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VOL. 127.

SATURDAY JULY 28 1928.

NO. 3292.

appear the loans which the New York City reporting
member banks make "for account of out-of-town
banks," and in the third group the loans made by
PUBLISHED WEEKLY
Terms of Subscription—Payable in Advance
these reporting member banks "for acount of
Including Postage—
12 Mos. 6 Mos. others." The loans made by
the reporting banks for
Within Continental United States except Alaska
$10.00
$6.00
In Dominion of Canada
11.50
6.75 their own account have within recent weeks
Other foreign countries, U. S. Possessions and territories
been
13.50
7.75
NOTICE.—On account of the fluctuations in the rates of exchange.
/remittances for European subscriptions and advertisements must be mad* heavily reduced, though for the current week a
In New York funds.
The following publications are also Issued. For the Bank and Quota- trifling increase again appears. On the other hand,
tion Record the.subscription price is $6.00 per year: for all the others is
$5.00 per year. . For any three combined the subscription price is $12 per the loans in the other two groups, and more particuyear, and for,,the whole five combined it is $20 per year.
larly those "for account of others," have been steadCOMPENDIU1IS—
MONTHLY PUBLICATIONS
-PUBLIC Drimxy—(semi-annually)
BANE AND QUOTATION RECORD
ily rising, even while the grand total of the borrowRAILWAY & INDUSTRIAL—(10M1-£111D.)
MONTHLY EARNINGS RNCORD
STATE AND MurnciraL—(seml-annually)
ings has been recording substantial contraction.
Terms of Advertising
The result is that the loans "for account of
Transient display matter per agate line
45 cent
Contract and Card rates
On reques others," which formerly constituted merely a minor
Cinceoo Orrice—In eharge of Fred. H. Gray. Western Representative
208 South La Salle Street. Telephone State 0613.
factor in the brokerage loaning field, have risen to
LONDON Orricz—Edwards & Smith. 1 Drapers' Gardens. London, E. 0.
the dimensions of a major one. The reporting memWILLIAM B. DANA COMPANY, Publishers,
Front, Pine and Depeyster Streets, New York
ber banks have unquestionably been very greatly
restricting borrowing on Stock Exchange collateral
Published every Saturday morning by WILLIAM D. DANA COMPANY.
President and Editor, Jacob Seibert; Business Manager. William D. Riggs: —have perhaps been obliged
to restrict their lendTress., William Dana Seibert: See., Herbert D.Seibert. Addresses of all, Office of Co
ing on brokerage account in order to accommodate
the rest of their customers. Accordingly these memThe Financial Situation.
ber bank loans on own account are now actually
There is one phase of the subject of brokers' loans well below the amount so loaned out twelve months
that is suddenly attracting unusual attention. These ago, notwithstanding total borrowing on Stock Exbrokers'loans have latterly been, as is known, dimin- change account, even after the recent decrease,
runs
ishing, though only in a slow kind of way and not over a billion dollars in excess of that at
the correproportionate to the tremendous liquidation that sponding date a year ago.
Stated in brief, loans
occurred on the Stock Exchange during May and for own account (taking this week's
statement as
June. This week there has been a further small a basis) are down to $823,516,000 against
$1,047,diminution in the total of the loans and we discuss 608,000 on July 27 last year, while
loans for acthe same further below. But, while the grand total count of the out-of-town banks stand
at $1,551,758,of these loans has during recent weeks been appre- 000 as against $1,187,441,000 a year ago
and the
ciably reduced and is still undergoing some con- loans "for account of others" now
aggregate no less
traction, a great change has latterly been going on in than $1,808,645,000 against only $906,144,00
0 at the
the sources from which the borrowings have been corresponding date a year ago.
The latter at $1,808,obtained—at least in the case of the weekly figures. 645,000 now run far in
excess of the amounts in
These weekly figures relate entirely to the 45 report- each of the other two
groups, while a year ago at
ing member banks of the Federal Reserve system in $906,144,000 they ranked
far below the amounts in
New York City which make returns each week to the either of the other
two groups. "For account of
New York Federal Reserve Bank. Reing confined others" is of
course a very broad designation and
to these 45 member banks, the amounts are far from includes loans for foreign banks, corporation and
s
including the whole of the borrowing on speculative
individuals.
account; and the Stock Exchange's own compilations
In the foregoing we see disclosed a very bad bankmay be said to be much the most comprehensive, ing practice. What is evidently happening
is that
though these are made up only once a month and certain large
customers of the banks, not content
do not go into details as to the groups of institutions with the 2 or 3% interest allowed them on their
defrom which the loans are obtained.
posit accounts, are compelling the banks to loan
Taking the Federal Reserve figures, therefore, just out the money represented
by the deposit accounts
as they stand, the feature referred to, namely, the referred to in the call loan branch of the
market
changes in the sources of the contributions to the where it has been possible recently
to obtain rates
totals, is decidedly in evidence and the present of interest as high as 5 to 10% per
annum, the banks
week's returns serve to make the change still more acting as agents for the depositors in
thus loanpronounced. These brokers' loans, on the security ing. And the banks appear to be
very pliant instruof stock and bond collateral, are grouped in three ments for the purpose. With $902,501,00
0 more of
main categories. In the first of the three groups such loans outstanding than was the
case twelve
the loans made by the 45 reporting member banks months ago, it cannot be deemed
strange that the
on their own account are shown. In the second group matter is not viewed with
complacency. Col L. P.

ginantial Chronicle




452

FINANCIAL CHRONICLE

Ayres, Vice-President of the Cleveland Trust Company, in the July 15 monthly bulletin of that company,from which we quoted extensively in our issue
of last Saturday (page 321) made some caustic comments in condemnation of the practice (we wonder
if Col. Ayres' institution never acts in the same accommodating way for its large depositors), saying:
"This great and growing volume of credit extended
for speculative use is protected by no reserves."
But isn't it? Were not the banks which held the
deposits obliged to cary the reserves in the first
instance and will not the banks which will receive
the deposit, through the loaning out process, be
obliged in like manner to carry the requisite reserves?
The very fact that the banks in either case are
obliged to carry such reserves (which of course do
not bear interest) and thus are saddled with an element of expense which the depositor is not obliged
to bear would seem to constitute the strongest of
reasons why the banks should not allow themselves
to be used in that way. Lending is the business
and the prerogative of the bank, and not of the depositor. Col. Ayres seems to have been misled by an
unguarded statement to a like effect emanating from
very respectable sources, for the remark with reference to no reserves being required really originated
with the Federal Reserve Bank of New York, which
in its monthly review issued July 1, permitted itself the following observations:
The retirement of bank credit during May was
offset by a comparatively new type of credit expansion which has taken place without a corresponding
increase in bank deposits or reserves. This credit
expansion, requiring no reserves, takes the form of
loans to brokers on Stock Exchange collateral, largely by individuals and corporations other than banks.
Brokers' loans of this sort placed by New York City
banks for their customers, and reported as loans
"for account of others," have increased more than
350 million dollars since May 2, and 800 million
since January 4. The credit made available in this
way thus more than offset the decline in bank credit
during May. These loans apparently 'represent the
lending to brokers of idle deposits of individuals and
corporations, and the consequent conversion of inactive deposits into very active accounts.
For ourselves we cannot see that there is the
slightest difference, as far as the requirement of
reserve is concerned, between a loan which the bank
itself makes out of the deposits in its custody and
a loan made for the depositor himself. The money
is checked out in either case, and the duty rests on
the bank to maintain the reserve—no less on the
bank which receives the deposit than on the bank
which held it originally.
Of course, the practice of loaning for the depositor
is objectionable—is in fact in the nature of an evil—
and we do not mean to say anything in defense of
it, but mistaken statements as to its causes or its
effects will not help to remove it—may indeed tend
to retard removal.
It seems to us, too, that the rest of Col. Ayres'
characterization and criticism is rather far fetched,
though perhaps the picture was purposely overdrawn in order to direct attention in a very striking
way to a practice in justification of which little
or nothing can be said. After remarking, as already
noted, that "This great and growing volume of
credit extended for speculative use is protected by
no reserves," Col. Ayres goes on to say: "It is be-




[Doz. 127.

yond the control of the Federal Reserve authorities
(for that matter, is not all Stock Exchange loaning
beyond their control?). It is a vast extension of
one branch of the New. York money market under
the control of a miscellaneous group of individuals
and corporations who are charged with no responsibility for the regulation or the safeguarding of credit
conditions."
There is no denying the fact that the responsibilty
of the bank is greater and more direct than that of
the depositor who, equally with the bank, indulges
in the practice of unwise or excessive loaning on
speculative account, but that carrying responsibility
counts for much as a deterrent may well be questioned in view of the fact that the member banks
to-day are borrowing over a billion dollars ($1,025,109,000 July 25) at the Reserve institutions as.
against only $398,130,000 twelve months ago. Col.
Ayres' criticisms lead him inevitably to the conclusion (the argument would lose much of its effectiveness if it were not capped with a climax of that
kind) that: "In a few weeks now large amounts of
these funds will be required by these firms for use
in their own businesses, as the seasonal demands of
the regular autumn expansion of credit uses develop. When that time comes these funds will be withdrawn in large amounts and without warning. The
present prospects are that the resulting reduction
in brokers' loans will cause serious declines in stock
prices." We pretend to no knowledge as to the likelihood of any such happening as Col. Ayres foresees, but assuming that withdrawals of the kind
do occur at the autumn season will the banks who
are to-day so largely borrowing at the Reserve institutions be entirely absolved from responsibility?
It is the banks who have engaged Reserve credit to
such an extent, in advance of the autumnal demand
for banking accommodation in the legitimate sense,
not the depositors. As for the objectionable practice itself, the banks have the remedy in their own
hands. They will be themselves to blame if they
tolerate it any longer. As already stated, the practice falls outside the province of legitimate banking. Lending is the function of the banks, not of
the depositors.
The Federal Reserve statements this week are colorless, which is the same as saying that they show
no great changes of moment. As far as brokers'
loans are concerned, there is a further small decrease, the total of the loans to brokers and dealers
(secured by stocks and bonds) by the 45 reporting
member banks in New York City being this week
(July 25) $4,183,919,000, against $4,194,415,000 a
week ago (July 18). As compared with the maximum figure of $4,563,240,000 on June 6 this shows
a substantial decline, and yet not to the extent
looked for or desired. And as compared with a year
ago when the amount of the loans was no more than
$3,141,193,000 it shows that there is still a considerable way to go before the figures will be back to
normal proportions. In the comparison with a week
ago a point of interest is that the loans for own account are slightly larger, being $823,516,000, as
against $820,201,000 July 18, while the loans for account of out-of-town banks are somewhat lower, being $1,551,758,000, against $1,602,482,000, but that
the loans "for account of others" have risen still
higher, having now reached $1,806,645,000, against
$1,771,732,000 on Wednesday of last week.

'Tula- 28 1928.1

FINANCIAL CHRONIC/12i

The changes shown in the statements of the Federal Reserve Banks themselves are also comparatively slight, though a fact of interest to be noted is that
member bank borrowing has again slightly increased, the amount for July 25 being $1,025,109,000, against $1,011,757,000 on July 18. As against
the increase here, however, holdings of acceptances
bought in the open market are somewhat lower,
being down to $169,083,000, against $181,035,000.
Holdings of U. S. Government securities have also
been reduced somewhat more, and are now at $207,641,000, against $209,342,000. The result altogether
is that total bill and security holdings (which together represent the full amount of Reserve credit
in use) stand practically unaltered, being $1,402,323,000 July 25, against $1,402,624,000 July 18. On
July 27 1927, however, the aggregate was only $953,831,000. The amount of Federal Reserve notes in
circulation was reduced during the week from $1,618,863,000 to $1,606,582,000, while at the same time
gold reserves slightly increased, rising from.$2,599,592,000 to $2,604,031,000.
As was the case last week, there has been little
to the stock market the present week. Movements
of consequence have been largely in individual
stocks, generally high-priced ones. Room traders
have devoted their attention mainly to these, there
being little speculation on account of the outside
public, and no difficulty has been encountered in
moving the stocks selected to higher levels. As a
matter of fact, many of these have been very substantially advanced, evidence of pool activities being by no means altogether lacking. The volume of
trading has been somewhat larger than last week
and yet of moderate proportions as compared with
the hectic days of two or three months 'ago. The
money market has played little or no part in the
speculation, the call loan rate on the Stock Exchange having ruled at 51 2% throughout the whole
/
week. Transactions on the New York Stock Exchange aggregated 1,395,310 shares on Monday,
1,764,410 shares on Tuesday, 1,703,840 shares on
Wednesday, 1,459,830 shares on Thursday, and
1,841,200 shares on Friday. On the Curb Market
the dealings aggregated 326,565 shares on Monday,
361,975 shares on Tuesday, 437,340 shares on Wednesday, 330,282 shares on Thursday, and 354,675
shares on Friday.
While the general trend of prices in the case of
the high-priced specialties was upward, fluctuations
have nevertheless been somewhat irregular, with
the trend in one or two instances somewhat lower.
General Motors shares displayed perhaps more irregularity than any of the other high-priced specialties; the extremes for the week were 184% on Tuesday and 192% on Friday, with the close yesterday
/,
at 19214 against 18778 the close on Friday of last
/
week. Montgomery Ward & Co. ranged between
163% on Monday and 173 on the same day, with the
close yesterday at 171, against 166% on Friday of
last week. American Tel. & Tel. ranged between
/
172 on Tuesday and 1761 4 on Wednesday with the
close yesterday at 175, against 173% the previous
Friday. General Electric ranged between 14514 on
/
Monday and 1507s on Wednesday and closed yes/
terday at 150%, against 146% the previous Friday.
Allied Chemical & Dye ranged between 17358 on
/
Saturday and 179% on Wednesday and closed yes14
terday at 177/, against 175 the previous Friday.




453

Sears, Roebuck & Co. ranged between 11514 on Mon/
day and 118% on the same day and closed yesterday at 11718 against 116% the previous Friday.
/,
Radio Corporation of America fluctuated between
163% on Monday and 176% on Friday, with the
close on the latter day at 1753 against 168% on
4,
Friday of last week.
In the general list the net changes for the week
are not very great in most instances. The copper
stocks and the independent motor stocks perhaps
showed the greatest strength, Chrysler ranged between 72 on Saturday and 79% on Friday and closed
on the latter day at 79%, against 7278 the previous
/
Friday. Studebaker closed yesterday at 71, against
68 the previous Friday;Packard at 73, against 723
4;
Nash at 83% against 83; Hudson at 81 against 82,
and Hupp at 56%, against 5714 In the copper group
/
.
Kennecott again displayed great strength; it closed
yesterday at 94%, against 93 the previous Friday;
Anaconda closed at 67% against 66%; American
Smelting & Refining at 204%,against 190%; Magma
Copper at 5114 against 493 Cerro de Pasco at 75,
/
,
4;
against 74%. The steel stocks have many of them
enjoyed substantial advances during the week. U.
S. Steel common closed yesterday at 144%, against
139 the previous Friday; Bethlehem Steel closed at
57%, against 55%; Midland Steel at 2143 against
4,
214%; Crucible Steel at 72% against 71, and Ludlum Steel at 58%, against 57/ Among the oil
14
.
stocks, Atlantic Refining closed yesterday at 147%,
against 1421 the previous Friday; Harland Oil
/
closed at 35%, against 343 and Standard Oil of
4,
N. J. at 43%, against 431 8 The rubber stocks have
/
.
also moved higher, and U. S. Rubber pref. closed
yesterday at 641 4 against 613 the previous Friday
/,
4
and the common at 331 against 31; Goodyear Tire
4,
& Rubber closed at 521 8 against 47%, and B. F.
/,
Goodrich at 77%, against 741 4
/
.
The railroad list displayed moderate strength,
though the returns of earnings that have come in
during the week for the month of June have not been
favorable as a rule; where the comparison of net with
the previous year is good, the reason as a rule is
found in the fact that expenses have been heavily
reduced. Texas & Pacific continued to furnish an
exception to the rule and under the influence of
strikingly favorable returns of earnings the stock
moved still higher the present week, the close yesterday being 175, against 170 the previous Friday.
New York Central closed yesterday at 163%,
against 1601 8 the previous Friday; Chesapeake &
/
Ohio at 180%, against 178%; Atchison at 188,
against 18618; Canadian Pacific at 20678 against
/
/,
202%; Great Northern at 96%, against 96; Northern Pacific at 95, against 95; Wabash at 73%,
against 70%; Union Pacific at 1937s, against 191%;
/
Southern Pacific at 11914 against 118%; St. Louis/,
San Francisco at 113, against 11118;Reading at 100,
/
against 983 Delaware & Hudson at 189%, against
4;
1831 8; Baltimore & Ohio at 105%, against 105; New
/
York Chicago & St. Louis at 125, against 124%,
and St. Louis Southwestern at 84 against 85%.
Irregularity was the prevailing feature of trading
on all European stock exchanges the past week. Lacking the lead of a definite tendency at New York,
stocks at London, Paris and Berlin drifted about almost aimlessly with occasional small flurries in
some sections of the respective lists. On the London
Stock Exchange trading was very quiet in all ses-

454

FINANCIAL CHRONICLE

[VOL. 127.

sions to yesterday's close. Gilt-edged securities con- I conveyed by Secretary Kellogg on June 23. "I cantinued their rise on Monday and Tuesday, but it not conclude," the Japanese statesman added,"withappeared less certain Wednesday that accumulation out congratulating your government most warmly
of gold by the Bank of England would continue, and upon the rapid and general acceptance which their
this section of the list thereafter showed fractional proposals have met with. The Imperial Government
declines. Home railroads declined further on selling are proud to be among the first to be associated with
by nervous holders, with something of a rally oc- a movement so plainly in unison with the hopes
curring Thursday on publication of a favorable divi- everywhere entertained, and confidently concur with
dend statement by the London, Midland & Scottish the high probability of the acceptance of this simple
Railway. Industrial shares moved about idly, but and magnanimous treaty by the whole civilized
oils began to improve late in the week on reports of world." The Government of the Czechoslovak Rebetter prices for petrol. Renewed liquidation in the public also expressed its great willingness to sign
Loewenstein companies, the Hydro-Electric Securi- the text of the proposed accord. Foreign Minister
ties Company and International Holding Company, Eduard Benes reviewed the negotiations in his reply
brought a sharp decline in these issues Wednesday. and agreed specifically with the interpretations
In yesterday's market Home Rails were a feature placed on the accord by Secretary Kellogg. The
because of further dividend announcements that ex- agreement to renounce war, he declared, "would be
an immense benefit for humanity; and the Governceeded expectations.
dull all week, ment of the Czechoslovak Republic rejoices to see
The Paris Bourse was extremely
cabled reports repeatedly indicating that practically that the American Government is ready to offer parno business was being done. This is in marked con- ticipation in this treaty, on the one hand to the powtrast with the heavy trading of last month when ers who are parties to the neutrality treaties, and
speculation outran the facilities of the Bourse. on the other to all other powers, in order to invest it
Lack of buyers Monday produced some weakness with as universal a character as possible."
Favorable replies having been received from all
Which was succeeded by a better tone Tuesday. By
Wednesday, hotvever, the downward trend had again invited Governments, attention was turned, over the
set in, with buyers virtually absent. Larger offer- last week-end, to arrangements for signing the
ings than usual, Thlarsday, in a few issues found so treaty. Suggestions that the treaty be signed in
few takers that prices declined out of proportion Paris had been previously heard and took more defiwith the volume of transactions. The Berlin Boerse nite form on July 20 and 21. President Coolidge,
opened dull Monday, but showed slight improve- at his summer retreat in Wisconsin, was understood
ment the following day on more optimistic reports to have learned from Secretary Kellogg that the
from New York. Chemical shares were bid up, with State Department looked with favor upon the idea of
Oberkeks in the lead. Weakness set in on Wednes- a Paris conference for final signature of the accord
day, with attention centered on a bear raid on Poly- and readily gave his assent to the plan. The belief
phone which set that issue back 40 points in the was expressed that all the other fourteen signatories
course of the day. The decline in this stock con- were Teceptive to the idea of holding the Paris continued Thursiday, with artificial silk issues joining ference. It appeared likely early this week that the
in the downward movement on reports of reductions latter days of August, probably the 27th or 28th, will
be chosen for the ceremony. Paris dispatches of July
in prices.
21 stated that conclusion of the pact in Paris would
Negotiations for concluding a multilateral treaty be especially gratifying to Foreign Minister Aristide
renouncing war as an instrument of national policy, Briand, with whom the negotiations originated in
reached their final stage late last week with the June, 1927.
Advancement of the negotiations to the point of
receipt in Washington of favorable replies from
and Czechoslovakia to Secretary of State signature caused two questions to be brought forJapan
Frank B. Kellogg's invitation of June 23. Fourteen ward which are of peculiar significance to the
nations were invited by secretary Kellogg to sub- United States. The first of these hinged upon the
scribe to the simple agreement to renounce war, extent to which the treaty would involve this counwhich he placed before the respective Governments try in European affairs. Press dispatches from
along with a covering note explaining the American Paris have indicated persistently that Europe beinterpretation of its provisions and of objections put lieves the United States would be under the necesforward by France and Great Britain. Twelve re- sity of taking a definite stand toward- the problems
plies previously received were summarized in these of the Continent should these ever eventuate in warcolumns in our two preceding issues. All the re- fare. Regarding these predictions Mr. Kellogg was
sponses were favorable, the Governments of Ger- quoted in a Washington dispatch of last Saturday to
many, France, Italy, the Irish Free State, Belgium, the New York Times as saying that the anti-war
Poland, Great Britain, Canada, Australia, New Zea- compact would not draw the United States into
land, South Africa and India signifying in the order European affairs any more than the various arbinamed that they were prepared to attack their signa- tration treaties which this country has negotiated
retures to the proposed treaty. The explanations and with European Governments. "Other officials
in the covering note of marked," the dispatch added, "that public opinion
interpretations contained
in the United States might pay more attention to
tune 23 were also found acceptable.
in the
The replies of Japan and Cunha-Slovakia, received the merits of an international controversy
any government broke the anti-war compact
respectively on iuly 20 and 21, were in similar vein. event
would not mean
Baron diichi Tanaka,Premier and Foreign Minister and resorted to arms, but that this
that the United States would go to war."
of the Tokio Government, expressed full concurrence
The second question brought up by the assnrairce
in the alterations in the preamble of the draft treaty
readiness to that fifteen Governments will subscribe to the treaty
and announced his Government as in
ratification of
proceed with the signature of the treaty in the form was that of securing parliamentary




JULY 28 1928.]

