANGES FROM MAY TO JUNE.
Men's

Production
Shipments
Finished stock end of month_ __
Orders booked
Cancellations received
Unfilled orders end of month__ _

Women's.

Fullfashioned.

Seamless.

FuUfashioned.

+18.7
-1.1
+26.5
+48.1
-62.0
+7.1

+5.8
+5.8
+3.0
-4.3
--38.7
--3.1

-3.3
+0.4
+2.0
+6.1
-10.1
+7.7

Seamless.
-7.5
+5.3
-12.2
+25.0
-3.8

PERCENTAGE CHANGES FROM MAY TO JUNE.

Production
Shipments
Finished stock end of monthOrders booked
Cancellations received
Unfillarl nriloramui of month__ _

Boys'.
Misses'
Ab Childrens'

Infants.

Athletic
and
Sport.

-14.6
-8.0
-11.8
+4.7
+0.3
1-3.4

-8.0
-5.9
-13.2
-2.3
+681.8
-0.3

-10.3
-3.1
-3.1
+60.4
-39.9

-3.3
-0.1
--2.1
+5.7
-12.5

-77

14 R

Total.

Domestic Exports of Meats and Fats for June.
The Department of Commerce at Washington on July 26
made public its report on the domestic exports of meats and
fats for June. This shows that in the month of June 1928
the total value and quantity of meats and meat products
exported was smaller than in June 1927, 36,522,079 pounds
being shipped in June 1928, against 37,220,544 pounds in
June 1927,and valued at only $6,055,703 against $6,901,078.
The quantity and value of animal oils and fats exported in




615

June was also smaller than in the corresponding month a
year ago.
For the six months ended with June the exports of meats
and meat products were larger in quantity but smaller in
value than in the six months of the preceding year while
exports of animal oils and fats were larger in both quantity
and value. The report is as follows:
DOMESTIC EXPORTS OF MEATS AND FATS.
Month of June.
1927.
Total meats & meat products,lbs_
Value
Total animal oils and fats, lbs
Value
Beef and veal, fresh, lbs
Value
Beef, pickled, Oa., lbs
Value
Pork, fresh, lbs
Value
Wiltshire sides. lbs
Value
Cumberland sides, lbs
Value
Hams and showders, lbs
Value
Bacon. lbs
Value
Pickled pork, lbs
Value
Oleo oil, lbs
Value
Lard, lbs
Value
Neutral lard, lbs
Value
Lard compounds,animal fats, lbs.
Value
Margarine of animal or vegetable
fats. lbs
Value
Cottonseed oil, lbs
Value
Lard compounds, vegetable fats,
lbs
Value

1928.

Mx Mos. Ended June
1927.

1928.

37,220,544
$6,901,078
78,698,596
810,363,337

36,522,079 196.770,393 218,624,518
$6,055,703 $38,273,666 $35,515,368
62.576,114 439,550,713 453,743,017
88,147,989 $57,303,533 $58,609,120

84,400
$19.254
996,072
$105,177
400,801
$66,785
56,205
$12,191
1,464,806
$290,036
13,470,937
$2,812,444
10,333,555
$1,519,150
3,044,174
$442,840
7.081,770
5855,716
66.403,918
$8.872,978
2.010,969
$285,555
594,379
$74,518

137,769
931,600
998,459
$25,595
$180,559
$222,529
1.076,261 7,925,468 4,474,281
$129,483
$861,640
$573.688
352,070 3,962,965 6,787,549
546,644
$766,116 $1,036,983
53,016
394,900
242,043
$8,673
$52,237
$60.783
422,550 3,709,069 2,975,539
$74,406
$740,021
$461,610
13,754,462 65,206,362 69.606,095
$2,453,099 $14,165,954 $11,901,843
9,620,314 53.826.529 67,083,089
$1,343,123 $8,963,467 $8,914,207
2,549,175 13,840,269 16.219.216
$348,196 $2,056,576 $2,086,543
5,356 347 46 801.603 32,871,531
8717,759 $5,118,965 $4,522,924
53.435,938 360,932,816 395,990,826
56,914,601 548,357,832 $30,864,096
2,059,072 11,641.970 15.044,363
$269,197 $1,700,810 $2,006,518
279,106 5,724.304 2.389,618
$316,307
$661,152
$38,326

72,404
$12,705
5.776,611
$485.576

375,955
439,603
49,303
$59,729
88,614
569.630
1,408,124 41,348,193 34.836,223
8147,573 $3,445,301 53.069.639

403,709
$51,124

311,873
$42,839

2,920,706
$367,123

2.735,177
$363.837

. Crude Oil and Gasoline Prices Advance.
During the current week, additional crude oil prices were
revised upward.
In addition to the new prices posted for crude oil in the
Salt Lake field, the Midwest Refining Co. on July 27, also
advanced prices by 15 cents a barrel in the Grass Creek,
Elk Basin, Osage and Greybull fields in Wyoming and Cat
Creek, Mont., to $1.48, and Hogback in New Mexico to
$1.53 a barrel.
•
The Ohio Oil Co. on July 28 advanced the prices ofElk
Basin, Grass Creek, light and Lance Creek crude oils 15c.
a bbl. and Rock Creek, Wyo., and Artesia, New Mexico,
crudes 8c. a bbl. The new prices for these crudes are $1.48
a bbl. for Elk Basin, and Lance Creek, $1.47 for Grass
Creek, light $1.33 for Rock Creek and $1.08 for Artesia.
The South Penn Oil Co., on July 30, advanced its posted
price of Somerset crude 15c. a barrel to $1.70.
Effective July 30 the Magnolia Petroleum Co. posted a
price for Pine Island, Haynesville, and Bull Bayou, La., and
El Dorado, Ark., light crude oils to conform with the list put
into effect Feb. 21 1928. This cancels its schedule of July
26 in these fields. The new prices are 91c. a bbl. below 28
gravity, with a differential of 5c. between each degree of
gravity beginning with 28 to 28.9 and ending with 32(4)32.9
gravity at $1.16 a bbl. A spread of 3c. a bbl. between each
degree of gravity is restored beginning with 32@)32.9 at
$1.16 and ending with 52 gravity and above at $1.76 a bbl.
The Magnolia Petroleum Co. also posted Kansas,. Oklahoma and Texas crudes of below 25 degrees gravity,at 60c.,
off 18c.; 25 to 25.9 at 67c., off 14c.; 26 to 26.9 at 740., off
12c., and 27 to 27.9 at 810., off 10o. This conforms with
Prairie Oil & Gas Co.'s schedule.
The Texas Corp. on July 31, followed the action of Magnolia Petroleum Co. in canceling that advance in North
Louisiana crude oil prices posted on July 27, and restored
the schedule in effect since last February. Failure of other
companies to meet the advance presumably caused the
return to the old schedule.
Effective Aug. 2, the Prairie Oil & Gas Co., has established
a price of 60c. a bbl. for crude below 25 degrees gravity, 67c.
for 25 to 25.9 gravity with a spread of 7c. for each degree
of gravity to and including 27 to 27.9 which is posted at
81c. These prices are retroactive to and including July 26.
Previously the company paid 76c. for below 25 gravity, with
a 50. spread to and including 27 to 27.9 gravity, which was
listed at 91c. No change in other gravities were made.
The Standard Oil Co. of Louisiana, a subsidiary of the
Standard Oil Co. of New Jersey, on Aug. 3, advanced Caddo,
Homer, Haynesville, Bull Bayou, Crichton, De Soto
and
El Dorado crudes above 32 degrees gravity to the
Mid-

Continent level, with 33 to 33.9 gravity being posted at
$1.21, a boost of 2c. For each succeeding degree of gravity
there is a spread of 5c., making top price $1.76 for 44 gravity
and above, an advance of 24c. Below 32 degrees prices were
reduced, making minimum 810. for below 28 gravity, off
10c. and a 7c. differential for ensuing grades to 31 to 31.9
which is posted at $1.09, off 2e.
Prices of gasoline were also increased as follows: Effective July 27, the Atlantic Refining Co., the New England
Oil Refining Co. and the Beacon Oil Co., followed the
Standard Oil Co. of New York in advancing price of tank
wagon and service station gasoline one cent a gallon, making
the filling station price 20 cents a gallon and the tank wagon
price 18 cents. The Standard's advance applies to New
York as well as New England. The Sinclair Refining Co.
on July 30 advanced its price for gasoline in tank-car lots
to nine cents a gallon, group 3, Oklahoma. Effective
Aug. 1 the Standard Oil Co. of Indiana advanced all grades
of gasoline and kerosene lc. a gallon throughout its territory. The previous change by the latter company was on
May 10 1927, when gasoline was reduced 2c. a gallon. The
present advance brings the tank wagon price to 15c. and
service station price to 17c. a gallon for gasoline in Chicago.
Chicago kerosene price will be 12c., tank wagon. Prices
throughout the remainder of the territory will vary according to local conditions, but the advance will be effective
everywhere. The Standard Oil Co. of Ohio on Aug. 1
advanced the price of gasoline lc. a gallon in Toledo, Ohio,
making the tank wagon price 180., and the service station
price 20e. A similar increase in the tank wagon price was
made by this company in Cleveland, Ohio. Other companies are retailing at 19c. and some independents at 17c.
with a bargain price of 15c. on Saturdays and Sundays.
On Aug. 2, the Standard Oil of Kentucky advanced tank
wagon and service station prices of gasoline lc. a gallon in
Georgia, Alabama, Mississippi and Florida, effective July 30.
Prices in Kentucky are unchanged. The Texas Co. announced a similar increase in Texas. Effective Aug. 2, the
Magnolia Petroleum Co. advanced the tank wagon and service station prices of gasoline le. a gallon throughout Oklahoma, Arkansas and Texas.
It was announced on Aug. 1, that all companies have advanced gasoline 2 cents a gallon in Denver, Colo., making
the new retail price of the major distributors 22 cents, including the 3-cent road tax.
Effective Aug. 3, the Standard Oil Co. of New Jersey advanced the price of kerosene oil in cases Yte. a gallon, making the new price for refined oil 17.40e. and water white 18.40c.
On Aug. 3, wholesale prices at Chicago were quoted as
follows: Motor grade gasoline, 93/20.; kerosene, 41-43 water
white, 5%@53/2c.; fuel oil, 24-26 gravity, 623'@65e.
Production of Natural-Gas Gasoline Continues Its
Slow Decline-Stocks Again Decrease.
The production of natural-gas gasoline in the United States
continued its slow decline, and in June 1928 amounted to
139,300,000 gallons, according to the Bureau of Mines,
Department of Commerce. This represents a daily average
of 4,640,000 gallons, or a decrease from the previous month
of 70,000 gallons. Production in California continued to
forge ahead to new high levels, but this was more than
compensated by declines in all the other districts. Stocks
of natural-gas gasoline at the plants fell from 33,965,000
gallons on hand June 1 to 27,202,000 gallons on hand at the
end of the month. This was the first material decline in
these stocks for nearly a year. Blending at the plants east
of California showed a small increase in June. The Bureau
further shows:
OUTPUT OF NATURAL-GAS GASOLINE (IN GALLONS).
Stocks End of Month.

Produdion.
June
1928.
Appalachian_
Ind.,Ill.. &c
Okla., Kan.
&c
Texas
La.dr Ark._ _
Rocky Mtn.

[vorh 127.

FINANCIAL CHRONICLE

616

May
1928.

Jan.-June
1928.

June
1927.

June
1928.

May
1928.

6,200,0001 7,400,000 53,900.000 5,800,000 3,120,000 4,123.000
1,000,000 1.200,000 7,500,000 1,100,000 307,000 473.000
49,800.000
25,900.000
7,100.000
3.800,000
45,500,000

52,900.000 312,200,000
27.400.000 158.900,000
7,700.000 43.300.000
4,100.000 22,000.000
45.200,000 256.100,000

47,200.000 13,429,000 17,390,000
25.400.000 7,328,000 8,348,000
6,800,000 1,150,000 1,572.000
4,200.000 522.000 623.000
39.400,000 1,346.000 1,436.000

U. S. total 139,300,000 145,900,000853,900,000 129,900,000 27,202,00033,985,000
Dallyaverage 4,640,000 4,710,000 4,690,000 4,330,000,

Crude Petroleum Output in June Falls Off-Output
in California and Arkansas Again Increased
Stocks East of California Decrease.
According to reports received by the Bureau of Mines,
Department of Commerce, from companies which operate
gatherm or lead lines, the production of crude petroleum
in the United States during June 1928 amounted to 72,-




526,000 barrels. This represents a daily average of 2,418,000
barrels, a decrease from May 1928 of 8,000 barrels and
from June 1927 of 67,000 barrels. Despite the fact that
a considerable number of large wells were completed in
west Texas in June, the output of this district dropped
off as the result of various restrictive agreements. Production in Oklahoma showed little change, another decline
at Seminole being counterbalanced by greater activity in
the older fields. Production in California and Arkansas
again increased, the former as the result of greater output
at Long Beach, the latter due to continued successful
drilling in the new Rainbow field. Another increase in
output of coastal Louisiana was recorded as several relatively
new salt dome fields were opened up.
Total stocks of crude petroleum east of California decreased 1,098,000 barrels during the month, divided about
equally between refinery storage and pipe-line and tankfarm storage. Stocks of both light and heavy crudes in
California showed slight increases. Total stocks of all
oils decreased approximately 500,000 barrels in June, the
first decline in these stocks since September 1926. This
decrease was primarily due to heavy withdrawals from
gasoline stocks and would have been considerably larger
had stocks of fuel oil not shown a very material increase,
continues the Bureau, which adds:
The output of the west Texas fields in June 1928, amounted to 9,483,000
barrels, a daily average of 316.000 barrels. Although this represents
the second successive material decline in production in these fields, It
should not be thought that the peak has been reached for the total initial
production of the June completions amounted to over 500.000 barrels,
nearly all of which was immediately shut in. The June completions had
the remarkably high average initial production of 7,000 barrels. Approximately 400 wells were drilling in west Texas at the end of Juno, as compared with 350 the month previous. The slow but steady decline at
Seminole was continued In June, when a total of 8,298,000 barrels was
produced, representing a daily average of 277,000 barrels. Completions
in the field for June total 29, as compared with 39 for May. Stocks at
Seminole dropped off and amounted to 17.955.000 barrels on June 30.
Both Seal Beach and the Panhandle showed little change from May,
but production at Long Beach neared the 200,000-barrel per day mark.
with 178 wells drilling on June 30.
PRODUCTION (BARRELS OF 42 U. S. GALLONS).
May 1928.

June 1928.
Daily
Average.

Total.
Seminole
Panhandle
West Texas
Seal Beach
Long Beach_ _ _

Total.

Daily
Average

June 1927.
Total.

Daily
Average.

8,298,000 277,000 8,987,000 290.000 10,995,000 367,000
1,966,000 66,000 2,061,000 66,000 3,814,000 127,000
9,483,000 316,000 10,893.000 351,000 3,458,000 115,000
1,105,000 37,000 1,121,000 36.000 1,990,000 66.000
5,831.000 194.000 5,619,000 181,000 2,804,000 93,000

STOCKS AT SEMINOLE (BARRELS OF 42 U S. GALLONS).
June 1928. May 1928. June 1927.
Producers' stocks
Tank-farm stocks
Total stocks

389,000
364,000
17,631,000 18,404,000

285,000
6,813,000

17,995,000 18,793.000

7,098,000

RECORD OF WELLS JUNE, 1928.
Average
Total
Initial
Drilling
Completion.
Initial
Production. Production. June 30.
(bbls.)
(abis.)
Oil.
Gas. Dry.
Seminole
Panhandle
West Texas
Seal Beach

29
16
74

T,..,a Tlaerh

91

2
14
1

7
10
26

35,500
6,600
517,900
300
29.400

1,200
400
7,000
150
1.400

106
135
402
3
178

Runs to stills once more reached a new high level in
June, when the daily average crude throughout was 2,523,000
barrels. Runs of foreign crude continued to gain and were
equivalent to nearly 10% of the total.
The output of gasoline in June amounted to 30,675,000
barrels, a daily average of 1,023,000 barrels. This was
the first time that the daily average production of gasoline
has exceeded the 1,000,000-barrel mark. Daily average
domestic demand was 967,000 barrels, an increase over
May of 10%, but over June 1927 of only 4%. Exports
of gasoline fell off from the record figures of the previous
month but still remained at a relatively high level. Stocks
of gasoline declined approximately 3,000,000 barrels, and
on June 30 amounted to 34,393,000 barrels. At the current rate of total demand, these stocks represent 30 days'
supply, as compared with 34 days' supply on hand a month
ago and 41 days' supply on hand a year ago. The Bureau
further says:
A pronounced weakness was apparent in the kerosene market with
27% decrease in daily average domestic demand and a material increase
in stocks. The production of gas oil and fuel oil continued to rise as the
result of increased runs to stills; and consumption, to fall, due to the season.
so that stocks continued their rapid increase. The daily average domestic
demand for both lubricants and was increased and stocks, In consequence.
decreased.
The refinery data of this report were compiled from schedules of 326
refineries, with an aggregate daily crude oil capacity of 3,112.000 barrels.
These refineries operated during June at 81% of their recorded capacity
as compared with 321 refineries operating at 80% of their capacity in May,

FINANCIAL CHRONICLE

June
1928.
New SupplyDomestic production:
Crude petroleum:
Light
Heavy

1928.a

June .Tan.-Junel Jan.-June
1927.
1928. I 1927.

64,940
7.586

67,770
7,448

65,335
9,203

388,316
46.972

331,072
56.984

72,526
3,317
231

75,218
3,474
238

74,538
3,093
210

435,288
20.332
1,379

438,056
18,833
1,290

Total
Daily average
Excess of daily average domestic
produc. over domestic demand
Imports:
Crude
Refined

76,074
2,536

78,930
2,546

77,841
2,595

456,999
2,511

458,179
2,531

Total new supply all oils_
Daily average

Total crude
Natural-gas gasoline
Benzol

Change in stocks all oils

212

289

378

335

440

6,553
712

4,019
1,44

38,006
6,448

25,768
7,702

83.339
2,778

6,766
702'
1
86,398!
2,781

83,308
2,777

501.453
2,755

491,649
2,716

b536

1,010

4,081

25,986

43.369

83,875
2,796

85,388
2,754

79,228
2,641

475.467
2,612

448.280
2,477

INDICATED DELIVERIES OF CRUDE PETROLEUM, EXCLUSIVE OF
CALIFORNIA GRADES, TO DOMESTIC CONSUMERS (BARRELS).
Domestic Petroleum by Fields
of Origin.

June 1928.
Total.

May 1928.a

Daily Av.

Total.

1,879
12,284
69,712
2,324

1,493
13,915
69,980
2.257

1,410
11.307
66,511
2,217

8.680
70.575
396,212
2,177

7,539
62,285
378,456
2,091

Stocks (End of Month)Crude:
East of California: d
Light
Heavy
California:
Light
Heavy c

319,267
51.484

320,382
51.467

268,217
47,48'

19,197
94,234

19,170
93.941

26.898
90,516

19,197,
94,234

26,898
90,516

Total crude
Natural-gas gasoline at plants..
Totalrefined

484,182
648
128,318

454,960
809
127,915

433,116
971
129,379

484,182
648
128,318

433,116
971
129,379

Grand total stocks all olls
Days' supply f

613.148
219

613,684
223

563,466
213

613,148
235

563,466
227

268,217
47.485

Bunker oil (included above in
domestic demand)

4,307
5,013
4,244
24.099
25.365
a Revised. b Decrease. c Includes shipments to non-contiguous territories.
d Exclusive of producers stocks. e Includes fuel oil. f Grand total stocks divided
by daily average total demand.

Dellveries of
domestic &
for nntrn1 04 010 000 1.964.000 61.369.000 1.979.700 340.020.000 305.711.000
a Revised.
SHIPMENTS OF CALIFORNIA OIL THROUGH PANAMA CANAL TO
EASTERN PORTS IN UNITED STATES (BARRELS).

Crude oil
Refined products:
Gasoline
Asphalt
Gas oil
Fuel oil
Lubricants

June 1928.
patty Ac.

May 1928.
Total.

Daily Au

162,000

1,649,000

4.842,000

1,589.000
3,000

1,386,000
1,000
251,000
86,000
1,000

7,289,000
14,000
1,082,000
709,000
226,000

5,370,000
4.000
1,946.000
4,394,000
144,000

1.725.000

9,320,000

11,858.000

80,000

STOCKS HELD BY THE REFINING COMPANIES IN THE UNITED STATES
JUNE 30 1928.
(Barrels)East coast
Appalachian
Indiana. Ill., &a
Oklahoma. Kansas, Ac
Texas
Louisiana and Arkansas
Rocky Mountain
California
Total
Total May 31 1928
Texas Gulf coast

Jan.-June

1928.

1927.

Fie2dAppalachian _ _ 2.564,000! 85,500 2,756,000
88.900 15,285,0001 15,031,000
163,000
5,300
159,000'
Lima-Indiana_ _
5,300
954,000
816,0001
47,000
50,000'
1,700
Michigan
1.500
224,
216,000
653,000
628.009 20,900
III.-S. \V. Ind
21,100 3.702.000 3,916,000
Mid-Continent _ 43.586,0001,482.80045.733.000 1,475,200 265,852,000260.338,000
3.949,000 131.700, 3,998.000 129,000 22,019,000 25.834,000
Gulf Coast
80.900 2,536,000, 81.800 14,384,000 15,582,000
Rocky Mountain. 2.426.000
19.164,000, 638.80019,332,00
Califorals
623.600 112,961,000 116,185,000

1

East coast
Appalachian
Indiana, Illinois, &c
Oklahoma, Kansas. &c
Texas
Louisiana and Arkansas
Rocky Mountain
California
Total
Total May 31 1928
Texas Gulf coast
Louisiana Gulf coast

(ifi4 ct Miff
Oils.

Gasoline.

Kerosene.

5,633,000
1,133.000
4,679,000
2,959,000
4.567.000
1,248,000
1.913,000
12.241.000

1,526,000
294,000
936,000
603,000
1,495,000
1,553,000
287,000
1,676.000

34,393.000

8,370,000

x36,015.000

7,832.000

37,336.000
3,883,000
1 110 000

7,537.000
1,430,000
1.521.000

x32,887,000
8,513.000
4.652.000

8,060,000
1.589.000
1211.000

Other
Finished
Asphalt Products
Coke
(Tons). (Tons). (Mts.).

Unfinished Oils
(5bis.).

Wax
(as.).

Jan -June

May 1928. Jan.-June '28. Jan -June '27.

182,000

PRODUCTION OF CRUDE PETROLEUM BY FIELDS AND STATES WITH
CLASSIFICATION BY GRAVITY(BARRELS OF 42 U.S.GALLONS).

Total.

Jan -June
1927.

Deliveries &
53,857,000 1,795,300 55,616,000 1,794,100 307.781,000 284,420,000
exports
Deliveries... 52,399,000 1,746,700 54,535,000 1,759,200 302.068,000 279,638,000
For. petroleum 6,520,000 217,300 6,834,000 220,500 37,952,000 26,073,000

1.e72.000
319.267
51.484

Jan -June
192S.

86.400 2,741,000
Appalachian__ 2,591,000
88.400 15,460.000 14,745.000
4,200
126.000
125,000
Lima-Indiana__
4.000
728.000
800.000
1,700
50.000
47,000
Michigan
1.500
224.000
216,000
597,000
23.400
19,300 3,762,000 3.974,000
701,000
III. & S. W.Ind
Mid-Continent 44,354,000 1,478,500 45,375,000 1.463,700 249,981.000 220,619,000
117,200
4,032,000
130,100
Gulf Coast ___ _ 3,517,000
23,135,000 27,608,000
83,900 2,699,000
87.100 14,581,000 16,458,000
Rocky Mount'n 2,518,000

June 1928.
DemandTotal demand
Daily average
Exports: c
Crude
Refined
Domestic demand
Daily average

Daily Av.

9,729,000
1,029,001)
2,495,000
5,672,000
10.474.000
5,425,000
1,191,000

22.135.000 28.400 133,700
500
2,009
13.080,000
18,983,000 44,000 37,200
2,200
2,619,000 49.800
8,100
4,723,000 103,500
16,446,000 63,600 22,800
8,400
9,718,000 52.400
57,900

Lubricants.

:892.ObO"obb

ANALYSIS OF SUPPLY AND DEMAND OF ALL OILS (ALL DATA PRELIMINARY) (INCLUDING WAX, COKE. AND ASPHALT IN
THOUSANDS OF BARRELS OF 42 U. S. GALLONS).

61.7

10<t2888881

AUG. 4 1928.]

117,000 7,005,000
70,000 1,207,000
386.000 3,787,000
234,000 2.372,000
15,000 10,209.000
71,000 2,220.000
16.000 1.302,000
221,000 y8,897,000

87,704,000 343,700 270,800 1.130,000 36.999,000
103,639,000 348,300 262,200 1,392,000 37,073.000
4,697,000 88,600
7,900
8,400 8.873,000
16,446,000 62,900 22,600
63,000 1.956,000

U. S. total....72,526,0002,417,60075,218,000 2,426,400435,288.000438,056,000
State3,088.000 102,000 2.841.000
Arkansas
91,600, 16,314,000 21,621,000
x East of California. y Includes 1,289,000 barrels tops in storage.
19,164,000: (138,80019,332,000 623.600 112.961,000 116,185,000
California
225,0001
Colorado
7.509 223,000
7,200, 1,374.000
.
STOCKS
OF CRUDE PETROLEUM HELD IN UNITED STATES(BARRELS)
18,300
550.000
Illinois
572,000
18,500 3,253,000 3,575,000
87.000
2909
90.000
Indiana
2.900;
497,000
411,000
78.000
2,6001
81,000
Southwestern
2,600,
June 30
449,000
May 31
June 30
341.000
9,000
3001
9,000
Northeastern._
300;
1928.
48,000
1927.
1928.a
70.000
3.257,000 108.600 3,424,000 110,509 20,249,000 21.024,000
Kansas
18,700,
561,000
652,000
Kentucky
21,000, 3,554,000 3,215,000
Al refineries (and in coastitise transit thereto)
1,970,000 65.700, 1,797,0C
Louisiana
58,000, 10,750,000 10.490.000
Reported by location of storage:
25.0001 461.00
749.000
Gulf coast....
8,328,000 7,778,000 8,720,000
14.900, 2,859,000 1,549,000 East coast-Domestic
40,700; 1.336,00
Rest of State.. 1.221,000
5,482,000 6,020,000 2,509,000
43,109 7,891,000 8,941.000
Foreign
1,700,
50,000
47.000
Michigan
2,242,000 2,266.000 1,668,000
1,500;
224.000
216,000 Appalachian
10.000,
335,000
301,000
Montana
2.957,000 3,097.000 2.507,000
10,800, 2,033,000 2.603.000 Indiana, Illinois, Ac
65.000
2.209
73.00
New Mexico....
2,300
5,662.000 6,193,000 4,413.000
432,0001744,000 Oklahoma. Kansas, &c
7.600
213,00
227.000
New York
1,927.000 1,790,0110 1,304.000
6,909 1,201,0001 1,096.000 Texas-Inland
20.800, 648,000
623.000
Ohio
8,469,000 8,110,000 6,961.000
20.900 3,595,0001 3,833.000
Gulf coast-Domestic
15.800, 494,000
473,000
Cent. &
102,000
111,000
15.900 2,782,0001 2,949.000
242,000
Pop.ign.
5,000
150.000
Northwestern
154,00
881,000
5,000
797.000
431.000
813,0
884,000 Arkansas and Inland Louisiana
Oklahoma
19,045,000 634.800 19,665,00 634,300 117.448.000128,956,000 Louisiana Gulf Coast-Domestic
4,149.000 4,722,000 4.037,000
52.900 1,721,000
Osage County. 1,588,000
55,500 10,761,000 12,604,000
970,000
979,000 1.282,000
Foreign
Rest of State 17,457,000 581,900 17,944,00 578,800 106,687,000 116,352,000 Rocky Mountain
1,488,000 1,430,000 1,293,000
827,000
Pennsylvania
27,600
867,000
28.000 4,846,000 4,745.000
2,000
100
Tennessee
5.00
200
42,657.000 43,293,000 35,767.000
22,000
Total cast of California
25,000
20,175,000 672,50022,004,000 709,800 123,110,000 104,081,000
Texas
Elsewhere than at refineries3,200,000 106.700 3,537,00
Gulf coast _ _
114,100 19,160.000 24.285,000 Dornestle-fteported by field of origin:
Rest of State-. 16,975,000 565.80018.467,000 595.700103
6.361.000 6,286,000 7.009,000
Appalachian-N. Y., Pa., W. Va., Gro
,950,0,179,796.000
474,000
West Virginia.. _
15.700, 525,000
,900 2.880.011 3,001,000
6,064,000 5,978,000 6,733.000
Net
eastern and central Ohio
1,835,000
61.209 1,905,00
Wyoming
1,221.000 1,335,000 1,468,000
61,500 10,545,000 10,779,000
Gm
Kentucky
Salt Creek...- 1,253,000
41,809 1,267,000
1,087,000 1,200.000 1,343,000
40.900 7,256,111 7.590,000
Net
582,000
Rest of State
19,400
638,00
1,447,000 1,415,000 1,019,000
20,600 3,289,000 3,189,000
Gro
Lima-Indiana
1,267,000 1,234,000
Net
820.000
Classification by
12,702,000 12,776,000 12,198,000
Gro
Illinois-S. . Indiana
Gravity (Approx.):
12,200,000 12,273,000 11,712,000
Net
64,940,0002.164,70067,770,0002,186.100 388,316.000,381,072,007
Light crude
Mid-Continent-Oklahoma, Kansas, Gro 249.543,000 250.482,000 197.239.000
Heavy crude_ _ 7,586,000 252,900 7,448,000 240,300 46,972,0001 56 984,000
et 236,725.000 237,666,000 185,376.000
central, north and west Texas
29,508.000 28,996,000 30,904,000
Northern Louisiana and Arkansa.s__ Gro
26,543,000 26,370.000 28,191,000
Net
IMPORTS AND EXPORTS OF CRUDE PETROLEUM
(BARRELS).
17.525.000 17.015.000 18,636,000
Gro
Gulf coast
(From Bureau of Foreign & Domestic Commerce.)
17,028,000 16,596,000 18,257,000
Net
27,078,000 27,174,000 27,253.000
Gro
Rocky Mountain
June 1928.
27,038,000 27,130,000 27.199,000
(Net
May 1928.
Jan.-June Jan.-June
Total pipe-line and tank-IarmfGro 345,385,000 345,479.000 295.726.000
Daily
Daily
1928,
1927,
Total. Arerage Total, Average
stocks east of California
islet 327,952,000 328,447,000 279,631,000

1

Imports:
1,704.000 56.800 1,723,000 55,600 8.346.000
From Mexico
From Venezuela... _ 3,727,000 124,200 4,083.000 131.700 21,949,000
880.000 29,300 855.000 27,600 6,364.000
From Colombia
242.000 8.100 105,000 3,400 1.347,000
From other countries

12,891.000
7,531.000
3,676,000
1.670.000

6,553,000 218,400 6.766,000 218,300 38,006,000 25,768,000

Total Imports
Exports: a
Domestic crude oil:
1 461 000 48,800 1,244,000 40,100 6,799,000 6,223.000
To Canada
To other countries_ 416,000 13,800 249,000 8,100 1,874,000 1,316,000
Foreign crude oil
1,000
,
rnfnl nynnrfa

__

1.879.000 62,600 1,493,000 48.200 8.674.000 753n non

a No crude shipments to territories during June.




Foreign crude petroleum on Atlantic coastForeign crude petroleum on Gulf coast

91,000
51,000
142,000

58,000
51.000

67,000
237,000

109,000
304,000
Total refinery, pipe-line, and tank-fans i
stocks of domestic and foreign crud
petroleum east of California
. 370,751,000 371,849,000
315.702,000
Classification by Gravity (Approximate)East of California:
Light crude (24 deg. and above)
. 319,267,000 320,382,000
268,217.00C
Heavy crude (below 24 deg.)
51,484,000 51,467,000
California-Light
. 10,197,000 19,170,000 47.485.00(
26,898,00(
Heavy (including fuel)
94,234.000 93.941.000 on
S1A NY
a Revised.

618

NUMBER OF PRODUCING OIL WELLS COMPLETED.z
June 1928.

May 1928.

1,056

961

Jan.-June 1928. I
5,527

Jan.-June 1927.
8,194

z For Sates east of California. from "011 & Gas Journal"; for California, from
the American Petroleum Institute.

Crude Oil Production Shows Slight Decline.
According to the American Petroleum Institute estimates,
the daily average gross crude oil production in the United
States for the week ended July 28 1928 was 2,386,250 barrels,
a decrease of 15,600 barrels, as compared with 2,401,850
barrels for the preceding week. Compared with the output
of 2,586,100 barrels per day in the week ended July 30 1927,
the current figure shows a decrease of 199,850 barrels per day.
The daily average production east of California was 1,743,750
barrels, as compared with 1,757,850 barrels, a decrease of
14,100 barrels. The following are estimates of daily average
gross production by districts for the weeks noted:
(In barrels.)
Oklahoma
ICansas
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
Southwest Texas
North Louisiana
Arkansas
Coastal Texas
Coastal Louisiana
Eastern
Wyoming
Montana
Colorado
New Mexico
California

DAILY AVERAGE PRODUCTION.
July 28 '28. July 21 '28. July 14 '28. July 30 '27.
885,250
588,700
584.050
589.800
102,300
106.350
102.350
102,600
63,050
108,850
62,700
63,250
85.000
87.000
83,000
91,300
56,750
69,650
57,100
56.250
331.750
345,450
338.500
140,100
21,600
21,250
21,850
33,050
25,050
31.550
25,050
25,000
41.500
42,150
42,750
57,150
91.350
88.750
108,400
92.150
104.750
106,250
106,550
123,300
26,750
26.850
28.750
14,150
114,000
115,000
113,000
112,500
59,200
62.550
60,300
67,000
10.100
10.150
10.450
16,750
7,900
8.100
8,300
7,650
2.700
1.900
2,900
2,700
642,500
644,000
644,500
614,500

2,386,250
2,401,850 2,391,500 2,586,100
Total
The estimated daily average gross production of the Mid-Continent field
Including Oklahoma, Kansas, Panhandle, North, West Central, West,
East Central and Southwest Texas, North Louisiana and Arkansas, for
the week ended July 28 was 1.418,350 barrels as Compared with 1,427.050
barrels for the preceding week, a decrease of 8,700 barrels. The MidContinent production, excluding Smackover, Arkansas heavy oil was
1,360,450 barrels as compared with 1,368.950 barrels, a decrease of 8,500
barrels.
The production figures of certain pools in the various districts for the
current week compared with the previous week follow (figures in barrels
of 42 gallons):
OklahomaNorth Braman
South Braman
Tonkawa
Garber
Burbank
Bristow Slick
Cromwell
Wewoka
Seminole
Bowlegs
Searight
Little River
Earlsboro

[VOL. 127.

FINANCIAL CHRONICLE

-IWeek EndedJuly 28. July 21.
3,050 3,000
1,500
1,500
13,600 13,750
8,450 8,350
29,400 29,800
21.400 21,600
9,250 9.300
6,200 6,150
50,700 51,250
56,550 57.150
12,950 13.000
40,150 41,700
77,100 78,150

Southwest TexasLuling
Laredo District
North LouisianaIlaynesvIlle
Urania
ArkansasSmackover.light
Smackover. heavy
Cham mignone
Coastal TexasWest Columbia
Blue Ridge
Pierce Junction
Panhandle TexasHull
Ftutch Inson County_ _ _ _ 34,000 35,300 Spindietop
0.700 6,300 Orange Co
Carson County
21,000 20,350
Gray County
Wyoming-.
Wheeler ComitY
800
900 Salt Creek
MontanaNorth Texas31,150 24,850 Sunburst
WIlb ,rvor
CaliforniaWest Central Texas- 10,550 10,300 Santa Fe Springs
Shaokottord Co
12,400 12,750 Long Beach
Brown County
Huntington Beach
West 'Texas17,700 20.400 Torrance
Reagan County
63.100 70,400 Dominguez
Pecos County
Crane and Upton Cos_ _ 65,400 64,900 Roseerans
177,300 181,450 Inglewood
W Inkier
Midway-Sunset
East Central Texas. 10,600 10,850 Ventura Ave
Corsicana Powell
Beach_
Raal
1,050
1,050
Creek
Nigger

-Week EndedJuly28. July21.
13,100 13.250
8,600 8,550
6,100
7.300

6,150
7,350

7,600
7,450
57,900 58,100
13,450 15,700
8,200 8,300
6,500 6.900
12,050 11,200
10.650 10.600
37,000 38.000
3,900 4,000
38,200 41,500
8,300

8,300

36,500
202,000
53,000
17,000
11,000
6,000
29,000
71,000
53,000
33,000

36,000
202,000
53,500
17,000
11,000
6,000
29.000
71.000
53,500
34.500

Kenneth S. Guiterman, of Henry Gardner Guiterman &
Co., Addison S. Hall, of the National Lead Co., F. R. Henderson, president of the Rubber Exchange; Bernard N.
Jackson, of Metal Trades, Inc.; Irving J. Louis, of the
Vernon Metal & Produce Co.; Ivan Reitler, Vice-President
and general manager of the Federated Metals Corporation;
Elmer E. Stewart, managing partner of Hendricks Bros.;
Charles S. Trench, president of C. S. Trench & Co., and
Erwin Vogelsang. "The Board of Directors will meet Friday," said Erwin Vogelsang, one of the prime movers in the
formation of the exchange,"at which officers will be elected
for the ensuing year and committees appointed to establish
units of trading, the maximum price fluctuations and commissions. Tin, spot and futures will be the first metal
traded in, but within a few months after the exchange has
been in operation, other metals will also be added to the
list." He added that negotiations were under way for the
leasing of apace in the Wall Street district for an exchange
floor.
At the organization meeting of the directors of the new
Exchange yesterday (Aug. 3) Erwin Vogelsang was elected
President; Irving J. Louis, First-Vice-President; Kenneth
S. Guiterman, Seconfd-Vice-President, and Charles S.
Trench, Treasurer. Bernard N. Jackson was elected temporary Secretary. The temporary by-laws submitted by a
committee were adopted at the meeting. The Exchange
is expected to begin functioning Oct. 1. According to Mr.
Vogelsang the membership will be limited to those connected
with the metal industry, to commission houses and those
intending to make actual useage of the facilities of the exchange. Items regarding the new exchange appeared in
these columns June 23, page 3844; June 30, page 4024 and
July 14, page 193.
World Lead Production in June Slightly Lower Than in
Previous Month.
The production of lead by principal countries of the
world which furnish about 90% of the world's total, is
estimated at 145,800 tons for June, a decrease of 800 tons as
compared with the previous month when about 146,600 tons
were produced, according to statistics compiled by the Amer
ican Bureau of Metal Statistics. The daily rate during June
aggregated 4,375 tons, as compared with 4,256 tons in May•
For the 6 months ended June 30 1928, production totaled
893,700 tons, with the average monthly total 134,059 tons
•
and the average daily rate, 4,420 tons.
The following table gives the production for June, with
comparisons:
United States a
Mexico a
Canada a

Mar.
58.031
22.720
16,278

Ayr.
50,115
20,751
15,456

May.
51,481
21,161
12,727

June. Jan.-June•
320,312
51,288
129,103
20,926
85.510
14,202

Total North America a
Spain Tunis b
Italy
Germany
Polish Silesia
Australia
Burma
Rhodesia

97,029
8,890
d1,940
d9,888
d2,535
15,643
7.168
403

86,322
8,616
903
10,095
2,199
14,428
7,168
450

85,380
9.902
2,219
8,697
3,564
14,561
7,183
454

88,416
9,793
d2,013
d8.700
d3,000
13,306
7,587
448

034,925
51,979
111
ill.:488

143,496 130.181
14,400
15,900

131,940
14,700

131,263
14,500

804,354
89,300

Total
Other countries c

16,098
88,226
42,915
2,576

893,700
World total
159,400 144,600 146,000 145.800
a North American total is correct statement of aggregate production of crude lead,
but distribution according to countries Is not precise. So far as possible, pig lead
Produced in United States from Canadian and Mexican ores Is deducted and credited
to its country of origin; but production from other foreign ores is not so segregated.
b Partial. c Estimated on assumption that unenumerated countries produce 10%
of total. d Estimated or partly estimated.

Russian Oil Sales Reach 12% of Sales in European
Market.
According to Associated Press advices from Moscow July World's
Output of Slab Zinc in June Lower-Total for
27 the sale of Russian oil in the European market is now
the
First
Six Months Approximately 780,300 Short
12% of the entire sale. A statement to this effect is attribTons.
uted to George Sokolnikoff, head of the Soviet Oil Syndicate.
The productions of slab zinc by principal countries of the
The advices add:
the world's
M. Sokolnikoff said that the export of oil from Russia for the years 1927 world (estimated to represent about 97% of
and 1928 figured out at three times the pre-war export for a similar period total) for the month of June amounted to approximately
and that contracts already signed guaranteed the continuation of large128,100 short tons, as compared with about 131,700 short
scale sales next year.
combination of tons in the preceding month, about 130,500 short tons in
Russian oil interests, he said, did not fear the reported
the Standard Oil and Shell companies providing for a redistribution of the April and 135,200 short tons in the month of March, acworld's market, and that arrangements satisfactory to both foreign organcording to statistics compiled by the American Bureau of
izations and the Russian 011 Syndicate on a basis of mutual commercial
Metal Statistics. The output for the first 6 months of the
interests and co-operation would be made.
current year totaled approximately 780,300 short tons of
Charter Granted to National Metal Exchange, Inc. slab zinc.
Reporting countries produced in June 123,880 short
The National Metal Exchange, Inc., a reorganization of
the New York Metal Exchange, was on Aug. 2 granted a tons, compared with 127,476 tons in May, 126,345 tons in
charter to trade in spot metals and futures by Supreme April and 132,014 tons in March, making the total for the
monthly
Court Justice Peters. Julius B. Baer, counsel for the ex- first 6 months of this year, 755,108 tons. The
compared
change, immediately filed the charter with the Secretary average for the first 6 months was 125,851 tons,
of State. The incorporators and members of the board of with an average of 117,921 tons for tho full year 1927. The
directors of the National Metal Exchange, who applied for daily average for June was 4,129 tons, compared with 4,112
the charter, were: Chester Cuppia, of E. A. Pierce & Co., tons in May, 4,212 in April and 4,259 in March. The daily




FINANCIAL •CHRONICLE

AUG. 4 1928.]

average for reporting countries for the first 6 months was
4,149 tons, compared with 3,910 tons for full year 1927.
The Bureau's figures follow:
United States__
Canada
Mexico
Belgium
France
Germany
Great Britain
Netherlands_ _ _ _
Poland
Polish Silesia.
Spain
Australia
Rhodesia
Totals

Jan.
52,414
7,495
833
19,731
8,985
8,502
4,100
2.400
1,883
12,768
1.484
4,744

Feb.
50,042
6,861
905
18,545
8,642
8,252
3,900
2,321
1,698
12,199
1,399
4,450
840

Mar.
55,881
7,760
1,044
19,923
9,468
8,987
4,100
2,486
1,929
13,349
1.545
4.703
840

Apr.
53.493
6,983
978
18,820
9,451
8,757
4,100
2,412
1.841
12,754
1,324
4,536
896

May.
53,422
7,134
936
17,485
9,431
9.389
5,182
2,539
1.918
13,288
1,130
4,719
903

Total
June. 6 Mos.
50,825 316,077
5,567 41,800
5,674
978
18,770 113,273
8,800 54,777
8,853 52.740
5,346 26,728
2,400 14,558
2,006 11,275
13,779 78,137
1,085
7,967
4,502 27,654
4,448
969

755,108 120,054 132,014 126.345 127.476 123.880 755,108

Demand for Copper Shows Improvement-Lead DullPrices Steady.
Demand for non-ferrous metals was rather quiet in the
past week, though some improvement in buying did set
in for both copper and zinc, "Engineering and Mining
Journal" reports. Sales of lead and tin have been below
average. The prices of all of the major metals are virtually
unchanged. Foreign sales of copper in'the month just
closed were well in excess of those in the domestic market.
Export business for July is placed at close to 38,000 tons,
which compares with approximately 25,000 tons for domestic
consumption. It is generally.felt that a good tonnage of
September copper remains to be bought for the domestic
market. Consumption of copper is holding at a good
level, considering the season of the year. Wire business
has, perhaps,says this publication, been a little disappointing
lately, but brass has stood up well. Copper prices are
unchanged at 143
4c., delivered in the East, and 147
/0. in
the Middle West, with the usual concessions to points
near the refineries. Export copper held at 15c. c.i.f. basis.
Total volume of zinc sales has been good. Galvanizers are
still thought to be under-bought. Sellers quote 6.20c. for
August and 6.250. for September, East St. Louis. Following several weeks of fair activity, the lead market has
entered into a period of slow buying. No change of consequence has occurred in the statistical position of the metal.

619

Pig Iron returns for July. collected by telegraph, with all producers heard
from and estimating the last two days, showed a production of 3,063,841
gross tons, or 98,834 tons a day, compared with 3.082,000 tons in June,
or 102,733 tons a day. The recession is thus 3.8%. but the daily output
in July 1927, which was 95,199 tons, fell off over 73,5% from June 1927.
On Aug. 1 there were 185 furnaces active. 4 less than on July 1.
Movement of pig iron to consumers is heavier than usual at this season,
especially in the Ohio-Michigan territory, and there are signs in various
markets of increasing buying interest in requirements for the rest of the
year. Prices show little strength, however, and have given ground at
St. Louis, where foundry grades have been marked down 50c. a ton, and
in Eastern Pennsylvania, where a 20.000-ton purchase of basic iron brought
out prices 25e. a ton lower. Sales at Cleveland were 40,000 tons, the
largest week's business since April.
A move toward elimination of preferential prices of $1 or $2 a ton, which
many consumers and jobbers have been enjoying, notably on wire products,
has been begun by some of the larger steel companies. A one-price policy,
with extras for small lots, is the aim.
Exports of iron and steel, excluding scrap, were 197.000 gross tons in
June, against 203,700 tons in May. In June 1927, the total was 158.500
tons. For the half-year, exports have been 1,108,000 tons, compared with
1,029.000 tons last year. Including scrap, these figures become 1.358,742
tons and 1,133,427 tons respectively.
Iron and steel imports in June were 65,819 gross tons, comparing with
72.106 tons in the preceding month and 69.017 tons a year ago. Finished
material was 33,789 tons in June, a drop of 13% from the 38.968 tons of
June 1927.
Both of the "Iron Age" composite prices remain at last week's levels.
That for pig iron is $17.04 a ton and that for finished steel is 2.319c. a lb.,
as the following table shows:
Finished Steel.
July 311928, 2.319c. a Lb.
2.319e.
Jne week ago
2.341e.
One month ago
2367e.
One year ago
1.6890.
10-year pre-war average
Based on steel bars, beams,tank plates.
wire, rails, black pipe and black sheets.
constituting 87% of the United states
output.
High.
Low.
1928_2.364c. Feb. 14 2.314c. Jan. 3
1927_2.453c. Jan. 4 2.293e. Oct. 25
1926_2.453e. Jan. 5 2.403c. May 18
1925_2.560e. Jan. 6 2.396c. Aug. 18
1924_2.7890. Jan. 15 2.460c. Oct. 14
1923_2.824c. Apr. 24 2.446c. Jan. 2

Pig Iron.
July 31 1928, $17.04 a Grotto Ton.
$17.04
One week ago
17.25
One month ago
18.34
One year ago
15.72
10-year pre-war average
Based on average of basic iron at Valley
furnace and foundry irons at Chicago.
Philadelphia. Buffalo, Valley and Birmingham.
Law,
High
1928_$17.75 Feb 14 $17.04 July 24
1927__ 19.71 Jan 4 17.54 Nov 1
1926_ 21.54 Jan. 5 19.46 July 13
1925_ 22.50 Jan, 13 18.98 July 7
1924_ 22.88 Feb. 28 19.21 Nov. 3
1923_ 30.86 Mar.20 20.77 Nov.20

Automotive support of the iron and steel markets, which
has been unusually strong all year, stands out in bolder relief
as some other consuming lines yield mildly to midsummer
apathy, declares the "Iron Trade Review" of Cleveland, in
its summary of trade conditions. Bar mill capacity has been
added at Pittsburgh and Chicago, sheet and strip mills at
Youngstown and Pittsburgh have rarely operated at so high
a rate in hot weather, pig iron sales in the lake district have
expanded, northern Ohio steel mills have lifted embargoes on
Steel Output in July Close to That of June-Unfilled scrap, largely because of automotive requirements, continues
Orders Gain-Finished Steel and Pig Iron Prices the "Review," further stating:
Indirectly this industry Is also responsible for noteworthy orders for oil
Unchanged.
storage tanks for the Southwest, which have filled gaps in plate mill schedMarket developments in steel are on the up-side, states the ules at Pittsburgh and Chicago. and for much of the record line pipe busidays and pending inquiry for nearly 200,000 tons.
"Iron Age" of Aug. 2 in its summary of conditions in the ness of the past sixty
Steel specifications from the Detroit area in the closing days of July indiiron and steel industry. Demand, which brought July out- cated
automotive production at a high rate well into September.
Accordingly, the drag in railroad equipment purchases, the tapering in
put close to that of June,shows more of a tendency to expand
rail mill schedules as initial 1928 needs are rolled, and the lack of large
than to contract in August. Bookings with most companies structural
steel awards are minimized. Considering all products, prices
have slightly exceeded shipments, and unfilled orders have tend toward firmness. Steelmaking operations are a trifle higher at Pittsthus gained in the past month. There is less selling pressure, burgh and Buffalo, unchanged at Chicago and a shade lower at Youngstown. but on the average 5% greater than a year ago. Steel corporation
and from all the main producing centers is reported a gather- subsidiaries
this week are operating at 76%,a gain of 3 points in two weeks.
ing of price firmness as a result. Also, here and there is
Pig iron production receded moderately in July, falling about 3% under
average, but for the first time this year exceeded the comJune
daily
the
evidence of a disposition to cover for forward business.
parable month of 1927. The July daily average of 98,930 tons compares
Operations are easily at a 75% of capacity rate, sustained with
102,745 tons in June and 95,311 tons last July. The July total Was
by buying which is chiefly for immediate needs from many 3.066,834 tons. against 3,082.340 tons in June and 2,954.625 tons last
varied consuming industries. And no one of these is promis- July. Seven month totals are 21,577.297 tons for 1928 and 22.383,582
for 1927. With 183 stacks in blast July 31 a net loss of 3-all steeling an early increase of notable proportions, the "Iron Age" tons
works units-from June 30 was registered.
says, adding:
Pig iron sales, already broadening on account of comparatively light
Bar mill products have bulked large in the unusual summer activity,
which has brought sales in the past week, as in Chicago, to the average of
the year to date. The 1.90c., Pittsburgh, price is the basis of new transactions, but they cover only a small tonnage. Large users are on mill
books at lower levels, but mills are beginning to Insist on prompt specifying to avoid carry-overs beyond the contract period.
Sheets are moving in a better volume, with sheet mills generally operating at an 85% rate. Some recession in fresh orders from the automobile
builders is explained by the delays commonly met in getting into full production on new models.
Important action has just been taken in the sheet trade by the American
Rolling Mill Co., with indications it will be followed by other sheet makers
generally. Instead of allowing a discount of 2% for payments in 10 days,
%, as has applied for years to practically all hotthe discount will be
rolled products. This change in trade practice may add $4.000.000 to
$5,000,000 per annum to sheet mill incomes.
Plate bookings of 7.000 tons for oil storage tanks are reported from
Chicago, and welded pipe makers are pressing for deliveries, with one sale
of 12,000 tons of plates for such pipe. Car repair and rebuilding programs
of the railroads area sustaining factor. In oil well casing, Venezuela placed
1.000 tons in the United States and 500 tons in Germany.
In the railroad equipment field has appeared an inquiry from the New
York Central Lines for 55 locomotives and from the Chesapeake & Ohio
for 500 gondola car bodies. The Chicago & Eastern Illinois bought 100
automobile cars.
In rails small orders are allowing mills to hold operations above expectations. The Wheeling & Lake Erie bought 2,500 tons.
July contracts for structural steel were heavy, an Eastern steel company
reporting its bookings as the largest of any month this year. Considerable
work is in prospect, including 16,600 tons for the Reynolds Tower Building
in New York, which is to exceed the Woolworth Building in height; 15,000
tons for a Wall Street bank and office building, and 15.000 tons for the
Chicago Board of Trade Building.




contracting for this quarter, have reheived impetus as some producers
become willing to book through the year at current prices. The week's
sales at Cleveland reached 41,500 tons, largely for automotive needs.
July sales at Chicago set a record for that month, and shipments almost so.
Moderate sales at Pittsburgh confirm the $16.50, valley, base on No. 2
foundry iron. Substantial sales are reported at Buffalo. Some large
smelters in the East have covered, with pending inquiry at New York
16.000 tons. Recent sales of basic iron at Philadelphia total 35,000 tons.
Pressure on the spot beehive coke market has been relieved by curtailed
production and the market is stronger with a $2.70 minimum on furnace
and $3.75 on foundry coke. Iron and steel scrap prices are rebounding
slightly from their recent lows as offerings shorten and melters, especially
in northern Ohio, end embargoes. Semi-finished steel is stronger in asking prices for the fourth quarter than on current sales, $32 having been
done on small billets at Pittsburgh.
Bar mill products moved better at Chicago in July than in any July
since 1923, and rolling schedules have been stepped up to 75%. Production also has been increased at Pittsburgh. Plate mills at Chicago have
booked 7,500 tons of oil tank work and have 10,000 tons on inquiry. Moderate tank inquiry at Pittsburgh is supplemented by a prospective 10,000
tons for river barges. Although most users of heavy steel still are billed
on the basis of 1.85c., Pittsburgh, groundwork for the 1.90c. price to
govern in September is being laid.
Despite unfavorable weather conditions, 112 out of 127 independent
sheet units in the Mahoning valley are active this week, 4 fewer than last
week. Pressure from the automotive industry, especially for the fullfinished grade, is insistent. Diversified demand keeps mills at Pittsburgh
operating at 75%. A slightly firmer tendency in prices is most marked in
black sheets. Sheet mills are indirectly raising prices by reducing the
of 1% and basing it on the
discount for cash in 10 days from 2% to
mill price instead of the delivered price.
In an otherwise dull equipment market the New York Central RR. is
inquiring for 55 locomotives and the Missouri Pacific for 100 automobile

620

FINANCIAL CHRONICLE

[VOL. 127.

cars. The Chicago & Eastern Illinois has placed 100 automobile cars By-Product Coke
19 days
Electric Utilities dc Coal Gas Plants
67 days
while the Pennsylvania may buy 500 refrigerator cars.
Railroads
35 days
British steel makers have again been refused added tariff protection Steel
Mills
41 days
under the safeguarding-of-industries act but have been promised relief in Other industries
37 days
the form of reduced freight rates on raw materials effective in December Average of total stocks throughout the Country
37 days
when the government lowers taxes on railroads.
New England.—Report of Regional Chairman, K.P.Applegate, Hartford
Due to a revision in semi-finished steel prices, the "Iron Trade Review" Electric Light Co.. Hartford, Conn.
composite of 14 leading iron and steel products is down 4 cents this week
Southern Bituminous.—July prices are inclined to be weak, especially
to $34.93. The index has been fluctuating narrowly in recent weeks.
on the lower grade of coals. Purchasers, in particular, want to know
what size coal
are buying because there is considerable mixing of
Steel ingot production showed another increase for the grades. Buyingthey
in general is light.
All Rail Coal.—All rail Penn. coal trade is very dull and prices appear
past week, reports the "Wall Street Journal" of July 31.
All the leading companies contributed to the gain' which to be well maintained at the same level as last month.
Anthracite.—Both wholesale and retail markets in New England are
amounted to nearly 2% for the industry as represented by dull, retailers have most of their spring deliveries caught up and are waiting
the activities of these big companies, adds the "Journal," for new orders.
Canada.—Report of Regional Chairman, W. G. Henderson, Steel Co.
which we further quote as follows:
of Canada, Ltd., Montreal, Canada.
For the U. S. Steel Corp. the rate is now between 76% and 77%, comThere is no change from last report. Users report a good supply of coal
pared with slightly under 75% a week ago and about 73% two weeks ago. with no change in prices.
Leading independent companies recorded an increase of approximately
Coke.—Demand slow with no change in prices.
2% and are now at 70%. against 68% last week and 67% two weeks ago.
Central Compelitive.—Report of Regional Chairman, B. L. Verner,
For the entire industry the average is placed at around 723i% of capa- Interstate Iron and Steel Co., Chicago, Ill.
city, contrasted with a fraction under 71% in the preceding week and
Now that the United States Mine Workers of America have agreed to
693 % two weeks ago.
withdraw from the Jacksonville wage scale there has been considerable
Some steel trade authorities believe that operations have probably seen talk about a reduction in wages, in Illinois and Indiana, the one remaining
their peak or are near the high for this summer, and that reductions in the stronghold in the bituminous field of the union labor, the intimation is
next few weeks would not be surprising.
that wages will be reduced to November 1917 scale or on a $5 a day, day
Incoming business in July did not keep up with the heavy rate reported labor basis. The market is very quiet and coals from non-union fields are
for June, and this fact may be an influence in bringing about slight curtail- being shipped in on a very low price basis.
ment on the part of numerous steel companies in the next few weeks.
Western.—Report of Regional Chairman, W. M. James, American
The situation in the past 4 to 6 weeks has been abnormal and rather Beet Sugar Co.. Denver. Colo.
unexpected. Usually July and August are periods of reduced operations.
There is very little to report on this region other than covered in report
Buyers are not active in placing contracts during the vacation season and of last month,except that the market is getting a little easier on steam coals
heretofore it has always been necessary to curtail during the hot months. due to the fact that more storage of domestic sizes Is now being made.
There was such a rush to purchase in June, however, that the leading
The I. W. W. activities are still going on and it is confidently expected
steel companies found it advisable to Increase operations to take care of that they will call a strike some time this fall.
the nearby requirements of their customers. With the buying showing
Upper Lakes.—Report of Regional Chairman, G. B. Smith, Swift & Co.,
signs of letting down moderately it is probable activities will be reduced South St. Paul, Minn.
slightly.
The stocking of coal on the docks up the lakes is advancing more rapidly
At this time a year ago the U. S. Steel Corp. was running at approxi- and although total stocks on the lakes are approximately 1% million tons
mately 74%, while leading independents were at 68% and the average for under a year ago, yet they compare very favorably with the stocks on the
the industry was slightly under 72%.
Upper Lakes two years ago when there was no bituminous strike in effect.
Prepared Run of
Confidence is expressed in authoritative circles regarding the outlook.
Sizes.
Mine.
Screenings.
Total.
It is felt there will be increased buying beginning with September when Stocks on hand
57,650 2,326,969 794,208 3,178,824
June 1
leading consumers return from vacations, and at that time an upward Cargo receipts June 1-July 1
77,916 1,173,285 144.130 1,395,334
trend in operations is anticipated with comparatively high rates prevailing Reloading during June
77,573
128,360 232,375
438,308
128,666 3,203,723 803,461 4,135,860
during October. which Is normally a favorable month for steel mill activities. Balance on hand July 1
1,333,457
199,635
1,532,992
RR.
obligations
July
1
At present much more attention is being shown toward the price attitude Commercial obligations July 1
182,566
154,810 911,987 1,249,363
of the steel interests. Quotations are being rather firmly held in most
Pacific Coast.—Report of Regional Chairman, A. D. Smith. Utah Power
products, and consumers who have come into the market with attractive
& Light Co., Salt Lake City, Utah.
inquiries have discovered that concessions are not obtainable at present.
Coal production is still in the seasonal decline, perhaps somewhat more
Should this policy of firmness be maintained in the next few months it
pronounced by reason of the close co-operation of the operators in maintenwould probably result in a material increase in buying, particularly for the
ance of prices, no storage prices being offered thus far. It is quite evident
last quarter of the year. Steel interests are looking forward to such a
that this arrangement will hold throughout the summer season and prodevelopment and under the circumstances it is natural that their policy on
duction will probably increase but little the next four or five weeks. For
prices will be firm, at least for the present.
some time the salesmen have been withdrawn from the territory and no
Heretofore many of the smaller units in the industry have been shading
efforts made to push the storing of coal during the summer season. It
quotations to secure business, but this is rarely reported now. With the
is evident that the Utah operators as well as the Wyoming operators have
smaller interests also holding to the established quotations it would be
refrained from price cutting which will, undoubtedly, result in a heavier
possible for the steel companies to get prices more in line with costs than
business during the fall and greater net returns than have been realized
those which have ruled heretofore.
by the producers for a number of years.
The American Metal Market; Aug. 1 reported as follows:
It is generally understood that the beet production will be smaller this
The steel trade pulled through July in very comfortable style. It had year in Utah and Idaho than for several years which condition will result in
the advantage of the comparisons as July is usually the slackest month some curtailment of coal Consumption.
of the year. This month the market has more responsibility resting on it.
Seaboard.—Report of Committeeman H. T. Coates, Dairymen's League
as August has usually brought increased demand and production. Whether Co-Operative Assn. Inc.
that will be the case this year remains to be developed, there being no
The coal situation in the New York section is not very different from last
definite indication thus far of an increase in activity.
month. Demand has fallen off somewhat and salesmen seem more disWith one month of the quarter gone, the effort of large mills to establish couraged than previously, the tendency being towards softness. Lower
1.90c., Pittsburgh. as the minimum market price on bars,shapes and plates prices are offered for any increase in tonnage.
has not been entirely successful, though some progress has been made.
Bunker Coal.—Little change from last month. A number of concerns
Sheet and strip producers will undoubtedly make an effort to advance that have stocks are depleting them with a consequent tendency towards
prices for fourth quarter delivery. Already It is developed they have a softness. Anthracite Steam Coal.—Same as last month and considerably
definite policy not to quote beyond Oct. 1.
lower than at this period last year, except on No. 1 Duck which has a tendency towards firmness. The Bunker coal situation at Hampton Roads if
TheDaily Metal Trade states:
Sales of heavy smelting steel scrap No. I have been made at $14, $14.30 anything. Is slightly weaker than a month ago. Anthracite Coal.—Except
for
1926, when on account of the strike production was affected January
and $14.50. These prices are paid when suitable scrap is wanted. Some
dealers have paid $13.75 on some of their short orders. Recent quotations and February, the production this year in the first six months has been
considerably below any year since 1923. In 1926, when the production
were $13.50.to $14.50.
of the first six months was only 1,000,000 tons below 1928, the average
production for the last six menthe of that year was in excess of 8,000.000
Bituminous Coal Stocks Show Further Decline— tons monthly.
During the 5-year period from 1923 to 1927 incl., the average yearly
Consumption Falls Off.
—
production was 81,634,000 tons. To attain a production this year equal to
According to the National Assn. of Purchasing Agents the average of the last 5 years there will have to be produced approximately
7.420,000 tons monthly between July 1st and January 1st and as from
bituminous coal stocks on July 1 in industries in the United present indications
July production will be very light, there probably
States showed a further decline of one million tons from last will have to be produced 8.000,000 tons per month between Aug. 1st and
1st in order to attain a production equal to the 5-year average.
month. Total stocks of both Anthracite and Bituminous Jan.
There was only one six month period since Jan. 1 1923 when the Anthrain the United States and Canada as of July 1st were slightly cite mines averaged in excess of 8,000,000 tons per month and this was in
less than 40,000,000 tons. Consumption dropped off ap- the first 6 months of 1923 when it was approximately 8,540,000 tons
monthly. Production since Jan. 1 1923 has only exceeded 9.000,000 tons
proximately 2 1-3 million tons during the month of June tons twice in
any one month.
Yearly production from 1907 to 1927 incl.. or over a period of 21 years,
as compared with May to approximately 32M million tons
averaged 85,600,000 tons. Taking the tonnage produced the first half
making the number of days supply of coal on hand 37 days. of
this year, and allowing for not over 5,000.000 tons, which is the maxiBituminous coal production however, dropped off in June mum likely to be produced in July, to attain a production equal to this 21to
intons
due
million
year
average,it would require a monthly production from Aug. 1 to the end
than
1
less
as compared wtih May
the year of 8,700,000 tons.
creased shipments up the lakes which partially off-set the of Demand
for Anthracite.—This is probably impossible to estimate.
At the same time new construction of homes, exc., throughout the country
decrease in industrial consumption.
remust
to
as
some
extent have offset loss of markets to substitutes. On the
considerably
Anthracite production dropped off
other hand we have
had over the period mentioned above, since Jan. 1
tailers had stocked up prior to June 1, production being 1923, any winter thatnot
might be termed abnormal and therefore, the average
Since
month.
production figures over this period should give a fair basis of possible
2,800,000 tons lower than the preceding
and which, with an abnormal or so-called old fashioned winter.
July 1 there have been further heavy cuts in stocks, particu- demand
would ho materially increased.
being
stocks
other
larly among the utilities and railroads,
Deliveries to the ultimate consumer since April let have been below
down on a fairly low level. It is expected that by the end of normal. Consequently increased deliveries will be required over the Coming
and winter.
July, the reduction in stocks will be fairly well completed. fallPrices.—It
is to be expected that these will be increased Sept. 1st. With
Number of days supply in industries in the United States the present cost of producing Anthracite, and the low prices that have
prevailed, there is not a possibility of losing on account of lower market
of bituminous coal are as follows:




AUG. 4 1928.]

FINANCIAL CHRONICLE

prices, In addition to this contrary to many other fuels, the depredation
of anthracite in storage is negligible.
Quality and Preparation.-Under present operating conditions quality
and preparation are of the best. With an extremely active demand and
production being forced by producers,they cannot maintain as good preparation and quality as can be obtained under present conditions.
COMPARATIVE ESTIMATES OF U. S. PRODUCTION AND CONSUMPTION AND STOOKS OF ANTHRACITE AND BITUMINOUS COAL IN
INDUSTRIES OF THE UNITED STATES AND CANADA.
United States
Industrial
On hand in
Production. Consumption. Industries.
August
48,907.000 33,900,000 69,697,000
September
48,592,000 33.195,000 69.179,000
October
51,400.000 35,813,000 60,154.000
November
47,100,000 35,514,000 57,940,000
December
47,309,000 37,225,000 55,725,000
January
49,645,000 37,678.000 52,909,000
February
46,933,000 36,301.000 50,695,000
March
49,452,000 38,583,000 48,388,000
Aprll
39,081,000 35,230,000 47,432,000
May
44,478,000 34,844,000 43,670,000
June
41,264,000 32,521.000 40,890,000
July 1st
39.855.000

Production of Coal in June by States.
The total production of bituminous coal for the country
as a whole in June is estimated at 35,963,000 net tons, in
comparison with 36,624,000 tons in May, according to the
United States Bureau of Mines. The average daily rate of
output in June was 1,383,000 tons, a decrease of less than
of 1% from the average daily rate of 1,387,000 tons for
May.
Anthracite production in the month of June amounted to
5,301,000 net tons, as compared with 8,124,000 tons in May.
The average daily rate of output in June was 204,000 tons,
a decrease of 34.6% from the rate of 312,000 tons for the
month of May.
Below are given the first estimates of production of bituminous coal by States for the month of June. The distribution
of the tonnage is based in part (except for certain States
which themselves supply authentic data) on figures of
loadings by railroad divisions, courteously furnished by the
American Railway Association and by officials of certain
roads and in part on reports of waterway shipments made
by the U. S. Engineers office, continues the Bureau.

621

The operators refused to consider any wage
scale in excess of that now
paid under non-union conditions by the Ohio
Operators' Association.
Union officials attempted to obtain an agreement on
a short term contract to reopen the mines immediately, and later make
further wage negotiations. The operators insisted that any wage
scale to which they
might agree would have to contain a "continued
competitive feature,"
whereby successive drops of wages in Kentucky and West
Virginia would
have to be met with successive drops in wages by the Ohio
Union.

Bituminous Coal and Anthracite Production Shows
Small Change as Compared with Preceding WeekCoke Output Lower.
According to the United States Bureau of Mines, production of bituminous coal during the week ended July 21
amounted to 8,629,000 net tons, as compared with 8,610,000
net tons in the preceding week and 8,259,000 net tons during
the week ended July 23 1927. Output of anthracite during
the week ended July 21 1928 is estimated at 1,194,000 net
tons, as compared with 1,339,000 net tons during the corresponding week last year and 1,112,000 net tons in the
week ended July 14 1928. Production of beehive coke in
the United States during the week ended July 21 is put at
62,000 net tons, compared with approximately 70,000 net
tons the preceding week and 107,000 net tons in the week
ended July 23 1927. The Bureau of Mines report is as
follows:
The total production of soft coal during the week ended July 21. Including
lignite and coal coked at the mines,is estimated at 8,629.000 net tons. Compared with the output in the preceding week,this shows an increase of 19,000
tons, or 0.2%. Production during the week in 1927 corresponding with
that of July 21 amounted to 8.259.000 tons.

Estimated U. S. Production of Bituminous Coal (Net Tons), Incl. Coal Coked.
1928-1927
Cal. Year
Cal. Year
Week.
to Date.
Week.
to Dale..
July 7
6,830,000
241,119,000
6.577,000
282,987.000
Daily average
1.366,000
1,513,000
1.315,000
1,776,000
July 14.13
8,610,000
249,729,000
8,245,000
291,232,000
Daily average
1 435.000
1.510,000
1,374.000
1,762,000
July 21_c
8629,000
258,358,000
8,259,000
299,491,000
Daily average
1,438,000
1,507,000
1,377,000
1,748,000
a Minus one day's production first week in January to equalize number of days
in the 2 years. b Revised since last report. c Subject to revision.
The total production of bituminous coal during the present ciaendar
ESTIMATED PRODUCTION OF COAL BY STATES IN JUNE (NET
TONS). year to July 21 (approximately 171 working days) amounts to 258.358.000
net tons. Figures for corresponding periods in other recent years are
given below:
June
May
June
June
June
•
State.
1928.
1928.
1927.
1926.
299,491.000 net tons
1923.
1924
1927
256,788,000 net tons
293,795,000 net tons
1923
1926
314,285,000 net tons
Alabama
1,275,000 e1,428,000 1,294,000 1,542,000 1,677.000 1925
258,382,000
tons
1922
net
206,361,000 net tons
Arkansas
104,000
110,000
110,000
88,000
97,000
Colorado
already
indicated
by
revised
the
557.000
figures
above,
616,000
As
the
total production
592,000
595,000
759,000
Illinois
3,000,000 2,700.000
245,000 4,127,000 5,386,000 of soft coal for the country as a whole during the week ended July 14
Indiana
963,000
880,000
764.000 1,347,000 1,802,000 amounted to 8,610,000 net tons. This is an increase of
1.780.000 tons over
Iowa
178,000
193,000
27,000
303,000
383,000 the output in the holiday week preceding, and of 166,000 tons over
Kansas
90,000
the
100,000
88,000
265,000
316.000
Kentucky-Eastern
3,946,000 e4,120,000 4,209,000 3,964.000
30.
June
following
The
apportions
of
table
week
the
tonnage
by States:
Western
934,000 e970,000 2,016,000 1,055,000 2,866,000
791.000
Maryland
200,000
195,000
Estimated Weekly Production of Coal by States (Nei Tons).
214,000
228,000
203,000
Michigan
46,000
48,000
53,000
21.000
51,000
Week Ended
July 1923
Missouri
218,000
200,000
100,000
177,000
238,000
EndedJuly 14'28
Week
July 7 '28 July 16 '27 July 17 '26
Average..
Montana
158,000
180,000
169,000
151.000
163,000 Alabama
299,000
245,000
284,000
376,000
389.000
New Mexico
205,000
230,000
215,000
211,000
221,000 Arkansas
32.000
23,000
32,000
22,000
25,000
North Dakota
43,000
37.000
40,000
71,000
60,000 Colorado
130,000
99,000
149,000
153,000
165,000
Ohio
1.040.000
925,000
592,000 1,738,000 3,848,000 Illinois
703.000
598,000
88,000
999,000
Oklahoma
1.268.000
160.000
185,000
196,000
177,000
208,000
Indiana
228,000
207,000
211,000
309.000
Pennsylvania
451,000
9,394,000 e9,715.000 9,751,000 10.884.000 15,656,000
60,000
Iowa
39,000
7,000
73,000
87,000
Tennessee
414.000
450.000
384.000
422,000
491,000 Kansas
19.000
19,000
27,000
72,000
76.000
Texas
63,000
64,000
92,000
73,000
91,000 Kentucky-East _ 940,000
724,000
1,007,000
948.000
735.000
Utah
254,000
235.000
301,000
386,000
385,000
Western
234,000
209,000
479,000
225,000
202,000
Virginia
935,000
935,000 1,174,000 1,138,000 1,038,000
Maryland
49,000
37,000
52,000
42,000
56,000
Washington
150.000
165,000
161,000
171,000
193,000 Michigan
10,000
10,000
15,000
4,000
17.000
West Virginia-Southern b 8,128,000 e8,445,000 9,678.000 9,068,000
Missouri
52,000
42,000
30,000
48,000
58.000
Northern c
3,133,000 e3,120,000 3,764.000 3,059,000 6,140,000
3,548.000
Montana
45,000
35,000
34,000
41,000
37.000
Wyoming
370,000
372,000
379,000
353,000
452,000 New Mexico
48.000
39,000
42,000
47.000
52,000
Other States d
5,000
6,000
19.000
21,000
20,000 North Dakota._
10.000
9,000
9.000
17,000
14.000
Ohio
269,000
216,000
135,000
854,000
421,000
Total bituminous coal._ 35.963,000 36,624,000 36,627,000 41,635,000
43,000
36,000
54,000
Pennsylvania anthracite- 5,301,000 8,124,000 7.257,000 8,878.000 47,083.000 Oklahoma
49,000
49,000
8,474,000 Pennsylvania_ _ _ .2,240,000
1,722,000
2,073,000
3,680,000
2,685.000
115,000
73,000
113,000
Total all coal
103.000
92,000
41,264,000 44,748 000 43.884.000 50.513.000 SS SR7 A(111 Tennessee
Texas
17,000
15,000
23.000
19,000
20,000
a Figures for 1926 and 1923 only are final. b Includes operations on the
Utah
57,000
87.000
77.000
59,000
75,000
N.
&W
C. & 0., Virginian, K. & M. and Charleston d vision of the B. & 0.
244,000
239,000
173,000
272,000
255,000
c Rest of Virginia
State, including Panhandle. d This group is not strictly comparable
44.000
37.000
41,000
37,000
34,000
in the several Washington
years. e Revised.
W.Va.--South_b 1,896,000
1,490,000
1,555.000
2.159.000
2,133.000
Northern_c_..„ 749,000
816,000
830.000
718,000
595,000
Wyoming
86,000
115,000
97,000
83,000
81,000
Conference on Ohio Coal Mine Reopening Adjourns Other States.d1.000
4.000
5.000
4,000
1.000

Without Effecting Agreement.
Total bituminous _8,610,000
8,245,000 10,030.000 11,208,000
6,830,000
1,950,000
1,966,000
1.297.000
714,000
A move to negotiate a new wage scale for Ohio coal miners Penna. anthracite 1,112,000
was taken on July 27, when Ohio coal operators were invited Total all coal. -9,722,000 7,544,000 9,542,000 11,996,000 13,158.000
Average rate maintained during the entire month. b Includes operations on
by Lee Hall, President of the Ohio Miners' Union, to meet thea N.
& W., C.& 0., Virginian. K. & M.and Charleston division of the B.& 0.
with the Executive Board of the union on Aug. 2 at Colum- c Rest of State, including Panhandle.
d This group is not strictly comparable
in the several years.
bus. According to Associated Press advices from Columbus
ANTHRACITE.
the hopes for reopening Ohio coal mines after sixteen months
The total production of anthracite during the week ended July 21_
of idleness were frustrated on Aug. 2, when the joint confer- amounted to 1,194,000 net tons. Compared with the output in the pre
ence of operators and union officials adjourned sine die with- ceding week, this is an increase of 82.000 tons, or 7.4%. Prodction in
the week of 1927 corresponding with that of July 21 amounted to 1.339,000
out reaching a wage scale agreement.
tons.
The dispatches (Associated Press) further said:
Estimated United States Production of Anthracite (Net Tons).

Disaster threatened the conference when it opened this morning
1928
With
1927
only four State coal operators in attendance, but the presence of William
Cal. Year
Cal. Year
Week.
Week Endedto Date.
Week.
Haskins, of Coshocton, Secretary of the Central Ohio Operators' Asso714,000
July 7
37,817,000
798,000
41.705.000
ciation and member of the executive committee of the Ohio Operators July 14.b
1,112,000
38,929,000
1,297.000
43,002,000
Association, strengthened the belief that some agreement might be reached July 21.c
40,123,000
1 194,000
1,339,000
44,341,000
which the large associations of operators might later accept.
Minus one day's production first week In January to equalize number of days
Mr. Haskins explained before the meeting that he was not representing in a
the 2 years. b Revised. c Subject to revision.
either of the operators' associations which formally turned down the
BEEHIVE COKE.
invitation to take part in the conference.
A special committee of three operators and three union officials conBeehive coke production for the country as a whole during the week
of
hours
two
heated
afternoon
,but
discussion found the ended July 14 is estimated at 62.000 tons, a decrease of 45.000 tons, as
ferred late this
two groups deadlocked and unwilling to continue negotiations.
compared with the week ended July 23 1927.




[VoL. 127.

FINANCIAL CHRONICLE

622
Week EndedPennsylvania and Ohio
West Virginia
Ala., Ky., Tenn.& Ga
Virginia
Colo., Utah & Wash

July 21
1928.6
42,000
12,000
1.000
4.000
3,000

July 14
1923.c
50,000
11,000
1,000
4,000
4,000

1927
1928
JUIN 23
to Dale. to Dates
1927.
76,000 1,762.000 3,736,000
451,000
339.000
14,000
153,000
103,000
4.000
200.000
137,000
7,000
213,000
121,000
6,000

70,000
11,600

107,000 2,462,000 4,753,000
27,400
14,200
17,800

62,000
10.300

United States total
Daily average

and they operated in June at approximately 83% of their
capacity. The Bureau also released the following statistics:
MONTHLY PRODUCTION OF BY-PRODUCT AND BEEHIVE COKE AND
PIG IRON.
'(Figures for coke in net tons; for pig iron in gross tons.)

Monthly.

a Minna one day's production first week In January to equalize number of days
in the 2 years. b Subject to revision. c Revised.

According to the estimate of the National Coal Association, 8,900,000 net tons of bituminous coal were mined in
the United States during the week ended July 28.
Decline in Employment in Anthracite Industry Shown
in Figures Prepared by Federal Reserve Bank of
Philadelphia.
Employment in the anthracite industry showed a slight
decline from May to June, and in the latter month was
more than 3% under the level of the year before, according
to index numbers prepared by the Federal Reserve Bank of
Philadelphia(n the basis o7 data reported iv representative
collieries to the Anthracite Bureau of Information. The
Bank states:
May,
Wage payments In June, reflecting operations in the last half of
fell off sharply from the level of the preceding month and were 26% smaller
than in the corresponding period last year. The June 1928 payroll was
when
considerably less than that of the same month in any year since 1921,
a strike was in progress. Index numbers showing the trend of employment
and in recent months are shown below:

Total
Coke.

Beehive
Coke.

By-product
Coke.

4,176,082
579,000
3,597,082
June 1927
134,475,864
376,000
64,099.864
May 1928
4,263,268
302,000
3,961,268
June 1928
Daily Average.
142,172
22,269
119,903
June 1927
6146,180
13,926
6132,254
May 1928
143.657
11.615
132.042
June 1928
a Figures from the "Iron Age." b Revised since last report.

January
February
March
April
May
June
July
August
September
October
November
December

3,089.651
3,283,856
3,082.000
102,988
105,931
102.733

Production for the Year to Date.
For both pig iron and beehive Coke the Cumulative output in the first
six months of 1928 shows a decrease in comparison with 1927 (see following
table). For by-product coke,on the contrary,a net increase of7% is shown.

First 6 months of 1928
1927
1926
1925
1924

By-product
Coke.

Beehive
Coke.

Total
Coke.

Pig Iron.

23,671,536
22.113.075
22,003,000
19,710,000
17,534,000

2,270,000
4,419.000
7,197,000
5,620,000
6,493,000

25,941,536
26,532.075
29.200,000
25,330,000
24,027,000

18,520,921
19.430.678
19,848,461
19,011,948
17.434,000

Production by Regions.
In the following table the production in June is shown by regions, with
comparable figures for the preceding month and for the same month last
year and with cumulative totals for the year to date.
MONTHLY PRODUCTION OF COKE BY GROUPS OF STATES(NET TONS).
Cat. Year to June 30.

INDEX NUMBERS-1923-25 MONTH AVERAG100.
Wage Payments.

Emplomnent.

Pig Iron
(a).

1926.

1927.

1928.

1926.

1927.

1928.

8.1
36.7
111.4
114.6
115.8
116.9
116.9
117.8
118.0
118.9
119.3
119.9

119.6
119.2
114.3
115.5
119.0
118.7
116.9
117.1
118.7
119.8
116.6
119.7

120.2
113.6
107.7
112.3
115.9
114.9

8.2
10.3
120.0
115.7
128.0
131.1
115.5
123.6
126.2
134.6
115.0
127.4

112.4
105.9
91.3
93.0
120.1
126.6
86.3
90.5
112.0
109.4
116.2
98.1

98.7
90.0
88.5
86.1
122.1
93.4

of Coke and Pig Iron in June.
in the daily production of pig iron
3%
of
A decrease
caused a slight decline in the output of coke during June,
according to the United States Bureau of Mines. The decrease was borne chiefly by beehive coke, the daily production of which fell off 16.6% when compared with the
preceding month. The daily output of by-product coke
declined 0.2%. The new plant of the Hamilton Coke &
Iron Co. at Hamilton, 0., with 45 Koppers-Becker ovens,
began operations on April 18. Inclusion of the figures for
this plant and revised returns for certain others raises the
total output of by-product coke for the 31 days of May to
4,099,864 tons. In the 30 days of June the production was
3,961,268 tons, a decrease when compared with May, but
an increase of 364,186 tons over June 1927.
With the inclusion of the new plant and resumption of
operations at one idle plant, there are now 80 active plants
Production

Region.

June
1028.

May
1928.

June
1927.

.1928.

1927.

By-Product CokeNew England, New Jersey
and New York east of
322.441 2,019.663 2,007.582
329,996
Buffalo district
332,247
Pa.,Buffalo dint., Ohio and
2,102,839 2,176,726 1,822,008 12,347.799 11,318,860
adjacent plants_ a
361,429 2,255,710 2,304,730
372,100
362,551
Alabama and Tennessee
Illinois, Indiana, Michigan
918,915 6,054,730 5,453,605
and Missouri
1,000,320 1,052,689
993,634 1,028,298
172,289
168.353
163,311
Northwest and Far West it
22,113.075
23.671,536
3,597,082
Total
3,961,268 c4,099,864
Beehive Coke447.000 1,628,000 3,498,000
277,000
Pennsylvania and Ohio
212,000
465,000
350,000
67.000
52.000
West Virginia & Kentucky
45.000
178,000
124,000
26.000
22.000
Virginia
21.000
84,000
58.000
12,000
7,000
Ala., Tenn. and Georgia
7,000
194,000
110,000
27.000
18,000
Colo., Utah & Washington
17,000
579,000 2,270,000 4.419.000
376.000
Total
302.000
a Includes Sparrows Point, Md., Ashland, Ky., and three plants in northern
West Virginia. 13 Includes Wisconsin, Minnesota, Washington, Colorado and
Utah. c Revised since last report.
Coal Consumed.
The quantity of coal consumed at coke plants during June was about
6,167,000 tons, of which 5,691,000 tons were charged in by-product ovens
and 476,000 tons in beehive ovens.
ESTIMATED MONTHLY CONSUMPTION OF COAL IN THE MANUFACTURE OF COKE (NET TONS).
Total Coal
Consumed.

Consumed in
By-product Ovens,

Consumed in
Beehive Ovens.

4,759,000
5,304,000
5.259,000

1,452,000
1,602,000
920,000

6,211,000
6,906,000
6,179,000

595,000
April 1928
5,640,000
593.000
May 1928
65.891,000
476.000
5 Mil non
June 1928
a Preliminary figures. b Revised since last report.

6,235,000
66,484,000
6,167,000

Monthly average, 1925
1926
1927..a

Current Events and Discussions
summary of changes in the principal assets and liabilities
The Week with the Federal Reserve Banks.
of the Reserve banks during the week and the year ending
Federal
the
of
condition
of
statement
The consolidated
Aug. 1 is as follows:
Reserve banks on Aug. 1, made public by the Federal
Increase (-I-) or Decrease (-)
the
for
results
the
During
with
deals
which
Reserve Board, and
Year.
Week.
of
week
the
for
increases
shows
-3406,700,000
combined,
-$5,600.000
Total
banks
reserves
Reserve
12
-410.500,000
-4.500,000
Gold reserves
in
$60,700,000 in holdings of discounted bills, of $4,000,000
+61,500,000 +432,000,000
bills and securities
bank Total
+60,700.000 +640,400,000
Bills discounted, total
Government securities, of $43,600,000 in member
+59,100,000 +390,000.000
Secured by U. S. Govt. obligations
note
reserve deposits, and of $6,100,000 in Federal Reserve
+1.600,000 +250,400.000
Other bills discounted
'in
bought
bills
in
$3,200,000
--3,200,000 ---12.000,000
Bills bought in open Market
circulation, and decreases of
Total U.S.Government securities,total
+4,000.000 -195,600,000
open market and of $5,600,000 in cash reserves.
+100,000 -133.600,000
Bonds
amount held
+500.000
bills and securities were $61,500,000 above the
Treasury notes
-64,900.000
+3.500.000
Reserve
Federal
Certificates of indebtedness
on July 25. After noting these facts, the
-59,800,000
+6,100.000
Federal reserve notes in circulation
Board proceeds as follows:
+8,500,000
+56.100,000
bills for the week were
The principal changes in holdings of discounted
Bank of New York, $31,increases of $29.500.000 at the Federal Reserve
and a decrease of
800,000 at Chicago, and $7,000,000 at Philadelphia,
of bills bought in open
39.400.0(0 at Cleveland. The System's holdings
of indebtedness
market declined $3,200,000, while holdings of certificates
Increased $3,500,000 and of Treasury notes $500.000.
was reported
A decline of $3.100,000 in Federal Reserve note circulation
$3,800,000 by
by the Federal Reserve Bank of Cleveland and increases of
36,100,000
New York, $2,700.000 by Boston. 32.000,000 by Chicago, and

Total deposits
Members reserve deposits
Government deposits

+43,600,000
+9,600,000

-6,400,000
+16,200,000

Returns of Member Banks for New York and Chicago
Federal Reserve Districts-Brokers' Loans.
Beginning with the returns for Juno 29 1927, the Federal
Reserve
Board also began to give out the figures of the
by all Federal Reserve banks.
in the New York Federal Reserve District,
preceding
member
banks
The statement in full, in comparison with the
well
as
as
in the Chicago Reserve District, on Thursthose
be
will
year,
last
date
g
week, and with the correspondin
ly with the figures for the Reserve banks
days,
A
simultaneous
649.
found on subsequent pages-namely, pages 618 to




NM&

AUG. 41928.]

FINANCIAL CHRONICLE

themselves, and for the same week, instead of waiting until
the following Monday, before which time the statistics
covering the entire body of reporting member banks—now
636—cannot be got ready.
The following is the statement for the New York member
banks and that for the Chicago member banks thus issued
in advance of the full statement of the member banks, which
latter will not be available until the coming Monday. The
New York statement, of course, also includes the brokers'
loans of reporting member banks, which this week show an
increase of$75,477,000,the grand aggregate of these loans on
Aug. 1, being $4,259,396,000. This total is now $303,844,000 below the high mark registered on June 6, but is still
$1,087,551,000 above the total of these loans at this time
last year.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York-45 Banks.
Aug. 1 1928. July 25 1928. Aug. 3 1927.
$
7 363,653,000 7,253,708,000 6,613,104,000
Leans and Investments—total
Loans and discounts—total

5 409,792,000 5,283,289,000 4,760,817,000

60,284,000
Secured by U. S. Govt. obligations_ _
47,281,000
33,182,000
Secured by stocks and bonds
2.560,225,000 2,443,751,000 2.280,756,000
2 789,283,000 2,792,257,000 2,446,879,000
All other loans and discounts
Investments—total
1 953,861,000 1,970.419,000 1,852.287,000
U.S. Government securities
1 080,538,000 1,086.415,000 882,674,000
Other bonds, stocks and securities__ - 873,323,000 884,004,000 969,613,000
Reserve with Federal Reserve Bank_
759,026,000 708,688,000 753,227,000
49,843,000
Cash in vault
51,574,000
55,868,000
5,252,388,000 5,143,162,000 5,260,568.000
Net demand deposits
1 158,557,000 1,158,311.000 1,012,884,000
Time deposits
Government deposits
49,504,000
20,542,000
9,749,000
102,859,000
Due from banks
94.138,000
87,138,000
1,228,197,000 1,144,825,000 1,164,218.000
Due to banks
Borrowings from F. R.Bank—total.
254,786,000 223,376,000
78,714,000
Secured by U. S. Govt. obligations
177.220,000 139,630,000
67,900,000
All other
77.566.000
83,746,000
10,814,000
by
dealers
(secured
Loans to brokers and
stocks and bonds):
928,466,000 823,516,000 1,109,556,000
For own account
Fo account of out-of-town banks_ _ _1,498,299,000 1,551,758,000 1.189,518,000
1 832,631,000 1,808,645,000 872,771,000
For account of others
4 259,396,000 4.183,919,000 3,171,845,000
Total

633

and Richmond and Minneapolis $6,000,000 each. Time deposits declined
$5,000,000 in the Chicago district and 86,000,000 at all reporting banks.
The principal changes in borrowings from Federal Reserve banks for the
week were increases of 89,000,000 at reporting banks in the New York district, $7,000.000 in the San Francisco and $5,000,000 in the Cleveland district, and decreases of $7,000,000 each in the Philadelphia, Atlanta and
St. Louis districts.
A summary of the principal assets and liabilities of 636 reporting member
banks, together with changes during the week and the year ending July
25 1928, follows:
Increase (+) or Decrease (—)
During
July 25 1928.
Week.
Year,
s
$
$
Loans and incestments—total
22,218,546,000 —97,747,000 +1,602.096,000
Loans and discounts—total

15,691,686.000 —57.990,000 +1,123,450,000

Secured by U.S. Govt. obligations 129,690,000
+551,000
6,595,964.000 —36,922.000
Secured by stocks and bonds
All other loans and discounts
8,966.032,000 —21,619,000

+16,935.000
+608,959,000
+497,556,000

6,526,860,000 —39,757.000

+478,646,000

U.S.Government securities
2,956,769,000 —28,161.000
Other bonds,stocks and securities_ 3,570,091,000 —11,596,000

+404.837,000
+73,809.000

—4,225,000
—3,621,000

+12.998,000
—18,426,000

13,050,589,000 —139,213,000
6,905,405,000 —5,685,000
71,692,000 —21,718.000

—207,778,000
+638.490,000
—23,826.000

1,067,116,000 —39.057,000
3,059,891,000 —25,823,000

—10,383.000
—99.415.000

Investments—total

Reserve with Federal Reserve banks_ 1,689,578,000
Cash In vault
241,552.000
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F.R.banks—total_

798,532,000 +11,120.000

+564.722.000

Secured by U.S. Govt. obligations
All other

500,347,000 —4,092,000
298.185,000 +15,212,000

+347,210.000
+217,512,000

Summary of Conditions in World's Markets According
to Cablegrams and Other Reports to the Department of Commerce.
The Department of Commerce at Washington releases
for publication Aug. 4 the following summary of market
conditions abroad, based on advices by cable and radio:

AUSTRALIA.
General conditions in Australia remain unchanged with trade quiet in all
quarters, though the agricultural outlook everywhere continues good.
It is reported that a decision has been reached opposing the nationalization
of existing bus routes, though the use of buses for railway feeders is being
considered.
BELGIUM.
3.304,351,000 3,184,754,000 2,378,728,000
On demand
955,045,000 999,165,000 793,117,000
On time
The retail price index for the week of July 15 was 811, the same as for
Chicago-43 Banks.
the month of June, and the new stabilization index was unchanged at
2 064,609,000 2,037,915,000 1,911,045,000
Loans and investments--total
101.8. Five thousand workers at the Fabrique Nationale plant at Liege
1 576,698,000 1,552,128,090 1,475,788,000 are striking due to objections against the new mutual insurance plan inLoans and discounts—total
stituted by that company. The Antwerp strike was definitely settled by
Secured by U. S. Govt. obligations_ _ 16,412,000
15,613,000
14,503,000 the dockers accepting new labor contracts effective Jan. 1.
Secured by stocks and bonds
786,606,000 785,593,000 792,457,000
All other loang and discounts
773,680,000 750,922,000 668,828,000
CANADA.
Investments—total
487,911,000 485.787,000 435,257,000
The crop outlook in the Prairie Provinces, which continues most favorable
promises a record harvest is the basic factor in the optimistic trend in
U.S. Government securities
221,475,000 210,805,000 183,235,000 and
Other bonds,stocks and securities_
266,436,000 274,982,000 252,022,000 the Canadian business situation. Although wheat prices at the present time
Reserve with Federal Reserve Bank_ _ 185,953,000 180,616,000 176,337,000 are the lowest since 1925, in consequence of the large carry-over and the
Cash in vault
16,349,000
16,478,000
18,966,000 increased acreage, the anticipated large crop is expected to stimulate trade
generally. Some lines of trade are experiencing the usual period of summer
Net demand deposits
1,235,796,000 1,226,495,000 1,268,125.000
Time deposits
688.184,000 679,788,000 606,455,000 dullness, but wholesale and retail conditions are regarded as very satisfacGovernment deposits
15,950.000
1,408,000
6,571,000 tory. Grocery, drygood and apparel sales are being maintained in good
Duo from banks
166,228,000 146,699.000 142,437,000 volume, while hardware, automobile and builders' supplies are in brisk
banks
to
Due
351,669,000 334,469,000 364,177,000 demand. Collections are about normal in every Province, including
Columbia which has registered a considerable improvement in
Borrowings from F. R.Bank—total._ _ 93,020,000
79,983,000
8,397,000 British
trading activity in recent weeks.
Secured by U.S. Govt. obligations_
71,674,000
64,749,000
7.265,00n
CHINA.
All other
21,346,000
15,234,000
1,132,006
It is anticipated that though railway passenger service between Peking
Shanghai
will
be
in
and
operation by the end of July, thus affording the
Complete Returns of the Member Banks of the Federal first
through service in eighteen months. Through service trains will be
Reserve System for the Preceding Week.
operated via the Peking-Hankow line to Hsuchowfu, and from the latter
point via the Tientsin-Pukow line to Nanking and Shanghai.
above, the

statements for the New York and
As explained
Chicago member banks are now given out on Thursdays,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks, now
636, cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business July 25:

The Federal Reserve Board's condition statement of636 reporting member
banks in leading cities as of July 25 shows decreases for the week of $58,000,000 in loans and discounts, of 840,000,000 in investments, and of
$167,000,000 in deposits, and an increase of $11,000,000 in
borrowings
from the Federal Reserve banks.
Loans on stocks and bonds, including United States Government obligations, were $36,000,000 below the July 18 total at all reporting banks,
$19,000,000 below at member banks in the New York district, $6.000,000
In the Philadelphia district, and $6.000,000 in the Kansas City district.
"All other" loans and discounts increased $8.000,000 at reporting banks in
the New York district and declined in most of the other districts, all reporting banks showing a net decrease of $22,000.000 and member banks
In the San Francisco and Boston districts decreases of 87,000,000 and
$5,000,000, respectively.
Holdings of United States Government securities were $14.000,000 less
than a week ago at reporting banks in the New York district, $7.000,000
in the Chicago district and $28,000,000 at all reporting banks, while holdings
of other bonds, stocks and securities declined $7,000,000 in the New York
district and $12,000,000 at all reporting banks.
Net demand deposits declined in all but one district, the principal decreases by districts being: New York $47,000,000. Boston $25.000.000.
Chicago and San Francisco 318.000,000 each. Philadelphia $11,000,000.




CUBA (ISLE OF PINES).
The local market remaind in a state of depression and sales in all lines are
at low levels. The 1927-28 crop year, which has Just ended, did not bring
satisfactory returns to growers, who now place their hopes on the success of
the next season. There is an absolute shortage of money, and credits are
restricted. Shipments of grapefruit during the crop year just ended were
100,000 crates and of vegetables, 120,000 crates, or about half of pre-season
estimates. Preliminary local estimates of the 1928-29 grapefruit crop
place the possible production at 200,000 crates, but this figure is regarded as
optimistic, in view of the lack of rainfall which has been experienced.
DENMARK.
The gradual improvement in Danish business conditions which has characterized the situation since the beginning of the year continued during
July. Unemployment remains unchanged at 39,000. Industries register
a slow and steady increase in activities. Shipping is also improving with
a reduction in idle tonnage which now totals only 22,000 tons, Agricultural
production is maintained at a high level but prices are unsatisfactory.
Warmer weather in July,following unusually cold and rainy weather during
the spring and early summer months has brightened the outlook for cereal
crops. The hay crop, however, will be far below normal.
FRANCE.
The business sentiment continues confident, although immediate activity is relaxed under the seasonal influences which are accentuated by the
abnormal heat. Production is maintained at a high level, but the dockers'
strike at Havre Is temporarily affecting trade in that part and it is feared that
R might spread to Dunkirk and Rouen. The Loucteur construction program is stimulating steel construction and the allied industries.
HAWAII.
Hawaiian business showed a steady and consistent growth along all liras
as the new fiscal year opened. Since the beginning of July whclesale and
retail trade have been heavy. Collections have only been fair but merchants expect improvement later. It is estimated that tourists have
brought 310.000,000 to the Islands during the past 12 months. Latest

624

(VoL. 127.

FINANCIAL CHRONICLE

estimates place the sugar crop at 883,000 short tons, including about
32.500 short tons of refined sugar produced by one plantation. The crop
was about 84% harvested on July 1, and 64% had been shipped. Pineapples are ripening satisfactorily on all islands and canneries are working
full time. The labor supply Is adequate. Heavy rains on all islands, and
high mean temperatures averaging 80 degrees for the group, promises large
yields of sugar and pineapples during the coming year.
JAPAN.
Money is easy and the issuance of debentures continues in Japan. The
stock and silk markets continue inactive. Syndicate banks will immediately
issue 230,000,000 yen of 25-year 5% government bonds. (Yen equals
$0.4559 at current rate of exchange). The Kawasaki Dockyard Co. has
finally been granted a loan of 11,000,000 yen by Tokyo syndicate banks.
Final plans for a government subsidy of 10,000,000 yen to Japanese air
ship lines have been approved.
JITGOSLAVIA.
In contrast with the poor crop returns of 1927, which resulted in an
adverse trade balance and reacted on general economic conditions, recent
official reports of condition of crops are favorable. The condition of
cereals, which constitute the major export item, Is reported to be good.
The downward trend in exports continued unchanged during May. when
they totaled 305.300 metric tons and 273,550 pieces, valued at 431.660,000
dinars as against 344.700 metric tons, 586,560 pieces and 519,308,000
dinars, respectively, for May 1927. As in previous months, smaller
cereal exports accounted for the decrease. (1 dinar equals 80.0178.)
NETHERLAND EAST INDIES.
Trade in Imported staple goods was strong during the past week. Sales
of Japanese goods are gradually being resumed in West Java but demand for
Japanese merchandise is lacking elsewhere.
NEW ZEALAND.
Depression appears to have been definitely lifted as New Zealand passes
Into the second half of the year. All factors point to a sound economic
condition. The market for passenger automobiles is still dull, due to a
shortage of stocks. Sales of commercial vehicles continue strong and stocks
are plentiful; used truck sales are fair. Motion picture legislation, dealing
with taxes and quotas, is likely to go before the House during this month.
Depression in the New Zealand timber industry still continues and Imports
generally show a marked decline. Prices are firm and stocks are fair.
NORWAY.
The general Improvement in Norwegian industries and commerce which
has been noticeable since adoption of the gold standard continued during
July. Several orders for building of larger vessels have been placed with
Norwegian shipyards adding new life to this industry which has long been
Idle on account of high cost of production. Shipping, however, is unsatisfactory with no immediate outlook for betterment. The agricultural
situation likewise remains depressed. Fisheries, on the Contrary, report
increased activity and better financial returns. The improvement in
Industries is further reflected in the reduced number of unemployed which
was estimated at about 26.000 at the close of July, a reduction of 6,000

during the month. The strike In the building industry in Oslo has been
settled with the workers accepting a wage reduction of 8%• Business
failures numbered 85 during Juno against 83 for May.
PHILIPPINE ISLANDS.
Import markets in the past week showed a seasonal decline In sales of
canned fish. The Manila flour market was quiet and sales in the southern
provinces were light, as the result of a large corn crop in Cebu. In export
markets, abaca trade continued quiet at unchanged prices, despite heavier
production. Quotations on the local market were considerably above
offers on New York and London markets. The copra trade weakened,
with very heavy arrivals. All oil mills have now resumed normal operations.
The provincial equivalent of resecado (dried copra) delivered at Manila
is 12 5-6 pesos per picul of 139 pounds; with the Hondagua quotation,
1234 pesos; and the Cebu,f. o. b. price, 12.50 pesos. (1 peso equals $0.50.)
SYRIA.
As a result of bankruptcies during the current year, principally In the
textile trade, a more Conservative credit policy has been adopted. These
difficulties are traceable partly to lax extension of credit by certain foreign
countries and to the low purchasing power of this market. The purchasing
power of the population has been reduced by adverse crop returns due to
unfavorable weather conditions.

Stock of Money in the Country.
The Treasury Department at Washington has issued the
customary monthly statement showing the stock of money
in the country and the amount in circulation after deducting the moneys held in the United States Treasury and by
Federal Reserve banks and agents. It is important to note
that beginning with the statement of Dec. 31 1927 several
very important changes have been made. They are as follows: (1) The statement is dated for the end of the month
instead of for the first of the month;(2) gold held by Federal
Reserve banks under earmark for foreign account is now
excluded, and gold held abroad for Federal Reserve banks is
now included; (3) minor coin (nickels and cents) has been
added. On this basis the figures this time are for June 30
1928. They show that the money in circulation at that date
(including, of course, what is held in bank vaults of member
banks of the Federal Reserve System) was $4,796,621,260,
as against $4,744,074,316 May 31 1928 and $4,851,325,356
June 30 1927, and comparing with $5,760,953,653 on Oct. 31
1920. Just before the outbreak of the World War, that is
on June 30 1914, the total was only $3,458,059,755. The
following is the statement:

CIRCULATION STATEMENT OF UNITED STATES MONEY—JUNE 30 1928.
MONEY HELD IN THE TREASURY

KIND OF
MONEY

Total
Amount. a

Total

Amt Held in Res're against
Trust against United States
Notes
Gold & Silver
Certificates(& (and Treasury
Notes
7'reas'y Notes
of 1890)
of 1890)

$
$
3
Gold coin an
b4,109,152,431 3,215,615,889 1,513,730,839
bullion
Gold certificates c(1,513,730,839)
480,258,232 473,030,301
539,952,807
Stan,silver dol_
c(471,726.701)
Silver certlfs
Treasury notes
c(1,303,600)
of 1890
2,691,643
299,009.051
Subsidy silver_
2,845,028
116.694,352
Minor coin
3,021,104
346,681,016
U. S. notes
1,590,525
2,002.810,830
F.It. notes_ __ _
101,210
4,154,618
F.R.bank notes
19,526,096
690,620,652
notes
Nat. bank
TotalJune30'28
Comparative
totals:
May 31 1928
oJune 30 1927
oOct. 31 1920
°Mar. 31 1917
gJune 30 1914
Jan. 1 1879

Held for
Federal
Reserve •
Banks
and
Agents

$
$
156,039,088 1,387,650,413

MONEY OUTSIDE OF THE TREASURY

All
Other
Money

Total

$
158,195,549

Held by
Federal
Reserve
Banks
and
Agents f

Population
or
Continents,
United
States
Per
Capita (Estimated)

In Circulation

Amount

$
893,536,542
1,513,730,839
7,227,931
59,704,575
471,726,701

S
$
516,519,318 377,017,224
494,582,280 1,019.148,559
46.222,651
13,481,924
87,150,089 384,576,612

$
3.19
8.61
.39
3.25

1.303,600
2,691,643 296,317,408
2,845,028 113.849,324
3.021,104 343,659.912
1,590,525 2,001,220.305
101,210
4.053,408
19.526,096 680,094,556

1,303.600
18.143.494 278,173,914
2,782,752 111,066.572
45,221,560 298.438.352
374,787.433 1,626.432,872
4.028,984
24.424
29,882,636 650,211,020

.01
2.35
.94
2.52
13.74
.03
5.49

3

8,118,085,757 d3,725,649,727 1,086,761,140

156,039,088 1,387,650,413 e195,199,086 6,379,197,170 1,582,575.910 4,796,621.260

40.52 118,364,000

8,123,846.787 d3.829.697.060 2.008.698.263
8.667.286,075 d4,159,055,897 2,096,205,453
8,476.904.551 d2,407,741,319 696,854,226
5.395,314,2271 d2,944,575,690 2.684,800,08'
3,796,456.764 d1,845,575,88811.507,178.879
21,602.640
I 007 004.4831 d212.420,402

156,039,088 1,441,624,734
155,420,721 1,712,002,936
152,979,026 1,206,341,990
152.979,026
150,000,000
100,000,000

40.12 118,246,000
41.48 116,943,000
63.60 107,491,000
40.32 103,716,000
34.02 99,027,000
100) 48 231.000

In circulation in foreign countries and
a Includes Un ted States paper currency
of the Federal Reserve Bank of Atlanta.
the amount held by the Cuban agencies
other than that held by the Treasury,
coin
foreign
or
bullion
gold
b Does not include
agents. Gold held by Federal Reserve
Federal Reserve banks, and Federal Reserve excluded, and gold held abroad for
Is
account
foreign
for
ear-mark
under
banks
Federal Reserve banks Is included.
total Since the money held In trust against
c These amounts are not Included In the notes
of 1890 Is Included under gold coin
gold and silver certificates and Treasury respectively.
dollars,
silver
standard
and
and bullion
gold and silver certificates and
d The amount of money held in trust againstthis total before combining it with
Treasury notes of 1890 should be deducted from the stock of money In the United
total money outside of the Treasury to arrive at
States.
of redemption, $119,700.062
e This total Includes 320.404.511 of notes In process notes. $5,362.953 deposited
of gold deposited for redemption of Federal Reserve for retirement of additional
for redemption of national bank notes. 32,430 deposited as a reserve against postal
circulation (Act of May 30 1908). and $6,444,671 deposited
savings deposits.
Dank of
f Includes money held by the Cuban agency of the Federal Reserve
Atlanta.
311927.
Dec.
effective
changes
to
conform
to
revised
g Figures
Treasury
Note.—Gold certificates are secured dollar for dollar by gold held In the staiiilard
for their redemption; silver certificates are secured dollar for dollar by notes are
States
silver dollars held in the Treasury for their redemption; United
reserve
secured by a gold reserve of $156,039,088 held in the Treasury. This are also
fund may also be used for the redemption of Treasury notes of 1890, which Federal
secured, dollar for dollar, by standard sliver dollars. held in the Treasury.tile assets
Reserve notes are obligations of the United States and a first lien on all
of the issuing Federal Reserve bank. Federal Reserve notes are secured by the
deposit with Federal Reserve agents of a like amount of gold or of gold and such




223,334,975 6,302,847.990 1,558.773.674 4.744.074,316
105,426,787 6,604,435,631 1,753,110,275 4,851,325.356
351,566,077 6,766,017,458 1,005,063,805 5.760,953,653
106,706,579 5.135,538,622 953,321.522 4,182,217.100
188,397,009 3,458,059,755
3,458,059,755
90,817,762 816.266.721
AM 900 791

discounted or purchased paper as a eligible under the terms of the Federal Reserve
Act. Federal Reserve banks must maintain a gold reserve of at least 40%, including the gold redemption fund which must be deposited with the United States Treasurer, against Federal Reserve notes in actual circulation. Lawful money has been
deposited with the Treasurer of the United States for retirement of all outstanding
Federal Reserve bank notes. National bank notes are secured by United States
bonds except where lawful money has been deposited with the Treasurer of the
United States for their retirement. A 5% fund is also maintained in lawful money
with the Treasurer of the United States for the redemption of national bank votes
secured by Government bonds.

Great Britain Adopts Law to Stabilize Easter.
Easter, as far as communicants of the Church of England
are concerned, will hereafter fall annually on the Sunday
after the second Saturday in April, instead of being determined, as at present, by the phases of the moon. Associated
Press advicos from London July 27 reporting this said:
The bill embodying this change for Great Britain and northern Ireland
received its third reading in the House of Lords to-day. It had previously
passed the House of Commons and now needs only the assent of Ring
George to become law.
The movement for a "stabilization" of Easter was started some year,
ago. The variable nature of the weather in the British Isles before th

AUG. 4 19281

FINANCIAL CHRONICLE

middle of April was one of the most important arguments used by proponents
of the measure.
Under the present system, Easter Sunday is the first Sunday after the
ecclesiastical full moon on or next after March 21, and therefore may fall
on any Sunday between March 21 and April 25.

The New York "Times" of July 28, commenting on the
new law, said:

625

A rough estimate shows that the saving to the companies will
be about
$15,000,000 yearly.
J. II. Thomas, M. P., speaking for the National Union of Railway Men,
described the agreement as "a great settlement, a triumph for British
common sense."
John Bromley, speaking for the Locomotive Engineers and Firemen,
said it was "a good and reasonable settlement."

We also quote the following

Associated Press accounts
The bill described in the foregoing dispatch was introduced in the House
of Commons on Feb. 17. Its terms then, as now, would place Easter from London July 27:
The conference of representatives of workers and managers, at which
between April 9 and 16. In the 0011111100S, as well as in the House of
Lords, the bill had a sort of supplementary bearing on the attempt to reform the wage reduction was agreed to, has been meeting for some time to conthe Prayer Book, and the opponents contended that it would result in two sider ways of helping the railways out of the poor economic position they
Easters, one religious and the other secular, because there was nothing to are in. Representatives of the workers demurred at first to the proposals
show that the Roman Catholic Church would also make the change. In- of reductions, and the recommendation is apparently a compromise, for the
deed, there was some doubt whether the Act could be made to prevail workers stipulated that any reductions to be effected should apply to the
executives as well as workers.
among Anglicans
The agreement terminates a long dispute in which both sides recognized
According to the "Osservatore Romano" of the next day, the first objecthe
need of a compromise in order to meet the dwindling revenue of the
tion proved to be well founded. But Anglicans will be obliged to conform
to Acts of Parliament endorsed by the head of the Church of England, railway companies. The revenues have been steadily decreasing in the
face of fierce competition from motor road vehicles.
who is the King.
Mr. Winston Churchill, in his last budget proposal, sought to minimize
The framing of the bill was the first response to the suggestion made
to all Governments by the Council of the League of Nations earlier in the the effect of this competition by reducing the tax burdens of the roads.
year, although the desirability for an unchanging Easter has been debated
All wage questions affecting railwyas in Great Britain have been settled
in late years by a board, instituted after the great railway strike of 1919.
in ecclesiastical circles since the earliest days of Christianity.
The agreements then reached have worked peacefully ever since, but the
present conference wished to avoid a reference of its
to the board
Change in Date of British Parliamentary Session because lengthy delays would have resulted and causedproblem
further losses to the
railway companies.
Makes Possible Mid-Summer Elections.
Although the 1919 treaty has worked successfully for nine years. the railAccording to Associated Press advices from London July way directors had
expressed a desire to revise the agreements 'Mitch regulated
wages with reference to the cost of living and similar factors. The
28 the first step in a new system of beginning the Parliamentnew
settlement,
however,
leaves all standard agreements intact. The
ary session was scheduled to take place Aug. 3, with the regulations respecting
old age pension funds remain undisturbed.
ending of the current session by prorogation, thus paving
The new agreement may be terminated any time after one year's trial
the way for holding a general election in mid-Summer. by a three-month notice from either side.
Most directors of the big British railways to-night expressed satisfaction
Discussing the subject further the Associated Press accounts with
the now agreement and all remarked upon the spirit of co-operation
state:
displayed by the men and trade union leaders.
Until this decision was taken parliamentary sessions were begun each
Sir Josiah Stamp, Chairman of the London. Midland & Scottish Railway.
year in February, were interrupted in August by an adjournment for one of the largest of the systems, said that the agreement was "not what we
three months, and were ended with the King's prorogation speech a few wanted bisp in our judgment it is a fair counter offer."
days before Christmas.
Mr. Thomas, addressing a public meeting to-night, declared! "I have
Future sessions of Parliament will begin in October or November, ac— signed a document to-day that in my judgment, when you and I are dead.
cording to the pressure of business. They will be adjourned over the Christ- will live as the most important document signed in British industrial hismas holidays and will be terminated by the King in July.
tory. For the first time in British history a million men and their wives
Next Friday. instead of Parliament adjourning according to the long- and families have given an indication to the world unkown before—have
established custom, until Autumn, the King will make his usual February accepted a reduction in wages amounting to nearly £3,000,000 as their
prorogation speech through the Royal Commission, thus ending the session contribution toward saving the great railways of the country."
of 1928. Since the King's prorogation disposes of all uncompleted business
many minor bills will die automatically.
Idle British Miners to Get Farm Training in Canada.
In October or November the new session will be opened by the King
with all the ceremony hitherto connected with launching the session in
Details of the British Government plan to settle 21,000
February. It is expected, however, that under the new arrangement the
workless miners and their dependants on land overseas
next session. instead of terminating in July, will end in May, when it is
assumed the next general election will be held. The political parties are were announced to-day by Lord Lovat, Under-Sec. for the
planning to begin platform campaigns in October.
Dominions, according to advices from London July 30 to
The last few days of the present session will be devoted to a duscussion
to the Kellogg anti-war treaty and to the report of the Imperial Wireless tho New York "Times" which state:
The scheme provides for training the miners in this country as agriculand Cable Conference. The principal business of the Autumn session
will be the passage of a Government bill for tax relief and approval of the tural workers and for the maintenance of the families of married men
while they are being trained to the extent of 17 shillings weekly for a wife
budget.
and 2 shillings for each child.
At the expiration of the training period the wholefamily would be assisted
Proposed Cut of 2% in Wages of British Railway overseas. The men will there work for two years on wages, and after that
it is expected that they will have saved $500 or more. The British
time
Workers—Smaller Unions Object.
government will advance them an additional $500 on condition that Dominreaching
of
an agreement under which British rail- ion authorities provides similar sum. With this sum it is expected the men
The
way workers, including executives, will accept a wage cut will be able to es(ablish themselves on free or low-priced land.
The scheme is to be tried out first in Canada, where Lord Lovat will go
of 23/2%, was announced at London on July 27. Indica- in the next few days. Among the 21.000
it is hoped to get 2,500 boys.
tions that the smaller unions had declined to accept the 7,000 single miners, 2,500 families and 2,000 women. The women will
agreement were given in Associated Press cablegrams from also be trained as domestic help
The scheme will cost about $3.000.000 and as far as Canada is conLondon Aug. 2 which said:
cerned, it is hoped to begin recruiting in October. The men's training
Executive representatives of the unions of 18 crafts employed in the course here will last four months,
In which time they will be taught to milk
shops to-day declined to accept the reduction and declared they would plow, and do ordinary farm work. It is
pointed out here that working
not rest content under the "dictation" of the larger railway unions. They on the land may be hard, but it is no
harder than mining and may be carried
said the other unions were trying "bullying tactics" and were attempting on under more pleasant conditions.
"to govern the situation to the detriment of the shopmen's interest."
Providing the Dominion government is willing to co-operate, it is fully
The shop crafts believe that the regular machinery for settling railway expected that the
scheme will solve the dire employment problem created
wage disputes should have been used. At the time of the conference by the closing
of uneconomic British coal mines.
between the managers and the employees it was
stated that a reference of
It was stated in earlier London advices (July 27) to the
the question to the Wage Commission would result in a necessarily
long
delay that would only accentuate the ills of the companies.
"Times" that under the plan the Imperial Government
One of the effects of the agreement, it was noted in Associated Press cablegrams July 27 will be that 100,000 railway
shopmen, who are now working only four days a week at the
higher rate, henceforth will work at least five days and perhaps in a majority of the cases for full time. It is stated
that the companies have given a promise to do this wherever
there is sufficient work to keep the men busy. The regulations respecting old ago pension funds remain undisturbed.
The New York "Times"in indicating in its London advices
July 27 that the agreement would have to be referred to the
delegate conferences of the unions for ratification, had the
following to say:

would bear the bulk of the expense. The Canadian National Railways and the Canadian Pacific Railway it was
stated would help to place the harvesters and undertake to
bring them back at cheaper than regular fares.
Mergers of Banks Perturb Canadians—Some in
Dominion Profess to See Danger in Concentration
of Credit Facilities.
From the "Times" of July 29 we take the following special
correspondence dated at Ottawa July 25:

Those who profess to believe that the economic well-being of Canada
is put in peril by the concentration in a few hands of the country's credit
and banking facilities find fresh cause for alarm in the merger of the Standard
One of the most remarkable industrial agreements ever concluded was Bank and the Canadian Bank of Commerce. It has been announced
that
reached provisionally to-night by the British railroad managers and
the the Federal Department of Finance has approved the sale of the Standard
representatives of the three railroad trade unions. the National
Union of to the Commerce on the basis of a share-for-share exchange, and the shareRailwaymen. the Associated Society of Locomotive Engineers and
the holders of the institutions are not likely to question the wisdom of the course
Firemen and Railway Clerks' Association.
proposed by their directors.
The trade unions have been convinced by irrefutable statistics that
Consummation of this merger will see twelve banks operating in the Dothe present wages cannot be maintained and that unless drastic economies minion, with a thirteenth holding a charter granted at the last session of
are effected in some form or other three must be wholesale dismissal of men. l'arliament. Of the twelve two are savings offices maintained by the
The effect of to-day's agreement Is that from Aug. 13 there shall be a Governments of Ontario and Manitoba, and a third operates in a very
deduction of 55c
2 % each payday from the gross
earnings of all whose
limited way in one Western district. Critics of the Canadian system do
onditions of service are governed by the national agreements. The deduction not fail to point out that the head offices of all the important banks are in
will apply to officials as well as to work people of every grade. Railroad Eastern Canada and strong opposition has been expressed in Parliament
directors have also intimated that they will accept a 23i% deduction from and in the press to any further reduction in the number of competing
‘their salaries.
organizations. But the tendency since confederation has been in the direc.




626

FINANCIAL CHRONICLE

tion of fewer and larger banks, and since the war the movement has been
even more pronounced than before.
Bankers and other financial authorities defend the present and past
mergers on the ground of efficiency. The Standard Bank Is comparatively
small, with 220 branches, most of them in Ontario. It is perfectly sound,
but its national and international connections are held to be unsatisfactory.
The Commerce, on the other hand, has about 800 branches scattered
through the nine provinces and an elaborate system of foreign relations.
When the merger becomes effective the Commerce will have more than
800 branches and assets of $700.000,000. It will take an easy third place
among the Dominion's banks,following only the Bank of Montreal and the
Royal Bank.

