The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
VOL. 127.
SATURDAY JULY 14 1928.
NO. 3290.
courage and invite borrowing. Notoriously was
this the case last summer when they marked their
2%, with the result of making Re1
rates down to 3/
PUBLISHED WEEKLY
it is their
e
Terms of Subscription—Payable in Advanc 6 Mos. serve credit inordinately cheap. Now
12 Mos.
P.Including Postage—
the hope
in
costly
ing
borrow
$6.00 bounden duty to make
$10.00
Within Continental United States except Alaska
6.75
11.50
wrong
the
g
In Dominion of Canada
pursuin
by
done
f
7.75 of undoing the mischie
13.50
s and territories_
Other foreign countries, U.S. Possession
in the rates of exchange.
NOTICE.-013 account of the fluctuations
e.
instanc
must be made policy in the first
remittances for European subscriptions and advertisements
is New York funds.
The most unfortunate feature in connection with
and QuotaBank
the
For
issued.
so
The following publications are-al
per year; for all the others is
decline which is taking place
tion Record the subscription price is $6.00
on price is $12 per the whole affair is the
$5.00 per year. For any three combined the subscripti
ment securities at a time
year. and for the whole five combined it L3 $20 per year.
Govern
States
United
in
MONTHLY PUBLICATIONS—
COMPENDIUMS-RECORD
N
QUOTATIO
BANE AND
PUBLIC UTicrry—(seral-annually)
when the Government is engaged in plans for refundRAILW•Y &C I NDUSTRIAL-(four a year) MONTHLY EARNINGS RZCORD
STASI AND MuNiciret,--(seml-ann.)
ing the Third Liberty Loan. For this the Reserve
Terms of Advertising
blame. On the one hand,
45 cents Banks must bear twofold
Transient display matter per agate line
request
On
Contract and Card rates
they are chargeable with responsibility for the
Western Representative,
CHICAGO OlFICE—III Charge of Fred. H. Gray,
0613.
State
Telephone
Street,
208 South La Salle
tion in the stock market which has
London, E. 0. gigantic specula
LONDON Orrice—Edwards & Smith, 1 Drapers' Gardens,
brought about stringency in the money market,
WILLIAM B. DANA COMPANY, Publishers,
York
New
Streets,
Depeyster
Front, Pine and
through the absor:.- :.,un of inordinate amounts of
Y.
COMPAN
bank credit in such speculn tion, and on the other
piPubllatted every Saturday morning by WILLIAM B. DANA
William D. Riggs:
President and Editor, Jacob Seibert: Business Manager.
Co.
of
Office
they have completely demoralized the market
all.
hand
of
Tress.,William Dana Seibert: Sec., Herbert D.Seibert. Addresses
for Government bonds by dumping upon it over 400
million dollars of Government securities which they
The Financial Situation.
ed last autumn. This week prices of
The action of the Federal Reserve Bank of Chi- had purchas
ment bonds have tumbled still lower, the decago on Tuesday in advancing its rate of rediscount Govern
especially noticeable in the case of the
2% to 570, followed on Thursday by similar cline being
1
from 4/
Liberty Loan bonds which 'he Government is
action on the part of the Federal Reserve Bank of Third
refund. It will be recal_ed that last week
New York and the Federal Reserve Bank of Rich- seeking to
ry of the Treasury offered in exchange
mond, and on Friday by an advance also by the Fed- the Secreta
Third Liberty bonds long-term Treasury
eral Reserve Bank of Atlanta, are timely moves and for these
0 interest, and as an induceonly 3%7
bearing
to be commended. The other Federal Reserve Banks bonds
the exchange, is offering
make
to
holders
the
to
will be well advised if they, too, fall in line. Not- ment
to Sept. 15 on the outfull
in
t
interes
of
t
withstanding the extensive liquidation that has been paymen
same time letting inthe
at
while
Thirds,
g
big
standin
the
taking place on the Stock Exchange, and
3%70 bonds begin at once, that is,
decline in security values that has occurred, enor- terest on the new
equivalent to offering a premous amounts of bank credits, with the resultant on July 16. This is
7/10 of 170. The first effect of the
drain upon Reserve credit, are still tied up in spec- mium of roughly
in the price of the Third
ulative loans and only drastic methods and measures offer was to cause a spurt
which an advance to 101
can provide an effective remedy. The Reserve Liberty Loan bonds, under
immediately reBanks are called upon to deal with a desperate situa- occurred, though the price almost
to 99 31/32 on
down
sold
they
tion, made desperate by their own mistaken policy ceded and yesterday
at 100 1/32.
closing
though
ge,
of last summer and autumn in making Reserve the Stock Exchan
par for the
below
t
discoun
a
to
ent
credit available in boundless amounts, at cheap This is equival
Liberty
Third
holder of
rates, and they have now no alternative but to use new 3%70 issue, since any
7/10
the
get
e, can
every endeavor to restrain the reckless borrowing bonds by making the exchang
in
cash
pays
ment
govern
which in the first instance they so thoughtlessly of 1% interest which the
of
price
net
the
and which when deducted makes
encouraged.
99.3.
about
only
100
As a matter of fact, Reserve policy in the matter the new 3% if purchased at
At the same time we have the anomaly of subof prescribing rates of rediscount (which means fix$743,767,700 for the $250,ing the price the member banks are obliged to pay scriptions aggregating
Treasury bonds for which
8%
/
in employing Reserve credit) has been as mistaken 000,000 of the same 33
ry invited subscriptions
Treasu
the
as it has so plainly been in other respects. The the Secretary of
s in the fact that these
consist
y
anomal
Reserve Banks have from the first pursued the prac- in cash. The
received for a new isbeen
have
ptions
subscri
tice of keeping their rates below market levels, huge
d immediately to
destine
seems
which
bonds
whereas the Bank of England and other central sue of
tion probably is
explana
The
par.
below
quoted
banks make it an invariable rule to hold their dis- be
ptions have come largely through the
count rates well above market levels. Thereby they that the subscri
ed to carry the subscripdiscourage borrowing. The Reserve Banks, on the banks which are permitt
Government deposits against
'other hand, by pursuing the opposite course, en- tion payments as
7inancial (aronide
1,
146
FINANCIAL CHRONICLE
[VOL. 127.
which no reserves are required, and of course, also,
There is nothing to be said about the stock mark
et
the bonds will be available for borrowing at the
Re- the present week except that after some
manifestaserve institutions.
tion of strength on Monday and Tuesday
it experiBrokers' loans have the present week again taken
enced another severe decline on Wednesda
y and
a favorable turn. In other words, after last week'
s subsequent days. The single depressing
influence
increase in the total of these loans in- amou
nt of has been the continued high rates
for money with
$147,812,000, there is the present week a decre
ase the action first of the Federal Reser
ve Bank of
of $64,377,000, still, however, leaving the total
of Chicago in advancing its rate of redis
counts from
these loans to brokers and dealers $4,242,696,000,
as 4/
1
2 to 5%, effective on Wednesday, and later
of
against $3,059,279,000 at the corresponding date
a the New York Federal Reserve Bank
and two others.
year ago. The loans made by the 45 reporting memThe announcement from the Chicago Reser
ve Bank
ber banks for their own account decreased duri
ng came after the close of business on
Tuesday, and the
the week from $1,131,568,000 to $941,795,000, but
as effect on Wednesday was to put
the market in a
against this loans for account of out of town banks
state of renewed collapse. Price
s tumbled all
increased from $1,511,506,000 to $1,569,327,000 and
around with startling rapidity, the break
ranking
loans "for account of others" from $1,664,002,000
among the worst in Stock Exchange histo
ry. Since
to $1,731,577,000.
the crash in the market in May and again
in June
The Federal Reserve banks in their own returns
there has been little outside interest in the
market,
also show some changes for the better. In the first
and consequently it is easy to bring about
quick and
place, the discounts for the member banks have fallheavy declines. The tone was somewhat
better on
en during the week from $1,191,010,000 to $1,089,Thursday, and further recovery occurred
on Fri268,000. Then also the holdings of acceptances have
day, when it appeared that brokers' loans
on the
decreased during the week from $209,664,000
-to Stock Exchange had been substantia
lly reduced fol$187,642,000. At the same time, holdings of U.
S. lowing the big increase last week
, though at first the
Government securities have been slightly
reduced, market was unsettled on the news
that the New York
being this week (July 11) $217,765,000 as again
st Federal Reserve Bank had also raise
d its rate. The
$219,565,000 last week (July 3). The resul
t alto- volume of trading on the
Exchange has remained
gether is that total bill and security hold
ings— relatively small, and the
ticker was only 4 minutes
which measures the extent of Reserve credit
in use— behind on Wednesday, when
the market broke so
have fallen during the week from $1,620,729
,000 to badly. Dealings on Mond
ay aggregated 1,798,820
$1,495,165,000, at which figure, however,
compari- shares; on Tuesday 1,881
,850 shares; on Wednesson is with only $99b,2,000 a year
ago. Some day 2,796,520 shares; on Thur
sday 2,496,240 shares,
other changes for the better are also
to be noted. and on Friday 1,875,200 share
s. On the Curb MarThus the amount of Federal Reserve
notes in cir- ket likewise trading was on
a restricted scale, the
culation was reduced during the week from
$1,660,- sales Monday being 457,515 share
s; on Tuesday
132,000 to $1,640,150,000, and concurrent
ly gold 414,750 shares; on Wednesday 563,8
22 shares; on
reserves increase(' from $2,546,490,000
to $2,594,- Thursday 532,455 shares, and on
Friday 360,765
876,00. It is to c added that while disco
unt hold- shares.
ings for the twelve Reserve institutions
combined
In the break Wednesday the high-priced
were heavily reduced during the week, the
specialholdings ties fared worst, as was to be expec
ted. General
of the Federal Reserve Bank of New York
actually Motors stock seemed to be especially
under pressure,
further increased, rising from $436,537,0
00 to $449,- and after touching 1993
%
on
Tues
day,
dropped to 190
633,000, at which figure comparison is with
dis- on Wednesday and to 182% on Thursday
, and on
counts of no more than $134,490,000 at the
corre- Friday reached a still lower figure
at 181%; it
sponding date last year. This is signi
ficant as closed, however, at 1871/
4 against 1921/
4 the close
showing that the weak point is still at this
center.
on Friday of last week. Montgomery Ward &
Co., as
against 1641/
2 on Monday, dropped to 151% on
One of the sad events of the week has been
the Thursday, but closed yesterday at 157%
sudden death on Sunday last of Howard Ellio
against
tt, so 157% the previous Friday. Radio
Corporation of
long the dominant spirit in the Northern Pacif
ic America, as against 187/
1
2on Monday,touched 162/
Railway Company and who rendered such importan
1
2
t on Thursday, and closed yesterday at
167% against
services to the New York, New Haven & Hartf
ord 184 the previous Friday. Sears, Roeb
uck & Co., after
Railroad in the hour of its dire distress. Mr. Ellio
tt having advanced to 1193
%
on
Mond
ay
from 113% on
was a railroad man of note, and had mastered the Satu
rday, dropped to 110% on Thur
sday
, with the
science of railroading from the bottom. He was, close
yesterday at 114/
1
2
again
st
113%
the
previous
however, more than merely a practical railroad man. Frida
y. Case Threshing Machine, as again
4
st 3473
He was a student of railroad affairs and a person on
Monday, touched 310 on Thursday,
with the close
of scholarly achievements. He wrote very exten- yeste
rday at 324 against 3491
/
4 the previous Friday.
sively, and his contributions to the literature of
Allied Chemical & Dye, as against 177%
on Tuesrailroading were quite as noteworthy as his prac- day, touch
ed 165% ex-dividend on Thursday
, with
tical achievements in directing and administering the close
on Friday 170 against 171% the
previous
railroad properties. He was, moreover, a man of Frida
y. E. I. du Pont de Nemours, after
advancing
broad views and of vision, the latter an attribute of to
391/
1
2on Tuesday, dropped to 375 on Wedn
esday,
especial value in conducting railroad enterprises in
and touched 363 on Friday, with the
close at 370
the West, where constant provisiion had to be made
against 3827
/
8 the previous Friday.
for growth and development, often of a very
pheOf course values are lower all around as compared
nomenal character. In addtion to all this, his was
a with the previous Friday. The price
s of railroad
lovely personality. The void created by his
death stocks were better maintained
than those of any other
cannot be easily filled.
group, and yet even many of these show substantia
l
losses for the week. New York Central closed
yes-
jpror 14 1928.T
FINANCIAL CHRONICLE
147
which compares with
terday at 169 against 172 the previous Friday; is now placed at 15.1 bushels,
last year, and 15.1
yield
the
acre,
per
bushels
14.6
Atchison
184%;
against
4
/
Chesapeake & Ohio at 1783
2 bushels per acre, the five-year average. The five8; Canadian Pacific at 2011/
at 186 against 1881/
4;Texas & Pacific at 165 against 168; year average yield of winter wheat has been 549,117,against 2071/
2 against 98%; Northern Pa- 000 bushels,which is somewhat less than it should be,
Great Northern at 961/
8 against owing to the unusually small crop harvested in 1925.
/8; Wabash at 721/
cific at 96 against 967
The July report, furthermore, gives the first in/8; Union Pacific at 192 against 195; Southern
767
as to corn acreage, which this year is condication
Fran8; St. Louis-San
/
Pacific at 120 against 1223
above any year back to 1923, when one
siderably
against
99%
cisco at 111 against 113; Reading at
3,000,000,000-bushel yields was
half-dozen
the
of
Balti191;
against
4; Del. & Hudson at 184
/
1023
planted to corn the present
area
The
harvested.
York,
New
and
109,
against
4
/
more & Ohio at 1051
acres. This com102,380,000
at
placed
is
season
132..
against
125
at
Louis
Chicago & St.
last year, and
harvested
The steel stocks declined with the rest. U. S. pares with 98,914,000 acres
The July 1
1923.
in
harvested
/8 on Monday, touched 104,324,000 acres
Steel, after advancing to 1417
by
is
crop
indicated
corn
growing
the
of
4 on Thursday, and again on Friday; it closed condition
1
134/
comwhich
normal,
of
78.1%
as
t
Departmen
the
4 against 138% the previous Friyesterday at 1361/
/8 against 55%; pares with 69.9% of normal on July 1 1927, for
day; Bethlehem Steel closed at 547
4 against 224; Crucible Steel the crop harvested last year. The July 1 condition
1
Midland Steel at 216/
2 in both years was low, but this means very little
4, and Ludlum Steel at 531/
2 against 701/
at 711/
as to corn for the reason that the crop is yet to be
the
with
suffered
/8. The motor stocks
against 557
made practically almost from the very beginning.
have
Motors
General
in
s
rest. The fluctuation
on these preliminary figures the Department
Based
yesterclosed
Studebaker
indicated.
already been
/8,the close on Friday of last now estimates a yield this year of 2,735,617,000 bush/8 against 717
day at 677
week; Packard at 73% against 77%; Nash at 83 els, or at the rate of 26.7 bushels per acre. The
8, and July 1 1927 estimate for corn was 2,274,000,000
/
8; Hudson at 81% against 837
/
against 865
2. Somewhat of a drive bushels at an average estimated yield of 23.3 bushels
Hupp at 55% against 581/
against the shorts in the rubber stocks was made yes- per acre, while the harvest last fall was 2,773,708,terday, bringing a recovery, and U. S. Rubber pref. 000 bushels, an average of 28.1 bushels per acre.
4 the previous Friday, and In 1923 the yield per acre was 29.3 bushels.
1
/8 against 58/
closed at 627
Spring wheat prospects are at this time far from
8; Goodyear Tire &
291/
against
31
the common at
. The condition on July 1 as determined
satisfactory
GoodF.
B.
and
,
4
/
483
against
47%
at
Rubber closed
t of Agriculture is only 71.7% of
the
by
Departmen
no
formed
stocks
oil
The
.
8
/
761
4
/
733
against
at
rich
exception to the general rule of lower levels, and normal, which compares with 89.8% or normal on
2 against July 1 1927 and a ten-year average of 82.6% as of
1
Atlantic Refining closed yesterday at 138/
8 on Friday of last week. Houston Oil closed July 1. The area planted to spring wheat this
1381/
/8 against year is 21,625,000 acres, which is in excess of last
at 136 against 139; Marland Oil at 347
against year, but the yield is now estimated at 256,155,000
4
1
/
43
35%, and Standard Oil of'N. J. at
suffered
bushels. Last year the harvest for spring wheat
44%. The copper stocks, though having
319,307,000 bushels and was considerably above
'was
pretty
register
less severely than the others, also
back to 1918. For winter and spring wheat
year
at
any
yesterday
closed
general declines. Anaconda
this year is now placed at 799,937,production
the
American
Friday;
previous
the
4
/
683
66% against
compares with the harveSt Inst
This
000
bushels.
Magma
193%;
at
188
against
Refining
&
Smelting
/8 against 52%; Cerro de Pasco at 74 year of 871,691,000 bushels. Oats have improved durCopper at 497
ing the past month and now show a condition of
4.
1
against 78; Kennecott at 92% against 91/
79.9% of normal, against 78.3% .on June 1, and a
crop
ten-year average condition of 81% as of July 1.
In a number of its features the Government
growThe
yield of oats from this year's growth is now
the
report, relating to the July 1 condition of
at 1,320,097,00 bushels, in comparison
which
estimated
and
United
States,
ing grain crops in the
last year of 1,184,146,000 bushels.
harvest
Departthe
with
the
by
this
week
of
was issued on Tuesday
encourcrop
where the outlook now is quite
An
important
,
was
Washington
at
ment of Agriculture
was
that
of
white potatoes, the increase
is
y
nt
satisfactor
improveme
further
place,
first
the
In
aging.
shown in the prospects for winter wheat. This im- in area planted this year being placed by the Govportant cereal crop has had to contend with a ernment at 9.2% over last year. With average
number of adverse conditions since it was planted weather from now on, a yield of 443,640,000
in the autumn of 1927. Winter killing was unusu- bushels may be expected. This would provide the
ally heavy and the outlook for the crop at the open- second largest yield on record. Adverse conditions
ing of spring was poor. Some improvement has ap- are not entirely absent the present year and the
peared since, however, and while the July 1 condi- Department reports that from present indications
tion of 75% of normal is below what might be ex- a part of this year's crop may not be dug.
The yield of barley is again indicated as a recpected at this time, it is 1.4 points higher than was
Ord
production as it was last year, the crop this
543,782,000
A
of
yield
earlier.
month
indicated a
is
This
now being estimated at 303,110,000 bushels.
year
now
is
promised.
wheat
winter
of
bushels
estimate
the harvest was 264,392,000 bushels. Tho
Last
year
the
over
bushels
31,530,000
of
addition
an
year over the crop of 1927 is 14.6%.
the
this
and
with
year,
increase
compares
this
of
1
June
for
actual harvest of 552,288,000 bushels in 1927. At The yield of rye will be considerably reduced this
as now indicated comparing
this period this year's harvest of the crop is well year, 39,274,000 bushels
harvested last year. Tobacbushels
58,811,000
conwith
under way, and unless some unusual untoward
larger
the increase in
a
production,
show
co
will
present
the
ditions intervene, it is probable that
to
amounting
year
this
17.8%.
The foreshow
,
acreage
or
possibly
maintained
figure of yield will be
1
July
the
condition
is
On
for
based
acre
per
1,311,8240:.
cast
yield
The
indicated
some further increase.
148
FINANCIAL CHRONICLE
[you 127.
000 pounds, which compares with 1,195,880,000 ing
years. The total cotton acreage for Texas alone
pounds harvested last year.
is nearly as large as that reported for the
five
States, other than Texas, enumerated above.
The
The Government report on cotton acreage, issued increa
se reported for Texas over last year is slightly
on Monday of this week, puts the increase in acreage less
than that shown in the total for the other five
a great deal higher than the estimates of private States
mentioned above. The area planted to cotinvestigators, including ourselves. Our estimates ton this
year in these six States, including Texas,
were arrived at after most painstaking investiga- consti
tutes more than 81% of the total area planted
tion, and we put the increase as high as the facts in the
United States. The area harvested last year
appeared to warrant. Still the situation the pres- was
40,138,000 acres, or 95.8% of the area under culent year was peculiar. The real question the pres- tivati
on on July 1 1927. The average of the area
ent year was not what the additions to acreage harves
ted for the five years 1923-27 inclusive
was
would be, but how much of the acreage which was 96.2%
of the July 1 estimate of the area under culabandoned a year ago would be reclaimed. On tivation for
each year. Last year's harvest was 12,that point our correspondents almost without excep- 950,000
bales of cotton, an average yield of 154.5
tion took a very pessimistic view, owing to the back- pounds of
cotton to the acre. The average yield per
wardness of the season and the various other retard- acre in 1926
was 181.9 pounds and in 1925, 167.2
ing influences which served to interfere with the pounds.
seeding down of land to cotton—it may be that
these views were too pessimistic. It will not be posInsolvencies in the United States during the
secsible to tell until later in the season when the Gov- ond quarter
of 1928, while slightly more numerous
ernment undertakes to confirm its present esti- than last
year, show a considerable reduction as to
mates.
the amount of indebtedness. Furthermor
e, the figAn area of 46,695,000 acres, remaining in culti- ures for
the second quarter indicate some impro
vevation for cotton on July 1 this year is now the es- ment over
the first three months of this year. We
timate of the Department of Agriculture. This publis
hed last week the figures for June, and with
compares with 41,905,000 acres, the revised Govern- the
completion of the report for that month, the
ment estimate for July 1 1927. The area for this
quarterly statement covering the geographical
diviyear shows an increase of 4,790,000 acres, or 11.4%. sions
of the United States is available. The records
The record figures for area under cultivation were
of R. G. Dun & Co. show 5,773 mercantile
defaults
those of July 1 1926, which were 48,730,000 acres,
in the United States during the second quarte
r of
the decrease this year from that figure being 4.2%
the current year, with aggregate liabilities of
$103,in comparison with a decrease a year ago of 14%.
929,208. This compares with 5,633 similar insolThe Department stresses the point that the area indi- vencie
s in the corresponding period of last year for
cated for this year is not intended to refer to the $125,4
05,665. The increase in the number of detotal area planted, but only to that portion remain- faults
is only 2.1%, and there is a decrease in
liaing in actual cultivation on July 1. Allowance has bilitie
s of 17.1. During the first three month
s
of
also been made by the Department,the report states, 1928
the increase in the number of mercantile
failfor "about 150,000 acres" of cotton flooded out in ures over
the corresponding period of 1927 was
Arkansas during the last week of June and for a 6.2%,
while the reduction in liabilities was only
small area similarly flooded in Missouri. The less 5.5%.
The increase in the number of failures in
the
important cotton States show relatively the larger second
quarter of this year was largely among mangains in area this year, while gains also cover the ufacturing
concerns, the same as in the case of
extensively flooded areas of 1927, and some other the
month of June, but there was also a slight
insections where the acreage was sharply reduced last crease
in trading failures during the second quarte
r
Beason.
of this year. For all three classes, manufactur
ing,
Owing to the late planting, the Department de- tradin
g and agents and brokers, there was a
reducclares, the need of repeated replanting in many sec- tion
in the amount of liabilities for the past
three
tions, and the impossibility of working the crop out month
s as compared with a year ago.
at the proper time, the stand of cotton is now 6%
The increase in the number of failures
during
below the stand reported on July 1 1927. Consider- the second
quarter of this year was mainly in the
ing all of the adverse conditions to which the plant Eastern States
, in Eastern Central (the States borhas been subjected this year, it is rather surprising dering on
the Great Lakes), and on the Pacific
that impairment of condition should not have been Coast. Practi
cally the same condition charactergreaten
ized the record of insolvencies for the first
three
For Texas the area in cultivation on July 1 of months of 1928.
The North Atlantic States lead
this year is now placed at 18,366,000 acres, against all other sectio
ns for growth in the number of fail16,850,000 a year ago, and 19,140,000 on July 1 1926. ures, some
increase appearing for each of the three
The increase over 1927 is 9%. The Texas Commis- States, New
York, New Jersey and Pennsylvania.
sioner of Agriculture, it is proper to state, made the In New York the
increase in the number of mercanincrease only 6%. Oklahoma is credited with 4,899,- tile defaults this
year over last year is 18.9%. Lia000 acres this year, compared with 4,187,000 last bilities, too,
have been heavy this year in all three
year and 5,083,000 in 1926; Georgia 3,956,000 acres of the North
Atlantic. States, although the amount
this year; 3,501,000 a year ago and 4,025,000 two is slightly
smaller than a year ago. There is also
years ago; Mississippi 3,783,000 acres this year, and quite an
addition to the number of defaults this
3,408,000 and 3,809,000 respectively for the two pre- year in
Massachusetts, Connecticut and Rhode
ceding years; Arkansas 3,613,000 acres this year, Island.
In the Eastern Central States insolvencies
3,142,000 last year and 3,867,000 two years ago, and were more
numerous this year in Illinois, while a
Alabama 3,471,000 acres this year, against 3,214,- slight
decrease appears in Ohio, Michigan and In000 and 3,699,000 respectively for the two preced- diana.
The only section showing larger liabilities
JULY 14 1928.]
FINANCIAL CHRONICLE
149
mitted suicide in his drop from a cross-channel airthis year than a year ago, is that embracing these
plane, or whether he fell accidentally. Ascertainfive Central Eastern States, and this increase rement of this point would naturally have a definite
flects some heavy defaults this year in Ohio, Michieffect one way or the other on the companies in
gan and Indiana.
which his speculative holdings were greatest. In
Of the three Pacific Coast States, Oregon alone
the absence of such information shares of Internareports fewer failures for the second quarter of this
tional Holdings Company and Hydro-Electric Seyear than in 1927, the increase in the number of decurities Company continued to rule in all European
faults this year being quite marked in California
markets virtually at the low levels established shortand Washington. In California, also, liabilities
ly after news of the disappearance of Captain Loeware very much larger than they were a year ago. The
first became definite.
improvement in the insolvency returns for the South enstein
The London Stock Exchange has been very quiet
and the West has continued in the second quarter
hout the week, with trading at a minimum.
of this year which was also a notable character- throug
ged securities showed a tendency to harden,
istic of the report for the first three months. Most Gilt-ed
on news of further arrivals of gold at the
of the States in both the South and the West re- Monday,
England. This tendency was reversed by
port fewer defaults this year than appeared last Bank of
ency of credit Tuesday, and on the followyear. The Southern States showing improvement a string
when announcement of the rise in the reare Virginia, North and South Carolina and Flor- ing day,
of the Federal Reserve Bank of Chiida, although the number of failures in Florida con- discount rate
reached London, the downward movement was
tinues quite heavy, and the liabilities are large. cago
Home rails remained weak in all sesOther Southern States recording improvement are accentuated.
the weakness extended to some South
Alabama, Mississippi, Louisiana, Oklahoma and sions and
rail shares Wednesday, on news of strikes.
Texas. Special causes contributed to an increase American
ication shares were the sole center of
in the number of mercantile defaults in West Vir- The commun
interest, this development resulting
ginia, with a heavy indebtedness; there was also speculative
report of the conference on imperial comsome increase in Georgia, Kentucky and Arkansas. from the
recommended unification unA notable reduction in the amount of liabilities munications, which
control of the cable and radio systems of
is shown this year in nearly all of the Southern der one
British Empire. Commercial, industrial
States, the only exception besides those mentioned the entire
shares followed the general trend, movabove, being Tennessee and Texas, where a few and mining
slightly lower from Tuesday onward.
large defaults added to the indebtedness. In the ing
The sessions of the Paris Bourse have been exWest there was some increase in the number of dey dull and listless all week, with trading alfaults in Missouri, Colorado and Idaho, with a tremel
nt in a steadily declining level of quostagna
most
slightly heavier indebtedness shown this year for
tations. This tendency has been growing since stathe first mentioned State. In most of the other
bilization of the franc was accomplished. Holders
Western States, however, insolvencies this year
short-term securities, particularly those in the
were not so numerous as they were a year ago, and of
Provinces, were said to be showing every desire to
liabilities were very much less. Notable improvete, forcing quotations lower. The increase in
ment appears in the case of Minnesota, the Dakotas, liquida
Chicago Reserve Bank rediscount rate brought
Kansas, and Montana. The slight increase in num- the
wave to the Paris market Wednesday from
ber shown for Nebraska and Utah is accompanied a selling
trading.
which it did not recover in the subsequent
by a reduction in indebtedness.
Boerse followed a brighter course early
Banking suspensions in the United States dur- The Berlin
with stocks bid up generally in the
ing the second quarter of this year, according to in the week,
Monday and Tuesday. The news from Chithe records of R. G. Dun & Co., numbered 92 with trading
sed the market Wednesday, but did not
liabilities of $28,952,552, these figures comparing cago depres
general declines as in other European
with 81 similar defaults in the corresponding period cause such
trading Thursday was irregular,
of 1927 owing $25,427,900. As in other recent years, markets. The
advancing, although most declined. The
most of these insolvencies were in the Southern and some issues
witnessed some additional severe
Western States, 90% of the number, as well as of Brussels Bourse
the week, causing recessions in
the indebtedness, being in those two sections. Two- liquidation during
the market. Vienna remained
of
ments
thirds in number and 40% of the total liabilities cov- all depart
worth the recording.
hardly
g
ered by the banking defaults in the past three dull with tradin
months were in the Western States, these including
Unqualified acceptance by the German Govern
Nebraska, Missouri, Iowa, Minnesota and Kansas.
of State Frank B. Kellogg's inviA recurrence of some banking defaults in Florida, ment of Secretary
subscribe to the proposed multo
23
June
added somewhat to the number for the past three tation of
cing war as an instrument of
renoun
year
treaty
tilateral
months in the South. The bank failures this
ted in the first formal recontinue to be mainly small State institutions lo- national policy was indica
ply received in Washington. The invitation was
cated in country districts.
extended to fourteen foreign Governments IR a
treaty based upon preThe trend of trading on the European securities note accompanied by a draft
, which inaugurated
France
markets the past week has been very similar to that vious discussions with
and the British
powers
the
with
at New York, a steady tone early in the week giv- the movement, and
on
nt
the proposal
comme
al
ing way to unsettlement and finally to continued Dominions. Inform
July
d
in
that considshowe
early
liquidation which resulted in reduced levels in all late in June and
n
in
al
foreig
ls would be
propos
capita
important centers. The Loewenstein tragedy of eration of the
in
was
hinted
it
Paris
but
dispatches
July 4 hung over all markets like a pall, no prog- favorable,
all
pany
would
notes
accom
ying
acceptdeliqualif
that
ress whatever having been made in settling the
n
reply,
Germa
dated
The
and
sday
comWedne
ier
ances.
cate question of whether the Belgian financ
150
FINANCIAL CHRONICLE *
[vol.. 127.
made public yesterday, contains
no reservations. sion." A favorabl
e Japanese reply appears to be
"The German Government," it stat
es,"has examined awaiting only upon
previous action by other powwith the greatest care the cont
ents of the note and ers, according to
a Tokio dispatch of July 6 to the
the revised draft of the compact
which was enclosed. New York "Times."
A high official of the Foreign
The Government is pleased to stat
e that the stand- Office was quoted
as saying: This is an orchestral
point of the Government of the
United States of piece. It would
sound very bad if the Japanese
America as set forth in the note
corresponds with flute struck in
before trumpets and violins." Japan,
the fundamental German concepti
on as it was com- nevertheless, was
said to be ready to accept the draft
municated in the note of April 27
1928. The Ger- as it stands and
ready also to accept modifications
man Government also agrees to the
changes in the if these are more
agreeable to France. "Japan repreamble of the draft of the compact.
It is there- alizes," the report said
, "that other powers have
fore pleased to be able to state that
it takes cog- reasons for hesitation,
from which she is free, and
nizance of the statements made by the
Government her delay simply indi
cates a desire to do nothing
of the United States of America cont
ained in your which might interfer
e with the removal of differExcellency's note of June 23, that it agre
es to the ences between the Fren
ch and American viewinterpretation which is given therein to
the provi- points."
sion of the proposed compact and that
it is accordingly ready to sign this compact in
the form
Renewal of the Franco-American film
now proposed."
controversy
was
foreshadowed in Geneva last Saturday
The French Government also will tran
, in an
smit a fav- address by Hugh R. Wils
on, American Minister
orable reply, Washington dispatches of
Thursday to Switzerland, before the Leag
ue of Nations Conindicated. Paul Claudel, the French
Ambassador, ference for the Abolition
of Import and Export Procalled upon Secretary Kellogg on that
day and in- hibitions. The dispute was
settled by compromise
formed him, it was said, that the Quai
d'Orsay con- in Paris on May 3, last,
a plan being adopted by
sidered satisfactory hits definitions
assuring the the French Film Commissi
on at that time under
right of self-defense, safeguarding
the Locarno which every purchase
of a French film by an Ameritreaties, giving liberty of action
to signatories can company would
be compensated by the issuance
against any participant that violates
the treaty and of import permits
for seven American films. As
dealing with similar questions.
After the Ambas- the official American
representative at the Geneva
sador's visit, the State Departme
nt issued the fol- proceedings, Mr.
Wilson brought this controve
lowing announcement: "The French
rsy
Ambassador, before the special Commissi
on, arguing that the
M. Claudel, called on the Secr
etary of State this American film inte
rests have acquiesced, but
afternoon and informed him that
not
a favorable reply agreed with the action of
the French Film Commisaccepting the explanations and
interpretations con- sion. "They were face
d with a condition in which
tained in the Secretary of State's
note of June 23 they stood to lose heavily,
were confronted with
on the subject of the proposed Renu
nciation of War facts with which they had
to deal, and under the
Treaty would be handed to the Amer
ican Ambassa- forces they faced took the
best they could get in
dor at Paris within a few days, prob
ably July 14." order to continue business
temporarily," Mr. Wilson
Previous dispatches from Paris had
made it clear, stated. The United Stat
es, he added, reserved the
however, that the French reply will
be accompanied right in this matter to
have recourse to diplomatic
by a declaration of French reservat
ions. A special action or to an arbitral
award. He indicated, moreCabinet meeting was called Wednes
day to consider over, that the question
was
broader than the action
the text of the reply prepared by Fore
ign Minister of France, and requeste
d the Conference to study the
Briand. This draft, a Paris cable to
the New York consequences implied
in acceptance of the French
"Times" said, recalled various stat
ements by Mr. thesis that the regu
lations of the Film Commission
Kellogg as showing his recognition
of the French did not violate the
import and export prohibitions
reservations.
convention.
It appeared, moreover, that a commissi
on of jurM. Daniel Serruys, the French repr
ists representing the leading members
esentative at
of the League the gathering, repl
ied that the question involved
of Nations has been studying the anti-war
project in was not economic but spir
itual. It was a matter,
Paris. They have reported to the inte
rested Gov- he declared, of France's righ
t to protect her national
ernments, a "Times" dispatch of Thur
sday said, traditions) culture and idea
ls from American films,
"that they will violate none of their enga
gements which sometimes run counter
to those traditions.
by accepting Secretary Kellogg's text, provided
they Mr. Wilson was right, he admitted
, in insisting that
make unilateral statements setting forth their
inter- there should be no disguised
protectionism, but he
pretation of the compact in a manner to
make it said it was noteworthy that the
United States herplain that in signing the agreement not to figh
t any self sometimes resorted to disc
rimination against
more they reserve all their prior commitments,
some foreign products. The French
representative preof which do provide for going to war in
certain dicted new regulations by the
Film Commission, but
conditions."
did not specify their nature. The dele
gates of AusA reply by Great Britain will be made before
the tria, Germany, Italy and Indi
a announced their
end of the Parliamentary session in London, Fore
ign support of the position take
n by M. Serruys, and
Secretary Sir Austen Chamberlain informed
the eventually the conference decided
to accept the opinHouse of Commons Wednesday. The repl
y, conse- ion of the German delegate
that the matter was outquently, should retich Washington in the next
fort- side the scope of the meeting.
night. That it will not be unfavorable was
indicated
by Sir Austen's reply to a question put
by Colonel
Resignation from Premier Muss
Josiah Wedgwood. "I don't inte
olini's Cabinet of
nd to wreck the Count Giuseppe Volpi,
Minister of Finance, and
proposal," Sir Austen said. "I welc
ome the pro- Pietro Fidele, Minister of
Public Instruction, was
posal and wish to bring it to
a favorable conclu- announced in Rome late
last Sunday, causing wide-
JULY 14 1928.]
FINANCIAL CHRONICLE
151
t conferences with party leaders and on July 9 sumspread speculation as to the causes of this wides
Gerun- moned M. Balugtchich, Yugoslavian Minister to
shifting of Cabinet posts that has yet occurred
t.
a
Cabine
form
and
many, to return to Belgrade
der the Fascist regime. Count Volpi's place was
ed
follow
was
,
and
This effort also was unsuccessful
taken by Senator Antonio Mosconi, who, though litThursday by the tentative appointment of General
reputa
tic
domes
tle known outside Italy, enjoys a
r Hadtschitch as Premier, with a mandate to form a
tion as an efficient public administrator. Signo
Government. This effort, if successful, dispatches
Fidele's successor is Giuseppe Belluzzo, who was
said, will result in a veiled form of military dictatorMinister of National Economy in the Cabinet. The
- ship.
latter's place in turn was taken by his former Under
Meanwhile, the strained relations of Yugoslavia
on
additi
In
li.
Martel
lndro
Allesa
y
Secretary, Deput
with its neighbor States to the East and West were
to these changes, eight new Under-Secretaries were
again brought to the fore by additional assassinaappointed to assist the various Ministers. Although
tions and rumors of assassinations. The MacedoCount Volpi's resignation had been rumored for
in
nian leader, General Protogeroff, was murdered
some time, the official announcement in the Fascist
coma
day,
Satur
last
l,
capita
rian
Sofia, the Bulga
press failed to indicate his future plans. In conseThis
panion also succumbing to assassin's bullets.
the
d
that
revive
y
quence reports were immediatel
s
er
threat
sinist
g
holdin
as
ded
regar
was
shooting
financial ideas of Count Volpi and Premier Mussothe
to
ch
against Balkan peace. A Vienna dispat
lini did not always coincide. The Fascist press, howof
New York "Times" remarked that "with the aid
ever, laid great emphasis upon a unanimous declahave
to
stood
under
his followers, all of whom are
ration that the Ministerial changes must not be cona
in the pay of Italy, Protogeroff for almost
sidered in any way as a Ministerial "crisis." Such been
plots
by
t
tumul
in
kept the Macedonians
changes, it was pointed out, have merely technical year
t various Greek and Yugoslav officials and
agains
importance, rather than tending to show diverse tenfrontier raids into Greek and Yugoslav terridencies. Although Count Volpi's resignation caused by
Although news of the assassination was
little stir in well-regulated Italy, his passing from tory."
d at Belgrade with undisguised satisfaction,
the Italian political scene occasioned widespread greete
reports at Sofia placed the responsibility
regret in England and the United States. It was conflicting
the murder variously at the door of Serbian
recalled that he had augmented his reputation by for
and of members of Protogeroff's own Comitthree distinct achievements since assuming the Fi- agents
and the result remains uncertain. The aninance portfolio in July, 1925. In November of that adji,
y between Yugoslavia on the one hand and Alyear he headed the Italian Debt Commission which mosit
and Italy on the other was again stirred, Tuescame to this country and arranged for a settlement bania
day, by reported attempts against the life of M.
of the Italian debt to the United States. Later he
Mihailovitch, the Yugoslav Minister to Tirana. The
headed the commission which arranged the debt setkey to this complicated situation in and around
tlement with Great Britain. Finally, in December,
Yugoslavia is thought to rest with Premier Musso
1927, he arranged for abolition of forced currency
an
Serbi
lini, of Italy. The difficulties within the
and the return of the lira to a gold basis.
State have resulted from attempts to force the Netconvention with Italy through the Skuptchina.
Little progress was made the past week toward tuno
far, the Italian Premier has given no public insettlement of the many political difficulties that Thus
on of a change of attitude.
center in and about the Balkan country of Yugo- timati
slavia. Innumerable conferences between King
Animosity between Poland and Lithuania flared
Alexander and the various political leaders of the
open once again, Monday, with the complete
Skuptchina, or National Parliament, have followed into the
negotiations between the two Governthe resignation of the Cabinet on July 4. The resig- collapse of
a settlement of their difficulties. The
nations of Premier Vukitchevitch and his Ministers ments for
instituted at the request of the League
resulted from the Assassination of two Croatian parley was
Council; which has been considering the
Deputies in the Skuptchina, June 23, by a member of Nations
for more than five years without having
from Montenegro, this act deepening the already dispute
effect a satisfactory settlement. The
wide rift between the many factions and nationali- been able to
former capital of Lithuania, again
ties included in the enlarged Serbian borders. King City of Vilna,
ling block to an agreement. Vilna,
Alexander was reliably reported to have asked M. proved the stumb
in
recalled, was turned over to Lithuania
Stanojevitch, the leader of the Radical Party, to it will be
Polish
by
ed
occupi
ments, but was
form a Cabinet, but the Croatians checked this pro- the post-war settle
promptly incorporated in the
and
1920
in
lars
irregu
ament
Parli
cedure by demanding dissolution of the
ania thereupon severed diploand new elections. Stefan Raditch, leader of the Polish State. Lithu
Poland and these have never
Croatian Peasants' Party, who was wounded in the matic relations with
e the most earnest endeavors
Skuptchina shooting, refused on July 6 to accept a been resumed, despit
Council meetings in late years.
mandate to form a Cabinet. He continued to in- of successive League
s of European States consist on dissolution of the Parliament and the hold- A Council of Ambassador
occupancy of Vilna in 1922, but
ing of new elections as the only solution of what firmed Poland in its
bringing the matter before
the Croatians consider the unrepresentative system Lithuania succeeded in
early in 1923. Meetings
of Government which concentrates most of the pow- the League of Nations
between Premier Pilsudski of
er in the hands of the Serbs. An Associated Press arranged in Geneva
Waldemaras of Lithuania have
dispatch of last Saturday from Belgrade declared Poland and Premier
tic, but have not resulted in a
frankly that "Croatia seems to be drifting further been highly drama
In the conference which has now
from the parent State of Serbia." The anti-Croa- settlement.
n up, provisions were made for an arbitration
tian elements, meanwhile, appeared as determined broke
for settling the difficulties and for the preven
that Parliament shall not be dissolved as the other court
the
on
of a military attack by either party
side was that it shall be. The King continued his tion
152
FINANCIAL CHRONICLE
other. Poland, however,inserted a clause fixing the
boundary according to the 1927 League proposals.
Lithuania countered by insistence on the boun
dary
line as set forth in her treaty with the Sovie
ts in
July 1920. This the Polish representatives resen
ted
as a "direct attack on the Polish State," and
the
negotiations ended. The Polish Legation in Wash
ington issued a statement Wednesday defen
ding the
attitude of the Warsaw Government. The diffe
rences between the two Governments, Warsaw
dispatches said, will again be submitted to the League
of Nations in the regular September sessions of
the
Council.
[VOL. 127.
adds, if the weather holds moderately well.
"Already it is apparent," Mr. Duranty concludes,
"that
the crisis threatened two months ago
is now
definitely avoided."
Active steps in both foreign and domestic
policies
have been begun by the Nanking Nationalis
t Government of China which gained control over
all but
the three Eastern Provinces early in June
. The
announcement was made at Nanking last Sund
ay
that all unequal treaties between Chin
a and other
countries which have expired are ipso
facto to be
abrogated. New treaties will be sought, an Assoc
iated Press dispatch from the new Chinese
capital
Huge purchases of wheat by the Soviet Governsaid, and China will make an attempt to
terminate
ment in the world's grain markets during the past
any other unequal treaties which still have
leases of
two weeks have aroused the keenest interest in the
life. The official declaration set forth that it
would
situation within Russia, the more so since it
is be the aim of the foreign office to affor
d protection
known that Moscow has not been entirely successful
to all foreign lives and property and that, with
the
in its State grain collecting program. London
re- unification of China an accomplished
fact, it was
ports early this month indicated that the Russian
the proper task of the Government to make
every
Government was buying cargo after cargo of whea
t effort to realize the Nationalist aims.
The expired
wherever available, the total exceeding any purtreaties referred to, which provide rights of extra
terchases since the famine years 1919 and 1920. This
ritoriality for foreigners in China, are those
action, coupled with the appointment of a crop
with
Belgium and Japan. Serious attempts
to renew
dictator for the Soviet Republic late in June,
was these treaties were held up pending
the outcome of
interpreted in some quarters as meaning
that the the Chinese civil war. It
is chiefly the right of exsituation had become far more serious than
was at traterritoriality and of forei
gn customs control to
first thought likely. A semi-official expla
nation of which the Chinese object.
the matter was given out by the Soviet Gove
rnment
Detailed regulations, aimed at achieving genuine
July 10, according to a dispatch of that
date from Governmental and financial
unification of China,
Walter Duranty, special corresponden
t of the New were adopted by a Nationalis
t financial conference
York "Times." From this it 'appe
ared that the at Nanking which lasted eight
days, closing July 11.
State grain collections for the year
ended July 1 The sessions were attended by
150 provincial offiamounted to 11,455,000 tons, this total
comparing cers, representatives of the Finance
Ministry, infavorably with the 11,510,000 tons in the
preceding dustrialists and military men, all unde
r the Chairtwelve months. On the other hand it was
admitted manship of the Nanking Finance Minis
ter, T. V.
that this result was only achieved by "extraor
dinary Soong. The regulations provide for impr
ovement
measures" which aroused dissatisfaction
even in the country's financial administration,
eliminaamong some sections of the middle class and
poorer tion of graft and increased authority for
the Finance
peasantry and caused a sharp decrease of
grain pur- Minister, the latter being permitted
to direct prochases by private dealers who have hithe
rto sup- vincial fiscal affairs. The conference
decided on a
plied from a quarter to a third of the inter
nal mar- new schedule of taxes and adopted a
national tariff
ket. This gave rise to a shortage of grain
which schedule in preparation for tariff auto
nomy which
resulted: firstly, in bread restrictions, and secon
dly, the Government expects to achieve
by January 1
in the reported purchases by the Soviet of 25,00
0,000 1929. Banking regulations, establishing
a national
tons of grain abroad. "In point of fact,"
Mr. Du- bank and unifying coinage, and also
establishing
ranty states, "such a purchase would be perfe
ctly farm loan banks, were adopted, as well
as recomreasonable,first because it is cheaper to impo
rt from mendations to the Government for
improved comabroad for the northern provinces, where to
a cer- munications, disbandment of the troop
s, developtain extent the grain harvest is poor, than to
trans- ment of commerce and many similar propo
sals.
port the grain by land from the south, where the
harvest is satisfactory. This was done regularly
in
Perplexing difficulties are already being
faced by
pre-war days. It is also imperative to secure a supofficial representatives of the United States Gove
rnply of seed grain for winter sowing, which it is diffiment in Nicaragua, upon whom devolves the
task of
cult to do in time here, owing to the failure of part
insuring the fairness of the October Presi
dential
of last winter's crop. On the Lower Volga and
in election in accordance with the Stim
son agreement
the North Caucasus, where the harvest has alrea
dy of May 1927. The trouble has resul
ted from a splitbegun, a crop above last year's is reported. The
ing of the Conservative Party into two
factions, each
Ukraine lost much of its winter grain, but expects
a of which held a convention on May
20 and nominated
total harvest equal to last year's. The Upper
Volga a candidate for the highest
office in the land. One
grain total is above that of last year, and there
is a faction, headed by General
Emiliano Chamorro,
bumper hay crop. The Siberia crops are excel
lent nominated Vicente Rappaciolo.
The other faction,
all round. Altogether, unless the weather
during under the leadership of
President Adolfo Diaz, nomithe next six weeks is unusually bad, the
harvest will nated Dr.Cuadra Pesos.
Both factions believed that
be equal to or even better than it was last
year, an General Frank R. McCoy,
who is President Cooestimate which would have sounded fantastic
six or lidge's personal representative,
might have to decide
eight weeks ago." The delicate quest
ion of peasant which Presidential aspir
ant should represent the
sentiment, which is the "economic life
of present day Conservatives in the conte
st. The National ElecRussia," is not likely to become grave
, the dispatch toral Board, which is comp
osed of General McCoy
JULY 14 1928.]
FINANCIAL CHRONICLE
and a representative each of the Conservative and
Liberal Parties, took the problem under advisement
and decided Monday that neither aspirant had established a right to be recognized as the representative
of the Conservative Party to the exclusion of the
other. In announcing the decision, General McCoy,
as President of the Electoral Board, stated that he
"desires to set at rest once and for all any possible
misconception on the part of any portion of the
people of Nicaragua to the effect that either the
United States Department or the personal representatives of the President of the United States in
Nicaragua is in any way committed to the candidacy
of any particular individual or to the fortunes of
any particular party or faction."
There have been no changes this week in discount
rates by any of the central banks of Europe. Rates
continue at 7% in Germany; 6% in Austria; 51A%
in Italy and Norway; 5% in Denmark and Madrid;
43.'% in London and Holland; 4% in Belgium and
in France and Switzerland. In
Sweden, and 3
London open market discounts have advanced and
are 3 15-16@4% for short and 43'% for long bills,
against 3%@3 11-16% for the former and 311-16@
39% for the latter on Friday of last week. Money
on call in London was 2% yesterday. At Paris
open Market discounts remain at 3h% and in Switzerland at 3/%.
153
aggregates 60,295,000,000 francs in comparison with
60,628,000,000 francs last week and 58,772,461,105
francs the week before. Creditor current accounts
rose 121,000,000 francs and current accounts and
deposits 563,000,000 francs. On the asset side there
is a favorable report for gold holdings, an increase
of 185,943,535 francs. Credit balances abroad rose
361,162,255 francs, bills bought abroad gained
1,008,000,000 francs and advances on securities 124,000,000 francs. French commercial bills discounted
dropped 1,378,000,000 francs. A comparison of the
various items of the bank's return for 3 weeks past is
furnished below:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
July 7 1928. June 30 1928. June 25 1928
for Week.
Francs.
Francs.
Francs.
Francs.
185,943,535 29,175.976,951 28,990,033,416 28,934.885,268
Gold holdings_
Credit bats. abed_Ine. 361,162.255 15,920,276,401 15,559.114,146 15,984,600,741
French commercial
bills discounted Dec.1378,000,000 2,188,000,000 3,566,000,000 2,972,422,601
Bills bought abr'd Inc.1,008,000,000 12,694,000,000 11,686,000,000 10,544,906,332
Adv.slat. securs_Inc. 124,000,000 1,961,000,000 1,837,000.000 1,846.774,369
Note eireulation__Dee. 333,000,000 60,295,000,000 60,628,000,000 58,772,461,105
Creditor curr.accts Inc. 121,000,000 6,609,000,009 6,488,000,000 12,757,248,720
Current accounts &
deposits
Inc. 563,000,000 5;487,000,000 4,924,000,000 5,471,052,902
In its statement of the first week of July, the Bank
of Germany reports a decrease in note circulation of
247,541,000 marks, reducing the total of that item
to 4,426,661,000 marks as against 3,676,547,000
marks last year and 2,892,749,000 marks in 1926.
Other daily maturing obligations dropped 101,438,000
marks while other liabilities rose 3,777,000 marks.
On the asset side reserve in foreign currency fell off
10,495,000 marks, bills of exchange and checks
171,916,000 marks, silver and other coin 1,095,000
marks, advances 111,024,000 marks and other assets
79,919,000 marks. Gold and bullion increased 21,560,000 marks and notes on other German banks rose
8,696,000 marks. Deposits abroad and investments
remained unchanged. A comparison of the various
items of the bank's return for the past 3 years is given
below:
Probably the most noteworthy feature of the Bank
of.England's weekly statement was a sharp advance
in the ratio of reserve to liabilities, which rose from
38.24% (last week's ratio) to 47.76%, not only the
highest for the current year, but the highest since
the 52.36% of July 22 1914. Another substantial
gain in gold was reported this time, namely £928,683,
and as notes in circulation declined £805,000, the total
addition to the reserve amounted to £1,733,000.
Both the "deposits" items showed decreases, public
REICHSBANK'S COMPARATIVE STATEMENT.
deposits dropping £3,476,000 and "other" deposits
Changes for
£22,126,000. Loans on Government securities inJuly 7 1928. July 7 1927. July 7 1926.
Week.
Reichsnzarks,
Reichstnarks. Reichsmark,. Reichsmark,.
creased £1,860,000 but loans on other securities de- Assets—
Gold ecin and bullionInc. 21,560,000 2,105,378,000 1,802,123,000 1,492,269,000
creased £29,153,000. The Bank's gold holdings, Of which depos.abed_ Unchanged
57,876,000 260.435,000
85.626.000
73,542,000 344,415,000
Res've in torn curr__ _Dec. 10,495,000 239,549,000
which now total £174,356,917, are said to be the Bills
1,273,111,000
2,317,629,000
exch.&checks_Dec.
2,305,256,000
171,916,000
of
largest in the history of the institution. In the cor- Silver & other coin_ _ _Dec. 1,095,000 84.290,000 91,966,000 105,748,000
15,538,000
16,838.000
16,289,000
Noteson oth.Ger.bks.Ine. 8,696,000
responding week last year they totaled £151,068,427, Advances
7,672,000
71.853,000
Dec. 111,024,000
27,255.000
89,494,000
93.051,000
93,996,000
Unchanged
and in 1926 £151,335,084. Notes in circulation ag- Investments
Dec. 79,919,000 604,253,000 491,689,000 620,285,000
Other assets
gregate £136,362,000, against £137,584,580 in 1927
Notes in circulation Dee. 247,541,000 4,426,661,000 3,676,547,000 2,892,749,000
and £141,468,970 in 1926. The minimum rate of 0th.
daily matur.obligDee. 101,438,000 483,769,000 587,889,000 579.477.000
Inc. 3,777,000 215,836,000 328,074,000 116.433,000
Below we furnish corn Other liabilities
discount remains at 4
parisons of various items of the Bank of England
The outstanding development in the money marstatement for five years:
ket the past week was, of course, the upward reBANK OF ENGLAND'S COMPARATIVE STATEMENT.
1928.
1927.
1924.
1926.
1925.
vision of the Federal Reserve Bank rediscount rate
July 11.
July 13.
July 14.
July 15.
July 16.
to 5%, first at Chicago, Tuesday, and then at New
6136,362,000 137,584,580 141,468,970 143,148,580 126,202,600
Circulatien
16,210,000 10,033,559 9,352,400 12,594,780 11,739,127 York and Richmond, Thursday, and at Alanta
Public deposits
104,703,000 100,424,862 114,011,892 115,229.033 107,447,023
Other deposits
yesterday. The advance gives every promise of
Governm't securities 30,629,000 48,916,982 38,925,328 36,006,733 45,187,467
46,362,296
72,876,165
50,588,000
70,180.590
71,684,455
being uniform throughout the System within a short
Other securities....
Reserve notes & coin 57,746,000 33,233.847 29,616,114 38,168,422 21,818,511
The Chicago Reserve Institution 'took the
Coln and bullion...2174,356,917 151,068,427 151,335,084 161,567,002 128,271,111 period.
Proportion of reserve
lead twice before this year in advancing its redis30.09%
24%
47.76%
294%
184%
to liabilities
5%
44%
count rate, raising it from 33, to 4% on January
4%
43.%
5%
rate
Bank
a Included beginning with April 29 1925 127.000,000 gold coln and bullion, pre- 25 and to 43/2% on April 20.Money rates were already
viously held as security for currency notes Issued and which was transferred to the
advancing before these increases were announced;
Bank of England on the British Government's decision to return to gold standard.
b Beginning with the statement for April 29 1925, includes £27.000,000 of Bank indeed, the Federal Reserve authorities maintain that
of England notes issued In return for the same amount of gold coin and bullion held
advances in rediscount rates merely follow tightenup to that time In redemption account of currency note issue.
ing money. Nevertheless, the announcements
In its weekly comparative statement of July 7, the earlier in the year had a marked effect on the money
Bank of France reports a decrease in note circulation market, and in the present instance the same result
of 333,000,000 francs. Total note circulation now followed. Call loan rates, which hovered between
154
FINANCIAL CHRONICLE
[VoL. 127.
53/2% and 6% Monday and Tuesday, were bid up I Federal Reserve Banks of Chicago, New York,
to 7% Wednesdayi-, after renewals were fixed at 6%. Richmond and Atlanta. The change in the rate of
In Thursday's trading renewals were fixed at 7% the Chicago Federal Reserve Bank, which is reported
and new loans were bid up to 8%. In yesterday's to have been voted by the Directors of that Bank
market the trend was reversed, the high rates having on June 29, was only approved by the Federal
attracted a plethora of funds to this market. After Reserve Board this week—July 10, and was made
opening at 73/2%, the call money rate dropped effective July 11. The matter is treated more fully
successively to 7%, 63/2%, and finally to 6%, while in our news columns. The adoption of the 5%
in the street market loans were freely offered at rate by the New York Federal Reserve Bank and
M% concession from the official figure. With- the Richmond Federal Reserve Bank was announced
drawals totaled about $15,000,000 Monday,$20,000,- July 12, the new rate going into effect July 13.
000 Wednesday and $20,000,000 Thursday. The The action of raising the rate of the Atlanta Federal
upward movement of money Wednesday also carried Reserve Bank from 43/i to 5% was taken yesterday,
time loans higher, a 6% rate being established for the higher rate becoming effective to-day (July 14).
all maturities, and maintained thereafter. The The following is the schedule of rates now in effect
statement of broker's loans issued Thursday evening for the various classes of paper at the different
by the Federal Reserve Bank of New York showed Reserve Banks:
a welcome decrease of $64,377,000 in the total. DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
Gold exports for the week ended Wednesday night
Rate in Enect
were reported at $25,620,000, while imports were
Date
Prertous
Federal Reserve Bank.
on July 13.
Established.
Rate.
$5,211,000.
Boeton
Apr. 20 1928
434
4
New York
5
July 13 1928
Dealing in detail with the rates from day to day, Philadelphia
434
434
May 17 1928
4
Cleveland
434
May 25 1928
4
the renewal rate on Monday was 53/2%, but later in Richmond
5
July 13 1928
04
Atlanta
5
July 14 1928
434
the day there was an advance to 6% on new loans. Chicago
5
July 11 1928
434
LouLs
Apr. 23 1928
434
4
On Tuesday all loans were at 6% including renewals. St.
Minneapolis
434
Apr. 25 1928
4
Kansas City
June 7 1928
4
43.4
On Wednesday standing loans were renewed at 6%, Dallas
434
4
May 7 1928
San Francisco
41.4
June
2
1928
4
but the rate on new loans advanced to 7%. On
Thursday the renewal rate was marked up to 7%,
while on new loans there was an advance to. 8%. Sterling exchange has been extremel
and unOn Friday the charge for renewals was 732%, but der great pressure during the week. rom beginon new loans there was a drop to 6% before the close. ning to end quotations steadily declined to the lowest
For time loans the rate on Monday and Tuesday was figures of the year. The whole trend of sterling has
5%@)5%% for all dates of maturity, on Wednesday been reversed, in sharp contrast to the high rates preand Thursday it was 5%@6%, and yesterday only vailing during the past six or eight months. The
the single figure of 6% was quoted. Commercial range for sterling this week has been from 4.855
% to
paper rates remain unchanged. Names of choice 4.8685 for bankers' sight, compared with a range of
character maturing in four to six months are quoted 4.865
% to 4.87 11-32 last week. The range for cable
transfers
has been from 4.86 to 4.87 5-32, compared
at 5©53% with exceptional names selling at 43
4%.
range
a
of 4.87 1-16 to 4.87k a week ago. The
with
For names less well known the quotation is 531,%,
dominating
factor
in the reversal of foreign exchange
which is also the rate for New England mill paper.
quotations, and especially in the case of sterling, as
Rates for banks' and bankers' acceptances have during the past few weeks, has been the exceptionally
sharply advanced. On Wednesday the posted rate high money rates prevailing in New York. This week
of the American Acceptance Council for prime the downward movement was accelerated by 8% call
bankers' acceptances eligible for purchase by the money in the New York stock market and by the
Federal Reserve Banks was raised % of 1% for 30 advance in the rediscount rate of the Chicago and
day bills and 3 of 1% for all other bills, while on New York Federal Reserve banks from 43/2% to
Friday there was another advance of %
1 for 30 day 5%. The increase in the Chicago and New York
bills and also for 120, 150 and 180 days, leaving the rate is believed in banking circles in New York and
3
bid and 43.% asked for bills London to be only a forerunner of similar increases in
quotation at 4/%
running 30 days, 43/2% bid and 4 8% asked for other Federal Reserve districts. A few weeks ago
bills running 60 and 90 days, 4%% bid and 432% there was a strong current of opinion in London that
4% the Bank of England rate would be reduced from
asked for 120 days, and 4% bid and 45
asked for 150 and 180 days. The posted rate of the 432% to 4%. It is now felt that with the 5% reAcceptance Council for call loans against accept- discount rate effective here, there is no possibility
ances was 5% on Monday and Tuesday,6% on Wed- of a reduction in the Bank of England rate. Sterling
nesday and Thursday and 7% on Friday. Open has declined an average of more than 2 cents a pound
market rates for acceptances have been revised as in about six weeks, and the present week ruled on the
average below. parity. Bankers say that foreign
follows: •
SPOT DELIVERY.
funds are flowing to New York quite steadily. This
—180 Days— —150 Days-- —120 Days—
Asked.
Bid.
Bid.
Asked.
Asked. has been the case since about the middle of June.
Bid.
434
Prime eligible bills
434
434
434
434
434
Considering the fact that the autumn demands • are
—90 Days— —80Days— —30Days— only two months
away and that there is a strong posBid.
Asked.
Bid.
Asked.
Asked.
Bid.
Prime eligible bills
43‘
4%
4;1
434
sibility of French balances in London being trans4,4
43,1
FOR DELIVERY WITHIN THIRTY DAYS.
ferred in material volume to New York, it seems more
Eligible member banks
4% bid
a non-member banks
4% bid than likely that the Bank of England might consider
it advisable to increase its rate rather than reduce it.
Four of the Federal Reserve Banks have this
The spread in money rates as between New York
week increased their rediscount rates from 432% and London has caused bankers throughout the world
to 5%. The higher rate is now in force at the to favor dollars as against sterling in considering the
f
JULY 14 1928.]
FINANCIAL CHRONICLE
155
placing of short-time deposits and investments. It French franc. The Bank of France holds an unhas caused foreign borrowers in the New York market wieldy volume of foreign balances. The possibility of
to leave the proceeds of loans here until used rather French balances being withdrawn from London is a
than to transfer them to London, which is the usual threatening factor militating against sterling, but in
practice when there is no marked spread between view of the close cooperation that has come to be
the two centres. The spread has caused banks here the practice among central banks, it is doubtful if the
and in other centres to keep their sterling balances in Bank of France will permit any exchange movements
London at the very minimum. It has also encour- which might seriously affect the London rate. As
aged the purchase of dollars from abroad in advance stated here last week, the franc will be held strictly
of requirements and it has delayed purchases of ster- within the gold points. The present strong position
ling. Foreign bankers' balances in London are now, of the Bank of France with respect to gold holdings
it is believed, sufficient only for the transaction of and foreign exchange accumulations makes the mainroutine business. Were it not for the large tourist tenance of a steady franc quite easy. This week
requirements for exchange at this time of the year, the Bank of France shows an increase in gold holdings
sterling and the entire European list would all work of 186,000,000 francs and an increase in its sight balances abroad of 361,000,000 francs. German marks
much lower than the prevailing figures this week.
This week the Bank of England shows gold hold- have been ruling lower than at any time this year,
ings of £174,356,917, compared with £173,428,234 but the present quotations are due entirely to symlast week and with £151,068,427 a year ago. Present pathetic reaction to the weaker sterling rate. Bankgold holdings are the largest in the history of the ers state that there has also been a demand for dolBank. On Monday the Bank of England received lars in German centres as a result of the high money
£250,000 in sovereigns from South Africa. On in New York, which has a tendency to offset in part
Tuesday the Bank bought £692,000 in gold bars and a counterflow of American funds to German centres.
exported £17,000 in sovereigns to Spain. On Wednes- Money conditions are much easier in Berlin than
day the Bank exported £9,000 in sovereigns to they were some months ago, but nevertheless there is
Egypt. On Thursday it bought £268,000 in gold hardly any sign of diminution in foreign borrowing,
especially in the New York market. Bankers are
bars and yesterday £128,000.
At the Port of New York the gold movement for confident that a reduction in the Reichsbank rate
the week July 5-11, as reported by the Federal Re- cannot be long delayed. The Berlin rate has been
serve Bank of New York, consisted of imports of at 7% since Oct. 4 1927. Italian lire have been
$5,211,000, of which $5,000,000 came from Canada, ruling slightly lower as there has been a somewhat
and of the balance $106,000 was shipped from Ecua- larger demand for dollars at Milan and other Italian
dor, $34,000 from Peru and $71,000 from other Latin centres, but this week foreign exchange traders atAmerican points. Gold exports totaled $25,620,000, tribute some of the weakness in lire to reaction
of which $25,332,000 was shipped to France from brought about by the resignation of Count Volpi as
Bank of France earmarked stock in New York; Finance Minister of the Mussolini Government. The
$130,000 was shipped to Java, $103,000 to Mexico stabilization of the lire and the success of Italian
and $55,000 to Germany. Canadian exchange con- financial policies is credited largely to the skill of
tinues at a discount ruling on average this week 3 of the retiring Minister, and rumor that he is in disagreement with the Premier on monetary policy has had a
1% discount.
Referring to day-to-day rates, sterling on Satur- weakening effect on the Italian unit. Rumanian exday last was steady in a dull, half-holiday market. change is an extremely inactive one in New York, but
Bankers' sight was 4.86 11-16@4.86 13-16, cable interest attaches to it this week because of the fact
transfers 4.87 3-32@4.87 5-32. On Monday ster- that a Rumanian stabilization loan to total $80,000,ling moved lower. Bankers' sight was 4.86 7-16@ 000 is assured. One-fourth of the loan will be placed
4.8685; cable transfers were 4.86j/8@4.873/8. On in the New York market. The offering, it is stated,
Tuesday sterling was under pressure again. The is being delayed temporarily and will be effected as
3@4.863/
/
range was 4.857
2 for bankers' sight and soon as market conditions assume a more favorable
4.86 9-32@4.86 13-16 for cable transfers. On Wednes- aspect. Rumanian security market have already
day the market was still under pressure. The range begun to respond to the projected financing, and all
was 4.85%@4.86 for bankers' sight and 4.863@ the leading stocks, bank stocks in particular, have
4.86 7-16 for cable transfers. On Thursday sterling been registering marked advances during the past
continued to be sold. Bankers' sight was 4.85 13-16@ week or more.
4.86 1-16; cable transfers were 4.86 7-32@4.86 15-32.
The London check rate on Paris closed at 124.22
On Friday the range was 4.85%@4.86 for bankers' on Friday of this week, against 124.20 on Friday of
sight and 4.86@4.863( for cable transfers. Closing last week. In New York sight bills on the French
quotations yesterday were 4.85 13-16 for demand and centre finished at 3.91 1-16, against 3.91% a week
4.86 3-16 for cable transfers. Commercial sight bills ago; cable transfers at 3.91 5-16, against 3.923/g, and
finished at 4.85 11-16, 60-day bills at 4.82, 90-day commercial sight bills at 3.90 13-16 against 3.91 11-16.
bills at 4.80/, documents for payment (60 days) at Antwerp belgas finished at 13.92 for checks and at
4.82, and 7-day grain bills at 4.85. Cotton and 13.93 for cable transfers, as against 13.95 and 13.96
on Friday of last week. Final quotations for Berlin
grain for payment closed at 4.85 11-16.
marks were 23.80 for checks and 23.81 for cable
Continental
exchanges,
during
as
the
past
few transfers, in comparison with 23.87 and 23.88 a week
The
sympathy
in
largely
moved
with
lower
the
earlier. Italian lire closed at 5.23 13-16 for bankers'
weeks,
week
this
for
sterling
prevailing
sight
As
exchange.
bills and at 5.24 1-16 for cable transfers, as
rates
stated above, all foreign banks seem to have aban- against 4.247A and 5.25A. Austrian schillings have
doned sterling for dollars and have been engaged in not changed from 141 8. Exchange on Czechoslotransferring funds from London to New York. There vakia finished at 2.9615, against 2.9615; on Bucharest
is nothing new of importance with regard to the at 0.613i, against 0.61 on Poland at 11.20, against
156
FINANCIAL CHRONICLE
[VoL. 127.
11.20, and on Finland at 2.52, against 2.52. Greek and last. This is the first time in more than a year
exchange closed at 1.29Y
1 for checks and at 1.30 for that Argentina has been below parity. It is believed
cable transfers, against 1.30 and 1.303 a week ago.
that the lower rates have brought an end to the
Argentinian gold imports. The peso began moving
The exchanges on the countries neutral during the upward rapidly last summer and the movement was
war have also registered declines during the week, accelerated when the Buenos Aires Government
although they have been extremely dull. This is announced the return to the gold standard at the
especially true in the' case of the Scandinavians. end of last August. The exchange premium was
The lower ruling rates for Sweden, Norway and based on a tremendous trade balance in favor of
Denmark result partly from sympathetic relation to Argentina. Exchange operators consider it doubtful
sterling exchange, but there can be no doubt that that the Argentine unit will move so low as to cause
commercial interests in these countries, as in the a gold export movement, though London opinion is
other leading countries, have greatly increased their inclined to the belief that such a movement is possible.
dollar purchases in anticipation of the likelihood of Argentine paper pesos closed yesterday at 42.20 for
high money rates here during the autumn. Holland checks, as compared with 42.34 on Friday of last
guilders have been ruling lower for much the same week and at 42.25 for cable transfers, against 42.39.
reasons. Foreign money market conditions, how- Brazilian milreis finished at 11.94 for checks and at
ever, are of greater importance to Amsterdam than 11.95 for cable transfers, against 11.94 and 11.95.
to the other former neutrals, as the Dutch bankers Chilean exchange closed at 12.14 for checks and at
are prompt to take advantage of higher money rates 12.15 for cables, against 12.21 and 12.22; and Peru
at any centre. Spanish pesetas have been ruling at 4.01 for checks and at 4.02 for cable transfers,
lower for reasons quite independent of causes affect- against 4.01 and 4.02.
ing the other exchanges, though it is doubtless true FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
JULY 7 1928 TO JULY 13 1928, INCLUSIVE.
that dollars have been purchased in Spain, as in
other countries, in anticipation of future exchange
Noon Buying Rate for Cable Transfers to New York.
Value fn United States Money.
bronstary
requirements. The peseta has fluctuated for many Country and
Unit.
July 7. Jute S. July 10. July 11. July 12. July 13.
months as the result of speculative transactions in
$
$
$
s
EUROPE- ..
$
$
expectation of official return to gold, but for several Austria,
.140758 .140825 .140776 .140817 .140805 .140795
schilling
.139534 .139535 .139482 .139438 .139338 .139289
Belgium, belga
years the Spanish rate has moved independently of Bulgaria, ley
.007231 .007218 .007204 .007220 .007193 .007181
Czechoslovakia, krone .029625 .029623 .029622 .029623 .029622 .029621
fluctuations in sterling or any other rate. The Denmark,
.276695 .267656 .267580 .267397 .267284 .267198
krone
pound ster4.871116 4.870553 4.866369 4.863267 4.863522 4.860255
"Spanish Official Gazette" has published the text England,
ling
.025187 .025171 .025167 .025170 .025165 .025158
Finland. markka
.039215 .039212 .039165 .039139 .039139 .039118
of the law giving effect to the decision of the Cabinet France, franc
.238795 .238686 .238475 .238261 .237991
.238810
relchsmark_
Germany,
.013013 .013010 .013008 .013005 .012993 .012990
that a syndicate be organized to prevent undue Greece, drachma
.402900 .402980 .402846 .402666 .402509 .402210
Holland, guilder
.174348 .174342 .174351 .174322 .174325 .174316
Hungary, pengo
fluctuation in the peseta. A committee has been Italy,
.052500 .052471 .052426 .052387 .052384 .052369
lire
.267570 .267570 .267480 .267336 .267250 .267158
Norway, krone
formed under the chairmanship of the Minister of Poland,
.111980 .111810 .111830 .112030 .111872 .112065
zloty
.044900 .044560 .044520 .044665 .044605 .044735
escudo
Finance and with a minimum capital of 500,000,000 Portugal.
.006137 .006129 .006131 .006129 .006142 .006128
Rumania,leu
165156 .165082 .164919 .164864 .164740 .164570
Spain, peseta
pesetas. It will supervise exchange operations and Sweden,
.268261 .268195 .268076 .267961 .267862 .267713
krona
.192724 .192731 .192692 .192691 .192638 .192584
SwtIzerland, frano
intervene in the market when necessary. The law Yugoslavia, dinar.... .017608 .017598 .017597 .017602 .017601 .017601
ASIAauthorizes the Government to control the peseta China.670416 .667916 .665416 .664791 .666666 .662916
Chefoo tael
market and the committee to grant credit, buy and Hankow
tael
.667500 .663333 .662083 .663958 .664166 .660000
Shanghai tael
.653571 .649464 .648482 .649196 .650000 .649375
sell foreign exchange, and conduct other banking Tientsin tael
.686250 .682500 .680000 .680208 .680833 .678333
Hong Kong dollar
.501785 .499464 .499375 .499285 .499464 .499017
operations. To enable the committee to maintain Mexican dollar_ _ _. .472750 .468750 .469000 .468500 .469500 .469250
Tientsin or Peiyang
dollar
.473333 .471250 .470416 .469583 .470833 .470833
complete knowledge of market conditions it has been Yuan
dollar
.470000 .467916 .467083 .466250 .467500 .467500
rupee
.363042 .363112 .363100 .362853 .362796 .362550
decreed that all firms and individuals dealing in India,
Japan. yen
462386 .462216 .462408 .462555 .461650 .460244
(8.8.) dollar_ .561458 .561458 .561458 .560416 .560833 .560833
exchange will be obliged to regiFter transactions in Singapor
NORTH AMER.Canada, dollar
.997509 .997395 .997447 .997452 .997413 .997304
detail. The action was taken especially with a Cuba,
peso
999656 .999437 .999312 .999437 .999281 .999257
Mexico, peso
474333 .474333 .474333 .474166 .473666 .473500
view to preventing bear raids on pesetas, but foreign Newfoundland,
dollar .995031 .994968 .995031 .995039 .995031 .994937
SOUTH A NIER.
exchange traders believe that the committtee will also Argentina,
peso (gold) .964096 .962870 .962419 .960438 .960028 .959940
milreis
.119409 .119354 .119427 .119400 .119281 .119263
act to prevent bull speculative operations and will Brazil,
Chile, Peso
.121602 .121699 .121581 .121545 .121527 .121499
Uruguay. Dew
1.021631 1.021631 1.021873 1.021923 1.022031 1.022031
attempt to gradually raise the rate of exchange in Colombia, peso
.981600 .981600 .981600 .981600 .981600 .981600
preparation for the future return to the gold standard.
The Far Eastern exchanges have shown firmness
Bankers' sight on Amsterdam finished on Friday so far as the silver units are concerned, and the
at 40.20, against 40.27 on Friday of last week; cable Japanese yen has exhibited a tendency to decline as
transfers at 40.22, against 40.29, and commercial the silver units have shown strength. The silver
sight bills at 40.17, against 40.24. Swiss francs units have developed firmness with the appearance
closed at 19.253 for bankers' sight bills and 19.26 of a brighter outlook in China. The Chinese marfor cable transfers, in comparison with 19.27 and kets have absorbed large amounts of silver during
19.273
4 a week earlier. Copenhagen checks finished the past few weeks. London has received advices
2, against from Bombay stating that a reduction in the reat 26.703/ and cable transfers at 26.713/
26.77 and 26.78. Checks on Sweden closed at 26.761A discount rate of the Imperial Bank of India is ex2 and pected soon. The rate is now 6%, having been
andrcable transfers at 26.773', against 26.823/
26.833/
2, while checks on Norway finished at 26.703/2 reduced from 7% in the middle of June. Closing
2, against 26.76 and quotations for yen checks yesterday were 46@463,
and cable transfers at 26.713/
26.77. Spanish pesetas closed at 16.46 for checks against 46.25@463/ on Friday of last week; Hong
and at 16.47 for cable transfers, which compares Kong closed at 50@50 3-16, against 50.30@50 5-16;
with 16.51 and 16.52 a week earlier.
Shanghai at 65@653i, against 65M@653/2; Manila
at 49 9-16, against 49 9-16; Singapore at 563/2@),
The South American exchanges have been ex- against 56@.56M; Bombay at 363/2, against
tremely dull, as during many weeks past. Argentine and Calcutta at
against 363/2paper pesos have been ruling below par both this week
JULY 14 1928.]
FINANCIAL CHRONICLE
157
peoples, through the signatures of their Governments, are to be forever bound.
Such is the program as it appears on the surface
of the document. An examination of the identic
notes which accompanied the submission of the draft
treaty, however, at once makes clear that the treaty
is considerably less sweeping than its brief text
would seem to imply. In an address before the
American Society of International Law, on April
28, extended extracts from which are included in
the identic notes, Secretary Kellogg himself was
obliged to take notice of a number of exceptions and
reservations which had been raised, particularly by
France, to his original proposal, and to admit their
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
weight. It was conceded, for example, that there
AT CLEARING HOUSE.
was nothing in the American draft treaty "which
Aggregate
Saturday, Monday, Tuesday, Wednesd.v, Thursday, Friday,
for Week.
July 12. July 13.
July 10. July 11.
July 9.
July 7.
restricts or impairs in any way the right of selfdefense," The Covenant of the League of Nations,
119,080,000 100,010,000 94.000.000 98,000,000 106,000,008 105.000.900 Cr. 628,000,100
again, by which all the proposed signatory Powers
Note.—The foregoing heavy credits reficc the huge mass of checks which come
to the New York Reserve bank from all parts of the country in the operation of except the United States are bound, offers an obthe Federal Reserve System's par collection scheme. These large credit balances,
stacle in its clear recognition of war as a possibility,
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 and its stipulation of the steps to be taken by the
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 League or its member States in case war breaks out.
not pass through the Clearing House but are deposited with the Federal Reserve
The most that Secretary Kellogg was able to say
Bank for collection for the account of the local Clearing House banks.
was that while the Covenant "can, it is true, be construed
as authorizing war in certain circumstances,"
The following table indicates the amount of
it is "an authorization and not a positive requirebullion in the principal European banks:
ment." The Locarno pacts, with their elaborate
July 14 1927.
July 12 1928.
of arbitration and guarantees, are, after
provision
Banks of
Silver. I Total.
Gold.
Total. I
Gold.
all, only a device intended to make war less likely,
I £
£ 1151,068,427
£
£
and Secretary Kellogg could only point out that if
174,356,917 151,068,427
England_ _ 174,356,917
233,407,815 147,302,938 13,760,000161,062.938 any of the parties to those agreements should viod
France ___ a233407815
994,600 88,206,950
Germany b 100,987,600 c994,600 101.982,200 87,212,350
27,454,000 131,350,000
104,320,000 28,417,000 132,737,000 103.896,
Spain
3,835,000. 50,446.000 late its obligations by going to war, "the other par46,611,
52,831,
52,831,000
Italy
2,347,000; 35,834,000
33.487,
38,212,
Netheri'ds. 36,254,000 1,958,
1.168,000 19,572,000 ties to the anti-war treaty," assuming that the Lo18,404,00
1,248,000 24,048,
Nat. Belg _ 22,800,00
18,191,000
2,774,000 20,965.000
20.247,00
2,365,000
17,882,000
Switeland.
12,303,000 carno signatories had also accepted the American
12,811,000 12,303,
12,811,000
Sweden_
719,000 11,419,000
10,700,000
615,00 10,718,
Denmark _ 10,103,000
8.180.000 proposal, "would thus as a matter of law be auto8,180,000
8,168,
8,168,000
Norway
matically released from their obligations thereunder
53,051,600690,407,315
809,518,932637,355,715,
35,597,6
773,921,332
week
Total
21,241,1 637,473,364 53,438.600690,911,964
Prey. week 685,576,540 35,664,6
and free to fulfill their Locarno commitments."
a These are the gold holdings of the Bank of France as reported in the new
France, the original author of the suggestion of
of
exclusive
are
form of statement. b Gold holdings of the Bank of Germany
gold held abroad, the amount of which the present year is £4,281,300. c As of a treaty abolishing war, had urged in somewhat
Oct. 7 1924. d Silver is now reported at only a trifling sum.
vague terms its obligations under certain "neutrality treaties" as a reason for delaying its acceptance
Secretary Kellogg's Proposed Treaty for the
of Secretary Kellogg's proposal. Seeretary Kellogg,
Abolition of War.
in the speech already referred to, urged that "the reThe draft treaty for the abolition of war which lations between France and the States whose neuSecretary of State Kellogg, after many months of trality she has guaranteed" were presumably "sufdelay and diplomatic correspondence, finally trans- ficiently close and intimate to make it possible for
mitted on June 22 to the fourteen Powers that are France to persuade such States to adhere seasonably
first to be asked to adhere to it, is obviously a docu- to the anti-war treaty proposed by the United
ment of much importance, irrespective of whether States." In any case, Secretary Kellogg pointed
or not it receives the ratifications necessary to put out, the violation of a multilateral treaty by one
it into effect. Instead of elaborating further meas- of the parties would release the other parties from
ures for the application of arbitration or concilia- their obligation, and "any express recognition of
tion to international disputes, or suggesting new this principle of law is wholly unnecessary." As for
schemes for general disarmament, the treaty goes the objection that the treaty was not universal, and
straight at the heart of the matter by proposing that that nations not parties to it could themselves go to
war itself shall be abandoned as between the signa- war, Secretary Kellogg expressed the opinion that
tory Powers. "The High Contracting Parties," the a treaty acceptable to Great Britain, France, Gertreaty sets forth, "solemnly declare in the names many, Italy and Japan, the five Powers to which
of their respective peoples that they condemn re- the treaty was originally to be offered, would probcourse to war for the solution of international con- ably be acceptable to most, if not all, of the other
troversies, and renounce it as an instrument of na- Powers of the world, and even without such accepttional policy in their relations with one another." ance would constitute a reasonable guarantee
They further agree "that the settlement or solution against another world war.
of all disputes or conflicts of whatever nature or of
To these objections or reservations dealt with
whatever origin they may be, which may arise in Secretary Kellogg's speech of April 28, and the
among them, shall never be sought except by pacific only ones, it should be noted, that it was deemed
means." The treaty thus becomes not a charter of important to notice in the communication accomprocedure, nor even a declaration of eternal friend- panying the submission of the draft treaty to the
ship, but a self-denying ordinance by which fifteen fourteen Powers, are to be added others, of at least
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:
158
FINANCIAL CHRONICLE
[VOL. 127.
equal importance, which have been commented upon of national policy in their relations with one anduring the many months in which the treaty has other," disarmament, it would seem, ought to folbeen under consideration. The British Government, low as a matter of course.
which as yet has expressed only friendly interest
The most, apparently, that can be said for Secrein the American suggestion, has made it clear that tary Kellogg's proposed treaty is that it is a serious
it was not prepared to relinquish any of its right and high-minded gesture, likely to increase someto defend, in its discretion, the various "spheres of what the widespread desire for continued peace. As
influence" to which it has extended its authority, such, its ratification seems at prese,nt among the
or to abandon any of the Obligations which it has probabilities. Germany, which at the moment is
assumed toward other Powers. One of the most virtually a neutralized State, is ready to sign at
important of its "spheres of influence," it may be once, as is Japan if it can continue to have its way
pointed out, is the Suez Canal. On the other hand, in Manchuria. The French Parliament has approved
the maintenance by the United States of its his- the treaty in principle, and if the reservations and
torical position under the Monroe Doctrine must explanations which are to be stated later in a note
always be understood as an implied reservation un- do not differ materially from those which France
der any treaty or agreement regarding war or peace has already made, French approval will shortly be
to which the United States becomes a party, and forthcoming. The British Government, hard pressed
the same is to be said of the refusal of the United by certain Labor leaders and a section of ConservaStates to recognize the jurisdiction of the World tive opinion, is expected to accede in some form beCourt by appearing in any controversy to which an- fore long. If the adherence of Great Britain should
other Government might seek to make it a party. in due time carry with it the adherence of Canada,
It would certainly seem an anomaly for the United Australia, New Zealand, South Africa, the Irish
States, after concluding a multilateral treaty for Free State and India, and French influence should
the abandonment of war which declares in its pre- prevail with Belgium, Czechoslovakia and Poland,
amble that "any signatory Power which shall here- there would be left, of the fourteen States to which
after seek to promote its national interests by re- the treaty has been submitted, only Italy to be
sort to war should be denied the benefits furnished awaited. The establishment of a formal bond of
by" the treaty, to continue such military operations peace between these fourteen States, together with
as it is now carrying on in Nicaragua, but there is the United States, might conceivably turn the scale
nothing in the wording of the treaty proposed by in the event of another threat of world war, even
Secretary Kellogg that would prevent the United though the agreement, because of the reservations
States from doing so if it is so disposed, and, of with which it is surrounded, leaves a good many
course, the fact that these operations were being loopholes of which a dissatisfied nation might easily
actually carried on while the treaty negotiations take advantage.
were under way would preclude the raising of any
A Short Lesson in Prosperity.
questions on that point.
•
Exactly what will be gained in practice by the
Surveying the ups and downs of business as the
adoption of a treaty hedged about with so many years go by would be a profitless task for each of
reservations and implications, is difficult to fore- us unless certain fixed principles can be deduced
cast. With the exception of a comparatively small from the unfolding story. We do not now refer to
number of enthusiasts who for a year or two have a study of cycles and their causes; many young men
been ringing the changes upon the phrase "abolition are in business who have not yet lived through a
of war," most-people, we fancy, doubt the possibility cycle. Their observation comprises only a small
of doing away with war by treaties of any kind, be- span of experience. These cannot guard against the
lieving that the avoidance of war is only to be forces that come suddenly into play. A long "bull
achieved, save where a dispute is a proper subject market," an extended period of "prosperity," a
tenfor arbitration or conciliation, by the cultivation year "aftermath of war," may be the only view afof the "will to peace" without which few nations forded them. Yet, even so, this may comprise
that feel themselves aggrieved can be restrained. enough of the fundamentals to teach them an inThe treaty can have no legal effect upon the Cove- dispensable lesson. And as they pause to consider
nant of the League of Nations, which clearly pro- the outlook at any point in their task of building
vides for the possibility of war, nor can it bear any up an enterprise or trade, it must appear that
legal relation to the Locarno pacts or to any existing though the few get rich fast the majority do not;
treaties or agreements of alliance, arbitration or and that though opportunities must be seized when
neutrality unless the parties to such undertakings they appear, business is not a fly-by-night affair but
, elect to modify them. The League of Nations is not a continuous process of production, transportation
likely to surrender its authority to coerce, by threat and use or consumption. The first principle demonof force, a nation which is jeopardizing European strated, therefore, by a "boom" is that it is ephempeace; Japan, which is reported to be ready to ratify eral. The long pull, the strong pull, and the pull
the treaty as soon as other Powers have acted, has all together, is what sustains business and trade.
already announced that it would not tolerate any To-day, a year, a cycle, is only a link in a, chain.
military interference by China in Manchuria; and
Does this seem in the nature of a platitude? We
it would be asking too much to believe that Musso- all know that we must go on, that there is no stoplini would voluntarily spike his guns and case his ping unless we take ourselves out of the picture.
flags if another Corfu incident should develop. Not But do we realize from this fact that we must alall the efforts of the League statesmen, backed by ways build for the future while doing business in
the influence of the United States, have been able the present? The man who is caught up on the popas yet to bring about disarmament, but with most of ular wave of "prosperity" and tries to run a marathe leading nations of the world joined in an agree- thon therein may succeed, a few do, but is he not
ment for the renunciation of war "as an instrument straining his strength and making himself weaker
JULY 14 1928.]
FINANCIAL CHRONICLE
159
for the "long pull." It is one thing to seize an op- if it does come. It is an easy method to declare our
portunity that comes to the individual man or busi- prosperity as a whole is invulnerable. That is staness; it is quite another to yield to the excitement tistically true of the whole. But the current of that
of a favorable movement and thereby become its prosperity may carry along a lot of driftwood, a lot
victim. In a race on the track when a horse "breaks" of small boats, a lot of fictitious profits and extenit usually loses. In the conduct of business when sions, that even the slowing down, when the floods
a company or firm departs from the steady routine of excitement are over, is liable to lodge anywhere
to join in the general rush to get rich quick there and once at rest will stay there, a reminder that he
is great danger that the orderly progress of the who manages his own business steadily and safely
particular business once broken cannot be regained. in prosperity will be able to hold his own in adThe inducement to "branch out" may be appealing, versity. Even the last few years on the Stock Exbut it may so far divert the energies of the con- change have without doubt contributed to the feelcern as to leave it in a debilitated condition. And ing of confidence in the certainty of the continuity
if this is true it may be that most "opportunities" of prosperity. But what is to be said of the recent
come to us out of the general advance though we slump? All activity is measured by wants and
are seemingly waiting for them, rather than our- needs. , Every legitimate business, every steady goselves making them, and we seize them at our peril, ing corporation and man, contributes to the whole.
unless we hold fast to the main body of the industry But fishing in swift and muddy currents is not the
same as in quiet and clear waters.
or enterprise we have so slowly builded.
It follows that, to lend incisiveness to our conNow, for the Campaign.
tention, the years of "prosperity" are to be discounthas already indicated that there are
Hoover
Mr.
ed as "the great opportunity." It follows that the
spiritual" issues at stake in the
and
"moral
great
trends of these booms are to be studied carefully to
What are they and who dare
campaign.
present
find out if possible where they will leave a parand spiritual terms? And for
moral
in
define
them
affect
will
they
how
ticular branch of business and
not always at stake the printhere
are
that
matter,
concern.
Discusor
company
individual
own
our
sing the "keeping up" of business in the present ex- ciples of justice, truth and liberty as they apply to
igency it is generally admitted "trade is spotted." the business of governing? Mr. Reed in his preStatisticians are anxiously scanning the past to convention utterances stressed the need for the purishow by comparisons that summarized "business" fication of politics and official life. But is there a
is not "receding," that the curve of the cycle has not fertile field here for enthusiasm, devotion and disyet definitely turned, that though a stock's boom cussion? Can we stultify ourselves as a people by
has practically collapsed, there is no danger ahead, admitting that political corruption is strangling
that he who sells the future of the United States the life of the Republic? Our own opinion, often
short will make a great and grave mistake, that expressed, is that the danger here is slight. Our
due to our wonderful and yet untouched resources observation is that the people confirm this view.
and to our unnaeasurable energies, prices and wages They do not make a mountain out of a molehill to
will go higher and higher (modified of course by the their own discomfiture. They are more chagrined
belief of some that machinery and saving waste than alarmed at the proofs of corruption in office.
will lower prices while advancing wages). Now, They know that tens of thousands of men in office,
suppose for the sake of our study we admit this, high and low, are honest, faithful, and alert. They
what application does it have to the individual man, call upon the laws to protect and to punish. A
corporation or business? This mighty river of political campaign cannot make a great moral issue
American trade has many tributaries, is subject to where none exists.
This is not offering an excuse, it is stating a fact.
disastrous overflows, has in it many obstacles generating eddies and sandbars. Can a small bark trust It is not pleading a condonation for the graft and
itself tt.. ,he rush of this sweeping current, especially crime that does exist in sporadic instances, it is asat flood time, or should it stick close to shore? Can serting the integrity of a free people. We must look
big business meet the onrush of converging tribu- elsewhere for our moral reform. Shall we examine
taries without holding fast to its original power the platforms? These are far from perfect, far
and purpose and be safe? There are so many influ- from stating principles clearly and courageously,—
ences that modify the effect of prosperity. The big but, they are closer to the mark, at least in prohipoint is this, that consolidations, mergers, improve- bition and personal and States' rights, and this in
ments and extensions, due to the enthusiasm of a response to public conviction, than has been common
period of prosperity should take into account the heretofore. Was there ever in our history a more
really slow and safe movement of all permanent in- emphatic declaration than the Palmer and Buckner
platform of 1896—Free Trade and the Gold Standdustrial advance.
A single industry in twenty years has come to ard ? There are issues to-day that lend themselves
lead all the rest in certain ways. It is "prosperous." to direct statement, but the people are so mixed
It contributes very largely to the volume and profits in their beliefs, the parties so divided, that there are
of this era which now engages our statisticians and difficulties in the way. The time is not ripe for
pathfinders. Yet a foreigner, looking on, seeing the either party to say we favor the repeal (or the fixed
thing whole, analyzing its hold on the people, and continuance) of the Eighteenth Amendment. It may
possibly thinking of the red wagons of his boyhood take a new party to do this. That time is not yet.
days, concludes that Americans are "boys" in the Half way measures and expressions do not lend
general scale of civilized life. Let the idea pass for themselves to crusades.
Deep in the constitution of things as they are we
what it is worth. For our purpose it suggests this,
that we are to study the elements that lie behind can find great moral issues, if it be moral to return
our own particular business if we are to seize our to the faith of the fathers, but where are the states.opportunity rightly, if we are to weather adversity men to lead the politicians into devotion to these an-
160
FINANCIAL CHRONICLE
[Vol,. 127.
cient standards? How shall we shelve expediencies and loving kindness that extends equality to all the
for fundamentals? The truth is, for all our doubt- world. But no foreign policy can be wrought out
ing and complaining, for all our cringing and sup- save through domestic. Our life, our law, our govplicating, for all our indifference and ,half-concealed ernment, must uphold a spiritual quality at home behostility, we are too deeply contented with our own fore it can be felt abroad. And it follows that our
government for our own good. We are too proud to politics, through our parties, must be pure and
be disturbed over defects. And we are too selfish high, not only to perpetuate in a temperate and
to be alarmed or afraid of the tendencies that are contented life our country, but to influence the
too plain for denial. Bureaucracy we know is in- world for good—and peace.
sidiously advancing on the citadel of our liberties,
but we are not yet startled into action that will be The New Aspect of Biology in Human Affairs.
for the repeal of the encroachments already upon
The announcement of the gift of $6,000,000 by the
us. Morals in politics cannot escape this great and General Education Board to Harvard University
for
overshadowing issue, but which party, or is there a department of biology attracts attention
because
any party, taking specific grounds for a return by of its size, being one half of the total benefaction
s
the abolition of certain commissions to the intents received by the university during the year, and
also
and purposes of the original framers?
because of its purpose. "Science," a clever English
Our fault is that we become excited, engrossed, critic has said, "is a good old barn-door fowl; build
divided, over temporary and immaterial questions. her a new roost and she will lay you eggs, golden
What is this farm relief with its chameleon-like eggs." So far as homes and conveniences of science
plea for "equalization"? Does this concern the vi- go, the maxim holds good. Commerce, finance, intality and perpetuity of the Republic? Is it more dustry, stores, banks, all bear witness. Technical
than a new law in a wilderness of laws? Is "equal- skill, science in use, is the sine qua non. But
more
ization" a cause, a principle, a need, to be spread important than physics is biology, the science of
life.
over the lives of the whole people—a continuing Physiology, anatomy, anthropology, and the like,
principle to be woven into the structure of the Gov- directly concern man; the other sciences,
while
ernment? To ask the question is to show the ab- assuming his existence, seek attention,;
but he himsurdity and irrelevance of the proposal. It is a self must be understood. He presents two
distinct
fungus growth on our politics that will perish in problems; one, his mind in all its range of
function
a year. Laws, a multitude of laws, petty pack and character—the theme of psychology; the
other,
threads wrapping themselves around our temporal, his descent as recorded in his heredity, and
all that
personal and social life, here is a moral crusade pertains to his individual traits and
development—
ready made, but where is the movement to repeal, the theme of genetics. Food, clothes,
housing, are
to return to the people their individualism, integrity important; but we need also to know about
those
and freedom, aye, their temperance and self-respect? traits and functions of which a man contributes
to
Are we slipping or standing firm? And how in this humanity and plays his part in. such relations
as
campaign shall the people be aroused to their own marriage, education, public morals, and the
welfare
best interests, freed from the opportunism of a day? of future generations. As evolution as
a doctrine
There are "spiritual" issues, but how shall we de- has profoundly influenced current
thought apart
fine them? Certainly they are not found in a re- from any immediate utilitarian
application, so
ligious onset if that shall come. That will defeat genetics will enlarge and clarify the
practical probitself by its own futility. It is but a sudden flash lems of our complex society. It
will relate the
of bigotry dying in its own impotence against an present to the past and show, at least, where human
indestructible principle imbedded in our form of responsibility begins, and
will enlighten the treatgovernment. Property is a spiritual thing though ment of human ills.
the statement will sound strange to many. PropThis is the subject matter of "Heredity and Huerty is a component of personal liberty—but we are man Affairs," by Professor Edward M.East,
of Harnot much divided over this. No one is seriously ask- vard University, published by Scribner.
The laws
ing for a division. Wealth is no longer a menace. of variation, heredity and evolution in
nature are
Opportunity, in its freedom, is not to be denied. studied by one who seeks to
learn the facts, and
Good men in office are not scarce. Trusts, consoli- determine the cycles of the genesis, change, and dedated corporations, money, credit, closer realiza- scent of man,so far as least as he is another animal,
tion of their essential nature and inevitable appear- one in the group to which physiological laws apply.
ance, leave us largely apathetic. We are coming to
The microscope has opened a new realm. It was
respect the outcome of our general and interwoven first learned that the cell is the structural unit of
endeavors. We see that growth has its own laws, all organisms. These cells contain protoplasm of
and that our vaunted "prosperity" is but a phase of various elements, carbon, hydrogen, etc., and can
our initiative and enterprise, here in one form to- transform food substances into the form, they reday, and in another form to-imorrow.
quire, and can reproduce and respond to stimuli;
Perhaps our greatest "spritual" emprise is to when these cells do this we say they are alive. The
stand fast and look far, to be safe and yet secure in lower types reproduce by fissure and budding, the
our advance, to let well-enough alone conscious of higher types by sexual union, for all cells come from
our ability to compass the storms of contest, to look the division of pre-existing cells. Sexually reproupon our unapproachable material progress as a ducing animals and plants of every kind behave in
thing of mind and soul. So that if we were in a the same way.
single political campaign to consider frugality, temThe controlling agents of heredity are the cellperance, and the true uses of things, we could not organs known as chromosomes, so small that they
go far astray. True progress is not measured by must be magnified 1200 times to be perceived. These
speed, or accomplishment in the physical, or pride in make possible variation in endless number. The
power, or duty in dominance, but in that humility union of two chromosomes is the formation of a new
JULY 14 1928.]
FINANCIAL CHRONICLE
161
In the schools the evil begins to be felt. Stress is
organism. This, in turn, finding another, may unite
and survive. When this occurs the completed result laid upon the exceptional child, not the higher, but
is the union of elements of egg and sperm which the lower ones. In increasing number they are withthemselves have been formed in an earlier similar drawn from the classes and given special training.
We should spend money on the abler ones. None
process.
persist,
and
element
tends
to
spent elsewhere will show similar returns. These
The normal in each
only
varied
appear,
intermingle
and
abler ones average somewhat higher physically and
the two types
from
time
to
time
be
which
may
no over-development; they, as a class, furnish
show
elements
by new
introduced. This process is described in detail by most of our leaders in all departments of life. Re,
our author. It indicates the material and the cent tests show conclusively that the men who have
method of heredity. Nature has endless resources, done things have had high ratings. The class of men
and while the normal line persists new elements sought ought to be selected early and offered every
make grades of normality which will be tested by facility. Business heads,"always wanting the right
the environment the creature encounters. Both the men," should bear this in mind. Genius generally
earlier and the later elements, the hereditary and flowers in life's springtime. Exceptional ability
the newly introduced, combine to make the indi- has a like tendency and can be early recognized
vidual what he is. Every present order of life has The head of the great industry who some years ago
its history and preserves the record of the part prided himself on his personal selection each year
played by each element. No race breeds entirely of a couple of dozen college men, and said if even one
true, and though dominance of distinguishing traits of them turned out well he was satisfied, proved by
in the high-bred races increases, it is not regular or later experience that the low percentage was in largepart, if not wholly, due to his having no further ear.'uniform; environment has strong influence.
disclose
may
of them after they were turned into the works. Tip-In man variety is great. In-breeding
give
new
may
and
out-breeding
youths soon discovered the neglect, wearied ot.f
inherited weakness,
strength; but good stock has strong probability of stupid work, and one by one dropped out.*
The scientists state that there are 20,000,000'
continuance and a degenerate product is not likely
to be saved by the personal excellence of his an- people in the United States, and the same proporcestors. Cross-breeding among the best carries the tion elsewhere, too defective to appreciate what is
promise of the race, in the face of many exceptions demanded of them in modern life, and this because
that will appear. Heredity in man is like heredity of their heredity. Their conduct will be modified
elsewhere. Nature cannot afford to be too radical, in part by their environment. But the heredity is
but change is not common. "Ants in the Baltic the important fact. As a rule men seek their own
amber are found to be just like ants to-day, though kind, and multiply, and the type persists; they
they are 3,000,000 years old." The higher the organ- largely make their environment. Defectiveness
ism the fewer the mutations. In man abnormalities varies in every degree, and the community has means
that are hereditary are few, appearing in successive of influencing its course, but its attention must not
generations. They are the steady burden carried by be withdrawn from forwarding those who have the
the race, and go to make up racial heredity; and greater promise. By legal restraint the propagation
have origin in a very ancient past. A series of verte- of the moron and the partially insane could be
brate eggs under the microscope seem to be alike, arrested, but no great change can be expected for a
but they produce in turn a fish, a frog, an eagle, and long time. Meanwhile special care should be given
a chimpanzee. A chimpanzee and a man three to the more intelligent. The normal youth can be
months before birth can only be distinguished by an aided to develop to the limit of capacity, and the
expert. Three boys in a family or race have similar sub-normal can be guided. Even hereditary taint,
care and education, but nature has opened for them when known to exist, can be counterbalanced.
credits, 10, 5, and 2 talents, which they use, but with
When the rate of the feeble-minded in our reformaindividual brilliance, mediocrity, or dullness, be- tories runs from 25% to 50% of the inmates, and in
cause of their heredity; environment and experience our penal institutions is put at 50%, the need of
will stimulate their reaction, but their differences psychopathic study and care is evident. Society
in gifts abide. Sex-pairs of twins show greater should have fuller instruction, and more general
similarity than twins of different sex, which seems attention be given to preventive and ameliorating
to imply difference of original origin.
influences. Galton long ago said: "Man has taken
At this point the modern system of teaching advantage of the evolutionary principle for his own
chiefly fails. The gifted child should have the best personal gain, as in stock raising and agriculture,
teachers and be given, if need be, great freedom. but he has not risen to the conviction that it is his
Usually he is put in a class where the teacher is set duty to do this exclusively and systematically for
to bring the slower pupils up to grade, and the class the benefit of future generations." This is the probto pass grade. The bright pupil, as a result, relaxes, lem before us in every relation of life, with much
is inattentive, slights easy tasks, and becomes a to learn.
loafer. With an open class and proper guidance all
Men who believe that man is more than an animal
improve, the gifted most of all; at the end all are and is made for a higher aim than is found in the
more unlike. The same is true in business. A material world will always look for aid from that
youth employed in an office or corporation is set higher world. They will recognize that for this reaunder a system of routine, and little further notice is taken of him so long as he is in his place and does *Secretary Jardine, of the Department of Agriculture, in his article sus
"America and Scientific Leadership," in the June "Atlantic," calls artemhis work. Very often before any attention is paid tion to the fact that the United States took but 5 of the 80 Nobel prises that
him he is discontented, begins to slight his work as have been awarded, and of the 14 countries receiving them only Rusks':us
unworthy for him, and quits. The present machinery stands on the basis of population below us. Ile attributes this first lu ills'
feature to which we call attention, the emphasis on average, waifs aod"
of civilization, with the growth of the establishment, the lack of care for the gifted students. The habits acquired M. talk rblie7
schools largely maintain throughout.
requires conformity to a common mould.
162
FINANCIAL CHRONICLE
son, and not in denial of it, human welfare here
should be a constant aim as the field for man's own
development, for the discovery of his true self.
For each to advance the conditions of life, to know
[vol.. 127.
its laws, aiding others with himself to know their
high significance, is at once his opportunity and
his reward. It makes even the daily life worth
living.
Gross and Net Earnings of United States Railroads
for the Month of May
Railroad earnings still fail to show indications of
improvement, speaking of the roads as a whole,
though a few individual roads and at least one
group of roads must be noted as constituting exceptions to the rule. Our compilations this time relate
to the month of May and comparison is with rather
indifferent results in that month last year, owing
to the existence at that time of a number of unfavorable circumstances and conditions, more particularly the strike at the unionized bituminous mines
throughout the country, all of which served to hold
down the totals of earnings, both gross and net. At
the same time the carriers have had the advantage
the present year of an extra working day, May 1928
having contained only four Sundays, while the
month the last year had five Sundays, leaving therefore 26 working days in the month this year (after
allowing for the Memorial Day holiday on May 30),
as against only 25 working days in 1927 (after also
eliminating the Decoration Day holiday). Nevertheless, the presence of this advantage is not reflected in the totals of the revenues of the roads.
Instead of an increase in the gross revenues of the
roads (always speaking of them collectively), we
have actually a decrease, though the falling off is
not very large, being no more than $8,823,323, or
1.70%. The result as to the net earnings (before
the deduction of taxes) is slightly better, expenses
baying been reduced in amount of $9,663,640, or
2.47%. But even in the case of the net the improvement is so small as to be almost insignificant in
view of the size of the totals, it being but $840,317,
or only % of 1%. The following shows the comparative totals for the month for the two years:
Mang!: of May—
Miledof road (184 roads)
Gross earnings
Operating expenses
Ratio of expenses to earnings
Net earnings
InC.(+)or Dec.(—)
1928.
1927.
239,079
240,120
+1,041 0.44
3309,748,395 3518,569,718 —38,823,323 1.70
380,966,002
390,629,642
—9,883,840 2.47
74.74%
75.33%
—0.59%
3128,780,393 3127,940.078
—$840,317 0.68
The lack of improvement here disclosed must be
ascribed unquestionably to the absence of improvement in general trade; conditions in that respect
were not very good in May last year and they were
no better the present year. Yet in certain branches
of trade, often denominated "key" industries, the
volume of business done was larger in May 1928
than in May 1927, at least to the extent of the additional day contained in the month. Particularly
is this true of the steel trade. The American Iron
& Steel Institute estimates the production of steel
in May 1928 at 4,203,190 tons against 4,047,251 tons
May 1927, the increase in ratio being just about
equal to the increase in the number of days. All accounts agree in saying that activity in the steel trade
the present year has been better maintained than
was the case last year, though as a matter of fact,
the real slump in that trade did not come until the
second half of the year. The May comparison of
steel output, however, is interesting in showing that
in that month at least, steel production the present
year was not only fully equal to that of a year ago,
but well above it. The same is not true, though, of
the iron statistics, as the "Iron Age" of this city
puts the make of iron in the United States in May
1928 at 3,283,856 tons, against 3,390,940 tons in May
1927 and 3,481,428 tons in May 1926. The steel
companies increased their make of iron, while the
merchant furnaces reduced theirs—and this notwithstanding the month this year, as already pointed
out, contained one more working day than the same
month last year. A stimulating agency in the steel
trade the present year has been the demand that
has come from the automobile concerns, yet automobile production has not, after all, been so very
much higher than a year ago, the number of machines turned out in May 1928 having been 425,990
against 404,115 in May 1927.
The unfavorable features a year ago, which were
responsible for the indifferent results then disclosed, were (1) the strike at the union mines in
the bituminous coal districts, with the shrinkage in
the output of soft coal occasioned thereby, (2) the
backwardness of the spring season, which then prevailed, (3) the business depression in the South resulting from the collapse in the real estate speculation at the winter resorts (with a concurrent
huge fall in the price of cotton as it happened) and
(4) the rather depressed state of things existing in
the spring wheat districts of the Northwest arising
out of the previous season's short spring wheat yield
in that part of the country. Except in the latter
particular, where a complete transformation in the
economic outlook has come owing to the bounteous
spring wheat harvest raised in 1927, the unfavorable
influences here enumerated have been present also
in the current year, no substantial relief in that
respect having been experienced. The price of cotton, it is true, has the present year been ruling at
considerably higher levels, but without relieving to
any extent business depression in the South and as
a consequence the railroads serving that part of the
country have suffered further losses in revenues on
top of the losses sustained in 1927. Coal production, which is such an important item of freight with
so many roads and systems in different parts of the
country, was somewhat heavier the present year
than it was in 1927, when the strike so substantially
curtailed the product (not a ton of coal having been
mined in most of the collieries during the strike
period of 1927), but the increase has been really insignificant alongside the antecedent decrease. The
total production of bituminous coal in May 1928 was
36,624,000 tons, against 35,395,000 tons in May 1927,
but comparing with 38,727,000 tons in May 1926.
The present year's increase followed almost entirely
as the result of the extra working day. Conditions
at the unionized soft coal mines have been by no
means satisfactory the present year, yet production
at those mines has generally been larger than in the
same period of 1927, when there was an almost complete suspension of mining in those districts. On
the other hand, however, as an offset, the production
at the non-union mines, which had been stimulated
JULY 14 1928.]
FINANCIAL CHRONICLE
to an unusual degree by the 1927 strike, has heavily
fallen off in 1928 owing to the absence of that stimulating agency. The anthracite product the present
year has been somewhat larger than in 1927 or 1926,
the figures for the three years standing 8,124,000
tons in May 1928, 8,002,000 tons in May 1927, and
8,001,000 tons in May 1926.
As to the backwardness of the spring season, with
its deterrent effect on seasonal trade, there has been
little to choose in that respect between the present
year and 1927. If anything, conditions were somewhat worse in 1928. In reviewing the situation in
that particular in our May analysis of the earnings
in 1927, we pointed out that the season had been
backward nearly everywhere, retarding farm work
and interfering seriously with retail trade in certain lines, more especially business in wearing apparel, which in the spring is always more or less
dependent upon temperatures, an early spring stimulating retail trade and a late spring holding it in
check of spoiling it altogether. Temperatures
had proved low for the season almost everywhere,
the same as had been the case in 1926 (though not
in 1925, when the season was far in advance of the
ordinary), we then pointed out. It will be recognized that this description of the situation last year
found its exact counterpart in the experience the
present year, with the further disadvantage that in
1928 the opening of Lake navigation was late beyond
the ordinary, involving a corresponding reduction
in the shipments of iron ore to the head of the Great
Lakes; it is important to bear that fact in mind,
as in 1927 Lake navigation had opened unusually
early notwithstanding the low temperatures of the
spring.
Altogether with a continuance of so many of the
adverse conditions and influences encountered a
year ago, it is not surprising that no improvement
in the returns of railroad earnings has occurred the
present year. That railroad traffic in its entirety
on the railroads of the United States was smaller
than in either May 1927 or May 1926 is made apparent by the statistics regarding car loadings. The
Car Service Division of the American Railroad Association reports that for the four weeks in May
1928 the loading of revenue freight on the railroads
of the country aggregated 4,006,058 cars, against
4,108,472 cars in the corresponding four wee::s of
1927 and 4,145,820 cars in the same four weaks
of 1926.
We have stated above that business depression
still persisted in the South, and the May reports of
earnings for the roads and systems in that part of
the country fully bear out the statement. Thus the
Atlantic Coast Line reports $760,639 decrease in
gross, but $87,239 increase in net, following a contraction of $857,728 in gross and of $507,682 in net
in May last year. The Florida East Coast makes a
somewhat better showing, having lost only $56,024
in gross the present year, which was converted into
a gain of $380,669 in net, following $630,731 loss in
gross and $139,959 loss in net in May 1927. The
Seaboard Air Line reports $697,910 decrease in gross
and $244,752 in net, after $41,950 increase in gross
and $217,278 increase in net in May 1927. The Louisville & Nashville in May 1927 was able to make an
excellent showing, having enlarged its gross no less
than $753,973 and its net in amount of $82,945,
doubtless having enjoyed an advantage from the
increased production of coal at the non-union mines
163
in Kentucky. The present year that advantage was
missing, and accordingly that railroad system has
suffered a decrease of $1,167,137 in gross and of
$412,437 in net. The Illinois Central was able in
May last year to increase its gross $153,064 and its
net $76,504, notwithstanding the handicap imposed
by the Mississippi River flood and perhaps because
of the floods. Now for May 1928 it shows a decrease
of $627,243 in gross and of $498,259 in net. The
Yazoo & Mississippi Valley, on the other hand, after
having added $177,729 to its gross and $29,980 to its
net in May 1927, is able now for May 1928 to show
$180,679 further increase in gross and $35,660 further increase in net.
Aside from the Yazoo & Mississippi Valley all
leading Southern railroad systems have suffered
losses the present year in the gross, though some of
them have managed, through reductions in expenses,
to convert these losses into gains in net. The
Southern Railway reports $343,210 decrease in gross
and $154,526 decrease in net, but following relatively
moderate Josses in the same month of 1927, namely
$186,367 in gross and $3,890 in net. This is the
result for the Southern Railway proper. Including
the Alabama Great Southern, the Cin., New Orleans
& Tex. Pac., the Georgia Southern & Florida, the
New Orleans & Northeastern and the Northern Alabama, the result for the Southern Railway System
is a decrease of $455,921 in gross and of $157,429 in
net, after $316,396 decrease in gross and $134,331
decrease in net in May 1927.
One section of the country from which the returns
are uniformly good, except where affected by the
diminished ore shipments, is the Northwest, where
the large spring wheat yield of last season has so
greatly altered the economic outlook of the population. The Milwaukee & St. Paul has been especially
favored on that account, and reports no less than
$1,132,130 gain in gross and $1,364,049 gain in net.
The Chicago North Western has enlarged its gross
by $539,301, though reporting $34,687 loss in net.
The ore-carrying roads like the Duluth & Iron Range
and the Duluth, Missabe & Northern have suffered
heavy decreases in gross and net alike for the reasons already mentioned. On the other hand, the
Great Northern has added $324,861 to gross, though
having lost $328,552 in net, and the Northern Pacific
reports $713,781 increase in gross, with $47,279 decrease in net. The "Soo" road shows $352,171 increate in gross and $169,556 increase in net.
Virtually all the conspicuous gains in gross come
from that part of the country, as also many of the
noteworthy. gains in net, though improved net likewise come from many other roads, operating economies having enabled reductions in expenses to be
made. The Burlington & Quincy reports $807,693
increase in gross, with $533,114 decrease in net, and
the Union Pacific shows $1,927,789 improvement in
gross and $1,065,456 improvement in net. On the
other hand, Southwestern roads generally have suffered losses, except where the oil developments have
played an important part in enlarging traffic. Such
an instance is found in the case of the Texas & Pacific, which continues its marvelous record of growth
with $1,374,783 gain in gross for the month and
$987,745 gain in net. The Atchison falls behind
$1,277,063 in gross and $1,074,291 in net; the Rock
Island $658,284 in gross and $243,084 in net; and
the St. Louis-San Francisco $405,252 in gross and
$201,155 in net. The Southern Pacific, on the other
164
hand,shows $135,811 decrease in gross, with $264,446
increase in net. The Missouri, Kansas & Texas has
suffered $362,381 decrease in gross and $140,586 decrease in net. The Missouri Pacific stands as a
conspicuous exception among Southwestern roads.
It suffered very heavily a year ago from the overflow of the Mississippi River and its tributariesmore so than any other railroad system in that part
of the country-and then reported $704,311 loss in
gross and $989,135 in net. The present year it has
recovered the greater part of these losses and shows
$322,968 gain in gross and no less than $881,450
gain in net. Some other roads similarly affected a
year ago, like the New Orleans, Texas & Mexico,
have also regained some of these losses the present
year.
Among the great East and West trunk lines, the
Pennsylvania Railroad reports $2,417,423 decrease
in gross, with $429,441 increase in net, and the New
York Central $837,512 loss in gross and $363,843 loss
in net. This last is for the New York Central proper.
When the various auxiliary and controlled roads
are added, the result is $766,424 decrease in gross
and $48,509 decrease in net for the New York Central
system. The Baltimore & Ohio has suffered a heavy
reduction in gross and net alike-$1,742,666 in the
former and $665,223 in the net. The Erie has done
better than any of the others, and reports $168,354
increase in gross and $233,533 increase in net. The
Lehigh Valley shows $254,937 decrease in gross, with
$402,230 increase in net. Similarly the Delaware &
Hudson has $124,722 decrease in gross, with $220,305
increase in net. The Lackawanna,on the other hand,
falls $718,417 behind in gross and $803,475 in net.
The roads serving the Pocahontas non-union coal
region, which gained so enormously a year ago as a
result of the strike at the unionized bituminous
mines, all report heavy losses the present year,
namely the Chesapeake & Ohio $1,364,687 in gross
and $403,254 in net; the Norfolk & Western $603,331
in gross and $170,285 in net, and the Virginian
$399,465 in gross and $288,212 in net. In the following we show all changes for the separate roads for
amounts in excess of $100,000, whether increases or
decreases, and in both gross and net:
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
OF MAY 1928.
D•crease,
Increase.
$07.910
$1,927,789 Seaboard Air Line
Union Pacific (4)
2
1,374,783 Chic Rock 1st & Pac (2)_
66587:2'4843
Texas & Pacific
Chic Milw St Paul dc Pac 1.132,130 Illinois Central
807,693 Norfolk & Western
803,)31
Chic Burl & Quincy
713,781 Duluth Mtssabe & Nor-54048
Northern Pacific
539,301 St Louis San Francisco(3)
405,252
Chicago& North Western
399,465
352.171 Virginian
Minn St P & S S Marie_
14
63
2:2
324,861 Ho-Kan-Texas_ b3
38
10 1
Great Northern
322,968 Southern Railway
Missouri Pacific Co
2
4.99
213.788 Western Maryland.. _
27
50.
37
Wheeling & Lake Erie_ _ _
180,679 Lehigh Valley
Yazoo & Mississippi Vail
200,514
168,354 Duluth & Iron Range__
Erie (3)
194.829
161,437 Hocking Valley
Wabash
Reading _
179,107
150.079
Chicago & Illinois Midl_.
166,703
123,329 Chicago & Eastern 111
Grand Trunk Western__
Southern
(2)
Colo
&
165.237
117.805
Pittsburgh
Buff Roches &
164.559
110,719 Central of Georela
Indiana Harbor Belt__
150
5:4
492
1 5
108,632 N Y Chicago & St Louis_
Michigan Central
Central Vermont
142,977
$8,830,299 Los Angeles & Salt Lake_
Total(23 roads)
135,811
Decrease. Southern Pacific (2)_._
124,722
$2,417,423 Delaware & Hudson_ _
Pennsylvania
121.745
1,742.666 Mobile & Ohio
Baltimore & Ohio
1102
5:73
48
1
Chesapeake & Ohio1,364.687 Clay C Chic & St Louts
Atch Top & Santa Fe (3) 1.277,063 Clinchfleld
Seashore_
1
Jersey
&
06
0
1
.
01
6
1
6
2
Wed
1,167,137
NashvilleLouisville dr
a837,512 Boston & Maine
New York Central
760.639
Atlantic Coast Line
$17,792,941
Total (42 roads)
718,417
Dela Lack & Western_
a These figures merely cover the operations of the New York Central
roads,
like
the Michicontrolled
itself. Including the various auxiliary and
decrease of $766,424.
gan Central, the "Big Four," &c., the result is a proper,
including
the AlaRailway
Southern
b This is the result for the
bama Great Southern, the Cincinnati New Orleans & Texas Pacific. the
Georgia Southern & Florida, the New Orleans Sic Northeastern and the
Northern Alabama, the whole going to form the Southern Railway System
the result is a decrease of $455,921.
PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH
OF MAY 1928.
Increase,
Increase.
$264,829
Chic Milw St Paul & Pac $1.364,049 Long Island
(2)._-26
28
4:4
Pacific
44
56
4
Southern
Union Pacific (4)
1,065,456
233,533
Tex
Texas & Pacific
987,745 Erie (3)
Missouri Pacific Co
881.450 Michigan Central
2
22
1,0:3
50
53
5
Pennsylvania
429.441 Delaware & Hudson-Lehigh Valley
402,230 Reading
PittsbRoch
&
Florida East Coast
Buffalo
205.139
380,669
[VOL. 127.
FINANCIAL CHRONICLE
Indiana Harbor Belt_ _ _ _
Wheeling & Lake Erie_ _ _
Minn St P & S £4 Marie_ _
Chicago & Ill Midland__
Wabash
Denver & Salt Lake
Central of New Jersey__ _
Detroit Toledo & Ironton
St Louis Southwestern(2)
Total (30 roads)
Increase.
199,299
178.122
169,556
151,140
134,998
128,680
124,683
117,461
104.421
$8,454,659
Chesapeake & Ohio
Duluth Missabe & North
New York Central
Great Northern
Virginian
Central Vermont
Seaboard Air Line
Chic Rock Isl & Pac (2)_
St Louis San Fran (3)
Chic St Paul Minn & 0Canadian Pac Lines in Vt
Norfolk & Western
Southern Railway
Duluth & Iron RangeMo-Kan-Texas Lines
Atlantic & St Lawrence-.
NY Chicago & St Louis_
Decrease.
$103,254
379,031
a363,843
328,552
288,212
253,325
244,752
243,084
201,155
181,407
178,361
170,285
b154.526
150,292
140,586
114,688
105,631
Decrease.
Atch Top & Santa Fe(3)- $1,074,291
Dela Lack & Western....
803,475
Baltimore& Ohio
665,223
Chicago Burl & Quincy._
533,114
Illinois Central
498,259
Lcndsville& Nashville.-Total (28 roads)
412,437
a These figures merely cover the operations of the New Yor
783
a1
$ 8etr
itself. Including the various auxil ary and controlled roads, like the
Micnigan Central, the "Big Four." &c.. the result is a decrease of $48,509.
Ala
bbT
am
his
a trt
ell
a roaliterfonr,
an
.
utherantiRVelw
nx
cludp
as agcilihce
wa&Feraorteric ,ie
the
PC
MI?
Northern
e
Alabama. theigotognte Southern
Sontl:n!FlmZehegrOgnlggitelil
System, the result is a decrease of 5157.429.
As already noted, the showing for the roads as a
whole a year ago was quite indifferent, the changes
being nevertheless relatively slight, namely $1,088,017 increase in gross with $1,063,507 decrease in
net. An important fact to remember, however, is
that this followed quite substantial improvement
(we are speaking of the roads as a whole) in May
1926 over May 1925, when our compilation showed
$28,515,298 gain in gross, or 5.85%, and $15,677,492
gain in net, or 13.89%. Moreover, these gains in
1926 succeeded substantial improvement in 1925
over 1924, our tabulations for May 1925 having recorded $11,114,584 increase in gross and $16,805,030
increase in net. On the other hand, it is essential to
bear in mind that these increases for 1926 and 1925
came after tremendous decreases in 1924, and to that
extent constituted merely recovery of what was then
lost. Our statement for May 1924 showed no less
than $70,476,133 falling off in the gross and
$30,448,063 falling off in the net. But these losses
in turn followed prodigious gains in the year preceding-that is in May 1923, when the totals were
of exceptional size. In May of that year the roads
were in enjoyment of an unexampled volume of traffic, and our compilations showed an addition to the
gross (as compared with the preceding year) of no
less than $97,510,054, or 21.77%, and an addition to
the net in the sum of $32,573,715, or nearly 35%.
It should be remembered, too, that the 1923 gains
in net were simply the topmost of a series of increases
that began long before 1923. Thus in May 1922,
when business revival had already begun, but when
the carriers suffered a very notable reduction of their
coal tonnage by reason of the strike at the unionized
coal mines then prevailing throughout the country
(coal loadings then having fallen off 47.4% as compared with May of the year before) there was only a
very small improvement in the gross earnings-only
$4,069,751, or less than 1%-but there was at the
same time a contraction in expenses of $23,995,177,
and this brought about an augmentation in the net
in amount of $28,064,928, or roughly 43%. There
was improvement also in the net in the year preceding (1921), though gross at that time was declining, owing to the collapse in trade. The decrease
in the gross then was $13,214,331, but it was accompanied by a reduction in expenses of $58,054,141,
thus leaving a gain of $44,839,810 in the net earnings. The loss in the gross at that time was only
2.89%, which, of course, failed to reflect either the
great falling off in traffic or the extent and magnitude of the depression in trade under which the
country was then laboring, the reason being that
railroad rates, both passenger and freight, had been
advanced and the added revenue from the higher
rates served to that extent to offset the loss in earn-
JULY 14 1928.]
FINANCIAL CHRONICLE
165
ings resulting from the shrinkage in the volume of back to 1907. We give the results just as registered
traffic. Contrariwise, the saving in expenses then by our own tables each year, though in 1908 and
achieved was effected in face of higher wage scales, prior years a portion of the railroad mileage of the
the Railroad Labor Board having the previous sum- country was unrepresented in the totals, owing to the
mer awarded a 20% increase to the employees, at refusal at that time of some of the roads to furnish
the same time that the Inter-State Commerce Com- monthly figures for publication.
When the roads are arranged in groups or geomission granted the carriers authority to put into
effect higher rate schedules for passengers and graphical divisions, according to their location, all
freight. Had business and traffic remained normal, the different regions in the Eastern district and
the higher rate schedules would, according to the also those of the Southern district show losses in
computations made at the time, have added $125,- gross, while on the other hand the different regions
000,000 a month to the gross revenues, and the in the Western district register slight increases in
higher wage schedules would have added $50,000,000 gross, the reasons for which appear in what has been
a month to the payroll of the carriers, as was pointed said above. In the net the comparisons are much
more irregular except that both regions in the
out by us at the time.
On the other hand,in any attempt to appraise cor- Southern district show substantially diminished net
rectly the big reduction in expenses effected in 1922 earnings. In the Western district the Southwestern
and 1921, and the steady improvement in operating region shows heavy ratio of gain, that region having
efficiency since then, the fact should not be over- suffered heavily a year ago from the overflow of the
looked that, as a result of the antecedent prodigious Mississippi. Our summary by groups is as follows.
increases in the expenses, net earnings in 1920 had As previously explained, we now group the roads to
been reduced to very low levels. High operating conform with the classification of the Inter-State
costs had been a feature of the returns for many Commerce Commission. The boundaries of the difyears preceding, and it so happened that in May ferent groups and regions are indicated in the foot
1920 the so-called "outlaw" strike, which served so note to the table:
seriously to interfere with railroad operations the
-Gross Earnings
District and Region.
Inc.(+)or Dec.(-)
1927.
Month of May1928.
previous month, continued with greatly aggravated Eastern
$
Distrid-235.335 1.04
New England Region (10 roads)._ 22,250,423 22.485,758
consequences. In these circumstances, it was no Great
-853,612 0.88
Lakes Region (34 roads)____ 96,489,329 97,342,941
3.89
Central Eastern region (31 roads)_ _117,882,013 122,641,999 -.4,759,986
surprise to find that although gross earnings in5.848,933 2.41
236,621,765 242,470.698
Total(75 roads)
creased $38,629,073 over the amount for May of the Southern District65,099,756 69,488,773 -4,369,017 6.29
Southern region (31 roads)
previous year, the augmentation in expenses reached Pocahontas
24,291,730 -2,443,219 10.06
21.848,511
region (4 roads)
no less than $61,001,464, leaving a loss in net of Total(35 roads)
86,948,267 93,760,503 --8,812,236 7.27
Western Distrid$22,372,391.
+2.567,964 4.44
Northwestern Region (18 roads)_ 60,448,456 57,880.492
1.45
+1,155.988
Central Western region (23 roads)_ 80,658,575 79,502,589
But, as already stated, the 1920 decrease in net Southwestern region (33 roads) 45,069,332 44,955.436
+113,896 0.25
+3,837,846 2.11
188,176,383 182,338,517
was merely one of a series of losses in net that had Total(74 roads)
509,746,395 518,569,718 -8,823,323 1.70
been continuing through successive years. As indi- Total all districts (184 roads)
Net Earnings
District and Region.
cating how expenses had been mounuting up, it is
1928.
Int.(+)or Dec.(1927.
Month of May- -Mileage-S
1928. 1927.
$
$
Eastern !Astrid%
only necessary to note that in May 1919, though gross New England region__ 7,315 7,373 5,080,381 5,548,457 -468,076 8.44
Great Lakes region___ 24,887 24.955 26.746,343 26,048,894 +697,449 2.67
amount
in
earnings increased as compared with 1918
Central Eastern region 27,199 27,129 32,496,960 31,789,508 +707,452 2.22
59,401 59,457 64,323,684 63,386.859 +938,825 1.48
of $35,132,305, the augmentation in expenses Total
Southern Districtreached $69,091,093, leaving a diminution in the net Southern
40,130 39,723 15,544,228 16,685,536 -1,141,308 6.83
region
7,707,682 8.596.024 -888,342 13.34
region_ _ _ 5,627 5,616
of $33,958,788. Similarly for May 1918 our com- Pocahontas
45,757 45,339 23,251,910 25,281,560 -2,029,650 8.03
Total
pilations registered $31,773,655 increase in gross. Western District48,815 48,511 12.870,317 12,283,407 +586,910 4.78
Northwestern
but $14,459,024 decrease in net, owing to an increase Central
Western reg'n 51,415 51.370 17,559,480 18,012,080 -452,600 2.52
Southwestern region.... 34,732 34,402 10,775,002 8.976,170 +1,798,832 20.04
of $46,232,679 in expenses. For the three years com134,962 134,283 41.204,799 39,271,657 +1,933,142 4.92
bined, therefore, the loss in net for this single month Total
240,120 239.079 128,780.393 127.940.076 +840.317 0.66
Total all districts
was $70,790,203, in face of an increase in gross earn- NOTE.-We have changed our grouping of the roads to conform to the classifiings of $105,535,033. Expenses in the three years cation of the Inter-State Commerce Commission, and the following indicates the
confines of the different groups and regions:
for this month increased $176,325,236. Even prior
EASTERN DISTRICT.
to 1918 rising expenses were a feature of the re- New England Region.-This region comprises the New England States.
Lakes Segion.-Thls region comprises the section on the Canadian bondary
Great
turns, though not, of course, to anywhere near the between New England and the westerly shore of Lake Michigan to Chicago, and
extent which subsequently developed. In the fol- north of a line from Chicago via Pittsburgh to New York. south of the Great
Central Eastern Region.-TIaLs region comprises the section
lowing we show the May comparisons for each year Lakes Region, east of a line from Chicago through Peoria to St. Louis and the
Gross Earnings.
Year.
Year
Given.
I
, Increase or
Year
Preceding. I Decrease.
Net Earnings.
Year
v
Gien.
Year
Preceding.
Increase or
Decrease.
S
$
I
May.
1907 144,267,780 121,074,984 +23,192.778 43,765,836 37,319,290 +6.446,546
1908.133,680.555 172.218,497i -38.537,943 38.076.927 50,922,878 -12,845.751
1909.196,826,686 170,800,041 +26,226,645 64,690,920 49,789.800 +14.901.120
1910 230,033,834 198.049.990 +31.983,395 70,084,170 64,857.343 +5,226.827
1911 _ 226.442,818231,066,896 -4.624,078 69,173,574 70,868,645 -1,895,071
1912. 32,229,364 226,184,866 +6,044,698 66,035,597 68,488,263 -2,452,666
1913 263.496,033232,879.970 +30.616.063 73.672,313 66,499,916 +7.172,397
1914 _ 39,427,102265,435,022 -26,007,920 57.628,765 73,385,635 -15,756,870
1915 44,692,738243,367,9.53 -1-1,324,785 71,958,563 57,339,186 + 14,619,397
1916 _ 308.029,096 244,580,885 -1-63,448,411 105,598,255 71,791,32 +33.806,935
1917 .353,825,032308.132,969 +48,692,063109.307,438105,782,717 +3.524,718
1918_ 74.237,097342,463,442 +31.773,655 91,995,194 106,454,21 -14,459,024
1919. 13,190.468378.058,163 +35,132,305 58,293,249 92,252,03 -33,958.788
1929 87,330,487348,701,414 +38,629,073 28,684,058 51,056,44 -22,372,391
1021:444,028,888457,243.216 -13.214.331 64,882.813 20,043,00 +44,839,810
1922 .447,299,150443,229,399 +4.069,751 92,931,565 64,866,63 +28,064,928
1923 545,503,898447,993.844 +97.510.054126.173.540 93.599,82 +32.573,715
1924 .476,488,749546,934,883 -70,476,133 96,048,087 126,496,150 -30.448,063
1925 _ 487,864,385476.549,801 +11.114.584112.859.524 96,054,494 +16.805.030
1926 .516,467.480487.9.52.182 +28,515,298 128,581,566 112.904,07 +15.677,492
1927 _ 617.543,01 516,414,998 +1.088,018 126.757,878127.821,368 -1.063.507
1929 _ 509,746,395 518.569.718 -8.823.323 128.780.393 127,940,076+840,317
Note.-Includes for May 92 roads in 1907; in 1908 the returns were based on 153:
229.345; in 1911, 236.230; in 1912, 235,310 miles of road; in 1909, 220,514; in 1910,1915.
