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The
alum (134
finand:4
littintde
SATURDAY,JULY 27 1929.
VOL. 129.
financial Cluonide
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The Financial Situation.
Very slow progress apparently is being made in
carrying into effect the German Reparations Plan
devised by the CoMmittee of Experts. In the meantime sentiment is crystallizing very strongly against
identification of our Federal Reserve System with
the Bank for International Settlements, which forms
an inceparable part of that plan, and in support of
the action of President Hoover and Secretary of
State Stimson in banning such identification and
participation on the part of the Federal Reserve
authorities. We are led to these remarks by the
appearance in the July 20 issue of the "Saturday
Evening Post"—that foremost of American weeklies
—of an article on the subject by Congressman Louis
T. McFadden, the Chairman of the Committee on
Banking and Currency of the House of Representatives at Washington. Mr. McFadden, in the article
referred to, not only makes his own position clear
as opposed to Federal Reserve connection with the
proposed bank, and endorses and approves the course
of President Hoover and Secretary Stimson, but
presents in very convincing form the reasons for
insisting that the Federal Reserve System, charged
with the duty of maintaining intact the gold reserves
of the entire banking system of the country, should
kola steadfastly aloof.
Special satisfaction is felt over this declaration
of attitude on the part of Mr. McFadden, not alone
because of the influence and power he wields as
Chairman of the House Banking and Currency Committee, but also because in an address delivered by
him before the Economic Club in New York City on
March 18 last, he spoke so strongly of the advantages
to'be derived from an international bank, and of
the ultimate "central mobilization or ear-marking
control of the world's entire gold reserves and possibly its management" that he appeared to be irrevocably committed in favor of the bank proposed.
The words used by him were so broad and unquali-
NO. 3344.
fied that they appeared to warrant no other assumption. We commented upon them with that idea in
an article in our issue of March 23. Mr. McFadden
now, however, leaves not the slightest doubt as to
where he stands. For a variety of reasons he is
hoctile to the idea, saying: "While it is interesting
to examine the newest proposal for an international
bank, in my judgment it is not desirable, necessary
or practical for the American people to be committed by their Government to any such iinancial
plan,as is obviously being promoted."
Referring to the easy money policy inaugurated
by the Federal Reserve authorities in 1927, when
1
2%, and the
the rediscount rate was lowered to 3/
Reserve Banks flooded the country with Reserve
credit through the purchase of several hundred millions of United States Government securities, Mr.
McFadden animadverts as follows: "We were
informed that the Board took this action to
bolster up our export trade with Europe, particularly with respect to our agricultural exports. But
investigation disclosed that the primary purpose
behind the Board's action was to transfer gold to
Europe and thereby assist in bringing about the
restoration of the gold standard throughout the
world. This was, of course, commendable. But the
lowered rate resulted in gold to the amount of
000,000,000—half a billion dollars—being moved
overseas. What was the reaction at home? An
abundance of cheap money which led to a flood of
new securities! The effect is still felt in our money
market." Mr. McFadden's ire appears to have been
aroused particularly by what he terms "a translation of the following highly important and significant statement, carried by the Economic and Financial Agency of Paris":
Mr. Randolph Burgess, who represented the Federal Reserve Bank of New York at the Paris conference on the subject of the creation of the Bank of
International Regulations declared on his arrival
' the project was almost
here—March 29 1929—that
completed.
The Federal Reserve Bank will act as correspondent to the new establishment, as it does for
other central banks, which will avoid the necessity
of special American legislation. The Federal Reserve Bank will make important deposits of gold in
the international bank abroad and will receive in
New York deposits of gold from it.. Mr. Burgess
adds that the statutes of the new establishment have
been prepared in such a way as to avoid recourse
to legislative measures in the various countries.
Mr. McFadden remarks that "before this suggestion of the possible involvement of our Federal Reserve Systein in a complicated international banking
plan could be studied and digested, it was followed
by what were obviously intended as assurances to
allay any fears that might be entertained regarding
524
FINANCIAL CHRONICLE
[VoL. 129.
the commitment of our national financial system to with Germany's ability to make reparations pay'a unique and unparalleled financial structure.'„" ments to those nations. Unless I can be shown otherThese assurances, however (which Mr. McFadden wise, it seems to me that the proposed bank is
quotes) did not have the effect intended. On the nothing more or less than another move by some
European
contrary, he says, they "naturally impressed most draw us and international banking agencies to
into just such an entanglement as we have
4 Americans as additional confirmation of an earlier repeatedly expressed
our determination to avoid."
report that the proposed Bank for International Settlements was at least partly an ambitious plan so
Mr. McFadden finally quotes the statement of
to. link up our own banking system with European Mr. Stimson in which the Secretary of State said:
monetary affairs, including German reparations and "I wish to make clear the position of this Govern-,
the Allied indebtedness, as to draw us into a sort ment. While we look with interest and sympathy
of financial League of Nations." He adds: "It upon the effort of the Committee of Experts to sugwas with a feeling of relief that subsequently they gest a solution and a settlement of the vexing quesreceived the announcement by President Hoover and tion of German reparations, this Government does
Secretary of State Stimson that under no circum- not desire to have any American official, directly
stances would our Government authorize our Fed- or indirectly, participate in the collection of Gereral Reserve System to be tied up with such an inter- man reparations through the agency of the bank or
national banking system as was proposed, and that otherwise." In closing, Mr. McFadden makes the
most certainly the Governor or Chairman of the following declaration, with which few persons who
Federal Reserve Bank of New York could not per- have made a study of the matter will disagree,
form any of the functions of whatever American namely: "The Secretary or State, after due conrepresentation the proposed bank might be able to ference with President Hoover, and Secretary of
obtain unofficially through its international bank- the Treasury Mellon, rendered the American people
ing friends." Mr. McFadden goes on to say, what a genuine service in making it known that the Govis undoubtedly correct, namely that "the attitude ernment would not knowingly permit our Federal
thus assumed by President Hoover and his Adminis- Reserve System to become involved in any such intertration has found general favor, not only with the national financial venture. The Reserve System is
members of Congress, but throughout the country." supposed to support the full weight of the entire
Discussing the details of the plan, Mr. McFadden country's banking mechanism, however opinion may
makes the following pertinent observations:
differ as to its efficiency in doing co, and I agree
that
it should never be allowed to risk what has been
"At first glance, the proposal put forward at Paris
for the international bank appeared full of interest- aptly termed 'unwarranted connections with outing possibilities. It was suggested that'substitution side affairs.'"
of financial for political machinery should transfer
Mr. McFadden points out, as we ourselves have
the liquidation of Germany's international obliga- done, that while the executive branch
of the Governtions from the realm of political discussion to the ment has
no direct part in the management and
ordinary forms of business.' The Bank would act
as a link between German debtor and Allied credi- policies of the Reserve Banks, it does possess two
tors and so 'facilitate transfers.' It would finance ex-officio members of the Federal Reserve Board in
deliveries in kind, and, under proper safeguards, it the Secretary of the Treasury and the Comptroller
might even 'finance the residual part of the work.' -of the Currency, and one cannot think of the Board
It would co-operate with and act as an essential disregarding "the clearly expressed wishes of the
intermediary between all the existing central and Administration at Washington in the matter of such
issuing banks in the marketing of bonds created for
the commercialization of Germany's annuities. It vital concern to the entire country as any commitwould co-operate with existing banks of issue and ment of the American people to a financial program
might receive both clearing and investment deposits. like that of the proposed international bank."
But is the injunction of the Administration going
'As a reservoir of foreign exchange, it might be of
distinct service to existing central banks.' Its man- to be heeded? There would ordinarily be no reason
agement would be non-political, international, free for asking this question, but unfortunately some of
from dominating financial relationships; the direc- those connected with the Federal Reserve System
torate would moist entirely of men of financial have acquired a habit of going
ahead all by themexperience and repute, and would be assisted by sub- selves, governed by nothing
except
their own idea
committees 'composed in such a manner as to secure
what
to
as
ought
to
be
and
wholly
indifferen
t to outsound opinion on the points to be dealt with.' The
office of the bank would be in one of the 'smaller side criticisms or objections of any kind. Bearing
countries': its operations would benefit both cred- this in mind, a Washington dispatch appearing yesitors and debtors; with its help, Germany would terday in the "Journal of Commerce" of this city is
stand on her own feet financially. The new bank calculated to arouse suspicion. The dispatch tells
would fill in possible gaps that now exist in the us (we reprint it in full in our
news columns on a
world's banking organizations, and 'particularly subsequent page)
that "several of the basic questions
such a gap as may have resulted from the new situation arising from the fresh efforts to bring about a involved in the organization of the new Bank for
International Settlements, which is provided for in
readjustment of the reparations problem.'"
"Opinion in high financial circles here and abroad the Young Plan,have been discussed by leading interis naturally divided as to the necessity for such a national bankers with Montagu Norman, Governor
complicated international financial scheme to solve of the Bank of England, who has been staying at
either the problem of German reparations or the Bar Harbor, Me."
equally important problem of the liquidation of
There can, of course, be no objection to interEurope's indebtedness to the United States. Our national bankers,
or for that matter distinctively
policy at Washington for a number of years, through
successive Republican administrations since the be- American bankers, discussing the subject with Govginning of that of the late President Harding, has ernor Norman, and indeed it is easy to see that such
been that the enormous sums owed us by the former discussions might be highly desirable and moreover
Allies should not be permitted to become entangled accomplish much go-mi. What arrests attention,
Jutx 27 1929.]
FINANCIAL CHRONICLE
525
open market. .Reports have had it that the Reserve
Banks were now once more adding to the volume
of their acceptances after having allowed them
steadily to decrease for a long time. There is, however, very little evidence of any such change in the
returns themselves. The holdings of acceptances
this week are somewhat larger than they were a
week ago, but the increase is so slight that it cannot
be taken as possessing any significance, in the
absence of evidence of any other kind to sustain the
conclusion. In other words,the acceptance holdings
of the twelve Reserve institutions stand this week
at $68,842,000 again' t $67,638,000 on July 17. Further increase appears, however, in the holdings of
bills purchased for foreign correspondents, the total
of these being now $446,980,000, against $442,526,000
last week. Since May 1 these holdings of acceptances for foreign correspondents have risen from
$349,257,000 to $446,980,000, while, on the other
hand, the Reserve institution's own holdings of acceptances have diminished during the same period
from $170,421,000 to $68,842,000.
The twelve Reserve Banks have, though, reduced
their holdings of United States Government securities, and the amount the present week at $145,700,000
In taking up this week's returns of the Federal compares with $153,115,000 a week ago. As a result
Reserve Banks, one becomes strongly impressed with of this sale of Government securities and the reducthe idea that our Federal Reserve authorities will be, tion in the discount holdings, the aggregate of Rewell advised if they devote their attention to over- serve credit in use, as represented by the total of
coming difficulties and troubles at home, rather bill and security holdings, stands at $1,288,748,000
than undertaking to rush to the assistance of the this week, against $1,314,708,000 last week. The
outside world, no matter how well meant the effort amount of Federal Reserve notes in circulation has
may be. The figures of brokers' loans again make been reduced during the week from $1,801,225,000
it apparent that the absorption of bank credit in to $1,780,403,000, while gold holdings have increased
security loans has by no means been arrested. On from $2,929,576,000 to $2,943,732,000.
the contrary, the record is still one of renewed
expansion. It will be recalled that last week's reThe stock market this week has manifested conturn showed an increase of $58,000,000 as compared siderable irregularity, which yesterday eventuated
with the preceding week, in the grand total of these in a slump. Realizing sales on a large scale caused
loans, raising them to a new high record in all time. considerable weakness on Saturday last, and still
The present week we have a further increase, and of more on Monday, with a drop in prices all around,
even larger amount, the addition being no less than though with the usual exceptions to the rule, in the
$95,000,000, establishing, of course, another new high case of special stocks, chiefly public utilities and
record in all time. With this further expansion, the high priced industrial shares. On Tuesday the
total of these loans by the reporting member banks market turned sharply about and recoveries occurred
in New York City ix now raised,to $5,908,000,000. all around, and it did not seem difficult, either, to
A year ago, on July 25, when the amount of the bring them about. On Wednesday and Thursday
loans had already attained inordinate proportions, there was again considerable irregularity, profitthe amount was no more than $4,184,000,000, show- taking sales and bear pressure bringing larger or
ing an increase for the twelve months of $1,724,- smaller declines in different portions of the list,
000,000. In this week's further increase of $95,- though with many stocks, nevertheless, pursuing an
000,000, the loans in each of the leading divisions independent course toward higher levels.
have participated, the loans made by the reporting
Extensive calling of loans, with high rates for call
member banks for their own account having risen loan accommodation, were a depressing influence
from $1,136,000,000 July 17 to $1,193,000,000 July the latter part of the week, and were used as a
24; the loans for account of,out-of-town banks from weapon against the market by operators and traders
$1,676,000,000 to $1,680,000,000, and the loans "for seeking to bring about declines. On Monday and
account of others" from $3,002,000,000 to $3,- Tuesday the call loan rate still ruled at a relatively
034,000,000.
low level, all loans being negotiated at 7%. On
It is again true, however,as was the case last week, Wednesday, however, after renewals had been
that this expansion in Stock Exchange borrowing effected at 7%,there was an advance to 9%,and on
was not accompanied by any increase in borrowing Thursday, after renewals had been put through at
by the member banks at the Federal Reserve institu- 8%, the rate moved to 10%. On Friday all loans
tions. On the contrary, there was a reduction, were at 9%. On the latter day the increase of
though it was small, the aggregate of the discounts $95,000,000 in brokers'loans had a weakening effect,
held by the twelve Reserve institutions being $1,063,- and eventually prices slumped badly. Dealings on
956,000 July 24, as against $1,083,700,000 on July 17. the Stock Exchange have been on a somewhat smaller
There has been much talk in the newspapers as to scale, though, on the other hand, on the Curb Exthe Federal Reserve having changed its policy with change the volume of trading has continued heavy,
reference to the purchase of bank acceptances in the and on Wednesday a new high record for a day's
however, is that the dispatch, after giving some of
the details under consideration, winds up with the
following statement: "Although the Federal Reserve System has been ruled out of actual participation in the Bank for International Settlements, it is
further learned that its advice in a consulting
capacity is being availed of throughout. A spokesman for the Federal Reserve Board has been in close
touch with Governor Norman and has worked with
him in arranging the preliminary draft of organization of the new bank."
We wish to direct particular attention to the
words we have put in italics. If these do not embody
a plain defiance of the command of the Administration, then language is meaningless. What business
has a "spokesman" for the Federal Reserve Board
in collaborating with anyone in providing for the
functioning of the proposed bank, when the Reserve
System is to have no connection with it? Secretary
Mellon, as President Hoover's representative on the
Reserve Board, should insist on an immediate inquiry into what is going on. Means should be found
for enforcing a "Hands Off" policy before it is too
late and the mischief has been done.
526
FINANCIAL CHRONICLE
[von.129. '
Railroads (Concluded)—
Indus. and Misc.(Continued)—
business was attained. The Stock Exchange sales on
Illinois Central
Fidelity Phenix Fire Ins. of N.Y.
Saturday last were 1,955,670 shares; on Monday they Kansas City Southern
General Asphalt
General Electric
were 3,679,480 shares; on Tuesday, 3,777,410 shares; Missouri-Kansas-Texas
New York Central
General Gas & Elec. class A
on Wednesday, 3,778,960 shares; on Thursday, N. Y. Chicago & St. Louis
Harbison Walker Refractories
iveen & Hartford
Hershey Chocolate
3,478,830 shares, and on Friday, 3,552,160 shares. iblOrThelIesPalciii;
Ingersoll Rand
PacifSouth
Inland Steel
On the Curb, the dealings on Saturday aggregated Unienerin,aee
International Harvester
1,450,800 shares; on Monday they were 2,625,200 Industrial and Miscellaneous— International Tel. de Tel.
Corporation
Intertype Corp.
Co
igha
shares; on Tuesday, 2,949,100 shares; on Wednes- Allis-Chalmersr
Kraft Cheese
American
Chain
Louisville Gas & Elec. class A
preferred
day they amounted to 3,584,700 shares, breaking, as American-European
Macy Co.
Securities
already stated, all records for a day's transactions American International
Michigan Steel
American Power da
:
z Light
Motor Wheel
on the Curb Exchange; on Thursday they were American Telep. Teleg.
National Power & Light
North American Co.
llvTaYaenFounders
2,380,600 shares, and on Friday, 2,581,200 shares.
11=a
Pacific Lighting
As compared with Friday of last week, prices are Best Co.
Pacific Tel. & Tel.
wn
Philadelphia Co.
again irregularly changed, though with the losses Brown
Poor & Co. class B
Alloy Steel
Public Service Corp. of New Jersey
rather than the gains predominating. Westing- Central
hi
e
t
Certain-Teed Products-Te
Punta Alegre Sugar
4 against
house Elec. & Mfg. closed yesterday at 2031/
PneumaticTool
Remington Rand
Coca-Cola
Republic Iron & Steel
1965
/
8 on Friday of last week; United Aircraft & Columbia
Gas & Electric
U. S. Steel
Utilities Power & Light class A
4; Consolidated Gas
1
2 against 1361/
Transport closed yesterday at 128/
Crow's Cork & Seal
Warren Bros.
American Can at 159/
1
2 against 166; United States Cushman's Sons
Westinghouse Air Brake
Detroit Powerdison
Westinghouse Elec. & Mfg.
Industrial Alcohol at 180 against 186; Commercial
& Light
Worthington Pump de Machinery
Youngstown Sheet di Tube
Solvents at 467 against 489; Corn Products at 100 Engineers Public Service
Exchange Buffet
against 104; Shattuck & Company at 1671/
4 against
The copper stocks have not greatly changed. Ana177; Columbia Graphophone at 67/
1
2 against 667
/8;
conda
4 against
Copper closed yesterday at 1123
against
215%;
North
Brooklyn Union Gas at 216/
1
2
American at 177 against 158; American Water 113% on Friday of last week; Greene Cananea
2 against 170; Calumet & Hecla at
Works & Elec. at 130 against 135½; Electric Power closed at 1711/
/
4 against 40%; Andes Copper at 501/
8 against 51;
& Light at 80/
1
2against 78½; Federal Light & Trac- 403
8 against 43%;
/
tion at 87/
1
2 against 94; Pacific Gas & Electrie at .Inspiration Copper closed at 437
697
/
s; Standard Gas & Elec. at 139/
/8 against 713
1
2 Calumet & Arizona at 127% against 127; Granby
1
2against 77; American Smeltwith rights against 18½; Consolidated Gas of New Consol. Copper at 77/
ing
and
Refining at 1101% against 108; U. S. SmeltYork at 146% against 1461/
8; Columbia Gas & Elecing
&
Ref. at 53/
1
2 against 55.
tric at 911/
8 against 881/
8; Public Service of N. J.
The oil stocks also have been weak at times.
at 116% against 124; International Harvester at
1233
/
8 against 121; Sears Roebuck & Co. at 162 Simms Petroleum closed yesterday at 34% against
against 167%; Montgomery Ward & Company at 37 on Friday of last week; Skelly Oil at 41 against
141% with rights against 145% with rights; Wool- 42; Atlantic Refining at 67 against678;Pan Amer1
2
worth at 90% against 90/
1
2; Safeway Stores at 168 ican B at 60 against 63; Phillips Petroleum at 37/
1
2; Texas Corporation at 62% against
against 170%; Western Union Telegraph at 215 against 36/
/
8; Richfield at 40 against 40%; Standard Oil of
against 220/
1
2; American Tel. & Tel. at 269 against 617
N. J. at 563
/
4 against 57%; Standard Oil of N. Y.
247%;Int. Tel. & Tel. at 110% against 111.
8.
Allied Chem. & Dye closed yesterday at 312/
1
2 at 39% against 40; Pure Oil at 26 against 261/
continued
manifest
to
The steel stocks have
against 335 on Friday of last week; Davison Chemical at 54 against 54½; E. I. du Pont de Nemours strength under the leadership of U. S. Steel, though
at 187% against 18714; Radio Corporation at 84 the latter, after establishing a new high for the year,
4 on Friday
/8 against 2081/
8; General Electric at 3743
4 against closed yesterday at 2067
against 821/
of
last
week;
Bethlehem
Steel
closed
at
123%
against
National
Cash
Register
at 127% against
348%;
4 against 1131/
8;
126%; Wright Aeronautical at 130 against 13434; 119%;Republic Iron & Steel at 1111/
International Nickel at 47% against 49; A. M. Ludlum Steel at 99% against 101½; Youngstown
Byers at bid 135 against 138; Timken Roller Bear- Sheet & Tube at 152 against 155. The motors have
ing at 991/
8 against 102%; Warner Bros. Pictures at moved irregularly up and down. General Motors
57/
1
2 against 6034; Motion Picture Capital at 51 closed yesterday at 68%8 against 69% on Friday Of
1
2 against 847
/
8; •
1
2 against 98%; Yel- last week; Nash Motors at 84/
against 53; Mack Trucks at 96/
Chrysler
at
713
/
4
against
69%;
Packard
Motors at
8; National
low Truck & Coach at 38 against 371/
1
2
4; Johns-Man- 129% against 130%; Hudson Motor Car at 85/
Dairy Products at 771% against 811/
against
86%;
Hupp
Motors
at
40
/
1
2
against
41%.
ville at 186 against 198; National Bellas Hess at
1
2 The rubber stocks have been easier. Goodyear Rub• 437
/
8 against 47½; Associated Dry Goods at 51/
1
2 against 120%
against 501/
8; Commonwealth Power at bid 220 ber & Tire closed yesterday at 119/
Friday
on
of
last
week;
B.
F.
Goodrich
at 77 against
against 226%; Lambert Company at 146% against
761
/
8
,
and
United
States
Rubber
at
48
against 50,
1481/
2; Texas Gulf Sulphur at 72/
1
2 against 72%;
Bolster Radio at 32 9/16 with rights against 35%. and the preferred at 75% against 75.
Railroad stocks have again distinguished themNotwithstanding the numerous declines, there is
quite a list of stocks which this week have established selves for their strength, though there have not been
new high records for the year. The list includes, any such spectacular uprushes as was the case last
among others, the following, the railroads especially week, and they reacted in the general slump yesterday and closed lower. New York Central closed
being prominent:
yesterday at 236% against 240 on Friday of last
STOCKS MAKING NEW HIGH FOR YEAR.
week; Pennsylvania RR. at 951/
8 against 97½; Erie
Railroads—
Railroads (Continued)—
Colorado lc Southern
Baltimore & Ohio
RR. at 83/
1
2 against 8314; Del. & Hudson at 212
Delaware & Hudson
Bangor dr Aroostook
against 2221%; Baltimore & Ohio at 1343
Delaware Lackawanna & Western
Boston dz Maine
/
4 against
Erie
Chic. Milw. St. Paul & Pacific
133;
New
Haven
at
1127
/
8
against
115
/
1
2
; Union
Great Northern preferred
Chicago & North Western
JULY 27 1929.1
FINANCIAL CHRONICLE
78; Canadian Pacific
4 against 274/
1
Pacific at 266/
/8;
at 248 against 2577
Atchison
245;
against
4
/
at 2293
4 against 148; Missouri
/
Southern Pacific at 1443
8; Kansas City Southern at
Pacific at 94 against 991/
2
1
101 against 107; St. Louis Southwestern at 91/
/8; St. Louis-San Francisco at 1283/4
against 1107
4; Missouri-Kansas-Texas at 60 against
/
against 1311
4; Great
4; Rock Island at 1351/2 against 1401/
1
64/
2; Northern Pacific at
Northern at 121 against 1251/
4 against 115%, and Colorado Southern at 129
/
1123
against 130.
527
was the feeling that the political atmosphere has
cleared up, making unlikely a fall of the Government before the Summer recess of Parliament. The
trend in yesterday's market was irregular.
The Berlin Boerse also was extremely dull Monday, with stocks heavy. Losses of 1 to 3 points were
general, and a few drops of 10 to 15 points in such
issues as Glazed Textiles and Polyphon also were
registered. A notable exception to the general decline was Schultheis Brewery shares, which advanced because of the parching temperature. The •
opening Tuesday was again weak, owing to fears of a
rise in the Bank of England discount rate. The
market slowly gained confidence, however, and
prices recovered in the later trading. A reversal of
this procedure took place Wednesday, the Boerse
opening with a show of strength and gradually declining in the remainder of the session. Prices at the
close, consequently showed little variation from the
opening. Encouraged by the news of an unchanged
discount rate in hngland, and a favorable report
from the Reichsbank, the Boerse began Thursday's
session in a cheerful mood. The buying movement lasted only a short time, however, and the
market again settled into a dull routine in
which prices showed little change. This was followed yesterday by a substantial measure of improvement.
Stock markets in the important European centers
were dull and generally lower in the early part of
this week, with considerable improvement taking
place in the later session's as the respective foreign
exchanges moved more favorably to New York.
Heavy withdrawals of gold occurred at London all
week, most of the metal going to Paris by airplane,
although some was shipped to Berlin. The continued
outflow caused widespread apprehensions of a rise in
the Bank rate and a substantial amount of selling
took place on the Stock Exchange. These fears were
allayed later in the week and the markets rebounded.
The London Stock Exchange began the week with
a very quiet session,in which the international group
showed strength because of the upward movement at
New York at the previous week-end. The list otherwise was depressed, with gilt-edged securities joining
in the decline. Liquidation at London was more proIn a quiet and simple ceremony that contrasted
nounced Tuesday, the industrial section showing profoundly with the significance of the occasion
some sharp drops. The monetary situation domin- President Herbert Hoover issued a proclamation in
ated the market entirely and British funds again Washington, Wednesday afternoon, giving formal
moved off. Improvement in Chinese and Japanese effect to the Kellogg-Briand Treaty for the renunissues furnished the solitary bright spot of the day. ciation of war as an instrument of national policy.
A better tendency developed Wednesday, owing to Arrangements for the formal proclamation had been
the greater inclination of traders to take cognizance' made earlier this month, in the expectation that the
of the drop in the dollar rate. Although the volume Japanese instrument of ratification would be reof business remained small, stocks were steady to ceived at the beginning of this week. The Japanese
firm. Gold continued to move outward,but gilt-edged Government accepted the new treaty on June 27,
securities were nevertheless steady. With the bank having been the last of the fifteen original signatrate unchanged, some fractional gains were estab- ories to do so. All of the fifteen governments which
lished Thursday among gilt-edged stocks. The list signed the pact at Paris Aug.27 having thus received
as a whole was firm, with marked betterment in a the necessary authorization from their respective
few issues such as Cables & Wireless, Ltd., in which parliaments or councils for placing it in final effect,
trading began on the same day on the New York Curb the way was prepared for Mr. Hoover's proclamaMarket. The market was again quiet yesterday, tion. A formal declaration by the President is neceswith home rails showing improvement.
sary before a treaty may become effective for the
The Paris Bourse was dull and reactionary in the United States, and in this case the practice was held
opening session of the week, notwithstanding the to be particularly desirable in order to emphasize the
Chamber vote of the previous day for ratification of importance of the compact.
the debt accords. Uncomfortable heat in Paris drew
Not only for the fifteen original signatories, but
many traders out into the country, reducing the turn- also for thirty-two additional governments which
over materially. Most groups declined on selling at- have ratified the treaty in the past eleven months
tributed to shorts, but steels resisted the trend and was the pact made effective by Mr. Hoover's progained a few points. The weak tone was carried over clamation, Wednesday. The act, performed in the
into Tuesday's session on the Bounse, which again East Room of the White House, was witnessed by
was very dull. A few buying orders helped the list a diplomats representing all the governments which
little late in the day, but had no material effect. "So have ratified the treaty, with the exception of Russia,
inactive has the Paris market become," one report which has no diplomatic representative in Washingsaid,"that the sale of even twenty-five shares is suffi- ton. Present also were former President Calvin
cient to produce a marked variation in price." Al- Coolidge, under whose administration the treaty was
though transactions remained on a small scale, the forged, and former Secretary of State Frank B. Kelmarket showed a better tone Wednesday. Quotations logg, who conducted the negotiations and piloted the
strengthened slightly at the opening and maintained treaty skillfully to its conclusion. No martial overthe gains recorded. The improvement became more tones marred the occasion, and music also was lacksubstantial Thursday, the Bourse showing more ing, adding to the effectiveness of the simple ceractivity than for some time, to the accompaniment emony. All the nation was able to follow the proof a general rise in prices. Improvement at London ceedings, however, as they were broadcast by radio
had much to do with this, while a second influence through a network of all available chains.
528
FINANCIAL CHRONICLE
President Hoover, whose address is reprinted in
full on subsequent pages of this issue, began by quotthe two pertinent articles of this first world
treaty. Referring to the original steps taken by Mr.
Kellogg toward making the treaty a world instrument, he,said:"That was a proposal to the conscience
and idealism of civilized nations. It suggested a new
step in international law, rich with meaning, pregnant with new ideas in the conduct of world relations. It represented a platform from which there is
instant appeal to the public opinion of the world as
to specific acts and deeds." After telling off the impressive list of countries which have ratified the
treaty, Mr. Hoover proceeded: "I congratulate this
assembly, the States it represents, and indeed, the
entire world upon the coming into force of this additional instrument of humane endeavor to do away
with war as an instrument of national policy and
to obtain by pacific means alone the settlement of
international disputes."
Merited tribute to the two statesmen whose names
the world has adopted in its designation of the treaty
was paid by the President. "To Aristide Briand,
Minister of Foreign Affairs of France, we owe the inception of this treaty," he declared,"and to his zeal
is due a very large share of the success which attended the subsequent negotiations. To Frank B.
Kellogg, then Secretary of State of the United States,
we owe its expansion to the proportions of a treaty
open to the entire world and destined, as I most confidently hope, shortly to include among its parties
every country of the world." The high appreciation
of the Government of the United States also was expressed by Mr. Hoover to all the governments which
have cordially collaborated in the consummation of
the treaty. "I dare predict," he said, "that the influence of the treaty for the renunciation of war will
be felt in a large proportion of all future international acts. The magnificent opportunity and the
compelling duty now open to us should spur us on to
the fulfillment of every opportunity that is calculated to implement this treaty and to extend the
policy which it so nobly sets forth."
Pronouncements of great importance on the question of naval armaments limitation were made both
in London and in Washington this week, indicating
that substantial progress has already been made in
the conversations on the subject between Prime Minister Ramsay MacDonald and Ambassador Charles
G. Dawes. Although questioned several times in the
House of Commons,Mr:MacDonald declined to make
a statement on the negotiations until Wednesday of
this week. On further interpellations by Commander Kenworthy, the Prime Minister at length declared on this occasion that he was in a position to
make a statement as to the immediate intentions of
the government regarding the naval building program. He began saying that the nation's defenses
must be shaped largely on the chances of their having
to be used, and in that respect the Kellogg anti-war
pact was of great influence. Despite the many concerns entailed in the formation of a new government,
time had been found to carry on actively conversations with the United States for settlement of disputed points, he added. "Already the whole field
of these differences with the United tates has been
surveyed,"- Mr. MacDonald said, "and the two governments have made a fresh start in their solution.
We have agreed upon the principle of parity We
[VoL. 129.
have agreed that without in any way departing from
the conditiouo of parity a measure of elasticity can
be allowed so as to meet the requirements of the two
nations."
In attempting to come to the hoped-for agreement
with the United tates on naval matters, technical
points will not be allowed to override great public
issues, the Prime Minister declared. He indicated,
moreover, that conversations are now in progress regarding his proposed visit to the President of the
United States, whin he assured the Commons "will
be most helpful to promote the cordial relations
of the two countries and in particular to advance the
ends of disarmament and peace which we hold in
common." October was tentatively set as the likely
month for the visit, which has to be fitted in with
certain international conferences. Dealing more
particularly with the British naval position, which
he said had been subjected'to "thorough examination," the Prime Minister declared that as a proof of
sincerity and in order to curtail national expenditure, decision had been taken to suspend all work on
two cruisers, one submarine depot ship and two submarines, while dockyard work on other naval construction is to be slowed down. Mr. MacDonald announced also that the governments of other powers
represented at Washington in 1921 had been informed of the conversations and would be invited to
a general conference as soon as the way is clear.
When questioning was resumed in the House of
Commons,the Prime Minister took occasion to make
the additional significant observation that "the
government have come to this conclusion in the full
belief, taking the state of the world today and the
prospects for peace, that the navy as it is left after
this announcement is perfectly capable of doing
its duty."
The curtailment of naval construction thus announced by Prime Minister MacDonald drew an immediate response in kind from the Administration
at Washington, President Hoover declaring late on
the same day that plans would be halted for the construction of three cruisers. In a pronouncement on
the American naval position, Mr. Hoover voiced
great satisfaction over the statement made by Mr.
MacDonald. "The American people are greatly complimented by his proposed visit," he said, "and he
will find a universal welcome. Mr. MacDonald's
statement marks a new departure in discussion of
naval disarmament. The Prime Minister introduces
the.principle of parity which we have now adopted,
and its consummation means that Great Britain and
the United States henceforth are not to compete in
armament as potential opponents but to co-operate as
friends in the reduction of it." Expressing appreciation of the good will and positive intentions of the
British Government, Mr. Hoover indicated that it is
the desire of the United States to show equal good
will in approaching the problem. The American program, he explained, contemplates the construction
of three cruisers, to be laid down this year in Government navy yards. Although actual construction of
these vessels would not be likely to produce inequality, these cruisers will not be laid down, the President declared, until there has been an opportunity
for full consideration of their effect upon the final
agreement for parity which is expected to be reached.
Much gratification over these pronouncements
was expressed in official circles in Washington on
subsequent days. They were hailed as marking a
JULY 27 1929.1
FINANCIAL CHRONICLE
529
ernment over the Finance Commission which desired
to incorporate reservations in the bill of ratification.
The Chamber next put through what was described in
a Paris dispatch to the New ork Times as a "platonic
reservation motion," in which it was declared to be
the sense of the Chamber "whereas France, without
greatly disturbing her national economy,cannot find
the means necessary for the execution of the accords
of April 29 and July 12 1926, except through the
regular accomplishment of the obligations of Germany, the charges imposed on the country by
these said accords should be covered exclusively
by the sums which Germany shall have to pay
France."
The crucial vote came, however, at 1.30 Sunday
morning, on a simple motion,introduced in behalf of
the Government, providing for unreserved ratification of the Mellon-Berenger accord. This motion,
omitting the reservations and conditions of the
Finance and Foreign Affaim Commissions, declared
simply that "The President of the Republic is authorized to ratify the accord concluded at Washington on April 22 1926, between the Government of the
United States of America and the Government of
the French Republic, for the consolidation and reimbursement in sixty-two annuities of the debts contracted by France toward the United States of
America." This motion was argued fervently by the
lawmakers. M. Briand was called to the Tribune
five times to explain the Government's position and
The resignation of Raymond Poincare as Premier Henri Cheron,the Finance Minister, was called upon
of France was announced in Paris last night by three times. When finally put to a vote, the motion
Andre Tardieu, Minister of the Interior, shortly was passed by the narrow margin of eight votes, 300
after ratification of the Mellon-Berenger and Deputies voting for the Government and 292 against
Churchill-Caillaux debt accords was accepted by the it. "It was a victory for the government," the Times
Senate. The Premier had held office continually dispatch declared, "but it was also a victory for
for a number of years, although his occupancy of those who have steadily, during this long debate, inthe position was interrupted for a short period early sisted that it should be made abundantly clear to the
last November, when the Cabinet resigned. He was United States that it was the will of the French
able to reform a Government on Nov. 11, and the people that they should not be held to their bond if
Government has since been known in France as the their own debtors defaulted." By this means the
"Armistice Day Cabinet?" Although he has now way was prepared for ratification by decree of the
reached the age of 70, M. Poincare exerted himself Mellon-Berenger accord providing for payment by
trmendously in the campaign for ratification of the France to this Government of debts amounting to
debt accords, with the result that he was forced to $4,025,000,000 in principal, with $2,822,674,104.17 in
absent himself in the most recent sessions of the interest, a total of $6,847,674,104.17. After this
Parliament on account of illness. Dispatches from action was taken the Deputies voted by show of
Paris now indicate that he wrote a letter to M. Tar- hands for similar ratification of the Churchilldieu, saying he was obliged to take three to four Caillaux accord providing for payment to Great
months' rest in preparation for an operation. Ac- Britain of $653,127,900. A bill of unconditional
cordingly, he declared that he was unable to exercise ratification was also accepted by the French Senate
on a vote which came last night after three days of
the functions of the Premiership.
debate. The Senate adopted the Mellon-Berenger
Unconditional ratification of the Mellon-Beren- ratification resolution by 242 votes against 3, with
ger and Churchill-Caillaux debt accords was voted by 40 abstentions. Only a formal decree by President
the French Chamber of Deputies in the night session Doumergue is now necessary to place the debt accord
last Saturday, bringing to a successful conclusion the in effect.
protracted struggle of Premier Poincare and his
colleagues in the coalition Cabinet for such authoriWith French ratification of the Mellon-Berenger
zation by the Parliament. Debate on the proposal debt accord now assured, fourteen nations have
of the Government for ratification of these accords approved contracts under which they have obligated
and of the new Young Plan for reparations payments themselves to pay to this country $22,163,869,993.10
was continued in the Chamber throughout the day, in liquidation of the principal and interest on adand a night session also was held the same as at all vances resulting from the World War. This, it is
previous meetings of the Chamber last week. Pre- made plain in a Washington report on Monday to
mier Poincare was again absent because of illness, the New York "Times," will dispose of all the loans
and the task of guiding the proposal through its final with the exception of the advance of $187,729,750 to
stages fell largely upon Aristide Briand, the Foreign Russia. The aggregate funded debt of the fourteen
Minister. The first vote of the day was one on pro- nations was fixed at $11,542,684,000. If final liquicedure, and it resulted in a clear victory for the Gov- dation is accomplished over the period of sixty-two
spirit of cordiality and cooperation which promises
much for an eventual agreement on the naval issue
'among the five great naval powers. The developments were taken to mean the end of competitive
building between the United States and Great
Britain in particular. In contributing to this end,
Secretary Stimson said Thursday that acceptance by
Great Britain of the principle of parity with the
United States on all categories of naval vessels was a
tremendous step forward. In a statement to the
press, the Secretary termed the doctrine of parity between the two fleets one of statesmanship, meaning
the elimination of the thought of war between the two
countries. "It may be futile in a military sense to
aim to make two fleets equal," he declared. "To mention nothing else, the difference in personnel of the
crews which man the fleets would undoubtedly prevent two fleets from ever being mathematically
equal in power. But the doctrine of parity between
the American and British fleets as to capital ships
was not a military doctrine but a doctrine of statesmanship. It does not look to a future conflict between these two fleets, but has an exactly opposite
purpose—namely, to prevent such a conflict. This
beneficent principle is now proposed to be extended
and agreed to as the principle which should control
the relations of the British and American navies not
only as to capital ships, but cruisers and the other
categories of vessels which constitute these navies."
530
FINANCIAL CHRONICLE
years as provided, without any further concessions
being made, the nations will in the end have repaid
this principal amount, plus $10,621,185,993.10 in
interest, at varying rates, these two items making
the grand total of $22,163,869,993.10. The nations
combined have already paid about 1,100,000,000 in
principal and interest, practically all of it by Great
Britain, as the early payments under funding agreements by most of the other nations have been very
light. France paid about $20,000,000 interest annually from 1919 to 1926 on the surplus war supplies
debt of $407,000,000, which will now be merged with
the general French debt under the Mellon-Berenger
agreement. Since that agreement was signed in 1926
France has been meeting the payments therein provided, even though the pact was not ratified by the
respective Parliaments. The payments were $30,000,000 each in 1926 and 1927; $32,500,000 each in
1928 and 1929; with a rapidly increasing scale in
subsequent years, until annual payments of $125,000,000 are reached in 1942. At that figure they are
to remain until 1986, with a final smaller payment
in 1987.
[VOL. 129.
program, not merely because of the reductions it
makes in the annuities, but also because it finally
removes uncertainties as to the extent of Germany's
reparations obligations." It is pointed out that tax
and administrative revenues for 1928-29 together
yielded a total of 9,650,000,000 reichsmarks, the
largest amount ever received and 2,000,000,000 more
than the revenues of 1924-25, the year in which the
Dawes Plan came into effect. The budget of the
current fiscal year contemplates revenues of
10,000,000,000 reichsmarks.
As the reparations obligations of Germany constitute on their external side the principal budgetary
liability of the Reich, Mr. Gilbert predicts that the
new Experts' plan will afford the Reich the essential
basis for the formulation and execution of a constructive financial program, while the reduced
annuities will provide a certain margin which will
be useful in carrying out this program. It is noted
in the "Times" dispatch that the Agent General
appears to be in accord with the view that the ensuing amount of savings to the Reich can be applied
to covering deficits in the regular budget and devising a prudent policy of tax reductions. Mr. Gilbert
A hopeful view of Germany's economic situation not only supports the German Finance Minister's
is taken by S. Parker Gilbert, Agent General for announcement in this respect, it is declared, but
Reparations,in his interim report to the Reparations also cites the opinion of the Paris experts who took
Commission covering the nine months to May 31 last, it for granted ;that reduced annuity payments by
of the fifth year of the Dawes Plan. The report, Germany would enable the Reich to inaugurate
a
published in Berlin last Saturday, is the last but program of tax reduction which would
produce a
one to be issued under Mr. Gilbert's direction, since financial situation favorable to the creation
of new
the expected application of the new Young Plan on capital. The new Young Plan, Mr. Gilbert
states,
Sept. 1 will automatically eliminate his post as is in the interest of creditor powers and of
Germany
Agent General. It is understood, however, that Mr. alike, in that it eliminates the uncertainties
inherent
Gilbert will be identified with the process of organ- in the Dawes Plan.of 1924 and "sets the
seal on the
izing the new International Bank of Settlements, inclusion of the German debt in the list of interwhich forms a prominent part of the Young plan. national settlements." The Experts' plan of 1929,
As on all previous occasions, Mr. Gilbert's report moreover, "gives to Germany and the creditor counwas awaited with much curiosity in Berlin, partly tries the opportunity for definitive settlement of the
because of rumors from Paris that the Agent General reparation problem and thus provides the essential
would criticize German financial procedure. Ap- basis for the further progress of peaceful reconprehensions thus aroused proved unfounded, accord- struction."
ing to a Berlin dispatch to the New York "Times,"
Reviewing German credit conditions, Mr. Gilbert
the document containing nothing that could irritate states that her position as a borrower in
interGerman susceptibilities. "It runs up and down the national markets has made Germany
peculiarly
gamut of German economic life in a wholly sympa- sensitive to changes in money conditions
in other
thetic spirit and takes generous cognizance of the financial centers. During the past year,
he observes,
German Government's determination to effect a these changes have been pronounced and the
currents
comprehensive organic reform of the Reich's of international money movements have
been altered
finances," the dispatch added.
to a marked extent. "The United States, for exIn a discussion of the Reich's difficulties in con- ample, which has been the main source of long-term
nection with the attempt to balance the budget, Mr. loans to Germany ever since stabilizati
on and one
Gilbert remarks that the recent cash difficulties of the principal sources for short-term
funds, reexperienced have emphasized, by reason of their versed its position about a year ago," Mr. Gilbert
acuteness, the unsettling influences which the public declares, "and instead of being a
large lender to
spending beyond available resources exerts on credit foreign countries has become a
large borrower."
markets and on the nation's economy as a Whole. The net movement of funds was away
from Germany
At the same time, he adds, they have given a great in the first half of 1929, it is
indicated, making the
impetus to plans now being made for financial re- domestic credit position in Germany
"more than
form. "Altogether," the report states, "the problem usually difficult and severely
restricting the flow
remains one which will yield to the application of of long- and short-time credit
accommodations at
standard principles of public finance, for there can home." It was only after the
experts in Paris had
be no question that the vitality and steady rise of arrived at an understanding that the
credit stringrevenues, even after far-reaching tax reductions, ency was moderated, the Agent
General states. Gerfurnish the essential basis for satisfactory develop- man foreign trade has been more
nearly in balance
ment of the budgetary position as a whole if effective in recent months, in the opinion
of Mr. Gilbert, who
control over expenditures can be maintained. The believes the gradual rise in
exports is a matter of
new experts' plan which awaits action by the Gov- primary importance because the approach
to a favorernments concerned provides opportunity and added able trade balance is more promising through larger
incentive for the development of a sound financial exports than through reduced imports. Additional
JULY 27 19291
FINANCIAL CHRONICLE
531
extracts from Mr. Gilbert's report appear in our early this week that he also sought the co-operation
news columns on subsequent pages.
of the Japanese, Italian and German Governments
in his move for peace. He acted, press correspondDanger of a military conflict between Russia and ents in Washington were informed, solely to mobilize
China over the seizure by Chinese authorities on world opinion for a peaceful settlement. It develJuly 11 of the Russian-owned Chinese Eastern Rail- oped that the initiative in the matter rested entirely
way has passed almost completely in the current with the Secretary of State. Formal assurances
week, partly as a result of the almost instant mobil- from both the Chinese and Russian Governments
ization of world-opinion against actual warfare. that they intend to abide by the Kellogg Treaty and
Although neither country is in a position to defray have no intentions of taking hostile action were
the costs of extensive warfare, the truculent attitude received in Washington Monday. The Chinese
adopted by both sides as a result of the rail seizure response was delivered by Dr. Chao-Chu Wu, the
caused misgivings in some quarters regarding the Chinese Minister to the United States, while the
maintenance of peace. The ultimatum issued by the Russian reply was received through Paul Claudel,
Soviets and the prompt and complete severance of the French Ambassador, through whom the Amerall relations that followed when the Chinese made ican appeal was communicated to Moscow. The
an equivocal answer produced a situation in which notes were not made public.
any overt act might have plunged the two countries
Reports Of military encounters between Russian
into a military conflict. In informed circles in and Chinese forces in Manchuria persisted over the
Washington, Tokio and elsewhere this possibility last week-end, but none of them was verified.
was held unlikely from the start. Peaceful settle- Chinese sources have continued to send reports of
ment of the difficulty appeared almost assured after Russian airplanes flying over border towns, parSecretary of State Stimson and M. Briand of France ticularly Pogranichnaya in Eastern Manchuria, but
took steps on July 19 to remind the Chinese and observers here have pointed out that this place is
Russian Governments that they are both signatories partly in Russia and partly in Manchuria, and it
of the Kellogg Treaty for the renunciation of war as may be doubted, therefore, if there was any actual
an instrument of national policy. The present week invasion, even in this fashion. Several manifestos
has brought virtual certainty of peaceful adjust- have been issued, meanwhile, by Chinese authorities,
ment, both China and Russia indicating that they attempting to justify the seizure of the Chinese
will adhere to the Kellogg Pact, while additional Eastern Railway and the expulsion of Russian
Western nations have joined the United States and officials as a measure of self-defense against ComFrance in their effort to preserve peace.
munist propaganda. One of these declarations was
In response to the reminder of France and the issued at Nanking Sunday and another at Mukden
United States, both Moscow and Nanking issued Tuesday. Both repeated the charges previously
statements last Saturday declaring that they will made that Soviet Government officials had used
observe the provisions of the Kellogg-Briand anti- their positions to further Communist propaganda
war treaty. Jan E. Rudzutak, acting head of the inimical to China. A similar statement in explanaSoviet Government, said that it was not necessary tion of the Chinese action was issued Monday in
for Secretary Stimson to remind the Moscow Gov- Washington by Minister Chao-Chu Wu. Definite
ernment of its duties as a signatory of that agree- relaxation of the tension in Manchuria was reported
ment. "Unless the Chinese Government commits a in Tokio dispatches of Wednesday, based on reports
warlike act, we shall stand loyally by the pact," he from Harbin and other points in Manchuria with
declared. "Despite China's present provocative atti- which the Japanese capital is in constant comtude, her violation of the treaty vesting equal control munication.
of the Chinese Eastern Railway in us, and her repeated invasions of the rights of Soviet citizens, we
A proclamation raising the embargo of the United
shall not take any military action against her unless States Government against the shipment of arms
China invades our territory and forces us to take to Mexico,was issued by President Hoover on July
defensive measures. When we solemnly signed the 19, signifying that in the opinion of the Washington
Kellogg Pact it was not a gesture. We believe in- Administration there is no danger of a further revolt
tensely in peace, and the Kellogg Pact is one of the in that country. The announcement removed a ban
best means of enforcing it." In behalf of the Nan- which had been in force since the revolution of 1924
king Government, Foreign Minister C. T. Wang and under which arms and munitions could be
asserted on the same day that China does not desire shipped from the United States to Mexico only for
to invade Russian territory. "China will adhere to the Mexico City Government. A notification of the
the letter and the spirit of the Kellogg Pact in seek- President's action, issued by the State Department,
ing settlement of the Sino-Russian crisis, of which recalls that an insurrection was being waged against
China desires a peaceful solution," the Foreign Min- the duly constituted Government
of Mexico at the
ister said. "This means that we will exhaust every time the embargo was first ordered. "The
Mexican
possible peaceful means before we take up arms Government has recently withstood
successfully
against the Soviet."
another domestic insurrection," the statement adds.
The Government of Great Britain took steps last "The Mexican Government, through
the Acting
Sunday to align itself with France and the United Minister for Foreign Affairs, has requested that the
States in their effort to prevent resort to warfare. embargo on the shipment of arms to Mexico be lifted.
Sir Esme Howard, British Ambassador to Washing- The President of the United States, desirous of
ton, called upon Secretary of State Stimson on that acceding to the request of a Government with which
day and informed him that he had received instruc- the Government of the United States is happily on
tions from Foreign Secretary Arthur Henderson to terms of peace and amity, and gratified that conassociate his Government with the United States in ditions now exist in Mexico which no longer require
the move to avert hostilities. Mr. Stimson revealed the maintenance of the arms embargo, has ac-
532
[Vol,. 129.
FINANCIAL CHRONICLE
cordingly revoked the proclamation of Jan. 7
1924."
A further significant development in relation to
Mexico was made known in Mexico City last Saturday by Luis Montes de Oca, Minister of Finance and
Chairman of the Board of the National Railways of
Mexico. This consists of the appointment of former
President Plutarco Elias Calles to elaborate a plan
for the financial reorganization of the national railway system. Senor Calles has sailed for Europe for
a vacation after his strenuous labors in putting down
the military revolt of March and April, and the suggestion was made in a Mexico City dispatch of July
21 to the New York "Herald Tribune" that he may
attempt to achieve some understanding with European interests in connection with the financing of
the railways. In making the announcement, Senor
Montes de Oca said: "The important resolution
which has been adopted is based on the unavoidable
necessity of initiating reorganization of the company's finances, not only to rehabilitate its credit,
but also to make better use of its influence from the
point of view of the development of national
economy. It is considered that such reorganization,
to be effective, demands modifications in the administrative functioning of the company in order that
its normal income shall permit covering not only
exploitation and expenses but also service on its
indebtednesv. In accordance with the unanimous
opinion of the Board of _Directors that in the task
of reorganization of the railway system it is necessary to count upon representatives whose prestige
and ability is unquestioned, General Calles was
nominated for the task and he will doubtless appreciate the fortunate circumstances of his trip abroad
to study a number of important points in connection
with his selection. He is invested with full power
and may make use of the services of any persons he
may decide necessary to assist him."
The latter are subdivided into discounts and advances, which decreased £4,141,454 and securities,.
which increased £37,857. The rate of discount ,
remains 53/2%. Below we give the comparative
figures for five years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1929.
July 24,
1928.
July 25,
1927.
July 27.
1926.
July 28.
1925
July 29.
Circulation
a367,331.000 136,016,000 137,958,165 142,020,185 144,750,795
Public deposits
11,684.000 11,737.000 9,877,743 9,727,001 20,690,085'
Other deposits
97,493,360 106,838.000 103,482,503 105,492,490 103,261,010
Bankers' accounts
61,009,441
Other accounts
36,483,919
Governm't securities 50,781,855 28,279,000 49,991,982 34,925,328 33,600,433
Other securities _ - - 33,099,759 48,418,000 47,857,585 68,524,751 69,173,912
Dint. de advances- _ 9.426,937
Securities
23,672,822
Reserve notes & coin 43,368,000 59.754,000 33.596,556 29,866,628 39,257,012
Coin and bullion ._ _150,700,158 176,020,387 151,804.741 152,126,713 164,257,807
proportion of reserve
to liabilities
25.91%
31i%
39.72%
29.56%
50.39%
5%
Bank rate
5%
4i4%
514%
414%
a On Nov. 29 1928 the fiduciary currency was amalgamated with Bank of England
note issues, adding at that time £234,199,000 to the amount of Bank of England
notes outstanding.
The statement of the Bank of Germany for the
third week of July shows an increase in gold and
bullion of 49,083,000 marks, bringing the total of the
item up to_ 2,085,323,000 marks as compared with
2,148,808,000 marks last year and 1,801,106,000
marks the year before. A decline of 281,355,000
marks in bills of exchange and checks reduced the
item to 2,133,323,000 marks. Silver and other coin
gained 14,051,000 marks and notes on other German
banks, 4,308,000 marks. Reserve in foreign currency decreased 11,114,000 marks and advances
dropped 120,213,000 marks. Deposits abroad remained unchanged. Other assets increased 23,389,000 marks and investments 13,000 marks. On
the liability side notes in circulation recorded a contraction of 256,407,000 marks, reducing the total
of the item to 4,091,054,000 marks, which compares
with 3,987,430,000 marks the corresponding week
last year and 3,383,096,000 marks the year before.
A decline was shown in other daily maturing obligations of 64,033,000 marks and in other liabilities of'
There have been no changes this week in the dis- 1,398,000 marks. A comparison of the various items
count rates of any of the central banks of Europe. of the Bank's return for the past three years is shown
The Bank of Java, however, on Monday raised its below:
REICHSBANK'S COMPARATIVE STATEMENT.
rate from 43/2% to 53/2%. Rates continue at VA%
Changes
for Week.
July 23 1929. July 23 1928. July 23 1927
in Germany; at 7% in Italy; at 53/2% in Great Assets—
Reichsmarks. Relehsmarks. Reichsmarks.
Reichsmark..
Inc. 49,083,000 2,085,323,000 2,148,808,000 1,801,106,000
Britain, Holland, Norway and Spain; 5% in Den- Gold and bullion
57,876,000
85,626,000
101,017.000
Of which depos. abed.. Unchanged
mark; 43/2% in Sweden; 4% in Belgium, and 332% Reerve in torn curr_ Dec. 11,114,000 340,788,000 193,987,000 97,494,000
2,238,590,000
2,083,180,000
2.133.223.000
checks.Dec.
281,355.000
Bills of exch. dc
in France and Switzerland. London open market Silver
and other coin_ Inc. 14,051,000 145,038,000 106,151,000 100,500,000
22,676,000.
23,428.000
4,308,000
28.252,000
discounts for short bills are 53
4% against 53@ Notes on 0th. Ger. bkaInc.
25,203,000
53,207,000
Dec. 120,213.000
34,005,000
Advances
5-16%, on Friday of last week, and 53/2% for long Investments
92,405,000
Inc.
13,000
92,891.000
93.987,000
Inc. 23,389,000 840,165,000 608,416,000 507,886,000
Other assets
bills against 5 7-16% the previous Friday. Money
256,407,000 4,091,054.000 3,987,430,000 3,383.096,000
on call in London yesterday was 41
/
4%. At Paris Notes in cIrculationDec.
Oth:daily matur.oblig.Dec. 64,033,000 550,906,000 688,299,000 814,092,000
open market discounts remain at 33/2%, and in Other liabilities
Dee. 1.398,000 329,807,000 234,263,000 372,428,000
Switzerland at 33%•
In its statement for the week ending July 20, the
The Bank of England statement, as reported by Bank of France shows a decline in note circulation
special cable to the "Chronicle," for the week ended 'of 444,000,000 francs, reducing the item to 64,109,July 24 shows a decrease in bullion of £4,964,939 868,040 francs as compared with 64,553,868,040
and an increase of £7,000 in circulation. Reserves francs last week and 64,840,868,040 francs two.
therefore contracted £4,972,000. Gold holdings now weeks ago. Due to an increase of 16,000,000 francs
total £150,700,158, as compared with £155,665,097 in credit balances abroad the item now totals 7,334,last week and £176,020,387 a year ago. Public 435,094 francs. The gain shown in gold holdings,
deposits increased £119,000, while other deposits of 125,431,720 francs, raises the total to 36,786,decreased £1,139,564. Of the latter, those for the 069,655 francs. Advances against securities showed
account of bankers showed a loss of £1,802,236, a decrease of 41,000,000 francs and creditors current
and those for the account of others a gain of £662,672. accounts dropped 641,000,000 francs. French comProportion of reserve to liability is now 39.72%; mercial bills discounted decreased 239,000,000 francs
last week it was 43.86%; a year ago it was 50.39%. and bills bought abroad 22,000,000 francs. Below
Loans on Government securities expanded £8,070,000 we furnish a comparison of the various items of the
and those on other securities contracted £4,103,597. Bank's return for the past 3 weeks:
JULY 27 1929.1
533
FINANCIAL CHRONICLE
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
July 6 1929.
July 20 1929. July 13 1929.
for Week.
Francs.
Francs.
Francs.
Francs.
Gold holdings_ _ _ _Inc. 125,431.720 36,786,069,655 36,660,637,935 36,650.055,730
Credit bats. abed_Ine. 16,000,000 7,334,425,094 7,318,435,094 7,304,435,094
French commercial
bills discounted Inc. 239,000,000 7,687,983.815 7,448,983,815 7,669.983,815
Mils bought abed _Inc. 22.000,000 18,488,896,786 18,466,896,786 18,439,896,786
Adv. agst. securs.Dec. 41,000,000 2,415,350,025 2,456,350,025 2,525,350,025
Note circulation__Dec. 444,000,000 64,109,868,040 64,553,868,040 64,840,868,040
Cred. curr. accts....Dee. 641,000,000 17,222,838,936 17.863,838,936 17,996,838.936
Money rates in the New York market showed an
insistent trend toward firmness the past week, both
call and time loan rates advancing. Demand for
funds for crop moving purposes is beginning to be
felt in the market, causing more general withdrawals
by out-of-town banks. Absorption of additional
funds in stock speculation has also been pronounced,
as indicated by the sharp increase in brokers' loans.
Call loan rates remained at 7% Monday and Tuesday, with distinct tightening perceptible on the latter
day when the banks withdrew some $15,000,000.
After renewing again at 7% on Wednesday morning,
the rate was advanced to 9% for new loans. Withdrawals by ,the banks were approximately $40,000,000, chiefly for account of out-of-town institutions.
The renewal rate Thursday was 8%, but the demand
was sufficient to cause an increase in new loans to
10%. Withdrawals by the banks aggregated $35,000,000, although on this occasion they were attributed mainly to New York banks. The rate for call
loans yesterday was 9% throughout, both renewals
and new loans being fixed at this figure. Withdrawals were more moderate, amounting to about
$10,000,000. Time money rates moved upward.from
73
4% and 8% for all maturities Monday to 83.%
yesterday, with some maturity accomodations reported fixed toward yesterday's close at 83/2%.
Brokers' loans against stock and bond collateral
registered the huge gain of $95,000,000 in the compilation of the Federal Reserve Bank of New York for
the week ended Wednesday night, establishing a
further high record for all time in the amount of funds
thus employed. Gold movements for the same period
consisted of imports of $5,056,000 and exports of
$276,000. No change was reported in the amount of
gold earmarked for foreign account.
however, have continued unchanged. " The posted
rates of the American Acceptance Council remain
at 53.% bid and 51A% asked for bills running 30
days, and also for 60 and 90 days, and at 5%% bid
and 5A% asked for 120, 150 and 180 days. The
Acceptance Council no longer gives the rates for call
loans secured by acceptances, the rates varying widely
Open market rates for acceptances have also remained
unchanged as below:
SPOT DELIVERY.
—120 Days—
—150 Days—
—180 Days—
Bid. Asked.
Bid. Asked.
Bid. Asked.
5'
54
5
5%
534
535
Prime eligible bills
54
—30 Days—
—60 Days—
—90 Days—
Bid. Asked
Bid. Asked.
Bid. Asked.
534
53i
54
554
54
54
Prime eligible bills
FOR DELIVERY WITHIN THIRTY DAYS.
54 bid
Eligible member banks
5% bid
Eligible non-member banks
There have been no changes this week in the rediscount rates of the Federal Reserve banks. The
following is the schedule of rates now in effect for
the various classes of paper at the different Reserve
banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Rate in
Effect on
July 26.
Date
Established.
Previous
Rate.
5
5
5
5
5
5
5
5
5
5
5
5
July 19 1928
July 13 1928
July 26 1928
Aug. 1 1928
July 13 1928
July 14 1928
July 11 1928
July 19 1928
May 14 1929
May 6 1929
Mar. 2 1929
May 20 1929
434
454
44
44
434
434
435
434
434
434
434
434
Sterling exthange, while frequently in demand
during the week, has been irregular but ruled on the
average slightly better than the week previous.
The range this week has been from 4.84 9-16 to
4.85 for bankers' sight, compared with 4.84 15-32
to 4.84% last week. The range for cable transfers
has been from 4.85 1-32 to 4.85 15-32, compared
with 4.84 31-32 to 4.85 7-32 the previous week.
The outstanding feature of exchange is the steady
loss of gold by the Bank of England which has been
going on for nearly a month, with exports of the
metal from London to Paris and Berlin exceptionally
heavy. Of cours, the high money rates in New
Dealing in detail with the call loan rates on the York are, as they have been for more than a year, a
Stock Exchange from day to day, all loans on Monday dominating factor in international monetary affairs
and Tuesday were negotiated at 7%. On Wednesday and are especially depressing to sterling. This
after renewals had been effected at 7% the rate on week the Bank of England shows a loss in gold
new loans advanced to 9%; and on Thursday after holdings as of July 25 of £4,964,939, the total bullion
renewals had been put through at 8% the charge for standing at £150,700,158. In addition the daily
new loans rose to 10%. On Friday all loans were at bullion report of the bank has shown subsequent
9%, including renewals. Time money further stiff- sales of a further £1,235,515 in gold bars, which
ened, with business at virtually a standstill. Quota- would bring the total reserves at the present time
tions on Monday and Tuesday were 8% for 30, 60 to approximately £149,464,633.• This is the lowest
and 90 days, and 7%@8% for four, five, and six figure for this item which has been reached since the
months. On Wednesday the quotation was 8% for consolidation of the note issues. It is approximately
all dates. On Thursday it was 814% for 30, 60 and £500,000 less than on Feb. 7, when the Bank of
90 days and 8% for four, five and six months; and on England raised its official rate of rediscount from
Friday 83@814% for thirty and sixty days and 43/2% to the present 532%.
It seems certain that the Bank of England authori831% for 90 days to six months. Commercial paper
has continued inactive. Rates for names of choice ties must take some decided steps in the near future
character maturing in four to six months remain at if gold holdings are to be maintained at anywhere
6%, while names less well known are 63@6%, near the Cunliffe minimum of £150,000,000. The
with New England mill paper quoted at 631%.
loss of gold is giving considerable anxiety to British
bankers and again revives the question of a probable
The market for prime bankers' acceptances has increase in the Bank of England rediscount rate.
been in the doldrums the present week with more However, the weight of opinion seems to be that there
offerings than the demand could absorb. Rates will be no marking up of the rate, as there are grave
534
FINANCIAL CHRONICLE
[VoL. 129.
fears that a higher rate would be injurious to British
Canadian exchange continues at a discount. The
trade. Foreign exchange traders on both sides of discount in Canadian funds is due, as for many
the water are frankly in doubt as to what to expect. months, chiefly to the high money rates in New York
Banking circles are surprised that the heavy gold and to the unfavorable commodity balance between
shipments to Berlin and Paris in the last few weeks Canada and the United States. At present the unhave not brought about an appreciable improvement favorable wheat situation is also a factor in -keeping
in sterling with respect to French francs and German the Canadian rate at a discount. Canada is enjoying
marks. Signs are not wanting, however, that this probably the most prosperous year it has ever known
improvement may develop within the next few and money and credit are in demand. Nevertheless,
days. The fundamental outlook for sterling is not the high money rates in New York tend to attract a
encouraging so long as money rates remain at pres- large volume of temporary Canadian funds, thus
ent levels in New York. This week bankers report tending to keep the Montreal rate low.
that _there has been a considerable transfer of French
Referring to day-to-day rates, sterling on Saturday
balances from New York to London and that these last was steady and in moderate demand. Bankers'
transactions have been largely responsible for the sight was 4.84 9-16@4.84 11-16; cable transfers,
higher range of quotations at different times during 4.85 1-32@4.851
%. On Monday the market was
the week. Should the French transfers take place higher. The range was 4.84 11-16@4.84% for
on a larger scale they might give sufficient firmness bankers' sight and 4.85 3-16@4.85% for cable transto sterling to offset to some extent the pull of New fers. On Tuesday the market was still firmer.
York money rates. It is pointed out in some quar- Bankers' sight was 4.843'@4.85; cable transfers,
ters that were the Bank of England to increase its 4.85%@4.85 13-32. On Wednesday the market
rate of rediscount to 63/2% against the present 53/2%, was irregular. The range was 4.84%@4.85 for
it would prove of little avail in combating the pull bankers' sight and 4.85 5-16@4.85 13-32 for cable
of 8% for time money in New York and of call money transfers. On Thursday sterling was under pressure.
ranging from 7% to 10%. The large shipments of The range was 4.84 11-16@4.84% for bankers' sight
gold to Germany are believed in some quarters to be and 4.853'@4.85 7-32 for cable transfers. On Friday
a repayment of the proceeds of short-term loans and sterling was firm again; the range was 4.84 23-32@
credits secured outside Germany, principally in New 4.85 for bankers' sight and 4.85 7-32@4.85% for
York. The reasons for the demand for London cable transfers. Closing quotations on Friday were
gold by France are more obscure, but it is the gen- 4.85 for demand and 4.85% for cable transfers.
erally accepted view that French balances are being Commercial sight bills finished at 4.84%; 60-day
withdrawn from London owing to the political bills at 4.80 1-16; 90-day bills at 4.77 13-16; docudevelopments in France which have resulted in greater ments for payment (60 days) at 4.80 1-16; seven-day
confidence in the financial future of France. As grain bills at 4.84 1-16. Cotton and grain for paynoted above,the Bank of England's gold holdings on ment closed at 4.849.
July 25 stood at £150,700,158, which compares with
£155,665,097 a week earlier, and with £176,020,000
The Continental exchanges have been firm, espeon July 26 1928.
cially French francs and German marks. As noted
On Saturday the Bank of England sold £237,879 above, most of the London gold exported in the past
in gold bars and exported £10,000 in sovereigns. few weeks has been going to Berlin and Paris, as
On Monday the Bank of England sold £1,404,904 in both the sterling-mark and sterling-franc rates are
gold bars. London bullion brokers reported that of much against London. The statement of Bank of
this amount approximately £500,000 was taken for France shows an increase in gold holdings as of the
shipment to Germany and the market believed that week ended July 20 of 125,431,720 francs, the total
a shipment of between £1,000,000 and £2,000,000 standing at 36,786,000,000 francs. All this increase
was being arranged with France. On Tuesday the is believed to have come from imports from London
Bank sold £864,070 in gold bars and bought £205,700 and an equally large amount is believed to have
in gold bars. On Wednesday the Bank of England been drawn since the statement was issued. The
sold £689,059 in gold bars. On Thursday it sold Bank's ratio now stands at 44.53%, against the legal
£1,235,515 in gold bars. On Friday the Bank sold minimum of 35%. An important factor in the firm$1,628,886 in sovereigns and exported £2,000. It ness in the franc is the ratification of the Mellonbought £1,780 in gold bars. At the Port of New Beranger debt accord between the United States and
York the gold movement for the week July 18-July 24, France by the French Chamber of Deputies. This
as reported by the Federal Reserve Bank of New York means the settlement of the last of the important
consisted of imports of $5,056,000, of which $5,000,- war debts and will end a problem which at times has
000 came from Argentina and $56,000 from Latin threatened to become a serious factor in FrancoAmerica. Exports totaled $276,000, of which American relations. There seems little doubt that
$220,000 were shipped to Java and $56,000 to the United States Senate will ratify the accord, as
Mexico. The Reserve Bank reported no net change it is in line with the other debt agreements already
in gold earmarked for foreign account. In tabular ratified. Final action is expected to result in some
form the gold movement at the Port of New York withdrawals of French funds from New York.
Balfor the week ended on July 24, as reported by ances in excess of $500,000,000 for the account of
the Federal Reserve Bank of New York, was as France are believed to be in New York at
the present
follows:
time. As these withdrawals take place they should
GOLD MOVEMENT AT NEW YORK, JULY 18-24, INCLUSIVE. have the effect of firming sterling exchange as it is
Imports.
believed that the Bank of France is anxious to have
Exports.
$5,000,000 from Argentina
8220,000 to Java
large sterling balances. Tourist demands for ex56,000 chiefly from Latin Amer. 56,000 to Mexico
change are now at peak and this factor is also of
85,056,000 Total
J $276,000 Total
importance
in giving firmness to the franc and to
Net Change in Gold Earmarked for Foreign Account.
most of the European currencies.
None
JULY 27 1929.]
FINANCIAL CHRONICLE
German marks have been steady and in somewhat
greater demand. The mark is especially firm with
respect to sterling exchange and this accounts for the
heavy shipments of gold from London to Berlin noted
above. The Reichsbank statement for the week
ended July 23 shows an increase in gold holdings of
49,083,000 marks, bringing the total to 2,085,300,000
marks. German money rates continue high and are
attracting funds from all the leading financial centres.
Although money rates in New York are unfavorable
to extended German borrowing, bankers assert that
considerable German credits are steadily being arranged. London, Amsterdam, and Paris have been
supplying a large volume of short-term credit in recent months, but should any ease develop in New
York credit conditions, it is expected that a resumption of long-term borrowing by Berlin will ensue.
which will help maintain marks at high levels. A
recent Berlin dispatch stated that municipal borrowing received an impetus from the sensational report
of the Reichsbank policy and activities just published
by the official commission. The commission refuted
emphatically, it is stated, all arguments used by Dr.
Schacht, Governor of the Reichsbank, against foreign borrowing. The report of the commission was
unanimous and is expected to modify the zeal of the
Loan Advisory Board in the future in the vetoing
of foreign loans by public bodies.
Italian lire have been steady and in somewhat better demand. The demand for tourist accommodation has been exceptionally heavy and is now believed
to be at peak. The minor Continental exchanges
are also in demand and ruling steady, moving somewhat in the wake of francs and marks, but largely as
a result of seasonal influences.
The London check rate on Paris closed at 123.73
on Friday of this week, against 123.84 on Friday of
last week. In New York sight bills on the French
centre finished at 3.92%, against 3.91 7-16 on Friday a week ago; cable transfers at 3.92%, against
4,
3.91 11-16, and commercial sight bills at 3.913
8. Antwerp belgas finished at 13.893
against 3.913/
for checks and at 13.90 for cable transfers, against
13.893 and 13.90 on Friday of last week. Final
quotations for Berlin marks were 23.833 for checks
% for cable transfers, in comparison
and 23.841
/
2 a week earlier. Italian
with 23.823/2 and 23.831
4 for bankers' sight bills and at
lire closed at 5.227
5.233/i for cable transfers, as against 5.22% and
5.233' on Friday of last week. Austrian schillings
closed at 14.10 on Friday of this week, against 14.10
on Friday of last week. Exchange on Czechoslovakia
finished at 2.963/8, against 2.963'; on Bucharest at
0.593/2, aginst 0.5932; on Poland at 11.23, against
11.23, and on Finland at 2.52, against 2.52. Greek
exchange closed at 1.29% for checks and at 1.29% for
cable transfers, against 1.293( and 1.293/
2.
The exchanges on the countries neutral during the
war have been firm with the exception of Holland
guilders. The comparative weakness in the guilder
is attributed to the flow of Dutch funds to other
centres, attracted by higher money rates and greater
investment opportunities. As a result of these
transfers, Amsterdam money has been slightly firmer,
as practically no surplus funds are kept at home but
promptly find temporary domicile, in London, Berlin and New York. Amsterdam bankers believe that
the autumn stringency, which should develop in the
Netherlands as throughout Europe, will be auto-
535
matically settled by fresh American capital investment in Europe. Prospects for commerce and industry in Holland are judged favorably and in several
fields production is expanding. The Scandinavian
currencies are firm, owing to steady improvement in
business and export conditions in these countries, and
in some measure to the tourist season. Spanish
pesetas continue to show the firmness which developed a few weeks ago as the result of financial measures taken by the Madrid authorities to support exchange. Plans of the Spanish Government to check
the decline in exchange, which has been due in part to
an unfavorable balance of trade, were reviewed
recently by the Department of Commerce on the
basis of cables and reports from Commercial Attache
Livingood at Madrid. The steps to be taken, it is
said, include tariff revision. "Most interesting to
American exporters to Spain," the review said, "is
the official announcement that the guiding principle
in the coming tariff revision will be a reduction in the
duty rates on numerous items, the retention of present
rates on almost all others, and increases only on certain particular items, on which, presumably, the
present duties are considered inadequate." The new
rates are to go into effect provisionally on Oct. 1. A
period of three months is to be granted for the consideration of representations made by interested
parties, and on Jan. 1 the new tariff is to become definitely operative. The proposed measures to prevent
a further decline in the value of the peseta, the survey
said, would include the organization of a Government
bureau to encourage the consumption of goods of
Spanish rather than foreign manufacture, the formation of a committee to curtail unnecessary importations, and the enactment of strongly protective measures to encourage the development of a Spanish
automotive industry sufficient to take care of local
requirements.
Bankers' sight on Amsterdam finished on Friday
at 40.083', against 40.10k on Friday of last week;
cable transfers at 40.103/2, against 40.123
4,and commercial sight bills at 40.05, against 40.07. Swiss
francs closed at 19.23 for bankers' sight bills and at
19.24 for cable transfers, in comparison with 19.223/i
and 19.233.( a week earlier. Copenhagen checks
/
2 and cable transfers at 26.65,
finished at 26.631
against 26.623/
2 and 26.64. Checks on Sweden
closed at 26.793/2 and cable transfers at 26.81, against
26.79 and 26.803/
2, while checks on Norway finished
at 26.64 and cable transfers at 26.653', against
26.633/2 and 26.65. Spanish pesetas closed at 14.59
for checks and at 14.50 for cable transfers, which
compares with 14.55 and 14.56 a week earlier.
The South American exchanges have been dull.
Argentine paper pesos and Brazilian milreis have
been inclined at times to weakness, although the
peso is much stronger than it was some weeks ago.
As noted above, the Federal Reserve Bank of New
York reports gold exports from Argentina of $5,000,000 during the week. This makes approximately
$20,000,000 in gold imported from Argentina in
three weeks; it is believed that more may yet reach
New York. The failure of the peso to respond
fully to the gold exports is largely due to labor
troubles at Rosario, which threaten to become nationwide. Some weeks ago it was thought that these
labor troubles had been satisfactorily adjusted, but
they have broken out afresh in a more threatening
manner and interfere seriously with the movement
536
[Vol,. 129.
FINANCIAL CHRONICLE
of wheat and other Argentine exports. Argentine
paper pesos closed on Friday at 42.02 for checks, as
compared with 41.99 on Friday of last week, and at
42.07 for cable transfers, against 42.05. Brazilian
milreis finished at 11.86 for checks and at 11.89 for
cable transfers, against 11.87 and 11.90. Chilean
exchange closed at 123/i for checks and at 12 3-16
for cable transfers, against 12.10 and 12.15, and
Peru at 3.98 for checks and at 3.99 for cable transfers,
against 3.98 and 3.99.
continue 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 orNew York was creditor at the Clearing House each day as follows:
DAILY CREDIT BALANCES OF NE-11 YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Aggregate
Monday, Tuesday, TVednesd'y, Thursday, Friday,
The Far Eastern exchanges have been dull but in- Saturday,
for Week.
July 20. July 22. July 23. July 24. July 25. July 26.
continue
quotations
silver
The
weakness.
clined to
$
8
$
8
$
13
$
to reflect the strained relations between China and 153,000,000 112.000,003 106.000,000 150,000,000 174.000,000 149,000,000 Cr. 904.000.000
-The foregoing heavy credits reflect the huge mass of checks which come
Russia. China and India are buying silver, but re- toNote.
the New York Reserve Bank rorn all parts of the country In the operation of
the
Federal
Reserve System's par collection scheme. These large credit balances.
luctance on the part of sellers has held silver prices however, reflect
only is part of the Reserve Bank's operations with the Clearing
House
Institutions,
only the items payable in Now York City are represented in
fairly firm. Since the slight improvement in the the daily balances. ft9The
large volume of checks on institutions located outside of
New York are not accounted for in arriving at these balances, as such checks do
sellsome
not Pass through the Clearing House but are deposited with the Federal Reserve
Russian-Chinese situation there has been
Bank for collection for the account of the local Clearing House banks.
ing of silver for Chinese account. Japanese yen
have been steady and continue to reflect the growing
The following table indicates the amou .t of bulconfidence that the present Government will soon
in the principal European banks:
lion
bring the yen to full gold standard. Closing quotaJuly 28 1928.
July 25 1929.
tions for yen checks were 4534)46 7-16, against Banks of
Kong
Hong
Total.
week.
Silver.
Gold.
Gold.
I
last
Silver.
Total.
of
Friday
on
45 13-16@463£
15-16;
4891@48
against
9-16,
4
1
Z
1
g
48%@48
closed at
176,020,387
England __150.700,1584
150.700,158 176,020,3871
237,297,424
d
France a-- 294.288,5574
at
7,424
Manila
d
204.288.557237,29
against
591
;
4
58%®58%,
Shanghai at
994.600104,153.700
Germany b 99,215,3004 c994,
100,209,900 103.159.100
---_ 102,486,0004 28.693,
131.179,000104,316,000 28,197,000 132,513,000
50, against 50; Singapore at 56%®563, against Spain
52.855.000
Italy
55,646.000
55,646.000 52,855,000
37,042,000 1,724,000 38,766,000 36,249.000 1,965,000 38,214,000
8, and Cal- Nethlands
/
8, against 361
561
Nat. Bele'. 28,561,000 1,270,000 29.831.000 22,941,0001 1,248,000 24,189.000
/g@5634; Bombay at 363/
Switfland 19,839.000 1,482,000 21,301,000 17,914,000 2,250,000 20,164,000
8, against 361/g.
cutta at 363/
12,797,000
Sweden __ _ 12,979,
12,979.000 12,797,000
Denmark _
Norway __
9,588,000
8.154,000
419.000 10.007,000 10.103,0001
8.154.000 8.168,000.
615,000 10,718,000
8,168,000
week818.499,01 34.562,8001853.061.615781.819,911 85,269,600817,089,511
Pursuant to the requirements of Section 522 of the Total
Prey. wk_ 823,195,6531 34.682.600857,878,253 778,379,083 35,411,600 813,790,688
Tariff Act of 1922, the Federal Reserve Bank is now a Tease are the gold holdings of the Bank of France as reported in the new form
of etaternent. b Gold holdings of the Bank of Germany are exclusive of gold held
certifying daily to the Secretary of the Treasury the abroad,
the amount of which the present year Is £5,050,850. c As of Oet. 7 1924.
d Silver is now reported at only a trifling sum.
buying rate for cable transfers in the different countries of the world. We give below a record for the
Practical Steps Toward Armament Limitation
week just past:
-The Action of Great Britain and the
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
United States.
BANKS TO TREASURY UNDER TARIFF ACTS OF 1922
The past week has witnessed the most important
JULY 20 1929 TO JULY 26 1929. INCLUSIVE.
action looking to a practical limitation of armaments
Noon Buying Bate for Cable Transfers to New Fort
Value in United Stales Money.
Gauntry and Monetary
that has been taken anywhere since the Washington
_ __
July 20. July 22. July 23. July 24. July 25. July 28.
Conference agreed upon a 5-5-3 ratio of naval
8
0
$
S
I
$
$
EUROPEstrength
between the United States, Great Britain
.140600
.140600
.140550
.140619
.140626
.140557
Austria, schIlllog„
.138921 .138922 .138931 .138943 .138948 .138973
Belgium. beige
and Japan. On Tuesday Pre6ident Hoover an.007218 .007222 .007205 .007188 .007209 .007225
Bulgaria, lev
Csechoslovakia, krone .029597 .029597 .029591 .029592 .029596 .029593
nounced his intention to set up a commission within
.266327 .266383 .266459 .266462 .266148 .266441
Denmark, krone
England. pound sterthe General Staff to study the army budget, with a
851519 4.852471
4.850625 1.852101 4.853288 4.853042
ling
.025139 .025141 .025142 .025149 .025160 .025146
Finland. markka
view to ascertaining what reduction in taxation can
.039163 .039172 .039167 .039193 .039187 .039212
France, franc
Germany, reichsmark .238285 .238310 .238382 .238413 .238355 .238384
.012921
.012921
.012918
be made by curtailing the expenditures for the army.
.012919
.012917
012923
Greece, drachma
.401226 .401230 .401197 .401219 .401207 .401102
Holland, guilder
On Wednesday Prime Minister MacDonald, in a
.174296 .174325 .174263 .174266 .174291 .174300
Hungary, pengo
.052300 .052302 .052301 .052302 .052300 .052306
Italy. lira
in the House of Commons,stated that conver.286405 .266425 .266530 .266523 .266520 .266478
speech
Norway, krone
.111835 .111820 .111777 .111825 .111833 .111847
Poland, zloty
.044690 .044830 .044820 .014730 .044730 .044790
sations
were going on actively between the British
Portugal. escudo
005939 .005937 .005928 .005929 .005933 .009926
Rumania. leu
145775 .145715 .145797 .145782 .145871 .145852
and
Spain. peseta
American
Governments "for the purpose of
.267995 .268003 .268009 .268000 .268001 .288017
Sweden. krona
.192309 .192325 .192371 .192396 .192378 .192382
Switzerland, frane
the
way
opening
for agreement on naval matters
.017554
.017560
.017556
.017558 .017550 .017555
Yugoslavia, dlnar
ASIAwhich
hitherto
have
defied settlement," and that the
China610833 .605833 .606666 .606230 .604583 .606666
Chefoo tael
Britifil
Government
load decided, "not only as proof
.597187
.595625
.590875
.596375
.593750
.601875
ilankow tael
.586250 .580535 .581875 .581785 .580178 .581785
Shanghai. tee!
of our own sincerity but as a duty imposed upon us
.622083 .616458 .617291 .617291 .615416 .617708
Tientsin tael
.484464 .483214 .483125 .483035 .481607 .482089
Hong Kong dollar
with regard to expenditure of national money," to
.422500 .417500 .417916 .418750 .417083 .417916
Mexican dollar
Pelyang
or
Tientsin
suspend all work on two cruisers, cancel construction
.425000 .420116 .420833 .421666 .420000 .420833
dollar
.425000 .417083 .417500 .418333 .416668 .417500
Yuan dollar
of a submarine depot ship and two submarines, and
.359700 .359728 .350700 .359712 .359639 .359716
India, rupee
.458921 .461121 .461218 .461312 .462153 .461934
Japan, yen
.558750 .558750 .558750 .558750 .558750 .558750
"slow down dockyard work on other naval construcShigapore(S. S.) do
NORTH AMER.
.996149 .995797 .996003 .996289 .998619 .997093
Canada, dollar
tion." Immediately upon receipt of the cable report
.909018 .999018 .999018 .999030 .909050 .999018
Cuba. peso
.480775 .481700 .482575 .482325 .482625 .482450
Mexico, peso
of
Mr. MacDonald's speech, Mr. Hoover, who only a
.993387 .992870 .993312 .993612 .994061 .994641
Newfoundland, del
SOUTH AMER.few
hours before, in a formal ceremony at the White
Argentina, peso (gold) .953345 .953679 .953872 .953767 .953650 .953892
.118600 .118595 .118581 .118572 .118590 .118590
Brazil, millets
House,
had proclaimed the Kellogg anti-war treaty
.120614
120301 .120315 .120631 .120619 .120606
Chile, peso
983223 .985313 .986635 .986714 .986335 .986885
Uruguay. Peso
to
in
be
effect, announced that the keels of the three
.965300
.965300
.965300 .965300 .965300 .965300
Colombia. nese
cruir,ers which were to be built this year in the govOwing to a marked disinclination on the part of ernment navy-yards would not be laid down "until
two or three leading institutions among the New there has been an opportunity for full consideration
parity
York Clearing House banks to keep up compiling of their effect upon the final agreement for
Britain.
we
which
Great
expect
to
with
reach"
disto
find
we
ourselves
obliged
us,
for
the figures
JULY 27 1929.1
FINANCIAL CHRONICLE
537
In announcing his plan for a reduction of army parity, and announcing that conversations with the
costs, Mr. Hoover pointed out that estimates pub- United States were actively going on, had let it be
lished last week of the increase in Federal expendi- known that the first steps toward an agreement
ture over the next four years, made necessary by leg- between the two countries had already been taken,
islation already enacted, indicated an increased and that Mr. Hoover, accordingly, felt himself justiburden, by 1933," of somewhere from $250,000,000 to fied in assuming that the reservation which Congress
$300,000,000 above the expenditures of the fiscal year made had thus, informally if not formally, begun to
just ended, and from $400,000,000 to $500,000,000 operate.
On the other hand, a statement given out at the
above the expenditures of four years ago. Of this the
purely military and naval expenditures, excluding White House on Friday represented Mr. Hoover as
non-military activities of these departments, repre- finding authority for his action in a section of the
sent about one-half. The combined expenditure is Act of Feb. 13 1929, which provides, among other
estimated at $803,000,000 in 1933, an increase of things, that "if the construction of any vessel"
$120,000,000 over the last fiscal year and $221,000,- authorized for the fiscal years 1929 or 1930 "is not
400 over four years ago... Moreover, many bills are undertaken in that year, such construction may be
pending before Congress that will still further in- undertaken in the next succeeding fiscal year."
crease this sum. The American people should un- This would seem to limit to one year the suspension
derctand that current expenditure on strictly mili- a construction which has been ordered, unless in
tary activities of the army and navy constitutes the interval such an agreement as Mr. MacDonald's
the largest military budget of any nation in the speech forecasts is made.
Mr. MacDonald's statement, indeed, went a conworld today, and at a time when there is less real
danger of extensive disturbance to peace than at any siderable way in its indication of approaching agreetime in more than half a century." The hope of tax ment. In the solution of the differences involved in
reduction, Mr. Hoover continued, "lies in large an agreement for the reduction and limitation of
degree in our ability to economize on the military naval armaments the two Governments, he said,
and naval expenditure and still maintain adequate "have made a fresh start. .. . We have agreed upon
defense." It was his hope that material saving in the principle of parity. We have agreed that, without
naval expenditure would be made "by international in any way departing from the conditions of parity,
agreement on naval arms," while the commission of a measure of elasticity can be allowed so as to meet
army officers within the General Staff would be the requirements of the two nations. We have deappointed "to reconsider our whole army program, termined that we 6hall not allow technical points to
to see what services and other. outlays have become override great public issues involved in our being
obsolete through advancement of science and war able to come to a settlement." The other Governmethods, and what developments can be well spread ments represented at the Washington Conference
over longer periods in view of the general world out- had,Mr. MacDonald continued, been informed of the
look and at the same time maintain completely ad- Anglo-American conversations, "and as soon as the
equate preparedness"; "such an investigation," he way is clear they will be invited to the preliminary
conference." As soon as the naval problem is disadded,"to be constructive and not destructive."
There is, of course, no question of the right of the posed of, "we shall be in a position to pursue" with
President to order such an investigation of the army the Preparatory Commission of the League "the difestablishment as he has proposed, and it is reasonable ficult but essential problem of how to reduce the
to expect that the investigation, when it is made, will other forms of armament in accordance with the
disclose a number of points at which substantial pledges given by the Allies at Versailles when imposeconomies may be effected. In the matter of the ing disarmament upon Germany, and also in purcruisers the question of authority is somewhat less suance of the peace pact."
It is not to be expected that either Mr. MacDonald
clear. The program of naval construction authorized by the last Congress provided for the construc- or Mr. Hoover will be allowed to have his way withtion during the ensuing three years of fifteen cruis- out some opposition. The questions which were put
ers,five of the vessels to be begun each year. The re- to Mr. MacDonald by members of the House of Comquest of President Coolidge for the omission of a mons after his speech brought out some criticism
time-limit on construction was refused, and the in- from Liberals and Conservatives, and it is reported
auguration of the program was made mandatory un- that the Admiralty, while of course willing to co-opless an international agreement were reached, to erate, views the Prime Minister's program with miswhich the United States was a party, limiting fur- givings. It was pointed out that the discharge of
ther naval construction which each country should workers that would follow a cessation of naval con-undertake. Representative Fred A. Britten of struction would intensify the unemployment probIllinois, in a statement on Wednesday, declared that lem, although Mr. MacDonald,in his speech, referred
the purpose of Congress would be violated if the to "special arrangements" which had been suggested
program of Congress were not carried out. It by the Admiralty which would result, it was hoped,
is hardly to be supposed that Mr. Hoover, In in the absorption of the workers who would lose their
announcing that the keels of the three cruisers jobs. Mr. Hoover, in turn, will have to meet the
that were to be built at the navy yards would criticisms of the "big navy" contingent in Congress
not be laid down this year (the construction of two and in the country, and it will be a striking example
cruisers which are being built under contract at of gracious acquiescense if the General Staff takes
private yards will not, of course, be affected by the kindly to a program which will reduce, or at least
announcement,) intended to defy Congress or go seem to reduce, the importance of the military estabcounter to any law. A careful reading of his state- lishment which it has labored for years to build up.
ment issued on Wednesday seems to suggest that Mr. There is danger, too, that the other naval Powers,
MacDonald, by committing his Government, in his which apparently are not to be called into conference
speech in the House of Commons, to the principle of until Great Britain and the United States have
538
FINANCIAL CHRONICLE
[VOL. 129.
agreed upon a program for themselves, will see in
Low flying over crowds has been the cause of
this two-party agreement a parallel to the Anglo- some anxiety to the civic officers of our cities and
French naval understanding which Secretary Kel- eventually will bring forth some sort of ordinance
logg took occasion to criticize with some severity; to prevent it. Science is insatiable; and the safety
but that understanding was secret, while any Anglo- of the people at large is fast becoming a secondary
American agreement that is reached will doubtless consideration. Thousands, say, gather at the seabe made public at once.
shore, to breathe the cooling breezes and disport
These differences, whatever their weight, will per- themselves in the surf, when, out of the mysterious
haps be ironed out as discussion proceeds. In the and illimitable nowhere above there comes the sound
meantime, however, a broad and cordial approval of a humming propeller, though nothing can be seen.
should be given to Mr.Hoover's proposal and to what First a burst of music strikes the ear, and in a mohe has done. The long-drawn-out discussion of dis- ment or two more the mellifluous tones of some fararmament has until now been fruitless of results, flying barker, announcing a new and better kind of
and in the meantime the spirit of militarism has gasoline arrests the attention. What can be done?
gathered strength. With no war in sight in which In long time we may be able to cope with the omnithe United States is likely to be even remotely in- present radio in the store or dwelling next door,
volved, the expenditure of $741,000,000 for military but when the very skies let fall advertisements OR
purposes alone in the fiscal year 1929-30 is exceed- the unwary and unprotected there seems to be no
ingly hard to justify, and the more because the Kel- more remedy than we have against the bootleggers.
logg pact, which is now in force,- binds the United "Bombs bursting in air" enlivened the poetic fancy
States as well as the other signatory Powers to the of Francis Scott Key and the Star-spangled Banner,
renunciation of war as an instrument of national "long may it wave," was the result. But that was
policy. Mr. Hoover has taken the practical step war; and to be compelled to "hunt a hole" in time
which was needed to show that the pact, in the view of peace is asking quite too much of our patriotism.
of the United States, means something more than a
That we owe anything to the citizens of the moon,
mere form of words. His action, we feel sure, will in the light of our cumulative progress, is not worth
make a deep impression abroad, as will be corre- the mention. If science wants to shoot rockets,
sponding action which the MacDonald Government through curved and limited space, that is what scihas taken. The world now knows that the two great ence should be allowed to do! Unfortunate dwellers
naval Powers can call a halt in naval building with- on the mere moon have no rights science is bound to
out waiting to agree upon a comprehensive program respect. In fact, science is above all law. If we
or answering all the technical questions that may be want to invent new and more deadly gases, in time
raised. This is practical and sensible statesmanship of profound peace, to use upon our enemies, in time
for which those responsible for it deserve high com- of a war, that will never come through sheer premendation. If, as Mr. MacDonald intimated in his paredness, we will not allow any sense of pity or
speech, the British Prime Minister is able to come justice to say us nay. We look forward to a "chemto this country in October and go over the problem ical war." But to be firing gas-filled rockets at our
personally with Mr. Hoover, we may with much con- unoffending neighbor, the moon, "the inconstant
fidence look forward to further substantial progress moon that monthly changes in her circled orb," that
along the road which the better public opinion of looks down so kindly on mundane lovers, that we
both countries unquestionably desires their Govern- allow no man to criticize. Sun-rays that cure all
ments to follow, and which other Governments will manner of disease we adore. The moon may have
be more readily persuaded to take if Great Britain some influence on the tides, but it is too small an
and the United States lead the way.
object in stellar economy to give us pause. We may
fail in our first experiments, but we will keep on
The New Race of Rocketeers.
firing until we hit the target even though we sacriWe do not vouch for the following news item, but fice half the population
of our redoubtable science
it appeared as a special dispatch to the New York that hesitates at nothing.
And the first man we can
"Times" from Worcester, Mass., on July 18,
and skyrocket to that haven, though he receives a cold
we believe it to be true. It reads: "The rocket reception, will of course be
able to return the way
which Professor Robert H. Goddard of Clark Uni- he went. And what a day that
will be for the
versity expected to shoot to the moon failed to reach headlines! Science is not only
insatiable, it is
that objective by 238,856 miles this afternoon. But, indefatigable.
when it exploded several thousand feet in the air, it
The end man at the minstrel show said: "I had
caused as much of a sensation throughout:this sec- a dream last night."
"And what did you dream?"
tion as if it actually had landed and returned from "I dreamed I
went to heaven." "And what did you
the moon with a detailed account of the manner of do up there?"
"Why they put me to work." "What
living on that sphere." . . . "The rocket, pro- kind of work
?" "Oh, polishing up the moon, hangpelled by a series of explosions of secret gases,
was ing out the stars, and things like that." "But why
set off from a tower on the A. H. Ward farm in did they put all
that labor on you?" "Why, you see,
Auburn on a test flight. It got up several thousan they was
short of help!" When we have reached the
d
feet when the explosives got mixed up and went
off moon we have no doubt that some one will suggest
all at once. The result was a terrific blast that shook that, a la
Einstein, we start an occupied rocket on
windows and tumbled crockery off of shelves in the rounds of
curved and limited space, and calmly
nearby homes. The rocket fell flaming and landed
a await its return to the selfsame spot from whence
mass of smoldering ruins at the foot of the tower it started. The
moving picture rights of that jourfrom which it had started its journey." .
. . ney will be worth billions. But more than all will
"Professor Goddard's only statemeni was:
have be the reforms we may work in the manners and
been conducting secret experiments for the Govern- customs of the
unenlightened in those far-off spheres
ment in the radio field.'"
that have never known a Congressional investiga-
.1uLy 27 1929.1
FINANCIAL CHRONICLE
539
tion or possessed a prohibition law. Our missionary or planting vegetation, as the case may be, utterly
in the rapid-transit rocket can drop literature re- oblivious to the fire-mists of future worlds and askcounting our progress in preventing speculation on ing no advice from the wise mortals of the paltry
the Stock Exchange; warn against relying too much earth. Again, in the blazing craters of the run, unon a Federal Reserve Board, and show how we ex- conscious of X-rays or violet rays, a race of beings,
punged all crime by the harmonious work of Special with the endurance of super-salamanders, may disCommittees appointed to inquire into its causes. port themselves in glee over the tardiness of earthThere are so many successes in changing the laws worms in the progress of true sun-worship.
A side trip to Mars, if allowed, must disclose that
of nature, of which we are justly proud, that it will
be difficult to make a selection. But we will not the "reds" are confined to no world, country or city,
fail to exhort the denizens of the outlying universes and are always ready to raise high jinks with no
to appoint a Federal Farm Board to take care of provocation save a natural lust for gold and office.
the suffering farmers, and equalize their profits Reaching the Milky Way, and toboganning down its
star-studded slopes, unhappy poets twanging harps
with those of the manufacturers, if any.
Of course we shall want to sell these laggard on beds of roses, may suggest that Utopia lies just
celestials, our radios, aeroplanes, and automobiles; beyond. Alas, the journey has just begun! Passing
and it may be we will be discreet enough to forget along inconceivable successions of lights and shadto mention a protective tariff. Inter-planetary and ows, where suns and systems are born and die withinter-stellar free trade may be worthwhile in regions out even a knowledge of humanity, and totally ignothat have never erected tariff barriers. But if per- rant of the Constitution of the United States and the
chance they have developed a system for provoking Union of the Soviet Republics, we shall be without
prosperity similar to our own, trouble will straight- identification papers sufficient to enable us to cash
way develop and the peace of the worlds will be ulti- a check at the super-stellar Bank of the Universes,
mately broken. However,one circuit of curved space but we may drop a leaflet announcing our willingwill not suffice for all the experimenting we will ness to accept its receivership. On and on, turning
straightway set about, and on the second journey ever, without knowing it, to our earth-home our
we will be able to overcome all the difficulties of emissary will cry "Hail and Farewell" to beings so
exchange, even if it is necessary to call a special spiritualized by their ethereal•environment that they
session of Congress to keep our promises to our can think without brains, toil without bodies, love
without languishments, and live without machinery
own people.
• When we have sufficiently developed stellar routes and mass-production. Science will disclose a new
and landing places we will be equipped to carry dimension in which the material will be without
enough rocket-passengers to overcome all objections form, the spiritual without dimension, and time
that may arise. Just what we may do in imparting without duration, putting the stamp of futility on
information about our economics and politics will, the triviality of five-day weeks and six-hour days.
of course, depend on the "party in power." If by There will be glimpses of so many Utopias that the
any chance the "Insurgents" should be in power at works of Plato, Marx, Henry George, Lenin, and
the time of the inauguration of the stellar rapid- Bellamy will hardly make good primers in the lore
transit there is now no forecasting what we shall of "upward and onward forever."
advise as to a Supreme Court or the recognition of • Chastened but not cowed, eager but not abashed,
Red States, should there be any, and there is little wise but not wondering, our enthused scientists will
doubt there will always be a few. But in such a confront the Author of All with a questionnaire as
crisis we may fall back on the doctrine of isolation, to the why and wherefore; and with a corporate conarmed or otherwise, with casual mention of George solidation, with map of the rocket-routes, holding
Washington and the dangers of "entangling affi- ourselves in readiness to transport angels and seraances." It is certain we will be equal to any and phim at reduced rates if only the earth be made a
all occasions; and a Bank for Inter-Stellar Settle- terminal station and the voting 6tock be held in
ments will straightway emerge, prepared to pool "Wall Street." The ancient, adumbrated idea of
Federal Reserve gold with that of the rest of the God will be exploded forever. Rocket rapid-transit,
universe. From leading in an earthworld it is but a extended far beyond the Styx, and the convocation
step to leading all the worlds. Science having thrust of those who gather by the river, "the river that
this new greatness upon us, will not hesitate to pro- flows by the throne of God," will relegate the Flood
vide a way. Perhaps we may conclude to establish, to a seasonal overflow of the Tigris and Euphrates.
• here and there among the outworlds, a few Founda- And the stars that sang together on the birth-night
tions for Research; or endow a university of the of the Savior of Man will be no more amid the celesworlds for the better prosecution of studies in pure tial anthems of curved and limited space than a
movie orchestra slurring through a silver screen.
science, unadulterated.
Yes, in the rocketing days to come, whether exOn the return of our first emissary from the
Rocketeers to the regions of curved and limited space perimenting in our university laboratories or advenwe will be able to settle many of the vexed questions turing independently for the Government on some
that now enthuse and addle our best minds. We saved farmer's farm, we shall learn not to mix our
will report to the State of Tennessee that laws on gases and queer the whole scheme. And—Glory be!
the teaching of evolution are superfluous in face —we shall show that religious faith is a delusion and
of the facts. There may even be discoveries aston- a snare, and the Cosmos that we cannot penetrate
ishing to our savants. We may learn that human is an unreasoned imagining of the proletariat who
beings are not the only pebbles on the shores of in- were never born to reach the plains of Eternity.
finity, if when space limits time and time limits And when the plaudits around City Hall have echoed
space, that can be said to exist. Passing the cold the welcome we shall show to the first voyager
lunar wastes, beings having the shape and con- through curved and limited space, we shall no longer
sistency of ice-tongs may be observed digging canals be content to fly through the air or sail under the
540
FINA/ICIAL ciiitONICLE
sea, cif regulate the live8 of man by statutes Made
arid delivered on Capitol EMI, but We shall Write our
own epitaph amid the stars: "They came, they saw,
they cenquered! And then they died!"
But Sonleivhdre lii the Silences that forever linger
when space iS limited to a rolled-Up scroll, and time
is Withered to "what Might have been," science will
go groping for some ekplanatiOn of the sigh8 of
unfeqUited hopes and dreams, and for some reason
for the lovea that do not die, and for the vaunted
knowledge that is as A grain of sand by the ocean
that rolls forever on the shores Of oblivion.
[Vot,129.
lict In providing educational facilities, it is not the
business of Congress to intermeddle. And in any
event, those who vote the school taxes and pay them
are tile ones to pass upon the appropriations. It
may be argaed that if We are to consider the child
hi the public school as the ward of the nation, one
child, regardless of its residence, is as important as
anOther. But however much we may favor public
schools we have not yet surrendered the child to the
keeping of these institutions.
It seems to us quite naive to call upon parents
as well as teachers to stress what is called "character-building" and at the gable time suggest the gathering of statistics through a Congressional approTeaeltets and Taxes.
priation to show what amounts of taxes parents
The National Educational Association, in its should vote ih this
behalf. If there is the proper
annual meeting at Atlanta, Georgia, passed a series character-build
ing in the home there need not be so
of resolutions that are in the Usual form, with a few much in the public
school; and if the home-training
additions looking toward modern reforms. Natu- is deficient it does
not Seem quite the thing to sugrally, sihce this Association is National, the resolu- gest that taxes
be voted to turn this training over
tions tend to the cOhsideratioh of public schools as a to the teacher
s unless parents are asked to admit
united whole. For instance, the Association again their inability
and unwillingness to provide such
affitins the need of a Federal Department of Educa- training. 'We
believe it iS true that the teachers
tion, a report tells us, for the "administration of assume too
much and the parents undertake too
existing educational activities of the Federal Gov- little. The contact
s and comradeships of the school
eminent . . . the development of such research lite are a great boon
to youth. Ent "character-buildagencies as eddeational interests of the nation ing" is not a machine
-made product and subject to
require and performance Of Such other duties as the mass-production.
It is a thing of patient effort
Cohgress from time to time may determine." An adapted to the
peculiar nature of the indivadual.
other resolution urges "extension of character edu- And just as educati
on continues throughout a lifecation as a force for law observance," and recruiting time, so charater
Continues to advance or retrobetter trained teachers. The resolution on charac- grade through the
years. A bent, an impulse, a
ter-building, according to the report, "tailed on all tendenty, may well
be the work of the teacher and
teachers and parents to renew their efforts to incul- the school if it
can be applied to the personality of
cate a regard for law as the foundation of democratic the child. But all
efforts at standardization must
liberty, and reaffirmed the Association's belief in fail if our individualism
as milts and people is to be
the public school as a Construttive agency in char- preserved. Vurther
more, we discover 110 organized
acter deVeloptnent." Other resolutions provided for effort in the United
States to abolish the public
equal salaries for men turd women teachers of "equal. schools.
And it is a quaint resolve upon the past of
training and experience." "Legislation for fair and a -teacher
s' Association that the public school is a
just retirement alloWahets of teachers Was advo- foundat
ion stone of our liberties. To reaffirm faith
cated." "An appropriation by Congress for a survey in
the spiritual utility of the school Is superfluous
of teacher traihihg was suggested and a systematic upon
the part of teachers unless there lurks behind
study of tax systems urged in order that legislation
the resolution a hidden opposition to the private
might be retonitnended to care for the increased cost schools
,—or, we might even suppose, the religious
of education."
'
school. Xow the people own their own schools, and
Naturally, as we have just said, the teachers of while they
may be lacking in the technique of
the country in a national assembly give'wide scope pedagog
y, they are quite capable -of setting bounto their recommendations. But if State control is daries to
the studies to be taught and to the kind
to continue, why an investigation by Congress as of character-b
uilding to be engaged in.
to the taxes levied for school maintenance? May
Like many other co.untry-Wide organizations, the
not teachers' salaries be left to the communities, National Educati
onal Association too often trims
unless the intent of this research is to establish its sails by the popular
breezes that rise and blow
uniform OnapensatiOn in all the States, or at least and die away without
apparent motive or effect.
to set forth the low and high levels in the various What is the root
reason 'for this sudden enthusiasm
States with a view to equalization, which in the for character-building
through incentives to law
end will amount to An upward reVision? It is trite observance? We hear
and read much about instructo say the "laborer is worthy of his hire." I3ut the tion in the 'schools
in furtherance of prohibition;
"cost of education" is advancing in our large cities and an effort in this
direction, according to accounts,
and we think is increasing throughout the country. has just been nipped
in the bud, by order of the
Municipal bonds for school 'facilities are easily President.
There is now at work a National Comvoted by the people and high schoolS are fast becom- mission to correlat
e our lima looking to the suping miniature colleges, while neighborhood, central preSsion of crime;
and there are all sorts Of comschools are rapidly increasing. With emphasis laid mittees, psychological
and other, independently at
on training in teaChers' colleges, salaries will natu- work on the subject. 'But
has not character-buildrally increase, and we see no reason 'for an "investi- ing, insofar as it attends
'the inculcation of knowlgation" by Congress.
edge and precept, always been one of the motives
There are Wide discrepancies, no doubt, in the and purposes Of the
public school? 'Why, then, this
pay of teachers in the different States, but until it sudden access of energy?
Are our pi:0)11c schools
can be shown that the communities are really dere- also to fall into the common
error that our people
JULY 27 1929.1
as a whole are crime-ridden and depraved? Of
course, as the President took occasion to point out,
there is proportionately more crime here than in
other States. But just as truly it is largely a
product of adult life that is carried away by too
much money, too much prosperity, too much pleasure. And our schools (although as the twig is bent
the tree inclines) will do well if they stick to the
ancient principles of character-building, and do not
seek to apply them to time and place. It is told of a
movie actor who acts parts in mystery and crime
plays that he will not allow his children to see him
in these parts. We know nothing about the truth
of the story, and his name is not revealed, but the
story serves to illustrate the wisdom of the isolation or separation of the public school from the
frenzied reforms and exotic crusades that enthuse
so many of our citizens who are carried out of and
beyond their normal duties.
No separate inquiry into the taxes collected in
behalf of the schools should be made by the National
Government. It is an invasion of the rights of the
States and of community and personal rights. It
will lead to the possible interference of a Department of Education. It will serve notice on the
people that they are incompetent to manage their
own schools, for no matter what the amount ascertained will be it will be declared too small. There
is never enough money to carry out all the advanced
ideas advocated by the teachers This is an appetite
that grows by what it feeds on. Simplification of
curricula and of appliances might solve some of the
insistent school-tax problems. No more should
there be "legislation for fair and just retirement
allowances of teachers" until we are ready to discuss and investigate "old age pensions." Why
teachers' pensions more than "retirement allowances" for worn-out country doctors and superannuated preachers? The theory upon which old age
pensions is advocated is that, lose or win in life,
the man or woman has contributed to the general
welfare by work and enterprise. Teachers might
come under this classification, but granted pensions
as teachers is a special privilege as would be the
same grant to country doctors who are proverbially
half-paid.
While our colleges and universities are enjoying
an unparalleled attendance, our common schools
continue to be the mainstay of popular education.
These primary and intermediate schools can no
more be taken out of their field by methods and
matter than the child can be transformed into the
youth. The training of the teacher is by experience
as well as by the teachers' college. And "characterbuilding" in the child is going on all the time, in
the home, in the world, and in the school. There is
no patent process by which one of these fields can
be made to do duty exclusively for the other. If the
school, under modern progressive methods, can lead •
the child into the world by creating something of its
atmosphere in the schoolroom, the influence of a
common environmentmay be put to a good purpose.
But no stereotyped methods are applicable to conditions that are unlike and constantly changing in
so large a territory as the United States. The best
that teachers can do is to work well with the material at hand. It is not so much a matter of money
as of skill and application. And since education is
coeval with life the nurture of an ambition to learn
and know is the highest purpose of the school and
the eager mind of the child needs chiefly to be given
direction.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, July 26 1929.
In the commodity markets the feature continues to be
the great advance in grain prices and particularly in the
case of wheat. This rise in turn follows from decidedly
acV7erse conditions in leading areas of the world devoted
to the raising of Spring wheat. In all these areas, but
more especially in the Western Provinces of Canada and
the Spring wheat territory of the American Northwest, the
condition of wheat has suffered marked deterioration during the last seven or eight weeks, and latest accounts make
it clear that this deterioration, due to lack of rainfall, high
temperatures and hot drying winds, has not yet heen
arrested. Canada last year harvested no less than 608,000,000 bushels of wheat, nearly the whole of this being
Spring wheat which is now experiencing such a serious
setback. Estimates of the present season's probable production put the aggregate as low as 300,000,000 bushels,
which would mean a loss as compared with last year of
over 200,000,000 bushels, and some of the estimates do not
run above 250,000,000 bushels, which would cut last year's
crop in half, and means a loss of 258,000,000 bushels. In
addition, it is thought that the Spring wheat crop of the
United States will be reduced in amount of about 50,000,000
bushels to 100,000,000 bushels. These computations as to
the loss sustained may be exaggerated—they usually are on
such occasions—but in any event there is not a shadow of
doubt that whatever the amount of the loss, it is exceedingly heavy.
The effect on market values is naturally very pronounced.
The fluctuations in prices are sharp and pronounced from
day to day, and the reactions which occur from time to time
are, as is to be expected, in proportion to the advances.
The point of importance is that the general trend continues
541
FINANCIAL CHRONICLE
-
steadfastly upward. That has been precisely the experience the present week. Thus, whereas the July option for
wheat in Chicago closed on Friday of last week at $1.3714,
the close on Friday of this week is found to have been $1.42.
The September option has risen during the week (again
taking the Friday closing prices as the basis of comparison)
from $1.41% to $1.46, while the December option has moved
up from $1.4814 to $1.53%. But that measures the rise only
for the present week. To get an idea of the full extent
and magnitude of the advance that has been in progress
ever since the beginning of June, it needs to be recalled
that in the great collapse in market prices which occurred
last May, when our wheat raisers were loaded down with
large left-over supplies of wheat and appeared at the same
time to be facing a new crop of bounteous proportions, the
May option for wheat sold below $1.00 a bushel, being the
first time in nearly 14 years that this May option touched
so low a figure. On the closing day of the month (May 31)
the price actually tumbled to 9314c. Present prices, it will
be seen, show an advance of 50c. to 60c. a bushel as compared
with that depressed period. As it happens, too, two of the
other great wheat producing countries of the world have
been contending with similar adverse conditions and are
confronted with the probability of a heavy reduction in
their crops, too. We refer to Argentina and to Australia.
Under the impetus of the advance in wheat, other grains
also keep moving upward, though in a more moderate way.
The July option for corn at Chicago closed on Friday of
this week at $1.02 as against $1.00 on Friday of last week,
and the September option for rye closed this week at $1.11
against $1.08% on Friday of last week. The reports regarding the condition of corn are not unfavorable. Thus, the
Weather Bureau in its weekly report, issued on Wednesday,
said that in the Eastern corn belt temperatures had been
542
FINANCIAL CHRONICLE
[VOL. 129.
rather too low for best growth, but that there had been agricultural situation, a decline in building construction
abundant sunshine and, on the whole, growth had ranged and a depressed condition in the hide and leather industries."
from fair.
The Conference report emphasizes specially the favorable
to excellent. The crop is still irregular and there
are some complaints of plants yellowing on lowlands. In balance between production and consumption. "So far this
Missouri the dry, sunny weather had been favorable, and year a very large industrial output has been absorbed by
progress of corn had been excellent, with some fields re- what seems to be an insatiable consumer demand. Comported in the roasting-ear stage. In Iowa the week was modity stocks on the whole have actually been on the degenerally clear, and growth of corn was fair to good; much crease. In spite of the high tempo of production, costs have
corn is now in tassel and some shooting. Rain is needed in apparently remained stationary or declined, for net earnthe extreme northern Great Plains, and corn is beginning ings have increased faster than gross income. No important
to need moisture in some Central Plains districts, but signs of over-production have as yet appeared." Although
showers were helpful in South Dakota. Farther South, the decline in building construction continues, it appears
advance was mostly satisfactory, •though a general rain to be centered, according to the Conference report, chiefly
would be helpful.
in the larger cities and has affected mainly residential
Industrial and trade conditions continue highly satis- building. The recovery of agricultural prices is pointed to
factory. As far as iron and steel are concerned, the accounts by the report as likely to convert a hitherto unfavorable
continue just as encouraging as they have been for many factor into a stabilizing influence for continued industrial
months past. The "Iron Age" in its weekly review the prosperity. The full text of the July statement of the
present week says that signs of a let-up in the activity Conference of Statisticians in Industry follows:
of the iron and steel industry are not lacking, but there
1. Summary.
Is no indication of a recession of customary Summer proporThe six months ending with June established a new high record in
tions. A further decline has occurred in the consumption Industrial production and trade in this country. With the output of automobiles leading the way, new highs were reached in the output of iron
of automobile steels, which is now 25 to 35% below the peak and steel,
machine tools, farm equipment, electrical apparatus; in the
rate of May, and the aggressive selling of Alabama pig consumption of cotton, silk and rayon, and in the production of petroleum
iron is being felt in a wider area, but steel ingot output and gasoline—to mention but some of the larger industries. This achievement is all the more remarkable since it was brought about in the face of
as a whole shows little change and foundry melt in the North extremely untoward
money conditions, of an unsettled agricultural situation,
and East is well maintained. While steel production in the a decline in building construction and a depressed state in the hides and
leather
industries.
But, measured in comparison with the long time
Pittsburgh district is reported as tapering, operations are
trends, those highs did
reach the levels of 1928; nor was the rise so
holding up in other centers and nothing resembling an steep. They came aboutnot
rather as the culmination of the gradual recovery
appreciable reduction is In sight, it is stated. Steel Corpo- of business activity from the lows of the 1927 recession.
So far this year this very large output has been absorbed by what seems
ration subsidiaries continue to produce at a capacity rate.
to be an insatiable consumer demand. Commodity stocks, both of manuThe buoyancy of the scrap market, particularly in open- factured goods and raw materials, have on the whole been on the decrease,
hearth grades, is also an earnest of sustained steel output. so that while they are somewhat higher than a year ago, they are lower
Heavy melting at Pittsburgh has advanced 25c. a ton than they were at the beginning of this year. In spite of the high tempo
of production, production costs have apparently remained stationary or
to $18.75.
declined, for net earnings have increased faster than gross income. At
Another evidence of the activity of trade is furnished by the same time wage rates have been rising. During June, 114 instances
the figures of bank clearings. These show very large in- of wage increases, in such industries as the building trades, printing and
transportation, were reported against five instances of reductions.
creases as compared with the corresponding period last
Production of newsprint paper in North America in the first half of
year. In the case of New York City, where the ratios of 1929 was 7% more than in the same period of 1928, and consumption
gain are of huge proportion, it is known, of course, that the increased in nearly the same ratio. Mill stocks are only about half what
they were at this time last year and publishers' stocks are also low.
unexampled speculation on the Stock Exchange is in the Newspaper and magazine advertising is running about 6% more than
main responsible for the expansion. The improvement, last year.
2. Automobiles; Rubber; Petrolewm.
however, is not confined to New York City, or even to the
The falling off in the output of automobiles in June as compared with
New York district, but extends to virtually all parts of the May was seasonally larger than that experienced in May as compared with
country, though the ratios of gain are in a few instances the all-time record output of April. The April-to-May decline amounted
moderate. Taking the current week for illustration, tele- to about 6%, while the May-to-June declines amounted to some 9%.
Nevertheless, the estimated June output of approximately 578,000 cars,
graphic returns to us indicate that bank clearings for the trucks and buses was in line with the trend
of the preceding months and
week ending to-night, from the cities from which we get was the largest June output on record. It exceeded the output of June 1928
months
the
by
of
first
36%.
the
six
year, therefore, the output,
For
returns, will reach $13,237,906,455 as compared with $9,383,over 3,400,000 automobiles, was the largest for any similar
amounting
441,247 in the corresponding week last year. This is an period and towas 47% larger than the output
of the first six months of
Increase of 41.1%. At New York, with stock speculation last year.
And yet there is no indication that the market is in any way glutted.
playing such a prominent part, the Increase amounts to no
New car registrations have so far kept pace with the output—having
less than 59.1%, but the really significant fact is that all increased 45% during the
first five months of this year over the correthe leading cities participate in the increase with a single sponding five months of last year. Foreign sales increased 65.0%—cars
exception, namely Kansas City, and the gains in no incon- 47.5% and trucks 132%. During the first five months of this year, exports
claimed 18.6% of the total output of automobiles; during the same period
siderable number of cases reach 15 to 20%. The figures last year they took 16.8% of the total output. And to judge from
current
for the current week are merely provisional and subject to reports, the July figures are not likely to alter this picture to any
appreciable
extent.
revision by later returns. But for last week our compilaThe consumption of crude rubber has followed the increased
tions are complete, and for that week the record is pre- of automobiles, and both consumption and importations have beenproduction
of record
volume.
The June consumption of rubber was considerably below the
cisely the same. At New York the increase is 44.4%, and
consumption of May, but was nevertheless larger than for any June
record
for the entire country, Including New York, it is 30.4%. on record. As
estimated by the Rubber Association of America, consumpOur compilations divide the cities into Federal Reserve tion during June amounted to 43,228 tons as compared with 49,233 tons
Districts and, thus arranged, it is found that not a single In May this year and 37,675 tons in June 1928. For the first six months
the year the industry consumed the record amount of 269,258 tons,
Federal Reserve District has failed to share in the improve- of
which compares with the 211,673 tons consumed during the corresponding
ment, though in two or three instances the increase is light. period last year and the 202,060 tons consumed in the corresponding
Such figures tell their old story of the volume of business period of 1927.
June imports of 44.500 tons compare with the imports of June a year
that is being done throughout the country.
ago, amounting to 25,800 tons, and imports for the two corresponding
State of Trade and Industry in United States as Viewed
by Statisticians in Industry, Operating Under
Auspices of National Industrial Conference Board
Inc.—Continuance of Current Rate of Production
and Consumption Looked For.
"The past half year established a • new high record in
industrial production and trade in the United States, and
the current rate should continue without serious let-up for
some time to come," the Conference of Statisticians in Industry, operating under the auspices of the National Industrial Conference Board, 247 Park Avenue, New York,
concludes in its July report on business conditions. "This
achievement," the Conference of Statisticians says, "Is all
the more remarkable because it was brought about in the
face of extremely unfavorable money conditions, an unsettled
six months periods, ending June 80, were 318,500 tons and 212,600 tons,
respectively. May imports this year amounted to 49,180 tons.
In spite of the fall in consumption, therefore, stocks of rubber on hand
and in transit at the end of the month were by more than 5,000 tons
smaller than at the end of May. This follows a corresponding shrinkage
of snore than 10,000 tons during the preceding month.
Production of pneumatic casings of all types reached a new high in
May, being approximately 96,000 casings larger than during the preceding
month, which was the record to date. Shipments, on the other hand, were
some 82,500 casings smaller than during the preceding month, so that
there has been a further increase in stocks, now amounting to the record
total of 13,386,440 units. The latter, however, is said to be in keeping
with the usual seasonal increase in stocks in anticipation of larger sales
during the Summer months.
The output of petroleum continues unabated. For a number of weeks
now, each week has disclosed an average daily output larger than that of
the preceding week. At the end of May, stocks of crude petroleum amounted
to over 408,000,000 barrels, an increase of over 23,000,000 since the
beginning of the year. Gasoline stocks at the end of May were 5% smaller
than at the beginning of the month, but were over 16% larger than on
the same date last year. However, gasoline consumption during May was
greater than ever before, being at a rate of 1,270,000 barrels daily.
.JULY 27 1929.]
FINANCIAL CHRONICLE
543
to
Consumption of raw cotton by American mills in June, amounting
any
570,000 bales, was seasonably smaller than the amount consumed in
heavy,
relatively
nevertheless
of the preceding months of the year, but was
for
being higher than the June consumption, with the exception of 1926,
several years. For the first six months of the present year the consumption
which
of raw cotton has been only 1% less than the 1927 consumption,
was the highest ever recorded.
earlier
the
of
rate
improving
The consumption of silk continues at the
requirements
months. The May ratio of monthly employment to normal
87.8% as comas computed by the Silk Association of America stood at
This ratio
pared with 86.8% in April and 83.8% in January this year.
in May 1928 amounted to 79.6%.
in April,
as
large
as
The consumption of wool in May was practically
and was more than 15% larger than in May of last year.
and a sizeable
There was considerable improvement in shoe production
hides in May as
decrease in the stocks of sole leather and in cattle
compared with April. Trade reports are turning optimistic.
6. Trade; Domestic and Foreign.
the
Total department store sales for June were over 1% larger than in
of
corresponding month a year ago, but allowing for the smaller number
however, as
business days, daily average sales were 5% larger. Again,
volume was not
during the preceding month, the change in the Sales
9% in the
uniform throughout the country, varying from an increase of
7%
in the Atlantic
of
decrease
a
to
Minneapolis Federal Reserve District
District.
of the 25 leadChain store sales set a new high half year record. Sales
for the first six months
ing chain store systems were 21.7% higher than
than a year
higher
22%
of last year. June sales of the same stores were
to the growing
ago. However, a goodly proportion of this increase is due
number of distributive units in the chain store systems.
contrary to a
Sales at wholesale during May were as large as in April,
that this increase
usual seasonal decline. It should be noted, however,
meats,
groceries,
of
resulted from a relatively large increase in the sales
included in the
and boots and shoes, three of the eight lines of trade
compared
computations, as against decreases in the other five lines. As
lines as against a
with 1928, however, increases were recorded in six of the
-and no change
slight decrease in one of the eight lines-boots and shoes
in another, groceries.
a year ago,
than
in
May
larger
were
Sales of agricultural implements
month.
but somewhat smaller than in the preceding
3% in exports during
There occurred an increase of slightly more than
in imports. Compared with
June over May, but a decrease of some 12%
exports by 2% and
June a year ago, both exports and imports were larger, exports increased
30,
imports by 11%. During the six months ending June
over 10% and imports a little over 9%.
over exports of raw
Exports of finished products continue to advance
a .year ago. Finished
materials, when compared with the experience of
as compared with 49.3%
products accounted for 53.8% of our May exports
crude materials accounted
of the exports of May 1928, while the exports of
May previous. For the
for 15.3% this May as compared with 21.7% of
as follows: Finished
five months ending with May, the proportions were
crude materials, 19.6%
products, 51.4% in 1929 as against 46.6% in 1928;
this year and 23.8% last year.
the number for
The number of commercial failures continues to decline,
continue on the
June being the smallest in four years. But liabilities
monthly
increase. The total of failure liabilities in June was the largest
14.7% smaller
total since March 1927. The number of June failures was
liabilities were
than in May, and 9.8% smaller than in June 1928. The
For the
43% larger than in May, and 39% larger than in June 1928. liabilities
but
six months to date the number of failures was 4.7% smaller,
year.
were 7% larger as compared with the corresponding period of last
from the March figures.
7. Coal and Freight Car Loadings.
The production of bituminous coal continues to run somewhat above
4. Building Construction; Lumber and Cement.
Dodge Corpo- normal for this season of the year. For the calendar year to date, an
W.
F.
the
by
reported
as
June,
in
construction
Building
May, the major decline increase in the output of some 9% has been accumulated as compared
ration, recorded a further decline. But, as in
decline was less than the with the corresponding period of last year.
occurred in New York City. Elsewhere the
awarded in the 37 States
The production of anthracite, on the other hand, has not been all large as
seasonal normal. The value of building contracts
May 1929 and 16% under last year. The output during the current calendar year up to and including
east of the Rocky Mountains was 7% under
from May
22 was slightly less than for the same period of
June 1928. But with New York City excluded, the decrease from the the week ending June
7%
last year, and the falling off has been somewhat greater in the more recent
was 5%, which is less than is normal for June, and only
the weeks. The production in June was about 20% less than in May, but some
unusually high record of June 1928. Outside of New York City,
and 6% less than in June 1928.
volume of commercial building, industrial building and public works
Freight car loadings continue to run in record volume. While at the
utilities continued above the average for the past four years. Only
beginning of the year they were not as large as during the record year,
residential buildings showed a slight further decline.
During the six month period just closed and for the entire territory 1927, the increase during the past few weeks has resulted In an socoandstel
than the
covered by the F. W. Dodge Corporation commercial building, measured total, for the first half year, which is by some 0.3% larger
indicated, this
In floor area, inareased 12% compared with the corresponding period of record total of the first half year of 1927. As already
the third quarter
1928, and industrial building increased 9%. On the other hand, residential increase in shipments is expected to continue through
Boards.
building declined 26% in floor area. Distributed by classes, the decline according to the estimates of the Regional Shippers' Advisory
was not
amounted to 7% in single dwellings, 26% in dwellings erected in groups Their forecast of an increase of 7.5% during the second quarter
5.9%.
to
24%
and
amounting
far wrong, the actual increase
of two or more, 37% in two-family houses, 38% in apartments,
8. Agriculture.
In hotels.
Dethis
for
of
the
the
first
six
record
months
with
in
connection
interest
The July estimates of the Crop Reporting Board of the United States
Of
year, as compared with the first half of last year, the dollar volume of the partment of Agriculture, indicating a smaller total crop of most grains, both
the
in
earlier
contracts for all construction declined most in cities having a population or in this country and in Canada, this year than was anticipated
largely
more than 500,009, less in cities with a population between 100,000 and season have resulted in an upward revision of farm prices which has
situation,
500,000, and least in the smaller sized towns.
recouped the precipitous declines of some two months ago. The
The dollar volume of public works and utilities declined 5%.
however, remains highly uncertain and must of necessity coatinue so
On the other hand, heavy engineering construction increased 26% during during the crucial weeks of the growing season. The recovery in farm
prices must, however, be considered a new sustaining influence as regards
the first six months of this year.
The production of lumber, particularly soft woods, continues to run Industry and trade.
the
26
shipwith
the
For
ending
weeks
9. Conclusions.
month of June,
below last year.
ments this year have amounted to 104% of production as compared with
From all appearances, therefore, and by the logic of the records to date,
106% a year ago, and orders received have amounted to 105% of production the current rate of production and consumption should continue without
serious let-up for some time to come. No over-prduction has yet appeared
as compared with 109% last year.
The June output of Portland cement continued the decline of the in measurable quantities. The recovery of agricultural prices is likely to
earlier months and was 4.1% below June a year ago. Shipments, on the convert a hitherto weakening factor to a stabilizing influence. The credit
other hand, were somewhat larger, amounting to an increase of 2.8%. situation, alone, remains an enigma.
Stocks, therefore, were 9.6% higher than a year ago this time; at the
end of May they were 13.9% greater than the year before. Production
Loading of Railroad Revenue Freight Increasing.
during the first six months of this year was some 3% smaller and shipments
over 5% smaller than last year.
Loading of revenue freight for tile week ended on July 13
5. Textiles, Shoes, Hides and Leather.
totaled 1,064,632 cars, the Car Service Division of the AmeriSales and shipments of staple cotton cloths during June showed a seasonal
decline, the volume being less than production. Ratios of sales and can Railway Association announced to-day. Compared
shipments to production were less than in June of least year.
with the corresponding week last year, this was an increase
In line with seasonal trends stocks have gradually increased and are the of 39,707 cars and an increase of 47,238 over the correspondare
but
year.
October,
last
substantially under June of
heaviest since last
Compared with the preceding week this
In the past six months the staple fabrics have shown a decided improvement ing week in 1927.
compared with the same period last year. For the first half year the year, when loadings were reduced owing to the observance
ratio of shipments to production has amounted to 99.5%, compared with of Fourth of July, the total for the week of July 13 was an
93.5% in 1928, and the ratio of sales to production has amounted to 93.5%
increase of 155,800 cars. Details follow: '
compared with 89.0% last year.
Non-Ferrous
3. Iron and Steel; Machine Tools and Other Metal Products;
Metals.
six
The record achieved by the iron and steel industry during the past
months now stands out as one of the most conspicuous achievements in
year
the
of
half
industry this year. The output of pig iron for the first
was 17% above the corresponding period of last year and nearly 4% above
the previous first half year record, that of 1923. The total June output
was 41,4% below that of May this year, but it was a record for the month.
At the end of the month, one more furnace was in blast as compared with
the number of furnaces in blast at the beginning of the month. June
contained two working days fewer than May.
June shipments of Lake Superior ore, amounting to over 10,000,000 tons,
were larger than for any June previous and come next to the monthly record
established in August 1926. For the season to date, shipments are 57%
ahead of the corresponding season of last year.
the
Similarly, the production of steel ingots for the first six months of
the
year was larger than that of any past corresponding period. While
June
total June output was less than that of May, it was only because
aontained two working days fewer than May. On a daily basis, the June
record was practically identical with that of the preceding month.
The total output of steel ingots for the first half of the year was 17%
ahead of the output of the corresponding six months of a year ago, which
In its turn was the largest attained in any previous corresponding period.
The nearly 29,000,090 gross tons produced in the past six months were by
almost 4,00000 tons ahead of the total tonnage produced during the
second half of 1928, which in its turn represented the previous largest
half year tonnage. Yet, again, as in the case of pig iron, the end is not in
sight. Current information has it that in spite of the decline in the demand
from the automobile industry, specifications from other consuming industries
are keeping production close to capacity. Unfilled orders of the United
States Steel Corporation as of June 30 were only 47,000 tons below the
figures of a month earlier, but with the exception of March, April and May,
this year, were largest since April a year ago.
The demand for machine tools continues at the high levels of the
preceding months. Instead of the usual Spring peak, the demand this year
has turned out to be a high plateau, maintained well above the 300 point
mark as compared with the 1922-3-4 average taken as 100. Preliminary
figures for June indicate some slight falling off from these high levels,
but the decline is not expected to be larger than is usual at this season.
From the metal trades, as recorded by the National Metal Trades Association, comes the information of a slight increase In employment in June as
compared with May. Increases in employment were recorded in 20 of
the 33 cities reporting, and declines in 13 of the cities. The June increase
Is almost exactly the same as that reported for May over April.
Orders for railway freight cars have been kept up in good volume, though
not in as large quantities as in the earlier months of the year. However,
relatively large orders for rails and locomotives were recorded for June as
compared with either the preceding months or June a year ago.
The production of primary copper, in June, was 11.4% smaller than in
May and 13% smaller than in April this year, but was 13% larger than In
June a year ago. Production of finished copper was 3.5% smaller than in
May, but nearly 20% larger than in June of last year. Shipments of
finithed copper were also smaller in June than in May, by some 3.5%.
But stocks of finished copper were still relatively large-18% larger at
the end of June than at the end of May and 44% larger than at the end
of April. They were also some 44% larger than at the end of June a
year ago.
There was an increase in the manufacture of electrical apparatus during
May as compared with April of this year and with May of a year ago.
The April production, it will be recalled, had shown a considerable decline
FINANCIAL CHRONICLE
$425,050,000
120,841.100
$545,891.100
$489,570,200
394.073.000
189.317,200
58.509,500
61,498,100
55,420,000
72,109,400
34,468,800
37,458,900
71.925,900
871,800
72,797,500
87,168,200
51,048,100
30.367,100
7.308,900
6.247,200
6.307,500
9,190,300
425,445,500 52,423,567,400
4.370,600
607.979,400
5235,241,500
189,808,500
13,933,500
8,434,200
6.662,600
1,693,800
959,900
1,473,900
1,311,100
ar;
ca
o
.
197.637,300 $1,320.497,400
227,808,200
1,103,070,000
$80,884,200
70,036,300
43,417,200
12.325,700
• 5.853,500
13,100,300
9,624,300
New Floor
Space, In
Square Fed
2
ci
co
$3,444,867,500
504.552.300
.10•
OO
gV
429.816,100 53.031.546.800
oo
00
v
O
.
82,804,033,800
640,833,700
r;O"
nm
N..
se
501,419,600
3,132,700
5650.466,200
$519,613,800
130,852,400
91,076,600
304.500
$467,522,200
307,431,800
200,871,900
64,790,700
38.719,300
69,185,400
124,650.900
$261,530,100
258,083,700
40,353,400
53,723,200
94.381.100
$03,942,200
63,536,700
46,134,600
14,395.800
6.672,600
15,321.400
21,526,800
14,654,300
10,887,100
7,390,400
1,913.100
994,900
1,818,800
2,696,800
77,703,100
46,517,500
31.647,200
8.540,100
5,372,200
8,132,500
14,038,900
Valuation.
New Floor
Space, in
Square Feel
4;t.•
55.480,123.500
$1,329,778,400
1,150,345,100
pi
_. m6:i ci w
NW
0..
N
,
.
54.898,459.800
5743,421,900
587,853,300
289,339,100
127,461,800
132,221,700
100,255,500
178,330,200
$873,223,200
156,871,800
51,030,095,000
$634,073,400
5643,360,000
606.518,700
228,002,200
120.365.900
140.615.300
83,466,400
118,709,400
0
.
1
"a
t.•
$455,190.200
178,883,200
oi
CI
$259,397,100
195,793,100
.
$84,327,000
93,986,500
30,761,900
18,582,100
7.279.800
9,066,200
15,393,600
!
;22Z2ZR
t24
M4h.NM7542
W.WONM
.h.o.
. 1P242F
v
$1,941,037,900
1,868,532,700
.i
$528,173,500
347,049,700
.
e.
.
5171,191,900
237,857.600
41.965,600
14,730,000
17.721,400
11,633,400
31,073,600
.
$2,158,883,500
2,170,894.900
t :.• .”...........
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WM
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MCA M
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k ei
Month of June
Business Review of Indiana University-Large Industrial Construction Projects Offset Drop in Other
Classes of Building Operations in State During
First Six Months of Year.
"Favorable factors dominate the current review of the
business situation in Indiana and not only did June maintain
a comfortable lead over the same month.last year, but the
record of the first six months of 1929 considerably bettered
the corresponding period of 1928," says Edwin J. Kunst,
Indianapolis manager of the Indiana University Bureau of
Business Research. Mr. Kunst brings out this fact in the
current issue of the "Indiana Business Review," which is
published monthly by the Fletcher American National Bank,
of Indianapolis, and prepared by the I. U. Bureau of Business Research. The general business index in Indiana was
5.7% above the estimated normal for Juno as compared with
3.8% above in May and 1.6% below normal a year ago,
according to the Indiana University Business Review statistics. Large industrial construction projects in the State
have more than offset the drop in residential and other classes
of building operations during the first six months.
The "Business Review" brings out the fact that earlier
hopes for the agricultural situation have been somewhat
deflated by excessive and damaging rainfall, but that a good
wheat crop will go far toward offsetting losses in corn and
oats. Prospects for fruits, other than apples, are very good;
and there is increasing interest in the profitable live stock,
dairy and poultry sources of income. "The labor turnover
in Indiana manufacturing plants was smaller in June than
during May of this year, according to a preliminary compilation of reports," Mr. Kunst says.
ei-i
.
.
.
t,O
W
,'
J8
.m
NN 'r t.-.00.1,4000 NO h.
T..i .-.000 05
l'aA Pg2.
1.'gri gg gg 8 2842244 2'4 g8
tZci O ci,ic4
44 44
4c
,
N•C
h ,
0
' N.
i
Classification.
27.570,402 26,337,645 27.377.519
cO
c..
0
vi
Contemplated Projects.
E_Total
[VoL. 129.
Construction Contracts Awarded Again Below Last
Year.
Total construction contracts awarded during June in the
37 Eastern States amounted to $545,891,100, according to
statistics compiled by the F. W. Dodge Corp. In Juno 1928
those construction contracts aggregated $650,466,200. For
the six months of 1929 the contracts awarded foot up $3,031,546,800, as compared with $3,444,867,500 in the corresponding six months of 1928.
We give below a table showing the details of projects contemplated in Juno and for the six months of this year, as
compared with the corresponding period a year ago, and the
contracts awarded for the same periods. These figures, it
is stated, cover 91% of the total United States construction.
00
00
NO
Contracts Awarded.
Miscellaneous freight loading for the week totaled 416,236 cars, an
increase of 8.619 cars above the corresponding week last year and
20,553
cars over the same week in 1927.
Coal loading totaled 156,803 cars, an increase of 7.839 cars over the
same week in 1928 and 3,825 cars above the same period two years ago.
Live stock loading amounted to 24,723 cars, a decrease of 482 cars under
the same week in 1928 and 2,735 cars below the same week in 1927.
In the western districts alone, live stock loading totaled 18.719 cars: a
decrease of 421 cars below the same week in 1928.
Grain and grain products loading totaled 59,428 cars, an increase of
5,907 cars above the same week in 1928 and 16,726 cars above the same
week in 1927. In the western districts alone, grain and grain products
loading totaled 46,400 cars, an increase of 4.377 cars over the same week
in 1928.
Loading of merchandise less than carload lot freight totaled 256,754
cars, an increase of 2,978 cars above the same week in 1928 and 895 cars
above the same week in 1927.
Forest products loading amounted to 60,540 cars, 518 cars below the
same week in 1928 and 6,303 cars under the same week in 1927.
Ore loading totaled 78.622 cars. 12.639 cars above the same week in
1928 and 12,501 cars over the same week two years ago.
Coke loading totaled 11,526 cars, 2.725 cars above the same week last
year and 1,866 cars over the corresponding week two years ago.
All districts reported increases in the total loading of all commodities
compared with the same week in 1928 and also 1927 except the Southern
which reported a decrease compared with the corresponding weeks in the
two preceding years.
Loading of revenue freight in 1929 compared with the two previous
Years follows:
1929.
1927.
1928.
Four weeks in January
3,570.978
3,448,895
3,756.660
Four weeks in February
3,767,758
3,590.742
3,801,918
Five weeks in March
4,807,944
4,752,559
4.982,547
Four weeks in April
3.983,978 3,740,307
3,875,589
Four weeks in May
4,205,709
4,005,155 4,108,472
Five weeks in June
5,260,571
4,924,115
4,995,854
Week ended July 6
908,832
850,947
839,085
Week ended July 13
1.064,632
1,024,925
1,017.394
$3,809,570,600
1.088,889,200
544
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(2
AnnalisVsINeeklyIndexofiNholesaleCommodity
.
F
•
a.
Prices.
The Annalist Weekly Index of Wholesale Commodity Canadian
Building Permits for June and the Half
prices is 150.4; this is a rise of 0.3 points over last week
Year-High Figures.
(150.1 revised) and compares with 149.7 for the correspondAccording to the Dominion Bureau of Statistics, the
ing period last year. Continuing, the "Annalist" says:
value of tae building permits issued by 61 Canadian cities
For the first time in eight weeks the rising index falls
to be the Conseduring June was $27,637,491; tnis was an increase of
quence of the rising prices in the farm products group. On the
contrary,
$3,the farm products index declined 0.3 point, the first
decline in four weeks, 630,120, or 15.1%, as compared with the May
total
of
owing to sharp price declines in wheat and pork. Price gains
were made $24,007,371, while in
the more significant comparison with
in the food products group (owing to advances on beef, flour
and sugar),
in the textile, metal and building material groups. In addition to declines June 1928, there was also an increase of $4,885,531, or
in the farm products group there were declines in the fuel and
miscellaneous 21.5%, the value for that month having been $22,751,9
60.
groups; the chemical group remaining unchanged.