FINANCIAL CHRONICLE

the accord. Such ratification will be necessary in
practically all cases, but it was not thought likely
that any difficulty would be experienced on that
point anywhere, excepting possibly in Washington.
The possibility of such difficulties arising was
broached in dispatches from New York to the French
capital which were given great prominence in the
French press. Review of this situation at Washington last Sunday indicated, however, that there is
little likelihood of the United States Senate withholding its assent. "The confidence of the State Department that the treaty will be approved by the
Senate found substantial support to-day in Democratic quarters," a dispatch to the New York Times
said. "Republican Administration Senators, it was
predicted, will be found solidly hohind the treaty,
while the Progressive Republicans, it is confidently
expected, will be influenced favorably by Senator
Borah, who not only has supported the project
wholeheartedly but was first in the lists with his
advocacy of the outlawry of war."
Increased unemployment in Great Britain in recent months was made the occasion for a debate in
the House of Commons, Tuesday, after the Labor
Party had put a motion censuring the Conservative
Government of Prime Minister Stanley Baldwin for
"ineffectiveness" in dealing with "this tragic national problem." Official figures of British unemployment, published July 20, showed that the list
has been steadily growing longer since March. The
figures showed the situation up to July 9, on which
date there were 1,273,360 working people unemployed out of the total of approximately 12,000,000
registered under the Unemployment Insurance Act.
A. year ago this figure was 1,069,386, most of the
increase of 203,974 having taken place since March
this year. The total figure, it was pointed out in a
London dispatch to the New York Times, is higher
than it was four years ago when the Labor Party
was in power and has reached such a height that
even the Conservatives are greatly depressed and
inclined to pessimism. In the past year, moreover,
some 30,000 jobless have been taken off the roster
because they have passed the age of 65 and have
ceased to be insurable even though they have failed
to get employment. "It is conceded," the Times dispatch added, "that the figure of unemployment
is a quarter of a million higher than in July,
1927."
The Motion of the Labor Party censuring the Government, when it came up for debate Tuesday was
decisively defeated by 331 votes to 151. The problem,
however, was broadly considered by Premier Baldwin, who acknowledged at the outset that the state
of permanent unemployment might properly be considered a national emergency. He called on employers to give jobs again to the workless in the same
spirit as they cared for veterans of the World War
when they returned from the front. The Government, Mr. Baldwin said, had three major plans for
coping with the crisis. It would speed freight reductions on coal, which had been contemplated under
Winston Churchill's scheme of rating reform, putting them in force in December of this year instead
of the following October. It would lend money to
any workman in any depressed area to enable him to
go to some other part of the Empire where a job was
assured and allow him to pay the debt in small instalments spread over a long period. It would con-




455

tinue the export crelits guarantee an additional two
years after September, 1929, when it is due to lapse.
The Premier announced further that Lord Lovat,
Under Secretary of the Dominions Office, would
leave in a few days for Canada, Australia and New
Zealand, to consult these Dominions with a view to
obt&.ning closer cooperation in the task of emigration within the empire.
Ramsay MacDonald, former Prime Minister, and
leader of his Majesty's Labor Opposition, criticized
the Conservatice Government for its "inaction" in
the face of this problem. Mr. MacDonald based his
criticisms on the report of the Industrial Transference Board which had been published the day before.
This report stated that 200,000 British unemployed, mostly miners, are facing starvation and
that whole communities must be moved to other'
homes if they are to be saved. In reviewing this
report before the Home of Commons, Mr. MacDonald charged that over-capitalization fostered
under the Conservative Party had wrecked many
of the country's major businesses, and the Government had neglected the great obvious tasks of drainage and road building the natiox. needed done which
might have minimized unemployment. He charged
that the Empire Emigration act had broken down
and that thousands of British families had been
for several years trying to reach the Dominion with
practically no help from the Government. Winston
Churchill of the Exchequer, closed the debate for
the Government, declaring that the coal industry
was the crux of the whole problem and that he hoped
relief would shortly be forthcoming.
Agitation for "Anschluss," er union of Germany
and Austria under the hegemony of Berlin, was carried on with great fervor the past week, causing
more than a little anxiety in the capitals of the different countries. An interview by Dr.Herman Mueller, the German Chancellor, published last Saturday
in the Vienna "Neue Freie Presse," was considered
to contain a hint that the Berlin Cabinet would labor unremittingly for union of the two States. "One
of the foremost tasks of the present Reich Government," Dr. Mueller said, "will be not only to maintain our relations with Austria on the existing good
footing, but if possible to draw them still closer so
that the consciousness of homogeneousness will become increasingly common property of the German
people." At Graz, Austria, Paul Loebe, President
of the German Reichstag, declared Tuesday that the
German peoples had no intention to resort to force
to obtain union. He proposed, however, before a
mass meeting attended by 30,000 persons that all
present take oath never to rest until union was effected by gradual stages. The two countries, he
added, would promote economic, cultural and legalization measures until union existed in fact if not in
name.In addition to these pronouncements,the leaders of a huge song festival held in Vienna over the
past week-end managed to turn the meeting in large
part into a demonstration in favor of fusion of the
two States. These developments were viewed with
undisguised concern at Paris, where political observers accused Germany and Austria not only of endangering the peace of Central Europe, but of a revival
of the spirit of Pan-Germanism. In a Paris dispatch of Tuesday from Edwin L. James, special correspondent of the New York Times, "Anschluss"
was described as the most important political
issue

456

FINANCIAL CHRONICLE

confronting Europe at the present time. "It would
mean," the dispatch added,"that Germany, after losing the World War, would be a political power in
Europe stronger than before the conflict, and that
means that the conquerors of Germany are entirely
disposed to stand on their rights in the treaties of
Versailles and Trianon and prevent anschluss. But
there is doubt of their ability to do so and in that
doubt lie elements of danger."
The long list of revolutionary attempts against
the Portuguese Government was augmented by a
further abortive uprising late July 21, at Lisbon.
Rumors that had been current for some time were
turned into certainty that evening, when the Government received information that the Seventh Regiment of Cacadores intended to revolt. With the aid
of loyal troops, the revolt was quickly suppressed,
the Government issuing the following official statement last Sunday: "Friday evening some officers of
the 7th Regiment Chasseurs, stationed at Castellosao barracks, mutinied, preventing their commander from entering the barracks, and trying
unsuccessfully to involve a portion of the
Lisbon garrison in their movement. The government, having assured itself of the cooperation of all regiments of the garrison, immediately commenced a siege of the barracks and ordered artillery to take positions in order to speedily
• stifle the seditious attempt. Total stoppage of traffic in streets was ordered and streets strongly patrolled by pickets and armored cars during the
night. In the early hours of Saturday morning a
storming force started a vigorous offensive supported by artillery. The rebels quickly submitted,
and about 8 o'clock in the morning the mutinous officers, some non-commissioned officers and civilians
who had joined the movement were arrested." Seven
persons were killed in the revolt and about thirty
seriously wounded. Steps were immediately taken
by the authorities to disband the revolutionary
forces and to deport the most active insurrectionaries to the island of Timor, in the Malay Archipelago.
Diplomatic moves to clarify the present puzzling
and uncertain international status of China were
begun in the past week between China and Japan
on the one hand and between China and the United
States on the other. The recent unification of
China proper, under the Nanking Nationalist Government, made such steps inevitable, as it brings
before all powers the question of de jure recognition of the Nanking regime. A number of complications appear, however, chief among them the fact
that Manchuria remains under the hegemony of
Chang Hsueh-liang, son of the late dictator of the
"Three Eastern Provinces." "Young" Chang enjoys
the protection of the Japanese military, who have
stated definitely that they will not tolerate fighting
between Chinese factions in Manchuria. Accordingly, the Nanking Government is put to the necessity
of negotiating diplomatically for accession of Manchuria to its influence, and in this diplomatic game
Japan holds the upper hand. Japanese policy of
course is dictated by the extensive interests of her
nationals in Manchuria. Additional complication
between China and Japan relate chiefly to the settling of the Tsinan incident, the anxiety of the
Chinese to have Japan withdraw the most of her




[voL. 127.

heavy military forces in China, and the long expressed intention of China not to renew the unilateral treaties which accord extra-territoriality to
foreigners in China. The latter point concerns all
Governments which have treaties with China excepting Russia and Germany which have relinquished their privileges of extra-territoriality.
The Nanking Government took the initiative in
this diplomatic game on July 20 by filing with the
Japanese Consul at Nanking a notice to the effect
that the treaty between the two countries was ended
and that thereafter all Japanese in China will be
treated in accordance with Chinese and international law. This action was made possible by expiration of the extension of the treaty granted by Chang
Tso-lin when in control of Peking. The Japanese
Consul, after reading the note, returned it, saying
that it was not acceptable. This action was followed Monday by abrupt termination by Chang
Hsueh-liang of negotiations for incorporation of
Manchuria under Nationalist rule. Whether these
incidents were related has not yet been made clear.
Reports were widely circulated to the effect that
Baron Tanaka, Premier and Foreign Minister of
Japan, had warned Chang Hsueh-liang against any
alliance with Nanking. Tokio denied these reports,
but Chinese opinion nevertheless was that Japan
was moving to block amicable settlement and to
keep Manchuria separated from the rest of China.
Tokio advices at the same time (Monday) stated
that the Manchurian Dictator had accepted Japan's
"advice" and broken off dealings with the Nationalists.
The other matters at issue between Japan and
China remained in status quo the past week. The
understanding was arrived at some time ago that
parleys for settlement of the Tsinan incident would
be instituted by Nanking and Tokio. Unofficial intimations have been given by Tokio periodically
that such settlement would be most acceptable. To
these intimations an official statement was added on
July 19 to the effect that Japanese troops would not
be withdrawn from Shantung until the incident had
been settled. The presence of these troops is, of
course, a thorn in the side of the Chinese, not merely
from the viewpoint of prestige, but also from a military standpoint. At Tsinan the Japanese troops
are in contact with the principal north and south
railway in China and they would be able to cut communications in a moment. Japanese forces in China
are estimated at 50,000 all told, with 15,000 in Shantung, 10,000 in the Peking-Tientsin region and 25,000
in Manchuria.
The negotiations between the United States Government and the Nanking Government were of an
entirely different nature, being based upon the desire of the Nationalists for the recognition by the
United States of their regime. This issue is a relatively simple one and it is to be met in the traditionally friendly spirit that animates the United States
Government in all its dealings with China. The Nationalist Government on July 11, through Chao
Chu-wu, its Washington representative, addressed
a communication to Secretary of State Kellogg and
to this communication Mr. Kellogg replied July 24
making his note public on the following day. This
action was considered to accord de facto recognition to the Nanking Government. Cordial in tone,
the note agrees "that a new and unified China is
in process of emerging from the chaos of civil war

JULY 28 1928.]

FINANCIAL CHRONICLE

457

and turmoil which has distressed that country for those paid by nationals of the country or by namany years," and indicates that if the Nationalists tionals of any other country."
continue in their organization of the country and
Political affairs in Mexico have presented a highly
demonstrate that they can discharge their obligations under international law and comity, de jure confused aspect since the assassination on July 17
of President-elect Alvaro Obregon, who was by far
recognition will be forthcoming.
The note was looked upon generally, Washington the strongest single figure in the country. The condispatches indicated, as placing the United States in fusion, however, has been confined entirely to the
the lead of other nations in its attitude toward question of "intellectual responsibility" for the murChina. That it will greatly influence other Gov- der and to the peaceable realignment of forces in the
ernments was considered inevitable. No specific present deep-seated political struggle. No attempt
mention was made in the note of extraterritoriality, has been made by any faction to have recourse to
that subject not being immediately at issue. A hint arms, unlike the experience in all previous crises for
of the American attitude toward the Chinese was, the past twelve years. Party lines have been drawn
however, contained in the note in the statement that tighter, however, resulting in sharp cleavage .be"we ask of them only that which we look for from tween the agrarian elements and the forces of orevery nation with which we maintain friendly inter- ganized labor. President Calles, nevertheless, has
course, specifically, pioper and adequate protection retained firm control of the various factions and of
of American citizens, their property and lawful the army, making it increasingly likely, according
rights." This was construed, a Washington dis- to well informed observers in Mexico City, that the
patch to the New York "Times" said, as pointing country will emerge peacefully from the present turto a willingness of the United States to relinquish bulent situation.
extraterritorial rights proportionately as the ChiThe slain leader was buried last Saturday at his
nese Government sets up proper judicial and legal birthplace in the little village of Huatabampo, State
safeguards for the protection of American nationals of Sonora, just across the United States border from
in China. "I am happy now to state," Secretary Nogales, Arizona. Jose de Leon Toral, the young
Kellogg said in conclusion,"that the American Gov- art student who shot and killed General Obregon,
ernment is ready to begin at once, through the Amer- was given every assurance, meanwhile, that proceedican Minister to China negotiations with properly ings against him would be conducted in a civil court.
accredited representatives whom the Nationalist Moreover, the dominant Obregonista group in the
Government may appoint, in reference to the tariff National Congress decided against the death penalty
provisions of the treaties between the United States for the murderer, last Tuesday, giving additional inand China, with a view to concluding a new treaty dication of the confidence felt in the country's fuin which it may be expected that full expression will ture by the leaders.
The deep rift between the dominant Obregonistas,
be given reciprocally to the principle of national tariff autonomy and to the principle that the commerce or Agrarians, and the forces of the Labor Party was
of each of the contracting parties shall enjoy in the manifested over the week-end by open accusations
ports and the territories of the other treatment in that the Labor leaders were the "intellectual auno way discriminatory as compared with the treat- thors" of the assassination of President-elect Obrement accorded to the commerce of any other coun- gon. The Government, according to a Mexico City
try." At the same time that this note was sent, the dispatch of July 21 to the Associated Press, even
Navy Department ordered the withdrawal of nearly considered an official investigation into charges by
1,500 officers and men of the Marine Corps from Obregon supporters that the assassination was in
Tientsin, leaving slightly more than 2,600 American a measure instigated by Luis Morones, Minister of
Industry, Commerce and Labor and Supreme Head
marines in China.
An additional announcement, made in Washing- of the Regional Confederation of Mexican Labor, or
ton late last evening, indicated that a new tariff Crom. These charges were to the effect that Senor
treaty had been signed between the United States Morones and other labor leaders opposed to General
and the Nanking Nationalist Government on July Obregon were "psychologically responsible" for his
25. It was signed at Peking by United States Min- assassination by "causing an anti-Obregon atmosister John Van A. MacMurray, and T. V. Soong, Na- phere which influenced a religious fanatic to kill
tionalist Minister of Finance of the Chinese Repub- him." Less sedate elements in the Agrarian ranks
lic. The treaty was made public in Washington threatened publicly to kill Minister Morones in rewithout comment as it bore out very closely the taliation for his alleged responsibility. Morones,
general statements made the previous day by Secre- taking heed of this intense antagonism, resigned his
tary Kellogg. Article I of the new accord provides place in the Calles Cabinet last Sunday. Along with
for the annulment of all previous unequal tariff his resignation went those of General Celestino
treaties between China and the United States and Gasca, Director of the Ordnance Department, and
affirms the principle ef complete national tariff au- Eduardo Moneda, Chief of the Government Printtonomy. Provision was made, however, that the na- ing Shops, both, like Morones, prominent labor leadtionals of either contracting party "shall enjoy in ers. The three labor Ministers resigned their portthe territories of the other treatment in no way folios, they said, "to assist in maintaining the unity
discriminatory as compared with treatment accord- of the revolutionary family and to facilitate the
ed to any other country." To supplement this gen- investigation of the cause of General Obregon's
eral statement the treaty affirms specifically that murder."
The problem of the succession to the Mexican
"the nationals of neither of the high contracting
parties shall be compelled under any pretext what- Presidency on the expiration of President Calles's
ever to pay within the territories of the other party term December 1 next, occupied all minds in Mexico
any duties, internal charges or taxes upon their im- the past week. No provision is made by the Mexiportations or exportations other or higher than can Constitution for the emergency that has arisen,




458

FINANCIAL CHRONICLE

nor may a President succeed himself in office. The
removal of General Obregon from the scene promptly brought suggestions that President Calles remain
• in office for a further two years under the amendment to the Constitution extending the term of future Presidents to six years. A more likely procedure, however, according to dispatches from the
Mexican capital, will be the designation by the Congress of either President CaIles or Aaron Saenz,
Governor of the State of Nuevo Leon, as Provisional
President for two years, new elections to be held in
the interim. This was authoritatively stated to be
the plan favored by Colonel Ricardo Topete, leader
of the Obregonists in the Congress. The new Chamber of Deputies meets for the first time on Sept. 1
next, and it was considered highly probable that action to fill the vacancy will be taken at that time.
Whether President Calles would agree to continue
in office appears to be an open question, as all reports from Mexico City assert that he is very tired
of the post.
The skillful and moderate handling of the crisis
in Mexico by President Calles has aroused admiring comment from well informed observers. His
accusation of the Catholic party has a political significance that is clearly summarized in the following dispatch of July 25 from a Mexico City correspondent of the New York "Times": "Observers
in Mexico have been struck with admiration and a
certain amount of wonder at the exhibition of diplomatic highwire Walking which has been visible at
the National Palace during these last few days.
They have seen one man stepping slowly and bravely among hazards terrible in nature. They have seen
President Galles acting to hold the Government together. His method has been a desperate one, since
he has been using an institution of slighter political
weight than any other here as a target for the national rage. There is, it is said on high authority,
no Catholic party. There are certainly many Mexicans who are devout Christians, but anybody can be
defied to point to any one else as an actual leader
and spokesman for the Church in politics. In other
words as a practicing, vote-getting organized political body it does not exist. Nevertheless, President
Calles early accused this virtually non-existent
party of the assassination of General Obregon. And
only last night he reiterated the charge. Not for
an instant has he allowed the widely advertised accusation against the more extreme left wing of the
laborites to have his approval. The killing was
done, presumably, by a religious fanatic, and that,
politically, has been enough for President Calles."
Official reports to the effect that the activities
of the Nicaraguan General Augustino Sandino had
ceased and that he had apparently fled his country
were made early this week by Rear Admiral David
F. Sellers, commander of the United States Special
Service Squadron in Central American waters.
These reports were handed to President Coolidge by
Secretary of the Navy Wilbur, Tuesday. A dispatch
to the New York "Times" said: "Whether or not
Sandino has actually fled from Nicaragua, his operations have ceased, and so have those of the other
rebels operating either in conjunction with him or
independently. Armed resistance to the United
States in Nicaragua has died down, and the outlook
for an orderly election in the autumn was never
better since the country was thrown into turmoil




ivoL. 127.

abbut a year ago, the President was informed." The
information, however, appears to have been some
what premature. A Managua dispatch of Wednesday, by Tropical Radio,indicated that Marine planes
had again been fired on by "rebels armed with rifles
and machine guns," while the planes were near the
confluence of Poteca and Coco Rivers at the frontier of Nicaragua and Honduras. A squadron of
five planes flew over the camp of the "rebels" Wednesday, the insurgents again opened a severe fire,
three of the Marine planes being hit by rifle bullets
and the Marines responding. Due to the heavy forest growth, the number of rebels and the effect of
the marine bombing and machine gun fire could not
be ascertained.
Parliamentary rule in Egypt was suspended for
three years, or longer if deemed necessary, by a royal
decree published in Cairo, July 19. The decree invested King Fuad, with all his Ministers, with the
full legislative authority. A letter from Premier
Mohammed Pasha Mahmud to the King was published at the same time. In it, a Cairo dispatch to
the New York "Times" said, the Sovereign was
begged to take the measure mentioned in the interest of the establishment of a stable Government and
to save the country from despotism of the corrupt
faction which has succeeded in dominating the majority and in causing chaos throughout the country.
Restrictions on the press of the country were also
imposed by the decree. Behind the decree, a London dispatch to the "Times" pointed out, "lies the
momentous admission that the limited self-government granted by the British to Egypt has failed. It
has been wrecked, in view of observers here, on the
rock of the political extremism of the Wafd together
with the inefficiency and corruption existing in the
Government. From now on Egypt will in reality
be governed from London. Her King, placed on the
throne by Britain, will take orders from the British
High Commissioner. There will be no legal political opposition to trouble him, for temporarily, at
least, the Wafd as a Parliamentary force is wiped
out of existence, together with electoral self-government." Questioning in the House of Commons in
London, last Monday, brought the statement from
Sir Austen Chamberlain, the British Secretary for
Foreign Affairs, that the British Government had
taken no part in the suspension of the Egyptian
Parliament by King Fuad.
No changes have been reported this week in discount rates by any of the central banks of Europe.
Rates continue at 7% in Germany; 63/2% in Austria;
532% in Italy and Norway; 5% in Denmark and
Madrid; 432% in London and Holland; 4% in Belgium and Sweden, and 33% in France and Switzerland. In London open market discounts are now
4% for short and 4 3-16@431% for long bills, against
4% for the former and 4@4 1-16% for the latter
on Friday of last week. Money on call in London was
4% on Wednesday, but only 2 8 yesterday. At
%
Paris open market discounts remain at 331% and in
Switzerland at 33
/%.
This week's statement of the Bank of England
reveals a gain in gold of only £76,478 and loss in
the reserve of gold and notes in the banking department of £49,000, due to an increase in note circulation of £125,000. The ratio of reserve to liabilities

JULY 28 1928.]

FINANCIAL CHRONICLE

continued its upward climb, rising this week from
48.47% to 50.39%, which is said to be the highest
percentage since the 52.36% of July 22 1914. This
compares with a low for the year of 21.95% on Jan. 4,
while at this time last year the ratio stood at 29.56%.
Public deposits fell off £4,651,000 and "other" deposits £154,000. Loans on Government securities
declined £3,110,000 and loans on other securities
£1,822,000. Gold holdings are at their highest point
on record, this week's total being £176,020,387,
against £151,804,741 last year and £152,126,713 two
years ago (1926). Notes in circulation aggregate
£136,016,000 in comparison with £137,958,185 in
1927 and £142,020,185 in 1926. The Bank's official
discount rate remains at
Below we furnish
comparisons of the various items of the Bank of England statement for five years.
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1928.
1927.
1926.
1925.
1924.
July 25.
July 27.
July 28.
July 29.
July 30.
Circulation
b136,016,000 137,958,165 142,020,185 144,750,795 127,092.165
Public deposits
11,737,000 9,877,743 9,727,001 20,690.085 12,193,603
Other deposits
106,838,000 103,482,503 105,492,490 103,264,019 111,991,492
Govern&t securities 28,279,000 49,991,982 34,925,328 33,600,438 45,762,467
Other securities
48,418,000 47,857,565 68,524,751 69,173,912 75,495,077
Reserve notes & coin 59,754,000 33,596,5543 29,856,528 39,257,012 20,966,500
Coin and bullion _.a176,020,387 151,804,741 152,126,713 164,257,807 128,308,665
Proportion of reserve
to liabilities
50.39%
25.91%
29.56%
314%
1634%
Bank rate
%
5%
434%
5%
4%
a Includes, beginning with April 29 1925. £27,000,000 gold coin and bullion
Previously held as security for currency note issues and which was transferred to
the Bank of England on the British Government's decision to return to gold standard.
b Beginning with the statement for April 1925, includes £27,000,000 of Bank
of England notes issued in return for the same amount of gold coin and bullion
held up to that time in redemption account of currency note issue.

In its report of July 21, the Bank of France shows
a large decrease in note circulation, namely 295,000,000 francs. Total circulation now stands at 59,866,000 francs as compared with 50,161,000,000
ft•ancs last week and 60,295,093,645 francs the week
before. On the other hand creditor current accounts
rose 824,000,000 francs while a drop of 77,000,000
francs was shown in current accounts and deposits.
Gold holdings, showed a substantial gain of 258,937,492 francs, bringing the total up to 29,662,178,055 francs. Credit balances abroad advanced 29,574,455 francs. French commercial bills discounted
rose 198,000,000 francs and bills bought abroad,
61,000,000 francs while advances against securities
dropped 7,000,000 francs. Below we furnish a comparison of the various items of the bank's return for
3 weeks past:
BANK OF MRANCE'S COMPARATIVE STATEMENT.
Changes
Status as of
for iVeek
July 21 1928. July 14 1928, July 7 1928.
Francs.
Francs.
Cold Holdings—
Francs.
Francs.
Gold holdings_ -Inc. 258,937,492 29,662,178,055 29,403.240,563 29,175,976,951
Credit hal& abed_Inc. 29,574,455 16,569,308,910 16,539,734,455 15.920,276,401
French commercial
bills discounted_Inc. 198,000,000 2,307,000,000 2,109.000.000 2,204,658,512
Bills bought abr'd_Inc. 61,000,000 12,769,000,000 12,708,000,000 12,604,441,030
Advances agst.sec.Dec. 7,000,000 1,934,000.000 1,941,000,000 1,961,039.991
Note circulation...13ec. 295,000,000 59,866,000,000 60,161,000,000 60,295,093,645
Creditor curnacctaInc. 824,000,000 8,237.000,000 7,413,000.000 11,902,992,390
Curr.accts.& dep.Dec. 77,000,000 5,826,000,000 5,903,000,000 5,487,827,786

459

sets 10,459,000 marks, while reserve in foreign currency dropped 6,111,000 marks, bills of exchange and
checks 158,877,000 marks, advances 9,915,000 marks
and investments 9,000 marks. Deposits abroad remained unchanged. A comparison of the various
items of the bank's return for three years previous is
given below:
REICHSBANK'S COMPARATIVE STATEMENT.
Changes for
Week.
July 23 1928. July 23 1927. July 23 1928.
Assets—
Reichsmarks.
Reichsmarks. Reichsmarks. Retchsmarks.
Gold coin and bullion_Inc. 21,557,000 2.148,808,000 1,801,106,000 1,492,485,000
Of which depos.abed. Unchanged
85,626,000
57,876,000 260,435,000
Ree've in for'n curr_ _Dec. 6,111,000 193,987,000
97,494,000 308,449,000
Bills of exch.&checks_Dec. 158,877,000 2,083,180,000 2,238,590,000 1,130.463,000
Silver & other coin_ _ _Inc. 11,297,000 106,151,000 100,500,000 115,854,000
Notes on oth.Ger.bks_Inc. 7,851,000
28,252,000
22,676,000
23,031,000
Advances
25,203,000
34,005,000
Dec. 9,915,000
8,326,000
Investments
93,987,000
92,405.000
89,494,000
Unchanged
Other assets
Inc. 10,459,000 608,416,000 507,886,000 714,412,000
LiabUllies—
Notes in circulation- _Dec. 237,549,000 3,987,430,000 3,383,096,000 2,644,941,000
Oth.dally matur.oblig.Inc. 129,944,000 688,299,000 814,092,000 748,681,000
Other liabilities
Inc. 4,065,000 234,263,000 372,426,000 129,019,00

The New York money market has been quiet and
firm the past week, with rates holding steadier than
they have for months past. Call loans were quoted
at the undeviating figure of 51 % throughout the
A
week at the Stock Exchange lending table. Trading
in call loans was reported in the outside market at
534 % the first three days, while on Thursday and
.
Friday there was a decline to 5% in this unofficial
market. Funds were in fair supply in this department of the market, although banks withdrew
$10,000,000 Monday,a further $10,000,000 Tuesday,
and a third likesum Thursday. Maturity funds reflected the underlying firmness much more clearly. Quotations continued firm at 6% for all maturities, with
bids much more plentiful than offerings. Further
indication of the underlying strength in money rates
3
was seen in an all-round advance of 4% in bankers'
acceptances, Wednesday. This constituted the most
sweeping advance in such paper that has taken place
this year, and it carried the rates to their highest
level since late in 1921. It was believed to reflect
the approach of autumn commercial borrowing. The
Philadelphia Federal Reserve Bank on the same day
advanced its rediscount rate to 5%,being the seventh
Reserve institution to take similar action. Brokers'
loans against stock and bond collateral showed a
further slight decline for the week ended Wednesday
evening. The statement of the Federal Reserve
Bank of New York indicated a drop of $10,496,000,
this being the third successive decrease. Gold exports for the week ended Wednesday night were
$8,867,000, while imports were $3,044,000.
Dealing in detail with the rates from day to day,
it is only necessary to repeat what has been said above,
namely that all call loans on the Stock Exchange on
each and every day have been at 53,%, including
renewals. In the case of time loans also the story is
a short one. All through the week the rate has been
firmly maintained at 6%. In commercial paper
there has been practically no business at all. Names
of choice character maturing in four to six months
continue to be quoted at 5@53j%, with only an occasional transaction at 5%. For names less well known
4
the quotation is 51 @53/2%, which is also the rate
for New England mill paper.