The plans for the purchase of the Standard Bank by the
Canadian Bank of Commerce appeared in our issue of July 21,
Page 361.
About 70% of Canadian Securities Owned in Canada.
Approximately 70% of all Canadian securities totaling
more than 15 billion dollars are owned in Canada, while
not more than 18% may be traced to the United States and
12% to the United Kingdom, according to Mathewson, McLennan & Molson, members of the Montreal Stock Exchange. In their announcement of this, under date of
July 30, they state:
Despite large investments of foreign capital in the Dominion during
the past seven years, Canadians have not had to rely overmuch on
foreign funds.
In 1920 more than $8,000,000,000 of the $12,400,000,000 total Canadian securities at that time were held in Canada, while in 1927 the
total of securities retained by Canada was $10,885,000,000 and the
amount owned outside of Canada was nearly $4,908,000,000.
More than 20% of all Canadian industrial securities and approximately
18% of Government bonds are owned in the United States. In addition,
over 12%.of all Canadian railroad securities are owned in this country.
Canadians own 72% of their government and municipals, 71.5% of their
industrials and 60% of their railway securities.
•

Fascists to Rule All Universities—Entire Educational
Plan to Be 100% Italian—New Emigration Policy.
From a staff correspondent the "World" prints the following from Rome,July 27 (copyright.):
Premier Mussolini has approved Important programs for school and
emigration.
When students return to their classes after the vacation they will find a
program of Fascism in force. The aim is the Fascistification of all institutions of learning from elementary schools on up to universities whose
charters date from the Middle Ages,
The Fascist declaration that the State and not the Holy See henceforth
must be responsible for the teaching of the younger generation no longer Is
limited in its application to young people. All schools, the Premier says.
must produce 100% Italians.
He says they must be prepared for life's battle by acquiring a thoroughly
modern, practical and not over-costly education, without having their
brains muddled with utterly useless subjects.
A Fascist atmosphere must permeate the class rooms. Young Italy must
be trained to compete in science, industry, engineering, commerce and
agriculture with efficient foreign countries. They must know what the
world owes to Italy in art and science, and must know what share Italians
scattered in foreign lands have in the development of their acquired homelands,such as the United States, Australia and Canada.
The universities also will be modernized, their laboratories adequately
equipped and archeological research adequately rewarded. This will be
carried out in true Fascist spirit under State supervision.
Aims at Prestige Abroad.
The emigration of intellectuals and of commercial, professional and
technical experts will be encouraged because they raise Italy's prestige
abroad and develop her trade.
Temporary emigration is to be allowed so long as it does not harm the
normal growth of the home population. Italian labor in the industries owned
by Italians abroad will be encouraged if the employers will treat their men
well and not try to denationalize them.
Henceforth a special plan will operate to bring back to Italy those nationals whose political value is poor and whose economic value is good.
They will be replaced abroad by emigrants whose economic position is bad,
but whose Fascist sentiments are excellent.
Moreover, the government will discourage rigorously the emigration of
farm workers, as Premier Mussolini plans intensive cultivation of lands
hitherto uncultivated.

Max Winkler Plans Visit to Near East—Survey Shows
$203,700,000 American Capital Invested in Balkans
—Grain in American-Near East Trade.
Although American trade with the Near East within the
past twenty years shows a material increase, the aggregate
commerce with that section of Europe is still regarded as
small compared with our total foreign trade. This situation is, in the opinion of Max Winkler, of Bertron, Griscom
& Co., Inc., attributable primarily to paucity of information on the part of our merchants and traders with Near
Eastern affairs. It Is pointed out that exaggerated reports of political and economic instability have tended to
instill a certain degree of apprehension over the safety of
trading with and investing in these countries. Whatever
progress has been made along these lines Is due chiefly to
the exhaustive reports prepared and published by the Department of Commerce. As regards the Near East, handbooks have so far been made available on Turkey, Rumania and Yugoslavia, which contain valuable information for the average American exporter and investor. That
full data on economic and financial conditions in these



[Vol,. 127.

countries would tend to favorably affect our commerce with
them, is apparent. In order to acquaint himself with the
situation in the Near East, Dr. Winkler contemplates leaving for an extended trip abroad and will spend most of his
time in the Near Eastern countries. In connection with
his trip, Dr. Winkler has made a careful study of AmeriA
can trade with and investments in the Near East.
statement regarding this says:
This study shows' that American capital invested in that section of
Europe, comprising Bulgaria, Greece, Yugoslavia, Rumania and Turkey,
aggregates $203,700,000, of which $85,700,000 is invested in Rumania,
$75,000,000 in Yugoslavia, $25,000,000 in Greece, $10,000,000 in Bulgaria,
and $8,000,000 in Turkey. These figures are exclusive of inter.governmental debts. Should present and pending negotiations for additional
borrowing materialize, our investments in the Near East will reach a
total of over $460,000,000. Among the prospective borrowers are Rumania with a total of $34,900,000 (of which $20,000,000 are for the Government, $13,400,000 for the City of Bucharest, $3,000,000 for the Agricultural Mortgage Bank and $1,500,000 for anindustrial company);
Greece with $50,000,000; Yugoslavia with $125,000,000; Bulgaria with
$25,000,000, and Turkey with $22,000,000.
Commenting upon America-Near East trade, Dr. Winkler calls attention
to the fact that our total commerce with the Near Eastern countries
referred to above has increased from $18,550,000 before the war to
$68,490,000, a gain of over 269%. Our exports increased from $4,750,000 to $23,990,000 in 1927, a gain of about 405%, while our imports
advanced from $13,800,000 prior to the war to $44,500,000 in 1927, an
increase of 222%. As regards our exports, Greece occupies first place
with $15,000,000, as compared with $900,000 before the war. Rumania
ranks next with $4,090,000, as compared with $1,400,000 before the
war. Turkey is third with $3,400,000, followed by Yugoslavia with
$1,000,000 and Bulgaria with $500,000. Greece ranks first among the
five countries in point of imports• which, for 1927, amounted to $29,600,000. Turkey is second with $12,400,000, Yugoslavia third with $1,000,000, followed by Bulgaria with $900,000 and Rumania with $600,000.
—U. S. Exports to-—U. S. Imports from— American
Capital 'noes.
1927.
1910-14.
1910-14.
1927.
Bulgaria
8900,000 810,000,000
2400,000
2200,000
8500,000
Greece
900,000 15,000.000 3,300,000 29,600,000 25,000.000
Yugoslavia
50,000 1,000,000 1,000,000 1.000.000 75.000,000
Rumania
600,000 85,700,000
200,000
1.400,000 4,090,000
8.000,000
Turkey
2,200,000 3,400,000 8,900,000 12,400,000
84,750.000 $23,990,000 $13,800,000 $44,500,000 8203.700.000

M. Titulescu Resigns as Foreign Minister of Rumania.
The New York "Times" announces the following advices
from Rumania under date of July 30:
The long-expected and often falsely reported resignation of M. Thulescu from the post of Foreign Minister of Rumania has at last been accepted by Premier Bratianu. The resignation itself occurred yesterday
and the official announcement was made to-day.
The grounds of the resignation as given in the communique are Illhealth. Among political experts, however, the opinion prevails that
there has been a breach between M. Titulescu and Bratianu on many
matters affecting both foreign and domestic policies. In some quarters
It is even thought that M. Titulescu has become friendly toward the Peasant Party and is biding time openly to espouse its cause against the Brettanu regime.
Nothing definite in this direction is expected soon, however, because
M. Titulescu has already left Bucharest for Abazzia, where he will spend
three months recuperating and then return to London as Rumanian
Minister to the Court of St. James.

Bonds of Mortgage Bank of Bogota Available in
Definitive Form.
J. & W. Seligman & Co., as fiscal agent, announce that
definitive bonds for $3,000,000 Mortgage Bank of Bogota
20-year 7% sinking fund gold bonds, issue of October 1927,
due Oct. 1 1947, will be ready for delivery on and after
Aug. 6 in exchange for and upon surrender of temporary
bonds at the principal office of Central Union Trust Co. of
New York,80 Broadway.
Province of Buenos Aires Bonds Called for Redemption.
Holders of interim receipts for Province of Buenos Aires
(Argentine Republic) 6% refunding external sinking fund
gold bonds, dated March 1 1928 and due 1901, are being notified of the call for redemption through operation of the
sinking fund of $205,500 principal amount of these bonds
on Sept. 1 1928. Payment in this country will be made
at the offices of Hallgarten & Co., or of Kissel, Kinnicutt
& Co., New York.
Costa Rica Reports Surplus for Sixth Year—Foreign
Trade in 1927 Largest in History.
The Republic of Costa Rica reports for 1927 total revenues of 30,584,122 colones ($7,646,030.50) and total expenses of 23,319,188 colones ($5,829,797), leaving a surplus
of 7,263,933 colones ($1,815,983.25), according to advices received by J. & W. Seligman & Co. This surplus compared
with a surplus a 4,805,899 colones ($1,201,499.75) In 1926,
and represents an excess of revenues over expenditures for
the sixth successive year. A statement in the matter also
says:
Receipts from customs duties, alcohol and liquors monopoly, which
are pledged as security for the External 7% Dollar Bonds of Costa Rica
amounted in 1927 to $5,416,741, as compared with $4,809,483 in 1926.

NMI

AUG. 4 1928.]

627

FINANCIAL CHRONICLE

After deducting the maximum prior service charges of $696,000 on the
sterling and franc loans of the Republic, the balance of the pledged revenues were equivalent to over 6.9 times annual interest and sinking fund
charges on the External Secured 7% Dollar Bonds now quoted around 97
on the New York Stock Exchange. These Bonds, which were originally
issued in the amount of $8,000,000, were reduced to $7,876,000 at the
end of 1927 through the operation of the sinking fund.
Foreign trade in 1927 was the largest in the history of Costa Rica.
Exports amounted to 72,233,331 colones ($18,058,332.75), as compared
with imports of 65,243,126 colones ($16,310,781.50). Approximately
50% of the import trade and 33% of the export trade was with the
United States. On the basis of the 1927 figures, Costa Rica ranked
fifth place in Latin America in foreign trade per capita.

J. P. Morgan & Co. Seek Tenders for Argentine
Government Bonds of 1909.
J. P. Morgan & Co. announced July 30 that they were
prepared to receive tenders for the amortization on or
before Sept. 29 1928 of $623,400 Argentine gold pesos, approximately £124,680, of the Argentine Government 5%
gold loan of 1909. Tenders for the sale of bonds with
coupons due March 1 1929 and subsequently, at a price to be
stated in the tender, must be lodged not later than 3 p. m.
on Aug. 15 1928, with J. P. Morgan & Co., 23 Wall Street,
New York. Tenders will be received also in London by
Messrs. Baring Brothers & Co., Limited, and in Buenos
Aires by the Credit° Publico Nacional.

The scope of the above compilation is exactly the same as in the loan
report issued by the Exchange a month ago.

The compilations of the Stock Exchange since the issuance of the monthly figures by it, beginning in Jan. 1926,

follow:
1926—
Jan. 30
Feb. 27
Mar.31
Apra 30
May 28
June 30
July 31
Aug. 31
Sept.30
Oct. 31
Nov. 30
Dec. 31
1927—
Jan. 31
Feb. 28
Mar.31
April 30
May 31
June 30
July 30
Aug. 31
Sept.30
Oct. 31
Nov.30
Dec. 31

Demand Loans.
22,516.960,599
2,494.846.264
2,033,483.760
1,969.869,852
1.987.316.403
2325,453.833
2.282.976.720
2.363.861.382
2.419.206.724
2.289,430,450
2,329.536,550
2,541,682.885

Time Loans
8966.213.555
1.040.744.057
966.612.407
865.848.657
780,084,111
700,844.512
714,782,807
778.286.686
799.730.286
821.746.475
799,625,125
751.178,370

Total Leans.
83.513,174.154
3.535.590321
3.000.096.167
2.835.718409
2.767.400.514
2.926,298.345
2.996.759.527
3.142.148.068
3.218.937.010
3,111.176.925
3,129.161.675
3.292.860,255

2,328.340.338
2375,498.129
2,504.687.674
2,541.305,897
2,673,993.079
2.756.968.593
2.764,511,040
2.745,570.788
3.107.674,325
3,023,238.874
3,134.027.003
3.480,779.821

810,446,000
780,961,250
785.093.500
799,903.950
783.875.980
811.998.250
877,184.250
928,320,545
896.953.245
922,898.500
957.809.300
952,127,500

3.138.786.338
3356.459,379
3.289.781.174
3.341.209,847
3.457.889.029
3.568.966.843
3.641.695.290
3,673,891.333
3,914.627.570
3,946.137.374
4.091.836.303
4.432.907,321

Jan. 31
Feb. 39
liar.31
April 30
May 31
June 30
July 31

3.392.873.281
3.294,378.654
3.580.425.172
3,738,937,599
4,070.359,031
3,741.632,505
3,767,694,495

1.027.479,260
1,028.200,260
1,059.749.000
1,168.845,000
1.203.687.250
1356,718.982
1,069.653,084

4,420.352.541
4.322.678.914
4.640.174.172
4,907,782,599
5.274.046.281
4,898.351.487
4,837.347.579

Purchase Through Sinking Fund of Bonds of Argentine
Government Bonds Due 1961.
& Co. and the National City Bank of New
Morgan
J. P.
York, as fiscal agents, have notified holders of Government of the Argentine Nation external sinking fund 6%
gold bonds, sanitary works loan, due Feb. 1 1961, to the
effect that $143,101 in cash is available for the purchase
for the sinking fund of so many of the bonds as shall be tendered and accepted for purchase at prices below par. Tenders of such bonds with coupons due on and after Feb. 1
1929 should be made at a flat price, below par, at the office
of J. P. Morgan & Co., 23 Wall Street, New York, or the
head office of the National City Bank of New York, 55
Wall Street, prior to 3 p. m. Aug. 31 1928. If tenders so
accepted are not sufficient to exhaust the moneys available, additional purchases upon tender, below par, may be
made up to Oct. 30 1928.

C. F. Childs & Co. Merges with American Co. of San
Francisco—C. F. Childs to Serve as Advisory
Chairman.
C. Frederick Childs, who recently resigned as President
of C. F. Childs and Company, announces that C. F. Childs
and Company has merged its business with the financial
institutions of the American Sompany of San Francisco.
Both organizations are to retain their corporate existence.
C. F. Childs and Company will continue to operate in U. S.
Government securities and will establish a Municipal Bond
Trading Department to supplement its specialized activities. Mr. Childs, founder of C. F. Childs and Company, who
created and built up •the largest specialized business in
U. S. Government bonds totaling over four billion dollars
In 1927, is retiring from the detailed duties and responsibilities of the business and will only act in an advisory capacity, serving as Chairman of the Board of C. 11. Childs
and Company. Mr. Childs has been the author of his company's published analytical bulletins which educated the
bankers and investors of America in the technicalities of
Government securities. He is regarded as the foremost
specialist in government bonds, having played a leading
part in establishing an unlimited market for all U. S. Government securities at net prices with no commission charges.
He has always been recognized as the leader in the field
of U. S. Government obligations.

Bonds of Republic of Haiti Drawn for Redemption.
The National City Bank of New York, as fiscal agent,
has notified holders of Republic of Haiti Customs and
General Revenues External 30-year 6% sinking fund gold
bonds, series A, due Oct. 1 1952, to the effect that $206,000
aggregate principal amount of the bonds drawn by lot will
be redeemed at par Oct. 1 next. Redemption will be effected at the offices of the National City Bank of New York,
55 Wall Street. Interest on drawn bonds will cease after New York Clearing House Adopts Measures With View
to Curbing Loans by Corporations on Stock
Oct. 1.
Exchange Collateral—Increase in Service Charge—
Higher Rate on Deposits.
Brokers' Loans on New York Stock Exchange $61,003,908 Less Than Those of Month Ago.
A move having for its object the curbing of loans by corA drop of $61,003,908 in brokers' loans on the New York porations and others than banks on Stock Exchange col-

StocklExchange during the month is indicated in the statement issued Aug. 2 by the Exchange, this showing total of
time and demand loans on July 31 of $4,837,347,579 as
compared with $4,898,351,487 on June 30. While a falling
off is shown in the Stock Exchange figures, the weekly report of the Federal Reserve Bank of New York, issued
Aug.2 reveals an increase of $75,477,000 in loans to brokers
made by member banks, the total at $4,259,396,000 on
Aug. 1 comparing with $4,183,919,000 on July 25. This
increase, considerably above Wall Street's expectations,
the "Journal of Commerce" notes, was accompanied by a
rise of $23,986,000 in the amount of loans made "for the
account of others," which reached a new high record figure
of $1,832,631,000. The Stock Exchange figures of $4,837,347,579 July 31, are made up of demand loans of $3,767,694,495 and time loans of $1,069,653,084. The following
is the statement issued by the Stock Exchange:
Total net loans by New York Stock Exchange members on collateral,
contracted for and carried In New York as of the close of business July 31,
1928, aggregated $4,837,347,579.
The detailed tabulation follows:
Demand Loans. Time Loans.
New York
(1) Net borrowings on collateral from
33,182,783,771
Companies
$967,175,088
Banks or Trust
from Private
(2) Net borrowings on collateral
or
Agencies
Bank
Foreign
Brokers,
Bankers,
584,910.724
102,477,996
others In the City of New York
$3,767,694,495 $1,069,653,084
Combined Total of Time and Demand Loans, $4,837,347.579




lateral was taken by the New York Clearing House Association this week. The initial step, taken by the Clearing
House Committee, on Aug. 2, provides for an increase in the
rate paid on deposits by Clearing House members; in addition a change in the service charge imposed by banks for
street loans for others than banks and bankers (meaning
for depositors) will, beginning Sept. 1, be M of 1% of the
principal of the loan—$100,000 being fixed as the minimum
of such loan. The present service charge is 5% of the interest
accruing on the loan. In observing that under the new regulations, loans by private interests will be penalized over
banking funds, the "Post" of last night (Aug. 3) noted that
by raising their interest allowance on time deposits by 1%
to 33,% the local banks hope to win back some of the
wayward funds into their deposit accounts where they
originally were. It added:
It is yet to be proved that private money, once having tasted of the rich
profits in 5 and 6% call loans, will be satisfied to stay put at 3%%. But
the banks now feel that they have shown their good faith in their efforts to
reduce the volume of outside money in the stock market. In raising the
interest on deposits, the banks give recognition to the higher rates prevailing for money.
The Clearing House Association, having amended the constitution to take
care of new conditions, will hold no more meetings, but Wall Street is far
from convinced that the situation will be so easily righted.

The "Wall Street Journal" of Aug. 2 in its reference to
the move by the Clearing House in raising its service charge
said:

628

FINANCIAL CHRONICLE

[Yore. 127.

This change is aimed at the situation growing out of the large funds new
service charge will effectively check the increase in corporation call
placed in the call money market by ccrporations and others.
loans and that the flat one-half of 1% is equivalent to the old service charge
The presence of this large volume of funds (more than $1,800,000,000
of 5% on interest when the call rate is 10%. It is declared further that
at last report) is regarded as a source of some danger to the local money
if the ruling of the Clearing House should not be effective, a rapid
exmarket inasmuch as it Is outside of control or regulation by the banks and is
pansion in outside loans will continue and a serious market break may be
subject to withdrawal at unfavorable periods ca sins undue flurries in call expected
later.
money rates. This occurred at the end of last month and at the end of
Ineffective At High Rates.
June. Advent of the fall demands for money makes it neeeqry that this
On the other hand, there ate bankers who declare that the new
situation should be taken care of as soon as possible.
service
charge raises the present fee to a more than negligible
only when
The new service charge, submitted by the Clearing House money is being lent at a low figure. When money is atdegree
10%,;_there is no
Committee, at a special meeting of the Clearing House increase at all. At 8% there is only an increase over the old figure of .1%
of the loan. At 6%,the increase over the old fee becomes .2% of the
loan,
Association on the 2nd, was approved at a further special and at 4% it becomes
.3% of the loan. The inference from this Is that is
meeting of the Association yesterday (Aug. 3). As to the just exactly when money is high and there is strong inducement for it
corporations to enter the call loan market that the service fee becomes a small
new interest rates, which were increased by the Clearing figure.

House Committee, and become effective Aug. 6, we quote
the following from the "Wall Street Jouranl, of Aug. 2:
New York Federal Reserve Bank on Borrowings of
Clearing House Committee has also on its own initiative raised the
Member Banks to Meet Deficiency in Reserves.
maximum interest rate payable by Cle2ring House members on deposits as
follows: For out-of-town banks to 2%,from 1,4% on commercial accounts.
Increasing borrowings of member banks from the Federal
to 2%% from 2%;and on deposits of 30 days or longer to 334% from 23i %•
The recommendations as to the service charge on street loans, &c., Reserve Banks to make up a deficiency in reserves are
entailing an amendment to the constitution, will have to be acted upon at commented upon by the Federal Reserve Bank of New
York
the meeting of the full Clearing House to-morrow.
in discussing the money market in its Aug. 1 "Monthly
Service charge now is 5% of interest received.
Raising of interest rates on deposits voted by the Clearing House Com- Review." In a belated warning the Bank says "while
mittee, takes effect Aug. 6. Charge for making loans on account of out- funds from the Reserve banks are available
to meet seasonal
of-town banks will remain unchanged at this rate.
and unusual needs, it is not regarded as sound banking for
This schedule has not been changed since June 12 1924. notwithstanding
that there have been several changes in the meantime in the Federal Re- a bank to be continuously dependent upon the use of such
serve Bank's rediscount rate and in spite of the fact that the money market funds." The Bank's observations
follow:
for some months has been on a decidedly firmer basis.
At the close of July money rates were distinctly
higher than at the
The Clearing House announcement of the change beginning of the month. Rates for commercial paper and bankers acceptances and yields of Government securities were from a quarter
to a half
in interest rates follows:
cf 1% higher
NEW'YORK CLEARING HOUSE.
New York, Aug. 2 1928.
Acting under the provisions of Section 2, Article XI. of the Clearing
House Constitution, relating to interest on deposits to be paid by Clearing
House institutions, we beg to advise you that the following rates have
been fixed, effective Monday. Aug. 6 1928.
On Certificates of Deposit Payable within 30 Days from Date of
Issue and on Certificates of Deposit Payable within 30 Days On Certificates of Defrom Demand on Credit Balances Payable on Demand and on posit Payable on or
Credit Balances Payable within 30 Days from Demand.
after 30 Days from
the Date of Issue or
To Banks,Trust ComDemand and on
panies and Private
To
Balances
Credit
Bankers, but ExMutual
To
Payable on or after
cluding
Mutual
Savings
Others.
30 Days from DeSavings Banks.
Banks.
mand.
2%

23i%

%

354%

than in the latter part of June and at least I% higher than at
this time last year. Bank rates to commercial customers,
however,showed
only moderate advances. A comparison of rates is
shown in the following
table:
MONEY RATES AT NEW YORK.
July 30 1927, June 29 1928. July 31 1928
Call money
•334-4
.6i4-7%
*514-6
Time money-90 day
411
64-4
6
Prime commercial paper
4-4
511
451-5
Bills-90 day unindoreed
311
4Si
4)4
Customers rates on commercial loans...- a4.47
a4.84
a5.09
Treasury certificates and notes—
Maturing Dec. 15
2.78
3.99
4.28
Maturing March 15
3.19
4.03
4.32
Federal Reserve Bank of New York rediscount rate
4
5
Federal Reserve Bank of New York buying rate for 90 day bills
4
3bi
411
•Prevailing rate for preceding week. •Average rate of leading banks at middle of
month.

While increases during the course of the month of one-half of 1% in
discount rates of seven of the Federal Reserve Banks have been an influence
in the direction of higher rates, firmer money conditions are a
logical outSEWARD PROSSER.
come of the banking situation. Specifically, higher rates have reflected an
Chairman, Clearing House Committee.
Increasingly vigorous effort by the banks of the country to correct
an overOLARENCE E. BACON, Manager.
loaned position.
Principally
because
The adoption of the amendment governing the new
of gold exports of over $500,000,000 since last
and in smaller degree because of Federal Reserve sales of securities
service charge was announced by the Clearing House in autumn,
and increases in the volume of credit, the banks have found it
necessary to
the following:
borrow increasingly large amounts from the Reserve Banks to maintain
the
minimum
reserves
required by law. An inspection of the balance sheets of
NEW YORK CLEARING HOUSE.
the banks shows an increasing discrepancy between
their deposits and
New York, Aug. 3 1928.
their loans and investments. Decreases in
deposits in recent months have
We beg to hand you the following amendment to Article XI, Section 5. not
been compensated fully by decreases in loans and investments, and the
of the Constitution.
banks have been making up the difference by
borrowing from the Federal
By order,
Reserve Banks. By the end of June this
borrowing mounted to over one
CLARENCE BACON, Manager.
SEWARD PROSSER, Chairman. - billion dollars and
has since remained near that figure. This is the largest
Clearing House Committee. amount of member
liank borrowing since 1921.
Amendment Adopted Aug. 3 1928.
Conservative bankers are not content to continue long in a position
(To become effective as to call loans Sept. 1 1928 and as to new time loans where they can balance their books only by borrowing money. While
funds from the Reserve Banks are available to meet seasonal and unusual
forthwith.)
needs, it is not regarded as sound banking for a bank to be continuously
Article XI, Section 5.
dependent upon the use of such funds. In conformity with these
principles
Amend Section 5 of Article XI s') that it shall be as follows:
and in anticipation of autumn credit and currency
requirements many
"Section 5 (a): Every member of this Association (and every non-member member banks
have
in
recent
weeks begun to take steps to repay the
clearing through a member) acting for a bank, banker or trust company
in making or attending to the service of any
loan secured in whole or in part Reserve Banks. Total loans and investments of reporting member banks
by stocks and-or bonds and-or acceptances, shall charge and collect for so have shown no increase since May, with the exception of a temporary rise
doing not less than 5% of the amount received for interest or discount to meet holiday and month-end requirements
at the beginning of July.
upon such loan, whether made in its own name or otherwise."
Since May there has in fact been a gradual decrease in
bank loans on stocks
Add the following section:
"Section '5 (b): Except as provided in Section 5 (a). every member of and bonds, and in July banks began to decrease their investment accounts.
this Association (and every non-member clearing through a member) The reduction in loans and investments has been more marked in New
acting for another, whether in its own name or otherwise, in ,making or York City than elscm here.
attending to the service of any loan secured in whole or in part by stocks
Tho accompanying diagrams (these we
omit, Ed.) show the changes in
and-or bonds and-or acceptances, shall charge and collect for so doing not the volume
and character of bank credit in use as reported by member
less than at the rate of Yi of 1 %per annum upon the amount of such loan
during the period it shall remain in effect; furthermore, no loan, or partici- banks in principal centers having about 40% of the banking resources of tho
pation in a loan. shall be made, or the service thereof attended to, under country. Since a year ago the total loans and investments
of these banks
the provisions of this Section 5 (b) unless the amount thereof be $100,000 have increased nearly one and
three-quarter billion dollars, a larger increase
or multiples thereof."
than in any year since 1924 (when gold
imports
heavy), and much
The "Journal of Commerce" in its issue of yesterday larger than is required by the usual growth in were
the country's business.
Much of this increase took place during
a time when the banks were lasing
(Aug.3)in stating that those in close touch with the Clearing deposits
and reserves
tho export of gold. The analysis of the
House Committee expressed grave doubts concerning the credit increase, shown through
in the second diagram, indicates that it took the
forms principally of loans on stocks and bonds
effectiveness of the action taken, said:
and Investments, although
It was pointed out that where the call loans were left outstanding for a there was some increase in "other loans," the bulk of which is presumably
full year. the new charge would constitute only a small increase in the for commercial use. The diagram shows that recent reductions have been
cost of the service to the lender. If the call rate is 7%, he now pays the in loans on stocks and bonds and in investments rather than in commercial
bank a service charge equal to .35% of the amount of the loan. Under loans.
the new level of charges he pays .30%•
Directors of Chicago Federal Reserve Bank Discuss
Against Meml.ere Wishes.
Penalty Discount Rates—Seek to Favor Business
Careful inquiry in banking circles indicates that the action of the Clearing
House in barge part was taken against the wishes of its members, many
and Agricultural Paper.
of whom feel that it will be utterly ineffective, as the present high rates
In the New York "Journal of Commerce" of Aug. 1 it
for call money make an Increase in the charge of negligible significance.
Furthermore, it is pointed out that banks which are not members of the was stated that the establishment of a system of
differential
New York Clearing House and money brokers can continue to charge
rediscount rates which would bring about a further rise in
the old rates, and thus get the business. Hence, it is felt that the changes
the cost of funds destined for speculative purposes without
constitute merely a gesture.
Those who profess to know the sentiment of Reserve authorities, how- penalizing agricultural and purely
business borrowers is
ever. Indicate that the action taken is satisfactory to them, and that some
curtailment to the increase in the loans made for the account of other may under serious discussion by the directors of the Federal Rebe witnessed from now on because of these steps. It is stressed that the serve Bank of Chicago and may be shortly put into
effect,
533909




By order,

AUG. 4 1928.]

FINANCIAL CHRONICLE

629

Lively Discussion.
Yesterday's afternoon session was enlivened by Mr. Holly, who came
out strongly in defense of bank stock holdings companies, mentioning
A system of differential rates on different types of rediscounts was tried specifically the Bancitaly Corporation which greatly expanded its New York
it had interests by the acquisition of the Bank of America last February.
extensively in the early years of the Federal Reserve system, but
"I do not believe there is any fundamental wrong in an investment
been generally given up by 1922 in favor of the present simplified system
Federal
the
of
wording
the
However,
district.
trust holding bank stocks," Mr. Holly declared speaking with a crisp
of one uniform rate in each
Reserve Act permits the Reserve banks to discriminate between different Western accent.
"There is no investment trust in America that has a stronger security
types of paper and advances, the only proviso being that no discrimination
shall be shown between individual member banks within the same district. holding than the Bancitaly Corporation," he said, "and it is one of the
advances
against
chiefly
directed
be
largest holders of bank stocks in the United States."
The discrimination is expected to
secured by Government bonds, and to take the form of an advance in the
Lauds California System.
rediscount rate to 51l% with the provision that paper drawn for agriMr. Holly then related how A. P. Giannini. President of the Bancitaly
cultural and legitimate business purposes shall continue to enjoy the present
another leading Pacific Coast banker, took over a weakened
5% rate. At times in the past, the discrimination has been exercised by Corp., with
bank at a heavy loss to themselves, thus protecting the deposthe Reserve Board between "commodity paper," bankers' acceptancs, California
trade acceptances and similar classifications. The larger part of the total itors.
He then. praised the California State-wide branch banking system.
of rediscounts now consists of advances secured by Government issues,
had our great branch banking systems there has not been
and it is generally supposed that these represent most nearly money bor- "Since we have
indea single failure of any one of them," be said. "It is the small. weak,
rowed for speculative purposes.
trouble."
Discrimination between borrowers has been an established policy in pendent bank which still gives us
The California officials' remarks were made in a discussion following
numerous banks during recent months, the banks welcoming commercial
Connecticut Bank Commissioner, in
borrowers while turning down many applications for loans for the purpose the address of Lester E. Shippe,
Supervisor expressed some alarm over the formation of
ot carrying securities, even when a somewhat hgiher rate has been available which the Eastern
companies,
on the latter. However, the Reserve banks have not yet had to resort to bank holding
as
Mr. Shippe, while explaining that the affiliated securities company,
this expedient.
company, was frequently of much benefit
The initiation of a policy of differential rates in Chicago would create distinguished from the holding
of large banks, stressed the point
a problem for the other Reserve banks. They would be entitled to exercise to both depositors and stockholders wag the dog"—that the operations
to
their own judgment as to the wisdom of following in the footsteps of the that "the tail should not be allowed
from affecting the bank.
Chicago institution. However, the effectiveness of a differential rate in of the affiliated company should be prevented
one district would be reduced by lack of action in other districts, because
Wants Trusts Taxed
of the shifting of certain types of loans which could then take place.
Grant McFerson, President of the Association and Bank Commissioner of
It is learned from sources in close touch with the Chicago Reserve au- Colorado, invited the supervisors to Colorado Springs. while Atlanta and
thorities that the continued heavy volume of construction in that district Kansas City also placed bids.
is a major source of worry there. With the rising percentage of vacancies
J. S. Love, Mississippi bank commissioner, began the discussion which
in apartment and office buildings, an overbuilt situation is developing followed Mr. Shippe's address, agreeing with the Connecticut Commisof
a
volume
of
freezing
large
lead
the
might
to
well
thought,
which, it is
sioner's ideas on security and holding companies, but explaining that the
bank credit has been advanced directly or indirectly to the building in- problem had not arisen in his State.
dustry.
A. A. Schramm, Oregon Supervisor, advocated taxation of investment
trusts, finance companies and other "competitors" of banks on the basis
of capital so as not to discriminate against banks in the matter of
tax burdens.

it was learned in well informed circles here. The account
in the paper referred to likewise says:

Representative of State Banks on Federal Reserve
Elect New Officers.
Board Proposed By National Association of SuperSan Francisco was chosen as the city for next year's convention. The
to
Use
of
sed
Word
Banks—Oppo
State
of
visors
following officers were elected for the ensuing year:
A. J. Veigel. Superintendent of Banks of Minnesota, President: Frank
"Trust" By Investment Trusts.
H. Warder. Superintendent of Banks of New York, First Vice-President;
2d ViceThe placing of a representative of the State banks on the M.E. Bristow, Deputy Commissioner of Banking and Insurance,Vice-PresPresident; L. A. Andrew, Superintendent of Banks of Iowa. 3d
in
a
advocated
adopted
resolution
is
Board
Federal Reserve
ident, and R. N. Sims of New Orleans, a private bank official, Secretatyon July 27 by the National Association of Supervisors of Treasurer.
State Banks at the annual convention of the Association
National
held at the Half Moon Hotel, Cohey Island. In another Benefit to Agriculture and Industry Seen by
Bank of Commerce in Amendment to Federal Reresolution the Association expressed its opposition to the
serve Act Extending Rediscount Power of Federal
use of the word "trust" by investment trust companies.
Reserve Banks.
In its report of the action of the convention the "Journal
said:
28
July
amendment to the Federal Reserve Act, extending
of
The
Commerce"
of
The first resolution followed a discussion held yesterday morning on the the rediscount power of Federal Reserve Banks, should
application of Federal Reserve regulations toward State and national barks benefit not only member banks but also agticulture, inin which it was the opinion that such regulation ought be uniform for both.
Bank
The second reselm ion followed the discussions of Wednesday and Thursday dustry and commerce in general," says the National
on the relationship between investment trusts and banks, in which it of Commerce in New York in the August issue of Commerce
was held that investment trusts are a major cause of speculation in bank
Monthly. The amendment was signed by President
stocks.
M. E. Bristow, Deputy Commissioner of Insurance and Banking of Coolidge on May 29,and its text was given in the "Chronicle"
Virginia. addressed the convention on the connection between the Federal of June 9, page 3537.
The National Bank of Commerce
Reserve and State banks. His address was entitled "Would It Strengthen
says:
comments
its
in
the
Federal
Have
and
to
Laws,
Reserve
Rules
System
Reserve
Federal
the

This amendment modifies in part Section 13 of the Act, by broadening
considerably the types of sight or demand drafts which a Federal Reserve
Bank may rediscount for, or purchase from, member banks. In this connection it is worthy of note that the right of the Reserve Banks to rediscount any sight or demand drafts is of comparatively recent origin. The
Reserve Banks were without power for almost a decade to rediscount sight
or demand drafts held by member banks.
Under this limitation an important type of agriculture paper,for example,
was denied the rediscount facilities of the reserve system. During crop
moving seasons It was necessary for many member banks to lend on large
volumes of sight drafts secured by bills of lading in wheat, cotton and other
agricultural products in shipment. These drafts. although having no
definite maturity, actually constituted a liquid and desirable form of paper,
the opinion of Reserve Bank officials.
Accordingly, upon the suggestion of the Federal Reserve Board, a new
provision was written into Section 13 of the Federal Reserve Act by the
Agricultural Credits Act of Mar. 4 1923. making sight and demand drafts
ellgible.for rediscount under certain conditions.
While this new provision of law doubtless proved helpful it was not without its limitations. It liberalized the rediscount facilities afforded to
certain types of agricultural paper but not to industrial or commercial
paper. Moreover, it was concerned with paper arising from domestic
shipments and not exportations.
The chief shortcoming of the 1923 provision, however, grew out of the
difficulty experienced by the Federal Reserve Board in construing and
Be-applying the term "agricultural products" contained in the law.
cause of certain court decisions defining similar terms,the Board had deemed
it appropriate to rule that certain products like flour, bran, crude cottonseed oil and certain canned foods wre not "agricultural products" within
the technical meaning of the statute. However, the belief was held by the
Board that, had the law permitted, these commodities and other nonperishable, readily marketable staples would have been as good security
against eligible sight and demand bills as those which were technically
product," under the law. As a result of all these limitations
According to the Brooklyn "Eagle" this resolution en- "agricultural
the 1923 provision was amended on May 29 1928.
V.
former
McLaughlin,
George
State
of
views
to the law accomplishes three ends. First of all, it
amendment
This
.
the
dorsed
for the rediscount of certain sight or demand drafts based on nonSuperintendent of Banking of New York, and now President provides
perishable, readily marketable staples, whether agricultural or not,and thus
of the Brooklyn Trust Co. From the "Eagle" of July 27 incidentally obviates the difficult task of defining the term "agricultural
following:
products." Secondly, the new law makes sight and demand drafts eligible
we also take the
wider membership in the Federal Re- for rediscount in connection with the exportation as well as the domestic
Referring to the proposal of giving
of Banks E. 13, shipment of such staples.
serve System to small banks, Assistant Superintendent
The third change made by the new law is more technical. The old law;
think this is the best method of eduHolly of California declared that "I
was concerned with bills Which "are drawn to finance" shipments. The
cation that there is."

Regulations Made Uniform in Their Application to Both State and National
Banks?"
Mr. Bristow said that the State banks themselves ought more frequently
to seek membership in the Federal Reserve system and that the Federal Reserve ought to make such membership more attractive to them. Ile added
that Federal Reserve regulations ought to be uniformly applied to State
and national member banks. He did not specify particular regulations
which do not at present apply uniformly to both types.
Mr. Bristow said in part:
I may take it for granted that If any move can be made which will at•tract a substantial increase in the State bank membership of the Federal
Reserve system it will be strengthened. I go a step further and dare
assert that the Federal Government would do a greater service by attracting more banks than to concern Itself with the question as to whfither they
are State or national banks. It will doubtless be conceded as a fundamental proposition that the Federal Reserve system will be strong in such
proportion as tho percentage of banks which it includes bears to all eligible
member banks?"
The resolutions, framed by the Resolutions Committee. of which Mr.
Bristow was not a member,read as follows:
Be it resolved, that in view of the important position in the financial
world occupied by State banks throughout our country, it is the sense
of this convention that they be recognized on the Federal Reserve Board in
Washington.
Be it resolved, that by reason of the continued growth of the so-called
investment trust business in the United States, and the further fact that the
used only in the names of such companies
word "trust" has heretofore beenfiduciary
in the judgment of this
and banking institutions havinga misnomerpowers,
as applied to investment trust
convention the word "trust" is
and
: that it
abuse
misrepresentation
much
to
susceptible
is
and
companies
it be not only discouraged but if possible
Is tha sense of this convention that
prohibited in the organization of the so-called investment trust.
A member of the committee on resolutions stated that the latter resolution
of investment
was Intended to favor legislation prohibiting incorporations
be invested, but that no plan
trusts which are not trustees of the fu ds to
being
considered.
is
legislation
such
of
for the bringing about




630

FINANCIAL CHRONICLE

[VOL. 127.

new law is concerned with bills which "grow out of" shipments. The purpose of this change in wording is to make it clear that the rediscount facility
will not be limited solely to bills drawn to finance a shipment in the first
instance. It is believed that the language is broad enough to cover also
sight drafts drawn by one bank upon another and secured by documentary
export bills on their way to market, either for discount or as exchange.

16% in cash and "due from banks" and 8% in call loans and commercial
paper. The table below shows the proportions of these various types of
assets for country banks in the various economic regions of the district.
USE OF INVESTABLE FUNDS BY REPRESENTATIVE COUNTRY BANKS.
Whole
Mixed
Wheat
Livestock Lumber rt
Group. Farming.
Bell.
Ranges. Mining.
Loans to customers
36%
42%
36%
59%
25%
Call loans and commercial paper 8%
6%
9%
3%
13%
Cleveland Federal Reserve Bank Increases Discount Bonds and securities
37%
40%
38%
45%
41%
Cash and "due from banker...16%
17%
15%
28%
17%
Rate to 5%.
Total Investable funds
100%
100%
100%
100%
100%
With the addition this week of the Cleveland Federal ReInterest rates in the Minneapolis market have increased sharply during
serve Bank to the list of Reserve banks which have increased
the last month. Commercial banks increased their average lending rate
their discount rate from 434% to 5%, only four of the Re- to 51
/
2% during the month ending July 15. The rate to borrowers on prime
serve banks still hold to the 44% rate. The change in commercial paper has increased to 5%-5%%. The discount rate of the
/
2%.
the rate of the Cleveland Reserve Bank, authorized by the Minneapolis Federal Reserve Bank remains unchanged at 41

Federal Reserve Board on July 31, was made effective
Aug. 1. The banks at which the 4% rate still prevails Increase in Federal Reserve Figures of Brokers' Loans—
View n Washington That 5% Discount Rate
are the Minneapolis, Kansas City, Dallas and San Francisco
Does not Serve to Control Speculation.
Reserve banks.
The following from Washington, Aug. 2, is from the
Gov. Young of Federal Reserve Board Attends Meeting "Journal of Commerce."
While no official comment was forthcoming at the Treasury Department
of New York Reserve Bank.
or Federal Reserve Board followng announcement of the 876,000,000 increase
Governor Roy A. Young of the Federal Reserve Board in brokers' loans from New York member banks, officials privately adattended the weekly meeting of the board of directors of mitted that apparently these speculative loans cannot be controlled by
boosting the rediscount rates to 5%.
the Federal Reserve Bank of New York on Aug. 2. This
Officials, however, pointed out that there had been a material reduction in
was noted in yesterday's "Journal of Commerce," which said: loans for the account of out-of-town banks, indicating that there Is some

It was said after the meeting that no significance is to be attached to withdrawal of outside money from the New York market.
the visit of Governor Young to this district as it is part of a series of visits
to various Reserve banks he is now undertaking. Wall Street, however,
insisted on assuming that the visit of the Governor at this time was con- Termination of Offer Permitting Exchange of Third
nected with the brokers' loan situation and that he conferred with directors
Liberty Bonds for 34% Treasury Bonds—Exof the local institution for the purpose of considering steps which have
changes Amounted to 8106,500,000—Federal Rebeen taken or may be taken in the future with a view to curtailing the
serve Banks Authorized to Purchase Third Libervolume of credit outstanding for speculative purposes and reducing the
amount of rediscounts of member banks, which is regarded as excessive
ties for Account of Sinking Fund.
by Reserve authorities.
With the expiration on July 31 of the privilege of exNo public action was taken at yesterday's meeting of the directors of
the local Reserve institution.
change of Third Liberty Loan 4Y
4% bonds for the new 34%

Banking Conditions in Minneapolis Federal Reserve
District—Stability of Country Bank Deposits—
Call Loans of Member Banks.
In summarizing banking conditions in its district, the
Federal Reserve Bank of Minneapolis states that "the two
outstanding banking facts of the summer are the surprising stability of country bank deposits and the increase over
last year in investment .holdings of country banks." The
summary contained In the Monthly Review of the bank
dated July 27 continues:

Treasury bonds, Acting Secretary of the Treasury Mills
announced that the Federal Reserve banks had been authorized to purchase Third Liberty Loan bonds for account of
the sinking fund; these purchases are to be made at 100 1-32
to Aug. 15 and thereafter at par together with accrued
interest to the date for such optional purchase. Scoretary Mills stated at the same time that preliminary figures
received from Federal Reserve banks indicate that exchange
subscriptions aggregating approximately $106,500,000 were
received. As was indicated in these columns July 21,
page 355, and July 28, page 490, allotted cash subscriptions
to the Treasury bonds amounted to $251,528,600. The
total issue of 334% Treasury bonds, says Mr. Mills's statement, will be approximately $358,000,000. His announcement, released for publication Aug. 1, follows:

Representative country banks have a large investment in call loans and
commercial paper. City banks are borrowing somewhat more heavily at
this bank than is customary, but their holdings of investments and loans
secured by stocks and bonds continue large and their commercial loans
remain small, showing a fundamentally liquid condition. Interest rates
Acting Secretary Mills announces that beginning Aug. 1 and continuing
have been rising in the Minneapolis lending market
Country bank deposits usually decline sharply between March and July until further notice, he has authorized the Federal Reserve, banks to puras a result of large expenses in connection with the crops and a small chase at the option of holders, Third Liberty Loan 44% bonds, for account
volume of farm income. This year, country bank deposits have followed of sinking fund. Such purchases will be made at 100 1-32 to Aug. 15
1928 and thereafter at par, together with accrued interest to the date for
a horizontal course since last November, judging from the evidence of
such optional purchase. Coupon bonds presented for purchase must have
member bank statistics. Member banks in South Dakota and the porSept. 15 1928 coupons attached. Registered bonds presented for purchase
tions of Wisconsin and Michigan which are in this district have larger must be
assigned to "The Secretary of Treasury for purchase" in accorddeposits now than last winter and deposits in country banks in Minnesota ance
with established regulations, and accrued interest thereon will be
and Montana are approximately equal to last winter's total. North Dakota paid to date of
discharge of registration.
Is the only state showing the customary seasonal decline. As a result
In making this announcement the Acting Secretary again called attention
of the sharp rise in country member bank deposits last fall and the re- to the fact that Third Liberty Loan bonds
are duo for payment on Sept. 15
sistance to seasonal tendencies this summer, they are now at a level 6% 1928 and will cease to bear interest
after that date, and further, that in
higher than a year ago.
accordance with prior announcement, the privilege of exchanging such
The deposit increase in our representative group of 117 country banks bonds for 3 % Treasury bonds of 1940-43 expired at the close
of business
was 9% 'during the year ending June 30. Cattle and sheep range banks last evening.
experienced a deposit increase of 22% and increases elsewhere were as
Preliminary figures received from Federal Reserve banks indicate that
follows: wheat belt, 14%; lumber and mining region, 10%, and mixed exchange subscriptions aggregating approximately $106,500,000 were
farming region 3%. Borrowings by country banks from this Federal received. Allotted cash subscriptions to this issue of Treasury bonds
Reserve Bank continue to show the customary increase which should con- amounted to $251,528,600. The total amount of the issue of 3'4%
tinue for another month, but these borrowings are at a lower level this 1940-43 Treasury bonds will therefore be approximately $358,000,000.
year than a year ago.
Following the June 30 call for condition reports, it is again possible
President Coolidge at Dedication of Civil War Memorial
to survey changes in the assets of the 117 banks which have been chosen
to Col. Colvill Declares Day of Sectionalism Has
as representative of the various economic regions of the district. Investment holdings of these banks are 12% larger than a year ago, with
Passed—Flood Relief Measure Referred to as Evithe greatest proportional increases reported by banks on the livestock
dence of United Nation.
ranges and in the wheat belt. Increases also occurred in loans, amountAt the unveiling on July 29 at Cannon Falls, Minn., of
ing to 6% for the group, which would be very misleading were it not
for a special survey which we made following the June 30 call. As a a Civil War
monument to Col. William Colvill, of the
result of this survey, it is possible to say with some certainty that the
Increase in loans was an increase in short-time investments. On June 30, First Minnesota Volunteer Infantry, President Coolidge exout of the total loans of 104 million dollars reported by these banks, 19 tolled the action of the forces under Col. Colvill In stopping
million dollars, or 18%, consisted of call loans and commercial paper the advance of the
Confederates at Gettysburg, declaring
purchased from brokers and banks. Call loans amounted to 10 million
that "In all the history of warfare, this charge has few,
dollars and commercial paper to 9 million dollars. All but 33 of these
representative banks reported call loans or commercial paper, or both. If any equals and no superiors." "By holding the ConThe only region not reporting substantial quantities of these short-time federate forces in
check until other reserves came up it
investments was the livestock range region, where the prevailing high
probably saved the Union Army from defeat." The Presi•cattle prices have stimulated borrowing for the increase of herds.
Since this is the first survey of the volume of call loans and com- dent also made the statement that "so far as human judgmercial paper held by country member banks in this district, it is not ment can determine,
Colonel Colvill and those eight compossible to say exactly what the change has been in these holdings during
the last year. It is also impossible to estimate the holdings of these panies of the First Minnesota are entitled to rank among
types of assets for all banks in the district However, the fact that the saviors of their country." In his comments on the conthese representative banks, which hold one-fifth of the country bank flict the President
was moved to say that the South had
deposits in the district, are in this remarkably liquid condition is most
reassuring. At the present time, the investable funds of these banks "found itself involved in a net of circumstances which very
are being used 40% in bonds and securities, 88% in
loans to customers, much of its best thought undoubtedly deplored, but from




AUG. 4 1928.]

FINANCIAL CHRONICLE

631

us victory of George
western territory into the Union through the miraculo
with a freedom-loving immiRogers Clark at Vincennes and peopled it
which went to the rescue
gration, which raised up Lincoln and Grant,
Was it not the same
of liberty in Cuba and on the fields of France.that July day to guard
on
Power which set these men as Its sentinels
it all we can but conclude, in
the progress of humanity? As we behold
ts of the Lord are true and
judgmen
"The
that
Writ,
Holy
of
words
the
righteous altogether."
National Conditions Brought About War.
into a new
Meantime, our whole nation has risen
take a more distime has come when our whole country can
that were made in our war, labor was
The
s
sacrifice
the
of
Out
.
swiftness
that led up to Appomat.
the whole country. Since that time its passionate view of the long train of events
to every inhabigiven a new dignity throughout
freedom
of
, until to-day the value of human
and the new constitutional guarantees
position has almost constantly improved system of wages and a standard lox
national life was begun without any adequate
Our
flag.
our
under
a
by
tant
country
this
effort is recognized in
of freedom or demarcation of the
all past history.
and final declaration of the principle
the authority of the
of living never before reached in
ible
separating the authority of the States and
respons
the
of
line
ess
eagern
the
of
e
of the country honestly differed
Citing an exampl
Federal Union. Some of the ablest minds
r
anothe
one
help
to
South
elements of the North and the
in their interpretation of our institutions.
their application to the practical
welfare, the President made
As the intensity of opinions and
and contribute to the national
gave rise to what
Missislife of each side developed, they necessarily
of
lower
the
affairs
for
e
measur
relief
of the South
mention of the flood
as an irrepressible conflict. That generation
described
was
is,"
"It
ss.
Congre
of
ances which very much of its
sippi Valley passed at the last session
found itself involved in a net of circumst
was totally
it
conceptions that we have best thought undoubtedly deplored, but from which
he said, "in accordance with these
see now that instead of being
can
We
ate
itself.
rededic
extricate
to
and
to
al
unable
memori
come to-day to dedicate this
they were in many ways entitled to symthose principles charged with all the blame,
tragedy from
ourselves to the support and preservation of
Our country was all involved in a great national
pathy.
h the human under- which it could extricate itself only by an appalling national sacrifice.
which have been revealed to us throug
h long experi- That tragedy involved both the North and the South.
standing to be true and demonstrated throug
great conflict were national
The conditions which brought about the
of itself to
"
sound.
ence to be
It was humanly impossible for either section
s.
condition
anied
be an extension of freedom
President Coolidge arrived in Cannon Falls accomp
furnish an adequate solution. If there was to
nt), Gov. and under constitutional guarantees it had to be brought about by national
by Mrs. Coolidge (who unveiled the monume
the cleansing of the heart of
n and by action. Any adequate expiation required
Newto
Mrs.
ve
and
entati
Repres
through an immeasMrs. Christianson,
whole nation. This could only be accomplished
the
A
State.
of
and the blood of our
Mrs. Frank Kellogg, wife of the Secretary
urable sacrifice made in the tears of our women
and Rep- men.
reception committee, including Senator Shipstead
tumult of the conflict
GoodWhen the great tragedy was passed, when the
resentatives Knutson, Furlow, Clague, Andresen,Maas,
found itself depleted; but the South was entirely
North
the
ceased,
had
adnt's
its whole social and
win, Kvale and Carss, met the train. The Preside
prostrated. It was under the necessity of rebuilding
early, because
economic structure. The recovery of the North began more
dress follows:
of life and of business on
it was not compelled to establish its methods
Fellow Citizens:
of immortality. We stand new theories. It was possible to build on the solid foundations that were
Heroic deeds have about them an element
and cherish their memory already laid.
them
perform
who
those
before
e
in reverenc
South's Development.
e in them the manifestation of
down through the ages because we recogniz
and painful
a
presence which was withseen,
not
the South it was necessary to go through the long
In
a spiritual life, the evidence of things
a power that lifts men above the things process of erecting an entirely new structure. The old methods of exout beginning and is without end,
new systems estabExcept as we cherish a belief
istence and of business had to be discarded and
of this earth into the realm of the divine.
no requirement for heroic deeds and no lished. This would have been most difficult under any circumstances.
in these realities, we should have
h impossible.
Coming at the end of four years of conflict, it was well-nig
reverence for those who do them.
a knowledge of them inspires
tly at first, but in recent
Because of their very nature, because
But the task was performed slowly and imperfec
assemble
should
we
that
fitting
ryears with a rapidity that seemed scarcely possible.
us to higher things, it is altogethe
t activity of the old
ourselves by dedicating a memorial
The agriculture which has been the dominan
on this Lord's Day to reconsecrate
believe
we
of its natrg.
Because
Gettysbu
of
Battle
the
was gradually revived. Then came the development
South
to one of the heroes of
of great
justice, and recognize the necessity
resources of coal, iron and water power and the growth
in the reality of right and truth and
ural
necessary sacrifice, including life itself, manufacturing enterprises.
Minerals and manufactured products are
of supporting them with every
e,
commerc
reverin
al
action
than
re. Of our overseas
more devotion
-day almost twice the value of its agricultu
we could not be engaged in any
have nobly responded to that high to
ports. Since 1900 the value
encing the memory of those who
nearly 40% of the tonnage is from Southern
00,000 to about
manufactured products increased from about $1,500,0
conception of eternal duty.
increased
but in the occasion. While there is of
00,000. Capital invested ,in cotton manufacturing
$9,500,0
Heroism is not only in the man
in banks
itself to the peril which the high$130,000,000 to about $1,000,000,000. Deposits
about
a certain glamour which attaches
from
gen00,000. In
criminal activities, it is not
same period have risen from $700,000,000 to $7,000,0 1904 less
wayman and the bandit incur in their
It leads nowhere. Having no in the
very marked. In
been
has
progress
the
ents
improvem
uinely heroic. It will not survive analysis.
on. It is only a counterfeit of the public$13,000,000 were spent on highways. In 1925 this amount had
moral quality, it provides no inspirati
it is not as a blessing but as a than
about $35,000,000 were laid out
reality. If it is remembered at all,
reached $316,000,000. In 1900 only
$350,000,000.
schools. In 1924 this amount had risen to over
curse.
public
for
going
is not only to the physical
apparent that in progress and prosperity the South is
The memorial which we dedicate to-day
perfectly
is
It
system.
d in an hour of great peril,
courage of men of high character displaye
a way which it could never have done under the old
in
forward
no
element
There was in their deed
but also in behalf of a great cause.
wonder that it is referred to now as the New South.
It stands as an exhibition of It is no
have been created
of selfishness, no hope of personal gain.
It has been demonstrated that what never could
and
n
Union,
the
of
integrity
the
for
sacrifice
supreme
n of servitude is the almost natural result of a conditio
pure patriotism, of
conditio
a
under
It Is these qualities
nature has been so designed that men are only at
the inviolate sovereignty of the Federal Constitution.
Human
freedom.
of
our citizens to do honor to the action
which bring the great concourse of
they are permitted to live like men. It is when they
more than threescore years after the their best when
own
of Colonel Colvill and his regiment
from the bondage of the body, given control over their
released
are
long
so
to
only
be
paid
not
them
from bondevent. That same honor will continue
receive the returns from their own labor, and released
actions,
selfso
but
as
long
shall
endure,
served
are replaced by eduas the nation which they
age of the mind so that ignorance and superstition
s itself to the hearts of men.
is made toward an
sacrificing devotion to high ideals commend
cation and *moral influences, that most progress
Col. Colvill's Part in Was..
enlightened civilization.
unparalleled
r
a
Meantime, our whole nation has risen into a new life with
The story of Colonel William Colvill and the First Minnesot Voluntee
n. When President swiftness. Out of the sacrifices that were made in our war, labor was
extended
need
repetitio
to
known
well
too
is
Infantry
the dissolution of the Union, given a new dignity throughout the whole country. Since that time its
Lincoln called for volunteers te prevent
offered. It gave valiant service position has almost constantly improved, until to-day the value of human
this was the first three-year regiment
standard
field, but its most conspicuous record effort is recognized in this country by a system of wages and a
upon many a resolutely contested
history.
past
all
in
When
of
that
day
battle.
reached
second
decisive
before
the
on
never
rg
of
living
Gettysbu
was made at
only that labor should
Sickles advanced into action
We have been taught that it is profitable not
nathe forces under the command of General
s be free but that it should be well paid. Under that practice our
t,
of
companie
which
only
eight
Regimen
First
the
noon,
after
a little
to about
about $65,000,000,000 in 1921
were present, numbered 262 men, took the position they vacated. The tional income advanced from
been
material results would not have
overwhelming forces of the Confederates under Longstreet and Hill re- $90,000,000,000 in 1927. These
regeneration of our country.
pulsed and drove back the command of General Sickles and were ad- possible without the spiritual
vancing on the left flank of the Union Army, which was in grave danger
Passing of Sectionalism.
at this juncture that General Hanprogress for many
of being rolled up in defeat. It was
which retarded our national
war
the
of
result
One
to charge the advancing Confedersectional animosities that it left
cock ordered this depleted regiment
years was the bitterness, hatred, and
the North and for the South,
ates.
in its wake. For many years, both for
The gallant First Minnesota, led by Colonel Colvill, at once responded
stimulated and kept alive for the political
ately,
unfortun
were,
these
and
enemy
of
first
the
the
second
line
with an impetuosity that broke
such action hoped to secure.
the action was over but forty-seven men advantage that the sponsors of
to hold or express such hostile
and stopped the advance. When
The time has long since passed when
g
in
line.
215
still
were
The
charge
remainin
the
began
who
to the advantage of anyone.
work
to
of the 262
d
permitte
be
ever
should
ts
field. In all the history of warfare this charge sentimen
lay dead or wounded on the
find that their standing in the public
should
them
to
resort
who
Those
. It was an exhibition of the most
. While isolated outbreaks may
has few, if any, equals, and no superiors
ble antagonist. By holding confidence is thereby seriously impaired I am firmly convinced that the
exalted heroism against an apparently insupera
unresponsible quarters,
in
occur
to
continue
other
until
check
reserves
up
it
probably
came
in
North and the South, each look with
the Confederate forces
What that defeat would have meant responsible elements, both in the
contribution which the other
saved the Union army from defeat.
and satisfaction upon the brilliant
pride
New
phia,
on,
and
York,
Philadel
tell.
Washingt
can
one
no
just as eager to help the other
are
and
to the North
welfare
national
the
to
would have been open to invasion, and per- is making
the whole heart of the North
es.
have been lost. So far as human judg- as they are to help themselv
in the last session of the Conhaps the Union cause would
A notable example of this occurred
Colvill and those eight companies of the
measure for the lower Mississippi Valley—
ment can determine, Colonel
relief
the flood
when
gress
rank
the
among
their
of
to
saviors
entitled
Panama Canal and a very large
First Minnesota are
which will probably equal in cost the
States—passed by practically
country.
amount of woich will be paid by Northern
this
on
Day
Sabbath
what
It
Power
consider
to
stop
well
We may
day of sectionalism is passed. We are a united
this strategic point on this occasion, a unanimous vote. The
at
men
these
stationed
was that
of humanity. We can only infer that it nation.
which held so much of the hope
It is in accordance with these conceptions that we have come to-day to
the path of the Mayflower, 'which
was the same Power which guided
this memorial and to rededicate ourselves to the support and presdedicate
on,
northwhich
Washingt
this
brought
and
gave our country Franklin

te itself. We can see
which it was totally unable to extrica
all the blame, they
with
d
charge
being
now that instead of
hy." The passing
were in many ways entitled to sympat
of the war, and
wake
the
in
left
ties
animosi
of sectional
d nation" was
"unite
a
to
y
countr
the development of the
said:
who
nt,
Preside
the
by
pointed to
life with unparalleled




632

FINANCIAL CHRONICLE

[Vol,. 127.

ervation of those principles which have been
revealed to us through the
human understanding to be true and demonstrated
through long experience to be sound. We have come to increase
our admiration for all that
Is heroic in life, to express our
reverence for those who have made
sacrifices for the well-being of their
fellow-men, to renew our fealty
to the Constitution of the United States,
to rejoice in the universal free.
dom which it guarantees and in the
perfect Union which it has created,
and finally for all these blessings
in gratitude and humility to acknowledge our dependence upon the Giver
of every true and perfect gift.

Increased Rail Rate on Fruit Shipments from Florid
a.
A readjustment of freight rates on oranges and grapefr
uit
from Florida points to all consuming territory in the
United
States and Canada, involving both increases and reducti
ons,
was ordered on July 30 by the Inter-State Commerce
Commission, effective Oct. 10. Associated Press advices from
Following his participation in the dedication of
the monu- Washington, July 30 in reporting this said:
The
ment, the President returned to Cedar Island
scales were estimated to bring about more decrease
s than inLodge, Wis., creases new
over present charges, but no estimates were made
where he is summering.
by the conunisMon. The changes were made

after consideration of complaints by the
Florida Railroad Commission, supporte
d by co-operative organizations
and growers.
While the Commission withheld finding as
to rates on lemons, limes and
pineapple, it advised the railroads to
make new schedules on these fruits
which will harmonize with the citrus
rates.
After Oct. 10 the Commission ordered rates
on oranges and grapefruits
from Florida to Central Illinois and
Southern territory to be made equal to
the existing sixth class freight rates.
In most cases the new schedules to
this territory will result in decreases
.
To Pacific Coast points the schedule
England, which includes the BuffaloPittsburgh zone and most points east
and north, the commission fixed a
basis for new schedules at 40% of
the present first-class freight rates.
To the Northwest the new rates
were also placed on a basis of 40% of
first class, while to Southwestern
points the same basis was prescribed with
modifications.
To Pacific Coast points the schedule
was made $1.80 per 100 pounds,
several members of the commission,
including Chairman Campbell, dissenting on the ground that the
transcontinental orange rate should not be
more than $1.65.
Mr. New declared that no thought has been given
The railroads will be expected
to the question of
to file new schedules carrying out the
proposing such advances as a means of cutting down the
losses otherwise decision before Oct. 10 in order to give shippers and the
Commission opporoccasioned.
tunity to examine them.
Greater Deficit Seen.
The postal deficit for the year just closed totaled $32,000,
000, and it had
Increased Pay for Navy Yard Employes Approved
been the hope of the Administration that by rigid economy everywhe
re in
by
the postal service no greater deficit would be occasioned
this year. That
President Coolidge.
plan now is negatived since the 345.000.000 back pay to the railroads must
Civilian office employes at the navy yard in Brookl
be reckoned with. This was not in any wise anticipated, it said. Aside
is
yn
from this matter, the problem of keeping postal expenditures down about were assured
pay increase3 orfrom $60 to $400 a year when
where postal receipts are, appeared to offer many difficulti
new
since
the
es
President Coolidge approved on Aug. 2 recommendati
postal law reducing rates also reduced postal income to the extent
a
on
of a
of the Navy Department for extension of
probable 316.000.000 a year. Postal expenditures the fiscal
year 1928.
the benefits of the
ended June 30 last, totaled $727,000,000. as against receipts 3695,000
,000. Welch act to such workers at naval
of
shore stations and yards
The anticipated revenues for the current fiscal year are
given as $707.- outside of
Washington, effective Aug. 1. Washington ad000.000.
Congress at its last session appropriated $768,000.000 covering deficit vices to the New York "Times" from
which we quote, add:
a
The number affected througho
of $61,000,000. Congress had to provide 167,500,0
ut the country was estimated at 5,400.
00 for the mail sub- The
ventions provided in the Jones-White Merchant Marine
Welch
act
was
passed
last
Spring and provided increases for the office
bill. It is believed
workers in the department here,
that all of the additional funds provided by Congress
but did not apply to similar workers in
will be taken up by
the field. The matter was taken
postal service expenses and there are indications that
up by Secretary Wilbur during his recent
perhaps additional
visit to President Coolidge at the Summer
amounts will have to be provided next session. Postmast
White House.
er-General New,
seeing a difference between receipts and
"After conferences with the Secretar
expenditures of 376,000,000
y of the Navy," it was announced
today, "and upon the recommendation
favorable to the latter already apparent, believes
of the director of the budget, the
that the total may be
President has approved of amending the schedule
spread to $100,000,000 before the close of the current
fiscal year.
of wages for the field
service of the Navy Department for office employes
, excepting draftsmen,
Rate Increase Unlikely.
who are provided for otherwise, in order
to provide an increase of pay for
In other circles the probability of the Post Office administ
ration advo- the field service corresponding to the increase in the pay provided by the
cating an increase in rates assessed against
parcel post matter was dis- Welch act for other Government employes of the same classes.
Acting
counted, at least so far as the immediate future is
concerned. It is pointed Secretary of the Navy Robinson has given orders that the
necessary inout that the parcel post service was in fact
operated at a loss during the structions be issued making these increases effective
Aug. 1."
fiscal year 1927 amounting to nearly $4,500,0
00. and it is expected that the
fiscal year 1928 will show a similar loss when the
figures for the 12-month
period are compiled, but, it is suggested, it would
probably prove politically Increase of 15% in Rates Paid to Railroads for Carryunwise to endeavor to leaven the losses through
increased rates.
ing Mail Granted by Inter-State Comme
The parcel post service is politically looked
rce Comupon as providing a modicum
of farm relief through the reduction in carrying
mission.
costs
and
on
order
mall
service store merchandise purchased by the
farmer and on shipments of
An increase of 15% in the rates
farm products in small lots from the farm
paid to railroads for carryto the city customer. It was
ing the mails was ordered on July
suggested, therefore, that boosting parcel
post rates would center attention
30 by the Inter-State
on the vastly larger sum given to American ship
Commer
ce Commission effective Aug. 1.
operators and, further.
what amounts to a subsidy to business men
The Commission
and certain classes of postal finds that the roads
patrons in the form of a Sc. air mail rate. The
are entitled to an additional compensaonly class of mall that pays
tion
its own way is letter mail, the carrying of which the
of
$15,000,000 a year and an allowance of $45,000,000
fiscal year 1927 made
for the Government a profit of $82,000,000.
for

Postmaster-General New Estimates Deficit of $100,000,000 As Result of Increased Rate to Railroads
For Mail Transportation—Rise In Parcel Post
Rates Possible.
A deficit of $100,000,000 in the revenues of the Post
Office Deprtment for the fiscal year 1929 is estimated by
Postmaster-General New as a result of the increase in rates
granted by the I.-S. C. Commission to the railroads for
carrying the mails, and the lowering of the rates on second,
third and fourth class mail authorized at the recent session of
Congress. Noting that Congress also empowered the Department to increase the rates on parcel post, Washington
advices to the "Journal of Commerce" said:

underpayment for mail transportation during the period
In another item we refer more fully to the increase in rates from July 24
1925 to July 31 1928. The Washington
for transporting the mails.
correspondent of the "Journal of Commerce"
in its account
July 30 of the Commission's finding said:
s
Reduction in Live Stock Rail RaIes Ordere
The Commission's decision
is the conclusion of a protracted controversy
d by Inter. over
railway mail pay rates, which
State Commerce Commission.
has covered a period of years, and spells
victory for the carriers.
The mail pay case was reopened
A reduction of approximately 12% in railroad rates on
for further consideration in July 1925,
upon the claim of the carriers
live stock moving eastward from Chicago and moving be- on
that they were not earning the 5.75% return
their investment guarante
ed
under
the Transportation Act. They
tween points in central territory was ordered on July 30 by demanded a 40% increase in
mall revenues.
The Commission's decision
the Inter-State Commerce Commission, effective Oct. 1.
found the present rates to be unreasonable
and decided that "the fair and
reasonable compensation to be received by
The changes apply to rates on live stock from points in the
carriers up to an including
311928, is 15% in addition to the comcentral territory to destinations in trunk line and New pensation paid or accrued at July
the established rates In effect during this
England territories, locally, and when from Chicago and the period."
It was further provided
that "the fair and reasonable return to be received
. Mississippi and Ohio River crossings, proportionally on by separatel
y owned railroads not
exceeding 100 miles in length, is 80%
traffic from beyond, to the same destinations; likewise, says In addition to the compensation
paid or accrued from July 24 1925 to
311928.
the "Journal of Commerce" the new rates apply from Ken- July
According to Commissioner
McManamy, who dissented in part from the
tucky and from Nashville, Tenn., to trunk line and New majority opinion,
an increase of 10% would
have covered the "fair return
of
5.75% ," and likewise included
England destinations. In its Washington advices, July 30,
payment of the carriers for "unused
open space" in mail cars.
If this is the case, the majority opinion gives the
the paper quoted also says:
carriers an additional 5%
increase, and is a great victory for the railroads.
The decision cover the "Eastern live stock cases" and grew out of a comFrom the "Times" Washington
plaint against the New York Central RR. and others, filed with the Comadvices we take the followmission by the Independent Slaughterers' Association and Armour & Co. ing regardi
ng the decision.
The association and -packing company claimed that the rates were preFive
members of the Commission dissented
judicial and unreasonable.
in whole or in part. Commissioner Lewis objected to the
retroactive provisions. Commissioners
The Commission found that the rates an meats and packing house pro- Eastman
and McManamy held that the methods
ducts shipped from packing points in central territory to trunk
by which increases were
line and granted were unsound. Commissioners
Porter and Taylor dissented from
New England destinations are not unreason
able or unduly prejudicial in other features of the majority ruling.
relation to the rates now prescribed for applicati
Independent short lines as well as the
on on live stock from and
trunk lines share in the increases
to the same points. The Armour organiza
tion had claimed that meat ordered to-day. Short lines operating distances
less than 100 miles will get
rates would be unreasonable if the Commiss
ion reduced the rates on live increases averaging 80%.
stock.
The order further provides that the
minimum payment on any mall
The Commission's decision is a victory
for the live stock slaughterers' routes, over any part of which mail is transpor
ted not less than 6 days
associations and stock yards, but a defeat
for Armour & Co.
a week,shall be $72 per mile per annum.




Aug. 4 1928.]

FINANCIAL CHRONICLE

633

ially in determining
Real Estate Market Index for June Little Above
The Commission refused to group railroads territor
ment.
May Figure.
rates of pay as proposed by the Post Office Depart
In this connection the Commission said in part:
ty for June was measured by an
t
activi
marke
Into
d
estate
be
groupe
Real
roads
ng
mail-carryi
"The Department proposed that allEnglan
rn, Central
Southe
n,
Easter
d,
ding to the compilation made
New
accor
159,
ted
of
figure
5 territchial groups, designa
further, that railroads included in each index
and Mountain Pacific. It proposes,1,
subsidiaries and all other, and monthly by the National Association of Real Estate Boards.
and
class
as
ed
classifi
be
group shall
each class in each group. At the
al figures of transfers
different scales of rates prescribed for
certain short lines in Mountain- The compilation is made from offici
present time, New England roads andrates higher than those in effect
l cities. The index
have
typica
41
re
in
elsewhe
ded
s recor
Pacific territory and
the rates of mail pay established by us and conveyance
generally. With these exceptions, y.
of 1927. It is
June
for
index
the
than
lower
countr
the
points
hout
two
throug
m
are unifor
group were made upon the basis of is
of the present
May
for
"Assignments of railroads to each
index
group
the
d
to
the
than
assigne
was
r
it
2 groups
two points highe
mileage. Where a road runs through
in which it has the greater mileage. adequate basis for determining group year. The Association in making this known, says:
"The record does not furnish anif a change from the present system to a
for its base the average number of
The Association's compilation uses
rates upon a territorial basis, evened
by the Department were considered transfers and conveyances recorded in the 41 cities during the corresponding
general group system as propos
does not include in this base the
desirable."
month of the years 1916-23. Since it
figure
out that in interpreting the index the
pointed
is
it
27,
Rates.
1924-19
Express
years
Raise
Roads May
onding month
is comparable with that of the corresp
month
any
sion
for
C.
Commis
-S.
I
found
by
the
granted
g
directly
The increases in rates for mall carryin
is incomparable with that of the month
preparing for increased income from of the previous year, but
came at a time when the railroads are
it.
preceding
189
151tFeb. 1928
express shipments.
161tOct. 1927
169
made difficult by the fact that at June 1927
159tMar. 1928
Increases in express rates have been
167tNov. 1927
154
1927
s
July
Expres
y
1928
r.
an
Railwa
the
163tAp
Americ
by
d
1927
c.
163tDe
present the express business is operate
157
1927
Aug.
175tMay 1928
The carriers plan to acquire Sept.
158tJan. 1928
159
1927
Co., which is separate from the railroads.
1928
June
directly to the
to
apply
n
positio
a
in
be
then
will
they
and
this business,
Commission for increased express rates.
and express traffic on
s Airplane Service
The railroads hope eventually to arrange mail
Chicago "Daily News" Inaugurate
a co-ordinated basis.
t Edition to
Marke
means to the railroads is
for Delivery of Final
An indication of what yesterday's increase
account for 1927. Of the
income
RR.'s
lvania
Pennsy
the
by
d
ts.
afforde
Vacationis
$11,703,000 was derived
a regularly
railroad's 1927 operating revenues of $664,851,000,
in the mail rate would bring
Chicago "Daily News" has inaugurated
The
from shipment of mail. An increase of 15%
Streak
Red
vania
the
Pennsl
the
of
sum
ry
lump
The
delive
,000.
to
$13,658
for
e
source
income from this
scheduled airplane servic
000.
to
about
$4,400,
lake
at
amount
would
goans
tively
Chica
retroac
g
receive
ionin
would
n, Southern Final Markets edition to vacat
Lines like the New York Central, Pennsylvania, Atchiso
will be
e
servic
The
es
gan.
increas
Michi
d
15%
grante
be
will
and
estern
resorts in Wisconsin
Pacific, Union Pacific and Northw
80% increases, but,
Labor Day. Regarding the new service
under the ruling. The smaller lines were granted
the lump sum operated daily until
carry,
they
of
mall
volume
small
y
ativel
compar
the
owing to
.
says:
nt
receive
lines
tunk
the
nceme
an annou
they receive will be small by comparison with what
two airplanes roar away from
Every afternoon shortly after 3 o'clock
of the Red Streak
Maywood,one bound with a cargo
at
Field
rboard
Checke
of the load is transferred to swift
Wage Increase to Employees of Pennsylvania RR.
edition for Lake Geneva, where a part
and Williams Bay, Wis.
m
iles and distributed to Delavan, Fontana
Calvin W. Long, Chairman of the Pennsylvania Syste automob
rn end of Lake Michigan with Red
southe
the
around
flies
plane
other
The
and Saugatuck, Mich.
Fraternity, announced on Aug. 1 that about 25,000 em- Streaks for Benton Harbor, St. Joseph, South Haven
Daily News
in
ses
e
increa
23, were made in record time. The
will
receiv
RR,
July
ia
trips,
ylvan
first
Penns
The
the
of
es
ploye
Short, staff pilot, made
e, a big De Haviland, flown by Shirley J.
a
as
airplan
result
a
month
$17
to
hour
an
could read
cent
there
1
pay ranging from
the many Chicagoans
a quick trip to Lake Geneva so that
te report of the financial day pracof a series of conferences between representatives of the fra- the Red Streak edition with a complecould.
Another plane, chartered for
as soon as the stay-at-homes
ternity and the railroad. This is learned from Associated tically
resorts with their quotas
summer, flew on schedule to the Michigan
the
state:
1,
which
Aug.
Pa.,
ster,
Press advices from Lanca
.
s
be effective as of July 16 of Red Streaks
extend the Red Streak final market
The increases, according to Mr. Long, will
Plans already are being made to
Wisconsin.
of employees. Those who would
other resort towns in Michigan and
to
and will affect the lower salaried groups
service
e
airplan
edition
al
s, chauffeurs, cooks, water service
two notable changes in its financi
be benefited include trackmen, pumper
The "Daily News" has recently made
akers, motor car repairmen,
repairmen, blacksmiths, tinsmiths. boilerm
.
all
service
ers.
Hi-lo system of hand set type for
cabinet makers and bench carpent
Several months ago it installed the
to the New York
, said that about 1.100 of the
lly increased its wire system
Mr. Long, in making his announcement
materia
and
ons
quotati
to
able
er.
stock
is
, it
affect are ocated in Lancast
As a result of this reorganization
25,000 employees whom the raise would
and Chicago Exchanges.
hour of 2:45 p. in. daily.
the
at
edition
market
Dauphin and Chestern Counties.
final
issue its complete
low and close,
d the New York stocks with the high,
issue.
In this edition is include
range and volume of sales for each
Limit
1928
Age
d,
No
Sees
day
dividen
h
Birth
asked,
-fift
Sixty
and
on
bid
Henry Ford
and Chicago Exchange
are also given for the New York
reports
te
.
has
Comple
c
Trust
a
News"
Publi
fits
"Daily
for Those Who Work—Pro
bond tables. grains, &c. The
and Curb, stock and
e for the New York stocks and
measur
his
half
on
a
men
and
aper
newsp
column
with
view
the
changed to
Henry Ford in an inter
alphabetical divisions throughout.
new name
sixty-fifth birthday July 30 expressed the view that with uses
"Daily News" has given it a
To distinguish this edition, the
the right hand
of
years
rs
over
fifty
worke
of
field
the
from
Streak. A red box appears around
the withdrawal
side.
right
and symbol—The Red
the
down
runs
page and a narrow streak of red
age there wouldn't be enough men left to run the world. ear of the first
as the Blue Streak—a final sports
known
is
this
follows
which
edition
The
for more than a year.
The Detroit "Free Press" outlines the interview as follows:
,
edition which has been issued
the "Daily News" has used the slogan
Should Do Better Work.
In its local circulation advertising
for sports."
s—Blue
market
final
the
for
jumprunning and
'Get the Streak—Red
"Some men of 65, perhaps, should not do too much
not do as much work
ing," he said, "but that is no reason why they should
Make Inspection
work."
better
with the mind as ever—and
Secretary of Agriculture Jardine to
"Isn't there an age limit somewhere?" he was asked.
a.
Alask
of
Tour
of
nce and Judgment
"I haven't found it yet. You take all the experie
Washington on
't be enough left to run it.
men over 50 out of the world and there wouldn
Secretary of Agriculture Jardine left
the experience and
but
ry,
are
necessa
Southeastern
in
tour
Youngsters have their place and
tion
inspec
purpose and meaning to younger July 27 for a three weeks'
judgment of men over 50 is what gives
he will sail
city
Alaska. En route to Seattle, from which
men's efforts.
President
with
30
and
29
July
spent
"World as Good as Ever."
Aug. 7, the Secretary
years
two
or.for
work
who
past
those
for
as
ever
the
tion
"The world is as good a proposi
, Wisconsin. For
no substitute Coolidge at Brule
various agrithe
those who will analyze every detail of their work. There is
visit
to
ed
plann
has
ne
Secretary Jardi
for work except more intelligent work."
by the Department
Mr. Ford was frankly puzzled when some one asked him how much cultural experiment stations conducted
in
A
Model
the
T
to
Model
the
from
anxious to see the country
money he had lost in making the change
In the territory. He is also
possibilities, parFord.
its
study
to
and
Its undeveloped condition
"Who said I had lost anything?" he asked.
wild life resources
Then he was told that there had been various published estimates of the ticularly with reference to forest and
year.
past
the
Ketchikan. Other
during
at
be
reduction of the Ford Motor Co. surplus
will
stop
first
and power sites. His
u, where he will
Junea
"Put Surplus into Service."
at
and
stops will be made at Sitka,
can't
"We
Ford
said.
Mr.
s,"
this
busines
als.
tand
offici
unders
don't
"They
Governor and other Territorial
lose what doesn't belong to us. The profits we made pn 15 million Model visit the
as
this
to
zed
it
us.
Organi
T cars wasn't our money. The public paid
company is we couldn't do anything with it except use it to make a betFederal Income Tax of 1928.
The
change to the Tax Free Covenants Under
policy.
our
has
been
always
That
bile.
ter automo
g
Federal income tax law
Model A just happens to be a bigger illustration of it, that's all. Nothin
"Probably no section of the new
what has always happened
than that relating to
has happened to the Ford Motor company but
our surplus into our service. And will introduce more complication
to it. We have always plowed back
on tax free covenant
paid
st
left.
intere
plenty
st
had
again
g
withholdin
we have always
ed
rce in New York
Comme
of
Bank
nal
"The real profits of this or any other successful company are increas
Natio
highly developed bonds," says the
ly." The bank's
experience, better methods, more skilled workmen, more
Month
from the 15 mil- In the August issue of "Commerce
engineering brains. These are the best profits we gained
took
we
those
And
best
profit.
the
is
not
y
w:
—mone
follo
Fords
lion Model T
observations
of
better suited to the needs of
so recently, nothing in the way
things and put them into a fine automobile,
Because the new law was enacted
withhas yet been formulated to guide
ruling
or
tion
the present and the future.
explana
have
official
through the complexities that
"Profit a Public Trust"
holding agents and bondholders
you speak of, came from the people. sprung up overnight,
a
"The money profits, or surplus
was
it will be remembered, there
a public trust which must be put back into
Under the 1926 Act and prior law,
We look upon them as simply
tax-free covenant bond
to
g
to
and
men
better
relatin
women
help
will
ment
that
ing
require
someth
ding
of
uniform withhol
the manufacture
of tax equal to 2% of the interest was
Interest generally. An amount
and more productive lives.
States Government at the source in the
ned. I expect to do more in the next five
concer
United
is
future
the
to
the
over
as
paid
far
be
"So
to
years than in the last 20."




634

FINANCIAL CHRONICLE

[voL. 127.

case of all tax-free covenant bond coupons,
unless the owner of such couThe competitive conditions in the outdoor
pons happened to be a corporation
advertising industry have
domestic to the United States or a been under
investigation and consideration by the Departm
foreign corporation doing business in the
ent for an exUnited
States
having
or
an
tended
period of time and the suit now filed is a
office or place of business therein.
result of that investigation.
With the Revenue Act of 1928 the
withholding situation with respect
to tax-free covenant bond interest became
The business of outdoor advertising as
greatly complicated. Under the
operated by the
new law it is provided that in
the case of bonds containing tax-free defendants represents, it is charge
d, upwards of $50,000,covenant clauses of 2% or less the full
normal tax shall be paid at the 000 a year.
The government's petition Enid that the comsource on interest paid on and after
May 29 to non-resident alien individuals, non-resident foreign partners
hips and non-resident foreign cor- bination was created by bringing together several imporporations.
tant concerns that had been operating on
an independent
In the case of 2% tax-free covenan
t bonds, under the new pro- basis. The largest of
cedure, when the indicated owner is
these were the Cusack Company,
a non-resident alien individual or a
which controlled thirty-four subsidiaries,
non-resident foreign partnership the paying
agents now remit only 97%
and the Fulton
of the face amount of the coupons. The
3% thus deducted, together with group, which controlled twenty-nine companies, and fourthe 2% assumed by the companies issuing
the bonds, is paid over to the teen other concerns. This
gave the defendants, according
government in full settlement of the 5%
normal tax due from the bond. to the
owner. Similarly when the indicate
Government, control of about 80% of the busine
d owner of such bond coupons is a
ss
non-resident foreign corporation, the paying
agents remit only 90% in this country.
of the face amount. The 10% thus
deducted, added to the 2% assumed
It
is
charge
d
that the merger was brought about through
by the obliger company, constitutes
the 12% tax due from the foreign the
intervention of Blair & Co., bankers, of this city,
corporation.
and
Where bonds contain a 1%To tax-free
covenant clause, the procedure that it followed an unsuccessful attempt made by the Cuno doubt will be to pay 961,i% on
coupons owned by non-resident alien sack Company to create
a monopoly. It is also charged
individuals and non-resident foreign partnerships
and 89%% on coupons that in place of
owned by non-resident foreign corporations.
the "active competition heretofore existing between the Cusack and Fulton
In the case of bonds containing tax-free
covenant clauses of more than
groups of companies,
2%, the new law provides that an amount
of tax equal to only 2% of the there is now but one organization repres
ented by the Geninterest is to be paid over to the governm
ent at the source. In the eral Outdoor
Advertising Company, Inc. This power of the
absence of any official explanation to date,
this is generally understood
Genera
to mean that the procedure in the case of
l
Compa
ny has resulted, not from normal expansion,
3%, 4%, or unlimited, taxfree clause bonds will be the same as that
followed under the previous and legitimate business enterprise, but from
law. If this is correct, the obligor compani
deliberate,
es will doubtless pay to the calculated purcha
ses and acquisition of competing comgovernment the 2% required of certain bondhol
ders and remit to the lat- panies,
ter the difference between 2% and the amount
and by contracts and other arrangemen
assumed by the covets having the
nant.
power to control the entire
industry." The combination,
The withholding procedure followed with
respect to tax-free covenant it is charged, spreads over
bond interest payable to citizens and resident
the entire country. The petition
of the United States and to continues:
partnerships maintaining offices or doing
business therein is unchanged
The monopolization by the
by the new law. Moreover, interest paid
defendant, General Company of the poster
on tax-free covenant bonds and
Owned by corporations domestic to the United
paint
States and by foreign cor- not only display plants, generally carries with it the power to control
glerations doing business in the United
the
so-called independent poster and paint display
States or having an office or
plants in all
place of business therein continues under
parts of the country, and the
the new law to be free from
inter-State trade and commerce flowing
withholding requirements.
thereto, but also gives the General
Company the power to interfere with
and restrain competing solicitor
s and advertising agencies in the conduct
of their business in obtaining
space on display plants on behalf of naProceeding Against General Outdo
or Advertising Com- tional advertisers.
pany Under Anti-Trust Law—F
ederal Government —Is The monopolistic power of the General Company has resulted, and
resulting, in a substantial decline
Charges Attempt to Create a Monop
in the volume of national outdoor
oly.
advertising business transacted
by competitors of the General Company,
A petition asking either the
dissolution of the General engaged both in the solicitation of national outdoor advertising and in
the operation of poster plants
Outdoor Advertising Company, Inc.,
and paint plants, which power, if conor specific injunctions tinued,
will result in the
intended to prevent It from interf
suppression of competition in the industry,
ering with competitors, and the establishment of total
a complete and absolute monopoly in the Genand also charging four other firms
eral Company.
and

four individuals,
as well as the General Company, with
violations of the antitrust laws, was filed in the District
Court for the Southern
District of New York by the Depar
tment of Justice July 23,
according to an announcement here
by the Attorney-General,
John G. Sargent. The Government's
petition alleges that
the General Outdoor Advertising
Company headed a merger
in 1925 which has developed a
monopoly in outdoor advertising. Following is the full text
of the statement:
Charging violatio

That the defendants are seeking to increa
se their control
of the business is alleged in the petitio
n, which says that at
frequent intervals during the past year
the General Company has made offers to the P. and
H. Morton Advertising
Company, a Maryland concern, and
had employed unfair
practices with the intent to injure
the Morton concern.
The complaint of the Demrt
ment of Justice was filed
after failure of negotiations
between the Department and
the General Outdoor Advertising
Company, Inc., looking to
a consent decree, due to the condit
ions imposed by the Department, Kerwin H. Fulton
, President of the company,
stated July 23. The full
text of Mr. Fulton's statement
follows:

ns of the Federal anti-trust laws
in the outdoor advertising industry, the Department
of
equity in the United States District Justice to-day filed a suit in
Court for the Southern District
of New York against the General
Outdoor Advertising Company, Inc;
National Outdoor Advertising Bureau,
Inc.; Outdoor Advertising Association of America, Inc.; Foster &
Kleiser
Investment Company; Kerwin H. Fulton, Company; Foster & Metier
George Johnson and George
The filing by the Department
Armsby, all of New York, and against
of Justice of a petition against this comGeorge W. Kleiser of San Fran- pany
and others follows an extende
cisco, Calif.
d negotiation with the Department concerning the possibility of a
In its petition the Government alleges
consent decree in equity. In the latter stages
that an illegal monopoly was of this
created in the organization of the General
negotiat
ion
the
Department took the position that the company
Outdoor Advertising Company, should be
Inc., in 1925 by the merger of the former
Thomas Cusack Company and the companrestricted as to certain activities necessary in the judgment of
a large group of companies called the Fulton
y to the proper servicing of contract
s for outdoor advertising
under the leadership of Fulton, were formerl Group of Companies, who, made by the company with its advertis
ers' clients. This company, realizy engaged in the operation ing that
the restrictions proposed by
of outdoor advertising display plants in
the Department would render imcompetition with the Cusack practica
ble
Company. Mr. Fulton is now president of
the General Outdoor Com- and would the delivery of satisfactory service to users of the medium
pany as well as chairman of the board of the
seriously impair if not destroy
the company's ability to sell
Outdoor
Adverti
sing
Assothe medium in volume
ciation. The Association is composed of
sufficient to support the industry, has been unable
practically all of the owners to meet
the terms which the Departm
or operators of outdoor advertising display plants
ent has sought to impose.
throughout the country.
Therefore, the question with
The Government alleges that the Association is
respect to which this difference has arisen
conducting its affairs together with
the other issues involved in
illegally and to the injury of competitors of the
the case will be submitted
General Outdoor Adver- to the court
for judicial consideration.
tising Company, Inc.
General Outdoor Advertising
The Government asks in the petition that the General
Company was formed to aid the distribuOutdoor Company tion of goods
of manufacturers and merchan
be•either dissolved or that the court grant specific injunctions
ts. We believe that with
to prevent the formation of this
the Company from unlawfully interfering with the competit
compan
y
a
new and better order of things was creors and coercing ated in a division
of the advertising industry. Tfie
advertisers and advertising agencies to contract exclusively
company has endeavwith the Gen- ored consistently to
follow policies which should be construc
eral Outdoor Company.
tive and helpful to all engaged' in
The specific relief asked for in the event the General Compan
outdoor
advertis
ing
as
well
as to users of the
y is not medium.
dissolved includes the voiding of a contract between the General
OutThe allegations contained
door Company and the National Outdoor Advertising Bureau. The
in the petition which has been filed by the DeBureau partment are such as
are usually found in similar pleadings.
is composed of some 200 separate advertising agencies and under
We are conits con- fident that upon the
trial any charges that the actions of the compan
tract to the General Company all of the contracts of these agencies
y
for have been unfair to
others engaged in the business will be found
outdoor advertising are performed through the facilities controll
to be
ed by without foundation in
fact and that at the conclusion of the trial it will
the General Company. Injunctions would also include the dissolut
ion of be apparent that the
actions of the company have been fair and in every
a combination between the General Company and the Foster
& Kleiser respect lawful.
Company by causing the Foster & Kleiser Investment Company to divest
The course followed by the
itself of its stockholdings in the General Company, and Mr. George
company is that recommended by our counsel
W. after general discussion with
Kleiser to resign his directorship in the General Company. At the
Mr. Charles E. Hughes, who has been conpresent sulted in the matter.
time, the Foster & Kleiser Company conducts its operatio
ns on the Pacific
Coast without competition from the General Company.
The Federal Trade Commi
In addition, the Government asks that if the General Compan
ssion's Inquiry Regarding
y is not
dissolved the control of the corporation be restored to
its stockholders by
dissolving the Voting Trust Agreement under which the
stock is now held.
Twenty-six representatives of the Federa Trade
The Governments' petition also asks the court to require
l
ComAdvertising Association to submit a plan for the reorgani the Outdoor mission are now
at work in offices of large holding and
zation of the
administration of its affairs in harmony with the
service companies in Boston, New York. Philad
Anti-Trust Laws.




elphia and

Am 4 1928.1

FINANCIAL CHRONICLE

to be
Chicago, obtaining information from official records
hearused in compiling evidence for introduction in public
ings in the utilities inquiry, it is made known by the commission in sending to the Senate its fifth interim report
on the utilities investigation.
the
Propaganda activities of individual companies and
and
formation, growth and financial workings of holding
in
service companies are to be brought out, we are told,
of
methods
publicity
and
a
Propagand
future hearings.
the
utility trade organizations were the subject matter of
public hearings just closed, and with the exception of the
Pacific Coast and a few Southern States this phase of the
investigation, it is stated, is completed. Adjournment was
taken until September, not merely as a matter of convenience, but to enable the investigators to obtain and prepare
data to be used in future hearings. This necessary field
and office work will be pressed during the summer. The
remaining phases of the inquiry, it is averred,call for a high
degree of specialized knowledge and experience and the commission has augmented its staff of accountants by a number of men, who, by reason of their former association
with State utility commissions, are qualified to do the work
along scientific and approved lines.
A comprehensive schedule calling for information regarding growth of capital assets and capital liabilities and
other phases of the business of holding company and management groups, independent operating and service companies, is now being printed, but due to unavoidable delay
In the printing process it is not likely the schedules will be
mailed to the companies much before Aug. 1. Between five
and six thousand reports for privately owned gas and electric utility companies have been received as a result of
the sending out of the first general questionnaire. The
text of the fifth interim report is as follows:

William Stokes—(Executive Secretary, Indiana Public Utilities Association).
Arthur E. Scott—(Director of Public Relations, Inter-State Public
Service Company of Indianapolis).
Alfred Fischer—(Former Director, Michigan Committee on Public
Utility Information).
Arthur W. Stace—(Director, Michigan Committee on Public Utility
Information).
Arthur F. Herwig—(Director, Wisconsin Public Utility Information
Bureau).
John N. Cadby—(Secretary, Wisconsin Public Utilities Association).
Frank 0. Ouppy—(Legislative Agent, Indiana Public Utilities Associa-

To the Senate of the United States:
Pursuant to the direction of the Senate in Senate Resolution 83, 70th
Congress, let Session (approved Feb. 15 1928), regarding the investigation of certain electric power and gas utility companies, that this Commission "report to the Senate within each thirty days after the passage
of the resolution and finally on the completion of the investigation" upon
the matters specified in the resolution, and that it transmit therewith
the stenographic report of the evidence taken, this fifth interim report
is respectfully submitted.
Since the beginning of the inquiry, the Commission has done the following work in this matter—
The Commission has received 5,944 reports for companies addressed
as privately owned gas and electric utilities on the first general questionnaire. The first questionnaire called for information concerning
production, purchases, sales, inter-Stale business, Intercompany relationships, earnings, investment, plant capacity, lee., which will give bases
for measuring the importance of inter-State and power group business
in the electric power and gas industries. The following tabular statement shows the nature of the reports received to July 9 1928:
Schedules Received.
Complete schedules
Out of business
Sold
Not public utilities
Reported by another company
Returned by Post Office unclaimed
Produce for own use only

635

tion).
Herewith are transmitted thirteen volumes containing the stenographic
There has
report of the evidence taken on the dates already mentioned.
corrections.
been no opportunity to read them for possible errors and
incluboth
A list and description of exhibits numbered 1647 to 2017,
introduced up to
sive, is transmitted herewith. This includes all exhibits
work can be done, a list of
and including June 2 1928. As fast as the
made and forother exhibits which have been introduced will be
warded.
Southern States
With the exception of the Pacific Coast and a few
propaganda activities
the Commission has completed its investigation of
been suspended
have
by organizations of utility companies. Hearings
convenience, but
until some time in September, not merely as a matter of
data for bearings
to enable the investigators to obtain and prepare
and the
relative to the propaganda activities of individual companies
formation, growth and activities of holding companies.
specialof
degree
The remaining phases of the inquiry call for a high
is augmenting its
ized knowledge and experience and the Commission
reason of their former
staff of accountants by a number of men who, by
the work
association with State utility commissions, are qualified to do
work of preparaalong scientific and approved lines. This necessary
bearings.
tion will be pressed during the adjournment of the public
By order of the Commission.
,
WILLIAM E. HUMPHREY Chairman.

ITEMS ABOUT BANKS, TRUST COMPANIES, &c.

Two New York Stock Exchange memberships were reported posted for transfer this week, that of Frederic W.
Kremer to Robert P. Newton for $337,500 and that of
John T. Larson to Max L. Young for $350,000. The first
transaction represents an advance of $12,500 over the last
preceding sale.
The New York Cotton Exchange memberships of R. E. C.
Craig was reported sold this week to S. J. S. Shlenker for
another for $35,000. This is the same as the last preceding sale.
Edwin M. Carter, senior m-ember of the New York Stock
Exchange firm of Carter & Co., and a member of the Governing Committee of the New York Stock Exchange, died
at his summer home at Allenhurst, N. J., on Aug. 2. The
"Wall Street Journal" says:
of

No. of Reports.
• 3,555
449
284
924
243
234
255

committees
Mr. Carter served on a number of the most important
List, the Committee on
the Exchange, including the Committee on Stock
was chairman
he
which
of
Admissions and the Committee on Securities,
Constitution, which
for a year. Ile was also chairman of the Committee on
in 1926 revised the entire constitution of the Exchange.

Mr. Carter was born in New York City in 1868.
The Bank of United State-s of this city plans to absorb
the Cosmopolitan Bank, also of this city. Stockholders
of both institutions will meet on Aug. 21 to vote on the
proposed merger, which was approved by the directors on
July 31. The Cosmopolitan Bank and its branches are
Total ----------------------------------------------------5,944 to become branches of The Bank of United States. With
During the month elapsed since the date of the fourth interim report, the acquisition of the Cosmopolitan Bank the Bank of
second and third requests were sent to about 3,000 companies that had United States will have 20 branch offices. As noted in
failed to respond to the original request, and many reports were received.
the Central Mercantile
The data contained in these reports are being analyzed and tabulated as our issue of May 19, page 3070,
with The Bank of
received.
are
merged
reports
the
rapidly as
Bank & Trust Co. was recently
The comprehensive schedule spoken of in the fourth interim report United States. The merger will become effective shortly
is in process of printing at the Government Printing Office. Because of
the same.
technical difficulties involved in the set-up and of the pressure of regular after the stockholders have approved
work of like grade at that Office, the prospects are that mailing of the
schedules to the companies cannot begin much in advance of Aug. 1.
The American Exchange I- rving Trust Co. of this city
Twenty-six representatives of the Commission are now in the offices
sold to the Guaranty Trust Co., also of this city, the
has
of certain large holding and service companies in Boston, New York,
Broadway. This movement is in
Philadelphia, and Chicago, obtaining data on the various phases of the 16-story building at 128
Exchange Irving
inquiry from the official records of the companies. The information accordance with the plans of the American
collected from these sources and from the schedules referred to above will Trust Co. toward moving into the new building which it
be used for the compilation of data for introduction in evidence in public
St. At that time the centre adminishearings of the Commission and as a basis for the questioning of wit- will erect at 1 Wall
trative activities of the institution will be moved to No. 1
nesses who appear at such hearings.
Public hearings were held at the Commission's office, Washington, on Wall St. from the Woolworth Bldg., together with the 2
June 15, 19, 20, 21, 22, 26, 27, 28, 29, 30, July 2, 3, 6.
large banking offices now serving customers abroad and
Since our last interim report, witnesses have been examined as foldomestic clients outside of New York City, respectively.
lows:
American Exchange Irving Trust Co. in
Edward F. Mciay—(Director, Oklahoma Public Utility Information The office of the
moved recently to the company's large
was
Bureau).
Broadway
128
John B. Sheridan—(Secretary, Missouri Committee on Public Utility banking quarters in 60 Broadway until the completion of the
Information).
new building when all downtown activities will
Guy P. Newborn--(Director, Tennessee Public Utility Information company's
Bureau).
be centered there. An item regarding the erection of the
Rex I. Brown—(Director, Arkansas Public Service Information Bu- American Exchange Irving Trust Co's new building at 1
reau).
columns June 30, page 4032.
Hodges—(Former Director, Arkansas Public Service Informa- Wall St. appeared in these
Earl W.
tion Bureau).
Bureau of Kansas Public Service ComH. Lee Jones--(Information
panies).
Executive Secretary, Indiana Public UtiliJohn C. Mellett—(Former
Committee on Public Utility Information).
ties Association and Indiana




The American Exchange Irving Trust Co. of New York,
announced on Aug. 2 the following appointments and
promotions: To be Assistant Vice-Presidents—Edward L.

636

FINANCIAL CHRONICLE

Bishop, H.D. R.Burgess, J. E. Carlson, John Dunbar
, L. I.
Estrin, S. R. Hills, Wentworth P. Johnson and
Joseph W.
Rowe; to be Assistant Secretaries—K, L. Campbe
ll, George
DeNike, Schuyler Fisher, E. F. Gaudineer, L.
R. Geisler,
A. G. Hesser, A. E. Lindhjem, C. J. Maurer
and H. Serenbetz.
To-day (Saturday, Aug. 4) the National City Bank of
New York will open at 92-11 Union Hall Street, near Jamaica Avenue, Jamaica, its twenty-eight branch in Greater
New York. Through the opening of this new branch the
bank will make available to the business men and residents
of Jamaica the full facilities of its entire organization, including the National City Co. and the personal loan department.
Architecturally the new branch building will conform in
type to branches which the National City Bank of New
York recently has opened elsewhere in the metropolitan
district.

[VOL. 127.

six months, when permanent quarters will be taken in
the
Film Center Bldg. at Forty-fourth Street and Ninth Avenue
.
The following new officers of the Community State Bank
at 3600 W. Roosevelt Road, Chicago, were elected on July
30. Walter M. Heymann, Chairman; A. S. Helquist, President; W. G. Dooley, Vice-President; Michael Bolker,
Cashier, and L. P. Timmins, B. Antonow, and Jos. B. Taslitz, Assistant Cashiers. This bank was recentl
y purchased
by the interests identified with the Liberty Trust & Saving
s
Bank, of which Mr. Heymann is Chairman of the
Board,
Mr. Helquist is President, and Mr. Dooley is senior
VicePresident. The Community State Bank was organized
in
1919 with a capital and surplus of $125,000.
At the present
time their invested capital is $264,000, while resourc
es have
grown to over $2,000,000. The bank is
an affiliated member
of the Chicago Clearing House Association.

Eugene Levering, a prominent Baltimore banker
, died on
At a meeting of the Board of Directors of the United Aug. 2 in Baltimore. Mr. Leverin
g was President of the
States Mortgage & Trust Company of New York on July National Bank of Commerce for nearly
half a century and
27 Martin E. Goetzinger of Arbuckle Brothers was elected a after the merger of that bank with
the Merchants National
Bank he became Chairman of the Board
Director to succeed the late William A. Jamison.
of the latter institution holding that post until
the merger of the MerFollowing the meeting of the executive committee of The chants with the Citizens Nation
al Bank on July 2, as noted
National City Bank of New York on July 31 announcement in our issue of July 7, page 60.
was made of the appointment of Carl D. Montgomery as
Directors of Chelsea Exchange Corporation,
Assistant Vice-President in charge of the new business diviinvestment
sion of the trust department. John T. Creighton was pro- affiliate of Chelsea Exchange Bank of New York, have
moted from Assistant Trust Officer to Trust Officer in declared an initial dividend of $1 on both the Class A
and
Class B stock of the corporation respectively.
charge of the personal trust division; while Charles
The dividends
F.
are payable 25 cents per share on each stock
Wheaton, formerly Assistant Trust Officer, was made
on Aug. 15 and
Trust
Nov. 15, 1928 and Feb. 15 and May 15,
Officer, in charge of trust department at the
1929, to stock of rec42nd Street
ord as of Aug. 1 and Nov, 1, 1928,
Branch. Nelson Stuart, Philip A. Miller, Bascom
and Feb. 1 and May 1,
H. Tor1929. "Chelsea Exchange Corporation,
rance and B. F. Briggs were elected Assistant
which opened for
Trust Offibusiness May 15, 1928, will have comple
cers.
ted an exceedingly
successful first quarter on Aug. 15 conside
ring the general
Joseph R. Swan, President of the Guaranty Co.
of New condition of the security market," said Lewis H. Rothchild,
York, announced on July 31 that Ralph A.
Stephenson, President.
lately a partner of Redmond & Co., has been
appointed a
Chester D. Pugsley, Vice-President of the Westch
Vice-President of the Guaranty Co. Mr. Stephe
ester
nson was
County National Bank at Peekskill, N. Y., has been
born in Newton, Massachusetts, and after graduat
asked
ing from
to become a trustee of Rollins College, Winter Park,
Exeter Academy, began his banking career with
Florthe First
ida, by Dr. Hamilton Holt the Preside
National Bank of Boston. A short time later he joined
nt. Mr. Pugsley
the
made an address there last March.
staff of N. W. Harris & Co., now Harris, Forbes
& Co., and
remained with that organization for fourteen years. DurThe plans to increase the capital
ing that time he was actively connected with
of the Franklin Trust
the develop- Co. of
Philadelphia from $2,000,000 to $3,000,000 were
ment of the company's Canadian business, spendin
apg six proved by
the stockholders on July 31. The "Ledger" of
years at Montreal and Toronto, and later being affilia
ted Aug. 1 referri
ng to the stockholders' meeting said:
with their London Office. Mr. Stephenson came to
New
Arthur B. Dauphinee, senior
York in 1919, and became a partner in Redmon
-President, presided in the absence of
d & Co. In 0. Addison Harris, Jr., PresidentVice
, who is sojourning in Europe. In mak1923.
ing this announce
ment Mr. Dauphinee stated
that the 10,000 shares of
stock would be offered to

stockholders of record on Aug. 7 next at $400
Announcement was made Aug. 2 of the complet
share on the basis of one-half
ion of the perThe
share for each share then held.
stock may be purchased in
organization of the City Trust Co. of New
four installments of $100, due on the
York, resulting 15th of each month,
beginnin
g Sept. 15, or may be paid for in full.
from a consolidation of the Harlem Bank of Commer
The proceeds of the new
ce, esissue will add $1,000,000 to the company's captablished in 1925, and the Atlantic State Bank,
established ital and $3,000,000 to the surplus, giving a combined capital and surplus
of $10,250,000.
the previous year. F. M. Ferrari, President of both
instituOrganized in 1904, the Franklin
tions, heads the eomblned bank. Capital of the
Trust Co. today has deposits of more
consolida- than $38,000,000.
tion institution is $1,225,000 and surplus and undivid
Before leaving for Europe,
ed
President Harris announced that committee
of officers had been appointed
profits are announced as $1,033,885. The City Trust Co.
to develop a plan that will enable employes
of
New York will maintain its main office at 2118 Second Ave- to purchase stock on terms especially adapted to their individual circumstances on monthly installme
nts.
nue, at 109th Street, with branches at 2105 First Avenue,
The last public sale of
the Franklin Trust stock was on June 30 at
at 108th Street, and 431 Third Avenue, at 30th Street, Man- $695.
The
hattan, and also at 594 Atlantic Avenue and 182
proposal to enlarge the capital
was noted in these
Graham Avenue, Brooklyn. The Harlem Bank of columns May 26, page 3246.
Commerce had a capital of $500,000 at which figure also
From the Rochester (N.
the capital of the Atlantic State Bank stood. Previous
Y.) "Democrat" of Aug. 2 it is
references to the consolidation appeared in these columns learned that a consolidation of the National
Bank of Rochester
(capital $1,200,000) with the Union
June 2, page 3405 and June 9, page 3543.
Trust Co. of Rochester (capital $2,500,000) will
be effected as soon as the legal
On Aug. 2 the newly organized Prudential Bank of New formalities are
consummated. From the "Democrat" we
York opened for business at 455 West Forty-second Street. also take the followi
ng:
The negotiations looking to
The bank has been formed with a capital of $125,000 and
the consolidation of the two banks are disclosed in a letter sent last
evening to
surplus of $50,000. The stock was placed at $160 per $100 Rocheste
r by William T. McCaffrey, depositors of the National Bank of
its President. While formal action of
a share. The bank is under the management of Peter the directorates of both
banks is necessary, together with ratification by
Grimm, President; Leo Zakrajsek, Vice-President; Arthur stockholders, before the consolidation is effective
, the negotiations have
proceeded far enough virtually to
F. Beverle, Cashier, and A. De Bottari, Assistant Cashier. one
assure the meger of the two banks into
Institution, which will be the
largest
in
the
city.
The combined assets
The directors are, Arthur F. Beverle, Cashier; Meyer of the two banks will exceed
$75.000,000.
Control of the National Bank
Breger, Breger & Lichtblau, Certified Public Accountants;
of Rochester passes to the Union Trust
through purchase of a majority
Alois Cesarek; Letterio Fiore, Lake Dress Co.; Peter Interests
of the stock for cash. The plan
under which the consolidation
will be completed will give all stockholders
Grimm, President of the Real Estate Board of N. Y.; of the National Bank of Rochester
an opportunity to sell their holdings for
Cash. or to exchange
George L. Livingston, Livingston & Livingston, Attorne
for Union Trust stock on a basis to be decided,
ys; probably at one and them
one-half shares of National Bank of Rochester stock
Samuel Kass, Dress Manufacturer; Chas. R. Stephenson, for each share
of Union Trust stock.
Jr., Stephenson Leather Co.; Leo Zakrajs
This basis of exchange is sustaine
ek, Vice-President.
d by current quotations for the two
stocks, Union Trust shares selling
The present quarters of the bank will be occupie
at $450 and National Bank of Rochester
d for about at $300 a share.




AUG. 4 1928.]

FINANCIAL CHRONICLE

637

Col. William S. Shilds, President of the Bank, acquainted the public
depositors, the National
As is explained in Mr.McCaffrey's letter to the
with the facts in a statement Issued this morning. Mr. Haun has accepted
the
all
having
unit,
separate
a
as
Bank of Rochester will be operated
lity for the shortage, which may reach $150,000, the statement
all the benefits of the good will which responsibi
facilities of the larger institution and
y, under the plan, said.
McCaffre
Mr.
years.
other
few
last
the
In
it has developed
The former vice president has surrendered his home and various
will be retained.
will remain with the bank and all the personnel
assets worth approximately $200.000, which are expected to reimburse
Details not Completed.
the bank for all losess.
part of
out. The National Bank of
Bank officials declared there is no occasion for worry on the
Many of the details are yet to be worked
is under depositors.
Co.
Trust
the
Union
while
charter,
Federal
Rochester is under
has been signed, control of the
State supervision. Under a contract that
Little Rock (Ark.) advices July 30 published in the
the Union Trust interests. TI- e
National Bank of Rochester passes to
to
to
yet
are
banks
two
the
combine
to
stock
"Commercial Appeal" of Memphis state:
details for the exchange of
controlling
advantageous equally to the
worked out definitely but are expected to be
A. B. Banks and associates of Little Rock, today acquired and Mr.
Co.
and the Union Trust
(Ark.)
stockholders of the National Bank of Rochester
interest in the Merchants and Planters Bank of Helena.
ademore
Co.
ment
Trust
announce
to
The combined institutions will enable the Union
Banks becomes President of the institution, according
small accounts and, through
was confirmed by Mr. Banks. Mr. Banks expressed
which
quately to take care of its large as well as
Helena,
from
as a separate unit, this
ns for interest
the retention of the National Bank of Rochester
on with the successful culmination of the negotiatio
te 14,000 in number. satisfacti
service is extended to all its accounts, which approxima
in the Merchants and Planters Bank.

The Directors of the Tradesmen's National Bank of Philadelphia have declared the regular quarterly dividend of
$4 per share, at the rate of 16% per annum, payable Ahg.
1 to stockholders of record at the close of business July 27.
11?" IP •'
The Philadelphia "Ledger" states that the National Bank
of North Philadelphia will join in the merger of the Broad
Street National Bank, the Oak Lane Trust Co. and the
Queen Lane National Bank, according to an announcement
on Aug. 2. The merger, which had been planned between
the three last named institutions, was noted in these columns
July 28, page 593. The "Ledger" in the latest advices says:

A special meeting of the stockholders of the Canadian
the
Bank of Commerce will be held on Sept. 18 to act on
d
Standar
the
of
assets
the
of
e
proposal for the purchas
Bank of Canada, reference to which appeared In these
columns July 21, page 361.

THE CURB MARKET.
Money market conditions affected Curb trading in the
causing
early part of the week, an advance in money rates
restricted business. Later, despite high money rates, the
volume of business increased while prices made a fairly
dCo. general advance. Warner Bros. Pictures was an outstan
Trust
&
hia
Bank
named
Philadelp
be
to
is
bank
ted
consolida
The
of the National Bank of
453 to
from
jumped
ions
Dr. Charles E. Beury, who has been President
transact
heavy
on
and
feature
the
of
ing
North Philadelphia since its organization in 1921, will be Chairman
now President of the Broad
close to-day being at 58%. Aluminum Co. of
board of the new institution, and L. A. Lewis,
Co., will be President. Dr. 593, the
Street National and of the Oak Lane Trust
% and finished to-day at
y.
Universit
up from 133 to 1473
moved
Temple
of
Amer.
President
is
Beury
with capital of $2,300,000, sur4
The new institution will begin business
from 1083
% to 1003
dropped
ile
Automob
deposits
excess of $750.000 and
1469(. Auburn
plus of $2,300,000. undivided profits in
rerources of more than $23,000,000.
ly Corp. advanced at
Bancita
to
103.
of more than $17,000,000. evilly it tot.I trust
ed
finally
recover
and
all
at
be
afforded
will
service
Complete banking, title insurance and•
first from 11434 to 117% then declined to 11434, the final
of the institution s ten offices. • •
the ereccompleted
hia
recently
Philadelp
North
of
Bank
National
The
ion to-day being at 11434. Celanese Corp. of Am.
wn Ave. transact
tion of a 14-story office building on Broad St. above Germanto
from 73 to 68% and ends the week at 69%-.
dropped
hia,
Philadelp
of
North
Bank
Dr. Dewy, who is President of the National
y in Lehigh Coal & Navigation sold up from 137% to 14634 and
succeeded Dr. Russell H. Conwell as President of Temrle Universit
's Finance.
1926. Prior to that ho had been chairman of the university
at 142 finally. Safeway Stores com. advanced from 541
Building and Endowment Committees. He was this year elected President
to 577 and closed to-day at 568. Sanitary Grocery was up
of the Philadelphia Forum. * * •
has been
315 to 37334, the close to-day being at 369. U. S.
L. A. Lewis, who is to be President of the consolidated bank,
from
ten years and has been its
associated with the Broad Street National for
improved from 77 to 8434 and finished to-day at
Freight
of the Oak Lane Trust
President for five years. He has been President
these
of
the
it is stated,
resources
83. Utilities show only slight changes. Puget Sound
Co. since 1925. Under his management,
Oils were
Power & Light corn. sold up from 80 to 893..
two banks increased $15,000,000.
to 150.
points
eight
gained
Mfg.
ough
Chesebr
The Guardian Bank & Trust Co. of Philadelphia, organ- higher.
%
new pref. improved from 7234 to 813
Oil
-Signal
Galena
unand
of
0
,
$100,00
surplus
$300,000
ized with a capital of
old pref. gained the point to 80.
The
80.
at
ay
to-d
sold
and
divided profits of $50,000, had its initial opening on Aug. 1. Prairie Pipe Line broke from 201 to 172 but recovered finally
The institution, which is prepared to render a complete com- to 191. Gulf Oil of Pa.from 12434 reached 13034, the close
mercial banking service, is also equipped with a savings de- to-day being at 130.
for the
A complete record of Curb Market transaction
partment and trust facilities. It Is located in its own buildare:
officers
The
667.
Streets.
week will be found on page
ing at Twenty-second and Market
MARKET.
DAILY TRANSACTIONS AT THE NEW YORK CURB
Horace G. Polhemus, President; Albert T. McAllister, ViceThe
r.
ry-Treasure
Seitz,
L.
e
Secreta
Theodor
BONDS (Par Value).
President;
*STOCKS(No. Shares).
IVeek Ended
following are the directors: Edward L. Aloe, Howard E.
Foreign
Indus. dt
3.
Aug.
Mining. Total.* DOMMUC. Government.
Oil.
Miseell.
Betelle, M. Z. Blerly, J. Lindsey Burnell, Hiram H. Hirsch,
$612,000 $223.000
18,910 144,040
Morris Kind, Albert T. McAllister, William I. Mirkil, Clyde Saturday
20,020
105,110
401.000
25,210 218,366 1,512,000
35,630
157,526
Monday
391.000
L. Paul, Horace G. Palhemus, William H. Ritter, J. Frank Tuesday
22,350 255,855 1,175,000
43,990
189,515
713,000
1,134,000
347,475
l,
m
and
Harry
G.
50,550
Stockwel
Sundhei
F.
50,880
236,045
Wednesday
Shellenberger, Joseph
460.000
1.371,000
77,000 384,121
53,550
253,571
Thursday
260.000
411,625 1,726,000
41,100
Clarence E. Wunder.
48,760
321.765
Friday
$2,448,000
Items regarding the new institution appeared in our is1,263,532 234,830 235,120 1,761,482 $7,530,000
Total
sues of May 26, page 3246 and July 7, page 61.
rights were sold as 101 ows: Saturday, 1,200; Monday, 4.600: TuesHomer Guck, formerly Vice-President of the Union Trust
Co. of Detroit, on Aug. 1 became general manager of the
San Francisco Examiner, the oldest paper in the chain of
newspapers owned by William Randolph Hearst. The newspaper business has been Mr. Guck's chief interest for many
years. He was editor and publisher of the Houghton Daily
Mining Gazette at Houghton, Michigan until he went to
Detroit in 1920, to become assistant to the President of
the Detroit Life Insurance Co. In this position, he took
charge of that company's advertising and sales promotion
work. In 1927, Mr. Guck became affiliated with the Union
Trust Co. of Detroit and was made a Vice-President of the
company in 1928. For several months, Mr. Guck has acted
as assistant business manager of the New York Evening
Journal, which position he leaves to become general manager of the San Francisco Examiner.
The Comptroller of the Currency announces that the
Security National Bank of Valley City, North Dakota, has
changed its name to "The First and Security National Bank
of Valley City."
The resignation. of Floyd E. Hann as Vice-President of
announced
the City National Bank of Knoxville, Tenn., was
of
by the Board of Directors on July 28, following discoveryad$100,000 shortage in the bank's accounts, according to
vices in the Memphis "Commercial Appeal" which states:




*In addition,
day. 4,600; Wednesday, 2,500: Thursday, 4,000; Friday, 4,300.