The aggregate for the first half of 1929 also exceeded that
THE ANNALIST WELKLY INDEX OF WHOLESALE COMMODIT
for the first half of any other year on record for these cities;
Y PRICES
(1913 Equals 100.)
with a total of $124,188,614, it was 21.7% higher than
July 23 1929. July 16 1929. July 24 1928.
Farm products
148.9
149.2
in the period January-June 1928, the previous high level.
151.6
Food products
158.9
155.1
152.4
Textile products
The wholesale costs of building materials this year have
147.2
147.0154.8
Fuels
182.2
183.1
161.8
averaged lower than in most of the last nine years, It
Metals
128.3
128.1
is
119.8
Building materials
153.7
153.1
stated.
The report goes on to say:
156.5
Chemicals
136.6
134.6
134.8
Miscellaneous
Some 50 cities furnished detailed statements showing that they had
130.0
130.5
116.6
All commodities
150.4
150.1
149.7
issued over 1,600 permits for dwellings valued at moro than
$8,700,000
JULY 27 1929.]
FINANCIAL CHRONICLE
545
and some 3,300 permits for other buildings estimated at approximately dustrial prosperity, such as the present. Further information on the
$17.000,000. During May authority was given for the erection of over consumption, distribution and stocks of goods would be a valuable addition
1,900 dwellings and some 4,300 other buildings, valued at approximately to Canadian statistics.
$8,400,000 and $14.000.000, respectively.
Improvement over May 1929 was reported in New Brunswick, Ontario, Business Conditions as Viewed by Bank of MontrealSaskatchewan, Alberta and British Columbia, the gain of 83.886,284,
Higher Prices Expected to Offset Loss in Revenue
or 215.2% in the last-named being most pronounced. Of the declines
elsewhere, that of $1,474,058, or 21.1%, in Quebec was greatest.
from Lower Wheat Yield-Employment at Record
As compared with June 1928 there were increases in Nova Scotia and
Level.
the four Western Provinces, British Columbia again reporting the greatest
According to the Bank of Montreal, favorable features
advance of $3,851,602, or 209.3%, while of the decreases in the remaining
Provinces, that of $829,552, or 7.8%. in Ontario was most noteworthy.
outnumber the unfavorable. This statement is made in the
Of the larger cities, Vancouver recorded important increases in the
bank's business summary, issued under date of July 23,
value of the permits issued, as compared with both the preceding month
and the corresponding month in 1928; the advance was mainly due to the which has the following to say regarding crop and other
granting of a permit for a large hotel. Winnipeg showed a loss in the conditions:
former and a gain in the latter comparison, while in Montreal and Toronto
At this period of the year the condition of the crops is of great importance,
there were declines in both comparisons. Of the other centers, New
so large an economic factor is the outcome of the harvest. That condition
Glasgow, Quebec, Fort William, Guelph, Hamilton, Niagara Falls, Ottawa.
is presently unfavorable over large sections of the Prairie Provinces owing
Port Arthur, Stratford, Sarnia, Windsor, Riverside, Saskatoon. Calgary,
to prolonged drought, and the season is now so far advanced as to make
Edmonton, Lethbridge, Kamloops, and North Vancouver reported imsubstantial recovery impossible. Estimates of the wireat yield in the
provement over May 1929 and June 1928.
Prairie Provinces run as low as 300,000,000 bushels, and even this figure
may not be reached. In only one of the last seven years has so lean a crop
Cumulative Record for First Half Year, 1920-1929.
namely, in 1924. when the yield was 262.097.000 bushels;
The following tables gives the value of the building authorized by 61 been gathered,
it was 533,571,000 bushels and in 1927 was 440.025,000 bushels.
cities during June and in the first six months of each year since 1920, as in 1928
shrinkage this season of 200,000.000 or more bushels
well as index numbers for the latter, based upon the total for 1920 as The prospective
lightly regarded in its influence upon general trade. Prairie
100. The average index numbers of wholesale prices of building materials cannot be
have less money ts speni, railways and steamships less freight
in the first six months of the same years are also given (average 1926=100). farmers will
to haul, the market for agricultural implements and automobiles will conof many lines of merchandise be lessened. On the other
Indexes of Value Arerage Indexes of tract, and purchase
Within a few weeks,
of Permits
Value of Permits
Wholesale Prices of hand, some compensation comes from higher prices.
Value of
as
Issued, First
Building Mated
Year. Permits Issued Issued in First
wheat in Winnipeg jumped from $1.05 to $1.77 a bushel, and it is now
Six Months.
Six Months.
in First 6 Months. regarded as fairly certain that prices will rule during the coming crop
in June.
(i020=-.100).
-100)•
(1926 A rge.=year substantially higher than in that now drawing to a close. As coarse
201.4
99.6
8124,188,614
grains usually move up or down with the price of wheat, farmers fortunate
1929.__ 527,637,491
102,036,987
165.2
97.0
22,751,960
1928____
enough to have average crops should fare well. Then, the carry-over
80,812,719
130.9
96.6
18,363,239
1927____
of wheat this year is larger than usual. If the central and Maritime
78,760,419
101.0
127.5
18,718,050
1926.___
Provinces, prospects promise average crops. A good crop of fall wheat is
103.1
65,899,717
106.7
14,915.884
1925____
are
60,674,154
98.2
110.8
13,967,006
192I___.
Promised in Ontario, the yield of hay is large, roots and spring rains
73,047,496
111.4
than average, livestock prices
118.3
14,286,252
1923____
*growing satisfactorily, apples indicate better
71,281,674
115.4
108.0
17,052,582
1922__
good
pasturage.
given
has
rainfall
remain at a high level, and an adequate
90.3
55,771,684
132.0
14,240,934
1921____
a large
11.1 5
lee fl
61.754.710
In the five elapsed years since the partial crop failure of 1924,
14.113.791
1920.......
development of Canadian resources, industry and trade has occurred.,
half
year
$22,151,627,
first
the
of
was
for
higher by
1929
period
The aggregate
buttressing business against a single untoward factor. In that
or 21.7%, than in 1928, the previous high level of this record; although
in newsprint
immense strides have been made in harnessing water powers,
steel.
the average index number of wholesale prices of building materials is this
and
iron
of
fabrication
the
in
industries,
production, in motor car
year slightly higher than it was last year, the advance in the volume of
trade aggregate
in output of minerals, and in all departments of domestic
formerly a
construction is proportionately considerably greater.
wealth of the nation is greater than ever before. Midsummer,
whose expendislack season in business, now brings a large influx of tourists
Contracts Awarded
a new
making
is
invasion
many branches, and this year the
According to the "MacLean Building Review," the value of construction tures liven
Viewing the commercial field at large, it can, indeed, be
record.
high
une
January-J
the
Dominion during the
contracts awarded throughout
features outnumber the u favorable, and that the
period, 1929, was $278,121,700, as compared with $256.257,300 in 1928 said that favorable
production and distribution is at a high level.
and $191,323,800 in 1927. Of the total contracts awarded this year, volume of commodity
increasing
The foreign trade of Canada rose slightly in June, exports
$69,513,300 was classed as residential building, $94.255,300 as business.
over the corresponding period last year.
$1,733,000
imports
and
$5,055,000
the
$37.719,600 as industrial, and $76,633,500 as engineering. In 1928
a
is the sharp swing of the balance of trade from a surplus to
total was divided as follows: Residential. $72.531,000; business, $91.- Significant
exports over
deficit. As recently as two years ago there was an excess of
713,300; industrial, $38,290,500, and engineering, $53,722.500. There
Imports of $22,000,000 in the three months to June 30, while in the same
were thus large increases during the first half of 1929 as compared with
Aggregate
period this year there was an excess of imports of $50,200,000.
last year in the engineering and business building classes, the latter being
of the
value of exports has varied only slightly during the second quarter
permits
statistics.
heavily represented in the building
last three years, the turn ih the trend being caused by an increase of $65,840,000 in imports.
passed,the
The peak months of automobile production and sale having
by
Business
of
Survey
Quarterly
industry is less active. That the season has been a busy one is attested
Bank of Nova Scotia's
a production of 137,994 passenger cars in the first five months of the year,
Conditions in Canada.
compared with 82,562 cars in 1928 and 88,541 cars in 1927. In the same
In presenting in its July Review, its quarterly survey of period the output of motor trucks rose to 28,885 from 13,071 trucks last
an
Scotia
says:
Nova
of
Bank
year. The export of automobiles and parts in June was $3,656,000.
business conditions, the
during the increase of 50% over the corresponding period last year, while in the last
An analysis of statistics and reports on business conditions
trade has risen to $11,062,000, a gain of $1,000,000
second quarter of the year shows that the state of business has varied three months this export
over the second quarter of 1928.
considerably in different parts of the country.
The newsprint industry seems firmly set upon its feet again, prices being
As was to be expected, the low prices for last year's wheat crop have
in
225,055 tons, was double
somewhat restricted retail trade and slowed up collections in the Prairie stable and production enlarging. Output June,
year reached 1.310,021
Provinces. The very low level of potato prices has had a similar effect that of the United States, and in the first half of the
period in 1928.
In the Maritime Provinces among farmers who have specialized in potato tons, being 146,655 tons more than in the corresponding
Building construction, upon the condition of which many trades and
growing.
in June had
contracts
The situation in the West has been aggravated by the great uncertainty industries depend, still moves at a rapid pace. New
month.
as to the yield of the wheat crop now ripening. During June the rainfall a value of $72,419,800, the largest yet recorded in any one
Railway traffic supplies a dependable index of business, and this traffic
was not enough, in many localities, to offset the abnormal shortage of
Canadian
moisture which developed in the winter months. Weather conditions has seldom been of larger volume than of late. Gross earnings of
first two 'necks
seem to have been the most unfavorable in central and northern Alberta, railways increased $995,000 in June, and $500.720 in the
where about thirty districts in a hundred anticipate less than average of July.
level
The fact that employment in Canada on June 1 was at the highest
yields.
that date,
The rapid recovery of wheat prices in recent weeks, which has carried on record, and that no material recession has occurred since
general prosperity. All
the price of No. 1 Northern Wheat from $1.05 to $1.45, is a change which. indicates a high degree of industrial activity and
if sustained, should go far to compensate for the anticipated decline in the provinces have participated in the improved condition. The steel
railway equipment
yield. It emphasizes the important position which the Canadian wheat industries are working well up to capacity. filling of
enlarging
orders keeps busy many plants, coal and ore operations have
crop has attained in determining world prices since the war.
there is
In Eastern Canada heavy rains and a cool spring delayed operations on outputs, cotton textile mills are running somewhat under capacity;
ready-made
the land, and in some localities it was necessary to plant substitute crops. increasing output of artificial silk goods; boot and shoe and
Hay and pasture are generally reported to be good, and average field crops clothing industries are normal.
are still anticipated in many localities.
While general industrial production set up new records in the second
Canadian National Railways' Crop Report.
quarter of the year, seine curtailment of activity has taken place in Quebec.
Industrial employment has not shown the increase which has been
General opinion in Western Canada sets the average crop
recorded in the country as a whole, and it should be noted that both the
through many of the main wheat growing regions at from
value of construction contracts awarded and of contemplated construcyears,
tion for the first half of 1929(as recorded by the MacLean Building Reports), 40 to 60% of that which has been produced in past
are considerably below those for the same period of 1928. This is not according to the weekly crop report of the Canadian National
unnatural, when it is remembered that Quebec entered upon the present
Railways, which adds:
era of prosperity from one to two years before the rest of Canada. In
All crops throughout the West would benefit by generous rains, states
addition to the rather wide-spread decline of business in Quebec. Ontario
motor car production was curtailed sooner than usual, while in British the same report.
Indications are that this season will react disadvantageously to men who
Columbia lumber exports have declined considerably.
summer follows through
In both rural and urban Ontario, and in the cities of Western Canada, In the past have followed "stubbling in" practices as
than stubbled grain.
business has been good, with a high level of employment, active retail out the whole West are from 10 to 23% more promising
straw.
In Manitoba wheat is from 75 to 90% headed and is short in the
trade and a large amount of construction work.
plow under stubbled crops and
At a time of great industrial activity such as the present, there is a very Hot weather has caused several districts to
white tipped.
real danger of an over-production of commodities for which there is only a at other points wheat is becoming
The consensus of opinion is that the crop in Manitoba will run from 50
local market, or for which foreign markets are very unstable. Statistics
North central Saskatchewan is
regarding the distribution of goods to the consuming public are very meagre, to 60% average yields in the past years.
but more rain will be very beneficial, and
and the same applies to statistics of unfilled orders and stocks on band. showing fair to good promise
Lake subdivisions heat is
Blaine
Big River and
Owing to their absence, it is not possible, therefore, to speak with much along the Turtleford,
crop.
accuracy of the statistical position of this country in a time of great in- required to advance the
546
FINANCIAL CHRONICLE
East central Saskatchewan reports crops thin and short and a 50%
harvest is all that can be expected. The Rosetown, Mantario and Etonia
subdivisions were visited by generous rains on the fourteenth but these
were attended by strips of hail which caused damage varying from 50 to
100%. Optimistic reports are received from the Elrose and White Bear
subdivisions. At these points rains have been generous and prospects
are good.
Central Alberta points advise that pastures are drying and many farmers
are plowing under or beginning to pasture late sown grains. Most points
east of Edmonton report from fair to good rains received during the past
week, but even these will only assure from 40 to 50% of the average crop.
Advance Report on Wholesale and Retail Trade in
Philadelphia Federal Reserve District During
June.
The following report on wholesale and retail trade during
June in the Philadelphia Federal Reserve District is made
available by the Federal Reserve Bank of Philadelphia:
ADVANCE REPORT ON WHOLESALE TRADE IN THE PHILADELPHIA
FEDERAL RESERVE DISTRICT FOR THE MONTH OF
JUNE 1929.
[VOL. 129.
Industrial Situation in Illinois During June-Continued Increase in Employment.
State wide averages indicated a slight increase of 0.4%
in the amount of employment in manufacturing industries
in Illinois, comparing June with May. The factory payroll
increase was somewhat larger, 1.7%. Bloomington led the
State in per cent increase in numbers employed and Springfield in the similar gain in payroll earnings. Other cities
above the State average in one or both of those items were
Joliet: Decatur, Rock Island, Danville and Chicago approximately in the order named. Information to this effect
is contained in the review of the industrial situation in Illinois
during June, made available to-day (July 27) by Sidney W.
Wilcox, Chief of the Bureau of Labor Statistics of the Illinois
Department of Labor, whose advices state:
For twelve months without a break except during the January-February
inventory and post holiday readjustment period there have been increases
in employment in Illinois industries. This is on the basis of returns from
Net Sales During Month.
Stocks at End of Mo. twelve to fifteen hundred employers in Illinois whose reports are taken
as samples of what is occurring in the various lines of manufacturing, trade,
Index Number:
Compared Compared Compared Compared construction, hotel service, &c. The 12
months advance began with July
(P. Ct. of 1923-1925
with
with
with
with
1928 when the employment index stood at 94.5, taking the average of the
Monthly Average). Previous
Previous
Some
Same
years 1925-1927 as a base equal to 100. In August the employment index
Month. Month
Month.
Month
May 1929 June '29.
Last Year.
Last Year. had risen to 96.3. Then followed September, 97.4; October, 98.1; November, 98.6; December, 99.4; January, 97.8: February, 99.1; March, 100.2:
Boots and shoes_
77.4
71.2
-8.0% -10.4%
April, 100.6; May, 101.1: June, 101.6. This Is the highest June since the
Drugs
107.2
103.6
-2.6
banner year of 1926. The record for the last
55.2
*55.6
+7.9
-178:6 -"ff.i
Dry goods
+0.8
12 months in manufacturing
Groceries
98.9
*99.1
-2.5
-0.6
-6.5
-0.5
only has been much the same as for all industries. The long period of adHardware
95.8
-1.6
-4.3
94.0
-6.0
vance began a year ago with a July low of 93.9 and worked up without a
-2,3
Jewelry
84.2
84.3
-4.0
+0.0
-9.0
break except during January inventory time to an index
Parier
103.3
96.1
+1.8
-0.0
-5.9
of 104.1 in June
1929. The percentage gains for the year were 7.5% for all industries and
for
10.9%
manufacturing.
This
latter
Collections
Accounts Outstanding
figure means that where there were
nine workers standing at the bench or machine a year ago there are ten now.
During Month.
at End of Month.
The year long climb in employment Is not to be taken as indicative of a
Compared Compared Ratio to Compared Compared probable similar
increase in July, since that month is similar to January in
with
with
Net Sales
with
with
usually registering a slight decline during
Previous
Same
During Previous
Same
inventory taking and readjustment of schedules and contracts at the close of the fiscal year, with vacations
Month
Month
Month
Month
Month
Last Year
Last Year as a further factor.
The industries showing the clearest gains in both employment and payroll
Boots and shoes
-3.9% -12.3% 422.1% -6.6% -8.9%
earnings, comparing June with May, were the
Drugs
-16.9
136.7
-0.5
+3.4
following: road construction
Dry goods
295.4
-0.7
-7.6
+9.2
-8.1
and other classifications of building and contracting, clothing and millinery
Groceries
+1.2
-1.1
+4.2
111.0
+0.2
In lioth men's and women's lines, furs and leather goods and also miscellaneHardware
-2.7
+0.5
200.7
-0.4
-5.7
ous manufacturing. The major classifications which registered declines in
Jewelry
+3.2
449.8
+1.8
+1.7
+30.0
both employment and earnings were: stone, clay and
Paper
-2.3
+5.1
145.0
+9.2
+14.7
glass: chemicals.
oils and paints; and coal mining. There were declines
*Subject to revision when reports are complete.
in employment accompanied by increases in total and therefore average earnings
ADVANCE REPORT ON RETAIL TRADE IN THE PHILADELPHIA
in the iron
FEDERAL RESERVE DISTRICT FOR THE MONTH OF JUNE 1929.
and steel industry and in slaughtering and meat packing.
The stone, clay and glass group of industries experienced a reaction from
last month's gain reporting a loss of 1.7% in employment and 3.5% in
Index
Net Sales.
Numbers
payroll earnings. The declines are due principally to brick, tile and pottery
of Sales
June 1929 Com- Jan. 1 to and glass for gain were registered by lime,
cement and plaster.
(P. C. of '23-'25
pared With
June 30
Gains and losses nearly offset each other in the important group of inMonthly
June 1928.
Compared
Average.)
dustries
classified
as
machinery
metals,
and
conveyances. In the largest
With
Same
single industry, Iron and steel, there was a decline of 2.1% in employment
May
June (Monthly (Daily
Period a
earnings.
increase
and
in
4.1%
an
In
of
sheet
metal ware and hardware
1929. 1929.
Total).
Aver.)• Year Ago.
the movement was in the reverse direction, employment gaining 1.4%.
All reporting stores
99.3
96.9
earnings
while
eased
off 1.2%. The change in the agricultural implement
+2.2
-0.5
Department stores
96.3
93.7
-2.5
+1.4
-1.2
Industry was very similar, but autos and accessories and cooking and heating
In Philadelphia
-4.2
-0.4
-2.2
apparatus
In
both
lost
workers and wages.
Outside Philadelphia
+1.9
+6.0
+1.0
Apparel stores
The index of employment In the wood products group is the lowest since
+3.1
119.1 123.2
+7.3
Men's apparel stores
the
gathering
97.8 111.8
+0.9
of employment statistics began in 1922, but accompanying
+5.0
In Philadelphia
-0.9
+2.7
+5.3
a 2.3% decline in names on payroll since May was an increase in earnings
Outside Philadelphia
+2.5
+6.4
-3.5
of
3.1%.
The
sharpest recession was in saw and planing mills, though
Women's apparel stores
128.5 128.1
+4.0
+8.2
+6.6
In Philadelphia
pianos and musical instruments continued downward to the lowest index
+5.0
+9.2
+8.0
Outside Philadelphia
--2.3
+1.8
-2.4
so far recorded which is less than half of the average of 1922 when the gatherShoe stores
131.6 148.6
+6.3
+11.0
+2.1
ing of figures began.
Credit stores
100.8
89.7
-4.0
-0.3
-4.1
Furs and fur goods made a good showing with a 10.5% gain in payroll
Stores in:
Philadelphia
94.6
earnings shared by 3.3% more workers bringing the employment index up to
98.4
-3.2
-1.0
Allentown, Bethlehem & Easton
98.5 104.2
-0.0
-0.3
the highest figure in 28 months. All of the subgroups shared in the gains,
Altoona
102.9
91.7
+6.6
-0.6
though boots and shoes was the industry chiefly responsible.
Harrisburg
108.0
+5.7
95.3
+3.2
Johnstown
In spite ofsome employment increase in oil refining the group ofchemicals.
77.0
+1.3
72.5
-3.0
Lancaster
96.9 100.2
+5.2
oils and paints,went down by 0.3% in names and 2.9% in
+0.7
earnings.
Reading
91.6
+7.3
, +1.3
96.1
The printing and paper goods group showed varying tendencies. Job
Scranton
104.3
92.8
--3.8
-2.4
printing gained both in employment and earnings, 4.2% and 2.9%
Trenton
96.4 106.0
-0.7
reWilkes-Barre
spectively, but newspapers and periodicals lost 2.2%
93.6
-7.2
88.4
-4.6
and 1.3%. Both
Wilmington
122.2 137.8 +10.5
+2.9
classifications of the paper goods industries declined
in employment and
All other cities
+8.2
+4.2
earnings.
The textile group averaged an employment gain for the month
Accts.
of 0.1%
ReceivColland an advance in earnings of 1.7%, with a gain in knit
goods overbalancing
Stocks at
lections. losses in the
able
other
lines.
End of
Stocks
During
The clothing and millinery group made a very strong
Month
Turnover
of Mo. Month
showing, with an
Compared
Jan. 1-June 30. ComComemployment gain of 8.1% for the month and a
payroll gain of 15.0%•
With
pared
pared
A great part of this advance, however, was more in the nature of recovery
a
With
With
from an unusually low May than an Indication of fundamental strength in
Month
Year
Year
Year
Ago.
1929.
the industry. The increases were shared by all branches of the
1928.
Ago.
Ago.
Ago.
men's and
women's clothing industry with the exception of men's shirts
All reporting stores
and furnishings.
-5.0
-8.3
1.85
1.67
Sharp increases in employment in fruit and vegetable
Department stores
-4.4
-9.0
1.80
1.61
canning (plus 71.9%)
In Philadelphia
and in manufactured ice (plus 26.5%) saved the food,
-3.4 -10.9
2.02
1.74
beverages and toOutside Philadelphia _
-6.3
-4.9
1.47
1.39
bacco group from reporting a decline. The large
industries of slaughtering
Apparel stores
meat
packing
and
and
bread
and
Men's apparel stores_ _ -11.1
other bakery products did register losses
L-27i 1:11 1.40
In Philadelphia
of 0.2% and 7.4% respectively.
-17.8
-1.8
1.65
1.68
Outside Philadelphia
-6.0
No change in the volume of employment occurred In the
-3.0
1.17
1.21
trade group taken
Women's apparel stores_ _ -12.9
3.14
3.09
+4.5
+14.4
+6.6
as a whole. Gains in department stores, wholesale dry goods, milk disIn Philadelphia
-13.4
+5.4
3.37
3.31
+16.1
+6.6
and
tributing
metal
jobbing were offset by 1 saes in wholesale groceries and
Outside Philadelphia_ -11.1
+0.9
2.02
2.13
+7.1
+6.8
Shoe stores
mail order houses. There was an increase, however,
-4.1
-5.2
1.40
1.32
+8.6
-3.3
In total payroll amountCredit stores
-0.5 -14.2
1.37
1.53
ing to 4.7%.
+7.1
+6.4
Stores in:
For many months there has been a somewhat steady
Philadelphia
-4.5 -10.2
2.13
1.86
gain in employment
- -Allentown. Bethlehem &
in laundries. The June figure was 0.6% above that for
May.
Easton
-3.3
Public
--6.7
utilities
1.29
is
1.20
another
-4.1
industrial group that has been steadily growing
Altoona
-3.6
--7.2
1.44
1.26
47:2
volume of reported employment. The June gain
+2.1
in
Harrisburg
was 0.8% and led to an
-9.8
-5.9
1.31
1.33 •
+5.8
+4.2
Index of 107.2, the highest month in the Illinois records.
Johnstown
+0.2
-7.8
All branches of
+6.4
+0.4
Lancaster
-4.7
the public utility classification shared in the advance, with street railways
+5.1
1726
172e
Reading
-6.8 -10.4
1.47
1.31
in the lead, (plus 1.5%) closely followed by water, gas, light and power
+1577
Scranton
-4.3
-6.6
1.46
1.57
+0.2
+1.4
(plus 1.2%).
-12.4 -12.3
Trenton
1.
1.1.7
+13.6
+2.5
Coal mining lost 5.4% in workers and 21.7%
Wilkes-Barre
-9.9
+3.2
-2.2
in their earnings. The
+5.4
Wilmington
employment index of 64.5 is 42.0% better than
-4.1
+0.5
1.48
1.41
+18.4 +20.2
for June of last year and
-4.5
-2.3
All other cities
1.54
1.40
+14.7 +16.1
7 times better than for the strike year of 1927, but Is scarcely two-thirds
• There were 25 business days In June 1929 and 26 business days in June 1928.
of the record for the years from 1923 to 1926.
FINANCIAL CHRONICLE
JULY 27 19291
All forms of building and contracting advanced sharply in June as compared with May. An increase of 23.8% was reported in road construction
gain
employment and 27.2% in miscellaneous contracting The employment
In building construction was 4.2% with an earning gain of 2.5%. The
in
gain
whole building and contracting group of industries averaged 8.6%
employment and 7.5% gain in payroll earnings, but did not measure up to
any June in the last eight years.
The statistics follow:
COURSE OF EMPLOYMENT AND EARNINGS IN ILLINOIS DURING
JUNE 1929.
Employment.
I
++1+
.+..
..o.+11+1+114-1- 14- 1 -1-411.+1++
1+11...
11 ++
1+1+111
+It+tlitt+1+1+
11++IIWW...104.1.WW
I+++++
++- 1-,+1.1++
IIWWW,P0..4.
4.WWWWWW4.04.
W
OCA.,W4.
05.0.W....004.4.
•iyti4:4;p4a.Wi.,..:bb;;ANo4nPOZi..2b16146,
Industry.
Earnings (Payroll).
Average
Index of
Total
Weekly
Earnings
Per Cent
Employment
Per Cent
Earnings
(Average
Change
from a
1925-27=100). of Chge. June 1929.
from
Month
FeJune May June May
Ago.
(a)
1929. 1929. 1928. 1929. Males. males.
6,;.064.4.bi,24:+inbk:Jbb0;-.02i.2:•1;.bWilD6107,6014k1/
Wip66:4;-.0,4•4.0DNiTOWN;P:-.60i:*;-.;-.WINbLi:,160;0.4.
4,0D01,14k,4;06,;004.1W;-.••
$32.46 $19.06
+0.5 101.6 101.1 95.2
All industries
31.99 17.77
+0.4 104.1 103.7 95.8
All manufacturing industries
30.65 14.36
-1.7 95.6 97.3 99.9
Stone-clay-glass
14.86
32.98
102.5
-0.4
97.8
102.9
l
sstone-minera
Nliscellaneou
+2.3 94.4 92.3 85.0
30.33 18.00
Lime-cement-plaster
15.74
-2.8
31.31
80.4
90.8
82.7
Brick-tile-pottery
-2.2 108.4 110.8 114.6
29.11 14.20
Glass
32.18 18.30
Metals-machinery-conveyances- -0.4 115.5 116.0 97.4
17.07
116.8
-2.1
33.50
119.3
104.0
Iron and steel
41.4 104.5 103.1 95.1
30.29 18.67
Sheet metal work-hardware
-0.4 96.7 97.1 82.7
33.36 12.90
Tools and cutlery
33.44 17.86
Cooking ,f. heating apparatus. -1.8 103.3 105.2 96.8
+0.5 114.6 114.0 94.7
30.59 16.53
Brass-copper-Zinc and other.32.54 19.82
68.5
66.2
65.7
43.4
comotives
Cars-lo
-1.1 151.2 152.9 124.7
30.47 18.73
Autos-accessories
31.26 18.44
.40.0 127.1 127.1 99.6
Machinery
+5.2
32.16 21.37
92.7
124.7
131.2
Electrical apparatus
+1.0 129.8 128.5 114.7
30.21 20.12
Agricultural implements
-0.1 100.4 100.5 76.5
33.27 19.77
Instruments and appliances
-2.0 94.4 96.3 90.5
30.96 16.15
Watches-Jewelry
28.40 14.63
-2.5
All other
7
-2.3
4
71.i
/
7
30.29 18.70
.ii
7
7:i
Wood products
-9.4 73.4 81.0 83.0
32.40 9.30
Saw-planing mills
-2.1
78.9
31.39 23.16
work
80.6
80.8
-cabinet
Furniture
-4.3 51.0 53.3 58.1
31.15 13.02
Pianos-musical Instruments
+5.7 80.3 76.0 79.0
24.63 12.15
Miscellaneous wood products_
27.33 15.94
+3.3 103.2 99.9 97.3
Furs and leather goods
+1.6 97.5 96.0 104.8
33.15 17.97
Leather
29.39
+6.2
41.68
74.4
115.0
122.1
goods
Furs-fur
+3.6 107.6 103.9 97.4
24.76 15.57
Boots and shoes
28.58 18.23
Miscellaneous leather goods- -0.6 62.5 62.9 84.6
-0.3 106.2 106.5 99.4
28.92 13.34
Chemicals-oils-Paints
-1.0 94.3 95.3 96.3
27.77 13.55
Drugs-chemicals
-2.4
28.40 16.30
111.4
108.7
106.8
-colors
dyes
Paints30.70 16.19
+2.6 96.5 94.1 93.8
Mineral and vegetable oil
-2.1 121.8 124.4 103.7
26.90 12.07
Miscellaneous chemicals
38.93 18.38
+0.8 98.8 98.0 98.2
Printing and paper goods
28.45 14.27
-0.3 99.7 100.0 96.7
Paper boxes-bags-tubes
34.73 17.71
goods
paper
-2.1
101.5
103.7
103.8
s
Miscellaneou
39.72 20.01
+4.2 96.4 92.5 93.0
Job printing
47.99 22.47
-2.2 1Q5.5 107.9 102.0
Newspapers-periodicals
40.53 25.60
Edition book binding
47.58 18.64
+0.3
Lithographing and engraving25.12 12.74
'41:i
Vs".:i
iii.
+0.1
Textiles
23.31 13.47
-0.3 98.5 98.8 99.2
Cotton-woolen goods
23.80 11.20
+2.8 90.9 88.4 91.7
Knit goods
20.84
28.68
113.5
106.5
-3.0 110.1
Thread-twine
26.62 14.84
-5.7 96.8 102.6 108.1
Miscellaneous textiles
19.78
42.04
92.6
82.8
89.5
+8.1
Clothing and millinery
42.90 28.28
+9.7 82.3 75.0 86.7
Men's clothing
38.87 21.88
81.0
69.8
65.2
-6.6
urnishings
shirts-f
Men's
31.00 11.31
+0.9 74.2 73.5 86.8
Overalls-work clothes
30.84 20.18
+4.4 94.7 90.7 97.5
Men's hats-caps
40.37 14.26
106.7
97.8
105.7
+8.1
clothing
Women's
11.05
28.86
137.7
169.2
140.5
+20.4
Women's underwear
35.88 19.33
-8.9 50.3 55.2 91.5
Women's hats
17.30
29.45
96.3
92.9
92.3
+0.7
Food-beverages-tobacco
26.36 9.88
+6.7 90.6 84.9 91.1
Flour-feed-cereals
17.51 6.80
+71.9 21.7 12.6 48.0
Fruit-vegetable canning
30.30 16.15
97.3
90.3
92.0
-1.8
Miscellaneous groceries
27.82 19.11
97.6
Slaughtering-meat packing,- -0.2 100.7 100.9
35.77 15.51
-1.6 117.5 119.4 108.2
Dairy products
35.99 16.45
-7.4 82.7 89.3 94.4
Bread-other bakery products_
32.85 15.04
+5.8 95.6 90.4 85.4
Confectionery
31.56 12.94
80.4
68.8
67.4
+2.1
Beverages
29.12 21.51
-8.6 89.7 98.1 81.8
Cigars-other tobacco
43.93 - -+26.5 94.9 75.0 97.8
Manufactured ice
50.87 18:31
Ice cream
-1-6.6 ------------31.96 16.68
Miscellaneous manufacturing
20.56
.57
+0.6
-----33
ng
industries
-------manufacturi
Non
36.37 19.47
,.1 9:
-o.o 8.
Trade-wholesale-retail
37.49 17.76
+0.6 109.3 108.6 106.3
Department stores
23.54 23.25
+2.2 79.7 78.0 99.7
Wholesale dry goods
28.22 '16.73
-0.2 78.3 78.5 94.2
Wholesale groceries
26.15 19.99
82.3
83.4
89.1
-1.3
houses
Mail order
50.53 34.81
Milk distributing
36.86 11.37
Metal Jobbing
22.79 15.49
Services
+1.6 ------------21.22 15.33
Hotels-restaurants
.
ol
31.42 15.66
107.
.
+0.6
Laundries
35.89 21.51
+0.8 107.2 106.3 102.4
Public utilities
+1.2 125.7 124.2 112.0
35.87 24.34
Water-gas-light-power
41.93 21.45
+0.1 116.3 116.2 110.2
Telephone
+1.5 100.7 99.2 99.1
35.78 18.21
Street railways
+0.5 81.3 80.9 80.2
30.90 22.49
Railway car repair
-5.4 64.5 68.2 45.4
19.88 --- Coal mining
313.95 _-- +8.6 86.3 79.5 98.5
Building and contracting
+4.2 71.4 68.5 94.2
39.14
Building construction
27.68
+23.8 99.9 80.7228.2
Road construction
RR
411
78.0
102.7
130.6
+27.2
s
contractingMiscellaneou
•Includes firms not reporting data separately by sex.
547
of the State at large. Whereas the decrease from May for the whole State
was about 50%,that for Chicago was practically 59%. The June building
figures are the lowest June figures for the last 3 years.
emCicero.-Cicero was among the cities reporting slight decreases in
ployment decrease of0.1% involved a payroll decrease of4.7%. On account
t
employmen
of vacation job seekers, the number of registrations at the free
office increased, raising the unemployment ratio of 169.2 for May to 189.5
for June,an increase of about 12%.
Danville.-With a decrease of 2.3% in payrolls, eleven firms reported
reported
an increase in employment of 1.1%. The free employment office
of
an increased demand for common labor, due primarily to resumption
The
building activities which had been hampered by inclement weather.
100
unemployment ratio, however, increased from 133.5 applicants per
positions offered in May to 140.1 in June.
as
activities,
building
Decatur.-Contrary to the general condition,
Decatur.
measured by estimated cost indicated on permits, increased in
This
Employment in manufacturing industries, however, declined 0.5%.
An inchange was accompanied by a 2.4% increase in factory payrolls.
t
employmen
free
crease of 10% in the unemployment ratio reported by the
68% of its
office is further emphasized by the fact that the office placed
May.
June applicants as compared to 62% of the applicants during
the largest
East St. Lonis.-With a decrease of 4.1%, this city showed
decrease
The
reported decline in employment. Payrolls dropped 3.6%.
Building
industties.
paints
occurred primarily in chemicals, oils and
in May to
activities measured by estimated costs, slumped from $219,750
110 in May to 116.6
$146,371. The unemployment ratio increased from
in June.
a slight improveJoliet.-Activities in manufacturing industries show
increase in employment
ment over May activities, as is indicated by a 1.2%
is indicated primarily in
and 2.5% increase in total payrolls. The change
from 115 persons
the metal industries. The pnemployment ratio increased
in June. Contrary
for every 100 Jobs offered in May to 129.4 applicants
by perindicated
as
building,
to the general trend the estimated cost of
mits, was somewhat higher in June than in May.
was a 1.8%
Molino.-Accompanying a 15.5% drop in total payrolls
fell from 166 in May
decline in factory employment. Building permits
The
$137,146.
to
to 113 in June, and the estimated cost from $224.371
common labor, hut stated
free employment office reported a demand for
that it had no difficulties in meeting this demand.
permits was reported as
Peoria-The estimated building cost for June
employment and payrolls decreased
less than half the May figure. Factory
nt ratio rose from 165.4 in
2.0 and 4.3% respectively. The unemployme
per 100 positions offered is
May to 194.4 in June. This ratio of applicants
the highest in the State.
accompanied a 1.0% decrease
Quincy.-A decline of 5.8% in payrolls
dropped from 44 in May to 23 in
In factory employment. Building permits
from $302,355 to $58,700. The
June, and the corresponding estimated cost
81%. The ratio of applicants per
latter change represents a drop of about
office, however, dropped only
100 jobs offered at the free employment
June.
in
128.6
to
May
in
135.4
-from
slightly
244 in May to 170 in June.
Rockford.-13uilding permits dropped from
-from $850.260 to $351,915.
The estimated cost dropped still more sharply
the former by 1.5% an
Both factory employment and payrolls decreased,
office reported a shortage of
t
employmen
free
The
4.0%.
the latter by
but a surplus of common
tool and diemakers, pattern makers and molders,
for May to 108.9 for
labor. The unemployment ratio rose from 104.9
June.
increase of 1.2% in employRock Island.-Reporting factories indicated an
unemployment ratio
ment, but a 2.4% decrease in total payrolls. The
Although the number of
increased from 130.7 in May to 139.7 in June.
the estimated cost of
building permits exceeded the May permits by 3,
June permits was only 38% of the May estimate.
from 104.8 to 113.3.
Springfield.-The unemployment ratio increased
June. The estimated
Building permits slumped from 337 in May to 134 in
$857,161. Factory
building cost dropped less sharply-from $958,127 to
The increases took place
employment increased 2.7% and payrolls 3.6%.
almost exclusively in the metal industries.
t and 3.1% drop
Sterling-Rock Palls.-A 1.4% decrease in employmen
condition during June.
in payrolls indicated an adverse manufacturing
by the increase in the
The increase in unemployment was further indicated
unemployment ratio from 104.8 to 113.3.
ly
Iniustrial Employment in Ohio in June at Rleative
War.
Higher Point Than at Any Time Since World
In reviewing industrial employment in Ohio and Ohio
of
cities during June, the Bureau of Business Research
emthe Ohio State University reports that "the industrial
in
ployment curve for Ohio continued to move upward
has been
June and reached a point relatively higher than
conditions
reached since the World War." In indicating
says:
throughout the State the Bureau
++
I
1% greater than in May,
Industrial employment in Ohio in June was
greater during the first half
11% greater than in June 1928, and 11%
1928. What has been said of
of 1929 than during the first half of
manufacturing employment
industrial employment is characteristic also of
curve. Construction
which largely dominates the industrial employment
with May, 14% as comemployment in June increased sve as compared
during the first six months
pared with June 1928, and was 10% greater
Mr. Wilcox also furnishes the following analysis of the of 1929 than during the same period of 1928.
in June in all
As compared with May, there were employment increases
Industrial situation by cities:
the chemicals
the important groups of industries in the State except in
in
t
of
and
of
1.7%
in
7.2%
employmen
and steel, the
earnings
Aurora A decrease
group, which registered a decline of 2%, and in the iron
applicathe
month's
from
as
change
Aurora
May
to
from the
June.
by
change
reported
no
was
machinery, and the textiles groups, which showed
tions for jobs at the free employment office also increased to 149 for each previous month. As compared with June 1928, all groups of industries in
100 positions open as compared with 126 in May. Although only 74 build- Ohio showed employment increases in June 1929 except the lumber products
ing permits were issued in June as compared with 98 in May,the estimated group, which showed a decline of 3%, and the textiles group which showed
June valuation of $207,517 exceeded the May valuation by about 33%•
no change from June 1928.
-With an increase in employment of 5.3%. Bloomington
Bloomington.
in the
In the iron and steel group of industries there was no change
headed all other reporting cities of the State. In June, 1928, by contrast,
in June as compared with May, but an increase
employment
of
volume
this city reported a 3.4% decrease in employment. Bloomington has re- of 8% as compared with June 1928, and an increase of 9% during the first
ported a steady increase in employment since last February. The unem1928. Of
six months of 1929 as compared with the first six months of
ployment ratio of 103.4 for May increased to 111.1 for June, the increase
works and
the particular industries in the iron and steel group, 16 steel
being probably due to the vacation job seekers. The free employment office
miscel24
and
rolling mills showed an increase of 2% in June from May,
reported a surplus of common labor.
steel industries showed an increase of 1%. The 42 foundry
and
iron
laneous
of
increase
Chicago.-With an employment increase of 0.7% and a payroll
which registered a substantial gain in
State. products and drop forgings industries
the
2.1%. Chicago fairly approximated the average change for the
May over April, showed no further increase in June, but sustained
since
t
employmen
a
but
small
in
steady
experienced
increase
has
Chicago
May increase.
after
the first of the year. In contrast to the increase in employment, however.
increased
Employment in the lumber products group of industries
in
is the increase in the unemployment ratio from 120.4 in May to 139.9
in June 1928, and averaged 6%
for the decline in May, but was 3% less than
June. The reason for that increase is primarily assigned to job seekers
the first half ef 1928.
that less during the first half of 1929 than during
exceeded
in
The
in
slump
building
Chicago
activities
vacations.
school
548
FINANCIAL CHRONICLE
Employment in the tire and tube industry was 1% greater in June than
in May, 17% greater than in June 1928, and 11% greater during the
first
half of 1929 than during the same period in 1928. Employment
in the
manufacture of automobiles and automobile parts declined We in June as
compared with May, but increased 21% as ccomared with June
of last
year, and 35% during the first half of this year as compared with
the
first half of last year.
In Akron industrial employment was 3% greater in June than in May,
23% greater than in June 1928, and 13% greater during the first half
of 1929 than during the same period of 1928. In Cincinnati, industrial
employment in June was 1% less than in May, but 2% greater than in
June 1928, and 2% greater during the first half of 1929 than during the
same period of 1928. In Cleveland, industrial employment declined 3% in
June as compared with May, but increased 13% as compared with June
1928, and 19% during the first half of 1929 as compared with the
first
half of 1928. In Columbus, industrial employment declined 2% in June,
but increased 7% as compared with June 1928, and 11% during the
first
half of 1929 as compared with the first half of 1928. In Dayton, industrial
employment increased 6% in June as compared with May, and 36% as
compared with June 1928, while the average for the first half of 1929 was
24% greater than the average for the first half of 1028. In
Toledo,
industrial employment declined 4% in June as compared with May, but
increased 14% as compared with June 1928, and 27% during the first half
of this year as compared with the first half of last year. Industrial
employment in Youngstown increased 1% in June from May, 7% from
June 1928, and 7% during the first half of 1929 as compared with the
same period of last year. Stark County showed no change in industrial
employment in June from May, but an increase of 18% as compared with
June 1928, and of 17% during the first six months of 1929 as compared
with the first six months of 1928.
Automobile Production Below the Maximum But Far
in Excess of Last Year.
June production (factory sales) of motor vehicles in the
United States, as reported to the Department of Commerce,
was 545,252 of which 452,641 were passenger cars, 91,296
trucks, and 1,315 taxicabs. This compares with 604,020
passenger cars, trucks and taxicabs in May but with 396,796
in Juno last year. The table below is based on figures received from 151 manufacturers in the United States for recent
months, 47 making passenger cars and 118 making trucks
(14 making both passenger cars and trucks). Figures for
passenger cars include only those designed as pleasure vehicles, while the taxicabs reported are those built specifically
for that purpose, pleasure cars later converted to commercial
use not being reported as taxicabs. Figures for trucks include ambulances, funeral cars, fire apparatus, street sweepers and busses. Canadian figures are supplied by the Dominion Bureau of Statistics.
AUTOMOBILE PRODUCTION.
(Number of Machines.)
United Elates.
Total.
1928.
January ____
February ___
March
April
May
June
231,728
323.796
413,314
410,104
425.783
396,796
Tot. (6 mos.) 2,201,521
July
August
September
October
November
December
392,086
461,293
415,314
397,284
257,140
234,116
Passenger
Cars.
205,142
290.689
371.150
364,265
375.356
356.214
Trucks.
26,082
32,645
41,493
45,227
49,920
49,174
1.962,816 235,541
338,383
400,124
358,615
339,487
216,754
204,957
53,294
60,705
56,423
57./38
39,686
28,123
Total (year)_ 4,358,759 3,821,136 530,910
1929.
January
February ___
March
April
May
June
*401,036
.466,352
.585,093
.621,331
603.969
545,252
347,382
405,708
513,266
537.225
516,055
452,641
*51,599
*58,536
.69,748
.82,420
86,596
91,296
Canada,
Taxicabs.a
504
462
671
612
507
408
_
PassenTotal. ger Cars. Trucks.
8,463
12,504
17,469
24.211
33,042
28,399
6,70.5
10,315
15,227
20,517
29,764
25,341
1,758
2,189
2,212
3,694
4,178
3,058
3,164 124,988 107,869
17.119
409
469
276
659
700
1,036
25,226
31,245
21,193
18,538
11,769
9,425
20,122
24,274
16,572
13,011
8,154
6,734
5,104
6,971
4,621
5,520
3,615
2,601
6,713 242,382 196,741
45,641
2,064
2,108
*2,079
•1,686
1,318
1,3/5
21,501
31,287
40,621
41,901
31,559
21,492
17,161
25,584
32,833
34,392
25,129
16,511
4,337
5,703
7,788
7,509
6,430
4,981
[VoL. 129.
Unfilled Orders.
Reports from 450 softwood mills give unfilled orders of 1,136,648,000
feet, on July 20 1929, or the equivalent of 22 days' production. This is
based upon production of latest calendar year-300-day year-and may be
compared with unfilled orders of 472 softwood mills on July 13 1029, of
1,194,326,000 feet, the equivalent of 23 days' production.
The 321 Identical softwood mills report unfilled orders as 844,275,000
feet, on July 20 1929, as compared with 850,091,000 feet for the same week
a year ago. Last week's production of 370 identical softwood mills was
268,323,000 feet, and a year ago it was 271,906,000 feet; shipments were
respectively 251,411,000 feet and 260.198,000; and orders received 247,295.000 feet and 262,055,000. In the-case of hardwoods, 218 identical mills
reported production last week and a year ago 47,426,000 feet and 36,454,000:
shipments 40,872.000 feet and 41,915,000; and orders 41,485,000 feet and
39.997,000.
West Coast Movement.
The West Coast Lumbermen's Association wired from Seattle that now
business for the 209 mills reporting for the week ended July 20 totaled
176,888.000 feet, of which 56,116,000 feet was for domestic cargo delivery,
and 28,408,000 feet export. New business by rail amounted to 74.592,000
feet. Shipments totaled 192.164.000 feet, of which 66,531,000 feet moved
coastwise and intercoastal, and 33,043,000 feet export. Rail shipments
totaled 74,818,000 feet, and local deliveries 17,772,000 feet. Unshipped
orders totaled 706.626,000 feet, of which domestic cargo orders totaled
274,488,000 feet, foreign 232,210,000 feet and rail trade 199,928,000 feet.
Weekly capacity of these mills is 240,600,000 feet. For the 28 weeks
ended July 13, 140 identical mills reported orders 10.7% over shipments
and 8.2% over production. The same mills showed a decrease in inventories of 13.8% on July 13. as compared with
Jan. 1.
Southern Pine Reports.
The Southern Pine Association reported from New Orleans that for 1511
mills reporting, shipments were 4% below production, and
orders 10%
below production and 6% below shipments. New business taken during
the week amounted to 61.446,000 feet (previous week 62.789.000); shipments 65,541,000 feet (previous week 66,648,000); and production
68,369.000 feet (previous week 68,989,000). The three-year average production
of these mills is 76,678.000 feet. The 135 identical mills reported a dccrease in production of 6% and in new business a decrease of
18% as compared with the same week a year ago.
The Western Pine Manufacturers Association,
of Portland, Ore., roported production from 38 mills as 43,080,000 feet, shipments 36,627,000
and new business 34.651,000. Thirty-five identical mills reported an Increase of 14% in production and a 7% increase in orders compared with 1928.
The California White and Sugar Pine Manufacturers Association, of
San Francisco. reported production from 21 mills as 26,742.000 feet,
shipments 20,802,000 and orders 23.065,000. Twenty-one identical mills
rePorted an increase of 4% in production and a decrease
of 23% In orders
compared wills the same week a year ago.
The Northern Pine Manufacturers Association, of Minneapolis, Minn.,
reported production from 9 mills as 10,332,000 feet, shipments 9,915,000
and new business 15,095,000. The same number of mills reported a decrease of 16% in production and a 91% increase in new business In
consparison with 1928.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, IA is., reported production from 27 mills as 3,882,000 feet, shipments 4,185.000 and orders 3,184.000. The same munber of mills reported
a yearproductloti
less and new business 25% more than for the corresponding
week
ago.
The North Carolina Pine Association, of Norfolk, Va., reported production from 85 mills as 8,762,000 feet, shipments 9,117,000 and new business
9,820,000. Thirty-three identical mills reported a decrease of 19% in
production and 12% in orders compared with the same period a year ago.
The California Redwood Association, of San Francisco. reported production from 14 mills as 7,836.000 feet, shipments 6,620,000 and orders 6,801000. The same number of mills reported production 9% less and new
business 12% more than for the same period last year.
Hardwood Reports.
The Hardwood Manufacturers Institute, of Memphis, Tenn., reported
production from 201 mills as 41,231,000 feet, shipments 37,203,000
and
new business 38,432,000. Reports from 191 identical mills showed
an
increase of 23% in production and of 1% in
orders compared with 1928.
The Northern Hemlock and Hardwood Manufacturers Association,
of
Oshkosh, Wis., reported production from 27 mills
as 8,566,000 feet, shipments 5,551.000 and orders 5,896,000 . The same number of mills
roported an increase of 80% in production and of 25% In new
business compared with the corresponding week last year.
CURRENT RELATIONSHIP OF SHIPMENTS
AND ORDERS TO PRODUCTION FOR THE WEEK ENDED JULY 20 1929
AND FOR 29 WEEKS
TO DATE.
,4ssociattonProduaton, Shtpments, P.C. Of Orders P.a'.of
Southern Pine:
M.Feet.
Pt. Feet. Prod. M.Feet. Plod.
Week-M0 mill reports
68,369
65,541
96
11.446
91)
-4.254
weeks
mill
29
reports
1913,894 1,911,000 102 1,958,440 102
Tot. (6 mos.) 3.223.090 2.772.277 440 243 10.570 188_361 1.51013
30.748 West Coast Lumbermen's:
Week-210 mill reports
187,581
192,455 103
• Revised.
177,157 94
29 weeks-5.685 mill reports
4,972,092 5,152,081 104 5,232,945 105
a Includes only factory-built taxicabs, and not
Western Pine Manufacturers:
Private Passenger cars converted
WA° vehicles for hire.
Week-38 mill reports
43.080
36,627 85
34,651
80
29 weeks-1,099 mill reports
974,128 1,013,589 104
006,012 102
Callf. White & Sugar Pine:
Week-21 mill reports
26,742
20,802
78
23,165
Lumber Production Exceeds New Business.
SS
29 weeks-748 infll reports
714,609
766,551 107
790,535 111
Northern Pine Manufacturers:
Week-9 mill ref/0M
Lumber production, both hard and softwood, is running
10,332
9,915
06
15,095 146
29 weeks-261 mIll reports
205.064
249,647 122
ahead of new business, according to reports to the National North.
240,902 118
Hemlock & Hardwood (softwoods):
week-27
m111 reports
3,882
Lumber Manufacturers Association from 786 of the larger
4,185 108
29 weeks-1,219 mill reports
3,184 82
130,728
120,292
92
117,031
90
Pine:
mills for the week ended July 20. Unfilled orders at the re- Northern Carolina
Week-85 mill reports
8,762
0,117 104
9,820 112
porting softwood mills were apparently reduced during the
29 weeks-2.158 mill to ports
293,897
282,791
96
256,761
87'
California Redwood:
week by the equivalent of one day's production.
Week-14 mill reports
7,836
6,820
84
8,801
87
29 weeks-406 mIll reports
Lumber orders reported by 554 softwood mills totaled Softwood
214,797
216,394 101
232,713 108
Total:
Week-16,830 mill reports
331,819,000 feet, being 7% less than the production of tho
356,534
345.262
97
331,819 93
29 weeks-15,830 mill reports
9,419,499 9,762,945 104 9,824,429 104
same mills, which was 356,584,000 feet. Shipments, how- Hardwood Manufacturers Institute:
Week-204 mill reports
41,231
37.293
00
ever, were only 3% under production, or 345,262,000 feet.
38,432
OF
29 weeks-6,176 mill reports
1.122,186 1,218,371 103 1,212,418 108
Hemlock & Hardwood:
Reports from 231 hardwood mills give new business as Northern
Week-27 mill reports
8.566
6.551
65
5.896
69
44,328,000 feet, or 11% below production. Shipments as
29 weeks-1.219 mill reports
354.304
259,391
73
245,776
69
Hardwoods Total:
reported for the same week were 42,844,000 feet, or 14%
Week-231 mill rerorts
49.797
42.844
44,325
86
89
29 weeks-7,395 mill reports
1,476,490 1,475,762 100 1,458,194
below production. Production was 49,797,000 feet. The Grand
91)
Total:
mill
Week-758
reports
Association's statement further says:
406,381
388,106
376,147
06
93
29 weeks-22,006 mill reports
10 895,899 11,238,707 103 11,282,623 104
FINANCIAL CHRONICLE
JULY 27 1929.1
West Coast Lumbermen's Association Weekly Report.
According to the West Coast Lumbermen's Association,
reports from 210 mills show that for the week ended July 13
shipments were 2.31% below production, while orders
exceeded output by 5.70%. The association's statement
follows:
549
depression, according to the annual survey of farm returns
by the Bureau of Agricultural Economics, United States Department of Agriculture. The Bureau's advices, July 22,
state:
Reports from 11,851 owner-operated farms in all parts of the country
with
show an average net return of $1,334 for the year 1928, as compared
show a
an average return of $1,290 on 13,859 farms in 1927. The reports
Twentyreturns.
difference of $94,050 between the highest and the lowest
showed
WEEKLY REPORT OF PRODUCTION. ORDERS, AND SHIPMENTS.
six per cent, showed returns between $1,000 and $2,000; 45%
210 mills report for week ended July 13 1929.
zero to 1,000, and 9% showed losses.
(All mills reporting production, orders and shipments.)
in
The average net return in 1926 was $1,133 ; in 1925 it was $1,297;
175,191,505 feet (100%)
Production
185,177,579 feet (5.70% over production) 1924 the net return was $1,205; in 1923 it was $1,020, and in 1922 the
Orders
production)
1928
under
(2.31%
in
feet
increases
171,154,318
Shipments
net return was $917. By geographic divisions the largest
Central,
over 1927 were in the South Central States, 14%; West North
COMPARISON OF CURRENT AND PAST PRODUCTION AND WEEKLY
the South
OPERATING CAPACITY (278 IDENTICAL MILLS.)
10%; East North Central, 8%. Decreases were greatest in
1929
date.)
and
to
1928
for
production
(All mills reporting
North Atlantic, 17%. In the Western section the
197,289.737 feet Atlantic States, 22%;
Actual production, week ended July 13 1929
196,127,593 feet returns showed practically no change from 1927.
Average weekly production, 28 weeks ended July 13 1929
but
201,379,247 feet
Gross receipts were larger in 1928 than in 1927 on the average,
Average weekly production during 1928
205,067,324 feet
Average weekly production last three years
also higher. The average size of the farms reporting for
were
expenses
279,944,198 feet
:Weekly operating capacity
284 acres, with an average investment of $15,417, both size and
x Weekly operating capacity is based on average hourly production for the twelve 1928 was
the Census average. No tenant farms
last months preceding mill check and the normal number of operating hours per week. capital investment being larger than
of $946 from
are included. Average gross receipts were $2,608, consisting
WEEKLY COMPARISON FOR 208 IDENTICAL MILLS-1929.
$689 from sales of livestock
(All mills whose reports of production, orders and shipments are complete for the sales of crops, $936 from sales of livestock,
current meth
Average
weeks.)
items.
last four
products, and $37 from miscellaneous other
$238 for
June 22.
June 29.
July 6.
July 13.
Week Ended—
in 1928 totaled $1,518, consisting of $394 for hired labor,
expenses
173,805,390 103,082,250 187,891,126 195,061,666
Production (feet)
bought, $67 for fertilizer, $46 for seed, $184
182,645,877 145,348.568 187,403,700 184,581,805 livestock bought, $262 for feed
Orders (feet)
72,841,001 for taxes on farm property, $151 for machinery and tools, and $176 for
71,418,812
57,892,351
64,277.361
Rail
73,332,976 miscellaneous items.
62,980,977
48,674,548
64,745,151
Domestic Cargo
25,924,374
39,442,225
27,102,326
41,429,098
which these
Export
Receipts less cash expenses averaged $1,090, in addition to
12,483.454
13,561,686
11,679,343
12,193,997
Local
at an average of $269 at
168,271,989 140,535,366 215,167,603 179,273,201 farmers used home-grown food products valued
Shipments (feet)
77,108.348 farm prices. The value of fuel used and of house rent was not reported.
85,400,953
52,041,288
63,977,424
Rail
48,539.762
59.682.485
74.275,621
65.191,895
Domestic Cargo
the total expenses ($1,518) do not include any allow29,998,914 On the other hand,
28,274,973
41,929,343
26,908,673
Export
his family, which was estimated by
12,483,454 ance for the labor of the farmer and
13.561,686
11,679,343
12,193,997
Local
for
724,482,684 711,985,218 714.314,841 743,420,286 the farmers at an average value of $768 on the basis of current wages
Unfilled orders (feet)
210,127,961
200,829,712
196.255,965
199,779,572
Rail
hired hands.
286,730,848 286.601,417 289,685,650 302,240,725
Domestic Cargo
inventory values, which
The farmers reported an increase of $244 in
237.972,264 224,554,089 228,373,226 231,051,600
Export
a farm net return of
figure added to the cash balance of $1,090 made
112 IDENTICAL MILLS.
Out of this amount $202 was paid as interest on indebtedness,
(All mills whose reports of production, orders and shipments are complete for $1,334.
1928 and 1929 to date.)
and $126 was went for improvements.
Average 28
Average 28
1Wecks Ended
Week Ended
lireeks Ended
July 13 1929, July 13 1929. July 14 1928.
Agriculture Extends Market News
108,023,659
113,256,271 Department of
108,912,303
Production (feet)
114,515,358
122,052,774
101,607,934
Hay and Feed to Pacific Coast.
Orders (feet)
Grain,
Service on
121,874,224
114,472.129
103,306,287
Shipments (feet)
three new offices in the West the
of
With the opening
DOMESTIC CARGO DISTRIBUTION WEEK END. JULY 6'29 (109 MILLS).
Orders on
Hand Begin'g Week
July 8 '29.
Orders
Received.
Canceltattoos.
Shipmends.
Unfilled
Orders
Week Ended
July 6 '29.
Washington cfc Oregon
Feet.
Feet.
Feet.
Feet.
Feet.
(93 Mills)—
102,969 17,289,701 92,670,035
California
93,078,093 16,934,612
132,334,540 24,316,283 1,503,792 19,156,664 135,990,367
Atlantic Coast
371,506 7,967.179
None
30,000
8,308,685
hliseellaneous
Total Wash.& Oregon 233,721,318 41,330,395 1,606,761 36,817,871 236,627,581
Bra. Col. (16 Mills)—
394,655
805,791
None
125,000
1,075,446
California
269,000 6,017,159 13,805,698
16.486,990 3,604,867
Atlantic Coast
249,000 2,878,004
250,000 1,027,000
3,004,004
Miscellaneous
Total Brit. Columbia. 21,466,440 3,979,867 1,296,000 7,071,950 17.078.357
..s as sin 702 2 002 7111 43.389.821 253.705.938
•r,,..1 ,,,,,,,,,..,,.....,-. .-1,m is, 7,
C. L. Christensen Resigns from Co-operative Marketing Division in Department of Agriculture to Become Secretary of Federal Farm Board.
The resignation of Chris L. Christensen as head of the
Division of Co-operative Marketing in the Bureau of Agricultural Economics, to become Secretary of the recently
created Federal Farm Board, was announced on July 18, by
the United States Department of Agriculture. The naming
of Mr. Christensen as Secretary of the Board was noted in
our issue of July 20, page 417, 418. The Department of
Agriculture's announcement July 18, says:
Mr. Christenson is an authority on agricultural co-operation in the
United States and abroad, and has been in charge of co-operative marketing research in the Department of Agriculture since 1925. He was born at
Minden, Neb., in 1894, received a 13. S. degree from the University of
Nebraska in 1020, and took graduate work in agricultural economics at
the University of Copenhagen, Denmark. and the Royal Agricultural
College of Denmark, in addition to graduate work in economics and business administration at Harvard University.
Mr. Christensen's work in the Bureau of Agricultural Economics has
dealt with outlining, directing, and conducting research in co-operative
marketing and purchasing, including the making of analyses of the various
functions performed by private marketing enterprises and co-operative
organizations. As head of the Division of Co-operative Marketing he has
had charge of the expansion of the bureau's research and sonic° work in
co-operative marketing provided for by Congress when this Division was
established in 1926.
Nils A. Olson, chief of the Bureau of Agricultural Economics, in announcing Mr. Christensen's resignation, declared that "it is with great
regret that the Bureau loses Mr. Christensen's services, but I believe that
he can render an oven more valuable service to agriculture as secretary of
the Federal Farm Board. His broad knowledge and acquaintance with
agricultural marketing and co-operative organizations will aid him in his
new capacity to serve many branches of agriculture."
Andrew W. McKay, senior agricultural economist in the Bureau of
Agricultural Economies, who has been associated with the Division of
Co-operative Marketing since its formation, has been designated by Mr.
Oisenras acting in charge of the Division of Co-operative Marketing.
Farm Returns for 1928 Best Since Depression.
Farm returns in 1928 showed improvement over 1927 and
were the best for any year since the post-war agricultural
Bureau of Agricultural Economics, United States Department of Agriculture, has extended its market news on grain,
hay and feed to the Pacific Coast, making the service
nation-wide. Offices were opened at San Francisco and
Los Angeles, Calif., and at Portland, Ore., July 15. In making this known July 18, the Department said:
Expansion of the service was provided for by Congress in the approprianews
tion which became available July 1 1929. Up to this time market
the Rocky
on grain, hay, and feed has covered principally the area east of
MinneMountains; field offices have been established for several years at
placed in
apolis, Chicago, and Kansas City. Trained specialists will be
giving
the new offices to collect information and disseminate reports
Interpretations of the current market situation, as is now being done at the
offices already in operation.
G. A. Collier, of the Washington office of the Division of Hay, Feed and
Seed, who is in charge of this news service, is in the West to assist the
newly appointed field men in organizing the offices.
The Portland office will give particular attention to the grain market
situation in the Pacific Northwest. The grain market news service will
be further extended in California through the new office at San Francisco
in co-operation with the Division of Markets of the California Department
of Agriculture. At Los Angeles the service will also be conducted cooperatively with the State, and particular attention will be given to hay.
It is planned to supplement the Federal service in California by a local
service on grain and hay which will provide the growers of these commodities in California with current prices, market movement and other
important factors.
The weekly grain market reviews provide the farmers of the country with
current, authentic information on the market developments of the principal
In preparing these reports accurate information is obtained
grains.
promptly from all the important markets, not only in the United States
but in other important producing and consuming countries, about supply
and demand, quality, price, discounts and premiums for particular classes
and quality of grain.
The service for hay deals more with prices than does that on grain for
the reason that hay market quotations for the country as a whole have
not been available to producers from any other source. The developments
in the market situation for nay are analyzed and interpreted in much
the same manner as for grain. In order to determine the rate at which
the season's supply of hay is being used, it has been found desirable to
make a survey of its movement four times each year. Schedules sent to
more than 5,000 shippers, dealers, and users of hay, form a basis for a
quarterly review of the hay market situation . It deals particularly with
rate of movement from county points, supply still available in surplus
producing areas, and stocks and probable requirements in consuming areas.
The feed market news service as now conducted embraces both a price
service and market reviews. As in the case of hay, it has been found
necessary to determine what kind of price reports are needed by the
various groups served. As basic quotations for the reviews, wholesale
car lot prices at the principal distributing markets located near centers of
production are used. In addition to weekly feed market reviews which
describe current market developments of the principal feeds, there are
prepared periodically special reports as to production, supplies and distribution of the principal feeds, including wheat feeds, linseed meal,
cottonseed meal, and beet pulp. The time of pft•paration of some of these
special reports is determined somewhat by the release date of certain
statistics compiled by the Bureau of the Census. The material for some of
the special reports is obtained direct from manufacturers or other trade
sources.
Drain, hay and feed market news had its inception in the United States
Department of Agriculture in a special service developed to aid the growers
of the South to obtain a more profitable distribution of their crops of oats.
The first allotment of funds for market news on grain, hay and feed was
made available for the fiscal year 1918, since which time there has been
550
FINANCIAL CHRONICLE
steady expansion in the work as the demand for the service increased and
as increased funds were provided. Through the project's own efforts and
through the efforts of the extension forces in a number of States more
than 300 daily and weekly newspapers, reaching over 5,000,000 people,
are publishing the weekly reviews regularly. About a dozen farm and
trade journals, with a total circulation of over 500,000, carry regularly
special reviews prepared for them at such times as best meet their closing
dates. Many country agents now receive and circulate the reports, and
nearly 5,000 rural banks are assisting in the work by posting the weekly
reviews on their bulletin boards for the information of their farmer patrons.
Domestic Exports of Meats and Fats for June.
The Department of Commerce at Washington on July 23
made public its report on the domestic exports of meats and
fats for June. This shows that in the month of June 1929
the value and quantity of meats and meat products exported
was larger than in June 1928, 39,337,396 pounds being
shipped in June 1929 against 36,522,189 pounds in June
1928, and valued at $7,220,612 against $6,056,003. The
quantity and value of animal oils and fats exported in June
was also larger than in the corresponding month a year ago.
For the six months ended with June the exports of meats
and meat products and of animal oils and fats were larger
in both quantity and value than in the corresponding six
months of the previous year. The report is as follows:
DOMESTIC EXPORTS OF MEATS AND FATS.
Month of June.
1928.
6 Months Ended June.
1929.
[VoL. 129.
Permit System Embargo on Grain Consigned to Houston, Texas.
An Associated Press dispatch from Houston, Texas, July
23, stated:
A permit system embargo on all grain consigned to Houston was announced to-day by It. Andrews, district manager of the Car Service Division of the American Railway Association.
This action was taken in response to a resolution adopted by the Houston
Terminal Grain Committee.
Since the embargo at Galveston, effective Saturday night, there
was
been a rapid accumulation of wheat for export through Houston.
Permits will release grain for movement to Houston for export upon
proper evidence that engagements have been made for steamer space.
An embargo on wheat shipments to Galveston, Texaa,
was referred to in our issue of July 20, page 399.
Domestic Exports of Grain and Grain Products.
The Department of Commerce at Washington gave out
on July 24 its monthly report on the exports of the principal
grains and grain products for June and the six months ended
with June, as compared with the corresponding periods a
year ago. Total values of these exports were smaller in
June 1929 than in June 1928, $15,494,000 being the value
in June 1929 against $18,898,000 in June 1928. The shipments of wheat in June 1929 were 4,564,000 bushels and in
June 1928, 5,006,000 bushels; for the six months ended
with June this year the exports were 30,348,000 bushels,
against only 23,524,000 bushels in the same six months last
year, but for the twelve months ended with June 1929,
they were only 103,114,000 bushels as compared with
145,999,000 bushels in the corresponding twelve months
ended with June 1928. Wheat flour shipments in June this
year were 944,000 barrels, against 686,000 barrels in ,Tune
last year and 6,767,000 barrels for the six months ended
with June 1929 as compared with 5,731,000 barrels. In
the six months ended with June 1928 and for the twelve
months, 12,884,000 barrels, against 12,921,000 barrels.
Exports of corn in June 1929 were 905,000 bushels, against
968,000 bushels in June 1928; exports of rice, 20,248,000
pounds, against 24,679,000 pounds; exports of rye only
290,000 bushels, against 1,293,000 bushels and exports of
wheat, 4,564,000 bushels, against 5,006,000 bushels. Exports of barley, malt and oats, however, went out in larger
quantities in June this year as compared with June last year.
For the six months ended with June 1929 the exports of
all grains except rice and rye were larger in both quantity
and value than in the corresponding six months a year ago.
The details are as follows:
1928.
1929.
Total meats and meat products. lbs. 36,522,189 39,337,396 218,577.728 230,301,341
Value
$8,056,003 $7,220,612 $35,540,906 $41,144,093
Total animal sib and fats, lbs
62,576,114 73,566,802 453,781,017 469,103,778
Value
$8,147,989 $9,026,217 $58.613,882 860,171.550
Beef and veal, fresh, lbs
137,789
232,774
998,459 1,509,192
Value
$25,595
$42,607
$222,529
$338,819
Beef, pickled, d.c., lbs
1,076,261
998,847 .4,474,281 5,044,936
Value
$129,483 $119,939
$573,688
$606,278
Pork, fresh, lbs
352.070
745,474 6.787,549 8,016,135
Value
$46,644 $112.676 $1,036,983
$958,943
Wiltshire sides, lbs
53,016
706.354
$394,900 $2,660,354
Value
$8,673 . $99,535
$660,783
$385,085
Cumberland sides, lbs
422,550
856.197 2.975,539 3.580.657
Value
$74,406 $139,062
$461,610
$654,865
Hams and shoulders. lbs
13,754,462 12,571,347 69,606,095 67.655,875
Value
$2,453,299 $2,710,266 $11,902,043 $14,093,934
Bacon, lbs
9,620,314 12,760,654 67,073,189 72,676.933
Value
$1,343,123 $1,941,782 $8,914,207 $10,927,550
Pickled pork. lbs
2,549,175 3,958,799 16,219.216 22,723,327
Value
$348,196 $3574.986 $2,086,543 $3,298,142
Oleo oil. lbs
5,356,347 3,585.976 32,871,531 33.278,762
Value
$717,759 $390,962 $44,522,924 33,727,325
Lard, lbs
53,435,938 67,251.997 396,027,826 417,219.816
Value
$6,944,601 $8,310,063 $50,868,858 $54,139,654
Neutral lard, lbs
2,059,072 1,013.783 15,044,363 9,609.972
Value
8269,197 3131.546 $2,006,518 $1,274,926
Lard compounds, animal fats, lbs._
279.106
309.345 2,389,618 1.814,010
Value
$39,171
$38,326
3316,307
3231,907
Margarine of animal or veg. fats,lbs.
49,303
63,264
375,955
352,953
Value
$8,644
$11.820
$65,929
$859,729
Cottonseed oil, lbs
1,408,124 1,262,587 34,836,223 12,665,235
Value
$147,573 $141,289 $3,069,639 $1,224,461
Lard compounds, vegetable fats, lbs
311,873
571,129 2,735,177 3,051,247
Value
$75,014
$42,839
$363,837
$423,192 DOMESTIC EXPORTS OF PRINCIPAL GRAINS AND GRAIN
PRODUCTS.
Siz Months Ended June
Domestic Exports of Canned and Dried Fruits in June
and the Six Months.
The report of the exports of canned and dried fruits, released by the Department of Commerce at Washington on
July 23, covers the month of June and the six months,
period ending with June for the years 1929 and 1928. The
report in detail follows:
Month of June.
1923.
6 Months Ending June.
1929.
1928.
1929.
Total canned meats, pounds
1.219,693 1,169,008 9,226,061 8,676.211
Value
$432,025 $424,344 $33,373.830 $3,079,983
Total dairy products, pounds
9,401.247 11,599,879 69,921,992 67,378,539
Value
$1,353,202 $1,625,715 $9.896,706 $9,640,026
Total canned vegetables. pounds-. 7,977,188 7,817.662 37,092,011 36,049,326
Value
$922,499 $928,038 $3,597,015 $33,820,399
Total dried and evap. fruits, pounds 22,761.374 23,025,710 185,934,415 206,168,044
Value
$1,444,133 $1,369,539 312,180,469 814,265,661
Total canned fruits, pounds
8.505.288 14,370,584 110,747,352 134,807,290
Value
3806.897 31,495,978 $9,939,843 $12,797,121
Beef, canned, pounds
177.655
264,143
Value
$61,100 $105,874
Sausage, canned. pounds
128.859
122,101
Value
$339,724
$337,488
Milk, condensed (sweetened), lbs.. 3.053,565 3.279,549
Value
$510.925 $533,850
Milk, evaporated (unsweetened),Ibs 5.464,093 7,120,738
Value
$522.618 3694,779
Salmon, canned, pounds
2.565.676
863,913
Value
3.590.835 $138,284
Sardines, canned, pounds
4.612,457 6,286,531
Value
$374,648 $502,336
Raisins, pounds
10.981,805 13,951,320
Value
$661.002 $699,970
Apples, dried, pounds
94.640
274,736
Value
$12.777
$30.619
Apricots, dried, pounds
982,588
295,224
Value
w.
$112,741
$48,570
Peaches, dried, pounds
226,825
354,137
Value
323.610
$34,568
Prunes, dried. pounds
10,168.863 7,831,143
Value
3603,495 $518,383
Apricots, canned, pounds
1.364.083
885,478
Value
3121,096
378,033
Peaches, canned, pounds
1,685.782 5.791,125
Value
$145,014 1508,926
pounds
Pears, canned,
271,730
990,679
Value
$30.094 3113.889
Pineapples, canned, pounds
3.041,256
709,716
Value
$310,235
374.909
1,189.137 1,313,858
$429,193
$4484,098
1.094,409 1,136,442
$350,810
$374,720
20.203.213 21,039,040
$3,225,866 $3,330,380
43,323,010 39,395,400
$44,410,004 $3,923,190
12,587,179 16.468,214
$2,702.667 $2,633,972
39,771,830 59,162,597
$3,206,064 $4,529.809
66.032,560 61.343.842
$44,040,203 $3,052,485
5,794,214 20,762,923
1843,291 82,413,769
6.108.643 6,917.129
3806,337 31.004.378
2.397,012 5,022,742
$259,253
1460,575
99.177.617 104,521,653
$5,677,498 $6,618,694
11,546,098 9,029,220
$1,064,427
$8865,906
40,499.115 45,699,876
53.198,229 $3,775,672
20.002,506 24,388,677
12,154.803 32.457,710
21,442,540 14.581,526
32.012.779 $1,422,884
June 1928. June 1929.
Barley bushels
Value
Malt, bushels
Corn, bushels
Value
Corn meal, barrels
Value
Hominy and grits, pounds
Oats, bushels
Value
Oatmeal, Pounds
Value
Rice, pounds
Value
Rice, broken, pounds
Value
Rye, bushels
Value
Wheat, bushels
Value
Wheat flour, barrels
Value
Biscuits, unsweetened, pounds.
Biscuits, sweetened, pounds...
Macaroni. pounds
Total value
1,663,000
31,599.000
275,080
968,000
$1,108,000
19,000
$95,000
998,000
70,000
359.000
4,338,000
$289,000
24,679,000
$1,045,000
4,450,000
$140,000
1,293,000
$1,792,000
5,006,000
$7,437,000
686,000
34.563,000
558.000
386,000
747,000
2,519,000
$1,966,000
294,000
905,000
$866,000
19,000
$91,000
917,000
245,000
$210,000
4,633,000
$289,000
20,248,000
$774,000
5,889,000
$158,000
290,000
$266.000
4,564,000
34,945,000
944,000
35,312,000
463,000
329,000
852,000
£18 505 ono SIR
1928.
1929.
6,676,000
$7,062,000
1,463,000
14,528,000
315,219,000
128,000
$621,000
4,763,000
2,291,000
$1,421,000
26,831,000
$1,771,000
163,376,000
$6,227,000
51.396,000
$1,334,000
6,214,000
38,599,000
23,524,000
333.378,000
5,731,000
$36,723,000
3,969,000
2,016,000
4,685,000
11,995,000
810,295,000
1,831,000
29,478,000
$29,769,000
138,000
$691,000
9,859,000
2,715,000
$1,388,000
39,899,000
$2,132,000
188,078,000
$8,932,000
40,448,000
$1,095,000
1,061,000
$1,101,000
30,348,000
$34,537,000
6,767.000
339,135,000
3,886,000
2,016,000
5,525.000
VIA 000411A an. nnn 2109 AAA
nnn
Activity in the Cotton Spinning Industry for June 1929.
The Department of Commerce announced on July 19 that
according to preliminary figures compiled by the Bureau of
the Census, 35,121,638 cotton spinning spindles were in place
in the United States on June 30 1929, of which 30,628,122
were operated at some time during the month, compared
with 30,910,282 for May, 30,924,184 for April, 31,103,998
for March, 31,007,936 for February, 30,757,552 for January,
and 28,627,556 for June 1928. The aggregate number of
active spindle hours reported for the month was 8,155,388,604. During June the normal time of operation was 25 days
compared with 263. for May,25 2-3 for April, 26 for March,
23 2-3 for February, and 263/i for January. Based on an
activity of 8.88 hours per day the average number of spindles
operated during June was 36,735,935 or at 104.6% capacity
on a single shift basis. This percentage compares with 110.9
FINANCIAL CHRONICLE
JULY 27 19291
for May, 110.3 for April, 109.3 for March, 110.7 for February,111.6 for January,and 88.4 for June 1928. The average
number of active spindle hours per spindle in place for the
month was 232. The total number of cotton spinning spindles in place, the number active, the number of active spindle
hours and the average hours per spindle in place, by states,
are shown in the following statement:
Spinning Spindles.
Active Spindle Hours for May.
In Place
June 30.
Active DurJune.
Total.
Average Per
Spindle in Place.
35,121,638
30,628,122
8.153.388.804
232
Cotton growing States 18,842,318 17,984,360
New England States_ 14,833,788 11,348.894
1.445,552 • 1,294,868
All other States
5,540,164,818
2,367,057,004
248,166,784
294
160
172
508,872,684
210.714,076
939,779,050
171,185,237
1,340,317,857
34,903,328
220,160,797
55,765,295
127,437,181
1,754,534,867
400.795,565
1,842,496,711
190,423,050
60,823,882
131.681.814
165,697.210
284
189
301
162
151
197
158
155
176
232
174
330
309
215
186
203
State.
United States
Alabama
Connecticut
Georgia
Maine
Massachusetts
Mississippi
New Hampshire
New Jersey
New York
North Carolina
Rhode Island
South Carolina
Tennessee
Texas
Virginia
All other States
1,793,474
1,117,180
3,120.676
1,059,300
8,849,330
177,386
1,393,162
358,992
723,092
6,220,196
2.297,892
5.589,182
616,128
281,928
709.054
814,668
1,744,598
1,027,056
3,003,332
836,212
6,536,454
117,978
1,024,566
352,042
826,954
5,864,716
1.808.946
5.473,866
579,334
235,392
679.254
717.422
at two achievements, first, the securing of a tariff on oil and
second, the modification of the executive order which stopped
exploration on public lands.
While crude is accumulating in the fields, there has come
about a slight retrenchment in refined products. Reductions
are being made in gasoline prices, and the market is dull
for kerosene, fuel oils, dm.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. I. degrees are not shown)
$4.10 Smackover. Ark.. 24 and over
Bradford, Pa
1.75 Smackover, Ark., below 24
Corning, Ohio
1.35 El Dorado, Ark., 34
Cabell, W. Va
1.45 Urania, La
Illinois
1.53 Salt Creek. Wyo., 37
Western Kentucky
1.23 Sunburst. Mont
Midcontinent, Oklahoma, 37
.80 Artesia, New Mexico
Corsicana, Texas, heavy
.87 Santa Fe Springs. Calif., 33
Hutchinson. Texas, 35
1.00 Midway-Sunset, Calif.. 22
Luling, Texas
1.20 Huntington. Calif., 26
Spindletop, Texas, grade A
1.05 Ventura, Calif.. 30
Spindletop, Texas, below 25
e
Winkler. Texas
Domestic Exports of Cotton, Cotton Cloths, Yarns,
Threads and Hosiery.
The Department of Commerce at Washington on July 25
issued its monthly report on the domestic exports of cotton,
cotton cloths, yarns, threads and hosiery for the month of
June and the six months ending with June, with comparisons
for the corresponding periods a year ago. The exports of
raw cotton were smaller in quantity and value in June this
year than in June last year, 299,136 bales having been
shipped in June 1929 against 446,632 bales in June 1928,
and the value of these exports having been $30,493,038 in
June this year as compared with $50,838,138 in June last
year. For the six months period ending with June 1929 the
exports of raw cotton were 3,017,952 bales as against 3,426,638 bales in the six months period ending with June 1928
and the value $315,932,795 against $367,683,307. The exports of cotton manufactures were smaller in June 1929 than
in June 1928, but in the six months period of this year were
larger than in the six months period last year. Below is
the report in full:
DOMESTIC EXPORTS OF COTTON,COTTON CLOTHS,YARNS.THREADS
AND HOSIERY.
lonth of June.
1928.
1929.
Six Months Ended June.
1928.
1929.
299,136 3,426,838 3,017,952
448,632
Lint cotton, bales
50,838,138 30,493,038 367,683,307 315,932,795
Value, dollars
Cotton manufactures. total, dollars_ 12,004,154 10,733,086 65,597,068 73,186,444
Cotton cloths, total, square yards 48,394,992 45,225,114 252,220,401 312,302,744
7,263,642 6,502,893 37,629,826 43,829,315
Value, dollars
444,574 3,274,613 3,487.895
591,766
Tire fabrics, square yards
239,687
202,935 1,274,847 1,539,830
Value, dollars
1,279,446 1,238,668 7.252,478 8,214,483
Cotton duck, square yards
443,308
432,855 2,472,448 2,756,123
Value, dollars
Other cotton cloths11,115,498 10,023,973 53,037.036 74,480,389
Unbleached, square yards
1,128,704
932,204 5,046,721 6,793,869
Value, dollars
7,197,464 7,462,259 43,272,858 50.607,533
Bleached, square yards
898.394 4,955,390 5,961,628
856,831
Value, dollars
28,210,818 26.055,640 145,383,416 175,512,444
Colored, square yards
4,595,112 4,036,505 23,880,420 26,777,865
Value, dollars
Cotton yarn, thread, &c.
1,341,258 1,141,983 6,930,423 7,479,444
Carded yarn, pounds
480,005
397,911 2,595,627 2,528,411
Value, dollars
1.309,657
973.787 6.5.10,665 7,240,51C
Combed yarn, pounds
765,866 5.395,523 5,761,321
1,035,470
Value, dollars
Sewing, crochet, darning and em77,843
91,703
572,362
612,331
broidery cotton. pounds
81,338
116,074
578,585
Value, dollars
603,70(
318,656
303,864 2,147,451 2,233 474
Cotton hosiery, dozen pairs
' n,
506 924 !A 776 157 a /an,
561.01
VnitIr dollars
.90
.75
1.14
.90
1.23
1.65
1.08
1.35
.80
1.09
1.18
1.90
REFINED PRODUCTS-GASOLINE SITUATION UNSETTLED IN
NEW YORK AREA-PRICE CUT MADE IN OHIO TERRITORY
-KEROSENE DULL-FEDERAL TRADE COMMISSION APPROVES SEVEN RULES REGARDING MARKETING ETHICS.
Although a better demand developed during this week
for U. S. Motor gasoline from jobbing interests, the price
situation remains unsettled, with the scale runinng from
9.50 to 10c. a gallon in tank cars at refineries. The price
differential is not yet quotable, as definite price quotations
of the large refiners are again settled back at 10c. The
general condition of the bulk gasoline market here seems
to be more improved than for several weeks past. The
most part of the new business is emanating from up-State
jobbers, and brought about a price advance of lc. a gallon
in upper New York State, making the new rice 16c. tank
wagon and 18c. at service stations, excluding the 2c. tax.
This advance was announced Wednesday, July 24, by the
Standard Oil Co.of New York. No changes were announced
in the New York City metropolitan area, Westchester County
or Long Island.
On the same day the Standard Oil Co. of Ohio announced
a general reduction of lc. a gallon in gasoline prices in
that State. The new Standard of Ohio filling station prices
are 23c. for Ethyl and 20e. for Red Crown, the new tank
wagon prices being lc. below the filling station prices in
each case.
On July 24 another important price change was made,
this being a reduction of lo. a gallon in U. S. motor gasoline,
announced by the Standard Oil Co. of New Jersey. The
new price is 10c. a gallon. The recent advance to 110.
could not hold in face of the huge receipts of California
gasoline, it is believed.
Kerosene demand has been slack, although there have
been some inquiries received for fall deliveries. Prices remain unchanged, but weak, and it is considered easy to
secure concessions from this figure on a firm order. Cased
kerosene is moving in a routine manner in the Gulf section
with prices unchanged.
Fuel oil holds fairly steady, with the price situation firm
and not likely to change in the immediate future. Demand
for grade C bunker fuel oil is well maintained and the price
is steady at $1.05 a barrel for spot oil at refineries.
This week brought the approval of the Federal Trade
Commission for seven rules of practice adopted by the petroleum and petroleum products industry regarding marketing
ethics. These were originally submitted at a trade practice
conference held in St. Louis on February 11 of this year
The most important items in the Commission's ruling follow:
Petroleum and its Products-Another New High Record Set in Production-Oklahoma Figures Cause
Worry-California Nears 900,000 Barrel Mark.
New high figures were established last week in crude
petroleum production when the total reached 2,893,950
barrels per day. Mounting production in Oklahoma fields
caused apprehension during the week, as crude is beginning
to accumulate beyond the capacity of operating refiners.
It was in Southern Oklahoma that the principal wildcat
strike of the week occurred when the Wirt Franklin Petroleum
Corp.'s test in Steuben County came in for 40 barrels an
hour. In the California oil fields, long a bone of contention
in the question of conservation of oil resources, production
for the week neared the 900,000 barrel mark.
Meanwhile the Independent Petroleum Association of
America, which was formed at the time of the Governors'
Conservation Conference at Colorado Springs June 12, now
has a membership in the neighborhood of 500 and is aiming
551
All refiners, distributors, jobbers and wholesalers shall conspicuously
post, at each point from which they make delivery, the several posted prices
of gasoline and kerosene for each class of delivery for such deliveries at the
time of delivery.
No seller shall make any deviation from his posted prices (whether wholesale or retail) by means of rebates, allowances, bonuses, concessions, benefits, unusual credits, scrip books, or any plan, device or other scheme which
may, directly or indirectly, permit the buyer to obtain gasoline or kerosene
at a lower net cost to him.
Chronological price changes of the week follow:
July 24-Standard 011 Co. of New Jersey announces reduction in U. S.
Motor gasoline 1 cent to 10 cents a gallon tank wagon at Bayonne and
Bawya refineries.
July 24-Standard Oil Co. of New York announces advance of 1 cent a
gallon for gasoline, effective throughout upper New York State, making
new prices 16 cents tank wagon and 18 cents service stations, exclusive of
tax. No change in New York City, Westchester or Long Island.
July 24-Standard Oil Co. of Ohio announces general reduction of 1 cent
a gallon in gasoline making new tank wagon prices 22 cents for Ethyl
gasoline and 19 cents for Red Crown. Service station prices are 1 cent higher
than tank wagon.
Gasoline. U. S. Motor. Tankear Lots. F.O.B. Refinery.
$.0634 North Louisiana. .$s073(
Arkansas
N.Y.(Bayonne)._ _$.10
.0634
.0834 North Texas
.06%1California
West Texas
.07
Angeles, export.. .0754 Oklahoma
0034 Los Aeles,
Chicago
.0952
07% Gulf Coast, export- .0854 Pennsylvania
New Orleans
552
FINANCIAL CHRONICLE
Gasoline, Service Station, Tax Included.
$.19
Cincinnati
Minneapolis
$.18
$.182
.21
Denver.
New Orleans
.195
.16
.22
Detroit
21
188 Philadelphia
.20
Houston
San Francisco
215
18
.15
Jacksonville
Spokane
.205
24
Kansas City
15
169
179 St. Louis
Kerosene, 41-43 Water White, Tankcar Lots F.O.B. Refinery.
N.'Y. (Bayonne)___$.07% Chicago
$.05M New Orleans
$.07q
North Texas
.055i Los Angeles, export_ .0554 Tulsa
0634
Fuel 011, 18-22 Degree, F.0.13. Refinery or Terminal.
New York(Bayonne) 51 05 Los Angeles
5.75
$ 85 Gulf Coast
Diesel
2.00 New Orleans
55
95 Chicago
Gas OIL 32-36 Degree, F.O.B. Refinery or Terminal.
New York(Bayonne)5.0551 I Chicago
Tulsa
5.0
$.03 I
New York
Atlanta
Baltimore
Boston
Buffalo
Chicago
Crude Oil Output in United States at High Level.
The American Petroleum Institute estimates that the
daily average gross crude production in the United States
for the Week ended July 20 1920 was 2,893,950 barrels, as
compared with 2,891,750 barrels for the preceding week, an
increase of 2,200 barrels. Compared with the output for
the week ended July 21 1928 the current figure shows an
increase of 492,100 barrels daily. The daily average production east of California for the week ended July 20 1929
was 2.013,650 barrels, as compared with 2,009,150 barrels
for the preceding week, an increase of 4,500 barrels. The
following estimates of daily average gross production, by
districts, are for the weeks shown below:
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
Weeks EndedJuly 20 '29. July 13 '29. July 6 '29. July 21 '28.
Oklahoma
717,700
720,900
717,800
588.700
Kansas
102,300
125,000
121,300
122,400
Panhandle Texas
89,250
89,800
88,400
63,050
North Texas
83,35083,850
85,100
85,003
West Central Texas
59,400
64,500
52,450
56,700
West Texas
396,200
392,300
375,430
351,750
East Central Texas
21,600
17,500
17,750
18,200
Southwest Texns
76,350
77,500
77,750
25,050
North Louisiana
36,150
85,050
41.500
35,700
Arkansas
68,650
69,250
91,350
69,150
Coastal Texas
128,150
131,850
128,100
106,250
Coastal Louisiana
18,350
19,300
19,150
26,850
Eastern
122,000
120,900
119,100
115,000
Wyoming
53,100
53.700
51,050
62.550
Montana
11.600
11,600
11,600
10,150
Colorado
6,900
6,800
7,300
8,100
New Mexico
2,250
2,750
1,900
1,900
California
880,300
882,600
878,600
644,000
Total
2,893,950
2,891,750
2,857,400
2,401,850
The estimated daily average gross production for the Mid-Continent
Field, including Oklahoma, Kansas, Panhandle, North, West Central, West,
East Central and Southwest Texas, North Louisiana and Arkansas, for the
week ending July 20 was 1,671,300 barrels, as compared with 1,662,250
barrels for the preceding week, an increase of 9,050 barrels. The MidContinent production, excluding Smackover (Arkansas) heavy oil, was
1,624,350 barrels, as compared with 1,614,600 barrels, an increase of
9,750 barrels.
The production figures of certain pools In the various districts for the
current week, compared with the previous week, in barrels of 42 gallons,
follow:
[VOL. 129.
of all plants operating in the United States during that
week, but which operated to 84.7% of their total capacity,
contributed to that report. (See note below.) The report
for the week ending July 20 follows.
CRUDE RUNS TO STILLS, GASOLINE AND GAS AND FUEL OIL STOCKS,
WEEK ENDED JULY 20 (BARRELS OF 42 GALLONS).
Diana.
East Coast
Appalachian
Indiana, Ill., Kentucky
Okla., Kansas, Nto
Texas
Louisiana, ArkansasRocky Mountain
California
Total week July 20_ _
Dally average
Total week July 13_ _
Daily average
Texas (Gulf Coast)
Louisiana (Gulf Coastl_
Per Cent
Per Cent
Operated
Potential Crude Runs of Total
Capacity
to Stills.
Capacity
ReportReportlag,
lag.
100.0
84.7
96.1
76.3
87.8
88.2
92.3
94.0
3,132,800
631,400
2.078,800
1.775,000
3,814,100
1,129,100
495.900
5,032,000
90.9
18,089,100
2.581,200
18,011,000
2,573,000
91.0
79.2
91.3
93.9
78.3
91.5
72.3
57.7
91.0
Gasoline
Stocks.
Gas and
Fuel Oil
Stocks.
5,120,000
1,062,000
6.230,000
3,625,000
4,891,000
1,776,000
1,791,000
11,501,000
10,540.000
1,091,000
3,418,000
4,748,000
12,646,000
5,556,000
649,000
103,274,000
85.1
36,002,000
141,925,000
84.7
37,714,000
140,279,000
99.3
100.0
2,969,100
4,013,000
95.1
9,778,000
847.600
78.1
1.585.000
4.675.000
Note.-Due to revision in crude runs to stills In California which were reduced to
5,056,400 barrels for the week of July 13, the United States total crude runs to
stills shown above for that week, do not agree with the figures published In last week's
report.
All crude runs to stills and stocks figures follow exactly the present
Bureau of Mines definitions. in California, stocks of heavy crude and all
grades of fuel oil are included under the heading "Gas and Fuel 011
Stocks." Crude oil runs to stills include both foreign and domestic crude.
According to the American Petroleum Institute, these
weekly refinery reports are not intended to replace the
present monthly summary of the Bureau of Mines, but only
to act as a medium for keeping the industry advised weekly
of conditions in the interim between the monthly issues of
the Government report.
Venezuelan Oil Production Rises-June Second Highest Month-Output in First Six Months Totaled
68,031,665 Barrels- Shipments Amounted to
58,953,112 Barrels.
Production in Venezuela for the month of June amounted
to 12,100,059 barrels of crude oil, an increase of 62,795
barrels over May last and 3,761,884 barrels over June 1928,
according to the current issue of "O'Shaughnessy's South
American Oil Reports." The current figure was 168,972
barrels below that for December 1928, the record month.
Shipments in June 1929 totaled 10,564,396 barrels, a now
high figure, as compared with 8,230,514 barrels in Juno a
year ago and 10,275,165 barrels in May of this year.
The total output for the first six months of 1929 was
68,031,665 barrels, an increase of 21,920,142 barrels over
the corresponding period last year, while shipments were
58,953,112 barrels, or 13,645,836 barrels over the first six
months of 1928. For the year ended Dec. 31 1928 production amounted to 106,651,481 barrels and shipments
99,294,820 barrels. Output in 1927 was 63,985,902 barrels.
The following statistics are compiled from the above mentioned report:
WtCW-40
C 000 0to
W -.400W0.4
-Week Ended-Week EndedJuly 20. July 13.
North LouisianaJuly 20. July 13
Allen Dome
25,150 24.950 Haguesville
4,950
5,000
34,550 33,600 Urania
Bowlegs
6,300
6,100
20,650 19,700
Bristow-Slick
Burbank
Arkansas19,600 19,700
8,050
Cromwell
8,100 Champagnolle
7,500
7,400
81,800 82.650 Smackover (light)
Earlsboro
6,200
6,200
76,850 80,200 Smackover (heavy)
Little River
46,950 47,650
21,050 21,000
Logan County
Maud
11,600 11,900
Coastal TexasMission
32,200 33,850 Hull
7,000
7,800
72,300 75,150 Pierce Junction
St. Louis
17,150 19,200
Searlaht
11,350 11,830 SpindietoP
27,400 29,300
Seminole
33,750 34,400 West Columbia
5.850
6,100
PRODUCTION BY COMPANIES.PARTLY ESTIMATED.
Tonkawa
9,550
9,850
(In Barrels of 42 Gallons.)
Oklahoma City
Coastal Louisiana21,450 19,700
Carr City
13,900 13,800 East llackberry
2,800
3,150
June
Per
May
KansasPer
Old Irackberry
2,100
June
2,350
Per
1929.
Day.
1929.
Bedgwlek County
Day.
36,500 33,250 Sulphur Dome
1,600
1028.
1,700
Day.
Panhandle TexasSweet Lake
50
100 V. 0. C
3,839,835
127,095
4,021,487 129,725 2,967,815
7,100
Carson County
7,200 Vinton
4,300
4,200 Logo
3,203,294 106,776 3,165,355 102,108 '2,240,066
Gray County
56,050 55,750
Creole Pet. Corp
625.900 20,863
582,600 18,794 073,000
Hutchinson County
24,500 25,150 WyomingGulf
2,637,100 87,903 2,610,100 84,197 836,700
North TexasSalt Creek
29,500 31,050
Caribbean Pet
1,598,400 53,280 1,469,403 47,403 1,134,270
Archer County
19,000 18,350
13.
C.
0.,
Ltd
168,930 5,631
161,129 5,198 153,224
Wilbarger County
Montana97,000 26,100
General Asphalt
27,500
917
28,000
Sunburst
West Central Texas6,850
903
6,850
34,000
Brown County
7,800
7,500
Totals
12,100,059 403,365 12.038,164 388,328 8,339,075 277.968
CaliforniaShackelford County__. 11,200 11,600
-Vest TexasDominguez
10,500
9,800
SHIPMENTS BY COMPANIES. PARTLY ESTIMATED.
Crane es Upton Cos_ _ _ _ 45,200 45,400 Elwood-Goleta
27,600 28,300
(In Barrels of 42 Gallons.)
Howard County
43,200 42,900 Huntington Beach
44,000 45,000
Pecos County
139,900 135,400 Inglewood
23.000 23,000
Reagan County
18,100 17,900 Kettleman Hills
3.400
June
Per
3,400
May
Per
June
Per
Winkler County
140,200 141,500 Long Beach
172,000 173,000
1929.
Day.
1929.
Day.
1928.
Day.
East Central TezasMidway-Sunset
66,000 66,000
Corslcana-Powell
V.
0.
C
7,200
7,550 Rosecrans
6,000
2,680,120 89,337 2,083,567 96,244 2,913,063 97,102
6,000
Southwest TexasSanta Fe Springs
282,000 280,000 Lego
3,107,296 103.577 2,801,018 00,357 2,306,849 76,895
Laredo District
11,000 10,930 Seal Beach
47,500 49,000 Creole Pet. Corp
588.000 19,600
578,000 18,615 1,049,220 :34,974
Luling
11,300 11,400 Torrance
13,000 13,000 Gulf
2,514,000 83,800 2.484,000 80,129 893,780 29,793
alt Flat
47,250 48,500 Ventura Avenue58,500 59,000 Caribbean Pet
1,480,200 49,310 1,239,165 39,973 895,000 29,833
B. C. 0., Ltd
167,280 5,576
161,385 5,206 138,602 4,620
General Asphalt
27,500
017
28,000
903
31,000 1,133
Weekly Refinery Statistics for the United States.
Totals
10,561,396 352,147 10,275,165 331,457 8.230,514 274,350
.
According to the American Petroleum Institute, which
The following are the actual and official figures of producbegan publishing weekly refinery figures on June 26 last, tion
and shipments in Venezuela, by companies:
companies aggregating 3,035,200 barrels, or 90.9%, of the
3,339,100 barrels estimated daily potential refining capacity
Production.
Shipments.
of the plants operating in the United States during the week
Calendar Years.
1929.
1927.
1928.
ended July 20 1929 report that the crude runs to stills show V.0. C
35,592,060
20,832,854
35,039,270
31,366,150
Lego
16,301,856
27,361.560
that these companies operated to 85.1% of their total Gulf
23,784,636
13,891,279
24,500,649
13,710,661
10,160,658
capacity. Figures published last week show that com- Caribbean Pet
10,267,213
B. C. 0., I.td
1,816,438
2,482,063
1,812,187
panies aggregating 3,038,600 barrels, or 91.0%, of the General Asphalt
381,536
317,102
313,911
3,338,600 barrels estimated daily potential refining capacity
Totals
106,651,481
63,085,902
99,294,820
JULY 27 19291
FINANCIAL CHRONICLE
553
Steel Production Well Maintained—Prices Unchanged.
Signs of a let-up in the activity of the iron and steel Industry are not lacking, but there is no indication of a
Advices from Los Angeles to the "Wall Street Journal" recession of customary Summer proportions, reports the
"Iron Age" of July 25, in its weekly summary of iron and
July 20, stated:
Kettleman Hills committee of seven has reached a final agreement on steel conditions. A further decline has occurred in the
point at issue raised by Kettleman Oil Corp. at Wednesday's general session consumption of automobile steels, which is now 25 to 35%
of fee owners, permittees and others interested in north dome and signatures below the peak rate of May, and the aggressive selling of
are expected without opposition. The agreement specifies that three offsets
Alabama pig iron is being felt in a wider area, but steel
of the Milham (Mexican Seaboard) producer, including two for Standard
Oil and one for Marland, will be permitted to produce in an effort to reduce ingot output as a whole shows little change and foundry
pressure in the Mithem well.
melt in the North and East is well maintained, continues
If at any time pressure is so reduced that the well can be killed without
hazard to life and property, an effort will be made to shut the well in and the "Age," which goes on to say:
Agreement Reached on Oil Curtailment at Kettleman
Hills, Cal.—To Permit Production by Three Offsets
to Mexican Seaboard's Milham Producer.
offsets automatically will be shut in. Provision is made for distribution by
owners of the four wells of 10% of revenue to compensate owners in north
dome area for shutting in wells, distribution to be made 90 days following
completion of the second offset and not to exceed 25%. The percentage to
be distributed will be determined by a committee of north dome engineers
selected by signatories to the agreement.
In its issue of July 22 the same paper reported the following from Los Angeles:
Agreement on Kettleman Hills Oil curtailment, which holds the district's
potential production in the next two years to four wells on the north dome,
J5 considered an outstanding achievement as it effectually curbs production
and reduces drilling activity to a minimum. The committee has announced
the final change in the proposal, reducing the time limit on payment from
'90 to 60 days from the date of the second offset completion, after which
the three producing companies will begin payment of a percentage of the
proceeds to reimburse other companies for shutting in wells.
From the "Wall Street News" we take the following
from Los Angeles July 22:
Agreement for curtailing production on north dome of Kettleman Hills
will be started in circulation for signatures to-day, according to Judge
Reiter,Chairman of committee which drafted agreement. Several signatures
were affixed yesterday, he said. It is not planned to call another general
meeting of all parties concerned for the purpose of ratifying the report, but
this will be accomplished by individual signatures.
After all operators and others concerned have signed the report a general
meeting will be called to arrange for the appointment of a committee of
petroleum engineers to draft a proration schedule by which oil from four
wells is to be awarded to others not permitted completion as compensation
for drainage.
Turpentine Producers Seek Stabilization
The following is from the "Daily Bulletin" (July 24) of
the "Manufacturers Record":
Action of the turpentine producers of Georgia, Fla. and Alabama, in
agreeing upon a plan for curtailing production and stabilizing prices of
their product, may prove an important step towards better man gement
and regrowth of Southern pine forests as well as an immediate aid to the
turpentine industry. In expressing this thought we are assuming the
producers have found means to curtail production without violating the
law; and that curtailment and stabilization of the market will not be permitted to lead to prices calculated to encourage manufacture of synthetic
substitutes. A niarket stabilized at a price to permit a fair profit to producers is highly desirable, but one stabilized at a price high enough to
encourage competition from synthetic substitutes will merely intensify
what is already a serious menace to the naval stores Industry.
Assuming wise leadership on these two points, then, the action of the
producers should prove constructive not alone for the producers, but in a
general way,for the South as a whole.
The naval stores industry is an important unit in the industrial rder
of the South, producing, as it does, a large revenue in taxes and wages
from lands either useless or, at beet, not yet needed for other purposes.
Its loss would be a severe blow to the South; yet in the last few years it has
sometimes seemed that unless the turpentine producers could get together
on some of the progressive policies advocated by leaders of the industry.
the South might actually suffer this loss. Heroic efforts by the men of
vision among them have resulted in meagre appropriations during the
last few years for a small research campaign. A similar effort, made at the
recent meeting in Jacksonville to raise 8240.000 for a three-year advertising
campaign, was approved in principle, but rejected in fact for lack of sufficient means at this time.
The regulations agreed upon by those present at the conference—and
to become effective only if accepted by 90% of the producers—the appointment of a committee to secure co-operation of factors,and the determination
to strengthen the association of producers,are all steps in the right direction,
but it is regrettable that more money cannot be secured in the industry for
.chemical research on its products or for advertising their advantages.
Improved Call for Copper for Export—Domestic Business Fair, but Far from Active—Tin Prices Higher.
Demand for copper, lead, and zinc in the past week was
about the same as in the preceding week, that is, better than
in some time but not at all active, "Engineering and Mining
Journal" reports, and then goes on to say:
Copper for export sold in larger volume, especially in the last two or three
days. The strength in tin has continued, prices moving up above 47 cents.
A fair demand for copper has been met largely by the custom smelters at
'unchanged prices of 18 cents for Eastern deliveries and 183 cents in the
Middle West. The large producers continue out of the market except where
special conditions apply, in spite of the fact that they have so far sold
virtually none of their expected August production. More than half of the
demand has been for immediate shipment. Consumers are
postponing
buying as long as possible. Foreign demand has improved and it is generally
accepted that buying from abroad is likely to pick up before domestic.
be-Zinc buying has been better since the quotations became uniform at 6.80
Most of the buying was done by the galvanizing trade.
-cents, St.
L. The demand for lead has slackened on easier cables for London.
Consumer buying of tin has been in good volume. Prices are about
.3i sent higher than a week ago.
Louis.
While steel production in the Pittsburgh district is reported as tapering,
operations are holding up in other centers and nothing resembling an
appreciable reduction is in sight. The Steel Corporation subsidiaries continue to produce at a capacity rate.
The buoyancy of the scrap market, particularly in open-hearth grades,
is also an earnest of sustained steel output. Heavy melting grade at
Pittsburgh has advanced 25c. a ton to $18.75.
In the pig iron market the broadening scope of Southern competition
reflects a decline in Birmingham consumption and a corresponding need
for business from other markets. The Alabama subsidiary of the Steel
Corporation is shipping against orders for 50,000 tone each from a New
Jersey cast iron pipe plant and a Pacific Coast steel works, and has
booked 12,000 tons for delivery in Japan.
In eastern Pennsylvania a large consumer has bought a trial tonnage of
Southern basic at $10.50, delivered, or 50c. a ton below the price at
furnace in that district. In Chicago, Alabama foundry iron is freely
offered at $14, Birmingham, and in some instances at $13.50.
The decline in steel specifications from the automobile industry is regarded
as temporary, being attributed chiefly to the changing models, and a
recovery in releases is expected in about 30 days.
Demand from other consuming lines is active. Pipe lines, which have
become a major outlet for steel, have added large tonnages to mill books
during the week. The Milwaukee maker of electrically welded pipe will
supply 191,000 tons for the longest gas line ever laid, to be built for the
Central States Natural Gas Co. from Amarillo, Texas, to Chicago, a distance
of 950 miles. The Republic Iron & Steel Co., which recently undertook the
making of electric-welded pipe, has taken an order for 200 miles of 8-inch
(8,000 tons) for the Southwestern Gas Co. A pipe line for Vancouver,
B. C., calling for 6,000 tons of plates, has been placed with a local
fabricator.
Structural steel demand continues at high tide. Computed orders for
June, as reported by the Department of Commerce, were 354,200 tons, a
total exceeded only once—in March, this year, when returns showed
bookings of 358.000 tons. Orders for the first half, at 1,938,600 tons,
showed a gain of 23% over the corresponding period in 1928. Awards for
the week, at 38,000 tons, were of average proportions, while new inquiries,
totaling 34,000 tons, included 13,200 tons for a New York subway section.
Canadian structural work in early prospect is estimated at 100,000 tons,
one-half of the total being for the Provinces of Ontario and Quebec.
Railroad buying is featured by rail orders of 15,000 tons each, placed
by the Pennsylvania and the Northern Pacific. The Nova Scotia mill has
been awarded 11,000 tons by the Newfoundland Government. The Wabash
has bought 25 large freight locomotives and the Texas & Pacific is in the
market for 16. Several large car inquiries are expected from Western
roads, among them the Santa Fe, the Union Pacific and the Illinois Central
Plates, influenced to a large extent by requirements for pipe, are in
heavy demand at Chicago, where they accounted for 20% of the mill
bookings of the week. This product is also active in other districts. Eastern
mills welcome the delay in Governmental approval of contracts for merchant
ships and cruisers, preferring to receive the steel specifications when the
present pressure for plates has been relieved.
Steels used by the automotive industry are growing easier in price.
In sheets the need for new business is becoming more of a factor in the
common finishes and the heavier gages. On black sheets 2.85c., Pittsburgh,
has become general, 2.95c. having virtually disappeared even as an asking
price. Galvanized sheets are being sold rather commonly at 3.60c., Pittsburgh, to consumers and at 3.50c. to jabbers. Sales of heavy gage blue
annealed have been made at 2.10c., for No. 10 gage, and in special
instances at 2c. Tin mill black plate has been sold at 2.90c., Pittsburgh, a
decline of $2 a ton from the recent ruling level.
Sales of steel sheets In the first half of the year, as reported by the
indepeudent manufacturers, averaged 380,000 tons a month, or 25% above
the average of the corresponding period in 1928. Shipments amounted to
/
2% better than last year. Production kept
362,000 tons a month, 141
pace with shipments, averaging 365,000 tons a month. Both of the "Iron Age" composite prices are unchanged, pig iron at
$18.42 a gross ton and steel at 2,412c. a pound, as the following table
shows:
Finished Steel.
July 16 1929, 2.412e. a Lb.
2.412c.
One week ago
2.412c.
One month ago
2.319e.
One year ago
1 689c.
10-year pre-war average
Based on steel bars, beams, tank plates,
wire, rolls, black pipe and black sheets.
These products make 87% of the United
States output of finished steel.
Low.
High.
1929_2.412e. Apr. 2 2.391c. Jan. 8
1928_2.391c. Dec. 11 2.314e. Jan. 3
1927._2.453c. Jan. 4 2.293e. Oct. 25
1926__2.453e. Jan. 5 2.403e. May 18
1925_2.660c. Jan. 6 2.396c. Aug. 18
Pig Iron.
July 16 1929, 118.54 a Gross Ton.
One week ago
$18.54
One month ago
18.63
One year ago
17.09
10-year pre-war average
15.72
based en average of basic iron at Valley
furnace end foundry irons at Chicago,
Philadelphia, Buffalo, Valley and Birmingham.
High.
Low.
1929_218.71 May 14 $18.29 Mar., 19
1928_ 18.59 Nov. 27 17.04 July 24
1927._ 19.71 Jan. 4 17.54 Nov. 1
1926— 21.54 Jan. 5 19.46 July 13
1925.— 22.50 Jan. 13 18.96 July 7
Pipe is supplying one of its periodic impulses to the steel
market, says the "Iron Trade Review," Cleveland, this
week. Nearly 400,000 tons of steel will be required for
Middle Western lines of record proportions, now being projected by Henry L. Doherty interests, New York. The
Texas Co. is figuring a substantial tonnage, adds the "Re..
view," which further states:
For a gas line from Monroe, La., to Birmingham,100,000 tons have been
booked by the Republic Iron & Steel Co. Final details are being worked
out on the line from Texas to Chicago, for which A. 0. Smith Corp. will
provide approximately 190,000 tons. Sufficient Lapweld business „has developed recently to carry mills into October.
554
FINANCIAL CHRONICLE
[Vol,. 129.
Large projects also dominate the structural market. Bids have been
received an average of $2.267, the National Coal Association
closed at New York on 13.200 for subways making 30,000 tons of subway
work pending. At Chicago 15,000 to 20.000 tons of structure's is being added.
actively figured. Much bridge work, especially for railroads, is being
closed quietly in the Middlewest. Some interest believe over 1,000,000 Cost of Locomotive Fuel Coal in May Lower
Than
tons of structure's will be placed in the last half of this year.
a Year Ago.
Meanwhile,steady requirements from miscellaneous buyers of steel bars,
plates and sheets mount up to a good aggregate, maintaining production
The quantity and average cost per ton of coal used by
at a rate for midsummer which, prior to this year, would have been conClass I railroads in locomotives in yard switching and
sidered excellent for a spring or fall peak. What is said of sheets is apt
also for most other steel lines-that all classes of consumers except two are transportation train service during the months of May
as busy as a year ago, and these two, the automobile and freight car 1929 and 1928 were as follows:
building industries, are much more active.
Finished steel prices generally are strong, the occasion being infrequent
Average Cost per Net Ton.
when a producer needs to"buy" business. Some grades of sheets are highly
Net
Na
competitive and nails are weak, but otherwise concessions are restricted
Tons
Tons
Including Direct
Excluding Direct
Used.
Used.
Freight Charges.
to the usual tonnage consumers. Iron and steel scrap prices reveal much
Freight Charges.
1929.
1928.
underlying strength, and for first grade material there is a large market
1929.
1929.
1928.
1928.
and an attractive price.
4.572,707 4,370,862 $2.46
Northern pig iron prices thus far are immune to the competition of Eastern district _
$1.89
$2.58
$1.95
district...
Southern
2,000,872
1,982,309
2.01
2.10
1.69
Southern iron, offered as low as $13.50, Birmingham. It is evident that
1.76
Western district.... 2,627,984 2,549,280
2.92
2.63
2.50
2.74
some Northern melters have been deferring purchases in expectations of
benefiting from the Southern invasion. Jackson County silvery iron
United States____ 9,201.563 8.902.451 $2.41
$2.02
$2.57
$2.13
makers are reported to have reduced their prices $1 per ton. Basic is
Note.-The averages, both those Inc uding direct freight charges and those
slightly weaker in Eastern Pennsylvania.
excluding such charges, as shown above, include charges for labor and supplies
Pig iron sales have been higher the past week, due largely to closing Incidental to the handling of the coal.
of the last half year business. Plate mills are receiving a steady flow of
specifications for storage tanks, car repairs and from carbuilders. Less
Wages in Anthracite Field in Pennsylvania.
stress is evident in soft steel bar deliveries, slowly improving despite unprecedented summer demand. Automotive requirements are lower at
The volume of wages by Pennsylvania anthracite collieries
Chicago, and specifications for fall runs of implement makers will not hit
in June showed a seasonal decline amounting to nearly 17%
their stride until late August.
Vitality ofsheet production now 95% in the Pittsburgh district is remark- as compared with May, but was 17% larger than in June
able. Bookings are ebbing slowly and hot weather Is a handicap, but 1928, according to the
index compiled by the Philadelphia
backlogs insure a record July and probably August as well.
Federal Reserve Bank on the basis of reports received by
Reversing usual late July trend Steel corporation subsidiaries are increasing their operations. This week they are at better than rated capacity, the Anthracite Bureau of Information covering 155 collieries.
compared with 99% last week and 75% year ago. Independent producers The number of
workers also decreased 11% from May to
hold at 91%. with industry slightly improved at 9534%•
Weakness in Southern and Eastern pig iron has lowered "Iron Trade June and was nearly 7% below the level of a year earlier,
Review" composite of 14 leading iron and steel prices 4 cents to $36.68.
says the Bank on July 22. It adds;
The employment index number in June stood at"95.4% of the 1923-25
The U. S. Steel Corp. has again increased its operations monthly
average, as compared with
for May and 102.3% for
and is now producing ingots•at better than the rated capa- June 1928. Payrolls were 71% of the107.2%
same average, in comparison with
city, says the "Wall Street Journal" of July 23. This com- 85.4% in May and 60.6% a year before.
Employment and payroll indexes follow:
pares with a fraction over 99% in the preceding week and
INDEX NUMBERS 1923-25 MONTHLY AVERAGE 100.
about 96% two weeks ago. The "Journal" also says:
Independent steel companies have made but little change during the
past week, with the average slightly better than 91%, compared with
about 91% a week ago and 90% two weeks ago. Leading independents
have expanded activities, but the rate has been iheld down by slight
reductions among the smaller units.
'
For the entire industry the average is around 951
/
2%, contrasted with
about 95% a week ago and 93% two weeks ago.
At this time last year the U. S. Steel was running at 75%, with independents at 68% and the average a shade under 71%.
The "American Metal Market" this week says:
Steel production in this usually dull month of July is holding up even
better than was expected. It is doubtful now whether the official report
for the month will show as much as 5% decrease from the peak rate, which
fell in May. In the last four years there has been a seasonal decrease
ranging from 15 to 26%.
In the aggregate the volume of steel buying has been lighter since
June 1st than for several months preceding, but there is no further decrease
this month.
Rogers Brown & Crocker Bros., Inc., writing under dates
of July 25 say that pig iron buying has been a bit brisker.
Fill-in tonnage was mostly responsible, though a few good
sized orders were placed. The aggressive selling policy of
the Southern furnaces, which at first made many buyers in
outside districts hold off and await developments, now seems
to be having, it is stated, the opposite effect. Some large
blocks of Birmingham Iron have been sold to steel works
and pipe companies and buyers of other irons are seeing in
this an indication that present price levels are favorable.
Prices in general remain unchanged. The foundry melt
continues heavy for this time of the yar. There is no
activity in Ferro Alloys. Requisitions on Coke contracts are
in good volume. New buying of course, at this season, is
light.
Bituminous Coal by Far the Greatest Source of Freight
Revenue to the Railroads.
Commodity earnings statistics released by the InterState Commerce Commission show that during the year
1928 bituminous coal yield Class I railroads of the United
States in freight revenue the enormous sum of $784,470,255.
The National Coal Association points out that freight
revenue derived from bituminous coal, the largest single
source of freight earnings, constituted 18.17% of the total
freight revenue earned by the railroads on carload shipments.
Also that receipts from hauling bituminous coal exceeded
those for hauling all agricultural products by 6.26%; all
animal products by 223.3%; all forest products by 116%;
lumber by 204%; petroleum and its products by 142.8%;
iron and steel by 191.5%, and automobiles and auto trucks
and tires by 331.5%. For every ton of bituminous coal
handled by the railroads as originating freight, the railroads
Employment.
January
February
March
April
May
June
July
August
September
October
November
December
Wage Payments,
1927.
1928.
1929.
1927.
1928. '
1929.
122.2
118.3
119.3
121.4
114.1
112.6
109.9
118.9
113.2
117.3
120.6
121.0
115.8
110.8
113.9
116.3
114.0
102.3
100.7
110.9
112.7
135.9
117.7
109.4
109.8
109.4
101.3
104.1
107.2
95.4
101.9
92.2
91.9
115.4
119.5
87.8
87.5
114.2
104.9
115.5
100.1
101.9
91.9
85.4
83.1
116.8
97.6
60.6
82.5
97.2
112.5
134.7
110.1
92.9
112.6
107.0
79.5
77.4
85.4
71.0
Bituminous Coal and Beehive Coke Output Continues
Ahead of Last Year-Production of Anthracite
Below That of a Year Ago.
According to the United States Bureau of Mines, Department of Commerce, the production of bituminous coal and
beehive coke for the week ended July 13 1929, continued to
show increases over the corresponding period last year, while
output of Pennsylvania anthracite, although ahead of the
preceding week, was below that for the week ended July 14
1928. Total production for the week under review was as
follows: Bituminous coal, 9,442,000 net tons; Pennsylvania
anthracite, 1,068,000 tons, and beehive coke, 136,600 tons.
This compares with 8,610,000 net tons of bituminous coal,
1,112,000 tons of Pennsylvania anthracite and 70,300 tons
of beehive coke produced in the week ended July 14 1928,
and 7,414,000 net tons of bituminous coal, 801,000 tons of
Pennsylvania anthracite and 137,200 tons of beehive coke
produced in the week ended July 6 1929. The Bureau, in
its statement, further said:
BITUMINOUS COAL.
The total production of soft coal during the week ended July 13
1929,
including lignite and coal coked at the mines, Is estimated at 9,442,000
not
tons. This is an increase of 2,028,000 tone, or 27.4% over the output in
the preceding week, when working time was curtailed by the Fourth of
July holiday. Production during the week in 1928 correspondnig with that
of July 13 amounted to 8.610,000 tons.
Estimated United Stales Production of Bituminous Coal (Net Tons), fact, Coke
Coaled.
1929
Val. Year
Cal. Year
Week.
to Date.
Week.
to Date.a
June 29
9,474,000 253,205,000
8,444,000 232,489,000
Daily average
1,579,000
1,651,000
1,407,000
1,517.000
July 6.b7,414,000 260,620,000
6,830,000 239,319,000
Daily average
1,483,000
1,645,000
1,366,000
1,512,000
July 13_c
9,442,000 270,062,000
8,610,000 247,929,000
one day
Daily
lil average
1,574,000
1,643,000
1,435,000
1,509,000
'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 soft coal during the present calendar year to
July 13 (approximately 164 working da:s) amounts to 270,062,000 net tons.
Figures for corresponding periods in other recent years are given below:
247,929.000 net tons 1926
281,597,000 net tons
287,795,000 net tons 1926
9
1192278
250,629,000 net tons
As aheady indicated by the revised figures above, the total production
of soft coal for the country ass whole during the week ended July 6 amounted
JULY
FINANCIAL CHRONICLE
27 1929.]
to 7,414,000 net tons. The decrease, In comparison with the output in the
preceding week, was due largely to the Independence Day holiday. The
foltovring table apportions the tonnage by States and gives comparable
figures for other recent years:
Estimated Weekly Production of Coal by States (Net Tons).
Week Ended
July
July 6
June 29
July 7
1923
July 9
State1929.
1929.
Average.a
1928.
1927.
Alabama
271,000
317.000
257,000
389,000
288,000
Arkansas
20.000
17,000
25,000
22,000
18,000
'Colorado
87,000
120,000
103,000
165,000
105,000
Illinois
720,000
856,000
631,000
58,000 1,268,000
246,000
Indiana
289.000
213,000
451,000
171,000
Iowa
45,000
55.000
49,000
87.000
10,000
(d
(d
Kansas
21,000
27,000
76.000
925,000
Kentucky-Eastern
695,000
709,000
735,000
772,000
184.000
Western
166,000
208,000
202.000
389.000
36,000
Maryland
45,000
37,000
40,000
42.000
11.000
Michigan
11,000
10,000
12,000
17,000
43,000
58,000
41,000
Missouri
58,000
25,000
33,000
48,000
35,000
Montana
25,000
41,000
41,000
46,000
New Mexico
39,000
32.000
52,000
15.000
10,000
North Dakota
9,000
6,000
14,000
371,000
444,000
229,000
Ohio
123,000
854,000
39,000
38.000
Oklahoma
38,000
46,000
49,000
Pennsylvania(bituminous) 2,140.000 2,650,000 1,714,000 1,699,000 3,680,000
75,000
100,000
74,000
Tennessee
87,000
113.000
16,000
14,000
Texas
15,000
23.000
23,000
47,000
60,000
Utah
59,000
57,000
87.000
181,000
Virginia
245,000
174,000
212,000
239,000
31,000
45,000
Washington
34,000
34,000
37.000
W. Virginia-Southern b_ 1,420,000 2.055,000 1,467,000 1.561.000 1,555.000
564,000
Northern_c
709.000
558,000
645,000
830,000
76.000
91,000
Wyoming
81,000
83.000
115,000
31,000
36,000
Other States
3,000
3,000
4,000
Total bituminous coal
Pennsylvania anthracite
7,414,000 9,474,000 6,830,000 6,551,000 11,208,000
801,000 1,404,000
714,000
792,000 1,950,000
Total all coal
8,215,000 10,878,000 7,544,000 7,343,000 13,158,000
a Average weekly rate for the entire month. b Includes operations on the N. &
W., C. & 0., Virginian, K.& M., and Charleston division of the B. & 0. cRest
of State, including Panhandle. d Kansas included in "Other States."
555
PENNSYLVANIA ANTHRACITE.
The total production of Pennsylvania anthracite during the week ended
July 13 Is estimated at 1,068,000 net tons. This is an increase over the
output in the preceding week, when working time was curtailed by the
July 4 holiday, but is 336,000 tons less than production in the full-time
week ended June 29.
Estimated Production of Pennsylvania Anthracite (Net Tons).
1929
1928
Cal. Year
Cal. Year
to Date.
Week.
Week.
to Date.a
Week EndedJune 29
1,404,000 36,869,000
1.125,000
36,846,000
July 6
801,000
37,670,000
714,000 37,560,000
38,738,000
1,112,000
July 13
1,068,000
38,672,000
a Less one day's production first week in January to equalize number of days in
the two years.
BEEHIVE COKE.
•
The total production of beehive coke for the country as a whole during
the week ended July 13 is estimated at 136,600 net tons as against 137,200
tons in the preceding week. The following table apportions the tonnage
by States:
Week Ended
1929
1928
July 6
July 14
July 13
to
to
1929.b
Date,
1929.c
1928.
Date.a
113,800 113,400
Pennsylvania and Ohio
49,700 2,776,900 1.710,900
West Virginia
11,500
12,100
11,000
283,400
325,100
Georgia, Ky., and Tenn
900
1.500
1,400
43.200
101,800
6,000
6,100
Virginia
4,400
145,400
13.1600
4,400
Colorado, Utah & Wash
4,100
3,800
147,800
117,400
United States total
136,600 137,200
70,300 3,396,700 2,386,600
Daily average
22,767
27,440
11,717
20,462
14,377
a Minus one day's production first week in January to equalize number of days
In the two years. b Subject to revision. c Revised.
The total production of by-product coke in June amounted to 4,509.564
net tons, and of beehive.coke, 721,500 tons. The consumption of coking
coal in June is estimated at 7,627,000 net tons, of which 6,505,000 tons was
consumed in by-product ovens, and 1,122,000 tons in beehive ovens.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on July 24, made public by the Federal Reserve Board, and which deals with the results for the 12
Reserve banks combined, shows decreases for the week
of $19,700,000 in holdings of discounted bills and of $7,400,000 in Government securities, and an increase of $1,200,000
in holdings of bills bought in open market. Member bank
reserve deposits increased $4,800,000, Government deposits
34,700,000 and cash reserves $28,100,000, while Federal
Reserve note circulation declined $20,800,000. Total bills
and securities were $26,000,000 below the amount held on
July 17. After noting these facts, the Federal Reserve
Board proceeds as follows:
Holdings of discounted bills declined $24,800,000 at the Federal Reserve
Bank of New York, $19,100,000 at Chicago and $8,600,000 at Cleveland,
and Increased $16,000,000 at San Francisco, $4,500,000 at Philadelphia
and $3,900,000 at Dallas. The System's holdings of bills bought in open
market increased $1,200,000 and of Treasury certificates $8,600,000, while
holdings of Treasury notes declined $16,000,000.
Federal Reserve note circulation increased $7,100,000 at Atlanta and decreased $8,600,000 at New York, $6,500,000 at Chicago, 85,400,000 at San
Francisco and $20,800,000 at all Federal Reserve banks.
The statement in full, in comparison with the preceding
week and with the corresponding date last year, will be
found on subsequent pages-namely, pages 594 and 595.
• A summary of the principal assets and liabilities of the
Reserve banks, together with changes during the week and
the year ended July 24, is as follows:
July 24 1929.
Total reserves
Gold reserves
increase (-I-) or Decrease (During
Week.
Year.
ing the entire body of reporting member banks in 101 cities
cannot be got ready.
Below is the statement for the New York member banks
and that for the Chicago member banks thus issued in
advance of the full statement of the member banks, which
latter will not be available until the coming Monday. The
New York statement, of course, also includes the brokers'
loans of reporting member banks. The grand aggregate of
these brokers' loans the present week has increased $95,000,000, bringing the amount up to $5,908,000,000, again
establishing a new high record. Last weeks total of $5,813,000,000 was the highest ever reached up to that time, the
antecedent high having been $5,793,000,000 reached on
March 20 1929. The total July 24 at $5,908,000,000
compares with $4,184,000,000 on July 25 1928.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
July 24 1929. July 17 1929. July 25 1928
$
7,502,000,000 7,417,000,000 7,025,000,000
Loans and investments-total
Loans-total
On securities
All other
Investments-total
5,815,000,000 5.729.000.000 5,154,000,000
3,017,000,000 2,970,000,000 2,516,000,000
2.797,000,000 2,758,000.000 2,638,000,000
1,687,000,000 1,687,000.000 1,870,000.000
U. S. Government securities
Other securities
Reserve with Federal Reserve Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
946,000,000
741,000,000
919,000,000 1,086,000,000
738,000,000 784,000,000
737,000,000
53,000,000
727,000,000
57,000,000
709,000,000
52,000,000
5.203,000,000 5,192,000,000 5,143,000,000
1,105,000,000 1,090,000,000 1,158,000,000
22,000,000
38,000,000
21.000.000
+28,067.000
+14,156.000
+364,558,000
+339,701,000
Due from banks
Due to banks
102,000,000
900,000,000
103,000,000
869,000,000
94,000,000
927,000,000
1,288,748,000 -25.960,000
Bills discounted, total
1 063,956,000 -19,744,000
Secured by U. S. Govt. obliga'as 584,736.000 -26,428,000
Other bills discounted
479,220,000
+6,682,000
Bills bought in open market
68,842,000
+1,204,000
-113,575,000
Borrowings from Federal Reserve Bank_ 305,000,000
325,000,000
223,000,000
U. S. Government securities. total 145,700,000 -7,415,000
Bonds
42,663,000
-6,000
Treasury notes
81,155,000 -16,026,000
.of indebtedness
Certificates
21,882,000
+8.617,000
Federal Reserve notes in circulation...1,780,403,000 -20,822,000
-61,941.000
-12.381,000
-6,051,000
-43,509,000
3,125,743,000
2,943,732,000
Total bills and securities
Total deposits
Members' reserve deposits
Government deposits
2 402,127,000
2 356,917,000
17,257,000
+8,143,000
+4,836.000
+4,690,000
+38,847,000
-11,649,000
+50,496,000
Loans on securities to brokers and dealers
1.193.000,000 1,136,000,000 824,000.000
For own account
For account of out-of-town banks_ _1,680,000,000 1,676,000,000 1,537,000,000
3,034,000,000 3,002,000,000 1,824,000,000
For account of others
-100,241,000
Total
+173.821,000
+56,011,000
+57,024,000
-3.074,000
. On demand
On time
Loans and Investments-total
Loans-total
5,908,000,000 5,813,000,00(1 4,184,000,000
5,554,000,000 5.4'46,000,0)0 3,185,000,000
354,000,000 367,000,000 999,000,000
Chicago.
2,012,000.000 2,001,000,000 2,033,000,000
1,606,000,000 1,591,000,000 1,555,000,000
On securities
All other
Investments-total
Returns of Member Banks for New York and Chicago
Federal Reserve Districts-Brokers' Loans.
Beginning with the &turns for June 29 1927, the Federal
Reserve Board also commenced 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 cover-
U.S. Government securities
Other securities
Reserve with Federal Reserve Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from Federal Reserve Bank-
909,000,000
696,000,000
893,000,000
698,000.000
849,000,000
706,000,000
406.000.000
410,000,800
479,000,000
165,000,000
241,000,000
167,000,000
243,000,000
211,000,000
268,000,000
173,000,000
16,000,000
170,000,000
17,000,000
181,000,000
16,000,000
1,230,000,000 1,217,000,000 1,226,000,000
636,000,000 631,000,000 680,000,000
6,000,000
1,000,000
11,000,000
149,000,000
304,000,000
138,000,000
307,000,000
147,000,000
334,000,000
32,000,000
46,000,000
80,000,000
* Revised. a 1928 figures in process of revision.
FINANCIAL CHRONICLE
556
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, in 101
cities, cannot be got ready.
Beginning with the statement of Jan. 9 1929, the loan
figures exclude "Acceptances of other banks and bills of
exchange or drafts sold with endorsement," and include all
real estate mortgages and mortgage loans held by the banks;
previously acceptances of other banks and bills sold with
endorsement were included with loans, and some of the
banks included mortgages in investments. Loans secured by
U.S. Government obligations are no longer shown separately,
only the total of loans on securities being given. Furthermore, borrowings at the Federal Reserve are not now subdivided to show the amount secured by U. S. Government
obligations and those secured by commercial paper, only
a lump total of the two being given. The figures have also
been revised to exclude a bank in the San Francisco district, with loans and investments of $135,000,000 on Jan. 2,
which recently merged with a non-member bank.
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 Ju y 17:
The Federal Reserve Board's condition statement of weekly reporting
member banks in 101 leading cities on July 17 shows decreases for the
week of $25,000,000 in loans and investments and of $60,000,000 in borrowings from Federal Reserve banks, and an Increase of $49.000.000 in net
demand deposits.
Loans on securities declined $59,000,000 at all reporting banks and
$74,000,000 in the New York district, and increased 419,000,000 in the
Chicago district. "All other" loans increased $19.000.000 in the New York
district. $10.000,000 In the Chicago district, $8,000,000 in the Minneapolis
district and $45,000.000 at all reporting banks.
Holdings of U. 8. Government securities increased $9,000,000 in the
New York district and $2,000,000 at all reporting banks, while holdings of
other securities show a total decline of $14,000,000.
Net demand deposits, which at all reporting banks were $49,000,000
above the July 10 total, declined $57,000,000 in the New York district and
$8,000,000 in the St. Louis district, and increased $40,000,000 in the
Chicago district, $28,000,000 in the Boston district, $14.000,000 in the
Kansas City district, $13,000,000 in the Cleveland district and $9,000,000
in the Dallas district. Time deposits increased $18,000,000 in the New York
district, and declined $9,000,000 in the San Francisco district and $6.000,000
at all reporting banks.
The principal changes in borrowings from Federal Reserve banks for the
week comprise an increase of $8,000,000 at the Federal Reserve Bank of
St. Louis and decreases of $22,000,000 at Boston, $19,000,000 at Chicago,
$15,000,000 at San Francisco, $10,000,000 at New York and $7,000,000 at
Kansas City.
A summary of the principal assets and liabilities of weekly reporting
member banks, together with changes during the week and the year ending
July 17 1929, follows.
Increase 1+) or Decrease (—)
Since
July 17
July 10 1929. July 18 1928.
1929.
$
$
$
—25,000,000 +519,000,000
Loans and investments—total____22,409,000,000
Loans—total
On securities
All other
16.892,000,000
—14,000,000 +1,096,000,000
7,644,000,000
9,248,000.000
*-59,000,000 *+790,000,000
*+45,000.000 •+305,000,000
5,518,000,000
—10,060,000
—576,000,000
U.S. Government securities_ __ _ 2,742,000,000
2,775,000,000
Other securities
+2,000,000
—14,000,000
—238,000,000
—339,000,000
Reserve with Federal Res've banks 1,699,000,000
256,000,000
Cash in vault
+22,000,000
—19,000,000
+12,000,000
+13,000,000
13,219,000,000
6,648,000,000
152,000,000
+49,000,000
—6,000,000
—2,000,000
+73,000,000
—182,000,000
+59,000,000
1,121,000.000
2,674,000,000
+31,000,000
—9,000,000
+23,000,000
—164,000,000
790,000,000
—60.000,000
+3,000,000
Investments—total
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from Fed. Res. banks_
• July 10 figures revLsed.
Summary of Conditions in World Markets, According
to Cablegrams and Other Reports to the Depart-
ment of Commerce.
The Department of Commerce at Washington releases for
publication July 27, the following summary of market conditions abroad, based on advices by cable and radio:
[VOL. 129.
a period of adjustment. Since June, Inventories of some lines show a small
improvement. Large distributors are reporting a volume equal to that of
last year, but price-cutting is prevalent. Owing to continuation of the coal
deadlock and the timber strike in New South Wales, expansion in manufacturing and new construction projects is about 50% normal, though there
are some signs of a revival in mining activity. Imports from the United
States into Australia accounted for 28.3% of the total from all sources, but
the total value was somewhat below that of May of last year. In most
commodity lines trade is reported as quiet.
AUSTRIA.
Because of increased building activity and road repair work the number
of unemployed is steadily decreasing. In the city of Vienna the number of
unemployed is over 6,000 less than at this time last year. Another indication that there is nothing alarming in the present dull condition of trade is
the fact that during the first half of 1929 the number of Austrian firms going
into receivership totaled only 1,040 as compared with 1,165 during the
corresponding period of 1928. while the figures for failures for the same period
are 291 as against 293 last year. The tightness of money has become a
chronic condition and it Is believed that business Is adjusting itself to the
situation fairly satisfactorily. It is significant that the National Bank met
the demands made upon it incident to the heavy settlements customary at
the turn of the fiscal year without any apparent strain, notwithstanding
Increase in its discount portfolio from 195,000,000 schillings on June 23,
to 250,000,000 schillings on June 30.as compared with the figure of 166,000.000 for June 30 1928.
BRAZIL.
Some relaxation from the general tightness of credit has been reported,
particularly in the interior, and money is slightly easier. However, the
seriousness of the situation Is revealed by the failure of two important firms
in Rio de Janeiro each having liabilities amounting to approximately $2,009,000. the assets not being given. Exchange has been steady and the
coffee market cairn, although futures are weak owing to large crop prospects.
BRITISH MALAYA.
Merchandise stocks are moving slowly and dealers are ordering replacements cautiously. Little business activity is expected until rubber and tin
prices show definite improvement. Although sales of automobiles continue
slack, agencies for a new American motor car and truck have been placed
and fairly heavy initial orders made. The used car situation is causing
some concern. Except for some activity in Japanese goods the textile
market is featureless. American ducks are heavily overstocked. Textile
dealers in general are buying only definite requirements. Stocks of flour
are ample and demand for provisions is light. The local fruit seas n, now
at its peak, is interfering with sales of imported frseh fruits. Exports of
rubber in June were low but production was maintained and stocks accumulated at the ports and July shipments are expected to be heavier.
CANADA.
High wheat prices, as the result of a continuation of the unsatisfactory
the
in
Prairie Provinces characterized the week ended July 19.
crop outlook
The official crop estimate issued during the week characterizes Quebec
conditions as average to good, and Ontario conditions excellent. An apple
crop of 3,609,417 barrels or 11% more than the 1928 yield is anticipated.
as the result of excellent conditions prevailing in Nova Scotia; the British
Columbia estimate is 25% lower than last year. Canadian newsprint
mills operated at 86.7% of their rated capacity during June wtih a production of 225,055 tons and an export of 223,120 tons. June pig iron output
of 89,873 tons was 8% under the corresponding figure for 1928 but
over May of this year. Production of steel ingots and direct steel castings
totaled 119,505 tons 5% under May. Toronto factories are running on a
fairly even schedule with manufacturers' stocks of paint and rubber fairly
well sold out and increased activity in rubber plants expected shortly.
Mild business recession is reported from Quebec but newsprint activity,
mining, and the tourist trade continue as the stimulting factors. Market
price; for linseed oil are higher and for turpentine cheaper. June wheat
exports were 17% over last year in quantity but 5% less in value. Flour
exports in the same comparison increased 31% in quantity and 6% in value.
ESTONIA.
On account of the acute money stringency due to the crop failure of 1928
protested notes in Estonia have shown an unusually large increase. Bills
that went to protest during the first four months of 1929 numbered 29,635
involving $1,620,000, as compared with 12,080 involving $903,600, an
Increase of 79%.
GERMANY.
Taxation receipts for the month of May totaled 657,090,000 marks;
this is the highest figure for May during the past three years. As compared
with the corresponding month of 1928 the highest increase took place in the
property tax receipts which advanced from 75,600,000 marks to 103,500.000.
A smaller increase was noticeable in the receipts from the certain indirect
taxes, notably those on beer and alcohol. Total taxation receipts for the first
2 months of the current fiscal year (beginning April 1)amount to 1,596.500,000 as compared with 1,531,400,000 marks during the same period of 1928.
or an increase of 65.100.000 marks. This showing is better than was generally expected, especially in view of the rather unfavorable business conditions during recent months.
INDIA.
General conditions in India show no marked change over the preceding
month. Bank clearances continue low and a slight decline in the volume of
Imports and exports is reported. Disappointing cash subscriptions to the
new government loan are regarded as a reflection of poor trade conditions
in the chief market centers. Progress of the monsoon thus far has been
fairly general and satisfactory except in Assam and Sind, where disastrous
floods have occurred in certain areas. The mill strike continues at Bombay.
but some hope for a settlement is entertained. A special Court of Inquiry
has been appointed to this end by the Bombay Government by authority
of the Trade Disputes Act. Money is easy, with call funds reaching 1%%
the lowest point reached this year. Trade demand has fluctuated widely.
due to operations in connection with the new Government loan. The
Imperial Bank rate still stands at 5%. Exchange opened steady but closed
distinctly easier because of the abundance of cheap money throughout
India.
MEXICO.