In its statement for the third week of July the
Bank of Germany reveals a contraction in note circulation of 237,549,000 marks. Total note circulation
now aggregates 3,987,430,000 marks in comparison
with 3,383,096,000 marks for the corresponding week
last year and 2,644,941,000 marks in 1926. On the
other hand, increases were shown in the items "other
daily maturing obligations" and "other liabilities,"
amounting to 129,944,000 marks and 4,065,000 marks
respectively. On the asset side of the account, gold
Rates for banks' and bankers' acceptances have
showed an increase of 21,557,000 marks, again been advanced. On Wednesday afternoon at
and bullion
silver and other coin 11,297,000 marks, notes on 2:00 p. m.the posted rate of the American Acceptance
other German banks 7,851,000 marks, and other as- l Council for prime,bankers' acceptances eligible for




460

FINANCIAL CHRONICLE

FoL. 127.

lodged in London. American foreign loans were of
record volume during the first half of the year,but
dropped off sharply before the close of June. This
circumstance has contributed largely to the weakness
in rates. Now there is practically no demand for
sterling and there is everywhere a larger demand for
dollars. International balances have been gravitating toward New York for many weeks and the present
depression on most of the European bourses shows
that the money position on this side is being felt
throughout Europe. The market has been expecting
momentarily an increase in the rediscount rate of the
SPOT DELIVERY.
—180 Days-- —150 Days— —120 Days— Bank of England and traders are confident that on
Asked.
Bid.
Asked.
Bid.
Asked.
Bid.
oi
5
almost any Thursday the rate will be marked up
5A
5
41
4,if
Prime eligible bills
—90Days— —60Days— —30Days— from 43/ to 5%.
Asked.
Bid.
Asked.
Bid.
Asked.
Bid.
The increase in bankers' acceptance rates in New
4(
494
4(
45
43(
45
Prime eligible bills
York on Wednesday of 3 of 1% on all maturities
WITHIN THIRTY DAYS.
FOR DELIVERY
434 bid was an important factor
Eligible member banks
in depressing sterling dur414 bid
e non-member banks
ing the week. At the present time London three,
The Federal Reserve Bank of Philadelphia this months bills are quoted 4 1-16% to 43/%. This
ill
/
4
the ranks of the Reserve banks which compares with 43 % bid, 4/% asked, for ninetyweek joined
day bills in New York. The firmness of time money
have raised their rates of discount from 43/2% to
5%,the announcement in its case coming on Wednes- against Stock Exchange collateral here, ruling steadday and the increase becoming effective Thursday. ily at 6%,has also proved attractive to foreign money
The following is the schedule of rates now in effect for and so, to some degree at least, detrimental to
the various classes of paper at the different Reserve sterling. While there is a difference of opinion with
regard to the probability of gold exports, Amsterdam
banks:
bankers seem to view the matter in a different light
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASS
AND MATURITIES OF ELIGIBLE PAPER.
from opinions expressed in New York and London,
and say that there is a probability that London may
Date
Rate in Shea
Pretious
Established.
Federal Reserve Bank.
on July 27.
Rale.
be forced to give up as much as $50,000,000 in gold
Boston
5
July 19 1928
4H
to New York.
New York
5
July 13 1928
434
43
5
July 26 1928
Philadelphia
This week the Bank of England shows an increase
4
May 25 1928
4 H.
Cleveland
is
July 13 1928
Richmond
434
of £76,478 in gold holdings, bringing the total to
1928
5
July 14
434
,
Atlanta
5
July 11 1928
Chicago
434
£176,020,387, record high gold holdings for the Bank.
5
July 19 1928
04
Bt. Louis
Apr. 25 1928
4
434
Minneapolis
June 7 1928
4
On Monday the Bank of England bought £146,000 in
434
Kansas City
434
May 7 1928
4
Dallas
RAn Fran...Igen
404
June 2 1928
4
gold bars. On Friday the Banks sold £763,000 in
gold bars. At the Port of New York the gold moveSterling exchange this week has been dull, irregular ment for the week July 19-25, as reported by the Fedand ruling lower than at any time this year. On eral Reserve Bank of New York, consisted of imports
Saturday and Monday it looked as though sterling of $44,000, $42,000 of which came from Latin Amermight have some support, but the rallying power ica and $2,000 from Australia. Gold exports totaled
seemed to be quite insufficient with the result that the $8,867,000, of which $8,505,000 was shipped to
rates slid off successively on the following days. France,$210,000 to Java, $80,000 to Mexico, $67,000
The range this week has been from 4.85 9-32 to to Germany and $5,000 to Trinidad. During the
4.857 for bankers' sight, compared with 4.85 11-16 week the Canadian Bank of Commerce New York
A
to 4.86 3-32 last week. The range for cable trans- agents received $2,000,000 gold from Canada. One
fers has been from 4.85 21-32 to 4.86 3-16, compared million dollars of the $3,000,000 Canadian gold acwith a range of 4.86 1-16 to 4.86 15-16 a week ago. counted for this week by the Federal Reserve Bank
Sterling, which had been at a premium with relation was reported herd last week. The Canadian gold
to the dollar ever since the end of 1927, two weeks import, although slight, brought about firmness in
ago declined to par and is now under par. Bankers Montreal funds. While Montreal has ruled at a displace the gold import point for sterling at 4.85 3-16. count throughout the week, there was considerable
Should sterling go so low, however, bankers are in- improvement, as the discount was cut down from
i
clined to believe that various measures would be taken y of 1% on Saturday to 1-16 of 1% on Thursday and
in London to prevent any large export movement to Friday. Foreign exchange traders stated that at
New York. London bankers are of the opinion that the first sign of a substantial rally in Canadian,
if gold does leave London it will be for other centres European importers who have to arrange for autumn
than New York. As a seasonal matter exchange payments to Canada rushed into the market as buyshould work against London and all European coun- ers, though most of them were unable to take advantries from about the middle of June until the end of tage of the low exchange rates ruling last week. It is
December. From June to about October the sea- believed that the present rally in Canadian dollars
sonal trend toward lower sterling and lower European marks the end of the period of seasonal weakness in
exchanges generally is partly offset by tourist traffic, exchange. From now until the close of the export
but the European bills for American imports gain season, payments from abroad for Canadian grain
rapidly in volume from August on. The great firm- will be very large.
Referring to day-to-day rates, sterling was under
ness at the end of December, which lasted until
about the beginning of June, was due largely to heavy pressure on Saturday last in a dull half-holiday
American loans and credits made to European coun- market. Bankers' sight was 4.85Yi©4.85%; cable
tries, much of the proceeds of which were temporarily transfers 4.863/@4.86 3-16. On Monday the market
8
purchase by the Federal Reserve banks was raised
of 1% for bills of all maturities. Quotations yesterday were 49.% bid and 4 8 asked for bills run%
ning 30 days and also for bills running 60 and 90 days,
47 % bid and 497 asked for 120 days, and 5 8
A
0
/
%
bid and 5% asked for 150 and 180 days. The posted
rate of the Acceptance Council for call loans against
acceptances was advanced on Monday from 432%
to 5% and remained at the latter figure the rest of the
week. Open market rates for acceptances have also
been advanced and are now as follows:




JULY 28 1928.]

FINANCIAL CHRONICLE

was dull, with sterling showing a slightly firmer
tone. Bankers' sight was 4.85 11-16@4.85 27-32,
cable transfers 4.86 1-16@4.86 5-32. On Tuesday
sterling declined further. The range was 4.85 9-16
@4.85 13-16 for bankers' sight and 4.85 15-16@
4.863 for cable transfers. On Wednesday pressure
continued. The range was 4.853/@4.85 11-16 for
2
bankers' sight and 4.85%@4.85 15-16 for cable
transfers. On Thursday bankers' sight was 4.85 9-32
@4.85 7-16 and cable transfers 4.85 21-32@4.85 13-16
On Friday the range was 4.85 5-16@4.85 7-16
for bankers' sight and 4.85 11-16@4.85 13-16 for
cable transfers. Closing quotations yesterday were
4.85 7-16 for demand and 4.85 13-16 for cable
transfers. Commercial sight bills finished at 4.8531,
sixty-day bills at 4.81%, ninety-day bills at 4.80,
documents for payment (sixty days) at 4.813/2, and
seven-day grain bills at 4.84%. Cotton and grain
for payment closed at 4.853i.
The Continental exchanges shared in the sterling
reaction, but not to such an extent as might be expected. French francs, Italian lire and Antwerp
belgas were on the whole very steady although transactions were comparatively light. Most of the support of these currencies is coming from transfers to
meet tourist requirements. Berlin marks even
moved up fractionally, owing not only to tourist demands, but to the greater attractiveness of money
rates in Berlin and other German centres. The minor
Continental exchanges have been extremely dull this
week and quotations have been more or less nominal.
As reported above, this week $8,505,000 in gold was
shipped from New York to France from earmarked
stock of the Bank of France. It was stated here last
week that New York bankers expected that an additional $14,000,000 in gold would be shipped on the
Ile de France last Saturday. It seems, however,
that this shipment did not take place. The "Wall
Street Journal" stated on Tuesday: "Recent withdrawals of gold earmarked here for foreign central
banks have reduced the amount now held by Federal
Reserve banks for foreign central banks to about
$34,000,000, unless additional gold has been purchased and placed on earmark since the end of June,
which is not probable. It was established at New
York Federal Reserve Bank that total French actual
gold withdrawals since the movement started late
last year have been $318,000,000. As France had
withdrawn only $229,000,000 to the end of June,
French withdrawals for export this month have
totaled $89,000,000. It is calculated from figures
published by New York Federal Reserve Bank that
metal on earmark for all accounts at end of June was
$123,000,000, so the subsequent withdrawal of $89,000,000 leaves the figure at $34,000,000, the smallest
it has been for some time. Fratice has withdrawn
all or almost all of the metal purchased here in the last
15 months by Bank of France. Some of the remaining $34,000,000 may belong to Bank of France, but
part is thought to belong to other central banks."
A recent dispatch to the "Wall Street Journal" from
its Paris office says that the temptation offered by
French banks to employ their funds in London or
New York, owing to higher money rates, is greatly
reduced by the tendency of rates to rise in Paris,
consequent upon developments following stabilization, as also by the risks of loss through depreciation
of sterling and the dollar. At the same time the Bank
of France is seeking to reduce the amount of exchange




461

"en rapport," i. e., swapped against francs by increasing its rate from M% to 1%. It can earn more
on its exchange by placing it directly abroad. The
dispatch stated further: "It is expected that foreign
funds will gradually be withdrawn from here, as a
result of which the circulation is likely to shrink and
the gold cover to increase. This process will be further accentuated as the smaller bank notes are withdrawn in exchange for new silver coin. This is another reason why the bank should not set about buying more gold, which would become necessary only
in case of a great increase in activity of production
and exchange and of demand for discounts. A still
further increase in gold holdings is probable through
deposits in Paris by foreign issuing banks, now that
the Bank of France can open accounts on their behalf.
On the other hand, a large stock of exchange is expected to remain in possession of the Bank, so that it
will remain an important factor in credit conditions
in New York and London." This week the Bank of
France shows an increase in its gold holdings of
259,000,000 francs, bringing the total to 29,662,000,000 francs. As stated above, the trend of German
marks has been slightly firmer than the other Continentals. As noted in the report on sterling exchange, $67,000 in gold was shipped from New York
to Germany this week. The Reichsbank shows an
increase of 21,557,000 marks in gold holdings, bringing the total to 2,148,800,000 marks. The Reichsbank is reported to have bought about $5,000,000 of
Soviet gold last week. Recent London dispatches
state that it is understood the $250,000,000 Rumanian stabilization loan will be secured by the State
railroads, the Government appointing American,
French and British experts to examine the accounts.
An additional immediate advance of $20,000,000 to
the central bank of credit will also be granted by an
American and French banking group pending issue
of the loan in the fall.
The London check rate on Paris closed at 124.08
on Friday of this week, against 124.20 on Friday
of last week. In New York sight bills on the French
centre finished at 3.91%, against 3.913i a week ago;
/
cable transfers at 3.91%, against 3.91%, and commercial sight bills at 3.91, against 3.911 8 Antwerp
/
.
belgas finished at 13.92 for checks and at 13.92%
for cable transfers, as against 13.923/ and 13
.933/2
on Friday of last week. Final quotations for Berlin
marks were 23.873/2 for checks and 23.883/ for cable
transfers, in comparison with 23.86 and 23.87 a
week earlier. Italian lire closed at 5.23Y for bankers'
4
.
sight bills and at 5.233/2 for cable transfers, as
against 5.239 and 5.24. Austrian schillings have
not changed from 141 8 Exchange on Czechoslo/
.
vakia finished at 2.9615, against 2.9615; on Bucharest
at 0.613 , against 0.61; on Poland at 11.45, against
%
11.15, and on Finland at 2.52, against 2.52. Greek
exchange closed at 1.30 for checks and at 1.3031
,
for cable transfers, against 1.30 and 1.303/,
The exchanges on the countries neutral during the
war have been extremely dull. Swiss francs have
been firmer owing to European transactions rather
than to any activity in the New York market.
The Scandinavian currencies all ruled a few points
lower than a week ago through sympathetic reaction
to the dip in sterling. Holland guilders, the
most
active of the neutral currencies in the New
York
market, ruled in general a few points lower
than a
week ago. Dollars are in demand by
Amsterda,na

462

[VOL. 127.

FINANCIAL CHRONICLE

traders, with the result that the guilder has come
to rule slightly under par for the first time in many
months. The approach of seasonal import payments is an important factor in the lower guilder
rate. Spanish pesetas have been generally a few
points lower than prevailing rates last week, although a banking consortium has been organized,
as told here a few weeks ago, to keep the peseta
steady between gold points.
• Bankers' sight on Amsterdam finished on Friday.
at 40.20, against 40.22 on Friday of last week; cable
transfers at 40.22, against 40.24, and commercial
sight bills at 40.16, against 40.19. Swiss francs
closed at 19.253 for bankers' sight bills and at 19.26
for cable transfers, in comparison with 19.253 and
19.26 a week earlier. Copenhagen checks finished
at 26.70 and cable transfers at 26.71, against 26.733/
2
.
and 26.743/ Checks on Sweden closed at 26.75
and cable transfers at 26.763/2, against 26.773/ and
26.783/2, while checks on Norway finished at 26.70
and cable transfers at 26.71, against 26.72 and
2
6.733/2. Spanish pesetas closed at 16.45 for checks
and at 16.46 for cable transfers, which compares with
16.51 and 16.52 a week earlier.
The South American exchanges have been dull,
with Argentine pesos depressed at times, though
recovering at the close. It is believed that there is
a possibility of gold leaving Buenos Aires for New
York before long. At least, it is very unlikely
that there will be any gold imported by Buenos
Aires for the next two or three months. Money
rates are very easy in Buenos Aires at present.
One reason for the easier rates for the peso is the
fact that several prosperous export seasons and
generally flourishing business have resulted in a
large, increase of imports of a luxury character.
Another factor is the continuance of the labor troubles
in Argentine ports. The other South American
exchanges have been on the whole very steady.
Argentine paper pesos closed yesterday at 42.20 for
checks, as compared with 42.20 on Friday of last
week, and at 42.25 for cable transfers, against 42.25.
Brazilian mileeis finished at 11.94 for checks and
at 11.95 for cable transfers, against 11.94 and 11.95.
Chilean exchange closed at 12.11 for checks and
at 12.12 for cable transfers, against 12.11 and
12.12, rand Peru at 3.98 for checks and at 3.99 for
cable transfers, against 4.01 and 4.02.

Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just past:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
JULY 21 1928 TO JULY 27 1928, INCLUSIVE.
Noon Buying Bate for Cable Transfers to New York.
Value in United States Money.
July 21. July 23. July 24. ;July 25. July 26. July 27.
EUROPE
Austria,schi Ring
140878
Belgium. belga
39301
Bulgaria, ley
007215
Czechoslovakia, krone 029624
Denmark, krone
267335
England. pound stersterling
4.861321
Finland, markka
.025161
France. franc
.039155
Germany. reichsmark 238648
Greece, drachma
012981
Holland, guilder
402302
Hungary. pengo
:740152348185
Italy, lira
Norway, krone
.267230
Poland. zloty
.112125
Portugal, escudo
.044160
Rumania.len
.006136
Spain, peseta
165130
Sweden,krona
267744
Switzerland, franc-- .192567
Yugoslavia, diner
017600
ASIAcf00 taei
ha
Chin e
664553
Hankow tool
671250
Shanghai tool
.650892
Tientsin tool
.879166
Hong Kong dollar
.497142
Mexican dollar_ _ .466500
Tientsin or Pelyang
dollar
.466666
Yuan dollar
.463333
India. rupee
.362431
Japan. yen
458094
Singapore(S.S.)dollar .560000
NORTH AMER.Canada. dollar
.997541
Cuba. peso
.999281
Mexico. peso
.472000
Newfoundland. dollar .995187
SOUTH AMER.Argentina. peso (gold) .059980
Brazil. milreis
119445
Chile. peso
.121287
Uruguay. peas
1.023790
Colombia. peso
.980400

.1411916 .140927 .140885
.139293 .139263 .139252
.007200 .007200 .007200
.029627 .029622 .029624
.267270 .267190 .287145

.140961
.139247
.007200
.029628
.267037

.140858
.139192
.007200
.029626
.267007

4.859508 4.858991
.025176 .025180
.039138 .039144
.238699 .238691
.012978 .012868
.402269 .402261
.174323 .174366
.052355 .052345
.267120 .267117
.111877 .111877
.043740 .044700
.006136 .006139
.164630 .164826
.267670 .267655
.192543 .192530
.017601 .017591

4.856789
.025176
.039153
.238766
.012972
.402180
.174354
.052338
.267015
.111877
.044560
.006135
.164557
.267532
.192530
.017600

4.856969
.025181
.039147
.238808
.012965
.402161
.174392
.052331
.266998
.111883
.044340
.006135
.164530
.267548
.192566
.017597

4.881051
.026175
.039145
.238654
.012985
.402316
.174381
.052370
-267230
.111877
.044300
5
00
. 613
.165030
.267722
.192566
.017600
.674166
.868333
.655892
.691666
.501160
.475500

.674166
.667500
.655535
.689166
.500625
.473500

.674375
.670208
.655982
.688541
.500178
.474250

.675416
.671250
.658125
.691250
.500982
.474250

.675833
.672083
.659142
.690416
.501839
.474750

.476666
.473333
.362418
.454875
.560000

.474166
.470833
.382253
.455822
.559583

.475833
.472500
.362003
.455980
.559583

.475833
.472500
.361931
.453850
.559188

.476250
.472918
.361990
.452477
.559583

.998268
.999281
.472000
.995781

.999184
.999218
.472000
.996992

.999296
.999218
.471666
.996906

.999240
.999312
.471666
.996812

.999244
.999187
.471666
996906

.959783 .960192 .959913 .959875 .960423
.119400 .119436 .112436 .119490 .119490
.121284 .121282 .121194 .121164 .121167
1.023499 1.023581 1.023790 1.022935 1.023040
.980400 .080400 .080400 .980400 .980400

Owing to a marked disinclination on the part of
two or three leading institutions among the New
York Clearing House banks to keep up compiling the
figures for us, we find ourselves obliged to discontinue
the publication of the table we have been giving for
so many years showing the shipments and receipts
of currency to and from the interior.
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec.6 1920, it is also no longer
possible to show the effect of Government operations
in the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the Clearing
House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday. Monday.
July 21. July 23.

Tuesday. Wednesd'y, Thursday. Friday.
July 27.
July 24.
July 25.
July 20.

Aggregate
for Week.

The Far Eastern exchanges have been depressed.
$
$
$
2
$
$
$
This condition results largely from an undercurrent of 101.060,000 101.060.000 85.000.000 08,000,000 momeno ammo Cr. 584.000.000
mass of checks which come
the toNote.-The foregoing heavy credits reflect the huge country In the operation of
the New York Reserve bank from all parts of the
unrest arising out of political disputes between
par collection
These large credit
Japanese and the Chinese Nationalists over the Man- the Federal Reserve System'sof the Reservescheme. operations with the balances.
however, reflect only a part
Clearing
Bank's
House institutions,
York City are represented in
question. In Thursday's market yen made the daily balances. as only the Items payable in NewInstitutions located outside of
churian
The large volume of checks on
New York are not accounted
such checks do
a new low for the year at 45.40 for cable transfers and not pass through the Clearingfor in arriving at these balances, asFederal Reserve
House but are
with the
went still lower to 45.27. Another factor Bank for collection for the account of the local depositedHouse banks.
Clearing
yesterday
depressing the yen is the continuance and growth of
The following table indicates the amount of
the Chinese boycott movements against Japanese
goods. The political factors affecting the Far East- bullion in the principal European banks:
ern exchanges have been outlined in earlier pages.
July 26 1928.
8
July 2 1927.
London dispatches state that one of the factors caus- Banks of-I Gold.
Silver.
Total.
Total. I
Gold.
Silver.
is the heavy purchase by Japanese
ing weakness in yen
£
I
Japanese 6% sterling England_ 176,020.387 • 176,020,387,151,804.701
of Japanese sterling bonds.
151,804,701
_ 223729742
d
bonds of 1924 have risen from £9732 to £100 Since France-b 103,159,1 094,600237,297,424 147.260,559 13.680, 160,940.559
Germany
88.156,100
994,6
104,153,700 87,161,500
January. Closing quotations for yen checks yester- Spain --104,316,00 28,197,000132.513,000 103,896,000 27.105.000131,001.000
Italy
52,855,000
52,855,000 46,611,000 3,835,000 50,446,000
36,249,00
day were 453'@45%, against 45.85@46A on Fri- Netherrth 22.941.00 1,965,000 38,214,000 32,284,000 2.400,000 34,684,000
Nat Betz_
1,248,000 24,189,000; 18,423,000 1,171,000 19.594,000
day of last week; Hong Kong closed at 5031.@503/2, Switzerl'd. 17,914,
2,250.000 20,164,000, 17,368,000 2,729,00 20,097,0011
12,300,000
1, Denmark 10,103,
/
Shanghai at 66 8@66Y Sweden _ 12,797,00 615,0 12,797,000 10,700,000 719, 12,300,000
against 49.90@50 1-16;
11,419,000
10.718,000
8.180,000
8,168.000 8,180.000
1,
against 64%@65; Manila at 49V against 49 9-16; Norway 8.168,0
Total week
against 56%@56; Bom- Prey. week 781.819,911 35,269,600817,089,511635,988,800 52.633,600680,622,400
Singapore at 563.@563/,
2
778,379.083 35,411,600813,790,683637,1130,489 52,731,600690.382.089
and Calcutta at 363, a These are the gold holdings of the Bank of France as reported In the new
bay at 363/2, against
form of statement. b Geld holdings of the Bank of Germany are exclusive of
2
.
against 363/
gold held abroad, the amount of which the present year is 64,281,300. c As of




Oct,7 1924. (*Sneer is now reported at only a trilling sum.