NGE.
THE WEEK ON THE NEW YORK STOCK EXCHA
the
in
early
strong
The stock market was active and
higher
to
moving
list
entire
the
lly
practica
week, with
irregularity
levels, but subsequently displayed considerable
n. The
situatio
money
the
ng
regardi
inty
to
uncerta
due
of call
advance
the
was
week
outstanding feature of the
2%
/
to 71
money on Tuesday to 8%,though the rate receded
FedThe
Friday.
on
6%
to
and
day,
on the following
that
eral Reserve statement issued on Thursday showed
,000,
$75,477
d
increase
again
had
week
the
for
loans
brokers'
the total now being $1,087,551,000 above the peak of a
year ago and only $303,844,000 down from the high level
of the present year. During the two-hour session on Saturday, a number of leading issues moved briskly forward to
new high levels, the gains ranging from 1 to 7 points. General Motors assumed the leadership and crossed 194 with
a 2-point gain. The remarkable earnings shown in General
Motors' figures for the 2d qt after of 1928 and also for the
first half of the year, stimulated interest in some of the independent motor shares, and Nash, Packard, Hudson and
Chrysler moved briskly forward and closed with substantial gains. Merchandising issues were also in strong demand, Montgomery Ward bounding forward to a new high
at 175. Some of the specialties displayed unusual strength,

638

FINANCIAL CHRONICLE

[vol.. 127.
particularly American International, Union Carbide & Car- favorit
es. Few stooks were able to push ahead to any exbon, Wright Aero and Woolworth. United States Steel tent,
but Atlantic Refining forged upward to 163. Ameri,common was actively bought and reached a new high for can
Can seemed to be marking time and Johns-Manville
the present movement above 145. General Electric sold gained
four points to 1273.. The market was somewhat
up to 150% and new peak prices for the year were registered mixed
on
by Electric Auto Lite, Eastman-K dak and General Ice evenly Friday, the principal gains and losses being about
divided. Oil stocks were the outstanding strong
Cream.
issues, particularly Atlantic Refining which soared nearly
On Monday the market was fairly buoyant in the early six points
to 169 and reached the highest peak for the present
trading, but following the rise in call money to 6% trading shares.
Pan
American "B," Mexican Seaboard, Sinclair
slowed down and thereafter the drift was toward lower and
Texas Corporation were also in demand at higher prices.
levels. Several prominent issues like Sears-Roebuck, Mont- United
gomery Ward, Dodge Bros. pref. and American Can were heavy, States Steel common and General Motors were
the former again slipping below 140. In the afterin strong demand in the forenoon, but failed to maintain noon
call money dropped to 6% and several of the more
their gains as the trend turned downward. Railroad stocks active
stocks again moved ahead. The strongest demand
held their advances somewhat better than the industrial was for
shares and it was worthy of note that the rise in money had lowed Chrysler which ran up over six points to 833, folby a gain of three points in Hupp Motors. Other
little or no effect on the movement of this group. In the strong
so-called specialties stocks Eastman-Kodak was the out- solidat stocks were American Can up two points, Coned Gas which advanced 23/i points, International
standing strong feature and raised its top to a new high Nickel
which gained 39g points to 101 and Indian Refini
ng
under the present form of capitalization at 195. Atlantic which
sold up to 313
% with a net gain of 134, points. The
Refining was prominent in the trading and sold up to 1493
4, final tone was good.
•'
as compared with its previous close at 1483. Curtiss
TRANSACTIONS AT THE NEW
Aero and Wright were higher and so were Midland Steel
YORK STOCK EXcHA
DAILY, WEEKLY AND YEARLY
.
Products pref. and Johns-Manville.
On Tuesday call money advanced to 8% and as a result
Marks..
Railroad.
State.
United
Week Ended Aug. 3.
Number or
prices slipped backward, though there were occasional
,Se..
States
ungett ai
Shores.
Bohai.
Por.fen
Bonds
bright spots in the list, such as Montgomery Ward which Saturday
856.610
82.026.000
$930,000
sold up to 1813
$682,000
4,Atlantic Refining which scored a net gain Monday
1.824.700
5.134,000
1,841,000
681,000
1.521,950
of 33 points to 1523., Kroger's Groceries which moved up Tuesday
5,304,000
2,217,000
342,000
Wednesday
2,370,620
4,764,000
2,139,000
577.000
Thursday
43/i points to 108 and American Can which
1,877,360
4.027.00
0
1,896,000
1.081,000
crossed 94. Friday
2,343,500
5,365.000
1.423,000
666.000
General Motors and practically all of the independent motor
Total 10.794,740 326,620,000 $10,446,000
stocks sold off from one to three points and United States
34.029.000
Steel common closed at 1413/8, as compared with its
Sales at
preWeek !ended Aug. 3.
Jan. Ito Aug. 3.
New York Stock
ceding final at 1435
%. Copper stocks, on the other hand,
Erchange.
1928.
1927
1928.
were stimulated by the strength of American Smelti which
1927.
ng
Stocks, No.of shares_.
-10.794,700 13.522,190
broke into new high ground and displayed substan
451,617,536
322.846.321
Bonds.
tial im- Governme
nt
bonds_
provement at the close. The stock market
3129,143,250
8198,785,300
and foreign bonds $4,029.000 $3,915,000
again moved State
502,452,565
507,647,400
Itallroad & misc. bonds 10,446,000 15.176,000
upward on Wednesday, despite a rate of 73% establi
26,620,000 44.875,000 1,528.301.025 1,355,039,050
shed
in the early trading for call loans and later offered
Tuts! bonds
841.095.
000
$63,966,
at 63 %,
000 52,159,896,840 $2,061,471,750
and advanced in a fairly vigorous fashion. Industrial
DAILY TRANSACTIONS
AT THE BOSTON. PHILADELPHIA AND
specialties assumed the leadership and a numbe
r of the
BALTIMORE EXCHANGES.
recent high-priced issues like Montgomery Ward, Case
Threshing Machine, Johns-Manville and Sears-Roebuck
Boston.
PhillidelPh1a.
Baltimore.
Week linded
were bid up in a spectacular manner. American
Aug. 3 19-28.
Shares. Bond Sales. Shares. Bond Sales. Shares.
Can, -Bond Saks.
Warner Bros. "A," International Nickel and Atlantic
Re- Saturday
•10.029
$2,000 413,050
$4,000
Monday
356
$7,100
fining were also among the conspicuously strong stocks
•I9,499
4,200 al2,317
22,000
, the Tuesday
639
16,100
.16,880
28.500 al1,039
latter moving up to 158, an advance of six points.
8.000
1.751
Wednesday
15,500
.20,714
31,050 a23,501
Oil
16,700
1,300
27,000
29,012
stocks moved up with the leaders, the strong stocks includ Thursday
29,000
a20,874
34.000
2.869
49,700
- Friday
12,138
14,000
a5,080
11,000
1.213
43,800
ing, among others, Texas Corporation, Standard
Oil of Total
108,272 $108,750
85,861
$95,700
California, Houston, Phillips and Sinclair. Americ
8,128 3159,200
an Can Prey week revised 117.684
373,000 111.491 5120,000
sold up to 953 and closed at 933, with a fractio
16,213 8132,200
nal loss.
•In addition, sacs of
rights were: Saturday, 8,571; Monday, 33,563;
The market lost some of its buoyancy on Thursd
56,680; Wednesday, 15,363.
Tuesday.
ay as
result of realizing sales among the so-called specula a
a In addition, sales
tive 5,500; Wednesday, SOO:of rights were: Saturday, 2,400; Monday, 4,400; Tuesday,
Thursday, 1,100: Friday, 1,500.

Course of Bank Clearings.

Bank clearings the present week show a satisfactory increase as compared with a year ago. Preliminary figures
compiled by us, based upon telegraphic advices from
the
chief cities of the country, indicate that for the week ending
to-day (Saturday, Aug. 4) bank exchanges for all the cities
of the United States from which it is possible to obtain
weekly returns will be 10.4% larger than for the corresponding week last year. The total stands at $11,437,783,604,
against $10,357,671,287 for the same week in 1927. At this
centre, there is a gain for the five days ending Friday of
17.1%. Our comparative summary for the week follows:

furnish them to-day
inasmuch as the week ends to-day
(Saturday), and the Saturday
figures will not be available
until noon to-day.
Accordingly, in the above the last day
of the week has in all
cases had to be estimated.
In the elaborate detaile
d statement, however, which we
present further below, we are
able to give final and complete
results for the week previou
s-the week ended July 28. For
that week there is a decreas
of clearings for the whole e of 2.3%, the 1928 aggregate
country being $9,383,441,247
against $9,606,177,591, in the
same week of 1927. Outside
of
this
city, the clearings show a decreas
Clearinos-Returns by Telegraph.
rer
e of only 0.90%,
Week Endea Aug. 4.
1928.
1927.
the bank exchanges at this
Cent.
centre recording a loss of 3.3%.
Newyork
$5,956,000,000 $5,121,000,000 +17.1 We group the
cities now according to the Federal Reserve
Chicago
634,709.950
577,764,846
+9.9 districts in
Philadelphia
418,000.000
which they are located and from this it appears
443,000.000
-5.6
Boston
389,000,000
380,000,000
+2.4 that in the New
Kansas City
York Reserve district (including this city)
136,900,512
124,668,564
+9.8
St. Louis
132,700.000
118,600,000 +11.9 clearings have decline
d 3.3%, in the Boston Reserve district
San Francisco
167.157,000
155,968,000
+7.2
Los Angeles
146.493,000
140,599,000
+4.2 14.3%, and in the Philadelphia Reserv distric
e
Pittsburgh
t 5.3%. The
149.276,530
151,686.991
-1.6 Cleveland
Detroit
Reserve district shows a loss of 0.1%, the Rich167,353,790
136,656,421
+22.5
Cleveland
105,576,231
102,131.457
+3.4 mond Reserve
district of 21.4%, and the Atlanta Reserve
Baltimore
.117.000,000
115.280.961
+15.0
New Orleans
54,945,547
51,094,211
+7.5 district of 5.0%. In the Chicag
o Reserve district clearings
Thirteen cities, five days
88,574,112.560 57,618.450.451
+12.5 register a gain of 5.8%, in the Minneapolis Reserve distric
Other cities, five days
t
1.040.707,110
1,007,905,715
+3.2 of 8.7%, and
in the Kansas City Reserve district of 9.9%.
Total all cities, five days
$9.614,819,670 88,626,356,166
+11.2 The St. Louis
All cities, one day
Reserve district it shows a decrease of 1.1%,
1,822,963.934
1.731.315,121
+5.3
and the Dallas Reserve district of 1.7%. The San Franci
Tntnl An nitlaa Inv 'nook
sco
111 427 782 604 810.357.671.287 +10.4
Reserve District enjoys a gain of 8.4%.
• Estimated.
Complete and exact details for the week covered by the
In the following we furnish a summary by Federal Reserve
foregoing will appear in our issue of next week. We cannot
districts:




AUG. 4 1928.]

639

FINANCIAL CHRONICLE

BANK CLEARINGS AT LEADING CITIES.
July
Jari. 1 to July 31
1928. 1927. 1926. 1925. 1928.
1927.
1926.
1923.
$
$
$
$
$
$
$
27,755 25,446 23,827 23,396 224,560 181,879 174,019 165,238
2,973 2,893 2,196 3,116 22,054 20,994 20.938 20,859
1,969 1,991 2,196 1,900 15,309 15,122 14.607 12,810
2.244 2,259 2,534 2,499 16,716 16,402 17.365 16,783
633 4,352
501
4,300
607
596
4,398
4.367
761
5,420 5,349 5.307 5,124
784
772
761
859
806 6,716 5,602 5,743
5,274
766
850
344
327
2,323
2,244
2,290
2,145
319
333
529
537
3,146
3.279
3,564
3,280
419
471
631
4,032
4,247
4,071
3,976
661
638
702
3,559 3,447
560 3,901
3,743
604
578
563
258
239
1.700
1.670
1,760
1.723
224
232
2,306
2,402
346
348
2.340
2.038
356
316
1,142
154
1,081
1,065
1,032
133
158
145
4,751
760
770 5,689 5,057 5,115
865
755
1,285
1,197
178
1,262
1.308
187
188
193
4,545
667 6,188 5,550 5,186
767
776
830
412
411
405
63
475
62
60
59
1,273
1,191
1,233
186
1,323
170
173
190
1,551
1,570
1.606
251
1,594
237
245
231
922
861
936
903
137
137
129
132
512
705
694
708
115
88
109
106
964
939
933
1,015
139
149
145
136
1,560
1.402
1,513
1,286
203
228
175
188
616
672
596
617
73
74
81
• 72
1,220
1,362
1,333
181
1,466
197
205
187
432
497
566
460
69
69
63
69
471
510
529
502
69
73
76
_
75

SUMMARY OF BANK CLEARINGS.

(000,0008
Inc.or
omitted.)
1926.
1925.
Dec.
1927.
1928.
Week Ended July 28 1928.
New York
Chicago
S
$
$
$
%
Boston
Federal Reserve Diets.
495,011,472
546,809,207 --14.3
471,648,799 Philadelphia
468,468,055
1st Boston_ _ __12 cities
5,663,457,677 5,853,819,143 -3.3 4,962,292.262 5,271,833,469 St. Louis
2nd New York..11 "
554,385,779 Pittsburgh
550,181,252
518,596.733 -5.3
491.253,121
3rd Philadelphial0 "
384,640,435
367,968,698 San Francisco
398,174,610 -0.
397,848,433
4th Cleveland__ 8 "
178,603,559 -21.4
182,480,378
198,598,636 Cincinnati
140,315.512
5th Richmond _ 6 "
214,657,253 Baltimore
-5.8
186,469,131
153,985,822
155,749,908
Atlanta_
_
_
.13
"
6th
944,769,174 Kansas City
087,922,134 +5.8851,567,041
939,830,128
7th Chicago_ . _20 "
201,208,930
196,154,956 Cleveland
195,703,845 -1.1
193,491,919
8th St. Louis__ 8 "
109,628,862 New Orleans
108.277,240 +8.7
108,990,176
115.573.071
9th Minneapolis 7 "
231.270,292 +9.9
237,755,428
220,640,282 Minneapolis
254,277,059
10th Kansas City12 "
60,158,165 -1.7
73,666,493
55,556,021 Louisville
59,102,289
5 "
11th Dallas
464,856,841 +8.4
480,851,761
441,752,715 Detroit
534,037,075
12th San Fran_ _17 "
Milwaukee
129 cities 9,383,441,247 9,608,177,591 -2.3 8,680,414,759 9,034,932,644 Los Angeles
Total
Outside N. Y. City..... 3,827,716,592 3,832,903,667 -0.9 3,832,941,783 3,880,098,523 Providence
Omaha
- _ _.
..... ......-.............
.s... 22,.. 2.2 _L.,..
..,..., 2... ...2
,.,22 ..,22 2,,,, Buffalo
St. Paul
Indianapolis
We also furnish to-day a summary by Federal Reserve Denver
Richmond
clearings
for
the
month
of
July.
For
that
the
of
Districts
Memphis
month there is an increase for the whole country of 6.2%, Seattle
the 1928 aggregate of the clearings being $46,968,706,626, Hartford
Salt Lake City_
$44,236,942,534.

Although this
and the 1927 aggregate
43.236 40,566 39,017 39,016 337,311 290,056 282,939 268,886
Total
year's total for the month of July of $46,968,706,626 does
3,733 3,671 4,768 3,973 26,337 26,099 27,570 26,258
not establish a new high monthly total it is the highest Other cities
month
of
July
in
reached
in
the
any
year.
New
ever
46,969 44,237 43,785 42,989 363,648 316,147 310,509 295,144
total
Totai all
York City is responsible for the greater part of the increase, Outside N.Y.City 19,213 18,791 19,958 19,593 139,087 134,268 136,843 129,906
Our usual monthly detailed statement of transactions on
its gain being 9.1%. Outside of this city the increase is
only 2.2%. In the New York Reserve district (including the New York Stock Exchange is appended. The results for
this city) the totals for the month are larger by 8.9%, July and the seven months of 1928 and 1927 are given below:.
but in the Boston Reserve district the totals are smaller
by 1.5%, and in the Philadelphia Reserve district by 0.8%.
Seven Months.
Month of July.
Description.
The Richmond Reserve district falls 8.3% behind, the
1927.
1928.
1927.
1928.
Atlanta Reserve district 6.2%, and the St. Louis Reserve
310,382,730.
454,863.241
number
38,575,576
of
shares_
39,197,238
Stork,
district 0.3%. In the Cleveland Reserve district clearings Railroad & misc.
bonds_ _ $122,649.500 $147,791,000 21.250,024,650 51,313.286,050.
have increased 1.2%, in the Chicago Reserve district 5.2%, state,
493,229,400
496,430.425
foreign, &v., bonds 55,807,800 43,883.200
195,219,600
126,819.250
25,776,500 19,813,900
and in the Minneapolis Reserve district 9.4%. The Kansas U. S. Govt. bonds
City Reserve district shows a gain for the month of 6.0%, Total
2204,233,800 $211,488,100 $1,873,274.325 22,001,734,050
the Dallas Reserve district of 2.5%, and the San Francisco
Reserve district of 9.1%.
The volume of transactions in share properties on the
New York Stock Exchange each month since Jan. 1 for years
July
July
Inc.or
July
July
1925 to 1928 is indicated in the following:
1927.
1928.
Dec.
1926.
1925.

g
Federal Reserve Diets.
1st Boston. _ _ _14 cities 2,224,343,479
28.460,707,483
"
2nd New York _14
2,428,972,356
3rd Philadelphla14 "
1,911,235,208
4th Cleveland_ _15 ••
769,851,550
8th Richmond _10 "
799,418,204
6th Atlanta _ _ _ _18 "
4,535.010,791
7th Chicago.. _ _29 "
919
,29020
8th St. Louts. 10 "
539,033,458
9th Minneapolls13 "
1,333.953.992
10th Kansas CUY16 "
481,480,874
11th Dallas
12 "
2,535,466.211
12th San Fran_ _28 "

$
2.257,582,525
26,145,438,605
2,446,772,422
1,887,684,412
839,139,578
852,167,615
4,312,172.994
922,407,413
520,298,511
1,258,914,482
469,605,961
1,324,758,016

%
-1.5
+8.9
-0.8
+1.2
-8.3
-6.2
+5.2
-0.3
+9.4
+6.0
+2.5
+9.1

$
2,462,977.864
24,544,537,874
2,728,985,124
1,901,193,564
931,871,348
964,091.812
4,414,049,607
847,507,565
557,185,608
1,365,928,442
511,476.055
2,502,414.159

$
2,177,971,213
24,083,352,018
2,752,353,083
1,848,042,422
962,717,412
1,079,561,639
4,542,152,305
963,395,902
556,516,2.51
1.273,281,131
475,069,759
2,274,657,796

193 ewe. 46,958.706,626 44,236,942.534 +6.2 43,740,219,022 42,989,080.931
Total
, 19,213,249,128 18,790,711,846 +2.2 19,958,111,685 19,593,330,824
Outside N. Y. City
.21 mfi.....,

I

27002

r.n...

1 Cu or,791:1

-L.07,

I A,5.7 .,.5. .,..

„

.......- -.- --

56,919,395
47,009,070
84,973,869

Mouth of Jailuary
February
March

Second

Seven Months,
1928.

1927.

Federal Reserve Diets.
_14 cities 17.295,559,401 16,902,051,790
1st Boston_
2nd New York.14 " 229,527,926,108 186,623,987,530
3rd Philadelphial4 " 18,010,492,867 17,680,747,801
13,081,387,002 12,922,183,060
4th Cleveland._16 "
5,706,024,800 5,971,143,069
5th Richmond _10 "
6,102.121,721 6,287,825,581
6th Atlanta_ _18 "
7th Chicago_ _ _29 " 32,452,237,879 30,699,233,197
6,775,811,178 6,715.018,340
8th St. Louis.,.10 "
3,832,027,443 3,442,775,218
9th Minneapolls13 "
8,546,025,857 8,510,108,208
10th Kansas City16 "
3,498,386,108 3,617,084,319
12 "
11th Dallas
18,819,867,768 16,774.887,853
12th San Fran_ _28 "

Inc.or
Dec.

1926.

1925.

No. Shares. No. Shares. No. Shares.
34,275,410
44,162,496
49,211,663

38,987,885
35.725,989
52.271.691

41,570,543
32,794.450
38,294.393

188,902.334 127,649,569 126,985,565 112.659,892

First quarter

49,781,211
46,597,830
47.778,544

30,326,714
23.341.144
38,254,575

24,844,207
36,647,760
30,750,768

226,759,669 144,157,585

91,922,433

92,242,73S

80,474,835
82,398,724
*63,886.110

Month of April
May
June
quarter

415,662,003 271,807,154 218,907,998 204,902,127

Six months

39.197.238

Month of July

We append another table showing the clearings by Federal
Reserve districts for the seven months back to 1925:

1927.

1928.
„No. Shares.

38.578.376

36.691.187

32.812.918.

*Largest single day's transaction in the history of the Exchange took place OD
Tuesday. June 12, when 5,052,790 shares were traded in.

The following compilation covers the clearings by months
since Jan. 1 in 1928 and 1927:
MONTHLY CLEARINGS.

1926.

1925.
Clearings, Total All.

-72.3

16,408,860,637 14,558,869,872
+23.0 178,702,298,608 169,480,411,435
+1.9 18,631,947,016 18,344,591,572
+1.2 12,504,192,391 12,024,161,422
-4.4 6,416,459,565 6,170,833,289
-3.0 7,685,125,968 7,119,732,506
+5.7 30,690,892,64 29,963.515,688
+0.9 6,866,240,53 6,712,714,352
+11.3 3,792,850,91
3,879,208,310
+0.4 8,405,763,51
8,238,682,806
-3.3 3,666,382,934 3,522,590,928
+12.2 16,738,607,166 15,128,160,798

193 cities 363,647,868,132 316,147,045,966 +15.1 310,509,611,895 295,144.072,978
Total
Outside N. Y. City
139,087,380,198 134,267,601,220 +3.6 136,843,405,354
Canada
31 cities 13,737,785,113 10,778,752,745 +27.4 9,755,697,733 129,906,396,144
6,892,025,689

Clearings Outside New York.

Month
1928.

1927.

%

1928.

1927.

%

$
2
2
$
Jan_ - . 51,537,529,645 45,198,288,595 +14.0 20,494,049,716 19,636,375,125 +4.3
Feb. . 44,605,291,181 40,397,006,347 +10.4 17,781,165,115 17.337,789,024 +2.6
.
55,568,771,916
48,940,295,438 +13.4 20,114,936,827 20,212,540,589 -0.9
Mar 1st qu. 151 711 592742 134535590380 +12.858.390,151,658 57,186.704.738 +21
April_. 51,757,139,127 45,713,507,044 +13.2 19,717,278,654 19,248,046,393 +2.4
May.. 57,933,847,751 43,971.807,058 +31.7 21,228.860,884 19,228,686,629 +10.4
June..55,276,581,886 47.689,198,950 +15.9 20.537.839,874 19,813.451,614 +3.7
2d qu.164967568764 137374313052 +20.1 61,483,979,412 58,290,184,636 +5.5
6 mos.316679 161506 271910 103432 +16.3 119874 131070 115476 889374 +3.8
July _.46,968,716,626 44.236.942.334 +6.2 19.213.249.128 18.790,711,846 +2.2

The course of bank clearings at leading cities of the country
We now add our detailed statement showing the figures
for the month of July and since Jan. 1 in each of the last
for each city separately for July and since Jan. 1 for two
four years is shown in the subjoined statement:
years and for the week ending July 28 for four years:
CLEARINGS FOR JULY, SINCE JANUARY 1, AND FOR "WEEK ENDING JULY 28.
Month of July.

•

Clearings at1928.

1927,

Inc. or
Dec.

Seven Months Ended July
1928,

1927.

Week Ended July 28.
Inc.or
Dec.

2
2
%
$
$
%
First Federal Rese rye District- Roston- •
2,781,596
3,601,133 -22.0
Me.-Bangcr
21,426,386
24,679,448 -13.2
16,279.129
17,622,086 -7.4
Portland
115,462,175
+3.2
111.862,964
1,968,880,916 1,991,000,000 -1.1 15.309,195,194 15,122,830,430 +1.2
Mass.-Boston
4,873,017
8,722.885 -45.1
Fall River
53,954,053
39,494,453 -9.3
2,796,251
3,839,357 -27.2
Holyoke
21.396,922
2.4
26,606,092
3,323.517
3,143,073 +3.5
Lowell
36,262,155
37,156,370 -2.4
4,646,495
4.960,749 -7.3
New Bedford
36,533,929 +17.1
42,787,767
23,811,440
23,562.272
Springfield
+1.1
173.956,218
166,576,619 +4.4
15,988,750
16,759,094 -4.6
Worcester
109,712,074
.110,597,704 -0.8
Conn.-Hartford-- - 63.212.260
69,860.721 -9.5
565,654,358
460,305,910 +22.9
39,739,894
37,249,511
+6.7
New Haven
270.427.164
234,141,942 +15.5
10.805,800
11,357,600 -4.9
Waterbury
78.715,500
76,872,700 +2.4
62,066,200
60,019,200 +3.4
R. I.-Providence._
411,308,700 +15.5
474,872,300
3,138,216
3,884,844 -19.2
N. H.-Manchester
21,737,135
23,084,529 -5.8
Total (14 cities)...- 2.224,343,479 2,257,582.525




-1.5 17.295.559.401 16.902_051.790

+2.3

1928.

1927.

Inc. or
Dec.

1926.

2

2

%

3

487,233
3,832,541
421,000,000
906,475

678,940
3.363.598
494,000.000
1,961,209

1923.
$

-28.2
+13.9
-14.8
-53.8

690,002
3,395,377
448,000.000
1.817,626

802.442
3,169.249
417,000.000
1,705,781

1,034.718
1.052,368
4.883,593
3,178,348
11,488,941
7,735,044

1,043,822 -0.9
942,751 +11.6
4,659,773 +4.8
3,248,196 -2.2
15,471.606 -25.7
9,356,314 -17.3

1,021,385
911,909
4,772,729
2,869,000
13,937,520
6,730,680

966,067
1,121,527
5,278,773
3,152.216
15,500,630
6,909,980

12,243.800
624,994

11,488,000
594.998

+6.6
+5.0

10,198,000
647,344

15,338.300
703,834

546.809,207 -14.3

495.011.472

471.648.799

468.468.055

640

[VOL. 127.

FINANCIAL CHRONICLE
CLEA RINGS-(Continued)
Seven Months Ended July.

Month of July.

Week Ended July 28.

Clearings at1928.

Inc.or
Dec.

1927.

Second Federal Re serve District -New YorkN. Y.-Albany
31,114,045
28.252,737
Binghamton
6.893,561
6,623,713
Buffalo
231,364,117
237.401,986
Elmira
5,123,634
4,340.663
Jamestown
6,082,861
6,275,661
New York
27,755,457,498 25.446,230.688
Niagara Falls
*7,000,000
5,972,707
_Rochester
63,655,523
62.064,685
p• Syracuse
28.873,354
33,228.675
Conn.-Stamford_ _ _
18,117,029
16,051,820
N.J.-Montclair.._
3,515,913
4,078,108
" Newark
118,250,629
109,440,167
Northern N. J
177,834,660
178,501.990
Oranges
7,372,487
7,027,177

1

Total (14 cities)_

28,460,707,483 26,145,438.605

Third Federal Res erve District- -Philadelphia
7,451,770
Pa.-Altoona
6.892,237
22,926,041
Bethlehem
18,982.046
5.875.296
Chester
6,310,636
21,626,733
Harrisburg
21,756,288
8.739.481
*8.500,000
Lancaster
2,544,464
3,061.587
Lebanon
4,057.015
Norristown
4,331,385
Philadelphia
2,244,000,000 2,259,000,000
19,252,300
Reading
20.135,216
26.237,213
26,268,729
Scranton
17,013,832
19.141,161
Wilkes-Barre
7,331,035
9,640,068
York
11,867,721
10,950,165
N.J.-Camden
32,332,398
29,519,961
Trenton
Total (14 cities)- -- 2,428,972,356 2,446,772,422
Fourth Federal Re serve District -Cleveland32,428,000
32,987,000
Ohio-Akron
18,443,133
18,935,101
Canton
318.880.085
333,008,853
Cincinnati
604,36.5,219
578,548,010
Cleveland
72,948,200
Columbus
79,744,900
5,000,559
4,245,484
Hamilton
2,354,380
Lorain
2,175,338
8,652,702
Mansfield
8,805,235
27,764,429
Youngstown
26,726,467
3,719,015
Pa.-Beaver Co
3,292.636
Franklin
1,115,915
1,258,052
*7.500,000
Greensburg
8,246,285
Pittsburgh
771.615,865
761,736,292
Ky.-Lexington
7,240,418
9,383.544
W.Va.-Wheeling_ _ _
29,187.288
18,591,215
Total(15 cities) _ _

1,91E235,208 1,887,684,412

Fifth Federal Rese rye District- RichmondW. Va.-Huntington_
5,745,327
5,451,893
Va.-Norfolk
22,990,842
31,677,027
Richmond
174.621,000
188,271,000
N. C.-Raleigh
9,491,276
10,990,331
S. C.-Charleston_ _ _
9,099,408
8,766,827
Columbia
8,530,961
8,172,919
Md.-Baltimore
418,998.399
471,261,162
Frederick
*2 200 000
2,418.128
Hagerstown
3,900,669
3,529,342
D. C.-Washington
114,273,668
108,600,949

1928.

1927.

Inc.or
Dec.

1928.

Inc. or
Dec.

1927.

194,501,991
+10.1
195.137.810
+0.3
5,186,447
5,640,190
-3.9
38,729,879 +6.0
41,063,350
1,149,915
1.325,338
-2.5 1,593.740,100 1,570,409.464 +1.5
6.882,288
46,473,434
32,795,582 + 1.6
.33,326.183
+18.0
1,059,429
811,166
43,309.090 -7.0
-3.1
40.288.689
1,233,699
1,296,726
+9.1 224,560,487,934 181,879.444.746 +23.5 5,555,724,655 5.743,216,924
35,831,720
46.171,725
+28.9
+ 17.2
424.840,952 +6.4
452,121,754
+2.6
10,583,506
10,203,778
199,148,301
-13.1
205,638,109
+3.3
4,786,731
5,272,936
114,118,156
+6.6
+12.9
121,642,502
3,950,431
3,683,083
27,020,477 +4.3
28.175,852
-13.8
528,983
660,897
795.380,374
881,312,269
+ 10.8
+8.1
-4.7 1,277,324,394 1,220,373,212 +4.7
32,371,593
35,234,671
48.083,586 +7.1
-4.7
51,495,437
+8.9 229,527,926,108 186.623,987.530 +23.0 5,663,457.677 5.853,819,143
50.314,608 +14.8
46.276,221
-7.5
137,522,287 + 1.2
139.152,633
-17.6
42,591,983 -8.0
+7.4
39,582,538
143,134,606 -3.1
138.718,217
+0.6
67,733.062 +3.9
-2.7
70,401,501
-16.9
19,788,883 -2.9
19,217,494
27,722,761 +12.7
+6.8
31,233.428
-6.7 16,716,000,000 13,402,000,000 +1.9
129,555,052 +1.7
+4.6
131,720,863
189,526,491 +5.0
+0.1
199,105,430
122,731,818 -2.3
+12.5
119,864,384
54,870,316 + 13.5
+31.5
62.252,129
86.236,497 -10.2
-7.8
77,443,100
207,019,437 +6.0
-8.7
219,524,929

205,012,000
129,468,993
2,323,294,743
3,901.259,278
529,784,800
34,146,107
12,698,908
58,507,302
177,018,307
21,574,167
8,798,800
46,891,965
5,420,385,995
65,523,729
147,021,888

*600,000
461,000,000
5.119,059
5.252,437
3,710,346
1,662,266

5,916,451
6,821,528
1.238.600
1,252,000
45,519,914
48,756.903
801,218
993,459
1,170,614
1,406,595
-3.3 4,847.472,976 5,164,834,121

-8.0
-13.2
+0.9
+30.6

+3.7
-9.2
+7.3
--20.0

10,333,123
5,192,884
3,375.381
644,202

10,845,261
7,080,615
2,993,649
791,623

-8.1

36.279,194

30,405,622

-3.3 4,962,292,262 5,271,833.469

1.661,697 -7.8
4,813.816 -14.3
1,286,823 -2.6
1,697,368
489.000,000
3,896,174 +31.4
4,856,957 +8.1
3,560,297 +4.2
1.732,896 -4.1

1,749,697
*5,200,000
1,414,917

1.372,832
5,013,281
1,459,351

1,805.169

2,226,2471

620,000.000
4,118,527
5,552,105
3,653,524
1.788,734

523,000,000
3,473,783
5,895,698
*3,500,000
1,798,154

6,000.101

6,090,705

-1.5

4.898.579

6,646,433

+1.9

491,253,121

518,596,733

-5.3

550,181,252

554,385,779

193,865,000 +5.7
125.518.284
+3.1
2,244.088,092 +3.5
3,743,091,785
+4.2
52J,922,600 -0.1
28,484,941 + 19.9
13,645,761 -6.9
60.768,426 -3.7
172,068,253 +2.9
22.055,836 -2.2
9,409,832 -6.5
44,379,223 +5.7
5,549,222,800 -2.3
57,393,745 +14.2
128,268,476 + 14.6

8,096.000
4,201,222
67,470.226
130,534,903
13,920,300

7,190,000 + 12.6
3,648,911 +15.1
69,106.839 -2.9
129,312,597 +0.8
16,580,400 -16.0

6,075,000
3,503,996
71.711,000
116,244,173
15,674,300

6,736,000
3,601,326
64,554,947
108,598,164
15,015,900

1,964,708
5,416,260

1.735.945 +1-3.2
6,013,704 -9.9

2,030,276
4,655,512

1,732.768
4.627,709

-0.8 18,010.492,867 17.680.747.801
-1.7
-2.6
-4.2
--4.5
-8.5
+17.8
+8.2
-1.7
+3.9
+ 13.0
-11.3
-9.1
+1.3
-22.8
+57.0

1,532.371
4,123,402
1,253,139

1925.

1926.

+1.2 13,081.387,002 12,922,183,060

166,244,814

164,586,214

+1.0

164,746,178

163,101,884

+1.2

397,848,433

398,174,610

-0.1

384,640,435

367,968,698

1,166,610
4,134,853
38,131.000

1,080,284 +8.0
4,852,519 --14.8
43,076,000 --11.5

1,328,934
7,282,236
41,300,000

1,364,620
7,009,685
47,627,000

+5.4
-27.4
-7.2
-13.6
+3.8
+4.4
-11.1
+3.8
+ 10.5
+5.2

37,868,931
160,572,239
1,285,634,964
75,006,621
70,597,255
65,612,401
3,145,837.095
14,282.293
25,403,007
825,209,994

40,373,580 -6.2
177,448,326 -9.5
1,402,110.272 -8.3
80,336,773 -6.6
70,290,784 +0.4
58,623,570 +11.9
3,279,340,879 -4.1
14,733,859 -3.1
24,844.409 +2.3
823,040,608 +0.3

+3.4

23,859,093

23,260,209

839,139.578

-8.3

5,706,024,800

5,971,143,069

-4.4

140,315,512

178.603,559 -21.4

182,480,378

198,598,636

Sixth Federal Rear rye District-AtlantaTenn.-Chattanooga _
34,917,065
33,242.623
Knoxville
14,102,950
.15,000,000
Nashville
85,426.307
97,436,660
Georgia-- Atlanta....._
195,981,746
203,981,079
Augusta
7,530.788
7,645.880
Columous
4,710,813
4.049.171
Macon
8,715,858
8,842,839
Fla.-Jacksonville_ _ _
65,323,479
75,776,265
Miami
8,750,000
14,910,000
Tampa
13,170,825
16.368,748
Ala -Birmingham._ _
100,948,672
108,719.499
Mobile
7,254,323
7,137,131
Montgomery
6,316,267
6,321,280
Miss.-Hattiesburg
7,346,000
7,270,717
Jackson
7,567,121
9,354,466
Meridian
3,452,533
3,852,248
Vicksburg
1,650,954
1,683.300
La.-New Orleatui__ _
224.432,812
232,395,380

+5.0
-6.0
-12.3
-3.9
-1.5
+ 16.3
-1.4
-13.8
-41.3
-19.5
-7.2
+ 10.6
0.1
+ 1.0
+23.6
-10.4
+2.0
-3.4

256,971,953
103,501,770
673.706,573
1,492,724,839
56,135,444
32.528,236
63,703,992
521,504,112
98.794,000
111,773.597
731,318,696
51.611,357
49.658,502
51.661.000
62,367,233
26,818,467
12,408,636
1,699,933,314

241,272,673
100,721.833
671,388,803
1,486,696,660
59,251,818
31,633,971
59,612,540
640.477,212
183,612,415
152,786,444
734,572.245
60,780,420
45,945,005
64,983,201
51,237,478
29.913,693
12,306,760
1.670.632,410

+21.0
+2.8
+0.3
+0.4
-5.3
+2.8
+6.9
-18.6
-46.2
-23.6
-0.4
-15.1
+8.1
-6.0
+21.7
-10.5
+0.8
+ 1.7

7,355.191
2,235,000
17.756.173
41.859,241
1,598,306

6.771,127 +8.6
*2.750,000 --18.7
21,691,69s --18.1
39.790,498 +5.2
1,495,088 +6.9

6,623,506
12.650.842
18.868,602
54,523,689
1,454,855

6,211,680
2,433,939
20.846,578
54,974,916
1,763.813

1,713,796
13,203.951
1,640,000

1,722,430
15,164,991 -12.9
2,737,000 -40.1

1,816,629
21,811,173
5,843,097

1,746.848
24,916,968
28,384,595

21,384,708
1,493,729

21,713,758 -1.5
1.247,463 +19.7

21,331,487
1,797,452

22.609,693
1,637.826

1,590,000

1,471,032

+8.1

1,113,820

020,622

285,287
43,634,526

288,368
47,146,372

-1.1
-7.4

269,851
48,363.928

236,213
47,973,562

-6.2

6,102,121,721

6,287,825,581

-3.0

155,749,908

163,985,822

-5.0

186,469,831

214,657,253

186,840
607,339
207,963,049

190,515 -1.9
635,439 -4.4
163,297,742 +27.4

191,665
897.494
148,416.795

171,417
030,333
155,097,422

Total(10 cities) _ _ _ _

Total(18 cities) _ _

769,851,550

799,418,204

852,167,615

Seventh Federal R eserve Distrlc t-Chicago7,589,026 +9.0
8.270,344
1,035,476 +6.2
Mich.-Adrian
*1,100,000
34.174,121 -15.7
28,818,277
3.763,051
+2.1
Ann Arbor
3,890,889
755,978,390 +14.5 5,688,608,160 5,057.155.237 + 12.1
Detroit
865,271.712
98,979,670 + 13.1
111,916,636
•13,000,000 +23.1
Flint
•16,000,000
242,602,679 +2.6
248,963,546
34,197,916
+8.9
37,241,047
Grand Rapids
56,781.901 + 11.6
63,390,580
7,694,796 +21.6
9,354,466
Jackson
78,138,406 +13.4
88,602,096
11,921,387 +21.5
14,489,900
Lansing
89,487,877 + 12.2
100,462,929
12,381,974 +17.8
14.584,238
Ind.-Ft. Wayne__
184,101.107 -5.7
173,711,321
28,011,053 -7.2
*26,000,000
Gary
704,767,410 +0.4
707,688,882
106,248,000 +2.9
109.348,882
Indianapolis
93.795,880 -0.6
93,206,157
12.707,430 + 14.8
14.567,119
South Bend
181,895,752 -8.8
165,911,299
24.549.128 +4.5
25.648,916
Terre Haute
110,776,207 +2.9
114.020,405
14,296,906 +8.5
15,514,410
Wis.-Madison
188.106.544 -0.5 1,261,642,989 1,308,224,642 -3.6
187,146,018
Milwaukee
29,657,383 +4.4
30,966,708
4,388.939 + 1.2
4,443,476
Oshkosh
85,236,231
90.374.247
+6.0
12,314,731
+6.1
13,062,112
Iowa-Cedar Rapids_
308,174,059
+14.9
353.943,906
44,116,318
+24.6
54,980,381
Davenport
305,912,047 -0.2
305,211.838
43,362.315 -3.0
42,061,994
Des Moines
14,874,394 -0.1
14,863,069
2,199,725 + 1.1
2,223,164
Iowa City
192.188,624 +8.2
208.017.658
26,039,396 + 12.0
29,162,730
Sioux City
39,275,283 +5.4
41,406,158
5,332,013 + 19.3
6,361,812
Waterloo
50,362,306 -18.2
41,184,042
7,085,019 -14.9
6.028.358
Illinois-Aurora
48.369,233 + 16.5
56,309,352
6,751,974 +6.7
7,205.819
Bloomington
20,994,040.863
+5.0
22,053.860,840
+2.7
2,893,546,489
2,972,687,437
Chicago
41,194,208 -3.5
39.771,119
5,742,226 -6.1
5,391,835
Decatur
149,718,142 +10.8
165,855,013
21,100,807 +9.3
23,061.685
Peoria
107,535,014 +3.2
110,962,842
14,792,474 +10.2
16,297,215
Rockford
84,225,495 +0.1
84,317,516
11,508,517 +3.7
11,935,176
Springfield
Total (29 cities) _ _ - 4,535,010,791 4,312,172,994
Eighth Federal Re serve District -St. Louis25,503,416
23,478,692
Ind.-Evansville
872,857
New Albany
*700,000
596,592.843
Mo.-St. Louis
606,547.481
153,034,206
144.647,753
Ky.-Louisville
1,392,059
1,660,502
Owensboro
11,384,871
•12,000,000
Paducah
74.019,161
71,776,230
Tenn.-Memphis_ _ _
Ark.-Little Rock_ _ _
51.844,180
50,995,581
1,712,433
Ill.-Jacksonville _ _ _
1,487,448
Quincy
5,999,333
6.051.387
Total (10 cities) _ _

919,293,020




922,407,413

+5.2 32,452,237,879 30,699,233,197

+5.7

-7.9
-19.8
+ 1.7
-5.5
+ 19.3
+5.4
-3.0
-1.6
-13.1
-0.9

139,625,766
5,320,295
4,351,919,127
1,142,340.090
12,014,184
72,917,179
596,461,559
397,677,769
10,603,038
46,932.171

180,710,766 -22.7
5,966,418 -10.8
4,300.123,210 + 1.2
1,081,025,043 +5.7
11,586,987 +3.7
67,506,096 +8.0
617.234,864 -3.4
392.414,802 + 1.3
11,849,399 -10.5
46,606,755 +0.7

-0.3

6.775,811,178

6,715,018,340

+0.4

1,437,588

2,167,870 --33.7

2,109.679

1,729.855

72,517.382

105,256,169 --31.1

106,600,436

117.607.367

22,928,079

22,170,717

7,740,314

7,742,117

-0.1

8,192.119

7,785.050

3,315,606
2,849,522

2,501.689 +32.5
2,426.012 + 17.5

2,071,884
2,618.367

2,046,33e
2,692.951

19,332.000
2,746,800
4,252,823

20.959,000 -7.8
2,231,600 +23.1
4,436,208 -4.1

21,992,000
2,825.200
5,035,672

15,802,000
2,618,000
4,939.963

37,891,016

36,418,235

+4.0

36,105,442

33,340,419

2,512,927

2,471,932

+ 1.7

2,268,851

2,209,292

8.010,578

8.354.852

-4.1

8,358,870

8,751,994

6.260,094
1,159,496

5,448.617 + 14.9
911,274 +27.2

6,771.536
1,022,471

6.168,471
1,007,339

1,347,294
622.653,226
1,097.406
4,522,434
3,055.072
2,356,292

1,378,933 -2.3
617.926.351
+0.8
1,241,528 -11.6
4.224,312 +7.1
2,748,938 +11.1
2,376,840 -0.9

1,539,788
603.889,069
1,355,557
4,307,606
2,621,672
2,384,983

1,535,125
088,334,461
1.626,672
4,506,691
2.359.343
2,839,899

939,860.128

887,922,134

+5.8

861,867,041

944,769,174

4,922,649

5,402.056

-8.9

5,483,379

6,777,497

132,100,000
28,716.906
344,220

131.600,000
31,103.116
319,787

+0.4
-7.7
+7.6

134,700,000
31,530,435
368,143

132,000,000
30,494,105
335,101

14.884,766 -4.0
10,787,274 +6.9
349,587 -15.0
1,257,259 +2.5

15,535.358
11,731,174
456.013
1,404,428

14.138.166
10,522,354
643,900
1.343,833

-1.1

201,208.930

190,164,956

14,293,053
11,529,263
297,268
1.288,560
193,491,919

195.703,845

641

FINANCIAL CHRONICLE

Auci. 4 1928.]

CLEARINGS-(Concluded).
Clearings at1927.

1928.

lacer
Dec.

1928.

1927.

Inc.or
Dec.

5

$

%

$
%
$
Ninth Federal Res erve District- -Minneapolis30,534,142 --4.0
29,302.777
Minn.-Duluth
316,385.510 +12.4
355,682.792
Minneapolis
3,010.359 -6.4
2,818,020
Rochester
123,190,599 +4.9
129.214,664
St. Paul
7,000,358 + 10.1
7,807,619
240. Mt.-Fargo
5,718.000 +2.3
5.852,000
Grand Forks
1.454,572 +27.9
1,859.851
Minot
5,156,618 +23.0
6,342.608
So. Dak-Aberdeen
7,255,633 +1.4
7,360.050
Sioux Falls
+7.4
2,404,791
2,582,611
Mont.-Billings
4,104,398 + 14.6
4,704,387
Great Falls
+11.1
13,327,495
14,808.000
Helena
698.079
756,036 -7.7
Lewistown

215,859.428
2,339,772,101
18,783,325
903,367,585
59,145.972
39.272,000
11,042,803
39,120,121
51,081,332
19,093,321
33.755.154
98.959,343
4.774,958

207,723.356
2,038,098.003
18,171.354
860,971,005
54.602,619
38,936.000
8.871.215
33.627,609
50,435.783
17.158.508
25,509.685
84,420,885
4,229,196

+9.4

3,832,027.443

12,837.945
16.328,497
150,174,071
1,322,668.536
62,549,965
112,905,080
280.921,695
41.268.091
4,031.561,633
211,148,391

Total(13 cities).---

569,033,458

West Ended July 28.

Seven Months Ended July.

Month of July.

520,298,511

Tenth Federal Res erre District- -Kansas City1,931.224
1,747,646 +10.5
Neb.-Fremont
2,268.254 -2.0
2.283.839
Hastings
19,449,403
21,773,494 -10.7
Lincoln
169,798,729 +12.1
190,375,434
Omaha
10.501.378 -13.5
9,086.039
Kan.-Kansas City- 17.143.517
16,226.487 +5.6
Topeka
42.940,234 +24.9
53.633.441
Wichita
6.175,451
6,161,093 +0.2
Mo.-Joplin
638,012.596 +3.7
661,307.654
Kansas City
28,605,000
27,572,670 +3.7
St. Joseph
Okla.-McAlester
135.542.778
125.268,733 +8.2
Oklahoma City._,
48,291,804 +5.2
50,794.817
Tulsa
6,387.635
5,482,241 +16.5
Colo._ Col.Spgs
144.930,807
136,912,208 +5.9
Denver
6.366.953
5.956,915 +6.9
Pueblo

4-3.9
+14.8
+3.4
+4.9
+8.3
+0.8
+24.5
+16.3
+1.3
+11.3
+32.3
+14.9
+12.9

1925.
$

5,864,475
75,965,497

5.880.793 --0.3
63,715,411 +19.2

5.566,914
69,472,900

6,122.696
70,357,551

26,821,036
1,730.047

29,867,520 -10.2
1,747.744 -1.0

27.998.271
1,656.206

26.987.554
1,480,581

1,313,607

1,126.555 +16.6

1.127,617

1,406,909
488,360

-2.3
--- -

2.689,597

2.785.211

3,442,775,218 +11.3

115,573,071

106,277,240

+8.7

108,990,176

109.628.862

+4.4
+ 18.9
+1.8
+11.0
-11.4
+16.4
+13.2
-12.1
-5.1
+7.7

388.119
462,211
3,470,363
41,039.487

345,06: +12.5
756,484 -38.9
4.613,471 -24.8
+5.0
39,080.462

442,839
448.963
3.790,717
35.637.095

430,055
562,569
3.936,270
37,332,417

860,231,239
343.642.671
40,653,384
1,014,894.423
42.240,236

12,303,426
13.731.372
147,488,866
1,191,718.179
70,615,726
97.022,985
248,126,457
46,944.736
4,247,750,227
196,132,381
666,406
872,709,179
351.761,784
35,433,635
938.883,250
38.819,599

3,416,858
12,066,315

2,892.478.625.79.

+18.1
+39.9

3.006.154
10,361,287

2.852.750
8,136.852

153.198,156
6.559,984

140,007,011
6.140,97.

+9.4
+6.8

143.236.375
6,679,642

136,642,274
6.929.056

-1.4
-1.7
+14.7
+8.1
+8.8

31,172.364

26,255,377

+18.7

26,905,856

21,934.000

1,239,759
a
1,263,443

1,258,42
a
1,294,75

-1.4
a
-2.4

1,221.236
a
975.264

+0.4

254,277,059

231,270,29

+9.9

237.755,428

-17.6
__
-5.9
_+41.7
-41.7

49,645,202
59,810,000
1,463,769.134
164,615.204
389.411,834
143,574.000
947,974,630
16,869.330
17.596,978
78.823.013
166.296.783

+9.8
45,199,481
60,689,000 -1.4
1,418,118,150 +3.2
141.759,687 +16.1
+9.6
355.324,041
278,720,000 -48.5
1,033,454.695 -8.3
18,551.595 -9.1
17,149.507 +2.6
90,554.474 -13.0
157,563,689 +5.5

469,605,961

+2.5

3,498,386398

3,617,084.319

-3.3

25,038,900
1,456.389.529
391.875,000
41,342.143
35.122,317
13,938,256
1,103.843,658
45,249,161
529.494,178
20,319,916
109.861.000
38,446,058
154,260,337
107,926,583
243.467,267
6,187,973,000
27.327.147
612,628.575
216,507,744
33.385,718
219,050,311
170,384,446
6,715,998,061
95.171,954
51,976.434
68.221.540
14,983.035
79,685,400

28.631.000
1.333.829.841
363,236,000
39,664,185
32.329,689
15,314,750
1,110,386,586
40,081.506
502.460,884
20,190,687
88,037,900
37,488.281
148,470,062
111.251,785
217.300,305
5,550.7410,000
:4,656,098
565,266,622
211,824,053
36,773,805
231,021,940
179.600,142
5,602.267,925
79,785,435
43,530,348
67.500.549
14,138.015
81,079,500

-12.5
+7.9
+9.9
+4.2
+8.6
-9.0
-0.6
+12.9
+5.4
+0.6
+27.7
+2.6
+3.9
-3.0
+ 12.0
+11.5
+10.8
+8.4
+2.2
-9.2
-5.2
-5.1
+19.9
+19.3
+19.4
+1.1
+6.0
-1.7

Outside New York.-- 19.213,249,128 18,790.711,846

$

3,454.000

+9.8
-3.1
+8.5
+10.3
+14.2
-24.3
-6.4
-13.7
+3.9
+4.9
+7.8

Grand total(193 cities) 46,968.706.626 44,236.942.534

%

3,374,000

Eleventh-Federal Reserve Dlstr ict-Dallas6,091,972
5,546,000
Texas-Austin
8,673,000
8,400,000
Beaumont
198.047.700
182,591,716
Dallas
19,829,899
21,864,150
El Paso
52,150,800
59,546,432
Fort Worth
20.188.000
26,698,000
Galveston
136,216,938
127.461.450
Houston
2,219,181
2.570,011
Port Arthur
2,367,057
2,279.298
Texarkana
11.218,474
11,766.000
Wichita Falls
23,528,932
21.831.825
La.-Shreveport

Total(28 cities)- - 2.535.406.211 2.324.758,016

$

478.671

8,510.108.208

Twelfth Federal R eserve Metric t-San Franc isco3,810,000 -5.5
*3,600,000
Wash.-Bellingham ...
187,139,085 +9.6
205,126,320
Seattle
+9.8
52.889.000
58.086,000
Spokane
4,984,251 +18.0
5,882.869
Yakima
4.840,240 +9.1
5,282,720
Idaho-Boise
2,181,000 -0.3
2,173,646
Oregon-Eugene
154,516.860 +8.9
168,302,852
Portland
6.052,335
+6.5
6,444,064
•
Utah-Ogden
73.251.784 +2.8
75.281.103
Salt Lake City
3,169.235 +9.0
3,454,526
Nev.- Reno
10,967,000 +37.2
15,042,000
Arizona-Phoenix
5.224,421
5,042.308 +3.6
Cal.-Bakersfield._ _ _
21.336,174 + 10.3
23,548,810
Berkeley
15,675,370
14,355,656
+9.2
Fresno
36,254.107
30,839,850 +17.6
Long Beach
830,393.000
767,909,000 +8.1
Los Angeles
4.358,251
3,817,131 +14.2
Modesto
85.434,651
79,352,598 +7.7
Oakland
25.389,787
27.941.843 -9.1
Pasadena
4,529,316
4,630,133 -2.2
Riverside
32.184,775
30.896,689 +4.2
Sacramento
25,831,908
23,755,462 +8.7
Ban Diego
850.164.328
766,304,000 + 10.9
San Francisco
15,197,791
12,740,572 + 19.2
San Jose
8.074.384
6.785,211 +19.0
Banta Barbara
10,326.242
10,394,504 -0.7
Santa Monica
2,202,880
2,085,795 +5.6
Santa Rosa
12,770.300 -6.5
11,945,000
Stockton

1926.

5

+4.0

8,546.025.857

481.480,874

Inc. or
Dec.

485,217

+6.0

Total(12 citles)

1927.

504,409

1,333.953,992 1,258,914,482

Total(16 citieS)

1928.

844.773

1,025.76

36,626.739

38,904,87

13,664,969
3,628,000

9,640.44
6,221.00

966,173
a
•
917,066
220,640.282

1,613,258

1,507.538

42,974,211

33.920.314

13,636.627
11,446.000

9,889.165
7,302.700

4.344.808

4,366.077

--0.5

3,996.397

3,936.304

69.109,289

60.158,165

-1.7

73,666.493

56,556.021

42,805.357
11,499.000
1,001,852

38,796,710 + 11.5
10,816.000 +6.3
889,326 +12.7

39,4-05.343
10,030.6,J0
932,266

36,314,223
10,0410.03
946.200

33.707.534

31,271.090

+7.8

36,762.390

32,150,703

14,626.075

13,693.710

+6.8

17,830.164

13,665,361

2,773.040 +21.4
6,354.262 +26.8
157,869,000 + 11.8

2,932,031
6,002.599
146,317,000

2.739.751
5,767,477
137.050,000

7.1
4-.
-2.2

19,829,860
5,414.811

16,865,235
4,844,747

5,884.836
4,808,069
171,551,000
2,769.026
1,406,044
2,184.342

5,552,849 416.0
4,365,638 +10.1
163,811.000 +4.7
2,433,297 + 13.8
+7.9
1.303,681
2,057.902 +6.1

6,671.082
4,894.135
174,342.000
3,030,974
1,040.506
2.215,860

7,972,701
4.159.793
161,044,000
2,685.496
1,134,886
2.335.139

2,302.300

1-3:9
2,645,400 -2

3,367.063
8,056.477
176,471,000
16.497,460
5.099.640

15,410.921
5.213,015

+8.4

+9.1 18.819,867.768 16,774.887,853 +12.2 504,037,075 464,856,841
-+6.2 363,647,868,132 316.147.045.966 +15.1 9,363.441.2479.000,177.591
+2.2 139,087,380,198 134.267,601,220 +3.6(3.827716592 3.862.960.667

2.570,800
480,851,76

2,431,000
441,752.715

-2.38.680.414,7599,044.937.044
-0.9 3,832,941,783 3,880,098,583

CANADIAN CLEARINGS FOR JULY, SINCE JA NUARY 1, AND FOR WEEK ENDING JULY 26.
Month of July.

Week Ended July 26.

Seven Months Ended July.

Clearings ai-

CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster_,_
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Sarnia
Chatham

1928.

1927.

$

6

627.027.841
579.182,283
337.627,295
91.411.636
31.763,508
30,524,981
18.165,176
27.740.190
41.301,605
13,118.838
13,037,712
15.191.744
27.794,404
25.607.501
3,188,347
3.024,061
10,755,620
5,403,515
6.681.934
6,611,688
3.745.439
2,024,495
4.131.94
4.230.762
5,030,428
22,821.856
1,868,989
4,393.455
4,131,766
3,176.914
2,921.677

526,598,746
442,311.738
214,086,007
74,185.560
27,913,053
28,530,382
13,507,850
24,625.336
31,790,547
11.272.547
10.259.44
13,225,30
24,123,415
19,175,78
2.664,41
2,291.06
8,880.02
5.528.34
5,436,62
4,484,001
3,672,25
1,331,17
3.716,36
3,900,07
4,676.24
20,182,53
1,665,44
3,959.10
3,906,20
3.143.814
3.223,30

--- - - a

„

110




inc.or
Dec.
%

1928.
8

1927.
8

Inc.or
Dec.
%

+ 19.1 4,607.978,479 3,540,369.100 +30.2
+30.9 4,382.176.327 3,451,232.762 +27.8
+57.7 1.790,394,283 1,358.856.847 +31.8
+23.2
514,125,785 +23.6
635,407,942
+13.8
202.050.135 +18.5
239,417,292
+7.0
193,106,159 +3.1
199,171,443
+34.5
90,500,465 + 16.8
105,685,034
i- 12.8
166,930,22 +16.3
194.126,078
+29.9
218.677.652 +66.1
363,199,236
+16.4
+14.6
75,928,71
87,002,256
+26.6
65.477.73' +17.6
76,994,354
+ 14.9
92,723.87 + 12.9
104,653,155
+ 15.2
151,729,08 +27.4
193.276,861
+33.6
119,518,25 +25.5
149,970.014
+19.7
15,836.59 +13.9
18,037.350
+32.0
+39.9
15,116.96
21.155,388
+21.1
+31.6
53,483.24
70.345,534
-2.3
+6.7
35,067.20
37.422.273
+22.9
34,365,42 +23.8
42,536,759
+25.1
27,014,42 +16.9
31,569,509
+2.0
+2.9
24,003,92
24.709.597
8,348,98
+52.1
+40.4
13,389,301
+11.2
25,454.800 +7.6
27.388,222)
+8.5
+5.8
27,265.081
28,785,931
+8.6
33,679,792 +12.7
37,958.270
+13.1
135,503,759 +6.4
144,146,167
+ 12.2
10,922.059 +19.5
13,047,564
+7.3
25,531,011
+11.0
27,399,335
23,309,476 +11.4
+5.8
25,976.030
+5.0
19,280.481
+1.1
20.235,510
-9.4
23,353,728 +3.8
24,231,602

-.7
13,717:M.113 16.77
report weekly clearings. •Estimated,

+97 4

1928.

1927.

$

$

131.149.315
124,540.688
77,857.085
21.219,662
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
1,143.640
1,240,752
1,238,674
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

Inc. Or
Dec.

1926.

%

$

99,600.366
94,607,144
43,839.741
16,493,623
5.502.472
5,030.425
2,740.086
4,905.712
7,850.022
2.357,768
1,980,944
2,657,885
4,640,503
3,822.501
608.244
454.337
1,909,965
1,224,278
1,025,157
1,051,289
787,268
225,705
743,527
819,736
1,018,073
4,474,176
381,313
847,130
828.611
618,406
603.148
•,

.

+31.7
+31.6
+77.6
+28.7
+1.9
+ 17.2
+36.6
+20.0
+27.8
+ 13.4
+36.7
+11.3
+42.8
+40.1
+9.1
+35.7
+19.9
-6.6
+21.0
+17.8
-8.7
+72.9
+22.0
+ 12.2
+7.9
+10 7
+7.4
+33.7
-6.9
-3.8
+0.5
.

80.966.153
81,774.691
43,652.938
16,567,267
4,801.412
5,724,466
2.862.257
4,878.163
5.986.027
2.867.836
1,930,091
2,180,891
4,412.954
3,088,501
561.06
509,207
2,369.153
982,754
1,037.675
919,383
740,104
252,633
713,020
835,799
834.671
4.552,886
366,781
809.274
676.421
539.177
626,399

1925.
$
80.523,666
86,176.307
39,316,200
14,416.109
4.722.681
5.298.438
2,846.594
4,153,609
5,920.825
2,725,506
1,689.573
1,920,879
3.613,961
2.757.162
526,695
625.462
1.555,977
879,657
829,994
598,007
559,507
165.169
630,560
745. 93
8 8.672
3.523.148
241.205
749.005
658.310

261.258,680

642

FINANCIAL CHRONICLE

ENGLISH FINANCIAL MARKET-PER CABLE.
The daily closing quotations for securities, &c.,at London,
as reported by cable, have been as follows the past week:
Sat..
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
July 28. July 30. July 31. Aug. 1.
Aug. 2.
Aug. 3.
Silver, per oz_d 27%
27 5-16
27%
27%
27%
2714
Gold,perfineoz 84s.11%cl. 848.11%d. 848.11%d. 848.11%d. 8413.1114d. 8413.1134d.
.
Consols,234% - - -55%
55%
55%
102%
102%
10234
102%
102%
British, 434% _ ____
98%
98%
98%
98%
9834
French Rentes
(in Paris)_fr.. ____
66.60
67.10
67.90
67.75
68.05
French War L'n
(in Paris)_tr_ _--____
93.45
x92.90
92.83
92.85
x Ex-interest.

[VOL. 127.

-Bar Silver per Oz. Std.Bar Gold
Quotations during the Week2 Mos,
Cash.
Per Oz. Fine.
July 12
27 5-16d.
27 3-16d.
845. 10%d.
July 13
27 3-16d.
27 1-16d.
84s. 10%d.
July 14
27%41.
2734d.
84s, 10%d.
July 16
27%d.
27d.
84s. 1034cl.
July 17
27 3-16d.
27 1-16d.
84s. 103.
July 18
2734d.
27 1-16d.
84s. 10%d.
Average
27.198d.
27.083d.
84s. 10.44.
The silver quotations to-day for cash and two months' delivery are each
1-16d. below those fixed a week ago.

Public Debt of United States-Completed Returns
Showing Net Debt as of May 31 1928.
The statement of the public debt and Treasury cash holdThe price of silver in New York on the same days has been:
Silver in N.Y., per oz.(cts.):
ings of the United States as officially issued May 31 1928,
Foreign
59%
5934
5934
5934
5934
5814
delayed in publication, has now been received, and as
interest attaches to the details of available cash and the
THE ENGLISH GOLD AND SILVER MARKETS.
gross and net debt on that date, we append a summary
We reprint the following from the weekly circular of thereof, making comparisons with the same date in 1927:
Samuel Montagu & Co. of London, written under date of
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
July 18 1928:
May 311928. May 31 1927.
GOLD.
The Bank of England gold reserve against notes on the 11th inst. constituted a fresh high record, namely £171,608,425 (as compared with
E170,686,190 on the previous Wednesday), and represents an increase of
£17,702.110 since the 29th April 1925-when an effective gold standard
was resumed. A further high record is likely to be shown ix the Bank
return for the week ending to-day, in view of the continued influx of gold
shown by the movements recorded below.
• Only .£96,000 South African gold was available yesterday in the open
market; of this amount £45,000 was taken for a destination not disclosed.
the balance being absorbed by the trade.
The following movements of gold to and from the Bank of England have
been announced, showing an influx of £1,542,000 during the week under
review:
July 12. July 13. July 14. July 16. July 17. July 18.
Received
£268,000 £128,000
Nil £866,000 £280,000
Nil
Withdrawn
Nil
N 11
Nil
Nil
Nil
Nil
Of the £866,000 received on the 16th inst. £750,000 was in sovereigns from
South Africa. All other receipts were in bar gold understood to be from
Russia.
The following were the United Kingdom imports and exports of gold
registered in the week ended the 11th inst:
Imports-ExportsBritish South Africa
£2,159,713 Germany
£23,847
Other countries
850 France
30,409
Switzerland
287,603
Austria
15.750
Other countries
14,269
£2,160,563
£371,878
United Kingdom imports and exports of gold during the month of June
last are detailed below:
Imports.
Exports.
Germany
£68,577
Netherlands
15,772
Austria
55,370
France
836,968
Switzerland
140,374
West Africa
£48,340
Java and other Dutch possessions in the Indian Seas
2,500
United States of America
5,122,723
Central America and West Indies
3,845
Rhodesia
101.672
Transvaal
2,625,835
British India
168,271
Straits Settlements
3,400
Canada
229,000
Other Countries
20,691
25.696

Balance end month by daily statement. &o
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 Certificates
Settlement warrant checks
Total
Balance. deficit(-) or surplus(+)

54,831,703

126,255,987

-2,153,838

+1,369,673

52,677,865

127,625,669

36.473,680
75,456,010
6,552,850
2,041,254

51,316,807
74,018,816
7,962,045
1,842,680

120,523,794

135,140,348

-67,845,929

-7.514,688

INTEREST-BEARING DEBT OUTSTANDING.
Interest May 311928. May 311927.
Title of LoanPayable
$
8
2s Consols 01 1930
599,724.050
Q.-.1. 599,724,050
21 of 1916-1936
48,954.180
48,954,180
Q.-F.
2s of 1918-1938
25,947,400
Q.-F.
25,947,400
38 011961
Q.-M.
49,800.000
49,800,000
Is Conversion bonds of 1946-1947
28,894,500
28,894,500
Q.-J.
Certificates of indebtedness
J -J. 1,236,249,700 1,122,835,000
3345 First Liberty Loan, 1932-1947
J.-J. 1,397,686,200 1,397,687.000
4s First Liberty Loan, converted
J.-D.
5,155,650
5,155,700
43is First Liberty Loan. converted
J
-D. 532,820,150
532,873,350
434s First Liberty Loan,second converted
J.-D.
3,492,150
3,492.150
48 SecondLiberty Loan, 1927-1942
M.-N.
20,848,450
4348 Second Liberty Loan converted
1,636,098.300
434a Third Liberty Loan of 1928
M.-S. 1,328.881,750 2.152,990,350
4148 Fourth Liberty Loan of 1
A.-0. 6,294.043.600 6,303,872,950
933-1938
434s Treasury bonds of 1947-1952
762.320,300
763,948.300
41 Treasury bonds of 1944-1954
1,042,401,500 1,047,087,500
8345 Treasury bonds of 1946-1956
491,212,100
494,898.100
3345 Treasury bonds of 1943-1947
494,704.750
318,237,673
48 War Savings and Thrift Stamps
150.032,559
2348 Postal Savings bonds
J.
14,812,380
-J.
13.229,660
8348 to 534s Treasury notes
J.-D. 2,957.309,600 2,044,336.350
Aggregate of interest bearing debt
17,464,442,519 18,610,910,963
Bearing no interest
240.138,267
244,499,571
Matured, interest ceased
51,128,905
18,375,950
Total debt
417,755,709,691
18,873,786,484
Deduct Treasury surplus or add Treasury
deficit-- -67,845.929
-7,514.688
Netdebt
D17,823,555,820 18,881.301,172
a The total gross debt May 3 1928
on the basis of daily Treasury statements
was $17,755.711,829.98, and the
in transit. &c.. was $2.139.25. net amount of public debt redemption and receipts
b No deduction is made on account of
obligations of foreign Governments or other
investments.

CURRENT NOTICES.
£8.152,106 £1,316,928
The Bank of France has decided for the present not to charge sellers
-Kerngood & Co.. members of
the New York Stock Exchange, have
of gold bars the full cost of coinage, as it is entitled to do under the law opened
an uptown office at 2 East 44th St.
under the management of
of June 25 last. Meanwhile the Bank will make a deduction of only William A.
Bendier,
resident
partner who will be assisted by Alan David
20 francs per kilogramme 900-1000 fine-half the statutory charge for and E. A.
Brinckerhoff.
mintage.
-15. N. Kneeland &
Co., Chicago, have opened an office In the Rus
The following was the composition of the Indian Gold Standard Reserve
Bldg., San Francisco, under the
on June 30 last:
management of John W.Schram,formerly
with
DeWolf
&
Co., Chicago, and more recently with the Pacific Telephone
In India
Nil & Telegraph
Co.
In England:
Cash at the Bank of England
-McDonnell & Co., members New
£1,357
York Stock Exchange, 120 Broadway,
Gold
2,152,334 N. Y., have prepared a
British Treasury Bills-value as on June 30
9.967.190 ing the values of commoncircular discussing certain economic factors affectstocks over a period of years.
Other British and Dominion Government securities value as
-The Sherman Corp., Engineers,
on June 30
27.879,119
31 Milk St., Boston, have been making
a thorough study of mergers and
consolidations and have issued the first
£40,000,000 of a series of
reports entitled "What About Merger?"
SILVER.
-Cole Younger, formerly in the
The market has been fairly steady during the week, but rather inert.
treasury department of the Allied
Buyers have not been at all eager, and sellers have become reluctant when Chemical Sc Dye Corp., has become associated
with Estabrook Ss Co.
In
their New York office as of Aug.
Continental
approached.
sales,
though moderate in
the round figure was
1 1928.
quantity, have evidently discouraged bulls from speculating. India and
-Curtis & Sanger, members New
York and Boston Stock Exchanges.
China have worked both ways, but the latter quarter has not been so 49 Wall St., New York, have issued a
weekly quotation pamphlet of bank
active as of late. The tone of the market is listless, and wide movements and insurance company stocks.
of the price seem, for the moment, to be barred .
-E.N.Townsend Co., Ill
Broadway, New York, has issued an analysis
The following were the United Kingdom imports and exports of silver and quotation pamphlet
on banks and trust companies of Nassau and
registered in the week ended the 11th inst.:
Suffolk Counties, Long Island.
ExportsImports-Elmer E. Myers formerly with
Hodenply Hardy Securities Corp.s
£85,613 China
Belgium
£37,400 has become
associated with Quaw & Foley, 30 Broad St., N.Y.,as Manager
United States of America__ 65.927 Egypt
50.585 of their
Trading Department.
India
British
163,600
243,014
Mexico
-John F. Casey, formerly of
Jesse Hyman & Co., is now associated
Other countries
6,950 Other countries
19,775
with Peter R. Lawson & Co.,
members New York Curb Market, 25 Broad
£350,774 St.. New York.
£322,090
-Holt, Rose & Troster, 74 Trinity
INDIAN CURRENCY RETURNS.
Place, New York City, have made a
June 22. June 30.
July 7. comparative analysis of bank and trust company stocks which is now ready
In lays of rupees.)
Notes in circulation
17741
17811 for distribution.
17716
10105
Silver coin and bullion in India
10074
10029
-Woodbury Williams and C. Hoggson Faith have become associated
Silver coin and bullion out of India
with the Brooklyn Commerce Co.,
Gold coin and bullion in India
Nfia
3011 department.
Brooklyn, N. Y In the firms' trading
2976
Gold coin and bullion out of India
Securities (Indian Government)
ii§i
i§n
4184
-Clarke, Lewis & Co., dealers in investment securities, announce the
Securities (British Government)
452
481 removal
452
to their new offices at the Clarke-Lewis Bldg., 318 South 19th St.,
Bills of exchange
100
-- ----The stock in Shanghai on the 14th inst. consisted of about 43,800,000 Omaha, Neb.
-Max M. Appelbaum, formerly with Samuel Ungerleider & Co... has
ounces in sycee, 76,700,000 dollars, and 6,380 silver bars, as compared
with about 43,900,000 ounces in sycee, 76,300,000 dollars, and 5,000 silver opened an office at 25 Broad St., New York, to deal in bank and insurance
stocks.
bars on the 30th ultimo.




AUG. 41928.]

FINANCIAL CHRONICLE

-.7. A. Ritchie & Co., Inc., announce the appointment of Graham
Stevens as Manager of their Philadelphia office, 1500 Chestnut St.
-Clinton Gilbert, 2 Wall St., New York, has issued for distribution a
comparative table of New York City banks and trust companies.
-Paul Bauer & Co., 7 Wall St., New York. has issued an analsyis
of quarterly earnings of leading New York bank stocks.
-.J. Roy Prosser & Co., 52 William St., New York, have prepared
circular discussing the Halifax Fire Insurance Co.
-Prince & Whitely. 25 Broad St., New York City, are distributing an
analysis of United States Industrial Alcohol Co.
-George H. Burr & Co., 57 William St., New York, have prepared an
analysis of J. J. Newberry Co.
-Edmond Huerstel has become associated with the New York office of
Seasongood & Mayer.

gounnevzial andlniscellanconsItents
Breadstuffs figures brought from page 708.-All
the statements below regarding the movement of graiireceipts, exports, visible supply, &c., are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years.
Flour.

Receipts al-

Wheat.

Corn.

Oats.

Barley.

Rye.

,b13.1961b5 bush.60 lbs.,ush. 56 lbs.bush. 32 lbs.bush.481bs.bush.561bs.
1,098,000 3,426,000
Chicago
233
754.000
60,0001
10,000
1,308,000
MinneaPolle115,000
258,000
179,000
32,000
331.000
Duluth
3,000
79,000
12,000
52,000
15,000
Milwaukee.-8,000
131,000
80,0001
14,000
88,000
Toledo
26,000
17,000
1.000i
16,000
Detroit
22.000
6.000
2,000
2,000
Indianapolis
76,000
387,000
60,000
109,000 3,056,000 1,049,000
St. Louis_
310,000
14,000
2,000
56,000
64,000
Peoria
464,000
99.000
54,000
11,976,000
Kansas City__
582,000
34,000
1,307,000 1,230,000
Omaha
30,000
831,000
213,000
St. Joseph8,000
2,825,000
.10,000
88,000
Sioux
86,000
Wichita8,000
CitY3,001
450,000 23,079,000
417,000 26,008,000
528.000 25,704,000

Tot. wk. 28
Same week 27
Same week 26
Since Aug.1
1927
1926
1025

7.618,000
2,820.000
2,724,111

1,718,000
2.337,000
2,374,000

472,000
397,000
319,000

72,000
165,000
160,000

24.257,000492,522.000314,600,000 162,436.000 35,558.00036,738 000
23,904,000383,709.000231,431,000 145,541,00023.240,0003l.284.000
2.494.000399.342.000 236.428.000220.431.000 70.928 00023 451 ono

Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, July 28, follow:
Receipts atNew
.
Philadelphia
York_-.
Baltimore,.,_
Newport News
New Orleans•
Galveeton____
Montreal__._
Boston

Flour.
Barrels.
235,000
37,000
19,00
1,000
33,000
8,00
58,00
20.000

Wheat.

I

Corn.

I

Bushels.
Bushels.
26,000
1,190,000,
204,000,
9,000
827,0001
3,0001
854,000,
5,952,000,

1

51,000
11.000

Oats.

I Barley.

Rye.

Bitshels. I Bushels, Bushels.
62,000
126,000
4,000
4,000
44,000
127,11.
1,000

1

21,000
1
620.000
1

271.000

467.000

643

GRAIN STOCKS.
Wheat.
Corn.
Oats.
bush,
bush,
bush,
573,000
35,000
26,000
157,000
21,000
65,000
4,837,000 8,935,000
731.000
254,000
615,000
400,000
23,000
8,627.000
9,000
1,000
8,297,000
345,000
156,000
161,000
27,000
8,000
1,681,000
259,000
41.000
10,523,000
314,000
4,800,000
1.000
2,000
681,000
23,000
35,000
68,000
111,000
332,000
8,000
1,219,000
157,000
19.000
65,000
489,000

United StatesToledo
Detroit
Chicago
afloat
Milwaukee
Duluth
Minneapolis
Sioux City
St. Louis
Kansas City
Wichita
St. Joseph, Mo
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River

Rye.
bush.
4,000
698,000
14,000
284,000
52,000
42,000

Barley.
bush.
5,000
1,000
11,000
119,000
145,000
6,000
3,000
6,000
1.000
8.000

82,000
21,000

Total July 28 1928_ _ _ _53,396,000 11,950,000 1,843,000 2.289,000
667,000
Total July 21 1928_ _ _ _44,492,000 11,135,000 2,065,000 2,272,000
707,000
Total July 30 1927_ _ _ _33,205,000 30,205.000 12,001,000 1,385,000
875.000
Note.-Bonded grain not Included above: Oats-New York, 5.000 bushels: Baltimore. 2,000; Buffalo, 53,000; total. 60,000 bushels. against 25,000 bushels in 1927.
Barley-New York, 39.000 bushels; Baltimore, 75,000; Buffalo, 180.000; Buffalo
afloat, 26,000; total. 300,000 bushels, against 144,000 bushels in 1927. WhecdNew York, 584,000 bushels; Boston, 100,000; Philadelphia, 570,000; Baltimore.
257.000; Buffalo, 10,607.000; Buffalo afloat, 642,000; Duluth, 77.000: on Lakes,
347,000; Canal, 3,212,000; total, 16.396.000 bushels, against 4,166,000 bushels
in 1927.
CanadianMontreal
5.340,000
1,256.000
462,000
102,000
Ft. William & Pt. Arthur_27,991,000
1.820,000 1,022,000
526,000
Other Canadian
9,445,000
555,000
37,000
Total July 28 1928._ A2,776,000
3,631,000
Total July 21 1928_
A6,220,000
3,484,000
Total July 30 1927_ _ _ _30.372,000
2,941,000
SummaryAmerican
53,396,000 11,950,000 1,843,000
Canadian
42.776,000
3.631,000

1,521.000
1,671,000
1,092.000

628,000
900.000
1,701,000

2,289,000
1,521,000

667,000
628,000

Total July 28 1928_ _ _ _96,172,000 11,950,000 5,474,000 3,810,000 1,295.000
Total July 21 1928_ _ _90.712.000 11,135,000 5.549,000 3,943,000 1,607.000
Total July 30 1927_ _ _ _63,677,000 30.205.000 14,942,000 2,477.000 2,576,000

The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the week
ending Friday, July 27, and since July 1 1928 and 1927,
are shown in the following:
Wheal.
Exports.

Corn.
1928.

Week I
July 27.

Since
July 1.

Week
July 27.

1927.

Since
July 1.

Since
July 1.

I

Bushels.
Bushels,
Bushels.
Bushels.
Bushels.
Bushels.
North Amer_ 9,671,000, 35,378,000 23,283,000
362,
927,000
545,000
_
Black Sea_
8,000
992,000
17,000
434.000 3,367,000
Argentina__ 1.678.000/ 10.040,000 9,424,000 8.118,111 33,543,000 37,052.000
Australia_ _
672,0001 4,680,000 6,752,000
16,0001
India
776,000 4,744,000
536,0901 2,632,000 1,008,000
0th. countr
569,
1,954,000
457,000
Total

12,573,000. 53.514,000 46,203.000 9.066.111 36,858.000 41,421,000

National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATION

TO

ORGANIZE RECEIVED
REQUESTED.

WITH

TITLE

Capital.
July 28-The Peoples National Bank of North Bergen, N. J
$100.000
Correspondent,Otto Mein*, 1820 Hackelmack Plankroad,
North Bergen, N. J.
APPLICATION TO ORGANIZE APPROVED.
July 24-The First National Bank of Olive Hill, Ky
30,000
Correspondent, R. T. Kennard, Olive Hill, Ky.
APPLICATION TO CONVERT APPROVED.
The exports from the several seaboard ports for the week July 24-Hyde Park National Bank of
Chicago, Ill
300.000
ending Saturday, July 28 1928, are shown in .the annexed
Conversion of the Hyde Park State Bank, Hyde Park, Ill.
statement:
CHANGES OF TITLES.
July 23-The Middletown National Bank, Middletown, Conn., to "The
Corn.
Wheat.
Flour.
ExportsfromMiddletown National Bank & Trust Co."
Oats.
Rye.
Barley.
July 26-The First National Bank of Paris, Ill., to "First National Bank
-Bushels. Bushels. Bushels. Bushels. Bushels. Bushels.
& Trust Co. of Paris."
777,473
85,750
99,235
New York
83,641 105.090
VOLUNTARY LIQUIDATIONS.
Boston
12,000
200,000
Philadelphia
July 16-First National Bank in Valley City, No. Dale
1,000
26,000
Effective July 15 1928. Liq. Agent, C. F. Mudgett,
16.000
Baltimore
221,000
Valley City, No. Dax. Absorbed by the Security
Norfolk
1,000
Nat. -Bank of Valley City, No. 11417, which bank has
2,000
48.000
37,000
New Orleans
Galveston
269,000
changed its title to "The First & Security National
8.000
60,000
2,914.000
26,000
Bank of Valley City."
Montreal
84,000 189,000 107,000
8,000
July 20-The First National Bank of West Union,
Total week 1928._ 4,178,473 159,750 242,235 189,000 216,641
Effective June 19 1928. Liq. Agent, W.B. Thompson.
48.000 163.578 353,826 731.561 394.090
Same week 1927_ ..... 6.117,650
West Union, 0. Succeeded oy the National Bank
276,178
of Adams County of
The destination of these exDorts for the weelr wed .;.,,.., July 21-The National ExchangeWest Union, No. 13198.
Bank of Greenville, R.
Effective July 20 1928. Lie. Agent, R. W. Bowen,
July 1 1928 is as below:
15 Westminster St., Providence R. I. Succeeded
by Greenville Trust Co., Greenville, R. I.
Flour.
July 23-The First National Bank of Pocatello. Idaho
Wheat.
$50,000
Corn.
Exports for fleet
Effective July 7 1928. Liq. Comm.: C. A. Valentine.
Since
Week
and Since
W. B. Wright and W. D. Service. Pocatelo, Idaho.
Week
Since
;Week
Since
July28. July 1.
July 1 toJuly 28.
Absorbed by First Security Bank of Pocatello,1 Idaho.
July 1.
July 28.
July 1.
1928.
1928.
July 23-The Second National Bank of Griffin. Ga
1928.
1928.
100.000
1928.
1928.
Effective July 17 1928. Liq. Agent. Griffin Banking
Barrels. Barrels.
Barrels.
Co.. Griffin, Ga.
Bushels.
Bushels, Bushels,
Kingdom
323.016
77,813
1.612,579 5,644,471 109,500
United
Absorbed by Griffin Banking Co., Griffin, Ga.
114,500
100.016
318.774 2,556,013 13,356,055
Continent
July 24-The First National Bank of Palo Alto, Calif
100,000
38,000
1,000
Effective June 12 1928. Liq. Agent, Edward C. AldSo.& Cent. Amer_ 22,000
10.000
1,000
41,000
10.000
36,000
1,000
well, San Frandsen, Calif.
West Indies
9,000
47,000
194,000
52,265
7.851
Other countries... 32,406
Absorbed by Bank of Italy National Trust & Savings
410.881
2,250
2,250
Association, San Francisco, Calif.
242,235
768,055 4,178,473 19,430,407 159.750
-The
Total 1928
July
First National Bank of Long Prairie, Minn
26
25,000
351,750
163.578
534.095 6,117.650 13,760,350
Effective July 24 1928. Liq. Agents, A. A. Lindened
Total 1927
48,000
173000
and Chas. Koonze, Long Prairie. Minn.
The visible supply of grain, comprising the stocks in
Absorbed by The Peoples N ational Bank of Long Prairie,
No. 7080.
granary at principal points of accumulation at lake and
CONSOLIDATION.
seaboard ports Saturday, July 23, were as follows: .
July 24-The Delaware County National Bank of Chester, Pa_ -. 650,000
The Pennsylvania National Bank of Chester, Pa
GRAIN STOCKS.
150,000
Consolidated to-day under Act Nov. 7 1918 under the
Wheat,
Corn,
Oats,
Rye,
Barley,
charter and title of "The Delaware County National
bush.
bush.
United Statesbush,
bush.
bush.
Bank of Chester," No. 355, with capital stock of
51,000
37.000
152,000
New York
42,000
31,000
$800,000. Each of the consolidating banks has one
Boston
5,000
1,000
, branch authorized by this office, both of which will
273,000
19,000
Philadelphia
25.000
90,000
be continued.
1,248,000
51,000
13,000
Baltimore
30.000 BRANCHES AUTHORIZED UNDER
190.000
91,000
ACT OF FEB. 25 1927.
50,000
New Orleans
1.000
2,086,000
Galveston
7,000
150,000 July 24-First National Bank of Brooklyn, New York, N. Y. Location
2,493,000
86,000
151.000
Fort Worth
of branch,vicinity of Nostrand Ave.and Empire Blvd.,
13,000
Brooklyn
3,244,000
480.000
299,000
Buffalo
951,000
55,000 July 24-The Seaboard Citizens National Bank of Norfolk, V.
Location*
39,000
975,000
" afloat
of branch, vicinity of 111-113 West Main St.,
83.000
Norfolk.
Tot. wk. 28 411.000 9.030.0001
97,000
751,000 524.000
472.000
Since Jan 1 '28 13,332,000 108,093,0001 61,985.000 18.647,000 17.089,000 10,893,000
332,000 3,778.0001
96,000
Tot. wk. 27
141,900
428,0001
Since Jan. 127 12.277,000147,000.00015,917,000 15.793.00021.736,00020,823,000
* Receipts do not include grain passing through New Orleans for foreign
Ports
on through bills of lading.




$100.000

0

50.000

I

150,000

Auction Sales.-Among other securities, the following,
',sot actually dealt in at the Stock Exchange, were sold at auction
tin New York, Boston, Philadelphia and Buffalo on Wednesalay of this week:
By Adrian H. Muller & Sons, New York:
Shares. Stocks.
3 Per Sh.
.21
- Union Discount Co. Inc.(N.Y.),
corn., no par; 22 Union Discount
Co.Inc.(N.Y.), pref.; 500 Phila.
& Chester RR. Co.. corn., par
450; 50 Ford Tractor Co. Inc.
'(Del.), Par $10; 20 Federation
Hardware & Tool Co. (N.Y.).
.com., par $10; 1 Upardn Hotels
Inc. (N.Y.); 140 Consol. 011 &
Gasoline Corp. of Del., par Si;
.50 C. M. Shay Fertilizer Co.
.(Conn.), pref.; 1,000 Comstock
Tunnel Co. (N.Y.), par $2... _ _$86 lot

$ per Sh.
Shares. Stocks.
200 units Amalgamated Bond dr
$1,000 lot
Mortgage Corp
50 McFarland Home Bldg. Co.,
pref.; 100 McFarland Home Bldg.
$20 lot
Co. common, no par
50 Commonwealth Bond Corp..
pref.; 100 Commonwealth Bond
$100 lot
Corp. common
70 Fifty West 58th Street Corp_ _ _550 lot
Per Cent.
Bonds$5,000 Roosevelt Water Conservation Dist. 1st series 65. Dec. 1
80
1951

By R. L. Day & Co., Boston.
.Shares. Stocks.
$ per sh.
193
f6 Webster & Atlas Nat. Bank
478
.5 American Trust Co
110 Nat. Mount Wollaston Bank,
175
Quincy, Mass
.15 Amoskeag Nat. Bank, Morichester, N.H
425
8734
1 Pepperell Mfg.Co 23
40 Hill Mfg. Co
4234
.25 Amer. Woolen Co.. pref
1934
110 Hamilton Woolen Co
110 Naumkeag Steam Cotton Co 133
1434
13 Lancaster Mills, pref
5 Eastern Mfg. Co., lot pref
6631
53
2 units First Peoples Trust
3special units First Peoples Trust.- 334
6234
10 Western Mass. Co
4 Puget Sound Trac., Lt. dr Power
77
Co.. common

$ per oh.
Shares. Stocks.
25 Heywood Wakefield Co.,2d pref. 60
434
10 Saco Lowell Shops,common_
7
5 Saco Lowell Shops, 2d pref
6 special units First Peoples Trust.._ 434
54
2 units First Peoples Trust
64
5 Plymouth Cordage Co
325
5 Algonquin Printing Co
90
SW.L. Douglas Shoe Co., pref._
10 Old Colony Trust Associates__ _52
101 New England Power Assn. pfd_ 89
22 Mass. Utilities Invest. Trust,
pref., par $50
46 dr div.
10 Ritz-Carlton Hotel Co., pref____ 30
IIM Old Colony Trust Assoe__52-5335
BondsPer cent.
$100 Boston Lodge No. 10 B. P.O.
E. 2d 60. Apr. 1 1940
90 dr int.

Sold last week (Wednesday, July 25). Received too late
;for insertion in the issue of July 28:
$ per sh.
.Shares. Stocks.
430
.2 Second National Bank
192
4 Webster & Atlas Nat. Bank
:25 Milford Nat. Bank, Milford_ _160
11034
14 Bates Mfg. Co
1631
.23 Everett Mills
1434
.50 Lancaster Mills pref
8434-8534
14 Pepperell Mfg. Co
50 North Boston Ltg. Properties
9534
common v. t. c
10 New Eng.Pow. Assn.6% pf ___ _100
5 Central Maine Power Co.7% Pf--106 M
.5 North Packing dr Prov
10531
3 First Nat. Stores pref
103
3 Hood Rubber 7 M % pref
79
199
3 Ludlow Mfg. Associates

Shares. Stocks.
$ per sh.
10 Plymouth Cordage Co
5931
3 Mass. CUL Invest. Tr. pref
46
20 reg. units First Peoples Trust_ _ 52-53
3 Fall River Elec. Light
6131
2 Essex Co
195-91534
36 Inter-Urgan Estates Inc
1
75 Old Col. Tr. Assoc
52-5334
100 Beacon Participations pref. A._ 21
9 Fall River El. Lt. Co.(free)
6134
1 Firestone Footwear Co. pref
85
100 Mass.UM.Inv.Tr. v.t. c
1134
BondsPer Cent.
$1,000 Lockwood Greene & Co. 7s,
March 1933, undeposited
2414

By Wise, Hobbs & Arnold, Boston:
$ per sh. Shares. Stock.
Shares. Stocks.
$ per sh
5 Merrimac Hat Corp. corn
4634
5 Nat Shawmut Bank
325
50 Crowell & Thurlow SS. Co. par
12 First Nat Bank
454
80e. lot
$10
2 John S Boyd Co, pfd
$1.25 lot
25 Joint Stk. Sec. Co. of Mass. corn 4
13 Arlington Mills
35
5331
20 Potter Knitting Co, pfd
$8 lot 13 units First Peoples Trust
5 Public Light & Power Co. co m_ _ 16
89
.5 Pepperell Mfg Co
6534-66
46 Draper Corn
15 Narragansett Mills
15
234
10 York Mfg Co
18>1 25 Artie Ire & Cold Stor. Co
10
4-8 Pepperell Mfg Co
113/ 50 Farms Co., Inc., co m.cl. A
35 Old Colony Trust Associates_ _ _ 52
10 Connecticut Mills Co, 1st pfd _ _6-9
5 Charlestown G.& El. Co.(undep.)
10 Connecticut Mills Co, com. cl
140
Par 225
55c
5331
7 units First Peoples Trust
95 Arlington Mills
35
7534
8934 10 Groton & Knight Co., pfd
20 Pepperell Mfg Co
5 Steinmetz Electric Mot.Car Corp.
115
15 Hamilton Woolen Co
corn.: 10 Steinmetz El. Motor Car
26
15 Farr Alpaca Co
$10 lot
Corp., pfd
1 Pittsfield dr North Adams RR corn 90
54
5 Conn L. dr Pow. Co.634% Pfd_ _11134 8 units First Peoples Trust
Associates_52-5331
Colony
Trust
of
Brockton,
56 Old
10 Edison El. Ill. Co.
par $25
58
per Cent.
Bonds.
2734
10 Fairbanks Co, let pfd
25
23,000 Shawmut Bk. Inv. Tr. 4345,
5 Shawmut Bk. Invest. Trust
89 & int.
due Mar. 1942
50 Gt North.Paper Co. par $25- - 7731
9934 32,000 Internat. Cot. Mills, 75, due
25 Tenn. East. Elect. Co,7% pfd
9 flat
Dec. 1929 (cert. of dep.)
7 Oald Colony Trust Associates_ _ _ 52

By Barnes & Lofland, Philadelphia:
$ per sh.
Bonds.
Per Cent.
Shares. Stocks.
220.000 bond & mtge. of Michael
180
10 Erie National Bank
Cylinder to the Loyal Realty
180
10 Overbrook National Bank
Co., dated May 20 1927, due
6 Olney Bank & Tr. Co., par $50.. _460
in 1 yr.; int. 6% on premises
20 Mitten M.& M. Bank & Trust
33d & Westmoreland Ste., Phila108
Co., stamped_
delphia, Pa.; assigned to South12 Security Title & Trust Co.,
wark National Bank
$500 lot
70
par $50
28 Bankers Trust Co., par MO__ 13934 $10,000 bond & mtge. of Margaret
M.Rogers to Edward A. Gabler,
5 Continental-Equitable Title &
dated July 25 1927, due in 1 yr.;
339
Trust Co., par $50
int.6% on premises, Burin Ave.,
Per
Cent.
Borough of Yeadon, Delaware
Bonds.
County, Pa.: subject to 1st
$200 Chester. Pa., water 55. 5. & J.
mtge. of 826,300
$500 lot
10034
29 1923 MOO Pieces)

By A. J. Wright & Co., Buffalo:

$ per sh.
$ per sh. Shares. Stocks.
Shares. Stocks.
15 Labor Temple Assn. of Buffalo &
100 Premier Gold Mines, par M.__ 2
Vicinity, Inc.. par $5
$1.50 lot
$1 lot
10 Assets Realization Co
sh.
1,000 Canadian Lorraine, par $1....9e. eh. 1,000 Kirkland Hunton. par SI _10c.

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.

Railroads (Steam).
*2
Boston & Albany (guar.)
1
Maine Central. common (quar.)
131
Preferred (guar.)
New Orleans Teams & Mexico (gear.)... i34
N.Y. Chic. & St. Louis, corn.& pi (eill.) 134
•134
Texas & Pacific (guar.)

Books Closed
Days Inclusive.

Sept.30 *Holders of rec. Aug. 31
Oct. 1 Holders of rec. Sept. 15
Sept. 1 Holders of rec. Aug. 15
Sept. 1 *Holders of rec. Aug. 15
Oct. 1 Holders of rec. Aug. 15
Oct. 1 *Holders Of rec. Aug. 31

Public Utilities.
Am.Gas& Power,$6 let pf (qu.)(No.1) 31.50 Aug. 15 Holders of ree.,Aug. 1
$1.50 hug. 15 Holders of rec. Aug. 1
$6 preference (quar.)(No. 1)
Central Ill. Pub.Serv., pref.(guar.). - •$1.50 Oct. 15 *Holders of rec. Sept. 30
pr.
Cities Set'',lee Fr. & Lt.. 36
(mthly.). •50e. Aug. 13 *Holders of rec. Aug. 1
• 58 1-3c Aug. 15 *Holders of rec. Aug. 1
7% preferred (monthly)
Consol. Gas Utilities class A (No. 1) - 33c. Sept. 1 Holders of rec. Aug. 24
50c. Sept. 1 Holders of rec. Aug. 8
rederal Water Service. class A (guar.).-




(VOL. 127.

FINANCIAL CHRONICLE

614

Name of Company.

Per
when
Cent. Payable.

Books Closed
Days Inclusive.

Public Utilities (Concluded).
General Gas & Elec., corn. A (guar.). _ 37Mc Oct. 1 Holders of rec. Sept. 12
Oct. I Holders of rec. Sept. 121
$8 preferred class A (quar.)
$2
31.75 Oct. 1 Holders of rec. Sept. 121
$7 preferred class A (quar.)
Preferred class B (quar.)
$1.75 Oct. 1 Holders of rec. Sept. 12
Internat. Ry.(Buffalo), pref.(No. 1)
•$2.3a 3ept. I *Holders of rec. Aug. 20
Louisville Gas & Elec., corn. A dr B (qu.) 43 M c. Sept. 25 Holders of rec. Aug. 31
Sept.15 *Holders of rec. Aug. 31
Middle West Utilities, prior lien (qu.)-- - *2
$6 prior den (guar.)
*$1.50 Sept. 15 *Holders of rec. Aug. 31
Northern Liberties Gas
-Sept. 12 Aug. 5 to Sept. 11
$1
Northern Texas El. Co., p1. (in scrip)
Sept. 1 Holders of rec. Aug. 1511
g3
Power Corp. of Canada,6% Pf. (qu.)-- 75e. /et. 15 Holders of rec. Sept. 29
Southern Calif. Edison,7% pr.(qu.)_ _ _ _ •4334e Sept. 15 *Holders of rec. Aug. 20
*37 Me rept. 15 *Holders of rec. Aug. 20
6% pref. (guar.)
Southern Colorado Power, pref.(qu.) _ _ *134 Sept.15 *Holders of rec. Aug. 31
So'west Gas Util.. pref.(qu.)(No. 1)_ $ 1.6234 tug. 1 Holders of rec. July 20
Preferred (quar.)
1.6231 Nov. 1 Holders of rec. Oct. 20
Preferred (quar.)
1.6231 Febl'2'. Hold. of rec. Jan.20'29
Preferred (guar.)
1.6234 Nry1•29 Hold. of rec. Apr.20'29
Fire Insurance.
United States /new stock $10 par)(No.1) 600. Aug. 1
Miscellaneous.
Alaska Packers Assoc. (quar.)
hug. 10 *Holders of rec. July 31
*2
American Brick (guar.)
25c. hug. 1 Holders of rec. July 26
Amer.Financial Holding, class A (q1.1.) *4334c Aug. 1
Amer. Multlgraph, corn. (quar.)
*50c. (opt. 1 *Holders of rec. Aug. 15
Amer. Wringer, pref. (acct. accum. div.) 4.1t7
hug. 15 *Holders of rec. July 31
Atlas Powder,common (quar.)
$1
Sept. 10 Holders of rec. Aug. 310
Beacon Manufacturing, pref. (guar.)
•134 hug. 15 *Holders of rec. July 31
Beaton ,fc Caldwell Co.(monthly)
+25e. Aug. 1 'Holders of rec. July 31
Monthly
+25c. Sept. 1 'Holders of rec. Aug. 31
Monthly
+25c. Oct. I 'Holders of roe. Sept.29
Beaver Mills. pref.-Dividend omitted.
Big Lake 011
Aug. 14 *Holders of ree. Aug. 8
*10
Bishop 011 Corp
10e. Sept.15 Holders of roe. Sept. 1
Brown (John W.) Mfg.(guar.)
.25. Sept. 1 *Holders of rec. Aug. 15
Extra
"1234c Sept. 1 *Holders of rec. Aug. 15
Bunker Hill &Sullivan M.& C
525e. Aug. 4 *Holders of rec. July 31
Extra
•50e. Aug. 4 'Holders of rec. July 31
Canada Vinegars, Ltd.(No. 1)
•40c. Sept. 1 *Holders of rec. Aug. 15
Capital Securities, pref.(qu.)(No. 1). _ '52 me hug. 1 Holders of rec. July 20
Carrier Engineering Corp.,cony. pf.(qu.) 50
ag. 1 Holders of rec. July 20
Casein Co. of Amer.,corn. (guar.)
13..
rig. 15 Holders of rec. Aug. 7
Celite Co., common (quar.)
50
nr. 1 Holders of rec. July 25
Chelsea Exch. Corp., A & B (qu.)(No.1) 23
ag. 15 Holders of rec. Aug. I
Class A dr B (guar.)
25
ov. 15 Holders of rec. Nov. 1
Class A dr 13 (guar.)
25
515'29 Hold. of rec. Feb. 1 '29
Class A & 13 (quar.)
25
y15'29 Hold, of rec. May 1 '29
City Manufacturing-Dividend passed.
Coca-Cola Co.,common(guar.)
•21.,
ct. 1 Holders of rec. Sept. 12
Congoleum-Nairn, Inc., pref. (quar.).. •13,
opt. I *Holders of rec. Aug. 15
Consumers Co., prior pref.(quar.)
•1St
et. I *Holders of rec. Sept. 16
Preferred
*33; .t.tg. 20 *Holders of rec. Aug. 10
Crown Overall Co., pref.(quar.)
*2
opt. I *Holders of rec. Aug. 15
Crow's Nest Pass Coal (guar.)
ept. 1 *Holders of rec. Aug. 10
*131
Deere & Co., common (quar.)
21.3 let. I Holders of rec. Sept. 15
Preferred (quer.)
ept. 1 Holders of rec. Aug. 15
its
Delaware Division Canal
SI
..{U. 1' Holders of rec. Aug. 3a
Dow Chemical (guar.)
$1.5) hug. 15 Holders of rec. Aug. I
Preferred (quar.)
134 hug. 15 Holders of rec. Aug. I
Eitingon Schild Co., corn.(quar.)
.623s .me. 31 *I o:dere of rec. Aug. 16
Preferred (guar.)
*I olders of rec. Sept. 1
ept.
'134
Evans(E. S.) Auto Loading (in stock).- *e100 :opt. 1
o ders of rec. Aug. 15
Finance Service Co.(Balto.), common_ _
1Opt. I Holders of rec. Aug. 15
4
13.4 ropt. 1 Ho'clers of rec. Aug. 15
Preferred (gnar.)
Fuller Brush,class A (quar.)
•20e. hug. 1 H riders of rec. July 25
Class A A (quar.)
Holders of rec. July 25
*80,. hug.
General Asphalt, Prof. (quar.)
134 ;opt. I if dders of rec. Aug. 1511
General Ice Cream Corp., pref.(guar.).II Aders of re-- Aug. 20
13.4 lept.
Hanes(P. H.) Knitting, corn. & corn. IL
15e. lent. 1 Holders of rec. Aug. 20
folders of rec. Sept. 20
Preferred (quar.)
/et
104
Heels Mining (guar.)
*15c Sept. If *Holders of rec. Aug. 15
Hood Rubber Products, pref.(quar.)__. *81.75 ',opt.
ifolders of rec. Aug. 20
Imperial Royalties Co., pref. (mthly.)_
134 July 3, Holders of rec. July 25
Preferred class A (monthly)
15c. July 31 holders of rec. July 25
Interstate Iron & Steel, pref.(quar.)- - - '134 Sept. ' .Holders of rec. Aug. 20
Kroger Grocery & Baking, corn.(qu.).
*Holders of rec. Aug. 10
*25c. rept.
Laclede-Christy Clay Prod., corn.(qu.)
50c. hug. 1 Holders of rec. July 31
Common (extra)
Holders of rec. July 31
25c. tug.
Lee (H. D.) Mercantile Co
*1
Holders of rec. July 31
tug. I
McKesson & Robbins, common
hug. 2 to Aug. 9
75e. hug. I
Preferred (quar.)
tug. 2 to Aug. 9
134 tug. 1
Preferred (extra)
tug. 2 to Aug. 9
31 hug. 1
Mark (Louis) Shoes, Inc., Prof. Wu.)
molders of rec. July 25a
131 hug.
Matthews Industries-Dividend passe('
Merrimac Mfg., common
folders of rec. Aug. 1
Sept.
3
Preferred
folders of rec. Aug. 1
2m Sept.
Montreal Loan & Mtge.(guar.)
folders of rec. Aug. 31
3
3ept 1
Mortgage Bank of ColumbiaAmerican shares
folders of rec. Aug. 6
1.84 hug. I
National Family Stores. prof. (quar.)-- Holders of rec. Aug. 20
50e. Sept.
National Food Products,class A (qu.)tolders of rec. Aug. 6a
Sole. hug. I
National Refining, com.(guar.)
tolders of rec. Aug. 1
734c hug. I
Ohio Oil (quar.)
[riders
of rec. Aug. 14
Sept.
'
'50c.
1010 Fifth Ave.,Inc., pre
ug. 1 to Aug. 15
Phillips-Jones Corp., corn.(quar.)__ _
"Odors of rec. Aug. 20
75r Sept.
Pillsbury Flour Mills. Inc., corn. (qu.).
(alders
rec Aug. 15
3
40r S
heupgt
Common (extra)
50c.. Sept. r Holders of rem Aug. 15
Pines Winterfront Co., cl. A & B (guar.). •75e. Sept. 1 Holders of rec. Aug. 15
Pittsburgh Steel Foundry. pref. (guar.) •134 Oct. 1 Holders of rec. Sept. 15
Plymouth Oil
•25e. Aug. 15 Holders of rec. Aug. 8
Quaker Product Co.. el. A (guar.)
15e, Aug. 15 Holders of rec. July 15
Richardson Co (guar.)
*2
Aug. 15 *Holders of rec. July 31
Sanitary Grocery Co.. corn.(guar.)
Sept. 15 *Holders of rec. Sept. 5
•22
Preferred (guar.)
ss 1.6234 Sept. I *Holders of roe. Aug. 17
Savage Arms, new corn.(guar.)
•50e. Sept. 1 'Holders of rec. Aug. 16
First preferred (guar.)
•134 Oct. 1 *Holders of rec. Sept. 15
Second preferred (guar.)
*134 Nov. 15 *Holders of rec. Nov. 1
Shell Union 011 (guar.)
35c. Sept.30 Holders of rec. Sept. 6
Shepard Stores, Inc., cl. A (No. 1)
75e. Aug. 1 Holders of rec. July 20
Class A (guar.)
75e. Nov. 1 holders of rec. Oct. 20
Class A (attar.)
75c. Feb 1 29 Hold. of rec. Jan.20 29
Class A (guar.)
75e. Mayl 29 Hold. of rec. Air.20 29
Smith (A. 0.) Corp.. corn. (guar.)
*30c. Aug. 15 'Holders of rec. Aug. 1
Preferred (quar.)
•131 Aug. 15 *Holders of rec. Aug. 1
Spear & Co., 1st & 2d pref.(quar.)
*$1.75 Sept. 1 *Holders of rec. Aug. 15
Standard Oil of N. Y.(guar.)
•40c. Sept. 15 *Holders of rec. Aug. 17
Standard Royalties Wewoka Corp.. pf
Aug. 15 Holders ol rec. Aug. 1
1
Standard Sanitary Mfg., corn. (qu.). 42e. Aug. 25 Holders of rec. Aug. 6
Preferred (quar.)
134 Aug. 25 Holders of rec .Aug. 6
Stromberg-Carlson Telep. Mfg., corn...
25e. Sept. 1 Holders of rec. Aug. 20
Preferred (for 134 months)
8134c. July 16
Studebaker Corp., com.(guar.)
"31.25 Sept. I *Holders of rec. Aug. 10
Preferred (goar.)
•134 Sept. 1 *Holders of rec. Aug. 10
Super Maid Corp.(guar.)
•75c
Swan Frnch Oil Corp., Pref. (qu.)
• 4334c Sept. 1 *Holders of rec. Aug. 10
Traymore. Ltd.. com. (guar.)
• 12 Mc Oct. 1 *Holders of rec. Sept. 15
Union Financial Corp.,c1.A.(qu.)(No.1). 37 Mc Sept. 1 Holders of rec. Aug. 15
United Biscuit, class A (guar.)
Sept. 1 'Holders of rec. Aug. 10
•21
U. S. Envelope, corn
*4
Sept. 1 •Ifolders of rec. Aug. 15
Preferred
Sept. 1 'Holders of rec. Aug. 15
U. S. Playing Card, (quar.)
•$1
1 'Holders of rec. Sept. 20
U.S. Realty & Invest.(lum%)(No. 1)._ '3731* let. 1 'Holders of rec. Sept. 151
U. S. Steel Corp., corn. (guar.)
134 .s pt.29 Holders of rec. Aug. 300
Preferred (goar.)
134 Aug. 30 Holders of rec. Aug. 60
Veeder-Root Co. (guar.) (No. 1)
•62e.
Vesta Battery Corp.. pref. (quar.)
$1.75 Sept. 1 'Holders of rec. Aug. 20
Waterloo Mfg., class A (qu.) (No. 1)+25c. Aug. 1 'holder of rec. July 25
White (J. G.) & Co., Prof.(guar.)
134 Sept. 1 Holders of roe. Aug. 15
Wilcox 011 & Gas-Dividend passed.
Wire Wheel Corp. of Amer., el. A (qu.). *11.75 Aug. 15 'Holders of rec. Aug. 1
Zonite Products Corp., corn. (guar.)._ _ +25e. Aug. 15 *Holders of rec. Aug. 8

AUG. 4 1928.]

FINANCIAL CHRONICLE

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.
Railroads (Steam).
Alabama Great Southern. pref
Preferred (extra'
Atch. Topeka & Santa Fe. corn.(guar.).
Baltimore & Ohio. corn.(quar.)
Preferred (guar.)
Bangor & Aroostook, common (quar.)
Preferred (guar.)
'sulfate Rochester & Pitts., common._
Preferred
Central RR. of N.J.(guar.)
Cuba RR.. preferred
Delaware & Hudson Co.(guar.)
Hudson & Manhattan, pre(
Illinois Central. common (guar.)
Preferred
Internat. Rys. of Cent. Amer., pt.(gu.)_
Louisville & Nashville
Norfolk & Western. corn.(guar.)
Adjustment preferred (guar.)
Old Colony (guar.)
Pennsylvania RR.(guar.)
Peoria & Bureau Valley
Reading Co., corn. (guar.)
First preferred (guar.)
Second preferred (guar.)
Si. Louis-San Francisco. pref.(quara__
Wabash Hy.. pref. A (guar.)

When
Per
Cent. Payable

Boob Closed
Days Inaustre.

Aug. 15 Holders of rec. July lla
$2
$1.50 Aug. 15 Holders of rec. July 110
216 Sept. 1 Holders of rec. July 270
134 Sept. 1 Holders of rec. July 14a
1
Sept. 1 Holders of rec. July 14a
88e. Oct. 1 Holders of rec. Aug. 316
131 Oct. 1 Holders of rec. Aug. 31a
2
Aug. 1. Holders of rec. Aug. 64
3
Aug. 1 Holders of rec. Aug. 6a
2
Aug. 1 Holders of rec. Aug. 30
3
Febl'29 Holders of roe.Jan 15'29
.2 h Sept.20 *Iloklers of rec. Aug. 28
24 Aug. 1 Holders of rec. Aug. 10
15( Sept.
Holders of rec. Aug. la
3
Sept.
Holders of rec. Aug. la
14 Aug. 1 Holders of rec. July 31e
314 Aug. 1 Holders of rec. July 16a
2
Sept. 19 Holders of rec. Aug. 3Ia
1
Aug. 1 Holders of sm. July 3Ia
1% Oct.
Holders of rec. Sept. I5a
8754c Aug. 3 Holders of rec. Aug. la
*3j,4 Aug. 1 *Holders of recs. July 20
$1
Aug.
Holders of rec. July 12a
50e. Sept.13 Holders of rec. Aug. 23e
50o. Oct. 1 Holders of rect. Sept. 20a
134 Nov.
Holders of rec. Oct. 15a
15( Aug. 24 Holders of rec. July 266

Public Utilities.
Allied Power & Lt.. $5 pf.(qua (No. 1)_ $1.25 Aug. 15 Holders of rec. July
27
$3 preferred (guar.) (No. 1)
75e. Aug. 15 Holders of reo. July 27
115,‘ Sept. 1 *Holders of
Amer.Teleg. & Cable (guar.)
rec.
Aug.
31
Amer. Water Works & Elea., corn.(qu.)_
25o. Aug. 15 Holders of roe. Aug. la
Common (one-fortieth sh. corn.
Aug. 15 Holders of rec. Aug. la
50 first preferred (guar.)
$1.50 Oct. 1 Holders of rec. Sept.12a
Associated Gas & Elec., $6 pref.(guar.) 181 50 Sept. 1 Holders of reo.
July 31
$614 pref. (guar.).
It 1 621.4 Sept. 1 Holders of rec. July 31
Associated Telep. Utilities, $7 pf.
$1.75 Sept.15 Holders of roe. Aug. 31
$6 preferred (quar.)
$1.50 Sept.15 Holders of rec. Aug. 31
Brazilian Tr. T. & P.. new corn.(guar.). 44e Sept. 1 Holders of rec.
July 31
Broad River Power, 7% pref. (guar.)._
134 Aug. 1 Holders of roe. July 16
Brooklyn Edison Co. (guar.)
2
Sept. 1 Holders of rec. Aug. 86
Brooklyn-Manhattan Tram.ear. A(qu ) 51.50 Oct. 15 Holders of rec. Oct.
la
Preferred series A (guar.)
81.50 Jan15'29 Holders of rec. Dec. 3la
Preferred series A (guar.)
$1.60 AprI5'29 Hold, of rot. Apr. 1 '250
Central & S. W. UtilitiesPreferred and prior pref. (guar.)
$1.75 Aug. 15 Holders of rec. July 31
Ghkago Rapist Transit. pr. pf. A (qu.)_
650. Sept. I Holders of rec. Aug. 21a
Prior preferred II (guar.)
60c. Sept. 1 Holden of rec. Aug. 2Ia
Coast Cos. Gas & Elec.. 1st & 2d pf.(gu) *1.55 Sept.15 *Holders of rec.
Columbia Gas & Elec.. common (guar.) $1.25 Aug. 15 Holders of roe. Sept. 1
July 20a
% preferred, series A (gust.)
I % Aug. 15 Holders of rec. July 206
Connecticut Power, common
"$2.50 Sept. 1 *Holders of roe. Aug. 20
6% preferred (guar.)
•1 1.4 Sept. 1 'Holders of ree. Aug. 20
.6Conn. fly, & Lug.. eons. & pf.(guar.) 51.125 Aug. 15 Aug. 1
Aug. 15
Consol. G. E. L. & P.. Balt., Corn.(qu.) *75c. Oct. 1 'Holders of to
rec. Sept. 15
Preferred A (guar.)
'
134 Oct. I *Holders of rec. Sept.15
Preferred D (guar.)
•I h Oct. I *Holders of ree. Sept.15
Preferred E (guar.)
'13' Oct. 1 'Holders of rec.
Consolidated Gas. N.Y.,corn.(quar.)_ 51.25 Sept.15 Holders of rec. Sept.15
Consumers Power Co.6% pfd.(quiz.).. 1 Li Oct. 1 Holders of rec. Aug. 8a
Sept. 15
6.6% preferred (guar.)
1.65 Oct. I Holders of rec. Sept.15
7% preferred (guar.)
154 Oct. 1 Holders of rec. Sept.15
6% preferred (monthly)
Mc. Sept. 1 Holders of rec.
Aug. 15
6% preferred (monthly)
50e. Oct. 1 Holders of rec. Sept.
15
6.6% preferred (monthly)
b5c. Sept. 1 Holders of rec.
Aug. 15
6.6% preferred (monthly)
550. Oct. 1 Holders of rec. Sept.15
Eastern Mass. Bt. Hy.
let preferred and sinktng hind stock...
8
Aug. 15 Holders of ree. July 31
Eastern Utilities Associates(guar.)
50o. Aug. 15 Holders of rec. July 276
Great Western Power, pref. (guar.).- •1.54, Oct. 15 'Holders
of rec. Oct. I
Havana Elec. fly,, pref.(guar.)
134 Sept. 1 Holders of rec. Aug. Ira
Havana Elec. & tJtlI , 1st prof.(gust.)
114 Aug. 15 Holders of rec. July 20
Cumulative preference (guar.)
51.25 Aug. 15 Holden of rec. July 20
Interstate Railways, corn. (guar.)
17 he. Aug, 6
Kentucky Utilities, junior pref. (quar.)_ •11( Aug. 20 July 21 to Aug. 5
*Holders of rec. Aug. 1
Keystone Telephone of Phila.. pref.(qu.) 51
Sept. 1 Holders of rec. Aug. 13
Los Angeles Gas & Electric, pref. ((mar.)
Aug. 15 'Holders of rec. July 31
Marconi Wireless Teleg. of London,
ordinary (interim)
'10
Aug. 31 *July 18
July 24
Memphis Power & Light,$7 pref.(Qua
51.75 Oct. I Holders ofto
rec. Sept. 15
$6 preferred (guar.)
$1.50 Oct. 1 Holders of
rec.
Sept.
Middle West UM.. corn.(guar.)
$1.75 Aug. 15 Holders of ree. July 15
31
Monongahela West Penn Pub.Sere.7% preferred (quer.)
434o. Oct. 1 Holders of rec
Sept.15
National Power & Light, corn. (guar.)._
25c. Sept. 1
North American Co., common (guar.)._ /24 Oct. I Holders of rec. Aug. ha
Holders of roe. Sept. 5a
Preferred (guar.)
750. Oct. 1
North American Edison Co.. pref.(qu.) 51.50 Sept. 1 Holders of roe. Sept. 5a
Holders of rec. Aug. 15a
North Amer. Utility Securities Corp.First preferred (ow.)
81.50 Sept.15
First preferred allot. ells. (gust.).... (in) Sept.15 Holders of ree. Aug. 31
Northern Ohio Pow.& Lt., 7% pt.(qu.) lq Oct. 1 Holders of reo. Aug. 31
Holders of rec. Sept.
6% preferred (guar.)
13.4 Oct. 1 Holders of rec. Sept. 15
15
Northwest Utilities. pref. (guar.)
1% Aug. la Holden of
rec. July 31
Ohio Edison Co.,6% pref.(guar.)
1% Sept. 1 Holders of rec.
6.6% preferred (guar.)
1.65 Sept. 1 Holders of rec. Aug. 15
7% preferred (guar.)
131 Sept. 1 Holders of rec. Aug. 15
Aug. 15
5% preferred (guar.)
134 Sept. 1 Holders of rec.
6% preferred (monthly)
50c. Sept. I Holders of rec. Aug. 15
Aug.
15
6.6% Preferred (monthly)
Mc. Sept. 1 Holders of
rec. Aug. 15
Pacific Gee & RIce., Prof. (guar.)
*3734e Aug. 15 *Holders of
rec.
July
Pacific Lighting. common (guar.)
31
The. Aug. 16
a% preferred (guar.)
•Iji Aug. 15 Holders of rec. July 31
*Holders of Teo. July 31
Penn-Ohlo Edison Co.7% prior preferred (guar.)
134 Sept. 1 Holders of rec.
Pennsylvania-Ohio P.& L.. 56 pf. (qu.) $1.50 Nov.
Aug. 20
1 Holders of rec. Oct. 20
7% preferred 'guar.)
15( Nov. 1 Holders of
Oct. 20
7.2% preferred 'monthly)
00c Sept. 1 Holders of rec.
7.2% preferred (monthly)
60e. Oct. 1 Holders of rec. Aug. 20
Sept.20
7.2% preferred 'monthly)
60e. Nov. I Holders of reo.
rec. Oct. 20
6.6% preferred (monthly)
55e. Sept. 1 Holders of
6.6% preferred (monthly)
550. Oct. 1 Holders of roe. Aug. 20
rec. Sept. 20
6.6% preferred (monthly)
55c. Nov.
Holders of roe. Oct. 20
Philadelphia Company. 5% pref (guar.) $1 25 Sept. 1
1 Holders of rec. Aug.
Philadelphia Electric (guar.)
10a
50e Sept.15 Holders of
rec. Aug.
Phila. Suburban Water, pref.(quar.)
134 Sept. 1 Holders of roe. Aug. 31a
Portland Elec. Power, 2d pref. (guar.).- 1%
lla
Sept. 1 Holders of rec.
Aug. 15
Public Service Corp. of N. J., corn.(qu ) 500. Sept.29
Holders of rec. Sept. la
6% preferred (monthly)
50c. Aug. 31 Holders of rec.
Aug.
6% preferred (monthly)
3a
50c. Sept. 29 Holders of rec.
Sept. la
7% preferred (guar.)
13.4 Sept. 29 Holders of rec. Sept.
Is
8% preferred(guar.)
Sept.29 Holders of rec.
Public Service Elec. & Gas.6% pfd.(Qua
154 gelit. 29 Holders of roe. Sept. is
Sept. la
7% preferred (guar.)
15( Sept.29 Holders of
rec. Sept. la
Radio Corp. of America. pref. A (au.)._ 874c. Oct. 1
San Joaquin L. & P.. 7% pref. (guar.)._ •1% Sept.15 Holders of rec. Sept. la
*Holders of rec.
6% preferred (guar.)
Sept.15 *Holders of rec. Aug. 31
Southern Calif. Edison,corn (guar.)
_
50c. Aug. 15 Holders of rec Aug. 31
Southern Canada Power, corn. (guar.)._ $I
Aug. 15 Holders of rec. July 206
31
Southern Colo. Power, corn. A (quar.).
50c. Aug. 25 Holders of rec. July
July 31




(1)

Name of Company.
Public Utilities (Concluded).
Syracuse Lighting,6% pref. (guar.).-_
634% preferred (guar.)
7% preferred (guar.)
8% preferred (guar.)
Tampa Elec. Co.,corn.(guar.)
Common (1-50th share.In corn.stk.)._
Tennessee Elec. Power Co.
5% Bret preferred (guar.)
6% first preferred (guar.)
7% first preferred (guar.)
7.2% preferred (guar.)
6% first preferred (monthly)
6% first'preferred (monthly)
7.2% first preferred (monthly)
7.2% first preferred (monthly)
United Gas Improvement (guar.)
Virginia Elec.& Pow.,7% pref.(qua
6% preferred (guar.)
West Penn Elec. Co., class A (guar.).7% preferred (guar.)
Six per cent preferred (guar.)
West Penn Rye.,6% prof.(guar.)
Western Power Corp., 7% pref.(guar.).
Wilmington Gas, pref
Wisconsin Power & Light. pref.(guar.).
Trust Companies.
Title Guarantee & Trust (extra)

645
Per
When
Cent. Payable.

Books Closed
Days Industee.