The better tone in business continues in evidence. Automotive sales are
reported as good. As a result of the general improvement, the Mexican
gold peso is stronger. A large number ofsmall factories of varoius kinds are
springing up as a result of the high Import duties. The greater part of the
new plants are being established at Mexico and Monterrey.
ARGENTINA.
A more optimistic tone is noticeable in Argentine business circles, owing
the
to
in
part
rise
wheat
and corn prices. A lesser factor is the
in large
prevailing weather which is favorable to crops. The strike situation is
reported as better. Settlements have been effected in Buenos Aires and
Santa Fe, although the Rosario strike still continues. Air mail service has
NETHERLAND EAST INDIES.
been started by the Compagnie Generale Aeropostale between Buenos
Export trade continues at a high level due to seasonal marketing activities.
Aires and Santiago.
Buyers, however, are generally cautious and prevailing low prices for major
AUSTRALIA.
: export products are affecting retail trade. Many importers of staple lime,
Conditions in Australia remain about the same as at this time last yew.
particularly textiles, are overstocked. New models of low priced American
except in manufacturing and construction, both of which are undergoing
JULY 27 1929.]
FINANCIAL CHRONICLE
cars and a medium priced American truck have been introduced.
Retail
sales of automobiles are fairly good and dealers' stocks are reported light.
Trade in accessories is active. Textile trade is light and supplies
are heavy.
Importers are cutting prices of canned fruits in order to clear heavy stocks.
The sugar market is steady.
PA,NAMA.
The opening of the First National Bank, which has been organized with
a capital of $1,000,000 and is to specialize on agrarian and mortgage loans
Is scheduled for August 1. The Canal zone section of the Panama Aviation
Commission endorses the proposed general development of the Panama
Commercial airport at Paitllla, but advises gradual expenditures in keeping
with the growth of commercial aviation. Recommendation is made that no
concrete runways be constructed unless the drained grass runways prove
unsatisfactory; that fields number two and three be completed, that only
the most essential buildings, such as hangars, waiting rooms, and offices
be erected now, and that steps be taken to establish the necessary revenue
sources. An airways service between Panama and Chile was inaugurated
on July 16. It is stated that the Panama Post Office has made 84,000
profit since the beginning of air mail service in January.
SWEDEN.
The satisfactory trend in general business conditions remains practically
unchanged. The outlook is bright with favorable crop reports and leading
export industries well engaged. Bourse activity reflects the normally quiet
summer season although recently the quotations on several leading shares
have shown a rising tendency. The money market is easy. It is estimated
that foreign trade during June will yield an export surplus of about 20.000,000 crowns. The exports of sawn wood goods were unusually high
and reached the highest figures for the month in several years. Woodpulp,
paper, iron ore, matches, and pig iron also reached high levels.
Among
the imports, gasoline showed sharp advance for the month as well as for the
first six months of 1929 as compared with last year. Advance lumber sales
on Juno 15 were estimated at 800,000 standards (1,584,000,000 board feet)
against 755,000 standards (1,494.900,000 board feet) on May 15. Chemical
pulp and paper markets show no important changes. The June wholesale
price index was 132 and cost of living index 169,a drop of one and two points
respectively during the month.
UNITED KINGDOM.
A deadlock has resulted from the conference between representatives of
employers and operatives in the Lancashire cotton industry, called by the
Minister of Labour for July 19 to seek means for terminating the wage
dispute. The conference was called following the decision of the employers'
organizations, taken at their meetings on June 21, to press for a general
wage reduction of about 12.5%, the subsequent posting by employers of
wage-reduction notices, and the refusal of the operatives to accept the proposed reduction, thus threatening a stoppage of work involving about
500,000 workpeople. The Ministry of Labor is expected, however, to
continue its efforts to bring about a satisfactory negotiation of the problem
and it is probable that another conference will be called at an early date.
Considerable publicity has been devoted to the formation of the British
tin producers association, which claims to represent producers of
40,000
tons of metal annually. The formation announcement has caused considerable speculative buying with an upward price movement. For the
first
quarter of this year the coal industry showed a trading profit of over
9d.
per ton,(pcnce equivalent to about 2 cents) the first in two years
according
to official returns. Both wages and other costs show reductions
in comparison with those for the previous quarter and the average output
was larger.
It has now been decided that the export subsidy of Yorkshire-Midl
ands
marketing scheme shall be Is. a ton instead of 2s. as previously reported.
557
and silver into and from the United States during the month
of June 1929. The gold exports were only $550,042. The
imports were $30,772,258, of which $14,502,210 came from
Argentina, $9,285,434 came from United Kingdom, and
$5,008,070 came from Canada. Of the exports of the metal,
$263,347 went to Mexico and $250,000 to Salvador.
GOLD AND SILVER EXPORTED FROM AND IMPORTED INTO THE
UNITED STATES. BY COUNTRIES.
GOLD.
Total.
SILVER.
Refined Bullion.
Total (Incl. Coin).
Exports Imports, Exports, Imports, Exports, Imports,
CountriesDollars. Dollars. Ounces. Ounces. Dollars. Dollars.
France
15,868
142,447
Germany
190,135
99,757
Italy
3.174
Malta, Gozo & Cyprus
600
Portugal
2,425
8,064
Spain
11,863
15,517
United Kingdom
2,824 9,285,434
374
7,444
Canada
28,871 5,008,070 135,705
51,318 164,238 367,915
Costa Rica
9,481
357
184
Honduras
10,795
114,057
60,480
Nicaragua
35,603
4,112
18,501
Panama
3,560
37
20
Salvador
250,000
Mexico
263,347
964,052
3 779,582 249,032 3,161,829
Trinidad and Tobago_ _ 5,000
50,000
500
6.205
Other Brit. West Indies
172
Cuba
33,000
5,746
Republic of Haiti
3,500
Argentina
.14,502,210
3,215
1,810
Chile
51,792
131,355
Colombia
108,135
11,254
344
5,953
206
Ecuador
113,239
4,582
Peru
158.961
6,016
952,864
Venezuela
13,727
British India
751,254
394,861
China
8 590,226
4 519.421
Java and Madura
118,575
76,645
42,760
Philippine Islands__ - _
---.
238,208
4,079
Australia
2,491
New Zealand
19,583
34
18
Belgian Congo
4,702
87,339
Union of So. Africa_ _ _
____
2,975
1,116
Total
550.042 30.772.258 9.682.289 4.032.502 5.441.822 5.022.231
Canadian Gold Production in 1928 Expected to Reach
New High Record-Views of Canadian National
Railways-Nickel Exports at High Levels.
Figures available indicate a new high record for Canadian
gold production in the year 1928 with a total of 1,890,592
fine ounces, valued at $39,082,005, according to the natural
resources department of the Canadian National Railways.
This compares with a production in 1927 of 1,852,785 fine
ounces with a value of $38,300,464, says the announcement
The Department's summary also includes the following which also has the following to say:
A feature of the operations in 1928 is the increase in the Quebec output,
with regard to the Island possessions of the United States:
this province having produced last year 60,006 fine ounces, an amount
far in excess of the previous twelve month period. This is the result of
IIAWAII.
the
Prior to July 10 weather conditions in Hawaii were more favorable to continuous operation of the Noranda Smelter where the gold recoveries from
the copper ores treated amounted to $3.82 per ton.
ripening than to growing crops, but since the date fair to
good rains have
The Manitoba field is fast becoming a factor in Canadian gold production.
been reported from all islands except Oahu. Mountain
rains in all plantaManitoba's production in 1928 reached 19,813 fine ounces, as compared
tion districts have replenished irrigation water for irrigation lands.
Tem- with only
182 fine ounces in 1927.
perature and humidity have been slightly above normal
during the past
Canadian nickel exports continue at a high level. Figures for
month. With 75% of the current sugarcane crop already
June.
harvested, many last,
show a phenomenal increase. Nickel exports in this month totaled
Hawaiian mills have suspended grinding to permit
concentration of labor
11,864,600 pounds valued at $2,627,486 as compared with 7,163,600
in fields where cultivation and week control are
pounds
required. Acre yield
valued at $1,655,775 in June 1928. Of these exports the increase
according to reports have already overrun estimates
in the
on some plantations
proportion of r fined nickel is outstanding, exports of refined
by as much as 15%. and the delay in harvesting the
nickel in
remainder of the crop
is expected to result in a further increase.
June 1929,
ounting to 7,287.100 pounds against 3,569,100 pounds for
June 192
PHILIPPINE ISLANDS.
Although seasonal conditions and low export
prices influenced trade
somewhat, general business in June was fair. An
overstocked condition of
logg-Briand Multilateral Treaty Renouncing War
the textile market has resulted from heavy arrivals
during the last six
months and local importers report June business
Proclaimed Effective By President Hoover--Japan's
as unsatisfactory. Due
chiefly to commencement of the rainy season,
passenger car sales were I
Ratification.
Sugar grinding has been completed by most
mills. Crop prospects are
orally favorable. Precautions have been taken
On
July 24, before a gathering at which were present
to check a locust pest in
Central Luzon. Condition of the rice crop
in.some sections is unfavorable representatives of the fifteen countries which
signed the
on account of lack of rain and shortage is
anticipated unless there is im- pact,
the Kellogg-Briand multilateral
mediate relief.
treaty renouncing
was as an instrument of National policy was declared in
J. P. Morgan Sails For Europe.
force by President Hoover. Under the terms of the treaty
J. Pierpont Morgan sailed for Europe on July 24
on the it could not become effective until all of the fifteen original
Cunard lino steamer "Mauretania." In noting
his departure signatory Governments had deposited their ratifications
the "World" said:
with the State Department at Washington. Japan
was the
His plans, he announced, included practically nothing
last of the fifteen nations to ratify the treaty,
but
rest.
Everyits approval
thing was indefinite, he said, including the time of
his return to New York. on June 26 by the Privy Council in
plenary session at Tokio
Asked if his trip abroad might have some
connection with a discussed
International Bank, Mr. Morgan said; "I
don't think they will bother me having been noted in our issue of June 2, page 4249. An
about that."
hour before the ceremonies at Washington
on July 24,
Upon his arrival in England he will go to his
residence in Hertfordshire, bringing the treaty
Into force, the Japanese Ambassador
26 miles outside of London. Later in the season he will Join
friends
and
shoot
Scotland.
grouse in
to the United States, Katsuji Debuchi,
went to the State
Friends of the family report the financier in need
of a complete rest. Department [we quote from a Washing
ton dispatch, July 24,
due to the strain put upon him at the Paris meeting
of
the
Reparatio
n
to the "Herald Tribune"] and handed
Commission, in which he and Owen D. Young
unofficially represented the
Secretary Stimson
United States. Since his return in June he has spent
most of his time at his his Government's act of ratification, which was
deposited
summer home in Glen Cove.
in the archives of the State
Department with the ratifications of all other Governments. In
his address proclaimGold and Silver Imported Into and Exported from
the ing the treaty effective President Hoover
stated that in
United States by Countries in June.
addition to its ratification by the
fifteen signatory Nations,
The Bureau of Foreign and Domesti
the
treaty has also become effective "with
c Commerce of the
respect to 31
Department of Commerce at Washington has made
public other countries, the Governments of which have deposite
d
its monthly report showing the imports and exports of gold with the Government of
the United States instruments
558
FINANCIAL CHRONICLE
evidencing their definite adherence to the treaty." In his
address the President also said:
I congratulate this assembly, the States it represents, and indeed, the
entire world upon the coming into force of this additional instrument of
humane endeavor to do away with war as an instrument of national policy
and to obtain by pacific means alone the settlement of international disputes.
In full the President's address follows:
In April 1928, as a result of discussions between our Secretary of State
of the United States and the Minister of Foreign Affairs of France, the
President directed Secretary Kellogg to propose to the nations of the
world that they should enter into a binding agreement as follows:
"Article 1—The high contracting parties solemnly declare in the names of thel
respective peoples that they condemn recourse to war for the solution of international controversies, and renounce it as an instrument of national policy in their
relations with one another.
"Article 2—The high contracting parties agree that the settlement or solution
Of all disputes or conflicts, of whatever nature or of whatever origin they may be.
which may arise among them, shall never be sought except by pacific means."
That was a proposal to the conscience and idealism of civilized nations.
It suggested a now step in international law, rich with meaning, pregnant
with new ideas in the conduct of world relations. It represented a platform
from which there is instant appeal to the public opinion of the world as
to specific acts and deeds.
Fifteen Signatory Nations.
The magnificent response of the world to these proposals is well indicated
by those now signatory to its provisions. Under the terms of the treaty
there have been deposited in Washington the ratisfications of the fifteen
signatory nations—that is, Australia, Belgium, Canada, Czechoslovakia,
France, Germany, Great Britain, India, Irish Free State, Italy, Japan, New
Zealand, Poland, Uaion of South Africa and the United States of America.
Thirty-one Other Countries Adhere.
Beyond *his the treaty has to-day become effective also with respect to
Si other countries, the Governments of which have deposited with the
Government of the United States instruments evidencing their definitive
adherence to the treaty. These countries are:
Afghanistan, Albania, Austria, Bulgaria, China, Cuba, Denmark, Dominican Republic, Egypt, Estonia, Ethiopia, Finland, Guatemala, Hungary,
Iceland, Latvia, Liberi5, Lithuania, the Netherlands, Nicaragua, Norway,
Panama, Portugal, Peru, Rumania, Russia, Kingdom of the Serbs, Croats
and Slovenes, Siam, Spain, Sweden and Turkey.
Five Additional Nations to Deposit Instruments of Adherence.
Mereover, according to information received through diplomatic channels, the instruments of definitive adherence of Greece, Honduras, Persia,
Switzerland and Venezuela have been fully compelled according to their
constitutional methods and are now on the way to Washington for deposit.
I congratulate this assembly, the States it represents, and indeed the
entire world, upon the coming into force of this additional instrument of
humane endeavor to do away with war as an instrument of national policy
and to obtain by pacific means alone the settlement of international disputes.
Felicitations to M. Briand.
• I am glad of this opportunity to pay merited tribute to the two statesmen whose names the world has properly adopted in its designation of
this treaty. To Arietide Briand, Minister of Foreign Affairs of France,
we owe the inception of the treaty, and to his zeal is due a very large
share of the success which attended the subsequent negotiations. To
Frank B. Kellogg, then Secretary of State of the United States, we owe
its expansion to the proportions of a treaty open to the entire world and
destined, as I most confidently hope, shortly to include among its parties
every country of the world.
Mr. Stimson has seat forward to-day a message of felicitation to H.
Brian(' and to the people of France, for whom he speaks. I am happy,
Mr. Kellogg, to extend to you who represented the people of the United
States with such untiring devotion and with such a high degree of diplomatic skill in the negotiations of this treaty their everlasting gratitude.
We are honored here by the presence of ex-President Coolidge, under whose
administratiOn this great step in world peace was initiated. Under his
authority and with his courageous support, you, Mr. Kellogg, succeeded
in this great service. And I wish to mark also the high appreciation in
which we hold Senators Borah and Swanson for their leadership during its
confirmation in the Senate.
May I ask you who represent Governments which have accepted this
treaty, now a part of their supreme law and their most sacred obligations,
to convey to them the high appreciation of the Government of the United
States that through their cordial collaboration an act so auspicious for the
future happiness of mankind has now been consummated.
I dare predict that the influence of the treaty for the renunciation of
war will be felt in a large proportion of all future international acts.
The magnificent opportunity and the compelling duty now open to us
should spur us on to the fulfillment of every opportunity that is calculated
to implement this treaty and to extend the policy which it so nobly
sets forth.
Proclamation.
I have to-day proclaimed the treaty to the American people in language
as follows:
"Whereas, a treaty between the President of the United States of
America, the President of the German Reich, his Majesty the King of the
Belgians, the President of the French Republic, his Majesty the King of
Great Britain, Ireland and the British Dominions Beyond the Seas, Emperor
of India; his Majesty the King of Italy; his Majesty the Emperor of
Japan, the President of the Republic of Poland, and the President of the
C'zechoslovak Republic, providing for the renunciation of war as an instrument of national policy and that the solution of disputes among parties
shall never be sought except by pacific means, was concluded and signed
by their respective plenipotentiaries at Paris on August 27 1928; and
"Whereas, it is stipulated in the said treaty that it shall take effect as
between the high contracting parties as soon as all the several instruments
of ratification shall have been deposited at Washington; and
"Whereas, the said treaty has been duly ratified on the parts of all the
high contracting parties and their several instruments of ratification have
been deposited with the Government of the United States of America, the
last on July 24 1929;
"Now, therefore, be it known that I, Herbert Hoover, President of the
United States of America, have caused the said treaty to be made public,
to the end that the same and every article and clause thereof may be
observed and fulfilled with good faith by the United States and the citizens
thereof.
"In testimony whereof, I have hereunto set my hand and caused the
seal of the United States of America to be affixed.
"Done in the City of Washington, this twenty-fourth day of July, In the
year of Our Lord One Thousand Nine Hundred and Twenty-nine and of
[VOL. 129.
the independence of the United States of America the one hundred and
fifty-fourth.
"HERBERT HOOVER.
"By the President:
"HENRY L. STIMSON,
"Secretary of State."
Describing the ceremonies bringing the pact into force, the
Washington account to the "Times," July 24, said in part:
The Kellogg pact was formally proclaimed in force at 1:22 o'clock by
President Hoover, in the presence of the representatives of the original
signatory and adhering powers, and of former President Coolidge and
former Secretary of State Kellogg, America's chief actors in the negotiations that led to the consummation of the pact as a treaty open to the entire
world. This country's contribution to world peace was declared by the
President to be part of the supreme law and sacred obligations of the
governments approving it.
The proclamation was announced at ceremonies in the East Room of
the White House. The scene was impressive and significant of the
event, the most embracing world agreement to abolish war. Diplomats
and representatives of forty-three nations gathered in the historic room
where so many imposing ceremonies have been heard. To-day's brief and
colorful formality exceeded perhaps all others in tins importance to
humanity in general if its sacred obligations are fulfilled.
The President stood at the end of the long table and greeted the diplomats as they passed before him to their seats at the table in order of
their rank and of the ratification of the treaty by the respective nations.
Former President Coolidge was the first to step from the Blue Room
into the East Room, when the lights flared up to enable the movie and still
photographers to film the ex-President as he grasped the hand of his
successor and walked briskly to his seat at the main table. Then came
Secretary Stimson and former Secretary Kellogg. There was a brief lull.
Then the diplomats, with Sir Esme Howard, the British Ambassador,
leading, filed by and found their designated seats.
•
•
•
At the main table, in addition to President Hoover, with former President
Coolidge and former Secretary Kellogg on either side, were the diplomats
representing Great Britain, Japan, France, Italy, Germany and Czechoslovakia. Secretary Stimson sat immediately behind the President, and
Senator Borah was behind Mr. Kellogg. The two White House aides, Colonel
Hodges and Captain Buchanan, also had seats in the rear of the main table.
At the right table in the order named were the Charge d'Affaires of
Poland, the Minister of Austria, the Ambassador of Chile, the Minister of
China, the Secretary of Legation of Denmark, the Charge d'Affaires of
Egypt, the Minister of Finland, the Minister of Guatemala, the Minister
of Hungary, the Minister of Lithuania, the Minister of Nicaragua, the
Minister of Panama, the Charge d'Affaires of Peru, the Charge d'Affaires
of Rumania, the Minister of Siam, the Charge d'Affaires of Sweden, and
the Ambassador of Turkey.
Those seated at the left table, in the following order, were:
The Charge d'Affaires of Canada, the Minister of Bulgaria, the Ambassador of Cuba, the Minister of Costa Rica, the Minister of the Dominican
Republic, the Consul General of Estonia, the Minister of Greece, the
Minister of Haiti, the Consul General of Latvia, the Charge d'Affaires of
the Netherlands, the Charge d'Affaires of Norway, the Minister of Persia,
the Minister of Portugal, the Minister of the Serbs, Croats and Slovenes,
the Secretary of the Embassy of Spain, the Minister of Switzerland, and
the Minister of Venezuela.
The following is also from the "Times" of July 25:
The text of the Japanese instrument of ratification of the general treaty
for the renunciation of war is:
Hirohito, By Grace of heaven, Emperor of Japan, seated on the throne occupied
by the same dynasty changeless through ages eternal.
To all to whom these presents shall come, greetings.
Having examined the treaty for the renunciation of war, signed at Paris by the
Japanese plenipotentiary, together with the plenipotentiaries of the powers concerned, on the 27th day of August, 1928, regarding which treaty the Japanese
Government, on the 27th day of the 6th month of the 4th year of Shown, issued a
declaration concerning a phrase contained in the first article thereof, we, maintaming the said declaration, approve, accept and ratify the same.
In faith whereof, we have signed this Instrument and caused the great seal of the
empire to be affixed thereto at the Imperial Palace in Tokio, this twenty-seventh
day of the sixth month of the fourth year of Shows, being the 2,689th year from the
accession of the Emperor Jimmu.
(Signed) HIROHITO.
(Countersigned)
(Seal of the Empire.)
BARON GIRCHI TANAKA, Minister for Foreign Affairs.
Accompanying this was a declaration to the effect that the phraseology
"in the names of their respective peoples" employed in the treaty had no
significance so far as Japan was concerned. It was this point with its
question of the authority of the Emperor which delayed ratification in
Japan until last month.
Text of Declaration.
The text of this declaration was as follows:
The Imperial Government declare that the phraseology "in the names of their
respective peoples, appearing in Article 1 of this treaty for the renunciation of war,
signed at Paris on Aug. 27 1928, viewed in the light of the provisions of the Imperial Constitution is understood to he inapplicable in so far as Japan is concerned.
June 27, 4 Showa (1929).
The signing by President Coolidge, in January of this year,
of the instrument of ratification, signifying the acceptance
by the United States of the treaty, was noted in our issue of
January 26 1929, page 505. The text of the treaty was
published in these columns September 1 1928, page 1195.
Secretary Stimson's Message to French Foreign Minister
Briand Felicitating Latter In Proposing the Treaty
for Renunciation of War.
With the issuance of President Hoover's proclamation
declaring in force the Kellogg-Briand multilateral treaty
for the renunciation of war, the following cablegram was
forwarded on July 24 by Secretary of State Stimson to the
French Minister of Foreign Affairs, Aristide Briand:
July 24 1929.
His Excellency, Aristide Briand,
Minister for Foreign Affairs,
Paris.
On this day your ideal made known more than two years ago, which bore
first fruit in the signing of the treaty of August 17 1928, became a part
JULY 27 1929.1
FINANCIAL CHRONICLE
of the law of forty-al nations, who for all time have renounced war as an
instrument of national policy and taken the pledge never to seek the settlement of disputes among them except by pacific means.
The high honor you paid to the American people in suggesting this treaty
first to them is appreciated. I send to you on this occasion heartiest
gratitude and warmest felicitations.
HENRY L. STII1SON,
Secretary of State of the
United States of America.
Foreign Minister of Japan Congratulates Secretary of
State Stimson With Coming Into Effect of KelloggBriand Multilateral Treaty—Message From Foreign
Minister Stresemann of Germany.
With the coming into force on July 24 of the KelloggBrian multilateral treaty for the renunciation of war, the
following messages from Japan and Germany were received
by Secretary of State Stimson at Washington:
559
The Mellon-Berenger agreement was placed before the Chamber last
night for definite decision after 10 days of bitter debate.
The first vote indicating the direction of the wind was taken just before a•
recess for dinner. Over the objections of Louis Jean Malvy, Chairman of
the Finance Committee, the Chamber voted by 301 to 275 that any reservations it might make to the ratification bill should be limited to mere
suggestions from the Chamber to the Government. This disposed of the
anti-government plan for including in the ratification measure reservations •
to the effect that the debt should be paid only with moneys received from
Germany in reparation for war damages.
Just before the final motion was made by Deputy Deligne, Foreign
Minister Briand mounted the rostrum to make, in the unavoidable absence
of Premier Poincare, who was kept at home by fatigue resulting from his
long addresses, the Government's last plea for ratification. In quiet, but
firm tones the Foreign Minister reminded the Deputies of the seriousness
of the decision asked of them. He warned them of the impending war
stocks debt payment of $407,000,000, due Aug. 1 to the United States, and
of the blow to French finances which would be inevitable if the Government
accord,
were forced to pay this debt at that time. Under ratifieation of the
this debt is to be pooled with the larger sum owing to the United States.
Poincare Risks all on Vote.
"France cannot accept the responsibility for your failure to ratify," conTokio, July 23.
cluded M.Briand, and descended as the solid Center and part of the Right
Henry L. Stimson,
of the Chamber applauded warmly.
Secretary of State,
The Deputies were heat-ridden and greatly fatigued as the vote was
Washington, D. C.
taken, with the question of confidence making it certain that the Poincare
Accept my sincerest congratulations on the coming into effect of the Government would fall at this most crucial moment in France's foreign
1111
pact with which Mr. Kellogg's name is so honorably associated. Testifying affairs unless the verdict was favorable.
as it does to the growing consciousness of mankind that war is a wasteful
The first returns of this vote revealed by what an extremely slender
and bitter institution, the treaty opens a new chapter in the history of thread the Government's fight has hung. On the final count the GovernInternational relations. It marks the starting point from which the problem ment received a majority of only eight—the smallest majority Premier
of disarmament can be properly approached. Nothing is more gratifying Poincare has received on any important Chamber issue since he came into.
to me than to know that the treaty is now fully operative.
power in July three years ago,lacking three days.
BARON SHIDEHARA,
The high light in the afternoon session WEIS M. Briand's spirited reply to
Francois de Wendel, of the Republican-Democratic Union. Wendel bad
Foreign Minister of Japan.
insisted on a moral distinction between financial obligations contracted
Berlin, July 23.
by France in war time, on the one hand, and in peace time, on the other.
Henry L. Stimson,
The Foreign Minister brought a burst of applause when he declared:
Secretary of State,
"France cannot have two signatures, one for peace time and one for wax time..
Washington, D. C.
If during the war we had borrowed money from a neutral country we would have
On the day when the pact for the renunciation of war, so closely bound paid everything integrally. But we borrowed from America, which sent 2,000.000
to the natte of your honored predecessor, goes into effect, I experience men across the Atlantic to aid us.
"At that time France WRS invaded. She could not discuss conditions on delots.
particular joy in expressing to you, Mr. Secretary of State, my heartfelt
"As for a clause of safeguard, Belgium, that great martye country, has negotiated
congratulations. The pact, which gives expression to the inmost yearning with the United States, has requested a safeguard clause, and Das not obtained it.
a
of the nations, has created a new foundation for the peaceful development She has, however, obtained a reduction of 54% in her debts. We have obtained
with Italy, Great Britain, Rumania and Jugoof relations between the States. I trust that it will prove effective even reduction of 50%. It was the same safeguard
clause.
obtained a
has
nation
No
slavia.
under difficult circumstances.
better
"Can we hope that the United States will accord to us to-day a condition
accords?"
STRESEMANN,
than that accorded to the nations which have already ratified their
Minister of Foreign Affairs of Germany.
Warns of Consequences.
M.Briand warned the Deputies to look out for the consequences of their
• From the World Peace Society, Inc., Michael Parisano,
President, the following message was received by Secretary
Stimson:
This Society extends to the President, to yourself and to all the diplomatic representatives of the nations which have ratified or have approved
the Kellogg peace treaty its sincerest congratulations at the meeting to be
held to proclaim the treaty. The treaty will greatly further international
stability for peace and peace for international prosperity.
Peace, progress and prosperity is the keynote of human progress and
welfare, and now is the right time to peacerize other nations of the world.
It is clear that to obtain international peace we must have stability of
finance, industry and commerce, and now is the exact time to weld all
nations in one spirit of peace.
This Society wishes both the President and yourself a successful international peace movement This Society also desires to see stability of
peace established between China and Russia.
French Chamber of Deputies and Senate Ratify Agreements Providing for Funding of War Debts Owed
U. S. and Great Britain.
In the early morning hours of Sunday June 21 (shortly
after 1 a. m.) the French Chamber of Deputies ratified the
Mellon-Berenger agreement providing for the funding of the
war debt owed by France to the United States, The French
Senate, as we indicate further below has also ratified the
agreement. Regarding the Chamber's vote on MellonBerenger agreement, and its action on the agreement with
Great Britain, Paris advices (copyright) to the "HeraldTribune" July 21, stated:
The Mellon-Berenger debt funding accord with the United States was
ratified without reservations by the French Chamber of Deputies at 1:20
o'clock this morning by a majority of only eight votes. The vote was 3® for
ratification and 292 against. The matter was made a question of confidence
by Foreign Minister Aristide Briand before the vote was taken.
The measure still has to go through the French Senate, but since the
Government's majority there has been stronger than in the Chamber,little
opposition is expected.
British Debt Accord Wins.
Immediately after the vote on the American agreement, the CalllauxChurchill debt accord with Great Britain was placed before the Chamber.
and the Deputies ratified it by a show of hands. A ballot vote was considered unnecessary, since the Mellon-Berenger accord has always been the
center of resistance to ratification.
Under the Mellon-Berenger agreement France agreed to pay $4,025,000,000 over a period of62 years, of which $685,000,000 is accrued interest.
The first two annuities were to be of $30,000.000 each, increasing to greater
sums in later years. Up to Nov. 15 1928. France had paid to the United
States"on account" $82,351,171.
Under the Caillaux-Churchill agreement Franco agreed to pay Great
Britain $653,127,900 over a period of62 years and has paid some $18,000,000
"on account" to date.
Text of Ratification Bill.
The text of the resolution for ratification of the American accord follows:
"The President of the Republic is authorized to ratify the accord concluded
at Washington on April 29 1926 between the Government of the United States
and the Government of the French Republic for consolidation and reimbursement
in sixty-two annuities of the debts contracted by France toward the United States."
votes.
"If you don't ratify, It is true there will not be a catastrophe. But from then en,
France will not have full liberty of action internationally. It is necessary to take
foreign policy into consideration.
10,000,006,000
"If you don't ratify, the present Government will go,and then,too,
(the British Chanfrancs will have to be paid on Aug. 1. After that, Mr. Snowden
agreements will
cellor of the Exchequer) will claim a similar amount, and the debtwar,
the French
be broken. There is great risk there. Should there be another
foreign treasuries
Government would have to ask other countries for loans, and the
would hesitate to grant them if the value of France's signature is shown now to be
small."
SoMewhat later, in reply to remarks on the floor of the Chamber, both
GovernM.Briand and Louis Barthou, Minister of Justicelinsisted that the
ment had given up the thought of ratifying by decree and that the only
law.
by
question before the Chamber was that of ratification
Government's Position Defined.
M. Briand defined more clearly than before the Government's position
as to reservations. He explained that not only must the reservations be
separate from the measure authorizing ratification, but in addition the
measure containing the reservations must have no contractual nature
whatsoever. Thus the Government insisted that the measure, instead of
being an actual law, be in the form of a simple resolution indicating the
will of the Chamber as to reservations. The Foreign Minister stated that
should this plan be opposed the Government would make the point a
question of confidence.
Thus the Chamber was faced with the alternatives ofratification pure and
simple, with reservations apart, or accepting the great difficulties involved
in resignation of the Poincare Cabinet and formation of a new substitute
regime. The second alternative would be especially difficult because the new
Government would have the alternatives of doing what it had turned out its
predecessor for trying to do, or of paying the $407,000,000 war stocks debt
to the United States on August 1 and of contributing a like sum to the
British Exchequer.
Chamber in Uproar.
After ratification of the two accords Deputy Lillaz, a member of the Radical Left Center group, offered a bill for the creation of a special account for
execution of the agreements. While the text of this measure was not given
out. it is known to provide for setting aside sums from the German reparation payments sufficient to cover the debt payments. The bill was immediately referred to the Finance Committee.
At this stage the Chamber went into an uproar as to whether the Finance
Committee should consider the measure immediately or at a later date.
Louis Jean Malvy,Chairman of the Committee,urged postponement offurther discussion in the Chamber until Thursday,stating that the Committee
would study the project in the interval.
Deputy Scapini, blind war veteran, urged immediate consideration so that
the Chamber might ballot on the message this morning. The question of
postponement until Thursday was put to a vote,and was lost by 302 votes to
276. At the suggestion of the Chairman,however, adjournment was taken
until Thursday because of the late hour.
3 AM.Adjournment Taken.
Thus the Deputies, without a roll call, had within ten minutes changed
completely their plan of action. Lillaz's measure in reality is a reservation,
since it provides ways and means of payment indicating definitely that the
funds are to come from reparation annuities. The Chamber adjourned at
3.05 o'clock this morning.
With ratification of the Mellon-Berenger accord, one of the most serious
and prolonged drawbacks to French foreign policy passes out of existence.
Ever since the agreement was signed in April 1926, it has been the subject
of bitter attacks,frequent misinterpretations and almost universal misunderstanding in France, chiefly because the cautious French mind vehemently
opposed signing a debt payment contract without a safeguard clause which
which would relieve France of its responsibility in ease Germany defaulted
in her payments
560
*ma
FINANCIAL CHRONICLE
• Until the present, at no moment since the spring of 1926 has there been
French Government with a strong enough majority to dare oppose
the
question of ratification. This was for the simple reason that scores
of
Deputies were pledged at elections against the agreement,and were certain
to oppose it regardless of their otherwise general support of the Government.
Even after Raymond Poincare came into power in July 1926, ratification
remained equally out of the question. There was nothing that could
change the widespread aversion to the debt accords in France except the
healing influence of time and complete financial rehabilitation. Premier
Poincare effected the latter, but found his way to ratification still blocked.
Even to-day it would have been equally impossible had it not been
for a problem only indirectly related to the debt agreement—the war
stocks debt of $407,000,000 due Aug. 1. Faced with the enforced payment of this sum unless the agreement was ratified before that date, M.
Poincare at last was furnished with a weapon sufficiently strong to browbeat
the unwilling Deputies into a more sane outlook on the debt question.
In this the Government was greatly aided by the sudden decision of
the British Government in May, to require France to pay Great Britain
a sum equal to that she was supposed to pay to America on Aug. 1. France
therefore was confronted with the necessity of paying out almost $1,000,000,000 in the next few weeks, or months, and this strain was too great
for her Treasury to afford the risk.
Consequently, all the Government's attack in favor of ratification was
based on this absolute necessity of avoiding the war stocks payments,
and the Deputies were driven by that into voting the ratification by one
of the narrowest margins that could have been recorded.
[VOL. 129.
two Senate bodies nearly assures ratification by the upper house of the
French Parliamentrovith a substantial majority. The debate on the question will begin in the Senate tomorrow.
Following similar action yesterday by the Finance Committee, the Foreign Affairs Committee today adopted the report recommending ratification, pure and simple, with the resolution of reservatinos to be voted on
separately. This reservation resolution, which the Senate will discuss and
vote on in the coming debate, reads:
"The Senate notes that international conventions impose on Germany the
tion to make payments which partly cover arrears of her reparations debt and obligaPartly
Insure a regular service of annuities provided for in the Washington and London
debt
agreements. In case Germany suspends or substantially reduces her payments
the French Government will have the right to ask a three years' moratorium
in
respect of the whole or part of its payments according to Article lot the last paragraph
of the Washington Agreement and Article 4 of the London Agreement. supplemented
in what concerns these two articles by letters exchanged between M. Caillaux and
Mr. Winston Churchill on July 12 1926.
"In this event the Senate counts on the friendship and loyalty of the United
States and Great Britain in negotiations which would follow. War debts
were contracted with a view to insuring victory for inter-Allied causes, for which several
millions of men fought and died. Their settlement therefore should not increase
the burden on France in case of default on
legislative freedom as a sovereign nation."the part of Germany, nor restrict her
Debate on the debt ratifications was opened in the French
Senate on July 24, and yesterday (July 26) that body ratified
the Mellon-Berenger debt accord, adopting the ratification
resolution by 242 votes against 30. with 40 absentions. The
According to the Paris cablegram July 21 to the New York Associated Press advices from Paris to the "Sun" yesterday
"Times" by 282 against 274 votes the Chambers had voted (July 26) added:
The Chamber of Deputies had previously adopted the resolution.
a reservation motion which was not to be included in the
The Senate adopted the debt agreement with England by a show of
ratification law. All those who wanted reservations in the hands.
law itself opposed the measure, said the cablegram which
Shortly after the Senate had acted on the debt accords it was reported
in the corridors of the Chamber of Deputies that Premier Poincare had
added:
The Government took no sides, although it favored this separate expression of opinion. Those who favored it were for the most part those
who were to vote the law later without reservations at all.
It may thus be asserted that the whole Chamber voted to-night in
one form or another in favor of the thesis that France cannot dig into
her own taxpayers' pockets to pay her foreign war debts if Germany
defaults in her payments. . . .
decided to resign immediately.
The reasons for the reported resignation were said to be ill health and
"dissentions in the Cabinet."
Associated Press advices from Paris contained the following
whims July 25:
The Chamber of Deputies, after inserting a clause making debt payments
of American and England "exclusively" payable from German reparations
France in a bill providing ways and means for such payments, changed
to
Bill of Means Necessary.
Though victory has been won on the main issue, the battle is not yet Its mind this afternoon and voted down the whole ways and means bill by
over, for a bill of ways and means will have to be passed. This bill, 390 to 200.
The measure, which had been introduced by the Finance
which was the suggestion of Deputy Pietri, one of the best financiers in
Committee, will
the Chamber, was introduced by Deputy Henri Lilies, and its discus- probably be brought up later in another form.
measure voted on to-day Is entirely separate from the Chamber's
The
sion, at 3 o'clock this morning, when the Chamber at last adjourned,
unqualified ratification of the Mellon-Berenger debt accord. It
was postponed until Thursday morning.
simply repThis bill provides for the opening of a special Treasury account, "to resents attempts by t- e Chamber to prevent the Government from paying
the credit side of which will be carried the sums which France should the United States unl as Germany has previously paid her reparations bill.
This bill would establish a fund out of which the debts would
receive from Germany after the deduction of the annual fixed sum destined
be paid and
to compensate the reparations charges and war damages. On the debit which would be supplied "exclusively" by Germany's payments.
side will be placed the payments which France has engaged to make each
The text of the agreement for the settlement of the French
year to England and the United States by reason of the accords of April 29
war indebtedness to the United States was given in our issue
and July 12 1926."
This ways and means bill is similar to that adopted by Italy and will of May 8 1926, page 2575. The passage of a resolution by
serve to make an exact accountancy of the amounts received from Ger- Congress the present year
for the postponement beyond
many and paid to the United States and England. In case of default
by Germany there will, of course, be nothing in this special fund with Aug. 1 of the payment of the French debt for war stocks
which to meet France's outpayments, and the Government will either pending action by France on the Mellon-Berenger agreement
have to obtain a moratorium from France's creditors or to take annuities was referred to in these
columns June 22, page 4083 and July
out of the budget.
6, page 47.
It was not without some disturbance that the final decision was taken
to postpone this discussion until Thursday, by which time the Finance
France May Dispose of Big Credit Here Due to Debt
Commission will have had time to consider it.
The Associated Press accounts from Paris July 21 relative
to the ratification of the agreement by the Chamber, stated:
The measure to ratify the agreement for payment of war debts
to the
United States must now go before the Senate, but the majority of
the
Government has generally been much stronger in that body
than In the
Chamber. It thus appears certain that the agreement concluded in
Washington in July, 1926. will be put into effect.
No difficulty was encountered in obtaining a vote for ratification
of the
Caillaux-Churchill agreement for the payment to Great
Britain over a
period of62 years of$653,127,900, and the bill was voted by the Deputies
by
show of bands after the American agreement had been
disposed of.
The balloting on the American debt arrangement
brought to an end 11
days of stormy discussion in the Chamber, in the course
of which the
Premier himself, until completely exhausted, had spoken
for a total of
37 hours.
Foreign Minister Briand picked up the challenge of the Opposition
when
the Premier dropped it on account of his illness 3 days ago.
He appealed to
the gratitude of the Deputies for the tremendous assistance
the American
armies had given to France in the World War and declared
that those
fresh forces reached her shores barely in time to prevent
her destruction.
Before its final triumph, the Poincare Government won
a victory when
the Chamber adopted by 301 votes to 275 a motion which
limited reservations to the ratification bill to a mere suggestion
from the Chamber to the
Government.
Although 3 years have elapsed without ratification
since Ambassador
Berenger concluded with Secretary Mellon
an adjustment of the French
war debt, France had paid the United States "on
account" up to Nov. 15
1928, $82.351,171. A total of $18,000,000 had been
paid to Englana on
the same basis.
The American and British debt funding agreements
were
placed before the French Senate on July 22 by Andre
Tardieu,
Minister of the Interior, according to the "Herald
Tribune"
whose advices (copyright) from Paris July 22, said:
Immediately afterward Senator Charles Dumont,
reporter for the Senate
Finance Committee, submitted the Committee's
decision in favor of ratification without reservations in the text. The Foreign
Affairs Committee
of the Senate meets tomorrow afternoon to consider the
accords and undoubtedly will report favorably.
In a later (copyright) cablegram from Paris (July 23) the
same paper reported as follows:
Both the Finance and Foreign Affairs committees of the Senate
pronounced themselves now in favor of ratification of the Washingtonhave
and
London debt agreement on virttially the same basis as that established by
be Chamber of Deputies' votes early last Sunday. This action by the
Accord-520 Million Reported Held to Meet Obligation Due August 1.
In connection with the ratification of the Mellon-Berenger
debt agreement by the French Parliament it became known
at Washington, July 22, says advices to the New York "Journal of Commerce" on that date, that France has built up
balances of about $520,000,000 in the United States in the
form of ear-marked gold, Government securities and funds
employed in the call money market. The account in the
paper quoted went on to say:
These balances were established, according to the understanding, to meet
the $400,000,000 war supplies debt, which would have been due August 1
had not the agreement been ratified. Under the pact the $400,000,000 is
funded with the remainder of the $4,000,000,000 war debt.
Speculate on Disposition.
Now that the payment of this large sum will not be made August 1, there
considerable
is
speculation as to what disposition France will make of the
funds held in the United States. With London in need of money there
seemed an indication that some of the French capital would be taken there.
A large withdrawal of funds from the call money market or large sale of
Government securities might have a reaction and be felt in the credit
market.
Indications, however, were that if the French decided to unload securities
they would do so carefully, so as not to take lessee. The Government bond
market might easily be upset by any sudden dumping of bonds, it is felt.
Officials here do not believe that there would be any large withdrawals
of funds from the United States by the French prior to action on ratification
of the Mellon-Berenger debt agreement.
Congress Ratification Expected.
Ratification of the French war debt pact after assembly of Congress In
the Fall for the remainder of the special session was predicted by Senator
Smoot (Rep.) of Utah and other leaders.
Some determined opposition to the agreement has arisen In Congress, on
the claim that it does not provide for adequate payments to this Government.
The long delay in ratification by France also stimulated some opposition
to the pact.
However, leaders pointed out that the Mellon-Berenger agreement was
negotiated on the general basis of the other war debt pacts, all of which
have been ratified. Its terms were based upon what appeared to be the
Frnch capacity to pay at the time, having been somewhat more lenient
than that to Great Britain, but less so that that negotiated with Italy.
The Government is making arrangements to postpone the maturity date
of the war supplies debt of $400,000,000 which becomes due August 1.
JULY 27 1929.]
FINANCIAL CHRONICLE
Congress passed a resolution to postpone this payment, provided France,
prior to the maturity date, ratified the agreement While the resolution
was not signed by either the President of the Senate or the Speaker of the
House, the Government will consider that it represents the feeling of
Congress and that it is therefore effective.
Two years ago the Mellon.Berenger agreement was ratified by the House,
but the Senate declined to ratify pending similar action by France, thus
nullifying the action of the House.
U.S.to Postpone Maturity Date of French War Supplies
Debt.
From its Washington correspondent, July 23, the New
York "Journal of Commerce" reported the following:
Immediately upon completion of the ratification of the Mellon.Berenger
debt pact by the French Parliament, the Poincare Government will receive
official notice from the Treasury Department postponing the maturity date
of the $400,000,000 war supplies debt, it was stated to-day.
The war supplies obligation, lumped with the war debt of approximately
$4,000,000, falls due August 1. A Congressional resolution, although unsigned by the Vice-President and the Speaker of the House, which authorized
the Government to extend the due date of the supplies debt provided Prance
ratified, will be considered as official and of full effect by the Treasury.
Ratification by the American Congress is a foregone conclusion, in the
opinion of Senator Smoot (Rep.) of Utah, Chairman of the Senate
Finance Committee.
Thus will come to a close the long drawn out negotiations for the settlement of the most perplexing of the war debts to the United States by the
Allied Governments. Three missions came to the United States for conferences with the Treasury and the World War Debt Funding Commission
before an agreement was actually reached. Former Ambassador Berenger,
sent to the United States primarily to adjust the debt difficulty, succeeded
in arranging for a settlement.
Three years elapsed, however, before the matter was seriously considered
for ratification by the French Government and it only has been ratified
now because of approach of the maturity date of the war supplies debt.
Payment of that sum in a lump, according to the terms of the contract
with France, would have brought strong anti-American feeling in Europe
and probably would have had a strong economic effect because of the
large transfer of funds, in the opinion of officials.
561
to $30,000,000 each during the first and second years, $32,500,000 each
in the third and fourth years, and $35,000,000 in the fifth year.
- Thereafter, France is to pay increasing instalment' in liquidation of
principal for fifty-seven more years, and also interest for fifty-seven years
at 1% for ten years, and 2% for the next ten years, at 254% for the next
eight years, at 3% for the next seven years, and at 334% for the remaining
twenty-two years.
Under this arrangement the debt would be liquidated in the sixty-twoyear period by the payment of 2,822,674,104.17 in interest, and the repayment of the full principal amount of $4,025,000,000, a total of $6,847,674,104.17.
Combined annual payments of interest and principal by France would
be gradually stepped up after the first five years until they reached
$125,000,000 in 1942, and would continue at that level until 1986. A
final payment of $117,674,104.17 in 1987 would cancel the last of the
indebtedness.
The schedule of total annual payments until the level of $125,000,000
would be reached in 1942 follows, the first five payments representing
payments in liquidation of principal only, and the other payments, combined principal repayments and interest:
3108.000,000
$50,000,000 1939
$30,000,000 1932
1926
. 30,000,000 1933
110,000,000
60,000,000 1939
1927
115,000,000
1940
75.000,000
1934
32,500,000
1928
120,000,000
80,000,000 1941
32,500,000 1935
1929
125,000,000
90,000.000 1942
35,000,000 1938
1930
100,000.000
40,000,000 1937
1931
1986,
until
year
each
continue
then
would
payments
$125,000,000
The
and in 1987 the final payment would be made.
Since the signing of the Mellon-Berenger agreement France had made the
annual payments called for under its terms despite the fact that it had not
formally been ratified by the legislative branches of the two governments.
Lloyd George in British House of Commons Suggests
Modification of Young -Plan for Solution of Reparations Problem.
The Young report on reparations was criticized in the
British House of Commons on July 26 by David Lloyd
George, Liberal leader, who, according to United Press
advices from London to the "Sun" suggested that it be modified before it is accepted by England.
The cablegram to the "Sun" continues as follows:
Approval by French Chamber of French Debt AgreeLloyd George said, "that I felt I must
ment Pleases Senator Smoot—Looks for Ratifica- "It is such an lucre ible report,"
have missed something when I first read it. I read it a second and then a
tion by Congress.
third time and was colifirmed in my feeling of amazement that it should ever
Senator Reed Smoot of Utah, Chairman of the Finance have been presented to the British Treasury as a fair settlement of British
Committee and former member of the American World War claims.
"I earnestly trust the Chancellor of the Exchequer will do his utmost
Debt Commission, stated on July 21 that the favorable action to secure every possible modification of the scheme before this House
taken by the French Chamber of Deputies in regard to the adopts it." objecting to the Young plan on the ground that It reduces
"I am not
Mellon-Berenger French debt agreement did not surprise Germany's contributions," Lloyd George said. "My objection is that
the sacrifices are practically made at our expense. If there is to be an
all
York
him, according to Washington advices to the New
abatement of German annuities, it ought to be distributed fairly among
"Times," from which we quote further as follows:
the bill."
the claimants. This is not the case. We have been asked to foot
The Senator declared:
"It was just what I had expected. The French Deputies had no other
course to follow. Unless they ratified the agreement, France would have
had to pay her debt of $400,000,000 for the purchase of surplus war
supplies on August 1. There would have been no further delay granted
and we would have collected it."
The outcome of the test before the Chamber of Deputies, Senator Smoot
said, was very satisfying to him, and he now expected that the controversy
which has been going on for years would quickly be settled.
"There is no doubt," he said, "that the American Senate will ratify
when the agreement comes before it. It will be brought before that body
as quickly as possible after formal notice of ratification by France has been
received, and there should be no trouble in obtaining speedy action."
Senator Smoot said that he felt sure that the House of Representatives
would also vote ratification. On a previous occasion, in 1926, following
the signing of the agreement by the American and French debt commissions, the House voted its approval, but the pact was not put to a vote
in the Senate, it being decided to withhold action until the French legislative bodies had acted. A second vote will now have to be taken in the
House.
Virtual assurance that the American Congress would ratify if the French
Parliament took favorable action was given recently when Congress adopted,
almost without opposition, a resolution to delay collection of the $400,000,000 surplus war materials debt, falling due on August 1, if, in the
meantime, the French Parliament ratified the Mellon-Berenger agreement.
This item is incorporated in the agreement with other loans made to
France, and with ratification of the pact its maturity date is canceled.
With final action on the French accord, agreements will have been
ratified with all of the foreign nations, covering their war debts to the
United States, with the exception of Russia, which owes this country about
$187,000,000. As the United States has not recognized Russia there have
been no negotiations for an agreement.
French Debt to United States Put at $4,025,000,000.—
Interest Brings This to $6,847,674,104 to Be Paid by
share of
Lloyd George said the Young plan apparently reduces Britain's
reparations about two million pounds sterling (approximately $9,720,000)
annually.
From the "Wall Street Journal" of July 26 we take the
following, credited to the United Press:
Lloyd George pointed out that Britain's sacrifices and war burdens are
still carried, and he failed to see what grounds there could be for asking her
to assent to a decrease in her receipts.
"But more serious." he added, "is the fact that the German annuity is
Practically
to be divided into conditional and unconditional payments.
nothing comes to us out of the unconditional payments.
"Our payments will be vicarious and doubtful. Germany has only been
able to pay the Dawes contributions by borrowing on a large scale, simultaneously keeping down wages. You cannot continue the two processes
indefinitely.
"Germany ultimately will be confronted with an aggregation of huge
borrowings for paying those annuities. We will be left with thereat, which
is vicarious and vanishing. We shall be left with nothing bnt 34,000,000
pounds to pay the United States.
"The United States was represented at the Young plan conference, but I
observe that during the two years when it was suggested that we not receive
reparations, there was no suggestion that the United States was not to
receive any Payment on her debt. This seemed rather a one-sided transaction, weighted against us in every direction and every particular."
He referred to Great Britain's 1922 debt cancellation proposals and concluded: "It is a grave misfortune that the proposals were 1.ot carried out,
as it would have meant getting rid of the burdens which are crippling
industry and depressing wages throughout Europe."
Phillip Snowden, Great Britain's Chancellor of the
Exchequer, in Criticism of Young Reparations
Report.
According to Associated Press accounts from London
1987.
yesterday (July 26) Chancellor of the Exchequer Philip
From the New York "Times" we take the following Wash- Snowden declared that if Great Britain got all she could
ington advices, July 20:
expect under the new Young reparations proposals she would
The agreement for the funding of the French wartime debt was reached have just enough to pay her American debts. England, he
on April 29 1926, and was dated as of June 15 1925. In drawing up the
would have no surplus, but France would have a
compact the obligations of France were first calculated as aggregating added,
$3,378,471,097.64 on December 15 1922, made up of $2,933,405,070.15 in surplus of $100,000,000 annually after her debt payments
cath advanced under the Liberty Loan acts, and accrued interests at 414%. had been made. All the other creditor powers would also
With this total was welded the sumof $407,341,145.01 owed to this counsurpluses. The Chancellor reminded Lloyd George,
try by France for the purchase of surplus war supplies, with accrued have
interest of $6,324,940.79. This gave a total indebtedness as of December 15 the Liberal leader, that the Government was in no wise
1922 of $3,792,137,183.44. Interest on this sum calculated from December committed to acceptance of the report; some of the further
15 1922 to June 15 1925, at 3%, brought the total to $4,076,547,472.19.
comments by the Chancellor are quoted from a copyright
Credits due France cut this down to $4,025,396,689.89, and France agreed
Post" as follows:
to pay in cash $386,686.89, bringing the total indebtedness to be funded cablegram to the New York "Evening
in bonds to $4,025,000,000.
On this total France contracted to pay during the period from June 15
1925 to June 15 1930, inclusive, only instalments of principal amounting
The Chancellor declared he realized the grave undertaking he confronted
In the coming conference and said he could only promise that he would do
his best to obtain an equable arrang ment for 1 ngland.
562
FINANCIAL CHRONICLE
But whatever the result might be, he said in a firm voice, he could assure
the House of Commons that there would be no further sacrifices of British
interests.
In closing, Mr. Lloyd George once again came out for debt cancellation
all around and said that it was "a grave misfortune that the proposal
was not carried out, as it would have meant getting rid of all those burdens
which are crippling industry and depressing wages throughout Europe."
Won't Protest Annuities.
Mr. Snowden, replying again, made it clear that the Government would
not raise a protest against the Young scale of annuities and indicated that
Great Britain would not make a fight to recover some of its billion dollars of
arrears, in collection, in other words, of the difference between the sums
collected and those already paid to America.
He also said that Great Britain would not agree to accept provisions for
deliveries in kind"a very serious question for an exporting country like our
own"—unless finally compelled to do so. Great Britain will try to get
deliveries in kind converted to cash, as reparations coal is seriously affecting
British coal exports.
Great Britain, he concluded,should maintain such rights as she has. "The
limit of concessions by this country has been reached. Our sacrifices have
been magnanimous, generous, and quixotic."
;
L suggested
The raising of the question was a complete surprise, and it .
In some quarters that it was invited by Mr. Snowden himself, who is a personal friend of Mr. Lloyd George,in order to serve notice on the Allies that
Great Britain has everything to lose and nothing to gain by the conference.
After a severe Conservative attack on Labor's policy in Egypt, the
Commons was adjourned until Oct. 29. The House of Lords, transacting
only formal business, also adjourned.
Conference of
Governments on Young
be Held at The Hague.
Plan
Likely to
Associated Press advices from Brussels, July 26, stated:
Paul Hymens, Minister for Foreign Affairs, informed the British and
French Ambassadors to-day that the Belgian Government had accepted
The Hague as the seat of the conference of the governments on application
of the Young Reparations Plan. The decision made it practically certain
The Hague would be the seat of the conference.
Great Britain Will Raise School-Leaving Age from 14 to
15—Change Effective in 1931—With View to Aiding
Unemployment.
From the New York "Times" of July 19 we quote the
following from London, July 18:
As part of its plan to reduce juvenile unemployment, the Government in
the House of Commons this afternoon announced its intention of raising
the school-leaving age from 14 to 15. The move is likely to meet with
considerable opposition.
Lord Eustace Perry, former President of the Board of Education, calculated it would add 600,000 scholars at an additional cost of $100,000,000
a year, with their maintenance, which the State would have to pay.
Dr. E. Graham Little, Independent Member of the House of Commons
for.London University, has declared that the raising of the school-leaving
age from fourteen to fifteen was "unsound from an educational as well
as a social standpoint."
The age was last raised in 1918 when the years of compulsory attendance
were extended from 12 to 14.
Making the announcement to-night Sir Charles Trevelyan, Minister of
Education, said the new scheme would operate from April 1931, and that
maintenance allowances would be granted by the State to parents.
Salaries of British Labor Members of Parliament Considered Too Little for Parliamentary Activities—
Thomas's Pay Increased to $25,000.
Associated Press advices from London July 5 reported by
the New York "Times" stated:
The question of salaries has begun to worry Great Britain's new Labor
parliamentarians, and as A result of discussion on the matter the country
at large is awakening to the fact its Government heretofore has been in
the hands of wealthy men.
Prime Minister MacDonald announced yesterday in the Commons he had
increased the salary of J. H. Thomas, Lord Privy Seal, from the E2,000
(about $10,000) he drew at that post to 25,000 (about $25,000) because
of extra duties undertaken as Minister in charge of unemployment.
There has been some discussion of the paucity of the salaries of the
Prime Minister and the Chancellor of the Exchequer, which are only 25,000
(about $25,000) each, barely enough to keep up the official residences on
Downing Street. This was a matter of little concern when the officeholders
were wealthy men, but the situation is far different in the Labor regime.
In the last Labor Government the Ministers pooled their salaries for
the benefit of all, but as far as known this has not been done in the
present instance.
Until Laborites began to appear in Parliament members of. Commons
were not paid at all. Then a salary of 2400 (about $2,000) annually was
Instituted for members. This sum was adequate before the war, but to-day
Is sufficient only to pay pocket expenses of the ordinary member,
The question has entered also into the matter of increased Labor representation in the House of Lords. Responsible journals not adhering to
Labor principles suggest a reform be instituted making it impossible for
Mr. MacDonald to create life peerages only to increase the party's representation there. This would save heirs of the newly created peers from
difficulties of maintaining their position without adequate means. There
are only eleven Labor peers.
Suez Canal Not to Be Under Control of League of
Nations.
A cablegram from London July 17 to the New York
"Times" stated:
In the question hour in the House of Commons to-night Arthur Henderson,
Foreign Minister, was asked by a Liberal if the Government was ready to
propose that the Suez Canal be placed under the control of the League of
Nations. Mr. Henderson replied that inasmuch as free navigation of the
canal was provided by the convention of 1885 the Government saw no
reason for any change.
[VOL. 129.
Curtailment of British Naval Construction Announced
by Prirrie Minister MacDonald.
In the House of Commons on July 24 Prime Minister Ramsay MacDonald indicated what Is proposed in the way of
curtailment of British program of Naval Construction, his
pronouncements being followed by a Statement by President
Hoover (given elsewhere in this issue) that work on three
cruisers in this year's construction program of the United
States would be suspended. Summarizing what was said
by Prime Minister MacDonald, the London Cablegram July
24 to the New York "Times" said:
It was an important statement, and inasmuch as before delivering it he
had given the Washington Government an opportunity to make observations
upon it it is presumed that so far as it referred to the United States it
coincided with President Hoover's views.
Mr. MacDonald's statement may be summarized in the following
points:
First, the Kellogg pact had an important bearing on national security
and therefore conduced to reduction of armaments.
Second, the United States and England had been carrying on conversations
which, based on the principle of parity, had marked an advance toward
agreement between the twa largest naval powers.
Third, the outstanding differences between Washington and London be
hoped to deal with in direct conversations with President Hoover, and
October was the likely month for his going to Washington.
Fourth, after the United States and England were in agreement, the other
naval powers would be invited into a conference, the results of which he
hoped would forward the cause of general disarmament.
Announces Halt in Building.
Fifth, as a beau geste, England herewith announced suspension of work
on two cruisers, one submarine depot ship and two contract submarines, and
the slowing down of dockyard work on other naval construction.
While lacking in the revelation of any sensational developments in the
talks he has been having with American Ambassador Dawes, the Prime
Minister's statement in its general tone left no doubt that the present
British Government takes most seriously the undertaking to reach a naval
arrangement. There was some report that the Premier's declaration of
Admiralty ukases was not necessarily the last word, but in general the House
gave the statement a good reception.
It is known that several days ago the text of the MacDonald declaration
was cabled to Washington. This morning, preceding a Cabinet meeting,
General Dawes called on Mr. MacDonald, and soon afterward the Cabinet
met and approved the Prime Minister's thousand-word declaration.
Mi. MacDonald chose the answering of a question by Commander Ken.
worthy as the form by which to make his statement.
An aceount (Associated Press) of Prime Minister MacDonald's remarks on naval disarmament to the House of
Commons is taken as follows from a London cablegram July
24 to the "Herald Tribune:"
"I am now in a position to make a statement as to the immediate intentions of the government regarding the naval building program.
"The government's general position is that the defense of the country
must be devised with two main considerations in view.
"First, the chances of defenses having to be used and then the efficiency
and economy shown in their magnitude and character. The government has
kept in view changes in policy and in the problem of national security as
affected by the peace pact if that pact is to be made an effective influence
in international relations.
"To make it so is the controlling purpose of the government and
systematic policy is being developed which will take a little time to completely carry out that intention.
"It is well known that in the midst of multifarious concerns which the
formation of a new goverment entailed and the specially pressing and complicated nature of our task, conversations have been actively carried on
between the United States and ourselves for the purpose of opening the way
for agreement on naval matters which hitherto have defied settlement.
"By ihappy coincidence our assumption of office corresponded in time
with the arrival in this country of the new American Ambassador, General
Dawes, who came to this country charged by the President of the United
States with a mission to prepare the ground for international agreement for
redection and limitation of naval armaments.
"Already the whole field of these differences with the United States has
been surveyed and the two governments have made a fresh start in their
solution.
"We have agreed upon the principle of parity. We have agreed that
without in any way departing from the conditions of parity, a measure of
elasticity can be allowed so as to meet the requirements of the two nations.
"We have determined that we shall not allow technical points to override great public issues involved in our being able to come to a settlement,
and as soon as the rising of this house releases me from its day to day
work I propose to make this matter my chief concern until an issue is
reached.
"A visit to the President of the United States now is a subject of conversations so that it may take place when it will be most helpful to promote
the cordial relations of the two countries and in particular to advance the
ends of disarmament and peace which we hold in. common.
"It has to be fitted in with certain international conference, but October
at present seems a likely month."
In turning to the military question, Prime Minister MacDonald said:
"A committee to co-ordinate the three services for the purpose of
Cabinet consideration has been set up, but as that co-ordination is not comprehensive enough to meet requirements of state policy, the Foreign Office
is also represented upon it. This will enable us to systematize our work
in the hands of this committee.
"The general outlook is such as to justify a review of our own program.
Our predecessors did this from time to time as the cut in Naval Program
outlook brightened.
"Therefore, after a thorough examination of the naval position and not
only as proof of our own sincerity but as a duty imposed upon us with
regard to expenditure of national money, we have decided as follows:
"To suspend all work on cruisers Surrey and Northumberland; to cancel construction of the submarine depot ship Maidstone ; to cancel the two
contracted submarine, and to slow down dockyard work on other naval
construction.
"As to the 1929-'30 naval program, in any case no commitments would
have been entered into before the autumn and no steps will be taken to
JULY 27 1929.1
FINANCIAL CHRONICLE
proceed with the program until the matter has received further consideration.
• "The government, of course, recognized that reduction of naval building
programs must have direct effect upon employment in dockyards. I am
glad to say that as a result of special arrangements suggested by the Admiralty it is hoped to secure absorption of a large amount of labor that
would otherwise be discharged from the royal dockyards. Representatives
of the dockyards and labor will at once be consulted.
•"We are indebted to the Board of Admiralty for the help they have
rendered and I desire to say of them that having expressed their technical
views on the minimum of armaments which they considered to be necessary,
they have furnished us with loyal help toward achieving our objective
with the least possible dislocation and hardship."
Mr. MacDonald announced that the governments of other powers represented at Washington in 1921 had been informed of the conversations and
as soon as the way is clear they will be invited to the preliminary conference.
He continued:
"So that we may all endeavor together to try to come to an agreement of
comprehensive character the final agreement will be ratified at a place which
I hope will by common agreement be chosen by the United States as a
recognition of the tplendid part played by its President in these transactions.
A report will be made to the preparatory commission on disarmament of the
League of Nations as contributor to its work.
'If these intentions are fulfilled the request of the chairman of the
preparatory commission, made at Geneva March 15 1928,that the powers shall
attempt to agree among themselves will be accomplished and we 'kali be in
a position to pursue with the commission the difficult but essential problem
of how to reduce the other forms of armament in accordance with the
pledges given by the Allies at Versailles when imposing disarmament upon
Germany and also in pursuance of the peace pact.
"To that end His Majesty's Government will direct its thoughts and
Its energies in co-operation with other nations as soon as this more immediate work of naval agreement has been finished.
"A general disarmament conference then will be possible. I am anxious
that this house should not minimize the difficulties in our way or the
time required for negotiations, but they may be assured that it will be our
care to make our policy clear and our desire to put our energies into a
settlement without unnecesary delay."
President Hoover Announces Suspension of Work on
Three Cruisers.
In indicating that the United States would join with Great
Britain to effect a curtailment of naval building operations,
President Hoover announced on July 24 that work would be
halted on three cruisers in this year's construction program.
President Hoover's statement followed a speech in the
House of Commons on July 24 by Prime Minister Ramsay
MacDonald in which the latter set forth what was proposed
by Great Britain in cutting down its naval armaments.
Mr. MacDonald's address is referred to at length in a pre-.
vious item in this issue of our paper. We give herewith
President Hoover's statement of July 24:
I have read with real satisfaction the statement which the Prime Minister
563
peace than at any time in more than half a century." As
we note in another item in this issue, the President on
July 24 moved to halt work on three cruisers in this year's
construction program. The President's statement of July 23
regarding measures to curtail military costs was made as
follows at his conference with newspaper men:
"Last week there was published a statement showing the estimated increase in Federal expenditure over the next four years, as imposed by
legislation already passed by Congress.
"These estimates indicate by 1933 an increased burden of somewhere
from $250,000,000 to $300,000,000 above the expenditures of the fiscal
year just ended, and from $400,000,000 to $500,000,000 above the expenditures of four.years ago.
"Of this, the purely military and naval expenditures, excluding nonmilitary activities of these departments, represent about one-half. The
combined expenditure is estimated at $803,000,000 in 1933, an increase of
$120,000,000 over the last fiscal year, and $224,000,000 over four years
ago, all of which compares with a total of $266,000,000 average pre-war
total for the combined military services of the Army and Navy, or an
estimated increase by 1933 of $530,000,000 over -pre-war.
"These amounts do not include any amount whiech we justly spent on
veterans who suffered in past wars, which in itself amounts to about
$820,000,000 a year. Moreover, many bills are pending before Congress
that will still further increase this sum.
"The American people should understand that current expenditures on
strictly military activities of the Army and Navy constitute the largest
military budget of any nation in the world to-day and at a time when
there is legs real danger of extensive disturbance to peace than at any time
in more than half a century.
"The hope of tax reduction lies in a large degree in our ability to
economize on the military and naval expenditure and still maintain adequate
defense. Our whole situation certainly is modified by the Kellogg pact.
"We hope to save materially on naval expenditures by international
agreement on naval arms. In the matter of Army outlay, I am in agreement with the Secretary of War to set up within the General Staff a
commission of leading Army officers to reconsider our whole Army program, to see what services and other outlays have become obsolete through
advancement of scientific war methods, and what development program
can be well spread over longer periods in view of the general world outlook,
and at the same time maintain complete and adequate preparedness. Such a
program should be constructive and not destructive."
Japan Discusses Navy Cut—Cabinet Agrees on Four
Main Points for Conference.
The following advices (Associated Press) from Tokio July
19 appeared in the New York "Times":
The Cabinet to-day heard and discussed a report by Baron Kijuro Shidehare, Foreign Minister, on progress toward limitation of armaments.
It was autboritattyely understood that four main points of Japanese
policy had been agreed upon.
The first was that Japan was quite willing to participate in a disarmament conference seeking positive reduction in armaments and not merely
limitations. Second, that Japan is 'willing that the agenda and other
has made in the House of Commons. The American people are greatly preliminary details be decided by Anglo-American discussions. Third.
complimented by his proposed visit and he will find a universal welcome.
that Japan does not wish to act as host to the conference. Fourth, Japan
Mr. MacDonald's statement marks a now departure in discussion of naval will support the simplest form of naval yardstick suggested.
disarmament. The Prime Minister introduces the principle of parity
The Japanese Government is convinced that Ambassadors Matsudaira
which we have now adopted,and its consummation means that Great Britain and Debuchl, at London and Washington. have been made aware of all
and the United States henceforth are not to compete in armament as poten- Anglo-American disarmament developments and is satisfied to have the
tial opponents but to co-operate as friends in the reduction of it. The early stages of the discussions continue along the present lines.
Prime Minister has stated clearly and unmistakably the principles on which
he is acting. I cannot but be responsive to the generous terms in which
he has spoken of the attitude and purpose of the United States. We join Military and Naval Expenses of Four Powers Given Out
in his efforts in the same spirit.
in Hoover's Plan to Cut Army Costs.
Mr. MacDonald has indicated the good-will and positive intention of the
British Government by suspension of construction of certain portions of
According to a Washington dispatch, July 23, to the New
this year's British naval program.
It is the desire of the United States to show equal good-will in our ap- York "Times," figures for the complete military and naval
proach to the problem. We have three cruisers in this year's construction expenses of four of the leading nations given out in connecprogram which have been undertaken in the Government navy yards, the
tion with President Hoover's statement of prospective reducdetailed drawings for which are now in course of preparation. The actual
keels would, in the ordinary course, be laid down some time this fall. Gen- tions in American military costs are:
erally speaking, the British cruiser strength considerably exceeds American
United Kingdom.
$570,758,400
strength at the present time and theactual construction of these three 1927-1928 (actual expenses)
551.464,200
cruisers would not be likely in themselves to produce inequality in the final 1928-1929 (actual expenses)
547.274,600
1929-1930 (estimates)
result.
France.
We do not wish, however, to have any misunderstanding of our actions, 1928-1929 (estimates)
407,915.000
and therefore we shall not lay these keels until there has been an
523,241,000
oppor- 1929-1930 (estimates)
tunity for full consideration of their effect upon the final agreement for
Japan.
212,383,000
ental expenditures)
parity which we expect to roach, although our hopes of relief from construc- 1927-1928 (actual
224.352,000
1928-1929 (actual expenditures)
tion lie more largely in the later years of the program under the law of 1928.
235,351,000
1929-1930 (estimates)
United States.
624,600,000
1927-1928 (actual expenditures)
684,700,000
President Hoover Moves to Cut Military Expenditures 1928-1929 (actual expenditures)
741,000.000
1929-1930(estimates)
—Tax Reduction Dependent on Lower Army and
Navy Costs.
In declaring himself in favor of reducing military expenditures, President Hoover on July 23 expressed himself in
agreement with the proposal of the Secretary of War "to
set up within the General Staff a commission of leading
army officers to reconsider our whole Army program to
see what services and other outlays have become obsolete."
The President observed that "we hope to save materially on
naval expenditures by international agreement on naval
arms," and he likewise said that "the hope of tax reduction
lies In a large degree in our ability to economize on the
military and naval expenditure and still maintain adequate
defense." The President took occasion to state at the same
time that "current expenditures on strictly military activities of the Army and Navy constitute the largest military
budget of any nation in the world to-day and at a time
when there is less real danger of extensive disturbance to
The "Times" adds:
The expenditures for Great Britain, France and Japan cover all military
expenses, including the Army, Navy and aviation. These figures were
supplied by the Bureau of Foreign and Domestic Commerce, while the
expenditures for the United States were supplied by President Hoover.
Montagu Norman of Bank of England and U. S. Bankers
Confer on Problems in Reparations Bank—Support
to British Demands Seen Forthcoming Here as
Result of Efforts.
From Washington, under date of July 25, the New York
"Journal of Commerce" reports the following from its
correspondent there:
Several of the basic questions involved in the organization of the new
Bank for International Settlements, which is provided for in the Young
plan, have been discussed by leading international bankers here with
Montagu Norman, Governor of the Bank of England, who has been staying
at Bar Harbor, Me. It is learned from a source in close touch with the
situation that Governor Norman has argued with considerable force the
British point of view, which favors the location of the bank in London.
564
FINANCIAL CHRONICLE
and that it is believed likely that the American bankers interested will lend
support to the British demands.
The relation of the new bank to existing banking institutions, both
central and private, raises a number of difficult problems which, it is understood, are now being discussed at the conferences. There is reported to
be a difference of opinion as to the wisdom of restricting the activities of
the new institution as far as possible with central banks. Another question
is the extent to which the new bank shall take a part in the international
movement of gold, including its possible role as an international clearing
house, eliminating the necessity of numerous gold shipments between
nations.
Handling of Balances.
Among the important questions involved in the preliminary discussions
of the new bank is understood to be the manner of handling the large
balances which the new institution is expected to have at its disposal from
an early date in its formation. There will naturally be a general desire on
the part of the nations involved to have the balances kept in their own
markets as far as possible and to prevent withdrawal of funds from the
various markets in a manner to unsettle financial conditions there. The
present conferences between the American bankers and Governor Norman
will result in the reaching of a tentative agreement, it is hoped, that will
greatly facilitate the final negotiations abroad in connection with the
institution.
As a result of the ruling of Secretary of State Stimson against the participation of the Federal Reserve Banks in the new international institution,
the burden of American participation is expected to devolve upon the
leading American bankers, and especially on J. P. Morgan & Co. The
visit of Governor Norman at this time, shortly after the completion of the
proceedings of the Young committee, has naturally aroused keen interest
as to its purpose, but the matter has been jealously kept secret and few
Individuals here are acquainted with what is going on.
Consult Reserve Bankers.
Although the Federal Reserve System has been ruled out of actual participation in the Bank for International Settlements, it is further learned
that its advice in a consulting capacity is being availed of throughout. A
spokesman for the Federal Reserve Board has been in close touch with Governor Norman,and has worked with him In arranging the preliminary draft
of organization of the new bank.
The reaction in London has been lukewarm to the international bank
proposal, it being felt that the British have little to gain from it, and may
find it a substantial competitor for business which has hitherto been handled
by London. The location of the bank in London. however, which would
Involve keeping substantial international balances there, would at least in
part offset the loss in business which might materialize.
The presence of Governor Norman in the United States
was noted in our issue of July 13, page 212.
British Chancellor Snowden Asks Caution by Bankers
in Foreign Lending.
A warning to London financial houses to.exercise caution
in foreign lending was made by Chancellor of the Exchequer
Philip Snowden at a bankers' dinner on July 24, according
to a cablegram from London to the New York "Times,"
which quotes him as saying:
[VOL. 129.
mission was unanimous. As it was composed of Banker Bernhard Dernburg,
Finance Minister Hilferding, Minister Mermes and other noted experts, the
report produced a powerful effect and is expected to moderate the zeal of
the Leans Advisory Board in the future in vetoing foreign loans by public
bodies.
Report of S. Parker Gilbert, Agent General For Reparation Payments, Covering Nine Months to May 31
1929—Young Plan Seen as Affording Definite
Settlement of Reparation Problem.
In his report to the Reparations Commission covering
the nine months of the fifth annual year to May 31 1929,
S. Parker Gilbert, Agent General for Reparations refers
to the Young, or experts plan of 1929,as giving "to Germany
and creditor countries the opporuntity for definite settlement of the reparation problem," thus providing "the
essential basis for the further progress of peaceful reconstruction." This comment by Mr. Gilbert is contained in
the following extract from his report, as given in the account
of the same to the "Times" from Berlin, July 20:
German credit and business conditions during the past six months.
Mr. Gilbert says in his summing up to the Reparation Commission, have
been dominated by exceptional influences, arising on one hand from the
unprecedented severity of the Winter and the budgetary difficulties of the
Reich, and on the other from the attraction exercised by the high level of
money rates in New York and the suspense incident to the work of the
experts' committee in Paris for the final settlement of the reparation problem. The experts' report of 1929 completes the work of the first committee
of experts and provides. he says, a plan under which Germany will know the
exact extent of her obligations and will discharge them on her own responsibility. In the interests of creditor powers and of Germany alike it
eliminates the uncertainties inherent in the experts' plan of 1924 and, to
use its own words, "sets the seal on the inclusion of the German debt in the
list of international settlements."
Turning Point for all Europe.
"Five years ago," Mr. Gilbert continues. "adoption of the experts'
plan of 1924 by agreement between Germany and the creditor powers
marked a decision in favor of rational settlement of the reparation program and an election at the same time in favor of the peaceful reconstruction
of Europe. It was the turning point in the process of recuperation after the
war,and the years which have followed have been years ofsteadily increasing
stability and of substantial economic recovery, not alone in Germany but
In Europe as a whole.
"The experts' plan of 1929 gives to Germany and creditor countries the
opportunity for definitive settlement of the reparation problem and thus
provides the essential basis for the further progress of peaceful reconstruction."
Mr. Gilbert's present report is his last but one, as by the terms of the
new experts' plan he will pass out of the picture as Agent General for
Reparations on Sept. 1. although he will be identified with the process of
organizing the new reparations bank which will carry out the provisions
of the new experts' plan. If the latter fails of ratification by the Governments and parliaments concerned, the Dawes plan will continue to operate
under guidance of Mr. Gilbert, who in all probability also will continue to
remain a steadfast optimist in respect to Germany's future, as which he has
become known since the semi-annual appearance of his reparation reports.
Our orthodox theories and the former experiences we had of the operations of financial machinery—the expectations we had from the movements
of gold and the use of all the old instruments for the adjusting of international exchanges—do not appear to operate to-day with the old preFurther extracts from the "Times" account of the report
cision of natural law.
follow:
I am quite sure you will all have read with satisfaction the statement
In its general
hopeful note with respect
of Premier MacDonald in the House of Commons this afternoon in regard to Germany's conclusions the report sounds a
ability to further disentangle the knot of her post-war econto the fruitful outcome of conversations he has been carrying on through omic
perplexities. As in his previous reports, the Agent General again
the last few weeks with our new American Ambassador, whom we all discusses at great
length the budgetary procedure of the Reich, its policy
welcome to-night. We hope the outcome of these conversations, which of borrowing and
the German credit position as it has fluctuated since his
have opened in such a promising way, may result not merely in cementing last annual report
to the Reparations Commission.
the still stronger friendship between the two great English-speaking nations
On the question of capital the report states:
but in bringing about what ought to be the result of the Kellogg pact—
"Rebuilding of the domestic supply of capital to a point at which interest
namely, a very considerable reduction in an expenditure which is the rates will decline, remains as at all times since stabilization the central
problem of German economy. In the last six months the fund of ready
burden to-day upon all the countries in the world.
capital has gained, on the whole, no enlargement from abroad; on the
contrary, the movement of funds has been away from Germany and the
gold base supporting the credit structure has narrowed.
Yugo Slovia Protests the Young Reparations Plan—
This outward flow of funds was due to conditions which affected Europe more or less uniformly. These conditions centred on the high rates
Demands Interallied Conference Representation.
for money current in New York which attracted funds from the prinFrom Belgrade, July 21, the "Times" reported the fol- cipal money markets of the world,including those of Germany.
Doubt Affected Situation.
lowing:
"But in addition to this powerful influence another force operating in
The Ministry of Foreign Affairs published yesterday a communique the same direction during most of this period and with particular vigor
according to which the Yugoslav Ministers at Paris and London were in April and May, was uncertainty as to whether an agreement would
be reached at the meeting of experts in Paris. From the end of Deceminstructed to present to both the French and British Governments protests ber 1928, until
the end of May 1929, the reported reserves of the Reichsagainst the alleged injustice done Yugoslavia by the Young Reparations bank declined by about 820.000,000 Reichsmarks ($196,800,000) and in
addition the Reichsbank lost a large but unstated amount of foreign exPlan.
Yugoslavia demands representation on the inter-Allied conference for the change from its stocks of devisen not separately reported."
Uncertainty as to the outcome of the Paris negotiations had its effect
setting up of the Plan in order to formulate her protest in greater detail.
in other directions also, Mr. Gilbert states, although it asserted itself in a
manner more difficult to measure.
"It cannot be doubted, for instance, that imponderable forces were at
Commission Refutes President Schacht of Reichsbank
work, both before and during the meeting of the experts, which acted
on Loans—Declares Increase of Reserves Is Always as a damper on initiative and restrained
the growth of German business,"
the Agent General observes. "The unanimous agreement reached by
Accompanied by Decline in Home Discounts.
A special cablegram, July 19, from Berlin appeared as the experts early in June removed this feeling of uncertainty and itself
became a factor of direct and immediate economic importance."
follows in the "Times":
German currency continues to meet all practical requirements of the
Municipal borrowing got an impulse from the sensational report of the gold standard, although the Reichsmark
still remains a de facto gold
Reichsbank policy and activities, published this week by the official Com- currency and not currency legally convertible
into gold. Its internal
mission. The Commission refuted emphatically all arguments used by value, says the report, as reflected in the level
of commodity prices, has
Schacht of the Reichsbank against foreign borrowing. Schacht, in giving been on the whole stable, and latterly it has shown
some tendency to rise
evidence, told the Commission that an increase in reserves takes place as indicated by a decline in the general index of
prices.
when the exchange yield of foreign loans is sold to the Reichsbank, and
Discusses Gold Redemption.
that this makes for an increase in circulation and price rises. The ComDiscussing the Reichsbank's obligation to redeem its notes in gold or
mission replies that an increase of reserves is always accompanied by a
corresponding decline in home discounts, which checks a possible increase devisen (foreign gold currency) and the announced intention of its President,
in circulation. The Commission repudiates Schacht's theory that a Dr. Hjalmar Schacht, to request the managing board and the General
growing interest burden on official obstacles against long-term foreign Council of the Reichsbank to put the respective proviso of the bank law
long-term loans will dangerously burden Germany's balance of payments. into effect, Mr. Gilbert says:
"Ono of the practical consequences of the program thus announced is
The balance of payments, retorted the Commission, is much more danger- that
Germany's reparations
ously burdened by borrowing, as obstacles lead the credit takers to borrow denominated in Reichsmarks,obligations under the new plan are to be
whereas under the experts' plan of 1924
on short terms, and this cannot be officially checked. Further, the Com- they are denominated in gold marks, a monetary unit calculated according
mission denied Schacht's objection that ease of borrowing from abroad misled to a formula prescribed in the London agreement of August 1924. The gold
mark so calculated has often been at a fractional discount or premium with
municipalities into needless luxury expenditure. The report of the Com- the
Reichsmark and has rarely been identical with it.
JULY
27 1929.]
FINANCIAL CHRONICLE
"On the other hand. It is not to be assumed that the program of putting
the provision of the bank low into effect carries with it any implications
whatever as to the resumption of gold coinage or placing gold coins in
circulation; indeed, the utility of introducing gold coins into circulation
may be regarded as exceedingly doubtful, whether viewed from the standpoint of present conditions in the world market or from the
standpoint of
the internal requirements of Germany."
3402.960,000 Was Paid.
During the first nine months of the fifth annuity year Germany paid
the creditor powers 1,679,000.000 gold marks (3402.960.000), which was
transferred in monthly instalments under authority of the Transfer Committee. Of this total 58% was transferred in foreign currencies, while
the
Reichsmark payments within Germany amounted to about 42%.
These percentages indicate a continuance of the tendency noted in
previous annuity years toward the transfer of an increasing proportion
of the reparations payments in foreign currencies.
The transfers by Reichsmark payments within Germany represent
principally payments for deliveries in kind and expenses for the armies
of occupation. The transfers in foreign currencies comprise service of
the German external loan and payments under the British and French
reparations recovery acts and under the agreement with the United
States, as well as direct cash transfers in foreign currencies.
The cash transfers themselves include the monthly payments made
on account of priority of the United States for army costs in arrears as
well as cash transfers for general distribution among the creditor powers.
Of the sums available to the latter during the first nine months of
the
current annuity year the total share of the United States amounted to
about 70,168,000 gold marks (about $16,840,320).
For Army Costs in Arrears.
The United States Government has received during
the nine months'
period 37,726,000 gold marks ($9,054,240) in cash transfers
on account
of its priority for army costs in arrears. Practically the
whole of the remainder of the American share has been taken in dollar
equivalent under
the special agreement with the German Government
for regular monthly
payments on a basis substantially analagous to the financing
of deliveries
in kind.
A striking phase of Germany's reparations payments
is found in the
growing volume of deliveries in kind and the nature of conunodities
and
character of the service called for by the creditor powers.
Contracts totaling
868,000,000 marks ($208,320,000) for commodities and labor were
approved by the Transfer Committee during the first nine months
of the
current reparations' year, compared to 606,000,000 marks
($145,440,000)
for the same period of the previous annuity year.
France continues to be the power most interested in
deliveries in kind,
and the principal French contracts have again been those
for coal, coke
and lignite to a total value of about 158,000.000
marks
One recent contract provides for boring and equipping ($37.920,000)•
a coal mine in
Lorraine at a cost of about 50,000,000 marks ($12,000.000).
France also
contracted for important deliveries of metallurgical
machinery, electrical
material, textile and other machinery, wood pulp and
paper, sugar, fertilizers, chemical products,iron,steel and other metals and railway
supplies.
While the other creditor powers are also liberally drawing
on German
industry for commodities, none is such an active customer
as France,among
whose recent orders was a 12,000,000-mark contract for harbor construction
work by German engineers on the island of Madagascar.
Many Creditor Powers.
The creditor powers now receiving reparations payments from Germany
in cash or deliveries in kind comprise France, Britain, Italy, Belgium,
Yugoslavia, the United States, Rumania, Japan, Portugal, Greece and
Poland. They will share according to their prescribed allotments in this
year's payment by Germany of 2.500,000,000 marks ($600,000,000),
which is the standard level prescribed by the Dawes plan, but which with
the enforcement of the Young plan will be heavily reduced after Sept. I.
In the course of his extensive comments on the budget of the Reich, Mr.
Gilbert observes that Germany's household difficulties, which had been
accumulating for the past three years, have now come to a head as the
result of a severe strain on the Reich's cash and credit position.
To meet this pressure the Ministry of Finance announced a series of
special measures calculated to relieve the pressure, especially as the Reich's
authorities, in view of the impending final reparations settlement, will now
be in a position to adjust budgetary dispositions to new commitments which
afford a considerable measure of relief because of reduced annuities.
Discussing the Reich's difficulties in connection with the attempt
to
balance budgets, Mr. Gilbert says:
"The recent cash difficulties of the Reich by reason of their acuteness
have emphasized the unsettling influence which the public spending beyond
available resources exerts on credit markets and on the nation's
economy
as a whole. At the same time they have given a great impetus to plans
now
being made for financial reform.
Notes Revenue Rise.
"Altogether, the problem remains one which will yield
the application of standard principles of public finance, for there can to
be no question
that the vitality and steady rise of revenues, even after far-reaching
tax
reductions, furnish the essential basis for satisfactory
development of
the budgetary position as a whole if effective control over expenditures
can
be maintained.
"The new experts' plan which awaits action by the
concerned provides opporunity and added incentive for governments
the development
of a sound financial program, not merely because of the
reductions it
makes in the annuities but also because it finally removes uncertainty
as
to the extent of Germany's reparations obligations."
As characteristic of the budgets of most German public administrations
of recent years, Mr. Gilbert cities a great productivity of revenues
and
a concurrent increasing level of expenditures, the latter going even beyond
rising revenues.
"In 1928-1929 the revenues of the Reich again increased in a striking
manner in spite of the unemployment and business
uncertainty which
characterized the latter part of the year," the report says.
"Indeed the
steady increase in the revenue of the Reich in the last three
years, notwithstanding important tax reductions, has been an impressive
reflection
of the growth of income, consuming power and taxable wealth in Germany.
"On the other hand, expenditures have also grown without interruption
and the main budgetary problem for the past three years has been to
check expenditures, which have persistently exceeded revenues. In 19281929 they so far exceeded revenues that the year ended for the first time
since stabilization with a deficit in the budgetary accounts which was so
large as to put a severe strain on the finances of the Reich."
Reviewing at length the Reich's efforts to attain a state of
budgetary
equilibrium Mr. Gilbert reaches the conclusion that these difficulties
have
thrown no doubt on the essential soundness of the finances of the Reich.
Tax and administrative revenues for 1928-29 together yielded a total
of 9,650,000,000 Reichsmarks ($2.316,000,000), the largest amount ever
received and nearly 2.000,000,000 more than revenues of 1924-25, the year
in which the plan came into effect. The current fiscal year's budget contemplates revenues of 10,000,000,000 Reichsmarks ($2,400.000,000).
"Indeed, it is more clear than ever after the recent period of strain,"
the report continues, "that the steadily rising revenues provide the es-
565
sential material for budgetary equilibrium and that the budgetary situation
as a whole will yield to an effective application of the standard principles of
public finance.
"An opportunity for carrying out the financial program also exists under
present conditions in a greater measure than at any time since stabilization.
Internally, the German Government has been able to use this period of
nearly five years to reduce to a definite basis the whole series of overhanging liabilities arising out of the war and inflation with which it had
not been possible to deal earlier.
Knows What it Has to Face.
The list of these measures already given is indeed an impressive one
and the financial effects are to be seen not merely in the annual expenses
carried in the budget, but also in the figures of the public debt of the Reich,
of which, on March 31 1929, about 5,600,000,000 (31,344,000,000) represented adjustments of this kind. The resulting burden is heavy, but at
least the Reich knows what liabilities it has to face on this series of postwar internal adjustments and It can make its budgetary plans accordingly.
As the reparations obligations of Germany constitute on its external
side the principal budgetary liability of the Reich, Mr. Gilbert predicts
that the new experts' plan, which now awaits the ratification of the governments concerned, will afford the Reich the essential basis for the formulation
and execution of a constructive financial program,and the reduced annuities
will provide a certain margin which will be, useful in carrying out this
program.
That the ensuing amount of savings to the Reich can be applied to covering deficits in the regular budget and devising a prudent policy of tax
reductions appears to be in accord with the Agent General's views. He
not only supports the German Finance Minister's announcement in this
respect but also cities the opinion of the Paris experts who took it for
granted that reduced annuity payments by Germany would enable the
Reich to inaugurate a program of tax reduction which would produce a
financial situation favorable to the crettion of new capital.
Changed Money Conditions.
Reviewing German credit conditions, Mr. Gilbert states that her position
as a borrower in international markets has made Germany peculiarly
sensitive to changes in money conditions in other financial centres. During
the past year, he observes, these changes have been pronounced and the
currents of international money movements have markedly altered.
"The United States, for example, which has been the main source of
long-term loans to Germany ever since stabilization and one of the principal
sources for short-term funds, reversed its position about a year ago," he
declares,"and instead of being a large lender to foreign countries has become
a large borrower. During the last half of 1928 withdrawals of funds from
Germany to the United States were more than offset by an inflow of funds
rom Britain, Holland,Switzerland and particularly France. But during the
first half of 1929,from causes already mentioned, the aggregate movement
was away from Germany and fundsflowed out in great volume."
Under pressure of foreign forces the domestic credit position in Germany
became more than usually difficult and severely restricted the flow of long
and short time credit accommodations at home. It was only after the
experts in Paris had arrived at an understanding that the credit stringency
was moderated.
The level of interest rates in New York due to activity on the Stock
Exchange,the report observes, also had a pronounced effect on the financial
situation in Germany, as the rates in New York surpassed any of the levels
obtaining in Germany for loans with anything like the same security.
This disparity in domestic and foreign rates instantly reflected itself
In the Reichsbank's reserves, which, however, since then has recovered
its former holdings in gold and devisen, the general effect being a partial
relaxation in the existing credit tension, although, with a radical reduction
in the amount of foreign borrowing during the first half of 1929, additional
pressure on the domestic credit market was soon noticeable.
German foreign trade has been more nearly in balance in recent months,
in the opinion of Mr. Gilbert, who believes the gradual rise in exports is a
matter of primary importance because the approach to a favorable trade
balance is more promising through larger exports than through reduced
imports.
"Germany depends upon the rest of the world for a large part of the
raw materials essential to her industries, and she also looks to foreign
markets for a considerable portion of her foodstuffs," the report says.
"Accordingly, a marked reduction of volume of imports over any extended
period is scarcely to be anticipated.
"During the last seven months the volume of imports has had an average
value of 1,150,000,000 marks ($276,000,000) a month, only slightly below
the average for the year 1927-1928. A great reduction in the adverse
balance of trade with imports maintained at this average level is, PerhaPs,
the most important trade development in Germany during this period."
Optimistic on Trade Balance.
The report takes a hopeful view of the further development of Germany's
foreign trade balance as reflected in her export activities. As for domestic
business and the labor situation, the Agent General believes the expansion
tendency was checked before it assumed dangerous proportions, but there
has been no substantial decline in business.
The severe Winter and the lockout in the Rheinish Westphalian iron
and steel industry were two moments of grave consequence to the home
situation, although the reaction from both he designates as pronounced as
the conditions themselves. Since March, he observes, there have been
increased activities in most important lines of production and trade. While
the level of unemployment is still high it nevertheless is showing a gradual
reduction. The position of German agriculture, on the other hand,remains
difficult, largely due to indebtedness and increasing Interest rates, to which
are now added a world-wide decline in prices of agricultural products.
Germany continued to command a substantial share of the world's demend for iron and steel products, the rise in exports during April and May
of this year reaching the highest level ever attained.
Spanish Tariff Cuts Planned to Aid Peseta—Commerce
Department Says Madrid Government Will Reduce
Many Duties and Raise Few.
Plans of the Spanish Government to check the decline in
the exchange value of its currency, which has been due in
part to an unfavorable balance of trade, were reviewed on
July 21 by the Division of Foreign Tariffs of the Department of Commerce on the basis of cables and reports from
Commercial Attache Livingood at Madrid. A dispatch from
Washington July 21 to the "Times" reporting this, said:
The steps to be taken, it was said, included tariff revision.
566
FINANCIAL CHRONICLE
[VOL. 129.
weakness and restore business confidence. Internal trade is much more
encouraging: the construction industry is booming, despite a temporary
strike in certain building trades recently: department store sales for 1929
are heavier than last year by 10%, while the automobile trade and allied
lines are reported to be prosperous, imports of American automobiles for
May, excluding two well-known cheaper makes, being 70% larger than
the same month last year. The gold in the "Caja do Conversion," sustained by frequent transfers from the Bank cf the Nation's unconverted
stock, stood yesterday at only 17,000,000 gold pesos z below last month's
figure and totaled o$s 467,109,873 against a currency in circulation of
m$n 1,354,631,577.
The average "spot" price of wheat on the option market for the past
month was tan 8.35 per 100 kilos, the lowest average level reached in
this market since July 1916. Nevertheless wheat exports for the month
of May surpassed the total of tho preceding month and were far greater
than in May of last year, partly due, of course, to the fact that European
buying is more active when the grain is very cheap and also to heavy
deliveries by grain exporters who had previously sold short. The monthly
export rate this year has been running consistently above last year, mainly
be moved overseas
Turkey Will Increase Luxury Tariffs Oct. 1—High as a result of a very heavy export surplus which mustsuch
is the lack of
about as fast as rail and ocean facilities will permit,
Expensive
and
Cloths
Protective Duties to Go on
organized storage equipment in this country. Total shipments to date are
Cars—Farm Implements Exempt.
about 400,000 tons above 1928 for the corresponding period and June will
probably be unusually heavy. Our estimated exportable surplus on Jan. 1
Turkey will put into effect on Oct. 1 a new tariff law has
been increased by 500.000 tons to 6,500,000 tons, or about 3,100,000
providing for a general increase in duty on all commodities, tons as of June 1 against 2,274,000 for the corresponding date one year ago.
as other small
Commercial Attache Julian E. Gillespie has cabled the De- Ploughing and planting of the new crop of wheat as well favorable
than
grains, has proceeded under weather conditions much less
partment of Commerce.
to the new crop
.
usual. Although the prospects for the area to be sown
Provisions of the new law, which have just been made public, he said, are not clearly known, the sowing season is late due to the unusually dry
lay down highly protective duties and tend toward the exclusion of luxury weather which prevailed throughout the cereal belt in April and May.
articles. Particularly perfumes, jewelry, silks and rayons, high grade cotton Good rains fell during the last few days of May and the first week of June
and woolen textiles, haberdashery, and high priced automobiles.
and there were several days of lighter rainfall in many districts, so that
Agricultural implements and commodities used in developing Turkish conditions in the entire cereal zone have improved. It is nevertheless felt
industry and agriculture are to be exempt from duty. Articles not other- that an important decrease from last year in the total area sown will ultiwise specified in the tariff are to be subject to a duty of 40% ad valorem, mately result, possibly reaching 15% as indicated by one well-known
as contrasted with the present rate of 20% ad valorem.
private authority. It should be remembered, however, that the average
The new tariff is specific in character, and accordingly, rates will continue small farmer—and it is this class which produces the bulk of the crops of
to be levied on the basis of weight for almost all items. Duties are stated Argentina—cannot afford not to work his land, as his very existence depends
and collected in Turkish paper pounds (worth approximately 50 cents) on the crop. Maize has been leaving the country in unusually ehavy
eliminating the present system of a basic rate which must be multiplied volume for this season of the year, but prices have been very steady as
by a co-efficient varying from 5 to 15.
foreign demand has remained satisfactory and there has been a tendency
Consumption taxes, which are at present levied on imports of sugar, on the part of some producers to conserve part of their crops as suppletea, coffee, petroleum, rice, spices, margarine, candles, common soap and mentary stock feed in view of the possibility of further dry weather. It
sacks, are to be discontinued as such, being presumably included in the now seems that the exportable surplus was generally underestimated,
amount of the duty rates.
judging from the steady flow of grain to market. We are accordingly
"It is important to note," said the Department of Commerce today, raising our estimate by 500,000 tons to 5,000,000 as of April 1, which.
"that the new measure continues the general consumption or transaction however, Is still far below last year's total. The linseed market has retax of 6% on the C. I. f, duty paid value. The monopoly taxes on sugar mained steady during the past month with shipments abroad running
and petroleum are to be abolished, except for countries having commercial somewhat heavier than last year. Recently farmers have shown some
treaties with Turkey, in which case these commodities are to be dutiable resistence in disposing of their remaining supplies, while overseas demand
at the present rates plus a monopoly tax of 8 piasters per kilo. until the has improved, a combination which has caused a firmer tendency in prices.
expiration of such treaties."
Despite the new higher United States tariff for this grain it appears that
exports from Argentina to that country will not be unfavorably affected
this season at least, as there is a distinct shortage there. Linseed planting
Argentine Gold Stock Reported Still Large—Exports operations have also been delayed by the dry weather and a reduction in
Not Alarming.
the area !WWII this year Is not unlikely. Market prospects for linseed,
therefore, are favorable and prices for the balance of the season should
Writing in Comments on Argentine Trade, James E. not weaken.
McGrath, Sub-Manager of the Buenos Aires branch of the
Stocks, Bonds and Money.
First National Bank of Boston, says the recent outflow of
Uncertainty in business circles and tight money have created a decided
gold from Argentina has aroused a greatly exaggerated alarm. weakness in the investment market during the past few weeks. The
average net price of 35 issues of "codulas" (National Mortgage Bonds)
He adds:
whose movements provide a faithful picture of price trends in the market
Argentina could lose $100,000,000 more gold, Mr. McGrath states, and from month to month, has declined steadily since the middle of May,
still have more gold than it had two years ago. The world stock of money when all issues of "cedulas" were quoted close to par. On May 30, the
he says, was estimated to have amounted on Jan. 1 1927,to $9,621,645,000, index'stood at 99.72 two weeks later at 98.63 and yesterday (June 19) at
or slightly more than $5 per capita. The monetary gold stock of the 97.12, the total drop since the beginning of the downward trend in May
United States on March 30 1929, was $4.179,000.000, or about $35 Per amounting to almost three points. A somewhat less severe decline has
capita. The visible gold supply of Argentina is now about $60 per capita. occurred in Internal Credit bonds which are now being quoted at 97.47 net.
On the basis of these figures, Mr. McGrath feels that the outflow of gold The money market is firm. The demand for local funds for crop financing
from Argentina is not strange.
continues to run much heavier than usual, 88 the cereal exporters are
He accounts for the movement by the decline during the first months borrowing locally, prefcting not to offer the usual quantities of sterling
of the year of the country's favorable trade balance. In addition to this bills. Transfers from the Bank of the Nation gold stock to the "Caja de
factor is the circumstance that unusually large imports of gold came to Conversion," have not kept up with withdrawals of gold from the "Caja"
the country during 1927 and 1928 by reason of the flotation of Argentine for export, with the result that the currency in circulation stands today at
government loans in foreign markets. During 1928, he points out, large about m$n 65.000,000, or 2% less than last year at this date.
movements of grain out of Argentine were paid for by heavy imports of
Exchange Market.
gold. Much of this gold never went into monetary circulation and is
The peso depreciated slowly in terms of the principal foreign currencies,
now being drawn off to quarters of the world more In need of it.
Juno 13 when the respective opening quotathe
until
pound,
the dollar and
tions reached new highs at 105.10z and 47 1-16, making gold exports, especially to New York, increasingly attractive. Shipments by various private
The Situation in Argentina.
banks continued to leave for the United States with each fast boat and
The Buenos Aires Branch of the First National Bank of several sterling shipments were made to Europe, the total exported for
June
of
date
under
Aires,
Buenos
the first half of the present month amounting to about as 23,000,000.
Boston in a circular from
almost double that of any previous month since the outward gold move20 discusses the situation in interesting fashipn a... follows:
ment began in September 1928. Total exports for this period to date are
Marked evidences of a smaller favorable balance of trade resulting from now approximately o$s 67,000,000 or about 36% of the total gold brought
lower export prices and heavier imports, together with an apparent hesitancy Into the country during the previous two years. However, the country
in political circles, have caused some pessimism in the business community. could lose an additional o$s 100,000,000 and still
have on hand a larger
As these influences must run their course, several months of dull business visible gold stock than in January 1927. On
June 15, importers hurriedly
would not be surprising. The very dry weather which the country is began covering future requirements, thereby
a sudden heavy decreating
experiencing has continued to affect planting operations and pastures un- mend which not only caused
"futures" to be offered at a premium but
favorably, despite several helpful rains during the past month, while the
carried "spot" peso exchange to a new low level, the dollar and the pound
market prospects for the next season here are clouded by the outlook for being quoted on Juno
17, at 105.65 and 46% respectively. The situation
very heavy wheat crops in the northern hemisphere. The outstanding was completely changed
today, however, by the announcement of the
feature of the economic situation, although no official figures are available, "Banco de la Nacion"
that it would ship as 10,000,000 to the United
Is a heavy reduction in the favorable foreign trade balance compared with States, at the same time
offering dollars freely at 104.7p, the gold export
the same period in the past two years. Average export commodity prices point. As a result the
peso immediately recovered.
are about 13% below last year but wheat, by far the leading single export
product, is now about 22% lower. Quantities of grain exported on the
• as, sign for "ore sellado" or gold currency; man, sign for "moneda naclonal"
other hand, are running above last year, but the increase does not com- or paper currency.
z At par one gold peso equals 80.965 U. S. currency and one paper peso equals
pensate for the heavy drop in prices. Imports have been consistently $04244
U. B. currency: present exchange value of the peso Is approximately $0 4180
above last year's figure. although the margin of excess has decreased con- U. 8. currency. All figures are given In paper pesos unless otherwise specified.
x At par one U. B. dollar equals 51.0364 gold pesos. Dollar exchange is quoted
siderably in the last two months. From a rough calculation It appears
to the U. 8. dollar at present about 105.00. Meet of the other
that the favorable trade balance for this season to date is only q,$s* 50,- In gold centavos
currencies are quoted as so many pence, francs, lire, &e., to the gold peso.
000,000 as compared to o$s 136,000,000 for the first semester of 1928.
Lacking also the supporting influence of new external loans, peso exchange
has naturally continued heavy. Gold exports have been proceeding on a Hungary Acts on Loan—Asks Bids for Discounting
larger scale, stimulated In recent weeks by further depreciation of the peso
Swedish Match Trust Balance.
to well over the gold export point, the result of apprehensive buying by
Importers to cover future requirements. However, the decision of the
New
the
York "Times" we took the following from
From
"Banco de la Naclon" to support the peso at the gold export point with a
July 19:
o$s 10,000,000 shipment to New York has served to correct the latest Budapest
"Most interesting to American exporters to Spain," the review said, "is
the official announcement that the guiding principle In the coming tariff
revision will be a reduction in the duty rates on numerous items, the retention of present rates on almost all others, and increases only on certain
particular items on which, presumably, the present duties are considered
inadequate."
The new rates are to go into effect provisionally on Oct. 1. A period of
three months is to be granted for the consideration of representations made
by interested parties, and on Jan. 1 the new tariff is to become definitely
operative.
The proposed measures to prevent a further decline in the value of the
Peseta. the survey said, would include the organization of a government
bureau to encourage the consumption of goods of Spanish rather than foreign manufacture, the formation of a committee to curtail unnecessary
importations, and the enactment of strongly protective measures to encourage the development of a Spanish automotive industry sufficient to
take care of local requirements.
JULY 27 1929.1
FINANCIAL CHRONICLE
The government has invited tenders for discounting the balance of the
Hungarian loan granted by the Swedish match trust for a match monopoly
and amounting to $24,000,000. The Rothschild group in London is stated
to have made an offer in connection with which negotiations have been
begun by the Minister of Finance.
The Stockholm bankers, Kreuger & Toll, whose head, Ivan Kreuger, is
director of the match trust, is also stated to be ready to negotiate for discounting this balance.
President Hoover Issues Proclamation Removing Ban
on Shipment of Arms to Mexico.
on July 18 of a proclamation by President
issuance
The
Hoover removing the embargo against the shipment of arms
to Mexico was made known on July 19. An announcement
by the State Department at Washington on the last named
date said:
"The President has issued a Proclamation which raises the embargo on
the shipment of arms and munitions to Mexico, which has been in force
since January 7 1924. At that time an insurrection was being waged against
the duly constituted Government of Mexico which had been recognized by
the Government of the United States. The Mexican Government has recently
successfully withstood another domestic insurrection.
"The Mexican Government, through the Acting Minister for Foreign
Affairs, has requested that the embargo on the shipment of arms to
Mexico be lifted. The President of the United States, desirous of acceding
to the request of a Government with which the Government of the United
States is happily on terms of peace and amity, and gratified that conditions
now exist in Mexico which no longer require the maintenance of the arms
embargo, has accordingly revoked 'the proclamation of January 7 1924."
The President's proclamation follows:
Whereas, by a Proclamation of the President issued on January 7 1924,
under a Joint Resolution of Congress approved January 31 1922, it was
declared that there existed in Mexico such conditions of domestic violence
as were or might be promoted by the use of anus or munitions of war
procured from the Unitgd States; and
Whereas, by the Joint Resolution above mentioned it thereupon became
unlawful to export arms or munitions of war to Mexico except under such
limitations and exceptions as the President should prescribe:
Now, therefore, I, Herbert Hoover, President of the United States of
America, do hereby declare and proclaim that, as the conditions on which
the Proclamation of January 7 1924 was based no longer obtain, the said
Proclamation is hereby revoked.
In Witness Whereof, I have hereunto set my hand and caused the seal of
the United States to be affixed.
Done at the City of Washington this eighteenth day of July, in the year
of our Lord, one thousand nine hundred and twenty-nine, and of the
Independence of the United States the one hundred and fifty-fourth.
(Signed) HERBERT HOOVER.
By the President: (Signed) II. L. Stimson, Secretary of State.
Associated Press advices from Mexico City July 19 had
the following to say in the matter:
The action of President Hoover to-day in lifting the embargo on shipment
of areas and munitions to Mexico, following the request of the Mexican
Government, was taken here as an indication that this Government now
has confidence in its stability and sees no further need for the embargo.
The embargo was applied on January 7 1924, during the De La Huerta
insurrection and had since continued in force. It was rigorously applied
last Spring during the revolt which had its headquarters in the Mexican
States adjacent to the United States border.
Circles close to the Government attached considerable significance to
the fact that the lifting of the embargo was almost coincident with the
departure of °former President Plutarco Elias Calles for Europe to-morrow.
Both of these facts seemed to observers as evidence that the provisional
government was certain of its ground.•
It was felt here that the United States action was a particularly sympathetic gesture, expressing confidence in the Mexican Government and a
bright future outlook.
567
for nearly a month and presented what is believed to have been a general
set of recommendations for the readjustment of the system.
That report has never been published, and reliably informed circles
believe that it has not yet been acted upon to any great extent, because
ever since Sir Henry departed the task of examining the condition, both
financial and physical, of the railways has been continued. Expert
accountants are still working and world-known engineers representing the
International Committee of Bankers on Mexico have spent many days over
Mexican tracks.
It is expected that when Mexico knows more of the details regarding
the possibility of securing railway stability, Sir Henry's recommendations
will be finally acted upon.
First Agreement Futile.
t
The huge indebtedness of the National Railways was included in the
o hehe: i
agreement made with the banker: by Adolfo de la Hu 1.:a
the portfolio of Minister cf Finance. When that pact proven . -'noble of
being carried out by Mexico, and Alberto Pani, now Minister to France but
then Finance Minister, went north to close another deal, the rad,vays were
segregated and they have so remained.
It has always been a moot question here whether, when the international
bankers and Mexico get down to the question of a third agreement, the
National Railways' indebtedness will again be included. Most u. the holders
of Mexican railway bonds are, contrary to general belief, not Americans but
French, Belgians and other nationalities.
General Calles is reported to be traveling direct to New York to take
the French liner Isle de France to Havre. Ile will probably go t) Germany
and later to Spain before returning home.
His departure last night was a memorable occasion. There were thousands at the station to say good-bye, including President Portes Gil and
most 'of the Cabinet Ministers and every military leader of importance.
Four military band; were on hand to play the former President out.
General Calles ieft in a private car attached to an ordinary train, taking
with him two aides, whc will accompany him abroad.
Gen. Calles arrived in New York, on July 25, and sailed
last night (July r.)0` for Europe on the French liner Ile de
France.
Saloons and C rocery Stores in Vera Cruz Close in
r rot:, t Against Double Alcohol Tax.
Asso-Eted Press accounts from Mexico City, July 18
published in the New York "Times" State:
An attempt to make dry the State of Vera Cruz by doubling the taxes on
establishments selling alcoholic liquors has led to a serious situation there.
Governor Alberto Tejeda and a committee of proprietors of liquor establishments have come here to present both sides of the case of President Emilio
Ports Gil.
Saloons and grocery stores have been closed in a State-wide protest
against the new tax. The few remaining open have been boycotted by the
wholesale supply firms, including ice companies. The latter even refused
to deliver ice to homes.
Panama Lists Foreigners—Decree Orders Fingerprinting and Certificates of Residence.
Under date of July 15 Balboa advices to the New York
"Times" said:
All foreign residents of Panama will be required to submit to fingerprinting and to procure a certificate of residence bearing photographs within
the next ninety days, according to a decree of Secretary of Government and
Justice Adriano Robles based on an executive decree by the President in
1916 which has never been enforced.
Foreigners desiring to live in Panama must make declaration of their
intention before the mayors where they reside and be inscribed in the civil
register. Those failing to comply will be subject to arrest and fines.
The mayors are ordered to make a census of foreigners for the Registrar
General, giving name, occupation and address. There is a large American
colony in Panama and a number of canal employees reside in Panama
territory, but it is not known whether the latter will be subject to the
decree.
•
Former President Calles to Work Out Plans for Financial Re-organization of Mexican Railways.
Tho following cablegram from Mexico City July 21 was China Approves Air Loan—Curtiss Subsidiary Will
published in the "Times" of July 22:
Lend $1,000,000 to Corporation There.
Former President Plutarco Elias Calles, who left last night on a EuroPress advices from Nanking July 10 are taken
Associated
pean trip, will elaborate a program for the financial reorganization of the
national railway system, according to an official statement issued by Luis as follows from the "Times":
Montes de Oca, Minister of Finance and Chairman of the Board of Directors
The State Council to-day approved a contract whereby the American
of the National Railways of Mexico. That the task should be offered to
Aviation Exploration, Inc., of New York, a subsidiary of the Curtiss
General Calks was decided at an extraordinary meeting of the managing
interests, agreed to loan to the China National Aviation Corporation
board a few days ago.
$1,000,000 to assist in the development of aviation.
In this connection the Curtiss interests have a contract with the China
In making the announcement, Senor Montes de Oca said:
"The important resolution which has been adopted is based on the corporation to carry air mail beginning October 15. The Curtiss interests
unavoidable necessity of initiating reorganization of the company's finances, have been given a mortgage on the air field and equipment of the corponot only to rehabilitate its credit, but also to make better use of its ration as security for the loan, which is repayable in eight years.
influence from the point of view of the development of national economy.
"It is considered that such reorganization, to be effective, demands
P. Morgan & Co. in Receipt of Funds to Pay Back
modifications in the administrative functioning of the company in order J.
Interest on Chinese Government 5% Hukuang
that its normal income shall permit covering not only exploitation and
expenses but also service on its indebtedness.
Railways Sinking Fund Gold Loan of 1911.
"In accordance with the unanimous opinion of the Board of Directors
P. Morgan & Co. announced on July 19 that commencJ.
that in the task of reorganization of the railway system it is necessary to
count upon representatives whose prestige and ability are unquestioned, ing Tuesday, July 23, they would be prepared to pay the folGeneral Calles was nominated for the task and he will doubtless appreciate lowing coupons of the 5% Chinese Government Hukuang
the fortunate circumstances of his trip abroad to study a number of
important points in connection with his selection. Ile is vested with full Railways sinking fund gold loan of 1911:
power and may make use of the services of any persons he may decide
Coupon No. 31 (December 15 1926):
necessary to assist him."
On bonds of the American, British and French series, and
• Long a Major Problem.
On unredeemed bonds of the American, British and French series drawn
The importance of the notice issued by Senor Montes de Oca must not be for redemption on June 15 1926.
underestimated, for placing the national railways on a basis enabling them
Coupon No. 30 (June 15 1926):
to pay their way is and has been for years one of Mexico's greatest financial
On bonds of the German series, and
problems. It has not been unusual for them to show a loss of more than
On unredeemed bonds of the German series drawn for redemption on
1,000,000 pesos ($500,000) a month.
June 15 1925.
In November 1927 General Calles, then President of the Republic,
The announcement further said:
national
of
necessity
urgent
some
the
reorganization
the
of
appreciated
The funds for this purpose represent the annual charge upon salt revenues
system and brought down from Canada Sir Henry Thornton, head of the
Canadian National Lines. Sir Henry and a staff of experts labored here for 1929, namely Taels 950,000, augmented by an advance of Taels 120,000
568
FINANCIAL CHRONICLE
[VOL. 129.
by the Chinese Minister of Finance deductible from the charge upon salt
revenues for 1980.
No provision has yet bees made by China to redeem any bonds of the
American, British and French series drawn for the sinking fund since those
payable June 15 1925, or of the German series since those payable
June 15 1924.
New York Trust Co. Receives Funds for Dividend
Payment of Mortgage Bank of Colombia.
The New York Trust Co. has received from its Colombian
correspondent $92,357, representing the semi-annual diviThe "Herald Tribune" of July 20 commenting on the no- dend payable Aug. 15 on the outstanding American shares
of the Mortgage Bank of Colombia. This payment repretice said:
For two years interest payments on the issue have, until now, been de- sents an increase from 1.90 pesos ($1.84) to 2 pesos
($1.91)
faulted. Payment was made in the Summer of 1927 on the June 15 1926
per share. The Mortgage Bank of Colombia, it is stated,
coupons on the American, British and French issues, and December 15 1925
Interest on the German issue in the Summer of 1927. Of the issue, of which reports a net profit of 447,000 pesos ($433,590) for the
£10,000,000 was authorized, £1,500,000 was offered in June 1911 in this first six months of 1929, as against 432,317 pesos ($419,347)
market by J. P. Morgan & Co., Kuhn, Loeb & Co., First National Bank and
for the previous six months' period, after making deductions
National City Bank.
Attempts to obtain comment from the firm as to whether service on the for income tax, pension fund, exchange, &c. The bank's
loan at this time had any especial significance, in view of the Russo-Chinese legal reserve will be increased by 95,000 pesos ($92,150).
difficulties and the likelihood that China is to need additional credit soon, American
shares of the Mortgage Bank of Colombia were
were unsuccessful. It was stated merely that there was nothing further to
offered in this market in 1928 by Ames, Emerich & Co. and
be added to the information contained in the brief announcement.
Baker, rellogg & Co., Inc.
Linked With Lamont Warning.
Ia banking circles, however, the disposition was to link the payment with
the warning uttered last week in Amsterdam by Thomas W. Lamont that
China must honor her past obligations if she expects to obtain additional
credit in world markets with which to further her economic progress. Mr.
Lamont is the Morgan partner who is best versed on China and her financial
affairs.
Regarding the statement of George B. Rea, representative of the Chinese
Ministry of Railways, in Washington Thursday that he had consulted with
Mergan's in connection with a loan of $600,000,000 to build up China's
railway systems, it was learned officially at the banking house that discusWORD over the loan did not proceed far. The negotiations were never sufficiently far advanced, it was learned, for the matter to be brought up
before a full meeting of the partners of the fimi.
The Chinese Hukuang Railway bonds were offered as a direct obligation
of the Imperial Chinese Government and were later assumed
by the
Republic of China. They were secured by a first charge upon provincial
revenues to the aggregate amount of about 5,200,000 taels a year.
They
were further secured on the net revenues of proposed railways of
a total
length of 1,200 miles, consisting of two main lines from
Wucbang to
8hinchow and from Hankow to Ghengtu. Of the proposed railway
about
280 miles have been constructed.
Bonds of Republic o' Cuba Drawn for Redemption.
Speyer & Co. notify holders of Republic of Cuba 5%
bonds of 1904 that $940,500 principal amount of bonds of
this issue have been drawn by lot for redemption on Sept. 1
1929. The bonds so drawn will be paid at par on and after
that date at the office of Speyer & Co., 24 and 26 Pine St.,
New York or at the option of the holders at the office of J.
Henry Schroder & Co., London, Lazard Speyer-Ellissen,
K. A. A., Frankfort and Berlin, Deutsche Bank, Berlin
and Frankfort, Credit Lyonnais, Paris or Banco del Cornercio, Havana.
Bonds of Republic of Peru Drawn for Redemption.
J. & W. Seligman & Co., as fiscal agents for Republic of
Peru,secured 7% sinking fund gold bonds, 1927, due Sept.
11959, announce that $81,500 principal amount of the issue
Brazilian Bond Ruling.
have been drawn by lot for redemption on Sept. 1 1929, and,
The "Wall Street Journal" of July 20 is authority for upon presentation at their office on and after that date,
will be paid at 105% and accrued interest.
the following from Paris:
Following the decision of the Hague Court upholding French bondholders claim for interest and principal, payable in pre-war gold francs
or equivalent foreign currencies, Brazilian 5s of 1909 and 4s of 1910 and
1911 4s jumped some 25% since Brazilian has undertaken to enforce the
decision. A similar decision respecting pre-war Serbian loans resulted in
only a slight improvement since a compromise would be necessary to suit
the Serbian government's capacity for payment.
Lima (Peru) Bonds in Definitive Form Ready for
Delivery.
E. H. Rollins & Sons, paying agents for the $3,000,000
City of Lima,Peru, External 30-Ytar 63-% Secured Sinking
Fund Gold Bonds, due Sept. 11958,announce that definitive
are now ready for delivery at the office
New Zealand Finances—Premier Discusses Country's bonds for this issue
of the Grace National Bank of New York.
Absence from London Money Market.
From the New York "Times" we quote the following from
The Growth of State Banking Institutions—CompilaWellington, N. Z., July 24 (Canadian Press cable via Reution by R. N. Sims of National Association of
ters):
Supervisors of State Banks.
New Zealand was obliged to remain out of the London money market
for two years owing to a previous undertaking by the former Minister of
R. N. Sims, Secretary-Treasurer of the National AssociaFinance, said Sir Joseph Ward, Prime Minister, speaking in Parliament tion of Supervisors of State Banks, on July 25 submitted
to-night in the debate on the address in reply to the speech from the throne.
to the association a statement which shows in detail by
This statement was challenenged by the ex-Minister, W. D. Stewart.
Regarding the recent loan of $35,000,000 floated in London, Sir Joseph States the capital, surplus and undivided profits, deposits,
said the money had not yet been "lifted." The money required for ad- loans and discounts, stocks, bonds and securities,
and
vances to settlers had been raised in New Zealand, he declared, while
total resources of all State banking institutions of the
another offer of $10,000.000 "from another country" had been declined.
continental United States, together with totals of these
of the national banks, and all covering as of March 27
items
Russia to Issue Third Industrialization Loan of
1929. The report of Secretary Sims covers the only avail$375,000,000.
able accurate and detailed data of the State banking instituAssociated Press accounts from Moscow July 24 stated: tions comparable with the report of
the Comptroller of the
The Russian Government to-day decided to issue a third industrialization loan of 750,000,000 rubles (approximately $375,000,000), redeemable Currency, which covers the national banks. While noting
in 10 years beginning with December 1929. It was announced that the that his report is made up in a few instances from statements
loan is intended for "capital investments in industry and agriculture."
of different dates, Mr. Sims indicates that they are the
latest he could get, "the laws not being uniform as to dates
Bonds of Credit Consortium for Public Works of Italy of call, and in some States months are required to compile
Drawn for Redemption.
the reports." "It is reasonable to say," Mr. Sims states,
J. P. Morgan & Co., as fiscal agents, have notified that the report "represents figures that may be fairly said
holders of Credit Consortium for Public Works of Italy, to average as of March 27 1929, and comparison is with the
external loan sinking fund 7% secured gold bonds, series A, Comptroller's statement of that date." In presenting his
due March 1 1937, and series B bonds, due March 1 1947, tabulation, Mr. Sims said:
The figures given are very gratifying and reflect, as a whole, a healthy
that $182,000 principal amount of series A bonds and condition
of the banking institutions of our country.
$101,000 principal amount of series B bonds have been
The capital, the deposits, and the total resources of our banks are larger
before.
ever
lot
for
redemption at par on Sept. 1 1929. Bonds than
drawn by
On March 27 1929 there was a total of 25,932 banks, of which 18,357
so drawn will be paid on and after Sept. 3 1929 at the office were
State banks, and 7,575 national banks, and in round numbers a total
of J. P. Morgan & Co., after which date interest on the capital, surplus and undivided profits of $9,274,242,341,
total deposits of
$58,610,581,757.
and total resources of $72,666,752,001. Total deposits
drawn bonds will cease.
Republic of Colombia Reports Increased Revenues.
National revenues of the Republic of Colombia, according
to advices received by Hallgarten & Co. and Kissel, Kinnieutt & Co., amounted to 32,630,000 Colombian pesos for
the first five months of 1929, comparing with 27,054,000
pesos for the same period of 1928,,an increase of 5,576,000
pesos, or 20.61%.
of all banks were $1,896,064.896 above the previous high record of Feb. 28
1928,and total resources $3,227,280,777 above the resources of that date.
On March 27 1929, in round numbers, the coital. *surplus and undivided
profits of the State banks were $5,573,901,341, and of the national banks
$3,700,341,000. showing the capital resources of the State banks to be
50% in excess of the national banks. The deposits of the Stato banks
were $35,737,701,757, and of the national banks $22,872,880,000, showing
the deposits of the State banks 56% in excess of the national banks. The
total resources of the State banks were 3,13,644,840,001, and of the national
banks $29,021,912,000, showing the resources of the State banks 50%
in excess of the national banks.
JULY 27 19291
FINANCIAL CHRONICLE
569
This makes a total increase in all banks of the United States since June 30
Between Feb. 28 1928 and March 27 1929 deposits of the State banks
Increased $1,302,266,896, and deposits of the national banks increased 1919 as follows:
$593,798,000. During the same period total resources of the State banks Capital, surplus and undivided profits
$4,011,101,664, or 76%
Increased $1,779,055,776, and total resources of the national banks in- Deposits
21,052,894,745, or 56%
creased $1,448,225,000.
Resources
25,901.526,165, or 55%
Since June 30 1919, which was the date of my first complete statement, Number of institutions
(decrease) 2,881
capital, surplus and undivided profits of the State banks have increased
Both classes of banks perform equally useful and necessary functions
$2,674,238,664, and the national banks $1,336,863,000. The deposits
and I do not make comparisons for the purpose of disparagement, but to
of State banks have increased $14,104,879,745, and the national banks
emphasize the colossal size of the two great banking systems and to direct
$6,948,015,000. Resources of the State banks increased $17,679,164,165. attention to the importance and need of both in the development and
and the national banks $8,222,362,000. The decrease in the number of
handling of our country's business.
State banks totals 2,671. The decrease in the number of national banks
Mr. Sims's compilations follow:
totals 210.
STATEMENT SHOWING AGGREGATE RESOURCES, &e., Or ALL BANKING INSTITUTIONS UNDER STATE CONTROL COMPILED FROM STATEMENTS FURNISHED BY HEADS OF STATE BANKING DEPARTMENTS. ALSO AN ADDENDUM COVERING AGGREGATE RESOURCES.
&e., OF ALL NATIONAL BANKS,TAKEN FROM REPORTS OF THE COMPTROELER OF THE CURRENCY AND FIGURES EXHIBITING
TOTAL BANK RESOURCES OF THE UNITED STATES. BY R. N. SIMS. SEC.-TREAS. NATOINAL ASSOCIATION OF SUPERVISORS OF STATE BANKS; FORMERLY BANK COMMISSIONER OF LOUISIANA: NOW VICE-PRESIDENT OF
HIBERNIA BANK & TRUST CO., NEW DRUMM, LA.
State.
Date No. of
of
halfReport. tutions
Capital.
Surplus.
Undivided.
Profits.
Deposits,
Capital. Surplus.
and Undfsided Including Certified
& Cashiers' Cheeks
Profit.
$
$
$
104,139,659.78
24,195,605.42
12,261,300.00
250
Alabama._ 3-27-29
7,795,183.06 4,139,122.36
61,289.997.56
7.449,542.78
31
Arizona
3,726,000.00
3-27-29
2,615,103.30 1,108,439.48
135,707,971.45
23,852,245.64
349
14.907.675.00
5,986,352.30 2,959,218.34
s Arkansas.... 3-27-29
247
California— 3-27-29
92,519,920.00
60,843,586.43 29,797,265.99 183,160,772.42 1,761,009,550.45
66,171,840.12
9,952,475.96
168
Colorado.... 2-28-29
5,498.000.00
2,755,583.19 1,698,937.77
Connecticut:
Saves banks 3-30-39
970,859,278.09
187
Other banks 3-27-29
24,706,049.11
70,702,532.38 43,001.824.85 138,413,406.34
120,822,186.53
42
Delaware—. 3-27-29
25,906.459.86
9,116,721.25
12,172,968.08 4.616.767.53
165,986,652.04
Florida
32,985,697.71
208
3-27-29
16,311,500.00
9,471,839.47 7,202,358.24
135,382,877.85
346
3-27-29
40,537,904.28
22,207,820.00
*eon%
10,777,871.40 7,552.212.88
47.372,419.25
6,463,249.58
95
3-27-29
Idaho
3,217,500.00
336,552.64
2,909,196.9
3-27-29 1,315 237,251,500.00 155,648,552.50 56,150,151.93 449,050,204.43 2,678,965,004.27
Illinois
515,854,196.54
781
12-31-28
Indiana
84.830,888.29
45,051,200.00
26,226,342.03 13,553,346.26
569,205,296.02
73,726,733.90
3-27-29 1.024
Iowa
43,516,300.00
19,245,069.20 10,965,364.70
217,977.035.85
38,997,302.70
840
3-18-29
Kansas
23,306.000.00
11.976,686.32 3,714,616.38
235,531,044.40
Kentucky.- _ 6-30-28
47.796,312.39
439
24.971,016.67
18,021.246-49 4.804,049.23
322,108,263.77
46,310,372.49
192
Louisiana _ _ _ 4- 5-29
24,566,790.00
15,926.900.00 6,316,682.49
286,323,766.99
80
3-80-29
Maine
30,763,325.56
5,555,800.00
12,462,958.73 12,744,566.83
579,274,726.00
154
Maryland- - - 12-31-28
25,199,200.00
52.969,047.00 8.988,903.00 87,157,150.00
Massaclausls:
Trust cos.__ 3-27-29
525
Other banks 10-31-28
54.890,000.00 229,528.784.32 51,064,469.13 335,481,253.45 3,332.099.145.40
Michigan__ _ _ 3-27-29
613
88,707,870.00
78,938.495.87 28,117,406.26 195,763.772.13 1,428,818,295.37
814
5- 1-29
Minnesota
405,818,227.13
43.375,741.47
24,283,000.00
12,887,744.44 6,204,997.03
166,270,941.87
Mississippi.. 3-27-29
302
20,091.339.85
11,088,430.00
6,589,760.83 2.413,149.02
706.500,711.86
Missouri_ _ _ _ 1-10-29 1,191
70.237,500.00
44,759,712.71 18,855,388.20 133,852,600.91
77,469,239.98
Montana_ _ _ _ 3-27-29
128
9,524,052.43
6,035,000.00
2,291,189.03 1.197.863.40
Nebraska. _ _ 3-12-29
247,962,300.98
711
27,660,763.71
18,711,000.00
6,115,569.14 2,834,194.57
Nevada
3-27-29
25,909,699.34
25
3,010,355.90
1.936,600.00
512,655.36
561,100.54
New Damps
Say'gs banks 12-31-28
Trust cos
217,663,576.75
6-30-28
68
26,535,710.17
1,230,000.00
15,749,168.71 9,556,541.42
New Jersey
3-27-29
272
84,360.300.00 118,332,200.32 33,944,301.34 231,636,801.61 1,439,068,191.79
New Mexico. 3-27-29
12,043,991.56
1.676,078.07
116,178.07
30
379,600.00
1,180,000.00
New York:
Elay'gs banks 1- 1-29
1743,235,953.00 11,002,213,154.00
Other banks 3-22-29
577 431,701,800.00 '1311534,153.00
44,003.958.21
258,969,234.02
No, Carolina 2-27-29
16,560,085.53 4,949,428.8C
428
22,494,443.18
59,772,750.90
9,444,152.03
983,441.92
No. Dakota_ t2-31-2(
337
6,195,000,00.. •
Ohio
3-27-2.
99.247,041.00 33,294,337.01 262.548,778.00 1,987,972,408.0C
709 130,007,400.(0
9,848,901.61
83,782.282.97
1,065,282.40
1,821,169.25
Oklahoma _ _. 3-27-9:
3311
6,962,150.00
80,667,101.36
12,360.735.41
1,111,669.99
3.146,365.41
8,102,700.00
144
3-27124
Oregon
Pennsylvania 3-25-29
982 218,006,160.82 416,978,616.0, 83,627,451.32 718,612,228.11 2,711,759,538.47
Rhode island
Sasegs bank: 12-31-21
49,451,331.61
28,597,156.21 10,984,175.43
460,437,283.31
9,870.000.01
a
Other banks 2-28-21
16,268,329.38
86,168,544.91
9.405,274.11
4,766,533.39 2,096,521.81
211
So, Carolina_ 3-27-21
11,661,289.43
85,620,677.18
7,382,400.01
2,4751820.00 1,803,089.43
307
3-27-21
So. Dakota
205.881,115.63
42,120,568.42
23,134.823.33 •18.985,740.09
391
Tennessee_ _. 4-15-21
34,176,700.01
270,194,441.10
52,966,784.05
709
11,545,748.62 7,244,335.43
1'exas,_ _ _ 5-27-21
92,873,539.40
13,921,647.25
974,935.29
4,676,961.96
8,269,750.00
85
4- 3-21
Utah
176,221,026.55
16,415,703.97
2,866,000.00
59
5-27-22
10,988,561.36 2,561,142.61
Vermont._
51,459,519.18
30,465,408.75
199,111,074.35
322
3-27-21
17,160,553.08 6.833,587.65
Virginia
188,682,205.30
22,049,055.68
237
12.841.500.00
Washington. 3-27-21
6,257.485.20 2,950,070.48
14,282,515.18 6,180,943.05
20.743,700.00
201
189,148,398.37
41,207,158.23
West Virginia 3-27-21
537,315,201.15
36,866,000.00
807
69,007,165.23
Wisconsin... 5-27-21
18,262.765.35 13.878.399.88
2,020,000.00
27,305,388.29
62
3.658.933.00
Wyoming _ _ _ 3-27-22
1,270,497.82
368,435.18
Loans
and
Discounts.
Bonds,
Stocks,
Securities, &c.
Total
Resources.
$
96,441,715.34
35.382,361.40
102.003,394.84
1,261.910,045.81
42,186,622.19
$
$
11,706,472.01
134,703,830.17
18,041,426.91
69,213,430.18
18,461,932.11
164,671,676.06
463,003,905.84 2,028,396,283.18
77.512.030.87
16,477,790.82
582,452,042.76
93,838,682.43
104,714,434.81
124,905,832.69
24,574,679.53
2,038,359,075.63
409,063,596.96
495,512,337.18
156,204,430.61
224,941,172.95
254.099.360.84
140,707,263.15
233,871,934.00
463,689,250.41 1,137,438,762.30
38,735,889.97
149.942,840.10
45,361,313.44
206.292.298.63
192.870,868.35
22,475,631.36
56,895,538.96
17.553,154.85
685,172,249.34 3,357,562,973.64
764.780,367.80
113,267,308.93
648,662,093.72
27,339,061.26
267,125,386.57
47,402.142.10
341,300.174.09
55.426.203.67
418,997,095.21
65,232,829.80
323,958.372.14
164,848,767.97
251,288,066.00 684,110,045.00
2,514,992,654.57
653,176,277.49
210,176,163.07
114,546,985.78
496,955,265.96
42,859,568.28
173,553,710.44
18,313,873.08
985,792,707.00 3,719,743,169.97
802,132,188.96 1.768,016,491.68
462,298,947.41
175,494,687,37
195,589,983.52
33,277,700.06
207.039,700.75 882.848,375.78
88,355,187.84
25,792,668.68
279.025,050.14
38,312,544.74
29,421,353.15
4.064,519.30
108,114,066.19
865.311,845.58
7,508,923.43
243,265,984.68
127,162,190.58
665,478,534.52 1.779,159.240.96
14,137.289.31
3.621,995.68
8,122,729,280.00 2,879,924,710.00 13.403,348,773.00
324,034,302.34
37,946,234.82
219,911,856.23
69,707,840.68
7,323,936.08
42,363,666.46
458.098,730.00 2,407,023.275.00
1,528,970,385.00
95,009.991.43
23,367,641.94
47,880.931.43
96,405.717.97
25,873,360.73
50,496,475.02
1,330,753,987.15 1,769,128,790.55 3,688,132,058.94
261.266,222.3:
220,353,360.41
17,858,763.31
64,278,409.75
59,483,506.66
10,720,125.69
167,351,662.26
26,888,096.10
189,863,295.16
51.723,221.98
21,218,321.17
89.766,222.63
116,860,343.93
66,534,937.59
205,928,662.92
32,677,303.14
61,901,160.42
118,203,372.44
30,384.096.31
162.320,291.56
364,011,517.52 . 132,463,871.39
5,606,022.38
18.789,585.20
525,695,102.75
104,478,761.24
98,652,621.02
277,304.001.79
334,917,763.16
132,094,978.10
197,803,524.85
298,185.022.33
216,518,336.65
237,423,619.90
619,995,368.27
31,812,801.51
Total(avge
date) _ _ _ 3-27-29 18.357 2,018,061,210.99 3,000,462.075.48 555.378,055.37 5,573,901,341.84 35,737,701,757.28 24,787,946.990.65 11,473,648,518.46 43.644,840.001.14
Comptroller's
report (national bks.) 3-27-29 7,575 1,633,271,000.00 1,528,326,000.00 538,744,000.00 3,700,341,000.00 22,872,880,000.00 14,862,183,000.00 7,070,755,000.00 29,021,912,000.00
Exc's of State
bkg. hat's_
Totals:
State banks_
State banks.
State banks_
State banks_
State banks.
State banks.
State banks.
State banks_
State banks_
statebanks.
State banks_
Nat. banks.
Nat. banksNat. banks.
Nat. banks_
Nat. banks_
Net. banks_
Nat. banks_
Nat. banks_
Nat. banks_
Nat. banks.
Nat. banks_
10,732
354,790,210.99 1,472,136,075.48 16,634,055.37 1,873,560,311.81 12,864,821,757.28 9,925.763,990.65 4,402,893,518.46 14,622.928,001.14
6-30-19 21.028 1,207,888,588.00 1,332,891,448.86 258,882,640.87 2,899,662,677.73 21,632,822,011.81 12,257,134,526,40 8,497.523.011.46 25.965,675,836.30
6-30-20 21,923 1,595,243,703.89 1,450,494,206.82 295,274,641.47 3,341,012,552.18 23.950,838,611.35 15,334.616,394.62 8,235,427,676.40 29,191,455,648.43
340-21 22,705 1,734,909,385.20 1,533.327.012.84 318,844,745.52 3,587,031.143.5823,780,750,818.50 15,449,134,595.23 8.877,828.333.49 29,412,657,029.83
3-10-22 22,302 1,794,110,616,82 1,587,458,465.10 319,108,843.39 3,700,677,924.31 23,510,877.185.07 14,108,585,847.71 9,414,104,361.97 28,808,553,357.84
4- 3-23 22,084 1,855,237,769.73 1,450.746.035.80 335,458,195.93 3,641,444.001.50 27,013,525.116.92 15,547,076,777.07 7,438,708,895.68 32,081,329,235.59
3-31-24 21,350 1,915,334,597.03 1,547,908,798.76 346.360,002.62 3.809.603,398.41 28,402,756,641.94 16,264,679.542.27 8.055,053,931.93 33.641,174,127.53
4- 6-2521.122 1,990,525,694.76 1,652,290,607.72 386,573,187.34 4.029,391,489,82 31,114,361,942.13 15.836,362.018.96 8,471,967.470.8936.679,382,483.73
4-12-26 20.289 2,065,024,071.43 1,798,468.761.55 424,871,070.13 4,288,361,903.09 34,116,035,973.16 18,832,589,370.81 9,368,247,390.13 39,105,787,890.95
3-23-27 19,597 2,146,819,043.02 1,949,198,673.96 451,252,333.91 4,547,270.050,8934.662,024,584.17 18,975,015.724.66 9,910,820.131.68 40,016,661,611.28
2-28-28 18.965 2,184.487,497.14 2.091,822,178.98 462,974,329,31 4,739,284,004.43 34,435,134,860.78 19,374,343,741.27 10,644,516,769.40 41,865,781,224.54
3-27-29 18.357 2,018.016,210.99 3.000.462.075.48 555.378.055.37 5,573,001,311.84 35,737,701,757.28 24.787,946,990'65 11.473,688.518.4843,644.840.001.44
6-30-19 7,785 1.118,603,000.00 872,226,000.00 372,649.000.00 2,363,478,000.00 15,924,865,000.00 10.588,801,000.00 5,047,521,000.00 20,799,550,000.00
6-30-20 8,030 1,224.166,000.00 986,384,000.00 411,525,000.00 2,922,075,000.00 17,155,421,000.00 12,396.900,000.00 4,498,771.000.00 22,197,737,000.00
2-21-21 8,143 11273.205,000.00 1.029,406,000.00 431,204,000.09 2,733,815.000.00 15,478,354,000.00 11,680,837,000.00 4,028,059.000.00
3-10-22 8.197 1,289,528,000.00 1,036,184,000.00 508,560,000.00 2,834,272.000.00 15,390.438,000.00 11,293,874,000.00 4,181,160,000.00 20,307,851,000.00
19,815,402,000.00
4- 3-23 8,229 1,319.144,000.00 1.067.652,000.00 486.172.000.00 2,872.968,000.00 17,036,281,000.00 11.679,621,000.00 5,041,122,000.00 21,612.713,000.00
3-31-24 8,115 1,335,572.000.00 1,073,363,000.00 507,905.000.00 2,916,840,000.00 17,598,696,000.00 11.963,102.000.00 5,005,950,000.00 22,062,888,000.00
4- 6-25 8,016 1.361,444.000.00 1.106,544,000.00 490,457,000,90 2,958,445,000.00 19,382,947,000.00 12,480,246.000.00 5,753.440,000.00 23,832,463,000.09
4-12-26 8.000 1,410,434,000.00 1,038,704,000.00 500,519,000.00 3,109,657,000.00 20.175,798,000.00 13,312,259,000.00 6,047,916,000.00 24,893,665.000.00
3-23-27 7,828 1.460,491,000.00 1,239.810.000.00 519.670,000.00 3, . . . 20,912,209,000.00 13,660,302.000.00 6,323,680,000.00
2-28-28 7,734 1.537,214,000.00 1,330.096.000.00 558.647,000.00 3,425,957,000.00 22,279,082,000.00 14,411,603,000.00 7.080,900,000.00 25,699.147,000.00
3-27-29 7,575 1,633,271,000.00 1,528.326.000.00 538.744.000.00 3,700.341,000.00 22.872.880,000.00 14.862,183,000.00 7.070,755,000.00 27,573,687,000.00
29.021,912.000.00
*Includes undivided pro its.