JULY 28 1928.]

FINANCIAL CHRONICLE

The United States and the Nationalist
Regime in China.
The statement which Secretary Kellogg has transmitted to the Governments of Great Britain, France,
Italy, Japan and a number of other Powers having
special interests in China, the text of which was
made public on Thursday,followed by the announcement on Friday that a treaty between the United
States and China granting to China "complete national tariff autonomy" had already been signed on
Wednesday, opens another chapter in the long
and complicated story of American relations
with China, and may prove to be the beginning
of diplomatic negotiations out of which China itself
will greatly benefit. It has been known for some
weeks that the situation in China, created by the
successes of the Nationalist Government and reported clashes between that Government and Japan
over Manchuria, has been receiving careful consideration at Washington, and that representatives of
the Nanking Government, although enjoying at the
moment only a doubtful diplomatic status, had been
heard with respect and attention at the Department
of State. The announcement on Wednesday that
some 1,350 officers and men of the Marine Corps
were at once to be withdrawn from China, on the
recommendation of Admiral Bristol and Brigadier
General Butler and with the approval of the Department of State, was a clear indication that American interests in China were regarded as in less danger than they have been for some months past.
The significance of Secretary Kellogg's statement,
considering the fact that at the time it was issued
the conclusion of a new tariff treaty was not yet
known, turns more upon the circumstances under
which it was made than upon its specific substance.
The statement recalls the exchange of notes on Mar.
30 last between the American Minister and the Minister of Foreign Affairs of the Nationalist Government,
in settlement of the unfortunate Nanking incident of
March 24, 1927, and the appointment of a joint
commission to appraise the damages suffered by
Americans at that time. It further recites Mr. Kellogg's statement of Jan. 27, 1927, repeated on several
occasions since, to the effect that the United States
"was then, and from the moment of the negotiation
of the Washington Treaty had been prepared to enter into negotiations with any Government of China,
or delegates who could represent or speak for China,
not only for putting into force the surtaxes of the
Washington Treaty but for restoring to China complete tariff autonomy." The note of March 30, referred to above, expressed the sympathy of the American Government and the people of the United States
with "the desire of the Chinese people to develop a
sound national life of their own, and to realize their
aspirations for a sovereignty so far as possible unrestricted by obligations of an exceptional character,"
and declared that the American Government "looked
forward to the hope that there might be developed
an administration so far representative of the
Chinese people as to be capable of assuring the actual fulfillment of any obligations which China
would of necessity have for its part to assume incidentally to readjustment of treaty relations."
In view of these declarations, and of the decision
of the Nationalist Government, announced on July
11, to appoint plenipotentiaries to negotiate for
treaty revision with the United States, Mr. Kellogg




463

declared that the American Government "is ready
to begin at once, through the American Minister to
China, negotiations with properly accredited represetatives whom the Nationalist Government may
appoint, in reference to the tariff provisions of the
treaties between the United States and China, with
a view to concluding a new treaty in which it may be
expected that full expression will be given reciprocally to the principle of national tariff autonomy,
and to the principle that the commerce of each of
the contracting parties shall enjoy in the ports and
the territories of the other treatment in no way discriminatory as compared with the treatment accorded to the commerce of any other country." This assurance was given, Mr.Kellogg further stated,"witha deep realization of the nature of the tremendous
difficulties confronting the Chinese nation," but
with the belief, which he felt "impelled to affirm,"
that"a new and unified China is in process of emerging from the chaos of civil war and turmoil which
has distressed that country for many years."
The de facto recognition which the United States
has accorded to the Nationalist Government by making and accepting official communications to which
the Nationalist Government was a party, and by concluding a tariff treaty, is a natural consequence
of the success of the Nationalists in overthrowing
the Northern Government at Peking, establishing a
new national capital at Nanking, and laying elaborate plans for the reorganization of the country.
A national financial conference, which closed an
eight-day session at Nanking on July 11, recommended a long list of important reforms, including
control by the national Government of provincial
finances, new tariff schedules intended to replace
those which would cease to operate on Jan. 1, 1929,
in case tariff autonomy went into effect at that date;
banking and coinage regulations, payment of foreign
debts, development of means of communication, disbandment of troops, and various other matters. The
approval of these recommendations by the Nationalist Government serves to explain the refusal of Dr.
C. T. Wang, Foreign Minister, to acquiesce in so
much of the plans of the Famine Relief Fund Committee of New York as contemplated the raising of
a fund of $10,000,000 in aid, among other things, of
extensive road-building and other reconstruction
work. "Reconstruction," Dr. Wang declared, "Is
the duty of the Chinese Government, and acceptance
of such an offer of charity is certainly beneath our
dignity." Eventually, he added, China would
doubtless wish to negotiate foreign loans for reconstruction purposes.
The negotiation of new tariff treaties with other
countries faces some serious difficulties. The customs conference between the then Chinese Government and representatives of foreign Powers, which
met at Peking in October, 1925, did indeed fix upon
Jan. 1, 1929, as the tentative date at which tariff
autonomy should be inaugurated, but the grant of
autonomy was conditioned upon various reforms
and guarantees on the part of China which the outbreak of war between the North and the South
rendered impossible, so that the date mentioned has
at the moment no binding force or effect as far as
other Powers than the United States are concerned.
The new treaty with the United States, it is reported, is to go into effect on January 1 if it
is ratified by that date. In the meantime
the Nationalist Government is reported to

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have denounced the commercial treaties existing between China and France, Italy and Spain, at the
same time offering a modus vivendi to regulate commercial intercourse until new treaties shall have
been concluded. A similar denunciation of the commercial treaty with Japan was reported on July 20,
the date on which the last extension of that treaty
expired. The Japanese Government, however, it is
said, has called attention to a provision in the treaty
by which, if the treaty is not revised and ratified
within six months,it is to be automatically extended
for ten years. The last attempt at revision was in
October, 1926, but no conclusion was reached, and
it is now understood. that Japan proposes to claim
the ten years' extension unless the Nationalist Government is willing to negotiate another treaty.
The precise position of Japan in the China controversy is reported to have occasioned some anxiety
at Washington, and it is not, at least in details,
wholly clear. It was announced on July 10 that
7,000 Japanese troops were shortly to be withdrawn
from Shantung, but the well-informed correspondent of the New York "Herald Tribune" cabled on
Tuesday, after a visit to the whole area directly affected, that Japan still had about 50,000 troops in
China, of which 15,000 were in Shantung province,
10,000 in the Peking-Tientsin region, and 25,000 in
Manchuria. The demand for satisfaction for the
losses sustained in the Tsinan affair has not been
waived, and while Japan has appeared not unwilling
to allow Manchuria to join the Nationalist Government as a kind of autonomous province, it has indicated its purpose to resist any attempt of the Nationalists to carry the war into Manchuria. If it
be true, as has been stated, that the economic interests of Japan in Manchuria have an estimated
value of $1,250,000,000, the desire of Japan to prevent civil war from invading the province has an obvious explanation, but the establishment of a virtual
protectorate over Manchuria, which the Nationalists appear to believe is the ultimate aim, is a matter
in which other Powers as well as China and Japan
are interested.
We shall probably know in a few days how Secretary Kellogg's action has been received by the Powers. The attitude of the British Government is
of course, particularly important because of the very
large British interests in China. It is to be hoped
that Secretary Kellogg's confidence in the stability
and wisdom of the Nationalist Government will turn
out to have been fully justified, and it is entirely
probable that the Department of State, which is cert
tainly not given to haste in such matters, has information regarding actual conditions in China not yet
made public in the press, that amply sustains Mr.
Kellogg's position. The sudden seizure of Chefoo
on Monday by a force of 5,000 troops representing
the old Northern Government at Peking may turn
out to have been only an act of lawlessness such as
may occur in a -country just emerging from civil war,
but it undoubtedly shakes confidence in the ability
of the Nationalists to maintain their authority
throughout the whole of the northern area which
they had apparently conquered. The United States,
however, in addition to suddenly taking the lead in
bringing the issue of tariff autonomy to a settlement, has again shown its friendship for China
and the Chinese people, and committed itself once
more to the grant to China of as complete autonomy
-and independence as China itself is capable of ad-




[Von. 127.

ministering with due regard to international obligations. If the other Powers support the American
view, peace and reconstruction in China will have
been brought appreciably nearer.
A Knight of the Seas.
A despatch from Southampton, England, July 15,
to the New York "Times," read: "Sir James T. W.
Charles, Commodore of the Cunard fleet, died suddenly here to-day almost within an hour of completing his last voyage before his retirement. . . .
He was to have retired formally on Aug. 2, his sixtythird birthday." Then follows, in several columns,
an account of one of the most notable careers devoted to the sea. Beginning his voyaging at the age
of fifteen, at a time when "500-ton barques" were
rounding the Horn, and advancing steadily until he
became a fixture in the North Atlantic trade, Sir
James Charles, as he came finally to be known, made
"726 voyages across the Atlantic, a total of 2,178,000
nautical miles, which does not include his career
in sailing ships, with the British India Steam Navigation to the East Indies and with the Cunard to
South Africa trooping during the Boer War. . • •
In March 1918 Sir James was placed in command
of the Aquitania and transported 47,867 American
troops across the Atlantic without the loss of a
life." A tribute to the life and character of the
deceased mariner was paid by Captain David W.
Bone of the Anchor liner Transylvania in the following words:"Shipmasters never rest till they die.
Sir James Charles was a great mariner and died
after bringing his ship safe to port." Honors were
heaped upon this Knight of the Seas during his
long service, but there could be no greater praise
than this by one of his contemporaries!
There is no position in human affairs quite like
that of captain of the ship. In the palatial vessels
of modern times thousands of lives are entrusted to
his care. Huge treasure is buried in the hold. Only
the other day a "liner" sailed carrying a passenger
list that represented billions of wealth. All classes
and races are transported across seas. The hopes
•and aspirations of the poor and lowly, cabined it
may be in the lower reaches of the ship, are no less
important to the captain in command than those of
high rank and ample fortune. And outside the national lines, on the "high seas," the word of this
captain is the law. These men who, with their fellows of lesser repute in the manning of the craft,
"go down to the sea in ships," through storm and
stress, through light and dark, are among those of
whom it may be said "they were faithful to the
end." And many of them have "gone down with the
ship" rather than save themselves at the expense
of others. They are traditionally "the last to leave"
the post of duty. And in a day given to worship of
the spectacular hero of modern devices for new
"voyaging," it is well to dwell for a time in contemplation of the life and work of one who was willing
to follow in the old lines to the end!
Those of us who live upon the land know little
of the "perils of the deep." Cloud-wrack and tempest, tumult of elemental forces combined, the flash
of lightning and the roll of thunder, these we may
partially escape in the anchored fastnesses of our
homes, but on the sea there is no escape but to carry
on. The ship must ride the waves though they be
"mountain high." On the "crossing," far from land,
there is no casting of an "anchor to the windward."

JULY 28 1928.]

FINANCIAL CHRONICLE

Skill in maneuvering the vessel, steadfastness and
tireless vigil, are the price of safety. While the
timid may cower below, the captain on the bridge
braves the dangers, with no cessation from his task
and no thought save of his ship and the lives dependent on his care. Sometimes, with slight intervals,
when the fog envelops the deep, he does not leave
his post for forty-eight hours. And when at last
he makes port he must resume his work with scant
rest and no recreation. It is an occupation that
tries men's souls, and the marvellous safety of ocean
travel is an everlasting tribute to those who command and to those who fire the engines in the hold.
Not that a lifetime spent in this service is not
without its own peculiar compensations. There are
acquaintances gathered from all the world. There
are honors and tributes long to be treasured and remembered. There are monetary considerations of
no mean worth. There are times for study, thought
and reading. And, often, there are calm seas, with
glorious views of sea and sky. But through it all
and in it all there is the proud sense of trust and
responsibility. That men, thus circumstanced in
life, should come to love the sea is not to be wondered at—for to them, turbulent or motionless, it is
home! If at last they shall swing with the tides
in its soundless deeps, they sleep in the medium that
has borne them to glory and victory over the task
they have elected for life and death. Vessels like
the Mauretania and Aquitania, the last word in
engineering and ship construction, floating palaces
of pleasure and comfort, conquerors of the "mad Atlantic," are indelible marks of man's progress from
the hollow log and the birch bark canoe.
The lesson we may learn, therefore, from the life
of this notable mariner, is a lesson in helpfulness
and satisfaction in the orderly advance of mankind. Though it is a far cry from the caravels of
Columbus and the frail barks of the Norsemen, those
who have followed the sea for a livelihood have asked
only for opportunity and constant betterment. They
have worked in season and out that transportation
might join peoples together and link the lands in
unity and peace. The merchant marine is a harbinger of good-will, wherever a flag flies or a harbor awaits. If in that sudden access of hate, which
man knows as war, these ships have been armed, it
is everywhere realized that ships and fleets have
been torn from their moorings in the welfare of men,
and doomed by no will of their masters to destruction and death. And it may be said of these men of
the sea that they carried the civilization of trade
to bless the remote places of earth and to lift up
the lowly.
Slow and toilsome are the paths of life that end
in renown. Who sails the seas, gathers knowledge
and strength. Each new ship bears abroad new
ideas in the orderly growth of things. Each shipmaster is a pioneer. Never does he follow a beaten
path save in a general direction. In his going and
coming from port to port though he travel "the line"
he leaves no mark of his passage. A day on the
ocean deep is as the appearance and disappearance
of a single life in the sun and shadow of ever-flowing time; when a great captain of ship dies, after
long years of service, his work is written in human
hearts and his name is "writ in water." Of him it
must always be said he builded better than he knew.
Danger did not deter him. Monotony did not disconcert. Duty did not displease. To others it may have




465

been given to hold fast to the shore, to tread the
mill of the changeless, to grow restive for the new
and the novel; he "brought his ship to port."
Whatever may be a man's work, no greater praise
can be given him than to say he made the "crossing"
safely, that he brought his ship to port, and at the
last he turned his life over to the Great Pilot to be
guided "over the bar" and anchored in the "haven
of rest." We seek restlessly and ceaselessly for fame
and fortune. We run forward to win the race. We
climb the heights to be seen of all men. We build in
the marble of the material that others may lift monuments to our memories. But when the "evening
star" shines at the coming of night and rest, when
the last voyage through the mists of time is over,
there are no milestones along the pathless deep of
life and all that we do and all that we are lives on
alone in those who follow us. To have been faithful and true, to have been satisfied with the course
that opened to us, to have repeated o'er and o'er the
good work given to us to do, to have stood in the way
of no one who endeavored for the right, to have
gained content out of contest and surcease out of
toil, this is the lesson learned from every master
mariner who bravely voyages through life.
Plans, Policies and Principles.
While the farmers are in the fields gathering in
the harvests and the working men are tending the
machines, while the vacationists are seeking rest
and recreation in retreats of shade and shore, there
are plans forming in the camps of the political parties. For we are told, on both sides, that "no time
is to be lost." Does the citizen realize how much
he is under consideration by those who manage campaigns? It is to be feared he does not and that much
of this love's labor is lost. To be sure, he reads the
innumerable columns of our daily papers, and when
neighbor meets neighbor, he probably introduces the
topic of politics by a few general queries as to party
prospects, together with some volunteer expression
of personal views and intentions, but for the most
part he does his own thinking and confines his own
activities to his own business. There can be little
doubt that millions of money and "oceans of time"
are lost in persuading the voter to vote and how to
vote. And yet the winning of an election is a fair
field and is of great importance to people and nation. But the buzzing of many minds in pent offices
of the "headquarters," the laying of long lines of
ammunition through spoken and written words, the
collection and disbursement of expense funds, the
strategic maneuvers to meet section and class, of
what positive avail are these in an intelligent and
free democracy?
We read of the laying of plans with really an idle
interest as individuals. And it would be an experiment of the highest value to our representative democracy if, after the nominations are made and the
platforms announced, there could be for once a complete cessation of political activities until the day of
the election. The candidates and their friends and
"workers" have never permitted this and never will.
The voters must be educated, the "vote" must be gotten out, the possible defections in the ranks must
be guarded against, the disgruntled in the opposition must be encouraged, and the sore spots at home
must be healed—and there is always work for the
faithful to do. Hence the appointment of national,
State, city and precinct committees, charged with

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[VoL. 127.

the duties of census taking, publicity, finance, and platform and campaign, and passes judgment on the
organization. It is a great game. Speakers' bu- whole, swayed, it may be, by party preference but
reaus are to be manned and drilled. Dates for ral- not bound by partisan loyalty. These thinking citilies, barbecues, joint debates by leaders, are to be zens develop a code of principles that are born of
arranged, and by virtue of progressive machinery, fundamentals in party and national history; these
radio talks are to be dated over thousands of miles they are able to apply to exigencies and temporary
of territory. And with it all only about half the needs, free from excitement and the red fire of disvoters go to the polls!
play. Half the charge and counter-charge of the
It is not surprising, therefore, to read in the dis- respective headquarters falls to the ground unnopatches concerning the preliminaries that both of ticed or unheeded. Not only are men appraised for
the parties are laying plans to "get out the vote." their fitness, but real principles for their value and
And the citizen who can escape a notification of his worth.
duty at an early stage of the "campaign" we may
Seeing the country as a whole, these men rise
assume to be a hermit. In this familiar counting of above section and controversial issue. If we may
noses, this poll of the precinct, this forecast of the illustrate our thought, "farm relief" and "prohibielection, there will develop, coming down from the tion" are not as important in the consciousness of
headquarters, the policies to be pursued. Even at these voters as the "bureaucracy" with which we are
this early time, before the "organization" is per- confronted as a people. They probably will not be
fected, we read that policies to be stressed are not to swerved one way or the other by the attempt to
be the same for all sections and all voters. Survey- coddle the farm vote. They will look upon the "wet
ing the "prospects" there are black and white spots and dry" issue as subservient to the larger question
on the map. The Middle West is to be looked upon of personal rights under the general guaranty of
as the territory of the farmer who is avid for "re- the Constitution. They will divide, naturally. They
lief"; the area of the East is to know that the tariff will, at the same time, hold both parties to a strict
is the cause of the "full dinner pail" and of "pros- account for their positions and for their pronounceperity"; the South, alleged to be enraptured with ments. In a word, they will not be deceived by pothe Eighteenth Amendment, is not to be pressed too litical tactics or partisan maneuvers. Nor are these
hard by the "wets"; and the Far West, where a sort citizens affected by the palaver of fanatical new parof primitive freedom is embattled, is to be regarded ties, parties made up of a mingling of hope and deas the ground of strategy and opportunism. Thus spair in minds enamored of impractical millenniums.
policies are to be fitted to occasion. Ours is a big They are loyal to the freedom and fate of represencountry. A party that can cover the whole with a tative democracy. If this were not so, party fealty
set of blanket principles seems not to be in the run- would be a farce and elections will-o-the-wisps.
ning this year, at least. And still not all the voters
Therefore, the best laid plans o' parties "gang
vote!
oft agley." No one, however experienced, pretends
Policies water-color the platforms, that should to predict at this time the outcome of the November
only enunciate principles. Yet even these are not election. What seemed on the eve of the conventhe policies of the campaign managers. If policies tions to promise a dull season now bids fair to be a
are bent to fit the campaign plans, principles, it is battle of plans and policies. The great underlying
evident, must be made pliable to policies. And then principles that are the cement of the two contending
at the end of this preparedness we are told that the parties will be shadowed by the moves in the game of
personalities of the candidates will have a leading politics, but not obscured. The cauldron, possibly,
influence on the 'campaign." Whatever this com- will boil and bubble, but only the froth can be blown
plicated machinery of party may be, there is still a hither and yon by the office forces of the committee
silent force no one can estimate in advance—the headquarters. Perhaps the "publicity" battles may
inner and free thought of the individual voter. Pub- induce deeper thought, but they will not change
licity may provide him information; but in the light many votes. The radio, as a means of communicaof an independent press and the popular instrumen- tion, we are fain to believe, will prove a dud. The
talities at hand everywhere, argument cannot be de- appeal of voice, gesture and presence, old-fashioned
pended on to change many votes. It follows that as they have come to be,enthused believers and someprejudice and passion are coming to have less and times convinced the doubtful. But a campaign, meless effect upon the constituencies. It may be that chanical in its leadership and mechanical in its exparty fidelity has become a fixed habit with those pression will be neither forceful nor convincing.
who have gone through many campaigns. With these
The New Liberalism.
it is necessary, perhaps, to arouse action by crying
The coming Presidential election emphasizes the
out the usual alarms. But a new generation appears
in every quadrennial election—more and more wom- existence of two distinct political parties. Both
en are exercising the franchise—and party managers claim to be the true representatives of American
democracy, the original individual rights regarded
are constantly perplexed.
The "battle-ground" therefore changes. It is no as inalienable in every citizen of the United States.
longer a matter of territory, of a pivotal State, of Over against this popular use of the term there is
a debatable section. It is really a matter of policy an appeal to the original significance of Liberal
as applied to principle. One high in party councils and Liberalism, to-day disregarded. This needs to
has recently said:"We cannot make the issues; the be restored as the true American doctrine which
people make the issues!" And this is true. It is "follows the flag" and is that which should be upthe non-talking vote that holds the balance of power. held by both Republican and Democratic parties
We do not mean the class that is dumb through in- when these offer each its own particular policy and
difference and ignorance. We mean the thinking methods as superior to those of its opponents. Then
class that holds aloof from the machinery, the man- in the free field of public discussion they will make
agement, and the chameleon-like policies both of a permanent contribution to the general intelligence




JULY 28 1928.]

FINANCIAL CHRONICLE

and whichever side wins in the election, will have
public support.
A book by Guido De Ruggiero, a distinguished
Italian, "The History of European Liberalism," recently published in English translation by the Oxford University Press, gives the history of the liberty, civil and political, which was the gift of the
18th century and is the basis of ours. It originated
in spiritual forces and culminated in the Declaration of the Rights of Man and the French Revolution. Our nation was founded by men who, having
this inheritance and animated by the same spirit, as
opportunity arose, embodied its teaching of liberty
and liberalism as it exists in our Constitution, as
that is interpreted and administered to-day.
In Europe it has taken on various forms. As
these are seen in the history of English, French,
German and Italian Liberalism they constitute an
interesting and instructive story. Collectively they
show often by contrast what Liberalism in its true
sense, whether in Church or State,in Class or Party,
whether as the demand of the Socialist or the ultimatum of Capital, should mean. The departures
from its true significance, and the base uses to
which it has been put, from the wild fanaticism of
the French Revolution and the relentless ferocity
of the Russian Soviet, to the hard and fast absolutism of the Bourbons and the "Junkers" in many
lands, are recounted, and the restoration it should
have to-day is presented in a way most valuable
for us who hold ourselves to be free from its perversion and misuse.
Liberty, as one author says, is an older thing
than the absolutism of modern monarchy. In early
days, as in Feudalism, it was the possession of a
privileged class, and all within that class shared it.
In the absence of a safeguarding central power such
groups of urban communities, trade guilds and the
like, were free each within its own sphere. As these
grew and multiplied new conditions were created,
the State assumed new authority, and eventually
the original source of privilege was found to lie in
the individual man, as it has come to us. This
liberty is not an inherent right; it is rooted immediately in property, heredity, contract, and the
family, in all of which lie also its limitations. Political liberty is the result of charters and accepted
regulations. These imply the consent of the included parties and exclude decision by individual
contest. The modern conception of Liberalism is
not the work of either of the two opposing political
parties, but of both. Without their conflict privilege in its supreme form of autocracy makes slaves;
and on the other hand freedom for every man to do
as he pleases, forcing his views and his will upon
others, universalizes privileges until neither privilege nor liberty would exist.
The gradual creation of a European Liberal consciousness is disclosed in the gradual merging of
two distinct forms, the French and the English, during the last century, the one becoming more democratic, and the other less theoretical, until liberty
came to apply to man as a personality and also to
his life in the community, leading to the conception
of a Liberal State. This in turn passed over into
politics, becoming a shibboleth, creating parties in
Church and State, and producing on the one hand
a Democratic worship of the State, and on the other,
emphasizing Protestantism as divisive in the
Church.