247,747; in 1916, 248,006; In 1917.
410; in 1913. 239,445; in 1914, 246,070; in
248.312; in 1918, 230,355; in 1919, 233,931; in 1920. 213,206; in 1921, 235,334* in
in 1925, 236,863; in L096. 226.833;
235,894;
1924,
in
235,186;
1923,
in
1922, 234,931;
in 1927, 238,025; in 1928. 240.120.
Mississippi River to the mouth of the Ohio River, and north of the Ohio River to
Parkersburg. W. Va., and a line thence to the southwestern corner of Maryland
and by the Potomac River to its mouth.
SOUTHERN DISTRICT.
Pocahontas Region.-The region comprises the section north of the southern
of
boundary
Virginia, east of Kentucky and the Ohio River north to Parkersburg,
W. Va., and south of a line from Parkersburg to the southwestern corner of Maryland
and thence by the Potomac River to its mouth.
Southern Region.-This region comprises the section east of the Mississippi River
and south of the Ohio River to a point near Kenova, W. Va., and a line thence
following the eastern boundary of Kentucky and the southern boundary of Virginia
to the Atlantic.
WESTERN DISTRICT.
Northwestern Region.-This region comprises the section adjoining Canada lying
west of the Great Lakes region, north of a line from Chicago to Omaha and thence
to Portland and by the Columbia River to the Pacific.
Central western pegion.-Thls region comprises the section south of the Northwestern region, west of a line from Chicago to Peoria and thence to St. Louis, and
north of a line from St. Louts to Kansas City and thence to El Paso and by the
Mexican boundary to the Pacific.
Southwestern Region -This region comprises the section lying between the Mississippi River south of St. Louis and a line from St. Louis to Kansas City and thence
to El Paso anti by the Rio Grande to the Gulf of Mexico.
Western roads, taking them collectively, the present year enjoyed a much larger grain traffic than
in May 1927. Not alone was there an increased
166
FINANCIAL CHRONICLE
movement of wheat and corn, but also of all the other
cereals excepting rye. The receipts at the Western
primary markets of wheat, corn, oats, barley and
rye, combined, for the four weeks ending May 26
1928 aggregated 61,396,000 bushels, as against only
44,569,000 bushels in the corresponding period of
1927. The receipts of wheat for the four weeks were
23,851,000 bushels, as against 17,413,000, the increase being particularly large at the spring wheat
points like Duluth and Minneapolis, and at Chicago.
The receipts of corn were 20,513,000 bushels, as
against 10,780,000 bushels; the receipts of oats
12,944,000 bushels, against 11,196,000; of barley
2,716,000 bushels, against 1,964,000 bushels, but of
rye only 1,372,000 bushels, as compared with
3,216,000 bushels. The details of the Western
grain movement in our usual form appear in the
table we now present:
WESTERN FLOUR AND GRAIN RECEIPTS.
4 Weeks Ended
Flour.
May 26.
(bbls.)
Chicago1928
922,009
1927
88.5,000
Milwaukee1928
224,000
1927
196,000
Si. Louis1928
504,000
1927
473,000
Toledo1928
1927
Ddret1928
1927
Peoria1928
239,000
1927
190,000
Duluth1928
1927
Minneapolis1928
1927
Kansas City1928
1927
Omaha clt Indianapolis1928
1927
Sioux City-1928
1927
St. Joseph1928
1927
Wichita1928
1927
Total AU1928
1927
Wheat.
(bush.)
Corn.
(bush.)
Oats.
(bush.)
Barley.
(bush.)
Rye.
(bush.)
5.283.000 7,405,000 6,402,000
2,117,000 2.940.000 4,250,000
546.000
441,000
223,000
103,000
716,000
778.000
104,000 1,479,000
598,000
502,000
29,000
71,000
2,356,000 2,769,000 1,410,000
1,103,000 1,357,000 1,677.000
34,000
30,000
6.000
15,000
106.000
372,000
683.000
739,000
109,000
288,000
378.000
892,000
1,000
2,000
1,000
18,000
112.000
157,000
35,000
35.G00
77.000
54,000
3,000
40,000
59,000
89,000 1,845,000
52,000 1,465,000
827,000
677,000
144,000
130,000
40.000
5,129,000
2,802,000
189,000
40,000
5,425.000
3,961,000
367,000 1,315,000
357,000
66.5,000
2.074,000 1,809,000
3,335,000
555,000
391,000 781.000
402,000 2.742,000
995,000
457,000
252,000
208,000
258,000
181,000
1,064,000 3,899,000 1,042,000
812,000 2,525,000 1,101,000
109,000
96,000
373,000
348,000
272,000
54,000
548.000
677,000
836,000
701.000
92,000
106,000
873,000
1,170,000
161,000
65,000
12,000
32,000
4.000
1 889,000 23,851,000 20,513,000 12,944,000 2,716,009 1,372,000
1 744,000 17,413.000 10,780,000 11,196.000 1,964,000 3,216,000
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
(bbis.)
(bush.)
(bush.)
(bush.)
(bush.)
(bush.)
Jan. 1 to
May 26.
Chicago1928
4 917.000 10.725.000 52.767,000
1927._
_ _4,959,000 7,252,000 31,823,000
Ma/tau/ea__ 802,000
1928
535,000 7,508,000
1927
744,000
916,000 4,393,000
St. Louis2,558,000 11,446,000 18,477,000
1928
2,516,000 7.774,000 7,463,000
1927
Toledo2,548,000
1928
694,000
4,728,000 1,746,000
1927
Detroit703,000
1928
421,000
899,000
1927
680,000
Peoria462,000 11,136,000
1928
1 471,000
334,000 9,799.000
1927
1,369,000
Duluth19,499,000
404,000
1928
12,160,000
189,000
1927
Minneapolis37,247,000 4.980,000
1928
1927
23,718,000 4,345,000
Kansas City1928
14,881,000 24,508,000
1927
19,290,000 5,373,000
Omaha et Indianapolis1928
6.338,000 26.488,000
1927
5,556,000 17,049.000
Sioux City1028
539,000 4.863,000
1927
389,000 1,019,000
St. Joseph1928
2.638,000 6,035,000
1927
3,116,000 3,556,000
Wichita1928
5,725,000 1,467,000
1927
5,970.000
282,000
Total All1928
1927
83,000
28,000
23,666,000 3.400.000
18,574,000 2,731.000
886,000
695,000
2,905,000 4,118,000
4455.000 3,470,000
270,000
593,000
8,229,000
8,465,000
508.000
181,000
34,000
422,000
1,270,000
4,242,000
15,000
10,0000
25,000
97,000
511,000
384,000
13,000
129,000
271,000
4,285,000 1,314,000
3,664,000
603,000
[VOL. 127.
pared with May of the previous year. At Chicago
during the month the receipts comprised only
17,869 carloads, against 20,747 carloads in May
1927; at Kansas City, 7,775 carloads against 9,072
cars, and at Omaha, 7,122 carloads against 7,807.
Coming now to the cotton movement in the South,
while the shipments overland during the month the
present year were considerably less than in May a
year ago, the receipts at the Southern outports were
substantially larger than in the corresponding
period of 1927. Gross shipments overland were only
47,472 bales, as compared with 75,379 bales in May
1927; 63,513 bales in May 1926; 29,004 bales in
1925; 40,534 bales in 1924; 65,395 bales in 1923;
139,348 bales in 1922, and 224,354 bales in May
1921. The receipts at the Southern outports in
May 1928 aggregated 369,125 bales, against 345,312
bales in May last year, and 337,563 bales in 1926.
In the following table we give complete details of
the receipts of the staple at the Southern outports:
RECEIPTS OF COTTON AT SOUTHERN PORTS IN MAY AND FROM
JAN. 1 TO MAY 31 1928, 1927 AND 1926.
May.
Since Jan. 1.
Ports.
Galveston
Texas City. acc
New Orleans
Mobile
Pensacola
Savannah
Charleston
Wilmington
Norfolk
Lake Charles
Total
1928.
1927.
1026.
1928.
1927.
1926.
114,794
60.898
94,462
24,341
179
36,131
18,781
8.628
10.811
100
59,416
65,723
75,433
19,327
100
61,422
29,103
18,925
15,863
55,790
84,58.5
79,760
9,998
1.830
70,536
16,835
3,463
14,776
346,084
406,982
492,983
75,363
1,602
164,753
72,176
52,669
50,742
1,024
904,324
978,688
874,649
99,339
2,623
365,382
188,819
75,318
131,205
694,616
575,502
678,905
57,891
3,503
267,218
121.469
33.132
104,235
369.125 345,312 337,563 1.666,952 3,620,417 2,528,461
Gain in Savings Deposits in Chicago Federal Reserve
District.
According to the July number of the "Monthly Business
Conditions Report" of the Federal ReserveBank of Chicago,
savings in the Chicago district showed a gain on June 1
of 0.1% in number of accounts, 0.4% in average amount,
and 0.5% in total deposits, compared with the beginning
of May, in a compilation covering 207 reporting banks.
Respective increases of 0.9, 2.8, and 3.7% also were recorded
over last year, says the bank, which adds:
Illinois. Iowa, and Wisconsin experienced slight decreases in the number
of accounts from the preceding month, and total deposits in Iowa were
a little lower than on May!. Banks in Illinois showed a decrease in number
of accounts from a year ago. Individually, about two-fifths of the banks
of the district had a smaller volume of deposits than at the beginning
of may, and one-fourth of the reports showed a recession from
June 1 1927.
SEVENTH FEDERAL RESERVE DISTRICT-SAVINGS ACCOUNTS
AND
DEPOSITS.
Stale.
No.
of
Banks,
Savings
DeposUs
June 11928.
Illinois
Indiana
Iowa
Michigan
Wisconsin
53
37
40
27
50
$414,295,958
69,230,158
100,135,227
345,317,755
112,191,596
District
207
$1,041,170,694
P. C. Change In
Amount from
P. C. Change in
Average Accountfrom
May 1
1928.
June 1
1927.
May 1
1928.
June 1
1927.
+0.04
+1.5
-0.3
+1.0
+1.2
+0.4
+9.5
+4.6
+6.9
+2.5
+0.2
+1.3
+0.1
+0.3
+1.2
+0.7
+8.2
+3.2
+4.2
+2.3
+0.5
+3.7
+0.4
+2.8
45,000
21,000
350,000 1,591,000 3,581,000
200,000
882,000 5,952,000
Upbuilcling of School Savings Department of Industrial
Savings Department of Birmingham, Ala.
8,507,000 8,335,000 1.583,000
4,289,000 3,406,000 1,172.000
A review of some of the facts regarding the success of
the School Savings Department of the Industrial Savings
Bank, Birmingham, Ala., is furnished as follows:
1,492,000
1,262,000
This bank started the department in Oct. 1927, and really got into action
with it about November, and out of 80 schools-19 negro and 41
whitewith 34,500 children, eligible to bank, which includes from the third grade
through High School, they secured 32.500 accounts. They had
a pass
1,527.000
21,000
9.000 book in the hands of 95% of the children.
468,000
2,000
School savings was installed in Birmingham on Oct. 17, and on May
18,
the last banking day, the records show total deposits to be $122.981.82,
406.000
5,000
1,000
and total withdrawals 322,158.98, leaving a balance of $100,802.84.
518,000
This bank received the co-operation of the school authorities and so
164,000
managed it that the whole community is in sympathy with school
savings.
240.000
Besides the public schools, they installed the system in one private
school, and one business school, who amroached the bank about it.
9,743,000 113316,000 159748,000 60,745,000 19,370,000 6,594,000
They urged the students, through a school paper and posters sent to
9,588,000 92,102,000 87,717,000 52,783,000 11,285,000 9,223,000 the schools, to bank during the summer,
by coming to tho bank and making
deposits, using the same forms. Many children who are employed in the
summer, have continued the regular deposits, and, at this writing, although
school has been dismissed but a short time, deposits have been received
(tom a large number of students every day.
7,343,000
5,922,010
30.000
31,000
On the other hand, Western roads in May suffered
a falling off in their livestock movement as corn-
JULY 14 1928.]
FINANCIAL CHRONICLE
167
New Capital Flotations in June and for the half
year ended in June.
The offering of $185,000,000 new stock at par to its share
holders by the American Telephone & Telegraph Company
served to raise the month of June to a conspicuous position
in point of magnitude in the matter of new capital financing
In this country. Except for this offering of exceptional size,
and which to that extent swelled the month's total, June
must have taken place as one distinguished for light financing rather than one ranking as among the heaviest of the
half year. This follows from the fact that the crash in the
stock market, for which the month was noted, and the
tension in the money market did not furnish conditions
favorable for the floating of new loans or for making appeals either to the money market or the investment market.
In point of fact, by reason of the circumstances mentioned,
security values suffered sharp declines all around during
the month, thereby militating against embarking upon new
financing in the customary free and unrestricted way.
As it is, the closing month of the half year takes its place
among the very heaviest ever recorded, and in this is in
full keeping with the other months of the half year, which
have nearly all been marked by monthly aggregates of
unusual dimensions. Stated in brief, the.new capital flotations during June again ran above a billion dollars. Only
on four previous occasions has the monthly total reached
or run in excess of a billion dollars. Our tabulation, as
always, includes the stock, bond and note issues by corporations and by States and municipalities, foreign and domestic,
and also farm loan emissions. The grand total of the
offering of securities under these various heads during June
was $1,035,270,033. In May the total of new financing also
exceeded a billion dollars, the exact amount being $1,019,639,995. In April the new offerings aggregated $1,051,935,042, this having been the largest amount ever recorded
for any month of any year. In March the new issues
totaled $958,986,883; in February they were $865,905,021;
in January only $758,830,479. In December, on the other
hand, the amount exceeded a full billion dollars, the exact
figure being $1,040,351,927. In November the new issues
footed up $771,882,778, but in October, as in December, the
new financing exceeded a billion dollars, the precise amount
having been $1,033,974,377, and this having been the first
time in any month up to that date in which the billiondollar mark had been reached. In September the total was
$628,101,764; in August $617,364,763, but in July, a dull
summer month, only $483,819,239.
At $1,035,270,033 for June the present year the total compares with $925,995,386 in the corresponding month of last
year. The increase is almost entirely in the corporate
Issues, foreign and domestic, which for June 1928 reached
$828,433,575 against $707,548,067 in June 1927. Reference
has already been made to the fact that the offering of
$185,000,000 Amer. Tel. & Tel. stock is responsible for the
magnitude of the total in the corporation group of new
issues, yet the foreign corporation offerings were also of
exceptional magnitude—$78,150,000 of Canadian offerings
against $65,000,000 in June of last year, and $152,200,000 of
other foreign corporate issues against only $23,840,000 in
June 1927. The foreign government issues placed here
were somewhat smaller, being $48,550,000 in June 1928,
against $54,400,000 in June 1927. Combining the foreign
corporate issues with the foreign government issues, no
less than $278,900,000 of foreign securities found a market
In this country during June. As the grand total of all the
new capital flotations during the month was, as already
stated, $1,035,270,033, the foreign issues represented nearly
27% of the entire amount. The State and municipal awards
(all domestic) were only $129,686,458 in May 1928 against
$158,869,319 in May 1927. The state of the money market
this year was not of course favorable to municipal financing.
During June new offerings on behalf of industrial corporations aggregated $407,638,650, which compares with
$486,736,575 for May. Public utility issues, by reason of
the $185,000,000 new stock of American Telephone & Telegraph Co., show an increase over May, the figures being
$378,636,625 for June against $242,496,700 for May. Railroad financing during June totaled $42,158,300, comprising
an offering of New York Central RR. capital stock. This
total compares with $28,601,000 railroad offerings in May.,
Total corporate offerings in June were, as already stated,
$824,433,575, and of this amount long-term issues comprised
$407,990,700, only $10,832,000 were short-term, while no less
than $409,610,875 consisted of stock issues. The portion devoted to refunding was $182,550,800, or slightly over 22% of
the total. In May $174,477,240, or not quite 23%, was for
refunding. In April no less than $349,116,372, or somewhat,
over 41%,comprised the refunding portion. This established
April as the second largest month on record in this respect,
it having been exceeded only by March of the present year,
when the refunding portion reached $361,242,750. In February $201,343,948, or 32% of the total, was for refunding,
while in January the amount was $165,028,100, or not quite
29% of the total. In June 1927 the refunding portion
amounted to $169,252,700, or nearly 24% of the total for the
month. The more prominent issues brought out during the
month for refunding comprised the following: $50,000,000
Abitibi Pr. & Paper Co., Ltd., 1st mtge. 5s "A" 1953, to be
used entirely for refunding; $42,158,300 New York Central RR. capital stock, to be used entirely for refunding;
$70,000,000 Tokyo Electric Light Co., Ltd. (Japan), 1st
mtge. 6s 1953, of which $24,000,000 is to be used for refunding, and $15,000,000 Youngstown Sheet & Tube Co series A
5%% pref. stock, used to refund an issue of 7% pref.
The total of $182,550,800 raised for refunding in June
comprised $83,575,800 new long-term to refund existing
long-term, $24,250,000 new long-term to refund existing
short-term, $3,300,000 new long-term to replace existing
stock; $250,000 new short-term to refund existing shortterm, $43,408,300 new stock to replace existing long-term,
and $27,766,700 new stock to replace existing stock.
Foreign corporate issues sold in this country during
.Tune, as already stated, totaled no less than $230,350,000, or
some 75 millions more than in May, when the aggregate
reached $154,720,000. The issues sold during June were:
Canadian, $50,000,000 Abitibi Pr. & Paper Co., Ltd., 1st
mtge. 5s "A" 1953, issued at 94%, yielding 5.40%; $20,000,000
Aluminium Ltd. deb. 5s 1948, sold at par; $5,400,000 General Rayon Co., Ltd., deb. 6s "A" 1948, offered at 99, with a
bonus of 5 shares class A com, stock accompanying each
$1,000 bond; $1,500,000 Hinde & Dauch Paper Co. of Canada,
Ltd., 1st mtge. 5%s "A" 1948, issued at par, and $1,250,000
Vancouver Kraft Co., Ltd., 1st mtge. 6%s 1943, also issued
at par. Other foreign issues were: $70,000,000 Tokyo Electric Light Co., Ltd. (Japan), 1st mtge. Gs 1953, offered at
90%, yielding 6.80%; $25,000,000 Consolidated Agricultural
Loan of German Provincial and Communal Banks sec. 6%s
"A" 1958, priced at 97%, to yield 6.70%; $10,000,000 Colon
Oil Corp. (Del.), 10-year cony. deb. 6s 1938, sold at par;
$8,000,000 Hamburg Elevated, Underground & Street Rwys.
Co. (Germany) 5%s 1938, offered at 92%, yielding 6.53%;
$6,000,000 European Mortgage & Investment Corp. 1st lien
is "C" 1967, offered at 96, to yield 7.30%; $5,000,000 Brandenburg Electric Pr. Co. (Germany) 1st mtge. 6s 1953,
priced at 93%, yielding 6.50%; $5,000,000 General Electric
Co. (Germany) deb. as 1948, issued at 95, yielding 6.45%;
$5,000,000 Gesfurel (Germany) deb. 6s 1953. offered at par;
$4,000,000 Koholyt Corp. (Germany) 1st mtge. 6%s 1943,
sold at 97%, to yield 6.75%; $4,000,000 Piedmont Hydro2s June 15 1929,
Electric Co. of Italy 1-yr. 1st mtge. 51/
FINANCIAL CHRONICLE
[VOL. 127.
Issued at 99%, yielding 5.75%; $3,500,000 East Prussian Pr. offered at ;58 per share; 15,900 shares of class A stock of
Co.(Germany) 1st mtge. 6s 1953, sold at 91, to yield 6.75%; Arthur G. McKee & Co., offered at $40 per share; 11,000
$2,000,000 Bank of Colombia 7s 1948, offered at 94%, to shares Meyer-Blanke Co. common at $19% per share; 40,000
shares National Family Stores, Inc., $2 cum. pref. at $28/
1
2
yield 7.50%; $2,000,000 Leipzig Trade Fair Corp. (Ger- per
share; 30,000 shares Propper Silk Hosiery Mills, Inc.
many) 1st mtge. 7s 1953, priced at 98/
1
2, to yield 7.12%; (Del.), common, at $33 per share; 60,000 shares Riverside
$1,100,000 Luneburg Pr., Lt. & Waterworks, Ltd. (Ger- Cement Co. (Del.) $6 cum. 1st pref. at $100 per share;
many), 1st mtge. 7s 1948, brought out at 98, yielding 7.20%; 30,000 shares United Milk Crate Corp. class A $2 cum. partic.
1
2 per share, and 52,000 shares Universal
20,000 American shares of City Savings Bank Co., Ltd. & cony, stock at $26/
1
2 per
(Budapest, Hungary), offered at $55 per share, involving Products Co., Inc. (Det.) common, offered at $22/
share.
$1,100,000, and $500,000 First Federal Foreign Investment
THE RESULTS FOR THE HALF YEAR.
Trust capital stock issued at par ($100).
For the half year, the new security issues, foreign and
The largest corporate issue of the month was, of course, domestic, placed in the United States are again of unthe $185,000,000 new stock of American Telephone & Tele- paralleled magnitude, far surpassing any previous total for
graph Corp. offered to stockholders of record June 1 at par the half year. We made this observation in our comments
($100). Other important public utility issues of domestic on the figures of previous half years, and• the remark is
origin were: 350,000 shares Buffalo, Niagara & Eastern Pr. again true for the present half year. In other words, the
total of the new financing keeps steadily expanding year by
1
2 per share, year. As noted further above, in the last three months of
Corp. 1st pre. stock cum. $5, offered at $98/
Involving $34,475,000; $8,000,000 Consolidated Gas Utilities the half year the new offerings ran in excess of a billion
Co. (Del.) 1st mtge. & coll. 64 "A" 1943, offered at 98/
1
2, dollars each month, and in one other month, they came very
yielding 6.15%, and 49,000 shares Electric Investors, Inc. close to that amount. For the half year the grand total of
the new flotations considerably exceeds 5/
1
2 billion dollars,
(Me.) $6 pref. stock, issued at $103 per share.
• Domestic industrial issues of importance consisted of being $5,690,567,453. In the first half of 1927 the total was
$5,342,323,457, and in the first half of 1926 it was only
$15,000,000 Youngstown Sheet & Tube Co. series A 5/
1
2% slightly above four billion dollars, being $4,052,532,032.
pref. stock, issued at par ($100); $12,000,000 Strawbridge & Going back to 1923, the half year's aggregate then is found
Clothier 1st mtge. 5s 1948, sold at par; $7,000,000 The In- not even to have quite reached three billion dollars.
ternational Printing Ink Corp. 6% cum. pref., offered at
At $5,690,567,453 for the first half of 1928, the new offer99/
1
2; 115,000 shares of the same company's common stock, ings, it will be seen, are at the rate of over $11,300,000,000 a
offered at $43 per share, involving $4,945,000, and 200,000 year. We. wish again, however, to point out that an increasing proportion of the new flotations is for refunding purshares of $3/
1
2 cum. cony. pref. stock of Consolidated Autoposes, that is, to take up and retire old issues of securities.
matic Merchandising Corp., offered Jointly with 100,000 Of the new
issues put out in the first six months of 1928, no
shares of common stock in units of 1 share of pref. and /
1
2 less than $1,556,482,812 was to take up old issues; the correshare of common at $55 per unit, involving $11,000,000.
sponding amount in the first half of 1927 was only
Railroad financing was limited to a single issue, this $1,187,895,460,- while in the first half of 1926 it was no more
being $42,158,300 New York Central RR. capital stock, than $470,126,592-all of which goes to show the importance
of segregating the refunding portions from the rest, as has
offered at par ($100).
been done in our compilations from the beginning. But even
Five separate foreign government loans were floated here on the basis of the applications for strictly new capital,
the
during June for a total of $48,550,000, which compares with total has, until the present year, kept steadily expanding,
$79,885,000 issued in May and $87,130,000 in April. The but now for 1928 shows somewhat of a falling off, though
offerings during June were as follows: $12,000,000 'Re- not large enough to possess any great significance, unless
public of Panama ext. sec. 5s "A" 1963, at 96%, yielding later experience should show a continuance of the downward turn. In the first half of 1928 the strictly new capital
5.20%; $12,000,000 Dept. of Cundinamarca (Colombia) ext.
demands aggregated $4,134,084,641, which is somewhat
sec. 0/
1
2s 1959, at 93/
1
2, to yield 7.14%; $11,200,000 Province smaller than the aggregate for the first half of 1927, which
of Silesia (Poland) 7s 1958, at 89%, yielding 7.94%; was $4,154,427,997. In the first half of 1926, however, the
$9,000,000 Municipality of Medellin (Colombia) ext. 6/
1
2s amount was only $3,582,405,440, in the first half of 1925 but
1954, at 93%, yielding 7.05%, and $4,350,000 Dept. of An- $3,188,449,605, and in the first half of 1924 no more than
tioquia (Colombia) 7s third series 1957, at 96/
1
2, yield- $2,843,504,056.
As is invariably the case, the preponderating proportion
ing 7.29%.
of the whole of the new flotations is contributed by corpoFarm loan financing comprised three issues aggregating rations, domestic
and foreign. As it happens, too, it is in
$27,100,000, on which the yields ranged from 3.98% to the case of the corporations that the refunding issues cut
4.68%. Included in the month's business was an offering the biggest figure. The total of the flotations on behalf of
of $26,000,000 Federal Land Bank 4s 1938-58, at 100/
1
2, to corporations in the six months of 1928 was $4,348,693,302,
yield 3.98%.
against $3,833,849,937 in the first half of 1927, and only
Offerings of various securities made in the course of the $2,877,993,096 in the first half of 1926, being an increase of
month not representing new financing and which, therefore, almost 1/
1
2 billion dollars for the two years, but the portion
are not included in our totals, embraced the following: used for refunding has increased in even faster measure and
50,000 units of Baldwin Rubber Co. (Pontiac, Mich.), con- amounted for the first half of 1928 to $1,433,759,210 as
sisting of 1 share class A cony. pref. and 2/5 share class B against $1,016,163,160 in the first half of 1927, and only
stock at $24 per unit; $138,000 Bryant & Chapman Co. $355,639,045 in the first half of 1926, thus reducing the
(Hartford) capital stock at $43 per share; 25,000 shares strictly new capital demands to $2,914,934,092 in the first
Carman & Co., Inc., cony. class A stock at $29 per share; half of 1928, against $2,817,686,777 in the first half of
35,000 shares The Cincinnati Ball Crank Co. (Ohio) partic. 1927, and $2,522,354,051 in the first half of 1920.
& cony, preference stock at $33/
1
2 per share; $2,000,000
The foreign government issues (including Canadian) were
Duplan Silk Corp. (Del.) 8% cum. pref. at 110, and 75,000 also larger the present year, having been $524,114,000 for
shares of common stock of the same company at $24 per the six months of 1928, against $477,757,800 for the six
share; $250,000 Electrographic Corp. 7% cum. pref. at 101; months of 1927; $302,764,000 in the first half of 1926,
$3.400,000 General Mills, Inc., 6% cum. pref. at 100; 70,000 $312,311,000 in the first half of 1925, and $353,407,562 in the
shares of common stock of the same company at $65 per first half of 1924. Here also, however, the refunding porshare; 30,000 shares S. M. Goldberg Stores, Inc., common tion is rising, and for the first half of 1928 footed up
at $24; $2,900,000 Hammermill Paper Co. 6% cum. pref. at $100,538,413, as against $58,469,000 in
the first half of 1927,
MO; $1,000,000 7% cum. ist pref. of (A. C.) Horn Co., $60,873,000 in the first half of 1926, and $92,522,000 in the
offered with 10,000 shares of common stock in units of 1 first half of 1925. The foreign corporate offerings, however,
preferred share and /
1
2 share of common at $55 per unit; are getting to be more important than the foreign govern$1,600,000 Kaufman Dept. Stores, Inc., common stock (par ment issues. These reached no less than $639,223,750 in the
$12/
1
2), offered at $36% per share; 58,000 shares class A six months of 1928 against only $315,168,625 in the six
eon. pref. of Leighton Industries, Inc., offered with 58,000 months of 1927, $313,694,040 in the first half of 1926, $254,shares of class B stock in units of 1 share of each at $35 per 695,000 in the first half of 1925, and but $31,330,000 in the
unit; $230,000 Marathon Shoe Co. common (par $25), first half of 1924. The aggregate borrowings, therefore, in
FINANCIAL CHRONICLE
JULY 14 1928.]
the United States on behalf of foreign nations, government
and corporate, in the first six months of 1928 reached no
less than $1,163,337,750, being the first time that the amount
has reached or exceeded a billion dollars. In the first half
of 1927 the foreign flotations aggregated $792,926,425, which
compares with $616,458,040 in 1926, $567,006,000 in 1925,
$384,737,562 in 1924, and $193,646,279 in 1923. The following carries the yearly comparisons back to 1919:
GRAND SUMMARY OF FOREIGN ISSUES PLACED IN UNITED STATES.
(Including Canada, Its Provinces and Municipalities.)
Total.
New Capital. Refunding.
Half Year to June 30 1928325,640,000
Canada, its Provinces and Municipalities 325.640,000
498,474,000
100,538,413
397.935,587
government
Other foreign
Total foreign government
Canadian corporate issues
Other foreign corporate issues
Grand total
First half of 1927
1926
" ..
" 1925
40
1924
60
1923
1922
1921
1,
1920
1919
$423,575,587 $100,538,413 $524,114,000
198,592,000
94,792,000
103,800.000
440.631,750
46,118,500
394.513.250
$921,888,837 $241,448,913 $1,163,337.750
3701,947,425
524,707,740
456,734,000
230,087,562
172,704,600
507,576,650
213.224,000
214,860,000
69.535,300
$90,979,000 $792,926,425
91,750,300 616,458,040
110,272,000 567,006,000
384,737,562
154,650,000
193,646,279
20,941,679
119.500,000 627,076,650
50,000,000 263,224,000
223,358,000
8,498,000
104,514,300
34.979.000
It is always interesting to analyze the foreign issues, and
therefore we bring them together below. It will be observed
that in the case of foreign government offerings, South
American issues have been very prominent, they having
contributed $246,024,000 to the grand total of $498,474,000
put out in the first six months, against $194,950,000 accounted for by European countries. The Republic of Colombia was the largest borrower among the South American
countries during this period, with $67,235,000, consisting of
one government loan for $35,000,000 and six municipal
issues aggregating $32,235,000. Argentina, with a government offering of $20,000,000 and two municipal loans aggregating $44,497,000, accounted for $64,497,000 in all, while
Brazil was responsible for five municipal flotations aggregating $47,380,000. Among the European countries Denmark was the leading borrower, with a government loan of
$55,000,000 and two municipal issues totaling $14,000,000,
for an aggregate of $69,000,000. Norway accounted for
$38,000,000, consisting of a $30,000,000 government loan
and an $8,000,000 municipal issue. German municipal borrowings totaled $21,250,000. Australia sold a $50,000,000
government issue here, and the City of Brisbane, with a
flotation for $7,500,000, brought Australia's borrowings up
to $57,500,000. Canadian government, provincial and municipal issues sold here in the first six months totaled
$25,640,000.
In the case of foreign corporate issues, Germany heads
the list with no less than $205,100,000, comprising 28 separate offerings. Canada ranked next with $198,592,000.
Japan shows $97,000,000, and Italy $47,000,000. Of $440,631,750 foreign corporate issues (not including Canada)
European countries contributed $316,391,750, while South
and Central American countries absorbed $45,240,000, and
Japan accounted for $79,000,000. Taking into consideration
both government loans and corporate issues, Germany raised
$226,350,000 in our market during this period, and leads
all countries. Canada was the second largest borrower,
and took $224,232,000. Japan, as a result of the $70,000,000
Tokyo Electric Light Co. issue in June, ranked third with
$79,000,000. European countries took an aggregate of $511,341,750, while South American countries, with $291,264,000,
accounted for most of the remainder.
In the following we furnish full details of the foreign
government and foreign corporate issues brought out in the
United States during the six months ended June 30:
CANADIAN GOVERNMENT, PROVINCIAL AND MUNICIPAL ISSUES
PLACED IN UNITED STATES IN HALF YEAR ENDED JUNE 30 1928.
Yield.
Price.
January4.38%
101.569
$1.800.000 New Brunswick (Province of) 434s, 1947
990,000 Ontario (Province of) 4339, 1933-1943
350,000 Edmonton, Alta., 433s-5s, 1942-1947
99.43
4.88%;
4.21%
3.00C,000 Ontario (Province of) 45, 1939-1968
96.632
February4.11%
$4,500,000 Quebec (Province of) 45, 1953-1958_d
96.68
MaY4.41%
94.10
515,000,000 Ontario (Province of) 4s, 1929-1968
$25,640,000 (All representing new money; none for refunding.)
d Subject to call in and during the earlier years and to mature In the later year.
OTHER FOREIGN GOVERNMENT SECURITIES SOLD IN THE UNITED
STATES DURING FIRST HALF OF 1928-GOVERNMENT AND
MUNICIPAL.
To Yield
About.
Price.
January6.10
33,396,000 City of Buenos Aires(Argentina)65,ser. C-3, 1960_ 9834
9333
6.48%
45,912,000 Republic of Chile Railway ref. 6s, 1961
1953
55,
Loan
Municipal
Consolidated
9634
5.27%
Danish
2,000,000
5,000,000 Dominican Republic Customs Admin. 533s, 2d
5.62%
993
series, 1940
6.65%
91
17,000,000 Greek Government 40-year 6s, 1968
10034
6.98%
4,000,000 City of Santiago (Chile) 78. 1949
9334
7.64%
2,500,000 Department of Tolima (Colombia) 75. 1947
169
Price.
February$3,750,000 Department of Antioquia (Colombia) 75 "D," 1945_ 9533
97
20,000,000 Argentine 534s, 1962
9434
7,500,000 City of Brisbane (Australia) 5s, 1958
9634
41,101,000 Province of Buenos Aires (Argentina) ref. 6s, 1961
9233
15,000.000 Finland 534s, 1958
97
30,000.000 City of Rio de Janeiro (Brazil) sec. 6348, 1953
March95
335,000,00C Republic of Colombia 6s, 1961
9734
8,500,000 State of Minas Geraes(Brazil)6338. 1958
9734
30,000,000 Norway 5s, 1963
9733
2,250,000 City of Porto Alegre (Brazil) 78. 1968
89
10,000.000 City of Warsaw (Poland) 75, 1958
April9434
$12.000,000 City of Copenhagen (Denmark) 4345, 1953
95
55,000,000 Denmark 434s, 1962
98
4,860,000 State of Parana (Brazil) cons. 70, 1958
99
1,770,000 City of Rio de Janeiro (Brazil) 65, April 1 1933
3.500,000 Province of Upper Austria (Austria) 65, July 1 1930- 9834
10,000,000 Kingdom of Great Britain & Northern Ireland fundMarket
ing 45, 1960-1990 (f2,000,000)
ay973(
38.000,000 Department of Akershus (Norway) 55, 1963
9233
50,000,000 Commonwealth of Australia 433s, 1956
95
15,000,000 City of Berlin (Germany)6s, 1958
97
635,000 Municipality of Call (Colombia) 75. 1947
6,250,000 City of Frankfort-on-Main (Germany) 6348, 1953 9934
June-34,350,000 Dept. of Antioquia (Colombia) 78, 3d series, 1957._ 91334
12,000,000 Dept. of Cundinamarca (Colombia) 6335, 1959_ 9333
9,000,000 Municipality of Medellin (Colombia) 6335, 1954- 9334
9634
12,000,000 Republic of Panama 58 "A," 1963
8934
11,200,000 Province of Silesia (Poland) 75, 1958
Yield'.
7.45%
5.70%
5.35%
6.25%
6.04-6.22
6.75%
6.35%
6.69%
5.15%
7.20%
7.95%
4.88%
4.80%
7.15%
6.24%
6.75%
4.40%
5.17%
5.00%
6.38%
7.29%
6.55%
7.29%
7.14%
7.04%
5.20%
7.94%
$498,474,000 Grand total (of which $3397,935,587 new capital
and $100,538,413 for refunding.)
CANADIAN CORPORATE ISSUES.
Yield.
Price.
January4.40%
102
Corp. deb. 4338 "A," 1968
Investment
31,000,000 Aldred
5.55%
7.000,000 Donnacona Paper Co., Ltd., lat5gs"A," 1948-- 9934
CO
9934
4.000,000 Donnacona Paper Co., Ltd., deb.65 "A," 1948
3,396,000 National Transcontinental Ry. Branch Lines Co.
4.61%
9834
(Canadian National Rys.) 1st 434s, 1955
5.55%
99
1,500.000 Restigouche Co., Ltd., 1st 534s "A," 1948
5.60%
1,360,000 Saguenay Electric Co. 1st & coll. tr. 5338 "A," 1953 9833
FebruaryNewfoundland.
of
34,866,000 International Power & Paper Co.
5.00%
100
Ltd., 1st 55, 1968
March$2,500,000 Canada Gypsum & Alabastlne. Ltd., 1st 5345 "A," •
5.70%
973.4
1948
April
5.88%
316,000,000 Abitibi Power & Paper Co., Ltd., 6% cum. pref ...,102
5.000,000 Famous Players Canadian Corp., Ltd., 1st 68 "A."
6.00%
100
1948
6.50%
3,000,000 Famous Players Canadian Corp., Ltd.,deb.6gs,'48 100
5.05%
9934
1958
"A."
58
1st
Ltd.,
3,500,000 Nova Scotia Lt.& Power Co.,
10,000,000 Shawinigan Water & Power Co. 1st & coll. tr. 433s
4.60%
9833
"B," 1968
May5.88%
102
$10,000,000 Abitibi Pr. & Paper Co., Ltd.,6% cum. pref
6.00%
10,000,000 Great Lakes Paper Co., Ltd., 1st 68 "A," 1950-100
6,000,000 London Canadian Investment Corp. deb. 434s
4.50%
100
"A," 1948
24.320,000 St. Lawrence Paper MDIs Co., Ltd., allotm't ctts.{1 share pref. for
representing $19,000,000 6% cum. pref. and 1 share nom. $12t
190.000 shares of common
5.57%
7.000,000(Howard) Smith Paper Mills, Ltd., 1st 5348"A,"'53 99
June-5.40%
9433
$50,000,000 Abitibi Pr.& Paper Co., Ltd., lst 5s "A," 1953-5.00%
100
20,000,000 Aluminium. Ltd., deb. 55, 1948
6.09%
99a
5,400,000 General Rayon Co.. Ltd., deb. 65 "A," 1948
1,500,000 Hinde & Dauch Paper Co. of Canada, Ltd., 1st
5.50%
100
534s "A," 1948
6.50%.
100
1,250,000 Vancouver Kraft Co., Ltd., 1st 6335, 1943
$198,592,000 Grand total (of which $103,800,000 new capital
and $94,792,000 for refunding.
a Bonus of 5 shares class "A" common stock with each $1,000 bond.
OTHER FOREIGN CORPORATE ISSUES.
Yield.
Price.
January$4.275,000 Belgian Nat. Rys. Co. Amer. ohs, partic. pref.
___.
8533
(50,000)
7.60%
1,500,000 British & Hungarian Bank, Ltd., mtge.7335, 1962_ - 9834
6.65%
9834
2,000,000 Francisco Sugar Co. 3-year 6s, Jan. 1 1931
6.22%
3,000,000 Guantanamo & Western RR.Co. 1st 68 "A," 1958._ 97
6.00%
100
20,250,000 Italian Superpower Corp. deb. 6s, 1963
5,000,000 Mortgage Bank of the Venetian Provinces (Italy)
7.45%
95
1952
sec. 78 "A,"
7.35%
12,000,000 "Terni" (Italy) 1st hydro-electric 6338 "A," 1953 903.4
20,000,000 Westphalia United Electric Power Corp.(Germany)
6.60%
9234
1st 6s "A," 1953
February6.65%
sec.
9833
Bank
Land
1948.-&
6335,
Bldg.
coll.
$5.250,000 German
7.35%
96
4,000,000 Lombard Electric Co.(Italy) 1st 75 "A," 1952
7.00%
9,000,000 Nippon Elec. Pr, Co., Ltd.(Japan) 181 633s, 1953_ 94
5.75%
96
10,750,000 Paris-Orleans RR. Co.(France) 5335, 1968
1,000,000 Provincial Bank of Westfalia (Germany) 1-year
5.50%
100
1929
8
533s, Feb.
6.55%
93
10,000,000 Rhine-Ruhr Water Service Union deb. 65, 1953
March6.70%
$6,000,000 Bank of Silesian Landowners' Assn. 1st coll. 6s, 1947 9233
4,377,500 Debenhams Securities, Ltd. (London), American
5134-shares (85,000)
---71
6,212,500 French Line, American shares(87,500)
6.60%.
15,000,000 Gelsenkirchen Mining Corp.(Germany)sec.65, 1934 97
612,000 Hungarian Discount & Exchange Bank, American
---34
shares (18,000)
Placed privately
1,750,000 Isotta Fraschini (Italy) 18t 7s, 1942
1,500,000 Municipal Gas & Electric Co. of Brecklhighausen
7.20%
98
(Germany) 1st 7s, 1947
0.85%
3,000,000 Nassau Land Bank (Germany) 1st coll. 6335, 1938 9733
5.30%
9534
6,000,000 Oslo Gas & Electricity Works(Norway) 55, 1963_
7.20%
1,750,000 Yesten Electric Rys. Corp.(Germany) 1st 75, 1947_ 98
April6.59%
35.000,000 Agricultural Mortgage Bank of Colombia 85, 1948_ - 9334
1,750,000 City Savings Bank Co., Ltd.(Budapest, Hungary),
7.50%
9334
7s "A," 1953
580,250 Continental Securities Corp. In Zurich (Switzeraverage10534
land), capital stock (5,500 shares)
6.53%
5,000,000 Electric Power Corp.(Germany) 1st 6345, 1953.-.- 9933
7.50%
3,000,000 Hungarian Land Mortgage Institute 7348"B," 1961_100
3,784,500 Investors Trust Assn-, Ltd. (England), capital
50.48
stock (75,000 shares)
1,840,000 Mortgage Bank of Colombia, Amer. shares (40,000) 46
3,000,000 Provincial Bank of Westfalla (Germany) ea,
973.4
March 1 1933
3.000,000 Roman Catholic Church Welt. Inst. in Germany
99
7s, 1948
9834
9,850,000 Swiss-American Electric Co. $43 cum. pref
May10034
$1,400,000 Belen College (Havana, Cuba) 1st 533e, 1934
4,000,000 Branston Artificial Silk Co., Ltd. (England),
4
American shares (1,000,000)
2,000,000 Brown Coal Industrial Corp. (Germany) 633s
7.05%
9334
"A," 1953
6.50%
9434
10,000,000 General Electric Co.(Germany) deb. 6s, 1948_
6.62%
30,000,000 German central Bank for Agriculture 68 "A," 1935. 9533
17,500.000 German Consolidated Stun. Loan of German Sav6.50%
9434
ings Banks and Clearing Assn. 68, 1947
9534
6.30%
20,000,000 Mortgage Bank of Chile 65, 1961
6.60%
9234
3,500,000 Pomerania Electric Co.(Germany) Os, 1953
1945._
6.70%
"A."
6s
9234
(Germany)
4,000,000 Ruhr Chemical Corp.
6.55%
5,000,000 Unterelbe Pr. & Lt. Co.(Germany) 65 "A." 1953._ 93
FINANCIAL CHRONICLE
170
June-Price.
9414
82,000,000 Bank of Colombia 7s, 1918
5,000,000 Brandenburg Electric Pr. Co.(Germany) 1st 65,'53 9314
1,100,000 City Savings Bank Co., Ltd. (Budapest, Hungary),
55
American shares (20,600)
10,000,000 Colon Oil Corp. cony. deb. 68. 1938
100
25,000,000 Consolidated Agric. Loan of German Provincial
and Communal Banks sec. 6148 "A." 1958
9714
3,500,000 East Prussian Pr. Co.(Germany) let 6s, 1953
91
6,000,000 European Mortgage & Investment Corp. 1st lien
96
I Ito 75 "C," 1967
N 500,000 First Federal Foreign Investment Trust cap. stock_100
5,000,000hGeneral Electric Co.(Germany)deb.68. 1948
95
5,000,000,Gesfurel (Germany) deb. 6s, 1953
100
8,000,000,11amburg Elevated, Underground & Street Rys.
9214
Co.534s, 1938
4,000,000 Koholyt Corp.(Germany) 1st 614s, 1943
9714
2,000,000ILeipzig Trade Fair Corp.(Germany) 1st 75, 1953_ 9814
1,100,000 Luneburg Power, Light & Waterworks, Ltd. (Ger98
many). 1st 75, 1948
4.000,000 Piedmont Hydro-Electric Co. of Italy 5145, June
9934
15 1929
70.000.000 Tokyo Electric Light Co., Ltd.(Japan) 1st 68. 1953 9014
Yield.
7.50%
6.50%
.6o7i,
6.70%
6.75%
7.30%
6.00%
6.53%
6.75%
7.12%
7.20%
5.75%
6.80%
8440,631,750 Grand to:al (of which 8394,513,250 new capital
and 846.118,500 for refunding.)
FARM LOAN ISSUES.
Farm Loan issues during the first half of 1928 totaled
only $37,100,000 against $142,550,000 in the same period of
1927. The offerings made in the current year included an
issue of $26,000,000 Federal Land Bank 4s 1938-58 brought
out in June at 100%, to yield 3.98%.
LARGE DOMESTIC CORPORATE ISSUES DURING THE HALF YEAR.
[VOL. 127.
comprised the following: $30,314,200 out of $36,000,000 Continental Gas & Electric Corp. deb. 5s "A" 1958, offered in
January; entire issue of $29,400,000 Southern Pacific Co.
4%s 1968, offered in January; $34,384,000 out of the $43,869,000 Public Service Corp. of N. J. cony. deb 4%8 1948,
issued in February; entire issue of $20,000,000 Standard
011 Co. of N. Y. deb. 4%s 1929-48, sold in February; entire
issue of $20,000,000 Pacific Gas & Electric 1st & ref. 4%s
"E" 1957, offered in February; entire issue of $100,000,000
consolidated mtge. 4%s 1978 of St. Louis-San Francisco Ry.
0o., sold in March; $49,157,500 6% pref. stock of the same
road, issued in March, entirely for refunding; entire issue
of $50,000,000 Associated Gas & Electric Co. cony. deb. 4%s
1948, brought out in March; 320,000 shares 04 Engineers
Public Service Co. $5 div. cony, stock, issued in March,
together with 100,000 shares of the company's common stock,
issued to retire outstanding pref. stock; $50,000,000 Cities
Service Co. deb. 5s 1958, issued in April, entirely for refunding; $50,000,000 American Gas & Electric Co. deb. 5s
2028, issued in April, entirely for refunding; $44,000,000 out
of $62,408,250 Pennsylvania RR. capital stock, offered in
April; $34,007,900 out of $35,000,000 Cincinnati Gas & Electric Co. 1st 4s "A" 1968, originated during April; entire
proceeds of 364,7740 shares of $6 cum. pref. stock of Illinois
Pr. & Light Corp., offered in May, and involving $36,474,000;
$35,000,000 Associated Gas & Electric Co. cons. ref. deb. 5s
1968, issued in May, used entirely for refunding, and entire
issue of $20,000,000 Union Pacific RR. Co. 4s 1968, brought
out in May. The large refunding issues of June have been
mentioned further above.
Domestic corporate offerings of exceptional size during
the half year, in addition to those for June, already mentioned, were as follows:
,January.-$36,000,000 Continental Gas & Electric Corp.
debt. 5s "A" 1958, offered at 95%, to yield 5.30%; $35,000,000 National Dairy Products Corp. (Del.) deb. 5%s
1948, priced at 99, to yield 5.33%; $29,400,000 Southern Pacific Co. 41,4s 1968, sold at 99%, to yield 4.52%; $25,000,000
FINAL SUMMARY.
American Rolling Mill Co. deb. 5s 1948, issued at 99%, to
The following is a complete summary of the new financing
yield 5.04%, and $15,000,000 Cleveland, Cincinnati, Chicago -corporate, State and city, foreign government, as well as
& St. Louis Ry. Co. ref. & imp. mtge. 4%s "E", brought out farm loan issues-for June and for the six months ended
at par.
with June. It should be noted that In the case of the corpoFebruary.-$43,869,000 Public Service Corp. of N. J. rate offerings we subdivide the figures so as to show the
cony. deb. 4%8 1948, offered at 98, to yield 4.65%; $20,- long-term and the short-term issues separately, and we also
000,000 Pacific Gas & Electric Co. 1st & ref. mtge. 4%s "E" separate common stock from preferred stock, and likewise
1957, sold at 99, to yield 4.56%; $20,000,000 Standard Oil show by themselves the Canadian corporate issues, as well
Co. of N. Y. deb. 4%s 1929-48, priced to yield 4.05% to as the other foreign corporate flotations:
4.60%; $17,000,000 New York, New Haven & Hartford RR.
Refunding.
New Capital.
Total.
partic. certfs. due March 1 1930, offered at 100%, to
yield 4.23% to March 1 1929, the only callable date, and 5%
MONTH OF JUNE.
8
8
$
thereafter; $16,800,000 Nashville, Chattanooga & St. Louis Corporate
DomesticLong term bonds and notes
146,114,900
37,125,800 183,240,700
Ry. 1st mtge. 48 "A" 1978, offered at 97, to yield 4.14%,
Short term
250,000
6,582,000
6,832,000
Preferred stocks
104,235,530
28,075,700 132,311,230
and $15,000,000 Commercial Investment Trust Corp. cony.
Common stocks
232,600,345
43.099.300 275,699,645
deb. 681948, sold at par.
CanadianLong term bonds and notes
28,150,000
50,060,000
78,150,000
March..-$100,000,000 St. Louis-San Francisco Ry. Co.
Short term
Preferred stocks
cons. mtge. 4%s 1978, priced at 97, yielding 4.65%; $49,Common stocks
157,400 6% cum. pref. stock of the same company, offered
Other foreignLong term bonds and notes
122,600,000
24.000,000 146,600,000
at par ($100); $50,000,000 Associated Gas & Electric Co.
Short term
4,000,000
4,000,000
Preferred stocks
cony. deb. 41/as 1948, sold at 97, to yield 4.73%; 320,000 shares
Common stocks
1,600,000
1,600,000
of Engineers Public Service Co. $5 div. cony. pref., offered
Total corporate
645,882,775 182,550,800 828,433,575
at $100 per share, involving $32,000,000; $30,000,000 Inland Foreign Government
8,944,913
39,605,087
48,550,000
Loan Issues
27,100,000
27,100,000
Steel Co. 1st mtge. 4Y2s "A" 1978, sold at 95, to yield 4.76%; Farm
War Finance Corporation
126,554,458
3,132,000 129,686,458
$23,000,000 Metropolitan Edison Co. (Pa.) 1st mtge. 4%s Municipal
Canadian
U. S. Possessions
"D" 1968, offered at 99%, to yield 4.52%, and $11,867,000
1,500,000
1.500.000
Wabash Ry. ref. & gen. mtge. 4%8 "C" 1978, issued at 95%,
Grand total
840,642,320 194,627,713 1,035,270,033
to yield 4.74%.
SIX MONTHS ENDED JUNE 30.
Ap9-il.-$62,408,250 capital stock of Pennsylvania RR., .7orporateDomesticLong term bonds and notes
offered at par ($50) ; $50,000,000 American Gas & Electric
1,196,833,100 923,832.400 2,120,665,500
Short term
90,294,200
34,332,300 124,626,500
Co. deb. 5s 2028, sold at 101, to yield 4.95%; $50,000,000
Preferred stocks
527,020,636 195,318,300 722,338,936
Common stocks
602,472,906 139,365.710 741,838,616
Cities Service Co. deb. 5s 1958, priced at 98, to yield 5.13%;
CanadianLong term bonds and notes
68,792,000 148,272,000
79,480,000
600,957 shares of Electric Bond & Share Securities Corp.
Short term
Preferred stocks
common stock, offered at $80 per share, involving $48,26,000,000
19,000,000
45,000,000
Common stocks
5,320,000
5,320,000
076,560; $35,000,000 Cincinnati Gas & Electric Co. 1st mtge.
Other foreignLong term bonds and notes
347,381.500
46,118,500 393,500,000
4s "A" 1968, priced at 92%, yielding 4.40%; $25,000,000 New
Short term
10,000,000
10,000,000
Preferred stocks
9,850,000
9,850,000
England Pr. Assn. deb. 55 1948, issued at par; $24,000,000
Common stocks
27,281,750
27,281,750
Chicago, Milwaukee & St. Paul Ry. Co. gen. mtge. 4%s "E"
Total corporate
2,914,934,092 1,433,759,210 4,348,693,302
1989, sold at 102%, to yield 4.38%, and $21,000,000 Wheeling Foreign Government
397.935,587 100,538,413 498,474,000
Loan issues
.'arm
37,100.000
37,100,000
Steel Corp. 1st & ref. mtge. 4%8 "B" 1953, offered at 93, Tvar Finance Corporation
dunicipal
752,789,962
22.185,189 774,975,151
yielding 5%.
Canadian
25,640.000
25,040,000
May.-364,740 shares of $6 cum. pref. stock of Illinois Pr.
U. S. Possessions
5,685,000
5,685,000
& Light Corp., offered at $100 per share; $35,000,000 AssociGrand total
4 124084641 1 1156 482 8125 600567 453
ated Gas & Electric Co. cons. ref. deb. 5s 1968, issued at
In the elaborate and comprehensive tables on the succeedpar; $20,000,000 Union Pacific RR. 4s 1968, offered at
ing pages we compare the foregoing figures for 1928 with the
92%, to yield 4.38%; $16,000,000 Lincoln Bldg-Lincoln
corresponding figures for the four years preceding, thus
Forty-Second Street Corp. (N. Y. City) 1st mtge. 5%s 1953,
affording a five-year comparison. We also furnish a deissued at par, and $150,000 shares of Allied Pr. & Light Corp.
tailed analysis for the five years of the corporate offerings,
(of Del) 1st pref. $5 series, offered at $105 per share, each
showing separately the amounts for all the different classes
share being accompanied by one share of common.
of corporations.
THE CHIEF REFUNDING ISSUES.
Following the full-page tables we give complete details
The most conspicuous issues brought out during the first of the new capital flotations during June, including every
'ix months which were used wholly or partly for refunding Issue of any kind brought out.
122,600.000
4,000.000
24.000.000
1.600.000
645,882,775
39.605,087
27.100.000
182,550,800
8.944,913
126,554.458
3.132,000
1.500.000
RAn R49 •.:911
10,990,000
12,510,000
23,500,000
58,376.000
340.000
1,600.000
828,433.575 -538.295.367
54.400.000
48,550.000
1,750.000
27,100,000
169,252,700
340,000
707,548,067
54.400.000
1,750,000
540.700
379.038,950
27,600,000
30.000 000
3.419.300
93,362.700
158,862,319
135,309,789
10,292,000
1,000,000
583.240.739
5.422.000
6.000.000
146,600.000
4,000,000
129,686,458
155,002,019
1.500.000
104 R97 719 ARS 270.033
3,435.000
752.882.386
3.860.300
3,435,000
173.113_000 925.995.386
40.000.000
144,784,700
58,376,000
23.800,000
3.960.000
472.401.650
27,600,000
70,000.000
311.531,125
100.188.000
2.200,000
138.044.772
11,850.000
140.731,789
16.292,000
1,000.000
728.025,439
563,813,M
1,000,000
1,000,000
23,800.000
1,500,000
67.737,495
40.000.000
379,268.620
140.188,000
2,200,000
252,853.810
15,700,000
43,600,000
63,221,300
316,075,110
15,700,000
43,600,000
1,609,000
282,000
139.653,772
12,132,000
240.933,038
1,705,000
1,518,500
242,451,530
1,705,000
1J9.628,495 673.442.392
554.791,848
64.739.800
619,531.641
1,500,000
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE MONTH OF JUNE FOR FIVE YEARS.
1924.
1926.
1925.
1927.
1928.
New Capital. Refunding.
Total.
MONTH OF JUNE.
Total.
New Capital. Refunding.
Total,
Aew Capital. Refunding.
New Capital. Refunding.
Total.
Total.
New Capital. Refunding.
Long Term Bonds and Notes$
$
$
85,841,900
85.841,900
36,527.030
16.908.000
19,619.000
36,476,000
38,876.000
2.400,000
77,610.200
58.626.800 136,237.000
Railroads
62,032.200
43,892,300 105,924,500
26.024,600
70,845,000
44,820.400
69,970,400 192.055.500
122,085.100
104.750.400
22,346,100 127.096,500
30,975,000 136,913.000
105,938,000
Public utilities
2,000.000
2,000,000
250.000
2,600,000
2.350,000
40.700,000
30,500030
10,200,000
48,500,000
43,720,000
4.780,000
1,787.000
Iron, steel, coal, copper. &c
800,000
987,000
600,000
600,000
Equipment manufacturers
Motors and accessories
3,425.000
3,425,000
29,500
11.130,00J
11,160,500
24.600,000
21.785,000
2.815,000
69,600,000
57,485,000
12,115,000
56,200,000 113,760.000
57.560.000
Other industrial & manufacturing
800,000
800.000
17.000,000
Oil
17,000.000
15,945,000
15.945,00J
2,136,000
108,195.000
82.985,000
106,059,000
81,685,000
1,300.000
68,555.500
52,370,500
16,185,000
66,363,700
Land, buildings, &c
51,410,700
14,953,000
250,000
250,000
Rubber
2,475.000
2.475,000
Shipping
13.675,000
13,6n.J00
2.200,000
28.975.000
26,775,000
14,730.000
13,472,000
1.258.000
63,500,000
9.393.000
54.107,000
72.167,000
8.010.800
Miscellaneous
64,156.200
182,919,100
43,892.300 226.811,400
395,596,500
47,548,100
260,747,000
213,198.900
87.943,400
307.653,100
513,489,000
390,043,100
123,445.900
Total
296,864,900 111.125,800 407,990.700
Short Term Bonds and Notes33,500.000
20,500,000
13,000.000
1,500,000
1.500.000
Railroads
16,671.000
20.80 ).000
4,129.000
2.400,000
6,500.000
7,200,000
4.100,000
7,200,000
4,625.000
1,195,000
3,430,000
7,647,000
Public utilities
7,397,000
250,000
1,000,000
1,000,000
Iron, steel, coal, copper, &c
Equipment manufacturers
1,400.000
1.400,000
Motors and accessories
200,000
200,000
400,000
6,050,000
2.000,000
4,050.000
120.000
Other industrial and manufacturing
120,000
30,000,000
30,000,000
Oil
130,000
130,000
5,350.000
5,350,000
4,559,000
4,559,000
1.842,500
1.842,500
2,115,000
Land. buildings, &c
2,115,000
Rubber
_,.
Shipping
2,550,000
2,550,000
500,000
300,000
500.000
325,000
300,000
325,000
950.000
Miscellaneous
950,000
41,051,000
17.329,000
58,380,000
2,400,000
12,350,000
9,950,000
19,609,000
38,192.500
17,609,000
2.000,000
1,195,000
36,997,500
Total
10,832,000
250.000
10.582,000
Stocks67,985.687
35,000,000
32,985.687
Railroads
42,158,300
42,158,300
16,782,750
2,000.000
18,782,750
64,073,625
62,203.625
1,870,000
16,620.000
13,200,700
23,284,750
3.419,300
22,034.750
1,250,000
Public utilities
4,172.500 234,076,625
229,901,125
1,194,160
1,194,160
4,420,000
4,420,000
Iron, steel, coal, copper, &c
15,000,000
15,000,000
Equipment manufacturers
468,750
2,018.790
468.750
2,018,790
4,062,500
Motors and accessories
4.062,500
6,20),000
6,200,000
9,879,600
9.723,6,10
150.000
4.325,000
4,325,000
33,827,800
2,840,800
30,987,000
Other industrial and manufacturing
55,626,685
51.143,485
4,483,200
16,359,395
14.519,395
1,840,000
1,250,000
1.250,000
011
4,240,540
4,240,540
300.000
2,716,500
300.000
2.716,500
7,200,000
7.200,000
4.321,750
4,321,750
Land. buildings, &c
5,592,500
5,592,500
Rubber
Shipping
4,406,800
13.142
4,406.800
1.250.000
11,892,500
27,332.400
27.332.400
20,007,790
14,486,790
5,521,000
Miscellaneous
48.853,725
43,492.725
5,361.000
28,883,710
88,382,225
17,789,395 106,171,620
2,000,000
30,883,710
57.196.150
3,419,300
3.776.850
111,254,767
44,611,800 155,866,567
Total
71,175,000 409,610,875
338,435,875
Total19,619.000
16.908,000
13,000,000 119,341,900
36,527.000 106,341,900
40.376,000
2.400.000
37,976,000
93,626,800 204.222,687
110,595.887
Railroads
42,158,300
42,158,300
30,294,600 141,418.625
95.485,950
21.300 145,507,250
111,124,025
73.389,700 215,875.500
141.485,K0
24,791,100 155.006,250
130.215.150
Public utilities
35,397,500 378,636,625
• 343,239.125
4,194,160
4,194,160
250,000
2,600,000
2,350,000
40,700,000
30,500.000
10,200,000
52,920.000
4.780,000
48,140.000
Iron, steel, coal. copper, &c
15,987,000
16,787,000
800,000
600,000
600,000
Equipment manufacturers
468,750
468,750
3,418,790
3.418,790
4,062,500
4,062.500
Motors and accessories
10.025,000
20.830,100
179,500
21,009,600
9,825,000
200,000
34,975,000
30.160,000
4.815,000
88.472,000
14.955.800 103,427,800
60,683,200 169,506,685
Other industrial and manufacturing 108.823,485
1.840,000
14.519,395
16,359,395
2,050,000
2.050,000
30,000,000
30.000,000
21,240.540
21,240,540
Oil
16,375,000
16,375,000
114,125,500
2,136,000 116.261.500
93,444,000
94.744.000
1,300,000
74,719,750
16,185,000
58.534,750
74,071.200
59,118,200
14,953,000
Land, buildings, &c
250,000
250.000
Rubber
2,475.000
2,475,000
Shipping
3.450,000
42.617.500
20,631,800
20,631,800
39,167,500
42,362,400
41,104.400
1,258,000
83,832,790
68,918.790
14,914,000
108.598,925
13.371,800 121,970,725
Miscellaneous
63,221,300 316,075,110
370 038.950
93.362.700 472.401.650
311.531.125
67,737,495 379,268,620 252,853,810
538,295.367 169.252.700 707.546.067
Total corporate securities
645,882,775 182,550,800 828,433,575
Aunr
Total.
8
224,311,400
57,380,000
17,797,800
13,085,910
[*8g6I TT
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE MONTH OF JUNE FOR FIVE YEARS.
1926.
1925.
1924.
1927.
1928.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
New Capital. Refunding.
Total.
Total.
Neii-Capital. Refunding.
New Capital. Refunding.
$
$
$
$
$
$
$
$
$
$
$
$
$
$
47,548.100 236,947,000 180,419,100
189,398,900
85.843,400 321,720,500
43.892,:300
235,877,100
334,053.100
90,935.900 424,989,000
37.125.800 183,240.700
146.114.900
17,329,000
40,051,000
12.350,000
2.400,000
9.95.:.000
19.609.000
17.609.000
2.000.000
36.997,500
1,195,000
38.192.500
6.832,000
250,000
6.582.000
15.797,800
2,000,000
30,563.750
39.730,000
1.800.000
37.900,000
54.524.550
30.563,750
51.350,550
3,174.000
28,075,700 132,311,230
104,235,530
22,672,400
13,085910
66,471,620
50,482,225
15.989,395
59,564.217
22,672,400
43.099,300 275.699,645
41,437,800 101.0J2.017
232,600,345
1,000,000
15.500,000
2,100.000
13.400,000
45,000.000
65,000.000
78,150,000
20.000,000
50.000.000
28,150,000
1,000 000
arlDINOUHD rIVIONVNIA
MONTH OF JUNE.
Corporate-DomesticLong-term bonds and notes..
Short term
Preferred stocks
Common stocks
CanadianLong-term bonds and notes_
Short term
Preferred stocks
Common stocks
Other ForeignLong-term bonds and notes_
Short term
Preferred stocks
Common stocks
Total corporate
Foreign Government
Farm Loan issues
War Finance Corporation
Municipal
Canadian
United States Possessions..
(rAimelfnint
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE SIX
6 MONTHS ENDED JUNE SO.
1928.
1927.
1926.
New Capital. Refunding.
Total.
New Capital. Refunding.
CorporateNew Capital. Refunding.
Total.
Total.
Domestic$
$
$
$
$
$
$
$
bonds and notes_ 1.196.833.100 92332.4002,120,665,500
1
1.654,002,190 851.431.8102,505,434,000 1,363,364,830 290,993,1701,654,358,000
term
90.294,200
34.332.300 12462600
135,587,500
27011000 132,59800
167,666695
22559000 190225695
Preferred stocks
527,020.636 195,318,300 722,338,936
412,449,825
36,559,250 449.009,075
331,336,392
6,100.000 337,436,392
Common stocks
602,472,906 139,365.710 741,838,616
362,988,637
68,651.100 431,639,737
377,169.394
5.109,575 382 278,969
CanadianLong-term bonds and notes_
79 480,000
68,792,000 148,272,000
115,963,000
20,000,000
135,963,000
54,042 000
27,458,000
81,500,000
Short term
2,00.1,000
2,000,000
1,250.030
1.250,000
Preferred stocks
19,000,000
26,000,000
45,000,000
1,000,000
1,000,000
4,000,000
4,900,300
Common stocks
5.320,000
5.320.000
990,000
990,000
Other ForeignLong-term bonds and notes_ 347,381,500
46,118,500 393,500.000
150.340,000
12,510,000 162,850.000
182,124,000
182,124,000
Short term
10,000,000
10,000,000
8,000,000
8,000,000
4.000,000
4,000,000
Preferred stocks
9,850,000
9.850,000
10,000,000
10,000,000
Common stocks
27,281,750
27,281,750
5,355.625
5,355,625
26,410,740
3.419.300
29,830,040
Total corporate
2.914,934,092 1.433,759,210 4,348,693.302 2.817.688.777 1,016,163.160 3,833,849.937 2,522,354.051 355.639.0452,877.993.096
'
4 oreign Government
397,935,587 100,538,413 498.474,000
380.778.800
29,500,000 410,278,800
188,099,000
14,873,000 202,972,000
Farm Loan issues
37,100,000
37,100,000
49,750,000
92 800,000 142,550,000
74,300,000
40,200.000 114,500,000
War Finance Corporation
dunicipal
752,789.962
22,185,189 774,975.151
862.357,420
20,463,300 882,820,720
735,572,389
13,414,547 748,988,936
Canadian
25,640.000
25,640,000
38,510.000
28,969.000
67,479,000
53,792 000
46,000.000
99,792,000
United States Possessions_ _
5,685,000
5,345,000
5.685,000
5,345,000
8,288,000
8,288,000
Grand total
4,134,084,641 1.556,482,812 5.690,567,453 4,154,427.997 1,187.895,460 5.342.323,457 3.582,405,440 470,126,592 4,052,532,032
MONTHS ENDED
1925.
1924.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
$
$
$
$
s
1,240.898.675 273,333,525 1.514,232,200
171,223
156
,
12
5,377
1,189
96 60Long-term
118208,750
6867000
186,878,750 1,032Short 164,396000
25 270000 189,666,000
325,682,385
5,489,500 331 171,885 118,087.827
10,037,223 128 125,050
208,092.418
27.401,910 235,494,328 381,016,379
4.900,000 385,916,379
10,050,000
50,870,000
60,920,000
3,000.000
3,000,000
18,000,030
20,500,000
2,500,000
1.150,000
8,000,000
9,150.000
2,600,000
1,000,000
3.600,000
2,600,000
2,600,000
147.400,000
147,400,000
9,180,000
14,000,000
14,000,000
2,750,000
2,750,000
2,925,030
2.925,000
2,129,827,228 392.644 935 2,522,472,163 1,709,801,429
68,000,000 252,631,000 190.940,000
184,631,000
102,597,100
8,527.900 111,125.000 129,500,000
732,186.277
35,158,000
4,050.000
3,188,449,605
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE SIX MONTHS ENDED
1928.
1927.
1925.
6 MONTHS ENDED JUNE SO. New Capital.
Total.
Refunding.
.1%,ew Capital. I Refunding.
Total.
New Capital. Refunding. 1
Total,
New Capital.
Long Term Bonds and Notes$
$
$
$
$
$
5
$
Railroads
101,682.500 205,797,500 307,480,000
279,962,490 259,167,510 539,130,000
173.281.000
36,055.000
218,413,500
209.336.000
Public utilities
514.893.500 530,439,300 1,045..132,800
570,606,600 389,685,900 960.292.500
634.804.330 203.828.170 838,632,500
501.576,900
Iron, steel, coal, copper. &c
83.507.700
61.744.300 145.252.000
50,317,000
9,883,000
60.200,000
94.181.000
21.069.000 115,250.000
29.350.000
Equipment manufacturers
4,816,000
4,816,000
5.195,000
5.195.000
2,030.000
6,900,000
2,030,000
Motors and accessories
5.020,000
780,000
5,800,000
50.000,000
50.000,000
56.000.000
76.150.000
56.000,000
Other industrial & manufacturing
208,534,700 104.301.300 312,836,000
250,999,000
67,673,000 318.672,000
131.752,000
36.
716:666
168.508,000
119,207,800
Oil
21,489,000
26,011,000
47,500,000
199,716,600
46,683,400 246,400,000
44.015,000
7,935,000
55,400,000
51,950,000
Land, buildings, &c
327,980,700
68,950,000 396,930,700
289,846,000
28,271.000 318.117,000
310,443.500
10,142,000 320.585.500
318,227,700
Rubber
1,300,000
1.300.000
60.000,000
63,000,000
1,600,000
1,600,000
32,503.000
Shipping
2,360,000
2.360,000
6.900,000
6.900,000
3,159,775
Miscellaneous
354.470,500
40,719.500 395.190,000
221.302,500
22.578.000 243,880,500
145.132,000
2,058.000 147.190.000
78.283,000
Total
1,623,694,600 1,038.742.900 2.662,437,500 1,920,305,190 883,941,810 2,804.247.000 1.600.138,830 317,843,170 1.917,982,000 1.439.168.675
Short Term Bonds and NotesRailroads
12,500.000
17,000.000
29,500.000
6,500,000
6.000.000
24.500.000
12.500,000
Public utilities
40,422.000
4.150.000
44,572.000
30.130.000
20.895.000
51,025.000
33,760,000
10,825,000
44.585.000
54.330,000
Iron,steel, coal, copper, &c
400,000
400,000
2.300,000
2.300,000
6.000,000
19.415,000
6,000.000
Equipment manufacturers
'1,200,000
1,200.000
1,150,000
Motors and accessories
1.200,000
1.200,000
4,400,000
4,400,000
13,210.000
200.000
13,411
.100
Other industrial and manufacturing
4,103,900
2,488,100
6,592,000
9.150,000
4.450,000
13,600.000
42.700.000
4,500,000
14.318,750
47.200.000
Oil
6.505,800
10,694,200
17.200,000
30,200.000
30.200,000
12.966.000
1,034.000
7,000.000
14,000,000
Land, buildings, &c
12.687.500
12,687.500
19,847,500
1,666.000
21,513,500
10,386,500
10,386.500
17.770.000
Rubber
32,250,000
32,250,000
Shipping
125,000
125.000
500,000
500,000
5,000.000
Miscellaneous
22,475,000
22,475,300
18,235.030
18.235,000
14.644,195
14,644.195
6,725,100
Total
100.294,200
34,332.300 134,626,500
115,587,500
27.011.000 142,598,500
172,916,695
22,559,000
150,208,750
195,475,895
StocksRailroads
34.097.650 139,954,700 174,052,350
48,081,887
35,000.000
83,081.887
Public utilities
498.140,342 113,343,048 611.483,390
44.1,298,555
29,870,000 470,168,555
312.320.402
5.424,300 317,744,702
266,531,880
Iron, steel, coal, copper, &c
37,200,581
17,200,000
54,400.581
5.143.750
5.143.750
36,675.000
12,890.000
36.675.000
Equipment manufacturers
1.920,000
1.920,000
5.628,500
5.628,500
Motors and accessories
8.028,400
1,250,000
9,278,400
27,018,790
27,018,790
27,220.650
27,220,650
91,659.000
Other industrial and manufacturing 218.435.399
62,115,622 280,551,021
105.544.385
16,737.100 122,281.485
103,548,392
6,204,575 109.752,967
67.681,685
Oil
22,596,180
22,596,180
11.062.500
11,062,500
101,787,140
2.800.000 104.587.140
14,508,288
Land, buildings, &c
43,224,033
1,346.000
21.446.750
44.570.033
100,000
21.546,750
23.933,700
20.606,500
23,933,700
Rubber
11,362,975
1,042,400
12,405.375
2,701,675
2.701,675
1,464.537
750.000
1,464,537
Shipping
6.212,500
6,212,500
2,250.000
Miscellaneous
309,727.232
24.432.240 334.159,472
120.495.795
23.503.250 143.999,045
136,720.205
808,000 137,528,205
63,572.450
Total
1.190,945,282 360,684.010 1.551,629,302
781,794,087 105.210,350 887,004,437
749.298,526
15,236,875 764,535,401
540,449,803
TotalRailroads
148,280,150 362,752,200 511,032,350
328.044.377 294.167.510 622,211,887
179.781.000
42.055.000 221,836,000
242,913.500
Public utilities
1.053.455.842 647,932,348 1,701.388,190 1.041,035.155 440.450.900 1,481,486.055
980.884.732 220.077.470 1.200,962.202
822,438,780
Iron,steel, coal, copper. &c
121,108,281
78,944.300 200,052.581
5/,760,750
9,883.000
67,643,750
136.856.000
21,069.000
157.925,000
61,655,0u0
Equipment manufacturers
6,7.16,000
6,736,000
6.395,000
6,395.000
7.658.500
7,658,500
8.050,000
Motors and accessories
14,248,400
2,030,000
16,278,400
81,418,790
81,418,790
))...
96.430.650
200,
96,630,650
167,809,000
Other industrial and manufacturing 431,073.999 168,905.022 599,979.021
3115,693,385
88,860,100 454.553,485
278.000,392 47,461.575 325,460,967
201,208,235
Oil
50,590,980
36,705,200
87,.96,180
240,979,100
46.683.400 287,662.500
158.768,140
11,769.000 170,537,140
76,908.288
Land, buildings, &c
383,892.233
70,296,000 454,188,233
331,140,250
30.037,000 361.177,250
344.763,700
10,142.000 354.905,700
356,604,200
Rubber
12,662,975
1,042,400
13,705,375
2,701,675
60,000,000
62,701,675
35.314.537
35,314,537
33,250,000
Shipping
6,212,500
6,212.500
2.485,000
2,485,000
7.400,000
7,400,000
10,409,775
Miscellaneous
686.672.732
65.151.740 751.824,472
360,033,295
46,081.250 406,114.545
296.496,400
2,866.000 299.362.400
148,580.450
Total corporate securities
2,914.934,092 1,433,759.210 4,348.693.302 2.817.686.777 1.016.163.160 3.833.849.937 2,522,354,051 355.639.045 2,877.993.096 9 190 597 995
751,838,574 781,610,065
25,817,562
59,680,000
4,050,000
5,835,000
513,347,132 3,701.796,737 2,843,504.056
19.652.297
24,522,000
10 000,000
••1
2N;
19,180.000
214,332.600 1,924.134,029
130.000,000 320.940.000
129,500,000
7,134,908
6,650,000
788.744.973
32.467,562
5,835,000
358,117,508 3.201.621.564
JUNE SO FOR FIVE YEARS.
1925.
Refunding.
Total.
New Capital.
s
s
s
103,194,000
116,417,600
2,646,000
321,607,500 332,481,300
617,994,500 371,807,923
31.996.000
68,941.000
6,900,000
5,000,000
350,000
76,500,000
4,460,000
17,335,700 136,543,51 I
83,616,000
13,500,000
68,900,111
4.196,000
14,698.000 332,925,700 118,056,500
32,500,000
4,315,225
7,475,000
3,000,000
10,927,000
89,210,000
53.592,500
283,383,525 1,722,552,200 1,045,151,223
400,000
18,070.000
2.500,000
24,900,000
72,400,000
21,915,000
1.150,000
50,200,000
14.318,750
57,200,000
17.770,000
29,050,000
78,896,000
1,675,000
1,000,000
9,000,000
1.910,000
35,500,000
2,715,000
5,000,003
6,725,000
221,378.750
5,800,000
165,546,000
270.965.380
12,890,000
26,823,737
333,348,477
13,034,160
71,170,000
4,433,500
1,110,000
7,778,000
22.504,910
120,000
92,769,000
75,459.685
37.013,198
20,726,500
750,000
2,250,000
2,145,000
65.717.450
38,091.410 578,541,213
103,594,000
138,921,100
5,146,000
1.460,000
25,113.700
86.204,910
14.818,000
4.315,225
13,072,000
346,507.500
961,359.880
66,801,000
8,050,000
169,269,000
226,321.935
163,113,198
371,422.200
33,250.000
14,725.000
161.852.450
3,227,000
58,090,600
43,401.930
4,643,357
1,600,000
14,934.945
499,104,206
1924.
Refunding.
s
45.038,900
86.705,577
5,369,000
8,315,000
18.642,9,10
14,000
790,000
Total,
s
377,520,200
458,513,500
74,310.030
5,000,000
12,775,000
102,258.900
4,210,000
118,846,500
3,000,000
1,250,000
54,842,500
166,125,377 1,211,276,600
19,000.000
13,420,000
650,000
200,000
33,270,000
7,292,223
200.030
7,445,000
14,937,223
48,050,000
92.316.033
2.325.000
1,000,000
9,000,000
2,110,000
35,500,000
2,715,000
5,800,000
198,816,000
26.823,737
340.640.700
13,034,160
3,427.000
65,535,600
43,401.930
4,643,357
1,600,000
14,934.945
514,041,429
388,355,037
64,038,900 452,393,937
784,052.400 107.417,800 891.470.200
83,650,160
6,019,000
89,669,160
6,000,000
-------6,000,000
16,687,000
8,515,000
25,202,000
143,616.600
26,287.900 169,904,500
83,097,930
14,000
83,111,930
125,414,857
790,000 126,204,857
1,600,000
1.600,000
3,000,000
3,000,000
74,327.445
1,250.000
75,577,445
209 RAA 025 9 599 £79 152 1 7/10 RAI £90
91.1 229(AM 1 09A 1qA noc
0
-FINANCIAL CHRONICLE
JULY 14 1928.]
173
DETAILS OF NEW CAPITAL FLOTATIONS DURING JUNE 1928.
LONG-TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS).
Amount.
Purpose of Issue.
Price.
Public Utilities188,000 Acquisitions, improvements, &c__
5,000,000 Acquisitions, development, &c___
90
9334
8.000,000 Acquisiti, ns, construction, etc--
9834
5.000,000 Refunding; acquisitions, &c
95
3.500,000 Cap, expenditures; add'ns, &c___
5.000,000 Development of properties, &c___
750,000 Acquisitions, add'ns, exts., &c_ _ _
8,000,000 Refund short term loan;impts.,&c
91
100
98
9234
4.000,000 Acquisitions; working capital_ _-- 100
1,000,000 Acquisitions; working capital__
375,000 Refunding; improvements
1,000,000 Acquire Lorain County Tel. Co
98
101
100
1.100,000 Additions, extensions, &c
98
1,500,000 Property additions
1,650,000 Acquisitions
9234
98
1,000,000 Refunding; cap. expenditures, &c. 100
3,250,000 Acq, cap. stk. of subsidiary
99
1,700,000 Acq. cap. stk. of subsidiary
99
4.500,000 Refunding; other corp. purp
9834
1,000,000 Additions & extensions
99
70,000,000 Refunding; retire bank loans, &c.
1,000,000 Refunding
3,000,000 Acquisitions; cap'l expenditures..
9034
100
9734
1,000,000 Acquisitions; other corp. purposes 100
2,500,000 Acquisitions, add'ns & bettm'ts
100
1,900,000 Acq., other corp. pUrp01101......-
99)9
To Yield
About.
Company and Issue, and by Whom Offered.
%
5.85 Associated Public Utilities Corp. 1st Lien Is "13," 1948. Offered by E. H. Rollins & Sons, Bond
& Goodwin, Inc., and G. V. Grace & Co., Inc.
6.50 Brandenburg Electric Pr. Co. (Germany) 1st M. 68, 1953. Offered by E. H. Rollins & Sons.
and Equitable Trust Co. of New York.
6.15 Consolidated Gas Utilities Co. (Del.) 1st M.& Coll. 68 "A," 1943. Offered by G. E. Barrett &
Co., Inc., Battles & Co., and Hale, Waters & Co.
5.33 Diversified Investments Incorporated (Del.) 30-Yr. Deb. 55 "A," 1958. Offered by Telephone
Bond & Share Co., R. F. De Voe & Co., Inc., Guardian Detroit Co., Inc., Harrison, Smith &
Co., and Harper S: Turner.
6.75 East Prussian Pr. Co.(Germany) 1st M.6s, 1953. Offered by Harris, Forbes & Co., and International Acceptance Bank, Inc.
6.00 Gesfurel (Germany) Deb. 6s, 1953. Offered by Harris, Forbes & Co.
5.15 Greenwich Water & Gas Co. Coll. Tr. Is "A," 1952.. Offered by P. W.Chapman & Co., Inc.
6.53 Hamburg Elevated Underground & Street Railwlys Co. (Germany) 534s, 1938. Offered by
Brown Bros. & Co., International Acceptance Bank, Inc., and Illinois Merchants Trust Co.
6.50 Kentucky Fuel Gas Corp. 1st M.6345"A," 1942. Offered by Zwetscla, Heinzelmann & Co., Inc.,
Paul & Co., and Freeman, Smith & Camp Co.
6.75 Kentucky Fuel Gas Corp. Cony. Deb. 6348, 1938. Offered by Zwetsch, Heinzelmann .4 Co., Inc..
Paul & Co., and Freeman, Smith & Camp Co.
5.45 Lake Ontario Pr. Corp. 1st M.534s, 1957. Offered by J. A. W.Iglehart & Co., Baltimore.
5.00 Lorain Telephone Co. 1st M.Is "A," 1958. Offered by R. F. De Voe 8, Co., Inc., A. M.Lamport
& Co., Inc., and Union Trust Co., Chicago.
7.20 Luneburg Power, Light & Waterworks, Ltd. 1st M. 75, 1948. Offered by Potter & Co., New
York and Foreign Trade Securities Co., Ltd., New York.
5.00 Missouri Pr. & Light Co. 1st M. 4345 "B," 1958. Offered by E. H. Rollins & Sons.
5.10 Newport Water Corp. lst Lien Is, 1953. Offered by West & Co., W. S. Hammons & Co., and
Arthur Perry & Co.
6.00 Northern Electric Co.(Wisc.) and Northern Paper Mills Deb. 611. 1943. Offered by A.B. Leach
& Co., Inc., N. Y., and Paul H. Davis and Lewis-Dewes 8: Co., Inc., Chicago.
6.10 Northern Utilities Co. 1st Lien Os "A," 1943. Offered by Geo. M.Formals & Co., Inc., and Moore.
Leonard & Lynch.
6.60 Northern Utilities Co. Deb 6348, 1943. Offered by Geo. M. Forman & Co., Inc., and Moore.
Leonard & Lynch.
4.59 Rockland Light & Pr. Co. 1st Ref. Mtge. 434s "A," 1958. Est•tbrook & Co., Chas H. Tenney &
Co., Edw. M. Bradley & Co., Inc., II. P. Wood & Co., and Putnam 8, Co.
6.10 Suburban Light & Pr. Co. (Alliance, 0.) Deb. 68, 1948. Offered by Chas. D. Robbins & Co.,
and Vought Sr Co., Inc.
6.80 Tokyo Electric Light Co., Ltd. 1st M.Gold Bonds6% Dollar Series, 1953. Offered by Guaranty
Co. of New York, Dillon, Read & Co., Lee, Higginson & Co., Harris, Forbes & Co., Blyth.
Witter & Co., Bonbright & Co., Inc., Bankers Trust Co., New York, The Union Trust Co. of
Pittsburgh, Mellon National Bank, Pittsburgh, the First National Corp. of Boston, Halsey.
Stuart & Co., Inc., Hayden, Stone & Co., Brown Brothers & Co., J. & W. Seligman & Co..
International Acceptance Bank, Inc., H. M. Byllesby S: Co., Inc., Stone & Webster and
Blodget, Inc.. Field, Glore & Co., W. A. Harriman & Co., Inc., Edward B. Smith & Co.,
W. C. Langley & Co., E. H. Rollins S: Sons, J. G. White & Co., Inc., Hemphill,Noyes & Co.,
Illinois Merchants Trust Co.. Continental National Co., First Trust & Savings Bank, Chicago.
the Union Trust Co., Cleveland, Otis & Co. and the Mitsui Bank, Ltd.
5.00 Union Public Service Co.(Minn.) lot M.55 "A," 1958. Offered by First Minneapolis Trust Co..
Harold E. Wood & Co., Minneapolis and Northwestern Trust Co., St. Paul.
5.70 United Public Utilities Co. 1st Lien 5%s"B," 1947. Offered by Thompson Ross & Co.. Hambleton
Sr Co.. and Hale, Waters & Co.
5.50 United Telephone & Telegraph Co. 1st Lien 5348"A," 1953. Offered by Arthur Perry & Co.
5.00 West Coast Telephone Co. 1st & Ref. M.Is "A," 1953. Offered by Peirce, Fair & Co., American
National Co., myth, Witter & Co., and Bond & Goodwin St Tucker, Inc.
9.03 Western Utilities Corp. 1st Lien Coll. Tr.5348, 1948. Offered by Federal Securities Corp., Chicago,
and Freeman, Smith & Camp Co.
136,913,000
Iron, Steel, Coal, Copper,&c.
987,000 Refunding
100
400,000 Reduce curr. debt; working cap'l
400,000 New equipment; Construction_ _ _
100
6.00 Alabama By-Products Corp. 1st Cons. & Ref. M.68, 1955. Offered by Ward, Sterne & Co.. and
American-Traders National Bank.
5.45-6.50 (W. K.) Henderson Iron Works & Supply Co., Ltd. (Shreveport, La.) 1st M.630, 1929-40.
Offered by Whitney-Central Banks, New Orleans.
6.50 Wakenva Coal Co-Inc.Cony.Coll.Tr.6%s,1947. Offered by M.-W.Bradermann Co.,Inc., N.Y
1,787,000
Other Industrial & Mfg.50,000,000 Refunding
20,000,000 Development; new construction_ _ _
9434
100
250,000 New construction; other corp purp. 100
500,000 Retire bk,debt;impts
200,000 General corporate Purposes
100
160,000 Additional capital
6,000,000 Refunding; acquisitions, &c
98%
750,000 Retire mtge, debt; wkg. capital... 100
.stk.,&c_ _ _ _ 100
3,000,000 Refunding:retire pref.
5,000,000 Capital expenditures; wkg.cap.Scc _
95
5,400,000 Retire bank loans & other debt.... 99b
2,500,000 Acquisitions;new construction.... 99
2,500,000 Acq.cons.stk. of inactive interests 100
1,500.000 Construction, acquisitions, Ae...... 100
250,000 Acquisitions; wkg.capital
100
4,000,000 Retire funded debt, curr. nab.. &c. 9734
500,000 General corporate purposes
100
600,000 Expansion of business
101
350,000 Refunding;retire pref stk
1,500,000 Acquisition of property
97%
3,500,000 Refunding;Construction,&c......
1.400,000 Acq.& retire $ias. of constituents_
100
250,000 Refunding; wkg.cap.,&c
400,000 New mill; wkg.capital
98%
100
1,250,000 Extensions, betterments,&c
2,000,000 Acquire Wayne Co.(Ind.)
100
99%
5.40 Abitibi Pr. & Paper Co., Ltd. (Canada) 1st. M. Is "A" 1953. Offered by Nat. City Co.: Lee.
Higginson & Co.; Peabody, Smith & Co., Inc.; Peabody, Houghteling & Co.; Royal Securities
Corp.; Shawmut Corp. of Boston; Old Colony Corp.; Union Tr. Co. of Pittsburgh; Hemphill,
Noyes & Co.; Continental Nat. Co.; First Tr. & Savings Bk. of Chicago; Anglo-London-Paris
Co. and Anglo-California Trust Co.
5.00 Aluminum Ltd.(Canada) Deb. 55, 1948. Offered by Union Tr. Co. of Pittsburgh; Guaranty Co. of
N.Y.; Bankers Tr. Co.. N.Y.; Lee, Higginson & Co.,and Mellon Nat. Bank,Pittsburgh.
6.00 Bohnsack Brick Co. lst M.6s, 1930-38. Offered by Detroit Co., Inc.
5.75-6.50 Capital City Products Co. 10-yr. Mtge. 630, 1929-38. Offered by First Citizens Corp.; Raymond
T.Brower, Inc.; Will Thomson Co.;Ohio Nat. Bk.and R.V. Mitchell & Co., Columbus,0.
6.00 Chicago Rivet & Machine Co. Deb,65, 1935. Offered by Ralph A.Bard & Co., Chicago.
5.70-6.50 Compound & Pyrono Door Co.(Sc. Joseph, Mich.) 1st M. 634s, 1930-39. Offered by Cress.
McKinney & Co., and Link, Petter & Co.; Benton Harbor, Mich.
5.14 Container Corp. of America, Deb. 58, 1943. Offered by Nat. City Co.; E.H. Rollins & Sons, and
Spencer Trask & Co.
6.50 Duplex Envelope Co., Inc. 1st M. es. 1928-43. Offered by American Trust Co., and American
National Bank, Richmond, Va.
6.00 Frick-Reld Supply Corp. Deb.6s, 1943. Offered by Blair & Co., Inc., and the Bk. of Pitta's., N.A.
6.45 General Electric Co.(Germany)20-Yr. Deb.6s, 1948. Offered by Nat. City Co.
6.09 General Rayon Co., Ltd. Deb.65, 1948. Offered by Field, Glore 4: Co.; Blyth, Witter dr Co.. and
Lehman Bros.
6.10 Grays Harbor Pulp Co. 1st M.6s, 1943. Offered by Blyth, Witter & Co.
6.50 Greiss Pfleger Tanning Co. 1st M.530, 1948. Offered by A.G.Becker & Co.
11.50 Blade & Dauch Paper Co. of Canada, Ltd. 1st M.534s"A" 1948. Offered by A.E. Ames dr Co.;
Ltd.; Maynard 11. Murch & Co.; Guardian Tr. Co., Cleveland, and McDonald, Callahan & Co..
Cleveland.
6.00 (Lewis D.) Johnson & Son,Inc.(of Tennessee) 1st M.65, 1929-36. Offered by Peoples Securities
Co., Charleston,S.C.
6.75 Koholyt Corp.(Germany) 1st(c) M.6 Ms,1943. Offered by A.G.Becker & Co.
5.00 Marquette Cement Mfg. Co. 1st M.55, 1941-45. Offered by Hitchcock & Co., Chicago.
5.99 McKinney Mfg. Co. (Pittsburgh) 1st M.68, 1943. Offered by First Nat. Bk. at Pittsburgh and
Peoples Savings & Tr. Co. of Pittsburgh.
534-534(Fred) Med a rt Mfg. Co. 18t M.5 yis, 1928-38. Offered by Mark C.Steinberg & Co.,St. Louis.
5.75 Moloney Electric Co. Deb, 534s, 1943. Offered by Mark C. Steinberg & Co.; Lorenzo E. Anderson
& Co., and Imbrie & Co.
5-534 Nekoosa-Edwards Paper Co.(Port Edwards. Wisc.) 1st M. 58 "A," 1929-43. Offered by Illinois
Merchants Tr,Co.; First Tr.& Savings Bk.. Chicago. and First Wisconsin Co., Milw.
6.00 (The) Osgood Co.(Marion.0.) Deb,65, 1938. Offered by Peabody,Smith & Co., Inc., and Hemphill, Noyes & Co.
6.65 Sawyer Tanning Co.(Napa, Cal.) 1st M.630, 1942. Offered by H.S. Boone & Co.,San Francisco.
6.50 Shaffer Box Co.(Tacoma,Wash.)1st M.634s"A" 1930-43. Offered by Wm.P.Harper,Baillargeon.
Winslow & Co.: Dean, Witter & Co.. Seattle, and Nat. Bk.of Tacoma.
6.50 Vancouver Kraft Co.,Ltd.(Canada) 1st M.6 Ms, 1943. Offered by Bond & Goodwin & Tucker.IIM.
6.05 The Wayne Pump Co. Deb.68, 1948. Offered by Shields & Co.,Inc.
113,760.000
Oil10,000,000 Finance constr. of pipeline, devel_
1,500,000 Acquisitions; working capital
1,500,000 Acquisitions, new pipeline,&c.. _
4,000,000 Acquisitions,extensions,&c
17,000,000
100
100
9934
99
6.00 Colon Oil Corp.(Del.) Cony. Deb.68, 1938. Offered by Lee. Higginson & Co., and Hayden,Stone
& Co.
6.00 Hickock Oil Corp.(Toledo, 0.) Deb.68, 1938. Offered by Central Tr. Co. of Illinois. Chicago.
6.56 Missouri-Kansas Pipe Line Co. 1st M.6348"A" 1940. Offered by P. W.Chapman & Co..Inc., and
Throckmorton & Co.
6.13 The Palmer Corp. of Louisiana, 181 M. 65, 1938. Offered by Taylor, Ewart & Co.. Inc.. and
Continental National Co.
Land, Buildings, &c.
1,000,000 Provide funds for loan purpolieS- -. 100
625,000 Finance constr,of bldg
5.000,000 Refunding
5.50 Atlantic Mtge. Co. (Durham, N. C.) let Coll. 534a, "A" 1930-38. Offered by Union Tr. Co. of
Maryland, Baltimore,
Back Bay Hotel Garage, Inc.(Boston) Gen. Mtge. Cony.6348"A" 1947. Offered by Plinpton
Plimpton, Boston, and A.H.Sawtelle Co., Buffalo,
5.00 Bankitaly Mtge, Co.. 1st M.R.E. Coll. 85"A" 194$. Offered tiv Brincitaly Corn., N.Y.
Prices on applica.
100
FINANCIAL CHRONICLE.
174
Any mt.
Purpose of Issue.
Price.
Land, Buildings, &c. (Cond.)
1.000,000 Continueliquidation program
550,000 Finance constr. of bldg
100
3,000,000 Finance constr. of bldg
100
450,000 Addition to building
100
250,000 Development of bus. prcp., &c- 215,000 Finance constr. of apt
3,400,000 Finance constr. of bldg
9854
100
500,000 Real estate mortgage
100,000 Real estate mortgage
1,500,000 Refunding;alterations &impts___ 150,000 Real estate mortgages
250,000 Real estate mortgage
325,000 Real estate mortgage
100
100
100
100
100
550,000 Finance constr. of bldg
375,000 Finance constr. of hotel bldg
100
650,000 Real estate mortgages
2,650,000 Finance construction of bldg
100
100
125,000 Finance construction of bldgs
75,000 Improvements to property
1.500,000 Finance construction of bldg
180,000 Real estate mortgage
100
RO
1,200,000 Finance construction of apartment 100
100
1,200,000 Acquisitions & improvements..
315,000 Finance construction of apt
78,000 Real estate mortgage
100
100
160.000 Finance construction of bldg
100
500.000 Provide funds for lo..n purposes
100
850,000 Retire ineebt.; other corp. purp_ _
800.000 Fin.conatr.of bldg.; oth.corp.purp_
ioo-
150.000 Finance constr. of bldg
100
350,000 Finance constr. of hotel bldg.__
150,000 Finance constr. of building
350,000 Finance lease of property
100
100
560,000 Finance constr. of building
100
1.000,000 Refunding
160,000 Finance constr. of hotel
70,000 Real estate mortgage
80,000 Finance constr. of building
1,100,000 Finance constr. of building
650,000 Refunding; other cap. purp
Company and Issue, and by Whom Offered.
5-5)5 Baptist General Convention of Texas, Direct Obligation 534s"A" 1928-37. Offered by Bitting &
Co., and Geo. H.Burr & Co.. St. Louis.
6.00 Benjamin Franklin Hotel Bldg.(Seattle, Wash.) 1st M.654s, 1931-41. Offered by W.D. Corner
& Co., Seattle.
5.50 Book Washington Boulevard Bidgs.(Detroit) 1st M.Fee 5545, 1948. Offered by American Bond
& Mtge. Co., Inc.
6.00 (The) Brown Bldg (Wichita, Kans.) 1st 25.68. 1930-40. Offered by the Guarantee Title & Tr. Co.,
Wichita, Kans.
6.30 Iildgs. Development Co.(Chicago) 6-Yr. Coll. Tr. 68, 1934. Offered by Old Dearborn State Bank.
Chicago.
5.50 Calvert Apts.(Harrison, N.Y.) 1st M.534s. 1930-38. Offered by Empire Bond dr Mtge. Corp., N.Y.
5.57-6.00 Carbide and Carbon Bldg. (Chicago) 1st M. Bldg. & Leasehold 68, 1931-40. Offered by Greenebaum Sons Securities Corp.
5.30-6.00 Carlson Bldg.(Evanston, Ill.) 1st NI. Bldg. & Leasehold 6s, 1928-40. Offered by Greenebaum Sons
Securities Corp.
5.00 Catholic Bishop of Spokane, Wash. 1st M. 5s, 1943. Offered by Old Nat. Bk. & Union Tr. Co.,
Spokane.
6.00 Cent. Oakland Block,Inc.(Oakland,Cal.) 1st M.6s, 1931-45. Offered by Anglo-London-Patis Co.
6.00 Chicago Casket Co. 1st M.Lshd 6s, 1929-38. Offered by Bartlett, Knight & Co., Chicago.
6.00 Christy Bldg.(Highland Park,Mich.) 1st M.6s, 1929-38. Offered by Amer.Bond & Mtge. Co.,Inc.
5.50 Commercial Investment Corp. (Tulsa, Okla.) 1st M. 554s, 1929-40. Offered by Mortgage &
Securities Co., New Orleans.
5-5.09 Congregation Mishkam Tefila (Boston) 1st M. 5548, 1929-53. Offered by Atlantic-Merrill Oldham Corp.
6.00 Daley-Moffat Hotel (Lake Charles Hotel Bldg. Co.. Inc.) Lake Charles, La. let M. Os, 1930-42.
Offered by Cleaver, Vass & Co., Canal Bank & Trust Co., and Moore, Hyams & Co., New On.
6.50 Del Mar Club Corp. 1st M. 6345, 1929-43. Offered by Bayly Bros., Inc.. Los Angeles.
6.00 Embassy Theatre (Boardwalk Properties Co.) Atlantic City, N. J. 1st M. Fee 6s, 1938. Offered
by S. W. Straus & Co., Inc.
5.20-5.79 First Baptist Church (San Marcos,Tex.) let M.68, 1929-38. Offered by Whitaker & Co., St. L.
5-5)4 First Presbyterian Church of Memphis,Tenn. let M.5345, 1929-38. Offered by Union & Planters
Bank & Trust Co., Memphis.
6.50 520 North Michigan Ave. Bldg.(Chicago) 1st M. Lien 654s, 1958. Offered by Federal Securities
Corp., Chicago and Hill, Joiner & Co.. Inc.
5.53 Flatbush Post Office Station (Brooklyn, N. Y.) 1st M. 554s, 1934. Offered by Love, Bryan &
Co., Inc., St. Louis.
6.25 40 East Oak Street (Chicago) 1st M.6348, 1931-40. Offered by H.0. Stone & Co., Chicago.
6.00 Frye Investment Co. 1st M. 6s, 1938. Offered by Geo. H. Burr, Conrad St Broome, Inc., and
Peirce, Fair & Co.
6.00 Glenbrook Apts. (Stanford, Conn.) 1st M.(18. 1929-38. American Bond & Mortgage Co., Inc.
6.50 Hancock Park Apts. (Los Angeles) 1st M. 6345, 1930-38. Offered by Angelus Securities Corp..
Loa Angeles.
5.50 Highbridge Station Post Office (N. Y.) 1st M. 554s, 1938. Offered by Love, Bryan & Co., Inc.,
St. Louis.
5.50 Home Mortgage Co.(Durham. N. C.) 1st M.Coll. 5345 0," 1930-40. Offered by Reserve Security
Corp., New York.
5.47-6.00 Hotel Eastgate (Chicago) 1st M. 6s, 1930-38. Offered by Greenebaum Sons Securities Corp.
6.00 Hotel Hildebrecht (Trenton, N. J.) 1st M.68, 1931-38. Offered by American Bond & Mtge. Co..
Incorporated.
5.50 (The) Independent Presbyterian Church of Savannah Deb 534s, 1928-47. Offered by the
Citizens dc Southern Co.
5.45-6.00 (Alex.) Johnson Hotel(A. C.Johnson Hotel,Inc.) Rapid City, S. D. 1st M.68, 1930-40. Offered
by Minnesota Loan & Trust Co., Minneapolis.
6.00 (F.) Kalil et al (Monroe. La.) 1st M.68, 1929-40. Offered by Mortgryte & Securities Co., New On.
5.50 Kresge Store Bldg. (K. C., Mo.) Ground Rent 538% Bends, 1928-47. Offered by Stern Bros. &
Co., K.C. Mo.
6.00 Lake Shore Castles (Chicago) let M.68, 1931-40. Offered by Garard Trust Co.. Chicago.
5.50-3.00 The Louise Manor (Chicago) let M.68, 1930-35. Offered by Chicago Trust Co.
190,000 Finance constr. of apartment_ _
100,000 Retire mtge.; acquire proPerty
To Yiekt
About.
[Vor.. 127.
Price on application Lutheran Hospital (Moline, III.) 1st M. 5545, 1931-38. Offered by Real Estate Mortgage Trust
Co.. St. Louis.
100
6.00 Manufacturers Realty Trust(Chicago) 1st & Gen. Mtge.68, 1938. Offered by Peabody, Houghteling & Co., and Jas. H. Causey lz Co., Denver.
100
6.00 (The) Marquette Hotel (Cape Girardeau, Mo.) 1st (closed) M. 68, 1930-39. Offered by Waldhelm-Platt & Co., St. Louis.
100
5.00 Mary Place Realty Co. (Minneapolis) 1st M. Leasehold 58, 1930-52. Offered by W. W. Heffelfinger, Minneapolis.
100
5.50 Masonic Temple Bldg. (Sapulpa, Okla.) 1st M. 5545, 1929-48. Offered by Pick-Brown & Co..
Denver.
Price on application McCroy's 32 South State Street Bldg.(Chicago) 1st M.Leasehold 68, 1943. Offered by American
Bond dr Mortgage Co.. Inc.
100
5.00 Medical Arts Bldg. (Balt.) 1st M.58, 1938. Offered by Century Trust Co., Baltimore.
5.45-6.00 Methodist Episcopal Church, South-Southern College (Lakeland, Fla.) 1st M. 65, 1930-41.
Offered by Oliver J. Anderson & Co., St. Louis.
6.00 Michigan Bldgs. Co. (Detroit) 1st M. 65, 1938. Offered by Equitable Trust Co., and Ramsey.
Gordon & Co., Detroit.
5.50 Mortgage Corp. of Virginia 1st M. 534s Series 1 due, 1929-38. Offered by Scott & Stringfellow,
165.700 Provide funds for loan purposes__ _ 100
Richmond, Va.
5.65 Mortgage Security Corp. of America (Norfolk, Va.) 1st Lien 534s Series B-N. Y., 1943. Offered
98)4
500,000 Provide funds for loan purposes
by E. It. Rollins & Sons.
100
5.00 Northern Life Tower Bldg.(Seattle) 1st 25.58, 1930-38. Offered by First National Bank, National
1.075,000 Finance constr. of building
Bank of Commerce, Marine National Bank, Seattle National Bank, Peoples Bank & Trust Co.,
Dexter Horton National Bank, National City Bank, and Metropolitan National Bank, all of
Seattle.
5J4-6 North Park Business Block (Buffalo, N. Y.) 1st M. 68, 1928-40. Offered by Straus Bros. CO..
500,000 Retire mtge. debt; 0th. corp. purp.
Inc.. Buffalo. N. Y.
5.30-6.00 (The) Orrington (Chicago) 1st M.68, 1929-40. Offered by Greenebaum Sons Securities Corp.
1,975,000 Retire exisrg debt;0th.corp. purp.
5.75 Pierrepont Hotel Corp.(Brooklyn, N. Y.) 1st hl. Fee 554s, 1940. Offered by W.S. Straus & CO..
100
1,175.000 Finance construction of bldg
Incorporated.
6.00 Prudential Securities Co. (Chicago) Coll. Trust 68 "A," 1938. Offered by American Bond &
250,000 Finance pur. of co-operative opts 100
Mortgage Co., Inc.
5.50 Pythian Bldg.(St. Louis) let 25.5345, 1930-43. Offered by Waldhelm-Platt & Co., Inc.. St. Louis.
100
550,000 Improvements to property
6.00 Raulf Realty Corp. 1st M.Coll. 68. 1930-38. Offered by Second Ward Securities Co., Milw.
100
900,000 Real estate mortgages
5.85 Realty Foundation, Inc. Guar. Panic. Sec. 135 "C," 1948. Offered by National American Securi1,000,000 Provide funds for loan purposes- 101
ties Co.. ew York.
100
6.00 Rienzi Co.(Chicago) 1st M. fis, 1940. Offered by Continental National Co., Chicago.
1,400.000 Refunding; construction, &c
100
6.25 River View Apts. (Cincinnati) 1st M.634s. 1931-40. Offered by Fidelity Bond & Mortgage Co..
440,000 Finance constr. of apartment
St. Louis.
5.00 Roman Catholic Bishop of the Diocese of Tucson, Arizona 58, 1948. Offered by Bitting & Co..
100
100,000 Acquisitions, improvements
St. Louis.
250,000 Finance constr. of hospital bldg_ _ Price on application St. Mary's Academy,Inc. 1st M. 58, 1930-48. Offered by Latayette-South Side Bank, St. Louis.
6.50 Security Bldg. (Minneapolis) 1st M. Leasehold 634s, 1945. Offered by Minton, Lampert & Co.,
100
275,000 Real estate mortgage
Chicago.
6.00 Shea Theatre Properties let M. Part Fee and Part Leasehold (is, 1929-43. Offered by American
100
500,000 Real estate mortgage
Bond & Mortgage Co., Inc.
5.80 Sherry-Netherland Hotel (N. Y. City) 1st M.5348 "A," 1948. Offered by Manufacturers Trust
9954
6,000,000 Refunding
Co.. N. Y., S. W. Straus & Co., Inc., and Financial & Industrial Securities Corp.
Sherry-Netherland Hotel(N.Y. City) Junior Partic. 1st M.654s"B," 1937. Offered by Syndicate
6.25
100
1,000,000 Refunding
headed by S. W.Straus & Co.. Inc.
6.00 (Geo. W.) Shirley (Gulfport, Miss.) 1st M.65, 1929-38. Offered by Union Title Guarantee Co.,
100
80,000 Finance constr. of building
Inc., New Orleans.
5.50 The Sisters of the Holy Names of Jesus and Mary (Tampa, Fla.) let M.5548, 1930-43. Offered
100
150,000 Improvements to property
by Canal Bank & Trust Co., New Orleans.
6-034 Sixty-Three Rutledge Ave., Inc. (Charleston. S. C.) 1st M. 6s, 1929-38. Offered by Peoples
85,000 Improvements betterments, &cSecurities Co., Charleston, S. C.
5.00 Society of MarY.Province of Cincinnati Direct obligation let & Ref. 58 "A," 1929-48. Offered by
100
1,350,000 Real estate mortgages
Bitting & Co., Bt. Louis, and Ferris & Hardgrove, Spokane.
5.50 Southern Baptist Convention-Home Mission Board 1st M. 5348, 1929-43. Offered by &ix &
100
300.000 Refunding; other corp. purposesCo., and Oliver J. Anderson & Co., St. Louis.
4.50 State Agricultural College (Corvallis, Ore.) Dormitory Bldg. 434s, 1929-48. Offered by Geo. H.
100
440,000 Real estate mortgages
Burr, Conrad & Broome, Inc.
6.00 Steuben Bldg.(Chicago) 1st M. Fee Os "A," 1943. Offered by Halsey, Stuart & Co., Inc.
100
3,500.000 Finance constr. of bldg
6.50 United States Bond & Mortage Corp. Coll. Tr. 634e, 1940. Offered by S. W.Straus & Co., Inc.
100
2.000,000 Provide funds for loan purposes
5.50 United States Mortgage Bond Co.(Des.) 1st M.Coll. Tr.550. Series 5,000 due. 1930-38. Offered
1,000,000 Provide funds for loan purposes- 100
by Colonial Mortgage Investment Co., Baltimore.
5.50 United States Mortgage Bond Co.(Det.) lst M.Coll. Tr.5345 Series 100 due, 1930-38. Offered by
1,000,000 Provide funds for loan purpose... 410
Colonial Mortgage Investment Co., Baltimore.
6.00 Waco (Tex.) Medical Arts Bldg. 1st M.fts, 1931-40. Offered by Fidelity Bond & Mtge. Co., St. L
300,000 Finance construction of bldg.... 100
5.47-6.00 Warren Court Apts.(Chicago) let M.6s, 1930-38. Offered by Greenebaum Sons Securities Corp.
250,000 Finance construction of apartment
6.00 Warrington Apts. (Gillet Realty Corp.) 1st (closed) M.6s, 1952. Offered by Gillet & Co., Bait.
1,000,000 Fir alce construction of apartment 100
6.00 Wells Garage (Chicago) 1st M.68. 1929-36. Offered by Huszagh, Musson & Co.. Chicago.
120,000 Real estate mortgage
100
6.00 Wesley Temple Bldg. (Minneapolis) 155 M. 65, 1931-43. Offered by Fidelity Bond & Mortgage
900,000 Finance construction of bldg-100
Co., St. Louis.
West Coast Theatres, Inc., of Calif. let M. 6548, 1929-43. Offered by Schwabacher & Co.
225,000 Finance construction of apartment
554-654
Los Angeles.
Inc.(Los Angeles), 1st M.634s, 1930-44. Offered by Biankenhorn & Co., Inc..
Wilshire-Shatto,
8.50
350.000 Real estate mortgage
100
Los Angeles.
Club (New Orleans) let M. 68, 1932-43. Offered by New Orleans
Gymnastic
Young
Men's
200,000 Real estate mortgage
6.00
100
Securities, Inc.
negt.7
325,000 Real estate mortgage
300,000 Refunding: other corp. purp
100
JULY 14 1928.]
Amount.
175
FINANCIAL CHRONICLE
Price.
Purpose of Issue.
Miscellaneous5,000,000 Prov. for Investm't Purposes
120e
1,000,000 Acquisitions
100
To Yield
About.
94%
2,000,000 Effect mortgage loans
2,217,000 Acquire timber lands
200,000 Acquisition of properties
25,000,000 Provide funds for loan purp.; drc
7.50
100
6.00
100
97%
6.50
6.70
96
7.30
200,000 Retire mtge. debt.; cap.expentlit's 100
6.50
6,000,000 Acquire mortgage obfgations
6,000,000 Provide funds for investm't purp
1,100,000 General corporate purposes
94%
98%
2,000,000 Finance construe, of bridges
3,000,000 Refunding
5.45
6.20
100
99
2,000.000 New bldg.; gen.ecrp. purposes....
7.00
5.40
98%
7.12
1,250,000 Acq. note issue of Chic. Eve.Post 101
600,000 Retire all debt other than current_
6.37
5.78-6.00
400,000 Acquisitions, construction, &e_ _ - 100
150,000 Working capital
6.50
100
7.00
12,000,000 Refund., new lo!dg., oth. corp. pur. 100
5.00
1,750,000 Retire notes pay., mtges., dett,dre.
300,000 Improvements & additions
5.75
5%-6
97%
Company and Issue, and by
Shorn Offered.
Aldred Investment Trust (Boston) Shareholders' Debentures. Offered by company to holders of
Shareholders' Debentures; underwritten.
American Silica Corp. (Ottawa, Ill.- 1st M. 6348. 1943. Offered by Blyth, Witter dc Co. and
Central Trust Co. of Illinois.
Bank of Colombia (Colombia, S. A.) 78. 1948. Offered by F. J. Lisman & Co. and First Federid
Foreign Investment Trust.
Calaveras Timber Co. 1st M.68, 1938. Offered by The Michigan Trust Co., The Detroit Co.. Inc,
and Baker, Fentress & Co.
Chew Publications, Inc., Coll. Tr. 6548, 1943. Offered by First Citizens Corp. Cotumbles, 0.
Consolidated Agricultural Loan of German Provincial and Communal Banks
' Sec. 6345, "A,"
1958. Offered by Lee, Higginson dr Co. and Harris, Forbes dr Co.
European Mortgage & Investment Corp. 1st Lien is, "C," 1967. Offered by Lee, Higginson &
Co. and J. Henry Schroder Banking Corp.
(J. D.) Halstead Lumber Co.(Los Angeles) 1st M.6345, 1929-38. Offered by Los Angeles Investment Securities Corp., Los Angeles.
International Securities Corp. of America Deb. 5s, 1947. Offered by Harris, Forbes & Co.
Iron City Sand & Gravel Co. 1st M.6s, 1940. Offered by Townsend Scott dr Son and Stein Bros.
dr Boyce, Baltimore.
James River Bridge Corp. Deb. 78, 1943. Offered by Paine, Webber & Co.
Kaufmann Dept. Stores Securities Corp. 8-year Coll. Tr. 534s. 1936. Offered by Goldman
Sachs & Co.
Leipzig Trade Fair Corp.(Germany) 1st M.78, 1953. Offered by Brokaw & Co., Chicago; Foreign
Trade Securities Co., Ltd.. and Second Ward Securities Co., Milwaukee.
Maryland Securities Corp. Coll. Tr. 6345, 1938. Offered by Messer, Wiliaman & Co. and Merrill,
Lynch & Co
McGorvin-Foshee Lumber Co. (Willow, Fla.) 1st M. 68, 1930-38. Offered by Baker. Fentress
dr Co., Chicago.
Parr-Richmond Terminal Corp.(Richmond, Cal.) let M.6348, 1943. Offered by Dean. Witter
dr Co.
Redlick Furniture Co. (Oakland, Cal.) Coll. Tr. Sec. 78, 1929-38. Offered by Jos. C. Tyler dc
Co., San Francisco and Murphey, Fevre & Co., Spokane.
Strawbridge & Clothier 1st M. 55, 1948. Offered by Brown Bros. & Co., Janney & Co., Hornblower & Weeks and Cassatt & Co.
United States Trucking Corp. 1st (c.) M.53.4s, 1943. Offered by Lee. Higginson & Co.
Wisconsin Great Lakes Coal & Dock Co. (Milwaukee) 1st M.68, 1929-36. Offered by Kalman
& Co., St. Paul.
72,167.000
SHORT-TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS).
Amount.
Purpose of Issue.
Price.
To Yield
About.
Public Utilities882,000 General corporate purpows
100
240,000 Acquisitions, other corp. purposes_ 99%
375,000 Refunding,improvements
100
500,000 Acquisitions, other corp. purposes_
4,000,000 Acquisitions, construction
900,000 General corporate purposes
1,050,000 Acquisitions; other corp. purposes_
99%
100
99
Company and issue, and by Whom Offered.
Central West Public Service Co. 1-year 55, Jan. 1 1929. Offered by Porter. Fox & Co., Inc., Chic.
Community Telephone Co. 1-year 55, March 2 1929. Offered by P. W. Chapman & Co., Inc.
Lake Ontario Power Corp. 1-year 5345,July 11929. Offered by J. A. W.Iglehart & Co., Baltimore.
Minnesota Northern Power Co. 3-year Sec. 5s, June 1 1931. Offered by Minnesota Loan & Trust
Co., Minneapolis.
5.75 Piedmont Hydro-Electric Co. of Italy 1-year 1st M.5345 %Pardo. Ctts., June 15 1929. Offered
by Blair dr Co., Inc., and Chase Securities Corp.
5.00 United Telephone Co. (Del.) 6 Mos. 5% Notes, Oct. 15 1928. Offered by Wm. L. Ross dr Co.,
Inc., Chicago.
5.87 Western Utilities Corp. 3-year 5348, June 1 1931. Offered by Federal Securities Corp. and Freeman, Smith & Camp Co.
5.00
5.50
5.50
5.50
7,647,000
Other Industrial & mfg.
50,000 Expansion of business
100
70,000 General corporate purposes
100
120,000
Land, Buildings,
840.000 Finance construction of apartment 101
285,000 Finance construction Of =tiding
100
90,000 Real estate mortgage
100
400,000 Real estate mortgage
100
500,000 Provide funds fcr loan purposes
6.00 The Clear Vision Pump Co. (Wichita, Kan.) 1st M. 6s, 1929-33. Offered by The Guarantee
Title & Trust Co., Wichita, Kan.
6.00 True-Tagg Paint Co., Inc. (Memphis), 1st M.6s, 1929-33. Offered by S. M. Williamson & Co..
Memphis.
5.75 15th and Spruce Sts.-Robert Gordon (Phila.) 1st M. 65, June 15 1933. Offered by Bankers
Bond & Mortgage Co. and Biddle & Henry, Philadelphia.
6.50 Oklahoma City Public Market Co. 1st M.65, Jan. 1 1933. Offered by Herbert C. Heeler & Co.,
Inc., and Applebaum & Peck, New York.
7.50 141-47 Joralemon St. (Brooklyn, N. Y.) Guar, 2d M.7348, 1929-33. Offered by Mortgage Guarantee & Title Co., New York.
6.00 1708-1716 Chancellor St.-Wm. K. Brandt (Phila.) 1st M.6s. 1929-32. Offered by Bankers Bond
dr Mortgage Co. and Biddle & Henry, Philadelphia.
5-8 (Wm. F.) Pelham Co. (Chicago) 65. 1928-32. Offered by Hitchcock & Co.. Chicago.
2,115,000
Miscellaneous200,000 Working capital
100
750,000 Acquisitions, other corp. purposes 99%
6.00 Canton Lumber Co. 3-year 68. June 15 1931. Offered by Robert Garrett dr Sons, Baltimore.
6.18 Motor Transit Corp. 3-year Cony.65. May 1 1931. Offered by Lane, Piper & Jaffrey, Inc., Northern Trust Co., Duluth; Kalman & Co. and Wells-Dickey Co., Minneapolis.
950,000
STOCKS.
Parer No.
of Shares.
Purpose of Issue.
(a) Amount Price
To Yield!
Invoired, per Share. About.
Railroads42,158,300 Retirement of bonds
42,158,300 100
Public Utilities185,000,000 New construction
185,000,000 100
*10,000shs Acquisitions
500,000
•350,000shs Consolidation of corp. & subsid. _
34.475,000
•114,000shs Acquisitions, construction, &c_ _ _ _
3,534,000
•49,000shs Retire $7 pref.; acquisition
1,500,000 Retire 7% pref. floating debt,&c_ _
450,000 Acquisitions
600.000 Acquisitions
•12,000shs Acquisitions
•1,750shs Cap.expenditures; oth. corp. purp _
so
98%
31
5,047,000 103
1,500,000 101
450,000 100
600,000 100
300.000
25
170,625
97%
1,500,000 Acquisitions, addns., bettermts,&c
1,500,000
1,000,000 Acquisitions
1,000,000
25
234,076.625
Iron. Steel, Coal, Copper,&c.
15,000,000 100
15,000,000 Retire 7% preferred stock
Motors & Accessories•28,125shs Acquisitions
Other Industrial & mtg.•10.7975118 Retire pref.stock; addns.,&c
200,000 New capital
•10.000shs Retire7% pref.; additions
4,55,000she Acquire predecessor company
*21.000shs Retire pref.stk .; wkg.capital
250,000 Working capital
•13,246shs General corporate purposes
•13 246shs General corporate purposes
New York Central RR.Capital Stock. Offered by company to stockholders.
American Telephone & Telegraph Co. Capital Stock. Offered by company to stockholders.
7.00 Atlantic Gas & Electric Corp. $334 Cum. Panic. class "A" stock. Offered by E. S.
Chase & Co., Inc., Springfield, Maas. It. B. Martin & Co., Inc., New Haven, and
Riggs & Cu., Inc., Boston.
5.07 Buffalo, Niagara & Eastern Pr. Corp. 1st Pref. Cum. $5. Offered by Lee, Higgins=
dr Co.; Blair & Co.. Inc.. and Schoellkopf, Hutton & Pomeroy, Inc.
7.10 Consolidated Gas Utilities Co.(Del.) Class"A"stock. Offered by Hale, Waters & Co-.
and Goddard & Co., Inc.
5.80 Electric Investors, Inc.(Me.) $6 Pref. Offered by Bonbright & Co., Inc.
5.95 N. Y.& Richmond Gas Co.(N. Y.)6% Cum.Pref. Offered by Bonbright & Co.,Inc.
6.00 Paducah (Ky.) Water Works Co. 6% Cum. Pref. Offered by Block, Fetter & Trost.
Inc., Almstedt Bros., and E. W.Hayes & Co., Louisville, Ky.
7.00 Public Utilities Consolidated Corp. 7% Cum. Pref. Offered by Holman, Watson &
Rapp, and Biddle & Henry.
Public Utilities Consolidated Corp. Corn. Cl. "A". Offered by Holman, Watson &
RaDP and Biddle & Henry.
Union Public Service Co. (Minn.) $6 Corn. Pref. Sec. "C." Offered by Harold E.
Woods & Co., St. Paul.
6.00 West Coast Telephone Co. Pref. 6% Cum. Offered by Peirce, Fair & Co.; American
Nat. Co.; Blyth, Witter & Co., and Bond & Goodwin & Tucker, Inc.
7.00 Western Power, Lt. & TelephoneCo. 7% Cum. Pref. Offered by A. B. Leach & Co.,
Inc., and Porter Fox & Co., Inc.
5.50 Youngstown Sheet & Tube Co. Sec."A" 534% Pref. Offered by company to holders
of 7% pref. in exchange for their holdings; unexchanged portion offered by Cleveland
'Fr. Co.; Guardian Ti', Co., Cleve.; Union Tr. Co., Cleve.; Otis & Co.; Hayden.
Miller & Co., Cleve.; First Nat. Bk., Youngstown,0., and Wick & Co.
582,500 11 sh, AFcr
•16.875shs Acquisitions
3.500•000 ACq.of prop.; working capital
Company and Issue, and by Whom Offered.
3-5 811B
3,500,000 10234
4,062,500
Alloy Steel Spring & Axle Co.(Jackson, Mich.) Class"A" Stock. Offered by R. W.
Halsey & Co., Inc., and Nicol-Ford & Co.
Alloy Steel Spring & Axle Co. (Jackson. Mich.) Cl. "B" Stock. Offered by R. W.
Halsey dr Co., Inc. and Nicol-Fcrd & Co.
6.83 Borg-Warner Co.7% Cum.Pref. Offered by John Burnham & Co., Inc.,Paul H.Davis
& Co., and Geo. M. Forman & Co.
$20
701,805 65
200,000 100
335.000 3334
1,182,500
2134
630,000 30
250,000 101
397.380) 1 sh. A
lab.corn.
For
$30
American Encaustic Tiling Co., Ltd., Common. Offered by company to stockholders.
Chicago Apparatus Co.7% Cum.Panic. Pref. Offered by Satz & Co., Chicago.
The Cincinnati Ball Crank Co.(Ohio)Panic & Cony. Fret. Stk. Cum.$2.25 per share,
Offered by R.E. Field & Co.; W.E.Hutton & Co., the Herrick Co.; Gibson & Gradlson and the Fifth-Third Union Co., Cincinnati.
Clarox Chemical Co.(Oakland, Cal.) Class"A"Stk. Offered by J.Barth & Co., Stn,
Francisco.
Egrey Register Co.Class"A"Common. Offered by Huffman Co,Dayton,0.
Eiectrographic Corp..7% Cum.Pref. Offered by E. W.Clucas & Co., N.Y.
Fisher Brass Co. Class"A" Pref. Offered by Braham & Co., Inc., N.Y.
Fisher Brass Co. Common Stock. Offered by Braham dr Co.. Inc, N.Y.
[Arca,. 127.
FINANCIAL CHRONICLE
176
Par or No.
of Shares.
To Yield
(a) Amount Price
Invoked. per Share. About.
Purpose of Issue.
".100,000shs Expansion; working capital
1,000,000 Acq.stk. held by inactive interests
1,000,000 Retire 7% preferred
•140,000shs Acquire constituent companies. _ _
••115,000shs Acquire predecessor companies_
_
7.000,000 Acquire predecessor companies.
,45,000shs General corporate
30.000 ohs. Expansion
.
2,250,000 Retire 8% pref.; working capital_ _
350,000 Retire pref. stk.; acquisitions
*MOO ohs. General corporate purposes
*40,000 shs Acquisition of property
1,000.000 Acquisitions; expansion
•150,000shs Prov.for Inv.in aviation enterprises
200,000
*4,000 ohs. }Acq. Mac Laren School Seat. Co.{
*20,000shs Acq. Lubetsky Bros. Co
.50,000 ohs. Consolidation of properties
•50,000 ohs. Consolidation of properties
600.000 General corporate purposes
60,000 shs Expansion; working capital
.
•10,000 shs Acquire predecessor company_
*25,000 ohs. Acquisitions; working capital_
_
_
*5,000 ohs. Retire bonds; other corp. purl)._
1,500,000 New mill
*15,000 ohs. New mill
250,000 Plant expansion
150,000 Additional capital
300,000 Retire 7% pref.; working capital
15,000 shs General corporate purposes
*45.000 shs Acq. Wayne County (Ind.)
*22,500 shs Acq. Wayne County (Ind.)
1,200,000 Retire pref. stock; acquisitions, &c.
*50.000 ohs. Plant extensions; working capital.
*52,027 ohs. General corporate purposes
•100,000shs Provide for invest. In oil securities
*80,000 ohs. Additions, extensions, Sec
Company and Issue and by Wham Offered.
Grasselli Chemical Co.(Cleve.) Common. Offered by Nat. City Co.
Greiss-Pfleger Tanning Co. 6% Cum. Pref. Offered by Central Tr. Co., Cincinnati;
NV. E. Hutton & Co.; First Invest. & Secur. Corp.; the Fifth-Third Un. Co., and
Weil, Roth & Irving Co., Cincinnati.
6.00 Hammermill Payer Co.,6% Cum. Pref. Offered by A. G. Becker Se Co., and Spencer.
1,000,000 100
Kamerer & Co.. Erie, Pa.
Hart-Carter Co. Cony. Pref. Offered by A. C. Allyn & Co., Inc.; Paul H. Davis & Co.,
4,480,000 32
and John Burnham dr Co., Inc.
The International Printing Ink Corp. Common. Offered by Shields & Co., Inc. and
4,945,000 43
W. E. Hutton, & Co.
6.03 The International Printing Ink Corp. 6% Cum. Pref. Offered by Dillon, Read &
7,000,000 99%
Co.; First Invest. & Secur. Corp., Cincinnati; Union Tr. Co., Cleve.; Shields &
Co. Inc., and W.E. Hutton & Co.
Mahoney Aircraft Corp. Common. Offered by Knight. Dysart & Gamble:
(B. F.)'
787,500 17%
Oliver J. Anderson & Co., and G.II. Walker & Co.
McKinney mtg. Co. Common. Offered by Moore, Leonard & Lynch, IIIII, Wright &
_
390,000 13
Frew and J. II. Holmes & Co., Pittsburgh
5.71 Melville Shoe Corp. (N. Y.) 6% 1st Pref. Offered by Merrill, Lynch & Co.
2,250,000 105
7.00 Meyer.Illanke Co. 7% Cum.Pref. Offered by Hawes & Co., Inc. and Downing-Meyer
350,000 100
de Co., Inc., St. Louis
Meyer.Blanke Co. Common stock. Offered by Hawes & Co.. Inc., and Downing96,250 19%
Meyer & Co., Inc., St. Louis.
Moloney Electric Co. Class "A" stock. Offered by Stifel, Nicolaus & Co., Inc., Mark
2,200,000 55
C. Steinberg & Co., Lorenzo E. Anderson & Co., and Imbrie & Co.
National Air Transport, Inc. Capital stock. Offered by Company to stockholders.
1,000,000 100
National Aviation Corp. Capital stock. Offered by G. M.-P. Murphey & Co., and Jas.
3,525,000 23;4
C. Wilson & Co.
Seating Corp.(Los Angeles) 7% Cum. Prof. Offered by J. H. Roth & Co.;
National
(4 abs. pref.)
Los Angeles.
} For
200.000
12 shs. com4 $100 National Seating Corp.(Los Angeles) Common stock. Offered by J. H.Roth & Co.;
Los Angeles.
Odin Cigar Co. Common. Offered by A. G. Gysels & Co.. Detroit.
380,000 19
Oliver United Filters, Inc. Class "A" stock. Offered by E. II. Rollins & Sons.
1,487,500 29%
Oliver United Filters, Inc. Class 13 stock. Offered by E. H. Rollins & Sons.
1,150,000 23
6.83 Ontario mfg. Co.(Muncie,Ind.)7% CUM. Cony.Pref. Offered by Geo. It. Burr & Co.
600,000 102;4
Window Ventilator Corp. Common. Offered by Gavrin K. Shields, N. Y.
Prairie
390,000
63.4
Propper Silks Hosiery Mills, Inc. (Del.) Common. Offered by Wertheim & Co.
330.000 33
Raytheon mtg. Co.(Cambridge, Mass.) Common. Offered by Henry C. Watts & Co.
687,500 27%
Inc. Chicago
6.00 Riverside Cement Co. (Del.) $6 Cum. 1st Prof. Offered by Blyth, Witter & CO.
500,000 100
1,875,000 (1 sh. prof.) For Seattle Pulp & Paper Mills 7% Cum. Pref. Offered by Tom G. Taylor Co.. Seattle.
11 sh. com.f$125 Seattle Pulp & Paper Mills Common stock. Offered by Tom G. Taylor Co. Seattle.
Sutherland Paper Co. (Kalamazoo, Mich.) Common. Offered by Keane, Higble &
468.750 18%
Co.. Inc., Detroit.
7.00 Thies Dyeing & Processing (Belmont. N. C.) 7% Cum. Prof. Offered by South
150,000 100d
Carolina Security Co., Charleston, S. C.
6.00 (NV. A. L.) Thompson Hardware Co.(Kansas)6% Cum.Prof. Offered by the Pruden300,000 100
tial Investment Co , Topeka, Kansas.
Twin Disc Clutch Co. (Racine, Wisc.) Common. Offered by Morris F. Fox dc
450,000 30
Milwaukee.
3,037,500 11 sh. prof.) For The Wayne Pump Co. 333.4 Cum. Cony. Preference. Offered by Shields dr. Co., Inc.
33.4 sh. com.136755 The Wayne Pump Co. Common stock. Offered by Shields & Co., Inc.
6.86 Woolf Bros. Inc. (K. C., Mo.) 7% Cum. Prof. Offered by Prescott, Wright, Snider
1,200,000 102
C., Mo.
'
Co., K.
5,000,000 100
Wright Aeronautical Corp. Capital stock. Offered by Company to stockholders:
underwritten.
55,626,685
4,700,000 47
1,000,000 100
20
12
25
Mexican Seaboard Oil Co. Capital stock. Offered by Company to stockholders.
Oilstocks, Ltd. (Del.) Class "A" stock. Offered by Luke, Banks & Weeks.
Western Oil & Refining Co. $2 Cum. Partic. Pref. Offered by John C. Fell & Co..
Inc., Baltimore.
500,000 100
6.00 Federal Home Mortgage Co. 6% Cum. Panic. Prof. Offered by Curtis, Stephenson
& Co., Inc.
7.00 Grove Park Inn, Inc. 7% Cum. Pref. Offered by Hambleton A Co.
(F. & R.) Lazarus & Co. (Columbus, 0.) Land Trust Ctfs. Offered by Huntington
National Bank, and Raymond T. Brower. Inc.. Columbus, 0., Hayden, Miller &
Co., and Tillotson & Wolcott Co., Cleveland.