All Banking Institutions of the United States on March 27 1929 show:
Total banks _____ - _______ _ _ ___ _____________ ---------------------------------------------25.932
Total capital, surplus and undivided profits
$9,274,242,341.84
Total deposits
58,610.581.757.28
Total resources ____________________________________________________________ 72,666,752,001.44
Branch Banking Era Seen Approaching Through Bank ing place, inquiry in well informed banking circles here
Chains—Holding Companies Gaining Control of, indicates according to the New York "Journal of Commerce"
Large Groups of Banks—Change in Law Now of July 25. In its further comments it said:
This extension, it is said, is being carried on under the leadership of large
Thought Likely.
holding companies and directly or indirectly, large New York banks.
While State-wide branch banking has been developed thus far only In
of
chain
extension
banking
great
A
throughout the country
California, banking interests here and in Chicago are generally strongly in
which will be transformed into branch banking if the neces- favor
of its adoption on a nation-wide scale, which would make the American
sary Congressional approval can be secured, is currently tak- banking system conform to that of most foreign nations, where branch
FINANCIAL CHRONICLE
570
banking is the rule. State laws elsewhere forbid branch banking, and the
National Banking Act, as amended by the McFadden Act of 1927, limits
national banks in their branch banking activities to what is permitted State
banks in each State.
rig Claims of flanks.
[VOL. 129.
real, the German money market has been very tight, and Germany has
been very short of cash.
An acutely critical situation arose when the negotiations which culminated in the Young Plan appeared late in April and at the very beginning
of May in danger of being broken off. With memories of the collapse
of the mark in mind, a great deal of nervonsness manifested itself in Germany,and a quiet but very substantial movement of funds out of Germany
began, which greatly intensified an already difficult situation.
• But the Reichsbank held the situation vigorously in hand, and the
German banks held together loyally. New York, and possibly some other
foreign money markets,lent the necessary temporary assistance. Confidence
is now restored, German funds are returning home, and the•Reichsbank's
reserve ratio, which had gone to around 40%,rose to 51.5% by June 22
But the essential difficulties remain. Germany, if unable to get large
foreign loans, must reverse the direction of her industrial and trade activities,
reducing long-time construction and domestic consumption and increasing
production for export.
Meanwhile, chain banking, which in certain sections of the country has
been worked for many years, is developing at an unprecedented pace, coincident with the popularity of bank holding companies and similar financial
Institutions at the present time. The Northwest Bancorporation, with
capital resources of 8243,000.000, has developed one of the largest locally
controlled chains, to operate in the Minneapolis Federal Reserve District.
This chain endeavors to keep the identity of the individual banks going into
the chain district, which constitutes the chief difference between it and a
branch banking system.
Chains of banks are also being developed by several of the leading investment trusts-bank.holding companies. Transamerica Corporation, formerly known as the Bancitaly Corporation, controls a big branch bankThe Position of Hungary.
ing system in California and the Bank of America hero. The Goldman Sachs
The sharp cessation of foreign loans to Hungary found her, from one
Trading Corporation, which has bought a large interest in the Foreman National Bank of Chicago. and is closely affiliated with,and probably controls, point of view, better prepared than Germany was. •There had not.beeP
the Manufacturers' Trust Co. and the Public National Bank & Trust Co. such intense activity in Hungary as in Germany. Her financial position
here, has been reported latterly to be buying into other out-of-town banks, was better liquidated, and the immediate shock was not so severe. On the
and has just acquired control of the American National Co. of San Fran- other hand, Germany has carried much further than Hungary her industrial
cisco. Other similar organizations of smaller size are now engaged in ac- rehabilitation, and can much more readily begin an early development of an
Increased export trade. Germany's plans are largely carried through.
quiring stocks of small banks in various parts of the country.
Hungary's are in the half-way stage. If Hungary does not get adequate
Law Change Likely.
foreign credits in the near future, she will be obliged to cut short various,
These developments, according to several bankers in close touch with half completed plans. This will not mean a financial break. The exchange'
the situation, are leading in the direction of nation-wide branch banking rates will hold. The National Bank will dominate the money market and
in this country. It is pointed out, that Chairman McFadden of the House protect the currency. But the standard of life of the people will be reduced,
Committee on Banking and Currency, is a branch banking advocate, and and there may be even a pathetic emigration of part of the dense population
that a law authorizing branch banking may meet less opposition than was
The Position of London.
formerly the case, since many local banks are now controlled by branch
banking interests in the big cities. Furthermore. with the decrease in the
The British banks, in their effort to revive British trade by extending
amount of direct local borrowing by small business houses and continued bank credit, have allowed the percentage of their "advances," I. e., cusdifficulties of small banking institutions, there is expected to be less pub- tomers' loans and overdrafts, to rise to over 56% of their deposits, whereas
lic opposition to branch banking than the case hitherto. At the next session 50% is looked upon as the normal upper limit. In addition, the drains
of Congress, it is believed here, a real effort may be made to introduce lib- upon the gold reserve of the Bank of England, particularly those of Juno and
eral branch banking law.
early July, have reduced the reserve ratio of the Banking Department
In the meanwhile, it is pointed out that the present merger movement from 55.8% on May 22 to 41.9% on July 10. Britain's capacity to extend
arrival
of
the
among the large metropolitan banks is paving the way for the
loans to the rest of Europe is evidently greatly reduced, and new Issues in
branch banking era. Each of the large city banks, which have emerged London have not been going very well.
from the many consolidations that have taken place, is a logical leader in a
Concern lest our high rates should pull in a great deal of gold from
nation-wide branch banking system. In fact, one of the major motives be- England was a restraining factor in Federal Reserve policy during the
hind the several of the mergers has been, it is said, the expectation that whole of 1928. The rise in the discount rate of the Bank of England from
this will pave the way to the leadership of a nation-wide banking system.
43 % to 54.6% early this year relieved the situation for a time. But the
pressure on sterling continued. One contributing factor is presumably
the very large holdings by the Bank of France of sterling exchange. The
The Effect on Europe of Tight Money in America.
opinion is expressed in London that whenever sterling shows any strength,
there is French selling.
Benjamin M. Anderson, Jr., Ph.D., Economist of The
But a further very important factor in the persistent weakness in sterling
Chase National Bank of the City of New York speaking and loss of gold by England has, of course, been the cessation of American
loans to Europe, and the steady flow of funds from Europe to New York
before the Montana Bankers Association at Billings, Mon- attracted
by the high rates at the New York Stock Exchange. The drain
tana, on the morning of July 20 1929, pointed out that the on England's gold has begun much earlier this year than last year.
The foregoing does not mean, of course, that Britain's poitition is fundaever growing demands of the American stock market for
mentally weak. Basically, Britain has immense financial strength. If the
loan funds, with progressively higher rates of interest in Bank
of England chase to use its discount rate in accordance with prethe United States, have had a far-reaching effect upon the war policy, she could undoubtedly protect her position quickly and efraising its discount rate in the
money markets of almost the, entire world. Our high rates fectively, just as The Netherlands Bank, by
spring, converted an outflow of funds into an inflow of funds. Incidentally,
tighten
money
in
operated
to
the
world
have
of interest
the best Dutch financial opinion in May was that the increased rates of
outSide in two main ways: First, by reducing very sharply interest in The Netherlands had not interfered with business in The Netherthe placing of foreign bonds in our market;and second, by at- lands,
The Position of France.
tracting foreign money to be loaned on call to our stock market. In Europe, the result has been to create a very definite
The French money market is the one money market which has immense
to expand credit. The Bank of France has a
financial strain. The lending countries of Europe have ceased strength and great capacitydemand
gold reserve of 44% against
liabilities, which is not high, since
to be ready lenders to the borrowing countries, and, in some is looked upon by the financial authorities as the point below which 40%
they
cases, have withdrawn funds previously lent. The borrow- would not wish to go. But the Bank of France has, in addition, over a
the
of
gold
exehange,
major
part
of
which
billion
dollars
is
probably
held
ing countries of Europe, which for several years h- i.I adjusted in London, though a large part is also in New York.
their economic life to a largo inflow of foreign funds, have
France has a natural and justifiable desire to convert her foreign exchange
found themselves suddenly pulled up short, with the necessity into gold. As a first-rate financial center, she is unwilling to carry permanently
her reserves in foreign countries. Moreover, France aces clearly
of paying rather than borrowing.
the dangers of unsound credit expansion throughout the world when great
an
importing
borrowing
country
is
country.
A
It brings countries employ the gold-exchange standard rather than the strict gold
in the proceeds of foreign loans in the form of goods primarily. standard.
But France can bring in gold only by taking it away from other countries.
Domestic demand is strong, resisting the export of domestic chiefly
England, but also the United States. In the present situation,
goods and attracting foreign goods. But when loans cease France is moving slowly, cautiously and with special consideration for all
and repayment must be made, the scene shifts. The borrow- the interests involved. She took geld from Londen in 1927 and 1928, and
took 310 million dollars of gold front New York in these years. Even
ing country must develop an excess of exports over imports. she
in 1929, France has been able to add about 182 million dollars to her gold
When a transition of this sort must be suddenly made, it is reserves, but she has obtained much of this from Germany, while Germany
almost inevitable that there should be a period of depression in turn has taken the gold from London.
France has no wish to disturb the international money market. But those
during which labor and resources shift from production for who
look forward to very easy money in the near future will do well to have
the domestic markets to production for export, and during in mind that easy money, in all probability, would be an immediate signal
to
France
to bring gold from New York and London, with a tightening of
which prices are reduced to permit more effective competition
rates in New York and London.
in the export trade.
The lending countries of Europe in the past few years have
Is Money Ceding Easier?
been England, The Netherlands, Sweden, Switzerland, and, In gauging the position of the American money market, we must take a
world-wide view, and we must have a certain perspective in time—at least
more recently, France. London appears to have little leeway enough
to allow for seasonal variations. If we compare our position in
for further loans to the Continent at present. The Nether- June and July of 1929 with the same period of last year, it Is clear that
lands have been withdrawing funds from other countries, money is decisively higher than it was a year ago, although we thought
that it was very high.
especially from Germany. Sweden has ceased to be a ready then
The "high" for call money in July of last year was 10% as against 15%
lender. Switzerland and Belgium could spare funds for invest- this year. On July 5 of last year, call mom "renewed" at 6%, and the
6% down to July 11. This year, the renewal
ment abroad on a moderate scale. But the only European renewal rate stood at 53Itand
rose to 9% on July 9, at which figure it remained
rate was 7% on July 5.
country which is in a position to make foreign loans on a great .unchanged
down to July 15. Time money at the New York Stock Exchange
scale is France. Dr. Anderson then proceeded as follows: was 5% to 6% in late Juno and in early July in 1928, whereas it has ranged
The Position of Germany.
The tightening of the money markets of the world, with the sharp reduction of foreign loans to Germany, came at a time when Germany was
under the necessity of increasing her payments under the Dawes Plan from
1.750.000,000 marks per year to 2.500,000.000 marks. Germany has made
these payments,and continues to make them. But the difficulties have been
from 73i to 8% in the same period in 1929. Commercial paper stood at
43% to 53- % in this period of 1928 as against a straight 6% in late June
and early July in 1929. Acceptances, despite the easing in July of this year,
still stand a full 1% above last year's quotations at the same time.
And if we look at the position of the world at large, it is clear that money
is far tighter than it was a year ago, and the financial strain is greater than
it was a year ago.
JULY 27 1929.]
FINANCIAL CHRONICLE
571
Reserve System chose to substitute rediscounted loans in its portfolio for
Government bonds and acceptances. As a consequence of this choice the
Reserve Banks decreased their holdings of the latter items by $386,000,000
and increased their rediscounts by $231,000,000. This $231,000,000 of
loans which have been rediscounted appears among the assets of the
member banks. But they are not the property of those banks, nor is any
part of the $988,000,000 of bills discounted the property of the member
banks. These bills belong to the twelve Federal Reserve Banks which hold
them, but in the statistics they are counted twice.
The violence of the discussion over the banking situation during the last
A Fictitious Inflation.
year has obscured the fact that we have been passing through a period of
Up to the end of the year 1921 the rediscount loans were never included
marked credit deflation in the last thirteen months. This statement will
come as a surprise to those who read, as late as April, "that the condition among the assets of the banks; they were not the property of those banks,
of credit with which we have to deal to-day is one of inflation can scarcely and so it was not held proper by the legal advisers of the system to include
be denied." The sentence just quoted is the more surprising in view of them in the bank statement. There was always a note appended to the call
the fact that in its original setting it is followed by another to the effect report of the Federal Reserve Board showing the amount of such bills as a
that "The test of normalcy in the rate of credit expansion is the relationship contingent liability. Beginning in 1922 these loans were shown among the
assets of the member bank, and an offsetting item for a corresponding
which it bears to the rate of growth of industry and trade."
The bank credit outstanding at any time is represented by deposits. As a amount was included in the liabilities. When, therefore, the Federal
Reserve
decides to substitute bills discounted in its portfolio for Government
recent writer has succinctly put it, "When the bank credits a given customer's account, bank credit comes into being." The Federal Reserve bonds and acceptances, and when this results in an increase in the total
Board issues weekly statements for reporting member banks in one hundred volume of such bills shown in the Federal Reserve statement, the transacand one cities. These show that during the thirteen months which elapsed tion shows an increase in the total volume of loans by member banks
between May 2 1928 and May 29 1929 the net demand plus time deposits without an actual increase in the total bank loans outstanding. Whenever
of those banks decreased $1,188,000,000. They are down almost to the the Federal Reserve Banks shift their holdings from Government securities
point at which they stood in August 1927, when the rediscount rates of to rediscounts they bring about a fictitious showing of inflation in the
moat of the Federal Reserve Banks were lowered from 4% to 3%%. They credit structure.
This statistical inflation of loans, which was created by the policy of
are actually $310,000,000 below the deposits of these reporting member
banks on June 15 1927. Since the deposits outstanding are the basis upon the Federal Reserve Banks, had, of course, no effect upon deposits. Because
the double counting involved the growth in rediscounts prevented the
of
which the reserve requirements of these banks are calculated, the latter
have likewise declined. Their legal requirements were $192,000,000 less shrinkage in loans and investments from showing fully in the accounts of
on May 29 of this year than they had been thirteen months before; and the member banks. As it was, they decreased $161,000,000 In the thirteen
they are $122,000,000 lower than on August 3 1927. The following table months under discussion. Were it not for this duplication the shrinkage
gives deposits and the reserve carried with the Federal Reserve Banks on would have been larger.
The second reason why deposits have fallen more rapidly than loans and
the four dates mentioned:
Net Demand Plus
Reserve with Fed investments is to be found in the rapid increase in capital stock and surplus
Date
Tines Deposits.
eral Reserve Bank. of member banks. When such an increase occurs it reduces deposits by a
June 15 1927
$19,860,000,000
$1,810,000,000 like amount. During the time between May 2 1928 and May 29 1929, this
Aug. 3 1927
19,488,000,000
1,739,000,000
increased $628,000,000 for the member banks of the system. The
May 2 1928
20,744,000.000
1,809,000,000 item
May 29 1929
19,566,000.000
1,617,000,000 major portion of this increase occurred in the reporting member banks and
reduced their deposits accordingly. This operation exerts the same influIndustrial Production Up 11%.
ence on bank credit as would a withdrawal of deposits for the purpose of
As against these figures of credit outstanding, the index numbers of buying investments from the banks.
industrial production compiled by the Federal Reserve Board show that
Final Reason for Deflation.
the volume of output stood at 107 in August 1927; at 109 throughout the
The final reason is that the interior banks have withdrawn their balances
Spring of 1928; and at 120 in May of this current year. If "the test of
normalcy in the rate of credit expansion is the relationship which it bears from the Reserve cities and thus reduced the net demand deposits. The
to the rate of growth of industry and trade," then we are confronted, not interior banks carry these balances as a secondary reserve. When they are
with inflation, but with its exact opposite—deflation. This has been true, forced to deflate they draw these reserve balances down. If the Reserve
both during the last thirteen months and during the last two years. Since cities can meet the draft without putting the reserve situation in the
the Summer of 1927 there has been an increase in industrial production financial centers under strain it is a proof that the credit situation was
amounting to 11%, while the credit outstanding has expanded less than 1%. sound. This has been proven during the last year.
Of the above dates August 3 1927 was chosen because it represents the
We have now deflated the credit structure to the point where we are
situation at the time rediscount rates were reduced from 4 to 834To• using $200,000,000 less reserve credit than a year ago; and the reserve
June 15 1927 is included because it marks the highest point of credit ratio has increased from 70% to 75%. It is probably the first time in
expansion reached before tile business recession of 1927 set in; May 2 1928 financial history that credit has actually been deflated in the boom phase
represents the highest point ever reached by net demand plus time deposits. of the business cycle. Usually, that operation is left for the depression
May 29 1929 figures are the latest available at the time of writing.
which follows the boom. This time it has been done in anticipation of
If the test of credit expansion as compared with industrial production is business recession; and it should exert an important effect upon the
applied over a longer period, the evidence is likewise against inflation. In future course of industry and finance.
the post-war deflation of 1920-21, all reporting member banks reached the
low point for deposits in August 1921, when they fell to $12,827,000,000.
The index of production stood at 67. It may be noted in passing that this
was likewise the average of production for the year 1921. Between that Representative McFadden Making Wide Bank Survey
For Next Congress—Study Will Cover Effect of
date and May 1928, the high point of deposits, bank credit increased 62%
and production 63%. By May 1929 bank credit outstanding was 53%
Speculative Loans on Business Credit—Also Plans
higher than in August 1921, while production stood 76% above the
to Study International Bank.
earlier level.
According to the Washington correspondent of the New
An Improper Measure of Credit.
How, then, does anyone arrive at the conclusion that the condition of York "Journal of Commerce" a comprehensive study of the
credit to-day is one of inflation? It is based upon the assumption that
banking and financial situation in preparation for possible
the measure of credit outstanding is to be found in the loans and investment holdings of the banks, rather than in their deposits. The loans and egislation at the coming regular session of Congress is being
the securities owned by the banks show no such decline in volume during
undertaken by Representative Louis T. McFadden (Rep.)
the last thirteen months. They are down only $161,000,000. Instead of
Pennsylvania, Chairman of the House Committee on
being lower than they were in August 1927, they are $1,656,000,000 higher. of
Banking and Currency. The advices to that paper July 21
Not only are these items taken as the measure of credit expansion, instead
of deposits, but loans to brokers for the account of others are sometimes further said:
added to the bank loans. In this manner one arrives at a great expansion
Chairman McFadden, who was in Washington yesterday, said his study
In bank credit outstanding during the last two years. This is an
improper will include the workings of the Federal Reserve System, loans on speculaprocedure with respect to both items.
tion, the conditions of credit for general business and, in fact, the whole
The Federal Reserve Act itself furnishes the most conclusive
evidence range of subjects connected with these problems.
that credit expansion is represented by deposits and not by loans and investBranch banking or chain banking in the States and the question of what
ments. It requires every member bank to keep a legal reserve
with the the Reserve System must do to meet this development will be one phase of
Federal Reserve Bank. This reserve is computed on its deposits,
not on its the matter into which Mr. McFadden will go. The relations of the Reserve
loans. This reserve acts as a check upon the expansion of bank
credit.. System to international finance and the possibilities of a proposed InternaEvery member must carry it with its Reserve Bank, and it
receives no tional Bank, which has been planned by the experts who recently acted on
Interest from the latter on these funds.
German reparations also are to be given attention.
During the last thirteen months the reserve deposits of the member
banks
have declined more than $150,000,000. This decline is a measure
New Legislation Expected.
of the
deflation which has taken place. Some writers have been
Inasmuch as it is expected the Senate Banking and Currency Committee
inclined to
attribute it to a shift from demand deposits to time deposits.
This is not will make an investigation of wide scope into Federal Reserve matters,
the explanation, as time deposits have not expanded but have
actually brokers' loans and many other matters relating to banking and finance, it
declined slightly during that period. The lower
requirements are due now looks as if there would be started this Fall an important financial
primarily to a shrinkage of over. one billion dollars in net
demand deposits. inquiry at each end of the Capitol.
- These investigations, it is expected, ultimately will result in Congress
Why Deposits Have Decreased.
giving serious consideration to further Federal Reserve legislation, including
The explanation for the fact that deposits have decreased over
the last the question of the attitude of the Reserve System tpward speculation and
year, while loans and investments have remained almost stationary,
is to be speculative loans.
found: (1) In the increase in rediscounts; (2) in the increase of
capital
Senator King yesterday said he had been assured the Banking and Curstock and surplus of the member banks; and (3) in the decline in
bankers' rency Committee of the Senate would act favorably on his resolution of
balances. Let us take these up for discussion seriatim.
investigation after the recess. This resolution covers a score of points and
The increase in rediscounts at the Federal Reserve Banks Is clearly
one
of the ways of obtaining funds which may be loaned to customers. During propositions connected with banking, speculation and credit which the Utah
the last thirteen months rediscounts have increased $231,000,000. But Senator believes should be studied. Senator King declares the concentration
this does not mean that bank credit has expanded by a like amount. of a large share of the country's money and credit in the speculative centers
is an evil which is hurting general business and industry.
Further, it furnishes no evidence that the amount of Federal
Reserve credit
in use has grown. Reserve credit is measured by total bills and securities
Committee Not Organized.
outstanding. This includes not only rediscounts but acceptances
Chairman McFadden pointed out that the House Banking and Currency
and
Government securities as well.
Committee is not yet organized. Hence it is not yet possible for the subject
As a matter of fact, the reserve credit employed by the system has of an inquiry by that
Committee to be taken up. However, he is going
declined $155,000,000 between May 2 1928 and May 29 1929.
Whence, ahead to make a study of broad scope individually. He expects to devote
then, the increase in rediscounts: The answer is simply that the Federal practically all the time between now
and the regular session to the inquiry.
Deflating Credit—David Friday Sees Credit Deflation
during Industrial Boom.
In an article on "Credit Deflation," in the July issue of
the Bankers' Magazine of this city, David Friday takes the
view that the past year has seen credit deflation during an
industrial boom. The article follows:
572
FINANCIAL CHRONICLE
Mr. McFadden has been a sharp critic of the Federal Reserve Board
because of its warning and efforts directed at speculation and speculative
loans. He has made it clear that he believes the Board has been getting
into a field where it did not belong. In speeches in and out of the House,
McFadden has made plain his position. He does not think the Board should
attempt to regulate speculation. In the House early last February he
declared he did not see that the gold reserve was in danger nor any indication of a general rise in the commodity price level and, because of these
facts, he did not think that "the Federal Reserve System should concern
itself about the condition of the stock market or of the security loan
market."
Thinks Brokers' Loans Produetive.
"I do not think," said Mr. McFadden, "that the assumption is warranted
that brokers' loans are depriving business of funds, nor that all of the
security loans are unproductive. In my judgment, there is too little known
about the ultimate disposition of stock market loans to warrant any action
designed to depress those loans by the Federal Reserve System."
Mr. McFadden has not changed the views which he expressed then. He
still believes the situation as to speculation and stock market loans should
have been allowed to rectify itself and that the effects of the investigation
by the Reserve Board have been unfortunate.
Mr. McFadden is not prepared to say what further legislation pertaining
to the Reserve System and banking matters in general is necessary. In
some quarters there will be demand for restricting the scope of the Reserve
Board's powers, while in others there will be insistence that the use of
Federal Reserve money for speculation be prohibited by law. Senator
Smith W. Brookhart of Iowa already has proposed such prohibition.
[VOL. 129.
Note Discount Ruling by New York Attorney General—
Holds Firms Should not Be Incorporated for That
Purpose, Despite Amendment to Stock Corporation Law.
We quote from the "Times" of July 26 the following
Albany advices July 25:
In an opinion given to-day to Secretary of State Flynn, Attorney-General
Ward held that a business corporation cannot be incorporated for the purpose of discounting commercial paper as a business, notwithstanding the
amendment to the Stock Corporation Law passed by the last Legislature
and a decision of the Appellate Division, First Department, which in April
held that a business corporation which discounted notes was not in the
banking business.
The Attorney-General advises that corporations seeking charters to discount negotiable paper should be refused incorporation.
The Appellate Division decision was in a case where borrowers had obtained $8,000 by discounting notes with a business corporation, and the
question was whether they should be allowed to escape their acknowledged
indebtedness by pleading that the notes were void because the corporation
had no right to discount them. The court decided against this plea, 3 to 2.
Attorney-General Ward held that the special circumstances involved put the
decision in a class by itself and that it has not reversed the public policy of
the State, enforced in legislation since 1804, that business corporations shall
not be organized for the purpose of doing what banks are authorized to do.
The amendment to the Stock Cor oration Law, tnacted at the 1929
session, allows business corporations to purchase bonds and notes. The
Attorney-General holds that the authority to "purchase" is not the authority
to discount.
Depositors in Failed Banks Operated by Nebraska
Guaranty Fund Commission Not to Receive Aid
Bank of North Dakota Must Pay Federal Excise Tax
Until 1930.
on its Capital—Public Purpose of Institution's
From the Omaha "Bee" we take the following Associated
Creation Not Recognized—Called a Private Business.
Press account from Lincoln, Neb., July 12:
In
its issue of July 20 the "Wall Street Journal" announced
Though the Legislature appropriated $260.111.34 for repayment to
depositors of banks operated by the Guaranty Fund Commission, it will be the following from Minneapolis:
several months before any of this amount is forthcoming, Secretary Bliss
of the Department of Trade and Commerce announced Friday.
His statement, he said, was prompted by a constantly increasing flow
of mail from anxious depositors who are seeking repayment.
Delay in payment, Mr. Bliss explained, was due to the inability of the
State Treasury to meet the appropriation before a levy is made and the
amount taken in tax collections some time in December.
The levy, Mr. Bliss said Treasurer Stebbins had informed him, will be
made within the next 30 days and payments should be made on these claims
during the first quarter of 1930.
Fred H. Johnson, former Secretary to Gov. Weaver, is now in charge of
an audit of the banks concerned and upon this audit will 'be determined
the amount to be paid to each claimant.
Records in each case, Mr. Bliss said, are complete and there will be no
necessity for the filing of any additional statement by any of the many
claimants.
The Bank of North Dakota, which is the outstanding institution remaining in active operation from the period some years back when the
Nonpartisan League dominated that state, has lost something of its indieiduality by the decision of the United States Circuit Court of Appeals
that the bank must pay the Federal excise tax on its capital stock of $2,000,000.
During the legislative session of 1918-1919, at the height of the Nonpartisan League activity, the legislature created the Bank of North Dakota
and declared that its purpose was to be the encouragement and promotion
of agriculture, commerce and industry. Capital stock was provided by a
bond issue on which the state is still paying interest.
The court decision says that the purpose outlined by the legislature is
not a governmental function of a state and that the state, through the
medium of the Bank of North Dakota, went into private business and so
cannot claim that it is immune from Federal taxes. The Supreme Court
of North Dakota already had given such an opinion.
The Bank of North Dakota, located at Bismarck, the capital of the
state, has deposits of approximately $25,000,000 and in size over-shadows
Atlanta Joint Stock Bank Omits Dividend at This Time. any other financial institution in the state. It does not compete with
other banks except in the making offarm loans, but it is a central depository
The following is from the New York "Times" of July 17:
for many state banks and has a charter under which it might at any time
The Atlanta Joint Stock Land Bank passed the dividend due at this time. engage in general banking.
The last dividend paid was 3% semi-annually on Jan. 2.
Principal interest in the case attaches to the fact that the bank came
into existence during a period when many business projects of state Socialistic character were launched by the politicians then in control of state
New Curb Record for One Day Is Set With Total Sales affairs. The recent decision fails to recognize the assertion that the bank
was created for a public purpose, and sees in it an organization engaged
3,584,700 Shares.
in private business.
The New York Curb Market transacted the biggest day's
business in its history on July 24. Noting this, the "Times" Market Value of Listed Shares on New York Stock Exof July 25 said:
change $77,264,128,909 July 1—Increase of $6,342,Ticker facilities fell behind more than an hour and did not print the
702,722 in Month.
final quotations until 4:05 P. 31. The day's total was 3,584,700 shares,
On July 1 1929, there were listed on the New York Stock
against, the previous record of 3,304,500 on June 28.
The tremendous turnover in the public utility issues was responsible for Exchange 1,238 different stock issues aggregating 945,341,007
the expansion in sales to a point far beyond facilities of the Exchange to shares, as
compared with 1,230 stock issues aggregating
handle. In a single stock—Niagara Hudson Power—the turnover was
895,100 shares, which total in former years was a respectable one for the 932,325,207 shares on June 1 preceding. In making this
entire market.
announcement July 20 the Stock Exchange added:
Largest dealings were in the following issues:
Companies—
Shares.
Niagara Hudson Power
895,100
Cid e E service
251,600
Commonwealth & Southern
204,100
Pennroad Corp
111,500
American Superpower
110,200
Marconi Inter. Marine
84,400
Standard Brands, Inc
55,000
United Light & Power
54.600
Prices all through the Exchange list were highly irregular, and many of
the issues in which the largest sales developed showed a loss on the day.
The Niagara Hudson Power closed exactly unchanged.
Curb Market officials were obliged to adopt emergency measures to deal
with the extraordinary situation. It was decided early in the day to
print the prices in the active stocks at intervals on the bond ticker, an
emergency measure adopted by the Stock Exchange last year when its
tickers were overwhelmed by the rush of buying. This alleviated conditions to some extent, but in the main those who were trading in Curb
securities yesterday were entirely at a loss to ascertain the prices of their
stocks. Brokers on the Curb, unused to such tremendous business, fairly
fought each other to execute their orders, and it was a hot and exhausted
crowd which welcomed the gong at 3 o'clock.
Since the beginning of June the total daily sales on the Curb Exchange
have fluctuated above the 2,000,000-share mark, reaching the total of
3,000,000 on June 26. Since that time daily transactions have been
hovering around 3,000,000 shares' a day. The largest sales in a single
stock on one day were the record of 1,032,400 shares of Commonwealth &
Southern stock oh June 14.
Prices on the New York Stock Exchange generally dropped sharply
yesterday afternoon when the call money rate advanced to 9%. An outstanding feature of the market was the advance of the shares of American
Telephone and Telegraph to 257%, the highest price at which they have
ever sold.
Also, on July 1 1929, the total market•value of all listed shares was $77,264,128,099 an increase of $6,342,702,722from the figure of$70,921,426,187
on June 1.
Over the same period, borrowings in New York on security collateral
increased $406,083,350 from $6,665,137,925 on June 1-to $7,071,221,275
on July 1.
The ratio of Exchange member borrowings to listed share values thus decreased 0.24% from 9.39% on June 1, to 9.15% on July 1.
The average market price of all listed shares increased $5.67 per share
from $76.06 per share on June 1 to 881.73 per share on July 1.
Permission Sought from New York Stock Exchange for
Establishment of Brokerage Offices on Trans-Atlantic Liners.
The following is from the New York "Times" of July 24:
Stock brokerage offices on steamships, arranged with all facilities for
trading in stocks and bonds and with complete and detailed information
for the speculator who cannot leave his business behind, are a possibility
of the near future. M. J. Meehan & Co., members of the Now York Stock
Exchange, are reported to have filed a request with the Exchange that they
be permitted to establish such a service.
No ruling has ever been made by the Exchange on the establishment of
offices on transatlantic steamers and announcement of such a ruling is
awaited with a great deal of interest. No comment on the application was
made yesterday, either by Exchange officials or by members of Meehan &
Co. A similar request was filed in April but was withdrawn and no ruling
was made at that time. It is expected that a definite ruling will be made
now by the Exchange governors.
The difficulty surrounding such venture is in the inability to furnish
continuous ticker quotations, unless arrangements could be made to give
them by the new ship-to-shore telephone method. In such case it would
be necessary to provide a continuous flow of quotations, by telephone.
JULY 27 1929.]
FINANCIAL CHRONICLE
from the Exchange tickers to the ships. At present a few quotations are
received two or three times a day by radio by most of the transatlantic
liners and posted on their bulletins, but no attempt is made to give all
the sales or to provide other than casual and general market information.
It is expected that should the Exchange give its permission for such an
experiment the offices would be established first on the Leviathan. the
Mauretania and the Berengaria. Establishment of foreign offices by Stock
Exchange firms has been a feature of the development of service during the
last year. Many traders in the market, now abroad, are able to keep in as
close touch with their stocks as if they were sitting in their brokers' offices
here.
In its issue of July 25 the same paper stated:
Stock Exchange officials will probably approve the proposal of the
brokerage firm of M. J. Meehan & Co. to place branch brokerage offices
on ocean liners, it was learned yesterday. It is expected that the Leviathan
will be the first vessel to use the new service, with the Mauretania and
Aquitania to follow within a month. Other brokers are preparing to install
branches of their own on other craft, notably the Mauretania and Olympic.
The Exchange's Committee on Quotations is to get the plan for consideration before the end of the week, it is expected, and It it rules favorably brokers assert that s ship branch office which will get quotations in
code by radio will be ready by the time the Leviathan sails on Saturday
after its yearly reconditioning. The committee is expected to rule that
since quotations are to go to one of the Exchanges own members, no departure from precedent is contained in the plan.
The new venture must take another hurdle, observers feel, before it can
be tried out at sea,since it may call for a ruling by the Exchange's law committee. There has been considerable debate about the use of radio for
broadcasting stock quotations in the past and this question may enter.
Stock Exchange quotations are by law the property of the Exchange and
may not be transmitted except on authority and by permission. The
Exchange has always denied the right to broadcast except under special
conditions since it has been feared that price quotations might be put to
improper use if they escaped from the direct control of the Exchange.
In this case, however, the prices would be eventually protected, since
they would be flashed in symbols to insure secrecy. The symbols are to
go to ships from Tuckerton, N. J., or Chatham, Mass., on short waves.
No actual radio ticker has been perfected, but engineers of the Radio
Corporation of America are working on a device to insure absolute secrecy
through automatic operation, and meanwhile code will be used.
573
"Under the terms of the contract of sale the department does not
guarantee a definite time when possession may be given to the purchaser, but it is estimated that a new site and new Assay Office will
be ready for occupancy in approximately four years."
New Paper Currency in California—Banks to Receive
Allotments in Proportion to Resources.
From its San Francisco bureau the "Wall Street iournal"
reported the following July 22:
There is no indication that issuance of new currency has affected
local credit situation, according to information at San Franciseo
Federal Reserve Bank. Banks of this district have not extended borrowings appreciably to handle new currency and will probably conduet
operation of distribution by exchange of old for new currency as it
becomes available. It is regarded as probable that it will take irons
six to nine months to retire old currency.
Banks were notified that they would receive allotments in proportion
to resources but no obligation of additional borrowing was entailed
other than might be developed by public interest and demand for new
bills. Unused bills of old issue will be worked out by banks instead of
being exchanged directly for new currency.
Semi-Annual Survey of Real Estate Market—Market in
47% of Cities More Active Than Year Ago.
The semi-annual survey of the real estate market made
available June 23 by the National Association of Real
Estate Boards, covering 379 cities, shows that the market
was more active than it was a year ago in 47% of the cities
reporting, while 33% reported the market the same as last
year and 20% reported less activity. Selling prices were
reported higher than a year ago by 17% of the cities, the
same in 54% and lower in 29%. In part the Association adds:
Rents of single family dwellings were reported higher than a year ago by
17% of the cities, the same in 56% of the cities and lower in 27% of the
So far as can be learned the Stock Exchange has not as cities covered by the survey. Rents in two-family dwellings were reported
higher than a year ago in 12% of the cities, the same in 58% and lower in
yet indicated its decision.
of
than a year ago in
Government in Move to Prevent its Being Forced to
Buy Silver.
From the New York "Journal of Commerce" it is learned
that the Department of Justice announced on July 24
the filing of a brief in the Supreme Court opposing the
efforts of the American Silver Producers' Association and
two Colorado silver mining companies to compel Secretary Mellon by mandamus proceedings to cancel certain
orders which had been given by the Treasury head in regard to purchasing silver under the Pittman Act. In its
further advices from Washington July 24 the paper quoted
said:
The association and the corporations sought to compel the Treasury
to purchase 14,589,730 ounces of silver for use in the recoinage of
ddllars melted and sold in accordance with the act.
In June, 1927, the petitioners made application to the Supreme Court
of the District of Columbia for writs of mandamus to compel the
Secretary of the Treasury to set aside as unauthorized two separate
orders of February and December, 1922, respectively, which purported
to revoke five partly executed allocations and transfers of silver in
the treasury from the silver dollar account to the subsidiary coin
account under previous order, and to .compel the director of the mint
thereupon to purchase under the Pittman Act about 14,500,000 ounces
of silver for use in the recoinage of &Wars. The Supreme Court
of the District of Columbia dismissed the petition on the ground that
it failed to show that the petitioners had sufficient interest in the
matter to entitle them to maintain the proceeding, and the Court of
Appeals of the District affirmed the order of dismissal.
It is to review this decision of the Court of Appeals that the
present position is brought in the Supreme Court. The Department of
Justice, among other things, states in its brief that: "The petitioners
failed to show any injury to themselves from anything done or omitted
by the respondents or any benefit necessarily to be derived by them
from issuance of a writ of mandamus.
Further, the brief states: "Actually, the acquisition of silver and
recoinage of dollars has been completed. One may question the manner
of its doing, but not the fact. If the allocations to the subsidiary
account should be deemed irrevocable 'sales,' then perhaps it would
become necessary to consider the subsequent revocations and transfers
as 'purchases' or to find some other name for them. But the inescapable fact is that for every ounce of silver removed or sold from
the dollar account a corresponding amount of unquestioned fineness
has been restored and used beyond any reasonable possibility of recall.
Even assuming an error in the manner of its acquisition such an
error could not be corrected now by purchasing more silver."
Secretary Mellon Accepts Bid of $6,501,000 for Purchase
of Assay Office of U. S. Sub Treasury in New York.
Secretary of the Treasury Mellon announced on July 19
that the Treasury had accepted the bid by the Forty Wall
Street Corporation of $6,501,000 for the purchase of the
government's Assay Office in Wall Street, adjoining the
Sub Treasury Building. An Item in these columns June
29 (page 4261) indicated that bids (opened June 24) were
received in amounts ranging from $5,120,000 to $6,501,000.
According to Secretary Mellon's announcement of July 19
the initial payment of $500,000 had been deposited by the
highest bidder. Secretary Mellon also states:
18%
30%. Apartment rents were reported higher
the cities, the same in 65% and lower in 17%.
than a
activity
more
reported
26%
survey
the
by
Of the cities covered
year ago in the subdivision market, 44% reported the Same and 30%
reported lass activity.
On the supply of various types of buildings,62% of the 379 cities covered
by the survey reported a normal supply of single-family dwellings; 21% of
the cities reported a shortage in single-family dwellings and 17% reported
overbuilding. A normal supply of apartments was reported by 56% of the
cities while 27% reported a shortage and 17% an over-supply. In business
property, 59% of the cities reported a normal supply, 22% a shortage and
19% of the cities reported an over-supply.
Rentals in central business property were reported the same in 52%
of the cities, higher in 40% and lower in 8% than last year. Rents in
outlying business property were reported the same in 63%, higher in 15%
and lower in 22% of the 379 cities.
Rents in central office buildings were reported the same as last year in
77% of the cities reporting, higher in 12% and lower in 11%, while rents
In outlying office buildings were reported the same as last year in 81% of
the cities, higher in 6% and lower in 13%.
Of the cities covered by the survey 46% reported that in the mortgage
money market capital is seeking loans, 33% reported an equilibrium between the supply of capital and the demand for loans, and 21% reported
desirable loans available in excess of the supply of capital.
76% of the cities reported interest rates on mortgage money the same as a
year ago, 12% reported falling rates and 12% reported that interest rates
on mortgage loans were rising.
The Market Situation.
While the total figures for the United States and Canada report the Same
activity as a year ago in 33% of the cities, more activity in 47% and less
activity in 20%, the various sections* of the United States and Canada
show marked variations from these percentages.
Thus the market was reported to be less active in New England by 29%
of the cities, with 33% reporting more activity; at the other extreme 80.%
of the Canadian cities covered by the survey reported more activity than a
year ago while none reported less. A marked increase in activity was
shown particularly in the West North Central and Mountain sections. By
grouping the cities according to size, 50% of the cities having a population
of 500.000 or over reported greater market activity than a year ago.
TABLE 1—PERCENTAGE OF CITIES REPORTING MORE,THE SAME OR
LESS ACTIVITY IN THE REAL ESTATE MARKET CLASSIFIED
BY SECTIONS AND SIZE OF CITIES, COMPARED WITH
MAY 1928.
More Active.
Less Actiee.
Same.
Section and Size of CUp—
38
29
33
New England
34
29
37
Middle Atlantic
34
49
17
East North Central
59
31
10
West North Central
35
53
12
South Atlantic
38
38
24
East South Central
46
36
18
West South Central
28
61
11
Mountain
31
82
17
Pacific
20
80
Canada
36
50
14
20
35
45
60
24
16
34
42
24
27
58
15
34
46
20
—
—
—
33
47
Total United States and Canals
20
Selling Prices.
In the United States and Canada taken as a whole, 54% reported that
selling prices were the same as they were a year ago, 17% reported prices
higher and 29% reported lower prices. The sections showing the largest
percentage of cities reporting higher prices are the Mountain section in
which 33% of the cities reported higher prices and the Canadian cities,
Over 500,000
200,000 to 500.000
100,0e0 to 200.000
25,000 to 100.000
Under 25.000
Districtand County Boards
• New England—Me., N.H., Vt.. Mass., R.I., Conn. Middle Atlantle—N. Y.,
N.3..Pa. East North Contral—Ohio.,Ind., In., Mich.. Wis. West North Central-Minn., Iowa., N. Dak., S. Dak., Neb., Kan. South Atlantic—Del., Md.. D. C.,
Va., W. Va., N. C., S. C., Ga., Fla. East South Central—Ky., Tenn., Ala., Miss.
West South Central—Ark., La., Okla., Tex. Mountain—Mont.. Ida., Wyo.,
Colo., Aria., N. M.,Utah., Nev. Pacific—Ore., Wash., Calif. Canada.
1574
[VOL. 129.
FINANCIAL CHRONICLE
75% of which reported prices higher. In every seation of the United States
from 14% to 41% of the cities in each section reported lower prices, whereas
from 10% to 25% of the cities in the different sections reported higher
prices.
Of the cities having populations over 500.000, 64% reported prices the
same as a year ago, while 22% reported prices lower and 14% reported
higher prices. In cities having a population of 200,000 to 500,000. 56%
reported prices the same as a year ago, 33% reported lower prices and
11% reported higher prices.
TABLE II-PERCENTAGE OF CITIES REPORTING HIGHER, SAME OR
LOWER SELLING PRICES CLASSIFIED BY SECTION AND SIZE OF
CITIES, COMPARED WITH MAY 1928.
Section and Size of CitySame.
Lower.
Higher.
36
New England
23
41
Middle Atlantic
10
57
33
East North Central
53
11
36
West North Central
64
18
18
South Atlantic
40
10
50
East South Central
25
25
50
West South Central
14
25
61
Mountain
33
50
17
Pacific
21
60
19
25
Canada
75
14
11
16
11
23
19
Over 500,000
200,000 to 500,000
100,000 to 200,000
25,000 to 100,000
Under 25,000
District and County Boards
Totalsfor United States and Canada
17
The Subdivision Market.
64
56
46
58
53
53
22
33
38
31
24
28
54
29
Office Rentals.
Office rentals in centrally located office buildings were reported the same
as a year ago in 77% of the cities, while 12% reported higher rentals and
11% lower. Rents in outlying office buildings were reported the same by
81% of the cities, while 6% reported higher rents and 13% reported lower.
TABLE VI-PERCENTAGE OF CITIES REPORTING HIGHER, SAME OR
LOWER RENTS IN CENTRAL AND OUTLYING OFFICE BUILDINGS
AS COMPARED WITH MAY 1928.
Outlying.
Central.
Section and Size of City.
Higher.
New England
Middle Atlantic
East North Central_ _ _ _
West North Central_
South Atlantic
East South Central
West South Central_ _
Mountain
Pacific
Canada
Same.
3
15
10
4
31
15
22
18
20
82
74
80
80
82
54
70
72
79
80
18
23
5
10
14
15
15
6
3
15
25
11
Over 500,000
200,000 to 500.000
100,000 to 200,000
25,000 to 100,000
Under 25,000
District Boards
13
15
24
85
75
87
80
75
70
Tot.for U.S.at Canada_
12
77
15
Lower.
Higher.
5
4
4
17
5
25
9
100
6
6
5
4
5
7
10
16
Same.
Lower.
76
81
89
80
76
66
86
75
84
19
15
11
16
28
17
9
7
100
88
85
82
79
84
6
9
13
17
11
81
13
The survey shows that in the subdivision market 44% of the cities
The Building Situation.
report the same activity as compared with a year ago, whereas 30% report
A normal or adequate supply of single-family dwellings was reported by
less activity and 26% report more activity. The greatest decline in sub62% of the cities included in the survey, whereas 21% reported a shortage
division market activity was reported by the Middle Atlantic section In
and 17% reported overbuilding. 56% reported a normal supply of apartwhich 41% of the cities reported the market to be less active than a year ago.
ments while 27% reported a shortage and 17% reported overbuilding.
The greatest increase in activity was reported in cities of over 500.000.38%
In regard to business property, 59% of the cities reported a normal supply.
of which reported more subdivision market activity than a year ago.
38
54
200,000 to 500.000
100,000 10 200.000
25,000 to 100,000
Under 25,000
District Boards
20
19
22
32
23
50
43
42
44
47
8
30
38
36
24
30
Totalsfor United States and Canada
26
Residential Rents.
44
30
Rents of single-family and two-family dwellings show a slight decline
whereas apartment rents have on the average been stationary during the
past year. In single-family dwellings 17% of the cities covered by the
survey reported higher rentals, whereas 27% reported lower rentals. In
two-family dwellings 12% of the cities reported higher rentals and 30%
lower, and in apartments, 18% reported higher rentals and 17% lower.
Of the cities having populations of 500.000 and over, 42% reported apartment rents to be stationary and 29% reported apartment rents to be lower.
TABLE IV-PERCENTAGE OF CITIES REPORTING INWARD, STATIONARY OR DOWNWARD MOVEMENTS OR RESIDENTIAL RENTS
AS COMPARED WITH MAY 1928.
Single Family
Dwellings.
Two Family
Dwellings.
Apartments.
Section and Size of City.
Single-Family
Dwellings.
Over- Nor- Short- Over- Nor- Short- Over- Nor- Shortbuilt, mat, age, built, mal, age, built, mat, age.
New England
Middle Atlantic
East North Central
West North Central
South Atlantic
East South Central
West South Central
Mountain
Pacific
Canada
23
28
15
7
33
17
4
12
8
59
61
60
67
52
66
92
44
60
50
18
11
25
26
15
17
4
44
32
50
Over 500,000
200,000 to 500,000
100,000 to 200,000
25,00010 100,000
Under 25,000
District 6: Co. Boards_ _ _
9
15
24
19
17
16
91
85
71
60
53
52
__
__
5
21
30
32
36
56
25
21
6
18
7,,,.. fni. TT a A. rftnada
17
62
21
17
4,
04004.0”4•01463
Ob..00--.100cO0i
40
43
25
17
3.5
31
22
11
20
10
2
11
17
6
22
15
19
15
__
60
40
70
15
7
62
35
24
31
29
16
__
8
11
17
9
55
54
54
57
77
27
12
58
25
8
15
38
8
23
19
28
18
Canada
60
Over 500,000
200,000 to 500,000
15
10
18
15
20
17
55
58
54
51
67
17
M
100,000 to 200,000
25,000 to 100,000
Under 25,000
District Boards
Tot.for U.S. tir Canada
52
53
61
62
56
46
59
69
65
38
45
28
21
38
32
26
12
20
11
10
21
21
17
31
12
28
22
65
63
58
69
66
46
76
72
69
21
27
21
10
17
23
12
__
9
-_
20
80
_-
31
29
42
29
45
38
35
26
14
__
11
16
25
16
60
78
65
62
68
40
11
19
13
17
30
18
65
17
Business Property Rents.
A large majority of the cities reported rents of central business property
to be the same or higher than a year ago, whereas the rents of outlying
business property were reported the same as last year in 63% of the cities.
higher in 15% and lower in 22%.
TABLE V-PERCENTAGE OF CITIES REPORTING HIGHER, SAME OR
LOWER RENTALS OF CENTRAL AND OUTLYING BUSINESS PROPERTY AS COMPARED WITH MAY 1928.
Higher.
Same.
Lower.
Higher.
Sane.
Lower.
54
58
48
57
57
46
36
55
56
40
23
8
7
South Atlantic
East South Central
West South Central
Mountain
Pacific
Canada
23
34
45
43
29
39
57
39
40
60
10
9
12
18
4
23
29
28
19
20
45
68
62
71
60
46
57
72
69
80
45
23
26
11
36
31
14
Over 500,000
200.000 to 500.000
100,000 to 200.000
25,000 to 100,000
Under 25,000
District Boards
38
25
44
37
40
41
70
44
56
50
52
12
7
10
7
31
16
15
12
14
17
69
68
57
82
67
. 61
28
26
19
22
Tot.for U.S.at Canada_
40
52
8
15
63
22
Middle Atlantic
East North Central_ _ _ _
West North Central
54
40
22
15
7
40
30
7
12
14
__
60
74
41
75
58
40
79
59
71
100
_4
44
18
2
30
14
29
15
--
64
39
72
54
58
61
__
5
3
25
36
21
27
35
27
23
17
14
64
59
65
67
70
69
9
6
8
10
13
17
56
27
19
59
22
The Money Market.
Interest Rates.
Interest rates were reported steady by 76% of the cities, whereas 12%
reported falling interest rates and 12% reported rising rates.
Wage Rise Made Judgment-Court Passes on Southern
Railway Shopmen's Increase.
dispatch from Washington July 20 is from
following
The
the New York "Times":
The award of the Board of Arbitration in the wage dispute between the
shop crafts and the Southern Railway and allied railway systems was
made a judgment of the District Supreme Court to-day by order of Justice Jennings Bailey.
Under terms of the award approximately 9,000 shopworkers receive
wage increases of 5 or 6 cents on hour. The judgment is retroactive to
March I.
Railroads affected in addition to the Southern are Cincinnati, New
Orleans St Texas Pacific Railroad Company, Alabama Great Southern
Railroad Company, New Orleans & Northeastern Railroad Company,
Northern Alabama Railway Company, Georgia Southern & Florida Railway Company, Now Orleans Terminal Company and St. John's River
Terminal Company.
Outlying.
Central.
Section and Si.e of My.
New England
15
14
33
25
14
46
26
47
37
25
Throughout the country and especially in all the larger cities, the survey
shows a surplus of capital seeking investment in real estate loans.
Taking the United States and Canada as a whole, 46% of the cities
reported the supply of capital in excess of the demand, 33% reported an
equilibrium between the demand and supply and only 21% reported
desirable loans in excess of the supply of capital.
Up. Slat. Down Up. Stat. Down Up. Stat. Down
New England
Middle Atlantic
East North Central
West North Central
South Atlantic
East South Central
West South Central
Mountain
Pacific
Business
Property.
Apartments.
Section and Size of City.
0.
-.M.1.-0C-e.,•-,V0
00000010:4.14,0t,
Over 500,000
22% reported a shortage and 19% reported overbuilding.
TABLE VII.-PERCENTAGE OF CITIES REPORTING OVERBUILDING
NORMAL SUPPLY OR SHORTAGE IN SINGLE-FAMILY DWELLINGS,
APARTMENTS AND BUSINESS PROPERTY AS COMPARED
WITH MAY 1928.
1
TABLE III-PERCENTAGE OF CITIES REPORTING MORE, SAME OR
LESS ACTIVITY IN THE SUBDIVISION MARKET AS COMPARED
WITH MAY 1628.
ERS8 Active.
More Active.
Same.
Seaton and Size of City40
40
20
New England
41
22
37
Middle Atlantic
28
31
41
East North Central
52
26
22
West North Central
49
38
13
South Atlantic
31
31
38
East South Central
52
22
26
West South Central
47
41
12
Mountain
30
47
23
Pacific
20
80
Canada
14
15
7
6
4
5
16
Employes of Former Kansas City, Mexico & Orient
Railway to Receive Wage Increases from Sante Fe
Lines.
Associated Press advices from Wichita (Kan.) July 25
stated:
Employes of the former Kansas City, Mexico & Orient Railroad will receive wage increases beginning Aug. 1, from the Santa Fe lines amount
Ing to about $500,000 annually, E. H. Shaufler, Assistant General Manager
for the Panhandle and Santa Fe Company, has announced.
Office employes as well as train, engine and yard men will be affected
by the new scale when the "Orient" is absorbed by the Santa Fe the first
of next month. Train and engine-men who remain here will receive an
increase of about 40% in their aggregated annual payroll, Shaufler disclosed.
The "Orient" wage scale has been considerably less than that of Its
successor.
JULY 27 1929.]
FINANCIAL CHRONICLE
Additional Indictments Against Partners in Failed Banking
Firm of Clarke Brothers—J. R. Clarke Pleads Guilty—
Gov. Roosevelt Asked by Depositors to Institute Investigation Into Failure.
The finding of additional indictments against the partners in the private banking firm of Clarke Brothers of
154 Nassau Street, now in receivers' hands, and the entering of a plea of guilty by James Rae Clarke, senior
partner, were among this week's developments in the
prosecution. Some of the indictments have already been
noted in these columns July 13, pages 223-224 and July 20,
page 420. Regarding the latest indictments New York
"Evening Post" of July 22 said:
Seven additional indictments were returned today against the four
partners in Clarke Brothers defunct private bank, as their attorney,
George Gordon Battle, conferred with State and Federal authorities to
detemine the course of their defense.
Assistant District Attorney Pecora accompanied Mr. Battle to the
Federal Building, where United States Attorney Tuttle was interviewed. Mr. Tuttle has indicated that if the Clarke brothers make a
complete statement of the actual causes and events leading up to the
failure of their bank on June 29 and also transfer to the receiver their
own and their families' assets they may expect mercy.
The State, nevertheless, has gone ahead with its preparation for
trial. The Grand Jury handed up its indictments today to General
Session Judge DonneIlan, and thus brought the total number of
counts to thirteen.
Center on Deposits
All of today's indictments charged the acceptance of deposits with
the knowledge that the bank was insolvent. ,
Mr. Pecora now has set the State trial of James Rae Clarke, Philip
L. Clarke, Hudson Clarke, Jr. and John F. Bouker, the partners, for
next Wednesday (July 24).
From the New York "Times" of July 24 we take the
following account of the action of James R. Clarke Ili
pleading guilty to the indictments against him:
James Rae Clarke, senior member of the private banking house of
Clarke Brothers, pleaded guilty yesterday in both State and Federal
courts to indictments under which he could be sentenced to maximum
of 127 years in prison. He admitted using the mails to defraud, conspiracy to effect that purpose and accepting deposits when he knew
his institution was bankrupt.
Through his attorney, George Gordon Battle, Clarke announced his
willingness and that of his wife and married daughter to give up their
homes and all other real and personal property now in their possession
as a result of the operations of the banking house. He assumed "full
responsibility" for the recent $5,000,000 failure of his firm, referred
to his three partners as having been "in effect little more than employes," and declared his readiness to answer freely all questions that
either the State or Federal authorities might wish to ask him.
575
ganized by J. R. Clark and soon afterward W. H. Clarke was taken
into the firm.
"The business of the bank was of such a character as not to require
or permit supervision by the State Banking Department. W. H. Clarke
made unfortunate investments. He and his brother tried to recoup the
resultant losses, but their efforts were disastrous. W. H. Clarke died
leaving J. R. Clarke to Lear the entire burden.
"The business became seriously crippled and damaged. Clarke believed all along that some of their enterprises would turn out all right.
He had the assurance of Quimby and others that millions of profits soon
would be realized. They did not, however, and ultimately it became
necessary to file a petition in bankruptcy.
"Clarke still hoped to be able to repay in full. He never intended to
cause any of his depositors to lose money. As a result of his losses,
however, he now pleads guilty to the mail frauds indictment in this
court and will plead guilty also in the State court to the charge of
accepting deposits at a time when the bank was insolvent.
"He places himself at the disposal of the authorities and will make a
most complete statement to all concerned. He is willing to turn over to
their receiver all his property and also the houses of his wife, to which
she has a good title, but which she desires also to make available for the
depositors. His daughter also desires to turn over her home in the
same manner.
"Our law firm will donate our fee in this case to the fund for
depositors of Clarke Brothers.
"As to the two brothers, they are younger and were less forceful
partners in the bank, having had only a 10% interest each. They were,
in effect, little more than employes, all dominated by J. R. Clarke and
under his authority. He takes full responsibility. We hope and believe
that, when the facts are all known, the authorities will not find it
necessary to prosecute the others."
The adoption of a resolution on July 23 by the depositors
of the failed firm, seeking an investigation by the state
authorities into the causes of the failure, is noted in the
following which we take from the "Times" of July 24:
Depositors in the bankrupt private bank of Clarke Brothers adopted
order investigations of
a resolution calling upon Governor Roosevelt to
who lost
the failure and to use his office in obtaining relief for those
money, at a meeting in the Federal Building last night. The resolution
executive
the
of
members
and
was vigorously opposed by the chairman
committee, but was passed almost unanimously after a long and
acrimonious debate.
A resolution similar in purport was introduced at a meeting of the
depositors a week ago and was referred to the executive committee.
brought up
Robert W. Rosenberg, who introduced last night's resolution,
this point in urging immediate adoption and charged that the executive
committee, of which he is a member, frustrated all his efforts to bring
up the matter for consideration at meetings during the intervening
week.
Andrew M. Madigan, another member of the executive committee,
announced that one of the chief assets of the depositors was wiped out
yesterday, when the dispossess notice was served on the Irving Trust
Company, as receivers, by the Metropolitan Museum of Art, owner of
the building at 154 Nassau Street, where the Clarke establishment was
Others Offer Aid Too
located.
Mr. Madigan, who is a tenant in the same building, declared that he
His brothers, Philip L. and Hudson Clarke Jr., and John F. Bouker,
informed by a Mr. Merritt, representing the
the fourth member of the firm, appeared with'him before Judge Collins had been confidentially
it was planned to open a new bank in the
that
the
of
building,
owners
additional
seven
the
to
guilty
not
pleaded
in General Sessions and
location. Ile said that Mr. Merritt had told him that the proposed
same
jury
grand
County
York
New
the
by
them
against
returned
indictments
backed by the Irving Trust Company. Offers as
on Monday. The brothers, however, duplicated James Rae Clarke's new bank would be
a year had been made for the Clarke premises, Mr.
offer to turn over all their real and personal property to the receiver and high as $50,000
whereas their lease provided for an annual rental
to aid the authorities and the depositors by telling a complete and Madigan declared,
truthful story of their operations and doing what they could to make of but $15,000.
Milton M. Black, of the depositors' law committee, explained that the
available further assets of the defunct firm.
a clause providing for cancellation in the event of
Complete harmony between the State and Federal authorities pre- lease contained he said that it was believed that the owners of the
vailed throughout the dramatic developments of the day. In the Federal bankruptcy, but
consent to a thirty-day extension of time pending
court United States Attorney Tuttle referred frequently to the fact building would
value of the lease might be conserved for
that he was acting in concert with Acting District Attorney Pecora. In arrangements by which the
General Sessions Mr. Pecora made similar references to Mr. Tuttle. the depositors.
United States Attorney Tuttle addressed the meeting, outlining the
Defendants' counsel nodded approval and both Judge Collins and Fedthe formaeral Judge Anderson acquiesced in the mutual requests made of them. work which he has accomplished in the case and announcing
relief to the
The outcome of this prearranged plan of action was that the imposition tion of the committee under Manny Strauss to afford
of sentence upon J. R. Clarke was postponed indefinitely, although in depositors.
"Considering that but three weeks have elapsed since the failure,"
General Sessions, Judge Collins fixed Sept. 10 as a tentative date
a
which might be moved either forward or backward; the trials of he said, "it is exceptionally remarkable that there should have been
and gentlemen of this
Philip and Hudson Clarke and Bouker were also indefinitely postponed, plea of guilty, eager premises of restitution
should
this
all
That
committee.
a
form
pending the development of expected disclosures, and no additional bail distinction coming forward to
have been accomplished in three weeks is a bit unprecedented in the
was asked of any one of the four defendants.
history of banking failure in New York State and elsewhere."
•
• •
Mr. Tuttle said that the present prospects of effecting a reorthe
of
failure of the 89-year-old house ganization were slight, but he suggested that if substantial sums could
The brief outline of the causes
both
in
courts
by
given
as
Mr.
Brothers,
no
Battle,
Clarke
lends
of
be obtained from the partners and if the existing assets are skillfully
novelty to the story. It dealt sketchily with poor business judgment is handled, such an eventuality might come about. He urged the depositors
the placing of investments and with a judgment, poorer still, misused to co-operate with Mr. Straus's committee, with the receiver and
in an effort to recoup consequent losses by what a gambler might call with the two criminal prosecutions. State and Federal authorities, he
"doubling" his bets. It admitted misplaced confidences and, through a said, had composed their differences arising over the eagerness of each
period of years, a strangely abiding faith in 'glittering promises of a to obtain jurisdiction over the case, and he had himself reached an
man who fulfilled none of them.
agreement with Assistant District Attorney Pecora whereby the two
Admittedly offered "in behalf of James Rae Clarke," it fell some- would co-operate in the future prosecution of the case.
In making his announcement to the Straus committee, Mr. Tuttle
what short of its full purpose when it coupled his announcement of the
acceptance of "full responsibility" for the firm's failure with the state- said that acceptance had been received from fourteen persons, in addiment that the first, series of poor investments had been made by W. H. tion to which financial assistance had been promised by Marshall
C.Ia'rke, "who died; leaving James Rae Clarke to bear the entire burden." Field. The list of acceptances were as follows:
The outline concluded with the explanation that J. R. Clarke had con- HERBERT LEHMAN, banker, of Lehman Brothers.
tinued to lose money for his bank by investing in the projects outlined JAMES H. POST, of B. H. Howell & Co.
and relying upon promises made by Milton C..Quimby, promoter extra- THOMAS BECK, president of Collier's.
ordinary, whose unsecured demand notes for $185,000 are now held by ARTHUR J. MORRIS, industrial banker.
BARUC. of Calvin & Co.
the receiver as so much worthless paper, while some of his promotions, EDGAR S.W.
HARRISON, president ofthe National Association of
MILTON
still unpromoted, are listed on the books of Clarke Brothers as assets.
of Railroad and Public Utilities Securities, and a Troste•
Owners
that
Clarke,
forth
although
he
admitting
comhad
set
Mr. Battle
of the Bowery Savings Bank.
mitted crime, never had the "intent" to do so. By his own statement of E. F. ALBEE, theatrical producer.
causes of the failure, however, the attorney placed his chief client in the SAMUEL C. LAMPORT, merchant and banker.
position of one who, while declaring himself alone responsible, points SIDNEY C. BORG, banker.engineer.
THOMAS C. DESMOND,
to others as the causes of his confessed criminality.
E. D. GIBBS, president of the Roerich Museum Association.
•
•
•
BENEDICT J. GREENHUT, retired merchant
NATHAN WILSON, real estate.
"On behalf of James Rae Clarke," began Mr. Battle after the plea had LAWRENCE STRAUSS, vice president of the Broadway Association.
been taken, "I desire to say to your Honor that this is a very tragic and
In introducing his resolution, Mr. Rosenberg declared that the deposdistressing situation brought into court. This investment banking busionly hope of a substantial recovery lay in pinning responsibility
itors'
Clarke
the
In
by
reor1903
1840
family.
was
it
in
founded
was
ness
576
FINANCIAL CHRONICLE
for the failure on the State, which responsibility properly resulted from
the failure of the State Banking Department to examine the Clarke
Brothers in 1923. His demand that the resolution be submitted to a
vote of those present was argued by Thomas Cassidy, chairman of the
executive committee, but a motion that the resolution be adopted,
made by Edward Neway, was vigorously applauded. After nearly an
hour of debate, during which members of the executive committee
argued against the resolution on the ground that it might spoil certain unrevealed plans for the depositors' benefit, while depositors on
the floor made frequent demands for a vote, the resolution was
adopted by an overwhelming majority of the 150 depositors present.
The resolution, which is to be sent to .Governor Roosevelt, outlined the reasons why the State Banking Department should have asserted jurisdiction over the Clarke Brothers business. It then requested the Governor:
"(1) That an investigation of the State Banking Department be
made in order to endeavor to determine the reasons for the failure to
make an examination of Clarke Brothers, Bankers, in 1923 and for the
period subsequent to that time;
"(2) That a Moreland commissioner be appointed to fix the resp?nsibility for the Clarke Brothers failure;
'(3) That the Depositors' Protective Committee of Clarke Brothers,
bankers, be granted a hearing in this matter before his Excellency;
"(4) That his Excellency use his office as the Chief Executive of
this State in an endeavor to alleviate the untold distress which has been
visited upon the depositors, which has blasted the hopes and aspirations
of business men, widows and the aged, and devise some means whereby
a speedy relief may be accorded the unfortunates, and devise ways and
means of securing the depositors against the need of applying to charity."
With reference to steps being taken to aid the neediest
victims of the crash of the Clarke Brothers' bank, Mr.
Tuttle said on July 23 (we quote from the New York
"Times" of July 23):
"I conferred this evening with Manny Strauss, who has generously
consented to organize a committee to aid the unfortunate savings
depoaitors of Clarke Brothers. Mr. Strauss informs me that he sent
out invitations for membership on the committee last Saturday and
that, notwithstanding the fact that these invitations were not received
until today, twelve well-known and representative citizens have responded to this worthy call. This success, coming in a single day,
was far more than either Mr. Strauss or I expected.
"There are no details which may be made public at this time. Mr.
Strauss and I will have further conferences this week and a detailed
announcement will be made in the course of the week. Meanwhile,
Mr. Strauss has notified me that he holds himself responsible for
$25,000 as an advance against the fund to be raised by the committee."
[VOL. 129.
The St. Augustine and Gainesville institutions, which
closed on July 24 had aggregate deposits of more than
$3,000,000, according to the Associated Press dispatch appearing in the New York "Times" of July 25. Excessive
withdrawals caused the closing of the St. Augustine bank,
J. D. Puller its President said.
As indicating the situation in Florida, a dispatch to the
New York "World" under date of July 21 contained the
following:
During the winter of 1925-26 Florida awoke to find 1,000,000 tourists
swarming the State, millionaires as thick as sand flies, and the maddest real estate boom the South has ever seen.
Now, not four years later, Florida has reached what her people
hope is the lowest depths of financial depression. Within two weeks,
from July 5 to July 21, twenty-six banks have failed, and the State
Banking Department is making desperate efforts to prevent further
loss.
What happened is a combination of circumstances. Some blame the
boom, others heavy taxation, including a 6-cent gasoline tax.
Between 1926 and 1929 the real estate boom collapsed, two destructive hurricanes hit the State, the Mediterranean fruit fly attacked agriculture. There were two epidemics of bank failures.
Just as Florida seemed emerging in 1926 to stage a comeback, a
hurricane hit Miami. The city rebuilt, and in 1927 the tourists began
to return.
However, in the summer of 1927, banks weakened by the collapse
of the boom began to fail. They didn't close in groups, as in the
last two weeks, but in isolated places closed their doors inconspicuously. In every case the failures could be traced to banks
lending money on real estate in the boom.
There was no sign of panic then, and .bank closings didn't form
the chief subject of conversation for most of the citizens as they do
now. Yet the failures had a lasting effect. There were rumors then
that the State's banking laws were bad.
Edward Ball, Vice President of the Almours Security Company and
exesutive of the du Pont interests, said today that the banking laws
unquestionably are poor.
In September, 1928, almost two years later to the day, the second
terrific hurricane struck.
Hard on the heels of the hurricane came the general election.
Floridians stopped work for militics. Business fell to a low level.
The election over, Floridians began entertaining the biggest crop of
tourists since the boom. Two race tracks, one at Miami and the
other near Jacksonville, attracted throngs. The State was wide open.
Liquor was. cheap. The race tracks proved successful, along with the
Sharkey-Stribling fight
Then the Florida Legislature refused to sanction pari-mutuel betting.
Now officials of the Miami Race Track say it won't open next winter.
Then came the fruit fly. Scientists say it is the most destructive
insect the world has known. Experts disagree as to the damage it
can do since the Government decided to bend all its energies toward
the fly's eradication. Quarantine on fruit hit Florida farmers a
severe blow.
Assemblyman Ckeney of New York Says Legislative Committee Will Recommend Changes in Bank Laws to
Check Bank Failures.
An investigation of the banking laws of New York State,
with the view to placing further safeguards about the
public against bank failures such as those of the City
Trust Company and Clarke Brothers in New York, was
announced at Albany on July 24 by Assemblyman Nelson Florida Passes New Bank Laws to Strengthen
FundaW. Cheney, Chairman of the Joint Legislative Banking
mental Structure of Financial Concerns in the
Committee, according to an Albany dispatch on that date
State.
to the New York "Herald-Tribune." It was further stated
Amendments to the corporation and banking laws of
in the dispatch:
Florida just passed by the legislature are designed to strengMr. Cheney said that in view of the magnitude of the subject his
Committee would be glad to co-operate with any group Governor then the fundamental structure of the State's financial
Roosevelt may decide to name so that "the best possible remedy may institutions, raise the minimum capitalization, provide
be arrived at by an absolutely non-partisan body."
restriction on loans, set up a stockholders liability reserve
Mr. Cheney's announcement was in the form of a letter to John
Knight, majority leader of the Senate, and Speaker Joseph A. Mc- fund, authorize the appointment of a bank analyst and
Ginnies of the Assembly. Senator Knight and Speaker McGinnies liquidators, and give more power to the C omptroller and his
last week wrote to Chairman Cheney suggesting the broad inquiry. examiners
ta keep constantly in touch with the financial
Mr. Cheney took occasion to commend the state banking system as
worthy of the confidence given it by the public, but added that "no condition of banks and trust companies, and insist upon
banking law can be devised that will insure honesty and ability in greater protection to depositors. The foregoing
is from
bank management"
Tallahassee advices to the Wall Street "Journal" of July 10,
"The banking laws of New York," said Mr. Cheney in his letter,
"are very stringent, and under them a banking system has been de- which added:
Revised laws are more stringent regarding the duties and responsibilities
veloped that is thoroughly sound and rightfully has the confidence of
the public. In view of the facts disclosed by the recent bank failures, of directors and officers, with clearly defined limitations on the character
of
investments, and inflexible regulations on payment of dividends, keeping
your suggestion that this Committee examine the banking laws to
determine what can be done further to safeguard the public is eminently capital intact, and building up surplus and reserves. The liability
of
appropriate. I thoroughly agree that this should be done and the stockholders is free from doubt, with statutory requirements to strengthen
Committee will submit its recommendations to the next session of and fortify their liability.
the Legislature.
Among the important amendments incorporated into the existing
laws
"Of course, we all realize that no banking 'law can be devised that may be mentioned the following: No corporation can alter
or amend its
will insure honesty and ability in bank management.
charter without a three-fourths vote of all its stock, and the
Governor
"In view of the magnitude of the subject to be investigated and has the power of approval of the proposed changes.
Minimum of capital
the possible far-reaching effect, if Governor Roosevelt decides to ap- of banking companies Is raised to $25,000 from
$15,000. New section
point a Committee of hankers to investigate the same subject, it is reads as follows:
my intention to invite his Committee to join with the Joint Legisla"No banking company shall be organized with a
capital of lees than
tive Banking Committee so that the best possible remedy may be 250,000, except that
banks with a capital
not less than 825,000. may.
arrived at by an absolutely non-partisan body."
with the approval of the comptroller, bo of
containing not more than three thousand organized in any city or town
inhabitants."
New law places a restriction on loans that has
not existed heretofore.
Hereafter it will be unlawful for any bank or
trust company under State
The Flee-ids Bank Failures.
charter to loan directly or indirectly an
amount exceeding 10% of its
Supplementing our item of last Saturday (page 422) aggregated capital and unimpaired surplus to any director, officer, or
.hulicating the failure within a period of two weeks be- employee individually, or as partner or incorporated company. Where
loans are made to
not bank directors, officers or employees,
ginniug July 5 of twenty-fewr Florida banks, advices from under ample securitycustomers,
the 10% limitation may be increased to 25% of the
Florida to the New York daily papers the past eight days combined capital and surplus. Banks and trust companies
not accepting
report the closing of six more institutions, bring the total deposits do not come under the provision of this section.
number of failures to thirty. The six additional banks
Investment liesfriction.
In investing funds of the bank it shall be
sad the date of their closing are as follows:
unlawful to directly or indirectly
invest in any incorporated company in the State
or elsewhere, or in bonds
July 19—State Bank of Pablo at JadcsonviNe.
or securities other than Government, either
United States; including Federal
July 21—State Bank of Hawthorne.
farm loan bonds, or foreign, State, county,
municipal or district bonds,
July 22—Bank of Waldo, Waldo.
municipal sidewalk and paving certificates, or
securities and first mortgage
July 24—First National Bank of St. Augustine.
bonds of railroad companies and public service
companies which are
July 24—Phifer State Bank, Gainesville.
solvent, and which have not defaulted in payment
of interest for two years,
July 26—Bank of Ormond, Ormond.
and mortgages on real estate, and county and municipal warrants. The
JULY 27 1929.]
FINANCIAL CHRONICLE
577
will be assigned
discounting house for the business of its owner tenants. Each tenant
provisions of this section do not apply to bona fide purchase or
tenants by pneumatic
companies are a cage and will be able to clear all business with other
banking
of
Directors
notes.
and
bills
paper,
commercial
building's elevators,
at
not tubes and telephones,thus obviating "runners"from the
permitted to purchase real estate, the investment in such real estate
which will make this building most
development
important
and
unique
an
accommodation
immediate
to exceed 40% of its capital and surplus for
or to attractive for its owner tenants.
Bank Building
only, or for satisfaction of debts, or under judgment, assignment,
The new structure will be known as The Continental
30 Broad Street.
secure debts due to the bank.
and will bear the same address as the Johnston Building,
Directors, after charging off bad debts, depreciation, and other worthless It will have a frontage of 88 feet on Broad Street, extending 150 feet on
assets, if any, may declare a dividend of so much of the net profits as they Exchange Place through to New Street where it will have a frontage of 88
shall judge expedient, not to exceed 10% per annum, but before declaring feet. The addition to the building which will later be erected on the site
a dividend shall carry one-tenth part of its net profit of preceding half-year now occupied by the Western Union will add 40 feet and 62feet,respectively,
to its furplus fund, until the same shall at least equal the amount of its to the Broad and New Street frontages.
capital stock.
The financing of the project will be undertaken through
Stockholders' Reserve Fund Created.
by The Continental
One-half of the undivided profits remaining after passing the requisite a real estate subsidiary to be organized
amount to the surplus funds, and paying the dividends, shall be invested Corporation of New York, securities affiliate of the bank.
in Federal, State, county, municipal or sub-school district bonds, and
site was purchased by the syndicate from General Realty
deposited with the State Treasurer until the par and market value shall The
Treasurer
by
the
held
shall
be
which
stock,
Corporation of which Louis W. Abrons is Presicapital
the
of
Utilities
amount
equal the
&
as a stockholders' reserve fund deposit, to fortify and strengthen their dent. Mr. Hornby declined to divulge the price but the
statutory liability, and withdrawn and used only as the Comptroller
property is known to have been held at $10,000,000.
sees fit.
shall
it
of
the
stock,
capital
amount
aggregate
When reduced below the
be restored in the same manner as accumulated. Interest accumulations $20,000,000 Lease for Wall Street Bank—Commercial
may be withdrawn.
National to Occupy Five Floors at No. 60—New
Capital of banks and trust companies cannot be impaired to pay dividends
Building to be Erected—Owning Company a Subor otherwise ; no dividend shall be paid, if losses are sustained equal to or
exceeding its undivided profits then on hand after deducting losses, bad
of Doherty & Co.
sidiary
debts and depreciation, and passing requisite amount to the surplus fund
dollars'
as provided by law. Banks and trust companies may reduce their capital
The downtown financial section, where million.; of
furway,
under
and
stock.
planned
is
work
construction
worth of
IVhen Capital is Impaired.
transaction on July 16 involving,
important
another
nished
When capital is impaired and not made good, assessment can be made on
a $20,000,000 lease and conthe stockholders pro rata, and if the capital is not paid up, a liquidator said the New York "Times,"
the heart of Wall Street.
for
are
the
the
liable
business.
to
up
Stockholders
close
may be appointed to
struction of a new building
extent of the amount of their stock therein at the par value in addition
added:
"Times"
to the amount invested in such shares. Persons holding stock as executors, The
& Co. and the CommerThe principals in the deal are Henry L. Doherty
administrators, guardians or trustees are not subject to personal liability,
cial National Bank & Trust Co.
but the estates and funds in their hands are liable as stockholders.
company and subowning
the
On behalf of the 60 Wall St. company,
When banking companies are made depositories of public money, or
to the
Service Company, the Doherty company leased priviCities
the
of
sidiary
a
bond
for
security
and
safe
give
shall
keeping
they
agents,
financial
Bank & Trust Co. for 21 years, with a renewal
sixth
prompt payment. The same provision applies when banks act as executors, Commercial National
and
fifth
years, the entire second, third, fourth,
administrators, trustees, guardians, hold life insurance funds, etc. Pro- lege for another 21
basement,in the present 60 Wall St. building,
the
in
space
vault
with
floors,
vision is made in the new law for appointment of bank report analysts and
Doherty company.
examiners for frequent examination into bank affairs, with all the powers the home of the
St., through to and including
A new building is to be erected at 56 Wall
necessary.
Wall St. building will be altered.
59-61 Pine St.,and the present 26-story 60
Liquidator Appointed.
a part of the ground floor, toUpon completion the bank will occupy
fifth and sixth floors and
A new officer appears in the revised laws, a "liquidator." When the
with the entire second, third, fourth,
gether
Comptroller is satisfied a bank has become insolvent, or its affairs are in
basement space in the new building.
56-62 Wall St., and 59-69
unsolid condition, or threatened with insolvency, or is doing illegal or
The 60 Wall St. company owns the premises
and 152 feet on Pine St.,
unsafe business, etc., or the directors are permitting the violation of any
Pine St., having a frontage of 101 feet on Wall St.
law, the Comptroller may appoint a liquidator to take charge of the with a depth of 190 feet through the block, having a total land area of
affairs of the bank with full powers under the direction of the Comptroller approximately 25,000 sq. feet.
to erect a building
and court order.
It is understood that the Doherty company expects
The Comptroller has to serve notice on the bank of his intention to on the plot of such height and character as to make it an outstanding
appoint a liquidator and bank officials have a right to a hearing before Wall St. structure.
a temporary lease
the courts if they wish.
The Commercial National Bank & Trust Co. made
Under the law the Comptroller may appoint a general liquidator as well on 56 Wall St. and, after remodeling it, began business there last January.
much
as individual liquidators. A new regulation is that in investments, trust and now has practically outgrown its quarters. It is now providing for addioptions on
funds are not to be mingled with other moneys.
larger quarters and also providing for future growth with for their own use
Ernest Amos is Comptroller of the State of Florida and has been untiring tional space in the new building. Doherty & Co. will retain
those leased by the bank.
In his efforts to solidify and strengthen the banking laws of the State.
Part of the ground floor and several floors above
rental for the Period
The lease will begin in May 1932. The aggregate
will exceed $20,000,000.
building and
company's
To
City
Be Erected
Co-operative Bank and Office Building
The new building will adjoin the National
National City Bank and also from Brown
on Broad Street—To House Continental Bank and will be across the street from the St.,
it will be adjacent to the Kuhn Loeb
Bros. Running through to Pine
P. Day were the
Brokerage Houses.
banking building. Charles F. Noyes Co. and JosephFromm represented
W. H.
A co-operative bank and office building,50 stories in height brokers in the transaction. In the negotiations
Commercial Nation4
Doherty company and William T. Taylor the
designed for the occupancy of The Continental Bank of the
Bank & Trust Co.
New York and New York Stock Exchange and Curb houses,
is to be erected at the southwest corner of Broad Street Plan to Merge Mutual Trust With International Germanic
Trust
and Exchange Place, on the site of the Johnston Building,
Trust Co.—Approved—Report on Affairs of City
immediately upon the expiration early in 1931 of existing
Co.
s
Following a special meeting on July 22 of stockholder
leases, Frederick Hornby, President of the bank, announced
Company of New
on July 24. The announcement says:
of the International Germanic Trust
The project, which will involve an outlay estimated at approximately
$20,000,000,is believed to be the largest single co-operative building venture
yet undertaken and will mark the initial application of the co-operative
plan to business skyscraper construction, so far as can be ascertained.
Ultimately, the building will be enlarged to take in the plot at 40 Broad
Street, adjacent to the Johnston Building. The building now on this site is
occupied by the Western Union Telegraph Company under lease. Both
properties will be acquired in fee by a syndicate made up of large stock
holders of the bank,including the bank's affiliate, the Continental Corpora
tion of New York.
The building enterprise has been made possible by an extension of the
co-operative program initiated when a large group of brokers, under the
leadership of Smith & Gallatin, recently joined forces with the bank, subscribing $13,500,000 new capital, and establishing the institution as the
the brokers' bank of Wall Street. More than 450 Stock Exchange and Curb
houses, their partners or associates, took part in this subscription and as
stockholders, have an active partnership interest in the bank's affairs.
Several of the largest Stock Exchange firma tentatively have agreed to
purchase in excess of two or more floors in the new building, Mr. Hornby
said, and with the main group of broker stockholders yet to be heard from.
Indications are that applications will far exceed the space available.
Acquisition of the site assures the bank a permanent home, commensurate with its enlarged activities, directly adjacent to the New York
Stock Exchange, for the service of whose members and members of other
exchanges the facilities of the institution are primarily designed. The
Stock Exchange a few months ago announced the purchase of the Commercial Cable Building at 20 Broad Street and of the Blair Building at 24
Broad Street, giving it complete ownership of the block bounded by Wall.
Broad and New Streets and Exchange Place. The Exchange already
occupies a substantial amount of space in these buildings and while no
plans for future development have been announced, the financial district
expects that ultimately the Stock Exchange building will be enlarged to
embrace the entire block.
One of the features contemplated in the building to be erected for The
Continental Bank will be the installation In a sub-basement of a clearing
overwhelming maYork, at which they approved by an
Company into the
Trust
jority the merger of the Mutual
it was announced
Company,
Trust
Germanic
l
Internationa
taken to complete
be
would
that the quickest steps possible
the former
the arrangement under which depositors of
announceAn
full.
in
paid
be
will
City Trust Company
ment relative to this action said: .
include the execution
Legal formalities necessary to this arrangement
Superintendent of
of a contract with Mr. Joseph A. Broderick, State
the Supreme Court.
Banks, and its approval by Mr. Justice McCook of
possible in order to
Legal proceedings will be accelerated as much as
International
make way for the opening of the branches acquired by
has been deterGermanic Trust Company. No definite opening date
can be
mined upon but it is hoped that the necessary organization
completed by Labor Day.
the vote stood
At yesterday's meeting (July 22) of stockholders,
percentage
29,311 in favor of the merger and only 44 against it. This obtained in
is unusually high. Ratification of the merger plan was also
to rerecord time and as a result it is expected that delay necessary
minimum.
opening the former City Trust offices can be reduced to a
additions
important
In connection with the merger program several
Trust Comwill be made to the board of the International Germanic
General Realty
pany including Mr. Louis W. Abrons, President of the
of the Home
& Utilities Corporation; Mr. Wilfred Kurth, President
of the
Insurance Company; Mr. George V. McLaughlin, President
Schnaring,
Brooklyn Trust Company; Mr. Ralph Jonas, and Mr. W. L.
Company.
Assistant Vice-President of the Central Hanover Trust
All opposition to the transfer of the assets of the defunct City Trust Company to the International Germanic
• Trust Company was withdrawn on July 25 when the eon.
578
FINANCIAL CHRONICLE
tract came up for approval before Justice Philip J. McCook in the Supreme Court. The New York "Times" of
July 26 in stating this added:
This removed the only obstacle to the prompt payment of $6,194,
000
to the 20,000 depositors in the bank. Payment will probabl
y begin in
seven weeks.
Counsel for creditors against the City Trust Compan informe
y
d
Justice McCook that they had successfully negotiated settleme
claims. Selden Bacon, counsel for Saul S. Myers, trustee'nt of their
s attorney
in the bankruptcy proceedings of the Lancia Motors of America
said to Justice McCook: "We are withdrawing objections to , Inc.,
the contract in view of a settlement. There is to be given to the
trustees of
Lancia Motors of America, Inc., a release from any liability
to the
City Trust Company and an option to take in two years 5,000 shares
of
International Germanic Trust Company stock."
The option calls for a price of $75 a share. The stock
part
is
of
the allotment to the Mutual Trust Company, which recently
merged
with the International Germanic Trust Company.
Broderick Approves Contract
Moreland Commissioner Robert Moses, who recently complet
ed
public inquiry into the State Banking Department and its relation a
s to
the failure of the City Trust Company, was asked by Justice
McCook
to be present. He was asked by Justice McCook if he knew
of any
reason why the transfer to the International Germanic should
not be
approved. After reading the contract and conferring with State
Superintendent of Banks Joseph A. Broderick, Mr. Moses said
he desired
to have the contract approved. He added, however, thatreg
that- arding
the settlement referred to by Mr. Bacon, "If anything of
settlement is incorporated in the merger contract I would like to characte
it, but since it isn't, any characterization would be gratuitous." rize
On leaving the court room Mr. Moses said:
"The agreement is entirely against public interest. I have
asked
Colonel William Donovan in the Federal Building to take
it
bankruptcy investigation." Mr. Myers refused to commen up in his
t
on
Mr.
Moses' remarks.
Colonel Donovan was appointed a special Assistant United
Attorney General to inquire into the recent bankruptcy scandal States
. At his
office, George S. Leisure, his chief aide in the absence of
Mr. Donovan,
said that several weeks,ago Mr. Moses bad called attentio
n to the
Lancia Motors matter.
Mr. Leisure said that J. E. Kaufman, one of the attorne
ys
in the
office, was assigned to investigate. He did so, and, accordi
ng to Mr.
Leisure, reported the case "did not appear to be one for
action of this
office."
•
•
•
Although Justice McCook did not give any decision on
the petition to
approve the contract, it was taken for granted
he will sign the order
in a few days.
The following regarding a report on the condition
of the
City Trust at the time of its suspension is from the
New
York "Times" of July 25:
[VoL. 129.
More than half the assets carried on the
books
the City Trust Company were found of no value of the main office of
by the examiners. In
the main office $3,083,034.17 was listed
as "good" by Mr. Broderick
and $3,557,243.53 as "bad."
In the Atlantic branch the examiners
"good" assets. The "bad" was listed as listed only $466,057.03 as
$1,028,159.28.
The Murray Hill branch had $164,75
0.17 in "good" assets and
$1,063,869.69 in "bad" assets.
The Williamsburg branch had $273,53
6.65 in "good" assets and
$470,316.68 "bad." The Harlem Market
carried $99,914.56 in "good"
assets and $247,634.02 in "bad"
assets.
Items regarding the plan to merge the
Mutual Trust
into the International Germanic Trust Compa
ny have appeared in these columns June 22, page 4097;
July 6, page
75 and July 13, page 225.
ITEMS ABOUT BANKS, TRUST COMPANIE
S, ETC.
Arrangements were reported made this week for the sale
of a New York Curb Exchange membership for $235,0
00, an
advance of $10,000 over the last preceding sale
and a new
high record.
Two New York Cotton Exchange membership
s were sold
his week each for $35,000, an advance of $4,000
from the
preceding sale. E. K. Cone, purcha
sed for another, the
membership of Edwin J. Neville, of Houst
on, Texas, and
Simon J. Shlenker purchased for anothe
r the seat of the late
James F. Maury, who was Treasurer of the
Exchange for
more than 20 years.
Two Chicago Board of Trade membership
s were
sold this week one for $40,700 and $41,00 respec reported
0,
tively.
A Montreal Stock Exchange membership was
reported
sold this week for $225,000 and a seat
on the Montreal Curb
Market for $45,000.
Stephen Baker, Chairman of the board of
the Bank of
the Manhattan Co. is en route to Europe,
having sailed on
the S. S. Olympic.
The following is from the New York "Times"
of July 20:
Emil Kiss, who for 29 years has conducted
a banking business in New
York, is organizing the Harbor State Bank, convert
ing his business into a
State institution.
The new bank will begin business in a short time in
the Bible House,
Fourth Ave. at Ninth St., starting with a capital
and surplus of $500.000.
The officers and directors of the bank are: Emil Kiss,
Z. Kressler, Vice-President: Gustave Hartmann and President: Henry
Albert B. Bauer,
Assistant Vice-Presidents, and William Albath, Assista
nt Cashier and
Controller. The directors are. H. 0. Doehme, Clarke
G. Dailey, Gilbert
Darlington, Emery de Josika-Herczeg, Edmund J. Horwat
h, Herbert B.
Keen, Emil Kiss, L. D. Newberg,Emery Roth,Theo
E. Schulte and E. AL
Sperling.
Reports on City Trust
The $10,898,903.76 carried as assets on the books
of the City Trust
Company, when it failed Feb. 11 last, shrunk to
$4,086,292.58 when the
bank examiners completed their preliminary examina
tion of the accounts
on May 28, according to an inventory and report
filed yesterday by
State Superintendent of Banks Joseph A. Broderick,
with Justice Philip
J. McCook of the Supreme Court.
Not only were the assets padded, according to
the report, but the
liabilities as carried on the books did not reflect
the true financial
condition. The liabilities as allowed by Mr.
Broderi
ck amount to
$6,639,692.23. This is a reduction of $4,259,
Directors of the Lefcourt Normandie National Bank of
211.53, from the figures
carried on the,City Trust Company books.
New York at a special meeting on July 24 approved the
The detailed appraisal figures made public for
the first time indicate agreement where
that the deficit between the known liabilities
by the Claremont National Bank will be
and
least $2,500,000. The schedule shows the deposits the assets will be at consolidated with it. On July
25 the directors of the Clareon the day the bank
closed amounted to $6,194,000. At the close
of business on May 28, mont National Bank approved the agreem
the cash on hand was $267.97.
ent. William J.
Large, President of the Claremont National Bank,
The report indicates that the late Francesco
will
M. Ferrari, President of
the City Trust Company, carried on the books
it is stated, continue with the consolidated bank. not,
The
as to have the assets appear as large as possible questionable items so Clare
mont directors tendered President Large a
.
In the appraisal of the assets and liabilities in
farewell
the liquidation of the dinner last night (July
City Trust Company, according to Mr. Broderi
26).
ck,
sidered good amount to $4,086,292.58. With the the assets he conliabiliti
es
at
$6,639,William C. Potter, President of the Guaranty
692.23, the excess of liabilities over the assets is
placed at $2,553,399.65.
Trust Co.
of New York, announced on July 25, that
Robert E. Broome
Capital Wiped Out
and James M. Nicely have been appointed
Vice-Presidents.
Mr. Broderick stated that the capital and surplus of
the
been wiped out. The capital and surplus was carried by bank have
At a meeting of the directors,this week John
the bank at
$2,225,000.
Homer Reed
and William E. Hughes were appointed
Mr. Broderick made the reservation in his report
Assistant Cashiers
that the appraisal
does not include among the assets a suit for $100,000
against the Eagle of the Chase National Bank of the City of New York.
Indemnity Company, valuation, leaseholds of the Atlantic
Frederick W. Jackson, President of the Dime
burg offices and possible suits against directors, officersand WilliamsSavings Bank
of the bank
of Brooklyn, was appointed a member
and others.
of the Advisory
Commi
As to the liabilities he said it would be impossib
ttee
of
the
Hamilton Trust Branch of the
le to determine
Chase
accurately the extent of deposit liability until
National Bank at 191 Montague St.,
all pass books have been
Brooklyn.
surrendered, compared with the City
Trust Company records and
reconciled. He stated that claims might also
be made by other creditors
At a meeting on July 25 of the board of
of conversion of securities, &c.
Chemical Bank & Trust Co. of New York, directors of the
In the memorandum accompanying the schedul
e
assets
of
and
Harold H. Helm,
liabilities
Mr. Broderick informed the court that
"to the best of his knowledge Assistant Vice-President was elected Vice-Presi
the known claims of depositors of the City
dent. Wandell
Trust Company do not exceed M. Mooney, Gilbert H. Perkins
$6,194,000 and that to the best of his
and Spencer Tunnell, Jr.,
knowledge the face amount of all Assistant
Secretaries were elected Assistant
other claims against the City Trust Compan
y does not exceed $446,000,
Vice-Presidents.
not including bills and claims for material
s and services furnished
Edwar
prior to the closing of the City Trust Compan
d
F.
Loomi
and
s
Rolan
d
L.
y
amounti
Redmo
ng
to approxind have been
mately $36,000 and not including the claim
of Salvaore De Vita, private elected directors of the Fulton Trust Co.
of New York.
banker, for $99,000 against which the City
Trust Company has a claim Mr. Loomis, who is President
of $60,857.03.
of the
succeeds Howard Elliott on the board Lehigh Valley RR.,
Shrinkage in Foreign Bens
of the trust company,
while Mr. Redmond, who is a member
The report shows that the item $896,192.88
of the firm of Carter,
carried as due from foreign banks had a value of only $69,369.70. In the
Ledya
rd
and
Milburn, succeeds the late
assets the item "bills
Frederic de P.
discounted" carried for $3,450,621.73
dropped to $1,134,418.44, a Foster as a director of the Fulton Trust.
difference of more than $2,316,203.29.
The item "loans secured," on the books for
Louis G. Kaufman, President of the
$2,088,250.63, had a value
of $889,933.40, a difference of more than $1,198,3
Chatham—Phenix
17.23.
NationaliBankl<rust
Co. of New York, and Edward C.
JULY 27 1929.1
FINANCIAL CHRONICLE
Delafield, President of the Bank of America National
Association, announced on July 23 that the negotiations
looking to the possible consolidation of the two banks have
been discontinued. The foregoing announcement came
from both institutions. Indications that negotiations were
in progress for the consolidation were noted in our issue of
June 29, page 4261, and a further reference thereto appeared
In these columns July 20, page 423. With regard to the
announcement of the discontinuance of the negotiations,
the New York "Evening Post" of July 24 stated:
The collapse of the plan to merge the Bank of America, National Association, and the Chatham-Phenix National Bank & Trust Co. brought sharp
losses to bank stock speculators to-day. During the weeks while the consolidation was being negotiated professionals brought Chatham-Phenix
stock and sold Bank of America, on the assumption the former would receive favorable terms. The abandonment of the plan resulted in a covering
movement in Bank of America. The stock was quoted at $225 bid and $230
asked, against $219 bid and $224 asked yesterday. The short transactions
were in cash and were not on a when-issued basis, as is sometimes the case.
On the other hand, selling carried Chatham-Phenix down about $25 a
share this morning. The bid price was quoted at $848 and the asked price
$855, against $883 and $889 yesterday.
Announcement of discontinuance of the merger came as a surprise to banking circles, as discussions had been in progress for a month and it was generally understood that terms for the fusion had been substantially agreed
upon.
No explanation of the cause for the rupture was vouchsafed.
Name May Cause Split.
The only point upon which agreement was not believed to have been
reached some time ago was selection of the name of the combined institution. Other details were said to have been settled by officials several days
ago. Chatham-Phenix directors are understood to have insisted that part•
of the name of this old-time bank should be included in the new name. On
the other hand,other banks recently absorbed by the Bank of America have
submerged their identities under its name.
The Bank of America is controlled by the Transamerica Corporation, of
which A. P. Giannini is head and his brother, A. II. Giannini is Chairman
of the Bank of America board. Transamerica also controls the Bank of
America of California, composed of a merger of several other Giannini banks
in that State.
This fact would seem to commit the Gianninis to use of the name Bank of
America in any further consolidations, and may explain the failure to complete the deal in New York.
Approved by Three Officers.
Negotiations for the deal were initiated in conferences between A. P.
Giannini, Mr. Walker and Mr. Kaufman, who announced nearly a month
ago that they had agreed in principle to recommend the fusion to the respective boards of directors.
The consolidation would have created an institution with resources of
$825,000,000 and deposits of $632,000,000, with combined capital funds
exceeding $100,000,000.
A movement is under way to form a new financial institution in New York under the name of the Produce Trust Co.
Those indentified with the movement are William Joseph,
Isidore P. Heller, Samuel W. Claser, Albert Goldman,
Alexander Moir, Jacob Braun, Alfred A. Stickler, Carl
Dingfelder, Benjamin Albert, Jason Rosenberg, Henry D.
Weber, George C. Morrow, James W. Roberts, and Nat
Duke. It is planned to form the institution with a capital
of $2,000,000 and a surplus of $1,000,000. The price at
which the stock is proposed to be offered is $85 per share—
$50 to be applied toward capital,$25 toward surplus and $10
to cover organization and other expenses, and any balance
remaining to be applied to undivided profits. The temporary
office of the organization committee is at 321 Greenwich St.,
this city.
--o—
At a meeting of the stockholders of the Guaranty Company
of New York, held July 22, it was voted to increase the capital stock of that company from 90,000 to 200,000 shares.
The issuance of the additional shares will place the total
capital at $20,000,000, with surplus of $8,000,000. The
stock of the Guaranty Company of New York is entirely
owned by the Guaranty Trust Co. of New York.
579
at the regular weekly meeting of the directors of that institution on July 23. The election of Mr. Swope to the National
City board marks the first occasion on which he has associated himself as a director in any enterprise outside the
electric and power field and marks also the resumption of an
active association between himself and Charles E. Mitchell,
Chairman of the Bank, the groundwork of which was laid
more than 30 years ago when both were in the employ of
the Western Electric Co., Mr. Mitchell, at that time, was
Assistant General Manager of the company in Chicago,
while Mr. Swope was in charge of the St. Louis office. Mr.
Mitchell had Mr. Swope's support in putting through the
policy of standardization of the company's products, a
program which met with quite general opposition on the
part of the sales force. The success of the new manufacturing plan proved that they could work well as a team, and,
when their paths parted, the young men, professed the confident hope that at some time in the future their business
association might be renewed. That expectation has been
realized with Mr. Swope's election to the National City
board.
Mr. Swope, rising to a Vice-Presidency of the Western
Electric Co.,was called in 1919 to the Presideqcy of the International General Electric Co. and three years later, in 1922,
became President of the General Electric Co. Mr. Swope
is Chairman of the Inlernational General Electric Co.;
a director of the Italian Super Power Corporation of Dover,
Del.; British Thomson-Houston Co., Ltd.; Compagnia
Francaise Thomson-Houston of Paris; National Broadcasting
Co. and the Radio Corporation of America and Governor
of the National Electric Manufacturers Association of New
York.
The Chilean Government conferred a signal honor on
Charles E. Mitchell, Chairman of The National City Bank
of New York, when President Carlos Ibanez del Cameo
on July 23 made him a Commander of the Order "Al Merito."
The insignia and diploma were presented to Mr. Mitchell
at his office in the National City Bank Building, 55 Wall
St., by Ambassador Carlos G. Davila and Luis Felui Hurtado, Chilean Consul General, in recognition for the services
which Mr. Mitchell, as Chairman of the National City, has
done for Chile, particularly in connection with Chilean
financing, the National City Bank having been appointed
the official and exclusive bankers for the Chilean Government in the United States in 1927.
James H. McGraw Jr., McGraw-Hill Publishing Co.;
Thomas H. McInerney, President National Dairy Products,
Inc., and Lindley C. Morton, capitalist, have been elected
directors of the Manufacturers Trust Co. of this city.
Because of an excess of "frozen credits" secured by assets
difficult to liquidate, the Citizens' Bank of Griffin Corners,
Fleischmann's, Delaware County, N. Y., was closed on
July 18 by the State Superintendent of Banks, James A.
Broderick, according to a dispatch from Delhi, N. Y., on
the same date to the New York "Times," which stated that
the following notice of the closing was furnished to the press:
The Sta,te Banking Department has to-day taken possession of the
business and property of the Citizens' Bank of Griffin Corners, Fleischmann's, N. Y., for the reason that the bank is conducting its business in
an unauthorized and unsafe manner and cannot with safety and expediency
continue business.
The bank was organized in 1910. The published figures under date of
June 29 1929 show capital $25,000, surplus $28,000, deposits $319.000.
The amount invested in banking house, real estate and bonds and mortgages during the past few years has been out of proportion to the amount
of its resources. These assets appear to be substantially good, but may be
slow in realization.
After the examination on May 18 1929 the bank appeared solvent, but
the Department insisted upon steps being taken to improve its position.
Since then negotiations have been under way for a merger, but the prospects appear problematical.
Certain improper and unsound practices have just come to our attention
which render it inadvisable for the bank to continue business under the present management.
In order to conserve the assets and protect the depositors the department has taken possession of the bank.
The stockholders of Inter-State Trust Co.and The Century
Bank of New York at meetings held July 19, approved the
agreement for the merger of The Century Bank into Interstate Trust Co. Prior to the merger becoming effective,
the stock of the Century Bank will be increased and rights
will be issued to Century stockholders. It is contemplated
that the merger will become effective on or about
August 10. Five directors of the Century Bank have been
elected to the Board of the Inter-State Trust Co. The
In conclusion the dispatch said:
merger will give the Interstate Trust Co.a capital and surplus
For several days there had been a number of withdrawals, and when the
In excess of $10,000,000 and 11 branches in addition to its line at the bank increased to-day the closing was determined upon to proall the depositors.
main office at 37 Wall Street. As recently announced, tect
George W. Egbert, chief examiner, while declining to commit himself
George L. Le Blanc, formerly of the Equitable Trust Co., upon present information, expressed the belief that there would be no
will be President and Ex-Governor Silzer of New Jersey, ultimate loss to the depositors.
While using the word "improper" in the public statement, the chief exChairman of the Board of the Interstate Trust. The pro- aminer
gave the impression that no obliquity was involved but that nothing
posed merger was referred to in our issue of June 29, page more than "unwisdom" could be charged.
Delaware
County has $64,000 on deposit in the closed bank.
4,263.
The Brooklyn Trust Co. of Brooklyn, N. Y. will establish
Gerard Swope, President of the General Electric Co., was
elected a director of The National City Bank of New York a foreign department, which is expected to begin functioning
580
FINANCIAL CHRONICLE
[Vol,. 129.
on or about Aug. 1, according to an announcement by In excellent condition and the posting of notices that the company and
its
President George V. McLaughlin. The new department branches had been ordered closed came as a complete surprise.
will be under the management of Charles A. Hergrueter, Jr.,
Following the closing of the bank, the following statement,
formerly manager of the foreign department of the Nassau as contained in the above-mentioned dispatch, was issued by
National Bank, which was merged July 1, with the Bank of Mayor Roegner:
The bank examiners of the State made a recent examination of the bank
America National Association. Mr. Hergrueter, who was
still. are making it, but the board of directors of the Hobart Trust
an Assistant Vice-President of the Nassau, will become an and
Co. has received no report. As far as I know the depositors are protected.
The action of the Banking Department, while drastic, may be a move
Assistant Secretary of the Brooklyn Trust Co.
to
The Day Trust Co. of Boston, which was chartered in
January of this year, has opened for business in temporary
banking quarters at 45 Milk St., that city. The new institution is capitalized at $2,500,000 with surplus of $250,000,
all fully paid in. The new trust company was originally
organized by members of the firm of R. L. Day & Co., but
when its organization became known to their friends and
clients they were urged to make a wider distribution of the
stock. As a result of thitg there are now 559 stockholders,
including 126 savings banks and insurance companies.
These institutions hold about 45% of the stock, the remainder being held by members of the firm of R. L. Day & Co.
and their clients. The personnel of the Day Trust Co. is
as
- follows: Henry B. Day, President; George P. Fogg and
William N. Goadnow, Vice-Presidents; Wilson D. Clark Jr.,
Vice-President and Treasurer; Henry D. Stevens, Assistant
Treasurer and Secretary, and Carlton L. Elise:', Trust
Officer.
protect both the depositors and the stockholders. I have no criticism of the
move and hope for a conference later with the chief examiner. There has
been no run on the bank, but recent publicity in connection with the recent
kidnapping of Elliott has caused a seepage and affected the standing of
the institution.
When I became President I favored selling out to private interests. The
deal was almost consummated when the bank was closed and I don't know
what effect that development may have upon the plans.
On July 10 Willard H. Elliott, who re-appeared July 2,
after a mysterious absence of six days, maintaining he was
kidnapped, resigned as a Vice-President and Treasurer and
also as a director of the Hobart Trust Co. In reporting his
resignation, the New York "World" of July 11, said in part
as follows:
Directors of the bank, at a two-hour meeting from which reporters were
excluded—they were not even allowed inside the bank building while it was
in progress—accepted the resignation, which took effect immediately.
In a statement given out following their meeting, the directors made no
reference, either in confirmation or denial, to Mr. Elliott's charge and his
affiliation with the bank was responsible for his disappearance. Frederick
Bidwell, Chairman of the board, declared in response to questions, that
Mr. Elliott had not been requested to resign. . . .
In his letter or resignation, which was dated July 9, Mr. Elliott gave no
reason for his action. But in a statement he gave out yesterday from his
home in East Orange he said:
Stockholders of the Shawmut Corp. of Boston, have in- "I have resigned
from the Hobart Trust Co. for the
reason:
creased the directorate to 13 members, it was announced I have felt that my position with the bank had somethingfollowing
to do with my
kidnapping. While I am as yet unable to collect anything definite into conJuly 19 by the corporation. The new directors are:
crete proof I am sure that it was not any personal grudge or desire for reLouis K. Liggett, President of the United Drug Co., George H. Clough,
venge which prompted my abduction. Consequently I believe, in justice
President of the Russell Co., Walter H. Trumbull, Jr., of Kidder, Peabody
to my wife and family, as well as to may weakened condition, I should
& Co., investment bankers, and W. Eugene McGregor, Vice-President of
remove the possibility of a recurrence of personal violence to me or the
Harris, Forbes & Co.,security underwriters.
fear of it.
The Shawmut Corp., which is wholly owned by the stockI am unwilling to remain in the service of an employer who has evinced
holders of the National Shawmut Bank,is one of the largest such a heartless and singular indifference to me and Mrs. Elliott. No one at
the bank was
enough in knowing why I failed to appear for
dealers in the United States in bankers' acceptances, and its work to call upinterested
my home and find out if I was ill or away.
"The action of the bank in electing another to my position even before
investment business has shown a remarkable growth during
during the last few year. The home office of the corporation my disappearance was reported to police shows an amazing callousness."
.Two days after Elliott
out of sight, and one day before his disis at 40 Water St., Boston, and branch offices are maintained appearance was reported dropped
to police, directors of the bank elected John S.
McGuire
of Passaic to succeed him as Treasurer.
in New York, Chicago and Philadelphia.
On Wednesday of this week (July 24) the Hobart Trust
Co. of Passaic, N. J. and its two local branches, the Service
Trust Co. of New Jersey and the Merchants' Bank of Passaic,
were closed by the State Department of Banking and Insurance. The failed bank is controlled by the New Jersey
Bankers' Securities Co. Deposits of more than $5,000,000
are tied up by the closing of the institution and its branches,
it is said. A dispatch to the New York "Times" on the day
of the closing, after stating that John J. Roegner, President
of the bank, and Mayor of Passaic, predicted that the
institution would reopen in a few days without loss to a
single depositor, went on to say:
The Mayor's statement was made after a seven-hour
meeting of the
directore of the New Jersey Bankers' Securities Corporation,
the holding
company,in the offices of the Jersey City Chamber of
Commerce. Within
twenty-four hours, he said, he hoped to announce the
sale of the bank's
stock to "a reputable group of Passaic business men" whom
i.e thought
would meet with the approval of the Banking Department.
Earlier in the day Frank H. Smith, Banking
Commissioner, declared
that he would consent to the reopening of the bank provided "its
stock is
sold to responsible persons and I am satisfied that its affairs have
been put
into a safe condition."
In a statement explaining why he took over the affairs of the
banks.
Mr.Smith asserted that the institution's surplus of $300,000 had been eaten
up and its capital of approximately $1,000,000 impaired to the extent of
another $300.000. Its real estate values had been "inflated to ridiculous
figures." he said, and only 32% of its deposits were covered by quickly
convertible bonds and securities. The remaining 68% of its assets, he said,
consisted of long-term paper, among which were many "single-name notes
and non-collateral loans."
He hoped, by taking immediate control of the situation, to conserve
the assets of the institution and thus protect the interests of depositors
and stockholders, he said. He would not know the exact status of
the
banks, he added, until his examiners report in a day or two.
The action of the Banking Department was followed by scenes of distress
and mild disorder in the streets in front of the closed institutions, all located
within a radius of half a mile. Other banks in Passaic and
neighboring
towns made heavy demands upon the Federal Reserve Bank for
ready cash
in preparation for runs which did not materialize.
The bank and its holding company, all of which grew out of the financial manipulations of Harry H. Weinberger,a criminal lawyer turned
banker
frequently have been subjects of official scrutiny. This afternoon
James M.
Dunn, Acting Prosecutor, announced he had subpoened forty witnesses
to testify Friday before a special grand jury in a dual investigation into
affairs of the bank as revealed before the Davis Legislative Commission,
and the more recent kidnapping of Willard H. Elliott, former Vice-President and Treasurer of the Hobart Trust Co.
Mr. Dunn would not comment upon the connection between the closing
of the bank and the opening of the investigation. Elliott, who resigned as
an officer of the bank because of what he termed the "cruel and unfeeling
attitude of the directors," was confined to his bed at his East Orange home.
gathering strength for his appearance before the grand jury Friday.
At the time of Elliott's disappearance, officials of the State Banking
Department were quoted as saying that affairs of the Hobart Trust Co. were
An important development in the failure on Thursday was
the throwing into receiVership of the New Jersey Bankers'
Securities Co. by Vice-Chancellor John H. Backes at Allenhurst, N. J. after a minority stockholder complained that
its Board of Directors was "incompetent." Nicholas La
Vecchia, a Newark lawyer with large banking interests, and
John Stamler, who once before was called upon to reorganize
the affairs of the holding company after Harry H. Weinberger, the organizer of the company, was forced out as
President, were appointed receivers under a joint bond of
$250,000. The holding company has 600,000 shares of its
own outstanding, representing an investment of $8,000,000,
and owns 30,000 of the 40,000 shares of the Hobart Trust
Co. The dispatch to the New York "Times" from Passaic
on Thursday, from which the above information is taken,
furthermore said:
The Vice-Chancellor issued a temporary order restraining the holding
company from receiving or disbursing money. Making it clear that the
appointment of receivers also was a temporary measure to protect the
interests of stockholders, Vice-Chancellor Backes ordered a bearing on
the matters involved at Newark next Tuesday.
Bernstein's attorneys were just leaving Allenhurst when a deputation of Passaic citizens and representatives of the closed bank arrived
with a proposition for its sale, only to be informed that the affairs of the
holding company were tied up temporarily and to be referred to the newly
appointed receivers.
In the group were Henry C. Whitehead, counsel to the prospective purchasers: Fred M. Bidwell, representative of the Hobart Trust Co.,
and
Arthur S. Hughes, Passaic realtor and member of the group which
proposed to assume the liabilities of the bank.
The prospective purchasers consisted of Dow Drukker,
publisher of the
Passaic "News": James H. Walden, publisher of the
Passaic "Herald":
Andrew McLean, former Mayor of Passaic and a mill
owner; Robert 0.
Benson, former Chairman of the board of the
Tidewater Oil Co., and
Mr. Hughes, a director of the closed bank. Their
offer of $20 a share for
stock of the Hobart Trust Co., which recently had fallen
to about $25
after selling at $40 six months ago, was considered favorably
by the directors
of the New Jersey Bankers' Securities Corporation, owners
of 75% of the
bank's stock, it was said.
They had made the offer several months ago, it was learned,
only to
have it rejected. When the State Banking Department ordered
the
suspension of the institutions controlled by the holding company
it was
decided to renew the offer. Mr. Benson, who is at Lake Placid,
telegraphed his willingness to participate and Mr. Drukker, who is in
London,
also agreed.
Vice-Chancellor Backes intimated that the proposal was interesting,
but said it was beyond his power to take any action. He referred the
deputation to the receivers, but the day passed without Mr.
Stamler's
receiving any official notification of the offer.
There were other rumors that the People's Bank. of which William
Stevens is President, and the Lincoln National Bank were considering offers, but officers of both institutions denied that any had been made.
The chief immediate concern of the receivers, after they appointed Abraham Jelin, State Highway Conunissioner of New Brunswick, as manager
JULY;27 1929.]
FINANCIAL CHRONICLE
581
Commerce throughout the city, in addition to the Micnigan
Industrial Bank's headquarters at 151 West Congress Street.
Operations under the affiliation would commence the following day (July 15), it was said. The Michigan Industrial
Bank was organized in January 1927, with a capital of $200,In the same dispatch to the "Times," a long statement by 000 and a surplus of $50,000. In 1928 the capital was inHarry H. Weinberger—the first he has issued since the clos- creased to $500,000 and the surplus to $100,000. An item
ing of the trust company—was reported in part as follows:
with reference to the proposed affiliation of the Michigan
"The New Jersey Bankers' Securities Co.," the statement read would
have been one of the most successful holding companies in New Jersey if it Industrial Bank with the Union Commerce group appeared
had not been for one of the worst conspiracies ever designed in the financial in the "Chronicle" of June 22, page 4140.
and custodian of the properties under their control seemed to be the sale
or liquidation of assets. . . .
Within a few hours after his appointment as receiver, Mr. Stamler
wrote to Mayor Roegner requesting information regarding the responsibility of the group which had been reported as ready to buy the Hobart
Trust Co.
world, in which thousands of persons were injured financially."
He declared that the Davis Legislative Commission, which investigated
the affairs of the company, was an "ex-parte political investigation," in
which he was deprived of the right to be represented. "Distorted facts,
misrepresentations and what not," he continued, were made part of the
record "by hearsay evidence and other illegal and impro-er testimony,
all for no other purpose than to poison the mind of the publiv."
He criticized the management of Mr. Stamler,.who headed the company
In, the interval between his resignation and the election of former Senator
Edwards and accused him of "welching" on an agreement to free him from
all future claims in consideration of a settlement of obligations at the time
of the reorganization.
"Did this investigation by the Davis commission answer the following
questions?" the statement continued:
"Who was behind the Davis inquiry?"
"What was the object of the publicity?"
"How and why was the legislation passed?"
"Why was the Washington Trust Co. sold?"
"Who forced the sale?"
"What threat and action were taken by some of the powers to force
the sale?"
Mr. Weinberger intimated that Elliott's kidnapping, which is believed
by many to have started a sort of slow run on the bank, which culminated
in its closing, may have been plotted by the same "conspirators," who
sought to discredit the bank and depreciate its value.
Mr. Weinber*or ridiculed any suggestion that he might have had the
young banker abducted for reasons of his own, and said he was willing
to appear before to-morrow's session of the grand jury under a waiver
of immunity.
Passaic advices on Thursday to the New York "HeraldTribune" stated that Commissioner Smith said that several
days would pass before the exact status of the failed bank
would be known, although the indications were that,the depositors would not lose. The Commissioner said:
"It has been too early for me to give any consideration to the question of
the sale of the bank. But I can say that the purchaser must assure me that
there will be a complete change in the management and in the methods of
the management, and that not only will all doubtful paper be taken out
but that it will be kept out. The bank must be placed in first-class condition under first-class management with its capital absolutely unimpaired
and its securities absolutely sound."
According to the Philadelphia "Ledger" of July 16, the
surplus account of the Bankers Trust Co. of Philadelphia on
July 15 was increased to $1,250,000 by the transfer of
$250,000 from undivided profits. Undivided profits now are
about $1,000,000 and undivided profits and capital combined total about $6,400,000. The directors declared a
quarterly dividend of 1 Y2%,payable Aug. 1, and a quarterly
salary dividend of 1 %,payable to all employes other than
officers.
The following news item comes to us this week from the
Union Trust Co. of Cleveland, Ohio:
W. J. Bauknet was elected Assistant Treasurer of the Union Trust Co.
In charge of the Pearl-State Office at the executive committee meeting
July 22. He will assume this new position immediately. Mr. Bauknet
has a background of 35 years of banking experience on the West Side of
Cleveland. He started with the Pearl Street Savings & Trust Co. as an
office boy and worked his way up through the bank to the position of Treasurer, which he recently resigned. Besides his new position as Assistant
Treasurer in charge of the Pearl-State Office of the Union Trust Co., he Is
Vice-President and member of the board of directors of the North American
Fibre Products Co. Be has at all times been active in civic and business
organizations. For a period of two years he was President of the West
25th Street Business Men's Association, an active member of the Chamber
of Industry, of the Kiwanis Club and the Brooklyn Business Men's Association. Ile resided near West 25th and Clark for 30 years of his banking
career, and is favorably known and respected by West Side business men.
John A. Reynolds, Vice-President of the Union Trust Co.,
Detroit, announces the appointment of Sylvester J. Sullen
to the staff of the business extension department. The
announcement says:
Mr. Scallen is a native Detroiter. He was educated in the Detroit schools
and at the University of Detroit. Before his affiliation with the Union
Trust Co., he was Assistant Treasurer and Auditor of the Conductors
Protective Assurance Co. for some years, and was a salesman for Backus,
Fordon Co., Investment Bankers.
The Detroit "Free Press" of July 14 stated that affiliation
of the Michigan Industrial Bank of Detroit with the Union
Commerce group of that city through an exchange of shares
of capital stock with the National Bank of Commerce was
effected July 13, when shares of the former institution were
deposited with the Union Commerce Corporation, the holding company. As a result of the merger of interests, it was
said, services of the Michigan Industrial Bank will be extended through the 20 branches of the National Bank of
The proposed increase in the capital of the Equitable
Trust Co. of Chicago, from $250,000 to $350,000 indicated
in our issue of June 22, page 4101, has been approved by the
stockholders of the institution, according to the Chicago
"Journal of Commerce" of July 18. At the same meeting
John B. Tanner was elected a director to fill a vacancy.
Consolidation of the Foreman National Bank of Chicago
and the Chicago State Bank to form a banking group with
resources of more than $221,000,000 was arranged on Monday of this week. As reported in the Chicago "Tribune" of
July 23, the deal was completed at a joint meeting of representative directors and officers of both institutions. The
consolidation, when effected, it is said, will rank as the third
largest banking group in Chicago and represent the fifth
major amalgamation of banks in that city within the last
year. Chicago advices to the New York "Times" on
July 23, containing details of the proposed merger, stated
that the combined banks will be known as the Foreman
National Bank and the Foreman State Bank & Trust Co.
And in addition there will be the Foreman National Corp.
as an investment subsidiary. The three institutions will have
invested capital of $38,000,000; total deposits of $180,000,000, and total resources of nearly $229,000,000. The merger
plan provides for a share-for-share exchange of stock. The
present capital of the Foreman National Bank is $6,000,000
and that of the Chicago State Bank is $5,000,000. The
capital of the Foreman National Bank will be increased to
$11,000,00 and stockholders of the Chicago State Bank will
receive one share of Foreman National Bank stock for each
share now held. The stock of the Foreman State Bank
& Trust Co. and the Foremn National Corp. will be owned
or trusteed for the benefit of the stockholders of the Foreman
National Bank. Under the new set-up the Foreman National
Bank will have invested capital of approximately $25,000,000, the Foreman State Bank & Trust Co. will have about
$5,000,000, while the Foreman National Corp. will have
$8,000,000. The Foreman National Bank will conduct the
commercial and foreign business, the Foreman' State Bank &
Trust Co. will take over the trust, savings and mortgage
loan business,and the Foreman National Corp. will look after
the investment business. Oscar G. Foreman will be Chairman of the executive committee of both banks; Harold E.
Foreman will be Chairman of the Board of Directors of both
banks; Oscar H. Haughan, Vice-Chairman of the board of
both banks; Walter W. Head, President of botn institutions,
and Gerhard Foreman, will be President of the Foreman
National Corp. The directors of the present banks will
form the new board of directors, and the officers of both
banks will continue as officers of the consolidated institutions.
W. V. Crowley, for the past two years a Vice-President
Df the National Bank of the Republic, Chicago, was appointed a Vice-President of the Fulton National Bank of
Atlanta, Ga., on July 18, according to the Atlanta "Constitution" of the following day. Mr. Crowley is well known
in Atlanta,having started his banking career with the Atlanta
branch of the Citizens' & Southern National Bank and eventually beeoming a Vice-President of the institution. Subsequently he left Atlanta to assume the Presidency of a bank
in Miami, Fla., leaving there two and a half years ago to
join the staff of the National Bank of the Republic in Chicago
in the new business department. In the course of six months
he was promoted to a Vice-President of the institution, in
charge of all new business activities, the office he now resigns.
Mr. Crowley will assume his new'duties not later than Aug.
15, it was announced.
On July 19 announcement was made of the affiliation of the
National Bank of Huron, Huron, S. Dak., with the Northwest Bancorporation of Minneapolis, the recently formed
holding company of which E. W. Decker, President of the
Northwestern National Bank of Minneapolis is Chief Executive, according to the Minneapolis "Journal" of the same
582
FINANCIAL CHRONICLE
date. The acquired institution, which is said to be the third
largest institution of its kind in South Dakota, was established in 1896 and has deposits of more than $3,500,000 and
resources in excess of $3,879,000. Its affiliation with the
Northwest Bancorporation brings the total financial strength
of the group of banks included in the organization to more
than $243,000,000. The institution will remain as an individual unit and no change'in its directorate or personnel
will take place, but George C. Fullinweider, President of
the institution; Camden Rayburn, Vice-President, and H.C.
Black, a director, have been made directors of the Northwest Bancorporation. Mr. Black, it is said, also is Assistant
Treasurer of Armour & Co., meat packers. Other officers
of the institution in addition to Mr. Fullinweider and Mr.
Rayburn are Carl E. Voight, Cashier, and H. C. Whaley,
L. H. Cornell and W. L. Voight, Assistant Cashiers. The
merger will be accomplished, it was stated, through an exchange of stock of the bank for shares of stock in the Bancorporation. President Decker of the Northwest Bancorporation was reported as saying:
Huron is located in the centre of an important dairying and agricultural
territory. The city is noted as the wholesale,retail, meat packing and grain
market of central South Dakota. Its importance as a manufacturing centre
is rapidly increasing. The character of the trade territory surrounding
Huron is very similar to the trade territory surrounding Minneapolis. In
this respect. Minneapolis and Huron have interests in common and it is vet"'
logical that the financial institutions of these two centres should unite in
a program of development that will serve to build up their respective communities and strengthen the Northwest as a whole.
Further referring to the proposed consolidation of the
Iowa National Bank of Des Moines, Iowa, and the Des
Moines National Bank, to form the Iowa-Des Moines National Bank, indicated in the "Chronicle" of July 13, page
227, the physical union of the institutions, following the
approval of their respective stockholders, will take place as
soon as enlarged and thoroughly adequate facilities can be
prepared in the Des Moines National Bank Building. The
Des Moines Savings Bank & Trust Co., the subsidiary of the
Iowa National Bank, is included in the proposed merger.
The personnel of the new organization will be as follows:
Louis C. Kurtz, Chairman of the Board of Directors; Clyde
P. Benton, President; W. H. Brenton, Clarence A. Diehl,
llerbort L. Horton, Andrew J. Huglin, George E. Pearsall,
and Albert J. Robertson, Vice-Presidents; J. R. Capps
and George D. Thompson, Cashiers; Edwin F. Buckley and
Richard H. Coffins, Assistant Vice-Presidents; Clyde H.
Doolittle and James F. Hart, Trust Officers; J. Burson,
R. L. Chase, Jr., Sherman W.Fowler, E. W.Jones, Owen P.
McDermott, Winfield W. Scott, Albert J. Warnke and
Harry G. Wilson, Assistant Cashiers; W. F. Howell and
Victor H.Pulis, Assistant Trust Officers; Leland J. Andereck,
Manager of the Bond Department, and Arthur H. Keyes,
Assistant Manager of the Bond Department. The stockholders of the institutions, according to the Des Moines
"Register" of July 18, will hold special meetings on Aug. 20
to vote on the proposed merger.
Announcement was made in Stillwater, Okla., on July•19
of the approaching consolidation in August of the American
National Bank and the First National Bank of Stillwater
under the title of the American First National Bank, according to a dispatch from that place on July 19 to the "Oklahoman", which continuing said:
Purchase of controlling interest in the First National by three directors
of the American National, R.D.'Altman, W.L. Lehman and C.
E.Donart,
was the basis of the consolidation move.
The stock was bought from W. L. Hert, President of the First National,
his mother, Mrs. Martha H. Hert of Perkins, and H. M. Walker of Oklahoma City. Hert and his mother sold only part of their interest,
whereas
Walker disposed of all of his.
The First National Bank building will be used. The new bank will have
alcapital stock of $125,000 with surplus of $25,000.
Announcement of the active officers to operate the American-First National Bank will be made at the time of the actual consolidation.
J. A. McCarthy, former Assistant Trust Officer of the
newly consolidated Mercantile-Commerce Bank & Trust
Co. of St. Louis, has been advanced to the position of Associate Trust Officer of the institution. He also recently
succeeded Davis Biggs as Vice-President and Trust Officer
of the National Bank of Commerce in St. Louis,the corporate
existence of which has been continued for the purpose of
caring for its trust business. The announcement by the
bank also says:
McCarthy has been engaged in various phases of trust work for
22 years,
having been an assistant trust officer at the National Bank of Commerce
for 11 years. At the same time he served as Secretary of the Federal Commerce Trust Co. from the time of its organization.
A few years ago McCarthy was active in work of the American Institute
of Banking and was among the first in St. Louis to hold a graduate certificate
from that organization.
[VOL. 129.
Effective July 15,the First National Bank of Oxford, N.C.
capitalized at $100,000, and the National Bank of Granville
at Oxford, with capital of $152,600, were consolidated under
the title of the First National Bank of Granville at Oxford,
with capital of $200,000.
• That John L. Fouts, former President and a director of
four Florida banks which closed on Ma3> 15 last, had been
placed under arrest in connection with their failure, was reported in Associated Press advices from Jacksonville, Fla.
on July 11, printed in the New Orleans "Times-Picayune"
of July 15. The banks of which Mr. Fouts was President
were the State Bank of Bartow, the First National Bank of
Lakeland, the First National Bank of Auburndale and the
First State Bank of Winter Haven. Mr. Fouts was arrested
at Winter Haven and taken to Bartow, where information
filed against him alleged that he had loaned himself $5,000
of the Bartow bank's funds, without the cbnsent of the Board
of Directors, and that he had altered the minutes of the
Board to make it appear that the loan was regular, when the
resources actually were not normal. Later Associated Press
advices (July 16), this time from Tallahassee, Fla. and appearing in the New York "Sun" of the same date, stated that
Mr.Fouts would be placed on trial for alleged violation of the
State Banking Laws on Sept. 19 next.
According to the announcement by President R. S. Hecht,
the Hibernia Bank & Trust Co. of New Orleans has established a travel bureau to handle steamship, railroad and airplane transportation. The new bureau opened for business
Monday morning, July 22. Mr. Hecht's announcement
says:
The United States Lines, Inc., have appointed the Hibernia Bank Travel
Bureau as their Agent for the states of Louisiana and Texas. These lines
which were recently purchased from the United States Government by
P. W.Chapman & Co.of Chicago and New York,include the "Leviathian,"
"George Washington," "President Harding," "President Roosevelt,"
"Republic" and "Americas" Two additional boats similar in design to the
"Leviathian" each having 56.000 tons displacement and costing
$25,000.000
each, will be built and added to the fleet within the next three years.
In addition to the ordinary requirements or world-wide inter-oceanic
travel, the new Bureau will specialize in airplane reservations, and has
arranged to book passengers either on regular schedules or on special trips.
The Bureau also has arranged to act as Agent for the special and world
tours and for travel service of Cook's tours, American Express Co.. and the
Raymond-Witcomb tours.
Leonidas M.Pool, a Vice-President of the Canal Bank &
Trust Co. of New Orleans, and one of the leading bankers
of Louisiana, died at his home in New Orleans on July 18
after an illness of four weeks, in the 58th year of his age.
Mr. Pool was born in New Bern, N. C. and went to New
Orleans as a boy of 15 where he obtained his first job with the
J. 0. Bigelow Co., a stock and bond concern. In 1891 he
changed his employment and began his banking career as a
clerk in the Hibernia National Bank, now the Hibernia
Bank & Trust Co. He rose steadily until he became a VicePresident of the institution, an office he held until 1918 when
he organized the Marine Bank & Trust Co. and was made its
President. In July of last year, when the Marine Bank &
Trust Co. was merged with the Canal Bank & Trust Co.,
Mr. Pool became a Vice-President of the enlarged Canal
Bank & Trust Co., the office he held at his death. Ten
years ago, Mr.Pool was President of the Louisiana Bankers'
Association and up to the time of his death was a member of
the legislative committee of the association. He was also a
former President of the New Orleans Clearing House.
Among other interests, Mr.Pool at the time of his death was
a Vice-President of the Union Indemnity Co., the Security
Sales Co. of Louisiana, the Great Union Fire & Marine Insurance Co., and the Union Title Guarantee Co.
That the Trans-America Corporation of San Francisco
(holding company for the Bank of Italy and the Bancitaly
Corporation and their affiliated and subsidiary institutions)
had purchased the Pacific National Bank sof Los Angeles
was announced by the executives of both institutions on
July 19, according to the Los Angeles "Times" of the following day. The acquired institution has a capital investment of $2,500,000, deposits of more than $12,500,000 and
total resources in excess of $17,000,000. Besides its head
office it maintains eight branches in Los Angeles. Details
regarding the terms of the transaction were not made public,
the paper mentioned stated, but a further announcement
was expected in the near future. The Pacific National
Co., which controls tne Pacific National Bank and four
other smaller banking institutions, was not included in the
acquisition, it was stated. The Pacific National Bank
JULY 27 1929.]
FINANCIAL CHRONICLE
Building, which is owned by the Pacific National Co., was
also excluded, it was said. E. M. Smith will continue as
President of the institution under the new regime. Mr.
Smith, who is also Chairman of the Board of the bank,
recently took over the Presidency on the resignation of
Thomas A. Morrissey. He was President when the institution was organized in 1923 and became Chairman of the
Board in 1928. Mr. Smith is also President of the Emsco
Derrick & Equipment Co. and affiliated Emsco companies.
Fred Swenson, Executive Vice-President of the Pacific
National Bank, will also retain his position. Mr. Swenson
is President of the Pacific Natonal Co. No changes in the
personnel of the staff, it was stated, are contemplated.
Arrangements which had been made to consolidate the
Pacific National Bank and the National Bank of Commerce
of Los Angeles were abandoned the early part of this month,
as noted in our issue of July 6, page 81. The same item
reported the resignation of President Thomas A. Morrissey
and six directors of the institution.
From the Montreal "Gazette" of July 18 it is learned that
Barclays Bank (Canada) recently received from the Minister of Finance and Receiver General of Canada and from
the Treasury Board, the official certificate permitting the
institution to commence business and it is expected that the
bank will open for business in Montreal on Sept. 3. In the
meantime extensive alterations are being made in the premises
at 214 St. James Street West, where the institution will be
located. The shareholders recently elected the following
directors:
The Right Hon. Sir Robert Borden, G.C.M.G., P.O.,
The Hon. L. A. Tasehereau, LL.
Mr. A. B. Purvis;
Mr. A. A. Magee, K.C.;
Mr. W. 0. Stevenson;
Mr. H. P. Alton;
Mr. J. S. Crossley.
D., IC.C.;
LL.D.,
The directors in turn have appointed Sir Robert Borden,
President; A. B. Purvis, Vice-President, and J. R. Bruce,
General Manager of the new bank.
A comparison of the semi-annual statement of the Midland
Bank, Ltd. of London, as of June 30 1929, with the returns
at the end of the two preceding half years, shows:
LfatUities—
Capital paid up
Reserve fund
Current, deposit and other accounts (incl.
balance of profit and loss account)
Acceptances and confirmed credits on
account of customers
Engagements on account of customers
June 30 '27. June 30 '28. June 30 '29.
12,665,798 13,286,310
12.665.798 13,286,310
376,528,502 382,752,859 383,632,454
18.122.184 20,714,714 21,863,048
13.920,347 25,697,254 42,486,722
433,902.629
Total
Assets—
Coin, gold bullion, bank notes and balances
48,947,815
with the Bank of England
Balances with, and Cheques in course of
collection on other banks in Great Britain
18.608,372
and Ireland
Money at call and short notice
24,566,803
Investments
37,128,551
Bills discounted
49,357,059
Advances to customers and other accounts... 209.661,918
Liabilities of customers for acceptances, confirmed credits and engagements
32,042,531
Bank premises
7,095,771
Capital, Reserve and undivided profit of
Belfast Banking Co., Ltd
The Clydesdale Bank, Ltd
6,493,809
North of Scotland Bank, Ltd
Midland Bk.Executor & Trustee Co. Ltd
Total
13,432,968
13.432,968
455,737,447 474,848,160
43,177,637 39.264,534
21.207,178
25,159,450
29,545,163
58,149,091
216,690,139
20,102,257
26.819,808
34.935,210
49.362,684
224,333,054
46,411.968 64,349,770
8,730.332 8,719,515
6.666,489
6,961,328
433,902,629 455,737,447 474.848,160
The annual report of the Standard Bank of South Africa,
Ltd. (head office,London), covering the fiscal year ended
Mar.31 1929, and presented to the proprietors at their 116th
ordinary meeting on July 24, has just recently come to hand.
It shows net profits for the period (after payment of all expenses,making provision for all bad and doutful debts,and
rebating current bills) of £621,466, which when added to
£132,099, representing balance to credit of profit and loss
brought forward from the preceding 12 months, made
£753,565 available for distribution. Out of this sum, the
report tells us, an interim dividend at the rate of 14% per
annum for the half year ended Sept. 30 1928, calling for
£156,042, was paid, and £100,000 credited to bank premises
account, leaving a balance of £497,524. This amount the
directors recommended be distributed as folllows: £125,000
to officers' pension fund;£175,0000 to pay a dividend at the
rate of 14% per annum (subject to income tax), and £75,000
to pay a bonus of 2s. 6d. per share (subject to income tax),
leaving a balance of £122,524 to be carried froward to the
current year's profit and loss account. Total assets of the
institution are shown in the report as £71,760,150 and its
paid-up capital as £2,500,000, with reserve fund of £3,164,170. The bank was established in 1862.
583
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The Stock Market has been somewhat irregular in tone
during the greater part of the present week with alternate
periods of recession and rally, and yesterday suffered quite
a slump. Steel stocks have enjoyed several sharp advances,
the electric shares have also displayed improvement but the
spectacular feature of the week has been the remarkable
advance of American Tel. & Tel. which rapidly advanced to
the highest level in its history. A noteworthy feature of the
week has been the announcement that Bethlehem Steel had
lifted the common stock to a 6% basis. The weekly report of
the Federal Reserve Bank, made public after the close of
business on Thursday, showed a further expansion of $95,000,000 in brokers' loans in this district.
Stocks again forged ahead in the early trading on Saturday
but a flood of week-end profit-taking shortly before the close
cancelled most of the early gains. The demand for United
States Steel, common was particularly active throughout the
morning and it gradually crept upward to 208% though it
was fractionally off at the close and Bethlenem Steel established a new record at 1203% and then reacted to 120. Railroad shares were featured by New York Central which
advanced under particularly heavy buying to a new top at
245 before receding to 242 and closing with a net gain of 2
points. Following the release of the June earnings' statement
Erie bounded forwarded to a new top level at 84 and gains
ranging from 2 to 5 or more points were recorded by Baltimore & Ohio, Boston & Maine, Ches. & Ohio, St. Paul,
Illinois Central, Del., Lack. & West. and Del. & Hudson.
Public utilities attracted considerable speculative attention
particularly International Telephone & Telegraph which
slipped into new high territory above 11334. Bendix Aviation was the outstanding strong feature of the so-called
specialties group as it moved briskly forward to 99, closing
4 points. Motor shares were
at 983
4 with a net gain of 43
weak, General Motors breaking to a new low for the year
below 68 followed by most of the independent issues.
The irregularity apparent in the last two days of the
preceding week was again in evidence as the market resumed
its session on Monday. United States Steel, common relinquished the market leadership which was taken up by
General Electric which moved briskly ahead to 362 and
closed at 36034 with a net gain of 834 points. Westinghouse
Electric followed with a gain of 43% to 2023/
5. Public utilities
continued to move with the leaders, American & Foreign
Power gaining 3 points to 13034, Detroit Edison advancing
93
4 points to 330, Pacific Lighting moving ahead nearly 3
points and Electric Power & Light selling up to 823% at its
high for the day. Railroad shares followed the trend of the
market, some dipping to lower levels while others of the
more virile type reached new tops. Among the latter were
Del., Lack. & West. which soared upward 5 points to 160,
Balt. & Ohio which surged forward to 13534 at its high for
the day though its slipped back to 133 at the close. Southern
Pacific also reached new high ground at 150 but was off 2
points in the final hour. Motor issues were under pressure
as they had been for several days forcing General Motors
and most of the independent stocks down from 2 to 3 points.
On Tuesday the early trading was more or less irregular,
but prices turned upward around mid-session and thereafter
moved briskly forward. Motor shares now moved briskly
to the front under the guidance of General Motors and
Chrysler, the latter getting renewed impetus from the excellent earnings statement published on Monday. In the
railroad group the recovery was quite as striking. Bait. &
Ohio leading the upswing and selling up to 1363
% at its top
for the day and scoring a new high peak. Public utilities
continued to hold a strong position near the leaders, Louisville Gas & Electric "A" surging forward to a new top at 59
following reports that Standard Gas & Electric would make
an exchange offer for the stock. Consolidated Gas again
crossed 150. In the late trading General Electric rushed
ahead to a new high with a gain of seven points at 367 and
Westinghouse Electric reached a new top level at 20634,
though it closed at 2023
4 with a loss of A point.
Trading opened moderately strong on Wednesday, but
toward mid-day the banks called about $40,000,000 in loans
and as call money advanced from a renewal rate of 7% to 9%
the market again developed considerable irregularity and in
many instances prices slid off rather sharply as selling p.essure increased. Amer. Tel & Tel. soared upward 10 points
into new high ground and finally closed at 257 with a net
gain of 834 for the day. Electric light & power stocks were
also in demand. PaeifieeLighting lifted its top to 1113% at
584
FINANCIAL CHRONICLE
[VoL. 129.
its high for the day and closed at 1093 with a net advance
THE CURB EXCHANGE.
of 6% points. United States Steel, common attracted wideWith utility issues still the feature, prices on the Curb
spread attention as it crossed 210 to the highest peak in the Exchange this week moved forward to higher ground.
history of the corporation. Stimulated by the strength in Transactions were in heavy volume Wednesday transactions
U. S. Steel, Bethlehem Stdel forged ahead to its highest level being 3,584,700, a new high record. Amer. Cities Power
since the war followed by most of the independent steel issues. & Light, el. A sold up from 69 to 84% and at 83 finally.
General American Tank Car shot ahead 5 points to 98. The class B stock registered a gain of nearly 12 points to
General Electric exceeded its previous record and crossed 603/s, the close to-day being at 593's. Amer. Light & Tr.
370 though it slipped back to 364 at the close. Railroad stocks corn. after early loss from 3093/i to 306 advanced to 343 and
were featured by Bait. & Ohio which reached a new peak at finished to-day at 330. Buff. Niagara & East Pow. coin.
1373' with a gain of 23% points. Erie was one of the outstand- rose from 1133 to 128 and ends the week at 126. Class A
ing strong stocks of the railroad group and after raising its stock was up 14 points to 127, the final transaction to-day
top to 863 dipped to 853/i and closed with a gain of nearly being at 1263'. Central States Elec., new corn. from
653%
2 points. Motor stocks started strong but the rush to liqui- reached 833., reacted to 77 and finished to-day at 81. The
date on some of these issues carried the whole group down. old corn. sold up from 201 to 235. The convertible pref.