467

There is a point beyond which the principles of
liberty and equality in their extension from the individual to the nation cannot be applied. As there
is no higher safeguarding power, nations have come
to claim rights of which they alone are judge. This
in the war came into conflict with the Imperialist
attitude of the greater European States. The sequel of the war has not settled the conflict between
the two. It is easy for "Deutschland Uber Alles"
to become "Britain," or "France," or "Russia," or
"Italy," more or less definitely asserting the same
authority "over all," by any for whom it may be convenient to use it. A crisis in Liberalism may therefore be seen to exist to-day.
Inevitably this has two aspects, economic and
political. The immense development of the machinery of industrial production has diminished the
importance of landed property. Agriculture has
become a minor form of investment. A vast agricultural proletariat with little or no interest in the
soil or its fruits has been created in some countries;
and in others the land has been so divided up to
satisfy public demand that it has produced a class
having little or no public interest. Society has been
pulverized. Meanwhile the creation of powerful organizations of capital has induced other interests
of one sort and another to turn to the State for
economic exploitation and political control, in the
line of the old forms of absolutism. Between the
two, liberal individualism is in the way to be
crushed, only, however, to rise anew in a deepening political consciousness, in the effort to preserve
its interests.
Materialism becomes the method of both parties
and as history repeats itself selfishness prevails.
Party coalitions and bargaining are inevitable. No
European nation has escaped; and the revival of
definitely opposing interests becomes in the end a
restorative force. These gradually coalesce, and
with a growing political life and education, are able
to maintain the interaction between the Administration and the Opposition which Liberalism demands.
The existing conditions in the inevitable freedom of
reaction and opposition asserting itself in all lands
are ground for faith in the permanence of the Liberal principles and forms of institutions and administration, which are the best that have as yet appeared.
The conviction underlying Liberalism as it exists
to-day gives assurance that freedom, however it is
imperiled, can never lose its power of creating new
paths and new institutions. For freedom is an expansive force propagating itself in results bearing
the stamp of originality, and inviting the thought
and criticism which arouses responsibility and insures action. This applies in politics and religion,
as it does in science and in business. The potential
force on which the liberal-minded can rely exist in
all and play a mediating and therefore a liberal part
in society. It will extend to the consumer as in
the past it has applied to the producer to whom
it has hitherto chiefly been directed. Organization will be found to be equally applicable to both,
and the equilibrium of producing and consuming,
as world-wide activities, to-day the vital need, will
be the goal.
Liberalism which has proved itself to be an affair of the spirit and of morals, will be seen to be
a creative force everywhere. Because it does arise
in the mind and the spirit it does not fail with

FINANCIAL CHRONICLE

468

change of condition. The Liberal State, hard beset
though it may be, our author believes, and we may
well repeat it to our neighbors at the South, will
triumph over rivals who are dictatorial or are
simply superior materially and technically. Our
auther holds that in even his own Italy "the most
sorely tried of all countries," the Liberal State survives, and will prove that on the battle ground of
free human competition "nothing survives that does
not deserve to live."
We gladly give publicity to his opinions and share
his confidence. Perhaps we should say to our national dependencies and to the peoples looking to
America for guidance or aid that our nation is
committed to the same Liberalism, and intends to
live up to it. Meanwhile we cheerfully recognize
and hope to prove by our conduct that to make our
form of freedom worthy and permanent we have
much to learn from the experience and the culture
of other nations older and often situated in far different circumstances from ours.
The Federal Reserve System.
(ARTICLE 11.)
(Communicated by I. H. Lionberger, St. Louis, Mo.)

In the preceding article it was pointed out that the Federal Reserve system was created to eradicate the evils of
the old system. It attempted to destroy the power of Wall
Street, provide an elastic currency which should at all
times afford abundant credit at low and uniform rates
of interest, and prevent panics. To accomplish these
objects it established twelve district Reserve Banks
composed of local Federal and State banks, and
be
required that member bank( reserves should
carried in these district banks—originally only in
part, but by the war amendments the whole of the member bank reserves must be carried in the district banks. It
also authorized the issue by such district banks of notes
secured by gold, commercial paper and the credit of the
Government; and conferred upon a national Reserve Board
sitting at Washington such powers as were deemed necessary for the harmonious working of the system. A discussion of these reforms in the light of what has occurred
since 1913 should prove interesting. Let us take them up
in order.
1. Wall Street. One fact is obvious: the Reserve Act
did not destroy the power and influence of Wall Street.
New York is still the money market of the country; its
resources and power are greater now than ever before; the
old practices continue; speculation has never been so active;
New York still affords the only actual call money market
In the country; funds are still sent there by country banks;
and the funds available there for speculation were never
before so great. The Reserve System had not only failed
to curb Wall Street; it has, on the contrary, vastly increased
its power. It has even rescued Wall Street from the consequences of indiscretion by furnishing a new supply of credit
through the Federal Reserve Banks; and, by assuring Wall
Street that there shall be no more panics, it has in fact
encouraged imprudence. The banks were imprudent in
1919: they made money by being so. The Reserve System
helped them out. There was no panic in 1920, but the crisis
that followed was abnormally disastrous. It took a long
time to thaw out the frozen credits of the time. Three and
a half million of men were out of work in 1921.
2. An Elastic Currency. The old system, as was noted,
rested upon gold and various tokens convertible into gold,
and was rigid in the sense that in no emergency could the
volume of currency be temporarily increased either by the
banks or the Government. The Act of 1913 authorized a
member bank to rediscount its commercial paper with the
local Reserve Bank azA to borrow on notes to meet any
extraordinary demand for cash in the spring or autumn and
In time of panic, and so afforded a remedy for the greatest
defects of the old system.
Unfortunately the notes so authorized .were defective in
one particular. Useful in an emergency, their use was not
*First article appeared in the "Chronicle" of July 21, page 319.




[Vou 127.

confined to the emergency, and no provision was made for
payment when it had passed. The notes tended to stay
out, notwithstanding a provision of the Reserve Act which
prohibits a Reserve Bank from paying out the notes of
another Reserve Bank; and, finding their way into the tills
of non-member banks, became a part and a wholly unnecessary part of the currency of the country. Some degree of
inflation was the necessary consequence.
Deposit banking did not admit of inflation, because the
credit borrowed had to be returned within a short time,
and he who borrowed to buy had, within such period, to sell
In order to pay. When, however, notes are authorized
which stay out, the artificial buying power which they
afford is not automatically corrected by selling to pay.
The actual currency of the country was 75% more in 1919
than in 1914, and prices rose in consequence 100%. Illustrations of the remarkable effect of such note issues on
prices are afforded by the following table taken from the
Report of the Foreign Currency Commission of the United
States, Serial 9, 1925:
Notes.
Italy—
1914-82,700.000,000
924-18.900,000,000

Average Price.1 Prance— Notes.
115
1914.-_-$0,000,000,000
1924_ -_A0,000,000,000
592

Average Prise.
100
500

The notes put out by the Reserve Banks prior to 1919
were paid, but their payment involved a shrinkage in prices
from an average of 200 to 150. Notes are debts: some time
they must be paid. Their use induces a buying which raises
prices, and deferred paying compels a tardy selling which
depresses prices; and so trade is thrown into confusion.
The Reserve Act not only reduced the reserves and so permitted reckless discounting, but obliterated the line between
prudent and imprudent lending, and when an effort was
made to deflate the currency a grave crisis followed.
3. Control of Interest Rates. The fluctuating rates of
interest which characterize the old system, however violent
they may have seemed, always had an underlying and
justifying cause. As a rule, rates of interest depend upon
the money that can be made by the borrower, and as the
crop moving period afforded a use for credit profitable not.
only to the lender but to the borrower, rates advanced; but
after the crops were in and debts were paid, interest rates
declined. When prices were high and profits great, rates
advanced; but when trade was dull and profits small, rates
automatically declined; and no one was hurt by the fluctuation. The rate for call money in request for a little
while on the New York stock market always reflected the
hazards of speculation. Commercial paper, on the other
hand, ran for sixty or ninety days and was but remotely
affected by such hazards. A collapse in speculation did not
injuriously affect business, unless a panic occurred. Rates
were higher West than East, because there was less accumulated credit West than East, and also because the profits of
business and the risks of lending were greater in the West.
In fact, by means of varying interest rates, the banks
were enabled to help borrowers now to legitimate enterprise
and now to avoid imprudence. There was never a time
when rates of interest hurt business, unless by hurt alone
it could have been compelled to mend its ways.
The Reserve Act disregards these obvious considerations
and assumes that profitable and unprofitable business
should borrow at the same rate. It enables the Reserve
Banks to control the money market, but only to do mischief.
If the Reserve System charges what money ought to be
worth under abnormal circumstances, it does no more than
the member banks can do and always have done of themselves; if it charges less, it encourages imprudence. During 1919 business was very hazardous and borrowing should
have been prevented by very high rates of interest; yet the
Reserve Banks loaned to member banks at 42
1%. When
/
business was tottering in 1920, after the mischief had been
done, they charged more. Interest rates should be let
alone, or so used as to check a boom or mitigate the consequences. Low and uniform rates of interest can not be
reconciled with sound banking.
4. The Prevention of Panics. The panics of the past
were acute and injurious in the highest degree, yet they
passed quickly and were followed by a sharp recovery. The
dead were buried, and the sick were nursed into convalescence by Clearing House certificates and other devices.
Such panics were not altogether unmitigated evils. Like an
operation of surgery, they were painful but efficacious.
Imprudence paid a high price for folly, but it was in all
respects desirable that folly should not be encouraged.
The Reserve System substitutes for suspension and interestbearing clearing house .receipts, notes profitable to the

JULY 28 1928.]

FINANCIAL CHRONICLE

banks, even when they most deserve correction. Whether
the remedy is worse than the disease the reader must judge.
If the Act had confined the use of notes to periods of
actual panic, required a high rate of interest from the borrowing banks, and compelled the cancellation of such notes
when the panic had passed, no fault could have been found.
But, unfortunately, none of these precautions was taken.
Reserve notes have been used not only to cure a panic but to
aggravate the inevitable consequences of the follies which
provoked it. Money already lost in speculation or trade
cannot be recovered by borrowing. Crises as a rule are
brought on by the manufacture or purchase of goods at a
price at which they cannot be sold. This is the meaning of
the phrase "over-production." After a crisis, prices fall
and continue to fall. To lend notes to induce merchants to
buy or hold goods which must be sold for less and less as
time passes is not to rescue them from a ditch, but to push
them further into it. "Frozen credits" has a sinister
meaning.
The sum of these considerations is this: The Federal
Reserve System is both good and bad- It admits of sound
finance, but does not compel it. It gives the Reserve Banks
control over the money market, but allows them to make a
foolish use of such power. It attempts to assist business
by supplementing the credits of the banks, but authorizes
a use of notes which sound banking prohibits. It prevents
panics, but it does not protect the community against the
consequence of a stimulated imprudence. It segregates
the financial resources of the country, but does not impair
the power nor curb the seductions of Wall Street. It assists
business by affording a less fluctuating rate of interest,
but hurts business by tempting merchants to borrow at
the wrong time.
(To be continued.)

The Change of Ownership in the
"Economist" of London.
In our issue of last Saturday (page 347) we noted the
sale of The Economist of London, along with some other
newspapers to a newly organized trust, in which Messrs.
Eyre and Spottiswoode, long engaged in printing British
Government publications, hold controlling interest. The
number of The Economist for July 14 now to hand, contains the following editorial comment on the change of
ownership:
The present week has witnessed an important event in the history
of
this journal. On Monday, July 9, the Court approved an application by
the trustees of the Wilson Trust for permission to sell the "Economist."
Thus for the first time in its eighty-five years of life a change
takes
place in the ownership and control of the "Economist." As to the
nature
of the change we cannot do better than quote the notice which appeared
in the Press on Tuesday, July 10
"The approval of the Court was given to-day for the sale
of the
"Economist." Founded in 1843 by the Rt. Hon. James
Wilson, the
"Economist" has, since his death in 1860, been held in trust
for his six
daughters and their descendants. There are certain disadvantages
in a
newspaper being held by a trust of this kind, which as time
goes on
tends to become involved in a series of subsidiary trusts, while
the beneficiaries inevitably lose direct touch with the direction of the
paper. The
Wilson trustees, therefore, recently came to a decision to
dispose of the
"Economist," if and when a suitable opportunity offered. It
was felt,
however, that if the control of the "Economist" were to
pass either to
a newspaper group or to any particular financial interest, a
reputation built
up on independence of judgment and unfettered criticism would
be jeopardised. Arrangements have accordingly been made by the
purchasers
which will ensure the complete editorial independence of the
paper.
"Half of the voting shares of the company owning the
will be held by Financial Newspaper Proprietors, Limited, in "Economist"
which Messrs.
Eyre and Spottiswoode hold a controlling interest, and half
by an influential group of individual shareholders. Both parties are
anxious to
maintain the traditional character of the "Economist," and
it has, therefore, been agreed that the articles of the company will
provide for the
appointment of a board of independent trustees with the
following functions:—
(a) They will have the right to veto the appointment or dismissal
of any
Editor of the "Economist," the Editor to have sole responsibility
for the
policy of the paper so long as he retains his office;
(b) They will have the right to veto the transfer of voting
shares In
the new company;
They will be represented on the board.
(c)
"By these and other provisions which will to a considerable
extent
be modelled on the articles of the Times Holding Company, the independence of the "Economist" will be amply safeguarded."
To this we need add but little. We may, however, allay at once any
suspicion which may beset the mind of any reader by assuring him
that
if he looks for revolutionary changes in policy or form he will not find
them. While it is our belief that the new arrangement will conduce to
efficiency and modern development, the Press notice quoted above means
precisely what it says—namely, that the maintenance of the character,
traditions and independence of the "Economist", which will be owned
by a separate independent company, is as much the objective of the new
proprietors as it was of the old. The agreement adumbrated above confers
very Important powers on a body of independent trustees. The right to
veto the transfer of shares—with a view to preventing control being ac-




469

quired by persons who might use it for improper purposes—follows the
precedent set by the "Times" and the "Spectator." But the present
scheme goes farther, and gives to the trustees a voice in the appointment
or dismissal of the Editor. In the long history of the "Economist," which
has played no small part in moulding the tradition of British financial
journalism, full responsibility has resided in the hands of the Editor.
It has, in fact, been the chief asset of the "Economist" that its editorbl
policy has been entirely free from external pressure or control. This
independence, which is our most cherished inheritance, will continue under
full and adequate safeguards.
The severing of a life-long link cannot be allowed to pass without
some reference to the family to which the "Economist" owes its birth,
its upbringing, its graduation and its establishment in the world of
journalism. For the first seventeen years of its existence the "Economist"
was under the personal supervision of its founder, the Right Hon. James
Wilson, who contrived to e_sibine with its direction a very active political
life—first as private Member of Parliament, subsequently as a member of
the Government, and finally as the occupant of the very exacting post
of Financial Secretary of the Treasury. The paper was founded in close
association with the Anti-Corn Law movement, some of the leaders of
which were of opinion that the new journal should be an official organ
of the League. But Wilson himself, and his chief supporters, Villiers and
Lord Radnor—the latter of whom was his sole financial backer—were
strongly in favor of an independent paper. Hence, though for several
months after its publication it continued to appear with the subtitle "A
Political, Commercial, Agricultural and Free Trade Journal," and gave
a very great deal of space to the League and its doings, it was from the
first a much more general paper than a mere propaganda organ. The
reputation for independence of thought and criticism which it quickly
established, and its subsequent history, amply justified Wilson's decision.
,
It has, however, been a cardinal principle of the "Economist" from that
day to this that the fundamental necessities of Britain's economic prosperity
are international peace and the freest possible commercial intercourse
between the nations.
If the "Economist" was of considerable importance in
tish thought
In the days of Wilson, it achieved international influ
under the
editorship of Walter Bagehot (1860-77). These two men
e mainly responsible for creating the "Economist" traditions which vkre carried on
in the editorial chair by Inglis Palgmve (1877-83), D. C. Lathbury (joint
editor, 1878-81), Edward Johnstone (1883-1907), F. W. Hint (1907-1916),
and Hartley Withers (1916-21). Their work, however, belongs rather
to the editorial and political history of the "Economist" than to its
ownership.
In 1859 Wilson went to India to become Finance Member of the
Viceroy's Council, leaving his son-in-law, Walter Bagebot in charge of
the "Ecoonmist." In 1860 in the midst of heavy and fruitful labors for
Indian finance, Wilson was stricken with dysentery and died, leaving the
newspaper property, which he had created, in trust for his nix daughters,
Mrs. Bagehot, Mrs. Greg, Mrs. Horan, Mrs. Shipley, Mrs. Halsey, and
Mrs. Russell Barrington. Mrs. Bagehot maintained a close personal interest in the fortunes of the "Economist" until her death in 1921. The
sole survivor, Mrs. Barrington, published last year a biography of her
father, which contains the most detailed information available as to the
establishment and early history of the "Economist"

Bank Holding Companies.
Editorial from New York "Journal of Commerce" July 23 1928.

Prior to the recent fall in the value of bank stocks, the
bank and financial holding company created to control
banks and other financial Institutions was an exceedingly
popular field for the promoter's efforts. The spectacular
collapse in the shares of a Western company, closely allied
to a large banking organization whose chief concern, however, was to hold bank and other stocks rather than to
control banking institutions, served to dampen promotive
ardor somewhat. And the recent investigation of a bank
holding company in an adjoining State, with its proposals
for receivership, or at least reorganization, and the ultimate
resignation of its leading officers, has still further caused
the public to hesitate.
Most of the discussion of the virtues and vices of the bank
holding company has been regarded purely from the- investor's point of view. Is it a good money-making device, or
not? Can the investor, by its means, get richer more quickly than by intrusting his funds elsewhere. Or, on the contrary, does it possess certain dangers which invite him to
have recourse to more prosaic channels? In particular,
does the management realize sufficiently its responsibilities
toward the investors on whose behalf it acts?
All these matters are, of course, of vital concern to the
Individual investor. Yet the problem is much more than
merely one in corporate finance and control. The I 1 I
holding company, as we know it to-day, invites a spec
tive attitude on the part of investors toward bank stock.
And it provides an indirect means whereby they can speculate in such stocks. Large New York banks which opposed
the listing of their stock had rightly frowned upon the attitude of those "Investors" who had "discovered" the upward secular trend of bank and insurance stocks and had
pushed up prices in anticipation of continued growth fOr
some time to come. Other investors had succumbed to the
lure of possible mergers, whereby larger institutions would
absorb smaller ones, and had bid up the prices of the latter
accordingly. The junior securities of the bank holding company offer free play for the individual's imagination along
both these lines and add the opportunity to paint in as glow-

470

FINANCIAL CHRONICLE

ing colors as desired the abilities of the company's management in supplementing those of the several banks and insurance companies controlled.
This situation, as it has developed to date, is distinctly
unwholesome. The banking business ought to possess relative stability and its management ought to be governed

[VOL. 127.

purely by banking considerations. The same holds true,
no less, for the insurance company. Of vital importance to
the public—quasi utilities perhaps—they ought not to be
made the basis of an orgy of speculation. The field of
general industrial enterprise is ample to provide opportunity
for all who must speculate.

Indications of Business Activity
STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, July 27 1928.
The mid-summer lull is here and yet retail business on the
Whole is somewhat larger than a year ago, partly owing to
hot weather all over the country. Naturally the high
temperatures stimulate the sale of seasonable goods. A year
ago moreover trade was beginning to decrease. August
trade is expected to be larger. Special sales stimulate retail
trade. Carloadings are gaining, a welcome change after a
year of falling figures. The crops look better, although the
eastern and central sections of the cotton belt may be having
a little too much rain. But the Texas drought has been
effectually broken. That counts for much. The constant
rains, however, on this side of the Mississippi River and the
strong technical position after weeks of liquidation and more
or less short selling caused some advance on Thursday and
the market has resisted pressure all the week. The demand
for the actual cotton is increasing and there has been no
hedge selling of consequence. Wheat has declined owing to
improving prospects for the crops here and in Canada.
Rumored buying by Russia of 15,000,000 bushels in Canada
had a market effect, on the 26th inst. when prices advanced
4 cents from the early low. Flour production is increasing,
in the Southwest and Northwest.
July corn has advanced so sharply in what is taken to be a
corner that the Federal authorities have intervened and
will require a statement of all holdings of 100,000 bushels and
upward. It looks simply like a case of supply and demand.
The demand for cash corn has been so sharp that it has
affected the July delivery. July ended to-day at $1.11 or
about 14c. over September and the cash markets for the
better grades were still strong with some export demand.
July is the dominant factor in corn, but other months de-.
dined a cent or two during the week because of favorable
weather. Oats declined with crop prospects favorable, and
the same may be said of rye. Rye is considered too low.
Coffee declined early in the week with cost and freight prices
also lower, but of late the technical position has become
stronger and prices advanced in spite of talk of a large
crop for 1929-30 with that of Santos estimated at 13,000,000
bags. Spot trade has been quiet. There have been some
reports of cold weather in Brazil, but nothing like frost.
Brazil has shown more disposition to sell, but is not putting
a. burdensome pressure on the market; quite the contrary.
Robusta coffee seems to be in some measure displacing Santos
coffee. Sugar futures have declined and also refined, the sale
of which is hardly up to expectations, partly owing to the
recent decline in raw sugar and the disposition to await
still lower prices. To-day there were unfounded reports of
the assassination of President Machado of Cuba, which had
no effect as they were soon authoritatively denied. Producers have been selling on the Exchange here, and Europe
has been doing some hedge sellng in the new crop. The
belief that Cuba will not persist in the restriction scheme
tends to depress prices for the time being. It would be folly
for Cuba to persist in futile restriction schemes which help
everybody but herself. Cotton-seed oil has had a downward tendency. Meats and lard have recently advanced to
the highest prices of the year, with hogs at $11 or higher.
The shoe manufacturing trade is increasing. The stove
business is better. In the wool trade Boston reports a
better business though the sales are not large, and in some
eases prices are supposed to have weakened a little, though
in others they are still firm. The soft coal industry is settling
down to the normal with individual settlements of the wage
question. There is still a good deal of curtailment in the
cotton goods industry and many mills will close down for
the week in August. The sales of cotton goods have been
limited largely to special constructions and on the whole
are confined for the most part to small lots. The automobile trade is buying wide cotton goods on a noticeable
scale, taking sheetings, drills and sateens. Finished cotton




goods are quiet and competition is rather sharp in some
directions. In the American Woolen Co.'s opening of staple
men's wear fabrics for the next spring season there was an
unexpected decline of 2 to 10 cents a yard on such goods as
staple serges, unfinished worsteds and frenchbacks compared
with the opening prices on fall lines. But for tropical
worsteds for next summer there were advances of a couple
of cents up to 22 cents a yard. Broad silks are in good
demand for the fall season. Raw silk met with a fair demand
at steady prices. In some cases rather lower prices are
reported for pig iron. Steel has been in moderate demand
and steady with an effort to advance prices in some directions. Production keeps up well. A good many orders
have been received for tractors and road-making machinery
as well as farm implements. The Pacific Coast salmon pack
is expected to be large. The petroleum industry is believed
to be gradually getting back to normal shape, after two
years of dullness and depression. It is buying pipes and
tanks on a larger scale, encouraged partly by higher prices for
petroleum. The farmer has to face lower prices for grain as
well as potatoes and peaches, not to mention cotton.
Today the trading in stocks to approximately 1,800,000
shares against 1,475,000 yesterday and 1,312,400 last
Friday with the tone firmer partly owing to a decrease in
brokers' loans United States Steel advanced 35% and General
Motors the same, the latter earning according to the latest
statement $9. a share on the common stock against $7.18
for the first half of 1927. Radio advanced 6X with advances
also in General Electric, Du Pont, American Smelters, and
others. Smelters reached a new peak in its history. Money
was 532% with the outside rate 5%. Sterling exchange has
of late declined and to-day francs and lire were slightlylower.
Earnings of thirty-one railroads fell off in June 4.8% compared with those in June last year. London was steady
today; Paris firmer.
At Fall River, Mass., the Cornell Mills, which have been
giving fairly steady employment to about 250 hands during
the past few months,closed on the23d for an indefinite period
owing partly to a lack of orders. The operators recently
demanded an increase in pay and declined to accept a
compromise.
At New Bedford, Mass., a further conference between the
representatives of the two sides in the New Bedford strike
and the members of the State Board of Conciliation and
Arbitration is to be held to-day. The State Board is trying
to end the strike. Governor Fuller is urged to intervene.
A conference with Gov. Fuller at which all the New Bedford
representatives as well as the Senators were present was
held on July 24th. New Bedford wired: "The cotton
manufacturing industry, including the New Bedford fine
goods mills, is facing a situation so difficult that it is a
question how much of it will survive, according to the President of the Cotton Manufacturers' Association,in a prepared
statement issued on the 23d inst. Touching again on the
subject of the T. M. C. organization and its backers he
declared that reports coming to the manufacturers' association connect this group with the Communist party of New
York. Judge Milliken of the New Bedford District Court
declared on the 25th inst. that the current method of picketing
of mills is unlawful. This is believed to be a further step
to back up the police and mayor of the city in their struggle
to eliminate communistic strike leaders from the problem
of adjusting differences with employees. Sixty strikers
were arrested on the 26th. Growing pessimism from the
prolongation of the NewBedford strike depressed cotton mill
shares. They dropped for the first time below $60 falling to
an average of $59.80 against $60.73 a week ago, $61.20 a
month ago and $67.42 three months ago.
At Manchester, N. H., the Amoskeag Manufacturing Co.
will close all its plants for two weeks beginning Aug. 3, as
was previously announced, but because of a quiet market
some departments will remain shut for at least another

JULY 28 1928.]