6.00 Mortgage Guarantee Co. of America 6% Cum. lot Pref. Offered by Company.
Security Bldg. Site (Minneapolis) Fee Ownership Ctfs. Offered by Guardian TruSt
Co., Cleveland and Westheimer & Co., Cincinnati.
1,040,540
1,200,000
2,000,000
4,240,540
Land, Buildings, &c.
500,000 Working capital; other corp. purp.
300,000 Acquisition of property
'3.250 Ctfs. Finance lease of property
300,000 100
3,282,500 1010
500.000 Working capital
1,000 Ctfs. Finance lease of property
500,000 100
1,010,000 1010
5,592,500
Miscellaneous-
5,000,000 Provide funds for investment purp.
•100,000shs Provide funds for investment purp.
'40,000,115. Acquisitions
•10.000 ohs. Provide funds for Investment purp.
1 sh. pref.' For American Capital Corp. Pref. stock $3 Series. Offered by Bonbright & Co., Inc., and
NV. C. Langley & Co.
3.4 sh. 131 $50 American Capital Corp. Class B Common. Offered by Bonbright & Co., Inc., and
W. C. Langley & Co.
7,000,000 11 sh. pref.! For Atlantic & Pacific International Corp. 6% Cum. Pref. Offered by Company.
11 share Al $70 Atlantic & Pacific International Corp. Class "A" stock. Offered by the Company.
Atlas Stores Corp. Common. Offered by C. L. Schmidt & Co., Inc., Chicago.
1,080,000 27
Brooklyn Lafayette Corp. Class "A" Common. Offered by Parker, Robinson A Co.,
250,000 25
*44,000 ohs. Retire pref. stock; acquisitions
4,312,000
•120.000shs Provide funds for investment purp.
6,000,000
.60,000 ohs. Provide funds for investment purp.
1
98
kiries, Inc. $6 Cum. Preference "A," Offered by Spencer Trask & Co.;
Dra
Ye
nia
oerw
6.12 CalifN
Bond & Goodwin, Inc., Bond & Goodwin de Tucker, Inc., and Smith, Strout &
Iese Bank Co., Ltd. (Budapest. Hungary) American Shares. Offered by
S dvying
CityEda
55
Colvin & Co., and Geo. H. Burr & Co.
11 sh. pref.I For Consolidated Automatic Merchandising Corp. $33.4 Cum. Cony. Prof. Offered by
F. J. Lisman & Co.
11,000,000
sh. com.1 $55 Consolidated Automatic Merchandising Corp. Common stock. Offered by F. J.
•100.000shs Acquisitions, expansion; wkg. cap.
Lisman de Co.
Crosse & Blackwell, Inc. $33.4 Cum. Pref. Offered by Prince & Whitely, N. Y.
2,704,000 52
.52,000 ohs. Acq. Amer. & Canadian subs
Offered by Fifth-Third Union Co., W.E.
"7:66 (E. C.) Denton Stores Co. 7% CUM, Pref.
1,000.000 100
1,000,000 Retire pref. stk.; acquisitions
Hutton & Co., and L. R. Ballinger & Co.
1,100,000
20,000shs New capital
*200,000shs Acquisitions, expansion; wkg. cap.
500,000 Prov.funds for investment purp..
.25,000 ohs Prov, funds for investment purp__
*17,000 shs Retire pref.stk., bank loans, AL...
500.000 100
562,500 2234
1,742,500 102%
*50,800 shs Retire pref. stk.; acq. pred. corp._
2,641,600
•18,000 shs Consolidation of properties
1,500,000 Prov. funds for Investml purposes
200,000 Fund bank loans; working capital_
*27,500 ohs Acquire Properties
43.500 etas Acquisitions; expansion, dee
.
.21,750 ohs Acquisitions, expansion, Ac
2,000.000 Retire bonds; new bldg., dm
40,000 ohs Prov, funds for investml purposes
*75,000 shs Prov. funds for investm't purposes
*3,000 ills Expansion of facilities
52
2254
405,000
1,500,000 100s
200,000 100
6.00
7.00
45,1
1,237,500
1,381,125 1 sh. pref.
sh. corn.} For
$31%
5.82
2,000,000 103
1
1,000,000
937,500
25
12.34
300,000 100
6.50
First Federal Foreign Investment Trust Capital Stock. Offered by Co.to stockholderS
First Trust Bank, Inc.(N. Y.) Capital Stock. Offered by First Fiscal Corp., N. Y.
S. M. Goldberg Stores, Inc., 37 Cum.Pref. Offered by Eastman, Dillon & Co.,Shields
& Co., Inc., and Schafer Bros.
Leath & Co.(Elgin, Ill.) 3334 Cum. Preference Stock. Offered by Eastman, Dillon &
Co. and Bosworth, Chanute, Loughridge de Co.. Denver.
Pick rel Walnut Co. Capital Stock. Offered by Lorenzo E. Anderson & Co.and Knight.
Dysart & Gamble, St. Louis,
Reynolds Investing Co.,Inc.,6% Cum.Pref."A." Offered by Chas. D.Barney & Co.
San Antonio Bldg. Materials Co. 7% Cum. Prof. Offered by Central Trust Co., San
Antonio, Tex,
Shepard Stores, Inc. (Boston), $3 Dividend Cum. Class "A" stock. Offered by
Edmund Seymour & Co., N. Y., and Sawyer Bros., Inc., Boston,
Southwestern Stores, Inc., Cony. Prof. "A." Offered by Hayden, Van Atter & Co.,
Detroit.
Southwestern Stores. Inc., Common. Offered by Hayden, Van Atter de Co., Detroit.
Strawbridge & Clothier 6% Cum. Prior Prof. "A." Offered by Brown Bros. & CO..
Janney & Co., liornblower dr Weeks and Cassatt & Co.
Union Financial Corp. of America Class "A" Partin. Prof. Offered by company.
United Investment Assurance Trust Founders' Shares. Offered by Founders Securities Trust, Boston.
Van de Kamp's Holland Dutch Bakers, Inc., $63.4 CUM. Cony, Pref. Offered by
George II. Burr, Conrad & Broome, Inc.
48,853.725
FARM LOAN ISSUES.
Amount.
Issue and Purpose.
Price.
$
26.000,000 Federal Land Bank 4s, 1938-58 (provide funds
for loan purposes)
500,000 First Carolina Joint Stock Land Bank
(Columbia,S. C.) 55, 1938-58 (provide funds
102%
for loan purposes)
600,00 Greensboro (N. C.) Joint Stock Land Bank
58, 1938-58 (provide funds for loan purposes) 103
27.100.000
To Yield
About.
Offered by
3.98 Alex. Brown & Sons, Harris, Forbes & Co., Brown Bros. & Co., Lee, Iligginson & CO.;
National City Co. and Guaranty Co. of New York.
4.68 Halsey, Stuart de Co., Inc., Harris, Forbes & Co., Wm. R. Compton Co. and Harris
Trust & Savings Bank, Chicago.
4.82 Harris. Forbes & Co., Halsey, Stuart & Co., Inc.. Wm. R. Compton Co. and Harris
Trust A Savings Bank. Chicago.
JULY 14 1928.]
177
FINANCIAL CHRONICLE
FOREIGN GOVERNMENT LOANS.
Amount.
Issue and Purpose.
4,350,000 Dept. of Antioquia (Rep. of Colombia) Ext.
Sec. is, Third Series, 1957 (retire floating
•
debt; construction of roads and highways__ __
12,000,000 Dept. of Cundinamarca (Rep. of Colombia)
Ext. Sec. 6)45, 1959 (retire $3,500,000 external debt, incl, hank loans; extension of railway highway and other public works)
9,000,000 Municipality of Medellin (Rep. of Colombia) Ext. 055, 1954 (retire 82,726.000 ext.
8% sec. gold bonds; pay internal funded debt;
additions, tmpts. to public works
12,000,000 Republic of Panama Ext. Sec. 55, "A," 1963
(redeem 36,218,913 dollar bonds; construction of roads)
11,200,000 Province of Silesia (Poland) 30-year 75, 1958
(provide for public improvements)
Price.
To Yield
About.
Offered by
9654
7.29 Guaranty Co. of N. Y. and International Acceptance Bank, Inc., New York.
93M
7.14 J. & W. Seligman dr Co., E. H. Rollins & Sons, Redmond & Co. and Graham, Parsons
& Co.
933i
7.05 Haligarten & Co., Kissel, Kinnicutt & Co., Halsey. Stuart & Co., Inc., Cassatt & Co.
and Wm. R. Compton Co.
964
5.20 National City Co., Kissel, K1nnicutt & Co., Illinois Merchants Trust Co. and Continental National Co.
7.94 Stone & Webster and Blodget. Inc., and The First National Corp. of Boston.
895(
48,550,000
•Shares of no par value.
a Preferred stocks of a stated par value are taken at par, while preferred stocks of no par value and all classes of common stock are computed at their offering prices,
b Bonus of 5 shares class"A"common with each $1,000 bond.
c Each $1.000 debenture accompanied by 10 common shares.
d Bonus of yi share of common with each share of preferred.
e With bonus warrant calling tot 1 share of common for each share of preferred.
f Bonus 1-3 share of common with each share of class "A."
Indications of Business Activity
regardless of the high cash premiums. Rye fell 4% to Sc.,
STATE OF TRADE—COMMERCIAL EPITOME.
pulled down by lower wheat prices, and curiously enough
Friday Night, July 13 1928.
Retail trade has improved somewhat with more season- the low grades of Canadian wheat are selling as cheaply as
able temperatures, though it does not appear that wholesale American rye, the crop of which is about 20,000,000 bushels
business is deviating from the usual midsummer dullness. smaller than that of last year. Barley is 21hc. lower, with
The outlook for the grain crops, notably wheat and corn, a crop 40,000,000 bushels larger than the last one. Prices
has improved and to all appearance the prospect is more for provisions have been well maintained, with hog prices
promising for the cotton crop than it has been for some firm and receipts moderate. Coffee advanced about a
time past. The better outlook for the harvests has been quarter'of a cent on Rio, with Brazil and Europe buying,
accompanied by noticeably lower prices for both grain and and naturally also the shorts who play into the hands of
cotton. In some sections of the country the warmer weather the Defense Committee with almost monotonous persistency.
has resulted in a larger trade in summer clothing. The Stocks of coffee in the hands of consumers and distributors
shadow on the dial has been the tension in the money market, are small, and a quick demand for Robusta is noticed.
and at times a call money rate here of 8%, all of which Sugar declined under selling of new crop months attributed
seemed to be necessary to put some sort of check on to Cuban and foreign interests generally. The near months
reckless speculation in stocks. Chain store sales in were sold freely; large selling marked the throwing over
June showed an increase over those of the same month last of "stale" long accounts. It is intimated that Cuba will
year of 18.8%. Mail order sales in June increased 24.4% not restrict marketing of the next crop, though the beover last year, and even department stores, which had bad ginning of grinding may be fixed for some date in January.
weather to contend with, gained 2.2%. For six months The Nemesis of falling prices is the sequel of attempting to
ending June 30, the sales of chain stores were 14.8% larger get around the law of supply and demand. No nation, let
than in the same time last year. Mail order sales 9.3% alone an individual, can do it in the long run. Besides, the
larger, and the two combined 13% larger. Department trade in refined sugar has not been up to expectations.
4 to %c., with less pressure to sell and
stores in five months showed a small decline as compared Rubber advancerd 1/
with the same time last year. Carloadings for six months London stocks still decreasing and likely, it is said, to be
were slightly over 4% smaller t,han in the same time last below 30,000 tons before the end of August. Akron tire
year. Gross railroad earnings for five months decreased manufacturers are operating, it is said, at capacity.
Cotton has declined about a cent, under the influence of
4% as compared with a like period last year. Net operating
income for five months was 2.3% smaller than in the like more favorable crop advices and an increase in the acreage
period of 1927. Detroit employment figures changed for of 11.4%. Western Texas, which had been suffering from
the better this week, showing an increase of 1,800, and a drought, is said to have had beneficial rains in the last 24
total of nearly 70,000 over than of a year ago and 34,400 hours. The weevil has thus far done no general or serious
over 1926. Automotive exports in May record the second damage, possibly because of the lateness of the plant. The
largest total for one month; that is, there was an increase technical position here had been weakened by the recent
of $30,000,000 in May over the same month last year, which heavy covering of shorts and the "long" buying by outwas not far behind that of March, and was 16% larger than siders, tired of a falling stock market and high rates for
in May last year. The domestic trade in automobiles is money. One other drawback was the lack of activity in
good. Wool has been quiet and steady, except for fleeces, cotton goods. The stocks of such goods increased 4% in
which have declined slightly. The big London wool auction June, and it is suggested that further curtailment by the
sales are going off very well, though somewhat lower for mills is necessary. The statement of domestic consumption
in June by the Census Bureau, which will appear this
some grades.
Wheat declined 3% to 4%c., owing to a better crop out- morning, is not expected to be favorable. Steel has been
look, with a yield about equal to the five-year average. quiet, and some wire products have declined. The output
The prospects for spring wheat crops in the American and in the last six months is 4% larger than in the same time
Canadian Northwest are good, and there will be a large last year. Pig iron has declined 50c. in parts of the East
carryover in this country and Canada. The export business and West, and the amount of business done has been anyhas been moderate, though Russia has just bought 1,500,000 thing but impressive. The pig iron output for six months
bushels in Londan and Italy took 250,000 bushels of Amer- just ended is the smallest in four years.
ican durum. The total American crop is estimated at close to
On the 10th inst. the Chicago Federal Reserve Bank ad800,000,000 bushels. The Canadian pool has been selling and vanced its rediscount rate from 4% to 5%. Washington
the weakness of Canadian prices has told. Corn advanced a advices say that this increase was understood there to be a
cent on July, which is practically cash corn, for which direct outcome of the speculative activity and is accepted
there is a good demand, with some intimations that a little as another attempt on the part of the Reserve System to
export business has been done; but the crop outlook is curtail the amount of money used in stock market transfavorable and later deliveries are 2c. lower. The crop is actions. On July 11, stocks here fell 4% to 18 points, or an
estimated at 2,753,600,000 bushels, or nearly the same as average decline on 50 shares of 4.41 points, the greatest in
the last one. Oats declined 2 to 3c., with the weather good 14 years, as against 4.65 when the Exchange closed July 30
and the crop estimated at 1,320,100,000 bushels, or 125,- 1914. General Motors fell 8%. Midland Steel 18, du Pont
000,000 larger than last year, and July has been freely sold 16%, Radio 15%, Case 14%, and many others 4% to 10.
178
FINANCIAL CHRONICLE
(VOL. 127.
The transactions involved 2,796,520 shares. The decline
New York has been in the grip of a hot wave all the
was due to the increase in the rediscount rate in the Chicago week, though with relief to-day. It was
92 degrees here on
district, the possibility that rates will be advanced in the the 8th and 9th inst., with much
humidity, and 82 to 87 deeleven other districts, a rise in the call loan rate here to 7%, grees on other days. At
New York there were many prosand an overbought condition of the market. A further trations and some deaths
on the 9th inst., when the temdecline occurred on the 12th inst., when cell money rose to perature was 92 degrees
and the humidity high. Heavy
8% and it became plainer than ever that the banks depre- showers occurred on the 11th,
and it rained all the night
cated any revival of hectic conditions of speculation. In- of the 12th and 13th.
On the 12th the temperatures were
creases in the rediscount rates from 4/
1
2 to 5%, effective 72 to 87, with a southwest wind and humidity of 78 at
to-day, were announced at the close of business on the 12th 8 A. M.; at Boston it
was 82 to 88; Philadelphia 72 to 86;
Inst. by the New York and Richmond Federal Reserve Cincinnati 64 to 84;
Cleveland 61 to 70; Detroit 58 to 74;
Banks. It is the first time since November 3 1921 that the Kansas City 70 to 88; Milwaukee
62 to 74; St. Paul 62 to 78;
rate has been 5% here. On Friday the Federal Reserve Portland, Me., 66 to 86;
San Francisco 54 to 64; Seattle 56
Bank of Atlanta also raised its rate to 5%. The local Fed- to 70. London cabled
that a heat wave similar to that
eral Reserve Bank announced a decrease of $64,377,000 in which has recently troubled
America has reached England
loans to brokers and dealers during the week ended July 11. and has set the country sweltering
in temperatures higher
This decline amounted to less than 50% of the increase of than any known for years past.
To-day it was mostly
$147,812,000 shown in the previous week and brings the cloudy or rainy here, with temperatures
of 69 to 76 degrees;
total of brokers' loans to $4,242,699,000. Stocks to-day ral- Chicago overnight 66 to 70; Boston 72
to 88; Kansas City
lied after an early decline as money fell from 7/
1
2 to 6%. 66 to 78; Milwaukee 62 to 74, and St. Paul 56 to 80. The
With money on call of late up to 8%, foreign exchange has forecast here for to-morrow was
showers and slightly cooler.
declined, Canadian dollars touching a record "low" with
gold imports from Canada under way. Bonds coinciEmployment at Detroit Reaches New High Record for
dentally with the high money rate, have of late been deYear.
clining.
Detroit advises July 13 in the "Post" of last night said:
Industrial employment in Detroit is again on the increase. Employers'
At New Bedford, Mass„ on July 9th, after a strike of
Association index for last week showed a gain of 1,822. bringing total to a
nearly three months, 27 textile mills reopened, but the new
high for the year at 264,473.
sal
strikers refused to accept the 10% wage reduction, anThis compares with 194.304 in corresponding week last year and with
record
high
of
274,399
for
week
nounced April 16th, and only a small number of the 28,000
ended Mar. 6 1926. Last week's gain of
exceeded the combined loss of the proceeding three weeks, the only
operatives returned to work. At New Bedford, Mass., on 1.822
weeks this year to show decline by 1.003.
July 12th, extraordinary picketing activities at the Milburn
Mill featured the strike situation, despite the fact that a
Loading of Railroad Revenue Freight Still Below
detailed inspection by police officials backed up the asser1927 and 1928.
tion of the mill officials that no workers, outside of the
Loading of revenue freight for the first 26 weeks this year
firemen and watchmen required by law, were to be found
(Jan. 15to June 30) totaled 24,457,105 cars, the Car Service
in the plant. A mill statement said: "Rumors are conDivision of the American Railway Association announced on
stantly being circulated to the effect that some of the manufacturers are not in sympathy with the reduction in wages July 11. This was a decrease of 1,063,935 cars or 4.2%
and subsequent action, the impression being given that they under the corresponding period last year and a decrease of
876,127 cars or 3.5% under the same period in 1926.
are held in line by a majority vote. To put an end to this
For the week ended on June 30, loading of revenue freight
rumor, the undersigned mills (names given) emphatically
amounted to 1,003,049 cars, a gain of 16,260 oars over the
declare that they have been and are unanimous in their
preceding week this year, increases being reported in the
actions concerning the present reduction in wages." The
loading of grain and grain products,coal, coke, ore, merchanwage cut is 10%. The mills have had to contend with sharp
dise less-than-carload-lot freight and miscellaneous freight.
competition and low prices.
Reductions, however, were reported in the loading of live
At Biddeford, Me., the plants of the Pepperell Mfg. Co. stook and forest products. Compared
with the same week
there and at Lowell and in the South resumed operations last
year, however, it was a decrease of 18,389 cars and a
on July 9th after a shutdown of a week. The company, as decrease 62,592
of
cars under the same week two years ago.
a whole, is operating at about 50% of capacity. Some de- Other details follow:
partments, however, maintain a higher rate. White Bros.'s
Miscellaneous freight loading for the week totaled 391.967 cars, a deblue denim mill in New Hampshire has resumed operations crease of 9,619 cars below the corresponding week last year and 7,071 cars
below
thesame week in 1926.
after being closed for several days. Chester, S. C., wired
Coal loading totaled 146.294 cars, an increase of 1.471 ears above
that big textile plants located at Chester, Lancaster, Ker- week in 1927 but 26,091 cars below the same period two years ago.the same
Grain and grain products loading amounted to 36,757 cars, a decrease
shaw and Fort Mill, S. C., resumed operations on July 0th
7,492 cars under the same week last year and 14.057 cars below the same
after having been closed down since June 29th. A survey of of
week In 1026. In the Western districts alone, grain and grain products
the textile field in other sections shows that among other loading
25.584 cars, a decrease of 5.628 cars below the same week
plants that have been closed down for a similar period, and In
Live stock loading amounted to 24.226 cars, a decrease of 2.030 cars bewill also resume, are the following: The Aragon Baldwin low the same week last year and 2.104 cars below the same
week in 1926.
Cotton Mills, Inc., plants at Chester, Whitmire and Rock- In the Western districts alone, live stock loading totaled 18.253 cars, a
hill; three big plants at the Republic -Cotton Mills at Green decrease of 1.362 cars compared with the same week in 1927.
Loading of merchatullse lees-than-carload-lot freight
268,804
Falls; The Rex Spinning Co, of Ranlo, N. C.; Proximity cars,a decrease of 1,741 cars below the same week in 1927totaled
and 3,054 cars
Mfg. Co., White Oak Cotton Mills, Revolution Cotton Mills, be/ow the corresponding week two years ago.
Forest products loading amounted to 66,960 cars, 630 cars below the
and Proximity Print Works of Greensboro, N. C. Charlotte same
week last year and 3.736 cars under the same week in 1926.
reports said that sales of gray goods showed considerable
Ore loading totaled 68.336 cars. 1.932 cars above the same week In 1927
Increase last week and that one of the largest selling agen- but 4,568 cars below the same week two years ago.
Coke loading amounted to 9,706 care, 280 cars below the same week in
cies reported that its orders were the largest since early 1927
and 1,911 cars below the corresponding week in 1926.
May.
All districts reported decrease In the total loading of all commlditles compared with the same week last year except the Southwestern, which showed
Building permits at 173 cities of the United States for an
increase, All districts, however, reported decreases compared with
June, says Bradstreets, repeats the story of May to a the same period twe years ago.
Loading
of revenue freight in 1928 compared with the two previous years
remarkable degree. The gain in June over the like month
a year ago was 4.7%. The gain in May over last year at follows:
1928.
1927.
1926.
204 cities was 4.9%. These gains followed decreases in Four weeks la JanuarY
3.447,723
3.756.660
3.686.695
3,589,694
3,801.918
1927 and 1926 from the like months of preceding years. Four weeks in February
3,677.332
Five weeks in March
4.752,031
4,982,547
4,805.700
The gain in June, as in May, was due solely to an increase Four weeks
in April
3.738.295
3.875.589
3.862,703
in New York City totals.
Four weeks in May
4,006.068
4.108.472
4.145,820
4.923,304
4,995.854
5,154,981
Seasonable weather has been a predominant factor in a Five weeks In June
general betterment of business conditions in the St. Louis
Total
24.457.105
25,333,232
25.521,040
district. This is particularly true of the large retail establishments which had found business dull for some time beChain Store Sales Continue to Show Increase.
cause of the weather. Agricultural conditions have also
Sales of 22 chain store companies for the month of June
Improved, though there has been an overabundance of rain. totaled $105,700,334, an increase of $17,918,449, or 20.4%,
The flooded district in the St. Francis Valley has had a over the same month a year ago, according to statistics
severe setback, but it is asserted the crop betterment in compiled by Merrill, Lynch & Co., of this city. The Kroger
other sections will make up the loss.
Grocery & Baking Co. led all others in point of dollar gain
JULY 14 1928.]
•
with an increase of $3,646,157, or 21.8%, over June 1927.
Neisner Bros., Inc., Sanitary Grocery Co., Inc., People's
Drug Stores, Inc., J. J. Newberry Co. and Safeway Stores,
Inc., led all others in point of percentage gain with increases
of 61.6%, 43.2%, 41.8%, 38.7%, and 38.2%, respectively.
Sales for the six months ended June 30 1928, for the same
number of stores, amounted to $555,203,695, an increase of
$71,646,770, or 14.8%, over the corresponding period in
the preceding year during which time total sales were
$483,556,925. A comparative table follows:
Month of June.
1928.
1927.
179
FINANCIAL CHRONICLE
First Six Months.
P. C.
Inc. •1928.
1927.
P. C.
Inc.
F. W. Woolworth $22,400,364 $20.407,282 9.8 $125,280,501 $116,767,639
Kroger Grocery_ _ 20,332,226 16,686,069 21.8 95,529,364 81,454,682
14,129,186 11,617,184 21.6 71.753,618 60,759,807
J. C. Penny
11,834,133 10,063,863 17.6 62,790,164 55,900,987
S. S. Kresge
9,192,248 6,649,186 38.2 47,598,794 34,394,262
Safeway Stores_ _ _
4,765,921 4,110,848 15.9 27,247,312 23.359.047
S. H.Kress
4,365,845 3,299,118 32.3 21,290,958 17.084,970
W.T.Grant
McCrory Stores
3,096,986 2,869,281 7.9 17,546,472 16,975.010
Childs Co
2,042,298 2,281,585 110.3 13,165,898 14,508,696
Sanitary Grocery_
1.988,454 1.388,664 43.2 11,080,608
8,160,876
1,621.432 1,168,335 38.7
7,444,429
5,381.689
2.3. Newberry
7,664.874
Bird Grocery.. _ _ _
1,506,419 1,268,536 18.7
8,723,533
F.& W.Grand_ _
6,413,559
5,387,381
1,259,080 1,018,12 23.6
J.R.Thompson _
1,208,974 1,173,16
3.0
7,316,838
7,178,615
Metro'tan Stores_
1.027.263
902,604 13.8
5,272,868
4,906,480
McLellan Stores
984.064
5.019.974
767.51 28.2
4,248,435
Peoples Drug924,433
5,196.372
3,747,453
651,70 41.8
G. C. Murphy..
881,403
731.84 20.4
4,766,148
4,188,347
Neisner Bros.._ _ _
2,592,524
818,868
508,57 61.6
3,714,377
1.011. Inc
544,340
542,058 0.4
3,604,135
3,797,54
Isaac Silver
516,536
430,411 20.0
2,667.662
2,285.338
Fanny Farmer_ _ _
259,861
247,950 4.8
1,780,111
1,712,415
7.3
17.3
18.9
12.2
38.3
16.6
24.8
3.3
x9.2
35.8
38.3
13.8
19.0
1.9
7.5
18.2
38.6
13.8
43.2
x5.0
17.1
3.9
Crop Report of Canadian National Railways.
The weekly crop report of the Canadian National Railways
states that with the daily showers and warm weather which
has prevailed throughout the whole of western Canada during
the past seven days, crops of all kinds have made remarkable
progress. The report adds:
A few local districts in southeastern Manitoba report some damage due
to excessive rainfall. At Three Hills, Alberta, and in the Carman to
Belmont districts, Manitoba, there has been slight damage from hail.
Wheat is reported as well advanced in the shot blade stage. Some
districts in the central parts of Saskatchewan and Alberta report it fully
headed out to the extent of 80%. Present indications are that it will be
a heavy crop.
Coarse grains are likewise undergoing rapid growth and a few points in
central Manitoba report barley as heading out. Fall rye, which is bidding
to be a record crop, is expected to harvest two weeks earlier than last year.
With the exception of a few local districts in northwestern Manitoba and
central Saskatchewan, which report some growth of weeds in last season's
summer fallow, there does not appear to be any loss through weed trouble.
At Craik and Bienfalt, Saskatchewan, some sign of rust is reported, but in
neither districts is it considered serious.
Owing to favorable conditions for breaking, there is considerable new
land being brought under cultivation throughout the entire prairie regions
of Saskatchewan and Alberta.
Northern and central Alberta report excellent hay crops which are also
very promising in Manitoba and Saskatchewan.
Present reports are that there is sufficient moisture in the ground to last
for three weeks and that only warm weather is needed for the development
of all crops, that they may ripen properly without excessive growth, which
might have a tendency to delay maturing in the proper season. Farmers
are optimistic and predict a record crop.
Annalist's Weekly Index of Wholesale Commodity
Prices.
The "Annalist" weekly index of wholesale commodity
prices now (July 10) stands at 151.2, practically unchanged
Gain in June This Year as Compared with Year Ago from the revised index for July 3, which was 151.3. The
in Industrial Activity Based on Consumption of "Annalist" states:
Electricity.
Among the main commodity groups making up the combined index,
Manufacturing operations in the United States in June gains and losses are fairly evenly divided: farm products, textile products
metals are lower; food products and miscellaneous commodities have
were on a higher plane than in the corresponding month and
advanced, and the other groups are unchanged from last week. Among
last year, due chiefly to sustained activity in automobile the individual commodities, the greatest decline was in wheat, and other
cotton goods,
production and in the metal industries group, consumption important declines occurred in oats, corn, cotton, raw wool,These
declines
flour, raw silk, pig iron, finished steel, lead and rubber.
of electrical energy shows. Reports received by "Electrical were largely offset, however, by advances in beef steers, lambs, hides,
butter
and
lubricating
oil.
potatoes,
dressed
meats,
World" from 3,000 large manufacturing plants scattered
The following table shows the group and combined indices, which are
throughout industry reveal a gain for the month of June based
on 100 as the average for 1913. for this week, last week and the
the
in consumption of electricity of 3.5% compared with
corresponding week last year:
July 10 '28. July 3 '28. July 12'27.
same period last year. The seasonal drop in activity in Farm products
136.0
155.8
154.8
151.2
152.2
153.5
June this year was less than normal. The publication adds: Food products
145.1
155.3
155.8
Total
x Decrease.
$105,700.334 $87,781,885 20.4 $555.203,695 8483,556.925 14.8
Consumption of electrical energy in June showed a gain over June of
last year of 31.4% in the automotive industry. 20.6% in chemicals and
allied products, 19.1% in stone, clay and glass, 17.2% in metal working
plants, 14.6% for rubber and its products, 11.6% in paper and pulp, 4.1%
for rolling mills and steel plants and 2.5% for leather and its products.
Declines over June of last year occurred in textiles, which dropped to the
extent of 11.9%, and lumber and food operations down 3.7 and 8.4%.
respectively.
Despite the favorable showing by the country as a whole, a number of
sections reported industrial conditions as somewhat spotty. The rate of
operations in the Middle Atlantic States during June was 11.3% higher
than in June 1927, while in the North Central States it was 12.3% above
last year. The June rate of operations in the New England States, on the
other hand, registered a drop of about 3.2%. compared with the same
month last year, with activity in the Southern States down 4.5% and the
Western States 6.2% under last year's figure. The losses occurred largely
because of the unsettled position of textiles and lumber.
The index of activity for June stands at 116.4, as against 119 in May,
119.5 in April and 112.5 in June 1927. The average for the first half of
the year ii 119.8, which compares with 116.5 in the first half of last year.
The rate of industrial activity in June. compared with June last year,
all figures adjusted to 26 working days and based on consumption of electricity as reported to "Electrical World," monthly average 1923-25 equals
100. follows:
June June
Juno June
1928. 1927.
Dn. 1927.
116.4 112.5 Automobiles and parts
All industrial grout*
141.4 107.8
Metal industries group
122.7 110.9 Stone,clay and glass
128.0 107.4
Rolling mills & steel plants_121.2 116.3 Paper and pulp
133.7 119.8
123.7 105.6 Rubber and its products
Metal working plants
131.7 114.9
Leather and its products_ _ _100.2 97.8 Chemicals & allied products.122.6 101.7
104.7 118.8 Food & kindred products_ _ __103.9 113.4
Textiles
Lumber and Its products_ __ _109.2 113.4 Shipbuilding
85.3 130.5
Favorable Weather Aids Canadian Crops-Bank of
Montreal Reports Progress for all Crops.
Consistently good weather conditions throughout Canada
with an absence of any important damage from pests or
other causes continue to make the crop outlook in the Dominion highly favorable, according to the Crop Report of the
Bank of Montreal issued July 12. Growth is rapid, particularly in the Prairie Provinces. Wheat in places is beginning to head out and over large are as allgrains are ahead of
the average for this period. In Quebec warm weather and
heavy rains are causing rapid growth for all crops and the
outlook is encouraging. In Ontario ideal weather has
prevailed during the past week and all crops are making excellent progress. Similar conditions prevail in the Maritime
Provinces. In British Columbia rains have caused some
damage to hay and fruit but pasturage is excellent and
roots and grains promise a yield above the average.
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
160.9
120.0
158.5
134.9
116.1
151.2
160.9
120.6
156.5
134.9
115.8
151.3
156.4
120.3
160.9
134.0
118.1
142.8
Farm Price Index in June Higher than Year Ago.
At 145 the general index of farm prices on June 15 was
15 points above June a year ago, but a decline of 3 points
since May 15 this year, according to the monthly farm price
report issued June 30 by the United States Department of
Agriculture. The 1909-14 five-year period is used as a base
of 100, says the Department, its announcement of June 30
continuing:
Prices of practically all commodities included in the index declined
from May 15 to June 15, grains going down 8 points, fruits and vegetables 13 points, meat animals 1 point, dairy products, 2 points, poultry
products 1 point, and cotton and cottonseed 4 points.
Increased market receipts of hogs, and large storage stocks of pork and
lard were important factors in lower hog prices during the period from
May 15 to June 15. The corn-hog ratio declined 0.1 points for the
month.
Total stocks of old corn are considerably below those of last year and
there is a strong feeding demand, but these price strengthening factors
have been offset by the good condition and progress of the 1928 corn crop,
and the farm price of corn failed to make the usual seasonal advance
from May 15 to June 15.
The farm price of lambs made a slight advance, but sheep prices
dropped about 3%. Wheat prices declined, due largely to the improvement in condition of the 1928 winter wheat crop since May 1. Private
reports also indicate increased acreage in Canada and Australia, and
favorable conditions for a good Canadian spring wheat crop.
Potatoes showed an unusually sharp decline of 19%, accounted for
largely by the exceptionally heavy movement of old potatoes and the
marked increase in shipments from the first early States which flooded
the market the latter half of May and the first two weeks in June. The
average farm price of potatoes on June 15 was 56% lower than the
farm price a year ago.
Co-operative Commission Associations in Terminal Live
Stock Markets in 1927 Handled Live Stock Valued
at $267,000,000.
Co-operative commission associations in terminal livestock markets in the United States in 1927 handled approximately 11,000,000 head of live stock valued at about $267,000,000, according to the U. S. Department of Agriculture,
which states that this is an extremely creditable showing
when it is considered that prior to 1917 no permanent ter-
180
FINANCIAL CHRONICLE
[VoL. 127.
Building permits in the five largest cities in May were rather sharply
lower than a month and a year earlier, and contracts let for construction
in the entire district fell below those of April, but the total was 16.1%
greater than in May 1927. Industry made a relatively less favorable
showing than commerce, further curtailment being noted in a number
of important manufacturing plants, notably in the iron and steel classification. Distribution of automobiles registered good gains over a year earlier
and the preceding month. In several of the principal wholesale lines,
notably boots and shoes and dry goods, advance sales on books at the end
Since they began operations, co-operative terminal agencies have handled of.May were measurably larger than on the same date either last year
about 62,000,000 head of live stock worth approximately $1,400,000,000. or in 1926.
Taken as a whole the agricultural situation in this district underwent
It is estimated that they have saved for the farmers, in reduced commissions and in cash refunds, approximately $5,500,000. They handled in improvement from May to June. Intensive cultivation by farmers in
1926 more than 16% of the live stock that passed through the markets virtually all sections served to overcome in a large measure the hapdicap
where they operated. In 1927 the central co-operative association of of the late spring and unseasonably high temperatures. Spring planted
South St. Paul did a total business of more than $34,330,000. These crops are generally doing well, though some are later than the seasonal
terminal associations derived great support from more than 5,000 local average at this time. Since June 1 considerable damage has been wrought
co-operative livestock shipping associations, which last year shipped about by excessive rains, electrical storms and floods. The chief flood damage
$400,000,000 worth of live stock. The local associations commonly furnish was in Northeastern Arkansas and Southeast Missouri, or more specifically
in the St. Francis, Black and White river basins. At the middle of June,
more than half of the receipts of the terminal live stock associations.
Nevertheless, the Department believes co-operation in live stock ship- warm weather and sunshine were conditions most urgently needed for
ping is destined to have much more development when producers are growth and development of the crops.
In view of the large reserve stocks in consumers' hands and reduced
better acquainted with the services they give. Many live stock producers
do not ship all their animals through the local co-operative association. industrial activity, production of bituminous coal during May and early
Some of them show a tendency to sell to local buyers in times of rising June continued surprisingly heavy. This fact, coupled with lateness of
prices, and to make their shipments through the co-operative association the lake shipping season, has had an adverse effect on prices and the
in times of falling prices. This does not necessarily imply lack of con- status of the fuel trade generally. Operators complain of accumulations
fidence in the association. It may be a result mainly of the fact that of loaded cars at mines, and the demand has hardly been sufficient to
local buyers are more active in periods of rising prices and drop out of the support the half time operations at pits in the Illinois, Indiana and Westmarket in times of falling prices. Yet the effect of this condition in ern Kentucky fields. Despite curtailed output in these areas, the market
retarding the development of live stock co-operative is obvious. Stockmen for screenings has been weak. Except where very evident bargains are
should bear in mind that the local buyer has no outlet for live stock which offered, industrial users are still drawing on their reserves, and doing
is not possessed also by the shipping association, and that local buyers will little in the way of covering on future requirements. Contracting by the
not buy animals at prices which they do not think will return them some retailers is reported generally backward, and this is ascribed to indifference
profit. It follows, accordingly, that if the local buyer can make a profit on the part of householders in the matter of ordering for fall and winter
needs. Railroads and public utilities companies have been the best buyers,
in buying live stock, the local shipping association can do so likewise.
A common mistake made by live stock producers is failure to keep in but their takings are below the average at this season for the past several
years.
Total production of bituminous aoal for the country as a whole
touch with markets. Local buyers are much better informed than the
average producer, and as soon as the market shows an upward trend they during the present calendar year to June 9, approximately 136 working
canvass their field for all possible business. Producers who have not days, amounted to 209,112,000 net tons, against 251,660,000 tons for the
followed the market may in such circumstances think the local buyer is corresponding period in 1927, and 236,873,000 tons in 1926.
bidding high, and give him their business, when as a matter of fact he is
operating on a very safe margin.
minal co-operative commission association was in existence.
A terminal co-operative commission association was started
in 1899 and another in 1906. But these early experiments
did not persist. The first permanent association was organized in 1917, and to-day there are 25 such agencies operating on 19 central markets. The Department's statement
in the matter, issued May 29, adds:
Radio Trade Helped by Presidential Campaign.
The fact that 1928 is a presidential year promises to make
it one of the biggest in the history of the radio industry,
according to C. A. Earl, President of the Charles Freshman
Co., one of the largest manufacturers of electric radio sets.
Mr. Earl believes that the radio will play a very important
part in electing the successor of President Coolidge. Under
date of June 28 Mr. Earl said:
Business Conditions in Atlanta Federal Reserve District—Seasonal Improvement Reported—Gain in
Building Operations.
The Federal Reserve Bank of Atlanta reports in its
"Monthly Review" dated June 30 that "seasonal improvement in agricultural conditions, increases in the volume of
trade at both retail and wholesale, in debits to individual accounts, time deposits, in the demand for credit, in building
permits, and in the production of cotton cloth and yarn, and
bituminous coal, are some of the principal developments in
the sixth [Atlanta] district during May and early June reflected in statistics gathered for the "Monthly Review."
The Bank, in its summary, also states:
The radio has attracted widespread attention to both national conventions,
and both major parties will use it in the campaigns of their respective
nominees. More voters have sat in at the conventions this year, through
the medium of the radio, than ever before in the history of American
politics, and public opinion and the convictions on which votes are cast
will, in a considerable measure, I believe, be influenced by the campaign
Retail trade in May was in greater volume than for any other month
oratory over the radio.
of 1928, and was greater than for May of any year since 1920. WholeMr. Earl, who formerly was Vice-President of the Whys- sale trade in May increased over April, but was in smaller volume than
Agricultural conditions showed improvement at the beginning
Overland Co., said the all-electric set is fast replacing the a year ago.
of June with the progress of the season and the advent of warmer weather,
battery-operated one. "The growth of the dealer organiza- but conditions in the cotton belt were irregular and in some sections retion of the Charles Freshman Co. attests the increasing planted cotton was just coming up. Prospects are for a much larger peach
public interest in electric radios," he continued. "We now crop• than last year, and citrus fruits are in better condition than a
year ago. Savings deposits, and debits to individual accounts, increased
have over 2,600 dealers in the United States. From one in May over April, and were greater than in May last year, and failures
dealer alone, who operates thirty-eight stores, we expect a declined in comparisong with both of those periods. Discounts and involume of at least $1,000,000. Our engineering department vestments of weekly reporting member banks increased somewhat between
May 9 and June 13. Discounts by the Federal Reserve Bank of Atlanta
has perfected popular-priced electric sets which meet the for all member banks increased sixteen million dollars during this
most exacting requirements and when production reaches period. Demand deposits of all member banks in the district declined
its peak, in about three months, we look for a record-break- seasonably in May compared with preceding months, but time deposits
continued to increase. Building permits in the sixth district, for the
ing volume of sales."
first time in two years, were larger in May than in the same month a
year earlier, and contract awards were also greater than in May last year.
Operations of lumber mills reporting weekly to the Southern Pine AssoImproved Business Conditions in St. Louis Federal ciation,
however, have averaged slightly below the standard since the
Reserve District, Although Volume is Below That latter part of May. Consumption of cotton in the cotton-growing States
was somewhat smaller in May this year than last, but the number of
of Year Ago.
spindles active was greater, and production of cotton cloth and yarn by
While still below that of a year ago, business in the mills reporting to the Federal Reserve Bank was
greater than in April,
St. Louis Federal Reserve District has developed quite per- or in May last year. Production of bituminous coal in Alabama and
greater
was
than
in
Tennessee
May
last
Federal
Reserve
year, but the output of pig iron
Bank of
ceptible improvement, says the
Alabama was smaller.
St. Louis in its "Monthly Review of Business Conditions" in
Retail
Trade.
:
issued under date of June 30. The bank goes on to
Retail distribution of merchandise in the sixth district daring May,
Of the lines investigated, a large majority reported larger sales in May
than April, but only a slightly smaller majority showed losses as com- reflected in sales figures reported confidentially by 46 department stores
pared with May 1927. Where losses are shown, they are attributed chiefly located throughout the district, was greater than for any other month
to the late spring and weather unfavorable for distribution and consump. this year, and was in larger volume than during May of any other year
tion of seasonal goods. Likewise, a general comment on current business since 1920. The index numbers for Atlanta and Birmingham for May
are higher than for that month of any other year for which statistics are
was that gains would have been considerably more pronounced had meteorological conditions been more auspicious. Purchasing by the public and available. Sales figures for the district show an increase of 6.8c. over
retailers responded readily to changes for the better in the weather, and May last year, increases being shown at Atlanta, Birmingham, Nashfrom the character of buying it is quite evident that consumers still have ville and New Orleans, but 'decreases at Chattanooga and "Other Cities."
For the first five months of 1928, sales averaged 3.4c greater than in
large requirements to fill.
As reflected by sales of department stores in the principal cities of the the corresponding period of 1927. Stocks of merchandise on hand at
district, retail sales in May were larger than in the same month last the end of May declined 4.4% compared with April, and were one-half
year. Good gains were also reported by five-and-ten cent chain stores and of 1% smaller than a year ago. Accounts receivable at the end of May
mail order houses. Scattered reports from the country and smaller towns, declined one-tenth of 1% compared with April, but were 13.4% greater
however, indicate less satisfactory results than in the larger centers of than a year ago. Collections during May increased 3.9% over those
population. Savings accounts fell slightly below the record total of the in April, and were 7.2% greater than in May 1927. The ratio of collections
preceding month, but this is usual at this time of year, due to with- during Nay to accounts outstanding at the beginning of the month for
drawals for vacation expenditures, and the total was 7.0% larger than 33 firms was 33.7%; in April this ratio was 33.4%, and in May last
at the corresponding period in 1927. Debits to individual accounts in the year 36.0%. For May the ratio of collections to regular accounts outchief cities in May were 11.4% larger than a year earlier, and 7.6% above standing for 33 firms was 36.0%, and the ratio of collections against
the April total this year.
installment accounts reported by 9 firms was 17.1%.
181
FINANCIAL CHRONICLE
JULY 14 1928.1
Wholesale Trade.
The distribution of merchandise at wholesale in the sixth district was
somewhat greater in May than in April, but smaller than in May last year,
as indicated in sales figures reported confidentially to the Federal Reserve Bank by 118 wholesale firms in eight different lines of trade.
Sales of groceries, hardware, electrical supplies, shoes and drugs were
in larger volume than in April, but sales of dry goods, furniture and
stationery were smaller. Reports from firms dealing in furniture, shoes
and drugs indicate larger sales volume than in May 1927, but the other
lines showed decreases compared with that month. The index number
of sales in the eight lines combined for May was 84.5, compared with
81.7 for April, and with 87.1 for May last year. Stocks of merchandise
declined in May compared with April, and accounts receivable and collections show different comparisons in the different lines of trade, as indicated in the tables which follow.
As to building operations, the Bank states:
Building.
For the first time in two years, the volume of building permits issued
at twenty regularly reporting cities in the sixth district in May showed
an increase over the corresponding month a year ago. Permits issued
during May at Atlanta amounted to nearly six million dollars, and the
Increase for the district is due principally to this large
total at Atlanta. Nine of these twenty cities reported increases and
eleven reported decreases. The index number for the district in May
was 123.9 compared with 74.0 for April, and with 84.3 for May a year
ago. The unusually large figure for Atlanta includes permits for a
Mosque to be erected by the Shriners at a cost of nearly two million dollars, additions to a number of public school buildings, and other large
projects.
Contracts awarded in the 37 States east of the Rocky Mountains reached
a new peak again in May, exceeding the April total by about 25 million
dollars, and exceeded the total for May last year by 21%. In May this
year 43% of the total was for residential building, 22% for public works
and utilities, and 14% for commercial buildings. Contracts awarded
during May in the sixth district totaled $32,497,484, greater by one-third
than the total for April, and 4.5% greater than in May 1927.
May 1928.
No.
AlabamaAnniston
Birmingham
Mobile
Montgomery
FloridaJacksonville
Miami
Orlando
Pensacola
Tampa
*Lakeland
*Miami Beach
GeorgiaAtlanta
Augusta
Columbus
Macon
Savannah
LouisianaNew Orleans
Alexandria
TennesseeChattanooga
Johnson City
Knoxville
Nashville
Value.
May 1927.
No.
Value.
Percentage
Change
in Value.
32
611
142
205
$79,485
1.912.432
212,793
470,330
23
646
80
77
175,300
2,074,111
302,080
186,660
+5.6
-7.8
-29.6
+152.0
415
214
96
57
364
39
730,665
142,975
77,925
87,000
483,558
12,300
331,485
403
302
122
62
439
36
17
1,155,270
463,116
133,407
89,133
479,487
56,350
108,250
-36.8
-69.1
-41.6
-2.4
+0.8
-78.2
+202.2
372
183
54
253
48
5,910,349
110,057
78,010
603,785
110,835
439
153
50
209
58
1,131,575
185,025
132,788
400,219
168.130
+422.3
-40.5
-41.3
+50.9
-30.1
266
94
802,542
56,785
178
58
721,985
270,637
+11.2
-79.0
256
17
264
329
793,435
64,840
643,158
574,985
278
13
225
284
281,715
26,975
488,976
717,988
+181.6
+140.4
+31.5
-19.9
4,272 $513,945,944 4,099 $9,484,577
123.9
84.3
• Not included In totals or index numbers.
+47.0
Total 20 cities
Index number
s
year's business in the final quarter, this outlook is of great importance
from a financial point of view. It is desirable to make selections and
place orders for fall and winter clothing lines somewhat more promptly
than last year as retail stocks throughout the country are unusually
moderate and there will be some pressure later in the year to provide for all
the demands.
Manufacturers should endeavor in general to anticipate consumer demand
and budget their production schedules accordingly, rather than waiting
for actual orders to arrive. Under present conditions producers in all
lines must obtain their data for planning operating schedules by forecasting
significant changes in final outlets; dealer demand is no longer a sufficient advice guide to actual requirements.
Total Value of Imports and Exports of Merchandise
by Grand Divisions and Principal Countries.
The Bureau of Foreign and Domestic Commerce of the
Department of Commerce at Washington has issued its
report showing the merchandise imports and exports by
grand divisions and principal countries for the months of
May and the 5 months ending with May for the years
1927 and 1928. The following is the table complete:
TOTAL VALUES OF EXPORTS OF MERCHANDISE BY GRAND DIVISIONS
AND PRINCIPAL COUNTRIES.
Month of May.
Exports toGrand DivisionsEurope
North America
South America
Asia
Oceania
Africa
1927.
1928.
$
$
171,773,172 188,172,013
120,056,853 123,264.101
33,947,278 38,242,538
42,377,966 50,319,165
17,115,474 12,694,884
8,982,874
7,869,400
Fire Months Ended Mag.
1927.
3
931,281,724
506,973,610
188,564,377
252,622,749
86,236,039
43,648,651
1928.
$
936,180,652
514,434,068
178,578,311
246,487,647
68,649,192
44,402,475
Total
393,140,143 421,675,575 2,009,327,150 1,988,732,345
Principal Countries48.069,419
45,755,011
Belgium
7,900,565 10,380,157
2,283,989
464,798
2,068,045
547,213
Czecho-slovakia
22,599,199
3,634,075
25,545,562
Denmark
5,333,913
87,419,240
86,233,042
France
18,085,801 18,537,593
Germany
31,367,102 32,838,268 180,368,881 177,403,859
5,303,697
Greece
1,084.685
648.407
7,240.289
Italy
65,658,855
8,352.368 15,148.917
51,386,420
11,533,251
10,578,866
57,146,231
58,519,597
Netherlands
Norway
2.085,382
2.202,210
9,611,733
9,428,518
9,582.075
Soviet Russia in Europe_ _ _
7,534,031
27,087,878
33,282,385
Spain_
5,456,062
7,756,866
30,080,396
32,324,465
Sweden
4,128,205
5,859,133
17,654,209
25,169.822
685,029
1,171,118
Switzerland
3,529,820
5,277,870
United Kingdom
61,637,557 61,448.512 359,379,802 332,137,606
Canada
83,978,133 88,778,512 329,084,043 347,423,583
6,877.949
Central America
30.659,794
6.411,007
32.752,910
47,844.154
Mexico
9,799,795 10,128,066
48,270,988
Cuba
13.494,328 10,933.198
611.306,596
54.736,310
1,798,548
1,578,197
7,409,926
6,900,917
Dominican Republic
12,387,947 14,082,011
64,157,630
64,482,685
Argentina
7,698,166
41,299,457
6,800,075
Brazil
37,965,359
3,345,812
2,580,588
14,774,758
Chile
15,152,594
5,340,256
3,688,413
21,074,743
Colombia
22,996,556
701,336
607,120
2,463.058
Ecuador
2,669,405
2,362,429
2,131,245
10,747,853
Peru
9,598,078
2,123,569
1,962,923
Uruguay
10,745,502
9,901,423
2,537,426
2,199,644
19,437,937
Venezuela
12,439,190
5,234,989
4,092,725
British India
34,824,008
26,420,596
1,050,211
874,601
6,001,337
British Malaya
5,390.601
5,732,963 10,516,052
40.633,461
China
47,709,077
1,564,866
1,852,808
7,800,443
Hong Kong
10,427,843
2.532,295
1,885,675
13,641,803
13.379.249
Netherland E.Indies
18,550,140 22,998,483 113,829,956 101,285,671
Japan
5,839,591
5,999,882
25,913,516
30,776,948
Philippine Islands
15,108,450
9,768,841
71,377,635
3,999,248
Australia
New Zealand
1,931.949
2,730,495
13,927,701
13.571.527
3,637,650
4,713,970
21,290,179
21,938,997
British South Africa
-_ --.
--- .._
.
- .._ -_,
Pt
.__ _....
Review of Pacific Coast Business by Silberli ng Business
Service-Not of Opinion That Retail Selling Has
Been Seriously Cut Into by Stock Market Activity.
The Silberling Business Service in its business report
Issued June 25 says "we are not inclined to agree with the
opinion which is now rather widely current that recent
stock market activity has seriously cut into retail selling."
We quote from the report as follows:
Indications.-Department store business in the principal cities of the
twelfth Federal Reserve district has been of satisfactory volume during
the first five months of this year. In the charge shown above allowance
has been made for the usual amount of purely seasonal variation and
number of trading days each month. While gross sales during the early
spring were somewhat below the normal growth line, the later months have
been running close to normal expectations.
The sales on the Pacific Coast have been more satisfactory than in the
United States as a whole, our index of sales for the entire country being
from 3 to 5% below normal during recent months. The better condition
of retail trade in the Coast cities is probably due to the existence of
relatively better weather conditions In this part of the country and to a
sharper recovery of general business than in the nation generally. There
has also been a distinct effort on the part of our local store managements
to stimulate purchasing by special selling events and more liberal extension
of credit, the result of which is shown in the detailed charts on the
following pages.
We are not inclined to agree with the opinion which is now rather widely
current that recent stock market activity has seriously cut into retail
selling. Public participation In the security market has doubtless been of
unprecedented scope, and has no doubt lessened the amount of investment
in houses and real estate and in equipment involving relatively heavy
expenditure. But, apart from the large element of borrowed credit, most
of the funds which have been going into stock have represented surplus
income of those in comfortable circumstances and the sums so placed by
those of moderate income have not been so large as to result in depriving
their families of the clothing, accessories, and other articles customarily
purchased in retail stores. Basic business conditions, as they affect employment and earnings, and, to a lesser extent, weather conditions, are
now as in the past the primary factors affecting the course of retail
buying.
Business Policy.-The sales outlook for the remainder of this year on
the Pacific Coast is good and since department stores do over 30% of the
TOTAL VALUES OF IMPORTS OF MERCHANDISE BY GRAND DIVISIONS
AND PRINCIPAL COUNTRIES.
Month of May.
ImportsfromGrand DivisionsEurope
North America
South America
Asia
Oceania
Africa
1927.
1928.
98,706,220 104,374,672
85,903,143 86,106,058
36,636,944 47.376,172
115,593,667 104.854,753
5,587,114
4,389,304
6,616,897
5.271.731
Five Months Ended May.
1927.
507,688,718
414,327,452
219,842,953
553,994,428
28.375,733
44.053,468
1928.
506,437.987
415,572.428
250,965,766
528,781,358
28,386,726
39,422,891
Total
346,501,009 354,915,666 1,768,282.752 1,769,567.156
Principal Countries31,584,712
29,082,263
Belgium
6,350,753
5,916,171
11,818,249
14,938,765
2,874,957
2,249,133
Czecho-slovakla
1.568.518
447,290
1.920,799
Denmark
529.188
60,234.699
65,446,184
France
11,157,740 11,159,184
86,408,868
77.496,647
Germany
14,139,554 16,142,207
8,411.381
20,328,232
Greece
873,952
1,271,152
Italy
44,524,054
41.630,822
8,587,518
9,005,615
33,222,539
34,893,455
7,311,462
Netherlands
6,150.751
10,731,474
9,646,775
Norway
2,505,561
2,967,560
3,233.735
5,181,281
Soviet Russia in Europe_ _ 1,305,754
497,896
Spain
14,637,077
16,274,963
2,714,430
2,949.626
14,728,839
17,600,265
Sweden
2,099,971
3,466,905
16.579,953
17,473,365
Switzerland
3,201,777
3,494,000
United Kingdom
31,469,041 35,031,836 140,212,880 147,954,886
Canada
39,464,243 43,183,728 184,129,002 191,058,711
Central America
17,720,795
22,290,330
4,394,029
4,407,840
60,538,770
Mexico
11,363,406
66,793,230
12,913,111
Cuba
99,949,266
23,278,975 16,706,708 117,572.941
Dominican Republic
1,640,435
4.652,823
4,804.023
1,463,262
Argentina
6,581,196 10,712,792
38,591.076
46,702,190
Brazil
11,195,756 14,759,136
80,116,757
92,246,231
Chile
4,977,828
6.369,053
29,177,629
33,597,072
8,914,514
7,830,324
Colombia
42.014,220
45,712,690
556,247
Ecuador
494,824
2,343,198
2,117,034
Peru
807.444
1.961,361
8,490,700
7,065,848
611,635
1,574,924
6,979.416
6,252,938
Uruguay
3,415,121
2,719.854
10.470,329
16,178,428
Venezuela
13,861.867 13,131.689
58,690,878
67,195.803
British India
23.932,065 13,614,432 128.470.664 137,610,998
British Malaya
71,547,281
16.717,191 14,439,867
59,914,820
China
4.253,698
7,116,912
Hong Kong
1,391,832
8.401,476
6,190,960
40,064,423
7,946,424
38,499.054
Netherland E.Indies
33,171,643 35,976.453 159,353,206 161,820,203
Japan
12,553,285 11,248,045
52,919,901
53,815,250
Philippine Islands
3,193,983
3.137.681
21.890,419
Australia
18,638,435
1,007,188
2,333,314
New Zealand
5,197,175
8.928,131
554,408
1,084,586
3,799,177
British South Africa
4,537,011
Egvnt
1.737.093
1.564.942
13.238.324
11.990.054
182
Seasonal Declines and Holiday Shutdown Affect
Lumber Movement.
Due to the holiday shutdown, coupled with the usual
mid-summer lethargy, the lumber movement during the
week ended July 7 declined considerably, according to the
weekly analysis of the National Lumber Manufacturers
Association, based on reports from 848 softwood and hard
wood (units) mills, as compared with reports from 874 mills
for the week before. Both branches of the industry showed
seasonal declines. Revised figures for the preceding week,
however, brought shipments to a new high for the year.
Based on mill averages, new business for the week compared
satisfactorily with that of the preceding week, when orders
amounted to 350,529,000 feet, reports the National Association, adding:
Unfilled Orders.
The unfilled orders of 269 Southern Pine and West Coast mills at the
end of last week amounted to 720.792,616 feet, as against 718,069,545
feet for 271 mills the previous week. The 156 identical Southern Pine
mills in the group showed unfilled orders of 262,899,957 feet last week,
as against 261,847,584 feet for the week before. For the 113 West Coast
mills the unfilled orders were 457,892.659 feet, as against 456.221.961
feet for 115 mills a week earlier.
Altogether the 450 reporting softwood mills had shipments 115% and
orders 121% of actual production. For the Southern Pine mills these
percentages were respectively 107 and 108; and for the West Coast mills
152 and 160.
Of the reporting mills, the 403 with an established normal production
for the week of 291,623.000 feet. gave actual production 66%, shipments
77% and orders 82% thereof.
The following table compares the lumber movement, as reflected by the
reporting mills of eight softwood, and two hardwood, regional associations,
for the three weeks indicated:
Past Week.
Preceding Week 1928
(Revised).
Softwood. Hardwood. Softwood. Hardwood,
Mills (or units.)
450
398
451
423
201,092,000 48,491,000 298,710,000 53,617.000
230,677,000 57.132,000 347,288,000 60,446,000
244.058,000 57.233,000 288,095,000 62,434,000
•A unit is 35,000 feet of daily production capacity.
Production
Shipments
Orders (new business)
The Hardwood Manufacturers Institute of Memphis. Tenn., reports
production from 324 units as 39,571,000 feet, as against a normal production for the week of 68,117.000. Three hundred and forty-four units the
previous week reported production as 43.051.000 feet. There were notable
decreases in shipments and new business last week, due to the larger number
of reporting units.
Lumber Production and Shipments During the Month
of May.
The "National Lumber Bulletin" published by the National Lumber Manufacturers Association, Inc., Washington,
D. C., on July 7 issued the following statistics on the production and shipments of lumber during the month of May:
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED BY MEMBER ASSOCIATIONS TO NATIONAL LUMBER MANUFACTURERS
ASSOCIATION FOR MAY 1928 AND MAY 1927.
Southern Pine Reports.
The Southern Pine Association reports from New Orleans that for 156
Mills reporting, shipments were 6.66% above production and orders were
8.29% above production and 1.53% above shipments. New business taken
during the week amounted to 69,907,635 feet (previous week 74,611,098):
shipments 68.855,262 (previous week 86,938,896), and production 64,555.241 feet (previous week 76.339,426). The normal production (threeyear average) of these mills Is 83,033,166 feet. Of the 152 mills reporting
running time, 10 operated overtime. Four mills were shut down, and the
rest operated from one to six days.
The Western Pine Manufacturers Association of Portland. Ore., reports
production from 33 mills as 25,544,000 feet. as compared with a normal
production for the week of 33,274,000. Twenty-two mills the week earlier
reported production as 19,960.000 feet. There were marked increases in
shipments and new business last week due to the larger number of reporting
mills.
The California White & Sugar Pine Manufacturers Association of San
Francisco, reports production from 19 mills as 20,871,000 feet (62% of the
total cut of the California pine region) as compared with a normal figure
for the week of 29,369,000. Six mills the preceding week reported production as 8,552.000 feet. Again, the larger number of reporting mills
last week accounts for notable increases in shipments and orders.
w. The California Redwood Association of San Francisco, reports production
from 15 mills as 3.072 feet, compared with a normal figure of 9.450,000.
Fourteen mills the week before reported production as 7.356.000 feet.
There was a heavy decrease in shipments and new business showed a slight
decrease.
The North Carolina Pine Assottiation of Norfolk. Va., reports production
from 59 mills as 8,114.000 feet, against a normal production for the week
of 12,816,000. Fifty-one mills the week before reported production as
8,914,000. Shipments and new business last week were somewhat below
those reported for the preceding week.
The Northern Pine Manufacturers Association of Minneapolis, Minn.,
reports production from 8 mills as 9,680,000 feet. as compared with a normal
figure for the week of 12,317,000. Seven mills the week earlier reported
production as 9,128,000 feet. There was a slight decrease in shipments
act week, and a marked decrease in new business.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh, Wis. (in its softwood production) reports production from 47
mills as 7,332.000 feet, as compared with a normal production for the
week of 21,012,000. Fifty-two mills the previous week reported production as 6,688,000 feet. There was a slight increase in shipments and a
slight decrease in orders.
Hardwood Reports.
The Northern Hemlock & Hardwood Manufacturers Association of
Oshkosh. Wis., reports production from 74 units as 8,020,000 feet, as
compared with a normal figure for the week of 15,508,000. Seventy-nine
units the preceding week reported production as 10,566,000 feet. Shipments were about the same last week, and new business showed some
decrease.
Shipments.
Production.
Association.
Hardw'cts.
Feet,
Mills.
May 1928.
California Redwood
16
California White & Sugar
20
Pine Mfrs
North Carolina Pine
43
Northern Hemlock &
Hardwood Mfrs
37 33,193,000
9
Northern Pine Mfrs
7 1,861,000
Southern Cypress Mfrs.._
121
Southern Pine
West C'st Lumbermen's, 106
23
Western Pine Mfrs
Lower Michigan Mfrs
11 9.116,000
28 14,616,000
Individual reports
Hardw'ds.
Feet.
Softwoods.
Feet.
Softwoods.
Feet.
36,846,000
42,517,000
135,024,000
40,943,000
104,830,000
40,696,000
22,004,000 28,827,000
42,469,000
5,965,000 2,362,000
316,010,000
450,010,000
90,055,000
1,258,000 7,277,000
49,830,000 14,749,000
20,410,000
45,458,000
7,408,000
351,040,000
512,177,000
91,934,000
2,237,000
58,742,000
Total
421 58,786,000 1,190,414,000 53,215,000 1,277,449,000
May 1927.
37.094,000
California Redwood
16
46,917,000
California White & Sugar
111,545,000
Pine Mfrs
20
101,579,000
29,149,000
29,581,000
North Carolina Pine
47
Northern Hemlock &
16,931,000 25,644,000
23,084,000
Hardwood Mfrs
37 28,691,000
34,818,000
36,172,000
Northern Pine Mfrs
s
6,786,000 2,312,000
7,155,000
350,000
Southern Cypress Mfrs
5
309,335,000
323,876,000
132
Southern Pine
299,804,000
308,767,000
72
West C'st Lumbermen's _
140,985,000
128,276,000
Western Pine Mfrs
37
2,223,000 8,091,000
2,565,000
Lower Michigan Mfrs__
13 7,683,000
38,455,000 14,757,000
38,302,000
25 10,652,000
Individual reports
.....--.
West Coast Vforement.
The West Coast Lumbermen's Association wires from Seattle that new
business for the 113 mills reporting for the week ended July 7 was 60%
above production, and shipments were 52% above production, which was
61,924.000 feet. as compared with a normal production for the week of
111.364,000. Of all new business taken during the week 44% was for
future water delivery, amounting to 43.048,768 feet. of which 27,831.402
feet was for domestic cargo delivery, and 15,217,366 feet export. New
business by rail amounted to 48,142.237 feet, or 48% of the week's new
business. Fifty-one per cent of the week's shipments moved by water,
amounting to 48.411.561 feet, of which 31.026.880 feet moved coastwise
and intercoastal, and 17,384,681 feet export. Rail shipments totaled
37,737.720 feet, or 40% of the week's shipments, and local deliveries
8.173,975 feet. Unshipped domestic cargo orders totaled 165,363,836 feet,
foreign 119,745.434 feet and rail trade 172.783.389 feet.
[VOL. 127.
FINANCIAL CHRONICLE
Ale,
,y,
nnn
nnn 1
AM, 0.1A AAA 1 AO, 10X
MA 0,1
4,..,Au.so vvy vvrou
,
r.uul,
nAn A,
7, Ann
Total production May 1928, 1,249,200 000 ft.; total production May 1927,
1,074,501,000 ft.; total shipments May 1928, 1,330,664,000 ft.; total shipments
May 1927. 1,097,077,000 ft.
Note.—Reports for May 1928, and May 1927 given above are not from comparable
mills and are not comparable.
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED BY STATES
BY MEMBER ASSOCIATIONS.
May 1928.
Stabs.
Mills.
10
11
Alabama
Arkansas
California
Florida
Idaho
Louisiana
Michigan
Minnesota
Mississippi
Montana
North Carolina
Oregon
South Carolina
Texas
Washington
Wisconsin..
Others•
Shipments,
Feet.
27
4
43
53
2
32
75
30
33
21,748,000
26,348,000
143,782,000
30,469,000
8,182,000
83,528,000
22,592,000
18,936,000
84,785,000
22,559.000
40.943,000
240,972,000
3,458,000
73,197,000
296,440,000
43,222,000
88,039,000
26,008,000
26,852,000
124.350,000
38.996,000
7,479,000
88,376,000
20,921,000
28.794,000
97,664,000
20,400,000
40,696.000
252,117,000
3,757,000
78,519,000
347,113,000
39,499,000
89,124,000
421
1,249,200,000
1,330,664,000
30
12
3
33
19
4
Total
Production,
Feet.
* Includes mostly individual reports, not distributed.
West Coast Lumbermen's Association Weekly Report.
One hundred fifteen mills reporting to the West Coast
Lumbermen's Association for the week ended June 30 1928
manufactured 119,880,930 feet, sold 120,101,253 feet and
shipped 155,878,134 feet. New business was 220,323 feet
more than production and shipments 35,997,204 feet more
than production.
COMPARATIVE TABLE SHOWING PRODUCTION, NEW BUSINESS.
SHIPMENTS AND UNFILLED ORDERS.
June 9.
Week Ended—
June 30.
June 16.
June 23.
Number of mills reporting
111
110
115
112
Production (feet)
119,880,930 119,750,160 118,080,396 110,348,014
New business (feet)
120,101,253 113,414,148 121,630,177 139,270,685
Shipments (feet)
155,878,134 135,231,013 142,088,154 143,375,989
Unshipped Business—
Rail (feet)
Domestic cargo (teet)
Export (feet)
163,738,786
168,328,990
124,154,185
170,996,158
183,057,652
128,549,368
173,280,713
192,350,157
137,530,801
175,335.250
201,498,379
139,592,086
Total (feet)
456,221,961 482,603,178 503,161,671 510,425,724
1925,
First 26 Weeks of
1928.
1927.
1926.
118
Average number of mills_
113
105
76
Production (feet)
3 048,828,319 1,899,309,280 2,661,644,853 2,622,935,624
New business (feet)
3,316,754.032 2,001,971,449 2,804,215,428 2.673,775,956
Shipments (feet)
3,207,126,712 1,080,367,172 2,768,179,367 2,722,372,758
Automobile Price Changes and New Models.
The Packard Motor Car Co. on July 9 reduced the price
of its six-cylinder line $300 on each model. The reductions,
it is stated, have been made in order to clear the way for
the introduction late in the summer of a new line of cars
to be priced a little higher than the present line was before
JULY 14 1928.]
FINANCIAL CHRONICLE
1F
The increase in total crop acreage is most marked In some of the semithe reduction went into effect. The new factory prices of
arid sections and In those parts of the Mississippi and Ohio Valleys which
the existing line are as follows:
suffered from overflow or from excessively
126-Inch. Wheelbase Models2-Passenger Runabout
5-Passenger Sedan
5-Passenger Phaeton
2-Passenger Coupe
2-Passenger Convertible Coupe
133-Inch. Wheelbase Models7-Passenger Touring
4-Passenger Coupe
5-Passenger Club Sedan
7-Passenger Sedan
7-Passenger Sedan Limousine
2-Passenger Runabout
5-Passenger Phaeton
(Prices f. f b. Detroit).
New Price.
$1,975
1,985
1,975
2,050
2,125
New Price.
$2,185
2.385
2,385
2,385
2,485
2,085
2,085
The Moon Motor Car Co. has introduced its 1929 line of
passenger cars known as the Moon-Aerotype. They embrace
five classifications of models, the 8-80, 8-75, 6-72 Royal, 6-72
Standard and 6-60. The bodies of the new cars are of the
newest composite steel and wood construction and an entirely new feature is the "self-lubricating chassis."
A special dispatch from Detroit on July 10 discloses the
fact that in addition to the new "75," "65" and 'Plymouth"
models recently introduced, the Chrysler Corporation is exhibiting a line of commercial cars called the "Fargo Express" which will soon be marketed. The "De Soto Six,"
announced in May, is expected to be ready in August.
The Pierce-Arrow Motor Car Co. on July 13 reduced prices
on its "81" models from $300 to $600. The runabout and
brougham were reduced $300; four-passenger touring cars,
$400; four-passenger coupes, $500, and the club sedan was
cut $550. Eight other models were cut $600.
Range of Production Costs of Potatoes.
Potato production costs ranging from an average of 49
cents per bushel in the Western States to 80 cents a
bushel in the west South Central States have been reported
for the 1927 crop by 1,179 farmers to the Bureau of Agricultural Economics, United States Department of Agriculture. Under date of July 5 the Department states that average costs reported by 270 farmers in the Northeastern
States were placed at 73 cents per bushel; in the Eastern
States 72 cents a bushel; Southeastern States 77 cents; Central States 58 cents; North Central States 53 cents.
Corresponding figures for each year since 1923 show a
range from 38 cents a bushel in the North Central States In
1924 to 87 cents a bushel in the Southeastern States in
1925. Figures from growers having an acre or less of potatoes were not included in the Department's tabulations,
and the remaining 1,179 reports were grouped to represent as nearly as possible sections of the country having
similar production conditions.
Agricultural Department's Complete Official Report
on Cereals, etc.
The Crop Reporting Board of the United States Department of Agriculture made public on July 10 its forecasts
and estimates of the grain crops of the United States as of
July 1, based on reports and data furnished by crop correspondents, field statisticians and co-operating State
Boards (or Departments) of Agriculture. This report
shows that the production of winter wheat is now placed at
543,782,000 bushels, which compares with the Department's
estimate of 512,252,000 bushels a month ago, 479,086,000
bushels two months ago and with 553,288,000 bushels harvested in 1927. The July 1 condition is given as 75% of
normal, which compares with the June 1 1928 condition of
73.6%, the May 1 1928 condition of 74.9% and the July 1
1927 condition of 75%. The ten-year average condition of
.winter wheat is 77.5%. The probable production of corn
is placed at 2,736,000,000 bushels, which compares with
2,774,000,000 bushels harvested in 1927 and a five-year
average production of 2,752,000,000 bushels. The condition
of corn on July 1 was 78.1%, comparing with 69.9% on
July 1 1927 and a ten-year average of 82.6%. Many of the
principal crops show an increase in area planted; among the
most important increases are corn, 4%;barley, 30%;cotton,
11%; potatoes, 9%;tobacco, 18%; beans, 7%,and peanuts,
5%. There are also a few decreases in other farm products.
Among these are hay with a decrease of 4%, wheat with
decrease of 1.5%, rye with 4%, sweet potatoes, 8%, rice
5% and flax 3%. Below is the report in full:
wet conditions during the spring
of 1927. In other sections the increases reflect chiefly the generally favorable weather for planting, the somewhat better prices for farm products
and the ample supply of farm labor. If the increases that are now in
prospect materialize, the harvested acreage will be the largest since 1919.
Although the production of most crops is still largely dependent on the
weather between now and harvest, there are indications that the increase
in acreage compared with last year may be more than offset by lower yields
per acre. The composite condition of the 35 principal crops on July 1 was
5.8% below the average July 1 condition of these crops during the last
ten years.
CORN.
The total area in corn is estimated at 102,380,000 compared with 98.868.000 acres harvested last year, an increase of about 3,500.000. or 3.6%•
Nearly all of the increase has taken place in the group of States extending
from Ohio and Kentucky west to Kansas. In the eastern portion of this
area wet weather prevented the planting of the usual acreage of corn in
1927. and the heavy loss of winter wheat left an unusually large acreage
to be planted to corn and small grains.
The condition of corn on July 1 was 78.1% of normal, compared with
69.9% on July 1 1927 and 82.6% the ten-year average. The heat conditions, relatively, are found in the north central and western States,
Michigan, North Dakota and Montana excepted. In many of the south
central States where rainfall was excessive. and June temperature below
normal, the condition of corn ranges from 60 to 66. Conditions along the
Atlantic seaboard are fair to good.
The condition of corn on July 1 indicates a yield per acre of 26.7 bushels.
compared with 28.2 bushels per acre harvested in 1927 and 27.2 bushels
the five-year average.
Production on this basis is forecast at 2,735,617,000 bushels, which compares with 2.786.000,000 bushels harvested in 1927 and 2,752.000.000
bushels the five-year average.
ALL WHEAT.
• The condition of all wheat, both winter and spring, on July 1 is reported
as 74.3% of normal, indicating an average yield of 13.9 bushels per acre
and a total production of 799,937,000 bushels. This compares with 872.000.000 bushels harvested in 1927 and 808,000.000 bushels the five-year
average.
WINTER WHEAT.
The acreage of winter wheat remaining for harvest Is estimated at 36.125.000 acres, a decrease of 4.8% from the acreage harvested last season. An
increased acreage of winter wheat was sown last fall, but in the four States
of Ohio, Indiana, Illinois and Kentucky about 5.500.000 acres, or nearly
two-thirds of their sown acreage, was lost from winter-killing, and on part
of the area remaining the stand is so thin that it is very difficult to estimate
either the acreage that will be actually cut or the bushels that will be threshed
The decreases in these States are partially offset by the continued expansion
of wheat acreage in the Southwest where the "combine" is helping to solve
the harvesting problem.
The July 1 reports on condition indicate that the yield may be expected
to be around 15.1 bushels per acre, and the total production 543,782,000
bushels compared with a forecast fo 512,252,000 bushels on June 1 and
552.384,000 bushels harvested last year.
SPRING WHEAT OTHER THAN DURUM.
The acreage of spring wheat other than durum remaining for harvest is
estimated at 15,478,000 acres compared with 15.440,000 acres harvested
in 1927, or practically no change. The condition of the crop on July 1 was
71.7% of normal,compared with 89.8% a year ago. and 82.6% the average
condition of all spring wheat during the past ten years. Spring wheat in
South Dakota shows the unusually low condition of 58% of normal.
An average yield of 11.8 bushels per acre is indicated by the July 1
condition, compared with 15.7 bushels harvested a year ago and 13.4 the
five-year average. Production is forecast at 182.623.000 bushels, which
compares with 243,000.000 bushels harvested in 1927 and 200.000,000
bushels the five-year average.
DURUM WHEAT.
Durum wheat acreage has increased to 6,147.000 acres, compared with
5.271,000 acres in 1927. an increase of 16.6%. The acreage in 1926 was
4,774,000. The condition of the crop on July 1 was 76.2% of normal,
and indicates an average yield per acre of 12 bushels, compared with 14.4
bushels per acre harvested in 1927 and 9.2 bushels in 1926. Production is
forecast at 73.532,000 bushels. Last year the production of durum wheat
was 76,155,000 bushels and in 1926 43.981.000 bushels.
ALL SPRING WHEAT.
The production of all spring wheat indicated by July 1 conditions is
256.155,000 bushels, compared with 319,000,000 bushels harvested in 1927
and 259,000.000 bushels the five-year average.
WHEAT STOCKS ON FARMS.
Wheat stocks on farms July 1 are estimated at 23.450,000 bushels.
compared to 27.215.000 bushels last year and a five-year average of 28.884.000 bushels.
OATS.
The acreage of oats shows practically no change. The area on July 1
Is reported at 41,974.000 acres compared with 42,029.000 acres last year.
Substantial increases are shown in Ohio, Indiana, Illinois, Missouri and
Kentucky, where much abandoned wheat land has been planted to oats.
The oats acreage in Kentucky amounts to 140% of last year's harvested
acreage. In the southern States the acreage of winter oats has been
sharply reduced by the extensive winter-killing.
The condition of oats on July 1 was 79.9% of normal, compared with
78.3% on June 1. 79.9 on Ally 1 1927 and 81% the ten-year average. An
average yield per acre of 31.5 bushels is indicated, compared with 28.3
bushels per acre harvested in 1927 and 31.4 the five-year average. On
this basis, production is forecast at 1,320,097.000 bushels, compared with
1.195,000,000 bushels harvested in 1927 and 1.348.000,000 bushels the
five-year average.
BARLEY.
The acreage of barley is estimated at 12.243.000 acres compared with
9.454.000 acres last year, an increase of 29.5%. The growing popularity
Reports from farmers in all parts of the country indicate an upward of barley as a feed crop, its utility for late planting on abaudoned wheat
tendency in crop acreages this season and Borne shifting of acreage away land and the better returns per acre when compared with oats are the
from hay and towards crops which have given larger returns per acre. From chief facts which account for the increase.
present indications the harvested acreage of the principal crops is expected
The acreage of barley has increased markedly in all the north central
to show an increase of about 2% over the acreage harvested last season States, and for the group as a whole the increase averages nearly 37%.
In round figures, the most important increases are: Corn, 4%; barley. 30%; In the western States the increase has been 16%. The only decreases of
cotton, 11%; potatoes, 9%; tobacco. 18%; beans. 7%, and peanuts. 5%, Importance occurred in Texas and Oklahoma.
The most important decreases are: Hay, 4%; wheat, 1.5%; rye. 4%;sweet
The condition of barley on July 1 was reported as 81.3%.or slightly below
Potatoes, 8%; rice, 5%, and flax. 3%•
the ten-year average. This indicates the probability of a yield of about
184
FINANCIAL CHRONICLE
24.8 bushels per acre. If this yield is realized the total crop will be about
303,000,000 bushels, exceeding the largest previous crop by about 14%•
RYE.
The acreage of rye for harvest decreased 4.2% compared with 1927.
The acreage is reported as 3,535,000 acres, compared with 3,690,000 acres
harvested in 1927. In North Dakota, which had more than 37% of the
total rye acreage last year, no change is reported.
Rye shows but little improvement over the low condition of June 1.
The condition is reported as 66.7%, compared with 89.7% on July 1 1927
and 82.2% the ten-year average. The lowest conditions are reported in
the north central States where. in spite of some recent improvement, low
yields are expected.
The condition of 66.7% on July 1 indicates an average yield of 11.1
bushels per acre, compared with 16 bushels harvested in 1927 and 13.4
bushels the five-year average. Production is forecast at 39,273.000
bushels, compared with 36,676,000 bushels indicated by June 1 conditions,
58.600,000 bushels harvested in 1927 and 54.900.000 bushels the five-year
average.
FLAX.
Flax acreage shows a decrease of 2.6% from the harvested acreage of
last year, being estimated at 2,831.000 acres in 1928. compared with 2,906.000 acres in 1927. No consistent trend in acreage is in evidence, increases in South Dakota and Montana being more than offset by decreases
In Minnesota and North Dakota
The condition of the crop in general is low, being reported as 76.8% of
normal compared with 86.3% a year ago, and 82.5% the ten-year average.
The important States of Minnesota,North Dakota,South Dakota and Montana In particular report low conditions. The indicated yield is 7.6 bushels
per acre, compared with 9.1 bushels last year and 8.1 the five-year average.
A yield of 7.6 bushels would result in a production of 21,461.000 bushels.
compared with 26.600,000 bushels last year and 23,400,000 bushels the
five-year average.
RICE.
The acreage of rice is estimated at 923,000 acres, which is a reduction
of 5.8% from 980,000 acres harvested in 1927. No change in acreage is
reported in Texas. Reductions of 5% in Louisiana, 9% In Arkansas and
15% in California are reported. Missouri, which had 3,000 acres of rice
last year, now reports 10,000 acres.
The condition of rice OD July 1 was 86.2%. compared with 90.9% a year
ago and 88.9% the ten-year average. Improving conditions as the month
of June closed were reported from Mississippi Valley rice districts. In
California favorable conditions early in June were followed by too cool
weather later in the month. The July 1 condition indicates a production
of about 35,445.000 bushels, compared with 40.200.000 bushels last year
and 36,300,000 bushels the five-year average.
POTATOES.
As a result of above-average returns for three years in succession, the
acreage of potatoes has been increased in nearly all States. Including a few
fields that were still to be planted after the first of July, the total acreage of
potatoesin the United States is estimated at 3,842,000 acres,compared with a
revised estimate of 3.517.000 acres harvested last year, an increase of 9.2%.
It is still too early to accurately forecast the yield in the Northern States,
but with average weather conditions during the remainder of the season a
yield slightly above that of last year may be expected, indicating a total
potential crop of around 444.000,000 bushels. There are already indications that part of this year's crop may not be dug.
SWEET POTATOES.
The acreage of sweet potatoes is estimated at 856,000. compared with
931.000 acres harvested last season. The acreage has been sharply decreased in practically all of the important cotton States. North of the
Cotton Belt the acreage has increased somewhat. The crop has encountered unfavorable weather so far, but the total production seems likely to
be nearly up to the average of the last five years.
TOBACCO.
Tobacco acreage has been increased 17.8%,from 1,575,700 acres in 1927
to 1,856,000 acres in 1928. The increases are general and result from the
generally favorable prices paid to growers in 1927. Increases are heaviest in
burley and western dark tobacco districts, and in the southern portion of
the bright flue-cured district. Moderate increases are shown In cigar leaf
areas. Excessive rainfall in western Kentucky and Tennessee has tended
to restrict plantings.
The condition of tobacco Is reported at 74.1%, compared with 79.3%
the ten-year average. Stands. in general, are excellent. Replanting has
been necessary In many districts, but an abundance of plants is reported
for this, and for late planting where field operations have been delayed by
wet weather. Wet weather has brought reports of "wild fire" and in Kentucky and Tennessee has caused uneasiness as to future quality. Stand and
color are reported good in the Middle Atlantic States. The Georgia crop
improved during June and is now being cured and good quality tobacco Is
expected. Present conditions point to a prospective yield of 706 6 pounds
per acre, compared with 769 pounds per acre harvested in 1927 and 776
pounds the five-year average. It should be noted, however, that July
conditions are not usually a satisfactory indication of yield.
TAME HAY.
A decrease of4.4% in the acreage of tame hay is reported,from 61,310,000
acres in 1927 to 58,631,000 acres in 1928. This decrease is the combined
effect of a reduction of 3.8% in the acreage of alfalfa, 5.5% in all clover and
timothy and 3.1% in all other tame hay except annual legumes for hay,
of 1%. The most important decrease in
which shows an increase of
acreage is shown in the north central group of States and amounts to 6.9%,
or a loss in tame hay acreage for this group alone of over 2,000,000 acres.
The south central and eastern groups also show reductions in tame hay
acreage, whereas the western States show an average increase of 1.1%.
The condition of tame bay on July 1 was 76.7% of normal, practically
the same as on June 1,and compares with 89.9% on July 1 1927 and 79.5%
the five-year average for that date.
A condition of 76.7% on July 1 Indicates an average yield of 1.44 tons
per acre, compared with 1.74 tons harvested in 1927 and 1.55 tons the fiveyear average. The indicated production is 84.383,000 tons, compared a 1,h
the record product on of 106.200,000 tons harvested in 1927, and an average
production of 93,100,000 tons harvested during the past five years.
WILD HAY.
The condition of wild hay also is low, being reported as 71.3% of normal
crop with 74.6% on June 1. 93.2% a year ago and 79.7% the five-year
average.
PASTURE.
Pasture condition improved greatly during June. The condition on
July 1 was 84.4% of normal compared with 78.6% on June 1, 92.8% a
year ago and 85.9% the en-year average.
[VOL. 127.
FRUIT.
From present indications this will be a year of fairly heavy fruit production, but an unusually large proportion of the total fruit crop is in the Pacific
Coast States. In most other States the apple, peach, pear and grape crops
will be intermediate between the light 1927 production and the heavy crops
of 1926. The chief exceptions are the rather heavy peach crop in the southeast and the scarcity of all fruits in Nebraska, Kansas, Oklahoma and parts
of Missouri where a late freeze caused widespread loss.
CROP REPORT AS OF JULY 11928.
The Crop Reporting Board of the United States Department of Agriculture makes the following forecasts and estimates for the United States
from reports and data furnished by crop correspondents, field statisticians
and co-operating State Boards (or Departments) of Agriculture and Agricultural Colleges:
Acreage 1928.
Per Ct.
of
1927.
Crop.
Corn
Winter wheat
Durum wheat, four States
Other spring wheat, U.S..__.
All wheat
Oats
Barley
Rye
Flaxseed
Rice
Sorg° for sirup
Sugar cane (Louisiana)
Sugar beets
Potatoes, white
Sweet potatoes
Tobacco
Broomcorn _ d
Beans. dry edible..d
Soy beans
Cowpeas
Velvet beans
Peanuts
Hay, all tame
Hay, wild
Condition.
July 1, July 1, June 1, July 1,
l0-yr.av. 1927. 1928. 1928.
Per Ct. Per Ct. Per Ct. Per Ct.
Acres.
103.6 102,380,000
95.2 a36,I25,000
116.6 6,147,000
100.2 15,478,000
98.5 57,750,000
99.9 41,974,000
129.5 12,243,000
95.8 a3,535,000
97.4 2,831,000
94.2
923,000
99.0
382,000
171.4
180,000
92.7
699,000
109.2 3,842,000
91.9
856,000
117.8 1,856,600
115.6
252,000
107.2 1,735,000
101.6 2,309,000
97.8 2,410,000
82.6
77.5
980.4
c82.6
79.2
81.0
82.9
82.2
82.5
88.9
82.7
80.2
85.4
85.8
83.5
79.3
79.1
85.4
e82.5
e76.8
e76.8
81.9
979.5
b70.7
on n
105.1 1,185,000
95.6 58,631,000
69.9
___
78.1
75.0
73.6
75.0
89.6
____
76.2
83.8
____
71.7
79.2
___
74.3
79.9
78.3
79.9
84.2
82.7
81.3
89.7
67.9
66.7
86.3
____
76.8
90.9
____
86.2
--------70.0
89.0
___
80.0
85.6
____
89.1
84.9
-___
84.8
82.9
---77.0
73.6
---_
74.1
69.9
-__
78.5
82.1
---76.3
78.8
-__80.5
77.6
---73.8
75.0
-78.0
77.3
---.
77.6
89.9
76.6
76.7
93.2
74.6
71.3
no o
no
A
Total Production in Millions.
OA
A
Yield per Acre.
Indica:.
by
Cond'n
June 1 July 1 5-yr.as.
July 1
5-yr as.
1923-7o 1927. 1928. 1928. 1923-7y 1927. 1928/
Crop.
Indicated by
Condition.
Harvested.
Harvested.
Corn, bushels
28.1
2,752 2,774
2,736
27.2
26.7
544
Winter wheat, bushels._ _
553
512
15.1
14.8
15.1
549
Durum wheat, four
74
12.7
14.4
States, bushels
59
78
12.0
Other spring wheat.
13.4
183
15.7
United States. bushels_
206
243
11.8
800
14.5
14.9
808
873
13.9
All wheat, bushels
1.320
31.4
28.2
1,348 1,184
31.5
Oats, bushels
303
25.9
28.0
209
264
24.8
Barley, bushels
58.8
3-4377 39.3 13.4 15.9 11.1
54.9
Rye, bushels.
21.5
8.1
23.4
26.6
9.1
7.6
Flaxseed, bushels
40.1
35.4
39.0
40.9
38.4
36.3
Rice, bushels
10.5
e7.46
7.75
6.76
10.8
10.7
Sugar beets, tons
444 113.7 115.7 115.5
384
407
Potatoes, white, bushels_
92.6 100.9
93.9
75.3
78.0
87.9
Sweet potatoes, bushels_ _
1,336 1,196
1,312
778
759
707
Tobacco, pounds
642.0
1320
1327
h55.6 1135.7
1333
Broomcorn.d, tons
11.0
16.6
10.4
9.6
17.1
16.9
Beans, dry edible_ el, bush
803
704
706
807
715
678
Peanuts, pounds
84.4
1.44
93.1 106.5
1.55
1.74
Hay, all tame, tons
a Acres remaining for harvest b Five-yeir average, 1923-1927. c All spring
wheat. d Principal producing States. e Four-year average, 1924-1927. 1 Interpreted from condition reports. Indicated production increases or decreases with
changing conditions during the season. g Unrevised. h Thousands of tons.
I Pounds per acre.
The amount of wheat remaining on farms in the United States on July 1
1928 is estimated at 2.69% of the crop of 1927, or about 23,450.000 bushels.
as compared with 27,215,000 bushels on July 1 1927 and 28,884,000 bushels
the average of stocks of wheat on July 1 for the five years 1923-1927.
For the United States:
Condition.
Crop.
Total Production in Millions.
July 1July 1 June 1July 1 Harvested.
Indicated by
iO-yearj 1927. 1928. 1928.
Condition. a
A rerag
5-yr.as
June 1 July 1
Per Ct. Per Cl. Per Ct.Per C1.1923-7 1927. 1928. 1928.
Apples, total crop.
bushels
Apples, commercia
crop, barrels_
Peaches, total crop,
busheis
Pears, total crop.bu
Grapes, tons
Pecans, pounds__
59.61
46.6
col.9I
49.0
60.81
60.8
84.6
e61.4
48.1
49.8
84.6
50.4
72.2
72.7
70.
183
123
178
32.4
25.9
33.2
45.5
70.6
52.2
66.5
20.2
18.1
98.4 42.19 /12.46
57.4 /33.9
22.1
64.2
23.1
66.0
23.4
42.85
For California and Florida:
Conditiem.
Crop and State.
Almonds, California
Apricots, California
Avocadoes, Florida
Blueberries, Florida
Cherries. California_g
Figs, California
Grapefruit, Florida
Grapes, California
Wine gropes
Raisin grapes
Table grapes
All grapes
Lemons, California
Lima beans, California
Limes, Florida
Olives, California
Oranges. California
Navels
Valencias and miscellaneous
All oranges
Oranges. Florida
Satsuma oranges, Florida
Tangerines, Florida
pineapples, Florida
Plums, California
Prunes, California
Walnuts, Callforn11
July 1
July 1 June 1 July 1
10-i/ray. 1927.
1928.
1928.
1918-27.
Per Cent. Per Cent. Per Cent, Per Cent
75.0
76.0
69.0
56.0
74.0
90.0
63.0
75.0
78.0
90.0
89.0
83.0
88.0
66.0
88.0
43.0
74.0
98.0
100.0
96.0
98.0
87.0
68.0
71.0
81.0
98.0
101.0
95.0
99.0
87.0
84.0
74.0
73.0
68.0
76.0
72.0
59.0
53.0
58.0
65.0
67.0
79.0
101.0
95.0
95.0
95.0
80.0
65.0
81.0
65.0
83.0
71.0
63.0
92.0
94.0
93.0
81.0
62.0
82.0
70.0
84.0
73.0
65.0
70.2
91.4
79.8
68.0
63.0
38.0
70.0
45.0
80.0
54.0
89.6
87.9
86.4
88.2
81.6
83.6
77.3
69.5
78.4
83.8
80.5
83.8
69.7
68.4
74.7
77.3
72.6
84.5
70.0
55.0
67.0
hifio
JULY 14 1928.]
FINANCIAL CHRONICLE
a Interpreted from condition reports. Indicated production increases or decreases with changing conditions during the season. b Unrevised. c Eight-year
average, 1920-1927. d Estimate of total production for fresh fruit, juice and raisins.
e Nine-year average, 1919-1927. f Four-year average, 1924-1927. p Per cent of
a full crop. h Condition.
State figures which are not published on the following pages will be available at the
office of the Crop Reporting Board in Washington on July 10 at 5 p. in. (E.T.)
CROP REPORTING BOARD.
W. F. Callander, Chairman
Approved
J. A. Becker,
S. A. Jones,
C. F. Marvin,
C. E. Gage.
J. B. Shepard,
Acting Secretary.
C.F. Sankt,
Frank Andrews,
P. H. Kirk.
P. L. Koenig.
State and
Geographic
Division.
Per
Cent
of
1927.
Winter Wheat.
United States..
North Atlantic__
North Central__
South Atlantic__
South Central__
Western
Condition
July 1.
Acreage 1928
for Harvest.
Acres
in
Thousands.
Production in Thousands of Bush.
(t. e., 000 omitted).
Indicated by
Harvested.
Condition. a
10-year
Average 1928.
5-yr.as.
1918-7.
June 1 July 1
Per Ct. Per Ct 1923-75 1927. 1928. 1928.
87
80
79
78
79
78
76
85
84
c12.6
c12.2
68
85
77
81
87
80
d80.4
884
d80
d78
d84
21.795
33,871
30.057
40,654
17,607
23,451
44,760
10,193
9,650
46,240
19,783
9.100
10,356
13,928
24,080
16,478
11,785
Mt•t•WW000
Pennsylvania_ _ _
105 1,144
Ohio
55
886
Indiana
45
802
Illinois
50 1,146
Michigan
98
873
Missouri
96 1,496
Nebraska
98 3,388
Maryland
103
540
Virginia
96
660
Oklahoma
118 4,375
Texas
109 2,016
Montana
125
810
Idaho
91
456
Colorado
90 1,170
Washington _ _ ..._
113 1,362
Oregon
90
810
California
98
796
Durum 1Vheat.
Four States
116.6 6,147
Minnesota
114
306
North Dakota
116 4,633
South Dakota_ _
120 1,193
Montana
100
15
Other Spring W heat.
United States_ _ _
100.2 15.478
North Atlantic
92.0
23
North Central
97.8 9,552
Western
104.6 5,903
75.0 549,117 553,288 512.252 543,782
71.1 29,171 27.614 23,445 23,766
76.2 321,111 318.967 273.306 299,983
77.0 31,422 28,425 25,048 27.162
69.6 75,600 58,570 81,994 86,099
76.7 91,813 119,712 108,459 106,772
.4c!
...onwmnom.i.gmv.ctim ton.mcp
77.5
86.1
76.4
83.0
74.4
79.9
170wWNZZ
[..K.0.0,
95.2 36,125
105.6 1,519
88.8 19.763
94.8 2,023
108.1 6,974
103.3 5,846
e82.6
e86.8
e83.4
e80.7
20,165
28,980
27,621
30,956
19,156
15.580
70,868
9,188
8,381
33,372
17,945
14,256
12,274
16,900
33,684
23,400
13,642
17,651
8.501
7,277
11.669
13,197
16.528
49,243
8,640
7,265
58,012
19,656
11,873
9,690
14,816
32,034
17,527
15,098
17.463
9,941
8,421
14,894
14,404
16,785
57,647
8.899
8,276
59,062
22,176
10.692
9,840
17,316
28,602
16.471
15,950
59,399 76.155
2,800 3,538
43,329 55,916
12,516 16.401
754
300
____ 73,532
___. 3,963
____ 58,168
____ 11.262
____
139
199,680 243.152
439
450
105,998 120,900
93,243 121,802
____ 182,623
____
406
____ 94,060
____ 88,157
Acreage
1928.
CornJnited States
'forth Atlantic_ _ _ _
'forth Central_ _ _.
iouth Atlantic_ _ _.
5outh Central
Western
Pennsylvania
)hio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
South Dakota
Nebraska
Virginia
North Carolina__-.
Georgia
Kentucky
Tennessee
....
Alabama
Mississippi
Arkansas
Oklahoma
Texas
OatsUnited States
North Atlantic...-.
North Central
South Atlantic_South Central
Western
Per
Cent
of
1927.
c.cococE
ObE4Cobb,
State and
Geographic
Division.
Acres
in
Thou-.
sands.
102,380
2.426
64,456
10,999
21,939
2,560
105 1,334
108 3,646
112 4.710
114 9,655
102 1,446
101 2.121
97 4,047
102 11.174
109 6,489
97 4.515
102 8,981
107 1.740
99 2,328
95 3,698
112 3.231
98 2,885
95 2,818
95 1.822
105 2,021
97 3.082
93 4,826
09.9 41.974
09.7 2,389
103.2 33,336
78.3 1,251
82.8 3,222
99.3 1,776
New York
Pennsylvania
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
North Dakota
South Dakota
Nebraska
Oklahoma
Texas
Montana
Idaho
Colorado
0M.
,
1,MOOMM0M000
0MC.t..40500.0cO
M
u,OVMMOO,CC,Cm
Illinois
146
1,996 3,888
80
-_ -_
5.670
Wisconsin
87
83
1,127 1,426
____
1,021
Minnesota
92
d83
21,897 14,542
____ 14,925
North Dakota..
96
60,529 69,054
d79
____ 51,966
South Dakota_.
100
d77
16,597 27,902
-- 16,183
Nebraska
104
79
2,833 2,958
__-- 2,643
Montana
107
_. 45,353
41,940 65,652
885
Idaho
105,
88
____ 15,375
15,489 20,100
Wyoming
122
2,547 3.440
-- - - 3.906
90
Colorado
125
...._
4,651 5,994
7,035
82
Utah
2,805
115
____
2,647 2,790
90
Washington _
9,573
80
____
75
20,338 19,660
Oregon
135
4,699 3,382
3,155
81
_ - __
a Interpreted from condition reports. Indicated production ncreases or decreases with changing conditions dur ng the season
b Unrevised. c Yield per acre
In bushels. d Five-year average, 1923-1927. e All spring wheat.
Condition
July 1.
Production in Thousands of
Bushels (i. e., 000 omitted).
10-year
Harvested.
Average 1928.
5-yr. ay.
1918-27
Per Cf. Per Ct, 1923-27 0 1927.
82.6
81.6
83.6
81.5
79.9
85.5
83
81
79
82
82
85
85
88
80
85
87
83
85
78
84
82
79
78
77
80
77
81.0
86.3
B1.3
81.2
73.6
84.2
Indicated
Si' Court;
July 1
1928. a
,
78.1 2,751.087 2,773,708 2.735.617
88,632
74.6
88,564
99,854
80.6 1,964.534 1,917,688 2,019,815
74.1 219,053 231,487 196,156
69.5 421,114 487,692 386,942
79.3
48.209
47,133
44.140
79
77
74
79
87
76
77
90
77
79
86
82
73
68
63
63
60
63
66
SO
80
57,760
137,122
163,952
320,656
52,578
76.626
140,512
413,962
179,114
108,883
226,251
43,704
50,114
49,290
86,432
71,942
42,266
33,435
34,126
51,293
81,386
50,165
109,720
132,458
254.070
38,995
68,250
127.246
386.986
172.637
134,995
291,446
47,967
53,626
54,502
75,010
70,656
47,456
34,140
36,575
84,190
119,347
53,747
136,160
163.814
343,235
40,690
73,345
130,880
452,547
182,373
110,572
231,710
46,371
39,937
43.252
68,190
54.526
32,125
24,679
31,079
57,942
98,450
79.9 1,347,563 1,184,146 1.320,097
88.0
85,627
82,723
84,357
80.6 1,073,883 918,085 1,072,251
72.5
36,707
34,185
28,413
68.5
77,751
93.585
79.777
79.0
67.976
63,188
55,299
85
102 1,020
87
34,555
35,000
35,496
97 1,067
87
90
37.159
39,600
38.412
130 2,470
80
86
87,388
60,800
92,378
130 2,532
77
88
57,628
48,700
86,012
114 4.569
78
79
137,839 102,204 153.404
103 1,666
79
89
54,170
53,078
61,534
103 2.495
89
87
93,247
102,379
97,679
96 4,176
86
74
160,527 116,580 126,700
96 5,761
84
84
218,347 192.032 206.087
91 1.934
84
77
57,504
45,688
43.186
88 2.182
82
60
75,085
72,664
48,446
98 2,392
77
84
69,220
69,813
72.334
90 1,001
c24.4
c26.6
27,774
21,128
26.028
70 1,402
c26.2 c25.5
46,492
42,063
35,751
93
554
79
71
23,840
18,510
14,554
96
137
88
79
6,642
6,721
5.193
106
200
86
89
5,794
5,481
6,052
97
178
83
73
Washington
9,776
9,156
6,887
105
326
86
81
9,657
Oregon
10,540
10.034
98
56
144
84
4.100
4.604
4.266
California
a Interpreted from condition reports. Indicated production increases or de
creases with changing conditions during the season. b Unrevised. c yield str
acre in bushels.
185
Foreign Crop Prospects.
The latest available information pertaining to cerea
crops in foreign countries, as reported by the Foreign Service
of the Bureau of Agricultural Economics to the United States
Department of Agriculture at Washington, and given out
on July 10, is as follows:
Wheat.
The 1928 wheat production in 12 foreign countries is estimated at 1,019.130,000 bushels, against 1,115.100,000 bushels in the same countries in
1927, when they produced about 32% of the estimated world total exclusive
of Russia and China, according to reports received by the Foreign Service
of the Bureau of Agricultural Economics.
The preliminary estimate of acreage in Canada and the condition as of
June 30 will be issued to-day. A preliminary report issued July 4 by the
Dominion Bureau of Statistics stated that the crops had made satisfactory
progress and were in good condition at the end of June. The Alberta
Department of Agriculture reports that crops there have never shown
greater promise at that time of year. Fifty per cent of the wheat was in
shot blade and growth was rapid.
Crop developments in most European countries were delayed by the late
spring but conditions generally have improved since the beginning of June.
Forecasts and estimates for five European countries total 609,994,000
bushels, against 672.638,000 bushels in 1927. These figures include official
forecasts or estimates for Spain and Hungary and indications on the basis
of condition reports for France, Germany and Poland. The German figure
is made on the basis of an acreage equal to that of last year. The acreage
remaining for harvest in France,the most important wheat producing country of Europe excepting Russia, is estimated at 12,774,000 acres, against
13,065.000 acres in 1927. The May 1 condition which in the past has borne,
a close relationship to the final yield, would indicate a yield of 18.7 bushels
per acre this year against a final reported yield of21.1 bushels in 1927. Conditions in May and June have been improving some, however. Conditions in Italy point to an increase in production over last year. The acreage Is reported a 12,361,000 acres, against 12,296 000 acres in 1927, and
the conditions so far this season have been more favorable than last year.
A preliminary estimate of the production in Spain places the crop at 141.094,000 bushels, against 144,825,000 bushels in 1927. The 1928 crop in
Hungary is estimated at 80.100.000 bushels, against 76,933.000 bushels in
1927. The estimate of acreage in Germany will not be available until September, but the condition of the crop as of June 1 was below average and
below the condition as of June 1 1927. The June 1 condition would Indicate a yield of 24 to 25 bushels per acre against 27.9 last year.
The winter wheat acreage in Russia was increased about 3%, but reports
stated that there was considerable winter killing part of which was not resown to cereals. The condition of winter cereals as of June 15 was below
average and below last year. The condition of the spring cereals as of
June 15 was above average and above last year. The estimate of spring
acreage is not available, but Soviet officials say that the restrictions of
spring sown area as rumored did not take place.
The combined wheat crop in Algeria and Tunis in 1928 is reported at
47.399,000 bushels, against 36,590,000 bushels in 1927. The acreage in
Morocco has been increased to 2,335,000 acres from 2,304.000 acres in
1927 and conditions have been favorable. In Egypt, on the other hand,
the condition as of July 1 was only 95% of the past ten-year average, compared with 107 the preceding July.
Seeding has been progressing favorably in Argentina and traders are reported as anticipating an increased acreage. Conditions in Australia have
been generally favorable and an increased acreage is expected.
Rye.
The 1928 rye area as reported for 15 European countries which represented 58% of estimated European total acreage in 1927 is 22.512,000 acres
against 23.142,000 acres in 1927. The estimate of German acreage is not
available. The condition of the winter crop, which in 1927 amounted to
99% of the crop, has been reported as below average. In Poland, which
ranks next to Germany in production, the winter acreage is 11,152,000,
against 12,008.000 acres in 1927, and the condition up to June 15 was below
average.
Barley.
The 1928 barley acreage as reported for 10 foreign countries is 17.208,000
acres, compared with 16,505,000 acres in 1927, when it included about
25% of the estimated world total barley acreage exclusive of Russia and
China. The North African barley acreage is over 8% above last year.
Oats.
The oats acreage reported for 10 foreign countries in 1928 amounts to
14,937,000 acres, compared with 15,258,000 acres in those countries in 1927.
when it accounted for 14% of the world's total oats acreage exclusive of
Russia and China.
BREAD GRAINS-ACREAGE. AVERAGE 1909-1913, ANNUAL 1925-1928.
Crop and Countries
Reporting fts 1928.(a)
WheatCanada (5)
United States
Mexico
Europe (14)
Africa (3)
Asia (4)
Total above countries (24).-_
Average
1909-13.
1925.
1926.
1927.
1928.
1,000
1,000
1.000
1.000
1.000
RyeCanada (b)
United States
Europe (15)
Total above countries(17).
-
Acres.
844
56,337
1,286
54,966
8,137
31.749
146,652
150,160
153,319
155,592
155,436
18,805
21,144
27,057
27,794
204,200
227,700
231,000
234,500
117
2.236
27.282
523
3,974
23,593
601
3,578
22,983
588
3,690
23.142
29,615
Russia(6)
Estimated world total, exclusive
of Russia and China
48.300
518
3,335
22,512
28,090
27,162
27,400
26,565
67,609
66,646
68,297
67.423
46,600
45.500
46.100
a Figures in parenthesis indicate the number of countries included.
It Winter acreage only.
Acres
796
57,750
1,229
55,118
7,514
33,029
Acres.
776
52,255
1,161
55,057
7,854
33,057
Russia(b)
Estimated world total, exclusive
of Russia and China
Acres.
853
58,649
1,227
55,194
7.172
32.497
Acres.
1,019
47,097
2,174
59,707
6,531
30,124
186
Barley-United States
Europe (7)
North Africa (3)
Syria, Lebanon Republic and
Alaouite
Average
1909-13.
1,000
Acres.
7,620
9,006
7,623
1925.
1926.
1927.
1928.
1,000
Acres.
7,997
9,059
7.991
1,000
Acres.
7,970
9,143
8,106
1,000
Acres.
9,454
9,164
6,686
1,000
Acres.
12,243
9,067
7,250
(450)
631
601
655
891
Total 12 No. Hemlsph. countr's_
24,699
25,678
25,820
25,959
29.451
Est. No. Hemisph. total, excl.
Russia and China
64,200
65,300
64,500
63,100
Estimated world total, exclusive
of Russia and China
65,000
67,100
66,300
65,100
OatsUnited States
Europe (7)
North Africa (3)
Syria, Lebanon Republic and
Alaouite
37,357
14,697
607
44.872
14,460
780
44,177
14,625
776
42,029
14,510
683
(12)
24
60
65
28
Total 12 No. Hemisph. countr's
52,673
60,136
59,638
57,287
56,811
Est. No. Hemisph. total, excl.
Russia and China
97,700
105,200
105,200
103,500
Estimated world total, exclusive
of Russia and China
102,200
110,800
110,500
108,800
41,974
14,052
757
a Figures in parenthesis indicate the number of countries included.
S Intention to plant.
WHEAT-PRODUCTION IN SPECIFIED COUNTRIES,AVERAGE 1909-1913,
ANNUAL 1925-1928.
Countries Reporting
in 1928 (a).
Canada, winter only (b)
United States
Mexico
North America (3)
France
Spain
Germany
Hungary
Poland
Total Europe (5)
Algeria
Tunis
Total Africa (2)
India
Japan
Chosen
Total Asia (3)
Total above countries (13)
Average
1909-13.
1925.
1926.
1927.
1928.
1,000
1,000
1,000
1,000
1,000
Bushels. Bushels. Bushels. Bushels. Bushels.
22,266 d17,500
c22,294
23,325
21,785
873
800
690,108 676,429 831,040
11,519
11,025
e2,174
9,440
10,333
714,576
709,194
863,158
325,644
130,446
131,274
71,493
63,675
330,844
162,592
118,213
71,675
57.797
231,767
146,599
95,429
74,909
47,080
34,658
29,325
276,128 1(279000)
144,825 141,094
120,522 8(106000)
76,933
80,100
54,230 0(43.800)
722,532
741,121
595,784
672,638
609,994
35,161
6,224
32,724
11,758
23,551
13,044
28,323
8,267
34,539
12,860
41,385
44,482
36,595
36,190
47,399
351,841
25,088
6,898
330,997
29,541
10,509
324,651
28,430
10,517
333,797
29,248
9,042
294,448
30,240
8,524
383,827
371,047
363,598
372.087
333,212
1,862,320 1,865.844 1,859,135
Est. No. Hemis., exclusive of
Russia and China
,759,000 3,026,000 2,981,000 3,136,000
Est.world exel.Russia & China 3,041,000 3,389,000 3,421,000 3,539.000
a Figures in parenthesis indicate the number of countries ncluded. b Winter
only. c Four-year average. d Estimated on the basis of acreage and May 31 condition. e Two-year average. 1 Estimated on the basis of acreage and May 1 condition. g Estimated on the basis of June 1 condition and assuming acreage equal to
1927. h Estimated on the basis of June 1 condition and assuming spring acreage
equal to 1927.
Transactions in Grain Futures During June on Chicago
Board of Trade and Other Markets.
Revised figures showing the volume of trading in grain
futures on the Board of Trade of the City of Chicago, by
days, during the month of June, together with monthly totals
for all "contract markets," as reported by the Grain Futures
Administration of the United States Department of Agriculture, were made public July 7 by L. A. Fitz, Grain Exchange
Supervisor at Chicago. For the month of June 1928 the
total transactions at all markets reached 1,621,005,000
bushels compared with 2,297,451,000 bushels in the same
month last year. On the Chicago Board of Trade the transactions in June this year amounted to 1,410,764,000 bushels,
against 2,045,634,000 bushels in May last year. Below we
give the details for June-the figures representing sales only,
there being an equal volume of purchases.
VOLUME OF TRADING.
Expressed in Thousands of Bushels, I. e., 000 Omitted.
i
Date-June 1928.
Wheat. Corn, Oats.
Rye. Barley. Flax,
1
2
3 Sunday
4
5
6
7
8
9
10 Sunday
11
12
13
14
15
16
17 Sunday
18
19
20
21
22
23
24 Sunday
25
26
27
28
29
30
Chicago Board of Tr_
Chicago Open Board _. _
Minneapolis C. of C
Kansas City Bd. of Tr_
Duluth Board of Trade_
St. Louis Mer. Ex
Milwaukee C. of C_ _ _
Seattle Mer.Exch
Los Angeles Gr. Exch.._
San Francisco C. of C_
37,433 13,470
30,078 20,209
1,942
3,260
45,336
60,814
30,616
50,602
22,680
25,625
16,890
17,383
23,167
28,753
28,113
12,754
3,838
2,636
2,193
2,006
2,567
2,018
22,293
41,712
33,792
38,299
23,544
18,929
13,631
11,671
31,509
35,631
18,536
8,768
1,127
3,429
4,371
4,690
1,898
1,557
29,368
30,968
28.794
25,898
20,769
20,759
14,905
33,669
18,268
22,600
12,957
19,027
1,348
2,739
2,015
1,090
1,216
1,253
24,823
19,699
19,812
21,258
23,409
39,432
21,788
22,169
16,261
17,906
28,118
16,420
2,659
1,554
1,046
1,119
1,545
1,630
.N.
W.tONNW
o,a1c, CO-33 ..000W0 oP,A0O.J.. 0.
W00,030. ..00
10c,ccMNA.W0., 0.
C50
ODWWW0. NOCOW0
00-4.WWW
FEED GRAINS-ACREAGE, AVERAGE 1909- 1913, ANNUAL 1925-1928.
Crop and Countries
Reporting in 1928.(a)
[voL. 127.
FINANCIAL CHRONICLE
----
--- _
____
____
__
____
--- ---____ --- _
_ __ _ _ _
--_
--__
-- -_-_
__-_
___
-_--
__-_
----
__-_
-_-_
__-_
Total.
53,064
55,103
69,527
82,971
57,994
83,903
54,787
42,915
38,635
59,050
71,494
81,138
45,104
30,426
47,012
69,796
50,800
50,551
36,055
41,958
50,585
44.178
37,901
41,469
54,935
58,913
786,742 524,573 56,676 42,773 --------1,410,764
346
15___
__-_
48,740
33,253 15,126
69,540
___ 4,896 1,559 2:368 1,608
79,971
----------------52,247
29,232 23:015
--------1,188
21 1,210
18,263
*15,844
----------------4,911
4,128
783
470
170 --------5,624
1,633 3,351
447
5i ____
_______
____
38
-
Total all markets__ _ 940,819 566,848 62,388 45,705 2,427 2,818 1.621,005
Total all mkts, year ilia 1,163,762 921,296 157,671 48,771 1,719 4,232 2,297,451
Total Chicago year ago_ 1.001.122 863.280 140.396 40.836 --------2.045.634
* Durum wheat with exception of 349.
"OPEN CONTRACTS"IN FUTURES ON THE CHICAGO BOARD OF TRADE
FOR JUNE 1928.
(Short side of contracts only, there being an equal volume nen on the long side.)
(Bushels 000 omitted)
June 1928.
1
2
3 Sunday
4
5
6
7
8
9
10 Sunday
11
12
13
14
15
16
17 Sunday
18
19
20
21
12
13
24 Sunday
25
26
17
/8
19
30
Wheat.
95,987
98,324
Corn.
Oats.
Rye.
Total,
211,806
Government Economist to Assist in German Agricul215,135
tural Marketing Survey.
/198,760
216,987
84,462
8,363
25,402
96,528
8,734
216,626
86,297
25,067
J. Clyde Marquis, economist in charge of economic infor218,298
96,587
87,224
9,114
25,373
218,288
95,927
87,144
9,563
25,654
Bureau
of
in
the
Agricultural
Economics,
United
mation
219,216
95,022
9,700
88,586
a25,008
States Department of Agriculture, will assist in a three
219,223
9,867
95.763
87,812
25,781
months' study of agricultural marketing conditions in Ger9,791
a219,894
95,809
a88,609
25,685
92,882
24,591
10,176
216,007
88,358
many to be made this summer by a group of German and
91,594
88,391
9,988
214,252
24,279
93,436
19,486
84,797
211,595
22,876
American marketing experts and economists. Leave of ab97,312
84,038
10,529
210,885
23,006
sence from his official duties has been granted Mr. Marquis
92,970
210,222
83,344
23,250
10,658
for this purpose. Mr. Marquis was invited to participate In
91,442
82,973
208,380
23,370
10,595
91,402
80,356
205,750
23,129
10,863
the survey by Dr. G. F. Warren of Cornell University,
90,124
80,360
204,338
22,933
10,021
89,173
80,327
chairman of the American commission. Dr. Warren in a
203,521
23,013
11,008
89,347
80,244
23,207
11,137
203,035
formal announcement of the project stated that "a commit90,156
79,331
203,921
23,160
11,274
tee of Germans representing agriculture, industry and fi89,278
79,685
203,210
22,950
11,207
89,421
79,545
203,293
22,922
11,405
nance has asked a group of Americans to work with a group
88,554
202,419
79,455
22,922
al1,488
commission
for
the
on
a
summer
of Germans during this
89,092
79,415
202,634
11,467
22,660
88,165
199,153
77,006
11,421
22,561
study of the marketing of farm products, particularly dairy
087.159
876,603
822,501
11,400
8107.683
products and meats."
Average-14
209,871
92,547
83,174
10,249
The other American members of the commission are: Dr. Tune 1928
tune 1927
74,075
193,585
76,816
10,145
G. F. Warren, Professor of Agricultural Economics and 3LaY 1928
104,123
225,137
82,361
7,763
105,609
1928
240,251
91,532
8,551
Farm Management, Cornell University; C. E. Gray, Presi- kpril
Vlarch 1928
88,281
229,156
98,849
8,355
86,678
98,133'
231,613
9,580
dent, Golden State Milk Products Co., San Francisco; Dr. 'ebruary 1928 ..-ranuary 1928
81.733
211,272
83,525
9,882
N. W. Hepburn, Manager, Peoria Creamery Co., Peoria, 3ecember 1927..
75,934
195,260
75,150
9,746
qovember 1927--.91,783
77,134
214,711
10,768
Ill.; Dr. F. B. Morrison, Director, New York State Agricul- /ctober 1927
90,071
205,141
68,679
10,038
196,405
1927 - - 80.043
69,773
10,645
tural Experiment Station, Geneva, N. Y.; Dean II. W. Mum- 3eptember
82,883
207,096
kugust 1927
82,329
11,163
79.704
196,370
78.319
10.544
ford, College of Agriculture, University of Illinois; Dr. F. 'My 1927
a. High b low
A. Pearson, Professor of Prices and Statistics, Cornell University; Dr. H. A. Ross, Professor of Marketing, Cornell
University; Dr. Otto Rahn, Professor of Dairy Bacteri- Reports on Open Commitments Now Being Issued by
Grain Futures Administration.
ology, Cornell University; I. C. Weld, Production Manager,
Chestnut Farms Dairy, Washington, D. C. The commission
It was announced on July 3 that in response to an increasing demand, the Grain Futures Administration of the
will begin its work at Berlin about July 15.
24,389
24,827
wwwwwwwwwwc4ww
-.40.0-4w4,0ww
83.956
84,207
07,474
7,777
JULY 14 1928.]
FINANCIAL CHRONICLE
United States Department of Agriculture has begun issuing
daily reports as to the volume of open commitments at the
close of trading in the various grain exchanges of the country. In its announcement the Department says:
This information, it is believed, will be a valuable supplement to the
daily reports issued on the volume of trading in grain futures. Daily
information as to open commitments will furnish a sort of current history of the market, whereby those interested may know whether long or
short interests are leading. In rising markets an increase in the daily
aggregate of open commitments will suggest bullish activity, while the
same phenomenon in a falling market will indicate bearish activity. Reports as to the aggreate volume of trading in grain futures on the various
exchanges have been issued under the grain futures act since July 1923.
These reports have promoted a better general understanding as to the
operations and functions of the grain futures markets. Previously no
trustworthy information was available as to the amount of trading done
in grain for future delivery. Nevertheless, the service thus provided did
not most all requirements. As a matter of fact, information as to the
volume of open contracts at the close of trading is probably more vital
to the grain trade than data as to the total business done, because the open
trades, coupled with daily price changes, show the extent to which market
opinions are supported. The issuance of the new reports was started to-day
(July 3). It is planned to develop the service so as to furnish daily figures
showing both the volume of trading and the open contracts segregated by
futures. This combination of data will give all interests concerned an
equal opportunity to judge the influence of various factors on market
conditions.
Expectations are that the Grain Futures Administration
will inaugurate the full service, at least at the more important contract
markets, soon after the July contracts are closed. Present plans call
for issuance of the first of these combined volume and open commitments
reports August 1.
Milk Prices To Be Raised—Class I to Cost One Cent
More a Quart, Beginning July 16.
An increase of 47 cents per 100 pounds on Class I milk
and 20 cents per 100 pounds on Class II milk, to become
effective July 16, was announced on July 11 by the Dairymen's League Cooperative Association, Inc., says the New
York "Times," which also states:
The Class I rise, according to the announcement, means a rise of 1 cent
a quart.
The increase is a "regular, seasonal increase and its purpose at this time
Is to encourage dairy farmers to stimulate production during the balance
of the Summer and Fall months," according to the announcement. Milk
production, according to the announcement, has shown a considerable falling off since the hot weather arrived and the higher price will make possible
the better feeding of cattle and an improvement in the quality of the milk.
Survey of Grain Production Costs.
The cost of producing corn on 4,778 farms for the 1927
crop averaged 70 cents per bushel; wheat on 3,119 farms
$1.18 per bushel, and oats on 3,590 farms 54 cents per bushel,
according to a survey just completed by the United States
Department of Agriculture. The Department in making
this known July 5, said:
These average cost figures are not applicable to total grain crops
produced last year, and relate only to the farms covered by the survey.
Corn production costs on these farms ranged from an average of 57 cents
per bushel in the West North Central States to 85 cents a bushel in the
North Atlantic States. Yield per acre for the 4,778 farms averaged
88 bushels, and the average area was 40 acres. The largest single item
of cost was land rent which averaged $5.91 per acre.
Wheat production costs on 3,119 farms ranged from $1.06 per bushel
In the Western States to an average of $1.51 per bushel in the South
Atlantic States. The average yield per acre for all the farms was 18
bushels, and the average area 63 acres. Land rent was the largest single
Item of cost, averaging $6.28 per acre.
Oat growing costs on 3,590 farms ranged from 50 cents a bushel in the
West North Central States to an average of 72 cents per bushel in the
South Atlantic States. Yields for all farms averaged 34 bushels per
acre, the area reported to oats averaging 26 acres. Land rent, the largest
Item of cost, averaged $5.61 per acre.
The yields of the several crops on the farms reporting were generally
higher than the estimated yields reported by the Federal Crop Reporting
Board for the same crops. Farmers, also, in making returns on this slur.
vey, tended to give costs on only the crops in which they specialize, so
that the figures are influenced to a greater extent by commercial than
by non-commercial areas.
The department has been making this type of cost-of-production survey
annually since 1922. The figures for the six-year period since then show
that the average corn production costs on the farms reporting have averaged 66 cents per bushel in 1922; 68 cents in 1923; 82 cents in 1924;
69 cents in 1925, and 70 cents in both 1926 and 1927.
Average wheat production costs were $1.23 per bushel in 1922; $1.24
In 1923; $1.22 in 1924; $1.32 in 1925; $1.12 in 1926, and $1.18 in
1927. Oats costs averaged 53 cents a bushel in 1922; 52 cents in 1928;
50 cents in 1924; 51 cents in 1925; 63 cents in 1926, and 54 cents in
1927.
Wide Range in Cotton Growing Costs.
Costs of growing cotton ranging from 8 cents per pound
of lint to 59 cents per pound during the 1927 season have
been reported to the United States Department of Agriculture by 992 cotton growers. Most of the growers reporting
on their costs had yields higher than the average of 154
pounds per acre reported by the Federal Crop Reporting
Board. The Department announced on July 5 that it has
tabulated the costs by yield groups. Forty-five farmers
reported yields of 60 pounds and under per acre at an
average cost of 59 cents per pound of cotton. On the other
hand, 23 farmers reported yields of more than 500 pounds
187
per acre at an average cost of 8 cents per pound. Seventytwo farmers who grew from 61 to 100 pounds of lint per
acre reported an average cost of 26 pounds per pound of
lint, and 90 farmers who grew between 101 to 140 pounds
to the acre reported an average cost of 20 cents per pound
of lint. More than half the group of 992 farmers had yields
of 141 to 300 pounds per acre with an average production
cost of 13 cents per pound of lint cotton. These farmers
were among the group having the larger cotton acreages.
Reopening of New Bedford (Mass.) Cotton Mills—
Few Striking Operatives Return.
The fact that only a handful of workers reported for
duty at the New Bedford (Mass.) Cotton Mills, with the
reopening of the latter on July 9, is indicated in the following Associated Press accounts from that city on the 9th:
Claiming victory in the first test of their strike, now in the thirteenth
week, 28,000 operatives of twenty-seven textile corporations in this city
were more determined than ever tonight not to submit to a 10% wage
reduction.
With 400 city police on duty at mill gates and 90 National Guardsmen
held in reserve at vantage points, nearly all of the striking employes answered a request of the mill officials that they return to work this morning
with strong picket lines and reiterated declarations that they would not
accede to the wage cut.
Only about twenty returned to work, according to police estimates. No
figures were available at the New Bedford Cotton Manufacturers' Ass'n.
The manufacturers had expected that the strikers would return to work
at the reduced wages but the labor leaders had predicted otherwise. The
word in strike circles tonight was that "the strike was won today."
No acts of violence accompanied the picket activities. Thousands'of
employees gathered near the principal mills and lent moral supporato
picketers who were led by labor leaders from textile centers of New England
and New York.
With the continued quietness prevailing the National Guardsmen were
withdrawn this afternoon from their posts to the State Armory. They:are
to be called to duty only when police request assistance.
The manufacturers held a meeting late to-day and said the mills would
open to-morrow and henceforth as they did to-day.
According to the "Journal of Commerce," the withdrawal
of the State militia companies was the chief development
in the New Bedford strike situation on July 10. The advices added:
Action was taken when the general quiet and orderly behavior of the
pickets at the mills made it apparent that the regular police force is fully
adequate to handle the situation.
Reopening of the mills to-day resulted in no substantial change in the
number reporting for work. Mill officials declared that there was a slight
gain but not enough to talk about. Some affected plants are operating a small
portion of their equipment while others owing to the lack of workers have
remained closed down completely.
The tie-up apparently is nearly complete.
Picket lines on hand at the mills this morning were much smaller than
yesterday and the spectators were absent in many cases and in others
numbered only a very few. The Wamsutta and the Neild mills were the
points where the greatest picketing activity was noticeable.
Manufacturers still repeat the mills will be opened each day to permit
any who wish to work,to do so.
The same paper stated on July 12 that extraordinary
picketing activities at the Kilburn Mill featured the New
Bedford strike situation, despite the fact that a detailed
inspection by police officials backed up the assertion of
the mill officials that no workers, outside of the firemen
and watchmen required by law, were to be found in the
plant. The July 12 dispatch also said:
After the all night picketing demonstration Tuesday night, the picketing
lines continued to march all day Wednesday and Wednesday evening.
"Rumors are constantly being circulated to the effect that some of the
manufacturers ate not in sympathy with the seduction in wages and subsequent action," a mill statement said. "the impsession being given that they
ale held in line by a majority vote. To put an end to this tumor,the undersigned mills emphatically declare that they have been and are unanimous
In their actions concessling the present reduction in wages." Names of all the
mills followed.
The "Sun" of last night (July 13) carried the following
United Press advices from New Bedford:
Jail sentences were imposed on 37 of New Bedford's 25,000 textile strikers
in the Distiict Court here to-day when they were arraigned on charges of
disturbing the peace.
Each of the 37 was given a 6 months'sentence and fined $20. No defense
was offered, Attorney Harry Hoffman, counsel for the defendants, entering
a blanket appeal. Bail for the group totaled $20,000.
It was charged that the strikers disturbed the peace by resisting attempts
to prevent their picketing.
Twenty-eight of the defendants were arrested on July 2 when they were
alleged to have participated in a parade of the New Bedford Textile Workers
Union, a so-called radical organization, without a permit.
Three others were arrested on July 6. and the remaining six defendants
Were taken into custody during last night's exciting demonstrations at
several of the city's twenty-six idle mills.
The situation resulting nom the strike, now in its thirteenth week,
tightened to-day. Police Chief Samuel McLeod issued a statement in
Which he declared that law and order would be enforced at all costs.
The International Cartel Assumes Larger Role—
Present Organizations Broader in Scope than PreWar Prototypes.
The international cartel seems destined to play an increasingly important role in Europe's economic and political life
FINANCIAL CHRONICLE
188
according to Louis Domeratzky in a comprehensive study
of the cartel movement issued by the Commerce Department on June 11. This form of international agreement
among producers and manufacturers of different countriesto
restrict output, limit prices, &c., it is pointed out, is not
primarily a post-war development. Previous to 1914 international cartels were functioning in such important industries
as iron and steel, chemicals, glass and aluminum. These
pre-war cartels were essentially economic,resorted to primarily for the purpose of dealing with the difficulties of the
particular industries involved. The international cartel in
its post-war phase the report states, is looked upon by its
chief exponents as a means for readjusting the whole European economic structure, putting an end to competition and
even replacing tariffs by cartel agreements. This view of the
development of the cartel movement, according to Mr.
Domeratzky, is somewhat overdrawn although there is no
doubt but that the function of these cartels have been
greatly expanded. Regarding his report the Department of
Commerce, also says:
Among the numerous international cartels renewed or organized since the
war, the report instances as outstanding examples the Franco-German
Potash agreement and the Continental Steel Entente. The difference
between these two cartels is marked. The former deals with a commodity
practically monopolized by two countries while the latter covers one of the
most competitive products in the world. In the case of the potash cartel
government intervention is of long tradition while in that of steel private
interests have exclusive control. In spite of these outstanding differences,
however, both of these organizations have been considerable factors in the
readjustment of the political as well as the economic relations between
France and Germany and have therefore attracted unusual attention as
examples of the new method of regulating competition in the post warperiod.
At the present time, the report states, negotiations are going forward
between Germany, France, Great Britain and a few of the less important
European countries for an international understanding affecting such
important chemical products as dyestuffs and synthetic nitrates. The
international rayon cartel organized last year includes the three largest
producers in Great Britain, Germany and Italy, whose subsidiaries extend
throughout the world. The lineoleum and copper cartels are recently
international agreements, the latter being of particular note because of the
fact that it originated in the United States and is controlled by American
interests.
One of the most significant features of the whole movement for International economic agreement, Mr. Domeratsky declares, is the prominent
part played by Germany in initiating and carrying on the negotiations.
This position,he declares,is quite in keeping with that country's preeminence
In industrial development on the Continent and its traditional attitude
toward industrial amalgamations. It is none the less a remarkable demonstration of the restoration of national economic prestige as well as a striking
confirmation of the influence of economic factors.
The international cartel, it is pointed out, must be distinguished from
the large national combinations with strong international affiliations of a
financial or commercial character, such as the petroleum interests electrical
and match combinations, &c. These units cannot be properly designated
as international cartels as their international holdings partake more of the
character of branches and subsidiaries than of independent units Joined
under a central organization.
While in the international phase of the concentration movement, the
cartel is still the most common form, there is evidence that even there
the influence of the big domestic combinations is becoming very strong and
that the further development of the International cartel is most likely to
involve industries with a high degree of concentration in the domestic field.
Cartels in Europe—Nineteen Important Industries
Internationally Controlled.
Nineteen important industries in Europe are now controlled by international cartels, according to the review
published June 23 by Dominick and Dominick. For the
the most part these cartels are concerned with the production
of a raw material, such as steel, or a chemical product involving a patent, such as linoleum and rayon. Germany is a
member of practically every one of these cartels while the
United States is a member of four—copper, electric bulbs,
aluminum and borax. "The cartel is an outgrowth of mass
production, and its object is to restrict competition," states
the review. "It may do this by 3 methods; by allocating
territories for market purposes, by fixing prices, or by
actually restricting production. To be effective, an international cartel requires a very high degree of industrial
organization within the countries represented." Thus,
Germany has taken the lead in this movement because in
no other country is industry so highly organized and so
closely controlled. The effect of the cartel movement in
general throughout Europe has been to inaugurate a system
of "managed" production and distribution. It appears
that cooperation in industry is to be a permanent feature of
the continental economic system, and the cartel may
eventually take the place of the tariff as the protector of
domestic markets. The list of principal international cartels
is given as follows:
Pte.&
Steel rails
Screws
Enamel ware
Iron tubes
Bottles
Plate glass
Carbide of calcium
Incandescent lamps
Wire
Aluminum
Potash
Chemicals
Rayon
Linoleum
Zinc
Copper
Glue
Borax
[VOL. 127.
Representative Rankin on Failure of Congress to Act
on Cotton Legislation—Proponents of Vinson Bill
Split over Provisions on Southern Delivery.
The fact that Congress would adjourn without having
acted to prohibit a recurrence of disastrous conditions in
the cotton market and without enacting farm-relief legislation of any kind was noted on May 26 by Representative
John E. Rankin of Mississippi. He stated that there was a
split among the proponents of the Vinson bill (to regulate
dealings in cotton futures) over the question of the deleting
of the provisions for southern delivery of cotton, and that
opposition had come from New York and New Jersey against
adoption of that plan. The "Journal of Commerce," from
which the foregoing Is taken, also said in an account from
Washington, May 26:
The situation in the Senate is even more tense, with the same sort of
opposition there present, but with the addition of the antagonism of Senator
Caraway (Arkansas) to the adoption of the Smith bill in the face of failure
to act favorably on his own measure. If the question of cotton exchange
regulation comes before the Senate in advance of adjournment, he is expected again to voice his views on the action of the Senate Committee on
Agriculture in favoring both bills when they are as far apart in what they
seek to do as the two poles.