General Motors dropping to 68% with a loss of 2 points and new moved up from 170 to 2033% and the old convertible
Chrysler and Packard both slipping back about the same. preferred from 313 to 405. Closing prices to-day were 1993%
and 396 respectively. Duke Power improved from 2119.
In the so-called specialties section Union Bag & Paper gained to 247
and reacted finally to 235. Eastern States Power,
43, points to 36%, Postum Cereal moved ahead 33
4 to 773 corn. B rose from 63 to 743% and sold at 74 finally. Middle
and Worthington Pump pref. "B" surged forward nearly 4 West Utilities, corn. after early weakness from 3103% to
306 advanced to 370 and closed to-day at 356. The 6%
points to 853%.
Despite the further calling of loans and the advance in the pref. sold up from 1133% to 140. Mohawk & Hud. Pow.
from
reached 1113
% and sold finally at 1073%. Standard
call loan rate to 10%,the market on Thursday was compara- Power963%
& Light, corn. sold up from 104 to 1253% and closed
tively strong. There were, however, some substantial losses to-day at 11834. Utilities Power & Light
"B" stock adin a number of high grade investment stocks and in some vanced from 473% to 70 and ends the week at 6934. Industrial
and miscellaneous were generally lower, changes
of the specualties. American Tel. & Tel. again raised its
top as it crossed 266 and closed with a net gain of 93' points. with few exceptions being of little moment. Goldman
Sachs
Trading Co. advanced from 1093% to 118, reacted to
In the railroad group Bangor & Aroostook led in an upswing 1123
4 and closed to-day at 114%. Pennroad Corp. sold up
with a new high above 88. Motor stocks became decidedly from 263 to 30, reacted to
283% and ends the week at 2894•
active as the day advanced. General Motors gained 3 points Oils were dull and featureless.
A complete record of Curb Exchange transactions for the
followed by Chrysler which sold in large volume at 73% or
better. Radio Corporation was consistently strong all week will be found on page 615.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
through the session and closed at 90 with a net gain of 6
points.
!tondo (Par Value).
The selling end predominated during the greater part of
Week Ended
Stocks
Foreign
July 26.
the session on Friday and while there were numerous evi(No. Shares). Rights.
Domestic. Government.
dences of strength in some special issues, the general trend Saturday
1,450,750
159,300
2810,000
$126,000
Monday
2,625,200
211,600
1,494,000
273.000
of the market was toward lower levels. Public utilities Tuesday
2,949,100
233,300
1,317,000
263,000
Wednesday
.3,584,700
172,100
were featured by Electric Power & Light which gained about Thursday
1,549,000
151,000
2,380,600
151,900
1.542.000
194,000
four points. National Power & Light did equally well. Friday
2,581,200
189,700
1,888,000
182,000
Steel stocks were represented on the up side by Bethlehem
Total
15,571,550 1,117,900
38,600,000 21.189,000
Steel which soared above 124 into new high ground. Cop- 'New high record for a single day's transaction. Previous high record June 28,
On Saturday July 13, transactions reached a new high record for a halfper shares moved to the front for the first time in several 3,304,500.
day viz.: 1,832,200. Previous high record for half-day June 29, 1,564,600.
days and substantial gains were recorded by Kennecott,
Greene-Cananea, American Smelting, Granby and Miami.
COURSE OF BANK CLEARINGS:
Amer. Tel. & Tel. again raised its top and added seven
Bank clearings will again show a very substantial increase
points to its advance of nine points on the preceding day. the present week. Preliminary figures compiled by
us,
General Electric was also a conspicuous feature as it shot based upon telegraphic advices from the chief cities of
the
3 with a net gain of 113
ahead to 376,closing at 374%
% points. country, indicate that for the week ended to-day (Saturday,
In the final hour the market turned downward and many of July 27) bank exchanges for all the cities of the United
the issues that were active earlier in the day dropped off States from which it is possible to obtain weekly returns will
from two to three points. The final tone was weak.
be 41.1% larger than for the corresponding week last year.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE,
The total stands at $13,237,966,445, against $9,383,441,247
DAILY, WEEKLY AND YEARLY.
for the same week in 1928. At this centre there is a gain
for the five days ended Friday of 59.1%. Our comparative
Sto
,
tt,
Railroad,
State,
United
Week Ended July 26.
summary for the week follows:
Number of
dec.,
Municipal &
States
Shares.
Bonds.
Foreign Bonds.
1,955,670
3,679,480
3,777,410
3,778,960
3,478,830
3,552.160
54,058.000
6.787,000
10,575,000
10,734,000
11,522,000
13,789,000
51,414,000
2,179,000
2,389.000
2,029.000
3,028,000
1,143,000
2139,000
364,500
200.600
490,000
308,000
360,000
20.222.510
157.465.000
512.182.000
21.862.100
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Bales at
New York Rack
Sschange.
Week Ended July 28.
1928.
1929.
Stocks-No. of shares.
•
Bonds.
Government bonds...
State and foreign bonds
Railroad dv misc. bonds
Total bonds
Bonds,
Jan. Ito July 26.
1929.
1928.
20,222.510
8,730,390
821,022,220
440,822.796
$1.882,100
12,182,000
67,465,000
$2,351,000
11,091,000
25.049.000
274,794,800
355.384.650
1,137,542.000
2125,114,250
492,006,565
1.501,681.025
271,509,100 238,491,000 $1,567,721,450 22,118,801,840
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
July 26 1929.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey. week revised
Philadelphia.
Baltimore.
Shores. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
.33,139
*62,309
*64,744
.83.247
.58.332
34,477
$14,000
14,000
27,000
32,000
25,000
35.000
684,663
0138,126
6145,935
al57,272
a119,116
al01,359
336,248
2147,000
746,477
348,471
2146,020 1.006,723
$3,100
5.600
9,000
5,100
17,500
2,050
4,503
4,602
2,704
2,420
2,699
$1,000
25.400
30.500
25,200
13,000
14,000
240,300
18,978
3109.100
2102,400
27,957
279,400
• In addition, sales of rights were: Saturday, 553; Monday, 2,186 Tuesday,
510: Wednesday, 1.279; Thursday, 825.
a In addition, sales of rights were: Saturday, 4.100; Monday, 9.100; Tuesday,
11,000; Wednesday, 7,055; Thursday, 13.400. In addition, sales of warrants were:
Saturday, 4.700: Monday, 4.900; Tuesday, 4.800; Wednesday, 12,250; Thursday,
13,355; Fridayl 9,404
Clearings-Returns by Telegraph.
Week Ended July 27.
1929.
1928.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimo:c
New Orleans
27,215,000,000
563,488.087
475,000.000
408,000,000
154,169,832
103,300,000
151,441,000
163,141,000
168,003,584
.215,000,000
137.621,813
80,478,632
45,391,410
$4,535,000,000
524,354,905
382,000,000
349,000,000
131,354,081
111,500,000
146,053,000
151,720,000
138,332.729
177.029,883
108,810,461
72,517,382
45,062,570
+69.1
+7.5
+24.3
+16.9
+17.4
-7.4
+3.7
+7.5
+21.4
+21.4
+28.5
+11.0
+0.7
Thirteen cities, five days
Other cities, five days
29,880,035,158
1,151,803,555
$6,872,735,011
890,707,110
+43.8
+29.3
Totalall cities, five days
All cities, one day
211,031,638,713
2,206,327,742
27,763,442,121
1,619,999,166
+42.1
+36.2
Total all cities for week
Estimated,
513,237.966,455
89,383,441.247
+41.1
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 statements, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended July 20. For
that week there is an increase of 30.4%, the 1929 aggregate
of clearings for the whole country being $13,626,149,986,
against $10,445,937,526 in the same week of 1928. Outside
of this city the increase is only 9.6%, the bank exchanges
at this centre recording a gain of 44.8%. We group the
cities now according to the Federal Reserve Districts in
which they aria located, and from this it appears that in the
New York Reserve District (including this city) there is an
expansion of 44.4%,in the Boston Reserve District of 14.7%
and in the Philadelphia Reserve District of 8.9%. In the
Cleveland Reserve District the totals are larger by 14.9%,
in the Richmond Reserve District by 1.3% and in the
Atlanta Reserve District by 6.3%. The Chicago Reserve
District shows an increase of 6.6%, the St. Louis Reserve
District of 6.2% and the Minneapolis Reserve District of
18.5%. In the Kansas City Reserve District the increase
is 6.0%, in the Dallas Reserve District 1.8% and in the
San Francisco Reserve District 8.6%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week End. July 20 1929.
Ine.or
Dec.
1928.
1929.
1927.
1926.
129 cities 13,626,149,986 10,445,937,528 +30.4
Total
4,741,613,927 4,328,059,207 +9.6
Outside N. Y. City
9,657,168,704
4,152,485,404
9,131,446,340
4,182,109,351
448.152.461 +nil
244 971 741
goo Inq i aa
_
_SI MUNI
500.884.973
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended July 20.
Clearing* at1929.
1928.
I714. 07'
Dec.
1927.
1926.
$
$
%
First Federal Reserve Dist net-Boston577,549 -2.6
562,302
A8aine-Bangor__
3,455.629 +48.6
5,136,443
lo Portland
Mass.-Boston- - 548,862.097 484,000,000 +13.4
1,156,530 +32.4
1,531,860
Fall River_ _ _.
1,317.979 +4.3
1,374,385
Lowell
1.088.888 +9.3
1389.676
New Bedford-.
5,283,522 +17.9
6.228,355
Springfield3,947,228 , 3,420,368 +15.4
Worcester.. _ _
13,847,170 +56.5
21,671,300
Conn.-1Iartford.
9,328,559 +9.9
10.238,237
New Haven.
15.717,300 +12.9
17,749,300
EL I.-Providence
671,337 +31.2
880,784
NH.-Manches't
839,428
3,622,730
498,000,000
2,168,549
1,122,887
1,007,765
5,069.455
3,325,295
14,191,251
8,269,631
12,684,400
565,985
702.204
3,696,171
468,000.000
1.674.454
940,531
1,177,118
5.176,430
3.480.836
14,040.486
6,806,755
12,324,900
706,695
539,864,831 +14.7
550.867,376
518,726,560
Total(12 cities)
619.371,967
$
$
Second Feder al Reserve D istrict-New York.
8,025,376
5,884,329
5,809.524 +13.1
6.570.491
N. Y.-Albany1,122,900
1,145,381
1,44 ,667 +7.3
1,556,075
Binghamton
50,165,477
51,482.463
55,164,202 +31.7
72,656,869
Buffalo
1,010,443
888.127
1,021.846 +17.1
1,195.813
Elmira
1.796.696
1,359,279
1,177.396+15.4
1,358,422
Jamestown_
New York._ _.8.884,536,059 6,137,878,321 +44.8 5,504,683,300 4,949,336.989
10,774,802
12,616,899 +32.8
12,380,795
16,758,156
Rochester
5,780.776
8,622,521
5,686.308 +22.8
6,961,082
Syracuse
4,734.216
3,810,131
5,016,542 +9.7
5,504,478
Conn.-Stamford
533.430
633,890
839,836 +50.0
1.259.707
N. J.-Montclair
38,560.511 +21.8
38,593,791
37,846.685
Northern N J. 46,979,141
Total(11 cities) 9,044,966,293 6,265,221,052 +44.4 5,629,464.007 5,071,127,788
Third Federal Reserve Dist rict-Philad elphia1,540,433 +18.0
1,713,527
1.818.117
Pa.-A toona._
4.487,863 +1.8
4.565.813
4.455.486
Bethlehem_ ... _
1,685.387 -19.1
1.363,859
1,467,129
Chester
1,636.432 +18.0
1.930,472
1,860,924
Lancaster
Philadelphia... 592,000,000 540,000,000 +9.6 525,000,000
4.857.606 -1.3
3,934.270
4,794,343
Reading
5,919,499 +3.4
6,118,793
5,947,816
Scranton
4,647.108 -8.4
3.871,928
4,254,776
Wilkes-Bane.. _
2,070,312 +8.2
2,241,046
1.744.262
York
5,597,351 -20.6
4,446,040
6,844.907
N. J.-Trenton-
1,700.429
4,759.006
1,522.542
1,801.367
547,000.000
3,673.894
6,028.902
4,269.520
1,998,062
5.894,422
+8.9
556,840.249
578,648.144
Fourth Feder al Reserve D strict-Clev eland.
7,046,000 +10.3
7,769,000
obio-Akron --4.557,027 +7.2
4.884,770
Canton
80,639,944 +12.8
90,860,876
Cincinnati......
166,909,585 146,208,313 +14.2
Cleveland
16,607,200 +16.6
19,368,000
Columbus ---2,304.460 +1.9
2,348,851
Mansfield
5,398,058 +20.7
6,518,948
Youngstown._
pa -Pittsburgh.. 201,239,336 172,464.257 +16.7
7,460.000
4,254,468
78,904,735
134,473,588
18,380,800
2.220.620
4,949,724
181,965,807
6,269,000
4,520,944
77,634,440
127,149,219
17,429,900
2,308.724
7,227,750
182,844,456
499,899,366 , 435,125,259 +14.9
432,609,742
425,384.433
Total(10 cities)
Total(8 cities).
623,533,259
572.441,991
Fifth Federal Reserve Dist tict-Richm ond1,375,945 -1.9
1,349,089
W.Va.-Hunt:13'n
4.466.671 +2.4
4,574.830
Va.-Norfolk....
40,553,000 +0.1
40,573,000
Richmond _ _2,481.964 -25.2
1.855,115
B.C.-Charleston
Md.-Baltimore _ 108,479,698 108,175,316 +0.3
26,949.325 +9.7
29.572,149
D.C.-Washing'n
1.163,709'
1.499,706
5,287,933
8,481,164
41,054,000
45,915,000
2.000.000
2,300,000
100,900.007 113,231,268
24,079,149
24,820,944
+1.3
174,484.798
196,248.082
3,200,000
25,109,405
46,628,283
1,686,839
1,855.400
17,540.367
3.352,000
25,312,152
1,788,881
1,481,120
389,973
51,402,494
3.000,060
22,711.082
51.137.683
1.695.129
1,936,553
25,440,718
9,064.898
23,112,622
1,853.716
1,649,581
394,748
52,947,620
+6.3
179.746.914
194,944,410
Total(12 cities)
186,403.881
186,647,002
184,002,221
175,754,562
Inc. or
Dec.
1928.
1929.
1926.
1927.
$
Seventh Feder al Reserve D IstrIct.-Chl cago.230,833
253,688 +22.0
309,470
Mich.-Adrian _
775,388
839.686 +6.3
892.549
Ann Arbor_
222,773.326 220,051.773 +1.2 181,294,201
Detroit
7,313,736
10.089,640 -30.0
7,206,468
Grand Rapids _
2,478.944
3,101,011 +23.6
3.831,369
Lansing
2,789,198
3,049,527 +38.8
4,232,460
Ind.-Ft. Wayne
22,135,000
22,950.000 +14.7
26,325.000
Indianapolis _ _
2,979.708
3,045.800 +0.6
3,064.251
South Bend_ _ _
5.001481
5.102.385 -3.3
4,932,002
Terre Haute_ _
40.758,288
42.214.041 -15.3
39,970,196
Wis.-Milwaukee
2.562,259
2,963.278 -0.2
2,957.965
Iowa-Ced. Ray..
9,217.821
9,610,443 -1.1
9,502,026
Des Moines_
6,017,017
7,089,414 -1.1
7.010,782
Sioux City_ _ _ _
1,217,116
1,436,833 +30.1
1.867.780
Waterloo
1,640,638
1,608.916 +27.1
2,044,365
Ill-Bloomington
723,681,563 662,199,344 +9.3 676,360,857
Chicago
1,309,724
1.318,634 +4.3
1,374,545
Decatur
4.643,228
5,221,606 +18.1
6.169,219
Peoria
3,400,109
4,115.176 +5.4
4.338,590
Rockford
2.850.165
2.554.329 +26.1
3.219,790
Springfield - -
244,419
840.952
177.939,124
7,591,821
2,261,830
2,770,064
23,068.000
2,792,600
5,315,365
39,653,380
2.257,753
9,522,565
6,132318
1.083.971
1,767,409
649,932,330
1,372,182
4.841,255
3.065,820
2.521,796
+6.6
974,975,911
944,972.054
Eighth Federa I Reserve Die trict.-St. L outs.5,962,831 -18.3
4,871,112
Ind.-Evansville
Mo=St.Louis.... 143,300,000 150,200.000 -4.6
34.611,127 +6.4
36,831,126
Ky.-Louisville
394,931 +11.7
348.855
Owensboro
18,056,072 +23.8
22,361,311
Tenn.- Memphis
+9.4
12.846,809
14,048,199
Rock
-Little
Ark.
303,520 +13.9
345,831
Ill.-Jacksonville
1,288,066 +6.7
1,374,724
Quincy
6.208,476
140,000,000
35,446,721
313,257
18,026,05.5
12,003.429
344,800
1,297,291
6.005,524
141,390,785
32,327.790
332,720
17,242,291
12,704,110
370,863
1,496,529
+6.2
214,440,029
211,871,612
Ninth Federal Reserve Die trict-Minn eapolis
6,104,554 +77.7
10,850,623
Minn.-Duluth._
83.404.984 +26.0
Minneapolis..-- 105,083,462
28.836,87531,528.521 -8.5
St. Paul
1,999,572 +7.1
2,141,443
No. Dak.-Fargo
1,758,372 -28.3
1.260.904
S.D.-Aberdeen_
612.397 +6.6
652,883
Mont.-Billings +10.7
3,363,000
3,723,938
Helena
6,232,987
73,416.669
30,590.072
1,872,111
1.174.761
515,560
2,924,000
7,530,956
74.927322
31,296.966
1,837,800
1,305,426
527,879
3,112,326
128,771,400 +18.5
Total(8 cities)-
237,529,357
223,663,356
116,726.160
120.538,775
Tenth Federal Reserve Die trict-Kans sag Cit y369,400
406,032 -9.1
369.017
Neb.-Fremont- _
492.660
468.434 +6.7
.500,000
Hastings
4,348.032
4.307,311 -12.4
3.774.176
Lincoln
39.338,477
47.516.577 +3.7
49,269,481
Omaha
3,686.593
4,026,583 +5.0
4.225.876
Kan.-Topeka - 9.932.473
13,359,132
13,282,020
Wichita
Mo.-KansasCity 184,715,640 170,782,835 +8.2 155,843,592
6,417.438
6,833,201 +12.8
7.706,282
St. Joseph..
30.095,586
35.539.000 +2.5
36,433,421
Okia.-Okla.City
1,215,795
1.432,097 +5.5
1,511,164
Colo.-Col. Spgs.
1,539,339
1,458,016 +8.6
1,597,329
Pueblo
381.890
428,168
4,014,385
40.111,702
4,074,258
11,947,723
164,325,028
6,985,612
31,478,008
1,089.463
1.110454
Total(7 cities).
152.550,128
+6.0
253,279,385
265,946.891
Eleventh Fede cal Reserve District-D alias-1.469,178 +18.2
1,737,958
Texas.-AustIn_._
50,456,485 +1.8
51,346.132
Dallas
15.999,606 +9.1
17,461,910
Fort Worth--5,267,000 +12.8
5.943,000
Galveston
6,516,567 -28.3
4,674,664
La.-Shreveport-
1,144,179
44,543,740
12,159,480
6.366.000
4,782.225
1,307,677
37,358,970
14,958,950
8,717,000
4.335.267
Total(11 cities)
303,384.406
286,129,218
79,708,836
+1.8
68.995.624
66.675,864
Twelfth Feder al Reserve D'strict-San
49.772.329
55,015.995
Wash.-Seattle
13.875,000
13,685,000
Spokane
1,314,588
1,383,290
Yakima
18,540,847
43,131,100
Ore=Portland
18,229,619
21.339,280
City.
L.
Utah-S.
3.745.660
3433,167
Fresno
8,611.783
8,519.442
Long Beach......
Los Angeles... 209.254,000 190,986.000
18,229,886
18.813,776
Oakland
5,541,831
6,608,507
Pasadena
7,284,789
7,711,747
Sacramento_ _
6.347.882
6444,003
San Diego_ - _
San Francisco. 209.629372 193,671.543
3,254,237
3,311,417
San Jose
1,935.382
1,910,628
Santa Barbara..
2,233,222
2.348,423
Santa Monica..
2,864,700
2,758.000
Stockton _ _ _
Franci
+10.5
-1.4
+5.2
+11.9
+17.1
-5.7
-1.1
+9.6
+3.2
+19.2
+5.9
-4.8
+8.2
+1.8
-1.0
+5.2
-3.7
43.428.194
11,821,000
11.821.000
994,154
36.184,934
17,345,075
3,174.211
6.924.862
177.009,000
17,005,342
6,232,142
7400,214
4,953.855
163,309,000
2,444,819
1,436.275
2,423,132
3,052.300
43,360,987
12.100,000
1.083,779
39,124,554
14.327,694
3,392,572
6,289.900
177.381.000
19,915,336
5.603,808
8,059,926
5,479,051
189,978,000
3,568,924
1,289,909
2.326.587
3.079.700
566.439,278
+8.6
504,738,509
536.361.727
Total(5 cities)
Total(17 cities)
81,163464
614,996,947
Grand total
(127 cities)---- 13626 149,986 10445937,528 +30.4 9,857.168,704 9.131,446,340
Outside NewYork 4.741,613.927 4,328.059,207
+9.6 4,152.485,404 4,182.109.351
Week Ended July 18.
Clearings at1929.
Sixth Federal Reserve Dist lint-Atiant a4,035,013 -0.9
.4,000,000
Tenn.-Knoxville
21.196.561 +31.5
27,874,494
Nashville
49,446.463 +16.9
57,827,266
Georgia-Atla8ta
1,735.512 +7.9
1.872,430
Augusta
1,906,732 -7.5
1,762,980
Macon
16,177.746 -8.2
14,843,044
Fla.-Jack'nville •
+5.1
2,108,000
2,216,000
Miami
23.312,390 -0.4
23,213,801
Ala.-Birming'm.
1,587,526 +13.4
1,800,974
Mobile
1,994.876 +7.0
2,134,364
m MS=Jackson_.
295,845 -12.7
256,404
Vicksburg
-6.0
51,959,898
48,845.245
Orleans
La.-New
Total(7 cities).
Week Ended July 20.
Clearings at-
Total(20 cities) 1,075,703.716 1,008,815.522
5
$
$
%
$
Federal Reserve Diets.
539,864,831 +147
550,867.376
619,371,987
518,726,560
let Boston _-_-.12 cities
9,044,966,293 6,265,221,052 +44.4 6,629,464,007 5,071,127,788
29d New York_ _11 "
578,648,144
572,441,991 +8.9
556,840,249
623,533.259
lird Philadelp'bI 10 "
425,384,423
435,125,259 +14.9
432,609,742
499,899,366
4th Cleveland__ 8 "
196,248,082
184,002,221 +1.3
174,484,798
186,403,881
5th Richmond _ 6 "
194,944,410
+6.3
175,754,562
179,746,914
186,647,002
"
Atianta____13
6513
944,972,054
974,975,911
1,075,703,71 1,008,815,522 +6.6
7th Chicago _.-20 "
223,663,356 +6.2
211,871,612
214,440,029
237,529,357
8th St. Louis__ 8 "
128,771,400 +18.5
120,538,775
116,726,160
152,550,128
9th Minneapolis 7 "
286,129.218 +6.0
303,384,406
865,946,891
253,279,385
10th KansasCity 12 "
66,675,864
+1.8
79,708,836
68,995,624
81,163,664
"
5
Dallas
11th
566,439,278 +8.6
536,361,727
614,996,947
504,738,509
12th San Fran_ _17 "
flimaiia
585
FINANCIAL CHRONICLE
JULY 27 1929.]
1928.
Inc. or
Dec.
1927.
1926.
9
9
Canada155,894,703 141.234,255 +10.3 111,089,482 100.560,123
Montreal
96,573,449
104.430.981
+1.8
136.981,568
139,513,336
Toronto
44,457,171
44,397,790
70,340,991 +29.2
90.874,292
Winnipeg
+11.0
17,848,819
17,544,078
20,086,893
22,293,423
Vancouver
7,428,589
6,980,326
8,246,237 +7.9
8.888,234
Ottawa
7.197,373
5,690,374
7.224.625 -1.0
7.152,999
Quebec
3,224,043
3,748,135
+7.2
3,524,865
3,778,832
Halifax
5444,355
6,258,514 -37.2
5.878.046
16,444.643
Hamilton
+3.4
6,734.901
5,722,057
10,243,633
10,697,070
Calgary
2,652.310
2,815,533
3.562,097
3,372,771
St. John
2472,434
2,553,769
3.061,683 -2.3
2.99l.3"
Victoria
3.073.780
3.659,182
2.827.904
3,659,034
London
5,726,046
5,034.530
6.854,122 -7.8
6.317,367
Edmonton
4,188,755
3,953,562
5,222.183 +3.4
5,399,231
Regina
648,490
645.526
761,914 -4.2
729.639
Brandon
581,992
751,811 -3.0
545.796
728,882
Lethbridge
2,195.253
+14.1
1.851.612
2,432,703
2,776,532
Saskatoon
1,241,140
1,175,221
1.290,908 +10.9
1,432,212
Moose Jaw
1,282,536
1,084,772
1,563,501 +3.5
1,618,320
Brantford
1,024.180
1,066.741
1,486,727 +6.3
1,580,605
Fort William...... _
854.031
737,359
800.685 +22.7
982,282
New Westminster
290,370
301.285
-10.9
458.688
408,700
Medicine Hat _ .. _
831,407
743,432
992,227 -32.1
673,978
Peterborough_ __ _
1,035,623
981,980
983,392 -1.0
973,746
Sherbrooke
1,151,873
971.708
+1.2
1,218,394
1.232,299
Kitchener
4,493.048
4.575.251
4,980.27 +28.6
6,404,980
Windsor
390,696
332.114
+6.6
458,484
488,933
_
_
_
Prince Albert_
982.505
962,159
1.035.530 -1.5
1,020,268
Moncton
893,104
717,110
+0.9
1,038.48
1,047,493
Kingston
718,904
-1.2
554,687
678,06
670,016
Chatham
751,446
725,83 +15.3
728.375
836.976
Sarnia
Total(31 cities)
• Estimated:
500.884473
448,152.461 +11.8
345,973,292
322.327,149
586
FINANCIAL CHRONICLE
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
July 10 1929:
GOLD.
The Bank of England gold reserve against notes
amounted to £154,524,998 on the 3d inst (as compared with £159,076,427 on the
previous Wednesday), and represents an increase of £618,683 since
April 29 1925. when an
effective gold standard was resumed.
Only about £290,000 of bar gold from South Africa was offered
in the
open market yesterday. As both the German and U.
S. exchanges had
moved more in favor of sterling, there was no competiti
on from either
quarter for the small amount available, and the Bank
of England secured
about £209,000. Of the remainder. India took £15,000.
the home trade
£30,000 and the Continental trade £35,000.
The following movements of gold to and from the Bank of England
have
been announced, showing a net effluc of £142,058 during the
week under
review:
July 4.
July 5.
July 6. July 8. July 9. July 10.
Received --__
£27 £505291
£750,020 L-209,100
£111
Withdrawn __ 1,032,322
23,438
46,847 504.000
Receipts consisted of £500,000 sovereigns from Argentina
, £750,000
sovereigns from South Africa and £209,100 in bar gold from
South Africa.
Of the withdrawals about £1,000,000 in bar gold was for New
York,£500,000
in sovereigns was "set aside" and £68,000 in sovereigns was taken
for export
to Spain.
The following were the United Kingdom imports and exports
of gold
registered from midday on the 1st inst. to midday on the 8th
inst.:
ImportsExportsBritish South Africa
£1,068,861 Germany
£4,041,325
Argentina
500.000 U. S. A
1,001,000
France
16,425 Belgium
201.370
Other countries
3,770 France
139.174
Switzerland
17.114
British India
26,432
Other countries
16.300
Receipts atChicago
Minneapolis_
Duluth
Milwaukee-Toledo
Detroit
IndianapolisSt. Louis...-.
Peoria
Kansas CityOmaha
St. Joseph Wichita
Sioux City_
Tot. wk.'29
Same week '28
Same week '27
[VOL. 129.
Flour.
Wheat.
Corn. I
Oats.
Barley.
Rye.
Ids.1981bs. bush.60 lbs.bush. 56 lbs.Ibush. 32 lbs.bush.481bs.bush.581bs.
232.000 1,196,000 1,112,000
482.000
164,000
9,000
1,602,000
300,000,
390,000 230,000
83,000
1,368,000
75,000
23,000 206,000
24,000
42,000
498,000
321,000
111,000
121,000
7,000
220,000
15,000
203,000
5,000
1,000
19.000
11,000
14,000
49,000
321,000
212,000
135,000 1,466.000
245.000
510.0001
4,000
3,000
48,000
50,000
337,000
148,000
100,000
7,079,000
300,000
68,000
875,000
352,000
203,000
769,000
117,000
12.000
2,988,000
9.000
20,000
135,000
68,000
2,000
457,000 18.199,000 3,915,000 3.177,000 832,000
127,000
444,000 18,737,000 6,104,000 1,116,000 428,000 275.000
426,000 11,949,000 3,572,000 1,689,000 388,000 326.000
Since Aug.1-1
1928
24,048,000511,012,000 271,296,000142,481,00093.128,00025,888,000
1927
23,767,000474,543,000306,982,000150,773
,00035,669,000
1928
22 427 Ann qS7 7nt Ann 9912 AI i Ann i el vne,00070,617
nnn 22 242 1111021 III) MA
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, July 20,follow:
Receipts atNew York__
Philadelphia- Baltimore....
Newp't News_
New Orleans*
Galveston_ _ _ _
Montreal __-Boston
Flour.
Wheat.
barrels
231,000
29,000
17,000
1,000
51,000
18,000
69,000
25,000
bushels
418.1 I i
259,000
935,000
bushels
20,000
3,000
13,000
bushels
58,000
20,000
2,000
75,000
2,221,000
1,358.000
81,000
2,000
8,000
20.000
Corti.
Oats.
Barley.
bushels
899,000
Rye.
bushels
89,000
54,000
249,000
14,000
6,000
Tot. wk.'29 441,000 5,266.000
127,000
355,000 967,000
89,000
Since Jan 1'
2914.700,000104,582.000115,162,000 11,259.00019,781,000 2,932,000
Week 1928...
397,000 7,478,000
78,000
1,386,000
310,000
174,000
Since Jan 1 '2812,911,000 99,063.0oo
8,882,000 17,770,00016,572,00010.421.000
•Receipts do not include grain
passing
through
New
Orleans
for
foreign
ports
on through bills of lading.
£1,589,056
£5,442,715
SILVER.
The week in the silver market has been quiet, but a fairly
steady tone
has prevailed, with only small fluctuations in the daily quotation
Exportsfrom the several seaboard portsfor the week ending
s. Although some forward sales have been made by the Indian Bazaars,
bear Saturday,July 20 1929,are shown
in the annexed statement:
covering for the same quarter has also been recorded. While
China has
still been disposed to work both ways, buying orders have been
usportsfrOMw neat.
Corn.
Flour.
usually
OW.
Raney.
Rye.
limited to rates slightly under those ruling. Sales from
the Continent
Bushels. Bushels. Bushels. Bushels. Bushels. Bushels,
continue on a moderate scale and supplies from America have been generally New York
757,000
31,192
20,000
obtainable, the latter showing more disposition to offer for
106,766
near delivery Philadelphia
1,000
Baltimore
following the establishment on the 5th inst. of even prices for cash
32.000
4,000
and two Newport News
months' delivery. The latter, however, again commanded a premium
1,000
or New Orleans
82,000
42,000
31,000
1-16d. to-day, prices being fixed at 243.lcl. and 24 3-16d. for the respective Galveston
14,000
20,000
144,000
18,000
positions.
Montreal
1,849,000
55,000
273,000
74,000 1,116,000
Houston
The following were the United Kingdom imports and
80,000
15,000
exports of silver
registered from mid-day on the 1st inst. to mid-day on the 8th
Total week 1929.._ 2,944,000
inst.:
42,000 156,192 307,000
94,000
ImportsSame week 1928_ _ _ _ 6,627,591
Exports75,000 153,712 1,256,000 685,000 1,222.766
683.024
Germany
£15,330 Egypt
£52,250
France
The
destinat
ion
14,274 China
of
these
exports
for
the
10,000
week
and
since
British India
44.118 British India
26,850 July 1 1929 is as below:
Other countries
14,321 Other countries
6,806
FIOUT.
wheat.
Corn.
£68,043
Exports for 1Week
E95,906
and Since
Week
INDIAN CURRENCY RETURNS.
Since
'Peek
Since
1Veek
Since
July 110July 20 July 1
July 20
(In Lacs of Rupees.)
July 1
July 20
July 1
June 30. June 22. June 15.
1929.
1929.
1929.
Notes in circulation
1929.
1929.
1929.
18771
18648
18531
Silver coin and bullion in India
10265
10157
10055 United Kingdom_ 49,106
216,963 1,238,000 4,150,000
Silver coin and bullion out of India
Continent
87.200
195.816 1,700,000 8,064,000
Gold coin and bullion in India
3222
3222
3222 So.& Cent. Amer- 8,000
20,000
Gold coin and bullion out ofIndia
4,000
29,000
2,000
West Indies
10.000
30,000
Securities (Indian Government)
1,000
1,000
42.000
53,000
4322
4322
Other
countries_
4322
1,586
22,256
Securities (British Government)
1,000
33,000
962
947
932
The stocks in Shanghai on the 6th inst. consisted
Total 1929
156.192
485,035 2,944,000 12,277,000
of about 80,300,000 Total
42,000 r 55,000
1928
ounces in sycee, 125.000,000 dollars and 9,380 silver bars,
153,712
525,820 6,627,591 15,251,934
75,000
as compared with
192,000
about 80,200,000 ounces in sycee, 125.000,000 dollars
and 10,060 silver bars
Pittsburgh Stock Exchange.-Record of transactions
on the 29th ult.
at Pittsburgh Stock Exchange, J ily 20 to July 26,
Quotations during the week:
both
inclusive, compiled from official sales lists:
-Bar Silver per Oz. Std.Bar Gold per
Cash.
Mos.
2
Or.
Fine.
July 4
'
,
may
sales
24 1-16d.
2434d.
•
84s. 1130.
July 5
Last Week's Range for
24 1-16d.
Range Since Jan. 1.
24 1-16d.
84s. 113.d.
July 8
Sale
of
Prices.
Week.
243-16d.
243-16d.
84s. 11%d.
StocksJuly 8
Par Price. Low. High. Shares.
24 3-16d.
Low.
High.
24 3-16d.
84s. 1154(1.
July 9
24 3-16d,
24 3-16d.
84s. 103.1cl. Allegheny Steel corn
July 10
•
74
280 60
2434d.
Feb 90
Mar
24 3-16d.
84s. 11d.
Aluminum Goods M fg_ _ _ _ 3234 70
Average
3234
3334 2,622 29
24.13...d.
Mar 40
Feb
24.156d.
84s. 11.25d Amer Vitrified Prod corn 50
16
16
The silver quotations to-day for cash
60 16
Apr 18
Jan
Ind two months' delivery are each Animal Trap Co
50
5134
250
45
Mar 52
3-16d. above those fixed for a week ago
July
Arkansas Gas Corp com_.• 16
1334 17
33,137
334
Jan
1755
July
Preferred
10
855
855 855 6,126
73.( Jan
834 Jan
Armstrong Cork Co
•
743.4 7534 1,111 0134 Jan 7534 July
Bank of Pittsburgh
50
175 175
25
175
July 188
ENGLISH FINANCIAL MARKES-PER
Jan
Blaw-Knox Co
25 55
49
5534 21,771 38
CABLE.
July 5554 July
Carnegie Metals Co
10 19
19
2034 1,755 10 June 21
The daily closing quotations for secuzities,r&c.,
July
Clark (D L) Co corn
• 1554 15
1534 1,255 15
at London, Consolidat
July 20
Feb
ed Ice corn_...50
5
5
as reported by cable, have been as follows the
100
4 May
5
Feb
Crandall, McKenzie & II_ ..._ _ 25
past
2655
week:
270 2434 July 29
Jan
Devonian 011
Sat..
Mon.,
10
9
Tues.,
934
10
160
Wed.,
Thurs.,
6
Mar 1355 May
Frt.,
Dixie Gas & Util corn_ ___• 16
16
July 20. July 22. July 23. July 24.
16
120
734
Jan
21
May
July
25.
Dollar
Say
July
& Trust_ _100
26.
450 450
Silver, p. oz. d. 24 1-16
5 450
July 460
2455
July
27 7-16
Donohoes class A
2434
2434
24 7-16
1554 16
158 1534 May 1655 July
Gold,p.fine oz. 84s.1155d. 848.1155d, 84s.1155d.
Duff-Norton corn
43
845.11556.
43
200
42
84s.1155d.
Apr 4334 Mar
Barb-Walker Ref corn___• 6334 62
Consols, 23.5%.
5434
6334
5434
466
5434
52
5454
Jan 6334 July
543-16
Jones & Laughlin St pf_100
British, 5%--100 13-16 10034
11934
72 11954 July 12155 Mar
1003.4
10034
wog
Koppers Gas & Coke pref. 993.( 9951 12034
10034
British. 434%530 99
9934
July 10334 Feb
9434
Lone Star Gas
9434
9434
25
9434
84
84
9434
20 67
French Rentes
Jan 89
July
McKinney Mfg corn
•
11
11
40 11
June 1655 Mar
National Erie class A
(in Paris)_fr. 75.30
2e34 2634
75.30
75.25
75 2634 June 2751 Jan
75.'5
75.23
Nat Fireproofing corn_ _ _ 50 20
75.15
French War L'n
20
20
610 1055 Jan 21 Juno
Preferred
50
36
3634
(in Paris)_fr.102.70
235 2854 Jan 3734 June
102.70
Phoenix 011 prof
102.85
1
102.70
40e
102.85
40c
102.59
800 30c Mar 75o
Pittsburgh Plate Glass_100 71
Jan
The price of silver in New York on the same
7054 72
979
64
Jan 75
Mist)
Screw
Jan
&
days has been:
Bolt Corp__ 26
£25
26
4,363 126
Silver in N. Y., per oz. (cts.):
July 2834 July
Plymouth Oil Co
5
2334
24
940 2234 May 3034 Jan
Foreign
Ban Toy Mining
5355
5255
1
53
5c
5255
5c 1.000
5234
40 June 25c Jan
5234
Stand Steel Propeller
38
33
38
1,836 24
May 38
Stand Steel Springs
July
9334 80
9434 2,605 72
Apr 9455 July
Union Steel Casting corn.*
33
4255 11,258 20
Feb 4234 July
Preferred
100
10134
104
333 100 June 101
Union Storage Co
July
25
42
42
100 42
Feb 42
United Engine dr Fdy corn' 45
Feb
4434 4654 3,145 38
Jan 4954 Apr
Vanadium Alloy Steel__ 7634 76
Breadstuffs figures brought from page
7655
180 60
Feb 82 Juno
Westinghouse Air Bmke• 54
663.
5134
-All
5434
610
4434 May 5434 Mar
Witherow Steel
the statements below regarding the movement of
• 4355 433.4 45
165 3134 Jan 80
grain- Unlisted- corn
Mar
receipts, exports, visible supply, &c., are prepare
Lone Star Gas
d
by
3734
us
3634
3855
5,007
3234 June 39
Penna Industries corn
July
from figures collected by the New York Produce
24
24
10 23 June 29
Exchange. Units
Apr
100
First we give the receipts at Western lake and river
10 96
July 111
Feb
Public Service v t c._ ------ 36 100
ports West
3954 9,579 2455 Apr 3955 July
Rightsfor the week ending last Saturday and since Aug.
1 for Lone Star Gas
7
each of the last three years:
734 1,265
534 July
8 •July
o par value. S New stock.
attrmertial andMiscalm:monsNem
JULY
27 1929.]
FINANCIAL CHRONICLE
587
Los Angeles Stock Exchange.-Record of transactions
Auction Sales.-Among other securities, the following
at the
. Los.Angeles Stock Exchang
,
. . e, July .20 to July 26, not actually dealt in at the Stock
Dotn inclusive, compuea trom (uncial
Exchange, were sold at auction
sales nsts:
in New York, Boston, Philadelphia and Buffalo on WednesFriday
Sales
Last Week's Range for
Range Since Jan. 1.
day of this week:
Sale
of Prices
Week.
StocksPar Price. Low. High. Shares.
Low.
High.
By Adrian H. Muller & Son, New York:
Bank of Amer
of Calif _.25
Barnsdall 011 "A"
25
Sorsa Chico, Oil"A"
1 1.95
Buckeye Union Oil pfd
1 370
Byron Jackson Co
• 36
Central Investm't Co _100
Citizens Nat'l (new)_ _20
Douglas Aircraft, Inc_ ___• 354
Emsco Derrick&EquipCo • 2834
Globe Or ,it Min corn_ _25
Goodyr Tire & Rub pfd100 100
Home Service Co corn. _25
8% preferred
25 25
Hydraulic Brake Co com25
Inter Re-boor Corp_ _--10 5535
Jantzen Knitt Mills corn •
Jenkins Television Corp..*
934
Lincoln Mtge pfd
*
834
Los AngelesGas&Elecpf 100
Los Angeles Investm'tCo. I 2.05
MacMillan Pet Co
25 36
March Nat'l Bank
25
Monolith Port Cem pfd_10
Moreland Motors corn -10
Preferred
10
Mtge Guarantee Co ...l00
Mon Port Gem corn
•
Preferred
Nat'l Bank of Corn
25
Occidental Petro corn--_1 2.75
Pac Am Fire Ins
10 67
Pac Finance Corp com 25 1264
Pac Gas & Elec 1st pfd -25
Pao Lighting corn
• 10834
Pao Nat'l Co
25 24
Pan Pub SVC A
• 274
Pac Western Oil Corp
• 16
Pickwick Corp corn
10
Republic Petro Co.
10 3.60
Republic Supply Co
•
Richfield 011 Co corn _..25 40
Preferred
25
Rio Grande OR corn.-..25 29
San JoaqL&P7%prpf--100
SeabDalryCredCorpApf100
Seaboard Nat'l Bank ...25
Seaboard Nat'l SecCorp_25
Sec First Nat'IBkofLA _25 1254
Signal Oil & Gas Co"A" 25
So Calif Edison Orig pfd 25
535% Preferred
25 24
6% preferred
25 2534
7% Preferred
25
So Calif Gas 6% pfd
_25
So Counties Gas 6% pfd 25
Southern Glass Co
1
Standard Oil of Calif.____* 7134
Tailor Milling Corp
• 36
Trans-America Corp___25 1354
Union Oil Associates_ ___25 464
Union Oil of Calif
25 4634
Un Bank & Trust Co_ _100 300
14234 1423.4
3734 39
1.85
2
37c 40c
36
374
101 10134
115 115
35
354
2834 31
30
30
99 100
2034 2034
25
25
54
5534
55
5534
50
50
934 934
834 834
10334 104
2.05 2.05
3434 3734
210 214
934 934
2.50 2.50
54 534
200 200
1334 1334
934 94
42
42
2.75
3
6234 67
118 12834
263$ 264
96 11034
24
2634
274 274
154 16
10
104
3.50 3.75
35
35
40
404
244 2434
27
3034
11334 114
97
97
4334 45
44
4534
1254 1264
3634 3634
70
70
24
244
2534 2534
2834 2834
25
25
98
98
46c 46c
7134 7236
36
36
1354 136
46
4734
4634 4734
300 300
14234 July 174 June Shares. Stocks.
$ per sh. Shares. Stocks.
S per sh.
3734 July 483.4 May 165 Amer. Rio Grande Land &
50 Ry. Club of Livingston, Mont.,
Irrigation Co., pref. par $80:
1.70
Apr 4.30
Jan
Par $1
81 lot
25
$1.000 Eastern States AgriculMay 1.85
Jan
$5,000 Interboro. Met. Co. coll.
33
tural Exposition 4% bond, due
Apr 384 Jan
trust 434s (option No. 1 elected)
994 July 10334 Mar
Sept. 1 1963; 33 Columbia Gran..
etfs. of dep.: 4 Interboro R. T.
115
Mfg. Co., corn. no par; 50 Tri
July 115
July
Co.. V. t. c. scrip
$3 lot
2434 Mar 45
State Land Co., pref.; 25 Tri
May
Bonds.
Per Cent.
2834 July 4434 Feb
State Land Co., corn.: 750 La
2100,000 bearer bds. Nueva CornDue Mining Co.. Par. $10; 100
2834 June 344 Mar
pan% de Hielo de Matanzas S.A.,
9734 June 1014 Mar
Montana Farming Corp.. prof.;
a Cuban corp., maturing in 1937.
20 June 25
5 New Engl. Southern Mills,
int. 7%: secured by a first mtge.
Jan
244 June 2634 Jan
corn., no par: 420 Pathe Freres
on corp.'s prop. In Matanzas,
Phonograph Co., corn., par $10:
40
Jan 6034 Mar
Cuba
$60,000 lot
484 June 65
11,500 Running Lode Mining de
Apr
Sund. accts. remit,
. aggregating
42
Reduction Co., par SD 5,000
May 484 Jan
approximately $1,833.50
$10 lot
Galena Ridge Min. Co.. Par $1;
8
July 17
Mar
834 Jan
1,000 Grant County Min. Co.,
9
Jan
102
May 108
par $1; 1 Hazen J. Titus Fruit
Jan
Cake Co., corn, no parl pref.:
2 June 2.55
Jan
3434 Feb 434 June
50 Ry.Club of Livingston, Mont.
205
Cake Co., cora, no par: 1 pref__$32 lot
Feb 2534 Jan
9 June
934 July
By R. L. Day & Co., Boston:
2
Feb 4.10 June
4.35 Mar
6
Apr
Shares. Stocks.
$ per sh. Shares. Stocks.
$ Per eh.
190
Feb 208
June
10 Second Nat. Bk., Boston (old)
$1400 New Engl. South. Corp. 58,
1334 June 1434 May
par $100
502
1933; 20 prior pref
$150 lot
9
July
934 June
10 Nat. Rockland Bank, par $20_..140
50 Kimball Building Trust
55
42
July 49
Am
465
30 Merchants Nat. Bank
25 Bay State Fishing Co., pref.
2.10
Jan
54 Jar
$20_16134-1
Bank,
Nat.
First
par
25
6234
(Maas. Corp.) par $20
19
634 July 67
Jul}
100 Nat. Shawmut Bank, par $2&. 88
40 Haverhill G.L. Co., par 32558
674 Jan 12834 Jul3 5 Old Colony Trust Co
585
100 Atlantic Pub. Util. Delaware
2534 June 2734 Jar
5 Sledford Tr. Co.(new) par $20_ _ _ 75
class"A"
21
70
Jan 11034 Job
25 Nashawena Mills
32
I United Soda Fountain Co., 7%
23
July 404 Mai
35 Whitman Mills
1134
pref
10
2334 June 274 Jul) 2 Ludlow Mfg. Associates
171
20 Haverhill G. L. Co.'s par 825-583460
154 July' 23
Jar
583.4 100 Old Colony Trust Associates_5234-55
5 Indian Orchard Co
94 July 124 Jun
6 Amoskeag Co., pref
7534 42 New Engl. Power Assn.. corn- 87
3.50 July
934 Fel
12 Quissett Mill
2 Holyoke Water Power Co
55
686
34
July 35
Sub
15 Ludlow Mfg. Associates
170
24 Mass. UHL Assoc. cony, part.
40
Feb
22 William Whitman & Co., Inc.
refpar $50
3834-39
234 May 2534 AP
preferred
94 ex-div._ 30 Alaska Gold Mines
$125 lot
2634 July 4234 Jar
12 Brookside Mills
5034 50 Brill Corp., class A
2494
111
June 11634 Ma
50 Fitchburg Yarn Co
50 Brill Corp., class B
20
934
97
Arne 1004 Jun
Nashua
corn
Co.,
Mfg.
13
484 5 Western Mass. Co
7834
42
Apr 48
Fel
100 Springfield Ry. Co.. prof
74
63 Shawmut Bk. Invest. Trust
46
42
Apr 50
Fel
1 Worcester Consol. St. Ry. CO.,
20,000 Androscoggin & Kennebec
125
Mar 14234 Ap
bat pref. oar $80
2234-2234
Ry. Co. 1st 6s, March 11940.26 & int.
36
July 4834 Ma
Rights.
25 West Boston Gas Co., V. t. c.,
8 per Right.
56
May 71
Jul;
par $25
404 76 Atlantic Nat. Bank
54-54
24
July 25
Fel
20 Draper Corp
7234 36 Waltham Nat. Bank
6
2534 June 264 Jai
2834 June 2931 Ja:
Hobbs
Arnold, Boston:
Wise,
By
&
234 July 2634 Fel
Shares. Stocks.
$ per oh. Shares. Stocks.
$ per sh.
9731 June 10134 Ma
19 Nat. Shawmut Bank, par $25--- 8934 325 Central Copper Co., Arizona,
46
July 62
Ja
5
First Nat. Bank, par $20
16134
Inc.. par 50 cents
$60101
644 Feb 814 Ma
17 Merchants Nat.Bank
465-46534 15 units Simbroco Stone Co
$2
36
July 36
Jul
345 Nat. Shawmut Bank, par $25,
26 E. E. Gray Co. common
334
125
Feb 143
Ma
89-8934 7 E. E. Gray Realty Co. pref.. par
45
Feb 534 Al]
25 Sanford Mills
47
$10
7
4634 Feb 54
AP
5 Farr Alpaca Co
1024 16 Shawmut Invest. Trust
4834
255
Feb 300
Jul
450 Lockwood, Greene & Co., Inc..
4 F. H. Roberts Co. pref. C
634
Bonds-pref., & 110 corn, class B
$51
lot 15 Springfield G. L. Co. V. t. c.,
So Calif Edison 5s.._.1952
1
Lyman
Mills
($220
paid
in
liquipar $25
9934 994 5,000 9934 May 1014 Ja
58
21 Advance Bag dr Paper Co., Inc.,
• No par value.
40 Farr Alpaca Co
1024
common
44
3 Bates Mfg. Co
115
55 Hood Rubber Co. 735% Prior
'
10 Arlington Mills
Preferred
2934
68-70 ex-div.
Appleton
9
Co.
pref
West
16-1634 15
National Banks.-The following information regarding 90 Arlington Mills
Boston Gas Co. v. I. c.,
29
par $25
41
national banks is from the office of the Comptroller of
Lockwood, Greene & Co., Inc.,
10 units First Peoples Trust
30
the 559pref.;
114 ditto common B; 100
93 Western Mass. Cos
Currency, Treasury Department:
7734-774
New England Sou. Mills com_.$141 lot 22 units First Peoples
30
Trust
APPLICATIONS TO ORGANIZE RECEIVED WITH
Nashua & Lowell RR.Corp
6
13034
130
Great
Northern Paper Co.,
TITLES
REQUESTED.
215 Eastern UM. Assoc. cony- 17
Dar $25
5514
10 No. Bost. Mg. Prop. corn. (un30 Old Colony Trust Assoc_ _ _ _5234-55
Capital.
July 18.-The Southern California Nat. Dank of Pasadena,
deposited)
77
10
State Theatre Co. common
634
Correspondent: A. I. Mellenthin, 168 HighlandCalif_ ..$200,000 15 units First Peoples Trust
304 10 units Mutual Finance Corp
5534
Place,
Monrovia. Calif.
24 Springfield G. L. Co., undePos5 units First Peoples Trust
30
The Maspeth National Bank of New York. N.Y
ited, par $25
200,000 32 No. Bost. Ltg.Prop. pref. v.t.c., 574 44 New England Power Assoc. 6%
Correspondent:
John P. Gering, 87-14 Grand
preferred
St.,
894
Elmhurst, L. I., N. Y.
par $50
58
1 Boston Athenaeum, par $300_ _ _ _746
10 United Elastic Corp
4034 37 Baush Machine Tool Co. met
APPLICATIONS TO ORGANIZE
16
APPROVED.
5 Boston Ins. Co
920
10 Beacon Participations, Inc.,
Juiy 16.-The Terminal Nat. Bank of Chicago, Ill
pref., class A
250,000 50 So Cold Refrig. Corp. pf. A_ 21 lot
18
Correspondent: Walter H. Jacobs, 38 S.
27 New Eng. Pub. Ser. Co. com_ 36
Dearborn St.,
RightsChicago. Ill.
$ va right.
10 Coca-Cola Bottling Corp. pref.
25 Franklin County Trust Co..
Jnly 20.-The Lakeland National Bank,Lakeland.
Fla
and 10 common
$10 lot
Greenfield, Mass
10
100,000
Correspondent: J. Hardin Peterson,
51 Haverhill Elec. Co. v. t. c., par
BondsPer Cent.
Standard Nat. Bank of Chicago,Ill Lakeland, Fla.
$2.5
7434 $6,000 State Theatre Bldg. 1st
Correspondent: H. C. Laycock, Care,
300.000
cony. 6s, due Nov. 1939
Bank & Trust Co., 47th St. & Ashland Peoples Nat.
9634
Ave., Chicago,
By Barnes & Lofland, Philadelphia:
Red River Nat. Bk.& Trust Co.of Grand
Forks, N. Dale 200.000 Shares. Stocks,
Correspondent: C. W. Ross, Grand
$ Per oh. Shares. Storks.
$ per oh.
Forks, N. Dak,
WO Waterloo Cedar Falls & North.
5 Continental-Equitable Title & Tr.
CHARTERS ISSUED.
05
RR., corn., ctf. of dep
Co., par $20
4534
July 15.-The American Nat;Bank of Port Townsend,
Nat.
First
3
Bk., Ocean City, N.J_300
43 Continental-Equitable Title &
Wash
President: Earl A. Outman. Cashier: H.
50,000 3 Boardwalk Nat. Bank, Atlantic
Trust Co., par $20
45
Sanford Saari.
The Palmer Nat. Bk. & Trust Co. of
City.
N.
J
200
15 Colonial Trust Co.. par 850_ _ _ _307%
Sarasota, Fla
President: John B. Cleveland.
100,000 2S Philadelphia Bourse, corn, par
57 Colonial Trust Co., par $50_ _ _307
July 20.-The American Nat.Bank in Little
$50
2534 10 Broadway Merchants Trust Co.,
Falls,
100.000 2.5 Lehigh Nat. Bank, par $10
President: R. D. Musser. Cashier: P.S.Minn
16
Par 320
68
Gillespie.
100 Eighth Nat. Bank of Phila.,
10 Bankers Bond & Mtge. Guaranty
CHANGES OF TITLES.
par 810
111
Co. of America. no par
30
July 15.-The First Nat. Bank of West Newton.
30 Penn Nat. Bank, par $10
85
150 Phila. Co.for Guar. Mtge
Newton, Mass..to
68
First National Bank of Newton.
1 Nat Security Bank, par $10
140
200 Phila. Life Insurance
2634
"The Farmers Nat. Bank of Arlington,
Phila.
Nat.
28
Bank, par $20
185
300 Hunts Theatres, Inc., pref._ _ 234
First National Dank of Arlington." Texas," to "The
4 Nat. Iron Bank, Pottstown, Pa_ 400
10 Autocar Co., corn
75
200 Commercial Nat. Bank. & Tr.
10 mtges., $7,000 each, Albert W.
VOLUNTARY LIQUIDATIONS.
Co., par $10
Houck to Philip Green and
41
July 15.-The Powell Nat. Dank,Powell, Wyo
Commercial Nat. Bank. dr Trust
30
Mathew
Gollub,
dated June 16
Effective Feb. 2 1929. Lig. Agent:
40,000
Co.. par $10
40
1925 on 10 premises, Baltimore
Powell, Wyo. Succeeded by Park Donald Jefferis,
140 Bk. of Phila.& Tr. Co., par $10 43
County Bank,
Ave.. being Nos.505-07-09-11-13Powell, Wyo.
25
Adelphia
Bk.
&
Tr.
Co.,
par
$10_
23
15-17-19-21-23 Baltimore Ave.,
The Farmers Nat. Bank of Yale, Okla
20 Adelphia 13k.& Tr. Co., par $10_ 23
East Lansdowne, Delaware Co.,
Effective May 211929. Lig. Agent:
A. E. Sloan, Yale, 25,000 9 Olney Bk.& Tr. Co., par $50_ _ _ _ 50
Pa., all arraigned on June 16 1925,
Okla. Succeeded by a new State bank.
25 Ninth Bank de Tr. Co., par 810_ 6214
by Philip Green and Mathew
July 17.-The First Nat. Bank of Carterville, Mo
59 Corn Exch. Nat. Ilk. & Tr. Co.,
Gollub to Mutual Trust Co_ _$5,000 lot
•
Effective close of business June 29
---- 50,000
par $20
17034
F. N. Investment Co.. Carterville 1929. Lig. Agent:
Com
5
Exchange
, Mo. Absorbed
Nat. Bk.& Tr. Co.
Rights.
$ per Right.
Webb City Bank of Webb City, Mo.
by
par 820
170
40 Germantown Trust Co., at $50_ 3034
40 North Central Trust Co., with
10 West Jersey Trust Co., at $40_ 30
CONSOLIDATION.
rights. Par $50
July 15.-The First Nat. Bank of Oxford,
174
N. Caro
Northern Central Trust Co.,
Bonds.
The Nat. Bank of Granville at Oxford,
Per Cent.
100,000 100
with rights, par $50
173
$1,000 Interstate Bridge Co., lot
Consolidated to-day under the Act of N.C.
152,600
Nov.7 1918, under
100 Bankers Trust Co., par 1150_ _ _131
6348, 1950
the charter of The First Nat. Dank
2
Bankers
of
9
Trust
Co..
Gafford,
130
par
$50
$1.000
Lehigh
No.
& New Eng. Term.
5885, and under the corporate title
of "The First
46 Integrity Trust Co., par $10_ _ --18735
Warehouse Co., 75. 1937
National Bank of Granville at Oxford,"
4
2 Continental Equitable Title de Tr.
with capital
$2,000 Peoples Passenger By. 4%
stock of $200.000.
Co., par $30
46
stk. trust ett., 1943
5734
BRANCH AUTHORIZED UNDER THE
ACT OF FEB. 25 1927,
By A. J. Wright & Co., Buffalo:
July 17.-The Melrose Nat. Bank of New York, N. Y.
Shares. Storks.
Location of Branch-242d St. and
$ Per sh.1Shares. Storks
$ per oh,
White Plains Rd.,
5 Labor Temple Assn. of Buffalo
New York City.
1000 Apex Mines, Ltd, par Si
lc
and Vicinity, Inc., par $5.. 50e. lot 1000 Baldwin Gold Mines, Par $1
2c
50
200
18,600
5.800
700
88
350
700
3,400
300
162
117
65
200
1,500
200
100
200
174
11,800
3,000
30
100
100
200
50
100
100
88
3,700
700
13,150
200
2,400
2,472
600
1.100
900
1.500
250
9,500
1,235
25,200
31
20
110
70
250
400
159
2,745
2,677
424
162
40
1,000
5,800
1,900
1.700
2,700
6.300
75
588
[Vor.. 129.
FINANCIAL CHRONICLE
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
Railroads (Steam).
New Orleans Texas & Mexico (quar.)_.
Utica, Clinton dr Binghamton
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
•1U Sept. 3 *Holders of rec. Aug. 15
*134 Aug. 10 *Holders of rec. Aug 1
Public Utilities.
Arizona Edison, $6.50 pref.(quar.)____'$1.623 Oct. 1 *Holders of rec. Sept. 27
Sept. 3 Holders of rec. Aug 9
2
Brooklyn Edison (quay.)
Cedar Rapids Mfg. dr Pow.(guar.). Aug. 15 'Holders of rec. July 31
Consolidated Gas of N. Y.,corn.(quar.)- *750. Sept.16 *Holders of rec. Aug. 9
Kentucky Utilities, prior pref. (quar.). *87 Mc Aug. 20 *Holders of rec. Aug. 1
Los Angeles Gas & Elec., pref. (guar.)- - '134 Aug. 10 Holders of rec. Aug. 1
Mohawk & Hudson Power $7 15t pf.(qu.) *31.75 Aug. 1 Holders of rec. July 19
151 Sept. 3 Holders of rec. Aug. 20
Northern States Power. Pref. (quar.)_.
United Gas Improvement (guar.). _ --.3 1.123i Sept.30 Holders of rec. Aug. al
Banks.
"2M Aug. 1 *Holders of rec. July 25
Amalgamated (guar.)
Peoples National (stock div.) 100%-to be reco mmend ed to stockholders.
Trust Companies.
Kings County (guar.)
Fire Insurance.
Amer. Re-Insurance (guar.)
Bankers dr Shippers (quar.)
Guardian Fire Assurance (guar.)
Pacific Fire
*20
Aug. I *Holders of rec. July 25
75c. Aug. 15
$1.25 Aug. 7
50c. Aug. 1
$1.25 Aug. 5
Holders
Holders
Holders
Holders
of rec. July 31
of rec. Aug. 5
of rec. July 20
of rec. Aug. 2
Miscellaneous.
Amalgamated Laundries, pref.(mthly.)* 58 1-3c Aug. 1 'Holders of rec. July 15
*50c. Oct. 1 *Holders of rec. Sept. 10
Amer. Bank Note, corn. (quar.)
575e. Oct. 1 *Holders of rec. Sept. 10
Preferred (qual.)
*11‘ July 20 *Holders of rec. July 16
American Book (guar.)
*50e. Aug. 1 *Holders of rec. July 25
American Brick, pref. (guar.)
Amer. Elec. Secur. Corp., partly. pt.(qu) 374c. Aug. 1 Holders of rec. July 25
50e. Aug. 15 Holders of rec. Aug. 5
Participating preferred (extra)
"31.50 Sept.30 *Holders of rec. Sept. 11
American Radiator, common (guar.)
•11( Aug. 15 *Holders of rec. Aug. 8
Preferred (guar.)
Aug. 10 Holders of rec. July 31
1
Amparo Mining (qual.)
•150. Aug. 1 *Holders of roe. July 18
Angus Co. corn. (guar.)
Aug. I *Holders of rec. July 18
"31
Preferred A (quar.)
11i Oct. I *Holders of rec. Sept. 10
Armour & Co. (III.) pref. (qual.)
1M Oct. 1 *Holders of rec. Sept. 10
Armour & Co. of Del., pref. (guar.)
Armstrong Cork, corn.(qual.)
'37)40 Oct. I *Holders of rec. Sept. 16
•1234c Oct. I *Holders of roe. Sept. 16
Common (extra)
Automotive Fan BearingCony.(stock div: 3-80ths eh. of corn.). (1) Aug. 1 *Holders of rec. July 7
Bachman Emmerich dr Co., pref. B (au.) 87)4c. July 31 July 23 to July 31
Berkshire Fine Spinning Associates-750. Sept. I Holders of rec. Aug. 15
Common (guar.)
11( Sept. I Holders of rec. Aug. 15
Preferred (quar.)
•1M Nov. 15 *Holders of rec. Oct. 18
Bethlehem Steel, corn. (quar.)
*11‘ Oct. 1 *Holders of rec. Sept. 6
Preferred (quar.)
*31
Oct. 30 *Holders of rec. Oct. 15
Bon Anil Co., class A (qual.)
*50c. Oct. I *Holders of rec. Sept. 24
Class B (guar.)
Bond & Mortgage Guarantee(quer.),- $1.25 Aug. 15 Holders of rec. Aug. 8
*87 Mc Aug. 1 'Holders of rec. July 25
Branche Drug Store, pref. (guar.)
'625c Aug. 1 *Holders of rec. July 20
Bruce (E. L.) Co., common (guar.).
25e. Aug. 15 Holders of rec. July 31
Bruck Silk Alills
Sept. 14 Holders of rec. Aug. 23
$1
Buckeye Pipe Line (guar.)
_
(qual.)
common
25e. Oct. I Holders of rec. Aug. 28
Co.,
Bucyrus-Erie
11( Oct. I Holders of rec. Aug. 28
Preferred (guar.)
62)4e. Oct. 1 Holders of rec. Aug. 28
Convertible preference (guar.)
•400. Aug. 15 'Holders of rec. July 31
Bullard Company (extra)
Bunker Hill & Sullivan
Mining & Concentrating (monthly) _ _ *25c. Aug. 5 *Holders of rec. July 25
*25c. Aug. 5 *Holders of rec. July 25
Extra
•25e. Aug. 5 *Holders of rec. July 25
Extra
*50c. Aug. 15 *Holders of rev. July 31
Butler Bros. (guar.)
California Pacific Trading, pref. (guar.) •3714e Aug. 1 *Holders of rec. July 20
(annual)
50c. Aug. 1 Holders of rec. July 23
Corporation
Charis
250. Aug. 1 Holders of rec. July 23
Extra
'8754c Sept. 30 Holders of roe. Sept. 4
Chili Copper Co.(guar.)
*750. Sept. 30 Holders of rec. Sept. 3
•
Chrysler Corp.(qual.)
37)4v Sept. I Holders of rec. Aug. 15
City Radio Stores, corn.(quar.)
*$2 Aug. 26 Holders of rec. Aug. 10
Colorado Fuel & Iron, pref. (qual.) _
Columbia Baking, 1st pref.-Div. Omitt edAug. 1 Holders of rec. July 24
Continental Mills
Continental Securities, prof. (guar.).- *$1.25 Sept. 3 Holders of rec. Aug. 15
•3y.i Aug. 1 Holders of ree. July 24
Crowell Publishing, pref.
*50c. Sept. 2 Holders of rec. Aug. 20
Curtis Publishing (monthly)
*200. Aug. 15 Holders of rec. July 31
Detroit Motorbus
•11,1 Aug. 1 Holders of rec. July 26
Diamond Ice dr Coal, pref.(guar.)
Eastern Utilities Associates, corn.(guar.) *50e. Aug. 15 Holders of rec. July 29
Aug. I Holders of rec. July 20
42
Educational Pictures, pref. (qual.)
"13,I Aug. I Holders of rec. July 20
Eisemann Magneto, pref. (qual.)
1M Aug. 1 Holders of rec. July 25
Eisenstadt Mfg., pref. (guar.)
"750. Sept. 30 Holders of rec. Sept. 12
Fairbanks, Morse & Co., corn.(quar.)
*11.1 Aug. 31 Holders of rec. Aug. 12
Preferred (guar.)
Sept. 2 Holders of rec. Aug. 15
Finance Service Co.(Balt.), corn.(guar.) 4
11( Sept. 2 Holders of rec. Aug. 15
Preferred (guar.)
Aug. 1 Holders of rec. July 22
*1
Flint Mills (qual.)
Follansbee Brothers, corn. (special) -- *50c. Sept. 15 Holders of rec. Aug. 31
15 Holders of rec. Aug. 31
Sept.
'25e.
Common (special)
*1M Sept. 15 Holders of rec. Aug. 31
Preferred (quar.)
Furness, Withy & Co.
Aug. 21 Holders of rec. July 24
•re5
Amer. dep. rcts. for ord. reg. shs
*50c. Sept. 2 ,Holders of rec. Aug. 14
General Bronze, corn. (guar.)
3 *Holders of rev. Aug. 15
Sept.
*50c.
(extra)
corn.
Inc.,
General Mills,
Gen'l Outdoor Advertising, pref. (guar.) *31.50 Aug. 15 *Holden of rec. Aug. 5
*$1
Aug. 16 *Holders of rec. Aug. 5
1111Class A (guar.)
.750. Aug. 26 *Holders of rec. Aug. 12
General Refractories (guar.)
*50e. Aug. 26 *Holders of rec. Aug. 12
Extra
cAug. 1 *Holders of rec. July 20
•13254
(qu.)
A
class
Sprinkler,
Globe Automatic
Globe-Democrat Publishing. pref. (cm.). 1M Sept. 1 Holders of rec. Aug. 20
•75e. Aug. 15 *Holders of roe. Aug. 1
Gorham, Inc., $3 pref. (qual.)
Grand Union Co., $3 cony. pref. (guar.) *750. Sept. 1 *Holders of rec. Aug. 15
•1M Aug. 15 *Holders of rec. July 15
Graton dr Knight. pref. (guar.)
Great Atlantic dr Pacific Tea, corn.(qu.) 81.25 Sept. 1 *Holders of rec. Aug. 3
•11‘ Sept. 1 *Holders of rec. Aug. 3
Preferred (guar.)
Greenfield Tap & Die,6% pref.(qual.). lx Oct. 1 Holders of rec. Sept. 14
Oct. 1 Holders of rec. Sept. 14
(guar.)
2
Eight per cent pref.
1M Aug. 1 Holders of rec. July 25
Harmony Mills. pref. (guar.)
1
Aug. 15 *Holders of rec. Aug. 3
Hercules Powder, pref. (qual.)
1M Aug. 1 July 21 to July 31
Higbee Co.. 1st pref. (guar.)
5e. Aug. 12 Holders of rec. July 26
Hollinger Consol. Gold Mine (monthly)_
Oct. 1 *Holders of rec. Sept. lb
*35c.
common
Holophane Co.,
*Holders of rec. Sept. 15
411.05
Preference
Aug. I Holders of rec. July 25
2
Hudson Casualty Ins.(Jersey City)(qu.) sy
Imp. Tob. of Gt. Brit. & Ire., corn.(int.)
*1M Aug. 15 *Holders of rev. Aug. 5
Internat'l Oxygen, pref. (guar.)
*25e. Sept. 3 *Holders of rec. Aug. 20
International Perfume, corn.(quar.)
.69M Aug. 15 *Holders of rec. Aug. 3
'Preference (guar.)
266
Interstate Dept. Stores,7% pref.(au).. 1( Aug. 1 Holders of rec. July
*75e. Oct. 15 *Holders of rec. Oct. 3
Jewel Tea, common (guar.)
*15.4 Sept. 2'Holders of rec. Aug. 13
Jones & Laughlin Steel. common (qu.)
Sept. 2 *Holders of rec. Aug. 13
*1
Common (extra)
'1)4 Oct. 1 *Holders of rec. Sept. 13
Preferred (guar.)
Aug. 1 *Holders of rec. July 20
*35c.
(qual.)
pref.
Mfg.,
&
Elec.
Hodel
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
Kruskal & Kruskal (guar.)
31 Mc. Aug. 15 Holders of rec. July 31a
Lehn & Fink Products, common (qual.).
75e. Sept. 1 Holders of rec. Aug. 15
Lessings, Inc., common (quar.)
•250. Sept. 30 *Holders of rec. Sept. 11
Sept. 2 *Holders of rec. Aug. 15
Liggett & Myers Tob.,com.& corn.B(qu.) *El
25c, Sept. I Holders of rec. Aug. 15
Lindsay (C. W.)& Co.. Ltd., corn.(qu.)
114 Sept. 1 Holders of rec. Aug. 15
Preferred (guar.)
Aug. 1 Holders of rec. July 25
2
Loew's Ohio Theatres (guar.)
Mallinson (H. R) pref.(guar.)
'1)4 Oct. 1 *Holders of rec. Sept. 20
52e. July 20 Holders of rec. July 8
Massachusetts Investors Trust
July 20 Holders of rec. July 8
1
Stock dividend
g Aug. 1 Holders of rec. Aug. 3
Massey-Harris Co., Ltd., pref.(quar.)
*Holders of rec. Aug. 15
*50e. Sept.
Material Service Corp.(guar.)
*500. Aug. 1 *Holders of rec. Aug. 1
McKesson dr Robbins. Inc.. corn.(q11.)
"9754e Sept. 1 *Holders of rec. Aug. 31
Preference (guar.)
Aug. 3 Holders of rec. July 24
3
Merrimack Mfg., common
2M Aug. 3 Holders of rec. July 24
Preferred
'Holders of rec. July 25
*IM Aug.
Mirror (The) 7% pref. Mari
75c. Aug. 2 Holders of roe. Aug. 5
Mohawk Rubber (guar.)
Aug. 2 Holders of rec. Aug. 5
el
Stock dividend
*315Ce Oct. I *Holders of rec. Sept. 14
Monsanto Chemical Works, new stock
Holders of rec. July 25
Aug.
3
Morris Plan Bank (Cleveland)
(z) Aug. 1
she.
Amer.
Mortgage Bank of Colombia.
*Holders of rec. July 15
*2e. Aug.
Mountain & Gulf OU
*Holders of rec. Aug. 15
•75e. Sept.
Munsingwear, Inc. (guar.)
*Holders of rec. July 22
•10c. Aug.
National Grocer, common
*Holders of rec. July 25
National Lock Washer.common (qual.). "31 Aug.
Holders of rec. July 22
6234v.Aug.
National Investment Shares. pref
1 54 Sept.3 'Holders of fee. Sept. 13
'
National Lead, corn. (guar.)
1 34 Sept. 1 *Holders of rec. Aug. 30
'
Preferred A (guar.)
*Holders of rec. Oct. 18
'1)4 Nov.
Preferred B (guar.)
•$1.25 Aug. 1 'Holders of rec. Aug. 5
National Supply, corn. (quar.)
50c. Aug. 1 Holdera of rec. Aug. 1
Nineteen Hundred Corp., cl. A (qu.)...
•gg
*Holders of rec. July 15
Aug.
New Era Motors, Inc., corn
*Holders of rec. Sept. 10
North American Provision, pf. (qual.).. *1.34 Oct.
Aug. 1
$1
Aug. 1 to Aug. 14
Ohio Seamless Tube (guar.)
Parmelee Transp., corn.(mthly)(No. 1)_ •1234e Aug. 1 *Holders of rec. Aug. 5
Penn. First Nat. Corp., pf. (No. 1)..-. 334 July 3 Holders of rec. June 30
Holders of rec. July 316
Pennsylvania Investing, cl. A (quar.).-- 6234e. Sept.
*Holders of rec. Aug, 20
'750. Sept.
Phillips-Jones Corp., COM.(guar.)
of rec. July 15
*Holders
Aug.
*25e.
(qual.).
Picturetone Theatres. cl. A
*Holders of rec. Aug. 10
'1)4 Sept.
Pierce-Arrow Motor Car, pref. (qu.)
*50c. Sept.
*Holders of rec. Aug. 15
Poor & Co.; corn., A dr B (qual.)
*Holders of rec. Aug. 10
"3754e Sept.
Pure Oil, corn. (guar.)
*Holders of rec. Sept. 10
Oct.
"31
Republic Brass, class A (guar.)
of rec. Oct. 10
*Holders
Nov.
*1.M
Preferred (guar.)
Holders of roe. July 15
Rhode Island Mtge. Sec. Corp., pf.(qu.) 1M Aug.
*Holders of roe. July 20
*25c. Aug.
Rich Ice Cream (extra)
Holders of rec. July 25
25c. Aug.
St. Louis Screw & Bolt, corn.(guar.)
Holders of roe. July 25
134 Aug.
Preferred (qual.) '
of rec. Aug. 5
*Holders
I
Aug.
"3754e
(guar.)
corn.
Clock,
Thomas
Seth
*431Ic Aug. 1 *Holders of rec. Aug. 5
Preferred (qual.)
*75c. Aug. 1 *Holders of rec. July 31
Sherwin-Williams Co., corn. (quar.)
*25c. Aug. 1 'Holders of rec. July 31
Common (extra)
*Holders of roe. Aug. 15
•134 Sept.
Preferred (guar.)
*23c. Aug. 1 *Holders of rev. Aug. 1
Sonation Tube (special)
Holders of rec. Aug. 9
114 Sept.
Standard Oil (Ohio), pref. (guar.)
Stewart-Warner Corp.. corn.(qua!)-... *87 Me Aug. 1 *Holders of rev. Aug. 5
250. Aug. 3 Holders of rec. Aug. 15
Townsend Securities Corp.(qu.) (No.1)
25c. Aug. 3 Holders of rec. Aug. 15
Extra
Aug. 3 Holders of rec. Aug. 15
1
Stock dividend
"30c. Oct. 1 *Holders of rec. Sept. 26
Truscon Steel. com.(qual.)
•114 Sept. ' *Holders of rec. Aug. 21
Preferred (quar.)
*Holders of rec. Aug. 15
United Electric Coal Co., corn.)quar.)._ •75e. Sept.
*Holders of rec. July 30
United Engineering & FdY.. com.(q11.) - •400. Aug.
*Holders of rec. July 30
*20c. Aug.
Common (extra,
*Holders of rec. July 30
•11I Aug.
Preferred (quar.)
United Shirt Distributors, corn. (qua!,). •I234c Aug. 1 *Holders of roe. Aug. 1
*Holders of rec. July 22
Aug.
*75c.
corn.
Asbestos,
(guar.)
U. S.
*Holders of rec. Bent. 20
Oct.
.$1
U.S. Playing Card. com.(guar.)
U. S. Printing & Lithographing'Holders of rec. Sept.20
*31.50 Oct.
Com, and second pref. (qual.)
U. S. Shares CorpHolders of rec. July 1
Aug.
(5)
F
ser.
shs.
tr.
stk.
Insurance
Holders of rec. Aug. 15
Sept.
U.S.Stores Corp..pf.(aect. accrued dIv.) 852
*Holders of roe. Aug. 20
Sept.
*e5
Universal Products (stk. div.)
of rec. Aug. 5
*Holders
1
Aug.
*70e.
Vorclone Corp., partly. pf. rquar.)
*25e. Aug.
Waco Aircraft (guar.)
rec. July 31
of
Holders
1
Aug.
$1.75
(guar.)
corn.
Warren (T. D.) Co..
Juiy3
4
Westchester Ferry Corp., pre
*Holders of rec. Aug. 15
•50e. Sept.
Westvaco Chlorine Prod.. corn.(quar.)
Holders of rec. Aug. 1
10c. Aug. 1
Will & Baumer Candle Co.. com.(qu.) _
'Holders of rec. Sept.16
Oct.
2
Preferred (quar.)
of rec. July 23
Holders
Aug.
114
White (S. S.) Dental Mfg.(guar.)
Holders of rec. July 23
IS Aug.
Extra
rec. Sept. 10
of
*Holders
Oct.
(qu.)
*111
cl.A
Mach'y,
&
Pump
Worthington
*Holders of rec. Se pt. 10
'5134 Oct.
Class A (acct. accum. div.)
*Holders of rec. Sept. 10
'134 Oct.
Class B (quar.)
*Holders of rec. Sept. 10
'hl 34 Oct.
Class B (acct. accum. div.)
50e. Aug. 3 Holders of rec. Aug. 15
Wright Aeronautical Corp. (guar.)
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Per When
Cent. Payable.
Books Closed
Days Inclusive.
Railroads (Steam)
Aug. 15 Holders of rev. July 11
Alabama Great Southern. preferred.-- $2
$1.50 Aug. 16 Holders of rec. July 11
Preferred (extra)
Holders of rec. July p156
1.37h Aug.
Allegheny Corp.. pref. A (guar.)
Atch. Topeka & Santa Fe. corn. (qu.) - 234 Sept. 3 Holders of roe. July 266
234 Aug. 1 Holders of rec. June 286
Preferred
134 Sept. 3 Holders of rec. July 134
Baltimore & Ohio, corn.(guar.)
Sept. 3 Holders of rec. July 135
1
Preferred (guar.)
*88e. Oct. 1 *Holders of rec. Aug. 31
Bangor & Aroostook. corn, (guar.)
•1M Oct. 1 *Holders of rec. Aug. 31
Preferred (guar.)
Aug. 15 Holders of rec .Aug. 56
2
Buff. Rochester & Pittsb., common
Aug. 15 Holders of rec. Aug. 56
3
Preferred
Aug. 1 -Holders of rec. June 28a
134
Canada Southern
Aug. 15 Holders of rec. Aug. 5a
2
Central RR. of N..1. (guar.)
Hold. of rec. June p 276
Chesapeake Corp.(pay. in corn. stock.). 133 1-3
3 Aug. 1 Holders of rec. July 1
Connecticut dr Passumpsic Rivers pref._
Aug. 1 Holders of rec. July I5a
3
Cuba RR.. preferred
Febl'30 Holders of rec. Jan. 156
3
Preferred
'254 Sept.20 *Holders of rec. Aug. 28
Delaware ez Hudson Co.(guar.)
2 July 31 Holders of rec. July 156
Erie RR.,first & second Prof
2 Dee. 31 Holders of rec. Dec. 166
First and second preferred
2)4 Aug. 1 Holders of rec. June 256
Great Northern preferred
234 Aug. 15 Holders of rec. Aug. 10
Hudson Pe Manhattan RR. prof
Illinois Central, corn. (guar.)
134 Sept. 3 Holders of roe. Aug. is
Beet. 3 Holders of rec. Aug. 16
3
Preferred A •
Internet. Rya of Cent. Amer., pf.(qu.). 154 Aug. 15 Holders of rev. July 3Ia
11.4 Aug. 1 Holders of rec. June 29a
Kansas City Southern. corn,
334 Aug. 10 Holders of reo. July 154
Louisville dr Nashville
$12.50 Aug. 1 Holders of rec. July 15a
Mahoning Coal RR., corn. (guar.)
mmsawrppl Valley
3 Aug. 1 Holders of rec. July 1
July 29 Holders of rec. June 28a
20
Michigan Central
$1.50 Aug. 1 July 12 to July 31
Mine Hill & Schuylkill Haven
'1)4 Sept. 30 *Holders of rec. Sept. 14
Mo.-Kansas-Texas, pref. (quar.)
Nashville. Chattanooga & St. Louis
334 Aug. 1 Holders of rec. July 206
•s60 Approv ad by stockholders July 9
Stock dividend
2
Aug. 1 Holders of rec. June 29a
Central
York
RR.(guar.)
New
Sept. 19 Holders of rec. Aug. 310
2
Norfolk dr Western, corn.(guar.)
Aug. 19 Holders of rec. July gla
I
Adjustment pref. (guar.)
134 Aug. 1 Holders of rec. July la
Northern Pacific (guar.)
Aug. 31 Holders of rec. Aug. 16
Pennsylvania RR.(guar.)
81
11( Aug. 1 Holders of rec. July 56
Pere Marquette RR.. pref. (guar.)
134 Aug. 1 Holders of rec. July Se
Prior preference (guar.)
JULY 27 1929.1
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed
Days Inctwits.
Railroads (Steam) (Concluded).
'52.50 Aug. 1 'Holders of rec. June 28
Pittsburgh & Lake Erie
134 July 81 Holders of rec. July 15a
Pittsburgh & West Va., com.(quar.)
Reading Co., common (guar.)
51 Aug. 8 Holders of rec. July lla
50c. Sept.12 Holders of rec. Aug. 220
First preferred (quar.)
50e. Oct. 10 Holders of rec. Sept. 19a
Second preferred (guar.)
134 Aug. 1 Holders of rec. July la
St. Louis-San Francisco, pref.(quar.).
134 Nov. 1 Holders of rec Oct
Preferred (guar.)
1,
2
Aug. 1 Holders of rec. July 10
Southern Ry., corn. (guar.)
•3
Aug. 1 "Holders of rec. July 13
Virginian Ry., Preferred
Wabash Ry. pref. A (guar.)
134 Aug. 24 Holders of roe. July 254
Name of Company•
When
Per
Cent. Payable.
Deets Closed
Days Inclusive.
Public Utilities (Concluded).
North American Co (payable In com.stk) 1254 Oct. 1 Holders of me. Sept. ba
Preferred (guar.)
750 Oct. 1 Holders of rec. Sept. ba
North American Edison Co.. pf. (gu.)
21.50 Sept. 3 Holders of rec. Aug. 15a
•400. Aug. 1 *Holders of rec. July 20
North Amer. Gas & Elec., el. A (guar.)
North Amer. Utility Secur. corn. (guar.) *$1.50 Sept.16 *Holders of rec. Aug. 31
$1.50 Sept.16 Holders of rec. Aug. 31
1st preferred (guar.)
$1.50 Sept.16 Holders of rec. Aug. 31
1st pref. allot. Ws.(guar.)
First pref. allot. certifs. 75% paid- _ 1.12% Sept.16 Holders of rec. Aug. 31
Northern N.Y. Utilities. Prof.(qua?.).. $1.75 Aug. 1 Holders of rec. July 10
Aug. 1 Holders of rec. June 29
Northern States Power,com. A (qua?.).. 2
2 June 29 Holders of rec. June 27a
Northwestern Bell Telep.. com.(au.)
Aug. 15 Holders of roe. July 31
North West Utilities, 7% pf.(guar.).134 Sept. 2 Holders of rec. Aug. 15
Ohio Edison Co.6% pref. (attar.)
1.65 Sept. 2 Holders of roe. Aug. 15
6.6% preferred (guar.)
Sept. 2 Holders of rec. Aug. 15
7% preferred (guar.)
144 Sept. 2 Holders of rec. Aug. 15
5% preferred (guar.)
(monthly)
50c.
Aug. 1 Holders of rec. July 15
Preferred
6%
50c Sept. 2 Holders of rec. Aug. 15
6% preferred (monthly)
55e. Aug. I Holders of rec. July 15
6.6% preferred (monthly)
55e Sept. 2 Holders of rec. Aug. 15
6.6% preferred (monthly)
Oklahoma Natural Gas 615% pfd.(qu.). •144 Aug. 1 *Holders of rec. July 15
Pacific Gas & Elec. 534% Prof.(qua?.).. •34340 Aug. 15 *Holders of rec. July 31
'3734e Aug. 15 *Holders of rec. July 31
6% prof. (guar.)
750, Aug. 15 Holders of rec. July 3Ia
Pacific Lighting common (quar.)
•1yi Aug. 15 'Holders of rec. July 31
5% preferred (guar.)
lb( Aug. 1 Holders of rec. July 18
Pacific Power & Light, pref.(guar.)s3245c Aug. 1 Holders of rec. July 10
Pacific Public Serv., com. A (guar.)
Penn-Ohio Edison common (guar.)
250. Aug. 1 Holders of rec. July 15
Sept. 1 Holders of rec. Aug. 15
7% prior pref. (guar.)
$1.50 Aug. 1 Holders of roe. July 20
Pa.-Oblo Pow.& Lt.,$8 pref.(Quer)
144 Aug. 1 Holders of rec. July 20
7% Preferred (guar.)
60e Aug. 1 Holders of rec. July 20
7.2% preferred (monthly)
550 Aug. 1 Holders of rec. July 20
8.6% preferred (IlloniblY)
Pa.-Ohio Power & Light 56 pf.(quar.).. 81.50 Nov. 1 Holders of rec. Oct. 21
1)( Nov. 1 Holders of roe. Oct. 21
'I% preferred (quar.)
600. Sept. 1 Holders of rec. Aug. 20
7.2% preferred (monthly)
800. Oct. 1 Holders of roe. Sept.20
7.2% preferred (monthly)
600. Nov. 1 Holders of rec. Oct. 21
7.2% preferred (monthly)
550. Sept. I Holders of rec. Aug. 20
6.6% preferred (monthly)
550. Oct. 1 Holders of rec. Sept. 20
6.6% preferred (monthly)
55c. Nov. 1 Holders of rec. Oct. 21
6.6% preferred (monthly)
July 31 Holders of roe. July 16
$1
Philadelphia Co. common (qua?.)
75e. July 31 Holders of roe. July la
Common (extra)
$1.25 Sept. 2 Holders of rec. Aug. 10a
5% preferred
50e. Oct. 1 Holders of rec. Sept. 106
Philadelphia Elec.Power. pref.(guar.)
$1
July 31 Holders of rec. July I5a
Phila. Rapid Transit Co. com.(quar.)
$1
Aug. 15 Holders of rec. July 310
Common (special)
Phila. Suburban Water pref.(qua?.).... 144 Sept. 1 Holders of rec. Aug. 120
$1.75 Aug. 1 Holders of rec. July 18
Portland Gas & Coke, prof.(qua?.)
'134 Aug. 1 *Holders of me. July 20
Potomac Edison 7% pref.(guar.)
650 Sept.30 Holders of rec. Sept. ea
Public Serv. Corp. of N. J., cons. (qu.)
2
Sept.30 Holders of rec. Sept. ea
8% preferred (qua?.)
Sept. 30 Holders of rec. Sept. 6a
7% preferred (guar.)
$1.25 Sept.30 Holders of rec. Sept. 66
$5 Preferred (guar.)
50c July 31 Holders of rec. July 54
6% preferred (monthly)
50e Aug. 31 Holders of rec. Aug. Oa
8% preferred (monthly)
50c Sept.30 Holders of rec. Sept. 66
6% preferred (monthly)
Pub. Serv. of Nor. Ill., no par com.(qu.) •$2 Aug. 1 *Holders of rec. July 15
412 Aug. 1 *Holders of rec. July 15
Common, $100 par (guar.)
'154 Aug. 1 *Holders of rec. July 15
6% Preferred (guar.)
•154 Aug. 1 'Holders of rec. July 15
7% Preferred (guar.)
Pub. Serv. Elec.& Gas,8% pref.(qu.)
134 Sept. 30 Holders of roe. Sept. 6a
*141 Sept. 30 *Holders of rec. Sept. 6
7% preferred (quar.)
Hallway & Light Securities, corn.(qu.)50c. Aug. 1 Holders of rec. July 156
$1 50 Aug. 1 Holders of.rec. July 150
Preferred (guar.)
Rhode Island Pub.Serv.cl A (guar.).-- 51 Aug. 1 Holders of rec. July 15
50e. Aug. 1 July 16 to July 31
Preferred (guar.)
Rockland Light & Pow.,com.(guar.).
*31.12 Aug. 1 *Holders of rec. July 1
Sierra Pacific Elec. Co., com.(guar.)
50c. Aug. 1 Holder of rec. July 156
Preferred (guar.)
$1.50 Aug. 1 Holders of rec. July 156
Sioux City Gas& Elec.,7% pfd.(quar.)_
134 Aug. 10 Holders of roe. July 31
Southern Calif. Edison,com.(quar.).. 50c. Aug. 15 Holders of mt. July 206
Southern Canada Power, corn. (quar.)
250. Aug. 15 Holders of rec. July 31
Southern Colorado Power, corn. A (au.)
50c. Aug. 24 Holders of rec. July 31
Standard Power & Light pref.(quar.)
$1.75 Aug. 1 Holders of rec. July 160
*$1.75 Aug. 1 *Holders of rec. July 15
Standard Telephone Co.Prof.(guar.)Tampa Electric Co.corn.(guar.)
50c. Aug. 15 Holders of rec. July 254
Corn.(1-50th share corn,stock)
(j) Aug. 15 Holders of rec. July 250
Tennessee Elec. Pow.,5% first pref.(qt1) 154 Oct. 1 Holders of ree. Sept. 14
6% first preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 14
7% first preferred (guar.)
144 Oct. 1 Holders of rec. Sept. 14
7.2% first preferred (guar.)
81.80 Oct. 1 Holders of roe. Sept. 14
8% first preferred (monthly)
50c. Aug. 1 Holders of rec. July 15
6% first preferred (monthly)
50c. Sept. 2 Holders of rec. Aug. 15
6% first preferred (monthly)
50e. Oct. 1 Holders of roe. Sept. 14
7.2% first preferred (monthly)
600. Aug. 1 Holders of rec. July 15
7.2% first preferred (monthly)
60e, Sept. 2 Holders of rec. Aug. 15
7.2% first preferred (monthly)
60e. Oct. 1 Holders of rec. Sept.14
Texas Power dr Light 7% pref. (quar.)
114 Aug. 1 Holders of rec. July 17
$6 Preferred (quar.)
$1.50 Aug. 1 Holders of rec. JUIY 17
United Gas Impt.. com.(guar.)
1.12)4 Sept.30 Holders of roe. Aug. 3I6
United Light & Power Co.Old common, class A & B (guar.)---750. Aug. 1 Holders of rec. July 156
New com.. class A & B (guar.)
150. Aug. I Holders of rec. July 154
United Power. Gas & Water $3 p1.(on.). *750 Aug. 1 'Holders of rec. July 15
Utica Gas & Elec.$6 pref.(quar.)
*$1.50 Aug. 1 *Holders of rec. Jul." 20
Washington Gas Light (guar.)
90c. Aug. 1 Holders of rec. July 20
West Penn Elec. Co.. clam A (qua?.)...
154 Sept.30 Holders of roe. Sept.175
Seven per cent preferred (qua?.)
154 Aug. 15 Holders of roe. July 206
Slz per cent preferred (quar.)
134 Aug. 15 Holders of rec. July 204
West Penn Power Co., 7% pref.(qu.).. 144 Aug. 1 Holders of rec. July ba
Six per cent preferred (quar.)
144 Aug. 1 Holders of rec. July ea
West Penn Rya Co., pref. (guar.)
134 Sept.16 Holders of rec. Aug. 24
Western Power, Light & Telep. A (gum.) .50c Aug. 1 'Holders of rec. July 15
Wilmington Gas Co.. preferred
Aug. 31 Holders of rec. Aug. 124
$3
WIngipea Electric Co
$I Aug. 1 Holders of rec. July 10
York Railways, pref. (guar.)
6254e July 31 Holders of rec. July 206
Public Utilities.
$1.25 Aug.
Alabama Power, $5 pref. (guar.)
Holders of rec. July 15
Allied Power & Light, $5 prof. (au.) --- 51.25 Aug. 1 Holders of rec. Aug. 1
750. Aug. 1 Holders of rec. Atig. 1
$3 preferred (guar.)
Amer. Cities Power dt Light clam A (au.) (1) AMC.
Holders of rec. July 5
£254 Aug
Class 13 (quar.)
Holders of rec. July 50
American Commonwealths PowerCom. el. A &B (1-40 share cl. A stock) (I) Oct. 1 Holders of rec. Oct. 1
$1.63 Aug
Holders of rec. July 15
36.50first preferred (guar.)
$1.75 Aug.
Holders of rec. July 15
$7 first preferred (guar.)
$1.75 Aug.
Second pref., series A (guar.)
Holders of ree. July 15
Amer. Electric Power,$6 pref. (guar.)._ $1.50 Sept.
Holders of rec. Aug. 22
$1.75 Sept.1 Holders of rec. Aug. 31
$7 Preferred (guar.)
American Gas & Elec., pref.(guar.).- 51.50 Aug.
Holders of rec. July 8
254 Aug.
Amer. Light & Trac., com.(guar.)
Holders of rec. July 124
1)4 Aug.
Preferred (guar.)
Holders of rec. July 12a
$1.75 Aug.
Amer.Natural Gas$7 pref.(guar.)
Holders of me. July 200
Amer. Water Works & Elec.25c. Aug. I Holders of rec. July 26a
Common (guar.)
(f) Aug. 1 Holders of rec. July 266
Corn.(1-40 share com. stk.)
51.50 Oct
$6 first preferred (guar.)
Holders of rec. Sept. 12a
Associated Gas & Elec. class A (guar.)
(1) Aug.
Holders of rec. June 29
$1.50 Aug. 3 Holders of rm. July 31
$6 Preferred (guar.)
$6.50 preferred (guar.)
1.6234 Aug. 3 Holders of rec. July 31
$1.25 Sept. 1 Holders of rec. Aug. 15
55 preferred (guar.)
Associated Telep. Utilities. corn. (guar.) •25c. Oct. 1 *Holders of rec. Sept.30
Common (payable In com. stock) _
'1254 Oct. 1 *Holders of rec. Sept. 30
Birmingham Gas Co.. $6 first pf.(MO
$1.50 Aug.
Holders of rec. July 15
Brazilian Tr. L.& Pow.. ord. (guar.)... 50c. Sept.
Holders of rec. July 31
Brooklyn-Manhattan Transit Corp.
51.50 Oct. 1 Holders of rec. Oct. to
Preferred, series A (guar.)
Preferred, series A (guar.)
$1.50 Jan15'3 Holders of me. Dec. 31a
Preferred, series A (guar.)
$1.50 ADr15'30 Hold. of rec. Apr. 1 '306
Buff. Ning. & East. Pow., 1st pref.(qu.) '51.25 Aug.
*Holders of rec..July 15
Calgary Power pref.(guar.)
134 Aug.
Holders of rec. July 15
•33sia Aug.
Cent. Hudson Gas & Elec., com
*Holders of rec. June 29
Cent. & Southwest Util., $7 pref. (au.)- *51.75 Aug. 1 'Holders of roe. July 31
$7 prior Ilea (guar.)
.$1.75 Aug. 1 *Holders of rec. July 31
•$1.50 Aug. 1 *Holders of rec. July 31
$6 prior lien (guar.)
Central West Pub. Serv. pfd. A & B (qr.)
Holders of rec. July 156
134 Aug.
Cele. Rap. Transit pr. pf. A (mthly.).. •65e. Aug.
*Holders of rec. July 16
Prior preferred class A (mthly.)
0650. Sept. *Holders of rec. Aug. 20
Prior preferred class B (mthly.)
"60e. Aug.
*Holders of rec. Jul, 16
Prior preferred class B (mtblY.)
*60e. Sept. *Holders of rec. Aug. 20
Cities Serv. P.& L., $5 pref.(monthly). 41 2-3c Aug. 1 Holders of rec. Aug. 1
Cleve. Elec. Illuminating, pfd. (qu.)-154 Sept.
Holders of rec. Aug. 15
Columbia Gas & Elec.. com.(guar.) _ _
50e. Aug. 1 Holders of rec. July 206
6% prof. seriviA (guar.)
134 Aug. 1 Holders of rec. July 206
5% pref. (guar.)
Holders of rec. July 206
Commonwealth-Edison Co.(qu.)
•2114 Aug. 1 'Holders of rec. July 15
Commonwealth Power Corp.. corn.(qu.) $1
Aug.
Holders of rec. July 12a
5% preferred (gum)
154 Aug.
Holders of rec. July 12
Commonwealth & Southern CorpCom.(qu.)(No. 1)(1/80 eh. com.stk.) (1) Sept.
Holders of rec. Aug. I
Community Power & Light cons.(qu.)
750. Aug.
Holders of rec. July 20a
Preferred (guar.)
$1.50 Aug.
Holders of rec. July 20a
Conn. Sty. & Ltg., corn. & pf.
-3 1.1234 Aug. 1 Holders of rec. July 3Ia
Coned Gas El. L.&Pow.Balt..com.(qu.) *750. Oct.
*Holders of rec. Sept. 14
*Holders of rec. Sept. 14
.154 Oct.
5% Preferred series A (quar.)
*Holders of rec. Sept. 14
•134 Oct.
534% preferred, series E (quar.)
*Holders of rec. Sept. 14
'134 Oct.
6% Preferred, series D (guar.)
Holders of rec. June 290
Consol. Gas of N. Y., pref.(guar.)
$1.25 Aug.
Holders of rec. Sept. 14
Consumers Power, $5 pref. (guar.)
$1.25 Oct.
Holders of rec. Sept. 14
134 Oct.
8% prof. (quar.)
$1.65 Oct.
Holders of rec. Sept.14
5.6% Preferred (guar.)
144 Oct.
Holders of rec. Sept. 14
7% Pref.(guar.)
50a. Aug.
Holders of rec. July 15
6% pref.(monthly)
500. Sept.
Holders of rec. Aug. 15
6% pref.(monthly)
50e. Oct.
Holders of rec. Sept.14
6% prof.(monthly)
550. Aug.
Holders of rec. July 15
6.6% pref.(monthly)
55c. Sept.
Holders of roe. Aug. 15
6.6% preferred (monthly)
550. Oct.
Holders of rec. Sept. 14
6.6% preferred (monthly)
144 Aug.
Dallas Power & Light. pref. (quar.)
Holders of rec. July 20
$1.75 Aug.
Derby Gas & Elec., pref.(guar.)
Holders of rec. July 20
$ 1.8254 Aug.
OM Preferred (guar.)
Holders of me. July 20
Duquesne Light 5% 1st pref.(guar.).
134 Oct. 1 Holders of rec. Sept. 140
Eastern Mass. St. Ry., pf. B (guar.)._ 154 Aug.
Holders of rec. July 15
First pref. and sink. fund stk.(quar.)_ 134 .ug. 1 Holders of rec. July 31
Eastern States Power, pref. A (guar.).- '$1.75
'Holders of roe. July 15
R.
Preferred 11 (guar.)
*$1.50 Aug.
*Holders of roe. July 15
Edison Elec. III. of Boston (guar.)
3
Aug.
Holders of rec. July 10
Electric Bond & Share, pref.(quar.)
$1.50 Aug.
Holders of rec. July 10
Electric Investors. Inc.$6 Pt.(quar.).-- $1.50 Aug.
Holders of rec. July 19
Electric Power & Light. corn. (quar.)
25e. Aug.
Holders of rec. June 13
Allot. ctf. full paid (guar.)
M Aug.
Holders of rec. July 13
Allot. Mts. 50% Paid (guar.)
111(c. Aug.
Holders of rec. July 13
Empire Gas & Fuel,8% pref.(monthly). *50e. Aug.
"Holders of rec. July 15
•54 1-6c Aug
634% preferred (monthly)
*Holders of rec. July 15
7% preferred (monthly)
58 I-3c Aug.
*Holders of me. July 15
8% Preferred (monthly)
•66 2-3c Aug.
"Holders of rec. July 15
Empire Public Serv.. corn. B (guar.).- .450. Aug. 1 *Holders of rec. July 25
Fall River Gas Works (guar.)
750. Aug.
Holders of rec. Julyd24a
Federal Water Serv.. class A (quar.)__-.
Sept.
Holders of rec. Aug 2
Ft. Worth Power & Lt., pref.(guar.).- 134 Aug.
Holders Of roe. July 15
Gas Securities. corn. (in scrip)
Aug.
.94a Aug.'
*Holders of rec. July 15
Preferred (malty.)
'Holders of rec. July 15
Common (payable In scrip)
*914 Sept. "Holders of roe. Aug, 15
Preferred (mthly.)
*Holders of me. Aug 15
Trust Companies.
Common (payable in scrip)
ntS4
*Holders of rec. Aug. 15
Corn Exchange Bank & TrustPreferred (mthly.)
*Holders of roe. Sept. 14
New $20 par stock (guar.)(No.4)
Grand Rapids RR.7% pref.(guar.) _
:
14;
!
ea::
:
Holders of rec. July 15
Fire Insurance.
Hartford Elec. Light(quar.)
'68340 Aug.
*Holders of rec. July 20
Amer. Equitable Assur. Co.of N.Y.
Havana Elec. Sty., 6% pref.(guar.).- 134 Sept.
Holders of rec. Aug. 12a
Common (quar.)
Havana Elec. & UtIl., 1st pref.(quar.)
$1.50 Aug. 1 Holders of rec. July 20
Home Fire Security
Preference (guar.)
$1.25 Aug. 1 Holders of reo. July 20
Extra
Idaho Power 7% pref. (guar.)
134 Aug.
Holders of rec. July 15
Knickerbocker, com. (guar.)
$6 preferred (guar.)
$1.50 Aug.
Holders of rec. July 15
New York Fire, com.(quar.)
Illinois Northern Utilities. Pfd.(MO
'134 Aug.
*Holders of rec. July 15
Illinois Power & Light $6 pf. Mara-. $1.50 Aug.
Holders of roe. July 15
Miscellaneous.
International Utilities, $7 pref.(guar.)._ $1.75 Aug.
Holders of rec. July 18a Abraham & Straus, Inc., pref.(guar.)._
Italian Superpower Corp.. Pl.(quar.)_. $1.50 Aug.
Holders of rec. July 20
Acme Wire, Prof. (quar.)
Knoxville Power & Light pref. (guar.).- $1.75 Aug.
Holders of rec. July 20
Adams (J. D.) Mfg.. common (quar.)
$6 preferred (guar.)
$1.50 Aug.
Adams-Millis Corp., common (quar.)
Holders of rec. July 20
Lawrence Gas & Electric (quar.)
.850. Aug. 'Holders of rec. July 18
First and second preferred (quar.)
Long Island Lighting, corn.(guar.)
100. Aug.
Holders of rec. July 20
Allegheny Steel, common (monthly)...._
Lowell Electric Light(guar.)
"63e Aug.
*Holders of rec. July 15
Common (monthly)
Manitoba Power
Ana.
$1
Holders of rec. July 10
Preferred(guar.)
Massachusetts Gm Cos., corn. (guar.)._ $1.50 Aug.
Holders of rec. July 15
Preferred(guar.)
Michigan Gas & Elec.. pref.(guar.).- '154 Aug.
*Holders of rec. July 15
Allied Chemical & Dye, com.(guar.) -'154 Aug.
Prior lien stock (guar.)
*Holders of rec. July 15
Allis-Chalmers Mfg., common (quar.)__
Middle West Utilities, com.(guar.)
$1.75 Aug. 1 Holders of rec. July 31
Altorfer Bros. Co., pref. (guar.)
Mew. Elec. Ry.& Light, pfd. (guar.).
144 July 3 Holders of rec. July 200 aluminum Mfrs.. corn. (guar.)
Monongahela West Penn. Pub. Service,
Common (guar.)
4334c. Oct.
7% preferred (quar.)
Holders of rec. Sept. 14
Preferred (quar.)
Montreal L. H.& P. Como!. com.(au.) 600. July 3 Holders of rec. June 30
Preferred (guar.)
National Electric Power, cl. A (guar.)._
450. Aug.
Holders of roe. July 206
Preferred (guar.)
Nat.Oas & Elec.. $6.50 pref (guar.).*$ 1.6234 Oct.
*Holders of rec. Sept. 20
Amerada Corp., common (quar.)
25e. Sept.
Nat. Power & Licht. corn. (guar.)
Holders of rec. Aug dl2a American Alliance Investing, pf.allot. elf
81.50 Aug.
$6 preferred (guar.)
American Can, com.(guar.)
Holders of rec. July 12
Nevada-Calif Elec. Corp. pref.(qu.).
144 Aug.
American Chatillon Corp.. pref. fau.)
Holders of rec. June 29
589
134
144
144
154
$1
Aug. 1 Holders of roe. July 20;
3744e. Aug.
3 Aug.
2 Aug
37-4c. Aug.
30c. Aug.
144
1
I
1
1
1
Holders of rec. July
Holders of rec. July
Holders of rec. July
Holders of rec. July
Holders of rec. July
20
15
15
20
20
Aug. 1 Holders of ree. July lba
*2
Nov. I *Holders of rec. Oct. 18
.60e. Aug. 1 *Holders of rec. July 15
50c. Aug. 1 Holders of rec. July 18a
134 Aug. 1 Holders of me. July 18
•150. Aug. 17 'Holders of rec. July 31
•150. Sept. 18'Holders of rec. Aug. 31
•144 Sept. I *Holders of rec. Aug. 15
•144 Dee. I *Holders of rec. Nov. 15
$1.50 Aug. 1 Holders of rec. July 116
134 Aug. 15 Holders of rec. July 24a
.75e. Aug. 1 *Holders of rec. July 15
4.500. Sept.30 *Holders of rec. Sept.15
•500. Dee. 31 *Holders of rte. Dec. 16
*151 June 80 *Holders of rec. June 16
•144 Sept. 30 "Holders of roe. Sept. 1$
'134 Dee. 31 *Holders of roe. Dee. 111
50c. July 31 Holders of rec. July 156
750. Aug. 1 Holders of rec. July 15
750. Aug. 15 Holders of rec. July 31a
134 Aug. 1 Holders of rec. July 20
590
Name of Company.
Per
When
Ong. Payable.
Desks Closed
Days Inclusive.
Miscellaneous (Continued).
American Chicle,corn.(guar.)
500. Oct. 1 Holders of rec. Sept. 120
American Cigar, common (guar.)
2
Aug. 1 Holders of rec. July 15
American Coal (guar.)
$1
Aug. 1 July 12 to Aug. 1
Amer. Dept. Stores. 1st pref. (quar.)__
lig Aug. 1 Holders of rec. July 25
Amer. European Sec., pref. (quar.)
21.50 Aug. 15 Holders of rec. July 31
Amer. Founders Corp., corn. (guar.)._ 1234e. Aug. I Holders of rec. July 15
Corn. (1-140th share corn. stock)
(f) Aug. 1 Holders of rec. July 15
7% first preferred, series A (guar.).- 87340. Aug. 1 Holders of roe. July 15
7% first pref., series B (guar.)
8754e. Aug. 1 Holders of rec. July 15
8% first pref., series D (guar.)
750. Aug. 1 Holders of roe. July 15
6% second preferred (guar.)
3734e Aug. 1 Holders of rec. July 15
American Glue, pref. (guar.)
2
Aug, 1 Holders of rec. July 20
Amer. Hardware Corp.(guar.)
*1
Oct. 1 *Holder, of rec. Sept.14
Quarterly
•1
Jan2'30 *Holders of rec. Dec. 17
Amer. Home Products Corp.(monthly).
300. Aug. 1 Holders of rec. July 150
Amer. Internat. Cod).Common (stack dividend)
•e2
Oct. 1
Amer. Mach. & Fdy., corn. (quar.)-- 81
Aug. 1 Holders of roe. July 19a
Common (extra)
Aug. 1 Holders of rec. July 19a
81
Preferred (guar.)
lig Aug. 1 Holders of rec. July 19a
American ManufacturingCommon (guar.)
750. Oct. 1 Holders of roe. Sept.15
Common (guar.)
75e. Dec. 31 Holders of roe. Dee. 15
Preferred (guar.)
154 Mar,81 Holders of reo. Mar. 15
Preferred (guar.)
134 Oct. 1 Holders of rd. Sept.15
Preferred (quar.)
154 Dec. 31 Holders of roe. Dee. 18
Amer. Metal, corn. (guar.)
75c. Sept. 1 Holders of rec. Aug. 216
Preferred (guar.)
21.60 Sept. 3 Holders of rec. Aug. 21a
American Meter (guar.)
*$1.25 July 31 *Holders of rec. July 17
Amer. Radiator .1; Standard
Sanitary Corp., corn.(guar.)
3734c Sept.30 Holders of rec. Sept.lla
Preferred (guar.)
$1.75 Aug. 31 Holders of roe. Aug. 150
American Rolling Mill, corn.(quar.). 50c. Oct. 15 Holders of roe. Sept.300
Common (PayableIn common stook)._ f5
July 30 Holders of roe. July la
American Shipbuilding, corn. (guar.)... 2
Aug. 1 Holders of ree. July 150
Preferred (guar.)
131 Aug. 1 Holders of rec. July 15
Amer. Smelt. & Refg, corn. (guar.)
Aug. 1 *Holders of roe. July 12
•21
Preferred (guar.)
'131 Sept. 3 *Holders of rec. Aug. 2
American Stores (guar.)
50e. Oct. 1 Holders of rec. Sept. 14a
Amer. Thermos Bottle, corn. A (qu.)..... •250. Aug. 1 *Holders of rec. July 20
Amer. Transformer (No. 1)
35e Aug. 1 Holders of rec. July 25
Amer. Vitrified Products, pref.(quar.). '134 Aug. 1 *Holders of rec. July 20
Anaconda Copper Mining (guar.)
$1.75 Aug. 19 Holders of rec. July 130
Anaconda Wire & Cable (guar.)
c. Aug. 5 Holders of rec. July 136
Andes Copper Mining (guar.)
75e. Aug. 12 Holders of rec. July 130
Andrews Investment Trust (guar.)
*400. Aug. 1 *Holders of rec. July 23
Archer-Daniels-Midi. Co., corn. (guar.) 50c. Aug. 1 Holders of rec. July 200
Preferred (quar.)
134 Aug. 1 Holders of rec. July 200
Arizona Commercial Mining
260. July 31 Holders or rec. July 16
Artioom Corp.. pref. (guar.)
134 Sept. 1 Holders of rec. Aug. 150
Associated Apparel Industries (qu.)
$1
Oct. 1 Holders of rec. Sept. 200
Associated Dry Goods common (guar.)._
63e. Aug. 1 Holders of rec. July 13a
First preferred (guar.)
134 Sept. 2 Holders of rec. Aug. 10a
Second preferred (guar.)
lig Sept. 2 Holders of rec. Aug. 100
Atlantic Gulf & West Indies 8.8. Lines,
Preferred (guar.)
$1
Sept.30 Holders of roe. Sept. 10e
Dec. 31 Holders of fee. Dee. 110
Preferred (guar.)
111
Atlantic & Pacific Internat. Corp. A_...._ '134 Aug. 1 Holders of rec. July 15
Atlas Powder. pref. (guar.)
134 Aug. 1 Holders of rec. July 190
Bachmann, Emmerich & Co.
Preferred and pref. A (guar.)
2
July 31 July 23 to July 31
Bakers Share Corp.. corn. (qu.)
144 Oct. 1 Holders of roe. Aug. 1
Common (guar.)
134 Jan P30 Holders of rec. Nov. 1
Balaban & Katz, corn. (guar.)
•75c. Sept. 27 Holders of ree. Sept. 16
Preferred (guar.)
'134 Sept. 27 Holders of roe. Sept. 16
Bamberger(L.)& Co..6 M % pf.(GIL).. 1M Sept. 2 Holders of ree. Aug. 130
lig Dee. 2 Holders of roe. Nov. Ile
634% preferred (guar.)
Bancroft(Joseph) &Sons Co., pref.(qu.) 134 July 31 Holders of rec. July 15
Bankers Bond & Mtge. Guaranty (qu.). 25e, Aug. 1 Holders of rec. July 20
Bankers Capital Corp., pref. (guar.)._- •22
Oct. 15 Holders of rec. Sept.30
•$2
JanI5'30 Holders of roe. Dee. 31
Preferred (quar.)
250. Aug. 1 Holders of rec. July 1
Bankers Financial Trust, common
150c. Aug. 8 Holders of roe. July 80
Barnsdall Corp., class A & B (guar.)
250. Aug. 8 Holders of rec. July Sa
Class A & B (extra)
*$4
Bates Mfg
Aug. 1 Holders of rm. July 12
Special(from accumulated earnings)._ *$30 Aug. 1 *Holders of rec. July 12
Baumann (Ludwig)& Co.. 1st pref.(qu.) 131 Aug. 15 Holders of rec. Aug. I
Belding-Corticelli. Ltd.. corn.(quar.).. lig Aug. 1 Holders of rec. July 15
lig Sept.14 Holders of rec. Aug. 31
Preferred (guar.)
*50e. Aug. 1 *Holders of rec. July 20
Benson & Hedges, pref.(guar.)
Berland Shoe Stores, Inc., pref. (gu.)..._ 134 Aug. 1 Holders of rec. July 15
Bessemer Limestone & Cement, cl. A(qu) 750. Aug. 1 Holders of rec. July 20
I
Bethlehem Steel common (guar.)
Aug. 15 Holders of roe. July 190
Bigelow-Hard. Carpet,corn.(guar.)._ $1.50 Aug. 1 Holders of rec. July 18
Preferred (guar.)
134 Aug. 1 Holders of rec. July le
Preferred (guar.).
'134 Nov. 1 *Holders of roe. Oct. 1$
•50e. Aug. 1 '[folders of rec. July 15
Blrtman Elec. Co., cam. (guar.)
111.75 Aug. 1 *Holders of rec. July 15
Preferred (guar.)
Blauner's, corn. (quar.)
30c. Aug. 15 Holders of ree. Aug. la
Corn. (payable In COM. stock)
OM Aug. 15 Holders of rec. Aug. 1
75e. Aug. 15 Holders of rec. Aug. Id
$3 preferred (quar.)
Bloomingdale Bros., Inc.. pref. (guar.). 134 Aug. 1 Holders of roe. July 20a
134 Aug. 1 Holders of rec. July 15
Blue Ribbon, Ltd.(Winnipeg) pf.(qu.)_
• 6254c. Aug. I *Holders of rec. July 15
Bohack(H.C.)Co.,corn.(guar.)
Preferred (quar.)
'134 Aug. 1 *Holders of rec. July 15
Bohack Realty Corp., pref. (qu.)
*$1.75 Aug. 1 *Holders of rec. July 15
$1 July 30 Holders of ree. July 150
Bon Ard Co., class A (quar.)
$1 July 30 Holders of rec. July 150
Class A (extra)
Aug. 15 Holders of rec. Aug. 10
Booth (F.E.) Co.,com.(pay.in com.stk)f50
75e. Aug. 31 Holders of rec. Aug. 15
Borden Co., common (guar.)
e50
Aug. 15 Holders of rec. Aug. 1
Borg-Warner Corp. (In stock)
_ •21.25 Aug. 15 *Holders of rec. Aug. I
Borin-Vlyltone Corp. $3 pf.(No. 1)
•50c. Aug. 15 *Holders of rec. Aug. 1
$3 cony. pref. (extra)
112.50 Aug. 15 Holders of roe. July 31
Boss Mfg.. corn. (guar.)
$1.75 Aug. 15 Holders ut rec. July 31
Preferred (guar.)
50c. Aug. 1 Holders of rec. July 15
Brading Breweries (guar.)
'134 Aug. 1 'Holders.! rec. July 31
Brill (J. G.) Co., pref. (guar.)
50e. Oct. 1 Holders of rec. Sept. 150
Brill° Mfg. Co.. class A (guar.)
British Columbia Pulp & Paper, pf.(qu.) '131 Aug. I *Holders of rec. July 15
British Type Investors. Inc.150. Aug. 1 Holders of rd. July 1
Class A (hi-monthly)
Broadway Dept. Stores. pref.(quar.)... •g1.75 Aug. 1 *Holders of rec. July 11
76e. Aug. I Holders of roe. July 150
Brockway Motor Truck corn. (guar.)...
Brooklyn-Lafayette Corp.. cl. A (quar.) 37M c. Aug. 1 Holders of tee. July 18a
Brown Shoe, pref. (guar.)
lig Aug. 1 Holders of rec. July 200
Brunswick-Balke-Collender, corn. (qu.) 75e. Aug. 15 Holders of tee. July 256
Budd (E. G.) Mfg., common (quar.)--250. Aug. 1 Holders of tee. July 150
Common (extra)
250. Aug. 1 Holders of rd. July 150
Preferred (guar.)
134 Aug. 1 Holders of tee. July 150
Preferred( acct. accum. dividends)._ 7
Aug. 1 Holders of roe. July 154
Bunts Bros., corn. (guar.)
*50e. Aug. 1 *Holders of rec. July 25
Preferred (guar.)
'131 Aug. 1 *Holders of rec. July 25
Burma Corp.. American dep. receipts_
(0) Aug. 21 *Holders ef rec. July 13
Burns Bros., corn. elms A (guar.)
$2 Aug. 15 Holders of rec. Aug. la
Burroughs Adding MachineNew no par stock (qu.)(No.1)
20o Sept. 10 Holders of rec. Aug. 270
*1400 Aug. 1 *Holders of rec. July tub
Stock dividend
60c. Aug. 1 Holders of rec. June 230
Bush Terminal Co., corn. (guar.)
Common (payable in common stock)._ /134 Aug. 1 Holders of rec. June 2114
lig Nov. 1 Holders of rec. Oct. 114
Byers(A. M.) Co. pref.(guar.)
Preferred (guar.)
154 Aug. 1 Holders of rec. July I5a
California Dairies, pref. A (guar.)
•1% Sept. 1 *Holders of rec. Aug. 11
•31.6234 Aug. 1 *Holders of rd. July 11
Preferred 13 (guar.)
Sept. 15 Holders of roe. Aug. 310
California Packing (quar.)
$1
Cam pell W yant&Cat non Fdy.,com.(qu.) *50c. Sept. 1 *Holders of rec. Aug. 15
Canadian Bronze. corn. (quar.)
62 Mc Aug. 1 Holders of rec. July 19
Preferred (quar.)
134 Aug. 1 Holders of rec. July 19
Canadian Car & Foundry,ord.(quar.). lig Aug. 30 Holders of rec. Aug. 15
Canadian Converters Ltd. (guar.)
134 Aug. 15 Holders of rec. July 31
750. Aug. 1 Holders of rec. July 16
Canadian Dredge & Dock, corn.(guar.).
Preferred (guar.)
144 Aug. 1 Holders of rec. July 16
[VOL. 129.
FINANCIAL CHRONICLE
Name of Comedy.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
Canadian Power & Paper, pref. (guar.). •625cc Aug. 15 *Holders of rec. July 20
Canfield 011, corn.dr pref.(guar.)
$1.75 Sept.BO Holders of tee. Aug. 20
Common & preferred (guar.)
$1.715 Dec. 81 Holders of fee. Nov.20
Carman & Co., class A (guar.)
*60c. Sept. 1 *Holders of rec. Aug. 16
Carnation Milk ProductsCommon (payable in common stock)._
Jan 2'30 *Holders of roe. Dee. 21
Carrier Engineering, Id pref.(g us!.)... *50c. Aug. 1 *Holders of rec. July 19
Castle (A. M.) Co. (guar.)
*75e. Aug. 1 *Holders of roe. July 19
Extra
•260. Aug. 1 *Holders of rec. July 19
Celluloid Corp. 1st panic. pref.(guar.). $1.75 Sept. 1 Holders of rec. Aug. 10
$7 preferred (guar.)
$1.75 Sept. 1 Holders of rec. Aug. 10
Central Management (guar.)
•250. Aug. 1 Holders of rec. July 25
Extra
*$1
Aug. 1 Holders of ree. July 25
Centrifugal Pipe Corp.(guar.)
150. Aug. 15 Holders of roe. Aug. 5
Century Ribbon Mills. pref.(guar.)_ _
134 Sept. 3 Holders of rec. Aug. 230
Cerro de Pasco Copper (guar.)
$1.50 Aug. 1 Holders of rec. July lla
Chain Belt Co. (guar.)
• 625cc. Aug. 15 Holders of rec. Aug. 1
Chain & Gen'l Equities, Inc., cf.(qu.) *3 1.82M Aug. 1 Holders of rec. July 16
Charlton Mills (guar.)
*2
Aug. 1 Holders of rec. July 15
Chelsea Exchange Corp.class A dz B (qu) 260. Aug. 15 Holders of rec. Aug. 1
Class A & B (guar.)
250. Nov. 15 Holders of rec. Nov. 1
Class A & B (guar.)
260. FbI5'30 Hold, of rec. Jan. 31 '30
Class A & B (guar.)
250. My15.30 Hold. of rec. May 1 '30
Cherry Burrell Co., corn.(guar.)
•62 Mc Aug. 1 *Holders of rec. July 15
4.134 Aug. 1 *Holders of rec. July 15
Preferred (guar.)
Chic. WIlm. & Franklin Coal, pf. (qu.). $1.50 Aug. 1 Holders of rec. July 15a,
Chicago Yellow Cab (monthly)
25e. Aug. 1 Holders of rd. July 190
Monthly
250. Sent. 2 Holders of tee. Aug. 20d
Churngold Corp., corn. (guar.)
•75e. Aug. 15 *Holders of rec. Aug. 1
Cities Service,common (monthly)
2340. Aug. 1 Holders of rec. July 150,
Common (Payable in common stock). 134 Aug. 1 Holders of rec. July 15a,
Preferred and preference BB (mthly.) 50c Aug. 1 Holders of rec. July 15a,
Preference B (monthly)
Sc. Aug. 1 Holders of rec. July 150
Cities Service, corn. (monthly)
234e Sept. 1 Holders of rec. Aug. 150
Corn. (payable in corn. stock)
134 Sept. 1 Holders of rec. Aug. 15a
Preferred and preference BB (mthl.V.)50c. Sept. 1 Holders of rd. Aug. 15a
Preference B (monthly)
Sc, Sept. 1 Holders of rec. Aug. 15a
City of Paris, 2d pref.(guar.)
•23.50 Aug. 15 *Holders of rec. Aug. 1
City Stores class A (quar.)
875cc Aug. 1 Holders of rec. July 15a
Class A (guar.)
87.40. Nov. 1 Holders of rd. Oct. 154
Claude Neon Elec. Prod., corn. (guar.). •200 Aug. 1 *Holders of rec. July 20
Cleveland Stone. gommon (qual.)
*50c. Sept 1 •FloIderi of rec Aug. 15
Clinchfield Coal, pref. (guar.)
$1.75 Aug. 1 *Holders of rec. July 25
Cluett Peabody & Co., corn. (guar.)._- $1.25 Aug. 1 Holders of rec. July 200
Cockshuft Plow (guar.)
4.875cc Aug. I *Holders of rec. July 15
Colgate-Palmolive-Peet Co., pref. (qu.). 1)4 Oct. 1 Holders of rec. Sept. 7
Preferred 'guar.)
134 Jan1110 Holders of roe. Dec. 7
Columbian Carbon (guar.)
Aug. 1 Holders of rec. July 150
$1
Extra
25e. Aug. 1 Holders of rec. July 150
Columbus Packing, pref. (guar.)
'134 Aug. 1 *Holders of rec. July 15'
Community State Corp.. A & B (guar.). 1)( Sept. 2 Holders of roe. Aug. 28
Class A h B (guar.)
134 Dec. 31 Holders of reg. Dee. 20
Consolidated Chemical Industries (qu.) *375cc Aug. 1 *Holders of rec. July 15
Consolidated Cigar, prior pref.(guar.).$ 1.6254 Aug. 1 Holders of rec. July 170
Preferred (guar.)
$1.75 Sept. 3 Holders of rec. Aug. 19a
Consolidated Sand & Gravel. pref.(qu.). 134 Aug. 15 Holders of rec. July 31
Consumers Co., pref
*334 Aug. 20 *Holders of rd. Aug. 10
Continental Can, corn. (quar.)
625co. Aug. 15 Holders of roe. Aug. 10
Continental Motors Corp.(guar.)
200. July 30 Holders of rec. July 15a
Coon (W. B.) Co., corn
•600. Nov. 1 *Holders of roe. Oct. 10
Common
•70e Aug. 1 *Holders of rec. July 10
Preferred
01M Nov. 1 *Holders of rec. Oct. 10
Preferred
*lig Aug. 1 *Holders of rec. July 10
Cesden Oil, preferred
$3.50 Aug. 1 Holders of rec. July 15
Coty, Inc., stock dividend
1% Aug. 27 Holders of roe. Aug. 12
Stock dividend
134 Nov.27 Holders of roe. Nov. 12
Courtaulds, Ltd.
1434
Aug. 15 *Holders'of rec. July 15
Amer. dep. rots. for ord. reg. stk
Crane Co., corn. (guar.)
4331e. Sept. 16 Holders of rec. Aug. 31
lig Sept. 16 Holders of rm. Aug. 31
Preferred (guar.)
Crocker-Wheeler Elec. mfg.Aug. 1 *Holders of rec. July 2
Preferred (acct, accumulated divs.)- *52
e4 Dec. 31 Holders of ree. Doe. 204
Crosley Radio (stook dividend)
Crown Zellerbach Corp., cony. pref.(gu.) 21.50 Sept. 1 Holders of rec. Aug. 13
$1.50 Sept. 1 Holders of rec. Aug. 13
Preferred series A& B (guar.)
134 July 31 Holders of rec. July 15a
Crucible Steel, common (guar.)
•23.50 Aug. 1 *Holders of rec. July 13
Cuba Co., preferred (guar.)
•131 Sept.15 *Holders of ree. Sept, 1
Gummi Pram. pref.(guar.)
*330. Aug. 1 *Holders of rec. July 15
Curtis Lighting, common (guar.)
Curtis Publishing common (monthly)... 50 . Aug. 2 Holders of rec. July 20a
Common (monthly)
50e. Sept. 2 Holders of rec. Aug. 20
*50e. Oct. 12 *Holders of rec. Sept.200
Common (monthly)
Preferred (guar.)
$1.75 Oct. 2 Holders of roe. Sept. 20
25c. Aug. 1 Holders of rec. July 15
Davega, Inc. (guar.)
*50c. Sept. 16 *Holders of rec. Sept. 5
Decker (Alfred) & Cohn, corn. (qu.)
*lig Sept. 1 *Holders of rec. Aug. 22
Preferred (quar.)
Dennison Manufacturing, pref. (guar.). 134 Aug. 1 Holders of roe. July 20
Aug. 1 Holders of rec. July 20
Debenture stock (quar.)
2
Detroit Electric, corn. B (quar.)(No. 1) •20e. Aug. 15 *Holders of rec. Aug. 25
•25e. Aug. 1 *Holders of rec. July 20
Detroit Steel Products,corn.(mthly.)
Common (monthly)
•25e. Sept. 1 *Holders Of roe. Aug. 20
Distillers Co.. Ltd.
Amer. rcts. ord. shares (23. 6d.)
(w) Aug. 7 *Holders of rec...July 5
500. Aug. 1 Holders of rec. July 20
Dodge Manufacturing, pref. A (quar.)__
760. Aug. 15 Holders of reo. July 31
Dominion Bridge (guar.)
25c. Sept. 1 Holders of rec. July 5
Dominion Distillers Coma.class A
Dominion Tar & Chemical, pref. (guar.) 134 Aug. 1 Holders of rec. July 15
$1
Oct. 15 Holders of rec. Oct. la
Dunhill Internat. common (guar.)
Common (guar.)
$1
Jn 15'30 Holders of rec. Dee. 310
1
Common (payable In corn. stock)
In 15'30 Holders of rec. Dee. 310
$1
Common (guar.)
Ap15'30 Holders of roe. Apr. la
Common (payable in corn,stock)
Ap15'30 Holders of roe. Apr. la
el
Dunhill Internat. (stock dividend)
Oct. 15 Holders of rec. Oct. 10
500. Aug. 15 Holders of red. Aug. lei
Duplan Silk Corp., common
•30c. Aug. 1 Holders of rec. July 1
Eastern Banters Corp..com -Common (extra)
•30c. Aug. 1 *Holders of rec. July 1
Preferred (quar.)
$1.75 Aug. 1 Holders of rec. July 1
Preferred (guar.)
$1.75 Nov. 1 Holders of roe. Sept.30
Preferred (quar.)
$1.75 Febl'30 Holders of roe. Dee. 31
Eastern Theatres (Toronto) corn
50c. Aug. 31 Holders of rec. July 31
Preferred
334 July 31 Holders of rec. June 29
Eastern Utilities Inveet. Dards. pf. (qu.) $1.76 Aug. 1 Holders of reo. June 29
$6 preferred (guar.)
$1.50 Sept. 2 Holders of rd. July 31
$7 preferred (guar.)
$1.75 Sept. 2 Holders of rec. July 81
Prior preferred (guar.)
$1.25 Oct. 1 Holders of rec. Aug. 31
Eaton Axle & Spring (quay.)
75c. Aug. 1 Holders of rec. July 150
Eitingen-f3child Co., corn.(quar.)
62340. Aug. 30 Holders of rd. Aug. 1511
Electrical Securities. pref. (quar.)
'134 Aug. 1 *Holders of roe. July 15
Electric ShareholdingsCommon (quarterly) (No. 1)
•25e. Sept. 1 *Holders of rd. Aug. 5
Common (payable in corn. stk.)
412 Sept. 1 *Holders of rd. Aug. 5
Pref. (1-20 share corn. stk.)
(I) Sept. 1 *Holders of rec. Aug. 5
Electric Shovel Coal, panic. pt. (qu.)
$1 Aug. 1 Holders of rec. July 170
Elect. Storage Bat., corn. &Df.(qu.)
$1.25 Oct. 1 Holders of rec. Sept. 90
Elgin National Watch (quar.)
'62340 Aug. 1 Holders of roe. July 16
Ernporlum-Capwell Corp.,cons.(war.). *5003. Sept. 24 *Holders of roe. Sept. 1
Enamel & Heating Products (qu.)
500. Aug. 1 Holders of rec. July f15 I
Eureka Pipe Line (guar.)
$1
Aug. 1 Holders of rec. July ;151
Eureka Vacuum Cleaner (guar.)
$1 Aug. 1 Holders of rec. July 200
Evans Auto Loading, stock dividend... 3e2
Oct. 1 Holders of rec. Sept. 20
Exchange Buffet (guar.)
37)4e. July 31 Holders of rec. July 15a
Fair (The). corn.(guar.)
600. Aug. 1 Holden of rec. July 200
Preferred (guar.)
lig Aug. 1 Holders of roe. July 200
Fair (The). corn.(quar.)
•60c. Nov. 1 Holders of rec. Oct. 20
Preferred (guar.)
Nov. 1 Holders of rec. Oct. 20
Fashion Park Associates Prof. (quay.),,.
$1.75 Aug. 1 Holders of roe. July 170
Faultless Rubber, corn. (guar.)
Sept. 17
50o. Oct. 1
(guar.)
Preferred
Oct. 1
Sept. 17
Federal Knitting Mills. Corn. (qu.)
62)4e. Aug. 1 Holders of rec. July 15
Common (extra)
12340. Aug. 1 Holders of rec. July 15
•1)4 Oct. 1 Holders of ma. Sept.20
Preferred (guar.)
'154
154
JULY 27 1929.1
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed
Days ruder/foe.
Miscellaneous (Continued).
Federated Capital Corp. common
3714c Aug. 31 Holders of rec. Aug. 15
Common (payable in common stock)
11
Aug. 31 Holders of rec. Aug. 15
Preferred
3754c Aug. 31 Holders of rec. Aug. 15
Federated Publications, pref. (guar.)._ _
50c. July 31 Holders of rec. July 15
Fitz Simmons & Connell Dredge dr Dock.50c. Sept. 1 *Holders of ree. Aug. 21
Common (quar.)
Common (stock dividend 1-40th shale) (f) Sept. 1 *Holders of rec. Aug. 21
Common (stock div., 1-40th share)--Dec. 1
Florsheirn Shoe, Pref. (quar.)
114 Oct. 1 Holders of rec. Sept. 160
Formica Insulation (quar.)
*35c. Oct. I *Holders of rec. Sept. 14
*35c. Jan1'30 *Holders of rec. Dec. 14
Quarterly
Foster & Kleiser Co., corn. (guar.)
*256. Aug. 15 *Holders of rec. July 31
25c. Aug. 15 Holders of rec. July 31
Foundation Co. of Canada. com.(quar.)
114 Aug. 1 Holders of rec. July 20
Franklin (H. H.) Mfg., pref.(quar.)
Freeport Texas Co.(guar.)
Aug. 1 Holders of rec. July 150
$1
Frost St.& Wire 1st pf.& partic.pf.(qu.)- *1
Aug. I *Holders of rec. July 15
*20c. Aug. 1 *Holders of rec. July 15
Fuller Brush, class A (altar.)
*800. Aug. 1 *Holders of rec. July 15
Class AA (quar.)
*54.38 Aug. I *Holders of rec. July 15
Fuller (Geo. A.) Co. of Can., panic. pt
35e. Aug. 15 Holders of rec. July 310
General Alliance (quar.)
*$1.75 Sept. 1 *Holders of rec. Aug. 15
General Box, pref. (qua?.)
Preferred (payable in com. stock)--'/ $33.75 Aug. 1 *Holders of rec. July 19
General Cable, pref. (quar.)
51.75 Aug. 1 Holders of rec. July 100
$1 Sept. 1 Holders of rec. Aug. 80
Class A (guar.)
$1
General Cigar, common (guar.)
Aug. 1 Holders of rec. July 160
$1.75 Sept. 3 Holders of rec. Aug. 230
Preferred (ftuttr.)
General Laundry Mach'y (quar.)
40c. July 29 Holders of rec. July 19
General Mills, Inc., corn. (quar.)
75c. Aug. 1 Holders of rec. July 150
General Motors Corp.,6% deb. stk.(qu.) 114 Aug. 1 Holders of rec. July 8a
144 Aug. 1 Holders of rec. July 86
6% preferred (guar.)
14i Aug. I Holders of rec. July 85
7% Preferred (quar.)
General Public Service Corp.
51.50 Aug. 1 Holders of rec. July 10
56 preferred (guar.)
1.3744 Aug. 1 Holders of rec. July 10
$534 Preferred (quar.)
General Steel Wares, pref. (quar.)
14 Aug. 1 Holders of rec. July 15
General Stock Yards, corn. (quar.)
50c. Aug. 1 Holders of rec. July 15
Preferred (guar.)
114 Aug. 1 Holders of rec. July 15
General Tire & Rubber, corn. (au.) _ _
51
Aug. 1 Holders of rec. July 20
German Credit & Invest.
First pref. allot. ctfs. 20% paid
8714c. Aug. 1 Holders of rec. July 20
Gilchrist Co.(quar.)
75c. July 31 Holders of rec. July 15
Gillette Safety Razor (quar.)
SI 25 Sept. 3 Holders of rec. Aug. la
Gilman Oil (quar.)
*300. July 30 *Holders of rec. July 15
Gimbel Bros., Inc., pref. (quar.)
11( Aug. I Holders of rec. July 150
Cladding, McBean & Co.
Common (in corn stk)
*1
Oct. 1
Godman (II. C.) Co.(guar.)
75c. Aug. 10 Holders of rec. July 25
Goldberg (S. M.) Stores, $7 prof.(guar.) *51.75 Sept. 15 *Holders of rec .Sept. 1
Gold Dust Corp., com. (Ouar.)
6244c Aug. 1 Holders of rec. July 17a
Golden State Milk stock dividend (Qui- *el
Sept. I *Holders of rec. Aug. 15
Stock dividend
*el
Dee. 1 *Holders of rec. Nov. 15
Goodyear Tire & Rubber, com.(quar.)
$1.25 Aug 1 Holders of rec. July is
Gorham Mfg., coin. (guar.)
50c. Sept. 1 Holders of rec. Aug. 1
Common (quar.)
50c Dec
Holders of rec. Nov
Gotham Silk Hosiery, pref. (au.)
15(
Aug. 1 Holders of rec. July 120
Granby Consol. Min., Smelt.&Pow.(qu) $1.75 Aug. 1 Holders of
rec. July 120
Grand (F. & W.) 5-10& 25c. StoresPreferred (guar.)
1% Aug. 1 Holders of rec. July 13a
Grand Rapids Varnish (guar.)
*25c. Sept. 30 *Holders of rec. Sept. 20
Quarterly
.256. Dee. 31 *Holders of rec. Dec. 20
Great Lakes Dredge & Dock (quar.)
2
Aug. 15 Holders of rec. Aug. 7
Greenway Corp., 5% pref. (quar.)
.756 Aug 15 *fielders of rec. Aug
5% Preferred (guar 1
*75e. Nov IS •Ii, Mere of tee. Nov 1
Onion Watch, common (quar.)
'50e. Sept. 1 *Holders of rec. Aug. 21
Common (guar.)
*50c. Dee. 1 *Holders of rec. Nov. 20
Common (quar.)
*500. M'r1'30 *Hold,of rec. Feb. 18'30
Preferred (quar.)
•14( Aug. 1 *Holders of rec. July 21
Preferred (quar.)
•14( Nov. 1 *Holders of rec. Oct. 21
Preferred (quar.)
Febl'30 *Hold. of ree. Jan. 21 '30
Guardian Invest. Trust.. corn.(No. H._ /1
Aug. 1 *Holders of rec. June 27
Guelph Carpet & Worsted Spinn, Mills
Cony. preferred (guar.)
144 Aug. 1 Holders of rec. July 15
Gulf States Steel, corn. (quar.)
Oct. I *Holders of rec. Sept. 16
*SI
Preferred (quar.)
1)4 Oct. 1 Holders of rec. Sept. 16a
Preferred (qaar.)
1)4 Jan 1'30 Holders of tee. Dec. les
Haiku Pineapple, pref. (guar.)
'43)40 Aug. 1 *Holders of rec. July 15
Hale Bros., com. (guar.)
*50e. Sept. 1 *Holders of rec. Aug. 15
Halle Bros. Stores common (guar.)
50c. July 31 July 25 to July 31
1 ,14 July 31 July 25 to July 31
Preferred (quar.)
Hall (W. F.) Printing, com.(quar.)___
*250. July 31 *Holders of rec. July 20
14i Aug. 1 Holders of rec. July 15
Hamilton Bridge, 1st pref. (guar.)
.25c. Aug. 15 *Holders of rec. July 31
Ilammermill Paper, com. (guar.)
Hart-Carter Co., pref. (quar.)
.500. Sept. I *Holders of rec. Aug. 15
Hartford Times, Inc. panic. pf. (qu.).._ .75c. Aug. 15 *Holders of rec. Aug. I
Hart,Schaffner & Marx, corn.(guar.)._ _ *52 Aug. 31 *Holders of rec. Aug. 15
Hawaiian Com'l & Sug. (mthly)
*25c. Aug. 5 *Holders of rec. July 25
Monthly
.25c. Sept. 5 Holders of rec. Aug. 25
Monthly
*25c.,Oct. 5 *Holders of rec. Sept. 25
Monthly
*25c. Nov. 5 *Holders of rec. Oct. 25
Monthly
*25c. Dec. 5 *Holders of rec. Nov. 25
Hawaiian Pineapple (quar.)