*I% Aug. 15 *Holders of rec. July
•154 Aug. 15 "Holders of rec. July
•13.4 Aug. 15 *Holders of rec. July
*2
Aug. 15 *Holders of rec. July
*50c. Aug. 15 *Holders r.f rec. July
(1) Aug. 15 'Holders of rec. July

31
31
31
31
25
25

134 Oct' 1 Holders of rec. Sept. 15
154 Oct. 1 Holders of rec. Sept. 15
134 Oct. 1 Holders of rec. Sept. 15
1.80 Oct. 1 Holders of rec. Sept. 15
60e. Sept. 1 Holders of rec. Aug. 15
50e. Oct. 1 Holders of rec. Sept. 15
60c. Sept. 1 Holders of rec. Aug. 15
60c. Oct. 1 Holders of ree. Sept. 15
Oct. 15 Holders of rec. Sept. 15a
$1
134 Sept.20 Holders of rec. Aug. 31a
134 Sept.20 Holders of rec. Aug. 310
I% Oct. 1 Holders of rec. Sept.154
134 Aug. 15 Holders of rec. July 20a
1% Aug. 15 Holders of rec. July 204
154 Sept.15 Holders of rec. Aug. 25
134 Oct. 15 Holders of rec. Oct. 1
Sept. 1 Holders of rec. Aug. 114s
3
*I% Sept.15 *Holders of roe. Aug. 31
6

Sept.29 Holders of rec. Sept 22

Fire Insurance.
American Re-insurance. common (guar.) 756. Aug. 15
Bankers & Shippers Ins. (quar,)
$4.50 Aug. 10
General Reinsurance (guar.)
51.25 Aug. 15
Pacific Fire
51.25 Aug. 6

Holders of rec. Aug. 1
Holders of rec. Aug. 5
Holders of rec. July 31a
Holders of rec. Aug. 3

Miscellaneous.
Allis-Chalmers Mfg., corn. (guar.)
51.75 Aug. 1 Holders of rec. July 24a
Aluminum Manufactures, corn.(guar.)
50e Elept.30 Holders of rec. Sept. 150
Common (guar.)
50e. Deo. 3 Holders of rec. Dee. lba
Preferred (guar.)
154 Sept 30 Holders of rec. Sept.15e
Preferred (guar.)
Holders of rec. Dec. 15a
134 Dee.
American Bank Note,common (guar.)__ *50o. Oct.
*Holders of rec. Sept. 12
Preferred (guar.)
*Holders of rec. Sept. 12
*75c. Oct.
American Can,corn.(gear.)
50c. Aug. 1 Holders of reo. July 31a
Amer. Chatillon Corp.. pf.(gu.)
*S1.75 Nov. *Holders of roe. Oct. 20
American Chicle, common (guar.)
*Holders of rec. Sept. 15
.
750. Oct.
Prior pref.(guar.)
•Holders of rec. Sept.15
•134 Oct.
e% preferred (guar.)
*Holders of rec. Sept. 15
•154 Oct.
Amer. European Securities, pref.(qu.)
31.50 Aug. 1 Holders of rec. July 31
American Hardware Corp.
Quarterly
Holders of rec. Sept.15a
Oct.
31
Quarterly
Jan1'2 Holders of rec. Dec. 15s
31
American Home Products (monthly).. 25c. Sept.
Holders of rec. Aug. I4a
Amer. Laundry Machinery,corn.(guar.) "51
Sept. *Holders of rec. Aug. 20
Amer. Linseed, pref.(guar.)
1% Oct.
Holders of rec. Sept.20a
Preferred (guar.)
Jan2'2 Holders of rec. Dec. 216
American Manufacturing, com.(guar.). 1
Oct.
Holders of rec. Sept. 156
Common (guar.)
1
Dec. 3 Holders of rec. Dec. 156
Preferred (guar.)
134 Oct.
Holders of rec. Sept. 154
Preferred (guar.)
134 Dee. 3 Holders of rec. Dec. 16a
American Metal. common (guar.)
76e. Sept.
Holders of rec. Aug. 21a
Preferred (guar.)
114 Sept.
Ilolders of rec. Aug. 21a
American Radiator. common (oust.)
$1.25 Sept.2 Holders of rec. Sept. 15a
Preferred (guar.)
134 Aug. 1 Holders of eee Aug. fis
Amer. Smelt. & Rafe.. pref. (quar,).._.
Holders of rec. Aug. 36
134 Sept.
Amercan Sumatra Tob., pref. (guar.)
Holders of rec. Aug. 15a
1% Sept.
Amer. Tobacco, corn. & corn. B (qu.)- $2
Holders of rec. Aug. 10a
Sept.
Amparo Mining (quar.)
1
Aug. 1 Holders of rec. July 31
Anaconda Copper Mining (guar.)
51 Aug. 2 Holders of rec. July 14a
20c. Oct. 1 Holders of rec. Oct. 5
Angle Steel Tool (guar.)
Artloom Corp.. corn, (guar.)
75e. Oct.
Holders of rec. Sept. 21a
Common (qua?.)
750. Janll Holders of rec. Dec. 21a
134 Sept.
Preferred (guar.)
Holders 01 rec. Aug. 170
Preferred (guar.)
Holders of rec. Nov. 16a
154 Dec.
Associated Dry Goods, let pref.(guar.). 155 Sept.
Holders of rec. Aug. ha
2d preferred (guar.)
Holders of rec. Aug. lla
13.4 Sept.
Atlantic Coast Fisheries, com.(guar.)._ $1
Sept.
Holders of rec. Aug. 20
Atlantic Gulf & West I. S. S. LinesPreferred (guar.)
75o, Sept.2 Holders of rec. Sept. 10a
Preferred (guar.)
The, Dec. 3 Holders of rec. Dec. lla
Atlas Stores Corp.(No. 1)
43%e Sept.
Babcock & Wilcox Co.(guar.)
Holders of rec. Sept. 200
154 Oct.
Quarterly
154 Jan1'2 Holders of rec. Dec. 206
Quarterly
131 Aprl'2 Hold. of rec. Mar. 20'29a
Balaban & flats (monthly)
*25e. Sept. "Holders of rec. Aug. 20
Monthly
*256. Oct.
*Holders of rec Sept.20
Preferred (guar.)
•134 Oct.
*Holders of rec. Sept.20
Bomberger (L.) & Co.. pref. Omura
134 Sept.
Holders of rec. Aug. lla
Preferred (guar.)
Holders of rec. Nov. 106
13.4 Dee.
Bankers Capital Corp., pref. (guar.)... 82
Oct. 1 Holders of rec. Oct. 1
Preferred (guar.)
Jan15'29 Holders of rec. Dec. 31
52
Bastian-Blessing Co.. pref.(guar.)
51.75 Oct.
Holders of rec. Sept. 200
Baumann (Ludwig)& Co., let pf.(gu.)
'134 Aug. 1 *Holders of rec. Aug. 1
Beacon Oil, preferred (guar.)
$ 1.873.4 Aug. I Holders of rec. Aug. 1
Belding Cortbselli. Ltd.. pref.(quar.)..... 134 Sept.1 Holders of rec. Aug. 31
Bethlehem Steel, pref. (guar.)
Holders of rec. Sept. Is
131 Oct.
Blauners, corn.(guar.)(No. 1)
30o. Aug. 1 Holders of rec. Aug. la
Preferred (guar.) (No. 1)
The. Aug. 1 Holders of rem Aug. la
Bloch Brothers Tobacco, corn.(guar.)._ 3754e Aug. 1 Aug. 10 to Aug. 14
Common (guar.)
8755c Nov. 1 Nov. 10 to Nov. 14
Preferred (guar.)
134 Sept.3 Sept 25 to Sept.2$
Preferred (guar.)
134 Dec. 3 Dec. 26 to Dec. 80
Bond & Mtge. Guarantee (guar.)
5
Aug. 1 Holders of rec. Aug. 8
Borden Co.. corn. (guar.)
Holders of rec. Aug. 15
$1.50 Sept.
Boss Manufacturing, common (guar.).- 52.50 Aug. 1 Holders of rec. July 31
Preferred (guar.)
51.75 Aug. 1 Holders of rec. July 31
Bristol-Myers Co.(guar.)
Sept.29 Holders of rec. Sept. 19
51
Quarterly
Dee. 31 Holders of rec. Dee. 21
Si
Brunewick-Balke-Coll Co.. corn.(qua_
750. Aug. 15 Holders of rec. Aug. 5a
Buckeye Pipe Line (guar.)
Sept.15 Holders of rec. Aug. 17
$1
Bucyrus Erie Co.. common (guar.)
250. Oct. 1 Holders of rec. Sept. 86
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 84
Convertible preference (guar.)
6234c Oct. 1 Holders of rec. Sept. 8a
Burns Bros., common (guar.)
Aug. 15 Holders of rec. Aug. la
$2
Burroughs Adding MachineStock dividend
Aug. 17 Holders of rec. July 31a
e25
No par value stock (guar.)
750. Sept.10 Holders of rec. Aug.24e
Butler Brothers (guar.)
50e. Aug. 15 Holders of roe. Aug. I
California Dairies, pref. A (guar.)
•51.50 Sept. 1 *Holders of rec. Aug. 10
California Packing (quar.)
Sept.15 Holders of rec. Aug 31a
SI
Calumet & Hecla Consol. Copper(qu.)_. 50e. Sept.15 Holders of rec. Aug. 31a
Campbell,Wyant& Cannon Fdy.(guar.) 500 Sept. 1 Holders of roe. Aug. 15
Canadian Converters'. Ltd, corn.(guar.) $1.75 Aug. 15 Holders of rec. July 31
Canfield Oil. corn.(guar.)
Sept. 30 Holders of rec. Sept.20
2
Common (guar.)
Dec. 31 Holders of rec. Dec. 20
2
Preferred (guar.)
131 Sept. 30 Holders of rec. Sept.20
Preferred (guar.)
131 Dec. 31 Holders of rec. Dec. 20
Caterpillar Tractor,common (guar.)_ _ _ _ *55e. Aug. 25 *Holders of rec. Aug. 15
Common (extra)
•25e. Aug. 25 'Holders of rec. Aug. 15
Celluloid Corp.. let prof.(guar.)
$1.75 Sept. I Holders of rec. Aug. 10
$1.75 Sept. 1 Holders of rec. Aug. 10
57 preferred (guar.)
Central Investors Corp., el. A (guar.)... •37
Oct. 1 'Holders of rec. May la
Class A (guar.)
"3714e Jan2'29 *Holders of rec. May la
Centrifugal Pipe Corp.(guar.)
15c. Aug. 15 Holders of rec. Aug. 6
Century Ribbon Mills, pref.(guar.).- 131 Sept. I Holders of rec. Aug. 206
Chicago Mill & Lumber, corn.(guar.).- *51.50 Aug. 15 'Holders of rec. Aug. 7
*as
Common (extra)
Aug. 15 Holders of rec. Aug. 7
Chicago Yellow Cab (monthly)
25c. Sept. 1 Holders of rec. Aug. 206
Childs Company.common (guar.)
60e. Sept.10 Holders of rec. Aug. 27a
Preferred (guar.)
134 Sept.10 Holders of rec. Aug. 27

646

FINANCIAL CHRONICLE
Per
Whet.
Cent. Payable.

Books Closed
Days Inclusive.

[vol.. 127.
Per
When
Cenl. Payable.

Books Closed
Days Industry.
Miscellaneous (Continued).
Miscellaneous (Continued).
Chile Copper Co. (guar.)
62 He Sept.2 Holders of rec. Sept. 5a Investors Trustee Shares series A__
51e. Aug. 151 II.olders of rec. July 15
_
Chrysler Corp., common (guar.)
75e. Sept.2. Holders of rec. Sept. 17a Isle Royale Copper Co
•75c. Sept. 15 *Holders of rec. Aug. 31
Preferred (guar.)
2
Sept. 2 Holders of rec. Sept. 170 Jaeger Machine,corn.(guar.)
*62 He Sept. 1 1.1-folders of rec. Aug. 17
Preferred (guar.)
2
Jan 22 Holders of rec. Dec. I7a Jewel Tea, corn. (guar.)
Oct. 16 *Holders of rec. Oct. 2
*SI
Cities Service. common (monthly)
Sept.
Preferred (mow.)
Holders of rec. Aug. 15
'181 Oct. 1 *Holders of rec. Sept. 14
Common (payable In common stock).Sept.
Jones di Laughlin, common (quar.)
Holders of rec. Aug. 15
•$1.25 Sept. 1 *Holders of rec. Aug. 15
Preferred and p•eferred BB (monthly)_
Sept.
Holders of rec. Aug. 15
Preferred (quar.)
181 Oct. I Holders of rec. Sept. 15a
Preferred B (monthly)
Sc. Sept.
Kinney (G. R.) Co., pref. (guar.)
Holders of rec. Aug. 15
*2
Sept. I *Holders of roe. Aug. 17
City Ice & Fuel, common (guar.)
•75e. Sept.
Kirby Lumber. es mem (quar.)
*Holders of rec. Aug. 10
111 Sept. 10 Holders of rec. Aug. 31
614% preferred (quar)
*Holders of rec. Aug. 10
Sept
Common ((uar.)
114 Dec. 10 Holders of rec. Nov. 30
City of Paris (dept. store, San Francisco)
Kruskal & Kruskal, Inc. (guar.)
3181c. Aug. 15 Holders of rec. July 31a
•”‘ Aug. 1 *Holders of rec. July 31
Preferred (guar.)
Lackawanna Securities
Sept. 1 *Holders of rec. Aug. 15
•53
Cleveland Stone (guar.)
50c. Sept.
Holders of rec.' Aug. 15o
Landers. Frary & Clark (guar.)
75c Sept. 30 Holders of rec. Sept.210
Colorado Fuel & Iron. pref. (guar.)._
2
Aug. 2 Holders of rec. Aug. 10a
Quarterly
75c. Dec. 31 Holders of rec. Dec. 22a
Consolidated Cigar Corp.. pref. (guar.) _
1 Ai Sent.
Holders of rec. Aug. 15
Landis Machine
75c. Aug. 15 Holders of rec. Aug. 5
Continental Amer. Bankshares, A
*50c. Aug. 1
Langton Monotype Machine (guar.)1 H Aug. 31 Holders of rec. Aug. 21a
-Continental Can,corn.(guar.)
$1.25 Aug. I. Holders of rec. Aug 4a Laguna Land & Water (monthly)
"lc. Aug. 10 *Holders of rec. Aug. 1
Crane Co.. common (guar.)
Lehigh Coal & Navigation (guar.)
Holders of rec. Sept. 1
3784c Sept. I
51
Aug. 31 Holders of rec. July 31a
Preferred ((luar.)
181 Sept.1
Holders of rec Sept 1
Lloby-Owens Sheet Glass. corn. (guar.). •500. Sept. I *Holders of rec. Aug. 22
e4
Crosley Radio (stock dividend)
Dec. 3
Preferred (guar
•181 Sept. I *Holders of rec. Aug. 22
Crosley Radio Corp.(guar.)
25c. Oct.
Holders of rec. Sept. 20a Liggett & Myers TobaccoQuarterly
25c. Jan 1'2 Holders of rec. Dee. 290
Common and common B (guar.)
SI
Sept. 1 Holders of rec. Aug. 15a
134 Sept. 1
Cuneo Press, pref.(quar.)
Holders of rec. Sept. lo
Lindsay (C. W.)& Co.. Ltd, Pf.
181 Sept. 1 Holders of rec. Aug. 20
50c. Sept
Curtis Publishing. common (monthly)._
Holders of rec. Aug. 20e
Lindsay Light, pref.(guar.)
Aug. 4 *Holders of rec. July 28
•181
50c. Sept. 1
Common (extra)
Holders of rec. Aug. 20
L It Brothers (guar.)
50c. Aug. 20 Holders of rec. July 10a
Cushman Sons, Inc., common (quar.). Si
Holders of rec. Aug. 15a Low's Incorporated $64 prei (gu.)..5 1,621.4 A ug. 15
Sept.
5 Holders of rec. July 28a
Holders of rec. Aug. 15a
$2
Sept.
$8 preferred (Guar.)
Los Angeles Investment (guar.)
•Holders of rec. July 13
7% preferred (guar.)
Holders of rec. Aug. 15a
18i Sept.
Louisiana Oil Refg.. prof.(quar.l
$ 1$
.6122
84
5 A ug.
. 15 Holders of rec. Aug. la
*3131c Oct. I 'Holders of rec. Sept. 20
Davis Industries, class A (guar.)
Macy (R. H.) Co., common (quar.)- - - July 28 to Aug. 10
•3181c Jan 1'29 *Holders of rec Dec. 20
Class A (guar.)
Mansfield Theatre, Ltd., pref
Holders of rec. July 31
*3181c Oct. 1 'Holders of rec. Sept. 20
Class B (quar.)
Marlon steam Shovel (stk d1v.)
•e
hliGO
C"
'5
A
ul..
1
1
5
5
•31 Hr Jan 1'29 *Holders of roe Dec. 20
Class B (guar.)
Massey-Harris Co.. Ltd.. prof.( guar.)._
181 Aug. 15 Holders of rec. July 28
1
Sept.22 Holders of rec. Sept. 8
Davis Mills, common (guar.)
May Dept. Stores. corn. ((luar.)
Holder, of rec. Aug. 15a
Decker (Alfred) & Cohn, com.(quar.).. *50c Sept. 15 "Holders of rec. Sept
McIntyre Porcupine Mines, tomar.)__-. $125e. Sep
Holders of rec. Aug. la
Se pt..
Preferred (guar.)
14 Sept. 1 Holders of rec. Aug. 20" Me bellan Stores, class A & 11 (No.2).
10e Oct
1 Holders of rec. Sept. 20a
2 Sept. 15 Holders of roe. Aug. 31 a
Diamond Match (guar.)
Mercantile Stores Co.. Inc.. corn. (qu.). 51.25 Aug. 15 Holders of rec. July 31
650. Aug. 15 Holders of rec. July 31
Dominion Bridge, Ltd. (guar.)
Preferred (guar.)
$1.75 Aug. 15 Holders of rec. July 31
Sept. 1 *Holders of rec. Aug. 15
*51
Drug. Inc. (guar.)
Mergenthaler Linotype (guar.)
$1.25 Sept. 29 Holders of rec. Sept. 5a
Si
Oct. 1.5 llolders of rec. Oct.
Dunhill International (guar.)
Extra
25e. Sept. 29 Holders of rec. Sept. Sa
Jan15'29 Holders of roe. Dec. 3Ia !Metropolitan Industries. pref. (au)... •51.5e
SI
Quarterly
tug. 7 •Hulders of rec. July 20
$1
Ap15'29 Hold, of rec. Apr. 1 '20a
Miami Copper (guar
Quarterly
3784r tug. 15 Ticklers of rec. Aug. la
(guar.)._
_
_
50c.
Aug. 15 Holders of rec. Aug. I
Duplan Silk Corp., common
Mid-C affluent Petrol.. Prof.(guar.) _ _ $1.7i "cot. 1 Holders of rec. Aug. I5a
Eastern Bankers Corp.. preferred (guar.) 181 Nov. 1 Holders of rec. Sept. 3')
Inneap.-Honeywell Regulator, corn.... $1.25( tug. 15 Holders of rec. Aug. 4
181 Feb 1.29 Holders of rec. Dee. 31
Preferred (guar.)
Preferred (guar.)
181 tug. 15 Holders of rec. Aug. 4
Electric Storage Battery, COM. Os pf.(gu.) $1.25 Oct. 1 Holders of rec. Sept. 8a
Preferred ((liar.)
181 'Joy. 15 Ilolders of rec. Nov. 3
50c. Sept.24 Holders of rec. Sept. la
Emporium Capwell Corp.. corn.(guar.).
Mohawk Mining (guar.)
SI
iopt. 1 Holders of rec. July 31
25c.
Aug.
1)..
(No.
Surety
15
(q11.)
Equitable CLU3. 313
Holders of rec. Aug. 1
Montgomery Ward & Co.. corn.(quar.). 51
Aug. 15 Holders of rec. Aug. 40
20e. Sept. 1 Holders of rec. Aug. 210
Fair (The), corn. (monthly)
Class A (guar.)
51.75 Oct. 1 Holders of rec. Sept. 20a
20e. Oct. 1 Holders of rec. Sept. 20o
Common (monthly)
Morris (Philip) di Co., Ltd., Inc.(qu.)- 25e Set. 15 Holders of roe. Oct.
a
75e. Sept.29 Holders of rec. Sept. 12a
Fairbanks, Morse dr Co., com.(guar.)._
Quarterly
25c.Jo s. 16'29 Hold, of rec. Jan. 2 '29a
1H Sept. 1 Holders of rec. Aug.d1 la Morse rwist Drill (quar.)
Preferred (guar.)
•$1.21 Aug. 15 *Holders of rec. July 26
25c. Oct. 1
Fanny Farmer Candy Shops, com.(au.)Mulford (H. K.) Co.. corn.(guar.)
•51.55' Aug. 15 •Holders of roe. July 14
Common (guar.)
25e. Jan 129
MunsIngwear, Inc. (guar.)
75c. Sept. 1 Holders of rec. Aug. 166
50e. Aug. 31 Holders of rec. Aug. 17a
Fashion Park, Inc., corn. (guar.)
Murphy (O. C.) Co.(guar.)
25c Sept. 1 Holders of rec. Aug. 22
50c. Nov. 30 Holders of rec. Nov. 300
Common (guar.)
Quarterly
Mc Dec. 1 Holders of rec. Nov. 21
Federal Motor Truck (War.)
20c. Oct. I Holders of rec. Sept. I5a National American Co., Inc. (guar.) _ _
50c Nov. 1 Holders of rec. Oct. 15a
_
Stock dividend
284 Oct. d5 Holders of rec. Sept. 15a National Hellas Hess Inc., pref.
181
Sept. 1 Holders of rec. Aug. 21a
(guar.).
Financial & Indust. Sec., corn. (Interim) *El
Aug. 15 'Holders of rec. Aug. 4
National Biscuit, corn. (guar.)
51.55' Oct. 15 Holders of rec. Sept.280
Firestone Tire dr Rubber.7% pref. (qu.) 1H Aug. 15 Holders of rec. Aug. 1
Preferred Mar./
181 Aug. 31 Holders of rec. Aug. I70
Foreign
Invest.
Federal
Trust (1U.) $1.75 Aug. 15 Holder, of rec. Aug. 1
First
National Brick, Prof. (guar.)
184 Aug. 15 Holders of rec. July 31
Quarterly
$1.75 Nov. 15 Holders of rec. Nov. 1
Nat. Dairy Products. com.(guar.)
75a Oct. I Holders of rec. Sept. d4a
First Trust Bank, Inc.(guar.)
12840. Sept. 1 Holders of rec. Aug. 1
Preferred A & B (guar.)
Oct. 1 *Holders of rec. Sept. d4g
*51.75
Extra
2Hc.Sept. 1 Holders of rec. Aug. I
National Lead,common (guar.)
$1.25 Sept.29 llolders of rec. Sept. 140
Fisk Rubber, 20 pref. cony.(quar.).._. $1.75 Sept. I Holders of rec. Aug. 150
Preferred class A ((luar.)
18l Sept.15 Holders of rec. Aug. 31a
Fitzsimmons & Connell Dredge & Dock,
Preferred class B (guar.)
184 Nov. 1 Holders of rec. Oct. 19a
*50c. Sept. 1 *Holders of rec. Aug. 21
com. (guar.)
National Supply, common (quar.)
Aug. 15 Holders of rec. Aug. 4a
51
2.5c. Oct. 1 Holders of rec. Sept. 15a
Formica Insulation (guar.)
Nauheim Pharmacies, Inc.. pref.(guar.) 62540. Nov. 1 Holders of rec. Oct. 17
10e. Oct. 1 Holders of rec. Sept. I5a
Extra
Nelson (Herman) Corp., stock My
Oct. 1 Holders of rec. Sept. 18.
el
25e. Jan1'29 Holders of rec. Dec. 15a
Quarterly
New Cornelia Copper (guar.)
59c. Aug. 20 Holders of rec. Aug. 30
10c. Jan1'29 Holders of rec. Dec. 15a
Extra
New Jersey Zinc (guar.)
2
Aug. 10 Holders of rec. July 20a
General Cable. class A (guar.)
51
Sept. 1 Holders of rec. Aug. 100 Newberry (J. J.) Co.. pref.(quar.)
*51.75 Sept. I *Holders of res. Aug. 16
General Cigar. Inc.. pref. (guar.)
"4 Sept. 1 Holders of rec. Aug. 220 Nichols Cooper. common
50c Dec. 15 Holders of rec. May 24
General Outdoor Advertising.cl. A.(qu.) $1 Aug. 15 Holders of rec. Aug. ga Nineteen Hundred Washer (guar.)
50c. Aug. 15 Holders of rec. Aug. 1
Preferred (guar.)
North Central Texas 011 (guar.)
•1H Aug. 15 *Holders of rec. Aug. 6
15c. Sept. I Holders o rec. Aug. 10
$1.25 Sept 1 Holders of rec. Aug. la Ohio Seamless Tube,common (guar.)...
Gillette Safety Razor ((luar.)
Si Aug. 15 August 1 to August 14
Cladding. McBean dr Co., monthly
25c. Sept. 1 Aug. 21 to
Ontario Steel Products, corn.(guar.)... _
Aug. 31
400. Aug. 15 Holders of rec. July 31
25c. Oct. 1 Sept. 21 to Sept. 30
Monthly
Preferred (guar.)
181 Aug. 15 Holders of rec. July 31
25c. Nov. 1 Oct. 21 to
Monthly
Opperrheirn. Collins tit Co.(guar.)
Oct. 31
Aug. 15 Holders of rec. July 27
$1
Monthly
25c. Dec. 1 Nov. 21 to
Otis Elevator, Prof.(guar.)
Nov. 30
Holders of rec. Sept. 29a
Oct.
Glidden Co., prior pref.(guar.)
*51.75 Oct. 1 *Holders of rec. Sept. 14
Overseas Securities Co
Aug. 15
15 Holders of rec. Aug. 1
1
P0c
Globe Democrat Publishing, pref.(qu.). 1,?,4 Sept. 1 Holders of rec. Aug. 20
Extra
50c Aug. 15 Holders of roe. Aug. 1
Globe Grain & Milling, corn.(guar.)___ _ *2
Oct. 1 *Holders of rec. Sept. 20
Packard Motor Car Co.(monthly)
Mc. Aug. 31 Holders of rec. Aug. 15a
Eight per cent preferred (guar.)
*2
Monthly
Oct. I *Ilolders of rec. Sept. 20
25e. Sept.29 Holders of rec. Sept. 15a
•181 Oct. 1 *Holders of rec. Sent. 20
Seven per cent preferred (guar.)
Monthly
25e. Oct. 31 Holders of rec. Oct. 15a
Goldwyn Invest
*53
Aug. 10 *Holders of rec. July 12
Monthly
25e. Nov.30 Holders of rec. Nov. 15a
Goodrich (B. F.) Co.. common (guar.)- $1 Sept. 1 Holders of rec. Aug. 10a Palmolive Peet, corn.(in stock)
*Holders() f rec. Aug. 10
* 1.32 31
Preferred (guar.)
131 Oct. 1 Holders of rec. Sept. 100 Paragon Refining, pref.(No. 1)
Oct. 1 'Holders of rec. Sept. 15
•53
Gorham Manufacturing. 1st pref. (qu.)_
IH Sept. 1 Holders of rec. Aug. 15
Park &Tilton!(guar.)
Hollders of rec. Sept.290
750.
Oct.
14
Coward (H. W.) Co., corn. (monthly).. 33 1-30 Sept. 1 Holders of rec. July 200
Stock dividend(
(Mar.)
Oct. 14 Holders of rec. Sept. 290
Cl
33 1-3c Sept. 1 Holders of rec. Aug. 21a
Common (monthly)
Quarterly
14.20 Holders of rec. Deo. 290
750.
la
33 1-3c Oct. 1 Holders of rec. Sept. 200
Common (monthly)
Stock dividend (guar.)
el
Jo 1429 Holders of rec. Dec. 290
33 1-3c Nov. 1 Holders of rec. Oct. 19a
Common (monthly)
Quarterly
75c. Ap14'29 Hold. of rec. Mar.29'290
33 1-3c Dec. 1 Holders of rec. Nov. 200
Common (monthly)
Stock dividend ((uar.)
A p14'2P Hold. of rec•Mar. 29'29a
(r)
el
33 1-30 Jan 129 Holders of rec. Dec. 20
Common (monthly)
Patin° Mines Enterprises (Interim)
Aug. 21 Holders of rec. Aug. 9a
Aug. 15 Holders of rec. Aug. 7
Great Lakes Dredge & Hoek (guar.).-- 2
Penman,. Ltd., corn. (guar.)
Aug. It 'Holders of rec. Aug. 6
*51
$1
Oct. 1 Holders of rec. Sept. 14a Pennsylvania Investing, class .5
Greene Cananea Copper (guar.)
6214c, Sept. 1 Holders of rec. July 31
Greenfield Tap dr Die Corp..6% pf.(qu.) 1H Oct. 1 Holders of rec. Sept. 15
Perfection Stove (monthly)
37840. Aug. 31 Holders of rec. Aug. 20a
2
8% preferred (guar.)
Oct. 1 Holders of rec. Sept. 15
Monthly
3784c. Sept. 30 Holders of rec. Sept. 20a
50e. Sept. 1 Holders of rec. Aug. 200
Gruen Watch, common (guar.)
Monthly
3784c. Oct. 31 Holders of rec. Oct. 20a
50c. Dec. 1 Holders of rec. Nov. 20a
Common (guar.)
Monthly
3714e. Nov. 30 Holders of rec. Nov. 20a
50c. Marl'29 Holders of rec.Feb.19'29a
Common (guar.)
Monthly
3781e. Dec. 31 Holders of rec. Dec. 200
181 Nov. 1 Holders of roe. Oct. 200 Pick (Albert) Barth & Co., partic.
Preferred (guar.)
Prof.
Feb
129
151
Hold,of rec. Jan. 19'29a
Preferred (guar.)
(quarterly)
1H Sent. 1 Holders of rec. Aug. 10a Pittsburgh Screw & Bolt, corn. (guar.)__ 4381c. Aug. 15 Holders of rec. July 25
Hamilton Watch, pre:.(guar.)
•75c. Aug. 12 *Ilolders of rec. June 29
*25e. Aug. 15 *Holders of rec. July 31
Pittsburgh Steel, pref. ((uar.)
Hammermill Paper. corn. (guar.)
151 Sept. 1 Holders of rec. Aug. 115
Harbison-Walker Refrac., com. (guar.). 1H Sept. 1 Holders of rec. Aug. 210 Pressed Steel Car, Prof. (guar.)
181 Sept.29 Holders of rec. Sept. la
1(4 Oct. 20 Holders of rec. Oct. 10a Procter di Gamble, com. (guar.)
Preferred (guar.)
*2
Aug. 15 'Holders of rec. July 25
1
*50e.
Sept.
(No.
1)
•Holders of rec. Aug. 15
Prudence Co., Inc., pref.(guar.)
Hart-Carter Co.,cony. pref•(q11.)
184 J n15'29 Holders of rec. Dec. 310
Aug. 31 'Holders of rec. Aug. 15
Pullman Co.(guar.)
Hart, Schaffner & Marx, Inc.(qua:.).., *2
51.50 Aug. 15 Holders of rec. July 31a
15
•75c
Aug.
*Holders
of
Pullman,
rec.
pref.
Aug. 1
(guar.)
Inc.(guar.)
Hartford Times, Inc..
51
Aug. 15 Holders of rec. July 240
Pure Oil, corn. (auar.)
Hawaiian Commercial & Sugar(monthly) *25c. Aug. 5 *Holders of rec. July 25
1284e Sept. 1 Holders of rec. Aug. 10a
*25c. Aug. 24 *Holders of rec. Aug 4
Quaker Oats. pref.((luar.)
Hazeltine Corp.(guar.)
184 Aug. 31 Holders of rwo. Aug. la
Hershey Chocolate, prior pref. (guar.)._ $I.50 Aug. 15 Holders of rec. July 25a Rapid Electrotype (guar.)
37 He. Sept. 15 *Ifolders of rec. Sept. 1
Aug. 15 Holders of rec. July 25a Remington Typewriter, 1st pf.(quar.)_
51
Convertible preferred (guar.)
181 Oct. I Holders of rec. Sept. 15a
Mc. Aug. 31 Holders of rec. Aug. 24
Second preferred (quar.)
Hibbard. Speneer,Bartlett&Co.(mthly).
2 Oct. 1 Holders of rec. Sept. 15a
35c. Sept. 28 Holders of rec. Sept. 21
Republic Iron & Steel. com.(guar.)...- *SI Sept. 1 'Holders of rec. Aug. 14
Monthly
Preferred (guar.)
Hollander (A.)& Son,Inc.. corn.(010-- 6285e Aug. 15 Holders of rec. Aug. la
•181 Oct. 1 *Holders of rec. Sept. 14
Richfield 011, corn. (guar.)
100. Aug. 11 Holders of rec. July 25
Hollinger COLU301. Gold Mines (monthly)
50c. Aug. 15 Holden of rec. July 200
Mc. Sept. 30 Holders of rec. Sept. 15a River Raisin Paper (guar.)
Holly Oil (guar.)
200. Aug. 15 Holders of rec. Aug. 1
St. Joseph Lead (guar.)
•51.75 Sept. 1 *Holders of rec. Aug. II
Horn & Hardart of N.Y.. pref. (q11.)
50c. Sept. 20 Sept.
to Sept. 20
Extra
87H0 Sept. 1 Holders of rec. Aug. 15a
Household Products (guar.)
250. Sept. 20 Sept.
to Sept. 20
Quarterly
60e. Oct. 15 Oct. 4 to Oct. 15
Illinois Brick (guar.)
Dee. 20
to
50c. Dec. 20 Deo.
Extra
51
Aug. 15 Holders of rec. July 13
Indiana Pipe Line (guar.)
to Dec. 20
25c. Dec. 20 Dee.
Savage Arms, pref. ((luar.)
Aug. 15 Holders of rec. July 13
$1
Extra
'1)4 Aug. 15 •Holder of rec. Aug. 1
Schulte
of
rec.
Aug.
Holders
Retail
60
Stores, corn. (guar.)
75c. Sept. 1
Ingersoll-Rand Co., COM. (guar.)
8784e Sept. 1 Holder of rec. Aug. 15a
Common (guar.)
Internat. Agricul. Corp., prior pref.(qu.) 181 Sept. 1 Holders of rec. Aug. 15a
8784c Dec. I Holders of rec. Nov. 15a
Common (payable in corn. stock)
Internat. Business Machines(guar.)---- $1.25 Oct. 10 Holders of rec. Sept. 220
1184 Sept. 1 Holders of rec. Aug. 15
Common (payable In corn. stock)
Int. Combustion Enginnering,corn.(qu.)
50c. Aug. 31 Holders of rec. Aug. 160
u84 Dec. 1 Holders of rec. Nov. 15
Common (payable in corn. stock)
International HarvesterI/14 Mar '29
Scotten
Aug.
Dillon
90
rec.
Holders
of
Co. ((luar.)
Preferred (guar.)
181 Sept. 1
*30c. Aug. 14 *Holders of rec. Aug. 6
Extra
Internat.Paper,common (guar.)
60c. Aug. 15 Holders of rec. Aug. la
•200. Aug. 14 *Holders of rec. Aug. 6
Internat. Shoe preferred (monthly)
50e. Sept. 1 Holders of rec. Aug. 15a Sears, Icoeouck & Co.(qu.)(pay.In stk ) *el Sept. 1 *Holders of rec. Aug. 15
Quarterly (payable in stock)
Preferred (monthly)
50c. Oct. 1 Holders of rec. Sept. 15a
*el
Nov. I •Holders of rec. Oct. 15
Quarterly (payable in stock)
Preferred (monthly)
50c. Nov. 1 Holders of rec. Oct. 15a
*el Feb 1'29 *Holders of rec. Jan15'29
Quarterly (payable in stock)
Preferred (monthly)
50c. Dec. 1 Holders of rec. Nov. 150
*el
My 1'29 Hold. of rec. Apr. 15 '29
International Silver, common (qua:.)... 1H Sept. 1 Holders of rec. Aug. 15a Sherwin-Williams Co., corn. (qua:)
750. Aug. 15 Holders of rec. July 31
Common (extra)
Interstate Iron & Steel, com.(quar.)__._ 51
Oct. 15 Holders of rec. Oct. 5a
1294c Aug. 15 Holders of rec. July 31
Preferred (guar.)
Common (guar.)
rn15'29 Holders of rec. Jan.5'29a
$1
184 Sept. 1 Holders of rec. Aug. 15
Intertype Corp., common (guar.)
Aug. 15,•11010ers of reg. Aug. 1
Mc. Aug. 15 Holders of rec. Aug. la Sinclair Consul. Oil, prof.(guar.)
.52
Common (extra)
25c. Aug. 15 Holders of rec. Aug. la Skelly 011 (guar.)
50o. Sept.151 Holders of rec. Aug. 15a
Holders of rec. July 31
Standard Chemical. Ltd
First preferred (guar.)
Sept.
52
Oct. 1 Holders of rec. Sept. 14
$1
Name of Company.




Name of Company.

AUG. 4 1928.]

FINANCIAL CHRONICLE
Per
When
Cent. Payable.

Name of Company.

Books Closed
Days Imitates.

Miscellaneous (Concluded).
Southwestern Stores. pref.(quar.)
.45e. Sept. 1 *Holders of rec. Aug. 15
Class A (No. 1)
.45c. Sept. 1 *Holders of rec.
Standard Investing,$54 pref.(quer.)AS 1 .37 st Aug. 15 Holders of rec. Aug. 15
July 270
Standard Oil(Ohio), pref. (quar.)
Sent. 1 Holders of lee. Aug. 10
Stewart-Warner Speedometer (Quer.)_ _ _ $1.50 Aug. 15 Holders of rec. Aug.
90
Stroock (S.) & Co. (quar.)
.750. Oct. 1 *Holders of rec. Sept. 15
Quarterly
*The Dec. 22 *Holders of rec. Dec. 10
Sun 011, pref.(guar.)
14 Sept. 1 Holders of rec. Aug. lea
Swift International
60c Aug. 15 Holders of rec. July 14a
Thatcher Mfg., pref. (quar.)
900. Aug. 15 Holders of rec. Aug. 4
Thompson (John 43.) Co.(monthly).30c. Sept. 1 Holders of rec. Aug 23s
Tide Water 011, pref. (guar.)
1
Aug. 15 Holders of rec. July Tla
Tobacco Products, class A (quar.)
191 Aug. 15 Holders of rec. July 25a
Union 011 Associates (quar.)
050c. Aug. 10 *Holders of rec. July 19
Union Olin!Calif.(quar.)
50c. Aug. Ili Holders of rec. July 19a
Union Storage (quar.)
62 ite Aug. 10 Holders of rec. .Aug. la
Quarterly
624c Nov. 10 Holders of rec. Nov. 1
United Biscuit of Am.,corn.(quer.).
40e. Sept. 1 Holders of rec. Aug 18
United Engineering di Fdy., com.(qu.)
*40c. Aug. 10 *Holders of rec. July 31
Common (extra)
•20e. Aug. 10 *Holders of rec. July 31
Preferred (quar.)
'191 Aug. 10 *Holders of rec. July 31
United Milk Crate, A (qu.) (No.
•39c. Sept. 1 *Holders of rec. Aug. 15
Class A (guar.)
*50e. Dec. 1 *Holders of rec. Nov. 15
United Paperboard, pref.(quar.)
51.5e Oct. 15 Holders of rec. Oct. la
Preferred (quar.)
$1.50 Jan6•29 Hold, of rec. Jan. 2 '29a
Preferred (quar.)
$1.50 A p15'29 Hold. of rec. Apr. I '290
United Piece Dye Works,64% pf.(qu.)
191 Oct. 1 Holders of rec. Sept. 20.1
64% preferred (quar.)
14 Jan219 Holders of rec. Dec. 200
U.S. Cast Iron Pipe dr Fdy., corn.(qtr.)24 Sept. 15 Holders of rec. Sept. 3a
Common (quar.)
24 Dec. 15 Holders of rec. Dec. la
Preferred (quar.)
1.f Sept. 1.9 HolderS of rec. Sept. la
Preferred (euar.)
lz Dec. 15 Holders of rec. Der. la
U.S. Dairy Products. corn. A (guar.).- *51
Aug. 31 *Holders of reo. Aug. 20
First preferred (quar.)
Sept. 1 *Holders of rec. Aug. 20
Second preferred (quar.)
*2
Sept.
1 *Holders of rec. Aug. 20
U.S. Hoffman Machinery (quar.)
$1
Sept. 1 Holders of rec. Aug. 21a
U.S. Print. & Lith. 2d pref.(guar.)._
1 4 Oct. 1 Sept. 21 to Sept. 30
Second preferred (quar.)
1% Jan1'29 Dec. 22 to
Dec. 31
U.S.Sheet & W.G., pref.(quar.)
*2
Oct. 1 *Holders of rec. Sept.
Universal Pipe & Radiator. pref. (on.)
$1.75 Nov 1 kidders of rec. Oct. 21
15.1
Utah Apex Mining
Me. Aug. I Holders of vec July 14
Vanadium Corp. (quar.)
75e. Aug. 15 Holders of rec. Aug.
la
Vapor Car Heating, pref. Collar.)- .
14 Sept. 10 Holders of rec. Sept. la
Preferred (Agar.)
14 Dec. 10 Holders of rec. Dec. la
Venezuelan Petroleum (quar.)
5e. Aug. 15 Holders of roe. July
Va.-Carolina Chem., prior pref.(qu.) _
14 Sept. 1 Holders of rec. Aug. 31
17a
Participating pref. (No. 1)
3
Sept. 1 Holders of rec. Aug. 17a
Wayagamack Pulp dr Paper( quar.)
75e. Sept. 1 Holders of rec. Aug. 15
Western Oil& Refining. prof
4
Sept. 15 Holders of rec. Aug 15
White Motor Securities, pref.(guar.)
.14 Sept.29 *Holders of rec. Sept. 15
White Motors (roar.).
•25c Sept.29 *Holder. of rec. Sept 15
WIII & Baumer Candle,corn.(quar.)_
25c. Aug. 15 Holders of rec. Aug.
1
Wire Wheel Corp.. pref.(quar.)
51.75 Oct. I Holders of rec. Sept.
200
Preferred (quar.)
81.78 Ian 1'29
Wolverine Portland Cement (guar.).--- 14 Aug. 4 Holders of rec. Dee. 20
Holders ot rec. Aug. 15
Woolworth (F. W.) Co.. (quar.)
$1.25 Sept
Holders of roe Pam.
Wright Aeronautical Corp.(quar.)
50e. Aug. 3 Holders of rec. Aug. 16
I5a
Wrigley (Wm.)Jr.('o., corn. (inthly.)25e. Sept.
Holders of rec. Aug. 20
Common (monthly)
25c. Oct.
Holders of rec. Sept. 20
Common (monthly)
25c. Nov.
Holders of rec. Oct. 20
Common (monthly)
25e. Dec.
Holders of rec. Nov. 20
Yale & Towne Mfg. (quar.)
$1
Oct.
Holders of rec. Sept. 7a
Yellow & Checker Cab, corn. A (mthiy) 6 2-3c Sept.
Aug. 26 to Aug. 31
Common class A (monthly)
6 2-3c Oct.
Sept.26 to Sept.30
Common class A (monthly)
6 2-3c Nov.
Oct. 20 to Oct. 31
Common class A (monthly)
6 2-3c Dec.
Nov. 26 to
Nov. 30
Zellerbach Corp., pref.(quar.)
•14i Sept.
*Holders of rec. Aug. 15
•From unofficial sources. C The New York Stock Exchange has
ruled that stock
will not be quoted ex-dividend on this date and not until
notice. 1 The
New York Curb Market Association has ruled that stock further
will net be quoted exdividend on this date and not until further notice.
a Transfer books not closed for this dividend. d Correction.
e Payable In stuck.
f Payable In common stock. g Payable in scrip. h On
account of accumulated
dividends. j Payable in preferred stock.
I Associated Gas & Electric dividends payable In cash or In
class A stock as
follows: On 36 peer 333-100 shares class A stock: on $6
50 pref.. 3 61-100 shares
class A stock
m $1.50 for each 3105 paid in.
r Patin° Mines dr Enterprises dividend is four shillings per
share, equal to $0.9733
a Nulls of $4.861,5 to the
is Shelte Retail Stores declared 2% In stock, payable 4%
quarterly.

647

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 27:
INSTITUTIONS NOT IN CLEARING HOUSE WITH

CLOSING OF BUSINESS
FOR WEEK ENDED FRIDAY, JULY 27 1928.

NATIONAL AND STATE BANKS-Average Figures.
OtherCash Res. Dep., Dep.Other
Including N. Y. and Banksand
Gross
Gold. Bk.Notes. Elsewhere. TrusiCos. Deposits.

Loans.
Ma,hattanBank of U.S
Bronx Borough_ _ _
Bryant Park Bank
Chelsea Exch. Bk_
Cosmopolitan_ _ __
'Grace National__
Harriman Nat'l__
Port Morris
Public National__
BrooklynFirst National__
Mechanics
Municipal
Nassau National_
Peoples National_
Traders NatIonaL

$
142,906,500
20,393,000
2,086,500
21,170,000
8,956,269
17,712,149
33.765,000
4,472,800
112,409,000

$
$
7,700 1,860,000
4,700 624,000
71,000 185,400
- -__ 1.609,000
4,040 272,620
5,800
87,811
20,000 835,000
21,100
95,000
22,000 1,666,000

$
$
3
16,078,400 1,174,600 140,490.200
565,000
20,853,000
121,600
2,118,200
623,000
20,502,000
2,069,061
10.344,963
1,424,247 1,289,362 15,198,435
4.350.000 578,000 37,574.000
317,500
3,878,200
6,743,000 2,755,000 105.735,000

19,957,000 33,900 474,900 2,236,200
53,732,000 275,000 1,515,000
44,105,800 23,700 1,379,000 2,966.700
22,560,000 90,000 270,000 1,713,000
8,287,000 3,500 126,500
563,000
2.775.500
46.900
284.100

300.100 17.754,600
51,867,500
26,300 41,913,900
275,000 19,855,000
53.000 8,155,000
14.700 2.307.300

• Clearing non-member.
TRUST COMPANIES-Average Figures.

Loans.
ManhattanAmerican
Bronx County
Central Union
Empire
Bank of Europe & Tr
Federation
Fulton
Manufacturers
United States
BrooklynBrooklyn
Kings County
Bayonne,'N,J.
Mechanics

Cash.

Res. Dep., Dep. Other
N. Y. and Banks and
Gross
Elsewhere. Trust Cm. Deposits.

$
$
I
$
54,242,500
709,300 8.956,500
44,100 54.780,600
' 22,556,604
717.286
21,012,063
.654
'246,927,000 *31.603.000 5,009,000 3,025,000 259,538.000
I 73.094.000 *4,445,600 2,720.700 3,145,100 68 873 600
.j 16,275,066
805,785
134.107
15.759,255
' 18.240,884
228,797 1.431.277
244,737 18,761,270
16,503,200 *2,067,000
270,400
16.352,100
276,031,000 2,402,000 33,935,000 1,497,000 257,437,000
80.567,301 4.383.333 8,552,433
69,206,692
I 61,965,500 1,409,200 10,213,300
66.802.100
26,862,337 1.722.113 2,103,457
24,647.619
9,597,460

251,829

809.014

312,425

9,699,107

• Includes amount w th Federal Reserve Bank as follows: Central Union,
$30.842,000; Empire, $2,872,000: Fulton, $1,944,400.

Boston Clearing House Weekly Returns.-In the
following we furnish a summary of all the items in the
Boston Clearing House weekly statement for a series of weeks
BOSTON CLEARING HOUSE MEMBERS.
July 24
1928.
$
84,150,000
Capital
Surplus and profits_ _ _ _ . 108,448,000
Loans, disc'ts & invest'ts. 1,116.696,000
Individual deposits.
671,470.000
Due to banks
133,396.000
Time deposits
285.891,000
United States deposits...
29.272.000
Exchanges for Clg. Ilou
27,107.000
Due from other hanks__ _
82,974.000
Reeve In legal depositles
81,515,00
Cash in bank
5,742.000
Res've excess in F.R.B14.
528.000

Changesfrom
Previous 1Yeek

July 17
1928.

July 10
1928.

Unchanged
84,150,000
84,150,000
Unchanged
108,448,000 108,448,000
-4.303,000 1,120,999,000 1,130,031,000
+1.349,000 670.121,000 679,787.000
-4,539,000 137,935,000 148,092,000
-873,000 286.764.000 289.277.000
-4,708.000
5,164,000
6,628.000
+3.751.000
27.432,000
23,356,000
-2.893.000
85,867,000
86.795.000
+72,000
81.443.000
83.915,000
+224,000
8.518.000
8,355.000
+63.000
1,105,000
392,000

Weekly Return of New York City Clearing House.
Beginning with Mar. 31, the New York City Clearing
House
Association discontinued giving out all statements previously
issued and now makes only the barest kind of a report.
The
new return shows nothing but the deposits, along
Philadelphia Banks.-The Philadelphia Clearing House
with
the capital and surplus. We give it below in full:
return for the week ending July 28, with comparative figures
STATEMENT OF THE MEMBERS OF THE NEW YORK
CLEARING HOUSE for the two weeks preceding, is given below. Reserve
ASSOCIATION FOR THE WEEK ENDING SATURDAY
JULY 28 1928.
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
•Surplus d- Na Demand
Time
Clearing House
*Capital.
Undivided
Deposits
Deposits
to be kept with the Federal Reserve Bank. "Cash in vaults"
Members.
Profits,
Average.
Average.
is not a part of legal reserve. For trust companies not
$
$
$
$
Bank of N.Y.& Trust Co-_ 6,000,000 12,875,200
members of the Federal Reserve System the reserve required
54,847,000
7.507.000
Bank of the Manhattan Co__ 12,500.000 19,228.500
31.266,000 is 10% on demand deposits and includes "Reserve with
Bank of America Nat,Assoc_ 25,000,000 37,009,900 143,734.000
129.276,000
51,765.000
National City Bank
90,01)0,000 73.961,000 a833,150,000
Chemical National Bank
6,000,000 20,014,500 126,861,000 163,213,000 legal depositaries" and "Cash in vaults."
5,871,000
National Bank of Commerce_ 25,000,000 46,295,200 3
00.082,000
Beginning with the return for the week ending May 14,fthe
57,955.000
Chat.Phenix Nat.Bk.&Tr.Co 13,500,000 14,868,400 15
9,370,000
43.760,000
Hanover National Bank
5,000.000 26,702,400 114.053.000
Philadelphia Clearing House Association discontinued showing
2.959,000
Corn Exchange Bank
11,000.000 17.762.700 167,027,000
29,488,000 the reserves and whether reserves held are above or below requireNational Park Bank
10,000,000 25,069,500 120,799,000
9,890,000
First National Bank
10,000,000 87.588,200
10,047,000 ments. This will account for the queries at the end of the
Amer. Exchange Irving Tr.Co 40,000,000 52,522,200 234,677,000
362.189,000
54.671.000
Continental Bank
1,000.000 1,438,900
6,362,000
600.000 table.
Chase National Bank
50,000.000 57,470,200

Fifth Avenue Bank
Garfield National Bank
Seaboard National Bank
State Bank 4: Trust Co
Bankers Trust Co
Ti, S. mortgage dr Trust Co-Title Guarantee & Trust Co-.
Guaranty Trust Co
Fidelity Trust Co
Lawyers Trust Co
New York Trust Co
Farmers Loan & Trust Co-__
Equitable Trust Co
Colonial Bank

500,000
1,000,000
9,000,000
5,000.000
25,000,000
5,000,000
10.000,000
40,000.000
4.000.000
3.000,000
10,000,000
10.000,000
30,000,000
1,400,000

Clearing Non-Member.
Mechanics Tr. Co., Bayonne_

500.000

otais

3,158.700
1,899.000
12,351.100
6,631,700
75.000.000
5,951,000
21,857,400
59.231,700
3,648,500
3,845.200
24,009,500
22,149,200
25.591,000
3.705.600

5546,671,000
24.268,000
14,747,000
1 18,551.000
35,102.000
c326.131,000
54.958,000
38,287.000
d495,414.000
39,215,000
18,790,000
141,723,000
v111,328,000
/324.425.000
26.615,000

65,131,000
818,000
496,000
7.558.000
59,618.000
51,531,000
4,213,000
2,017,000
79,070,000
4,983.000
3.533.000
30,009.000
18,642,000
41,898.000
7,022.000

773.900

3,576,000

5,759,000

.

.

„
Includes deposits In foreign branches: (a) 5285.774,000: (6) $14,110,000:
lc)
$47.850,000: (d) $90,515,000: (e) $2,312.000: (1) 8415,841.000.
• As per official reports. National. June 30 1928: State, June 30 1928: Trust
co's,
June 30 1928.




Two Ciphers (00)
omitted.

Week Ended July 28 1928.
Members of
Trust
P.R.&mem Companies.

Capital
51,790,0
Surplus a of profits_ __ 172.807,0
Loans. disc to & Wyatt. 1,013.039,0
31,089,0
Exch. for Clear. House
83,253,0
Due from hanks
118,733,0
Bank deposits
549,434.0
Individual deposits
210.170.0
Time deposits
913.337.0
Total delsellts
Res with legal depoa.
67,457,0
Res with F R. Bank.
8,934.0
Cash i u vault•._ ___
76.391,0
Total Res & cash held
Reserve required
I
Excess reserve and cash
?
•Csret is vault rot

July 21
I.928.
Total.

July 14
1928.

9.500.0
61,290.0
64,290.0
64.290,0
13.293,0 191,100,0 191,100,0 190,967,0
107.776.0 1.120.875.0 1.132,625.0 1,145.200,0
821,0
31,890.0
36,793.0
36.938,1)
507,0
83,760.0
89.341.0
89,114,0
3.348.0 122,081,0 126.299.0 129.015,0
50,453.0 639,887.0 658,404,0 666.389.0
29,845.0 240 015.0 238,138,0 244.853.0
83.648,0 1.001,983,0 1,022.841.0 1,040,567,0
7.584,0
7,584,0
8.188,0
8.590.0
67,457.0
68,105,0
69.688,C
2.576.0
75041.0
11,727.0
11.933.f
10 160,0
t
88.020,0
90.211,0
t
?
I
?
.
I
t
I
9

owed aa reserve for Federal Rosen, Inez, era.

[VoL. 127.

FINANCIAL CHRONICLE

648

Weekly Return of the Federal Reserve Board.

the condition
The following is the return issued by the Federal Reserve Board Thursday afternoon, Aug.2, and showing
the results for the system
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present
of the corresponding week last year.
as a whole in comparison with the figures for the seven preceding weeks and with thosebanks.
The Federal Reserve Agents'
The second table shows the resources and liabilities separately for each of the twelve
Comptroller and
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between thethe returns for the
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon
latest week appear on page 622. being the first item in our department of"Current Events and Discussions."
CLOSE OF BUSINESS AUG. 1 1928.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE
Aug. 1

1928.

July

25 1928. July 18 1928. July 11 1928.

July

3 1928.

June 27 1928 June

20 1928. June 13 1928 Aug. 3 1927.

$
$
$
$
$
RESOURCES.
1,588,341,000
1,117,466,000 1,119,717,000 1,130,063,000 1,161,160,000 1,129.584.000 1,128,276.000 1,135.840.000 1,118.486.000
40,219,000
Gold with Federal Reserve agents
71,181,000
62,534,000
67,361,000
73,465,000
63.482,000
62,100.000
71,403,000
63,309.000
Tress_
U.S.
with
Gold redemption fund
1,228,521.000 1,191,684,000 1,191,758.000 1.198.374.000 1.189.667,000 1,628,560,000
Gold held exclusively asst. F. R.notes 1,180375,000 1.191.123.000 1,204,428,000
741.018.000 664,501,000
690.048.000 680,581.000 661,912,000 666,980.000 699.796.000 700.173.000 694,771.000 649,721,000
Gold settlement funo with F.R. Board
716,966,000
699,395.000 655.010.000 691,379,000 687,772.000
733,252,000
Gold tuid gold certificates beld by banks_ 728.715.000 732.347.000
3,010,027,000
3,580,406,000
2.580.917,000
2,583.310.000
2,594.876,000
2,599,592,000
2,546,490,000
2,604,031,000
2,599.538,000
Total gold reserves
152,248,000
156.027,000 157.154,000 159,244,000 152.361,000 146.100,000 154,974.000 158,354.000 153.593.000
Reserves other than gold
3,162,275.000
2,733,999,000
2,747,237.000
2,737.271.000
2,758.838.000
2,738.284.000
2,892,590,000
2,755,565,000 2.761.185.000
Total reserves
55,684,000
65,139,000
64,107,000
63,113,000
62.335,000
65,096,000
54.273.000
64,517,000
60.172,000
Non-reserve cash
Bills discounted:
265,503,000
681,513,000
653,196.000
701,618.000
777,480.000
655.500,000 596.385.000 615,027.000 713.372.000
Secured by U.8. Govt. obligations
179,870,000
430,276.000 428.724.000 396.730,000 375,896.000 413,530,000 330,256,000 337.631,000 358,345.000
Other bills discounted
445,373,000
1,042.858.000
1,085.776.000 1.025.109.000 1,011,757,000 1,089.268.000 1,191,010.000 1,031,874.000 990.827.000
Total bills discounted
177,882,000
165,879.000 169,083,000 181,035,000 187,642,000 209,664.000 223,432.000 223.882.000 240,417,000
Bills bought In open market
U. S. Government securities:
63.572.000 188,715,000
58,024,000
60,968.000
55,928,000
57,979,000
55.701,000
55.044.000
55.099.000
Bonds
84,828,000
78.584.000
87,720,000
89,505,000
78,260,000
87,584,000
90,687.000
87,206.000
87,877.000
Treasury notes
83.140,000 133,737,000
63,813.006
88.680.000
69.077.000
66,374.000
73,177,000
65.391,000
68,887,000
Certificates of indebtedness
211.663.000
490,000

Total U. S. Government Securitlee
Other securities (see note)

$

$

$

207.641.000
490,000

209,342,000
490,000

$

217,765,000
490,000

219.565.000
400,000

211.937.000
490.000

222,868.000
590.000

223.296.000
1.090,000

407,280,000
1,300,000

11131,835,000
1,463,808.000 1.402,323,000 1.402,824,000 1,495.165,000 1.620,729.000 1,467,733,000 1,438367.000 1.507.661.000
48.723,000
573,000
572.000
671,000
572.000
571.000
571.000
573.000
573.000
637,703,000
651.501,000 626.843.000 740.451.000 887.818.000 758,391,000 626.380.000 729.581,000 748.112.000
59,414.000
60,056,000
80.080.000
60,063,000
60.089.000
60,047,000 60,098,000
60.113.000
80,115,000
15,152,000
8,563,000
8,431,000
10,010 000
7,902,000
8,063,000
8,520.000
8.628.000
8,483,000
5,010,786,000
5.036.074,000
5,125,573,000
5,062,523,000
5.037.689.000
4,963,462.000
5395321.000
5,000,197.000 4,924.182,000

Total bills and securities Oa!SOW
Gold held abroad
Due from foreign banks (see note)
Uncollected Items
Bank premises
All other resources
Total resources
LIABILITIES.

1,672,530,000
1.612,690.000 1,606,582,000 1.618.863,000 1,640,150,000 1,660,132,000 1,604,635,000 1.599,372.000 1,605,425,000

F. R. notes in actual circulation
Deposits:
Member banks-reserve account
Government
Foreign banks (see note)
Other deposits

2.343.504,000 2,299.893.000 2.308,632,000 2,365,396,000 2,402,892,000 2,344,709,000 2,332.162.000 2,392,433.000 2,349,898,000
13,727,000
17.019,000
13.735.000
3.478,000
12.230.000
11,274,000
21,468.000
20,331,000
29,970,000
5,167.000
8,832.000
10,057,000
10.134,000
9,476,000
8.703,000
8.852.000
8,651,000
9,523,000
24.857,000
18,818.000
17.855.000
20.339.000
20,388.000
28,104,000
17,114.000
17.241.000
19,197,000

Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities

2.402,194.000 2,346.118,000 2,349,042.000 .407.441.000 2359.316.000 2,381.800.000 2.366.162.000 2.436.139.000 2,393,649.000
587,799.000 574,543.000 672,160.000 619,630.000 682.191,000 582,088,000 878,174,000 691,028.000 573,844.000
143.009.000 143,024,000 143.116.000 143,221,000 141,210,000 140,318.000 140.309,000 139,719,000 129,864,000
233,310,000 233,319,000 233,319,000 233.319.000 233,319,000 233,319.000 233,319.000 233,319.000 228,775,000
12,124,000
19,943,000
19.574,000
20,353,000
18.782.000
18,953,000
21,304.000
20,598.000
21,186,000

Total liabilities
5,000,197,000 4,924.182.000 5.036,074.0005,062.523.000 5,195.121,000 4,963.462.000 5,037,689.000 5325,573,000
Ratio of gold reserves to deposits and
63.8%
85.1%
64.1%
65.5%
81.8%
84.8%
64.3%
64.7%
F. R. note liabilities combined
Ratio of total reserves to deposits and
67.9%
67.6%
69.0%
69.5%
85.4%
68.7%
89.9%
68.8%
F. R. note liabilities combined
Contingent liability on bills purchased
306,285,000 305,452,000 305,188,000 310.888,000 309.038,000 305.068.000 297,824,000 295.525.000
for foreign correspondents
====
$
$
$
$
$
$
$
Distribution De Maturities-$
76,020,000
73,920.000
94.246,000
98,312,000
94,671,000 103.443,000
57.428,000
1-15 days bills bought in open market - 896.105,000
828,869,000
938,325,000
903,871.000
844,643,000
845,383.000
1,044.234.000
892,122,000
52.008,000
discounted
bills
days
1-15
405,000
3,220,000
28,267.000
19,294.000
6,942,000
736.000
805,000
1.210.000
1-15 days U. S. certif. of Indebtedness100.000
100.000
1-15 days municipal warrants
29.072,000
37,839.000
64.655100
37,114.000
49,300.000
47.389.000
open
36,340.000
market..
18-30 days bills bought In
39.364.000
40,928,000
39,563,000
35.772 000
43,862,000
39.389.000
36,139,000
38,675,000
41,988.000
16-30 days bills discounted
18-30 days U. S. certif. ct indebtedness_
16-30 days municipal warrants
43,478.000
44,012.000
55.029.000
37,931.000
44.314.000
48,376.000
42,764,000
42.714.000
31-60 days bills bought in ()nen market.
54,585,000
68,759,000
53,586,000
52,506,000
71,495,000
55.103,000
48,934,000
81,514.000
31-60 days bills discounted
31-60 days U. S. certif. of Indebtedness.
31-60 days municipal warrants
24,602,000
26.683.000
21,772.000
26,099,000
25,410,000
22,887.000
23,651,000
25,519.000
61-90 daYs bills bought In open market.
43,594.000
59,333,000
29,611,000
40,859.000
57,393,000
31,916,000
35,388,000
51,540,000
01-90 days bills discounted
Indebtedness.
of
certif.
S.
U.
days
61-90
81-90 days municipal warrants
7,329,000
4,715.000
5.722.000
5,593,000
6,276.000
7.101.000
5,007.000
8,185,000
Over 90 days bills bought In open market
15.201.000
13.868,000
20.238.000
16,297,000
19,038.000
14,631,000
12,903,000
19.311.000
Over 90 days bills discounted
63,408,000
54,873,000
65,8.57,000
66,235,000
69,386.000
67,767,000
64,586,000
65.638,000
Over 90 days certif. of Indebtedness
Over 90 days municipal warrants
F. R. notes received from Comptroller
F. R. notes held by F. R. Agent

5.010,786,000
74.0%
77.8%
150,745,000
$
105,945,000
349,810,000
32,649,000
20,136,000
26,908,000
37.099,000
66,464,000
10,686,000
29,042,000
1,694,000
9,276.000
67,273,000

2,825,782,000 2,822,202,000 2,831.152,000 2.824,675,000 2.819.200,000 2.817.335.000 2.810,515.000 2,796.819,000 2,913,429,000
806,970.000 799,770,000 796,880,000 783.160,000 798,775,000 817,380.000 811,770,000 802,470,000 860,581,000
2.018,812.000 2,022,432,0002.034.272,000 2,041.515.000 2.020,425,000 1.999.955.000 1.998,745.000 1,994,349,000 2,052,848,000

Issued to Federal Reserve Banks
How Secured-

By gold and gold certificates
Gold redemption fund
Gold fund-Federal Reserve Board
By eligible paper

348,477,000 352,477.000 352,476,000 354.977.000 355,376.000 355,378.000 354.626,000 354.806,000 413.275.000
94.115,000
99,815,000
95,355,000
98.380,000
96,552.000
91,448,000
94,335.000
99,796,000
88.624,000
669.193,000 675.794.000 683,132.000 706,388,000 677.656,000 684,276,000 686.879,000 665.494,000 1.080,951.000
598.287.000
1.222,349,000
1.157,472,000
1,318,795,000 1,195,831,000 1.150,342,000 1.234,877,000
1,213.595,000 1,160,789,000

2,331.081,000 2.280.506,0002,288.435.0002,380.509.0002.448.379.000 2.323 107 nnn 9 onc i R9 nnn 9 252 262 nnn 2 1/16.628.00
NOTE.-Beginning with the statement of Oct. 7 925. two new items were added In order 101110w separately the amount of balances held abroad and amounts duet*
foreign correspondents. In addition, the caption "All other earning assets." prey ously. made up of Federal ntermediate Credit bank debenturee, was changed to
ties.' The latter term RR adopted as a more accurate description of the total of the
"Other securities." and the caption "Total earning assets" to -Total bilis and13secur
and 14 of the Federal Reserve Ac ,which. t was stated. are the only Item included therein.
dismount acceptances and securities acquired under the provisions of sections
Total.

WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS AUG. 1 1928
Two ciphers (00) emitted.
Federal Reserve Ban* of-

$
$
Dom with Federal Reserve Agents 1,117,466.0 101,934,0
63.309,0 6.923.0
Gold red'n fund with U.S.Trull

Phila. Cleveland. Richmond Atlanta. Chicago. St. Louts. Mennecty. Kan.CIty. Dallas. Sem Frage
$
1
3
4
$
$
$
$
5
$
$
175.367.0 78,089.0 131.130,0 25.392.0 72,166,0 214,808,0 22,040,0 44,543,0 44,308.0 15,370.0 191.359.0
16,372.0 4,895,0 8,907,0 2.316,0 4,080,0 7.050,0 5,786,0 3.012,0 1,803,0 1,287.0 2,788.0

Gold held encl. eget. F.R. notes 1,180,775,0 108,857.0
Gold settle't fund eith F.R.BOard 690,048.0 60,364.0
728,715,0 26,299,0
Gold and gold certllicates

191,739,0 82,984,0 138,037,0 27.708,0 76.246,0 221,858.0 28,726,0 47,645,0 46,171,0 16,657.0 194,147,0
218.902,0 40,902,0 72,057.0 15.289,0 9,937,0 135,357,0 27,782,0 18,474.0 44,822,0 11,919,0 33,903.0
491.012.0 27,120,0 41.417.0 7,958.0 7,463,0 54.727,0 12,142.0 5,428,0 6,801,0 16,338,0 32,002,0

2,599,538.0 195,520.0
156,027,0 14.185,0

901,653,0 151,006,0 251,511,0 51,495,0 93,646,0 411,942,0 68.650,0 71,557.0 97.594,0 44,912,0 260,052,0
30,228,0 7,420,0 14,499,0 11,571,0 18.711,0 18,986,0 16.810.0 2.238,0 5.100,0 5,880,0 10,399,0

2.755,565.0 209,705,0
Total reserves
60.172,0 5,846.0
gon-reservecash
Mils discounted:
Sec. by U.S. Govt. obligations 655,500,0 28,187,0
430,276,0 37,860,0
Other bills discounted

931,881,0 158,426.0 286.010,0 63,066,0 112.357,0 430,928.0 85,480,0 73.795.0 102 694 0 50 702.0 270,451.0
18,964,0 1,704,0 4,325,0 3,916,0 4,477,0 9,063,0 3,197,0 1,143,0 1,905,0 2,401,0 3,141,0

Total.

Boston.

RESOURCES.

Total gold reserves
Risen% other than gold

Total bills discounted
3111s bought in open market
7. S. Government securities:
Bonds
Treasury notes
:IertIfIcates of Indebtedness
['OW
'L

IT_ R Claqw

swmorIff601




1,085,778,0 66,047,0
185,879,0 19,858,0
55,099,1
87.677,0
68,887,0
911 41520

703,0
2,486,0
4,427,0
7

me n

New York.

240,904,0 69,254,0 52,010,0 20.748,0 14,177,0 136,974,0 21,475,0
98,979,0 25,144,0 35,289,0 35,599,0 57,363,0 49,187,0 33,664,0

8,431,0 8,269,0 14,638.0 40,433,0
7,607,0 13,907,0 12,120,0 23,577.0

339,883,0 94,398,0 87,299,0 58,347,0 71,540,0 186,141,0 55,139,0 16,038,0 22,176,0 26,758,0 64,010,0
136,0 9,971,0 8,487,0 10,707,0 20,087,0
35,288,0 14,290,0 17,318,0 6,677,0 12,406,0 10,676,0
41,0
504,0 1,153,0
49,0 19,927.0 7,125,0 4.519.0 11,140.0 7,969,0
585.0
1,384,0
4,312,0 3,091.0 3,936,0 12,414,0
862.0 3,289,0 5.240.0
14,481,0 9,723.0 27,843,0
3,919,0
4,027.0
4,327,0
2,214,0
.5.550.0
1,529.0
1,889,0 9.151,0
19.614,0 11,340,0
fas 470

n

21

4145(1 33.897.0

3 644

n

419270

24 216 0

7 19410

11 nsn

n

IR 565

n 15 82411 17.3820

AUG. 4 1928.]

• FINANCIAL CHRONICLE

ISSOURCES (Conclutted)Two Ciphers (00) omitted.

Total.
$
490,0

Othersosurides
Total bills and securities
Due from foreign banks
Uncollected items
Bank premises
All other resources

Boston.

New York.

Phila.

$

8

$

1,463,808,0 93,519,0
573,0
37.0
651.501,0 66,289.0
60.115,0 3,824.0
8,463,0
94.0

649

Cleodatul. Richmond Atlanta. Chicago. St. Louis. Minfteap. Kan.City, Dallas,
Eats Frans
$
$
3
$
3
$
$
3
3
490,0

410,650.0 130,336.0 138,514,0 66,568,0 89.173,0 231,135.0 62,400.0 37,544,0 49.201,0 53,289.0
101A79,0
47.0
218,0
21,0
25,0
69,0
52,0
21,0
13,0
18.0
17,0
35,0
186.572.0 52.952.0 58,616,0 46,308,0 18,438.0 77,135,0 27,194,0 13,628,0 42,598,0 25.744,0 35.927 0
16.568,0 1,752,0 6,806,0 3,482,0 2,833,0 8,720,0 3,902,0 2,202,0 4,308,0 1.884.0 3,834
.
.0
1.267,0
412,0 1,272,0
982,0
239,0 1,271,0
552,0
884,0
420,0
495,0
575,0

5,000,197,0 379,314,0 1,566,120,0 345,546,0 475,694,0 183,777,0 228.571,0 758,032,0 182,726.0 129,209,0 201,144,0 134,622,0
Total resources
415.442,0
LIABILITIES.
F. R. notes in actual circulation.. 1,612,690,0 142,023,0 340,067,0 126,898,0 188.798,0 51,078,0 128,696,0 273,783,0 57,570,0 54,002,0 55,897,0 29,555,0
164.323,0
Deposits:
Member bank-reserve acc't__ 2,343,504,0 146,154,0 935,417,0 131,512.0 186,837.0 65,067.0 63.477,0 350,522.0 78.698,0 49,757,0 92,390.0 64,251,0 179,422,0
29,970,0 1,306,0
Government
7,229,0 1,038.0
790.0 3,221,0 2,722,0 5,667,0 1,2e3,0 1,642,0 1,479.0
934,0 2,679,0
Foreign bank
9,523,0
760,0
2,248,0
426,0 1,408,0
517,0
436,0
962.0 1,054,0
273,0
365.0
355.0
719.0
19,197,0
Other deposits
288,0
8.449.0
261,0
80,0 1,286,0
200.0 1,184,0
348,0
355.0
628.0
179.0 5,939.0
Total deposits
Deferred availability items
Capital paid In
Surplus
All other liabilities

2402.194,0 148,508.0
587,799,0 59,614,0
143.009,0 9.895.0
233,319,0 17.893,0
21,186,0 1,381,0

953.343.0
155.886,0
47,564.0
63,007,0
6.253.0

133.712,0
47,782.0
14.179,0
21,662,0
1,313,0

189,865,0 69,066,0 66.705,0 358.883.0 80,752,0 52,020,0 94,862,0'65,719.0
56,495,0 44 087.0 16,877,0 70.752,0 27,486,0 12,055.0 36,457,0 26,041.0
14,259,0 6.073,0 5,140,0 18,221,0 5,381,0 3,022,0 4,202,0 4,318,0
24,021.0 12,324,0 9,996,0 32.778,0 10,397,0 7.039.0 9,046.0 8.527.0
2,256,0 1,149J0 1,157,0 3,615,0 1.140.0 1.071,0
680.0
462,0

188.759.0
34.267.0
10,7:5,0
16.629.0
709,0

Total Ilabillties
5,000,197,0 379,314,0 1,566,120,0 345,546,0 475,694,0 183,777,0 228,571,0 758,032,0 182,726,0 129,209,0 201,144,0 134,622.0 415,442,0
Memoranda.
Reserve ratio(per cent)
68.6
72.2
72.0
52.5
57.5
70.2
60.8
69.6
61.8
68.1
68.1
53.3
76.6
Contingent liability on bills purchased for foreign correstiond'ts 306,285.0 22,924,0
86,829,0 29,037,0 31.787,0 15,588,0 12,837,0 42.485,0 13,143,0 .8,253.0 11,003,0 10,698,0 21.701,0
F. R. notes on hand (notes reed
from F. R. Agent less notes in
circulation
406.122.0 25.048.0 127.801.9 29 161 0 22 504 0 14.738.0 27.020.0 45.234.0 11.055.0 7.208,0 8,838,0 6.115,0 71,280,0
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS AUGUST 1 1928.
Federal Reserve Agent al-

Total.

BMWs.

New York.

Phila.

Cleveland. Richmond Atlanta. Chicago. St. Louis. Mantas,. Kon.CRY. Dallas- San Frani

Two ciphers (00) omitted.
$
$
F.R.notes rec'd from Comptroller 2.825,782,0 235,021,0
F.R.notes held by B. R. Agent__ 806,070,0 67,950.0

$
s
$
$
3
$
8
3
$
$
3
737.988,0 181.489,0,253,422,0 89,985.0 225,486.0 448,617,0 87,105.0 80.129,0 99,265.0 55,672,0 331.603,0
270,120,0 25.400.W 32.030,0 24,169.0 69.770,0 129,600.0 18,480,0 18.919,0 34.530.0 20,002.0 96.000,0

F. R.notes Issued to F.R.Bank_ 2.018,812.0 167,071,0
Collateral beia as security tor
F. Ft. notes Issued to F. R. Bk.
Gold and gold certificates
348,477.0 35,300,0
Cold redemption fund
99,796,0 18,634,0
Gold fund-F.It. Board
669,193.0 48,000,0
Eligible paper
1,213,595 0 85.883,0

467,868,0 156,089,0221,392.0 65,816,0 155,716,0 319,017,0 68,625.0 61,210,0 64,735.0 35,670,0 235,603,0

153,161,0
50,000,0 20,396,0 22.750,0
9,803,0 35.000,0
7.900,0 14,167,0
17,206.0 9,512,0 11,130,0 4,996,0 9,916,0 1,808,0 2,040,0 2.376,0 3.508,0 2,567,0 16.103,0
5,000,0 68.577,0 70,000.0
39.500,0 213.000.0 13.000,0 28,000,0 40,860,0 3.000.0 140,256,0
360,136,0 89.963,0 104,293,0 61,533,0 83,902,0 196,681,0 55,255,0 23.920.0 30.504.0 37,449.0 84,076,0
2 331 061 0 157 R17 01 51, Scan lay acq n Olt .101 01 Ril 025 n 156 11410 0 411 4R60 7R 105 0 AA 4S20 74 079(1 52 S190 275 435 0

Total collateral

Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the 636 member banks from which weekly returns are obtained. These figures are always a week behind
those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement
of Dec. 12 1917, published in the "Chronicle" of Dec.29 1917, page 2523. The comment of the Reserve Board upon the figures
for the latest week appears in our department of "Current Events and Discussions," on page 623. immediately following which
we also give the figures of New York and Chicago reporting member banksfor a week later.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS JULY 25 1923 (In thousands of dollars).
Federal Reserve District-

Total.

Boston. New York

Phila.

Cleveland. Richmond .411anta. Chicago. St. Louis. Minneap. Kan.City. Dallas. San Frans

Loans and investments-total

S
$
$
5
$
22,218,546 1,528,161 8,443,315 1,232,112 2,218,328

Loans and discounts-total

15,691,686 1,077.976 6,035,677

S
675,370
_
839,213 1,479.905 516,023

$
$
632.207 3,276,980

$
721,258

$
373,773

S
680.745

S
5
456,026 1.980.271

499,779 2,389.661

507,205

240,858

442,111

333,957 1,329,321

Secured by U.S. Gov't obliga'ns
129,690
Secured by stocks and bonds._.. 6.595.964
All other loans and alscounta____ 8,966.032
Investments-total
6,526,860

9,625
49,189
409,362 2,815,370
658,989 3,171,118

9,211
459.683
370,319

13,297
678,033
788,575

3,630
185,400
326,993

4.155
22,009
131,661 1,043,411
363,963 1,324,241

4,710
217,769
284.726

2,344
80,965
157,549

3,066
126,816
312,229

3.748
85,544
244.665

4,706
361,950
962,665

450.185 2,407.638

392,899

132.428

887.319

214,053

132,915

238.634

122,069

650.950

163,783 1,178,353
286,402 1,229,285

107,787
285,112

738,423
_
316,426
421,997

159,347

U. S. Government secnritles_ _ __ 2.956.769
Other bonds, stooks and secut Wes 3,570,091

71,112
88,235

59,689
72.739

365,449
521,870

74,892
139,161

70,812
62,103

111,388
127,246

82,349
39,720

354,729
296.221

77.697
13.833

131,283
28,021

38.891
11,611

38.989
10,177

258.289
39,170

46,409
6,887

23,934
6,103

56.495
11,523

33.604
8.817

117.648
22,103

351,917
245,209
819

314,738 1,823,270
242,622 1,258,075
4,801
4,458

378.800
241,412
2,812

217.801
129,587
830

499.351
179,082
1,319

222,736
468,003

41.875
112,840

47,502
83,532

121,886
229,273

52.791
86,524

142,596
190.768

Reset ve with F.R.Bank
Cash In vault
Net demand deposits
Time de posi ts
Government deposits

1.689,578
241,552
_
13,050,589
6.905,405
71,692

897,599 5.710,126
492,425 1,682,565
3,312
21,822

721,602 036,363
306,305 1.976,789
3.160
4498

1.067,116
3,059,891

56,125 128,695
135,062 1.205,844

Due from banks
Due to banks
Borrowings from F. R. Bank-total
Secured by U.S. Gov't obliga'ns.
All other

97,160
18.048

769.179
65.259

286,976 812,046
131.869 1,019.465
18.071
5,790

53.607
157,962

88,439
2069
8 0

47.921
93.566

62,943
89,537

798,532

42,129

268,212

55.708

81,942

128,911

36,642

9.679

19,034

15.730

60,759

11,375
30,754

180.096
88,116

45,533
10,175

48.944
32,998

32,573
_
15,547
17.026

47,213

500,347
298.185

9,186
38.027

101,119
27,792

14.100
22,542

6.390
3,289

8.359
10,675

12,708
3,022

46,990
13,769

636

36

78

49

701

64

31

02

99

24

64

44

6

Number of reporting banks

Condition of the Federal Reserve Bank of New York.

The following shows the condition of the Federal Reserve Bank of New
York at the close of business Aug. 1 1928, In
comparison with the previous week and the corresponding
date last year:
RetoureetGold with Federal Reserve Agent
Gold redemp.fund with U.S.Treasury.
Gold held exclusively agst. F. R. notes
Gold settlement fund with F. R. Board_
Gold and gold certificates held by bank_
Total gold reserves
Reserves Other than gold
Total reserves
Non-reserve cash
Bills discountedSecured by U. S. Govt. obligations__
Other bills discounted
Total bills discounted
Bills bought in open market
U.S. Government securitiesBonds
Treasury notes'
Certificatee of Indebtedness
Total U.S. Government securlUesTotal bills and securities (Ste Note)

Aug. 1 1928. July 25 1928. Aug.
3 1937.
3
$
$
175,367,000 175.452,000 336,454,000
16,372,000
18.026,000
10,417,000
191,739,000
218,902.000
491,012,000

193,478,000
194,642,000
499,901,000

346,871,000
250,012,000
477,064,090

1,653,000
30,228,000

888,021,000 1,073,947,000
31,530,000
31,364,000

931,881,000
18,964,000

919.551.000 1,105,311.000
20,433,000
12,410,000

240,904,000
98,979.000

202,140,000
108,204,000

97,148,000
26,549,000

3 2:ggli:g8g

322,81/:Sgg

123.697,000
59,232,000

1.384,000
14,481,000
19,014,000

1.381,000
14,061,000
15,213,000

26,332,000
16,899,000
28,160,000

35,479.000

30,658,000

71,391,000

410.650.000

369.814,000

254,320,000

Resources (Concluded)Gold held abroad
Due from foreign banks (See Note)
Uncollected items
Bank premises
All other resources
Total resources

Aug. 1 1928. July 25 1928. Aug. 3 192 7
$
$
$
218,000
186.572.000
16.568.000
1,267.000

218.000
167,632,000
16,568,000
1,375.000

1.566,120.000 1,495,591,000 1,569,131,009

LtaM/StisteFedi Reserve notes in actual circulation
Deposits-Member bank, reserve acctGovernment
Foreign bank (See Note)
Other deposits

340,067,000
935,417,000
7,229,000
2,248,000
8,449,000

Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities

953,343,000 901.509,000
155.886,000 141.175.000
47,564.000
47.564,000
63.007,000
63,007,000
6,253,000
6,064,000

Total liabilities
Ratio of total reserves to deposit and
Fedi Res've note liabilities combined_
Contingent liability on bills purchased
for foreign correspondence

13,632,000
162.088,000
16,276,000
5,094.000

336.272,000 378.754,000
889,235,000 937.160,000
1.604.000
1.681.000
1,781,000
1,677,000
17,691,000
8.916,000
958,236.000
129,098,000
38,976,000
61,614,000
2,453,600

1,566,120,000 1,495.591,000 1,569,131,000
72.0%

74.3%

82.7%

86.829,000

86,329,000

41,385.000

NOTE.-Beginning with the statement of Oct. 7 1925, two new items were added
in order to show separately the amount of balances held abroad and amcunts due
to foreign correspondents. In addition, the caption, "All other eating assets," previously
made up of Federal Intermediate Credit Bank debentures, was changed to
"Other securities." and the caption, "Total earning assets" to "Total bills and Securities." The latter term was adopted as a more accurate description
of the total of
the discounts, acceptances and securities acquired under the provision of Sections 13 and 14 of the Federal Reserve Act, which, it was stated,
are the only Ltems included
therein.




(Vol,. 127.

FINANCIAL CHRONICLE

650

New York City Banks and Trust Companies.

fflaniters' ljantic
Wall Street, Friday Night, Aug. 3 1928.
Railroad and Miscellaneous Stocks.-The review of the
Stock Market is given this week on page 638.
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. 3.

Saks
for
Week.

Par. Shares

Range for Week.

Range Since Jan. I.

Lowest.

Highest.

Lowest.

per share.

per share.

per share $ per share.

Highest.

Railroads1
Boston & Maine
Buff Roch & Pitts__ _1
1
Preferred
Detroit & Maciinac_ 1
Havana Flee fly
1
Preferred

200 7434 Aug 2 7615
10 66 July 31 69
20100% Aug 1 100%
10 45 'July 31 45
300 11 July 3 11
100 72 Aug 3 72

July 28
Aug 3
Aug 1
July 31
July 3
Aug 3

58
BO
94
45
10
64

20 804 July 31 82 July 31 7934
El Cent leased line_ 10
100 77 July 31 78 Aug 3 75
RR secured stk ctf _100
Mlnneap & St Louis_ 100 400 234 Aug 1 234 July 28 134
60 83 Aug 2 83 Aug 2 83
51
Morris & Essex
100 177 Aug 1 177 Aug 112534
Nash Chatt & St L1I I
139 July 31 125
5013834 Aug
us
New Oil Tex & Mex_l
634 July 2: 54
52.009 6 Aug
NY Central rights
21 Aug 3 74
100 21 Aug
1
N Y State Rye
Phila Rapid Tran pref _50
Pitts Ft W & Chic pfd100
Rensallaer & Saratogal
So fly M & 0 etts_ _ _100

20 50
50 156
14.3 34
90 125

may

Feb 83
Feb 88
M 10515
July 50
M
1734
M
7215

Apr
May
Jan
June
May

June 86
July 8235
May 615
July 89
M 2044
Ap 1484
July 634
M
2534

Apr
June
May
June
May
May
June
July

Aug 150 Aug 150
Mar 50
Mar
Apr
Aug 1 156 Aug 1 156
Aug 167
Aug 314334 Aug 3 14334 Aug 150
May
Aug 2 130 July 28 100
Jan 15934 Jan

Indus. & Afiseell.

Aug 324 June
Aug 10115 June
Jun 5714 May
June 117% May
Aug 252
May
July 14 July
June 56% July
Jan 334 May
July 2535 July
Apr
38
M
Mar 194 Apr
Jun 11635 Mar
Jun 60 ' Apr

Aug 2
4 Aug 2
4
Davison Chemical right 1,
7 234 July 28 234 July 28 234
DeBeers Cons Mines... _
42 Aug 2 4234 July 30 42
1,2
Debenham Securities_
15 July 28 104 Aug 3 12%
Dodge Bros"A" Ws_._•21,2
74 July 3 83% Aug
64
•67,4
Pie! ctfs
July 2 9834 July 31 80
9414
•27,
Drug Inc
• 1
35 July 2 35 July 2 344
Eitingon &Mid
1014
101% Aug
1 101% Aug
lii
Preferred
1 110 July 3 110 July 31 10934
ElecAutoLitepreL..1Il
30 1334 Aug 2 14 July 31 1311
Elk Horn Coal prig_ _ _
100 64 Aug 1 64 Aug 1 215
Emerson-Brant Cl B-79 July 31 824 July 28 7435
• 1,3
Gen Ice Cream
Graham-Paige Mot ctfs• 10 3014 July 31 3034 July 31 264
11113.1
72% July 3 78 Aug 1 654
Grand Stores
1111 107 July 31 107 July 31 107
Preferred
• 1,
27 Aug 1 28 Aug 2 2634
Grand Union
47 July 31 474 July 31 47
1
Preferred
10 254 July 31 2574 July 31 254
Hackensack Water p1_25
20 2834 Aug 2 304 July 31 2534
25
Preferred A

A
Aug
July 27%
Aug 494
Jun 16%
Jun 834
9934
M
July 404
Aug 11434
July 110
May 19
954
Ap
July 824
Jun 3634
Jun 78
Jun 107
July 304
July 50
July 384
Jan 3031

Aug
Mar
May
Aug
Aug
May
June
June
July
Feb
may
July
June
Aug
June
June
June
June
July

100 116 July 31 116 July 31 11044 Jan 116
Internal Nickel pref_100
Internet Paper ctfs____• 2.300 6631 Aug 3 71 July 31 6635 Aug 7234
3 IA 103
Pref certificates__ _100 1,500 9734 Aug 210134 July 30 97Keith-Albee-Orpheum _• 1,700 1834 July 31 194 July 28 1534 May 25
100 300 80 Aug 3 8234 July 30 7534 May 99
Preferred
*17,100 104 Aug 3 1115 July 31 74 July 2234
Kelvinator Corp
Holster Radio Corp._ _.•37,100 534 July 28 58 July 30 51% July 584
54
A
Lehigh Portland Cem150 400 46 Aug 3 474 Aug 3 46
• 80010034 Aug 110134 July 30 9915 Ma 11034
Loewli preferred
McKeesport Tin Plate.* 5.800 6734 July 30 6834 Aug 1 624 Jun 724
• 900 424 Aug 1 4354 Aug 1 424 July 52
Maytag pre(
• 700 91 July 28 914 July 31 91
July 101
Prior preferred
•23,7 il 2934 Aug 1 3211 Aug 1 2514 Jul 3234
Mengel Co
110
31
July
July
Ap 111
10515
31
110
10
100
pf_
Milw Ele Ry & Lt
July 134
•13..11 123 July 31 134 Aug 1 94
Motor Products
1,300
80 Jun 8534
4,1,
Pacific Lighting
Jar 12534
21 12154 July 2812134 July 28 115
Pac Tel & Tel pref__ _100,
30
July
914
911 Jun 1434
30
July
935
211
_50
Penne Coal & Coke__
Ap 53%
Phillips-Jones Corp__ - -• li I 45 July 31 45 July 31 38
An 99
2 934 July 31 9334 July 31 85
100
Preferred
Postal Tel &Cable pref• 6'' 10135 July 30102 July 30 1014 July 103
July 2934
Spans. Chalfant dr Co_.• 1,100 29 July 30 2931 Aug. 2 26
Standard Sanitary Mfg_* 1,300 3715 Aug 3 384 July 30 34 Junel 424
Aug 2 40 July 28 3834 AugI 4111
Stanley Co
*I 1,900 3834
20 1114 July 31 11134 July 31 10435 Jan11134
1
The Falr pref
1 45,600 37% Aug 11 43 Aug 3 3215 June 43
Trice Products
Fehl 12
150 114 July 3(3 12 July 31 5
United Dyewood_- I
1.311 1734 Aug 2 23 July 31 1731 Augi 2774
United Paperboard_ -1

June
JU1Y
July
June
May
Apr
July
Mar
May
Apr
May
May
Aug
June
Aug
June
May
Jan
May
May
July
July
May
July
July
Aug
July
Apr

Bank, Trust & Insurance Co. Stocks.
40642
30 744
70636
100 181

July 28.645
Aug 2755
Aug 2645
July 31 500

July 31 550
July 30 560
Aug 3 600
Aug 3 410

Feb770
Feb 940
May 53
Jan 599

June
May
May
May

• No par value. a Schilling&

New York City Realty and Surety Companies.
(All prices dollars per share.)

Alliance RItY
Amer - Surety_
Bond & M G.
lawyers Mtge
Lawyers Ttle
&Guarantee

Bid
73
285
420
345

Ask
85 Mtge Bond_
295 N Y Title &
435
Mortgage..
352 US Casualty.

328

335




Bid
165
600
380

Ask
183
240
775
-_
205
275
553
575
285
925
646
625
646
_
2300
4100
600
1335
1050
285
745
820
700
192

(411 prices dollars per share.)
Ask Tr.Cos.-N.Y. Bid
Banks-N.Y. Bid
Port Morris-- 675 725 Bronx Co Tr_ 400
760 775 Central Union 1660
Public
675
Seaboard _ - 825 835 County
270 280 Empire
I 425
Seventh
185
190 Equitable Tr.I 500
Seward
715 735 Farm I.& Ti_I 795
States
300 325 Fidelity Trustl 400
Trade*
565
Yorkville__ - 250 290 Fulton
651
Guaranty_
Yorktown*._. 225
tnt'loermaniCl 235
Interstate_ --1 275
Brooklyn.
475 525 Lawyers Trust _
First
Globe Exchs. 325 375 Manufacturer
New 525par 223
Mechanics'_ _ 371 377
Municipal._ _ 410 420 Murray Hill__ 265
440 460 Mutual(Wes
Nassau
chester)..... 365
980
,People's
170 190 N Y Trust__ 735
!Prospect
Square 185
Times
1
Title Gu & Tr 805
IATrust Cos
U S Mtge & Tr 495
New York.
m Ex irv Ti 430 434 United States 3100
Westchest'rTr 1000
Bence Comle
Brooklyn.
425 475
Italians
Brooklyn_ _ _ 1100
Bank of N
& True/ Co 690 710 Kings Co-_ 2700
963 iMidwood____ 275
Bankers T us 957

Ask
450
1685
725
435
508
805
420
600
656
241
285
_227
280
395
745
190
815
510
3250
1100
1200
2900
325

*State banks. t New stock. z Es- divl -end. r Ex-stock div. Is Ex-rights.

Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
0,i
,WatuHty.
Dec. 15 1928._
Dec. 15 1928._
Mar. 15 1929.Mar.15 1929_._

int.
Rate.
34%
4%
34%
324%

, •.p,

did.
9911/2
991411
991111
9911n

mammy.

Int.
Rate.

II
9912n i --pt. 15 1930-32 314%
9922n !Mar. 15 1930-32 334%
9921,1 Dec. 15 1930-32 311%
9924st

Bid.
97'52
971"n
972081

Asked.
98
98
98

United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
Below we furnish a daily record of the transactions in Libcertificates on the New York
July 10214 Apr
.erty Loan bonds and Treasury
July 1074 May Stock Exchange. The transactions in registered bonds are
July 143-4 June
of the tabulation.
Ap 11034 July given in a footnote at the end

6,500 88 July 31 9334 July 28 88
Abitibi Pr & Pap p1-1
1,000102 July 2:10234 July 31 102
Am Pow & Lt pref
Am Tel & Tel rights....95,400 1134 July 31 12 July 30 1134
160 108 July 28 108 July 2 104
Am Wholesale preLAIl
• 2.500 2634 Aug 3 304 July 31 2634
Barker Bros
400 9615 Aug 3 99 July 3:I 9634
1
Preferred
Brockway Motor Trks_•26.4001 514 July 3 5534 Aug L 454
1
41111334 Aug 111354 Aug 1 1 110
Preferred
41123931 Aug 224134 July 3112394
Bklyn Edison ctfs
21
Canada Dry GA rights_ 14.611 lA Aug 2 115 July 2:
5011 July 28 5434 July 31 4534
Chickasha Cotton MA 12,5
14
200 1 July 31 115 Aug
_ _•
Conley Tin Foil etpd_
2331 Aug 1 2434 July 28 23
Cons Film Ind pref____• 2.7
ContalnerCorpclA.As 4,555 23 Aug 2 25 July 2 213.4
• 3.111 1215 Aug 2 1331 July I 1015
Class B
1111334 Aug 111334 Aug 1 112
Cushmans Sons pf 8%•
523-4 July 3 53 July 30 52
6
Cutler Hammer Mfg.iI

Bank of Commerce_ A
Bank of Manhattan_100
Corn Exchange Bank 100
Equit Tr Co of N Y_ _100

Banks-N.Y. Bid
179
America
Amer Union*. 230
Bronx Bank*. 700
Bryant Park* 230
Central
195
250
Century
Chase
548
Chath Phenix
Nat Bk 'Yr 568
Chelsea Each* 275
Chemical_ _ _ _ 905
Colonial*. __ 1275
Commerce_ _ 640
Continental*. 550
Corn Exch__ 645
Cosinopolit'n• 500
Fifth Avenue_ 2200
First
000
Garfield
Grace
458
Hanover
1305
Harriman _ _ _ 975
275
Liberty
Manhattan*
735
National City 812
Park
690
Penn Exch
182

Rid , .hsk
Ask
175 Realty ASsoe'S
290
280
(Bklyn)com
99
96
let pref- _
605
95
2d pref._ _ _ 93
395
Westchester
Title & Tr_ 650

Daily Record of U. ,9. Bond Prices. July28 July30. July31. Aug. 1. Aug. 2 Aug. 3.
fHlgli 9924n 9944n 9940/1 9911n 9912n 100
First Liberty Loan
99.181 9921n
334% bonds of 1923-47_ Low. 99"ss 99"s: 99..st 9921n
9914,s 991412 9912n 9811/1 100
(First 331)
Close 991114
106
26
8
3
105
1
Tote.) sales in $1,000 units__
- ----- - --Converted 4% bonds of1High
-----1932-47 (First 45)....._ Low.
- --- ---- ------Cloee
_ _ __
____
..__
____
__ _ _
Total sales in $1.000 units_ .
10011n 10026n
10011n 10014n 101
n
10014
Converted 434% bondelEIbib
10011n
10011/1
10011n
100"/,
.10022n
of 1932-47 (First 41(s) Low_ 10011
.10014, 100.13 1002.31 100,431
Close 10011n 10011
175
58
120
37
63
21
Total sales in 51.000 units. _.
Second converted 44% High
--------- ---- - -_
bonds 011932-47 (First Low.
- --- ------- -'Second 44s)
iCiose
-__ _
Total sales in $1,000 units...
__ _ _
-- - --- - - IMP
7
100
100100
Third Liberty Loan
High 1001n 100
100
100
100
100
100
44% bonds of 1928._ Low_ 100
100
100
100
100
100
(Third 43(s)
>Cloee 100
10
8
22
46
41
13
Total sales in 81.000 units_ .
Fourth Liberty Loan
1011n 101.n 101..st 101"n 101Tas
H hilt 101
414% bonds of 1933-38._ Low_ 10022n 101112 10011n 1012/1 101221 101
Close 100"as 100.4 1011.2 101..ss 101.ss 1014st
(Fourth 44s)
208
240
400
150
287
Total sales in $1,000 units. __
77
Treasury
---- 111.st III"., 111.ss 111"ss 1112/1
{}1100
- -- 1111n 1112n 1114n 1111/1 1111n
434s, 1947-52
Lew.
Close
__-_ 111.as 111.ss 1111ss 111"as 111 list4
5
10
14
Total sales in 41.000 tongs__.
4
____
---- 108"ss
1062n 108.ss
{High 10n
61
10612:1
4s. 1944-1954
Low. 1061n 1064.1 101512,1
--- 10612n
Close 1061n 1064n 1064n
1
Total safes In $1,000 units__
10
6
-_-- 10421, 103.21Ws
____ 104.n
____
High
- - 109.st 1031411
____ 104.st
____
3140, 1946-1956Low.
---- 104.st 10322/1
104.ss
____
Clot*
10
50
__ - 12
Total sates in 11.000 sings- ___ _
--- _
9812n
994n
. ____ 991,2
(H 1st' 9822n 9824
9812n
98"st
98,
_-_
3315, 1943-1947
Low. 9821n 981232
---- 98..as 985.ts 9822n
Clan! 982222 981121
2
1
11
Total sales in 51.000 units. _
50
98.0,, Imo., 9814il
98":,98n,,
1 High est.,,
*3355, 1940-1943
LOP _
98"ss 98"ss 98"n 98"ss 98"ss 9814/1
931132
!Close9812n 9811.1 9814n 9814n
%
59
In
SO
CA
A2A
Total seat in *1 MIA m.o.
• High sales of Treasury 34, 1940-1943 on July 25 at 9929-32 was an error,
swheorueldaahaaavleesreanado9a8t 29-32. Sales on July 17 at 98 16-32 also an error. There
day

Note.-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
101 lst3119
4 36434s

99241/ to 9924n1
99"., to 9929321

4 4th 44s

100"st to 101.11

Foreign Exchange.To-day's (Friday's) actual rates for sterling exchange were 4.850
4.8534 for checks and 4.853404.85 7-16 for cables. Commercial on
banks, sight, 4.843,404.85: sixty days. 4.81 1-1604.81 3-16: ninety
days. 4.795404.7934. and documents for payments, 4.80 9-1604.8134:
cotton for payment, 4.84C. and grain for payment, 4.843-1 •
To-day's (Friday's) actual ratan for l'aris bankers' francs were 3.90310
3.9074 for short. Amsterdam bankers guilders were 40.08040.14 for
short.
Exchange at Paris on London 124.17 francs; week's range, 124.17 franc.;
high and 124.06 francs low. '
The range for foreign exchange for the week follows:
Cables.
Checks.
Sterling. Actual4.85 1346
High for the week
4.8535
4.8554
Low for the week
4.85
Paris Hankers' Francs3.9154
High for the week
3.9134
3.90 16-16
Low for the week
3.90 11-113
Amsterdam Bankers' Guilders40.22
40.21
High for the week
40.11
40.08
Low for the week
Germany Bankers' Marks23.88%
23.88
High for the week
23.84
23.82
Low for the week

The Curb Market.-The review of the Curb Market is
given this week on page 637.
A complete record of Curb Market transactions for the
week will be found on page 667.

1

Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Seven Pages-Page One
.-b.41111L

For gales during the week of stocks
not recorded here, see preceding page

HIGH AND LOW SALE PRICES-PER
SHARE, NOT PER CENT.
PER SHARE
PER SHARE
Sales
STOCKS
Range Singe Jan. 1.
Rouge for Prerteue
NEW YORK STOCK
for
Monday,
Tuesday,
Wednesday, Thursday,
Os basis of 100-share lots
Year 1927
Friday,
the
EXCHANGE
July 30.
July 31.
Aug. 1.
Aug. 2.
Aug. 3.
Week.
Lowest
Highest
Lowest
Highest
$ per share $ Per share $ per share
Per
share $ per share
per share Shares
188% 188% 18812 190
Railroads.
Par $ per share
188 19018 188 189
8 per stare $ per shore If per Ilan
1875, 188', 187% 1878 7,300 Ateli Topeka 6: Santa
*10312 10418 •10312 1043* .1031 1041g 103%
Fe--100 18233 Mar 2 19718 Apr 27 161% Jan 200 Aug
1031 10312 10312 10312 10312
168 168
700 Preferred
167 167 .167 16712
100 10213 Jan 5 10812 Apr 9
9938 Jan 10634 Dec
16614 16614
105% 105% 105% 10712 10634 107% 167 16714 •16514 167
800 Atlantic Coast Line RR---100 164 June 19 1911:May 7 17478 Apr 2054 Aug
10612
10714
1053*
10614
1055, 106
*78
10,400 Baltimore & Ohio
7813 .78
7812 .78
1033
100
4June
19
7812 .
1197
10613
2
Apr
Jan 125
12
78
Oca
79
79
79
7812 7812
74
74
200 Preferred
74
74
100 78%July 24 85 Apr 4
7314 7314 .72
73% Jan 83 June
74
7138 7212 71
•1101: 111 *110% Ill .11012 111
71
1,100 Bangor St Aroostook
50
June
61
12
Jan
64
11
8414
110
Jan'
1034
110
Mal
111 111
*8414 64% 64
70 Preferred
64% 6312 6412 62% 63% •11014 111
100 110 July 7 11514May 31 101% Jan 122 Just
6212 6312 627
.89
, 627s 4,800 Bklyn-hlanh Tran v t o_No pa
90
90
90 .89
53% Jan 17 773,May 3
90
53 Aug 70% Jam
90
90
89
8912 *8712 90
4212 43
42
900 Preferred v t c
43
No
par 82 Jan 4 9538May 3
42% 4314 4234 441
78% Oct 88
Jan.
4112 423
427 15,200 Brunswick Term & fly See-100 14% Jan 5
.
42
45
48 .
45
48 .45
713 Oct 19% Dec
4534July 6
48
•32
48
•32
50
207 207
.32
50
Buffalo
& Snag pref
20634 209
100 4812May 2 5654 Apr 26
207 208% 206% 20734 206
40
Apr
68
Jane
20634 20512 207
.31012 320 •310% 320 .31012
7.400 Canadian Pacific
100 19512June 19 22334May 8
_
32014 .31012 320 .
180% 18012 182 185
Central RR of New Jersey-100 2975, Feb 17 375 May 7 281- Jan 348 Jun.
18412 18634 185 186% 310 350 •310 350
18412 18412 182 183
101s 1014 10% 10% 10%
11,000 Chesapeake & Ohio
17512June
100
19
151%
Jan 218% Oct
205%
Jan
1012
6
.10
1014
10
10
*1534 16
10
10
4,900 Chicago dr Alton
15% 16
100
15% 15% 15
1053 June
434 Jan
Ps Jan 30 1834May 2
15
147 147
•41
147 147g
43
1,200 Preferred
*41
42
*41% 42
100
20
Feb
7
26
8
3
Jan
3May
711
7
1853 July
2
41%
4112
.41
43 .41
*5914 62
42
61
300 Chic & East Illinois RR-100 37 Feb 28 481eMay 10
61
*5914 61 •59
20% Jan 51 July
61 .
58
60
1312 1312 134 14
59
Preferred
59
300
13
100 59 Aug 3 7658May 4
1314 •13
43 Jan 84% OM
134
13
1314
•2612 27
13
1312 6,900 Chicago Great Western
2718 25% 2612 26
27
100
813 Jan 2213 Ma,
2% Feb 8 1633May 2
2612 2534 26
36
2534 2634 4,000 Preferred
3614 3514 36
100 2012 Feb 20 3218May 2
354 3574 3514 3534 354 3512
_
4473 June
47% 4814 47
35
Chicago
354 12,800
Mllw St Paul & Pao_
48
47
2214
401:
48
Mar
Jan 19% Dee
5
9
Apr
47
26
47%
4618 47
8078 8112 8112 8212 82
464 45% 26,100 Preferred new
37 Mar 2 513s Apr 26
8374 8212 831g 917 825 •82
fa% Dee
83
Chicago
dr
8,600
North
Western-100 78 June 19 9414May 1
•13712 143 .
97% ant
13712 1427 .138 143 •138
143 .138 143 *13712 14214
11674 11712 11714 11814 117 11772
I Preferred
100
Oat
118 1185, 116 1171
: 116% 11678 11,100 Chicago Rock Ial ds Paclflo-100 138 July 19 150 May 2 12414 Jan 150
•106l2 10712 *10612 108 .107 108
106
July
110
Feb
18 12238May 10
8812 Jan
108 108 *107
.10114 10134 10134 10134 1011g 1011 *107 108
200 7% preferred
100 10014 Feb 9 11113May 31 102% Jan 1113
, Dec
•101 102 •101 102 *101 108
*107 114 •106% _
200 6% preferred
.1061s
100 100 Feb 24 105 May 31
•107 1235, •10818 110 *10618 102
9514 Jan 104 Nov
*---- 7912 ▪ - - 7912
Colorado dc Southern
110
100 106 Feb 21 126 May 3
7912 *„..„ _ 7912
Jan 137% July
84
7912 •____ 7913
•74
First preferred
76 .74
76 .
74
100 67 July 3 85 Apr 10
76
Jan 78 Dee
___
70
76
•
___
76 *.._ _ 76
•7412 7533 751s 75% 75
Second preferred
100 7218 Jan 3 85 May 9
75
Oct
7318 74
Jan 75
68
73
18912 18918 189% 195
7312
73
Consol
73
RFC
of
1,700
Cuba
pre---100 69 Apr 12 8731June 1
191 191 *19012 19334 18914
65 Aug 77 May
191 *187 190
•131% 133
3.100 Delaware & Hudson
132 134 ' 133 133
100
15314
Feb
10
JUDO
226
13212
171%
2130
Jan
Apr
26
13212
133 133
.5512 57
132 132
*55% 57
800 Delaware Lack & Western- 50 129 Feb 20 150 Apr 9 13018 Oct 173 Ma:
555
, 5532 5612 5612 56
56
56
56
*312 3% *312
700 Deny & Rio Or West pref-100 50% Feb 20 6534 Apr 28
334
314 312 *33
‘118 Jan 67%June
.612 612 *512 334 •312
334
33
3
1,100 Duluth So Shore & Atl
100
612 316
8 Aug 3
612 *612 612 *6
7% Dee
258 Apr
Pe Jan 5
613 •13
5312 53% 8312 5412 5314 535g
612
I Preferred
100
438June 19
7
913May
53
2
4 Mar 1114 Dee
53
515*
525
8
5134 52
18,300 Erie
56
50% 57
5912 57% 581, 58% 5934 5713
100 4834June 19 661
:
Jan
Jan
39%
69
4
14 Sent
5814 5713 581: 21,700i First preferred
5434 5434 553g 57% 568 5714 5612 5712
100 50 June 18 63% Jan 7
5238 Jan 66% Aug
*5534 5612 *5612 57
97
9732 974 98% 9718 973g' 97
6,600. Second preferred
100 4914June 20 82 Jan 5
Aug
49
Jan
6413
97':
97
97
9612 9612 6,600 Great Northern preferred 1
9434 9434 94
95
9311 Feb 6 109 May 14
*95
9514 95% 9512 •95
71358 Jan 10373 Bebe
96
95
20% 2218 2134 22% 21
95
1,1001 Pref certificates
100 9118 Feb 7 10534May 15
2134 2038 21 , 205* 21
101 Sept
851s
Mar
201
:
45
2034 6,804:4 Iron Ore Properties-No pa
45
45
447 45
45
1914.1une 12 25 Jan 24
18 July 28% Sept
4358 4334 43% 43
14 1,300 Gulf Mobile & Northern_ _100 4318Aug 3 6173May
100 10134 •100 10112 .100 1011 .435* 45
.
851, Jan 7553 July
10
*100 10134 *100 10134
584 5912 58
100 July 12 109 May 1 106
58% 58% 588 •5714 5878 564 57 *100 10134
Jan 11214 Ape
•57
•85% 91
5874 1,800 Hudson dc Manhattan
.8512 90 .8512 90
100 51 Jan 8 73% Apr 24
,Max
4011 Jan 657
•83
9012 .
83
92
1183
9118
, Preferred
100 83 Jan 16 9312 Apr 26
Jan 9014 May
78
141 14114 14134 14134 142 142
x141 141
139 140
13834 139
•13612 14112 •139 14114 •135
Illinois
Central
1.300
100 1315
,Jan 11 14834May 9 121% Jan 139% Oct
•135 13912 138 138
138 138
*4414 45% .4414 453 .4412 1414
200 Preferred
100 13018 Jan 13 147 May 15 120% Jan 140
Oct
4538 *4434 453
45
4513 *4512 46
.
80
81
400 Int Rya of Cent America_ _100 3812 Marla 51 June 16
80
81
*7834 81
23 Apr 42% Oct
*7834 81
•7834 8034 8034 803
3734 3734 38
10 'Preferred
100 69% Jan 3 82 May 2
38
3814 387
Apr
82
7414
Oct
3814
39
38
38
47
3838 39
47
4,500 Interboro Rapid Tran v t 0.100 29 Jan 5 62 May 3
47
4812 4712 4734 48
30% Aug 6214 Feb
48
47% 471, O4712 48
.
67
68
1,700 Kansas City Southern-100 43 June 13 6318 Jan 7
*67
68
*66
69 .65
6114 Jan 7011 July
69
*65
69 •65
•97 100
69
Preferred
981 102 .100 102 •100 102
100
671:
July
26
Apr
77
20
3 Jan 73% Deo
647
.9813 100
•1411 14414 .142 145 .14114 145
96 100
1,400 Lehigh Valley
50 8418 Feb 20 116 Apr 26
*14114 14414 •141% 145 •
88% Oct 1374 June
140 1413
85
85 .851 90 •8514 90
600 Louisville & Nashville
100 1391:July 21 15912May 10 128% Jan 1594 Oat
*85
90
•85
90 •85
*4512 46
90
4534 453
10 Manhattan Elevated guar..100 78 Jan 9 96 May 4
4512 4512 458 457
7814 Dec go Feb
4538 454 .
45
.4
6
46
*412 6
500 Modilled guaranty
*4
100 40 Jan 10 64 May 3
6
415, Dec 54% Feb
4% 434 .
412 5
.15
412 4%
30
•15
700 Market Street Railway-A(10
30
•15
30
618 Apr
•15
632 Nov
674 June
712May 15
30
•15
30
.15
.
45
4512 4514 45% *45
30
Preferred
100 21 A pr 3
4512 *45
2912May 3
18 Feb 26% June
46
.45
47 .
45
•11
16
48
•11
300 Prior preferred
1614 •11
100
16
45
*11
Mir
27
Feb
4May
11118
59%
4
543
Aug
16
.
11
16
1511
47% 4712 4712 47% 477 477
16
Second preferred
100
814May 24
4734 4734 4678 47
16101ay 4
1113 Oct 1712 JUna
.
4614 503
80
83 .80
4,400 Minn St Paul & 85 Marie-100 40 June 21 523s Jan 6
85 .79
84 .79
Dee
84
Jan
27
Nis
"79
83
*79
.
65
83
67
*65
Preferred
67
6678 6672 6672 6672 .65
100 75 Feb 7 87341%fay 16
50 Apr ggil Dec
6612 6612 661
36
3634 3612 3712 3612 3712 363
40 Leased lines
100 6312 July 1
58% Mar 71 Nov
71% Jan 9
•102% 10312 10312 10332 10312 10312 10314 3714 3638 3634 36
361 36,300 Mo-Kan-Tex RR
No par 3012June 1
314 Jan 56% June
2 10334 10312
4113 Jan 2
4 10312 1031
61
6174 6114 6234 61
1,600 Preferred
6172 6012 6134 604 1033
100 10113June 1
109 Feb 3
95% Jan 10912 Dee
61
6034 61
115% 115% 115 11612 11512 11514 11412 115
21,000 Missouri Pacific
100 41% Feb
6953Ju
ne
11312
377
4
3
4
8 Jan 62 Age
115
11434 115
2% 2% .234 3
6,400 Preferred
234 234 .234 3
100 105 Feb 20 12333May 11
9013 Jan 118% Nov
.234 3
.234
3
600 Nat Rys of Mexico 2d pref-100
2 Feb 17
16312 16372 16314 16434 16314 164
113 Aug
Apr26
3% Oct
5
13
1634 164
162 1624 16112 1621 13,900 New York
125% 12512 126 128
Central
128 128
12714 12712 127 127
100 156 Feb 16 19113May 10 13714 Jan 1715* Oe
126 126
•108 108% 10832 10812
Chic
2,600
NY
&
St
Louis
Co100
8 •10712 109 .
123
5
8July
23 146 May 11 0110 June 24014 Mat
108 109
10814 1081
•270 275
1,100 Preferred
.206 273
288 288
100 10634June 15 110 Jan 4 10
287 290
:
;
62
10 D
7' M
185
D
A
280
573* 5814 5734 584 571g 5712 57
120N Y & Harlem
50 168 Jan 3 505 Apr 26
57% 5534 5612 55% 280
•11234 11334 11334 11334 *11314 114
56
7,900 N Y N H & Hartford
114 114
100
543sJune 19 6838May 2
Jan
AM
Dee
63
14
11372 11378 11312 1131
2614 2612 2612 273s 27
800
Preferred
2718 *2614 2612 26
113 July
O: 11
,
1:No,
0: D
2614
.734 978 *714 918 *734 97
26% 3,500 N Y Ontario dr Western---100 24 Feb 21 117 May 3 11
.734 8% *754 8% 26
20 39 May 2
2314 Jan 6154 Sera
•36
*734 818
39 .36
3934 .36
N Y Railways pref erts_No par
38
•36
39
514
Jan
May
13
24
3514 35% •36
8
17812 178% 17812 17878 •176 178 •I76
38
Norfolk Southern
178 •17512 17734 15177
100 82 June 12 4913 Jan 11
3713 Jan 6412 June
Nov
177%
85
8612 .85
700 Norfolk & Western
.
8612 "85
8612 .85
8612 .85
100 175 June 19 197
861 •85
9
95
8612
9532 95
Preferred
9612 96
965* 9534 96
100
794
Apr
June
90
July'
12
95%
26
96
9514 9514 5.300 Northern Pacific
9412 945* 9474 96
96
96
100 9238 Feb 7 10512May 15
9534 9534 .94
78
95
94
.
25
95
28 .25
28 .25
6.000 Certificates
28 .
25
28
100 90% Feb 20 10134May 16
.20
25 .
20
6434 6434 6412 65
28
Pacific Coast
6454 65
15
4831, jj
56314 64% 63% 641
100 1913May 14 347sMay 25 166878
3Da
FjUneb
eyne 2°21399092 13•18Dieeil
63
*28
30
3
4
•28
6414
30 .28
7.900
Pennsylvania
30 .27
50 6178June 19 7212 Apr 27
30 •27
6
2S% Jan ,64.
O
68 j
ur
r
30 •27
•128 129
30
129 131
Peoria ae Eastern
128 128
1287
8
130
100
May
1
37
12
Mar
25
•128
130
•128 130
*972 98
*9712 98 .97% 98
1,800 Pere Marquette
*9712 98
100 12473 Feb 9 146 Apr 11 114% Jan 17
*9712 98 .
7:: May
De.
97
.
94
9412 *94
98
9412 *94
Prior
941 *94
preferred
941
93 Jan 991, Dec
100 97 June 9 10134 Mar 28
94
94 •9234 9434
.140 143
142 142 .139 142
100 Preferred
138 138 .131 142
100 94 Aug 2 1005,Mar 30
•134 142
.100 102
10014 10112 101 101
300 Pittsburgh & West Va...-100 12114 Feb 2n 101 Apr 9 18
*9912 100
22
98
4 Jan 174 May
9912 100 .
99
.42
101
4312 .42
4312 .42
2,000 Reading
43% .
42
94
4312 •42
Jan 123% June
50 9414 Feb 7 1193813lay 10
431 .
42
.
484 49
4312
*4814 49
First preferred
*484 49 .
484 49
40% Jan 4312 Dec
50 42 July 16 46 Apr 9
4814 481 .
46
48
100
Second
preferred
435* Jan 60 Feb
50 44 Jan 26 5978May 1
*60
70
*62
71
.63
71
.61
71
*CO
71
.62
71
113 11312 11334 11412 113% 11318 113 114
Rutland RR pref
100 60 Feb 21 7214May 18
Jan 69 Mar
1.3
11334
*9612 97
97
9714 *9612 9712 974 9738 967 11374 .112% 11312 5,10081 Louis-San Francisco....100 109 Feb 7 122 Mar 23 100% Jan 11714 June
8 9718 96% 9678 1,700 1st
86% 87
86
8732 8712 8712 .
prof paid
85
87
100 95%July 17 101 May 21
.85
87
85
86
•89
9012 90
90 .89
3,100 St Louis Southwestern_ __ _100 6713 Feb 8 9138May 14
9012 *89
9012 .89
Jan 98 Jun.
81
*8912 9012
1412 141, 1412 1434 1434 1434 144 144 14% 9112
100 Preferred
100 89 July 14 95 Jan 3
7678 Jan 904 Deo1438 1334 14
*1712 181 *174 19 .17
2.700 Seaboard Air Line
1812 .
1712 1812 •1712 181
100 11% Mar 3 3013 Jan 3
8813 Mar 414 Feb
:
•1712
181
:
11912 11934 120 1204 12014 1204 11912 12012 1183
Preferred
100 1778JUly 20 88 Jan
82% Apr
July
4 11914 118% 11938
147 14772 1477 15134 14914 1507 14914 150% 14914
5,600 Southern Pacific Co
100 117% Feb 7 13114May 9 106% Jan 12578 Dec
150
14812 149
13.700 Southern Railway
9914 1014 •100 10118 •100 101% 100 100 .
'
a
1391:
100
165
119
Feb
May
7
Jan 149 Dec
9912 100
993s 99%
174 17474 *170 174 •171 174
•170 175
300
Preferred
19
100
9814June
94
1021
Jan
4
17
Mar 101% Dec
170 170
169 169
32
32
32
900 Texas & Pacific
32
•30
32
32
100 9918 Jan 3 177 July 24
32 *30
53% Jan 10378 Nov
32
31
31
*44
4534 45
45
600 Third Avenue
45
100 284 Jan 10 461461ay 3
453, •44
28% Aug 41
45
*44
45
Fell
*44
41
400 Twin City Rapid Transit_ _100 44 Mar 23 56 May 8
102 102 •102 1048 •102 10434 *102 10434 .102
45 Nov 65% Feb
4 .102 10434
50 Preferred
194 19434 19414 1947, 194 19414 19418 19434 19312 1043
100 1112 July 14 107 Feb 10
99
Apr 106 Mat
194
19214 19334 4,700 Union Pacific
8314 8412 .
844 *8312 8412 •83
84
.
Feb
18612
100
6
2043
4May
84
9
1591s Jan 197% The
83% 8338
7414 7234 7312 7234 734 71% 7214 8314 83% 1,100 Preferred
73
7312 731
100 83 Mar 13 871* Jan 20
77 Mar 85% De e
7114 7112 3,100 Wabash
.92
*93
95 .92
100 61 Feb 18 9614May 11
95
94
93
93
93
401, Jan 81 Jure
93 .92
94
Preferred
200
A
100
*91
*91
93
93 I .90
93 .91
8812 Feb 7 102 May IS
93
*91
76
Jan 101 Jute
93
.
90
93
Preferred Et
100 87 Feb 4 9912May 18
39
391s 3912 4012 394 404 3912 4078 3918 39% 387
65
Jan 28 Suit
8 39% 7,400 Western Maryland
•3838 43
100 31% Feb 8 6434May 10
*384 42 .38
41 .
38% 42
13% Jan 67% In'e
*3812 42 .
38% 42
Second preferred
100 331
:Feb 8 5473May 10
23
Jan 574 Jo e
Saturday,
July 28.

Wig Jan

May

•Bld and asked prices: no sales on this day. x Ex-dividend.
0 Ex-dividend and ex-dgbta. a Ex-Rights. t Ex-dIv.
of Vis the shares of Chesapeake Corp.
stock




New York Stock Record-Continued-Page 2

652

For sales during the week of stocks not recorded here, see second page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
July 28.

Monday,
July 30.

Tuesday, 1Wednesday, Thursday, I
Aug. 2.
Aug. 1.
July 31.

Friday,
Aug. 3.

Sales
for
the
Week.