Favorable Report Filed.
The Senate committee to-day filed a formal favorable report on the
Ransdell bill providing fos the purchase and sale of American cotton on net
weight basis and fixing standard bale coverings. A similar bill, sponsored
by Representative Fulmer (South Carolina), now is pending in the House.
Under terms of the Senate measure the Secretary of Agriculture is
directed to cause a study to be made of materials used for cotton bale coverings and to establish official standards for such materials, including specifications for tolerance as to size, weight, construction, weave, patterns
and markings. The measure provides that not later than May 31 1929 such
standards shall be established and become effective not later than June 1
1930 for ties, bagging and patches, one composed of coarse jute, another
of sugar bag cloth and a third composed of cotton materials. A penalty
of $300 fine or six months' imprisonment is provided for violation of the
proposed law.
"I am astonished to learn that those of us who are interested in the
passage of legislation to protect the cotton farmers and the cotton trade
from a repetition of the conditions through which they have passed during
the last few years are to be denied the opportunity to vote upon a measure
at this session of Congress to remedy these evils," said Rankin.
"I had understood that we would be permitted to take up and pass, under
the suspension of the rules, one of the bills now pending before the House.
No Expense to Government.
"This legislation would mean more to the cotton producers and the
cotton trade than all of the MeNary•Haugen bills yet presented. At the
same time it would not involve any expense to the Government, nor would
it be embarking upon any questionable national policy.
"During nearly ninety days of investigating the cotton market it was
shown that the cotton market has been continuously manipulated by certain
powerful concerns over a long period of years and that the cotton trade
and the cotton producers have suffered greatly as the result of straddles,
squeezes, corners and manipulations which they have been enabled to
operate in the past and will be enabled to operate in the future unless the
present law is changed.
"We have found that the Bureau of Agricultural Economies in the Department of Agriculture greatly injured the cotton growers and demoralized
the cotton trade by giving out its unwarranted price decline prediction on
Sept. 15, and adding to it a padded carryover report containing approximately a million bales of cotton that did not exist.
"Strange to say, those who have profited most as the result of the weaknesses in the present law, have labored successfully to wreck our chances
of passing remedial legislation. They have camouflaged their insidious
efforts behind a smoke screen of southern deliveries on New York contracts, and by the charm of the word 'southern,' for members from the
cotton growing States, they have been enabled to successfully put over
their barrage of propaganda and to mislead Congressmen and Senators into
the belief that southern deliveries on New York contracts is the panacea
for our present ills.
"As a matter of fact, in my opinion, southern deliveries on New York
contracts is a delusion and a snare. Instead of reducing the possibilities
of manipulations under the present system, it would simply multiply those
possibilities by the number of the various points at which those deliveries
would be permitted.
"It makes me heartsick to know that this Congress is going to adjourn
after all of the revelations which our investigation has brought forth
without giving the cotton growers and the cotton trade the protection to
which they are entitled.
"Fortunately, we are not leaving them entirely without protection during
the coming season. The committee, instead of adjourning sine die, has
decided to take a recess until the December session and to secure permission,
if possible, to reconvene and make further investigations during the recess.
That will possibly deter these raiders of the cotton market, to some extent
at least, until the next session of Congress, or until this crop is made and
marketed."
United States Senate Committee Alleges Loss of $300,000,000 to Cotton Producers as a Result of September Price Statement by Agricultural Department.
A loss of $40 a bale, or a total of from $300,000,000 to
$400,000,000, was sustained by producers of cotton as a
result of the September 15 price report made by the Bureau
of Agricultural Economics, Department of Agriculture, according to a report filed _with the Senate by the cotton trade
probe committee. The Washington correspondent of the
New York "Journal of Commerce," In noting this on May
30, added:
This report presented by Senator Ellison D. Smith (S. C.), who headed
the probers, explained to the Senate the work done by the committee
JULY 14 1928.]
FINANCIAL CHRONICLE
In investigating the whole subject of trading on the cotton exchanges,
developing the methods by which the cotton markets could be made the
subject of manipulation and other practices detrimental to the cotton
producing trade. It set forth that it was found that the practice of
tendering and retendering the same cotton on the New York market
in a given month was obviously for the purpose of influencing the price
and that the practice known as "straddles" was another.
Trade Reports Also Blamed.
Last year's cotton carry-over report of the Department of Agriculture
was declared to have been from 500,000 to 600,000 bales too high and
to have resulted disastrously to the farmers. The reports emanating
from within the cotton goods trade of proposed curtailment of production also were declared to have added to the decline that the Government
price report precipitated.
"The subcommittee, appointed by the Senate to investigate the slump
in the price of cotton for 1927, under Senate Resolution 142, begs leave
to submit the following:
"The subcommittee examined the principal interests dealing with
cotton to ascertain, if possible, the main factors that led to the disastrous
decline in cotton of 1927. It examined the practices of the cotton future markets, the manufacturing interests, as well as certain bureaus
of the Government which dealt with this subject. Certain practices of
the markets were found to affect the market artificially and under certain conditions would and did obstruct the operation of the normal marketing of cotton. These practices are set forth more particularly in this
report. We found that the cotton manufacturing industries could and
did affect the marketing of cotton by statements that they intended to
curtail consumption and the widespread publication of this fact. We found
that certain bureaus of the Government could and did affect the market
and seriously obstruct and derange the normal operation of the purchase
and sale of cotton.
Futures Market.
"After exhaustive testimony in reference to the marketing system, it
was developed that certain practices were indulged in which should be
prohibited by law. Among them was the practice of tendering and retendering cotton on the New York market in a given month for the obvious purpose of artificially influencing the price of cotton. The practice was indulged in by operators tendering the cotton, buying back their
own contracts and retendering the same cotton within a given delivery
month, thereby artificially influencing the market.
"It was also developed in reference to the New York market, that operators having bought contracts on this market, would take advantage of the
absence of certificated cotton at the port and artificially influence the
market for a given month by virtue of the absence of certificated cotton for
delivery.
"It was developed that the amount of hedges and contracts dealt in
by particular individuals or firms, were of such volume for certain months
In different markets, as to unduly and artificially affect prices. These
evils were made more easily dealt in by virtue of the uneconomic position of New York as a place of delivery of cotton on contract. Its distance
from the source of supply and from the major points of consumption,
makes it necessary for the contract to reflect this fact. Each contract,
If it is to be based on equity, must carry a price on that market that
includes the carrying charges necessary for delivery. Hence, under present conditions, it renders manipulation comparatively easy and very
obstructive to the normal operation of the law of supply and demand.
"It was also developed that a practice known as "straddles' was indulged in. This practice is buying in one market contracts and selling
In another market contracts in such volume as to artificially affect the
parity between these markets. Also, selling one month and buying
another month in the same market, thereby disturbing and throwing out
of parity the normal relation of these months. This practice necessarily
resulted in an obstruction to the normal response of the market to the
law of supply and demand.
Reclassification of Certificated Stock in New York.
"In the investigation by the committee of the certificated stock of cotton
In New York, they found that there was, out of 172,002 samples representing the same number of bales, 6,761 samples which were of such
doubtful character as to cause them to be looked upon by the dossers
employed by the committee as untenderable and as being shy of the requirements of the law. The committee requested six spot cotton exchanges each to furnish them two of their most expert dossers. These
chasers were of the opinion that the %-inch staple furnished them by
the Department of Agriculture as being the standard, was shy of what
the trade ordinarily took as 7h-inch. The committee will take this
matter up with the Department of Agriculture to ascertain more definitely the fads in reference thereto. The views of these dossers as
expressed in their interview with Senator Smith on May 1 1928.
Carryover.
"The committee very thoroughly investigated the matter of the carryover. That is, the cotton that was on hand Aug. 1 1927, brought over
from the previous crop or crops. The Bureau of Agricultural Economics of the Department of Agriculture had issued a statement to the
effect that the carryover was 7,800,000 bales.
"Congress has charged the Department of Commerce, through the Bureau of the Census, with the duty of collecting the statistics on cotton
and giving them out from time to time. Up to September 15 1927, at
which time the Bureau of Agricultural Economics had published these figures, the Bureau of the Census had given out no statement as to the
world's carryover of American cotton. The Bureau of the Census had
issued a statement as to the carryover of American cotton in America,
but had issued no statement up to that time as to the amount of American cotton carried over in Europe and the Orient. Secretary Hester of
the New Orleans Cotton Exchange, a recognized world's authority on cotton statistics, challenged the statement of the Bureau of Agricultural
Economics as being 800,000 bales in excess of the facts. The committee
requested Secretary Hester to file a report or to send a representative
to appear before the committee and testify regarding this fact, which
was done. It developed that the Bureau of Economics had used the
figures gotten out by the Manchester Federation of Spinners. This organization is connected with and interested in the cotton business. It is
a private source of information. The Bureau of Agricultural Economics
should not have taken these figures from such a source and used them in
such a manner as to give them the character of an official statement of our
Government. They should, in the opinion of the committee, at least have
stated in their official publication the source from whence they had obtained their information.
"The committee called in II. J. Zimmerman, the chief statistician of
the Bureau of the Census, whose duty is was to compile and give to the
189
public the facts as to the supply and distribution of American cottonn.
On his examination he stated that there were unquestionably something
over 200,000 bales less in the carryover than the figures given out by the
Bureau of Agricultural Economics. From sources which Mr. Zimmerman considered as not entirely satisfactory, the committee is of the
opinion that a difference of 600,000 bales would have been reasonably
considered as the difference. That is, that according to the _Bureau
of the Census, the bureau that is charged with gathering these facts,
the carryover is certainly 200,000 bales less than stated by the Bureau
of Agricultural Economics and that in reference to 400,000 bales additional the committee is of the opinion from information submitted that
there is probably in the European stock 600,000 bales less than was
estimated by the Bureau of Agricultural Economics. As to the Bureau
of Agricultural Economics using the figures it did, this committee is of
the opinion that it should not use figures which are calculated to affect
the market unless the figures they do use are taken from the official
sources authorized by law; that they should not use private sources of
information in any event and should they use them they should state
clearly the sources from which their information is derived.
"The Bureau of the Census is greatly handicapped in gathering the
facts as to the supply of cotton in foreign countries. Mr. Zimmerman,
acting for the Bureau of the Census, has stated that he will recommend
such legislation as will give the Bureau as near as possible the facilities
for gathering these important statistics in foreign countries and making
them accurate and efficient.
"The publication by the Bureau of Agricultural Economics of these
figures on Sept. 15 1927 had a particularly disastrous influence in bringing about the decline in the cotton market. The Crop Reporting Board
of the Department of Agriculture had just issued an estimate of the
probable production of 1927, amounting to, in round numbers, about
12,700,000 bales, indicating a reduction of 800,000 bales from their August
estimate. It will be seen, therefore, that if the estimated carryover given
by the Bureau of Agricultural Economics was 800,000 bales too much, it
exactly cancelled the 800,000 bales less in the production indicated by the
Crop Reporting Board. In addition to this and in the same bulletin, in
fact in the same article in reference to cotton issued by the Bureau of
Agricultural Economics on Sept. 15, they made the prediction that the
price of cotton was likely to decline. We reproduce here the exact language of the bulletin:
Price Prediction.
"'Crop conditions in the United States on Sept. 1 indicate a production
of only 12,692,000 bales, a decline of 800,000 bales during August. Declines occurred in all States except New Mexico, Arizona and California,
the principal decline being registered in Oklahoma. In all important
cotton States the weevil is the dominating factor in the situation. Propagation of this pest has been accelerated by wet weather over much of the
belt. Infestation increased materially in all infested areas, and the area
where weevils were prevalent extended northward materially during the
month of August. The extent of infestation has quite generally checked
fruiting and the probability of any important top crop is small over
large areas.
"As the size of the crop is becoming more definitely established, the
market should become more stable, and the tone in the yarn and finished
goods market should be more settled. Due to the fact that the prospects of a top crop are very small, cotton will be ginned unusually early
this year. As was indicated in last month's report, should the present
estimate of production be realized, and past relationships between supply
and price prevail, it is likely tht.t prices will decline in the next few
months.'
"Anyone familiar with the cotton business reading the facts set forth
in the bulletin, aside from the bureau's estimate as to the carryover,
or even in spite of it, would have reached the conclusion that cotton
would advance materially from where it then was. The fact is, the trade
had already reached this conclusion. Cotton had steadily advanced from the
very early spring up to the issuance of this prediction. It is true that
there was from time to time certain fluctuations, but the general trend
was upward. From February, when the price of cotton was 16c. per
pound, it gradually but steadily rose until some time just previous to this
report it touched 25c. per pound, a rise in value of about $40 per bale.
From the issuance of this report it steadily declined until it had again
reached less than 17. per pound, a loss of approximately $40 per bale,
an estimated loss of $300,000,000 to $400,000,000 to the producers of cotton. This prediction, and that made in August of similar character, was
made at a time when it could not possibly be other than hurtful to the
producers of cotton for the reason that the crop was made, the marketing
season was on, the price was fairly remunerative and advancing and
therefore the only effect it could have would be to depress the market.
Such a statement coming when it did and from a Government source made
it easy for those who could profit by breaking the market to take advantage of this unwarranted statement and break it, which they did.
It discouraged all friends of cotton who had a right to believe in higher
prices. Those friendly to cotton in the market quit. They felt, and so
said and acted, that they could not fight the 'bears' under such circumstances.
"The testimony of .all witnesses before the committee, engaged in the
cotton business was practically unanimous that this statement by the
Bureau of Agricultural Economics was mainly responsible for the breaking of the market at the time, and made it extremely easy for those
who were organized and ready to profit by this break, to take advantage
of the situation and depress the market to the diastrous low level that
it reached.
"Your subcommittee does not charge any sinister motive prompting the
issuance of the bulletin referred to, but they believe that in dealing
with vital affairs of the marketing of any of our staple crops by Government officials, such officials should have the widest possible personal
experience with such crops, as to its production, preparation for market
and marketing.
Summary.
"In summing up the situation the price decline predicted by the Bureau
of Agricultural Economics, together with its statement as to the carryover, necessarily broke the market. It not only at the most inopportune
time predicted a price decline, but issued a carry-over estimate that was
at least from 500,000 to 600,000 bales too much. Coming as it did
from the Government it naturally discouraged all those who were friendly
to cotton in the market. As stated heretofore, cotton had steadily risen
in price from February, 1927, up to the time that the price decline was
predicted and the carry-over stated. Immediately, subsequent to the issuance of these statements by the Bureau of Agricultural Economics, there
was published in the newspapers throughout the country, a statement
to the effect that the manufacturers of cotton intended to curtail consumption and inaugurate short-time operation. As a direct result, the pow-
By the terms of the agreement, which htve been under negotiation for
months, the charter of the central building trades body issued about the
time of the late Robert P. Brindell's downfall, will be canceled and those
organizations which for technical reasons adhere to the old central body
will abandon their organization.
Under the new arrangement all the building trades unions in New York
City, Long Island and vicinity will become members of the new organization, for which a charter will issue shortly.
Advantages of the Plan.
Under the agreement John HaIkett, President of the old council, and
Roswell D. Tompkins, its Secretary, will serve out their terms of office
and the newer body be given representation on the Executive Council of
the consolidated body.
The advantages of the consolidation are that the Building Trades Employers' Association, which in the past year extended its jurisdiction over
the entire city, will have but one body to negotiate with, while, on the
other hand, in the event of trouble the building trades unions will act as
one body.
Mr. McSorley's announcement said:
"Li accordance with the request of the Joint Committee of both trades
councils of Greater New York I am herewith submitting the following as
a basis for consolidating and solidifying all of the building trades organizations of Greater New York into one building trades council:
"1. The present charter of the Building Trades Department shall be
withdrawn.
"2. A new charter shall be granted to the consolidated trades covering
the jurisdiction of Greater New York, Long Island and vicinity.
Former Claims Remitted.
"3. All former claims held by either council against any of the parties
to those consolidations shall and hereby are remitted.
"4. All existing contracts between the parties to this consolidation with
their employers shall be held inviolate and shall be observed until the date
of their legal expiration.
"5. All organizations shall be admitted to the Consolidated Council on
the condition of their present status, with the provision that on the
occasion of the next election of officers the tenure of office of delegate
and business agent shall be for a period of not less than three years.
"6. The present officers of the Non-Affiliated Council, which is the
majority council, shall continue in office until the expiration of their
terms of office.
"7. I would recommend that the present Executive Board of the council
be increased by two members, said two members to be selected by the
President from the minority council membership, to serve during the
remainder of the present term.
"8. The composition of the new council shall be known as a delegate
or representative council instead of a layman's council."
Members of New York Rubber Exchange Approve
Amendments for Admission of Six Additional
Grades to Trading.
Amendments and additions to the by-laws of the Rubber
Exchange of New York, Inc., to provide for trading in certain
Blanket and Brown grades of Hevea Plantation Rubber on
the Exchange on and after September 1 1928, approved by
the Board of Governors of the Exchange on June 26, were
approved by the members at a special meeting held July 12.
The amendments add six grades to the grades already
traded in on the exchange and will necessitate a second contract to be known as contract "BB." The proposed new
grades are:
"A" Blanket Crepe (deliverable at contract price).
"B" Blanket Crepe (at contract price).
"0" Blanket Crepel
"D" Blanket Crepe!
No. 1 Brown Crepe}At differentials to be fixed as hereinafter provided.
No. 2 Brown Crepel
The "Times" states that the change will increase the
number of grades tenderable against exchange contracts
so that they will include about 90% of the world production
of crude rubber. "The consumption of the rubber covered
by the now grades is approximately 150,000 tons out of a
total consumption of about 400,000 in the United States,"
President F. R. Henderson explained. He added:
Increase in Paper Production in May-Gain for Five
Months' Figures this Year as Compared with Same
Period Year Ago.
Production of all grades of paper in May totaled 617,783
tons as compared with 580,374 tons in April and 607,163
tons in March, according to reports to the American Paper
& Pulp Association from members and co-operating organizations. Production for the first five months in 1928 totaled
2,923,640 tons as compared with 2,826,559 tons for the same
period in 1927. We also give the following data supplied
by the Association under data of July 5:
The total daily average production of paper was about 1% below thal
of April but 8% greater than May 1927. The increase in total May production over April, despite the lower daily average production, was the
result of a greater number of working days in May.
Stocks on hand at the end of May were almost 7% greater than at the
end of April and 14% greater than at the end of May 1927.
Total pulp production for May, as reported by identical mills, was
227,185 tons as compared with 216,354 tons in April and 222,449 tons in
March. Total production for the first five months in 1928 was 1.080,472
tons as compared with 1,116.868 tons in the same period of 1927.
The daily average production for May was about 3% below April and
5% below May 1927. The increase in production in May over that of
April was due to a greater number of working days.
Stocks of pulp on hand at the end of May were 5% greater than at the
end of April. but about 24% less than at the end of May 1927.
COMPARATIVE REPORT OF PAPER OPERATIONS IN IDENTICAL MILLS
FOR THE MONTH OF MAY 1928.
Grade.
Newsprint
Book
Paperboard
Wrapping
Bag
Writing
Tissue
Hanging
Felts and Building
Other grades
-
Total all grades-May
April
y.1... rnesntha 1090
Stocks on Hand
End of
Month-Tons.
Production
Tons.
Shipments
Tons.
126,010
96.587
236,914
55,690
13,337
32.723
13,978
4,523
11,814
26,207
122,540
92,643
229,038
53,830
13,864
32,679
13,014
3,673
12,217
25,940
37,207
57,393
50,000
55,420
8,935
43,033
13,373
3,648
1,621
18,943
617.783
580,374
599,438
567,994
289.573
271,480
9 092 Ran
2 075 710
200 207
COMPARATIVE REPORT OF WOOD PULP OPERATIONS IN IDENTICAL
MILLS FOR THE MONTH OF MAY 1928.
Grade.
Ground Wood Pulp
Sulphite news grade
Sulphite bleached
Sulphite easy bleaching
Sulphite Mitscherlich
Sulphate pulp
Soda pulp
Pulp-Other grades
Total all grades-May
April
Vivo rnnnths 1958
Production
Tons.
Used
Tons.
Shipped
Tons.
Cc
Building Trades Unions to Merge-Consolidation into
One Representative Body Planned-Brindell Charter to Go.
William J. McSorley, President of the Building Trades
Department of the American Federation of Labor, announced on June 5 an agreement had been reached by which
all of the building trades unions in New York City will be
consolidated into one body, with a membership of about
150,000. The New York "World" of June 6, from which we
quote the foregoing, added:
It Includes types of rubber used by virtually all the manufacturers. The
Board of Governors felt that the inclusion of the new grades would promote
a still wider Interest in the exchange on the part of manufacturers. It will
provide an opportunity for the hedging of these grades by shippers which
has not existed before.
Stocks on Hand
End of
Month-7'ons.
121,145
10,272
2,184
559
1,002
6,038
4,184
93
227.185
216,354
199,083
184,566
20,681
22,181
115,477
138,056
1.080.472
954 402
199 999
116.035
101,568
39,223
25,895
3,229
7,357
25,230
24,649
34
90,222
36,274
23,878
4,198
6,224
20,972
17,315
0'
erful 'bear influences took advantage of the situation and aided in riding
the market to ruin.
"A bill has been drafted and is now on the Senate calendar, which it is
hoped, will reach and prohibit the practices on the futures markets set
forth in this report.
"A bill has already passed the Senate prohibiting and penalizing any
official of the Government from issuing any further price prediction of
cotton.
"There will be introduced a bill restricting to one bureau all statistics
relating to the supply and distribution of cotton.
"Your committee will continue its organization and if further facts are
brought to its attention during adojurnment and the second session of
the Seventieth Congress, it will report the same to the Senate."
[VOL. 127.
FINANCIAL CHRONICLE
0'0'C
190
Proposed New York Burlap and Jute Exchange Considered as Detrimental in Report of Investigating
Committee-Sponsors of Movement to Continue
Plans for Organization.
The intention of the promoters of the proposed New York
Burlap and Jute Exchange to go ahead with the work of
organizing the Exchange, was announced by the interests
therein on July 7, according to the "Journal of Commerce,"
which states that those interested do not regard the refusal
of some sixty-odd burlap firms to accept an invitation to
join, as the formidable thing that it first seemed. A report, approved on July 6 by representatives of some 64 burlap importers, brokers and bag manufacturers, declared
that the Exchange would be detrimental to the entire trade,
and to the ultimate consumer, "because of the additional
speculation of an unnecessary and unsound nature." In a
reference to the movement in our issue of June 30, page
4008, we noted that resolutions adopted on June 25 at a
meeting of bag manufacturers called for the appointment
of a committee to investigate the plan, 39 firms represented
at the meeting deciding to withhold support of the movement pending the investigation. The "Journal of Commerce" of July 7 stated that according to the report "an
Exchange would be:
"a. Detrimental to the entire trade, bag manufacturers, importers,
brokers, and also to the ultimate consumer, because of the additional
speculation of an unnecessary and unsound nature.
"b. Superfluous because we already have a sound method of marketing.
"c. Uneconomic because while a cotton or wheat exchange is required
to establish a market for the farm products that would ordinarily be
JULY 14 1928.]
191
FINANCIAL CHRONICLE
dumped on the market in their entirety after the harvest, burlap, made
from month to month in accordance with demand, requires no such relief.
"d. Unwanted because with at least 90% of the trade already heard
from as opposed to the Exchange, your committee belieNes we are no
longer debating the value of a Burlap Exchange. We are contesting the
right of a group of individuals outside of the industry to fasten upon this
Industry an Exchange against the wishes of the industry, because the
industry itself has deemed it superfluous, uneconomic and detrimental."
Plans Developed in New Orleans for Raising of $750,000
Yearly for Five Years for Stabilization of Price and
Production of Cotton.
Plans for promoting and advertising the cotton industry
through a fund of approximately $750,000 to be raised
annually for the next five years by the Southwide Cotton
The same paper, in its reference to the action on the Council, an organization initiated last year by Governor
Dan Moody of Texas, were approved at New Orleans on
report on July 6, said:
Representatives of 84 burlap importers, brokers and bag manufacturers July 6, when the organization was made permanent by a
yesterday afternoon accepted without a dissenting vote a committee report vote of its members.
which found the New York Burlap and Jute Exchange to be "detrimental,
Cotton growers, bankers and garners of the cotton belt
superfluous, uneconomic and unwanted" and signed a letter to the Exchange in which they declined to join "in justice to our industry." A were present at the meeting, an account of which in the
representative of one firm declined to vote either way on the acceptance of New Orleans "Times-Picayune" says:
the committee report, and representatives of "three or four" concerns did
not sign the letter, it was stated. These gave as a reason lack of authorization from their firms to sign for them. Those who participated in the
meeting issued the names of the signatories, but declined to give the names
of the other concerns represented at the meeting.
According to announcement made by M. S. Rosenthal, who presided over
the meeting, and Thomas Gallie, Chairman of the Committee that investigated the Exchange, made after the meeting, the assembly first heard the
report, voted on it and signed the letter shortly afterward without debate.
It was also announced that the committee was not retired, but will continue
to act for the trade in all matters concerning the Burlap Exchange in the
future. It was reported in the trade by parties known to be opponents
of the Exchange that no representative present made any remarks in behalf
of the exchange at the meetingg, nor did anybody say anything to the
gathering to the effect that further investigation would be required.
"Find No Sound Reason in Favor."
The meeting took place in the Stein, Hall Co. offices at 285 Madison
Avenue. A statement issued after the meeting said that the signatories to
the letter declining membership in the Exchange included 95% of the bag
men, brokers and importers actively engaged in the business.
The letter to the Exchange follows:
"We acknowledge receipt of your letter of July 5, in which you extend
an invitation to members of the burlap industry to co-operate with you.
"We have given due consideration to the various features of this Exchange, as presented to our representatives on June 28 1928. We, the undersigned, state that we have found numerous reasons as to why a Burlap
Exchange would be against the better interests of our industry and also
the ultimate consumers. We have found no sound reason in favor of it.
"We therefore feel that in justice to our industry we must decline to
join your exchange."
[Signed.]
Bemis Bro. Bag Co., Chase Bag Co., Fulton Bag & Cotton Mills, the
National Bag Corp., W. R. Grace & Co., Antony Gibbs & Co., Inc., Simon
Swerling, Hothorn Litzrodt Corp., Christopher Smiles & Co., H. P. Winter & Co., Inc., Jacob Lawson Bag Co., Richardson Garrett Bag Co., E. S.
Halstead & Co., Inc., A. V. & B. W. Levey, Inc., Thomas Boner et Co., Inc.,
Dan W. Feitel Bag Co., Balfour, Williamson & Co., Sterling Bag Co., Inc.,
Walker Bag Co., Kay Manufacturing Co., Nachman Spring Filled Co., King
Manufacturing Co., C. E. Rcokstroh & Co., Ontario Bag Co., Henry W.
Peabody & Co., Rudolf Wolf, James Scott & Sons, Wonham, Inc., Norfolk
Bagging Co., Pope & Earley, Inc., 0. Groenings, Mitsui 6: Co., General
Fiber Co., Lyon, Cowdrey & Wilson, Jute Industries, Ltd., H. G. Lichtenstein, G. A. Vedovi & Co., R. L. Pritchard & Co., Blenheim & Dockstader,
Chandler Oilcloth & Buckram Co., Fred Faraone & Co., Inc., Stein, Hall &
Co., Inc., S. H. Rizavi, Bingham & Co., J. D. Selden Co., Inc., Epstein &
Genie, Southern Bag & Burlap Co., Mente & Co., Inc., Southern States
Bag Co., H. & L. Chase Co., John C. Grafflin Co., George E. Chedd, Keystone Bag & Burlap Co., E. P. Willard, Werthan-Morgan-Hamilton Bag Co.,
Central Bag & Burlap Co., Percy Kent Bag Co., W. C. Ranier, Sydney
Chappel, Philadelphia Bag Co., Smith, Kirkpatrick & Co., Inc, Virginia.
Carolina Chemical Corp., Pacific Bag & Burlap Co., and King & Co.
The detailed report of the investigating committee as read to the meeting
by its chairman, Mr. Gallie, was sent to members of the trade after the
meeting. After reading the report to the meeting, it was said in the trade,
Mr. Genie read a letter received from the Burlap Exchange yesterday
morning, and purporting to answer the question put to the exchange and
unanswered according to the committee's report. It was said that inasmuch as the letter was not an answer to the question, but an avoidance of
a direct answer, the report stood as originally written.
The same paper, in its issue of July 9, said:
Those interested in the Exchange said that the action of the burlap men
was just as expected, but that it was not regarded as final by the Exchange. Many of these, in the opinion of the promoters, will come into
the Exchange, once it is functioning. The Exchange men would have
liked to have had these come in at the present, they say, but sees
no
reason for discouragement in their refusal.
The following is also taken from the same issue:
"The term 'Burlap Exchange' Is more or less a misnomer," one
interested
in the Exchange announced Saturday, adding that the organization
was
chartered to deal in jute, hemp, sisal, and kindrel commodities, and
that
burlap was only one of six or seven departments to be incorporated in the
Exchange. Still further than this, it is said that there are a number of
prominent burlap men, both in New York and elsewhere, who have
applied
for seats on the Exchange. Included among these Is a Pennsylvania
firm
doing *500,000 a year business.
Two More Firms Decline.
The Ames, Harris, Melville Co., of San Francisco, Calif., bag
manufacturer, wired the committee acting for the burlap trade in the matter
of a
Burlap Exchange to sign its name to the letter declining to
join the
Exchange, according to announcement made Saturday morning by
M. S.
Rosenthal of the committee. The James F. White Co. was inadvertently
omitted from the list of firms whose representatives signed the letter.
A total of thirty-two firms not represented at the original meeting of the
burlap trade on the matter of the Burlap Exchange were
represented at
Friday's [July 6] meeting and signed the letter declining to join
the
Exchange. Seven firms represented at the first meeting, who signed the
agreement to keep clear of the Exchange until the committee
reported,
did not sign at Friday's meeting. Those in charge of the meeting said
these did not sign either because they had not been authorized to do so for
their firms, or, in three or four instances, were not represented at the
second meeting.
The stabilization of cotton prices appeared from discussions to be the
paramount problem the new organization faces and headed its elms in
a constitution adopted. Judge C. E. Thomas of Montgomery, Ala.,
temporary Chairman of the Southwide Cotton Council, which came into
existence as a somewhat inactive organization at a meeting in Memphis
last March. was elected President of the permanent association of the
same name. Lieutenant-Governor T. W. Davison of Texas was elected
Vice-President.
feeling Enthusiastic.
Gathered in a small room at The Roosevelt the bankers and men conproduction
or spinning of the fibre, listened to dramatic
nected with the
descriptions of conditions existing in the cotton land of the South, and
acted on the urgent suggestion of S. Odenheimer. mill operator of New
Orleans, and others to proceed with organization and launch a move to
assure growers an adequate return from their labor.
Enthusiasm gathered momentum as speaker after speaker roused the
men attending the conference and this was finally climaxed when C. L. E.
Holland, President of the Houston National Bank. proposed a conference
in the 11 cotton-producing States within 90 days to work out plans for
raising the huge sum to carry out plans of the new organization.
Aims lade Clear.
While no outline of plans for the expenditure of the sum to be raised
was given out in the finance committee's report proposing the sum, headed
by Col. J. 0. Thompson of Alabama, the constitution adopted specified
aims of the organization to be:
"1. Stabilization of prices and production of cotton.
"2. Co-ordination of the activities of all agencies, societies and organizations working to such purpose.
"3. Conduct a study of the cotton situation from the standpoint of
supply and demand, and
"4. Disseminate such information and develop an intelligent influence
to give effect to such information as to thereby enable cotton farmers to
produce and sell on a basis of information; to encourage the economic
production of cotton on a more restricted acreage; increase the food supply,
and to rebuild and conserve the fertility of the soil."
lay Have Office Here.
The meeting occupied nearly the entire day and closed with handshakes
among the 75 leaders of the industry present, and expressions of belief
that the South was at last rising to its full stature in demanding a voice
in the price it receives for its cotton.
The executive committee of the organization held a session Friday
night and later will determine the location of headquarters for the permanent organization, which may be awarded to New Orleans. Mr.
Odenheimer urged the establishment of headquarters here and guaranteed
$10,000 as an inducement to the organization to come here.
Officers were elected toward the close of the meeting. In addition to
the President and First Vice-President, Vice-Presidents were elected from
each State as follows: M. H Crenshaw. Mississippi; Dr. Bradford Knapp,
Alabama; M. F. Amarous, Georgia; C. G. Smith, Arkansas; Frank Dimmick. Louisiana; J. W. Fitzgerald, Texas; Col. Harvie Jordan. South
Carolina; Judge Xenophon Cavern°, Missouri. Other States will elect
their Vice-President later. An executive commiteee was named as follows:
Clarence Ousley, Dallas, Tex.; Norris O. Williamson, Milliken, La.; A. S.
Fent, Colombia, S. C.; Alf Stone, Dunleith„ Miss.; S. Odenheimer, New
Orleans.
Associated Press accounts from New Orleans state:
The Council will raise the fund by an assessment of Sc. on every bale
of cotton produced in the South, including last year's crop, assessment*
on which the members plan to collect within the next 90 days.
The Council took cognizance of the deplorable financial status of many
of the cotton producers by agreeing that such portion of the money as
could not be secured direct from the producer would be made up in contributions from bankers, merchants,cotton mill owners and allied industries,
all of which are represented in the Council's membership.
Cottonseed Oil Production During June.
On July 12 the Bureau of the Census issued the following
statement showing cottonseed received, crushed and on hand
and cottonseed products manufactured, shipped out, on
hand,and exports during the month of June 1928 and 1927:
COTTON SEED RECEIVED, CRUSHED AND ON HAND (TONS).
Crushed
Os Hand at Milk
Received at Mills.*
June 30.
Aug. 1 to June 30. Aug. 1 to June 30.
Maio.
1928.
United States
1927.
1928.
1927.
4,562,237 6.325,409 4,621,327 6,238,114
1928.
30,194
1927.
103,407
2,257
969
Alabama
296,167 360,673 294,693 359,907
88
171
41,152
52,21
41,237
52,091
Arizona
171
1,549
307,989 462,428 309,499 461,449
Arkansas
397
85,017
49,998
82,135
2,882
47,626
California
1,589
5.233
442,914 667,617 443,707 663,806
Georgia
49
154,732 240.689 165,311 230.068
9.904
Louisiana
12.029
540,992 712,096 541,634 697,005
21,268
Mississippi
171
302,493 442,021 303,076 439,0.55
3.387
North Carolina
325
361,971 603,608k 383.202 582,395
21,593
Oklahoma
274
210,478 306,875 211,519 306,270
1,217
South Carolina
266,535 366.770 262,452 367,996
5,199
595
Tennessee
1,516.738 1.904,164 1,543,024 1,874,836
7,645
34.490
Texas
71.975 121,101
72,450 121,234
149
All other
4. Includes seed destroyed at mills but not 89,784 tons and 23,249 tons on hand
Aug. 1 nor 77,326 tons and 96,464 tons reshipped for 1928 and 1927. respectively.
192
FINANCIAL CHRONICLE
COTTONSEED PRODUCTS MANUFACTURED, SHIPPED OUT AND ON
HAND.
Item.
Crude oil
(Pounds)_
Refined oil....
(pounds)._ __
Cake and meal_
(tons)
Hulls
,
(tons)
Linters(running
bales)
Hull fiber (500lb. bales)._ _ _
Grabbots,motes
&c. (500-lb.
bales) _
Season.
On Hand
Aug. 1.
Produced
Aug. 150
June 30.
Shipped Out
Aug. 1 to
June 30.
On Hand
June 30.
1927-28 .16,296,641 1,465,250,911 1,441,859.694 .33,508,771
1926-27
8.280,561 1,865,342,894 1,854,859,559 33,985,356
1927-28 a378,612,700 81,285,104,952
a415,428.284
1926-27 145,670.884 1,624,689,256
460,163,316
1927-28
63,632
45,387
2,097,603
2,079,358
1926-27
142,844
101,748
2,842,158
2,801,062
1927-28
45,641
1,434,256
1,311,852
168,045
1926-27
1,733,802
1,832,429
92,333
190,960
1927-28
59,957
46,177
856,028
869,808
1926-27
1,026,812
65,753
81,105
1,011,460
4,594
1927-28
92,741
75,405
21,930
1926-27
93,894
22,023
98,582
17,335
37,376
3,243
1927-28
38,777
1,842
39,452
4,116
1926-27
42,099
6,763
•Includes 6,235,454 and 1,853,397 pounds held by refining and manufacturing
establishments and 4,638,300 and 2,841,270 pounds In transit to refiners and consumers Aug. 1 1927 and June 30 1928, respectively.
a Includes 9,784,634 and 15,630,761 pounds held by refiners, brokers, agents
and warehousemen at places other than refineries and manufacturing establishments,
and 10.818.983 and 6,186,446 pounds in transit to manufacturers of lard substitute,
oleomargarine, soap, &c., Aug. 1 1927 and June 30 1928, respectively.
S Produced from 1,391,528,822 pounds of crude oil.
EXPORTS OF COTTONSEED PRODUCTS FOR TEN MONTHS ENDING
MAY 31.
Item1928.
1927.
CIL crude (pounds)
47,496,693
33,477,148
Refined (pounds)
8,878,442
17,631,347
Cake and meal (tons)
308,556
459,799
160,222
Linters (running bales)
226,383
Crude Oil Price Advanced-Gasoline Price Increased
in West.
The Pennsylvania grade of crude oil has again been advanced-the second time within a month. The first increase which occurred on June 13 (see the "Chronicle" for
June 16, P. 3678) ranged from 10c. to 30c. per barrel on all
grades except Corning and Ragland. Corning was later
increased 15c. per barrel on June 29 as noted in our issue of
June 30, p. 4010. Now, a second increase ranging from
15c. to 20c. per barrel has been posted by the South Penn
Oil Co. effective July 9. The new prices compare with the
preceding list as follows (price per barrel):
New
GradePrice.
Penna.grade in New York Transit Lines
83.20
Bradford District o
oil in National Transit
nsit Lines_
3.20
Penna.grade in National Transit Lines
3.10
Perms,.grade in Southwestern Pennsylvania Lines_ 3.10
Penna.grade in Eureka Lines
3.00
Penna.grade in Buckeye Lines
2.85
The remainder of the list is unchanged.
Last
Price.
$3
3:05
Increase.
$0:15
2.90
2.90
2.85
2.65
.20
.20
.15
.20
A reduction in the price of kerosene was made on July 9
by the Standard Oil Co. of Indiana when it announced a
cut of lc. a gallon throughout its territory, at the same time
eliminating the lc. a gallon discount which had been given
to buyers of 50 gals. or more. The price at Chicago, Ill.
after the adjustment stands at 11c, per gallon.
The Standard Oil Co. of New Jersey reduced bunker
fuel oil 10c. a barrel, effective July 12, at New York, Baltimore, Norfolk and Charleston. The new price in New
York Harbor is $1,05 a barrel at terminals, with a 5-cent
delivery charge.
The retail price of gasoline throughout Wyoming and
Montana was increased lc. per gallon on July 10 when the
Continental Oil Co. advAnced the retail price of gasoline lc.
throughout Wyoming, making a 3c. spread between wholesale and retail prices in that State for the first time in its
history. The company also advanced the wholesale and
retail price of gasoline lc. generally throughout Montana.
On July 13 the wholesale prices in the Chicago, Ill, markets
8c. to
were reported as follows: Motor grade gasoline, 83/
83ic.; kerosene, 41-43 water white, 43c. to 4Me.; fuel oil,
24-26 gravity, 65c. to 67c.
Crude Oil Production Remains Practically at Last
Week's Level.
With a decrease of only 300 barrels reported in the daily
average output, the crude oil production in the United States
for the week ended July 7 remains practically unchanged
from the preceding week's level. The current output was
2,383,850 barrels as compared with 2,384,150 barrels for the
preceding week. Compared with the average daily output
of 2,534,950 barrels during the corresponding week one year
ago, the current output shows a decrease of 151,100 barrels.
The daily average production east of California was 1,734,850
barrels, as compared with 1,742,150 barrels the previous
week, a decrease of 7,300 barrels. The following are estimates of daily average gross production by districts for the
weeks ended July 7, June 30 and June 23 1928 and July 9
1927:
[Vol,. 127.
DAILY AVERAGE PRODUCTION.
(In Barrels,)
July 7 '28. June 30 '28. June 23'28. July 9 '27.
Oklahoma
812.200
584,000
592.200
690.250
Kansas
108,700
104,200
103,850
103,600
Panhandle Texas
120,550
64,200
66.350
64.700
North Texas83,400
82,25079,400
86,850
West Central Texas
71,150
57,800
57.500
57,700
West Texas
337,350
133,700
337,050
315,800
East Central Texas
34.050
22.250
22,500
22,350
Southwest Texas
31,300
25,100
23,500
23,550
North Louisiana
55,100
42,650
41,950
41,600
Arkansas
111,250
91,950
101,800
95,550
Coastal Texas
104,800
133,650
106.650
105,850
Coastal Louisiana
15,650
29,250
27,400
29,750
F.astern
111,500
111,500
109,500
107,500
Wyoming
55.850
57.600
62,200
61.350
Montana
10,450
15,350
9,900
10.500
Colorado
8,250
8,400
7.200
7.400
New Mexico
3,100
2,050
2,150
2,050
California
649,000
625,000
645,500
642,000
Total
2,383,850 2,384,150 2,375,550
2,534,950
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 7 was 1,411,700 barrels, as compared with 1,419,150 barrels for the preceding week, a decrease of 7,450 barrels. The Mid-Continent production excluding Smackover, Arkansas, heavy oil, was 1,352,650
barrels, as compared with 1,360.250 barrels, a decrease of 7,600 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):
-Week EndedJuly 7. June 30
2,900 2,900
1,450
1,450
13,800 13,850
8,750 8.750
31.750 31,500
21,900 21,950
9,500 9,650
6,400 6.450
50,650 51,450
58,150 59.000
12,700 13,050
41,500 42,950
81,800 83,500
OklahomaNorth Braman
South Braman
Tonkawa
Garber
Burbank
Bristow Slick
Cromwell
Wewoka
Seminole
Bowlegs
Searight
Little River
EarLsboro
Panhandle TexasHutchinson County .
_ _ _ 35,850 36,450
Carson County
6.250 6.500
Gray County
20,850 20,550
Wheeler County
950 1.000
West Central TexasBrown county
Shackelford Co
13,750 13,650
10,000 10,300
West Texas-Reagan County
18,350
Pecos County
55,950
Crane and Upton Cos.-- 67,100
Winkler
181,700
East Central TexasCorsicana Powell
11,050
1,100
Nigger Creek
17,950
63,950
68,050
173.700
11,100
1,150
-Week EndedJuly7.June 30.
13,600 13,700
8,050 6,350
Southwest TexasLuling
Laredo District
North LouisianaHaynesville
Urania
ArkansasSmackover,light
Smackover,heavy
Champagnolie
Coastal Tact:
West Columbia
Blue Ridge
Pierce Junction
Hull
Spindletop
Orange Co
WyomingSalt Creek
MontanaSunburst
CaliforniaSanta Fe Springs
Long Beach
Huntington Beach
Torrance
Dominguez
Rosecrans
Inglewood
Midway-Sunset
Ventura Ave
Asal Brach..
6,250
6,950
6,250
6,900
7,650 7,700
15,150 18,900
59,050 58,900
8,150 8,200
6,500 5.000
10,800 10,800
10,900 11,000
39,500 38,600
4.150 4,200
34,850 40,650
8,600
8.600
36,000
202,000
55.000
17,000
11,500
6.000
29,000
71,500
53,000
35,500
36,000
197,000
55,000
17,500
11,500
6,000
29,000
71,500
49.500
37,000
Production of Portland Cement in June HigherShipments Show Slight Decline-Stocks Higher
Than in 1927.
The Portland cement industry in June 1928 produced
17,469,000 barrels, shipped 18,421,000 barrels from the
mills, and had in stock at the end of the month 25,021,000
barrels, according to the United States Bureau of Mines,
Department of Commerce. The production of Portland
cement in June 1928 showed an increase of 1.4% and shipments a decrease of 6.8%, as compared with June 1927.
Portland cement stocks at the mills were 19.3% higher than
a year ago. The total production for the first half of 1928
amounts to 77,005,000 barrels, compared with 75,058,000
barrels in the same period of 1927, and the total shipments
for the first half of 1928 amount to 73,953,000 barrels, compared with 74,775,000 barrels in the same periof of 1927.
In the following statement of relation of production to
capacity the total output of finished cement is compared
with the estimated capacity of 158 plants at the close of
June 1928 and of 148 plants at the close of June 1927:
RELATION OF PRODUCTION TO CAPACITY.
June
1928.
The month
The 12 months ended
June
1927.
May
1928.
Aprfl
1928.
Mar.
1928.
90.1% 93.1% 86.6% 70.0% 51.7%
73.8% 74.3% 73.9% 74.0% 74.6%
PRODUCTION, SHIPMENTS AND STOCKS OF FINISHED PORTLAND
CEMENT,BY DISTRICTS,IN JUNE 1927 AND 1928(IN BARRELS).
Production.
Shipments,
Stocks End of Yong.
District.
1927.
Eastern Pa.. N
J. & Md__._
N.Y.& me.1s.
Ohio, Western
Pa.& W.Va.
Michigan
Wis., Ill., Ind..
& Ky
Va..Tenn., Ala.,
Ga.,Fla.&La.
East. Mo., Ia..
Mina.&S.D.
West.Mo.,Neb.
Kan.& Okla.
Texas
Cob., Mont. &
Utah
California
Ore. & WashTotal
1928.
1927.
1928.
1927.
1928.
4,091,000 4,056,000 4,745,000 4,081,000 4,394,000 6,129,000
1,148,000 1,208,000 1,307,000 1,264,000 1,536,000 1,843,000
1,716,000 1,711,000 2,162,000 1,759,000 2.953,000 3,434,000
1,580,000 1,456,000 1,804,000 1,731.000 1,971,000 .1,904,000
2,387,000 2,436,000 3.086,000 2,443,000 2,432,000 3,004.000
1,414.000 1,391,000 1,357,000 1,409,000 1,2013,000 1,858,000
1,467,000 1.715,000 1,927,000 2,109,000 2,841,000 3,131,000
094,000 1,055,000
469,000
540,000
976,000 1.058,000 1,743,000 1,570,000
356,000
330,000
573,000
454,000
268.000
275,000
233,000
299,000
1,322,000 1,206,000 1,294,000 1.255,000
388.000
420,000
440.000
416,000
541,000
601,000
424,000
486,000
820.000
426,000
17.224.000 17.469.000 19.761.000 18.421.000 20.972,000 25,021.000
FINANCIAL CHRONICLE
JULY 14 1928.]
OF FINISHED PORTLAND
PRODUCTION, SHIPMENTS AND STOCKS
MILS.).
CEMENT BY MONTHS, IN 1927 AND 1928 (IN
Stocks at End of Month.
Shipments.
Production.
Month.
1928.
1927.
1928.
1927.
1928.
1927.
25,116,000
22,914,000
6,541,000
Jan____ 8,258,000 9,768,000 5,968,000
6,731,000 6,563,000 23,563,000 27,349,000
Feb___. 7,377,000 8.797,000 11.100.000
23,922,000 27,445,000
March__ 11,450,000 10.223,000 14,350,000 10.135,000
13,307,000 23,654,000 27,627,000
April___ 14,048.000 13,468,000 16,865,000 18,986,000 23.503,000 a25,792,000
17,280.000
May_ __ 16,701,000
19,761,000 18,421,000 20,972,000 25.921,000
June_ __ 17,224,000 17,469,000 18,984,000
19,397,000
July__ 17,408,000
16,292,000
21.411.000
Aug__ 18,315,000
13,996,000
19,828,000
Sept____ 17,505.000
13.141,000
18,105.000
Oct____ 17,174,000
16,022,000
11,619,000
Nov____ 14,449,000
22,082,000
6,200,000
11,999.000
Dec____
170,922,000
Total_ 171,908,000
May. 1928.
a Revised. b Maine began producing April 1928. and shipping
The above statistics are compiled from reports for June
estifrom all manufacturing plants except two, for which
They
mates have been included in lieu of actual returns.
Teninclude the output of another new plant, located in
nessee, which began operating during the month.
Proposed Reorganization of New York Metal Exchange
to Include Futures Market.
The reorganization of the New York Metal Exchange, the
memdissolution of which was unanimously voted by the
in
bership on June 28, has attracted considerable interest
t
Presiden
by
8
July
stated
it
was
the metal trade in Europe,
Erwin Vogelsang. The latter says:
the United
"Leading metal interests in Europe have long wondered why
has not
States with its predominance as a metal producer and consumer
the same
had a futures market that would afford the metal industry
Consequently,
facilities and protection that the cotton industry enjoys.
house
the announcement that a modern futures exchange with a clearing
among
is to be organized in New York has aroused considerable enthusiasm
leading metal interests abroad.
received
"Applications for membership in the new exchange have been
and
from prominent metal commission houses in London and Manchester
s have contained
on the continent. Letters accompanying the application
metal
l
continenta
assurances that the exchange would be widely used by
Lead Industry Organizing-Association Embracing
Mining, Smelting and Manufacturing Interests
Endorsed by the Trade.
A movement has gained considerable headway, looking
to formation of the Lead Industries Association, with membership drawn from those mining, smelting, manufacturing and utilizing lead or lead products, according to the
Boston News Bureau. That paper, it is learned from the
"Wall Street Journal" of June 20, also had the following
to say regarding the movement:
facAlready the proposed association has been endorsed by important
tors in the various branches of the lead industry.
be
Under the proposed constitution, objects of the Association will
to production, disto collect and publish statistical information relating
as
to
n
e
informatio
disseminat
tribution and consumption of lead, and to
products. There will
the best use, as well as new uses, of lead and lead
action to curtail probe a clause against any agreement, or concerted
trade. Costs of the
duction, fix prices, suppress competition or restrain
importance of the
association will be apportioned according to relative
members.
are to stabilize
Fundamentally, of course, the aims of the association
also resulted in
prices and increase lead consumption. Similar objects
sugar and copper
formation of like organizations in the cotton, rubber,
fallen to a point
industries, to mention but a few. Price of lead has
these earnings have
where but few producers can show profits-and
values.
usually been made possible by precious metal
the copper
Sponsors of the Lead Association point to success which
becoming involved in Sherwithout
prices,
Industry has had in stabilizing
man Act complications.
discusIn the "Times" of June 30 it was stated that the
meeta
od
understo
is
it
but
,
informal
been
sions so far have
month
ing of leading interests is contemplated for early next
It Is not
and details of the plan may then be worked out.
expected, however, that actual organization will be effected
until next fall. The "Times" added:
interests.
new exchange
"In the metal trade in the United States and Canada the
assurance that
will fill a long-felt need and applications received give
will be represented
virtually every prominent metal house in the country
p, of course, is
directly or indirectly on the exchange. The membershi
metal industry, to
being limited strictly to those connected with the
actual use of the
commission houses and persons who intend to make
trading facilities of the exchange."
said yesterE. J. Cornish, President of the National Lead Company,
He pointed
day that his corporation would enter such an organization.
sufficient
out that production statistics on lead were now available with
but conspeed and regularity to make them very useful to the industry,
Government
sumption statistics were to be had only in the more infrequent
be to
reports. One of the chief functions of the new organization would
the
compile such statistics; he added his company stood ready to supply
necessary data.
Other corporations interested in the project are the American Smelting
and Refining Company, and the Westinghouse Electric Company.
preparing
Julius B. Baer, Counsel for the exchange, is
names
Two
rules.
and
by-laws
and
papers
the incorporation
e
are under consideration: the National Metals Exchang
Many
e.
Exchang
Metal
York
New
the
name,
old
and the
funcmembers of the old exchange, which will continue to
tion until the new one opens, favor the former title because
have.
of the larger scope of activities the new exchange will
Shipments of Slab Zinc During June Exceed
Production.
Stocks of slab zinc on June 30 amounted to 44,468 short
beginning
tons, as compared with 45,225 short tons at the
g to the
of the month, a decrease of 757 short tons, accordin
American Zinc Instutite, Inc. Shipments in June totaled
51,582 short tons, of which 49,780 short tons went to
.
domestic markets and 1,802 short tons were exported
d
produce
of
zinc
slab
tons
short
50,825
with
s
This compare
were
during that month. In the previous month there
shipped,
tons
short
52,956
and
tons
short
53,422
produced
d
while in the first month of this year the total output amounte
short
51,002
ts
totaled
shipmen
and
tons
short
52,414
to
tons. Metal sold, not yet delivered, at the end of June
1928 amounted to 11,687 short tons; total retort capacity
at June 30 was 122,920 short tons; the number of idle
retorts available within 60 days, 52,676; the average number
number
of retorts operating during June was 66,079; the
of retorts operating at the end of the month were 65,680.
The monthly figures are as follows:
Hardware Men Act to Aid Distribution-Sales Conference Appoints Two Committees to Work Out
Benefits for Industry.
At the closing session of the two-day national conference on sales and distribution between hardware manufacturers, jobbers and distributers at the Waldorf on June
29, temporary committees were named to try to work out
a plan for distribution designed to benefit the whole industry, labor and the ultimate consumer. The New York
"Times" reported this in its issue of June 30, and the following is also taken from the same account:
PRODUCTION, SHIPMENTS AND STOCKS AT END OF PERIOD
(FIGURES IN SHORT TONS).
Stocks at
Total
Domestic
ProExports,
Shipments. End.of M.
Shipments.
duction.
Month of44,468
51,582
1,802
49,780
50,825
1928-June
45,225
52,956
3,138
49,818
53.422
May
44,759
3,746
50.263
46,517
53,493
Aprll
41,529
55,642
3,786
51,856
55,881
March
41,290
50,888
4,134
46,754
50,042
February
42,163
51,002
5,231
45,771
52,414
January
Total 6 mos. 1928..316,077
52,347
1927-December
49,217
November
50,185
October
47,735
September
49,012
August
47,627
July
49,718
June
51,296
May
51,626
April
56,546
March
51,341
February
56,898
January
290.496
46,483
44,374
46,602
44,038
49.739
43,359
43,122
45,560
44,821
48,107
43,555
45,884
21,837
4,433
1,746
1,637
4,007
4.009
4.803
4,784
4.898
1,876
5.098
4,760
2,989
613,548
549,644
45,040
Total In 1927
312,333
50,916
46,120
48,239
48,045
53,748
56,162
47,907
50,458
46,697
53,205
48,315
48,873
594,684
193
40,751
39,320
36,223
34.277
34,587
39,329
43.858
42,046
41.208
36.279
32,938
29.912
Nut and Rivet
Charles J. Graham of Pittsburgh, President of the Bolt,
meeting was
Manufacturers' Association, under auspices of which the
and distribuheld, said he would call a trade conference of manufacturers
named
ters in Washington further to develop plans. The committees
organize peryesterday will meet in Washington within two months to
protheir
manently and ask the Federal Trade Commission to approve
gram. The committees are made up of:
Personnel of Two Committees.
BirmingDistributers: R. H. Welton, Boston, Chairman; W. W. French, W. E.
Chicago;
ham, Ala.; H. L. Gray, St. Louis; 11. W. Caldwell,
Smith, RichHansen, New York; George Puchta, Cincinnati; Alvin H.
Phoenix, Ariz.;
mond, Va.; Henry Morris, San Francisco; P. R. Helm,
H. Riddle,
H.
and
ia,
H. V. Waterman, Denver; F. Sargent, Philadelph
Philadelphia.
Chairman bolt, nut and
Manufacturers: Charles J. Graham, Pittsburgh,
N. J., horseshoe and
rivet industry; Ross R. Harrison, New Brunswick,
cloth industry;
calk manufacturers; George E. Watson, Buffalo, wire
wire manufacpoultry
William G. Hume, Peoria, Ill., farm fence and
ing apparatus manuturers; Charles H. Meigs, New York, fire extinguish
manufacturers; James
facturers; H. E. Rahman, Cleveland, wheel barrow
H. E. Penfield,
R. White, New York, valve and packing manufacturers;
Jones, Pittsburgh, nail and
Chicago, cap and set screw makers; George W.
Disston, Philadelphia,
wire industry; Fayette It. Plumb and S. Horace
cordage; W. E. Sprackling,
hand tool makers; J. S. McDaniel, New York,
manufacturers; William MacPawtucket, R. I., tubular and woven fabric
Butts, Piqua, Ohio, shovel
Gregor, Niagara Falls, abrasive industry; C. L.
finished steel, and Frank
manufacturers; E. L. Parker, Pittsburgh, cold
A. Bond, Pittsburgh, welded chain manufacturers.
Tons
Stocks of Refined Copper Decline 7,479 Short
Copper
of
ion
Product
y
efiner
June-R
During
Highest Since January 1927-Shipments Higher.
According to figures compiled by the American Bureau of
of
Metal Statistics, stocks of refined copper in the hands
58,809
were
1
July
s
producer
n
America
South
North and
short tons, compared with 66,288 short tons on June 1, a
of
decrease of 7,479 tons, or 14,958,000 pounds. Stocks
in
in
and
process
s,
refinerie
and
smelters
blister copper at
transit, were 251,488 tons July 1, compared with 241,755
194
(Vol,. 127.
FINANCIAL CHRONICLE
tons June 1, an increase of 9,733 tons, or 19,466,000 pounds.
Total copper above ground to blister stage and beyond for
North and South America July 1 came to 310,297 tons compared with 308,043 tons June 1, an increase of 2,254 tons
or 4,508,000 pounds, states the "Wall Street Journal,"
which we further quote:
Stocks of refined copper in British official warehouses July 1 came to
1,046 tons, compared with 1,795 June 1, a decrease of 749 tons. Copper
In other forms came to 7,866 tons compared with 8,035 June 1, making
total copper in British warehouses July 1, 8,912 tons, a total decrease
of 918 tons.
Shipments by North and South American producers and refiners in June
came to 138,503 short tons compared with 135,841 tons in May and
were the largest since 1919, when the present record was begun, and
probably the largest in history. Total shipments for the first half year
came to 796,116 tons, a monthly average of 132,686 tons, compared with a
monthly average of 122,226 tons for the full year 1927. Domestic shipments for June came to 81,436 tons, compared with 79,103 tons in May
and were the largest in more than 18 months.
Domestic shipments for the first 8 months came to 444,028 tons, a
monthly average of 74,004 tons compared with a monthly average for
all 1927 of 68,737 tons. Foreign shipments in June came to 67,067 tons,
compared with 56,738 tons in May, making a total of 352,088 tons for the
first half year, a monthly average of 58,681 tons, compared with a monthly
average of 53,488 tol.s for the full years 1927.
The previous record for total shipments was 137,223 tons, made in
April 1928. The record for domestic shipments is 88,573 tons, made in
March 1926, and for foreign shipments 64,989 tons, made in April 1928.
Refinery production of copper in June for North and South America was
131,024 tons, the highest since Jan. 1927, and comparing with 129,236 tons
in May. Total for the first 6 months was 759,627 tons, a monthly average
of 126,604 tons compared with a monthly average of 123,044 tons for the
full year 1927..
Mine production of copper for the United States was 72,954 tons in
June, compared with 78,729 in May. Blister copper output of North
America came to 97,685 tons compared with 94,796 tons in May, while
blister output of South America, including refined output of Chile Copper
and Braden, came to 30,620 tons, compared with 28,334 tons in May.
The following table gives, in short tons, blister production of North and
South America and stock of copper at the end of each month for North and
South American refineries and producers, together with stocks of copper in
Great Britain and at Havre:
ProductionMines. United States
Blister, North America
Blister. South America
Stocks End of PeriodNorth & South America:
Blisters
Refined
Jan.
Feb.
Mar.
Apr.
May
June
68,469 67,423 70,327 69,721 73,729 72,954
84,463 90,190 89,079 90,664 94,796 97,685
26,170 26,100 26.123 26,228 28.334 30.620
gross tons or 102,733 tons per day for the 30 days in June
compared with 3,283,856 tons or 105,931 tons per day for
the 31 days in May. This is a decrease of 3,198 tons or 3%
for June. In May there was a slight loss of only 0.25%
from April. The June production last year was 3,089,651
tons or 102,988 tons per day, so that the two months show
little variation. Output last month was the smallest for
June since June 1925, when it was 89,115 tons per day,
continues the "Age," adding:
The Half Year's Production.
Production for the half year to July I was 18,520,921 tons, which is the
smallest for that period since 1924 when the output to July I was 17.434,492
tons. The record for the first half year was 20,841,530 tons in 1923. An
Interesting fact is that the merchant iron production, which was about 21.100
tons per day to July 1 this year. or close to 21% of the total daily rate,
compares with about 27.400 tons per day, or nearly 24% of the total daily
rate for the first half of 1923, the record year.
Large Ferromanganese Output.
Ferromanganese produced last month was 32.088 tons, or the largest
since separate records have been published.
Capacity Active on July I.
On July 1 there were 189 furnaces active having an estimated daily
operating rate of 100,855 ton, as compared with an operating rate of 106,145
tons per day for the 198 furnaces blowing on June 1. Six furnaces were
blown in and 15 were shut down during June, a net loss of 9. Of the furnaces blown in two were Steel Corporation stacks, one belonged to an Independent steel company and three were merchant furnaces. The Steel
Corporation shut down seven furnaces and the independent steel companies blew out four. There were also four merchant stacks shut down.
These data show a net loss of eight steel-making furnaces and one merchant furnace.
Possibly Active Furnaces Reduced.
The Musconetcong furnace of the Musconetcong Iron Works in New
Jersey and the Allen's Creek stack of the Tennessee Products Corp. in
Tennessee have been abandoned during the last month, while the Tennessee Coal, Iron & RR. Co. has blown in its new No. 5 Fairfield furnace
in Alabama. This reduces the number of possibly active blast furnaces
in the United States from 343 to 342.
Furnaces Blown In and Out.
Furnaces blown in during May were the following: No. 2 Palmerton
furnace of the New Jersey Zinc Co. In the Lehigh Valley; the Sheridan stack
of the Lavino Furnace Co. in the Lebanon Valley; one Sparrows Point
237,961 247,529 242,416 235,392 241,755 251,488 furnace of the Bethlehem Steel Corp. in Maryland; the Norton furnace in
96,476 86,932 87,292 72,893 66,288 58,809 Kentucky (blown in the previous month, but not reported); one Lorain
furnace of the National Tube Co. in northern Ohio, and the Fairfield furTotal
334,437 334,481 329,708 308,285 308,043 310.297 nace
in Alabama.
Great Britain: y
During the month the following furnaces were blown out or banked:
1,472
Refined
1,636
1,634
1,988
1.795
1,046
Other forms
10,565 9.977 8.649 8,007 8.035 7,866 One Susquehanna stack of the Hanna Furnace Co. in the Buffalo district;
one Bethlehem furnace of the Bethlehem Steel Corp. in the Lehigh Valley;
12.037 11,613 10,183 9.985 9,830 8,912
one Eliza furnace of the Jones & Laughlin Steel Corp., and one Carrie, one
Havre
1.772 2,264 2,218 3,172 2,404 z
Clairton, one Duquesne and one Edgar Thomson furnace of the Carnegie
Japan
5.289
3,816 2,274 z
x Includes copper in process and in transit. y Official warehouses only. z Not Steel Co. in the Pittsburgh district; the Sharpsville furnace in the Shenango
available.
Valley: one Sparrows Point stack of the Bethlehem Steel Corp. in MaryThe following table shows in short tons shipments and production of land; one Granite City furnace of the St. Louis Gas & Coke Corp. in Illinois; one South Chicago and two Gary furnaces of the Illinois Steel Co.
refined copper by North and South American producers and refineries:
In the Chicago district; one Pioneer furnace of the Republic Iron & Steel Co..
and the Alabama City furnace of the Gulf States Steel Co. in Alabama.
Production.
Shipments.
PRODUCTION OF STEEL COMPANIES FOR OWN USE-GROSS TONS.
Daily
Es- DomesPrimary. Scrap. Total.
Rate. port.a
tic.
Total.
Spiegeleisen and Ferrornanganede.•
1928.
Total Iron116,246 6,478 122,723 3,959 56,721 64,824 121,545
January
Spiegel and Ferro.
1927.
1928.
February
117,788 7,060 124,848 4,305 60.603 73,789 134,392
123.162 5.810 128,972 4,160 65.970 72,642 128,612
March
1927.
1928.
Fe-Man. Spiegel. Fe-Man. Spiegel.
117,088 6,738 122,824 4,094 64.989 72,234 137,223
April
May
122.738 6,498 129,236 4,189 56.738 79,103 135,841
2,343,881 2,155,133
31,844
7,486
22,298
a
June
125,076 5.948 131.024 4.367 57,067 81,436 138,603 January
2,256,651 2.274,810
February
24,660
7.045
19,320
a
March
2.675.417
2.588.158
27,834
7,660
27.912
a
Total 1928
722,097 37,530 769,627 4,174 352,088 444,028 796,116
2,637,919 2,555.600
April
24.735
18,408
12,907
a
2,619,078 2,652,872
May
9,788
28.734
29,940
a
1927
2.343,409 2,448,905
29,232
10,535 32,088
128,736 4,374 133,110 4,294 48,130 76,499 124,629 June
January
119,628 8,146 122,673 4,381 43,690 67,664 111,254
February
14.876.355 14.675,448 166,939
Half Year
65,411 149,963
March
123,885 3.090 126,976 4.096 49.767 79.537 129,304
121,610 4,186 125,796 4,193 65,638 73,976 129.612
April
July
2.163,101
26,394
9,350
121,889 3.692 125,581 4,051 46,979 69,779 116.758
May
2,213,815
21,279
9,104
108,911 4.322 113,233 3.774 61.487 63,466 124,952 August
June
September
2,090.200
20,675
6,037
113,849 4.284 118.133 3,811 48,140 61,966 110,105 October
July
2.076,722
17.710
6,129
114,142 6,644 119.786 3.864 68,784 71,736 130.520 November
August
1,938,043
17,851
6,521
114,465 4,635 119,100 3,970 64.683 71,578 126,261 December
September
1,987,662
20.992
6.816
118,965 6,962 124.927 4,030 68,919 68.619 127,638
October
111.162 7,117 118,269 3,942 52.013 59.264 111.279
November
Year..
27,345,888
291,840
99.368
121.683 7.240 128.923 4,169 63,637 60,862 124,499
December
Total 1927
1923
1924
1926
1926
1.418,815 67,691 1,476.506
4.046 641.865 824,844 1,466,709
•Includes output of merchant furnaces. a Data not available for publication.
27,261 1,163,885
32,522 1,300,332
62.477 1,352.309
Mann 1.440.454
3,189 421.872 735,521 1,157.393
3,553 566.395753,389 1,319,783
3.705 584.553 831,171 1,415,724
3.946 525.861 902.174 1.425055
DAILY RATE OF PIG IRON PRODUCTION BY MONTHS-GROSS TONS
Steel Works,
Merchants.*
Total.
1927-June
78,110
24.878
102,988
July
69,778
26,421
96,199
August
71.413
23,660
96,073
September
22,826
69,673
92.498
October
66,991
22,819
89,830
November
64.600
23,679
88,279
December
64,118
22,742
86.960
1928-January
69,520
23.053
92,673
February
78.444
21,560
100.004
March
83,489
19,726
103.215
April
85,183
21.000
106,183
May
85,576
105,931
20.355
June
81,630
102.733
21,103
•Includes pig iron made for the market by steel companies.
L136,624
1,267.810
1,299,832
1 2142 mu
a Beginning 1926 includes shipments from Trail refinery in British Columbia.
The following table shows output in short tons in the United States for
the past 6 months:
Apr.
Mar.
Feb.
May
Jan.
Monthly
June
1928. 1928. 1928.
1928.
1928.
A oge.'27.
1928.
Prophyry mines
28,605 27,264 26,842 28,423 28,524 30,289 31,383
7,975 8,589 7,740 8,199 6,978
Lake mines
7,447 7,541
Vein mine
29,467 29,963 29,106 29,536 29,266 31,641 31,293
Custom ores
3,500 3,788 3,540 3,600 x3,300
3.646 3,341
Total crude output_
a Partly estimated.
69,165 68,469 67,423 70.327 69,070 73,729 72,954
Actual Pig Iron Output in June Declines.
Actual data covering the operations of blast furnaces in
June show almost no change from the estimates published
last week, page 31. The June production was 102,733 tons
per day or only 23 tons per day more than the estimate of
102,710 tons published last week, reports the "Iron Age"
on July 12. Total June coke pig iron output was 3,082,000
TOTAL PRODUCTION OF PIG IRON
1926.
1927.
1928.
Jan... 3,316.201 3.103.820 2,869,761
Feb___ 2,923,415 2.940,679 2,900,126
Mar __ 3,441,986 3.483.362 3.199.674
Apr___ 3.450.122 3.422.226 3,185,504
may__ 3,481,428 3.390.940 3.283,866
June-- 3,235.309 3.089,651 3,582,000
BEGINNING JAN. 11926-0It. TONS
1928
1926.
1927.
July _ _ 3.223,338 2,951.160
Aug __ 3.200,479 2.947,270
Sept__ 3,136,293 2.774,949
Oct.... 3.334,132 2,784,112
Nov __ 3,236,707 2,648,376
Dec __ 3.091,0611 2.695.766
34 yr.19.848.461 19,430.678 18,520,921 Years_39,070,470 36,232,306
"rt...totals do not include charcoal pis Iron. The 1927 production of this iron
was 164.569 tons.
FINANCIAL CHRONICLE
JULY 14 1928.]
Further Decline in June's Output of Steel Ingots.
The American Iron & Steel Institute in its monthly report
released on Tuesday (July 10th), placed steel ingots production for June at 3,543,838 tons. Of this amount3,016,487
tons were open-hearth and 527,351 tons Bessemer. For the
same month last year the output aggregated 3,309,160 tons.
These figures of production were obtained from companies
which made 94.68% of the open-hearth and Bessemer steel
ingots in 1927. On the same basis the calculated output of
all companies stood at 3,742,964 tons compared with the
previous month's output of 4,203,190 tons and 3,495,609
tons in June 1927. The approximate daily output of all
companies was 143,960 tons in June with 26 working days as
compared with 155,674 tons in May with 27 days and the
high of 172,103 tons in April with only 25 days of work.
In the following we show the production by months back
to Jan. 1927:
195
The buoyancy of demand is all the more noteworthy
because it follows six months of record steel production.
Output in that period not only exceeded production in the
higher than the previous
first half of last year, but was 3
peak, reached in the first six months of 1926, observes the
"Age," summarizing the trend of business. From its
resume we quote further as follows:
Although consumption remains high-and leaders in the trade expect It
to be well sustained, even without any expansion in railroad equipment
buying-the price situation shows fresh evidence of stability. Foundry
grades of pig iron at Chicago and at Philadelphia have been reduced 50c.
a ton, and the scrap market is generally weak.
Among some finished steel products, also, prices are giving ground.
Makers of wire products have announced a reduction of $2 a ton on nails.
staples and plain wire and $3 on barbed wire. On nails and staples, however
the new quotations are essentially a formal recognition of prices that certain
mills have been naming for some time.
The test of the third quarter quotation of 1.90c., Pittsburgh, on plates.
proshapes and bars has been further delayed by the willingness of many
ducers to extend second quarter contracts carrying a price of 1.85c. That
there will still be a determined effort to raise the market on these products
is shown by advances for the fourth quarter named by Steel Carp. subsidMONTHLY PRODUCTION OF STEEL INGOTS, JAN. 1927 TO DEC. 1927- iaries, following the receipt of inquiries for that period. The prices are 2c.
(GROSS TONS).
at Pittsburgh, 2.10c. at Chicago and 2.15c. at Birmingham.
definitely under
with considerable tonnage for the third quarter not yet
Reported for 1927 and 1928 by companies which made 94.68% of the open-hearth
show increascontract, producers expect current prices on these products to
and Bessemer steel ingot production in that year.
Months
1927.
January
February.
March
April
May
June
6 mos_ _
July
August_ _.
September
October._
November
December
Total
1928.
January..
February_
March
April
May
June
Openhearth.
3.042,133
3,043,492
3,702.1360
3,341,750
3,273,593
2,823,107
Approx. Per
Calculated
Monthly
rent
output
monthly No.of dotty
Bessemer. companies output all tont. output all oyes.cos.
Mos..'
reporting. companies. days.
545,596
565,226
590,709
565,440
557,785
486,053
3,587,729
3,608,718
4,293,369
3,907,190
3.831,378
3,309,160
3,789,874
3,812,046
4,535,272
4,127.335
4,047,251
3,495,609
26
24
27
26
26
26
19,226,735 3.310,809 22,537.544 23,807.387 155
2,596,349
2,806.347
2,622,977
2,643,562
2,478,627
2,557,955
436,883
505,596
471,548
495,845
481,599
448,154
3.033,232
3,311,943
3,094,525
3,139,407
2,960,226
3,006,109
3,204.135
3,498,549
3.268,881
3,316,292
3.127,015
3,175,484
25
27
26
26
26
26
34,932,552 6,150,434 41,082,986 43,397,743 311
3,280,247
3,308,728
3,700,411
3,509,637
3,397,631
3.016,487
498,746
521,366
567,309
564,039
581,949
527,351
3,778,993
3,830,094
4.267.720
4,073,676
3,979,580
3,543,838
3,991,332
4,045,304
4.507,520
4,302,573
4,203.190
3,742,964
26
25
27
25
27
26
145.764
158,835
167,973
158.744
155,663
134,446
79.21
86.31
91.28
86.26
84.59
73.06
153,596 83.47
128,165
129,576
125,726
127,550
120,270
122,134
69.65
70.41
68.32
69.31
65.36
66.37
139,543 75.83
153,513
161,812
166,945
172,103
155,674
143,960
81.43
85.84
88.56
91.29
82.58
76.37
158,929 84.31
6 mos_. 20.213,141 3,260.760 23373.901 24,792.883 156
ig The figures of "per cent of operat'on" are based on the annual capacity as of
Dec. 311927. of 58,627,910 gross tons for Bessemer and open-hearth steel bigots.
ing firmness.
are
The customary seasonal variations in farm implement production
notably absent this year. Chicago reports that agricultural equipment
deliveries
plants, especially those making tractors, continue to fall behind in
notwithstanding that they are operating above rated capacity.
No summer lull has developed in the automobile industry. Steel is being
as well
ordered freely by manufacturers that are bringing out new models,
continues
as by builders of low-priced cars, among which the Ford company
to expand production.
reThe large volume of steel being placed for construction work is again
Inflected in fabricating awards, which total 43,000 tons for the week.
cluded was 14,000 tons for a bridge at Louisville.
Increased steel business is expected in coming months from the oil industry, and steel exports show no signs of falling off. In addition to contracts for 225.000 tons of oil and gas pipe line placed in the last few weeks,
there are now -1,200 miles of such pipe actively under negotiation. including
435 miles of 10h -in., or 40,000 tons, for a Standard Oil subsidiary.
Business in tin plate is particularly good, supporting a mill operation of
90%.
Rail production Is still receding, at Chicago having reached a 60% rate.
but the beginnings of the fall buying movement are seen in four inquiries.
among them 37,000 tons for the Norfolk & Western and 16,000 tons for the
Northern Pacific. Domestic buying of railroad equipment is light, but the
Argentine State RR..have placed orders for 1,100 freight cars with American
shops.
Current steel output at Chicago ranges from 75 to 80%, while the rate in
the Greater Pittsburgh district is 70 to 75%. Chicago production a year
ago was 70% of capacity and that of Pittsburgh 65 to 70%. Two years ago.
when steel capacity was smaller, the Chicago percentage was 85 and that of
Cain in Unfilled Tonnage of United States Steel
Corporaton in June.
The United States Steel Corp. in its usual monthly statement, issued on Tuesday July 10, reported unfilled orders on
the books of the subsidiary corporations as of June 30 1928
at 3,637,009 tons, which is the first increase over the previous month recorded this year. Unfilled orders as of May
31 aggregated 3,416,822 tons, and for the previous month
stood at 3,872,133 tons. At the close of June 1927 the
orders on hand amounted to 3,053,246 tons. A comparison
of the amounts back to 1923 is shown below. Figures for
earlier dates may be obtained from our issue of April 17 1926,
page 2126.
UNFILLED ORDERS OF SUBSIDIARIES OF
1926.
1927.
End of Month 1928.
4,275,947 3.800,177 4,882.739
January
4.398,189 3.597.119 4.616,822
February
4.335.206 8,553.140 4,379,935
March
3,872,133 3,456332 3,867.976
April
3,416,822 3.050.941 3.649,250
May
3,637,009 3.053,240 3,478.642
June
3.142,014 3,602,522
July
3.196,037 3.542,335
August
September...3.148.113 3.593,509
3,341.040 3,683,661
October
_ 3,454.444 3,807,447
_
November _
Dedemh.r
3,972,874 3.960.969
U. S. STEEL CORPORATION.
1923.
1925.
1924
5.037,323 4.798.429 6.910.776
5,284,771 4.912,901 7.283.989
4,863,564 4.782,807 7,403.332
4.446.568 4.208.447 7.288.509
4.049,800 3.628,089 6.981,851
3,710,458 3,262,505 6386.261
3,539,467 3.187.072 5.910.763
3.512.803 3.289.577 5.414.663
3,717.297 3,473.780 5,035.750
4.109,183 3.525.270 4,672.825
4.681,780 4,031,969 4,368,584
5.033.364 4,816.676 4,445,339
Volume of Steel Business Continues-Pig Iron Price
Declines.
The coming of summer,frequently a dull period in the iron
and steel industry, has brought no sharp reduction in the
volume of demand, declares the "Iron Age" in its market
review issued July 12.
Production of steel last month was the largest for any June
in 10 years, and, while a decline in output is expected in the
current month, leading steel makers are confident that it will
not exceed 10%. In support of their forecast is the June
increase of 220,187 tons in the unfilled orders of the Steel
Corp., the first gain since February. While part of this
increase may have been due to recent pipe line orders and to
tin plate contracting, it must also reflect more general covering in other products than recent reports indicated.
Pittsburgh 75.
Steel ingot output for the first half of this year, at 24.792,883 tons, exceeded that of the corresponding half of 1926 by 639.000 tons. Since
crucible and electric steel ingots are no longer included in production reports.
It is estimated that the gain was about 200.000 tons greater than a comparison of the available figures shows. Hence the increase over the previous
record is placed at 33i%.
The "Iron Age" composite for pig iron has declined to $17.09 a ton, the
lowest figure in more than 12 years. The finished steel composite has
dropped to 2.3260. a lb., but remains above the low point for the year.
which was in January. The usual weekly composite price tables stand as
follows:
Pie Iron.
Finished Steel.
July 10 1928, $17.09 a Gross Ton.
July 10 1928, 2.326c. a Lb.
917.25
2.341e. One week ago
One week ago
17.23
2.341c. One month ago
One month ago
18.59
2.367c. One year ago
One year ago
15.72
1.689c. 10-year pre-war average
10-year pro-war average
Based on average of basic iron at Valley
Based on steel bars, beams,tank plates,
wire, rails, black pipe and black sheets. furnace and foundry Irons at Chicago,
constituting 87',1 of the United States Philadelphia, Buffalo, Valley and BlrmIngham.
output.
Low.
High.
Low.
High.
1928..2.364c. Feb. 14 2.314c. Jan. 3 1928_317.75 Feb. 14 917.09 July 10
1927_2.453c. Jan. 4 2.2930. Oct. 25 1927._ 19.71 Jan. 4 17.54 Nov. 1
1926__2.453c. Jan. 5 2.403c. May 18 1926._ 21.54 Jan. 5 19.46 July 13
1925_2.1560c. Jan. 6 2.396c. Aug. 18 1925._ 22.50 Jan. 13 18.98 July 7
1924_2.789c, Jan. 15 2.460c. Oct. 14 1924._ 22.88 Feb. 26 19.21 Nov. 3
1923-2.824e. Apr. 24 2.446o. Jan. 2 1923._ 30.86 Mar.20 20.77 Nov.20
Steel is getting away to one of the best third-quartei
starts in history. With the July 4 holiday past, production
has rebounded to the level that made June the second highest
on record, and if the increase in the unfilled tonnage of the
United States Steel Corp. is a criterion, the inflow of business
is adequate to sustain it, the "Iron Trade Review" declares
in its July 12 summary of conditions affecting the iron and
steel trade during the past week.
Spectacular purchasing of pipe, the heavy private arrangements for semi-finished material at the turn of the quarter,
and the seasonally-large demands from the automotive,farm
implement and building industries have more than neutralized the dearth of contracts for heavy steel. In the past
fortnight pipe mills have booked over 225,000 tons and inquiry has not been exhausted, states the "Review", adding:
In price, however, the situation is less satisfactory to producers. Consumers of steel bars, plates and shapes are increasingly successful in opposing the $1 advance and the 1.85c, Pittsburgh. price is being extended.
Weakness in wire products has been officially recognized by a universal
reduction of 22 per ton. Some makers of sheets and strip are less disposed
to meet recent low prices, but this strengthening comes after much third
quarter business has been closed.
An added complication is arising through the evolution of the multiple
zone price system since the abandonment of Pittsburgh-plus. With new
bases at Buffalo and Cleveland on some finished products, for example.
Competing districts tend increasingly to equalize freight where the disad.
196
FINANCIAL CHRONICLE
vantage is not too great. A somewhat similar situation in the East was
recognized recently when Pencoyd. Pa., was made a base for shapes.
Statistical support of the present strong situation in steel is ample.
When the unfilled tonnage of the Steel Corp. increased 220.187 tons as
of June 30, a total of 3.637,009 tons, it reversed a current that can be
gauged from a decline so great as 455.311 tons as of May 31. Pipe and
semi-finished steel orders largely account for the showing. A year ago the
corporation's order books totaled only 3,053.246 tons.
The production of 24,792.883 tons of steel ingots in the first half year
having set a record for that period, it is possible that 1928 may eclipse
1926 as the banner steel year. To do this, production in the last half year
must average 141.028 tons daily, for a total of 22.000,372 tons for the half.
In the first half year ingot output averaged 158,929 tons daily, so the
last half could fall 11% behind and still clinch the record. The June
rate of 143,960 tons was exceeded in only one June in history.
Pig iron sales have been only moderate in all districts in the past week,
although shipments fully equal the early June rate. A decline of 50c.
In foundry and malleable iron at Chicago brings the market there to $17.50,
the lowest since 1915. due partially to competition from eastern lake furnaces shipping by boat to Chicago. The basic iron situation in the Valley
is clarified somewhat by a purchase of 1,000 tons for delivery at Sharon.
Pa., at $16.50, delivered.
Heavy finished steel business at Cleveland. Pittsburgh and Chicago
has been retarded by the uncertain price situation, which now seems to be
passing. In the New York and Philadelphia districts consumers appear
more willing to accept the 1.90c.. Pittsburgh, price. Middle western consumers generally are covering spot needs at 1.85c. Plate mills at Pittsburgh
are figuring on 36,000 tons for an eastern municipal pipe line. Putting
the Cleveland bar price on a $2 differential over Pittsburgh is being discussed.
Structural steel awards are led by 13,500 tons for a bridge at Louisville,
Ky., going to the American Bridge Co. June structural sales in New York
district totaled 38,100 tons, the second highest of the year. A reduced
freight rate on structural steel from Buffalo to Detroit to meet water
competition makes it more difficult for other districts to overcome the
fabrication-in-transit handicap. For the first time in history the Johnstown. Pa., works of the Bethlehem Steel Co. is making a rail-and-water
shipment to inland river points.
Following the holiday lull. Steel Corp. subsidiaries are operating at
75%, paralleling the late June rate, while independents average 68%. and
all producers about 71%. The Chicago district is at 78% this week, and
Buffalo at 75. Due largely to the accumulation of sheet orders when
mills closed last week. the Mahoning valley is at 89% this week: 114 out
of 127 independent sheet mills are active, the largest number so far this
year.
Cables from Europe tell of less satisfactory conditions in the iron and
steel industry there. Traffic losses in England have prompted the railroads
to curtail equipment purchases. Delayed revival of pig iron demand is
making British blast furnace owners anxious. The Antwerp dock strike
Is handicapping exports from Belgium. Business is quiet in France and
Germany.
The decline in wire products and in pig iron at Chicago has lowered the
"Iron Trade Review" composite of fourteen leading iron and steel products
Sc, this week, to $34.85. A month ago this index stood at $35.48 and a
year ago at $36.38.
Bar, shape and plate quotations are likely to rule at 2c.
a pound Pittsburgh, in the opinion of the "Wall Street
Journal" which under date of July 11 says:
A firmer tendency is displayed in steel prices, particularly on bars,shapes
and plates. Few makers are willing to take large contracts on these products below 1.90 cents per pound, Pittsburgh base, and authorities state
that consumers who do not believe that quotations will hold, are likely to
be forced to pay still higher levels.
It is the present plan, If conditions continue satisfactory, to advance
quotations for bars, shapes and plates to 2 cents a pound, Pittsburgh, in the
not distant future, and certainly for deliveries in the fourth quarter of this
year. Some leading steel makers have already quoted that figure on shipments for the final 3 months of the year.
It is explained that the announcement last week of a price range of $2.55
to $2.65 per keg on nails, and $2.40 to $2.50 per 100 pounds on wire by the
American Steel & Wire Co. cannot be construed as a reduction. Many
Consumers who had been out of the market, considered this a price cut.
What has actually happened is that an attempt is being made to stabilize
the market at these ranges. Heretofore, users have had no difficulty to
shade the lower levels when placing attractive business with some makers.
Steamship business is picking up and some good sized steel awards are
likely In the near future. Carnegie Steel Co.subsidiary of U. S. Steel Corp.
will supply the 12,000 tons required for a new Panama-Pacific line. W. It.
Grace & Co. have put out an inquiry for 1 or 2 combinations and Cargo
vessels, which will take about 5,200 tons of steel each.
There has been no improvement in the equipment situation. It is estimated that 1.470 freight cars are pending, including 1,000 from the Seaboard Air Line, 250 from the Rock Island. 100 from the Chicago & Eastern
Illinois, and a number of smaller inquiries. About 313 coaches are still in
the market, including 300 refrigerator express cars from the Pennsylvania.
This latter inquiry has been out for several weeks without action, but
equipment interests now state that prospects favor the placing of the
oontract shortly.
The American Metal Marketin its review for the week says:
The steel trade began the second half of the year with an unusually strong
pace in sales, production and shipments. A very favorable comparison is
made with last year and a fairly favorable comparison with 1926, while there
is no comparison at all with the last Presidential year, which by this date
had witnessed a veritable slump.
• Finished steel prices show no quotable declines and are holding very well
in face of the recent seasonal decline in requirements. The pipe advance of
April 2 has been holding perfectly.
In its weekly report from Cleveland the "Daily Metal
Trade" declares:
[VOL. 127.
Bituminous Coal Production Increases-Anthracite
1
Output Continues Low.
Bituminous coal output during the week ending June 30
aggregated 8,435,000 tons, according to estimates furnished !
by the United States Bureau of Mines. This was an increase
of 44,000 tons compared with the preceding week and of
454,000 tons compared with the corresponding week one
year ago. Anthracite production in the week of June 30
rose 39,000 tons to 1,122,000 tons. This was, however,
156,000 tons below the output in the corresponding week
of 1927. Beehive coke output holds steady at around 69,000
net tons, the Bureau of Mines reports, adding:
BITUMINOUS COAL.
The total production ofsoft coal during the week ended June 30.including
lignite and coal coked at the mines, is estimated at 8,435.000 net tons.
Compared with the revised estimate for the preceding week, this shows
an increase of 44,000 tons, or 0.5%. Production in the week of 1927
corresponding with that of June 30 amounted to 7.981.000 tons.
Estimated United States Production of Bituminous Coal (Net Tons),
Including Coal Coked.
1928
1927
Week. Cal. Yr. to Date
1Veek. Cal.Yr JoDatea
June 16
8 342,000
217,454,000
8,284,000
259,950,000
Daily average
1,390,0001,381,000
1,827,000
June 23_ b
8 391,000
225,845,000
8,479,000
268,429,000
Daily average
1 399,000
1,522,000
1,413,000
1,810,000
June 30_c
8 435,000
234,280,000
7,981,000
276,410,000
Daily average
1 406,000
1,517,000
1,330,000
1,791,000
a Minus one day's production first week in January to equalize number of days
in the two years. b Revised since last report. c Subject to revision.
The total production of bituminous coal during the present calendar
year to June 30 (approximately 154 working days) amounted to 234,280,000
net tons. Figures for the corresponding periods in other recent years are
given below:
1927
276,410,000 net tons
1924
235,470,000 net tons
1926
265,466,000 net tons
1923
282,875,000 net tons
1925
231,585,000 net tons
1922
194,464,000 net tons
As already indicated by the revised figures above, the total production
of soft coal for the country as a whole during the week ended June 23
amounted to 8,391,000 net tons. Compared with the output in the preceding week, this is an increase of 49,000 tons, or 0.6%•
The following table apportions the tonnage by States and gives comparable figures for other recent years:
Estimated Weekly Production of Coal by Stales (Net Tons).
Week Ended
June 23
June 16
June 25
June 26
State1928.
1928.
1927.
1926.
Alabama
302,000
294.000
291,000
352,000
Arkansas
25,000
23,000
26,000
20,000
Colorado
120,000
124.000
143,000
134,000
Illinois
667,000
681,000
89,000
974.000
Indiana
230,000
215,000
195,000
330,000
Iowa
45,000
48,000
5,000
68,000
Kansas
17,000
25,000
20,000
62,000
Kentucky-Eastern
916,000
921,000 1,033,000
900,000
Western
217,000
222,000
472,000
255,000
Maryland
23,000
47.000
50,000
49,000
Michigan
11,000
10,000
12,000
4,000
Missouri
46,000
43,000
24,000
41,000
Montana
28,000
33,000
39,000
35,000
New Mexico
47,000
53,000
52,000
48,000
North Dakota
10,000
8,000
9,000
15,000
Ohio
249,000
247,000
134,000
414,000
Oklahoma
36,000
35,000
40,000
40,000
Pennsylvania
2,378,000 2,190,000 2,247,000 2,568,000
Tennessee
96,000
97,000
84,000
92.000
Texas
15,000
14,000
20,000
19,000
Utah
65,000
52,000
65,000
86,000
Virginia
213,000
208,000
262,000
271,000
Washington
31,000
31,000
33,000
36,000
West Va.-Southern_b
1,845,000 1,897,000 2,179,000 2,113,000
Northern_c
671,000
730,000
863,000
755,000
Wyoming
87,000
93,000
88,000
76,000
Other States d
1,000
1,000
4.000
5.000
Total bituminous
Pennsylvania anthracite
June
Average,
1923.a
387,000
22,000
175,000
1,243,000
416,000
88,000
73,000
681,000
183,000
47,000
12,000
55.000
38,000
51,000
14,000
888.000
48,000
3,613,000
113,000
21,000
89,000
240,000
44,000
1,417,000
819,000
104,000
5,000
8,391,000 8,342.000 8,479,000 9,762,000 10,866,000
1,083,000 1,218,000 1,585,000 2,073,000 1,956.000
Total all coal
9,474,000 9,560,000 10,064,000 11,835,000 12.822,00
a Average rate maintained during the entire month. b Includes operations on
the N. & NV.; C. & O.; Virginian. K. & M., and Charleston division of the B. & 0.
c Rest of State, including Panhandle. d This group Is not strictly comparable In
the several years.
ANTHRACITE.
The production of anthracite during the week ended June 30, including
dredge and washery coal, is estimated at 1,122,000 net tons. Compared
with the output in the preceding week, this is an increase of 39,000 tons,
or 3.6%. Production during the week in 1927 corresponding with that of
June 30 amounted to 1,278,000 tons. The cumulative output for the year
1928 now stands at 37,100.000 tons, as against 40,907.000 tons during the
same period last year.
Estimated United States Production of Anthracite (Net Tons)
1928
1927
Week. Cal. Yr. to Date
Week. Cal.Yr.toDatea
1,218,000
34,895,000
1,668,000
38,044,000
1,083,000
35,978,000
1,685,000
39,629,000
1,122.000
37,100,000
1,278.000
40.907,000
a Minus one day's production first week In January to equalize number of days
in the two years. b Subject to revision.
Week EndedJune 16
June 23
June 30_ b
BEEHIVE COKE.
Beehive coke production for the country as a whole during the week
ended June 30 is estimated at 69.000 net tons, a gain of 2,000 tons over the
output during the week of June 23.
Estimated Production of Beehive Coke (Net Tons).
Week Ended
1927
1928
June 30'28b June 23'28c July 2'27. to Date.
to Date.a
Pennsylvania and Ohio
49,000
48,000
80,000 1,629,000 3,502,000
West Virginia
11,000
10,000
410,000
307,000
12,000
Ala., Ky., Tenn. & Ga
1,000
99,000
2,000
140,000
2,000
Virginia
4,000
123,000
4,000
6,000
179,000
Colo.. Utah and Wash
4,000
112,000
195,000
3,000
6,000
More petroleum and natural gas line steel pipe tonnages have been
placed with Youngstown and Pittsburgh tube makers in the past 2 weeks
than in any similar period in the history of the steel industry.
Steel producers in the Chicago district feel the summer slump will be less
Pronounced than a year ago, especially in the lighter rolled materials. This
Is due in part to maintenance of operations in farm equipment, automobile
and automobile parts industry.
Independent wire producers have cut prices $2 a ton, following the lead
69,000
67,000
United states total
106,000 2,270.000 4.426,000
of the American Steel & Wire Co. which went 2.40 cents base, for the third
14.500
11,500
11,100
17,600
Daily average
28,300
quarter. Wire nails are off a similar amount at 2.55 per 100-pound keg.
t Valley steel operations are at 75% of capacity, considerably better than a
a Minus one day's production first week In January to equalise number of days in
year ago.
the two years. b Subject to revision. c Revised.
FINANCIAL CHRONICLE
JULY 14 1928.]
unanimous.
•
197
Last night notices were posted by both the union and the
British Operators Plan Control of Coal Market— company calling for a resumption.
Centralization of Production also under NegoRegarding a walk-out in the Lehigh collieries in the Pantiation.
ther Creek Valley, Associated Press accounts from LansControl of the coal market on a national basis and the ford July 5 stated:
Operators of all the Lehigh Coal and Navigation Company's collieries
centralization of production form the subjects under disthe Panther Creek Valley were tied up to-day by a sympathy strike
cussion in negotiations now going on among the colliery in
affecting nearly 8,000 men.
received
cablegram
a
to
according
Britain,
owners of Great
The strike was called by the General Mine Committee of the subdistrict,
against the suspension of operations by
July 7 from representatives of the Department of Com- United Mine Workers, as a6protest
collieries as an economy measure during the
the company at 4, 5 and
of
Daily"
States
"United
the
to
according
London,
in
merce
slack season in the anthracite industry. It is to continue throughout
July 9, which adds:
July.
interThe negotiations are designed also to find a possible basis for
full
national regulation of the coal trade the cablegram added. The
text of the statement follows:
Informal negotiations between colliery owners in Great Britain have
been instituted for the purpose of co-ordination between district marketing agreements and for arranging centralized production and marketing
control on a national basis.
Further interest is shown in the possibility ultimately of international
regulation of the coal trade but domestic units are believed a necessary
preliminary.
Fundamental differences existing between district schemes are said to
make co-ordination difficult but the continued trade depression indicates
the probability of a successful outcome of the present negotiations, it is
believed in London.
Market conditions remained unchanged with restricted production exceeding demand for most classes but minimum prices maintained. Output for
the week ended June 23 amounted to 4,546,600 long tons, with employment
down to 920,300, a decrease of 10,000 persons in four weeks.
More than 7,000 of the 7,750 men employed by the company were idle
to-day. The others were employed in damming the flood waters in several of the mines, the General Mine Committee having decided to permit
maintenance men to continue at work in order to guard against flooding
of the mines and falls of roofs.
A resolution was adopted by the General Mine Committee demanding
that in future all grievances be handled through the company's general
manager, J. B. Warriner, a member of the Anthracite Conciliation Board.
The committee asserted that the present situation was brought about by
delegating powers of policy to subordinate officials, which, it was alleged, resulted in discrimination against employees of some of the
collieries.
Strike
of
Seven Years in Two Kentucky
Called Off.
Steel Plants
The following Cincinnati advices July 8 appeared In the
"World":
A seven-year strike at the Newport Rolling Mills and the Andrews Steel
Company, both in Newport, Ky., was called off to-day by the striking
unions on the seventh anniversary of the walkout.
In making the announcement, officials of the union said the strike Was
being called off because they saw "no hope of winning it" and "for the
benefit of Newport citizens."
The formal order was presented to the four striking unions by William
After having been on strike since June 28, when the General Mine
as
colleries
fourteen
of
a
suspension
ordered
subdistrict
B. Sheridan, President. The order had the authority of Michael Tighe
the
Committee of
a protest against closing down the Lansford mine in the interest of economy, of Pittsburgh, Vice-President of the national organization.
The strike was called because the plants refused to accede to the
the Nesquehoning miners resumed operations to-day. All the other mine
workers, with the exception of those employed at Lansford and Greewood, union's reqUest and recognize common laborers as members of the union.
Soon after the Andrews Steel Company had filled the places of the
will resume to-morrow.
Andrew Mattey, District President of the United Mine Workers, came strikers with non-union labor a group of the new employees with their
to Panther Creek Valley and ordered special meetings of the various local guards was waylaid. One man was killed and several wounded. The
unions to consider a return to work. The General Mine Committee pro- guards took refuge in an old distillery and remained there until Newport
tested the action, but the vote for ending the suspension was almost police removed them.
Panther Creek Valley Vote to
Resume Work.
Associated Press advices July 10 from Lansford, Pa.,
said:
Coal
Mine Workers in
Current Events and Discussions
Returns of Member Banks for New York and Chicago
Federal Reserve Districts—Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also began to give out the figures of the
member banks in the New York Federal Reserve District,
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks
themselves, and for the same week, instead of waiting until
the following Monday, before which time the statistics
covering the entire body of reporting member banks—now
637—can be got ready.
The following is the statement for the New York member
banks and that for the Chicago member banks thus issued
All of the Federal Reserve banks except New York, Richmond and in advance of the full statement of the member banks, which
the
Atlanta report smaller holdinrs of discounted bills than a week ago,
principal changes beim, decreases of $42,600,000 at the Federal Reserve latter will not be available until the coming Monday. The
Dank of Chicago $24 000,000 at Boston, $20,300,000 at Philadelphia and
the brokers'
$15000000 at Cleveland, and an increase of $13.100,000 at New York. New York statement, of course, also includes
The System's holdings of bills bought in open market declined $22,000,000, loans of reporting member banks, which this week show a
of certificates of indebtedness $4,100,000 and of Treasury notes $3,000.000,
wh,le holdings of United States bonds increased $5,300.000.
net decrease of $64,377,000, thereby partly offsetting last•
The principal changes in Federal Reserve note circulation during the
of
we3k were decreases of $15,100.000 at the Federal Reserve Bank of San week's increase of $147,812,000. The grand aggregate
Francisco and $7,500,000 at New York, and an increase of $3,200,000
$320,is
which
00,
$4,242,699,0
these loans on July 10 was
at Cleveland.
00 as reported
The statement in full, in comparison with the preceding 541,000 under the record total of $4,563,240,0
on
6.
June
week and with the corresponding date last year, will be
found on subsequent pages—namely, pages 231 to 232. A CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
summary of changes in the principal assets and liabilities
New York-45 Banks.
of the Reserve banks during the week and the year ending
July 11 1928. July 3 1928. July 13 1927.
July 10 is as follows:
7,424,813,000 7,642,841,000 6,572,455,000
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on July 11, made public by the Federal R43serve Board, and which deals with the results for the twelve
Reserve banks combined, shows decreases for the week of
$101,700,000 in holdings of discounted bills, of $22,000,000
In bills bought in open market, of $1,800,000 in Government
securities, of $37,500,000 in member bank reserve deposits,
and of $20,000,000 in Federal Reserve note circulation and
increases of $54,600,000 in cash reserves. Total bills and
securities were $125,600,000 below the amount held on July 3.
After noting these facts, the Federal Reserve Board proceeds
as follows:
Total reserves
Gold reserves
Total bills and securities
Bilis discounted. total
Secured by U. S. Govt. obligations
Other bills discounted
Bills bought In open market
Increase (+1 or Decrease (—) Loans and Investments—total
During
Loans and discounts—total
5 401,672,000 5,623.891.000 4,672,548,000
Year.
Week.
32.216.000
58,117,000
+$54,600,000 t423.600,000
Secured by U.S. Govt. obligations_ 49.976,000
Secured by stocks and bonds
2 590.876,000 2,705,021,000 2,216.487,000
+48,400,000 —417,800,000
All other loans and discounts
2 760,820,000 2,860.753,000 2,423,845,000
—125,600,000 +496.700,000
2,023,141,000 2,018,950,000 1,899,907,000
—101,700,000 +663,100,000 Investments—total
—64,100,000 +469.200,000
U.S. Government securities
L118,629,000 1,115,461.000 896,104,000
903,512,000 903,489,000 1.003,803,000
Other bonds, stocks and securities_
—37,600.000 + 193,800.000
—22,000,000
—1.800,000
U. S. Govt. securities, total
Bonds--------------------------------------- +5.300.000
—3,000.000
Treasury notes
—4,100,000
Certificates of Indebtedness
—20,000,000
Federal Reserve notes in circulation
Total deposits
Members' reserve deposits
Government deposits
—51,900,000
—37.500,000
—9.209.000
745,064,000 751.671,000 735,781,000
Reserve with Federal Reserve Bank_
58,755,000
57,476,000
55.958,000
Cash In vault
--160,000,000
5 256,367,000 5,512,654,000 5.254,891,000
Net demand deposits
—115.800,000 Time
1,191,342,000 1,185,277,000 975,060,000
deposits
11.904,000
+10,900,000 Government deposits
46,940,000
35.204,000
—55,200.000
90,295,000
97,457,000 121,708,000
Due from banks
1149.749.000 1.305.176.000 1.174,929,000
--63,100,000 Due to banks
77,124,000
F. R. bank—total__ __ 341,596,000 315,633,000
+46.200.000 Borrowings from
251,600,000
236,210,000
63.050,000
+50.400.000
obligations—
Govt.
S.
U.
by
Secured
79,423,000
89,996,000
14.074.000
All other
—1,300,000
--5.600,000
198
FINANCIAL CHRONICLE
July 11 1928. July 3 1028. July 13 1927.
$
Loans to brokers and dealers (secured by
stocks and bonds):
For own account
941.795,000 1,131,568,000 991,498,000
For account of out-of-town banks_ _ _ _1,569,327,000
1,511.508,000 1,204.315.000
For account of others
1 731,577,000 1,684,002,000 863,466,000
Total
4 242,699,000 4,307,076.000 3,059,279,000
On demand
On time
3,200,862,000
1 041,837,000
Chicago-43 Banks.
Loans and Investments—total
2 038,367,000
Loans and discounts—total
1 536,502,000
Secured by U.S. Govt. obligations_ _ _ 13,810,000
Secured by stocks and bonds
790.489.000
All other loans and discounts
723,223,000
Invegtments—total
501,865,000
U. S. Government securities
Other bonds, stocks and securities_
229,481,000
272,384,000
3,260,667,000 2,299,507,000
1,046,409,000 759.772.000
2,060,116,000 1,912,152,000
1.557,619,000 1,461,990.000
16,023,000
805,858,000
735,738,000
13,479,000
767,135,000
681,376.000
502,497,000
450,162,000
225,780,000
276,717,000
185,791,000
264.371.000
Reserve with Federal Reserve Bank__ _ _ 186,350,000 213,296,000
161,450,000
Clash in vault
18,653,000
18,784,000
20,575,000
Net demand deposits
1 252,688,000 1,262.700.000 1,284,514.000
Time deposits
690,042,000 701,900,000 601,393,000
Government deposits
2,418,000
3.224,000
7,907,000
Due from banks
160,681,000 180,299,000 158,119,000
Due to banks
358,967,000 378.100,000 372,153,000
Borrowings from F. It. bank—total88.061.000
95,653,000
6,182.000
Secured by U. S. Govt. obligations.-All other
56.232,000
9.829,000
84,963,000
10,690,000
4,150,000
2,012,000
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York and
Chicago member banks are now given out on Thursdays,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks, now
637, 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 3:
The
Federal Reserve Board's condition statement of 637 reporting
member
banks in leading cities as of July 3 shows Increases for the
week of $339,000,000 in loans and discounts. of 6330,000.000 In net demand
deposits,
and of $157,000,000 in borrowings from Federal Reserve
banks, and decreases of $32.600,060 in investments, of 812,600,000 in time
deposits, and
of $40,000,000 in Government deposits.
Loans on stocks and bonds, including United States Government
obligations, were 8252,000.000 above the June 27 total at all reporting
banks,
increases of $242,000,000 being shown for the New York district
and of
$18,000,000 for the Cleveland district, and a decrease of $8,000,000
in
the Kansas City district. Increases of $89,000.000 In "all other"
loans
and discounts reported by member banks in the New York district
and
of 67,000,000 each In the Boston and Kansas City districts were
offset by decreases in most of the other districts, all reporting banks partly
showing a net increase of $87,000,000.
Holdings of United States Government securities increased
$7,000.000
and $5.000.000, respectively, at reporting banks in the Chicago and
Philadelphia districts, and declined $7,000,600 and $5.000.000. respectively,
in the Boston and Richmond districts and $7.060,000 at all reporting banks.
Total holdings of other bonds, stocks and securities declined $25,000.000
at all reporting banks, $27,000,000 in New York district, 610.000,000 in
the Chicago district, and $6,000.000 each in the Philadelphia and Richmond
distriCts, and increased $14,000,000 and $6,000,000, respectively, in
the
Cleveland and St. Louis districts.
The principal Increases, by districts, In net demand deposits, which
at all reporting banks were $330,000,000 above the June 27 total, were:
New York, $248,000,000: Chicago. 131,000,000: Boston, $26,000,000, and
Philadelphia, $19,000,000. Declines of $50,060,000 and $12,000.600.
respectively, in time deposits in the New York and Chicago districts
were
partly offset by increases of 835.000,000 and $13,000.000, respectively, in
the Cleveland and San Francisco districts, all reporting banks showing a
net decrease of 812,000.000.
The principal changed in borrowings from Federal Reserve banks for
the week were increases of $65,000,000 in the New York district, $26,000,066
in the San Francisco district, 823,000,000 in the Chicago district, 822,800.000 in the Cleveland district, and $8,000,000 in the Philadelphia
district. The Boston district showed a decline of $6,000,000 and all reporting banks a net increase of $157,066,006.
A summary of the principal assets and liabilities of 637 reporting member
banks, together with changes during the week and the year ending July 3
1928, follows:
Increase (-I-) or Decrease (—)
During
July 3 1928.
Week.
Year.
Loans and Investments—total
Loans and discounts—total
22,735.900,000 +307,106,000 +1,871,342,000
16.088.762.000 +339,066,000 +1,327,220.090
Secured by U.S. Govt.obligations. 14C,982,000 +12,548,000
Secured by stocks and bonds
6,909,662,C00 +239.508,000
All other loans and discounts
9.038,118,000 +87,010.000
+22,396,0f
+812,004,000
+492.820,000
6,847,138,000 —31,960,000
+544.122,000
U. S. Government securities
3.009,378,000 —7,246,000
Other bonds.stocks and securities_ 3,637,780,000 —24.714,000
+445.599,000
+98,523,000
Investments—total
Reserve with F. IL Banks
Cash is vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
1,788,842,000 +47,538,000
+910,000
251,500,000
+94,584,000
—26,381.000
13,573.888.000 +330,282,000
8,991,903,000 —11,703,000
162,535,000 —40,148,000
+151,488,000
+735,651.000
+30,279,000
1,229,810,000 +145,090,000
3,391.977,000 +301.481,000
+37,904.000
—60,325,000
orrowIngs from F.R.banks—total..
959,673,000 +156.855,000
+515,139,000
Secured by U.S. Govt.obligatiozia.
All other
650,999.000 +67,019,000
308,874,000 +89.836.000
+413,478,000
+201,661.000
127.
Summary of Conditions in World's Markets According
to Cablegrams and Other Reports to the Depart-.
ment of Commerce.
The Department of Commerce at Washington releases for
publication July 14 the following summary of conditions
abroad, based on advices by cable and radio:
AUSTRALIA.
General trade throughout Australia during the week ended July
5 seas
quiet. According to statistics just issued, imports of automobile chassis
Into the Commonwealth during the first four months of 1928
decree/lei
by about 28,000 units, as compared with the same period for
last year.
The British percentage of this loss was nearly twice that
of the American.
ARGENTINA.
Trade throughout the week was more active and the general situation
more favorable than during the previous week. The cotton crop is
officially estimated at •73,000 metric tons, as compared with 45,000
metric
tons for last year. Customs house receipts from Jan. 1 to July
3 were
about 9% above those of the corresponding period of 1927. The winter
weather is favorable to crops. June exports of wheat amounted to
518,000
tons; of corn, to 975,000 tons; of linseed, to 182,000 tons;
of oats, to
42,000 tons; of flour, to 16,000 tons; of barley, to 8,000 tons;
and ef
wool, to 23,000 bales.
BRAZIL.
Business continues fair with exchange a little firmer. Money is tighter
and funds held by the banks are declining. The coffee market is
nervous,
but the decline is insignificant. Import commodities are moving
better
than last year.
BRITISH MALAYA.
With exception of the tin situation, general conditions are more
satisfactory. Textile trade is gradually becoming readjusted as the
result of
decreased boycott agitation in China. Tin prices continue low,
although
production is heavy.
CANADA.
•
Dominion trade is reported as fair to good in all centers with Quebec
and Winnipeg continuing the improvement noted Lust week. Collections
are slow in some centers, but the average of reports is fair to good.
Announcement has been made of a reduction of from five to twenty per cent.
in dealers' prices of rubber tires, and from five to thirty per cent. in tubes,
attributable to lower prices for crude rubber and to import competition.
The official Canadian report of crop conditions on June 30 is uniformly
encouraging. Wheat and grains are making good progress and fruit
and vegetable prospects are good. The employment situation at the beginning of June was better than for any month on record since the Dominion index was begun in 1920. A six per cent, increase in the total
of payrolls was distributed over the manufacturing, construction and
transportation groups. Wholesale prices for the month fell 2.8 points,
chiefly because of lower prices for grains, flour, oat products, potatoes and
sugar. There were decreases also in iron and steel and chemicals,
and
increases in prices received for animals and non-ferrous metals.
CHINA.
Chinese customs revenues for the first six months of 1928 show an
increase of 5,000,000 Haikwan taels over the same period last year. Reporta from Central and South China indicate good crop prospects and a
general improvement in the financial situation, with considerable activity
in road construction. North China business is generally improving but
still awaiting further evidence of political stability and still adversely
affected by a shortage of rolling stock on North China railways. The
1927 cotton crop in the Tientsin area was the largest in the history of
that region, it is reported, aggregating about 360,000 American bales,
which was 25% greater than in the previous year. Unofficial preliminary
estimate of the acreage planted this year appears to show a considerable
decrease over last year. (Ilaikwan Tadl equals approximately $0.6590.)
FRANCE.
There is no evidence that legal stabilization of the franc has affected the
general situation noticeably. Public interest in the operation has already
died down, but the new feeling of security is expected to bring about a
gradual revival of business. The volume of transactions on the Bourse has
been greatly reduced, price declines have occurred and quotations are extremely sensitive to unfavorable developments. It seems evident
that
the probable benefits from stabilization were more than discounted during
past months and that a further rise in Bourse prices will depend on
economic progress. The important bill relative to housing has passed
the
Chamber of Deputies. While am6ndments will probably be made
in the
Senate, early enactment of the bill is expected, to the great
benefit of
the construction industries. The production of iron and steel is at a
record level and unfilled orders are still large, despite the moderate domestic demand. On the initiative of the metallurgical industry, a new
credit institution, the Societe Anonyme de Credit a l'Industrie Francais° has been formed under the auspices of the Societe Generale bank
with a capital of 50,000,000 francs to provide long term credit facilities
not offered by ordinary banks. Activity in the cotton industry has been
reduced further and the outlook is uncertain. The wool industry is
again busy and the situation of the silk industry is improving. Production of coal and lignite during May increased to 4,248,000 metric tons
and the output of metallurgical coal was also higher at 368,000 metric
tons. Because of the approach of the vacation period, the coal market
has become calmer. Imports of coal, coke and briquettes, during May,
at 2,287,000 metric tons, showed an increase. Machinery purchases during
June were much lower on account of expectations of lower prices subsequent to stabilization. IIowever, the railroads have continued to replace
obsolete equipment. There is general optimism regarding the future of
domestic business. Imports of textile machinery are decreasing, but exports so far this year have been double those for the corresponding period
of 1927. Imports of machine tools, particularly from the United States,
are resuming their pre-war importance. Foreign trade in agricultural implements brings out the extent to which manufacturers in France have
progressed along this line. The hardware Wiliness is seasonally dull, although stocks are low. Price increases are likely to stimulate baying for
future requirements. Cereals which benefitted from the sunny weather in
June are again suffering from hail storms and rust in the northern districts. IIarvesting of winter barley has begun under favorable conditions. The outlook for other crops is generally unsatisfactory. Small
yields of vegetables and fruits have resulted in sharp price rises.
199
FINANCIAL CHRONICLE
JULY 14 1928.]
INDIA.
estimates this season's
The official Indian preliminary jute forecastanticipated it was readily
was
figure
this
As
acres.
3,166,000
at
acreage
continued steady and unchanged.
accepted by the trade and prices of jute
will yield between 9,600,000
According to general opinion locally the crop
and 10,000,000 bales.
JAPAN.
is only fair, the Tokyo stock exJapan
in
business
Although actual
The Shora Bank, which was
money.
easy
to
due
active,
very
is
change
of banks that failed in the
formed the latter part of 1927 by a merger
yen for the first six months of
financial panic, reports a loss of 250,000
rates will be reduced. Middle grade
this year. It is probable that bank
koku (5.12 bushels), which is
brown rice now sells for 30.25 yen per
is estimated In Japan that the
It
year.
this
obtained
price
the lowest
equals $0.463 at current rate of
1928 rice crop will be large. (1 yen
improved and exports have
exchange.) The camphor industry is greatly
Increased.
MEXICO.
Mexico during the week
Business has been generally quiet throughout
dry this season and the
"ended July 7. It has been exceptionally hot and
Mexican treasury departlack of rain may affect crops adversely. The
first four months of the
ment has announced that revenues during the
pesos.
year exceeded the budget estimates by 5,000,000
MEXICO (YUOUTAN).
is dull in Yucutan, imports are relatively
general
in
business
Although
from Progreso amounted
heavy. During June, 1928, exports of henequen
May. Of the amount
to 44,498 bales as compared with 56,481 bales in
United States. The
shipped in June, 84,249 bales or 76.97% went to the
, and on plantations
total stock on hand at Progreso, Merida Campeche
as compared with 133,914
at the end of June amounted to 154,557 bales
under the outstandbales at the end of May. The shipments of henequen
.
ing American contracts have virtually been completed
NETHERLAND EAST INDIES.
export markets were
Import trade of the past week was strong, but
forward sales of sugar,
somewhat irregular. On account of slowness in
will have to be
a strong possibility is developing that considerable sugar
An increase was noted
stored, resulting in heavy demands upon the banks.
In exports of native rubber in June.
PORTO RICO.
in the
Business continues dull and no improvement can be looked for
incident to the
next few months owing to the increasing unemployment
592,000 short
closing of the 1927-28 sugar company. A production of
grinding
tons of sugar was obtained by the 36 mills which have finished 150,000
and the eight mills still in active operation expect to produce
expected to aptons so that the total production for the 1927-28 crop is
660,000
proximate 742,000 short tons, a new record as compared with
season. Shiptons produced in 1925 and 630,000 tons in the 1926-27
tons
short
to
501,188
ments of raw sugar to the end of June amounted
The tobacco moveand about 50,000 tons will be refined locally.
of the
ment continues slow and only one notable sale of 600,000 pounds
In the
new crop at approximately $0.33 a pound has been reported.
the coffee, which was
southwest light rainfall in the past week benefitted
but it is still too early
beginning to suffer from the prolonged drought,
are said to be exprospects
present
to estimate the coffee yield, although
as few pineapples remain
cellent. Fruit shipments have been very low
is very small, and no imto be shipped and the movement of citrus fruit
exports in recent months
provement is expected before December. Total
of 1927.
have been ahead of those of the same months
UNITED KINGDOM.
been instituted for
Informal negotiations between colliery owners have
agreements and arranging
the purpose of co-ordinating district marketing
g on a national basis.
for control of centralized production and marketin
of ultimate international
Further interest is being shown in the possibility
that domestic units are a
regulation of the coal trade, but it is realized
existing district schemes
necessary preliminary. Fundamental differences in
depression in the trade is
make co-ordination difficult but the continued
of the present negotiaa factor operating toward a successful outcome d with restricted protions. Coal marketing conditions remain unchange
minimum prices are being
duction exceeding demand in most classes but
d.
maintaine
YUGOSLAVIA.
which resulted from a
Following the adverse trade balance of 1927,
continue to reflect the short
sharp decline in exports, statisties for April
during April was
agricultural crop of 1927. Total weight of exports
as compared with 352,367,930 metric tons, valued at 428,538,000 dinars,
ly, for the correspbnd370 metric tons and 487,876,000 dinars, respective
$0.01761.)
ing month of the previous year. (Dinar equals
in 1926-27-
World Production of Gold and Other Metals
NEWFOUNDLAND.
Canada's Position in World Mining.
quiet.
is
trade
retail
the
Wholesale trade is good in St. John's but
there
and
Comactive
are
mills
paper
The July monthly letter of the Canadian Bank of
The outport trade is fair. Mines and
salmon run is reported below
of metal
figures
the
ng
regardi
ng
are good prospects for the shore fishery. The
followi
the
s
contain
merce
composed of three Canadian
that of last year. The bid of a syndicate
es dur$10,000,000 was accepted production (other than iron) in the principal countri
banks for the 5% 25-year government loan of
at par during the week of ing 1926-27:
at 97%. This loan was floated in London
was discussed
will be used for retireThe world mining industry and Canada's part therein
June 25. About three-fourths of the principal
r to railway
"The Mineral Wealth of Canada," published by the Bank
2% Victory Loan of 1918, and the remainde
/
booklet,
a
in
ment of the 61
deficit. Labor difficulties about six months ago. There have now come to hand statistics for 1927,
and highway improvements, and to the railway
the negotiation of an including those of the American Bureau of Metal Statistics, from which
at the Bell Island mines have been settled through
land and the National the following table showing world production of the most important metals,
Newfound
of
nt
Governme
the
between
t
agreemen
of 3 cents an hour to miners other than iron, has been prepared;
Trust Company of Canada for a flat increase
T IRON).
and an extension of the bonus system.
WORLD PRODUCTION OF PRINCIPAL METALS 1926-27(EXCEP
NEW ZEALAND.
Gold (Fine Ounces). fidOver (Fine Ounces).
ry and the pastoral
Business throughout New Zealand continued satisfacto
1927.
during
1926.
steady
1927.
1926.
were
sales
Motor
outlook was excellent as June closed.
the last half of the
11,111,281 1,135,323 1,143,633
the month and a large increase is expected during
10,973.077
Activity
Africa
fair.
2,335,042 2.178.389 60,918,000 59,412,000
year. The outlook for sales during July and August is only
United States
timber is spotty. Canada
1.754,228 1,844,544 22,371,924 • 22,613.134
in heavy structural building continued but the demand for
400,000
400,000
_
992,155
month.
the
during
noted
Russia
An increased demand for American lemons was
653,494 634,161 11,224,824 11,500,000
freely. It is Australasia
725,125 98,291,000 104.575.000
772,661
Money was easier in June and farmers are spending more
Mexico
situation now
383,970 386,252 5,124,962 6,030,000
evident that the public believes that an almost normal passed. Mer- India
270,000 4,479,386 4,550,000
287,800
have
Japan
exists and that the lean times of 1926 and early 1927
2,876,911 3,000,000
115,579
lines
all
trend in
Chile
5.839,000 5,407,000
332
chants generally report active business and an upward
on June 26 Bolivia
21.100,000 18,800,000
91,917
is expected during the next three months. Parliament opened for at this Peru
5.629.140 6,040.700
is looked
Germany and Poland (Incl. Silesia)_
but no matters of vital importance to overseas trade
3.000,656 2,800.000
research lines Spain and Portugal
8,887,680 8,387,500
session. Increased activity along scientific and industrial
2,283.800
981,161
countries
Other
.
Dominion
the
t
Is noted throughou
19,321,416 19.433.552 251,278.786 254,838,987
Estimated world production
PANAMA.
Ex
satisfactory.
Business in Panama continues fair with collection
Zinc
Lead
Copper
$244,000, of which
Metric Tons
ports from Colon, Panama, during June, amounted to
Metric Tons
I
Long Tons
up to June 30
ion
2,204.6 Lbs.
approved
2,204.6 Lbs.
2,240 Lbs.
87% consisted of bananas. Building construct
totaled over $1,600,000.
1927.
1926.
1927.
1926.
1927.
1926,
PERU.
24,000
22,275
97,987 110,000
but the Africa
555,000
The distribution of foodstuffs continued normal in volume
796,522 766,0001 631,411 610,000 579,277
66,700
average. United States
58,173 84,1301 128,265 141.380 56,000
movement of other merchandise has been 40% below the seasonal
Canada
2,400
1,868
ed
1,850
anticipat
1,342
12.0001
10,835
Russia
Collections are very sluggish but an early improvement is
48,029 49,000
167.570
154,598
11,6121
that
stated
10,200
is
It
a
Australasi
6,400
5,942
248,590
with the increasing volume of the cotton crop returns.
200,380
ss.000l
56,521
0 municipal Mexico
I 55,200 67,000
the official eanction of the city of Lima's sale of $2,500,00
17,000
17.000
The India
4,000
4,000
65,500 63,0001
Japan
bonds to an American banking firm is expected in the near future.
reserve at Chile
235,000
gold
202,319
80
total
the
places
June
as
of
statement
bank
reserve
7,000
9.000
1
7,1
6.440
pounds
Bolivia
5,819,912 Peruvian pounds, bank clearings as 6,967,462 Peruvian
42,000 47,500
Peru
Germany and Poland
and note circulation at 6,026,363 Peruvian pounds.
234,484
24,000 28,0001 105,086 110,680 192,100
(including Silesia)._
16,000
16,093
PHILIPPINE ISLANDS.
58.000 54,7501 147,392 139,050 *331,117
Spain and Portugal_ ....
*382,121
*163,041
*147,010
62,302
60.773
s
Other countries
collection
Continued activity of Mayon volcano has somewhat affected
No serious eruption of the Est, world oroduetion 1.479_270 1.519.394I1.6115.063 1.684.161 1.247.426 1.329.105
and sales in the vicinity of Legaspi, Albay.
area are ex.
are conjectural, and
volcano is anticipated, however, and trade conditions in that
Note.-The figures or production in some remote countries
Where production
of the past
for 1927 are based upon preliminary reports.
those
In
eases
many
pected to return to normal in the near future. Abaca trade
Production con- for certain countries is not shown the figures either cannot be secured or are of no
week was steady, with improved undertone of the market.
slightly.
e.
es treated in Eurotinned rather heavy and prices of most select grades advanced 22.75; Importanc
• These figures include large quantities of ores andofconcentrat
pounds; I,
which cannot be ascertained.
Grade F is now quoted at 24.50 pesos per picul of 139
pean metallurgical plants, chiefly Belgium, the source
coconut
All
during 1927
(1
peso
States
equals
$0.50.)
JUS, 21.75; JUR, 19; and L, 14.50.
The decline in the output of gold in the United
from which
the past week, as the result of heavmain, to a smaller production of base metals,
the
in
oil mills operated intermittently during
due,
was
mining
steady and quiet. The provincial equivaas a by-product, though only one important goldrecovered
is
ier arrivals, and the market was
gold
n than in 1926. The
at Manila is 12.75 pesos per picul ;
South Dakota, showed a larger productio
lent of resecado (dried copra) delivered
region,
Manila
copra at
to only about half
Hondagua, 12.26; and Cebu, f.o.b., 12.75. Arrivals of
production of Australia was also less, and amounted
that country from the
sacks.
the output of 1919, which indicates the decline of
for the month of June totaled 317,000
gold producer. There is no reliPOLAND.
predominating position it once held as a
available regarding Russia's contribution to the world's
on
informati
an
able
with
closed
ry
data,
to
prelimina
according
Foreign trade for May,
to have been increased to slightly over 1,000,000
(par value, 8.90 zlotys to the dol- supply, but it is believed
large ore reserves in sight and with improved
adverse balance of 94,700,000 zlotys
00 zlotys of ex- ounces. The Transvaal, with
against
201,770,0
00
zlotys
296,470,0
totaling
lar), imports
metallurgical practices, was able to show a fairly substantial
preceding month, these figures represent in. mining and
the
with
Compared
highest production figures in its history. Canada also
ports.
imports; 17,255,000 zlotys in exports, and increase and the
creases of 30,814,000 zlotys in
and record quantity of gold (almost double that of
larger
a
produced
13,700,000 in the adverse balance.
I
200
FINANCIAL CHRONICLE
1921) owing to more extensive operations in base metal mining and to
an increase in the tonnage of gold ore raised in Ontario.
The slight increase in the world production of silver was mainly the
result of treating larger quantities of silver-bearing lead and zinc ores in
Mexico, India, Germany and Canada, as the comparatively low prices prevailing in 1927 made the mining of silver ore unprofitable in several
regions. For the same reason prospecting for deposits of this metal was
less attractive than formerly. It will be noted that decreases in production
were recorded in three important countries, the United States, Bolivia and
Peru.
The two outstanding features in connection with the mining of base
metals in 1927 were a decline in production in the United States, and
an increase in consumption in Europe. The output of the United States
was larger for the first six months of the year than for the corresponding
period of 1926, but fell off later as a result of a recession in general business, the recovery of a higher percentage of lead and zinc from the relative ores through the extension of the selective oil flotation process, an
Increase in the production of secondary lead from scrap material and the
greater manufacture of batteryless radio sets. Prior to the war Europe
was the largest market for base metals, but industrial depression in the
post-war period made it less important and the United States, owing to
a great expansion in manufacturing, became the consumer of about half of
the world's production. In 1927, however, Europe made considerable headway industrially, and its consumption of metals that year was the greatest
since before the war. The conditions which adversely affected the American producers were felt severely by those in Spain, where several small
lead mines were closed, and in Australia, where operations were suspended
on two properties in the famous Bunker Hill district. Similarly, the
leading copper mining companies in Canada treated less low-grade ore
and production in British Columbia was therefore slightly below that for
1926, but this decrease was more than offset by larger scale operations in
the copper-nickel region of Ontario. Canada's record in respect of lead
and zinc is noteworthy, for notwithstanding extremely weak markets, she
supplied much larger quantities of these metals than in 1926. Stable gellineal conditions were responsible for the increased production of copper
and lead in Mexico, and the improvement in European industry caused
greater activity in the lead and zinc mines of Silesia. More efficient
methods in mining and milling made it possible for the operators in Chile
and the Belgian Congo to increase the output of copper from the immense
ore bodies developed in these two countries. It may be of interest to
note that the Hatanga mines in the latter area are now producing at
the
rate of 120,000 tons rer annum.
J. P. Morgan and Secretary Mellon Sail for Europe.
J. P. Morgan, of J. P. Morgan & Co., sailed on July 12
on the steamship Majestic on his annual visit to Europe.
It is understood that he will spend much of his time on
his estate in Scotland.
Andrew W. Mellon, Secretary of the Treasury, also
sailed for Europe on the Majestic. He is accompanied
by his brother, W. L. Mellon, president of the Gulf Oil Co.
[VOL. 127.
the law, to the end of 1950, and increase in the bank's authorized capital
from 240,000,000 lire to 500,000,000.
The executive directorate of the bank is to consist of the Governor, appointed by the State, as supreme administrative chief of the bank, Resisted by a director general and a vice director general. The board,
which consists at present of thirty directors including the Governor,
will create an executive committee from its membership to meet more
frequently and conduct the ordinary business of the bank.
The bank is to be changed with a uniform circulation tax at the rate
of 1% per mile, on all notes and drafts outstanding which have a reserve
cover at the ratio of not less than 40% in gold or its equivalent. This
supersedes the progressive tax on outstanding notes which has hitherto
been part of the statute. The Treasury may obtain temporary advances
from the bank in amounts not exceeding 450,000,000 lire at any one
time, the interest rate to be charged on such advances being 2%.
T. W. Lamont of J. P. Morgan & Co. Made Chairman
of American Committee of International Chamber
of Commerce—Mr. Lamont Sees Better Understanding of Position U. S. Occupies in World Commerce.
Announcement was made at Washington on July 8 of the
appointment of Thomas W. Lamont as Chairman of the
American Committee of the International Chamber of Commerce. Mr. Lamont, who is a member of the firm of J. P.
Morgan & Co., succeeds as Chairman of the Committee
Owen D. Young, who had served in the chairmanship for
the last three years.
The American section also announces the appointment of
Silas H. Strawn, Chairman of the board of Montgomery
Ward & Co., Chicago, as a member of the Council of the
International Chamber, and Robert E. Olds, who recently
resigned as Under Secretary of State, as alternate. The
Council is the governing body of the International Chamber
and is made up of representatives from the 45 member
countries. The United States is represented on the council
by three directors and three alternates, the maximum
allowed to any country. Charles F. Weed, Vice-President
of the First National Bank of Boston, it was announced, has
been named a member of the American Committee. Mr.
Lamont, in accepting the chairmanship of the American
Committee, expressed confidence that American business
men would continue to co-operate with men of affairs in
the other commercial countries in the study and possible
solution of international economic problems. Mr. Lamont
said:
"Since the World War American business has advanced a long way
toward a better understanding of the new position which the United States
occupies in world commerce. Indeed, the leaders of industry and finance
in this country, and the investment community generally, have had a considerable share in the efforts making to restore the European economic
structure; have been able to aid in the plans of the statesmen and business
men of Europe to stabilize currencies and to set moving again among
nations that extensive interchange of goods and services whose volume has
a distinct effect upon a standard of living of the peoples of the world.
In all this work the International Chamber has filled a not unimportant role.
"At this moment it may not be inappropriate for business men in both
America and Europe to give greater thought even than in the past to the
view that their philosophy, their processes, their understandings in international operations can be a distinct factor in the success of that camThe news of the resignation of Count Volpi as Finance Minister in Premier paign now being waged
by the leading statesmen of Europe and America
Mussolini's Government is connected in political circles here with a funda- for the establishment
of conditions to prevent a recurrence of war.
mental disagreement between the Italian Finance Minister and the Dictator
"I refuse to believe that men of affairs on either side of the water are
with regard to monetary policy.
so deeply engaged in operations for their own account as to lack conception
Count Volpi, it is generally known, had been opposed to the revalorizathe importance which their own relationships and policies bear upon the
tion of the lira and it was only with difficulty that he was brought to ac- of
question of world peace. On the contrary, through the active and undercept the rate at which stabilization was established. Since that time, and
particularly since the French stabilization at a lower rate, Count Volpi standing part which they have played in post-war reconstruCtion, they have
is believed to have become convinced that the lira was fixed at too high clearly shown their conviction that if in coming generations this earth
a rate and it is considered that he resigned because be was out of sym- is to be made a snore stable place to live in the coming of such an era
will depend almost entirely upon the conscious co-operation of
pathy with the Premier's policy.
Men
It is reported here that Count Volpi asked to be permitted to enter the throughout the world."
diplomatic service, and it is mentioned that he may be appointed an Ambassador, possibly to France.
Gold Coming from Transvaal to London Bank Reserve.
Resignation of Count Volpi, Minister of Finance in
Italian Cabinet—Succeeded by Senator Mosconi.
The resignation of Count Guiseppe Volpi as Minister of
Finance in the Italian Cabinet was announced on July 8.
He has been succeeded by Senator Antonio Mosconi. Pietro
Fedele, Minister of Public Instruction, has also resigned
and is succeeded by Guiseppe Beluzzo, heretofore Minister
of National Economy. In a message from Paris on July 9 to
the New York "Times" is was said:
A cablegram from London, July 0, to the New York
French Lose on Silver—Government Will Pay But 40 "Times" stated:
During the week ended Wednesday the Bank of England added a further
Cents on Dollar for Demonetized Coins.
£1,141,114 to its gold reserve,
From the "Times" we take the following Paris adviees present gold holdings establishthe bulk of which came from Africa. Its
a new high record for all time of
4173,428,234, which represents an increase of 422,353,788 over last July.