50c.'Auft. 31 Holders of rte. Aug. 150
Hayed Body Corp.(guar.) (Pay. In stk.) 1
Oct. 1 Sept. 26 to Sept.30
Quarterly (payable in stock)
1
Jan2'30 Dee, 25 to Jan. 1
Hershey Chocolate, cony. pref. (guar.). 51
Aug. 15 Holders of rec. July 250
Prior preferred (quar.)
14 Aug. 15 Holders of rec. July 25a
Hibbard,Spencer,Bartiett&Co.(mthly.)
35c.'Aug. 30 Holders of rec. Aug. 23
Monthly
35c. Sept.27 Holders of rec. Sept.20
Holly Sugar Corp., pref.(quar.)
144' Aug. 1 Holders of rec. July 15
Home Oil Co.. Ltd
20
Aug. _- July 28 to Aug. 10
Hood Rubber,7% prof. (quar.)
•13( Aug. 1 *Holders of rec. July 22
714% preference (quar.)
"1.87 Aug. 1 *Holders of rec. July 22
Hood Rubber Products, pref. (quar.)
•14‘ Sept. 1 *Holders of rec. Aug. 20
Hormel ((leo. A.) Co.. COM.(quar.)._
*3714c Aug. 15 *Holders of rec. Aug. 1
Horn & Hardart of N.Y..cOm.(guar.)-. 6234e Aug. I Holders of
rec. July lla
Preferred (quar.)
144 Sept. 2 Holders of rec. Aug.c113o
Household Products(quar.)
8714c Sept 3 Holders of rec. Aug. I56
Houston Oil, preferred
*3
Aug. 1 *Holders of rec. July 19
Humbersome Shoe, corn
*50c Aug.
*Holders of rec. July 15
Common (extra)
): Aug
*Holders of rec. July 15
Hunt Bros. Packing (guar.)
Aug.
*Holders of rec. July 15
Hupp Motor Car Corp.(Guar.)
500. Aug.
Holders of rec. July 150
Stock dividend (quar.)
624 Aug.
Holders of roc. July 150
Stock dividend (guar.)
e144 Nov
Holders of tee. Oct. 160
Huron & Erie Mortgage (guar.)
*2
Oct.
Illinois Brick (quar.)
•600 Oct. 15 *Holders of rec. Oct. 3
imperial Royalties, pref. (monthly)..._
1
July 30 Holders of rec. July 25
Class A preferred (monthly)
180. July 30 Holders of roe. July 25
Independent Oil & Gas (guar.)
50c July 31 Holders of rec. July 150
Independent Packing, pref. (guar.).
14( Aug. 1 Holders of ree. July 20
Indiana Pipe Line
51 Aug. 15 Holders of rec. July 26
Extra
$3 Aug. 15 Holders of rec. July 25
Induatrial Finance Corp., 7% pf. (qu.). 144 Aug. 1 Holders of rec. July 19
144 Aug. 1 Holders of rec. July 19
6% Preferred (guar.)
Ingersoll-Rand Co., corn. (quar.)
$1
Sept. 3 Holders of rec. Aug. 66
Internal. Agricultural Corp., Pr. Pt.(OIL)
Sept. 3 Holders of rec. Aug. 15a
International Banding Mach.
preferred
2
Common and
(special)
Aug. I
Internat. Business Mach.(quar.)
51.25 Oct. 10 Holders of rec. Sept. 216
81
Aug. 1 Holders of rec. July 19
Internat, Cigar Mach'y (guar.)
500 Aug. 1 Holders of rec. July 19
Extra
Internat. Combustion Eng., com.(au.).
50c Aug. 31 Holders of rec. Aug. 160
Preferred (quar.)
1)4 Oct. 1 Holders of rec. Sept. 166
International Harvester, pref.(quar,)_ _
154 Sept. 3 Holders of rec. Aug. 50
Internat. Nickel of Canada pref. (qu.)
144 Aug. 1 Holders of too. July la
International Paper Co., com. (quar.)
(10c. Aug. 15 Holders of rec. Aug. 16
Internat. Paper & Power, corn. A(1311.)-60c. Aug. 15 Holders of rec. Aug. 16
Internal. Printing Ink, corn.(quar.)._. 6254c Aug. 1 Holders of rec. July 15a
$1.50 Aug. 1 Holders of rec. July 156
Preferred (quar.)
60c. Sept. 3 Holders of rec. Aug. 14
Internat. Safety Razor, cl. A (quar.)
500. Sept. 3 Holders of rec. Aug. 14
Class II (quar.)
25e. Sept. 3 Holders of roe. Aug. 14
Class B (extra)
CO
F5L
194
Name of Company.
591
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
International Shoe, pref. (monthly)___
50c. Aug. 1 Holders of rec. July 15
*50e. Sept. 1 *Holgers of rec. Aug. 15
Preferred (monthly)
*50e. Oct. 1 *Holders of rec. Sept. 15
Preferred (monthly)
*50e. Nov. 1 *Holden of rec. Oct. 15
Preferred (montklY)
•50o. Deo. 1 'Holders of rec. Nov. 15
Preferred (monthly)
050e. Jaa 110 *Holders of tee. Dec. 16
Preferred (monthly)
Int. Tea. Amer. dep. rcts, for ord. rug.. *16 Aug. 12 *Holders of rec. July 16
25c. Aug. 15 Holders of roe. Aug. la
Intertype Corp., corn. (guar.)
250. Aug. 15 Holders of rec. Aug. la
Common (extra)
*52 Oct. 1 *Holders of rec. Sept. 16
1st pref. (guar.)
Jade 011 (quar.)
'3.40. Aug. 1 *Holders of rec. July 25
*50c. Aug. I *Holders of rec. July 12
Jantzen Knitting Mills, com. (quar.)
4150. Oct. 1 *Holders of rec. Sept. 17
Jefferson Electric (guar.)
Joint Security Corpfl
Aug. 1 Holders of rec. July 10
Corn.(payable in com.stock)
11
Nov. 1 Holders of rec. Oct. 20
Corn.(peyablein corn stock)
*I50. Sept. 30 *Holders of rec. Sept. 20
Kalamazoo Vegetable Parchment(qu.)
*15c. Dec. 31 *Holders of rec. Dec. 21
Quarterly
Kansas City Stock Yards, corn. (quar.). *14 Aug. 1 *Holders of rec. July 15
*111 Aug. 1 *Holders of rec. July 15
Preferred (guar.)
380. July 29 Holders of rec. July 10a
Kaufmann Dept. Stores com.(quar.)
'62340 Oct. 15 *Holders of ma. Sept. 30
kawneer Company (quar.)
*132140 Jan15'30 *Holders of roe. Dec. 31
Quarterly
Aug. I Holders of rec. July 154
Si
Kayser (Julius) & Co., corn. (qu.)
144 Aug. 1 Holders of rec. June 22
Kelsey-Hayes Wheel, pref. (quar.)
51.50 Aug. 1 Holders of rec. July 196
Keystone Watch Case,corn
250. Oct. 1 Holders of rec. Sept. 160
Kinney (G. R.) & Co., com.(quar.)
2
Sept. 3 Holders of rec. Aug. 156
Preferred (guar.)
1
Sept. 10 *Holders of rec. Aug. 31
Kirby Lumber (quar.)
*1% Dee. 10 *Holders of rec. Nov.30
Quarterly
20e. Aug. 1 Holders of rec. July 22
Klein (Henry) & Co., corn. (guar.)
30e. Aug. 1 Holders of rec. July 22
Participating pref. (guar.)
20e. Aug. 1 Holders of rec. July 22
Participating pref. (partic. div.)
50c. Aug. 1 Holders of rec. July 15
Knapp Monarch Co., common
*51.50 Sept. 16 *Holders of MC. Aug. 15
Knox Hat, com. (quar.)
$1.75 Oct. 1 Holders of rec. Sept. 160
Prior preferred (quar.)
750 Sept. 3 Holders of rec. Aug. 156
Participating Pref. (guar.)
75e Dec. 2 Holders of rec. Nov. 150
Participating pref.(guar.)
256. Aug. 1 Holders of rec. July 20a
Kress (S. II.) & Co., com. (qua?.)
*15c. Aug. 1 *Holders of rec. July 20
Special pref. (quar.)
Kroger Grocery & Baking, 2d pf. (qu.) _ "14.( Aug. 1 *Holders of rec. July 31
*53 Sept. 3 *Holders of rec. Aug. 15
Lackawanna Securities
Laclede-Christy Clay Prod., com.(qu.)- $1.25 Aug. 1 Holders of rec. July 22
.500. July 30 *Holders of rec. July 15
Lakey Foundry & Mach.(quar.)
'2)4 July 30 *Holders of rec. July 15
Stock dividend
ti Oct. 30 "Holders of rec. Oct. 15
Stock dividend
756. Aug. 1 Holders of rec. July 150
Landay Bros.. Inc., el. A (nu.)
.7544. Sept.30 *Holders of rec. Sept. 20
Landers, Frary & Clark (Guar.)
*75e. Dee. 31 *Holders of roe. Dec. 11
Quarterly
Aug. 1 Holders of rec. July 15
(quar.)
Lane Bryant, Inc., pref.
Langendorf United Bakeries15 *Holders of rec. Sept. 30
Oct.
*500.
(guar.)
and
B
Class A
*50c. Ja 15'30 *Holders of rec. Dec. 30
Class A and B (guar.)
134 Aug. 31 Holders of rec. Aug. 216
Ltmston Monotype (quar.)
Aug. 1 *Holders of rec. July 19
Lawbeck Corp., pref. (guar.)
Lazarus (The F. & R.) & Co., PL(111.)•• *145 Aug. I *Holders of rec. July 20
1 *Holders of rec. Sept.15
Oct.
*87350
(guar.)
pref.
Leath & Co..
40e. Aug. 15 Holders of rec. Aug. 5
Lercourt Realty Corp.. common (quar.)_
Aug. 31 Holders of rec. July 3I6
$1.
Lehigh Coal & Nay.(quar.)
Lehigh Portland Cement, com.(guar.). 6245e. Aug. 1 Holders of rec. July 136
*40c. Aug. 1 *Holders of rec. July 22
Lincoln Printing corn.(quar.)
650. Sept. 1 Holders of rec. Aug. 15s
Link Belt Co.(guar.)
*500. July 27 'Holders of rec. June 28
Lion 011 Refining (quar.)
Aug. 1 Holders of rec. July 201
51
Liquid Carbonic Corp.(guar.)
15c. Aug. 1 Holders of rec. July 20
Loew's Boston Theatres (quar.)
$ 1.6214 Aug. 15 Holders of rec. July 2641
Loew's. Ins., Prof.(guar.)
Loose-Wiles BLscult Co., corn. (guar.).65c. Aug. 1 Holders of rec. July 186
Aug. 1 Holders of rec. July 17
2
Lord & Taylor. pref.(guar.)
144 Aug. 15 Holders of rec. Aug. to
Louisiana Oil Ref., Prof.(guar.)
Sept.30 *Holders of rec. Sept.20
Lunkenheimer Co., pref. (guar.)
•134 Dec. 31 *Holders of rec. Dec. 21
Preferred (guar.)
.2
Aug. 1 *Holders of rec. July 16
Luther Manufacturing (guar.)
*50c. Aug. 15 *Holders of rec. Aug. 5
Lynch Glass Machine, pref. (quar.)
MacKinnon Steel Corp. 1st pt. (quar.)
114 Aug. 1 Holders of rec. July 22
500. Aug. 15 Holders of rec. July 266
Macy (R. II.) & Co.. corn. (guar.)
July 31 Holders of rec. June 29
5
Mansfield Theatre. Ltd.. Toronto corn
334 July 31 Holders of rec. June 29
Preference
$1
Sept. 3 Holders of rec. Aug. 150
May Dept. Stores Inc (guar.)
$1.50 Aug. 1 Holders of rec. July 156
Maytag Co., first pref. (quar.)
750. Aug. 1 Holders of rec. July 156
Cumulative preference (quar.)
it
Aug. 1 Holders of rec. July 156
McCall Corporation (quar.)
*500. Aug. I "Holders of rec. July 18
McCord Radiaton Mfg., cl. B (quar.)
134
Aug. 1 lIolders of rec. July 206
McCrory Stores, pref. (quar.)
25c. Sept. 3 Holders of rec. Aug. 10
McIntyre Porcupine Mines (quar.)
35c. Aug. I Holders of rec. July 186
Melville Shoe Corp.. common (guar.).14 Aug. 1 Holders of rec. July 18
First preferred (quar.)
114 Aug. 1 Holders of rec. July 18
Second preferred (quar.) ($5 par)
1)4 Sept. 1 Holders of rec. Aug. 156
Mengel Co., pref. (guar.)
144 Aug. 1 Holders of rec. July 15
Mercury Mills, Ltd., pref. (guar.)
Merritt-Chapman&Seatt Corp.,com.(qu)
400. Sept. 1 Holders of rec. Aug. 15
144 Sept. 1 Holders of rec. Aug. 15
Preferred series A (quar.)
*81.50 Aug. I *Holders of rec. July 20
Metal & Thermit, COM. (quar.)
Metropolitan Chain Stores, pref. (quar.) •51.75 Aug. 1 *Holders of rec. July 18
*51.50 Aug. 1 *Holders of rec. July 20
Metropolitan Industries, prof.(guar.)
Meyer-Blanke Co., common (quar.).... 31 gc.'Aug. 10 Holders of rec. June 30
Miami Copper Co. (guar.)
51 'Aug. 15 Holders of rec. Aug. 14
50e. Aug. 15 Holders of rec. July 156
Mid-Continent Petroleum,corn.(guar.).
Aug. 15 *Holders of rec. Aug. 3
.11.25
Minneapolis-Honey well Reg., com
*50c. Aug. 15 *Holders of rec. Aug. 3
Common (extra)
"1.4( Aug. 15 "Holders of rec. Aug. 1
Preferred (guar.)
•144 Nov. 15'Holders of rec. Nov. 1
Preferred (gust.)..
Minneapolis-Moline Power Implement
Aug. 15 Holders of rec. July 26
51.625
Co. pref. (guar.)(No. 1)
Miss. Val. UM., Invest. pr.!ten (gu.)-- 51.50 Aug. 1 Holders of rec. July 15
Missouri-Kansas Pipe Line(e) July 31 *Holders of rec. July 31
Stock dividend (1-30th share)
50c. Aug. I Holders of rec. July 19
Mo. Portland Cement (guar.)
25c, Oct. 15 Holders of rec. Sept.30
Mitchell (Robert) Co. Ltd.(guar.)
Mitten Bank Securities Corp.. COM
245 Aug. 15 Holders of rec. July I
1.4.1 Aug. 15 Holders of rec. July 31
Common (extra)
Aug. 15 Holders of rec. July 1
Preferred
3
Preferred (extra)
35 Aug. 15 Holders of rec. July 1
Preferred (extra)
54 Aug. 15 Holders of rec. July 31
Mock Judson Voehringer Co.,com.(qu.)
50c. Aug. 15 Holders of rec. Aug. 1
Modine Mfg., common (guar.)
*50c. Aug. 1 *Holders of rec. July 20
*250. Aug. 1 *Holders of rec. July 20
Common (extra)
Mohawk Mining
Sept. 2 Holders of rec. July 31
$2
Montgomery Ward & Co., com.(guar.). 62)40 Aug. 14 Holders of rec. Aug. 16
Class A (guar.)
*51.75 Oct. 1 *Holders of rec. Sept.20
Monsanto Chemical Works(in'lock).- •144 Aug. 1 'Holders of rec. dull 20
Moody's Investors Service-750. Aug. 15 Holders of ree. Aug. 1
Participating pref.(quar.)
750. Nov. 15 Holders of rec. Nov. I
Participating pref.(guar.)
Moore Drop Forge. class A (quar.)
"11.50 Aug. 1 *Holders of rec. July 15
Mulford (H. K.) Co.. Corn. (quar.)
*$1.50 Aug. 15 *Holders of rec. July 15
Mullins Mtg., prof. (guar.)
$1.75 Aug. 1 Holders of rec. July 15
Muncie Gear Co.. pref.. class A (quar.) *500. Oct. 1 *Holders of roe. 8e91.15
Jan1'30 *Holders of tee. Dee. 15
Preferred, class A ((uar.)
Oct. 2 *Holders of rec. Sept.11
*2
Murphy (0. C.) Co.. pref. (guar.)
Si 50 Aug. 1 Holders of rec. July 204
Nash Motors (guar.)
National Acme (guar.)
37140. Aug. 1 Holders of rec. July 15a
National American Co.. Inc. (au.)
50c. Aug. I Holders of rec. July 15
National Aviation (stock dividend)...- 610 Sept. 1 Holders of rec. Aug. 15
National Bearing Metals, pref. (quar.).. 134 Aug. 1 Holders of rec. July 16
250. Oct. 15 Holders of rec. Oct. la
Nat. Bellas-Hess, new corn.(guar.)
25o. Jan15'30 Holders of roe. Jan.1'30a
New common ((uar.)
el
Oct. 15 Holders of roe. Oct. la
Stock dividend (guar.)
Ja.15'30 Holders of rec. Jan.2'30a
ii
Stock dividend (guar.)
14 Sept. 2 Holders of rec. Aug. 21a
Preferred (quar.)
National Biscuit, corn.(guar.)
11.50 Oct. 15 Holders of rec. Sept. 276
Preferred (guar.)
134 Aug 31 Holders of rec Aug. 15a
592
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed
Days Inclustre.
Miscellaneous (Continued).
National Carbon, pref.(guar)
2
Aug. 1 Holders of rec. July 20
National Dairy ProductsCommon (payable In common stock). ci
1 Holders of reo. Sept Sa
Oct
Nat. Dept. Stores. lot pref. (guar.
51.75 Aug. 1 Holders of roe. July 150
Nat. Distillers Prod.. pref.(qu.)(No. I) $1.75 Aug. 1 Holders of rec. July 15a
National Enameling & Stns.. common_ $1
Aug. 1 Holders of rec. July la
Nat. Fireproofing. pref. (guar.)
5234c. Oct. 15 Holders of rec. Oct. 1
National Eood Products2
Oct. 15 Holders of roe. Oct.
Class B (Payable In class B stk.)
National Lead, pref. class B (qua?.)..._
114 Aug. 1 Holders of rec. July 19a
Nat. Recording Pump,cony. stk.(guar.) 4750. Aug. 1 Holders of rec. July 22
National Refining, com.(guar.)
37140 Aug. 15 Holders of rec. Aug. 1
National Tea, new 514% pref. (quar.).. 1354c. Aug. 1 Holders of rec. July 13
National Terminals prior pref. (qua?.).. *25e. Aug. 1 *Holders of rec. July 23
Convertible pref.(guar.)
4.43540 Aug. 1 *Holders of roe. July 23
National Tile (guar.)
The. Aug. 1 Holders of me. July 15
Nauheim Pharmacies. Inc., pref. (quar.) 6254e. Aug. 1 Holders of rec. July 19
Neisner Bros., Inc. corn.(In cam.stk.).- 1600. Aug. 5 Holders of rec. July vo
Preferred (guar.)
134 Aug. 1 Holders of me. July 15
New Amsterdam Casualty (quar.(No. 1) *50e. Aug. 1 *Holders of rec. July 19
New Bedford Cordage, corn. (quar,)_... *500. Sept. 2 *Holders of rec. Aug. 15
Preferred (guar.)
*134 Sept. 2"Holders of rec. Aug. 15
Newberry (J. J.) & Co., pref.(guar.)- •134 Sept. 1 *Holders of rec. Aug. 18
Newberry (J..J.) Realty. prof. A Ma .11$1.82 Aug. 1 *Holders of rec. July 15
P ferred B (guar.)
re *21.50 Aug. 1 *Holders of roe. July 15
New Haven Clock. 634% prof. (Qua?.).. '154 Aug. 1 *Holders of rec. July 24
New Jersey Zinc (guar.)
*50c. Aug. 10 "Holders of roe. July 20
New Process Co., Prof. (quar.)
134 Aug. 1 Holders of rec. July 15
New River Co., pref.(acct. aceum. dIv.- 531.50 Aug. 1 Holders of rec. July 20
Newton Steel, preferred (guar.)
.031.50 July 31 *Holders of rec. July 15
New York Air Brake, corn. (quar.)
75e. Aug. 1 Holders of rec. July 90
N. Y. & Honduras Rosario Min (qu.)...
25e. July 27 Holders of rec. July 17
Extra
250. July 27 Holders of rec. July 17
N. Y. Merchandise common (quar,).... 050e. Aug. 1 *Holders of roe. July 19
Preferred (guar.)
•$1.75 Aug. 1 'Holders of roe. July 19
Nichols Copper Co., class A (quar.).... 4334c. Oct. 1 Holders of rec. Sept. 20
Class B
*75e. Nov. 1
Noma Electric Corp. common (quar.)
40c. Aug. 1 Holders of me. July 15
North America Rives. corn.(guar.)
Aug. 20 *Holders of roe. July 30
*31
North American 011, Consul.(monthly). •10c. Aug. 1 *Holders of me. July 20
North Central Texas Oil (guar.)
15e. Sept. 1 Holders of rec. Aug. 10
Northern Manufacturing. prof.(guar.)
190. Sept. 1
Preferred (guar.)
19e Dee. 1
*50c. Aug. 1 'Holders of rec. July 15
Northwest Engineering (guar.)
011stocks. Ltd., el. A & B
1214c. Aug. 15 Holders of rec. July 31
Oil Well Supply Co., pref.(guar.)
$1.75 Aug. 1 Holders of rec. July 120
Oliver United Filters, class A (guar.)... *50c. Aug. 1 *Holders of rec. July 19
Oppenhelm, Collins & Co., corn. (qu.).. $1.25 Avg. 15 Holders of me. July 280
Oppenheimer (S.) di Co., pref. (anal'.).. 2
Aug. 1 Holders of rec. July 25
Otis Elevator, pref. (guar.)
154 Oct. 15 Holders of rec. Sept. 300
114 In15'30 Holners of reo. Dec. 310
Preferred (guar).
Outlet Co.common (guar.)
$1
Aug. 1 Holders of roe. July 200
First preferred (guar.)
$1.75 Aug. I Holders of ree. July 20a
Second preferred (guar.)
21.50 Aug. 1 Holders of rec. July 20
Overseas Securities Co., Inc
Aug. 15 Holders of rec. Aug. 1
$1
Pacific Clay Products (guar.)
.80c. Aug. 1 *Holders of rec. July 20
Pacific Coast Biscuit, pref. (quar.).
'8714c Aug. 1 'Holders of rec. July 18
Pacific Finance Corp.. series A (quar.).. .50c. Aug. 1 *Holders of rec. July 20
•4044c Aug. 1 *Holders of rec. July 20
Series C (guar.)
Series D (guar.)
.4334e Aug. 1 *Holders of rec. July 20
Pacific Steamship, pref. (quar.)
•114 Aug. 1 *Holders of rec. July 13
Packard Motor Car (monthly)
250. July 31 Holders of rec. July 12e
Monthly
250. Aug. 31 Holders of roe. Aug. 12s
Extra
51.50 July 31 Holders of roe. July 120
Paepke Corp.. corn. (guar.)
•114 Aug. 15 *Holders of roe. Aug. 8
Parker Pen Co. (guar.)
6234e Aug. 15 Holders of roe. Aug. 1
Park dr Tilford, Ins.(guar.)
750. Oct. 14 Holders of rec. Sept. 30e
Stock dividend
1
Oct. 14 Holders of rec. Sept. 300
Quarterly
750. Janle30 Holders of rec. Dee. 30a
Stock dividend
1
Janine Holders of ree. Dec. 30e
Quarterly
75e. Apr14'30 Holders of roe. Mar.29a
Stock dividend
1
Apr14'30 Holders of ree. Mar. 290
Penman,. Ltd., corn.(guar.)
31 Aug. 15 Holders of rec. Aug. 5
Preferred (guar.)
$1.50 Aug. 1 Holders of rec. July 22
Penn Traffic
714e. Aug. 1 Holders of rec. July I50
Perfection Stove (monthly)
.3734e July 31 *Holders of fee July lb
Monthly
*3734c Aug. 31 *Holders of roe Aug. 16
Monthly
'3754c Sept.30 *Holders of roe Sept 18
Monthly
•3734r Oct. 31 'Holders ol rec. Oct. 17
Monthly
*3734c Nov.30 *Holders of me. Nov 18
Monthly
1•3714c Dec. 31 *Holders 'if rec. Dec IR
Petroleum Royalties Co., pref.(rattily.). 1
Aug. I Holders of rec. July 25
Preferred (extra)
34 Aug. 1 Holders of roe. July 25
Petroleum di Trading Corp. el. A (qu.). 3114e. Aug. 1 Holders of rec. July 19
Philadelphia Insulated Wire
'
52.50 Aug. 1 Holders of rec. July 150
Philippe (Louis), Inc., class B (guar.)_ _
25e. Aug. 1 Holders of rec. July 19
Phillips-Jones Corp. pref. (guar.)
11( Aug. 1 Holders of rec. July 200
Pitney-Howes Postage Meter (guar.)_
'Sc. Aug. 1 *Holders of rec. July 17
Pittsburgh Steel Co. pref. (guar.)
114 Sept. 1 Holders of rec. Aug. 10a
Postum Co. Inc., corn.(guar.)
75e. Aug. I Holders of rec. July lba
Powdrell & Alexander, Inc., corn.(guar.) .87 ric Aug. 15 *Holders of ree. Aug. 1
Preferred (quar.)
•134 Oct. 1 'Holders of roe. Sept. 19
Power & Light Securities TrustShares of beneficial interest
50e. Aug. I Holders of rec. July 16
Shares of beneficial interest (in stock). s134 Aug. 1 Holders of roe. July 16
Prairie Cities Oil Co., Ltd. A (guar.)
25e, Aug. 1 Holders of roe. July 15
Pressed Metals of Amer., pref.(quar.). *134 Oct. 1 *Holders of lee. Sept. 12
Preferred (guar.)
11,134 Janl'30 *Holders of roe, Dec. 12
Process Corp.. corn. (guar.)
*SW. Aug. 1 *Holders of roe. July 20
Procter & Gamble Co., corn.(quar.),.. $2
Aug. 15 July 24 to Aug. 11
Public Investing Co.(quar.)
250. Sept. 10 Holders of rec. July It,
Public Utilities &cur., partic. pfd. (au.) 1.6214 Aug. 1 Holders of rec. July 22
Participating preferred (extra)1210. Aug. I Holders of rec. July 22
Pullman, Inc. (guar)
51
Aug. 15 Holders of rec. July 240
Pyrene Manufacturing, corn.(quar.)..... 2
Aug.
July 20 to July 31
Quaker Oats Co., pref. (guar.)
•134 Aug. 3 *Holders of rec. Aug. 1
Quincy Market Cold Storage, pref.(qu.) *31.25 Aug. 'Holders of rec. July 18
Raymond Concrete Pile, corn. (qua?.)..
Holders of roe. July 20
50c. Aug.
Common (extra)
25e. Aug.
Holders of rec. July 20
Common (special)
Holders of rec. July 20
25c. Aug.
Preferred (guar.)
Holders of rec. July 20
75e. Aug.
Reed (C. A.) Co., class A (guar.)
Holders of roe. July 20
50c. Aug.
Remington-Rand Co., let prof. (guar.). 134 Oct.
Holders of rec. Sept. 7a
Second preferred (guar.)
Holders of rec. Sept. 7a
Oct.
$2
Remington Typewriter common (qu.) "21.25 Oct.
*Holders of rec. Rcpt. 7
First preferred (guar.)
*Holders of rec. Sept. 7
'134 Oct.
Second preferred (guar.)
'Holders of rec. Sept. 7
'2
Oct.
Republic Brass. pre (guar)
Holders of rec. July Ina
134 Aug.
Republic Iron & Steel, corn. (guar.).
.31
Sept. 3 *Holders of rec. Aug. 12
Preferred (guar.)
•134 Oct. 1 'Holders of rec. Sept. 12
Republic Service Co.. pref. (guar.)
.31.50 Aug. 1 Holders of roe. July 15
Republic Stamping & Enamel
400. Oct. 1 Holders of ree. Sept.20
Rice-Stlx Dry Goods, common (qua?.).. 3714 Aug. I Holders of rec. July IS
Richards(Elmer) Co.. pref.(quar.)
*50c. Aug. 1 *Holders of rec. July 25
Richfield Oil, corn. (guar.)
500 Aug. 15 Holders of roe. July 20a
New preferred (guar.)
*4334c Aug. 1 *Holders of me. July 5
Rio Grande OH
$1
(r)
Hold of rec. Jan 6 '88
,Stock dividend
01 )4 Oct. 25 Holders of me. Oct 5
Riverside Por. Cement. let pref.(an.).. 41.50 Aug. 1 *Holders of me. July 15
Class A (guar.)
'3114c Aug. 1 *Holders of rec. July 15
Hoover Bros., Inc., preferred
1731e. Aug. 1 Holders of ree. July Se
Royal Dutch Co., N.Y.shares
31.873 Aug. 13 Holders of rec. July 30a
Russell Motor Car Co. common (guar.). '13-4 Aug. 1 *Holders of ree. July 15
Preferred (guar.)
•134 Aug. 1 *Holders of rec. July 15
Ruud Mfg.. corn.(guar)
debc. Aug. 1 *Holders of rec. July 20
Ryerson (Jos. T.)&Son,Inc., corn.(qu.) *50c. Aug. 1 *Holders of ree. July 19
St. Josepb Lead Co.(guar.)
50e. Sept 20 Sept lu to Sept 20
Extra
25e. Sept.20 Sept 10 to Rept so
134 Aug. 1 Holders of roe. July 20
St. Lawrence Flour Mills Pref. (qua?.)._
134 Aug. 1 Holders of rec. July 24
St. Louis Car, pref.(guar.)
Name of Company.
[VOL. 129.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Salt Creek Producers (guar.)
50e. Aug.
Holders of rec. July 15a
Samson Tire & Rubber. corn,(No. 1)
Holders of ree. July 15
31 Mc Aug.
Saunders (Clarence) Stores corn. A (qu.) 75o. Aug.
Holders of roe. July 26
Preferred A (guar.)
Holders of rec. July 26
8754c Aug.
Ravage Arms, 24 pref. (guar.)
*1114 Aug. 1 *Holders of ree. Aug. 1
Savannah Sugar, corn. (guar.)
Holders of rec. July 15
$1.50 Aug.
,Preferred (guar.)
01.75 Aug.
Holders of rec. July IS
Scher-Hirst, Inc., class A (guar.)
Holders of rec. July 217
600. Aug.
Schulte United 5c to $1 Stores. prof.(qu.) *$1.75 Oct.
*Holders of roe. Sept. 20
Scott Paper, pref.ser. A (guar.)
154 July 3 Holders of rec. July 17a
Preferred, series B (guar.)
114 July 3 Holders of roe. July 170
Corn.(in stk.subj. to stkhrs.'aPProv.) 12
Dee. 3
Seaboard Surety (guar.)
1I4 Aug. 15 Holders of rec. July 31
Sears, Roebuck & Co.(guar.)
6214c Aug. 1 Holders of me. July 150
Quarterly (payable lu stock)
sl Aug. 1 Holders of rec. July 1545
Quarterly (payable In stock)
sl Nov. I Holders of rec. Oct. lad
Securities Corp., general. corn.(guar.)._ 51
Aug. I Holders of rec. July 22a
First preferred (guar.)
$1.75 Aug. 1 Holders of rec. July 22a
Seeman Brothers. the., corn. (guar.).- 500. Aug. 1 Holders of roe. July 15
Selby Shoe, corn. (guar.)
bbc. Aug. 1 Holders of rec. July 15
Preferred (guar.)
134 Aug. 1 Holdem of roe. July IS
Seton Leather common (guar.)
50e. Aug. 1 Holders of reo. July 16
Shaeffer(W A.) Pen Co.(guar.)
Sept.19 *Holders of roe. Aug. 27
*81
Sheffield Steel, corn.(pay.In corn. stk.). 11
Oct. I *Holders of rec. Sept.20
Silver (Isaac) & Brae. Prof. (guar.)
134 Aug. 1 Holders of roe. July 20
Simmons Co.(guar.)
75e. Aug. I Holders of rec. July 180
Simon (Franklin) Co., pref. (guar.)
134 Sept. 3 Holders of rec. Aug.d190
Sinclair Consol. 011, Prof. (guar.)
Aug. 15 Holders of rec. Aug. la
2
Skelly 011 (guar.)
50e. Sept. 16 Holders of rec. Aug. 150
Skinner Organ common (guar.)
6214c Aug. 1 Holders of rec. July 30
Skouras Bros. class A (guar.)
75e, Aug. I Holders of roe. July 25
Smith (A. O.) Corp. common (guar.)
30e. Aug. 15 Holders of rec. Aug. 1
Preferred (guar.)
134 Aug. 15 Holders of rec. Aug. 1
South Coast Co. pref.(guar.)
$1.75 Aug. 15 Holders of rec. July 31
Southern Pacific Golden Gate FerriesClass A and B (guar.)(No. 1)
"3714c Aug. 15 *Holders of rec. July 31
Soong. Chalfant & Co.. pref.(qua?.).... 13.4 Oct. 1 Holders of rec. Sept. 14a
Spencer Kellogg & Sons. Ins.(guar.).
400. Sept.30 Holders of roe. Sept. 140
Spiegel-May-Stern Co., corn. (quar,)... 760. Aug. 1 Holders of rec. July 15e
Preferred (guar.)
1.621i Aug. 1 *Holders of rec. July 15
Standard Investing Corp. Prof.(qu.) .$ 1.3714 Aug. 15 Holders of rec. July 28
Standard Pay. & Materials corn.(qu.)..
e. Aug. 15 Holders of r3e. Aug. 2
Preferred (guar.)
1K Aug. 15 Holders of rec. Aug. 2
Stanford's, Ltd., lst & 2d pf. (qu.)
134 Aug. 1 Holders of rec. July 15
Stanley Works,6% pref. ((mar.)
*3714c Aug. 15 *Holders of rec. Aug. 3
Statewide See. Corp.(No. 1)
10c. Aug. 1 Holders of rec.dJuly 31
Steel Co. of Canada. corn. & prof.(qu.). 431(e Aug. 1 Holders ot roe. July 6
Steel dr Tubes, pref. B.(guar.)
51.1234 Aug. 1 Holders of roe. July 19
Steinite Radio(quart..
I
'254 Oct
Stephens Fuel Co. 1st pref.(guar.)
•134 Aug. 1 *Holders of rec. July 20
Stewart-Warner Corp.New $10 par stock (in stock)
Aug. IS Holders of ree. Aug. 5
e2
New $10 par stock (In stock)
Nov. 15 Holders of roe. Nov. 5
a
New $10 par stock (In stook)
s2
2/16/30 Holders of lee. Feb.two
Stix Baer & Fuller, corn.(guar.)
'3754e Sept. 1 *Holders of ree. Aug. 15
Common (guar.)
*37 Ke Dee. 1 *Holders of rec. Nov. IS
Storklimi Furniture Corp., cony. pf.(qu) *50e. Aug. 1 *Holders of rec. July 20
Stouffer Corp. class A (guar.)
5814c Aug. 1 Holders of rec. July 20
Stroock (S.) Co. (guar.)
.760. Oct. 1 *Holders of rec. Sept. 16
Quarterly
0750. Dec. 21 *Holders of rec. Dec. 10
Studebaker Corp.
Sept. 1 Holders of red. Aug. 100
Common (payable in corn. Mock)._ 11
Dec. 1 Holders of rue, Nov. 9e
Common (payable In oom. stock).... /1
*2
Aug. 1 'Holders of rec. July 20
Sullivan Packing pref. (guar.)
50e. Aug. 1 Holders of rec. July 22
Sun-Glow Industries, corn.(No. 1)
760. Aug. 1 Holders of rec. July 20
Sun Investing Co. pref.(cm.)(No. I)
Superior Portland Cement,el. A (guar.). *2714c Aug. 1 *Holders of rec. July 19
.750. Aug. 1 *Holders of rec. July 20
Supermaid Corp., corn. (guar.)
"30e. July 31 *Holders of rec. July 25
Sutherland Paper common (guar.)
25e Aug. 1 Holders of rec. July 1541
Sweets Co. of America (guar.)
$1
Aug. 15 Holders of rec. July 15
Swift International
150. Aug. 1 July 18 to July 31
Teck-Hughes Gold Mines
250 Aug. I Holders of rec. July 154)
Telautograph Corp. (guar.)
25e. Sept. 18 Holders of rec. Aug. 310
Tennessee Copper & Chemical (guar.).3
Aug. 15 Aug. 1 to Aug. 15
1010 Fifth Avenue, Inc.. pref
Thatcher Mfg., cony. pref. (guar.)
90c. Aug. 15 Holders of rec. Aug. Sit
Thermoid Co., pref. (guar.)
•134 Aug. 1 *Holders of roe. July 19
Aug. 1 July 16 to Aug. 1
Thirty-four East 31st St., Inc., pref._ 3
Thompson (John R.) Co.(monthly)._
300. Aug. 1 Holders of rec. July 230
Monthly
30o. Sept. 2 Holders of rec. Aug. 2341
Thompson Products, preferred (guar.)._
114 Sept. I Holders of me. Aug. 20
Tide-Water Oil, pref. (quar.)
31.25 Aug. 15 Holders of ree. July 220
Tobacco Products, class A (Par 520).... 35e. Aug. 16 Holders of rec. July 250
Class A (par $100)
134 Aug. 15 Holders of rec. July 25
Dividend ctfs. Series C
$1.01 July 31 Holders of rec. July 18
Trocel Mfg. common (quar.)
Aug. 1 Holders of rec. July 20
52
Preferred (guar.)
134 Aug. 1 Holders of ree. July 20
Truax-Trier Coal (quar.)
400. Aug. 1 Holders of roe. July 200
Tudor City Fourth Unit, Inc., prof
3
Aug. 1 July 18 to Aug. 1
Tung Sol Lamp Works, new corn. (au.). "50e. Aug. 1 *Holders of rec. July 20
New preferred (quar.)
75e. Aug. 1 *Holders of rec. July 20
Twelfth St. Store of Ills., class A (an.)
*500. Aug. 1 *Holders of roe. July 20
Union Oil Associates (guar.)
.50e. Aug. 10 *Holders of rec. July 18
Union 0110? Calif.(guar.)
50e. Aug. 10 Holders of rec. July 1841
Union Twist Drill. corn. (qua?.)
*15e. Sept.30 *Holders of roe. Sept.20
Preferred (guar.)
'1 34 Sept.30 *Holders of refl. Sept.20
40o, Sept. 1 Holders of rec. Aug. 174
United Biscuit, corn. (guar.)
Preferred (guar.)
134 Aug. 1 Holders of roe. July 170
United Bond & Share, poetic. pref
*260. Aug. 1 *Holders of rec. July 15
.075e. Sept. 1 *Holders of rec. Aug. 15
United Chemicals. pref. (guar.)
United Cigar Stores of Amer.. pref.(qu.) 114 Aug. 1 Holders of rec. July 180
United Dyew000 Corp., pref.(guar.)._ 134 Oct. 1 Holders of rec. Sept. 130
United Equities. Inc. (quiz.)
•31.50 Aug. 1 *Holders of ree. July 15
United Piece Dye Wks.. pref.(gust.)... •1 5 Oct. 1 *Holders of roe. Sept.20
preferred (guar.)
'154 Jan2'30 *Holders of rec. Dec. 20
United Verde Extension Mining (qua?.). 51
Aug. 1 Holders of roe. July 2a
75e. Aug. I Holders of roe. July 15
U. S. & Brit. Internat., $3 pref.(qua?.).
First preferred (guar.)
$1.50 Aug. 1 Holders of rec. July 11
First pref. allot. ctfs, 50% paid (guar.) 6214e. Aug. 1 Holders of rec. July 11
U. S. Cast Iron Pipe & Fdy., corn.(oL) 50o. Oct. 21 Holders of ree. Sept.1104
Common (guar.)
50e. Jan2010 Holders of rec. Dec. 810
First & second pref. (guar.)
30c July 20 Holders of ree. JIM 290
Fleet & seeond pref. (guar.)
30e Oct. 21 Holders of red. Sept.300
Fleet 4PC second Prof. (guar.)
Jan20'30 Holders of rec. Dec. Mil
U. S.& Foreign :recur., 56 lot pref.(qu.) 31.50 Aug. 1 Holders of rec. July lla
U. S. Hoffman Machinery (guar.)
Sept. I Holsters of rec. Aug. 200
Si
U. S. Industrial Alcohol, com.(qua?.).. $1.50 Aug. 1 Holders of rec. July 150
U. S. & International Sec.
First Prof. allot. Mb. 50% paid
8214c Aug. I Holders of rec. July 11
United States Leatherruses A perils. dr oonv. stock (0u.)... $I
Oet. 1 Holders of rec. Sept. 10e
United States Realty de Improvement... $1.25 Sept. 14 Holders of rec. Aug. 18
Universal Cooler. pref. (guar.)
"35c. Sept. 1
Universal Leaf Tobacco, corn. (guar.)._
75e. Aug. 1 Holders of rec. July 23s
Common (payable in coin, stock). _ _ _ f35 Sept. 10 Holders of rec. Aug. 90
Universal Pipe de Radiator, pref. (cm)._
134 Aug. 1 Holders of rec. July 150
Upressit Metal Cap Corp., prof.(guar.). $1
Oct. 1 Holders of roe. Sept. 15
Utah Radio Products, common (guar.)._ *300. Aug. 1 *Holders of rec. July 220
Utility & Industrial Corp.. pf. (guar.)._ 37 Sic Aug.d30 Holders of rec. July 31
Vadsco Sales Corp., prey, (quar.)
*21.75 Aug. 1 *Holders of rec. July IS
Vanadium Corp. of Amer.(guar.)
75e. Aug. 15 Holders of rec. Aug,• la
Vapor Car Heating. pref.(guar.)
'134 Sept. 10 *Holders of roe. Sept. 2
Preferred (guar.)
'154 Dee. 10 *Holders of roe. Dee. 2
Venezuelan Petroleum (guar.)
*Se Aug. 15 *Holders of roe. July 31
Vick Chemical (guar.)
$1
Aug. I Holders of me. July 1741
Stock dividend
e100 July 29 Holders of roe. July 156
Victor Talking Machine, corn. (guar.)._ 51 Aug. 1 Holders of roe. July 80
y% prior preference (qua?,)
134 Aug. 1 Holders of ree. July 8a
$8 crony. preferred (guar.)
$1.50 Aug. 1 Holders of roe. July 8a
Old Preferred (guar.)
134 Aug. 1 Holders of rec. July 80
JULY 27 1929.]
FINANCIAL CHRONICLE
Per
Wien
C. Payable
Name of Company
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
Volcanic Oil dv Gas (quar.)
0360. Sept.10 *Holders of rec. Aug. 31
Extra
'Sc. Sept. 10 *Holders of roe. Aug. 31
Quarterly
•35o. Dec. 10 "Holders of rec. Nov.30
Extra
o5o. Dec. 10 "Holders of rec. Nov.30
Vulcan Detinning, pref. (:111ar.)
1 M Oct. 19 Holders of rec. Oct. 9a
Preferred (accrued accum. city.)
54
Oct. 19 Holders of rec. Oct. 9a
Preferred A (quar.)
15( Oct. 19 Holders of rec. Oct. 90
Preferred A (accrued accum. div.)
34
Oct. 19 Holders of rec. Oct. 9a
Wagner Elec. Corp., corn.(quar.)
3711c Sept. 1 Holders of rec. Aug. 15
Common (extra)
50c. Sept. 1 Holders of rec. Aug. 15
Preferred (quar.)
1M Oct. 1 Holders of rec. Sept.20
Waltham Watch. preferred (quar.)
"Holders of rec. Sept.21
eA•
Warchel Corp.. cony. pref. (quar.)
•62M.'
*Holders of rec. July 15
Warner Bros Pictures. com.(qu.)(No. 1)
The = 1 Holders of rec. Aug. 10
Common (extra)
12 Mc. Sent 1 Holders of rec. Aug. 10
Preferred (quar.)
55e. Sept. 1 Holders of rec. Aug. 10
WaYagamack Pulp & Paper (quar.)
750. Sept. 1 Holders of rec. Aug 15
Welch Grape Juice, corn.(in corn. stk.)- "130
Aug. 1 "Holders of rec. July 15
Western Air Express (quar.)
•15c. Aug. 1 *Holders of rec. Jut, 15
Western Grocer, corn. (quer.)
*37 Mc Aug. 1 'Holders of rec. July 20
Western Steel Products. pref. (quar.)
1M Aug. 1 Holders of rec. July 15
West. Tablet & Stationery. eom.(qn.)
(No. 1)
50c. Aug. 1 Holders of rec. July 21
Westinghouse Air Brake (quay.)
50e. July 31 Holders of rec. June 29a
Westinghouse Elec. de Mfg., corn. (flu.). $1
July 31 Holders of roe. June 28a
•114
West Va. Pulp & Paper pref.(quar.)Aug. 15 *Holders of rec. Aug. 6
•104 Nov. 15 *Holders of
Preferred (quar.)
rec. Nov. 6
White (S 5) Dental Co.. stock div
*el°
*Holders of rec. Aug. 15
Subject to stockholders meeting Aug. 16.
White Rock Mineral Spas.. corn. (quar.)
750. Oct. 1 Holders of rec. Sept.200
First pref. (quar.)
104 Oct. 1 Holders of rec. Sept. 20
Second preferred
304 Oct. 1 Holders of rec. Sept. 20
White Sewing Machine, pref. (quar.)_
$1
Aug. 1 Holders of rec. July 190
Wieboldt Stores, Inc.(guar.)
•40c. Aug. 1 *Holders of rec. July 15
Williams (R. C.)& Co
"35c. Aug. 1 *Holders of rec. July 15
Wil-Low Cafeterias. Inc., cony. pf.(qu.)
Aug. 1 Holders of rec. July 200
WiIlys-Overland Co. corn. (quar.)
300. Aug. 1 Holders of rec. July 200
Preferred (quar.)
104 Oct. 1 Holders of rec. Sept. 160
Wilson Line. Inc.. 7% ore!
*3% Aug. 15'Holders of rec. July 15
Wineted Hosiery (qua?.)
*2% Aug I 'Holders of roe. July 15
Extra
Aug 1 'Holders of roe. July 15
ti Aug. 31 *Holders
Witherow Steel, 1st Pref. (quar.)
of rec. Aug. 23
Second preferred (quar.)
'184 Aug. 31 *Holders of rec. Aug. 23
Wolverine Portland Cement (quar.)____
Aug. 15 Holders of rec. Aug. 5
Woolworth (F. W.) Co.
New $10 par stock (guar.)
80e. Sept. 3 Holders of rec. Aug. 100
Wrigley (Wm.) Jr., Co.(monthly)
250. Aug. 1 Holders of rec. July 200
Monthly
25e. Sept. 1 Holders of rec. Aug. 20a
Monthly
250. Oct. 1 Holders of rec. Sept. 200
Monthly
25e. Nov. 1 Holders of rec. Oct. 190
Monthly
50c. Dee. 2 Holders of rec. Nov. 200
Yale & Towne Mfg.(guar.)
$1
Oct. 1 Holders of roe. Sept. 10a
Young (L. A.) Spring & Wire (stock dig.) 4'25
Aug. 15 Holders of rec. Aug. 2a
Youngstown Sheet & Tube, corn. (in stk.) '120
Subject to etkh'ders meet.Aug. 15
Zonite Products, corn. (quar.)
•25e. Aug. 15 *Holders of roe. July 15
Zenith Radio Corp., corn. (Quer.)
50e. Aug. 1 Holders of rec. July 190
•From unofficial sourced. t The New York Stock Exchange has ruled that stock
will not be Quoted ex-dividend on this date and not until further notice I The
New York Curb Market Association has ruled that stock will
not be quoted exdividend on this date and not until further notice.
a Transfer books not closed for this dividend. d Correction. e
Payable in stock.
Payable In common stock. g Payable In scrip. h On account of accumulated
dividends. J Payable in preferred stock.
1 Amer. Cities Power & Light close A dividend is payable either 760. cash or
In class B stock at rate of 1-32nd share of class B stock for
each share class A stock.
Class B dividend is payable in class B stock.
°Burma Corp. dividend is 7 annaa and 2 annas per share less deduction for expenses of depositary.
Allegheny Corp. trust receipts to be quoted ex-dividend Aug. 1 1929.
Q L. A. Young Spring dr Wire stock dividend subject to approval by stockholders
at meeting on Aug. 1.
r Rio Grande Oil stack to be placed on a $2 per annum basis. The company has
declared $1 payable July 25 and intends to declare another $1 payable on or before
Jan. 25 1930. The stock dividends are 14 shares on each 100 shares, the first
114% having been declared payable April 25 with the intention to declare a second
1 4% Payable on or before Oct. 25.
s Unless notified to the contrary on or before July 10, Pacific Power & Light dividend will be applied to the purchase of common A stock or scrip.
Associated Gas & Electric class A dividend is 50c. cash or 1-40th share cl. A stock.
uNew York Stock Exchange rules Burrough Adding Machine be quoted ex the
stock dividend on Aug. 15.
o Elauner's, Inc.. declared a stock dividend of 6%, payable In quarterly installments: first installment 104% payable Aug. 15, 1929.
to Lees deduction for expenses of depositary.
x Mortgage Bank of Colombia dividend Is 2 pesos.
it Holders of Federal Water Service class A stock may on or before Aug. 12 apply
50c. of this dividend to the purchase of additional class A stock at $27 per share.
CU. S. 4111...,,
Corn. eividond is 5.564685.
,
593
The New York "Times" publishes regularly each wee
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 19:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
FOR THE WEEK ENDED FRIDAY, JULY 19 1929.
NATIONAL AND STATE BANKS-Average Figures.
•1% P
Weekly Return of New York City Clearing House.Beginning with Mar. 311928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now makes only the barest kind of a
report. The new returns show nothing but the deposits,
along with the capital and surplus. We give it below in full:
STATEMENT OF THE MEMBERS OF THE NEW YORK CLEARING
ASSOCIATION FOR THE WEEK ENDED SATURDAY. JULY 20HOUSE
1920.- ---Clearing House
Mensbers.
Bank of N. Y.& Tr. Co__
Bk. of the Manhattan Co.
Bank of America N. A.-National City Bank
Chemical Bank dr Tr. Co_
Guaranty Trust Co
Chat.Ph.Nat.Bk.atTr.Co
Cent. Han. Bk.& Tr. Co_
Corn Exchange Bk.Tr. Co
National Park Bank
First National Bank
Irving Trust Co
Continental Bank
Chase Notional Bank
Fifth Avenue Bank
Seaboard Bank
Bankers Trust Co
Title Guarantee & Tr. Co_
Fidelity Trust Co
Lawyers Trust Co
New York Trust Co
Equitable Trust Co
Comml Nat.Bk.& Tr. Co.
Harriman N.Bk.& Tr.Co
Clearing Non-Members
City Bk. Farmers Tr. Co_
Mechanics Tr.Co.,Bayrne
mntnin
• Capital.
• Surplus &
Undivided
Profits.
Net Demand
Deposits
Average.
8
$
$
6,000,000
13,828,900
60,916,000
22,250,000
42,862,600 178.798,000
/35,775,300 138.675,900 168,138,000
110,000,000 125,260,400 al016 278000
15,000,000
21,003,400 191,680,000
70.000,000 116.418,100 6764,991,000
13,500,000
16,212,700 151,708,000
21,000,000
79,153,300 343,439,000
12,100,000
22,425,500 18E256,000
15,000,000
24,500,800 125,443,000
10,000,000
97,773,200 252,060,000
50,000,000
81,396,700 356,478,000
06,000,000 011,000,000
9,846,000
180,000,000 /120,397,400 469,236.000
500,000
3,736,600
24,683,000
11,000.000
17,121,700 117,119,000
25,000,000
79,638,500 d373,376,000
10,000,000
24,063,500
35,421,000
4,000,000
3,933,100
41,122,000
3,000,000
4,327,900
18,050,000
12.500,000
33,094,500 145,279,000
30,000,000
28,801,900 435,723,000
7,000,000
7,886,400
34,905,000
1,500,000
2.845,300
30,844,000
10,000,000
500,000
10,000.000
832,800
7'ime
Deposits
Average,
$
9,926,000
42,412,000
53,862,000
146,744,000
13,678,000
82,556,000
38,193,000
48,924,000
31,901,000
8,935,000
7.900,000
40,470,000
895.000
54,671,000
851.000
7.848,000
34,701,000
2,196,000
4,978,000
2,429,000
17,304,000
43.024,000
5.379,000
6,749,000
8,199,000
3,231,000
1,361,000
5,603,000
581.625.300 1.027.191.100 6.526 010 nil,.
,... ..... ‘....
Includes deposits in fore go branches: (a) $310,433,000:(h) $124,475,000:(c) $13,
110,000;(d) $64,224,000;(e) 3130,172,000: Was of July I 1929:(0) as of July 15 1929
'As per official reports: National, June 29 1929; State, June 29 1929 ;trust companies, June 29 1929.
Loans.
0th.Cash. Res. Dep., Dep. Other
Including N. Y. and Banks and
Gross
Bk. Notes Elsewhere. Trust Cos. Deposits.
Gold.
ManhattanBank of U.S_ 250,090,600
Bryant Pk.Bk. 1,962,200
Chelsea Ex. Bk 21.833,000
Grace National 18,425,000
3,888.600
Port Morris
Public National 142.732,000
BrooklynPeoples Nat'l__
8.100,000
$
55.000 5.233.600 39,909,700 1,939,400 249.123,000
297,000
216,600
2,163,400
1,884,800
779,000
19,989,000
77,000 1,592,000 1,807,500 16,112,700
2.500
225,400
107,300 3,359.100
33,300
86.700
31,000 1,990,000 9,237,000 28,316,000 154,520,000
5,000
131,000
14.000
581.000
8,000.000
TRUST COMPANIES-Average Figures.
Loans.
Cash.
Res've Dep., Depos.Other
N. Y. and Banks and
Elsewhere. Trust Cos.
Gross
Deposits.
$
$
Manhattan$
$
$
48,726,300 12,427.600
970.000
21,300 51,025,100
American
924,416
16,560.570
73,100
Bank of Europe & Tr. 17.409,962
21,213,733
22,347,951
620,223 1,526,256
Bronx County
28,169,000 417,609,000
Central-Hanover_ __ - 587,384,000 *36,656,000
77,924,300 '5.054.500 2,875,600 3.548.700 73,726,500
Empire
17,539,442
194,471
1,212,957
184,967 17,571,742
Federation
17,559,500 *1,993,500
317,300
14,731,500
Fulton
399,465,000 3,417,000 52,012.000 1,794,000 351,661,000
Manufacturers
74,189,311 3,850,000 6,867,242
59,373,787
United States
Brooklyn111,012,600
117.080,700 3,215,000 19,120,400
Brooklyn
23,853.306
26,522.567 1,633,264 2,233,350
Kings County
Bayonne, N. J.Tieuthanina
0 111 110
288_539
740.030
306.564 9.211.875
* Includes amount with Federal Reserve Bank as follows: Central-Hanovert
$33,797,000; Empire, 33,387,800; Fulton, $1,993,500.
Boston Clearing House Weekly Returns.-In the
following we furnish a summary of all the items in the
Boston Clearing House weekly statementfor a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
July 24
1929.
Changes from
Previous Week
July17
1929.
July 10
1929.
2
$
$
$
94,050,000
94,050,000
94,050,000 Unchanged
Capital
+285,000 110,644,000 110,644,000
110,929,000
Surplus and profits
-136,000 1,148,070,000 1,150,481,000
Loans, disc'ts & invest'ts_ 1,147,934,000
+456,000 703,336,000 689,580,000
703,792,000
Individual deposits
134,888,000 -3,388,000 138,276,000 148,551,000
Due to banks
262,235,000 264,039,000
-1.663,000
260,572,000
Time deposits
9,514,000
8,876,000
5,812,000 -3,064,000
United States deposits_ _ _
36,032,000
36,862,000
32,359,000 --4,503,000
Exchanges for Cl,. House
86,733,000
87,591,000
-7,102,000
80,489,000
Due from other banks_ .._
83,716,000
+391,000
84,295,000
84,686,000
Res've in legal deposit's
8.459,000
9,256,000
+171,000
9,427,000
Cash in bank
41.000
0•ma
'
l'a avraesa In Fit.Bk.
573.000
-205.000
778.000
Philadelphia Banks.-The Philadelphia Clearing House
return for the week ending July 20, with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
is not a part of legal reserve. For trust companies not
members of the Federal Reserve System the reserve required
is 10% on demand deposits and includes "Reserve with
legal depositaries" and "Cash in vaults."
Beginning with the return for the week ending May 14 1928,
the Philadelphia Clearing House Association discontinued showing the reserves and whether reserves held are above or below
requirements. This will account for the queries at the end
of the table.
Week Ended July 20 1929.
Two Ciphers (00)
omitted.
Trust
Members of
F.R.System Companies.
Capital
60,802,0
Surplus and profits _ _ _ 208,265.0
Loans, discts. & invest. 1.071,431.0
Exch. for Clear. House
42.543,0
Due from banks
99,512,0
Bank deposits
133,360,0
Individual deposits..
644,557,0
297,458,0
Time deposits
Total deposits
985.373,0
Res. with legal depos_
71.220,0
Res. with F. R. Bank_
10,675,0
Cash in vault"
81.895,0
Total res. & cash held_
Reserve required
Excess reserve and cash
in vault
July 13
1929.
Jrny 6
1929.
Total.
$
87,302.0
67,739,0
7,500,0
68.302,0
16,519,0 224,784.0 225.336,0 225,435,0
74,49E0 1,145,922,0 1,147,708.0 1,140,530,0
58,422,0
42,970,0
40,765,0
427,0
98.387,0 113,022.0
13,0
99,525,0
1,325,0 134,685,0 133,980,0 141.888,0
32,388,0 676,943,0 675,733,0 704.072,0
21,816.0 229,272.0 228,770.0 229,310.0
55,527,0 1,040,900,0 1.038.483,0 1.075,071,0
6,975.0
5,479,0
5,616,0
5,618,0
72,083.0
69,882,0
71.220,0
12.678,0
12,351,0
13,238,0
1.878,0
91,734.0
7,292,0
89,187,0
88.597.0
•Cash in vault not Counted as reserve for Federal Reserve members
594
FINANCIAL CHRONICLE
[VoL. 129.
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, July 25,and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve
Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller
and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appears on page 555, being the first item in our department of"Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS JULY 24 1928.
July 24 1929. July 17, 1929. July 10 1929. July 3 1929. June 26 1929. June 19 1929. June 12 1929. June 5 1929. July 25 1928.
RESOURCES.
$
Gold with Federal Reserve agents
1,504,983,000 1,494,374,000 1,439,492.000 1,380,112.000 1,372,441,000 1,367,581,000 1,318,782,000 1,303.555.000 1,119,717,000
Gold redemption fund with U. S. Treas_
88,842,000
79,607,000
82,335,000
67,828,000
71,589.000
69,988,000
66,118,000
71,406,000
67,988.000
Gold held exclusively agst. F. It. notes 1,593,825,000 1,573.981,000 1,521,827,000 1,447,940.000 1.444,030,000 1,437,569,000 1,384,900,000
1,191,123,000
Gold settlement fund with F. R.Board_ _ 608,264,000 610,822,000 600,666,000 669,696.000 644,038,000 637,598.000 691.678,000 1,371,543.000
679.733,000 680,561,000
Gold and gold certificates held by banks_ 741,643,000 744,773,000 779.324,000 748.704,000 807.446,000 805,135,000 799.052,000 792.692,000
732,347,000
Total gold reserves
2,943,732,000 2,929,576,000 2,901,817,000 2,886,340,000 2,895,514,000 2,880.302,000 2,875,630.000 2,843,968,000 2,604,031,000
Reserves other than gold
182,011,000 168,100,000 160,222,000 174,059,000 177,040,000 166,379,000 149,559,000 141.383.000 1.57,184,000
Total reserves
3,125,743.000 3.097,676.000 3,062,039.000 3.041,299,000 3,072,554,000 3.046.681.000 3,025.189,000 2,985,351.000 2,761,185,000
Non-reserve cash
75,804.000
79,275,000
71,099,000
55,912,000
69,108,000
64,517,000
74,841.000
83,604,000
79.385.000
Bills discounted:
Secured by U. S. Govt. obligations
584,736,000 611.152,000 650,390,000 609,898,000 532,545.000 480.292.000 474.086,000 508,912.000 596,385,000
Other bills discounted
479,220,000 472,538,000 502,651,000 515.185.000 484,202,000 478,812,000 469,825,000 468,532,000 428,724,000
Total bills discounted
1,063,956,000 1,083,700,000 1,153,041.000 1,125,083.000 1,016,747,000 959,104,000 933,911,000 977,444,000 1,025,109,000
Bills bought in open market
68,842,000
67,638.000
65,976.000
73,922.000
82.839.000
87,032,000 114.117,000 112,747,000 169,083,000
U. EL Government securities:
42,663,000
Bonds
42.669,000
42,668,000
43.246,000
42,738,000
42,672,000
55,044,000
44,630,000
48,625.000
Treasury notes
81,155,000
97.181,000
82.816.000
85,779,000
92,021,000
83,014,000
97,244,000
87,206,000
85,295,000
Certificates of indebtedness
21,882.000
13,265,000
10,660,000
12,357.000
14.768.000
13,772,000
65,391,000
27,999,000
13,408,000
Total U. S. Government securities
145,700,000 163,115,000 136,144,000 141.382.000 149,527,000 139,458,000 169,873,000 1474118,000 207,641,000
Other securities (see note)
10,250,000
10,255,000
10,665,000
10,465.000
13,315,000
13,167,000
9.917.000
490,000
9,317.000
Foreign loans on gold
Total bills and securities (see note)___ _ 1,288,748,000 1,314,708,000 1,365,826,000 1,350,852,000 1,262,428,000
1.198.761,000 1.227,818.000 1,247,438.000 1,402,323,000
Gold held abroad (see note)
Due from foreign banks
728,000
729.000
729,000
728,000
729,000
730.000
729,000
727,000
573,000
Uncollected items
718,180.000 822,126,000 716.451,000 810,892,000 676,603,000 812.097,000 746,312.000 723,705,000
636,843,000
Bank premises
58,725,000
58,614,000
58.614.000
58,614,000
58,614,000
58,613.000
60,113,000
58,613,000
58,595,000
All other resources
10,464.000
7.846,000
8,132,000
7,710,000
7,441.000
8,628,000
7,602.000
8,486,000
8,119,000
Total resources
5,278,382,000 5,380,974,000 5,282,468,000 5,326,429,000 5347,477,000 5,199,325,000 6.150,751,000 5,103,318,000 4,934,182,000
LIABILITIES.
F. R. notes in actual circulation
1,780,403,000 1,801,225.000 1,833,004,000 1.738,259,000 1.658,496,000 1,649,187,000 1,644,216,000 1,647,435.000 1,606,582,000
Deposits:
Member banks-reserve account
2,356,917.000 2.352.081.000 2.302,874,000 2,380,165,000 2,343,813.000 2.291,765.000 2,328.232.000 2.321,343.000 3,399,893,000
Government
17.257.000
12,567,000
27.555,000
23,373.000
48,924,000
46,731,000
18,700,000
20,331,000
16.023,000
Foreign banks (see note)
7,376.000
8,138.000
6,128,000
5,567.000
5,606,000
7,124,000
6,225.000
8,651,000
6.744.000
Other deposits
20,577,000
21,198,000
23,715,000
28,282.000
21.312,000
23,052,000
17,241,000
23,058,000
21,668.000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
2,402,127,000 2.393,984,000 2,359,711,000 2,437,948,000 2,419,655,000 2,368,672,000 2.376,215,000 2.365,778,000 2,346,116,000
651,948,000 742,129,000 649,848,000 712.989,000 625,737,000 739,228,000 688.296.000 649,782,000 574,543,000
161,406.000 161,547,000 168,707,000 158.585.000158.607.000 158.412.000 157,931,000 157.507.000 143,024.000
254.398,000 254,398,000 254,398,000 254,398.000 254.398,000 254,398,000 254,398.000 254,398.000
233,319,000
28,100,000
27,691,000
26,710,000
26.250,000
30,584,000
29,428,000
29,695,000
28,418,000
30,598,000
Total liabilities
5,278,382,000 5,380.974,000 5,282,468,000 5,326,429.000 5,147.477.000 5399,325,000 5,150,751,000 5.103,318,000 4,934,182.000
Ratio of gold reserves to deposits and
F. R. note liabilities combined
70.3%
69.8%
68.6%
71.0%
69.2%
71.6%
71.5%
70.8%
64.3%
Ratio of total reserves to deposits and
F. It. note liabilities combined
74.7%
73.8%
7.29%
75.3%
73.0%
75.8%
75.2%
74.4%
69.9%
Contingent liability on bills purchased
for foreign correspondents
446,980,000 442.526,000 440,592.000 428,711.000 424,566,000 416,999.000 405,240.000 392,415,000 305,453,000
Distribution by Maturities1-15 days bills bought in open market
1-15 days bills discounted
1-15 days U. S. certif. of indebtedness_
1-15 days municipal warrants
16-30 days bills bought in open market _
16-30 days bills discounted
16-30 days U. S. certif. of indebtedness
16-30 days municipal warrants
31-60 days bills bought in open market _
81-60 days bills discounted
31-60 days U. S. certif. of indebtedness_
31-60 days municipal warrants
61-90 days bills bought In open market _
61-90 days bills discounted
61-90 days U. S. certif. of indebtedness_
61-90 days municipal warrants
Over 90 days bills bought In open market
Over 90 days bills discounted
Over 90 days certif. of indebtedness_
Over 90 days municipal warrants
40,059,000
846.120,000
12,325.000
3
39,538,000
871.167,000
4.410.000
$
35,293,000
928,035,000
1,520.000
36,848,000
898,478,000
2,990.000
40.728,000
799,237.000
4,975.000
10,690,000
47,285.000
11,045,000
49,796,000
13,026,000
52,149,000
17.764,000
53,445,000
10,445,000
81,913,000
7,467.000
10,581,000
78,382.000
100,000
11,315,000
79,936,000
7,296,000
66,435,000
1,090,000
300,000
352,000
22,203,000
1,000.000
5,832,000
60,135,000
8,027,000
300.000
642,000
24.220,000
728,000
18.005,000
49,840,000
36,927,000
730.889,000
2,250,000
102,000
22,594,000
62.339,000
3
62.241,000
713,597,000
18,835,000
102,000
23,974.000
51,665,000
12,123,000
78,270,000
15,654,000
78,909.000
17,445,000
81,554,000
16,653,000
84,307,000
5,685,000
6,735,000
63.919,000
63,552,000
8,235,000
7,186,000
300,000
1,452,000
657,000
29,002,000 1. 31,338,000
2,201,000
905.000
300,000
6,527.000
52,665,000
7,319.000
7,497,000
47,910,000
7006,000
1,926,000
36,096.000
2,474,000
300,000
2.569.000
36.422.000
4.456.000
300,000
56,415.000
756,686.000
4,194,000
57,436.000
844,643,000
805,000
27,290.000
60.478,000
9.000
102.000
17,909.000
84,847,000
36,340,000
38,675,000
44,314,000
71,495,000
8,640.000
51,090.000
12,000
9,027,000
53,173,000
25,410,000
57,393,000
2,609,000
33,252,000
9,152.000
300,000
2,106,000
32.260,000
9,205,000
300,000
5,593,000
12,903,000
64,586,000
F. R. notes received from Comptroller
F.It. notes held by F. R. Agent
3,814,484,000 3,845,385.000 3,831,317,000 3,831,793,000 3,777,049,000 3,670,046,000 3,595,813,000 3,487,024,000 3,833,302,000
1,448,847,000 1,450,273,000 1.471,785,000 1,571,715,000 1,585.752,000 1,526,482,000 1,482,382,000 1,402,482,000 799,770,000
Issued to Federal Reserve Banks
2.365,637.000 2.395,112,000 2,359,532,000 2,260,078.000 2,191,297,000 2,143,564,000 2,113.431,000 2.084,542,000 3,022,433,000
How SecuredBy gold and gold certificates
Gold redemption fund
Gold fund-Federal Reserve Board
By eligible paper
371,153,000 374,153,000 356,395,000 376,395,000 368.025,000 372,045,000 371,145,000 372.895,000 353,477,000
102,797,000 101.609,000
98,685,000
97,579,000
96.802,000
93,393.000
90.753.000 101,776.000
91,446,000
1,031,033,000 1.018,612,000 984,412,000 906.138.000 911,023,000 898.734,000 856.884,000 828,884,000 675,794,000
1,079,006.000 1,104,651,000 1.170,445,000 1,164.330.000 1.063.446.000 1,015.461.000 1,010,892,000 1.050,631,000 1,160,789,000
Total
2,583,980.000 2.599,025.000 2.609,937,000 2.544,442,000 2,435.887.000 2,383.042,000 2.329,674,000 2.354,i86,0002,280,506,000
*Revised figures.
NOTE.-Beginning with the statement of Oct. 7 1925, two new items were added in order to show separately the amount of balances held
abroad and amounts due
to foreign correspondents. In addition, the caption, "All other earning assets," previously made up of Foreign Intermediate Credit Bank debentures,
was changed to
"Other securities," and the caption, -Total earning assets" to "Total bills and securities." The latter item was adopted as a more accurate
description
of the total of
the discounts, acceptances and securities acquired under the provision of Sections 13 and 14 of the Federal Reserve Act, which, it was stated, are
the only Items Included
therein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 13 FEDERAL RESERVE BANKS AT CLOSE OF
BUSINESS JULY 24 1938.
Two ciphers (00) omitted.
Total.
Boston. New York. Phila. Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneay. Kan.City. Dallas, San Fran.
Federal Reserve Bank ofRESOURCES.
$
$
$
$
$
$
$
$
$
$
$
$
$
Dold with Federal Reserve Agents 1,504,083,0 126,886,0 223,351,0 125,478,0 161.241,0 45,207.0 103,349.0 329,611.0 23,803,0
60,682,0 64,248,0 24,591,0 216,526,0
bold rid'n fund with U. S. Treas.
88,842,0 12.985,0
20.093,0 10.251,0 3.963.0 5,829,0 3,736,0 7,310,0 8,044,0 3,081,0 7,582,0 2,118,0 3,852,0
Gold held excl. nest. F. R.notes 1,593.825.0 139,881.0 243,444,0 135,729,0 165,204,0 61,036,0 107,085,0 336,921,0 31.847,0
63,763,0 71,830,0 26,707,0 220,378,0
Dold settle't fund with F.R.Board 608,264.0 55,258,0 111,174.0 47.946,0 96,791,0 25,267,0 18,670,0 121,041,0 22,084.0
17,084.0 55,220,0 17,072,0 22,659,0
bold and gold ctfs held by banks- 741,643.0 27,161,0 463,135,0 28,624,0 41,780,0 7,398.0 3.577,0 106.946,0
9,550,0 6,640,0 5,569,0 11,439,0 29,824.0
Total gold reserves
2.943,732,0 222,298.0 817,753,0 212.289,0 303,776,0 83,701,0 127.332,0 564,908,0 63,481,0 87,487.0 132,819,0 65,218,0 272,861,0
Reserve other than gold
182,011,0 11,516,0
75,451.0 9,793,0 7,489,0 6.910,0 7,995,0 23,730,0 10,181,0 3,163,0 4,157,0 5,899,0 16,727,0
Total reserves
3,125,743,0 233.814,0 893,204,0 222,092.0 311.264.0 90,611,0 135,327,0 588,638,0 73,662,0 90,650,0 136,770,0 61,117.0 288,688,0
Jon-reserve cash
75,804,0 9,891,0
24,211,0 1,719,0 3,504,0 4,390.0 6.562,0 8,183,0 5,904,0 1,450,0 2,115,0 3,140,0 4,735,0
Bills discounted:
Sec. by U. S. Govt. obligations 584.736,0 39.852,0 275,925,0 49,310.0 50.508.0 19.963,0 11,277,0 46.580,0 24,850,0 11,325,0
13,578,0 28,798,0
Other bills discounted
479,220.0 33,034,0 122,181.0 28,801,0 24,595,0 38.020,0 58,378.0 55,340,0 34,088,0 9,977,0 12,770,0
18,801,0 21,849,0 34,156,0
discounted
bills
Total
1,063,956,0 72,886,0 398.106.0 78.111,0 75,103,0 57,983,0 69,655.0 101,920,0 58,938,0 21,302,0 31,571,0 35,427,0 62,954,0
Bins bought in open market
68,842,0 9,051.0
13,102.0 3,716,0 3,986,0 2.023,0 5,890,0 9,726,0
199,0 1,747,0 1,631,0 6,728,0 11.043,0
U. S. Government securities:
Bonds
42.663,0
689,0
155,0
548.0 1,152,0
585,0
18,0 19,937.0 7,125,0 4,576.0
65,0
7,813,0
Treasury notes
81,155,0 1,522.0
657,0 3,039,0 3.032,0 6,500,0 3,827,0
12,367,0 8,835,0 26,816.0
3,223,0 11,337,0
Zlertiticates of indebtedness
21,882,0 1,055,0
1.0
12,805,0 7,038,0
38.0
924,0
12,0
9,0
Fotal U. S. Gov't securities
145,700,0 3.266.0
25.327.0 16.458.0 27.365.0 1,809,0 3,095,0 23,893,0 13.625.0 8.415.0
11.045.0 11.402,0
JULY 27 1929.]
FINANCIAL CHRONICLE
RESOURCES (Concluded)Two ciphers (00) omitted.
Total.
$
10,250,0
Other securities
Foreign loans on gold
Total bills and securities
Due from foreign banks
Uncollected items
Bank premises
All other
Boston.
New York.
$
$
2,600,0
1,288,748,0 85,203,0
728,0
54,0
718,180,0 72,698,0
58,725,0 3,702,0
10,454,0
73,0
Phila.
595
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas. San Fran.
$
300,0
a
S
$
$
$
a
3,600,0
a
1,500,0
a
1.250,0
a
1.000,0
439,135,0 98,585.0 106,454.0 61,815.0 78,640.0 135,539,0 72.762.0 35.064.0 34.702,0 54,450.0 86.399,0
220,0
70,0
34,0
74,0
28,0
100.0
29.0
18,0
24,0
24,0
53,0
211,304,0 55,233,0 71,560.0 48,121,0 19,695,0 88,023,0 29,097.0 13,876,0 47,156,0 25.410,0 35,507,0
16,087.0 1,762,0 6,535,0 3,395,0 2,744,0 8.529,0 3,988.0 2,110,0 4,140,0
1,922.0 3,811,0
773.0
261,0 1.181,0
422,0 4,948,0
692,0
402,0
645,0
205,0
446.0
406,0
Total resources
5,278,382,0 405.435,0 1,585,434.0 379,722,0 500,572,0 208,788,0 247,944,0 829,704,0 185,844,0 143,813,0 225.118,0 146,509,0
419,499,0
LIABILITIES.
F. It. notes in actual circulation_ 1,780,403,0 154,372,0 306,844,0 150.042,0
198,905.0 74,813,0 148,487,0 334,425,0 60,442,0 64,947,0 74,544.0 43,253,0 169,329,0
Deposits:
Member bank-reserve acc't- 2,356,917,0 147,175,0 949,514,0 136,448,0 186,735.0 66,666,0
60,724.0 349,248,0 76,447,0 53,938,0 95,125,0 61,660.0 173,237.0
Government
17,257,0
198,0
2.801,0
905,0 1,126.0
678.0 1,587,0 2,970,0 1,043,0 1,430.0 1,606,0
983,0 1.930,0
Foreign bank
7,376,0
415,0
3,467,0
258,0
539,0
219,0
572.0
768,0
224,0
140,0
185,0
185,0
404,0
Other deposits
20,577,0
149,0
8,667,0
44,0 1,082.0
70,0
160,0
902,0
277,0
223,0
170,0
32,0 8.801,0
Total deposits
2,402,127.0 147,937,0 964,449,0 137.936,0 189,515,0 67,672.0 62,690.0 353,888,0 77,991.0 55,731,0 97,086,0
62,860.0 184,372,0
Deferred availability items
651,948.0 70,964.0 175,750,0 50,339,0 67,655,0 46,179,0 18,563,0 80,120,0 29,690.0 11,904,0
39.094,0 26.471,0 35,219.0
Capital paid in
161,406,0 10,549,0
60,132,0 15,502,0 15,434,0 6,186,0 5,403,0 19,867,0 5,185,0 3.077,0 4,292,0 4,464,0 11,315,0
Surplus
254,398,0 19,619,0
71,282,0 24,101,0 26,345,0 12,399,0 10,554,0 36,442,0 10,820,0 7,082,0 9.086,0 8,690,0 17,978,0
All other liabilities
28,100,0
1,994.0
6,977,0
1,802,0 2,718,0
1,539,0 2,247,0 4,962,0 1,716,0 1,072,0 1,016,0
771,0 1,286,0
Total liabilities
5,278,382,0 405,435,0 1,585,434,0 379,722,0 500,572,0 208,788,0 247,944,0 829,704,0 185,844,0 143,813,0
225,118,0 146,509,0 419,499,0
Memoranda.
Reserve ratio(per cent)
74.7
77.3
70.3
77.1
63.6
64.1
80.1
85.5
53.2
75.1
79.7
57.6
81.8
Contingent liability on bills purchased for foreign correspond'ts 446,980,0 32,747,0 138,540,0
42,482,0 45.138,0 20,356,0 17,259,0 60,626,0 17,701,0 11,063,0 14,603,0 14,603,0 31,862,0
F. It. notes on hand (notes rec'd
from F. It. Agent less notes in
circulation)
585.234.0 47.521.0 240.456.n 17 016 0 90 112,
1 n 10.153.0 29.564.0 50.668.0 15.156.0 9.342.0 8.671.0 14.962,0 84.861,0
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS
AT CLOSE OF BUSINESS JULY 24 1928.
Federal Reserve Agent at-
Total.
Boston.
New York.
Phila.
5
$
Two ciphers (00) omitted.
s
$
F.R.notes reed from Comptroller 3,814,484,0 280,743,0
F.It. notes held by F. It. Agent__ 1,448,847,0 78,850,0
a
$
$
$
s
$
$
$
$
930,045,0 259,398,0 313.414,0 187,325,0 315.478.0 630,973,0 121,868.0 152,928,0 145,245,0 80,557.0 396.510,0
382.745,0 72,320,0 85,870,0 94,154,0 137,427,0 245,880,0 46,270,0 78.639,0 62,030,0 222,342, 142,320,0
F.It. notes issued to F. It. Bank_ 2,365,637,0
201,893,0
Collateral held as security for
F. It. notes issued to F. R. Bk.
Gold and gold certificates--- _ 371,153,0 35,300,0
Gold redemption fund
102,797,0 18,596,0
Gold fund-F. It. Board
1,031,033.0 73,000,0
Eligible paper
1,079,006,0 81,784,0
Total collateral
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas. San Fran.
547,300.0 187,078,0 227,544,0 93,171.0 178,051,0 385.093,0 75,598,0 74,289,0 83.215,0 58,215,0 254,190,0
169,638,0
13,713,0
40,000,0
385,180.0
2,583,989,0 208,680.0
30,000,0
12,221,0
83,257,0
65,537,0
38,800,0 16,190,0 9,500,0
7,800,0 14,167,0
14,758,0 35,000.0
12,441,0 7.017,0 5,749,0 2,611,0 3,003,0 3,515,0 4,888,0 3,833,0 15.210,0
110,000,0 22,000,0 88.100.0327,000.0 13,000,0 43,000,0 59,360.0 6,000,0 166,316,0
77,957,0 52,252.0 75,417,0 111,171,0 58,987.0 22,979,0 33,073,0 42,062,0 72,617,0
608.531.0 191.015.0 239.198.0 97.449,0 178.766,0 440,782,0 82,790,0 83,661,0 97.321.0 66.653,0 289.143,0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued
and liabilities of the member banks in 101 citiesby the Federal Reserve Board, giving the principal items of the resources
behind those for the Reserve banks themselves. from which weekly returns are obtained. These figures are always a week
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 3475. The comment of the Reserve Board upon
the figures for the latest week appears in our
department of "Current Events and Discussions," on page 556, immediately preceding which we also give the figures of New York
and Chicago reporting member banksfor a week later. •
Beginning with the statement of
dorsement," and include all real estateJan. 9 1929, the loan figures exclude "Acceptances of other banks and bills of exchange or drafts sold with enendorsement were included with loans, mortgages and mortgage loans held by the bank. Previously acceptances of other banks and bills sold with
and some of the banks included mortgages in investments. Loans secured by U. S. Government obligations
no longer shown separately, only
are
the
divided to show the amount secured total of loans on securities being given. Furthermore, borrowings at the Federal Reserve are not any more subby
U. S. obligations and those secured by commercial paper, only a lump total being given. The number of reporting
banks is now omitted; in its place
the number of cities included has been substituted. The figures have also been
revised to exclude a bank in the San
Francisco district with loans and
investments of $135,000,000 on Jan. 2, which recently merged with a non-member bank. The figures are now given in
round millions instead of in thousands.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS
IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS JULY 17, 1929. (In millions of dollars).
Federal Reserve District-
Total.
Boston. New York
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louts. Minneap. Kan. City Dallas. San Fran.
Loans and investments-total
$
22,409
$
1.518
$
8.673
$
1,227
$
2,189
Loans-total
16,892
1,169
6,681
918
7.644
9,248
492
677
3.409
3,271
5.518
349
2,742
2,775
On securities
All other
Investments-total
U. S. Government securities .. _ .._
Other securities
Reserve with F. R. Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. R. Bank
S
$
680
643
$
3,310
1,542
' 522
516
480
438
713
830
203
319
1,992
309
647
173
176
1,052
941
95
213
310
337
1,699
256
100
19
791
72
79
14
13,219
6,648
152
934
454
8
5.794
1,625
41
1,121
2,674
52
118
790
41
$
$
684
384
2,618
516
154
362
1,231
1,387
158
127
74
84
59
69
130
29
41
14
722
260
15
1,047
947
15
149
926
58
162
370
31
s
a
$
696
475
1,932
261
466
352
1.332
234
282
88
173
123
343
107
246
411
921
691
169
123
230
123
600
314
377
58
111
69
54
108
122
83
40
348
252
41
10
251
43
44
7
24
6
60
11
30
9
109
22
356
242
7
319
242
11
1,877
1.228
15
362
222
4
225
131
2
516
178
3
291
141
9
778
979
23
100
197
51
94
69
90
206
430
54
105
52
70
123
215
56
79
152
189
63
29
42
88
39
12
22
19
33
.1 Subject to correction.
Condition of the Federal Reserve Bank of
New York.
The following shows the condition of the Federal Reserve Bank of New
in comparison with the previous week and the corresponding date last year: York at the close of business July 24 1929,
ResourcesGold with Federal Reserve Agent
Gold redemp. fund with U. S. Treasury_
July 24 1929. July 17 1929, July 25 1928.
223,351,000
20,093.000
183,427,000
21,028,000
175,452,000
18,026,000
Gold held exclusively asst. F. R. notes
Gold settlement fund with F. R. Board..
Gold and gold certificates held by bank_
243.444.000
111,174,000
463,135,000
204,455,000
110,143,000
460.860,000
193,478,000
194,642,000
499,901,000
Total gold reserves
Reserves other than gold
817,753,000
75,451,000
775,458,000
71,560,000
888,021,000
31,530,000
Total reserves
Non-reserve cash
Bills discountedSecured by U. S. Govt. obligations__
Other bills discounted
893,204,000
24,211,000
847,018,000
24,389,000
919,551,000
20,433,000
275,925,000
122,181,000
302,725,000
120,201,000
202,140,000
108,204,000
398,106,000
13,102,000
422,926,000
19,000,000
310,344,000
28,812,000
155,000
12,367,000
12,805,000
155,000
28.377,000
4,650.000
1,384,000
14,061,000
15,213,000
25,327,000
2,600,000
33.182.000
2,605,000
30,658,000
439,135,000
477,713,000
369,814,000
Total bills discounted
Bills bought in open market
U.S. Government securitiesBonds
Treasury notes
Certificates of indebtedness
Total U.S. Government securitiesOther securities (see note)
Foreign loans on gold
Total bills and securities (See Note)
Resources (Concluded)Gold held abroad
Due from foreign banks (See Note)
Uncollected items
Bank premises
All other resources
Total resources
July 24 1929. July 17 1929. July 25 1928.
5
$
$
220,000
211,804,000
16,087,000
773.000
221,000
244,724,000
16,087.000
796,000
218,000
167,632,000
16.568,000
1,375,000
1,585,434,000 1,610.948.000 1,495,591,000
Yed'I Reserve notes In actual circulation
Deposits-Member bank, reserve acctGovernment
Foreign bank (See Note)
Other deposits
306,844.000
949,514,000
2,801,000
3,467,000
8.667,000
315,419,000
941,719,000
2,624,000
4.229,000
8,879,000
336,272,000
889,235,000
1,681,000
1,677,000
8,916,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
964.449,000
175,750.000
60.132,000
71.282.000
6,977.000
957.451.000
199.330,000
60.191.000
71,382,000
7,275,000
901,509,000
141,175,000
47,564,000
63,007,000
6,064,000
Total liabilities
Ratio of total reserves to deposit and
Fed'i Res've note liabilities combined_
Contingent liability on bills purchased
for foreign correspondence
1,585,434.000 1,610,948,000 1.495,591,000
70.3%
86.5%
74.3%
138,540.000
135,441,000
86.329,000
NOTE -Beginning with the statement Of Oct. 7 1925, two new
Items were added in order to show separately the amount of balances held
foreign correspondents. In addition, the caption "All other earning
abroad and amounts due to
assets," previously made up Of Federal Intermediate Credit bank
"Other securities," and the caption "Total earning assets" to "Total bills
debentures, was changed to
and securities." The latter term was adopted as a more accurate description
discounts, acceptances and securities acquired under the provisions of Sections
of the total of the
13 and 14 of the Federal Reserve Act, which,it was stated, are the only
items included therein.
[VOL. 129.
FINANCIAL CIFIRONICLE
596
QuotationsiforIU. S. Treas. Ctfs. of Indebtedness, &c.
Cankrre
antic
Maturity.
Wall Street, Friday Night, July 26 1929.
Railroad and Miscellaneous Stocks.-The review of the
Stock Market is given this week on page 581.
The following are sales made at the Stook Exchange this
week of shares not represented in our detailed list on the
pages which follow:
Sales!
for
Week.'
STOCKS.
•
y 26.
Week E
Range for Week.
Lowest.
Highest.
Range Since Jan. I.
Lowest.
Highest.
Par. Shares $ per share. $ per share. $ per share.$ per share.
RailroadsBalt & Ohio full paid_ _ 5,100 131 July 20 136% July 24 123% June 136% July
July
June 238
800 232 July 24 238 July 20 228
Canadian Pac 1st paid_
Feb
Apr 360
400345 July 22 354 July 23 305
Cent RR of NJ, _.100
May
July 108
40 105 July 2 105 July 25 103
CC C & St L pref__100
y 74% Mar
70 72% July 21 72% July 25
Chic Ind & Lou pfd_l
10 44 July 22 44 July 22 43% June 45% Jan
Clev & Pitts special_ _50
10 60% July 22 60% July 22 60% July 61% Jan
Erie di Pitts
Manhat Elev guar_ A00
100
Market St Ry
New Orl Tex & M _ _100
Northern Central. 50
100
Pacific Coast
ill
1st preferred
100
2d preferred
Phila Rap Tran
Rens & Saratoga _.100
30 64 July 24 65 July 22 60%
100 2% July 20 2% July 20
20 140 July 26 140 July 26 130
20 83% July 2 83% July 25 83%
300 27 July 26 27 July 26 20
101 3534 July 2 35% July 2 32
20 30 July 24 30 July 24 21%
1,710 55 July 22 58 July 22 49%
10 130 July 23 130 July 23 130
Indus. & Miscell.
82% July 25 84 July 24 82%
Allegheny Corp pf ex-w 2,4
•
6 130 July 23 135 July 24 86
Alliance Realty
Amalg Leather pref.100
1001 50 July 24 50 July 24 46
Amer & Fora Power101 9934 July 25 9934 July 25 95
Preferred (6)
3001 48 July 26 49 July 26 48
Amer Snuff new
Arch Daniels Midi pfl
701108% July 22 109 July 25 meg
800 28% July 22 29% July 22 26%
Art Metal Construct. 10
1001 96% July 21 96% July 20 94
Asa° Dry G'da 2d pf lii
600 95 July 24 95% July 24 95
Beatrice Creamery__
1 105 July 2 105 July 25 105
lii
Preferred
38% July 25 42% July 22 36
Briggs & Stratton_ __• 19,
• 13.000122% July 26 129 July 22 115%
Bristol-Myers
Apr 87
May 4%
Apr 156
July 86%
Feb 43
Mar 50
Jan 40
Apr 61
July 140
Jan
Jan
May
Feb
Feb
Mar
Feb
July
Jan
July 84
Mar 135
July 73
July
July
Jan
Feb 100
July 49
July 115
June 30%
May 110
July 95%
July 105
July 4334
July 129
Feb
July
Jan
Feb
Jan
July
July
July
July
Campbell W&C Fdy___ 2,200 46% July 26 48% July 2 46% July 48% July
400 89% July 2 90% July 23 86 June 90% July
Colum Gas & El pref B
June 6% July
187,500 6% July 21 6% July 25
Rights
July 66% July
Colum Graph full pd ctfs 15,100 61 July 22 66 July 26 61
Commercial CreditMay 95 June
30 90 July 22 90 July 22 85
lit pre ex-warr__100
July 90
10 90 July 21 90 July 20 90
July
Cons Cigar pr pf ex-wa
8 88% July 26 90 July 20 88% July 100
Mar
Preferred (7) _ _ _ _1
Contin'l Bk of N Y__10 .3,83 59% July 24 61% July 23 59% July 61% July
111124% July 26 124% July 26 124% Jan 126
Feb
Contin't Can pref...100
• 36,800 30% July 2 32% July 20 30% July 35% July
Continental Oil
Curtiss Aeroplane ctfs.
5)1162% July 22 165 July 2 162% July 165% July
150 111 July 24 111 July 24 108% Feb 115% Feb
Cushman's Sons pref...•
200 96 July 23 96 July 23 96
July 102
Jan
Duplan Silk pref-100
40 42% July 22 42% July 22 36
Jan 45
Apr
Durham Hosiery p1_100
Emporlum-Capwell
100 26 July 24 26 July 24 24% May 38
Feb
•
Corn
July
Eng Pub Ser pf(534) • 1,911102 July 25 104 July 22 92% June 107
Jan
100 25% July 25 29% July 20 11
Apr 35
Fairbanks Co pref._ _25
Fisk Rubber 1st pref100 1,29 41 July 26 44 July 20 40% June 72% Jan
July 824 Jan
61 414 July 26 47 July 20 41
100
1st pref cony
92% July 25 97 July 20 88% July 97% July
Fleiscbmann Co ctfs_ _ _ 1,8
Jan
21104% July 20 104% July 20 104% June 110
Franklin Simon 01..1
411 77 July 21 81 July 21 77
July 8334 JUIY
Feb
Mar 140
10130% July 26130% July 26 130
Jan
51 1734 July 2 117% July 23 112% Jan 122
34,211 754 July 26 77% July 25 7534 July 77% July
30,800 69 July 21 7334 July 24 57 June 73% July
Apr
Jan 105
140104% July 24104% July 24 99
Jan
200106 July 2 106 July 25 105% July 116
Jan
100 24% July 24 24% July 24 23% July 27
July
July 130
200 128 July 25 128 July 25 128
3,700 4934 July 20 4944 July 20 493.4 July 50% July
July 20 111
110111 July 20 III
Apr 115 June
41,600 49 July 2 53 July 24 4734 July 54% July
12,200 28 July 26 2934 July 22 27
July 2934 July
14,500 1-64 July 23 1-16 July 24 1-64 July 1-16 July
Apr 4934 Mar
350 36 July 2 37% July 22 34
July
10255 July 24 255 July 24 231% May 260
Jan
25
July
100
100%
102
2
Mar
July
10100%
Mar
100 89% July 24 89% July 24 89% July 95
4,800, 3734 July 26 40 July 20 36% June 434 JUIY
July
1,400 97.4 July 26 9934 July 21 97 June 102
July
July 20
53,000, 18 July 26 19% July 20 18
July 19 June
1.300 14 July 2 17 July26 14
300 2734 July 2512744 July 26 2734 July 2734 July
Jan
July 45
20 21% July 21 21% July 25 19
July 96% Jan
200 80 July 20 81% July 22 80
Apr
Jan 110
90 107 July 23 110 July 25 106
Jan
0 95% July 20 95 June 96
100 95% July 20
I
Mar 82% Apr
Radio Corp class B___• 5,700 774X July 26 7934 July 20 74
10 34% July 24 34% July 24 34% July 36% Feb
Rand NIInes
Railway & Express_ __• 5,600 52 July 24 5534 July 23 49% July 58% July
July 37% July
36% July 25 36% July 25 36
100
Royal Bak Powder ctfs_
July
July 63
900 62% July 2 63 July 22 62
*
Scott Paper
Jan 55% Jan
100 4334 July 261 4354 July 26 43
Shell'Transp & Trad_t2
Feb
124
22
135
July
July
100124% July 24 126
So Porto Ric Sug pf _100
July
Stand Gas et Elec rta___ 181,400 4% July 26 5% July 23 4% July
May
45
24
Aprj
26
July
36
241
July
20 38
Stanley Co of Amer__ _•
Sterling Sec's class A. *I 13.500 31% July 20 32% July 22 25% June 33% July
201 7,300 1434 July 20j 15% July 23 13% June 15% July
Preferred
July
Tobacco Products ctfs__ 4,500 1354 July 22 15 July 22 13% July 16
July 1814 July
I
Class A ctfs
800 1734 July 25 1834 July 22 17
July
I%
23
July
Pei
July
1%
Transcontinental Oil rts 164,100 1 223 July 23
July
1,700 8244 July 26 84 July 22 82% July 93
United Carbon
July 18% July
15% July 23 14
United CigStoresctf.s.*i 1,900u y
July
4%
74
20
July
United Corp rta
205,690 6% July 25 7 July
May
50 12% July 23 1241 July 23 6% Apr 21
United Dyewood_ _ _1
May
75
22
Apr
,
July
5334
68
Preferred
26
July
80 65
1001
United Gas & Impt___•435,100 56% July 23 58% July 20 46% June 593 July
Preferred
• 1,800 93% July 23 943.4 July 24 92% July 9434 July
July 6844 July
U S Foreign Secur--- -• 18,300 6334 July 23 67% July 20 53
July
100
600 91 July 23 9134 July 24 8934 July 92
Preferred
July 12334 Mar
30 120 July 22 120 July 22 120
Thily Leaf Tob prat 100
50100 July 28 100 July 26 9934 June 101% Jan
Yu El & Pow Of (61_100
July 2534 May
330 21 July 221 22 July 22 21
Va Iron Coal & Coke100,
Zenith Radio Corp_ _*. 13,500 45% July 24 60 July 22 45% July 5231 July
Gamewell Co
General Baking pref *
General Cigar pref_ _100
General Foods
Gen Public
lii
Servic_.Gn
Ry Signal
Grand Stores Pref---Hartman Corp cl A _.•
•
Hercules Powder
Household Finance p150
Ingersoll Rand pf_ _100
lot Hydro-El Syst CIA •
Int Mere Marine ctf 100
Holster Radio rizhts_ _
Kuppenheimer & Co_ _5
100
Laclede Gas
100
Preferred
Loew's Inc pref ex-war_
Minn Moline Pr impl_•
Preferred
Niontgom'y Ward rte. _
Moto-Meter Cl A etfa_.
Moto Meter Gas & El_
Norwalk T13 R pf...100
100
Outlet Co
100
Preferred
Pub Ser of N J pf(5)_•
*1
• No par value.
The Curb Market.-The review of the Curb Market is
given this week on page 584.
A complete record of Curb Market transactions for the
week will be found on page 615.
int.
Rate
4 S4% line"1 992232
Sep 3.15 1929
15111215
4 li% 99"ss 99"n
:s
Mar.15 1630._ 54% 100121 100,
int
Rate
Maturity.
Bid. I Acted.
Sept.151930-82
Mar. 151930-32
Dee. 15 1930-32
Sept. 111929
Dee 15 1929
844
lasted.
8(4%
97
972222
972232 972232
S34e.
334 %I 962232 97233
434% 99"32 100
444%, 992232 99"n
New York City Realty and Surety Companies.
(AU prices dollars per MGM)
Alliance It'Ity
Am Surety-Bond & MG.
New($20par)
Home Title ins
Lawyers Mtge
Lawyers Title
& Guarantee
Ask
Bid
123
138
Bid
44
135 Lawyers Westchest M & T 275
148
94
285
81
97 Mtge Bond.- 198
300 N Y Title &
63
Mortgage-- 58
208
378
383 i7 t21 Casualty
107
112
325
8t5
N. Y. Inv't're
let prof....,. 98
97
2d pref
Westchester
Title & Tr. 160
As!
180
091
New YorklCity Banks and Trust Companies.
(Au prices dollars va Mare.)
Bid
Equitable Tr_ 647
Monty Trust 223
565
Fulton
Guaranty-- 905
115
Rights
IntiGermanto 221
Interstate new 164
77
Irving Truss
Lawyers Trust
'*fanulactureri 277
300
Murray MIII
Brooklyn.
Globe Each* - 415 430 Hutual(West365
chatter)
1200
People's
383
Y Trust_
170 'Ina
Proepect
Times Square. 137
Title Gu & Tr 178
United States 4400
Trust Co..
Weetchest'r T 1000,
New York.
Banos Coml.)
Brooklyn.
Italians Tr_ 410
1163
Brooklyn
Bank of N Y
& Trust Co. 910 925 Hinge Co_._ _ 3300
193 Midwood- 315
Bankers Trust 190
535 550
Bronx Co Tr
Cent Hanover 435 440
500 510
County
623 629
gm vire_ _
Beaks-N.Y
America
Amer Union*
Bryant Park*
Bid
230
225
430
Central
Century
Chase
Chath Phenix
Nat Bk&
Rights
Chelsea Ex_
Chemical
Com merclal..
Continentals.
Corn Each__
200
300
220
Bente-N.Y.
Public
Seaboard
Seward
Trades
207 U B tat $25*
325 Yorkville
223 Yorktowno--
882
74
96
126
780
5912
217
888
77
101
129
800
61
222
Ass
235
235
470
Fifth Avenue_ 3500 :4800
First
7700 7850
750
Grace
Harriman_ _ 1400 1500
Lelcourt
345 355
232 239
Liberty
Manhattan• _ 875 882
National City 402 405
196
193
Park
155
Penn Each... 145
140
121
Port 2340rris
Bid
260
965
162
312
200
225
260
Ask
284
985
185
330
208
235
Ask
655
230
585
912
117
226
6512
7754
216316
405
387
145
181
4500
1100
1173
3500
330
'State bents. I New stook. x Ex-dhrldend. •Ex-stook MT. V Ex-righls.
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.Below we furnish a daily record of the transactions in Liberty Loan bondsfand Treasury certificates on the New York
Stock Exchange.IThe transactions in registered bonds are
given infa footnote;at the end of the tabulation.
Daily Record of U. S. Bond Prices. July 20 Jtdy22. July23. July24 July25: July26.
High
First Liberty Loan
334% bonds of 1923-47_ LowClose
(First 334)
Total sales in 11.000 units...
Converted 4% bonds of Me
1932-47 (First 4s)
Close
Total sates M $1,000 units__
Converted 434% bonds{HIgi;
01 1932-47 (First 4 %a) LowClose
Total sales in $1,000 units.Second converted 434% High
bonds of 1932-47 (First LowSecond 434,)
Total sales in $1,000 units _High
Fourth Liberty Loan
4%% bonds of 1933-38- LowClose
(Fourth 4345)
Total sales in SI.000 units- 1 Hilih
Treasury
Low.
4348, 1947-52
Close
Total sales in 91.000 units-(high
Low.
is. 1944-1954
Close
Total sales is 111,000 unifs___
(High
Low.
33.(s. 1946-1956
Close
Total sales in $I.000 units.(High
Low.
344s. 1943-1947
Close
Total sales in $1,000 units(High
Low.
354s, 1940-1943
Close
' Total sales in 51.000 untts _ _ _
962432
962232
962222
19
97232
962222
97222
115
_
9 ,1
9ss
99,
" 99132
4
1
_
9-232
99924
99232
42
----
----
__
_99232
99Iss
99232
113
--__
_-.----- - ---.....
-____
__-_
-.----____
____
____
---____
___
____
---____
____
992n
991u
99232
156
108
1072232
107"32
34
104
1032222
103"32
12
101
101
101
2
97222
972n
97222
3
-----__
---____
97222
962232
962232
14
962232
961222
962232
4
962231
962432
;
96"3
...
00-232
99
99232
15
_.
9-9 32
932232
982222
30
_
9-8-2222
982232
931222
8
__
.
9
9132
982232
99232
60
----
----
----
----
97232
97
97",
10
-.
-2
____
- -99232
99232
931.s2
99
99
982222
303
118
1072231 107"31
1071222 1072n
107"32 1071111
16
104
1032222 1032222
1032022 103222
1032232 1032n
2
34.
....... 10032
____ 1002032
-- -- 1002.32
__
I
; 97
972
97
97432
97
97232
1
27
97
97422
97
97432
97432
97
I
2
_ _
____
082132 9998142 982232
982222
98223
154
163
107232 1071222
107222 107232
107232
105'31
16
33
103203.2 1031022
103122 103
103,32 103
7
27
100243 100"32
100222 100"33
100,132 1)0",,
30
100
97
96"22
96223
962232
962232
96222
1
6
____
98"32
___
962232
- --- 962232
•
Note.-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
16 4th 442;
9821n to 99iss
Foreign Exchange.
To-day's (Friday's) actual rites for sterling exchange were 4.84 23-32®
4.85 for checks and 4.85 7-32©4.8554 for cables. Commercial on banks,
sight. 4.8434 ©4.84%; sixty days, 4.80(4)4.80 1-16; ninety days, 4.77 13-16
®4.773.4, and documents for payment, 4.7954(84.801-16. Cotton for
payment, 4.84 1-16, and grain for payment, 4.84 1-16.
To-day's (Friday's) actual rates for Paris bankers' francs were 3.9134 ®
3.9234 for short. Amsterdam bankers' guilders were 40.08(440.10 for
short.
Exchange at Paris on London, 123.73 francs; week's range, 123.86 francs
high and 123.73 francs low.
The range for foreign exchange for the week follows:
Cables.
Sterling, ActualChecks.
4.85 15-32
High for the week
4.85
4.85 1-32
Low for the week
4.84 946
Paris Bankers' Francs3.92 13-32
High for the week
3.92%
3.91 11-16
Low for the week
3.91 5-16
Amsterdam Bankers' Guilders40.13
40.12
High for the week
40.1054
40.08
Low for the week
Germany Bankers' Marks23.8434
23.84
High for the week
23.83
23.80
Low for the week
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page. One
For sales during the weak of stock. not recorded bare. eee preceding page.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
July 20.
Monday,
July 22.
Tuesday, Wednesday,
July 23. I July 24.
Thursday,
July 25.
Friday,
July 26.
Sales
for
the
Week.
STOCKS
•NEW YORK STOCK
EXCHANGE
PER SHARE
Range Sines Jan. 1
On boat of 100-share Iola
Lowest
Per share $ per share 5 per share $ per share $ Per share $ per share Sharesm
per shore
Railroads
P
25612 260
25334 25912 253% 258
25312 25759 248 25434 2245 25114 28,900 Atoll Topeka & Santa Fe--100 19518 Mar 26
10114 101% 1015, 102
10112 102
101 1015, 10118 10118 101 101
100 99 May 18
1,400 Preferred
20278 202% 203 20534 205 205 20212 205 *195 202 *195 200
5,300 Atlantic Coast Line RR-100 169 Jan 2
133 13538 1331 13518 133 13838 1354 13778 13618 1385, 1345, 13714 165,200 Baltimore de Ohio
100 11518May 27
*76
7612 751g 758 7512 7512 *7512 76
*7512 76
100 75 June 13
7578 7578 1,100 Preferred
84
8412 82
84
8214 83
83
8578 8678 8814 85
ao , 64I2May 8
8712 15,400 Bangor & Aroostook
109 109
10934 10934 10918 10918 109 109 *107 10712 10712 10712
100 105 Apr 4
140 Preferred
10934 115
115 119
130 1434 140 145
11859 132
100 85 Apr 4
13834 14434 7,900 Boston & Maine
5912 5912 60
6012 6012 62
8012 81
6012 6034 6014 61
6,200 Bklyn-Menh Tran v t c_No par 5911 July 17
*8112 85
*8112 85
*8112 85
*8112 85
*8112 85% *8112 85
No par 83 May 22
Preferred v I o
*2212 2234 *2212. 2378 22
23
20
20
*21
2212 19
23
2,100 Brunswick Term & Ry 8441_100 18 May 28
70
70
*65
69
*67
69
67
67
*61
684 *62
68
200 Buffalo & Suequehanna... _100 5434 Jan 26
*52% 5578 *52% 5559 •5258 558 *53
55% *53
100 5118July 1
55% 53
53
242 24478 23712 24312 23712 23978 230 237
22814 23218 22812 23114 27,100
100 218 May 27
adfe
larTPaciflo
i
nm
10 CaP
*9438 97
*945, 97
*94% 97
9434 9434 *94% 97
Caro Clinch dr Ohio Me et'd100 9434Ju1y 24
*9478 97
100
270 274% 270 274
270 27034 263 263
258 264
100 195 May 20
25814 26134 11,800 Cheeapeake & Ohio
714 714
714 78
714 714
74 714
7
100
412July 11
74
7
7
2,400 Maw° dr Alton
*812 914
82 812
812 85,
812 9
918 10
Preferred
100
812July 9
9
2,000
9
34
34
34
34
33
33
31
31
red
e
t
28
May 20
*30
t
r
Ea
Illinois
RR_.
_100
32
Chge
*30
32
62
63
62
6212 6112 6112 6112 6112 61
61
100 49 June 26
61
61
3,26800
1758 1814
1718 18
17
1712 1612 1734 1612 1634 1618 1612 7,800 Chicago Great Western._ 100 1234May 28
48
48% 4614 4712 47
477
46
4712 4578 4714 45
100 38 June 11
4512 3,000 Preferred
40% 43
4034 428 4012 4234 4(114 423 4018 4114 3912
2734MeY 28
4059 80,600 Chicago 5111w St Paul & Pao._
6138 63% 6034 6314 6118 6234 6014 6278 59
4818May 28
6012 5918 6059 139,500 Preferred new
9414 9714 9314 967
93
9518 93% 9478 92% 95% 93% 96
804May
28
79,200 Chicago & North Weetern_100
136 136 •134 136 *134 136 15134 136 *134 136 •134
Preferred
100 134 Apr 24
136
100
14014 1407g 140 14134 14012 14212 139% 14078 136 136
135 13618 11,400 Chicago Rock Iii & Pacifie_100 115 May 27
*106 107
106 106
10578 10573 106 106 *106 107 *106 107
100 10514 Mar 27
400 7% preferred
*99% 100
99
9934 99
99
*99 100
99% 994 9912 9912
100 9812June 20
700 6% preferred
130 135
130 134 *126 13212 •13112 13324 130 13312 129
100 101 May 28
129
1.500 Colorado & Southern
*70
75
•70
75
*70
75
*70, 74% 744 7414 7414
100 68 July 3
40 Fires Preferred
74'4
*68
70
70
70
*68
70
*68
70
*68
100 64 Apr 22
70
*68
70
10 Second preferred
*59
60
*59
5934 *57
5934 *57
5934 *57
59
5934 5934
200 Como'RR of Cuba pref.--100 51 MAY29
22312 226
219 22534 21834 22212 218 22112 21434 2183
100 182 Mar 28
4 21114 215
12,800 Delaware & Hudson
15134 155% 15614 16012 16412 158
154 15714 153 15412 145 151
49,900 Delaware Lack & Western, 100 12014June 11
75
7534 75
76
7512 7534 •75
76
75
Deny
&
Rlo
Or
76
West
5514 Jan 2
prof
-100
76
76
4,100
*234 314 *234 314 *234 312
234 234 *234 312 *25
23sJune 11
312
100 Duluth So Shore & Att....100
*612 6
*4
534 *414 634 *434 618
Preferred
4 June 11
100
8312 84% 8112 8412 817& 8418 8418 8634 *3% 584 *3% 5
84% 8638 8314 8534 195,700 Erie
64
Mar 26
100
6314 6314 63
6312 62% 6212 62% 63% 63% 6312 6212 6318
100 57 Mar 26
7,100 First preferred
1061
63
*61
62
61
61
61
6118 61
Second
preferred
56
Mar
617
8
27
100
*60
613
4
1,200
1264 128
12512 12814 12514 127
12212 12514 12112 123
1207 121
25,500 Great Northern preferred 100 101 May 28
121 121% 12012 12214 11934 12114 11872 120
11712 119% 11612 11612 12,300 Pref certificates
100 100 May 15
5314 64
53% 55
54
5414 *4818 5214 .4814 51. *4814 5317 8.700 Gulf Mobile de Northern.._100 3238May 27
98
98
97
9812 *97
98
*96
97
*96
100 9059June 6
97 •96
97 ;
700 Preferred
8% 814 *712 9
*8
9
*8
9
7 Feb 18
•13
9 '
*614 9
100 Havana Electric AY...NO par
*6812 6934 *6812 6934 693 6934 6934 6934 *70
Preferred
100 55 Feb 16
75
*70
75
1
50
4515 525
500 506
500 515 *498 515
376
Mar 26
Valley
505 505 *490 505
Hocking
100
90
47
47% 4512 47
45
4678 45
4612 4412 45
100 34I2May 28
4418 4512 5.900 Hudson & Manhattan
*72% 75
*72% 75
*721 75
*73
75 .73
Preferred
100 70 June 25
78
*73
75
,
15032 15312 14978 152
14912 15078 149 15338 150
Illinois Central
100 13212May 27
15012 15012 15112 15112 14818 14818 *150 155 *148 15212 15034 15614 12,900 Preferred
100 13312May 31
300
155 *150 155 I
74% 74% 7434 7434 *7334 7434 7353 738 7312
7258July 26
7312 7259 7259
300 RR Sec Stock certificates_
21% 2238 20
22
2018 21
20
20
*20
21
2018 204 4,000 Interboro Rapid 'Fran v t o..100 20 July 22
4912 4912 *4834 4912 488 4878 4872 4878 4834 4834 *4418 49
Rye of Cent America-100 43 Apr 1
Int
500
*44% 5312 *44% 4912 *44% 4912 .4418 50
*441g 53
Certificates
No par 404June 1
*4418 53
78
78
*77
78
77
77
77 ' 7718 77
100 694june 13
77
76
77
370 Preferred
107% 108% 105 10878 10514 10718 10412 10614 104 10
100 78 Mar 26
50,800 MUMS CU/ Southern
478 10312 104
*6558 66% 6612 6612 *65
6653 6512 6512 .65
100 6318 July 3
400 Preferred
6653 6512 6512
98
9978 97
9934 97
98
*96
9612 958 96
0314 9312 3,600 Lehigh Valley
50 7734May 29
15114 15114 148 148
148 148
14812 149
147 149
-100 138I2May 28
146 14712 2,200 LoulivIlle te Nashville
3334 33% 3334 33% 3334 34
3312 337
3312 3312 3312 3312 2,400 Manhat Elev modified --sus1'100 3111 Apr
•27
29
*27
29
*27
29
27
27
*27
100 Market St Ry prior pref _100 20 May 28
348 *2712 3478
*214 212 *214 212 *214 212 *214 212
2
2
2 May 22
•214
212
200 Minneapolis & St Louls......100
4212 4212 4318 4318 45
453
4678 468 *46
47 .
45
47
Minn St Paul & 8 El Marie,100 35 May 31
1
1,400
*74
77
*74
77
*74
78
*73
77
*73
Preferred
77
100 65114.1une
*73
77
*60
6212 *57
60
*58
60
*58
60
*58
60
Leased lines
100 5634 July 8
60
64% 6534 6112 6534 6234 6412 8153 6334 6034 624 *58
59
6134 129,300 Mo-Kan-Texae RR____Ne par 424 Mar 26
10512 106
10534 106
106 106
1054 106
10514 10578 10514 10573 3,900 Preferred
100 102 Apr 9
98 100% 95% 99% 9512 9834 954 9712 944 9614 94
9578 30,100 Mhatouri Pacific
100 624 Jan 4
14414 145% 14514 147
144 14578 1425, 144
142 14434 142 14311 8,900 Preferred
100 120 Jan 2
80
*7634 SO
•76
*7634 80
*7834 80 .7634 80
*7634 80
Morrie & &meg
ao 77 July 18
*235 240 *231 235 *231 234
23112 23112 23112 2314 229 229
Chatt
dr
St
186 Jan 29
Nash
Loula.---100
60
2% 218
218 218
213 *218 23
218
2
218
2% 258 1,200 Nat Rye of Mexico 2d pref_100
134May 28
24078 245
238 243
23814 242% 239 24312 23718 24112 236
100 1784 Mar 28
24012 111,400 New York Central
15812 159% 159 16078 158 163
16112 16112 15734 1578 157 160
Chic & St Louts Co_100 1284 Mar 26
N
Y
10,600
*106 107 *10512 107 *10512 107 *105 106 *104 106 *104
Preferred
106
100 100 May 28
333 33812 317 33812 320 327 *315 330
310 315
302 312
50 27712June 13
400 N Y & Harlem
114% 11538 11112 11434 11114 114
1114 11378 1114 11312 112 11312
N
Y N 11 & Hartford
100 8078 Jan 4
89.100
122% 122% 12278 123
12278 123
122 123
12212 123
123 12332 5,100 Preferred
11458 Jan 3
2714 2714 2614 2714 25
2612 2518 2512 25
267
26% 26% 4,800 N Y Ontario & Western...100 2312June 28
*312 4
312 312
332 38
3
3
•178 3
•17g
3
3 July 24
600 N Y Railways Dref---Ne per
4114 41% 42
42
4173 4178 41
41
7
k
*37
39
*37
40
100 33 May 28
600 Norfolk Southern
258% 25834 258 25912 257 259
258 2583 259 259
25712 25934 4,200 Norfolk & Western
100 191 Jan 9
*8512
- .8552 - -- *8512 ____ *8517 ____ *8617
Preferred
*854
_
100 83 Feb 15
11478 11612 11514 11878 11412 11612 113 11559 11212 1114 1114
113
38,500 Northern Pacific
100 9512Mey 27
113 11378 112% 114% 112 11314 112 113
1104 111
1094 Ill
100 96 May 27
11,300 Certificates
9714 9812 95
98% 954 98
9618 984 96
97
Pennsylvania
94%
50 7212 Mar 28
9714
85,100
32
*31
33
*31
*31
33
*31
33
*31
33 .
31
Peoria & Eastern
33
190 2512June 4
19812 19812 196% 19614 196 20112 200 20134 198 200
194 198
100 148 Jan 3
4,000 Pere Marquette
96
96
98
*96
97
96
96
984 96
96
9612 97
100 96 Jan 5
460 Prior preferred
94
94
9318 9318 *9334 95
*94
95
*94
95
*94
95
100 92 Mar 15
200 Preferred
146 14678 144 144 *144 146 *142 144 *143 145
143 144
800 Pittsburgh & West Vs.-100 12558May 28
125 12618 12334 126% 12312 12534 12314 125% 12214 123
122
50 10112May 27
1243
22,
3
5
00
4
Readhlll
preferred
*4618 4912 46
*40
46
4912 4534 46
*46
46
4912 .
50 414 Apr 22
4912 4,200 First Preferred
047
50 .17
50
*4734 50
*47
50
47
47
•46
Second
60 4358May 21
50
71
71
•68
*68
71
*88
*69
70 .69
70
*69
Rutland
RR
prof
100
634 Mar 21
70
130 13114 12814 13118 12818 13212 13134 1324 12853 13218 12859 12918 26.20081 Loule-Ban Francleco--100 11194May 20
9514 *9434 954 9478 95
*95
9512 9514 9514 95
95
9214 Mar 26
Orel
Paid
100
9514
1,400
1111
10734 10934 10734 10734 105 108l2 *104
109 11134 10712 110
100 82 May 27
6,100 St Louie Southweetern
106
92
.9112 93
9118 91% 9134 9212 92
*9112 927
100 87 June 14
1,000
Preferred
1518
1578 15% 16
1612 1612 15% 1632
1434 1553 9
14
13
14
100 13 June 15
2 9
6,800 Seaboard Air Line
15
*191
1978 19% 1914 191 1912 1912 ":
•1914 20% *1912 21
100 1614June 14
400 Preferred
14512 14812 14612 14834 14512 14814 14412 1912
14812 14912 147% 150
100 124 Mar 25
14578 19,400 Southern Pacific Co
15612 157% 1554 15878 155 157
15512 157
1524 15614 152 154
re
100 138 May 27
Railway
14
1:1
10
00 Southern
9534 95% 9534 9534 *9618 9714 9614 9614 954 9534 954 9512
100 93 June 14
110 110 *101 110
*110 116 *110 115
101 110 *101 110
Mobile & Ohio certifs._ _100 104 Apr 4
200
17512 177
178% 17834 175 181
170 170 •165 170
175 178
100 155 May 28
4,800 Terse & Pacific
1214 1214
13
13
124 13
*14
17
*1212 15
ue
Avty
enit.
100 1214 July 23
13
n Ci
13
1.8
700 Tlwatirvi
39
39
3918 39
39
40
39
*3914 4012 40
39
Pid Transit _ _100 39 July 1
40
93 '90
93
*90
1190
93
*90
93
*90
93 .90
Preferred
100 93 July 11
93
270
27412
271
27412 28818 273
28814 27612
272 275
100 209 Mar 26
26618 27112 13,900 Union Paciflo
82
814 814 814 82
8118 8118 81
8114 8114 82
100 81 July 12
81
1,400 Preferred
• Illd and asked prices. no sales on Um day. s Ex-dlvtdend
r Ex-rights
P8R 811 ARA
Baser for Precious
Year 1928
Htelisst
Lowest
Highest
$ per share
per shore S per there
26014July 18 182ke Mar 204 Nov
10378 Jan 7 1024 Jan 1084 Apr
20912Ju1y 16 1574 Oct 1914 MAY
13858 July 25 10334 June 125% Dee
8012 Mar 20
77 Nov 85 APE
8814July 25
61 June 844 Jan
11038May 20 104 Dec 115% May
145 July 25
68 Feb 91 Dee
8178 Feb 25
77/
1
4 May
5318 Jab
9238 Feb 1
82 Jan 95% May
4418 Jan 18
4774 Sept
1412 Jan
85 Mar 2
3214 July 6411 Nov
684 Mar 4
88 Sent 63 Nov
26978 Feb 2 19512 June 253 Nov
10112 Mar 14
98 Sept 10712 Mar
277'l July 17 1761k June 218% Dee
Hi% Feb '4
18% MAY
5% Jan
2534 Feb 4
778 Feb 26% May
43 Feb 4
87 Feb 4814 May
6678 Feb 4
58 Aug 769 May
23% Feb 1
9% Feb 25 Doe
63% Jan 31
2011 Feb 50% Dee
43 July 20
4012 Are
2214 Ma
63% Feb
87 Mar 5958 Nov
9714 July 20
78 Jane 9414 MAY
145 Feb 6 135 Dec 150 MI17
14278July 16 106 Feb 139% Nov
10814 Jan 25 105 Dee 11112 May
102% Feb 5
99 Des 105 May
135 July 20 105 Aug 126 MAY
80 Jan 25
67 July 85 Apr
7212 Mar 6
694 Nov 85 May
7058 Jan 2
6412 Dec 87% June
226 July 20 16814 Feb 226
API
1604July 22 12514 Dec 150 Apr
77% Feb 21
6012 Feb 6534 Apr
4% Feb 4
634 Jan
3 Aug
94 Ma7
438 June
712 Feb 4
86%July 24
4834 June 7212 Dec
4351 July 2
50 June 6378 Jan
637g July 2
4914 June 62 Jan
12814July 22
9312 Feb 114% Nee
12214July 22
9118 Feb 11134 Nov
59 Feb 4
43 Aug 61% May
103 Jan 3
99 Aug 109 May
1112 Apr 20
7 Aug 174 Jane
73 Apr 15
51 Dec 7818 Sept
525 July 15 840 July 473 Nov
5018 Dec 7312 Apr
5838 Jan 5
Oct 934 Apr
84 Jan 18
81
15312July 20 131% Jan 14834 May
15112July 20 13012 Jan 147 MAY
804 Feb 21
75 July 82% Jane
29 Jan 62 MAY
58% Feb 25
364 Mar 52% Nov
59 Jan 26
5912 Jan 25 _
-8014 Jan 2
6972 Jan 82 May
10878Ju1y 20
43 June 95 Nov
6612 Aug 77 Apr
7011 Jan 15
10214 Feb 2
8418 Feb 116 Apr
1534 Feb 5 13934 Nov 169427
7
40 Jan 64
57% Jan 11
394 Jan 4
3812 Dec 4434 May
64 May
17i May
314 Jan 111
474July 15
40 June 52% Jan
87 Jan 23
7014 Dec 87% May
66 Jan 25
60 Dec 714 Jan
Nil June 58 Dee
858 July 20
1074 Apr 25 10112 June 109 Feb
I0138July 15
4178 Feb 7614 Sent
147 July 22 105 Feb 12117g Dee
8858 Jan 17
8212 Aug 89 June
239 July 17 1714 Aug 204% May
54 Apr
2 Feb
358 Jan 25
245 July 20 158 Feb 196% NOV
163 July 23 1214 Oct 146 May
10914 Jan 4 1044 Aug 110 Jan
Jan 506 Apr
379 Jan 18 168
5438 June 82se Dee
11538July 20
125 July 3 112 Sept 117 MAY
24 Feb 39 May
32 Feb 4
13 May
Fe Feb 21
514 Jan
32 June 58 Nov
4818 Feb 4
263 July 16 175 June 1984 Nov
8472 Oct 90 June
8714May 14
9218 Feb 118 Nov
11878July 22
9038 Feb a 15 Nov
11453July 22
6178 June 76% Dee
99 July 16
25 Mar Z.'7 May
35 July 16
20334July 15 12478 Feb 154 Nov
98
Oct 10134 Mar
101 Mar 22
92 Nov 10034 Mar
97 Jan 8
1485, Jan 10 1214 Feb 163
Oer
12673 July 16
944 Fe5 119% May
41% Nov
47 July 12
46 Are
44
Jan 59% May
50 July 17
71 June 19
50 Feb 77 Dee
133 July 15 109 Feb 122 Map
94 Dec 101 May
9612 Feb 2
67% Feb 1244 Nov
116% Feb 4
RO
Imo
04 Apr 26
oly OR
11% Mar MO Jas
21% Mar 5
Jan
17 Aug 38
244 Mar 6
150 July 22 117114 Feb 13114 MAY
16012July 16 13912 Feb 166 May
9658 Sept 1024 Jan
99 Jan 3
14078 Jan 14 100 Jan 1594 Jan
9912 Jan 19458 Oct
181 May 2
264 Jan 464 May
39 Feb 25
324 Sept 66 May
5814 Jan 25
100 Jan 5
9459 Oct 107 Feb
27612July 22 1864 Feb 22478 Nor
824 Oct 8714 Jan
8418Mar 16
21
598
New York Stock Record-Continued-Page 2
Fes *ales during the week of stocks not recorded here. see second page preceding.
HIGH AND LOW SALE PRICESFER SHARE, NOT PER CENT.
Saturday,
July 20.
Monday,
July 22.
Per share IS per share
7312 74
74
7578
*9018 92
9114 9114
*8312 86
*8313 86
4934 5078 4818 5034
5012 5034 5034 5034
3973 3978 39
3934
67 67
66
6734
Tuesday, Wednesday.
July 24.
July 23,
$ per share $ per share
7314 7478 7418 7612
*9114 92
*9112 92
*8312 86
86
86
4912
4812 4978 47
49
*4712 4973 *47
3832 39
3734 388
6634 6734 6412 6618
Thursday,
July 25.
Friday,
July 26.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
=CHANGE
Railroads (Con.)
per share Shares
$ per share
7312 7432 7312 76% 14,400 Wabash
200 Preferred A
*8878- 9034 9014 9014
200 Preferred B
*8312 88
*8312 86
4618 477
46
4733 31,600 Western Maryland
49
600 Second preferred
*47
4972 1541
37% 3712 37
3712 2,500 Western Paelne
65
6512 6458 6434 5,100 Preferred
PER MARX
Range ler Prieto=
Year 1928
PER SHARE
Range Sine. Jan. 1.
On basis of 100-glare lots
Lowest
Maw!
Lowssi
4
Industrial & Miscellaneous.
46
46
4534 4634 45
45
455
4452 4558 4434 4434 5,700 Abitibi Pow & Pap
452
NO Par 3812May 27 5472 Jan 22
100 79 Apr 10 8652 Jan 7
*8312 84
8334 833
83
8312 831 84
8312 84
8312 84% 1,600 Preferred
12412 12412 127 127 *110 12673 *111 130 *112 130
300 Abraham & Straus----No par 101 May 28 1594 Jan 8
115 130
*10934 11034 *10914 11034 *10914 110 *10914 11034 108 108
50 Preferred
100 106 June 4 112 Jan 2
108 110
300 Adams Express
*600 625
100 889 Jan 14 750 Apr 23
575 575 602 604 *575 595 *575 625
575 625
800 Preferred
*89
93
89
89
89
100 8424June 28 96 Jan 3
8914 8854 89
89
89
8812 89
311 3112 31
1,400 Adams Millis
No par 27/
1
4May 1 3572 Jan 15
31
33
331 *3112 32
3112 32
33
33
3612 3612 3712 3612 378 3758 35
33
3312 3,500 Advance RumelY
100 27 May 31 10472May 1
37
34
35
*54
57
3,500 Preferred
54
100 4013May 29 111) May 1
5014 5152 *50
5658 8814 8414 5414 52
54
474 Feb 20
112
158 4,900 Ahumada Lead
1
112July 24
112 153
134 134
158 134
152 134
112 153
17412 17618 175 17932 175 178
17514 17512 16758 17533 17012 17234 11,400 Alr Reduction, Ine_---No par 91512 Apr 10 18134July 18
401
Air-Way
4878May
13
4014
Elec
401
3,100
ApplianceNo
par
3714May
4034
1
41
4118 41
4012
4054
4134 *4012 42
5
518 7,900 Max Rubber.Inc
412May 31 1114 Jan 2
5
NO par
5%
5
514
5
512
5
518
512 51
55
57
Alaska
Juneau
Jan
8
Gold
4
101.4
652
558
5,700
Mht...1C
412June
6
558
6
53
513
6
6
58
1,May 31 25 Jan 3
1914 1934 2,800 Albany Pert Wrap Pap_No par
16
16
16
16
*16
1712 171 18
1834 201
No par 2752 Mar 26 5432July 24
5233 531
5214 5433 517 5333 5118 5212 679,800 Allegheny Corp
5114 5212 5053 54
pt
118 118
116 117
115 116
117 11814 11652 11712 1167 11734 5,600
100 9918 Apr 15 118342uly 15
Receipts
10038May 14 118 July 15
11618 11634 11514 11614 11514 11634 11634 118
11534 11633 11512 1165,
,
31012 31212 19,700 Allied Chemical& Dye_No pa. 241 Jan 7 346g July 8
336 337
314 330
317 322
31512 32412 31012 317
600 Preferred
1012018 12114 12034 121 *12012 12078 12078 1207 •121 12114 12114 12114
100 12014 Apr 8 125 Apr 27
5,100 Allia-Chalmers Mfg
27712 28412 27714 282
100 166 Mar 28 28412July 25
4276 278'z 278 28112 280 28312 z276 276
400maltamated Leather_No par
8
5 May 31 1112 Jan 14
533 552 *558 58 *55
552 558 *553 6
*553 573
No par 2212May 25 4252 Jan 3
2918 31
2914 30
29
2912 9,800,Amerada Corp
31
3212 2932 31
2934 31
131 1318 13
1258 1234 1212 1258 1214 1214 2,000'Amer Agricultural Chem-100 1018May 22 2352 Jan 15
1312 1234 13
9001 Preferred
4414 4414 *4514 47
45
45
4514 46
45
45
4514 4514
100 4058May 29 7334 Jan 11
2,500 Amer Bank Note
*142 146
142 145
10 110 Mar 26 1487 July 16
142 145
142 14434 14012 141 *136 141
*57
60
1557
60
57
57
5714 5714 1558
60
*58 6050 57 July 23 °Panne 14
200
201Am
Pe
rreifeearrned
seet sugar..-No Par
1413July 16 2012 Jan 10
1015
151 *15
15
*1473 18
15
1513 *1514 1512 15
15
2.5014 54
3001 Preferred
100 46 Apr 24 6014 Feb 5
*5014 5232 5033 5052 50
5014 ,5150
54
*50
54
6212 44,600 Amer Bosch Magneto--No par 4012 Feb 14 7314May 2
55% 551
5434 5534 55
5978 5912 6173 5812 598 go
5412 56
55
5534 5514 5832 5558 5812 57
5814 3612 5773 15,400 Am Brake Shoe Se F----NO Par 45 Jan 16 62 Feb 4
30 Preferred
*117 11973 *117 11973 *117 11973 117 117 *117 11972 11934 11934
100 117 July 10 12612 Mar 21
3018 3034 30
33
3214 3014 3214 3012 3134 44,200 Amer Brown Boyer' ELM par 1512 Jan 7 8484June 1
3114 3273 31
770 Preferred
8412
100 49/
1
4 Jan 7 104 June 12
8334 8334 83
85% 8412 85
8414 8534 8212 84
84
161 16433 159 16312 139,300 American Can
26 10724 Feb 18 169 July 12
16514 16714 16333 16812 16314 16614 16214 167
13812 13812 1,700 Preferred
100 13612July 8 142 Mar 28
138 138
138 138
138 139 *138 139
138 138
10314 10512 1017 104
100 103
10052 10214 20.800 American Car & Fdy.-No per 92 May 27 1064 Jan 3
10233 10378 10318 105
100 Preferred
100 114 June 25 12.) Jan 29
*115 1161 *115 11612 *115 11612 115 115 *115 11612 *115 11612
100 7014May 31 86 July 22
8512 8512 8512 86
8534 86
851 851 *8512 88
8512 8512 1,100 American Chain pref
No par 4634 Mar 28 6634July 5
6314 6484 64
64% 6212 638 6432 6512 64
643 6,600 American Chicle
6434 64
47
4918 4612 4712 4614 47
46
4858 491
4612 4573 4618 7,800 Am Comm'l Alcohol_ __No par 4312May 16 55 May 20
8,900 Amer Encaustic TWng_No par 2334May 31 47/
35
357
33
33
1
4 Feb 25
37
35
363
33
343
348 348 34
9073 90
931
9014 9153 821 92
88
8912 9112 90
9112 33.600 Amer European Sec's _-No par 82%July 12 9312July 24
12634 12884 12712 13312 13112 13453 13114 138
13114 13412 12834 1343 244,300 Amer & For'n Power--_No par 7514 Jan 4 13s72 Feb 19
No par 104 July 1 10812 Feb 14
100 Preferred
*10412 1061 *10413 106 *10412 106 *10414 10484 10512 10512 *105 10512
6614 •94
No par 88 Apr 9 103 Feb 21
9614 94
3,200 2d preferred
9534 96
96
961 *94
96's 96
951
10 24% Mar 26 42 Apr 19
3512 4,100 Am Hawaiian SS Co
3818 361
3614 3758 3552 3658 3514 3573 35
3514 35
614 Apr 9 10 Jan 2
612 612
200 American Hide & Leather-100
*812 7
*612 63
*612 63
*812 7
*812 634
3314 3278 33
100 304 Feb 6 42 June 3
600 Preferred
33
522
*33
35
33
*3212 33
3212 3314
7612 7412 7614 75
7578 4,400 Amer Home Produots_No par 64 June 3 8553 Jan 24
7814 778 7618 77
75
758 76
4614 4513 46
No par 38 Mar 28 4812July 15
453 4638 46
455 4578 451 45% 10,900 American Ice
4612 46
100 89%May 23 96 Mar 4
9412 94
400 Preferred
94
94
*94
941 *94
94
93
93 •90
93
7514 7711 76
784 7953 7512 795
771 7614 7812 75
7734 107,200 Amer Internal Corp___No par 5212May 31 7953July 20
412June 10
45
434
434
FoamIte_10
La
France
&
872 Jan 10
43
8
453
1,900
Amer
4
3
4
412
45
8
454
04
48
4%
100 5512July 15 76 Feb 21
Preferred
*45
55
5145
*54
55 *____ 50
55 •--- - 50
1333 13434 130 13414 130 1324 12912 13114 128 12973 129 13034 13,100 American Locomotive-NO Per 10252 Feb 18 136 July 16
1
p0O
ar 113 Jan 8 11914May 15
1,000 Preferred
*118 11812 118 118 *118 11812 11813 11812 11812 11812 118 118
1,300 Amer Machine Os Fdy....No par 14714June 3 192 July 18
18412 18412 18312 18312 183 1831 183 18318 181 181
*188 189
6233 6512 63
6313 6412 63
64
63
6218 6312 6212 6412 8,000 Amer Metal Co Ltd-NO Par 60 May 27 8124 Feb 8
100 11322May 21 135 Feb 6
12012 122 15120 122 *120 122
12058 12053 51121 122
700 Preferred (6%)
*12012121
410 Amer Nat Gas pref.-No par 65 July 19 984 Jan 7
66
6618 663 *6712 70
70
70
6834 7018
6634 66
*85
4 June 13 1772 Jan 31
No lal?
*418 412 *432 41
1,400 American Piano
4
4
4
4
4
4
4
4
80 Preferred
100 1812June 28 55 Jan 31
*2258 25
152253 25
152258 25
25
25
*2252 25
•2214 25
15214 15484 155 15853 15212 15512 152 1553 39,400 Am Power & Light__Ne par 814 Jan 8 15832July 24
15212 15358 15358 158
No par 9832June 14 105 Feb 28
100% 100% 100 1001
2,000 Preferred
100 100
100 100
100 100
100 100
NO
70 May 31 80 Feb 18
*73
74
*7312 74
*7312 74
74
74
*73
74
7312 7373 1,400 Preferred A
80
*7912 81
78
8012 8012 8012 8012 79
7953 80
81's 2.400 Fret A stamped ___ __No par 78 July 25 8424 Feb 16
4013May
28 545k July 17
Am
Rad
&
Stand
Manly
NO
par
187,600
4818 497
4812 4958 47
5112 5212 4973 5232 4914 51
4858
Amer Railway Express. -100 1294 Jan 16 188 May 3
26 64/
1
4 Jan 2
43
July
4413
441
4514
"2:iiiro
American
Repunima---Aro
par
14
7
8
44
4312
44
4412
141
2
12
-,..31
1i
44 8
25 10812May 28 1345s July 12
130 13112 12712 13053 12712 12978 12714 1291 12613 12034 12614 12772 16,300 Amer Rolling Mill
1
4 Jan 31
65
65
6412 6512 65
65
65
653 .7.110
6514 6514 3,200 American Safety Razor-NO Par 61 June 12 74/
500 Amer Seating v I e
*3312 35
*3314 3472 3234 3318 38
NO Par 3212July 9 4172 Mar 15
*3312 36
34
33
33
7 Feb 5
312 812
312 372
334 4
312 352 2,000 Amer Ship & Comm---NO Pon
358 4
312may 28
4
4
95
160 American Shipbuilding--100 8112June 13 10214July 11
9214 *92
95
98
*92
1592
ST
*92
97
96
96
10758 10938 10634 110% 107 10878 10758 109
10714 108
10814 11134 73,600 Am Smelting & Refbatng--100 9312 Jan 18 WA Mar 1
100 130 May 31 .138 Jan 4
600, Preferred
33
412
13312 13312 *13312 135 *13313 135 *13312 135
13312 13478 18
34
312 18
100 1791:June 5 208 Feb 1
400 American Snuff
182 182 15175 183 *170 182 *170 183
175 184
I Preferred
100 106 July 5 112 Jan 24
•100 10713 *100 107 *100 107 *100 10713 100 10712 •100 10712
6418 64
6334 6532 637 6573 6414 6573 63
6522 12,200 Amer Steel Foundries..-No Par 58 May 28 7972 Feb 4
6518 66
100 110 June 17 114 Mar 13
40 Preferred
41112 11278 112 112 *112 1127 112 112 *112 11278 *112 1127
No par 65 June 21 85 Apr 25
6912 69% 156718 69
2,700 American Stores
67
6712 68
67
6714 68
*8812 72
100 7112 Apr 5 94/
1
4 Jan 26
8312 83% 8312 85
84
8478 8453 4512 8312 8418 8434 8578 9,700 Amer Sugar Refining
100 10432June 7 111 Feb 1
800 Preferred
*10612 107 *10612 10758 *10612 10718 10612 10612 *10612 108
1064 10812
No par 3514June 1 60 Jan 2
39
6,900 Am Sum Tob
4134 4134 41
4134 4012 4012 39
41
4173 4114 43
700 Amer Telegraph & Cable__ 100 17 Jan 2 3272 Mar 25
2518 2518 2438 25
27
2534 2534
*24
27
*2418 27
*25
100 1934 Jan 8 273 July 26
26512 273 215,200 Amer Telep & Teleg
246 248
24358 24678 24312 2497 24834 25714 257 287
2.200 American Tobacco com----50 160 Mar 24 lush Jan 28
17834 17834 17814 17812 17813 17934 178 17814 17514 177 *176 179
claw
B
Common
60 16014 Mar 24 188 Jar 28
2,400
177
1793
4
1751
176
17712
17934 17934 178 18014 179 17978 17834
100 115 June 20 1214 Jan 16
400 Preferred
*11512 116 *11512 11614 11614 11614 11512 11512 116 116 *11554 118
2,800 American Type Founders--100 13612 Jan 5 160 July 24
159 180
15912 15912 *153 157
15.5 15618 153 15534 15412 158
60 Preferred
100 10714May 15 112 Apr 5
*108 110
10712 10758 *1071 110 *10712 110 *10712 109 *10712 109
No par 6714 Jan 8 14812July 11
7,800 Am Wilt Wk,di El
13112 13312 12814 131
132 135
13414 13512 1331 13534 13314 135
preferred
ist
97 Jan 3 104 Jan 28
100
101
99
*9652
99
*9652 101
*9634 99
*9652 99
*9334 99
100 1618June 21 2772 Jan 3
1712 '•17
18
171
1752 3,400 American Woolen
1712 1712 1634 1734 *1612 17 '
517
100 3912June 28 5832 Jan 2
4014 4113 *4014 4114 2,400 Preferred
43
43
41
4214 401 4014 3973 401
9 May 28 1612July 18
1334 14
14
1414 14
1412 1313 13% 1373 1373 1334 1412 4,600 Am Writing Paper otts_No par
Preferred certificate__100 3914May 29 46 Mar 2
*4113 448 *4112 4334 *4113 4334 *42
4312 *42
43
*42
43
Amer
Zino,
Lead
&
Smelt
-26
2218July
5.200
15 494 Mar 18
2252
238
4
23
23
248
23
23
2313 23
24
23%
231z
*6012 62
200 Preferred
25 9012July 26 1114 Mar 19
9112 9113 *9012 92
*9114 92
9012 901
*9113 92
11358 1157 11312 11614 113 115
11113 11434 111 11278 11214 11412 306.700 Anaconda Copper Mtn newts° 99 May 20 140 Mar 22
600 Anaconda Wire & Cable No par 62343une 13 8614May 9
68% 6878 6834 6834 *67
671
8712 6712 68
68
6712 *67
6,300 Anchor Can
No par 43 June 26 8238 Feb 21
*4713 4773 4634 4712 46
53
4612 4512 46% 457 4934 50
100 Preferred
No par 10212June 17 124 Mar I
*10114 10253 *10114 10234 *10114 10234 10234 10234 *1021 10234 •102% 10234
5034 5173 507 5253 5053 5153 5014 5114 4934 5012 5018 51/
1
4 36,600 Andes Copper Mintny Ne par 44581May 28 6822 Mar 1
3013 30% 30
2912 2934 4,100 Archer. Dan'ts, Micrld-No Par 29 May 28 4912 Mar 4
3032 2973 3014 30
30
291 30
700 Armour & CO (Del) Pref-100 8514June 14 95 Jan 30
*86
87
86
86
8512 8634 8612 8612 8534 854 8534 8534
17,860 Armour of Illinois clan A.....25 1052May 31 1812 Jan 2
1134 1134 1133 12
111 1173 11
1158 1034 11
1112 11
6
612 12,000 Class B
658 612
614 611
.618 658
25
552May 29 104 Jan 2
618 614
6
612
*7334 7434 7312 7312 *7312 7434 7414 7414 *7314 7412 *73
200 Preferred
7312
100 7114June 16 86 Jan 24
2118 21
1,400 Arnold Constable Corp J7 par 19 July 17 6074 Jan 2
1958 2078 21
2134 21
2114
21
215 2158 21
2412 *21
200 Artloom Corp
23
it• par 2112July 25 80 Feb
*21
5121
22
23
*21
23
211 2178 *21
5373 537
53
53
2,800 Associated Apparel Ind No par 4952May 3
53
53
53
5212 53
53
538 53
5834June 18
5312 5534 5258 548 5152 5412 5073 5234 5058 5214 47,100 Assoc Dry Goods
5133 527
NO per 43 May 22 7024 Jan 10
*4413 45
110 Associated Oil
4412 4413 4411 4412 442 4413 441 4412 4412 4413
26 4012May 31 4714 Apr 5
3,400 Atl G & W I 13 S Line-No pu 3212 Feb 16 67114June 25
62
6058 6112 6014 6014 60
62
60
58
5934 5712 56
400 Preferred
3518 5513 5512 551 *55
57
100 4514 Feb 1
55
55
*54
55
•54
55
6112June 28
6738 688 6418 6773 6312 6633 6412 6853 65% 6758 6638 68 100,400 Atlantic Refining
26 534 Jan 29 777k July 8
*1102 10412 101 101
101 101
10114 10212 10012 10134 102 10212 1,300 Atlas Powder
NO par 90 Apr 1
115 Jan 2
40 Preferred
*991 101 *10112 102
*9912 1011 •9912 100
100 9912July 26 10612 Jan 14
*9812 9912 9912 9912
1634 1634 1612 17
800 Atlas Tack
1712 171
1613 16
*16
1612
No par
•16
18
104 Feb 25 1772July 16
37614 380
377 395
380 385
No par 221 May 1 405 July 16
37514 384
379 380
380 387% 6,400 Auburn Automobile
• Bld and asked prices: no gales on this day. s Es-d-vidend.
p Bx-righte.