PER MARX
Range Since Jan. 1.
On basis of 100-share lots
Highest
Lowest

STOCKS
NEW YORK STOCK
EXCHANGE

Railroads (Concluded).
$ per share $ per share 5 per share $ per share $ per share $ per share Shares
100
300 Western Pacific new
32938 3012
*2912 3112 2938 2938 '
.2912 31
31
31
.30
*30
100
600 Preferred new
55
*53
54
54
55
*54
55
*54
5414 55
*5414 53

per share
2814 Feb 7
64 Aug 2

PER SF/ARE
Range for Previous
Year 1927
Lowest

$ per share 5 per share
2518 Apr
3712 Jan 13
Apr
55
8218 Jan 8

Highest
Per sharli
4712 June
7648 Feb

Industrial & Miscellaneous.
_Apr 62
5034 26,100 Abitibi Pow & Pap new_No par 47 July 30 85 Apr 13
5014 53
47
Nov
4934 4714 5032 4918 5038 4812 4912 49
6214 Mar
100 Abraham & Straus___No Par 90 June 19 11112
*92
9812
93
93
*93 100
*94 100
*9314 99
*9314 100
Aug 11312 Feb
109
18
11412June
8
Mar
11012
100
Preferred
20
112 112 *11012 112
•11012 11213 *11012 112 *11012 112 *11012 112
Nov
210
Jan
124
7.7
100 195 Jan 4 378 Apr
100 Adams Express
300 300 *295 305
*295 315 *300 310 *300 310 *300 310
9434 Nov 9618 Dec
100 93 Jan 16 9913 Mar 28
100 Preferred
*9434 10038 *9434 10038 *9434 10038 *9434 10038 9612 96,2 *9434 97
Feb
15114
Oot
8
6
75
4June
.501
8
Feb
1112
100
Rumely
4278 40
4113 41
4238 4278 41
41 12 4018 4212 9,600 Advance
4112 40
2218 Oct 4534 Nov
100 3414 Jan 17 6712June 6
5478 2,100 Preferred
54
54
*52
55
53
54
54
55
54
54
*53
Sept
June
61s
4
211
20
Mar
4
3
5
17
1
Jan
4
23
Ahiimada
Lead
314
318
318 3,800
313 314
318
314
31
3
31
318
3's
19 74781%1 ay 7
6514 6578 0538 6538 2,100 Air Reduction. Inc, newNo par 59 June 12 1438 Jan 24
66
65
65
6614 661.4 6613 6612 65
3 Kir;
e 13;
718 jUirNo par
712June
8,4 858 4,400 Ajax Rubber. Inc
812 812
838 853
812 858
834 834
214 Feb
834 834
1 June
478 Apr 27
1 Jan 5
1.300 Alaska Juneau Gold Min__ 10
8
37
8
35
4
33
4
4
8
33
37
4
8
*37
1
4
Sent
4
32
*33
Apr
4
*334
18
600 Albany Peri Wrap Pap.No par 23 Mar 15 3114 Jan 26
25
25
2512 2512 2518 2518 25
2518 2518' 25
25
25
96 June 102 Sept
100 9812 Jan 17 111:4 Mar 14
Preferred
Jan 16914 Sept
131
174 17512 18,800 Allied Chemical & Dye-No Par 146 Feb 18 18218June 61
17434 176
17434 179
177 17838 17634 17914' 17514 177
WO 12012June 28 12752May 4 120 Mar 124 Aug
Preferred
•122 123 *122 123 1•122 123 *122 123 *122 123 *122 123
, Dec
Jan 1183
88
27
Apr
4
1293
18
Mfg
100
Feb
11518
Allls-Chalmers
900
126 126 *123 126 *124 12512
13123 125
126 126
124 125
2418 Feb
1158 Nov
1018June 12 1634 Apr 19
400 Amalgamated Leather_No par
1114 1114
1114 1114
*11
•1114 12
1134 *1114 1134 1134 1134
68 Dec 108 Feb
Apr 19
90
2
Mar
Preferred
69
7518
*73
76
*73
*7314 76
76
76
*73
*73
76 1 *73
2758 Apr 3752 Feb
No par 271s Feb 20 3834 Mar 31
3118 3214 3134 3238 3118 3238 5,900 Amerada Corp
3078 30781 3034 32
*3113 32
818 Apr 2112 Dee
3 Feb 20 23145Iay 24
1834 1834 2,300 Amer Agricultural Chem_100 15,
1918 1914 1812 19
1918 1918 1914 19381 1918 1918
2814 Apr 7234 Dec
25
May
75
20
100
Feb
5s
55
Preferred
1,400:
6814 6814 6812 6812
68
7018 70
70
7034 6912 7014 68
Jan 98 Nov
41
9
May
159
17
Jan
10 7414
1,200 Amer Bank Note
11534 116
116 119
11514 119
•119 121 *115 120 1.3115 120
Ws Jan 65 Sept
50 61 Feb 10 8572 Jan 3
701 Preferred
62
6312 62
6312 *62
1362
62
62
62
*62
6312 62
Oct 2334 Mar
,
151
26
July
13
8
213
par
4July
143
Sugar...No
Beet
American
1912 2058 1958 2014 9.200
1914 21
19
1934 20
1812 1938 18
35 Dec 8018 Jan
100 36 Feb 17 61 June 16
1,200 Preferred
57
5512 56
5712 55
55
56 1 5834 59
*54
55
*54
Jan 2614 001
13
June
4
41
18
par
Feb
o
12
15
Bosch
Magneto_
Amer
12.300
8
333
31
MI July
3113 3112 30,8 3138 3014 3058 3034 3118 3058 3112
35's May
1,300 Am Brake Shoe & F nowNo par 397 July17 4912 Jan 27
4012 4012 4012 4058 4014 4014
*4078 ' 41
4034 41 1 4014 41
June 12 11714 Feb 128 Mar
128
4
Jan
12412
100
Preferred
1
128,8
12818
•12418
•12414 12812 *12418 12812 •12418 12818 *12418 12818 *12418
912 Jan
Aug
64
3
21
par
2614May
El_No
27
Apr
Boverl
Brown
Amer
1038
1438 1312 1334 2,500
14
133s 1418
14
1412 1478
137/4 1478 14
40 Aug 98 Feb
100 4014 Apr 27 657851ay 21
2201 Preferred
5118 5038 5038 5014 5014 *5012 51
7758 Dee
4358 Ma
5012 5012 5334 5334 51
1
Aug
4
953
18
25
Jan
7012
Can
American
434,900
9534 9114 9318 91514 9458
x9153 9412 93
9034 9114 8912 93
Jan 14134 Deo
100 13634 Jan 10 147 Apr 30 126
700 Preferred
*140 142
Del
1401,14018 14018 14018 14012 14012 *14014 14112 14014 14014
95 July 111
7,500 American Car & Fdy__No par 8814July 31 11112 Jan 3
9214
9114 91
8934 9113 8814 9014 9018 9078 91
•92
93
Oc 13434 June
4
1243
31/
1
Mar
Aug
8
13712
1105
100
Preferred
1,600;
114 114
113 113
*112 118
11038 113
Sent
9518
11214 11214 11238 114
103
Dec
100 9914 Mar 7 105 June 41
100 American Chain pref
103 103 *10112 103
*101 103 *101 103 *10078 103 *101 103
Jan 7434 Nov
36
No par 69 Jan 12 8934May II
6,700 American Chicle
82
8312 8134 8318 8012 823s *81
82 . 8412 8112 8378 82
Jan 110 Dec
90
21
May
par
114
6
Jan
No
107
preferred
Prior
1512 Nov
•11013 111 *11012 112 *11012 112 *11012 111 '11038111 *11012 111
932 Apr
1512 Apr 10
1112 1134 11,500 Amer Druggists Syndicate__ 10 11 Feb 18
1158 1134
1114 1134
1112 1134
1134 1178
1158 1178
8832 Aug 67i2 Nov
Apr 25
75
4
par
Jan
Encaustic
Tiling_No
53
Amer
2,000
65
62
61
61
62
*60
Nov
62
*58
183
60
60
60
59
Jan
127
6
4June
2073
10
100
Jan
169
American
Express
1.400
190 191 *18912 19012 1318912 195
31 Dec
190 190
192 194
18912 192
1872 Fe
15,400 Amer & Fern Povrer___No par 2252 Feb 28 38,261aY 1
3414 3312 34
3438 34
3418 3458 34
10934 Dee
3412 34'2 34
35
Fe
8612
24
May
110
25
par
4June
No
I043
Preferred
500
10718 1071s 10718 10712 *10718 108
10718 10718 10718 1071s *107 108
_
No par 81 Feb 24 9634 Apr 27
300 2d preferred
92
9112 9112 92
1272 Oct
9212 9212 *9112 9212 *9114 92
3'9114 92
736 Apr
1558 Feb 1
100 American Hide & 1..eatlaer_100 10 July 12
1038 1058 *1014 1058
•1014 1034
6672 July
•1014 1058 *1012 11 1 *1012 11
Mar
48
13
June
I
40
Feb
100
2
673
Preferred
43100
*42
43
*42
43
Nov
4312 *42
*43
*43
43
71
45
43
Jan
2
303
3,600 Amer Home Products_ No par 59 Feb I.8 8134May 31
74
*73
74
74
76
*73
74
73
7312 73387612 75
2534 Oct 32 Aug
No par 28 Jan 10 45 Aug 3
58,200 American Ice new
9618 Ma]
413s 4118 4312 4313 45
4112 41
41
Jan
4158 4078 4112 41
84
9
9912May
100 90 Jan 7
Preferred
*9714 98
*9714 98
*9714 98
*9714 98 I *9714 98
39714 98
'
37 Mar 7218 Dee
- - Amer Internet Corp._ _No par 71 Jan 5 125 May 17
--------9518 97
Jan
10
9614 9812 9614 9812 9412 96
9734 10012 9634 100
4 June
77261BY 7
514 Jan 12
900 Amer La France di Foamite.10
.534 534 *534 6
534 534
578 57s
534 534
601s Dec 9012 Jan
534 514
27
100 56 Jan 10 74 Mar
Preferred
68
*62
68
*62
68
1362
•62
68
68 1 .62
68
1362
2012 Apr 7212 Nov
20
11872June
13
Jan
American
100
3
563
1.1nseed
7,600
11178 11178' 10913 11078 10812 10978 108 10812 108 110
112 112
4658 Mar 9212 Nov
100 8612 Jan 13 13012June 25
100 Preferred
13120 124 .12014 121 1 120 120 *120 121 *120 121 *120 1231
991s Oct 116 May
Jan 31
9014 921 13,700 American LocomotIve.No par 87 June 21 115
9212 9312 9478 9214 95
Feb 127 July
94
92* 94121 91
94
11912
24
Mar
134
2a
June
114
100
Preferred
1.400
120 120 *119 120 1 11934 120 *11934 12018 119 11934 118 118
7314 Jan 18812 Dec
1,100 Amer Machine & Fdy__No par 12912June 19 180 Mar 26
150 150
150 150
14634 14634 146 154 i*145 1531z'1413 152
116 Jan 13
1
11112Mar
Preferred
ex-warrants
20
116 110
lDee
Nov
11534 11534 *115 116 .115 116 13115 116
*11312 116
4,100 Amer Metal Co Ltd___No par 39 Mar 13 Si June 4
4758 48
*4734 48
4858 4712 48
4812 4934 49
4934 48
100 III July 31 11712MaY 11
100 Preferred (6%)
*112 115 *11112 112 2111 111 ,•11013 111 *11012 111 •11012 111
June
4314
Dee
2012
No par
1234July 19 25 Feb 7
1612 16,2 3,000 American Plano
1812 ___ ____
17
17
17341 *16
1713 1712 17
84 Nov 11014 Mar
100 5018 July 12 90 Jan 3
210 Preferred
GO
*54
60
60i3 52
59
50
6278 .356
Jan 7332 Oct
8118 6118 58
64
& Light____No par 6214 Jan 11 95 May 14
Power
Am
4,000
4
78,
7818
7812
7812
78
7814 7812 7938 7812 7812 7812 79
25 13018 Jan 18 15234 Mar 30 11012 Jan 14778 Sent
14438 14812 7,500 American Radiator
148 14812 147 14712 14458 147
148 150
148 149
Apr 11814 Nov
8712
21
Feb
900 Amer Railway Express___100 11012 Jan 4 13834
120 120 *11912 120
123 123 *120 123 .120 121
120 120
351, Jan 8212 Dee
7 85 Apr 12
6412 11.400 American Republica_ __No par 511.4 Feb
6458 63
6378 6134 6338 6234 6434 62
July 6478 Nov
6138 6218 62
42
56
10
par
Jan
I
Safety
Razor_No
3111ne
American
687
1,000
63
6234 6234 *6212 63,2
63
63
6334 63
63
63
63
3878 Oct 51 July
No par 29l July 16 45 May 14
2,500 Amer Seating v it
2978 30
634 Jan
312912 3012 3018 3014 2918 3012 3014 3012 3014 3014
212 Oct
1312Nlay 28
372 Jan 3
1.700 Ainer Ship di Comm_ _No par
414 414
*378 4
4
4
*414 41
4 4l
*414 41
Jan 12334 Nov
80
8
Jan
119
60 American ShIpbuilding__100 88 Aug 3
88
88
91
91
95
951 *91
95
*88 105
*88 105
20534July 31 13238 Jan 1883, Dee
&
27
Refining
Feb
_100
Ame.SmeltIng
169
58,100
19934 20212 20014 20112
Dec
20118 2041 20338 20534 20214 204
20258 204
190 13138 Jan 9 142 Apr 20 11914 Mar 133 Nov
300 Preferred
13514 13514 13514 13514 *135 137 *135 137 13136 137 2135 135
100 141 Jan 5 17412 Apr 13 11932 Jan 14634 Oet
100 American Snuff
165 165 *160 165 *160 165 *160 165
•160 165 *160 165
Jan 10612
9412
5
June
100
120
102
6
Jan
Preferred
*110 114 *110 1117 *110 11312 *110 114 *110 114 *110 114
4112 Apr 7214 Dee
5238 5312 3,700 Amer Steel FoundrlesNo par 6012June 13 7032 Jan 11
5314
Jan
5312 53
5312 5412 53
5412 55
5412 55
100 109 June 19 120 Fob 29 11014 July 115
420 Preferred
11058 11178 11014 11012 11078 1107s
11012 11012 11058 11134 112 112
Nov 9534 May
6514
12
Jan
55
100
Feb
Refining
7814
18
Sugar
Amer
6918 6912 6812 6912 69,8 693s 4,000
70
70
May
707
11612
7078 7072 70
Nov
104
100 100 Feb 17 11012MaY 31
700 Preferred
10758 10758 10712 10712 10714 10712 *10712 10818
•10612 10718 107 107
4112 Jan 6828
No par 47% Feb 27 MI Aug 1
65
6412 653* 7,200 Ann Sum Tob v t c
64
6312 6414 6358 68
6418 6312 641
64
Apr 3634 Aug
28
300 Amer Telegraph & Cable..100 25 Mar 2 32 Jan 17 14914
381, 185,2 Oct
2518 2518 2514 2514 *2514 2512 2512 2512
251
2512 *25
•25
100 172 July 24 211 May 17
Amer Telep & Teleg
174 17518 174 17578 17318 17452 174 17653 17438 17614 17434 1751 2 82,700 American Tobacco com
31 121) Jan 189 Nov
Jan
.50
June
176
152
1:
1,300
160 161
161 16134
183 16334 163 16334 16334 16334 13181 164
Jan 186 Nor
11914
31
50 152 June 19 177 Jan
16138 16312 16134 1604 3,500 Common class B
16212 163
162 163
16312 165
•163 164
117 July 24 126 Apr 20 11018 Jan 120 Dec
100
Preferred
300
117
117
118
118
118
*117
117
117
11978 Nov 146 Feb
117 118 *117 118
:
400 American Type Founders100 111 Aug 1 12634 Jan 3
111 112 *III 112 *110 112
112 113 *112 112's'112 113
100 10752 Jan 7 115 Mar 31 10714 Feb 116 Sept
40 Preferred
10934 110 *10912 110
110 110 *10912 110
110 110 *10912 110
46 Aug 72,8 Sent
46lay 4
703
new_No
Wat
El
par
&
52
Wks
11
June
Am
3,300
57,2 5534 57
5712 5814 5812 5812 35614 563s 57
53
58
9972 Oct 10312 Dee
100 July 3 106 Apr 13
100 1st preferred
101 101
•100 10312 *100 10312 *10038 10312 *100 103'2''100 101
1612 June 3332 Jan
100 14 Judy 27 2434 Feb 14
1712 1714 1712 1712 1712 5.100 American Woolen
1478 1534 161:8 1658 1612 17141 17
467z June 8612 Jar
100 4018July 27 6214 Feb 14
1,900 Preferred
4414 4414 4258 4258 4333 45
45
*43
978 May
Ws 00'
4018 4212
9
Feb
1912
100 Am Writing Paper etfs_No pa; 1012June 20
1334
1312 *13
•1234 1312 *1234 1312 131. 1312 •1234 1312 .13
2634 Apr 5714 An
31 June 12 4854 Mar 1
400 Preferred certificate_ __100
41
4034 4034
41
1014 Feb
4014 40141 *4014 41
*4014 41
Sept
41
3140
4
53
16
4May
&
323
Lead
Zinc.
_25
632
Smelt_
10
Jan
Amer
2512 2578 2518 2578 3,300
2578 2578, 2512 26
27
Oct 6114 Feb
2734 27
27
35
•
25 40 Jan le 98 Apr 11
8412 8412 1,300 Preferred
85 1 8612 8612 8514 86
85
8712 8678 87
4114 June 6012 Dee
*85
7478.1tine 4
Mining,
Anaconda
Copper
IF
Jan
54
50
19,800
38 Mar 63 Dee
8714 6778 6658 8712 6812 6738 6578 6714 6578 6658 6512 66,2 4,200,Archer. Deals, klidl'el_No par 5514 Feb 20 97 May 9
8358
8412 82
81
Jan 11312 Dee
79181 8013 82
7918 7914 79
80
*79
100 11234 Feb 211 11614 Mar 16 106
401 Preferred
11312 11312 *11312 114
Oct 9614 Feb
11312 11312 11312 11312 *11312 114
79
•11312 114
7
9712June
Co
&
pref
3
100
Jan
(Del)
8
Armour
883
900
8
943
94
8
937
4
*933
9418
1572 Jan
941s
94141
I
May
94
4
*933
94
9334
814
*9312
1114 Jan If. 21 14June 6
117,400 Armour of Illinois class A___25
918 Jan
1838 1812. 183s 1858 1818 1012 1914 20,2 71,900i Class B
5 Dec
1812 19
1838 1834
131k May 11
1012 1038 11,4
1014 10
8111‘ Jan
Apr
60
1014 1012 1018 10381 10
1014 1014
6
9112.1une
1,700, Preferred
8s
2
,
87
86
8612
8618
8
865
Apr 5513 Nov
21
3.514 July 23 5134 Apr 2
8634 8678 *8612 8634' 8612
87
*86
3938 26,200 Arnold Constable Corp_No par
Jan 32 June
22
3718 3812 3978 3858 4038 3818 3958 3813
37
3714 38
3434 Apr 19
300 Art Metal Construction..__10 2512 Jan 1(
3034
*29
31
*2914
29
5434 Jan
29
Dec
30
4
403
*29
1
2858 29
*2813 31
No par 29 July 20 4432 Mar 30
300 Artloom C op
*3234 34
*3214 34
•3214 40
34
10912 Nov 11412 Nov
*3118 35
19
3234 *32
32
Mar
114
25
July
107
100
Preferred
1
110
5352 NOV
Feb
3912
•109 110 *109 110 1.109 110 *107 110 13109 110 *109
23
No par 4014June 13 4814 Jan
451s 48% 39,100 Assoc Dry Goods
4512 4613 4318 46
48
44
4534 45
4478 44
9712 Mar 112 Dee
100 103 June 4 11378 Apr 3
preferred
1st
100:
10312
*103
10312
10312
Deo
13103 10312 .103 105 1 ,3103 105 *103 10312
100 110 June 5 11912 Jan 27 106 Mar 114
100' 24 preferred
112 112 *109 113 *110 113
Oct 5014 Feb
35
•112 113 *109 112 I•109 112
25 3712 Feb 18 60 June 13
150 Associated Oil
47
*4412
48
4412
No•
4412
4412
4312
Mar
3018
*4413 4712 *4412 4712 *4412 4712
500 AO 0 & W 155 Line_No par 3718 Feb 18 5978May 21
4738 4734
49
49 1 *47
48 i 1347
49 1 48
2934 Mar 4152 Nov
4914 49
1348
_.
100 38 Feb 27 5714 JulY 3
1,100 Preferred_
5212 53
5
34
52
53,8 5258 16
Dee 15138 Aug
54,8 5418 5312 5312' 5312 5312 53
efin(ng
ed
icrrR
etre
9534 Feb 9 16912 Aug 3 104
rn
a
100
l
Atp
196.5001
16912
163
Aug
I
156,2
152 158
14878 1481 147 151141 149 153
100 116 July 21 11814 Jan 3 1154 Feb 119 June
118
70
Mar
15612
4111514 118 .1151 118 •11514 118 *11514
•11514 117 *11514 11714
23
Mar
101
3
No par 63 Jan
500 Atlas Powder
7912
•76
July
2
,
79
*75
107
84
*75
Jan
76 1
98
*75
82
7514 7514 75
100 102 July 24 11012May 31
rd Preferred
103 *103 104
103 103 1 103 13%
714 June 1218 Apr
13103 104 *103 104 1 103 103
ie
17 8 Julie 6
No par
Jul
Jan
814
Tack
100:Atlas
14i4
4,13
1333
1014 Jan
414 Mar
*1338 1438 •1338 1433' •133s 1414 •133* 1414
1
14
2
.
438 Jan 13 39145Lay
1,000 Austin,Nichols&Co vie No par
412
412
8
45
48
Jan
8
45
43*
434
2312 Dec 81
434 434
434 4341
*434 5
100 25 July
100 Preferred
27
*25
26
26
4 Nov
803
27
*25
Dee
27
7214
•25
27
•25
*26
9
27
May
75
16
July
60
300 Austrian Credit Anstalt
6234
4
623
4
Dee
623
4
11
623
63
Mar
*60
8
63
45
*GO
63
*60
63
•60
No par
612 Jan 18 1732May 25
100 Autosales Corp
9
9
*9
92
10
28 May 4214 Dee
3734May 25
938 *9
938 '9
50 20 June 11
*9
Preferred
*913 97
32
•19
32
*19
32
43 Nov 48ra Nov
.19
_ _ _ 32
4120
32
34
•17
600 Autostr Saf Razor "A"_No par 4318 Jan 10 52126IaY 1
4612
*4414
463
4
463
Jan 28534 Sept
4512
4412 45
4478 4478 *44
*4413 45
100 Baldwin Locomotive Wks.100 235 June 11 285 Mar 31 14312 Jan 12514 July
249 249
249 255
*249 255 *240 255 *249 255 *249 255
100 118 Feb 23 12434 Apr II 110 Mar 11018 Dee
I Preferred
118
*11612
118
*11612
118
4
1063
*11613
*11612 118 *11612 118 *11612 118
Jan a
Bemberger (L) & Co pref_100 10812 Apr 25 11172 Feb
di) Jan 5972 Feb
1
•108 110 .108 11012 *108 10912 *108 10913 *108 1091 *108 109,2
No par 25 July 18 5212
Barnett Leather
25
*24
25
2034 001 3512 Feb
*24
*2314 25
*2314 26
*2314 2534 *2314 25
25 20 June 12 2678 Apr 30
class A
Barnsdall
Corp
36,800
8
243
2312
241
8
2012 Oct g214 Feb
2318 2358 2312 2412 24
2458 2414 2458 235
25 20 June 14 2714 Apr 30
Class B
25
*23
25
*23
25
*23
25
*23
*2212 2312 •23
25

l
IN nn IN'

• Bid and asked prices: no sales on_.thla day, a Ex-dividend, a Ex-Ilialba•




New York Stock Record-Continued-Page 3

653

For sales during the week of stocks not recorded here, see third
page preceding
HIGII AND LOW SALE PRICES-PER SHARE, NOT PER
CENT.
Saturday,
July 28.

Monday,
July 30.

Tuesday,
July 31.

Wednesday, Thursday,
Aug. 1.
Aug. 2.

Friday,
Aug. 3.

Sales
for
Inc
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

$ Per share $ per share
per share
per share S per share $ per share Shares Indus.& Miscell.(Con.) Par
•107 10934 107 107
107 107 •10513 110
108
108 108
300 Bayuk Cigars, Inc
No par
•10714 10712 10714 10714 10712 10712 *10614 10712 *107
10712 10712 *10612 10712
60 First preferred
100
1513 1512 1513 1534 15
1538 1538 1534 1512 16
1534 1614 6,400 Beacon 011
No par
7218 7218 7213 74
76
7334 76% 75
75
76
7414 7414 4,300 Beech Nut Packing
20
14
14
1358 1412 14
14
1314 1334
1318
1312
1318
1312 3,800 Belding Ilem'way Co .No par
*86
8612 *8534 8614 *8534 8614 8534 8534 *8512 86
Belgian Nat Rys part pref___
*8512 8534
100
6812 7034 71
7213 6978 72
7038 7218 6934 704 6914 7038 11,800 Best & Co
No par
5713 5814 5614 5818 5612 57% 5678 5734 5614
5678 5534 5634 22,300 Bethlehem Steel Corp
100
11678 117
117 117 *117 11718 *117 11712 117 117
117 117
900 Beth Steel Corp rd (7%)_100
*3312 34
34
34
*34
*34
35
35
*34
35
*34
Bloomingdale
35
Bros___ _No par
200
*10913 112 *10913 111 *10912 112 •10913 111
*10912 110 *10913 110
Preferred
100
•91l4 9112 *9114 9112 9114 9114 *90
9112 *90
9112 *90
9112
50 Blumenthal & Co pref
100
1370
7018 6938 694 6912 6912 69
6918 6934 6934 *69
1303 Aml class A
70
1,200
par
No
*7
714
718 713
718 718
738 712
712 713
712 758 3,900 Booth Fisheries
No par
1317
49
47
47
*4634 51
50
50
49
4918 *48
51
700 lot preferred
•16112 16212 16112 16314 16114 16113 160
100
16218
16034 16214 15912 16014 3.200 Borden Co
*1214 1412 13
50
13
*1212 13
*1212 13
13
13
13
13
400 Botany Cons Mills class A50
3614 3612 3534 3612 3534 3614 36
3612 3512 3614 3538 3614 49,400 Briggs Manufacturing_No par
*314 4
*34 418 •333 418 *4
44
4
4
*312 4
100 British Empire Steel
10)
*618 7
*612 714 *618 714
*618 714
*618 714
*618
2d preferred
.245 249 *242 247 *242 248
7
100
239 2414 *239 242 *235 245
400 Brooklyn Edison Inc
14212 14213 *142 143 *142 143 *140 142
100
*140 142
13914 13914
200 Bklyn Union Gas
48
No par
48
48
4812 *48
49
.4712 49
4813
4312
48
Brown
Shoe Inc
900
.4718 4778 4513 47
434
No par
4512 464 4538 47
4514 46
x444 4512 21,200 Brunsw-Balke-Collan'r_No par
-3614 37
3614 3738 3618 3618 *3413 36
3412 3412 35
364 1,100 Bucyrus-Erie Co
_45
4512 45
10
4578 4414 4434 45
4512
4018
4438
4418 45
4,6001 Preferred
%IS 125 *119 125 *119 123 *119
10
121 *120
120 120
100 Burns Bros new clAcomNo par
;32
327
3218 3478 3318 344 3414 3478 3478 125
37
35
3514
New
class B corn __._No par
3,9001
.
.05 10634 *105 10634 105 105
10512 10638 *105 10634 1054
70 Preferred
,17018 17018 170 17314 173 17412 17312
1064
100
17413 *170
173 174
3,300 Burroughs Add Mach_ _No par
.50
52
.50
62
50
50
*.50 52 50 174
50
50
5041
9001Bush Terminal new_ __No
..,09 109
_No par
109 109
10834 10334 10834 10834 10834 1083
4 1064 1033
140 Debenture
-.1414 118 *11414 118 *11414 118
100
111 11414 11134 113
11214 11214
50•Bush Term Bides Pref
i, 634 7
100
715 734
758 734
7
712
7
738
7
73 11,0001Butte copper & Zinc
45
4534 4612 47
5
4513 46
44
4512 4312 4312 42
1,800,Butterick Co
42
1138 1133 11
100
1118 *1118 1134
1112 1113 11
1114
912 11
8.300;Butte & Superior Mining___10
7334 75
*72
74
*73
74
.72
75
.72
78
*7112 74
500,By-Product3 Coke
_9918 100
No par
0814 10018 *9714 9814 08
99
9514 96% 95
96
'.1013 _ _ *11013 _ _ •111
7,400 Byers & Co(A NI)
No par
*112
__
*112
____ 113 114
201 Preferred
','..71 -71-58 *7118 -7134 71 ____
•
100
71
71
71
71
7118 714 71 1
2914 3034 304 3018 *2914 31
900 California Packing
No par
*2914 31
304 3038 31
7001California Petroleum
314
278 278
25
234 278
273 278 *234 278
234 234
234
27s 2,900 Callahan Zinc-Lead
10
97
9712 9612 97
9712 9814 9512 9634 9333 9514
6,700!Calumet
9312
Arizona
95
2278 2318 23
Mining_
_
_10
234 2278 2338 2314 2313 23
2313
231
23
9,200:Calumet & Hecht
7438 7438 7418 75
25
7312 7438 7314 7312 72
73
3,700'Canada Dry Ginger Ale_ No pon
7234 75
33034 3331 .330 33313 325 325
325
329 336
325 334
11,900 Case Thresh Machine
•121 125 *121 125 *121 125 *121 34214
100
125 *121 125 .121 125
1Case Thresh Mach pref___100
3313 331
3312 3412 3334 34'8 33
3334 3278 33
3234 333
7.400 Central Alloy Steel__ __No par
•1134 12
*1178 12
*1178 12
12
12
12
12
•1134 12
300'Century Ribbon Mills_ _No par
*7813 8012 *7812 80
.7812 8013 80
80
*7812 80
7812 7812
501 Preferred
100
7538 7538 75
7513 7414 76
7414 7714
76
77
7514 7678 17,600 Cerro de Pasco Copper_No par
44
4518 4413 4514 44
443
4438 4432 44
4412 4314 44
10,600. Certain-Teed Products_No par
*9412 97
*9412 07
*9413 07
*9412 97
*9412 97
•9413 07
I 7% preferred
100
*71
72
7134 7134 *71
72
*71
72
7178 714 7112 7113
300,Certo Corp
No par
878 912
912 11141 104 1112 1038 1114
10
10
1013 28,400:Chandler Cleveland Mothropar
18
19
1918 2314 2234 2312 2234 2438 223 1034
4 2334 2112 2234 66,000: Preferred
No par
*63
6312 6314 6614 6514 6634 6612 67
*65
66
651s 6518 5.500 Chesapeake Corp
No par
115 115 *116 117
115 115 *115 11513 115 115
11514 11514
400'Ghicago
Pneumatic
Tool_
_100
*3012 3112 30
3012 30
30
2978 2978 *30
31
.30
100 Chicago Yellow Cab
31
No par
44
4412 4312 4412 .44
44
44
44
4414
4514 4538 47
Childs Co
par
No
8,200
447g 4478 4434 4512 4412 45
4438 45
4412 4434 4438 4412 5,600'Chile Copper
25
*6312 83
*6313 83
*6312 83
*80
83
*6318 80
80
80
300 Christie-Brown tern ctisNo par
7714 7934 7712 8014 7638 7838 7712 7914
No par
*11518 11512 *11518 11512 *11518 11512 *11518 11678 7634 7734 7714 8312 477,100 Chrysler Corp
*1154 1164 •1151s 11678
No par
I Preferred
*5318 5378 *5318 5378' 5318 5313 *5318 5378 *534 5378
No par
.5318 5373
• IO'City Stores class A
87
8738 *85
86 1 *85
86
8414 8914 8213 89
867
8
II
Class
No
par
867
8
4,500
79
7912 80
8078 80
80
14 *7914 80
80
80
7914 80
1,200'Cluett Peabody & Co No par
•11812 121 *11813 121 1*11812 1201 *11812 121
11812 1181? *11813 121
Preferred
100
10'
16478 16338 165 166
16014 16578 164 16438 161 16414
163 16378 5,700 Coca Cola Co
No par
*5512 56
55
56
5518 59
5713 627
6014 62
5978 617 53,600 Collins & Alkman new_No par
139212 97
9213 9210 •92
06
*92
07
*92
97
*92
Preferred
100
97
100!
64
65
634 6414 62
6334 6214 63
6012 62
6034 6034 7,000'Colorado Fuel & Iron
100
*81
82
81
81
81
8112 8112 851
8412 8412 *82
85
2,200 Columbian Carbon v t cNo par
112 11338 11118 11338 11014 111181 11018 1111
11014 11178 11918 11014 20,500 Colum Gas & Flee new_No par
•10713 108
10712 10712 •106 10778' 107 107
107 107 *107 10818
100
5001 Preferred new
76
78
77
775g 75
,
8 7712' 7534 767
7512 7778
7512 7678 5,700 Commonwealth Power_No par
*30
31
*30
3114 297 32 1 3114 32
32
33
3134 3134 8,200 Commercial Credit _ __ No par
*24
2412 .24
2413 *24
2412 *24
241. 24
24
2412 2412
25
301 Preferred
*25
26
*25
26 .25
26 I 25
25
26
26
*25
26
25
20 Preferred 11
*88
8812 88
88
*88
8813 *8814 8813 88
8812 8813 8812
1st preferred (6)4%)_A00
110
71
71
71
7112 7018 7013 *70
7118 6934 7018 *6912 6978 1,300 Comm Invest Trust _ __No par
•106 109 *106 109 *106 109 i*106 109
•105 106 *105 106
I 7% preferred
100
9512 9512 *96
0713 *96
0712 *95
9712 *05
9712 395
9712
100; Preferred (6 10
100
148 15258 151 15412 150 1534 150 150
149 149
14714 14714 4,000 Commercial Solvents_ _No par
61
6138 64
64
62
62 I *59
60
*59
59
60
800 Conde Nast Publica___No par
2278 2312 2234 2314 2234 2314 2234 2314 2214 62
23
2214 2278 14,900 Congoleum-Nairn Inc_ _No par
7058 7038 7034 7078' 71
71 1 71
724 •71
7212 71 18 72
1.200 Congress Cigar
No par
8
2 881, 9012 90
8
9134 8878 13973 83
89
No par
7,700 Consolidated Cigar_
*9412 9812 *9412 99
*9412 9713 97
07
*95
97
*95
97
1001 Preferred (6)
100
'Consolidated DIstrIb'ersNo par
147's 1483* 147 1-4-1-2 14 14738 14312 145*
i43'o 145
;-;
1433
Consolidated
8
Gas
(NY)
40,700
No
par
10078 101
100513 101
1004 10038 10012 10013 10012 10012
10012 10012 2.5001 Preferred
,Vo par
318 31s
318 318
34 318
34 313
318
318
3
Textile__
Consolidated
4,500
_No
par
3,3
2712 28
2734 2734 2714 28
28
2313 28
28
2713 2814 3,900'Continental Baking cl ANo par
414 414
414 418
414 433 *43tt 412
414
41.
44 412 2.8001 Class B
*75
par
No
75
77
75
•76
77
7613 7613 *7613 77
7714 7713
503 Preferred
102% 10278 10134 10338 103 104
100
104 10678 104 10538 210314
•12434 125
10613 34,000 Continental Can Inc_ No par
125 125
12513 12512 12513 12512 *12434 12513
*12434 12512
Preferred
100,
8134 8134 80
81
100
*7434 8034 80
807g 7934 7934
1,200'Continental Ins temp Ws_ _10
1112 111
1112 1134
1113 1134
1112 1134
171
1133 1134 7
'
84 7
19
Continental
11%
7613 7634 7512 7678 75
6,000
Motors_
2
__
No
par
7638 76
7934 7738 7878 7678 78,
4 35,300 Corn Products Refining__ _ _25
•I40 142
14014 14014 14018 14018 14012 14012 *14014
142 *14014 145
18534 186
300, Preferred
184 18578 18578 18578 .18212 186
100
185 1857* 186 138
2.900 Coty Inc
7214 721
7234 73
No par
7278 727
7212 7278 72
73
72
72
•114 115 •114 115 *114 115 *114 115
2,700 Crucible Steel of America_ A00
11478 115 *114 11412
Preferred
500
*2234 23
23
23
.2234 2314 2234 "24
100
2378 2378 23
512 51
2314 2,300 Cuba Co
438 512
No par
512 54
412 5
5
5
5
5
•I834 191
9,200 Cuba Cane Sugar
1834 19
No par
15
1812 1534 1634 1612 17
1713 15,300 Preferred
18
•1814 181
1814 18
100
1814 1818 184 1818 1832 17
1818 1814 4,200 Cuban-American Sugar__ 10
*101 1021 •101 1021 *101 10212 *101 10212 .102
*834 93
Preferred
714 834 *73 10218 *102 10213
*834 93
100
*334 918
4 814
*734 814 2,300 Cuban Dom'can Sttg newNopar
6978 73
7012 741
7112 7312 72
72781 7118 737
731
1
753
8
59,300'Cudahy
Packing new
10414 1073 10212 105
105 106
50
10314 105
10112 103
102 10334 2,000 Curtis Aer & Mot Co--No
Pa
Preferred
iRo" ISO *17213 180 'I72l 180 '170 180 180 180 •Fro10
110 200 Cushman's Sons
•123 126
126 126 *126 127 *126 127
Vo pa
127 127
130 130
40 Cushman's Sons prof (7)_100
•50
5012 5014 5014 *50
51
*50
51
*50
5114 5014 5014
400'Cuyamel Fruit
No pa
5313 51
5278 5378 51
52
52
5278 2/50
513
8
50
5212 27,700 Davison Chemical v t c-No Pa
124 124
123 124
124 124
123 123 •12318 124
124 124
100IDeere & Co pref
100
•196 198 •197 198
197 197 *195 198
196 196 *195 198
720,Detrolt Edison
100
51
.50
51
*50
.5018 51
50
50
49
4938 49
4934
1,400 Devoe & Reynolds A__No pa
•11312
- - *11312 ____ •11312 115 .11313 114 *11312 115
100
I 1st preferred
•156 15634 15634 15634 157 157
158 15814 158 158 *11312 115
100
160 Diamond Match
1434 1514 15
1514 1534 1513 1534 1512 1538 •15634 158
16
153
8
163
8
17,703
Dodge Bros Class A____No pa
16
784 79
8012 7878 80
79
80
7834 79
7934
83
No pa
36,100 Preferred cent(
84 84
814 812
*814 812
13111 814
8
813
8
No pa
84 2,500 Dome Mines, Ltd
5314 5814' 5814 5314 *5712 5912 *5734
53
•5314 5914 53
5812
300 Dunhill International. No pa
•10112 10212 10112 10112 101 101 *10012 102 *10013 102
*10012 102
200 Duquesne Licht 1st pref...100
19014 19134 18812 19414 182 189
183 187
18012 182
182 182
21,400 Eastman Kodak Co_._ _No pa
•130 132 .
132 132 *130 132 .130 132 .130
130 132
100
10 Preferred
3312 3812 3832 3914 3832 3334 3814 3878 3814 3912 39 132
40,4 21,100 F.aton Axle & Spring_._No pa
38018 382
372 372
375 382
37314 375
37014 371
37014
3,200 El du Pont de Nem newNo Pa
•11434 115 *11434 115
11434 115
11412 11434, 11414 11414 114 37112
114
900 6% non-vot deb
10
• Bid and asked prices. no sales on this day. x 141214,1dend.




16:414ghts. I Ex-watranta.

PER SHARE
Range Sine. Jan. 1.
Osbasts of 100-glare lots
Lowest

Motes(

$ per share
98 June 20
104 June 19
1214 Mar 16
7038July 13
13 July 26
85 June 12
5334 Jan 19
5 I78June 19
11618June 29
3358July 23
10912 Jan 11
87 June 27
6514 Jan 3
514 Jan 4
4114 Mar 14
152 June 19
1213 July 11
21 18 Feb 4
14 Jan 10
214 Jan 5
20634 Jan 10
139 June 13
4518June 11
2712 Feb 20
2412 Feb 1
3338 Feb 17
9312 Feb 17
157a Mar 8
• 9734 Feb 21
139 Jan 14
50 June 20
10538 Aug 3
111 Aug 1
412 Jan 19
40 July 13
9 Jan 11
65 Mar 1
9012 Jan 16
10838 Apr 13
68,12June IS
2514 Mar 16
184 Mar 8
89 Feb 18
2018 Jan 10
544 Jan 5
247 Jan 21
12438June 28
2818 Mar 27
114 Feb 18
7812 Aug 3
5812 Jan 3
4034May 24
9434July 26
71 May 3
54 Feb 29
14 Mar 13
6234 July13
115 June 25
2978 Aug 1
37 Apr 19
3738 Mar 5
79 June 20
54% Jan 16
11353 Jan 9
6114 Jan 19
62 Jan 5
7712 Jan 10
11818 Mar 21
127 Feb 20
50 June 25
90'4 July6
5212June 25
79 June 12
8912 Mar IS
106 June 19
6214 Jan 11
21 Feb 20
23 Feb 3
23 Feb 7
85 June 12
5534 Mar 1
99 Jan 27
9238June 16
13778June 19
43 Jan 14
22 June 12
67 Feb 18
794 Jan 20
9614June 26
78 Jan 21
11938 Jan 10
10012June 27
3 Aug 3
2613 Apr 10
334 Apr 10
73 Apr 1
so% Jan 1
123 Jan
75 Feb 15
10 Mar 13
6438 Jan
1384 Jan 1
123 Jan
61114 July 3
11212 Mar 16
22 Apr 4
48 July 31
15 July 31
18 July 23
1014 Feb 18
734 Aug 1

per share
140'l Mar 1
11032 Mar 28
2014 Apr 25
8312 Feb 9
22 Jan 12
9212May 14
7212July 30
6938 Apr 14
125 Apr 13
444 Jan 5
11134July 3
98 May 14
7834 Jan 27
834June 6
517 July 18
187 Jan 11
23 Jan 4
4278June 4
914May 25
12 Feb 1
26814 Apr 13
15914 Apr 14
5512 Apr 5
5138Nlay 16
5078June 2
5438May 14
12512111[1e 2
4338June 4
I1034June 11
175 July 18
6714 Apr 13
115 May 21
11912June 15
10 May 28
674May 15
1634May 21
8014May 24
11712 Jan 27
1124 Jan 14
7934 Apr 13
3234May 22
538 Apr 30
12014 Jan 8
2514May 28
8612May 8
35612July 5
13512 Mar 30
4034May 24
1753 Apr 4
92 May 15
7914 July 8
8438 Apr 28
100 May 21
7712June 2
1312May 15
2538May 15
8172 Jan 6
14114 Jan 30
43 Jan 14
524 Jan 7
4684 July 5
131 Jan 23
8812May 29
117 Mar 12
6414June 11

54 Jan 3
53,8 Feb 27
11734 Jan 5
14444 Jan 13
1,s
1 15
4 Jan 11I
49 July 27
3432 Feb 18
Feb 1
18612 Jan 11
40 Jan 3
108 Jan 9
13438 Jan 18
12 June II
6312June 19
8 June 13
5512 Jan 9
10034July 18
163 Feb 20
125 Mar 7
28 Jan 11
310 Jan 10
114 July 13

PER SHARE
Range for Previous
Year 1927
Lowest
Htokall
$ per share
per share
494 Jan 109 Dec
101
Jan 110 Aug
14
Oct
184 June
5014 Apr 744 Nov
1512 July
274 Jan
£91s Aug 693* Nov
4314 Jan 884 Sept
10434 Jan 120 Dee
34 June 5272 Nov
10912 Jan 114 Nov
44
Jan 95 Dee
5312 Jan 5988 Dee
412 Sept
842 Apt
36 Sept 5714 May
18712 Dec 169 Dee
18 May 3013 Sept
1912 Bent 3632 Feb
4 Apr
2 Des
1
Apr
712 Deo
1484 Feb 225
Dee
894 Apr 1574 Dec
3012 Feb 5014 Dee
257s July 384 Jan
9513:Rine
1814 Mar
90 June
290 Mar
2934 Jan
9114 Jan
10332 Feb
334 Mar
44
Oct
738 Nov
66
Jan
42
Jan
10534 May
6014 Apr

flis; Jan
3444 Jan
100
Jan
143 Dee
69 Nov
1114 Dee
120 Aug
54 May
6144 Feb
1138 Jan
9212 June
10234 Des
1124 Dec
79 Dec

114 Sept -14 Jsn
6112 Jun 12312 DeC
1414 July 2454 Dec
36
Jan 604 Aug
Jan 283'4 Oct
132
111
Feb 129 Dee
24
23 Apr
AD
1012 Jan
1084 Aug
Jan 88•4 Dee
70
7212 Dee
58 JUR
42 Jan 5534 May

65 -ffee 78, Aug
412 NovMar
13 June 2614 May
6434 June 8674 Oct
1204 Jan 13714 Mar
38 July 47
Oct
4858 Mar 61:42 Aug
3318 June 444 Dec
344 Jan 9072 Dec
384 Jan 6312 Dec
10212 Apr 116 Dee
4614 Mar 54 Dee
102 June 8
4112 Apr 6412 Dec
10914 Apr
51 June 8412 Oat
12434 Max 19, 11114 Jan, 1254 Nov
1773430ay 15; 29612 Ayr 1931 2 API
111114 Jan 31 86 Aug 11332 Dec
109 Jan 8 10212 Sept 109+4 Dee
8412 Jan 31
4238 Jan • 9612 July
9814 Jan 24
664 Jan 10114 Nov
11838May 16
8278 Feb 9814 May
11018 Jan
9912 Jan 11012 Dec
8712May 8
4838 May 7834 Oet
3538May 4
14 June 2412 Dee
27 May 8
17 Jnue 244 Sept
2734May 11
187
,June 25 Dee
96 Mar 18
89 July 8938 Dee
74 Apr 17
4118 May 62 Dec
109 May 14
944 Sept 102 Dee
9712May 11
864 July 9814 Dee
18912 Mar 28 145 Nov 203 Sept
65 June 2
39 Aug 53 Dec
3112 Apr 17
1714 Jan 294 Dec
8178 Jan 8
47 Mar 884 Des
99 June 4
744 Oct 6634 July
10234 API' 181
3 May 18
iz Oct -112 Feb
17014May 7
94 Mar 1254 Dec
105 Mar 28
93 Mar 103 Dee
&18 Mar 28
34 Mar
7,8 June
5312 Jan 13
8312 Apr 744 Jab
Jan 13
4 May 1014 Jan
9614 Jan 25
72 Apr 9734 Nov
1144 Apr 16
5834 Apr 8672 Dec
128 Mar 26 120
Jan 126 June
1/472Ntay 15
744 Dec 9334 Dec
1472NIay 8
872 Nov
1384 Jan
8278 Apr 13
4672 Jan 68 Nov
14634 Apr 10 128
Jan 1424 Dee
188 June 7
Jan 123 Dez
56
7012 Oct 934 Mar
93 Feb 7
121 May 11 103
Jan 116 Sept
1811 Aug 3414 Jan
2872May 8
74May 12
44 Oct 104 Jae
8238 Jan 12
284 Nov 5094 Jan
2414May 25
1812 Nov
2812 Jan
108 Feb 1
974 Nov 107 Aug
1012 Nov
12 Jan 4
18
Jan
7538 Aug 3
434 Apr 5844 Sept
19234May 16
451s Nov 6914 Dee
14318 Apr 18 111 Nov 118 Dec
198 June 6 103 Apr 152
Oct
130 Aug 3 107
Apr 125 Dec
5534 Jan 20
30
Apr 554 oet
57 July 9
264 Apr 4812 Dec
12634May 15 10512 Jan 12512 Nov
20934June 4 13312 Jan 1704 Dec
61 Apr 16
3612 Aug 424 Dee
120 May 16 101
Jan 11412 Dee
161 Feb 2 115 Feb 14744 Sept
24% Jan 4
1314 Oct 2712 Jan
86 May 31
5612 Oct 85 Feb
134 Jan 6
7 June 1414 Dee
76 Mar 29
49 Aug 624 ON
11612 Mar 8 11414 Mar
11738 Nov
19414July 30 12614 Jan _17514 Sept
134 Apr 3 11914 Jan 1314 001
4134June 4
2114 Oct
2944 Jana
40512June 4 168
Jan 84372 Oil
12112May 8 10611 Feb 118 Dee

New York Stock Record-Continued-Page 4

654

For sales during the week of stocks not recorded here, see fourth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
July 28.

Monday,
July 30.

Tuesday,
JuIP 31.

Wednesday, Thursday,
Aug. 1.
Aug. 2.

Friday,
Aug. 3.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Range Since Jan. 1.
On basis of 100-share lots
Highest
Doicesl

PER SHARE
Range for Prestos.
Year 1927
Highest
Lowest

per shore $ pet share $ per share
$ per share 5 per share $ per share $ per share $ per share $ per share Shares Indus. &MIscel.(Con.) Par $ per share
1
4 Feb
1034 Nov 16/
Eisenlohr 414 Bros
25 121
.1412 18
/
4 Jan 3 23 Ayr 12
*15
1512 •1412 1614 •1412 18
*1414 1512 *1412 1512
1
4 Aug 3
No pa
60 June 25 81/
6914 73
1
4 74/
1
4 74/
7112 7478 72/
1
4 7714 771
/
4 7938 7918 8178 102,000 Electric Autolite
No pa
12
11 June 19 I738June 6
13's Mar WI; Aug
11/
12
1
4 12
12
111
/
4 111
1178 12
12
/
4 1112 1138 2,200 Electric Boat
164 Jan 3238 Dee
28/
1
4 Jan 10 4512May 14
No pa
3514 3512 3438 3538 3418 3412 3414 34/
3412 10,400 Electric Pow .37 Lt
1
4 34
1
4 3414 34/
No pa 10812 Jan 10 11018 Mar 8
96 Jan 109 Nov
*107 108
500 Preferred
10718 10718 10712 10712 •107 10738 107/
1
4
1
4 107/
1
4 10712 107/
Electric Refrigeration_ _No pa
514 Nov 3732 Jan
1118 Feb 6 1712 Mar 19
1
4 Jan
7734 78
63/
1
4 May 79/
69 Feb 20 8472MaY 16
- 775 7814 778 7812 7718 788 -5,800 Elec Storage Battery _No pa
778 7814 771 7778
1
4 May
Elk
Dec 15/
9
Jan
1
100
Horn
7
6
June
19
Coal
Corp__
.No
pa
7
7
*812
*612 714 *812 714 *812 714 *812 71
714
/
4
Apt
13
Oct
Emerson-Brant
Class A.No par
514 Frn 21 1512June 4
300
3
*1014 12
1014 1014 *1014 1134 *1014 12
1014 1012 *1014 1012
20 Emporium Corp
30 July 3712 Mar
30 July 3 33 Mar 1
No pa
*30
31
30
30
31
*30
31
*30
31
*30
*30
31
Dec
8114
Jan
Endicott-Johnson
4
12
85
Apr
17
800
Corp._
__5
643
7514June
78
/
1
4
7918
77/
1
4 7738 78
7812
78
7812 *77
1
4 7812 *77
78/
Preferred
100 12114 Jan 27 127 May 18 11838 Jan 125 Sept
*12334 125 *12434 125 *12334 125 *12334 125 *12334 125 •12334 125
1
4 Oct
/
4 Jan 39/
33 Feb 13 4614May 7
211
3738 3712 371
1
4 3714 3734 3634 3718 6,600 Engineers Public Serv__No pa
/
4 3712 3714 37/
1
4 3712 37/
Preferred
9334 Jan 10832 Deo
No pa 107 Jan 24 11114June 21
-Erie Steam Shovel
1
4 Jan 3572 Dec
1
4 Jan 23
24/
5 3318 Feb 2U 38/
Equitable Office Eldg__No par 3114July 20 3334Ju1y 3
3134 ifi
e 3112 3112 3112 32 -5184 323* -3112 31* 3112 3134 - 4,900 Eureka
- -Aug
- 777k Nov
64)
400
Vacuum Clean_No par 6012 July 12 79 Jan 3
*61
62 62 82 62
63
62
6134 62 *61
6212 *62
Exchange Buffet Corp_ _No par 1934July 17 2278May 7
1518 Jan 23 Dee
*2012 21
2112 *2012 2112 *2012 2112 *2012 2112
*2012 2112 *20
4312 May
3
/
1
4
14
Nov
Apr
19
Fairbanks
5.600
Morse
No
par
32/
1
4 Jan 5 54
4414 4414
1
4 46
4334 45/
1
4 4612 4412 4512 4518 4512 44/
1
4 44/
100 104 Jan 9 11434May 14 107 Dcc 112 Mr r
100 Preferred
112 112
1%11 114 *III 114 *111 114 *111 114 I III 114
1
4 Dee
92 July 115/
1
4 13438 64,900 Famous Players-Lasky_No par 11114 Jan 16 13538July 28
13338 13538 134 13514 13338 134/
1
4 13312 134lj 13214 13312 132/
3712 Jar 67 Ma,
600 Federal Light az Trac
15 42 Jan 10 56/14MaY 2
5112 51/
1
4 5112 5112
5134 5134 *5112 5214 *5112 5214 5112 511
9114 Feb 100 Aug
120 Preferred
No par 98 Jan 6 109 Apr 19
103 103 *10212 105 *10212 105 ,*10212 105
10212 105
10212 10212
Federal Mining dc Smeirg.100 120 Apr 17 145 May 15
60 Feb 187 June
*110 126 *110 128
.110 128 *110 126
Preferred
1
4 Jan 97 Mar
9114 Jan 3 99/
1
4May 21
75/
*9713 9812 *97/
1
4 98121 *9712 08 I 4,9712 9812 .971, 981,100
*9712 98
1
4 Jan
17 Dec 80/
/
4May 8
17
1718 1738 4.700 Federal Motor Truck..1.10 par 18)8 Aug 1 251
18
18
17
18/
1
4 18/
1
4 18
1838 16158 181
1,800 Fidel Phen Fire ins N Y new 10 7514J une 12 9412May 16
8112 8hz 8112 8212 82 82 I 818482 I 82
81
82
82
Fifth Ave Bus
10 Nov lafe May
No par 1114 Jan 9 1514May 10
*12/
1
4 141 *1238 1412 *1232 14/
1
4 1412 *1212 1412 *1212 1412
1
4 *12/
No pa- 28 A.
,4 3814June 1
um Ma, 80 Feb
36
364 36
1
4 3834 38581 3534 3678 3514 3614 18,000 First Nat'l Stores
3678 35/
1
4 35/
14114 Oct 20 API
No par 10'i July31 1714 Jan 4
1112 1138 1138 1112 1034 113*' 107g 107g 107g 11
1078 1078 5.000 Fisk Rubber
81 Jan 100 Seen
1,000 1st preferred stamped___100 .112July 19 91/
1
4 Jan 10
70
70
70 *89
70
*7112 78 •71
78
6938 8934 70
1
4 July 102 Sent
40 1st preferred cony
100 68 June 23 9714 Jan 5 04/
70
*6914 70
69 I 70
72
72
*66
73 *66
73 I 69
/
4 Dec
481s Feb 711
7014 7034 6934 7012 6912 7012 6934 72141 6934 7138 9912 7038 38,200 Fleischman Co new____N ,...r 65 June 19 76/s Apr 14
\ ,, sat 42 Mar 6 5514May 16
100 Foundation Co
35 Nov 8832 AP/
4234 4234 *4212 45
*45 471 *45
47
*4212 44 I *4238 44
Dee
85
/
1
4
Fox
Film
Class
June
A
18,600
Tic par 72 June 12 9214June 2
60
817 1 7934 8112 7918 81
7912 80
8014 7912 8012 80
79
No par 55 July 23 109/
1
4 Jan 11
$414 Jan 10612 Dee
6114 62 31,000 Freeport Texas Co
6114 617
59 6134 5772 598 5918 598I 5914 62
Fuller Co prior pref.__ _No par 103/
1
4 Mar 17 10978 Apr 23
*103 1051 *103 10512 *104 10512 *104 105 *104 105 *104 105
22 -15;; "ii- Aug
1714 1878 19
2,300 Gabriel Snubber•
No par 15 Mar 23 28/
1
4 Jan 5
1914 *19
*1912 197
19/
1
4 1912 1914 1912 19
614 Jan 1514 Dee
No par
714June 12 1614 Feb 2
1
4
81
84 4,000 Gardner Motor
9
9
812 878
8/
1
4 834
812 8/
812 834
Gen
Amer
66 Jan 6434 Dee
Tank
Car_
15
3,300
_
_No
par
60/
1
4 Feb20 7712May
70
703*1 70
70% 7134
*6914 705s 6912 6912 6918 6918 70
100 10914June 23 11114May 15 10838 Mar 11218 Sent
110 110 *10912 110 *109 110 ,.3109 110 *109 110 *109 110
lool Preferred
1
4 Mar
14,700 General Asphalt
$5 Aug 96/
100 68 June 12 947s Apr30
7438 7312 751
/
4 7218 75
7334 7412 7212 7414 72/
1
4 7312 72
,MAY
60
101
0 Preferred
100 11012June 1 14112 Aprii0 10714 Aug 1447
115/
1
4 11512 112/
1
4 112141 116 116
115 115 .114 118
116 116
Gel
l
erfael
pref___No par 134 -ran 2 150 June 8 11814 Apr 140 Ott
*14212 146 *14212 14912 14212 14212 *14212 146 *14212 146 .14212 146
8512 Apr 28
No par 21 Feb
2312 24
2458 24381 2434 2434 2414 2612 2578 2814 4,900 General Cable
2312 24
55,s Dec 621, iF,W,
8078 Mar 20
No par 56 Feb
6412 6412 6414 6512 6612 6838 6712 67% 67
7012 7112 7278 10,6001 Class A
52 Jan 7472 Dec
7538 Feb 2
*611
/
4 6214 6112 6134 6138 611
/
4 8114 6112 6034 6114 6018 6014 2,000IGeneral Cigar, Inc new-No Per 59121une 1
Jan 136 Sept
115
1001
130
Apr
27
Preferred
115
/
1
4June
1
(7)
100
*117 120 •117 120 *117 120 ''117 120
117 117
11812 11838
1
4 Nov
54118 Apr 59/
2,400 Gen Outdoor Adv A___No par
5012 51
50 5038 5018 5038 4918 5058 5038 5012 5038 501
1
4 Nov
37 Jan 58/
ug 1
3112 3112 305 3112 30
3012 2912 31
3178 338 *3214 3234 8,4001 Trust certificates_ ---NO 17(13
Jan
1463
1 Sept
General
6
81
Electric
4):82lug
apnnr 11
15014 15234 15014 152/
eb 27 Ali r
No par 1i9
15014 152
14914 152
1
4 14918 151
14814 14978 45.100
11 June 1128 Jan
12 June 7
*11% 1114 1118 1112 1118 1118 1118 1118 1118 1114
Ws 1114 2,800,General Electric speolal__-.10 1118July 1
Feb
67
/
1
4
Apr
34
40,300'General
1
Aug
2
Gas
&
Elec
6014
A
No
par
3514
Jan
18
55 56/
1
4 5434 5512 5434 5538 5434 56
5612 6014 56% 58
118 May 10 100 Jan 1104 Oot
100 Gen Gas & Eleo pf A (7) No par 10812 Jan
*10912 112 *10912 112 *10912 112 *11012 112
112 112 *11012 115
Preferred A (8)
No par 12214 Mar 2 144 Apr 18 11314 Mar 12311g No
•120 127 *120 127 *120 127 *120 127 •120 128 .120 128
96 Jan 1051a Dec
100 Preferred B (7)
No par 10512 Jan 17 11478May 16
*105 109 *105 109 *105 109 *107 108 *107 108
10734 10734
141
Oot
193 19412 19238 19512 19114 19312 18918 19278 18612 189
185/
1
4 1871/4 598,700,General Motors Corp new_ _25 130 Jan 1 210 May 7 11314 Aug 125
/
1
4 Dee
1181
/
4 Mar
1,6001
12
7%
12712
Apr
preferred
Jan
26
100
12312
12412 124/
1
4 *12412 125 125 125 *12412 125
12412 12412 *124 12434
Sent
9972 10078 9812 10038 9812 99
99 10112 99 100)8 9812 9312 27,900 Gen Ry Signal new.._--NO Par 8414June 29 12312 Jan 3 8212 Jan 15314
38 Jan 81 Dec
1,500 General Refractories.._No
_No par 4512June 13 82 Jan 3
49
49
48
48
48
4812 4812 4812 4712 4812 4778 43
9534 Nov 109/
1
4 Oct
102 10234 10134 102/
10012 10118 100 10034 7,500 Gillette Safety Razor__No par
1
4 10214 103 x101 102
3512 Dee 59 Sept
8,200 Gimbel Bros
7 5414 54
No par
54
5418 53
5578 54
54
54
5414 54
108
/
1
4 July
Nov
91
15
June
I
Preferred
101
Mar
6
87
100
*98 100
*98 100 *97 99 *97
99 .97
9912 *97
991/4
1
4 may 22 Mai
No par 2038 Jan 27 2638May 23, 14/
2214 2238 2218 22/
21/
1
4 22
1
4 22
2134 2134 2134 2134 3.700 Glidden Co
1
4 21/
120 Prior preferred
100 95 Jan 4 10478June 11 86 Aug 101 June
*100 101
100 100 *100 101 .100 101
10078 101 *100 101
42 Ma. 7834 Den
90 911
/
4 8912 91/
88/
1
4 9014 88
1
4 16,000 Gold Dust Corp v t e___No par 71 Jan 16 10538 Feb 15
1
4 8812 90
89/
1
4 8834 90/
6234 Jan 0612 Deo
No par 6812June 18 99/
1
4 Jan 4
7612 77
7614 7734 7614 7714 76/
1
4 78
7612 7714 7818 7634 12,000,000drich Co(B F)
/
4 Die
95 Jan 1111
3001 Preferred
100 10912 Feb 17 11518May 1
*112 113 11114 112 *111 114 *III 114
111 111 *11012 111
1
4 Dec
2818 Aug 69/
Goodyear
T
&
Jan
4
7,500
7212
Rub.....-No
4518June
25
par
52 5212 5112 52/
1
4 5112 52
52
5212 51
52/
1
4 5134 52
1
4 Nov 9878 Dec
92/
1,900 1st preferred
No par 9212 Mar 16 9912 Jan 13
*95 98
96
9518 9534 95/
1
4 9573 9534 96
*98
96'2 98
2 Dec
8515
Gotham
14
/
1
4
Jan
Silk
Apr
57
1,500
Hosiery-No
7
8
par
75
June
13
93
78
77
77
78 *77/
1
4 7812 7712 78
77
76
764 76
58 Jan 8513 Dec
5001 New
No pa
75 June 19 93 Apr 14
76
77
*7614 7814 *7612 7634 *7614 7714 76
76
7612 7612
104 Jan 122 1/001
Preferred New
*114 11612 *114 11612 *114 11612 *113 116 *112 116 *112 114
---------Preferred ex-warrants_ _ _ °
0 1121 j
rz1
A
"
;
*10814 110 *10814 110 *10814 110 *10814 112 *10814 112 *1081411210
Oct Yul; WO;
oo uld Coupler A
No par
1
4
712 7/
7 June 23 1218 Feb 2
*7/
1
4 81
*738 81
*738 8
912
7/
1
4 7/
1
4 *7
Graham-Paige
par
13,200
Motors_No
Apr
12
1614
Feb
18
39
7
8
3212
3312
32
3238 3134
3134 3234 3134 32/
1
4 3134 3214 32
Jan 46 May
31l
Granby
Cons
M
fim & Pr.1003918 Feb 18 56/
1
4May 15
5414 54
53/
1
4 5414 54
5418 535* 5414 5314 5334 5314 5334 5,200
351e Dee 4432 Sef11
33/
1
4 337
3324 337
31 Jan 26 38 Jan 7
3312 33331: 4900,Great Western SugarnewNopa
3358 3384 3312 3358 33
123 Sept
Feb
11614
Preferred_
201
100
3
11714
11212
Jan
Feb
20
120
*11714 11734 *11714 1173 *11714 1173 *11714 1183 11714 11714 11714
/
4 Dec
1
4 Jan 1511
29/
1
4 Jan 4
10114 10238 101 1031 10012 1021
9938 1O2'z 9778 9934 9778 9934 22,000 Greene Cananea Copper-100 8938June 19 164/
7 Oct 114 May
6 July 13
932 Jan 4
500 Guantanamo Sugar-No par
*612 634
/
4 614
6/
1
4 61
/
4 .61
614 614
614 61
612 61
Dec
106
Jan
9572
I Preferred
100 90 July 11 107 Jan 7
*97 101
*9712 101
*97 101
*97 101
*97 101
*97 101
46 Oct 64 Feb
100 Gulf States Steel
100 51 Jan 9 69 June 1
64
64
*6434 6514 *6312 651 *6414 6514 •6334 65 *6312 65
July
27
Aug
22
Hackensack
Water
31
Jan
580
25
23
Jan
5
30
257
2512
.25
2578 *25
2514 257
2412 25
2414 25 •25
56 Jan 7238 Dee
170 Hanna 1st prof class A._-_100 59 May 25 79/
1
4 Jan 19
*6212 623 *6212 631
63 63
63 63
63 63
6212 621
300 Hartman Corp class A_No par 2312 Aug 2 2758 Feb 3 2212 Oct 2714 Mai
*2334 2514 *2334 2514 *2334 251 *2334 2514 2312 23/
1
4 *2314 2518
1812 Dec 2918 A9/
Class
17
B
Jan
No par 1678June 12 2578
*1814 1812 1814 1814 1734 18
1814 1814 *1814 19
1734 1734 1.000
Oct
7612 Jan 126
Heime(OW)
25 10334June 13 11812 Feb 20
*108 11234 *108 11234 *108 1123 *108 112 *108 112 •108 112
,
*
I preferred
134 May 28 11814 Jan 130 Jul
1p00
a, 121 Jan
*13012 --__ *13012 ____ *13012 ___ •13012 -•13012 --- *13012
3478 Dec 4014 Dee
500 Hershey Chocolate...--No
*54
55
*53
55
53 -53 .53 -54
53 -54
*52 --54 - -----7014 Dec 71512 Dee
800 Preferred
No par 3
111 11;12
7It fa
eg 3
7312
7312 7312 *73
74 *73
7334 73 7314 7338 7338 *73
99/
1
4 Dec 103 Dec
100 10114July 2 105 Apr 14
*10112 10138 10112 10112 *10112 10138 *10112 10138 *10112 10138 •10112 10158------ 1 Prior preferred
22 Jan 6172 July
)
son
H0
00
n(
ap
Rd
ed4
ra
Co
No par 19 July 13 30/
,g00 H
1
4 Jan 20
1,
*1912 22 *20
22
*1912 22
1912 191220
20
June 4024 Oct
3114
13
(A)._
Apr
_No
par
/
1
4
27
33
36
July
*27
30
27
27
27
0718
2 227177as
2738 2814 *2818 2812 *2814 29
60 Jan 75 Oct
/12.1ue
Apr 11
08 t
eag 21
100 :7
73 ------ Homestake Mining
74 •72
*72
74 *72
74 *72
73 •72
73 *72
4314 Jan 7032 Nov
1,000 Househ Prod.Inc.tem stfNopar
71
71
014 7034 70
70
70/
1
4 71
*7014 71 .7014 71
7
/
4 Jan 178 Oct
Houston Oil of Tex tern 41/
601
1
4100 119 June 19 161 Apr 9
133 1331
/
4 13212 133
12978 131
130 13414 13212 13878 13614 14134 35,500 Howe
341
/
4 July 4858 Dec
Sound
8,500
No per 403* Feb 18 6234May 28
57
5712 58
57
5712 5634 5778 57
5818 5712 5712 56
Jan 9112 Aug
Mar
16
Hudson
Motor
9978
4814
Car_
78,700
Jan
10
76
...-N0
Dar
8212
8
8012 858* 8218 8434 8114 8332 818* 8414 8112 8238 813
16 Oa 3614 Dee
5638 8712 56
68
5638 5712 5638 58
5652 5973 69,900 Hupp Motor Car Corp..__10 29 Jan 16 65 June 2
5632 57
1
4 Feb
1738 May 32/
Independent Oil & Gas_N• per 211
Apr
30
7,200
31
/
1
4
/
4
Feb
20
25
241
/
4
2358 241
25
/
4 2312 24
23/
1
4 24
2434
2338 24/
1
4
18 Mar 47 Dec
No par 27 Aug .3 70 Apr 27
2834 10,100 Indian Motocycle
27
40
4012 3934 3934 39
40
3312 36
2714 32
4 Dec
1023
Jan
92
20 Preferred
*10312 114 *10312 114 *10312 114 •10312 11834 *10314 11834 10312 10312
712 May 121a Sept
10 131914 trig 1: 12
1113
38J,
A Vg
3434 3212 37 137,100 Indian Refining
33
36
32
31,
8 3118 35
3012 3138 31
June
12
Sept
714
Certificates
10
8/
1
4 Jan 16 3714July 9
2812 28/
1
4 28
3378 295* 3138 2912 33 82.300 Preferred
2834 2814 3138 30
99 lc! 112 Mar
109 101 Jan 4 238 Aug 3
2,200
22814 238
*197 210 *197 210 210 215 21934 230 218 228
9612
Apr
Nov
11718
Ingersoll
200
Rand
19
new____N•
par
90
Apr
Feb
18
98
*9014 9214
93
1
4 *9014 9234 *90
94 .90
94
9212 02/
*90
1
4 Dee
larnedferr
Steee
dl
No pa
46 Mar 3 83 J
:700.Inp
3 41 Feb 62/
5838 5712 5712 - 3
58
5712 5712 58
58
56/
1
4 57
5634 57
Jan 118 Ooll
100 115/
1
4 Jan 6 118 Feb 18 Ill
1212 June 2512 Jan
- -1700 Inspiration Cons Copper___20 18 Feb 25, 2578May 28
2112 -iiit -2-1-3-8 -iii4 IN -III-8 -2-1-34
11 Nov 25 Nov
1,100 InterconVi Rubber____No par
8/
1
4 July 21 211
/
4 Jan 4
10
1038 *10
10/
1
4 10
10
10
10
10
10
934 10
61
/
4 Apr 1618 Dee
Internet
Agricul
1,000
No
par
4
18
3
/
1
4
mar
Fel2
)
:
2
8
2
I
IS
16
1812
*18
1612
1612 1612 1814 1612 *1614 18121 1818
/
4 May
0
34
73
41anYe 18
7 83 Mar 661
100
*7812 7912 7911 794 1,100' Prior preferred
79
79
79
79
79
79
794 79
900158 Business elarhines_No par 114 Jan 18 147/
1
4 Feb 3 5318 Jan 11924 Dee
12334 12334 12112 12234 122 122
•122 124 *121 12312 *120 124
18 May
65
Jan
6614
2,700:International
7412May
18
Coment__No
par
55
Jai
8
/
1
4
64
63
/
1
4
63
64 64
6412 6512 6412 6538 6514 6512 6378
_I Preferred
100 1081
/
4 Jan 4 11078 Apr 28 100 Oct 118 Dee
Oct 64 Mai
4018
Inter
Comb
,500
Eng
,
Corp__No
par
7238June
6
4514
Feb
20
06
2
4
-158
6
1
1:2
-60C4
Wit;
61
.
11
4
-561
8
-5914 -if - - '59'lt 11-7-8 - 6i-4 -6-61Oct 10514 DSO
593 Preferred
100 103 Mar 21 109 May 16 101
•103 10634 *103 105
10314 103'4'103 105 .103 10134 104 105
/
4 Dee
Jan 2551
270 27312 289 27112 28514 26814 26534 27312 266 270 267 27012 7,000 International Harvester. 100 22434 Feb 18 290 June 4 13518
139 Dec
Jan
12614
5001
Preferred
May
I
100
1364
Mar
1
147
4
•14011
142
1413
4
1413
*14134 142
14134 1413. *14134 142 I 14134 14134
8%
May
3
/
1
4
Oct
7/
1
4May 9
3/
1
4Mar 28
414 412 *412 412 1,400,Int Mercantile Marine_ _ 100
412 412
1
41
*4/
1
4 4/
1
4
412 412 *412 4/
1
4 May
1
4 Oct 55/
3612 3,9001 Preferred
36
3524 3,534 3,5.8 36
100 3418June 12 4438 Jan 17 32/
36
36
36
*36
361
36
Dec
9512
Mar
62
May
14
International
1211
/
4
38,700
Match
Jan
3
pref_35
9318
10312 10111 1015* 10412
10312 10434 10338 10478 10232 1041
/
4, 10378 107
3814 Jan 8912 Dec
0912 9614 988 97 103 341.500 International Nickel (The)_25 7338 Feb 24 103 June 1 a3912,
9538 9778 951g 9734 9438 96141 96
Nov
8112
May
14
8832May
1
01Inpr
0
ter
e
n
fa
m
23,20
4lo
e
n
d
al
(6
P
%
June
19
spr_No
par
66
26912 7014 6978 70
8
GS
665*
6912 71 1 289
70
67
69 4
9612July 27 107 Apr 12 8514 July 108 Deo
*9612 100
*9612 190
*9612 100 1 *9612 100
91'2 9612 *9612 100
/
4 Jan 11238 Dec
1
4 Aug 2 103 Jan 14 981
100 98/
10032 10034 10014 10014 9852 10034 9934 9834 3,100 Preferred (7)
*10034 10112 101 101
Dee
*5312
5712
120
International
12
100
4912 Mar 28 6814 Jan 12 63 Sept75 Noy
Salt
5717
*55
136
/
1
4 Mar 199
International Silver
100 121 June 20 196 Jan 24
*136 146 .136 14514 *135 150 ,•138 147 *136 150 *136 14314
Mar 128 Oct
109
Jan
27
131
20
I
12314Juno
Preferred
100
1.12314
127
*12311
127
*12314
127
14
127
*12314 127 *12314 127 *123
1
4June 2 13314 Jan 15872 Sept
1
4 Feb 20 197/
1
4 17012 17212 17134 17312 17114 17314 17112 17212 16,300 Internat Telep & Teleg__ _100 139/
169/
1
4 17214 17112 174/
I
I

53

:74::tnare1 12,Auger 11

It

•Bid and asked prt2ein no sales on this day. s Ex-531.1Jer 4. u Ex-rights




New York Stock Record-Continued-Page 5

655

For sales during the week of stocks not recorded here, see fifth page
preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
July 28.

Monday,
July 30.

Tuesday.
July 31.

Wednesday, Thursday,
Aug. 1.
Aug. 2.

Friday,
Aug. 3.

Sales
for
the
Week.

STOCKS
NEW YORK SVOCK
EXCHANYE

$ Per share $ per share $ per share $ per share
per share $ per share Shares Indus. & Miscel. (Con.) Par
•28
29
28
28
28
.26
28
28
*26
28 •26
23
200 Intertype Corp
No par
493 4938 49
49
49
49
49
49
49
49
49
1,000 Island Creek Coal
1
1074 11078 11034 11478 11518 11778 115 11736 11612 4912 11,700 Jewel Tea,
108 108
117
Inc
No par
*124 127
124 124 *124 12412 ;7124 125 .124 126 ;7124 126
100 Preferred
100
11138 112
113 11512 11412 11712 11678 12411 12114 12712 12614
13114 183,000 Johns-Manville
No par
12012 12012 121 121 *12038 122 *12038 122 *121 122
121 121
50 Jones & Laugh Steel pref_ _100
;728
2934 *28
2934 29
2978 *27
30
2714 2714 2712 2712
500 Jones Bros Tea. Inc_ No par
*1038 1034 1014 1014 1012 1012 1014 1014 1014 103
1014 10% 1,300 Jordan Motor Car
No par
*108 11214 112 112 *108 11214 *108 11214 108 108 4 •108
11214
60 Kan City P&L 1st pf S No par
*7034 72
7112 72
7134 7038 7212 7112 7273 70% 71% 6.600
71
Kayser (J) Co vi c_...._No par
2012 2054 193 1912 *1933 2014 1974 1973 1953 20
1914 1912 1.700 Kelly-Springfield Tire
25
67
67
435
69
435
69
*65
67
6674 68
*65
68
500 8% preferred
100
*66
70
*65
70
*65
70
*65
70
*65
70
*65
6% preferred
70
100
32% 323
3114 32
30% 3134 32
3284 3112 32
32
3214 7,100 Kelsey Hayes Wheel___No par
*10212 109 *10212 109 *10212 109 •10212 109 *10212 109
•10212 109
Preferred
100
94% 9478 9334 9414 9353 9478 9438 9514 94
9478 9334 9412 57,700 Kennecott Copper
No Par
;736
41
*36
40
*36
40 '36
40
*36
40 .
36
Kinney Co
40
No par
*9312 94
94
94
94
94
93
9334 9316 9312 92
93
410 Preferred
100
6612 68
66
6836 6412 674 65
66
6488 6512 644 65
16,700 Kraft Cheese
25
724 7118 717
72
71
71
7138 73
7134 721_
12,500
7114
Kresge
7278
(88)
Co
new
.10
*112 11412 *112 11412 *112 11412 *112 1141/ *112
1141
.112 1141/
Preferred
100
*204 214 21
21
*2012 21
2038 2174 *2034 22
*204 2134
400 Kresge Dept Stores--__No par
*6314 71
433
71
*63
71
*63
71
•63
71
*63
Preferred
71
100
*10114 10212 •10012 103 *10014 105 *10112 105
1014 1011 •101 103
100 Kress Co new
No pa
1023, 10378 10233 10433 10278 10884 1078
11112 10712 1093 108 10934 142,500 Kroger Grocery & Bkg_No pa
*210 240 *210 240 .
210 240 *220 250 *210
;Laclede Gas L (St Louis)_ 100
*102 110 '7102 110 •102 110 *102 112 •102 230 *210 230
112
102 102
101 Preferred
100
32
*31
314 314 *31
32
3112 3314 31
321
32% 33
4.800!Lago Oil &
10738 10978 10714 1094 10712 108
1071 10878 10613 10753 10514 108% 15,900,Lambert CoTransport...No pa
No pa
1918 1916 •1914 194 19% 194 191 20
19% 1936 19%
No pa
5234 5373 51
53
5132 5232 5052 5173 5018 5138 50% 1914 1,000 Lee Rubber & TIre
52% 27,600 Lehn & Fink
No pa
30
30
30
30
*29
30
2912 2912 2914 291
2932 29%
700 Life Savers
No pa
89
8912 92
92
*92
94
9212 9212 *91
92
300
*92
Liggett
E3
&
Myers Tobacco_ _2
*90
92
9012 9133 9012 9153 91
9212 91
923
91
91
6,5001 Series B
25
*135 139 ;7135 139 *135 139 *133 139
134 134
100 Preferred
4178 42
100
4012 4012 4012 4012 4134 4214 4134 417 •133 136
4214
4214 1,500 Lima Loc Works
No pa
70
7178 69
6912 6914 70
6914 70
7014 711
70% 7278 4,000 Liquid Carbonic eertifs_No pa
5418 5478 5412 55
538 548 54
541
5336 537
53
5358 8,100.Loew's Incorporated_ No pa
7
7%
634 7
7
712
7
716
6% 7
6% 74 6.200 Loft Incorporated
343 3438 344 35
No pa
*3312 3414 *3384 34
3312 333 *33% 34
500 Long Bell Lumber A
No pa
*4734 48
47
4734 47
4712 464 49
48
491
474 4914 5,900 Loose-Wiles Biscuit new___ _2
*120 1234 *120 121 *120 121 ;7100 120
120 120
120 120
601 1st preferred
10
3012 3012 30
30% 2912 30
2914 30
29
2952 2838 291 12,300 Lorillard
26
98 •95
*95
98
*9578 98
96
96
9314 9614 .9538 98
2001 Preferred
1412 14% 14
1434 14
1433 1438 147
1432 1472 1414 1538 23,500 Louisiana Oil temp ctfs_No 100
par
*86
90% •87
9038 *87
9053 *86
9052 •85% 90% 90% 903
Preferred
100
244 3414 3414 341
34% 3452 3414 351
34% 35% 3414 341
5,100 Louisville 0 & El A___No par
5814 583
58
601
5814 5934 58
853
564 58
57
Ludlum
Steel
5714
11,000
No par
*48
50
49
49
49
49
*4812 493 *48
50
4814
300 MacAndrews & Forbea_No par
126 126
127 127
126 1271 *126 1271 •126 12712 12712 481
1271
1,000 Mackay Companies
100
*7778 781
7878 787 *7838 791 .7818 791
78% 79
*78% 80
600 Preferred
100
9114 911
9012 9114 9012 913
9014 911
884 9058 89% 90% 15,100 Mack Trucks, Inc
No par
*3614 365
36134 3613 362 362
36238 3651 36258 362%
3594 35912
700 Macy Co
No par
24% 24
24
241
2418 26
2434 25
244 2478 25
2534 10,700 Madison Sq Garden-..No par
5173 617
50% 511
5053 5033 505 507
504 51
*50
5012 1,700 Magma Copper
No par
2314 241
23% 2438 2312 2373 233 2438 2114 2373 22
23
12,800 MallInson (H R)& Co_No par
100 1007
99 1003
984 1003
9518 106
104% 10478 •10412
530 Preferred
100
*30
341 •30
341
2912 291 *274 30 '2712 105
30
30
30
200 Menet! Sugar
100
*52
65
*51
*50
65
57
*50
68
*50
59
*50
Preferred
57
100
*3238 33
33
33
*3233 33 .733
341
344 3412 *33
35
200 Mandel Bros
No par
68
601
5812 603
5838 59
584 591
57% 59
5872 594
Manh Elee Supply... No p
341
*34
343 *34
34
341
343 •3373 3412 334 33% 15,300 Manhattan
34
1,700
Shirt
25
17% 17% *1612 171
17
17
174 18
18
1812 17% 1832 1,700 Maracaibo 011 Expl-.. _No par
3578 357
3512 36
36
3688 3636 373
3614 3772 37% 3833 42,700 Marland 011
No par
*59
60
*59
597
594 591 *59
591
57
58
57% 57% 1.100 Marlin-Rockwell
No par
*1714 1713 18
188 *1734 18
17% 17*2 17% 18
1712 1712
900 Martin-Parry Corp__ __No par
1281 13034 13012 133
131 1311 128 13134 129 132
128%
Mathieson
Alkali
WorksNo
130%
pa
14,900
*121 123 *121 123
123 123 *122 125 *122 125 *122
125
101 Preferred
100
*7712 78
78
791
7834 7912 78
7833 *77
79
7812 7972 6,900 May Dept Stores new
25
1818 181 *18
187 *1818 1872 1816 18% •18
181
18
1814
500 Maytag Co
No pa
*70
71
70
70
71
73
73
7434 72% 733
7018 71
Corp
McCall
4,200
No
pa
103 10312 10034 10312.0100 102
102 10211 101 101
10112 10278 1,210 McCrory Stores class A No pa
108 10812 105 10612 105 10712
104
No pa
*112 117 *112 117 *112 116 *112 116 •112 1041 10414 10912 3,400 Class B
116
•112
116
1 Preferred
100
2214 2214 2214 2214 •2238 23 •2218 23
22% 221 *22
23
400 McIntyre Porcupine Mines_ _
254 2512 2512 2512 254 *25
*25
2512 254 251i 2512
254
GOO Metro-Goldwyn Pictures pf.27
2578 2614 2518 268 24% 2578 2514 2612 254
2612 25
28
66,200 Mexican Seaboard 011._No par
204 2053 20
2018 204 2038 z1934 20%
19% 2036 194 1912 4,200 Nilami Copper
5
2914 2914 294 2978 2934 30
30% 30% 3012 31
304
31
17,300 Mid-Continent Petro_.No par
*10712 11112 *110 11112 *110 11 112 *1074 11112 11112
11112 •110 114
100 Mid-Cont Petrol pref
100
414 453
414 412
412 413
4% 4%
412 44
412 44 10,600 Middle States Oft Corp.._ _ _10
314 314
353
3
3
3%
3
3
313 314
3% 3% 2,400; Certificates
10
216 216
216 223
220 221
21912 21912 21214 220 •213
217
3,200 Midland Steel Prod pref.--100
20
1952 20
2012 2012 20
19
19% 1878 19
19
19
1,600 Miller Rubber etfs
No par
•147 167 *147 167 *147 167 *147 167 *147 167
•147
'Montana Power
17134 17734 177 182
100
17934 18512 18434 193% 18338 189 x18312 167
18712 379,600 Montg Ward &,Co Ill Corp_10
634 7
64 734
712 8
74 834
8
84
784 834 13,100 Moon Motors
No par
233 238
233 234
2% 233
24 234
24 2%
212 2% 3,500 Mother Lode Coalition_No par
*712 8
*712 8
'8
81
*74 8
*74 8
5712 8
Motion Picture
*16
1578 16
17
16
16
16
16
16
16
153
8 1553
800 Motor Meter A
37
371
No pa
371
37
3714 37% 37% 3818 374 37%
374 391 17,800 Motor Wheel
73
No pa
73
713 ITO
71
71
7012 7118 704 71
*70
71
900 Mullins Mfg Co
*105 110 ;7106 1107 ;7105 110 •10632 1107 •10638 109
No pa
*10612
109
Preferred
51
51
•50% 52
100
504 5034 ;751
52
51
51
51
51
700 Munsingwear Inc
4652 47% 46
4738 4614 47% 47
No pa
48% 47
4712
83% 8434 8312 85
83% 8434 834 8438 334 8414 4634 4836 33,700 Murray Body new... No pa
8312 867 19.800 Nash Motors Co
14
14
*1334 14
144 15% 1484 15
No pa
14
1412
5,000 National Acme stamped.--.1
85% 8518 8636 883
86
8872 87% 8812 87% 87% 14% 151
5.700 Nat Belles lies*
*105 108 •105 106
106 106 •105 10611 *106 10612 8538 867
No
pa
100 Preferred
103 1641 163% 16378 16318 16538 1624 16319 •106 1061
164 164
100
16212 1647
6,200 National Biscuit
*144 145 •144 145 •144 145
14312 14313 *14314 1441
3
•14314 145
100 Preferred
6512 6676 6518 661
6518 6578 6552 67
' 100
64% 65% 64% 65% 70,500 Nat Cash
Register Awl No par
8014 81% 80
8112 79% 8012 80
8973 79% 80
79%
8178
17,900 Nat Dairy Products.._ No pa
3.2634 2734 2812 2634 *2634 2712 •2634 2712 •2634 2714
2634 264
600 Nat Department Stores No pa
97
*95
97
;795
*95
97
*95
96
*95
96
9414 95
200 1st preferred
*344 3538 3512 3736 3616 3618 3614 3718 37
39
3838 41% 29,600 Nat Distill Prod ctfs___No 10
57
59
59
57
584 59% *5812 5932 60
pa
62
63
6614
3,400
Preferred temp cits...No pa
30%
29
;730
2914 30
3014
30
32
30
3ois 3018 30% 5,200 Nat
Enam & Stamping--.100
Preferred
122 122 *HIT
123 123
▪
112-1100
2'119 1221.•
12
.21-2
•144/
1
4 145 *14414 145 4.1444 145
300 National Lead
144% 14414 •14414 145
100
1444 14414
200 Preferred A
100
'119
*119 -- •119
•119
*119
_
Preferred B
334 33% 33
3318 3234 3314 3234 3313 3212 3274 •119
100
3212
3
2
74
National
16:000
Pr
&
Lt ctfs__No par
1514 151z 1534 1834 1812 2234 2215 2312
1414 15
2114 2112 10,200 National Radiator_ _ __No per
78 •60
*60
.758
78
78
*5812 69% *70
80
410
80
Preferred
No par
89
8878 88% 8878 8873 89
90
92
GO
90
X90
90
2,400 National Supply
50
30434 30714 30712 31634 310 3144 308 3114 3094 311
305 30934
National
830
100
Surety
*251 255 25512 26312 264 26534 271 282
270 272
26612
No par
2212 2284 22% 2234 2218 22% 2214 22% 224 2212 2218 26612 4,300 National Tea Co
224
12,200 Nevada Consol Copper_No par
4212 4212 424 421/ 43
42
•41% 4234 42
43 '
74212 43
600 NY Air Brake
No par'
49
49 '48
50 '48
•48
50 •47
50
49
*48
50
100 New York Dock
100
*85
89
435
89
89 •85
*85
89
•88
89
*85
89
Preferred
100
100% 102
1004 10058 10012 1004
*101 10112 101 101
100%1003, 2,620 NY Steam pref (6)__ No par
*11134 113 •11134 113 *11134 113 *11134 113 •11134 113 *1113
4 113
1st preferred (7)._ _ _No par
Niagara Falls Power pf new_25
7133 7214 -His -ff. .7
7113 7211 7134 7253 -r
7018 /14 701, -7114
10
*54
54 •5312 5413 *5334 5414 53% 5334 12:500 North American Co
*54
544 54
55
500 Preferred
50
•101 10114 *10114 1014 10112 10112 10112 10112 10112 10112 101% 1013
4 1,000 No Amer Edison pref _ No pa?
54
*51
5378 *51
*51
*51
54 •51
54
53% •51
53%
Northwestern Telegraph.. .50
34 3%
34 314
3/
1
4 314
*3334 40
314 3%
314 314
900 Norwalk Tire & Rubber---_10
*978 10
*9% 10
*9
10
*94 10
*9
10
*9
10
Nunnally Co (The)....No par

•Birl and sited aloes; no Wei on this day. z Ex-alvtdend. •Mr.-dirbts.




PER SHARE
Range Since Jan. 1.
On basis of 100-2Aarstots
Lowest

I

$ per share
23 July 30
49 July 30
7734Mar 1
120 Jan 18
9614June 19
11918July 2
2536 Mar 31
812 Jan 16
108 Aug 2
6238 Jan 6
16 Feb 17
5514 Feb 17
68 Feb 17
2212 Jan 10
106 Mar 8
804 Feb 20
38 June 21
8716 Mar 22
5312 Mar 31

Higbast

PER SHARE
Rang.for PrOrlini.
Year 1927
Lowest

$ per chars
PC? skare
384 Jan 20
1912 Jan
61 May 14
4812 Mar
11778 Aug 1
5812 Jan
125 Ma 28 111h July
134 May 10
12414MaY 7 iff Feb
4034 Jan 10
1052 Jan
1518May 31
12% July
114 Apr 26
7612 Mar 30
2738 Jan 3
912 Jan
84 Jan 6
86 Fe
80 Jan 26
44
Ja
3812May 18
19
Oct
t
11018 Jan 5 103 July
9512July 13
60
52 Jan 19
.914 FebJune
100 Apr 11
56 June
76 May 17
49 June
1
4 Feb 24 76 June 1
80/
45% Jan
11014June 14 118 Apr 27 11012 Feb
1312 Jan 18 2714 Feb 29
10 June
51% Feb 1 7238May 11
45 Nov
87 Feb 20 11412 Mar 29
Jan
69
7314 Mar 27 11112 Aug 1
200 Jan 10 260 Feb 2 17334 Jan
100 Jan 5 12412 Jan 26
98
Jan
2738 Feb 20 39% Apr 17
201s Jan
794 Jan 10 12178May 9
Jan
66
17% Jan 3 2412May 1
7 Jan
38 Jan 17 5414 July 24
32% Apr
29 July 14 36% Feb 7
20% Sept
8318June 22 12212 Jan 3 137h Feb
8014June 19 12312 Jan 3 086% Feb
134 Aug 2 147 Apr 11 124% Jan
38 July 27 6578May 14
49
Oct
65% Sept
634 Feb 20 77% Jan 13
4918June 19 77 May 9
6872 Jan
54 Feb 9
5 Oct
8 May 2
2512 DOC
26 Jan 3 35% Feb 3
441aune 19 59 Ap 26 r3512 July
11912June 27 125 May 9 118
Jan
2314June 121 467 Apr 19
231k May
93 July 13 114 Mar 13 107 June
193,1 Apr 30
93, Feb 21
10
OM
78 July 24 98 Apr 30
8512 Dec
28 Feb 7 41 May 16
2352 Jan
2552 Jan 11 6812May 24
20 Oct
ee Jan 6 ere Apr 14
43 Nov
10812 Mar 2 134 Mar 20 105 June
6812 Jan 13 84 Mar 19
67 Aug
881 Jan
83 Apr 17 107.
7 Jan 3
235 Jan 10 3654 Aug 1 124
Jan
2212 Jan 9 34 May 7
2012 Aug
4332 Feb 27 5612May 28
2912 Feb
16 Jan 20 28% Apr 12
Ilh Apr
8712 Jan 30 106 Aug 1
6854 July
2912 Aug 1 41 Jan 14
27 Nov
504June 25 88 Jan 17
Oct
68
gine Dee
32 June 25 4012 Jan 24
50 Jan 11 665:Pune 6
63 Oct
315k Feb 18 43 May 14
2453 Jan
12h Feb 20 2512 Apr 28
12
Ooll
33 Feb 17 4412 Apr 17
31 June
4192 mar 6 6512May 24
27
Jan
1212 Mar 12 2538June 4
1512 Dee
1377
11734June 19
Apr 12
82 Jan
115 Jan 12 130 Apr 27 103 la
75 July 17 85% Jan 3
WM Jun
18 Aug 3 22 May 24
56 Feb 3 7432 Aug 1
77 Feb 13 10478July 20
55 Mar
361 Mar
8012 Mar 14 112 July 20
109 Feb 8 117 July 19
07 Mar
22 July 10 2812 Mar 16
2412 Mar
25 July 17 2712May 29
24% Jan
4% Jan 19 39 May 14
8 Aug
17% Jan
22 May 281 1818 June
2512 Feb 20 331 Apr 28, 2512 Oct
103% Feb 20 11512May 11' 97 Apr
2% Jan
7%May 10
1% Jan
lh Jan
578May 10
112 Jan
193 June 1 290 Jan
106
Apr
1878May
27 Jan 8
1712 Nov
102% Jan 1 175 May 3
8112 Jan
117 Jan 1 193% Aug 1
60% Feb
5% Feb
1112May 11
6 Jun
212June 25
412May 14
112 Oct
6 Mar 29 11 May 9
8h Sept
13 Mar 22 2312 Jan 12
17 Nov
2512 Jan 12 3934June 4
20% Jan
6914June 19 94% Apr 13
10
Jan
1048* Jan 17 110% Jan 9
Jan
80
4632 Mar 6 6212May 18
35% MAY
21h F.,b 1 5852June 1
164 001
6014 Apr
8012 Feb 20 101% Jan 8
6 Feb
7% Jan 4 1914May 2
8112 Sept
41 Jan 8 95 May 4
8512 Sep
9012 Jan 8 111 May 7
94% Jan
1591k July 12 182 Jan 27
Jan
13712 Feb 29 150 Apr 11 130
89% Jan
4712 Jan 16 671* July 27
59% May
8818MaY 15
6412 JIM
20/
1
4 June
21% Jan 5 29 June 4
8912 July
91 Jan 10 102 May 2
17 Feb
2914June 12 5812 Jan 9
43 Mar
5114June 13 71% Jan 9
1912 Apr
2314 Mar 26 3712 Apr 12
6918 Apr
90% Mar 28 9912Mny 15
115 July 11 188 Jan 31 095 May
139 Jan 3 14712M4Y 18 11312 June
11212 Mar 20 122 July 17 100 June
19% June
1
4 Jan 16 88%May 15
21/
36% Nov
14 July 25 4012 Jan 9
96 Nov
60 July 24 9812 Jan 17
78 May
8414June 12 110 Apr 19
28712June 13 370 May 15 a218 July
160 Jan 17 282 Aug 1 108 Apr
12% June
17% Jan 18 254May 16
3912 Oct
40 June 19 6013 Feb 10
471g July 16 6414 Jan 4
34
Jan
8512July 10 96 Jan 4
72% Feb
9914 Jan 3 10512May 18
9312 Feb
102 Jan 30 115 Apr 19 105
Jan
2712 Apr 17 2912May 17
27% Jan
5538 Jan 5 7818May 14
WO Jan
5318 Aug 3 5538May 16
50
Jan
10014June 29 10578 Feb 7
9652 Jan
50 Jan 5 65 May 15
47% Jan
5 May 21
212 Mar 15
1% JUDO
8 Mar 8 13 May 14
MI Dec

-a- Apr

Highest
II pet shave
3912 June
67 Sept
86 Dee
1261 Mat
123
Oat
3452 Dee
2212 Jar

Win; Dee
3212 Nov
102 Sept
9712 Sept
27 July
110 Dee
90% Dec
45 Jan
93 Dee
8272 Belt
7714 Sett
118 July
18 Dec
80
Jan
10512 Sent
21f1-2 JuDe
130 MA.7
37% Nov
8812 Oct
18% Dee
43 Nov
3412 Dee
128 Sept
128
Oct
140 Dee
76% Ape
78% Des
8312 Max
7% Jan
13 Mar
5714 Dee
123 Nov
Rae J1113
11812 Jan
12 Aug
97 Feb
3012 Dec
1
4 Mar
83/
5812 Dee
134 Ana
74 Lot
118% May
24312 Nov
28/
1
4 Oat
58% Dec
20% Dee
95 Dee
66 Feb
80% Doe
£9114 Aug
132 Mx
11524 Dee
2214 As
Mg MOD
55% Nov
Wd Feb
182% Dee
120 Dee
90% Nov

Dec90
9634 Dec
11612 Seri
2834 Oct
2612 Feb
912 Feb
2052 Dec
8912 Jan
105 Feb
8% June
252 June
316 Dee
8654 AP
10912 Oct
12312 Dec
124 Jac
6118 Jen
16% Mzr
384 Apo
27% Ma/
79% Dee
1104 Dee
53 Nov
63 Feb
10172 Des
71,004
66h Dec
97 Apt
187 Dec
142 Dec
51% Dec
68% Aug
27% Mar
9614 Jan
60
Oct
6952 June
3552 June
91% July
202% May
13954 Dee
11514 Dec
26/
1
4 Sept
3912 Nov
98 Dee
97% Dee
373 Dee
180 Dee
20% Doc
60 June
65% Nov
9312 Nov
10212 Oct
11412 Oat
29% May
6412 Gel
55 Aug
106
Oet
58 Sept
Pe Feb
13
hie

NEW York Stock Record-Continued-Page 6

656

For sales during the week of stocks not recorded hero, see sixth page preceding
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday,
July 28.

Monday,
July 30.

Tuesday,
July 31.

Wednesday, Thursday,
Aug. 1.
Aug. 2.

Friday,
Aug. 3.

Sales
for
the
Week,

STOCKS
NEW YORK STOCK
EXCHANGE

$ Per share $ Per share $ Per share $ Per share $ Per share Shares Indus. & Mlseel.(Con.) Par
25
800 011 Well Supply
23
23% 2212 2234 '22% 223 .32252 2234 2258 2234
100
50 Preferred
9912 9912 100 100
*9912 100
*9912 100
100 100
No par
500 Omnibus Corp
4.1118 111 *1118 1112 1114 1114 113 1138 •1118 113
Preferred A
100
3.93
98 "93
9518 a93
98 .393
9518 *93
9518
400 Oppenheim Collins & CoNo par
6812 6812 "68
69
6812 6812 6878 884 6834 "88
Orpheum Circuit, Inc
1
*1812 2612•_ 2612 a_ ___ 2612 a_ _ 2612 a__ - - 2612
100 Preferred
100
87
87 .387
*8012 87
"8012 94
95
95 .087
50
1.600 Otis Elevator
19614 19714 194 195
19518 19514 19414 19514
19514 196
100
201 Preferred
12612 126% "12612
__ "12612
- *12612
- *12612 No par
22% 2234 2218 1212 22 12-38 22
4 8,000.0113 Steel
22I4 2218 2-2-1*95
95
95
4,95
96
*95
96
500Otis Steel prior pre
951
9512 *95
100
700,Outlet Co
No Par
89
8834 8334 "88
84
88
*81
84
"81
84
25
78% mg *7712 .7812 3,400 Owens Bottle
79
7834 8012 771 7812 79
I Preferred
100
25
4738 2,200 Pacific Gas-Eleo new
2 -47r8 47.1-2 -4734 -48
-ifir2 If- -iii2 17.1473 4712 47
No par
138 6,200 Pacific Oil
135
114
138
114
114
114
114 I%
114
138
114
100
70 Pacific Telep & Teleg
14878 14878 148 148 4.146 149 "148 149 *146 149 "148 149
10
7312 7434 7334 7478 7318 7338 7312 7412 7338 7378 7312 742 29,200 Packard Motor Car
50
2,100 Pan-Amer Petr & Trans
4134 42
.34134 42
40% 4178 4184 4234 4234 43
4012 41
7
Class
B
50
19,7001
4312 4412
4212 4314 4234 43
4214 43
4218 43
43
43
1614 1612 1658 1678 3,300,Pan-Am West Petrol B_No par
1
4 1678 1638 167 *1638 17
1614 1614 16/
1534 2,100'Panhandie Prod & ref__No par
1512 1534 15
15
1514 1434 1434 15
147s 15
151
Preferred
100
891 '85
8918
891
/
4 '85
•85
98
98 '85
*85
98 '85
784 17,5001Park ec TIllord tern ctfa_No par
7812 7714 76% 778 7514 7718 76
7534 77
7413 76
28,0001Park Utah C M
I
11
1112 1018 11
1138 1178 11% 117s 1112 113
1134 117
43
No par
414 47e
412 458
434
412 43 14,200iPathe Exchange
412 434
412 45
1838 1918 10,300,Fatbe Exchange A now..No par
1634 19's 188 19
16% 17
17
17
18
18
3212 333
3234 9,400 Patlno Mines & Enterpr____20
3214 3212 3213 33
3312 33'2 325 341
x32
151
50
151 1618 1534 1678 8,100,Peelesa Motor Car
147 1612 15
*1634 1678 1634 18
4,600,Penick & Ford
No par
29%
3114
30
3012
283
4
29
30
30
30
3012 3118 30
No par
1514 1514 15% 1514 1518 1534 7,700'Penn-Dixie Cement
1438 1514 1458 iS's 1412 15
2001 Preferred
100
78 "78
80 '75
797 797g 78
80
80
78
80 '78
300IPeople's 0 L & C (Chic)_100
17834 17834 178 178
17812 1781 *1781 179 "178 179 *178 179
2001Philadelphla Co (PIttsb).-50
16014 161 '159 161 "160 181 4.150 160 "150 160 '150 160
50
10 5% preferred
'47
*47
48
48 .347
*47
48
48
48
*47 - 48
50
200 6% preferred
5212 5212 5212
5212 5234 5238 *52
521 '52
523 "52
"52
2838 2818 2814 2818 2814 28
281
/
4 3,200 Phila & Read C as I___No par
283* 2858 2818 2834 28
Certificates of int__ _No par
1734 18
1734 18
1734 18
1713 1778 1712 1712 2,800!PhIlip Morris & Co., Ltd10
18
18
No par
1
4 3838 3938 39% 4014 40
3834 3734 38/
4078 25,900 Phillips Petroleum
3812 38% 38
100 Phoenix Hosiery
5
28 '27
*27
28 '27
28
"27
28
*27
28
28
28
40 Preferred
100
1
4 9912 *9814 9912 *9814 9912
'9814 9912 9814 991 49814 9912 "98/
18,0001Plerce-Arrow Mot Car-No par
"1114 1134 1134 13
14
1314 13 8 1353 1384 1314 1438 13
100
4,500 Preferred
5512 55
5514 55
5634 577
58
5314 5314 5434 5434 54
23
212 212
238 258
238 212
25
21
238 258
212 258 8,700 Pierce 011 Corporation
2014 20/
1
4 2014 20
"19
30
20
100
*173 183
21
2318 1,100 Preferred
21
414 4%
433 412
4/
1
4 412
438 412
433 412
412 458 19,300 Pierce Petrol'm tern etfs No par
4312 4158 437
431 45
41% 4212 42
4212 435
4212 4314 32,800 Pillsbury Flour Mills_No par
100
800 Preferred
118 118 *115 116
'114 11678 .3113 11678 •113 118
114 114
47
4712 4712 4712 4738 4738 47
47
100
47
4738 4712 4734 1,300 Pittsburgh Coal of Ps
861 8612 "8512 88
100
200 Preferred
"8512 88 .3852 88
87
87
*8512 88
100 Pittsburgh Steel pref
100
*82
88
88
8813 8612 "82
87 '821 87
"82
87 '82
200 Pitts Terminal Coal
*2912 31
*28% 30
.32818 30
100
*2818 29
a28% 29
29
29
Preferred
100
74 '71
78 '631 76 '63% 76
.371
74 "70
*6378 76
Porto Rican-Am Tub Cl A_100
4.57
60 '57
*57
60
60
60 '57
4'57
60 '57
60
No par
1,200 Class B
26
26
*2512 26
2414 2514
2838 2633 '2534 2612 '2534 26
Yo par
667 8834 6638 6814 6638 8818 6614 671 227,100 Postum Co. Inc
6514 68
6412 65
Pressed Steel Car new_No par
"2012 2112 "2012 22
•197 22 '1978 22
"211 22
*2012 22
200 Preferred
100
7512 v7312 7,511 4.___ _ 7512 *7312 7412 7312 751
'70
7512 *70
257s 7,000 Producers & Refiners Corp_50
*2418 2478 2413 2514 2414 25ll 2473 2514 2434 251
/
4 24
50 Preferred
93
2,
0
4'4214 45
.34218 44
*4214 45
*4214 45
42
4334 "4218 44
10 Pro-phy-lac-tie BrushNo
*6912 75 "6912 75
*6912 75
8912 6913 '8912 75
*6912 75
553
5512 5512 55
5678 5,515 5612 .551s 553 21,800 Pub Ser Corp of NJ nowNo par
5458 5523 55
300 8% preferred
100
108 108 *106 108% *108 10812 108 108
10614 10614 '107 108'2
200 7% preferred
100
125 125 "125 127 *125 127 "125 127
125 125
*12514 128
200 8% preferred
100
143 143 1.14212 144
14212 14212 .3138 14414 "138 144
•143 144
Pub
Serv
Elec
th
300
Gas
pfd_.
100
*10812 10878 '10812 1087s *1081 108711 108% 10812 *108% 1087o 10812 10858
7,200 Pullman Co new
No par
sok 8138 8012 81 801 8078 8014 8034 80 801x 8018 8012 3,400
Punta Alegre Sugar
50
1
4 2412 2314 24
2412 247 "28/
2418 2014
25
"2478 2538 25
25
2358 16,100 Pure Oil (The)
2234 23/
1
4 2314 2334 23
2358 23
2238 2212 2212 227
1301 8% preferred
100
112 11212 11158 11214 11214 112% 11178 11214 11238 11212 11212 11212
7912 8012 1,900 Purity Bakeries new
80
8078 7835 7812 783 79
81
*81
817s '80
Class B
No par
___ iiiol Preferred new
*10714 10912 10714 167-14" *ini" foili sioi- iiibT2 *in/ 166(2.joi- foili 134,800
Radio Corp of Amer__-No par
1
4 17512 173 179
176 17812 174 17933 172/
16734 17233
18714 174
50
4001 Preferred
*5512 5612
56
5814 56
5612 5612 5612 '56
5638 .56
*56
29,500 Real Silk Hosiery
10
3414 34
1
4 3318 32
3338 32/
3634 3614 3778 3534 37
32
5301 Preferred
100
9414 9412 9412 93
95
94
*93
9312 9314 94
93
93
No par
400 Reis (Robt) & Co
812 812
"8
9
"7
8
8
8
8
8
"8
9
No par
28,800 Remington-Rand
3114 2934 30% 292 30
3012 291 3034 2912 3038 30
30
3001 First preferred
957 957
100
"95
96
98
*957 98
98
96
95 '95
95
, Second preferred
100
*95
98 '95
973 "95
9734 *95
98
*95
98 '95
98
9,900 Reo Motor Car
10
2814 26
261s 26
2838 2612 2618 2634 26
2614 2618 27
5,100,Republie Iron & Steel... _100
588 5712 56% 5612 5614 57
56
56
567
56
587
56
1001 Preferred
100
10.512 10512 4.105 107
4.105 106 *106 107 *10512 106 *10512 107
8,700 Reynolds Spring
No par
1078 1114 1012 1034 1012 107s 1014 107
11
1114
1078 11
134% 1341 13438 13438 134 13412 133 13312 13234 133 *13212 13234 2,400 Reynolds (11.1) Tob class 13_25
31,300 Richfield 011 of California_ _25
47
4534 46% 46
46% 471s 4513 4613 4538 47
457s 47
1,100 Roada Insurance Co
25
164 164
161 1621 '160 161
16634 16634 161 166 *162 165
5438 5438 5438 5438 5414 5438 2,600 Royal Dutch Co(N Y shares)_
54
5414 54
*5334 5438 54
41
10
40
41
407 3340
4012 4118 41
3934 4014 1,200 St Joseph Lead
40% 41
3912 9,500 Savage Arms(lorP-No par
387s 3934 3934 4114 4012 4078 3918 4038 39
387 397
No par
238 212 *238 234 *238 258 1,900 Seneca Copper
212 212
234
25
*212 3
577
56
5818 1,400 Shubert Theatre Corp-No par
5712 5712 5712 5758 5612 57
57
4.5712 58
5512 5658 26,800 Schulte Retail Stores_ _No par
57
56
5634 5513 5533 5513 57
56
5613 5634
3101 Preferred
100
*12012 12112 *12012 12112 12012 12112 *12058 12112 '12058 12112 "12038 12112
2,000 Seagrave Corp
No par
14/
1
4 1412 1412 1412 1412 141
1414 1434 143 147
*1412 15
12134 12334 202,300 Sears. Roebuck & ConewNopar
11712 11878 11858 1213, 11912 12112 12014 1243 121 124
No par
58,200,Shattuck (F CO
11418 11912 118% 124% 125 131
115 11512 114 11534 11334 115
'Shell Transport & Trading-C2
*4814 050
*4814 50
4814 50
*4814 50 '4814 50
'48/
1
4 50
No par
2658 2678 2634 2678 24.100 Shell Union Oil
263
2618 26
/
4 2612 26
2838 2812 261
10
203 2034 2114 2114 2012 2012 2034 2114 2012 2118 2034 2138 3,500 Simms Petroleum
No par
6012 597 6038 603 6114 6034 618 6018 6023 5,000:Simmons Co
6034 60
60
2612 28% 231,600,Binclair Cons 011 Corp_No par
27% 26% 27
25
2512 247s 2512 2458 2538 25
8001 Preferred
100
10612 107
4.10914 10912 10914 10933 *109 1093* "107 108 4.107 108
25
/
4 3112 3112 323 14,400,Skelly 011 Co
1
4 311
/
4 3133 3114 31/
3112 311
3114 3138 31
'Sloss-SheMeld
Steel
&
Iron
100
112
'105
'105
112
111
*106
113
'108
*105 112 "106 113
400 Snider Packing
No par
'153 1811
16
1612 16
1612 1614 1614 .316
•16
167 "16
5001 Preferred
No par
44% 4412
48
"45
48
*45
4
45
477
.34412 48 '45
4112 4412 30,100 So Porto Rico Bug new_No par
413
411
/
4 4218 4178 4218 41
4134 42% 4138 48
201 Preferred
100
13612 13613•13612 140 *13612 140 *13612 140
*13612 140 *13612 140

8 per share
'231 24
"9912 100
11
11
*9413 96
*87
6812
*____ 2612
'87
9434
196 19712
__
"127
8
2238 -227*95
96
"81
84
7713 8112

25
4738 3,200 Southern Calif Edison
4814 4712 4712 47
4.700 Southern Dairies el A__No par
4.37
40
4078 393 41
No par
2112 1912 1912 21,6001 Class B
21/
1
4 20
-------Spalding Bros 1st prof_ _100
116 "11512 116 "11512 116
No par
90 Spear & Co
*1258 13
"1238 13
13
20 Preferred
100
"8512
88
88
*8512
8512
7,50018131m Mfg Co
No Dar
/
4 35
34% 3558 341
36
Preferred
104
2914 2,800,Stand Comm Tobacco_No par
4 -2 7.8 -27-7; 28
.3- li3-ii- -28:- aii- 18 - *ii- Ii- -2
6312 5312 4,500 Standard Gas & El Co_No par
6434 6312 64
6412 8478 64
6358 6414 6338 64
50
668 6712 6878 66% 6878 8678 60% 864 6614 66% 6614 6612 2,600) Preferred
400 Standard Milling
100
112 112 '110 114
*114 11434 11412 11434 11312113','112 113
401 Preferred
100
*10512 106 *10512 10534 10512 10512 10512 10512 10512 10512 *10512 106
58/
1
4 18,400 Standard 011 of Cal new No par
5814 577 5818 58
5714 5734 573s 5814 565 5714 57
447 4512 69,900;Standard 011 of New Jersey_25
1
4 45
4378 4414 44/
4334 44
447 45/
1
4 447 453
8 88,400.8tandard Oil of New York_25
357
35
341
7
337
355
8
3514 3518
3278 3414
3478
34% 33
414 438 1,00013tand Plate Glass Co_ _No par
4% 414
414
*4
414 *4
4
4
4
4
100
3701 Preferred
20
17
*1558 18
173
1
l'
1
11 11
*11 1
----------Produeta
No par
-------Sterling
.o,stenart-Warn Sp Corp_No par
-i34.5-8 -Iiiii -62- Iii7; -iii; l94:4 -65i, iii" -65i, -cilii; "ii- 12-7;
1,000iStromberg Carburetor_No pa
49
49
49
4972. *4912 50
49
50
50
50
"5012 51
1

*47
4714 47
3612 36% 37
187
1714 18
*11512 116 *11512
13
13
13
"85
88
88
36/
1
4 36% 3544

473
1
4 477
47/
1
4 47/
3812 3912 393
39
2014 2018 2178 21
116 "11512 116 *11512
127 1278 •1258
13
"85
88
88
88
36
3654 354 36

*Bid and asked prices; no sales on this day.




3 Ex-divldend.

a Ex-rights*

Ra-dlyldead and ex-rights,

PER SHARE
Range Bina Jan.l.
On basis of 100-asrolots
Highest
Lowest

PER MARE
Range for Previous
Year 1927
Lowest

Highest

$ per share $ per share $ Per *Sari
$ par share
3114 Jan 3878 Dee
2014June 13 41 Jan 11
97 June 14 11012 Jan 11 10234 Mar 110 June
11 Mar 171s June
1038July 12 15I4May 10
81
Jan 9912 MaY
90 Jan 11 9932June 12
5812 Feb 8232 Doe
68I2June 21 8812 Jan 7
23% Dec 35 API
18 May 9 2412 Jan 9
75 May 9 102 Jan 5 10234 Nov 10812 June
147% Feb 20 209I2May 25 2103 Feb 15534 001
11914 Jan 24 12634Ju1y 19 108 Feb 12434 Aug
71 Feb
1212 June
101 Jan 1: 2538June 1
8112 Feb 91 Nov
8212 Jan 10 9778May 16
5234 Jan 99 Dee
81 June 19 91 Jag 3
73 Dec 8511 Dee
7412 Jan 3 951 Apr 18
Jan 120 Nov
11484 Jan 3 117 Mar 16 107
81 Feb 50 Deo
4312 Feb 28 533.4May 4
17 Jan
I May
214 Apr 27
114 Jan 8
145 June 12 160 May 17 124 Mar 182 Deo
3338 Apr 62 Dee
5614 Feb 18 8412111ne 7
4013 Dec 65% Jan
8814 Feb 20 5354 Apr 3
4014 Dec 8638 Jan
8714 Feb 20 5438 AV 30
1638 Oct 3778 Jan
1512July 23 2838 Apr28
8 Apr 187 Jan
1112 Feb 11 2134May 14
54 Sept83 Nov
70 Feb 21 10814May 15
463* 001
Jan
20
85 May 31
34 Mar I
1012 Dee
Jan
6
1412 Jan 5
9% Jan
334 Dee 12 June
2 Feb
912May 10
1818 Dee 4314 June
2312May 10
84 Feb
1812 Aug 2778 Feb
2378 Jan
42 Apt 30
Jan
147 July3
20 Apr 32
257 Mat IS
1912 Sept2778 May
,Jan
223
37 Apr 17
9112 Dec 393* Jan
1414July 1
31 May 2
91 Sept100 May
78 Aug
9633 Apr 25
Jan 16834 Nov
1504 Jan i 18913 Feb 2 126
8514 Jan 153% De
145 Mar 2 17434May 4
4512 Mar 1
40 Jan 51 Dec
4812May 7
50 Jan 5312 SIM
57 Mar 29
52 Jan
87% June 6738 Ma
2738June 1
39% Jan 3
37/
1
4 June 47 Mal
27 Marl
38 Jan 12
18 SeptAl% Jail
2512May 28
15 Mar
351
3614 Oct6014 Fell
44% Apr 30
284 Feb 2
85/
1
4 Dec5378 Ana
Jan 1
88 May 8
96 Jan
103% Feb14 108 Jan 10738 July
91s Oel 2358 Mai
1012 Feb 18 1838May 31
3714 005 103% Jar
3972 Feb 16 6214 rune 23
1% June
% Mar
514 Apr 27
12 Mar 3
1312 Mar 24 June
1614 Feb 20 3012 Apr 26
512 JUDO
212 Mar
3% Feb 16
658 Apt 27
307 Nov3712 Aug
3234 Feb IS 45 Aug 1
081
108 Jan 6 12018May 14 104 Aug 109
3214 Mar 7412 Jung
3618June 12 55 July 6
7058 Mar 98 Saul
81 May 1 88'8 July 9
Jag
94 Dec101
83 July 13 96 Feb 9
3012 Apr 55 Jung
26 Feb 10 38% Mar 20
Del
8412
Apr
74
71 July 20 82 Mar 13
65 Aug 91% Jail
5334July 5 797k Jan 6
13 Aug 5278 Des
2338July 2 3512May 18
923* Mar 12618 Det
6138July 17 13612May 31
3612 Feb 7814 Dee
18 June 13 Ms Jan 3
7812 Feb 9212 ma,
73I July20 SS Jan 4
3338 Ma/
161* Jan
16 Feb 17 2838June 6
8678 Jan 50 Fell
6
49
11 Feb 20 4938June 6
55 Feb 71 Sepl
3 Jan 4 91 Feb 17
Jan 4678 SW
32
411s Jan 9 863sMay 7
10338 Jan 6 115 May 4, 98% Feb 105 Noi
118 Jan 21 129I2May 31/ 10811 Jan 12014 Nog
134 Jan 7 150 May 4 125 Jan 13514 No,
107I4June 4 11012 Apr 25 102 Jan 11012 Dee
7354 An 8414 Du
79% Feb 21 94 May 15
Oot 4672 Jat
27
2314 Aug 2 347k Jan 3
25 Oct 3312 Mal
19 Feb 1 27% Jae 5
108 Mar 15 119 June 6 11158 Jan 11518 Del
_ _ --__ , ---•
75 June 15 8978May 7
96/
1
4 Jan 3 171 Apt 12 -41114 Jan -11i7i NO1
- -- - - ,- ,s-•
105 July 12 115I2May 11
4-118 -Ain 101 Nos
8514 Feb 20. 224 June 2
49 May 57 API
5412 Jag 4 60 May 16
2012 Nov 49 Mal
2478 Jan 17 377 Aug 2
SO June 99 Dee
8012July 12 95 Aug 3
9 Juno
638 July
512 Feb 23 13 May 15
Nov 5714 Del
2012
23% Jan 20 3612May 31
8718 Nov 10212 API
93 Jan 16 98 June 2
Oct 110 API
90
93 Apr 19 100 Jan24
2512 Dec 2878 Del
221 Jan 21 3334June 4
Oct 7578 Mai
53
49%June 19 6934 Feb 7
9683 Jan 100 Mal
102 June 25 112 Fob 6
13 Del
4 Feb
814 Feb 18 1472June 4
91118 Feb 182 De(
128 Apr 24 16118 Jag 3
2558 Da
25
/
1
4 Dec
2312 Feb 17 53 May 15
145 June 13 233 May 41 74 Jan 194 00
4414 July 3411 Tel
4458 Jan 20 .55' July 18
36 May 433* Mal
37 Mar 16 49 May IS
3758July 24 4114July 31 ---- ---- - -_- -n-•
884 Jai
1 June
418May 23
2 Jan 18
55 Aug 7473 NOS
5434June 19 6914 Jan 9
Jan 57 Sep
47
497s Feb 18 67% Apr 14
11870une 28 129 A in 11 11614 Jan 123 AUI
8% Sept 153* Deo
I() Feb 18 1712June 18
1 Del
Jan 91,
51
82% An 16 12434 Aug 1
5633 Jan 101% 001
80% Fob 17 131 Aug 3
,
01
411% Oct 4772 1
3933 Jan 24 51 June 27
245 Oog 3134 Fel
2314 Feb 8 31 Apr 30
1414 July 2638 Del
134 Feb 20 28 Mar 30
8312 Jan 6434 Del
5534June 19 73 Apr 4
15
Oct 22% Jac
173s Feb 20 3014 Apr 30
Jan 10412 Del
97
10212 Jan 4 10912 Apr 26
2418 June 3738 Fel
25 Feb 15 34 Apt 30
102 June 23 134 Feb 6 110% Nov 18414 Ap
1544 Jul3
1138 June
123* Jan 8 20 Apr 30
5214 Jull
44 Nov
44 Jan 5 60 Jan II
33% Aug 4232 Mal
3212 Feb 18 4938May 24
133 Feb 1 14018June 7 11812 Mar 137 Nog
4313 Jan 5
241: Jan 25
9 Jan 23
109 Jan 7
12 Jan 16
79 Feb 25
23% Jan 12
110 Apr 11
26 June 22,
577 Jan 12.
65 Jan 8
100 Jan 6
10018 Jan 3
53 Feb 20
37% Feb 18
2884 Feb 17
214 Jan 3
10 Jan 18
13414 Feb 28
77% Feb 18
44 Jan 8

5414May 4
6058114ay 21
30 ADr 2
120 Apr
20 Feb 2
92% Feb 2
4214May 1
11338June
3712 Mar
7434May
7112May 1
127 Apr 2
112 Apr 2
5372 Apr 3
49 Apr 3
4112 Apr 3
Vs Feb 2
40 Feb 2
150 Jan 2
10112May
7434June

11152 Jae
15 May
65 Oct
Jan
103
838 May
73 Feb
20% Jan
104 Feb
--- ---Jan
-54
5718 Jan
1
4 Jan
70/
84 Jan
503* Apr
3518 Apr
2934 June
2 Mar
10 Mar
90% Jan
5414 Mar
2818 June

46 DC,
452., Jai
20 Jai
11212 Noi
16 De
811 Dei
2871 Mal
/
4 Nol
1111
,--.
,
-8-11.4 Juni
6812 Nog
10418 Da
163 Da
604 Jai
415s Fel
3418 Jai
448 Jun
1572 Jun
14312 Nol
5712 Nor
60 env

New York Stock Record-Continued-Page 7

For sales during the week of stacks not recorded here,see seventh
page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
July 28.