FINANCIAL CHRONICLE

fortnight. Lewiston, Me., reported that the Barker Mill
will close Saturday indefinitely on account of over-production
and cotton depression. About 150 operatives will be affected by the shutdown. Officials deny the shutdown is
due to any financial difficulties. Atlanta, Ga., wired that
approximately 89% of the cotton mills in Georgia and other
Southern States will close down during the week beginning
July 30. This compares with approximately 98% of mills
that closed during the first week of July. Mill officials are
hopeful that the suspension of operations during the approaching period will bring further improvement to the textile situation. Closing down of mills that have already announced their definite decision will eliminate between 15,000,000 and 16,000,000 yards from the market, against
20,000,000 yards during the first week of July. In North
Carolina cotton mills in Cabarrus County that closed early
in July for the annual vacation period have resumed operations. All mills in Concord and Kannapolis are now running
on the regular summer schedule. At Burlington, N. C.,
reports that the Aurora Cotton Mill was planning to close
down indefinitely because of dullness in manufactured goods
were denied by Col. Eugene Holt. Greenwood, S. C., reports that notices have been posted announcing that mills
will be closed one week, beginning August 2nd. This applies to the Greenwood Cotton Mills and the Ninety-six
Cotton Mills. Notices have also been posted at the Grendel Mills and the Panola Cotton Mills.
The hot wave returned here after a couple of days' respite
over last Saturday and Sunday It was 85 degrees on
July 23 and also on the 24th. On the 23d it was 62 to 70
at Boston, 64 to 74 at Chicago, 64 to 86 at Cincinnati,
68 to 76 at Cleveland, 70 to 86 at Kansas City, 64 to 78
at Milwaukee, 68 to 85 at New York,62 to 72 at Portland,
Me., 54 to 62 at San Francisco, 64 to 99 at Seattle, 72 to
86 at St. Louis, and 62 to 80 at St. Paul. The warm
weather here continued, on each day there being prostrations even on Thursday. On the 25th inst. it was 71 to
84 degrees. The prolonged heat had a cumulative effect;
with only a day or two's interruption it has been hot for
practically two weeks. At Boston it was 80 to 88, at
Montreal 68 to 82, at Philadelphia, 74 to 88, Portland,
Me., 56 to 84, Quebec, 60 to 78, Chicago, 68 to 76, Cincinnati, 68 to 88, Cleveland, 66 to 82, Detroit, 60 to 88,
Milwaukee, 66 to 76, St. Paul, 68 to 88, Seattle, 64 to 88,
and at Kansas City, 70 to 84. Here on the 26th inst.
it was 70 to 80 degrees. To-day it was close and this
afternoon rainy with temperatures 68 to 81 degrees.
In Europe extraordinary heat has continued to prevail.
The drought in Bohemia and Silesia affected the sugar
markets of the Continent and London. In Paris on July 24th
fourteen victims of the heat were reported. In Rome, on
July 24th the great heat caused four deaths and the drowning of three persons when they sought relief from the historic
heat which prevailed all over Italy. It was 95 degrees
Fahrenheit at Rome, Milan, Florence and Bologna on the
23rd though at Tripoli it was only 82.4. Turkey on the 24th
inst. was suffering from a heat wave. Two persons died at
Constantinople when the temperature passed 87 degrees
Fahrenheit in the shade. At Angora it reached 94.

471

Coal loading totaled 148,969 cars, a decrease of 4,009 cars below the'same
week in 1927 and 34,226 cars below the same period two years ago.
Grain and grain products loading amounted to 53,445 cars, an increase of
10,743 cars above the same week last year but 2,274 cars below the same
week in 1926. In the Western districts alone, grain and grain products
loading totaled 41,950 cars, an increase of 13,470 cars above the same week
in 1927.
Live stock loading amounted to 25,160 cars, a decrease of 2.298 cars below
the same week last year and 2.095 cars below the same week in 1926. In
the Western districts alone live stock loading totaled 19,097 cars, a decrease
of 1,244 cars compared with the same week in 1927.
Loading of merchandise less than carload lot freight totaled 253.627.
a decrease of 2,232 cars below the same week in 1927 and 2.274 cars below
the corresponding week two years ago.
Forest products loading amounted to 61.308 cars, 5,625 cars below the
same week last year and 8,271 cars under the same week in 1926.
Ore loading totaled 65,982 cars, 139 cars below the same week in 1927
and 9,868 cars below the same week two years ago.
Coke loading amounted to 8,801 cars, 859 cars below the same week in
1927 and 2.417 cars below the corresponding week in 1926.
All districts reported decreases in the total loading of all commodities
compared with the same week last year except the Northwestern, Central
Western and Southwestern, which showed increases. AU districts reported
decreases compared with the same period two years ago except the Southwestern.
Loading of revenue freight in 1928 compared with the two previous years
follows:
1928.
1927.
1926.
Four weeks in January
3.447,723
3.756,660
3,686,696
Four weeks in February
3,801,918
3.589,694
3,677.332
Five weeks in March
4,982,547
4,752.031
4,805.700
Four weeks in April
3.738,295
3,875,589
3.862,703
Four weeks in May
4,108.472
4,006,058
4,145,820
Five weeks in June
4,995,854
4,923,304
5.154.981
Week of July 7
850.605
839,085
897.556
Week of July 14
1.024,534
1.017.394
1,076.372
Total

26,332,244

27.377,519

27,307.160

Wheat Harvest in Western Canada Heavy and Early.
Indications are that the harvest in western Canada will
commence at least two weeks earlier than last year as with
the hot, dry weather of the past week, all crops have continued to make excellent progress. The Canadian National
Railways crop report states that while there are a few
districts in norther Saskatchewan which could do with
some rain, general reports are that there is ample moisture,
and that only warm weather is needed until the csop is
harvested. All districts in Alberta report excellent crop
prospects. Some effects from weeds in summer fallow
crops is indicated in the districts around Verigin to Humbolt, but these are not serious.
A few local districts through Manitoba and Saskatchewan show signs of red rust. Nowhere, however, it is declared, has there been any great harm wrought. Serious
damage from hail is reported in some local districts in
southern Saskatchewan, mostly south, and around Weyburn,
and, while in some places the individual farmer has suffered, yet the acreage is not large and will not materially
affect the crop on the whole. While weather conditions at
the moment are favorable for the development of rust, up
to the present there is very little sign of it, and with dry
weather for the next couple of weeks, trouble from this
source will be pretty well over.
Haying is now in full swing and is said to be an excellent crop in all districts. Summer fallowing is practically completed and there has also been a large acreage
of new land brought under cultivation owing to the favorable conditions for breaking.

Detroit Employment Near Top—Total Largest for
1928 and Within 3,842 of All-Time Record.
Employment and Business Conditions in the Chicago
Industrial employment in Detroit last week increased
Federal Reserve District.
5,001 to 270,557, a new high for the year, and within 3,842
The Monthly Business Conditions Report of the Federal
of the record high reached in the first week in March 1926. Reserve Bank of Chicago, which will be issued Aug. 1, will
Last week's increase was the largest with two exceptions say among other things:
recorded this year and total is 68,563 more than a year
ago.
The volume of employment in the Seventh Federal Reserve District has
continued to expand, industries reporting an aggregate gain of 1.6% in
men and 3.1% in amount of payrolls for the period May 15 to June 15.
Railroad Revenue Freight Loading Again Above The expansion brings employment at the reporting plants to within 3.0%
the amount of payrolls to within L1%.
1,000,000 Cars a Week—Larger Than in 1927
but of the volume of a year ago, and as to industries and locality. Metals
The gains were well distributed both
Below 1928.
and metal products Increased employment as a whole, although operations
Loading of revenue freight for the week ended on July
foundries, and machine
at iron and
14 tailment. steel mills, vehicles group-1.7%shops were showing some curin men and 5.7% in payrolls
Gains in the
totaled 1,024,534 oars, the Car Service Division of the
—represented increased activity in the manufacture of cars and locomotives,
Railway Association announced on July 24. This as well as of automobiles. The reports from the Employers' Association of
American
'
.
was an increase of 173,929 cars over the preceding week, Detroit showed a gain of only 0.4% in employment in that city for the fem
weeks ended July 10, reflecting in part a lessened rate of expansion in the
when loading of revenue freight was reduced owing to the automobile industry.
observance of Fourth of July. The total for the week of
Most of the food products registered increased employment, the manuat their
July 14 was also an increase of 7,140 cars above the same facture of ice and ice cream, and canning operations being brick, high
level of seasonal activity. Building materials also—stone,
cement
week in 1927, but a decrease of 51,838 ears below the corre- and lumber—were seasonally active, although. In the lumber industry
sponding week two years ago. Particularizing, the report declines outweighed the increases. Boot and shoe factories report a' substantial increase in employment. Textiles have been quiet, the manufacsays:
ture of hosiery, knit goods, and women's clothing showing losses',

Miscellaneous freight loading for the week totaled 407,242 cars, an increase of 11,559 cars above the corresponding week last year and 9,587 cars
above the same week in 1926.




while in.
men's clothing there has been a slight seasonal gain. Additional demand
for labor by public utilities, coal mines and the building and construction
industries, has also increased the employment volume. The gains, how,.

[VOL. 127.

FINANCIAL CHRONICLE

472

ever, have not been sufficient to relieve the prevailing unemployment
situatibn, owing to the large number of additional workers that are available
during the summer months. The ratio of applicants to positions at the free
employment offices has greatly increased, from 146% to 168 for Illinois:
from 119 to 172 for Indiana, and from 154 to 265 in Iowa.
-SEVENTH FEDERAL RESERVE
EMPLOYMENT AND EARNINGS
DISTRICT.
Total Earnings

No. of Wage Earners.
Industrial
Groups.

Per
Week Ended.
Cent
June 15 Mae 15 Change
1928. 1928.

Week Ended.
June 15
1928.

May 15
1928.

Report on Wholesale and Retail Trade in Philadelphia
Federal Reserve District.
The following statistics covering wholesale and retail
trade in the Philadelphia Federal Reserve District are made
available by the Federal Reserve Bank of Philadelphia:
ADVANCE REPORT ON WHOLESALE TRADE IN THE PHILADELPHIA
FEDERAL RESERVE DISTRICT FOR THE MONTH OF MAY 1928.

Trade.

350,219 344,818 +1.6 89.752.389 89.461,806 +3.1

All groups (10)
Metals and metal products
140,459 138,412
(other than vehlcias)
35,372 34,789
Vehicles
Textllea & textile products_ 23,355 22,996
Food and related products.. 50,508 48,869
Stone, clay & glass prods.._ 15,519 15,202
28,248 28,433
Lumber and its products
10,284 10,224
Chemical products
14,758 14,340
Leather products
3,641 3,899
Rubber products
28.090 28.052
Paper and printing

+1.6
+1.7
+1.6
+3.8
+2.1
-0.7
+0.4
+2.9
-1.6
+0.2

3,891,024 3,852,847 +1.0
1,111,846 1,052,338 +5.7
501,587 +1.0
551,973
1,428.778 1.341,775 +6.5
453,124 +2.9
466,065
678,125 -0.8
872,787
272,082 +0.9
274.587
328.002
300,626 +8.4
9(072
88.890 +4.0
022.452 +1.8
938.975

WHOLESALE TRADE DURING THE MONTH OF MAY 1928.
Net Sales During Month.
Per Cent Change from

Groceries.
Hardware
Dry goods
Drugs
Shoes
, Electrical *applies

Same Month
Last Year.

Precedino
Month.

(37)- 5.7
(14)- 4.3
(13)- 0.2
(121+ 2.3
( 7)+20.2

(24)- 7.5
( 9)- 7.8
(10)+ 8.9
(10)+ 3.5
( 8)- 7.6
(29)- 3.8

(25) -5.9
(9) -8.8
(10) +0.1
(10) -1.9
( 1+40-6
4
(29)-11.1

(35)+17-3

Accounts Outstanding End of Month.
Per Cent Changefrom
Preceding
Month.

Same Month
Last Year.

Ratio to
Net Sales
During
Month.

Collections During Month.
Per Cent Change from
Preceding
loath.

(34) 101.8 (281+ 0.3
(33)-10.7
(34)- 1.2
(14)- 2.4 (14)- 0.3 (14) 191.6 (12)+12.6
(12)- 1.0 (11)- 1.5 (12) 294.7 (10)+ 0.9
(12) 133.3 ( 7)- 4.9
(11)- 1.8 (12)- 3.1
( 5)+ 1.3
.
+
( 7)+ 1.7 ( 5) 18.3
(35) 125.6 (211+ 1.5
(34)+ 4.5
(33)+ 5.4
Figures In parentheses Indicate number of !Irma Included.

Groceries_
Hardware__
Dry goods_
Drugs
Sloes
Elec. imp_

Same Month
Last Year.
(28)- 4.6
(12)- 1.4
( - 1.4
( 81+ 4.4
( 41+ 5.3
(24)+13.7

Department Store Trade.
Sales by department stores.in the Seventh District were seasonally lower
in June than in the preceding month, the total for 102 stores declining
4.8% from May. As compared with June last year, sales by Chicago,
Detroit and Milwaukee stores were larger, while those by Indianapolis
firms and stores In smaller cities decreased, the aggregate for the district
gained 4.1%. Sales for the first six months of 1928 totaled 4.1% more
than in the first half of 1927. with Chicago, Detroit and Milwaukee showing increases and Indianapolis and smaller cities declines. Stocks averaged
7.3% lees at the end of June than a month previous, but exceeded those of
June 30it year by 1.7%. Stock turnover for June was 34.0%,compared
with 33.2% a year ago, while turnover for the half year averaged 192.6%
against 187.0% for the first six months of 1927. June collections increased
6.4% Over the preceding month and 13.5% aver June last year, and accounts
receivable at the end of the month declined 3.1% from May 31. but gained
5.9% over a year ago. The ratio of June collections to accounts outstandwas 39.2%,
ing on May 31 was 41.2%, while the corresponding ratio in 1927
Retail Shoe Trade.
sections of 22 department stores
June sales of 24 shoe dealers and the shoe
but were 5.3% below a year ago. For the
totaled 1.7% more than in May,
less than In the corresponding period of
first half of 1928 sales were 7.9%
declined 14.1% from a month previous and
1927. Stocks on hand June 30
Collections of 16 dealers during June increased
5.7% from a year ago.
month and were 5.8% larger than in June 1927.
5.7% over the preceding
the month were leas by 15.4 and 7.8%
Accounts outstanding the end of
yearly comparisons; their ratio to sales during
in the respective monthly and
June,63.8% in May,and 66.4% a year ago.
the month averaged 62.0% for
Retail Furniture.
dealers and 26 department stores of this
Sales of furniture in June by 24
preceding month, but were 0.7% larger
district declined 21.2% from the
1.3% during the month from
than in June last year. Stocks diminished
2.6% over the corresponding date of
the amount held May 31. and gained
dealers, fell off 28.6% in June
1927. Installment sales, as reported by 19
from a year ago. Collections on
from the volume sold in May gost 7.6%
17.5% in the respective monthly
this type of sales declined 1.8 a6increased
were less by 9.7% than a month
and yearly comparisons. Total collections
Accounts receivable decreased
xwevious and 12.2% heavier than last June.
larger than on June 30
1.9% in the monthly comparison but were 1.3%
1927.

Chain Store Trade.
4.2% more in June than
Sales of 24 chains operating 2,319 stores totaled
The number of stores in operation
in May. and 24.2% above a year ago.
comparisons. Average sales per
gained 0.9 and 21.5% in the respective
last year. By
store increased 3.3% in June over May and 2.4% over June
declines in
groups, musical instruments, shoes and men's clothing showed
drug,
the month-to-month comparison, while grocery, five-and-ten-cont,
furniture and women's clothing chains indicated gains; musical instrument
and cigar chains reported smaller sales than a year ago.




Boots and shoes
Drugs
Dry goods
Electrical supplies
Groceries
Hardware
Jewelry
Paper

-2.7%
-16.2
-1.1
+0.6
-1.3
+4.2
+0.1

+1.2%
-1.1
-11.3
+20.6
+0.3
-6.1
-0 5
+9.5

480.5% -0.9% -9.3%
-3.5
-4.7
155.0
+2.2
-3.8
280.2
+21.2
+8.1
174.8
+6.2
118.8
-3.2
195.9
+7.1
-19.4
428.5
+11.3
-0.5
-6.1
147.7

• Revised.
ADVANCE REPORT ON RETAIL TRADE IN THE PHILADELPHIA FEDERAL RESERVE DISTRICT FOR THE MONTH OF JUNE 1928.
Net Sales.
Index Numbers
of Sales
(% of 1923-2.5 June 1928
Monthly Mega Compared Jan. 1
with
June 30
May. June. June 1927 1928.

Same Month
Last Year.

(37)+ 1.5
(14)- 4.8
(13)+ 6.0
(12)- 3.3
( 8)+ 4.8
(351+ 3.5

-12.8% -0.7%
79.2
-1.3
-5.7
103.1
(
- 1
•; 1:7
-6.7
-10.3
57.8
+1.2
-3.0
+12.8
+11.3
79.5
+1.4
-4.2
-5.7
+0.3
98.8
-1.1
-3.0
93.2
-5.0
-8.2
+0.1
-4.6
-8.7
86.9
-1.0
+0.4
+3.3
95.9
-1.8
Accts.Outs ending at End of Mo. Collec. During Me.
Compared Compared Ratio to Compared Compared
with
with
Net Bala
with
with
Same
During Precious
Same
Precious
Month
Month
Month
Month
Month
Last Year
Last Year

Stocks at End of Month.
Per Cent Changefrom

P)'eoeding
Month.

Compared Compared Compared Compare/
Index Numbers
with
with
with
with
(P. C. of 1923-1925
Same
Previous
Same
Monthly Average) Previous
Month. Month. Month. Month
Last Year.
Last Year.
Map '28. June '28.

Boots and shoes - .90.8
Drugs
*109.3
*84.4
Dry goods
70.5
Electrical supplies..
98.3
Groceries
*98.1
Hardware
95.2
Jewelry
97.7
Paper

Wholesale Trade.
June sales in the majority of wholesale lines reporting to this bank inCreased over the preceding month, while half the groups showed gains over
the corresponding month a year ago. For the first half of 1928 wholesale
drug, electrical supply and shoe firms reported larger sales than for the
same period of 1927, and grocery, hardware and dry goods firms indicated
declines in this comparison. Collections in the majority of lines were larger
In June than in the preceding month, and in half the groups were above a
year hgo. For the most part collections are reported as fair and prices as
steady. Improvement is gradually being shown in farming sections where
crop prospects are good.

Stocks at End of Mo.

Net Sales During Month.

Per
Cent
Change

-1.3
All reporting stores__ •97.1
08.5
-2.7
Department stores
94.7
94.4
-3.5
In Philadelphia
____
-0.5
___
Outside Philadelphia_
+3.5
Apparel stores
•114.9 120.6
-1.3
Men's apparel stores_ 94.6 108.8
In PhiladeltOla
-2.0
-___
____
+0.1
____
Outside PhiMielphia__
+5.3
4.2 125.5
:
Wemen's aPParel stores •12
+5.2
____
In Philadelphia__
____
Outside Philadelphia --------+6.3
Shoe stores
•127.6 148.8 +12.5
+4.8
Credit stores
88.2
.93.2
Stores in:
-1.9
99.8
Philadelphia
•96.5
Allentown. Bethlehem
+0.9
Easton
85.1
98.8
+0.1
Altoona
92.2
103.2
-0.3
Harrisburg
88.8
105.7
-3.5
Johnstown
72.6
80.4
+5.3
95.2
91.2
Lancaster
-2.0
Reading
81.3
83.8
98.3
-5.7
119.1
Scranton
99.6
+2.1
92.6
Trenton
97.9
99.5
+5.2
Wilkes-Barre
-1.5
99.3
98.6
Williamsport
•123.5 132.3
+6.6
Wilmington
-2 7
MI other cities _ _ _

Stocks at
End of Month
Compared with
Month
Ago.

Year
Ago.

-7.4
-7.4
-8.5
-5.0
-8.2
-5.8
-7.4
-3.6
-10.1
-9.8
-11.4
-8.7
-4.9

-8.2
-6.4
-8.5
-1.9
-4.3
-8.6
-6.8
-10.6
-0.5
-2.6
+10.5
-2.0
-9.9

-4.4

-8.5

-7.6

-3.6
-8.7
+1.8
-10.8
+2.6
-0.6
-7.0
-1.1
+0.7
-0.1
+2.9
--R 1

-5.5
-4.7
-5.5
-2.4
-3.2
-5.1
-7.4
-3.9
-7.7

+0.7
+9.1
-4.4
-21.1
-0.5
+0.8
-7.2
-9.8
+1.1

-7.3
-A R

-5.2
-A A

-4.0
-4.4
-5.1
-2.5
-2.9
-4.1
-3.8
-4.8
-2.5
-3.0
+2.2
-4.9
-7.6

*Revised.
Stocks Turnover
Jo n.1- June 30
1928.
All reporting stores
Department stores
In Philadelphia
Outside Philadelphia
Apparel stores
Men's apparel stores
In Philadelphia
Outside Philadelphia
Women's apparel stores
In Philadelphia
Outside Philadelphia
Shoe stores
Credit Stores
Stores In:
Philadelphia
Allentown, Bethlehem and Easton
Altoona
Harrisburg
Johnstown
Lancaster
Reading
Scranton
Trenton
Wilkes-Barre
Williamsport
Wilmington
All other cities

1927.

1.89
1.62
1.72
1.38
2.57
1.44
1.63
1.17
3.44
3.73
2.09
1.42
1.03

1.68
1.62
1.70
1.41
2.60
1.40
1.57
1.17
3.62
3.86
2.34
1.37
1.07

1.84
1.18
1.26
1.35
1.32
1.39
1.34
1.63
1.71
1.42

1.82
1.33
1.40
1.23
1.24
1.44
1.42
1.66
1.64
1.37

1.41
1.18

AcetsRec' Collection
at End of Durg Mo
Month Compare/
with
Corn, with
Year ago Year ago.