Htsfiss1
Par $ Per chars $ per Mare $ per slim $ per afro
51 Feb 944 May
100 60 May 27 814 Jan 6
884 Feb 102 Ma7
100 9014 July 26 10472 Jan 7
87 Feb 9914 May
100 79 May 24 91 Jan 8
31/
1
4 Feb 8484 may
100 3212 Mar 24 64 Feb 4
3312 Feb 54% MaY
100 3812May 28 5312 Feb
2314 Feb 8812 Dee
100 32 May 27 4172 Mar 6
11212 Aug 8212 Jan
100 68 May 27 6734July 22
8614 Nov
74 Nov
90 Jose
109
Oet
195
Jan
93 Jan
8112 Dec
Jan
11
3414 Jar
2/
1
4 Jan
69 June
85 Apt
10252 July
142 Dee
11412 June
426 Dee
4911 Mal
8314 Dee
66 Sept
69/
1
4 Sept
004 Mu
Ms Des
71l Jute
1
Jan
2234 Dec
-fie; Jail
10 Noy
8114 Jan
146 Feb
12012 J1104
115% Feb
912 Oct
2712 Feb
1552 Feb
8558 Feb
1
4 Jan
74/
60
Oct
1424 July
36 Feb
1532 Feb
3974 July
120 Dec
1052 AP
4014 AP
7012 Jan
13534 Jan
8814 July
11062 Aug
71 Dec
44 Dec
212.54 Nov
1275a May
200 Dee
1614 API
4374 Nov
26 Nov
7972 Nov
169 May
11512 Jan
2413 Ana
6152 EMI
44/
1
4 Nov
4912 Jan
128 Jung
2614 may
6572 Mel
1174 Nev
147
AP,
11113 Jai
13712 Mar
105 June
4084 Dee
Feb II- Dec
10424 June 110 May
81 Feb 100 Sept
Oct
Nov
Feb
Jan
Jan
_
514 Jan
56
Jan
87 June
10314 Oct
12912 June
89 Mar
109 Aug
96/
1
4 Dec
12/
1
4 July
88 Dec
624 Jan
10012 Dec
704 Nov
8112 Dee
858
31
69
28
90
1558 Feb
674 Feb
86 Nov
4014 Aug
9914 May
-ilia Oct
8512 Oct
115
Jan
184 Mar
18314 Deo
6824 Nov
11712 May
9984 Now
26 Feb
90
Jan
93 May
10714 My
771s Nov
8114 Noy
Jan Hi We;
511., Feb 85 Ape
27/
1
4 Nov
84 Aug
80 Sept
169 Feb
181 Mar
141
Jan
100
Oct
6012 June
109 June
65 Feb
100, Feb
46 Feb
174 Dec
172 July
152 June
162 June
11484 Sept
10972 Aug
107 Nov
62 June
98
Oct
14 Zuly
89 Aug
10,2 June
34 June
832 Jar
40
Jul
747 Sept
45 May
Ws May
119
Jan
293 Dee
142 Apt
210 Dee
120 Juie
70/
1
4 Jan
120 Feb
9312 Nee
11012 May
73112 Sept
Jan
32
211 May
18484 D40
18472 Nov
126
AP7
14214 Noe
116 Mu
7612 Nov
106
AM
32/
1
4 N.Y
6584 Nov
1912 Feb
5324 0•11
Oot
67
11772 Ool
48
10614
364
5514
864
1114
Dec 5482 Doe
Dec 111 Doe
Nov 55 Nov
Feb 11272 Nov
Jan 074 June
Jan 234 Sept
134 May
Jan
712 Jan 9112 June
254 July 5114 API
2814 Dec 4432 Map
4014.1UP; -jiff Wee
3712 Feb
We Sept
3712 Feb 597 May
88 Feb 6514 Oot
60 Nov 664 Dee
Jar 114 Dee
68
102 July 11014 May
1781 June
84 Jan
-
599
New York Stock Record-Continued--Page 3
Per sages during the week of stocks not recorded here. see third page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
July 20.
Monday,
July 22.
Tuesday,
July 23.
Wednesday, 1 Thursday,
July 24.
July 25.
Friday,
July 26.
Sales
for
the
Week.
STOCK
NEW YORK STOCK
EXCHANGE
PER SHARE
Ranee Singe Jan. 1.
On basis of 100-share lots
Lowest
1
Highest
PER SHARE
Bantle for Previous
Year 1928
Lowest
Highest
$ Per share 5 Per share $ per share $ per share $ per share $ per share Shares Indus. & Miceli.(Con.) Par S Per altars 1 $ Per share 4 per share $ per share
57
57
438 Jan
512May 28 10 Jan 11
55
94 may
900 Austin, Nichols & Co_No par
55*
*578 618 *578 6
*558 6
578
55*
25 July 39
*36
Jan
*36
38
38
Preferred non-voting____100 32 Mar 14 4218 Jan 14
*36
*36
38
*36
38
38
*36
38
5112July 15 65 Jan II
*53
58
Oct 75 May
*53
60
58
54
5414 *5413 60
*5414 60
*54
500 Austrian Credit Anstalt
58
30
3414 Nov
31
612 Jan
No par 2218 Feb 15 3538 Apr Ai
31
3158 3114 3112 3114 3134 3112 3112 4,600 Autoeales Corp
31
32
*3912 4012 *40
25 Aug 41 Nov
4014 4014 40
4038 *3934 40
4058 40
$0 3614 Mar 4 4374 Jan 23
600 Preferred
40
*4214 44
43
Oct 5212 May
1 1.
*421
*4214 43
4214 4214 *4214 44
/
4 44
4214 4238
500 Autostr Sal Razor"A"_No per 4214June 15 50 Jan'
240 240 *220 235 *206 235
*240 248
235 241
242 250
5,400 Baldwin Locomotive Wks..100 210 May 91 27112 Mar 22 235 June 285 Mar
•118 120
Oct 1204 Apr
11912 11912 *118 11912 11838 11838 119 119
100 11412June 7 125 Apr 3 115
118 118
180 Preferred
•106 108
106 106 *106 108 *106 10612 104 106 *106 10612
80 Bamberger(L)& Co prer_100 104 June 13 11012 Feb 1 10714 Nov 11174 Jan
*28
2678 Aug 3514 Dee
30
28
2814 2814 28
28
28
No par 25 July 2 334 Jan 23
27
28
250 Barker Brothers
28
28
*93
9178 Dec 10112 June
100 8538July 2 97 Jan 28
9213 9212
9312 *93
9312 *9212 93 *9212 93
9312 *93
40 Preferred
234 Aug 5218 Feb
*8
*734 8
7 June 13 2914 Jan 15
No par
818 818
9
9
1012
*8
9
9
9
300 Barnett Leather
20 June 53 Nov
3734 3612 3814 3712 3838 53,400 Barasdall Corp class A
39
3912 3634 3912 3613 3712 37
25 3612July 23 4914May le
105 105 *100 105 *100 105 *100 105
102 107
100 100
98 June 1404 Mar
No per 87 June 1 11314 Jan 25
1,100 Bayuk Cigars, Inn
,
tc 11018 Mar
*99 100
100 9812July 3 10614 Jan 29 10318 L
99
9912 100
100 100
100 101
99
10034 10034
260 First preferred
1214 Mar 2412 Dee
3012 3138 2812 3114 294 2912 2958 30
29
2978 2858 2912 14,100 Beacon Oil
No per 26 Feb 7 3278July 17
*80
7018 July 1014 Dee
83
8458 8412 8412 84
82
20 73 May 28 101 Jan 12
*83
94
8234 84
1,100 Beech Nut Packing
84
*1112 12
12 Dec 22
1134 1134 1134 1134 *1114 1113 1114 1114 1114 1114
Jan
11 July 8 1734 Apr IA
500 Belding Here'way Ce__Ns par
8258 Sept 9212 Ma,
8212 8212 *8238 83
*8214 8212 8214 8213 *8214 8212 8214 8238
700 Belgian Nat Rya part prof ___. 81 Jan 29 8478 Jan 3
95
97 10134 9718 10238 10018 10438 9818 10112 9714 10014 402,900IBendix Aviation
99
No par 78 May 31 10438Ju1y 24
4 Jan 152
No oar 7534 Mar 28 9614July 20 -5339358 9614 9312 9534 93
OK
9214 9538 93
957
9334 92
9378 9,000 Best & Co
11918 12014 119 12078 11758 12138 11814 12178 11838 121
D
5178 June 884ee
_00 824 Jan 31 12438Ju1y 26
12112 12438 519,2001Betttlehem Steel Corp-1
11834 120
11978 12014 12058 12058 12058 12034 12013 12058 121 122
5,100 Beth Steel Corp Pt (77)_100 1164May 31 123 Jan 11 11618 June 125 Apr
4812 4913 4812 4813 *4712 49
334 July 50 Sept
*44
48
48
No par 4214 Jan 21 6174 Apr 5
400iBloomingdale Bros
48
*9514 52
*9734 105
106 106
*9734 105
*9734 105
*9734 110
100 104 June 3 111 Jan 16 10912 Jan 11114 July
*9734 110
10 Preferred
*95
97
95
95
95
*95
97
95
87 June 122 Dee
95
100 95 July 19 118 Jan 2
95
95
220 Blumenthal & Co pref
95
125 12634 125 12514 12312 125
12314 12514 12238 12213 123 123
3,9001Bohn Aluminum St Br_ _No par 11014May 28 13634May 4
*8114 8234 *8114 83
83
83
8318 8312 *8114 8234 *8114 8254
654 Jan 8514 Pee
No par 7818 Mar 25 8912 Jan 12
300 Boa Aral class A
3738
712
74 74
1218 Nev
714 7/
738 738
54 Jan
6 Mar 26 114 Jan 2
1
4 *7
No par
714
700'Booth Fisheries
7
7
*49
5012 *49
5012 5038 5038 *4912 50
414 Mar 7218 Nov
*4913 5012 4912 494
100 45 Apr 19 6314 Jan 18
4001 let preferred
9412 958 93
9514 9212 9312 9214 9412 9234 9714 9414 9514 23,800 Borden Co
25 8314May 28 10012July 10
11412 1158 10712 11412 10812 11512 112 11758 11212 115
10 107 June 11 14338May 1
11212 114
32,500 Borg-Warner Corp
*812 934 *812 912 *812 912
813 July 17 1512 Feb 11
934 934 *914 978
Jan
-814 Aug ill
914 914
200 Botany Cons Mills class A_50
3318 3418 3134 3318 3158 3313 3238 34
3118 Feb 634 Oet
3212 3338 3218 334 41,4001/Briggs Manufacturlag_Ne par 30 May 31 6318 Jan 3
318 July 11
100
414 414
334 438
4
358 358 *314
414
38 412
118 Jan
678 Jan 28
414 2,700 British Empire Steel
94 May
7
8
738
8
8
*734 97
8
12 Feb
534 Jan 14 1312 Jan 24
100
214 Jan
*734 94 *734 814 1,0001 2d preferred
4414 4518 4378 447
44
46
4358 4434 4353 4414 4234 44
451: June 7512 Nov
12,800 Brockway Mot Tr-___No per 4212May 28 7378 Jan 2
*85 106
*92 106
*90 106
*85 105
*85 105
100 156 Ayr 30 146 Jan 2 110 June 150 Nov
Preferred 7%
*85 105
218 226
218 218
221 225
220 223
21534 219's 21612 219
No per 170 Apr 9 22612July 12 139 June 2034 Nes
7,400 Bklyn Union Gas
49
49
44 Dec 554 Apr
4834 49
478 48'2 4812 49
4834 4884 48
Na par 384 Apr 4 49 July 22
2,900 Brown Shoe Ins
483
38
3712 3834 3634 3812 37
37
3714 33614 368 3512 364 6,200 Brune-Balke-Collander_No par 3512July 26 5514 Jan 18
2718 Feb 6214 Sept
*3112 32% 3214 32% 3178 328 32
244 Feb 4814 May
32
10 2518May 28 4214 Jan 5
3012 3112 3014 30% 3,900 Bucyme-Erie Co
434 435
4213 43% 4218 4314 4114 427
3318 Feb 544 May
41
10 31138May 23 50 Feb 5
4114 4114 4138 5,100 Preferred
•11212 11234 *11212 11234 *11212 11234 11134 11134 *11114 11234 *11134 11284
150 11112July 3 117 Apr 25 11014 Mar 117 Apr
10 Preferred (7)
54
5414 .52
5412 52
53% 50
537
No par 46 June 3 5458July 19
5012 51
50
5012 5,600 Bullard Co
1024 1034 *98 100
9978 100
*99 100
OK
1 Feb 1-2T7
99
99
*96 100
700 Burns Brea new clAconiNe per 9614July 8 127 Jan 11 13:
*2914 32
*2914 32
*2914 31
*2914 32
157s Mar 4318.71M
1
4June 4 39 Jan 14
*2914 3078 *2914 30
New class B oem___No per 22/
*9712 100
9714 9714 *97 100
984 100
974 Feb 1194 Jane
9912 9912 *9912 100
100 9514June 27 10514 Jan 7
80 Preferred
31714 320 *318 321
320 32078 3208 320% 318 31934 *315 319
Jan 249 Dee
1,500 Burroughs Add Mach_No par 234 Jan 16 32934M1y 21 189
58
58
58
58
58
58
50 June 88 Dee
58
58
No par 5434July 1 8918 Feb 2
.57
57
58
800 Bush Terminal
58
*104 106 *104 106
10434 105
115 Mal
1047
8
Aug
2
104 10534 *10414 106
11012Mar
29
10214June
NO
Debenture
50
104% 10478
11412 11412 *11412 11512 114 11412 11512 11512 11418 11418 *11418
210 Bush Term Bldga pref.. _100 110 Mar 22 1184 Feb 19 111 Aug 11912 June
115
*8
812
8
*8
8
81
1614 May
814 Aug
614May 24 1238 Jan 4
*8
812 *8
Butte 0. Superior Minini_10
813
8
600
8
478 478
44 44
44 47
1214 Nov
44 Jan
94 Jan 3
412May 28
5
44 44
44 458
1,600 Butte Copper & Zinc
48 45
3178 3178 315 3138 3034 3114 3178 317 *31
374 Dec 6718 May
100 28 June 6 41 Jan 2
Butterick Co
3112 31
3112
700
139 1391
/
4 135 13934 1354 13514 13614 13834 13134
9012 Jan 2064 Dee
5,400 Byers & C.(A M)____No par 12214May 28 1924 Jan 2
*135
137
13712
*11014 1107 110 11034 110 110 *110 113 *110 113 *110
100 105 Apr 3 12114 Jan 8 1584 Apr 115 Dee
50 Preferred
113
3556 36
3334 367
34
3538 344 3612 3334 3434 3314 3334 7,600 By-Products Coke new_Ns par 3314 July 26 3738July 17
7834 793
7734 793
7734 791
8278July 16 -6812 June 824 Sept
7834 79% 78% 79% 78% 7914 12,000 California ?asking_ _ _ _No per 724 Mar 2
*27
30
*27
28
*27
30
2514 Mar $6 Sept
*27 30 *27 30 *27 30
California Petroleum
25 25 June 17 35 Apr 3
134
134
134
17
134
17
158
518 Apr
114 Mar
4 Jan 22
112July 26
10
134
158
Callahan Zlno-Lead
113
153
3,600
13
4
12712 128
1273* 128
12714 12732 12738 129
---- -12712 129
12718 1288 10.200 Calumet & Arizona Mialag_20 123 July 16 135 May 6 ____
404 411
/
4 4034 411
4013 4078 40
204 Jan 4738 -Nem
25 364May 28 6178 Mar 1
40% 40
19,800 Calumet & Deola
40
42
4012
9514 96
9334 95
93
5478 Jan 864 May
94¼ 93
95
9214 933* 891
/
4 927o 17.200 Canada Dry Ginger Ale Na par 78 Jae 4 983 July 13
*3512 36
3512 36
43 Dec 50 Sept
3513 351 *3513 36
No par 3514July 18 4412 Jan 3
*3513 36
600 Caanen Mills
3512 354
tr
:370 380
362 381
370 370
---- ---365 375 *350 374
360 374
2,800 Case Thresh Machine aisle° 308 June 20 38812July 17 --121 12313 *121 12312 *121 1231 *121 12313 *121 123 *121 123
Preferred ctts
100 120 July 3 121 July 1
*2218 23
22
2218 2212 2234 2214 2214 *2214 24
800 Cavanagh-Dobbs Inc__No par 22 July 19 424 Feb 28
22
/
1
4
2214
*9113 948 *9112 947 *9112 947
100 91 July 24 10512Mar 8
91
9113 *9014 948 *9014 9478
200 Preferred
5734 5734 538 58
No par 52 May 29 79% Feb 4
55
55
5334 55
537 55
4,500 Celotex Corp
*54
55
*8512 86
8512 86
*8512 86
100 8514June 24 9312 Feb 7
86
86 .85
86
*85
86
300 Preferred
*3334 3414 3414 3434 *3434 3612 3434 35
*3334 35
335* 347o
700 Central Aguirre Ass,._No Far 30 Jane 10 6814 Jan 30 -3-Ic14 -Leo -3i4 Dec
5012 5158 501* 5238 5018 5353 528 5312 5218 53
254 Mar 4438 Dee
5138 52'z 115,500 Central Alley illtiol_ __No par 4012Mar 26 5312Ju3y 24
•10912 11012 *10912 11012 10934 1093 *10912 11112 10912 10912 *10012 111'2
Jan 11114 May
100 1054 Apr 2 11212 Jan 2$ 107
20 Preferred
*10
11
*10
11
*10
101 *10
OK
11 Aug 24
10 July 17 2018 Jan 11
11
1018 1018 10
1018
400 Cont0r9 Ribbon MIlls_No par
*6613 70
70
70
*66
70
77 Aug 92 Ma,
*6612 70
100 6914July 15 82 Jan 17
*6612 70
*6613 60
10 Preferred
914 9434 9418 9512 94
9418 94
94
584 Jan 119 Nov
9353 95
93
953 10,000 Cerro de Pasco Oepper_No par 584May 21 120 Mar 1
27
2618 2634 26
27
2618 258 26
2314 Dec 644 Apr
255* 27
2714 29
12,700 Certain-Teed Prodstots_No par 141: Apr 10 29 July 26
*6912 7418 *6913 744 70
70
*6913 70
75 Nov 100 May
100 474 Apr 12 4112 Jan 11
*6912 70
70
200 7% preferred
70
59
5988 5912 61
5912 5912 57
No par 49 June 24 6234 Jan 30
58
57
6,500 City Ice Sr Fuel
57
574 571
*100 102 *100 . 102 *100 102
102 103 *100 1024 *100 1021
100 99 June 26 10514 Jan 24
70 Preferred
Yoh Oct 831, Dec
Na per 5614 Mar 28 9214 Jan 31
8934 90% 89 90 884 8912 8734 8312 864 88 ii Iti 11,100 Cheupeake Corp
6214 July 8118 Jan
No per 7812 Mar 26 112 July 2
3814 383
3312 4014 397s 427* 41
244 Mar 26 4458July 25 111 Aug 17312 Dee
PleUleAt
par
4
Tool
No
Chicago
42
4112
28,800
44
%
4318
4414
5378 537
5318 54
5414 55
55
5512 55
8July
25
4418
Mar
27
565
Preferred
pa
No
568 55
5534 6,000
3114 3114 3112 3238 *31
324 *3013 3212 *3012 3113 *3012 3112
294 Aug 43 Jan
No par 2318July 16 36 Jan 7
230 Chicago Yellow Cab
3612 3612 364 3612 36
3614 36
36
*36
45 Dec 564 Oct
10 36 July 23 50 Jan 2
37
37
1,300 Chickasha Catten 011
37
72
728 71
7113 71
7212 71
72% 6934 708 6912 718 7,600 Childs Co
37 Apr 64 De0
Na par 4478 Mar 26 7474June 29
*7258 100
*723* 100
*7258 100
*7258 100
*7258 100
874 Mar 7474 Nov
25 714 Jan 8 12712Mar 21
!Chile Copper
*7258 100
6814 6912 6718 69
6812 7318 71
7413 7034 7458 7112 73% 24,490 Chrysler Cern
5414 Jan 14012 OK
Na par 66 May 31 135 Jan 2
*1838 50
*1818 49
*194 45
*1818 49
*1818 49
52
Jan
2
5114 Jan 544 June
48
July
8
No
par
*1818 49
4,300,City Stores MAU -11.1938 1972 1958 1958 1938 2114
197 2012 1978 1978 1958 20
New_
No par 1811July 8 27 Feb 4
2,000;
53
54
53
534 52
5358 518 5234 49
5134 453 4938 13,100:Cluett Peabely & Co-No par 453*July 26 7214 Jan 3
6038 -Dec 10334, -Jor
*106 107 *106 107 *106 107
106 106 *106 107 *106
100 10312July 12 119 Jan 3 11118 Dec 1244 Mar
40' Preferred
14358 14878 143 1477 144 1474 146 14733 144 107
145 145
Na par 12058June I 14878July 22
146
11,800 Coca Cola Co
467* 467
47
47
4634 4634 47
47
*46341 47
Class
A
4634 464
No par 4611July 3 50 Feb 4
700
5012 5034 48
4734 494 48
51
4914 4812 4914 48
No par 4734July 23 7214 Mar 14 1414 -Dec iiis, Jan
48
3,600 Collins & Aikman
8,9313 9534 93
9312 93
93
*92
93
92
92
Jan
99 Noy 1119
91
Preferred nez-votg___100 91 July 26 10318 Feb 6
91
900
6978 7258 6634 7278 684 7212 6912 7212 6812 7012
524 June 444 Jan
100 56 May 27 71118Mar 8
684 703 53,500 Calerado Fuel & Iron
188 19334 185 188
193/
1
4 195
185 189
183 185
79 June 13414 Dee
Columbian Carbez vi oblo par 1214 Mar 26 207 July 9
185 189
6,200
884 894 88
91
8834 91
8913 9234 9178 9438 9058 9338 234,700 Collin Gas & Elea,
Ws Mar 14478 Dee
$318 Mar 26 9438July 25
.
--No pa
107 107 *105 10758 *105 106 *105 106
10618 1061s 10612 1064 1,000 Preferred
100 14378 Mar 21 199 July 18 156 June 11114 Jan
6618 6678 64
6612 6312 65% 64/
1
4 663
7 6812 151,900 Columbia GraDkepkeae
647
Des 444 Nov
8
61
4
Jan
9
6614
851
24
65
5514June
49/
1
4 497
48
5014 43
4834 4758 49
4734 4834 4712 483 50,700 Centniercial Crellt___..No per 43 Mar 24 624 Jan 2
21 Feb 71 Nov
*2434 261
2434 25
25
25
/
4 *2434 2614 •2434 2614 243 26
23 Feb 27 Ma Preferred
24 May 27 234June li
25
350
*25
2612 2512 2512 *2512 2612 *2512 2612 *2512 2612 *2512
28 Feb 26 Dee
25 25 Jan 21 24 June 14
20 preferred 1
2612
97
97
97
97
97
97
97
99
*96
9612 96
IS June 197 Ni,
140 1st preferred (4134%)___100 95 July 15 1054 Jan 24
96
17378 17514 17378 179
169 17512 16938 17512 15813 17414 17134 1743
4514 Mar 1414 Ni,
Comm Invest Trust___No par 13112 Jan 2 195 Feb 6
68,000
4
*104 10434 *104 10434 *104 10434 *104 10434 104 104 *104 105
99
Jan 109 May
20 7% Preferred
100 1014 Mar 27 109 Feb 6
*92
94
9412 *92
94
*92
92
92
9218 95
94
934
June 9818 Aus
99
Jan
28
31
Preferred
94
May
1,000
92
100
(6X)
*54
5778 5813 *56
58
58
*50
56
5713 58
Warrants
*54
64 Aug 3072 Da
574 3,000
100 2714 Jan 7 634 Feb 4
*485 400
464 470
47912 483 470 474
455 46412 458 467
4.300 Commercial Solvents_No per 22514 Feb 1$ 492 July 18 14778 Jul 2504 Nss
230 230 *220 230 *220
226% 22812 *222 227 *220 228
6214 Jan 11018 De•
800 Commonwealth rowor_No par 10714 Jan 7 246 June 16
230
698 71
7078 71
708 71
6978 6978 •65
7012 *70
7012
48
Jag 44 0.1
1,100 Coale Nan Publica___No par 594June 3 93 Jan 19
2414 2584 2418 25
2512 26
2358 245
2312 2512 2353 2458 54,900 Congoleuia-Nalra Ias_No par 1912May 28 3514 Jan 24
3118 Api
22 Jun
*7112 7214 71
*70% 7212 704 71
7178 7112 7112 7012 71% 1,500 Congress Cigar
June
17
67
Na
par
874 Dee
67
Feb
934
Feb
6
*58
5.1
*58
114
"8
54
*58
54
58
58
58
58
11: Feb 7
12June 27
200 C•aley Tin Foil apd_No par
14 Jan
$3, may
6618 6814 .654 66
6738 704 6614 69
64
6514 6012 64
12,400 Consolidated Cigar
7912 JAI) 100 Dec
No Air 6012July 26 9614 Jan 2
8234 8234 8212 8434 8258 82% 7812 79
85
85
prof
944
Prior
Api
Oct1524
96
Jan
7
774July
26
520
773
4
793
4
100
2538 2512 25
2512 2518 25/
253* 253 2514 257
1
4 25
25/
1
4 2,900 Consol Film fad pref__Ns per 25 Mar 26 3014 Apr 23
23 July 2912 Seri
14834 15114 14314 15178 146 14934
14614 1487* 148 152
p74
Aug
152
July
22
26
Commentated
144l4
1471
0
1754
951
•
Mar
Gas
(NY)
Na
par
360,100
May
98
9814 9712 98
9758 98
98
98
9734 9814 98
98141 6,000 Preferred
9724 Aug 105 Mal
No par 9612June 28 10034Mar 25
278 278
234 234
234 278
234 27
284 278
412 Dee
24 Aug
234
24 4.100 Consolidated Textlle_Ns par
Ms Jan 15
212June 3
1538 1538 1518 1578 1558 16
153, 16
1512 1512 155* 16
Coatainer
SO
Apt
20 Nov
2318
Jan
9
May
24
Corp
12
A
vist_Ne
par
5.400
77
738 774
8
712 78
734 8
74 74
78
714
No per
914 Oct1914 Ara
6 Apr 20 1112 Jan 3
4,300 Class B voting
8512 87
843 8714 8412 8433 834 84
82
8314 80
Continental Baking el AN.per 474 Jan $ 90 July 9
83
6312
Jan
261:
Apr
6,900
3
1314 ' 13
13
1338 1334 1314 1358 13
128 13
1253 1278 24,700 Class B
314 Apr
tirs Dec
84 Jan 8 1514July 9
No par
9614 96/
1
4 95
954 9513 9514 951 *9518 9512 95
951
9514 3,100 Preferred
73 Apr 9618 Jan
100 8812 Jan 2 100 June 6
7818
8014
81
7
.
RM.
7818
8018 8158
7718 79
7815 . •.'s 79
53 Des 1284 Sept
44,800 Continental Can Ime_Ne par 60 Jan 19 8234 July 13
967
9714 96
95
96
981
99
88
9412 96/
1
4 9414 973 21,000 Continental Ins
75 Feb 9478 May
10 79 Mar 26 10018July 16
141
14
1312 138 1312 1334 134 1438 14
144 144 143 24,900 Continental Motors-No par 1312July 19 2838 Jan 21
10 Mar 2012 No
•Bid and asked prides: no ailed On t112 day.
Ex-div. and ex-rights. a Ex-dividend.
New York Stock Record -Continued-Page 4
600
!et 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 20.
Monday,
July 22.
Tuesday, Wednesday,
July 23. 1 July 24.
Thursday,
July 25.
Friday,
July 26.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Mee Jan. 1.
Os Oasis of 100-share lots
Loweet
Highest
per sears $ per *Oars
per share
per share
per share $ per share $ per share I $ per share Shares Indus. & Miami.(Con.) Par
10114 10438 101 10334 100 10278 10114 10278 1001, 10112 100 1014 27,400 Corn Products Refin1ng--25 82 Mar 26 10712July 15
410 Preferred
100 139%July 6 14414 Jan 19
*13938 140
1393a 13938 13958 139% 140 140 *140 14034 140 140
No par Si Mar 26 8214 Jan 28
6012 61% 6012 6112 60
6078 5914 60
5734 59141 575* 5834 22,400 Coty Inc
Crex Carpet
100 2238 Jan 10 574 Apr 17
34% *31
35 *30
3478 *31
347 , *31
*33 34% .30
348
7,900 Crosley Radio Corp__ ....No par 83 July 15 125 Feb 25
8614 88
85
55781 85
86
8614 87
8434 8612 8432 87
8,300 Crown Cork & Seal_ _ __No par 4214June 26 7112July 20
7012 67 6934 6618 6834 6614 67 1 6518 66
69
7112 67
120 Crown Will Pap lit Pf-No Par 9438July 22 10114 Jan 18
*9514 96% 94% 9512 9512 9512 *9514 9658 "9514 9632 .9514 965
500 Crown Zellerbach
•19
20 20 •1812 19
*1812 19%1 20
20
1934 *1812 20
No Par 18'2 July 9 2534 Jan 9
10418, 1048 10318 10412 10312 10412 10318 10512 103 103% 103 1048 9,100 Crucible Steel of Americe_100 85 Mar 26 10638July 3
200 Preferred
100 109 Jan 8 11934 Feb 28
*11214 11212 •11214 11212 *11214 11212 112 11214 *109 11212 *11072 112
No par 1112May 31 2418 Jan 3
2,900 Cuba Co
15
17
1614 17
16
16
1612 1632 16
16
16
16
7,900 Cuba Cane Sugar
No par
178June 7
518 Jan 3
4
4
3% 3%
212 . 3
3% 3%
312 334
3
3141
1112 1214 1214 1214 12
1232 11
1134
100
1134 12
8
572June 11 1878 Jan 3
1034 11,500 Preferred
1441 14
1412 2,900 Cuban-American Sugar-10 11 Apr 24 17 Jan 3
1412 1414 1432 1412 1432 1434 1414 1434 14
430 Preferred
100 6012June 14 95 Jan 3
77
7438 75
737 7512 7512 7512 75
7512
75
75 *78
.41
900 Cuban Dom'can Sug-No pa
634 Jan 2
4
4
4
411 •4
418
2 Junc 21
4
4
4
*3% 4
4,600 Cudahy Packing
52% 51. 517
ao 4918May 27 6778 Jan 15
54
5214 53
53
5312 52
54
5412 54
15772 161
15714 1597 160 16212 12,700 Curtiss Aar & Mot Co_No par 13518 Mar 26 17318 Feb 5
16314 16512 16114 163% 161 162
Curtis Publishing Co_ __No par 117 Mar 28 129 Mar 16
.*120 123 •120 123 *120% 123
12058 123 .120 123 *120 121
___ 115 •____ 115
400 Preferred
No par 11312 Mar 23 12134May 25
•11514 11512 .1154 11512 11514 11514 11412 115
100 Cushman's Sons
No par 20714 Apr 17 325 July 25
*300 320 .300 325 300 325 p300 325 325 325 •300 325
40 Preferred (7)
120 125
120 120 *120 125 *120 125
100 120 June 19 130 Mar 22
120 120 *120 125
3,700 Cutler-Hammer Mfg
9334 94
9234 95
9212 9234 9014 92
10 5818 Mar 26 10112 July 19
98
98
95 98
No par 63 Jan 3 9734July 18
97
97
9734 9618 9618 9512 9712 1,600 Cuyamel Fruit
97 *96
97 *96
*96
53
54 22,300 Davison Cheraleal____No par 4278May 31 694 Jan 31
545* 5338 5438 5334 5438 5353 5434 5312 5434 52
*335* 36
*3332 34
700 Debenham Securities
al 331s July 9 4678 Jan 24
3338 3538 3358 333 *3332 34
*3312 34
11712 118 *11712 11812
270 Deere & Co Pre:
100 116 Feb 26 128 Jan 4
11714 11714 117 11912 11712 11912 117 117
100 224 Jan 2 332 July 23
*320 330 32514 330 330 332 330 33011 *326 355 *326 33014 1,800 Detroit Edison
4634 4453 454 1,000 Devoe dr Reynolds A-No par 4312June 13 6478 Feb 6
48
4812 4812 *47
4734 46
*48
4878 48
let preferred
100 112 Jan 7 11518 Jan 15
*115 ____ •115
*115 ____ *115 ____ 115 ___ •115
100 130 Apr 2 16412 Jan 11
380 Diamond Match
131 133
132 134
13058 133 *131 1-13 130 130 130 13034
97
Dome
Mines, Ltd
No pox
2,900
834 Mar 26 1034 Apr 26
934
10
10
93
4
10
9
7
8
10
10
10
10
10
No par 40 June 24 5414 July 1
4812 4512 4738 475* 4753 3,200 Dominion Stores
45% 4518 46
4818 48
47 48
No par 105 May 27 12818 Feb 4
112 113
111 11234 10912 11012 11112 1127 12,300 Drug Inc
10912 11214 11214 114
1,300 Dunhill International _No par 474July 8 92 Jan 2
52
*50
5012 50
50
5018 5018 50 50
50 *50
50
900 Duquesne Light lit pref_-_100 4918 Jan 24 1004 Mar 5
9853 9834 9834 9834 984 9834
*9838 9834 *9838 9934 *9834 99
Durham Ffcelery Mills B.. 50
*41
4 July 19 1118 Mar 4
*4
5
*4
5
*4
5
5
*418 5
"44 5
19818 20372 11,700 Eastman Kodak Co__--No par 168 May 27 20778July 11
19518 19634 19334 19518 19312 19412 19434 1964 19614 202
30 Preferred
12514 12514
100 12518July 15 128 Mar 9
*12514 127 *12512 127 *1254 127 *12514 127 *12514 127
6014 621* 6038 6112 6018 6012 8,400 Eaton Axle & SpringNo par 56 May 31 76% Feb 1
5934 6134 5912 607
6153 62
187 189 27,800 E I du Pont do INein
20 15534 Jan 22 202 July 5
18214 19114 1864 19034 18612 192
185% 18334 184 188
100 11312July 24 119 Apr 5
11412 11412 114 11412 11312 11412 11334 11334 *11334 11423 4,700 6% non-vot deb
*11412 115
EitIngon
Schild
*2712
28
2712
2712
1,400
No
par
28
2612May 28 3938 Jan 10
*2712
28
*2712
2712
2732 2738
2758
1001 Preferred 8%%
100 9012 July 18 113 Jan 19
*91
9314 9012 9054 *9012 9314 *9012 9514 *9012 9314 *9212 9314
16112 16312 40,200 Electric Autollte
No par 12634 Mar 26 174 July 12
163 16558 16012 166% 16134 164
16712 16918 163 169
1 Preferred
100 108 July 3 115 Apr 2
*10912 111 *10912 111 *10912 111 *10912 111 *10912 111 .109% 111
No par 1018July 24 18118 Mar 19
1114 104 1034 1018 1034 1034 1078 1012 1012 6,300 Electric Boat
1118 11
11
Electric Pow é Lt.....-No par 434 Jan 8 8414 July 23
150,800
8112
84
82
7812
8253
8112
8414
798
784 8214
7832 80
No par 103 June 25 10914 Feb 13
10614 10614 1,000 Preferred
10614 10634 106 106 *10534 107
10512 1053s 1057s 106
12218 Jan 4 14012June 28
10 Certificates 50% Paid
140 140 *14034 --- •140 ____
es _ __ 140 •140 ___ *140
8714 8514 8612 8518 8634 12,400 Elea Storage Batter7-No par 77 Mar 26 9278 Feb 4
858 85% 8534 8838 8572 8734 86
Elk Horn Coal Corp-No pas
318June 15
64 Jan 9
*314 44 *314 44 *314 434 *314 412
*318 458 *314 41
6 May 31 2218 Feb 7
8
818
838 85
8% 832 •712 912 1,000 Emerson-Brant class A_No par
914 914
*914 10
800 Endicott-Johnson Corp----50 6612June 28 8338 Jan 4
6834 684 6838 6832 68% 6812 6812 6812 6812 6914 *6812 69
Preferred
100 121 Feb 7 12414 Feb 28
*110 122 *110 122 *110 120 *110 120 *110 122 *110 120
6832 7058 6918 70% 69
7038 6814 697 76,600 Engineers Public flerv_No par 47 Mar 25 7112July 20
708. 7112 681 71
No par 90 Jan 12 112 July 23
11018 11138 110 11078 10814 110
3,700 Preferred
110% 11114 110 110% 1067 112
3914 39
39% 39
3914 *39
3914 3912 3918 3,500 Equitable Office Bldg-No par 3114 Jan 4 41 May 1
3938 39
39
5218 5112 5112 5112 5134 5032 5012 5012 51
1,500 Eureka Vacuum Clean_NO Par 444 Feb 1 54 Feb 28
5218 52
52
5 5012July 26 7334 Mar 15
5238 51% 52% 501 525* 3,000 Evans Auto Loading
52
5312 523 53'8 5212 53
53
230 Exchange Buffet Corp-Nona
, 2214 Jan 15 27'2 July 20
*2632
27
2638
27
2632
2612
2614
*2638
2714
2714
27
2714
*42
No par 4038May 28 5114 Jan 21
4234 4234 434 43
800 Fairbanks Morse
43
42% 4218 *4212 431242 42
100 10634May 10 1104 Jan 9
170 Preferred
107 108 *107 110 *108 110 *107 112 10714 10714 *107 112
*6434 6634 65 6778 *6612 70 .6512 6612 "6518 6512 2,200 Fashion Park Assoc____No par 6412May 9 7238 Mar 21
65 68
100 9612May 23 10118 Mar 21
Preferred
97
*94
97
*94
97 *9334 96 .9334 96
*94
97
*94
16 6818 Jan 8 109 June 19
87 89 *8712 90 *8712 89
91
87% 8712 1,200 Federal Light & Tree
91
98
*92
No
par 9712June 11 104 Feb
Preferred
*97
*97
100
130
100 100 100
1004 10014
100 100 *97 100
;Federal Mining & EimeW8-100 215 May 22 310 Feb 4
*250 300 *250 300 *250 300 *250 300 250 300 *250 300
100 9814 Mar 27 102 July 5
I Preferred
*99 101
*99 101
.9912 101
*99 10078 .99 101
*100 101
1438 1538 1434 1434 1434 15
15
1434 1434 1,800 Federal Motor Truck-NO Par 1334June 20 2238 Feb 6
15% 15
515
11034 1107 11012 114
109 11114 10734 10912 16,100 Fidel Phen Fire hull Y____10 9014 Mar 26 114 July 24
11038 11134 11014 112
612July 23 1334 Mar 2
No par
•812 10
140 Fifth Ave Bus
81
612 7
812 "812 9
10
*8
*5
9
Filene's Sons
No par 66 May 29 9818 Feb 25
*7014 75 *69
75 *71
75
*65
72 "71
72
*7214 78
18 107 Jan 23
9832June
Preferred
100
101
*10012
101
101
*10012
101
10012
101
*10012
101
90
102
*100%
7312 747
16,400 First National Stores-No par 62 Apr 18 767* July 19
721 74
7412 76% 7214 7538 7312 7438 7253 74
'Panne 14 20% Jan 23
No par
734 772
734 8
734 818
734 78
84
734 77 17,400 Fisk Rubber
8
No par 6518 Apr 30 9818July 17
9212 9532 9214 9512 93
96
9712 957 9734 9453 957
95 109,400'Fleischmann Co
*48
49
4812 48
No par 46 June 28 54 Jan 8
*48
48 *48
3001Florsheim Shoe al A
49
51% 4818 4812
*48
100 9714 Mar 18 10218 Jan 18
100 Preferred 6%
*98 10118 *98 101% *98 10118 *9912 10118 9913 9913 *98 10118
7034 71
No par 5714May 28 7538Ju1y 10
684 6912 68
7112 68
69% 71
71
6,000 Follansbee Bros
71
71
477
51
No par 44 May 27 69% Apr 30
4712 5032 47
46
4712 5,600 Foundation Co
5334 5334 5014 5232 50
8738 9038 8814 8912 88
No par 8034May 28 101 Jan 19
898 88
8812 9,600 Fox Film class A
89% 8912 8814 90
4153 4312 4212 43% 4212 4312 421 4234 10,900 Freeport Texas Co_
4112 43
No par 8734June 1 5478 Jan 25
4238 44
Fuller Co prior pref____No par 99 Mar 26 10712May 7
*102 105 *102 105 *102 105 *102 105 *102 105 "102 105
2214 23
21
2278 24
2218 2014 2112 2114 2234 10,400 Gabriel Snubber A____No par 20 Mar 25 33% Feb 5
23 245
131 14
1312 14
14
1312 1334 1312 1312 1,900 GardnerMotor6 1012 Mar 25 25 Jan 31
1312 1312 14
93 9533 93 948 947 988 9712 997
9714 9834 72,200 Gen Amer Tank Car-No Par 81 May 28 102 Jan 9
948 96
9034 89% 9112 8812 9113 884 9118 41,400Meneral AsPhalt
100 61 Mar 26 9112July 21
88% 8912 86% 8912 87
135 136 *135 140 *130 139 *130 136
100 10418 Mar 26 136 July 16
300 Preferred
*130 136 *130 135
6014
61
par 5512May 23 6934June 8
6212
61
6034
61
6012
61
General
61
Bronze
6112
2,400
*6034 6434
4312 4518 44
3712 Jan 9 61 Feb 28
4412 45
*4428 4478 *4312 45
No
45
2.200 General Cable
oo
4512
911 9312 9234 9234 9253 93
91
No par 81 Jar 8 12012 Feb 28
2,500 Claw A
9334 9334 921 9212 91
100 104 Apr 13 10718 Jan 21
Preferred
*10412 ----*1041, ____ *10412 __... *10412 __ *104% ____ *10412
71
7012 7358 --0;r700 General Cigar Inc
No par 63 Jan 8 74 Feb 25
6934 6934 6914 6912 6918 -693-4 70
6938 70
No par 219 Mar 26 376 July 26
34612 35112 351 3621 359 36712 36334 37012 361 366 364 376 158,800 General Electric
11
11
1118 11
1112 11
10 11 Jan 3 1134 Feb 4
11
11
6,900 Special
11
1118 1118 11
10218July 26
9914 10232 125,900 General Gas & Klee A__Ns par 70 Jan
89% 86% 9634 93 10012 96 100
878 8918 86
N.par 76 Jan 3 1 i2 Apr 25
103 10312
800 Clam B
10014 10234 *103 112 *103 115
*9614 100
*9614 100
No par 11112July 18 135 Feb 14
117 120
120 120
250 Pref A (8)
120 120
112 11214 11214 11434 11441 115
No par 102 July 20 11612 Jan 21
300 Preferred A(7%)
103 10412 10378 10478 10434 10478 10434 10484
103 103
102 102
Pre/ B (7)
No Par 99 June 20 116 Feb 16
No par 6738June 1 8918 Jan 18
8 "iii8 -iiii -7312 7438 -75E8 iira '13:600 General Mills
-iiie "ii5T3 "irs Vi- "iii4 141
100 91 July 12 100 Jan 4
800 Preferred
95
9478 947
95
95
95
95 95
95 95
95 95
10 664July 23 9134 nu 21
6734 6914 6653 6812 664 7012 6734 7034 6712 7034 684 7014 540,900 General Motors Core
100 12212May 28 12618 Jan 2
4,123 12314 123 12314 12314 12312 12314 12312 12318 12314 1233 124
3,200 7% preferred
2,100 Gen Outdoor Ade A.-No par 44 July 11 52 Jan 2
467
4578 4634 4834 *4534 467 *46
4734 4734 4414 4414 45
3353 337 15,600 Trust certificates____No par 2712 July 12 41 Mar 12
347
3438 3338 3478 3312 34
3234 337
34
34
No par 9312 Mar 26 1214July 2
11452 11812 22,700 Gen Ry Signal
11818 11978 11612 119
11512 11878 11512 11758 11458 116
18,200 General Refractories-No par 68 Apr 10 8618 Feb 20
8212 8012 8178 8012 81
82
8312 81% 8258 81
8112 83
11512 11634 1144 11778 11418 117
11618 11818 11534 12112 11854 1215, 63.400 Gillette Safety Razor-NO Dar 101 June 11 12634 Jan 25
No par 31 June 20 484 Jan 28
34
34
32% 3312 1,000 Gimbel Bros
35
3478 347 *33 36
3472 347
34
100 81 June 10 90 Jan 3
100 Preferred8112 *81
82 *81
82
82 82
*81
82
*81
*80 83
NO par 3678 Jan 2 6418July 19
63 6372 6112 83
6152 6314 6012 6272 6012 8134 5918 6112 20,300 Glidden Co
100 10118Jude 7 1062, Apr 22
90 Prior preferred
10434 10434 *10434 105 *10434 105
10454 105 1048 105
10418 10434
4014 4012 3838 40
No Par 38's July 21 66 Feb 5
43
42
3878 3914 3958 4138 3812 404 14,000 Gobel (Adolf)
6858 6953 6753 8918 8652 6878 6512 6712 6514 6838 6412 66 58,500 Gold Dust Corti•t o___No vas 634May 27 82 Jan 19
No par 73 May 27 10534 Jan 2
7518 77
7518 76
7518 7712 7618 78
7678 7514 7738 15,900 Goodrich Co(B If)
76
Preferred
100 111 June 14 11518 Feb 25
*11112 113 *11112 113 *11112 113 *11112 113 *11112 113 *11112 113
118
11738
11978
121
1175, 1207 11614 119
11614 11912 32,900 Goodyear T & Rub____No par 112 Feb 21 15412 Mar 18
119 120
No par 101 May 28 10478 Fab 28
10112 10134 10112 10178 *10112 10134 10152 102
*10134 102
101% 10218 3,000 let preferred
43 43
4112 42
38
2,600 Gotham Silk HOG new No pew 33 July 24 60 Apr 11
41
40
*4138 44
3814 39 *39
Preferred new
s____ 100 *____ 95
100 93 May 27 10114 Jan 5
*---- 96 *__ _ 96
96
Preferred ex-warranta.--100 92 June 8 100 Jan 12
I.__ 96 'P..-- 96 *---- 96 •____ 96 *____ 96
- 96
97
Gould
Coupler A
*912 10
1,000
No par
7 Feb 18 14 May 6
10
10
10
10
10
10
10
10
10
2712 2512 2678 2514 287s 26
28
26
2712 27
27
2814 55,600 Graham-Paige Motore-No Par 25 May 28 54 Jan 2
500 CertUlcates
No sae 20 June 3 4918 Jan 11
2212 2212 *2212 25 *2212 24
2234 2234 •22% 242
2234 23
4,600 Granby Cons M Sm & Pr_100 624May 28 10278 Mar 20
7612 77
7634 7634 76
7872 7634 79
77
7618 76
797
100 77% Jar 30 9618 Mar 18
1,400 Grand Stores
8538 86
85
85
85
8512 85
85
83 86 •85 86
Grand Union CO
12,800
No par 20% Mar 26 32% Jan 2
28
2614
293
8
27
2712
2878
*2712 2814 2714 2712
2812
28
3,600 Preferred
No par 41 Mar 26 5438 Jan 4
4814 4634 4918 4734 49
*4712 48
*4712 48
4834 493* 48
No par 43114June 17 66 July 12
53
5314 51
5212 52
52
5034 5114 5012 52
51
5212 4,000 Granite City Steel
•Bid and asked prices; no sales on this day. x Ex-dividend.
PER SR IRE
Range for Pre:Hone
Year 1928
Gowen
Highest
$ per share I per than
6488 Jan 94 Nov
13812 Jan 14634 Apr
624 Dec 894 Nov
1218 Sept 27 Nov
--9-618 -Jan
Oct
2314 Dec 2634 Now
6914 July 93 Feb
111 Dec 121 May
20 Oet 2878 May
712 May
438 July
1334 Oct 3238 Jan
1
4 May
154 Dec 24/
93% Dec 108 Feb
5 Nov 12 Jan
54 Jan 784 Aug
53% Feb 19234 Mal
1418; -ifin
114 Jan
52 June
49 July
3438 Feb
36 Oct
11512 Feb
16618 Jan
40 Jan
108 Jan
13438 Jan
8 June
-81:15518
9938
3
163
12318
26
iii141 Sept.
6518 Noy
63 Oct
6834 Nov
4914 Apr
12634 May
2244 Dee
61 Apr
120 May
172 Nov
1313 Jae
Mit;
,
1 Nov120
Jan 9938 Nov'
Oct 11618 Mar
818 May
Aug
Feb 1944 July
Aug 134 Apr
Jan 684 Nov
114 IOU
334 Aug
101% Aug
60 June
10818 Sept
834 Aug
2884 Ian
105 Dee
12014 Nov
69 Feb
6 une
514 Feb
74% Dec
12114 Jan
33 Feb
9018 Dec
294 Oct
43 Dec
12ll May
43 Nov
12178 Nov
13618 Dec
1124 Dec.
174 JUDO.
4938 Dec
11018 Mar
12978 Apr
9111 Dee
9 Jan.
1638 Dec
85 Apr
12738 Dec
51 Nov
1024 Oct
8334 July
79 Jan
-1-9T4 July Ws;"Ciai
324 Jan 54 Apr
104 Jan 11434 Ma/
42 Jan
98 Jan
120 Apr
911, Jan
1638 Aug
7514 June
114 Jan
71 Dee
109 Apr
230 Dec
10218 Sept
2578 May
10718 Dec
154 May
38 Apr
878 Aug
65 June
4914 Nov
984 Oct
5678 Dec
3638 Oct
72 June
43 Oct
102 Mar
16 Mar
714 June
6078 Feb
88 June
11018 June
MS Dec
1734 Jan
8938 OoI
561 Nov
100 Dee
694 Dec
5712 Dec
11938 Sept
10914 Jan
1094 Apr
2812 Jan
174 Dec
101 Dec
9478 Apr
1414 Apr
If Feb
66 Feb
102 Oct
5918 Nov
124 Feb
11 Sept
3514 Jan
37 Jan
121 Oot
10812 Jan
105 Oct
79 Dee
9818 Dee
7334 Dec
12312 Jan
49 Aug
2918 Auc
844 June
4514 June
9718 June
3418 Mar
87 Mar
2038 Jan
93 Jar
424 Dec
71 Jan
6818 June
10918 Feb
454 Jima
0218 Mar
70 Dec
100 Dec
95 Dec
678 Dec
1634 Feb
2618 June
3918 Feb
6514 June
2684 July
4618 Aug
8834 Nov
107 Oet
Tiffla Feb
22118 Dee
12 June
74 Nov
80 Nov
146 Apr
11812 Deo
11478 May
844 Nov
1004 Dec
9014 Nov
12718 Apr
684 Jan
524 Jae
1234 J D
82 Jan
1234 Oct
5978 June
101 Jer-a
87 Dee
103 Sept
6218 Nov
1434 Dec
1094 Deo
1154 Ma
,
140 Deo
105 Dal
93 Apr
130 Apr
112 May
12% Feb
6114 Sept
56 Sept
93 Dec
9478 Oat
4178 Oot
6238 Oct
ifs; No
New York Stock Record-Continued-Page 5
601.
For isles during the week of stocks not recorded here, see fifth page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
July 20.
Monday,
July 22.
Tuesday,
July 23.
Wednesday,
July 24.
Thursday,
July 25.
Saks
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Prestos,
Year 1928
Lowest
Highest
Friday,
I July 26.
per share $ per share $ Per share per stars
g per share $ per share $ Per share $ per share $ per share 3 Per share Share s Indus. & Miscel. (Con.) Par
*129 133
No par 11412 Apr 12 144% Feb 5 111h Dec 12514 Sept
12912 130 *129 131
13212 13212 130 133
12912 12912 2,500 Grant (W T)
1914 June 3384 Oat
3138 3012 311s 3018 30% 23,890 01 Nor Iron Ore Prop No Oar 2514May 28 3914 Feb 1
3038 3112 30% 32
31% 31
31
31
Jan 3812 Dee
No par 3234 Mar 26 44 Jan 25
3514 3534 3512 36% 3538 3678 3638 37
3612 3738 3634 3712 15,300 Great Western Sugar
*11412 116
100 11212June 18 11912 Feb 1 1121 Feb 120 Jan
11412 11412 11412 11412 116 116 •11412 116 •11412 116
210 Preferred
8938 June 17714 Dee
*170 174
17212 17238 170 17014 169% 169% 171 171
171 17438 2,300 Greene Cananea Copper-100 13618May 28 19738 Mar 20
9% Jan
518 Jan 3
414 • 44 438 *4
414 Dec
212May 28
*4
412
4
418 *4
412 *4
700 Guantanamo Sugar----NO Par
414
90 July 107 Jan
100 46 July 1 90 Jan 2
52
52
*4612 52
52
52
*5212 6012 •5212 6012
*4612 52
50 Preferred
51
Jan 7378 Sent
100 • 5514June 12 79 Mar 5
6912 7078 6814 6812 68
71
71% 7212 71
72% 70
68% 14,500 Gulf States Steel
*1024 10412 10214 10214 •10214 10212 10214 10214 .100 10214 10214 10214
100 10112June 3 109 Feb 14 10322 Nov 110 Ayr
60 Preferred
23 Jan 80 Jar
2612 2612 2714 2714 27
25 25 Jan 7 29 Feb 28
2712 2712 2712 27% *2712 28
27
90 Hackensack Water
23 Jan 30 Dec
*2714 2834 *2714 2834 *2714 2834 *2712 2834 *2712 2834 52712 2834 ---___
25 27 Feb 18 31 Mar 8
Preferred
2512 Jan 29 June
25 26 Jan 31 29 Jan 14
*27
27
27
2612 2612 2712 2712 2712 2712 •27
271
2712
90 Preferred A
No par 3334June 10 56% Jan 10
35% 364 35% 3618 35
31
35% 3578 35% 36% 3514 36
18,500 Hahn Deist Stores
97
9714 9734 98
160 9512May 31 115 Jan 31
97
97
*9712 9812 *9714 971
9612 9634 1,000 Preferred
99 Aug 104 Apr
*10134 10212'
100 10012.Iuly 13 10588 Jan 8
310134 1021 *10134 102 *10134 102 102 102 *1014 102
20 Hamilton Watch pre!
59 May 97 Nor
105 .105
10512 1051 105 105 *10312 10412 10412 105
100 91 Jan 14 106 July 18
104 10434
160 Hanna let Ore! class A
54 Dec 5712 Oat
6134 6134 6134 6134 6112 6112 6134 6134 62 62
62
6414 3,660 Harbison-Walk Refrao_No par 54 Jan 3 5414 July26
1688 Aug 3784 Dee
2314 24
23% 2414 2312 2438 2314 2418 23
2334 241
24
9,200 Hartman Corp class B_NO Par 2078May 31 3938 Jan 2
61 Dec 68 Nov
20 60 Feb 19 6812 Apr 16
*6312 70 *6312 70 *8512 694 *84
*68
70
Hawaiian Pineapple
70 *66
69
6838May
17
July
20
33341
3238
35
No
par
28
28
2912 30
3138 34
3412 28
33
34
16,800 Hayes Body Corp
10338 1035* *10312 104 I 103 103 *100 10212 100 10012
*10312 106
25 100 May 28 11818 Jan 29 jai- Dec 120 Oct
400 Helme(0 W)
3014 Jan 72h Dec
9614 9614 94 9753 9312 954 9314 99
9818 10614 103 108
17,500 Hershey Chocolate--No par 64 Feb 16 108 July 26
7014 Feb 89 Nov
1007 101
100 10154 98
9878 98 99 31001t 10712 103 108
Meyer 80 Feb 16 108 July 26
15,700 Preferred
*106 10618 106 106 *106 10638 *106 1064 *104 10618 10412 105
eri
(
oR
r)parefees7d
100 104 Jan 4 10618 Apr 17 10014 Aug 105 Apr
1514 Sept 3018 Jan
*28
29
29
29
3038 2914 2914 *25
29
2712 271
No par 15 June 4 3112July 11
29
2,4
20
08
0 Hoe
4012 Dec 4934 Ott
3818 3934 38
3812 3873 387s 394 4134 4118 44
No par 3478May 23 51 Mar 9
5,100 Holland Furnace
418 43
18 Dec 36/
2212July
19
1
4 Apr
*22
1312May
27
23
2134 228 2134 2184 2112 22
2112 211
par
Hollander
&
Son
(A)
No
214
75
7
25
2
2,500
67 Jan 80 Nov
*7312 75 *7414 75 *74
75 *74
75 *74
100 72 July 19 7678May 13
75
200 Homestake Mining
3712June 10 523*May 20
4212 43
4334 46
43 4434 43 461
4312 4588 43% 47% 30,600 Houdallle-Hershey cl B No pa
1838 6914 69% 7212 7112 721
71% 71% 70
No par 62 June 1 79h Jan 7 -8411; Feb 14- Oct
70
70
70
5,000 Househ Prod Inc
*7612 79
79 Dec 167 Apr
7214 76
74
75
75
75
75
77
78
784 3,400 Houston Oil of Tex tens °tie 100 7012May 31 109 Apr 2
40/
1
4 Feb 7824 Nov
6712 6814 6712 6914 67
6714 6612 671
6614 6614 6614 674 8,400 Howe Sound
5818May 28 8212Mar 21
No pa
8618 87
8588 865* 8512 8734 8512 873* 8452 8738 8518 8678 47,500 Hudson Motor Car.... No pa
7518May 31 9312 Mar 15
75 Jan 9978 Mar
4112 4188 3812 411
3838 41
40h 42
29 Jan 84 Nov
40
3812July 22 82 Jan 28
417
4012 41% 31,200 Hupp Motor Car Corp____1
3312 34
2134 Feb 388s Nov
33
3378 3234 3314 328 3311 3214 33
31% 3238 18,900 Independent OH & Gas_No par 30 Jan 31 3938May 7
*1914 1912 194 1914 *19
20 Oct 70 Apr
20
188 19
No par 1734May 4 3212 Jan 2
1812 185* 1812 181
1,400 Indian Motoeycle
4118 4114 4038 4178 4018 4412 4312 4512 4312 4478 4338 47'2 86,800 Indian Refining
9 Feb 3988 July
10 29 Jan 8 5288 Apr 10,
40
4012 3814 4014 3858 4278 4112 4338 4114 4212 4118 451 31,600 Certificates
818 Jan 3714 July
10 28 Jan 7 4884 Apr 10'
*8512 90
83
8534 85 85
8518 8518 *85
No par 74 May 31 135 Jan 181 118 Dec 148 Oct
88
854 85't 1.200Industrial Rayon
158 162
163 16484 162 16434 *155 161
90 Feb 127 Nov
157 157
No par 120 Jan 3 1644July 22
158 159
1,200 Ingersoll Rand
9512 9512 95 96
9414 98
9614 98% 9512 ma 9612 987
NO par 7811 Jan 2 9878 July241 46 Mar 80 Dee
9,800 Inland Steel
43 4314 4314 445s 4318 4438 42% 43.
18 Feb 48/
1
4 Nov
6618 Mar 1
5
4214 43
424 445* 9,300 Inspiration Cons CoPper-__20 38%May 2
912 912
912 91±
1
4 Jan
81
/
4 July 21/
95* 9/4
818May 31 1414 Jan 11
*95 10
912 314
95* 93
Intercont'l
Rubber...
-No
Par
1,200
10
10
10
1018 1038 10
13 Feb 20/
1
4 May
8 July 26 17% Jan 28
954 10
913 8,900 Internal AgrIcul
912 10
No pa
8
6212 ▪ _
48/
1
4 Mar 85 Dec
68 *---- 68 *---- 68
*55
__ _ 65
raipnreefer
ss m
red
achines_No r
a„ 59 July 17 8812 Jan 26
64
64
1
4 Nov
238 240 237 237 235 23934 23934 23934 22934 2351 23114 23112 2,2
149/
1
4 Jan 24 24612 July 16 114 Jan 166/
B
i°u
201 IntP3
7812 7912 7734 7914 775 7814 71
68 Jan 94/
1
4 Dee
7712 78
•78
79
7712July 22 1024 Feb 4
7812 79
6,000 International Cement_ No pa
7238 7134 7414 7312 76
45/
1
4 Feb 80 Dee
69
7014 70
5412May 31 10312 Feb 15
721 7412
34 74 245,800 Inter Comb Eng Corp.-No Pa
106 1061 10634 106%
•10478 10514 105% 106
'100 99 June 3 121 Feb 16 103 Mar 110 Sept
0638 106 106
2,800 Preferred
12134 12334 121 12478 122 126
1234 127
80 Dec 97.
7 Dee
92 May 31 127 July 24
12314 125
12218 125 45,300 International Harvester No 17a
1
4 M J 147 May
139 140
*139 140'
139 140 *139 140 •139 13912 139
100 139 July 10 145 Jan 18 136/
Preferred
88
83% 884 8512 88
854 861
87
6514 Mar 26 10212 Jan 4
85 Dec 12178 May
85
lertiro
endal Match Pref--3
87
86 13988
9112 14,8
500 Interna
32. Mar
534 534
714 Feb 15
4 June 17
7as May
2,300 lot Mercantile Marine____100
49
4914
84/
1
4June 4432 Jan
100 3812 Feb 1 5114 Apr 23
700 Preferred
484 4834 4713 4858 467 4858 %lilt lif
7332 Feb 26918 Dec
s "iii2 W. "iii. -iii 83.900
Int Nickel of Canada_No par 4014 Mar 26 72% Jan 23
75 *50
*50
75 *50
75 *50
F) Oct 86/
1
4 May
International Paper___No par 5718 Jan 11 83 Apr 9
75 *50
75
*50
5
*86
•85 90
90
8812 89
89 Dec 108 Jan
8812 8812 *86
100 8514May 22 9412 Jan 8
8812 1386
88
300 Preferred (7%)
3258 3278 32% 33
22 Dec 3412 NOV
3134 3212 3134 3212 31
Inter Pap & Pow el A__No par 25 May 20 3538 Mar 19
32
31
3112
5,400
2114 2212 2214 2238 2112 2112 2138 2138 2012 2112 2014 21
147 Dec 19 Nov
No pat 1434May 22 2412 Mar 8
3,1001 Class 13
1518 1512 1438 1512 14% 15
1014 Nov 1314 Dec
14
pars 104 Jan 10 1714 Apr 4
1488 1388 14
No lm
14
144 12,900 Class 0
8614 8612 8638 87
Dee 91 Dec
86
87
93
Jan
23
15
88
86
Apr
8612 8618 864 8612 87
Preferred
80
3,900,
51
51
5134 5134 5112 52% 53
472. Oct 60 Dec
63 Jan 23
531
5334 5412 5318 5452 3,300 lot Printing Ink Corp__No par 4378May 2
*9512 97
*9512 97
*9512 97
*9512 96
100 95 June 5 106 Mar 4 100 Dec 100 Dec
9512 97
*9512 97220 Preferred
*72
49/
1
4 Mar 6834 Jan
75 *72
73
73
73
73
73
100 5512 Jan 4 9034 Feb 4
72
7212 *7212 73
120 International Salt
13134 142 *134 13714 *134 13714 13134 14014 *134 138 *134 138
International Silver
100 118 Arne 14 150 Mar 6 126 June 196 Jan
•10914 110 •10914 110 *10914 110
10914 110 *10914 110 .110914 110
108 May 16 119 Jan 17 11214 Dec 131 Jan
11118 1135* 108 11234 10814 11112 10912 112 109/
edeiep & Teleg
fertrT
101 78 May 27 11358July 20
rna
1
4 11112 11014 11212 324,52
r
ere
00
0 Int
6912 6912 68
6112 Nov 90 Dec
6918 66
68
6518 6614 6612 68% 685s 6878 6,300 Interstate Dept Stores_No par 6412 July17 931k Jan 2
38
1
4 Jan
3878 *38
232. &PI 88/
3812 38
38
38
38
No par 29 Jan 2 35%July 20
1,200 Intertype Corp
3712 *3712 38
37
'52
5212 52
47 Oct 61 MAY
5212 5212 5212 51
1 4914May 16 69 Mar 5
52
51
51
51
51
1,100 Island Creek Coal
80
7714 Mar 179 Nov
80
78
80
76
7714 75
No par 75 July 24 16214 Feb 5
7614 75
8C$4 76
78$4 13,2001Jewel Tea, Inc
19614 199
9614 June 202 Dec
19218 19832 19111 19434 18712 19412 18614 19112 18412 18878 42,900 Johns-Manville
No par 15212Ma1 31 24234 Feb 2
*120 12012 •120 12012 120118 12012 120 120 •120 12012 *120 12012
100 119 Jan 21 123 May 15 11814 Oct 122 Apr
230 Preferred
.May
*119 120
119 12012 120 120
120 120
120 120
Jones & Laugh Steel pref-100 117 June 14 12214Mar 11 119 Dec 1241
120 120
230
712 734
81
/
4 Aug 1912 Oet
712 734
6 Mar 28 1618 Jan 2
74 73*
No par
714 714
109
745 12,000 Jordan Motor Car
*100 10914 *108 10914 *108 10914 *108 10918 11108
11
/
4 109
7:
:*108
Kan City P&L let Id B-NO Oar 106 Feb 18 11234 Jan 22 108 Aug 114 Apr
718
29
2978 29
3112 2912 3038 2912 2978 273* 2814 2738 2758 4,0001 Kaufmann Dept Stores.$12.50 2434May 22 3718 Feb 6
2918 Dec 34 Oct
5338 5312 5212 5338 5178 5214 5112 5134 52 52
62% Jan 92 Nov
5112 5112 2,700 HIM&(J) Co v t 4----No Par 5112July 24 5812July 2
3712 *3312 37
*3658 40
*36
40
*3312 3712 *35
1512 May 5112 Nov
Keith-Albee-Orpheum _No par 25 Apr 11 46 Jan 4
*3312 37
*11612 12012 11512 11612 *11014 122
7513 May 160 Nov
11612 11612 116 11712 115 115
100 94h Apr 11 138 Jan 5
800 Preferred 7%
13
1312 1214 13
12
13
1212 13
19% Dec 2Sh Nov
1212 1234 1212 1278 20,4001Kelly-Bpringfield Tire--No par 11 Mar 26 2378 Jan 2
65 65
61
65
60
55% Feb 95 Nov
62
59
60
60 60 .60
100 59 July 24 9414 Jan 9
150: 8% Preferred
4512 4634 4618 4612 455 4614 454 4534 445 4514 4412 614
9,2001Kelsey HayeaWbeel newNo par 4014May 27 5934May 13
45
1534 1578 1534 1578 1518 1534 1518 1512 15
1
4 Apt
784 July 22/
No par 12 Mar 26 1914 Feb 6
1514 15
158 15,500jKelyinator Corp
'
91
12
*91
92
*91
92
1391
92
8912 Apr 20 96 Feb 15
*91
92
No pa
*91
92
Kendall Co Wet
853* 8712 8512 8778 8514 8634 8412 86% 8418 8514 8438 87 102,500 Kennecott
No par 7738May 27 104% Mar 18
Cooper
50. 50
50
50
50
5214 5112 5238 *5012 52 *51
4514May 25 5213 July 15
4,7001Kimberley-Clark
No pa
52
43 43
43 434 4278 43
4288 43
4238 4278 4212 4234 2,0005Kinney Co
No par 2712May 20 4412July 17
100 100
9914 10114 9954 694 9934 100 *100 102 *100 102
87% Mar 100 Apr
1
4 Mar 6
100 9312 Jan 2 109/
35
3558 3258 345
3234 3434 3318 35
511
/
4 Aug 95.
2513May 27 78% Jan 3
3314 35
7 Nov
3214 34
le"
ReaddloCorD----Ne Pa
19,6
13
08
0 Korster
527 63'z 52
5412 53% 54
5318 5418 53
32 Dec 42 Nov
54
5112 52
Kraft Cheese
No Par 3214 Mar 28 5412July 22
19,100
*9712
100
9978 100
*9712 100
100 100 •9712 100 •9712 100
99/
1
4 Dec 1011. Dee
95 Apr 20 100 July 20
100
4912 4912 49
4914 4734 4834 4758 48
1
4 Nov
475 4814 4734 48
prse
gfeen
(Ele8
d ) Co
10 4418May 28 5712Mar 4 065 Feb 91/
4,89008° Ere
•11258 1141 *11258 11414 11258 11258 *11238 11414 *112% 11414 *112%
1
4June 118 Apr
100 109 Jan 5 118 June 7 110/
120 Preferred
1634 1634 1634 1678 1612 1678 21534 1634 *1534 1684 1512 1144
1
4 Feb
13/
1
4 Jan 27/
par 1234May 29 23 Jan 2
Dept
Kresge
1612
Storee---No
700
•7218 748 *7218 7484 *7218 7414 724 7218 *724 743
51/
1
4 Feb 75 All
1
4 Apr 26
72 s 74%
100 6812July 2 78/
10 Preferred
90
*8612 96
'
87
8658 87
8612 865* 86% 883 .
871- gili 1,000 Kresa
87 Feb 12434 Nov
8612July 24 114 Jan 5
par
No
3712 3838 3718 3768 37/
3758 381
1
4 391
3232 Dec 4034 Oct
3812 391
3318May 27 464 Mar 6
40
4214 298.800 Kreuger & Toll
9112 9353 9058 93
9314 945
9158 9353 90 917
7814 Mar 1321
/
4 Nor
/
4 Jan 3
89
907 31,200 Kroger Grocery & Bkg_No par 7512May 27 1221
33
33
35
35
33
33
3312 33'I 33
2732 Feb 391
/
4 Apr
3838June 17
26
011
&
May
31
34'2
3312
Lago
3312
2,700
Tranaport-No
Par
14858 150's 147 14934 1463* 14814 14718 14878 1468 14812 1455*
1
4 Jan 188/
79/
1
4 Nov
84,400 Lambert Co
No Par 1274 Jan 22 1574 M3r 19
14858
1312 l32 1312 1312 1312 135
1114 1312 1158 1314 *12
171
. Jan 2814 Oct
10 May 28 25 Jan 14
Rubber dr TIre
13
Lee
5,800
NO
Far
4912 497 *4918 50
4938 493
493* 4934 4834 4834 487 49
42/
1
4 June 5812 Nov
1,700 Lehigh Portland Cement.. 50 4834July 25 65 Feb 6
*10912 1097 1310912 10934 *10912 1993 *10912 10934 •10912 10934 10912
1
4 Dee 11032 May
Preferred 7%
100 1064. Jan 3 11084MaY 9 106/
10934
23
2334 24
2334 2258 233* 2258 23
23
2438 2334 24% 9,200 Lehigh Valley Coal_ __No par 19 Feb 19 28% Apr 9
---*39
41
3812 40 434012 411 *40
41
*39
41
____
400 Preferred
50 3412Mar 27 4434July 17
3912 3912
*5012 51
504 5114 5014 51
5012 518
5034 517 *5034 51
38 Jan 84/
4
1
4
6812
Feb
&Fink
July
6
Oot
50
Lehi
2,400
No
Par
*8712 892 8638 8712 8734 881
8814 8878 87
8812 *86
83/
1
4 June 122/
1
4 Jan
88
4,300 Lifigga & Myers Tobacco-25 8112 Mez 26 10511 Jan 28
8712 8734 87 8712 87
89
8714 88
87
89
80/
1
4 June 12812 Jan
1
4 Jan 29
8118 Mar 28 103/
25
*125
132
132
31125
130 *125 130 '
*125
3125 130 *125
8758 80
834 3.78° refeesrried
100 128 July 13 13714Mar 1 184 Aug 147 Apr
5714 571
5512 5512 55
5634 55 554 53 5512 5412 13
547
88 July 65/
1
4 May
2,600 Lima L000m Works---N. par 4224May 28 5734July 18
5134 5134 5112 5112 *5012 511 *5012 5112 5012 5012 50
1
4June 13 61 Feb 14 ---- -Link Belt Co
No par 49/
50
400
95 9718 9334 061
9634 971
9314 95
91
9212 91
1
4 Nov
2 Mar 28 11372 Jan 3 6312 Feb 124/
713
92
Liquid
Carbonic
No
par
12,900
5634 5758 5634 57
564 57
5612 57
564 57
491
/
4June 77 May
564 57 34,700 Low's Incerporated
No par 4812May 27 $412 Feb 27
818 81
8
9
818 81
834 9
84 812
1
4 Apr 1
634 Feb 1934 Aug
Jan 19 11/
814 912 42,500 Loft Incorporated
718
No
Par
2412 2412 *2412 25
*2412 25
*2412 25
*2412 25
1
4 Jan 6
*241 25
28 Jan 354. Feb
100 Long Bell Lumber A- No par 2414July 15 32/
67 8 6838 6518 67
65
671
66
6678 6512 66
4414 June 8834 Sept
6518 66
26 56 May 29 7432 Jan 5
6,300 Loose-Wiles Bisouit
•11612 118 *11612 118 511612 118 •11612 118
116 11634 *11612 118
/
4 Apr 2 11712 Aug 125 May
11534June 20 1211
let preferred
100
100
2212 2414 2234 233* 23% 231
2314 237
2318 243
233* 24
2324 June 48/
1
4 Apr
25 20 Mar 25 3118May 17
22,900 Lorillard
39012 91
91
91
*90
91 '
91
91
*9114 9312 *92
8612 Dec 114 Mar
100 8412May 8 9712May 17
9212 • 300 Preferred
1133 118a 1114 111
1134 12
1114 1138 1114 1112 1118 1114 12,600
938 Feb 1984 Apr
1118July 26 18 Jan 9
Louisiana 011
No
par
92
92
924 92
92
*92
*92
93
92
92
78 July 96 Apr
92
100 89 Feb 8 10014 Feb 21
9218
210 Preferred
524 5218 5612 55
59
52
5515) 583
544 5612 5412 5612 108,400 Louisville0& El A ----NO Par 3578May 31 59 July 23
28 Feb 41 May
984 10038 99 1007 100 101
10112 10112 988 101
66% Mar 26 1087s July 8
99 10078 9.900 Ludlum Steel
No
par
13110 119 *114 119 *114 119 •114 119 •116 119
No par 9838 Mar 26 118 June 1
11614 11614
100 Preferred
•3912 40 '
3398 40
*3938 40
3934 397 *3938 40
44 Aug ifs": -Ai;
3914 3954 1,100 MacAndrews & Forbee_No Oar 37 Apr 26 46 Jan 4
10558 10558 *10714 -- *1074 --- •10714
Oct no Nor
*10714 ---- •1071
100 104 Jan 8 10734 Apr 19 106
Preferred
10
9512 97
96
97
97
97
95% 97
95
83 Apr 110 Nor
9614 9512
Mack Trucks,Ine
No par 91 Mar 28 11414 Feb 5
-97
49,500
21514 21914 217 2191 21714 22214 2154 21814 z21012 2154 27,400 Macy Co
214 216
No par 148 Mar 26 22214July 24 1184 Aug 382 Aug
*1814 181
18
18 •18
1712 1712 1738 18
1814 Dec 34 May
1814 18
No ear 174June 12 24 Feb 28
181
1,500 Madlson Su Garden
67 6712 6612 667
67
6512 6512 65% 66
66
43% Feb 76 Nov
65
No Par 60 May 28 821tMat 21
66
3,700 Magma Copper
B14 and sated Drifts no gales on this day. 8 Ex-div.76% in stook. a Bz-dllvtdend. I Shillings. p Ex-rigb.a.
602
New York Stock Record-Continued-Page 6
For sales during tke week of stocks not recorded here. sea sixth page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
July 20.
Monday,
July 22.
Tuesday,
July 23.
$ per share
2314 2312
*9013 97
22
22
*41
43
24
24
*25
2512
2978 30
*1412 15
8 per share
22
2314
*9018 97
21
22
*41
42
*23
2412
2478 2478
2914 2912
14
1412
$ per share
2214 224
*9018 97
021
24
*41
45
2412 2412
*2434 248
*29
2912
1412 1578
Wednesday,
July 24.
Thursday,
July 25.
Friday,
July 26.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. I.
On basis of 100-share lots
PER SHARE
Range for Previous
Year 1928
Unmet
Highest
Loteeet
Highest
$ per share $ per share $ per share Shares Indus. & Mlicel. (Con.) Par $ per share $ per shore I per there I per share
21
4,800 Mallison (H It) & Co__No par
2278 2012 22
21
18
18 July 26 3938 Jan 15
10
Jan 3813 Nov
*9018 9612 *9018 9612 *9018 9612
Preferred
100 95 July 18 13512 Jan IS
874 Jan 110
Oot
1321
2313 21
21
250 Manati Sugar
20
20
100 1212June 22 26 Jan 14
21 Nov 41
Jan
411 4112 41
41
Preferred
400
41
41
100 31 Juno 24 5012 Jan 10
46 Nov
38
Jan
23
22
23
23
22
1,300 Mandel Bros
23
No par 22 July 25 3838 Mar 9
32 Juno 4012 Jan
300 Manh Elec Supply_
*2434 2514 *2434 25
2434 244
No par 2434July 26 3734 Jan 14
2812 Sept 66% June
2918 2918 29
2914 2834 29
1.900 Manhattan Shirt
'
,5 2554May 29 3558 Jan 4
3134 Feb 43 May
153 1534 1518 1018 155 16
5,000 Maracaibo Oil Expl
No par
12 Feb 18 1812 Apr 18
1212 Feb
2512 Apr
Marland 011
No par 3318May 31 4718 Jan 3
33 Feb 491
/
4 Noy
;i - -iti- -ii- Vii; - 8T., Vil4
1.200 Marlin-Rockwell
-'i3T4 .6
-i13-1-2 . .1.2 -7-i- ;7. 2 ViNo par 6918 Mar 26 8978May 20
4514
Mar
83
Nov
7414 7614 7158 75
71
78
78
80% 8012 89
9,534 121,300 Marmon Motor Car
90
No par 60% Feb 18 104 May 10
77 Dec 88 Dee
*1014 13
1212 13
1212 1212 1214 1214 *9
12
800 Martin-Parry Corp
912 912
No par
Jan
18
2
10
73
4June
1218
Mar
255
June
6414 6514 6112 644 60% 6173 61
6158 6314 6018 614 15.500 Mathieffon Alkali WorksNo par 4214May 28 218 Feb 27 11734 June 190 Dee
63
•12214 123
12214 123
12334 12334 *125 126 *12214 126 *124 126
60 Preferred
100 120 Jan 28 125 Jan 2 115
Jan 130
Apr
93
94
9014 9558 91
944 8912 937u 90
93
948
95 110.500 May Dept Stores
25 7312May 31 10812 Jan 10
75 July 11312 Nov
2314 2358 23
23% 23
23% 234 2312 23
2338 23
23% 6,900 MaytairCo
No par
19 May 31 25 Apr 4
1712 Aug
3012 Nov
40
40
4033 4134 42
42
4114 4212 41
41
5,300
Preferred
41
41
No par 3834Junis 27 454 Jan 3
4018 Aug 52 May
•84
85
84
84
834 84
083
8412 *83
700 Prior preferred
8418 83
83
No par 80 Apr 26 904 Jan 10
8912 Dec 101 May
9713 9712 96,4 964 9512 9512 96
1,300 McCall Corn
96
9514 964 9434 97
No par 7114 Feb 16 1043*June 7
Feb 80 Dec
69
*100 101 *100 101 *100 101 *100 101
100 101 * 98 101
100 McCrory Stores class A No par 9712June 11 11334 Feb 5
77 Feb 10978 Nov
9934
100 Class B
9934 98
9934 *98
*98
9934 *98
98
9934 *98
*98
No par 9713Juue 18 11512 Feb 6
Mar
8012
11934 Nov
•105 112 *105 11018 *105 11018 *105 11018 0105 11018 *105 11018
Preferred
100 107 June 11 120 Feb 7 109 Feb 11812 Nov
43
4312 *4212 43
4212 4212 43
4212 43
43
500 McGraw-Hill Publica's No par 4034Ju1y 1
43
43
48
Feb
11
515
1558 *1518 1578 *15
400 McIntyre Porcupine Mines_5 15 July 18 2312 Jan 5 -1-914 Sept ---1534 *1514 16
158 1538 •1514 15%
284 Mat
7114 72,8 71
72
69
69
4,800 McKeesport Tin Plate_No par 6212 Mar 26 82 Jan 31
70
69
6812 69
69
69
624 June 7833 Nov
53
53
5214 5312 5218 5278 52
5212 5134 52
5112 5238 3.300 McKeslion & Robbins_No par 49 Jan 7 69 Mar 4
4518
5034
Nov
Dec
•6134 62
61
6234 6158 6178 6078 6214 60
6114 GO
6138 4,300 Preferred
50 55 afar 28 63 July 19
54 Nov 6313 Nov
67
69
69
6812 6812 6618 6914 63
69
4,000 Melville Shoe
6512 62
63
No par 5612 Mar 26 72 Jan 3
607
2
Nov
70
Sent
29
2934 2812 2912 2812 29
2858 29
28
28% 274 2834 8,900 Mengel Co (The)
No par 20 Mar 26 347k Jan 4
2514 July
41 6•91
*2458 2514 *2412 2514 *2412 25
25
400 Metro-Goldwyn Pictures pf_27 24 Jan 10 27 Feb 25
*2412 2512
25
25
25
2412 Dec 2718 May
3914 40
364 40
3612 3812 3758 3834 38,2 4114 40
4034 53,300 Mexican Seaboard 011_No par 3614May 31 6938 Jan 3
45
8
73
Jan
Dee
4234 4312 42
4212 4112 42
4214 43
4212 43
4218 4378 13,500 Miami Copper
S 3013 Jan 8 5412 Mar 20
1734 Jan
33 Dec
12012 12112 12014 12278 11934 1214 11712 12034 11712 11734 11612 11712 12,800 Michigan Steel
No par 85 June 3 12278July 22
3213 3238 317 3212 3134 3214 3134 32
14,100 Mid-Cont Petrol
3218 324 323 33
No par 3013 Feb 16 3972 Jan 3 1518 Feb 44.12 -Nov
312 312
312 312
34 358
3l July 23
33,
314
34 338 6,000 Middle States 011 Corp
3% 338
10
73 May
54 Jan 3
232 Jan
214 214
238 23
212 212
238
600 Certificates
214 *214
214
258 *214
10
214June 4
34 Jan 3
14 Jan
574
29014 29912 *290 298
29512 297
3,2001 Midland Steel Prod pref___100 225 Feb 15 30334Ju1y 16 193 June 295 May
296 29734 *285 296 *285 290
Nov
1712 1734 1718 1718
17
17
17
17
1634 1634 164 1612 1,300 Miller Rubber
No par
1612 July 26 2878 Mar 20
1812 Aug 27
Jan
7034 71
6914 7012 69
7014 683 70
6912 4,800 Mohawk Carpet Mills_No par 6014May 27 8014 Mar 1
6834 6834 68
3918 Aug
7574 Dec
12514 12712 12514 128
124 12712 122 12634 1204 125
12214 12512 70,200 Mont Ward&CoIllCorpNo par 99 May 31 1514 Jan 2 11514 Dec 15612 Dee
4
312 44
37
4
37
312 4
418
*4
4
378 6,400 Moon Motors
No par
312July 22
8 Jan 8
533 Feb
1112 May
*71
77
7612 7612 7518 7518 76
7514 76
763
7912 2,100 NIorrell (J) & Co
75
No par 7218June 22 803*July 9-8
3
3
3'2
3
318
3
31,,
3
318
318
3
, 'Mother Lode Coallition_No par
3 Feb 8
613
Mar
23
8
4
44 May
Aug
52
53% 50
5334 51
5278 51
5234 5114 533
51
5278 9,300 Motion Picture
No par
1212 Jan 8 6034June 21
5 Mar
1474 Dec
•17
1934 *14
18
*1414 18
Moto Meter A
____
_ ___
__
_
_ _
No par
1434May 31
253
4
Jan
3
2431
Mar
4 Sept
13
*128 130
12412 128
____
122 125
_ Motor Products Corn No par 9014.1une 4 206 Mar 1
12014 12-614 118 12014
1:18 120
91 July 21814 Oct
4814 4712 4812 4734 4814 4718 48
47
48% 50% 4938 5178 59.100 Motor Wheel
No par 39 Mar 26 5178July 26
Ms
5114
Jan
Oet
•4212 46
*44
*4212 44
46
44
4678 .44 .4613 45
4,900 Mullins Mb; Co
45
No par 4214June 14 8178 Jan 4
6914 June 9514 Oct
*8414 86
*8414 88
*8414 88
844 8414 •__ _ _ 84 •_._ 84
40 Preferred
No par 8414J111y 21 10214 Jan 11
98 1)ec 10472 Nov
59
5914 5634 58
58
5818 5718 5838 5612 5658 .58
5812 2,600 Munsingwear Inc
No par 5014 Apr 6 6134May 4
4634 Mar 6213 May
8912 90
943
87
8912 88
9012 90
9112 943
91
9238 139,500 Murray Body
No par 62 Mar 26 1004June 17
2114 Feb 1144 Oct
83
8478 8214 8418 823 8578 8414 8678 8418 80
8412 85181 34,500 Nash Motors Co
No par 8113June 11 118,4 Jan 25
8014
Feb 112 Nov
3914 4014 3814 397
3734 3834 38
3834 3734 3338 3714 3778 22,600 National Acme stamped____10 284 Jan 7 414July 18
714 Jan 324 Dec
40
4058 40
4038 4014 4138 4114 4134 41
4238 42
No par 35 July 2 4814May 21
4212 42,700 Nat Air Transport
4758 4734 47
4858 45
4614 4412 4534 4358 45
4358 4418 12,300 Nat Bella, Hess
No par 42,8July 15 71 Mar 1
13103 110 *103 110 *105 110
10314 105 *104 110 *105 110
Preferred
400
100 10234June 15 118 Jan 3
9014 Jan 11812
20634 20814 205 207
20318 20512 200 206
196 202
35 16612May 23 2163 July 11 15912 July 19514 Doe
19834 20112 7,600 National Biscuit
Nov
*14113 14212 *14113 142 *14113 142
14113 14112 *14112 14234 *14112 14212
100 14112May 17 144 Jan 26 13712 Feb 150
100 Preferred
Ant
126 12712 12212 127
12258 12412 121 125
12034 12558 1244 12814 51,900 Nat Cash Register A lel Ne par 96 Jan 8 148% Mar 20
4714 Jan 10434 Dec
81
8112 7858 81
7814 7912 7714 80
Nat
77
Dairy Prod
79,2 76% 78% 70,200
No par 621sMay 22
July 11
*2834 2912 2812 2834 2834 2834 28% 2834 2818 2838 2812 2812 2,100 Nat Departtseat Stores No par 2814 Jan 4 85
373
4
Mar
5
217s
Jan
3214 Oot
*9314 9312 *934 9312 9314 9314 93
9314 *9314 96
*9314 96
80 lot preferred
100 9214 Feb 4 96 June 8
91
Jan 102 May
494 4934 49% 5014 4812 4918 4712 49
45
4712 4714 484 8,300 Nat Distill Prod ctts___No par 33 Mar 26 58 June 17
2914 June 5812 Jan
*10714 108
10718 10718 107 107
10612 10712 10714 10912 109 109
Preferred temp cas__Ne par 6712 Feb 7 10912July 25
10,700
514
June
7133 Jan
5178 514 50
5014 .50
500 Nat Enam & stamping
52
4912 4912 49
40
*49
100 43 May 29 6214 Jan 9
50
234 Mar 5733 Nov
151 15214 150 150 0147 150
•151 152
145 147
1,300 Natfonal Lead
145 146
100 132 Jan 2 173 Mar 20 115 July 131
Jan
13814 13814 13814 13314 13814 13814 13814 13814 *13814 13914 13814 13814
130 Preferred A
100 13814June 12 1414 Feb 1 139
Jan 14714 May
*117 119 *117 119
118 118
117 117
117 117 *117 119
1301 Preferred B
100 117 July 21 1234 Apr 24 11213 Mar 122
July
63
6418 63
6533 6312 6534 6212 65
6214 6312 6218 6614 208,000 National Pr & Lt
No par 4214 Mar 20 6614 July 20
217a Jan 4658 Dee
*612 634
612 612
612 612
612 612
634 678 *612 6% 1,300 National Radiator
612May 28 17 Jan 10
NJ par
14 July 4033 Jan
*1738 20
19
19
*1512 20
*15
19
*1518 19
1414July 8 41 Jan 29
100 Preferred
*15
19
No par
36 Dec 9812 Jan
125 125 *125 12612 12512 12512 125 125
125 12614 125 125
700 National Supply
50 11134 Mar 26 144 Jan 2
844
June 146 Dee
117 118
11612 11612 11012 11212 *111 114
11118 1114 110 110
1.200 National Surety
60 101 June 14 155 Feb 1 12334 Dec 150 Nei
7012 71
73
*72
7012 7338 7212 73
7213 73
7234 724 4,300 National Tea Co
Ns par 64 May 31 9138 Mar 1 *140
Jan 390 Dc'
45
4578 4412 4618 444 4514 4312 4434 4312 4458 4312 4614 50,600 Nevada ConsolCoPPer_No par
3934 Jan 16 6278 Mar 21
1734 Jan 6233 Dee
6034 62
62
*58
62
60
56
634 63
66
6418 6512 5.900 Newport Co class A
50 43 Mar 28 76 July 1
108 10834 106 107
10634 107
105 107
105 105
No par 93 May 29 113 July 15
3.100 Newton Steel
102 163
4358 444 4334 44
44
44
4378 4478 44
44
4358 4478 6,700 N Y Mr Brake
No par 4111 Mar 25 4054 Mar 4
-Ws Oct riOla Nov
*51
5138 52
5438 534 5178 51
51
*51
5312 53
100 40 May 28 We Feb 2
5518 10,400 New York Dock
47 Aug 8414 Jan
*8212 90
*8212 91
*8212 9112 *84
8712 *83
Preferred
87
*83
100 84 May 23 90 Apr 10
87
115 Sept 95
Jan
101 10112 101 10112 10112 10214 100 100 •100 101
Steam
NY
prof
90
303
June 17 103 Jan 10
101 101
(6)--No par
9812 Oct 1054 May
*111 1114 111 111 *11014 11178 *11014 11012 11034 11034 *11014 111
20 lst preferred (7)
No par 11014June 17 11478 Feb 19 102
Jan 115
Apr
158 16278 164 168
16418 167
No par 9058 Jan 7 1784 July 211
16712 172
168 17612 17312 1787 106,400 North American Co
5858 Jan 97 Nov
*52% 53
525 53
*5234 5318 *5234 5318 •524 5312 53
50 5114June 18 5414 Jan 0
534 1,800 Preferred
SI Sept 5558 May
10114 1021 4 10134 10134 10158 1015, *10138 10134 1015, 10134 *101 10212 1.100 No Amer Edison yral__No par 9978 Mar 27 1033
84,4
4.
J
.I
Jan
an 15
12
5614 5614 5612 5812 54% 57
5434 5558 5512 554 544 5412 8,400 North German Lloyd
4814May 28
6
9
3
94
0 June 16
°9
511 N
Fe
eb
v
*47
49
49
*47
*47
49
*47
Northwestern Telegraph___50 4312June 14 50 Mar 16
49
•47
49
*47
49
43
Oct 55 May
234 234
234 23
214 July 2)1
238 24 *258 28
212 212
214 212 2,200 Norwalk Tire & Rubber-__10
64 Feb 4
212 Mar
712 Sept
*534 612 *5 . 0
•5
6
100 Nunnally Co (The)___No pat
*5
514July 26
6
0514 534
514 514
8 Feb 8
884 Dec 13 May
18
18
18
18
1814
1318
18
18
18
18
1818 181u
900 011 Weil Supply
25 1704June 18 32 Jan 3
2114, June 41
Jan
9713 9712 97
97
97
97
97
97
*9412 07
140 Preferred
97
11141 92 May 31 10111s Jan 111
97
97 June 11012 Jan
43
434 42
4218 437
44
4258 4418 4218 4312 413 43
Equip__No
Farm
Oliver
par
3118May 31 6412 Apr 25
16,800
5612 5612 54
56
5418 557
54
5434 54
5412 5312 5418 4,500 Cony participating__No par 4918May 31 6958 Apr 25
---____
94
0438 9458 943 9433 9438 9138 9312 9458 94
94
1,100 Preferred A
No par 00 June 15 9912Nlay 2
94
8
8
831 *818 812
814
8
73
818
8
4.700 Omnibus Corp
_No par
8
712 Feb 21 1078 Feb 25
71-2 Dec -lilt May
._ _ _ _ 85 •_ __ _ 85 •_ _ _ _ 85 •__ _ _ 85 •_ _8_ 85
Preferred A
100 80 Mar 26 1/0 Feb 28
--__ 85
8313 Dee 09/
1
4 June
70
7212 7214 7412 7434 75
70
70
7414 7414 .71
2,700 Oppenheim Collins & CoNo par 70 July 10 845s Apr 13
74
11734 Aug 3212 Jan
*75
*7212 85
85
•70
76
80
76
•76
85
•76
30 Ornheurn Circuit, Inc Met_ IMP 60 Apr 12 9534 Jan 2
85
75 May
•365 395 *385 393 *375 385
374 378 *375 389
700 Otis Elevator
385 385
50 276 Jan 7 405 July 2 1474 Feb 104 We*
23512 Dee
*12134 126 *12134 126
12184 12134 122 122 *12134 126 *12134 126
100 12144June 23 125 Jan 34
70 Preferred
Jan 12634 July
5034 5114 4858 51
4812 5014 4812 50
4714 4812 4818 487s 23,100 Otis Steel
No par 37 May 29 5132July 19 1194
1912 Jan 4012 Nov
•99 10012 *98 1004 *100 10018 *100 10018 10018 10018 *10018 10012
100 Prior preferred
101 96',July12 108 Feb 20
824 Jan 103 Nes
7612 7612 •75
7512 754 7512 7512 2,600 Owens Illincne Glass Co ____26 75 July 23 84 May 18
76
7514 76
75
75
7058 7218 6938 71
705
69
71
733
7014 73
694 72
55,800 PAMIR Gas & Elle
26 534 Jan 2 737iJuly 1
4313 Feb 564 Noy
955 9634 0618 100
9858 1024 10438 11134 10814 11134 10714 110
83,300 Pacific Lig Corp
No per 70 Jas 7 11134July 24
59 Dec Ws June
30
30
30
*3012 3178 31
32
31
32
31
*31
314
740 Pacific M1118
_100 2712June 3 37 Apr 17
25
Oct $512 Nov
1
1
1
1
11,100,Pacific 011
1
1
1
l's
1
1
1
1
No par
I Mar 6
112 Jan 10
1 Sept
24 Apr
31195 197 13195 197
197 197
1,500iPaclf1c Telep & Teleg
197 205 208 220
100 150 Jan 3 220 July 25 146
210 218
130 130 *127 140 *125 127 *127 135 *132
135 •132 135
20 Preferred
109 11634 Jan 3 130 May 11 114 June 169 Diso
Oot 12512 May
12912 13012 12738 1295, 1275, 13134 12914 13214 12812 13178 12912 13158 47.700 Packard Motor Car
10 11813 Mar 211 15334May 15
5414 Feb 163 Dee
6112 0218 6078 62
6014 6212 597 6218 5934 6034 60
6034 29,200'Pan-Amer Petr & Tranl
50 4014 Feb 18 63 May 4
ssi, Feb 5512 Nee
6234 6312 60,8 6358 6034 6234 5958 624 5938 6078 59,2 6034 120,700 Class B
50
4012
Feb
IS 6614May 6
8784 Feb 1414 NOY
*1358 1438 *1334 1438 13% 13% *1334 14% 1458 1458 1334 1378
120 Pan-Am West Petrol II_Ne par
13V
Jan
tine
3
27
1711
mos Apr
9
1112 July
0
918 918
9
9
9
9
9
9
1,200 Panhandle Prod & ret__N• par
*812 0
9 July 15 1514 Jan 1
*55
5912 55
55
55
1113 Feb 2114 May
55 4_
5912 .._ _ 5912 •____ 5912
500 Preferred
100 4712 Feb 25 76 Jan 15
70
6614 6758 6518 6714 6514 665
Feb
10614
Ma,
6514 6614
44,900 Paramount Fain Lasky_No par 551s Jan 2 714May 13
6:158 6538 64
65
4714 Oct Ms 13130
•57
5978 *57
5912 50
57
55
54
55
54
600 Park & Tllford
53
53
No par 47 June 3 874 Jan 14
34
93
Mar
7
Nov
74
54 68
658 658
Park
Utah C M
6,4 612
614 6%
64 658 30,900
57 July 22 1374 Feb 28
1
9 Aug
1412 Jan
858 834
812 83
8
812
8
812
8
8
818
814 12,500 Patke Exchange
No par
712 Mar 26 144 Jan 9
2 Feb
•1914 20
191
15 Ns*
1912 19
19
187 19
18
Class A
1718 18
1814
2,100
No par
1312Mar 26 110 Jan 9
4012 41
812 Feb
34 Asig
4034 41
4014 4058 403 4034 40,2 4012 40% 4012 11.900 Patino Mines dr Enterpr____20
344 Jan 7 47$4 Mar 4
1234 1234 1218 1234 1214 1
134 Jan
£0'
42
*1212 13
*1212 14
121z 1212 1.400 Peerless Motor Car
50 1118June 26 2212 Jan 11
59
1418 Sept 2518 Mal
5938 5734 5934 5734 5912 5818 59
Penick
& Ford
*5814 5834 5712 5878 8,100
No par 38 Jan 2 6034July 8
2218 Jan 6112 Ocl
*107 10834 *107 10834 *107 10834 *107 10834 *107
Preferred
*107
1083
4
100
10834
100
Apr
2
110
Jan
9 103
Oct 115 Mar
*734 812 0734 8,2 *73
812 08
812 *8
812Penn Coal & Coke
8,2 '8
60
512May 27
12 Jan 20
8 Aug
12
12
144 Jan
1214 1258 1234 1513 1412 1512 14,8 1412
7.000 Penn-Dixie Cement____No per
14
14
1134July 1
27 Jan 6
*54
594 *54
1434 July
31 Ma,
55
55
60
*60
65
70 •60
*60
300 Preferred
64
100
547
July
16 94 Jan 22
75 Sant 9658 Apr
*320 324 •305 320 *310 320
3143 31634 31712 31914 318 320
People's
a L de C (Chlo)
2,100
100 208 Jan 11 335 July 10 15154 Jan 217 Nov
3478 3478 3418 3512 3418 3412 34
3418 33
3312 .32
3312 2,700 Pet Milk
No per 31 July 13 4512 Jan 3
4112 Dec 40l4 Dec
6078 6114 60
62
604 6078 60
6034 594 60
5,000 Phelps-Dodge Corp
593 GI
2' 5612May 28 7978May 10
3200 203
203 207
20312 212
212 214 *210 215 .210 215
2,100 Philadelphia Co (PIttab)..„511 1571s Apr 17 214 July 24 145 Mar 17414
*45
50
*49
May
50
*19
50
*49
51
.49
5% preferred
50 .49
50
50
4812
Jan
15 51 May 20
4512 Mar 69 Aull
*514 52
5112 52
5214 52,4 52% 525
524 52% 53
1,900 6% preferred
53
50 5053June 24 54 Mar 18
5134 Oct67 Mu
•Bid and Wed fpr prima; no sales on this day. s Ex-dividend.
r Ex-rights.
603
New York Stock Record-Continued-Page 7
For sales during the. week of *roc,, not recorded here, see seventh page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
/We 20.
a
Monday,
July 22.
Tuesday,
July 23.
Wednesday, Thursday,
1/117 24. 1 July 25.
Friday,
July 26.
Sales
for
I the
1Veet.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Ranoe Since Jan. 1.
On Oasis of 100-share lots
Lowest
Highest
PER SHARI(
Range for Previous
Year 1928
Lowest
Highest
$ per share $ per share $ per share 3 per share 1$ per share $ per share I Shares Indus & Miecell. (Cen.1 Par $ per share 5 per share 3 per share $ per tkare
27% June 3934 Jan
1723May 28 34 Jan 8
2318 237 35,500 Phtla & Read C & 1____No par
2134 2214 2214 23% 2212 244 2334 2134 2312 24
15 Mar 9511 May
14 i 6,000 Phtlip Morris & Co., Ltd__ _10 1312 Apr 30 234 Feb 23
1418 14
14
1/18 14
14%
14
14
14
14
14
38
Apr 54 Aug
43
47
43
703
48
*42
*43
200 13131111ps Jones Corp__ _ _No par 41 Mar 2S 73 May 17
45
*43
43
43
43 1
884
Jan
17
08
May
1
85
Apr 99 May
100
Pt:11111ns
Jones
pref
*883
4
93
4
93
*883
4
*883
*883
4
93
93
*883
93
*8334
4 93 !
3514 Feb 537k Nov
3634 3534 3612 367 3778 3714 3778 3718 3734 18,100 Phillips Petroleem___No par 3512July 18 47 Jan 3
3614 3678 36
21
Oct 38 Mar
5 21 July 18 3758 Jan 22
*21
21
21
*21
22
22
2158 22
303 Phoenix HoCery
*21
22 1
*21
22
94 Dec 10314 Feb
100 9314May 22 100 Jan 6
*9414 98
9414 9414:
*9414 98
20 Preferred
*9414 98
*9414 98
*9414 98
184 Oct 304 Dee
3412 3518 3434 35 I 21,600 Plerce-Arrow Class A__No-par 2712 Mar 25 3778 Jan 9
33
*33
3312 33
323* 3114 3473 36
5812 Oct 7478 Dee
100 7212 Jan 2 8712June 7
85
8524 85
*84
36
84
85
83
*84
85
1,100 Preferred
*83
86
17 July 25
12 Mar
614 API
25
2
2
2
333 Mar 18
178 2
2
2
178 2
2
2
2
5,000 Pierce OIL Corporation
Oat
1014 Feb 50
100 30 Jan 8 5112 Mar 18
38
38
38
*3714 38
38
*3714 38 I
38
*38
39
300 Preferred
35
653 Apr
4 July 15
312 Feb
578 Jan 151
...No par
414 438
414 412
.
412. 434
418 414
418 414
434 514! 11,400 Pierce
3224 Feb 581k Dee
Petrorm„Flour 61111e_No par 3918May 27 6378 Jan 15
4714 4734 4534 4714: 4,700 Pillsbury
4314 4734 48
48
4812 48
4312 49
5012Mar 26 66 July 1
6434 64
6134 6314 6314 6114 64
6118 62
6034 61
6434! 32,700 Pirelli Co of Italy
3618 June -iiis -De;
100 5413June 4 8334 Jan 9
677 *65
6714 67% 67% 67
6612 6518 6518,
*63
6978 *65
500 Pittsburgh Coal of Pa
81 May 1007g Dec
100 8312June 5 100 Jan 5
*86
87
8813 *86
8712 87
8712 8712 *87
*8512 88
503 Preferred
8818!
3
34
Jan
9
26
Feb 38 Dec
20
June
10
100
25
2512 *24
Pitts
Terminal
Coal
*24
*24
2512 24 '24 I
25
2512 2512 25
300
6318 Oct 82 Mar
109 5212June 10 7814 Jan 9
*55
59
*55
55
55
59
*55
60
*55
57
*55
• 20 Po Rived
59 ,
____ ____ ____ ____
No par 26 June 24 4012July 25
3934 3812 4012 385 3978 42,500 Poor & Co class B
3518 3678 37
357
35
3612 35
53% July 854 Dee80
80
80
80
*77
7834 7834 80
17
413 78
7714 77141 9,200 Porto RIcan-Am Tob el A_100 7612July 2 9534 Mar 15
5171 Dec
2314 Aug
No par 28 July 16 5034 Jan 2
3412 36
3l12 348 .3434 30
31
31
*341* 3434 12,800 Class B
35
103 10314 10278 10314 103 103141 2,200 Postal Tel & Cable pref___100 10118May 27 105 Jan 31 1005 Aug 108 Sept
*10212 10312 10318 10313 102 103
613
8
July
13612
May
Mar
26
62%
813
par
4MaY
3
*6734No
737
8
747
8
75
3
4
7312 77,
8 ---- ---7513 7512 7414
68 I 56,000 Posture Co. Inc
6912 Dec 6458 Dee
25 5114July 25 65% Jan 2
5134 5214 5114 52
5234 1 1,600 Prairie Oil& Gas
5313 5178 52
53
5334 52
52
25 535 Jan 14 81788Iay 21
6018 8034 6018 6038 6018 6012 60
604 6018 6012 60
60 I 5,400 Prairie Pipe & Line
18 June 334 Oat
1934
No par 15 May 27 2538 Mar 22
1978 1914 1934 19
1914 1912 19
1834 19
1834 1834, 4,600 Pressed Steel Car
70 Aug 9312 Oct
100 73 May 29 81 Mar 27
77
7712 *7612 77
*74
*7612 78
77
77
77
7613 7612;
600 Preferred
18 Feb 297 Nov
Jan
3
25%
1518July
24
1518 16
16
16
*17
1712 1614 17
Corp_50
1578 10
1578 1578! 1,600 Proaucere& Refiners
41
Feb
49% June
3514 3834 3734 3834 3818 3818'
38% 39
39
50 37%July 25 46% Mar 21
39
*33
39
320; Preferred
Feb
52 Nov
91
*50
*50
51
51
*50
51 ; *50
51
*50
1110-oily-lac-tic Brush-No par 50 June 21 824 Jan 14
51
*50
51 I
8311 Dee
4112 Jan
12134 1248 119 12312 11814 121% 11818 12112 11713 119% 116 11878 134,200Pub Sec Corp of N J__No par 75 Mar 26 12434July 20
10512 10512 10613 107
105 106
105 105
100 10312J1lne 8 10818 Fen 5 1035* Jan 115 May
10534 10534 106 106 1 6,200 8% preferred
Oct 12912 May
*119 123 *119 123 *119 123 *119 123
100 117%.June 25 12478 Jan 3 11.
121 121 *119 120
100; 7% Preferred
Jan 150 May
15014 15014 *146 15014 *146 14812
*146 14914 14914 14914 150 150
100 145 Apr 17 15012 Marts 134
500; 8% Preferred
28
Dee
11012 Apr
Jan
10612
July
26
1095
8
105
pref_1(10
*10478 10514 *10473 10514 10513 10512 10538 10528 *105 106
&
Gas
Serv
Eleo
500:Pub
105 106
77% Oct 94 May
913* 8818 8914 8814 89
8818 8912 8814 913* 339
8712 88
No par 78 May 27 9178 Jan 3
84,100 Pullman. Inc
1758 Dec 347 Jan
1814 1312 1312 2112 20
1814
*1634 1713 *17
50 1438Mav 29 2112July 24
20% 1978 1978 7,3601Punta Alegre Sugar
19
Feb
3114 Nov
25 2314 Feb 18 3034May 9
26
2614 2534 2638 2512 254 2512 2638 2512 2612 2553 2638' 19,300:Pure 011 (The)
100 111 June 12 116 Feb 25 108 Mar 119 June
*11212 11314 11318 11314 11258 11234 11258 11258 112 11212 11214 11214'
280! 8% preferred
75 June 13938 Oet
14113 14453 14034 14413 14012 143
14113 145
145 146
10938May 23 14778July 18
141 143 1 12,400 Purity Bakeriee
8118 8214 7878 8212 7858 8314 83s 86
8438 9034 84
90'8 828,700 Radio Corp of Amer___No par 6814 Feb 18 114 May 3
5412 Jan 60 May;
5212 5212 *5212 53
50 52 July 5 57 Jan 3
5212 5212 5213 53
*5212 5334 *53
960' Preferred
533
3414 Dee 5113 Nov
19 Mar 26 4878 Jan 41
3658 37% 37
304 37
3613 377
3712 38
3813 3634 3813 74,000'Radto Keith-Orp el A_No par
4
2473 Jan 6053 Dee
7
843
8
Mar
79
7912
57
Jan
787
80
3
4
10
80
79
80
80
78% 7978 7913 80
8,300 Real Silk Hosiery
8012 July 9712 Des
9614 9614 98
*98
99
100 95 May 27 10212 Feb 8
9S
99
*98
*93
99 1 *93
99
120 Preferred
15 Dec
512 Feb
10% 1014 1018 1018: 1012 11
*1014 11
*1014 11
161 4 Feb 1
6 May 28
*1014 12
o par
600 Reis (Rohl) & Co
*64
*65
67
*67
6S
*67
68
66
100 60 May 29 10812 Feb 81 6114 Feb 8912 Dec
6634 70 I *70
600; First preferred
72
4134 4334 4312 4538 4112 4
4218 447
44
447
No par 28 Mar 26 4914 July 26, 2312 Jan 3612 May
97
5131 *4
97
312 4
99
514 204.000;Remington-Rand
94
91
94
94
*92
94
*92
94
100 9014 Jan 4 96 Feb 41 8714 Dec 98 June
500! First preferred
Jan
*9914 99,2 *9914 *9912 9914 9914 *99
100 93 Mar 20 101 Apr 151 8818 Oct 100
9912 *99
9912 *99
100; Second preferred
9912
2212 Jan 3514 Oct
2178 2153 22
2113 21
21
21% 21
10 21 July 19 31% Jan .3i
21
2178 21
2158 23,000,Reo Motor Car
45
4112 4634 4678 48
45
*4413 45
No par 4234May 28 54786lay 3'
4634 47381 47
4712 4,000 Republic Brass
*103 107 *103 107 *103 107 *103 107 *103 107 ;•103 107
100 105 May 3 107 June 5
Preferred
*100 101 *100 101 *100 101 *MO 105 *100 105 I*100 105
No par 9358May 29 111 May 6
Class A
11113 11313 10914 114% 11034 11413 11014 11338 110 11234 39,700 Republic Iron & Steel_ _ _100 7914 Feb 8 115 July 20
494 June 944 Nov
113% 115
11234 11258 *11234 114 *11278 113 *11234 113
*11214 114
100 10878 Jan 7 11512 Feb 27 102 June 112 Feb
Preferred
200
11234 11234
1478 June7
718
7,3 7,8
678 7
814 Feb
6 June 8 124 Jan 16
7
No par
7
634 7
5,800 Reynolds SPring
678 7
5518 5512 55
5524 5514 5513 55
5512 55
5514 54% 5514 10,100,Reynolds (11.1) Top elaam B_10 63 'Mar 26 66 Jan 11
Dee
81
*56
*3834 58
Oct
26
64
Jan
2
50
5713 55% 5538 *55
53 Feb
57
300 Rhine Westptalla Klee Pow__
56
*56
5714 56
56 Nov
4012 4012 397 4058 3053 4014 3934 4012 3934 4034 40
2312 Feb
4012 16,300 Richfield Oil of Californla_25 3958July 23 4934 Jan 3
2612 2712 2712 2812 2334 3078 2913 3014 29
4212 Mar 28
No par 2514June 11
2934 2834 2934 36,000 Rio Grande 011
6818 6634 *06
67
367 6678 *36
No par 59 May 28 70 June 29 --- ---- --- 800;Ritter Dental Mfg
67
66% Ws'
*66
67
73 4 7314 7158 7312 72
7112 7212 5,400!Rossia Insurance Co new___10 63 May 23 96 May 9
7334 7214 7338 7134 72
40 Dec 4934 Dee
3318 355
3814 391, 3712 3338 3578 38
25,200IRoyal Baking Powder_No par 27 May 31 4314 Jan 2
38
367 3314 37
112 112 *11112 11412 11113 11112 *110
400 Preferred
11014 11014
100 95 June 12 11314July 16 10413 Dee 10412 Dec
____ 110 110
Oat
4434 Jan 64
5334 5438 3,900'lloyal Dutch Co(NY shares)
5334 5373 5338 533* 5314 5312 538 54
497 Feb 19 553 Jan 5
5334 51
37 Mar 714 Dee
64
33,900'51- Joseph Lead
6434 63
10 5912July 25 94 Jan 21
6418 6212 6358 6112 6312 5912 6312 6312 66
No par 15414May 28 19514 Jan 4 171 Dec 20134 Dee
170 17138 16734 171
168 17154 16814 16314 16814 16934 168 16034 5,700 Safeway Stores
95 Dec 97 De*
94
90 Preferred (0)
95 1 94
954 9518 94
100 93 Apr 4 97 Jan 16
9312 9312 *94
*9312 94
94
280 Preferred (7)
*103 10334 *103 10334 103 104
ioot 102 Feb 16 108 Jan 18 10612 Dec 1084 Dec
10312 10313 1044 1044 *10434 105
3614 Dec 61 Dee:
42
3.800 Savage Arms Corp..No par 3314 Mar 26 513 Jan 24
4173 41
*39
40
40
40
3924 40
3914 40
39
3534 Dec 6713 Apr
1828July 3 4112 Jan 8
2034 2034 7,100 Schulte Retail Storee_INo par
204 2018 2018 2012 2134 2012 207
20
2034 20
Apr
91
9013 9012 90
91
91
100 90 July 26 11812 Jan 2 115 Dec 129
100 Preferred
*9212 94
*92
95
94
94
1318July 15 2214 Apr 12
1712 JUDI!
10 Feb
1418 143*
1413 1418 1414
1412 *14
No par
800 Seagrave Corp
*14
1414
1414 1412 *14
8218 Jan 19712 Nov
16712 16,02 164 16914 16314 16612 164 16613 163 16414 16134 16314 29,000 Sears. Roebuck & Co No par 13934 Mar 26 181 Jan 2
74 Oa,
4 May 28 1012 Mar 20
Jan
2
No par
5
5
534
5,500 Seneca Copper
45
5
434 5
534
5
5
514
54
No par 12311 Jan 8 182 July 13
16212 16812 16678 169
8012 Feb 14014 Oet
17214 17334 109 173
7,200 Shattuck (F 0)
17634 17034 172 176
46% 47
473 473
No par 41 June 4 5334Ju1y 1
4612 47
46% 4934 2,600 Sharon Steel Hoop
46% 4712 4612 47
26% 2618 2612 2618 2058 2618 2612 14,100 Shell Onion Oil
2612 26
234 Feb 395 Nov
No par 2534 Feb 18 3134 Apr 2
2628 2634 26
40
41
40
4012 41
40
*39
41
5434 June 8514 Nov
40
*40
*39
1,400 Shubert Theatre Corp,No par 3634July 8 744 Jan 24
40
11812 12073 11714 12078 117 11873 11672 11918 114 11678 113 11512 36,700 Simmons Co
$534 June 1012 Nov
No par 76 Mar 28 12234Ju1y 17
3458 3534 3418 3534 3414 3514 38,400 eilenne Pe.relent
36
3614 3714 353* 3734 35
1813 Feb 2714 Nov
10 1818 Mar 26 3938July 17
3534 3314 3414 337 343
3512 3534 33
173* Feb 464 Nov
3312 3534 34
3538 136,700 Sinclair Cone Oil Corp_No par 33 July 22 45 Jan 2
110 110 *110 115
110 110
1093.4 10934 *110 120
Jan 29 10212 Jan 110
Oct
100 107346.(ay 1 Ill
700 Preferred
110 110
1•
4013 4212 4078 4178 40% 4158 41
4124 42
26
Feb 4258 Nov
25 3278 Mar 7 4812May 8
4134 22,700 Skelly 011 Co
.
*62
64% 6*62
65
60
*31
66
618 62
61
61
300 Sloes-Sheffield Steel & Iron 100 5814June 28, 125 Jan 19 102 June 134 Feb
*85
93
93
8512 8512 *85
*8414 93
93
*35
Preferred
100 85 June 20' 112 Jan 18 10412 Oct 123 Mar
*85
93
1212 1212 *1214 1212 1212 1318 1238 1212 1118 1218 12
1814 Feb 5
Apr
1014 Mar 28
11 Dec 20
12
3,51000
0 SniderNo par
5618
5712
5634 5858 5158 5718 54
5512 56
Jan
5434 537 54
31 Nov 60
No par 33 Jan 3 6412July b ;
9,800' Preferred
37's 3814 3712 38
37
38
373 38
3634 37
No par 34 Mar 26 45 May 13: 3212 Feb 49341May
3634 3714 8.400 So Porto Rico Sue
69% 725
7014 7118 6838 7178 6812 70
70
4312 Jan
7178 6912 4
564 Nov
25 5358 Jan 4 7234 July 19
77
1314 92,700 Southern Call! Edison
4712 *38
38
4712 *38
4712 *38
471 *38
*2
*3914 4712
2412 Jan 6053 May
812j
FebFueb
Iy 16 ' 5018June 14
1Southern Dairies el A_No par 3512
0
9
834 834
Apr
30
9
Jan
26 153e Jan 12
834 834
No par
312 9
55
55
5314 5314 *5312 55
*53
55
54
54
alld
arnsg8Bros
5312 531
No par 5014 Apr 30 63131/Ray 6
0:5pC
6
800
11212 11212 *11212 113 *11212 113 *11212 113 *11213 113
•11213 113
17 117 Feb 8 11:111 - Jan iticr Apr
40;Se:tiding Bros let prof
*39
3914 3812 3912 393 41
41
26 July 57% Dee
414 40
*398 40
el;
31 i:fu 28 5214 Jan 3
a0 118
4034 9,500'Spang Chalfant&Co Inc3No 1p0r
*35
90
*37
91
90
*85
90
*85
*85
90
97
Oct 100 Aug
*85
I Preferred
100 89 Mar 19 97 Jan 17
90
62
6118 6134 61
62
6328 6112 62
6118 : 62
Sparks WithIngton___ _No par 594June 21 6378July 2
6034 61
4,500
4.712 8
*8
812 *8.
812 *8
813
20 Feb
1014 Nov
144 Feb 4
814 814 *81
10;dpear & Co
No par
*74
75
7358 7353 *7312 74
*74
75
7312 73% '.74
76% Nov
9238 Feb
20
•
100
75
3914 3813 3818 38% 3878 37
3812 3914 39
8
012 F
ja
es
b 14
2
39
:1tti
a
43
er K
ellogg & Sons No par 7
3fi1211,
en
refe"
ed
3814 40
7,66
0°
0 SpP
53
5012 517
5214 5212 5214 5238 52
5114 5212 *5113 52341 4,100•SpIcer Mfg Co
-211;
-ik;i;
7 6834 Mar 1
11
-5; Dec
45
Jan
par
No
455 453 *455 47
45
47
*4634 47
4712 4712 543
55% Mar 1
700; Preferred A
47 I
8114 7814 7813 79
77
81
*8114 84
8012 82
ulyy 2 11778 Feb 6
651 Sept 91 Nov
arr
N lu
ls pa
80
8024 4,7001Splegel-May-Stern Co_ig
171
171
18
17
18
17
17
17
1612 17
17
24
1612July 5 4334 Jan 11
Oct 4014 Nov
1712; 1,700 Stand Comm Tobaceo_No par
138% 14038 5135 13378 136 14034 13714 14078 13412 138
1324 13613 101,100IStandard Oae & El Co_No par 8034 Mar 26 1404July 19
57% Jan 84% Dee
6434 65
6414 6414 6412 6412 6414 643
644 647e 6412 6412
Feb
4
Preferred
8May
31
67
645
8
Dec
7112 May
625
50
2,1001
*113 125
113 113 *112 125
112 112 *110 113 *10812 110
100 104 Mar 26 16314 Jan 18 100
Jan 14212 Dee200'Standard Milling
•110 113 *108 113 *110 113 *108 113 *104 107 *105 108
I Preferred
97 Nov 115 Dea
100 98 June 17 133 Jan 12
7114 7314 7012 72
7034 7118 7018 7212 7114 7212 54,900 Standard 01101 Cal_ _No par 64 Feb 18 8178May 6
72% 73
Feb 80 Nov
53
5778 5653 5714 565s 5678 5613 57
5734 5773 57
5614 57
64.400 Standard 011 of New-lereey_25 48 Feb 18 623sMay 11
3734 Feb 59% Nov
397 4018 3918 4014 393 3934 388 395
3834 39% 39
3912 44,400 Standard Oh i of New York __25 38 Mar 7 455 Jan 2
2834 Feb
4513 Dee
5
478 5
5
418 41 4
413 48 *411 5
414 424
418July 20
1,600 Stand Plate Glass Co__No par
958 Jan 21
214 Jan
7% Feb
1613 1612 1612 1612 17
1612 1612 *16
*16
1612 *16
350 Preferred
1612
100 1518May 28 31 Jan 18
10
Jan 40
Feb
*49
*40
.._
_
_
*40
*49 ---Stand San Mtn Co____No par 41 Jan 26 50 May 3
*40
34 June 5323 Dee
-6634 -if - 6914 7212 7012 -7158
- 6978 -72
7012 71
70
707 21,400 Stewart-Warn SD Corp
10 65 Apr 10 77 May 10
.Stromberg Carburetor.No par 35224 Jan 11 110 May 20
44
Jan 99 Dee
753* -7-71; "iiia -7fi7; -'76j4 -id37634 77* 7534 -i65; - s -77-1-2 "r7
4 -1-3-1019 Studeb'r Corp (The___No par 7318May 31 98 Jan 26 57 Jan 874 Oct
__ 125 125 *125
*125
_ _ *125
*125 - -- *125
. 20
___ _
100 123 May 13 126 June 25 12112 Feb 127 June
17
2
2
2
2
*2
24
14 -2
brmearined
e Boat
SuP
2
r
2
134 July 25
NNoo
412 Mar 14
614 Mar
3
Feb
7334 7334 7312 74
7312 7312 73
74% 74% 7334 75
2,300 Sun
74
par 57 Mar 26 7638July 8
8112 Jan 77 Nov
*101 10112 101 10114 101 10112 10112 10112 101 102 *10112 102
il
310 Preferred
100 100 Jan 3 1054 Jan 8 100
Jan 110 Apr
7
7
714
7
712
7
74
714
714 712
No par
7 Feb 16 12 Jan 3
1414 Nov
212 Feb
4612 40
4718 4912, 4612 4712 45
44
4912 50
47
100 34 May 31 7334 Apr 9
112 42711'2
&Pa Nov
Jan
18
1312 1312 1312 1312 1312 F378 1334 14
14
14
*1312 14
900 Sweets Co of America
50 1312May 23 2214 Apr 11
11%
Feb
2313
Sept
7
7
*6
7
7
7
712 7%
inilangto
so An
*6
612 *6
No par
0 Syc
412 Mar 12
1
1 00
612 1
9 May 2
4
Aug
7 May
17
1713 1712 1712 *18
1712 1712 1712 1778
16% 164 17
1214 Mar 11
NO par
1958May 2
10 Aug
19% Ara
5g
*185
8
1834 18
*1838 1812 1812 1812
1858 188 1858 *1823 1834
No par
18 June 17 254 Mar 28
300 Telautograph Corp
2258 Mar
154 Jan
1712 1734
1712 175
17% 1333 1734 18,8 172 1734
1712 1834 8,100 Tenn Copp & Chem No par
18 Apr 9 20% Apr 29
197s Dee
1012 Jan
6158 6312 6218 63
6258 6112 62% 613s 6178 6112 62
02
25 5714 Feb 21 8812 Apr 20
43,000 Texas Corporation
14 Nov
50
Feb
74
74
7214 735
7238 7314 40,300 Texas Gulf Sulphur____No par 6953June 29 8514 Apr 18
72% 7278 7178 72% 7158 7238 72
6218 June 8212 Nov
16
1634
1518 1638 1558 1578
1612 1634
1614 16% 191300 Texas Pacific Coal & 011
10 1518July 22 2378 mar 21
16,4 16%
1218 Mar
Ws Nov
1512
1514 1512 15
157
1512, 1618
1512 15
1614
1 1314 Mar 26 244 Jan 17
1618 12,400 Texas Pao Land Truet
16
20 June 30% API
N„Igg VZ:rric'oratiele
•1391 and naked prices: no sales on tab day. a Ex-dliddend. r Ex-rights.
604
New York Stock Record-Concluded-Page 8
For sales during the week of stocks not recorded here. see eighth page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
July 20.
Monday,
July 22.
Tuesday.
July 23.
lirecbeesday,
July 24.
Thursday,
July 25.
Friday,
July 26.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots
PER SHARE
Range for Previous
Fear 1928
Lowest
Lowest
Highest
Highest
Per share
per share 5 Per share $ per share $ per share $ per share Shares lodoe. & Miscel. (Con.) Par
Per share $ per char. 11 per share I per flare
2812 2934 29
2912 2912 2912 28
2834 28
No par
28
2,900 Thatcbor Mfg
28
1612 Afar 14 3114 July 15
28
22
Jan 3912 May
*45
46
*45
4534 *4512 4578 457 4578 •4512 46
300 Preferred
46
46
No par 35 Mar 9 48% Jan 5
45
Oct 535* June
37
37
3712 3712 3612 3612 *3612 37
500 The Falr
No par 3414 Mar 26 51% Jan 15
3618 3612
34
37
Jan 5212 D•o
37
•10512 110 *10512 110 *10512 110
10512 106 *10512 110
40 Preferred 7%
10512 10512
100 10412 Feb 28 110 Jan 2 10412 Jan 11414 Otit
•47
43
*47
48
*4634 4712 4634 4634 *4634 47
100 Thompson (J R) Co
*4634 47
25 44 May 1 62 Jan 12
5614 June 7138 June
2014 2052 20
2012 1912 2014
145 Feb 26 Sept
1934 2014 1932 20
1914 1978 59,600 Tidewater Assoc 011...No par
17% Feb 8 2312Jime 7
8712 8712 86
8612 85
8614 8514 8512 *8512 86
2,300 Preferred
8112 Mar 9114 Dee
85% 86
100 84 June 18 90 Jan 2
*3314 35
*3314 35
*3314 35
Tlde Water 011
*3312 35
*3312 35
*3312 35
100 27% Feb 1 40 June 7
195* Mar 4112 Dee
*90
94
*90
93
91
91
91
91
900 Preferred
91
90
91
91
100 90 July 26 9712 Jan 17
864 July 10018 Dec
2312 233.2 23
2334 2314 2312 23
24
23
23
2312 7,409 Timken Detroit Axle
23
10 223sJune 13 31 May 3
10014 101
9814 10012 96 105
10012 10432 9814 102
99 10132 23,900 Timken Roller Bearing_No par 73% Feb 16 150 Jan 3 ffi5; Mar 154 Nov
14
1412 1312 1434 1312 1432 1312 141 1
19.100 Tobacco Products Corp
1358 14
1334 14
20 1312 July 19 2212 Mar 13
1712 1713 1732 1712
1732 1718 1732 1734 *171 1 1712 1678 17% 6,500 Class A
20 1678July 26 2238 Mar 18
_
•1112 14
1132 1132 *1134 12
300
Dividend certificatee A
1134 1134
1112 1112 •10
1112
19 Aug 25% Jan
1112July 25 18 Feb 13
•1112 16
*1112 16
*1112 12
*11 13 12
100 Dividend certifIcatee B
•10
1112
10
Aug 24 June
10
19
10 July 25 20 Mar 28
*1012 17
95
*1012 15
48
2
*19
100
12
*10
Dividend
12
certificates 0
958
05 July 25 1912 Jan 15
Dec 23 Aug
111
19
1214 1232 1212 1212 y1032 1232
1114 1112 1132 1134 1118 1112 130,600 TranacTI 011 tern etr_No par
1412 Nov
6% June
9 Feb 26 1414May 8
50
5014 4912 50
49
5112 5012 5134 50
*50
5014 3,400 Transue & Williams St'l No par 41 Feb 28 53% Apr 18
50
4414 Dec 5912 Feb
5712 5312 57
5834 5633 5734 5512 5712 5412 5012 5438 557s 11,100 Trioo Produrts Corp __ _No par 3814 Feb 18 63 July 3
3258 June 4478 3ept
*21
2134 21
2112 *21
22
*21
2112 *21
400 Truax Truer Coal
No par
2112'
1938June 4 3178 Jan 231
2114 *21
493* 50
.50
50 I *49
51
•50
5012 49
800 Truecon Steel
.50
50
50
10 44% Mar 26 61% Jan 3
554 Nov 03% Dell
154 156
132 156121 15212 15414 150 15412 149 151
149 15414 32,800' Under Elliott Fisher Co No par 91 Jan 7 16314Ju1y 8
63 June 0372 Dee
•125 126 *125 128 *125
Preferred
*125 126 *125 126
125 126
Apr
100 125 Jan 5 125 Jan 5 119 Mar 126
3412 35
3412 3412 3214 33
35
3712 3712 3932 3838 4112 27,900.14110n Bag & Paper Corp 100 24 June 1
30 Dec 4914 Feb
43 Jan 14
12212 12418 12012 12312 11912 12212 11812 121
114 11812 11312 11612 123,6001 UnionCarbl&Carb
No par 7514May 22 123 July 8
4712 471. 4715 475* 4632 47
4612 4612 4614 4612 4612 4612 5,9001Union 011 California
25 40 Feb 20 5412 Apr 18
4234 Feb -ii- Nov
14912 14912 146 146
900,Unlon Tank Car
146 14712 146 146
145 14612
145 146
100 12172 Jan 15 152 July 5 110
Oct 12818 May
13314 13632 129 13412 130 13334 12714 13112 128 13412 12814 13112 43.100'United Aircraft kTran No par 7838 Apr 11 162 May 1
*87
91
87
8714 8734 8734 8612 87
1,000 Preferred
88
51) 63% Apr 11 10912Nlay 1
86
8734 88
50
7
5032 50
5,700 United Biscuit
5114 4934 5134 4932 5032 49
5012 4923 49
No par 41 May 31
3412 Apr
5312 Jan 14
13130 ____ *130 ____ *130 __ *130
Preferred
____ *139 ____ *130
100 11412June 11 126 Jan 24 11214 Mar 135
Oct
14
1432 14
147
1414 141
1412 1432 1412 1412 1412 1432 6,700 United Cigar Stores
10 1338July 3 2712 Jan 11
2272 Aug 13458 Feb
*81
85
8312 8338 *82
*80
200 Preferred
85
85
100 80 July 26 104 Jan 2 10372 Dee 11418 AD.