(Associated Press) July 9:
The silver coins hoarded for years by French peasants in their proverbial
Further large gold shipments from South Africa will arrive shortly,
woolen socks will not be redeemed at par. but at two-fifths of their pre-war Monday's steamer containing 41,100,000 and the boat due the following
value.
week £821,000. If the export demand remains small, as at present, the
The Government has fixed the ratio, effective next Monday, for the Bank of England should secure the bulk of the new
gold, and the outlook
silver pieces which have been demonetized under the stabilization bill. Is for further appreciable addition to total gold holdings
before the amalgathe value being set on the basis of the bullion price.
mation of the note issues takes place. There is no reason to anticipate
Consequently, Frenchmen who did not trust banks, thinking that any the hastening of ths event by a large
hard money was always worth par, will get only forty cents on the dollar still is that early autumn will be the gold influx, and the general belief
time chosen for this fusion.
for their silver coins.
French Bank Report Omits No Note Issue—Statement
New Rules for National Bank of Italy—Authorized
Denied That Notes Issued to Buy Exchange Are
Capital Doubled.
Not Included
Changes in the statute of the National Bank of Italy, as
Under the above head the "Times" reported the following
decreed by the Government in connection with stabilization
from Paris July 8:
of the lira, have been ratified by the shareholders of the
It has been stated in some dispatches from Paris to London that Dank of
bank, says the New York "Times" of July 8, which also France notes issued to buy foreign exchange are not reported in the weekly
and that this fact had caused uneasiness over the question of the
return,
states:
The changes consist first of prolongation of the exclusive note-issue
sights of the bank from the end of 1920. as at present incorporated in
outstanding currency. The fact is, however, that the account of note
circulation in the bank return includes all bank notes issued to purchase
foreign exchange as well as for other purposes.
JULY 14 1928.]
FINANCIAL CHRONICLE
201
bank's total credits are now in fact 619 million marks less than at the
end of 1927.
Circulation of all currencies in the country at the end of June, however,
amounting to 6,320 million marks, constitutes a high record; but the ratio
of legal cover is 49.9% higher than at the end of the March quarter, when
it stood at only 47. Another large contraction of credits and circulation
month.
Investing Abroad Sent Franc Down—Exchange Affected is expected thisinflow
of American long-term loans and the decrease in
Continuing
by Shifting of Paris Funds to Higher Money import surpluses on Germany's monthly foreign trade have kept dollar
Markets—Sterling at Premium—High New York exchange below par, after its recent rapid advance. In June, Germany
short term credits; but
Money Rate Reverses International Capital Move- repaid an exceptionally large quantity of foreign
bankers affirm that very little of these credits was actually recalled.
ment.
are controlling tempobanks
German
that
be
to
The main factor seems
Among the messages received from abroad by the "Times" rarily the current American interest rates and that owing to the decline
in home demands for credit they have felt themselves less dependent on
we quote the following from Paris July 6:
foreign markets. This interpretation is confirmed by the last monthly
The reversal of movement in the market for francs, beginning with the
balance sheets of the commercial banks, which for the first time show a
last few days of June, was generally ascribed to temporary investment
decline in discounts and current account credits.
of funds abroad by French banks, as a consequence of the attractive terms
The Prussian Ministry of the Interior has notified the municipalities that
offered on foreign money markets.
abroad received subsequent to
A week ago, immediately after the stabilization decree, the market rate no applications for sanction to borrow from
This evidently means another
for francs improved considerably compared with the pound sterling and May 19 will for the present be considered.
the dollar, that being apparently a result of covering by bears who had suspension of public borrowing.
anticipated a lower stabilization rate. In this week's market the somewhat
reactionary tendency of the franc was shown by the rise of sterling from
123.955 on June 27 to 124.31 on July 5. The dollar advanced from 25.425 Banks Plan Agency to Pay War Claims—Would Liquito 25.50%. This places sterling now at a premium against francs, though
date Large Part of $700,000,000 Obligations of
the dollar is still slightly below parity, but will probably soon rise above
United States and Germany.
par by reason of the weakness of sterling at New York.
The Bank of France has not intervened on the exchange market and does
Plans for the formation of a financial agency, supported
not seem inclined to do so. Since, however, the cover for the bank's
liquidate a large portion
engagements at sight is now 40%, whereas the legal minimum is 35%. by New York and German banks, to
the bank is expected to utilize its foreign exchange reserves to prevent of the $700,000,000 war claims now outstanding against the
foreign exchange rising to the gold-export point.
and German Governments,are being discussed
As a result of the persistently high money in New York.the current of United States
capital movements between the old and the new continents seems to have according to reports current in Wall Street, it is learned from
been reversed. During several months American capital has been flowing the "Times" of July 13, which says:
into Europe in unabated magnitude, but an opposite movement is deThe agency, which will have a capital of about $5,000,000 and which will
veloping. This change, following as it does the advancing of the interest Issue bonds up to $25,000,000, will discount the claims of German cit'rens
rate and such selling of stocks as would naturally make the European share at 85 to 90% of face value. Claimants under this plan, therefore, v ould
markets reactionary, caused some apprehension.
receive the money immediately instead of receiving it in annual installm ants.
Irregularity on the Bourse last week was primarily occasioned by the
The project is, of course, subject to the approval of the Agent General
some
in
Tuesday
on
which
resulted
rising call-money rate at New York,
of Reparations. Several plans have already been advanced under the
business
and
firm
generally
remained
nevertheless
Prices
selling.
heavy
"Settlement of War Claims Act of 1928." but all have failed to receive
moderately active until Thursday, when the news of Loewenstein's myster- recognition from the Reparations Agent and from the GermanGovernment.
ious death caused a general decline. Tubize shares dropped further,
The American banking houses mentioned in connection with the plan
dragging down other groups. Government loans were lower, although it are: Lee, Higginson & Co., Harris, Forbes & Co., and the International
that
in
rise
the
accelerate
would
stabilization
that
been
expected
had
Acceptance Bank, all of whom have been connected with various ptems of
department of the market as well as in other fixed-revenue securities. German financing. The German banks spoken of as sponsoring the plan
But fairly considerable sales seem to have been made on foreign account.
include the Prussian State Bank, the Deutsche Bank and the Disconto
Gesellschaft.
Under the German law the German Government must pay to former
reases
Loaned—Inc
Exchange
French Bank Calls in
holders of German property confiscated abroad approximately 1.350.marks must be paid in cash to persons
Account of Bills Purchased Abroad by 1,140,000,000 000,000 marks,of which 250,000,000
entitled to Indemnification of less than 20,000 marks each. LamT claims
Francs—Note Issue Large.
are entitled to receive 6% interest on the unpaid amount after April 1 1929.
claims by 1949.
From the "Times" we take the following from Paris, July 6: A sinking fund provides for the payment of all
Thursday's bank return, dated June 29 on the eve of the mid-year settlement, showed changes preparatory to the month-end operations. The Economic and Industrial Conditions in Denmark
increase of 611,000,000 francs in bills discounted was the usual result of
During May—Law Concerning New Adjustment of
rediscount by private banks at the month-end of part of the bills in their
hands. A considerable decrease was reported in the amount of foreign
Landmandsbank.
exchange loaned; this was due to the Bank of France having called in a porIn the statement covering economic and industrial contion of the loans effected a few months ago.
It was this transaction which swelled the account of negotiable bills ditions in Denmark during April, issued by the National
purchased abroad, which rose in Thursday's statement to 11,686,000,000
Bank of Copenhagen and the Danish Statistical Departfrancs, as against 10,546.000,000 the week before. The decrease of 425.Landmands300,000 in available cash was due to the bank's having utilized part of its ment, the following appeared regarding the
balances in foreign banks to purchase bills of bonds which are now included bank:
be
in "bills negotiable abroad." The increase of 1,856,000,000 in circulation
Concerning banking and financial conditions the following should
was the evident result of the increase in discounts and of the calling in of noted: In the three principal private banks the outstanding loans during
exchange loans, but It was further attributable to the shrinkage in current
kr.
mill.
30
about
the month increased 10 mill. kr. and the deposits
accounts. The 516,000,000 decrease in private deposits resulted from
the
The increase in the deposits is especially due to the fluctuations of
withdrawals by private banks for month-end purposes; the Treasury also
has
balance in the Landmandsbank, as the government for the present
withdrew 523,000.000.
placed a certain sum of the government loan of 55 mill. taken up during
new
April at the disposition of the bank. As the law concerning the
of the Landmandsbank only became effective on May 1, the
American Owners of Business Property in France adjustment
outthe
in
bank's April balances appear in the old form. The Increase
Accorded Same Civil Rights as Frenchmen.
standing loans is among other things due to the opening of reimbursethree banks total debt to foreign counA special cablegram from Paris July 6 to the "Times" ments, and as a result hereofinthe
spite of the fact that the Landmandsbank
tries was nearly unchanged,
says:
has repaid part of its foreign debts. Besides, this bank, also by means
A judgment of considerable importance to Americans owning commercial of the sum which the government has placed at its disposal, has paid off
property in France was rendered to-day by the Tribunal of the Seine, which on its loans in the National Bank, which has partly caused that the
held that, in virtue of a diplomatic convention signed between the United
mill. kr.,
bank's complete outstanding loan has decreased with about 9
States and France in 1863, American, have the same civil rights in France
kr.
partly that its stock of foreign currency has increased with 33 mill.
Frenchmen.
as
kr.
As the Ministry of Finance at the same time has added about 18 mill.
The case arose over the question whether an American owning a building
to its folio account in the bank, the amount of bills in circulation since
in France has the right to give the lessees the regular notice to vacate
the end of March has remained practically unnchanged, as it has gone
so that he can resume occupancy in accordance with the present French law
from 352.5 to 352.2.
down
that
however,
This
French
law
provides,
property.
commercial
governing
citizens of countries which do not grant French citizens the same privileges
The joint statement regarding conditions in Denmark
in their country cannot benefit by it, and as there is no similar law in the during May, issued by the National Bank of Copenhagen
United States the lessee contended that the American could not benefit
and the Statistical Department, had the following to say as
under the Commercial Property law.
Maitre Daniel Vitaut, however, argued for the American that as the to the banking situation:
should be
diplomatic agreement was never abrogated and is still in force it give;
Ooncerning banking and financial conditions the following
Americans the same civil rights as Frenchmen, and he obtained a Judgment noted: In the three private principal banks the outstanding loans during
from the tribunal.
the month decreased about 22 mill, kr., especially as the result of decreasing the reimbursement debt.
At the same time the deposits show a decrease of 116 mill. kr. This
Reichsbank Draws Gold from Russia—Adds $5,000,000
decrease is solely due to the balance of Landmandsbanken, and is caused
to Reserve in Week of Heavy Credit Expansion— by the transportations which have taken place on account of the final
Foreign Credits Repaid—Prussian Ministry's No- adjustment during the last months of the bank's conditions In accordance
about
with law of April 19 1928. The amount on the deposit accounts of
tice Regarding Municipal Borrowing.
disposal
95 mill. kr. which during the previous months was placed at the
the
on
entered
was
ap6,
of the bank by the Government and which temporarily
The following wireless advices from Berlin, July
thus again withdrawn from that account. Also the
was
account,
of
current
July
"Times"
8:
York
New
peared in the
are marked by the rearrangement, as the
of gold to the ReichsbanIt's reserve, other accounts of the balance
The addition of 21,611,000 marks
The amounts which the Government was to place at the disposal of the bank,
Russia.
to
from
due
imports
was
statement,
week's
this
as shown In
above, are taken over by the bank, partly
at the Reichsbank as reported besides the amount mentioned
heavy expansion of credit and circulation
bonds which are entered on the account:
considered disturbing, because it came by 30 mill. kr. in Government
for the last week of June is not
50 mill. kr. as a foreign outstanding debt,
in the month. The Retells- Bonds and Stocks, partly by
after particularly heavy contraction earlier
The bank never, in the period prior to currency reform, distinguished
between such bank notes and those issued against bills discounted or
against loans on securities. It will continue to include all note issues in its
weekly circulation statement.
202
FINANCIAL CHRONICLE
which are entered under the asset: Foreign Correspondents. The amounts
which by the adjustment are placed at disposal are besides being used
for reimbursement on the loss account, furthermore used in making up
the stock capital, 50 mill. kr. Further the bank has received a Government bond for 84 mill. kr. as reserve capital. The Landmandsbank
has also caused changes on the balance of the National Bank; thus the
outstanding loans show a decrease from 178.1 to 127.0 mill. kr., as different debitors' accounts were decreased 30 mill. kr. which were placed
at Landmandsbankens disposal by the National Bank as reserve capital.
Besides this, the Ministry of Finance has during the month repaid 6.6
mill. kr. which the bank had paid out on account of the Ministry for
redemption of coins in Sweden. Both the mentioned amounts were entered on different creditors' accounts on which they also have been
written off.
The bank's foreign currency was almost unchanged during the month
while the bills in circulation decreased from 352.2 to 347.0 mill. kr.
The transactions on the Copenhagen stock exchange for bonds and stocks
were small during May, the average weekly transactions being 2.4 mill.
kr. for bonds and 1.6 mill. kr. for stocks; in April this year the corresponding figures were 4.1 and 2.6 mill. kr. and in May 1927 3.9 and 1.7
mill. kr.
The following is also taken from the statement covering
conditions in May:
The index for stock exchange quotations showed for May a small decrease for bonds, the bond index decreasing from 93.6 to 93.4 while the
stock index increased from 100.6 to 100.7 when the quotations on July 1
1914 are fixed at 100. Compared with May 1927 most of the groups were
high this year, as the index for banks was 76.7 (May 1927, 83.2) ship
owners 116.6 (109.9), industrial concerns 91.6 (92.5), and other concerns 105.7 (87.3) and the total index 100.7 against 93.7 in May 1927.
The percentage of unemployment was during May this year lower
than at the corresponding time last year. At the end of May the percentage was 14.3 against 19.1 in 1927; in the real industrial professions
the percentage was respectively 15.3 and 18.4.
The Government's revenue from consumption taxes was in May 18.2 mill.
kr. of which 9.0 mill. kr. were custom revenue taxes proper. In May
1927 the correspondnig figures were 17.9 against 7.8 mill. kr.
The Danish export of agricultural products was somewhat larger in
May for bacon than during the corresponding month last year: however,
the export of butter, eggs and meat was somewhat smaller. The average
weekly exportation amounted to:
Butter: 2,891,500 kilos (May 1927: 3,019,800 kilos).
Eggs: 896,700 scores (859,860 scores).
Bacon: 5,423,300 kilos (4,983,200 kilos).
Beef and Cattle: 1,405,700 kilos (1,528,800 kilos).
The prices of the exported articles were for most products higher than
during May 1927, only the prices for bacon were lower. The average
official weekly notations were:
Butter: 291 kr.(May 1927: 270 kr.) per 100 kilos.
Eggs: 1.18 kr. (1.12 kr.) per kilo.
Bacon: 1.30 kr. (1.45 kr.) per kilo.
Beef: 61 ore (58 ore) per kilo on the hoof.
The trade balance with foreign countries during April amounted to 143
mill. kr. for imports and 131. mill. kr. for exports, so that there was
an import surplus of 12 mill. kr. against 15 mill. kr. in April 1927. For
the months January-April inclusive the import surplus was 57 mill. kr.
this year against 44 mill. kr. in 1927.
The Statistical Departments' wholesale index rase one point in May, from
154 to 155; the increase is mainly due to the rise which has taken place
in accordance with the price fluctuations on the world market on vegetable
food stuffs and feeding stuffs.
The freight rate figure for May is figured at 96.5 against 98.3 in April.
The decrease is especially due to the fact that the lumber freight rates
which in the month of May for the first time are included in the calmlotions, after the quietness of the winter season are rather low. In May
1927 the figure was 112.3.
Yugoslavia Balances Budget According to Study Made
by Institute of International Finance for Protection of American Foreign Investors-New Taxation
System.
The Government of Yugoslavia has balanced its budget
and placed the economic and financial position of the country upon a materially sounder basis during the past few
years, a study of the credit position of that country issued June 29 by the Institute of International Finance
showa The Institute is conducted by the Investment
Bankers Association of America, in co-operation with New
York University, to study international conditions for the
protection of American investors in foreign securities.
In a report of its findings on Yugoslavia, which has
floated a number of bond issues in this country, Dr. John
T. Madden, Director of the Institute, states that the finances of the country are being reorganized to accomplish
a number of desired reforms. He says:
[VOL. 127.
shows that the total of such debt amounted on Nov. 1 1927
to $534,442,924 at the present rate of exchange. This was
equal to approximately $44 per capita. Of this total debt,
two bond issues, amounting together to $45,250,000 were sold
in this country. It is noted that an important portion of
the national debt of Yugoslavia consists of war debts to her
erstwhile allies. The war debt has been funded in each
case. The war obligations to England amount to $124,884,735; to the United States, $62,450,000; to France, $74,645,326.
Referring to several features of the national debt still
subject to controversy, the Institute states:
The funded debt as stated does not include all the outstanding obligations and is by no means complete. It should also be noted that no settlement has been made with the Dutch bondholders and others on the loans
of the former autonomous provinces of Bosnia and Herzegovina, and
that a controversy is going on between the various bondholders In Europe
and the government wtih regard to certain pre-war loans made
in gold,
but the payments of which are being made by the Yugoslavian government
in depreciated currency.
Change in Greek Voting Law-President Signs Veni
zelist Decree Dropping Proportional System.
A wireless message July 10 to the New York "Times"
stated:
On the advice of M. Venizelus, President Kondottritis has signed a
decree changing the electoral system for the Senate and Chamber and providing in the future that each district is to elect its Deputy or
Senator
on the majority system. The present regulations are based on the
total
naiional vote, each party being allotted seats on a basis of the part
of the
vote it polled.
Opposition leaders have protested against the decree to the
President,
alleging that M. Venizelus will so divide the country into
districts as to
assure his winning.
Ecuador Decree Authorizes the Return of Constitutional Government-Election Scheduled for Sept. 10.
Quito (Ecuador) Associated Press advices July 10
stated:
Ecuador will return to a constitutional form of government Sept. 10
when a National Assembly elected by the people will meet here in first
session.
The change has been authorized by Provisional President Ayala, who
signed a decree convoking elections for the selection of the assemblymen.
El Telegrafo of Guayaquil, the leading Ecuadorean newspaper, refers
to the President's action as "an act returning the country to a Republican-Democratic form of Government which has been the synthesis
of the people's aspirations."
The promulgation of the decree was marked by a military parade in
Guayaquil with all the troops stationed there participating.
Ambassador Dwight W. Morrow Returns to Mexico.
Dwight W.Morrow,United States Ambassador to Mexico,
who made a brief visit of about a month to the United States,
left Washington on June 29 on his return trip to Mexico,
reaching Mexico City July 3. The principal object of
Ambassador Morrow's visit was to attend his daughter's
graduation from Smith College, but while here he conferred
with President Coolidge, Secretary Kellogg and other
officials of the State Department. On the eve of Mr.
Morrow's departure, the Washington correspondent of the
"Journal of Commerce" had the following to say in a dispatch to that paper June 28:
Among the questions which await the return of Ambassador Morrow are
the re-establishment of the American-Mexican claims commissions, which
have been inoperative for some time past, the completion of negotiations for
the settlement of the agrarian controversy and reported contemplated
measures for the improvement of Mexico's financial situation and the fixation of her liability in connection with claims against her.
Reports from Mexico City that the Calles Government will shortly place
Mexico in the position of being able to pay her debts drew no comment
from officials here to-day. Offidals contended the question of
Mexico's
financial rehabilitation lies between the Mexican Government and the
bankers. Officials, however, have recently shown themselves
gratified
over the administrative ability of President Calles, which has resulted in
bringing about many economic reforms which are expected to leave the
Country In far better financial condition than he found it at the outset of his
regime.
Unequal taxation, especially direct taxation, has been the subject of Delay in Debt Deal Urged in Mexico-"Excelsior"
Advomuch political discussion and of dissatisfaction among the taxpayers of the
cates Waiting to Stabilize Internal Finances before
several provinces of Yugoslavia since the unification of the country. This
Settling Foreign Ones.
unequal taxation results from the different taxation systems that existed in each of Yugoslavia's provinces formerly held by Austria, HunThe following from Mexico City, July 10, appeared in the
gary and Turkey and in the former kingdoms and autonomous provinces.
To remedy this situation a new law of direct taxation was passed on "Times":
In marked contrast to those who have been predicting an early agreeFeb. 8 1928 to take effect on Jan. 1 1929, thus solving one of the most
difficult problems of the nation. Under this law all of the old systems ment between Mexico and the International Committee of Bankers on
for resumption of payments on this country's foreign debt. The
Mexico
have been unified into one which is to be enforced throughout the country. The reform neither reduces nor increases revenue from taxation, but Escalator." in an editorial, not only predicts that it will be a considerable
time before such an agreement can be reached but advocates that no such
equalizes the burden among all taxpayers, individually and as regards
compact be made until this Republic's domestic finances are put on a more
branches of industry and the provinces.
stable basis.
In discussion of the budget, the Institute of InternaThe "Excelsior" haa evidently adopted the view that such an agreement is
tional Finance points out that the fiscal year 1926-27 a far more important factor in the amicable relations between Mexico
and the United States than such things as good-will flights, and that the
closed with an actual surplus of about $10,000,000. The new conpact between the
Bankers' Committee at New York and the Mexibudget estimate of 1928-9 shows an indicated surplus of can Minister of Finance must be a baste for continuance of the happy state
$2,400,000. Analysis of the national debt of the country of friendship which Ambassador Morrow has been largely instrumental
In establishing.
JULY 14 1928.]
FINANCIAL CHRONICLE
Exact Data Held Necessary.
The "Excelsior" says:
between our country
It is certain that there will be no new agreementits
amortization until
and its creditors for service of its foreign debt and
which must
obligations,
Mexico's
of
is
total
the
it is definitely known what
foreigners
Include an amount for indemnification for damages caused to
period.
y
revolutionar
during the
term
CaIles's
President
will
only
not
that
It may be accepted as certain
is possible, but also a
of office expire (this year) before any new agreement
any
before
definite
Executive
incoming
the
of
that
considerable portion of
new compact can be reached.
it does
The "Excelsior" quotes its source of information, which, however,
of
not name, as holding the opinion that the International Committee
this
Bankers, which has been negotiating for renewal of the payments on
strugcountry's foreign indebtedness, is treating with Mexico as a country
gling for internal economic adjustment which it would be unfair to interrupt
commissions
claims
special
and
general
by any new agreement until the
and that
have had an opportunity to establish what the Republic owes,
any agreement that did not take these claims into consideration would
203
bonds are also redeemable as a whole, at the option of the
State, on any interest date at 100% upon 30 days' notice.
The bonds were offered at.943( and accrued int., yielding
from 6.40% to 7.53%, depending upon date redeemed by
Sinking Fund. Prin. and int. (J. & D. 1) will be payable
at the New York office of White, Weld & Co., Fiscal Agent,
in United States gold coin of the present standard of weight
and fineness, without deduction for any Brazilian national,
State or local taxes, present or future. The bonds are
coupon bonds of $1,000 and $500 denom., registerable as to
principal. The National City Bank of New York is registrar. Information obtained partly by cable from Dr.
Getulio Vargas, President of the State, and from other
as follows in the offering
authoritative sources is presented
prove fictitious.
The "Excelsior" goes on to say that Mexico's creditors belleve that the circular:
years
best policy would be to let her alone until such time as her total indebtFinances.—Ordinary revenues of the State in each of the last 20
edness can be established and allow the Republic to continue the work
annual surpluses hayhave shown a surplus over ordinary expenditures, the
properties
begun by Luis Montes de Oca, the Minister of Finance, of placing her
State
of
extensions
ing been devoted chiefly to improvements and
internal finance in order as he is so successfully doing at present.
and productive enterprises operated by the State.
internal or
Sass Bankers are Patient.
There is no record of default on any funded obligation, either
The "Excelsior" then emphasizes what it says is the friendly attitude external, of the State of Rio Grande do Sul or of any municipality within
of
spirit
the
and
on
of all Mexican creditors to the CaIles administrati
the State.
the State of
tolerance, which it says is evidenced by the fact that the International
Security.—The bonds of this loan are the direct obligations of
a
shall have a prior lien
pending
payments
further
for
pressing
not
is
Bankers
of
Committee
Rio Grande do SW, which covenants that this loan
pledged to secure
minute study of Mexico's capacity to pay by the experts who recently visited on any of its revenues or income which may hereafter be
have been secured by a
here.
any future loan, unless this loan shall at that time
sufficient to
The paper expresses the opinion that it would be suicidal to strangle first lien on specific revenues acceptable to the Fiscal Agent
and sinking
a country which is making such patent and successful efforts to place cover not less than one and one-halftime.the maximum interest
make any
its internal affairs in order as is Mexico under her present Finance Minister, fund requirements of this loan. The State covenants not to
loan are
this
of
and
and that it would be better to await full proof of Mexico's financial
further issue of bonds, internal or external, while bonds
of the
service
debt
annual
agreement.
economic capacity before rushing into any new
outstanding, it as a result of such issue the total
the State
The "Excelsior" concludes by saying that it would be better to allow State would exceed 30% of the annual average total revenues of
to apply
time enough to put the country's internal finances on a more stable founda- during the preceding three years; this limitation, however, is not
tion and then conclude a new agreement on a conservative basls, such as to future debt contracted to provide for enterprises owned or aided by the
enterprises.
of
policy
such
fallacious
of
the
adopt
might be observed for years, rather than to
State so far as the service thereof is paid from revenues
closing a new agreement at once with the probability of reduction of the
Application will be made to list the bonds on the New York
specified payments later on, as has so often proved necessary before.
"Probably Mexico's creditors will see the advantage of waiting for an Stock Exchange.
new
agreement with effective guarantees rather than rushing into any
and unsecured promises for payment," the "Excelsior" declares.
Land
Offering of $500,000 Pennsylvania Joint Stock
Machado
Bank Bonds.
esident
Claim—Pr
s
Cuba Will Settle American'
Deposits $150,000 Bond to Observe Award in Arbil!
Martin & Co., Inc., and Brooke, Stokes & Co. offered on
tration Proceedings.
July 9 a new issue of $500,000 Pennsylvania Joint Stock
4
July
Havana
from
Land Bank 5% farm loan bonds, at 102% and interest to
cablegram
special
following
The
over 4.70% to the optional date in 1938 and 5% thereyield
appeared in the New York "Times":
yesterday after to maturity. The Pennsylvania Joint Stock Land
A disagreeable Incident in Cuban-American relations ended
of Judge
when President Machado deposited *150,000 to the credit
office is in Philadelphia, operates in the
Me., as Bank, whose
Julian Hale in the United States District Court at Portland,
bonds are isIn the eight- States of Pennsylvania and New York. The
bond for the observance of the Judge's award as arbiter
Cuban Govern- sued in accordance with the Federal Farm Loan Act and
year-old claim of Walter Fletcher Smith against the
ment.
the secured obligation of the Bank, which operates
wanted are
Captain Smith was the owner of a piece of ocean front property
Federal charter and Government supervision. They
under
forwas
and
development,
by an influential Cuban for a bathing beach
adsucceeding
April 1 1928, and will mature April 1 1968.
Two
dated
are
Government.
Menocal
the
cibly dispossessed under
ministrations have taken no action, although there have been decisions They will be redeemable at the option of the bank at par
by the Cuban courts and strong representations by the United States State
and accrued interest on April 1 1938 or any interest date
Department.
the
of
arbitration
thereafter. The bonds will be in denominations of $600,
The depositing of the bond will be followed by the
claim before Judge Hale, both Captain Smith and the Cuban Govern- $1,000, $5,000 and $10,000 coupon or regsiterecl. Interest
ment having agreed to consider his award as final.
April 1 and Oct. 1 will be payable at the offices of the PhilThis step toward a settlement of the claim is considered to be a diplothe Bankers Trust Company,
matic triumph for Ambassador Noble Brandon Judah, who, during his adelphia National Bank, and
eight months' service here, has done much to improve the relations be- New York. The following information is supplied to the
tween the United States and Cuba.
bankers offering the bonds by T. H. B. Jacobs, President of
the
Pennsylvania Joint Stock Land Bank:
Cuba's Surplus for Fiscal Year Just Closed Exceeds
Earnings.
$1,000,000.
The earning power of the bank has been steadily increasing since its
An initial semi-annual dividend of 2% was paid
A surplus of more than $1,000,000 for the fiscal year 1927- organisation in 1922.
in January 1927 and 3% dividends were paid in July 1927 and January
National
1928 is shown in the official report of the Cuban
1928. Earnings from regular operations for the year 1927 amounted to
Treasury, according to Associated Press accounts from $38,029.80 or 10.4% on the average capital stock outstanding, exclusive of $18,870.00 premiums received on bonds of the bank sold during
Havana July 4.
from
89
Offering of $23,000,000 6% Bonds of Rio Grande do Sul
(Brazil)—Issue Sold.
The first sizeable piece of foreign financing for this market
in some time was arranged by the State of Rio Grande do
Sul (Brazil), with a syndicate headed by White, Weld & Co.
and the National City Co. The issue offered on July 11
consisted of $23,000,0006% external sinking fund gold bonds,
the law authorizing it provides that the proceeds shall be
applied to the refunding of internal and external debt,
subscription to the capital of the Mural Credit & Mortgage
Bank, and to certain municipal improvements. White,
Weld & Co. and the National City Co., on behalf of the
syndicate which offered the bonds announced that the books
have been closed, the issue having been sold. Those assocoated with White, Weld & Co. and the National City Co.in
the offering were the Equitable Trust Co. of New York, the
Illinois Merchants Trust Co., Cassatt & Co., and the AngloLondon-Paris Co. The bonds are part of a total authorized issued of $4,000,000. The $23,000,000 issue will bear date June
1 1928, and will mature June 1 1968. A cumul. sinking fund
calculated to retire the entire issue by maturity, is to operate
semi-annually by drawing bonds for redemption at 100%
on interest payment dates, beginning on Dec. 1 1932. The
1928, earnings
1927. For the six months period ending June
regular operations amounted to $18,946.70.
together with
outstanding,
stock
The bank had $418,500.00 capital
surplus, reserves and other net worth accounts totaling $102,658.50, as
of June 30 1928. There is additional security for the bonds due to the
fact that the stock is assessable up to 100% of its par value.
The following is a statement of earnings of the bank for the years 1926,
1926, 1927 and the first half of 1928 showing the manner in which earnings have increased due to the increase in mortgage loans outstanding:
EARNINGS AND GROWTH OF BUSINESS.
For the Year Ended December 31.- 6 Mos. Elided
June 30 1928.
1927.
1926.
1925.
Net mtge.loans ours'd'g..$4,181.488.27 $5,415,334.84 $6,659,059.37 $6,958.595.34
18,946.70
38,029.80
21,540.16
15,546.12
Net earnings from oper__
9,040.00
18,870.00
20,235.00
20,600.00
Bond premiums received$27,988.70
$56,899.80
$41,775.18
$38,146.12
Write-off of exp. relative
to purch. of Penn.-Md.
2,500.00
5,000.00
8,364.92
1,885.25
Joint Stock Land Bank
Avail, for res., deferred
$25,486.70
$51,899.80
$33,410.24
income & dividends.-- $34,460.87
STATEMENT OF CONDITION AS OF JUNE 30 1928.
Ands.
26.958,595.34
151 mtge !clans (net)
100,000.00
hand
on
(own)
bonds
Farm loan
53,210.43
ace
mtges.,
money
Real estate sales contracts, purchase
111,823.44
Accrued interest
91,559.87
banks
In
Cash on hand and
2,031.07
Accounts receivable
10,596.0'
Amortization installments In process of collection
811.88
depreciation)
of
(net
Furniture and equipment
24,913.94
Real estate
2,600.00
Deferred expense
—
7;
41.77
204
Liabilities.
Capital stock, paid In
Surplus, reserves and undivided profits
Deterred income. premium received on bonds
Farm loan bonds
Accrued Interest on farm loan bonds
Notes payable
Dividend payable July 14 1928
Reserve for coupons not presented for payment
Advance amortization Installments
Deferred loans
Other liabilities
FINANCIAL CHRONICLE
[vol.. 127.
to say misleading. In no instance have the actual facts been departed
$418,500.00 from, but figures given do not present the picture which the
prospective
70,375.43 investor
was entitled to see. In one instance a stock entitled to $4.00
32,283.07
6,633,000.00 showed in tabulation $11.00 as applicable to dividends, and while this
63,595.84 was technically correct as there was that cushion of $11.00 earned
befor
36,000.00
12,555.00 the $4.00 dividend on the "A" was in jeopardy, nevertheless after the
"B"
had
received
that to which it was entitled there really remained but
67,300.00
13,657.63 about $5.00 applicable to the "A." In one circular this was most lucidly
5,648.89 set forth, but in many
others we have found the matter distinctly
3,125.91
ambiguous.
$7,356,041.77
The question of voting power, particularly in such issues of Class "A,"
The Bank has sold $250,000.00 of its bonds under a repurchase agree- or in common stocks, should be clearly
set forth. In few instances have we
ment and has agreed to repurchase $125,000.00 of its bonds on or before noted that it was so done. When an investor
is buying an equity stock he
April 1 1929, and a like amount on or before April 1 1930, at par and usually presumes he is buying the same security as that
held by the
accrued interest.
managers or insiders, but it often occurs that the stock offered to the
public has no vote and nothing is said about it, and we also feel that
Report That Proposed Loan For City of Sydney (Aus- this should most carefully be set forth.
Another point the committee would like to call attention to is the
tralia) in New York Market Has Been Dropped.
problem of publishing more recent balance sheets. Some of them are too
old. They should be of more recent date. In one case a balance sheet
£3,000,000 Issue To Be Made in London.
was given as of December 31st, the bonds being offered in September.
The following is from the "Evening Post" of July 9:
In that balance sheet, which was of the "adjusted" order, was an item
London heard reports from Australia to-day that the sharp fall in the last of approximately
$4,000,000 cash; yet in November following the comCommonwealth loan has definitely upset the chance of the City of Sydney pany was
in default on a sinking fund payment amounting to approxiborrowing in New York at thL. juncture. It had evidently been hoped to mately
$150,000. A later balance sheet should have been submitted and
arrange a Brisbane issue in New York. The Sydney loan of £3,000,000 will would
doubtless have shown a more correct condition of the company's
be offered in London, it is said.
affairs. No further comment seems necessary on such a situation.
The Australian Loan Council's program provides for borrowing in the
Several circulars were examined in which an offering of preferred stock
current financial year £40,000,000, a decrease of £16,300,000 from last year.
was made based upon a business housed in a building on leasehold property.
The reference to the fact of a leasehold rental being a prior charge was
Interim Report of Industrial Securities Committee of made in very small type and in a most inconspicuous way. The investor
glancing at the circular could easily derive the impression that the
Investment Bankers' Association—Suggestions as dividend on the preferred stock was
a first charge on the earnings.
Unfortunately, investors, as a rule, do not read circulars carefully, and
to Circulars, Balance Sheets, &c.
the average investor would scarcely have noticed the mention made
of
An interim report of the Industrial Securities Committee the leasehold
charge. In our opinion these figures
be set forth in
of the Investment Bankers' Association of America under- just the same manner in which an interest chargeshould
on bonds would be
takes to point out special features which it considers es- placed.
Your
committee
could
continue
indefinitely
with
features to be critisential in the consideration of industrial financing. The cized,
seemingly unimportant,
really vital, but we feel there is
report points to the fact that no matter how carefully cir- neither time nor space to more yet
than touch on a few points, at random,
culars are prepared some are bound to contain occasional such as the foregoing.
So much has been written on industrial financing both within and
mistakes or omissions—these, and the problem of publishwithout this Association that we shall only elaborate on one or two
ing balance sheets of a late date, being among the subjects important features. Management
seems to be conceded by all to be the
treated in the report, which, among other things, cau- most important requisite. As has been ably epitomized
in a previous
tions against the tendency to overcapitalize in the case of report, the B. & 0. RR. has recently celebrated its 100th anniversary,
yet how many of us buy clothes and necessaries at the same shop
for more
common stock. We give herewith the report of the Com- than perhaps ten years,
how many use the same make of automobile for
mittee, the chairman of which is J. Augustus Barnard, of more than such a period? These concisely stated ideas,
to our mind,
most clearly point out to the investment banker the prime necessity
Dominick & Dominick, New York:
of
In submitting this report your committee have taken into consideration studying the management of a company he is considering and practicing
the reports of previous committees and have endeavored to avoid needless eternal vigilance in watching that management, after the securities have
been marketed. Too often has it happened in the past that a management
repetition. Four of the more recent reports on industrial securities have
which has built up a successful business, having sold that business to the
taken up in more or less detail the structure and minutiae as well as
public through security issues, becomes lax and careless, and too often
the financial set-up of certain industries such as automobiles, chain stores,
has it happened that the banker who placed those securities had not
kept
oil, paper and pulp, &c. Having served on three of these committees
close enough touch with the management to protect his interests and
the present chairman cannot be accused of criticism in concurring with the in
those of the public—which is one and the same. Therefore, we feel we
opinion of this committee that such detail is no longer necessary—with
cannot lay too much stress upon the necessity of the investment banker
certain exceptions. If any member of this Association desires informainserting a covenant in his original purchase contract by which
the intion or advice in regard to the suggested form of securities based on those
formation on earnings and general trend of the business will be
furnished
and many other euterprises he has but to turn to the reports for 1928 to
at frequent and periodical times and all information, even of a most
con1926 inclusive. As an aside, this might be construed as an added admonifidential nature, should be furnished. When the heads
of business entertion to the members to read the Year Book and Bulletins, so pertinently
prises will take their bankers into close and intimate
confidence, well in
suggested by our Executive Vice-President, Mr. Little.
advance of any impending crisis, it will be much better
for all concerned.
It is our endeavor to stress briefly special features that should be exToo careful study cannot be given to the trend of
a business; whether
amined carefully and if possible to try and throw new light on certain
articles manufactured or sold are necessities or luxuries
the
of the pitfalls encountered in the consideration of industrial financing.
; if patented,
whether the licenses are soon to expire; whether the fashions,
No better way can be found than to follow the instructions of the Assoso to speak,
are changing or have remained in the past fairly constant,
with every indiciation to this Committee by which it is obliged to examine all the circation of similar constancy in the future; whether company
a
culars on industrial securities issued by members. No matter how
depends too
care- much on the sale of one type of article,
etc. The question of labor, its
fully circulars are prepared some are bound to contain occasional
mis- supply and availability, not only for
the plant or enterprise being contakes or omissions, and it is the province and the duty of this Committee
sidered but for all analogous concerns throughout the country,
to look for such and, when they appear to be of a flagrant nature,
the fluctuato
bring them to the attention of the house that is responsible. Approxi- tions in that particular industry, not omitting to consider, even at this
time, the war time demand or lack of demand, and the post-war
mately three hundred circulars have been so examined and we think
situation,
the
Association is to be congratulated on the evident desire of its members the amount of capital employed in this particular industry, and whether
there is room for a further expansion. These points should be
weighed with
to follow the advice so ably set forth in the report of the special comscrupulous care by the banker, and though very general
are meant to cover
mittee on circulars. As there would be no point in merely examining
the various ramifications of such.
these circulars without publishing certain comments, we submit below a
All of these features are rightly placed under the head
of
few features which seem to us deserving of criticism.
for if they have not been well considered by the business management,
management
It seems almost too trivial to mention, but it is almost amusing to
they should be by the banker as part of his "management
."
note the "alternation,"—one might call it—with which one circular taken
Previous reports have dealt extensively with
the proper "set-up" of infrom the pile will carefully set forth that clause entitled "Purpose of dustrial securities
in general. But it might be pertinent here to say a
Issue" and the next one will omit it, stressing most splendidly the "manword on oil company financing. Its importance
may be visualized from
agement" clause, which was entirely ignored in the first examined circular.
the fact that last year major pieces of oil financing
floated in the AmerThis was revealed in countless instances and is merely referred to here
ican market aggregated approximately $450,000,000.
However, your comto caution members of the desirability or even necessity, of including both
mittee will content itself with a brief observation at this
time.
clauses.
There are two main considerations which the bankers
In very few cases did we find the "ownership" clause stressed in an
must have in mind
when
undertaking
bond or stock issues of oil companies—management and
important manner.
One case we should like to mention. In a circular offering a preferred accounting methods. The management question, of course, applies to
line
every
of
industry,
but an oil company income account or balance sheet
Stock it was well set forth that—
means much or little, depending upon the
accounting practices. By one
"for a period of years practically all of the common stock has been owned method of accounting a company may show
a handsome profit, and by
by the present management, who will continue, &c., &c., and who will con: another method the-same gross income may
be changed to a large deficit.
tinue to retain ownership of the common stock."
Depletion and intangible drilling costs are items
subject to wide latitude
in treatment.
In a circular issued three (3) months later the same parties offering a
Unfortunately there is no uniformity of practice
in this respect, to
common stock of a consolidating company stated "that all of the common unless one
has a knowledge of the "working papers,"
a report, though
stock (of the above referred to company) had been acquired"! While entirely
accurate from a technical accounting standpoint, may be quite
the same management was continuing in control of the new company, meaningless
or very misleading. The investing public is entitled to know
there is a discrepancy in the statements or an absence of any explanation the
facts about any security which they are invited to purchase, and issuing
that doubtless was overlooked, but which might lead to a charge of
bad houses should see to it that their offering circulars reveal earnings after
faith.
as well as before depletion and depreciation. They should also disclose
There have been a great many issues of so-called Class "A" stocks, whether
intangible drilling costs such as labor, etc., are charged directly
some with preferential rate of dividend over the Class "B" or
Common against operating expenses or capitalized to be amortized over a more
Issue, some without that, and some with a feature of participating
convenient
later period. The former method is the more conservative,
over
and above a fixed rate after the Class "B" has received certain
the latter one is much in vogue and may be defended as quite proper.
We feel that in many circulars the presentation of earnings dividends. but
point
The
we
applicable
wish to make at this time is that there should be no uncera. such participating Class "A" stocks has been a trifle ambiguous,
not tainty left in the public mind as to which method is used, so that there
JULY 14 1928.]
FINANCIAL CHRONICLE
205
Respectfully submitted,
purchaser of such securities to
'Ralph Hornblower
may be no opportunity for a dissatisfied
event of the issue declining J. Augustus Barnard, Chairman
the
in
date,
later
Lawrence Howe
a
at
misrepresentation
charge
William T. Bacon
Sidney S. Liggett
Arthur H. Bosworth
marketwise.
Henry Lockhart, Jr.
Cassatt
largely
Robert K.
'
course, depends
Roland L. O'Brian
The structure or form of an industrial security, of
R. A. Daly
well established corpo- '
John J. Rowe
Field
E.
Ream)'
akg,,the individual business to be financed. Old and
Joseph L. 8eybold
sell a bond, generally a Maurice L. Farrell
-lions, with large assets and earnings can usually
Rollin A. Wilbur
class by themselves: and .E. Gerald Hanson
debenture, of low interest rate. These are in a
George E. Williams
Hill
S.
a Carey
financing
of
method
the
But
them.
with
concern
K. Hoover
this report has little
until the conclu- *Edwin
*Did not sign the report.
small and new company has been argued back and forth
believe that
sion arrived at is mostly a matter of individual opinion. We
not by bonds.
such financing should be done by stock issues and
even to point
Financial Situation as Viewed by Otis & Co.
While it is not the object of this Association to instruct or
risk they or the
out to its members in setting up a financial structure what
a review of the financial situation, presented under
In
feels that
public should take on a security, this committee nevertheless
July 6 by Otis & Co., the view is expressed that
of
date
Associathe
of
attention
the
to
bring
to
function
it is particularly their
avoided.
be
should
feel
they
rates are now close to their peaks for this year,
which
"money
features
tion certain
subject
that
tendency
a
is
standpoint
concrete
a
from
mind
and the trend will soon be gradually downward,
What we have in
seems to prevail considerably of late to put too many bonds either secured perhaps to some Interruption this fall." We quote from the
by mortgages or debenture issues, on certain industrial corporations rather
follows:
than relying more on preferred or even common stocks for raising capital. review as
at the beginning
amount
To summarize, these things have happened: Almost
Of course with o'.d recognized and large companies, this does not
began an upward course that has
rates
ley
mo
time
our
is
quarter
it
newer
companies
and
second
the
companies
of
smaller
with
to so much, but
highest level since 1921. Bonds at practically
feeling that financing by bond issues is a matter that should be very since carried them to the
that has been more extensive than anycarefully weighed and the issuance of bonds reserved for emergencies as the same time went into a decline
Meanwhile, stock prices and brokers' loans
much as possible. The old homely saying about "an individual's ability thing in the past five years.
fashion until the market ran into an eighteen
▪ to mortgage his house to raise money to apply to his business" in an were ascending in sensational
of June. So much for what has happened
part
early
the
is
in
saying
that
decline
of
subject
the
point
nevertheless,
emergency is perhaps trite, but,
past.
immediate
the
in
consideration.
deep
given
a matter to be
and stock markets
Under present conditions the future of the bond
deserve
If a member wishes advice on the most expedient, or we might say
related to money and credit that these factors
closely
so
are
to
him
refer
we
issue,
stock
preferred
a
up
setting
months,
enlightened, method of
careful consideration. Credit conditions in the coming
likely
the reports above mentioned; but there is one feature that has been sug- unusually
are
difficult to forecast due to the fact that they
gested previously, yet never, to our knowledge, adopted, that we wish to in turn, are
in so important a degree by Federal Reserve policy.
influenced
be
to
emphasize, to wit:
rates are now close to
It appears quite possible, however, that money
The covenont in the articles of incorporation by which no bond issue their peaks for this year, and that the trend will soon be gradually downcan be placed ahead of a preferred stock issue without the consent of the ward, subject, perhaps. to some interruption this fall.
bond market Is
preferred stockholders is practically universal, but if the management
There are no indications that an upward course in the
desires to or is compelled to issue bonds, then the preferred stock should about to be resumed. It is, nevertheless, our belief that the recent dehave relinquished to them by the common stock sonic of its equity. The cline presents some attractive values.
again to cause
details it is obviously not our province to suggest, but a preferred stockOne of the effects of the recent break in stocks has been
holder is really in the class of a creditor, almost a bondholder, and if his the market to become discriminative. This, together with the sound conof
some
consent is required to mortgage the property he should be given some
ditions prevailing in business, agriculture and politics should offer
the equity he is preserving by his action. It has been contended that he opportunities to the student of stock values. In the main, however, we
comno
to
entitled
is
therefore
issues
and
property
the
save
to
must consent
believe that purchases should be confined to those strong seasoned
pensation. But the days of that sort of attitude have long since passed, nor which afford reasonable promise of continuance of a fair return, and a
should the preferred stockholder be disposed to say that he would take secure one.
all he could get in liquidation, wiping out the common, but join with the
latter in working to establish the business on a better foundation and
receive from the common stock—that is the management—some sort of Northwestern Loans on Stocks and Bonds at Highest
return.
Point Reached in Any Recent Spring.
It is our confident opinion that the precepts so ably expounded in
While stating that loans secured by stocks and bonds are
previous reports concerning the set-up of preferred stocks, and even
spring, the
debentures, should be followed more strictly. Some houses contend that at the highest point reached in any recent
as a general rule, but subject to certain exceptions, a preferred stock should Northwestern National Bank of Minneapolis, in its Rebe represented by a minimum of 100% net quick assets. Certain houses
view dated June 25, said that "the amount of deposit inhave long demanded a larger percentage. Yet we have noted one instance
with
in the Northwest caused by speculation is inconflation
bonds
where a company, fairly new and small, put out debenture
scarcely 50% of net quick assets behind them, and these in turn were siderable." We quote from the Review as follows:
followed by a preferred stock issue. There are, of course, exceptions to
Interest rates on loans made by Minneapolis commercial banks have made
all rules, but a more general adherence to the above will probably avoid a a horizontal advance of one-half of one per cent, during the month. Balgreat amount of trouble in the future when business, commercially and ances of out-of-town banks held by correspondents in this city are at a
financially, may not be so prosperous.
high point for this season of the year—higher on the date of investigaThere is a tendency, occasionally noted, to make a preferred stock tion (June 20) than in any recent year for the same date, and beyond
appear almost as if it were a debenture bond. The practice should be much doubt, with the probable exception of the year 1919, higher than
decried, and while every possible safeguard should be thrown around a on any corresponding June 20th in our history. Other salient facts
preferred stock issue, great care should be exercised in describing that concerning northwestern banking are that holdings of investment securisomewhat anomalous form of security.
ties are greater in amount than they have been in the spring of any
There is just one word of caution we would suggest—in drawing up post-war year, and that loans secured by stocks and bonds are also at the
the terms or conditions safeguarding a preferred stock, or even a bond highest point reached in any recent spring. "Other loads," on the conIssue—care should be observed not to make them so exacting that they trary, are unseasonably low. These "other loans" are chiefly made for
would be an obstruction in the case of an emergency or the simple necessity the purpose of financing commerce and industry, but it should not be
of raising more capital.
assumed that advances listed under the other classification ("secured by
The question of the issue of common stocks is of such wide and dis- stocks and bonds") are necessarily speculative in character, although the
cretionary power that it is difficult to make any suggestions. However, bulk of them at the present time in a city such as New York may be of this
we think a word of caution is in order against the tendency to overcapi- nature. In the Northwest, at least, commercial borrowers have gradually
talize. In this connection we might be pardoned for expressing the converted a very appreciable portion of their accumulations of surplus
thought that the great competition that has arisen among houses of issue funds into such securities, and these serve as ready collateral when needs
has caused them to pay too high a price for properties, thus compelling for funds for temporary business purposes arise. The amount of deposit
overcapitalization. As long as the immutable law of supply and demand inflation in the Northwest caused by speculation is inconsiderable. With
holds good it is difficult to see how this can be changed; but it would the aggregate of all invested funds of banks comparatively high, however,
be better if we could all adhere to the suggestion of our President and it is logical to suppose that deposits too are high, in addition to those
"play ball" among ourselves with great benefit to ourselves and the represented by "due to banks," or bankers' balances held by correInvesting public.
spondent banks, already mentioned as being at an exceptionally high point
In referring to the question of balance sheet, we are treading on dan- for this time of year. This is, in fact, the case. Time deposits in northgerous and difficult ground. We do not intend to delve into this intricate western banks are now larger in amount than in any spring of the postand highly specialized side of industrial financing. There is, however, war period, and demand deposits stand almost at the spring peak.
a word or two that could be said here on this subject. The difference
Foregoing statements concerning loans, investments and deposits, with
between a condensed and consolidated balance sheet is vast, yet the the exception of the reference to bankers' balances held in Minneapolis,
average investor does not always note that and is inclined to consider are based on figures reported to the reserve bank of this district by
them identical. Therefore, care should be exercised in presenting the leading banks of the larger cities; it is believed that the figures are
figures that no ambiguity can creep in. The so-called certificate of the fairly representative, and that they can properly be applied to the district
accountants should likewise be free from misconstruction or ambiguity. as a whole.
For example, we have noted in a circular a wording that was not clear,
whether the balance sheet had been adjusted to show the present financing
of
after the accountants had submitted their balance sheet, or whether they Third Securities Exchange to Centralize Control
had passed upon it in the adjusted form—made the adjustment themselves:
Unlisted Securities Proposed by New York AttorneyIn an endeavor to bring the accountants into even closer touch with the
General's Office—Plan of Produce Exchange Fabankers, a sub-committee has been appointed from this committee who
lt of Over Billion Dollars of Securivored—Defau
a
from
committee
with
the
collaborate
American Institute of Acwill
countants. The function of this sub-conunittee is to hold itself available
ties Sold "Over Counter."
to hear complaints, or differences of opinion, that may arise between a
According to a preliminary report by T. J. Shea, Assistant
member and his accountants, and then take it up with the Committee of
the Institute, for a decision or at least a clarifying opinion. It is not Attorney-General of New York State, "securities aggregatpresupposed that this will entail very many occasions for action, but it is ing upwards of $1,000,000,000 sold through over-the-counter
felt that such contact will be of benefit to the Association.
the war have defaulted or become absoIn conclusion, we would repeat that we believe the Association is to be channels since
congratulated on the evident care with which the members are issuing lutely worthless." Mr. Shea, who is in charge of the Detheir circulars and their earnest endeavor to present in a fair manner to partment's Bureau of Securities, in a statement issued on
the investing public the many forms of securities representing the July
9 regarding the inquiry undertaken by the AttorneyIndustrial development, not only of North America but almost the entire
office into the "over-the-counter" dealings, state!,
General's
world.
206
FINANCIAL CHRONICLE
%at "the record of defaults and failures among concerns
%lose securities were floated through 'over-the-counter'
market houses, has convinced me that more open and above
board methods of promotion must be followed by the houses
dealing in this class of securities." He indicates that numerous proposals have been submitted to the Bureau for
remedying the situation and says "probably the foremost is
that involving the establishment of a 'third securities exchange' which would utilize the facilities of the present
produce exchange." Mr. Shea in his statement says that
Harrison S. Martin, former Assistant Secretary of the New
Work Stock Exchange, who has been retained by the New
York Produce Exchange to draft a plan for the new securities exchange, is co-operating with the State Bureau of
Securities. We quote from Mr. Shea's statement as follows:
[VOL. 127.
The number of securities dealt in in the "over-the-counter" dealing
probably exceeds the combined total of those listed on the two recognized
exchanges in New York. For the most part the transactions of this "overthe-counter" market consist of purchases by dealers of securities for their
own accounts, which they, in turn, retail to their clients, who may be
either the general public or some other dealer. There is no restraint
upon the dealers; consequently each has worked up a code of ethics for
himself which is represented, in the main, by his own personal integrity,
ability and standards generally.
If the new exchange is successful it will at least accomplish one thing,
and that is to centralize the control of unlisted security transactions in
such manner as to- establish them under an authority that must stamp
out
obnoxious practices, control personnel and scrutinize offerings. I think
the machinery that Mr. Martin has set up, if the details are carried
out
effectively, will work well in the proposed new market in view of
the peculiarities inherent in it.
The variety of the securities traded in on the "over-the-counter"
market,
coupled with the universality of the enterprises upon the
earnings and
properties on which they are based, lend to the movement
to establish
another securities market a nation•wide interest
Every locality in the
United States will be concerned more or less directly
with the affairs
of this proposed exchange by reason of their varying
interest in the stocks
and bonds listed upon its board.
To aid the State we have enlisted the co-opreation and counsel of Mr.
Martin, who, by reason of long experience, is considered by this department an authority upon market activities. Mr. Martin virtually emerged
A statement in behalf of the Unlisted Security Dealers,
from retirement to lend his efforts to this important undertaking. Consequently the State is prepared to extend to him the services of every issued by C. Lester Horn, in which
the view is expressed
agency within its power to command.
that a third exchange "would make matters much
worse,"
Here and now I wish to dissipate the notion that the investigation by
is given in another item in this issue of our paper.
the State bureau of securities of the "over the counter" market has in
any way been abandoned.
We were prompted to discontinue the questionnaire process of investigation by the conviction, sustained and supported by results, that it was President Beatty of New York Produce
Exchange Says
not only cumbersome and unserviceable for our purposes, but, in some
Latter Plans to Provide Security Market to Meet
instances, positively abortive.
Requirements of Attorney-General's Office.
Our discontinuance of this method of examination of conditions prevailing in the unlisted securities market seems to have been utilized as
One of the statements bearing on the announcement
from
a ground for the circulation of the false notion that the inquiry itself
the Attorney General's office relat4ve to a new
had been abruptly terminated. Nothing could be further from the truth.
security
The process of investigation VITA merely altered to make it all the more market to centralize control of unlisted securities has
come
intensive and to expedite the disclosure by more certain means of those from William Beatty,
President of the New York Produce
practices about which complaint has been filed with the Bureau of SeExchange, who on July 10 said "we confidently expect
curities. I am confident that the new method of investigation involving
to
the utilization of the services of skillful Investigators and analysts di- provide a market that will fully meet the requirements to
rected to a personal scrutiny of the affairs of concerns whose securities which the Assistant Attorney
-General has made references."
are traded in and the operations of a large number of dealers in this
Mr. Beatty said concerning the proposed trading in securimarket will be productive of these results.
It must be understood that the Bureau of Securities does not entertain ties on the Produce Exchange that "this Is a new departure
the idea that listed securities have any greater merit than those not listed. on the part of the Exchange. Harrison S. Martin,
formerly
In fact, many of the securities that are not listed are as desirable, if
not Assistant Secretary of the New York Stock Exchange,"
mpre so from the investor's viewpoint, as many listed securities. A
limited said Mr. Beatty, "Is giving us the
benefit of his long exnumber of excellent and highly reputable finns have for years sold sound
perience and wide knowledge of Stock Exchange operation
securities over the counter, it of course being understood that
most of
this buying and selling is done over the telephone. It is also
common and has Just recently submitted a plan for trading in seknowledge that in the dealings among the unlisted traders there is
a curities on our Exchange Floor, embodying In his
plan a
great deal of middlemen's profit. liven were this great enough to amount
to a considerable "scalping," the Attomey-General would not consider complete set of rules and regulations. These are now rethis fact enough to mail for inquiry.
ceiving careful attention and will require some time for
The fact is, however, that in recent years the number of over-the- the Board of Managers to digest
preparatory to final adopcounter dealers and traders has increased by hundreds. Many of these
tion. When the finished form is determined plans now
new firms are conscious of their responsibilities and have the best
of about
ready covering the arrangement of floor facilities can
intentions. Others, however, deliberately take a position in wretched
offerings so fundamentally worthless that it would seem the only
test be promptly put into execution." President Beatty also
applied by their house of issue was the one question "Will the stuff
said:
sell?" There are tens of thorwanda of citizens of New York State
who
boy securities for investment purposes. This is so despite the vast volume
Our endeavor now is to conclude all of these matters as
promptly as
,%k
possible and have the trading in securitica under
of speculation witnessed in recent years.
way within a few
To date oar inquiry has revealed a startling indulgence in vicious
pracThe function of every properly conducted Exchange
tices by some professing to be servins the publ:c in the confidential
cais to afford a market
pacity of brokers. The record of defaults and failures among concerns in which buyers and sellers will obtain as nearly the
true monetary value
whose securities were floated through "over-the-counter" market houses of a security as is practicable. An Exchange market
in which is gathered
as many representatives of buyers and sellers as
has convinced me and my advisors that more open-and-above-board
possible comes closer
methods
to meeting the public demand for proper prices
of promotion must be followed by the houses dealing in this class
for securities than any
of
securities. Then, too, the fact that much dishonesty exists, in
the pub- system of private buying and selling conducted in what is commonly known
lication of quotations, many of them downright fictitious, leads
as "over-the-counter" trading. In an "over-the-co
unter" market, the buyer
me to
believe that a standardized system of making these public must
arid seller have no means of knowing whether the price
be depaid and obtained
reflects actual conditions, as regards supply and demand
vised. The public interest seems to demand this.
in any particular
security, or in fact as regards any other security; whereas
Numerous proposals have been submitted to the Bureau of Securities
a properly conas ducted market, in
which
a number of buyers and adieu meet,
remedies for those evils. Probably the foremost is that involving the
and in
es. which every actual or
even
potential buyer or seller is afforded
tablishment of a "third securities eachange," which would utilize
public
the quotations of what
other actual or potential buyers and sellers
facilities of the present Produce Exchange.
pay or are
willing to pay or accept is a guaranty that values are
If we accept the proposition that exchanges are justifiable and necessary To
more truly reflected.
afford such a market is the intention of this Exchange.
and serve a useful purpose, we feel that the vast volume of over-theThe method we propose to adopt is a
counter transactions should in some manner be recorded, with the attendcombination of the best practices
of the smaller Exchanges and of the practice
ant benefit that publicity given to quotations entails.
in vogue in the offices of
the higher-class of Outside Brokers; and,
briefly stated, consists of the
Despite the decency of a fairly large number of over-the-counter brokers
centralization at a proper place and in proper
mariner of Bids and Offers
and the unquestioned worth of hundreds of the offerings in that market,
in Securities, with facilities for the
execution of the same, sent in by
I am convinced that the present situation is made to order for unscruMembers, with means for communication with
pulous 'rudders to push worthless goods and literally trim the public.
others who may be interested in such Bids and Offers, especially those
(whether they be Members,
It certainly is not file intention of the Attorney-General, acting for the Non•Members or Corporation
s) who have been assumed to
be, or who acted
State of New York, to foster the business projects of one group of indi- as Agents for or
intermediaries between, the sponsors of
Securities and
viduals at the expense of other groups. In stating that we believe this the Public.
plan of the Produce Exchange is a wise, constructive first step in dealing
With this in view, means are afforded by
which Members can openly
with the difficulties inherent in the unlisted securities market we do
so Bid or Offer for Securities in which there is a
comparatively active market;
because we believe that a great public benefit may conic from this plan. and in Securities
which are less active, can place with
an Official of the
The working out of the Produce Exchange securities division is entirely
Exchange orders for execution at the prices stated,
with the assurance that
up to the competency and ability of those in control of it. We can furnish if those prices
are not immediately obtainable,
the Official will endeavor
no guaranty how well their plan will work, except that we will
afford to ascertain as nearly as possible what is the
best market in a Security,
them reasonable co-operation consistent with State policy.
and communicate that fact to the Member who
filed the Bid or Offer.
The final results of our investigation of the "over-the-counter" market
Transactions which occur at the Exchange
will be made public in the
activities and the recommendations of this office to correct existent
abuses usual manner, as nearly as possible
immediately after they occur ; and
will be made after observation of the operations of the third securities
offers to buy or to sell Securities admitted to
dealings at the Exchange
market.
will be given such immediate publicity as
is possible, but in any event,
The numerous complaints now on file in the Bureau of Securities for the at
the close of every business day.
most part come from those of the investing public in the "over-theAmong the membership of the Exchange will be
found the names of many
aounter" market who are buyers of the "paper" projects which unfortu•
of the leading Stock, Bond. Grain and other houses
of the country, giving
esbely are handed out to hundreds yearly and are fraudulent in their in- assurance,
if any be needed, of the proper handling
of orders, and the
ception and subsequent promotion. To protect these investors in
the greatest amount of protection to accounts of
customers; arid the rules of
future is the duty of the State and that is just what we propose
the Exchange are drawn with the intent of providing
every safeguard
to do.
in this respect which experience has found necessary arid desirable.
JULY 14 1928.]
FINANCIAL CHRONICLE
Does Not ConUnlisted Securities Dealers' Association
Counter"'
"Over
er
Transf
to
Plan
sider Feasible
of Name
se
nge—U
Excha
ies
Market to Third Securit
ized.
Author
nery
Statio
on
of Latter
General's office,
The proposal, favored by the Attorney
would utilize
e
which
exchang
es
securiti
to establish a third
Exchange with a view
the facilities of the present Produce
transactions, has
to centralizing control of unlisted security
of the Unlisted
er
Treasur
Horn,
brought from C. Lester
a statement
Securities Dealers' Association of New York,
says:
in which he
responsible unlisted security
"it should be distinctly understood that thethe
Attorney General's office
207
elsewhere or may
however, that the prospective customer may have bought
another investment,
not buy at all, because of a change in plans, making
carry the risk
or a change in conditions. In this case, the dealer mast
y of a loss
until another customer can be found, facing the possibilit
after he has
because of additional offerings coming into the market
may not know
actually bought the stock. On the other side, the dealer
Probably, not being
of anyone who is willing to sell the stock under 50.
than that figure.
'long' of the stock, he cannot afford to sell at less
e at a price
Obviously if he does sell with the hope that he can repurchas
the risk that the
assuming
sufficiently low to afford a profit, he is also
owner may have
stock he expected to buy may have been sold, or the
changed his mind about selling.
find it necessary
"It must be remembered, also, that the dealer may
ng and circulation to
to spend a considerable sum of money for advertisi
active—
especially
not
is
develop actual buyer or seller for a stock which
themselves bewhen an issue becomes active competition among dealers
narrows down to a narrow margin.
comes so keen that the spread naturally
'net prices,' no further
Furthermore, the 'over the counter' quotes are
on; this constitutes an 'incommission being charged on the transacti
be taken into conmust
'on a purchase and sale which
2
1
visible % or /
as a brokerage order.
sideration by the customer on business handled
will seldom produce an actual
"The actual posting at some central point
must be found by solicitation.
buyer or a seller—in most cases a customer
by a dealer to his customers."
This is a small part of the service rendered
dealers welcome any constructive work that
business clean. On the
can and will do toward keeping the security
the same dealers, based on their
other hand, it is the unanimous opinion of
their intricate business,
many years of experience and intimate knowledge of
the counter' market
that it is not feasible to attempt to supplant the 'over
Such securities as from
by transferring the business to an exchange.
on an exchange do find trading
time to time become logical for trading
d and have long
transferred to the exchanges which are already establishe
d Securities
large percentage of issues
The meeting of the members of The Unliste
since passed the experimental stage. A very
were
period
t to a call
long
for
a
,
pursuan
exchanges
held
d
recognize
was
10
the
on
now traded in actively
' Association on July
future, as in the past, such Dealers
6th; at the July
June
on
traded in 'over the counter.' No doubt in the
rs
Governo
of
Board
the
by
desire
s
issued
the owners themselve
issues as may be logical for listing and where
exchanges. It is not logical 10 meeting it was agreed that the official name of the
such trading, will continue to be moved to the
'listed'
securities
on the stationery
all
make
to
possible,
or desirable, nor is it economically
Association may be used in advertising and
by transferring them to an exchange."
s of The Unlisted Securities Dealers' Associa-
public
The views of the Attorney General's office, as made
Shea,
y
J.
Timoth
General
y
Attorne
nt
on July 10 by Assista
matter was
are given in another item in this issue. The
10, and
discussed at a meeting of the Association on July
ng statethe daily papers of the 11th printed the followi
ment said to have been issued by Mr. Horn:
of the member
Vice-President
tion. Prank Y. Cannon, of J. K. Rice & Co.,
Frederic H.
of the Association, acting in the absence of
ing the purexplain
in
tion,
Associa
the
Hatch, President of
tion, said:
pose of this change in attitude of the Associa
classes, both listed and
"With the great activity in securities of all
neither previous experiunlisted, it is recognized that some persons with
field
e or high moral ideas have entered the security
knowledg
markets
proper
financial
ence,
the
in
activity
extreme
the
that
fact
eaves and in
"We recognize the
business as so-called dealero and brokers, their operations in some
security
unlisted
the
to
attracted
has
months
few
in the last
business generally.
or nothing about the connection with some issues reflecting upon the
many wolves in sheep? clothing whe know little
those dealers who are
The attention of the
"Because of the recognized moral standing of
business and who have no scruples in their dealings.
on of New Yerk, It
Associati
Dealers'
Securities
Unlisted
The
rather
of
activities
members
their
against
Attorney General's office should be directed
that the members be permitted ta publish in their
desirable
seems
now
market.
ounter
such membership In a
than against the over-the-c
is concerned, the literature and on their stationery the statement of
"So far as losing money on over-the-counter securities
of the organized stock
from the recent drastic manner similar to that employed by members
less
suffered
whole,
a
as
have,
securities
unlisted
only issues which have exchanges."
decline in security prices than listed issues. The
Lester
have been obvious
In commenting further upon this action, Mr. C.
caused losses to investors and traders are those which
General before they
fakes and should have been stopped by the Attorney
er of the Association and head of the comTreasur
Horn,
•
ever were placed on the market for sale.
finds an equable pany bearing his name, said:
"The unlisted dealer's business is to shop around until lie
and responsible
ons throughout
corporati
"It, of course, should not be assumed that all reputable
of
hundreds
are
There
security.
the
market in
of the Association.
in over the counter for dealers in 'over the counter' securities are members least serve as an
dealt
be
will
always
shares
whose
country
the
at
usually a sufficiently large The use of this phrase by a member, however, will
several reasons. The first is that there is not
the Street and some
for an exchange; second, identification to the investor unacquainted with
fair treatment
amount of stock to make it an attractive listing
receive
will
he
houses
exchanges will refuse to assurance that in dealing with such
the distribution of such issues is so limited that
the issue and be served to the best of their ability, which Is founded on training
of
supply
floating
small
relatively
the
of
list them, on account
ed."
and experience."
and the facility with which they can be manipulat
ed in one
Discussing further reports of interviews publish
y—
Mr. Chicago Curb Exchange to Begin Operations To-da
Shea,
Mr.
of
nt
stateme
to
the
relative
papers
two
or
ed.
Adjust
ge
Exchan
Stock
o
Chicag
Differences with
Horn, in the following received by us, said:
Association
prepared, and
The newly formed Chicago Curb Exchange
"Unfortunately, due to the fact that a statement was not
retation was placed
trading to-day (July 14) following the
initial
begin
the report was based on an oral interview, a misinterp
will
the only issues
on same of my remarks. The statement to the effect that
July 11 which have served to
been obvious adoption of several steps on
which have caused losses to investors are those which have
before they avert threatened strife between three Chicago commodity
fakes and should have been stopped by the Attorney General
the statement
According to the Chicago "Journal of Commerce"
were ever placed on sale' was a case in point. The tenor of
have resulted in bodies.
as made was to the effect that the only issues which
was the announcement on
obvious one of the moves to this end
practically total loss to investors have been those which have been
Chicago Stock Exchange
of
the
rs
for
governo
the
subject
proper
that
the
11
their
sponsors,
with
July
together
are,
fakes, and which
of pitiless
spotlight
in the constitution perthe
on
of
change
a
applicati
end
General,
Attorney
recomm
the
of
to
attention
had voted
exchanges in Illinois
other
publicity and the Martin Act.
to
mitting its members to belong
"The evils of which complaint are made in connection with the securities
securities listed or
in
deal
not
do
es
exchang
sale
The
(1)
such
ng
headings:
two
providi
general
markets may be broadly classed under
above
The paper quoted
their
far
ge.
,
prices
Exchan
or
at
to
worthless
are
next
Stock
of securities either which
dealt in on the Chicago
the
real value, and (2) The alleged taking of unjustifiable profits from
went on to say:
,
investor.
move made by the neva)
This action was an acceptance of the peace which had amended its
"As to the former evil, it is unquestionably real; it pertains more
Exchange Association
especially to a type of so-called 'dealer' or promoter who cannot properly organized Chicago Curb
listed
not
securities
for the dealing In only or
issues
be classified with the recogq&ed unlisted dealer, and no one is more constitution so as to provide
Exchange, and to discontinue trading in such
anxious than the responsible rcurity dealer in seeing it reduced to the on the Chicago Stock big exchange subsequently.
the
on
made
listed
be
effective,
ever
be
can
may
only
remedy
which
The
as
limit.
possible
smallest
move on the part of the Chicago
This action also paves the way for a peace
as well as in grain
however, seems to be the education of the public to use some discrimination
which is contemplating trading in stocks
to the end of buying stocks or bonds after securing full and real information Board of Trade, provision similar to that adopted by the curb exchange
A
s.
provision
simply
than
s—rather
or
concerning the properties the stock or bond represent
two institutions.
the possibility of a warfare between the
buying upon tips and abstract promises, especially when received from would end
.
Statemen
of
Text
or
ble
houses.
salesmen
irresponsi
and
unknown
.1%311 of the Curb Exchange was
"Even the listing or trading of a security upon an exchange will not
The acceptance of the friendly overt
Exchange,
prevent the investor from buying on 'tips' or at ridiculous prices stocks announced by A. Arthur Wood, Presid .. of the Chicago Stock
which have been marked up on no other basis than buying power which in a statement which said:
Curb Exchange Association
has been created through publicity and well known methods of 'tipping'."
"In view of the action taken by • Chicago
not deal in aecurities
"As to the alleged taking of unjustifiable profits from the investor, amending their constitution prov rig that they will
now or in the future, the
much of that which is frequently supposed to be exists only in imagination listed on the Chicago Stock F. dew, either
has recommended to
—the result of lack of understanding of the problems and necessary board of governors of the C ago Stock Exchange
ion permitting the
methods of handling such transactions. The most frequent complaint heard the members of the exchan a change in the constitut exchanges in the
to other
in this connection is the spread between the 'bid and asked' prices, and the Chicago Stock Exchange embers to belong
not deal in securities listed or
assumption that the dealer actually makes this spread. This is not the State of Illinois provide Arch exchanges do
ease, any more than it is true that the specialist on the floor of an ex- dealt in on the Chico- stock Exchange."
member cannot belong to
Under the present rules of the exchange, a
change makes a profit of the difference between the bid and asked quotaShould the Board of Trade adopt
tions on securities listed there. One has only to look over the list of bid any other stock excnange in Illinois.
hree members of the stock exchange would
and asked prices published daily on issues listed on the Stock Exchange stock trading, scare seventy-t
the exchange revised its constitution and the board
which were not dealt in the previous day, to prove that listing does not be affected and unless in accordance with the revised statutes of the exion
necessarily assure a narrow 'spread'. These prices, whether on a listed adopted a constitut
affected members would be compelled to decide between
or unlisted security, are determined by the price at which one person is change theseone organization or the other.
belonging to
willing to buy and at which another is willing to sell.
Stock Exchange appeared to have
Of late, the officials of the Chicago
"A dealer in the 'Over the Counter' market, knowing that one of his
the trading rules of the curb association
regarding
d
concerne
more
a
for
49
be
willing
say
to
been
may
pay,
stock,
customers or another house
since they felt that the grain organization
a chance that he will still than of the Board of Trade,
view of the plans
may be willing to make a bid of 48%, taking
not adopt stock trading In the immediate future in
Would
a
assumes
the
stock.
He
buys
obviously
risk,
he
if
49
at
it
be able to sell
208
FINANCIAL CHRONICLE
[VOL. 127.
for a new building on the site of the
present building, necessitating a moving
of quarters pending the razing of
the old structure and the construction
of a new home.
Because of the scope and magnitude
of the task and the
many intricate details to be worked
out, the committee of
Board of Trade Problem Looms.
fiftee
n
and
the
sub-committees expect to be in session throu
This feeling also was based on
the fact that the Board of Trade had not
gh
the entire summer. The full commi
been active in formulating its plans
for stock trading since its members
ttee will meet weekly
approved such a step. However,
it is possible that some definite move will and the sub-committees begin their
work at once.
be made shortly in view of the
that the matter will be the subject at
The "Journal of Commerce," in stati
an informal dinner of directorsfact
ng that the appointof the board to be held at the Chicag
o ment of the special
Athletic Club next Tuesday
evening.
committee followed the receipt of the
replies to the questionnaire of the excha
It is stated in the Chicago "Jour
nge on the voluntary
nal of Commerce" that inaug
uration of a system for controlling the
stocks of forty-two companies have been
trade in New
selected for trad- York
cotton futures, added:
ing on the Chicago Curb Excha
nge Association, when that
Institution opens for business on the
main floor of the
Board of Trade Building, to-day. These
securities represent the most active issues in the Chicago overthe-counter
market, and none is listed either on the
Chicago or New
York Stock Exchanges. The complete list
of securities to
be traded in at the opening sessions are.
American Furniture Mart common
Hayes Body common
Bohn Aluminum & Brass common
Holland Furnace common
Brennan Packing Common and preferre
Imperia
d
l Oil, Ltd.
Canadian Marconi common
Interla
ke Steamship common
Caterpillar Tractor common
Kellogg Company common and pref.
Chicago Daily News common & pref.
Ludlow Typograph common and pref.
Chicago Mill & Lumber coin. & pref.
Marmon Motor Car common
Consolidated Retail Stores corn. &
pref. Mengel Company common
Continental Steel common and pref.
F.
E. Myers dc Brother
Cox Stores class A and B
Noranda Mines common
Creamery Package common
Palmoli
ve-Peet common and pref.
Cuneo Press, Inc.,common and pref.
Paraffins Companies,Inc.,common
Dalhousie 011
Prairie Pipe Line common
Elgin National Watch common
Sheaffer Pen common
Federal Bake Shops, Inc.
Standard Cap dc Seal common
Federal Electric common
Standar
d 011 of Indiana
General Fireproofing common
Standard Oil of Kansas
Goodman Manufacturing common
Standard 011 of Kentucky
Great Lakes Transit common
Union Stock Yards of Omaha common
Gruen Watch common and preferred
Waigreen Company common
Hart-Farr stock and warrants
In addition to trading in the above stocks,
the Curb Ex
change also will deal in the following bonds
:
Southwestern Gas& Electric58, 1957
Chicago Daily News 65, 1936
Chicago Rapid Transit ad). deb. 69. 1983
Chicago Rapid Transit let de ref. 65, 1953
Chicago Rapid Transit let & ref.6Hs,'44
Cudahy Packing deb. 5J.48, 1937
West Texas Utilities 1st 5s, 1957
Nat. Pub. Serv. sec. deb. 5s. 1978
The committee was selected by
the Board of Managers in response to a
petition signed by 178 members of
the exchanted and dated May 31. . .
On the balloting by mail respons
es were received from 230 out of a total
of 450 members. Only 11 votes
were received in opposition to the principle
of incorporating in the exchange by-law
s, amendments deemed by leading
Senators and Congressmen from
the cotton belt as legal requirements
Indispensable to the proper
conduct of the trade In futures in New York.
so as to reduce, minimize and
perhaps eliminate altogether opportunities
for price manipulation. All of
the other votes cast supported the membership petition.
Confronted with the difficulties
shown in the recent report of the committee on Southern Deliveries,
headed by Richard T. Harriss, which
recommended as the better plan the
exclusion of New York from a propos
ed
new contract providing for Southe
rn delivery, it is recognized that
the
task of safeguarding such deliver
y while affording a workable freight
differential for New York stored
cotton
the mall vote revealed that the membe will prove no simple task. Yet
rs are in the ratio of three to one
In favor of a delivery system that will
include New York and make deliver
y
here feasible through a freight differe
ntial that will and must constantly
maintain an obvious and direct price
parity between cotton here and at
New Orleans and other Southern
ports of delivery.
In reporting a system of limiting
and controlling trading, the subcommittee having that subject in
hand will have before it the provisi
ons
of the Smith bill, leaving the trading
limit open. but subject to definition,
and making such definition univers
al, when once announced, beside
an
amendment reported to the exchan
ge itself, which after some changes.
covered the essentials of control
in a form somewhat analogous to the
scheme of the Smith measure.
The
proposal to establish a Control
Committee was
referred to in these columns May 5,
page 2732, and an item
relative to the questionnaire appeared
in our issue of June 23,
page 3863.
Curb Margin Accounts Generally
Acceptable—Stock E. A. Barnes Elected First Vice-Pres
ident of Los Angeles
Curb Exchange.
Edwin A. Barnes.has been elected first V.
-President of
Supplementing the item which we wilte
d in our issue of the Los Angeles Curb Exchange to succeed Clifford
H.
June 30, page 4024 (from the "Hera
Dowel
l,
resig
ld Tribune") we give
ned, the board of governors of the Curb Exherewith the
Exchange Houses Willing to Carry
Securities of
Good Loaning Value—Greater Distributi
on Evident.
June 30:
following from the "Wall Street Journ
al" of change announce. George Sheedy, of Frick, Martin & Co.,
"
Stock Exchange firms generally have
no thought of following the
example recently set by two houses
in refusing to accept marginal accounts
in Curb securities. Practically all
firms are continuing to apply to any
stock listed en the New York Curb
the same test made with regard to a
Stock Exchange issue—that is its accepta
bility as collateral for borrowing
purposes. A survey of the principal
houses shows that they are willing to
carry on margin any Curb security which
has a good loaning value.
Since early this year Wall Street banks
have been exercising Increasing
discrimination regarding stocks in loan
envelopes. This has applied to
Stock Exchange securities as well as to
Curb issues. Owing to the sweeping price advances and rapid expansion
of brokers' loans, it was considered
advisable to mark down substantially the collate
ral value of almost the
entire range of securities to protect the lendin
g institutions In the even
of a sudden drop in the market.
Some time ago a group of the leading banks
and trust companies a
d
to accept the guarantees on stock certificates
of regular members of the
Curb Clearing House Asioeiation, thus elimina
ting the necessity of the
guarantee of Stock Exchauffs houses. Since
this agreement was made, other
leading Wall Street bank, have entered in to
it. Curb officials are confident that practically all the lending institu
tions of the financial district
eventually will take the mine action.
Banks which made this agreement are accepting
loans on
on the same basis as those made on Stock Exchange issues, Curb securities
basing the transaction strictly on the merits of the securities involve
d. In case of loans on
mixed Stock Exchange and Curb collateral a rate of
/
1
4% to 1% over the
prevailing market for money is usually made; but in
cases where the Curb
collateral is particularly attractive it frequently
happens that loans on
mixed collateral are made at the same rate as accomm
odations on strictly
Stock Exchange collateral.
Special Committee of New York Cotton Exch
ange to
Draft By-Laws Governing Control Committee.
The appointment of a special committee of fiftee
n to
prepare by-laws covering the organization of a
Control
Committee, limitation and deliveries of cotton in the
South
as well as in New York, was announced on July 12
by
New York Cotton Exchange. John H. McFadden the
Jr.,
who is acting President in the absence of Gardi
ner H.
Miller, is Chairman of the Committee of Fifte
en. The
committee was selected by the Board of Managers in
response
to a petition of members of the exchange dated
May 31
last. The committee held its first meeting on July
12 and
the woi k to be done was divided into five phases,
and the
following ub-committees were named:
Trading-1
-ink M. Hartcorn, Chairman.
Legal Actioun and Banking—Elwood P. McEna
ny. Chairman.
Freight Differ. tale—J. Hunter Wood,
Chairman.
Limitation and
ntrol—Philip B. Weld, Chairman.
Warehouses and ReLdllng of Documents—William
S. Dowdell, Chairman.
has been elected a member of the board to fill
the vacancy
created by the promotion of Mr.Barnes to first V.-Pres
ident.
Mr. Barnes is a member of the firm of Bond,
Goodwin &
Tucker, while Mr. Dowell is a partner in the firm
of Dowell
and Huh. Other officers and board members
of the Curb
Exchange are D.G.Grant,President; Norm
an B.
Asst. to the President; S. H. Etlis J • , 2d Courteney,
V.
Wallace Wagy, Treasurer, and Philip 8. Leo, -President;
Sec. & Mgr.
ie-mbers of the board are Murry Brophy,
Franklin H.
onnell, Lewis A. Gabel and G. F. Wolco
tt.
Rediscount Rates of Chicago, New York
, Richmond and
Atlanta Federal Reserve Banks Increased
from 43.2 to 5%
A 5% discount rate was made effect
ive this week at four
of the Feder
al Reserve Banks, namely Chicago,
New York,
Richmond and Atlanta. The advance
is the third which has
been witnessed this year, the rate havin
g first been raised
from 3%% to 4%, then from 4% to
4%%, and now to 5%.
The Chicago Federal Reserve Bank
was the first to put
all the current year's advances Into
effect, the other Reserve Banks finally falling into line.
In the case of the
Chicago Bank the increase from
3% to 4% was made
effective January 25; when the chang
e to 4%% was made
by the Chicago Bank effective April
20, the 4%% rate was
also made effective on the same
date at the Boston Federal
Reserve Bank. The 5% rate for the
Chicago Federal Reserve Bank, approved by the
Federal Reserve Board on
July 10, and made effective July
11, appears to have been
voted by the directors of that
bank on June 29; on this
point the Chicago "Journal of
Commerce" of July 11 said:
Chicag banker
o
s were inclined to believe
last night that the advance in
the discount rate in this district was
actually voted by the directors of
the Chicago Reserve institution 10
days ago. on June 29. It was on
that
day that the executive committee
met and that the out-of-town directo
rs
were polled by telephone, but no
announcement was made by the Federa
l
Reserve Bank of Chicago as to the
reserve rate.
This action at the time was taken as
indicating that the Federal Reserve
BoIrd at Washington had decided to
hold up approval of an increase in the
Chicago rate. "for reasons of policy."
This policy was probably to prevent
a high money rate acting as a deterrent to the treasury department's financi
ng program then in process.
The announcement of the change
in the rate, given out
July 10, follows:
"The Federal Reserve Board to-day
approved for the Federal Reserve
Bank of Chicago a rediscount rate
of 5% on all classes Of paper of al
maturities, effective July 11."
JULY 14 1928.]
FINANCIAL CHRONICLE
209
The wording of the above differs somewhat from the
The New York Federal Reserve Bank's
announcement of
Board's announcement of the change in the rate in April, the change
in its rate follows:
which read as follows:
The Federal Reserve Board announces that the Federal Reserve Banks
of
Boston and Chicago have established a rediscount rate of 434%
on all
classes of paper of all maturities. effective April 20 1928.
A Washington dispatch to the New York "Times" on
July 10 relative 'o the 5% rate approved for the Chicag
o
Reserve Bank stated:
The increase in the rediscount rate at Chicago is understo
od here
direct outcome of speculative activity, and is accepted as another to be a
attempt
on the part of the Reserve System to curtail the volume of money
used in
stock market transactions.
It is believed that the increase of 3100,000,000 in brokers'
loans registered last week as compared with a decline of $400,000
.000 in such loans
in the preceding four weeks' period had something to do
with the action of
the Chicago bank.
The rediscount rates between August 1922 and
the beginning of the
increases that became effective last January ranged
from 334 to 4%.
The Chicago rate of 5% will be the highest rediscou
nt charge maintained
by any bank in the Federal Reserve System since
Aug. 15 1922, when
Minneapolis reduced its rate from 5 to 434 %. Earlier
in 1922 the Minneapolis and Dallas Reserve banks had maintain
ed 534% rates for brief
periods. Seven other Reserve banks—Clevelan
d, Richmond. Atlanta,
Chicago, St. Louis, San Francisco and Kansas
City—established the 5%
rate on Jan. 1 1922, but dropped to a rate of
434% in a comparatively
short time.
FEDERAL RESERVE BANK
OF NEW YORK
Circular No. 864, July 12
Superseding Circular No.847
Dated May 17 1928.
Rate of Discount.
To all Member Banks in the Second Federal Reserve
District:
You are advised that, effective from the opening of
business on Friday,
July 13 1928, until further notice and superseding
the existing rate, this
bank has established a rate of 5% for all rediscounts
and advances.
Very truly yours,
BENJ.STRONG, Governor.
192a
The changes in the rates of the New York Reserve
Bank
this year have been as follows: From 3/
1
2 to 4% effective
Feb. 3 1928; from 4 to 4/
1
2% effective May 18 1928, and
from 4/
1
2 to 5% effective July 13.
The advances this year in the rate of the Richmond Re-.
serve Bank were made operative as follows: 3/
1
2 to 4%.
effective Jan. 27 1928; 4 to 4/
1
2% effective April 24 1928;
4/
1
2 to 5% effective July 13.
The change in the rate of the Atlanta Federal
Reserve.
Bank,from 4/
1
2% to 5%, was announced yesterday, effective.
to-d
ay (July 14). The 4%% rate at this bank had been in
The increase from 4%% to 5% in the discoun
t rates of effect since May 26.
the New York and Richmond Federal Reserv
e Banks was
announced July 12, effective July 13. It was
not until Secretary Mellon Says
Delay in Chicago Rediscount
nearly 5 o'clock on the 12th—way past
the customary
Advance Is Without Significance—Not
hour when such announcements are made—t
Deferred
hat it was
for Treasury Issue.
made known that the New York Federal Reserv
e Bank had
From the "Wall Street Journal" of July 12 we take the.
established a 5% rate. It is stated that some
of the memfollowing:
bers of the Board favored a 1% increase in the
rate of the
Before sailing on the S. S. Majestic for
New York Bank. From the New York "Journ
a six weeks' vacation trip
al of Com- abroad, Andrew W. Mellon, Secretary
of the Treasury, said there was no.
merce" we take the following from Washington,
July 12: significance whatsoever in the fact that the 5% Chicago rediscount rate
With unexpected suddenness following the increase
in the Chicago
Federal Reserve Bank rediscount rate to 5% the
New York and Richmond banks to-day established similar rates, increasin
g from 434%, according to an announcement by the Reserve Board.
The new rates are
effective to-morrow.
Action of the New York bank is taken to indicate
that all of the Reserve
institutions will be on the 5% level within a short time.
Coming on top of the Chicago increase, the
actions of the New York
and Richmond banks are regarded as a clear
disclosure of the Reserve
system's policy to check speculative activities and
heavy loans to brokers
and dealers on stocks and bonds.
It had been thought, however, that the New
York rate would be left at
434% fir a short time to give the other banks
an opportunity through
higher rates to attract finds away from that money
market.
It was learned that some members of the Board
had favored a boost of a
full 1%. They pointed out that by 34 of
1% Jumps at frequent intervals,
such as have been the practice since the
first of the year. with 3 changes,
financial conditions are actually upset more
than if the rate were to go up
I% less frequently. The 1% boost, it was believed,
would have a more pronounced effect on checking speculation
more than 234 of 1% jumps. A
majority of members of the Board, however,
prevailed on the belief that the
customary 34 of 1% rate boost policy
should be followed.
Coincident with the announcement of the
rate increases the Reserve
Board's weekly analysis of brokers' loans by
New York member banks was
issued showing a reduction of 665,000,000. This
drop
particular significance but merely due to market was not regarded as of
fluctuations. The rate
boost at Chicago, in effect only one day before
the loans were reduced, had
no effect. Officials explained that from one to two
weeks, following a rate
Increase, there should be noticed a change in the
brokers'loans.
The brokers' loans of the member banks on
their own account showed a
heavy reduction and those by the member banks
for the
town banks were considerably higher. This indicated account of out-ofthat the New York
market is using an increasingly heavy volume of
money
It has been the hope of the Reserve system in check from other centers.
the tendency of the
New York market to drain other centers of cash.
was put into effect 10 days after
the directors voted on it, nor was the.
delay due to desire to aid the Treasury financing
.
"The fact of the matter was," said the Secretary
, "that at the time all.
the members of the Federal Reserve
Board, excepting myself, were out of
Washington, either on vacation or attending
the convention."
Commenting on the possible effect of the rate
raise, Mr. Mellon added
that it would "naturally have a temporary effect
upon business."
N. Y. Federal Reserve Raises Buying Rate For
Acceptances.
The New York Federal Reserve Bank has advanc
ed its,
rate for prime acceptances for periods up to 120
days from
4% to 434% and for 120 to 180 days to 43'%, accordi
ng to.
the "Wall Street News" of yesterday (July 13.)
Federal Reserve Board's Ruling as to Classif
ication
of Member Banks' Holdings of Deposits of
Morris,
Plan Banks, Mutual Savings Banks, Buildi
ng
Loan Associations and Co-Operative Banks.
In our issue of June 2, page 3390, we gave
the substance
of a ruling by the Federal Reserve Board
(as announced
by the Federal Reserve Bank of New York),
in which the
Board held that deposits in member banks
made by mutual
savings banks, Morris Plan banks and credit
unions might
be classified in accounting as "amoun
ts due to banks." Deposits of building and loan associations
and of co-operative
banks of the Massachusetts type, howeve
r, may not be so
The same paper (July 13), in its account of
classified under the Board's ruling, which
the change
we give herewith:
in the rate of the New York Reserve Bank,
stated:
The
Although some observers were inclined to view as
a
which took place to-day on the basis of the general possibility the action
market yesterday, the bulk of opinion was that stiffening in themoney
no increase would be effected before the next weekly meeting at the
earliest. The first inkling
of what was coming was presented by the unusual
length of the meeting
of the bank's board of directors.
The regular weekly meeting usually adjourns well
before 3.30, at which
time an announcement is issued to the waiting reporters
. On some occasions there is a delay of a few minutes. When the
meeting
continued yesterday, therefore. until 4:50—nearly an hour and
a half overtime—the
delay had long before become significant to the
press. By 4 o'clock it was regarded as certain representatives of the
that an increase in the
rate would be announced, and, as the meeting
continued, it was even
guessed that a Jump of a full 1% would be the result
in
ji of 1%• It was pointed out that the Bank of Englandplace of the usual
always increased
the discount rate by 1%, while decreases are made by 34
of 1%.
At 4:15, Owen D. Young, a member of the Board of
Directors
, emerged
from the meeting and shortly thereafter several other
directors
departed.
It was assumed that the remaining 40 minutes before the
complete adjournment of the session were taken up in communication
with the Federal
Reserve Board, which must approve rate increases by
the individual Reserve banks. No statement as to the cause of the lengthy
meeting was
forthcoming at the bank.
Delay in Approval Explained.
The increase in the Chicago discount rate effective Wednesday
had been
expected for several weeks due to the known opposition of members
of that
board to the amount of credit in use for stock market
speculation. It
had been voted by the bank June 29, but was not approved by the
Federal
Reserve Board until Tuesday evening. The delay was
attributed by
many observers to co-operation of the board with the Treasury
in its new
financing, but Secretary Mellon yesterday denied those reports,
asserting
that the Board's sanction was postponed by the absence of a quorum.
all
of the members except himself being absent from Washington.
question has been presented to the Federal
Reserve Board whether
deposits in member banks by mutual
savings banks, Morris Plan banks,
co-operative banks, credit unions, and building
and loan associations should
be classed by member banks in computin
g reserves as amounts "due to"
banks within the meaning of section 19
of the Federal Reserve act, from
which amounts "due from" banks
may be deducted. From information
obtained by the Federal Reserve Board
it appears that there has been no
uniform practice among member banks in classifyi
ng deposits of any one
of the classes of institutions mentione
d.
The question whether the respective instituti
ons should properly be
regarded as banks within the meaning of section
19 of the Federal Reserve
act depends upon the nature and functions of
each.
A mutual savings bank is engaged in banking
functions in accepting
deposits and making loam. The Attorney-General has held
that mutual
savings banks should be considered "banks" within the
meaning of section
4 of the Federal Reserve act and a similar reasoning
would require that
they be regarded as "banks" within the meaning of section
19.
Morris Plan banks are also engaged in the acceptance of
deposits and
the making of loans to certain classes of persons, and
the exercise of
these functions requires that they be regarded as banks.
A building and loan association is of a somewhat
different character.
It makes loans to its members upon the security of real
estate and membership shares, but it does not usually receive deposits
from
others, except installment payments on membership shares. members or
ment payments are essentially capital rather than deposits. Such installThe primary
function of a building and loan association is usually,
loans on real estate to its members out of capital paidtherefore, to make
in by such members. Inasmuch as it does not receive deposits and loans
are made from
capital, it is not to be regarded as a bank.
Co-operative banks of the type found in Massachus
etts
are similar in
purpose and functions to building and loan
associations and are to
be
classified in the same way. Co-operative banks
of the Massachusetts
type
are to be distinguished from tiose so-called
co-operative banks organized
210
FINANCIAL CHRONICLE
banking powers the
either under national or State law having general
19.
latter are undoubtedly banks within the meaning of section
members In
Credit unions are authorized to receive savings of their
receive such
payment for shares of capital stock, and also generally to
restrictions
savings on deposit. Loans are made to members under certain
loans are thus
and limitations. The fact that they receive deposits and
within the
made not only out of capital but from deposits brings them
usual definition of a bank.
institutions the
After a careful consideration of the nature of these several
made by mutual
Federal Reserve Board is of the opinion that deposits
be classified by
savings banks, Morris Plan banks, and credit unions should
meaning of secmember banks as amounts "due to" banks within the
"due from" banks
tion 19 of the Federal Reserve act, from which amounts
associations and comay be deducted, but deposits of building and loan
etts may not be so
operative banks of the type found in Massachus
[VOL. 127.
Under a recent amendment to the Adjusted Compensation Act. veterans
are given an extension of two years from Jan. 3, or until Jan. 3 1930, in
which to file application for the benefits under the Act.
Soldiers, Insurance—Policies May Be Protected by
Trust Agreement.
slassified.
8% Treasury Bonds
Cash Subscriptions for New 3/
ge Still Open.
Exchan
Bond
Liberty
Cloied—Third
ed on July 8
announc
Mellon
y
Treasur
the
of
Secretary
$250,000,000,
of
g
offerin
cash
the
that cash subscriptions to
of 194043 closed
bonds
y
Treasur
3%%
of
outs,
thereab
or
The total cash
at the close of business Saturday, July 7.
Secretary
subscriptions aggregated $743,767,700. The
ption
subscri
cash
the
while
that
fact
the
to
on
called attenti
4%
41
Loan
Liberty
Third
of
es
books were closed, exchang
3%% Treasury
bonds in payment for the new issue of
July 31, in acbonds of 1940-43 will continue until about
the combined
cordance with the announcement of July 5, of
e for Third
exchang
in
and
cash
for
bonds
the
of
g
offerin
g was reofferin
e
exchang
and
cash
d
4'4s. The combine
ry's
ferred to in our issue of July 7, page 49. The Secreta
:
follows
8
July
of
announcement
"The action of Congress in amending the World War
Veterans Act during the closing hours of the last session,
will permit any veteran holding a converted Government
insurance policy to protect it by a trust agreement," Walter
S. McLucas, President Trust Company Division, American
Bankers Association and Chairman of the Board Commerce
Trust Co., Kansas City, Missouri, said. "This means"
says Mr. McLucas, that it will be possible for anyone
carrying such Government insurance to have the proceeds
of his policy made payable to a trust company or bank as
trustee which will invest the money safely for the benefit of
his heirs and pay the income from it, or a part of the principal
if desired, in accordance with his wishes." Mr. McLucas
adds:
ent
the cash offering of
Secretary Mellon announced that subscriptions for
July 16 1928, closed at the close
reports from the
final
Although
of business on Saturday, July 7 1928.
received, it is indicated that the
12 Federal Reserve Banks have not been
at least 8725,000,000.
cash subscriptions for this offering will aggregate
d on
The current offering of Treasury bonds of 1940-43 was announce
from July 16 1928, at
July 5. The new bonds are dated and bear interest
and are callable on and
the rate of 3%%. They mature on June 15 1943,
for cash and in
after June 15 1940. The offering was a combined offering
exchange for outstanding Third Liberty Loan bonds.
000, or
The amount of the cash offering was announced to be $250,000,
11928, and paythereabouts. Cash subscriptions were invited as of Aug.
to be made
ment upon allotted cash subscriptions will not be required
of the new bonds
until Aug. 1 1928. The Treasury will not make delivery
on allotted cash subscriptions until Aug. 11928.
the privilege of exThe closing of the cash subscription does not affect
bonds. The exchange
changing Third Liberty Loan bonds for the new
about July 31.
privilege remains opea and will continue to be available until
any Third 4X's
Bxchange subscriptions are invited at par. Interest on
ions will be
subscript
surrendered and accepted upon allotted exchange
paid in full to Sept. 15 1928.
to the fact that
The Secretary of the Treasury further called attention
and that interest
Third Liberty Loan bonds mature on Sept. 15 1928,
thereon will cease on that date.
In many cases, individuals have wished to combine their Governm
trust.
Insurance with other commercial policies into a single life insurance
Up until the present time, this could not be done because the Federal law
s
companie
trust
and
banks
authorizing Government insurance did not allow
renewto be named as beneficiaries. This restriction, except as to yearly
World
able term insurance, was removed when Congress amended the
War Veterans Act. In 1925 the Trust Company Division went on record
reaction
the
sought
as favoring this change in the law and has actively
cently taken by Congress.
ent
On last April 1,I am informed, there were 680.359 holders of Governm
It is
insurance policies having a total value of 13,226,000.000. Thus
be
inwill
y
probable that a considerable part of this large sum ultimatel
skilled
vested for the benefit of many veterans' families by institutions
sum
and experienced in this matter. This should tend to reduce the large
are perthat is lost annually in this country by inexperienced persons who
suaded to buy fraudulent and worthless securities.
3%% Treasury Bonds of 1940-43, dated
Federal Income Tax Yield in Fiscal Year 1928 Falls
$45,455,966 Below That of 1927—Internal Revenue
Collections Drop $74,776,244 in Year.
According to figures made public July 9 by the Internal
Revenue Bureau, based on collectors' telegraphic reports
of June 30, the yield from the Federal income tax in the fiscal
year 1928 fell $45,455,966 below the amount realized in
1927, the 1928 figures at $2,174,496,478 comparing with
$1,219,952,444 in 1927. The total receipts from income
tax collections and miscellaneous taxes in the year ended
June 30 1928 amounted to $2,790,906,886 as compared with
$2,865,683,130,—a falling off of $74,776,244. New York
as usual, ran far ahead of all other States in yielding revenue
the last fiscal year, the income tax collections being
$646,523,123, and miscellaneous was $106,745,485, or a
grand total of $753,268,608. New York's income tax for
1926-1927 was $649,299,445. Pennsylvania came next
7,700
On July 10, when the cash subscriptions of $743,76
with an income tax levy in 1928 of $216,936,347, and a
were announced, Secretary Mellon said:
miscellaneous total of $29,8)6,450 or a grand total of
for any one subAll cash subscriptions in amounts not exceeding 81,000
2,797. North Carolina, with its heavy tobacco
$246,74
in amounts over $1,000
scriber were allotted in full. Cash subscriptions
than
less
$1,000
not
the third in the list of States in yielding Federal
is
but
tax,
but not exceeding $100.000 were allotted 60%.
amounts over $100.000 but revenue. For the fiscal year just closed the income tax
on any one subscription; cash subscriptions in
less than $60,000 on
and miscellaneous
not exceeding $500,000 were allotted 50%, but not
over $500.000 but yield in North Carolina was $20,352,303,
any one subscription; cash subscriptions in amounts
but not less than $250.000 $204,963,858, or a total of $225,316,161. The tax collections
not exceeding 81,000.000 were allotted 30%
in amounts over $1,000,000
on any one subscription, and cash subscriptions
in Illinois for the fiscal year ended June 30 1928 were $222,ion.
were allotted 20%, but not less than $300,000 on any one subscript
029,673, of which $201,151,460 came from income tax and
$20,878,213 from miscellaneous taxes. Press accounts from
Washington state:
of
Loans to Veterans Partially Repaid—Expenditure
$100,000,000 in Five Months.
first five
More than $100,000,000 was expended in the
their dependmonths of 1928 for the benefit of veterans and
sation
d
Compen
Adjuste
the
of
ons
ents under the provisi
, Maj. Gen. Frank
Act, the Director of the Veterans' Bureau
The full text of Director
T. Hines announced June 28.
in the"United States
Hines's statement was given as follows
29:
Daily" of June
$101,852.697.64 had been expended
Up to May 31. of this year a total of
dependents under the provisions of the
for the benefit of veterans and their
familiarly known as the "bonus."
Adjusted Compensation Act, more
adjusted service certificates with a
The Bureau has issued 3,232.444
has paid 49,923 death claims in
Potential value of $3,303,075,083, and
addition to these, 114.594 veterans
lump sums totaling $50.925,993. In
or less, have received an aggrewho were entitled to payments of only $50
ts of others similarly entitled,
gate of $3,728,245.65. while 5.255 dependen
have been $141,443.10.
g to 869.939,921.47 to
amountin
The Bureau has made 715,100 loans
compensation certificates, and
veterans on the security of their adjusted
country in redemption of 242.has paid $23,876.558.69 to the banks of the
taken up at maturity by the
868 loans made by them and which were not
$636.099.73 loaned to them
veterans. Veterans, however, have repaid
by the Bureau.
supplement the banks by
When Congress first authorized the Bureau to
made available to carry
making loans direct to the veterans, no money was
of the Comptroller
out this service, so the Director, with the approval
fund to make loans
General borrowed from the Government life insurance
ing
until other moneys were made available. and $188,945.48 represent
loans and interest had been repaid to this fund to date.
tax
After June 30 this year the Revenue Bureau operates under the now
law—the Revenue Act of 1928—instead of that of 1926.
those
the income tax collection* for the fiscal year 1926-1927 were above
a falling off in
of any year since 1921, but the miscellaneous taxes showed
1926-1927 compared with that of 1925-1926.
collecThe Revenue Act of 1928 will make important changes in revenue
received or
tions. The provisions of the new law have no effect on income
accrued previous to Jan. 1 1928.
the rate
The principal change in the income tax section of the law Is that
to 12%, makof tax on the incomes of corporations is reduced from 1334
applies to the
ing a total reduction of about $120,000,000. The same rate
class being
income of insurance companies, the reduction with respect to this
from 12Ii to 12%.
which is
of
Income
The credit allowed to a domestic corporation the net
$25,000 or less Is Increased from 12.000 to $3,000.
reThe rates of normal tax and surtax applicable to individual incomes
main unchanged.
$20,000
from
The maximum amount of earned net income is increased
to $30,000.
collections
It was said here to-day that the falling off of Income revenue
in 1927-1928 indicated a slowing down of prosperity.
Treasury
A year ago, when the figures showed a gain over the year before.
officials declared that Increased collections were due to good times.
1927-1928.
Some States showed increases in income tax collections during Montana,
Illinois,
They are Arizona. California, Connecticut, Delaware.
Rhode Island.
Nevada. New Hampshire, North Carolina, New Mexico.
Texas, Virginia, Wisconsin and Wyoming.
incomes.
All other States showed a falling off in revenues from
$35,683,249.37 in
The income tax collections in Wisconsin jumped from
1926-1927 to $43 493.074.79 in 1927-1928.
for the
The following summary of internal revenue receipts
ment:
two years is furnished by the Treasury Depart
JULY 14 1928.]
FINANCIAL CHRONICLE
SUMMARY.
Income Tax.
Quarter ended:
Sent.30 1927
Dec. 31 1927
11far. 31 1928
June 30 1928
$517,717,329.53
500,510.139.28
597,137.752.17
559,131,258.82
Total, fiscal year 1928
Total, fiscal year 1927
Miscellaneous
Taxes-.
$162,875,618.66
148.342,257.07
150,284,861.76
154,907,670.33
Total
(all sources).
$680,592,948.19
648,852,396.35
747,422,613.93
714,038,927.15
$2,174,496,477.80 $616,410,407.82 $2,790,906,885.62
2,219,952,443.72 645,730,686.19 2,865,683,129.91
neerease fiscal year 1928_ _
545.455.965.92 229.320.278.37
274.776.244.29
INTERNAL REVENUE RECEIPTS FOR THE FISCAL YEAR 1928 (BASED
ON COLLECTORS' TELEGRAPHIC REPORTS OF JUNE 30). TOGETHER WITH A COMPARATIVE STATEMENT OF INCOME TAX
COLLECTED IN THE FISCAL YEAR 1927.
Districts and
Mates.
Alabama
Arizona
Arkansas
First California
Sixth California
Total State of California
Colorado
Connecticut
Delaware
Florida
Georgia
Hawaii
Idaho
First Illinois
Eighth Illinois
Total State of Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland. Including the
District of Columbia.._
Massachusetts
Michigan
Minnesota
Mississippi
First Missouri
Sixth Missouri
Total State of Missouri_
Montana
Nebraska
Nevada
New Hampshire
First New Jersey
Fifth New Jersey
Total State of New Jer.
New Mexico
First New York
Second New York
Third New York
Fourteenth New York ___
Twenty-first New York._
Twenty-eighth New York
Total State of NewYork
North Carolina
North Dakota
First Ohio
Tenth Ohio
Eleventh Ohio
Eighteenth Ohio
Total State of Ohio...,.
Oklahoma
Oregon
1st Pennsylvania
12th Pennsylvania
23d Pennsylvania
Total State of Penna....
Rhode Island
South Carolina
South Dakota
'Tennessee
First Texas
Second Texas
Total State of Texas_
Income
Tax.
$
8,178,405
1,737,401
4,224.562
58,055,478
56,133,846
114,189,324
11,453,787
34.381,187
20,011,251
17,184,326
13,5.50,237
6.112.269
1.071,169
193,663,485
7.487,974
201,151,460
27.245.618
11,312,862
18,681,640
16,003,680
12,186.191
8.086,129
Total
Miscellaneous Fiscal Year
Taxes.
1928.
$
470,129
182.772
108,260
17,342,171
5,700,923
23,043,094
426,715
1,719.773
1,006,392
6,290.299
633,452
142,111
73,262
18.818.979
2,059,233
20,878,213
7,449,168
672,018
624,561
9,609,842
2,033,517
383,464
Income Tar
Fiscal Year
1927.
$
8,648,534
1,920,173
4,332.823
75,397,649
61,834,770
137,232,419
11,880,503
36,100,961
21,017,644
23,474,626
14.183,690
6,254,381
1.144,431
212,482,464
9,547.208
222,029,673
34,694,786
11.984,881
19,306,202
24,013,523
14,219,709
8,469,593
$
10.458,447
1,673,191
5,053.439
56,493,517
55,815,290
112,308,807
12,656,644
33,799,750
14.319,246
35,589,829
13,698,661
5,143,509
1,428,429
186,776,604
8,194,383
194.970,988
28,405,715
11,725.742
19,626.805
16,257,681
15.396,335
8,564,062
44,608,468
3,889,250
48,497.718
98,537,347
6,886 955 165,424,3
128 483,671
45,494,918 173,978, Os
26.107,242
1,739,568
27,846;
2,673,803
86,630
2,760,,
39,342,698
12,343,975
51,686,674
12,636,535
763,100
13,399,636
51,979,234
13,107.075
65,086,310
2,824,755
153,738
2.978,494
5,340,706
400,647
5,741,354
683,827
118,945
802,773
3.245.709
748,740
3,994,449
10,902,327
2,873,644
19,775,972
66,049,729
19,777,471
85,827,201
82,952,057
22,651,116 105,603,173
771,759
16,817
788,576
43,262,481
24,975,397
68,237,879
348,341,043
42.182,580 390,523,623
166,410,306
33,697,798 200,108,104
38,998,329
2,915.501
41,913.830
13.749,418
1,177.365
14,926,784
35,761,542
1,796,843
37,558.383
646,523,122 106,745,485 753,268,608
20,352,303 204,963,857 225,316.160
749,409
40.110
789,520
31,031.785
14,021,525
45,053,311
14,797,889
6,758.313
21,556,203
9.066.150
645.376
9.711,526
58,881,926
4,510.871
63.392,797
113,777,751
25.936,087 139,713,839
20.186.113
328.819
20,514,932
5.815,361
294.020
6,109,382
123,347,675
22,406,086 145,753.761
17,230,756
2,010 222
19,240,978
76,357,915
5,390,141
81,748,056
210,936,346
29,806.45 . 216,742,797
13,571,998
1,198,432
14,770.430
3.736,834
160,668
3,897,502
678,658
66,732
745,391
13,351,459
4,485,132
17,836,592
22.680,533
889,530
23,570,063
23,229,876
789,0i8
24,018,894
45,910,409
1,678,548
47,588,958
3.662,995
108,443
3,771,438
2,220,694
82,008
2.302.703
21,860,734
61,803,077
83,663,811
12.288.846
600,936
12,889,782
13,353,228
2.529.739
15,882,967
43.493,074
4,658,611
48,151,685
2,057,043
109,842
2,166,885
352.679
*352,679
45,646,554
105,269.384
141,638,551
26,219,220
3,324,901
42,168.675
13,733,889
55.902,564
2.376,244
5,807,605
501,137
3,007.486
16,924,698
64,375.886
81,300,585
658,048
42,818,678
351.273,501
162.667,528
39,990,621
15,290.251
37,258,862
649,299,444
19.201,557
740,217
29,426.350
16,660.300
9,251,689
62.305,019
117,649,359
23.256.879
6,197,774
123,527,941
17,050,264
82,337.415
222,915.621
12,904,620
3.825,735
737,327
13,723.260
24,221,542
18,742,537
42,964.080
3,768,779
2,656,126
20,780.578
13.33.5.648
15,750,409
35,682,249
1.830.105
211
This interests, I believe, a great many party members and will
be
heartily approved by them and by the people. The gigantic size of
campaign funds has led not only to extravagant and altogether
unnecessary
expenditures, but to scandals that are deplored by virtually
the entire
party membership. The campaign budget of more than $5,000,000
eight
years ago was in itself scandalous and was entirely excessive, as the vote
in
November proved.
I do not know whether the report that you and other leaders in conference have determined to keep the campaign fund under $3,000,000,
and
considerably under that figure, is correct, but I am writing
you to
express the opinion that in this campaign the confidence of party members
and of the country in the moral cleanness of American political campaigns can be greatly strengthened if the Hoover and Curtis fund
is
solicited from the party membership in small individual oontributiona,
rather than from great wealth or from corporate interests.
This is not altogether a novel suggestion. It was the announced intention of the National Committee in 1920, and I believe at the beginning of
the 1924 campaign. If before the close of that campaign the rule was
departed from, it was not because too little money was raised, but because
too much was spent, and spent in ways that brought little return.
I know the original purpose to hold individual contributions within
$1,000 for pre-convention contests and to the same figure for the campaign
following was sincere. In his testimony before the Walsh Committee,
Secretary Mellon recently declared that his own contribution had been
$1,000 before the convention and $1,000 following, and that it was his
understanding that this was the maximum that would be accepted from
an individual subscriber. This is testimony of highest value in confirming
the sincerity of the announced limitation.
When the campaign of 1920 opened in Kansas, I remember it was with
the express understanding that subscriptions from any source were to be
limited to $1,000. And more money was raised in my own State by this
plan of popular small subscriptions, "from 80c, to $1,000," than in any
previous national canvass, when subscriptions without limit were solicited
and received. Kansas raised the allotment assigned to it. The significant
thing brought out was the widespread sympathetic popular response to this
appeal to the party membership to finance the party campaign.
This plan, I hope, will be adopted this year and carried through. Important considerations recommend it. It reduces the likelihood or even the
appearance of campaign financing by large interests expecting political
favors in return. And it interests more men and more women in their
party responsibilities and will bring them more actively into the campaign,
if they become contributors to the party campaign fund.
So far as Kansas is concerned, no big campaign fund is needed. I find
sentiment for Hoover and Curtis is crystalizing rapidly. I am for
them
personally and because of the very valid national and Western
interests I
represent They will carry the State by an old-time Republican
majority.
There is no need of spending a lot of money in Kansas and we
are not
going to.
Laws regulating campaign contributions and expenditures are
desirable,
but the assured and certain method of emancipating the party
from dependence upon large givers, with a string attached or believed
to be
attached to their subscriptions, is to put up to the party 'membership
directly the duty of financing campaigns by a great
number of small
popular contributions for which there can be no pretext for thinking
they
were made in return for services rendered, or to be
rendered, to the
contributors.
In my opinion the National Committee could do the party no
greater
service at this moment than to adopt this plan and strictly carry
it out
to the day of election.
Sincerely yours,
ARTHUR CAPPEIR.
John J. Raskob of General Motors Corp. Made Chairman of Democratic National Committee to Conduct
Governor Smith's Campaign for President-Committees Named.
By a unanimous vote John J. Raskob was on July
11
chosen Chairman of the Democratic National
Commitee
Utah
at a meeting in the National Democratic Club at
Madison
Vermont
Ave. and 38th St. Mr. Raskob, who is Chairman of
Virginia
the
Washington, Incl, Alaska_
Finance Committee of the General Motors Corp.,
West Virginia
made
WLsconsin
the
statement
on June 26 (two days prior to Gov. Smith's
Wyoming
nomination as President on the Democratic ticket)
Philippine Islands
that
Internal revenue receipts
"business, little or big, has nothing to fear from Gov.
through Customs oMces
19,266
•19,266
Smith." Mr. Raskob's statement was telegraphed here by
Total
2 174,496.477 616,410,407 2,790.906,885 2,219.952.443
a
correspondent of Dow, Jones & Co. from Houston and
• Eleven menths collections only.
printed on that company's news ticker shortly after 2
o'clock.
Senator Capper Suggests That Individual Contribu- Mr. Raskob was one of the party of New York friends of
Gov.
Smith
attending the Houston convention. His statetions to Campaign Fund of Republican Party Be
ment said:
Limited to $1,000.
In a letter to Hubert Work, Chairman of the Republican
National Committee, Senator Arthur Capper of Kansas
suggests that in the present Presidential campaign the Republican party adopt the plan of limiting individual contributions to $1,000. In his letter the Senator states that
as he remembers it, the opening of the 1920 campaign in
Kansas was "with the expressed understanding that subscriptions from any source were to be limited to $1,000."
He adds that "more money was raised in my own State by
this plan of popular small subscriptions,'from 80c. to $1,000,'
than in any previous national canvass when subscriptions
without limit were solicited and received." Senator Capper's letter follows:
Topeka, Ran., July 6 1928.
Hon. Hubert Work, Chairman Republican National Committee,
Washington, D. C.
My dear Mr. Work: A dispatch from Washington in to-day papers states
that the Republican campaign will be conducted on a much reduced budget
compared to recent national campaigns.
Alfred E. Smith as President would give the country a
constructive
business Administration. Business, big or little, has nothing
to fear
from Gov. Smith. There is no occasion for business timidity during
a
Presidential campaign. Business has outgrown the feeling that
there
Is something to fear in campaign years. It is on too big a scale
for that.
The nomination of Gov. Smith for President,on June 28,
was referred to in our issue of June 30, page 4028.
It is
observed in the"Herald Tribune" that Mr.Raskob supported
Mr. Coolidge in 1924 and is listed in "Who's Who" as
a
Republican, but says he has no party affiliation or political
experience.
Mr. Raskob as a director of the Association Against
the
Prohibition Amendment, says the "Times," has subscribed
to the idea that the Eighteenth Amendment should
be
repealed, in that respect having gone to greater
lengths
that has Gov. Smith himself in any of his public
utterances
on prohibition. While Gov. Smith did not attend
the
meeting of the Democratic National Committee on
July
11,
he dominated it, says the "Times," from which
we also
quote the following:
212
FINANCIAL CHRONICLE
Mr. Raskob was his (Gov. Smith's] personal selection for the Chairmanship. This Is not unusual; the selection of a National Chairman is
usually left to the Presidential nominee. But in this instance, it was
learned, the nominee had picked his own man over the objection of a
great many of his close personal advisers who feared the effect of selecting
a pronounced wet and a Roman Catholic on Democrats in sections of the
country where opposition to Gov. Smith already is being organized by
men and women within the fold of his own party, because of his religious
faith and his stand on prohibition.
They had it out at a conference which was held at the Hotel Biltmore
and lasted until the early morning hours yesterday when the decision to
elect Mr. Raskob was finally reached. Opposition to the selection was
strongly voiced up to the last moment by Democrats of prominence who
are close to the Governor and had been invited to participate. But Gov.
Smith proved obdurate and, of course, had his way.
In accepting the Chairmanship of the committee on
July 11, Mr. Raskob said "the country is in need of leadership—real and fearless. And if we can impart to the people
of the other States the knowledge that the people of the
State of New York have of Alfred E. Smith, and the people
of Arkansas have of Joe T. Robinson, then their election
in November will be assured." Mr. Raskob in indicating
his opposition to "mud-slinging" in Gov. Smith's campaign,
declared that "mud slinging, so called, alwai s makes more
enemies than friends." He added, "I should like to pledge
every speaker and worker for our cause to constructive
policies." In his reference to the prohibition issue, Mr.
Raskob said:
a plan for
evolve
If, as a result of careful study, he lGov. Smith] can
that will absothe regulation and control of the liquior question in a way
, with its
lutely prevent the return of the saloon, eliminate bootlegging
restore temaccompanying evils—graft, corruption and murder—and
his right
admit
must
men
perate life in our country, then all fair-minded
to advocate
if not his duty as President to promulgate such a plan and
necessary for its
such changes in our laws and Constitution as may be
adoption. This, again, is leadership—not pussyfooting.
The farm plank in the Democratic platform was referred
to by Mr. Raskob as follows:
platform,
He lGov. Smith] has indorsed the farm plank in the Democratic
if elected
and has pledged himself to deal with this all-important subject
in
even before taking office through calling together leaders in this field
Congress
to
an endeavor to formulate a legislative program for submission
problem
whole
this
with
to enable it to deal constructively and intelligently
In its first session after election.
Mr. Raskob's speech in full is given elsewhere in this
issue. The "Times" in referring on July 12 to Mr. Raskob's
new post, said:
[Void. 127.
National Committee—the post to which Mr. Raskob was
elected.
J. Raskob Accepting Chairmanship
Democratic National Committee.
Address of John
of
In another item in this issue reference is made to the
election on July 11 of John J. Raskob as Chairman of the
Democratic National Committee. In his speech, the same
day, accepting the post, Mr. Raskob said:
Ladies and Gentlemen of the Democratic National Committee:
I am not a politician and never have been affiliated, with any party,
either nationally or locally. This undoubtedly has been the position of
many citizens in all walks of life who, like me, have taken little, if any,
active interest in politics.
I fully appreciate the great responsibilities of the position of Chairman
of the Democratic National Committee to which you have elected me, and
I accept the position with a keen appreciation of the high honor conferred
upon me.
There come times in the life of a nation when men not in politics feel
called upon to take an active instead of a passive interest in government.
My belief that such a time is at hand accounts for my willingness to accept
the great responsibilities this position carries.
The Democratic party is the oldest political party in this country, and
never has it had the certainty of success at the polls that it enjoys
this year.
Mud Slinging Decried.
Mud slinging, so called, always makes more enemies than friends. I
should like to pledge every speaker and worker for our muse to conaquitive policies. In our business life to-day we succeed by constructive
worl, and by having better goods to sell than our competitors. There is
every reason why the Democratic party should follow this constructive
business policy in this campaign. The country is in need of leadership—
real and fearless. And if we can impart to the people of the other States
the knswledge that the people of the State of New York have of Alfred E.
Smith, and the people of Arkansas have of Joe T. Robinson, then their
election in November will be assured.
This is our job. Let others sling the mud!
The citizens of our country admire character, honesty, loyalty, faith—
in God, in one's self and in one's fellow-man—and courage to express
convictions regardless of cost.
The Democratic National Convention has nominated for Vice-President
Joe T. Robinson, Congressman, Governor and United States Senator for
fifteen years from his native State of Arkansas. He has by sheer force of
his
character, vitality and hard work attained the position of leader of
party in the United States Senate. His record is one of sanity and intelligent interest in public welfare; he is always interested in constructive
legislation and is ably qualified for the position of Vice-President of the
United States.
Qualifications of Gov. Smith.
Let us now make a short resume of the Presidential candidate and the
qualities that make Alfred E. Smith a leader among men.
First, may I quote a statement from an editorial in The New York
"Times" with which every fair-minded citizen who knows the man must
John J. Raskob accepted the Chairmanship of the Democratic National
Committee with the full approval of his associates in the General Motors
that he
Corp., according ta Wall Street information. It is understood
of
will continue to serve actively as Chairman of the Finance Committee
has
There
campaign.
General Motors while directing the Democratic
with
been no thought, it was said yesterday, of his severing his connection
some of agree:
his company, even temporarily, although he may be relieved of
"He (Alfred E. Smith) has been, and is almost wholly without the tradihis duties for a short time.
tional arts of the politician who captivates the public. He is not a man
Mr. Raskob's selection as head of the Democratic committee excited of flaming speech. There is nothing impetuous or dashing about him.
conversawidespread comment in the financial district. It was a topic of
There is not in him a trace of either insincerity or the servility of the
gathering places. natural-born demagogue. The steps by which he has climbed upward are
tion in banking parlors, brokerage offices and at other
the leader of known to all. He has by close application and native ability made himself
Wall Street had no intimation that he was to be chosen as
after noon. master of every phase of the public business with which he has been called
Gov. Smith's campaign until the election was announced shortly
Motors upon to deal, and thrmghout his long political career he has won for himGeneral
of
Committee
Mr. Raskob as Chairman of the Finance
corporation. self an enviable reputation for honesty and courage. Withal, he has
is concerned mainly with the broad financial policies of that
e, unpretentious,
at meetings always kept the human touch, been genial, approachablSmith
has shown
He is not directly identified with the management. He presides
of his kind. In a word, Governor
and of the Board of obviously a lover
people in the
interest
to
fitted
wonderfully
man,
genuine
a
of the Finance Committee, of which he is a member,
be
himself to
has
He
figures.
efforts to
influential
his
Directors, in which he is one of the most
of the Government, and to win them to his side in
e ongoings the public service and to make it more responsible to the needs
improve
offices at the General Motors headquarters here, but spends considerabl
looked upon as the re- and cravings of men, women and children."
of his time in Wilmington. In Wall Street he is
than this
Who can write a better definition of courageous leadership
sponsible representative of the Du Pont interests in General Motors.
find such
description of Alfred E. Smith, and where can the citizens
The "Herald Tribune" of the same date said:
for the aisil her?
The selection of Mr. Raskob was only the initial step in a plan
an indewill be an
tts cond, all have absolute confidence in his integrity. Ile is
appointment of a campaign advisory committee on which there
life—and gets
last fat
ikable worker, has an irresistible appeal, a fascinating
imposing array of business and professional talent. it was learned
Co., and a this done.
night. Owen D. Young, Chairman of the General Electric
e
board. Chairman
Third, he lives and breathes the spirit of the Declaration of Independenc
Democrat is among those slated for appointment to this
a board
to
appoint
Constitution of
Committee
National
and keenly realizes that respect for an enforcement of the
Raskob was authorized by the
the idea
tie United States is of first importance. He fearlessly condemns
of unlimited membership.
to
by Josiah Marvel, a Wilmington
who advocate constitutional amendments by lawful methods
The new Chairman was nonminated
that
those
of
the
member
C. Gray, Delaware
contrary, he
lawyer, present as proxy for Andrew
me-t changing social conditions are nullificationists. On the
New
of
Mack
E.
Norman
who
government
committee. The nomination was seconded by
be.:ieves that those charged with the administration of
for instance, the Eighteenth Amendment because it is
York, and Isidore B. Dockweller of California.
Senator Sail', to enforce,
mate,
running
his
and
Smith
Gov.
the real
plan,
original
Contrary to the
unpopular, or because it will make political enemies, are
sit in the committee meeting,
Joseph T. Robinson of Arkansas, did not
icationists
nulhf
and
in
t
stood
adjournmen
after
all the
but visited the National Democratic Club
Governor Smith as President of these United States, with
of the United
a receiving line.
resources at his command, will be able to give the people
Campaign Organization.
so-called
States a picture of the real social conditions under the present
n authorized by the National
laws. If, as a result of careful study, he can evolve a plan for
The following is the campaign organizatio
by the National prohibition
appointed
being
absowill
officials
that
way
a
re-elected
Committee, all but the
the regulation and control of the liquor question in
its
prevent the return of the saloon, eliminate bootlegging, with
Chairman:
lutely
Del.
temperate
Chairman—John J. Raskob, Wilmington.
ng evils—graft, corruption and murder—and restore
accompanyi
Frank
of
Wyoming;
Ross
his right, if not
Vice-Chairmen—Former Gov. Nellie Tayloe
life in our country, then all fair-minded men must admit
Gardiner Farley, Kansas; Gov. Harry F.
to advocate such
Hague, New Jersey; Florence
his duty as President, to promulgate such plan, and
Oklahoma.
of
Ferris
its adoption.
for
Byrd, Virginia, and Scott T.
changes in our laws and Constitution as may be necessary
(re-elected).
Treasurer—James W. Gerard of New York
.
pussyfooting
not
is
leadership—
again
This
.
(re-elected)
probably
Secretary—Charles A. Greathouse of Indiana
Fourth, as Governor of New York State, Alfred E. Smith has
H. Lehman, New York
has President
Chairman of Finance Committee—Herbert
an unlimited made as many appointments requiring Senate confirmation as
appoint
to
authorized
was
City banker. Chairman Raskob
only once had a
Committee if necessary. Coolidge. During his eight years in office he has
number of other members, going outside National
there is not a single
this,
ding
Notwithstan
in
power.
Senate
of
Gerry
Goelet
Democratic
Chairman of Advisory Committee—Senator Peter
appointments. His
rest of committee.
instance where the Senate failed to confirm his
Those
Rhode Island. Mr. Raskob authorized to appoint
have been made on the basis of merit alone.
office
to
his
s
will
appoint
appointment
who
Raskob,
—Mr.
qualified for
Chairman of Executive Committee
have been eminently fitted and conspicuously
appointed
expediency.
own colleagues.
for appointment office, and no appointment has ever been dictated by political
Assistant Treasurers—As many as necessary authorized
Here, again, is courage and leadership.
by Mr. Raskob.
State,
Empire
the
over National
Fifth, during his eight years as Chief Executive of
Special Committee on Contests—To consider contests
deal
to Chair- during all of which time he has had a Republican Legislature to
report
and
Virginia,
West
and
Oregon
Committee members from
Legislature passed a bill
contests.
wit h, there is not a single instance where the
man Raskob. who was given full power to decide on the
keener appreciation
veto. Who could ask for greater wisdom or
for wiser or
Senator Gerry, who is Chairman of the Advisory Com- ovt rthehisheartbeats
of his people? And what people could ask
11
of
July
on
meeting
the
before
mittee above,had been reported
not synonymous.
are
pussyfooting
and
Vetoes
leadership?
designated as Chairman of the bether
as the one most likely to be
JULY 14 1928.]
FINANCIAL CHRONICLE
So much for the man, his honesty, courage and leadership—proven
My relations with Governor Smith are most intimate, and no one could
have higher or finer ideals with respect to the relations between government and business—big and little—than he. He believes in a tariff of
honesty. The tariff plank in the Democratic platform is reassuring to
business. Governor Smith is a strong advocate of less government in
business and of more business in government He believes in no disturbance of honest business and his career demonstrates his fairness to
labor.
One hears much about agriculture and the plight of the farmer. The
volume of agriculture in our country is tremendous and demands the best
thought possible to secure solution along economic lines with resultant
Increase in the prosperity of all. Alfred E. Smith is experienced in this
Important problem. In the State of New York there are over 800,000
people living on farms. These farms and equipment represent an investment of upward of $2,000,000,000. New York State stands eighth in total
of agricultural production. It is first in the production of potatoes, hay,
sweet corn and various other vegetables. It is second in dairy products,
apples, grapes and total value of all vegetables. In 1928 Governor Smith
recommended to the Legislature an appropriation of $2,159,730 for agricultural schools, including experimental stations. He pointed out in a
recent speech that in 1918 there were only seventeen co-operative farmers'
associations in New York State and ten years later this number was
Increased to 1,100 active associations doing an annual business in excess
of $115,000,000. On Governor Smith's recommendation over $20,000,000
was appropriated for the suppression of bovine tuberculosis.
He has endorsed the farm plank in the Democratic platform and has
pledged himself to deal with this all-important subject if elected even
before taking office through calling together leaders in this field in an
endeavor to formulate a legislative program for submission to Congress to
enable it to deal constructively and intelligently with this whole problem
In its first session after election.
This is a brief picture of the man, his ability to accomplish things, his
leadership and the sound constructive policies that will govern his administration.
This is a picture of the type of man the people of the United States are
earnestly seeking. They want leadership coupled with courage and honesty.
His leadership is proved—he is no experiment—and his courage and
honesty leave nothing to be desired.
The big job to be done is to teach the citizens of our country to know
this great character, and they will do the rest at the polls in November.
It is intended to perfect an efficient organization in each State, and I
ask the co-operation of each National Committeeman and State Chairman
to accomplish this result. I would stress one thing particularly, and that
is the necessity of getting the voters registered. This is of first importance.
Oct. 9 Set as Date for Conference Between Federal
Trade Commission and Publishers to Consider Unfair Methods of Competition—No Government Censorship of Advertising Planned—Preliminary Meeting Held.
October 9 has been fixed as the date for the trade practice conference with publishers of periodicals authorized
by the Federal Trade Commission for consideration of
unfair methods of competition said to exist in the publishing business. The proposed conference was referred to in
our issue of June 23, page 3870. The matter, as well as
a preliminary meeting held June 21, was discussed in the
June 28 issue of "Printers' Ink," the article, by Albert E.
Haase, stating in part:
213
offered at the preliminary meeting to the plan of holding such a conference.
From remarks made by Commissioner Humphrey during this preliminary
meeting and in an interview before the meeting, it seems that the plan
for this proposed trade practice conference of the publishing industry came
originally from a desire to handle complaints that involved the publication
of fraudulent advertising in a manner most acceptable to the publishing
industry.
It is Commissioner Humphrey's contention that the Federal Trade Commission has always had authority to proceed, not only against advertisers,
but also against publishers or any other parties who may be involved in a
fraudulent advertising transaction.. The Commission, he declared, has
now before it some fifty complaints alleging fraudulent advertising or
unfair practices in which publishers are involved.
The plan of a trade practice conference, he declared, was considered at
the suggestion of the majority of the publications involved in those complaints. The Commission, however, he further declared, did not adopt
the plan until it had first made a canvass of the publishing industry by
mail. The replies to letters sent out to publishers, according to Commissioner Humphrey, were more unanimously in approval of the plan than in
any other instance where an industry had been polled on a trade practice
conference. It was said that about 83% of those who replied declared
themselves in favor of the conference.
Commissioner Humphrey's description of the trade practice submittal
plan which the Trade Commission has followed, as he gave it at this
meeting, was brief. It was concerned chiefly with a citation of other
industries which had made use of the plan.**
This brevity was due, apparently, to a belief that all present were completely acquainted with its story and history and method of operation.