Monday,
July 30.

Tuesday,
July 31.

Wednesday, Thursday,
Aug. 1.
Aug. 2.

Friday,
Aug 3.

Per share $ per share $ per share $ Per share $ per share $ per share
71
7134 70% 7212 7012 7112 71
7174 7018 7114 7014 72
•125 __ _- *125
_ *125
*125
_ •125
*125
318 312
3% 313
3
314 314
313
3
3
3
318
47 47
4612 4612 4612 46% 48
46
4734 4813 4814 50%
*106 109 *106 10912 •106 109% *106 10912 *106 10912
*108 10912
678 61s
614 6%
6% 6%
6
634
63* -7
7
7
1912 2012 2013 2012 20
20 •1912 2013 *1914 20 •1914 2012
14
1414 1414 1414 *1414 15
1414 1414 *14
143
*14
4
15
•412 512 *412 514 *412 514 *413 514 *412
514 *412 5
*13
13% 1312 1312 *1212 1418 *1312 1448 1212 1212
1212 1234
•1814 1812 *18
1814 18
1812 18
18
1772 1778 •18
1812
1334 14
1414 1334 1414 1334 1418 14
14
1414
60 6012 6014 6034 5934 60% 8012 6172 6118 1424 14
6214 6158 6334
61)34 7038 69
7014 6834 6934 6814 6978 68
67% 68%
1412 1434 1434 14% 1458 1458 1414 1434 1414 69
1412 1433 1434
2312 2378 2318 23% 23
24
24
2512 2414 2514 2452 2614
*2712 2814 *2712 2814 2712 27% 27
2718 27
27
2612 2612
*50
5213 *50
5212 *50
5228 *50
51
4934 50
*49
50
*3714 38 *36
3712 *36
3712 *3638 3712 .3632 3712 *3638 3712
*6113 6212 6113 6112 6113 6112 62 6212 *6112
6212 61
6112
18
1818 18% 1814 1814 1812 1812 1918 19
1912 1834 1914
•86
8634 86 86 •85 86
86
881 *86
87
8612
8
24
24
2412 2418 24
24
24% 24% 2434 2434 247 867
2512
'
58634 88
*8634 88
*8634 88
*8834 88
*8634 88
*8634 88
12314 12314 12378 127
12312 12618 12434 128
12318
1262* 126 12912
9854 9934 9912 991
9712 98% 9812 987
9634 98
9612 9712
*11034 115 *11034 115 *11034 115 *11034 115 *1103
4 115 *11034 115
712 778
734 7%
752 7%
752 77
734 77
734 8
49% 49% *4912 50 •49
491 849
491 *48
49 .48
49
6834 6834 69 721
70
72
71
72% 71
7312 7213 74
•122
•122
_ •122
•122
*122
*122
•37
38
*37
38
3734 373 *37
38 .37
38
37
37
15914 1601 15512 160
155% 15832 15713 163
15834 16112 157 161
*50
51
*5012 51
50 503
5012 513
507
8
508
507
*114 118 *115 118
11634 11634 117 118 •117 122 *117 8 5312
125
*3812 39
39
39
3812 39
*3814 39
*38% 39
3833 388
*11114 123 *11114 123 *11114 123 •11414 123
*11114 123 *11114 123
24
24
24
2418 24
2418 24
2414 2312 24
23
233*
*105 10512 •105 10512 •105 1051 10514 10514 •10513
10712 *10512 107

Saks
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Rang. Since Jan. 1.
On Oasts of 100-shareIon
Lowest
HOhost

657
PER SHARE
Row for Previous
Year 1927
Lowest
Hkhest

Shares Indus.&Miguel.(Con.) Par S per Mare
$ par share $ per share $ per hero
92,500 Studeb•rCorp(The) new No par 57 Jan 10 8238May
25
69 June 6312 Sept
Preferred
100 12112 Feb 25 127 June 19 118 Feb 12514
Nov
2.300 Submarine Boat
No par
3 Feb 14
614 Mar 21
214 Feb
May
10,500 Sun 011
No par 3113 Jan 9 593 Aug 3
30 Mar 34874s
Preferred
100 100 Jan 8 10912 Apr 25
99 Aug 1013* Dee
31.100 Superior 011
No par
212 Feb 17
912May 16
315 Dec
613 Feb
900 Superior Steel
100 18 Jan 18 2374 Feb 6
18 Oct 28 May
nig
Feb
1,200 Sweets Co of America
8 1818 Apr 26
50
7
Apr
Li
Dee
Symington temp ctfs_ __No par
414 Jan 6
7 May 8
214 Sept
6 Jan
800 Class A temp ctf4No par 12123une 27 193* Apr 27
6
Oct
153
4
Nov
Telautograph
1,400
Corp--No Par 1314 Jaa 28 2234May 17
1114 Mar 1714 Nov
7,600 Tenn Corp & C
No par 1014 Jan 16 16%14,fay 28
814 June 135* Jan
96,500 Texas Corporation
2.5 50 Feb 17 6633May 21
45
Apr 58 Jan
31,500 Texas Gulf Sulphur new No pa- 6214June 12 80% Jan 4
49 Jan 813* Sept
9,000 Texas Pacific Coal & Oil__ _ _10 123* MIX 1
1712 Apr 30
12 Apr 1874 June
Texas
Pac Land Trust new1 20 June 13 3034 Apr 27
37,600
1514 Jan 30 June
600 Thatcher Mfg
No par 22 Jan 5 3912May 8
1612 Aug 2313 Bel&
500 Preferred
No par 47 Apr 13 5354June 1
63
Aug 5012 Nov
The Fair
No par 84 Jan 3 4334May 16
2414 Jan 36 Aug
1,000 Thompson (J R) Co
25 5614June 13 ?Patine 4
67
Jan 653* Dee
41,700 Tidewater Assoc 011_ _ _No par 1434 Feb 20 2034 AV 30
1614 Oct 1914 June
700 Preferred
100 4174 Mar 15 90 May 2 85 Oct 9034 June
2,500 Tide Water Oil
100 1934 Mar 7 2718May 15
19 July 29% Jan
Preferred
100 8634July 26 9412May 4 85 Nov 9014 Sept
13,900 Timken Roller Bearing.No par 11233Mar 3 134 Jan 4
78 Jan 1423* Aug
9,000 Tobacco Products Corp......100 9612 Aug 3 118% Apr 16
923* Oct 11753 Dec
Class A
100 113 Feb 7 128 Feb 14 108 Apr 12372 Dec
14,200 Tref:well 011 temetfnewNo par
634June 13 10% Jan 12
334 Apr 1034 Nov
100 Transue & Williams St'l No par 4554 Jan 3 5912 Feb 7
10 May 50 Dec
22,900 Under,Elliott Fisher Co.No par 63 June 13 7534May 16
65 Jan 70 Deo
Preferred
100 119 Mar 1 120 Apr 13 123 Jan 125 Dee
400 Union Bag & Paper Corp 100 361* Feb 20 493* Feb 1
3813 Jan 7314 June
87,800 Union Carbide & Carb_No par 13618 Feb 18 163 Aug 1
9914 Jan 1541i Nov
11,600 Union 011 California
393 June 583* Jan
25 4254 Feb 11 57 Apr 16
3001Union Tank Car new.__100 115 July 2 12813May 8
94 Jan 12714 Dee
1,000 United Biscuit
No par 3412 Apr 30 423* Jan 26
3914 Dec 401 Dee
Preferred
100 11214 Mar 22 118 Jan 23
6.100,United Cigar Stores new--__10 23 Aug 3 34% Feb 10 -3-311
-;Dec -3814 July
100' Preferred
100 105% Aug 1 11414 Apr 5 104 My 109 Arne
lUnited Drug
100 190 Jan 5 210 Mar 17 159 Jan 20015 Nov
1st
Preferred
50
-55- 69 ;65-. 77413 ;65- 74 -2 ;55- 7413 '69 7423 ;55- -fill
59 Feb 28 6012 Jan 4 6814 Jan 61 Dee
20 United Dyewood pref
100 6534 Jan 20 69 July 27
5514 July 49 Jan
13634 13634 13834 13834 135 13512 *130 137
136 136
136 13612 1.2001Untted Fruit
No
par
69
69
13112June
1 14614May 7 11814 Jan
6912 70
7012 7212 73
i 150 Sett
73
71
7212 *7012 72
2,800 Universal Leaf Tobacco No par 6034June 1
9613 9612 59634 9712 9712 9712 *9634 9712 •963
8512 Apr 5
6014 Nov 7412 Dee
4 9713
30,Universal Pictures 1st pfd_100 9313May
634 9712
2014 2058 20
2014 193 193
100
Feb24
Dec
14634
10333 Apr
1912 1912 1913 1912 *9
1914 1912 2,600 Unlvereal Pipe & Bad_ _No par 1553June 1
*8534 92
*8534 94
28 Apr 13 $414 Sept 3714 Mar
*8534 94
*87 94
*87
94 *85
Preferred
94
100 88 Jan
*225 250 *225 250 *225 250 *230 250 *230
102
Jam
12
81%
Jan
98 Dee
250
*230 250
US Cast Iron Pipe & Fdy_100 19013 Feb 27 300 Apr 9 NO% A
•124 130 *12412 130 *12413 136
248 May
125 125
125 125 •124 125
200 Preferred
•
100 115 Mar 10 137 Mar 19 112 Mar 125 Nov
•14
1412 •1352 1412 •1352 14
1414 16
1578 1638 1574 163s 8,200 U S Distrib Corp new_No
par 1312June 22 2014 Jan 4
*80 82 *80 82 *80
1414 May 223* July
8134 8152 82
82
82
82
6001 Preferred
82
100 79 Apr 6 9034 Jan 16 Ill May 96% Sept
*4853 50
*4812 50
4978 49% 49
5112 5014 51% 5034 51% 3,3004U S Hoff Mach Corp vt4N0 Par 4814June
11074 11074 11018 11134 10912 110
18 5834 Jan 23 &I Oct 631
,May
10912 11142 10952 10972 110 11158
10,400 U S Industrial Alcohol-- _ _100 1021sJune 19 1223* Mar 19 69 Mar
*12014 121 •12014 121 *12014 121 *12014 122 *12014 121
1113* Dec
Preferred
100 119 Jan 13 12214MaY 23 10712 Ayr 121 Dee
4514 4612 4522 4534 4512 4518 4514 463* 4512 4534 *120% 121
4414
Leather
8
12,900
45
U
No par 22 Jan 18 51 May 7
83% 6312 6278 6312 62 62
14 July 2514 Nov
62
625, 62
6214 *62
6212 3,6001 Class A
No par 62 Jan 5 72 Apr 25
*10612 108
27% June 5612 Dee
108 108 *10614 10712 *10614 10713 10712 10712 108
108
700 Prior preferred
104'ilune23 10912May 14
89 July 10612 Nov
82 82
8112 82
80 8218 81
81
8014 8112 8012 8012 4,500,U S Realty & Impt new.No 100
par 13114 Feb 4 9358May 4
54 Apr 6972 Dec
33% 3358 3272 3334 3214 33
3232 33
3214 32% 32% 3212 17,300 United States Rubber
100 27 June 27 6314 Jan 4
3714 June 6713 Feb
63 6414 63 6314 6228 6212 6214 6224 6212 63
62 6218 2,300 In preferred
100 55 July 2 10934 Jan 13 8534June 1113* Apr
4712 47% 47
4712 4612 473* 4632 473
4618 47
47
3,100 US Smelting. Ref & kiln_ __50 3912 Feb 20 52 June 4
33% Jan 4874 Dec
5312 5312 .5234 533* 5234 5234 *5212 523 *5212 5312 46%
533
Preferred
4
533
400
50
4
61 Jan 26 5514May 2 6553 Jan 54 Dee
144 145% 14214 14514 1415, 14312 14034 143
13914 14058 13914 14012 257,300 United States Steel Corp new 1323*Jun.25
154 Apr 12 1113* Jan 16012 Sept
14138 14171 14114 1413, 141 141 *141 14113 141 141
141 141
800 Preferred
100 13854 Jan 5 1471 Apr 26 129 Jan 14114 Dee
•8734 88
*8738 88
•13734 89
*8734 89 .87% 89
Tobacco
*8734 89
US
No par 86 June 18 105 Apr 16
67 Jan 9714 Leo
*130 13334 *129 134 •129 134 *129 134 *129 134
*12i)
Preferred
100 12714 Jam 14 139 June 7 123 Jan 127 New
•155 165 *150 152
162 162 '5155 165 •150 165 •150 134
Copper
165
Utah
10
10
139
Jan
17
162
July
31
38
38
111 Feb 162 Eke
38
38
*3734 38
373* 38
373* 38
38
38
3,600 Utilities Pow & Lt A__No par 2813 Feb 20 4534May 31
7512 7612 74
27 Jar 84 May
7612 74
75 273
7518 72
73% 7113 72% 19,100 Vanadium Corp
No par 60 Jan 18 96 Mar 15
•15
*15
17
87 Jan 6714 Dee
17
*15
17
*15
17
*15
17
17
Raalte
17
Van
200
NO
par
55g Sept 1434 Feb
•50
7% Jan 7 1934June 23
5334 *3022 5334 *505, 5354 *52
5314 5334 551, *5312 56
100 4374 Jan 6 60 June 25
90 1st preferred
68% 69
69
707* 6914 6914 69
4214 Dec 84 Feb
7014 6814 69
*68
11.100 Vick Chemical
No par 58 Jan 17 74 May 14
93% 9514 41218 943* 9134 927
48 Jan 6358 June
925, 9734 941 98% 9614 69
Victor
Machine
99
Talk
170,300
_No par 52% Jan 3 10434May 8
*180 200 •180 200 *180 200 •192 200 *190 19912
32 July 5453 Dye
*190 200
6% preferred
No pa 1083* Jan 3 20212May 7
*107 10734 107 107
107 107
87 Oct 1115, Deo
107 107
107 107
1073s
500 7% prior preferred
100 1012* Jan 6 11112Mar 28
13% 13% 1378 14
1334 14
9612 Oct 10212 Ded
1312 1334 1312 1312 1313 1073s 1,600
Virg-Caro Chem
1312
No par 12 June 12 163* Feb 10
5414 54% 541 5434 533 5412 5354 5353 5313 5414
7%May 1513 Sept
5318 5314 2,600 6% preferred
100 443* Jan 18 5513July 25
96
96
95 95 *95
21314 Apr 4534 Dee
97
*94
95
*95
96
1.500
95
77
95
preferred
100 881k Jab 18 97 Apr 27
*30
50 *30 50 *30 50 •28
73
June 91 Nov
35
*28
35
*28
Virginia Iron Coal & Coke_100 3174 Apr 25 50 May 22
35
*50
5214 *50
5214 *50
5214 *50
36 Dec 51 Jan
5214 50
50
*50
53
30 Preferred
100 50 Aug 2 6254 Jan 13 62% Dec 768k Aug
•1514 1534 1458 1534 *1434 1512 145, 1514 1312
141
1414
4
1412 3,400 Vlvaudou(V)
No pa
1134june 26 2534 Jan 4
•78
8312 *78
8312 *78
8312 78
2014 Dee 8914 June
8312 5.78
8312 *78
Preferred
8312
100 78 June 22 100 Jan 28
337
3112 3112 32
33
3734 352* 38
95 Dec 118% June
3112 3512 *3313 35
2.700 Vulcan DetInnIng
100 221/June 13 433* Jan 11
*7614 85 *7614 85 *7614 85 *7813 89 .7812 89
16% Jan SO Aug
•78% 89
210 Preferred
100 74 June 21 97 Jan 12
2212 2212 *2114 23
26
23
22
2314 23
90 Jan 125 Aug
2534 *2313 25
270 Class A
100 1912June 29 38 Jan 11
21
21
21
21
21
21
21
16
2112 21
Jan 5934 Aug
21
21
21
1,500 Waldorf System
No pa
19% Jan 3 27 Apr 9
•1513 16 •151g 16
1518 1518 1512 1512 1512 1512
183* Dec 25 Feb
15% 1514
600 Walworth Co ctfs
No par 15 June 12 19 May 16
92 92
92 92 *92
94 *91
92 *91
17 Dec 2412 Apr
92
5.91
92
110 Ward Baking Class A__NO pa
91 July 27 123 Feb 2 8914 Apr 118*4 Ott
17% 17% 1678 17
17
17
17
17
17
17
17% 1715 3,600 Class 13
No par 1512July 27 2934 Jan 131 1712 June 3354 Feb.
•8634 88
*8034 88 •90 93 *88
8812 88
88
8814 8814
Preferred
200
(100)
No
pa
58% 5634 59% 5654 58
58
88 Aug 2 9712 Jan 19 84 Apr 10014 Nov
5712 6158 5918 6314 60
6634 142.800 Warner Bros Pictures A --- _1
37% 3814 3734 3814 37% 38
22 Jan 5 6634 Aug 3
3754 383* 38
1814 Dec 4514 Jan
3814 3714 38% 6,400 Warner Quinlan
15814 160
Vo pa
162 16314 158 168
26 Feb 17 4131June 7
15514 15534 156 15812 155
24 June 3412 Dee
155
1,600 Warren Bros
No par 140 June 20 192% Apr 11
54
*52
*52
52 •52
57% 52
57
65
Jan 180 Nov
*52
57
*52
57
20 1st preferred
*1612 1714 1612 1634 1612 1612 1614 1614 16
5
50 Jam 6 61 Apr 16
48 Aug 71 Dee
16
*16
17
500 Warren Fdry & Pipe_ .No pa
64% 6418 *64 65
13 June 12 25% Apr 14
64 64
*62 64 •62
18 Oct 27 June
64
63
63
Weber
&
500
Hellbr,
new e_No pa
*100 101 *100 101 *100 101 *100 101 •100 101
5914June 12 7012May 8
6614 Dec 751i Aug
*100
Preferred
14413 14512 14514 14914 148 148
10
9912June 19 103 Jan 3 101% Nov 1033, Aug
146 14912 145 145 •14514 101
3,900 Western Union Telegram. 100 13912July 11 17713 Jan 3 14413 Jan 176
46
4614 4628 46% 45
4612 4554 4612 45
451j 443* 14814
Dee
4518
11,500 Wstnghse Air Brake newNo pa
95% 9614 94% 9612 94% 95% 94
4214June 4 5733 Jan 27
40 Oct 53% Sept
9554 935, 9412
16,400 Westinghouse Elec & Mfg...5
98% 98% 9812 9812 *98 10212 *9812 10222 *9812 10212 9312 94
8825 Jan 5 112 Mar 31
671 Jan 948 Dec
9812
10
1st
40
preferred
212
2112 2112 2134 2312 215s 2273 22
5
9534 Jan 5 110 Mar 31
82 Mar 10374 Des
227
2134 22
2214 2224 6,000 Weston Elec Instruml_No pa
*3213 33 *3212 33
3212 32% *3212 33 *3212 33
1213 Jan 6 2812June 7
11 Sept 18% Feb
100 Class A
107 107 810522 107 •10513 107 *10612 107 *10612 107 .3212 33
No pa
803* Jan 3 4012May 22
30 July 343* Apr
107
107
70 West Penn Elec CIA vtt No pa 103 June 22 112 Apr 9
110% 110% 11038 11038 11014 111 *11014 111
9774
Jan Ill Aug
1107
1105,
180 Preferred
9934 9934 9912 9912 9912 10013 995* 10112 *100 10114 110 11013
10 108 June 13 1154 Apr 9 102 Jan 112 Sept
101 101
100 Preferred (6)
*115 *115
115 115
100 9812July 21 10413 Apr 10 101 Dec 1013* Dec
115 115
11514 11514 11512 1161±
90 West Penn Power pref
*105 110 *108 110 *107 110 *107 116
100 114 Apr 9 118 June 27 111 Jan 118 May
10614 10614 *107 111
10 6% preferred
5912 *5(3
5614 5634 58
100 103 June 28 113 Jan 5 10013 Jan 111 Dee
59
5713 59
5614 5613 58
58
1,000 West Dairy Prod cl A_ _No pa
30
5312 Jan 6 78 Apr 11
3312 32
3134 30
3214 3113 3112 3113 317
5314 Dec 57 NOS303* 31
3,100 Class B
_ No pa
20511 Jan 5 49 Apr 12
234 243* 2414 2518 25
2414 Dee 2834 Nov
2558 25 263* 2512 2613 2512
26 34,000 White Eagle 011 & Relg_No pa
2013 Feb 21 2658 Aug 1
20 Dec 2712 Feb
377
3714 3712 37
37
3738 37
3712 37
3718 37
3718
White
2,700
Motor
No par 3014 Feb 21 4334June 1
*362± 3713 3612 3612 *3614 3612 *3614 3612 36
3014 Nov 58% Feb
3614 3534 38
600 White Rock Min Sp etf
50 34% Jan 19 4458May 11
31314 37
3612 37
37
37
26 Jan 41% Sept
3534 3534 •3554 3614 3518 38
2,000 White Sewing Machlne_No par 3314June 13 4.5 Mar 7
21% Mar 5314 Aug
5412 5422 54
•5214 5412 *5218 5423 543 543
54
54
54
400 White Sewing Mach pf_No par 52 June 13 5514June 6
2014 2018 2158 2034 213* 2112 223* 21% 21% 2114
46 Feb 59 Jan
20
22 62,500 Willys-Overland (The)
5 173* Jan 16 282, Apr 9
978 9758 9712 9812 9724 9714 97
1314 Oct 2434 May
9752 *9714 98
*9712 98
2,200 Preferred
100 9244 Jan 3 10112May 25
1244 1314 1258 13 •127s 13
June 95 Aug
87
13
13
*1254 13
1252
13
4.500 Wilson &
par 1112 Jan 3 15 Feb 14
10 May 175 Feb
2814 28% 298 2814 29
2814 29
28
27% 28% 2834 2912 3,700 Class A Co Inc, new_No par
No
Jan
22
3
35
May 15
1614 May 3274 Feb
71
6913 6912 6934 7012 68% 6813 '69
6812 69
6924
7012 1,900 Preferred
100 66 Jan 3 7734 Feb 11
513 Apr 84 Feb
184% 18552 183 18378 1813* 18312 18312 18734 18412 187% 18412 186
17,700 Woolworth (F W)Co
2 17512 Feb 20 19634May 9 1173* Jan 19812 Dee
3822 39% 3814 4038 38% 39% 3914 43
41
4334 4178 44 65,600 Worthington P & M
100 28 Jan 5 44 Aug 3
2013 Jan 66 Am
56
5612 5612 5612 5712 60
56
56
56
56
61
61
1,900 Preferred A
100 4614 Jan 19 61 Aug 3
44 Dee 611 June
48
4712 4814 48% 52
471 4814 48
48
48
5014 52
5,300 Preferred B
100 41 Jan 4 52 Aug 3
37 Oct 5413 June
1584 15913 15612 18312 155 16013 15734 16212 152 157
154 158 44,200 Wright Aeronautical__.No par 69 Feb 27 245 M ay 16
248
18
2 A
japnr 7982448%1: AugDD
*68
69
69
70
*68
*6824 69 *6812 89
6914 6814 6814
300 Wrigley(Wm Jr)
No par 68 July 26 7912 Mar 22
50
8834 69
6572 6618 •135 6673 *65 6614 6514 6528 65 65%
800 Yale & Towne
25
Aug 3 8413 Apr 25
7014 Jan
315, 3214 3215 3354 3213 333* 3214 3278 32% 3212 22,600 Yellow Truck & Coach CI BAG 65
311 32
2771 Feb 28 40 May 8
25 Jan 40 Aug
93 *8212 93 *82
*85 93 *85 93 •_ _ _ 93
93
Preferred
100 8754 Jan 9 96 Apr 20
8313 Aug
897
8912 8912 89
89
9014 9012 90 9014 *88
8812 8812 1,800 Youngstown Sheet & T-No par 8312June 19 10674 Jan 26
5014 Oct 100
91)53
14 j
D
uel

1

1

•Bld and asked prIces; no sales on thls day. 5 Ex-dIvIdend. a Ex-right.s. • No Par value.




658

New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 the Exchange method of quoting bonds was changed and rice, are now "and interest"-except for income and defaulted bonds

BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 3.

41:

Price
Friday.
Aug. 3.

Week's
Range of
Last Sale

844
U. S. 00000ment.
Ask Law
Hefi No.
First Liberty Loan
251
Sale 99"n 100
332% of 1932-1947
J O 100
_ 100142June'28 Cony 4% of 1932-47
J D
484
Cony 434% of 1932-47
J D 100.34 Sale 100114,101
.
Apr'28
_ lo23
2d cony 434% of 1932-47
JO
Third Liberty LoanSale 100 100144 140
434% of 1928
MS 100
Fourth Liberty Loan434% of 1933-1938
AO 101142 Sale 100214210111n 1362
1947-1952 AO 111142 Sale 111144 111"44 37
Treasury 4345
1944-1954 JD 10613210611n 1051132106"n 34
Treasury 43
72
1946-1956 MS 103"(s Sale 103114(1041n
Treasury 3301
74
1943-1947• r) 9811(2 Sale 9851,, 99142
Treasury 382s
Treasury 3348 June 15 1940-1943 J D 9811., Sale 9820(s•98113( 592
* Last wee k's MO of 99"n
should have read 98"n.
State and City Securities.
N Y City-434e Corp Stock_1960 M
4315 Corporate Stock__-1964 M
1966 AO
434s Corporate stock
1972 * 0
43.45 Corporate stock
1971 J
4345 Corporate stock
4345 Corporate stock _July 1967• J
1965 J D
4346 Corporate stock
1963 MS
4345 Corporate stock
1956 MN
4s registered
1959 MN
4% Corporate stock
1958 MN
4% Corporate stock
1957 MN
4% Corporate stock
1936 MN
45 registered
1957 MN
434% Corporate stock
1967 MN
434% Corporate stock
334% Corporate st-May 1954 MN
334% Corporate at_ _Nov 1954 MN

10514 Apr'28
10312 June'28

Foreign Govt. & municipaii.
1947 FA 97
9012 90
Agile Mtge Bank 5 f 65
Antioqula (Dept) Col 75 A-1945 J J 96% 97 9538
1945 J I 9618 Sale 9518
Externals f 75 ser B
Externals f 7s series C___...1945
J 96 Sale 9512
1957 AO 9412 Sale 9412
External 6 f 78 lat ear
1957 AO 95
9514 95
Extl sec s f 7s 2d ser
1957 * 0 95 Sale 95
Extl sees 178 3d ser
Argentine Govt Pub Wks 68.1960 AO 9912 Sale 99
Argentine Nation (Govt of)Sink fund 68 of June 1925_1959 • D 9938 Sale 99
1959 40 9953 Sale 99
Extl s I 68 of Oct 1925
1957 M S 9958 Sale 9918
Sink fund 69 series A
External 68 series B_Dec 1958 J O 9918 Sale 9918
1960 ▪ N 100 Sale 9914
REG I 6e of May 1926
External 51 88 (State Ry)_1960 MS 99 Sale 99
Ertl 65 Sanitary Works 1961 FA 99% Sale 9918
Ext68 pub wks(May'27)-1961
N 9914 Sale 99
Public Works extl 5345...._1962 FA 9514 Sale 95
Argentine Treasury 58 L___.1945 MS 9134 9178 9113
Auatralla 30-yr 53 __July 15 1955 J
9712 Sale 9614
External 58 of 1927-Sept 1957 MS 9634 Sale 9618
1956 MN 8814 Sale 8712
Extl g 4343 of 1928
1943 3D 10212 Sale 10213
Austrian (Govt) a f 75
Bavaria (Free State)630_1945 FA
Belgium 25-yr ext 817348 5_1945 J O
1941 FA
20-yr 5 f 824
1949 MS
25-year external 13345
1955 J J
External 5 1 68
1955 J D
-years f 76
External 30
1956 MN
Stabilization loan 75
1945 MN
Bergen (Norway) 5 f 88
15-year sinking fund 69 1949 AO
Berlin (Germany) s 1 6%s_ _1950 AO
Bogota (City) ext'l s L.88_1945 40
Bolivia(Republic of) extl 88_1947 MN
1958.33
Ext'l Bee 75
Bordeaux (City of) 15-yr 66_1934 MN

9638 Sale
11412 Sale
110 Sale
10558 Sale
10018 Sale
108 Sale
10578 Sale
11312 Sale
10014 Sale
9918 Sale
10578 Sale
10518 Sale
9618 Sale
9912 Sale

Brazil(U S of) external 88-1941 3D
Externals 6348 of 1926-_1957 40
1957 40
Exti 5 f 6348 of 1927
1952 3D
7s (Central Railway)
7145(coffee secur) E (flat)_1952 AD
1935 MS
Bremen (State of) extl 7s
1957 MS
Brisbane (City) s f 5s
1962• D
Budapest(City) extl s f 68
Buenos Aires (City) 6523-1955 j
1960 A 0
Ext1 s f 6s ser C-2
19604 0
]txtlsf6sserC-3
68.1961
extl
Btrbinos Aires (Prov)
Ms
Bulgaria (Kingdom) s I 78-1967 j j

109 Sale 10812
96 Sale 96
9614 Sale 96
10014 Sale 100
10412 107 10512
10114 101'z 10112
911 9334 9212
93 94 84
10114 Sale 100%
99 Sale 9812
9812 9834 9812
94 Sale 9312
9012 92 9014

Caldas Dept of(Colombia)730'46 j j
,
3
,
1A0
Canada (Dominion 90 58 19
1956 p A
10-year 5354
1952 m N
59
1936 p A
4345
1954 j j
Carlsbad (City) S 1 88
A
731546
Colom
Cauca Val(Dept)
Central Agile Bank (Germany)
Farm Loan 5 f 78 Sept 15 1950 M S
.1
Farm Loan f 6s_July 15 1960
Farm Loan s 1 6s_Oct 15 1960 A 0
Farm Loan 65 ser A_Apr 15'38 A 0
Chile (Republic) extl a f 88 1941 Ir A
20-year external a f 72-1942 58 N
External sinking fund 6s-1960 A 0
1961 p A
External s 1 65
j
1961
Ry ref extle f 63
Chile Mtge Bk 6346 JUDO 30 1957 J D
D
1961
J
S I 6145 of 1926-_June 30
Apr 30 1961 A 0
Guar f6s
Chinese (Hukuang Ry) 53-1951 J D
Christiania (Oslo) 30-yr s f 65'54 M S

9912 Sale 99
10014 Sale 100
10014 Sale 10014
10534 Sale 10512
9914 Sale 9834
10834 Sale 10834
100 10012 100
10012 Sale 998.
88 Sale 88
8712 Sale 8712
9034 Sale 9012
102 103 10978
10112 Sale 10112
943 Sale 94
9334 Sale 9334
9312 sale 9313
9812 Sale 9814
10014 Sale 9912
9212 Sale 92
32 Sale 31
10114 Sale 10114

Cologne (City)Germany 63451950 844
Colombia (Republic) 68---1961 j j
External s f 68 of 1928--1961 A 0
Colombia Mtg Bank of 6348.1947 A 0
Sinking fund 71/of 1928-1946 MN
Sinking fund 75 of 1927...1947 F A
1952 j D
Copenhagen (City) 58
1953 fd N
25-yr g 4348
Cordoba (City) extl s f 78_1957 F A
External s 1 79 Nov 15 1937 84 N
Cordoba (Prov) Argentina 71942.3 j
Coista Rica (Repub) extl 76-1951 94 N
1944 888
Cuba 58 of 1904
External 5s of 1914 ser A-1949 F A
External loan 4Sis ser C-1949 F A
Sinking fund 5123.Jan 15 1953 j J

9712 Sale 9738
9114 Sale 9012
91 Sale 9012
8834 Sale 8634
9012 9258 9258
93 Sale 93
9634 Sale 9634
8858 Sale 8812
9618 Sale 96
9612 9613
96
100 Sale 100
96% Sale 957
10012 10078 10012
10218 ____ 10214
9834 9912 9784
103 Sale 103




sterling.

9638
11412
10912
105
10018
10734
10512
11314
10014
9834
105
105
9512
9938

9034
4
96
8
9612 19
96
20
9512 26
96
19
9612 109
99% 15
9934 88
9958 31
9958 105
9958 56
100
27
9958 57
99% 91
9934 28
96
48
9158 12
9712 93
93
97
8813 569
10338 24

BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 3.

Price
Aug.
irrPida3.

80
Alt Low
High
9978
Cundinamarea (Dept-Col) 75 '46 JO 9978 100
99114210111n Czechoslovakia(Rep of)88__195l * 0 10812 109 10814
Sinking fund Se ser B
1952 40 109 Sale 108
100%2101"n
nu 103"32 Danish Cons Munlelp 85 A 1946 ✓ A 111 111% 11134
Series 13 s 1 83
1946 ✓ A 11114 111% 11134
102142 1021142
Denmark 20-year exti 68.,....1942
_1942 J J 10478 Sale 10412
9911221002'n Deutsche Bk Am part ctf 6s_1932 MS 97 Sale 97
Dominican Rep Cast Ad 534s '42 MS 99 Sale 99
199948 194
Ist ser 5345 of 1926
1940 40
_ 9534 95
96
2d series sink fund 5),;s_ _1940 AO 95
96
1101144116124
9)31.881881,44 Dresden (city) external 75..1945 MN 101 Sale 101
1031/n1081%4 Dutch East Indies exti 68.-1947 3.3 104 10414 10334
40-year external 68
1962 MS 10334 104 10334
981%21031'n
982.88298o„
30-year external 584s
1953 MS 10234 -- 10234
30-year external 5.12s
an error1953 MN 10214 10334 103
El Salvador (Repub)
_1948
.1
Finland (Republic) extl (39..1945 MS
External sink fund 78_ _1950 MS
Externals f 6128
c 1956 MS
Extl sink fund 510
1958 FA
Finnish Mun Loan 6345 A_ _1954 A 0
External 6348 series B
1954 40
French Republic ext 7348.._ _1941 J0
External 75 01 1924
1949
D
German Republic ext'l 78_ _1949 40
Gras (Municipality) 8.2
1954 MN
Gt Brit(4 Irel(UK of) 53418_1937 ✓ A
10-year cony 5348
1929 FA
4% fund loan .3 op 1960.e 1990 M
5% War Loan opt. 1929_1947 J O
Greater Prague(City) 7348..1952 MN
Greek Governments f sec 78_1964 MN
Sinking fund sec Os
1968 P A

Range
Mace
Jan 1.

Wog',
Range or
Last Bale.

Ems

993.
5 9984 102%
____ 100 9934
10284 10512
____ 102% 10284 June'28
103 1058.
10234 103 June'28
105 105
____ 10314 105 Mar'28
898t2 10934
109 10812 June'28
107 110%
__ 107 107 July'28
107 10934
10634 107 June'28
10838 10534 July'28
10534 10934
9812 10034
9812 June'28
99 10134
9918
9918 . 1
9812 1011
100 9812 July'28
997 9918 July'28
9918 1015.i
9934 May'28
9984 1008s
89612 10878
1-0618 10634 June'28
10618 10614 June'28
10614 10834
9912 July'28
9318
90
__ 9012 July'28
9012 9312

New York State Canal 48 1960
Mar 1962 MS
4s Highway

C On the basis of $IS to the

Range
Mace
Jan. 1.

11100
High No. Low
23
93% 100
100
10858 20 108 112
14 108 112
109
4 110% 112%
11134
3 110 111%
11178
34
103 1091e
10514
9712 25
97 99
18
97 1007$
99
5
95 10033
95
6
99%
96
9612
2 100 102%
101
10414 10 103 10582
7 103 10512
104
3 10184 10418
lova
3 10114 104%
103

83 107% 114
10834 Sale 10834 110
pp% 10012
6
9634
9612 96% 96%
99% 10212
10012 59
10018 Sale 100
9812 13
97% 101%
9812 9834 9734
9112 15
91
96
9118 9112 91
8
98 101
9878
9878 Sale 98
9918 17
98 101
9878 Sale 98
43 113 1197s
11434 Sale 11412 115
10714 Sale 106% 10778 131 10512 10912
10612 Sale 10614 10634 115 10478 10784
11 101 10414
10138 10212 10158 102
10434 72 10334 10618
10413 Sale 104
11814 Sale 11814 11833 30 116% 119
4 ,8638 90"i
8538 8638 8638
8612
9778 99 9914 July'28
c98% 99%
20 10454 10914
10578 Sale 10578 107
21
9688 10084
99
99 Sale 9718
8418 92
85% 30
8514 Sale 85

Haiti (Republic) a I 6/3
1952 A0 100% Sale 100
10014 12
1946 AO 9512 Sale 95%
10514 10514 Hamburg (State)68
9614 55
6
103/2 10312 Heidelberg(Germany)ext 714550 3' 10412 Sale 10412 10412
Hungarian Munic Loan 7348 1945 J
1
991s
9958 9978 9958
External s 1 7s___ _Sept 1 1946
J 9518 9512 9414. July'28
3
Hungarian Land M Inst 73411 '61
9812
N 9712 9812 9812
3
Hungary (Kingd of) 81 7)i8_1944 FA 10112 Sale 1002 102%
8934 95 Irish Free State extls.81.68.1960 MN 9638 Sale 9534
9611 53
9412 10038 Italy (Kingdom of) ext'l 7/3_1951 JD 9712 Sale 9714
9734 135
14
9438 99 Italian Cred Consortium 713 A1937 MS 9534 Sale 9534
96
Esti tten s f 78 ser B
9512 20
94 9834
1947 MS 95 Sale 9412
938k 997s Italian Public Utility ext 73_1952• .1 9618 Sale 9578
9634 29
9312 9812 Japanese Govt E loan 48......_1931 '.3 9278 Sale 9278
9338 49
39-year s f ()%s
1954 ✓ A 102 Sale 102
95
9612
10212 83
9
99 10014 Leipzig (Germany)s 17s._1947 FA 10012 Sale 100
10012
Lower Austria (Prov) 7)0_1950 J O 98
16
98
9834 98
99 10084 Lyons (City of) 15-year 68_1934 MN 9912 9978 9938
99% 38
99 10038
43
99 10114 Marseilles (City of) 15 yr 63_1934 MN 9958 Sale 99% 100
4
3312 Sale 31
9878 iovs Mexican Irrigat Asstng 4348_1943
3312
_
4984
Jan'28
3714
99 100/
3612
1
4 Mexico(U S) exti 58 of 1899 '45 4
-7
Assenting 58 of 1899
9838 101
3812 18
1945
3612 3733 3714
Assenting 5e large
99 101%
3878 July'28
Assenting 48 of 1904
99 101
7
25
2418 Sale 2418
2714 21
Assenting 4s of 1910 largo
95
9714
2714 Sale_ 27
Assenting 48 01 1910 small,_..
24%
24% 12
9118 937
Tress 6s of'13 assent (large)'33
39
3912 15
955 99
5
Small
3712
3712
9534 99
9238 132
8634 925s Milan (City, Italy) ext'l 6325 '52 AO
9134
102
102% 14
10238 10438 Montevideo (City of) 7s___1952 ID

97
9 96
994 Netherlands Os(PM/ prices)._ _1972 ▪ S
39-year external Os
1954 *0
1144 49 114 116
11014 26 109 11134 New So Wales (State) ext 58 1957 ✓ A
External 5 1 58
Apr 1958 * 0
10534 45 10314 10914
199
987$ 1002 Norway 20-year extl 6s
101
1943 FA
20-year external 68
1944 FA
10814 105 10614 109
30-year external 13s
1952 A0
106% 68 104% 10814
40-year s I 534s
1965 J O
11312
3 11234 11354
External s f 58_ __Mar 15 1963 MS
10014
1
98% 102
Municipal Bank extl 8158.1967 J D
97 100
9914 21
10578 16 1037s 1087s Nuremberg (City) extl 6s.._1952 FA
Oslo (City) 30-year 5 f 66_1955 MN
10514 44 103% 108
Sinking fund 5558
9612 27
1946 ✓ A
9334 9812
99 10112
9978 34
Panama (Rep) extl 5348.--1953 JD
Exti see s f()%s
110
30 107 11334
1961 J 0
Exti s f 5s ser A ....May 151903 MN
9634 140
92 9912
9612 73 9512 9912 Pernambuco (State of) ext. 71('47 M
97 103 Peru(Republic of)
10034 66
EKG 81 sec 7348(01 1926).1956 MS
107
9 103 10878
Bea s 1 sec is
10134 42 10014 10312
1959 MS
Nat Loan extl s 1 65
9213 9572
2
93'2
1960 J O
84's 117 84
89% Poland (Rep of) gold 68
1940 * 0
Stabilization loan a 1 714_1947 40
10114 22 100 10214
Ext sink fund g 88
9914
9 9634 9914
1950
'
3
991
31
96
9934 Porto Alegre (City of) 8e.,.._1961 • O
Extl guar sink Id 7)2s_ _1966'3
941
72 93 97
9014
1
8934 93%
Queensland (State) extl 81781941 40
25-year external 68
9958 25
98 102
1947 ▪ A
10038 63 100 10212 Rio Grande do Sul extl s f 88_1946 40
Exti s f 78 of 1926
10012 143
997 10214
1966 MN
Rio de Janeiro 25-yr 188._ _1946 40
10534 26 104% 109
Esti s 1 612s
9914
9
9838 1017s
1953 FA
10834
1 105 109% Rome (City) est! 6848
1952 AO
10012
5
9814 103 Rotterdam (City) extl 68_1964 MN
Saarbruecken (City) 68
1953 3
10012 15
99 10114 Sao Paulo(City)sf8s_Mar 1952 MN
8834 14 88
Extl s 16)Ss of 1927
9334
1957
N
8814 78 8712 9334 San Paulo (State) exti Sf 73_1936• J
91
65
9012 96
External sees f 88
1950
.1
External s 1 75 Water L'n_1956 MS
10978
8 10871 11134
10218 18 10054 104 Santa Fe(Prov. Arg.Rop.)7s 1942 MI
Seine.
9434 207
Dept of (France) extl 7s'42 J
918. 97%
9412 86
9158 97 Serbs. Croats & Slovenes 88 '62 MN
948. 104
9334 97 Soissons (City of) extl 68_1936 MN
9878 26
954 994 Styria (Prey) extl 78
1946 F
Sweden 20-year Os
10014 160
9684 101
1939 3D
External loan 534s
95
927s 84
91
1954 MN
Swiss Conted'n 20-yr 8 1 89-1940 ii
32
7
2512 32
10112
5 9984 101% Switzerland Govt ext 5)0_1946 *0
Tokyo City 58 loan of 1912_ _1952 M
Extl 8 534s guar
9814
8
9614 9988
1961 A0
9012 95%
918, 41
9112 52 9038 9512 Tolima (Dept of) eat! 7s
1947 MN
Trondhjem
(City) 1st 5%3_1957 MN
8834 25 8634 9334
Upper Austria (Prov) Ts__ _1945 3D
1
9258
9235 98
External,f6)43__June 15 1957 3D
7 93 98
9314
Uruguay (Republic) exti 83.1946 FA
9534 101
33
97
External 5 1 as
92 87% • 8912
89
1960 MN
Yokohama (City) extl 65......_1961 ID
95 101
97
44
9613
4
95 100
98 10112
2
100
9412 99%
96% 17
9974 10234
10012 20
1 10012 10314
10214
96 10014
4
98
10388 20 1014 1044

99% 102
9412 9912
10314 10612
98% UM
94 9712
gips 101
10118 103%95 9714
/RN 10012
95% 9915
94 100
9614 10114
91% 94%
10014 10314
99 10112
98 102
99 10112
99 1014
874
81
4914 494
85
4324
80 434
22% 34%
25
331a
2212 31
3712 46%
3612 4614
91% 95%
102 105

107 10712 107
10138 10134 10114
95 Sale 9412
9412 Sale 9412
102 103 102
102 Sale 10153
10212 Sale 10212
10034 Sale 10034
9612 Sale 9538
91
93 9112
91% Sale 9058
101 10134 101
10138 Sale 9938

107%
10214
95
95
102%
102%
10278
101
9912
92%
91%
10112
10138

12
31
82
29
20
33
14
43
88
6
27
16
27

105% 109
10084 10314
93
96
93 96
10134 10312
101 W412
101% 10314
9978 102%
98
94
9112 9312
99'2 93%
9934 103
99 103

10112 Sale 10112
10278 103 103
93 Sale 93
9412
- -

101%
103
9412
9514

20
40
63
13

10112 1004
102 10414
97
93
9412 9813

19412 Sale
101 Sale
91 Sale
8312 Sale
8834 Sale
10014 Sale
10612 107
102 103

10434 34
18
101
9114 79
16
84
8834 109
10058 75
2
10734
7
10214

10312 107%
100 10412
90% 94
8012 87
9173
88
9812 101%
10412 109
101% 10412

10418
10014
90%
8312
8838
10018
10612
102

6
11338 Sale 112% 11312
101 10612 10512 10614 11
17
10512 Sale 10514 106
99
17
99 Sale 9712
6
107 Sale 10634 107
63
96
9538 Sale 95
9314 127
9234 Sale 9212
10234 1038, 10312 10334 10
9112 20
9112 Sale 9138
11514 10
11514 Sale 115
22
98
9738 Sale 9758
10634
8
10634 Sale 106
1073s 17
107 Sale 107
15
10012 Sale 100 • 1001
19
97
9614 Sale 96%
26
1051
105 Sale 105
32
993
99 Sale 08%
21
991
9878 Sale 98%
18
93
9212 93 9212
103% 13
10338 Sale 103
10414 Sale 10314 10414 18
37
112 Sale 11034 112
10314 Sale 10314 10418 30
20
811
8118 81% 811s
91% 43
91% Bale 9114

11214 1157$
10312 10812
10614 10814
971: 1004
1054 1104
9312 9714
91% 96%
10314 106
9012 94%
11214 120
96% 10014
105 108%
106 109%
100 10414
9454100¼
1034 1004
974 1014
98 102
924 97
11
100
05
5:
102
102
0171,
18

9412 9424 9334
941
943
92
96 9434
963
9614 9812 96%
8934 July'28
109 Sale 10834 110
9778
96% Sale 9612
9714
97 Sale 9678

9314 974
94% 994
9634 994
99
904
10714 1104
9614 100
04 100

4
1
1
_
26
87
24

10934 1134
764 84
8712 95

659

New YorK Bond Record -Continued-Page 2
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Aug. 3.

Price
Friday.
Aug. 3.

Range
Since
Jan. 1,

Week'.
Range Cr
Last Sale.

BONDS
N. V. STOCK EXCHANGE,
Week Ended Aug. 3,

Price
Friday.
Aug. 3.

Weere
Range or
Last Said.

s
4,2

Range
Since
Jan. l.

Ltsvs
MO No Low
Ask Low
Bid
High Chic Milw & St 1' (concluded)7238 7474
7314 Mar'28
_
Gen A. ref ser A 4348__Jan 2014 A 0
7018 76
75
Mar'28
A
F
2014
Jan
5s
B
ser
cony
ref
Gen
71
75
75 Mar'28
1932 1 D
Debentures 414s
D 105 Sale 10512 June'28 - - 105q 10834
71
7334
7178 Feb'28
1925 J D
Ala Gt Sou 1st cons A 55-1943 J D 93
Debentures 4s
96
93
94 July'28 _ - - 94
7012
7214
Feb'28
1943J
734
J
J
1934
4s
B
ser
4s
debentures
cons
1st
25-year
386
9214 9813
94
1928 M N 100 _ _ _ _ 100 July'28 - - 100 10032
9278 Sale 93
Fag 58.......1975 F A
&
P
St
Ala Mid 1st guar gold 5s
,
NUM
9111
Chic
-__
87
July'28
90
4
8314
903
0
6173 7924
7414 1107
73
Sale
7318
0
A
2000
1
Jan
Alb & SU9g 1st guar 3MS--- _1946 A 0
5s
adl
Cony
953F
90
90 July'28 _ _ _
7758 July'28
199S A
7514 88
7578 80
Chic & N'west gen g 33-4s,...1987 M N
Alleg & West 1st g gu 48
9234 99
3
9234
0234
84/
78
4
1
1942 M 3 9234 07
Q F 7414 8212 78 June'28
Alleg Val gen guar g 4s
Registered
2
8411
79
79
7878 79
98
8
89
90
89
1995 Q J 75
92
89
N
M
1987
Ann Arbor 1st g 95
49
General
85
92
99
9314
Sale
92
4
0
_
94
913
94
A
Apr'28
94
48_1995
95
86
g
Q F
Atch Top & S Fe-Gen
Registered
95
985t
0578 Apr'28 _2
89
A 0
9634
89
9458 89
Registered
Stpd 4s non-p Fed In tax '87 M N 89
,
8812 94,
8813 July'28 - 88521 102 113
104 July'28
Adjustment gold 4s__July 1995 Nov
Gen 4.1is stpd Fed Inc tax_1987 NI N 10214 10313 10758 108
__
91
9134
9134 June'28
8418
Nov
117
10424
105
Registered
Gen 55stpd Fed Inc tax_ -1987 M N 105
8734 94
9
8834
113 113
July 1995 M N 8834 9034 8834
M N 104 ____ 113 Mar'28
Stamped
Registered
1
94
88
88
88
4
/
1955 J D 8838 89
10158 1021
Cony gold 48 of 1909
1879-1929 A 0 10158 ____ 10153 July'28
Sinking fund 6s
1
90
8913 94
92
90
87
D
J
1955
10114 10114
10014 ____ 10114 May'28
0
A
Cony 4s of 1905
Registered
_
4
933 Jan'27
90
101%
99
July'28
100
1960 J D 89
10018
8
997
0
A
Cony g 4s Issue or 1910
1879-1929
Sinking fund 5s
9114 July'28
- -0614 lit,
100 100%
1965 J J
A 0 9818 100 100 May'28
Rocky Mtn Div 1st 4s
Registered
8614 08
90 8614
9
8712
4
1
10113 103/
10218
Trani-Con Short L 1st 48_1958 J J 881s
1933 M N 102 103 102
Sinking fund deb 5s
9614 1045
.
4
/
9614 9812 9614 July'28 - - - 1021
10012
5
M
1962
June'28
A
10012
4Ms
10212
ref
&
1st
N
Al
Cal-Ariz
Registered
_ __ 107 Mar'28 - - _ _ 107 1075,
1946 .1 0 103
1035s 53 103 10812
10314 10334 103
I)
J
Atl Knoxv & Nor 1st g 5s
7s
1930
g
secured
10-3'ear
,
9812
1003
July'28
95
9812
1 10913 11414
10914
10914
11012
10918
8
M
1936
All & Charl A List 433's A 1944 l J 10278 10578 10234
634s
g
15-year secured
6 10214 1071.
10278
4 114
1
104/
1944 J J
lot 30-year 5s series B
May 2037 J D 105 111 108 July'28
lot ref g 55
94
91
93
9312 June'28 -10
96 19413
97
1951 J .1 91
97
Atlantic City 1st cons 4s
May 2037 J D 9812 97
1st & ref 415s
7
.
981
91
9134
9238 9134
92
9
M
'52
July
4s
cons
1st
Line
Coast
Atl
9738 Feb'28
9738 974
M S
12
8612 98
90
1 .1 89
9038 8612
Registered
10
Chic RI & P Railway gen 48_1988
9811
96 104
ill
9218
1964 J D 9514 9834 96
91 May'28
General unified 4y4s
.1 1 8612 02
Registered
9554
9113 31
4
00
Sale
893
90
N
M
180
1052
9314 9634
947
8
4
933
4s____Oct
Sale
gold
4
coil
933
L& N
1934 A 0
Refunding gold 48
7
75
76
85
76 Sale 7578
9514
95
1948.8 J
9514 May'28
Atl & Day 1st g 48
0
A
Registered
6514 751)
6514
9133 9754
9234 _1_0_0_
1948 .1 J 6514 Sale 6514
9218
Se_
2d 45
1952 M S
Secured 4 Ai s serie3A
924
8512
8
857
July'28
o
a
80
9214
8
877
1949
92
May'28
43
9234
8514 ____
Atl & Yad 1st g guar
99 10214 Ch St L & N 0 Mem Div 48_1951 J I) 10518 ____ 107 July'28
10558 10,14
Austin & N W 1st gu g 5s-1941 1 J 97 105 10013 July'28 -1951 J 13
Gold 5s
107
28
1051g
8
21
0414
10
J D
Registered
9118 98
9238 38
Balt & Ohio 1st g 4s____July 1948 A 0 92 Sale 9138
1951 J D
Gold 3349
395
92
89 Sale 02 July'28
-634.
n27
July 1948 Q J
June'28
2ja
4314
89
9
Registered
1 314
03
2
L & P 1st cons g 5s___ _1932 A 0 18
St
Ch
281
9712
9858
101
9712
Sale
8
975
S
M
1933
io158 10158
433s
10158 June'28
20-year cony
A 0 10114
Registered
98 JuneTS
98 1001,
M 8 11 1%4 103%
101
8
1005
Registered
101
10012
D
J
cons
6s___
_1930
0
&
M
Chic St P
• 76 100 105
101
9612 98
June'28
9612
____
Refund & gen Os series A__1995 .1 D 10034 Sale 100
9612
Cons68 reduced to 35is_1930 .1 D
10413 16 19312 110
98 10013
July 1948 A 0 104 Sale 104
99 July'28 _ _ _
lot gold Os
98
103058 9 97
Debenture 5s
1995 J D 10818 Sale 10818 10878 109 10612 112
100
100
Jan'28
100
7
;
.
Ref & gen 6s series C
6,6
_
5
M
Stamped
25
92
93
9134
9134 9712
1
9814 10353
99
99
P L E & W Va Sys ref 48_1941 M N 01
55,1960.8 D 9734
IPSO I .1 102 Sale 10112 10238 34 10118 1071/ Chic T II & So East 1st
93
9872
July'28 _ - _ _
94
Southw Div 1st 55_ _
9338
91
Beet
M
9
1960
5s
gu
Inc
8312 8478 July'28
_
8378 911)
9818 10312
9914 81
Tol & Cin Div 1st ref 4s A_1959 1 i 83
99 Sale 99
10058 54 100 1081, Chic Un Stan 1st gu 4 34s A_1963 J 1 10514
2000 M 8 10012 Sale 100
1 103 107
10514
Ref & gen 55 series I)
__ 10514
J
1963
J
B
series
5s
1st
11
8
4
1045
10338
10254
Bangor & Aroostook 1st 5s 1943 J J 10234 Sale 1023
19443 ID 10314 Sale 10234 10312 21 102 105
Guaranteed g 59
8358 9334
8433 18
86
9358
1051 J J 84
2, 114 11914
11.518
COD ref 4s
1963 J .1 11538 117 11518
1st guar 63isseries C
6812 Feb'28 - 6812 72
1017s 1055s
____ 102 June'28
Battle Crk & Slur 1st gu 38_1989 J D
Q M 101
gen
g
Ind
Gsp1932
West
Chic &
2
96
96
98
96
7
8434 9318
86
1938 J .1
4
843
Beech Creek let gu g 48
86
8514
1952 J J
onnsoi 50-year 4s
3
97
95
95
95
J .1
10434 65 10278 1054
Registered
10434 Sale 104
S
M
A
1962
5.iisser
ref
__
lst
97
97
97
10018
Jan'28
1936 J .1
105% 10758
_
1053.31qay'28
2d guar g 5s
____
10453
N
M
5s
1952
cons
1
8218
8218
8218 8218 Choc Okla & Gulf
1951 A 0 8218
_
0614 100
Beech Crk Ext 1st g 3.3is
9614 July'28
19373 J 96 100
1
CM H & D 2d gold 4.35s
03
93
95
1944 .1 13 93 Sale 93
9758 9258
9858 June'28 _
Big Sandy 1st 48 guar
98
5
C I St L & C 1st g 4s_Aug 2 1936 0 F 9512
8014
7078 88
8014 Sale 80
_
9714 974
Feb'28
9714
____
Bost & N Y Air Line 1st 48..1955 F A
9412
Aug 2 1036 Q F
Registered
9734 9778
1938 J J 9318 9658 977,s Apr'28
2 90 9354
90
Burns & W let gu gold 4s
90 Sale 90
_ _ 100 1085a CM Leb & Nor gu 48 1st corn 1942 MN
Buff Roch & Pitts gong 58..1037 M S 1001s ---- 100 July'28
2
91
9012 P814
1957 MN 91 Sale 91
Conso14319
Mah lot gu 5s._1943 1 J 100 10412 100 July'28 15 100 100
1934 A 0 ____ 10212 10212 July'28 -- __ 102 10312 Clearfield & & St L gen 4s__1993 J D 9138 9712 9178
9113 9713
9178
Burl C R &Nor 1st Is
Cleve Cin Ch
9834
9738 10034
1931 J J 9834 Sale 08
_ 106 11073
20-year deb 43is
10834 116
112 July'28
Canada Sou cons gu A 5s__1962 A 0 10712 109 10712 July'28
II
1093 J D 112
Series
55
General
3
4
983
9813
Sale
98
9812
10214
9 10014 103
4
1
Sale 10012 100/
8
1005
Canadian Nat 435s_Sept 15 1954 M
.1
A_
I
,,,1029
series
68
Impt
Ref &
9938 20
9038 Sale 9812
9812 101
10418 21 10314 10F43
5-year gold 434s__Feb 15 1930 F A
1041.8 .1 104 Sale 104
Ref & impt 68 ser C.
34
981
98 1021s
1
4
1
4 106/
/
1957 J .1 9814 Sale 9818
30-year gold 4358
1963 J J 10138 10258 10114 101 4 14 1011
Ref & impt 5s ser D
8 11114 117
11238
June'28
4 9644
1
96/
9612
95
Canadian North deb sI 7s 1940 J D 11131 11214 112
J
1939
1
Div 1st gold 4s
Cairo
11
11814
11612
Sale
11612
11612
9313
123
4
/
July'28
.1
851
19463
8518
8712
25-year ti 1 deb 63is
J J 8718
CM W & M Div 1st g 48-1991
4
9814
0814 9814
9758 10314
4
/
941
88
8713 8818 July'28
10-yr gold 433s_ __Feb 15 1935 F A
87
_1990 MN
8714 76
St L Div 1st coll tr g g 48_
May'28
96
957s 92
9711
Canadian Pug Ry 4% deb stock__ 3 J 8714 Sale 86
Div lst g 4s__1940 M S 9018 ____ 9634 July'28
ol
t
&
44
97
Spr
96
Sale
96
06
10114
94
S
M
9612
1946
8914 9358 94
Col tr 430
.1
J
1940
4s
g
lst
Div
Val
W
W
_
_
_
9814
_
Apr'28
0814 9814
18
9814
4
1
9612 100/
1932 M S
Carb & Shaw 1st gold 4s
1977 J J 98 Sale 98
Ref & impt 434s ser E
84
8212 July'28 ____
80
9058
107 10,14
1949 J .1 83
Caro Cent 1st cons g 48
1034.8 J 10512 10634 107 July'28
10418 11 10234 10512 C c C & I gen cons g 68
104
4
1
4 104/
1
100/
10018 ____ 10013 10018
Caro Clinch &0 1st 30-yr 58_1938 J D 104
0
A
_1933
53_
g
1st
con
W
&
Lor
3 107 10912 Clev
10912
4
/
10113 1011
_ 10212 10118 May'28
1st & con g (3s ser A_Dec 15 '52.8 D 109 10912 109
Mahon Val g 58--_1938 J .1
&
Cleve
9312
_
_
Mar'28
95
9312
D
Nov'27
1981
48
100
g
gu
____
Ist
9634
Cart & Ad
2
81
90
CI & Mar 1st gu g 4 Sis__ _1935 M N 98
81
____ 10134 Mar'28
Cent Branch U P 1st g 4s_ _1948 .1 D 7814 8014 81
_ _ 10558 10813 Cleve & P gen gu 431s ser IL1942 A 0 98 10112 100 July'28
10612 July'28
100 100
Central of Ga 1st g 5s_Nov 1945 F A 106
1942 .1 3
4145
A
Series
10112
23
10312
4
4
1003
1023
5
100
8
MN
10714
1945
1,014 9014
Consol gold 58
9012 ____ 9014 Apr'28
N
M
1948
3358
C
Series
_ _ 10212, 10414
F A ___- 106 10414 Feb'28
May'28
8958
Registered
8958 8951
____
4
893
A
F
1950
Series D 3 Sis
10013 44 100 10214
100 1064
10-year secured 6s_June 1929 J D 100 Sale 100
98 10034 101 July'28
0
A
430_1901
gu
1st
Line
Shor
10512
1
Cleve
103
10.,
105 10858
3
11014
8
8
10314
Ref & gen 533s series B___1959 A 0
1070
1075
1075
109
8
0
A
-1972
10318 104 July'28
103 10414 Cleve Union Term 1st 5 Ms
1959 A 0
7 1058 10734
Ref & gen Is series C
10418
1973 A 0 10312 Sale 103
Istsf 58serB
94
9312 June'28
9313 9512
99
Chatt Div pur money g 413.1951 J D
July'28
99
99
4
993
99
A
0
1977
C
43isser
1st s 1 guar
105 109
Mac&NorDivlstg5s....1946J J ia - 106 105 June'28
10313 10313
Mid Ga & AU div pur in 5s 1047 .1 J 101 107 10318 Apr'28
9312 July'28
9338 9312
D
1945
J
45
lot
gu
Ry
River
105
Coal
103 July'28 _
1946 J
103 1067s
Mobile Div lot g 55
9812 10014
9914 10
9914 Sale 9914
1st g 4s__ _1920 F A
8434
6
85
1961 J J 8418 85
8312 8858 Colorado & South
Cent New Rug 1st gu 4s
9612 100
9638 9714 9613 July'28
1935 MN
Refunding & exten 4Si s
9918 98 July'28
_
98 10034
Central Ohio reorg 1st 43i8_ _1030 M S 98
4 9672
1
June'28
92/
93
____
8
905
A
0
1948
4s
g
ext
1st
v
ii
Col &
10012 102
9534
Central RR of Ga coil it 5s 1937 1 N 10118 -- 101 June'28
June'28
93
93
____
9118
1955 F A
1 10938 11912 Col &Tol 1st ext 44
10938
90
Central of N J gen gold 59_ -1937 1 J 10914 113 10938
90
90 May'28
48
1943
A
1st
,
0
Rh
Passum
&
10914
Sale
10914
1
Conn
J
10914
2
1937
10914 11818
Registered
9612
June'28
0518
9518
____
9418
F
4s
A
1930
97
94 July'28 ____
Consol Ry deb
94
1987 J J 04
99
General 4s
824
75
•
J .1 72 Sale 75 July'28
48
1954
Non-conv
9011
9012
Sale
9612
01
A
F
26
9012
1049
g
gu
4s
ref
18t
Cent Poe
5
884
72
72
72
75
89
92
92 June'28
Non-cony deb 4sJ&J 1955 J J 72
F A
92
94
8118
Registered
June'28
80
8112
7218
____
A&O 1955 A 0
9914 99
Non-cony deb 48_
3
99
9914
00
Mtge guar gold 353sAug 1929 .1 D 99
75
8512
75
75 June'28
72
48
1956
1
J
debenture
8
943
Non-cony
9212
0213
2
9212
0
A
48_1954
911s 95,4
Through Short List gu
4
1
98/
955s
18
9414
9414
Sale
95
D
1942
J
lot
Ry
5348
22 I0012 10514 Cuba Nor
1960 F A 10012 101 10012 101
Guaranteed g 58
1
97 10013
9733
9613 9738 9738
1932 J J
Cuba RR 18t 50-year 5s 13
1 10734 110
8
1077
10778
_lO77s
D
A
1036.8
735sser
8
11318
1193
ref
J
Aug'27
lot
Charleston & Sayn'h 1st 78_ _1938 J
1
09
99 10114
99
1930 J 0 9812 100
9734 10214 100
1 -66;:s
100
lot lien & ref 68 ser B
Che8 & Ohio fund & hunt 58_1929,J
4 1001
1
4
/
99/
9712 09 100 Apr'28
4 10212 10734 Day & Mich 151 cons 4148_1931 .1
1931),M N 10314 106 10313 10334
1st consol gold 58
16
92
9014 9Oss
9112
Sale
8
917
N
&
Del Az Hudson 151 ref 48- _1943 118
1939 M N 10112 104 103 July'28
103 106
Registered
10318
June'28
100
102
____
1935 A 0 102
7
1992 M S 9714 981z 983s
9914
30-year cony 5s
9838 105
General gold 4s
13 103,3 107
_ 9634 July'28
1937 M N 10412 Sale 10358 10414 21
0633
15-year 5353
M
9634 10214
Registered
,
103 10
10312
1930 J D 10312 Sale 103
9878 Sale 9834
10-year secured 78
0912 68
1930 F A
20 year cony 4359
9812 10118
1
9614 9014
9614
9614
9614
A
g
F
48
1st
gu
1930
Bldge
101
J
95
10218
J
&
'40
1
RR
July'28
1)
5s_May
1st
101
8
Valley
1023
Craig
74
4
893
94
4
8813
883
Sale
8913
90 June'28
90
9312 Den & It. G 1st e0r14 g 481936 .1
Potts Creek Branch 1st 48_1946 .1 1
1
963tt
9578 9814
9618 ____ 9638
1936 1
____ 9438 0458 July'28
Consol geld 435s
9418 9534
R & A Div 1st con g 4s1089 J
9014 49
8812 97
Sale 89
9258 July'28
J
1989
9112 9234 Den & KG West gen 5s_Aug 1955 MN 89
2d consol gold 4s
10078 July'28
10078 10212
Warm Springs V 1st g 58_1941 M S 100
2714 35
3212 July'28
34
29
3
19353
N
9714
4s
1st
973
M
Sale
I)
gu
Ft
1947
&
98
May15
M
5s
Des
cony
9614
Corp
100
8
5
Chess!)
3213
20
3212 3212 July'28
29
70 July'28
Temporary ctfs of deposit__
6934 74
Chic & Alton RR ref g 3s_ 1949 A 0 7038 72
1024
Feb'28
1024
10214
_
7038 74
7038 July'28
7312 Des Plaines Vol lot gen 4 34s 1947 ii -9
69
CU (lop 8tpd Apr 1028 int.....
82
July'28
75
80
-D
J
63
g
1st
1995
60
lien
45_
6314
Mac
1950
July'28
33is
&
Railway first lien
6878 7224 Det
2
SO
7514
75,4
70
7912
75
1995 J 13 8061
63
62 July'28
Gold 4s
59
Certificates of deposit......
7112
97I2
103
3
9718
9812 9938 9718
Detroit River Tunnel 4 Ais 1961 MN
5 10312 10312
10312
10312
10313
8
8518 003 87 July'28
SO 9118 Dul MIssabe & Nor gen 53_1941 1 J 100
Chle Burl & Q-III Div 33i8-1949 3 J
9914 1011'10012 July'28
.7
1937 A 0
8938 Feb'28
Registered
8938 9014 Dul & Iron Range 1st 5s
100's 10278
10018 May'28
A 0
1040.8 .1 0212 iii; 9412 July'28
9312 9834
Registered
Illinois Division 45
July'28
8212
8118 90
8612
81
93
9158 9378 9112
1958 M
13
0112 08% Dul Sou Shore & Atl g 5s_ _ _ _1937 J J
General 4s
98
95
9578 June'28
M S
9338 June'28
Registered
93% 9338 East Ity Minn Nor Div 1st 4s'48 A 0
July'28
9973 10414
8
997
4
,
99
J
J
9734
Sale
0731 48
1977 F A
971s
97 10278 Ea4t T Va & Ga Div g 5s1930
1st & ref 4.Sis ser B
July'28
11014
10512
106
1956 MN 10553 10712
1971 F A 105 Sale 10413 10518 11 10418 11014
Cons lot gold 5s
1st & ref 5s series.a
4
/
9912 1061
9912
9958 10514 9912
105 105 June'28
1934 A 0
10314 1071, Elgin Joliet & East 1st g 5s 1941 M N
Chicago & East 111 161 6s
106
106 10914
8314 93
1955 A 0 106 110 106
84 Sale 8311
31
84
El Paso & 8 W 1st 5s
C & E Ill Ry (new co) con 58_1951 58 N
10314
10613
M
N
1982
1043
4
10612
1
58
1043
11214
4
gold
1st
Erie
Chic &
10314 10611
10378 10312 July'28
66
6914 19
7212 Erie 1st consol gold 75 ext 1930 M S 10212
Chicago Great West 1st 48_1959 M S 6914 Sale 6814
8412 19
83,4 91
1996.8 J 8312 8414 8314
1st eons g 4s prior
June'28
11514 11814
__
88
Chic Ind & Louisv-Ref 68._1947 J J 10712 -- 11514
Jan'28
86
86
J J
1997
10513
9912
J
Registered
1947
10512
July'28
10518
106
Is
gold
34
Refunding
7912
7712 8634
7834
4
793
79
J
J
1996
4s
g
lien
gen
_
_
8
consol
1947 J J 867
1st
883s July'28
8838 8838
Refunding 4s Series C
8714
_
_
May'28
7612
7912
1996 J J
Registered
10212
1966 M N 10212 Sale 10212
1 102 107(4
25 10014 104
102
Ist & gen 58 tier A
Penn coil trust gold 4s1951 F A i001-4 10112 10014
11114 11114 July'28
109 11112
41
8
813
803
8
4
/
991
8
1st & gen 68 ser B___May 1966 J JJ 10912
807
8212
8
813
0
A
1953
A
8818
91 June'28
50-year cony 43 series
91
9612
6
8911
81
81
81
Chic Ind & Sou 50-year 48.-1956 3
1053 A 0 8034 81
Series B
9934 June'28
D 9312
9934 10212
86
8811
86 May'28
Chic L S 44 East lot 4338-1969 .1
0
A
1953
D
series
4s
cony
75 Mar'28
Gen
7013 75
9312 9934
9438 103
C M & puget Sd 1st gu 43_1949 J J
9312 Sale 9313
1067 MN
Ref & hunt 53
86
43
J J 86 Sale 8558
8558 9312
Cti M & 81 1' gen g 4s A_M5y1989 Q
1955 J 1 111 11238 11214 July'28 -- 111 116
8258 July'28
Erie & Jersey 1st s f 6s
J
8253 9138
-- 11253 116
July'28
11312
114
Registered
11312
J
J
1957
53
181
1
s
River
GeDe85ee
79
80
80
4
/
7658 811
3
102 Feb'28 -.- 102 102
Gong 3 Ms ser 11May 1980.8 .1 7618 Sale 95
8512
96
95 10414 Ede & plus gu g 330 ser B _1040 I .1 8512 ____ 91 June'28 -38
9034 94
Gen 434s series C__ _May 1989.8 J 06
1940.8 J
Series C 3 A6s
100 May'28
100 10012
10318 60 10034 10418
10258
103
Sale
Registered
MN
1954
9514 155
9434 Sale 0434
9412 0714 Est RR extl s(75
;s series E._ _ _Nifty 1989 J J
Gen 4.1,
Bid

Ark Low

High No, Low

Railroad

121

163

I Due Feb. e Due May.




31 Due Deo.

660
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Aug. 3.

New York Bond Record—Continued—Page 3
7.
E 31.

Price
Friday.
Aug. 3.

Fla Cent & Penn let ext g 59_1930 J ep
'
4
1st consol gold 55
1943
Florida East Coast let 4453_1959 JD
1st & ref 58 series A
1974 MS
Fonda Johns & Cloy let 4401952 MN
Fort St U D Co 1st g 445s_ _1941
Ft W dr Den C 1st g 555s
1961
.1
Ft Worth & Rio Cr 1st g 48_1928
Frem Elk & Mo Val 1st 6s
1933 A 0
G & S A M SEP lat 5s
1931
2d extens 55 guar
1931 .1
Galv Hous & Rend 1st 5s
1933 A 0
Ga & Ala Ry let cons Is Oct 1945 .1
Ga Caro & Nor 1st gu g 58_1929 .1
Georgia Midland 1st 3s
1946 A 0
Gr R & I ext 1st gu g 4449_1941
Grand Trunk of Can deb 68_1940 A 0
15-years s f 68
1936 M
Grays Point Term 1st 5s
1947 J O
Great Nor gen 78 series A
1936 J
J J
Registered
J
1st & ref 4sits series A____1961
J
.1
General 545s series B
1952
General 5s series C
1973 J J
J
General 445s series D
1976
.1
General 445s series E
1977
Green Bay & West deb ctfs A_ ___ Feb
Feb
Debentures ctfs B
Greenbrier Ry 1st gll 4s
1940 MN
Gulf Mob & Nor 1st 532s
1950 AG
1st M 5s series C
1950 AG
Gulf & S list ref & ter g 5s_b1952 J
Hocking Val let cons g 4458_1992.7,
Registered
1999 J J
Housatonic Ry cons g 5s
1937 MN
1937 J J
H & T C 1st g 53 Int guar
N
Waco & N W div 1st 6s
1930
Houston Belt & Term 1st 53_1937 J
MN
Houston E & W Tel let g 5s_1933
1st guar 5s red
1933 MN
Hod & Manhat 1st 58 ser A I957 FA
Adjustment Income 58 Feb 1957 AO

112% Sale 11234
11312 146 111 116
11412 1144
11412 Apr'28
5
9538 1021.
98
90%
9558
i0ii2 Sale 10634 10812 17 10518 11114
10318 10312 104
10513 49 10312 309
9714 Sale 9714
.
97 1011
97% 10
96's 1011
97
/
4
9
9712 9634
97
8518
861
/
4
86 Mar'28
86
58
27 Sale 27
2214 204
29
95% Mar'28
_
951
/
4 95;
1013
/
4 June'28
4 1033
10414 1071
9413--4 1041
9918 100 July'28
9912 104
1082.
10838 July'28
10712 1081..
9734 107k
98 166 98
15
98
10212 10411
10212 May'28
_ _ 9814 July'28
9814 101%
10212
97104 10113 June'28
10113 10418
102 May'28
102 1031;
101 10211 101
5
101
98 102%
10014 May'28
loolz
100/
1
4 10071
99 102 100 July'28
1
4
100 102/
98% Sale 9818
9814 10311
19
09
8812 Sale 8714
8714 9512
8812 47

103 Sale
9634 Sale

Ind Bloom & West 1st ext 48_1940 AG
Ind in & Iowa 1st g 4s
1950.7)
Ind de Loul.sville 1st Cu 4s
1956 J J
J
Ind Union Ry gen 5s ser A 1965
Gen & ref 5s series 13
1965 .1 .1
Int & Grt Nor 1st 6s ser A
1952 ii
_
Adjustment Gs ser A July 1952
Stamped
let 53 series B
1956 Ii
1st g 5s series C
1956.7)
N
Int Rys Cent Amer 1st 59
1972
1st coil tr 6% notes
1941 MN
1st lien & ref 6458
1947 FA
Iowa Central 1st gold 5s
1938 J D
Certificates of deposit
Refunding gold 48
1951 MS
James Frank & Clear let 49_1959 J D
Ka A & G rt lst gu g 5s
1938.7,
1st gu g 4s
Kan &
1990 AG

8614
921
/
4 July'28
90
93 July'28
93
851
/
4 88 '88 July'28
10014 -- 100 June'28
10014 10234 10412 Feb'28
10458 10634 104%
10434
86 Sale 85
88
7713 Feb'28
95% Sale 9513
96
9634 96/
1
4 July'28
8512 Sale 8512
87%
9518 9558 9558
95%
971,
9714 Sale 9612
42
4212
4313 42
4118 47
4118
4118
1258 16
1212 July'28
8734 94
8812 July'28
99%
103 May'27
8518 July'28

9112 93

99 June'28
95 May'28
8613 June'28
8512 June'28
76 July'28
91
9212
011
/
4
93%
8418 June'28
85 Apr'28
884 -1;64 8334 July'28
9014 May'28
ioi103
103
10814 11012 10% Ill
9914 Sale 99%
9912
8618 July'28
85,4
7.534 79
7818 June'28
80
80
7533 76
753k July'28
7534 78
7614 July'28
8118 87
857 June'28
8018
88
Oct'27
89
9112 June'28
93
92 Apr'28
84
84
7318
90
92
82

88
88
76
9238
Salo
85

Sale

021
/
4
9612

103
9634

KC Ft S & M Ry ref g 48-1936 AO 9314 9458 9314
9314
KC &NI R&D let gu 55._1929 AO 99,2 -- 9912 July'28
Kansas City Sou let gold 39_1950 AO 7438 Sale 7312
75%
J
99 Sale 98%
Apr 1950
Ref & !rept 5s
99
90 Sale 8312
Kansas City Term let 4s____1960 J J
90
91
921
/
4 July'28
Kentucky Central gold 49___1987 J J
'
3 8634 -930-4 9034 July'28
Kentucky & Ind Term 4458_1961
1961 ▪ J
20,4 62,2 91
91
Stamped
94
1961 J J
98
98% Apr'28
Plain
'
3
102 102 June'28
1937
Lake Erie & West 1st g 5s
j
98 10134 100 June'28
1941
2d gold Is
8318
Lake Shr & Mich S g 3458-1997• D 8318 Sale 8318
8113 June'28
1997 ID 8012 85
Registered
1928 MS 9958 Sale 99%
9934
Debenture gold 49
N 9712 Sale 97
1931
9713
25-year gold 4s
N
9934 Apr'28
Registered
10212
105
105%
10512
53_1954
gu
Term
Harbor
Val
Leh
99% -- 10134 June'28
Lull Val N Y 1st gu g 4455_1910
8812
Lehigh Val (Pa) cons g 48--.2003 M N 8734 Sale 8712
N
M
89 July'28
Registered
9812
971
/
4 Sale 9714
2003 MN
General eons 4458
MN
10012 Apr'28
Registered

0 Due Feb. 1,




BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 3.

Low
High
Nige A•g. Low
100 1021,
100 June'28
981s 10334
9818 July'28
3
96% 1011$
9678
96%
8314 911
8612 22
8512
/
4
2
45
477
52
467
9812 991,
9934 Apr'28
10412 10834
100 1-07 10412 July'28
99/
1
4 9974
997 May'28
104 1071$
.1041.4 1-043-4 1041
/
4 July'28
100 1024
9914 10034 10034 July'28
9932 1011.100 10018 100 July'28
98 1005/
____ 987 10014 July'28
3
88 1013$
8818 Sale 88
8318
97 1008
.
9714 98 9918 June'28
7418 79
1
741
/
4 Sale 7418
7418
9612 July'28
9612 100
9633 101
11212 Sale 112
32 112 117
113
5 105 1094
1055 10612 10618
107
9813 ____ 99 June'28
9814 997,

Ark
Bid
99
9058
99 101
9612 98
86 Sale
4618 477

2111a014 Central let gold 4s___1951 j
j j
Registered
lat gold 345s
1951 J J
Extended tat gold 3458._1951 AO
1st gold 38 sterling
1951 M
Collateral trust gold 4s
1952 AG
1st refunding 48
1955 MN
Purchased lines 3458
1952 .7 .1
J J
Registered
Collateral trust gold 45_1953 MN
MN
Registered
Refunding Is
1955 Ml's
15-year secured 654s g
1936.7,
40-year 4545
Aug 1 1966 FA
Cairo Bridge gold 45
1950 J O
Litchfield Div let gold 38_1951 .1
Loulsv Div & Term g 345s 1953• J
Omaha Div 1st gold 3s
1951 F A
St Louis Div & Term g 33_1951 J J
1951 3 j
Gold3S4s
.• 1
Springfield Div 151 g 3438_1951
Western Lines 1st g 4s
1951 FA
FA
Registered
III Central & Chic St L & N 0—
D
Joint 1st ref 55 series A_._1963
1st & ref 4468 ser C
1963 J O

N
Lehigh Val RR gen 58 series_2003
Leh V Term Ry 1st gu g 59...1941 AO
AO
Registered
Lab & N Y 1st guar gold 49_1945 MS
Lax & East 1st 50-yr 5s gu,,1065 AG
Little Miami gen 4s Ser A__1962 MN
1935 AO
Long Dock consol g 6s
Long Isld 1st con gold 5sJuly 1931 Q J
1st consol gold 48____July 1931 Q J
General gold 49
1938• D
Gold 4s
1932 J
Unified gold 4s
1949 MS
Debenture gold 5s
1934 J D
30-year p m deb Is
1937 MN
Guar Sh B 1st con gu 58 Oct '32 M
Nor Sb B 1st con gu _
'32 0.7
Lou &Jeff Bdge Co gd g 4s 1945

Range
Since
Jan. 1.

Week's
Range or
Lav Sale.

10412 11114 105 July'28
102
101 10412 10014
1037s Feb'28
8 8914 June'28
88 -017105
10418 110 105
95 Apr'28
100 106 10612 July'28
100 ---- 100 July'28
9612 9934 9412 June'28
9234
9412 92%
92
92 June'28
9614
887s 93% 91 July'28
98 July'28
98 100
/
4
98,4
98
98,2 981
9112
90
91
90
9912 --- 10034 May'28
8834
SG% 9412 87%

7
26

2
4
98
1

9714 09,4
95
95
8413 9012
8612 8812
76
76
8834 061
/
4
/
4 9813
911
8412 9012
85
&5
8858 94
9014 901
/
4
1
4
103 110/
10934 11414
9814 10214
861, gm
7512 8213
80
91
7538 805.
90
72
84/
1
4 891s
9112 9414
92
00

11
13

34
88
11
8
2
50
9
4

1021
/
4 1081
/
4
96 101
921
/
4 921
/
4
9212 97
92
88
100 105
10412 10412
104 10812
85
9914
7712 7712
951
/
4 10172
9572 102
51-72 9212
9414 9978
91 100
52
38
3778 49
101
/
4 19
8812 9678

-18

-3

Price
Friday,
Aug. 3.

Week's
Range or
Last Sale,

Range
Sine,
Jan, 1.

Louisville & Nashville 5s____1937 MN
Unified gold 4s
1940 J J
Collateral trust gold 5s
1931 MN
10-year sec 7s___May 15 1930
N
1st refund 554s seriesA 2003 AO
1st & ref 5s series B
2003 AO
1st & ref 445s series C
2003 AG
N 0&
1st gold 6s
1930'.7
2d gold 6s
1930 J J
Paducah & Morn Div 4s 1946 P A
St Louis Div 2d gold 39..1980 MS
Mob & Montg 1st g 4459_1945 MS
South Ry joint Monon 4s _1952
J
AtI Knoxv & Cln Div 4s 1955 MN
Loulsv CIn & Lex Div g 4458'31 MN
Mahon Coal RR 1st Is
1934 J
Manila RR (South Lines)43_1939 ▪ N
1st ext 4s
1959 MN
Manitoba S W Coloniza'n Is 1934 JD

BM
Ask Low
High No. Low
High
102
10118 102 102
4 102 106
95
9414 Sale 9414
94
7
9914
100% 10212 10012 10012 10 100 10258
104 Sale 10313 104
36 10234 10512
106 10612 107 July'28
105% 11013
104% 10512 104 July'28
102 109
9734
9712 99
9734
9734 10434
5
100% 10112 10013 July'28
10012 10332
10012 10214
100 10112 10012 July'28
9118 9612 95% May'28
95
0612
70
70
6834 71
3
10012 10278
9834 100 10034 June'28
8834 Sale 8834
88%
8812 9414
1
92
9013 95,2 92 July'28
9812
98 100 100 May'28
100 10934
103/
1
4 10312
9914 10312 10312 Jan'28
77 July'28
74
___ 70
7934
75% 8234
-76
77 July'28
81
100
9958 10113
9958 10014 100

Man G B & N W 1st 314s_ .1941 1
Mich Cent Dot & Bay City 55_'31 M
Registered
QM
Mich Air Line 4s
1940 • J
Registered
J J
1st gold 31,59
1952 MN
213-year debenture 4s
1929 AO
Mid of NJ 1st ext Is
1940 AG
Milw L S & West imp g 5s__ _1929 P A
NIII & Nor 1st ext 440(1880)1934
D
Cons ext 445s (1884)_1934 3D
Mil Spar & N W 1st Cu 4s
1947 M
Milw & State Line let 3459..1941 Ii
Minn & St Louis 1st cons 59_1943 MN
Temp ctfs of deposit
N
1st & refunding gold 4s___1949 MS
Ref & ext 50-yr 55 ser A __I962 Q F
M St P & 5585 con g
49 let g11.38 ii
1st cons 5.3
1938 ▪ J
1st cons 5s gu as to int
1938 J J
10-year coil trust 61-5s
1031 MS
lot & ref Os series A
1946 J J
25-year 154s
1949 M
1st Chicago Term 8 f 4s
N
1941

90
88 July'28
101 100 June'28
10112 10034 Apr'28
---- 97% Jan'28
9218 July'28
78 July'28
81 1g 85
99
9918 0878
9878
9412 June'28
91 14 93
9934
100 99%
95 May'28
94
98
9312 9912 97 July'28
9314 May'28
89
94
90 Apr'28
50% Sale 5012
51
4712 58
49 June'28
17 Sale 1511
17
1512 18
1718 July'28
8738 Sale 8738
8712
96
90
95
97
99
99 Sale 9813
100% Sale 00
100%
10114
10114 10134 0114
94
94
9312 04
95% June'28
95%
8418
100
98
9112

Missis3110P Central 1st Is.
J 99%
9913 July'28
1949
Mo Kan & Tex Ist gold 4s
86,8
1990 J D 86 Sale 85%
Mo-K-T RR or lien Is ser A_1962• J 101% Sale 9912 101%
40-year 48 series B
J 9918 100,4 88
88
1962
Prior lien 415s ser D
94
9214 9312 93
1978 J J
Cum adjust 5s ser A Jan 1967 AG 10334 Sale 103
10334
Mo Pac 1st & ref Is ser A
1905 FA 100 Sale 9934 101
General Is
7814
1975 MS 7818 Sale 7914
1st & ref 5s ser F
9914
98% Sale 9834
1977 M
Mo Pac 3d le ext at 4% July 1938 MN
9934 100/
1
4 93 July'28
Mob & Bir prior lien g 5s
103 Feb'28
1945.7' 103
Small
J J
100 Apr'28
1st in gold 43
/
1
4 9812 July'28
1945.7, 8818 19
Small
a,
84% May'28
84
1945
Mobile & Ohio gen gold 4s 1938 MS 92
94% June'28
Montgomery Div 1st g 5s_1947 P A
0834 102 101 July'28
Ref & inept 445s
94
1977 MS 94 Sale 93%
Moh& Mar 1st gu gold 4s
90 July'28
8614 89
1991 M
Mont C lot gu Gs
1937 I J 106 112 111 June'28
1st guar gold 5s
1937 J J 100 10512 10434 Jan'28
Morris & Essex 1st gu
8038
8112
3459-2000 JO 79% 80%
Nash Chatt & St L 4s Ser A.1978 FA
9233 July'28
9014 92
N Fla & S 1st gu g 59
1937 FA 100 105 10114 July'28
Nat Ry of Mex pr lien 4.149_1957
J
18 July'28 _
July 1914 coupon on
.1
1834 July'28
1713
Assent cash war rdt No 4 on
3314
14
-114
13,4
Guar 70-year s f 4s
8712 Aug'25
1912
1977 AO
Assent cash war tat No 5 on
1712 July'28
16
18
Nat RR Mex pr 1 454s Oct 1926
3812 July'28
_
Assent cash war rct No 4 on
20 Sale 21 July'28
1st consol 4s
22 Apr'27
1951
1312
Assent cash war rct No 4 on
10%
1058
10% 12
Naugatuck RR 1st g 43
86% Nov'27
1954 MN
85
New England RR Cons 53 1945
98 July'28
98 102
Consul guar 4s
88
1945 I J 8734 9178 88
N J June RR guar 1st 4s_
8912 July'28
88
1980 P A
NO& NE 1st ref & imp 445sA'52
.1 .1
-60;
7 9538 July'28
New Orleans Term 1st 4s
8859
J -33i8 Sale 8812
1953
NO Texas & Mex n-c Inc 58_1935 AO
99% 101 July'28
1st 55 serles B
1954 S O 99 100,4 9912 July'28
1st Is series C
1956 FA 10538 Sale 102 July'28
lst 4158 series D
94
1956 FA 94 Sale 94
1st 545s series A
103%
AG 104,8 104% 103
1954
N & C Bdge gen guar 4458._1945
98 July'28
9634 98
NYB&M Ii 1st con g Is
Apr'28
1935 AO 99 101 101
N Y Cent RR cony deb
68..1935 MN 107,8 108 107 July'28
Registered
Apr'28
MN
107
Consol 48 series A
9112
1998 P A 9114 Sale 0041
Ref & Mint 445s series A 2013 AD 9912 Sale 9914
9914
Ref & impt Is series C
106
2013 AO 1053s Sale 10518
Registered
AO
10614 June'28

3

2
13
4
15
31
1
2

88
88
9912 10218
10034 10178
9752 97%
9218 9218
7712 8934
9813 100
9413 99%
98% 100%
98
991
/
4
9513 9912
9514 9714
90
90
61
42
49
57
14
23/
1
4
1112 21
9212
87
9312 10012
98 101
100 1031
/
4
100 10314
9213 06
/
4
951
/
4 061

16

98 100
8534 9234
99 10434
87
9212
9234 09/
1
4
10112 10913
9954 10374
7614 8314
98 10258
9733
93
103 103
994 100
8434 981t
92%
84
9412 9534
101 10532
9334 9914
/
4
88
971
III 1121
/
4
104/
1
4 1044
80
88

10

92
10114
18
1884
12

9104
10413
18
1814
17

"iiT4

22

9
34
1
12
56
11
75
111

3

14k! 33I
1

—Ws 15-7-8.
98 foal

2

83
93
88 100
9532 102
8812 9513
0832 102
9914 10188
100 105
94
9932
102 10512
97/
1
4 100
101 101
106 1095s
107 107
9712
90
9812 10412
10412 11034
1061
/
4 10614

12

3
16

0212 97
9912 I0312
72% 79%
24
97% 10314
8812 9514
64
9214 Ma
9014 9613
9018 9658 NY Cent 52 Hud Itiv M 345s '97 .1 J 8012 Sale 8012
1
801s 21
79% 8753
9838 98%
Registered
77,
8 8313
77% 7914 7758 July'28 ___ _
1997 J
100 10514
Debenture gold 4s
9312 9914
9634
1934 MN 9618 97,4 96'4
8
100 10478
Registered
97i8 Apr'28
971
/
4 9832
N
8712
15
81
30-year debenture 4s
'
4 9112 6612 915 July'28
1942
911
/
4 99
81% 86
Lake Shore coil gold 3459_1998 P A
7714 8618
7812 July'28
_
7718 79
98 100
15
Registered
mg 827s
7612 79
7618 July'28
_
1998 P A
97 100
40
Mich Cent cell gold 345s 1998 FA
87
1
80
78
83
80
78
99% 99%
Registered
'
A
77
77 July'28
8314
1998
76%
1 10512 10712 N Y Chic & St L 1st g 4s
9512 981
AO 0534 0633 955 July'28
/
4
1937
10212
101
Registered
9618 98,8
9612 Feb'28
1937 AD
8712 9312
11
25-year debenture 4s
9512 100
1931 MN 9734 -9833 975 July'28
91
89
_
2d gs series A B C
15 101 10313
11051
1931 MN 100
23812 Sale 10112 102
9714 102%
3
Refunding 5459 series A_ I974 AO
Sale 10532 10512 31 105 10773
10012 10012
Refunding Skis series II 1975 J J
/
4 1074
10538
3 1041
14 1053s
N Y Connect 1st gu 4 yis A 1953 FA
96 10212
1
96
116
9714 96
1041
/
4 11114
1st guar Is series 11
10012 105/
June'28
10313
1
4
1953 P A 102 105
17 10014 10714 NY & Erie 1st ext gold 49
0212 0213
1947 MN 9134
0213 Apr'28
103/
1
4 10374
3d ext gold 445s
0954 10014
1933 M
_
9712 1-06 9958 June'28
87
9211
4th ext gold 5s
10034 10034
1930 AG 99 100 10034 May'28
4 105 115/
1
4 N Y & Greenw L gu g 5s
100 100
1940 MN
100 100 Mar'28
9212 061
/
4 NY & Harlem gold 354s.._2000 MN
86% 8712
8618 Mar'28
_
10612 10912
Registered
8518 Apr'28
_
MN
8518 85,8
N Y Lack & IV 1st & ref gu 591973 MN ;0
100 102
July'27
80
7
9-1;
/
4
8-1
9412 9934
First & ref gu 43is con____1973 MN 98 161 99% July'28 _
6518 109
92
9612 NYLE&W 1st 78 ext
1
_
1930 MS
10412 106 Feb.27
92 10012 N Y & Jersey 1st 53
5 100 CO;
10114
1932 P A 10114 Sale 101
N
90
Y
&
93%
N E Bost Term 4s
_
1939 AO
00 Mar'28
98 100,4 N Y N II & II n-c deb 4s_
W., lir
_
8812 8313 July'28
1947 MS
97 10112
Non-cony debenture 3459_1947 M
5
1
4
76% 83/
76%
76% 81% 7678
2
9434
90
Non-cony debenture 3458.1954 AO 7018 75
19
4
7018 814
7258
7018
100% 102
Non-cony debenture 4s
99
80
2
8818
____ 80 80
1955 J
8712
9412
Non-cony debenture 45
7
79
88%
8014 14
N 80 Sale 80
1956
Cony debenture 3458
3
7012 80
70,2
1956'.7 7012 Sale 7012
Cony debenture 6s
1948'.7 11212 Sale
.11212 11378 13 112 11813
__
Registered
9812 115
9813 July'28
• J
Collateral trust Gs
/
4 10572
1910 A 0 jail! Eitile 10414 10434 21 1041
2
Debenture Is
74
73
74
8258
75
71
1st & ref 445s ser of 1927_1
89
61
8812 9434
D 8812 Sale 8812
MN
19
90
57 J
Harlem It & Pt Ches 1st 481954 M N
1
90
89
0332
90 Sale 90
1

13
18
51

661

New York Bond Record-Continued-Page 4
BONDS
St. Y. STOCK EXCHANGE
Week Ended Aug. 3.

4

Price
Friday.
Aug. 3.

Week's
Range or
Lost Sale.

Range
Since
Jan. 1,

BONDS.
N. Y. STOCK EXCHANGE,
Week Ended Aug. 3.

Price
ferGlati.
Aug. 3.

Week's
Range or
Loaf Sale.

fee
<2'3
*
co,

Rano@
Since
Jan.

Hick
Ask Low
Bid
HOD No. Low
1950 31 8614 Sale 85%
8612 68
St L-San Fran pr 1 4s A
85% 93
1978 MS 8834 Sale 8818
87% 97%
884 528
Con /%1 4A s series A
J 09 Sale 99
1950
9878 10412
9978 18
Prior lien Is series B
1928 31
_ 994 June'28
994 10112
Prior lien 68 series C
10114 10312
10214 June'28
Prior lien 555s series D _ _ _1942 J J
100 101/
4
1
10112 July'28
Cum adjust see A 6s_ _July 1955 AO
4 10212
1
99/
10138 140
Income series A 68.-July 1960 Oct. 10114 Sale 10114
100 105
St Louis & San Fr Ry gen 68_1931 J J 103 1044 103 June'28
1931 .7 J 9914 100 100
100 10312
100
General gold 53
105 111
1948 .7 J
10514 105 June'28
St L Peor & N W lot gu 5s
4
1
4 97/
1
97/
1931 M S
9714 97% Apr'28
St Louis Sou 1st gu g 4s
79
924
874 8612 July'28
St L S W 1st g 45 bond ctfs 1989 Si N 85
831: 8712
8358 July'28
85
20 g 4s Inc bond ctfs_Nov 1989 J J 82
9478 99
1932 ID 9478 Sale 9478
9512 21
Consol gold 45
9712 0334
10
J 97
98
974 9712
1st terminal & unifying 5s_1952
5
0258 98
9234
10212 1051 St Paul dc K C Sh List 4555_1941 FA 9114 9234 92%
Norflk & West gen gold 68_1931 MN 10238 10334 107 June'28
90
99
1931 FA 99 10112 99 July'28
St Paul & Duluth 1st 5s
107 107
Improvement & ext 65_ _ _ _1934 FA 10412 10478 103 July'28
9018 864
3
9312
1968 J
9058 -- 9312
1st consol gold 45
92 July'28
1932 *0 103 105
103 106%
New River 1st gold 68
9714 9732
974 June'28
13
9114
N& W Ry 181 cons g 48 _1996 AO 91 Sale 91
9012 984, St Paul E Gr Trunk lst 45.58_1947 13 96 100
1996 AO 8738 9634 9618 Apr'28
Registered
95% 964
954 98%
9634 954 July'28
9318 9312 9318
9318
963, St Paul Minn & Man con 45 .1033.7 J 95
93
DIv'l 1st lien & gen g 4s_ _ _1944 .1
10312 11112
1933.7 J 10312 107 10312 July'28
175 July'28
1st consolg Gs
1929 MS
175 19011
10-yr cony 68
4 10614
1063
Mar'28
10634
103
J
J
10612
Registered
93 92 July'28
1941 JD 92
97'
02
Pocah C & C joint 4s
9612 10114
99 July'28
10734 July'28
6s reduced to gold 4A s ___1933 J J 9734 100
10734 10734
North Cent gen & ref 58 A_ _A974 MS 10734
9912
0912
_
_
_
Jan'28
9912
.1
J
9612
Registered
4
993
100
9514
MS
0818
1974
July'28
Gen &ref 4 As ser A stpd
984 101%
9458 9812
1937 J D 92
9614 9512 July'28 _ _
97
Mont ext 1st gold 4s
95
95
North Ohio let guar g 58 _ _1945 AO 95
95 103
4
1
94/
89
89 July'28 _ _ _
93
89% Sale 89
Pacific ext guar 47(sterling)'40 J 1 88
3
90
North Pacific prior lien 4s_ _ _1997 Q
89
977,
2 10412 10932
8712 917 8812 July'28
St Paul Un Dep 1st & ref 53_1972 J J 10412 1071 10412 10412
1997 Q
Registered
8812 97
5
8914
8732 9434
4 891 8914
/
46
66
Gen Henry & Id gt 3s_Jan 2047 Q F 6578 Sale 6478
6478 721, s A & Ar pass lst gug 4s_ _1943 J .7 881
10212 104
6812 Apr'28
Jan 2047 Q F 6312 70
Registered
6812 697, Santa Fe Pres & Phen 1st 55 _1942 M S ___ 102 104 May'28
7 10014 109
10014
1934 A 0 104
1004
1
993
Sav Fla & West 1st g 6s
Ref & Inapt 4558 series A__2047 .1 .1 9514 9958 9934
99 108
_ 10712 10718
1934 A 0 100,4 1-03 10712 May'28
1st gold 55
Ref dr Impt 6s series B._ _ _2047 J J 112 Sale 11112 11258 41 111 11714
1
9212
9212 98
Ref & impt Is series C___ _204 J J 10112 1051 10534 July'28
10512 109%2 Scioto V & N E 1st gu g 4.8_19S9 MN 92,3 _.,:- 9212
2
79
82
854
1950 A 0 77'2 -162
82
10412 Sale 104
10412
9 10312 10113, Seaboard Air Line 1st g 48
Ref & leapt 58 series D. _ _204 J
5
4
1
83/
72
8
727
A
1950
72
72
0
73
stamped
Is
Gold
10934 June'28
Nor Pac Term Co 1st g 135. _ _1933 J J 10934
10934 1103,
56
824
41
42
Oct 1949 F A 42 Sale 41
Afjustment 5s
Nor fly of Calif guar g is. __1938 A0 102 10514 107 June'28
105 107
16
59
7212
58
1959 A 0 58 Sale 58
Refunding 48
57
4
1
7712 96/
79
99 10112 100 June'28
1930
let 5c cons 63 series A._ _ _1945 M S 7812 Sale 78
North Wisconsin let 68
100 102%
4 85
1
78/
85 Mar'28
M S
Registered
8338 July'28
Og & L Cham let gu g 4s_ _ _ _1948.71 7878 81
834 8814
6
8834 95
89%
-- 19-3-4 8934
9538 Nov'27
All &13irm 30-yr 1st g 4s_d1033 M El -i6
Ohio Connecting fly let 48.1943 MS
7014 94/
7312 66
4
1
7212 Sale 7014
1936 ID
Seaboard All Fla 1st gu Gs A.1935 F A
Ohio River RR let g 58
10354 104
-- 104 Apr'28
4
1
94/
4
71
7212
1935 F A 7212 Sale 721
1937 *0 09 10412 10112 June'28
Series 13
General gold 5s
10112 1041,
_
09
100%
_
98
June'28
55
1st
J
extd1931
Roan
.1
9814
100
'
9818
&
Seaboard
A946
11.3
4s_
92
cone
2
Oregon RR & Nay
8
92
96
994 10178
2
9934
106 Salo 106
Ore,Short Line 1st cons g 581946.7
106
3 106 11134 So Car & Ga lst ext 5 As_ _ 1929 MN 9934 10112 99%
105 105
Jan'28 _
1936 F A 99 102 105
106 10614 10614 10614 84 10614 1113, S&N Ala consgug Ss
1946.7
Guar stud co1113 58
11412 115
1963 A 0 ____ 1084 11458 May'28
1929.7 D 9814 Sale 9814
984 82
Gen cons guar 50-yr 5s
Guar refunding 4s
98122 100
8814 24
8878 8712
Oregon-Wash let & ref 48_1961 J .1 88
87
9412
Pac
16
coll)k
95
(Cent
13
J
8912
'49
Sale
89
45
89
8912
colt
1946 .1 D 77
80
81 July'28
Pac
Pacific Coast Co 1st g 58_
79
884 So
88
88
Registered
94
9512 9134
86% 8938 88 Mar'28 _ _ _
92
6
Pac RR of Mo 1st ext g 45_ _ _1938 F A
4
1
9134 95/
Mal:
A_ :9907:
1929 j
June
on Lines)
51
S 9834 Sale 9834
D
M
9812 100
onryeg4s
99
(o
irsc
21s0tyo
1938.7 J 9714
102 May'28
2d extended gold 55
4
1
102 102/
7
9958 10038 loos July'28
9934
9934 104
994_ 9934
Paducah & Ills let 5 f 4558_ _ _1955 J
- - 10012 1014
1934 .1 D 10158 1-0i 102
1 1001s 1034
102
onv Is
iiiej
9912 115
Paris-Lyons-Med RR esti 68_1958 F A 9914 Sale 994
4
1
96 100/
964 31
0514 10012
9614 96'2 9614
104
48 10112 10512
Sinking fund external 78_ _1958 M S 103 Sale 103
2
8858 06
89
aan Terml 1st 45 _ _ _1950 A 0 807 9114 89
et
1954 M S 103 Sale 103
S4nlydF
2
Parts-Orleans RR e f 78
10334 21 101 10412
July'28
90
0
A
89%
90
_-9478 41
Externs'sinking fund 53.8 1968 M S 9458 Sale 9412
93
9634
conggug 58_1037 MN 1023
ldst 9.
105 108
4 10438 10634 June'28 _
88103 July'28
_ _1942 51 S
Paullsta Ry let & ref f
So PpaaltecegoenfisCt,:artlein
10114 1044 ,
973 May'23 _ _ _ _
7j
35
4s_ _ _ _ 195
J .j
1 96
98
974 97112
924 28
9112 9812
9214 Sale 9112
9734
2
Pennsylvania flit cone g 48..1943 M N 9734 Sale 9712
9732 9912 So Pac RR 1st cells
J J
96 Apr'28 _ _
96
90
9214
95 July'28 _
t,eyreat con,g
rt
1948 MN
C,onsol gold 43
93 100
52 10811 11912
58_ _ _1994 .1 J 10812 Sale 10812 109
nils
heeg
48 sterl stud dollar_May 1 1948 AI N 93 ---- 9218 July'28
SOULR
9218 99
J
j
Apr'28
11514
110
11518
____
10312
Registered
Sale
101
100
101
23
A
F
1960
Consolidated s t 4As
100 107
8712 51
8534 93
Dm!& gen 4s series A__ _1956 A 0 87 Sale 8578
10014 77
1965 1 D 9878 Sale sn
General 4558 series A
9778 1047,
7 114 121
11418
1956 A 0 114 Sale 114
Develop &gen 65
1968 .7 D 106 Sale 1054 10614 55 10434 115
General Is series 13
34 92 120 127
120
0
A
1956
120
Sale
12034
10312
6555
Sale
gen
Develop&
103
69 103 10574
1930 A 0 10314
10-year secured 78
106 1184
1996 J J 104 109 IOS July'28
11038 33 109% 11332
Steal Div 1st g 55
1936 F A 1105s Sale 110
15-year secured 65513
3
894
894 94
1951 J 1 8918 Sale 8918
112 Apr'28
F A
Registered
St Louis Div 1st g 48
112 112
9638 Dec'27 _ _ _
East Tenn reorg lien g 5s_ _1938 M S
40-year secured gold 55.._1964 M N 10234 Sale 10134 10234 45 10134 105/
4
1
July'28
S
M
1938
92
4s
4
__933
tr
10449138 952k
coil
02
Ohio
01 June'28
&
Mob
Pa Co gu 3As coll tr A reg._ _1937 M S 8734 91
8712 93
89
89
Guar 33.s coil trust ser 13_1941 F A 8714 89
8
8712 92
1
J 1 83 Sale 83
90
83
83
90 Apr'28
Guar 3558 trust etIs C.._ __1942 j D 89 ___
894 904 Spokane Internal lat g 5s- -1955
J D
---_ 85 Nov'27
Guar 3A 8 trust etre D _ _ _ _1944 J D 8813 - - _ _ 8812 July'28
8812 904 Staten Island fly 1st 4553_ __ _1943
2
-55- -1095 Apr'28
_
Sunbury & Lewiston 1st 4s _1936 1 1
Guar 15-25-year gold 48_1931 A 0 9718 9738 9714 July'28
9614 100
4
1
4 99/
1
99/
4 Apr'28
1
99/
1952 MN 9118 9434 9118
9118
Guar 48 ser E trust dill
2
9114 9514 Superior Short Line hat 55....e1930 M El
101
1
10212
4558_1939
9912
0
A
101
g
let
ioiL
St
of
96
0
Assn
A
AaA'77
4
ref
Sale 96
96
Term
Pa Ohio & Det 1st &
3
9514 102
1944 F A 10212 ___ 103 July'28
1021: 107
182 cons gold 58
8338
Peoria & Eastern let eons 4s_1940 A 0 8312 88
3
8338
4 92
1
83/
1953 1 J
94
88
15
88
April 1900 Apr
Income 4s
4212 3712
3712 10
Gen refund s t g 4s
3712 504
6 10314 10711
F A .
_ 10278 10338 10338
_8
83Sale
8
Peoria & Pekin Un let 535s_ _1974 F A 10212 104 10214 July'28
10214 10812 Texarkana & Ft Slat 5558 A 1950
1943 J J 100 102 10012 July'28
10018 16312
10212 103 109
Pere Marquette 1st ser A .55_1056 J
,
3
4
20
15 102 10512 Tex & N 0com gold 53
1,
2%4
,
2000 J 13 108 11134 108
10912 11 108 115
1956 J
S918 9012
1st Is series 11
8812 961, Texas & Pac 1st gold Is
2d inc5s(Mar.28cpon)Dec 2000 Mar
A
1977
B
series
0
10.1.2172 34 ii50T8 1-64-1;
Aug
8
05
00
0
1
fa;
58
ref
4434 9714 July'28 _
&
Phila. 13alt & Wash let g 4s..1943 M N 41
Gen
07 100
4
/
1931 1 J 100 Sale 100
8 100 1011
10078
1974 F A
102 105
General Is series 11
La Div 13 L 1st g 58
105
105 114
1 105 1094
Phillippine Ity 1st 30-yr ef4s1937 1 .1 42 Sale 4112
42
Tex Pac-hlo Pao '1'er 555s _ _ _1964 M 5 1074 10838 10612 10612
7
42
40
10314
1935
J
7
June'28
5s
gu
10012
1st
____
101
Cent
Pine Creek registered 1st 68_1032 I D 103 105 104 June'28
10038
Tol & Ohio
104 106
1935 A 0 100 103 100 July'28
1940 A 0 100
_ 100 July'28 -9814 103
PCC&StLgu4358A
Western Div let g Is
4 102
/
991
1935 J D 100 101 100 June'28
1942 A 0
100 10112
102 100 July'28
Series B 4 As guar
General gold Is
100 10212
1942 MN
15 Nov'27
10134 June'28
19
Series C 4As guar
4 10218 Toledo Peoria & West 1st 4s_1917 7 J
/
1011
1980 A 0 8858 96
1945 M N 97
90 July'28
97 May'28
-90"
Series D 4s guar
Tol St L & W 50-yr g 45
99
97
193 7 J 973 99% 08/
98% 10014
4 July'28 ____
1
Series E 355s guar gold _1949 F A 0718 ____ 9718 June'28
97
9712 Tol W V & Ogu 4555A.
1953 1 D 97
10333 J 9734 _
Series F 4s guar gold
4
1
9912 June'28
974 Apr'28
9912 103/
1st guar 4A s 8eries 13
June'27
1942
1957 M N 9618 _
C
series
S
M
8
957
96 July'28
48
Series G 45 guar
____
96
guar
lst
-ie." -0-7-li
We 'Viz:
9718 June'28
Series II con guar 4s_ _ _1960 F A
9458 June'28
97
9718 Tor liani & Buff 1st g 4s _ _ -1946 1 D 94% 95
10134 101 July'28
Series Icons guar 4 55 s_ _ _1963 F A
101 10512
5612 78
104 104 104 May'28
SeriesJ cons guar 4558- --1964 M
Ulster & Del 1st cons g 58 _1928 1 D 64
6912 64 July'28
104 105
83
Certificates of deposit
1970J D 10412 10714 1054 1051
62
General M 5s series A
63 July'28
: 2 10414 11412
48
_ 11388 Jan'28
J D
32
refunding
Registered
June'28
1952
4s
g
li
A
-42
35
361z
1st
11338 113/
4
1
35
943
Gen intim guar 55 series 13_1975 A 0 10412 10518 10412 105
9314 99
19 10434 1154 Union Pacific lot RR & ldgt 45'47 J J 9314 Sale 9314
A 0
974
9212 12
Registered
11312 Jan'28
92
Registered
1 1 9178 9212 92
11312 11312
8912 98as
90% 12
June 2008 hi 5 90
9038 904
hat lieu & ref 48
105
9714 135, 9534 1014
Pitts McK & Y let gul35____1932 J
106 May'27
1967 3 J 002 Sale 9512
Gold 4 As
1934 J I 10112 106 1034 June'28
2d guar Gs
2i 108 11534
June 2008 M S
110 10812 10978
1st lien & ref Is
103l 107
89
1940 A 0 10018
Pitts Sh & L E 1st g 53
10118 June'28
8712 104' 86
1068.7 13 87 Sale 87
40-year g 4s
10118 105
10018
9312 9912
lst consol gold 58
1004 June'28
94 June'28
97
1944 M 8 89
10014 10014 UNJ RR&Cangen 4s
Ita3 t11
9018
4
Nov'27
Pitts Va & Char 1st 45
95
4
983
let
J
J
1933
Oet'27
9712
4s
ext
Nor
Utah &
09
Pitts Y & Ash 1st 4seer A _1948 J D 94
95 June'28
954 9834 98 Nov'28 _ _ _ "ii- 98
0413 9714 Vandal's 1113118 g 4s series A _ _1955 F A
_
1962 F A 103
9(3
9912
jet gen 57 series 11
108 June'28
Cons s f 4s series B
1957 MN 954
- - 96 June'28
108 10812
1974 .1 D
1714 234
181 gen Is series C
1812 184 July'28
1934
17
Vera Cruz & P assent 4 A s
1957 MN
70
Providence Serur deb 4s
7612 -ia"
1931 iii 9778 -- 10014 June'28 _ _ _ 1004 10112
7513 11614 Virginia Mid 58 series 12'
1956 M 8
Providence Term 1st 48
3 10014 103%
9118 June'28
GeneralIs1936hi N 10038 10112 10014 10012
9114
91
9 102 10714
9314 23
Reading Co Jersey Cen coil 4s '51 A 0 93 Sale 93
102
'n 1st gu 58_ _ _ _2003 1 J 100 103 102
Va
9218 97
05 10334
Registered
5
95
A 0
9434 June'28
1958 A 0 95 Sale 95
1st cons 50-year Is
9434 954
9814 Sale 98
99% 22
Gen & ref 4 An series A --1997 J J
104 109%
118
1044
10414
98 10434 Virginian fly 1st Is series A.1962 MN 104,4 Sale
1948 M N
Rich & Meek 1st g 4s
704 May'28
1939 MN 10234 Sale 10258 1034 14 1024 1064
Wabash tat gold 5.2
8214
4
/
791
9934 10412
Itichrn Term fly lot gu Is.._1952 J I 9912 102 10412 June'28
1939 F A 1004 Sale 9934 1004 12
20 gold 55
10414 10412
-.-- 104 10112 June'28
10312
Rio Grande June 1st Cu 58_ _ _1939 j
3 103 10734
107558 E3 1034 1031 103
Ref sf 5A8series A
10014 10112
414 5 May'28
9778 105
15
98%
Rio Grande Sou let gold 48_ _1940 J I
974
Sale
3
985
A
F
1976
13
series
Is
gen
&
Ref
44 5
_
Guar 47 (Jan 1922 coupon) 40 .1
7,2 Apr'28
Debenture 1368 registered_1939 1 J
9812 -- 8878 May'27
712
5
ooT8 92
9114 12
"iirs 89
9058
Rio Grande %Vest let gold 48_1939 J
1954 J J 8214 884 89 June'28
let lien 50-yr g term 4s
9512
9018
10412 10534
lot con & coil trust 48 A_ 1949 A 0 8314 85
8314
8314
2
Det & Chi ext 1st g 55._ _ _1941 .1 J 10112 ---- 10534 July'28 _
8314 90%
9614 Sale 96
4 usla
1
91/
It 1 Ark & Louis 1st 4558_ _ _ _1934 M
98
: 925 Apr'28 _
_ __ 031
18
Des Moines Div 1st c 4s..1039 .1 J
4
1
944 99/
7912 8312 8418 June'28
8333 8814
Rut-Canada 1st gu g 45
1
8338
Omaha Div 1st g 35511...A941 A 0 -8342 87 8338
6412 84/
4
1
1 49
)
9
1
9012 05
94 July'28
Rutland 1st con g 4A
9512
89
1
89
1941 M IS 8918 91,2 89
Tol & Chic Div g 4s
93
96%
894 9414
908 76
1978 A 0 8912 Sale 69%
Ref & gen 455eSer C
88 June'28
St Jos & Grand Isl 1st g 48_1947 J J 8614 89
87
92
1096.7 J 100
83
100 June'28
83
St Lawr&AdIr hotels
83 Mar'28
100 1003. Warren 1st ref gu g 3As ___ _2000 F A
1096 A 0 10314 106 105 June'28
9038 90%
1948 Q M
20 gold Gs
9034 Mar'28
Wash Cent let gold Is
105 108
1931
J 96% 97% 9612 July'28
91
86
1945 F A 8434 894 86 July'28
St L & Cairo guar g 4s
96
9878 Wash Term lot gu 3As
96 July'28
884 46
1945 F A 8934
10018 135
St L Jr Mt dr S gen con g 58_1031 A 0 100 Salo 100
1st 40-year guar 4s
0958 10214
1931 A 0
10134 Dee'27
0938 9858 July'28
9858 101
Stamped guar 55
W NIin W & N W 1st gu 5s _1930 F A
1929 3 .1 9838 Sale 9814
7812 8714
44
82
1952 A 0 SO Sale 80
-land let g 45
9858 49 -ii- 1-01-5,,
Unified & ref gold 4s
- we,n Mar'
1933 M N
94 Salo 94
971
97 1034
16
J 97 Sale 157
7 .1 j
941: 27
771
93
19
ltiv & G Div 1st g 4s
1st & ref 555s series A
9724
94
104
2
101
101
Sale
100
101
984 July'28
Pa
&
Y
N
58
g
lst
West
8%1.M Bridge Ter Cu g 58 _1930 A 0 9712 90
9815 10114
88s8 9484
9234 July'28
1943 A 0 8918 92
Gen gold 4s
9718 101
9814 16
Western Pae 1st ser A 55_ _ _1946 M El 9814 Sale 9712
86
9312
9
8312
2361 .1 J 8712 8812 8712
West Shore let 4s guar
8714
854 93
11
2361 J 1 86,8 90 87
Registered

Mak No Low
Ask Low
High
Bid
18
74
73
7234 803,
N YO&W ref 1st g 4s_June 1992 hi S 7312 75
7612 Apr'28
7612 78
Reg $5.000 only June 1092 M S
8034
75 July'28
70
1955 J 13 7112 74
General 4s
: Apr'28
931
92 98
NY Providence & Boston Is 1042 A 0 874 - 8934 Jan'28
894 894,
A 0
Registered
9212 June'28
9212 9644
N Y & Putnam 1st con gu 4s 1933 A 0
8638 8812 June'28
.7 80
8812 9212
N Y Susq & West let ref 514_1937
7418 7978 8278 May'28
831;
1937 F A
80
2d gold 4 As
6818 714 70 July'28
801,
1940 F A
70
General gold 5s
101 July'28
1943 M N 101
9978 1021.
Terminal let gold 58
15
85
8312 92
NY W-ches& 11 let ser I 4As '46 J J 8514 Sale 8414
79 100 103
1950 A 0 101 Sale 10038 101
Nord Ry ext'l f 6555
1
9212
9012 97
Norfolk South 1st & ref A 55_1961 F A 9212 Sale 9212
9212 10212 June'28
9812 103
Norfolk & South 1st gold 55_1941 M N 91

;

Due May.

Due June. 1 Due August.




New York Bond Record—Continued—Page 5r.

662
BONDS
N, Y. STOCK EXCHANGE
Week Ended Aug. 3.

g
2t

Pries
Friday.
Aug. 3.

Week's
Rano or
Lasi Salo,

e7.
$31 ,02

Range
Since
Jan. 1,

BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 3.

Week's
PM., I
Range at
Fridati.
Last Sold
Aug. 3.

1

4

Bands
Since
Jan. 1.