*8012 8512 80
83
7114 7214 69
717
6914 7114 69
No par 58345fay 27 7512May 11
7134 6832 7012 6832 7032 358,009 United Corp
48% 49
485* 49
4812 49
4834 49
49
No par 45 May 13 4912July 25
4912 15,600 Preferred
495* 49
____
_38
3812 35
3712 3512 3512 35
5,000 United Electric Coal__ _No par 30 June 3 8118 Feb 6
3533 35
3512 3634 37
5814 Oct 8912 Dee
116 116
11512 1163* 11514 118
119 12434 119 12212 117 12034 15,500 United Fruit
No par 10932June 12 15812 Jan 31 13112 June 148 Nov
1312 1312 1312 1312
1312 1312
1314 1314
800 United Paperboard
1314 1314 *1314 14
100 1312July 22 2638 Jan 22
1612 Dec 2712 Apr
78
7512 7512 375
76
76
1,100 Universal Leaf Tobacco No par 7012June 18 8578May 1
76
76
7612 77
76
76
6038 June 8738 Nov
*78
80
*75
78
72
72
340 Universal Platurel let Pfd-100 64 July 24 93 Jan 2
68
68
68
6832 6814 70
914 Nov 100
Feb
1112 1112 1112 1214
11
11
1112 1132 1112 1112 11 12 1112 2,900 Universal Pipe & Rad__No par
10%Nlay 29, 2214 Jan 2
1558 Juno 3572 Oct
*80
89
85
85
*85
87
100 8312July 11 10012 Jan 9
30 Preferred_
*83
85
85
85
8772 Sept 10534 Dee
*85
87
3012 3012 30
3034 30
3112 30
3014 30
3012 293.1 3012 7,200 US Cast Lon Pipe & My...20 27 May 31 5578 Mar 18
88
Dec 53 Nov
•17312 1734 1732 1732 1712 1712 *1712 18
No par
1678June 8 19 Jun 11
200 1st preferred
18 Nov
19% 'joy
1732 1732
*1732 18
*1934 2034 1934 1934 1934 1934 *1912 2034 •1912 2034 *1912 2034
1858 Apr 18 20 June 18
400 Second pr derred_ _ ..,.No par
1812 Nov
191. '.)eo
*1334 1412 14
14
12% Mar 26
No Par
1334 1334 1312 1334 1312 1312 1312 1334 1,800 U S Distrib Corp
1812 Apr 19
1312 June 204 Jan
*8212 34
*8212 84
*8212 84
100 7114 Mar 12 04 Apr 20
Preferred
*8212 84
76
*8212 84
•8214 84
Oct 9032 Jan
*612 614 *532 6
532 55*
*532 614
100
2 Jan 22 10 Apr 8
200 U S Express
278 Nov
538 532 *612 6
6
Jan
3332 3412 3412 35
34
34
34
2,500 1../ El Hoff Mach Corp__ _No par 30 May 28 4912 Jan 2
35
3514 3514 35
41
Dec 5812 Jan
35
184 18678 18314 18712 183 186
182 185
178 18118 31,700 U S industrial Alcohol........100 128 Jan 16 19314July 10 10212 June 138
178 182
Oct
22
22
2112 2112 2012 2112
1714July 24 35% Jan 14
No par
1714 1912 1712 1812 1812 20
16,000 U S 1 eathar
22
Jan 61 May
3734 3734 36
3752 3534 36
2912 35
No par 2912July 34 6178 Jan 14
3012 33
62
3534 3534 8,800 Class A
Jan
72
Apr
*9212 95
9212 9212 *91
95
*91
100 91 May 14 107 Feb 1 10034 Dec 10911 May
91
9214 91
200 Prior preferred
*91
92
8832 89
8812 8912 8712 8812 8752 8812 8814 9112 88% 91% 13,900 US Realty & Inapt._ __No par 81 Jan 8 11912 Feb 6
614 Feb 93% May
4912 50
4804 4934 475 4932 47
100 42 Jan 8 65 Mar 18
49
46
4752 4618 4838 27,100 United States Rubber
27 June 6314 Jan
75
75
74
7512 7338 7512 75
let preferred
100 73 May 28 92% Jan 16
75
7334 7532 74
65 July 109% Jan
7534 2,800
55
5512 55
5612 55
55
5412 5312 5334 5314 5632 7.300 U El Smelting. Ref & Mln__60 48 May 27 72% Mar 20
54
3912 Feb 7112 Nov
5112 52
*52
5234 *52
5234 5234 53 •52
64
50 5038July 16 58 Jan 3
400 Preferred
51
*52
Jan
54
58 Dee
20712 2097s 20414 20712 20412 20812 20512 21014 20432 20712 20532 20812 731,200 United States Steel Corp...100 163 May 27 21014July 21
140 140
140 14012 140 14012 140 140
13912 140
4,200 Preferred
100 13934July 2 1444 Mar 1 13858 Jan 1474 Apt
13912 140
90
8812 8812 *86
*86
88
86
86
85
No pa
300 U 8 Tobacco
86 June 120
83 June 21 109/4 Jan 30
85
Oct
*13914 142 *13914 142 *13914 142 *13914 142 *13914 142 '139' 142
Preferred
100 136 Mar 6 143 May 3 12712 Jau 139 June
*290 310 *290 310 *290 310 *290 310 •290 310
Jan 273 Dee
10 264 Jan 2 353 Mar 19 139
303 303
20 Utah Copper
4834 50
4312 4912 4812 5132 5112 5312 5212 5312 5314 55 536,400 Utilities Pow & Lt A__No pa
2812 Feb 4534 May
35 Mar 26 55 July 26
858 058
*35, 334
832 812
014May 28 13% Jan 21
8
834
814 814
No par
812 812 2,300 Vzdsco Salto
*6734 71
*6734 71
*69
71
6912 6912 *68
100 69 Apr 23 82 Jan 16
100 Preferred
70
*68
70
9632 92
94
9412 9234 9412 8912 94
60
8814 9012 89
23,000 Vanadium Corp
68 May 31 11612 Feb 8
Jan 11112 Nov
No pa
91
*38
40
*38
40
40
40
*38
40
200 Van Raalte
758 Jan 4078 Oot
*38
27 Mar 12 417 July 16
No pa
40
*38
40
*82
87
*82
83
82
82
*82
24
83
151
Apr
Jail
2
83
43% Jan 78 Nov
*82
100
20
60
preferred
83
*82
83
97
98
9712 9812 97
9872 9612 9898 97
No pa
58
82 Jan 4 109 May 15
Jan 85 Dec
9778 98 1005* 43,200 Vick Chemical
*11412 11512 *11432 11512 *1145, 115% *11432 ---- •11438 11518 •1145* 11518
Vic Talk Mach 7% Pr pref_100 110 Mar 1 11578July 5 10112 Jan 11212 Deo
•1212 1234 1234 1314
1212 1212 1212 1314 1218 13
12 June 2034 Nov
934May 29 24% Jan 26
No pa
1212 1214 2,800 Virg-Caro Chem
*43
4334 4212 4212 4214 4214 4132 4132 4112 4112 41
44% Jan 6414 Nov
100 3614Nlay 29 6512 Jan 20
800 6% preferred
4134
1391
92
91
91
*9014 91
*90
91
88% Jan 9912 Nov
100 8612May 29 9712 Feb 4
200 7% Preferred
91
91
*91
9312
*10734
*10758 __-_ *10723
•10732 _
10912 Apr 27 10612 Dec 11412 Apr
Virg Flee & Pow pf (7)____100 10534June
*10738 ..-_ *10732 _
41
41
40
41
40
40
40
40
47
*45
Oct 6252 Jan
47
170 Virg Iran Coal & Coke 0-.100 40 July 22 48 Jan 29
*45
47
120 122
11612 120
116 118
116 110
2212 June 74 Nov
100 50 Jan 16 126 July 18
250 Vulcan Detluning
114 117 *115 118
*10314 107 *103 107 *103 107 *103 106 •103 106 *103 106
74 June 99 Sept
Preferred
100 91 Jan 4 Ill) Apr 25
120 120 *116
*115 120
116 116 *105 112 *105 112
1912 June 4814 Nov
100 40 Jan 2 123 July 19
20 Claes A
3112 32
3114 32
3012 3112 3012 3112 3012 31
No par 2212131ar 26 3112July 101
1912 Jan 2814 Dee
3038 307s 9,600 Waldorf System
*101 103 *101 103 *101 103 *101 103 *101 103 *101 103
Walgreen Co pref
100 l003 Jan 11 106 Jan 24, 103 Dec 10612 Sept
4412 4412 4212 4414 4152 421.2 41% 4232 41
N6 par 2318 Jan 8 4614June 20;
6,400 Walworth Co
1412 Aug 2672 &Pt
4112 41
435
60
6014 60
60
60
60
*5812 60
597 597
770 Ward Baking Claim A_ _No par 43 Apr 13 8414 Jan 17
70 Dec 123 Feb
5614 5714
1232 123g
1112 12
11
11
1132 105* 1078 1012 108 6,200 Class 11
1134
No par
814 Mar 26 214 Jan 16
1514 Dee 29% Jan
*77
80
*77
79
7712 78
*76
71 Mar 25 8712 Jan 15
No par
79
*76
200 Preferred (100)
77
78
*76
Dec 9712 Jan
78
5912 6012 5914 6012 5812 5952 5912 6012 5812 598 5712 59 108,900 Warner Bros Pictures new..... 5434May 31 63 July 16
8072 Aug 1394 Sept
*53
5-134 52
52
*41
52
5214 5214 *5112 52
Preferred
No par 44 Apr to 514,4 Jan 22
'00
51% Dee 574 De3
*51
52
3112 3123 3118 318 31
3112 3014 3112 3014 3038 2934 3012 9,500 Warner Quinlan
No par 2812May 27 42% Jan 2
26 Feb 44% Oct
173 173
169 175
168 169
171 17112 16812 17112 167 167
No par 139 Apr 16 175 July 22 140 June 19212 Apr
2,800 Warren Bros
*45
49
*45
49
*45
49
*45
49
60 48 Apr 24 53 Mar 27
*45
First preferred
49
*45
4914 Nov 61
49
ADt
*1814 19
1814 1812 18
1814
1518 Mar 26 3414 Jan 3
1812 1334 •18
1812 18
1,400 Warren Fdry & Pipe___No par
13 June 3678 Oct
1814
*9012 9312 *9112 9312 *9112 9312 *91
93
25 7212 Apr 22 11338 Feb 5
Webster Elsenlolir
*91% 93
•9178 93
_
3212 3232 3214 3232 32
3214 3232 3252 3258 3234 3234 3278 2,500,Wesson 011 & Snowdrift No par 32 July 23. 48 Mar 7
87 Nov iio" Dee
5934 5934 5812 80
59
59
5934 6034 6012 6034 6038 6078 3,900, Preferred
No par 5872July 23 7112 Mar 9 10532 Dee 108% Nov
220 22214 215 22132 218 22232 216 22034 215 21834 215 218
31,200,Western Union Telegram..100 179% Jan 2 229 July 16 13912 July 201
Oet
5112 5212 51% 5223 5118 5214 5112 5212 5112 5232 5212 5434 82,800 Wstnghae Air Brake_ _No par 4314May 31 543.4July 26
4218 June 5732 Jan
196 19812 19812 206
20212 20612 19934 20514 19814 20112 19814 20412 153,400 Westinghouse Elec &Mfg__60
13712 Jan 15 20612July 23
8818 Jan 144 Nov
111851 190
19012 19712 192 19712 195 195 *19212
preferred
1s1
132
Jan
2
50
810
19712July
191 19238
22
9534 Jan 139 Nov
3814 3814 33
38
38
38
*3712 38
1,300 Weston Elee Inetrurn't_Ne par 22 Jan 28 4814May 1
38
38
38
3818
12% Jan 2812 June
*33
35
533
35
*33
35
CIJUIS A
*33
No par 3312 Jan 7 3312 Apr 23
3434 *3318 3434 *33
3434
304 Jan 4012 May
10534 106 *105 106 *105 106
Penn
Mee
cl
A
105 105 0104 10512 *105 106
No par 10212May 17 110 Feb 1 103 June 112
150 West
Apr
*107 108
480 Preferred
106 110
10712 108
1071g 10712 10512 10714 10512 10714
100 103 Mar 28 11114 Jan 17 10712 Oct 11514 Apr
96
963s 9632 9632 95
100 94 July 25 102 Jan 17
96
9532 9552 94
94
160 Preferred (6)
9412 9534
98% July 104% Apr
11512 11512 *115 116
115 116
11512 11512 11514 11512 11512 11512
100 113 Jan 8 117 Mar 18 11312 Oct 118 June
80 West Penn Power pref
*10612 108
106 106 *106 107 *1013 108
106 106
100 10534July 5 110% Jan 16 103 June 113
100 106
70 6% Preferred
Jan
*4812 4912 4932 4912 *49
500 Weet Dairy Prod el A __No par 4838July 10 5934 Feb 5
53
4912 491s 49
4912 04812 53
6212 Dec 78
Apr
27
27
2612 2632 2534 2612 2614 2712 27
No par 2212June 11
2632 2714 3,800 Class 13
27
3472 Feb 5
20% Jan 49
Apr
8512 6912 6814 6934 6878 69% 6712 6932 6712 68,2 64
Westvaco
Chlorine
ProdNo
par
493
12,000
4June
1
9418May 11
67
344 3412 34
3412 34
3312 3312 3313 3312 3,700 WhIteEairle01 kRefg_No par 304 Jan 30 38 Fen 25
3414 34
34
-1i;;1-3 38 iio-;
4112 4212 4032 4134 4032 41
4012 4112 3912 41
No par 38 May 29 5312Mar 2
3912 4014 9,300 White Motor
804 Feb 4314 June
*4512 46
45
4512 *4538 46
White
Rock
Mtn Spelt
400
4412 45
*45
46
60 43 Jan '3 54 Apr 19
4534 •45
3418 Jan 4972 Nov
•1912 2022 1932 1938
1838 1912 18
1812 1838 1878 1834 19% 3,400 White Sewing Machine_ No par
12 May 27 48 Jan 2
3314 June 5264 Dec
4.42
*4212 44
45
43
43
*4212 44
600 Preferred
4212 4212 *42
No par 4114June 3 57% Jan 16
43
51% Aug 68 Dee
•1818 1812 •181g 1812 18
1828 18
18
1812 1714 1778 3,100 Wilcox 011 & Gas
18
1714 July 26 2934 Feb 6
No par
1714 Dec 2212 Nov
*4512 4714 4512 46
4518 451
4478 4512 4334 4412 45
1,700 Wilcox-Rich class A __ _No par 37 Mar 26 6114May 3
45
_
---4334 4334 4312 44
423* 4312 4212 4334 4214 4314 4212 4678 10,200
Class B
No par 34 Mar 26 62 May 3
___
_
24
2412 2234 2412 23
24
2312 2414 24
2412 2412 2538 64,000 Willye-Overland (The)
5
20
June
12
35
Jan
3
1734
Jan 33 Dec
9812 9834 99
99
9834 983
9812
99
Preferred
99
99
1,600
*98%
9914
100
92
June
25
103
Jan 3
.734 712
92% Jan 10418 Dec
8
8
8
8
Wilson
7% 7%
&Co
Inc
1,600
7
7
No par
7 May 21
7% 712
1312 Jan 23
11
Feb
Oct 16
19
•1814 1812 *18
1734 181 *18
1814
1714 17% 1632 1714 2,600 Class A
NO par
16 May 22 27 Jan '31
22
Jan 65 May
*132
*62
63
63
61
61
6112 6112 *6014 62
500 Preferred
60
60
100 57 May 22 79 Jan 23
6314 Oct 7784 Feb
9314 9012 9332 9032 921
91
0014 9232 9014 9132 9012 9012 41,300 Woolworth (F W) Co
10 85 May 27 9112Nlay
175% Feb 225% Nov
7314 7114 76
6714 8912 70
74
773
7112 74,2 70
100 43 Mar 25 7231 .1 011. 21
7212 35,800 Worthington P A M
28
Jan
55 Nov
89
8912 90
87
92
92
9314 9314 9334 9334 59212 93
Preferred A
900
100 7784 Apr 12 9331July 25
464 Jan 93 Nor
8134 8134 82
78ls 7912 80
85
8.532 85
85
8212 8212 3,600 Preferred Is
100 68 Apr 6 8532July 21
41
Jan 80 Nov
132 13534 13014 13212 13014 13212 12712 13112 127 130
Wright
18,500
Aeronautical_
_No
vas
1283
4
109 May 31 290 Feb 6
131%
69 Feb 289 Nov
7714 7714 7634 78
7634 7634 7612 77
1,200 Wrigley(Wm Jr)
7612 7612 76
No par 70 Mar 26 80% Jan 30
76%
68 July 84 Aug
82
82
8214 8234 82
8212 82
82
8134 82
25 6134 Feb 11 81 July 19
ells Nov
8134 8134 2,000 Yale & Towne
54Ts Apr
363s 3732 3612 3712 361g 3812 3632 3812 3612 3912 37% 383
Yellow
Truck
& Coach el 11.10 3134May 28 5114 Apr 24
4 58,700
2758 Feb 5784 Nov
90 .81
90
*81
*31
90
*81
90 .81
Preferred
90
*81
100
80
90
Apr
Mar
8
961
Nov
96
83
2May
10
8814 6852 6778 69
6712 69
6712 69
67
67% 6634 6734 10,300IYound Spring & Wire._No par 5214 Mar 26 713* July12
45% Dec 664 Nov
156% 15812 15734 15934 15634 15934 159 160
6,3001Youngdown Sheet ScT_No par 105 Feb 19 160 July 21
159 159
152 156
8312 June 1166s Des
1
•Bld sad asked prises; no gales on this day. z Ex -dividend.
Y Ex-righta.
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
605
Jae. I 1909 the IS:change method of otsoling bonds was changed and v ices are now -and interest"-excein for 1,vonte aria defaulted hmos.
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 26.
Price
Friday
July 26.
Week's
Ranee et
Last Sale.
4J-3
State and City Securities.
N
1954
1954 M N
1936 MN
1956 MN
1957 MN
1957 MN
1957 MN
1958 MN
1969 MN
1960 M t1964 M S
1966 AD
1972 AO
1971 J O
1983 MS
1965 J D
.• 1
1967
1960
1958 413
87 July'29
8814 8812 Jan'29
9934 Mar'28
9912 June'28
9512 June'29
10314 June'29
104 Mar'29
9712 Jan'29
9534 June'29
98 June'29
99 Mar'29
101 May'29
101 June'29
10812 June'28
10334 June'29
1035 Apr'29
16412 Feb.29
10114 alay'29
10114 July'29
Foreign Gast. &Municipals.
1947 F A 8034 83
Agri.) Mtge Bank a f 65
Sinking fund Os A__Apr 16 1948 A 0 8034 Sale
1963 M N 8712 Sale
Akersbue (Dept) eat! be..
Antiogula(Dept) col 7a A _ I945 SJ 92 Sale
1945 J J 90 Sale
External a I 7e aer 18
Externals f 7s series C
1945 .1 J
91 Sale
External s f 70 aer D
1945J
90% Sale
External a f 7a let aer_ _1957 A 0 8618 8712
1957 A 0 8618 Sale
Extl sec at 79 2d ser
1957A 0 87
Extl see f 7s 3d ser
88
1958 5 0 89% Sale
Antwerp(City)eat! bs
Argentine Goat Pub Wks 88_1960 A 0 9914 9952
Argentine Nation (Govt of)- 1
Sink fund 88 of June 1925-1959,J D 9912 Sale
1959;A 0 9912 Sale
Eat' a I 6e of Oct 1925
Sink fund 62 series A
19571M S 9914 Sale
External 6a series B_ _Deo 19581J D 9914 Sale
Halle 1 Os of May 1926 _1960 M N 9912 Sale
Externals I (le (State Ity) _1960M 5 9912 Sale
Exti6,Sanitary Works_ 111611F A
9914 Sale
Ext(18 pub wk.'(May'27)_19811M N
9914 Sale
Public Works extl 5 he
19621F A 94% Sale
Argentine Treasury ba f_ _ _1945 al S 9212 Sale
Australia 30-yr 6a_ _July 15 1955 J J 94% Sale
External Goof 1927_ _Sept 1957 m S 9414 Sale
Call g 414a 01 1928
1956M N 8612 Sale
Austrian (Gout) a 1 78
1943 J D 10312 Sale
80
8034
8718
91
90
91)
90
87%
8618
8618
86
9918
80
8034
8734
9112
9012,
9214
91
8734
8612
98
9058
9934
99%
9918
9918
9918
99,4
99,4
99,4
9918
94%
92
9434
9414
8612
10312
993
99%
100
9934
99%
100
100
993
95,4
921
951
943
87
105
Bavaria (Free State) 8 hs1945 F A 94 Sale 94
94
Belgium 25-yr ext of 734s g 19455 D 11434 Sale 11434
1151
20-yrsf 8a
1941 F A 10818
10734
1081
26-year external (1 ha_ _ _1949 M S 10518 Sale
Sale 105
1051
External a I Os
1955 5 5 10012 Sale 10012 101
External 30-years I 7a_ _1955 J
10712 Sale 10712 1081
Stabilization loan 70
1956 M N 10614 Sale 106
1061
Bergen (Norway) a f 88
1945 58 N 11012 111 110
1101
16-year sinking fund 6s
1949 A 0 1)812 1(3012 99
100
Berlin (Germany)518 34e
1950 A 0 94 Sale 94
941
External elnk fund 6s. _ _ _1958 .1 13 8812 Sale 88
8958
Bogota (City) can a 18e
1945 A 0 102 Sale 102
103
Bolivia (Republic of) exit 88_1947 MN 9934 Sale 9934
1001
External sec 7s
1958 J J 8634 Sale 8512
871
Externals f 7s
1960 M 8 8534 86
84%
86
Bordeaux (City of) I5-yr 68.1934 M N 10014 Sale 99%
1001
Brasil(US of) external I.e.__ 1041 J 13 10612 Sale 10558
1061
Externals f 634s of 1026. _1957 A 0 91% Sale 91
917
63-4s 01 1927
Eat'
1957 A 0 9114 Sale 91
9138
78 (Central Railway)
1952 J D 99 Sale 98
093
THe (coffee secur) (flat)_195'2 A 0 105 Sale 10434
105
Bremen (State of) extl 7a
1935 M S 10058 Sale 100
1003
Brisbane (City) a I be
1967 M
89
90
00
8934
Sinking fund gold So
1958 F A 89
8934 8834
90
Budapeet (City) mill a f fla _1962 J D 7714 Sale
771
7714
Buenos Aires(City)6 ha_ _._1955 3 J 10014 Sale 10014
1013
Exile f 60 ger C-2
1960 A 0 98 Sale 9612
98
Call a 1 Os ser C-3
1960 A .0 9712 Sale 97
98
Buenos Aires.(Pros) ext1 6e_1961 M 8 92 Sale 92
921
Bulgaria (Kingdom)a f 7o .._1967 J J 80 Sale 80
87.
StabTnIM a f 7 ha_Nov. 1568 8714 Pale 87
871
Cables Dept of(Colornbla)7 hs'48
94 Sale 94
96
1931 A 0 9978 Sale 99%
Canada (Dominion of) 5s
101
A 9934 100
1929
10-year 53-4s
997
9934
1952 01 N 10112 Sale 0112
68
1017
1936 F A 97 Sale 9618
148
97
1954 J J 10318 104
Carlsbad (City) ti So
0318
1031
Cauca Val (Dept) Colons 7348'63 A 0 9812 98% 9812
99
Central Agrlo Bank (Germany)
Farm Loan a f 7s Sept 15 1050 M
96% 9518
96
07
Farm Loan I Cle_July lb 1960
8212 Sale 8212
84
Farm Loan a I 6e_Oct 15 1960 A 0 82% Sale 82
8314
Farm Loan 68 ser A_Apr lb '38 A 0 8614 Sale 8514
863
of)
Chile (Republic
1942 M N 10034 Sale
20-year external s f 7a
2 101
External sinking fund tle_ _1960 A 0 91% Sale 00,
91
921_
1961 F A 9112 Sale 91
External at Os
93
1961 5 .1 9312 Sale 91
Ry ref extl f 68
9212
196150
fle
5
Extlainking fund
9134 Sale 9134
9314
1962 M S 91 Sale 91
Eat'sinking fund 6s
9214
Chile Mtge I3k 634a Juno 30 1957.1 D 96 Sale 96
9634
D 9778 Sale 97%
Sf 034G of 1028_ _Juno 30 19111
99
Apr 30 1961 A 0 92 Sale 91
OW 8 tea
92
J
ba_1951
Chinese(Rukuang Ry)
36 Sale 35
39
Christiania (Oslo) 30-yr af (is '54 58 5 9814 Sale 9814
100
Cologne(City)Germany 63481950 M 8 92
93
9212
9114
1961 .1 J 8314 Sale 83
Colombia(Republic)Is
84%
19(11 A 0 8234 84
External ,f6s of 1928
83
85
0
A
11%3..1947
of
Bank
altg
Colombia
7914 Sale 7914
90
Sinking fund 7s of 1926_ 1946 MN 86 Sale 84
86
Sinking fund 7e of 1927..1947 F A 85
88
85
85
D
1952 J
Copenhagen (city)65
95
94
9414
95
1953 M N 86 Sale 86
25-Yr g 9349
8612
95
Cordoba (City) extl a f 78_ _ _1957 F A 94
95
94%
External a f 7e Nov 15 1937 M N 9318 94
93%
94
Cordoba (Prot') Argentina 781942 J .1 100 Sale 00
100
Costa Rica (Repub)ext1 721.1951 MN 9212 Sale 9212
94
9934 102% 99% 100
Cuba (Repot)) 68 of 1904_ _1944
A
F
_1949
A_
ser
External loot 1914
10018 10218 100 July'29
External Iona Cia per C 1940 F A 96,8 9912 94%
9414
Sinking fund &Ha_ _Jan 16 1953 .1 J 101 Sale 101
10134
Cundinamaren.(Dept) Columbia_
1969 MN SO Sale SO
Extl f 6 3,45
81
sterling.
c On the bash. of 55 10 tie
BONDS
N. Y. STOCK EXCHANGE.
Week Ended July 26.
4z.
Price
Friday
July 26.
Range or
Last Sale.
Range
Since
Jan. 1.
High
High No, Low
Ask Low
Bid
High
5 109 111
Czechoelovakla (Repot)80_1951 A 0 10912 10978 0912 110
3 108 111
1952 A 0 10912 Sale 0912 10978
. Sinking fund 88 ser B
9931
96
0912 10912 _ _ _ _ 107% Ill
98
9913.4 Danish Cone Municlp 85 A 1946 F A 10812 110
6 10711 11012
0812 109
1946 F A 10812 109
98.1, 1003ss
Series Bat 8s
10312 22 102 10478
0318
10314
J
J
Sale
1942
extlfia
-year
99",. 993.., Denmark 20
54
9834 10134
1955 F A 9934 Sale 9912 100
Exti g 53-45
91
87
8018 90
Apr. 161962 A 0 8614 Sale 8618
Extlg 434,
98'ss 1001%.
99
96
9712 68
105 Moo Deutsche Bk Am part ctf 6.1_1932 NI S 9712 Sale 9634
2
9212 99
9412
101300613es Dominican Rep Cost Ad 1534s '42 M 9 99% 9912 94
91)% 9812
96 July'29 _ _ _ _
1940 A 0 91
95
9814.4103110
1st ser 5340 of 1926
904 97%
9334 9212 July'29 _--953.1 9811.,
2d series sink fund 5 ha_ _1940 A 0 91
98 10152
. Dresden (City) external 7a 1945 M N 98
9812 98 July'29 _ _ _ _
95.s. 9813
10334
22
10234
10111‘
0212
103
10212
J
J
1947
6a
eat'
Indies
East
Dutch
3 101114 104
10234
1962 M S 10234 Sale 023
40-year external 6e
4 10032 10374
10258
1953 M S 10258 Sale 013
30-year external 5 he
1 101 103%
10214
1953 MN 10234 10312 021
87
30-year external 5 ha
8812
1 108 111
108
1948 J J 108 Sale 108
8812 88% El Salvador (Repub) 8a
8112 8658
10
84
8112
Sale
8112
J
J
1967
75
of)
(Rep
Estonia
11
89
9218
9738
Finland (Republic) extl 68_ 1945 51 5 8918 Sale 89
9712 101
9934 25
External sink fund 7a
1950 m S 9912 Sale 99
)i- -99-194
5
9512
9912
9512 9434
1956 M S 94
External a I eh,.
10314 104
17
87
92
85
1958 F A 862 Sale 8514
Ext1 sink fund 530
102% 104
I
9512
10418 9913
1 0
3
7:
95
98
713 Finnish Mun Loan 6 ha A I954 A 0 9512 Sale 95%
931
13
9258 98%
9258
External 6 he serial B__1954 A 0 9258 93
116 109% 115
98 10018 French Republic ext 734,.,,,_1941 J D 114 Sale 11312 114
111
10512
739
11012
10912
110
D
Sale
J
External Is of 1924
99 991949
1949 A 0 10312 Sale 10512 10612 95 101% 108
101 10114 German Republic ext'l 7s
11
10C
08 10212
1954 M N 109 Sale 9838
9814 10118 Gras (Municipality) 85
10212 375 102 10458
Gt Brit & Irel(UK of) 53S11-1937 F A 10218 Sale 102
99 11812
3
100
1929 F A 100 10018 100
iiiii4 iiii- 10-year cony 5340
___ _ c82138 87%
July'29
01212
83
cS2
N
M
1990
1960
c4% fund loan £ op
10352 10358
1 c96 100
96
10313 10418
c5% War Loans opt 1929,19475 D c96 Sale c96
3 101 10712
105
9912 10114 Greater Prague (City) 734,1952 M N 10512 10618 105
22
99
95
96
95
98
9912 10114 Greek Government a f see 70_1964 MN 94
82
8314 82
8318 76
87%
1968 F A 82
Sinking fund see (le
101
96%
9612
_
_
July'29
9812
9712
0
A
Cs1952
Haiti (Republic) a f
9258 97/
2
9312
4
1
1946 A 0 9312 9412 9312
Hamburg (Slate) 68
2 10078 10412
102
797 902 Heidelberg (Germany) ext 7 he 50 J J 102 Sale 10134
3
9152 100
19
95
12
Hungarian Munic Loan 734s 1945 J J 94 Sale 94
7914 90
45' 8518 94
90
7
Externals I 713__ _ _Sept 1 19482 J 89 Sale 89
8412 89%
6
9414
9212 98%
Sale 9212
11
9604 Hungarian Land M Inat 73.4s '81 M N 9414
91
9212 9412
_
1961 M N 9212 9312 9212 July'29
12
S I 754s Ber 13
9472
90
12
100
100
9912 10112
A
F
3-4a.1944
Sale
100
817
of)
8
(Kingd
Hungary
90
9578
9012 411 95
9714
11
9512 Irish Free State extis a f be_ _1960 M N 9612 Sale 964
90
9514 250, 9418 9734
1
Italy (Kingdom of) ext'l 7s 1951 J D 945 Sale 9418
8734 95
9314
41
9412
9114
9612
Sale
9512
S
M
A1937
78
Consortium
31
Italian Cred
8618 96
9112 9512
9414 25
1947 M El 94 Sale 9258
13
Eat' sec a 1 78 ser B
8618 93
9512
901s
28
94
9212
Sale
9258
J
J
78_1952
ext
Utility
22
Public
Italian
03
86
9314 128
94
90
1931 J J 9258 Sale 9212
24
9814 10018 Japanese Govt £ loan 45
10014 143
9918 10214
1954 F A 9912 Sale 99%
30-year 5 f 6345
2
95 10012
99
76
98 10118 Leipzig (Germany) a f 7t.._1947 F A 9278 9114 99
92% 91%
13
96
66
4 1008 Lower Austria (Prov) 7ha...1950 J D 9312 Sale 9312
/
981
98% 101
55: 9812 101
Lyons (City of) 15-year 6s 1934'M N 9934 Sale 9934 10014 31
56
9812 101
10014
4
993
MN
10014 Sale
40. 9812 1003 Marselles (City of) 12-yr 60_1934
8934
78
78
76
3
79%
211 9814 1003 Medellin (Colombia) 63-4t._1954 J D 75
1612 25
2
1912
19
19
____
4445.1943'
Sale
Asstng
Irrigat
1211 98 10034 Mexican
. ____ _ __ _ 4934 Jan'28
1 ?_!
5'
45
4
'
19
28
Mexico(US) extl 5s of 1899 £
98 101
2834 June'29 - _ -46- W.
Assenting 58 of 1899
67
98 1003
26
2
34
28
- lii4 13.- 28
Assenting be large
29
94% 9714
22%
18
9
18
17
18
17
: 9112
11
891
9
Assenting 48 of 1904
18
13
17
18
2314
18
of
18
48
19
1910
_
_
_Assenting
_
large_
117
19
15% 2218
17
____
16%
Assenting 45 of 1910 email _
41
917 9612
., is 16 2718 July'29 __ _ _ 25 3712
143
Trees 6a of'13 assent(large)'33 J J -."
T
8412 88%
3558
-25
25 June'29
Small
20 10112 105
9014 40
871s 91%
Milan (City, Italy) ext'l 63-45 52 A 0 8938 Sale 8858
Geraes
Brazil
(State)
7
9014 9612 Minas
9512
2
86
86
1958 M S 86 Sale 86
60 11212 11558
Call 5 I 6 1itt
4
1
4 100 108/
10012
Montevideo (City of) 78...._1952 .1 D 10014 10138 10C
11 1051x 110
1 103 108
10514
Netherlands 6.1 Ulm prices) 1972 M S 10514 107 10514
39 10212 107
99% 10038
1954 A 0 ___ _ _ _ _ _ 9958 Apr'29 _ _ _ _
89
30-year external 6s
9734 101
9012 95
9212 36
121 10634 109
New So Wales (State) ext 581957 F A 9212 Sale 02
9014 9434
9212 24
Apr 1958 A 0 9214 Sale 92
External 5 I 58
107 10418 10612
6 109 11212 Norway 20-year extl 6a____1943 F A 10212 Sale 10112 10212 35 100 10314
100
36
10314
10214
10112
1944 F A 10158 Sale
11
97 10120-year external 68
48 100 10378
103
1952 A 0 10'214 Sale 10178
9
30-year external 62
9312 99
44
10134
08%
100
9912
D
2
997
19055
Sale
She
69
40-year 5 I
8578 92
9312 97%
9434 18
External at 5s____Mar 15 1963 M S 9412 Sale 941 4
9 100 104
88% 95
9214 10
Municipal Bank extl 8 1 Se_1967 J D 9214 Sale 8918
38
9934 104
8218 9012
4
8612
25
Nuremberg (City) eat) 69_1952 F A 8212 837g 8412
95
85
9918 10258
9
100
.53
Oslo (City) 30-year 8 1 68_ 1955 M N 100 10012 9918
8412 92
7
95 10114
13
9638
95
4
913
A
F
97
1011948
Sinking
fund
59
btis
9814
98% 10212
8
98%
1953 J D 9834 9878 9812
49 105 109
Panama (Rep) mai 5)45
10114 10112
10112 Jan'29
__
1961 .1 D ____ Sal_
103
Eat' sees 1634'
9014 9812
9414
90
9212 23
e 90
68
Ext1 a f bs ser A__May 15 1963 M N 91
9012 9938
13
95
90
94
9234 92
31
Pernambuco (State of) ext 7s '47 M 8 91
94 102
8 101% 10758 Peru (Republic of)
s i0):(
1‘4 5
9 1.4
56
95
_ iil_e_ 10714 Jan'29 _- 107 10712
29
Exti a I sec 7 tie (of 1928)_ 19
9912 10212
99 103
9938 10034 16
21
Ext1 a f sec 71.
8518 9312
857
8412 90%
65
13
.1
1960
68
1
8
2 Sale 8412
851
2
Nat Loan °ail
86
93
84% 9012
8512 59
1061 A 0 8.43 Sale 8418
16
St 568
7614 8312
25
8312
74
7712
76
78
17
0
A
1940
61._
gold
of)
(Rep
Sale
Poland
94 100
99
02a
146
8884
86
111
Stabilization loan a 1 7a
14
1917 A 0 85% Sale 8Sl
73
97
95%
99
82
93
g
fund
17
J
19505
Sale
9512
sink
Eat'
8
0,
90
10
1,8
0
9
8
9 101% 10612
66
Porto Alegre (City of) 8a.....1961 J D 10218 104 12 10212 104
9114 94
8
97 10238
9812
15
1966 1 J 9712 9812 9814
Extl guar sink rd 7;0_
38 10614 113
109
9
8518 9714 Queensland (State) eat'a ile 1941 A 0 10758 109 1067s
20 100 loos
103
sul
external
10
1947 F A 103 Sale 102%
9312 101
10512 31 105 10014
34
5118185_1946 A 0 10514 Sale 10514
6t
ex
9812 10138 Ri2
.eanrdedo
o5Ora
41
8434 02
87
11
1 D 85 Sale 8434
Extl 5 1 813
9934 1021088
5
9512
95
9934
07
9
9% 10
90
1966 M N 95 Sale 9.5
5%
,
Ext1 a f 71. 01 1926
81)14 91%
8914
50
1967 J D ____ 90
9
90,4
Extl a70 munIc loan
10614 19 105 10612
10 103% 1071 Rio de Janotro 25-yr a f 8s
1946 A 0 106% Sale 10514
91
92's 65
9634
2
1953 F A 91 12 Sale 9112
97 102Call a f 6 ha
87% 9134
8939 82
1052 A 0 88% Sale 8814
Rome (City) extl (the
14
9 10114 10.412
10414
Rotterdam (City) °all 68_1964 M N 101% Sale 10314
92% 99
86
9112
8
1953 1 J 81)14 8212 8614 June'29 _
Saarbruecken (City) 88
78% 88
2 10734 115
109
110
79
88
Sao Paulo(City) a I 82__Mar 1952 M N 110 Sale
92% 9812
8
64
9312
1957 M N 9312 Sale 9312
85
Mal of Ohs 01 1927
9232
5 103 108
San Paulo (State) extl a f 88_1936 J J 10412 1015 10412 10458
24 10114 107,2
40 100 103
rnal asete7se
ter
1950 .1 J 10424 Sale 10313 105
x4e
E3
27
73
8liter L'n_1956 111 S 9958 Sale 9912 100
96% 102
IW
94
91
110
8512 12
85
9314
85
Esti a f 60 1 lot rent
1968 J J 85
94%
86
91
49
10
97
98
95
Santa Fe (Prov Aug Rep) 78 1942 M S 96 Sale 96
94
91
96
114
94
4% 9
91
9
1
9434
_.1945 J O 94
4 , Saxon State laltg 'net 7a__
94 10018
94%
27
9118 12
9012
Dec 19482 D 8758 89
8712 95
49
10712 42 102% 10812
951 9934 Seine,
sr gDept of(France) ext17.1 '42 .1 .1 10712 Sale 10614
5% 100
99
8
40
94% Serbs, Croats A Slovenes. 85 '62 M N 8914 Sale 89
8978 39
98
58
83
82
76
1962 M N 7.112 Sale 7412
7412 8112
Eat!see 79 ear B
6
1958 J D 7712 Sale 7717
7712 28
76
34
80
443a Silesia (Prov of) ext 73
4
84%
7734 40
7518
75
9814 1011k 81losian Landowners Assn 62_1947 F A
763 78
35
99% 19
973a 99%
91
9758 Solasons (City of) extl 83_1936 MN 9938 Sale 99
45
1948 F A 9013 9012 90
6
9014
8934 94
Styria (Prov) ext.' 7s
91
82
48
4 10414
/
10212 21 1011
1039 J D 10212 Sale 02
Sweden 20-year (la
8158 Si
5
External loan 54s
19.54 MN 10234 10314 0234 10314 26 too, 105,4
79
8812
7
84
0314 Swiss Conted'n 20-yr a 1 82 1940 J J 108 Sale 0734 1085R 42 107% 110%
4
85
9534 Switzerland Govt ext 6;0_1946 A 0 10212 Sale 0212 10312 37 109% 10414
5
7538
74
8
7834
94
Tokyo City 50 loan of 1912...1952 M S 7538 Sale 7404
97
84% 9012
19
8614 52
1961 A 0 8452 Sale 845
Call 6 f She guar
8514 8912
1
89
8512 92
1947 M N 89 Sale 89
8
Tolima (Dept of) extl 7a
931e 98
2
13
9112
9058 96,4
9372 9712 Trondhjern (City) lot 534a 1957 M N 9112 Sale 9112
9512 97 June'29
_
0414 9312
7
D 95
9
12 106
5a
02
Upper Austria (Prov) 78.. _1945
91
21
89
56% 8934
he__June-1-5 1957 I D 8818 8914 88%
23
2 19412 10932
08
10734
ext1 88_1946 F A 107 108
10
99 10212 Uruguay (Republic)
I6
49
97
96 100
1960 M N 9634 Sale 96
_
External
13
92
Catg Bank 713_1952 A 0 873 91
91
8718 94
l IM
rov
2 1909414
71'4
93
12 Venetian Prov
54
87
84% 91312
4
Violas (City of) eine f 68_1952 M N 87 Sale 86
975 107
79% 31
78
Warsaw (City) external 76 195.8 F A 77 Sale 77
8614
96%
9112 11
15411 J D 9012 91
91
91
38
80
8914 Yokohama (City) anti fie
U. 5. G
rnent.
Ask Low
Bid
High No,
First Liberty Loan
JD 9624,,Sale 961,32 97,32 163
33-6% of 1932-1947
J D
99 June'29 _ _
Cony 4% of 1932-47
J D 983sw Sale 9814., 991%1 159
4% of 1932-47
/
Cony 41
3D
26 cony 43j% of 1932-47
993%1 Mar'29 _
Fourth Liberty LoanAD 991.2 Sale 953
977
4% of 1933-1938
/
41
1947-1952 AD 107%, Sale 1073,1 108
203
Treasury 434,
104
82
1944-1954 J O 103 Sale 103
Treasury ea
133
1946-1056 MS 10013.2 Sale 1008., 101
Treasury 334o
Treasury 34s
1943-1947 J D 100138,Sale 9620., 973.2 38
Treasury 36a June 16 1940-1943 SD 9620,, Sale 96211.1 9718,
7
NYC 334% Corp st__Nov
33-6% Corporate et_.May
40 registered
4.2 registered
4% corporate stock
43.4% corporate stock
43.4% corporate stock_
4% corporate stock
4% corporate stock
434s corporate stock
4345 corporate stock
436° earl/orate stock
444e corporate stock
434o corporate etock
434s corporate stock
43-4s corporate stock
4 h s corporate stock_July
New York State Canal 48
Mar
4s Canal
Range
Since
Jan.l.
Low
606
BONDS
N. * sToCK EXCRANOE
Week Ended July 26.
New York Bond Record-Continued-Page 2
11.1
Peke
I
IV tees
Range or
Friday
July 26. ' Last Sale.
BM
Railroad
Ala Gt Sou let cons A ba____1943 J D
1st cons 413 aer 14
1943 2 D
Alb & Suse 1st guar 35413_1946 A 0
1998 A 0
Alleg & West lots gu 4s
Alleg Val gen guar g 4s.....1942 NI 8
Ann Arbor 1st g 46._ _ _July 1995 Q J
Atch Top & S Fe-Gen g 48_1995 A 0
Registered
A 0
Adjustment gold 49July 1995 Nov
Stamped
July 1995 NI N
MN
Registered
Cony gold 4s of 1909
1955.3 D
Cony 40 01 1905
1935.3 D
Cony g 48 Issue of I910.._ _1960 J D
Cony deb 449
D
1948
Rocky Mtn 131v 181 4s. 19115 .3 J
Trans-Con Short L 1st 40_1958 3 .1
Cal-Arls 1st & ref 445 A _1962 FA 8
Atl'Know & Nor 1st g bs__ 10482_
D
At! & Char! A L 1st 44s A 1044 J 1
jut 30-year 55 series B_...1044.3 J
Atlantic City 1st cons 4/1_ _1951 J 1
Atl Coast Line 1st cons 4e July '52 M 8
M9
Registered
General unified 414s
1984 J D
L & N coil gold 4s_ ___Oct 1952 MN
Atl A Day 1st g 4s
1948 2 J
2d 4a
1948 J J
AU A Yad 1st guar 45.
1949 A 0
Austin & N W let gu g 55_ _1941 J J
Ask tow
Range
Since
Jan. 1.
=2,J4
(Ugh A'o
10014 July'29
93 June'29 _
82
82 July'20
9212 Mar'29 ___ _
84
88
9312 02
92
0218 10
74
4
73 Sale 73
9134 41
9114 Sale 9012
--------8814 June'29 _ __
1
85
85 Sale 85
6
85 Sale 85
8678
--------85 May'29 ____
8612 July'29 _ _ _ _
88
3
89
88
8614 __- 85 June'29
154 1221
145 Sale 145
89
89 July'29
88
87 July'29 _ _ _ _
96
25
9558 974 9558
9912 ____ 103 Apr'29
95 June'29 _ _ _ _
10158 ____ 10158 10212 10
8412 8712 8712 July'29 _ __ _
6
91
9078 Sale 8934
--------9014 Jan'29 ___ _
'9413 20
9414 Sale 94
5
88
8712 89
88
6812
1
6812 7012 6812
2
5978
____ 5938 5978
8112 82
82
8312 13
97
9514 July'29
10014 102
to
N
BONDS
Y. STOCK EXCHANGE
Week Ended July 26,
•
1"..
"ri:
Fries
Friday
July 20.
Week's
Rance or
Last Safe.
High
Ask Low
High No, tow
9112 913s
1
9014 0534
9138
_ 100 May'28 ____
9078 25 -01.4 lici"
90 Sale 90
____ ____ 8178 Feb'28 ---00
122 -8f-ii2 14-89 Sale 8812
7812 1334
7612 Sale 76
6914 80
73
75
73 July'29 __ _ _
72
804
7712 Oct'28
854 14
84 "9-1-5;
8514 Sale 85
--------84 Apr'29
84
84
2
8618
8618
89
9014
9712 9912 99 June'29
99
99
104 10712 10518 July'29
10334 10934
--------101
Apr'29 ____ 101 101
9912 ____ 004 July'29 ____
99 10014
--------10014 Oct'28
995 ____ 9938 June'29 ____ -66C4 1-00-1-2
Mar'29 _ _ _ _
--------99
99
09
2 c
_9_
99 10134
38 99 July'29 ____
_
100 June'29 _ _ _ _ 10012 10034
101- 1-0112 101
10112
6 10018 103
4 10614 11114
107 10734 10718
1074
10114 102 102 July'29
10018 10552
904 9784
8
96
3112
2 -1i4
09 85 89
8
96
31112 Sale 9
86
2134
2
--------8814 Dec'28 __ _ _
9'4T 95
159
94
934 Sale 93
924 0234
---_ ____ 9234 Jan'29 ____
134
90
89
86
9518
89
88
88
83
8712 83 July'29
83
102 10334 10312 June'29
102 105
--------107 Apr'28
8158 Sale 8114
814 16
80
-_ ____ 78 Apr'29
78
9912 101
--__ 9912 100 Apr'29 _ _ _ _
---- ____ 10158 June'28 ____
100
7 "6/ 101
994 Sale 9918
9034 ____ 9534 May'29 -- 9534 97
974 9834 9818
9818
1
96 101
974 ____ 9734 July'29 _ _ _ _
9712 9918
4
9412 9514 9514
0612
91 1004
86
86 Sale 86
2
9212
85
964 loots
96
3
9612 96
06
10234 ____ 10234 103
10 lot 10112
102 Sale 100
102
19 ioo 10212
113
112 11278 11234
2 112 116%
I 11..0,8 10114
10012 ____ 10018 10018
8312 8914
Sale
83
54 18
18
02
33'8
4S
ale 18
03212
22 10
7 1004 105
0618 100
9912 June'211 ____
9918 10112
0458
9258 9712 93 Mar'29 ____
93
9612
1
---- 97
9612
9612
94
4 ii____
_ 97
Oct'28 _
_901
5 iiii
3
J7
0 3 29
i" "0;
Bit)
11105 Chic Milw & St P (Conelndea)Geri
oeg
4Ism
aedries C__..hlay 19892 4 00
100 10312
94
93
81
8612
90
9212
1./5
91
78
71
9018 94
92
85
S45
. 90
8338 00
8034 85
90
86
91
85
814 90
10812 157
93
89
8535 93
9512 100
103 10314
03
9818
101 104
87,2
84
8814 93
9014 9014
93,8 9912
01
86
75
66
5978 6712
81
8312
9514 I 9314
Gen 4345 serlea E..__ _May 1989 J J
Deb 4s (June '25 coup on)_1925 J D
Ch1
(0,
:
0Ny
lilawd)
St & Pile 69.. __ _ 1975 F A
55
Jan I 2000 A 0
ChleitegNred
dr N'te
west gene 3548......1987 M N
Q F
General 45
1987 M N
.87 QF
m N
Registered
Stpd 4.2 non-p Fed In tax
D
Geert
neg
4
88
3N
4ested Fed Inc tax_ 1987 M N
stetrpeddleed Inc tax.. _1987 MN
CuM N
Sinking fund
1879-1929 A 0
Registered
A 0
Sinking fund 55
1879-1929 A 0
Reg
Registered
A 0
Sluking fund deb ba
1933 M
m N
Registered
10-year secured g 75
1930 J D
8
1tref
IS-year
geee
ssured g 634s
1936 M 8
let & ref 4548
Chic
aoIIt
I
iu
te.we l01 AittiP
i.cegiddtoam
iI w4ft
e y geN‘illaaa4yy
s 2210
98
338
77 ..I
ji g
3
J J
1934 A 0
A 0
Secured 454/3 series A
D
S
Ch St I. & N 0 Mein Div 49_1195
52
1 JM
Gold Is
June 15 1961 J D
J D
Registered
Gold 34s
June 15 1951 J D
Registered
1 D
Ch Si
:
te
L imed
Prleat cons g 5a____1932 A 0
Registered
A 0
Chic St P M A 0 cone 9e_ __ _1930 .1 D
Cons
D s
eiltsurr
reduced
eel
/m
to 3 Ms__ _1930 J D
193051 8
m 8
Stamped
Chl
Iio
ei Tg
,
II 88
.4 So East lat be__
60_19 J D
Dec 1 1960 M 5
Chia Un Sta'n let gU 4 Ha A_1963 J J
1st 5s Series 13
.1963 2 .1
Guaranteed g 55
1944 J D
1963 2 J
1St guar II 549 series C
Chic A West Ind gen 68 Dee 1932 ,3 1.
Con9ol 50-year 49
let ref 54aserice A
i
kl S
196
52 j
Chem ()kla ..k Gulf cons Es
1952 M N
Cl, II & D 2d gold 454/5
1937 .1 J
C 1St L & C Isle 4a.Aug 2 1936 3 F
Registered
Aug 2 10311 Q 1
Cln Leb & Nor 1st con gu 415 1942 NI N
894 9314
9034 53
Balt A Ohio 1st g 4e___ _July 1948 A 0 0012 Sale 8978
92
87
Registered
July I948 Q J ___- -- 874 July'29
9612 99
20-year cony 4 45
1933 M 8 97 Sale 97
9712 93
M 898 June'28 __ _ _
Registered
65 "isi" foil;
Refund A gen 56 series A._1995 .1 ID i001.2 gil-e- 100
101
9914 9914
Registered
J D
0914 June'29
1st gold 55
ioii2 gtfe" 10134 10213 52 10138 WV,
July 1948
109
79 10714 110
Ref A gen 6s series C
1995 2 0 10812 Sale 108
94
90
Fl, E & W Va Sye ref 43_1941 MN 90 Sale 90
9012 67
9938 10312
Sciethw Div lot 59
10212 31
1950.3 .3 102 Sale 101
7812 8514
Tol & CM Dly It ref 4s A 1959 3 J 82 Sale 81
82
35
go 103
Ref A gen 55 series D____2000 NI S 10038 Sale 10038 10034 76
99 105
Bangor A Aro,etook let 5s _ _ 1943.3 J 99 102
09 July'29
8914
/'on ref 40
195112 .1 31 Sale 81
74
81
6
Battle Crk & Slur let go 341_1980 2 0 _...... ____ 6812 Feb'28
"4415 96
Beech Creek 1st gt. g 49_ .....19341 .1 91
97
96 June'29
Registered
193,4
13 J --------95- Aug'28
2(1 guar g 5s
97 June'28
80
Beech Crk Ext. ling 34s
19511A 0 774 ---- 80 Mar'29
80
Belvidere Del CORR gu 3%5_1943,..1 2 83
85
9318
Big Randy 1st 4s guar
1944'J D --------85 June'29 _ _ _ _
192712 J
Bolivia Ry 19t 55
914 99
Boston & Maine 1st 59 A C_ _1967 M $ 95 Sale 9412
95
40
614 Clearfield NI Mall let gu 59_1943 J .1 9812
4
_ 10
00
014
76
Boston & N V Air Llue 1st 45 195.5F A 7612 77
7612
7612
85
8512 13
Bruns A West 1st gu g 45..1938 J J
____ 9814
9814
1' 92
91993 J 0 8438 --854
981 4 Cleve CM Ch A St L gen 4_
20-year deb 454S
1931 J ..1 98
9') 1004
Buff Ftoch & Pitts gen a 59. _1937 M S ,....100
_ 100
1004 13
984 9734
98
1993 .2 0 10218 104 10312 July'29 ____
General 55 series 13
(;Ousel 4545
1957,141 N 8512 _8612
- 87
2
8512 924
8712 51
Ref & Bruit tis ser C
1941 3 J 103 10338 10034 July'29 ____
97 102
Burl G R & Nor let A coil Is 19341A 0 ---- 99
07 July'29
Ref & Imp;Is scr 13
1963 J J 10034 10112 10078
10134 16
9412
9112
July'29
Canada sou eons gu Is A .... _1962 A 0 10114 104 10114 July'29
Cairo Div 1st gold 4/1 ._._1939 2 J 9118
101 15 10634
Canadian Nat 4 4s_4ept 15 1954 NI 5 94 Sale 9218
Clu WA M Div 1st g 413..1991 J 2 -,.,- 8214 82 June'29
9634
94
16' 92
St L Div 1st coil tr g g 49..1990 MN 8314 8578 86 June'29
5-year gold 4 Sig....Feb lb 1930 F A 9918 9914 9918
9918 11
9734 9934
1957 2 1 9212 9314 9238
8pr & Col Div 1st g 4s
1940 M S ---- 9312 924 Mar'29
96
30-year gold 44s
9314 40' 92
5i
__3
9 __ 9
1968 J D 92 Sale 9114
W W Val Div 1st g 49
19403 3 -_
901 Oct'28 __ __
05
Gold 45413
02
36, 91
1977 J 1
91
Canadian North deb s f 7a._1940 .' 0 10812 Sale 10818 10834 17 10818 113
Ref & Init
u 454e set E
1
19482 J 1134 Sale 11334 1134
1934 .1 J 10078 102 10058 July'29 ____
26-year s f deb 6148
9 11212 11612 C C C & I gen cons g es
Registered
Clev Lor & W con it g 58_ 1933 A 0 9712 100 100 July'29 _ _
_ 112 Apr'29 ____ 112 113
94
518 _ .
Oct'28
I:: 100
,
1938 J J 9
08
9658 9812 2534
10-yr gold 3 As.__Feb 15 1935 F A
Cleve A Mahon Vale 59
9514 99
9534
3
Canadian Pao ity 4% deb stock_ J J 8334 Sale 8234
1936 M N
-- -2
Cl & Mar 1st gu g 4.4e
804 SO
84
180
1946 M S 93 Sale 9534
Col It 4 49
Cleve dr P gen go 4(45 set B_1942 A 0 9518 ____ 10034 Mar'28 ____
6
9514 99
96
1942 A 0 --------97 May'29
Carbondale A Shaw 1st g 4s_1932 NI S ___ 9818 Mar'28
Series B 3145
1942 J J 9518 ____ 98 May'29
1949 1 J ____ -7-5
Caro Cent 1st cons g 49
"7914 "s"61; Series A 434s
7938 May'29
1948 MN 85e518 May'29
5
Serlea C 354s_
Caro Clinch AG let 30-yr 59_1038 3 D 100 Sale 100
98 102
100
1950 F A 8418 -9-0 8934 Jan'29
1st ct Coo g Ils sec A_Dec IS '52 J 0 10612 10912 1064 107
Series I) 354s
35 106 109
12977 19
July'29'___
08
5180
_11 A 0
i
Cart & Ad let gu g is
1981 J D ____ 90
Sher Line 1st gu 45096
8734 May'29 __ -87% 87%
96
3 Sale 10618
Cent Branch U P 1st g 4s 1948 J D ____ 80
Clove Union Terra let 549_1972 A 0 10
F1412 SIS
85 Mar'29 ____
.
107
Oct'28
A
0
10212
Central of Ga 1st ge_Nov 194.5 F A 102
____ 10112 May'29
Registered
10112
812 10278
103
2
Conaol gold 55
1945 M N 98 Sale 98
1973 A 0 i O31.4 1-6i
1st s f 59 eer II
99
98 103
May'29
Registered
M N--------100
96197
A 0 96 5 9
Jan'29 ___
tag(guar 415e eer C
100 100
Ref & gen 614s rlea B....1959 A (1 10314 104 103 July'29 __ __
91/84 10512
8412 June'29.____
1959 A 0 93 Sale 9534
Ref & gen 55 eerlea C
1945 J 13 8412
9612 179
95,2 10114 Coal River Ry let gu 4s
87 Mar'29
Chatt Div pur money g 49_1951 J D ____ 86
954 24
Colo & South ref & ext 4 48_1935 NI N 9512 Sale 9512
87
87
Mao & Nor Dly 1st a 5s
8512 Apr'29
1946 J J ____ 101 101
1945 A 0 ---- 87
DO 101
Col .4 H V 1st eat g 48
Jan'29
Mid Ga & AU div Our tn 5a 1947 1 J 95% 100
92 I
1
1055 F A 92 Sale 92
95
95 May'29 __ _ _
Col & Tol 1st ext 49
95
Mobile Dly 1st g Si
Apr'29
1946 J J ____ 101 100 Apr'29 ____
88
9938 1.0018 Corm & Passum RN 1st 4e....1943 A
Cent New Rug lst gu 49
1961 1 J
774 79
1930 F A 9412 ____ 9412 June'29
76 July'29
Consol Ry deb 4s
84
76
Central 01110 reorg Ist 449_1930 M S
70 1 50
1954 J J 70 Sale 6978
9712 Apr'29
Non-cone 45
97
9914
Cent Rli & [(kg of Ga coil 59 1937 MN
90
694 68 July'29
97
99 June'29
Non-cony deb 4s...__Jaa 1955, J 66
95
9914
Central of NJ gen gold 59_ 19
76 Nov'28
98
87
7 .1
,4 .J1 108 11312 10718
108
5 105 11118
Non-cony deb 4s_ __AA° 1955 A 0
_
Regi.tered
1956 1 J 96
694 73 Jan'29
--------107 July'29 __ _ _ 10338 10938
Non-conv debenture 4e
81
General 49
19
1942 .1 D 7912 Sale 79
1987 .1 .1 85
____ 89 Feb'29 _ _ __
Cuba Nor Ry 1st 554a
89
80
J
8412
Sale
8412
Cent Pee let ref gu g 4s.
8712
I949 F A 89 Sale 8834
_1952
J
18
50-yearoba
g_
90
23
Cuba lift 1st
8834 93
100
8
1936 J 1:1 9952 Sale 0958
Registered88 Sept'28 _ __ _
let ref 7.4e miles A
Mtge guar gold 349.Aug1929 J 13 0
9112
9
..
_ . 99 June'29
"IV -9i3; 1st Hen & ref 6s set- 11 -1936 J 0 9012 92 91
Through Short List gu 48_1954 A 0 ____
9F8-91
88 June'29
ss
9154
-- -- 0912 97 June'29
1960 F A 10014 Sale 100
Guaranteed g ba
Dail:
10114 87
9912 103
92
j 52 Sale 92
193
947
31
M
m N
3
49_ 1
Del& Hudson 1st & ref4348-1931
102 July'29 __ _ _
5 A 0 97
193
930
Charleston & Sayn'h 1st 7a__1936 1 J 10914 .
cony 58cons
1114 Mar'29
30-year
11114 11318
cal...riled:01st
101 102 10238
10212
4 024
Ches A 01110 1st con g 5s.___1939 M N 102 10-4-310218
2 101% 10412
J D 102 Sale 10012 102
1039
24
10-year secured 7s
Registered
0214 Dec'28
9614 Aug'28
36 JF:
199'2 M 8 56 gale 96
193
111dge let gu e 45___ ,
General gold 4545
9834 33
1-661; 13 RR ARI)
FA S
8978 43
1st cons g 4s____1936 J 1 8974 Sale 89
Den &
Reglstered
98 Mar'29
9214 98
9134 Sale 91
9134 17
1930 F A 99T2 Sale 9938
Consol gold 443
20-year cony 4145
9934 66
9812 994
J 9512 Sale 9512
955 JIM N
9712 69
1993 A 0 9334 Sale 9338
Ref A Impt 4348
904 954 Den A It0 Wrsit gen be_Aug 1193
934 26
89
MI
N
1978
Rapt
Is
setB
Apr
Sale 8712
Ref
&
89
34
9218
9214
9218
Registered
Mar'29 _ _
2514 39
3014 Apr'29
Craig Valley 1st 5a__May 1 '40
0314 June'29 _ _
9934 10314 Dee M A Ft D 1st gil 413
27
32
Temporary etfa of depoalt _____
2714
2714
Potts Creek Branch lat 40.1946 J J ____ -ii 8512 May'29
8812 8812
_ 85 July'29 ____
Ft & A Div lat eon g4e____1889 J J _ _
83
8634 Des P11111109 Val 1st gen 448_1947 M-ri ---- 9812 924 Feb'29 _
1995 1 D 71
Del & Mae Pit lien g 4s
79
71 July'29
2d consol gold 45
1989 J J g -91k 8114 June'29
88
81
70
1995
Gold 4/5
73
75 May'29
Warm Springs V tat g 5s_ 194_
M 5 ____ 100 100 Mar'29 _ _ _ _ 100 100
Chesap Corp cony be May lb 1947 91 N 97 Sale 97
t19'j 224
96 10012 Detroit River Tunnel 4143_1961 M N 9714 Sale 9518
9714
7
Chic & Alton RR ref g 3s__ _1949 A 0 6558 6612 64 July'29
10034 July'29 __
64
794 Dui Missabe & Nor gen 59 104I J J 101
Dul A Iron Range lot 55
1937 A 0 9812 Sale 9738
Ctf dee stud Apr 1929 int..... _-_ 64
69
64
66
9812
5
6512 6558
5
Dui Sou Shore & Atl g be_ _1937 J 1 69
Railway first lien 354s_ __ _1950 J .3 67 Sale 67
71
70
67
76 July'29 ____
06
8
AI O
N 8612 9414 8312 Feb'29
Certificates of deposit ______---- 67
East Ry Minn Nor Div let 45'
195
40
85
654 71
66,2
- _ 6612
1
Chic Burl & Q-111 Div 3149_1949 J .1 8338 -84
Et
mi T Va & Oa Div g 5s_ 196
30
5 JA 0
2 99 10034 09
84
84
82
84
3
99
1
Cons 1st gold Es
J J ____
Registered
84
_ 84 Apr'29
1024 10434 1041 1 July'29 ____
84
Illinois Division 49
Elgin Joliet & East let g 5/1_1911 PA N 9914 10514 99 * July'29
1/4
1949 J J 894 -91
_- 8938
69
8938
General 4s
1958 M S 89 Sale 89
8138 82 100 May'29
9312 El Paso & S W lat be
89
89
10
Registered
M S
9134 Sept'28
let& ref 44saeril
1077 F A 94 -9-4-14 944
551.3 -161; Erie 1st consol gold 7e ext__1930 58 S 10034 10178 101
94,
4
101
1
let A ref Is series A
1971 F A 10212 Sale 10212 103
let cons g .Is prior
1096 J
8112 Sale 8138
8134 18
27 10118 106
Chicago & &tat Ill 1st tls
1934 A 0
Registered
1044 105 June'29
10118 106
1996 J
_
7958 Mar'29
__
let consol gen lien g 4s_
C & E III Ry (new co) con 55_1951 M N 76 Sale 76
7712 73
1996 J J 75 Sale 75
7412 854
7614 109
1982 MN 102 Sale 102
9038 106
Chte& Erie la t gold ba
Registered
102
1996 J J
7112 May'29
1
Penn coil trust gold la_ __ _1951 FA 1611.2 1-63-1-2 10112 July'29
Chicago Great West let 4a _1959 14 S 64 Sale 64
6312 694
65
87
50-year cony 45 series A
Chic Ind & Loul9v-Ref 68_1947 J .1 11012 Sale 11012
11012
1953 A0 80 Sale 80
1 1001s 11334
81
12
Refunding gold 59
1947 J .1 964 10412 10018 June'29
Series B
100 108
1953 AG 80
8178 80
3
8012
Refunding 4s Series C
Geti cony 45 series D
1947 J J 92
8238 92
87 June'29
1953 AO
82 July'29 __ _
Ref & Inlet 5a
1st.4 gen baser A
1966 M N
96 Sale 96
95 10314
1067 MN 9258 Sale 0218
96
4
9358 298
6e
ser
B_
_ May 1966 J J 10514 Sale 10514
Brie & Jersey 1st e f 65_ __ _1955 J
let .4 gen
10734 111 111
10934
4 103 110
111
7
Genesaee River lot s f be 1957 33 10712 109 10712 July'29
Chic Ind & Sou 50-year 4a.„1956 .1 .1 847 89
8758 94%
8812 May'29
Erie & Pltta gu g 3548 ger 13_1940
1980 J D 9114 _ _ 94 Mar'29
94
ChM is dr East 151 4125
94
8578 ____ 884 July'29 ____
Series 0 34a
86%
80
82
83
Ch id At lit p gen g 42A_May 1989 J J 8238 gale
1940
8578 ____ 8818 Jan'29
15
__
Est RR extla I 75
80
Reglatered
Q J
80
__
80 Apr'29
1954 MN 10314 Sale 10234
10378 68
76
Geo g 3145 aer B____May 1954.3 J
71
7012 72
71 July'29 ____
--
Range
Since
Jun. 1.
841 "if"
0914
97
10312 112
10034 1053s
98 10312
9312
91
92
80
884
85
92,8 92,g
1005s 10112
9712 10112
"95
97
85,s
8934
95
1054
6074
9833
8518
8934
9934
109
l0l1 (057
96 101
8112 9052
9412 0734
91
92
00
9418
75
72
88%
9112
88
9412
6734
67
"iii" -71"
79
8412
994
904
9314
96
106
OS
97
89
97
100
10018
9812
9412
10412
105
1034
1)"2-4
811
8912 944
9034 98
8678 9334
25
40
25
39
9252 9238
71
7314
75
75
95 10014
10018 10314
9718 1015s
8118
74
934 94
90 1004
10312 10534
9712 105
too
10514
100 104
80% 8572
7952 8112
74% 8012
71% 73%
10052 102
7814 8412
7912 8412
79114 82
9112 97
105 11112
10912 112
884 8878
8812 881s
10112 105
607
New York Bond Record-Continued-Page 3
BONDS
312 1. STOCK EXCFIA NW.
Week Ended July 26.
41.
PitiCE
Friday
July 26.
Week's
RanQe or
Len Sale
g
Rang Since
Jan. I.
BONDS
97, Y. STOcK EXCHANGE
Week Ended July 26.
PI
a.
Friday
July 26.
14'eek's
Range or
Lan Sale.
Ranee
Sines
Jan 1
H1111
11(0(1 No Low
Ask Low
Bid
Louisville & Nashv (Concluded)5 i 10012 10714
let refund /34s series A _ _2002 A 0 10312 10414 10312 10414
5 10112 10578
10134
2003 A 0 10038 1015 10114
let & ref 5e aeries 11
99
95
2003 A 0 9012 957 96 June'29
let & ref 414e series C
99% 101
2
8
3
100
100%
Sale
1
1005,
1930
gold
1st
M
N0
9
997
10014
4
993
99%
_
.1
1930
2,1 gold 6s
9114
85
2
85
88 - 85
85
Paducah & Mem Div 4.9 1940 FA 99%el
5712
63 June'29
63
St Louis Div 2d gold 38_1980 MS 62
93%
93%
8
935
July'29
9714
Mob & Monts let g 44e_ _1945 MS 94
8912
84
85 July'29
88
Routh Sty joint Mono 40_1952 J J 85
92
89
9012 89 July'29
Ad Knox,' A tin Div 4s. _1955
9912
97
1
98
98
98
Cln A Lox Div g 449'31 MM 97
100 100
.• 1 97
99% 100 May'29
1934
Mahon Coal RR 1st 5s
75
8
737
6
74
74
N
51
74
Sale
Manila RR (South Lines)4e_1939
77
68
3
68
68
68
1959 MN 63
let ext 4e
9874
10012
July'29
100
.1
1)
_
9'318
1934
Manitoba SW Coloniza'n 5e
9932 8612
Man CI B & N W let 8148. 1941 .1 J 8553 S8
9912 100
_
e 10
14
80
99
.1 _ __ 5
;
2
85
'
531 June
Mich Cent Det & Bay City 5s..'31
100 10014 Apr'28 _
Registered
9214 93
____
092211;
913
:2:
4
J
1
1940
Mich Air Line 4e
July'28 ... _
.
Registered
131 108 112%
J 109 Sale 10812 110
_ _ 76 Mar'26 - - - 76
____
Great Nor gen is seriesA _ _1936
Jack Ions & Sag 3918_ 1951 51 S 80i4 6_
109 109
J J
40
109 Apr'29
85%
Reel/ tered
8018
Jul '29 --- N
y
M
1952
92
let gold 314.
4
913
8714 90%
9314 Sale 93
9314
1
8734
let & ref 4 4 s seri. A ___ _1901
A 0 874 Sale 874
6 10412 10934 Mid of NJ let ext 5e_ . .1940
10612
8818 96
106 Sale 106
July'29
91
General 64e series B___ 1952
9512
91
D
.1
934
440(1880)1
8 100.8 104% Mil& Nor let ext
95
94
10214 10214 102
10218
1973
General 55 aeries C
9318 94 May'29 --Cone ext 4 9292 (1884)_1934
92
97,4
9418 36
92
88
General 4.4e series D.__ _1976 J .11 9238 9453 9212
M 9 ____ 9012 8818 June'29
92
97% Mil Spar & N W let gu 4e _ _1947 J J ........90 Apr'29 _ _ - 1977 J J 9334 9414 9414 July'29
General 449series E
Line let 334e_ .1941
State
&
Milw
Feb
Oct'28
86
&511
85
-4381
4
_
&
4514
Green Bay Wen deb Ws A..
51 N
14 4514
Feb 29
54 -22- 397 Minn & St Loulti let cons 58_1934 51 N 43
30
5314
43
2928 29
8
44
Debentures etf9 B
4418 43
Temp Ws of Ilepoelt_._1934
911, 9114
35
1.94
,
_4_3
_
2,
2
.
e
Greenbrier Ity let gu 4s_ _ .1940 51 N 9134.... 91 14 Mar'29
jun2
1
9
1
2
M
12
8
7
21
4._
1949
gold -1
1st 9, reloodlog
0
97 10t1
5
102
15% 22
1
18
Gulf Mob & Nor let 594s_ _1950 A 0 101 10378 102
18
21
99
Ref & ext 5yr Si58 9er A 1962 Q 9 18 _
1990 A 0
96
1912
96 July'29
99
16
1st M 5e eerie@ C
_
__
---CertIfIcatee of deposit
101 108
8914
83
_ 101% July'29
J 10113
151911 & 81 let ref & ter g 58.51952
8614
881 4 37
89
88
M St P A S ft 51 eon g 4e Intlilf 38 J 1
99
94
9412
9412
99
J 9412 -6S
90
2
Hocking Val let cone g 4118_1999
91
91
9312
9212
1
J
1938
let cone M
10212 Mar'28
99,2
94
1999 .1 .1
7
4 26
4
Reglatered
73
90
0
4
087
9796
1938 J .1 9512 Sale
let cons 5. guns to Int
-568
97
97
9714 101
Housatonic Sty cons g M.._ _1937 M N 94..
10-year roll trust 6 iie_ __ _1931 M S 9934
102 114214
102
100 103 102 June'29
9612
HA TC 1st 5e Int guar
I
9612
1937J__
9812
Sale
J
1946
let A ref 65 series A
1004 102
10014 Mar'29
9811
85
Waco & N W dIv 1st 14_ _ _1930 m
3
85
M 9 ____ 947g 8.5
9j
46
194
25-year 54e
98% 100
-9812 9834 June'29
9312 9312
J J
Houston Belt & Term let 58_1937 ._
51 N 8412 _is_ 9
93,
8 4 Jan'29 _ _ _ _
let Chicago Terms f 18...1941
9518 99
9518 July'29
99%
95
1
Houston E & W Tex let g 58_1933 m N„, 9,5
98
96
J
1949 J
964 10218 M ississIppi Central let 5e
7
9612
lit guar Si red
1933 M ;`4 9514 -6-i- 9614
8112 86
14
84
J 0, 8312 Sale 8312
Mo Kan A Tex let gold 46_1990 .1 .1, 99 Sale 99
8812 56
87% 98
9634 102
Hod & Manhat let 58 ser A .1957 F ,A 8734 Sale 8738
24
9
1007
1962
A.
123
724 8434 Mo-K-T RR pr lien be aer
79
864
SI
2
Adjustment Income Se Feb 1957 A ° 78% Sale 7612
8412
1962 1 1 8218 8412 83
40-year 4s fteriee 11
944
85
9014 19
89% 9014
1978
Prior lien 4 48 see 1)
9014
8912 954
9014
10711
10112
904 92
Illinois Central let gold 4e._ _ 1951 1
76
10512
105
Sale
10538
0
A
J J
Cum adjust 5e see A _Jan 1967
95 Alay'28
954 101%
24
Registered
97
212
76
ale 9
Se
24 s
763
9
s
A
F
rs
076
...1985
A
ser
Es
ref
let
A
Pac
79
77
80,4
86'53 Mo
70
4
Ist gold 391s
8053 8311 8014
7L4 1114
0
General 4a
_ 84 Nov'28
9918
95
Registered
9814 Sale 9512
let A ref MacNeil F
83's -8-3-1;
944 100
Extended let gold 3Se_ _ _1951 A 0 80% 8312 8318 Apr'29
191
97
95%
Sale
95%
1V8
9
11
4
A
r
0
ser
5e
let & ref g
71 18 74,4
714 June'29 _
73
lit gold 3e sterling
1951 M S
12512 285 10012 12512
119 Sale 11718
Cony gold 5148
8618 9334
8912 9178
1
Collateral trust gold 412_1952 A 0 8618 8818 887 July'29
9053
MI N 89
38 NN
9053 9018
M N
MO Pee 3d 7e ext at 4% July 1949
99 100
0, e_ 87
0d_
Oct'28
Registered
Apr'29
100
101
1
99
.1
6e.._1945
g
nen
- Mob A Blr prior
- 418
99 100
2 -86- (
88
lit refunding 48
88
1955 51 N 88
_
99
Feb'29,-J J ___ 9912
Small
83%
98
80
85
80 May'29
1952 JJ 7912 80
Purchased lines 34e
June'29
85
90
85
1
J
1945
4e
old
Si
J
letSm
89
85
87 Nov'28
Reglatered
May'29
1
85
85
J
1945
Small
91
84
93%
2
84%
91
Collateral truet gold 4e._. 1953 51 N 847 Sale 8478
91 June'29
51 S -iii2 94
M N
8312 83,2 Mobile At Ohio gen gold 4e_ _1938
99 100
8312 July'29
Registered
May'29
1004F
A
g
let
58.1947
Montgomery Div
Refunding Si
9712
fro
1955 M N 1011, Sale lot%
10134 22 16014 10534
15
91
-1 91
1977 51 S 9012 -92 2
Ref & impt 4 lie
15-year eecured 6 He g _ _1936
6 10614 1114
.1 1075 Sale 10712 1074
824 87
1
85
r 18
02
J1 S
15
1037
40-year 411e
95 10019 Mob A Mar 1st gu gold 4s. _99
Aug 1 1966 F A 98 Sale 9712
9814 33
10412 106
July'29
412
5
97
10
11085
Mont C let Ku 6e
90
Cairo Bridge gold 4e
86
1950 1 0 8612 93 90 Mar'29
1004 101
J 1 9518 10012 10014 Apr'29
arLo
guar
gu
letties
71% 7514 meee
Litchfield Div let gold 38.1951 J
7434 June'29
7112 8012
724 75
13
75
75
let1 e1t gu 346..2000 J D 7112 75
Essex 5
849s
Loulev Div A Term g 391e 1953
79
79 July'29
7934 81
7412
74
Omaha Div let gold 3e_ _1951 F A
907s
87
721 1 747 7412 Mar'29
A 8538 88
8712
87
F
A_1978
set
48
L
St
&
Chatt
St Louie Div & Term g 38.195i J
7412 7412 Nash
9812 102
7412 July'29
7412
9812 July'29
99
1937 F A 96
8612 N Fla A S let gu g 55
Gold 1113
78
1951 JJ 81
____ 79 July'29
18 July'28
Nat Ity of Mex or lien 4 43_1957 J 1
76
J J
76
Registered
76 July'29
1834 July'28
July 1914 coupon on. _ . ... J J
Springfield Div let j 348_1951 1 J 80
88 Dec'28
_
2
10
9 -1153 10
cash war rct No 4 on
Assent
9012
8853
Weetern Lines let g 4e___ _1951 F A 86 -8-8
9012 Apr'29
8712 Atte'28
15
A- -D
1977
48
f
a
-year
70
Guar
F A
12 -fii;
92 Apr'28
Registered
12
June'29
09
5
No
rct
Ailment cash war
111 Cent and Chic St L & N()394 July'27
Men pr lien,44e Oct'26 :1--:1
Joint let ref 55 series A_ _19113
1612 -2-2-1-2
21
100% Sale 10012 10114 12 100 10514 Nat RR
19%
19%
16
on..
i9i4
4
No
rct
war
cash
Assent
let & ref 4 14e ponies C... _1963 J D
94
9712
13
94
94
93
22 Apr'28
1951 A 0
consol 48
--712
31
912
914
912 fiile
Aseent cash war rct No 4 on
82
Ind Bloom & West let ext 4e 1140 A 0 85
__
82
91 Nov'28
i 7714 83 82 June'29
...1954 lii -1,
99%
Ind III & Iowa 1st g 419
8714 9114 Naugatuck RR let g 4e _50..1945 J 1 9412 9534 98
95
89 June'29 _ _ _ _
1950
6
86 -9-g
96
Cons
RR
England
New
8914
8838
8411
Ind & Louisville let gu 4e_ __1956 1
82
_
85 June'29
87
82 July'29
85
J
80
19463
4e
gear
Consol
J 9812 100 100
88
9812 103
Sod H11100 Ity gen 5e ear A 1965
1
100
88
Mar'29
_
A
88
F
guar let 4e_._1986
RR
June
J
N
103
101
9718
9112
_
_
Gen & ref 58 eerie,, 11
101
June'29
102
101
1965
9112 July'29
44eA'52 1 .1 9112 -clic
Int & Grt Nor let 6e eer A _ 1952.3_
85% 91
10312 13 1004 10612 NO& NE Ist ref &Imp45....1953 J J 87 • 884 87
103 Sale 103
2
87
tel
New Orleans Tenn
96
85
92
90 100
50
Adjustment 68 eer A July 1952 ---- 89 Sale 89
A 0 9012 9812 9438 July'29
N 0Texas & Mei n-e rue 56_1935
7712 Feb'28
9018 10012
Stamped
_
7
97
9614
1954 A 0 9534 99
let be seriee B
91', 9653
lit 58 series II
93 July'29 _ - _ _
1956
98 101
2
A
10014
9914
F
1956
9914
10014
let Segel-1es C
91
94
96
let g Si series C.
9512
10
68
94% 94
94
1956
9278 88 July'29
1956 F A
let 44e eerie@ 1)
82
Ins Rye Cent Amer let 5e_ 1972 M N 77% 7878 78
72
25
SO
1004 10512
8
0
A
10112
101
Bale
101
1954
A
let 511e Berke
let col]tr
9634
5
90
9312
14
95
944
notes_ _1941 MN 90 Sale 90
1
95 June'29
448..1945 J
let lien & ref 6%e
9
98% N & C lidge gen guar
93
1947 F A 98 Sale 94
95
97
95
A 0 9.5 100
95 June'29
381
N Y BA M It let con g 58_1935 M N
Iowa Central let gold 5e_ _ ._1938 J D 38
2
38343
40
108
3712 51
10214
16
8
1073
10814
Sale
1935
g
1073
, dcb 6s
38 July'29
Certificate; of deposit
47
38
3734 51 12 N Y Cent RR eon.
108 106
Jan'29
M N
106
Registered
1951 1Vri
11
Refunding gold 48
2
11
1012 11
104 20
8418 89%
87% 32
1998 F A 87% Sale 86%
Coma! 4e aeries A
8334 92
James Frank & Clear let 0.1959 J 13 84% 87% 8438 July'29
9412 10012
13
9312
7
0
9478
94 Sale
Ref A impt 4 92e owlets A 2013 A
_ _ 10014 Apr'29
Kan A 0 R let gu g 5s1938 J J 98
9914 10014
100 101% 10712
104
0
103
A
Sale
10314
2013
C
serles
bs
Impt
0
A
A
1990
Ref
KAn&ll let gu g An
82 June'29
8234
8112 8412
111
28
ar'
0
106
A
Registered
92121
K C Ft 13 & M Ity tet g 4s_ _1936 A 0 9038 Sale 9058
4
89
9312
8214
76
17
773
7738 Sale I 77
KC&M RA II let en Es_ .1929 A 0 9812 99
99 July'29
9912 N V Cent A 1111d HIV M 334 199711 1
98
7412 7812
1997,3 J 7718 7912 76 July'29
RN/leered
7212 44
Kan City Sou let gold 38_ _1950 A 0 7218 Sale 714
76
70
93% 97%
9678 95
95
N
Sale
1934'M
s
907
gold
4e
Debenture
4
993
97i4 14
9438
Ref & impt 5a
96
96% 0638
Ain 1954)3
95
94
8
94
94
M N
Registered
Rations City Term let 4e_ ..l960 1
Kansas
8712
II
85
87%
8712 88
9012
951e
90
1942 .1 J -86TR -67 - 904 May'29
30-year debenture 4/1
9078
86 July'29 86
Kentucky Central gold ett_ _1987 3
86
7414 81%
7,51.
753
7
7,51.
A
Sale
F
3148_1998
coil
gold
Shore
J -- _
Lake
95
Kentucky & Ind Term 445 1961
915
95
Jan'29 7338 75
75 June'29
75
1998 F A 73
Registered
1961 J J 85
Stamped
86
8712 8812 July'29
90
74
79%
7.51,
6
7512 Sale 754
J
Mich Cent coll gold 342..1998 F A
1961 .1 j
91 May'29
Plain
90% 95
78
73
29
4
0
(
Jun0
14
3
3
7
0
%
4
A
F
75
0
1998
%
14
1
73
0
Registered
Lake Erie& 19'est let g 56.._1937
166- 100 July'29 - _
98 101
96
9112
6
1941 J
2d gold Ea
N 1( Chic & St L let g 411_1937 A 0
9612 10312 9634 July'29
_
06% 100
9018 9018
g
June'29
4
8
1
3
7
0
9
0
A
1937
Registered
78
78
Lake Sh A Mich So g 348_1997
80
1
7934 4112
78
0914
98%
27
9814
972
1931 M N
1997
25-year debenture te
7812 May'29 - _
Regbdernd
7.553 7912
39 100 10212
1931 M N 102 Sale 10053 102
1931 M N 67E8 Sale 9658
2(1 fie series A BC
25-your gold 412
31
98
We 9912
26 10338 10714
M N
Refunding 5lie series A._1974 A 0 10434 Sale 10438 105
Registered
9934 Apr'28
10378 107
65
10512
Refunding 511e series B,.1975J J 105 Sale 105
Leh Val Harbor Term gu 56_1954 F A 102 16/1-2 1034 July'29 - _ 101 18 10518
95,2
91
11
93
9212 93
1978 51 S
Ref 4128 series C
09 June'29 Leh Val NY Int gu g 44e...1940 1 .1 9512 99
954 9934
9234 9712
July'29
9312
93
9312
F A
Val(Pa) cone g 4e_ _ _2003 M N 83 Sale 8158
•
8512 17
8334 6814 N V Connect let gu 451e A.1953
9914 10212
July'29
100
A
F
4
1023
1953
9918
M
11
N
series
155
guar
let
88
Registered
_
June'29
80
80
98
89
July'29
2003 IASI N 94.
4 944
78 -916c1General cone 414e
N V A Erle 1st ext gold 45_1947 M N 894 ___ 89 Mar'28
9418 14
9212 100
9812
100
1933M 13
3d eat gold 44e
99 Nov'28 _ _
Registered
69 loo
Apr'29
100
0
99
A
1930
4
973
5e
gold
4th ext
98
91
95 July'29
96
Lehi Valley RR gen 613 series 2003 MN 10318 104 100%
103
5 10078 10714 N Y & Gteenw L gu g 58_ _ _1948 M N 95
83
83
83 Mar'29
M N
£19% 10312 N VA Harlem gold 34s _._2000 51 N 6712
Leh V Term Ry Itit gu g 58_1941 A 0 100% 102 10018 June'29
Apr'28
8512
A 0
Registered
109,38 Feb'28 Registered
156T8
90
Oct'28
88
N Y Lack & W lit A ref gu 58'73 M N 1093 -_-_-_ -_ 10018 Feb'29
Lab & N Y let guar gold 4s._1945 51 S 85
96 1004
Apr'29
____ 96
1973 MN 97
let & ref gti 411e con
8
8 1-08-7.
-981
Len & East let 50-yr 5e gu_ _1905 A 0 100,8 106 100 July'29
Feb'28
N Y L 19 & V.' let 75 ext__1930 51 S 10018 ____ 101
8612 Dec'28
_
86
Little Miami gen 45 eerie* A.1962 NI N
3 -62- 1-60-1-2
981 4
1932F A 9814 9812 9814
1935 A 0 i6i- 107 10212 May'29
Long Dock consol g 6s
2 N Y & Jersey let 5e
1)1253 164-190 Dee'29
1941 M S
Long Branch 4-3
93
98
1
Long leld let con gold baluly1931 Q .1 9734 100
97% 10114 N Y A
954 9512
9512 July'29
N Y & N E Boot Term 412_...1939 A 0
_
97 100
let consol gold 4e____July 1931 0 .1 _ _ 95% 100 19,6'29
7412 81
79 July'29
79
S
73
M
_
.
4s
_1947
deb
A
11.n-c
H
N
9212 90
uu
N I'
90
1
General gold.48
8912 94
7
7734
4
73
7.5
75
Sale
8
75
1947
M
1)
1 )
2j
Non-cons debenture 3)4e.
1
1 28
_
Gold 45.
- - 9912 Dec'28
2
6914 75
6914
911
70
6
70
4 Solo
14
,
4
9
0
7
6
A
3%e.1954
debenture
-cons
1949 M S 8412 8712 85 July'29
Non
Unified gold 4e
85
90,4
8418
74
10
79
4e..1955
1)
/
debenture
Nol-conv
1934
97 July'29
98 100
Debenture gold 58
95 101)
8418
78
784 July'29
1958 M N 774 78
Noa-conv debenture 4e
1937 M N 93
30-year p m deb 5a
9812 93
3
99%
93
9314
6814 75
July'29
6914
.1
697
1
6918
1956
348
debenture
Cony
S
M
4
853
1949
4s
8434
8478
85
8
84% 91%
Guar ref gold
116
137
146
137
13412
Sale
J
134
J
1948
Cony debenture 6e
2
95 100
Nor Sh 11 let con gu 5e.Ort'32 191 J 95 Sale 9'95
115 129
129 July'29
_
1 .1
Registered
88 June'29
8412 90
Lou & Jeff lidge Coed g 4e 1945 M 8 854 89
17 102 105,2
10114
1.0114 Sale 103%
1940,
Collateral trust 6e
_
101
10118
5
9912 1024
Loulsvill.! & Nathyllie be. _1937 M N 101
4
2
7012 79
38
7012
N
Sale
71
7012
M
19571
Debenture 4e
1940 1 1 923 -923-4 92
93
9112 95%
31
Unified gold 58
844 9212
8814 42
87
.1 1
let & ref 414a see of 1927 _19671.1 D 87 Sale 70
9314 May'29 -- _ _
9314 9314
Registered
86
,4 9012
70
88
N
M
8618
4111954
let
Chea
Harlem It & Pt
99
1
9318 10034
Collateral trust gold 15e___1931 MN -65- Sale 99
I
1011a
10 1904 103
10-year sec 7e. .May 15 1930M N 1141 Sale 111034
H49
Me No Low
Ask Low
Bid
98
98
Apr'29
9778 98
Fla Cent & Pen let ext g 5e__1930
9338 994
-6112 9678 9512 June'29
1943 J
let consol gold 5e
94
91
2
91
91
D
96
91
let
410_1959
Florida East Coast
80
64
0612 72
1974 MS 66 Sale 6434
let & ref 55 seriee A
3112
1
2512 50
3112
32
Fonda Johns & Glov let 45181952 M N 31
94
94
94
.33
Nov'29
9512
92
Fort St II D Co late 446_1941
1 10414 10714
10414
Ft W & Den C let g 546_1961 J O 10414 108 10414
100
2
103%
AO
4
1013
4
1013
Sale
4
1013
_1933
let
Os_
1910
Val
&
Frem Elk
9612 100
9914 99 July'29
99
()HASA M&P 1st 5s__ _1931 MN
961z 100
2
99
99
1931 J J 99 100
2d extens Es guar
92 100
95
July'29
AO
98
9.5
Galv Hot's & Rend let 543_1933
59
55
J 8512 8612 86 July'29
Oa A Ala H9 let cone 5e Oct 1945
100 July'29
Ga Caro & Nor 1st gu g 5s_ _ _1929 J I 9812
914
100
1
J
Extd at 6% to.. _July 1 1934
7312 784
/2-4 74 May'29
1949 A (•
Georgia Midland let 3e
9834 Fe`924
1942 ID -o6T5
Gouv & Oswego let 5s
93.1 97
9458 ____ 933 July'29
Or R& lent let gu g 4}ie...1941 J
10934 15 10914 113
Grand Trunk of Can deb 65.1940 AO 10912 Sale 109
108
10278
46
105
MS
8
1027
Sale
10278
1936
1.5-ear 5 f 6e.
97
07
Apr'29
944 ___ 97
Grays Point Term let 56_ _ _1947 J
-.let
b Dile Feb. 1.
608
BONDS
N. V STOCK EXCHANGE
Week Ended July 26.
New York Bond Record-Continued-Page 4
•
Price
Friday
July 26.
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
N
BONDS
V STOCK EXCHANGE
Week Ended July 26.
Price
July 26.
Week's
Range
Sale
Lgat,
o
Bangs
Since
Jan. 1.
BM
Ask Low
HisS No. Low
High
Bid
Ask Low
High No. Low
N Y 0& W ref let g 4s_June 1992 MS 65 Sale 6418
High
65
64
18
7484 St Louis & San Fr Ry gen 6s_1931 J J 100 Sale 100
5
100
Reg 95.000 only_June 1902 MS
99 102
70 Apr'28
General gold 55
1931 J J 9914 9938 991 1 July'29
General 4s
9512
10012
58
58
1955 J D 56
3 "Li- 'hit St L Peor & N W lat gu 59_1948 J J 99 101 10012 May'29
5979
N Y Providence & Boston 481942 AO 8612
10012 10312
9012 June'29
91
90
St Louts Sou 152 gu g 48
1931 MS 9318
Registered
9512 9718
A
8934 Jan'28
St L S W let g 4s bond eths 1989 MN 82
"
82
9
N Y de Putnam let con gu 48 1933 AO -goTa -6112 8512 June'29
"13'
82
'219
2 46
8114 89
-HIT4
2d g 4s Inc bond MU Nov 1989 J J 75
7914 7718 June'29
NY Susq & West let ref 55_1937 j
7718 82
8514 Sale 82
8512 13
747
9
8612
Consol
gold
J
4s
D
9534 9578 95/
1932
21
1
4
96
2d gold 444s
93/
1
4 9612
1937 FA
8434 Nov'28
terminal & unifying 59_1952• J 9312 9434 94
1
94
General gold 55
94 10199
7Q1 82 Stlet
7212
1940 FA 9114 Sale 7114
6
Paul & K C Sh L let 4499_1941 FA 9018
6
9034
8934 9514
Terminal let gold 55
9912 Feb'29
9918 10112 St Paul A Duluth 1st 5e_ _1931 FA 98 Sale 9018
1943 MN 90
97
9912
NY W-chee & B 1st ser I 490'46 J J 8212 82%
98
9912
8212
83
48
7993 85
1st consul gold 4s
__ 89 -1968 • D
8818 Mar'29
Nord Ry ext.
8014 8812
!a 1 649e
1960 AO 101 Sale 10012 101
31 100 105
St Paul E Gr Trunk let 490_1947• J
9718 Jan'28
Norfolk South let & ref A 56_1961 FA 74 Sale 72
72
74
9034 St Paul Minn & Man con 42_1933 J
6
957g July'29
9813
Nerfolk & South let gold 59_1941 MN
941
9912 102
9914 99 July'29
1st consol g 135
10148
1933 J J
103
-- -14 10118
10118 1041
/
4
Registered
.3,
103 Jan'29 - - - - 103 103
Norfolk & West gen gold 69_1931 MN 10012 102 101
10119
4 100 10314
(93 reduced to gold 4 Xs - 1933.3'
_ - _ _ 9612 July'29
96/
1
4 99/
1
4
Improvement & ext 135.. _ _1934 FA 10278 _
105 Mar'29
105 105
Registered
.3,
88
95
Dee'28 - - New River let gold 6s.___1932 AO 101 10312 10112 June'29
9978 104
Mont ext let gold 49
9313 8812
1937 J D
8812
NA W Ry lst cons g 4a__1996 A
-§§1z 05
9018 Sale 9019
9214
89
9034
8
Pacific) ext guar 4,2 (sterling)'40.3, 8712
88
2
8034
86
Registered
8912 St Paul Un Dep let & ref 58_1972 ▪ J 102 Sale 88
1996 AO
June'29
87
87
102
10214
5 101 10514
Div.
! 1st lien & gen g 48 1944 J J 9014 __-- 9014
94
89
3
S A & Ar Past 1st gu g 45_ 1943 -I2 8834 Sale 87
9014
8912 33
10-yr cony 6s
8678 91
1929 MS ____
250 July'29
13212 250
Santa
Pros
MS
Fe
A
Filen
59_1942
let
1003
4
102
Apr'231
102
Pocah C & C joint 4s
102 102
1
4 Sale 9138
_1941 J o 91/
9114 9593 Say Fla A West let g 69
9139
2
1934 AG 10178
104 July'29 ---- 1021
North Cent gen & ref 58 A_1974 M
/
4 106
10778 Jan'29
107/
1
4
1
4 107/
1st gold 69
1934 AO ____
9814 Apr'29 -Gen & ref 4442aer A stpd_1975 M
9304 10012
96
9634 97 Apr'29
9 99
957
Scioto
V
&
N
MN
E
1st
4s
gu
g
1989
9842 90/
89-12 90
90
North Ohio 1st guar g Se _ _1945 AO ____ 9278 96 Feb'29
2
1
4
0614
90
Seaboard Air Line let g 42_ 1950 A0 55
74
1
70
70
Norch Pacific prior Ilen 4s _ _1997 Q J 87 Sale
74
64
8614
8434 90
Gold 4s stamped
31
87
1950 AG 65 Sale 64
65
14
6378 7514
Registered
1997 Q J 8338
July'29
8414
83
Adjustment
/
1
4
FA
89
58
Oct 1049
4712 Sale 4512
4712 233
Gen lien ry & Id g 3s_Jan 2047 Q F 6338 Sale 6338
3594 51
8019 6712
64
17
Certificates of deposit
47 Sale 4412
4714 226
411
/
4 4714
Registered
Jan 2047 Q F
62 Mar'29
62
6312
Refunding 4s
5114 Sale 511 4
1959
5414 68
Ref & Impt 440 series A...2047 ii 94
5114 6012
9412
95
987
94
let
95
8
A cons 6s series A
6
1945 58 S 6634 Sale 6434
212
70
Ref & Impt 65 series B....__2047
643
4 80
110 Sale 10934 11012 101 109 11312
Registered
M S
75 Mar'29
_
Ref & irnpt Eal series C._ _ _2047 J
75
75
10134 10278 10218
103
Atl & Birm 30-yr let ft 46_61933 M
10 10012 105
8212
85 July'29
Ref & Impt 5s sertes D_ _ _2047 J
81
89
10114 Sale 10114
1043
9 Seaboard All Fla let gu Os 9-1935 P A 60 Sale 5912
103
4 101
60/
1
4 178
Nor Pac Term Co 1st g Os_ _1933 J 2 1093
5912 7114
Feb'29
1003
10934
4
109
Series
/
1
4
B
P
A
1935
____
577
9
5978
5978
Nor Ry of Calif guar g 58.._1938 AO
1
5978 7012
410112 99 Mar'29
99
90
Seaboard A Roan let Is extd 1931 J J
9712 98 Dec 28
_
SANAlaconagug 5a
1936 P A
10018 May'29
North Wisconsin let (is_
lOOle
inoTa
_1930 .1 .1 9918
Sept'28
100
Gen
A0
cons
guar
50-yr
5a_
102
1963
1-0-512 107 Mar'29 - - - 10134 107
Og & L Chain 1st gu g 43_1948 J
77
78
77
77
16 "iii8 83
Ohio Connecting Ry let 4s__1943 MS
_
9539 Nov'28
So Pac roll 45(Cent Pao col) k'49 J O 87
_
88
87
Ohio River RR let g 59_ __ _1938 J D 9912 100
88
125
96/
1
4 9178
0918
98 July'29 _ _ _ _
98
Registered
J 1)
87
,
93 ,
34
e'3
7 Jun
_
219
2 ___3
General gold Is
8514 13779
1937 AO
9912 July'29 -- -6614 100
1st 44413(Oregon Lines) A_1977 M ft' 9211
Oregon RR & Nay con g 429914
93
3D 87
85
95
92
85
/
1
4
19
46
29-year
8714
13
cony
3D
53
10018
1034
Sale 10018 1001
Ore Short Line let cons g 5a_1946 2.3 10018 10212
/
4
971
/
4 101/
1
1
4
10112 10638
10112 June'29
Gold 449e
1089 M
9212 Sale 9138
984 9712
9212 63
Guar stpd cons 5s
1946 -I -I 102 10414 102
106
Gold
102
102
7
w
MN
I
May
4442
11968
967
8
Sale
999,
9614
0719
Guar refundiag 4s
923
971
/
4
1928• D 9938 Sale 9918
997, 9991
San
9912
Fran
30
Term
let
4s_ ___1950 AG 8634 871
/
4 8678July'29 _ _ _
Oregon-Wash let & ref 49..1961 ▪ I 8514 Sale
8678 91
85
8412 891s
8512 48
Registered
AG
Pacific Coast Co let g 58_ _1946 J D 71
83
83
71
7312
8(.;
So
70
Pac
71
1
of
Cal
MN
1st
con
gu
g
69_1937
1661
.
9
18
031 NJIZ:229
Pao RR of Mo let eat g 45..1938 FA
100 103
8914
8912 July'29 __ _
8914 9419 So Pao Coast 151 gu g 449._.1937 J
_
2d extended gold 58.
9514 Apr'29 -9514 95,2
1938 J , 9634 98
97 July'29 _
Ws 99
So Pao RR 1st ref 4s
1955• I 8812 Sale 85
61
89
Padl:cah & Ills lets f 44/9_1955 J J 9518
92/
1
4
85
9112 98
9112 June'29
Registered
J
J
Mar'29
903
4
Paris-Lyons-Med ER extl Os 1958 FA 9934 Sale 9938
90
9034
971,
1111
Southern Ry let cons g 5a___1994
100
147
iOL dale 105 10512, 28 1049344 110
Sinking fund external 7s_ _1959 MS 105 Sale 10312
10113 105
105
61
Registered
J
J
10312 10312 10 10312 108
Parls-Orleans RR s I 713_ _1954 MS
10338 Jan'28
Devel A gen Is series A_ __1958 AG 8579 Sale 85
_
Ext sinking fund 514s_
86 1 56
831s 89
INS MS 9534
9614 42 .6iRegistered
AO
Paulista Ry 1st & ref s 1 is _ _1942 MS 10018 10218 9538
100
100
Develop A gen 6s
2 100 104
AO
1958
1.1221
8 -2
2'
18
17
-7 jai; 1-1111144 S11
Develop & gen G490
1959 AO 11834 Sale 118
Pennsylvania RR eons g 49_1943 M N 9234
61 117 123
120
_91 May'29
931
/
4 95
Mem Div 1st g 5s
1998.3' 10212 Sale 10212 10212, 6 I0212 10614
Consol gold 4s
9012 -6i 9214
8938 94
9214
St Louis Div 1s1 g 4.
5
1951 J J
42 sterl stpd dollar_May 1 19
- 8538 86 July'299-N 9039 9212 9214
94
49
8
86
89
90
East Tenn reorg lien g 5a_ _1938 58 S
9334
Consol sink fund 444e___ - 19611 F A 9938 Sale
_ 0834
9614 100
98341
5
9912 July'29100
971
Mob & Ohlo coil tr 4s___ _1938 MS 0834--/
4 101 1z
27
86
General 4499 aeries A ___ _1965 J 1) 9612 Sale 95
8912 8514 July'29 ___ 8514
9312
9612
931.1
64
10012
General 58 eerles 13
1968 J D 10438 Sale 10414
10434 22 10214 10812 Spokane Internal 1st g 5s_ _1955
'IS
10-year secured is
67
70 July'29 1 _ _
674 8111
1930 A 0 101 Sale 101
10178 62 111038 10378 Staten Island Ry 152 4449.....1943
D
15-year secured 6345
86 Nov.28'..__ _
1938 F A 108 Sale 10712 10919 60 10634 111
Sunbury dr Lewiston let 4a_.1936
Registered
05 Apr'289____
F A
Superior Short Lino let Is. _6193( M 8 98 100 09 Mar'29
40-year secured gold 59_ _ _1964 M N 10113
41
'
1;2218
4 49 101 fthi
Tern, AgRO of St I. 1st g 4449_1939 A0 9638 ____ 9639 July'29 ____ _ -Oa- "iPa Co gu 344e con tr A reg._1937 M S
_
t* 98
90 July'29 _ _
8934 90
1st cons gold 59
1944 FA 10038 10234 10234 July'20
Guar 3442 coll trust ser B_1941 F A
9814 103
8612
June'29
8412
8712
Gen refund s I g 45
1963 .1 J 86
8712 86
Guar 3449 trust ctfs C___1942 J D 8398 _
88
8
85
90
833
9 May'29,_ _ _ _
Texarkana & Ft S let 5449 A 1050 FA 10012 Sale 10012
8338 89
Guar 344s trust etre D__ _ _1944 J
101
42 10019 104/
8138 94
1
4
Tex A N 0 coin gold 55
8114 85
1943 J J
Guar 15-25-year gold 4s_ _1931 A 0 9718 987 8114 July'29
03
98
9838
8
987
8
9612 991
/
4 Texas & Pac let gold 58
5
2000 J D joi"
Guar 45 ser E trust ctfs___1952 M N 8614
19
08
315 Na
2.--3
10
r.3
- 10312 1093s
219
8812 86 July'29
_
8539 92
2(1 inc5a(Nfar'28cpon)Deo 2009 Mar 06
Secured gold 41is
95
May'29
2
_
3
1963 M N 97 Sale 0634
95
95
9734 55
9519 991
OPU & ref 5s series B
/
4
1977 AO 96
Pa Ohio & Det let & ref 4328 A'77 A 0
97
1
96 10214
94
94
94
92
2
Gen & ref be series C
9714
1979 AG 9693 Sale 96
Peoria& Eastern let cons 49_1940 A 0 8012 Sale
292
97
9952
06
83 83
83
2
811
La
/
4
Div
87
Iii.
•
J
let
1931
g
58
993
8
Income 4s
10018 100
10018 21
April 1990 Apr. 37
9715 10112
40 July'29 ___ _
36
Tex Pac-Mo Pac Ter 544s._1964 MS 102
45
Peorla & Pekin UD let 5449_1974 F A 10014 41
____ 102 July'29
10019 10614
Sale 10014
101
5 1(D 103
Tol & Ohio Cent 1st gu 619_1935 J J 9712_ 9912 Mar'29
Pere Marquette let ler A 59_1956
9111 10112
J 10078 10179 10038
10112
100
29
Western
10479
Div let g M
1st 4s series B
1935 A0
16
96
7124 19
063 Ap;'729 _ _
1956.3 J 8612 Sale 8612
9959 103
8612
5
86
917s
General gold 59
1935 3D
15 10012
Toledo Peoria & West 1st 45_1917
J
Phila Ball & Wash 1st g 413_ _1943 M P4 91
12
15 Nov'28 -____
91
July'29
Si)
05
Tol St LA W 50-yr g 4s_ __ _1950 AG 8734 897
General 59 series B
88
- -2
8 8734
1974 F A 101 109 110714 May'29
107 108
Tol W V & 0 gu 4SO A_ _1931 J J 9414 ___ 98 Apr'29
Phillippine Ry 1st 30-yr 9 1 4s '372 .1 33
95
98
34
33
33
32
5
39
11 guar 4449 serial B....1933 J J 95
Pine Creek registered 1st 69_1932 J D
9598 Apr'29
95/
1
4 953s
101 July'29
101 103
let guar 4s settee C
Pitts A W Va lot 444s
MS
1942
1958 J D 92
__
Mar'29
973
8
_
973s MS
92 July'29
92
96
Toronto Ham & Buff 1st g 481948
P C C & St L gu 410 A _ 1940.A 0 9734 94
D 843
904 89
86
/
4
8414 881
9738 July'29
953s 99/
1
4
Series B 444s guar
1942 A 0 9738
9798 July'29
964 10012 Ulster & Del let D0118 g 5s._ _1921' 3D 75
&des C 4495 guar
82
1942 MN 9912 --__ 9712 Apr'29
79 July'29
29 _ __
21_
50
85
9712
993
4
Certificates
Serles D 4s guar
of deposit
7638 Sale 7638
1945 M N 9614 _
761
/
4
55
1
89
9614 July'29
1141, 0613
let refunding g 4s
Series E 334e guar gold_ _1949 F A
1952 W11 34
4734 4734 July'29
33
_
6212
93 -___ 93 June'29
Union Pac let 11.11 AId gr't 491947 J J 93 Sale 9218
93
93
Series F 4s guar gold
1953 J D 9614
9319 72
14
95
91
May'29
!
9614
949?
9614
Registered
J J 8
Series G 4s guar
907 Sale92 14 8
1957 91 N 0614 ____I 9614 July'29
9
,
0 July'29
_
92
90
let lien A ref 4s
9612
95
Series II con guar 45
June 2008 91
1960 F A 9614 --__ 9612 May'29
8718 16
85
00/
1
4
9612
95
Gold 4942
Series I cons guar 430_ 1963 F A 96
1967 J J
?s
92
9012
_
963
4
June'29
9638 100
/et lien & ref 6e
June 2008 94 8 10
Series J cons guar 444s_ 1964 M N 9678 ____
96
5:
11 6
106
a172 10
96
5:4
8
10
96
53
%
, 423 10514 10914
97 June'29
96'78 9934
40
-year
gold
49
General NI 5s series A
1968
J
8518
1970 J D 10312 Sale 10312 10312
85
8518
11
8314 8914
6 10314 10919 U N J RR & Can gen 4e_ __ _1944 IN 8 91 Sale
Registered
93
91 July'29
J D
96
01
_ 102
Utah & Nor let ext 4s
102 102
1933 J .1
Gen ridge guar 59 ser B__ _1976 A 0 10318 104 10312 June'29
96 Nov'28
104
Vandalla
10212
10812
cons
58
g
49
series
A
1955
F
9034
A
____ 9212 Apr'29
Registered
A 0
__
921
. -14Y4
_ 11312 Jan'28
Cons s 1 49 series B
1957 M N 9034
'
__
92
9414
Vera Crux & P assent 4348_1934 --1312 15
Pitts McK & Y 1st gu 69____1932 J J
12 June'29
12
1712
10114 Apr'29
1011
/
4 101,4 Virginia Mid 68 series F
1931 M
9791 99
2d guar Be
075a July'29
1934 j 1 ioii,
_
973
9
10319 July'28
10019
General 56
1936 M N 99
Pitts Sla & LE 1st g 5s
9978 9812 July'29
1940 w 0
9614 100132
1001
/
4 9978 June'29
Va
&
i975
Southw'n
10012
1st
2003
5s
gu
J
95
1M consol gold 59
96
9778 July'29
1943 J
10612
9778 100
10014 Aug'28
let cons 50-year 50
1958 A 0 Pitts Va & Char 1st 48
8834 8814 July'29 __ _ _
N
1943
8814 9514
9918 Sept'28
Virginian Ry let 59 series A.1962 M N 101 12 102 1013
Pitts Y & Ash lat 45 ser A _ _1948 J o 9114
4 10218 26 10018 104/
_ 9112 Apr'29
1
4
9114
Wabash
93'.
let
RR
gold
58
19391
0
N
10014 Sale 10014
let gen 5s series B
102
1962 FA
7 10014 10314
10314
_-. 10312 May'29
2d gold 59
1939 F A 97_ 9538
10318 10312
1st gen 58 series C
97
4
1974 .30
9538 1011
/
4
Ref
&
gen
f
544s
ser
A
1975
M
S
10112 103
Providence Secur deb 49._ 1957 MN _
103
100 10414
73
71 June'29
Debenture 13 65 registered.1939 J
Providence Term 1st es_ _ _1956 M
16_ 881
/
4 May'27
77
84
let lien 50-yr g term 48_ I954 .1 J -iti‘
_ 84 84
Reading Co Jersey Con coil 49 '51 AO 9112 gale 91 May'29
887
8
Nov.27
__
12
Del & Chic ext 1st g 6s
9112
90
9311
1941 J J 100
._ 100 July'29 :::: icia" 10;
Registered
AO
9434 July'28
Des Moines Div let g 4s_ _1939 J
Gen & ref 434s series A..1997 J J 953
-8-5
88
Jan'29
4 Sale 9434
H8
88
9534
-9978 Omaha Div Isle 3.44s
92
1941 A 0 7818 7934 80 July'29
Rensselaer & Saratoga 6s__ _1941 MN
9714
0018 Mar'21
78
Tol & Chic Div g Is
85,
9
1941 M S _90 9012 Mar'29
Rich & Meek 1st g 45
__
1948 MN
7818 ay'28
9012 9012
Wabash Ry ref & gen 59 B._1976 A ()
Richm Term Ry 1st gu 5s_ _1952 .1 .1 ins _ 79
8
sale
9618
963.4
13
_
Feb'29
01
9412
100
/
1
4
Ref
&
102
-5aTt
gen
4
A
F
_1978
series
4-42
C__
Rio Grande June let gu 59...1039 J o
87 Sale 87
8714 42
93
9238 June'29
9178 9238
98
8414 90%
Rio Grande Sou 1st gold 45_1940
6 May'28
_ Warren 1st ref go g 3448____2000 P A ---- 8034
Guar 4s (Jan 1922 coupon) '40•
83 Nov'28
.1 .1
Apr'28
712
Wash
Cent
1st
gold
Is.
Rio Grande West let gold 49_1939 ./
1948 QM
8414
Mar'29
-8712
8414
16-- 8712 8734 5 8114 9214 Wash Term let gu 341s
8-424
let con & coll trust 413A 1949 AO
1945 FA 8212 87
8212 July'29
8212 86
8112 82 81
82
1st 40-9ear guar 45
16
87
78
RI Ark & Louts 1st 4 449
1945 FA
1934 MS
88 July'29
79/
1
4 01
95
93
11679 W Min WAN W let gu 5a-1930 P A 97
40
Rut-Canada 1st gu g 4s..._1949 .3-I 9434 Sale 9314
99
97
Feb'29
70
80 81 July'29
97
West Maryland let g 411-97
81
81
Rutland let con g 4442
1952 A0 7714 Sale 7714
1941 J J 81
7712 50
let & ref 519s serlea A..._1977
77
81 July'29
88
82
8019 901
/
4
J J
95 9412 9512
9
92/
1
4 100
West N Y & Pa 1st g 58
J
1937
St Jos & Grand Tel 1st 49_1947 J
J
.
,
iooTa
_ 991 . 9912
84
89 84 July'29
9814 1011
Gen gold 45
/
4
8814
83
1943 AG 8439 Sale 8438
St Lawr & AdIr 1st g 5e......1996 .1 .3
8438
2
8419 911
9412
/
4
9412 1047s Western Pac let ser A 5a
3
96
2d gold 69
1948 MS
1996 A 0 100
9812 117
102 100 July'29
9695 100
West Shore let 45 guar__ _2361 J 2 9814 Sale 9778
100
100
St L & Cairo guar g 45
8512 Sale 82
1931 J J
86
12
82
9512 9718
13811
Registered
St L Ir Mt & S gen con g 58_1931 A 0 081,4 Sale 9694 July'29
2361 J J 8214 Sale 811
/
4
8214
18
9812
Wheellng & Lake Erie-97 101
99
811s 88%
Stamped guar 59
1931 A 0 9859 9834 10134 Dec'28 55
Ext'n
A
Rapt
gold
5a
&
RP? G Div IM g 4s- --1933 M N 9314
1930 FA
9112 100 Sept'28
Sale 9234
Refunding 4449 series A 1966 M
9314 76 -9499, -9484
St LM Bridge Ter gu 5a 1930 A 0 9712 Sale
8119
__ 8538 May'29
-3-632
- -0-64
97
Refunding 5s series 13
9712
2
9634 100
19(6 MS
St I9San Fran pr Ben 45 A1950 M
100 102 Fe1920
8418 Sale 84
102 102
8312
RR
843
4
lot
49
8912
comic,'
48
Con M 4449 series A
1940 81 S 8412 ____ 83 June'29
1978141
53
8512 Sale 8512
8931
8714 180
8381 9012 Wilk A East let gU g 15
Prior lien Egs series B
1942 • D 6518 6719 6512 July'29
1950 J .1 9914 Sale 9914
6539 74
9912 101,8 Will& SF 1st gold 58
100
29
1938 • D
99 Apr'20
99 10058
12
g;l-e- 141i,
2
vii
-
d Due May. 8 Due June. 4 Due August.
New York Bond Record-Continued-Page 5
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 26.
Price
Friday
July 26.
Week's
Range or
Last Sale
17a
Range
Since
Jan,1.
BONDS
N. Y STOCK EXCHANGE
Week Ended July 26.
609
Prke
Friday
July 26.
Weekr,
Range or
Last Sale.
Range
Binge
Jan.1.
High No. Low
Bid
Ask Low
High
Bid
Ask Low
High
High No Late
86
64
55
9778
Cuban Dom Bug let 7348-1944 MN 64 Sale 6112
9112 86 July'29
85
86
Winston-Salem S B 1st 4e___1960.2, 86
3
10012
10012
J
J
100
Sale
99 103
58___1937
Cumb
T
&
T
1st
&
gen
J
J
Sale
17
79
7812
Win Cent 50-yr let gee 48-1949
7612 8414
7812
2
9814
9712 102
20
8412 9112 Cuyamel Fruit ist f Ple A_ __1940 A0 9814 9912 98
877
Sup & Dui div & term let 45'36 MN 8734 Sale 8738
76 Dec'27
Denver Cons Tramw let 58..1933 A0
9138 Dec'2
Wet d& Con East let 448____1943'.2
SW% 101
9912
Den Gas drE L let & refit g 53'51 MN 9912 Sale 9834
INDUSTRIALS
9
9834
96 101
1951 MN 9834 Bale 98
Stamped as to Pa tax
Abraham & Strang deb 510_1943
63 May'29
63
68
73
AO 11012 Sale 11012 11212 58 10212 120
Dery Corp (D(3) let 5 f 7s_ _1942 MS 58
With warrants
55
____ 5378 55 July'29
70
Second stamped.............
94
Adriatic Else Co esti 7s _._1952 A0 981s 9912 9834
9834 11
9634
1001s 16
98% 102
5
8314 8834 Detroit Edison 1st coll tr 58,1933 JJ 10018 Sale 100
8418
Adams Express coil tr g 4.__1948 MB 84 Sale 84
15 100 104%
10034 Sale 10058 101
12
lit & ref 5e series A_July 1940
81
85
76 10714
76
Ajax Rubber 1st 15-yr e f 85_1935 3D 89
2 10018 10414
1949 AO 10034 10118 10034 10034
MS
Gen & ref Ss series A
318 12
34 4
Alaska Gold M deb 61
312 June'29
4 10512 108118
1st & ref 6e series B__July 1940 MS 10612 Sale 10612 107
318
3 Apr'29
3
Cony deb 6e series B
1926 MS
8
5 1004 104%
101
2
1955 213 101 Sale 101
Gen & ref 5eeer B
9112
9112 9834
9112
/Many Pefor Wrap Pato 68_1948 A0 ____ 94
7 10012 10518
1962 FA 10118 10434 10214 10214
Seriee C
98 11112
Allegheny Corp coil tr 58_ _ _ 1944 FA 10912 Sale 10812 11112 1548
2
9612 9712 9658
9612 98
9712
D 110 Sale 10812 11112 1579
9734 11112 Del United 1st cone g 414e 1932
Coll & cony 58
1949
97 10578
10012 377
9918
7
1940 MN 100 Sale 100
Dodge Bros deb 6s
Allis-Chalmers Mfg deb 5/1_ _1937 MN 99 Sale 9812
98 101
6
825s
80
88
2
1942 MN 80 Sale 80
Dold (Jacob) Pack let6e
95
9034 97
Alpine-Montan Steel 1st 7e_ _1955 MS 95 Sale 95
99 98 July'29
90
98
17 10312 10812 Dominion Iron & Steel 513_ 1939 MS 90
106
Am Agee Chem let ref s f 7145'41 FA 105 Sale 105
9
10118
9884 102
1942.2' 10112 102 10118
9
Donner Steel let ref 78
87
Amer Beet Sug cone deb 65_1935 FA 8612 Sale 8612
80
90
40
MN
102%
104
Sale
1037
8
1013
4
1054
eer
A
'66
A0
6
Duke-Price
Pow
let
13s
95
945
8
95
9512
1933
9312 99
American Chain deb s 1 6e
9738 21
2
9612 1007s
1931 MN 98
9812 9812
Am Cot011 debenture 5s
9812
98
9914 Duquesne Light 1st 410 A 1967 A0 97 Sale 9678
26
87
78
97
Am Cynamld deb 5$
1942 AO 9412 Sale 94
9434 85
9382 9612 East Cuba Sag 15-yr.f g 7 '37 MS 87 Sale 85
July'29
J
935
8
9418
9412
934 97
J
D
9
91 Sale 91
9118
Amer Ice s f deb 58____
1953
8714 9212 Ed El III Bkn 1st con g 45_1939
10512 11075
Ed Elea III let cons g58
135 1665
1996.2' 10618 10858 10553 June'29
9518 135
Amer 30 Chem cony 634s_1949 MN 12114 Sale 120
Edith Rockefeller McCormick
11512 614 101 116
Amer Internet Corp cone 5;is'49• J 11114 Sale 110
101 Sale 10034
9934 1021$
10114 76
Trust coil tr 6% notes__ _ _1934
1939 A0 10334 10414 10334 July'29
AmMaeh&Fdyst6s
10334 1044
9114 90
8712 96
9134 25
Else Pow Corp(Germany)6145'50 MS 90
American Natural Gas Core.
93
9134
913
4
90
9518
0
9158
6148.1931
Sale
67
A
Horn
Coal
lit
&
ref
78
'42
78
79
Deb 634s (with purch warr)
7512 96% Elk
2
74
7344 811s
7318 7512 74
Deb 7% notes(with warets)'31
10012 35
Am Sm & R 1st 30-yr 5e ser A '47 A 0 100 10012 9934
984 102
2
98
9812
Sale
9812
987
s
1004
_1932
34
Equit
Gas
58_
10318
Sale
Light
let
con
10234
Amer Sugar Ref I5-yr 68- -7037
104
10112
104%
J
9
9214 9674
9512 Sale 95
9512
Am Telep & Teleg cony 4s_ _ _1936 F A 9412 96
96 July'29
9178 9712 Federal Light & Tr 1st 58_1942
93
95
95
924 97%
9518 10
let lien s(65 stamped_ _ 1942
1933 M is 9814 Sale 9814
20-year cony 414s
98 101
9812
7
102
Sale
102
101
104
10212
Jo
stamped
1942
1015s
69
let
lien
69
Sale
1946
10112 102
30-year coil tr 58
101 1047e
9632 101
9512 9734 9838 July2'9 ---J O
1954
30-year deb (Ss ser B
_ 101 Feb'29
Registered
101 101
1
100
9878 105
137 10114 10558 Federated Metals if 78
1939 in 100 10012 100
35-yr f deb 58
1960 J 3 10214 Sale 10214
103
132
2 130 171
20-year f 514e
1946.2' 128 132 132
1943 MN 10518 Sale 105
10512 137 10412 107% Flat deb 78 (with warr)
9312 Sale 9314
924 103
9414 40
Cony deb 4128
1939.2 J 18912 Sale 16512 191 15202 12014 191
Without stock purch warrants_
MS
105
Sale
105
10538
24
103 11472
1941
0
2
A
Rubber
lets
f
88
10318
Found
1940
Fisk
10412
Type
deb
(le
104
Am
104
102 10514
10312
9 101% 10612
Am Wat Wks & El col tr58 1934 A 0 9834 Sale 9714
96
9834 46
9938 Frameric Ind & Deb 20-yr 734s'42'.3 10134 103 102
16
9934 9934 100
9712 199
Deb g 68 eer A
1975M N 103 Sale 102
10312 27 101 10534 Francisco Sugar lets f 7 As _ _1942 MN 99
10212 85 10034 10234
19
Am Writ Pap 1st g Os
1947 J J 8112 83
8112
82
77
8512 French Nat Mall SS Lines 75 1949 J O 10214 Sale 102
95
87
29
84
1943 FA 87 Sale 84
60 10334 10534 Gannett Co deb 6s
Anaconda Cop Mln let 6s
105
1953 F A 1048 Sale 10438
100 July'29 __
100 106
Gas& El Of Berg Co cone g 551949 J D
_ 103
Registered
Apr'29 - - 102 103
gZe- 106
10712 72 103 10912
I5-year cone deb 78
1939 AO
1938 F A 173 Sale 17312 176
Gee Asphalt cony 138
49 160 268
29
98
9634 100
1947 J J 9714 Sale 97
Registered
Gen Cable let s f 534s A
_ 200
Jan'29
196 200
9458 July'29 ___ _
94% 96
1942 FA 9458 95
902 15
Anglo-Chilean I deb 'le__ -1945,M N 9512 9612 95
Gen Electric deb g 3348
9312 100
14
10314 9912 101
J J
9912 1044
Antilla(Comp Azue)734s_ _1939;.1 J 5914 Sale 5812
16
60
58
797s Gen Elm (Germany)75 Jan 15'45 J O 10012 Sale 12112
122
12212 10 11118 12514
Ark & Mem Bridge & Ter 5e-1964 M S 94
St deb 634a with Warr_ _ _ 1940
07
94 June'29 - 94 10312
97
9534
9614
9
9134 994
Armour & Co let 434e
1939 J D 89 Sale 8834
Without warr'ts attach'd '40 J D 95
8738 92%
8958 56
9412
88
9012 89
9012 20
1948 MN 89
20-year.f deb Os
Armour & Co of Del 5188.-1943 J J 88 Sale 8778
8812 71' 87% 924
102
118 100 1034
1937 ✓ A 10134 Sale 10114
Aesoclated 0116% gold notes 1935 M S 10112 102 101 July'29 --- 100 10312 Gen Mot Accept deb 68
9935 10211
101
3
Atlanta Gas L let 58
1947 J D 10134
1940 FA 101 Sale 101
Gaol Petrol let f 5s
_ 106 Nov'28
9812 100
9934 319
Atlantic Fruit 7s etre dep__ _1934 J D
1258
Genl Steel Cast 514e with war '49 J , 9958 Sale 99
1258 May'28 -9718
5
AO 9718 Sale 97
95 100%
J D
Stamped Ws of deposit
1258 ____ 1258 May'29
1258 T2-5; Good Hope Steel & I sec 7s 1945 J .1
71 10682 1084
1063
4
107
1063
4
10758
Atl Gulf & WI SS L col tr 14_1959 J J 73 Sale 7234
Goodrich
(BF)
Co
y413_
_1947
1st
6
7314 35, 67
77
95
92
118
91
Atlantic Refs deb 519
1037 J J 101 Sale 101
10134
8 100 10212 Goodyear Tire & Rub 1st 5s_1957 MN 91 Sale 91
1
94
93 100
96
94
Baldw Loco Works let 58_1940 M N 10612 10712 10612 July'29
106 10712 Gotham Silk Hosiery deb 60_1936 J O 94
1
✓
A
7712
7612
763
4
7712
Baragua (Comp As) 718e_ _1937 J J 86 Sale 86
68%
81
Gould
Coupler
1st
s
194
f
6e
7
8312 99
86
994
18
96
98
Batavian Pete gee deb 410..1942 J J 92 Sale 9112
23
92
8912 9312 Gt Cons El Power(Japan)70_1944 FA 9714 Sale 9714
9512
89
9038 16
Beldsng-Hemingway Os
let&gensfoj4s
1936.2 J 9018 95
3
1950.2' 8912 Sale 89
9012
9034
8334 9434
Bell Telep of Pa 5/1 eries B_ 1948.2_
10612 Apr'29 _ _ _ _ 10434 107
37 102 10512 Great Falls Power Islet 513_ _194 MN
J 103 Sale 10278 104
5
let & ref te series C
96
99
9818
1960 A 0 104 Sale 104
7 104 10814 Gulf States Steel deb 5Xs_ 194 J D 98 Sale 98
10412
8212 874
Berlin City Elec Co deb 614e 1951 .1 to 02 Sale 9034
Hackensack Water 1st 48
195' J J 8412 8754 84 July'29
32
02
89
95
Deb sink fund 63s
9618 Nov'28 _
1959 F A 9114 Sale 91
Hartford St Ry let 45
1930 MS 9614
56
92
91
92
FA 8314 ____ 82 June'29
Berlin Elec El & Undg 6 Me_195o A 0 8918 Sale 89
80 87
Havana Elec con.sol g
88511 94
9118 28
Beth Steel let & ref Se guar A '42 M N 100 Sale 99
59 7012
6714 Sale 66
6714 23
Deb 5148 series of 1926_1951 M
9778 104
10012 15
9338
9358 25
30-yr p m & imp I Pos.. _1936 J J 99 Sale 99
83
Hoe(R)& Co let 6148 ger A.1934 A0 9218 Sale 92
32
101
9712 102
103%
MN
100
101
10214
101
July'29
Cone 30-year 65 series A._1948 F A 10414 Sale 104
Holland-Amer
Line
6s
(HA
_1947
131
10212
10534
10434
85
71
73
92
Cone 30-year 51455er B
1953 F A 10258 Sale 10178 10234 46 10034 10414 Hudson Coal lets 158 eer A_1962 J D 72 Sale 7112
1
99 105
Bing & Bing deb 614.
100
Hudson Co Gas let a5.9
1940 MN 100 Sale 100
7
1960 M 8 94
84 100
95
9512
9512
10058 54 100 1024
Botany Cons Mille6 lie
11
1934 A 0 60 Sale 60
61
7414 Humble Oil& Refining 5148_1932 3' 10014 Sale 100
60
9912 1014
10058 67
Deb gold 58
1937 AO 100 Sale 100
4
Bowican-Bilt Hotels M
1934 M S 97
9612 100
9858 9653
96%
J D 10214 Sale 10214
10212 20 10114 104%
11'way & 7th Av 1st cons Pa _ _1943 J D 1
66
67
774 Illinois Bell Telephone 58_ 1956
6778 67
4
9834
9372 100
9812 9814
Brooklyn City RR 1st 5s_ _ _1941 J
1940 A0 98
85
9114 85 July'29
83
9212 Illinois Steel deb 412s
_ 103 10312
10312 103 May'29
1946 AO
Bklyn Edison Inc gen 5s A _ _ 1949 J .1 103 10312 101
10378 18 101 1054 Ilseder Steel Corp If 75
924
8312 16
81
Mtge tie
1948 FA 8312 Sale 8112
General 6s series 13
16
1930.2 J 102 Sale 10034 102
9934 103
15
MN
8512 92
88
Aklyn-Man R T sec 69
87
1968 J J 9112 Sale 91
91
92
9834 Indiana Limestone 1st s I 65_1941 MN 8612 Sale 8512 July'29
9712
102
_10118
____
10118
Nat
Gas
1936
Bklyn Qu Co & Sub con gtd 5e '41 MN 7658 Sale 69
&
01165
Ind
2
7658
63
781/
103% 15 10118 105
1952 MN 10314 Sale 10314
let be stamped
1941 J
7618 80
83
Jan'29
80
82 Indiana Steel let Si
9038 121
89% 93
1978 A0 90 Sale 8934
Brooklyn It Tr let cony g 46_2002 J J 85
82 June'29
9212 9212 Inland Steel let 4348
MS
10118
10114
10118
10118
3 100% 10212
1931
Inspiration
Con
3-yr 7% secured notee_ _ _ _1921 J J 105
Copper
63411
____ 10614 Nov'28
1912 1912
912 20
1912 May'29 _ -Bklyn Un El 1st g 4-58
1956 A0
1950 F A 8958 8978 8718
4 -iii4 9213 Interboro Metrop 43.4s
8718
6218 sale 6018
8218 84
601s 794
Interboro Rap Tran 151 58_1966
Stamped guar 4-5e
4
1950 F A 87 Sale 8512
8758
93
33
155
60
7912
615
8
Sale
6018
6178
Bklyn Un Gas let cons a 5s 1945 M N 103 105 105 July'29
Stamped
10212 19614
76
7612
76 Mar'29
let lien & ref(is series A
Registered
1947 M N 11412 11634 106 June'29 _
11412 118
AO 5154 Sale 4912
52
36
4912
84
-year
65
1932
Cone deb 512e
10
1936.2 J 410
__ __ 402 July'29
354 402
9112 9012
9112 23
Buff & Sum Iron ist s 5e_ _ _1932 J D 9212 ____ 9212 June'29 - - -9012 9934
10-year cony 7% notes__ _1932 MS 90
9212 954
Bush Terminal let 48
92 July'29
9012 95
Inc Agric Corp let 20-yr 58_ _1932 MN 9212 95
1952 A 0 8614
86 July'29 ---85
88
7812 8112
81
Consol fool
8112 7612 July'29
Stamped extended to 1942_ -- M
1955 J
3
93
_943
- 8 9412
9458
91
9934
Plush Term Bidge 5e gu tax-ex '60 A 0 10014 101
104 Sale 10212 105
250
9914 11812
9412
9958
6
9412 104% let Cement cone deb Se__ _1948 M
945
8
Sale
9412
95
By-Prok Coke 1st 534e A_ _1945 MN 10014 Sale 100
93% 99
89
Internet
Match
M
N
deb
55
1947
10014
3 100 102
9912 102
Cal G & E Corp unit & ref5s_1937 M N 100 101 100
10012 23
Inter Mercan Marines t68,_1941 A 0 10018 Sale 100
10014
6
994 103
8412 96%
Cal Petroleum cone debs f be 1939 F A 9512 Sale 9512
804 19
Internet Paper 5eser A & B _1947 J J 8434 Sale 8412
96
15
9512 102
88
91 I 33
1938 M N 9814 9858 9853
97
8912 Sale 8914
Ref 8 f 6s ser A
Convdebels4s
1955 M
9958 38
9814 10314
J 92 Sale 9178
Camaguey Sug let ef g 79.._ _1942 A 0 8312 Sale 81
92141 46
8912 9512
4
8312
75
9712 Int Telep & Teleg deb g 418e 1952,J
logh
Canada SS L let & gen 6s
1941 A 0 9734 9814 9758
16618
Sale
163
1693
4
3072
170
deb
434e
Cony
1939'J
J
4
2
9734 14
4
11009
Cent Diet Tel let 30-yr 5s...1943 J D 10134 10212 10134
10134 Sale 10134
10218, 10 101 105%
Kansas City Pow & Lt 5s
19521M
10134
9714
1 10
Cent Foundry 1st af6e May 1931 F A 95
1st gold 4)0 seriee
9738 9778 Apr'29 -- 19571L „J 10134 Sale 98 Mar'29'_ _ __I 98 10012
9/112
96
Cent Ilud G & E 1st 58_ _Jan 1957 kl S 100 102 102
10334 Sale 10334 105181 32 102 106
Kansas Gas do Electric 6s_ 19521111
102
5 100 102
Central Steel let it f 8e
97
9012
1940 M Ps 12212 Sale 12214
86
86 Sale 86
11146 M
12212
5 122 12412 Keith (B F) Corp let 6s
Certain-teed Prod LAB A _ _ _1948 M
90% 9653
9212 34
Kendall Co 512e with warr_ _1948 M 13 9112 Sale 9112
70 Sale 70
7518 39
83
68
Cespedes Sugar Co let e f 7 Me'39 M
85 95
Keystone Telep Co 1st 58_1935 J J ____ 8778 90 July'29 _ _
9158 9334 9158
9158
2
90 100
Chia City & Conn Rye 65 Jan 1927 A 0 83
10012 10412
Kings County El & P a 58__ _1937 A0 101 10112 101 July'29'
8414 83 July'29 - 65
83
1 128 130
Ch G L& Coke 1st gu g 5e_ 1937 J J 100 10034 100 July'29 - -- 100 103
128
Purchase money Os
1997 AO 128 Sale 128
85
80
Chicago Rye 1st.os
1927 F A 85 Sale 8412
80
80
Kings County Elev let g 4a 1949 FA 8034 85
86
114
7712 86
82
Chile Copper Co deb ta
1947
J 947 Sale 0414
81
15' 79
8012
81
Stamped guar 4s
1949 FA 80
9478 66
9312 9612
CinO&ElstM4sA
1968 A 0 8534 Sale 8534
102 105%
8714 21
85
8914 ,Kings County Lighting 5s_ 1954 J J 101 102 102 June'29
Clearfield Bit Coal let 48
1940 J
113 1164
113
First & ref 6 Ms
70
7478 90 Dec'28 --1964 .1 J 113 11418 113
Colon 011 cone deb Os
1938 F A 97 Sale 97
1 10378 10712
10438 10438
943 11958 Kinney(OR)& Co 734% notes'36 J O
'
13 H1258 Sale 101
Colo F & I Co gen s f 56
1943.2 J
4 160 104
10258
Kresge Found'n coil tr 6s
_ __ 97
1936
97 July'29
9 29 _ ._7
5_
97
994
Col Indus let & coil be ;pi_ __1934 F A 9314 99
96 10234
9314
9314
1
9278 98% Kreuger do Toll be with war_1959 MS 102 Sale 9712 10234 2988
Columbia & E deb 68May_1952 MN 9814 Sale 98
__
96 10212
9858 120
974 10012 Lackwanna Steel 1st Se A _1950 MS 9858 9998
D bonito° 58
Apr 15 1952 A 0 98 Sale 9712
9738 10172
.9914 12
9812
Lacel Gas of St L ref&ext 55_1934 A0 9812 100
9814 63
9712 99
P
A
Columbus Gas let gold 5e_ _ _1932 J .1 93
10212
18
10012
102
Sale
102
Col
&
ref
08
10512
5148
serial]
C_
_
1953
95 June'29
95
9934
Columbus Ry PA List 43.4. 1957 J J
Lautaro Nitrate Co cone 6s_1954
9258 9234
15
904
933
4
Commercial Cable let g 45..2397 Cj J 8714 ___ 8712 Feb
With warrants
99 100
100 Bale 99
100
901
9219
2
8712 874
Commercial Credit If 6s____1934 LI N 9712 Sale 9712
.• 1 94
95
5
9312 9914
95
9418
9712 18
94
9912 Lehigh C & Nay if 414e A1954
1935 J J 91
Col tr s f 534% notes
Lehigh Valley Coal 1st g 5s ,19,33 J J 9814 9878 981
93
99
8
8912 July'29 - 9734 101
87
97
Comm.
'
Invest Tr deb 6s_..1948 M
J
J
lit
40-yr
gu
9012 Sale 9012
Oct'28
lot
96
97
4%1933
red
to
9212 36
9032‘ 9812
1949 F A 99 Sale 9812
Cone deb 51i8
101
6 101 101
ist & ref s f 58
1934 ✓ A ioi l0l'l 101
10014 301
0014 10514
Coniputing-Tab-Rec s f 6s 1941 J .1 10478 105 10478 1047
ist & ref e f 5s
9334
80
92
88 May'29_ _ _
1944 P A
2 10431 100
Conn Ry & I. let & ref g 410 1951 J J 95
__
1st & ref sf 59
9914 95 July'29
88
1954 P A - _ 7938 88 May'29
9353
95
99
1951 J J 9478 9714 9478
Stamped guar 4145
88
_
let & ref s f 5e
88
1964 FA
88 May'29
9478
1
9214
99
Consol Agricul Loan 6345 ,1958J D 83 Sale 83
1st &ref sf fsi
88
8278 88 Mar'29
1974 ✓ A 904
8412 50
8112 8712
Consolidated Hydra-Else Works
3714 May'28
Lox Ave & P F let gu g 5s.1993 MS
117
1 115 12112
of Upper Wuertemberg 78_1956 J .1 9212 Sale 9212
93
4
894 9734 Liggett & Myers Tobacco 78_1944 AO 115 fii 117
98 103
Cons C al ofMd ist& ref 58.1950 .1 D 6638 Bale 66
10014 20
1951 FA 100 10014 9914
tos
68
111
6518 7334
107
30 103 1234
Consol Gas(N Y)deb 5 he _ _1945 F A 10458 Sale 10412 10534 136 104 10634 Loew's Inc deb 68 with warr 1941 A0 10534 Sale 10534
93% 10012
9512 25
Without stock mu Warrants. A0 93 Sale 9334
___ 0034 0034 July'29 _ - _ _
Consumers Gas of Chic gu 55 1936 J D
9912 10138
1952 M N 10114 Sale 10114
9514 102
Lombard Else 1st is with war '52 J O 99 Sale 99
7
Consumers Power let 5s
9912
10112
7 101 104
J O 92
11146 J D 90 Sale 90
9734
90
95
4
Without warrants
Container Corp 1st 6s
95
95
90
15
89 100/2
AO
Lorillard
10611
11
(P)
11311
108
108
10812
Co
1944
Sale
713
15-yr deb 5s with warr_ _1943 J D 7312 Sale 73
7312 17
66
914
7612 917s
8312 15
851 8138
1951 FA 81
Copenhagen Telep ext6s_ __ _1950 A 0
100 Apr'29
58
10012
99
84
89%
88'2 75
8712 Sale 87
1937 J
Deb 514/1
Corn Prod Refs 1st 25-yr if f 56'34 M N 10014 ____ 10018 July'29 -9812 103
1947 1 D 97 Sale 9612
9934 104
Louisville Gas & El(Ky) a._ 1952 MN 100% Sale 10038 10034 19
Crown Cork & Seal if 6s _
97
22
95 100
1951 J J 101 Sale 100
90
92 June'29
95
Crown-Willamette Pap 65
101
18
9834 10314 Louisville Ry 1st cons 55__ _ _1930
J 65 Sale 65
1930
68
Cuba Cane Sugar cone 7s
54
59
794 Lower Austrian Hydro El Pow3
8212
8778
81
1944 F A 8212 861 8214
IstsI6148
Cone deben stamped 8%1930J j 6314 Sale 6314
6818 103
59
80
100 Sale 100
9912 10334
10012 11
Cuban Am Sugar let coil 86_1931 M
610
BONDS
1gi Y. STOCK EXCHANGE
Week Ended July 26.
New York Bond Record -Concluded -Page 6
r. •
it
a.
Price
Friday
July 28.
Week's
Range or
Lad Rale.
a
Rand
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 26.
Price
Friday
July 26.
Weer.
Range or
Lad Role.
Rang'
Sinus
Jan. 1.
High
AO Low
Bid
Illob No, Lose
Bid
High
Ad Low
Mob No. Low
McCrory Stores Corp deb 6Hs'41 J D 97 Sale 97
92
9878 51
99% Relnelbe Union 76 with war_1946
J 10538 Sale 10538 10534
7 99 106
Manati Sugar 1st s I 734s.. _1942 A 0 9418 Sale 94%
95
90 10012
11
Without stk purch war__1946 3 J 9531 Sale 9534
92
14
98
Manhat Ry(N Y)cons g 49,1990 A 0 5612 Sale 56
5612 14 %be
Rhine-Main68
Danube 78 A _ _1950 M S 10014 Sale 10014 101
9712 108
5
244.
20133 D
60 May'29
58% 60% Rhine-Westphalia Elec Pow 7e'50 131 N It'll 102 10034 10112
3 100 102
Manila Elec Ry & Lt f 56_1953 191 8 9338 95 95 July'29
95 10412
Direct mtge 82
. 8834 Sale 8712
87
9338
8912 37
Marion Steam Shove a f 69_ _1947 A 0 87
8978 88 July'29
88
Cons ni 6s of '28 with war:19
994
11.1 N
A 92
953
23 1'
93 92
93
90 93%
18
Mfrs Ti Co etre of partIc in
Without warrants
8612 25 85% 8914
8512 Sale 8512
A I Namm di Son let 68_1943 J
105
100
100 100
100
Rims Steel late f 75
1
1955 F A 9112 Sale 9112
91
96
914
5
Market St Ry 7s ser A April 1940 Q
-89 Sale 8712
90
9718 Rooheeter Gas & El 78ser B.1946 M
14
80
105 Sale 106
101s 20 105 110
Meridional El let 7e
1957 A 0 9614 9734 9718
93 9814
Gen nitge 534s series C
9712 11
1948 NI
103% 107
104 10512 103 July'29
Metr Ed Ist & ref be ser C.._ 1953 J
998
4
10034 Sale 10034 10034
103
Gen mtge 434s sariee D _ _1977 M
2
954 1004
_9934 99% Apr'29
Metr West Side El(Chic)0_1938 F A
8014 Roth & Pitts ChIpm 5e
72
75 July'29
1948 M N 55 _ _ 90 Doe'28
Wag Mill Mach 73 with war.1956 D
924 9838 St Joe Ity Lt & Pr let 5t._..1937 MN 9412 Sale 9412
93 9312 June'29
94 18-4
7
94%
Without warrants
J D -86
84
9412 St Joseph Stk Yule let 430_1930 J
88 85
85
1
99 99
99 Feh'29
Midvale Steel di0cony s f be. 1936 M
9834 Sale 9812
97 1004 St L Rock Nit & P be stmpd..1956 J
994 120
64
77
- 65 July'29
Milw El Ry & Lt ref & eat 4Hs'31 31
9812 99 9818
9818
9712 99% St Paul City Cable cons bs_ _1937 3 J
1
92
94
_
98
92
June'29
Gene..al & ref 59 series A _ _1951 J D 10118 103 101
101
98 103 San Antonio Pub Serv let 68.1952 J
1
105
104 105 105
5 1914 10712
llt&reflseerlesB
19111J D 9912 Sale 9912 100
9714
101%
Baton
Pub
30
Wks(Germany) 75'45 F A 9512 Sale 9512
934 19918
97
52
Montana Power 1st 58 A__ _ _1943 J
98 104
1014 Sale 10112 10214 51
Gen ref guar 6348
8712 9434
9012 49
8912 Sale 89%
Deb 5.1 series A
97 101
9812 Sale 98
Schulco Co guar 634s
9812
8
81 101
8112
5
8112 82 81
Montecatinl Mtn et Agr10.
Guar f 630 aeries B
1962
D
8112 8212 8112
9 80 191
82
,Deb 75 with warrants.
1937
24 107 127 Sharon Steel Hoop
J 11014 Sale 11014 111
AIVIN
530_11119
N
al 96 Sale 96
944 9714
99494
5
48
881 jM
12
97
J 9734 Sale 9734
Without warrants
98
93 991
/
4 Shell Pipe Line I deb 58.- 1952 hi N 93 Sale 9214
12
9212 97
99
94
Montreal Tram let & ref 52_1941 J J 98
94
9838 9512
96
99% Shell Union Oil 2 f deb be„ 1947 M N 05 Sale 9414
11
94
66
997e
98
Gen & ref if 55 series A.105.A 0
95 June'29
937$ 9634 Shinyetsu El Pow let 630_ _1952 J D
8312 94
8838
8612 17
1655 A 0
Series B
9514 May'29
9514 981
/
4 Shubert Theatre 611.June 15 ing; L
04 9112
.
;
5
Sale
64
mortis & Co 1st f 434e_ _1939 J J 84% Sale 84
85
8178 884 Siemens & lialske a f 7s
5
10212 Sale 10212 10314
3 9912 105
Mortgage-Bond Co 4s ser 2_ _1968 A 0 7712 81
914 8112
8112 Jan'29 _
Debar 6345
1951 NI S 10534 Sale 10534 10614 71 10012 108
10-26-year be series 3
95 95% 95 July'29
1933
95
St 034s allot ctfs 50% pd__'51 M S
974
_
101 105
Apr'29
103
Murray Body let 81.4s
9912 100 9912 100
1934
9814 102 Sierra.
.7 San Fran Power 58_1949 F A
15
96 101
Bale 9712
98 1 18
Mutual Fuel Gas 1st gu g 68_1947 M N 100 103 994 100
Silesia Elec Corp f 6 Hs_ _ 1946 F A 97':
9912 104
2
9814 99
9518
92 8518 July'29
Mut Cu Tel gtd 68 ext at 5% 1941 MN
98 Feb'29
98
98 Slieslan-Am Exp cell tr 78_1941 F A 90 Sale 96
9558 99
9614
19
Narnm(Al)& Son-See Mfrs Tr
Simms Petrol 6% notes
1929 M N 994 101
99 100
9912
9912
1
Nassau Elm guar gold 48
1951 J J 51 Sale 51
52
60
64 Sinclair Cons 01115-year 71_ _1937 M
10
100%
10312
Sale
10134
01
85
10118
Nat Acme 1st e f 88
l942'
10134 ____ 0134 10134 10 101 10214
1st lien coil Os series L. _ _1930 M S 98% Sale 9878
98 100
9914 65
Nat Dairy Prod deb 534 e_ _1948 r A 9718 Sale 9634
934 97%
1st lien 830 eerie. D
9714 261
9858 1004
9934 Sale 9918 100
56
1947 F A 50 Sale 50
Nat Radiator deb 6342
40
8214 Blocs''
5314 32
Crude Oil 53488er A.1
9318 97%
'.
19
938 3 D 96 Sale 9518
J
9618 103
Nat Starch 20-year deb be
1930
99
9978 994 July'29
98
9912 Sinclair Pipe line e f be
1942 A 0 93% Sale 93
98 95
9314 26
National Tube 1st s 158. _1952 3!,512 10118 ____ 101
101
99 104% Skelly 011 deb 630
1
1939
M
8
91
95%
9214
91
91
32
Sale
Newark Consol Gas cons 58_1948
u 98 ____
@FedFRASER