In a discussion after the meeting with several who had been present, it
developed that this was not the case. For this reason an explanation of
the theory, history and method of operation of the trade practice submittal plan is given here.
There is no specific statutory authority for the trade practice submittal
idea. It was devised in 1919 as a part of the Commission's endeavor to
help business voluntarily rid itself of unfair practices, abuses and Irregularities. In cases where operation in inter-State commerce is clearly shown
It is probable that its legal validity can he sustained under the wide discretionary powers given in the Federal Trade Commission Act. Authority
for these statements is in a report called "Public Regulation of Competitive Practices," issued by the National Industrial Conference Board.
*
• .
No statement was made at this preliminary meeting of the publishing
industry, that the results of the publishers' trade practice conference might
later be used in legal proceedings by the Commission against non-conformists. The disposition of those present was to accept without question
the statement that the proposed conference carries with it no legal significance whatsoever.
In all of the interviews made after the close of the meeting it NM
apparent that it was this latter point which had won support for the
conference plan. It was clearly indicated in those interviews that it is the
present disposition of publishers and agents to take the Commission entirely at its word and to endeavor, through voluntary action, to straighten
out the fraudulent advertising situation insofar as the publisher and
advertising agent are concerned. It was the opinion of men such as
R. P. Clayberger, of Calkins k Holden, who along with Clark McKercher,
attorney for the American Association of Advertising Agencies, attended
the meeting as official representatives of that association; of L. D. Fernald,
assistant general manager of the Conde Nast Publications, and R. E. Rindfusz, secretary of the Periodical Publishers Association, that this voluntary
endeavor of the agents and publishers to rid publications of fraudulent
advertising should be directed by the National Better Business Bureau.
•
*
*
"All that the Commission wants to see accomplished by this conference,"
said Commissioner Humphrey, "is an expression of willingness on the
part of publishers to make a reasonable examination of advertising before
they accept it and to say what constitutes a reasonable examination."
The indications, judging from the spirit of this meeting, at this time,
are that there will be no Government interference with advertising copy.
The probable result of the conference will be a strengthening of the
Better Business Bureau movement, due to a closer relationship between
the Bureau movement and publishers and advertising agents. This development, however, would not change the theory behind the Better Business
Bureau movement, namely, that since responsibility for advertising copy
rests upon the advertiser, the Bureau's job is to make the advertiser play
fair either through education, or through recourse to legal measures
when necessary.
*
•
The foregoing article was submitted to Commissioner Humphrey with a
request that he inform us if it in any way disinterpreted his statements.
His telegraphic reply was: "The message intended to be conveyed to the
meeting was that the conference would not add to or take from any jurisdiction which the Commission may have nor could it increase or diminish
any existing liability of publishers."—(Ed. "Printers' Ink."i
The Federal Trade Commission is not seeking to censor the advertising
pages of publications; to increase or decrease the legal responsibility of
publishers on advertisements which they accept, nor is it seeking to increase
or decrease its jurisdiction over advertising in calling a trade practice
conference of the publishing industry. Statements such as these were given
emphasis by officials of the Commission at a meeting of a small group
of representatives of publishing and advertising agency interests held in
New York on June 21.
The meeting was called for the purpose of explaining the proposed conference of publishers and advertising agents on fraudulent advertising, and
for the purpose of setting a date and place for it. It was attended by
about thirty persons. Included in the number were representatives of the
American Association of Advertising Agencies, National Better Business
Bureau, Periodical Publishers Association, Agricultural Publishers Association, the New York "Times," the Conde Nast Publications and the Curtis
Publishing Company. The Federal Trade Commission was represented by
ita Chairman, IV. E. Humphrey, and by its director of trade practice conferences, M. M. Flannery.
*Shortly after the Federal Trade Commission publicly announced its plan
Throughout the meeting these officials of the Commission took especial
pains to impress upon those who were present that the proposed conference to hold a publishers' conference, one of its members, Commissioner Myers,
would be regarded by the Commission as a voluntary endeavor on the part issued a memorandum in which he declared he had voted against the plan
and in which he explained why he had voted against it. That memorandum
of the publishing industry (with the help of the advertising agency busi- appeared in full in "Printers' Ink"
of June 21, on page 41. It is mentioned
ness) to rid itself of fraudulent advertising.
here because in it Commissioner Myers expresses a view on the Commission's
Those who were in attendance at the meeting were asked to fix a date and authority to act on fraudulent advertising cases which involve publishers
place for the conference. They agreed on the date of October 9, and the that is at variance with Commissioner Humphrey's claim on that score.—
place as New York. A committee, composed of Edward L. Greene, director [Ed. "Printers' Ink."1
**All of the industries cited, however, were in a different category from
of the National Better Business Bureau; Dr. R. E. Rindfusz, secretary of
the publishing industry. The correspondence school and the furniture manuthe Periodical Publishers Association, and Hugh A. O'Donnell, of the facturing fields were among the different industries
mentioned as having
New York "Times," was authorized to arrange for the meeting-place.
had experiences with trade practice submittals. Industries such as these
The Commission's connection with the conference, according to both are in a position to control their own practices. The conference of pubof the officials who were present at this preliminary meeting, will be to lishers is to be on advertising. Publishers do not originate advertising
Issue about 6,000 invitations to the conference and render any aid that is that appears in their columns. This important point was not raised.
recognition was given to it, however, in the Commission's andesired in formulating a program for it. The majority of the invitations Half-way
nounced intention to invite advertising agents to the publishers' conwill be sent to periodical publishers and advertising agents. Newspapers, ference.—[Ed. "Printers' Ink."]
in a limited number, however, will be invited. An official statement on
Its exact attitude toward the conference will be made in a letter that will
announce the holding of the conference.
Findings of Emergency Board Named Under Railway
The conference will, of course, be conducted as any other conference
Labor Act to Inquire Into Wage Demands on
sponsored by the Commission. A member of the Commission will preside.
Due, no doubt, to Commissioner Humphrey's plainly worded explanation
Kansas City Mexico & Orient RR.—Strike Order
that the conference would be regarded solely as a voluntary action on the
Justified.
Not
part of the publishing industry to clean its own house; that the holding
that the four Brotherhoods are not justified
conclusion
The
no
way
would
in
increase
conference
or decrease a publisher's legal
of the
responsibility for advertising and in no way increase or decrease any in carrying out their strike order on the Kansas City, Mexico
jurisdiction the Commission may have over publishers, no objections were & Orient RR.is reached by the Emergency Board named
by
214
FINANCIAL CHRONICLE
President Coolidge to investigate and report on the wage
dispute between the Brotherhoods and the road. The
action taken by President Coolidge on April 28 under the
Railway Labor Act to avert a strike of the employes of the
road was referred to in our issue of May 5, page 2739. As
stated therein the dispute began with a wage agreement
made in 1923, when, on the plea of Orient officials, the
Railway Labor Board granted the road permission to operate
on a wage scale lower than that of other "class one" rail.
roads. The Emergency Board in its findings made public
May 21 notes that "the road ever since its organization in
1900 has often been in desperate financial straits," and the
Board holds that the road, in view of its accumulated
financial difficulties is not at present justified in paying rates
of wages higher than the advances proposed by it. In its
conclusions the Board says:
There is functioning with headquarters at St. Louis, Mo., the Southwestern Train Service Board of Adjustment; that the brotherhoods are
members thereof; that though the carrier offered to take the eight grievance
cases involved in the present dispute to this board it has thus far refused to
become a member; that it has proposed to the brotherhoods a form of
agreement pursuant to sub-division 2; that they declined it; that they are
justified in declining it; that the carrier is not justified in refusing to become
a member of the Southwestern Board of Adjustment; that it should become
a member forthwith; that such board would care for the eight unadjusted
grievances of which the brotherhoods are now complaining, and of future
grievances; and that it is not the province of this Emergency Board to
determine the merits of the individual cases.
The members of the Emergency Board named by President
Coolidge to inquire into the dispute were:
James Rudolrh Garfield, Cleveland, Ohio.
Carl Williams, Oklahoma City, Okla.
Justice Homer Bliss Dibell, State Capitol, St. Paul, Minn.
Arthur Thatcher, St. Louis, Mo.
Prof. Davis R. Dewey, Massachusetts Institute of Technology, Cambridge, Mass.
Justice Dibell served as chairman of the Board. Its
findings are given as follows in the "United States Daily."
1. That the dispute between the brotherhoods and the carriers relates,
first, to the request for the restoration or increase of pay of the employes in
the train, engine and yard service to the standard rates of pay of Class I
carriers in the Western territory; and, second, to eight unadjusted claims
of individual members of the brotherhoods against the carrier, commonly
called grievance claims.
Railroad Administralion Regulated Wages,
2. That the Orient company was under Federal control until the railroads
were restored to private ownership on March 11920. in accordance with the
provisions of the Transportation Act. 1920; that the Orient was subject to
the various orders regulating wages issued by the United States Railroad
Administration; that after the enactment of the Transportation Act, 1920,
which created the United States Railroad Labor Board,the employes of the
Orient here involved were subject to the rates of pay established by the Railroad Labor Board;that tha rates of pay were increased in 1920 and decreased
in 1921 by decisions 2 and 147 of said Board; that in July, 1923, upon
application of the Orient company the Railroad Labor Board by its decision
1933 authorized a further decrease in the rates of pay of the train and engine
service employee, by authorizing rates which were in effect in the year 1920
prior to the issuance of decision 2 of that Board; and that this decrease made
the Orient rates of pay below the standard paid to members of these
brotherhoods on other lines;
That decision 1933, Railroad Labor Board, year 1923. contained a
statement in which President Kemper,of the Orient, said in part as follows:
"Any surplus earned over operating expenses, including interest on the
receiver's certificates securing the Government loan—which interest is
$150,000 per annum—shall be distributed pro rata among the employes
in an amount sufficient to bring them up to the standard wages fixed by
the United States Railroad Labor Board; it being distinctly understood
that you will receive standard pay for Class I carriers, providing the earnings
permit."
Higher Wages Promised by President of Orient.
At the hearings before this Emergency Board on May 15 1928, President
Kemper again stated in part:
"I want to state to you just as I think I stated—if I didn't our general
of this; these gentlemen referred
manager did—in 1923—I mean every wordgot
to do so, we
to it—we made a promise that when we paidanonopportunity
other railroads. I want
would pay them the same wages that were
this
before
Commission.
testimony
my
in
here
to make that promise right
that it would make
"There is not anybody connected with this railroad
pay these men the demands
happier than it would me if I felt we could safely
them. We have a
to
just
it
pay
they are making; but I would not want to
as faithful, and just as imporlot of men that have been just as loyal, justthese
are here before
who
men
as
railroad
tant towards the saving of this
you today."
That the Orient company increased the rates of pay in 1925, but, as this
the carrier operates, it
Increase was general in the territory through which
service employes
still left the averagb rates of pay of its train and engine
below the standard for the territory; that throughout the hearings before
the carrier to increase
this Emergency Board it was the announced policy of
the wages of all employes as soon as revenues will permit. The statement
as one which will be
and
faith
is accepted by the board as made in good
carried out without evasion.
Dissatisfied Workers Ask for Mediation.
3. That on August 23 1927 the system representatives of the four transportation Brotherhoods served the usual 30-day notice on the representatives of the carrier to open their agreements or schedules and requested an
increase in rates of pay to the extent of restoration of the standard rates of
pay; that after various conferences the carrier, on November 5, denied the
wage request; that grand lodge officers were thereafter assigned to the case;
that negotiations were continued at intervals; that on March 26 1928 the
grand lodge officers submitted a strike ballot to the Brotherhood employes
on this carrier; that the ballot did not provide for submission to the employees of any counter proposals which might be made by the carrier; that
the ballot was substantially unanimous in giving the grand lodge officers
full power to settle the dispute or call a strike; that, on April 10, in conference, the carrier did offer certain increases in rates of pay,less than the
amounts asked by the employes. This offer was rejected by the grand
lodge officers.
[VOL. 127.
During these negotiations extending over a long period of time, there
were frequent delays which apparently created friction and made it
dificult to arrive at a settlement without resort to Federal agencies established for that purpose.
That, on April 18,the grand lodge officers applied to Samuel E. Winslow,
chairman of the United States Board of Mediation, and in a telegram asked
for mediation as follows:
"Wichita, Kansas, April 18, 1928. The undersigned grand officers of
engineers, fireman, conductors and trainman, assisted by four committees,
have broken off negotiations with management,Kansas City, Mexico and
Orient Railway, on demands for standard wages and settlement of number
of grievances. Management declines to join in requesting mediation.
"Strike vote has been taken and men unanimous in desire to leave service
unless satisfactory settlement reached at early date. To fully comply with
Railway Labor Act before taking further action we are requesting you get
mediator on ground soon as possible as employes involved are demanding
action.
"Address Lassen Hotel—E. H. Kruse, J. A.Cannon, Fred W.Lewis,and
S. R. Harvey."
Efforts at Mediation Prove Unsuccessful.
That the Board of Mediation telegraphed the grand lodge officers that
George A. Cook, mediator. would go to Wichita, Kan., to investigate and
render such assistance possible in connection with existing differences; that
the mediator arrived in Wichita, Kan.,on April 23, and conferred first with
the representatives of the employes, and then alternating with the repre-;
sentatives of the carrier in daily conferences, to and including April 28
that the mediator's efforts were unsuccessful; that following the provisions
of the Railway Labor Act the mediator then attempted, on April 26 1928,
to induce the parties to arbitrate the wage question in dispute; that the
representatives of the employes expressed an unwillingness to arbitrate;
that the representatives of the carrier expressed a willingness to arbitrate;
that on the same day the grand lodge officers issued their order for a strike
the order to be effective at 6 p. m. Sunday. April 29; that on April 28 1928
the President issued a proclamation creating an Emergency Board to investigate the dispute and to report its findings to the President within 30
days from that date; and that on the same day representatives of the employes and of the carrier expressed their intention to conform to the provisions of the Railway Labor Act by agreeing to make no change in the
conditions out of which the dispute arose for the required period of 30 days
after the Emergency Board shall have submitted its report to the President.
4. That the Orient company, before its differences were in mediation.
offered to increase the rates of pay of the employes represented by the four
Brotherhoods in an amount which would, it claims, increase its annual pay
roll expense approximately $62,000; that this amount is approximately
$47.000 less than the amount asked by the members of the four Brotherhoods' employes; that by negotiation with other classes of employes receiving less rates of pay increases were mutually agreed upon in such
amount that the annual pay roll was increased approximately $35,000;
and that the rate of increase offered the Brotherhoods was slightly greater
than that negotiated with other classes of employes.
5. That the road ever since its organization in 1900 has often been in
desperate financial straits. Its line was projected from Kansas City, Mo.
to Topolobampo. a port on the Gulf of California in the Republic of Mexico.
The line has been built in three unconnected sections: From Wichita.
Kan., to Alpine, Texas; Marquez. Mexico, to Sandrez, Mexico; Atlllo,
Mexico, to Topolobampo—the Mexican port. The gap between Alpine,
Texas and Marquez. Mexico, is about 100 miles, of which 84 are in Texas.
The gap between the central and western Mexican sections is 165 miles.
The corporate organization consists of three corporations organized:
(a) Under the laws of Kansas—operating the lines in Kansas and Oklahoma; (b) under the laws of Texas operating the lines in Texas, and (c)
under the laws in Mexico operating its properties in that country. The
Kenna corporation Owns and controls the other companies and the properties have always been managed as a unit.
The financial history of the enterprise is one of heavy loss and constant
difficulty. It has been through two receiverehirs and reorganizations, the
first during 1912-1915, the second during 1917-1927. The final proceedings
In the recent receivership are now before the Federal court.
The plan of reorganization was fully considered by the Federal court in
the case of Trustees Corporation, Lim. v. Kansas City. Mexico and Orient
Railway Co., 18, F.(2nd) 764; the plan was found fair and approved by the
court.
6. That the Orient is an interstate carrier having a line from Wichita,
Kan., passing through western Oklahoma and terminating, for its American line of 737 miles, at Alpine, Texas;that it taps an extended section of
southwest Texas and some counties in Oklahoma not conveniently served
by any other carrier; that the railway is a poorly constructed road and for
years has been under-maintained in spite of what appears to have been
skillful management; that it has not had sufficient income for operations
nor capital for betterments; that no other company has been connected
with it or interested to give it financial support; that there is built up along
the line a large population dependent on It for essential transportation
service; that, in the opinion appended to the decision of the Railroad Labor
Board, in 1923, and signed by its chairman, this statement appears in part
as indicating the natural condition of the country traversed, the condition
of the carrier 88 it then existed, and the reasons for the permission then
given the carrier to decrease the employes rates of pay:
"Along its lino industries of many kinds have gained a foothold, though
the development is mainly agricultural. Like many other railroads which
have been thrust by daring men into these expansive virgin domains of the
West, this carrier is going through a period of financial hardships.
"The enormous deficits which it has piled up year after year now threaten
to force its suspension. This would be a calamity to the general public
which it serves and to the men whom it employe. The matter is ofsuch grave
concern that the governors of three States have conferred in regard to it
and the people have held public meetings. The Interstate Commerce
Commission has loaned the carrier money and has issued certain orders
designed to increase its revenues. States and counties have temporarily
waived the collection of its taxes."
That there has been a marked increase since 1923 in the traffic in cotton,
cotton seed, livestock and livestock products; that the discovery of oil
fields in southwest Texas has resulted in largo additional outbound traffic
in oil and in large additional inbound traffic in oil-field supplies, in building
materials and in other commodities to satisfy the needs of a rapidly growing
oil-field population; that this additional income now enables the carrier to
begin to fulfill its 1923 promise of wage adjustments to its employes; that
the evidence fails to show that the present oil-field traffic can be measured
in terms of permanent annual revenue or that it will at all increase; that
in fact it is likely to decrease because of the building of pipe lines for the
transportation of oil from a proven field; and that therefore the revenues of
the carrier are still in a precarious condition.
Possible Suspension Against Public Interest.
7. That a stoppage of the operations of the Orient would be a substantial
interference with interstate commerce; that it would result in depriving a
largo number of citizens in Kansas, Oklahoma and Texas, who have settled
1
JULY 14 1928.]
FINANCIAL CHRONICLE
along the line or in tributary country,from essential railwair transportation'
and that it is of vital public interest that this service be maintained.
8. That the employes,in the hearing before the Emergency Board, based
the rates of pay, covered by their demand, upon the award of the Chicago
arbitration of the Western Carriers with the conductors and trainmen
rendered in May 1927: while the carrier claims that it is governed by the
decision of the Labor Board of 1923 under which it was authorized to pay
substandard rates. In the opinion of the Board this carrier was not a party
to nor is it bound by the award of the Chicago arbitration, but that the
carrier is now and in the future morally bound by its promise, made in
connection with Railroad Labor Board's decision 1933, to restore standard
rates of pay to its Brotherhood employes and, as nearly as such standards
can be determined, to all other of its employes as soon as operating revenues
will permit.
9. That in view of the accumulated financial difficulties of the carrier
and inadequate earnings to meet current needs of maintenance, the carrier
is not at present Justified in paying rates of wages, to the employee represented by the four Brotherhoods, higher than the advances now proposed
by the carrier, having due regard to the maintenance of the road and the
equitable compensation of employes in other branches of service.
10. That the four Brotherhoods are not Justified under the circumstances stated in carrying out their strike order, and should either accept
the advances offered them, or they should arbitrate their wage dispute
under the Railway Labor Act; and if they accept the increase offered it
should be made effective by the carrier from Apr. 16 1928,the date on which
increases to other employes took effect.
Settlements of Grievances by Board of Adjustment.
11. That the Railway Labor Act contemplates, as an important instrumentality in its administration, the establishment of Boards of Adjustment
for the settlement of grievances and provides for their creation by subdivision 1 of Section 3; that in subdivision 2 of the same section, it provides
that in lieu thereof the carrier and its employes may adopt such agreement
as they choose for the settlement of disputes; that the four brotherhoods
are members of the regional Boards of Adjustment now functioning for the
employes represented by them; that these boards were created in three of
the four regions some years ago by mutual agreement between a large
number of carriers and the four brotherhoods and are the outgrowth of
many years of uninterrupted contracturual relationship between the
parties; that these boards decide disputes *rising out of grievances or out
of the interpretation or application of the complicated and technical agreements concerning rates of pay, rules or working conditions not adjusted by
the parties in conference; that it is essential in the interests of peace and
harmony under the Railway Labor Act that the carriers having so-called
standard rules governing working conditions in train and engine service
should provide an avenue for the settlement of unsettled grievance claim
with these organizations which, by their contracts or agreements in effect
with practically all carriers in each region, are automatically members
of regional adjustment boards when created; that the Orient company does
not belong to such a board; that there is functioning with headquarters at
St. Louis, Mo., the Southwestern Train Service Board of Adjustment;
that the brotherhoods are members thereof; that though the carrier offered
to take the eight grievance cases involved in the present dispute to this
board, it has thus far refused to become a member; that it has proposed to
the brotherhoods a form of agreement pursuant to sub-division 2; that they
declined it; that they are justified in declining it: that the carrier is not
justified in refusing to become a member of the Southwestern Board of
Adjustment; that it should become a member forthwith; that such board
would care for the eight unadjusted grievances of which the brotherhoods
are now complaining, and of future grievances; and that it is not the
province of this Emergency Board to determine the merits of the individual
oases.
Reciprocal Death Tax—Mississippi Latest to Adopt
Law, Making Twenty-two States Now Bound by
Agreement.
The following is from the "Wall Street Journal" of July
3rd:
Mississippi, by recently enacted law, has joined the list of States
which will impose no death tax on intangible personal property of decedents in States which adopted similar reciprocal laws. The Mississippi
law is effective from April 23 1928 and reciprocity between New York and
Mississippi is operative as of that date.
The New York law providing for reciprocal death tax exceptions, enacted to overcome court objection to the law of 1925, is dated March 12
1928 and is effective in the 21 States and District of Columbia which
comply with its terms from that date. The law is also made retroactive
to July 1 1925, if the other reciprocal States conform to such retroactivity. List of the jurisdiction in which reciprocity exists follows:
Alabama
Maine (7-1-28)
Ohio (3-12-28)
California (7-29-27)
Illinois (7-1-27)
Oregon (5-27-27)
Colorado (7-4-27)
Georgia (8-20-27)
Pennsylvania (3-12-28)
Connecticut
Massachusetts (12-1-25) Rhode Island
Delaware (4-25-27)
Mississippi (4-23-28)
Tennessee
District of Columbia) Nevada
Vermont
FloridaNew Hampshire(3-9-27)
New Jersey (7-1-28)
Maryland (8-1-27)
Where no date is given, retroactivity applies from July 1 1925. Where
date is inserted in parenthesis reciprocity is effective from the specific
date.
Stockholders Gain 1,000,000 in Five Years—Estimated
Increase in Owners of Common Shares Shown by
Corporations' Reports—Issues Listed on Stock
Exchange.
Regarding a survey made by it of the widening list of
owners of stocks, the New York "Times" of June 24 said:
Corporations whose shares are listed on the New York Stock Exchange
have added snore than 1,000,000 common stockholders to their books within
the last five years. Most of these participants are permanent investors in
the securities, who receive their dividends quarter after quarter and
who may be classed as "strong-box holders."
This statement is,made possible by a survey of stockholders' lists, which
has been made by the New York "Times" in view of the vast public
Interest in corporation affairs, in the growth of these corporations, especially during the last five years, and in the spread of investment and
speculative interest throughout the country.
There are 1,097 corporations whose common and preferred shares are
listed on the New York Stock Exchange. A total of 529 replied to a
questionnaire sent out by The New York "Times," giving the present
215
total of stockholders, both common and preferred, as compared with
the end of 1923. In many cases the total is the aggregate of stockholders
at the end of the first quarter of 1928, but in most instances the totals
given are for the end of the last calendar year. At any rate, they are the
most recent compilations of their own family of stockholders made by these
corporations.
Figures of Stockholdings.
These reports disclose that these 529 corporations now have a total el
2,799,438 common stockholders on their books. This compares with 2,072,135 at the end of 1923, an increase of 35.09%. In the case of preferred
stockholders of record, the figure had expanded from 788,282 at the end
of 1923 to 951,555 at the last calculation, a gain of 28.89% in the fiveyear period. It is estimated that the increase in common stockholders from
the 568 corporations listed on the Stock Exchange whose figures are not
available brings the round total of the expansion in this class of holders
of shares to well over the million mark in the last five years.
It is the opinion of the executives of these corporations that there
were three principal causes for the effect of this tremendous gain in stockholders' lists. They give, first, the present widespread interest in securities of all sorts, and the growing inclination of stockholders to get
their securities transferred into their own names and "take them out of the
market"; second, the fact that many corporations have given their employees opportunity to purchase their stocks in small amounts, paying for
these investments out of weekly or monthly salary; third, the large
number of customer-ownership campaigns which have been conducted in
the last five years, especially by public utility corporations, which have
embraced this method of wide stock distribution as a step in a campaign to secure public good-will.
Investment Side of Market.
At any rate, this survey represents the investment rather than the speculative side of the market. Of course, the "floating supply of stock" in
Wall Street contains many of the names which appear on the stockholders'
lists, and the current holder of the security, whoever he may be, receives
such dividends as are paid through his broker. In the greater majority
of cases, however, the figures represent bona fide stockholders whose
dividends are sent directly by the corporation to the home or business addresses of the stockholders. They represent the backbone of the corporations' support, to which the corporations are able to turn when new
funds are necessary for expansion.
The survey has brought out some interesting developments in stockholders' lists, the result of the constant shift of investment and speculative tides during the five-year period. It reveals, for instance, that
railroads, from the viewpoint of total stockholders, have lost ground so
far as common shareholders are concerned, but have gained in preferred
stockholders. On the other hand, the public service corporations have
been heavy gainers of individual holders in both the common and preferred stockholders' lists. In the twenty-five public utility corporations
whose figures it is possible to present, the gain has been 241,004 common and 184,088 preferred stockholders. The credit for a good part of this
gain must be attributed not alone to the growth of the public utility
industry during the past five years, to the large number of mergers and
split-ups of shares which have taken place, but also in part to the customer-ownership campaigns which have proved so popular, especially in
towns and villages.
Holdings in Biggest Companies.
An examination of the stockholders' lists of eight corporations popularly known as the "billion dollar" companies, reveals many strange
complexities in the shifts which have taken place during the last five
years. The country's two largest corporations, the United States Steel
Corporation and the General Motors Corporation, have both lost ground
so far as the total number ef common stockholders is concerned. The
same thing is true of the Pennsylvania Railroad. On the other hand,
the American Telephone & Telegraph Company has added 142,431 stockholders of record to its books in that period of time, and the total
stockholders of the New York Central Railroad, the General Electric
Company, the Standard Oil Company of New York and the Standard Oil
Company of New Jersey all show striking gains. Stockholders of the
Standard Oil Company of New York have more than doubled in the last
five years, indicating a wide dissemination of interest in the affairs of
this company, while the stockholders' list of the Standard Oil Company
of New Jersey was affected measurably by the retirement of its preferred
stock last year. Corresponding growth in the number of common stockholders has occurred, however.
The following table shows the present number of common and preferred
stockholder's as compared with 1923 rthe
8.
eight corporations:
Common. Preferred. Common. Preferred.
1928.
1928.
1923.
1923.
General Motors
43,116
23,093
46.567
21,496
United States Steel
American
erlcan Tel
cenetprai
hone & Telegraph
685
49
23:
55
80
70:426
284
61:170
6
76:311
York
34.946
54.530
General Electric
38,849
36,008
Pennsylvania
144,228
143,252
Standard 011 of New York
52,921
Standard 011 of New Jersey
2
19
5:6123
34
*39,412
55,340
*Called.
/n Smaller Corporations.
Considered as a whole, an examination of these stockholders' lists indicates a very considerable public interest in small corporations, many of
which were not even in business five years ago and for which no comparative records are available. There are any number of these quoted
on the Stock Exchange, whose common stockholders' books hold from 2,000
to 5,000 separate names and range in holdings from one share to as
many as 20,000 or 30,000.
It is rather a remarkable development that in view of the difficulties
encountered by the railroads as a whole during the last five years, that
the railroad books should show no more changes than they do. In the
case of many of the leading lines the changes may be called inconsequential. Probably the greatest change has been in the books of the New
York Central Railroad, which in the last five years has gained 19,584 common stockholders. On the other hand, the books of such important roads
as the Union Pacific, the Atchison, Topeka & Santa Pe, the Delaware tz
Hudson, the Illinois Central, the Missouri Pacific, the Pennsylvania and
the Southern Pacific show changes which must be considered so small
as to be unimportant. In a number of cases, too, it is to be noted in
these changes in stockholders' lists they have been brought about by amalgamations of one road with another.
Records of Railroads.
The following table shows the total common and preferred stockholders
of forty-nine railroads at the present time as compared with the
close
of 1923:
216
FINANCIAL CHRONICLE
[VoL. 127.
Common. Preferred. costing the carriers concerned dearly in the shape of a rate war, which it was
1923.
1923.
generally conceded would work out disastrously to the participants. The
66
23,005 agreement achieved yesterday marked the end of a 5-year fight and has
41,955
5,098
involved in one form or another large sums of money and a big soft coal
15,561 tonnage.
44,333
1.101
13
Yesterday's meeting had not been publicly announced, and every effort
155
245
was made to veil the proceedings in secrecy, possibly because of the fear
247
that the conference might not attain the results hoped for by those sending
23,459 out the call for the meeting. At the close of the conference none of those
49,401
866
1,524
1,814 in attendance would indicate what the outcome of the meeting had been, or
1,813
249 divulge any of the details. It was understood, however, that Gen. Atter99
11,315 bury, whose road had been drawn into the controversy, acted as presiding
6,429
1,696 officer.
1,196
100
Speakers Appealfor Harmony.
11,605
6,650
Those who spoke addressed the representative body of executive traffic
347
44,742 officials present, who appeared for all the roads having an Interest in the
4,517 Lakes rate case, and appealed for harmony and a composure of the dif14,953
160 ferences, which, the speakers indicated, could not but in the end prove
75
215
harmful to carriers as a whole. The spirit of compromise was urged, and
3,094
1,275
ultimately this reasoning prevailed. There then ensued a general discussion
208
of the controversial points at issue, these being taken up one by one.
1,628
2,425
4.310
Among these was the question of the differential Pittsburgh versus
4,474 Kanawha-Thacker. A basis of agreement was finally arrived at in that
4,852
722
roads of the North and those of the South, parties to the controversy
the
1,252
that has raged,shall accept the principle that a 35c differential is to prevail
34,946
4,023 between Pittsburgh and the districts named, with other districts observing
1,130
535
the relationships that have been customary In the past.
1.289
It was understood that the Southern carriers, on the basis of the compro24,983
mise, are without delay to advance rates to Lake Erie ports to $1.81 per
3,827
12,549
1,945 ton. This will be done under an agreement to refund 10c a ton on coal
2,834
transported to destinations north of Port Huron and Sarnia, Ontario.
38,000
Another point in the agreement reached was that the refund clause
144,228
4,077 In the Northern and Southern railroads is to terminate on the last day of
5,230
1,303
this year. The effect of this will amount to $1.81 a ton from the Kanawha4,418
7,075
1',156
1,268 Thacker region, and a rate of $1.46 from the Pittsburgh district.
15,327
Prepare for Court Decision.
60,186
400
Since the Supreme Court of the United States Is expected next fall to
14.541
40,851
take up the issue raised in the lower courts in the earlier stages of the
2,775
2.411
Lakes cargo rate dispute, yesterday's conference,took up ways and means of
meeting this situation. It was decided that when the Supreme Court hands
168,905
601,646
171,175
598,934
Total
down its decision all of the railroads parties to the agreement reached yesterday will make every effort to maintain a 35c differential from the so-called
Among the Public Utilities.
base districts.
The public utility list has probably undergone a more complete re.
On the other hand,should the Court of last resort uphold the Inter-State
vision than any other single group quoted on the Stock Exchange in this Commerce Commission decision in ordering a reduction of 20c. per ton on
of
aggregate
the
common
showing
table
following
The
period.
five-year
Lake cargo shipments of bituminous coal the railroads of the North will
and preferred stockholders at the present time as compared with 1923 be expected to petition for permission to advance base rates 10c. a ton. In
reflects the vast changes which have taken place in this industry in the the event that the Court upsets or fails to affirm the Inter-State Comfive-year period:
merce Commission decision the Southern roads will keep in force a differCommon. Preferred. Common. Preferred. ential of 35c. from base districts by proclaiming a rate of $1.81 from Kan1923.
1923.
1928.
1928.
awha-Thaker and, If necessary, other districts.
281,149
423,580
American Telephone & Telegraph
The above-named terms formed the nucleus of the general agreement ar7,126
11,319
Brooklyn Edison
7,900
rived at yesterday. While there may be some details not made available,the
3,600
Brooklyn-Manhattan Transit
14,400
22,100
Columbia Gas & Electric
foregoing is the platform on which amity is once again restored between
4,000
1,300
10,600
6,000
Commonwealth Power
powerful groups of railroads.
120 the formerly contending two
1,132
162
839
Duluth-Superior Traction
The history of the Lakes coal rate case is rather a long one. The more
5,437
9.086
Duquesne Light
an order issued by the Inter-State Commerce
included
developments
7,484
7.192
recent
Engineers Public Service
475 Commission on June 12 last, under which a reduction of 20c. a ton on Lake
575
819
1,235
Federal Light & Traction
470
360
2,240
440
Hackensack Water
&
3,059 cargo shipments of bituminous coal, proposed by the Baltimore Ohio, the
1,468
19,152
4,615
International Paper
4.321
Buffalo, Rochester & Pittsburgh, New York Central, the Pennsylvania, the
4.787
Kansas City Power & Light
Maryland
went into
5,625
railroads,
Western
the
and
Erie,
Lake
13,605
Pittsburgh &
Louisville Gas & Electric
1,108
3,923
2,620
857
Market Street Ry
June 18. The Commission refused to suspend the tariffs filed by
6,985 effect
2,766
6.695
354
Niagara Falls Power
2,773
5,990 the railroads named proposing the 20c. a ton reduction, as prayed for in
11,459
29,530
North American
21,944 petitions filed by operators and roads in the Southern soft coal fields.
4,798
29,555
16,513
Pacific Gas& Electric
214
2,203
2,734
2,523
Telegraph
Pacific Telephone &
As a result of the Commission's action, there became effective after Juno
3,716
31,542
2,436
Philadelphia Rapid Transit
of soft coal shipments from the Pitts16,791 18 a spread of 45c. per ton in favor
48,845
74,206
41,831
Southern California Edison
2,541 burgh-Ohio field, as compared with the rates, on the product from the South2,750
9,167
18.970
Standard Gas & Electric
419 ern field. The competition between these two fields has caused a great
4,560
416
4,144
'Twin City Rapid Transit
5,254
Virginia Electric & Power
deal of trouble to the commission, and is said to have resulted, indirectly at
12,954
West Penn Electric
least, in the retirement of two members of that body, Commissioners Cox
26,340
25,360
'Western Union Telegraph
and Esch.
400.826
74.357
258,445
641.830
The Lake cargo traffic involves a shipment of approximaely 25.000,000
Total
tons of soft coal a year, and, of course, a large revenue to the carriers conThe development of new and more efficient methods of stock distribution
cerned.
Is expected by bankers and corporation leaders to bring about an even
The southern soft coal interests opposed the action of the Northern roads
greater growth in total permanent stockholders during the next five years in cutting the rates on the ground that it "is a retaliatory measure, and
than in the last five. The awakened interest in stocks which pay a fair for the avowed purpose of initiating a rate war." Several months ago the
dividend and at the same time have the opportunity of price appreciation Inter-State Commerce Commission issued an order forbidding the railroads
because of growth and expansion, coupled with the growing number of In the Southern coal field from putting a 20% reduction on shipments
persons who are able to save sufficient money from month to month to of the product from the Southern mines to the Lake regions. The Fedbuy a few shares of a corporation's stock, has brought about the opinion eral District Court in West Virginia enjoined the enforcement of the order.
expressed by bankers and industrial leaders, that the present trend in The action of the commission on June 12 in refusing to suspend the rates
stockholdings is toward decentralization of securities, with a very large asked for in the Northern fields had the effect of nullifying the court vicnumber of small and widely scattered holders.
tory won by the Southern operators.
Common. Preferred.
1928.
1928.
295
Alabama & Vicksburg
20,673
Atchison Topeka & Santa Fe
37,734
4,212
Atlantic Coast Line
12,532
Baltimore & Ohio
29,853
1,385
1,251
Bangor & Aroostook
189
292
Buffalo Rochester & Pittsburgh
819
644
Buffalo & Susquehanna
240
Beech Creek
23,944
44,276
Canadian Pacific
1,037
1,570
Chicago & Alton
1,392
815
Chicago & Eastern Illinois
242
126
*Chicago Indianapolis & Louisville
11,802
4,369
Chicago Rock Island & Pacific
1,285
503
Colorado & Southern
1,389
'Consolidated RR. of Cuba
9,925
Delaware & Hudson
7,104
Delaware Lackawanna & Western
353
Erie & Pittsburgh
43,018
Great Northern
6,235
15,711
Illinois Central
440
300
International Rys of Central America
191
•Joliet & Chicago
3,714
3,287
Kansas City Southern
92
Michigan Central
1,760
Minneapolis & St. Louis
6,582
2,484
Missouri Kansas & Texas
5,175
4,125
Missouri Pacific
733
Nashville Chattanooga & St. Louts_ _ _ _
407
New Orleans Texas & Mexico
54,530
New York Central
6,697
1,366
New York Chicago & St. Louis
649
New York & Harlem
1,180
New York Lackawanna & Western__
New York New Haven dc Hartford_ _ _ _ 17,798
2,605
New York Ontario & Western
1,691
10,723
Norfolk & Western
2,779
'Northern Central
38,000
Northern Pacific
143,252
Pennsylvania
3,159
2,069
Pere Marquette
514
Pittsburgh & West Virginia
4,355
6,017
Reading
1,011
560
St. Louis Southwestern
11,141
Southern Ry
58,117
Pacific
Southern
2,500
Texas & Pacific
12,794
39,189
Union Pacific
1,419
Western Maryland
485
Wheeling it Lake Erie
Keen Competition for Trade.
Under the West Virginia court decision, a decree was issued permanently
Agreement Reached by Rail Officials in Coal Rate
enjoining the commission from enforcing its order requiring Southern rail- roads
Case-Carriers Compromise on Lake Cargo Trade
to cancel tariffs proposing a reduction of 20c. a ton in rates on coal
from the Southern field to the Lake regions. The cuts in rates in both
35-Cent Differential Basis of Settlement.
fields, it was felt, foreshadowed a rate war between the Southern railroads
The reaching of an agreement on the part of the carriers and the Southern operators on one hand, and those of the North on the
was
controversy
announced
on
rate
coal
other for the possession of what is known as the Lake cargo coal market
in the Lake cargo
the Northwest.
July 7 following a conference in New York the previous day ofThe
Lakes cargo traffic involves a subject for keen competition.
roads.
Southern
Assoand
Northern
of
representatives
of
It is regarded as the most desirable of the coal markets of the United States
with
7,
July
reference
because it enables the mines to keep in operation in the summer months
ciated Press advices from Washington
when the demand for coal in other quarters of the country is naturally
to the agreement, said:
below normal.
The coal-carrying railroads which have agreed on a compromise in the
The Southern roads, which by injunction proceedings had prevented the
Lake cargo coal fight have not filed tariff schedules explaining their pro- inter-state body from interfering with their reduction in coal rates, turned to
posals to the Inter-State Commerce Commission, but such a step on their
the commission to prevent the Northern roads from making their reduction.
part is generally expected here.
By denying the Southern carriers' request the commission restored the origiIt was said at the Commission that in view of the intervention of the
nal differential in rates upset by the reduction by the Southern roads that
courts in the proceeding, a compromise to prevent a rate war was logical. precipitated the controversy adjusted in New York yesterday.
At the same time coal producers have not settled their differences, and the
Feeling has run high, particularly in the South, where the operators have
filing of new rates probably will revive the controversy before the Com- represented their future existence as depending on the cut made by the
mission.
carriers serving their sections. The legality of the Southern roads' original
The conference and its results were reported as follows reduction, while still to be put to the test in the Supreme Court, loses much
of its importance owing to the settlement effected by the two groups of
in the "Journal of Commerce" of July 7:
Following a largely attended conference held here yesterday in the office carriers yesterday.
It was said in some quarters last night that it is possible that the pending
of Gen. W. W. Atterbury, President of the Pennsulvanla Railroad. repreof the agreement
sentatives of Northern and Southern railroads reached an amicable solution suit before the Supreme Court might ho withdrawn in view
a the Lakes cargo coal rate controversy that had given every indication of reached here, but such action was regarded as problematical.
JULY 14 1928.]
FINANCIAL CHRONICLE
Richmond advices published in the "Wall Street News"
of July 10 said:
Although a compromise has been reached in the rate war over Lake cargo
Coal traffic between carriers for the Northern and Southern fields, Virginia,
West Virginia and Kentucky mines will not receive the benefit of the agreement this year, according to advices received here.
Compromise was in the form of an agreement on a 35c. differential between the rates from Northern and Southern fields with the advantage in
rates on behalf of the Northern group.
Southern carriers had previously held out for a 25c. differential and in an
effort to achieve this had made one rate cut of 20c. The Northern carriers
recently turned the tables when they made their second rate cut of 20c.
securing for this season a differential of 45c.
Coal producers in the two regions which previously have had much to say
in regard to the rate differential have not as yet considered the new scheme,
nor do they have to before it goes into effect as the carriers must file their
rate with the Inter-State Commerce Commission.
Recent rate cut by Northern carriers will expire at the close of the present
year. At that time or after the Supreme Court rules on the legality of
the cut by Southern roads last Spring in the face of the disallowance of the
reduction by the Inter-State Commerce Commission the 35c. differential
will become effective.
The order of the Inter-State Commerce Commission of
June 12, declining to suspend the 20-cent reduction per ton
on Lake cargo shipments of Northern roads was referred to
in our issue of June 23, page 3877.
Financial Statistics of Cities—Report of Census
Advisory Committee of International Association
of Comptrollers and Accounting Officers,
217
Special Assessments.
There is great variation in the method of treating special assessments
against property benefited by an improvement. Some methods are good,
and others are better. However, the best practice of the present day is to
handle such matters in a separate fund, with the receipts from the assessments pledged to the retirement of the indebtedness. This practice, we
believe, requires that these improvements be handled by the municipality
directly as to engineering, awarding of contract, supervision and inspection
of the construction, as well as financing. This procedure centralizes responsibility and control in the municipal officials, and undoubtedly produces
the best results. If full control is exercised by the municipality, and the
notes or bonds for financing the project are issued as obligations of the
municipality, the improvement will cost the property owner less both
because the municipality is able to borrow at a lesser rate of interest, and
because the contractor is assured that he will be paid in cash according to
the terms of the contract It is felt that this matter should be given the
consideration which it deserves, and the committee recommends that the
association put itself on record as to the proper methods of financing and
accounting for so-called special assessment improvements.
Service Transfers Between Departments and Public Service Enterprises.
The matter of the proper treatment of service transfers is without doubt
one of the most important functions that has to do with the successful
presentation of costs of government, and at the same time the compilation
of statistics which are comparable. Particular reference in this matter
concerns the proper treatment and presentation of transactions between
municipally owned utilities and other city departments. In cities where
municipally owned utilities function, the cost of supplying other departments of the city with its product forms a very substantial proportion of the
cost of government. In about two-thirds of the cities no charge is made
by the utility for service furnished to other city departments. In the
remaining cities the proper charges are made, and the amounts so charged
appear in the statistics presented as a part of the cost of government.
Per capita figures are used, based upon the costs of those not making any
charge for the service and those making the charge, without any notation
of the difference in the basis for such figures. The committee well understands the difficulties the Bureau has to overcome to obtain successfully
the proper data for comparison, and it acknowledges the fact that municipal accounting is far from the millenium. At the same time it concludes
that to present per capita costs under plainly nonexistent comparable
conditions is misleading and tends to make actual conditions misunderstood.
It recommends that your Bureau, either directly or through personal effort
of the International Association of Comptrollers and Accounting Officers,
call to the attention of those cities not charging other city departments
for its product, the necessity for so doing, impressing upon such cities the
positive importance of remedying this shortcoming. It also recommends
that until further action is taken by this committee, per capita revenues
and costs be presented with this element eliminated.
The Special Committee of the International Association
of Comptrollers and Accounting Officers, appointed at the
1924 convention for the purpose of making a general survey
of the financial statistics of cities having 30,000 population
and over, which are compiled annually by the Bureau of the
Census, has submitted its fourth report to W. M. Steuart,
Director of the Census at Washington. The members of the
committee presenting the report are: Walter R. Darby,
Chairman, State Commissioner of Municipal Accounts,
Trenton, N. J.; George M. Rex, Certified Public Accountant,
Providence, R. I., and Frank J. Flanagan, Expert, Finance
Staff, City Hall, Chicago, Ill. In noting that the report
Highways.
considers questions of great importance to the association
It is suggestive that the detail under this caption be eliminated, except
and to others interested in public finance, the committee, the item, "Repair for compensation." This item represents a substantial
sum. It pertains to a great extent to the restoration of payments over
under date of June 20, says:
openings made in streets, a matter of considerable interest to the public.
It would be desirable not to include this item in per capita costs, as the
city is reimbursed for expense incurred by the utilities for which the
work is done.
Education,
The schedule should show the receipts and expenditures for schools and
for libraries separately. Both of these items are important. The rapidly
increasing cost of schools particularly has resulted in directing public
attention to the comparative costs in different cities. To avoid possible
confusion, the detail should be obtained for schools and libraries separately.
Resolutions Previously Adopted.
The report follows:
Centralization of Accounting Systems.—The committee feels that it can
do no more than to emphasize its recommendations contained in our former
May 2 1928.
Hon. W. M. Steuart, Director of the Census, Washington, D. 0.
report; namely, that all accounts of municipalities should be centralized
Dear Sir: The Census Committee of the International Association of in one accounting bureau.
Comptrollers and Accounting Officers, which is the Advisory Committee
Allocation of the Cost of Supervisory Positions, Such as City Engineer.—
to•the Director of the Census in so far as the collation and presentation of The committee cannot understand why any department should not comply
financial statistics of cities is concerned, presents to you its fourth report. with the simple request of the Bureau that the costs of these supervisory
The officials of the Bureau suggested that the principal work of the positions, as city engineer, be charged to the proper departments. The
committee at the meeting held in Washington on May 1 and 2 was the Bureau of the Census is endeavoring, with the best tools at its command,
revision of the principal schedule 0-20 used in collecting the financial to present to the public financial statistics which are not only comparable
statistics of cities, with a view of eliminating any inquiries not considered but reliable. The committee urges that all accounting officers co-operate
necessary, without decreasing the value of the statistics, although lessening to the fullest extent possible with the Bureau, and suggests that in the
the work of collecting them. The revision of this schedule has taken matter under consideration it is apparent that there is an urgent need for
practically the entire time of the committee. The recommendations made further co-operation on the part of some of the cities.
would reduce the number of inquiries on the receipt side of the schedule
Classification of the Purpose of Issue Debt.—The Bureau of the Census
from 139 to 70, and the number of the payment side from 188 to 108.
is evidently classifying the purpose of the issue of debt wherever the necesSchedule 0-20 is very much detailed as to departmental receipts, that is, sary information is obtainable, but on this as well as on other subjects
RS to fees, charges, rents, minor sales of the various departments, which
the Bureau is limited by the kind of records of the city officials. This
constitute a very small per cent of the total revenues. It was therefore committee recommends that the association give particular attention to
decided to combine many of the classifications of such revenues. The sup- the question of debt records. The association should urge its members
plemental schedules of sinking, trust, investment, and other funds should to familiarize themselves with the classification used by the Bureau of the
also be shortened to agree with the major schedule 0-20.
Census, and to prepare their records accordingly. The classification of
At each of its meetings the committee has been calling attention to the purpose of public debt is exceedingly important to those having to do
the need for uniform classification of accounts, and the officials of the with financial problems; and it is safe to assume that the need for such
Bureau inform us that there has not been the advancement along this information will become more urgent in the future. The association should
line that was expected. While the statistics are collected in much less give this matter careful consideration to the end that in the first instance
time now than was the case 25 years ago when the work was started by the an accurate record of the cost of the improvement covered by the bond
Bureau, there has nevertheless been very little change in the accounting issue may be had; secondly, that a proper record of the bend issue may be
systems of some cities. In such cities it is still necessary for the agents prepared and maintained.
of the Bureau to classify revenue receipts and payments from the original
Inclusion of Smaller Citie.s.—The General Advisory Committee of the
records. The Bureau is not interested in a system of accounts, but in a Bureau of the Census has recommended that the Bureau include the cities
classification of the revenue receipts and payments along the lines of having a population of from 25,000 to 30,000 in its annual investigation of
Schedule 0.20. The members of the association should make definite financial statistics of cities. This committee recommends that the work
progress towards the adoption of a uniform classification.
of the.Bureau be extended to include the compilation of statistics of cities
Schedule 0-20 was originally prepared by a committee of what is now having 25,000 to 80,000 population when the work incident to the Fifteenth
the International Association of Comptrollers and Accounting Officers. It Census will permit; however, the work of compiling the statistics for
has never been revised to any large extent without the recommendations of these additional cities is to be undertaken without in any way interfering
members of this association. On this schedule are recorded the principal with the work now being done for the larger cities. The schedules now
statistics from which the total and per capita comparative revenue receipts In use appear to meet the requirements for reporting the information
for
and payments are secured. These are considered by associations and indi- the smaller cities; items therein not applicable can, of course, be omitted
viduals as the important factors brought out in the publication, "Financial in the report.
statistics of cities having a population of over 30,000."
General Statistics of Cities.—This is another field in which there is an
The following recommendations are made on matters considered at this opportunity for service. It appears that nothing has been done by
the
meeting; also, certain recommendations made at previous meetings are Bureau along these lines since 1918, and there are a number of
subjects
repeated because of their importance, and for the further reason that we which might be given further study by the Bureau. We
recall that a
do not believe they have yet received all the consideration they deserve by very popular publication was gotten out in 1916 on the subject
of recreaall city officials.
tion. There are constant demands for another report on this
subject, and
All city financial officers should study carefully the problem of producing comparable statistics, which has been the principal object of the
International Association of Comptrollers and Accounting Officers since
1903.
This report is the result of a study of the problem by the membership of
the committee and the experts connected with the Census Bureau. Suggestions for the improvement of the census statistics are invited by the
Director of the Bureau, and every consideration will be given them. As the
statistical department of the Census Bureau is devoting much of its time
to this work, any correspondence in connection with this matter should
be directed to the Bureau.
218
FINANCIAL CHRONICLE
the committee believes this is probably the most important one at this
time. The additional cost of securing these general statistics is negligible,
as the information can be secured in a comparatively short time by the
agents of the Bureau when visiting the various cities in connection with
the regular work of the Bureau.
Respectfully submitted,
(Signed)
WALTER R. DARBY (Chairman), State Commr. Municipal Accounts,
Trenton, N. J.;
GEORGE M. REX (Secretary), C.P.A., Providence, R. L;
FRANK J. FLANAGAN, Expert, Finance Staff, Chicago, Ill.
The Jubilee of the London "Statist."
"The Statist" commemorated its 50th Anniversary June
30 by the publication of a Jubilee Number of 220 pages,
surveying social and economic progress all over the world
during the past half-century. A notable list of authorities
contributed special articles to the number, including Lord
Melchett who wrote on "The Growth of the Modern Industrial Organization," Sir Josiah Stamp, on "The Present
Economic Position of Great Britain"; Sir Lynden Macassey
on "Relations Between Capital and Labor"; Rt. Hon.
Philip Snowden, M. P. on "National Revenue and Expenditure"; Prof. Gilbert Murray on "The Development of the
League of Nations"; R. •G. Hawtrey on "Financial and
Industrial Crises"; Rt. Hon. Sidney Webb, M. P., on
'The Growth of Collectivism"; Lord Inchcape on "Trade
and Population"; the High Commissioners for Australia,
Canada, India and South Africa upon the economic position
a their respective countries; Dr. Julius Klein on "50 Years
Economic Progress in the United States"; Lucien March
on "The Position of France"; Dr. Arthur Salomonsohn on
"Germany's Economic Prospects"; A. C. Miller of the
Federal Reserve Board on the Federal Reserve system
(this article was reproduced in the "Chronicle" of June 30, p.
4026), and many others of equal eminence. The Number
eontains many congratulatory messages to "The Statist"
and a series of interesting illustrations of past and present
aspects of city life. The price is 18.3d., post free, from the
publishers, 51 Cannon Street, London, E. C. 4.
Reduced Railroad Fares for Annual Convention of
A.B.A. at Philadelphia, Oct. 1-4.
W. G. Fitzwilson, Secretary of the American Bankers'
Association, issues the following announcement regarding
reduced railroad fares for the American Bankers' Association convention to be held in Philadelphia, Oct. 1-4:
• A fare and one-half ha been authorized for the round trip on the identification certificate plan with certain final return limits as indicated. There has also been authorized a fare and three-fifths for the
round trip on the identification certificate plan with final return limit
of thirty days in addition to the date of sale, the sale dates and all other
conditions to be the same as applicable on the fare and one-half basis.
Tickets on either of these plans will be good via same route in both directions only, with the exception as noted.
To obtain reduced fare the name of the person to whom the identification certificate is issue, also the names of the dependent members of
his or her immediate family, if more than one ticket is purchased, should
be filled in before the identification certificate is presented and ourrenedred to the ticket agent. It is necessary that members when presmiting the identification certificates to ticket agents state which class
of ticket they desire. Non-members will not be entitled to the privilege
of reduced fares, and reduced fares will not be granted to members unless
they present their identification certificate to the ticket agent when purchasing their tickets.
Round trip tickets require validation by agents at the regular ticket
offices of the lines over which tickets read into Philadelphia on any date
arrive at original
to and including final return limit, but passengers must
starting point prior to midnight of the final limit.
in full time
An identification certificate will be sent to each member
a member
and if more than one person will attend the convention from
will be furnished upon
bank, additional certificates will be required and
application to W. G. Fitzwilson, Secretary American Bankers' Anodetion, 110 East 42d Street, New York City.
fares, the dates of sale
• The passenger associations granting reduced
of tickets and final return limits are as follows:
the Canadian PasChicago and East Thereof.—From the territories of
Passenger Association, the
senger Association (Eastern Lines), Central
Passenger AssoNew England Passenger Association, the Southeastern
will be sold Sept. 27 to
ciation and the Trunk Line Association, tickets
point not later than
Oct. 3, with final return limit to original starting
midnight fo Oct. 10.
West of Chicago.—From the territory of the Southwestern Passenger
are as follows:
Association the dates of sale and return limits of tickets
Sept. 25-Oct. 1 1928, inclusive, with final return limit of October 12
25-Oct. 1 1928
Sept.
1923, from Oklahoma and Texas (except El Paso);
sale from El
inclusive, with final return limit of 25 days after date of
Paso, Texas; Sept. 26-Oct. 2 1928 inclusive, with final return limit of
Oct. 11 1928 from Arkansas, Kansas, Louisiana and Missouri. The following Southwestern lines are not parties to the reduced fares: Arkansas
& Louisiana Missouri fly., Ft. Smith and Western R. R., Graysonia, Nashville and Ashdown, R. R., Kansas, Oklahoma gi Gulf fly., Louisiana St
Arkansas By., Mississippi River and Bonne Terre fly., and National Railways of Mexico.
From the Trans-Continental Passenger Association and the Western Passenger Association, the territory from which reduced fares will apply,
dates of sale and final limit are as follows: Illinois, Hannibal, Mo., St.
Louis, Mo., and Keokuk, Iowa—dates of sale Sept. 27-Oct. 3, final limit
Oct. 10; Colorado (Julesburg only), Nebraska, Iowa (except Keokuk),
[VOL. 127.
Nor. Michigan, Kansas, North Dakota, South Dakota, Minnesota, Wisconsin, Missouri (except Hannibal and St. Louis)—dates of sale Sept. 26Oct. 2, final limit Oct. 11; Colorado (except Julesburg), Montana and
Wyoming—dates of sales September 25-October 1, final limit 22 days;
New Mexico—dates of sale Sept. 25-Oct. 1, final limit 25 days; Utah—
dates of sale Sept. 24-30, final limit 25 days; Arizona and Idaho (OSL)—
dates of sale Sept. 21-27, final limit 25 days; British Columbia, California, Idaho (except OSL), Nevada, Oregon and Washington—dates of sale
Sept. 21-27, final limit 30 days; Manitoba (on Great Nor., Nor. Pao.
and M., St. P. Az S. S. M. Rya., also from Winnipeg via Can Nat'l. and
Can. Pac. Rys.)—dates of sale Sept. 22-Oct. 2, final limit October 11th.
From the territory of the Trans-Continental Passenger Association and
the Western Passenger Association, tickets will be good via the same route
in both directions only, except that from stations in Arizona, California,
Nevada, Oregon, Washington and British Columbia the usual diverse
routes west of Chicago, St. Louis, Memphis, Vicksburg and New Orleans
will apply. For meetings in territory East of these gateways the same
route must be used in both directions from such gateways.
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
Herbert K. Twitchell, President of the Seamen's Bank for
Savings, in Wall Street, died at his home in Brooklyn on
July 11 following a brief illness. Mr. Twitchell, who was
born in Waybridge, Vermont, was in his sixty-second year.
Mr. Twitchell became President of the Seamen's Bank on
Jan. 4 1923. The Executive Committee of the trustees
of the institution, in minutes adopted on July 11 expressing
their sense of the loss suffered in Mr. Twitchell's death, said:
To his office of President of the Seamen's Bank for Savings he brought
great ability, efficiency, loyalty and a never-failing understanding of the
opportunities which that position afforded to be of service; with great
Industry and constant devotion he gave the best of his strength and thought
to his duties and he served with his heart as well as with his mind.
To charitable affairs and to the public service he brought a high sense of
civic obligation and gave to them much of his time and vigor.
With these qualities were united high character, sincere human sympathy
and loyalty to friendship.
Mr. Twitchell's first position, after his schooling period,
was with the Travelers Insurance Co. at Hartford, whose
employ he entered in 1883; three years later he turned to the
banking field, becoming bookkeeper for the Charter Oak
National Bank in Hartford; later he went to the Hartford
National Bank, remaining there until 1880. He resigned
that position in 1889 to take a clerical position in the Chase
National Bank of New York and in 1900 was appointed
Assistant Cashier. He held this position seven years
when he became associated with the Chemical National Bank
of New York in a similar capacity. He was promoted to the
Vice-Presidency of that institution in 1911 and was made a
member of the Board of Directors in 1912. In July 1917
he was elected President of that institution and in 1920 was
elected to the newly created office of the Chairman of the
Board from which position he resigned in January 1922.
The following year he assumed the Presidency of the Seamen's Bank. Mr. Twitchell was also President and director
of the Bank of Suffolk County, director of the Bankers Trust
Co. and trustee of the Seamen's Bank for Savings.
According to Paris cablegrams to the daily papers Michel
Lazard, head of the banking firm of Lazard Freres et Cie.,
Paris, and member of Lazard Freres, New York died.at
Paris on July 9 at the age of sixty years. The advices to the
New York "Times" stated:
Ile descended from three brothers Lazard who went to the United States
where they made the beginning of their great banking firm which has
ramifications in the world markets. They went first to New Orleans and
then to San Francisco where they founded the concern, which in 1856
opened a Paris branch and later established offices in London.
The "Times" also said:
M. Lazard has been connected with the banking firm since his early
manhood and had wide financial experience. At one time he centered his
activities in New York, but that was more than twenty years ago. He had
also served at times In England and other parts of Europe. While active
in many lines of banking, M.Lazard was regarded as particularly proficient
In foreign exchange, and he had put in exceptionally hard service in that
branch of the firm's business since the war.
The wide fluctuations in the value of the franc following the war and up
to the time it was virtually pegged at its present level had made foreign
exchange dealing in Paris risky ad the close relations of the Lazard firm
with the French Government had called not only for a high degree of tact
but of expert banking ability. M.Lazard, according to officials of the firm
here, was chiefly responsible for the successful handling of the foreign
exchange problems and also for a general expansion which has taken place
in the firm's business.
The Bank of United States announces the opening of its
Fourth Bronx Branch at 103-7 East 170th Street near
Wythe Place, on July 7. This is the sixteenth branch of
the bank in Greater New York.
The National Bank of Commerce in New York announces
the appointment of W. J. Kissell as Assistant Cashier.
William R. Mollineaux, Jr., formerly Assistant Trust
Officer, has been appointed Trust Officer and Charles W.
Devoy has been apopinted Assistant Trust Officer of the
Bank of America, N. A., of New York.
JULY 14 1928.]
FINANCIAL CHRONICLE
219
Embezzlement of approximately $20,000 in eight years
J. A. Nicargi has been appointed Assistant Secretary of
from the Poughkeepsie Trust Co., Poughkeepsie, N. Y., by
Bancitaly Corporation.
Walter J. Wesley, Assistant Treasurer and Floor Manager
The Fourteenth Street Branch of The National City Bank of the institution, was charged on July 6 by County Judge
of New York, located at 135 East Foutreenth Street in the C. W. H. Arnold, Executive Vice-President and General
new Consolidated Gas Company building, was opened for Counsel for the trust company, according to advices by the
business July 11. The branch is a complete unit in the world Associated Press from Poughkeepsie on July 6 appearing in
wide National City banking and investment organization the New York "Evening Post" of the same date. The disand makes available in this district the full facilities offered patch went on to say in part:
Judge Arnold said that Wesley had admitted the defalcation in a stateat the bank's head office. The estabilishment of the branch
made to him after an investigation had been started. No criminal
the twenty-seventh to be opened by the National City in ment
proceedings have been started against Wesley.
Greater New York, marks a further step in the bank's proWesley, who had been in the employ of the trust company for 35 years,
gram of providing direct service to the more important busi- was said to have disclosed how he stole sums from the income of the bank's
Investments
before they were entered on the bank books. Ms thefts, acness and residential districts of the city.
$3,000
cording to Judge Arnold, would run from
In 1903, earnings of $112,000 were reported by the Irving
National Bank, the forerunner of the present American Exchange Irving Trust Company. In 1927 earnings of the
latter institution swere in excess of $6,400,000, according
to an analysis prepared by J. K. Rice, Jr. & Co. During
this same period capital and surplus increased from $2,065,500 to $62,749,000 and deposits from $5,734,300 to $622,396,700. Prominent banks which have been consolidated in
forming the American Exchange Irving Trust Company include: Broadway Trust Co., Columbia Trust Co., Butchers
and Drovers National Bank, American Exchange Pacific
National Bank and the Irving Bank-Columbia Trust Co.
This rate of growth which has enabled the bank in ten years
to grow from 78th in world size to 12th in 1928 is believed
to be unequalled in American banking history.
An agreement was consummated this week which gives
the West Coast Bancorporation of Portland, Ore., control
of the Citizens' Bank of Portland, with resources in excess
of $5,000,000, and the Union State Bank of Portland, a
recently organized suburban institution with resources of
more than $200,000. Acquisition of control of these banks
gives the West Coast Bancorporation control of five banks,
four in Portland and one in Salem, Ore. (the United States
National Bank). with over 36,000 depositors and combined
deposits at this time of more than $17,600,000, and combined
resources in excess of $19,400,000. Edgar H. Sensenich
heads the West Coast Bancorporation.
to $4,000 a year.
Stockholders of the Boston National Bank, Boston, on
July 12 approved the proposed increase in the bank's capital
from $400,000 to $500,000, through the issuance of $1,000
shares of new stock (par value $100 a share) to be offered
to shareholders of record July 16 at the price of $150 a share,
rights to expire July 31, according to a dispatch from Boston
yesterday (July 13) to the "Wall Street Journal." Proposed increase in the bank's capital was noted in the "Chronicle" of June 16, page 3708.
Charles A. Tyler, Secretary of the Curtis-Martin Newspapers,Inc.,on July 11 was elected a director of the Guaranty
Trust & Safe Deposit Co. of Philadelphia, according to the
Philadelphia "Ledger" of July 12.
The National Bank of Spring City, Pa., has changed its
title to the National Bank & Trust Co. of Spring City, according to the Philadelphia "Ledger" of July 6.
The First National Bank of Arcadia, Ind., was closed after
banking hours on July 2 by its directors, according to a
dispatch from Noblesville, Ind., on July 3 to the Indianapolis
"News." Depressed conditions, non-liquid assets and decline in deposits were blamed for the action. J. E. Sanders
was placed in charge of the bank's affairs. Its last statement, published on Feb. 28, showed deposits of $230,000 and
total assets of $297,371. The bank was capitalized at $25,000 and had been in operation since 1909. Robert House
was President and R. R. Roberts Cashier. The dispatch
stated that an attempt to reorganize the institufurthermore
Victor A. Lersner, President of the Bowery Saving Bank
of New York will sail on July 16 on the S. S. Berengaria, tion will be made.
for a few weeks motor trip through the British Isles, accomPreparatory to expansion measures and to meet the depanied by Mrs. Lersner.
mands of normal growth, the Bank of Commerce & Trust
Co. of Cincinnati, through its directors, has submitted to
On July 12 the newest uptown branch of the National its stockholders a plan to increase the bank's capital from
Park Bank of New York opened for business at the south- $750,000 to $1,000,000, according to the Cincinnati "Enwest corner of Broadway and 72d St. The institution an- quirer" of July 6. A meeting of the stockholders the inof
nounces that the banking services which have distinguished stitution will be held on July 20 to vote
on the proposition.
this institution for nearly three quarters of a century, will In announcing on July 5 the directors'
intention to issue the
be offered to individuals and business houses in the district. additional stock, E. H. Matthews,
President of the bank,
In addition to general banking facilities, the services of the was reported as saying that when the
new stock has been
bank's foreign, investment and trust departments will be paid in the bank will have
surplus and undivided profits of
available to customers of the 74th St. Branch. Thomas B. $400,000. The institution,
which began business in 1924,
Carlton is the Officer in charge of the new office. In addi- had resources on June
30 last of $7,700,000. Continuing,
tion to the three uptown branches of the bank and the main the paper mentioned
said:
quarters downtown, another uptown branch, to be located
The new stock, comprising 2,500 shares, will be offered to present stockholders
in
part, while 1.000 shares will be retained in the bank's treasury
at Madison Ave. and 26th St. will be opened in the autumn.
Issuance and sale as deemed advisable and to meet expansion needs.
The latest report of the National Park Bank, as of June 30 for
Present stockholders will receive the right to subscribe for the portion of
1928, shows capital and surplus of more than $35,000,000 the additional capitalization on a basis of one share for each five shares held
at the rate of $120 a share. The treasury stock will be offered for sale upon
and total deposits in excess of $143,000,000.
any
action of the directorate so providing at a price not less than $160 a
share.
Earnings of the Prisco State Bank for the year ended
June 30 last, it is stated, were equivalent to $36.90 a share
on the old capitalization, compared with $49 a share the
previous year. The bank earned at the rate of $22.20 a
share on the new stock following the increase in capital
from $150,000 to $250,000. Surplus and undivided profits
amounted to $437,239, against $226,000 a year ago. The
stock of the bank is selling at $600 a share and pays a
dividend of 10% a year. At the last meeting of the board
of directors, Alfred E. Smith Jr. (son of the Governor)
was elected to membership.
Esther G. Tomkins, formerly of the editorial department
of the Journal of Commerce, has become associated with
The Bank of America National Association. Miss Tomkins
will edit the bank's monthly economic bulletin "The Review."
A 100% stock dividend has been declared by the directors
of the Ohio Savings Bank & Trust Co. of Toledo, Ohio, and
a special meeting of the stockholders will be held shortly to
vote on a proposed increase in the bank's capital from $1,000,000 to $3,000,000, according to advices from that city
on July 9 appearing in the "Wall Street News" of the next
day. New stock totaling $1,000,000 will be reserved for the
officers and employees of the institution in proportion to
their length of service with the bank. During the last four
months, it is said, deposits have increased $7,000,000 to a
total of $51,019,031—the first Toledo bank to pass the
$50,000,000 mark. The bank's total resources on July 6
were $59,891,866. Its surplus account is $3,000,000 and
undivided profits $1,002,721. The dispatch furthermore
states that a 17-story building representing an investment of
more than $3,000,000 will be started before the close of the
year.
220
FINANCIAL CHRONICLE
The Clinton Trust Co., Clinton, Ind., an institution capitalized at $50,000, was ordered closed by the State Banking Department on July 2, following a conference of representatives of the Department and officers of the bank on
July 1 at Terre Haute, Ind., according to a dispatch from
Clinton on July 2 to the Indianapolis "News." The closed
bank, which was founded in 1914, had deposits of approximately $790,000 and loans amounting to $650,000. It appears on June 30 the bank suffered heavy withdrawals
and was forced to obtain a loan from another financial
institution to meet the demands made on it. 0. F. Houston,
Secretary of the company, was reported in the dispatch as
saying that the State bank examiners had advised the officers to close the bank because of its weakened condition
resulting from the heavy withdrawals. Mr. Houston was
also reported as saying that he believed the depositors would
be paid in full. H. S. Pinson is President of the institution and Roy Slater, Cashier.
The respective stockholders of the Detroit Trust Co. and
the Security Trust Co. of Detroit on July 11 approved the
proposed union of the institutions recommended by their
directors at meetings held May 16 last, according to the Detroit "Free Press" of July 12. The consolidation will go into
effect Monday next, July 16. The new organization, which
will be known as the Detroit & Security Trust Co. will be
capitalized at $3,000,000 with surplus and undivided profits
in excess of $9,500,000. It will occupy the Detroit Trust
Company Building at the southwest corner of Fort and
Shelby Streets. Ralph Stone, formerly Chairman of the
Board of the Detroit Trust Co., will be Chairman of the
Board of the new bank; Albert E.Green,heretofore President
of the Security Trust Co., will be Vice-Chairman of the
Board; while McPherson Browning, formerly President of
the Detroit Trust Co., will be President. The directors
of the consolidated company, as given in the paper mentioned, are:
[VOL. 127.
Irvin J. Green, formerly Vice-President and Cashier of
the First National Bank of Davenport, Iowa, has become
President of the institution, succeeding A. F. Dawson, resigned, while William M. Brandon, formerly with the Iowa
National Bank of Des Moines, has succeeded Mr. Green in
the Cashiership. The changes in the personnel became effective July 1.
Closing of the Farmers State Bank at Hartford, Kan., on
July 3, following the disappearance of its Cashier, Justin
Kirby, late the previous day, was reported in a dispatch
from Emporia, Kan., on July 3 to the Kansas City (Mo.)
"Star." The dispatch went on to say in part:
To-day (July 3) the books and notes at the bank are being checked, but
so far no irregularities have been found, and a second check is being
made. The bank is regarded as sound, according to the Hartford men,
and it is believed no loss will be suffered by the depositors.
An examiner for the State banking department came to Hartford yesterday to go over the bank's books and worked most of the day with
Kirby. After the bank closed, Kirby disappeared, and when he did not
go to his home for supper a search was made. It is believed he drove
away in his motor car.
A consolidation of the Bank of Meta and the Farmers &
Merchants Bank of Meta, Osage County, Mo., a trading
point on the Rock Island Railroad, was approved by State
Finance Commissioner Cantley on June 26, according to a
dispatch from Jefferson City, Mo., on that date to the St.
Louis "Globe-Democrat." The merger, it was stated, makes
the 41st in the State of Missouri since the beginning of the
current year. By the consolidation only one bank is left
In Meta, it is understood. The Bank of Meta, which absorbs
the Farmers & Merchants Bank, was chartered in 1903
and has combined capital and surplus of $25,000. Paul
Schultz is President and Matthew Hausner, Cashier. The
absorbed bank was chartered in 1908 and has combined capital and surplus of $20,000.
.
_
The directors of the Liberty Insurance Bank of Louisville
Ky., announced last week that on July 2 the name of the
Frank H. Alfred, Standish Bachus. William T. Barbour, Calvin P.
Bentley, Ralph H. Booth, Warren S. Booth. Thomas J. Bosquett, Edgar institution had been changed to the Liberty Bank & Trust
W. Bowen, Walter 0. Briggs, McPherson Browning. Arthur H. Buhl, Co. and the bank's capital increased to $1,000,000 (from
Edward H. Butler. Lawrence K. Butler, Henry M.Butzel, Leo M.Butzel, $500,000), and its surplus account to $2,000,000. UnDavid S. Carter, H. L. Chittenden. David S. Clark, James E. Danaher,
Ray E. Danaher. James E. Davidson, Horace E. Dodge, Jr.. D. Dwight divided profits of the institution now stand at $250,000 and
Douglas, Samuel T. Douglas. Walter L. Dunham, John M. Dwyer. C. G. total resources at $33,000,000. In announcing the change
Edgar, Dexter M. Ferry Jr., John B. Ford Jr., Charles T. Fisher, Albert
in title of the bank, which was founded 74 years ago, PresiE. Green, C. H. Haberkorn Jr., Benton Hanchett, Julian IT. Harris,
Oren S. Hawes. Christian H. Hecker, Edward J. Hickey, James S. Holden. dent J. E. Huhn said in part:
The directors and officers feel that the new name, Liberty Bank & Trust
William R. Hales, Gilbert W. Lee. Edwin C. Lewis, Eugene W. Lewis.
Sidney T. Miller. Sidney T. Miller Jr., Peter J. Monaghan. Fred T. Company, better expresses the scope and facilities of this institution. The
L.
Daniel
change is in conformity with the general tendency of banks throughout the
Murphy, M. J. Murphy, John T. Nichols, James V. Octoby,
Quirk Jr., Horace H. Rachkam, Fred J. Robinson, Charles M. Roehm, country exercising trust powers, and also in recognition of the phenomenal
Walter Scotten, Wesson Seyburn, Henry Sheldon, Charles P. Spicer. growth of our trust department in the three years since its establishment.
E. D. Stair. Henry G. Stephens, Ralph Stone. Homer Warren, Richard
The personnel of the Liberty Bank & Trust Co. in addition
H. Webber, James T. Whitehead, and Charles Wright Jr.
The Detroit Trust Co. was organized in 1901, while the
Security Trust Co. was founded in 1906. The proposed
merger of these institutions was indicated in the "Chronicle"
of May 19 last, page 3073.
to President Huhn is as follows: R. M. Fible, Jr., F. C.
Dorsey, Edward F. Kohnhorst, W.S. Kohnhorst (and Cashier) and W. S. Kammerer (and Trust Officer), Vice-Presidents; R. G. Bickel, Joseph W. Wrocklage, W. A. Millican,
Otto C. Ernst (and Auditor), W. L. Borgerding, W. Frazer
A new institution—a wage-earner's bank—the purpose of Dunlap, D. J. Moriarty, A. H. Frenke and John A. Reeb,
which will be to lend money to the wage earner and the per- Assistant Cashiers; W. C. Fisher, Assistant Trust Officer,
son without property, and thus protect them from loan and Edward F. Struss, Superintendent of Vaults.
sharks, was organized in Chicago on July 2 by bankers in the
On July 1 Judge Prescott Sandidge became Assistant Trust
Chicago area, according to the Chicago "Journal of ComOfficer of the Kentucky Title Trust Co. of Louisville, Ky.,
merce" of July 3. The new bank, which will be known as
an affiliated institution of the First National Bank of that
the National Consumer Credit System,"will lend to the ordicity, with resources of over $20,000,000. Judge Sandidge
nary individual without collateral on the direct note of himresigned as Commissioner of Appeals of the Kentucky Court
as
8%,
compared
than
less
little
a
rate
a
at
others
self and
of Appeals at Frankfort, the State Capital, to accept the
to the 42% a year legally chargeable in Illinois." The composition with the bank. Judge Ernest S. Clarke, Vice-Presipany will have headquarters in the Straus Building. Murray
and Trust Officer of the institution, was Chief Justice
dent
the
National,
Park
Portage
Albany
McLeod,President of the
Kentucky Court of Appeals before joining the comthe
of
National and the Irving Park National banks, will head the
few years ago. Embry L. Swearingen is President
a
pany
Rice
E.
and
Harry
Oreb
Maynard,
C.
new bank, while H.
the First National Bank and the Kentucky Title
both
of
N.
Ralph
a
Ballow,
E. Crissey will be Vice-Presidents.
Trust Co. The former institution has resources in excess of
be
will
voting
Co.,
Trust
Chicago
the
of
Vice-President
$22,000,000.
trustee. The directors include the following:
E. M. Heidkamp. President, Bowmanville National Bank; Joseph E.
That control of the Manhattan Savings Bank & Trust Co.
Hitt, President. Southwestern State Bank; A. E. Olson, President, Midway
State Bank; H. M. Ellinwood, President, Cragin State Bank; R. H. H. of Memphis, Tenn., was acquired on July 6 by Rogers CaldMorse.
President,
Milton
Luchenbill, President, Exchange State Bank;
well, Luke Lea and Edward Potter Jr. of Nashville, was reItalian Trust & Savings Bank; J. W. Hughes. President, First National
Bank of Downers Grove; B. C. Beckman, Vice-President, First National ported in the Memphis "Appeal" of July 7. There will be
Bank of Napierville; Colin N. Higgins. Cashier. Pinkert State Bank; Arthur no change in the personnel or policy of the institution, it
M. Whitmore, Cashier, Harbor State Bank.
is said. The officers include Hirsch Morris, President;
The Chicago paper reported President McLeod as saying Charles J. Haase, Vice-President; Frank T. Cochran,
after the organization meeting:
Cashier, and Lee Weed, Assistant Cashier. The "Appeal"
It has long been a problem In banking circles to finance the wage earner.
said in part:
continuing
are
all
incifuneral,
a
premium,
A new baby, a doctor's bill, an insurance
dents in daily life which call for immediate and necessary financing.
The American family. the American wage earner, has proved to be the
most stable group in America, with tried and tested integrity. Their record
may well be envied by other groups.
Memphis business and financial circles will welcome the coming of the
strong financial trio from Nashville. Mr. Caldwell is President of Caldwell
& Co., who have offices in New York, Nashville, Memphis, Birmingham
and other Southern cities. Within recent years he purchased controlling
interest in the Missouri State Life Insurance Co. of St. Louie. and he also
JULY 14 1928.1
FINANCIAL CHRONICLE
is the controlling factor in the Inter-Southern Life Insurance Co. of Louisville, and is a large stockholder in the Fourth & First National Bank and
the Nashville Trust Co. of Nashville, the largest banking institution in
Tennessee.
Edward Potter Jr. Is Executive Vice-President and controlling factor in
the Commercial Union Bank, which operates in Nashville and some west
Tennessee towns. Mr. Potter is also a director of the Broadway National
Bank of Nashville. the Wortham-Morgan-Hamilton Co.. one of the largest
manufacturing institutions of the South, and is identified with other
manufacturing enterprises.
Col. Luke Lea Is publisher of the "Commercial Appeal" and the "Evening
Appeal," the Nashville "Tennessean" and the Knoxville "Journal," and a
director of the Federal Reserve Bank at Atlanta. He was formerly United
States Senator from Tennessee.
221
is President, Henry P. Wellborn Vice-President and Sam
Hamlett Cashier of the enlarged bank.
W. A. Creelman, formerly Vice-President of Robert
Weinstock, Inc., of San Francisco, is now associated with
the Bank of America, N. A., of this city. Mr. Creelman will
assist C. W. Banta, Vice-President in charge of the Western
business of the bank.
A dispatch from San Francisco to the "Wall Street
Journal" on July 2 stated that a consolidation of the MoAfter fifty years of active service as a banker, B. W. Grif- desto Bank, Modesto, Cal., and the Modesto Bank & Savfith resigned as President of the First National Bank of ings Association, had become effective.
Vicksburg, Miss., at a meeting of the directors on July 3,
Aggregate resources of Barclays Bank Limited of London,
and George Williamson was elected President in his stead,
according to a dispatch from Vicksburg on July 4 printed in reached the highest point in the history of that institution on
the New Orleans "Times-Picayune" of the following day. June 30, 1928, its semi-annual statement of condition, deMr. Griffith began his banking career as a bookkeeper in the tails of which were received by cable on July 10, by the reold Capital State Bank of Jackson, Miss.,in 1878,and moved presentative's office at 44 Beaver Street, New York, showing
to Vicksburg in 1893 upon his election as President of the a total of $1,799,912,284. This compares with an aggreFirst National Bank, the office he now resigns. The dis- gate of $1,723,998,812 as of June 30, 1927, an increase of
patch furthermore stated that Mr. Griffith was one of the more than $75,000,000. Changes in the statement reflect
organizers of the Mississippi Bankers Association and is an the continued improvement in British and Colonial trade
ex-President of the organization. He served as its Secre- conditions. Advances to customers and other accounts
are reported as $852,556,006, against $810,060,220 a year
tary for twenty years.
ago, while bills discounted are up from $128,092,526 to
The July number of the Hibernia "Rabbit," published $179,936,008 and the item of acceptances shows an inquarterly by the employees of the Hibernia Bank & Trust crease from $50,764,368 to $79,616,730. Money at call and
Company of New Orleans, has made its appearance. This short notice, on the other hand, is reported as $109,708,600,
issue of the "Rabbit" contains many interesting articles, the a decrease as compared with $120,597,295 a year ago, and
principal ones being, "Requirements for Seeking Credit investments are lower by almost $20,000,000 at $249,736,538.
Information," by W. W. Pope, Credit Manager of the On the side of liabilities, the feature is the increase recorded
Hibernia Bank & Trust Company; a description of the in deposits which now stand at $1,589,754,468, a gain of
"American Bankers Association Educational Endowment," more than $47,000,000 over the $1,542,693,359 reported as
which is designed to educate worthy young men and women of June 30, 1927. All figures have been converted into
in banking and economic studies; a story of the organization dollars at the rate of $5 per pound sterling.
of the National Rice Institute, which is composed of more
than 70% of the rice millers of the United States, the purCOURSE OF BANK CLEARINGS.
pose of which is to educate the American people on the
Bank clearings the present week will show a moderate
value and uses of rice; an article on the election of E. F.
increase compared with a year ago. Preliminary figures
LeBreton, Assistant Vice-President of the Hibernia Bank
& Trust Company, to the National Executive Council of compiled by us, based upon telegraphic advices from the
the American Institute of Banking, and a story containing chief cities of the country, indicate that for the week ending
details concerning the proposed increase in the capital stock to-day (Saturday, July 14) bank exchanges for all the cities
structure of the Hibernia Bank & Trust Co. to $7,250,000. of the United States from which it is possible to obtain weekly
The Hibernia "Rabbit" has enjoyed continuous publication returns will be 6.4% larger than for the
corresponding week
for the past twenty-three years, which places it among the
total stands at $10,602,877,306, against
The
year.
last
oldest bank house organs in the country. It has a circu$9,964,323,075 for the same week in 1927. At this centre,
lation of 4,000 copies, which is steadily increasing.
there is a gain for the five days ending Friday of 17.5%.
The proposed merger of the Marine Bank & Trust Co. of Our comparative summary for the week follows:
New Orleans with the Canal Bank & Trust Co. of that
Clearings—Returns by Telegraph.
Per
Week Ended July 14.
1928.
Cent.
1927.
city (referred to in our issue of June 30, page 4034) became
an accomplished fact on July 5, when the business of the New York
$5,217,000,000 84.439,000,000 +17.5
Chicago
605,017,684
600,280,042
+0.8
enlarged Canal Bank & Trust Co. was conducted from the Philadelphia
442,000,000
425,000,000
—3.8
366,000,000
—9.9
406,000,000
head office of the Canal Bank at Barrone and Common Boston
Kansas City
138,527,364
139,480,383
—0.7
Streets. A press dispatch from New Orleans on July 9, St. Louis
124,700,000
125,700,000
—0.8
San Francisco
174,739.000
154,175,000 +13.3
appearing in the New York "Journal of Commerce" of Los Angeles
180,852,000
163,714.000 +10.5
139,948,628
—7.9
151.908,795
the following day, states that a meeting of stockholders of Pittsburgh
Detroit
158,533,163
153,961.898
+3.0
Cleveland
+3.0
116,462,248
120,007,438
the Canal Bank & Trust Co. will be held on July 27 for Baltimore
80,425,222
87,749,987
—8.3
the purpose of voting on the issuance of 12,500 shares New Orleans
58.455,644
58,894,668
—1.3
of stock in pursuance of the agreement in the absorbing
Total thirteen cities, five days
57.789,208,143 37,039,327,021 +10.7
—5.3
1,105,469,025
1,048,524,945
of the Marine Bank & Trust Co. Continuing the dispatch Other cities, five days
Total all cities,!We days
58,835,731,088 *8,144,796,046
+8.5
says:
All
The stock to be issued will include 7.000 shares to be offered stockholders
In the Marine Bank & Trust Co.for the 20,000 shares of that company outstanding. The balance of the issue, or 5,500 shares, will be offered to Canal
Bank stockholders at $280 per share at the ratio of one share of the new
issue to each ten shares already held. The current sales of the stock are
being made at $302 per share on the New Orleans Stock Exchange. The
stock to be issued will be at $100 par value per share, with the proceeds
above that figure to be placed in the surplus of the company.
Notice has been issued to stockholders of the Marine Bank & Trust Co.
to deposit their shares of stock with L. M. Pool, J. A. Bandi and W. T.
MarneId as agents in the exchange of stock, which will be effected July 27.
Plans of the Canal Bank & Trust Co. for the disposition of the banking
rooms formerly occupied by the Marine Bank & Trust Co. have not been
announced, but it is presumed that they will be placed on the market for
leasing. The Marino Bank controlled the entire floor space on Caron-.
debt Street, between °raider and Common Streets.
A merger of the First National Bank of Snyder, Texas,
and the First State Bank & Trust Co. of that place was consummated on July 5, according to a dispatch by the Associated Press from Snyder on July 7 printed in the Houston
"Post" of the same date. The consolidated bank, which
continues the name of the First State Bank & Trust Co., is
being operated in the banking quarters of the latter. It
i-.as resources of approximately $1,000,000. Ernest Taylor
cities, one day
Total all rItIpa tnr amok
1.787,148,218
1,819,527.029
—2.9
S10 602 R77.306
29.964.323.075
4-64
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
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 detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous—the week ended July 7. For
that week there is an increase of 35.6%,the 1928 aggregate of
clearings for the whole country being $12,248,897,862,
against $9,034,149,669 in the same week of 1927. This
very heavy increase, however, is due to the fact that last year
the end of the month and the first of the month payments fell
in the previous week, while the present year these payments
appear in this week's clearings. Outside of this city the clearings show an increase of 14.3%. the bank exchanges at this
centre reCording a gain of 51.7%. We group the cities now
according to the Federal Reserve districts in which they are
[VOL. 127.
FINANCIAL- CHRONICLE
222
located and from this it appears t4at in the New York Reserve District (including this city), the expansion reaches
50.7%, in the Philadelphia Reserve District 20.5% and in
the Cleveland Reserve District 22.5%. In the Boston
Reserve District clearings have decreased 0.3%, and in the
Richmond Reserve District 5.2%, but the Atlanta Reserve
District has an increase of 3.9%, notwithstanding the loss
at the Florida points, Miami clearings having decreased
49.9% and Jacksonville clearings 4.3%. In the Chicago
Reserve District the total has increased 27.3%, in the St.
Louis Reserve District 1.2%, and in the Minneapolis Reserve District 12.5%. In the Kansas City Reserve District
the totals are larger by 4.1%, in the Dallas Reserve District
by 4.7% and in the San Francisco Reserve District by 19.7%
In the following we furnish a summary by Federal Reserve
distriets:
CLEARINGS.
SUMMARY OF BANK
6
551,829.634
7,939,192,196
617,061,082
462,431,768
194,037,739
183,014.251
1,091,342,768
198,445,618
123,610,732
234,297,985
66,924,408
596,799,681
.129 cities 12.248,897,862
Total
4,452,348,270
Outside N. Y.City
01 ..,.4_.
r..',a atm "ma
6
553,579,335
5,268,843,723
512,276,036
377,993,926
204,741,649
176,222,263
856,995,051
196,093,541
109,873,745
215,315,937
63,912,629
498,301,834
1926.
10,001 100
1925.
$
$
%
502,456,428
452,227,948
-0.3
+50.7 4,574,453.348 5,722.146,519
622,289,507
534,530,827
+20.5
421,918,558
349,673,112
+22.5
335,375,433
171,262,736
-5.2
249,843,482
188,665,457
+3.9
817,173,097 1,066,192,208
+27.3
116,449,158
190,431,493
+1.2
139,015,244
114,404,860
+12.5
248,361,819
244,710,316
+4.1
59.638,240
65,703,178
+4.7
544,121,323
498,903,923
+19.7
9,034,149,669 +35.6
3,896,470,590 +14.3
8,196,775,347 10,003,874,846
3,738,319,025 4,409,944,727
Ana on.? agn
.1.010
-aca COO 110
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended July 7.
Clearings al1928.
1V27.
Inc. or
Dec.
First Federal Reserve Dist riet-Boston
887.780 -13.1
764.507
Me.-Bangor___ _
4,370,694 -0.1
4,374,189
Portland
-3.0
502,000,000
487,000,000
_
-Boston
Mass.
1,799,672 -33.6
1,194,524
Fall River_ _ _ _
+9.2
1,127,004
1,230,133
Lowell
1,006,057 -0.5
1,101,873
New Bedford_ _
5,282,646 +29.0
6,813,203
Springfleld _ _
3,766,775 +19.9
4,516,319
Worcester
13,288,299 +32.1
17,555,353
Conn.-Hartford
7.682,733 +45.6
11,183.771
New Haven....
11,305,600 +32.6
14,991,100
R.1.-ProvIdence
1.104,667
972,075 +13.6
N.H.-Manche'r
Total(12 cities)
551,829.634
553.579,335
1926.
1925.
816.929
4,125,480
401.000,060
1,679,524
1,006,747
1,065,869
7,023,362
3,378,498
13,058,331
7,204,505
11,858,600
710,103
867,637
4,151,539
443,000,000
2,254,651
1,308.045
1,551,801
6,063,134
4,374,440
16,596,404
8,028,975
13,290,700
969,102
452.927,948
502.456,428
Second Fede rat Reserve Distriet-Ne w Yor k7,588.399
6,325,778
8,278,859
7,161,573 + 15.6
N. Y.-Albany..
1,396,399
1,204,800
1,858,075
1,477,000 +25.8
Binghamton_ _ _
50,901,443
47,584,640
57,755,695
52,156,355 +10.7
Buffalo
1,027,485
949.125
1,286,233
1,028.787 +25.0
Elmira
1.660,312
1,689,417
+7.4
1,583,586
1,700,989
Jamestown_ _ _ _
New York_ _ _ _ 7,796.549,592 5.137,679,079 +51.7 4,458.456,322 5,593,930,119
14,651,935
12,672,131
14,686.115 +47.4
21,652,397
Rochester
8,262,702
7,700.935
8,796,857
9,555,260 -7.9
Syracuse
3,549,675
3,309,321
4,405,389
3,914.723 +12.5
Coan.-Stamford
635,725
570,961
920,541
928,068
-Montclair
2,
N.
33,749,564
38.782,679
37.027,569
38,673.177 -4.2
Northern N. J_
Total (11616168) 7,939,192.196 5,268,843,723 +50.7 4,574,453.348 5,722,146,519
Third Federal Reserve Dis trict-Phila delphi a-1,595,872
+1.4
1,631.118
1,637,037
Pa,-Altoona....
4,085.767
4,097.355 +25.5
5,141,340
Bethlehem _ _
1,186,693
-20.7
1,353,472
1,706,004
Chester
2,025,261
+1.3
1.999,018
2,025,520
Lancaster
577,000,000 478,000.000 +20.7 505,000,060
PhiladelPhia
4,217,889
+7.2
4,160,781
4,459,542
Reading
5,492,734
5,767,657 +27.5
7,355,194
Scranton
3,801,710
15.4
4,270,922
+
4,926,620
Wilkes-Barre_ _
1,759,577
1.908,365 +57.8
3,011,047
York
5,365,324
8,734,816 +16.2
10,151.310
N.2.-Trenton._
1,828,337
4,883,319
2,262,998
2.899,132
583.000,000
4.348,857
6,754,287
4,151,691
2.276,897
9,883,989
512,276,036 +20.5
534,530.827
622,289,507
Fourth Feder al Reserve D istriet-Clev eland
+8.3
6,579,000
7,125,000
Ohio-Akron._ _ _
4,263,187 -5.1
4.045,345
Canton
+0.5
72.729.634
73,070,075
Cincinnati_ _ _ _
140,763,931 114,660,436 +22.8
Cleveland
16,106,700 + 12.0
18,039,600
Columbus
2,082,990 -21.9
1.625,002
Mansfield
+3.8
6,617.737
6,866,591
Youngstown__ _
Pa.-Pittsburgh _ 210,896,224 154,954,242 +36.0
5,681,000
3,933,731
65,913,879
102,491,426
15,944.300
1,780,151
5,976,376
147,952,249
5,861,000
4,607,287
78,654,174
128.956,795
17,689,700
1,905,270
5,408,885
178,835,447
377,993,926 +22.5
349,673,112
421,918,558
Reserve Dist act-Mehra ond+8.9
1,374,220
1,495,892
6,522,670 +20.8
7,879,619
+8.2
38,972,000
42,176,000
*3,000,000 --3.7
2,887,493
112,211,181 131.039,119 -14.4
23.833,640 +14.5
27,387.554
1,514,725
8,267,726
39,981,000
3,142,845
93,184,258
25.172,182
1,724,495
7,743,435
52,806.000
2,281,437
131,008,555
29.811,500
Tstal(10 atter°
Total(8 cities) _
Fifth Federal
W.Va.-Hunt'g'n
_
Ya.-Norfolk
Richmond _ _ _ _
S.C.-Charleston
Md.-Baltimore _
D.C.-Washing'n
617.061,082
462,431,768
-5.2
171,262,736
225,375.422
7,139,161
.3,600,000
19,476,918
44,581,073
1,658,057
1.884.620
22,014,770
10,050.578
22,014.853
1.884,327
1,635,000
428,987
51,914,113
6,043,118
7..500,000
22.220,486
61,997,204
1,773,317
1,941,180
39,262,356
23,027,644
26,870,841
2,016,394
1,485,359
497,441
59,208,142
+3.9
188.665.457
249.843,482
Total(13cities)
194.037,739
183,014,251
204.741,649
176.222.263
1927.
Inc. or
Dec.
1926.
$
$
$
%
Seventh F der al Reserve 13 'strict-Chi cago209.548
251,596 +17.9
296,708
Mlch,-Adrlas
932.649
973,121 +22.3
1,190,382
Ann Arbor_
183,086,763 136,532,632 +34.1 140,431,662
Detroit. _ _ _
6,667.408
+7.4
8.040,088
7,487,833
Grand Rap Ids_
2,231,000
3,710,231
2,892.530 +28.3
Lansing__ _ _
3,496,461
2,992,278 +49.0
4,458,403
Ind.-Ft. W yne
25,856,000
24,554,000 +9.8
26,906,000
Indianapolisi___
2,885,500
3.233,900 +17.4
3,794,986
South Ben
5,489,657
5,295,355 +49.6
7,921,110
Terre Haut _ __
39,416,679
47,095,796
44,015,350 +7.0
WLs.-131ilwa It
+9.32,543,682
3.476,280
3.180,801
Iowa-Cad. IIIan.
11,649,006
10,165,239 +14.5 . 97,797,137
Des Moines
6,127,091
5,538,670 +13.9
6,308,599
Sioux City.
1,313,093
1,314,701 +28.9
1,722,050
Waterloo1,378,945
1,442,574 +19.5
1,724,305
111.-Bloomin ton
765,728,178 595,223,198 +28.6 556,696,363
Chicago...
1,208,593
1.212,739 -1.8
1,191,456
.
.
Decatur_ - -.
4,770,379
4,778,559 +21.6
5.809,208
Peoria
_-_
3,358,265
3,487,679 +21.3
4,232,101
Rockford_ _
2,362,985
2,422,296 +24.9
3,001,118
Springfield.
1925.
s
240,138
1,039,138
171,061,866
9,926.258
2,843,000
4,526,309
23.558.000
3,648,000
5,571,869
44,062,552
3,032,840
11.750,203
7,505,884
1,468.000
1,704,440
760,421,960
1,676,126
5,309,605
3.269,602
3,621,428
817,173,097 1,066,192,208
Eighth Fed era I Reserve Die trict-St. Lo
5.512.679
6,135,480
Ind.-Evansv Ile.
Mo.-St. Lou s_ _ 128,100,000 127,100.000
33,299,096
35,061,914
Ky.-Loulsvil e__
318,539
356,837
Owensboro_
16,255.587
17.031,680
Tenn.- Mem ;hl8
11,605,455
9,838,234
Ark.-Little R ock
450,052
423,643
III.-Jacksonv Ille.
1,552,132
1,507,830
Quincy_ _ _
Ws+11.3
-0.8
+5.3
+12.0
+4.8
-15.2
-5.6
-2.9
7,211,408
118,200,000
33,694,427
350,203
16.834,002
12,144,409
432,106
1,564,943
7,347,248
116,900,000
38,788,647
463,454
18,548,800
12,049,466
509,988
1,841,665
196,093,541
+1.2
190,431,493
196,449,158
Ninth Fed ral Reserve Dis tact-Minn eapolis7.350,576
7.959,627 -22.4
6,178,337
Minn.-Dulutis..
72,424,971
69,198,329 +16.3
80,423,374
Minneapolis
28,251,171
29,764,340
26,502,582 +12.3
Bt. Paul_ _ _
1,703,661
1,649,405 +20.8
1,986,641
N. D.-Fargo __.
1,353,858
1,221.368
+8.6
1,326,693
B.D.-Aberd en.
574,150
610,434 -1.1
601,347
Mont.-13111In s.
2,746,471
2,737,000 +21.7
3,330,000
Helena....
10.194,528
86,193,004
35,355,856
1,787,367
1,615,897
637,123
3,321,469
Total(8 all 03_
198,445,618
114,404,850
139,015,244
Tenth Fed rill Reserve Die tact-Kens as City 729,805
450,424 +16.6
525,069
Neb.-Fremo
475,100
431.987 +28.8
556,449
Hastings...
4,717,800
5,429.804
5,283,493 +2.8
Lincoln_ _ _ _
34,512,836
34.969,624 +18.8
41,538,872
Omaha..._ ._.
4,845,745
+7.7
4,030,718
4,310,433
Kan.-Topeks
12,433.152
10,821,191 +16.6
12,612,711
Wichita......._
Mo.-Kan. Clt.y._ 123,433,806 124,988,002 -1.2 146,451,589
6,950,995
6,060,980 -0.2
6,040,210
St. Joseph31,059,331
+3.6
26,608,562
25,693,304
Okla.-Okla. ity
1,251,106
1.267,632 +28.4
1,627,418
Colo.-Col. S gs.
a
a
a
a
.__
Denver_
1,282,857
1,318,382 +15.7
1,524,651
._
Pueblo
500,516
541,973
5,392,991
44,953,634
4,597.271
9,441,739
149,185,431.
6,907,905
24,274,294
1,373,005
a
1,195,060
Total (7 citi s)_
123,610,732
109,873,745 +12.5
+4.1
244.710,316
248,363,819
Eleventh F de ral Reserve District-Da ilas-1,259,352 +30.4
1.642,581
Texas-Austin ._
38,736,733 +10.1
42,647,290
Dallas
-0.8
12,848,66.5
12,751,086
Fort Worth6,144,000 -28.7
4,379,000
Galveston_ +11.8
4,923,879
5,504.451
_
rt
La.-ShrevePo
1,198,635
35,365,932
13,308.063
6,410,000
3,355,610
2,126,675
42,104,084
9,999,252
6,542,000
4.931,167
+4.7
59,638,240
65.703,178
Twelfth F ler al Reserve D strict.- Sa a Fran deco.
38,514,966
39.871,233 +16.7
46,519,430
Wash-Seattle
11,492,000
+12.8
12,057,000
13,587,000
Spokane_
1,454,002
1,240,267 +40.0
1,731,214
..
Yakima _
34,184,821
33,657,240 +15.3
38,818.502
Ore -Portland _
15,083,991
+6.5
16,733,721
17,821,935
Utah-S.L. CI tir
3,688,850
3,413,222 +10.4
3,767,216
Cal.-Fresno..-7.930,165
7,403,411 +11.8
8,277,647
Long Beach
195,431,000 160,195,000 +22.0 157,558,000
Los Angeles_
19,219,326
19,216,739 +17.2
22,520,748
Oakland....
7,456,690
7,066,422 -11.0
6,288,146
Pasadena...
8,774,268
8,662,544 -8.2
7,950,303
Sacramento.
5,907,746
5,523,795 + 19.9
6.662,979
San Diego San Franclac). 217,48.5,000 173,188,000 +24.4 176,589,000
4,173,694
3,165,838 +40.1
4,433,133
San Jose_ _ - __
1,344,034
1,574.593 +30.1
2.047,246
Santa Barb a_
2,335.970
2,386,709 -4.4
2,296,482
Santa Monies3.
3.196,400
+8.7
2,946,100
3.201.700
Stockton -_ ...
44,562,530
13,000,000
1,362,290
44,141,214
18,055,459
3,475,293
7,582,116
165,218.000
22,071,300
6,643.683
9,874,443
8,186,958
191,493,000
3,391,465
1,241.098
2,479,774
3,312,700
Total(12 citlCS)
Total(5 chi s)_
224,207,985
66,924,408
215,315,937
63,912,629
Total(17 chi is) 596,799,681 498,301,834 +19.7 498,903.923 544,121,323
Grand total (129
12248897,862 9,034,149,669 +35.6 8,196,775,347 10003874,846
cities)
Outside New Y rk 4.452.348.270 3.896.470.590 +14.3 3.738,319,025 4,409,944.727
Week Ended July 5.
Clear
Sixth Federal Reserve Dist rict-Atlant a6,971,809 +8.2
7,545,882
Tenn.-Chatt'ga
.3,500,000 +0.7
Knoxville
3,525,437
+0.8
20,159,263
20,316,168
Nashville
46,515,873 -4.4
44,490,338
Ga.-Atlanta_ _ _
1,720,036 -4.7
1,639,684
Augusta
+2.6
2.102,561
2,158,958
Macon
15.108.655
15,763,363
Fla.-Jack'nville.
3,968,000 -49.9
1,987,000
Miami
21.562,230 +12.8
24,315,687
Ala.-131rming'm
1,671,354 + 13.4
1,895.974
Mobile
+7.2
2,142,986
1,999,008
Miss.-Jackson_ _
+2.6
419,102
505,230
Vicksburg
57,382,252
50,539,664 + 13.5
La.-NewOrleana
Total(6 cities)-
1928.
Total(20 cit168) 1,091,342,768 .856.995,051 +27.3
Inc.07
Dec.
1927.
1928.
Week End. July 7 1928.
Federal Reserve Diets.
111$ Boston - _ _ _12 cities
2nd New York _11 "
3rd Philadelphial0 "
6th Cleveland.. 8 "
5th Richmond _ 6 "
.13 "
6th Atlanta_ _.
7th Chicago_._20 "
8th St. Louis_.8 "
9th Minneapolis 7 "
10th Kansas City12 "
5 "
11th Dallas
12th San Fran_ _17 "
Week Ended July 7.
Clearings at
s at
1928.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton.
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William_ _ _
New Westminster
Medicine Hat _.
Peterborough_ _ _ _
Sherbrooke
Kitchener
Windsor
Prince Albert _ __ _
Moncton
Kingston
Chatham
Sarnia
Total fill .01.ei
1927.
Inc. Or
Dec.
1926.
1925.
$
179,776,732
138,035,530
91,521,469
22,693,964
7,449,665
7,923,821
3,492,463
7,320,570
6,648.629
2,889,884
3,669,944
4,081,273
6,718,589
5,022,349
675,138
749,565
2,461,058
1,456,881
1,645,389
1.227,727
1,002,099
518,509
616,329
1,134,523
1,301,408
4.792,626
471.513
962,652
1,291,409
698,111
735,430
$
145,483,211
104,336,222
59.862,732
17,010,475
8,483,182
7,000,394
3,308,981
6,458,455
5,920,160
2,777,304
2,269,381
3,675,886
8,207,077
4,891,785
569,057
480,933
2,169.908
1,448,117
1,540,795
945,542
899,395
427,280
1,170.645
991.220
1,100.030
4,356,308
421,992
940,137
1.157,742
916,339
661.694
%
+23.6
+32.3
+52.9
+33.9
+14.9
+13.2
+5.5
+13.3
+8.9
+4.1
+61.6
+11.0
+83.7
+2.7
+18.6
+55.9
+13.4
+0.6
+ 14.2
+29.8
+11.4
+21.3
-47.4
+14.5
+ 18.3
+ 10.0
+11.7
+2.4
+11.5
-23.8
+11.1
$
131,054,197
121,008,246
56,268.638
20,677,938
8,230,881
9,021,226
5,158.699
6,453,688
7,951,394
3,347,204
2,868,850
3,722,418
6,119,890
5,555,816
833,771
653,927
2,162,107
1,628,742
1,696,491
1,126,434
1,003,874
603,706
1,325,763
1,205,733
1,118.791
4,839.794
476,811
1,122,066
1,272,130
796,207
702,899
$
107,993,606
106,458,464
52,117,839
18.061,140
7,490,674
6,9213,623
4,039,480
6,607,879
7,352,527
3,156,723
2,536,486
3,680,263
5,205,914
4,056,455
816,901
668,492
1,725,068
1,397,381
1,837,130
813,535
847,020
445,295
1,082,728
830.842
1,055.246
4.087,127
373,623
978,697
1,051,981
6458.08A 942
307.882.371
, 409.907.83(
+27.
353.695.139
Saturday.
•Manager of clear'sg house refuses to report clearings for week ending
Jul 7• • Estim eyed.
JULY 14 1928.)
FINANCIAL CHRONICLE
223
with a sharp gain to a new high for the year. Specialties
also were moderately strong, Johns-Manville moving forward aboutseven points,followed by a brisk advance in International Combustion. Radio Corporation recovered part of
its loss and Midland Steel Products prior preferred closed
with a substantial gain to its credit. Public Utilities such
as North American, Public Service of New Jersey, and
American Telephone also closed at higher levels. On Monday oil shares were the outstanding feature, Sinclair Oil
bounding upward nearly three points to 26,followed by
Pan American "B" and several of the more active issues of
the group. General Motors continued in active demand
and the independent motors such as Packard, Hudson and
Hupp were carried moderately higher. United States Steel
sold up to 141% as compared with its previous close at 140,
and other speculative issues including American Can, General Electric and American Smelting were in strong demand
A clearing house association may threfore be defined as a voluntary at improving prices. In the merchandising group Searsorganization of bankers, designed to promote the mutual interest of its Roebuck
and Montgomery-Ward were the strong stocks
members—it is the essence of banking team work, and may properly be
termed constructive bank co-operation. It always serves to build up a new and both registered substantial gains at the close. Railspirit of mutual respect, confidence and co-operation among bankers, thus road shares attracted considerable interest, though there
eliminating much of the petty rivalry that is responsible for many of our
were no noteworthy gains, the sharpest demand being
banking ills, e. g., the surfeit of free bank services, the orgy of worthless
complimentary advertising, and the mad scranmble for new business which for Atlantic Coast Line which advanced two points, Mismenaces the soundness if not the very existence of our independent system souri Pacific pref. and Western Maryland. General Motors
of banking. Hence with 28,000 independent banking institutions operating
in a period of keen competition, the clearing house is an absolute necessity was the feature of the session on Tuesday, a brisk demand
as a regulatory instrument by which bad or unprofitable practices may be well maintained carrying it to 199M at its high for the day,
discountenanced and sound profitable practices encouraged.
though it slipped back a point in the later trading and
There is no magic in banking, for banking, like other business, can be
Most of the industrial
sound only when profitable. Bank credit and bank service are the only closed with a net gain of 4M points.
commodities a bank has for sale, and banks, like other business enterprises, favorites lost ground and there was considerable quiet
either succeed or fail as purchases and sales are wisely handle. Obvi- liquidation
among some of the recent favorites, including
ously, there is a margin of profit below which a bank cannot safely operate
without jeopardizing the safty of its depositors and the rights of its stock- Montgomery-Ward, Sears Roebuck, Atlantic Coast Line,
holders, and this precious margin of safety can easily vanish in a scramble Canadian Pacific, Missouri-Kansas-Texas and Missouri
for business obtained by giving away valuable services, and through other
Pacific. Lower prices were also recorded by Atlantic Reunethical and unsafe practices, as is attested by the thousands of headfining, Texas Corporation and Houston Oil.
stones marking the graves of demised banks.
In considering the clearing house as a solvent of banking problems, may
Prices broke badly on Wednesday as the result of the
I enumerate just a few of the activities which have challenged the attention
of clearing house associations, throughout the country the past few years, advance in its rate by the Chicago Reserve Bank and many
for it is as a constructive agency that the clearing house shows itself in the of the so-called speculative issues dipped to lower levels,
best light. The are:
the declines ranging from 3 to 15 points. General Motors,
Discountenancing elements of competition known to be hazardous:
Avoiding losses incurred by over-bidding for public funds and other which had been the leader of the forward movement in
interest-bearing deposits, which now take as "toll" more than one-third
the previous sessions, opened on a block of 4,300 shares
of the total income of banks;
Installation and maintenance of credit files on all unsecured loans of more than 4 points below its previous close. The
independ8500 or more, and providing for interchange of credit information;
Encouraging member banks to make an analysis of checking accounts so ent motors, including Packard, Hupp and Hudson followed
they may know the amount of a net deposit and the profit or loss thereon;
Determine the question of making equitable service charges on un- suit and slipped back from 1 to 10 points, and practically
profitable checking accounts and reasonable charges for many services all
other classes of stocks shared in the general weakness.
heretofore given gratis at a loss;
Adoption of profitable safe deposit rentals, escrow and custody charges: United States Steel dropped back below 138 with a loss of
and charges to be made for making up payrolls, paying customers bills,
purchase and sale of securities held for customers, &c.;
more than 2 points. Crucible receded close to its previous
Determination of foreign and domestic exchange charges:
Provide for the discontinuance of the expensive custom of providing low for the year and such active issues as Case Threshing
free, imprinted chock books, frequently of an elaborate and expensive
Machine and Allied Chemical dropped back from 6 to 10
design and quality;
Handling questions of local bank taxation when unfair;
points.
Amer. Tel. & Tel., New York Cental, Radio CorHeading off the pestiferous duplicate borrower through the installation
of a credit bureau:
poration, General Electric, American Can and Consolidated
Consider the advisability of installing a system of clearing house exGas all moved downward. On Thursday stock prices
amination—a plan that has proven wonderfully successful;
Work out a plan of co-operative bank advertising to supplement individual advertising—a plan that has proven to be both economical and continued to work downward, the heavy selling movement
effective;
of the previous day gradually increasing, particularly among
Discouraging the unprofessional use of gifts, prizes, donations, to gain
preference; and securing agreement rezarding donations, and donations the market leaders. As the day advanced, numerous preunder the guise of advertising, that will relieve individual banks from the
viously strong issues came down with a rush, and such
pressure frequently brought by salesmen, committees, &c.:
Studying and handling questions of public relations on banking problems.
with a view of developing a better understanding of banking on the part stocks as General Motors, Allied Chemical & Dye, Case
of tho public.
Threshing Machine, American Can, Radio Corporation,
Now, these are only a few of the many problems which have been satis- Du
Pont and Wright Aeronautical dropped back from 2 to
factorily handled by hundreds of clearing house associations. Of course,
no clearing house should attempt at any one time so comprehensive a 13 points on top of similar recessions the previous day.
program, but rather should concentrate its efforts on one or two problems United States Steel common on the contrary received better
at a time—correcting obvious abuses first and then meeting new issues as
support and at one time was up about a point, but closed
they arise. Some clearing houses make the mistake of attempting to cover
too much ground at the start—it is the part of wisdom to make progress with a fractional loss. Railroad stocks moved with the
slowly.
trend, the weakness being most pronounced in New York
Central, Canadian Pacific, Baltimore & Ohio, Southern
THE WEEK ON THE NEW YORK STOCK EXCHANGE. Railway,
Lehigh Valley, Nickel Plate, Delaware & Hudson
Except for the upturn early in the week and the brisk and Texas & Pacific, the latter dipping about five points.
rally on Friday the New York stock market has drifted In the independent motor group both Hudson and Nash
toward lower levels during the present week. Various slipped back abuot two points and Chrysler, Packard and
factors and considerations were responsible for the down- Pierce-Arrow were down fractionally. Prices turned upward drift one of which was the action of the Chicago Federal ward on Friday and many of the speculative favorites reReserve Bank on Tuesday in giving notice of the advance gained the losses of the earlier part of the week. General
in its rediscount rate to 5% also the rise on Thurday in Motors slipped down to 182 and then rallied sharply and
the call loan rate to 8%. The New York Federal Reserve gained all and more of the ground lost in the early trading,
statement of brokers' loans on Thursday showed a reduction United States Steel common moved around in a similar
, fashion and closed with a gain of a point or more. Copper
of $64,377,000 for the week.
Considerable irregularity was apparent during early trad- shares displayed considerable improvement, Kennecott
ing on Saturday but the market steadied toward the end leading the upswing with a substantial gain and the railroad
of the first hour and several of the speculative favorites stocks were in demand at higher prices. Atlantic Refining
moved forward to higher levels. General Motors assumed was one of the features of the day and closed with a net gain
the leadership and crossed 194 followed by. Hupp, Hudson, of 143
% points. Other strong stocks were Sears Roebuck
Packard and Studebaker. United States Steel common which advanced more than two points, Davison Chemical
moved briskly forward and again crossed 140 and General which gained 44 points to 54 and Curtis Aero which moved
Electric closed with a substantial advance. Oil stocks did up to 1023
%, making a net advance of three points. The
fairly well, Indian Refining standing out conspicuously final tone was good.
Clearing House Associations Chief Line of Defense
Against Bad Banking, According to F. W. Simmonds of A. B. A.
Clearing house associations undoubtedly constitute the
chief line-of defense against bad banking practices, Frank W.
Simmonds, Deputy Manager American Bankers Association, told the Colorado Bankers' Association convention
at Troutdale on June 22. "Moreover, they are the principal factor in bringing about reforms in banking regulations, improvements in banking methods and the promotion
of sound banking practices," the speaker continued. "For
many years, the primary purpose of a clearing house association was the clearance of checks, but to-day it is the
clearance of banking ideas and the solution of banking
problems. Clearing houses supply the local machinery
essential for a setting up and putting in practice necessary
standards and uniformities," Mr. Simmonds added:
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Unutd
States
Bonds.
Mods,
Number of
Shares.
Railroad,
&c..
Bonds.
State,
Municipal &
Foreign Bonds.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
783,700
1,798,820
1,881,850
2.796,520
2,496,240
1,875,200
$2,221,000
4,856,500
6,449,000
7,928,000
7,222,000
6,462,000
$1,781,000
2,645,000
2,929,000
3,769,000
3,714,800
2,452,000
9236,000
1,671,000
1,698,000
567,000
1,264,000
1,598,000
Total
11.632.330
935.138.500
817.290.800
37.034.000
Week Ended July 13.
Week Ended July 13.
Sales at
New York Stock
Exchange.
1928.
Stocks, No. of shares_ _
Bonds.
Government bonds_ _ _
State and foreign bonds
Railroad & misc. bonds
1927.
Jan. 1 to July 13.
1927.
1928.
11,632,330
8,883.170
425,157,806
288,987,915
97,034,000
17,290,800
35.138,500
83,988.750
11,586,500
35,856.000
8117.552,750
468.470,565
1,451.376,025
8186.074,200
471,754,900
1,242,384,050
859,463,300 $51,431,250 52,037,399.340 $1,900,213,150
PHIA AND
GAILY TRANSACTIONS AT THE BOSTON. PHILADEL
BALTIMORE EXCHANGES.
Total bonds
Week Ended
July 13 1928.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Baltimore.
Philadelphia.
Boston.
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
817,700
1,279
$10,900
$1,000 a14.148
*14,137
20,300
1,705
10,100
13.160 a24,984
*39,662
16,000
1,908
19,000
18,000 a24,664
*40.398
14,900
3,190
28.100
15,000 a41,607
.41.913
22.000
3,199
31.000
a34,367
9.100
*35,533
6,700
2,172
37,300
a8,075
15,000
•18,244
13,453 $97,600
871,260 147,845 $136,400
10,421 $107,800
8111,731
223.823
5101,450
Frey, week revLsed 151,862
4,850; Tuesday,
a In addition, sales of rights were: Saturday, 2,800: Monday,
3,600.
6,400; Wednesday, 6,900; Thursday, 8.100; Friday,
Tuesday,
10,494;
Monday,
3,391;
Saturday,
were:
rights
• In addition, sales of
5,580; Wednesday, 8,575; Thursday, 7,844.
Total
189,887
THE CURB MARKET.
An advance in the re-discount rate at Chicago to 5%,
foreshadowing the possibility of similar action here, caused
a sharp break in the Curb Market this week, the liquidation
being further accentuated byan advance in the call money
rate here to 8%. Subsequently an easing in the tone of the
call money market caused some recovery in prices. Amer.
Rolling Mill, corn., after an early advance from 923/i to 95,
dropped to 87 and recovered finally to 89. Auburn Automobile lost about seven points to 110 with the final transaction at 111. Bancitaly was again under pressure,selling
down from 121% to 1083/, though it recoveredto 112% and
finished to-day at 112. Bohn Aluminum & Brass broke
from 78 to 73%, but closed to-day at 753g. Checker Cab
Mfg. was off from 373/i to 33, the close to-day being at 34.
Singer Mfg. on few transactions was off some 30 points to
500. Tubize Artificial Silk, class B, sold down from 574
to 495 and at 505 finally. Among public utilities changes
for the most part were small. Amer. Gas & Elec. corn.
moved down from 164 to 1533( with the final transaction
at 1543(. Elec. Bond & Share Securities was off from 103%
4,the close to-day being at 993s. Southeastern Pow.
to 973
& Light corn. lost over five points to 483., the close to-day
being at 49. Oils were lower. Galena-Signal Oil old pref.
fell from 89% to 80, and recovered finally to 84. Humble
Oil & Ref. was off from 807 to 763, the close to-day being
at 78. Gulf Oil of Pa. broke from 129 to 119 and recovered
%.
to 125, the final figure to-day being 1223
A complete record of Curb Market transactions for the
week will be found on page 251.
CURB MARKET.
DAILY TRANSACTIONS AT THE NEW YORK
BONDS (Par Value).
*STOCKS (No. Shares).
Week Ended
Foreign
Indus. &
July 13.
Mining. Total.* Domestic. Government
Oil.
Minal.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
[VOL. 127.
FINANCIAL CHRONICLE
224
191,390
306,395
276,695
372.012
357,225
226,25Z
17,950
58,120
57,955
73.810
61,720
34,700
76,870
93,000
80.100
118,000
113,510
99,810
285,210
457,515
414,750
563,822
532,455
360,763
$812.000
1,352,000
1,742,000
2,400.000
2,320,000
2,865,000
$208,000
551,000
552,000
1,091,000
831.000
504,000
$11,291.00( $3,186.000
1 729.971 304,255 581,290 2,614,512
Total
7.900; Monday, 440.000:
Saturday,
follows:
as
Bold
were
• In addition, rights
2,600; Friday. 6.200.
Tuesday, 11.000; Wednesday, 3,700; Thursday,
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
June 20 1928:
GOLD.
notes on the 13th inst.,
The Bank of England gold reserve against
recorded up to that date;
namely £165,712,560, was the highest total
show still higher figures.
the return for the week ending to-day is likely to
previous Wednesday,
This amount compares with £161,878,070 for the
when an
and represents an increase of £11,806,245 since April 29 1925,
effective gold standard was resumed.
available
yesterday
About £690,000 gold from South Africa became
In the open market. The bulk of this amount, namely £400.000, was
bought for a destination not disclosed, whilst India and the trade absorbed
£66,000, and the balance-£225,000-was taken by the Bank of England,
as shown below. To-day about E80.000 South African gold was offered;
£52,000 was bought for the trade and £25,000 for a destination not disclosed.
The following movements of gold to and from the Bank of England
have been announced, showing an .Influx of £3,429,000 during the week
under review:
Withdrawn.
Received.
nil
£2,030,000
June 14
nil
nil
June 15
nil
nil
June 16
nil
£1,174.000
June 18
nil
.C225,000
June 19
nil
nil
June 20
The receipts on the 14th and 19th inst. were in bar gold from the United
States and South Africa, respectively. Of the £1,174,000 received on the
18th inst., £229,000 was in sovereigns from Canada; the balance was in
bar gold, the seller being undisclosed, but it is presumed that it was a
resale of some of the gold previously purchased by an "unknown buyer"
and deposited at the Bank of England.
United Kingdom imports and exports of gold during the month of
May last are detailed below:
Exports.
Imports.
£550,100
Russia(U.8.8. R.)
£78,960
Germany
21,099
3,880
Netherlands
65,100
Austria
78,005
France
431,986
Switzerland
86.115
Egypt
51,565
West Africa
Java and other Dutch Possessions in the Indian
2,500
Seas
1,336,267
United States of America
2.852
Central America and West Indies
205,446
Various countries in South America
87,083
Rhodesia
1,611,621
Transvaal
330.715
India
British
3,905
Straits Settlements
31,413
3,152
Other countries
£3,851,966 £1,129,798
The following were the United Kingdom imports and exports of gold
registered in the week ended the 13th inst.:
Exports.
Imports.
£29.377
£3,070,360 Germany
U.S. A
17,100
Switzerland
3,344
Other countries
26,650
Austria
18,146
British India
21.909
Other countries
£3,073,704
£113,182
SILVER.
The tone of the China exchanges, in sympathy with the more tranquil
silver
condition of Chinese affairs, has been easier on the whole, and the
market has therefore experienced freer selling and less energetic buying.
having
The bulk of the support has come from bears, who, naturally,
prices as
the market in their favor, have been disposed to wait for such
27Ygd.
they could see a reasonable chance of securing. On the 18th inst.
than
was quoted for both cash and two months' delivery, a price lower
proving
supplies
to
owing
To-day,
had been fixed for over a month.
rose
scanty, and some more active demand, the prices for both deliveries
y.
1d. Both India and America have dealt hero, but not continuousl
to 273,
from
Marseilles
week
A consignment of 318 silver bars was made last
Morea.
to Port Said by the P. & 0. steamer
and exports of silver
The following were the United Kingdom imports
registered in the week ended the 13th inst.:
Exports.
Imports.
£21,430
£13,632 Austria
Germany
37,275
23,463 Egypt
U. S. A
Native
and
other
Arabia
11,160
countries
Other
21,000
States
69,400
British India
12,583
Other countries
£161.688
£48,255
INDIAN CURRENCY RETURNS.
June 15.
7.
June
30.
May
Rupees.)
(In Lacs of
17934
18229
18301
Notes in circulation
9922
9818
10088
India
in
bullion
and
coin
Sliver
India
Silver coin and bullion out of
-Viii
2
2976
2976
Gold coin and bullion in India
Gold coin and bullion out of India
-4hi.
4258
3960
Securities (Indian Government)
425
377
377
Securities (British Government)
400
800
900
Bills of exchange
40,700.000
of
about
consisted
inst.
16th
the
on
The stock in Shanghai
with
ounces in sycee, 76,100,000 dollars and 3,540 silver bars, as compared
2,260 silver bars
about 40.800,000 ounces in syceo, 77.100.000 dollars and
on the 9th inst.
Quotations during the week:
liar Gold per
-Bar Silver per Oz. Std.Oz. Fine,
2 Mos.
Cash.
84s. 103(d.
27 5-16d.
27;id.
June 14
11d.
84s.
273-16d.
273-16d.
June 15
84s. 11d.
27d.
27 5-16d.
June 16
84s. 11d.
27)d.
.
51
27d
18
Juno
84s. logd.
2714d.
27Hd.
June 19
10d.
.
June20845
10.6d.
84s.
.
27406d
27.221id.
Average
The silver quorations to-day for cash and two months' delivery are
respectively yid. and 3-16d. below those fixed a week ago.
We have also received this week the circular written under
date of June 27 1928:
GOLD.
inst. was a
The Bank of England gold reserve against notes on the 20th
that date (as
fresh high record, a total of £169,146,565 being returned on
increase of
an
,
compared with /165,712,560 on the previous Wednesday)
gold standard was
£15,240,250 since April 29 1925-when an effective
resumed.
open market
About E450,000 gold from South Africa was on offer in the
by the
yesterday. The bulk of this amount-£250,000-was acquired
of £275,000
Bank of England and formed part of the receipt yesterday
£170,000 and
shown in the figures below. An "unknown buyer" absorbed
the balance was bought for India and the Trade.
have
England
of
The following movements of gold to and from the Bank
during the week under
been announced, showing an influx of 1405,000
review:
26. June 27.
June 21. June 22. June 23. June 25. June
nil
nil £100,000 £ 275,000
nil
£30,000
Received
• nil
nil
nil
nil
nil
nil
Withdrawn_ _ _
Arabia.
from
sovereigns
The £100,00 received on the 25th inst. was in
Stabilization Bill on
The news that toe French Parliament passed the
largo as well as to the French
the 24th inst. is very welcome to the world at
in the face of extrem
nation. This memorable achievement, effected
JULY
225
FINANCIAL CHRONICLE
14 1928.]
difficulty-financial and political-removes one of the most Important
disabilities bequeathed by the Great War. The new gold contents of the
franc are fixed at 65.5 milligrammes of gold 900-1000 fine, equal approximately to .909737 grains fine gold and render the exchange parity of the
franc to the pound sterling 124.21, instead of 25.22 as pre-war. Tue French
Mint will strike 100-franc gold coins which will possess unlimited legal
tender. The date and other conditions of the general issue of gold coins
by the Currency office will be fixed by Government decree. In the meantime, coins will be struck only by the Bank of France, and the minting
charge will be 40 francs per kilogramme of gold 900-1000 fine.
The following were the United Kingdom imports and exports of gold registered in the week ended the 20th inst.:
ExportsImports£23,900
£2,052,363 Germany
U. S. A
814,336
21,775 France
British West Africa
46,000
1,751,547 Switzerland
British South Africa
1,042 Austria
14,370
Other countries
British India
75,375
Other countries
19.994
£3,826,727
£993,975
On the 21st inst. the Imperial Bank of India lowered its rate of discount
from 7 to 6%•
SILVER.
The market has been very irregular during the week without any marked
tendency though the actual movement of prices has been upward. China
has worked both ways, but has been a seller on oalance. Support has come
mostly from bear covering and some Indian ouying. America has also been
usually inclined to buy in this market.
Prices rose sharply in India on the 25th inst. on the idea that the French
Stabilization of Currency would lead to purchases of silver for coinage. In
view of the French shipments to the East of silver derived from demonetization, made as late as the week ',afore last, and the fact that the whole of
this delicate operation has been conceived long since, the idea that the
French Government would sell, knowing that they would have to repurchase
silver, is not warranted. Moreover, the holding in the Bank of France
return on the 21st inst. detailed as "silver in hand" (presumably valued as
if coined into five-franc pieces) would suffice to coin about 2,235,000,000
out of the mix:mum of 3,000,000,000 new francs, whilst further supplies,
unspecified in amount, are held under the head of "gold, silver and exchanges purchased." The above calculation is based on an assumption that
the new silver weight for 10 and 20 franc pieces will be tne same ratio to
two and four 5-franc pieces of pre-war coin, as the new gold weight of the
franc to the old (with a new fineness of 680-10000 as against 900-1000)•
A substantial shipment of silver, the proceeds of 60 lace demonetized
rupees-say 2,000,000 ounces, has been made from India to China as a
result of a fresh sale by the Indian Government.
The following were the United Kingdom imports and exports of silver
registered in the week ended the 20th inst.:
ExportsImportsMexico
£261,138 China
£95,300
332,073 British India
45,150
British India
U.S. A
39,306 Other countries
31,854
Other countries
6,535
£172.304
£639,052
grimmercial unUXthcellaneonsBettis
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED WITH
TITLES REQUESTED.
July 6-First National Bank in Prescott, Arizona
Correspondent, Charles C. Miller Jr., Prescott, Ariz.
July 6-The American National Bank of Corona, Calif
Correspondent. Howard L. Glass. Corona, Calif.
Capita/.
$100.000
50.000
CHARTER ISSUED.
July 6-The Lake Norden National Bank,Lake Norden, S. Dak.
President F. B. Stiles. Cashier. Arnold Gerberding.
25.000
CHANGES OF TITLES,
July 2-The First National Bank of New Haven, Conn., to
"The First National Bank & Trust Co. of New Haven."
July 2-The National Ulster County Bank of Kingston, N. Y., to
"National Ulster County Bank & Trust Co.of Kingston."
VOLUNTARY LIQUIDATIONS.
July 2-The First National Bank of Blairsville, Pa
Effective June 30 1928. Liq, Agent, Blairsville Savings
& Trust Co., Blairsville, Pa. Absorbed by Blairsville
Savings & Trust Co., Blairsville, Pa.
July 2-The Steelton National Bank, Steelton, Pa
Effective June 30 1928. Liq. Agent, H. W. Stubbs,
Steelton, Pa. Absorbed by Steelton Trust Co.
July 2-The Farmers National Bank of La Follette, Term
Effective June 30 1928. Liq. Comm., A. J. Jones,
Cotula, Term., Con. E. Troutman. A. G. Beeler, J. L.
Mullens, J. A. Hollingsworth, R. H. Sharp, La Follette,
Tenn. Absorbed by the First National Bank of La
Follette, No. 7225.
July 3-The First National Bank of Connellsville. Pa
Effective June 22 1928. Liq. Agent, The Citizens National Bank of Connellsville Absorbed by the Citizens
National Bank of Connellsville, No.6452.
July 3-The Union National Bank of Richmond, Ind
Effective July 2 1928. Liq, Comm.: George L. Gates,
A. G. Matthews, and D. N. Elmer, Richmond, Ind.
Absorbed by the Second National Bank of Richmond.
Ind. No. 1988.
July 3-The Wolfe City National Bank, Wolfe City, Tex
Effective June 22 1928. Liq. Agent., J. H. Blocker.
Wolfe City,Tex. Succeeded by the Wolfe City National
Bank in Wolfe City, No. 13199.
July 3-The First National Bank of Glen Rose, Tex
Effective June 26 1928. Liq. Agent, C. A. Milam, Glen
Rose, Tex. Succeeded by the First National Bank in
Glen Rose, No. 13170.
July 3-The First National Bank of Lakefield, Minn
Effective June 26 1928. Liq. Comm.: August Pohlman,
L. W. Sevetson and E. R. Hecht, Lakefield, Minn.
Succeeded by First National Bank in Lakefield, No.
13204.
July 5-The Farmers National Bank of Edon. Ohio
Effective Apri126 1928. Liq. Comm.:Charles F.Eyster,
M. E. Dewire and Freeman R. Imhof, Ohio. Absorbed
by Edon State Banking Co., Edon, Ohio.
July 6-The First National Bank of Parkville, Mo
Effective June 16 1928. Liq. Agents: Geo. H. Bunting
and P. K. Justus. Yorkville, Mo. Absorbed by Farmers Exchange Bank of Parkville. Mo.
150,000
150,000
50,000
200,000
150.000
100,000
25,000
36,000
INDIAN CURRENCY RETURNS.
25,000
(In lacs of rupees)
June 7. June 15. June 22.
Notes in circulation
18229
17934
17741
Silver coin and bullion in India
10029
9818
9922
Silver coin and bullion out of India
25,000
Gold coin and bullion in India
2976
2976
2976
Gold coin and bullion out of India
Securities (Indian Government)
4184
4258
4211
Securities (British Government)
452
377
425
CONSOLIDATION.
Bills of Exchange
100
400
800
The stock in Shanghai on the 25th inst. consisted of about 41,400,000 July 3-The First National Bank of Trenton, N. J
1,000,000
ounces in sycee, 76,100,000 dollars, and 2,820 silver bars, as compared
and the Mechanics National Bank of Trenton, N. J....1,000,000
Consolidated to-day under the Act of Nov.7 1918, under
with about 40.700,000 ounces in sycee, 76,100,000 dollars, and 3,540
the charter of the Mechanics National Bank of Trenton,
silver bars on the 16th inst.
No. 1327, and under the title of "The First-Mechanics
Quotations during the week:
National Bank of Trenton," with capital stock of
-Bar Silver Per Or. Std.- Bar Gold Per
$2.000,000.
Cash
2 Mos.
Or. Fine.
27%d.
June 21
27%d.
84s. 10%d. BRANCHES AUTHORIZED UNDER THE ACT OF FEB. 25 1927.
273jd.
22
27 3-16d.
84s. 10Hd.