HAM
:ow
Hid Na. ,
98% 100%
30
100
Ail I"
D Rid
103%
10114
2
Crown Cork .4 Seal s f 6s____1947 J
11:4: 10112
90
10
Saale ,
48
11:2
9
96
0
J 17
A 3
1951 J
6914 93
ette Pap Os
51
78
Sale
100 100% Crown-Willam
Wheeling & Lake Erie—
100 Apr'28
cony 7s ___1930
6518 97
1930 P A
8318 206
92 10214 Cuba Cane Sugar
Ext'n & impt gold 55
J J 79 Sale 6518
30
July'28
8%.19
d
4 108
92
stampe
1051
1114
MS
16
deben
-o5T3
Cony
101% 102
2 Sale 10514 10512 18
Refunding 4348 series A...1966 MS 9714 9914 10112 Mar'28
9812 101%
Am Sugar let coil 10_1931 M S 1051
Cuban
10018
1966
B
series
94
982
55
93
Sale
ing
9834
Refund
1944 M N
730__
93 July'28
10413
1st
99%
Sug
_
Dom
20
M
9018
Cuban
1949
791!
10218 102%
70
RR 1st consol 4s
70 July'28
98% 101
T 1st & gen 5.s___1937 J 3 10112 10212
5
1942 J D 6738 71
9934
10334 104% Cumb Tlde
Wilk & East 1st gu g 5s
1940 A 0 9912 9934 9912 Dec'27
4 May'28
81 Os A
1033
1st
Frult
104
D
•
10014
Cuyame
1938
93
5s
92
76
O ___ ____
Will dr S F 1st gold
- 1-61Tramw 1st Is _ _1933 A N
14 -6614
3, 8514 9112 92 June'28
8134 9231 Denver Cons
99% 10012 10012 10012
Winston-Salem S B 1st 45_ _.1960 3, 82% 8434 8212
8212
5851 M
9914 103
6
9958
93% Den Gas & EL 1st & ref s f g 1951 M N 9914 Sale 99%
2 88
Wig Cent 50-yr 1st gen 4s_ _ _1949 MN 8814 91
75
8812
6012
8818
tax
Pa
to
d
as
5
Stampe
'36
45
69%
6978
92 92%
M 11
Sup dr Dul div & term 1st
92% Mar'28
16 101% 10378
Dery Corp(D G) 181 s f 7s._1942 3
103
1943 J J
1 102
;
.:
S
0
97s 73
3
,
Am 1 16
Wor & Con East let 430_
6 102 10534
Detroit Edison let toll tr 58_19330
s
1037
103
let & ref 55 series A_July 1940
9 10214 10634
103
1949 14 s 102 103 03
109%
Gen & ref Is series A
0612 '10712 11 10614 107
INDUSTRIALS
1940
_July
B_
Os
series
ref
5 102
dz
let
%
102
98
87
e 102
Sale
S
8
A
D
277
0
10
J
F
1955
July'28
8712
10714
B
5s
ser
103
&
ref
8958
MB
2
Gen
8814
18
4158
074
18 199
91%
5 104 109%
174 04
97
Adams Express coil tr g 4s___1948 3D 100
14 Sa
0458
1962 j j 196
10472
9714
106 104
95
Series C
12
3% 10
Ajax Rubber 1st 15-yr s f 88_1936 M
July'28
7%
99
86%
g
932
cons
let
Det
430-1
10
United
4722
612
3% 10
Alaska Gold M deb Os A._ _ _1925 MS
1940 M N 97 Sale
612 812 6 July'28
8072 88%
2
Dodge Bros deb 6s
1926
10211.
4
833
8334
98
22
Sale
N
4
Cony deb Os series 13
M
833
99
1942
let6s
MN 99 Sale 9812
85 101
02
0012
93 9674 Dold(Jacob)Pack
, July'28
17
97 9
S 9,
Allis-Chalmers Mfg deb Is._1937•S 95 Sale 9434
9714 100
95
99%
90
2
Dominion Iron & Steel Is.._1939 M
Alpine-Montan Steel 1st 78-1955 FA 10534 Sale 10512 10712 55 104 106% Donner Steel let ref 75
1942 J J
8 10678
1035
40
'41
730
f
93
a
105
ref
1st
79
4
Chem
M N 10478 Sale 10412
Am Agile
90
'66
90
A
104
6s
ser
9834
92
1st
A
Pow
e
P
86
Duke-Pric
65
5
9912
Amer Beet Sug cony deb 68_193 * 0 101% Sale 101% 10178 14 101 10411 Duquesne Light 1st 430 A 1967 A 0 99 Sale 9234
9612 102%
American Chain deb S f 65.._1933 MN 97% 10014 9612 July'28
95 105%
97
10118 135
92
10
MS 96 Sale 95
Am Cot Oil debenture de_ _ _1931 AC 93% 94 93%
8
7
939
1
g
730'3
99
lI-yrs
Cuba
Sug
East
9 95 11718
1942
9618
10 104 10214 Ed El III Bkn 1st con g 4s.._1939
97 95
3 96
Am Cynamid deb 55
'
104
AO 104 10414 104
114%
1939
6s
July'28
f
a
143
&
Fdy
Mach
Am
J J 10858 11634
1995
g
994
55
III
cons
1st
Elec
Ed
9412
7
96
9412
9714 99%
American Natural Gas Corp— AO 98 Sale 9714
9814 82
Elec Pow Corp(Germany)6345'50 MS 94% Sale
92% 99
3
94
Deb 630(with purch warr)'42 40 10114 Sale 10034 10178 42 100 10234 Elk Horn Coal lst & ref 6348.1931 3D 9234 Sale 92%
91
7812
3
'47
A
laser
6
7812
1091
30-yr
4
3
7813
Am Sm & R 1st
10831 24 106 106
6912 1021s
Deb 7% notes (with warets'31 Jo 7812 Sale 01
_
1947 AO 10812 Sale 10814
July'28
1st M 6s series B
9712 100
10512 17 10212
3, 104 Sale 104
Equit Gas Light 1st con Is _ _1932 M
96 10312
1
_1937
_
_
6510312
15-yr
Ref
0312
Sugar
SIB
Amer
9712
95
1942
3 018 10118
6812 100 Federal Light & Tr let 55.....
9518
95% Sale 9518
99 111
_1942 M
3, 99 Sale 98%
1st lien s f Is stamped
67 10012
1 100 105%
104
Am Telep & Teleg colltr 43_ _1929 M
1942 ▪ S 10312 10434 04
9418 97 May'28 ---92
let lien 68stamped
99 105
1938
102%
100
9934
48
ible
00
Convert
3D 9934 100
1964
10114 July'28
B
__
MS
scr
6s
99%
99
r
deb
30-yea
95
9
69 10314 106
97
20-year cony 4345_
1939 3D 97 Sale 9534
Federated Metals s f 75
10014 119
1946 3D 104 Sale 10312 10414 27
10712
8
104%
1043
106
30-year coil tr 55
10714
33
10612
1946
10458 Feb'28
D
J
75
98
(with
deb
wan')
Flat
91
22
109
s
2
933
64 1031
Registered
93% Sale 92%
Without stock porch warrants.
11415 120
1960 33 10312 Sale 103% 104
35-yr s f deb 5a
10014 116 11514 July'28 18
98 104% 110
107
1941
MN 10612 Sale 106
8912 10412
Rubber 1st s f f3s
Fisk
1943
8
1017
10412
106
530
f
10312
4
20
M
106
-years
104% 10454
1940 AO 10512 106 105
97% 101% Ft Smith Lt & Tr 1st g Is..1936
105% 19 105 11012
Am Type Found deb 62
99% 35
AO 99 Sale 99
ic Ind & Deb 20-yr 730'42 33 105 Sale 105
1 108 11072
108
14 103 10914 Framer co Sugar 1st s f 730-1942 MN 10558 106 108
Am Wat Wks& El col tr 55_ _1934 MN 104 Sale 10312 104
Francis
1975
14
93
A
10214 11 101 10312
ser
83
Deb g 65
10
3D 102 Sale 102
87
12
1949
00
75
3,
Lines
Sale
87
SS
Mall
Nat
French
1947
5 105 10712
105
105
Am Writ Pap 1st g 6s
10512 160 103 wet, Gas& El of Berg Co 90119g 531949 3D
FA 10538 Sale 1047
106 117
Anaconda Cop Min 1st ffs_ _ _1953
10614
10511
AO 108 las; 10714 10712 12
Mar'28
1939
10512
65
t
cony
94% 96
Asphal
Gen
_
137
Registered
11014
9412 July'28
1942 P A 9413
Gen Electric deb g 330
102 10812
1938 P A 11914 Sale 11914 12078 78 120 140
12
10412
15-year cony deb 75
10234
Sale
J
105
103%
J 12513 Sale 12512 128
Jan 15'45
7s
12612
118
Elec
any)
Gen
_1943
(Germ
72
deb
13
cony
10514
Min
98%
Cop
118%
Andes
MN
Sale 103% 10314 27
St deb 654s with warr.... _1940 3D 11812 120 118%
98 101%
4
NA
98
Anglo-Chilean s f deb 7s_.._1945 ii 10314
D 98 Sale 98
7 85
8712
85% 90 85
9555
93
Without waretsettach'd '40
9612
220
9312
104
Antille(Corny Azuc) 7348.__1939 M
10112
Sale
1948 MN 9358
10312 10112 July'28
20-year s I deb 6s
5034 9414
Ark & Mem Bridge & Ter 52_1964 3D 10112
23
917
9112 Sale 9034
1939
115 10114 10454
10214
4
9
Armour & Co 1st 4348
8712
10114
Sale
72
A
P
9178
10214
J 9112 Sale 91%
1937
Gen Mot Accept deb Os
9614 10212
1943
22
10012 101
Armour & Co of De1534s
8 102 10312 Gen'Petrol let s f 5s
MS 10214 10234 10214 10214
1940 P A 10058 10134
102 108%
10814 107
Associated Oil6% gold notes 1935
D 103%
107 June'28 1952 P A 10214 10412 102 July'28
9934 103
Gen Refr 1st f 6s ser A
1947
10058
•
16
Atlanta Gas List Is
1001s
1218
4
1003
40
10012
16 July'28 - --JD
106% 10812
15 Good Hope Steel & I sec 75 _ _1945
Atlantic Fruit 7s ctfs dep_ 1934 3D 12%
15
3 10712 Sale 10714 10734 20
'
15
Mar'28
_1947
89% 96
ch
1st
630_
(13
Co
12%
F)
Goodri
97
91
Stamped ctfs of deposit
90
1st 53.1957 MN 9012 Sale 10012
101% 32 10012 103
7242 8212 Goodyear Tire &Rub
2
7712
• D 10114 Sale
7612
8215
3,
y
Os
_1936
deb
78
m
73
7713
Silk
Hosier
Gotha
9
1
tr
5s..195
col
L
74%
Atl Gulf& WISS
74% 73
15 100 1033. Gould Coupler lets I Os
1940 P A 71
97 10115
1937 .1 .1 100% 10112 10012 10118
i
33
991
Atlantic Refg deb 5s
6 107 2081 (It Cons El Power(Japan)75.1944 FA 9914 Sale 98%
10712
MN 107 10713 107
98
92%
940
10
5s...1
4
1st
951
1083
Works
Loco
9414
Baldw
4 10312
10712
3, 10412 10712 107
1950 3, 95 Sale 10534
10558 10872
lat&gensf 6345
July'28
99% 106
Baragua (Comp Az) 730-1937
0614
10134 205
9614 101
10112 Sale 100
Great Falls Power 1st f 5s _1940 MN 104%.19712
9351
9712
90
97%
Barnacle!! Corp 68 with warr_1940
0
8812 92%
1942 3D 97
9112
534s
91 Sale 91
8811 July'28
9072 93% Gulf States Steel deb1st
Deb 6s(without warrant)_1940
J
9212 89
.1 9238 Sale 915
4s_ ...1952
95% 9512
99% Hackensack Water
98
Batavian Pete gen deb 430_1942
-- 95% May'28
9638 26
96
1930 MS 9513
By
rd
4s
1st
St
96%
_
81 98
Hartfo
4
1936
87
6s
10932
way
87
g-Heming
Beldin
42 104
P A 8414 87
10412
_
10418
_
g
_1952
Is
7834
a
Elec
consol
Sale
71
le4%
Havan
3
74
74
Bell Telep of Pa 55 series B_ _1948 A 0 107% 108 10712 10734 51 107% 113
74
Deb 530 series of 1926_ _ _1951 MS 72
90 9914
1960
2
98
91
94
91
lat & ref 5s series C
9212
40 91
9614 40
9612
A
_1934
10412
ser
&
630
let
Co
2
(R)
Sale
Hoe
9512
1007
1951
4
6348
deb
Co
97%
93
Berlin City Elec
9312 24
MN 10214 Sale 102% 10212
95
93
40
33 86
9978 104% Holland-Amer Line Os (fbal)-1947 3D 864 Sale 86
87
Berlin Elec El & Undg 630 _1956 MN 93% Sale
4
10012 102 10134 102
2 10018 109
99 103 Hudson Coal 1st s fg58 ser A _1962
Beth Steel 1st & ref 5s guar A '42
MN 10012 Sale 10018 100%
22
101
3
1940
100
55
10058
103%
let
Gas
Co
Sale
100
Hudson
—1936
18
10678
30-yr p m & imp a f 5s__
14 Sale_ 10114 10134
3,
P A
10334 10412 59 10212
98 10112
6942 105 Humble Oil& Refining 5145_1932 *0 101
9934 10014 171
Cons 30-year 65 series A....1948 P A 104 Sale 10112 10214 51
1937
Deb gold 5a
an% 99
81 103% 105%
Cons 30-year 534s ser B.....1953 MS 10214 Sale
10312 104
5
ale
0812
3D
1954
4
973
Sale
Bell
Illinois
9812
1950
Telephone Os. — 1956 *0
7712 83%
9733 10 98 101%
Bing & Bing deb 630
7
97% Sale 9638
79
1940
9872 1021111
1934 *0 7834 Sale 7834
33
99 10511 Illinois Steel deb 430
Botany Cons Mills 6348
A0 100% 10134 100% 101
10012
100
ME
1946
7a
f
105
Corps
Steel
finder
1934
10014
75
81
17 90 10114
97
Bowman-Bilt Hotels
68
9334 94
7234 11
3D
7212
76
Indiana Limestone 1st s f 60_1941 MN 92
9912 10012
Ws
July'28
B'way & 7th Av 1st con 5a-1943 33 73
_
_
9018
100
0812
6
M
92
1936
10914
92 Sale 9018
Ind Nat Gas& 01158
1941
5 10212 104'
Brooklyn City RR 1st 5s_
104
8 10312 108% Indiana Steel 1st 5s
.• 1 103% 10414 10334 10438
1952 MN 10312 Sale 10212 June'2
49
101
8
10531
Bklyn Edison Inc gen Is A...19'
10538
10312
103
__
33
Mar'28
3
10538
9114 9278
ll-Rand 1st 5s Dec 31 1935
Ingerso
103
Registered
9112
10
4%
9138
101
1
3 10112 16312 10338 1035
'
1978 AO 9138 Sale
Inland Steel let 430
1930
100 102%
General 65 series B
MB 10118 102 10112 July'28
66% 100% Inspiration Con Copper 630 1931
9813 221
1968 Ii 98 Sale 98
744 88%
74
72
4
6412
793
Bklyn-Man R T sec(33
7812 Sale 7811
MN
70 June'28
nterboro Rap Tran 1st 5s_ _1966
7412 &Ps
79% 135
Bklyn Qu Co & Sub con gtd 55'41 ii
80 90
J
7814 Sale 78%
65 92 90 May'28
Stamped
1941
VA 83
_
Apr'28
1st 5s stamped
83
—
.3
8812 Nov'27
2
red
g
70 90
48_200
Registe
cony
1st
Tr
19
R
yn
4
793
Brookl
1932 A 0 7914 Sale 79
6614 10314
105 _ _ _ 13612 Nov'27
10-year68
42
8
1005
3-yr 7% secured notes_ _ _ _1921 Ii
9912
166
2
6i1Sale
94
A
100
95 94
94
10-year cony 7% notes_ _ _1932 M
1950 P
90 100
Bklyn Un El let g 4-5s
93% 99% Int
9312 9312 July'28 .._
5
94
86
1950 P A 94 Sale 94
Agrie Corp 1st 20-yr 55 _1932911N 90
79
Stamped guar 4-5s
8018 July'28
81
- 104 111
•N
106 104 July'28
Stamped extended to 1942 __-- M N 80
8534 10053
11934
58
4
Bklyn Un Gas 151 eons g 55_1945 MN 10412
116
958
Sale
9534
11634 July'28 - - - 10012
112
N
t
58
deb
194812
Int
cony
Cemen
9658
149
288
1st lien & ref (Ss series A..1947 1
9714
9714
25714 Sale 25714 25812 37 250
1947 MN • 97% Sale 103
1936
Internet Match deb 5s
Cony deb 530
10314 95 102% 10611
93% 102
9412 June'28
3D
438 10258
1
9/
9412 Inter Mercan Marine f 6g_ _1941 AO 103 10314
9914 26
Buff& Susq Iron Ist g f 5a_ 1932 * 0 9413
88
Sale 98%
9914
_ _ 88 June'28
9038
A
_1947
1952
laser
Paper
tional
43
1st
Interna
al
9514 103
13 10178 10514
Bush Termin
9 99%
9918
3 99% Sale 9812
'
1955 MB 10212 Sale 10212 103
1955
Ref f Osser A
92% 98%
105
32
Consol Is
9314
9258
5
J
Sale
•
*0 10114 1011 10114 10134
93
lot Telep & Teleg deb g 434s 1952
10714
Bush Term Bldgs Is go tax-ex '60 MN 101
_ 107 June'28 7 104
100% 10034 15 loo 1034 Jurgens Works Os(flat price).1947 3,
10212 10511
By-Prod Coke 1st 5345 A_ 19457 MN 10312 104% 10312 10312
103
10314 105
City Pow & Lt 5s...1952 MS io5 fa 10212
10012 105%
Kansas
102
go%
8
June'2
Cal0& E Corp unit & ref 5s.193 P A 9834 Sale 9814
101
2
9834
19912
1957 33
Ist gold 434s series B
105 10612
Cal Petroleum cony deb sf 581939 MN 101% 102 101% 101%
2 9012 104% Kansas
1011i ,---- 10512 10618 15 1094 122
Gas & Electric (Is ..1052 1111
1938
50
99 10114
Cony deb f 530
116
1
Sale 113
10014
40 9912 Sale 99
11384
530'47 M
deb
Co
_1942
di
)
Keyser
_
75_
(Julius
g
f
g
9112 101
10042
10314
1st
Bug
3
92
9112
uey
Camag
40 101 102 10112 July'28
113 115
1948 M
Keith(B F)Corp let Os
10812 26 10614 1021,
Canada SS L 1st & gen 6s...._1941 3D 105
15 10434 10612 If
108
105
105
9912
elly-Springf Tire 8% notes_1931 MN 108 Sale 9412 July'28
9712
902 99
Cent Dist Tel let 30-Yr 5s- - -1943
FA 9614 98 9712 July'28
Keyston Telep Co 1st 5s _ _1935 33 94% 95 103
8 103 10719
104
Cent Foundry 1st g f Os May 1931
_1937 AC 103 _.-Kings county El & P g
1,25 185
125
1
120
12515
1
125%
124%
124%
-1997 AC 1251,2
1941 MN 12512 126
Purchase money(15
8314 914
June'28
18 8912 97 Kings
92
Central Steel 1st g a f 8s
MS 92 Sale 91
County Eley 1st g 48..1949 P A 8278 -8412 8918
8212 9011
10
84
1 100 105
Certain-teed Prod 5342 A._ _1948 MS 10014 10012 10014 10014
1949 P A 8234 8412 8212 100
107%
Stamped guar 42
100
'39
s
f
1st
730
2
89
Co
OM
_
_
Sugar
_
_
es
100
Cesped
100 106
•0 61% 63% 615 July'28
_1954
g
120
Is,.
Kings
County
Lightin
1927
114%
10458
5sJan
Rys
100
_
101 July'28
Chic City & Conn
118 1168 July'28 -- los 10814
1954 3'
First & ref630
37 I J 100
_
88
4
813
10514
8
8518
10514
82
_10514
Ch0L & Coke 1st gu g 5s-19
D
8212
P A 80
'36•
&
Co
los%
%notes
734
(GB)
Kinney
1927
10213
97%
8
93%
55
10314
9434 57
103
Chicago Rys 1st
ww, lova
Kresge Found'n coil tr 6s_ _1936 3D 10314 104 101 July'28
1947• J 9434 Sale 9438
8714 90
90 Apr'28
Chile Copper Co deb 58
J
Lackawanna Steel 1st 52 A_ _1950 MB 10114 104
9012
1940
10214
49._
1st
Coal
6
Bit
102
eld
Clearfi
99 10412
1943 P A 10114 Sale 10113
9814
10114
9512 35 95
Colo F &I Co gen 9 f 5a
* 0 101 Sale 101
.1934 P A 9412 97 95
9814 101% Lac Gas L of St L ref&ext 5s _1934
104% 13 102% 108
99% 81
Col Indus 1st & coll Is go,. 1952 MN 99% Sale 99%
1953 P A 104% Sale 10312 June'2
101%
& ref 5345 series C
Coll
100
10014
8
96
5s
deb
E
Columbia G &
99% 95 July'28
A 1954 3' 9912 10012 10012 10112
33 95
97 1094
3
43 92 100 Lehigh C & Nav sf 43is
4
93
Columbus Gas 1st gold 5g.._1932
10012 101
J J 9214 Sale 92
Lehigh Valley Coal 1st g 6s__1933 3' 10112 Sale 1011
1957
28
.
4
4349
1
Feb
5
88
773
List
9
&
P
10012
By
8712
us
Columb
33
Q 1 8712 88 87
Registered
9512 Aug'27
Commercial Cable let g 45..2397 Q
let 40-yr go lot red to 474-1933 3, 9214 97 10114 June'28
iiii" 11.198- 111-4
5
9812
Certificates of deposit
1934 P A 101
N 9812 9912 9812
994 10412
51
fsf65
Ist&re
_1934
9934
90%
97
65._
92%
f
9
93
fofi2
A _
Commercial Credit
P
9278
1944
9614 1004
.1
Sale
5a
f
g
&ref
lst
92%
July'28
1935
3 104 10612
105
Col tr 21534% notes
1954 P A 974 99 9714
9432 100%
1st &refer 53
105 Sale 105
2
103
9714
9714
_1441
98%
6s_
f
e
s
Tab-Ro
8
9714
June'2
Computing9914
1964 P A 9512
J
100
•
94 9984
sf5s
&ref
lst
991g
102
July'28
1951
98
0512
_
97
8
July'2
A
9512
P
Conn Ry & L lstdtrefg434s
98
1974
3714
.1
f
f5s
1
100
4
35
ist&re
99
1951
- 37% May'28
Stamped guar 434s
& P F 1st gu g 5s... _1993 MS
120 127
Ave
Lex
2
121
10012
Works
12012
97
-Elea
9
121369812
AO 12012
8
Consolidated Hydro
997
98
4
o
105%
75_194
9812
Tobacc
&
Myers
3
9614
Liggett
10
'
9978 10014
76 8334
25
80
of Upper Wuertemberg 72_19.56
1951 P A 9978 Sale 121
113 133
D 79 Sale 79
5s
121
107
110 10434
P A 121 Sale
106
Cons Coal of 151d let & ref 55_1950 P A 10512 Sale 105
113%
10012 10314 Liquid Carbonic Corp 6s.._.1941 AO 10912
107% 10834 22 105% 10212
101
Consol Gas(N Y)deb 53is_ _1945 3D 100% -- 101
Bale
_1941
wan'
99
65
with
deb
Inc
31
10014
105% Loew's
100
5 In
Consumers Gas of Chic go 58 1936 MN 10214 Sale 10214 10214
4 112 116%
t stock pur warrants _ AO 100 Sale
Withou
113
10272
_1952
6104
112
58......
1st
Sale
27
Consumers Power
102
1944 A0 113
8852 9814
rd(P)Co 78
10
907
1946 3D 10112 Sale 10114
13 92 98% Lorilla
Container Corp let Os
90
1951 P A 89 Sale 88%
91% 9712
Is
9214 16
97%
1943 3D 95 Sale 94
79
1
15-yr deb gold 6s
97%
9718
1937 .1 .1 92 Sale 92
4
530
Deb
983
A
95
P
10214
_1944
100
Cont Pap & Bag Mills 6345_
July'28
101
4
1023
*0 9934
10012 10278
Copenhagen Telep eat 6s___ _1950 MN 10115 10214 101 July'28
Corn Prod Refg 1st 25-yr a 1 5s'34




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New York Bond Record—Concluded—Page
BONDS
1‘4 Y. STOCK EXCHANGE
Week Ended Aug. 3.

Price
t

;
Weck's
Range or
Lou Sale.

Range
Since
Jan. 1

BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 3.

663
Et,

Prtce
Prtday,
Aug. 3.

Weer,
Range or
Last Sale.

5132

Range
Since
Jan. I.

Aug. 3.
High
High No. Low
Ask Low
9214 95
14
110
93
Hick No Low
Sale
ek 9214
All Low
9214 s
Bid
58___1948 J .1 M
9712 1014
2 10058 101532 Purity Bakeries s f deb
s 33
933
93
10212
102
A
10414
F
1024
MN
1937
Louisville Gas & El(Ky) 55_1952
97 101
981; Pure 011 s 1 554% notes
2
95
9912 11
9612
9834
9612
Remington Arms 6s
9714
Louisville Ry 1st cons 58- ___1930 J .1
Sale 9212 9358 811 9212
ItemRand deb 534s with war '47 MA NN
Lover Austrian Hydro El Pow—
9934 1054
:
911
8714
2
10114
8912
10114
e
1
3
a
m
s
1
89
41
458
69
100
O
8912
4
883
7M
40
193
5s e f 19
10-30-yr
S
&
I
105
Repub
lstsf 646s
36
103
10254
8
985
4
19
100
Sale 10412 1053 9 106 11312
100 Sale 9878
1953 J 2
Ref & gen 514s series A
41 J
4!
McCrory Stores Corp deb 53414
7 10178 10934
106
10412
0 104 Sale 102
2 10512 108 106
Manati Sugar lets f 73.s__ _1942 A
7
9812 102
674 771x Reinelbe Union 75 with war_1946 3 6
9812
9812
6814 10
A 0 6814 Sale 674
2
1
4
1
/
3
i
war
1946
purch
stk
Without
Manhat Ry(NY)cons g 413_1990
_ 10058 104
7114
60
102 July'28
34
2
8
0
19
1
98
10
6312 6512 7114 June'28
D
1950
A
2013J
75
Rhine-Main-Danube
2d 4s
• 2 10014 10214
06
1031,
10112
10112
June'28
102
9814
10114
98
Al
9218
M
Rhine-Westphalia Flee Pow 713'50
Manila Flee Ry & Lt s f 55 1953 M s
2
9112
9014 94
7 10012 102
10012 10034
14 9012 Sale 9012
11995525 M'
Direct mtge 65
9434 98
12
Marion Steam Shovel sf 6s 1947 A 0
97
9612 964
F A 95
Steel 1st 5 f 75
65
38
Rime
Mfrs Tr Co ctfs of panic In
106
June'28
_
104
65
July'28
105
__
-_ _9812
98
1942
7s
f
5
1st
Myers
114
&
3
A I Namm & Son 1st 68_1943 J D
Robbins
10714
10914
08 1001,
12
99
B 1,5
D
10914 Sale
_ _ 10858
98 Sale 98
s
Market St Ry 78 ser A April 1940 Q
2 104 10812
9014 1003, Rochester Gas & El 7s ser 11.1946 m
10514
10514
11
08
908
Sale
8
977
1948
901s
90
Meridional El 1st 78
Gen mtge 544s series C
1 10014 105
101
,4 90 June'28
901 _9_8__
M N 052
10118 10178 101
9512 984
Metr Ed 1st & ref 55 ser C --841. Roch & Pitts C & I p m 51_1946 M N
78
9512
9512
A ____ 8014 7912 July'28 _ _ _ _
Metr West Side El (Chic) 48_1938 F D
St Jos Ry Lt A: Pr 1st 55........1937
103
91312
7
9812
9814
98
10212
99
99
klieg Mill Mach 75 with war.1956 J
99 July'28
8912 5812
5
9314
J D 93 Sale 93
let 43-4s_1030 I 2 9812
7978
76
Without warrants
7618 July'23
7 10412 106.. St Joseph Stk Yds
7618 -78
10478 Sale 10478 10514
& P 5s stmpd_1955 3 3 iZ18..
Mt
9812
93
Rock
Mid-Cont Petrol 1st 610___1940 M
2
L
St
93
93
9612
99
1023,
30
9934
9934 Sale 99
1,
19
1
7
36
945
10612 10934
Midvale Steel &0cony s f 5s 1936 M
107 July'28
9712 10413 St Paul City Cable cons 5s
5
9812
9814
Sale
9812
JJ
100
4%5'31
3
3
952
ext
65_1
&
1st
ref
9912 1034
Milw El Ry & Lt
10012 17
2 10212 1053, San Antonio Pub Serv
3 100 Sale 100
A
F N
m
104 10212 10212
7s '45 i
98
94
General & ref 5s series A__1951 3 D 10214
9914 1023 Saxon Pub Wks (Germany)
• - 37
991, 10012 14
94 Sale
9958 100
1961.1 D
1st & ref 55 series 13
Gen ref guar 6348
2 10012 10512
103
102
1004
10112
1023
23
4
10314
103
4
1023
Sale
1
10318
I
105
guar 634s
Co
100
Montana Power 1st 5s A__1943
Schulco
11
104
102
195
99
12
Sale
4
4
993
1946 A 0 1023
D 9914 Sale 99
1962
Deb 55 series A
9634 08
Guar s 1 6468 series B
9714 18
N 97 Sale 97
Montecatini Min & Aerie—
944 0012
15
Sharon Steel Hoop 5 f 51113_1948 I"
95
9412
10534 31 10014 120
1937 JJ 10512 10578 10514
1952 Si N 9412 Sale 96
I
5s
s
deb
Deb 7s with warrants
Line
0478 10012
Pipe
41
Shell
9634
1014
944
9518 23
9634 Sale
9518 Sale 9412
3 J
Without warrants
9134 9612
7
Shell Union 011 5 f deb is. 1947 99 N
93
1021,
4
1
/
92
9914
8
16
8
995
Sale
995
4
993
8
925
9912
3
J
55_
_1941
ref
Montreal Tram 1st &
El Pow 1st 6%s_1952 3 0
947s
88
Shinyetsu
5
89
.
894
98
1017
_
_
98
June'28
Sale
99
8912
P
3
5
2
3
4
9
9
1
15
Gen & ref s f 5s series A___1955 A 0 98
6s_June
Theatre
104
10014
2
Shubert
103
99 1001,
__
114 10014
_ _ _ 9934 Nlay'28
1,046
4S
05114
1 .1 1100
1955 A 0
Series B
Siemens & Halske 13 f 7s
8 1044 112
881,
108
10712
88,
8
7
j
86
8612
8612
86
98J
1939
Morris & Co 1st s f 46s
Deb 0 f 6345
66 10458 10734
106
821, 823
10518
8212 Jan'28 _
92
11 N
ev
8s
8
921: rf
'
19
Nlortgage-Dond Co 45 ser 2 I966 A 0 84
8 t 634s allot ctfs 50% pd _1_
9818 105
5
99
Mg 913,
0818
98 July'28 _ _
9812 100
1932
10-25-year Is series 3
9234 96
13
Sierra & San Fran Power 5,3_1949 8 A
9512
4
-923
4
9714
July'28
983
8
967
905
8
9414
Sale
100
43
A
F
1946
Murray Body 1st 6345
634
f
s
s
102
Corp
Elec
9712
19
Silesia
9912
_ 103 1P7
9734
101 10412 10412 July-28
Mutual Fuel Gas 1st gu g 5s_127
1941 F A :11990(009:196794:11:81:42
9314 1084
10118 19
_ 10214 1044 Silesian-Am Exp coil tr 7s
1ssss0
SSS
10434 July'28
ala11li1 eee,074
a:
a
c
za
:5
ee 101
Mut Un Tel gtd 6s eat at 5% 1941 M N
Simms Petrol6% notes
55 100 10414
102
101
Namm (A I) & Son—See Mfrs Tr
9714 9934
Sinclair Cons Oil 15-year 7s.1937
97
65
56
99
9838
5914 24
Nassau Mee guar gold 4s_1951 I 3 59 Sale 58
1930
954 10212
1st lien coil 6s series D
9578 9924
9938 38
1/718 115
97 Sale 9638
99 Sale 9812
D
-1
Nat Dairy Prod deb 554'K-1948 8 A
1938
D
1st
lien
6448
series
9612 9934
43
9712
10412
2
_ _ 101
97
10114 May'28
Nat Foam & Stampg let 58_1029 I D 1011
9734
93
Sinclair Crude 011514s ser A_1938 1 J
10
94
8112 101
8512 28
93
8434 Sale 8112
m
,A
32
94
Nat Radiator deb 630s
s f 5s
1,
Line
Pipe
9214 9552
Sinclair
tp3
10
100
_
_
4
_
3
100
S 9214 Sale 92,4
II
72
40
93
19
1' / 100 10014 100 July'28
Nat Starch 20-year deb 55_1
2 101 10312
10112
_ _ _ _ 123 10518 Skelly Oil deb 534s
July'28
_
1014
103
N
10318
M
1952
5s
f
5
1st
N
Tube
National
Smith (A 0) Corp 1st 614s 1933 M
_ 106 11014
1073s 108
109 July'28
30734 Mar'28
100 10712'
Newark CO11801 Gas cons 58_1948
Rico Sugar 7s 1941 3_ 0 10773 109 1021
4 10612
/
4 10318 22 1021
/
10618 39 106 1111, South Porto
le
3 s
Sale
102
New England Tel & Tel 58 A 1952 1 D 10558 106 106
South Bell Tel & Tel lets f 581941 .1 .1 012
5 1024 10714
9912
24
106
103
100
10012
10212
Sale
10012
MN
1961
13
1st g 434e series
Colo Power Os A 1947 3 3
10718
Southern
10214
78,
95
1013
4
17
1033
9612
954
4
1
/
4 Sale 102
/
New On Pub Sen. 1st 5s A 1952 A 0 9612 9678
9578 10111 Sweet Bell Tel 1st & ref 5s 1954 8 A 1031
9714 15
1955 1 LI 97 Sale 96
First & ref lie series 13
9912 10212
1
on
84
3
100
86
8518
Sale
100
A
86
F
N Y Dock 50-year lot g 48_1951
1943
9912 10112
Spring Val Water 1st g 5s
4
94
91
10018
9312 32
918 1001- 1004
90
1938 A 0 91 Sale 91
Serial b% notes
1930 MMNN 10
Standard 51111ing let 55
5 10214 10412
34 113 119
10334
10314
10312 Sale
Sale,
N Y Edison 1st & ref 634e A_194I A 0 11312 Sale 11312 115
1945
&
ref
104
5168
1st
10218
321
8
12
106
10314
1025
Sale
104
8
10312
1023
10258
1944 A 0 104
1st lien & ref 5,3 series B
N J deb Is Dec 15'46
9412 9812
70
95
10612 11 106 1111, Stand Oil of
J D 95 Sale 944
N Y Gas El Lt II & Pr g 68_1948 J 0 10612 Sale 1064
9858 1024
Stand Oil of N 'V deb 4%8_1951
8
110 110
110
Apr'28
100
99
4
993
Sale
2 3
Registered
9934 10114
9218 0834 Stevens Hotel 1st 65 series A_1945 M S 9812 993 9934 July'28
9238 9414 9214 July'28
Purchase money gold 48..1949 F A
Sugar EsEstates(Oriente) 7s 1942
100 110
102 1025s Oct'27 _ _
N YLE&WC&RIt530_1942 MN
1929 8 A --__ 1021 100 June'28
10654 110
Superior Oil 1st 8 f is
1
103',
1Ol3
107
8
107
July'28
1013
lOOts
NYLE&W Dock & Imp 551943 J
Syracuse Lighting 1st g 5s_ _1951 1 13 1i.0
10314 10658
1-fii - 10814 June'28
9912 166 9878 July'28 _ _ 9878 1017, Tenn
N Y & 0 El L & P 1st g 58_1930 F A
Coal Iron & RR gen 58_1951 3 I 13:.. Sale 10612 107
2 10118 11578
__
6234 Apr'28
6234 623,
N Y RS'S 1st R E & ref 4s___1942 1
deb 6s_ _1941 A 0
Chem
&
Cop
105 10814
49
Tenn
10614
_
4
_
1053
60
58
58 June'28
1) 10614 Sale
Certificates of deposit
73
Tennessee Flee Pow 1st 65_1947 I
86
215 4
6334 11
4 Mar'28
_
3 15
30-year ad) Inc 55_ __ _Jan 1942 74771
1960 3 2 6858 Sale 68
5534 7275
Third Ave 1st ref 95
4 71
633
4
4
_
_
63
24
Mar'28
9
63
3
Sale
Certificates of deposit
4
973
1014
Ad)Inc 5s tax-ex N Y Jan 1960 A 0 9734 Sale 9714
5
9734
1937 3 3
98 10078
46
Third Ave fly 1st g 5s
99
31
1358 32
24
e18 98,2
0,834
9
N Y Rys Corp Inc 6s___Jan 1965 Apr 2234 Sale 2234
1955 PR 8 0
98 100
80
99
4
1
2
754 9414 Toho Elec Pow 1st 75 ly 15 1929 3 3
3934
Sale 98/
1965 1 J 8012 8934 8934
Prior lien Os series A
notes____Ju
gold
6%
99 10012
2
997s
9973
1 104 109
10414
Y & Itichm Gas 1st (ts A 1951 MN 10412 107 10414
9214
90
481
Tokyo Elec Light 6% notes_1923 8 A
4
9214
913
49
48
60
48
14
Sale
4
913
Sale
49
IS
N
1953 1 D
N Y State Itys 1st cons 430_1062
99 1014
1st Os dollar series _.
9912 10018 39
4
6112 744
65
01 12 Sale 6112
1st cons 634e series 13
10434 10712
Toledo Tr L & P 534% notes 1930
June'28
1044
2
10914
1115
10614
10512
S
9
S
10
2
j
Sale
1
e
1
7
1
9
0
0
3
1
M
10512
N
N
1949
I
1
4
96
)
1
Y
N Steam 1st 25-yr 68 ser A
1st g 5s
6 101 10312
10212
9914 10312 Trenton G & El
6
10012
9912 Sale 9914
1940 MN 10212 13234 10214 July'28
NY Telep 1st & gen ef 4348_1939 MN
s f 6s_
564 684
60
11034 58 1094 1111, Trumbull Steel 1st
65
2 52
30-year deben 5 f 6s__Feb 1949 F A 11014 Sale 110
Twenty-third St Ry ref 58..1962 1
984 10151
101
100
10612
109
106
10714
Sale
10658
27
1007
MN
8
Sale
20-year refunding gold 68_1911 A 0
7%8_1955
Pow
Hydro-Elec
Tyrol
10112 74 100 1031,
1946 J D 100 101 100
N Y Trap Rock 1st 68
98 103
9912 11
99
9912
3 101 1045,
10112
99
Niagara Falls Power 1st 58_1932 J J 10114 10134 101
s f 7s
9511 9534
9534 Mar'28 - -99
10412
2 104 1061, Ujigawa El Pow
Ref & gen Os
Jan 1932 A 0 104 10414 104
3 1.2 S 94
35
191
%8_1
4
London
of
4 103
1003
Undergr'd
2
11 101 1049,
102
10114 10212 10138 10112
Nine Lock & 0 Pr 1st Is A__1955 A 0 102 103 10112
Union Elec Lt & Pr(Mo) 5.9_1932 M 9 100 10014 10012 10012
2 10014 103
Norddeutsche Lloyd (Bremen)5s
ext
1044
&
10118
Ref
7
9312
10178
924
9314 45
9278 Sale 9234
20 yref(93
N 10134 10314 101 18
7
3-1
?'5
Un E Le:P(111)1st g 53,4s ser AP
89,2 9478
93
79
45
8912 8912 July128 -N 80 Sale 79
MS
7M
40
94
Nor Amer Cem deb 634e A 19
1945 A 0
Ry (Chic) 5s
,
Mel
102
9958
Union
99
-103
8
4
,
10
7
ouly'28
9912
993
4
Sale
65
0
1013
4
9,
10112 103
No Am Edison deb 55 ser A_1957 M S
1931 1
Is
10912 21 108 1124
1024 1071, Union Oil let lien s f _May 1942 8 A 10912 Sale 109
103 104 10512 July'28
1947 M
Nor Ohio True de Light 65
9712 102
30-yr Os series A_ _
23
99
48
104
100
4
102
100
Sale
1003
9712
0
A
Sale
9812
1941
Nor States Pow 25-yr Is A
0
1st lien 5 f 55 series C_Feb 1935 A
10512 16 104 107
MN 10012 101 10012 10012 10 10014 10212
1st & ref 5-yr 6s series B_ _1941 A 0 10512 Sale 10514
United Biscuit of Am deb 6s_1942
95 10014
38
9712 106
96
9712
1
9712 ---_ 9712
North W T 1st fd g 434s gtd_1934 3
1053 M 8 9534 Sale 95
rets 25-yr 55
Drug
8512
United
81
12
9414
0012
91
84
9012
Sale
29
9114
N
81
Norweg Hydro-El Nit 5368_1957 51
.1934 3 1
g
95 101
9634 25
11412 115 July'28
11412 11634 United Rys St L let6548... 1937 MN
4
,
95
9512
Sale
Ohio Public Service 7%8A...1916 A 0
UnitedSS Co 15-yr
9612
9052
11
s
1153
1157
115
118
115
s
8
8
1157
927
8
905
A
F
93
9218
1947
1st & ref 7s series B
1 0
8934 9718
Un Steel Works Corp 6%13/L1951 .1
16
7 10412 108
93
10412 10434 10412 10434
D 9278 Sale 8934
1918
Ohio River Edison 1st 6s
96
With stock pun warrants
90
6
92
924 92
9512
92
87
8
92
90
93
91
Old I3en Coal 1st Os
Series C without warrants__ 3 D
4
1
9078 97/
1061,
103
10112
Sale
15
103
10318
July'28
943 115'
-114
90 9212 91
Ontario Power N F 1st 5s
D
3
pur
stock
warrants__
With
2 10058 10434
Ontario Transmission let 55_1945 Psi N 09 10112 10058 10058
United Steel Wks of Burbach
10214 105
6
105
99
9814
9812
9618
Sale
08
10412
4
1033
M
10512
10414
1953
Oriental Devel guar Os
1951 A 0
8334 9612
Esch-Dudelange 5 f 7s
99
9012 9134 91
9378
91
88
9134 11
8758 Sale 8534
Oslo Gas & El Wks extl 5o_1063 M
US Rubber let & ref 58 ser A 1947 3 3 10034 Sale 10034
974 101
10118 42 100 10534
9912 40
1941 M S 9912 Sale 99
Otis Steel 1st 51 6s see A
734% secured notes_1930 F A
10-yr
10934
106
38
8
103
1017
Sale
10514
10018
4
103
69
1063
MN 10658 Sale 106
Pacific Gas & El gen & ref Is 1942 3
10534 10812
10018
9912 /011.- U Et Steel Corp(Coupon Apr 1963 MN
1004 11
10534 July'28 _
Pac Pow de Lt 1st & ref 20-yr 5s'30 F A
96
s f 10-60-yr5s1Regls_ _Apr 1963
8914
105
10258
8
103
7
1025
103
1023
4
J
July'28
90
J
9012
1937
&
Is
90
Tel
1st
Pacific Tel
10012
Universal Pipe & find deb Os 1936 2 0
10234 Sate 10234 103
21 10234 108
9612 23 9512
1952
Ref intge Is series A
& Trac 1st & ref 55_1944 A 0 96 Sale 96
4
1
9834 103/
38
102
r'114 10212 1024 10212 10234 41 10211 10514 Utah Lt
100
4
;
Sale
Pan•Anier P & T cony s f
100
1944 8 A
10012 108%
8 10312 105. Utah Power & Lt 1st Is
1930 F A 10412 Sale 10412 10458
let lien cony 10-yr 78
10758 10912 10378 June'28 - _
913,, 9814 Utica Elec L & P Ist s f g 58_1950 1 1 10534 10612 10514 10534 11 10534 112
9512 18
Pan-Am Pet Co(of Cabconv 68'40 3 0 95 Sale 95
3
2
101
ref
& ext 5s1957
99
Utica Gas & Elec
1
99
10114 Sale 10034 10114 36 10012 104
9912 99
99
Paramount-Wway let 5349..1951 3
55
48
98 10254 Vertientes Sugar 1st ref 78..1942 J 0 .50
9934 44
48 July'28
53
Paramount-Fam's-Lasky 65_1917 J D 9912 Sale 99
1953 3 /
9178
85
7
9834 Sale 984
8611 10214 Victor Fuel let s f 58
85
9912
85
Park-Lea 1st leasehold 6>05,10533
89
82
9912 102
1st g 58 1949 M 8
&
Coke
Coal
Iron
Va
7
1
Mar'28
10712
103
102
1071;
107
2
1004
1949
M
Pat & Passaic G & El cons Is
10014 10112 99
/
3
5s
1934
&
Pow
ref
1st
&
vu
Ry
71
81.
40
7012 Sale 70
50
Path() Each deb is with warr 1937 M N
9614
82
7
8712
9418
9418 102
95
9434 96
24
1941 M
Penn-Dials Cement Os A
A 0 8612 Sale 82
9612
80
16
32
115
115 115
1 11334 1154, Walworth deb 616s (with war)'35
Poop Gas & C Ist cons g 68_1943 A 0
82 Sale 80
trou,
1st sink fund 6s series A ___1945 A 0 10612
5 10512 10778
10612
10334 Sale 10312 10334 18 10312
1947 al
106
Refunding gold 58
Sale
8412 05
Sugar Refin 1st 713_1941 .1 13
Warner
28
104
9114
M
Apr'28
104
104
4
003
Registered
011, Sale
— 104 105
103 July'28
103 1044 Warner Sugar Corp let 78...1939
104 July'28
Philadelphia Co call tr 68 A_1944 F A
1 104
107 10018
9514 196
9758 101% Wash Water Powers f Ss_ __1939 1
107 July'28
1967 3 11 98 Sale 9734
Secured Is series A
1950 3 0 104
d
gt
Ltg
strnpd
101 105
Westches
555
14
102
4
4
983
99
983
23
99
8
N
983
sus
IS
1967
Phila Flee Co 1st 414s
4 Sale 10112
/
1011
4 10 102 108
94 102, West Penn Power ser A .58_1946 M
118
11
1033
102
Phila & Reading C & I ref 5s_1973 J J 9712 Sale 9714
Sale
10312
8
A 0
1963 M
F
series
55
1st
10114 10618
9218
D
9112
Sale
4
4
913
943
9112
37
.1
July'28
1939
10114
deb
5)25
Phillips Petrol
103 10634
1953
1st 514s series F
5 10138 105
8
102
4
9012 106
Pierce-Arrow Mot Car deb 851943 M s 102 Sale 101
121 10114 10158 10158 1015
1.,
9561
11950
130
1st sec 5s series G
50
10411 11634
3
50
50
Pierce Oil deb s f 8s__Dee 15 19312 0 100 10658 10034 July'28
5514
50
18 10124 105
0 10334 10e. West Va C & C 1st 613
10514
Pillsbury Fl Mills 20-yr 6s_1943 A 0 10434 Sale 10434
1944 A 0 10212 Sale 1014 10212
Western Electric deb 5s
4 100 10512
9914 113
10112
M N 101 10312 104 July' 8
10014
Pirelli Co (Italy) cony
10278
102
J
9712 10318
Western Union coil tr cur 5s_1033
99 June'28
99 Ii."
3
,J J
9834
9834
Pleasant Val Coal let g s t 58_192,
98
95
N
1950
Fund & real est g 4148
9312 9614
37 10814 11272
0312 9612 9312 July'28
Pocal, Con Collieries 1st s t 581957 J
10934 Sale 1083, 110
15-year 634e
10412 10634
10178 99 10112 10514
10112
Port Arthur Can & Dk Os A_I953 F A 10312 106 106 July'28
Sale
8
1017
25-year gold 58
106 106 July'28
10412 106
4 10414 50 10214 105
1
1953 F A
Ist M 6/3 series B
S 104 Sale 103/
F1 DA
5
5811 j
3(
994
_ 119
20-yr g 551
9938 1044
10234 10 10118 10534 wesch'se E &
9
10014
100
Portland Flee Pow 1st 6s B 1947 191 N 101 102 1011s
Wheeling Steel Corp 1st 534e 1948 3 3 10014 Sale
8
8
995
J
995
99
1
2
9812
10314
10311
19:35
5s_
1st
Gen
Flee
Portland
9312 95/
4
1
9.34 White Eagle Oil & Ref deb 53.O8'37
9814 9878 09 July'28
9612 18
98
963s
Sale
8
963
Portland fly 1st & ref 5s.....1930 M N
S
M
_
warrants_
punch
With stock
_ _ 123 13112
10012 16
9934 10484 10014
AR 1018,
July'28
Portland Ry L & Plot ref 55_1942 F A
3 3 ____ 12434 124 4
101
war)'36
Sew
Mach
(with
6s
white
4
10118
9
981
10118
9914
Sale
10118
1047
10118
8
M
983
N
9914 Sale
1st lien & ref 6s series 11_1947
Without warrants
3712
28
4
10738
2 1064 108
35
34
36
1st lien & ref 714s merles A_1946 131 N 107 10758 107
34
Wickwire Spen St'l 1st 7s_ _1935 1 J. 34
25
9714 105
3112 80
98 Sale 08
9834 12
3112 Sale 304
Porto Rican Ant Tob cony 6,31942 .1 .1
1935 M N
7s_Jan
Co
St'l
Sp
10312
Wickwire
10112
943
4
95
9538
10212
95 Sale
951, 56
102 10212 102
Postal Teleg & Cable coil 58_1953 J
s____1933 M
8 100 10518
10212
90
02
9314 02
1
92
994 Willy's-Overland 5 f 634
102
103
102
0
A
(68_1941
noised Steel Car cony g Is. _1933 1 J
Wilson & Co 1st 25-yr s
9 101) 10818
10714
111 115
_ Ill July'28
4
/
Prod & Ref sf8s (with war)_1931 J D 1111
Arms73is '41 A 0 10714 Sale 107
9914 10112
11018 11212 Winchester Repeat& Tube 5s1978 1 J
9934 Sale 9912 10014 160
Without warrants attached__ J D 11034 iff 111 July'28
Youngstown Sheet
12012
12534
116
12412
Sale
976
121
A
F
4%6.1948
Pub Serv Corp N J deb
8
Mar'28
10618
106
1047
8
Pub Serv Elec & Gas 1st 5%81959 A 0 102 1023
102
1023s
9 102 10552
19651
1st & ref bs
10512 32 104 107
Punta Alegre subsr deb 75.1937',T 1 10412 Sale 10412




4

rA

7

1

661

FINANCIAL CHRONICLE

[VOL. 127.

Outside Stock Exchanges.
Boston Stock Exchange.-Record of transactions at
the Boston Stock Exchange, July 28 to Aug. 3, both
inclusive, compiled from official sales lists:
Stocks-

Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High Shares.

RailroadBoston & Albany
100
Boston Elevated
100
Preferred
_100
1st preferred
100
20 preferred
100
Bost & Maine corn unst 100
Ser A 1st pf unstpd_ _100
Preferred stamped__ _100
Prior pref stamped..100
Ser A 1st pref stpd
100
Ser D 1st In stlx1
-100
Chic Jet Ry &US Y pf.100
East Mass St Ry Co...100
lot preferred
100
Preferred B
100
Adjustment
100
Maine Central
100
Preferred
100
Y Nil & Hartford__ _100
Norwich & Wore pref 100
Old Colony
100
Pennsylvania RR
50
Vermont & Mass
100

854
105

7755
10854
73
52
60
83
5555

18555 188
85
86
100 10155
113 113
104 105
75
7655
88
88
75
75
10955 my,
7755 80
1484 14855
10855 10855
32
32
73
76
63
68
52
52
5955 60
85
83
5555 57%
130 130
135 136
6354 6535
118 118

15
320
55
10
73
145
20
100
49
147
18
68
5
20
60
165
336
166
268
30
26
851
40

Range Since Jan. 1.
Low.

High.

183
Feb
85
July
100
Feb
110
July
104
July
55
Jan
80
Jan
6155 Jan
108
July
6955 Jan
135
Jan
108
Jan
29
Jan
72
Jan
63
Aug
50
July
59
Feb
83
Jan
5455 June
130
Aug
13155 July
62 June
114
Jan

19455 May
Mar
99
Apr
107
12034 Jan
11055 Jan
Apr
83
May
98
May
90
May
115
Mar
87
May
180
1134 June
Apr
43
Apr
88
8055 Apr
6556 Apr
Jan
65
Apr
87
6815 May
140 June
Apr
141
7215 Apr
Apr
121

Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High.
Shares.
East Mass Street RR434s series A
1948
66
66.15 5,000
6s series C
1948
92
92
1,000
6s series D
1948
93
93
3.000
Hood Rubber 7s
1937
100 100
27,000
Italian Superpower 68_1963
8255 8255
1,000
Mass Gas Co 455s_ ___1931
5,000
New Eng Tel & Tel 5a 1932 9855 9854 99
10034 1004 19.000
5s
1952
10534 10535 5,000
Seaboard Air Line 6s__1945
783.4 7855 10.000
Sioux City Gas& El 548'50
101
101
1,000
Western Tel & Tel 52_1932
6.500
Wickwire Steel 7s_ __ _1934 3035 100 100
304 3054 10,000
•No par value. z Ex-dlvidend.

Range Since Jan. 1.
Low.
66
91
0055
100
8355
98
10055
105
7854
101
100
21

July
Jan
Feb
July
Aug
July
Aug
Jan
Aug
July
July
Jan

High.
79
Alm
974 Apr
9855 Apr
1034 Jan
85
July
101
Apr
10355 Feb
10534 Aug
8635 Mar
104
June
103
Jan
31
Juno

Chicago Stock Exchange.-Record of transactions
at
Chicago Stock Exchange, July 28 to Aug. 3, both inclusi
vo
compiled from official sales lists:
Stocks-

Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.

Range Since Jan. 1.

Low.
High.
Acme Steel Co
25
92
93
1,100 83
Jan 96
Apr
Adams Royalty Co corn....
20
21
300 19 June 28% Apr
All-Amer Mohawk "A"...5 14
6334
1355 15%
1,350 1355 Aug
1855 June
American Colortype, corn •
29
29
100 2355 Feb 3355 Slay
Am Fur Mart Bldg pre! 100
98
10 97
MiscellaneousJune 101
Feb
Amer Pub Serv met._ 100 10035 98
1004 101
65 9754 Mar 104
Amer Brick Co (T C)----•
June
Amer
1555 1555
Pub
50 1555 July 20
Utll
pr
p10_100
Mar
93%
93%
9334
39
Amer Pneumatic Service 25
July 103 June
335
American
355
260
354
Shipbuilding_100 90
234 May
June
455
88
90
190 88
Preferred
50
Aug 11755 Jan
1655 1655
100 15 June 2455 Feb Amer States Sec Corp A..' 10%
1055 1034
725
151 preferred
Jan 13% May
50
4
47
Class 13
48
321 47
July 51
• 14
Apr
1355 14
1,150
Amer Tel & Tel
455 Jan
100 1754 17355 17635 2,837 17155 July 210
1754 May
Warrants
May
4
4
455
Rights
665 May
650
55 Jan
1154 12 113,902
Armour & Co pref
100 88
85
88
Amoskeag Mfg Co
465 56% Jan 9154 June
• 1915 19
19%
355 18
Apr 25% Apr Armour & Co (Del) pf 100
9355
94
Bigelow-Hartf Carpet_-* 91
52 87
Jan 974 June
90
9135
137 8955 June 9915 May Art Metal Wks Inc pref__• 3135 31%
34
Preferred
1,610 28 June 35
1'00
July
103 10355
121 x101
Mar Assoc Investment Co____• 3936 3955
Jan 110
Brown & Co
94 38
Jan 40
94,4 9455 95
May
279 9355 July 9855 May Atlas Stores Corp com___• 3956 3635 3934
Continental Securities Corp
40
7,250 27
June 40
Aug
110 119
Auburn
115 81
Auto
Co
Jan
Apr
com____• 102
13455
100 110
Preferred
1,25(1 100
Aug 14155 Mar
83
83
30 83
July 8555 June
Crown Cork AC scorn stk.
154 1455 1635
Balaban & Katz v t c....25
900 1435 July
July
1654
64
East Boston Land
64
50 5955 Jan 82
lo
Mar
5
555
200
254 Jan
655 May Bastian-Blessing Co com.• 35
Eastern Manufacturing_ _5
3355 35
1,050 24
Feb 4055 June
25( 255
700
135 Jan
255 Jan Baxter Laundries Inc A..* 24
Eastern SS Lines Inc__ 25 9855 9855 9955
24
24%
550 21
June 32
Apr
Beatrice
635 86
Creamery
May
Feb
118
com.50
Preferred
6755 6855
267 64 June 72 June
48
4854
170 47
July 51
Apr Bendlx CorpEconomy Grocery Stores_*
13% 15
175 1155 Jan 17% June
Class B
10
155
154 16055 9,750 106
Edison Elec Blum
100 279
May 16055 Aug
277 280
299 252
Feb 305 Slay Borg-Warner Corp CORI_ 10 90
8935 92% 32,055 70 June 94
Juno
Brach & Sons(EJ)com__• 21
Galveston lions Elec..100 _.38
2035 21
345 1634 Jan 2255 May
35
39
Butler Brothers
975 31
May
Feb
43
20 24
Preferred
24
2355
1,045
100
20
Apr
28%
7855 7855
Slav
Campb
20
75
Wyant & Ciao Fdy• 4655 4655 4755
Jan 86% Apr
General Alloy
80(
35 June 53
May
1035 11
400 10 June 1355 Jan Celotex Co corn
•
Gen Pub Ser Corp corn. *
52
54
175
49
69
Feb
2255 2235
Slay
Central
100
16.55
Gas&
Jan
ElMay
30
Georgian Inc class A pf..20
16
16
$7 preferred
80 1555 July 20% Jan
• 99
Gilchrist Co
99
9955
20
9454 June 10435 May
29
30
305 29
5655 preferred
•
July 3555 Jan
94
94
Gillette Safety Razor Co •
10 94
July 100
Slay
100% 102%
480 98 June 112
Apr Central Ill Pub Serv pref..
Greenfield Tap & Die__ _25
9755 98
143 9756 July 10055 Apr
955 955
Cent Pub Serv Del
500
955
•
Aug
Jan
13
184 1835
Hood Rubber
20 1555 Apr 20 Slay
• 28
2555 28
1,177 2535 July 4355 Jan Central Pub Serv Corp A..• 3035
29
304
Insurance Sec
663 204 Jan 3055 Aug
10 2636 2555 2651
45 2554 July 32
May Cent States P & I. pref
* 99
99
International Corn
10 9731 June 102
99
May
5835 6134
945 4515 Feb 6555 June Central SW Utilcom_
•
Italian Superpower cl A___
65 76
Jan 98
May
124 124
Prior
5
lien pre!
7
Jan 2355 May
104
•
103
105%
Libby McNeill & Libby_10
107
10255 July 112
May
10
1054
69
Preferred
755
May
Jan
10%
•
10051
loog nu%
Loew's Theatres
147 9954 Jan 10555 Jan
25
894 855 835
85
734 Jan 10% May Chic City & Con Ry pt sh
1%
1% 1%
Massachusetts Gas Co.100 143
700
1
June
2
141 143
547 109
Participation pref
•
May
Feb 155
15 • 1555 1,100 1235 Apr 2234 Feb
Preferred
100 78
Jan
78
78
Chic Jeff Fuse & El corn_ •
99
77
June
May
88
Mergenthaler Linotype 100 10151 100 10155
31
31
40
Feb
30
Mar
40
Chic
79 99
Mill
& Lum pfd_ _100
Apr 112
Jan
National Leather
19 10855 Aug 10815 Aug
10
4
4
Chic Rap Tr pr pf A _ _ _100 101% 10855 10835
100
355
May
Jan
6
Nat Mfrs & Stores Corp_ _* 36% 3635 37
101 101%
66 10035 Jan 1021,5 Jan
305 30
Apr 40% May Chic Rys part ctfs ser 2.100
Nelson Corp(Herm)tr ctf 5
135 2
113
135 June
355 Slay
28
2855
142 2535 Apr 3455 May Ch.ckasha Cotton OIL __10 5194
New Eng Equity Corp_
5035 544 13,650 45 June 58
4135 4355
JOY
484 25
Chic No Sh & Mil com.100
Jan
4355
Aug
Preferred
20
20
20
100
'20
Mar
44
96
Jan
97
32 93
Prior
lien
Jan 100
Jan
preferred..100 984 97
New Eng Pub Serv
98%
•
75 9355 July 100
Apr
100 100
45 100
Preferred
July 10955 Feb
100
Prior preferred
55
53
100
55
70 53
103 107%
July 65
Jan
15 103
Chicago
Rys
Aug
May
part
11155
ctfs
3 100
New Eng Tel & Tel
34
100 144
100
143 14455
36
h Feb
2
55
May
255 x137
Mar 152
May Chicago Towel Co cony pf•
Nor Texas Elec
98
100
98
110 9555 Feb 102
16
Alm
16
17 15
Jan 2155 Mar Club Alum Uten Co
• 2951 29
Pacific Mills
100 2955 29
31
2,250
Jan
June
28
39
2955 1,192 29
Coleman
July
Lump & St corn _•
4035 Jan
Reece Folding Mach__ _10
57
5754
350 5635 July 66
154 14
Slay
10
1% Feb
May Commonwealth Edison.100 184
255
So New Eng Ice
182% 184
13
13
672 105
Jan 189
Feb
13
20
9
Consumer
Jan
s
1456
Feb
Co
common.
_5 12%
Seer Sec Corp pf allot ctfs_ _
12
32
1255
1655 Apr
3155 32
755 Jan
950
555 31
Prior prof ser A 67
Jan 37
May
0..100
Swedish Am Inv pf tr elf100
94
95
135 140
223 94
Aug 95
Aug
353 12335 June 1424 July
Preferred
100
Swift Az Co
100 134
95
95
13035 135
Jan 9855 Apr
10 87
293 124% Jan 13555 June
Warrants
Torrington Co
25 112
6
6
1114 112
355 Feb
200
1055 Apr
35 90
June Crane Co common
Feb 125
25
Tower Mfg
4555
4554 4555
335
3% 4
369 45
mar 4755 Jan
885 90
Mar
4
July Cutler-Hammer Mfg CoTraveler Shoe Co
18
18
18% 2,035 18
Mar 2655 Apr
Common
Union Twist Drill
100 52% 5254 5235
5 1455 14
Mar 5935 Apr
50 4
184
3
1435
205 11
Davis Indus Inc "A"____• 13
May
Apr
16
United Flee Coal
• 56
13
5455 56
134
550
1751 'Jane
2,980 4035 Apr 58
Warrant
May
United Shoe Mach Corp_25 7351 73
960
135 July
74
54 June
1,339 6334 Jan 77
75
May Dayton Rub Mfg A corn.• 453.4 42%
U S Brit Inv $3 pf allot elf.
45
7535 764
38 35 June 59
May
50 7154 July 9614 May
Prior
common
Venezuela Holding Corp__
1455
75
75
13
1435
70
00
May
88
July
910
8
Jan
Decker
May
(Alf) & Cohn
36
Waldorf System Inc
• 21
30% 31
21
1,320 25
21%
May
Feb 34
270 1955 Jan 2755 Apr Diamond Match corn_Inc.• 31
_100
Waltham Watch el B
158 158
•
65% 66
10 156
Feb 158
Aug
100 60
Jan 90
Mar Eddy Paper Corp (The)- •
Preferred
3255 3254
100
85
85
Feb 4255 May
50 30
50 84
June 98
Apr El household Utll Corp.10 26
Prior preferred
100
2455 27
102 102
8,150
June
27
25 102
Empire
July
Mar
G&F
10654
Co
7%
p1.100 99% 99% 100%
Walworth Co
20
15
336 391977 JulyF
15
e)
r 105
ja
40 14% July 184 May
May
6% preferred
100
Warren Bros
50 156
97
156 163
261
09
9754
220 x141
July
June 19255 Apr
8% Preferred
100
1st preferred
11155 111%
50
51
60 108
51
jox
x F
eb 1134 Slay
184
22 50
Jan 60
Apr FootcBrosG&MCo5
2455 27
1,590
30
May
Galesburg Coulter-Disc_
6955 69
Mining70
1,25
May
4755 Jan 75
Godcbaux Sugar, Inc. Cl B• 1455
Arcadian Cons Min Co. 25
13% 15% 5,30
13.4
155 115 2.525
16
July
Pis June
2% June Gossard Co (H W)corn..' 54
Arizona Commercial
5255 54% 5,000 43
5
455
4
435
3
j
1,170
Jan.1amn 62
Apr
3% Mar
Jan Great Lakes D & D
6
100
295
Arnold Mining Co
280 318
25
.50 .50
28 245
345
450
May
.30 Feb
May Grigsby-Grunow Co corn.* 129
.75
Bingham Mines
111 134
10
4355 4355
18,850
134
Aug
10 4135 June 66
Jan
Hart-Carter Co cony pt..'
Calumet & Hems
33%
32
25 2351 2235 234
35% 17,100 2
1,308 2035 Jan 2555 May Henney Motor
irenbe 3855 Juno
A JF
49
2%
Co
Copper Range Co
•
25
25 17%
2555
1755 18% 1,083 144 Mar 23
450 12
Feb 26% Juno
May
Preferred
•
East Butte Copper Mln_10
48
49
235 355
255
355
400
1% Feb
50
Slay
3% May IlibbardSpenBartCocom25
Franklin Mining Co.. .2.5
58
.40
.40 .40
58
15
July 70
Jan
.40 Aug
70 58
1
May
Hancock Consolidated._2.5
234 355
695
.30 Mar
4% July Illinois Brick Co
25
Hardy Coal Co
1
3935 40
35,5 335
355
10
190 39
Apr
Feb 44
235 Jury 12
Jan
Illinois
Nor
Util
pref___10
0
Helvetia
25
100 100
.80
.80 .80
150
June
40
.65 Jan
101
a3-4
154 Apr Indep Pneu Tool v t c__ •
Island Creek Coal
41)
1
50
183 49
10
May
July 60
56
may Inland WI & Cable com_10 49
Preferred
1 105
105 105
4835 4955 1.80
10 10355 June 10654 Apr Jaeger Machine
6114
May
Co corn_ •
Isle Royal Copper
25 18
18
3655 3654
361 x114 Feb 2434 May Kalamazo
3655 Aug
19%
100 "
2
:
24954
9
Mar1
Faace
o Stove corn...* 119
Lake Copper Corp
25
154 135
155
1134 119% 7,025 85% Jan 135
210
1
May
Feb
3
May Kellogg Sw1tchbd com
10
La Salle Copper
851
25
.90 .90
8
835
1
.75 Jan
1,600
1351 Jan
834 Mar
251 June
Preferred
Mayflower & Old Colony 25
.65 .65
SO
100
80
Jan
.50 Jan
Mar 98
100 75
135 May Kentucky Util jr cum 100
Mohawk
Pf-50
25
56
53
5855
53
170 4655 Jan 65
JulyFe b 5455 June
20 5502
Apr Keystone St & WI corn__
_• 46
New Cornelia Copper-.
2755 2755 2856
46
4755
30 2535 Feb 30
1,10
May
4355
61
i‘iu
rnale
J
May Kimberly Clark Corp,com•
New Dominion Copper___1
.10 .15
52
52
500
July
52
27
.10 Mar
.30 May Kraft-Phen Cheese, corn 25
New River Co pref. __100
55
66% 68
55
110 5535 Jan 63
57. 60% Feb 7754 May
Apr La Salle Ext Univ corn..10
Niplasing Mines
5
335 455
455 July
45
355 355
50
3% July
535 Jan Leath & Co corn
•
15%
North Butte
1455 1534
335
1,05
15
June
j, 1555 Aug
2
13
4
355 334 5,991
.90 Jan
455 July
Cumulative preferred_ •
Old Dominion Co
5135 52
25 1455
1455 154
200 51% June 53 June
530
9
Mar 17
July Libby McNeill & Libby_10
10%
Quincy
1055 1034
May
2,00
25 3755 3734 39
13
1,015 1255 Apr 46
July Lion Oil Ref Co corn
• 2855 2755 2855 3,325
St Mary's Mineral Land _25 274 2734 28
32
Slay
p
J n
110 2155 Mar 34% May Loudon Packing
Co
•
Superior-Boston Copper.10
.30 .35
300
.15 Mar
.75 May McCord Rad Mfg A__ • 3454 3355 3455 1,720 3054 June 3456 Aug
43
444 Apr
Fel
43
Utah Apex Mining
200 40
5
4
175
35.4 4
355 July
5% Jan McQuay-Norris
44
60
May
44
45
Utah Metal & Tunnel_
150
34
1
13.4 155 138 1,750 1 Feb 1% Feb Meadow
Mfg Co corn....' 1555
1535 17
1,350
2234 Apr
Victoria
34
25
1%
200
154
.95 Apr
53.4 May Mer & Mfrs Sec part pfd_
25
May
19
Winona
19
100
Jan3.4
25
.20 .20
100
.10 Feb
.35 May Metro Ind Co ctf of dep.' 10155
3jJuneaant 102
101% 10151
May
250 111021:6053
Middle West Utilities_ _• 14235 142 145
169
May
840
BondsPreferred
100
11834
12551
Amoskeag Mfg 6s_ ___1948 89
606
j
3
.
6
11714
May
88
89 510,000 88
11811
July 9555 Jan
$6 cum preferred
• 9755 97
Chic Jet & U S Y 5s___1940
365 9355 Jan 100% May
97%
102 102
1,000 101
July 10335 Jan
cum
$6
prior
lien
Ma 108
195 99
May
• 10056 100 102
Dixie Gulf Gas 655s__1937
95
95
3,000 95
Aug 99% Feb
Prior lien preferred_ _100
130 122% Jun 13055 May
123 124




28451

Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.
Midland Steel Prod corn ..•
Midland Uti16% pr lien100
100
7% prior lien
Miller di Hart Inc cony pf_•
Minneap Honeywell Reg..•
Miss Vail Util pr lien pref...
•
Nlodine Mfg corn
Monighan Mfg Corp A....•
Monsanto Chem Works_.*
Morgan Lithograph corn.
Nachman SpringfIlled com•
100
Nat Carbon pref
Nat Elec Power A part_ _.•
National Leather com___10
•
Nat Standard corn
100
National Tea pref
Neve Drug Stores
•
Convertible "A"
Common
Nobblitt-Sparks Ind com_•
North American Car com.•
Northwest Eng Co com. _•
North West Util pr In pf100
Novadel Process Co corn.•
•
Preferred
Ontario Mfg Co corn

10033
5133
37

Penn Gas & Elite A com *
Perfect Circle (The) Co_ _*
Firma Winterfront A comb
Pub Serv of Nor 111100
Common
•
Common
100
0% preferred
•
Q-R-S Music Co corn
•
Quaker Oats Co coin
100
Preferred
Reliance Mfg Co pref. _100
Ross Gear & Tool com_ .•
Sangamo Electric Co_ _ _
Sears, Roebuck common_•
Shaffer 011&Ref cony p1100
•
Sheffield Steel corn
Sonatron Tube Co corn _ _*
So Colo Pow El A com _ _ 25
So'w 0 & El 7% pref _ _100
Spiegel May Stern corn_ •
633% preferred
100
Standard Dredge cony pf_•
Stand Gas & El 8% pfd_50
Steel & Tubes Inc
25
Stewart-Warner Speedom •
Studebaker Mall Or comb
Super Maid Corp corn _ _ _ _•
Sutherland Paper Co com10
Swift & Co
100
Swift International
15

28%
60%
71
31%
3231
431
41

90
86
92
92
100% 10133
5133 5233
3634 3733
94%
93
3533
35
28% 2933
6033
56
70% 74
32
31
137 137
33% 33%
4%
4
41
43
10533 10533

3633
2533
32
44
3933
10133
1633
1633
37
27
29

34
44
39%

3633
26%
34
45
4011
10133
16%
37
30

2231 23
23
3231 32% 33
11733 11333 120

Yates-Amer Nfach part pf•
Yellow Cab Co Inc (Chic)•
Zenith Radio Corp corn_

20
3034
9634

Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.

Range Since Jan. 1.
Low.

High.

03 84 June
July
15 92
250 9934 June
3,585 51% July
210 30
Feb
July
265 93
1,350 3134 June
450 2411 Apr
918 3834 Jan
1,200 64;1 June
4,130 28% July
July
10 136
798 2734 Jan
333 Jan
450
1,025 3733 Jan
Jan
20 104

11033
97
107
5233
45
9634
3833
36
6034
8733
32
139%
42
6
57%
10533

Jan
Mar
Mar
July
May
Jan
June
May
June
Apr
Aug
Apr
May
May
May
July

June 43
July 3333
June 4433
Jan 54
Jan 50%
Jan 115
Mar 19
Mar 3734
July 30

May
Apr
May
June
May
Feb
May
July
June

100
700
2,800
745
200
10
500
100
2.975

33
2434
28
3234
29
9933
10%
28
26

510
8,440
5,850

20
Jan 2733 May
July
31% July 33
54% Jan 124
July

20 13933 Jan
190 190
186 190
408 15931 Jan
190
231 110
Feb
12334 12031 12333
250 3833 Jan
8733
87
70 262
300 300
AP
Jan
12133 12234
284 111
10233 102%
100 9831 Jan
33% 34
200 30 Jun
30
30
200 2933 Jun
120 123
3,300 82% Jan
Ma
20 79
9231 9231
60
40 4833 Mar
60
2933 29% 29% 2,325 24% Jul
135 23% Aug
2334 2333 23%
10 100 June
100 100
100
July
55
54
400 52
85
85
100 98% July
85
35
36
3733 2,925 30% Apr
100 6633 Jan
66% 66%
Feb
300 49
120 120
750 7734 Feb
9433 94%
834 May
12% 14
12,760
1334
June
63% 7.425 45
6334 57
July
500 22
2331 2331 2331
1,087 12433 Jan
13434 132 136
Jan
3033 4,975 26
3033 30

Thompson (J It) corn _2! 25% 61;4 62
12th St Store prof A
2531 26%
Stock pur warrants
334
331
331
32
Unit Corp of Am pref____* 3133 29
Un Lt & Pow cl A pref.__ •
98% 9333
Unly Theatres cone cl A._5
6
6
U S Dairy Prod Co cl A. •
51
51
US Gypsum
5733 60
20 58
15% 17%
Rights
15%
128 128
Preferred
100
Vulcan Corp corn
2231
• 2231 20
Wahl Co corn
1533 18
• 1534
Viralgreen CoCorn stock purch warr_• 24
2433
24
106 106
100
634% Preferred
Ward (Mont) dr Co "A --*
125 125
Wayne Pump CoConvertible preferred. _• 4933 4833 4933
Common
• 33
33
33
Williams 011-0-Mat corn.5
8% 833
Wol vet Me Portland Cem 10
533 633
534
Wrigley(Wm Jr) Co corn.5
6833 6933

1,16
1
1
350
50
50
150
200

50 80
255 25
10 165
131 95
677 47
33 10533
30 88
45 39
2,260 57
15 6034
35 10
2,300 18
5 123
225 2733
125 18
125 30
216 4933
110 27

Feb
Feb
Mar
July
July
Feb
Feb
July
Aug
May
June
Feb
Feb
Star
Aug
July
Apr
Mar

95
42
190
103
50
111
95
4533
.59
75
24
45
135
38
50
4333
5531
35

July
July
Jan
Mar
July
Apr
July
May
July
Jan
Jan
Apr
July
Slay
Mar
May
Jan
Mar

•
McKee(A G)& Co
Met paving Brick corn_ _ _•
Miller Rubber pref_ _ _ _100
Mohawk Rubber corn. __ _•
•
Miller Drug
•
Myers Pump
corn
10
Acme
National
National Refining com_ _25
100
Preferred
National Tile common_ _ _•
1900 Washer common_ _ _ _*
Ohio Bell Telep pref _ _ _100
•
Ohio Brass B
Ohio Seamless Tube corn.*
Packard Electric
•
Packer Corp
Paragon Refining corn_ _25
•
Richman Bros corn

4033 4033 4033
48
48
48
78
77
77
124 133
126
2833 28
3631
36
36
15
15
3734
3734 37
131 131
30
30
30
2434 25
25
11033 11134
00
90
9034
4833 50
85
81
83
3633
36
16
153.4 16
280 285
285

125 40
116 3133
247 70
485 2934
285 24
1.180 33
733
50
10 35
14 130
60 263,4
75 2433
47 109
423 90
523 38
1.835 47
220 3233
933
1,031
541 256

July 45
Jan 49
May 98
Jan 165
July 28
Feb 4333
Jan 1933
Apr 39
Mar 135
June 3534
Aug 3033
June 11434
June 10033
Mar 48
Jan 85
Feb4035
Jan
1633
Feb 293

Apr
May
Jan
May
July
Apr
May
Jan
Feb
Jan
Feb
Apr
Mar
July
July
May
June
May

190
May
19033 May
123% Aug
98
May
327
Apr
128
Apr
Mar
105
3733 May
41
May
123
Aug
97
May
8334 June
30% July
2633 Apr
104% Mar
65% May
107
June
5433 May
6633 July
120
Aug
10033 May
14
Aug
63% Aug
26
June
136
May
34% Feb

1934 20% 1,250
30% 31
1,330
97
88
17,725

June
Jun
Jan
Jan
Jul

12
AP
3034 Jun
3534 Fe

52
37
10
933
79

June
June
Apr
Apr
Mar

24
43
97

May
Jan
Aug

May
June
June
Apr
June
Aug
July
Jan
July
Aug
JulY
July

9834
88
47
100
109
10634
10134
100
100
04
0834
9534

ne
jJon
Mar
May
Mar

100
102
103
103

0

July
Jan
Jan
Apr
Feb
May
Mar
Apr
July
Aug
July
Mar

I,Ijanne
July
Jan
July

Cleveland Stock Exchange.-Record of transactions at
Cleveland Stock Exchange, July 28 to Aug, 3, both inclusive, compiled from official sales lists:
Friday
Sales
Last 1Veek's Range for
ofPrices.
Sale
Week.
Par Price, Low. High Shares.

•
18
Aetna Rubber corn
1834
31
Amer NIultigraph corn _ _
3133
3114
•
10% 11
Allen Industries
Preferred
3131 3134 3131
3.5
35
Bessemer Lirnest & C com•
20
20
Buckeye Incubator com •
6631 6631
Bulkley Building pref__100
•
24
23
Byers Machine "A"
101 101
100
Canfield 011 pref
Central Alloy Steel pref100 11133 11133 11133
5231
• 5234 52
City Ice AL Fuel corn
106 106
•
Cleve-ClIffs Iron com_
Cleve Elect Ilium pref_100 111% 110% 11133
10233 103
Cleveland Railway corn100
2% 2%
Cleve Secur I' L pref._ _10
364% 38433
100
Cleveland Trust
2533
25
Cleve Un Stockyds com100
19
19
CleveWorstedM Ills com100 19
151
151
•
Dow Chemical corn
62
62
Elec Controller&Nlfg com•
8
8
•
Falls Rubber corn
15
15
25
Preferred
37
37
Federal Knitt Mills corn.•
182 182
Firestone T & Rub com.10
110 11031
100 110
6% preferred
10933
109%
100
7% Preferred




715
410
210
230
25
100
30
45
60
25
705
100
122
412
152
10
90
25
20
107
150
25
125
25
56
27

Range Since Jan. 1.
Low.
18
July
26% Jan
1033 July
30
July
3331 June
1531 June
6631 July
23
July
Feb
100
109% Jan
3633 Feb
104
Jan
110 June
102
May
133 July
359
Jan
25
Aug
19
Aug
12231 Jan
5431 Jan
4% Feb
15
Apr
32
Jan
168
June
109
Jan
10834 Feb

High,
27
31
17%
37
3734
49
7033
40
101
112
54%
120
115
109
3%
400
2733
30
175
66
1233
1633
3933
232
112
11134

High.

Low.

95
05
42
42
170 170
170
97
97
4931
49
49
10933 10933 10933
95
95
40
40
59
57
57
6234 6233
21
21
21
3733 3433 3934
135 135
3633 37
1933
18
30
30
53
53
53
33
33

5
Jan 25% May
100% Feb 110
Feb
121
Mar 130 June
46
32
6%
533
68%

Range Since Jan, 1.

100
Foote-Burt prof
•
A
Gen Tire & Rub corn...25
100
Preferred
Grasselli Chemical cornI00
100
Preferred
Great Lakes Tow com 100
corn.
Cooperage
Bros
Greif
•
Godman Shoe corn
'fauna N1 A 1st pref_ _100
Ilarrls.Seybold-Pottereom•
India Tire & Rub corn-.-•
Interlake Steamship corn •
•
Jaeger Machine corn
Jordan Motor pref __ _100
*
Kaynee corn
Kelley Is L & T com___100
•
LeNfur common

150 5834 June 70 June
550 25 June 3134 May
3 June
7
150
May
9.900 23 June 3934 May
Jan 102% Apr
68 95
4
Jan
It
6
May
51
July 51
10
July
57% July 100 June
2,94
15% Aug
1834 July
5,62.
Jan 128
1 122
July
20
July 23
1,50
July
8% Mar 19% May
75

Bonds9834 9833 $1,000 9731
Chic Art Ice Co 13s_ _ __1938
Chicago Itys 5s
1927 8534 8334 8531 23,000 8014
5s series B
4034 2,000 39
1927 40
40
5,000 100
100 100
Chic Un Art Thea 63481948
1,000 10334
Commonw Edison 58_1943 10433 10434 10434
1st 5s ser"A"
1953 10234 102% 10233 2,000 10234
1,000 9631
9631
433s"C"
9631
1956
Fed Util (Md) 530..1930 99
99
99
2,000 99
Guard Title Mtge 533s 38
100 100
5,000 100
La Ice & Util, Inc 6s A '46 94
94
94
2,000 04
Mid-Cont Util 6s A._1938
0834 9834 4,000 9834
Northwestern Elev 58_1941 9034 8931 91
57,000 8934
Palmer Corp of La,65_1938
99
99
1,000
65 E So Wat. 634s, B 47 100
100 100
2,000 100
100 100
8,000 100
Straus Sate Dep 5%s _ _ 1913
Swift & Co 1st s 1 g 53_1944
102 102
3.000 10131
Texas Water Ilt1164 A _ 1948
103 103
3.000 100
•No par value.

Stocks-

665

FINANCIAL CHRONICLE

AUG. 4 1928.1

Jan
May
may
Feb
Jan
Jan
Feb
Jan
Aug
Mar
May
Mar
May
Mar
Apr
Mar
Apr
Mar
May
May
May
Apr
May
Jan
Mar
Jan

• 24
Scher Riot
•
Selby Shoe
Sandusky Cement corn_ _ _• 205
Selberling Rubber com_ • 4231
iao
Preferred
Sherwin-Williams corn. 25
100
Preferred
•
Smallwood Stone corn_
Sparks-Withington prof 100 115
8
Stand Textile Prod com.100
100
A preferred
100
B preferred
25
Steel & Tubes
Telling-Belle Vermon corn* 50
Thompson Prods corn.A00
Union Metal Nlfg com_ *
Union Nfortgage com__100
100 28533
Union Trust .
Wood Chem ca

2431
24
4133 4133
205 205
42% 46
104 104
79
78
10734 10733
30
30
115 115
8
8
56
56
5
5
1173-4 1197-3
50
50
3134 3133
4334 4333
33
33
825 287

60
10
10
340
53
292
35
275
20
15
40
260
230
160
110
70
200
53

Aug 29 , May
24
Apr
May 47
40
May
Jan 215
155
May
3033 Feb 50
Feb10733 Slay
103
657-4 Fob 80 June
May 10733 Mar
106
2933 Jan 3234 June
Aug11534 July
115
Mar
Aug 16
8
Apr
July 71
56
Apr
8
Mar
3
July
Jan 120
53
Feb 5431 Apr
45
May
Feb 44
22
4231 June 4833 May
Jan
7
33 Feb
May
Jan 305
285

•No par value.

Cincinnati Stock Exchange.-Record of transactions
at Cincinnati Stock Exchange, July 28 to Aug. 3, both
inclusive, compiled from official sales lists:
Stocks-

Sales
Friday
Last Week's Range for
1Veek.
ofPrices.
Sale
Par. Price. Low. High. Shares.

Range Since Jan. 1.
Low.

Am Laundry Mach com _25 9433
•
Amer Products prof
Amer Roiling Mill com_25 88%
50
Ahrens Fox A
100
B
Amer Thermos Bottle A_ •
50
Preferred
100
Baldwin corn
100 109
New preferred
•
Buckeye Incubator
•
Burger Bros
50
eferred
r
Cary
Pe
(Philip) corn_ _100
Cent Ware & Refrig A_.20
Central Brass
100
Champ Fibre pref
Churngold corporation.-• 42
s 29%
Cin Car Co
100 99
CM Gas & Elec
Cin Gas Transportation100
00
10
C N & C Lt & Trac com1
81
Preferred
50 51%
CM Street ay
50
106
Tel
Cln & Sub
.
Cin Union Stock Yards 100
5233
City Ice & Fuel
Coca Cola "A"
Cooper Corp new prof._100
Crosby Radio
100
Dow Drug corn
Eagle-Picher Lead com_20 1733
Egry Reg "A
24
nsulation
p)
mnicdae1
ru
(
Fo
French-Bauer (del))
• 1933
• 46%
Gibson Art,coin
Globe Wernicke, pref....100
•
Gruen Watch,cons
100
Preferred
• 6633
IIobart Mfg
Int.Ink,corn
100
Preferred
• 24
'Code] Radio"A"
10
Kroger, corn

235 235
2% 233
2233 23
10933 10933
42%
42
2931 2933
9833 0931
130 130
103 103
81
81
52
51
105 106
35% 3631
5233
52
3234 3233
98
98
4834 50
40
40
1634 18
30
3133
2333 24%
16
16
1933 21
46%
46
9833 9833
4833
48
116 116
6633
65
41% 42
9833 9833
28
24
102% 109

Aug
6 235
2% June
100
106 2233 June
June
22 106
113 40 June
July
190 29
9731 Feb
35
3 122% Feb
9733 Feb
80% July
1
4534 Jan
52
33 100% June
35% Aug
20
190 3631 Apr
85 3033 Mar
July
5 97
Feb
2,662 25
May
75 34
3.742 1533 Mar
Au
50 30
761 2033 Ma
Jul
50 16
AP
50 16
Jan
75 43
86 9833 Jan
Jul
50 46
1 114% Fe
687 4433 Jan
532 4133 Jul
Jul
20 98
Aug
894 24
Jan
123 70

•
Lunkenheimer
100
Nash (A)
•
NIcLaren Cons"A"
Mead, common
•
Meteor Motor
National Pump
100
Ohio Bell Tel. pref
Paragon Refining, corn_ _25
Common (Ifs
Proctor & Gamble, com_20
100
67 preferred
100
Pure 0116% pref
100
8% preferred
100
Richardson, corn
Queen City Pete
•
Rapid Electric
Sabin-Robbins
100
Second National
United Milk Crate "A"_in
US Playing Card
II 5 Print & Litho, corn.100
•
US Shoe, com
Vule.an Last, corn, new....
Preferred
Whitaker Paper, corn.. _•
•No rar. value.

27
27
138 138
1933
19
72
72
30
3033
3431 3431
11033 110%
1533 1631
1533 15%
262 26633
111 112
9831 9933
113 113
200 202
100 100
7533
69
100 100
250 250
2631 27
112% 11231
72
71
8
8
20% 2333
109 109
57
57%

8
7
12
50
216
150
4
569
33
327
181
114
8
110
50
708
22
10
200
56
120
50
4,124
10
135

3431
1534
264
111
98%

74
265:

2333

97
2833
91
2231
17
1733
4631
25
109
21%
11
50

High.

Aug 114
1.289 94
July 29%
614 25
June 120
695 87
June 24%
105 22
145 1534 June 17
Feb 1834
70 11
Jan 49%
25 43
Aug 41
50 25
110
Mar
10833
135
550 1734 Jan 49
1434
July
105 11
July 56
100 50

94
2833
88
22
1531
1633
46
25
109
20
11
50

25%
100
1633
65
26
3234
10931
931
1533
249
96%
9633
111
172
100
3433
97
241
2634
11231
64
531
20%
105%
52

Fe
Apr
Feb
Mar
Jan
Jan
June
Apr
Aug
Jan
Jan
June
Feb
Jan
Apr
Feb
June
Jan
July
July
Feb
Feb
July
May
July

Jan
Apr
Jan
June
July
Mar
Feb
Jan
Jan
Jan
Mar
May

Apr
274
Jan
4
2733 Feb
10933 July
8033 Apr
Jan
33
10033 May
Mar
149
109 Juno
May
121
Jan
55
May
128
Apr
56
May
55
May
38
10534 Apr
55 June
4233 June
24% Jan
July
32
Feb
26
July
22
2231 July
50% May
9834 Jan
5431 Feb
Feb
116
6633 Aug
4533 June
100 June
5533 Jan
Aug
109
2931
146
20%
82
45
48
115
1631
1533
300
113
100%
11534
202
10133
7533
10533
254
27
132
8333
9%
2333
116%
60

Mar
June
May
Jan
May
Apr
Apr
July
Aug
May
July
Apr
May
Aug
June
Aug
Apr
May
Aug
Jan
Jan
Apr
Aug
Jan
July

666

Pittsburgh Stock Exchange.-Record of transactions
at Pittsburgh Stock Exchange, July 28 to Aug. 3, both
inclusive, compiled from official sales lists:
Stocks-

Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.

Ara Wind GI Mach com.100
Am Wind Glass Co pf_ _100
Arkansas Gas Corp com_.•
10
Preferred
Armstrong Cork Co
•
Bank of Pittsburgh
50
Blaw-Knox Co
25
Carnegie Metals Co
10
Central Ohio Steel corn_ _ _ _
Colonial Trust Co
100
Consolidated Ice pref_ _ _50
Exchange Nat Bank_ _ _ _50
First National Bank.. _ _100
Follansbee Bros pret__ _100
Harb-Walk Ref corn_ _ _100
Home (Joseph) Co
•
Lone Star Gas
25
May Drug Stores Corp
•
McKinney Nlfg corn
•
Merchants Say & Trust_50
Nat Fireproofing com_ _ _50
50
Preferred
Petroleum Exploration_ _25
Pittsburgh Brewing com_ 50
50
Preferred
Pittsburgh Plate Glass_100
Pitts Screw A: Bolt Corp _ _*
San Toy Mining
1
Stand Plate GI pr prat_ _100
Stand San Mfg corn w 1_._
100
Preferred
Suburban Electric
Union Steel Casting com..•
United Engine & Fdy corn •
Waverly Oil Wks class A..•
Westinghouse Air Brahe _ _•

17% 174 19
83
83
83
2%
255 2%
755
74 74
5655 56
5655
210
210 224
103
102 103
1855 184
2055 2055 2055
300
300 300
28
28
28
90
90
90
364 364
9555
95
201 201
394 40
53
5235 52
224 2334
13
13
13
80
80
651 6%
17
17
3654 3655
5
5
955 10
250
235 250
52
5155 51
4c
4c
25
25
25
3755 3734 384
127 127
17%, 1755 1855
30
30
z45 z45
33
33
45
45

240
25
2,150
3.937
510
117
250
100
50
13
97
10
11
25
50
65
1.280
120
100
15
42
80
33
115
200
209
650
1.500
85
182
17
710
20
50
75
21

Range Since Jan. 1.
High.

Low.
Feb
16
Aug
83
255 May
634 May
Aug
56
Jan
ISO
Jan
91
164 Jan
1955 May
Feb
250
23 June
Feb
90
Feb
345
95
Aug
Jan
178
3855 June
4855 Apr
Jan
20
13
July
80
Feb
655 Feb
17
Aug
36
Apr
255 Apr
755 Apr
Jan
210
4811 Feb
Feb
3c
25
Aug
Mar
33
Jan
124
1754 July
29
May
42%, Jan
3035 Apr
43 June

25%
90
4
755
67
249
108
2734
23
310
30
92
367
9855
212
41
os
27
13%
80
10
24
36)4
5
10
250
5935
4c
34
4255
130
19
3955
61
43
563-4

Mar
Feb
III aY
June
Mar
Jan
June
Mar
Mar
May
Jan
Feb
July
June
May
June
Apr
Mar
July
Feb
Mar
Mar
Mar
Jail
Jan
Aug
NIar
Mar
Feb
Mar
Jan
July
Mar
Jan
Feb
Jan

•No par value. x Ex-dividend.

Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange, July 23 to Aug. 3, both
inclusive, compiled from official sales lists:
Stocks-

rrutay
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. Ilion. Shares.

Range Since Jan. 1.
Low.

Al mar Stores
• 12%
12% 13
600 11% June
American Stores
• 7455 74
75
2,778 64
Jan
13ell Tel Co of Pa pref .._100 115
114% 1154
83 11434 July
Manners All Ctt
58
5854
223 58 June
Bornot Inc
9
9
855 June
80
Budd (E G) Mfg Co pref --------46
50
120 42
July
Cambria Iron
50
41% 4155
21 41
July
Camden Fire Insur
28% 2854
500 27% Jan
Catawissa RR lot prof _ _50
46
46
Aug
13 46
Canso'Traction of NJ ..100
50% 51
140 5055 Aug
Cramp Ship & Eng _ _ 100
255 214
200
I% Feb
Crystal 011 Refining
655 635
100
655 Aug
Curtis Pub Co corn
180 180
•
5 175
Feb
Electric Storage Battery100
7755 7734
5 6934 Jan
Fire Association
10 4855 484 4935
800 46% July
Horn & Hard. (Phila) corn
206 206
5 206
Aug
Horn&Hardart(NY)corn*
5315 5455
Feb
175 52
Insur Co of N A
10 71% 7135 72
1,000 71% July
Lake Superior Corp_
A00
555 6
3 June
400
Leh Coal & Navigation_ _50 143
136 1454 5,800 10534 Feb
Llt Brothers
25
25% 1,200 2234 Jan
10
Manufact Cat,Ins
5955 5935
200 2735 Jan
Mark (Louis) Shoes Inc ....•
5
5
5
July
3
800
Minehill & Sehuykill Hav50
54
54
24 54
Aug
North Ohio Power Co
2755 27%
•
Jan
100 18
Penn Cent L & P cum prof * 79
79
79
July
70 78
Pennsylvania RR
50
63% 65
3,600 61% June
Pennsylvania Salt M fg_ _50
924 93%
Jan
315 92
Phila Dairy Prod pref
924 92%
Mar
10 90
Phila Electric of Pa
_25
6955 69%
100 5555 Jan
Phila Elee Pow rects__ _25
294 29% 1,200 22
Jan
Phila Rapid Transit__ _50
54
5455 1,200 50% May
50 505,6 so% 5034
7% preferred
Apr
600 Si)
Philadelphia Traction.. 50
584 59
265 57 June
Phila. & Western Ry__ _50
955 10
120
955 July
Preferred
50
3355 3355
100 3335 July
Reliance Insurance
10 26
254 26
50 25 June
Sentry Salty Contro
14% 154
600 13% July
Shreve El Dorado Pipe L25 29
284 2955
310 18
Mar
3855 40
Stanley Co of America_ _..• 39
1,702 30% May
Tone-Belmont Devel__ _1
1
1
300
55 July
Tonopah SlinIng
1
44 435 4 15-16 7,900
455 Jan
Trico Products
3934 3914 3955
100 3935 Aug
50 3955 39% 40
Union Traction
800 3755 Jan
Improv
1344
50
United Gas
13434 138
7,600 114% Jan
2535 254
United Lt & Fr "A" corn_*
800 154 Feb
U S Dairy Prod class A...°
205 3734 Jan
5034 5134
2555
25
Victory Insurance Co_ _ _10
90 25
July
92
Victor Talk Mach corn.... •
9854 3.900 53
Jan
Warwick Iron & Steel_ _ _10
1
1
445
1
55 Jan
35
35
80 3355 July
West Jer & Seash RR_ _ _50 35
4354 4356
100 4355 July
Westmoreland Coal
50
Rights754 84 10,400
834
735 July
Ins Co of N A
Bonds58
59
$6,700 55 June
Elec & Peoples tr ctfs 45'45
9134 94/4 2,000 9456 June
Keystone Telep 1st 55 1935
9915 9934 5,000 96 June
Lehigh C & N cons 4%s'54
1004 10055 1.000 wog Aug
4155
1,000 12735 Aug
127% 127%
Lehigh Vali annuity 6s
Peoples Pass tr etfs 4s_1043 5955 5955 5955 10,000 5915 Aug
984
984
2,000
974 Juiy
1967
Phila Co 5s
Phila Elec (Pa)9834 983-4 6,000 08% July
1067
1st 445 series
10355 10335 3.000 10355 Aug
lot lien & ref 55...... _1960
6,100 104
July
1966 105% 105 106
1st 5s
10655 3,000 106
Mar
10654
_1947
1st lien dr ref 515s_ _
9,000 105 June
105 105
Phila Elea Pow Co 535s '72
10051 1014 37,000 9955 June
3trawbridge & Cloth 5s '48
1.000 98
Vnrlr Pnllumva let 5a 1517
99
99
July

High.
Feb
20
7755 July
Mar
118
May
60
May
14
73
Mar
4355 Mar
4934 May
Feb
49
62% May
Jan
14
May
10
Jan
190
May
85
Apr
85
Jan
241
Mar
64
104% May
955 May
June
154
2955 June
6451 June
224 Jan
5811 May
314 May
Mar
82
Apr
72
109% Jan
043.4 Apr
744 May
30% June
Apr
61
5255 Apr
May
64
Feb
15
3654 Feb
3754 Jan
1854 July
May
32
54% Mar
Jan
2
July
5
3956 Aug
46
May
14915 May
27% July
62% May
Jan
34
10455 May
115 Apr
39% Jan
51% Jan
10

June

66
96
101)4
1004
131
663-4
101%

May
Jan
May
Aug
Mar
Apr
Apr

106
106
1094
10755
108
10155
100%

Mar
Mar
Apr
June
May
July
July

• No par value

Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange, July 25 to Aug. 3, both inclusive, compiled from official sales lists:
Stocks-

Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.

Arundel Corporation
•
Ati Coast Line (Conn).._50
Baltimore Trust Co
50
Baltimore Tube, pfd _ _ _100
Black & Decker corn
•
Preferred
25




[vol.. 127.

FINANCIAL CHRONICLE

3855
45
28

3835
170
165
45
274
2534

39)4
170
165
45
2855
26

Range Since Jan. 1.
Low.

1,010 3554
43 166
51 15855
25 32
436 24
13 2554

High.

July 51
July 212
Mar 225
Jan 50
Jan 344
Apr 27

May
Jan
May
July
Apr
Apr

Sales
Friday
Last Week's Range for
Week.
Of Prices.
Sale
Stocks (Concluded) Par Price. Low. High. Shares.
Century Trust
50 215
Ches & Po Tel of Balt fp100
Commercial Credit
• 3255
Preferred
25 24
Preferred B
25 25
615% 1st preferred_ _100 88
of New Orleans pret
Consul Gas,EL & Power_• 8155
6% preferred ser D...100
5% preferred ser A...100
Consolidation Coal_ _ _ _100 2735
Continental Trust
Crook (J IV) pre(
50
Delion Tire & Rubber__ _*
5
Drovers & Mech Bank_100
Eastern Rolling Mill
• 2755
Fidelity & Deposit
50 270
Fin Co of Amer,series B_ _•
Finance Service corn A_..10
First Nat Bank w i
• 6234
Houston 011 pf v t ctfs_ _100
Hurst(JE)& Co 1st pt_100
Mfrs Finance 2d pfd. _ _ _25
Maryland Casualty Co_ _25
Maryland Mtge corn
•
Nlerch & Miners Transp_ •
46
Mortgage Security, com__.
835
2d preferred
100
Mt Ver-Wood Mills v t 100
Preferred
100
New Amsterdam Cas Co 10
Park Bank
10 38
Penna Water & Power......5
Silica Gel Corp corn v t__*
Southern Bankers, sec corn
Sec preferred
Un Porto Rican Sugar corn*
Preferred
•
Union Trust Co
50 3244
United 115s & Electric_ _ _50 1355
US Fidelity & Guam.... _ _50 415
Wash Balt & Annan pfd _50
West Md Dairy Inc corn..* 99
Preferred
*
BondsBaltimore City Bonds4s sewer
1971 984
45 school house_
_1961
4s conduit
1962
4s water loan
1938
4s public park impt_1955
355s new sewer
1980
Black & Decker 6545 _1937
Consol Gas55 gen 455s 1954
Consol Gas El Lt & Pow1st ret 6s series A_ _1919
Houston 011555% notes'38
Md Electric Ry 1st 5s_1931
1st & ref 6555 ser A_1957
North Ave Market 65.1940
Silica Gel 654s
1932
United Porto Rican Sugar
635% notes
1937 100
United Ry & El 1st 45_1949 664
Income 4s
1949 45
Funding 5s
1936 71
6% notes
1930
1st 6s
1949 85
Wash Bait & Annan 5s 1941 8235
• No par value.

Range Since Jan. 1.
Low.

High.

Aug
215
Apr
113
2135 Mar
23
Jan
23
Feb
July
88
2554 Aug
6755 June
10955 Jan
100 June
25% June
Jan
280
5134 Jan
5 June
460
Feb
2455 Mar
260 June
1035 May
1634 Jan
6155 July
9555 Jan
Apr
65
July
19
July
18
July
156
June
45

Jan
236
1174 Jan
May
35
2655 June
2755 May
9555 Slay
26
July
93
Apr
11455 May
105% Mar
3355 Jan
May
325
Aug
53
194 June
July
416
2955 May
May
526
1155 Slay
2055 Feb
July
64
10355 Mar
June
71
26 June
204 Mar
May
195
May
50

217
113% 11314
3255
31
24
25
25
254
88
89
25% 254
8155 8255
1103-411034
102 10255
2754 2755
280 280
524 53
515
5
410 410
2734 2855
270 271
1034 1034
1735 1754
62
6255
9555 954
6955 6955
19
20
18
184
157 157
47
46
855 1355
60
60
25
29
8355
83
73
73
36
38
794 80
24
244
35
35
95
95
55
56
55
56
32431324)4
1255 1333
415 424
1555 1555
99
99
95
95

7
14
681
87
93
46
20
292
14
228
297
1
30
70
15
78
94
50
60
64
100
5
.57
40
10
91
522
15
39
100
116
125
116
210
20
10
55
90
3
1,533
195
10
10
6

0835 99
9934 99%
9934 9955
994 9955
994 9935
90
90
11235 115
99
99

2,000 9854 Aug
June
4.000 96
1,000 9956 July
7.000 98 June
1,000 9955 Aug
3,500 90 June
9,000 10655 Jan
July
3,000 99

1034
10355
103%
103
10234
93
127
1034

Feb
Feb
Feb
Jan
Jan
Jan
Apr
Apr

10535
100
9855
93
97
102

1054
101
9855
9355
97
102

3,000 1054 June 108
Aug 10134
3,000 100
7,000 984 Aug 9914
5,000 93
July 994
2,000 97
July 100
6,000 101
Mar 1064

Jan
July
Jan
June
June
May

100
68
44
71
94
85
8255

10035
68
4834
74
9555
88
8334

215

12.000
23,000
35.000
7,000
3,000
3,000
15,000

a
u
N ia'rls

y
6V4 .Jutlg
Aug
July 29
16
July 9754 May
83
Feb 8335 May
71
May
Jan 42
32
Apr
Jan 80
68
Mar 284 Apr
17
July
July 35
35
July
July 05
95
May
3855 Mar 72
May
4855 Mar 72
Jan 34555 June
315
Apr 20D Jan
12
Slay
34834 Jan 475
Feb
Apr 18
15
5455 June 100 June
Jan 9734 Jan
75

99
66
44
71
94
85
8254

Feb 10615 May
Jan
Aug 75
Aug 55
Jan
Aug 8455 Jan
Aug 99% Jan
Jan
Aug 98
Jan
July 90

San Francisco Stock Exchange.-Record of transactions at San Francisco Stock Exchange, July 28 to Aug. 3,
both inclusive, compiled from official sales lists:
Stocks-

Sales
Friday
Last Week's Range for
Thee/c.
Sale
ofPrices.
Par. Price. Low. High. Shares.

American Company
150
150 15355
Anglo & Lon Par Nat Ilk_
253 25355
Armour & Co "A"corn_ -- _
20
1954 20
Atlas urn Diesel En "A"_ _ _
77
7655 793.3
Bancitaly Corporation_ __ _ 11455 11355 11655
Bank of California N A.__ 282
282 28655
Bank of Italy NT & S A_
17634 17555 180
Calamba Sugar common__ 151
151 151
California Copper
6
53.4 6
Calif Cotton Mills corn_ _ _ _ 11435 110 115
California Ink
%
53% 567
Calif Oregon Power prof......109% 110
Calif Packing Corp
7155 7155
Caterpillar Tractor
724 6734 744
Coast Co Gas & El 1st pfd_ 10055 100 10055
Dairy Dale "A"
2855 284 2955
2754
27
27
East Bay Water A pret_ _ _ _
03
91
93
Emporium Corp (Tha)_ _ _ _ ______
3035 3155
Fageol Motors pref
655 7
Common
555
435 63.4
Fireman's Fund Insurance_
115 115
Foster & Kleister corn
1356
13
Gt West Pwr ser A 6% pfd 101
101 102
Great Western Power pref. 10555 10554 10551
Hawaiian Corn 8, Sag Ltd_ 504 5055 5134
hale Bros Stores Inc
2555 26
Hawaiian Pineapple
5234 534
Home Fire ,k Marine Ins..
39
40
Honolulu Cons 011
3834 38
3874
Hunt Bros Pack "A" corn.
23% 2355
Illinois Pacific Glass "A".... 633.4 6334 56
Langendort Baking "A"._ _ ______
1855 19
L A Gas & Elea pret
107)410733
Magnavox Co
3.10
2.95 3.20
Magnin (I) common
25
2455 25
Nor Amer Investment corn
108 109
Preferred
100 100
North American Oil
394 384 3934
Paauhau Sugar Plantation
954
93-t 934
Pacific Gas & Elea corn...... 48
474 48
let preferred
2734 27
28
Pacific Light Corp corn..... 834 8354 84%
6% preferred
103
103 103%
Pacific 011
1.30 1.30
1.30
Pacific Tel & Tel corn_._. 148
148 148
Preferred
119 119
Paraffine Co's Inc corn_ _ _. 86
86
88
Plggly Wiggly West Sts 'A' 2534 23% 27
Plg'n Whistle prof
15
15
Richfield Oil
4655 4554 47
Roos Bros corn
3155 3155 3234
Preferred
99
99
09%
/3 J Lt & Power prior pref
______ 1174 1174
6% prior preferred_
______ 102% 10354
13 1' Schlesinger Acorn_ _ _ _
2255 224 2254
Preferred
92
9255
Shell Union 011 corn
2634 2554 2655
Sherman & Clay pr. pre_. 98 • 98
99
Sierra Pacific Electirc pre(
9555 953.3
Sperry Flour Co corn
74
72
......-.--.

8,825
220
600
7,573
20,236
50
8,335
5
525
411
9,481
30
831
69,555
60
390
30,720
385
55
200
9,060
25
405
65
177
215
110
555
160
840
40
5,525
225
15
20,053
300
25
25
2,790
110
2,526
2,716
6,270
60
200
120
5
7,919
3,755
290
23,079
330
50
30
21
765
15
5,370
185
5
200
nn

Range Since Jan. 1.
Low.

High.

Jan
130
Mar
225
1234 Jan
Jon
31
100 June
26914 Feb
125 June
Jan
97
Mar
2
Jan
75
Jan
30
10834 Jan
694 June
Jan
53
Jan
98
Jan
23
1754 Jan
8435 July
June
28
Jan
5
Jan
2
110 June
June
12
9855 Jan
10334 June
June
46
25 June
Jan
41
3755 June
Feb
35
June
22
42 June
1211 Jan
10534 Jan
30e. Jan
Jan
22
Jan
105
Jan
99
June
36
Mar
9
1 Mar
43%
2655 Jan
7234 Feb
10055 Jan
1.00 Jan
Mar
148
11355 Jan
79 June
2174 June
1455 Apr
2335 Feb
Fel
31
9755 July
11351 Jail
Jan
100
June
20
July
90
June
24
95% Jan
Jan
95
6034 Mar

220 June
295 Slay
20 June
794 July
22055 MaY
Slay
452
31155
170 June
855 Apr
1433.3 Mar
5734 June
11234 Mar
79.4 Apr
7855 May
Jan
102
32%
3134 May
Apr
99
3434 Jan
Mar
8
74 May
Jan
127
Jan
19
10355 Apr
10655 Mar
5355 Jan
Jan
31
5455 July
49 A Jan
43
May
284 Apr
Julie
62
June
20
1124 Apr
May
4
Apr
28
110% May
Slay
103
Apr
43
Feb
11
5351 May
2955 Apr
9634 May
10655 Feb
Apr
2.25
May
159
Mar
125
10955 Apr
3155 Feb
173.4 May
May
52
37% Mar
10355 Apr
11955 May
10635 May
2755 Mar
May
99
2934 May
9934 July
9714 June
85
Apr

note

Ten

1 nd 1.‘ 111.•

May
Apr
Apr
Apr
May
Feb
Mar

St. Louis Stock Exchange.-Record of transactions
at St. Louis Stock Exchange, July 23 to Aug. 3, both
inclusive, compiled from official sales lists:
Stocks-

Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.

Bank Stocks
First National Bank _ _ _100 320
Merchants-Laclede Nat 100 305
Nat'l Bank of Corn ____100
Trust Co.Stocks100
American Trust
100
Mercantile Trust
Street Ry. Stocks• 25
St. L Pub Sery com
Preferred
Miscellaneous StocksAm Credit Indemnity_ _25
35
100
Preferred
•
Best Clymer Co
•
Boyd-Welsh Shoe
100
Brown Shoe corn
•
Burkart corn
• 21
Preferred
100
Corno Mills Co
Coca-ColaBot Sec ------51 58
Champion Shoeklachpf100
100
E L Bruce phi_
100
Elder Mfg, Ist pfd
Emerson Electric pfd _ _100 109
Elder corn

320
305
175

320
305
1773.1

200
550

200
550

26
25
8455 86
63
35
10335
20
42
4855
13
21
110
50%
101
100
110
109
31

63
35
103%
22
42
484
13
2155
110
60
101
100
110
109
31

Range Since Jan. 1,
Low.

High.

1 320
23 295
173 157

Aug 345
May 306
Apr 236

Feb
June
May

76 200
5 533

Aug 225
July 570

May
Jan

20
Jan
7835 Apr

218
33
10
5
5
30
5
7
15
60
62
2,440
12
10
50
10
35

63
334
10235
20
3854
45
12
19
75
21
100
98
10834
1024
23%

Aug
Mar
June
Aug
Jan
June
July
Mar
Feb
Mar
Feb
Jan
Mar
Jan
Jan

3234 June
89
June
7334
40
10434
27
45
554
1734
2455
110
60
107
10054
111
110
38

Jan
May
May
Apr
May
Apr
Jan
Apr
July
Aug
Mar
June
Apr
July
May

Ely&WalkerDryGdscom 25
100
1st preferred
100
Elder"A"
•
Fred Medan Nlfg corn
Fulton Iron Works pfd _100
Hamilton-Brown Shoe .25
•
Huttig S & D corn
Hydraulic Pr Brick com100
100
Preferred
•
Independent Pkg com
•
Inter Shoe com
•
Johnson S & S Shoe
25
Landis Mach corn
•
NIo-Ills Stores corn
NIo Portland Cement __ _25
Mahoney Aircraft Co..$5.00
*
Nat Candy corn
100
1st preferred
100
2nd preferred
•
Plekrel Walnut Co
•
Pedigo-Weber Shoe
•
Polar Wave
Riee-Stlx Dry Gds com _ •
00
i1st preferred
100
2nd preferred
Scruggs VII D G com _ _ _25
•
Scullin Steel, pref
Sou Acid & Sulphur com_ _•
S'thw'stern Bell Tel pf _100
10
St Louis Car corn
100
Preferred
•
Stix Baer & Fuller
•
Wagner Electric com
100
Preferred
Mining StocksCons Lead dr ZineCo"A" _•
Street Ry.BondsE St. L & Sub Co 5*., _ _ _932
City & Sub Pub Serv 5s1934
United Railways 4s_ _1934
Miscellaneous BondsSer
Wagner_ Electric Mfg 75_
..
cuilln 05
• No par value.

2934

.
204

814
59
444
22
43
19
184
103
37
204
2034
35
4054
101
331.4
102
13

294 2934
113 113
80
80
26
25
85
85
2034 22
21
21
455 455
79
79
1734 1734
8034 8135
59
59
4455 444
2155 22
43
40
19
19
1834 1834
110 110
103 103
2135 2134
3634 37
404 404
20
2034
10955 10934
99
99
2054 22
3455 3554
4034 4015
11734 118
20
20
101 101
34
32
93 10334
103 103
124 13
95
95
904 004
8415 8454

104

104

104

125
35
2
35
3
120
10
1
15
50
798
5
40
620
568
525
390
50
11
75
95
50
570
5
2
570
315
25
93
50
25
2,970
6,897
10
21
1.000
3,000
9,000

Low.

High.

2854 July
110
July
Jan
72
July
24
Jan
59
18 June
July
20
354 Apr
7435 Apr
1655 Jan
Jan
62
Apr
48
May
43
Jan
17
Mar
38
Aug
19
July
18
Aug
110
May
101
2155 July
35 June
Mar
32
Aug
20
1094 Aug
Aug
99
Apr
16
Jan
31
3955 June
11734 Aug
Jan
16
Jan
100
Mar
27
Feb
36
9635 Jan
11

Mar

Jan
94
904 Aug
July
84

100 102

Feb

.,a4Nm!..4444>mr.4.=1,
4 'E.40_1r..4,.aa,
•'4* V444.!WAUO:i4Meq;45.4a4gatAIV.;

July 120
Feb 6234
Feb 5734
Feb 5734
Feb 37555
Mar
8
June 5034

.
4)4

245 95
8,984 53
6,309 4134
8,375 4234
30 295
554
550
170 4834

Range Since Jan. 1.

3C4COW4D.W

9534
5834
53
5234
310
634
52

High.

400t000
ONWOWN4.4>W0...4.NONNONO .
.
V,WOzcXX

95
564
5131
5034
310
655
52

Low.

+4.

95
5834
5234
5134

Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.

Range Since Jan. 1.

+.

Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
Spring Valley Water
Standard Oil of Calif
Union Oil Associates
T'nion 011 of California_ __ _
33 ells Fargo Bk & tin Trust
V3 est Amer Finance pref__
Yellow & Checker Cab _ _ _ _
* No par value.

667

FINANCIAL CHRONICLE

AuG. 4 1928.]

New York Curb Market-Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the New York Curb Market for the
week beginning on Saturday last (Idly a)) and ending the present Friday (Aug. 3). It is compiled entirely from the daily
reports of the Curb Market itself, and is intended to include every security, whether stock or bonds, in which any dealings
occurred during the week covered:
Week Ended Aug. 3.
Stocks-

Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
l'ar Price. Low. High. Shares.

Indus. & Miscellaneous.
24%
22
Acetol Products Inc A_ •
2434
24
• 2455
Adams-Millis Corp
35
30
•
Aero Supply Mfg cl A_
3054 31
•
Class B
155 158%
50
Ala Gt Sou RR ord
28% 28% 2834
Alles & Fisher Inc com_
134
134
155
•
Allied Pack eon)
Alpha Portl Cement com_• 4655 46% 46%
• 146% 133 147%
Aluminum Co. corn
107% 1074
100
Preferred
110 125
• 125
Aluminum,Ltd
4934
100 4954 48
Amer Arch Co
36
36
Amer Chain Co common_*
142% 144
Amer Cigar Co corn_ _100
28
2835
*
Amer Colortype corn_
3455 3654
20 35
Am Cyan coot cl B
10154 101%
100
Preferred
20
21
Amer Dept Stores Corp_• 21
1955 19%
American Hawaiian 85_10
94% 95
Amer Laundry Mach corn •
60
60
Amer NIanufac corn_ _100
63
63
63
Preferred
1755 1854
Amer Ray on Products_ •
Amer Rolling Mill. com_25 87% 8735 89%
2055 2055
Am Solvents & Chem,•1c
3454
Cony panic preferred _ _• 34% 33
A nglo-Chlle Nitrate Corp.• 4114 4134 4554
• 31% 31% 32
Apponau.g Co corn
63.4% cumulative pref 100 100% 10055 10055
56
56%
Armstrong Cork, new coma•
3354 3335
Art Metals Wks cony pf _ *
38% 384
Arundel Corp
28
2954
Associated 1/y. & Print. •
71e
Mc
A thuitio Fruit & Sugar_ _• 83c
• 82% 82% 84
Atlas Plywood
40
40
Atlas Portland Cement--•
10054 108%
Auburn Automobile,com_• 103
30
29
Axton-Mistier Toh corn A 10 30
14% 1554
Bahia Corp common__
25 15% 1555 1554
Preferred
Baneitaly CorooratIon..25 11455 11454 117%
Baumann (Lud)& Co pf100 9934 9955 9954
67
67
Beatrice Creamery com_50 67
20c 26c
Beldlug-Hall Electrice, cm• 26e
154
1
25
1
Class A
•
17
17
Benson & Hedges corn_
25
103 103
Blaw-Knox Co corn
• 2655
2254 2755
Bliss(E W)Co coin
34% 3555
Blumenthal(S)& Co corn_'
Bohn Aluminum & Bram_• 744 7454 764
92
13org-Warner Corp com100
9254
24 24
Bridgeport Mach coot. •
•
22% 24
larIll Corp. clam A
•
10% 1034
Class 13
6835 77
Bristol-al yers Co cem___• 76
2955 29%
Brit-Am Tob ord hear...51
British Celanese14% 1554
Amer deposit receipts-- 1555
16% 1954
1654
Budd (E 0) Mfg corn• 70
6955 70
Bullard Mach Tool
23
2355
20
Butler Bros
15% 1555
•
Duna Clark Inc corn
Wyant & Cannon• 47
4755
46
Foundry48
Cannon Mills Co, corn...• 4655 45
44
Ptodcom25
4055 45
Carnation Milk
72
7355
• 73
CaterpIllar Tractor
3455 36
Cavau-Dobba. use, arm_.• 35
655% pf with com stk
108 10854
10(i
purch warr
Celanese Corp of Am corn • 69% 68% 73
13435 1354
100
First preferred
104 101
104)
New preferred
80
80
Celluloid Co common__ •
115 115
tat pref
5255
52
52
Celotex Co corn
1454 150
Central Aguirre Sue. _ _50 150
1054
1055
10%
_•
.
Centrifugal Pipe Corp
2734 274 2855
Ch arts Corp




Range since Jan. 1.
Low,

High.

300
620
600
400
400
1,100
410
800
1,100
100
400
600
100
450
200
6,70
10
4,60
60
2
25
50
2,100
2,600
100
1,300
1.600
300
200
125
100
40
800
1,300
700
800
1,700
200
700
100
15,700
400
50
9,400
3,000
100
50
28,400
700
2,100
400
100
700
500
5,900
1,400

22
Aug
2455 July
14
Jan
844 Jan
July
155
26
Slay
1
Mar
3755 Mar
120
Jan
10554 Jan
80 June
46% June
36
July
132
Mar
234 Feb
1/3054 July
9554 Jan
1355 Jan
15% Jan
94
July
45 June
Aug
63
13
Mar
8234 June
11% Jan
25 t, Mar
2655 Feb
31% Aug
10055 July
Aug
56
29% July
38
July
274 July
70e June
z6355 Jan
38
Feb
1004 Aug
22
July
6
Feb
94 Feb
801155 June
9955 Aug
58
Apr
150 July
July
17
Au
103
Ma
164 NW
2654 Ma
83% Jar
7555 Jun
2
Oct
204 Jul
10% Jul
65
Jun
2555 Jan

2,300
700
300
600
10

1355 July
15
June
43
Jan
2014 Apr
1435 May

3351
34
7654
29
2055

May
Jan
May
June
Mar

4,800
9,50
90
1,20
700

3855 Jan
45
Aug
30
Jan
53
Jan
314 Apr

52%
48;5
66
79
43%

May
July
May
May
June

11234
103
1854
112
122
132
6955
164
12
2854

June
May
Jan
Feb
Feb
Feb
Apr
June
Jan
July

200
1,200
300
200
100
100
300
630
1,00
900

102
674
134%
104
80
115
49
11631
854
2755

Apr
July
Aug
July
July
Aug
Feb
Feb
June
July

314 Feb
29
May
75
May
50
May
18455 May
34
Jan
355 June
4834 June
1974 May
11054 May
125
Aug
70
Jan
45
Jan
16255 Apr
3355 May
5355 May
103
June
24% June
23% Apr
108
Jan
8055 Jan
Jan
80
June
24
114
Jan
284 May
4155 May
51
June
3255 July
July
101
06
MAY
3454 July
51% May
32% May
Jan
1
0334 May
474 Apr
143
Mar
5155 Apr
17
May
1954 June
223
Apr
104 June
73 June
May
3
6
May
24
Mar
103
Mar
2455 Apr
37
Mar
87
Juce
92% Aug
555 Mar
3455 Jan
1754 May
77
Aug
2955 July

Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Continued) Par. Price. Low. High Shares.