1:5i
1.19

+9.0
-3.1

+10.0
-1.4

+12.8
+6.1

+15.1
+14.7

.
2
+- 3:E1
-10.3
+0.7
-6.5

-10.3
-10.1
-1.1

-1-2.3

+WEI
+0.8

The Bank of Montreal's Summary of Business in
Canada.
Writing under date of July 23 the Bank of Montreal says
that nothing has occurred during the last four weeks to mar
the prospect of a bountiful harvest nor to diminish the
volume of current business. It may be said, indeed, that
Conditions commercially have never been better in Canada,
nor prospectively have held out greater assurance of reasonable continuance. To this situation excellent harvests
contriof three successive seasons have been an important
circles
buting factor, and prevailing confidence in business
yield will at
is founded upon belief that this year's crop

JULY 28 1928.]

FINANCIAL CHRONICLE

473

costs, will, therefore, be studied with unusual interest during the present
Summer.
The Bank's index of construction costs in Canada, having been compiled
on an annual basis, does not throw light on the present situation. The
figures published in the May number of the Review do, however, show that
up to last year at any rate the cost of construction was lower, in Canada,
compared with pre-war costs, than in the United States. An index of the
price of building and construction materials, published monthly by the
Dominion Bureau of Statistics, shows that there has been, on an average,
a rise of about 3% in the prices of these materials since the New Year;
but it suggests also that in relation to the general level of prices, the
present figure is not high. It is to be noted, nevertheless, that when
In the several branches of production and manufacture a substantial allowance is made for the normal seasonal variation, the rate at which new
activity continues. Mineral output is large with prospects of building permits are being obtained shows a tendency, during the last few
degree of
expansion in the not remote future in respect of gold, copper and lead. months, to decline. It would not, therefore, be surprising if a moderate
Iron and steel manufacturers are well employed; the boot and shoe industry slackening occurred in construction activities during the second half of
maintains recent improvement. Textile mills hold up under the strain the year.
Wheat prices have steadied somewhat within the last few days. During
of foreign competition although operating under capacity; distributing
trades find business better than of late years; and retail business main- a period of two months, however, from May let to June 30th, the spot
tains its volume, to which end a large influx of tourists contributes. price of No. 1 Manitoba Northern in Winnipeg sagged from $1.65 to
Indeed, the latter has become an important factor in summer trade, es- $1.42, a loss of 23 cents per bushel. Partly due to the caution of European
timate being made that not less than $250,000,000 will be spent in Can- purchasers, partly to the congestion of the wheat movement in Canada,
ada by American tourists to redress the adverse balance of trade with the partly, too, to the favourable crop prospects lately reported, this decline
United States. The automobile industry experiences seasonal slowness, has brought down the Bank's index of the purchasing power of wheat from
but statistics show a production of 29,764 passenger cars in May, a num- a high point of 119.6 in April to 106.3. After correction for seasonal
ber in excess of any previous recorded month, while the production of motor fluctuation and changes in general prices, the figure for June is thus the
trucks in the same month, 4,178, has only twice been exceeded. The out- lowest recorded since October, 1925.
put of gricultural implements continues on a large scale.
Car loadings reflect commodity movements as commodity movements
New Automobile Models and Prices.
reflect distribution and consumption. There were 95,000 more cars
loaded this year to July 7th than in the corresponding period in 1927
Reports from Detroit state that the Federal Motor Truck
and 181,000 more than two years ago; and it is significant of the healthy
state of business that merchandise and miscellaneous freight were sub- Co. has brought out a truck of the modern "fast heavy"
stantially larger this year.
class. The new model is known as Model T, of 234 tons
The newsprint industry has not abated its activity, production of Ca- capacity, and is powered with either four
or six-cylinder
nadian mills having been 192,391 tons in June, and in the first half of
the year 166,904 tons more than in the same period in 1927. These mills, motor.
however, operated last month at only 79.2% of capacity, and largely as
The Buick Motor Co., a General Motors Corp., division,
a consequence of capacity outstripping consumption prices have become is introducing new 1929 models in three series, showing
less stable. The situation is a subject of much general discussion.
The foreign trade of Canada in June followed the trend of recent minor changes in prices. Series 116, which replaces the formonths, a small increase in export values being overcome by a much mer 115, is in 5 models:5-passenger 2
-door sedan is priced at
larger increase in imports. Exports of domestic produce last month $1,220, compared with $1,195; 4
-passenger country club
amounted to $107,121,000, as against $105,678,000 in June of last year;
-passenger 4
-door
Imports had a value of $110,693,000 as against $101,018,000 the year be- coupe at $1,250, against $1,275, and 5
fore. On the export side there was an increment of $5,740,000 in the sedan at $1,320, against $1,295. Series 121, replacing the
Item of wheat and $688,000 in newsprint, but in the case of the latter 120, is in 5 models; 5 passenger 4
-door sedan is listed at
quantity export was ,relatively, greater than value export, indicating a
against 81,495; 4
-passenger country club coupe at
slight cut in prices. In the three elapsed months of the current fiscal $1,450,
-passenger de luxe sedan at
year exports of $284,117,000 compare with imports of $302,766,000, the $1,450, against $1,465, and 5
pendulum having thus swung to an adverse balance. A year ago in the $1,520, against $1,575. Series 129 replaces the 128 in
three months' period exports exceeded imports by $23,071,000.
-passenger sedan is listed at $2,045, against
8 models; 7
Reflecting and contributing to general prosperity is unabated activity
In the building trade, and of the construction of houses and offices there $1,995; 5,passenger broughman at $1,875, against $1,925,
is yet no end. All principal cities have shared in these undertakings. In and 5
-passenger coupe at $1,865 against $1,850.
the first six months of this year permits issued in 63 Canadian cities
In addition to changes in design the new models show a
represented an expenditure of $101,606,000, being $20,763,000 in excess
of the preceding year, and still more in excess of any previous like period. 17% increase in power. Series 116 has 74 horsepower
In June the gain was again large, the increase in value of permits in and the 121 and 129 have 90 horsepower.
Montreal being $3,667,000 over 1927. The price of building materials has
been somewhat higher than last year, but much lower than in any other
Canadian Automobile Production.
year since 1920. This activity has greatly stimulated all allied trades, and
aided not a little in maintaining the high level of general business.
June production of automobiles in Canada, as reported

least compare favorably with that of 1927 and may even
exceed it given propitious weather during the next six
weeks. A larger area has been sown to grain in the Prairie
Provinces, the lowest estimate of increase being a million
acres and the highest nearly two million acres. There has
been adequate moisture with continuous heat, and save an
odd exception here and there over the vast territory conditions leave little to be desired. The report goes on to
say:

to the Department of Commerce by the Dominion Bureau
The Bank of Nova Scotia's Quarterly Survey of Business of Statistics, was as follows: Passenger cars, 2,5,341, trucks,
3,058, as compared with production in May of 29,764
Conditions in Canada.
After the comparative quiescence of the winter months in passenger cars and 4,178 trucks, and production in June
Canada,'says the Bank of Nova Scotia, there is always in 1927, of 16,470 passenger cars and 2,738 trucks.
the second quarter of the year a quick resumption of activity. This year the second quarter has witnessed an expansion of business not easily matched in the record of past
years. It has occurred during a period of rapid change in
the structure of business, involving hardship for some who
are most directly exposed to the competition of new methods, and have not, therefore, shared in the general welfare;
but reports from the branches of this Bank in every part of
Canada give an impression, nevertheless, of very widespread prosperity. The review goes on as follows:
This rapid improvement in business conditions has occurred despite the
late opening of navigation which disappointed expectations and seriously
retarded the movement of wheat this Spring; despite conditions of rain
and cold in many places, which gravely hindered retail trade in seasonal
lines; and despite the persistent softness of the grain markets since April.
Most marked in the construction industry and least marked in manufacturing, it is nevertheless visible in almost every line of endeavour.
The Bank's indices of employment for the Dominion as a whole and for
the principal geographic areas have fluctuated as follows in the last
quarter
:
FLUCTUATIONS OF EMPLOYMENT, ADJUSTED FOR SEASONAL
VARIATIONS, AND EXPRESSED AS A PERCENTAGE OF THE
FIVE-YEAR AV4RAGE 1922-26.
April 1. May 1. Jeass 1.
CanadaGeneral industrial employment
114.4
118.8
119.1
Employment in manufacturing industries
115.0
115./
115.7
Employment In building construction
152.5
155.3
158.4
Maritime Provinces-General
103.7
1045
106.0
118.6
Province of Quebec-General
116.7
118.3
115.1
Province of Ontario-General
116.6
117.0
121.3
Prairie Province-General
122.4
127.3
-General
114.7
British Columbia
115.6
119.0
Pending the maturity of the new crop, which is not distant many weeks
determine the purchasing power of the farming
and which will largely
community during the coming season, it is obvious that the prosperity,
to which these figures bear witness, is largely sustained by the very heavy
expenditures on new construction now being made. Statistics of building
permits and building contract', as well as of variations in construction




Automotive Parts and Accessory Buitiness Has Record
First Half Year-Business Continues Heavy for
Summer Months.
Having reached record breaking heights in March, and
continuing at virtually that level in April and May, manufacturers of automobile parts and accessories felt only a
mild seasonal recession in June business, while their volume for the first six months of the year was the largest
in their history, according to the Motor & Accessory Manufacturers' Association, composed of several hundred representative automotive manufacturers. Aggregate June business of a large group of reporting members was 190% of
the January 1925 base index used by the Association, as
compared with 201 in May, 195 in April and 167 a year
ago.
Manufacturers of motors, bodies, parts and accessories
supplied to car and truck makers as original equipment reported June business as 200% of the January 1925 base, as
compared with 215 in May, 213 in April and 176 in June
last year. This is the fourth month this year that shipments of this group of manufacturers has reached 200 or
above, the record level being 231 in March of this year,
Shipments of replacement parts to wholesalers, which made
a new record in May at 183% of the 1925 base, declined seasonally to 180 in June, but is well above last June's figure of

130%.
Accessory shipments to the wholesale trade, which for
several months have shown a declining tendency from last
year's levels, reached an aggregate volume of 110% in June
as compared with 113% in May and 132% in June
last

474

FINANCIAL CHRONICLE

year. Shipments of garage repair machinery and tools similarly declined, the June figure being 140% as compared with
157% in May and 171 in June last year.
Sales volume, the Association says, is holding up well during the summer months and there is every indication that a
high level of activity will be maintained by the industry
for the remainder of the year.
Pynchon & Co. Think Automobile Output Has Reached
Saturation Point.
Pynchon & Co.in their weekly letter of July 23 discuss the
automobile situation as follows:
In motors, the 5,000,000 production mark erected in early 1928 to be
approximated by the industry this year has long since been abandoned.
Not even 1926 with its 4,500,000 is to be exceeded; but rather the country
s to content itself with passing 1927 and producing 4.000.000 cars.
Deny it as one may,the domestic demand for new automobiles and trucks
seems to be slowly approaching the saturation point. With practically
24,000,000 cars registered in the United States, an average life of more than
six years per car must be assumed in order that the 4,000,000 cars produced
this year shall represent any net growth. In fact, the increase in 1927 in
total motor vehicle registrations was but half that between 1925 and 1926;
and that increase in turn was but two-thirds of the increment in 1923, This
state of affairs exists in spite of more efficient mechanism and more pleasing
lines in the cars of to-day; and with prices lower all along the line, almost
undoubtedly producing a lower average price per car.
It has become necessary in automobile salesmanship to use the argument
that a single family can turn two or three automobiles to good advantage.
The limits in this direction cannot be very far to seek. Not only in there
the matter of average family income to be considered but the dependence
of many city families in the higher income brackets upon rented garages,
often found at inconvenient distances, discourages such a proposition. To
an owner with a garage on his property, capable of holding two or three
cars, the argument undoubtedly has its appeal; but where a second car means
double garage rent, the average family head is inclined to feel that even
one car is a sufficient responsibility. Road congestion, especially around
the larger cities, and lack of parking space, have already reached the point
where it is a common expression to say that no one living in the city needs
a car anyway.
It appears that foreign trade offers the best possibilities for further
expansion to the motor industry in the future. Exports to France have
been much larger this year than previously; and American competition in
Germany is causing makers there extreme difficulty.
The automobile industry may be credited with expansion in many
auxiliary lines of endeavor, such as tires, gasoline, Stc.: but new road construction and bridge building is not the least of them. Not only do farmers
in the most sparsely settled regions of the country demand better roads for
trucking their produce, but highway links between cities are becoming more
and more of an essential. The congestion around large cities is also calling
for more roads to ease suburban traffic. Road making is causing an expenditure reaching into the hundreds of millions every year. In fact,
those who are anxious to know what has become of the thousands of
employees dropped from factory payrolls may find large numbers of them
here.

Lumber Movement on High Level for This Season
The national lumber movement for the week ended
July 21 was on the high level established in the first six
months of the year. Reports to the National Lumber
Manufacturers Association from 847 of the leading softwood and hardwood mills (units) showed production at
352,671,000 feet, shipments at 353,004,000 feet and orders
353,233,000 feet. Shipments were lower than in the week
before, but production and orders were considerably higher,
with 39 fewer mills reporting. Substantial gains were
reported in all three items for the hardwood branch of the
industry, although there were twenty-four fewer mills reporting. In the softwood industry, shipments were off
30,589,000 feet, compared with the corresponding figure
for the preceding week, but new business and output gained,
although the number of reporting mills was 15 less, declares
the National Lumber Manufacturers Association report,
from which we quote as follows:
Unfilled Orders.
The unfilled orders of 275 Southern Pine and West Coast mills at the
end of last week amounted to 717,924,035 feet, as against 707.672,368
feet for 273 mills the previous week. The 153 identical Southern Pine
mills in the group showed unfilled orders of 261,129,285 feet last week,
as against 258,615,405 feet for the week before. For the 122 West Coast
mills the unfilled orders were 456,794,750 feet, as against 449,056,963 feet
for the 120 mills a week earlier.
Altogether the 450 reporting softwood mills had shipments 98% and orders
99% of actual production. For the Southern Pine mills these percentages
West Coast mills
were respectively 108 and 111; and for theestablished normal 93 and 92.
production
Of the reporting mills, the 402 with an
gave actual production 98%, shipments
for the week of 299,466,000 feet,
96% and orders 96% thereof.
The following table compares the lumber movement, as reflected by the
reporting mills of eight softwood, and two hardwood regional associations,
for the two weeks indicated; 000's omitted:
Preceding Week 1928 (Rev.)
Past Week
Hardwood.
Softwood.
Hardwood.
Softwood.
421
485
397
Mills (or units.)
450
42,591,000
51,284,000 290,405,000
Production
300,387,000
49,088,000
323,726,000
59,887,000
Shipments
293,137,000
55,348,000
56,812,000 290,149,000
Orders (new business)
296,421,000

[Vol.. 127.

future water delivery, amounting to 51,259,947 feet, of which 29,390,055
feet was for domestic cargo delivery, and 21,869,892 feet export. New
business by rail amounted to 61,839,362 feet, or 52% of the week's new
business. Forty-one per cent of the week's shipments moved by water,
amounting to 48,494,213 feet, of which 37,142,757 feet moved coastwise
and intercoastal, and 11,351,456 feet export. Rail shipments totaled
64.163,170 feet, or 54% of the week's shipments, and local deliveries
5,364,300 feet. Unshipped domestic cargo orders totaled 161,315,925
feet, foreign 126,399,353 feet and rail trade 169,079,472 feet.
Southern Pine Reports.
The Southern Pine Association reports from New Orleans that for 153
mills reporting, shipments were 7.88% above production and orders were
11.30% above production and 3.17% above shipments. New business
taken during the week amounted to 81,868,692 feet. (previous week 79,894,440); shipments 79,354.812 (previous week 87,432,867): and production
73,558,885 feet, (previous week 76,030,261). The normal production
(three-year average) of these mills is 83,884,685 feet. Of the 152 mills
reporting running time, 81 operated full time, 6 of the latter overtime.
Three mills were shut down, and the rest operated from one to six days.
The Western Pine Manufacturers Association of Portland, Ore., reports
production from 32 mills as 32,246,000 feet, as compared with a normal
production for the week of 34,234,000. and for the week earlier 34,527,000.
Shipments were slightly less last week and new business slightly larger.
The California White and Sugar Pine Manufacturers Association of
San Francisco, reports production from 21 mills as 31,015,000 (67% of
the total cut of the California pine region) as compared with a normal
figure for the week of 31,932,000. Eighteen mills the week before reported
production as 27,452,000 feet. There were notable increases in shipments
and new business last week.
The California Redwood Association of San Francisco, reports production
from 15 mills as 7,904,000 feet, compared with a normal figure et 8,662,000
and for the previous week 6,544,000. Shipments were about the same
last week, while new business showed some decrease.
The North Carolina Pine Association of Norfolk, Va., reports production
from 51 mills as 9,405,000 feet, against a normal production for the week
of 14,610,000. Fifty-eight mills the week before reported production as
7,952,000 feet. Shipments were larger last week and orders somewhat
below those reported for the week earlier.
The Northern Pine Manufacturers Association of Minneapolis, Minn.,
reports production from 8 mills as 12.230,000 feet, as compared with a
normal figure for the week of 12,675,000. Seven mills the preceding week
reported production as 13,020,000 feet. Shipments and now business
fell off to some extent last week.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh, Wis., (in its softwood production) reports production from 48
mills as 5.893,000 feet, as compared with a normal production for the
week of 20,607,000. Fifty-one mills the previous week reported production as 5.706,000 feet. There were notable increases in shipments
and new business last week.
Hardwood Reports.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh, Wis., reports production from 72 units as 9,565,000 feet, as compared with a normal figure for the week of 15,085,000. Eighty units the
preceding week reported production as 6,689,000 feet. Shipments showed
a heavy increase last week, and new business was slightly less.
The Hardwood Manufacturers Institute of Memphis. Tenn., reports
production from 325 units as 41,719,000 feet, as against a normal production for the week of 68,178,000. Three-hundred and forty-one units
the week earlier reported production as 35,902,000. Shipments and new
business showed noticeable increases.

West Coast Lumbermen's Association Weekly Report.
One hundred twenty mills reporting to the West Coast
Lumbermen's Association for the week ended July 14 1928
manufactured 110,656,236 feet, sold 113,051,759 feet and
shipped 138,157,952 feet. New business was 2,395,523 feet
more than production and shipments 27,501,716 feet more
than production.
COMPARATIVE TABLE SHOWING PRODUCTION, NEW BUSINESS,
SHIPMENTS AND UNFILLED ORDERS.
June 23.
Week Ended—
June 30.
July 14.
July 7.
112
Number of mills reporting
115
113
120
Production (feet)
110,656,236
61,924,373 119,880,930 119,750,160
New business (feet)
99,364,980 120,101,253 113,414,148
113,051,759
Shipments (feet)
138,157,952
94,323,216 155,878,134 135,231,013
Unshipped Business—
Rail (feet)
172,499,040 172,783,389 163,738,786 170,996,158
Domestic cargo (feet) ..- 156,386,580 165,363,836 168,328,990 183,057.652
Export (feet)
120,171,343 119,745,434 124,154,185 128,549,368
Total (feet)
449,056,963 457,892,659 456,221,961 482,603,178
First 28 Weeks of—
1925.
1927.
1926.
1928.
Average number of mills_
118
105
78
114
Production (feet)
3,221,408,928 2,064,264,273 2,831,945,442 2,784,244,751
New business (feet)
3,529,170,771 2,205,644.039 2,990,799,075 2,876,340,1813
Shipments (feet)
3 439,607,880 2,156,810,421 2,947,786,882 2,915,126,004

Activity in the Cotton-Spinning Industry for June
1928.
The Department of Commerce announced on July 20 that
according to preliminary figures compiled by the Bureau of
the Census, 35,749,944 cotton spinning spindles were in
place in the United States on June 30 1928, of which 28,624,488 were operated at some time during the month,compared
with 29,060,360 for May, 30,965,404 for April, 31,412,820
for March, 31,687,012 for February, 31,697,876 for January
and 32,756,862 for June 1927. The aggregate number of
active spindle hours reported for the month was 7,247,726,545. During June the normal time of operation was 26 days,
compared with 2634 for May,24 2-3 for April, 27for March,
*A unit is 35,000 feet of daily production capacity.
24 2-3 for February and 253 for January. Based on an
West Coast Movement
average number of spindles
The West Coast Lumbermen's Association wires from Seattle that new activity of 8.83 hours per day, the
business for the 122 mills reporting for the week ended JulY 21 was 8% operated during June was 31,569,503, or at 88.3% capacity
below Production, and shipments were 7% below production, which was
on a single-shift basis. This percentage compares with 95.0
128,135,000 feet, as compared with a normal production for the week of
for February.
113.468,000. Of all new business taken during the week 43% was for for May,94.8 for April, 96.8 for March, 101.2




FINANCIAL CHRONICLE

JULY 28 1928.]

475

fixed the classification of raw Cotton and that the New York Cotton Exchange and its co-defendants in the action. George H. McFadden & Bro.
and Anderson. Clayton & Fleming had nothing whatever to do with the
classification of cotton. The opinion of the Court. as contended by the
New York Cotton Exchange's counsel, Cadwallader, Wickersham & Taft.
was that there were no grounds for complaint and especially sincethere was
no evidence to prove that the defendants were responsible for the classifications passed on by the Department of Agriculture. The opinion also said
that the petitioners failed to establish that there was any considerable
in the Port of New York. Milton S. Cohn and
Active Spindle flowsfor A47:11. amount of ineligible cotton
Spinning Spindles.
Oliver Levy, counsel for the National Cotton ExchanLe. brought the
Aver. per Spin- action against the New York Cotton Exchange.
Active DurIn Place
Total.
die In Place.
fag June.
June 30.
Officials of the New York Cotton Exchange refused to

101.5 for January and 109.3 for June 1927. The average
number of active spindles hours per spindle in place for the
month was 203. The total number of cotton spinning spindles in place, the number active, the number of active spindle
hours and the average spindle hours per spindle in place,
by States, are shown in the following statement:

Slate.

Cotton-growing Statee— 18.480,666
New England States—. 15,665.266
1,604,012
All other States

17,755.262 5.110,467,533
9,571.110 1,892,977,824
244.281,188
1,298,116

277
121
152

1,817,340
1.123,612
3,075.788
1,106.036
9.543,182
177.078
1,414.950
378,936
837.736
6.181,122
2,332,678
5.484,848
604.212
282,196
711.228
879,002

1,546,362 427,896,941
203.377.230
1,040,622
2,958.562 868,223,025
154.055,195
824.622
938,817,080
4,823,426
49.744.782
145,998
936.178
201.925,960
57,459,460
356,834
626,882
122.136,334
5.910.484 1.654.937,319
377,891,038
1.829.368
5,380.364 1.674,398.970
554,532
170,888,268
60,704.890
251.332
119,683,666
685.758
753,164
165,586.387

265
181
282
139
98
281
143
152
146
268
162
305
283
215
168
188

35.749.944

28.624.488 7.247.726.545

comment upon the formation of a new cotton exchange that
would deal in odd lots and would have a thousand members,
including representatives of the cotton planters. It was
pointed out, however, that several odd lot cotton exchanges
had been formed here in the last 10 years and that most of
these had been closed by the District Attorney for bucketing
operations.

203

Alabama
Connecticut
Georgia
Maine
Massachusetts
Mississippi
New Hampshire
New Jersey
New York
North Carolina
Rhode Island
South Carolina
Tennessee
Texas
Virginia
All other States
Vetted State,

'

Lockout in Lancashire Ordered by Spinners—Employers Resent Strike at One Mill Over Payment of
Workers' Dues to Union.
A wireless dispatch to the New York "Times" from Manchester, England, under date of July 20, said that the
Federation of Master Cotton Spinners Associations had on
that day decided to recommend a general lockout of all the
spinning mills in Lancashire as a result of a strike at the
Ramsay Mill in Oldham, which arose over a dispute between an operative spinner named Ackley and his trade
union. If the lockout takes place as the outcome of what
appears to be a trivial dispute, about 500,000 workers will
be affected. The spinner who caused It hadn't paid his
dues to the union for ten months and his fellow-workers
decided that they wouldn't work any longer with him. The
firm employing Ackley protested that it was no concern of
theirs and refused to discharge him. The Federation of
Master Cotton Spinners Associations declares that although
Ackley offered to pay up all arrears, the union insisted that
he should rejoin as a new member which would thus cancel
the accrued benefits to which he is entitled as a result of
over twenty years' membership. The Federation adds:
"To bring about a stoppage and dislocation of the firm's
business as a means of determining some private dispute
between its work people and the union is an unwarrantable
menace, which, on no account, can be tolerated."