First-Mechanics National Bank of Trenton, N. J. Location
27Hd.
23
2734d.
84s. 10.Hd. July 5-The
branches-Vicinity of corner of Adeline and Broad Sts., vicinity
27Hd.
25
27 7-16d.
84s. 10Hd.
of 42 North Hermitage Ave., vicinity of Clinton and Olden Ayes.
27 7-16d.
26
27 7-16d.
84s. 10d.
Vicinity of corner of Hudson and Hamilton Ayes. (All located
27 9-16d.
27
27Hd.
84s. 10%d.
in Trenton, N. J.)
27.333d.
Average
27.343d.
84s. 10.4d.
The silver quotations to-day for cash and two months delivery are
respectively 5-16d. and Hd.above those fixed a week ago.
Auction Sales.-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
ENGLISH FINANCIAL MARKETS-PER CABLE.
in New York, Boston, Philadelphia and Buffalo on WednesThe daily closing quotations for securities, &c., at London, day of this week:
as reported by cable, have been as follows the past week:
By Adrian H. Muller & Sons, New York:
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
July 7.
July 9.
July 10. July 11. July 12. July 13.
271-16
27 1-16
27 3-16
Silver, per oz.d. 27 5-16
273-16
27 1-16
Gold, p.fine oz.848.10%d. 843.10;id. 848.10d. 84s.10%d. 845.1034d. 848.10%d.
55 13-16 55%
55%
Consols, 2Hs__
55%
55%
101%
101%
10134
British, 58..___
10134
10134
9734
9734
97H
British, 4 Ms- 97%
9774
French Rentes
69.30
69.10
67
(in Paris)_fr.
66.95
67.45
French War L'n
92.45
92.75
92.35
On Paris) _fr.
92.60
92.50
The price of silver in New York on the same days has been:
Silver in N.Y., per oz.(ets.):
Foreign
5934
5814
58%
59
5934
5934
The daily closing quotations for securities, &c.,at London,
as reported by cable, were as follows the previous week:
MOn.,
Tea,
Sat.,
July 2.
July 3.
June 30.
Silver, per oz- 27 7-16d. 27 7-16d. 27 7-16d.
Gold,per fine oz 848.10%d. 848.1034d. 848.10,1.
55 13-16
56
Consols,2%%. __ -101%
101%
British, 5%.__ ____
9731
97%
British, 434 %_ ____
French Rentes
71.05
71.50
On Paris)_ fr. -French War L'n
94.00
93.50
(in Paris)_ fr. _-
Wed.,
Thurs.,
Fri..
July 4.
July 5.
July 6.
2734c1.
27%d.
27%cl.
842.10d. 845.1034c1. 846.1034d.
55 13-16 .55 13-16 55 13-16
101%
101%
101%
97%
97%
97%
69.65
69.60
92.85
92.70
The price of silver in New York on the same days has been:
Silver in N.Y., pores.(etc):
5954
59%
Foreign
5934
Holiday
5934
59H
Shares. Stocks.
Slier 85.
$ per sh. Shares. Stocks.
10 Metuchen (N. J.) Nat'l Bank...205
10 Albany Cottage AMR.: 15,000
6,562 Montana Consol. Cop. Co.,
Amer. Sulphur Iron, Ore & Oil
par $1
Co.; 1,040 Atlantic Coast Realty
$1 lot
200 Madison Square Garden BroadCo., corn.: 2 Garland S. S. Co.:
cast Corp., corn., no par
500 New York Tunnel Co.;$3,000
$48 lot
51 Duo
-Dye Corp., corn., cl. A,
Kansas City Rys. 1st 58, July 7
no par
1944: $2,060 Kansas City Ky..
$I lot
coll. 7% gold notes May 15 1921;
$1,000 So. Pittsburgh Stove
Works68Sept. 11912;500 Georgia
es Florida Ry. Co., pref.; 400
Georgia & Florida Ky. Co.,
$543.08 lot
common
By R. L. Day & Co., Boston.
Shares. Stocks.
$ per sh.
19 Webster & Atlas Nat Bk,Boston 192
2 Canton Trust Co,Canton
152
4 Nashua Mfg Co,pfd
8634
3Farr Alpaca Co
134%
1 West Point Mfg Co
125
10 Stafford Mills
3
100 Dwight Mfg Cofpar $25
8%-8%
21 Merrimack Mfg Co,corn
135%
5 Nashua Mfg Co pfd
13634 AC city
8 US Worsted Corp, 151 pfd
1
50 Naumkeag Steam Cotton Co- -138%
25 Merchants Mfg Co
19
2 Naumkeag Steam Cotton Co
139
12 Bates Mfg Co
112%
25 Nashua Mfg Co, pfd
8731 & div.
20 Shawmut Investment'Trust_ _ - 37
8 per sh.
Shares. Stocks.
8Plymouth Cordage Co
6834
50 Saco Lowell Shops, 1st pfd
16
50 GreenTd Tap & Die Corp, p198 & env.
53-53%
78 Old Colony Trust Assoc
6 units First Peoples Trust
5334
25 Plymouth Cordage Co
67
100 Amer Glue Co,corn
32-3234
5Joseph Dixon Crucible Co
176 ,..
82 Heywood Wakefield Co, 1st pfd_ 75 1
46 New Engl Pow Asso 6% pfd_ _100%
69 West Boston Gas Co,v SC par 82542%
60 New Bedford Gas & Edison Lt woj
(=del))Par 325
106%
Rights.
$ per Right.
8 Edison Elect Ill Co.Brockton__ - _ 2
By A. J. Wright & Co., Buffalo:
$persh. Shares. Stocks.
Shares. Stocks.
if per sh.
805 2-3 Alpena Leather Co., no par_S5 lot 1,000 Chaput Hughes, par $I
9c.
1,000 Baldwin Gold Mines, par SI._1%c. 100 New Sutherland Divide, par
1,263 Alpena Leather Co., 2nd
$10
50c. lot
$252.60 lot
preferred
•
226
FINANCIAL CHRONICLE
By Wise, Hobbs & Arnold, Boston:
$ per oh.
Shares. Stocks.
$ per oh. Shares. Stocks.
2 Nat Bk of Corn, Providence, R 1_110% 9 US Envelope Co,COM
262(
20 Nat Shawmut Bank
13%
340
75 East UtilAssoc,cony shs
41%
6 Webster dc Atlas Nat Bank
192
90 Eastern Util Assoc,corn
3.5 NatShawmut Bank
340 8 Quincy Mkt Cold Stor &Whse Co.
40
2Centreville Nat Bk,Warwick,RI 152/4
corn
52
25 First Nat Bank
469-46834-469 75 Shawmut Association
21
55 Nat.Shawmut Bank
400 Beacon Panic Inc. pfd cl A_
343
19 Merchants Mfg Co
200 Beacon Partic Inc, pfd cl A _ _ _ _ 21
20
74 York Mfg Co
15
100 No Bost Ltg Prop,corn v t c 96 ex-dly
23 Arlington Mills
3534 25 Van Norm Mach T1 Co pf par 525 1
106
86 Wampanoag Mills
10
3 American Glue Co, pref
21
1 Troy Cotton & Woolen Mfg
225 Beacon Partic Inc, pfd el A_
4
21 Dayol Mills
1334 20 New Engl Publ Sere Co,com___ 8234
1 Hill Mfg Co
53
26
13 units First Peoples Trust
67 Chace Mills
234 13 Rockld Lt & P Co, v t c par $50- 87
103 Whitman Mills Corp
125 rat Northern Paper Co
79-7934
25
1 Continental Mills
14 Beverly G & E Co, corn par 525- 87
70
34 Nonquitt Spinning Co_ ___204-2044 20 Merrimac Chemical Co, par $50_ 9014
g% Bonds.
Per Cent.
3 Saco Lowell Shop,com
4 Saco Lowell Shops, 2nd pref.-- - 64 $5,000 Internet Cot Mills a 1 78,
Dec 1928 cert of del)
1034 flat
5 Wm Whitman Co Inc, pfd___88c div.
•
Name of Company.
[VOL. 127.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
Amer. Founders Trust, com. (quar)... 25c. Aug. 1 *Holders of rec. July 14
Corn.(one one fortieth share coca.stk.) 00 Aug. 1 "Holders of rec. July 14
7% Met preferred (guar.)
8714e. Aug. 1 *Holders of rec. July 14
6% first preferred (guar.)
750. Aug. 1 *Holders of rec. July 14
8% second preferred (guar.)
37%c. Aug. 1 *Holders of rec. July 14
Amer. Sales Book, Ltd., pref. (quar.)... 1% Aug. 1 Holders of rec. July 18a
Arizona Commercial mining
*250 July 31 "Holders of rec. July 16
Art Metal Works,cony. pt.(mi.)(No.1)
45.3 Aug. 1 Holders of rec. July 18
Atlantic & Pacific International Corp1st preferred (guar.) (No. 1)
760 Aug. 1 Holders of rec. July 16a
Balaban & Katz (monthly)
*25c Aug. 1 *Holders of rec. July 20
Monthly
"250. Sept. 1 *Holders of rec. Aug. 20
Monthly
"25e. Oct. 1 *Holders of rec. Sept.20
Preferred (guar.)
"1/4 Oct. 1 "Holders of rec. Sept.20
Beacon Oil, preferred (guar.)
1.8714 Aug. 15 Holders of rec. Aug. 1
Bohaek (H. C.) Co., let pref. (guar.).-•1% Aug. 1 *Holders of rec. July 16
Brill (J. G.) Co., common (guar.)
*S1.25 Aug. 1 *Holders of rec. July 30
Preferred (guar.)
*1% Aug. 1 "Holders of rec. July 30
Hinman Electric Co., com. (quar.)_
50c. Aug. 1 Holders of rec. July 18
Preferred (guar.)
31.75 Aug. 1 Holders of rec. July 18
By Barnes & Lofland, Philadelphia:
Bright Star Elec.. panic. pref. A (qu.)_
.50o.
$ per sh. British Type Investors, Cl. A (bi-mthly.) *35o. Aug. 1 "Holders of rec. July 16
Mares. Stocks.
$ per oh. Shares. Stocks.
Brockway Motor Truck (guar.)
54 Aug. 1 Holders of rec. July 14s
10 Camden (N. J.) Safe Deposit &
4 Phila. Bourse, com., par 350._ 34
Buckeye Pipe Line (guar.)
Sept.15 Holders of rec. Aug. 17
Trust Co
$1
225
120 Phila. Life Ins. Co.. par $10- 1834
Bunker HUI& Sullivan Min.& Conc.(qu) *250. July 5 *Holders of rec. June 30
400 6 Colonial Trust
275
7 Sixth Nat. Bk. of Philo
Extra
*50c. July 5 *Holders of rec. June 30
5 Clayton(N. J.) Title & Tr. Co..100
10 Drovers & Merch. Nat. Bank_ _178
California Packing (guar.)
Sept.15 *Holders of rec. Aug. 31
40 units Bankers Bond & Mtge.
111
1 Citizens National Bank of JenkinCanadian Vickers, Ltd., pref.(guar.)... 154 July 31 Holden of rec. July 14
co. (old)
190
100
town. Pa
Castle (11. W.) es Co.(guar.)
*750. Aug. 1 *Holders of rec. July 20
10 units Bankers Bond & Mtge. Co.
5 Citizens National Bank of JenkinCharls Corp., corn.(guar.)(No. 1)
*500. Aug. 1 *Holders of rec. July 18
95
(old)
188
town. Pa
Cleveland-Cliffs Iron (guar.)
July 25 *Holders of rec. July 14
411
11 Wyoming Bk.& Tr.Co., par $50.16034 50 units. Bankers Bond & Mtge.
Columbian Carbon (guar.)
1.g1
Aug. 1 *Holders of rec. July 19
Co. (new)
188
25 Bankers Trust Co., par 250.-130
Conn.
Cash
(qual.).
Credit
Corp.,
com.
July
25 Holders of roe. July 9
150.
Hotel
Blair
Co..
par
26
6-10
$50.
99
Tr.
Co., par 250.-100 Broad St.
Preferred (guar.)
(Penn Alto Hotel, Altoona, Pa.)- 25
150. July 25 Holders of roe. July 9
23 Roxborough Tr. Co., par $50-325
Preferred (extra)
294 12-100 Blair Hotel Co., par $50.
15o. July 25 Holders of rec. July 9
3 Susquehanna Title bc Tr. Co.,
Continental Can, corn.(guar.)
$1.25 Aug. 15 Holders of rec. Aug. 4a
(Penn Alto Hotel, Altoona, Pa.)_ 25
63
Par $50
Curtis Aeroplane Export, pref.(quar.) •31.50 July 16 *Holders of rec. July 2
18 J. Frank Darling Co., common
10 69th St. Term. Title es Tr. Co..
Dairy Dale Co., class A (guar.)
*3714c Aug. 1 *Holders of rec. July 14
(Wilmington, Del.)
15434
par $50
Class B (guar.)
Membership in the Rolling Green
•18340 Aug. 1 'Holders of rec. July 13
10 69th St. Term. Title & Tr. Co.,
Davis Industries, class A (qual.)
'31/40 Oct. 1 *Holders of rec. Sept. 201
Golf Club (dues paid to July 1
15251
par $50
Class
A (guar.)
*3131c Janl'29'Holders of rec Dec. 20
18314
750
1928)
5 Belmont Trust Co., par $50
Class B (guar.)
*31140 Oct. I *Holders of rec. Sept. 203
3 West Phila. Title & Tr. Co.. Par
Clan
B
(quar.)
Bonds.
Jan1'29 *Holders of rec. Dec. 20
285
Per
*31110
Cent.
$50
Decker (Alfred) & Cohn, com.(quar.)
*500. Sept.15 'Holders of ree. Sept. 5
20 Northwestern Tr. Co., par $50l036 $25,000 (reduced to $5,699.50)
Federal Chemlcal (guar.)
bond and mtge., Robert H.
4.134 Aug. 1
5 Northern Cent. Tr. Co., par *50_150
Fenton United Cleaning, corn. (qual.).. *21
Scroggins to the Brotherhood of
750
July 15 *Holders of rec. July 10
13 Federal Trust Co
Preferred (guar.)
Locomotive Engineers Title &
5 Manheira Trust Co.. par MO.-- 60
"194 July 15 *Holders of rec. July 10
Franklin (11.11.) Mfg., pref.(quar.)
Trust Co., due Dec.241926. int.
•lh Aug. 1 *Holders of rec. July 20
33Security Title & Tr.Co., par 3.50. 70
French Line. Amer. shares (No. 1)
6%, on Nos. 2032 and 2035 Bel10 Continental-Equitable Title &
142.54 July 24 *Holders of roe. July 17
General Cigar, Inc., com.(guar.)
vedere Ave.. Oakmont, Delaware
341
Trust Co.. par $50
Aug. 1 Holders of rec July 16a
1
Preferred (guar.)
Co..
Pa.,
each
Tr.
Co.,
Title
&
property
Cobbs
Creek
subject to
10
1% Sept. I Holders of rec. Aug. 22a
first mortgage of $4,000
105
par $50
$100101 General Electric Co., Ltd.
Amer. dep. rots, for old shares
*m10 July 19 *Holders of reo. July 2
General Tire & Rubber, com.(quar.).._ *750. Aug. 1 *Holders of rec. July 20
Georgian, Inc., class A pref.(qual.)... 40c. July 15 Holders of rec. July 5
DIVIDENDS.
Gillette Safety Razor (guar.)
*$1.25 Sept. 1 *Holders of rec. Aug. 1
Dividends are grouped in two separate tables. In the Harris-Sey bold-Potter,
pref.(guar.)---- *134 Aug. 1 *Holders of rec. July 20
Hart-Carter
(No.
1)
prof.
(qu.)
Co..
cony.
*50c. Sept. 1'Holders of rec. Aug. 15
first we bring together all the dividends announced the Hart, Schaffner & Marx,Inc.
(guar.)
*2
Aug. 31 *Holders of rec. Aug. 15
current week. Then we follow with a second table, in Hazeltine Corp.(guar.)
"260. Aug. 24 *Holders of roe. Aug. 4
Higbee Co., 1st pref. (guar.)
1 July 22 to Aug. 1
Aug.134
which we show the dividends previously announced, but Horn
& Harden of N. Y., pref. (qual.). *81.75 Sept. 1 *Holders of rec. Aug. 11
which have not yet been paid.
Hunt Bros. Packing, class A (guar.).- •500. Aug. 1 *Holders of rec. July 16
Ingersoll-Rand Co., com. (guar.)
*75e. Sept. 1 *Holders of rec. Aug. 6
The dividends announced this week are:
Internat. Harvester, pref.(guar.)
•144 Sept. 1 *Holders of rec. Aug. 4
Iron Products Corp., corn
*650. July 27 Holders of roe. July 16
Per
When
Jewel Tea, com.(guar.)
Books Closed
Oct. 18 Holders of rec. Oct. 2
"El
Name of Company.
Cent. Payable.
Preferred (guar.)
Days Inclusive.
'131 Oct. 1 Holders of recs. Sept. 14
Knox Hats, A panic. pref. (guar.).- *51
Aug. 1 Holders of rec. July 15
Railroads (Steam).
Kress (S. H.) & Co., com.(guar.)
*250. Aug. 1 Holders of rec. July 20
Hudson & Manhattan, pref
Special preferred (guar.)
'234 Aug. 15 *Holders of rec. Aug. 1
•15c. Aug. 1 "Holders of reo. July 20
Mine 11111 & Schuylkill Haven
$1.50 Aug. 1 July 13 to July 31
Landay Bros., Inc., class A (guar.).
75c. Aug. 1 Holders of roe. July 13a
Nashville. Chattanooga & St. Louis_ _
3% Aug. 1 Holders of rec. July 21
Libby-Owens Sheet Glass, com.(quar.)_ *50c. Sept. 1 *Holders of MC. Aug. 22
Peoria & Bureau Valley
*3% Aug. 10 'Holders of rec. July 20
Preferred (guar.)
"1/4 Sept. 1 *Holders of rec. Aug. 22
Loew's Incorporated $814 Pref.(qu.)...$ 1.6234 Aug. 15 Holders of rec. July 28
•el®
Public Utilities.
Marlon Steam Shovel (stk. div.)
Aug. 15
Allied Power & Lt.. $5 pf.(qu.)(No. 1)_ *31.25 Aug. 15 'Holders of rec. July 27
Maytag Co., pref. (guar.)
75e Aug. 1 Holders of roe. July 20
"75o. Aug. 15 *Holders of rec. July 27
$3 preferred (guar.) (No. 1)
First preferred (guar.)
$1.50 Aug. 1 Holders of roe. July 20
Amer. Commonwealths Power Corp.Metropolitan Industries, pref. (qu.)
*$1.50 Aug. 7 *Holders of reo. July 20
*1.75 Aug. 1 Holders of rec. July 14
First pref., series A (guar.)
Melville Shoe, corn. (guar.)
Aug. 2 *Holders of rec. July 21
*El
$1.62 Aug. 1 Holders of rec. July 14
$614 first pref.(guar.)
Monarch Royalty Corp. (monthly).-.. 134 July 10 Holders of rec. June 30
$1.75 Aug. 1 Holders of roe. July 14
Second pref., series A (qual.)
Monroe Stores, Inc., pref. (guar.)
131 Aug. 1 Holders of rec. July 28
American Natural Gas, pref. (guar.) - *1/4 Aug. 1 *Holders of rec. July 20
Mulford (H. K.) Co., com.(guar.)
*$1.50 Aug. 15 *Holders of rec. July 14
Associated Gas Az Elec., $6 pref. (qu.).. 131.50 Sept. 1 Holders of rec. July 31
Nash Motors, corn. (guar.)
Aug. 1 Holders of rec. July 20
$1
1$ 1.6234 Sept. 1 Holders of rec. July 31
$634 pref. (guar.)
Common (extra)
50c. Aug. 1 Holders of rec. July 20
Brazilian Tr. L & P., new com.(guar.). .440. Sept. 1 *Holders of rec. July 31
Nat. Recording Pump. (quar.)
750. Aug. 1 Holders of rec. July 20
*21.75 Aug. 1 *Holders of rec. July 14
Electric Investors $7 pref.(quar.)
Nehmer Bros., Inc., 7% cony. pf.(qu.). "144 Aug. 1 "Holders of roe. July 14
81.50 Aug. 1 Holders of rec. July 14
$6 preferred (guar.)
New Jersey Cash Credit Corp.corn.(qu.)
15c. July 25 Holders of rec. July 9
Elec.Power es Light. 24 pref. A (quar.)_ •134 July 16 *Holders of rec. June 18
Common (1-100th eh. of pref. stock.). (/) July 25 Holders of rec. July 9
Empire Gas & Fuel,8% pref.(mthly.)... *50c. Aug. 1 *Holders of rec. July 14
Preferred (quar.)
15e. July 25 Holders of rec. July 9
541-dc Aug. I *Holders of rec. July 14
634% preferred (monthly)
Preferred (extra)
15c. July 25 Holders of roe. July 9
•58 1-3c Aug. 1 *Holders of roe. July 14
7% preferred (monthly)
Preferred (1-100th eh, pref. stock)... (f) July 25 Holders of rec. July 9
8% preferred (monthly)
•662-3c Aug. 1 *Holders of roe. July 14
Newport Co., prior com. (qual.)
July 15 *Holders of rec. July
*2
154 Aug. 1 Holders of rec. July 18
Grand Rapids RR.. pref.(guar.)
Prior common (extra)
July 15 Holders of roe. July 5
*1
Havana Elec.& Util., let pref.(guar.)._ 114 Aug. 15 Holders of rec. July 20
New Process Co.. pref. Mar./
154 Aug. 1 Holders of roe. July 15
$1.25 Aug. 15 Holders of rec. July 20
Cumulative preference (guar.)
N. Y. & Honduras Rosario Mining.
260. July 28 Holders of rec. July 18
*134 Aug. 1 Holders of rec. July 14
Idaho Power. 7% prof. (guar.)
Extra
234 July 28 Holders of roe. July 18
*$1.50 Aug. 1 Holders of rec. July 14
$6 preferred (guar.)
Oppenheimer & Co., pref. (qual.)
$2 Aug. 1 Holders of rec. July 25
Italian Superpower Corp., pref. (quar.)
Outlet Company,corn.(qual.)
31 Aug. 1 Holders of roe. July 20
-81.50 Aug. 1 Holders of rec. July 18
(No. 1)
First preferred (guar.)
$1.75 Aug. 1 Holders of roe. July 20
Knoxville Power & Light,$6 prof.(qu.)- - 31.50 Aug. 1 Holders of rec. July 20
Second preferred (guar.)
31.50 Aug. 1 Holders of rec. July 20
21.75
Aug.
1
Holders
of rec. July 20
37 preferred (guar.)
Overseas Securities Co
50o. Aug. 15 Holders of rec. Aug. 1
•21.75 Aug. 15 Holders of roe. July 31
Middle West Util., com.(guar.)
Extra
50o. Aug. 15 Holders of rec. Aug. 1
Monongahela West Penn Pub.Secy.Pacific Cana Biscuit, corn. (guar.) _
*25e. Aug. 1 Holders of rec. July 15
1
43340. Oct.
Holders of rec. Sept. 15
• 8734e. Aug. 1 Holders of rec. July 15
Preferred (qual.)
7% preferred (guar.)
•1/4 Aug. 15 *Holders of rec. July 31
•83
Northwest Utilities, pref. (guar.)
Paragon Refining, pref.(No. 1)
Oct. 1 Holders of ree. Sept. 15
Pennsylvania Cash Credit, corn.(guar.).
Ohio Public Serv., 1st pref. A (mthly.)..* 58 1-3c Aug. 1 *Holders of rec. July 14
I50. July 25 Holders of rec. July 9
*750. Aug. 15 *Holders of rec. July 31
Pacific Lighting, common (guar.)
Preferred (guar.)
150. July 25 Holders of roe. July 9
*134
Aug.
15
*Holders
of
rec.
(guar.)
July
31
Preferred (extra)
5% preferred
15e. July 25 Holders of rec. July 9
Power & Light Securities TrustReed (C. A.) Co.,class A (guar.)
50c. Aug. 1 Holders of rec. July 21
50c. Aug. 1 Holders of rec. July 16
• 31.879 Aug. 3 *Holders of rec. July 23
Sharer; of beneficial int.(guar.)
Royal Dutch Co., N.Y.shares
Aug.
1
el
Holders
of roe. July 18
34
Royalty Corp.of Am., partic. PL(mthly) 1
Shares of beneficial int.(In stock).-July 15 Holders of roe. July 10
Participating pref.(extra)
Public Serv. of Coln.. 7% p1. (mthly.).." 58 1-3c Aug. 1 *Holders of rec. July 15
14 July 15 Holders of rec. July 10
*50c Aug. 1 "Holders of rec. July 15
Rubber Service Laboratories (guar.)_ _ _
6% preferred (monthly)
60c
July
20 Holders of rec. July 10
Aug. 1 *Holders of rec. July 16
Ryan Car Co., pref.-Dividend passed.
Rhode fold. Pub. Seto., el. A (quar.).. *11
*50c Aug. 1 *Holders of rec. July 16
St. Lawrence Flour Mills, pref. (guar.). •134 Aug. 1 *Holders of rec. July 20
Preferred (guar.)
'11.12
Aug.
1
*Holders
of
reo. July 16
St. Lawrence Paper MillsRockland Light & Power, common
50c. Aug. 1 Holders of rec. July 16a
Preferred allotment Ws.(guar.)
Sierra Pacific Elec. Co.. COM.(guar.)
114 July 18 Holders of rec. July 7
134 Aug. 1 Holders of rec. July 16a Saenger Theatres. Inc.(N.0.).Preferred (quar.)
50e. Aug. 15 Holders of rec. July 20a
Common A & B (guar.)
Southern Calif.Edison,com.(qual.)
500 July 2 Holders of rec. June 30
Savannah Sugar. common(quar.)
Texas Power & Light, 7% PI. (guar.)- •141 Aug. 1 *Holders of rec. July 18
$1.50 Aug. 1 Holders of rec. July 18
*S1.50 Aug. 1 *Holders of rec. July 18
Preferred (guar.)
Aug. 1 Holders of rec. July 16
le preferred (quar.)
194
Oct. 15 *Holders of rec. Sept. 15
"31
Scher-Hirst Co., class A (quar.)
United Gas Improvement (guar.)
*50e. Aug. 1 *Holders of too. July 20
Seacrest Laundry, corn. (guar.)
Wisconsin Power & Light, pref.(guar.). .01% Sept. 15 "Holders of rec. Aug. 31
*25c. Aug. 1 *Holders of rec. July 28
•1u Aug. 1 *Holders of rec. July 28
Preferred (guar.)
Shell Transport & Trading. Amer.shs__• 31455 July 23 Holders of rec. July 16
Fire Insurance.
July 14 Holders of rec. June 300 Signal Gasoline (stock dividend)
4
American Alliance Ins.(guar.)
0700
American Equitable Assurance of New
Sinclair Consol.011, pref.(qual.)
*$2
Aug. 15'Holders of roe. Aug. 1
37340. AUff. 1 Holders Of rec. July 20a Standard Investing, $534 pref.(quar.).$ 1.3734 Aug. 16 Holders of rec. July 27a
York.common (quar.)
141 July 16 Holders of rec. June 304 Sun OIL pref.(guar.)
Preferred (quar.)
•134 Sept. 1 *Holders of rec. Aug. 10
The. July 14 Holders Of rec. July 2a Union 011ot Calif.(quar.)
American Reserve Ins.(guar.)
*50c. Aug. 10 *Holders of rec. July 19
July 14 Holders of rec. June 30a United Electric Coal(guar.)
4
Great American Ins.(guar.)
*75e. July 30 *Holders of roe. July 20
3734e. Aug. 1 Holders of rec. July 204 United Equities, Inc., (guar.)(No.
Knickerbocker Ins. of N. Y., Cara.
41.25 Aug. 1 *Holders of rec. July 20
Holders
1,4
July 16
of rec. June 304
Preferred (guar.)
S. & British Internat., corn. pt.(qu.) 750. Aug. 1 Holders of ree. July 14
1.1234 July 14 Holders of rec. July 2a U.S. Finishing, com.(guar.)
Lincoln Flre Ins. (guar.)
•1ti July 16 *Holders of rec. July
6
New York Fire Ins., corn.(guar.)
30c. Aug. 1 Holders of rec. July 20a Western 0114 Refining. pre(
4
Sept.15 Holders of rec. Aug. 15
1% July 16 Holders of roe. June 304 Weston (George), Ltd.. pref.(guar.)
Preferred (guar.)
144 Aug. 1 Holders of rec. July 20
Miscellaneous.
White Sewing Mach., pref.(guar.)
Aug. 1 *Holders of roe. July 20
Allis-Chalmers Mfg., com. (guar.)
"$1.75 Aug. 15 Holders of reo. July 24
Woolworth (F. W.) Co., (guar.)
•$1.25 Sept. 1 *Holders of rec. Aug. 18
Allison Drug Stores, cony. A (guar.).- '35c. July 15 Holders of rec. lnlyi 5
Worth, Inc.. class A com.(quar.)
*40e. Aug. 1 *Holders of rec. July 1 20
MO
JULY 14 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 de Santa Fe, corn.(guar.)Preferred
Baltimore & Ohio, corn.(guar.)
Preferred (quar-)
Canada Southern
Central RR. of N. J.(guar.)
Extra
Cincinnati Northern
Clev. Chi. Chic.& St.L., corn.(guar.)Preferred (guar.)
Conn.& Passumpsic Rivers, pfd
Cubs RR., preferred
Preferred
Delaware az Hudson Co.(quar.)
Delaware Lack & Western (guar.)
Detroit River Tunnel
Georgia RR. az Banking (guar.)
Great Northern, preferred
Kansas City Southern, pref. (quar.)___
Little Schuylkill Nay., RR.& Coal
Louisville & Nashville
Mahoning Coal RR., common
Massawippi Valley
Michigan Central
New York Central RR.(guar.)
Norfolk & Western, corn.(guar.)
Adjustment preferred (guar.)
Northern Central
Northern Pacific (guar.)
Old Colony (guar.)
Pennsylvania RR.(guar.)
Pere Marquette, prior preference (quar.)
Five per cent pref.(guar.)
Pittsb., Cinn., Chic.& St. Louis
Pittsburgh & Lake Erie
Pittsburgh & West Va.(guar.)
Reading Co., corn. (quar.)
First preferred (guar.)
Second preferred (guar.)
St. Louis-San Francisco. pref.(guar.).-Preferred (guar.)
Southern Ry corn. (guar.)
Preferred (guar.)
Virginian Ry., preferred
Wabash Ry., pref. A (guar.)
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
$2
Aug. 15 Holders of rec. July Ila
$1.50 Aug. 15 Holders of rec. July ha
234 Sept. 1 Holders of rec. July 27a
234 Aug. 1 Holders of rec. June 293
14 Sept. 1 Holders of rec. July 146
1
Sept. 1 Holders of rec. July 14a
14 Aug. 1 Holders of rec. June 29a
2
Aug. 15 Holders of rec. Aug. 36
2
July 16 Holders of rec. July Os
5
July 20 Holders of rec. July 13a
2
July 20 Holders of rec. June 290
July 20 Holders of rec. June 296
3
Aug. 1 Holders of rec. July 1
3
Aug. 1 Holders of rec. July 16
3
Febl'29 Holders of rec. Jan 15'29
*24 Sept.20 *Holders of rec. Aug. 28
$1.50 July 20 Holders of rec. July 76
3
July 16 Holders of rec. July 9a
*23 July 16 *Holders of rec. June 30
234 Aug. 1 Holders of rec. June 270
1
July 16 Holders of rec. June 30a
1
July 14 June 16 to July 15
334 Aug. 10 Holders of rec. July 160
$12.50 Aug. 1 Holders of rec. July 16a
3
Aug. 1 Holders of rec. July 1
July 28 Holders of rec. June 290
20
2
Aug 1 Holders of rec. June 29a
2
Sept. 19 Holders of rec. Aug. 316
1
Aug. 18 Holders of rec. July 31a
$2
July 14 Holders of roe. June 300
14 Aug. 1 Holders of rec. June 29
14 Oct. 1 Holders of rec. Sept. 150
8734c Aug. 31 Holders of rec. Aug la
14 Aug. 1 Holders of rec. July 60
14 Aug 1 Holders of rec. July 60
234 July 20 Holders of rec. July 10a
$2.50 Aug. 1 Holders of rec. June 29a
134 July 31 Holders of rec. July 160
51
Aug. 9 Holders of rec. July 126
50c. Sept. 13 Holders of rec. Aug. 23a
50c. Oct. 11 Holders of rec. Sept. 20a
134 Aug. 1 Holders of rec. July 14a
14 Nov. 1 Holders of rec. Oct. 15a
2
Aug 1 Holders of rec. July 2a
14 July 16 Holders of rec. June 19a
3
Aug. 1 Holders of rec. July 14a
Aug. 24 Holders of rec. July 250
14
14
Public Utilities.
81.25 Aug. 1 Holders of rec. July 16
Alabama Power,$5 prof.(guar.)
July 16 Holders of rec. June 15a
Amer.Dist. Teleg.of N.J., com (au.)-- $1
July 16 Holders of rec. June 15a
7% preferred (quar.)
Amer.& Foreign Power, 2d pref., set. A $1.75 Aug. 1 Holders of rec. July 14
$1.50 Aug. 1 Holders of rec. July 9
Amer. Gas az Elec., prof.(guar.)
Aug. 1 July 14 to July 26
Amer. Light & Traction, corn. (quar.)_ _ 2
13.4 Aug. 1 July 14 to July 26
Preferred (guar.)
23.4 July 16 Holders of rec. June 20a
Amer. Telep. & Teleg. (guar.)
25e. Aug. 15 Holders of rec. Aug. la
Amer. Water Works & Elec., corn.(qu.)Common (one-fortieth sh, corn. stk.) _ (f) Aug. 15 Holders of roe. Aug. in
Oct. 1 Holders of rec. Sept. I2a
$1.50
$6 first preferred (guar.)
(50c. Aug. 1 Holders of rec. June 30
Associated G 1113 & Elec., cl. A (guar.)
July 14 Holders of rec. June 23
2
Bell Telephone of Canada (guar.)
14 July 14 Holders of rec. June 206
Bell Telep. of Pa.,63.5% prof.(quar.)._
July 15 *Holders of rec. June 30
Bridgeport Hydraulic (old $100 par)_ _ - - "2
Aug. 1 Holders of rec. July 18
Broad River Power, 7% pref. (guar.).July 16 Holders of rec. June 300
Brooklyn-Manhattan Tran., corn. (qu.) $1
Preferred series A (guar.)
51.50 July 16 Holders of rec. June 300
Preferred series A (guar.)
$1.50 Oct. 15 Holders of rec. Oct. la
$1.50 Janl5'29 Holders of rec. Dee. 31a
Preferred series A (guar.)
Preferred series A (guar.)
$1.50 Aprl5'29 Hold, of rec. Apr. 1 '29a
California-Oregon Power. corn. (guar.)_ $1.75 July 14 Holders of rec. June 30
6% preferred (quar.)
134 July 14 Holders of rec. June 30
14 July 14 Holders of rec. June 30
7% preferred (guar.)
Canadian Northern Power, pref (guar.) 14 July 16 Holders of rec. June 30
*50c. Aug. 1 *Holders of rec. June 30
Central Hudson Gas & Elec., tom
Central III. Pub. Fiery.. prof.(guar.)__._ $1.50 July 15 Holders of rec. June 30a
14 Aug. 1 Holders of rec. July 14
Central Power az Light, prof.(guar.) _ _ _
75c. July 16 Holders of rec. June 30
Central & S. W.Utilities, corn.(quar.)_ _
14 July 16 Holders of rec. June 30
Ches. Sz Po. Tel. of Bait.. prof. (qtr.).- (qu.)_
_
pf.
Transit,
pr.
.
A
85c.
Aug. 1 Holden of rec. July 17a
Rapid
Chicago
85c. Sept. 1 Holders of ree. Aug. 21a
Prior preferred A (guar.)
60e. Aug. 1 Holders of rec. July 17a
Prior preferred B (guar.)
600. Sept. 1 Holders of rec. Aug. 21a
Ptior preferred B (quar.)
Ctn. Newport SZ Coy.L.az Tr.,com.(qu) "134 July 15 "Holders of rec. June 30
•134 July 15 *Holders of rec. June 30
Preferred (guar.)
Cities Service Power az L,$6 pfd (mthly.) .50c. July 16 *Holders of rec. June 30
*584c. July 16 *Holders of rec. June 30
7% preferred (monthly)
Cleveland Elec. Illuminating (guar.).- - 24 July 15 Holders of rec. June 29
Columbia Gas az Elec., common (guar.)_ $1.25 Aug. 15 Holders of rec. July 20a
14 Aug. 15 Holders of rec. July 20a
6% preferred, series A (quar.)
*2
Aug. 1 *Holders of rec. July 14
Commonwealth Edison (guar.)
750. Aug. 1 Holders of rec. July 12a
Commonwealth Power. corn. (guar.)__
134 Aug. 1 Holders of rec. July 12
8% preferred (guar.)
Consolidated Gas of N. Y., pref.(guar.) $1.25 Aug. 1 Holders of ree. June 30a
2
Consolidated Traction of N. J
July 15 Holders of rec. June 30
13.4 Oct. 1 Holders of rec. Sept. 15
Consumers Power Co.6% pfd.(guar.)_ _
1.85 Oct. 1 Holders of rec. Sept. 15
6.6% preferred (guar.)
14 Oct. 1 Holders of rec. Sept. 15
7% preferred (guar.)
50c. Aug. 1 Holders of rec. July 14
6% preferred (monthly)
50c. Sept. 1 Holders of rec. Aug. 15
6% preferred (monthly)
50c. Oct. 1 Holders of rec. Sept. 15
6% preferred (monthly)
Mc. Aug. 1 Holders of rec. July 14
6.8% preferred (monthly)
Mc. Sept. 1 Holders of rec. Aug. 15
6.6% preferred (monthly)
Mc. Oct. 1 Holders of rec. Sept. 15
6.6% preferred (monthly)
2
July 16 Holders of rec. June 20a
Detroit Edison Co.(guar.)
Diamond State Telep.,634% prof.(qu.) 134 July 14 Holders of rec. June 20a
Dominion Power St Trans.. pref.(guar.) 14 July 14 Holders of rec. June 23
14 July 14 Holders of ree. June 150
Duquesne Light, 1st pref.(guar.)
East Day Water. pref. A & B (guar.)._ 81.50 July 16 Holders of rec. June 30s
Eastern Mass.St. Ry.
Aug. 15 Holders of rec. July 31
1st preferred and sinking fund stock_ _ _ 3
3
Aug. 1 Holders of rec. July 16
Preferred B
3
Aug. 1 Holders of rec. July 10
Edison Elec. Ill., Boston (quar.)
134 Aug. 1 Holders of ree. July 10
Electric Bond & Share, pref.(guar.)_
250. July 16 Holders of rec. June 18
Electric Bond & Share Secur.(Quar.)--25c. Aug. 1 Holders of rec. July 14a
Electric Power az Light. corn
1234c. Aug. 1 Holders of rec. July 14
Allotment Ws.fully paid
Sc. Aug. I Holders of rec. July 14
Allotment ctfs. 40% paid
(quar.)
14 July 16 Holders of rec. July 2a
El Paso Electric Co., prof.
Fort Worth Power az Light, pref.(quar.) 14 Aug. 1 Holders of rec. July 14
General Pub. Buy., cony. pref.(guar.). $1.75 Aug. 1 Holders of rec. July 9
1.3734 Aug. 1 Holders of rec. July 9
$5 50 preferred (guar.)
SIM Aug. 1 Holders of rec. Ally 9
$6 pref.(quar.)
624c. Aug. 1 Holders of rec. July 20
Hartford Electric Light.corn.(qu.)
Illinois Northern MIL,6% pref. (quar.) •134 Aug. 1 'Holders of rec. July 16
"31.75 Aug. 1 *Fielders of rec. July 16
Junior cumulative pref.(guar.)
Illinois Power & Light, $6 pref.(guar.)_ $1.50 Aug. 1 Holders of rec. July 14
14 July 16 Holders of rec. June 22a
Internat. Telep. & Teleg. (guar.)
8734c. July 18 Holders of rec. June 30a
Internat. Utilities, claw A (guar.)
$1.75
Aug. 1 Holders of rec. July 18a
preferred
(guar.)
$7
174e. Aug. 6 July 21 to Aug. 5
Interstate Railways, corn. (guar.)
Kentucky Securities Corp., pref.(guar.) 134 July 16 Holders of rec. June 20a
Aug. 1 Holders of rec. July 10
$1
Manitoba Power (guar.)
Massachusetts Gas One., corn. (guar.)_ _ $1.25 Aug. 1 Holders of rec. July 14
14
14
Name of Company.
227
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Public Utilities (Concluded).
Massachusetts Utilities Invest. Tr.5% Panic,cony. pref
6234c. July 16 Holders of rec. June 28
Mexican Utilities, preferred
$3.50 July 16 Holders of rec. July 2
July 16 Holders of rec. June 30
Middle West Utilities, prior lien (quar.)- 52
$1.50 July 16 Holders of rec. June 30
$6 preferred (guar.)
Milwaultee Elec. Hy.az Lt.,6% pt.(qu.) 134 July 31 Holders of rec. July 20a
Miss. Valley Utilities Invest. Co.
Prior lien $6 prof.(guar.)
51.50 Aug. 1 Holders of rec. July 14
Missouri G.& E.Sent. pr. lien (qu.)- - - - $1.75 July 16 Holders of rec. June 30
Missouri Hist:Sioux City Bdg. Co.
$1.75 July 14 Holders of rec. June 30
Participating pref.(guar.)
50e. July 30 Holders of rec. June 30
Montreal Lt., Ht. az P., Cons.,(guar.).
y2
July 16 Holders of rec. June 30
Montreal Telegraph (guar.)
Montreal Tramways(guar.)
24 July 14 Holders of rec. July 6
July 20 Holders of rec. June 30
Mountain States Power, pref.(guar.)__ _
134 Aug. 1 Holders of rec. July 16
Municipal Service 6% pref. (guar.)
45c. Aug. 1 Holders of rec. July 20
National Elec. Power. el. A (guar.)
.1250. July 16 *Holders of rec. June 30
National Fuel Gas(guar.)
National Power & Light,$6 Pref.(MI.).- $1.50 Aug. 1 Holders of rec. July 14
Nevada-Calif. Elec. Corp., pref. (guar.) 14 Aug. 1 Holders of rec. June 30
New England Power Assn.. corn.(guar.)
50c. July 16 Holders of rec. June 30a
New England Pub.Sere., $7 pref.(qu.). $1.75 July 15 Holders of rec. June 30
$1.50 July 15 Holders of rec. June 30
$6 preferred (guar.)
$1.63 July 15 Holders ef rec. June 30
Adjust. preferred (guar.)
14 July 16 Holders of rec. June 20
New York Telephone, pref.(guar.)
North American Edison Co., pref.(qu.). $1.50 Sept. 1 Holders of rec. Aug. 15a
.(qu.) 14 July 14 Holders of rec. June 30
North. Indiana Pub.Serv.,7% pf.
6% preferred (guar.)
154 July 14 Holders of rec. June 30
"234 July 15 *Holders of rec. June 30
Northern N.Y.Telephone, cony
*14 July 15 *Holders of rec. June 30
Preferred (quar.)
July 25 Holders of rec. June 30a
3
North. Ontario P.& L., preferred
Northern States Power, corn. A (guar.). 2 • Aug. 1 Holders of rec. June 30
14 July 20 Holders of rec. June 30
7% preferred (guar.)
134 July 20 Holders of rec. June 30
6% preferred (guar.)
Northwestern Bell Telep.,64% Pr.(qu.) 134 July 16 Holders of rec. June 20
134 Sept. 1 Holders of rec. Aug. 15
Ohio Edison Co.,6% pref.(guar.)
1.65 Sept. 1 Holders of rec. Aug. 15
6.6% Preferred (guar.)
Sept. 1 Holders of rec. Aug. 15
7% preferred (guar.)
5% preferred (guar.)
13-4 Sept. 1 Holders of rec. Aug. 15
50c Aug. 1 Holders of ree. July 18
6% preferred (monthly)
550 Sept. 1 Holders of rec. Aug. 15
6% preferred (monthly)
550 Aug. 1 Holders of rec. July 16
6.6% preferred (monthly)
55e Sept. 1 Holders of rec. Aug. 15
6.6% Preferred (monthly)
Pacific Gas & Elec., corn. (quar.)
50c July 16 Holders of rec. June 306
Pacific Lighting,6% prof.(guar.)
134 July 16 Holders of rec. June 30a
Pacific Telephone & Telegegraph, pref,
(auto.)
134 July 16 Holders of rec. June 30
Penn-Ohio Edison. corn. (guar.)
2.50 Aug. 1 Holders of rec. July 14
7% prior preferred (guar.)
Sept. 1 Holders of rec. Aug. 20
$1.50 July 14 Holders of rec. June 30
58 preferred (quar.)
Penn-Ohio Securities Corp., corn. (qu.).
18c Aug. 2 Holders of rec. July 14
Pennsylvania-Ohio P. & L., $6 Pr. (qu.) $1.50 Aug. 1 Holders of rec. July 20
7% preferred (guar.)
14 Aug. 1 Holders of rec. July 20
7.2% preferred (monthly)
60c Aug. 1 Holders of rec. July 20
6.6% preferred (monthly)
55c Aug. 1 Holders of rec. July 20
Peoples Gas Light & Coke (guar.)
2
July 17 Holders of rec. July 3a
Philadelphia Company, corn. (guar.).- Si
July 31 Holders of rec. July 20
Common (extra)
81.50 July 31 Holders of rec. July 2a
5% preferred (guar.)
$1.25 Sept. 1 Holders of rec. Aug. 10a
Philadelphia Rapid Transit (guar.)
$1
July 31 Holders of rec. July 16a
Philadelphia Western Ry.Preferred (guar.)
6234e. July 14 Holders of rec. June 30a
Power Corp. of Canada, pref.(guar.)_ -_
134 July 16 Holders of rec. June 30
Participating preferred (guar.)
750. July 16 Holders of rec. June 300
Public Service Corp. of N. J., corn.(qu.)
50c. Sept. 29 Holders of rec. Sept. is
6% preferred (monthly)
50c. July 31 Holders of rec. July 60
6% preferred (monthly)
50c. Aug. 31 Holders of rec. Aug. 3a
50c. Sept.29Holders of rec. Sept. la
6% preferred (monthly)
134 Sept.29 Holders of rec. Sept. la
7% Preferred (quar.)
2
8%preferred(guar.)
Sept.29 Holders of rec. Sept. la
Public Service Elec.& Gas,6% pfd.(qu.) 134 Sept.29 Holders of rec. Sept., la
14 Sept.29 Holders of rec. Sept. la
7% Preferred Mari
Public Serv. of No. Ill., corn. (guar.)_ _ _ .$2
Aug. 1 "Holders of rec. July 14
*134 Aug. 1 *Holders of rec. July 14
Six per cent pref. (guar.)
"14 Aug. 1 *Holders of rec. July 14
Seven per cent pref. (guar.)
Puget Sound Power & Light134 July 16 Holders of rec. June 15a
Preferred(guar.)
51.05 July 16 Holders of rec. June 15a
Prior preference (No. 1)
50c. July 18 Holders of rec. June 30
Quebec Power (guar.)
50c. Aug. 1 Holders of ree. July 160
Railway & Light Securities, corn. (qu.)_
$1.50 Aug. 1 Holders of rec. July 16a
Preferred (quar.)
San Diego Consol. Gas & Elec., pfd.(qu) 14 July 14 Holders of rec. June 30
Sedalia Water, pref. (quar.)
14 July 15 Holders of roe. July 3
250 July 20 Holders of rec. June 30
Southeastern Power & Light, torn.(au.)
Southern Calif. Edison, orig. pref.(qu.)50c July 15 Holders of rec. June 20
3434c July 15 Holders of rec. June 20
Preferred series C (guar.)
Southern Calif. Gas,6% prof. (guar.)
3754r July 14 Holders of rec. June 306
Southern Canada Power, corn. (guar.).- $1
kug. 15 Holders of rec. July 31
(guar.)._
134 July 18 Holders of rec. June 20
Preferred
Southern Counties Gas.6% Pref.(guar.) '134 July 15 *Holders of rec. June 30
Southern New England Telep.(guar.).- 2
July 16 Holders of rec. June 306
Standard Gas & Elec., tom.(guar.) __ 8734r July 25 Holders of rec. June 30
7% prior preferred (quar.)
14 July 25 Holders of rec. June 30
Standard Power dr Light, pref.(quar.)-- $1.711 Aug. 1 Holders of ree. July 16
United Gas & Electric Co., pref
234 July 15 Holders of rec. June 30
United Gas Improvement (guar.)
$1
July 14 Holders of rec. June 15
United Lt.& Pow.. old A az B com.(qu.) 60c. Aug. 1 Holders of rec. July 160
New class A ,k B corn.(guar.)
12c. Aug. 1 Holders of rec. July 166
Western Power Corp., 7% pref.(guar.). 14 July 18 Holders of rec. June 306
Western Union Telegraph (guar.)
2
July 16 Holders of rec. June 25a
West Penn Elec. Co., class A (guar.).- 14 Oct. 1 Holders of rec. Sept. 15a
14 Aug. 15 Holders of rec. July 20a
7% Preferred (guar.)
Six per cent preferred (guar.)
134 Aug. 15 Holders of rec. July 204
West Penn Power, 7% pref.(guar.)._
134 Aug. 1 Holders of rec. July 5a
Six per cent preferred (quar.)
134 Aug. 1 Holders of rec. July 5a
West Penn Rye.,6% pref.(guar.)
154 Sept. 15 Holders of rec. Aug. 25
Winnipeg Electric Co.(guar.)
.31
Aug. 1 *Holders of rec. July 10
York Rye., common (guar.)
75c July 16 Holders of rec. July 6a
6234c July 31 Holders of rec. July 206
Preferred (quar.)
14
14
14
Banks.
Continental
Corn Exchange (quar.)
5
5
Aug. 1 Holders of rec. July 27a
Aug. 1 Holders of rec. July 31a
Trust Companies.
Title Guarantee & Trust (extra)
5
Sept.29 Holders of rec. Sept.22
Fire Insurance.
National Liberty
Extra
*50c. July 16 'Holders of rec. July
.1$1.25 July 16 *Holders of rec. July
3
3
Miscellaneous.
July 20 Holders of rec. June 30a
AbitibiPower & Paper,corn.(guar _ _ _ _ $1
134 July •20 Holders or rec. July 10a
Six per cent preferred ((uar.)
14 Aug. 1 Holders of rec. July 146
Abraham & Straus, Inc., prof. (quar.)_
$1.50 July 16 ilsIders of rec. June 30a
Air Reduction, Inc., corn.(guar.)
50c. Oily 16 Hold .ts of rec. June 30a
New common (guar.)
5tic. .sly 15 Holders of ree. July 5
Akron Rubber Reclaiming. corn.(guar.)
623.4c Juiy '20 Holders of rec. July 10a
Alliance Realty. (quar.)
$1.50 Au. 1 Holders of rec. July ha
Allied Chem.& Dye Corp.corn.(qu.)
Alpha Portland Cement. coin.(qu.)_- "75e. July 14 *Holders of rec. June 26
50e. Sept.30 Holders of rec. Sept. 1541
Aluminum Manufactures, corn. (quar.)
50c. Dee, 31 Holders of rec. Dec. 15a
Common (guar.)
134 Sept 30 Holders of rec. Sept.15a
Preferred (quar.)
154 Dec. 31 Holders of rec. Dec. 15a
Preferred (guar.)
50c July 31 Holders of rec. July 156
Amerada Corp. (guar.)
134 July 15 Holders of rec. June 30
American Art Works, corn,(guar.)
50e Aug. 15 Holders of rec. July Sits
American Can,corn.((mar.)
*75e July 15 *Holders of rec. July 12
American Cbaln, corn. (Misr.)
228
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Name of Company.
[VOL. 127.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Continued).
American Cigar, com. (guar.)
2
Aug. 1 Holders of rec. July 14
Consolidated Cigar Corp., pref. (quar.)_
Holders of rec. Aug. 15
Sept.
American Coal. com.(guar.)
Prior preferred (guar.)
$1 Aug. 1 July 12 to Aug. 1
14 Aug.
Holders of rec. July 16a
Amer. European Securities, Pref. (qu.).- $1.50 Aug. 15 Holders of rec. July 31
Coosol. Min.& Smelting of Canada, Ltd. $1.25 July 16 Holders of rec. June 30
American Glue, pref. (guar.)
2
Aug. 1 Holders of rec. July 14
Bonus
July 16 Holders of rec. June 30
$5
American Hardware Corp. (guar.)
El
Oct. 1 Holders of rec. Sept. 15a Consol. Royalty 011 (guar.)
*20c. July 25 *Holders of rec. July 14
Quarterly
$1
Jan 1'29 Holders of rec. Dec. 15a Continental Motors(guar.)
200. July 30 Holders of rec. July 15
Amer. Home Products (monthly)
25c. Aug. 1 Holders of rec. July 14s Coos Bay Lumber, 1st pref
*71$7 July 25 *Holders of rec. July 15
American Ice,corn.(guar.)
50c. July 25 Holders of rec. July 6a Corn Products Refg., corn. (guar.)
50c. July 20 Holders of rec. July 2a
Preferred (guar.)
134 July 25 Holders of rec. July 6a
Common (extra)
50c. July 20 Holders of rec. July 2a
Amer.Laundry Machinery, corn.(guar.) *51
Sept. I *Holders of rec. Aug. 20
Preferred (quar.)
114 July 14 Holders of rec. July 2a
Amer. Linseed, pref.(quar.)
14 Oct. 1 Holders of rec. Sept.20a Como Mills
3
July 12 Holders of rec. July 2
Preferred (guar.)
14 Jan2'29 Holders of rec. Dee. 21a Credit Alliance Corp., com. & cl. A (qu.)
75c. July 15 Holders of rec. July 3
Amer. Mach. & Fdy., cont. (guar.).- $1
Aug. 1 Holders of rec. July 20
Common & class A (extra)
81.25 July 15 Holders of rec. July 3
Preferred (guar.)
Crosby Radio (stock dividend)
Aug. 1 Holders of rec. July 20
e4
Dec. 31
American Manufacturing, corn. (guar.). 1
Oct. I Holders of rec. Sept. 15a Crosley Radio Corp.(quay.)
25c. Oct. 1 Holders of rec. Sept. 200
Common (guar.)
Quarterly
I
Dec. 31 Holders of rec. Dec. 15a
25c. Jan i'29 Holders of rec. Dec. 20a
Preferred (guar.)
134 Oct. I Holders of rec. Sept. 15a Crucible Steel, common (guar.)
154 July 31 Holders of rec. July 16a
Preferred (guar.)
14 Dec. 31 Holders of rec. Dec. 15a Cuba Company, pref
334 Aug. I Holders of rec. July 16a
American Metal. common (guar.)
The. Sept. 1 Holders of rec. Aug. 21a Cudahy Packing, corn.(guar.)
July 14 Holders of rec. July 5a
$1
Preferred (guar.)
154 Sept. 1 Holders of rec. Aug. 21a Cuneo Press, pref. (guar.)
114 Sept. 15 Holders of rec. Sept. la
American Meter(guar.)
Curtis Publishing, common (monthly)
411.25 July 31 *Holders of rec. July 18
50c. Aug. 2 Holders of rec. July 20
Amer. Rolling Mill, com.(guar.)
Common (monthly)
50e. July 15 Holders of rec. June 30a
50c. Sept. 2 Holders of rec. Aug. 200
Common (payable in common stock)_ 415
July 15 *Holders of rec. June 30
Common (extra)
50c. Sept.10 Holders of rec. Aug. 20
6% preferred (quar.)
Darby Petroleum (quar.)
•134 July 15 *Holders of rec. June 30
25c. July 16 Holders of rec. June 30
Amer.Shipbuilding,corn.(qu.)
2
Aug. 1 Holders of rec. July 14a Davega, Inc. (guar.)
25c. Aug. I Holders of rec. July 16
Preferred (guar.)
134 Aug. 1 Holders of rec. July 140 Decker (Alfred) & Cohn, pref. (quar.)
114 Sept. 1 Holders of rec. Aug. 20e
Amer. Smelt. & Refg., cont.(guar.)._ $2
Aug. 1 Holders of rec. July 13a Denison Mfg., debenture stock (quar.)
$2
Aug. 1 Holders of rec. July .20
Preferred (guar.)
14 Sept. 1 Holders of rec. Aug. 3a
Preferred (quar.)
81.75 Aug. 1 Holders of rec. July 20
American Steel Foundries, com.(quar.)_
The. July 14 Holders of rec. July 20 Detroit Motorbus(quay.)
*20c. July 16 *Holders of rem June 30
American Sumatra Tob., pref. (quar.)
14 Sept. 1 Holders of rec. Aug. 15a Diamond Match (guar.)
2 Sept.15 Holders of rec. Aug. 31a
pictograph Products Corp., pf.(qu.)__ _
American Thermos Bottle, corn. A (qu.) *25c Aug. 1 *Holders of rec. July 20
2
July 16 Holders of rec. June 30
American Type Founders, com.(guar.). 2
July 14 Holders of rec. July 5a Diversified Investments (K. C., Mo.),
114 July 14 Holders of rec. July 2
Preferred (guar.)
14 July 14 Holders of rec. July 5a
First preferred (guar.)
tmer. Vitrified Prod., common (guar.).
Class A
50c July 16 Holders of rec. July 5
El
July 14 Holders of rec. July 2
Class A (extra participating dividend) $1
Preferred (guar.)
$1.75 Aug. 1 *Holders of rec. July 20
July 14 IIolders of rec. July 2
trnsterdam Trading Co
75e. July 20 Holders of rec. July 16
Class C
$1
July 14 Holders of rec. July 2
knaconda Copper Mining (guar.)
$1.75 July 15 Holders of rec. June 27a
51 Aug. 20 Holders of rec. July 14a Dodge Bros., Inc., pref. (guar.)
Dome Mines, Ltd. (guar.)
trutle Steel Tool (guar.)
200. July 15 Holders of rec. July 5
25e. July 20 Holders of rec. June 30a
Quarterly
Dominion Engineering Works (guar.)._ _
20e. Oct. 15 Holders of rec. Oct. 5
75c. July 14 Holders of rec. June 30Lrtloom Corp., corn. (guar.)
75c. Oct. 1 Holders of rec. Sept. 21a Dominion Textile, pref. (quar.)
114 July 16 Holders of rec. June 30.
Common (guar.)
75c. Jan 1'29 Holders of rec. Dec. 21a Dunhill International (guar.)
$1
July 15 Holders of rec. June 300
114 Sept. 1 Holders ol rec. Aug. 17a
Quarterly
Preferred (guar.)
El
Oct. 15 Holders of rec. Oct. La
14 Dec. 1 Holders of rec. Nov. 16a
Quarterly
Preferred (guar.)
lan15.29 Holders of rem Dec. 31a
El
Lsbestos Corp.. pref.(qu.)
14 July 16 Holders of rec. June 30
Quarterly
81
Ap15'29 Hold, of rec. Apr. 1 '29a
issociated Dry Goods, corn.(guar.).- _
63c. Aug. I Holders of rec. July 14a Du Pont (E. I.) de Nem.& Co.1st preferred (guar.)
134 Sept. 1 Holders of rec. Aug. ha
Debenture stock (guar.)
135 July 25 Holders of rec. July 10a
2d preferred (guar.)
14 Sept. 1 Holders of rec. Aug. ha Eastern Bankers Corp., common
Aug. 1 Holders of rec. June 30
3
Mantic Coast Fisheries, corn. (guar.)._ $1
Sept. 1 Holders of rec. Aug. 20
Common (extra)
3
Aug. 1 Holders of rec. June 30
1tlantic Gulf & West I. S. S. LinesPreferred (guar.)
114 Aug. 1 Holders of rec. June 30
Preferred (guar.)
75c. Sept.29 Holders of rec. Sept. 10a
Preferred (guar.)
114 Nov. 1 Ilolders of rec. Sept. 30
Preferred (guar.)
750. Dec. 31 Holders of rec. Dec. ha
Preferred (guar.)
14 Feb 1'29 Holders of rec. Dec. 31
Mantic Refining, pref. (guar.)
14 Aug. 1 Holders of rec. July 16a Eastern Steamship Lines, pref. (quar.)_ _ 8730 July 16 Holders of roc. July 3a
itlas Plywood (guar.)
$1 July 16 Holders of rec. July 2
Eaton Axle & Spring, corn.(guar.)
50c. Aug. 1 Holders of rec. July 14a
dins Powder, pref. (guar.)
134 Aug. 1 Holders of rec. July 20a
Economy Grocery Stores (guar.)
25c. July 16 Holders of rec. July 2
alas Stores Corp.(No. 1)
4314e Sept. 1
Electrical Products, common (No. 1)
*El
Aug. 1 "Holders of rec. July 25
labcock & Wilcox Co.(quar.)
14 Oct. 1 Holders of rec. Sept. 20a Elgin National Watch (guar.)
• 623(c. Aug. 1 *Holders of rec. July 14
Quarterly
14 Jan 129 Holders of rec. Dec. 20a Ely-Walker Dry Goods, let pfd
335 July 15 Holders of rec. July 3
Quarterly
14 Aprl'29 Hold, of rec. Mar. 20 '29a
2nd preferred
3
July 15 Ilolders of rec. July 3
3aldwin Bond & Mtge.. Prof
Emsco Derrick & Equipment
334 July 20 Holders of rec. June 30
114 July 25 Holders of rec. July 10
lamberger (L.) & Co., pref.(quar.)
154 Sept. 1 Holders of rec. Aug. ha Enamel & Mg.Prod., Ltd.(qu.)(No. 1)
50c. Aug. 1 Holders of rec. July 14
Preferred (guar.)
25c. Aug. 15 Holders of rec. Aug. 1
154 Dec. 1 Holders of rec. Nov. 10a Equitable Cas. & Surety (gm)(No. 1)....
tancroft (Jos.) & Sons Co., pref.(guar.) 14 July 31 Holders of rec. July 16
EurekaPipe Line (guar.)
El
Aug. 1 Holders of rec. July 16
iankers Capital Corp., common
$4
Eureka Vacuum Cleaner (guar.)
*El
July 16 Holders of rec. June 30
Aug. 1 *Holders of rec. July 20
Preferred (guar.)
Exchange Buffet Corp. (guar.)
July 16 Holders of rec. June 30
3754e. July 31 Holders of rec. July 160
52
Preferred (guar.)
Fair (The), com. (monthly)
20c. Aug. 1 Holders of rec. July 20a
$2
Oct. 15 Holders of rec. Oct. 1
Preferred (guar.)
20e. Sept. 1 Holders of rec. Aug. 21a
Common (monthly)
$2
Jan15'29 Holders of rec. Dec. 31
.ankers Financial Trust
20c. Oct. 1 Holders of rec. Sept. 20a
Common (monthly)
$1
Aug. 1 Holders of rec. June 30
.arnhart Brothers & SpindlerAug. 1 Holders of rec. July 21a
Preferred (quay.)
First and second preferred (quar.)
134 Aug. 1 Holders of rec. July 21a Fajardo Sugar (quay.)
214 Aug. 1 Holders of rec. July 19
25c. Oct. 1
.astian-Blessing Co., pref. (guar.)
E1.75 Oct. 1 Holders of rec. Sept. 20a Fanny Farmer Candy Shops, corn.(qu.)_
ayuk Cigars, Inc., 1st pref. (quar.)
25c. Jan 1'29
Common (guar.)
14 July 15 Holders of rec. June 30a
Convertible 2d preferred (guar.)
50e. Aug. 31 Holders of rec. Aug. 17a
134 July 15 Holders of rec. June 30a Fashion Park, Inc., com.(quar.)
8% 2d preferred (guar.)
50c. Nov. 30 Holders of rec. Nov.30a
Common (guar.)
2
July 15 Holders of rec. June 30a
13lelding Corticelli, Ltd., com
*2
July 16 *Holders of rec. July 5
Federal Terra Cotta, common
334 Aug. 1 Holders of rec. July 14
Preferred (guar.)
25c, Aug. 1 Holders of rec. July 20
Federated Business Publications, corn_ _
14 Sept. 15 Holders of rec. Aug. 31
lgelow-Hartford Carpet, corn. (quar.)_ $1.50 Aug. 1 Holders of rec. July 19
16c. July 17 Holders of rec. July 3
Fifth Ave. Bus Securities (Guar.)
Preferred (guar.)
15c. July 16 Holders of rec. July 5
Finance Co. of Amer., corn. A & B (qu.)_
136 Aug. 1 Holders of rec. July 19
law-Knox Co., corn.(guar.)
4314c. July 16 Holders of rec. July 5
7% preferred (guar.)
75c. Aug. 1 Holders of rec. July 21
loch Brothers Tobacco, corn. (quar.)
Financial & Indust. Sec., corn.(interim). *El
Aug. 15 *Holders of rec. Aug. 4
3734c Aug. 15 Aug. 10 to Aug. 14
Common (quar.)
Firestone Tire & Rubber, corm (quar.). _ $2
July 20 Holders of rec. July 10
3714c Nov. 15 Nov. 10 to Nov. 14
6% preferred (guar.)
Preferred (guar.)
13; July 16 Holders of rec. July 1
154 Sept. 30 Sept 25 to Sept. 29
Preferred (guar.)
Fisk Rubber, 151 pref. (guar.)
$1.75 Aug. 1 Holders of rec. July 16a
1.3i Dec. 31 Dec. 26 to Dec. 30
loomingdale Bros., pref.(guar.)
First pref. convertible (quar.)
14 Aug. 1 Holders of rec. July 20a
$1.75 Aug. 1 Holders of rec. July 16a
ohack (II.C.) Co.,new no par com.(gu.) 5624c Aug. 1 *Holders of rec. July 16
Second pref. convertible (guar.)
$1.75 Sept. 1 Holders of rec. Aug. 15a
on Ami Co., class A (guar.)
75e. July 15 Holders of rec. July 14
July 30 Holders of rec. July 15a FlIntkote Co., common
$1
orden Co., corn. (guar.)
Convertible pref.(guar.)
$1.50 3ept. 1 Holders of rec. Aug. 15
$1.75 July 15 Holders of rec. July 14
rewers & Distillers of Vancouver,
Formica Insulation (guar.)
25c. Oct. 1 Holders of rec. Sept. 15a
Ltd., corn.(Interim)
Extra
Sc. tug. I Holders of rec. July 5
10c. Oct. 1 Holders of rec. Sept. 15a
ristol-Myers Co. (quar.)
Quarterly
tept. 29 Holders of rec. Sept. 19
81
25e. Jan 129 Holders of rec. Dec. 15a
Quarterly
El
Dec. 31 Holders of rec. Dec. 21
Extra
10c. Jan 1'29 Holders of rec. Dec. 15a
roadway Dept. Stores. pref.(guar.).
*$1.7: Aug. 1 *Holders of rec. July 11
Fox Film Corp., corn. A & B (qu.)
$1
July 16 Holders of rec. June 30a
rompton Pulp & Paper,corn.(qu.)- - - 50c July 16 Holders of rec. June 30
Franklin (H. H.) Mfg., common
•50c. July 20 *Holders of rec. July 10
rown Shoe, pref. (guar.)
114 M. 1 Holders of rec. July 20a Freeport Texas Co.(guar.)
El
Aug. 1 Holders of rec. July 140
runswick-13alke-Coll Co., corn. (qu.)
75c tug. 15 Holders of rec. Aug. 5a
Extra
75c. Aug. 1 Holders of rec. July 140
ucyrus-Erle Co., common (guar.)
25e. Oct. 1 Holders of rec. Sept. 8a Gale(Robert H.)(guar.)(No. 1)
'6854c July 16 *Holders of rec. June 22
14 Oct. 1 Holders of rec. Sept. 8a General Cable, class A (quar.)
Preferred (guar.)
Sept. 1 Holders of rec. Aug. 100
Convertible preference (guar.)
6214( Oct. I Holders of rec. Sept. 8a
Preferred (guar.)
134 Aug. 1 Holders of rec. July 100
*50c. Aug. 1 *Holders of rec. July 25
unto Bros., corn. (guar.)
General Electric (guar.)
July 27 Holders of rec. June 15a
El
*134 Aug. 1 *Holders of rec. July 25
Preferred (guar.)
Extra
El
July 27 Holders of rec. June 15a
50c. Aug. 1 Holders of rec. June 29a
ush Terminal, common (quar.)
Special stock (quay.)
15c. July 27 Holders of rec. June 15a
135 Aug. 1 Holders of rec. June 29a General Laundry Machinery
Common (payable In common stock)._
*40c. July 14 *Holders of rec. June 29
14
July
16
Motors
Holders of rec. June 296 General
Corp.,7% pref.(guar.). 134 Aug. 1 Holders of rec. July 90
7% debenture stock (guar.)
1 34 Aug. 1 Holders of rec. July 14a
6% preferred (guar.)
yers (A. M.) Co., pref. (guar.)
134 Aug. 1 Holders of rec. July 9a
75c. July 16 Holders of rec. July 2a
6% debenture stock (guar.)
maths Dry Ginger Ale (quar.)
13.4 Aug. 1 Holders of rec. July Oa
Gen. Outdoor Advertising, corn. (qu.)...
50c July 16 Holders of rec. June 30
Inadian Brewing (guar.)
50e. July 16 Holders of rec. July 5a
51
Aug. 1 Holders of rec. July 16
GeneralRefractories(quar.)
madian Bronze, Ltd., com. (quar.)
750. July 16 Ilolders of rec. July 7a
1
Holders of rec. July 16
51.75 Aug.
General Stock Yards, corn. (guar.)
50c. Aug. 1 Holders of rec. July 16
Preferred (quar.)
Preferred (guar.)
inadian Fairbanks Morse, pref.(gm).- 134 July 16 Holders of rec. June 30
51.50 Aug. 1 Holders of rec. July 16
July 16 Holders of rec. June 30
Gilchrist Co. (quar.)
Preferred (account accum. dividends)_ h3
75c. July 31 Holders of rec. July 16
38c. July 16 Holders of rec. June 30
Gimbel Bros., Inc.. pref.(guar.)
in. Industrial Alcohol, cl. B (quar.)
14 Aug. 1 Holders of rec. July 14a
Sept. 30 Holders of rec. Sept. 20
Cladding, IvIcBean & Co., monthly
2
infield Oil, corn. (guar.)
25c. Aug. 1 July 21 to July 31
Holders
of
rec.
Dec. 31
Monthly
2
Dec. 20
25c, Sept. 1 Aug. 21 to Aug. 31
Common (guar.)
14 Sept. 30 Holders of rec. Sept. 20
Monthly
Preferred (guar.)
25c. Oct. 1 Sept. 21 to Sept.30
Monthly
114 Dec. 31 Holders of rec. Dec. 20
25c. Nov. 1 Oct. 21 to Oct. 31
Preferred (quar.)
Monthly
0500. July 15 *Holders of rec. July 10
irr Fastener, corm (quar.)
25c. Dec. I Nov.21 to Nov.30
Globe-Wernicke Co., 6% pref. (qu.). _ _
July 15 "Holders of rec. July 10
•El
Common (extra)
11.4 July 16 *Holders of rec. June 30
.3734c Oct. 1 *Holders of rec. May la Gold Dust Corp.(quar.)
75e. Aug. 1 Holders of rec. July 17a
!ntral Investors Corp., cl. A (quar.)
*3715c Jan2'29 *Holders of rec. May la Gorham Manufacturing, 1st pref.
Class A (guar.)
134 Aug. 1 Holders of rec. Aug. 15
(II. W.) Co., cont. (monthly)
(gu.)Gosard
,ntury Ribbon Mills, pref. (quar.)
114 Sept. 1 Holders of rec. Aug. 20a
33 1-3c Sept. 1 Holders of rec. July 20a
Common (monthly)
Tr° de Pasco Copper Corp.(quar.)- $1.25 Aug. 1 Holders of rec. July 12a
33 1-3c Sept. 1 Holders of rec. Aug. 21a
Common (monthly)
33 1-3c Oct. 1 Holders of rec. Sept. 20a
134 July 25 Holders of rec. July 14a
iicago Pneumatic Tool (guar.)
Common (monthly)
ilc., Wilrn. & Franklin Coal, pfd.(qu.) $1.50 Aug. 1 Holders of rec. July 16a
33 1-3c Nov. 1 Holders of rec. Oct. lea
Common (monthly)
iicago Yellow Cab (monthly)
250. Aug. 1 Holders of rec. July 20a
33 1-3c Dec. 1 Holders of rec. Nov. 200
Common (monthly)
25c, Sept. 1 Holders of rec. Aug. 20a
Monthly
33 1-3c Jan 1'29 Holders of rec. Dec. 20
irlstie, Brown & Co., Ltd.. corn
300. Aug 1 Holders of rec. July 16a Gotham Silk Hosiery, pref. (guar.)
Aug. 1 Holders of rec. July 16a
irysler Corp., pref. (guar.)
Aug. 1 Holders of rec. July 13a
2Sept.29 Holders of rec. Sept. 17a Granby Cons. Min.& Smelt.(quar.)
El
an2'29 Holders of rec. Dec. 17a Grand (F. & W.) 5-10-25 cent StoresPreferred (gutt:.)
2
Common (guar.)(No. 1)
25e. July 20 Holders of rem July 14a
ties Service, common (monthly)
33 Aug. 1 Holders of rec. July 16
Preferred (guar.)
134Aug. I Holders of rec. July 16
1.6213 Aug. 1 Holders of rec. July 140
Common (payable In common stock)_
Grigsby-Grunow Co., common (quar.)__ 080e. July 20 *Holders of rec. July 2
Preferred and par. 1111 (mouth v)_
M Aug. 1 Holders of rec. July 16
Gruen WatchPreferred B (monthly)
5c. Aug. 1 Holders of rec. July 18
Common (guar.)
CIty Investing, common
50c. Sept. 1 Holders of rec. Aug. 20a
236 Aug. 1 Holders of rec. June 26a
Common (guar.)
City Stores, class A (guar.)
50c. Dec. 1 Holders of rec. Nov. 20e
8734c Aug 1 Holders of rec. July 14a
(guar.)
Common
of
rec.
Holders
July
Class B
2a
50c. Marl'29 Holders of rec.Feb.19'29a
16
5
July
Preferred (guar.)
Cleveland Builders Simply (guar.)
13( Aug. 1 Holders of rec. July 200
500. July 15 Holders of rec. June 29
Cleveland Stone (quar.)
Preferred (quar.)
14 Nov. 1 Holders of rec. Oct. 20a
50c. Sept. 1 Holders of rec. Aug. 15a
CIimax Corp.class A (No.1)
Preferred (guar.)
134 Feb i'20 Hold, of rec. Jan. 19'29a
•25c July 20 *Holders of rec. July 2
Hammermill Paper, corn. (guar.)
Cl uett, Peabody &Co., corn. (guar.)._ $1.25 Aug. 1 Holders of rec. July 21
•25c. Aug. 15 *Holders of rec. July 31
Ce nnecticut Investment TrustHarbison-Walker Refrac., com. (quar.)_
135 Sept. 1 Holders of rec. Aug. 21a
Preferred trustee shares
Preferred (guar.)
133 July 20 Holders of rec. July 10
34 July 15 Holders of rec. June 30
Class A (guar.)
Preferred (quar.)
134 Oct. 20 Holders of rec. Oct. 10a
13c. July 15 Holders of rec. June 30
154
14
Name of Company.
229
FINANCIAL CHRONICLE
JULY 14 1928.]
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Name of Company.
Per
When
cern. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Continued).
• 1240. July 16 *Holders of roe. June 30
New Bradford 011 Co.(guar.)
July 16 Holders of rec. July 2
Hathaway Baking. pref. class A (guar.)_ 2
50e. Aug. 1 Holders of rec. July 16
July 25a New England Equity Corp. corn
Hershey Chocolate, prior pref. (quar.)__ $1.50 Aug. 15 Holders of rec.
75e. July 15 Holders of roe. June 30
Jersey Indus. Loan Co.. corn. (qu.)
256
New
rec.
July
of
Holders
15
Aug.
SI
Convertible preferred (guar.)
July 15 Holders of rec. June 30
154
(quar.)
Preferred
20
July
rec.
3.5e, July 27 Holders of
Hibbard. Spencer,Bartlett&Co.(rnthlY)2
Aug. 10 Holders of rec. July 20a
New Jersey Zinc (guar.)
of rec. Aug. 24
Holders
31
Aug.
350.
Monthly
July 16 Holders of rec. June 30
$1
Newmont Mining Corp
Sept.21
roe.
of
Holders
28
Sept.
35c.
Monthly
31 *Holders of rec. July 15
July
(guar.)
'134
pref.
Steel,
Newton
100. July 14 Holders of rec. June 27
Hollinger Consol. Gold Mines(rnthly.)-75e. Aug. 1 Holders of rec. July 106
25c. Sept.30 Holders of roe. Sept. 15a New York Air Brake, corn. (guar.)
Holly Oil (guar.)
214 July 16 Holders of roe. July ea
preferred
Dock,
York
New
16
July
rec.
of
Holders
1
Aug
134
Holly Sugar, pref.(guar.)
New York MerchandLse, corn. (guar.)._ *50c. Aug. 1 *Holders of rec. July 20
NM Aug. 1 Holders of rec. July 16
Prof. (seer. accum. div.)
'134 Aug. 1 *Holders of rec. July 20
First preferred (guar.)
50c. July 25 Holders of rec. July 206
Hornestake Mining (monthly)
50c. July 16 Holders of rec. July 26
Y. Transportation (guar.)
N.
20
'134 Aug 1 *Holders of rec. July
Hood Rubber, preference (guar.)
50c. Dec. 15 Holders of rec. May 24
Nichols Copper, common
20
July
rec.
of
*Holders
1
Aug
*154
(guar.)
pref.
cent
per
Seven
71.40.July 20 Holders of roe. June 306
(quar.)
Mines
116
Massing
July
rec.
of
Holders
1
Aug.
374
Horn dr Hardart of N. Y., COM.(qu.)......
40c Aug. 1 Holders of rec. July 14
(guar.)
Corp.
25c Aug 1 Holders of rec. July ha Noma Elec.
Common(extra)
*50c Aug. 1 *Holders of rec. July 16
8740 Sept. 1 Holders of rec. Aug. 15a Northwestern Engineering. corn.(guar.) 51.25 July 15 Holders of rec. June 29
Household Products (guar.)
B
&
A
class
((Plan)
Brass,
306
June
Ohio
rec.
of
July 16 Holders
$1
Howe Sound Co.(guar.)
134 July 15 Holders of rec. June 29
Preferred (quar.)
500 Aug 1 Holders of rec. July 14a
Hupp Motor Car, common (guar.)
75e. July 16 Holders of rec. July 5
pref. (No. 1)
Common(payablein common stock)_. 124 Aug. 1 Holders of rec. July 14a Oil Shares, Inc.,
lit Aug. 1 Holders of rec. July 12a
(guar.)
Oil Well Supply, pref.
60e. July 14 July 4 to July 15
Illinois Brick (guar.)
Aug. 15 Holders of rec. July 27 •
Si
Co.(guar.)
AC
Collins
Oppenheim,
15
Oct.
to
4
Oct.
15
Oct.
60e.
Quarterly
$1.50 July 16 Holders of roe. June 30a
Otis Elevator, core.(guar.)
•400. July 16 *Holders of rec. June 30
Incorporated Investors (guar.)
16 Holders of rec. June 30a
July
11.4
Preferred (guar.)
July 16 Holders of rec. June 29a
e2
Stock dividend
1 4 Oct. 15 Holders of roe. Sept. 296
Preferred (quar.)
25c. July 31 Holders of rec. July 16a
Independent Oil& Gas(guar.)
Holders of rec. June 29
15
July
700.
(quar.)
common
Packard Electric,
Si
Aug. 15 Holders of rec. July 13
Indiana Pipe Line (guar.)
30c. July 15 Holders of rec. June 29
Common (extra)
Aug. 15 Holders of rec. July 13
$1
Extra
Holders of rec. July 146
31
July
2.50.
(monthly)
Co.
Car
Motor
7
July
Packard
ree.
of
Industrial Bankers of Amer., corn. (qu.) •75c. July 15 *Holders
July 31 Holders of rec. July 14a
Si
Extra
•51.75 July 15 *Holders of rec. July 7
Preferred (guar.)
25e. Aug. 31 Holders of roe. Aug. 15a
Monthly
*51.50 July 16 *Holders of rec. July 5
Internat. Acceptance Bank (guar.)
Sept.29 Holders of rec. Sept. 136
25c.
I5a
Monthly
Sept. 1 Holders of rec. Aug.
Internat. Agricul. Corp.. prior pref
Mc. Oct. 31 Holders of rec. Oct. 15a
Monthly
Internat. Business Machines (quar.). -- $1.25 Oct. 10 Holders of rec. Sept. 226
Nov. 30 Holders of rec. Nov. 15a
250.
20
July
rec.
of
Monthly
Holders
1
Aug.
International Cigar Mach'y, corn. (qu.). $1
6240 July 15 Holders of rec. July 5
14 July 16 Holders of rec. June 250 Packer Corp.(guar.)
Internat. Harvester, corn. (guar.)
July 20 Holders of me. June 29
6294e.
corn.
(quar.)
Co..
25a
June
Palmolive-Peet
rec.
of
Holders
25
July
12
Common (payable in corn. stock)
75e. July 14 Holders of rec. June 290
80c. July 16 Holders of rec. June 250 Park & Tiltord (guar-)(Nn- 1)
Internat. Match, partie. pref.(quar.)_
July 14 Holders of rec. June 296
1
Stock dividend (guar.)(No. Q
11.4 Aug. 1 Holders of rec. July 120
Internat. Nickel, pref. (guar.)
June 30 *Holders of roe. June 19
•10c.
la
Extra
Aug.
rec.
of
60c. Aug. 15 Holders
Internat.Paper,common(guar.)
Oct. 14 Holders of rec. Sept. 296
750.
Quarterly
13( July 16 Holders of rec. June 276
7% preferred (guar.)
Oct. 14 Holders of rec. Sept. 296
el
270
Stock
June
dividend
rec.
(quar.)
of
Holders
16
July
14
6% preferred (guar.)
i4'29 Holders of rec. Dec. 290
Ja
75e.
Quarterly
Internat Printing Ink.corn.(qu.)(No.I) •43ir Aug. 1 *Holders of roe. July 16
Ja 1429 Holders of roe. Dec. 290
el
Stock dividend (guar.)
•114 Aug. 1 *Holders of rec. July 16
Preferred (guar.)
Hold,of rec. Mar.29'290
Api4'29
75c.
30
Quarterly
June
rec.
of
Holders
16
July
3
Internat. Products Corp., pref. (quar.)_
Ap14'29 Hold,of rec.Mar. 29 '290
el
Stock dividend (guar.)
50e. Aug. 1 Holders of rec. July 14a
Internat. Shoe preferred (monthly)
Inc.
Lipsoombe,
150
&
Austin
Aug.
Parke,
rec.
of
Holders
1
Sept.
50c.
(monthly)
Preferred
*50e. July 18 *Holders of rec. July 2
Cony. partic. pref. (guar.)
50c. Oct. 1 Holders of rec. Sept. 156
Preferred (monthly)
*51 Aug. 15 *Holders of rec. Aug. 6
50e. Nov. 1 Holders of rec. Oct. 156 Penmans, Ltd.. corn. (guar.)
Preferred (monthly)
Aug. 1 *Holders of rec. July 21
'134
15a
Nov.
rec.
1
of
Preferred
(guar.)
Holders
Dec.
50c.
Preferred (monthly)
$1.25 July 14 Holders of roe. June 30
July 16 Holders of rec. July 5a Pennsylvania Salt Mfg. (quar.)
Interstate Iron & Steel, corn.(quar.)- -- 51
734e. Aug. 1 Holders of rec. July 14a
Oct. 15 Holders of rec. Oct. 5a Penn Traffic Co
$1
Common (guar.)
374c July 31 Holders of roe. July 200
J'nlS'29 Holders of rec. Jan.5'29a Perfection Stove (monthly)
$1
Common (guar.)
3734c. Aug. 31 Holders of rec. Aug. 200
25e. Aug. 15 Holders of rec. Aug. la
Monthly
Intertype Corp., common (guar.)
Sept.30 Holders of rec. Sept. 200
3740
la
Aug.
rec.
of
15
Holders
Monthly
Aug.
25e.
Common (extra)
374e. Oct. 31 Holders of rec. Oct. 206
Monthly
Oct. 1 Holders of ree. Sept. 14
$2
First preferred (guar.)
3734c. Nov.30 Holders of rec. Nov. 20a
July 16 Holders of rec. July 3a
Monthly
$1
Jewel Tea,common (guar.)
374c. Dec. 31 Holders of rec. Dec. 200
Monthly
75e. July 16 Holders of rec. July 2a
Johns-Manville Corp., corn. (guar.)._
Aug. 1 Holders of rec. July 16a
$2
Philadelphia Insulated Wire
25e. Aug. 1 Holders of rec. July 10
Kaufmann Dept. Stores, corn. (guar.)._
lit Aug. 1 Holders of rec. July 206
30
June
pref.
(quar.)
ree.
of
Corp..
Phillips-Jones
Holders
15
July
6234c.
Kawneer Co. (guar.)
15 Holders of rec. July 25
Aug.
434c.
166
(au)
Pf.
&
partle.
July
Co.,
rec.
of
Pick(Albert)Barth
51.25 Aug. 1 Holders
Kayser (Julius) & CO., COM.(guar.)._
200 July 25 July d16 to July 24
154 Aug. 1 Holders of(rec. July 200 Pickwick Corp., corn. (guar.)
Kelsey Wheel Co., pref. (guar.)
1 *Holders of rec. July 20
Aug.
'37944
Western
States
Wiggly
5a
(guar.)
July
rec.
of
15
}Ugly
Holders
July
75e.
(qu.)
Keystone Steel & Wire, new corn.
Pittsburgh Screw & Bolt, corn. (guar.)._ *750 Aug. 12 *Holders of rec. June 29
July 15 Holders of rec. July 5
Preferred (guar.)
Sept. 1 Holders of rec. Aug. 116
(guar.)
134
pref.
19a
Steel.
July
Pittsburgh
rec.
of
Holders
1
Aug.
14
(guar.).pref.
Watch
Case,
Keystone
*51.50 July 20 *Holders of rec. June 30
Plymouth Cordage (guar.)
Sept. 10 Holders of rec. Aug. 31
Kirby Lumber, cc mmon (guar.)
75c. Aug. 1 Holders of rec. July 166
Postum Co., Inc.. no par corn. (guar.)._
Dec. 10 Holders of rec. Nov. 30
Common (guar.)
334 July 31 Holders of rec. June 306
(quar.)
Line
Pipe
5a
July
Prairie
rec.
of
Holders
16
July
600.
Knott Corporation (Van)
July 14 *Holders of rec. June 28
*2
(guar.)
pref.
Procter & Gamble,
300 July 30 Holders of rec. July 20
Lakey Foundry & Mach.,corn.(quar.).
Progressive Merchants Co., Inc., pref._ $3.50 July 16 Holders of rec. July 1
300 July 30 Holders of reo. July 20
Common (extra)
July 16 Holders of rec. June 30
50c.
(quar.)......
corn.
Brush,
216
Pro-phy-lac-tic
Sept.
750 Sept.30 Holders of rec.
Landers, Frary dr Clark (quar.)
134 J an 15'29 Holders of rec. Dec. 316
750 Dec. 31 Holders of rec. Dec. 22a Prudence Co., Inc., pref.(guar.)
Quarterly
Aug. 15 Holders of rec. July 316
$1.10
Pullman
Co.
(guar.)
5
Aug.
rec.
of
Holders
15
75c Aug.
Landis Machine
Aug. 15 Holders of rec. July 24a
SI
Pullman, Inc.(guar.)
154 Aug. 1 Holders of rec. July 14
Lane Bryant, Inc., pref.(guar.)
*50c. July 15 *Holders of rec. July 2
common
(guar.)
210
Co.,
-R-S
Aug.
Q
rec.
of
Holders
31
Aug.
1%
(guar.).Machine
Lanaton Monotype
16 Holders of rec. July 2a
$1
July
(guar.)
common
Oats,
5
July
Quaker
750 July 16 Holders of rec.
Lefeourt Realty, pref. (guar.)
11.4 Aug. 31 Holders of rec. Aug. la
Preferred (guar.)
Aug. 31 Holders of rec. July 3Ia
51
Lehigh Coal & Navigation (guar.)
Sept. 15 *Holders of roe. Sept. 1
3734e.
(guar.)
14a
July
Rapid
rec.
Electrotype
of
Holders
1
6234c Aug.
Lehigh Portland Cement, corn
July 1 *Holders of rec. July 1
*5
Stock dividend
$1.25 Aug. 1 Holders of rec. July 14
Lehigh Valley Coal refs. of Interest
July 2 *Holders of rec. July 1
*5
Stock dividend
500 July 27 Holders of roe. June 29a
Lion 011 (guar.)
Aug. 1 Holders of rec. July 15
3734c
corn.
(guar.)
Goods,
Dry
20a
IticezStix
July
90c Aug. 1 Holders of rec.
Liquid Carbonic, cons. (guar.)
450e. Aug. 15 Holders of rec. July 206
50c. Aug. 20 Holders of rec. July 10a Richfield Oil, corn. (guar.)
Lit Brothers (quar.)
Aug. 1 *Holders of rec. July 5
'4454c
14
July
rec.
of
Preferred
1
(altar.)
Aug.
(guar.)
Holders
15c.
Loew's Boston Theatres
'87340 July 16 *Holders of rec. June 30
Rlehrnond Radiator. prof.(guar.)
3
July 16 Holders of rec. June 29
Loew's London Theatres, common
Riverside Forge & Mach.,coin.(guar.) _ *40e. July 15 *Holders of rec. July 5
334 July 18 Holders of roe. June 29
Preference
*60e. July 15 *Holders of ree. July 5
Common (extra)
334 July 14 Holders of rec. June 29
Loew's (Marcus) Theatres, preference
Si
July 17 Holders of rec. July 10
40c Aug. 1 Holders of rec. July 18a Royal Typewriter, common
Loose-Wiles Biscuit, common (guar.)._ _
July 17 Holders of me. July 10
51.50
13
July
Common
(extra)
(guar.)
rec.
of
*Holders
cle.
1
Aug.
Investment
Los Angeles
July 17 Holders of rec. July 16
.8
394
Preferred
1.6234 Aug. 1 *Holders of rec. Aug I
Louisiana 011 Refg pref.(guar.)
50c. Sept.20 Sept. 9 to Sept.20
65e, July 14 Holders of rec. June 30a St. Joseph Lead (guar.)
MacAndrews & Forbes, corn.(guar.)._ _ _
25e.
20 Sept. 9 to Sept. 20
Sept.
300
June
Extra
14 July 14 Holders of rec.
Preferred (guar.)
51)e. Dee. 20 Dec. 9 to Dec. 20
Quarterly
Macy (R. H.) Co., common (quar.)--- $1.25 Aug. 15 Holders of rec. July 28a
20 Dec. 9 to Dec. 20
Dec.
25e.
6a
July
(guar.)._
Extra
rec.
50c.
of
16
corn.
July
Holders
Garden,
Square
Madison
750. July 16 Holders of roe. June 29a St. Lawrence Paper Mills, prof. (quar.). 11.4 July 16 Holders of rec. July 7
Magma Copper Co. (guar.)
75c. Aug. 1 Holders of rec. July 16a
Salt Creek Producers (guar.)
*25e. July 15 *Holders of rec. June 30
Magnin (L.) At Co.(guar.)
'134 Aug. 15 *Holders of rec. Aug. 1
62 4e. July 16 Holders of rec. June 30a Savage Arms. pref. (guar.)
Mandel Bros. Co. (guar.)
874c Sept. 1 Holders of roe. Aug. 150
134 July 18 Holders of rec. July 3
Schulte Retail Stores, corn.(guar.)
Maple Leaf Milling. pref. (guar.)
87944 Dec. 1 Holders of rec. Nov. 150
15a
Aug.
(guar.)
rec.
I
of
Common
Sept.
(guar.)
corn.
$1
Holders
Stores,
May Dept.
stock)
u4 Sept. 1 Holders of rec. Aug. 15
75c. Aug 1 Holders of rec. July 20a
Common (payable in corn.
McCall Corp., corn. (quar.)
U% Dec. 1 Holders of rec. Nov. 15
Common (payable in corn. stock)
134 July 15 Holders of rec. June 30
McColl-Frontenao 011, pref.(guar.). _
stock)
corn.
In
July
(payable
rec.
u34 Mar '29
20
of
Common
$1.50 Aug 1 Holders
McCrory Stores. pref. (guar.)
1% Aug. 1
10c. Oct. 1 Holders of rec. Sept. 200 Scott Paper. pref.(guar.)
McLellan Stores, class A & B(No.2)_
75c, July 14 July 1 to July 14
n1
Scullin Steel, partic. prof.(quar.)
July 15 *Holders of rec. July 2
Mead Pulp & Paper, corn.(guar.)
(z) July 20 Holders of roe. June 306
Merchants dr Mfrs. &cur. pr. pref.(qu.). $1.75 July 16 Holders of rec. July 26 Seagrove Corp., common (guar.)
54 Aug. 1 Holders of rec. July 14
3
July 20 Holders of rec. June 30a Sears. Roebuck & Co.(guar.)
Mexican Petroleum, corn.(guar.)
2
July 20 Holders of rec. June 30a Securities Management, class A (quar.)- 134 July 16 Holders of rec. July 2
Preferred
50c. Aug. 1 Holders of rec. July 16
374c Aug. 15 Holders of rec. Aug. la Seeman Brothers, Inc., corn. (quar.)..
Miami Copper (guar.)
134 July 16 Holders of roe. June 30
$1.25e Aug. 15 Holders of rec. Aug. 4
Segal Lock & Hardware. pref.(guar.)_ _
Minneap.-Honeywell Regulator, corn_
Aug. 1 *Holders of rec. July 16
*50c.
(No.1)....
154 Aug. 15 Holders of rec. Aug. 4
Seton Leather, corn. (guar.)
Preferred (guar.)
•550. Aug. 1 *Holders of rec. July 15
14 Nov. 15 Holders of roe. Nov. 3
Selby Shoe (guar.)(No. 1)
Preferred (guar.)
•51.50 Aug. 1 *Holders of roe. July 15
Aug. 15 Holders of rec. Aug. 4a
56 pref. (guar.)(No. 1)
Montgomery Ward & Co., corn.(guar.). $1
134 July 25 Holders of rec. June 30
$1.75 Oct. 1 Holders of rec. Sept. 20a Shaffer Oil & Rota. pref.(guar.)
Class A (guar.)
25e. July 16 Holders of rec. July 2a Spalding (A. G.) & Bros., gen. stk.(qu.) $1.25 July 16 Holders of rec. July 3
Morris (Philip) & Co., Ltd., Inc.(qu.)..
250, Oct. 15 Holders of rec. Oct. la Sparks-Withington Co.
Quarterly
July 15 Holders of rec. July 2
25c.Ja n. 1629 Hold, of rec. Jan. 2 '29a
Common (payable in common stock)_ 110
Quarterly
of rec. July 12
2
July 18 Holders of rec. July 12
Mortgage & See. Co.(New 011.)(qu.)
Spiegel. May,Stern Co.,corn.(qu.)No.1) *750. Aug. 1 'Holders of rec. July 12
•14 Aug. 1 *Holders
July 16 Holders of rec. July 11
Motion Picture Capital Corp., pref.(qu.) 2
634% preferred (guar.)(No. 1)
Sept. 1 Holders of rec. July 31
51
50e. Aug. 1 Holders of rec. July 20a Standard Chemical, Ltd
Motor Products, common (guar.)
$1.25 Aug. 1 Holders of rec. July 20a Standard Undergr. Cable, Can., com___ •S3.50 July 20 *Holders of rec. July 13
Preferred (guar.)
*S10 July 2 *Holders of ree. July 13
*2o. July 16 *Holders of rec. June 30
Common (extra)
Mountain & Gulf 011 (guar.)
•$3.50 July 2 *Holders of roe. July 13
2
Aug. 1 Holders of ree. July 166
Mullins Mfg., pref. (guar.)
Preferred
lit Aug. 1 Holders of rec. July 7
Mc. Sept. 1 Holders of rec. Aug. 22
Murphy (G. C.) Co.(guar.)
Steel Co. of Canada, Ltd., corn.(qu.)-'154 Aug. 1 *Holders of rec. July 7
25e. Dec. 1 Holders of rec. Nov.21
Quarterly
Preferred (guar.)
750. July 31 Holders of roe. July 18
(quar.)
•$3.50 July 16 *Holders of rec. July 9
Nash (A.) Co.(guar.)
Steel & Tubes, Inc., corn.
•$2.50 July 15 *Holders of rec. June 30
50c. Aug. 1 Holders of roe. July 18a Stetson (J. B.) Co..common
National American Co., Inc.(quar.)_
July 1 *Holders of rec. June 30
*4
50c. Nov. 1 Holders of rec. Oct. 15a
Quarterly
Preferred
20
National Belles Hess Inc., pref. (quar.)_
134 Sept. 1 Holders of rec. Aug. 21a Stever Mfg. & Engine, corn. (quar.)..' 6234c, Aug. 1 *Holders of rec. July
•750. Oct. 1 *Holders of rec. Sept. 15
$1.50 July 14 Holders of rec. June 290 Stroock (S.) & Co. (guar.)
National Biscuit, cons. (guar.)
of
rec.
*Holders
22
10
Dec.
Dec.
•750.
(guar.)
$1.50 Oct. 15 Holders of rec. Sept. 280
Common
Quarterly
July 16 Holders of rec. June 30
$1
500. July 14 Holders of me. June 29a Sullivan hiaehlnery (guar.)
Common (extra)
51.50 July 16 Holders of rec. July 5
14 Aug. 31 Holders of rec. Aug. 17a Superheater Co.(guar.)
Preferred (quar.)
600. Aug. 15 Holders of rec. July 14a
2
Aug. 1 Holders of rec. July 20
Swift International
National Carbon. pref. (guar.)
100. Aug. 1 July 18 to July 31
750. July 15 Holders of rec. June 30a Took-Hughes Gold Mines
National Cash Register, class A (guar.)_
20e, Aug. I July 18 to July 31
pref.
1st
(guar.).
Stores,
I
Holders of rec. July 16a
134 Aug.
National Dept.
Extra
200. Aug. 1 Holders of rec. July 14
114 Aug. I Holders of rec. July 20a Telautograph Corp., common (guar.)._
National Lead, pref. B (guar.)
30c. Aug. 1 Holders of rec. July 23a
lit Aug. 1 Holders of rec. July 21a Thompson (John R.) Co.(rnonthle)---National Radiator. pref. (guar.)
30e. Sept. 1 Holders of rec. Aug. 23a
51
Aug. 15 Holders of rec. Aug. 4a
Monthly
National Supply, common (quar.)
134 Aug. 15 Holders of rec. July 13a
14 Aug. I Holders of rec. July 14
Tide Water Oil. pref. (guar.)
National Tea.64% pref. (guar.)
July 16 Holders of ree. June 29a
(12)
common
(guar.)
156
Aug.
75e.
1
July
ree.
Holders of
Tobacco Products,
National Tile, common
134 Aug. 15 Holders of rec. July 25a
Clams A (guar.)
Nauhelm Pharmacies, Inc., prof.(guar.) 62340. Aug. 1 Holders of rec. July 17
July 16 Holders of rec. June 30
134
prof.
1
Nov.
17
624e.
Oct.
Ltd.,
(qum.)
Holders
rec.
Bros.,
of
Tooke
(guar.)
Preferred
30e. July 16 Holders of rec. July 5a
el
Oct. 1 Holders of rec. Sept. 18a Truscon Steel, corn, (guar.)
Nelson (Herman) Corp., stock div
1
July 14 Holders of rec. June 30
Tuckett Tobacco. coin. (guar.)
Neve Drug Stores, Inc.. cony. A (qu.)
14 July 14 Holders of rec. June 30
70e. July 15 Holders of rec. July 6
Preferred (guar.)
(No. 1)
14
134
14
154
230
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Name of Company.
Books Closed
Days Inclusive.
[VoL. 127.
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 6:
Miscellaneous (Concluded).
Union Storage (quar.)
62 Mc Aug. 10 Holders of rec. Aug. la
Quarterly
62 Mc Nov. 10 Holders of rec. Nov. 1
United Biscuit of Amer., pref. (quar.) _
$1.75
I July 19 to July 31
United Clgar Stores of Am.,6% pf.(qu.) 134 Aug.
Aug. 1 Holders of rec. July 120
United Pacific Corp., panic. pf. (qu.)
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINF,SS
15c. July 16 Holders of rec. July 2
United Paperboard, pref.(quar.)
$1.50 July 16 Holders of rec. July 2a
FOR THE WEEK ENDED FRIDAY, JULY 6 1928.
Preferred (quar.)
$1.50 Oct. 15 Holders of rec. Oct. is
Preferred (quar.)
$1.50 Jan6'29 Hold, of rec. Jan. 2 '29a
NATIONAL
Preferred (quar.)
AND STATE BANKS-Average Figures.
$1.50 Ap15'29 Hold. of rec. Apr. 1 '29a
United Piece Dye Works,634% pf.(qu.)
134 Oct. 1 Holders of rec. Sept. 20a
% preferred (quar.)
134 Jan2'29 Holders of rem Dec. 200
United Profit-sharing, common
OtherCash Res. Dep., Dep.Other
60c. July
Holders of rec. June 15
United Verde Extension Mining (quar.). 50c. Aug. 16 Holders
Including N. 1'. and Ranksand
1
of rec. July 60
Gross
U.S. Cast Iron Pipe & Fdy.,com.
Loans.
Gold. Bk.Notes Elsewhere. TrustCos. Deposits.
234 Sept. 15 Holders of rec. Sept. 30
Common (quar.)
234 Dec. 15 Holders of rec. Dec. la
ManhattanPreferred (quar.)
$
$
134 Sept. 15 Holders of rec. Sept. la Bank
$
$
$
$
of U.S
Preferred (guar.)
150,289.600 10,800 1,906,900 16,871.700 2,104,600 145,525,600
134 Dec. 15 Holders of rem Dec. la Bronx
U.S. Fidelity & Guar.(Bait.),(quar.)
Borough.... 20.608,000 6,100 958,000 1,528,000
$2.25
16 Holders of rec. July 3
21,635.000
Bryant
U.S.& Foreign Secur. Corp., 1st pf.(qm) $1.50 July
Park
Bank
2,010,300 104,900 135,100
Aug.
Holders of rec. July 11
147,300
2,108,000
Chelsea Exch. Bk. 21,316,000
U. S. Industrial Alcohol, corn. (quar.)_ $1.25 Aug. 1
-_-_ 1,722,000
565,000
1 Holders of rec. July 160 Cosmopolitan
20,782,000
• Preferred (quar.)
__ _ 9,202,287 2,385 289,448 1.972.987
15( July 16 Holders
10,528,057
U.S. Print.,4 Lith. 2d pref.(quar.)---- 134 Oct. 1 Sept. 21 of rec. June 300 *Grace National_ 18,393,590 6,400
97.685 1,545,771 1,669,071 16,416,785
to Sept. 30
HarrImanNational 34,169,000 20,000 793,000 4,300,000
Second preferred (quar.)
134 Jan1'29 Dec. 22 to Dec. 31
746,000 38,296,000
Port Morris
U.S. Radiator common (guar.)
4,379,900 25,900 106,000
*50c. July 15 *Holders of rec. July 1
198,900
3,766,100
Public
Preferred (guar.)
.15‘ July 15 *Holders of rec. July 1
National.. 112,775,000 22,000 2,166,000 6,719,000 4,129,000 107,993,000
BrooklynU.S.Smelt. Refg & Mining,corn.(qu.) 87340 July 14 Holders of rec. July
5a First National__
(quar.)
Preferred
20,247,200 38,400 546,000 2.128,100 306,400 18,900,000
87340. July 14 Holders of rec. July 5a
Mechanics
Universal Pipe de Radiator, pref.(qu.)-- 61.75 Aug. 1 Ho ders of rec. July
55,882,000 305,000 1,786,000 10,200,000
16a
54,923.100
Preferred (quar.)
43,103,100 18,000 1,430,100 2,923,000
$1.75 Nov. 1 Holders of rec. Oct. 15a Municipal
6,200 43,697,000
Nassau
Utah Apex Mining
National.- 22,866,000 110,000 316,000 1,762,000 370,000 20,952,000
250. Aug. 1 Holders of rem July 14
Vapor Car Heating, pref.(quar.)
1,4 Sept. 10 Holders of rec. Sept. la PeoplesNational._ 8,473,000 6,000 168,000
599,000
70,000 8,569,000
TradersNational
2 821 000
Preferred (quar.)
42 ROO
355 eon
RR ROA
2 41R WW1
134 Dec. 10 Holders of rec. Dee. la
Vick Chemical (guar.)
$1
Aug. 1 Holders of rem July dl4a
*Clearing
non-member
Victor Talking Mach., corn.
bank.
Aug. 1 Holders of roe. July 2a
Old preferred (quar.)
134 July 16 Holders of roe. July 2a
Prior preference (quar.)
TRUST COMPANIES--Average Figures.
134 Aug. 1 Holders of rec. July 2a
$6 convertible pref. (quar.)
$1.50 Aug. 1 Holden of rec. July 26
Vulcan Detinning. pref.(quar.)
134 July 20 Holders of rec. July 9a
Preferred A (quar.)
Res. Dep., Dep. Other
13; July 20 Holders of roe. July 90
V. Vivaudou, Inc.. pref.(guar.)
N. F, and Banks and
1.3( Aug. 1 Holders of rec. July 13a
Oros*
Warner (Charles) Co.
Loans.
Cash.
Etiewhere. Thus Coo. Deposit*:
First and second pref.(guar.)
134 July 26 Holders of rec. June 30
Manhattan$
Weber & Hetibroner, pref.(guar.)
$
$
134 Aug. 1 Holders of rec. July 16a American
8
i
Western Grocers, Ltd.. pref.(quar.)
56,260,200
806,200 12,221,300
1.34 July 16 Holders of rec. June 30
66,000 60,674,300
Bronx County
Westinghouse Air Brake(quar.)
21,909,155
807,000 1,814,307
50c. July 31 Holders of rec. June 30
22,221,890
Westinghouse El. & Mfg., corn.(qu.)--. $I
266,391,000 *29,940,000 7,919,000 4,426,000 266,788,000
July 31 Holders of rec. June 290 Central Union
First preferred (quar.)
74,942,900 *4,529,700 3,592,200 4,195,300 72,313,200
$1
July 16 Holders of rec. June 290 Empire.
White Eagle 011 & Refining (quar.)
25c. July 20 Holders of rec. June 290 Bank of Europe &Trust 16,052,987
903,518
183,382
15,621,838
Willys-Overiand. corn. (quar.)
18,213,061
30e. Aug. 1 Holders of rec. July 18a Federation
253,666 1,382,143
425,395 18,954,453
Wire Wheel Corp., pref.(quar.)
15,669,900 *2,190,500
$1.75 Oct. 1 Holders of roe. Sept.20a Fulton
335,000
16,141,900
Manufacturers
Preferred (quar.)
278,556,000 2,965,000 40,085,000 1,951,000 272,044,000
$1.75 Jan l'29 Holders of roe. Dec. 20
United States
Woodworth, Inc.. corn. (quar.)
80,319,923 4,640,000 10,219,891
373.4c July 14 Holders of roe. June 30
70,789,158
Brooklyn
Wrigley (Wm.) Jr. Co., corn.(mthly.)...
25c. Aug. 1 Holders of roe. July 20a
Brooklyn
Common (monthly)
66,458,900 1,849,000 14,404,900
250. Sept. 1 Holders of rec. Aug. 20
73,929,800
Kings County
Common (monthly)
25e. Oct. 1 Holders of rec. Sept.20
27,344,933 1,934,491 3,410,124
26,695,943
Common (monthly)
Bayonne, N. J.250. Nov. 1 Holders of rec. Oct. 20
Alsehnnies
Common (monthly)
07711910
171 001
1 AAA ROA
25c. Dec. 1 Holders of roe. Nov.20
200 ORA
10 102204
Yale & Towne Mfg.(quar.)
1
Oct. 1 Holders of roe. Sept. 7„
Yellow & Checker Cab, corn. A (rattily).
•Includes amount with Federal Reserve Bank as follows: Central
2-3c Aug. 1 July 26 to July 31.'"
Union,
029,Common class A (monthly)
244,000; Empire, $3.044,000; Fulton. 02,066,500.
2-30 Sept. 1 Aug. 26 to Aug. 31
Common class A (monthly)
2-3c Oct. 1 Sept.26 to Sept. 30
Common class A (monthly)
2-3c Nov. 1 Oct. 26 to Oct. 31
Common class A (monthly)
2-3c Dec. 1 Nov. 26 to Nov.30
Zellerbach Corp., corn.(quar.)
50c. July 16 Holders of roe. June 30
Boston Clearing House Weekly Returns.-In the
Zenith Radio Corp., corn. (guar.). ___• 234e. Aug. 1 .Holders of
res. July 20a following
we furnish a summary of all the items in the
•From unofficial sources. f The New York Stock Exchange has ruled
that stock
will not be quoted ex-dividend on this date and not until further
Boston Clearing House weekly statement for a series of weeks:
New York Curb Market Association has ruled that stock will notnotice. I The
be quoted exdividend on this date and not until further notice.
BOSTON CLEARING HOUSE MEMBERS.
a Transfer books not closed for this dividend. d Correction. e Payable
in stock.
I Payable in common stock. # Payable in scrip. la On account of accumulated
dividends. 1 Payable in preferred stock.
July 10
Changesfrom
July 3
June 27
Associated Gas dc Electric dividends payable in cash or in class A
1928.
Precious Week
1928.
stock as
1928.
follows: On $8 pref 3 33-100 shares class A stock; on $6 50 pref.,
3 61-100 shares
class A stock
0
8
$
$
m Less expenses of depositary
Capital
84,150,000
+250,000
83,900,000
83,400,000
Surplus and profits
108,389,000 +10,522,000
p Tobacco Products dividend is one-tenth share common stock
97,867,000
96,607,000
of
United
akar
Loans, disets & invest'ts_ 1,120,776,000 -24,590,000 1,145,366,000 1,132,825,000
Stores, payable in dividend certificates maturing in three years
from date
Individual deposits
669,508,000 -8,900,000 678,408,000 664,043,000
8 Payable either in cash or class A stock at the price of $20 per share. of issue.
Due to banks
152,193,000 +3,784,000 148,409,000 137,954,000
U Shulte Retail Stores declared 2% in stock, payable % quarterly.
Time deposits
289,474,000
Seagmve Corp. dividend payable either 30c. cash or 2M % in stock.
+579.000 288,895.000 288,802,000
United States deposits
7,249,000 -2,839,000
IF Less income tax.
10.088,000
11,818,000
Exchanges for Clg. House
28,523,000 -9,469,000 .87,992,000
26.134,000
Due from other banks_ .. _
86,971,000 -2,399,000 89,370,000
78.886.000
Rea's()
In legal depositles
Weekly Return of New York City Clearing House.82,356,000 -1,178,000
83,534,000
80,553.000
Cash In bank
0,030,000 +1,586,000
8,444,000
8,936,000
Beginning with Mar. 31, the New York City Clearing House
Res've excess in F.R.Bk.
494.000 -1.350000
1.844.000
89.000
Association discontinu
ed giving out all statements previously
issued and now makes only the barest kind of a report. The
Philadelphia Banks.-The Philadelphia Clearing House
new return shows nothing but the deposits, along with
return for the week ending July 7, with comparative figures
the capital and surplus. We give it below in full:
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
requirements for members of the Federal Reserve System
7, 1928.
are 10% on demand deposits and 3% on time deposits, all
*SierNiss & Net Demand
rims
Clearing House
to be kept with the Federal Reserve Bank. "Cash in vaults"
*Capital. Undivided
Deposits
Domicil
Members.
Profits.
Average.
Agerage.
is not a part of legal reserve. For trust companies not
$
$
$
$
members of the Federal Reserve System the reserve required
Bank of N.Y.& Trust Co__ 6.000.000 12,864,800
56,319,000
8,140,000
Bank of the Manhattan Co-_ 12.500.000 19,258,701) 151,756.000
31,004,000 is 10% on demand deposits and includes "Reserve with
Bank of America Nat, Assoc- 25,000,000 37,000,000 147,013,000
50,235,000
National City Bank
90.000.000 73,324,200 a855,583,000 164,302,000 legal depositaries" and "Cash in vaults."
Chemical National Bank
6,000,000 19,780.000 134,212,000
5,685,000
National Bank of Commerce. 25.000,000 45,596,000 324,486,000
59,509,000
Beginning with the return for the week ending May 14, the
Chat.Phanix Nat.Bk.dar.Co 13,500,000 14,718.000 167,880,000
43,878,000
Hanover National Bank
5,000,000 26.440,500 120,670,000
2,957.000 Philadelphia Clearing House Association discontinued showing
11,000.000 17,667.500 168,147,000
Corn Exchange Bank
30,546,000 the
reserves and whether reserves held are above or below require10.000.000 25,257.600 134,397,000
National Park Bank
14,921,000
10.000.000 84,391,300 275,070,000
First National Beak
9,135,000 ments. This will account for
the queries at the end of the
Amer. Exchange Irving Tr.Co 32,000,000 31,866,200 365,835,000
51,272,000
Continental Bank
1,000,000 1,368,800
6,456,000
600,000 table.
Chase National Bank
50.000.000 57,470,000
Fifth Avenue Bank
Garfield National Bank
Seaboard National Bank
State Bank & Truat Co
Bankers Trust Co
U. S. Mtge & 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
Clearing Non-Members.
Mechanics 'Pr. Co.„ Bayonne_
500,000
1,000,000
9,000.000
5,000,000
20,000,000
5,000,000
10,000,000
30,000.000
4,000,000
3,000,000
10,000,000
10,000,000
30.000,000
1,400,000
3,369,000
1,931,900
14,081,600
6,378,800
42,591,000
6,015,400
21,767,200
37,468,300
3.636,800
3,757,000
23,775,200
21,728,300
25,574,100
3,633,800
6595,725.600
25,285,000
15,158,000
124.759,000
34,701,000
c362,240.000
59,731,000
39,851,000
4534,253,000
41,292,000
19,888,000
140,804,000
e115,327,000
f334,598.000
26,900,000
500.000
773,900
3,929,000
5.867,000
nnn
007• Ion r nnn
AOA Ann "Inn eon lc, nnn a 000 OAK
•
•
•
•
r
63.956,000
984,000
511,000
8,147,000
60,687,000
53,189,000
4,303,000
1,975.000
81,667,000
5,126,000
2.384.000
34,626,000
20,551,000
43,921,000
7.112,000
Includes deposits in foreign branches: (a) 6281,619,000;
613,610,000 (c) $59,930.000:(4) $93,513,000: (e) $2,164,000; (f) $103,454,000.(b)
•As per official reports: National, Feb. 28 1928; State, March 2
1928; Trust
Companies, March 2 1928,
Two Ciphers (00)
omitted.
Week Ended July 7 1928.
Members of
Fruit
P.R.System Companies.
Capital
54,790.0
Surplus and profits.. _ _ 172,539,0
Loans, disc ts & invest. 1,038,090,0
Each. for Clear. House
52,550,0
Due from banks
99,645,0
Bank deposits
132,245,0
Individual deposits._ 627,187,0
Time deposits
217,569,0
Total deposits
977,005,0
Res. with legal depos.
Res. with F. R. Bank.
70,059,0
Cash in vaults
9,305.0
Total Res.& cash held_
79,364,0
Reserve required
reserve
and
cash
Excess
in vault
June 30
1928.
Total.
June 23
1923.
9,500.0
64,290,0
63,800,0
63,800,0
18,293,0 190,832,0 187,212,0 187,200,0
107,183.0 1,148,273.0 1,141,194,0 1,141,970,0
1,203,0
53,753,0
41,004,0
47,571,0
695,0 100.344,0
97,507,0
90,033,0
3,539,0 135,788,0 125,419,0 127,038,0
51,250,0 678,437,0 666,723,0 672,230,0
30,286,0 247,855,0 248,512,0 246.807,0
85.075,0 1,062.080.0 1,040,694,0 1,046,075,0
9,160,0
9,621,0
9,160,0
9,134,0
68,874,0
10,059,0
67,345,0
2,641.0
11,654,0
11,946,0
11,871.0
11,801,0
31185.0
88 360.0
90 149,0
*
• Cash ln vault not counted as reserve for Federal Reserve members.
71
231
FINANCIAL CHRONICLE
JULY 14 1928.]
Weekly Return of the Federal Reserve Board.
showing the condition
The following is the return issued by the Federal Reserve Board Thursday afternoon, July 12,and
present the results for the system
of the twelve Reserve banks at the close of business on Wednesday. In the first table we
week last year.
as a whole in comparison with the figures for the seven preceding weeks and,with those of the corresponding
The Federal Reserve Agents'
The second table shows the resources and liabilities separately for each of the twelve banks.
between the Comptroller and
Accounts (third table following) gives details regarding transactions in Federal Reserve notes
comment upon the returns for the
Reserve Agents and between the latter and.Federal Reserve banks. The Reserve Board's
latest week appear on page 197. being the first stem in our department of"Current Events and Discussions."
THE CLOSE OF BUSINESS JULY 10 1928.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT
July 3 1928. June 271928. June 201928. June 13 1928. June 6 1928. May 29 1928 May 23 1928. July 131927.
$
3
3
S
$
$
3
$
$
RESOURCES.
1,161,160,000 1,129,584,000 1,128,276,000 1,135,840,000 1,118,486.000 1.109.015.000 1.122.150,000 1,130,353,000 1,633,803,000
Gold with Federal Reserve agents
40,883,000
68,114.000
64,051,000
65.603.000
71,181,000
62,534.000
63,482,000
67,361.000
62,100,000
Gold redemption fund with U.B. Tress_
1,186,201,000 1,198,467,000 1,674,686,000
Gold held exclusively agst. F.R.notes 1,228,521,000 1,191,684,000 1,191,758,000 1,198,374,000 1.189,667,000 1,174,618,000
666,960,000 699,796,000 700.173,000 694,771,000 741,018,000 781.767.000 783,200,000 814,595,000 585.410,000
Gold settlement fund with F.R.Board
637,466.000 621,230,000 752,582,000
652,563,000
649,721,000
687,772.000
699,395,000
655,010,000
691,379,000
banks_
by
held
certificates
Gold and gold
2,594,876,000 2.546,490,000 2,583,310,000 2.580,917,000 2.580,408,000 2,608.948,000 2.606.867.000 2.634,292,000 3,012,678,000
Total gold reserves
152,361,000 146,100,000 154,974,000 156,354,000 153,593,000 152,461,000 150.626,000 161,093,000 158,160,000
Reserves other than gold
2,747,237,000 2,692,590,000 2.738,284.000 2,737,271,000 2,733,999,000 2,761.409.0002.757,493,000 2,795,385,000 3,170,838,000
Total reserves
64,424,000
67,627,000
59,782,000
63,042,000
62,335,000
64,107.000
54,273,000
65,139,000
63,113,000
Non-reserve cash
Bills discounted:
574,589,000 244,133,000
634.482.000
651.184,000
653,196,000
684,513,000
701,618.000
713,372,000
777,480,000
obligations
Secured by U.S. Govt.
375,896,000 413,530,000 330,256,000 337,631,000 358,345,000 330,814,000 309,309,000 272.883,000 182,069,000
Other bills discounted
426,202,000
1,089,268.000 1.191,010,000 1,031,874,000 990,827,000 1,042.858,000 981.998,000 943.791,000 847,472,000 193,207,000
Total bills discounted
187,642,000 209,664,000 223,432,000 223,882.000 240,417,000 266,394,000 303,988.000 3.30,562.000
Bills bought in open market
U. S. Government securities:
56,528,000 176,725,000
60,462.000
55,928,000
63,572,000 63,011,000
57,979,000
60,968,000
55,701,000
Bonds
76,832,000
85.160.000
65,370.000
76,352.000
76,584,000
78,260,000
87.584.000
87,720,000
90,687,000
Treasury notes
h8,793,000 124,246,000
93,594,000
70,669,000
88,680,000
83,140,000
66,374,000
73,177,000
69,077,000
Certificates of indebtedness
230,481,000 377,803,000
217.765.000 219,565,000 211,937,000 222.868.000 223.296,000 210,032,000 219,426,000
Total U. S. Government securities
1,300,000
990,000
1,090,000
1,090,000
590,000
1,090,000
490,000
490,000
490,000
Other securities (see note)
July 11 1928
1,409,505,000 998,512.000
Total bills and securities (see note)____ 1,495,165,000 1,620,729,000 1,467,733.000 1,438,167.000 1,507,681,000 1,459,514,000 1,468.295,000
2,682,000
Gold held abroad
48,716,000
571,000
572.000
571,000
572,000
572,000
571,000
571,000
571,000
Due from foreign banks (see note)
753,494,000
658,931,000
630,675,000
675,626.000
729,581,000
748,112,000
626.380,000
687.818,000 758,391,000
Uncollected items
59,292,000
60,014,000
60,013,000
60.028,000
60,056,000 60,047,000 60,096,000
60.089.000
60.080,000
Bank premises
14,459,000
9,439.000
9,487,000
9,157,000
7,902,000
8,063,000
10,010.000
8,520,000
8,563,000
All other resources
5,062,523,000 5,195,121,000 4,963.462,000 5,037,689.000 5,125,573,000 5,029,347,000 4,986.317.000 4.999,472,000 5,112,417,000
Total resources
LIABILITIES.
1.640,150,000 1,680,132,000 1,604,635,000 1,599,372,000 1.605,425,000 1.598,370,000 1,593,319,000 1,579,383.000 1,703,289,000
F. n.. notes In actual circulation
Deposits:
2,365,396,000 2302,892.000 2,344.709.000 2,332,162.000 2,392,433,000 2,384,830,000 2,357,323,000 2,369,648,000 2,315,003,000
Member banks—reserve account
13,524,000
11,274,000
21,505.000
22,847.000
3,478,000
21,468,000
16,337,000
17,019,000
12,230,000
Government
5,532,000
8,703,000
5,923,000
7,326,000
5.280,000
8,852,000
10,134.000
8,832.000
9,476,000
Foreign banks (see note)
27,181,000
19,459,000
20,111,000
17,114,000
17,375,000
20.388.000
26,104,000
17,855,000
20,339,000
Other deposits
2,407,441,000 2,459,316,000 2,381,800,000 2,366,162,000 2,438,139,000 2,423,822,000 2,407,607,000 2,416.535,000 2,361,240,000
619,630,000 682,191.000 582,086,000 678,174,000 691,028.000 615.204.000 594.089,000 612.621.000 677,792,000
143,221,000 141,210,000 140,318,000 140,309,000 139,719,000 139,631,000 139,599.000 139.626.000 129,414,000
233,319.000 233,319.000 233,319,000 233.319,000 233.319,000 233,319,000 233,319.000 233,319,000 228,775,000
11,907,000
17.988,000
18.404,000
20,353,000
19.001.000
19,943,000
21,304,000
18,953,000
18,762,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
5,082,523,000 5,195,121,000 4.963,462,000 5,037,889,000 5,125.573,000 5.029,347,000 4,986,317,000 4,999,472,000 5,112,417,000
Total liabilities
Ratio of gold reserves to deposits and
74.9%
65.9%
65.1%
65.1%
64.85%
63.8%
64.8%
61.8%
64.1%
F. R. note liabilities combined
Ratio of total reserves to deposits and
78.0%
70.0%
68.9%
69.0%
67.6%
68.7%
65.4%
68.7%
67.9%
F. R.. note liabilities combined
Contingent liability on bills purchased
310,888.000 309,038,000 305,068.000 297,824,000 295,525,000 276.582.000 266.659,000 266.955,000 151,195,000
for foreign correspondents
s
5
5
s
$
$
$
$
s
Distribution by Maturities-73,954,000
97,597.000 115.682,000
83.708.000
94.248,000
98.312.000
94,671,000 103,443,000
73,920,000
1-15 days bills bought In open market..
936,325,000 1,044,234,000 892,122,000 845.383,000 903,671,000 844.070,000 806.549,000 715,333,000 329,243,000
1-16 days bills discounted
32,000
4,122,000
3,337.000
13,795,000
19,294.000
28,267.000
736.000
6,942,000
3.220,000
1-15 days U. S. certif. of Indebtedness_
100,000
100,000
100,000
1-15 days municipal warrant?
53,344,000
78.334.000
73,528,000
64,039.000
49.300.000
64,655,000
47,389.000
37,114,000
37,839,000
18-30 days bills bought In open market _
22,914,000
36,036,000
35,865,000
35.395,000
35,772,000
39.389,000
36,139,000
43,862,000
39,563,000
16-30 days bills discounted
10,997.000
1,186,000
16-30 days U. B. certif. cf Indebtedness_
100,000
warrants
16-30 days municipal
45,768,000
50.957.000
74,557,000
95,842,000
55.029,000
48,376,000
42,764,000
37.931,000
43,478,000
31-80 days bills bought in open market _
33,041,000
56,873,000 53,093,000 103,120,000
53,588,000
48.034,000 55,103,000
54,585,000
52,508,000
31.60 days bills discounted
81-60 days U. S. certif. of indebtedness_
31-60 days municipal warrants
15,194,000
30,204,000
40,282,000
23,722,000
22.887,000
21,772,000
23,651,000
26,683,000
26,099,000
61-90 days bills bought in open market_
26,328,000
27,449,000
28.907,000
27,240,000
31,916,000
29,611,000
35,368,000
43,594,000
40,859,000
01-90 days bills discounted
31,052,000
61-90 days U. S. certif. of indebtedness_
61-90 days municipal warrants
4,947,000
6.073.000
6,817,000
6,185,000
7.439.000
5,007,000
4,715,000
7,101.000
5.722,000
Over 90 days bilis bought In open market
14,676,000
17,697,000
18.620,000
19,036,000
19.377.000
19,311,000
20,238,000
16,297,000
15,201,000
Over 90 days bills discounted
93,162,000
78,475.000
84.270,000
56.874.000
69.386.000
54,873.000
65,857.000
66,235.000 65,638,000
Over 90 days certif. of indebtedness_ __ _
Over 90 days municipal warrants
F. P.. notes received from Comptroller
F. R. notes held by F. R. Agent
2,824,675.000 2,819,200,000 2,817,335.000 2,810,515,000 2,796,819.000 2,783,792,000 2.787.272,000 2,799,540,000 2,952 237 000
783,160,000 708,775,000 817,32.0,000 811,770,000 802,470.000 816,310,000 836,005,000 846,876.000 845:660,000
Issued to Federal Reserve Banks
2,041,515,000 2,020,425,000 1,999,955,000 1,998,745,000 1,994,349,000 1,967,482,000 1.951.267,000 1.952,664.000 2,106,577,000
How Secured—
354.977,000 355,376,000 355,376.000 354,626,000 354,606,000 354.607,000 354.606,000 354,605.000 391,891,000
By gold and gold certificates
88,624.000
95,293.000 107,533,000
99,815,000
94,335,000
93,621,000
98,994,000
96,552.000
98,380.000
Gold redemption fund
Gold fund—Federal Reserve Board.... 706,368,000 677.656,000 684,276.000 686.879,000 665,494,000 655,414,000 673.923,000 680,455.000 1,134,379,000
575,874,000
1,144,458.000
1,194,384.000
1,195,831,000
1,222,349,000
1,159,342,000
1,318.795,000
1.197,134,000
1,234,877,000
By eligible Paper
2.383,509.000 2.448.379.000 2.324.107.000 2.295.182.000 2.353 383 non 2 :Ina 149 non 2.316 814.nno 2.274_811.000 2.209.677.000
Total
NOTE.—BeginnIng with the statement of Oct. 7 925, two new Items were added in order to show separately the amount of balances he d abroad and amounts due to
. made up of Federal Intermediate Credit bank debentures, wall changed to
foreign correspondents. In addition, the caption "All other earning assets." previously
"Other securities." and the caption "Total earning assets" to -Total bills and securities.' The latter terra was adopted as a more accurate descrIptIon of the total of the
wowing acceptances and securities acquired under the provisions of Sections 13 and 1401 the Federal Reserve Act, which, t was stated,are the only Itemsincluded therein;
gird
2E t=TEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JULY 10 1928
1r
Tuts ciphers (00) malls&
Total.
Boston. New York, Phila. Cleveland, Richmond Atlanta. Chicago. St. Louis. hammy Kan.City. Dallas. San Frau;
Federal Reserve Bank of—
$
$
$
8
s
$4
$
5
$
RESOURCES.
$
$
3
Geld with Federal Reserve Agents 1,161,160,0 105,151,0 175.652,0 74,754.0 131,710.0 26.646,0 79,936.0 215,012.0 25,441,0 45,920,0 44,268,0 19,071,0 217,602.0
67.361,0 5,915,0
21,002,0 6.501,0 5,548.0 2.738,0 4,211,0 7,157,0 5,973,0 2,517,0 3,014,0 1.577.0 1,208,0
Geld red'n fund with U.S.Treas.
aoldheld excl. asst. F.R.notes 1,228,521,0 111,066,0
am dettle't fund with F.R.B0ard 666.960,0 63.384.0
699.395.0 25,960.0
Gold and gold certificates
106,054,0 81,255,0 137.257,0 29.384,0 84,147,0 222,169,0 31.414,0 48.437,0 47,280,0 20,648,0 218,810,0
112.175.0 55,005,0 68,745.0 15,995,0 8,423,0 175,577,0 36,938,0 24,247,0 42.598,0 25,679.0 38,194,0
472,937,0 27,298,0 38,522.0 9.148,0 8,183,0 53,847,0 11,323,0 4,803.0 6,408,0 14,051.0 27,115,0
2,594,876,0 200,410,0
152,361,0 15.678,0
781,766.0 163,558,0 244,524,0 54,527,0 100,753,0451,393.0 79,675,0 77.487.0 96,286,0 60,378,0 284,119,0
30,073,0 7,693,0 14,019,0 11,009.0 17,703.0 16.881,0 15,427,0 2,711,0 5.425,0 6.319,0 9,423,0
2,747,237,0 216,088,0
Total reserves
63,113,0 5,980,0
Non.reeerve cash
discounted:
Bills
Sec. by U.S. Govt. obligations 713,372,0 30,305,0
375,896,0 28,043,0
Other bills discounted
1.089.268,0 58,348,0
Total bills discounted
187,642,0 24,915,0
Bills bought in open market
U. S. Government securities:
704,0
60,968,0
Bonds
87.720,0 2,324,0
Treasury notes
69,077,0 4,589.0
Certificated of indebtedness
811,839,0 171,251,0 258,543,0 65,536,0 118,456,0 468.274,0 95,102,0 80,198,0 101,711.0 66.607,0 293.542,0
20,127,0 1.624,0 3,873,0 4,160,0 4,725,0 8,112.0 3.850,0 1,581,0 2,185.0 2,955,0 3,935,0
Total gold reserves
Reserve other than gold
........1 rr a n...t ...rarities
217.765.0
7.617.0
333.298,0 62.519,0 68,408,0 21,455.0 19,944,0 104,772,0 19,189.0
116,335,0 23,229,0 32,695.0 31,956,0 46,576,0 33.751,0 28,103,0
5.063,0 5,049,0
2,870,0 14,330,0
5,697,0 37,673,0
5,782,0 12.226,0
449,633,0 85.748.0 101,103,0 53.411,0 68,520,0 138,523,0 47,292,0 7.933,0 19,379,0 11.479,0 49,899,0
147,0 12,426,0 10,407,0 12,003.0 21.033,0
33.486,0 20.449,0 18.107,0 6,740,0 13.340,0 14,589.0
7,084,0
505,0
585,0
15,020,0 9,571,0 27,667,0
18.193,0 11,492,0 5.726,0
1,153,0
806,0
1,585.0
26,0 20.267,0
3,241,0 5,805,0
1,938,0 9,656,0
7,125,0
40.297.0 21.848.0 33.898.0
3.5440
5 2(15 n 35.728.0
7.125.0 11.045.0 18 558 0 15 7150 17 'leo ts
4,619,0 11,140,0
4.230,0 2,948,0
2,296,0 4,470,0
7.819.0
41,0
3.875,0 12,233,0
4,024.0 5,108,0
232
FINANCIAL CHRONICLE
4118OURCES (Concluded)Two Ciphers (00) omitted.
Total.