Range Since Jan. 1.
Low.

iflgh,

3734 July
Checker Cab Mfg corn_ • 3551 35% 3651 4,200 2054 Mar 12455
Feb
41 1034 July
100 10555 10355 1055.5
Childs Co pref
Jan 7155 June
66% 16,400 54
IttesService,common_ _21.1 6515 65
1,500 943.4 Jan 1034May
9954
_ _100 9954 99
Preferred_ - _ _
954 Apr
834 Jan
100
9% 9%
955
Cities Serv Pfd "B" _ _ 10
100 36% Jan .5454 June
52
52
City Ice & Fuel (Cleve)- •
37
Aug
Apr
18
1,400
18
224
•
19
_
A
corn/
Clark Lighter
June 3855 Jan
400 28
30
29
Club Alunilnum Utensil_ •
3155 1,900 2334 Jan 35% Nfar
34% 32
Cohen-Hall-Marx Co _ _ _
2% May
14 Mar
151, 1% 2,200
1%
Colombian Syndicate_ _.
Columbia Graphoph Ltd
May
81%
Jan
343.1
90,900
71354
6355
75%
stk_
ord
for
Am eleO rcts
734 Aug
555 755
1,000
54 July
615
Consolidated Cigar warets
Jan 50% June
600 21
40
39
Dairy Products_ _ _•
1,300 12% Aug 19% Feb
1255 13%
Conaol Film Indus. cony...
Apr
July 20
1455 15% 2,300 14
• 15
ConsolLaundrlea
May
2854
300 27% July 36
28%
corn.*
Cons Ret Stores Inc.
Copeland Products lc195,4 May
7% Jan
1155 14
2,900
• 12%
Class A with warn
Courtaulds Ltd Amer dep
244 May
600 2155 Au
reels for ord stk reg. el 2134 2135 214
July
Jan 85
30 23
8035 81
Crocker & Wheeler,com100
Crosse & Blackwell
5255 July
400 52 Jun
Pre( with warrants_ _ _ _• 5255 5255 52%
June
65
4815 49
300 34% Jar
Crow. Milner & Co. earn.'
Jan
225 17155 Jun 189
174% 1754
•
Curtis Pub Co corn
July
19
Mar
1855
100
10
18%
•
Co_
Davenport Ilcsery
May
Deere & Co, corn mon_100 3494 34955 399% 1,320 220% Jan 416
June
16
11
3.800
14 Jan
12
De Forest Radio.•t e____• 114
July
414 Apr 10
10
100
10
Dictograph Prod Corp
36
3954 6,300 1554 Feb 4454 Julie
• 39
Dcemer Die-Casting
13974
Jan
10434
900
120
May
•
129%
Dominion Stores Ltd_
534 May
255 Mar
700
251 255
Dubilier Condenser Corp.
Dunlop Rubber Co, Ltd84 Apr
6
July
100
6
6
American deposit nets... -----Aug 2855 June
• 22
22
234 6,800 22
Duplan Silk Corp.
400 10555 July 110% June
106 106
100
corn_Preferred
Apr
4
Jan
200 5043
•
2
2
2
Dupont Motors
July
955 Mar 16
1155" 13% 5,500
12%
Durant Motors. Inc_
034
June
May
43.4
100
•
8% 8%
Duz Co Inc. class A
9% May
455 Apr
•
70
735 855
8
Class A v te
Educational Pictures, Inc
NIar
July 97
175 80
80
80
Prof with corn put. war100
July 49% Slay
500 43
45
453.4
Elect Shovel. Coal par p1.• 45
June
924
Feb
53%
2,800
90
Evans Auto Loading CI II it 8914 88
6% May
534 Jan
634 3,100
555
5
10
Fageol Motors eons
Aug 16535 Apr
20 145
145 145
100 145
Fajardo Sugar
Jao
85
Feb
3,400 12
Fans.teel Products inc.._ _• 21% 2135 23
100 274 Feb 6055 Slay
42
42
Twirlers Sift? Inc class _ •
Jan
20
Mar
14
200
1554 1555
ctfs
Federated Metals Mk trAApr
100 r4755 July 84
49% 4934
10
Fire Assn of Filth'
Jan
12854
June
105
300
115
114
Firemen's Fund Ins
Jan
Mar 238
25 166
175 1CO
Firestone T & H,corn. 10
Jan
Feb 112
5 108
109% 109%
100
7% preferred
Apr
58%
June
44%
50
45
464
Floral/elm Shoe Co corn A • 45
June 10355 Apr
600 98
9915
ow preferred
100 9954 99
May
Jan 698
11 510
542 555
Ford Mom or Co of Can_ IOU 549
July
Jan 33
• 31
1,6110 23
Forhan Co, CIA
May
'22-C
Mar
1754
79,500
29%
274
Theatres
eorn.•
A
class
Fox
2815
June
2334
Mar
1355
10
20
20
Franklin (11 If)Mfg com_•
July
May 90
85
5
00
100 89
89
Preferred
May
7
20
151 Feb
334
Freed-Elst man Radio. _ _•
355
34
French Line 600 francsJuly 7155 Mar
42
50
4235 4355
Amer shs rep corn B stk. 43
10% Jan
551 Feb
8
856 32,00
7X
Freahroan(Chas, Co
3,300 2755 Mar 44% Feb
• 39% 38
40
Fulton Sylphon
May
7555
Jan
100
69
4755
69
•
Disc
Galesburg-Coulter
61.154 Feb 77
may
40
5835 60
General Amer ID VOBLOIA.-•
May
6% Apr 17
811 954 27,60
8%
•
General Baking corn
May
813
July
7455
2,500
73
714
Pielered
3555 Jun 534 May
10
42
42
Gen'l Bronze Corp com_ •
Gen Rice Co of Gt Britain
104 May
851 May
100
954 955
American Deposit rcts_ -----Apr
June 109
100 99
103 103
General Fireproofing corn •
33
JAB
June
20
70
2754
27
274
•
corn
Mach
Laundry
Gen'i
68
June
65
1,30
July
General Mills Inc, corn_ _ • 6634 6534 66%
3
July
20
254 Aug
254 24
10
General Necessities
800 13% July 2054 May
15
15%
Gilbert(AC)Co com _ _• 15
July 169
1.700 150
Jan
154 159%
• 156
Glen Alden Coal
Jan 14655 June
1.60
65
• 118% 1164 119
Gobel (Adolf) Inc corn

668

FINANCIAL CHRONICLE

[VOL. 127.

Friday
Sales
Friday
Sales
Last Week's Range for
Range Since Jan. I.
Last Week's Range for
Range Since Jan. 1.
Sale
ofPrices.
Week.
Sale
ofPrices.
Week.
Stocks (Concluded) Par Price. Law. High.. Shares.
Low.
Stocks (Concluded) Par. Price. Low. High. Shares.
lgh•
Low.
High.
Gold Seal Electrical Co__•
715
74 834
800
Jan Safety Car Heat & Ltg_100
6
June 17
155
155
•
135
50
Gorham Mfg corn
Jan
170
Mar
577
% 57%
200 50
Apr Safeway Stores corn
Feb 62
541 577
• 568
890 310
Jan 577
Preferred
Aug
100
1184 11854
75
Mar
Feb 134
Old fifth warr
35
334 3514 1,800 30
June 38 Slay
Gras-seill Chemical new__ _• 484 484 4915 5,900 112
June St Regis Paper Co
474 July 51
• 72% 72% 72%
300 BO
Jan 90
at At!& Pac Tea lot pf100
May
11715 118
50 1164 Mar 120
Apr Sanitary Grocery Inc....* 369
315 373%
1,510 215
Greenfield Tap de Dle_
Jan 373% Aug
•
100
35 9%
855 June 124 Jan Schiff Co 7% pref
• 1294 1294 12911
25
11031
Jan
Hall(CM)Lamp Co_
130
May
•
16% 17
400
Jan
1834
May
Schulte
954
Real
Estate
Co_
•
22
300
234
17
Jan 2934 Mar
Hall(W F) Printing_ _10
24% 2555
1,400 22
June 30
Jan Schuite-(Jnitcd Sc to $1 Sts•
19
194
300 17 June 22
Happiness Candy St el A_•
Feb
6
57
% 635 2,800
54 Feb
9% Apr
Preferred part paid_ _100
85
85
100 794 June 10034 Feb
Hart-Parr Co corn
• 39
39
43%
1,200 354 July 63 June Seeman Bros common ' 52% 52
52% 1,900 33
Jan 55
Hazeltine Corp
May
• 1415
1451 15
700
815 Feb 15% May Sciberling Rub, corn
•
43
43
300 334 Feb 50% May
Hellman (Richard) warr _
16
May Selfridge Provincial Stores
100
164
14 Apr 17
-----Ileyden Chemical
•
114 1155
600
44 Feb 13% Apr
Ltd ordinary
.C1
43.4
4% 411
900
4
May
415 May
Hires(Chas E) CIA corn_ •
25
July eervel Inc (new co) v 0_ • 14% 12% 144 14,900
400 214 Mar 26
26
44 Jan 1615 Slay
Holland Furnace Co
• 43% 40% 4374 3,500 38
June
June 47
Preferred v t c
160 41
40
1,500 23
424
Feb 47% May
Hood Rubber corn
26
26
200 26
July 424 Jan Seton Leather corn
•
28
2915
300 214 May 31% May
Horn & Ilardart corn
54
54
540
Mar Sheaffer(W A)Pen
100 52% Mar 64
•
464 4854 1,500 4034 Jan 60% Anr
Huyier's of Del corn
1555 15%
200 15
Mar 20% Jan Silica Gel Corp,com v to.' 24
234 24)5 2,000 17
Feb 29
Apr
Hygrade Food Prod norn..• 384 3854 33% 4,000 254 Jan 4551 June
Silver (Isaac) & Bro corn _•
45
50
800 39
Jan 60
May
Imperial Tub of Canada .5
10% 1031
400
84 Mar 1135 June Singer Mfg
100
490 500
60 428
July
Industrial Rayon new_ _ _
Jan 530
8435 82
854 3,600 784 July
9315 July Smith (A 0 Coro
• 14551 144 14511
225 104
Slay 14531 July
Ingle Co of North Amer_10 70% 70% 714
900 70% Aug 10434 May Side Viscose Ltd_ _Lire 120
715
734 7%
100
64 July
931 May
Insurance Securities_ ___10 2615
26
26%
May South Coast Co corn
900 254 July 32
•
224 25% 2,000 20
Slay
294 July
Internet Cigar Mach'y. •
93
95
Jan
400 90
May 1034
Southern Asbestos
• 33
32
344
7,800
2334
Jan
May
Int'l Printing Ink com_ •
354
414 4215
800 414 July 4455 June Southern Ice& Unicorn P
20
23%
700 20
Aug 28
June
Internet Products
12% 124 12% 1,100 11% June 14% June Southern Ice & URI corn A*
20
20
20
100
13
Feb
Internet Projector
2631
•
I‘I
9
May Southern Stores Corp Cl A • 26
100
9
ny
715 Apr 14
26
2911
1,100 24
Mar
Jan 40
Internet Safety Razor B__
25
25
25
200 25
July 25% July Southwestern Stores corn
21% 20% 21% 1,700 18
June 21% Aug
International Shoe corn..• 81
900 69
80% 81
Apr
Preferred series A
Feb 87
25
25
200
June
25
2555
June
lot Sleeping Car & Europe
Span dr Oeu Corp. Ltd__El
915
915 11 164,700
234 Feb 11
Trains Am dep rcts
July
39
39
100 39
Aug 45 June Sparks-Withington Co...' 10155 10114 10411 2,700 30
Jan 127
June
Interstate Dept Stores COM°
4515 46
500 37
Feb 56% May Spencer Kellog & Sons new 32% 3235 34
600 32% Aug 34
7% cum pf with war_100
Aug
110% 110)5
100 los% Feb 120
May Spiegel May Stern Co_
•
544 5435
200 51% July 634 June
Kaufm Dept Sts, corn 12.50 28% 284 2934
600 284 July
July
% preferred
34
100 85
85
91
1,300 85
Aug 100
May
Kaynee Co corn
10
304 30%
200 30
July 4315 May Standard Investing Corp.'
36
36
100 35
July 494 May
Kemsley. Millbourn & Co• 1615 14% 1615
900 14% July 2011 May Stand Motor Constr.- _100
2
2
Jan
200 600
Kimberly-Clark Corp,com* 52
4
Apr
52
524 2,000 52
July
5215 July Stern Bros class A corn_ •
494 49)1
Jan
Slay 66
75 46
Kinnear Stores Co cora_ •
324 33
500 264 June 38% Mar Stetson (John B) Co com_•
100 100
June 125
CO 05
Knott Corp,corn
Apr
•
33)5 37
400 33
July 443-4 Mar Stinnes(Hugo)Corp
• 1111
114 11%
855
900
Apr
Kobacker Stores corn_
May
19
•
424 42%
200 40
July Stix Baer & Fuller
July 44
334 3415
800 3315 Aug 344 Aug
Lackawanna Securities._ _• 52% 5211 53
1,400 45
June 55% Jan Stroock (S) & Co
• 404 404 41
200 38
Feb 4735 Apr
Lake Superior Corp_..100
555 64 1,600
355 Jan
9% Feb Stutz Motor Car
•
1515 1515 1,000 1454 Mar
Apr
Lakey Foundry & Mach_• 31
19
274 3155 4,300 27
June Swedish-Am Invest, pf_100
355
July
136% 1364
100 125
Lane Bryant Inc corn.
July 1454 July
39
39
39
July Swift & Co
200 384 June 42
100 135
132
135
1,150
125
Leath & Co corn
Jan
Slay
137
•
1434 14%
July Swift International
200 14
15
July
15 304 29% 304 5,000 25% Jan 3455 Feb
Lefcourt Realty com_
•
25% 26
200 25
Aug 3531 Stay Swim Wash Mach B corn.' 13% 13
200 1111 July
13%
Preferred
254 Mar
•
3815 3915
300 36
June 4234 May Thompson Prod Inc cl A • 32% 324 33
900 30
Lehigh Coal & Nay ____50 142
June 44% May
13715 147
2,600 105% Mar 154% June Timken-Detroit Axle ..10
1615 17% 1,700 114 Feb 2014 Apr
Lehigh Val Coal ctfs new__
313.5 31% 334 1,900 274 Mar 39
Jam
Tobacco
Prod
Exports. _ _*
374
Lehigh Valley Ccal Sales 50 57
34 3%
700
215 May
414 Feb
5355 58
Todd Shipyards Corp_
575 50
Mar 664 Jan
•
4451 464
LeStur Co corn
300 4114 Apr 604 May
•
30% 31
300 1434 Jan 344 May Toddy Corp class B v t c•
11% ny,
Leonard Fitzpatrick &
400
11
Jelly
124
July
Transcont. Air Transp___• 2.1% 2435 2631
Mueller Stores corn....°
16,100 20% May 35
May
28% 30
Jan
400 27
Trans-Lux Pict Screen
July 43
Libby Owens Sheet Gloss 25
131 140
July
2,200 109
Mar
Clang
140
•
A
common
315
355 34 1,500
Mar Steam Shov, new corn* 4415 4415 45% 2,100
254 May
7
Apr
Truseon Steel corn
38% July 454 July
10 40
394 40% 2,200 83% Jan 40% May
Marmon Motor Car coru_• 46
46
46
300 384 Feb 5814
Preferred
106
106 106
100 106
Maryland Casualty
Aug 1074 Mar
25
158 158
Slay
Tublze
25 155
July 19355
Artificial Silk cl B_• 402% 475
4994
360 460
Mavis Bottling Goof Am.' 16% 15% 17% 19,800
Feb 6284 Apr
May
Tung-Sol Lamp Wks corn • 12% 124 134
15
Jan 22
500 104 Feb 15% June
May Drug Stores Coro_ •
2215 2215.
100 20
Class A
Jan 26% May
• 214 2115 2134
700
1915
Feb 6
May Hosiery Mills 54 eh.° 42
j
Aapnr
26
3
42
42
United Biscuit Cl A
500 42 June 4831 Jan
• 63% 6255 634 1,400 64% May
McKesson & Robbins
100 z100 100
Aug
75 z100
Aug z100
Class B
19% 1935 1015 2,200 134 Feb 214 Jan
Mead Johnson & Co cone.• 62% 624 62%
United Carbon v t c
500 53% Feb 72
May
20
1915 204 2,100 19
July 2015 Aug
Melville Shoe Co corn. ___• 199
198 199
June
250 111
Preferred
Jon 209
100
200 6835 July 7585
:Mergenthaler Linotype_•
100% 1004
Jan
United El Coal Cos v t
May 114
50 100
54)5 54% 55
300 264 Feb
May
Mesabi Iron
•
215 34 2,100
455 June United Milk Prod,corn_ • 174 17
115 Afar
300 17
22
Mug 42% June
Metropol Chain Stores • 59
58
7% cum pref
59
5l at
700 54
Jan 66
100
30 76
82
80
July 95
June
1
m
Met 5 & 50c. Stores B
•
Nlar
Cfnit
Piece
331 331
100
34 Aug
7
Dye Wks corn.'
72
200 5211 Feb
7255
Preferred
100 51
50
June
51
Jan 81
110 44
615% Preferred
100
107 107
10 10511 Feb 11214 Apr
Pref. (under the rule).
62
June enited Profit-Sharing.com•
62
10 44
Jan 81
9
9
100
8% June 124 Feb
Metrop Pay Brick corn. •
474 4715
United Shoe Mach com_25
100 3434 Feb 474 July
72%
300
6334 Jan 774 May
7315
Midland Steel Prod
•
Jan U S Asbestos
94
95
200 8015 May 112
32% 32)1 33
300 27% July 334 July
Minneapolis-HoneywellS Dairy Prod class A.
•
504 61
200 284 July 62)5 Slay
Regulator corn
•
3755 3711
300 30
Feb 4454 May Cr S & Foreign Sec corn
234 25%
1,00(
2034 Mar 32
Slay
Modine Mfg
3515 3514
6% preferred
400 334 July 354 Jelly
94
400 94
94%
June 1:
Feiu
8000
20
Mohawk Carpet Mills
• 3915 39
Cf
July
4055 8,300 39
Aug 40%
Freiglat
• 83
76% 844 27,300 7014 Feb 8434 Jan
Monsanto Chem Wks, corn
60
60
100 384 Jan 60 June US Gypsum Co
20
574
60,11
500
June
Motion Pict Corp Gref_..25 22
11
22
S
22
Radiator
Apr
Mar
2655
100
corn
22
•
394 40
200 39% Aug 48
Nat Baking,corn
•
44
415 415
600
44 Apr 1034 Jan U S Rubber Reclaiming... 14
14
15
200
9 June
655 Jan
Nat Food Products1
Universal Insurance
82
824
100 82
July
Class 13
July
• 12
11
12
May
Universal
1,300
15
Pictures
6
Jan
•
1335
154
1,500
134
Aug
2415
Jan
National Grocer
4% 415
Van Camp Pack, pref...S0 1815
Aug
4% Au;
4%
100
1,700
184 27
74 Mar 27
July
Nat Mfrs & Stores
• 37
37
3715 1,300 31
Apr 40% May Waltt & Bond class A_
*
26
2615
200 244 Jan 2
ly
:f
A;
Nat Rubber Nfach'y
01,
94 7,
2935
27
Class B
2915 12,300 23
Judy 29% Aug
19
17
Mar
19% 4,800 15
Nat Sugar Refg
100 135
135 140
Walgreen Co corn
Apr
125
119
Feb
152
•
4315 434 4415
1,500 37% June
Nat Theatre Supply corn_• 114 104
N‘arrants
700
6
Jan
11 35
134S May
23% 23%
100 1635 Apr 25%5,
National Tile
•
30
Mar
Warner Bros Pletures___• 58)1 45%
30
100 30
Aug 34
5951 166,500 13% Jan
4SlayAug
Nat Trade Journal, Inc__. 31
31
Watson Ono Warren) Cc.'
31%
900 31
Apr 351 May
514 June 20
7
1,100
7%
Nauhelm Pharmacies Inc..•
Jan
1914 19%
Wayne Pump
200 194 Aug 2831 May
•
200 32
June 6
344
un
per
36
8 JA
Cum cony pref
314 31
Wesson Oil it SD corn v t e• 7511 34
31%
200 3034 July 37% May
75
1,800 67
Feb 85% May
7634
Nebee (Oscar) Co corn_ •
224 234
Western
May
Auto Supply cl A.
200 18
Apr 25
51
51
5515
800
Jelly
Nehmer Bros pret _ _100
126 126
Warrants
75 1104 Jan 1394 May
6
70
Aug
6
715
1751 Apr
Nelson (IIerman) Corp__ _5 28
28
28%
200 20
June 344 May Westmoreland Coal
50
44
44
100 44
June
Neptune Meter cl A
Aug 50
5 22% 22% 224
Feb Wheatsworth Inc com___. 5135 5155 5155
100 2214 July 25
344
Jan 5915 May
100
Neve Drug Stores corn_ *
26
26
May
Winter (Ben)) Inc
100 25
June
34
1151 12% 1,600 1111 June
Convertible A
JApr
0m-* 124
36
Wire Wheel Corp corn
36
3715
GOO 3531 June 4354 May
new,
27
29
3,700 2055 Mar 31664
New Mel & Ariz Land_1
8
734 8
Wolverine Port! Cement 10
900
74 June 11% Ala
5%
5
5
516
200
May
0)1 July
Newport Co prior corn.100
130 13051
Woodworth Inc corn
50 114
Jan 149% Feb
• 324 324 33
900 26% Jail ,3
394
uraler
54 Jm
Niagara Share Corp
•
174 17%
Apr
Worth Inc cony class A • 18
100 124 Mar 18
18
184
700
1715
July
Nichols& Shepard CO- • 68% 62
June Young(LA)Sp & WI corn • 42
69
1,600 3034 Jan 73
41%
7 43
1,50(
31% Mar 45
May
Stock porch warrants___
464 41
Cony. pref
June
1,400 1654 Feb 53
464
•
4111 42
40(
36% Mar 4435 Apr
?Mee Bement-Pond corn.• 66
May Zenith Radio
65
66
3,100 28
Jan 90
97% 87% 97%
700 65
Apr 97% Aug
Noma Electric Corp corn • 2131 2134 2115
1,000 20% June 26% May Zonite Products Corp corn' 37
35% 37
324
4,200
July 4845 Apr
North Amer Cement
Feb
Jan
74 84
3
6
800
Northwest Engineering..' 39
Rights38% 40
1,200 2955 Feb 50% May
Ohio Brass Cl B
90
90
50 8811 July 1004 Star Aluminum, Ltd
18% 15% 1914
2,900 14
July
19% Aug
Pacific Coast Biscuit pref. 424 4234 43
June 5115 Jan Amer Cyanamid
300 40
7
515 Judy
615 74 14,80
855 Juno
Palmolive Peet Co win __• 115% 11011
315
117% 2,200 (1)85% Feb 123% JUDO Fiat
200
3%
Apr
215
33
,
6
6% May
Pack Austin & GipscombInsurance Cool N A
8
7%
84
2,50(
Judy
7%
July
9%
Partic pref
• 254 2555 27
500 2535 Aug 2811 May Loew's Inc
15% 154 1515
100 1115 Feb 234 May
Parke Davis dr Co
May Macy (R II) & Co
• 47% 46% 4714
July 57
700 44
240 240
240
10
Jelly
240
July
Penney (.1 C)Cool A p1100
July 1054 May US Elec Sent bond rights__
20 102
102 102%
I%
134 1%
60(
1% July
3 Slay
Peoples Drug Store, Inc_• 5755 56% 57%
Mar US Gypsum
800 444 Mar 68
16
16
16
10
16
Aue, 18% July
Pepperell Mfg
Fep
160
190 83
92
89
July 106
Phelps Dodge Corp_ _ _ _100 1334 133 13315
Public
200 117
Feb 148 June
Philip Morris Inc com_
Star A mer & Foreign Pow wart_
600
July
4
10
•
4
411
16
15% 1634 2,900
834 Feb 194 June
Class A
Jan
An.er Gas & Elec com____•
25
100
9 June
14
934 915
1624 17615
900 11755 Jan 184
May
Pick (Albert). Barth & Co
Preferred
1054 1054
10 10415 June 111
May
Common vot tr
Amer
Jan
Lt
100
10
& Trac com___100 21915 217 2194
11%
10
10
Jan
_1
52. 170
Jan 249
May
Pref class A (partio
Amer Nat Gas corn v t e__•
1,200 1911 AM' 227% Jan
20 20
20%
at's_ruf)-•
18
18
300
18
Jura 22
May
Pie Bakeries of Am "A"_ _ _
254 254 2514
100 25
July 3415 June Amer Pub Util Part Pt 100
92
92
25 90
Jan 92
Feb
Pierce Governor Co
1,400 1834 Feb 3615 May Amer States Sec tom Cl A_• 1015
• 3011 30
3135
10% 10% 2,000
715 Mar 14 May
Plggly Wiggly Corp eorn_• 264 26% 2611
• 13% 134 14
Corn class B
800 23% Mar 3344 May
COO
755 Mar 1874 Slay
Piggly Wiggly Western
Warrants
4
4
4%
1,700
134 Apr67% May
States Co cl A
Feb Amer Superpower Corp A • 35
400 19
June 31
2654
•
23
35
3555 1,000 334 June 56
Apr
Pitney BowesPostage
Class B common
35% 364
GOO 3534 July
5634 Apr
•
Meter Co
First preferred
7 June 104 !Jan
300
834 815
102 102
20 08
Jugue 1054 May
PUPA) Plate Glass
July Arizona Power com ..l00 15
235 235
20 210
100
Feb 245
15
15
25 15
July
234 Jan
Procter & Gamble com 20
Assoc Gas dr Elate el A__ • 48
50 247
Stay
Feb 300
270% 27015
48
48% 2.100 si615 Feb 5215 May
Propper Silk Hosiery Inc.• 3411 34
1,100 33 June 344 July Brooklyn City RR
344
ioo
7
7
1,600
Jan
716
5
955 Slay
Pyrene Mfg
915 Jan Buff Niag & East Pr coin.• 42
10
651 Mar
500
751 74
3934 43% 3.900 304 Jan 4611 May
Rainbow Luminous ProdA•
Class A
Slay
2235 2315
1,10
224 July 55
• 43
3734 43% 11,900 31
Jan 45% May
Raybestos Co corn
June
25 49
49
Preferred
49
400 49
June 52
25
204 264
1,000 26
Jan 27
Slay
Repetti Inc
1% Am' Central Pub Servo! A _
5
650. 65c.
100 500 Feb
• 29%
29
294 5,600 194 Jan
30
Jelly
Republic Slot Trk v t c......*
Jan Cent States Elec 7% p1.100
3
300
14 14
115 Mar
115 115
300 10115 Altu 1214 Slay
Marmon Bros Co
June
285
ettles
283 285
29111
265
Bury
June
Pr
60
& Lt $6 Pf-• 994 994 994
600 9554 Jan 1(12
May
Richmond Radiator. com_•
18
7% preferred
700 18
June 274 Jan
1851
l00
108 108
100 10551 Jai 109
Ap,
7% cum cony prof
• 3534 354 37%
Apr 40% June Conewith Edison Co _100 18315 183 183%
400 35
1,010 167
Jan 193
May
Ross Gear & Tool corn_ •
Slay Com'wealth Power Corp33
34
800 304 June 37
Regal Bak Pow pref_ __100
107361077%
Preferred
Jan 11115 June
50 104
100 100% 100 10031
1,000 100
July 10474 Jan
Ruberoid Co
100 0911 994 99%
100 814 Jan 125
May Cons0 E I.& T Balt corn •
81% 81% 1,300 6744 Jan 923-4 May
Safe-T-Stat Co common..., 4914 41% 4955
42,400 184 Mar 57 June Const & E 7%, pr pt_ _100 106
106 106
100 105% July 108% Jan




1

1

669

FINANCIAL CHRONICLE

AT:. 4 1928.]

Sales
Friday
Last Week's Range for
Week.
ofPrices.
Public Utilities (Concl.) Sale
Ear Price. Low. High. Shares.
13231 132%
100
Duke Power Co
20% 20%
East States Pow B corn__ •
Elec Bond & Sh pref _ _100 108% 1084 108)5
Elea Bond & Sh Secur____• 97% 974 99)4
Eleo Invest without war_ .• 59% 5931 62%
Empire Gas & F 8% pf _100 1114 1114 1114
102% 10234
Elea Pow & Lt 2d pref A__.•
1834 18% 18%
Option warrants
99% 99%
Empire Gas & E 7% pf_ 100
32% 3244
Empire Pow Corp part stk.
37% 3834
Federal Water Serv el A_ •
102% 10241
Florida Pow dr Lt 67 pref..
General Pub Serv oom___• 2334 23% 2331
100 100
100
56 first preferred
140 140
IIartford Elea Light v t c_ _ 140
45
45%
•
Internal litil class A
1551 16
1534
Class B
13
13%
1311
Italian Super Power
110 110
Long Island Lt 7% pfd _100 110
6% 6%
634
Marconi Wirel T of Can_ _1
15% 16
Marconi Wireless Tel Lond.
16
16
16%
Class B
97% 97%
Middle West URI 56 pref.*
374 374
Mohawk & Bud Pow corn •
108 108
1st preferred
10534 1054 105%
2nd preferred
14
14
Warrants
• 1834 1834 20
Municipal Service
* 109
108 109
Nat Pow & Light prof
Nat Pub Serv corn class A• 25% 244 25%
294 294
Common class B
874 03
New Eng Power Assn corn •
1124 113%
NY Telep 63.4% pref _ _ 100 113
714
73.4
North Amer URI Sec co m.*
254
Northeast Power corn ___• 25% 25
27
28
Northern Ohio Pow corn *
1344 135
Nor States P Corp com.100 135
1104 11011
Ohio liell Tel 7% cum p1100
27% 27%
Pacific G dr E 1st pref_25
• 3934 37% 404
Penn-Ohio Ed corn
106 107%
100
7% prior prof
9534 96
SG preferred
19% 20
Option warrants
15
15
• 15
Penn Ohio Secur
83% 834
Penn Water AL Power__ *
100 100
Penn Pow & Light $6 prof..'
190 190
Pub Serv of Nor III
80
894
Puget Sound P & L corn 100
98
100
6% preferred
9855
45
46
Sierra Pacific El corn. _100
48% 50%
Southeast Pow & Lt corn.
45% 45% 46%
Common v t c
87% 87%
Partlo preferred
1811 1934
1841
Warets to pur corn elk_ _
p1100
1094 109%
Southw Pow &
109% 109%
Stand Gas & El 7% pf_ _100
46% 47
Standard Pow & Lt corn_25 46
98
98
Swiss Amer Bloc pref
63
63
•
Tampa Flee Co
100 100
100
Toledo Edison pref
374 40
Union Natural Gas(Can).'
111
I%
United Eiec Sen., warrants
50 134% 134 1394
United Gas Impt
25
26
United Lt & Pow com A_ _• 25
• 9834 9834 98%
Pref class A
28%
_ _• 28% 28
URI Pow & Lt clam
13
13
Util Shares Corp corn__ •

8934

Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Other Oil Stocks
Par Price. Low. High. Shares.
(Concluded)

Range Since Jan. 1.
High.

Low.

25 130 June 1484 May
100 1131 Jan 264 May
400 10731 July 1114 Api
5,500 76
Jan 1274 Apr
3,800 404 Jan 7934 May
200 11011 Feb 1134 Apr
Jan 106
100 102
A pi
GOO 134 Jan 24% May
May
100 0934 Feb 105
200 30
Feb 3934 May
500 2734 Jan 4214 may
50 1024 July 1084 Apr
1,700 1614 Jan 29
May
Aug 1034 May
75 100
Aug 140
50 140
Aug
500 4434 Apr 52
May
1934 May
6,900
331 Feb
July
500 13
164 June
July 1124 Feb
100 109
8% Mar
3
Feb
23,100
900
1731 Mar
9% Jan
6,700 1531 July
1634 July
May
Jan 101
200 94
500 2934 Jan 53
May
Jan 110
July
100 105
75 1024 July 108
Jan
6
Jan
100
1911 May
May
5,900 134 Jan 25
Feb
350 106% June 111
Jan 29% May
1,400 22
100 2434 Jan 324 May
70 67% Slay 9811 Apr
125 11131 June 115% Mar
Jan 10% Apr
7
100
May
5,700 194 Jan 31
Jan 32
May
2,000 18
Jan 152
May
500 5123
July 115
Apr
20 110
Apr
200 23% June 30
6,400 3235 Jan 48% May
Jan
210 10434 June 109
Feb 100
May
GO 92
Jae 2511 May
SOO 11
May
200 13 - Feb 25
Jan 90
May
200 68
July 100
25 100
July
Mar 195
2' 178
Slay
7,000 34% Jan 94% June
Jan
160 92
Apr
Jan 49% July
900 29
5,30
414 Feb 61
Apr
1,000 9041 Feb 57% June
84
Jan 92
30
Mat
1234 Feb 244 May
1.80
.5 1094 Aug 117)4 June
10 109% Aug 114% afar
300 29% Jan 684 May
964 June 103% May
10
62
Jan 71
10
Slay
Aug 104
2.) 100
Feb
284 Jan 45
40
May
134 July
2.10
3 May
8,30 111)1 Jan 150
May
22,30
134 Jan 2714 July
94% Jai 1034 May
10
1834
Jan 32% Stay
2,20
Feb 184 May
200 11

mag

Venezuela Petroleum_ _ _5
Wilcox (H F) Oil& Gas_ •
23
"IY" 011 & Gas Co

2,300
900
3,800

9%
18%

Low.

High.

44 Feb
1734 July
24 Feb

6% May
Apr
25
834 Slay

30
Jan
121
June
Jan
600
34 Mar
20a May
Jan
5
Apr
4c.
Jan
180
July
1
3c Mar
30c Mar
Jan
2
7
July
July
5
234 Jan
Jan
Sc
134 Apr
94 Aug
164 June
Jan
3
Pis Apr
glir Apr
25% Feb
1804 Jan
Jan
1234 July
174 Mar
660 Apr
Jan
15c
234 June
12e. Jun
2631 Aug
Jan
6
July
10
234 Jan
84 Feb
234 Jan
Jan
450
13 June
35c Fee
331 July
830 Aug
500 1.'1)

105 June
Jan
160
514 Aug
4% Feb
53c June
May
15
Or. Feb
32c May
24 Jan
Jan
Sc
Apr
2
74 Jan
04 July
16c
Jan
13% May
25a Slay
Jan
18
18% Jan
21% Feb
84 May
114 Jan
534 Jan
29% Jan
242
May
June
5% Jan
July
64
Ills Jan
38e May
311 Jan
21c. May
27% July
24% Mar
Slay
13
34 Mar
114 June
54 July
134 June
2534 Jan
1% June
54 Jan
Feb
2
990 Mar

mg

Bonds-

101% 101%

1912
1,000 10034 Apr 10234Mar
Abbotts Dairies Gs_
July
P & P 55 A_...11155 9454 94% 9441 123,000 94
May
39,000
944 Jan 101
Adriatic Electric 78_ A952 9754 95% 97%
83,000 934 July 100)4 Mar
Alabama Power 4%a-1967 94% 94% 95
Jan
103%
June
100
9.000
1956
101%
101
5s
101
ref
lot &
Jan 524 Jan
1939
9,000 35
39
40
Allied Pack Ss
July 1034 Apr
Aluminum Cos f deb 55 '52 10034 100 10034 99,000 100
July
Aluminum Ltd 55____1948 95% 954 100 110,000 954 Aug
103 1034 96,000 9734 June 1084 May
Amer Aggregates 6s_ _ _ 1943 103
61143
Conun'l
Alcohol
Amer
June
30.000 98
July 101
09
98
With warrants
2028 93% 9314 96% 242,000 93% Aug 1014 Apr
Amer 0 & El 55
-&
rower
Light
American
May
June 110
106 200,000 105
OS, without war-rine 2016 105%
Aug 10034 Apr
1,000 97
97
97
Amer Radiator deb 4345'47
Jan
99%
June
954
24,000
97
Amer. Roll Mill, deb 5548 9634 064
13.000 97% July 1064 Apr
97% 98
1936
Amer Seating 65
May
125
90
June
16,000
106
107%
65_1936
Chem
Amer Solv dr
Aug 101% Jan
100 100% 21,000 100
Anaconda Cop Min 6s_1929
June 1024 Mar
Appalachian El Pr 511.1956 9931 9834 99% 89.000 97
101% Mar
95
June
55.000
97
97
96)4
Arkansas Pr & Lt bs_ 23,000 974 July 1004 May
98 n100
A Qs0 Dye & Press 0..1938 98
11414 May
July
9934
29,000
100%
99%
100
1977
534s
E
&
Associated 0
Aug 1134 Slay
99% 489,000 98
98
Cony deb. 4 45_ _ A948 98
Apr
Jan
92
4,000
51
86
'33
86%
634s
81
Bard
Sim
Assoc'd
174 20 107,000 15% Apr 204 May
1949 20
Atlan Fruit Ss
Aug 115% May
5,000 106
106 106
Atlas Plywood 53-4s.__1943
Bates Valve Bag 6s _A94?
May
Jan 116
104 1054 12,000 99
With stock porch warr_ _ 104
July 10734 Apr
99
19,00
100 101
Beacon 011 6s, with warr'36 101
May
1054
July
102 1024 9,000 102
Bell Tel of Canada 58_1955 102
Feb
102)4 1024 4,000 1024 July 106
let 58 be ear B June 1957
June
95%
_1958
94,000
914
July
924
92
9134
6s.._
Berlin City Elee
Feb
1929
4,000 98)4 Jan 101
9931 100
634% notes
July 10434 Apr
101 101% 12,00 101
Boston Con Gas 55.. _1997
July
1003.4
96% 09714 49,000 964
Boston A Maine RR 5s1967 97
1933 1024 102)4 1024 1,000 1024 Aug 104)1 Jan
6s
Burmeister & Wain Co of
Jan
96
964 12,000 94% June 100
Copenhagen 15-yr 681-10
15,00( 10034 June 102% Mar
1004 101
Canada Cement 548.1947
an
1144
June
26,000 108
Canadian Nat Rye 75_1935 109% 10931 110
Carolina Pr & Lt 61_ _ _1956 1014 1014 102% 27,000 1004 June 1054 Mar
Corp
Say
Cent Atl. States
Mar
lot tutge Os with war 1943 974 9234 974 6.000 924 Aug 99
11,000 914 Aug 094 Mar
% notes with warr '33 944 94% 99
API'
974
91 June
9134 9211 36,00
Cent States Elite 55_ _ _1948 92
Jan
Aug 99
96
964 12,00
Cent States PA Lt 514s'53 96% 96
July
1024
June
97
1942
58,00
10034 1004 1024
Chic Pneum Tool 5145
Jan
Aug 87
80
844 8,00
80
Chic Rys 5s cif dep__ _1927
964 Apr
Aug
88
89)4 35,00
1943 88% 88
Childs Co deb 5s
Apr
92%
874 July
Gine Gas & Elec 4$... _1968 87% 874 87% 32,00
0731 July 1044 Mar
13,00
100% 101
Cincinnati St By 54s.1952
77,000 904 Apr 98% May
1966 95% 954 n96
Cities Service 55
Jan 10411 Slay
1966 103% 10311n10411 11,000 103
68
Mar
July 98
Cities Service Gas 5}S6 1942 944 934 94% 38.00
9814 Feb 10354 Apr
9831 9814 17,00
Cities Sera Gas Pipe L 85'43
Apr
95.000 9734 June 102
cities Bar,P & L 54s 1952 9734 97% 98
Jan
June 100
97
22,00
99
99
Cleve Term Bldg 6s_ A941
Jan
94%
July
874 88% 6,000 83
Commander Larabee 611.'41
1004 Stay
June
954
89.00
9634
Gs_
Tr
_
Invest
9534
.1947
9644
Coml
Commerz und Privat
July 944 Jan
884 21,000 88
1937
88
Bank 545
96% July 1024 Apr
9714 984 5,00
Commonw Edison 434s '57
Consol GEL &P SaltJune n10834 Feb
1949
1054 106% 11,00 104
a*, series A
July 10534 Jan
1,000 101
1965
101 101
55 series F
May
98% 994 0,000 97% Jan 102
Consol Publishers 64s 1036
Jan
Mar 06
9334
3,000
1941
944 94)4
Consol Textile 85
9111 93.000 904 Aug 9714 Mar
1958 9034
Conti G & El 58
Jan
Aug 99
96
96% 23,000 96
Continental 011 545._1937
July 954 Feb
93
1,000 93
03
Cosg-Meehan Coal 634s'54
1,000 9534 Aug 984 Mar
Cuba Co 6% notes_ _ _ _1929 95% 9534 954
May
1941
11.000 1094 July 119
109% 110
Cuban Telep
May
9811 99% 32,000 9734 Jan 101
Cudahy Pack deb 534s '37 99
1024
Mar
July
9931
8.000
1946
10114
10031
100%
Is
96%
Slay
June
Denver & R G West Es '78 90% 90)1 914 36,000 894
Jan 9314 May
86
874 13,000 80
Deny & Salt Lake Ity 65'60 86
Detroit City Gas 55 B 1950
9931 99% 6,000 994 Aug 104% Mar
June 1084 Feb
1947 10734 10734 107% 14,000 106
6s, series A
984 33,000 9734 June 104% Mar
98
Detroit 1st 13dge 63.55.1952
Jan
90
904 18,000 9() June 101
25-year 0 I deb 78_1952 90
Dixie Gulf Gas 645_1937
10,000 94% Aug 994 Jan
9434 96
with warrants
Aug 991-4 May
9534 0,000 93
93
Llec Pow (Germ iy) 6)48 53 95
29,000 92% Jan 9534 Mat
93
93
Empire Oil& Refg 1534s '42 93
9731 Mar
July
92
13,000
7e
Ins
954
C.1967
9234
Eur Mtge &
100,000 994 June 108% May
10034 101
Fed War Service 545_1957 101
55,000 91% Aug 9714 Mar
Firestone Cot Mills 55_1948 91% 91% 93
2,000 93 June 984 Jan
94
94
Firestone TAR Cal Es 1942
July 98% Feb
934 11,000 93
93
Fisk Rubber 5 tr.__ _1931 93

114% July

wog

10534

loog

80
17
June 22% Feb
17% 184
650 117% Jan 101
142 15031
Apr
Jan 76
400 58
62
63%
Apr
1734 10,100 16
Feb 23
Jan
100 10334
Mar 114
300 88
May
4% Jan
10
1134
700
13
June
77
Jan 804 July
80
140 35
724 814
Jan 86
540 27
July
7934 814 7,700 594 Feb 8434 Apr
2064 208
650 1764 Jan 245 Slay
664 68% 2,400 564 Feb 75
May
68
68
100 614 Apr 714 May
804 83
400 74% Feb 8931 Apr
21
600 19% Jun
3234 May
53
53
50 38% Jan 59
May
63
64% 2,200 584 Fe
684 Slay
40
41
Jun
700 28
84
May
47
484 8,600 47
July
56
Apr
172 201
Aug 223
0,800 172
Mar
45
44
900 36% Jan 53
Apr
•7534 77
19,700 70% Feb 83% Apr
22% 244 3.300 15
Jan 27% Apr
129 130% 1.700 1224 Feb 13634 Apr
40% 41%
100 39% Feb 454 Apr
300 71
734 7311
Mar 7934 May
12054 121
Jan 125
30 100
May
22
22
Feb 2334 Apr
100 16
713% 80% 13,400 72 June 87% May

log

zog

Other 011 Stocks.
71e. 70c. 78c.
Arafat Contr 011Fields.....1
454
5
434
434
Amer Maracaibo Co
10
2% 234
Argo 011 Corp
254 2%
Atlantic Lobos Oil corn. •
I3arnsdall Corp talc purch
434
454
warrants (deb rights)._ _ -----38
38
British Amer Oil Corp __ 5
15% 15% 1656
Carib Syndicate new own_
• 134 12% 13%
Creole Syndicate
1% 1%
Crown Cent Petrol Corp'
• 22% 20% 22%
Darby Petrol Corp
pref__„*
124
Ref
12%
123*
&
011
Derby
124% 130%
Gull 011 Corp of Penna.. AS 130
•
13% 14
Houston Gulf Gas
1
Intercontinental Petrol_10
International Petroleum_.• 38% 38% 3914
654
631 6%
Leonard 011 Develown't_25
• 27% 2655 2734
Lion 011 Rafe
25 52% 51% 53
Lone Star Gas Corp
1
00c. 87e. 95c
Magdalena Syndicate
2% 2%
Mariano 011 of Mexico A
•
431
4% 5
Oil
Mexico-Ohlo
10
39e. 30c. 45c.
Mexico 011 Corp
81c. 81e. 82c.
Mountain A. Gulf 011_ _ _ _1
Mountain Prod Corp--10 23% 22% 23%
•
26% 26%
list Fuel Gas new
• 11%
11% 12
North Cent Tex Oil
2% 24
Pandern 011 Corporation...
12% 14%
Pantepee Oil of Venezuela* 14
•
0
5% 6
Pcnnok 011 Corp
734 7%
731
Reiter Reiter On Corp.'
23%
24
25
pref
Richfield Oil
19
19
Warrants
12e.
9e.
12c.
•
Synd
Oil
Canadian
Royal
514 514
•
Ryan Consol Petrol
27% 28
Salt Creek Producers __10
131
151
5'
Savoy 011 Corp
1
3)4 3 3-16 3%
Tenon Oil & I.and
1851
18%
stock...
t
v
011
Osage
Tidal
• 18
18% 18%
Non-voting stock




54
5
184 1914
434

Mining Stocks.
6c. 2,200
6c.
6c
Arizona Globe Copper_ _ _1
200
132 132
10
Bunker Hill & Sall
3,000
514
5%
Mines_
511
Central American
44 1,400
4
1
Chief Consol Mining_
40c. 41c. 2,100
Comstock Tun Sr Drain 10c
Consol. Cooper alines_5 10% 104 10% 13,700
4c. 3,100
40.
3
4c
Consol Nev & Utah
21c. 22c. 2,100
22c
1
Cortez Silver Mines
1 11-16 2,600
Cresson Consol 0 M & MI 1 1-16
3e. 5,000
c.
1
Divide Extension
400
930. 1
Dolores Esperanza Corp_ A
1,100
4% 5
Engineer Gold Min Ltd_5
2,900
8%
8
8%
corn'
Wallower
Lead
Evans
6c. 2,500
(30.
6c
1
Falcon Lead Mines
3,500
8% 9
_5
831
Golden Centre Mines_
9c. 8,000
8c.
1
Goldfield Florence
600
14% 154
25e 15
Heels Mining
94 10% 5,500
Hollinger Cons Old Mines 5
18% 18% 11,900
Bud Bay Min & Smelt___*
44
500
4
10
Iron Cap Copper
3,000
131
134
Mason Valley Mines _ _ _ _5
100
3% 3%
Mining Corp of Canada...5
200
2851 2851
New Cornelia Copper_ ..5
70
221 224%
100
New Jersey Zinc
157 162% 4,000
Newmont atimag Corp__10 158
1,100
Mines
5
334
NIpissing
• 5734 52% 59% 120.900
Noranda Mince. Ltd
2,600
690. 77c
Ohio Copper
2,100
28c. 29c
Parmac Porcupine M Ltd 1
1
2% 24 1,600
Premier Gold Inc
1
1,000
13c. 13e
Red Warrior Min
Roan Antelope C Min Ltd. 26% 2615 27% 5,900
15
1534 2,400
Shattuck Denn Mining_ •
300
11% 12%
Silver King Coalition__ 5
100
3
3
3
So Amer Gold & Plat____1
1
200
9% 94
Tech Hughes
1
2,200
44 5
434
Tonopah Mining
1 1-16 14 1,900
United Eastern Mines. A
United Verde Extension60c 15% 1514 164 3,500
1
1,100
14 134
Unity Gold Mines
5
200
331 34
Utah Apex
S3c. 83c. 94c. 5,000
Wenden Copper Stifling_ _1
5
Co
900
68c.
75c.
Gold
Yukon

Former Standard 011
Subsidiaries.
Anglo-Amer Oil (vot eh)El 1831
25 150
Chesbrough Mfg
50 62
Buckeye Pipe Line
Continenta1011 v t o_ _ _ _10 17%
Cumberland Pipe Line _100
100 1131
Galena-Signal Oil
100 80
6 Preferred old
Preferred new
Humble 011 dc Refining.AS 81
100
Illinois Pipe Line
Imperial 011 (Canada) • 68
•
Registered
50 82
Indiana Pipe Line
20%
National Transit _
100
New York Transit
25 64
Ohio 011
25 4054
Penn-Mez Fuel
25 48%
Prairie Oil& 0a5
100 191
Prairie Pipe Line
25 44%
South Penn 011
Standard 011 (Indiana) _ _25 76%
Standard 011 (Kaneas) 25 24
Standard 011 (Kentucky)25 129
25 4134
Standard 011 (Neb)
Standard Oh(0)earn- AS 7331
100
Preferred
Swan-Finch Oil Corp_ _25 22
7934
Vacuum Oil new

511

Range Since Jan. 1.

11,400
500
000
300

66e July
34 Feb
254 May
131 Jan

400
3% July
100 3214 Feb
3,200 164 July
23,500 104 Jan
200 760 Mar
3,700
834 Jan
200
714 Feb
5,300 101% Feb
GOO 11% Feb
5,500
1
June
8,800 35
Feb
400
5% Mar
Feb
800 20
2,100 4834 Apr
3,900 86e July
134 Jan
100
4
July
900
16,500 200 July
300 76c June
1,900 2234 July
400 243. Mar
400 10% Jan
2% Aug
1,500
9,000
84 Feb
200
534 Feb
2,300
44 Feb
000 22
Apr
100 5841
Am'
Aug
10,200 Dc
100
43-5 Jan
June
800 27
1
Feb
100
17.100
3
Mar
Feb
500 13
900 1314 Feb

134 Jan
6% May
Jan
5
Apr
64 May
41
May
23% Jan
174 May
June
304 May
12% July
1484 May
2254 Apr
231 Mar
4514 May
914 May
3234 May
57
May
1% Apr
411 Mar
8
Star
74c May
134 Mar
28% Jan
1104 Apr
May
Jan
1534 July
711 Apr
1234 Apr
31)4 Apr
May
24
26c. Jan
914 Apr
35
Jan
June
414 May
22% May
2131 Apr

1334
S

2%

may

93%

90%

670
Bonds (Continued)-

FINANCIAL C ETRONTCLE
Pricks
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High Week.

Range Since Jan. 1.
Low.

High.

Bonds (Concluded)-

[Vol. 127.
maay
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High. Week.

Range Since Jan. 1.

Low.
High.
Sou Calif Edison 5e...1951 10035 100%
10134 57,000 100
July 10451 Apr
Refunding rntge 59_1952
100% 101% 29,000 100
July 10434 Apr
Sou Calif Gas 68
1937
93
93% 18,000 93
Aug 9634 Jan
Southwest G & E 58..1957 96
95
11.000 95
96
July 100% Apr
S'west L & P Is
1957
94% 9431 5,000 9431 Aug 99% May
S'west Pow & Lt. 69_2022 103% 103% 104
10,000 103% Aug 112% May
88 n90
6,000 87% July 95
Apr Staley (A E) Mfg 68_1942
9834 98
09
14,000 1)8
Slay 101% Mar
10334 104
10,000 100
Jan 118
June Stand Pow & it as
1957 100
09% 10054 39,000 9954 Jan 10454 Mat
99
99
21,000 98
July 10034 June Stinnes(Hugo) CorpOct 1 '36 without wart
0334 9431 15,000 93% Jan 9854 May
84
9051 46,000 84
9831 Oct
July
78 1946 without warets. 9331 93
931-4 12,000 93
July
9732 May
78
78
5,000 78
Mar 96% Jan Strawbridge Clothier 5s___
------ 100
10034 10.000 100
July 10034 July
99
99% 91,000 08% July 103
Mar Stutz Motor 734s
98% 98% 5,000 93
I937
May
Feb 100
100% 100% 2,000 100
Apr 3101
Jan Sun Meld Retain 630_1942
78
75
7855 60,000 76
July 98
Jan
10855 108% 18,000 10634 June 112
Jan Sun 011 554e
100% 101
23,000 100
July 10251 Apr
89% 90
18,000 89%, Aug 9731 Jan Swift & Co 58 Oct 15 1939 101
1932 10034 99% 100% 55,000 9941 June 101% Jan
99% 99% 0,000 99% Aug 102% Mar Texas Power Lt 58_ _1958
98
97% 9834 33,000 97% July 103
Mar
99% 100
77,000 99% Aug 102% Jan Trans-Cont Oil 7s
10534 105% 10531 41,000 103
Feb 116
Jan
9934 9931
1,000 98 June 102
May Tyrol Hydro-El 78._ 1930
1952
91% 9254 8,000 9131 July 95% Apr
then
&
Co
6
1
4s
1936 99
Hamburg Elec Co 79_1935 101
99
99
Slay
4,000
9734
Feb
100
10031 101
8,000 0934 Feb 103
Feb
United El Seri,(Unes) 7956
Hamburg El &Und 5 tis ':18 93% 92% 93% 90,000 92% Aug 9351 Aug
Without warrants
94% 94
Hanover Cred Ins 68.1931
9455 22,000 92% Jan 100
Apr
9334 93%
1,000 9335 July 96% Apr
With warrants
Hood Rubber 75
11031
1936
37,000 10154 Jan 125
May
9831 100
25,000 9834 Aug 103% Jan
United Lt & Rye 5349.1952 9255 110 112
53-48 notes
92% 9335 83.100 9234 Aug 9934 Jan
Oct 15 '36
85;4 87
3,000 85 June 96
Jan
6s series A
1952
Houston Gulf Gas 6%91943 94.31 9434 98% 31,000 94% Aug 9934 May
101 101% 7,000 100% June 10834 Jan
United Oil Prod Ss
1941
69
70
74
Apr
Jan 90
5,000 70
1943 96
95% 9655 132.000 9534 Aug 99
May
United Steel Wks 63418 1947
With
warrants
91%
Illinois Pr ..tz it 53.49..1957 95
91
92
83.000
98
Feb
9654 4,000 95
95
89
June
July 10151 May
US Rubber 6 % notes 29
5%s series"B"
98
9334 4,000 92
1954
99
99
July 102% Feb
1,000 99
July 103% Slay
Serial 634% notes_ _1930
Indep Oil& Gas deb 6s 1939 100% 100 101
9431 95
21,000 03
July 102% Jan
49,000 9634 Jan 106
Apr
Serial 634% notes_1931
Ind'polls P & L 58 ser A '67 9934
94
95
4,000 02
995.1 99% 35.000 9731 June 102
July 10231 Jan
Mat
Serial
634%
notes__1932
Sot Pow Secur 78 sec E 1957 96
94
9431 7,000 02
Feb
96
July 103
96% 15,000 94% July 101% May
Serial 654% notes__1933
Internet Securities 58_1947 91
04
94
23,000 91
July 10'3
Feb
8934 9435 31,000 8934 Aug 9934 May
Serial 654% notes 1934
Interstate Nat Gas 6s_1935
93
94
6,000 90% July 10234 Jan
Serial
655%
notes._1933
Without warrants
92% 93
103% 103% 1.03 4
Feb
2.000 9034 July 103
1,000 101% Jan 104% July
Serial 634% notes__1938
With warrants
94
94
125
125 125
2,000 90
3,000 123
July 10234 Jan
May
Apr 130
Serial 634% notes __1938
Interstate Power 59___1957 953.1 9551 9755 16.000 94% Jan
03
93% 8,000 90% July 103
Jan
9055 Apr
Serial
634% notes._ 1939 93
Debentures 6s
1952 97
97
98
14,000 06% July 102% Mar
6,000 9034 July 10331 Jan
Serial 634% notes_ _1940 9351 9234 93
Invest Coot Am 59 A.1047 98
9334 9331 2,000 91
98
99
July 5104% Feb
75,000 96
Api
Feb 109
U
S
Smelt
&
Ref 555a- 1935 10231 102% 103
Iowa-Nebraska I. & P 58'57
95
Feb
95% 13,000 9131 July 101
12,000 100
Slay 105
Mar
Utilities Pow es it $50 '47
Imre° Hydro-El 78_ .,1952
92% 94% 28,000 91
9434 55,000 92
May
Jan 101
9734 May
July
Van Camp Pack Ss_ _1941 94% 94
Italian Superrower es 1963
78
75
82
July
68
Mar
82
11,000
Va.
thee
&
Pow 55 A._1955 99%
Without warrants
84
82
June 10234 Star
84% 82,000 82
9934 9955 4,000 99
July 86% June
Warner Bros Pict 63.48 1925 142
133 142
Aug
14,000 95% Jan 142
Warner-Quinlan Ca 6e 1942
Jeddo Highland Coal (is '41
107% 107
104 104
109% 27,000 08
2,000 104
Feb 112% June
Feb Webster N11115 654s.._
Jan 105
A933
94
1,000 94
Aug 09% Apr
Western Power 5%2..1957 99% 94
Kansas G & E 65
2022
101% 101% 5,000 101% July 107
RN 100
May
June 106
17.000 99
May
Westphalia Un El Po 68 '53 89
Kaufman Dint Sts 531s '36
96% 97
88
8054 24,000 88
8,000 06% Aug 98
July 10334 Feb
July
Wheeling Steel 4149- -.1953 88
Kelvinator Co Os
1936
88
88% 71,000 86% June 9331 May
Wisconsin
Cen
Ity
Without warrants
59..1930 96
69% 66% 70
96
Jan
96
6,000 65 June 85
June 09
Apr
7,000 05
Kernsley Melbourne & Co
Foreign Government
Ltd s f deb 6s Sept 1 1942 145
145 145
Apr
1,000
159
203
Jan
and
Municipalities.
Keyst Tel (Pa) 5349_1955
91
91
2,000 90
May
Jan 95
Went Mtge ilk Rep of Co;
Kimberly Clark 6s.. _1943
9934 9934
1,000
9934 Aug
20-yr 7s
Koppers0& C deb Ss_ 1947 9954 9834 993; 85,000 9935 Aug
Jan 15 1946
99% 9954 2,000 97% Jan 102% Apr
98% July n10134 May
20-year 78 Jan 15 1947
Jan 10154 AO
Akerstitis (I)ept) Norway- 99% 9834 09% 9,000 97
Lehigh Pow Secur 69_ _2026 105% 105% 106
61,000 10331 May 109% May
External
5s
Leonard Tietz Inc 730 '411
1063 91
07% May
90%
9031
July
91
21,000
Antioquia is series 0_1945 95
Without warrants
103 104
9431 95
8,000 9431 July 9854 Apr
5,000 102% Jan 1054 May
Flatten (Germany)
Libby. 131eN & Libby 5s'42 94% 94
9434 8,000 94
97
9714 6,000 915% Julie 9934 June
Apr Bank of Prussia 78...1951
97
June
Lombard Elec Cu 78._ 1952
LandownMar
93% July 90
ers' Assn 6% notes,1930
With warrants.
10134 101
101% 21,000 96
95
9531 2,000 9431 Jan 97;% Apr
May Sinnott
Feb 107
Aires(Prov)754e '47
Without warrants
101% 102
9534 96% 54,000 94
11,000 10034 Feb 10534 Slay
Mar
June 99
7e
Lone Star Gas Corp 55 1942 97%
1952 10055 100 100% 13.000 98
3734 98
Jan 102% June
19,000
Jan Cent Ilk of
German State &
Long Island Ltg Gs___1015 10455 104 10434 18,000 9731 July 100
104
July 10534 APr
Prov Banks 6911...1951 89
23,000 87
9234 Mar
8755
8754
June
6%9
Manitone Power 5149.1951 101% 101% 101% 7,000 100% June 10434 Apr
1958 9134 91
Aug 9734 Juno
9754 8,000 91
Cundinimarea (334s..._1958 9335 93%
Mansfield Mln & Sm (Get)
June
03%
0331
9,000
9355
July
Danl9h Cone Muni° 534855
7s with warrants ___1941
101 101%
Apr
98.31 97% 98% 20,000 97
May 102
5,000 100 June 10734 May
5s new
Mass Ga9 Coe 6%9_1946 10334 103 103% 18,000 103
1953
94
94
July 99% Apr
Jan
5,000 9-1
105
Aug
Danzig
P
&
Warway BO
Massey-Harris 55_ _ _ .1957
94
94
Aug
1,000 04
94
Aug
External s I 6348.__1952
McCord Rad & Mfg 631943
Feb
98
Jan n90
7,000 86
98
8654 8654
4,000 98
Feb
June 101
Denru'k (Kingd'm)634856
Met Edison 4349
1968
98% 9834 10,000 ('634 July 102% Mar
100% 99% 100% 41,000 90% July 10254 JAL
,
434.5
Midwest Gas 78
1962 89
1936
105 105
89
8754
198,00(1
89%
9554
May
80,000 9644 Mar 105% July
June
Estonia (Republic) 79.1967
Milwaukee G L 4349..1967 98
98
90
95
Ayr
9334 11,000 98
90
91
9,000 90
103% Apr
July
Aug
Frank
tort
(City)
8%9.1953 94% 94% 96% 76,000 9134 Aug 99% Slay
Minnesota P& L 4%5_1978
91
92
June German Cons
6,000 91
July 06
Munie 78 '47 96
Montreal 1. H & P 5s A1951
100% 100%
96
5,000
09 -42,000 96
Aug (9)1001zHay
Feb
6s
Morr18 & Co 7449.-1930 101% 101% 101% 12,000 100% Aug 103% June
1917 8934 89% 93% 144,000 8915 Aug 0134 Slay
Jan 101%
98
Indus NI tg Ilk of Finland
1st mtge coil f 78 1044
Narragansett Elec 59 A '57 99% 9855 99% 29,000
9954 100 18,000
9934 July 10254 Feb
98% July 102% Mar
Medellin (Colombia) 78 '51
Nat Distillers Prod 6545'35
99
Apr
97% 97% 9855 37,000 92% Jan 101
9934 5,000 98
July 103% Jan
8s
Nat Pow
Lt lie A...2028 10531 105% 105% 11,000 105
1948 105
105 105
11,000 10254 Jan 105% Apr
June 10954 MI.'
61,5
Nat Pub Serv 59
1954
1978 87% 87
9354 Juno
87% 44,0013 86% July 94% API Mendoza
93% July
03%
11,000
9334
(Prov) Argentina
Nat Rub NIach'y 6s.1943 119
109 119% 216,000
119% Aug
7348
Nebraska Power lls_ _ _2022 ------ 108% 10834 3.000 10534 July
1951 98% 98% 99% 30,000 96% Jan 10051 Ape
108% July 113% May
Mined Geraee (State) Brasil
Nevada Cons 55
194
99
99
99
2,000 0854 Jan 94)14 Feb
Ext 6%8
New Eng 0& El Awn 5s'47 95% 9534 95% 36,00
1958
94
June 9754 Apr
Mar
94% 23,000 94
Montevideo (City) 69.1959
NYP&L Corp let 4545'67 91% 91% 92% 78,000 8634 June 101
7,00
91% July 97% Mar
9334 Jan 98% Apr
Mtge ilk of Bogota 78_1947 95% 95% 96
Nichols & Shepard Co 69'37
9136
92%
92%
Feb (6)1554 Apr
6,000
New
Without warrants
100 100
7.000 94% Feb 101
Apr
9254 14,000 01% June 95% AV
Mtge Bank of Chile 68 1931 92% 92
Nippon Elec Pow 6349.1953
93% 94
99
4.000 92 June 97 34 Apr
Mar
93
June
47,000
97%
98
Mtge Bk of
North Ind Pub Sart,581986
100 10034 12,000 100
95% June 99% Apr
Mar Mtge flis of Denmark be '72 9631 96% 97% 28,00
Aug 104
Nor States Pow 6%
Jugoslav 79 '57 84% 84%
1933 103
103 103% 11,000 101
cti% June 90
Mal
Jan
10,000
June
85%
105%
Netherlands
Cony 6348
1933
1972
129% 135
8,000 119
Apr Parana(Stat 09
107 107
Jan 148
5,00 10531 Mar 108% Feb
e ofillraz 7858
9834 May
9431 94% 8,00
1(43-4 July
Planate (Free State)6558
Ohio Power 59 net B 1952 100% 09% 101
26,000 09
9534
51
May
June 981)a Ma?
Juno
103%
95
95%
12,00
96
Esti 69(of '27) Oct 16 '52
4348 merles D
1956 93% 93
93% 22,000 91% Juno 97% Apr
00
8931 90% 121,000 8954 June n9434 Ma,
Rio Grande do Sul (State)
Osgood Co Os with wart''38
100 100
18,000 100 Juno! 102
June
Brazil 78 (of '27)._ 1987
Oswego Falls Co Rs
1911
100% 100%
1,00
97
99
APr
July 102
9651 97
Jan 1003.4 Ave
20,000 96
6s
Oswego River Pow 68.1931
98
1918 9455 94% 94% 55,000 0431 July 94% July
99
3,000 98
Jan Itrivslan
July 102
Government831, etts
Pee Gas & El let 430_1957 9634 063,4 063i 55,000 05% July 101% Apr
.1919
Mar
1251 1334 15,000 1231 June 18
Santa Fe (City) Argenttee 13
Pacific Invest 5s
1948 9734 9631 98
11,000 98
Slay
Mar 105
Republic esti 78_ ___1046
Penn-Ohlo Edison 6v 1950
9634
9554
9934
May
7,000
96%
93% Jan
Without warrants
101% 101 10135 21,000 9955 June 10434 May Santlego (Chile) 79. _1949 99% 08% 91134 18,00(
1)851 July 101% Apr
Penn Pow & Lt 5s serD '53
100% 101
12,00 100% July 10454 Mar Saxon State Mtg Ins 78 ..'45 99
99
99
1.00
97% July 101% Mar
Serb, Croats & slovenes
Palle Elm Pow 6i85.,1973 10.1% 104% 104% 41,000 104
July 107
Jan
(I
008)
esti
see
Pluto Rap Tran (Is__ __1962
788er
104 104
4,000 103% July 105
1162 85% 853-4 80% 105.00
Jan Silesia (Pros)
Feb
8534 Aug 92
75
Phlia Sub Cos G & E1958 89% 8931 89% 14,000 89% June 89% June
1st & ref 4149
07% 99% 6,000 9735 July 10231 Mar Switzerland Oovt 5349 1929 100% 100% 10034 46,001) 100
1957
June 10254 Jan
Vesten
Elec
rtys
is...1917
100 100% 11,000 100 June 103
1948 100
Pittsburg Steel 69
Apr
Jan
92
92
Apr 96
4,000 92
Vienna (City) tat 68-1952
POtetntie Edison 59..._1956 99% 99
99% 41,000 97% June 1024 Mar
88
89% 41,00
8734 June u334 APT
Wargaw (City) 75_ _ _1958
Potrero Hg 70 Nov 15 1917
75
76
4,000 75
June 9851 Jan
8634 8634 87
10,000
8555
July
003.4
Mgr
Power Corp of NY 5349 '47 95
95
96
7.000 95
July 101
Jan
Procter & Gamble 43481947
97
97
1,000 97
• No par value. I Correction.
Aug 100% Mar
ni Listed on the Stock Exchange this week, where
Pub Bar El & 0 4148.- 1967 97% 9754 97% 97,000 07
Apr additional transactions
July Ills'
will be found. n Sold under the rule. o Sold for cash.
Rem Arms 5%% notes1930
97% 9751 10,000 9534 Jan 9955 Apr
:Option =Ica. t Ex-rights
and bonus. w When Issued. z Ex-dividend. 1/ ExRichfield 011 of Calif 64 '41 135
134 135
19,000 98
Feb 155
June rights. z Ex-stock dividend.
Rochester G & E 4345_1977 99% 9951 99% 6,000 9934 Aug 104% Apr
Option sale, made as follows: a
Middle West Util. prior lien stk. Mar. 5 at 12:
Si Louis Coke & Gee 68 '47 9334 02% 9554 28.000 1/3% July 96% May a A.
G.Spalding & Bro., corn.. Jan.
San Ant Pub Ser 54. __1955 9654 06
14 at 120:1) Associated Gas & Elec., Jan. 11 at 47:
7,00
9651
96
July 10034 Mar
Sauda Falls 5s
1955 100% 98 100% 17,000 10031 July 104
Apr
h Slerra Pacific Electric Co..
Schulte It E 69
1975
Jan. 6 at 92; u Mt. State Power, Jan. 13, 101%,
With warrants
101
101 102
12.000 0534 Jan 10831 June (1) Palmolive Pet., Feb. 28 at 85.
Without warrants
89
89
10,000 8834 Star 0331 May
"Under the rule" sales were made as
Scripps (11 W)5%s_ __1913
95
4,00
06
Apr
follows:
05
July 100
Ben el Inc (new co) 59.1948 71
69' 71
12,000 13% Eel
7634 May
S Belgian National Railway. preference
Shawinigan W & P 434e'
Jan. 20 at 1734: 0 EltIngon Sell lid Co
9814 Mar 68,
93% July
67 9434 9451 94% 72,00
Jan.
13 at 9334: >Goodyear Tire & Rubber of Calif. 53-4s. Jan. 4 at 101%.
She wsheen Mills 75....1931 97
97
9754 4,000 97
June 10134 Apr
S
U.
Sheffield Steel 5s
S.
Rubber
1948
98
Apr
834% notes 1910 at 108' r J. J. Newberry, pref. Jan. 25 at 107%1
July 100
93
1,000 OS
Shedd Wyorn Coal tis 1917
Jan o Standard Publishing class A Jan.
93
93
2,00
July
93
97
25 at 4; is $1,000 United 011 Prod. 8s 1031.
Sloss-Sheffleld S & I 69.'29
100% 100%
2.000 9031 July 1021-1 JA,
,
11 Feb. 2 at $81. Potrero Sug, 7s,
Parch mon (is
1967. Feb. 17 at 98; w American Meter Co. Feb. 29
1929
100 100% 6,000 100
June 10231
Snider Pack 6% notes. 11132 116% 115% 117
16,000 103
Apr at 126. (3) Ohio River Edison 5s, 1951, Feb. 27 at 103. (4) Nat. Pub. Sur. war..
Jan 135
Solvay-Am Invest 58..1942 9734 97% 9731 4,000 9554 June 100
Mar Apr. 24 at 3013%. (6) Mtg. Bk. of Bogota 78, 1947. Apr. 20 at 06-Inland Steel
Southeast P & I. 69_2025
July I 4348, May 4. at $5,000 at
98%. (8) Cities Service pref., May 23 at 108%.
Without warrants
104% 104% 104% 108,000 95
MM
109%
June
(9) German Con. Mines 75, 1917; May 23. $1.000 at 10131. (10) Trumbull steel.
Southern Asbestos 69.1937 136
134 141 235,000 105
Jan 141
pref., July 19, 100 at 122%. (11) Midwest Gas 75, 1036, July 23, $4,000 at 10734
Florida Power & it 59_1954 94%
Galena-Sig Oil 78
1930 101
Gatineau Power 5s
1956 98%
as
1941 100
Gelsenkirchen Min 68.1934 92
Gerd Amer Invest 5s_ _1952
without warrants
89
Gen Laundry Mach 6348'37
General Rayon 6s____1948 99
General Vending Corp88 with warr Aug 15 1937 8934
Georgia & Fla Os
1946
Georgia Power ref 54_ _1967 99
Goodyr T & R Cal 5345;31
Grand Trunk Ry 6348_1936
Guantanamo & VC' Ry 8s'58 89%
Gulf 011 of Pa 54..._ _1937 99%
Sinking fund deb 59_1047 100
Gulf States Ut1133_ _1956




94% 9531
9934 101%
98% 98%
598% 101
91
92%

115,000 04%
102,000 87
53,000 97%
19,000 100
170,000 9034

June
Feb
June
June
July

n99% Apt
101% Aug
Jab
101
10451 Apr
Mar
4)7

AUG. 4 1928.]

FINANCIAL CHRONICLE

611

Quotations of Sundry Securities
All bond prices are "and interest" except where marked "f".
Investment Trust Stocks
Chain Store Stocks
and Bonds
Par Bid Ask
Par Rid
5.25 5.00
Allied Internet Investors_t *107 111
99
Allied Capital Corp
4.95 4.70 Am Dep St let pf 7%...100 *96
67
73
2812
110 114
Amer Bond dr Share com_10 24
Berland Stores units
32
Amer Brit & Cont corn
Baltimore & Ohio (Is
5.25 5.00 Bird Grocery Stores com.-t *28
30
33
Equipment 434e &
5.00 4.70
50% paid
72
68
7% CUM pref(with war)100 104 108
_t *56
Buff Rods & Pitts equip 13s. 5.00 4.60 Bohack (H C) Inc com
60
6% preferred
92
94
100 107 110
Amer Pisan Hold corn A
2612 2812
7% 1st preferred
*
14
Amer Founders Trust own
Canadian Pacific 434G & 13e
5.00 4.70 Butler (James) corn
106 113
Central RR of N J (36
100
60
44
5.15 4.90
6% pereferred
49
Preferred
5.15 4.90 Consul net Sts, 8% pf with
7% preferred
Chesapeake & Ohio 64
50
55
52
5.10 4.80
100 108 112
Astor Financial class A
46
Equipment6346
warrants
28
4.90 4.60 Diamond Shoe, corn
30
Class B
12
16
Equipment ba
104 10412 AU & Par Intl Corp
5.15 4.90
7014
Chicago & North West 66_
69
Preferred
5.10 4.80 Fan Farmer Candy Sh pref
*32 35
Bankers Financial Trust
Equipment6He
86
93
*8
11
Bankers Investml Am corn. 1112 14
Chic R I & Part 4326 & ba5.00 4.70 Fed Bak Shops,com
5.15 4.90
Debenture shares
914 10
Equipmentes
Pref 7% with warr_ _100 97 100
Colorado dr Southern 61
Bankstocks Corp of Md A
-_-_ _ _ __
5.25 5.00 Feitman & Curme Shoe
*10
20
Class B
Stores A com
5.15 4.90
Delaware & Hudson 66
100 75 80
Preferred
7% preferred
Units
Gt Ati & Pac Tea vet corn _1 *365 375
Erie 43is& 5s
5.03 4.79
British Type Investors A... 42 43
100 117 119
Preferred
Equipment68
5.25 5.05 Grant(W T) Co corn
Continental Securities Corp. 109 113
105 110
610 4.5 ; ;rant (IV T) Rlty 7% pf 100
Great Northern 138
_ _ Crum Sr Forster 1nsuranu.05 4
78
85
Equipment56
1031418
21shares corn
Howorth-Snyder Co. A_
Hocking Valley 58
101 106
Preferred
Kaufm Dep Sts, com___100
'
5
'5 4
Equipment66
Mississippi Riv Pow pref.100 108 110
Eastern Bankers Corp corn. 27
100
preferred
149 153
Units
First mtge be 1951___J&J 102 __-- Illinois Central 4349 & 511. *32H 3312
41 4,
..):2 1117n%
ne
M&N 96
97H
110 112
Equipment66
100 122 126
P805* 1947
Finan & Indust Ser oom
..90
8% preferred
5
,.0
z3
u 5
102 105
Equipment 76 &
4:Li Knso
National Pow & Light pref.t •106 108
*210
Preferred
cofm
,re
atp
m
7xeli
Kanawha St Michigan 135.._
118 122
*106
Warrants
North States Pow com.100 134 135
100 108
Kansas City Southern 532s
5.0.1 4.70
7% Preferred
- 103
*64 68
First Fed Foreign Inv
CIA panic prof
18
Louisville & Nashville 68_ _
Trust-177-4 182a
5.15 4.90 Kobacker Stores corn
Nor Texas Else Co com_109 16
*4214 44
Fixed Trust Shares
100 50
53
Equipment6 He
5.05 4.70 LaCneumnrypraefir
Preferred
General American Investors
130 100 104
Michigan Central be &es... 5.0.) 4.60
Ohio Pub Serv,7% pre!_100 111 112
*39 42
deb 5s with warrants.... 13912 ---"'
t Ine com
25 ---5.00 4.6.1
Pacific Gas & El let pref __26 *271 2812 Minn St P&SSM 4346 &
General Trustee common
100 106 109
- : Equipment 6348 & 7,.... 5.10 4.70 Leon*ard Fitzpatrick &
80
Power Securities 1949_J&1)
Old units
Missouri Pacific 13e & 6346_
Incomes June 1949_ _F&A
71 115.25 4.85
*27
34
New units
Muller Stores corn
100 105 115
4.90 4.63
120 ---PugetSound Pow& Lt6%P t "18" 166 Mobile & Ohio be
6% bonds
Preferred 8%
*92
94
New York Central 41.4s & S. 4.75 4.50 Lord & Taylor
5% preferred
18
100 320 350
Guardian Investment
Equipment6e
26 -g5.15 4.90
let A ref 5346 1949_ _J&D 10112 10212
Preferred
First preferred 6%- -100 100
_25
*54
Equipment 76
6812 7012
100 105
5.00 4.70
South Cal Edison 8% pf
Incorporated Investors
Second pref,8%
--f. - Norfolk & Western AWL__ 4.75 4.50 McLellan Stores corn
Stand GA E 7% pr pi_ _100 10912 11
•52
58
Insuransbares ser A 1927._ 2412 ---Northern Pacific 76
Tenn Elea Power lit prof 7% 106 107
5.00 4.75
2434 ---100 100 105
Series C 1927
6% preferred
103 10412 Pacific Fruit Exprees 7s...
5.00 4.75 Melville Shoe Corp corn
Toledo Edison 6% Pi
2714
•190 198
Series F 1927
100 10812 10912 Pennsylvania RR eq 66 _
4.70 4.50
Series H 1927
2328 -242-2
7% pref
8% cum preferred _ _100
Pitts),& Lake Erie 6 346
Western Pow Corp prof-100 102 106
5.00 4.75
2128 2228
Series B 1928
lit pref 6% with wart _100 105 106
Reading Co 4348 dr Si
4.80 4.00
*150
lot Sec Corp of Am coin A_ 64 69
warrants
St Louis & San Francisco 56_ 4.75 4.50 Mercantile Stores
*110
;Common B
Seaboard Air Line 634,& de 5.25 4.80
Short Term Securities
100 104
632%
preferred
9,8
1 100
Preferred
Southern Pacific Co 4941..
4.75 4.50 Metropolitan Chain Steres_t •58
5878
6% preferred
93
88
Equipment 78
Allis Chal Mfg, 58 May '37_ 9814 9834
100 ---- _-__ Investments Trust of N Y
5.00 4.75
978 10s
First pref 7%
Alum Co of Amer,58 May'52 tooli 10012 Southern Sty 434s AS,
100
4.90 4.60
Joint Investors A
33
Second pref 7%
Equipment de_
100 10712 111
5.15 4.90
Amer Bad,deb 4325. May'47 9714 9814
Cony pref
100
New preferred
Am Roll Mill deb 58, Jan '48 9638 9678 Toledo & Ohio Central 66..... 5.15 4.90 Metropol 5 to 50818 corn A 1
*5
8
4
Massachusetts Investors
8612 14•3
5.00 4.75
Am Thread 68, Dec 1928.__ 100 10012 Union Pacific 71
6
Mutual Investment Trust.. 1014 1114
Common B
Anglo-Am 011 4345, July '29 9812 muy
65
New England Invest Trust_
100 57
10
11
Preferred
Ana'da Cop Mln 68, Jan '29 10014 10024
34
25
27
Old Colony Invest Tr coca_
Miller (I) & Sons nom _f *33
011 Stocks
Ina
151 cons 6s___Feb. 1953 105 10512
92
434% bonds
Preferred 635%-•- - - -100 103 10814
Par
Batavian Pete 4Hs._ ..1l142 9124 921z
74
Second intermit Sec Corp
51
56
Murphy(0 C) Co com____t *69
6% preferred
42 47
100 104
Bell Tel of Can 5s A _Mar'55 102 10212 Ang10-Amer 0114ot stock _ CI *181s 1814
8% cum pref
17.
Non-voting Meek
El
24.
New units
50
130
Beth SUS% notes June 1529 9914 9912
'
2 Nat Family Stores Inc---t *23
100 *174
35
warr_25 *2812 2912 Shawmut Bk Inv Trust.... 32
163 164
with
Sec 5% note•,_June 15 '30 981 9912 Atlantic Refining
82
pref
Cum
Preferred
100 11812 11812 Nat Shirt Shot's, cum
9912
26
41.2s
194. 90
93
t .22
See 5% uotes_June 15 '31
95
95
98
100 90
51 1952
Sec 5% notes_June 15 '32 981 9912
Preferred8%
48
9934 Borne Balmier CO
6s
1952 213
100 104 106
25 .
Oom'i Invest,'fr 5s_May '29 99
5012 Nat Tea 612% pref
•26
28
9834 Buckeye Pipe Line Co- -60 *62 03
May 1930 98
Stand Int Secs Corp units__ 50 165% notes
Nedick's Inc com
3512 3812
Cud Pkg,del)5 Ms_ Oct 1937 98, 9914
t *8012 85 Standard Investing Corp.__
Neisner Bras Inc corn
101 104
532% preferred w w
100 125 127
Cunard SS Line 4348 Dec'29 981 9912 Chesebrough Mfg Cone-26 *145 151
Preferred 7%
5% bonds w w
12712
10 .1738 1778 Newberry(JJ)Co corn- _t *122 128
Ed El Ill Bost 45, Nov 2'28 991 9924 Continental 011 Yto
Cumberland Pipe Line_100 100 104
Swedish Amer Investing pi_ 135 138
100 106 109
434% notes._ -.Nov 1930 981 99
Preferred 7%
Eureka Pipe Liu° Co _ -100 68
US Shares class A
1214
74
Empire Gas & Fuel 55
-t *3012 32
NY Merchandise corn
Galena Signal(gloom...100 1014 11
1212 I318
99
June 1929-30 97
Class A 1
100 102 105
First eref7%
92
94
Preferred old
302
306
Class
B
437
8 4478
100 78
-100
Fisk Rub 5).48_. _Jan 193
82
com_
Penney (J C) Co
Preferred new
100 80
Class C I
2378 -86
A pref._ _100 102 104
el
cum
6%
0914 100
Humble Oil & Refining-58
100
25 .280;4
Class C 2
25
0
Gen Mot Ac Corp Si Mar'2
8078 people, Dreg Stores com_i *55
98
9912 Illinois Pipe Line
Clam C 3
5% serial notes-Mar '3
2114
100 107 110
208
634% cum pref
97
9812 imperial 011
*26
8
Class D
5% serial notes-Mar'3
1 *68 69
1828
Corp
Freely-Wiggly
9612 98
Indiana Pipe Line Co____50 *8014 83
5% serial notes-Mar '3'
U S & Brit Intermit units
751 802
100 101 103
Preferred8%
1
'3
95
9712
notes_Mar
231 2512
lmenuitional Petroleum-1
5% serial
25
U S & Foreign Sec coin_ _
t *23
West States A
3914
Piggly
1.1
97
National Tranalt Co__12.50 *2018 21
931 9514
5% serial notes_Mar '3
Preferred
Rogers Peet Co corn.. _100 140 150
9112 9612 New York Transit C,o _ _100 5334 55
812
5% serial notes-Mar '3
United Investors Bee
.
6
94
9612 Northern Pipe Lille Co__100 11012 113
96
5% serial notes-Mar '3
Water Bends.
Sts pf w'out war6% 94
Safeway
Goodr(BF)Co 53 Jan 15'29 9914 9934 Ohio Oil
26 *64
93
Arkan Wat lit Os'56 A.A&O 90
6412 Sanitary Grocery Co corn_ _I *347 350
100
Penn
15
'2
9914
Mex
5s.Dee
Fuel Co
25 *40
Goodyr T & R
Birm WW 1st f.34eA'64.4&0 100 103
100 117 125
41
6 ti% preferred
Prairie Oil& Gas
25 *4812 49
t .30
Gulf 011 Corp of Pa deb 5
32
let M Si 1954 ser B....14611
98 100
Schiff Co corn
9912 100
Prairie Pipe Line
Dec 193
100 191 193
City W(Chirtt)534if544J&C 101 103
cony pref 7% _._100 12912 133
Cum
Solar Refining
Feb 1947 9912 100
100 173 182
Deb 55
54
1s8 M Se 1964
.1.40 95
(Isaac) & Bros com_t *50
Silver
Southern Pipe Line Co---50 .14
Koppers Gas & Coke deb 59
City of New Castle Water
16
7% cum conv pref___.1on 106 110
June 1947 9834 9938 South Penn 011
25 *4412 45
94
38
5,3 Dec 2 1941
J&E)
Southern Groc Stores A_ __t *34
Southwest Pa Pipe LInes.100 82
Mag Pet 4Hs_Feb 1529-35 97 100
85
95 100
Clinton WW 151 5or'29_F& A
96
Southern Stores6 units....
Standard 011 (California)_t *5814 5858
Mar Oil 58....June 15 1929 9914 100
Com'w'th Wat 1st 5 WA'S: 100
(AG)& Bros,corn 100 150 160
Spald
Seria15% notes June 1530 9614 9714 Standard OH (Indiana).--25 .
7673 77
95
Connell/4 W 5sOct2139A&O
Serial 5% notes June 1531 931 94H Standard Oil (Kansa/)...2 *2312 24
7
E St LA let Wat be '42.J&J
94
96
US Stores corn class A _ _ _ _ t *4
Serial 5% notes Juno 1532 9214 9314 Standard Oil(Kentucky)-25 *129 12912
t *1
3
let M tis 1942
class 13
.14.) 100
Com
25 .41
Mass Gas Cos. 5345 Jan 1946 103 10324 Standard 011(Nob)
42
100 35
45
Huntlegton 1st (is '54.121,32 101
preferred 7%
1st
Pacific Mills 5338- --Feb '31 941 9512 Standard 011 of New Jor 2b *4514 4538
58
__leas
Standard OU of New York 25 *3528 35,
Peoples Gas L & Coke 430
I .44
4 Walgreen Co corn
45
Mid State* WW 131386 M.4104 100
Dee 1929 Sr 1030 98 100 Standard Oil (Ohio)
25 *7334 74
10 105 108
Monm Con W Mt58'56A)&P
9212 9512
87 cum pref
99
Preferred_
Proct & Gamb,434* July '47 96
100 12012 121
99 10012
53
Memo Val Wt 614e '60_J&J
West Auto Supply corn A t *51
Swan & Fineh
Sloss Sher 811 & Ir 63 Aug '29 100 101
25 *22
95
2212
preferred
100
102
105
MUncie
WW
fu
Oet2139
A01
654%
Preferred
Swift & Co 5% notes
9612 98
St Joseph Water 581941A/rt.
Oct 15 1932 9934 10014 Union Tank Car Co
25 *1271-4 122
10017
Rubber Stocks
Shenango ValWat fa'55A&O 96
99
Vacuum Oil (Now)
Ttdew Pow lit 5s_Aue '29 98
J&J
9812
1960
(Clereland
Pitts
Wat
1,1
5.
So
797s
Quotations)
Un Lt & Pow 5 Hs_Sept'28 9984 10014
98
•171 _ _ :
_
let M 58 1955
Aetna Rubber common _ _ _ _1 ----F&A
981 9912
Un NJ RR & Can 48 Sept'2'
100
Preferred
- Ter Ii W W 6s '49 A J&D 101 103
5
Stocks
•
U S Sm & Ref 5345._ Nov '35 102'A 10234
95
1
let
M be 1956 ser B IF&D
-Co
Falls Rubber corn
95
98
'30
Jan
Wise Cent 55
Wichita Wat lit Os'49.M&8 100 103
Preferred
16
25 •12
Caracas Sugar
be
97
95
112 Faultless Rubber
FAA
1956
ser
B..
let
14
51
33
t *3012
Cent Aguirre Sugar 410E4_20 *146 148
Indus. S MiscollSS
Firestone Tire & Rub eom.10 *170 180
Fajardo Sugar
Tsobaceo SSSSSs Par
100 *146 149
72
American Hardware___..21 *69
preferred
10912___
101
5%
Federal Sugar Ref corn. 100 20
25
100 120 124
1091 Babcock & Moos
100 10634 2
7% preferred
Preferred
American Cigar com____100 140 145
100 35
25
t *23
40
175
Biles
(E
W)
Co
General
Tire
&
Rub
*167
oom_
_26
Godchaux Sugars,Inc
100 112
Preferred
t *12
61
50 *56
15
Preferred
98
Preferred
foe 96
29
Preferred
British-Amer Tobac ord _1 *28
100 50
_
Childs Company pref.....100 103 107
Goody'r T & R Of Can pf 100
108
*28
29
Holly
El
Sugar Corp cow_ .1 *30 15 - India Tire & Rubber
Bearer
225
240
106
1
'
34
35
Hercules
Powder
Preferred
100 90
Imperial Tob of0 B & Irerd 527H 2812
124
95
Preferred
Mason Tire & Rubber Corn..1
95
National Sugar Refining_ 100 138 140
Jot Cigar Machinery new 100 92
Vle
0 In
Preferred
Intermit Silver 7% pref.100
100
70
New Nil:lucre Sugar
100 40
Johnson Tin Foil A Met_ 100 60
45
135
132
Rubber
77
..
i
i
Miller
Phelps
Corp
104
preferred
_100
Dodge
20
24
Savannah Sugar corn
Union Tobacco Co Corn__
1 •119 122
Royal Baking Pow oom_100 210 225
Mohawk Rubber
100 130 133
78
Preferred
100 112 114
Class A
90
Preferred
Preferred
10e
100 107 110
Sugar Estates Oriente pf_100 45
too 1-11- 115
Young (J Ell Co
47
Binger Manufacturing
100 485 510
Selberling Tire & Rubber_ _1 *43_- 44
Vertientea Sugar of
100 104 110
100 60
eo
Preferred
65
Preferred
7
100 10214 10414 Singer Mfg Ltd
£1

Public Utilities
Par. Bid Ask
American Gas & Electric-1 •162 16212
6% preferred
1 .10412 106
Amer Light & Tmo com.100 219 220
100 114 118
Preferred
Amer Pow & Light
M&S 10624 10714
Deb fix 1016
65
Amer Public ULU com_ _ _100 50
7% prior preferred ____100 95 100
93
100 90
Panic preferred
20
Associated Gas ic Elm 00m.1 *17
54
*52
Original meferred
97
•96
$6 preferred
*99 10012
/614 preferred
•10212 104
$7 preferred
A & 0 9114 9134
Det 5e 1908
2875 97 100
Deb 58
42
*41
East. Util. Assc. corn
*14
15
Cone. stockCom'velth Pr core pref _100 100 10014
Elm Bond & Share pref _100 s10814 10812
Else Bond & Share Becur t *8971s 9712
General Pub Sere corn----1 *2212 2312
*122
$7 preferred
*100 102
$6 first preferred

Railroad Equipments

Atlantic CONIC Line 68......
Equipment6;0

•Per share. I No Par value. S BUIL

d Purchaser also pays accrued dividend

n Nominal. z Li-dividend. v Ex rights

r Canadian quotation

*Sale price.

CURRENT NOTICES.

-Alfred H. Ebert, formerly bead of the firm of Alfred H. Ebert & Co..
has become connected with Jerome B. Sullivan & Co.,42 Broadway, N. Y.

__James TalCott, Inc., has be:A appointed factor for Fiber & Abrash,
Inc., of 469 Seventh Ave., New York City, selling agents for slik mills.
-Colyer & McGuire, Inc., 120 Broadway, Now York, are distributing
an analysis of American Equitable Assurance Co. common stock.
-Willis S. Fitch, formerly with Tucker, Anthony & Co., has become
associated with F. L.l'utnam & Co., Boston, as a Vice-President.

-Charles F. Rudloff, formerly with the First National Corp. of Boston,
is now in charge of the Public Utility Bond Department of Pynchon & Co.




-W. A. IIarriman & Co., Inc., 39 Broadway, N.Y.,are issuing for distribution to investors a circular on the New York Title & Mortgage Co.
__Lage & Co., members New York and Chicago Stock Exchanges, 160
Broadway, New York, have issued an analysis of American Can Co.

672

Aaiiroaci Xntelligence.

anti

Initestment

Latest Gross Earnings by Weeks.-In the table which
follows we complete our summary of the earnings for the
third week of July. The table covers 12 roads and shows
3.78% increase over the same week last year.
Third Week of July.

1928.

1927.

5

$

Increase.

Decrease.

$

$

Previously reported (7 roads)
Duluth South Shore dr Atlantic
Georgia & Florida
Mineral Range
Minneapolis & St. Louis
Nevada, California-Oregon

14,132,034 13,834,145
114,420
103.809
31,000
34,300
4,443
4,232
318.844
291.952
10,297
10,185

497.889
10,611

Total (12 roads)
Net Increase (3.78,
7;)

14,611,038 14,078,523

535,735
532.435

3,300
211
28,892
132
3,300

In the following table we show the weekly earnings for
a number of weeks past:
Current
Year.

Week.
1st
2d
3d
4th
1st
2d
3d
4th
1st
2d
3d
4th
1st
2e1
3d
4th
1st
2d
3d
lth
1st
2d
3d
4th
1st
2d

3
12,251,914
13,828,607
14,159,779
19,645.902
14.381.236
14,728,570
18,881,532
15,575.152
9,148,917
9,271,593
14.104,068
21,017,426
15,851,418
13,255,732
9,009,058
17,498,497
13,649,210
14,191.781
14,458,113
15,007,030
13,873,411
14,229,434
14,138.958
19,250,486
14,126,722
14,360,775

week Jan. (13 roads)
week Jan. (13 roads)
week Jan. (13 roads)
week Jan. (13 roads)
week Feb. (13 roads)
week Feb. (13 roads)
week Feb. (13 roads)
week Feb. (12 roads)
week Mar.(11 roads)
week Mar.(11 roads)
week Mar.(11 roads)
week Mar.(12 roads)
week Apr. (12 roads)
week Apr. (12 roads)
week Apr. (11 roads)
week Apr. (12 roads)
week May (12 roads)
week May (12 roads)
week May (12 roads)
week May (12 roads)
week June (12 roads)
week June (12 roads)
week June (11 roads)
week June (11 roads)
week July (12 roads)
week July (12 roads)
IVO ...
.
.
.
.A ..
,
1

VA all One.

Previous
Year.

Increase or
Decrease.

%

$
3
-701,764 5.42
12,953,878
13,537,951
+290,657 2.16
13,591,510
+568,270 4.17
+516,793 2.70
19,129,089
+470,870 3.39
13,890,366
14,221,833
+508,737 3.50
-1,294 0.02
10,882,826
13,665,718 +1,909,434 13.97
9,305,238
-156,341 1.69
-251,773 2.85
9,523,366
-267,552 1.90
13.836.568
+882,541 4.38
20,134,884
+368,068 2.41
15.283,350
-252,950 1.87
13,508,882
+12,534 0.14
8,996,523
-562,411 3.11
18,058,908
-469,133 3.33
14,118,344
+535,054 3.92
13.856,727
+952.046 7.01
13,506,067
+742,987 5.21
14,264,043
+278,542 2.08
13.394,889
+878,341 5.01
13,551,112
+596,966 3.66
13,541,992
+962.147 5.25
18,288,339
13,318,138
+808.584 6.07
+717.797 5.26
13,648,978
s A nornenn
. wnn

Anff

n nO

We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive.
They include all the Class A roads in the country, with a total
mileage each month as stated in the footnote to the table:
Gross Earnings.

Na Earnings.

Month.
1927.

1928.

Increase or
Decrease.

1927,

1926.

Increase or
DEMON).

$
$
$
$
$
$
June-- 516.023,039539,797,813-23.774.774 127.749.692 148,646,848-.-20,897,156
July-- 508,413.874558,710,935-48.297,081 125,438.334 160,874,882-35,436,548
August _1556,406,882 579.093,397 22,686,735 164,013.942 179.711,414 -15,697,472
SeptemY684.043,987 590,102.143 26,068,156 179.434,277 193,233,706-13.799.429
October 582,542,179 605.982.445 -23,440,266180.919,048 194,283,539 -13.364,491
Novem'r . , ' . .
8,159.905 125,957,014 168,501,581 -32,544,547
,,-28,169,018
Decem'r 488,528.003525,820,708
9,294.705 „
1928.
1928.
.
January 4511,520.897 486,722;648 -30.181,749 93,990,6401 99,549,436 -5,558,796
February 455,881,2.581468,532,117 12,850,859 108,120,729 107,579,051
+541,878
March__ 504,233,090530,843,758-28,410.659 131,840,275 135,874,542 -4,034,267
April- _.473,428,2311497.885,38! -24,437,140110,907,453 113.818,315 -2,910,862
May ___ 509,746,395518.589.71 -8.823.323128.780,393,127,040,076
+840,317
Note.-Percentage of Increase or decrease in net for above months has been
1927-June, 14.07% dec.; July, 22.03% dec.; Aug., 8.73% dec.; Sept., 7.14% dec.:
Oct.. 3.87% dec.; Nov., 20.53% dec.: Dec., 23.76% dec. 1928-Jan.,5.58% dec.;
Feb., 0.50% Inc.; March. 2.96% dec.; April. 2.58% dec.; May. 0.68% Inc.
In the month of June the length of road covered was 238.425 miles In 1927, against
237,243 miles in 1926; in July. 238,318 miles. against 237.711 miles in 1028; in Aug..
238.872 miles. against 237,824 miles in 1926; in Sept., 238,814 miles, against 237.854
miles in 1926; in Oct.. 238,828 miles, against 238,041 miles in 1028; in Nov., 238,711
miles, against 238.142 miles In 1926: in Dec.. 238,552 miles, against 237,711 miles in
1926; in Jan.. 239.478 miles, against 238.808 miles In 1927: in Feb.. 239,534 miles,
against 238,731 miles in 1927;In March,239,649 miles. against 238.729 milesin 1927:
In April,239,852 miles, against 238,904 miles in 1927:in May,240,120 miles. against
239,079 miles in 1927.

Net Earnings Monthly to Latest Dates.-The table
following shows the gross and net earnings for STEAM
railroads reported this week:
-Grossfrom Railway- -Net from Railway-- -Net after Tares
1928.
1927.
1927.
1927.
1928.
1928.
Ann Arbor109,169
463,074
73,308
100,841
474,289
83,980
June
705,044
621,594
671,203
556,817
From Jan 1 2,852,413 2.839.612
Aid) Topeka & Santa Fe15.579,958 16,235,943 3,110,825 3,945,722 2,015,490 2,821,482
June
From Jan 1.91,508,763 90,955,088 19,883,458 25,884,471 12,848,406 18,078,781
Gulf Col & Santa Fe340.090
424,408
289,027
177.016
1,932,658 2,802,889
June
From Jan 1.12,391,429 17,047,000 1,832,312 3,315.005 1,275,291 2,800,185
Panhandle & Santa Fe174,677
197,873 de128,195
7,518
846,433 1,115.723
June
499.055 1,598,045
711,126 1,805.987
From Jan 1_ 5,619,448 7,766,321
Atlanta Birm dr Coast1,210 -39,891 -13,001
415.539 -24,859
343.476
June
693
86.543 -98,506
-6,018
From Jan L. 2,306,787 2,826.980
Atlanta dr West Point27,805
25,834
39,572
39,080
245,373
June
236,729
227,602
255.422
321,371
From Jan 1_ 1,510,558 1,538.652
347,992
Atlantic City32,656
-15,860
60,895
June
21,690
325.122
387,919
From Jan 1 1.585.140 1,736,630 -300,515 -200,762 -524,613 -106.337
Atlantic Coast Line312,215
June
449,799
5,442,453 0,037,981
719.153
851,823
From Jan 1.39,540,339 45 407.476 9.999,588 12,037,280 0,937,592 8,858,810
Baltimore & OhloJune
19,833,415 21,512,879 5,474,330 8.296,698 4.543.083 5,503.816
From Jan 1_111231256 123395889 24,520,772 30,090,032 19,188,583 23.962,215
B dr 0 Chic TerminalJune
377.533
348,191
70,590
17,900
19.276
74,931
From Jan 1- 2.130.810 1,022.126
84.473 def6,704
437.088
305.787
Bangor & AroostookJune
417,057
393,138
-4,944
54,585
22,064
40,539
4,042,334 4.253,123 1,538,574 1,842.680 1,211,222 1,294,412
June




-Grossfrom Railway- -Net from Railway--Net after Taxes
1928.
1927.
1928.
1927.
1928.
1927.
$
Belt Ry of ChicagoJune
637.081
620,220
198.003
193,731
138.687
144,853
From Jan 1_ 3,893,702 3,614,358 1,188,682 1,234,785
879,340
948,319
Bessemer & Lake ErieJune
2,012,283 1.485,384 1,097.094
503,989
998,337
444,741
From Jan 1_ 6,080,174 8,309.341 1,559,925 1.634,686 1,301,880 1,296,880
Bingham & GarfieldJune
39.411
44.848
1,749
12.629 def4,647
4,728
From Jan 1_ 234,380
258,088
29,895
11,454
57,771 def13.550
Boston & MaineJune
6,179,836 6,429,771 1.536,139 1,536,208 1,240,822 1,240,015
From Jan 136,588,620 37,966,878
9,086,381 8,716,086 7,306,799 6,932,404
Brooklyn E D 1erminalJune
124,670
129,610
52,733
49,473
44,168
42,362
From Jan 1_ 750,968
732.581
303.398
273,940
251,811
230,917
Buffalo Rochester dr PittsburghJune
1,402,109 1,383,781
260.401
105,321
210,395
55.282
From Jan 1 8.311,420 8,813,204 1,673.279 1.128,836 1,453,161
828.443
Buffalo & Susquehanna_ 121.965
June _ _
127,185
11.153
-1,849
251
0,153
From Jan 1
780,157
798,736
44,349
-6,091
32,349 -18.691
Canadian National Rys-,sti & St Lawrence,cue_ _ _
191,423
215,762 def3,234
3,034 def18,134 def9,918
;
is 1_ 1,295,443 1.383,342 de1184.790
71,955
149,855 def272,261
( ip Dec & Can 0 T Jet:.• e
. 355,779
341.919
228,369
108,592
116,908
218.019
qui 1. 1,935,046 2,004,555 1.141.173
908,543
968,783 1,079,062
D,
11 dr Milwaukee-I'll.
743,164
764,548
264.135
288,481
299,415
255,285
rorn Jan 1_ 4.495.770 4,073.170 1,682,158 1.568,844 1.628,950 1,490,339
Canadian Pao Lines in MeJune
128,194
138,464 def31,551 def45,028 de145,551 de159.228
From Jan 1. 1,451,521 1,523,105
184,345
87.918
147,718
100,345
Canadian Pao Lines in Vt.June
164,405
159,108 def52,777
5,335
10,085 def57,627
From Jan 1.. 992,923
999,470 def276,701 def12,480 de1305,801 def40,988
Central of GeorgiaJune
1,871,316 2.181,488
283,027
267.092
187.739
382,142
From Jan 1_12,522,898 13,940.550 2,768,307 3,199,293 2,004,665 2,470,572
Charles & West CarolinaJune
273,379
265,281
39,168
00,141
17,664
40,102
From Jan 1. 1,703,181 1,890,347
341,347
212.058
282,840
410,634
Chicago & AllanJune
2,339,916 2,259.100
462,853
449,805
555,383
356,827
FromJan 1_13,570,821 13,887,851 2.566,270 3,028,070 1,032,135 2,390,118
Chicago Burl & QuincyJune
12,052,155 11.080.342 2,521,335 2.840.188 1.773,511 1.030.375
From Jan 1_75.109,581 71,063.911 20.625,294 19,399,860 15,380.179 13,683,508
Chicago & Eastern IllinoisJune
1,921,128 2.047,898
289,806
412,657
292,270
405,160
From Jan 111,744.100 13,300,547 1.895.963 2,467,536 1,188,423 1,774.280
Chicago Great WesternJune
2,052,081 2,031,393
404,346
248,081
328,022
325.362
FromJan 1_11.670.165 11,571,216 2.187.533 1,056,254 1,698,880 1,459,320
Chicago & Illinois midlandJune
205.049
22,251 def133.053
57,356
15.810 def119,95
From Jan 1_ 1,252,885
212,671 def152.288
254,281 def109,549
893.131
Chicago Ind & LouisvilleJune
1,464,449 1,490.007
407,044
326.451
408.884
321.995
From Jan 1 8,990,114 0.106,601 2,398,099 2,358,852 1,918,828 1,919,171
Chicago & North WesternJune
13,862,005 13,580,533 4,085,984 3,862,799 3,310,127 3,081,262
From Jan 171.261,134 70,527,721 14,702,301 14,511.429 10,042,037 9,695.834
Chicago River & IndianaJune
187,174
548.788
187,610
557,180
155,265
148,213
From Jan 1- 3.386,480 3.360,988 1,265,087 1,117.851 1,026,292
815.344
Clhie RI & PacificJune
10,875.316 11,060,034 2,740.153 2,623,087 2,088,455 1,980,572
From Jan L82.498.669 84,596 044 14 750,559 14,295,717 10,898.843 10,471,865
Chic RI & GulfJune
470.988
89,192
570.524
05,810
54,889
79,220
From Jan 1_ 3,072,593 3,894.729
078,510
760,176
920,647 1,135.419
Chicago St Paul Minn dr OmahaJune
2,137,357 2,190,433
444,708
557,220
85,294
202,709
From Jan 1 12,674,860 12.394,065 1.793.014 2,268,417 1,118,332 1.636,932
ClinehfleldJune
525,476
132,216
628,529
96,896
207,219
161,897
From Jan 1_ 3,424,929 4,075,904 1,267,110 1,477,862
820,807 1,027,835
Colorado & SouthernJune
854,359
13.217 -12,008 -50,328
951,883
52,169
From Jan 1. 5.512,525 8,032,068
429,248
317,238
898.984
825,133
Trinity & Brazos ValleyJune
122,934
123,708 -24.738 --38,704 --32,403 -44,072
From Jan 1_ 1,045,835 1,232.220
-133
729
44.188
46,367
Columbus & GreensJune
-9.036
-8,339
115.202
-7,836
113.832
-7,139
From Jan 1_ 814,736
78,570
85,306
88,653
848.992
74,648
Colorado & SouthernFort Worth dr Denver CRYJune
767,942
04,286
122,017
121,002
880,265
150,000
From Jan 1_ 5,117,085 6,199,247 1,471,891 1,824,209 1,234,703 1,228.725
Wichita ValleyJune
100,954
-3,918
-547
6,385
3,323
90.454
From Jan 1_ 848.803
346,070
900,019
315,467
368.754
402,014
Denver dr Rio Grande-West
June
2,418.380 2,481,489
294,482
277,325
402,450
470,406
From Jan 1.14,601.189 14.683.009 3.067.714 2,978,592 1,956.089 1,883,798
Denver & Salt LakeJune
241.173
280,744
28,833 de/87,935
38,833 def59,185
From Jan 1_ 1.815,129 1,758,958
29,328
618.761
566,791
70,902
Detroit & MackinacJune
154,450
34,413
157,394
22,040
44,369
32,464
From Jan 1_ 757,803
776,461
92.716
47.362
115.494
154,862
Detroit TerminalJune
200,496
20.580
164,827
54,748
42,485
74,118
From Jan 1 1.078,243 1.064,184
242,090
285,782
342,024
394,653
Detroit Toledo & IrontonJune
46,433
813,050
873,903
104.517
252,861
79,150
From Jan 1. 4,725,265 4,749,017 1,392.337 1,109,147 1.082,594
932.130
Dot & Tot Shore LineJune
143,434
123,102
380,087
371,233
154,870
173,155
From Jan 1_ 2,446,212 2.017,110 1.284.197 1,403,125 1.099,601 1,229,180
Dul bilasabe dr NorthernJune
2,815.507 2.748.216 2,044,050 1,870.072 1.815,853 1.544,886
From Janl _ 5,175.924 6,535,019 2.022.420 2,539,606 1,236,178 1,575 978
Duluth dc Iron Range487,553
June
515,709
553.952
1,080.314 1,003,652
582,359
From Jan 1 2.181,639 2,688,467
167.707
442,608 -40,965
139,332
Dui So Shore & Atlantic77,404
June
109,404 def12.400
467,278
504,921
23.808
353,527
167.787
From Jan I_ 2.492.987 2,832,970
533,542
353.877
Duluth. Winnepeg de Pacific-3,970
-5,893
0,646
June
4,967
205,504
212.300
184,710
145.518
207,703
From Jan 1 1.288.918 1,252.704
250,577
Elgin Joliet & Eastern512 807
566,079
473.121
Juno
638,659
2.031,641 2,002.730
From Jan 1.12.767,524 12,938,303 4,228.220 4,433,010 3,519.577 3,849,972
Evansville Ind & Terre Haute3,061
71,718
84,343
5,608
June
209,737
117,361
208,504
364,658
325.970
From Jan 1
925.940 1.173,975
236.196

AUG. 4 1928.]

FINANCIAL CHRONICLE

-Grossfrom Railway--Net from Railway- -Net after Tares-1928.
1927.
1928.
1927.
1928.
1927.

673

-Grossfrom Railway- -Net from Railway- -Net after Taxes
1928.
1927.
1928.
1927.
1928.
1927.

Florida East CoastNew York CentralJune
294,680
186,096
146,275
32,595,698 33,761,327 8,742,459 9,746,046 6.450,093 7,320,251
979.443 1,246,974
60.058
June
From Jan 1 8,973.573 11,611.622 3,353,828 3,243,181 2,451,573 2,481,158
From Jan 1 183107.132 191561,965 43,101.296 46,032,249 30.259,468, 33053.131
Fort Smith & WesternCincinnati Northern6,227
1,618
3,202 def3.882
301.522
June
377.016
110,187
107,634
June
64.200
86,236
45,056
65,667
93,768
56,825
35,473
From Jan 1_ 687,489
From Jan 1 2,030,386 2,294,677
816,699
63,193
580.505
682.102
445,647
538,534
Galveston WharfIndiana Harbor Belt13,551
166,910
116,910 def3,149
June
1,024,948
June
918,578
392,040
257,277
118,440
237,690
327,908
195,040
402.890
355,822
269,890
From Jan 1_ 962,332
982.280
253,822
From Jan 1_ 6,077,405 5,658,046 1,990.313 1.362,336 1,643,264 1.089.827
Michigan CentralGeorgia Railroad44,635
452 986
58,348
36,084
7,999,925 7,787.800 2,668,057 2,443.306 2,120,120 1.880,784
June
48,247
403 081
June
343,337
456.829
288,489
From Jan E 2,533,955 2,821.029
390,583
From Jan 1_45,289,159 44,506,460 14,406.721 13.584,607 11.382,211 10.585,878
Pittsburgh & Lake ErieGeorgia & Florida19,911
141,123
14,918
5,593
2,692,581 2.802,067
116.854
11,618
517,330
June
669,839
June
347.448
484,336
931,599
119,188
179,810
66,834
From Jan 1_ 760,447
132,946
From Jan 115.024.785 16,299,236 2,445,242 2,688,951 1,513,351 1,706,328
Grand Trunk WesternNew York Connecting540,708
505,032
1.941,080 1,801.297
449,387
172,894
232,633
420,717
96,604
June
June
126,180
56.604
88,680
870,443
From Jan L10.757,010 10,377,752 2.781,713 2,750.968 2.264.553 2.285,642
From Jan 1_ 1,362,886 1,486,254
884,548
632.443
647,548
Great NorthernNorfolk & Western10,164,659 9,753,656 3,105.284 3.135,824 2,350,759 2.287.957
8,859.888 9.594.654 3.201.483 3.697.745 2.401,169 2,845,317
June
June
From Jan 1 49,967,483 47,784,229 11,733.425 11,371,024 7.559,664 6,782,129
From Jan 149.501.489 55.983.850 16,879,554 20,392.516 12,075,988 15.284,894
Northwestern PacificGreen Bay & Western29,682
13,124
121.'
21,882
136,521
579.686
5,124
594,309
157,050
June
June
105,750
65,157
116,362
228,332
7r.: 2.1J
176,697
180,168
From Jan 1_ 843,570
128,697
From Jan 1_ 2.747,114 2,806,191
26.313
329,196 def217,616
84,922
Pennsylvania SystemGulf Mobl,e & Northern102,616
547,268
111.882
541,948
79,761
June
78,691
Bait Ches az Atlantic899,385
933.052
720,537
130,072
From Jan E 3,599,548 3,530,626
136,891 def66,591 def17,353 def66,591 def17,353
704,757
June
594,343 def358,480 de1106,173 def358,492 def196,298
From Jan E 573,563
Gulf zSz Ship Island271.969 def26.415 de125,858 dc'52,716 0ef49,647
215 587
Pennsylvania CoJune
308,976 def56,707
143,828 del199,95
55.030,777 .56,374,381 14,975,352 13,908.378 11,700,510 10,733,674
From Jan E 1,729.120 1.880,237
June
From Jan 1_309166552 333672.038 75,414,946 74,831,878 58.970,523 58,512,008
Hocking Valley778,996
1,891.584 2,088,348
916,812
665,454
June
800,085
Long Island3,567,729 3,695.454 1.252,033
From Jan L. 9,078,574 10,342,100 2,914,701 3,703,188 2,187,456 3,019,410
996,566
950,287
716,649
June
From Jan 1.18.776,234 19,051,169 4,558,355 3,431,275 3.636.500 2,552,279
Illinois Central System13.787,357 14.916,966 2,042.712 3,128,729 1,227,776 2,143,437
MonongahelaJune
From Jan 1 87,561,476 89,930,795 18,579,103 20,587,515 12,655,511 14,337.184
596,468
338.580
271,526
313,559
653,686
293,397
June
From Jan I- 3.488,683 3,903.111 1,527,946 1.959,966 1,405.831 1.783,270
Illinois Central Co11,942,924 13.108,755 1,909,680 3,110,395 1,265,830 2,310,706
June
W Jersey dr Seashore877,185
From Jan 1_75,013.944 77,215.770 16,622,925 18.793,004 11,721,242 13,647,564
993,736
200,172
194,819
105,771
103,886
June
From Jan 1_ 4.708.542 5,320,734
277,094
595,607
531,461
332,297
Yazoo & Miss Valley1.797.994
1,830,690
135,503
24,296
June
-31,408 _-156,440 Peoria & Pekin Union993,012
156.798
From Jan E12,459.675 12,645,631 1,987,901 1,810,730
734,793
143,194
54 865
37 753
June
25.354
-4.220
903,814
From Jan 1_ 996,997
332,906
253,678
230,570
139,104
International Great North242.740
1,603,870 1.342,968
182,308
200.767
June
139,870 Pere Marquette3,561,272 3,708,632
From Jan 1_ 8.770,552 8,974,750 1,509.409 1.505,210 1,257.693 1,311.177
June
844.063
623,996
574,525
801.215
From Jan E20,689,256 21,050,439 5,562.471 5,984,020 4,317,673 4,759,168
Kansas City Mex & Orient241.739
23,252
233,234
11.765
19,127
Juno
7.729 Perklomen160,871
23.556
136,548 def1.934
106,271
From Jan 1_ 1,524,001 1,475,305
110,873
June
29,126
37,976
25,844
33.789
608.842
From Jan 1
609,174
170.798
212,326
150,585
183,748
Kane City Mex & Orient of Tex88,458
488,469
668,241
178,724
80,952
June
171,682
557,874
689,859
514,662
1
From Jan E 3,010,093 3,236,766
646.898 PittsburghShalw60m,h2r
152,129
June
53,033
21,166
19,895
51,592
823,391
From Jan 1_ 1.007,752
361,782
80,125
353,792
173,091
Kansas City Southern415,125
1,440,038 1,008,857
509,995
303,611
t5V
. a5
June
399.450 Pittsburgh & We3s6
From Jan 1 8,856,871 9,199,096 2,657.066 2,887,257 1,973,927 2,223,462
280.714
161,969
June
102,103
111,506
68,107
FromJan E 2 064,842 2,272,251
880,374 1,029,091
595,341
698,735
Texarkana az. Ft. Smith80,387
245,206
70.765
68 236
206,071
June
55,733 Port Reading572,522
564,148
499,023
174,532
165,245
From Jan 1_ 1,321.134 1.463,604
474,132
70.489
June
51,282
55,420
35,001
494,554
From Jan 1 1.081.810 1,279,341
570,577
406,515
472,183
Lake Superior & Ishpeming219,969
144.492
270,353
387.702
196,720
June
117,906 Quincy
213,277
187,425
846,752
91,270
6OC074
From Jan 1_ 878,372
64,907 def12.821 def16,831 def17,656 def22,654
109,680
June Chhaha& K
383,314 def48,424 def67,044 def77,613 def102,247
From Jan E 382,563
Lehigh & Hudson River107,573
55,402
292,609
42,871
215.644
89 077 Reading CoJune
476,071
549,907
386.492
6 823,133 7,377,742
From Jan 1_ 1403.895 1,671,287
982.711 1,263,774
450,017
693.754
919,357
June
From Jan 1 43,494,922 47.373.581 8,783,256 10,639.647 6,508,923 7,983,415
Lehigh & New England104,189
174,100
90.475
555,037
438,731
June
174.160 Rutland545 887
919 756
469 102
556.578
From Jan 1_ 2,603,174 2.846.520
501.822
98,994
63,342
73,081
785,123
39.924
June
636,370
465.161
473,173
309.699
From Jan 1 3,363,953 3,054,894
Los Angeles & Salt Lake438,176
451.906
2.249.303
300.671
2,070,464
June
319,421 St Louie-San Francisco884,746 1,084,800
From Jan 1_11,412,997 12,296,401 1,703,642 1,882,189
0,753 7,152,992 1,788,876 2,114.788 1,407,836 1,695.746
June
From Jan 1_38.328.143 41.419,805 10,838.576 11,797,161 8.506,548 9,484,472
LOI11911/119 de Arkansas86,630
293,406
258,547
30.538
137,421
59.302
June
3foo
Texasnoeo
6,363
St Louis-San Fr1a2
621.521
350,202
From Jan 1_ 1869.112 1,779,041
436,580
2,510 def6,916
197,042
def938 def9.457
June
134,048
208.441. 117,290
192.588
1.01.118181111 fly & Nay CoFrom Jan 1- 806,568 1,007,735
133.316
19,873 def65,982 def3,653 def88,024
242,562
June
Grandej
ro
toNeVorth &
321,021
76,553
From Jan E 1,655.879 1,511.664
181,453 det58,902
110.686
113.211
def9.762
2,946 def13.877 def1,134
611,876
11,026 def35,752 def13.747 def60,202
From Jan E 607.338
La fly & Nay Co of Tdef6,635
72.994
78.850
def957 def10,635
1
June
def4,949 St Louis Southwestern1
510.112 def47.321
3,545 de:71.992 0e/20,505
From Jan 1_ 494,461
,425,689
439,771
314.610
382,455
278.673
June
From Jail 1_ 8,804.261 8,301.407 3,050,368 2,248,568 2,661,778 1.972,841
Louisville & Nashville11.002,318 11,735.466 2,157,025 2.220,768 1,565,451 1,674,725
681053
June
:
3. o
461019:
17
janSSt oLmouls
From Jan 1_67.304.750 71,840,586 13,530,055 14,699,757 10,048.880 11,292,960
-22.375 -72,151 -50,358 -00,270
June
3,4
511'4
93887 --319,477 -258,450 -486,987 -420.595
Louisv Henderson & St L16,760
292,415
229.637
66.835
-262
June
az1
50,858 San Ae
rz_t
269,144
560,010
From Jan 1_ 1,654,464 1,962.118
147,909
93
G111
.7f2
1
174.162
436.587
55,299
43,636
39.951
51,408
398,742
306,523
Maine CentralFrom Jan E 1,174,496 1,043,512
375,740
284,601
333.765
323,175
1,530.986 1.609,101
220,628
June
4.3e
o9
209.218 Seabttrd
0 Air Lin
J00
0
From Jan 1 9.607,434 10,243,927 2,165,709 2,145.353 1,511,349 1,461.702
.698 4,845.171 1,043.929 1.008,672
736.742
680,977
FromJan 1_30.082.522 33,575,734 7.910,298 8,519,877 5,996,200 6.585.401
Minneapolis & St Louis127.959
160,615
1,238,171
1.137,491
66,192
June
61.218 Southern Pacific System479,312
44,524
105.108 -280,629
From Jan 1 6,773.092 6,603,029
Texas & New .Orleans-5
.612.131 1.042,662 886,800 730,686 629,963
Minn St P & S S MJune
4,148,452 4,000,511 1,067,890
947,782
840.073
June
From Jan 1.32,749,349 34,289,056 5,409.886 4,673,675 3,547,172 2,940,359
717.615
From Jan 1_21,835,168 20,942.583 4,208,180 3,772,536 2,921,497 2,412,162
7
le17C
thern Pacific
u
on
ue
19.025.510 6,388,269 6,286,987 4,811,665 4,732,179
Mississippi Central120,529
25.801
125,889
22,899
19,440
June
From Jan 1.102213573 102,013836 28,935,851 27,672,220 20.724,327 19223,177
16.193
794.416
221,868
207,844
173,705
From Jan 1_ 800,831
903.
157,757 Sou Pao S LinesMo-Kansas-Texas Lines406 1,009,989
81,488
85,530
76,223
82,107
June
4.204.530 4 218 333 1 072 920
856.117
354,738
864.634
June
613.002
334,881
580.168
From Jan E 5,514,808 6,034.509
631,439
From Jan 1_25.295,424 27,490,621 7,244,020 7,721,084 5.801