3
490,0
Othersecurities
Total bills and securities
Due from foreign banks
Uncolleeteditems
Bank premises
All other resources
Boston. New York.
$
$
[VOL. 127.
Cleveland. Richmond Atlanta. Chicago. St. Louis. MInneap. Kan.Cilty. Dallas. Sao Free.
Phila.
$
$
$
$
$
$
490.0
$
$
$
$
1,49.5.165,0 90,880,0
571,0
37,0
687,818,0 67.060,0
60,056,0 3,824,0
8,563,0
76,0
523,416,0 127,845,0 153.108,0 63,695,0 85,065.0 188,840,0 54,564,0 31,894,0 48,344,0 39,200.0 88,314,0
217,0
51,0
47,0
25,0
21,0
69,0
13,0
21,0
18,0
17.0
35,0
183,140,0 54,145,0 60,490,0 51,647,0 24,437,0 87,457,0 32,125,0 15,574,0 43,089,0 24,874,0 43,780.0
16,563,0 1,752,0 6,806,0 3,437,0 2,833,0 8,720,0 3,900,0 2,202,0 4,308,0 1,877,0 3,834,0
1,458,0
247,0 1,239,0
403.0 1,301,0
997.0
824,0
546.0
418,0
482,0
572.0
5,062,523,0 383,951,0 1,556.760,0 356,911,0 484,110,0 188.903,0 236,838,0 762,469.0 190,108,0 132,286,0 200,073,0 136,102,0 434,012,0
Total resources
LIABILITIES.
F. It. notes in actual circulation_ 1,640,150,0 138,511,0
Deposits:
Member bank-reserve acc't 2,365.396,0 150,339,0
Government
12,230,0
784,0
Foreign bank
9,476,0
728,0
Other deposits
20,339,0
144,0
Total deposits
Deferred availability items
Capital paid in
Surplus
WI other liabilities
341,685,0 130,408,0 197,372.0 53,096.0 132,100,0 273,054.0 57,917,0 56,117,0 55,627,0 30,097.0 174,166,0
929,535,0 138,344,0 185,773,0 67,930.0 65,657,0 355,867,0 82,087,0 50.936,0 90,611,0 65.277,0 183,040,0
1.292,0
681,0 1,231,0
250,0 1,284.0 1,076,0 1.203.0
617,0 1.207,0 1,637,0
968,0
2,502,0
923,0 1,010.0
495,0
408,0 1,350,0
418,0
262.0
340.0
350,0
690.0
11,171,0
194,0 1.639,0
174.0
64,0 1,445,0
321,0
212,0
413.0
24,0 4,538.0
2,407,441,0 151,995,0 944,500,0 140,142,0 189,653,0 68,849.0 67,413,0 359.738,0 84.029,0 52.027.0 92,581,0 67.278,0 189,236,0
619,630,0 64.474,0 154,506,0 49,391,0 56,799,0 47,374,0 21,123,0 75,461,0 31,370,0 13.120,0 37.980,0 25,453,0 42,579,0
143.221,0 9,893,0
47.541,0 14,195.0 14.271,0 6,233,0 5,239,0 18,203,0 5,343,0 3,022,0 4,204,0 4.325.0 10,752.0
233,319,0 17,893,0
63,007,0 21,662,0 24,021,0 12,324,0 9,996,0 32,778,0 10,397,0 7,039.0 9,046.0 8,527.0 16,629,0
18,762,0 1,185,0
5,521,0 1,113,0 1,994,0 1,027,0
967,0 3,235.0 1,052,0
961,0
650,0
422,0
635,0
5,062,523,0 383,951,0 1,556,760,0 356,911,0 484,110,0 188,903,0 236,838,0 762,469.0 190,108,0 132,286,0 200,073,0 136,102.0 434,012,0
TotalltabUlties
Memoranda.
Reserve ratio(percent)
74.4
67.9
:Iontingent liability on bills purchased for foreign correspond'ts 310,888,0 23,421,0
P. R. notes on hand (notes rec'd
from F. R. Agent less notes In
efreniatfen
401.365.0 29.777.0
63.1
63.3
66.8
53.7
59.4
74.0
67.0
86.670,0 29.667,0 32,477,0 15,926,0 13,116,0 43,407,0 13,428.0
74.2
126.702.0 26.746.0 28.900.0 15.454,0 27.496.0 45.092.0 12.208.0 7.070.0 8.926.0
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS JULY 10 1923.
Federal Reserve Agent at-
Total.
Boston.
68.5
68.6
80.8
8,432.0 11,242,0 10,930,0 22,172,0
6.374.0 66.620.0
New York.
Phila. Cleveland. Richmond Atlanta. Chicago. SI. LOWS. Minneap. Kan.City. Dallas. San Fran.
$
$
$
$
$
5
$
$
$
$
II
738,507,0 187,454,0 259,302,0 91,759,0 226,056,0 433,646,0 86,465,0 78.466,0 90,123,0
335,786,0
270,120,0 30,300,0 33,030,0 23,209,0 66,460,0 115,500,0 16,340,0 15,279,0 31,570,0 56,873.0
20,402,0 95,000,0
468,387,0 157,154,0 226,272,0 68,550,0 159.596,0 318,146,0 70,125,0 63,187,0 64,553,0 36,471,0 240,786.0
Two ciphers (00) omitted.
3
$
P.R.notes rend from Comptroller 2,824,675,0 234,238,0
F.R.notes held by F.R. Agent__ 783.160,0 65,950,0
F.R.notes issued to F.It. Bank. 2,041,515,0 168,288,0
Collateral held as security for
F. R. notes Issued to F. It. Bk.
Gold and gold certificates__ 354.077,0 35,300.0 153,161,0
50,000,0 20,396,0 21.750,0
7,900.0 14,167,0
40.000,0
Gold redemption fund
99,815.0 16,851,0
17,491,0 8,977.0 11,709,0 6,250,0 7,186,0 2,012,0 2,541,0 3,753.0 3,406,0 12,303,0
2,768,0 16,871,0
Gold fund-F.It. Board
706.368,0 53,000,0
5,000,0 65,777,0 70,000,0
51.000,0 213,000,0 15,000,0 28,000,0 40,860,0 4.000,0 160,731,0
Eligible paper_
1.222,349,0 83,244,0 455,516,0 84,684,0 118,064,0 56,522,0 79,809,0 152.980,0 47.425,0 20,315,0 29,634,0
23,444.0 70,712.0
Total collateral
2,383,509.0 188.395.0 631,168,0 159,438,0 249,773,0 83,168,0 159.745.0 367.992.0 72.666.0 68.23501
73.900.0 42.515.0 288.314.0
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
of the resources
and liabilities of the 637 member banks from which weekly returns are obtained. These figures are items
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 198, 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 3 1928 (In thousands of dollars).
Federal Reserve DistrictLoans and investments-total
Total.
Boston. New York
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Mimes,. Ran.City. Dallas. Son Fran.
$
$
$
$
$
22,735,900 1,552,464 8,869.517 1,257,821 2.233,904
Loans and discounts-total..... .16.088.762 1,101,229 6,392,506
s
s
$
677,105
$
$
635.563 3,310,334
$
722.133
368,856
671,144
$
$
452,224 1.984,835
855,551 1,481,469
517,724
505.775 2,403.738
504,621
235,721
429,937
332,677 1.327,811
9,579
59,966
431,961 3.073,584
659,689 3,258,956
8,899
472,590
374,062
13,934
690,506
777,029
3,250
184.916
329,558
4,392
21,923
133,682 1,073,036
367.701 1,308,779
5,448
215,479
283,694
2,370
75.771
157,580
3,198
115,441
311,298
3,706
86,464
242,507
6,647,138
451,235 2,477,011
402,270
752,435
159,381
129,788
906,596
217,512
133,135
241,207
119,547
657,021
U. S. Government securities .... 3,009,378
Other bonds, stocks and sectu Pies 3,637,760
157,991 1,218,521
293,244 1,258,490
112,917
289,353
317,196
435,239
70,404
88,917
61,050
68,738
382,527
524,069
76,826
140.686
68,966
64,169
109,423
131,784
81.222
38,325
352,335
304,686
817.497
71,535
83,784
13,815
133,298
26,428
43,285
11,539
38.073
11,111
291.418
40,646
42,894
7,799
24,450
5,857
60,107
10,425
32,256
8,653
119,148
26,812
Secured by U.S. Gov't obliga'ns
140,982
Secured by stocks and bonds____ 6,909,662
All other loans and ciLscounts---- 9,038.118
Investments--total
Reserve with F. R.Bank
Cash In vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
1,786,842
251,500
100,632
16,880
4,317
356,232
967,265
13.573,888
6,991,903
162,535
921,965 6,118,547
497.884 1,698.544
7,543
49.876
741,960 1,039.747
313,767 993,464
7,222
10,293
360,311
250,955
1,847
330.347 1,860,524
244,447 1,283.959
10,848
10,189
376,660
243,495
5,280
218,403
128,229
1,912
502,319
176,900
3,022
1,229,810
3,391,977
60,214 167,308
151,255 1,372,257
69,781
182.727
101,184
222,083
53,882
105,128
73,032
103.756
265,358
524,965
49,791
121,873
53,245
90,774
119,395
208,226
59,365
92,817
157,255
216,116
286.709 816,396
130.748 1,029,511
13,220
41,283
Borrowings from F. R. Bank-total
959,673
52,444
384,100
72,868
99,840
29,273
44,397
156,012
39,245
5,658
18,182
6,935
50,719
Secured by U.S. Gov't obliga'ns_
All other
650,999
308,674
18,575
33,869
289,518
94,582
52,124
20.744
67,661
32,179
11.248
18,025
14,161
30,236
129,353
26,659
16,786
22,459
4,850
808
8,960
9,222
5,813
1,222
31,950
18,769
637
36
78
An
7C1
AA
qiI
no
on
OA
MI
An
nn
Iqnnlhar nf rannrtina hank.
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 July 11 1928, In
comparison with the previous week and the corresponding date last year:
July 11 1928. July 3 1928. July 13 1927,
RISOWC48-••
Gold with Federal Reserve Agent
Gold redemp.fund with U.S.Treasury.
175,652,000
21,002,000
175,652.000 381,593,000
17,559,000
10,061,000
Goldheld exclusively agst. F.R. notes 196,654,000 193,211,000 391,654,000
Gold settlement fund with F. It, Board. 112.175,000 171,682,000 196,684,000
Goldand gold certificates held by bank.. 472,937.000 439,407,000 489,467,000
Total gold reserves
Reserves other than gold
781,766,000 866.300,0001,077,805.000
28,267,000
30.073,000
34,263,000
Total reserves
Non-reserve cash
Bills discountedSecured by U. S. Govt. obligationsOther bills discounted
811,839,000 832,567,000 1,112,068.000
16,804,000
20,127,000
16,617,000
333,298,000 323,045,000
116,335,000 113,492.000
103,761,000
30,729,000
Total bills discounted
Bills bought In open market
U. S. Government securitiesBonds
Treasury notes _.
Certificates of Indebtedness
449,633,000 436.537.000
49,409.000
33,486,000
134,490,000
37,277,000
7,084,000
15,020,000
18,193,000
2,084,000
17,445,000
21,394,000
26,599,000
11,757,000
25,375.000
40,297,000
40,923,000
63,731,000
Total U.S.Government securities__
Total bills and securities (See Note).-
523,416,000 526,869,000 235,498.000
Resources (Cencludes)Gold held abroad
Due from foreign banks (See Note)
Uncollected items
Bank premises
AU other resources
Total resources
LiabilitiesFed'I Reserve notes In actual circulation
Deposits--Member bank, reserve sectGovernment
Foreign bank (See Note)
Other deposits
Total deposits
Deferred availability items
Capital paid In
Surplus
All other liabillUes
Total liablliUes
Ratio of total reserves to deposit and
Fed'I Res've note liabilities combined_
Contingent liability on bills purchased
for foreign correspondence
July 111028. July 3 1928, July 13 1927
$
8
$
743,000
13,625,000
217.000
217.000
183,140,000 234.444,000 190,956,000
16,276,000
16,563,000
16,563,000
4,313,000
1,472.000
1,458,000
1,556,760,0001,628,936,000 1,590,096.000
341,685,000 349,202.000 383,985.000
929,535,000 936,503,000 918.980,000
1.292,000
6,376.000
7:::
(
0
40
00
1:6
1,641.000
2,502,000
2,773,000
19,441,000
11,171,000
16,548.000
_
944,500,000 962.200,000 941.843,000
154.506,000 202,611,000 161,221,000
38,931,000
45.530,000
47,541,000
61,614,000
63,007,000 63.007,000
2,502,000
5,521,000
6,388,000
1,556,760.000 1,628,936,000 1,590,096,000
63.1%
63.5%
83.9%
86.670,000
87,837,000
45,485,000
NOTE.-Beginning with the statement of Oct. 7 1925. two new Items were added in order to show
abroad and amount" due
to foreign correspondents. In addition, the caption, "All other earning assets." previously made up ofseparately the amount of balances held
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 it more accurate description of the total 01
the discounts. a .ceptances and securities acquired under the provision of Sections 13 and 14 of the Federal
Reserve ACC, which, it MIS stated, are the only Items Included
therein.
JULY 14 1928.]
233
FINANCIAL CHRONICLE
New York City Banks and Trust Companies.
Vaniters'
(All prices dollars per share.)
Ask Tr. Cos.-N.Y. BidI Ask
Ask Banks-N.Y Bid
Banks-N.Y. Bid
175
182 Port Morris_ 675 725 Bronx Co 'Fr. 400 1 450
America
Wall Street, Friday Night, July 13 1928.
760 780Central Union 1630 1660
Amer Unions_ 230 250 Public
78.5 805 County
725 800
Bank*_ 725 800 Seaboard
Railroad and Miscellaneous Stocks.-The reivew of the Bronx Park. 230
275 290 Empire
425 435
Seventh
Bryant
710 730 Equitable 'Fr. 453 458
198 208 State*
Central
Stock Market is given this week on page 223.
310 330Farm I, dr Tr_ 805 820
270 305 Trade*
Century
16 Fidelity Trust 385 410
10
The following are sales made at the stock Exchange this Chase
Rights
532 537
565 600
Yorkville_ _ _ 250 200 Fulton
Phenix
week of shares not represented in our detailed list on the Chath
624 630
Guaranty_
Nat Bk &Tr 575 590 Yorktown'... 225
__
Int'l Germanic 215
Chelsea Each 270 290
pages which follow:
278 288
Brooklyn.
Interstate-Chemical.. _ 910 930
480 510 Lawyers Trust
First
Colonial*. _ 1276
_ Manufacturers
Range Since Jan. 1.
Range for Week.
Sales
Commerce_ _ _ 590 600 Globe Exchs. 300
STOCKS.
New $25 par 224 230
Continental... 575 625 Mechanics'. 355 3600
for
Week Ended July 13.
Highest.
Lowest.
Highest.
Lowest.
Week.
Corn Exch___ 63.5 645 Municipal•_ _ 8400 415 Murray Hili..I 275 290
12
Rights..I 95 105
17
__
Rights
Cosmopollt'n• 460
450 475 Mutual(West
Par. Shares $ per share. $ per share. $ per share.3 per share. Fifth Avenue_ 2300 2505 (Nassau
chcster)....I 310
950
3950 4050 People's
RailroadsFirst
NY Trust_ 740 755
Feb Garfield
10 4834 July 13 4834 July 13 4855 July 50
100
Trust Cos.
675
Ann Arbor
Times Squarel 195 205
Feb 83
May Grace
New York.
400
Boston & Maine- _100 400 73 July 11 74 July 11 58
Apr Hanover
Feb 86
10 66 July 12 66 July 12 60
1325 1380 Am Ex Iry Tr o407 412 Title Cu & 'FrI 800 815
Buff Each & Pitts-100
121
30 49 July 7 49 July 7 48
14 USMtge&T1 490 510
May 4934 June Harriman....1600 1050
Rights
Cleve & Pittsb spec_50
June Manhattan.... 755 765 Panca Comle
Mar 94
United States3000 3300
100
140 87 July 11 8834 July 11 84
Cuba RR pref
Mar 1734 June National City 015 825
• 200 1254 July 11 13 July 9 10
Italians'tr. 460 490 Westchest'rTr 1000 1100
Havana Elec By
Mar 723.4 May Park
Brooklyn.
100 7255 July 13 7234 July 13 64
100
Preferred
690 705 Bank of N
May Penn Exch.- 182 192
Feb 440
100
50350 July 12360 July 12 345
Hocking Valley
& Trust Co 690 710 Brooklyn_ ___ 1160 1225
lings Co....2700 2900
930 'f
Bankers T us 916
Illinois CentralJuly 8234 June
idwood____ 280 320
130 79 July 12 81 July 9 79
RR secured stk et1-100
Minn & St Louis----100 600 234 July 13 234 July 7 134 May 634 May
100
100 234 July 12 234 July 12 234 July 234 Jan
Certificates
*State banks. t New stock. s Ex-divi 'end. t/ Ex-stock div. v Ex-rights.
Mar 89 June
10 8534 July 7 8534 July 7 85
50
Morris & Essex
110 176 July 1117034 July 13 12534 M 20454 May
Nash Chat & St L._ _ 10
Ap 14834 May
125
12
July
July
1314034
New On Tex & Mex_100
9013934
&c.
82.700 6 July 11 635 July 7 6 June 654 June Quotations for U. S. Treas. Ctfs. of Indebtedness,
N Y Central rights
100 200 2434 July 7 2554 July 7 73.4 Mar 2534 July
NY State Rys
June
13
July
July
8734
9034
13
8734
50 8734 July
Northern Central .50
In:.
Int.
May
Apr 39
10 25 July 11 25 July 11 22
Pacific Coast 2d pi 100
Bid. Asked.
Rate.
Maturity.
. .1
Md.
Rate.
Maturity.
Apr
July 167
20 157 July 13160 July 9 157
Pitts Ft W & Ch p01.100
,
Jan 15955 Jan
So fly M & 0 Ws__ A00 64012934 July 12138 July 9 100
97
96
1930-32
33.4%
15
9911
pt.
.1
99151.
50 104 July 12104 July 12 10334 Jan 10855 Mar Dec. 15 1928._ 33.4%
VIcks Sh dr Pac pref _100
97
96
09"., 99"., Mar. 15 1930-32 334%
Apr 8934 Apr Dec. 15 1928._ 4%
100 70 July 13 70 July 13 70
Wheel & L Erie pref _100
97
99... 991.., Dec. 15 1930-32 334% 96
Mar. 15 1929.- 334%
Mar.15 1929-._ 33.4% 991.8. 99"aa
Indus. & Miscell.
Ap 1023.4 Apr I
Abitibi Pr & Pap p1,100 1.00010034 July 1210234 July 9 100
35 July 10 1-32 July
55 July
Am Beet Sugar rights- 24,000 1-32 July 9
;$ June
400 1-32 July 9 1-32 July 9 1-32 July
Am Encaustic Tiling rts_
United States Liberty Loan Bonds and Treasury
• 1,300 103% July 1310434 July 11 10354 July 10734 May
Am Pow & Lt pref
Apr Certificates on the New York Stock Exchange.
30 146 July 9146 July 9 142
Jan 152
Am Radiator pref._ A00
Am Telep & Teleg Ms__ 64,600 1134 July 11 1234 July 7 1155 June 1434 June Below we furnish a daily record of the transactions in LibApr 11034 July
290 110 July 12 110 July 12 104
Amer Wholesale pref _100
55 July 134 July erty Loan bonds and Treasury certificates on the New York
% July 11 1 July 7
Arnold Constable rights_ 11,600
• 500 31 J I 13 3134 July 11 30 Jun 3255 June
Barker Bros
July 10155 June Stock Exchange. The transactions in registered bonds are
100 30010034 July 11 101 July 7 100
Preferred
Jan 4754 May
100 3834 July 7 3854 July 7 32
13rit Emp St'l lat pf..100
Brockway Mot Trks...... 3,800 47 July 12 52 July 9 4534 June 5734 May given in a footnote at the end of the tabulation.
100111 July 11111 July 11 110 June 11734 May
1''
Preferred
May
24334 June 252
100 248 July 7248 July
Bklyn Edison Co WsJan Daily Record of U. S. Bond Prices. July 7 July 9 July 10 July 11 July 12 July 13
Mar 120
10 120 July 13 120 July 1 117
Brown Shoe prof_ _ _100
134 July 13.4 July
Canada Dry GA rights_ 30,800 134 July 12 134 July
1001.2 100
High 1001n 100..2 100.., 100
Jan 111 34 May First Liberty Loan
30111 July 11 111 July 1 107
Central Alloy St pfd_100
995 aa 9928,2 9927as
33$% bonds of 1923-47_ Low_ 100iat 10042 10041
Chleaksha Cotton 011.1036,500 4855 July 7 5655 July 1 4534 June 6634 July
1002ss 100
1003,1
99ust
100.ss
as
100,
Close
355)
(First
July
3
June
July
155
3
12
July
2
Chrysler Corp rights_ _176200
49
134
236
62
9
31
Total sales in $1.000 units_ .
2334 July 2534 July
Cons Film Indus pref..* 5,300 2355 July 12 2534 July
Apr
Converted 4% bonds of(High
2134 Mat 36
Container Corp Cl A..20 4,800 25 July13 2734 July
Low_
...
45)
Apr
(First
1932-47
lex
Mat
1034
• 6,100 13 July 13 1434 July
Class B
Close
% Jan 344 May
100 1 July 13 1 July 1 I
Conley Tin Foil stud- -•
Total sales in $Loos units
112 June 116% Mar
50 113 July 7 113 July
Cushman's Sons pf 8%.*
Converted 454% bondsIHigh 101"., 101.1., 1018., 100"., 1001.. 100...
Apr
52 June 60
Cutler Hammer Mfg_10 900 6355 July 12 5474 July
of 1932-47 (First 4548) Low_ 1011.1 10183, 10021. 1001.1 1007.2 100
900, 4354 July 10 4434 July 1 4334 June 4934 May
Debenham Securities_a5
Close 101.., 1011., 100"., 1001.2 100,aa 100.32
1234 June 1434 July
Dodge Bros"A" Ws... • 4,800 133'( July 12 1455 July
15
s
13
42
13
5
Total sales in 51,000 antes
64 June 7335 July
•12.600 68 July 11 7355 July
Pref ctfs
415
Second
%1Hign
converted
May
Mar
80
9934
July
9134
9434
13
July
Drug Inc
• 7,100
bonds of 1932-47 (First Low.
July 4034 June
35
• 2,600 35 July 12 3634 July
Eitingon &Mid
Close
Second 4)4s)
July 11434 June
102
100 1,300 102 July 1310434 July
Preferred
Feb
Total sales in $1,000 units
30 14 July 12 15 July 1 1334 May 19
Elk Horn Coal pref_ .50
High 100"., 10011.2 100"., 1001.2 1001., 100in
234 Apr 934 May Third Liberty Loan
Emerson Brant class B.' 1,300 5 July 13 8 July
9981.1
100
454% bonds of 1928.--- Low_ 1001.., 10011., 100.., 100
3155 July 3334 July
Equit Office Bldg new.* 7,100 3134 July 13 3234 July
Close 100"., 100"., 1001.1 1004. 1001.2 1001aa
(Third 4349)
30 10 July 7 1054 July
934 May 1334 Apr
Fairbanks Co pref____25
119
146
132
332
121 1,013
Feb
Total sales in 51.000 units__
2011234 July 1111234 July 1 111
Jan 113
Franklin Simon pfd..100
High 10181.1 101"., 10117.1 1011., 100"., 100183.
July Fourth Liberty Loan
Jan 75
37
General Gas & El cl B...• 1,400 69 July 7 75 July
22
454% bonds of 1933-38._ Low_ 101"., 101".1 1018.1 100"., 100". 100,
• 1,600 7435 July 11 77 July
7455 July 7834 July
Gen'l Ice Cream
Close 101uss 101us 101iss 100un 100us 100usl
(Fourth 49(s)
Graham Paige Mot Ws• 300 2934 July 12 3034 July 1 2634 June 3634 June
912
354
269
242
66
164
July
100 6,000 68 July 9 7134 July 1 6554 June 7134
Total sales in 51,000 units__
Grand Stores
111". 110243:
113183 112",,112
High
• 1,300 2755 July 13 29 July 1 2634 July 3034 June Treasury
Grand Union
110".1
113". 112",,11118.2 111
Low_
• 1,600 48 July 12 50 July
4755 June 50 June
!ha, 1947-52
Preferred
11011.1
11311., 112"., 111lin 111
(Close
90 3034 July 9 3035 July 1 2534 Jan 3834 June
Hackensack Water p1.25
11
11
10
2
June
25
__ _
Total sales us 51.000 units__
10011534 July 1311534 July 1 11034 Jan 116
Internal Nickel pref.100
10820, 10527s,
July
{High - - - 108us 107uss
hat Paper pre((7) ctfs100 1,00010274 July 12 103 July 1 10234 July 103
10518.1
106
Low_ 108"a: 108"a 107"aa
1555 May 25 June
U. 1944-1954
Keith-Albee-Orphetun ... 3,300 19 July 13 2054 July
105"m
108
may
20 8034 July 11 8234 July 1 7534 May 99
Close 108uas 108us 107ust
10'
Preferred
71
26
1
12
1234 June 2274 Apr
1434 July 13 1654 July
20
•22,6
Total sales in $1,000 units.._
Kelvinator Corp
103ur
Apr
Feb 59
High 105"11 105"., 1051., 103".,
10 5235 July 10 5234 July 1 45
Kuppenhelmer OC Co_ ...5
103usi
Mar
61
12
July
July
103"al
54
ILow_ 105"a: 105,a1 104"as
4734 June
334s. 1946-1956
Lehigh Portl Cement_50 1,200 4834
103"c
• 300 110 July 12110 July 1 10834 Apr 11034 May
Close 105"as 10518., 104uss 103us
Preferred
21
9934 Mar 11034 May
3
• 1,4 101 July 11 103 July
842
301
25
Total salute $1,000 woo__
Loew's preferred
99241
Apr
99", 99
{High 100"aa 1000
: 100
McKeesport Tin Plate...21,300 6634 July 12 7034 July 1 6234 June 7234
98uss 98ual
100119 July 11 119 July 11 118
June 12234 May
10
Low_ 100"., 100
9911.2 991.,
Mackay Co elf,.
ISM. 1943-1947
98ns
May
99
• 2,300 44 July 13 46 July 11 43 June 52
9911.: 9913.
Close 1001.., 100
Maytag pref
•1
IC
Cie
inn
wft
..
TAMi sal.. de. el IVV1...
• 1,800 9154 July 12 9434 July 11 9134 July 101
May
1st preferred
July
July 106
• 5,300 94 July 7 106 July 10 94
Motor Products
• 1,500 82 July 13 8434 July 9 80 June 8534 June
Pacific Lighting
Note.-The above table includes only sales of coupon
July 3435 Mar
100 200 28 July 9 30 July 10 28
Pacific Mills
10012134 July 13 122 July 11 115
Jan 12534 May bonds. Transactions in registered bonds were:
Pacific Tel & Tel pf 100
Mar
10 104 July 0 104 July 9 1033.4 Jan 115
Penick & Ford pref_100
99uss to 100uss
172 3d 4545
to 100
100
Penna Coal & Coke....50 300 935 July 7 11 July 12 934 June 1434 Jan 40 1st 33.45
100un to 101uss
6 I81454t.
1001.. to 1011.. 119 4th 4545
May
40 95 July 12 97 July 10 85
Apr 99
Phillips Jones Corp pf100
May
100 70 July 13 70 July 13 6134 Feb 78
Reis(R)& Co let p1.100
May
60 106 July 9 108 July 13 106
July 111
Rem Typewr 1st pf__100
1 115 July 1212434 July 13 101
Ma 12455 July
100
2d preferred
Foreign Exchange.May
10 183 July 11 183 July 11 16574 M 199
Reynolds Tobacco A..25
To-day's (Friday's) actual rates for sterling exchange were 4.853'40
July
200 27 July 12 27 July 12 27
July 27
Spans Chalfant
on banks,
3854 July 12 3974 July 7 34 June 4234 May 4.86 for cheeks and 4.8604.8694 for cables. Commercial
Stand Sanitary Mfg...' 4,3
days, 4.8056
94 July 9
'is July 12
In July
34 June sight. 4.85 7-1604.85 11-16; sixty days, 4.82(84.8254; ninetyfor payment.
Stand Gas & Eleo dels_ 33,300
cotton
4.8134(84.82:
for
and
payment.
documents
04.81;
May
• • 3,600 3354 July 13 3451 July 10 3234 June 40
Tile° Products
2034 July 12 2034 July 12 2034 July 24 June 4.86, and grain for payment, 4.85.
4
Tob Prod div Ws B.._
To-day's (Friday's) actual rates for Paris bankers' francs were 3.91(4)
100 20 July 13 20 July 13 20 June 2534 Jan
10
Div ctfs A
were 40.1834@40.22 for
United Paperboard..100 80 21 July 7 22 July 13 18 Juno 2734 Apr 3.9134 for short. Amsterdam bankers' guilders
short.
Jan
6
11
11
July
July
3
334
3
July
500
100
Express
U8
range, 124.27 francs
week's
francs;
London,
on
124.22
Paris
Exchange
at
July
Apr
109
9
910734
114%
July
Apr
60 109
Va Elec & Pr pref(7).100
July high and 124.20 francs low.
10 109 July 11 109 July 11 10634 Jan 109
Washburn Crosby M.100
The range for foreign exchange for the week follows:
Cables.
Checks.
Sterling, ActualBank, Trust & Insur4.87 5-32
4.8685
High for the week
ance Co. Stocks
4.86
4.8534
Low
the
for
week
July
June
639
9
11
July
550
Feb 770
30615
Bank of Commerce...100
Paris Bankers' Francs
May
Feb 940
190 746 July 12805 July 9 560
Bank of Manhattan_100
3.9254
3.92
May High for the week
10 710 July 9710 July 0 055
Feb 810
Bank of NY at Tr Co 100
3.9134
3.91
May Low for the week
Jan 599
220 452 July 12 478 July 10 410
Equit Tr Co of N Y_ _100
Amsterdam Bankers' Guilders40.309i
40.29
•No par value.
High for the week
40.2134
40.1834
Low for the week
G.rntany Bankers' Marks23.8934
23.88
High for the week
23.80
23.78
Low for the week
New York City Realty and Surety Companies.
(All prices dollars per share.)
Bid
Alliance Rlty. 72
Amer Surety. 295
Bond & M G. _ _
Lawyers Mtge 335
Lawyers Title:
& Guarantee 325
Ask
80
310
450
345
I
'Mtge Bond --1
13I Y Title &
1 Mortgage__
(3 Carnally_
F
335 I
Bid
170
590
300
Ask
190 Realty Aaeoc's
(Hklyn)com
505
lat pref.-24 pref.-.
420
.1
Westobeste
Title & Tr.
Bid
Ask
290
95
93
300
99
95
650
The Curb Market.-The review of the Curb Market is
given this week on page 224.
A complete record of Curb Market transactions for the
week will be found on page 251.
-
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Seven Pages-Page One
For sales during the week of stocks not recorded here, see preceding
page
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
PER SHARE
Sales
PER SHARE
STOCKS
Range Since Jan. 1.
for
Range fer Previous
NEW YORK STOCK
On
Pails
of 100-share lots
Friday,
the
Year 1927.
EXCHANGE
July 13.
Week.
Lowest
Highest
Lowest
Highest
$ per share $ per share $ per share $ per share S per share 8 per share Shares
Railroads.
Par $ per share
8 per share g per spars $ per !hero
18812 18914 18812 189
1873 18914 187 18914 18514 187
18514 18638 9,800 Atch Topeka & Santa Fe__100 1823
8
Mar 2 19718 Apr 27 1615 Jan 200 Aug
•10412 106 *10413 106 *105 106
10512 10512 *10412 10534 *10412 105
100 Preferred
100 10212 Jan
*169 170
9933 Jan 10638 Dec
16934 171
16814 170
16712 170
167 16712 187 167
2,400 Atlantic Coast Line RR_ _100 164 June 6 10812 Apr 9
19 19112May 7 17478 Apr 20512 Aug
•10814 1083 10838 1087 1077 10834 107 108
1051s 107 x10434 10514 13,500 13altImore & Ohio
100 10334June 19 11978 Apr 12 10612 Jan
*80
8112 *79
125
8112 *79
Oct
8112 *78 5 80
*7614 80
*7912 80
Preferred
100 79 June 18 85 Apr 4
*7012 73
747
7314 Jan 83 June
7134 73
73
7134 7134 68
6812 69
70
5,700 Bangor & Aroostook
50 61 June 12 8414 Jan 11
110 110 11012 11012 *11012 111 *11013 111 *11012 111
44 Jan 10313 may
11012 1105s
50 Preferred
100 110 July
64
6418 6478 8478 6418 6538 6112 6338 60
6212 61
6453 20,400 Bklyn-Nlanh Tran v t e_No par 5338 Jan 7 11534May 31 1014 Jan 122 Junt
17 7734May 3
8912 8912 *89
63 Aug 7078 Jan
8934 *89
8912 89
89
89
89
*8135 90
800 Preferred v t c
No par 82
4 9538Nlay 3
4438 4538 4214 45
7818 Oct 88
Jan
3914 4212 3718 397
364 4118 3818 4012 50,800 Brunswick Term & Ry See_100 1412 Jan
Jan
5 453iJuly 6
*45
50
711 Oct 1938 Dec
*45
50
*45
*45
50
*45
50
*45
50
50
Buffalo & Susq prof
100
4812May
2 563 Apr 26
40 Apr 58 Jane
207 20734 2074 20878 206 20712 20212 20414 19958 202
19913 20134 18.100 Canadian Pacific
100 19512June 19 22334May 8
*310 34814 *308 370 *308 370 *310 370
__-__- ----- 310 31012 *312 370
200 Central RR of New Jersey_100 2975 Feb
17 376 May 7 285 Jan 348
18414 18414 184 185
18334 18334 17918 180
17812 17934 17834 17834 4,700 Chesapeake & Ohio
100 17512June 19 2064 Jan 6 15111 Jan 21813 June
104 1178 11
117
1038 11
Oct
1018 1038
978 10
11
10
6,100 Chicago & Alton
100
533 Jan 30 1834Nlay 2
16
1714
1618 1714 1534 1618 1438 1438 144 1434
44 Jan
1038 June
1512 1534 8,500 Preferred
100
74 Feb 20 2638May 2
*4234 44
4212 4234 *4214 44
1853 July
713 Jan
*4112 45
4214 *4112 42
42
2,600 Chic SC East Illinois RR
100 87 Feb 28 4814May 10
*62
63
5978 62
8012 Jan 61 July
*60
63
*50
62
*59
60
5913 60
GOO Preferred
100
1134 1314 13
43
1334 12% 13
Jan 84% Oel
1238 137
1258 1338 127g 148 37,800 Chicago Great Western_100 5912July 13 7038N1ay 4
94 Feb 8 1638May 2
2558 2778 27
813 Jan 2212 May
2814 2512 2612 25
27
2538 2634 26
2812 23,700 Preferred
100 2012 Feb 20 3218Nfay 2
35
__.....___
36
3512 36
44% June
354 35% 334 3434 33
338 3314 3414 21.700 Chicago Milw St Paul & Pac__
224
Mar 5 4012 Apr 211
4678 4714 4612 4714 4534 467
1934 Dec
9 Jan
46
45
4414 4434 4412 4514 14,600 Preferred new
37 Mar
8212 83
83
___ ____
*8118 83
83
7912 81
80
374 Dec
8012 7938 80
3,500 Chicago & North Western_100 78 Juno 2 5138 Apr 26
19 9414May 1
78% Jan 9711 &VI
14212 14212 .14113 145 *14112 145
14113 14112 *140 145 *138 142
200 Preferred
100 140
11513 11614 11418 11534 112 1134 11012 11134 11012 114
.11514 116
031
8,400 Chicago Rock 1sl & Pacific_100 106 Feb 16 150 May 2 12414 Jan 150
Feb 18 12238Nlay 10
108 109
109 109 *10814 109 *108 109 .108 109 *108 109
684 Jan 118 Jul,
100 7% preferred
100
10614 Feb 9 11112May 31 10234 Jan 111% Dec
.102 102
1621s 10218 *102 10234 102 102
102 102 *101 102
400 6% preferred
100 100 Feb 24 105 May 31
110 11718 *110 11718 *111 11718 110 111 *10512 1171g *107 11718
9514 Jan 104 Nov
200 Colorado & Southern
100 106 Feb 21 126 May 3
.7878 80
*7818 80
7818 7818 *7818 7911 5- - -- 7912 *- - -- 7913
Jan 13738 July
84
10 First preferred
100 67 July 3 85 Apr 10
*74
7834 •74
7812 *74
783 •74
Jan 78 Dec
70
7812 *74
7813 *74
7812
Second
preferred
100 7218 Jan 3 85 May 9
77
77
*76
77
7414 7658 74
68
Jan 75
7434 73
Oct
7412 7312 7312 3.500 Consol RR of Cuba pref
100
89
Apr
*18712 191 •189 191
12
8758June
1897g 190
1
18518 188
85 Aug 77 May
18418 18518 184 184
4,100 Delaware & Hudson
100 16314 Feb 10 226 Apr 26 1714 Jan 230 June
136 13612 13613 13612 134 134 *134 136
13212 134
132
13214 2,100 Delaware Lack & Western_ 50 129 Feb 20
68
58
150 Apr 0 1304 Oct 173 Mat
5714 5714 5758 574 57
5712 5612 5612 *55
5612 1.100 Deny & Rio Or West pref 100 604 Feb
*314 4
20 0534 Apr 28
*312 4
414 Jan 6734June
312 358 *312 4
*313 4
312 312
700 Duluth So Shore & Atl_ _ _100
318June
*6
13
612 *6
6% Jan 5
7
6
238 Apr
6
*6
74 Dec
612
6
6
*6
612
200 Preferred
100
438June 19
544 547
912May 2
55
4 Mar
5538 5358 55
5214 5314 517 5212 5112 5213 16,200 Erie
1114 Dec
100
4834Ju11e 19 6613 Jan 4
5534 557g 54
3913 Jan 69% Sept
5434 5378 537g 53
5338 5178 52
5138 5218 4,300 First preferred
100 50 June 18 63% Jan 7
54
, Jan 6614 Aug
5412 *5112 54
622
53
53
*49
52
*49
52
*49
52
300 Second preferred
100 4914June 20 82 Jan 6
08
49
9812 9813 9812 9814 9814 9612 977
Jan 6411 Aug
9614 97
96
0634 3.600 Great Northern preferred_100 9311 Feb 6 109 May 14
5 Jan 10378 Sept
97
97
79
*96
97
*96
9712 96
96
*94
96
9414 9414 1,100 Prof certificates
100 9118 Feb 7 105345.fay 15
2012 2012 2014 2012 2014 2033 204 2014 204
8513 Mar 101 Sept
Ore
Iron
2018
2018
5.000
8
20
Properties_
,
par
.No
1914June
12 25 Jan 24
*47
5012 *47
18 July 2834 Sept
4814 *4718 48
4512 47
4414 454 44
4512 2,000 Gulf Mobile & Northern_100 4312June 12 0173N1ay 10
354 Jan 71338 July
•10214 10312 *10214 10212 102 10214 10112 10112 100 100 *100
10112
400 Preferred
100 100 July 12 109 May 1 106
Jan 11214 Am
*59
604 5912 5912 584 591g 56
5818 5618 58
5838 7,800 Hudson & Manhattan
5718
100 51 Jan 3 7312 Apr 24
4013 Jan 6578 May
*86
95
*86
95 •874 95
91
01
*86
*8512 9012
91
100 Preferred
100 83 Jan 16 9311 Apr 26
78
Jan 9011 May
14034 14214 14114 142
1407 14138 138 141
13912 1401 13812 13973 7.400 Illinois Central
100 131% Jan 11 14834Nfay 91 12118 Jan 139%
14012 14012 *135 14113 •135 14114 *135 143 *13614 1411 *13614 14114
Oct
200 Preferred
100 1304 Jan 13 147 May
*Mg 4714 *4618 47
12078 Jan 140
Oct
47
47
46
44
*44
46
*45
46
700 Int Rys of Cent America100 361s Mar 16 51 June 151
16
23 Apr 4212 Oct
*8012 81
*8012 81
8012 81
*8012 81
8012 80'2 80
8012
130 Preferred
100
69%
Jan
8
82
May
62 Apr 7414 Oct
4013 4012 40
407 *3912 40
3818 39
3834 3734 3935 5,100 Interboro Rapid Tran v t c_100 29 Jan 5 62 May 3
38
3
51
8012 Aug 5218 yet
51
5034 5112 497 5058 48
49
4714 48
477 4814 4,500 Kansas City Southern__ _100 43 June 13 8313
Jan 7
*69
72
4114 Jan 704, July
*68
72 .66
71
*67
71
*66
*6812 69
70
Preferred
100 70 Feb 8 77 Apr20
*101 10212 *101 10212 *101 102
8478
Jan 7313 Del
*99 102
97
400
97
97
97
Lehigh Valley
50 844 Fob 20 116 Apr 26
*146 149
149 149 *146 149
8812 Oct 13712 Just
146 146
14313 14313 144 144
600 Louisville & Nashville
100 14212June 19 15912Nfay
90
00
86
86
8414 8414 58414 88
.8212 90
*83
90
40 Manhattan Elevated guar_100 75 Jan 9 96 May 10 1284 Jan 15918 Oct
4
*46
4612 *4612 48
7814 Dec 90 Fet
4658 4638 454 4658 45
45
45
45
500 Modified guaranty
100 40 Jan 10 04 May 3
*4
512 *412 5
4134 Dec 5473 Fel
*412 5
413 44 *434 61
*434 612
100 Market Street Railway_ _100
6,13 Apr 3
71213.1ay 15
*15
*20
26
26
4% Nov
*2018 30
6% Juno
*2018 30
*15
*15
30
30
Preferred
100 21 Apr 17 2912May 3
*47
4812 *47
49
18 Feb 264 Juni
*47
48
4718 474 4538 463 *46
47
1,400 Prior preferred
100 45 Mar 27 5434May 4
•11
•12
18
4138 Feb 5934 AM
18
*1118 16
*9
18
*1012 16
*11
16
100
Second
preferred
100
814Nlay 24
1618Nlay 4
41
114 Oct 1712Juni
41
4173 4212 427o 4638 4534 4534 4318 431
44
44
3,300 Minn St Paul & 58 Marle_100 80 June 21
521* Jan 6
27
*78
Jan 5813 De(
*79
82
82
8112 8212 8312 8412 *80
85
*80
85
000 Preferred
100 75 Feb 7 8734May 16
6518 6518 6518 654 68
Apr 8812 De(
50
68
6514 6514 65
65
*65
66
120 Leased lines
100 65 July 12 7113 Jan 9
3712 38% 3712 39
5814 Mar 71 Not
3714 3814 3618 373
35
36's 354 3034 83,400 Mo-Kan-Tex RR
No
par
301
2June
13 4112 Jan it
10412 10412 10434 1047s 10412 10434 1041g 10438 10418 1018s 1034 10138
314 Jan 5812 Jun,
3.600 Preferred
100 10112June 12 109 Feb 3
64
6438 641s 6538 6238 6412 60
9514 Jan 10913 Dec
6238 58
60
5838 6034 75,400 Missouri Pacific
100 4178 Feb 7 695atine 4
11818 11812 118 11934 116 118
377s Jan 62 Ap,
114 11518 11338 1l47s 11318 115
13,400
Preferred
100
3312 312 4312 34
105 Feb 20 12338Nfay 11
34 314
318 313 *3
9018 Jan 11853 No3
31
*3
34 1,400 Nat Rya of Mexico 2d pref_100
2 Feb 17
512 Apr 26,
14 Aug
314 011
17212 17212 171 1723s 17012 17212 16818 170
16712 16938 16638 16914 27,100 New7York Central
100 156 Feb 16 19112May 10 13714 Jan 17112 00
•128 132 *128 132 *129 132 *126 129
125 125
125 12618
1,500 NY Chic & St Louis Co_100 124 June 19 146 May 11
6110
*10834 10912 109 109
June
24013
10834 109
Mat
10834 1084 10814 10812 108 10814
1,000 Preferred
100 10634June 15 110 Jan 4 102 Mar 110 Det
*285 295
295 29934 275 289
270 2791 26912 275
270 272
210 N Y & Harlem
50 168 Jan 3 505 Apr 26 167 Dec 185
59
59
5814 5.884 5712 58
5612 574 5514 56
AD
5518 5578 6,800 NY N II Ss Hartford
100 544.1une 19 6838May 2
4153 Jan 6314 Del
1137 11378 11338 11334 11378 11378 *11312 11378 *11313 11378 11312 11334 1,100 Preferred
11314 Feb 29 117 Slay 3 110% Oct 11438 Not
2814 2914 2734 2913 2812 29
2634 2738 2614 27
2658 2733 10.200 N Y Ontario St Western .100
24 Feb 20 39 May 2
2314 Jan 4138 Sep
*714 97
*74 912 *712 97
*712 97
*712 97
*7,1 078
N Y Railways pref etts_No par
514 Jan 24 13 Slay 3
438 Dec
1534 Jai
*37
*38
40
40
37
37
*36
38
3513 3512 *36
39
200 Norfolk Southern
100 32 June 12 494 Jan 11
374 Jan 6412 Jun,
178 178
1777 1777 17712 17713 177 1773s 17634 177
1755s 176
1.500 Norfolk .4 Western
100 175 June 19 197 May 9 156
Not
Jan
202
*8612 90
*87
90
*87
90
*87
*87
90
*87
90
90
Preferred
100 7912 Apr 26 90 June 12
83 June 90 Jul]
*9612 9713 96% 9711 96,4 97
95
9614 9433 95
95
96
7,000 Northern Pacific
100 9233 Feb 7 105125lay 15
Jan 10218 Del
78
9538 9538 953 9538 93
9434 9313 9414 9212 93
93
9314 1,700 Certificates
100 902, Yob 20 10134May 16
84 July 9978 Del
•26
•26
29
29
*25
•24
29
•24
29
25
.20
27
Pacific Coast
100 1913May 14 3478May 25
154 Feb 3134 De,
64% 65
6438 65
64% 65
6312 6434 634 634 6313 64
20,100 Pennsylvania
50 617sJune 10 7212 Apr 27
Oe
564 Jan 68
*30
*28
34
*28
33
*28
33
*28
33
33 .28
33
Peoria & Eastern
100 25 Mar 12 37 May 1
20
Jan 4838 Jul]
*13012 133 *130 133
13038 13038 130 13012 129 130
129 129
1,200 Pere Marquette
100 12478 Feb 9 146 Apr 11 11413 Jan 1404 Mai
1 *9714 99
9812 9812 *9812 99
*9812 99
9812 9812 *9712 9812
700 Prior preferred
100 97 June 9 10134Mar 28
Jan 9914 De
93
*94
97
*94
97
*94
*94
97
07
*94
*94
97
97
Preferred
100 95 June 23 1003
8938 Jan 9712 De,
*138 14412 *140 14412 •140 144 *130 144 *130 144 *130 144
Pittsburgh & West Va____100 1214 Feb 20 161 4 Mar 30
Apr
9
12213
174 Ma:
Jan
10138 10234 10118 10234 10012 102
9912 100
x98
99
9712 9914 9,500 Reading
50 0414 Feb 7 11938NI ay 10
94
Jan 123% Jua
*431g 4312 4312 4312 4318 4318 4212 43
*42
4312 4218 421
800 First preferred
10 424 Mar 1
4(1 Apr 9
Jan
4012
41113, De
*497 50
*49
5034 *4814 504 *4814 5014
51 ' *4873 5034 *49
Second preferred
50 44 Jan 26 5978N1ay 1
50 Tel
43% Jan
*60
70
*60
•60
70
.61
70
70
*GO
70
*60
70
Rutland RR prof
100
50
Feb
7214N1
21
ay
18
Jan
43
69 Ma;
'11312 114
1137 114
11018 11114 4,100 St Louis-San Francisco
113 11338 11134 11218 11013 112
100 109 Feb 7 122 Mar 23 10038 Jan 11714 Jun
96% 971
9878 9878 99
9714 98
99
9814 99
9713 98
4,400 1st prof patd
100
96
June
12
101
May
21
--8554 8734
------871s 8814
-8612 8612 84
8534 827 84
83
85
7,300 St Louis Southwestern
100 874 Feb 8 9138May 14
Jan 93 Jun
61
*8812 0012 *8812 9012 •90
91
*90
93
9012 9012 9012 .80
100
8912June 18 96 JIIII 3
7
.l,i
4
Be
76
943
*1512 16
4
1512 1512 *1514 16
1513 1534 2,000 Seaboard Air Line
1538 1534 1534 153
100 114 Mar 3 3013 Jan 3
2818 Mar 4114 Fel
20
20
20
20
2012 19
2038 2038 2012 204 *19
19
800 Preferred
100 19 July 13 38 Jan 3
3213 Apr 4538 Jul
12238 12238 122 12214 11912 121
11912 12018 11914 120
Southern
11938 120
Pacific Co
13,800
100 11733 Feb 7 13114May 9 1064 Jan 1267s De
15012 15078 14913 15034 14818 14912 14512 14714 14412 146
144 14511 16,200 Southern Railway
100 13912 Feb 8 165 May 7 119
Jan 149 Be
•100 101 *100 101 *100 101
10018 10012
101 101 *10012 101
600 Preferred
100 9814June 19 10214 Jan 17
94 MaT 10118 Be
169 17234 169 17013 165 168
158 165
15514 158
160 162
7.400 TeX.1,8 & Pacific
10(
9911 Jan 3 17.158July 5
5378 Jan 1037s Na
' 3434 35
35
3' '3238 34
3212 3234 *30
33
33
34
1,100 Third Avenue
10(
284 Jan 10 4618May 3
2834 Aug 41 Fe'
*45
47
.46
467 •46
467 *46
47
46
400 Twin City Rapid Transit_101
46
48
45%
44 Mar 23 66 May 8
45 Nov 654 Fe
•102 105 *102 105 *102 10434 *102 1044 *102 10434 *102 10434
preferred
101 10218 Apr 11 107 Feb 10
99 APr 106 Ma
1957 196
19518 19578 19438 19512 19214 19313 191 19212 19038 192
10,100 Union Pacific
100 18612 Feb 6 20434May 9 1591S Jan 197/
1
4 De
*86
8014 *86
8618 86
8614 86
86
86
86
813
86
900 Preferred
100 83 Mar 13 8714 Jan 20
77 Star 8634 Dr
7612 792
77
781
74
6912 72
7013 7234 20,000 Wabash
76
70
73
100 51 Feb 18 9014Nlay 11
404 Jan
81 Jul
*9712 9734 99
99
9712 9712 *95
*95
98
*90
98
99
400 Preferred A
100 884 Feb 7 102 May 18
Jan 101 Jut
76
.90
95
*90
95
*91
04
*91
94
*91
94
*91
94
Preferred B
Jan 98 Jul
100 87 Feb 4 9912Nlay 18
65
4112 42
4134 4338 4118 4214 3838 4038 38
3912 3734 397 23,800 Western Maryland
134 Jan 6773 jam
10(
31114 Feb 8 5434May 10
*40
434 4312 433 *41
7
4412 .3812 44
42
*3812 41
*38
200 Second preferred
Jan 074 Jut
23
100 334 Feb 8 5478May 10
Saturday,
July 7.
Monday,
July 9.
Tuesday,
July 10.
Wednesday, Thursday,
July 11.
July 12.
• Bid and asked prices; no sales on this day. z Ex-dividend. a Ex-dividend
and ex-rights.
235
New York Stock Record—Continued—Page 2
page preceding
For sales during the week of stocks not recorded here, see second
PER SHARE
PER SHARE
STOCKS
Range for Pferf0S1
Sales
Range Since Jan. 1.
CENT.
111011 AND LOW SALE PRICES—PER SHARE, NOT PER
NEW YORK STOCK
Year 1937
for
Oss basis of 100-share lots
EXCHANGE
the
Friday.
Wednesday, Thursday.
Tuesday,
Lowest
Highest
Monday, '
Saturday,
Highest
Lowest
Week.
July 13.
July 12.
July 11.
July 10.
July 9.
July 7.
per share g per share $ per skars
per than
$
(Concluded).
Railroads
Shares
share
per
share
2512 Apr 4712 June
per share $ per share $ per share S per share 3 per
100 2814 Feb 7 3712 Jan 13
900 Western Pacific new
2958 30
30
30
*3018 32
*3014 32
31
Apr 78h Feb
31
55
32
.31
100 5412June 20 6218 Jan 6
600 Preferred new
*5412 5634 *5412 5634
56
5612 56,2 56
*58 *5878 5634 58
Industrial & Miscellaneous
57 June 12 85 Apr 62
5,300 Abltib I Pow & Pap newNo pa
5934 GO
4 Mar 1114 NOT
62.17
Abraham & Straus_ _ _ _No par 90 June 19 11112 Apr 13
*9258 100
8 11412June 18 109 Aug 11312 Feb
11012Mar
100
20 Preferred
11238 11238
Jan 210 Nov
100 195 Jan 4 378 Apr 87 124
900 Adams Express
296 300
9434 Nov 9618 Deo
100 93 Jan 16 9912 Mar 28
Preferred
*9614 100
Oct 1534 Feb
8
3
7
6
5014June
8
Feb
100 Ilh
24.400 Advance Rumely
3712 42
2214 Oct 4534 Nov
100 3414 Jan 17 6712June 6
3,100 Preferred
4914 53
284 June
1318 Sept
20
Mar
4
3
5
17
Jan
4
23
1
338 312 2,000 Ahumada Lead
85tay 7
6378 9,700 Air Reduction, Inc, newNo par 59 June 19 747
63
5 Jan 24
71-2 June -1131-4Star
—
14
12
712June
par
No
Inc
Rubber,
88 9,4 14,400 Ajax
47 Apr 27
21s Feb
1 June
1 Jan 5
358 35s 12,000 Alaska Juneau Gold Min__ 10
Apr 32 Sept
18
15 3114 Jan 26
2512 2512 1,100 Albany Pert Wrap Pap_No par 23 Mar 17
96 June 102 Sept
Mar 14
4
1113
Jan
9813
100
Preferred
-----Jan 1891, Sept
61 131
48.800 Allied Chemical & Dye_No par 146 Feb 18 18218June
16634 171
16534 166
17414 17758 2169 173
173 177
17214 173
100 12012June 28 127118May 4 120 Mar 124 Aug
Preferred
500
121
*12012
12012 12034 12034 12034
Jan 118% Dec
88
27
Apr
.12012 12078 12078 1207 *12012 121
4
1293
18
Feb
11513
100
12312 12714 5,400 Allis-Chalmers Mfg
2418 Feb
4 Nov
/
111
12434 1243 12434 12718 124 12518 123 124
*12418 126
1018June 12 1634 Apr 19
1034 1034 1,000 Amalgamated Leather_No par
1034 1034
12
*1114 1214 •1113 1238 1134 1214 *11
68 Dec 108 Feb
Apr 19
90
2
Mar
69
200 Preferred
78
7614 7714 *75
81
*77
85
4 Feb
1
/
37
*80
85
*80
85
Apr
31
Mar
*80
273*
3834
20
Feb
No par 2718
Corp
818 Apr 2112 Dee
3138 3112 3138 3234 3114 3214 3078 3112 3034 3034 3058 3112 7.300 Amerada
Feb 20 2314May 24
1834 1834 2,000 Amer Agricultural Chem .i00 1534
1912 1912 1834 194 1858 1914
284 Apr 7234 Dec
•1912 1934 1934 2014
May 25
75
.
20
Feb
5,8
55
100
6612 6534 6678 4,100 Preferred
Jan 98 Nov
6912 661g 6712 66
41
6713 6734 6812 6S4 69
10 7434 Jan 17 159 85ay 9
3,100 Amer Bank Note
117 119
120 120
125 12638 125 12712 *124 125
122 123
5612 Jan 65 Sept
50 61 Feb 10 6578 Jan 3
Preferred
6412
641 *61
6412 *61
*61
65
*61
65
Oct 2334 Mar
1518
65
*61
*61
5
4June
191
13
1434July
1514 1434 1514 2,500 American Beet Sugar _No pa
15
15
1512 1513 •1514 1512 1514 1579 15
35 Dec 6018 Jan
100 38 Feb 17 61 J une 16
500 Preferred
49
Jan 2634 Oct
*5414 55
13
*5414 5478 5414 5414 *5214 5314 5214 5214 *45
4
June
41
18
Feb
8
3
15
pa
3313 3413 3313 3514 3114 3378 3118 3234 3034 3158 3118 3233 20,700 Amer Bosch Ma,gneto__ o
35's May 46 July
40 June 25 491,2 Jan 27
4014 2,200 Am Brake Shoe & F newNo pa
4018 4014 4018 4018 40
.
4114 4014 41
41
4134 41
12 11714 Feb 128 Mar
June
123
4
Jan
12412
10
Preferred
*12418 130 *12418 130 *12778 130 *12413 130 *124 130 *124 130
514 Aug 3912 Jan
21
6,400 Amer Brown Boveri El_No Par 1038 Apr 27 261491ay
1412 15
151
1312 15
1613 1612 1614 1678 1558 1618 15
40 Aug 98 Feb
4034 Apr 27 6578May 21
10
100 Preferred
*5612 59
59
5612 5612 *56
Mar 7732 Dec
58
58
60
59
*53
4354
*53
14
8May
953
18
Jan
7012
2.
Jan 1413 Dee
8834 8718 8812 8314 8678 8178 8418 8112 8473 170.700 American Can
8818 8878 87
100 1363, Jan 10 147 Apr 30 126 July 111 Dec
400 Preferred
142 142 *142 143
142 142
*142 143 •142 143 *142 143
95
3
Jan
11112
21
9012June
Par
Fdy__No
&
Car
3.300 American
9412 96
98
9213 9414 9234 9338 *9212 95
*9514 98
Oct 1345 June
*95
124h
31
2Mar
1371
100 125 June 27
100 Preferred
125 125 *124 126 *124 125
*125 128 *125 12712 *125 127
981 Dec 103 Sept
100 9914 Mar 7 105 June 4
200 American Chain pref
103 103
102 102 *101 103 *10134 103
*10073 102 *10112 102
Jan 7414 Nov
36
11
485ay
893
12
Jan
No par 69
78
77
*7712 7912 *7712 7814 7634 7712 7534 7612 751k 7512 1.200 American Chicle
Jan 110 Dee
90
No par 107 Jan 5 114 May 21
Prior preferred
•110 112 •110 112 WO 112 *110 112 •110 112 •110 112
Apr 18% Nov
9%
1214 7.200 Amer Druggists Syndicate._10 11 Feb 18 1512 Apr 10
12
1212 1234 1214 1212 1214 1214
1258 1278 1258 1234
5711 Nov
Aug
s
383
25
Apr
75
4
Jan
par
53
6512 1,800 Amer Encaustic Tiling_No
63 .6012 6312 .60
653t 63
6412 6778 65
64
*62
183 Nov
100 169 Jan 10 20734June 6 127 Jan 31 Dec
4,000 American Express
189 190 *187 194
190 192
193 19534 190 192
187 188
1874 Feb
1
8May
387
28
Feb
8
223
par
_No
Power__
Fort,
&
34
Amer
3312
9,200
3534 3518 3614 3518 3614 3312 3412 3338 3334
35
8612 Feb 10934 Deo
No par 10414June 25 110 May 24
10634 10634 1,900 Preferred
107 10734 *10734 108
10712 10714 10678 107
•10612 107
No par 81 Feb 24 9634 Apr 27
93
93
1,500 21 preferred
94
94
94
9312 9434 '935 95
94
*9312 94
1
Feb
2
153
12
July
10
1013 1018 1,500 American Hide & Leather_100
10
1012 1034 10
1112 1034 1034 *1034 1114
•11
48 Star 667s July
100 40 June 13 67% Feb 1
700 Preferred
47
4312 4278 4278 *43
43
46
471 *44
471 *45
*45
3031 Jan 71 Nov
74
2,300 Amer Home Products_ _No par 59 Feb18 813485ay 31
74
74
74
75
74
7512 76
77
77
7534 76
2534 Oct32 Aug
1
41121une
10
Jan
No par 28
3918 3934 4114 3912 4038 3912 4034 3834 3973 3912 4038 34,600 American Ice new
39
Jan 96', May
84
7 9912May 9
Jan
90
100
Preferred
300
98
.97
9714 97,4 *97
98
98
98
08
*96
*9534 98
37 Mar 7232 Dec
17
May
125
5
Jan
par
71
__No
Corp_
Internat
89,000 Amer
92h 95
Jan
9912 10114 9858 1004 9813 10134 9418 9812 0158, 96
10
Junt
4
7
2May
77
514 Jan 12
1,000 Amer La France dr FoamIte_10
*55s 534 *558 6
534 6
6
6
613 6's
618 638
6018 Dec 9018 Jan
100 56 Jan 10 74 Mar 27
Preferred
70
*62
69
*62
70
*62
70
*62
70
Nov
*62
70
*62
7212
Apr
2018
20
8June
1187
13
Jan
2
563
100
104h 1067 16,600 American Linseed
10918 1091 109 11114 109 10978 106 10834 10534 107
463* Mar 9212 Nov
100 8512 Jan 13 130182une 25
1,200 Preferred
121 121
120 120
*124 130 *121 130 *120 130 *120 129
9914 Oct116 May
3,900 American Locomotive_No par 87 JIM 21 115 Jan 31 11912 Feb 127 July
9513 9614 9634 963
97
99
99
9713 9712 95
98
98
24
Mar
134
100 114 June 26
100 Preferred
12213 12218 •122 1221
*122 124 *122 124 *122 124 *122 124
7314 Jan 18812 Dec
700 Amer Machine & Fdy_ _No pa 12912June 19 180 Mar 26
14914 14934 140 144 *139 144 .139 144
•148 149 *146 150
11112 Mar 1 116 Jan 13
30 Preferred ex-warranta
11314 1131
13,Ws.
Nov
•11314 115 *11314 115 *11314 115 *11314 115 *11314 115
4
par 39 Mar 13 61 June
4734 4373 4712 4814 4712 483s 11,500 Amer Metal Co Ltd___No 100
4834 493s 4934 5034 4914 50
112 Apr 2 11712May 14
500 Preferred (6%)
11212 1121
11312 11312 113 113
11412 11412 *114 115 *11312 115
2012 Dec 4314 June
No par 13 July 13 25 Feb 7
600 American Plano
13
13
*13
1314 1314 1314 13,2 14
14
1412
4 Mkt
/
84 Nov 1101
100 50h July 12 90 Jail 3
150 Preferred
5018 5378 •50h 51
51
51
5878 51
51
51
*51
4 Oct
1
51
54 Jan 73/
14
May
95
11
Jan
6214
par
L1ght____No
A:
Power
: 14,000 Am
775* 7834 7712 781
7k Sept
147
8214 8113 8212 8112 8178 7814 81
82
Jarl
11014
30
Mar
4
1523
18
25 13034 Jan
136 13614 6,000 American Radiator
142 14378 14353 14434 14314 14412 137i2 1374 135 137
8742 Apr 11614 Nov
Jan 4 13834 Feb 21
11934 11934 1,000 Amer Railway Express_ ___100 11012 Feb
120 120
Deo
12012 12012 120 120
*120 12212 •120 123
8212
Jan
,
12
351
Apr
85
7
5114
par
6214 13,500 American Republics_ _ _No
5718 5934 59
6438 6433 631g 66
6438 5978 62
63
42 July 641a Nov
500 American Safety Rasor_No par 56 Jan 10 6878June 1
6112 6112 611, 6112
64
*63
63 .6013 63
6314 (1314 63
61 July
Oct
8
387
14
May
45
13
8July
325
par
No
c
t
v
3412 3412 3412 35
3414 *3312 3334 3234 3312 1,700 Amer Seating
3414 3412 34
4 Jan
1
6/
21 Oct
37 Jan 3
618/Jay 28
800 Amer Ship & Comm_ No par
414 4h
438 438
435 478 .414 434
414 414 .
414 414
Jan 12384 Nov
80
10 American shipbuttaing_Ioo 93 July 3 119 Jan 6
95
95
*9318 105 .9318 105
97
*94
•9313 105
Dee
09312 105
188,
Jan
4
/
1321
4
20314June
27
Feb
169
34,300 Ame,Smelting & Refining _100
19314 19414 19214 19418 18953 19178 18812 19034 218713 189
194 194
Des
100 1313* Jan 9 142 Apr 20 11934 Mar 133 Nov
500 Preferred
135 135
135 135
135 135 *135 137 •135 137
•135 137
,
Jan 1465
119;
13
Apr
17412
5
Jan
141
100
200 American Snuff
162 162
160 160 *156 162 •156 162
•162 165 *160 165
Oct
10612
Jan
9411
5
100 102 Jan 5 120 June
Preferred
•112 11334 *112 11314 •112 11334 •112 114 *112 11334 *112 11334
511 Apr 7234 Dec
53
4,800 Amer Steel Foundries_No par 501sJune 13 7032 Jan 11
5312 54
5318 52
5312 5412 53
5218 52
*5312 54
Jan
115
July
11034
29
Feb
120
19
June
109
100
270 Preferred
11058 111
11012 11213 11038 11012 11012 11212 11212 11212 11012 11214
6514 Nov 9534May
100 55 Feb 18 7814 Jan 12
7212 72
7234 6958, 71
6834 7018 6834 697s 8,700 Amer Sugar Refining
.7112 7234 72
Nov 11612 May
104
31
11012May
17
Feb
100
100
300 Preferred
*10714 10812 *10714 10833 *10714 10858 •10718 10818 10714 10714 107 107
4111 Jan 6834 0111
No par 473* Feb 27 6278 July 10
6,500 Am Sum Tab v t c
59
58
6114 6278 5912 61
62
5818 59
6018 6014 61
26
Apr 3533 Aug
500 Amer Telegraph & CablelOO 25 Mar 2 32 Jan 17
27
26
2578 2578 26
26
*25
26
2514 2514 .25
*25
4 Jan 18511 Oct
1
/
149
17
May
211
11
100 17314June
17734 17818 177 17814 176 17718 17413 17512 17378 17478 17418 1741 44,400 Amer Telep & Teieg
120 Jan 189 Nov
153 154
153 158
•15434 15612 155 15612 *15412 155
15612 156' 2.900 American Tobacco com__50 152 June 19 176 Jan 3 11914 Jan 186 Nov
50 152 June 19 177 Jan 3
6,600 Common class II
15614 157
*15434 15613 156 15612 155 15513 15312 15412 15312 158
Dee
100 11718 Mar 19 126 Apr 20 11034 Jan 120 Feb
200 Preferred
*119 121 *118 121 *118 12012 119 119 *119 1201 119 119
900 AznerIcan Type Founders_ _100 113 July 13 12634 Jan 3 119e Nov146
114 114 *11313 11334 11312 11312 11318 11314 113 1131
114 114
Sept
Feb116
10714
31
Mar
115
7
Jan
8
1071
10()
130 Preferred
10811 lOS't 111 11234 *10814 11113 *10814 11112 10814 10814 11138 1113*
66 Aug7212 Sept
5.600 Am \Vat Wks & El new _No par 52 June 11 7034May 4
571
5712 59
5913 60
5034 36,4 5634 56
56
59
59
997s Oct10312 Dos
100 July 3 106 Apr 13
400 1st preferred
102 102 *100 103 *100 10112 102 102 *10014 102 *10012 102
1612 June 33; Jan
14
Feb
24h
100 18 July 12
1.700 American Woolen
18,
1812 1812 1812 1812 1812 1812 1814 1814
1318 •18
18
8612 Jan
467a Jun
100 4414July 13 6214 Feb 14
3,900 Preferred
4512 4618 4514 4578 45
4014 4414 45
*4534 46
4534 46
97 May 2414 Oct
9
Feb
1912
20
1012June
400 Am Writing Pape: etfs_No par
1134 113 *11
1134 *11
1134
111, *1012 11
1134 *11
11
5714 Aug
Apr
2534
1
34 June 12 41834 Mar
200 Preferred certificate_ _ _100
*36
41
41
41
•36
*36
41
36
*36
38
41
•36
544 Sept1014 Feb
4 Jan 10 3234May 16
1
6/
9,100 Amer Zinc, Lead As Smelt_ _25
2738 2418 2558 2312 241
2312 247
2618 2012 2534 2734 26
Feb
Oct5114
35
11
Apr
98
25 60 Jan 16
86
8634 87
86
8314 84
: 83,2 2,100 Preferred
8338 821
82
•851, 871
4.134 June 6011 Dee
8June 4
6814 69
6938 6734 6812 6612 6838 66
68
x65
67
6612 46,200 Anaconda Copper Mining 50 54 Jan 18 747
Mar 63 Dee
38
9
May
97
20
Feb
5514
79
83
81
*81
2,900 Archer, Deals, MielFcl_No par
*79
7814 7934 7714 7853 78
83
*81
100 11254 Feb 20 11514 Mar 16 108 Jan 11312 Dec
115 115 •115
*115 ___ *115
20 Preferred
*115
___ *115 -Oct 9614 Feb
79
9334 9334 93311 9334 9312 9312 9338 9312 9258 931 *9212 9312 1,400 Armour & Co (Del) pref _ _ _100 8638 Jan 3 971:June 7
1578 Jan
814 May
6
1914 20
187/1 1934 1313 1878 18
1918 191
1838 1758 1833 45.700 Armour of Illinois class A J5 1114 Jan 16 2114June 11
91 Jan
Dec
5
tih Jan 10 1312May
25
1012
1014 1078
10
1014 64,000 Class 13
1014 1078 1012 11
10
978 101
60 Apr 8614 Jan
6
9112June
12
Jan
671s
87
100
87
85
2,200 Preferred
86
8514 8434 85
85
8733 8738 8713 88
Nov
5512
Apr
21
2
515
Apr
3034 3634 3614 3614 3534 3614 3558 361s 3,200 Arnold Constable Corp_No par 3538 July 13
3614 37
3634 37
Jan 32 June
22
30
400 Art Metal Construction__ _ _10 2512 Jan 10 343 Alw 19
31
*29
31
30
29
29
*2812 29
*29
30
*29
Jan
4
1
/
54
Dec
4034
30
Mar
8
443
13
39
No par 3612 July
3712 3818 37
39 .38
37
3812 3858 *33
3612 3634 1.300 Artloom C op
10912 Nov 11412 Nov
100 10712May 29 114 Mar 19
20 Preferred
*109 114 13109 114 .109 114 *109 114 •109 114
109 109
Feb
535 Nov
391s
23
Jan
34
48
13
4June
401
par
4212 4212 4213 4213 *42
4212 42
42
No
41
4114 4172 241
1.600 Assoc Dry Goods
9712 Mar 112 Dec
100 103 June 4 11378 Apr 3 105 Mar 114 Dec
100 1st preferred
10312 10312 •103 105
*103 10412 *10312 105 •10312 105 •10312 105
100 110 June 5 11912 Jan 27
2,1 preferred
•109 115 *109 115 •109 115 •109 115 *109 115 *109 115
Oct 5014 Feb
35
13
June
50
18
Feb
3712
25
*45
.45
47
50 Associated 011
46
47
40
47
4578 4578 4412 45
*45
303* Mar 6312 Nov
6978May 21
4934 5114 4812 4934 4612 48
51
4812 4,700 Atl G & W I S S LineNo par 3718 Feb 18
4634 4634 46
*50
3
2934 Mat 413 Nov
100 38 Feb 27 67'4 July
*54
5234 54
55
55
5633 55
5278 5438 5312 5418 2,400 Preferred
*56
Dee 1313* Aug
100 9534 Feb 9 1417s July 3 104
67,300 Atlantic Refin[ng
135 13814 13358 13578 13278 13478 13318 139
13778 13914 13634 139
Feb 119 Aug
100 11512 Apr 18 11814 Jan 3 11411
117 117 *116 118 •116 118 *116 118 •116 118
100 Preferred
•116 117
&pi Mar 70 June
23
Mar
101
3
Jan
63
par
NO
*75
79
200 Atlas Powder
*73
*75
79
79
79
75
74
*74
*74
75
Jan 107 July
31
98
2May
1101
20
Jan
100 10212
10 Preferred
.*107 10813 .107 10812 10734 10734
•107 10812 *107 10813 •107 1081
714 June 1218 Apr
814 Jan 5 1738June 6
No par
400 Atlas Tack
1434 •14
1414
1353 14
v13% 131
1414 144 133* 1338 •14
414 Mar 104 31413
14
914May
3
Jan
8
43
par
512 51. 1.200 Austin,Nichols&Co vie No
578 *578 618
578
*578 614
534 578
8 534
5,
Jan
234 Dec 61
100 25 July 13 31, Jan 21
29 •28
300 Preferred
*28
*27
26
29
30
30
2712 2712 25
*28
7214 Dec 8034 Nov
6134July 12 75 May 9
300 Austrian Credit Anstalt
*63
66
66
66 .63
63
6134 6134 .6112 66
*63
63
11
Mar
43s
25
8May
Dec
173
612
18
Jan
.No par
10
10
600 Autosales Corp
10
.9
10
*9
9
9
10
Ps 878
*9
28 May 4214 Dee
50 26 June 11 3734May 25
*16
•16
29
31
34
31
Preferred
*25
34
.____ 29 .16
43 Nov 4678 Nov
5212May 1
800 Autostr Sat Razor "A"_No par 4312 Jan 10
45
47
45 .44
4514 44
•44
*4514 47
47
.4512 47
1434
Jan 26514 Sept
31
Mar
285
11
Baldwin Locomotive Wks..100 235 June
*245 255 .245 255 *240 255 *240 250 *240 250 •240 250
Jar 12534 July
4 Ara' 11 116
1243
23
Feb
118
100
119
100
120
•11712
•117
Preferred
•11612 119 *11712 11912
*117 119
119 119
10644
Mar
11072 Dee
8
Jan
8
1117
25
Apr
10812
Bomberger (L) & Co pref....100
•107 110 *109 110 •109 110 •109 110 *109 110 *109 110
40
Jan 8974 Feb
2538 Apr 13 5212 Feb 1
par
No
Leather
200
8
265
8
*265
28
Barnett
*2
2718
28
2712
8
•265
28
4
*263
659
*2658 28
30
4
3
20
12 Feb
Apr
Oct35
8
7
26
12
June
20
25
A
class
10,400 Barnsdall Corp
2078 2138 2053 2078 2012 21
: 2112 22
221
22
22
22
2012 Oct8212 Feb
25 20 June 14 27h Apr 30
Class B
•21
•2012 21
*2012 2112 .2012 211
22
22
221 *21
•21
6214 5978 6153 5914 5934
6214 6258 6214 6234 62
*9234 9858
*9234 98
*9234 98
*9234 9878 *9234 98
*11113 11212 *112 11212
11212
.112
11212
*11112
11112 11112
295 300
305 305
313 315 *300 310
.295 312
*9614 100
*9614 100
*9614 100
*9614 98
*9614 100
3912
37
42
40
4
433
42
45
4414 4412 44
50
49
52
5412 5112 5212 51
54
54
54
31
312
338
314
8
35
*312
.312 334
312 312
8 64
6533 6212 6378
6518 6818 66
66
65
828 61
834 9,4
834 9
812 9
812 812
378 418
334 334
314 332
338 414
314 333
2512
25
*2513 26
*2534 27
27
27
27
*26
yeii
• Bid and asked prices; no sales on this day. x Ex-dividend. a Ex-rights.
236
New York Stock Record-Continued-Page 3
For sales during the week of stocks not recorded here, see third page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
July 7.
Monday, 1 Tuesday, 'Wednesday, Thursday,
July 9.
July 10.
July 11.
July 12.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100-share logs
PER BIZARR
Rouge for Previnat
Year 1927
Friday,
July 13.
Lowest
Highest
Lowest
1/1012eal
$ Per share S per share $ per share I 3 per share S per share $ per share Shares Indus.& MIscell.(Con.) Par
share
$
per
share
per
per
Mare
$
per shark
$
*105 119 *102 112 *105 115
103 10714 105 105 *103 107
500 Bayuk Cigars, Inc
No par 98 June 20 1401:Mar 1
491
/
4 Jan 109 Dre
10734 10734 10634 10634 *10614 10734, 107 10712 *10714 10712 *10714 10734
70 First Preferred
100 104 June 19 11038 Mar 28 101
Jan 110 Ang
16
1618 1512 1614 1512 15341 15
1478 1514 5,200 I3cacon Oil
15
No par
1512 15
1214 Mar 16 2014 Apr 25
14
Oct
1814 June
*74
76
*74
76
*74
1,700 Beech Nut Packing
75121 7212 73
7012 7012 7038 71
20 7038July 13 8312.Feb 9
5914 Apr 7414 Nov
17
17
1618 1618 *16
1578 1578
17
1618 1638 16
1,300 Belding Ilem'way Co_ _No par 1558June 11 22 Jan 12
16
July
Jan
1512
274
*87
87% *87
8712 *87
8714 87
1.700 Belgian Nat Rys part pref._ _
87
8712 *8512 8634 *85
85 June 12 9212May 14
*6613 68
661s 6678 6618 6618 6558 6618 65
6538 65
6514 2,200 Best & Co
No par 5314 Jan 19 7178 Apr 27 194 Aug 594 Nov
5558 5614 5534 5638 5514 5614 53/
5318 5478 15,600 Bethlehem Steel Corp
1
4 5514 5314 54
100 5178June 19 6938 Apr 14
4334 Jan 664 BMA
*11634 11712 *11658 117[4 11714 11714 11658 11638 *11678 11712 *11678 11712
400 Beth Steel Corp pf (7%)_100 11618June 29 125 Apr 13 10414 Jan 120 Deo
*34
35
*3412 35
*34
35
Bloomingdale Bros_ ___No par 34 June 12 4412 Jan 5
*34
35
*34
35
35
*34
June 5278 Nov
34
*10912 112
10933 10958 *10912 11012 *10912 11012 *10912 11012 *10912 11012
30 Preferred
100 10912 Jan 11 11134July 3 10912 Jan 114 Nov
*92
97
92
92
*92
97
*92
97
20 Blumenthal & Co Prof
97
*93
*93
97
100 87 June 27 98 May 14
Jan 95 Dee
44
7212 7234 7314 7314 *7114 73
1,700 Bon Ami class A
7114 7114 x71
71
70
70
Na par 6514 Jan 3 7834 Jan 27
1
4 Dos
5318 Jan 69/
7
7
714
7
713 738
718 734
638 658
634 634 5.200 Booth Fisheries
No par
834June 6
514 Jan 4
413 Sept
83g Apr
*46
49
47
4878 *46
*45
•45
49
*45
48
48
800 1st preferred
48
100 4114 Mar 14 4912June 15
36 Sept 5714 may
•160 16112 161 16112 15912 16114 158 15918 15512 15814 15514 155'3 2,800 Borden Co
50 152 June 19 187 Jan 11 16712 Dec 169 Dee
•1234 15
•123, 15
13
15
*1234 15
*13
400 Botany Cons Mills class A.50 1212July 11 23 Jan 4
1212 1234 13
18 May 3013 Sept
3514 3538 3538 3612 36
3734 3514 3718 3434 357s 3434 36 124,900 Briggs Manufacturing_No par 2118 Feb 4 42/
1
4.1une 4
1922 Sept 3628 Feb
*414 412
434 434
300 British Empire Steel
412
414 414 *414 412
414 414 *414
118 Jan 10
104
914May 25
12 Apr
2 Dee
712 '
*7
3714 8
*7
734 1 *7
600 2d preferred
1
4
634 6/
878
634 634
2/
1
4 Jan 5 12 Feb 1
100
712 Do
1
Apr
*249 255 *249 25312 249 249 *240 245 *240 245 *240 245
800 Brooklyn Edison Inc
100 2061
/
4 Jan 10 26814 Apr 13 14813 Feb 225
Dee
*143 148
146 146 *144 147
14214 14214 14014 14014 *140 142
500 Bklyn Union Gas
No par 139 June 13 15914 Apr 14
8958 Apr 1574 Dee
4734 4734 4712 4914 49
47
4934 4814 4814 47
471
/
4 48
3,200 Brown Shoe Inc
No par 4518June 11 651
/
4 Apr 5
3012 Feb 6014 Dee
4312 4312 4312 4452 4338 4418 42
43
4012 4134 4014 4138 12,600Brunsw-Ballte-Collan'r_No par 2712 Feb 20 5138Nlay 16
2578 July 384 Jan
3914 3914 385s 39
3618 36
38
4,3001 Bucyrus-Erie Co
3812 3638 3712 35
361
10 2412 Feb 1
5078June 2
47
4778 4718 48
4678 4734 451
/
4 4658 4412 4638 45
451
/
4 8,5001 Preferred
10 3338 Feb 17 5458May 14
*11312 116 *11312 116 *11312 115 • 11314 11314 113 113 *11038 112
200 Burns Bros new clAcomNo par 9312 Feb 17 125124une 2
June 126I4Jan
27
27
27
27
26
251, 26
2612 26
.26
27
26
1,4001 New class B corn ___No par
1578 Mar 8 4338June 4
161
/
4 Mar 344 Jan
*105 10634 105 105
10514 10678 *104 10612 *105 10678 *105 10612
40 Preferred
/
4 Feb 21 I1034June 11
100 971
June
90
Jan
100
*15512 157 •15534 15612 156 156 *156 157
156 156
156 15618
900,Burroughs Add Mach_ _No par 139 Jan 14 165 Feb 3 290 Mar 146 Dee
54
*53
53
53
53
*50
55
53
52
*50
52
52
300 Bush Terminal new _._No par 50 June 20 6714 Apr 13
2934 Jan 69 Nov
109 109
109 10934 109 109
109 110
110 110
110 110
2001 Debenture
100 10714 Jan 4 115 May 21
9114 Jan 11171 Dec
*11512 119 •11512 119
11512 11512 *11512 119
114 11512 *11512 117
30 Bush Term Ilidgs pref
100 114 July 12 11912June 15 1033s Feb 120 Aug
Vs 7
634 718
7
658 7
7
618 612
6
614 7,400!Butte Copper & Zinc
5
/
4 Jan 19 10 May 28
41
334 Mar
51
/
4 May
*4534 4614 4534 4612 46
43
40
45
4612 4514 46
42
5.500 Butterick Co
100 40 July 13 6712May 15
44
Oct 614 Feb
•1214 1278 12
1258 1214 1214
12
12
1112 1172 1152 1178 2,000:Butte & Superior Mining_ __10
9 Jan 11 1634S,lay 21
Nov
714
1114
Jan
*72
7212 7212 7212 73
71
*71
73
72
*71
73
73
600,13y-Products Coke
No par 65 Mar 1 8014May 24
Jan 9212 June
66
9812 9912 98
9812 97
94
98
9012 94
95
91 14 93
8,300 Byers & Co(A 51)
No par 9013 Jan 16 11712 Jan 27
42 Jan 102114 Dee
*112
•10512 10634 •113
•112
____ *112
0.112
Preferred
100 108/
1
4 Apr 13 11212 Jan 14 10514 May 11213 Des
73
*72
7238 7238 7112 7234 71
7018 71
71
69/
1
4 71 - 8.000 California Packing
No par 6812June 18 79/
1
4 Apr 13
6014 Apr 79 Dee
.3014 3114 *3012 3112 .
3013 3112 30
3012 *2912 3012 *2912 30
600 California Petroleum
25 2514 Mar 16 3234May 22
314 312
3
3/
1
4
318 314
3
278 3
318
2/
1
4 278 3,200 Callahan Zinc-Lead
134 Mar 8
10
538 Apr 30
114 Sept -1
;
1 Jan
9734 9734 9312 9912 9634 9914 9434 9718 9414 9534 941 i 96
6.1001Calumet Arizona Mining
10 89 Feb18 12014 Jan 3
1
4 Dec
6112 June 123/
23
2338 2234 23
2314 23
2118 2212 2114 22
2112 22
10,1001Calumet & Ifecla
25 2018 Jan 10 2514May 28
1414 July 2434 Dee
77
77
7614 7678 7614 7678 7534 7612 75
7534 7414 7434 11.500 Canada Dry Ginger Ale_ No Pai 5478 Jan 5 8612May 8
Jan 601
36
/
4 Aug
*346 348
340 34734 •335 342
321 330
310 320
320 32434 6,720tCase Thresh 11,1achlne
100 247 Jan 21 35612July 5 132
Jan 28314 Oct
*121 125 *121 125
125 125 *125 128
125 12.5 *121 125
200 Case Thresh Mach pref_ _100 I2438June 28 13512 Mar 30 111
129
Feb
Dee
3312 3378 34
3338 32
34/
1
4 3334 3458 33
3234 3218 3378 15,100 Central Alloy Steel.__No par 2818 Mar 27 4034May 24
Apr
24
Apr 33
*12
13
12
12
12
12
*1318 14
*1218 1212 12
1218
600/Century Ribbon Mills_ _No par 1112 Feb 18 1758 Apr 4
1014 Aug
101
/
4
Jan
*8114 85 '
'1 8114 82
8114 8114 81
8114 *8034 81
80/
1
4 80/
1601 Preferred
1
4
100
Feb
21
8014
May
92
15
Jae
884
Dee
70
78
783s 77
7814 77
7712 7534 7678 Z73'4 75
7312 7414 20,8001Cerro de Pasco Copper_No par 5812 Jan 3 7013 July6
58 June 7211 Dee
4212 4314 4338 4338 42:18 43
40% 4214 4058 411
/
4 4112 4212 6,700 Certain-Teed Products_No par 4034May 24 6458 Apr 28
42
Jan 5544 Ma,
*95
97
*95
97
97
*95
*95
*95
97
97
•95
97
I 7% preferred
100 97 June 2 100 May 21
*7118 72
*7118 72
*7118 72
*711
/
4 72
72
71
72
*71
700,Certo Corp
No par 71 May 3 7712June 2
65 Dec 783* AUg
*712 814
734 8
712 712
7,
4 7,
718 714 *7
4
714 2,600 Chandler Cleveland MotNopar
512 Feb 29 1312May 15
41
/
4 Nov
14 Mat
16
*15
*1512 16
*15
16
1434 1512 1512 1512 15
15
1,4001 Preferred
No par
14 Mar 13 2538May 15
13 June 264 May
67
6714 6658 6734 6512 66
64/
1
4 6512 6318 6414 62% 63,2 7,500 Chesapeake Corp
No par 6234July 13 81?, Jan 6
6414 June 881g Ool
•118 12012 *118 12012 12014 12014 *118 120
118 118 •11512 118
800 Chicago Pneumatic Tool__ 100 115 June 25 14114 Jan 30 1201
/
4 Jan 13714 Mar
3138 3112 3112 3112 *3012 3112 *3012 3112 3038 303s *3012 3112
100 Chleago Yellow Cab
No par 3014 Mar 24 43 Jan 14
38 July 47
Oct
44
4418 44
4412 4412 4558 4312 4418 4312 4334 4312 4358 4,400 Childs Co
No par 37 Apr 19 5212 Jan 7
485
8 Mar 6521 Aug
4578 4638 46
4638 4538 4578 4434 46
4412 45
4414 4518 15,1100Chile Copper
25 3738 Mar 5 4623 July 5
331
/
4 June 444 Dee
*82
90
•82
85
82
*62
82
82
*62
79 •62
79
100 Christie-Brown tern ctfsNo par 79 June 20 131 Jan 23
3478 Jan 901
/
4 Dee
7418 7458 7412 7614 7438 7534 70% 7418 6978 7278 69/
1
4 7214 219,700 Chrysler corp
No par 544 Jan 16 8812May 29
3818 Jan 6312 Dee
11478 1147814'1147g 115 *11478 115 •11478 115 *11478 115
11478 1141
/
4
3001 Preferred
No par 11358 Jan 9 117 Mar 12 10238 Apr 116 Dee
5238 54
*53
5412 *5312 54
*5312 54
*5312 54
1,400 City Stores class A
No par 511
/
4 Jan 19 5414June 11
4614 Mar 64 Des
86
8638 8634 8738 87
86
85
85
3,800 Class B
8734 8612 8712 85
No par 82 Jan 5 102 June 8
414 Apr 6412 Dee
*8312 8412 85
85
83
83
8014 82
7912 80
79
/
4 Jan 10 10934 Apr 5
79
1,300 Cluett Peabody & Co...No par 771
51 June 8413 om
*12014 121 .120 121 *12014 121
12014 12014 12014 12014 *12012 121
110 Preferred
800 11818 Mar 21 12434 Mar 19 11114 Jan 12514 Nov
165 166
165 166
16512 16512 16134 16312 160 16134 159 16112 4,500 Coca Cola Co
No par 127 Feb 20 17734May 15 054 Apr 19913 Apt
5812 60
57
6014 5658 5938 5514 5712 5412 57
5512 5838 44.200 Collins & Alkman new_No par 50 June 25 1111
/
4 Jan 3
86 Aug 11313 Deo
*90
92
92
92
93
93
9112 92
9112 92
9212 93
1,500 Preferred
100 90!4 July 6 109 Jan 3 10211 Sent 10914 Dee
6012 6314 63
6434 6212 6414 58
6178 5612 5912 571
/
4 6014 12,500 Colorado Fuel & Iron
100 52124 une 25 841
/
4 Jan 31
422, Jan 964 July
*8134 82
82
82
8214 8212 81
8134 7912 80
7912 80
1,500 Columbian Carbon v t cNo par 79 June 12 9814 Jan 24
(3674 Jan 10114 Nov
10918 110/
1
4 109 11012 10758 10938 10512 107
10518 1077g 10512 10878 23,100 Colum Gas ,Ic Elec new.No par 8912 Mar 15 11838May 16
82
/
1
4 Feb 9814 May
108 108 *10814 109 *10812 109
10834 10834 10814 10812 108 10814
1,000 Preferred new
100 106 June 19 11018 Jan 3
/
4 Jan 1104 Dec
991
7578 7578 75
7514 7312 75
7112 73
270
71
71
70
10.800 Commonwealth Power_No par 8214 Jan II 8712May 8
4853
May 7814 001
*3012 3212 32
32
3112 3214 303g 3114 3012 31
3114 • 2,800 Commercial Credit_ _ No par 21 Feb 20 3538May 4
31
14 June 2413 Dee
2438 24.38 2438 2434 *2434 247g 2434 2434 2412 2412 *2434 2478
200 Preferred
25 23 Feb 3 27 May 8
June
17
241
/
4 Sept
*2512 26
*25
26
*2512 26
*2512 26
2578 28
*2512 26
120 Preferred B
25 23 Feb 7 2734May 11
1872 June 25 Dee
90
90
90
90
90
90
89
90
89
89
*8912 91
210 1st preferred (63-.%)__100 85 June 12 96 Mar 16
69 July 89/
1
4 Dee
6878 6878 69
6912 6912 70
69
70
66
67
6712 67
3.900 Comm Invest Trust _ _. _No par 5534 hlar 1 74 Apr 17
411
/
4 May 62 Dee
*10512 109 *10512 109 *106 109 •106 109 •106 109 *106 109
100 99 Jan 27 109 May 14
7% preferred
9412 Sept 102 Dee
*9412 9712 *95
9712 *9512 9712 *9512 9712 .96
9712 *9512 9712
Preferred (614)
100 9238June 16 9712May 11
864 July 9814 Deo
151 152
15054 15212 15212 15834 15012 15012 *147 149
150 15034 3,100 Commercial Solvents_ _No par 1371
/
4June 19 18912 Mar 28 145 Nov 203 Sept
*59
5978 5034 593 *59
593
58
59
5612 56,2 5612 5612
600 Conde Nast Publica__..No par 48 Jan 14 65 June 2
39 Aug 53 Dee
2312 2334 2338 2438 2314 237s 22% 23,4 2214 2212 22
2234 16,700 Congoleum-Nairn Inc No par 22 June 12 3112 Apr 17
1714 Jan 2914 Deo
.71 7312 *71 7312 73 7312
70
7012 6934 70
69
69
1,100 Congress Cigar
No par 67 Feb 18 8178 Jan 3
47 Mar 8812 Dee
*8714 89
88
88
8712 8712 86
86
8412 86
8434 8434 2,100 Consolidated Cigar___ _No par 7913 Jan 20 99 June 4
7414 Oct 864 July
*9834 9912 *9834 9912 9812 9912 *9712 99
9712 9712 9634 9712
500 Preferred (6)
100 9614June 26 10234 Apr 18
_
Consolidated DistrIb'ersNo par
12 Oct --2-1-3 Feb
3 May 18
72 Jan 21
149/
lSISg 112-1-2 15034
1
4 150/
1
4 145% 14914 1437s 145% 14438 14834 74,100 Consolidated Gas(NY) No par 11938 Jan 10 17014May 7
94 Mar 12.54 Dee
10112 10158 10152 10158 10138 10138 10112 10158 1,900 Preferred
10114 10114 *101 102
No par I0012June 27 105 Mar 28
93 Mar 103 Deo
318 318
318 314
312 318
318 314
314
314
3,8 3,4 6,600 Consolidated Textile_ No par
318 Feb 9
538 Mar 28
3/
1
4 Mar
718 June
2914 2914 2914 3178 *30,4 3078 2712 30
27% 2778 28
28
par 2612 Apr 10 5312 Jan 13
6.100 Continental Baking clANo
3312 Apr 744 Jan
43
434 5
*4/
1
4 478
478 5
434
412 434
458 434 6,900 Class Ft
No par
3114 Apr 10
6 Jan 13
4 May
1014 Jan
79
78
79
79
7912 .78
7912 7812 80
7912 7912 7912 2,800 Preferred
100 73 Apr 10 9812 Jan 20
72
Apr 974 Nov
100 10058 99 10014 98,4 99,4 9512 98
9512 9614 95
97
11,900 Continental Can Inc__ _No par 8014 Jan 10 11478 Apr 16
58/
1
4 Apr 8674 Dee
*12434 12514 *12434 12512 12434 12434 *12434 12512 *12434 12512 •12434 12512
10 Preferred
100 123 Jan 5 128 Mar 26 120
Jan 126 June
81
81
*8012 81
7834 8034 78
7812 7718 79
8033 81
5.100 Continental Ins temp etts_ _10 75 Feb 15 9478May 15
7412 Dec, 9314 Dee
1218 1212 1134 1214 115s 12
1214
12
1214
12
x1134 12
16,400 Continental Motors_._ _No par
10 Mar 13
1478May 8
872 Nov
134 Jan
73
73% 7234 7312 7378 7412 7034 7212 6958 70/
1
4 70
7014 15,500 Corn Products liefInIng___25 644 Jan 3 8278 Apr 13
457
4 Jan 68 Nov
•140
14312
*140 14312 *140 14312
*13914 142 *13914 142 *13914 142
100 13812 Jan 16 14634 Apr 10 128
Preferred
14214
Jan
Deo
17312 17312 174 175
175/
1
4 17612 170 174 *170 175
170 170
2,300 Coty Inc
No par 123 Jan 3 188 June 7
56
Jan 123 Deo
*6912 71
6934 7034 7034 7114 7012 71
7034 7114 7034 72
5.500 Crucible Steel of America..100 6914 July 3 93 Feb 7
7812
9614
Oct
Mat
•112 115 *113 115
114 114 •114 115 *114 115 *114 115
100 Preferred
100 11212 Mar 18 121 May 11 103
Jan 115 Sept
24
2414 *2312 24
23
2414 2414 2414 *24
2312 2278 2278 1,800 Cuba Co
No par 22 Apr 4 2878May 8
181
/
4 Aug 3414 Jan
618 618
6111 618 *5/
1
4 6
618 614 1,500 Cuba Cane Sugar
534 618
514 July 3
534 6
No par
712May
44
104 Jan
12
Oct
•21
*2012 2112 20
2112 2112 2134 2038 21
2078 2012 201
/
4 4.000 Preferred
100 19 June 26 3238 Jan 12
281
/
4 Nov 504 Jan
1978 1978
1912 19
1978 2018
19[2 1978 1912 1912 19
1914 3,400 Cuban-American Sugar_ ___10 19 July 12 2414May 25
Nov
Jan
187
284
8
•102- 106 *102 108
102 106 *102 106 .•102 107 *102 107
Preferred
100 1011
/
4 Feb 16 108 Feb 1
9712 Nov 107 Aug
984 *9
10 / *9
934 *9
934
934 *9
*9
934 *9
Cuban Dom'can Sug newNopar
9 June 23
12 Jan 4
1012 Nov
18
Jan
6734 68
6934 664; 6812 65% 6712 66
6712 25,800 Cudahy Packing new
68
6812 70
50 54 Jan 3 7218 Feb 14
434 Apr 584 Sept
110 11112 10634 11012 10412 10812 9914 10478 9712 101
9714 10318 40,300 Curtis Aer & Mot Co__No par 5312 Feb 27 19234May Is
4513 Nov 694 Dec
Preferred
100 11714 Jan 5 14318 Apr 18 III Nov 118 Dec
4.1.66 ff.
184 *iio- 184
180 180 .170 178 *170 17978
100 Cushman's Sons
No par 14434 Jan 13 198 June 8 103
Oct
Apr 152
125 125 *123 126 *123 126 *123 126 .121 126 *123 126
30 Cushman's Sons pref (7)_100 114 Jan 11 126 June 13 107
Apr 125 Dee
*52
52/
1
4 *52
5234 62
51
52
511
/
4 5134 5114 51 14 51
1.300 Cuyamel Fruit
No par
5014May 10 554 Jan 20
551,
Oot
Apr
30
471a 5212 53
5238 4734 5012 4818 54 106,000 Davison Chemical v t c_No par 34/
57
5312 5618 48
1
4 Feb 18 57 July 9
7614 Apr 484 Dec
124 124 *123 125 .124 125
124 12412 •124 12412 •124 125
80 Deere & Co prof
100 11513 Feb 1 12634May 15 1051
1254 Nov
/
4
Jan
*20014 20312 202 202
197 198 *199 202
200 200 *200 205
1,000 Detroit Edison
100 1661
/
4 Jan 11 20934Juite 4 13312 Jan 17018 Dee
5138 5138 51
527
501g 5034 5012 5012 3,600 Devoe & Raynolds A_No par 40 Jan 3 61 Apr 16
5218 53
5114 52
4.271 Dec
364 Aug
•11414 11512 *11414 11512 *11414 11512 *11414 11412 114 1141
60 1st preferred
/
4 *11412 115
100 108 Jan 9 120 May 16 101
Jan 11412 Dee
158 159 •159 15912 159 15912 15714 159
157 157
15714 158
190 Diamond Match
100 134/
1
4 Jan 18 161 Feb 2 115 Feb 14714 BePt
1412 1412 1414 15
1312 1334 7,100 Dodge Bros Class A _ __ No par
14
1458 1312 14
13/
1
4 1434
12 June 11 2418 Jan 4
1314 Oct 274 Jae
7212 7234 7312 74
7212 7478 71
69,4 71
4.800 Preferred certif
7312 6914 71
No par 6312June 19 88 May 31
5612 Oct 85 Feb
834 878
834 83
838 838 2,300 Dome Mines. Ltd
812 834
814 8%
• No par
83* 832
8 June 13 1312 Jan 6
144 Dec
7 June
*61
62
6012 6012 *6014 6012 60
*59
61
59
6014 59
1,100 Dunhill International_No par 551
/
4 Jan 9 76 Mar 29
49 am/ 624 Oct
101 101 90012 10112 *10012 10112 *1001
*101 10114
/
4 10112 .101 1011
200 Duquesne Light 1st pref_. _100 10078June 30 11612 Mar 3 1141, Mar 117% Nov
/
4
178 178 .176 17712, 17612 17612 17434 17534 171 173
17034 173
2,600 Eastman Kodak Co__ _No par 163 Feb 20 186 May 14 126/
1
4 Jan . 75t. Sept
•13014 132 .13014 132 1 13014 13014 *13014 132 *13014 132 4.13014 132
20 Preferred
100 125 Mar 7 134 Apr 3 11914 Jan 1311, Oat
3812 3978 3934 41141 3912 4034 3752 3834
2371s 3812 39.500 Eaton Axle & Spring. _.No par 26 Jan 11 4134June 4
3712
381
/
4
21 14 Oct 2914 June
382 384
379 38312 380 39112 375 38612 365 3741
14,200 El du Pont de Nem newNo par 310 Jan 10 405[2June 4 168
/
4 363 372
Jan 34324 001
11612 1161
/
4 .116 118 i•115 118
115 115 *11378 115
11478 117,
4
1.100, 6% non-vot deb
100 11478July 13 12112May 8 10513 Feb 118 Dee
•iai-
• 131d ad aske
prices; no sales on this day. s Ex-dividend
Ex-rights
0 Ex-warrants.
New York Stock Record—Continued—Page 4
237
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 7.
Monday,
July 9.
Tuesday,
July 10.
Wednesday, Thursday,
July 12.
July 11.
Friday,
July 13.
Sales
for
the
1Veek.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SR ARE
Range Since Jan. 1.
On basis of 100-share lots
Lowest
1
Highest
PER MARE
Haase for Proems
Year 1927
Lowest
Highest
8 per share $ per share
per sheet
$ per share $ per share $ per share $ per share $ per share 3 per share Shares Indus.&Miseel.(Con.) Par $ per share
25 1218 Jan 3 23 Apr 12
1612 Feb
1014 Nov
1412 1434 1418 144 1,300 Eisenlohr & Bros
15
1512 15
*15
1578 •15
15,2 *15
No par 60 June 25 707 July 5
6958 66
6778 6512 6612 6538 6712 17,330 Electric Autolite
69
6912 6812 6934 68
No par 11 June 19 1738June 6 TIC,"Ali; lit; Aug
1214 1214 1178 1214 1134 1134 1114 1134 1114 1158 114 114 5,400 Electric Boat
34
No par 2834 Jan 10 4512May 14
1612 Jan 3238 Dee
3418 35
3412 X3312 3438 16,800 Electric Pow & Lt
36
3618 3534 3638 354 36
Jan 109 Nov
No par 1064 Jan 10 11018 Mar 8
90
10734 10734 10758 10758 107 107
1074 10718
600 Preferred
108 108
108 108
Electric Refrigeration_ _No par lug Feb 6 174 Mai 19
534 Nov 374 Jan
751
69 Feb 20 8478May 16
6314 May 7912 Jan
74
Elec Storage Battery._No pa
77
/W- "rn
7333 riff- "iL" "
78
78
fdi
9 Jan I
6 June 19
7 Dec 15% May
612 612
618 64 "618 7
*64 7
*618 7 --61g0 Elk Horn Coal Corp.. No pa
*61s 7
1512June 4
13 Apt
5% Feb21
3
Oct
1312 154 1112 1318 1014 11
10
1078 1414
11
10
10,400 Emerson-Brant Class A.No par
10
3712 Max
30 July
*25
31
*25
No par 30 July 3 33 Mar 1
25
Emporium Corp
31
31
31
*25
•25
30
*25
31
8434 Jan 8114 Dee
8014 8012 7658 7973 *7712 7912 *7712 7912 2,800 Endicott-Johnson Corp__ _50 7514June 12 85 Apr 17
81
*7712 79
79
100 12114 Jan 27 127 May 18 1164 Jan 125 Sege
*12234 12512 *12234 12512 *12318 12512 *123 12512 12318 12512 *12318 12512
Preferred
21% Jan 39% OW
3812 3834 39
3934 38
39
3958 39
37
3734 3714 3758 3,900 Engineers Public Serv __No par 33 Feb 18 4614May 7
93% Jan 108% Dee
No par 107 Jan 2' 11114June 21
Preferred
--24% Jan 3572 Dec
5 331s Feb 201 384 Jan 23
---Erie Steam Shovel
84% Sept 9312 Dee
145 May 15
oiii" fii" 130" fif"
500 Equitable Office Bldg_ _No par 904 Jan
50 Aug 7772 Not
-a- W2- -61512 62
6334 6334 6478 6478
6312 3.000 Eureka Vacuum Clean_No par 6012July 121 79 Jan 3
"ii
1512 Jan 28 Dee
*2018 21
*20
*20
21 •20
21
21 '20
21
2012 2012
100 Exchange Buffet Corp_.No par 1978June 15 2278May 7
8014 Nov 4812 may
43
43
457s 4334 4334 42
•40
42
434 41
No par 324 Jan 5 54 Apr 19
*41
42
4,300 Fairbanks Morse
14
107
Des 112 MOT
108 10858 108 108
109 109
10634 10634 *10614 11038 •10612 110
100 104 Jan 9 11434May
430 Preferred
92 July 1151s Be.
12734 1287s 12812 12958 12912 13112 127 129
12512 127
1254 12834 42,500 Famous Players-Lasky_No par 11114 Jan 16 13178June 2
Jan 67 May
2
87%
563
4May
5213 52,2 5134 52
524 5212 *5212 53
Jan
10
42
5134 5134 52
15
52
1.700 Federal Light & Trac
91% Feb 100 Aug
10634 10634 107 107
107 107
107 107
107 107
No par 98 Jan 8 109 Apr 19
10712 10712
290 Preferred
•125 140
60 Feb 187 June
126 126 *125 140
125 125 *105 140 *105 140
200 Federal Mining & Smelt'g_100 120 Apr 17 145 May 15
75% Jan 97 Mar
*9712 9812 *9712 9812 4.9712 99
*9712 9812 *9712 99
100 9114 Jan 3 9938May 21
Preferred
*9712 99
*19
17 Dec 3072 Jan
8
1914 184 19
1812 1778 18
174 1714 1712 17,2 2,100 Federal Motor Truck_No par IN July 12 254May 8
*81
82
*81
82
16
82
12
9412May
82
79
82
7514June
79
new
10
80
1,700 Fidel Phen Fire Ins NY
80
80
147
,May
•1232 13741 •1233 1378 •1258 1412 124 1412 14
14
No par 114 Jan 9 1514May 10 IC Nov
*1212 14
220 Fifth Ave Bus
34
3412 3438 3534 34
1914 Ma, 30 Feb
34
3434 34
3314 344 3414 347s 10.400 First Nat'l Stores
No par 28 An, 4 3834June 1
12
1238 1214 1278 1218 1212 1178 1214
14% Oct 20 Apr
1112 12
No par 1118June 26 1734 Jan 4
114 1218 18,500 Fisk Rubber
Jan 100 Bent
*7912 80
81
80
80
7934 7934 7912 7934 *7714 791
7512 7714
9001 1st preferred stamped-100 754July 13 914 Jan 10
• __ 81
81
81
9412 July 102 Begat
84 • __ 84
100 81 June 29 9734 Jan 5
84 *____ 84
200 1st preferred cony
7058 71
4612 Feb 7112 Dee
7012 7114 6938 7112
68
6878 68
6834 29.600,Fleischman Co new_ __ _No par 65 June 19 7638 Apr 14
*4212 484 *4212 4712 *43
85 Nov 88% Apt
4534 *424 4612 *4212 471 *4212 474
No par 42 Mar 5 5534MaY 16
!Foundation Co
78
7838 7814 80
50 June gaay Dec
7814 7978 7512 77
7414 7514 7414 765s 16,800 Fox Film Class A
No par 72 June 12 9214June 2
7172 7212 71
7112 6834 704 6814 7014 r6738 69,4 19,400,Freeport Texas Co
8414 Jan 10612 Dee
7214 71
No par 8314.1tine 1 10914 Jan 11
•104 105
1064 107 •106 107
Apr
23
1094
106 106 •10512 10614 •10512 106
Mar
17
1034
300'Fuller Co prior pref.__.No par
1912 204 2014 2138 20 204 1914 2012 1914 191 1938 20 16,200'Gabriel
No par
15 Mar 23 284 Jan 5 II- Dec 69 Aug
Snubber A
1018 104 1038 10314 104 1038
612 Jan 1512 Dec
9
10
9
9
714June 12 1634 Feb 2
4,8001Gardner Motor
No par
834 9
71
7112 7338 "71
•70
Jan 64% Dee
72
68
70
704 6812 70
400 Gen Amer Tank Car__.No par 6078 Feb 20 7712May 15
69
70
*110 11058 *110 11058 *110 11038 *110 11058 1104 1101 *110 11034
100 Preferred
100 10914June 23 11134MaY 15 108% Mar 11212 Sept
75
76
744 77
96% Map
7412 7512 71
Aug
7334 70
05
Apr
30
947
s
713
704 72
June
12
12.300 General Asphalt
100 68
"11612 11812 "114 118 •115 118
11334 115
111 11238 •111 113
1414 Apr 30 10714 Aug 14472 May
8001 Preferred
100 11018June 1
*14212 14912 14212 14912•14212 14912 14214 14212 •14212 1491 •14212 14912
Oct
40 General Baking pref___No par 134 -ian 2 150 June 8 1184 Apr 160
24
2312 24
2312 234 *23
2314 24
24
24 "2314 26
354 Apr 28
2,000 General Cable
No par 21 Feb
66
66
66
6614 65
6573 64
6418 6314 633
-131-e•C
634 6412 5,2001 Cleat A
8078 Mar 20
No par 56 Feb
64
6334 6378 63
Jan 74% Dec
63 634 "6212 6318 6112 621
52
6212 6212 1.500 General Cigar. Inc new_No par 5912June 1
7538 Feb 2
•11712 121 *11912 121 •11712 121 *11712 121 *11712 121 •11712 121
Jan 136 Beni
100 11534June 1 130 Apr 27 116
Preferred (7)
*54
55
*544 55
54
544 *54
5414 5318 531
53
5418
5438 Apr 5978 Nov
700 Gen Outdoor Adv A _ _ _No par 53 June 19 587s Jan 3
37
371
3712 38
3534 37
36
37
35
357
35
Jan 5878 Nov
36
2,900 Trust certificates_ _ _ _No par 31 June 25 5238 Jan 7
37
150 153
15214 154'4 15238 154
145 1498 144 1463 144 148
Jan 1464 Sept
81
80,800 General Electric
No par 124 Feb 27 17412 Apr 16
1138 1138 1114 113* 1114 1138 114 1138 111s 111
1112 Jan
11 June
1114 1138 6,900 General Electric special- —10 1118July 1
12 June 7
4934 501
4914 501
4913 4934 47
484 4534 47
49
Apr ars Feb
34
5034May 16
5012 8,100 General Gas & Elec A No par 354 Jan 1
10914 10914 10953 10938 *10812 110 *1094 110 *10914 no •10914 110
Jan 11018 001
118 May 10 100
500 Gen Gas & Elec pf A (7) No par 10812 Jan
*126 130 *126 130 •126 130 *126 130
125 125 *120 128
100 Preferred A (8)
No par 12214 Mar 22 144 Apr 18 11314 Mar 12338 Nov
*105 110 '1106 110 *105 110
10934 10934 •108 110 *10812 -Jan 10518 Dec
96
100 Preferred 13 (7)
No par 10512 Jan 1 11478May 16
19238 19412 1921s 19438 19258 19934 190 197
Oct
18238 191
18158 1873* 1883000 General Motors Corp new._25 130 Jan 10 210 May 7 1134 Aug 141
*12658 1273 *12434 127
12434 125 *12434 125
125 125
500 7% preferred
125 125
100 12312 Jan 26 12712 Apr 12 1184 Mar 125% Dee
9614 9738 96 1013
9858 1011
9412 9838 9414 97
82% Jan 153% Sept
47.900 Gen Sty Signal new.__No par 8414June 20 12338 Jan 3
94
97
5018 50'z 49
49
4973 50
484 491
88
Jan 81 Dee
48
2.200 General Refractories__ _No par 4512June 13 82 Jan 3
48
49
49
*10234 103
10234 1027 1024 10378 100 102
95% Nov 10912 Oct
9914 10034 9958 1014 12.400 Gillette Safety Razor__No par 9718June 19 11218 Apr 13
5534 56
5518 5584 5338 55
5512 563
35% Dec 59 Bent
9,600 Gimbel Bros
53
55
No par 3418 Mar 8 5978June 14
5434 53
*99 100
*99 100
*9978 100
91 Nov 10812 July
*9912 100
9978 9978 *97 100
100 Preferred
100 87 Mar 6 101 June 15
23
23
234 2358 2313 2334 2212 231
1412May 23 Mar
2218 2212 2214 2278 7.600 Glidden Co
No par 2038 Jan 27 2638May 23
*100 10012 100 1001 *10018 101
10012 101
86 Aug 101 June
101 101
270 Prior preferred
100 95 Jan 4 10478June 1
10018 101
89
89
8714 8938 864 8838•1 83
42 Mar 784 De
8634 83
8514 84
861 16,800 Gold Dust Corp v t c—_No par 71 Jan 16 10538 Feb 15
75
7534 75
7538 744 76 I 7318 75
42% Jan 96% Dec
7314 74
No par 6812June 18 9938 Jan A
7318 7578 21,600 Goodrich Co(B F)
•111 112 *111 112 *111 112
95
Jan 111% Dee
111 111 *110 112 *110 112
100 10912 Feb 17 I1538May 1
100 Preferred
4834 4878 4812 49
48% Aug 6938 Dec
4814 4938 4733 484 4534 4734 4578 48
18,400 Goodyear T & Rub.._.No par 4518June 2.5 7212 Jan 4
*9312 9414 *93
9414 9314 93141 94
9211 Nov 9872 Dee
No par 924 Mar 16 994 Jan 13
94
94
*93
200 1st preferred
941 *93
82
8234 8012 804 8113 8118; 79
5716 Jan 85% Dee
7934 77
77
79
2,100 Gotham Silk Hosiery—No par 75 June 13 9374 Apr 14
77
"81
811 *8012 82
*79
81 I 794 80
58 Jan 8512 Dee
No par 75 June 19 93 Apr 14
77
77
79
79
800 New
117 1171 "117 120 "117 12012 *11612 1201 *116 119
Jan 122 Bet*
100 115 July 13 130 Apr 12 104
115 115
600 Preferred New
•110 112 •110 112 *110 112 "110 112 "110 112 *110 112
Preferred ex-warrants___100 109 Jan 3 112 May 7
*8
9
*8
9
8
8 1 *712 9
7 June 23 124 Feb 2 -1- Oct "fit; Nov
•712 9
No par
*712 9
100 Gould Coupler A
3234 3338 324 337 .324 331k 3012 32
30
3138 3018 3134 37.200 Graham-Paige Motors_No par 164 Feb 18 3978 Apr 12
544 54'z 5438 55
54
543* 5318 537
"iin 45 May
5212 5318 x51311 5278 12.600 Granby Cons M Sm dr Pr_100 394 Feb 18 5678May 15
3414 3413 3334 3438 3334 34 1 3338 34
3518 Dec 4452 Bent
3314 334 3318 33,s 3,400 Great Western Sugar newNopar 31 Jan 26 38 Jan 7
11718 11712 118 118 1416 11814 116 116 "117
100 1124 Feb 20 120 Jan 3 11012 Feb 123 Sept
110 Preferred_
11814 *117 11814
107 lO8Is 105 1077 10218 1054 9814 1021± 95
2914 Jan 15112 Dec
9912 96 1004 49.800 Greene Cananea Copper..100 8930une 19 1644 Jan 4
7
7
7
7
7
7 1
7
95 Jan 4
7
7 Oct 1114 May
*634 718
6 July 13
6
634 1.700 Guantanamo Sugar__ __No par
*90 101
*90 101
*90 101
90 . 90
*92 101
9572 Jan 106 Dec
•92 101
20 Preferred
100 90 July 11 107 Jan 7
82
*58
591 *59
*59
62
5934 5984 5858 59
Oct 84 Feb
46
June
1
51
*5812
Jan
9
69
100
601
300
Gulf
States
Steel
2518 2513 25
25
2412 2512 *2412 26
*24
22 Aug 27 July
2512 *2412 26
100 Hackensack Water
25 23 Jan 6 30 Jan 31
64
*6312 64
*62
6112 6214 61
611
Jan 7231 Dee
56
100
class
A--100
Hanna
1st
pref
59
Ma7
25
792
4
Jae
19
*2414 2514 *24
251
244 2414 •24
251
114 n14
8 :21% 211
2212 Oct 2714 Mar
1,000
par 24 Jan 5 273* Feb 8
*1858 19
*1858 19
1858 1914 1812 1858 1838 1812 181 4 18,4 1,200 Hartman Corp class A-No
18% Dec 2912 API
No par 1872June 12 2572 Jain 27
Class
B
4,10734 111 *109 111
109 109 *108 111 '108 111
Oat
7612 Jan 120
200 Heime(OW)
10734 10734
25 10314June 13 11811 Feb 20
*13012
*13012 ____ •13012
•1304
*13012 ____ •13012
------ Preferred
100 121 Jan 8 134 May28 118% Jan 130 July
554 5512 '5712 18
55
55 I 5434 55
4014
000
54
54
3472 Dec
1.200 Hershey Chocolate—..No pa
30% Jan 31 64 Apr 26
•76
77
*76
77
76
76
75
76
75
75
*75
704 Dec 7512 Dee
54
5
76
4
700 Preferred
7014 Feb 6 32 Apr 16
No pa
•102 10314 •10214 10312 •10214 10314 *10214 10314'10214 10314 •10214
9938 Dec 103 Des
10314
Prior preferred
100 10112 Jan 3 105 Apr 14
*1812 1912 •1812 1912 1912 1912 *1812 19
*1812 1912 10
Jan 4174 July
22
19
Jan
20
300
July
13
30%
No
pa
Hoe
(R)
19
&
Co
304 3018 30
3014 30
30
30
30
40% Oct
*2912 30
3114 Jun
30
30
1,100 Hollander & Son (A)._ _No pa
29% Jan 10 363* Ape 13
72
72
*72
73
*724 73
*724 73
Oct
73
73
60 Jan 75
*72
73
75 Apr 11
200 Homestake Mining
Jan
4
67
10
71
71
71
714 71
714 7012 7034 694 701
4314 Jan 70% Nov
7312Jufle 1
2,100
6814
21
Househ
Feb
69
cHNopa
6418
Prod.Inc.tem
136 1364 137 13912 13534 13812 12914 134
Oct
176
1284 130• 130 136
80%
Jan
9,300 Houston 01101 Tex tern ctts100 119 June 19 161 Alm 9
59
59
59
5912 584 59
564 5818 56
8434 Jul
6812 Dec
5634 56
5734 8,600 Howe Sound
4038 Feb 18 6214May 28
No pa
8338 8712 8538 883s 8558 8814 82
8578 7934 83
4814 Jan 91% Aug
7934 82 153.300 Hudson Motor Car__ No pa
75 Jan 16 9972 Mar 16
5814 594 5838 5912 58
594 56
5734 5518 57
Oct 3614Dee
16
29 Jan 18 65 June 2
2412 2514 2538 2578 254 2512 2373 2412 2312 2418 x5312 5534 66.400 Hupp Motor Car Corp_ _ _ _1
Feb
17% May
2338 2338 9.900 Independent Oil & Gas-No Pa
21% Feb 20 317s Apr 30
*45
49 "46
47
47
47
•45
454 *45
47
18 Mar 47 Dee
454 4514
200 Indian Nfotocycle
No par 3814 Feb 14 70 Apr 27
107 107 '105 114 *105 114 *105 114 *105
•107 114
92 Jan 10234 Dee
114
10 Preferred
100 10014 Jan 3 115 Apr 12
314 394 3012 3312 284 3238 2512 30
3378 38
712 May
124 Sept
2758 32 202,900 Indian Refining
10
9 Feb 18 395 July 9
3134 3512 30
3714 274 3112 2558 294 23
12 Berat
2712 254 307s 115,700 Certificates
714 Jun
812 Jan 18 3714 July 9
10
225 230
214 225
200 200
192 200
180 190
Oct 112 Mar
99
200
204
9
2,600
July
230
4
Jan
Preferred
101
100
*9112 94
*9112 94
*9112 92
*914 94
874
9812
Apr
Nov
9112 9112 9014 90,4
19
200
Apr
Steel11Rnd new....No Par 90 Feb 18 98
55
55
2434 2238 54
543* *544 55
*54
56
41 Feb 82% Dee
*54
56
1,500 Inland
No par 46 Mar 3 63 Jan 8
118
Oct
Jan
111
Feb
18
118
Jan
6
Preferred
100 115%
22*4 -2-21-4 221s 225* 2133 221* 22
217 217-8 "His ilia -"4".200 Inspiration Cons copper_e_20 18 Feb 25 2578MaY 28
1212 June 25% Jos
9
918 1018
97 107 924 228*
9
978
912 978 10
11 Nov 25 Nov
104 11.900 Intercont'l Rubber_ _ _ _No par
812 July 2 2134 Jan 4
1734 17
1634 1734 •17
17
16
1638 164 164
16
6% Apr 1612 Dec
16
3,700 Luternat AgrI2111
13 Feb 24 2078May 17
ar
No 1pw
781
7814 7812 *78
7812 7812 78
78
77/
1
4
*7738 781
1,200 Prior preferred
4838 Mar 26 804June 18 33 Mar 6612 May
12212 1221 12212 12212 120 12134 11918 78
123 123
11918 119 1194 2,000 Int Business hfachines_No par 114 Jan 16 1474 Feb 3 5316 Jan 119/4 Dee
6634 667s 654 66
6612 6612 644 6614 64
644 63
6458 3,500 International Cement No Par 66 Jan 3 7412MaY 16 4514 Jan P512 May
Oot 113 Dec
100 10812 Jan 4 11078 Apr 26 100
Preferred
8213 64*4 61*8 638
6234 63
581± 62 - -5814 -5-834 5634 58% 274,2
100
00 Inter
pretCerre
omd
b Eng Corp_ _No par 4514 Feb 20 7238June 6 404 Oet 64 Mar
•103 106 •103 10634 103 103 j 103 103 .10318
Oct 1054 Dec
10634 *101 10634
100 103 Mar 21 109 May 16 101
265 27034 264 268 1 259 262
270 270
258 26014 258 262
6
1:10
300 International Harvester...100 22434 Feb18 290 June 4 13538 Jan 25518 Dee
14212 14212 14212 14212 14212 14212+1424 143 *14218 143
14218 14214
100 1364 Mar 1 147 May 1 12634 Jan 139 Dec
Preferred
438 5
5478 5
434 434
5
5
*458 478 *434 471, 4,6
312 Oct
b14 May
40
00 list
334Mar 26
738MaY 9
Marine— _ _100
3714 3714 3634 374
364
3418June 12 4438 Jan 17 3212 Oct 5518 Mal
3612
100
Preferred
10312 10714 36',1062 10
103 104
39
64
7 ' 10
30
614 10
35
6%
1
9
36
978 10
Mar 954 Dec
62
12172May
36
14
2
3
1034
Jan
:
1
10414 85,700 International Match Pref.-35 9312
95
9614 954 9734 9478 9634 91
9438 8834 917s 8918 9234 268.000 International
Nickel (The)_25 732* Feb 24 103 June 1 3814 Jan 8912 Dec
74
7412 7378 7414 7314 7378' 704 71
684 7018 6818 7012 16,600 International Paper__.No par 86 June 19 8616May 14 aalins May 014 Nov
*103 10638 •103 10638 *103 10638 "103 10638 "103 10312 •103
10638
100 9833May 28 107 Apr 12 8614 July 108 Dee
Preferred (6%)
10312 10312 103 10312 10312 1034 103 103
1024 10214 10218 10212 2.400 Preferred (7)
100 102 June 11 108 Jan 14 0612 Jan 113% Dee
61
'59
60
59
*60
99 1 59 59 *527
8 59
4912 Mar 28 68114 Jan 12 63 Sept 76 Dee
*53
59
70
100
International Salt
•139 149 "140 149 •140 149 I 13418 135 *135 147 •135
300 International Silver
100 120 June 20 196 Jan 24 maps Mar 198 Nov
*12314 12714 •12314 12714 21234 1274 *12314 1271 •12314 12714 *12314 14712
Oct
12314June 20 131 Jan 27 109 Mar 128
100
12714
Preferred
17012 17112 169 17034 16618 169
17012 173
16534 168,4 16514 168
14,600 Internet Telep & Teleg
100 139% Feb 20 19712June 2 12314 Jam 168ra Sept
(38i2 ow,
32.4
•Bld and asked
no sales on this day. s Ex-dividend. a Er-rights.
New York Stock Record-Continued-Page 5
238
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 7.
Monday,
July 9.
Tuesday,
July 10.
Wednesday,1 Thursday,
July 12.
July 11.
Friday,
July 13.
Sales
for
the
Week.
STOCKS
NEW YORK SVOCK
EXCHANYE
Shares Indus. & Mlscel.(Con.) Par
ntertype Corp
No par
1,400 Island Creek Coal
1
No par
700 Jewel Tea, Inc
100
100 Preferred
No par
49,200 Johns-Manville
70 Jones & Laugh Steel pref__100
400 Jones Bros Tea, Inc_ _No par
No par
800 Jordan Motor Car
40 Kan City P&L let DI B No par
No par
3.000 Kayser (J) Co v t o
25
15,400 Kelly-Springfield Tire
1.100 8% preferred
100
1,700 6% preferred
100
4,800 Kelsey Hayes Wheel___No par
100
20 Preferred
No par
86,900 Kennecott Copper
No par
1,400 Kinney Co
190 Preferred
100
25
3,800 Kraft Cheese
9,200 Kresge (S 5) Co new
10
Preferred
100
3,900 Kresge Dept Stores-_ _No par
1,400 Preferred
100
No par
100 Kress Co new
58,200 Kroger Grocery di Skig_No par
Laclede Gas L (St Louis)-100
100
10 Preferred
1,500 Lago Oil dr Transport_ No par
No par
19,400 Lambert Co
4,800 Lee Rubber di Tire_ No par
No par
46,800 Lehn dr Flnk
No par
200 Life Savers
1,500 Liggett dr Myers Tobacco_ _25
25
12,700 Series B
100
100 Preferred
No par
1,700 Lima Loa Works
5.300 Liquid Carbonic certifs_No par
15,900 Loew's Incorporated__ _No par
No par
11,000 Loft Incorporated
600 Long Bell Lumber A__.No par
8,300 Loose-Wiles Biscuit new._...25
20 13t preferred
100
6,900 LorIllard
25% 26
25
2558 26
2618 2558 26
26
2618 26
26
26
94
1,600
93
Preferred
9312
100
94
94
9312
95
*94
9434
9434
95 95
1312 1438 1338 1418 33,500 Louisiana 011 temp ctfs_No par
135 143
1514 1414 15
13% 14% 14
30 Preferred
85
85
100
*8038 91
*8012 85 *8012 85
•8036 91
88
88
3418 347g 6,800 Louisville G & El A_ __No par
3558 3414 35
3612 3512 35% 35
3538 35% 35
No par
53
5434 51% 53
51
5312 9,600 Ludlum Steel
56
5614 5534 5714 5412 56
200 MacAndrews & Forbes_Na par
*4713 51
48
48
*4714 51
54713 51
4814 4814 '
*48/
1
4 51
Mackay Companies
100
*125 127% *124 12512 '124 126 •120% 126 '512112 126 *12112 12512
900 Preferred
100
7713 7712 7733 7758 7734 773
7712 7718 771
*77
771 *77
8814 91
34,800 Mack Trucks, Inc
No par
9414 91% 931
8833 9134 8833 90
P 93% 9414 92
200 Macy Co
No par
*301 345 *30012 345 •305 345 *305 345 305 310 *320 345
28
2818 28% 281
2734 2778 1,000 Madison Sq Garden_..No par
29 *2834 2914 2812 281
29
2,900 Magma Copper
No par
4978 497
508 4934 50
5212 5212 5218 5218 51% 5178 50
3,000 Mallinson (11 R)& Co_No par
1913 1913 1778 1878 1812 19
1912 1912 1912 2114 *1912 21
92
92
Preferred
100
*89
94
94 *91
*8834 94 *8834 92 *89
j *91
Manatl Sugar
3412 *30
35
100
35 *30
35 *30
35 •30
*30
35 *30
200 Preferred
100
52% 5212
*5413 65
*5412 70 *5413 68
541 5412 *5214 70
No par
100 Mandel Bros
32
33
32
32 '
532
33
33 '
33 *32
33 *32
j *32
36,900 Manh Elee SupplyNo par
5712 577 6112 6133 64
56
5612 5634 5712 56
57
L'.56
25
3373 33
33
33
3314 2,700 Manhattan Shirt
34
3412 33
34
34
134 34
1612 1712 16
1612 1618 1614 2,900 Maracaibo 011 Expl___No par
1814 1712 18
1714 1712 18
No par
3478 25,500 Marland Oil
3434 34
3678 3512 3614 3434 3512 34
36
3612 36
No par
564 5634 1.200 Marlin-Rockwell
58
58% 5612 57% 56% 567
*5812 5913 5814 59
1,400 Martin-Parry Corp.- No par
171
1712 18
18
18
18
*1818 19
1814 1718 1714 17
2,000 Mathieson Alkali WorksNo par
11912 121 p12012 123
12214 123
12534 12534 *12212 124
12412 125
100
120 123
30 Preferred
120 125 *120 123
12512 12512 *120 12512 *120 125
25
78% 1,800 May Dept Stores new
7834 7834 7653 7714 768 7658 *77
79
78
7834 79
No par
197 197
800 Maytag Co
1934 21
1912 1934 *1914 2112 1918 1918
20
20
No par
7018 7133 3,600 McCall Corp
71
717 717
70
71
7212 7012 72
70 70
877 9278 87
1,670 McCrory Stores class A No par
89 89
89
89 90
*8212 8412 853 89
No par
97
9978 9,500 Class B
98 104% 100 10234 9934 100
9378 99
*93 95
100
300 Preferred
*111 112 *111 112 *111 112 112 1121 11212 11212 11212 115
600 McIntyre Porcupine Mines_ _5
2214 2214 *2278 24 *2212 24
2414 2414 22 22
*2414 25
200 Metro-Goldwyn Pictures pf_27
*2534 28 '2534 26
*2578 26
2558 2534
*2578 26
•2558 26
2234 2514 2218 2378 2212 257 92,800 Mexican Seaboard 011__No par
2534 27
2712 2818 2658 28
5
4,600 Miami Copper
1978 20
2012 2034 1978 20
2034 21
2018 2018 20% 21
293
2812 284 2818 2812 6,000 Mid-Continent Petro_ _No par
2912 2918 2913 29
2938 2938 29
100
112 112
00 Mid-Cont Petrol pref
112 112
*110 112 *110 112 *110 112 *110 112
-10
433 478
474 5
434 5
412 478 15,300 Middle States Oil Corp
434 48
42 434
31
313 31g
312 1.400 Certificates
312 3 8
314 358
358 *31
10
314 314
215 21614 12,600 Midland Steel Prod pref___100
223 2371 237 24512 228 235 210 228 203 210
No par
500 Miller Rubber ctfs
*187 19% '19'4 19% 1912 1978 1912 1912 *IS7 1912 1912 1913
'
147 16714 *147 16714 *147 16714
100
Montana Power
*147 16714 *148 16714 *147 16714
1
4 16314 1535 15834 15134 15512 15213 15758 257,400 Montg Ward & Co Ill Corp_10
15913 16412 159/
15714 159
882
No par
8
7
714
7
714 7,900 Moon Motors
814
714 Pa
8
7% 8
234 234
234 2%
233 27
234 234 5,400 Mother Lode Coalition_No par
253 234
233 234
No par
*8
9
*8
9
818 r 818
*8
9
200 Motion Picture
9
*8
8
8
*1614 17
No par
1612 1612 1612 1312
1
4 18
900 Motor Meter A
*1614 1612 1634 1714 *17/
33% 34
No par
7.700 Motor Wheel
35
3518 3514 35% 34% 35% 333 3453 3334 34
7112 7014 727
No par
7534 70
7514 7778 74
3.500 Mullins Mfg Co
78
78
76
'75
100
'
108 110% *108 11078 *108 11078 *108 11078
Preferred
'
108 11078
'107 110%
No pa
5278 5278 52
52
53
53
1,000 Munsingwear Inc
55 *5318 55
55 *53
55
4012 4212 40 4434 14,900 Murray Body new.._ _No par
4234 447
4534 4413 46
44% 44% 45
No pa
86
87% 853s 87% 83 8578 8114 8314 8012 8338 107,500 Nash Motors Co
85 87
1334 1384 1312 1338 1314 1312 1,200 National Acme stamped __-_10
14 *13% 14
14
8 14
par
*80
82
*80
82
Hess
No
82
1,100
8014
86
Nat
Beilas
*
81
85
4
84
7
85
•83
100
100 Preferred
10612 10612 *104 1061 *104 106 *104 106
'10612 108 *10612 107
35
162 162
5,000 National Biscuit
165 16512 16212 16412 15912 161
165 167
*165 166
100
100 Preferred
*14412 14512 14412 14413 *144 14512 *14412 14513 *14412 14512 *14413 14512
6013 587 5934 5834 597 25,300 Nat Cash Register Awl No par
6114 6284 59
63
62 6234 62
777 27,000 Nat Dairy Products.. No par
7712 77
7918 76
7912 79% 8112 8018 8112 77
*2513 26
*2512 26
500 Nat Departm
@FedFRASER