National Cotton Exchange Chartered by L. N. Osmond
—1,000 Seats Will Be Sold.
Louis N. Osmond, who sought an injunction to restrain
the New York Cotton Exchange and two cotton brokerage
firms from tendering ineligible cotton on contracts for future
delivery and from passing as eligible any cotton which is
ineligible, has with other interests obtained a New York
charter for a new cotton exchange, according to an announcement by Milton Seymour Cohn and S. Oliver Levy, attorneys, on July 25. The new organization would be known
as the National Cotton Exchange, Inc. It would provide
for trading in raw cotton, natural and manufactured byproducts, like cottonseed oil and linters, and also "gray
goods."
The Exchange would have 1,000 seats selling at $250 each,
which compares with 450 seats on the New York Cotton
Exchange. Prices for seats on the existing Exchange range
around $35,000 each. The attorneys said that more than
100 applications for seats on the new Exchange had been
received from traders in different parts of the country.
The New York "Times" on July 26 contained the following
further facts regarding the proposition:
Temporary headquarters have been opened at 15 Moore Street. The
first meeting of the incorporators of the company, according to present
plans, is to be held in the latter part of August. One of the objects of the
Exchange, according to Mr. Osmond. will be the equal distribution of memberships throughout the country, especially in the South, where 8.000.000
persons are engaged in the growing and manufacture of cotton and cotton
products.
"There is plenty of room for a new cotton exchange here," said Mr.
Osmond, "when it is considered that at the present time there are three
stock exchanges and two rubber exchanges Also the new exchange contains a novel departure from the established practice, offering as it does
facilities for the trading ofstandard grades of gray goods and cotton linters."
Mr. Osmond said the Exchange would have provision for the trading
of future cotton contracts in units of 25. 50 and 100 bale lots.
The Exchange. according to Mr. Osmond, also will assume the obligation to protect its members and non-members equally from any Infringement
of itsform of contract. whether by the delivery of Inferior cotton or otherwise.

Petition for an Injunction Against New York Cotton Cotton Parley August 6 to Fix Price of Staple—
Exchange Denied.
Farmers' Marketing Association Will Work For
application of Louis N. Osmond for a temporary
The
Stabilization.
injunction to restrain the New York Cotton Exchange,
The New Orleans "Times" Picayune for July 24 publishes
George H. McFadden & Bro. and Anderson, Clayton & Co. an Associated Press dispatch from Dallas, Texas, saying
from delivering allegedly substandard cotton on future that a South-wide conference to determine a profitable
contracts was denied in an opinion handed down on Thursday price for cotton and to stabilize the price will be held there
by Justice Alfred Frankenthaler in the Supreme Court of August 6 under auspices of the Farmers' Marketing AssociaNew York County. The court held .that Osmond had failed tion of America. According to President W. B. Yeary
7 -inch staple standard
to prove that inferior cotton to the 4
the call for the conference was signed by Senator John
provied for was in existence in the Port of New York, as his
Davis, W. S. Kirby, John J. Simmons and T. W."Whit"
original complaint had contended. Mr. Osmond a cotton
Davidson, together with other members and directors of the
broker who announced Wednesday that he and a group of
will preside. Business men,
incorporated to form a secondary cotton association. Mr. Davidson
associates had
bankers, representatives of Chambers of Commerce throughexchange dealing in raw cotton and various natural and
South and cotton farmers are expected to attend, it
manufactured by-products, brought the suit against the out the
is stated. Methods to prevent baneful influences on the
• exchange and its two members several weeks ago. He
price from either authorized or unauthorized
contended that the presence of the sub-standard cotton in profitable
served to depreciate the price from 27c. to crop reports will be sought. price of cotton be made stable and
this port had
"It is not a question of 'can the
profitable,'" Mr. Yeary said. "It Is only a matter of informing the
15c. a pound, and that he had thereby lost $500,000.
that It
Justice Frankonthaler in his opinion points out that "it is people how it can be done and then 'educating' them In the belief
understand on what theory the plaintiff seeks to cannot be.
difficult to
"The untimely remarks emanating from the department of agriculhold the defendants responsible for the Government's ap- ture last fall, creating a bear sentiment which was seized on by futures
ineligible cotton" and that there are no averments dealers to their profit, reduced the price of cotton $40 a bale. Secretary
proval of
of fact to warrant conclusions of legal liability on the part of Agriculture Jardine has no more power to create a Imo influence on
of the defendants. The court adds that since it has not been the cotton market than the combined people of the South have to create
proved that there is an considerable quantity of such cotton a bull Influence.
"Prosperity of the South depends upon a profitable price for cotton."
in the port it is not necessary to pass on the responsibility Mr. Yeary said. "and bankers and business men are of that opinion and
of the defendants.
ready to co-operate In arriving at such a price."
The New York Cotton Exchange issued the following
reference to the matter:
statement with
Report of National Association.of Finishers of Cotton
The petition for an injunction against the New York Cotton Exchange
Fabrics for June 1928.
by Louis N. Osmond, organizer of the National Cotton Exapplied for
lengthy opinion handed down on Thursday
change, Inc was denied in a
The National Association of Finishers of Cotton Fabrics
Court by Justice Frankenthaler, on the
Supreme
in the special term of the
the Federal Reserve Board, has arranged
principally, that the Secretary of Agriculture of the United States at the request of
ground.




476

FINANCIAL CHRONICLE

[vol..

127.

for a monthly survey within the industry. The results of
American Woolen Cuts Staple Men's Goods for Spring
the inquiries are herewith presented in tabular form. The
Concession to Buyers on Rising Wool Market
secretary of the Association makes the following statement
Startles Industry-Seek Increase of Loom Acconcerning the tabulation:
tivity on Low Prices-Fancy Goods,on Other Hand,
The figures on the attached memorandum are compiled from the reports
Sharply Advanced.
of 28 plants, most of which are representative plants, doing a variety of
work and we believe it Is well within the facts to state that these figures
The American Woolen Co. opened staple men's wear
represent a cross section of the industry.
fabrics for spring 1929, on Monday at an average reduction
Nde.-(1) Many plants were unable to give details under the respective of 2c to 10c a yard, but low priced cheviots were slightly
headings of white goods, dyed goods, and printed goods, and reported their higher than the last fall list, and tropical worsteds for
the
totals only; therefore, the column headed "total" does not always represent coming summer season were marked up from a few cents to
the total of the subdivisions, but is a correct total for the district.
as much as 22c a yard. Prominent numbers in the serge,
(2) Owing to the changing character of business and the necessary changes unfinished worsted and frenchback families were readjustin equipment at various finishing plants, it is Impracticable to give average ed downward rather sharply, due, it is understood,
to
percentage of capacity operated in respect to white goods as distinguished severe competition. The New York Journal of Commerce
from dyed goods. Many of the machines used in a finishing plant are in reporting the foregoing in its issue of July 24 (by Marshall
available for both conversions, therefore the percentage of capacity oper- M.Jacobson) adds:
ated and the work ahead is shown for white goods and dyed goods combined.
PRODUCTION AND SHIPMENTS OF FINISHED COTTON FABRICS.
White
Goods.
May 1928.
Total finished yds. billed during month
District 1
2
3
5

Dyed
Goods.

Printed
Goods.

Total.

9,939,606 13,540.884 10.438,325 38,207,063
4,077.433
953.658 2,961,850 14,954,404
6.015,550 4,305.224
10,320,774
5,632,381 1,418,819
7,051,200
3.005.815
3,005,815

This step by the largest factor in the industry created somewhat of a
sensation In selling circles, owing to general expectation that prices for the
new lightweight season would remain unchanged or go slightly higher, In
line with the rise in raw material costs since the last opening in February.
To say that competitors and customers were surprised Is to put it mildly.
In view of the diligent efforts made by the Wool Institute in recent
months to secure a firm price policy in order that the severe losses of recent
years might be circumvented, the policy of the big company, which is an
active member of the institute, indicated clearly that the independence of
the individual members is unfettered and unrestrained.

Seek Greater Capacity.
The impression derived from the price reduction on staples Is that the
American Woolen Co. is determined to go out for business and run its mills
at greater capacity than heretofore. It is suggested that It has bought
wools favorably, and in spite of a very firm wool market, it Is able to
make unusually attractive prices due to the wools it controls together
with the economics the company is steadily making in manufacturing.
It Is denied that any large surplus of piece goods or clothing exists due to
cautious manufacturing.
31.507,950 23,199,902 11,612,051 72,960,760
Total
Another explanation of the lower prices is advanced In selling circles, to
Number of cases finished goods shipped
tho effect that competition presented by three other large mill interests
to customers
District 1
4,159
prominent in staple men's goods does not permit the leader to maintain
4,680
3,179
22,553
4,661
2
992
13,106 values as well as it would have liked. Two of the three large competitors
3
3.957
2,549
6,506 are not members
of the Institute, so that they are in no way bound by
1.874
4.099
8
1.291
1,291 sentiment manifested by members as regards price policy.
That lower prices named on staples are not to be taken as a criterion of
Total
15.942
8,221
3,179
47,555 actual cloth values is the
feeling in authoritative quarters. This view is
Number of cases of finished goods held
amply supported by the ft ct that the American Woolen Co. has advanced
In storage at end of monthMarkt 1
3.419
3,662
2,757
16,271 tropical worsteds, which fall into the "fancy" goods category, 4c or 5c a
2
5,741
1,689
14,806 yard or more staple lines to as much as 22c on highly styled silk and rayon
3
1.132
5.761 decorated summer
specialty fabrics.
a
3,116
8
495
495
Price Contrast.
Total
28,670,785 20,218,585 13,400,175 73,539,256
Total grey yardage of finishing orders
received
11,336,706 12,927,944 10.334,319 37.154,501
District 1
5,367,476 4,611,235 1,277,732 15.341,768
2
6.183,292 4,391,129
3
10.574,421
5.493.823 1,269.594
5
6,763,417
3.126,653
3.126.653

The contrast between the price trends on staples and fancy goods is
sharply defined. Skeptical buyers believe that the mills must have surplus goods to dispose of if staples are cut without justification on the score
97
59
91
61 of wool costs, which are highest in two years. following an advance for
the current fall of 234c to 7c a yard over the previous spring. Thus staple
3
73
52 prices for spring 1929 are in many Instances lower than a year ago while
8
124 all wool costs are from
10 to 25 per cent higher.
If new prices on staples are to be regarded as a guide rule to values
Average for all districts
57
95
62
Total average work ahead at end of
then mills which in recent seasons showed no profit, but actually experimonth,expressed In days
enced heavy losses, have little to hope for in the way of financial recoupDistrict 1
2.9
12.9
4.8 ment. Well
-posted authorities contend that several of the larger in2
2.7
2.6
3.0
dependent mills courted this "bombshell" by quietly undercutting the
3
4.5
4.5
5
3.0
3.0 big company on staples when the latter was striving to co-operate with
7.9
7.9 other factors in establishing a more stable
foundation in the matter of price,
Average for all districts
3.3
11.7
4.3 terms, discount and dating policies.
"The American Woolen Co.," said a noted selling agent, "is not to be
regarded as 'guaranteeing' the maintenance of prices merely because it
White
Dyed
Printed
Is a member of the Wool Institute and is willing to co-operate with other
June 1918
Goods.
Goods.
Goods.
Total.
cloth producers. It Is common knowledge that at least three largo factors
Total finished yards billed during
In staples, particularly serges, have been courting a price war by undermonth
cutting the leaders' prices, so that this reduction for spring 1929 should
District 1
9,097.706 13.353,018 10.260.219 36,684,425
3.835.796
2
494.957 2,946,696 13,804,920 not surprise those who are aware of what is going on 'on the inside'."
6,283.947 4,552,733
3
10,836,7L0
The rather sharp rise in fancy tropical goods over 1928 levels, which
5
4,635.227 1.417,501
6,052,728 had been advanced 23
,
6C. over 1927 levels, is held to be indicative of
2,650,087
8
2,650,087 material
advances in prospect on regular fancy woolen and worsted sultings
Total
26,502,763 19,818,249 13,206.915 70,028,880 and topcoatings to be opened within a month for the spring of 1929. In
Total grey yardage of finishing orders
the tropicals collection for 1929 are nine fancy styles and six staple or
received
9,562.911 12,263,097 9.011,784 32,651,191 semi-staple textures. The following is a comparison of prices on 11 of
District 1
5,003,362 3,787,282 1,271,202 12,776,303 the 15 numbers, terms 3-30, 1-60 or net-4 months.
2
5,369,827 3,408,887
3
8,778,714
Tropicals Compared.
4,104,092
924,493
S
5,028,585
2,112,074
2,112,074
8
BASE PRICES.
Style1929. 1928.
Ado.' StyleAde.
1929. 1928.
26,152,266 20,383,759 10,282,986 61,346.867
Total
Champlain (HE)
I National-Proe.(B)4
Number cd cases finished goodsshipped
115
$1.76 81.558 20.2c1 16 (3-ply)
2.43 2.372 5.80
Ayer (1313)to customers
I Shausheen (DD)It ..-' ' I ' I
,
3,951
4,187
2,745
20,147 6717-1
District 1
1.53
1.480 5.0c 83
2.02 2.023 *0.30
3,771
871
11,464 6047
2
1.93
1.883 4.7c
Manton (Q)4
3,775
2.361
6,136 2311
3
1.56
1.511 4.9c 191
1.953 •2.3o
1 93
1.921
3,885
Washington(A)5
Puritan (N)i
4
725
725 13351
1.77
1.720 5.0c 873
2.36 2.278 8.20
1Vood (AA)
Beoli(P)V
,
1
14,143
7,419
2,745
42,357 9164
Total
2.23 2.185 4.5c 804
2.34 2.116 22.40
•Declines.
Number of cases of finished goods held
In storage at end of month
No. 6717-1. an 8
-ounce tropical in the Ayer line. is the lowest priced
3,413
3,603
2,518
15,647
District 1
5,759
1,454
14,321 tropical worsted in the whole collection, which at a base of $1.53 gives
2
1,107
5,629 a net value of slightly over $1.48 a yard. an unusually low price, even
3
2,890 though in the staple range
5
No. 115. one of the most popular fabrics of
420
420
8
its kind in the market, being the celebtated EN number at $1.67M base
2,518
38,007 (less 10) in the current 1928 list, is an 85i-ounce fancy priced at $1.76
10,699
5.047
Total
(less 3), showing a net advance of over 20c.
Ifbite and Dyed
Combined,
Total average % of rapacity operated.
Manton's 191 is an 8
-ounce cloth, Ayers 6047 a 9
-ounce number, and
78
50
47
District 1
-ounce summer cloth, which is up close to 22)c.. and
75
53 Beoll's 804 Is a 12
47
2
60 therefore may be indicative of appreciable mark-up on heavier fancy
60
3
51 worsteds at the opening next month.
51
5
From the base prices given above
104 prices on
104
8
individual cloths may be priced from 2)c, to 22)c. a yard_higher
for added silk or rayon decoration.
53
77
Average for all districts
50
The low to high prices on tropicals for Individual mills follow:
Total average sv,,rk ahead at end of
month,expressed in days
Department 1Low. High.
Low. High.
11.3
4.7 Ayer
District. 1
3.1
51.53 $1.93 Manton
1.93 2.07
2.2 Wood
2.1
2
2.2
1.63 2.23 Shawsheen
2.02 2.15
1.9 Washington
1.9
3
2.43 2.58
1.77 1.80 Nat. & Prov
2.9
2.9
5
Department 2Department 7
5.9 Fulton
8
5.9
1.65 1.82 Chase
2.04 2.47
Champlain
2.25 2.57
1.76
1.83 Puritan
Average for all districts
3.6 Arden
10.2
2.8
2.34 2.55
1.84 1.95 Beoll
Total

Total average % of capacity operated:
District 1
2




10,787
5,351
White and Dyed
Combined
54
52
73
52
124

2,757

40,449

477

FINANCIAL CHRONICLE

JutY 28 1928.]

COMPARISON OF STAPLES PRICES.
Fall
&ping
Spring
Fall
1928.
1929. Decl.
Style- Oz.
1929. Decl.
1928.
Style- Oz.
Puritan SergesWashington Serges80
$3.32
Sc
36
143.4 $3.40
$1.97
$2.02
12
3213
9c
15
3.46
3.37
35
7c
2.14
2.21
3554
12
Washington Cheviots
10c
2.67
2.77
3486
16
$1.54
$1.56
12
*20
100 3756
2.92
3.02
18
3487
1.72
12
1.72
10c 3631
3.11
3.21
20
3488
7,i;
1.74
1.72
14
3657
Shawsheen Serges*lc
1.87
1.86
14
100 414-1
$1.92
$2.02
11
8066
2.10 .
100 12061x__1181 2.03
7o
2.34
2.44
8095
14
119
10c
2.43
2.53
15
8020
•Advance.
Wood SerpaWood Cheviot
lc
$1.81
9975
1058 $1.82
2(3
$1.61
13
lie 9028
$1.63
1.94
2.05
11
9748
8c
Washington Unfinished
2.06
2.14
12
9075
Ww sleds
be
2.18
2.28
13
9070
Sc,
12
Or 3333
$2.13
$2.08
2.21
2.27
13
9629
10c
2.85
4e 81434-2„.104
2.95
2.17
112881 2.21
9841
113 I
10c
Wood Unfinished Worsteds
2.77
2.87
9115-14._ 15
$2.07
$2.07
2.78
10c 9613-1___.13
2.88
16
9625
7c
2.21
10 9812-1._ _12
2.28
2.81
2.91
13
9771
9c
2.22
2.31
2.86
10( 1591-1__12
2.96
16
9627
6c
2.27
2.33
2.94
9e 9813-7__13
3.03
12
9526
7c
2.34
2.41
9814-7 _ _ _ _14
Fulton Serges4e
2.54
2.58
10c 9816-7___ _16
$2.16
$2.06
11
3192
90
2.70
2.61
2.41
10e 9884
2.51
14
133.4
3194
2.41
10e
2.51
15
5048
Wood Frenehbacks10c
2.86
2.76
14
364
130
16
$3.34
$3.21
100 994
2.81
2.91
18
4078
11c
3.67
3.56
10e 9816-3___ _16
2.90
16
3.00
3844
10c
3.67
3.57
16
3.25
100 9733
3.35
i8
744
Sc
3.65
16
3.73
9782
Ayer Serge,
100
3.72
3.82
$2.25
9c 9116-58___16
$2.16
13
690
PENCIL STRIPES COMPARED.
FedI
Fall
Spring
Sprint/.
1928.
1929.
Style- O.
1928.
1929. Decl,
2.52
2.60
15
51.90-2 $1.91
5048
2.55
15
2.63
2.23-6
2.15
Sc 8020
2.87
2.95
14
2.18
6c 364
2.24
2.98
2.90
16
2.39
2.31
8e 9625
3.06
2.98
16
2.37
2.33
4c 9627
2.63
16
2.45
8c 3844
3.09
3.01
2.60
2.52
8c
LOW TO H1611 LEVELS.
Dept. 2 (Pencil Stripes) Low.
Low.
High.
Department 1$1.74
$1.41
$3.72 Ayer
Wood
1.91
1.44
1.47 Wood
Champlain
2.10
1 56
3.11 Fulton
Washington
2.45
1.92
2.57 Shawsheen
Shawsheen
1.96
3.46
Fulton
2.09
3.13
Ayer

Style- Oz.
9975
1034
11
3192
12
9075
13
9070
13
9629
14
8095
14
3194

territory in which the pool has been organized, taking in
several counties not included in the 1927 campaign. The
"Globe" adds:
The cheques were accompanied by a letter from E. B. Ramsay. Manager
of Canadian Co-operative Wheat Producers, Ltd., of Winnipeg-the central
-in which it is pointed out that
selling agency of all the Canadian grain pools
the amount realized from the sales of Ontario grain gives a gross return of
*1.323.4 on the higher grades of Red Winter, and of S1.303 on White and
Mixed. The return on lower grades is smaller because of a lesser value for
milling purposes. From the prices shown in Mr. Ramsay's letter there remains to be deducted such charges as the Ontario organization requires for
overhead, including salaries, stationery, etc., as well as for handling at the
local shipping point.
"We view the resultant prices as satisfactory, and feel that Ontario
Wheat has for the first time in many years, both pool and non-pool, been
sold within a reasonable parity with Western wheat," he states. "The
question of being able to sell this wheat so as to give the Ontario farmer the
benefit of his geographical position over competing wheat Is one which will
depend entirely on the support accorded this co-operative effort.
"The lack of satisfactory storage facilities for grain in the Province is a
factor which has contributed to the low price heretofore obtained for Ontario wheat when the rush of grain was pressing on the market, and this has
forced grain to the seaboard for export in competition with foreign and
Western wheat."
Through an arrangement with the Central Selling Agency of the Canadian
wheat pools the selling end has been looked after by the sales department
of the Canadian pool.

Ded.
8e.
Sc
80
80
8c
8c

High.
$2.08
2.08
3.01
2.55

Domestic- Exports of Canned and Dried Foods in
June and the Six Months.
The report of the exports of canned and dried foods, released by the Department of Commerce at Washington on
July 26, covers the month of June and the six months
period ending with June for the years 1928 and 1927. The
report in detail follows:
DOMESTIC EXPORTS OF CANNED AND DRIED FOODS.
Month of June.
1927.

Domestic Exports of Grain and Grain Products.
The Department of Commerce at Washington gave out on
July 25 its monthly report on the exports of the principal
grains and grain products for June and the six months ending
with June, as compared with the corresponding periods a
year ago. Total values of these exports were smaller in
Juno 1928 than in June 1927, $18,898,000 being the value
in Juno 1928 against $27,313,000 in June 1927. Exports of
corn in June this year were only 968,000 bushels as against
1,008,000 bushels in June 1927; exports of oats only 70,000
bushels against 1,462,000 bushels; exports of rye but 1,293,000 bushels against 3,571,000 bushels; exports of wheat,
5,006,000 bushels against 7,549,000 bushels and exports of
wheat flour, 686,000 barrels against 863,000 barrels. Exports of barley and rice, however, went out in larger quantities in June of this year than in June last year. The details
are as follows:
DOMESTIC EXPORTS OF PRINCIPAL GRAINS AND GRAIN PRODUCTS.
Month of June.
1927.
Barley, bushels
Value
Male, bushels
Corn, bushels
Value
Kaffir and inllo, bushels
Corn meal, barrels
Homing and grits, pounds
Oats, bushels
Value
Oatmeal, pounds
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

1928.

1,186,000 1,663,000
$1,086,000 $1,599,000
320,000
275,000
1,008,000
968,000
$1,006,000 $1,108,000
85,000
29,000
19,000
1,590,000
998,000
1,462,000
70,000
$743,000
$58,000
5,273,000 4.338.000
17,347,000 24,679,000
$763,000 51,045.000
4,194,000 4,450,000
$147,000
$140,000
3,571,000 1,293,000
54.260,000 $1,792,000
7,459.000 5,006,000
$12,271,000 $7,437,000
863,000
686,000
$5,820,000 $4,563,000
426,000
558,000
328,000
386,000
428,000
747,000

6 Months Ended June.
1927.

1928.

6,676,000
8.059,000
$6,773,000 $7.062,000
1,463,000
1,368,000
9.582,000 14.528,000
$7,820,000 $15,219,000
949,000
128,000
257,000
4,763,000
16,350,000
3,291,000
6,309,000
$3,260,000 $1,421,000
25,201,000 26.831,000
172.539,000 163,376.000
37.138,000 $6.227.000
42,441,000 51,415,000
$1,254.000 $1,361,000
6,195,000
16,091,000
$18,956,000 $8,572,000
45,833,000 23.524.000
568,581,000 533.378,000
5,831,000
5,733,000
538,189.000 $36,723,000
3,969,000
4,080,000
2.016,000
2,677,000
4,585.000
4,081,000

$27,313,000 318,89,3,000 $159,410,000 $116,863,000

Ontario Wheat Pool in its First Year Meets With
Success.
The Toronto "Globe" in its issue of July 24 reported that
the first year's operation of the Ontario Wheat Pool, when
a volume of over 1,250,000 bushels was handled has just
been closed, according to an announcement from the United
Farmers' Co-operative Co., Ltd. H. B. Clemes, General
Manager of the United Farmers' Co-operative Co., Ltd.,
stated that cheques covering final payment were in the mail
for over 7,000 farmers who marketed wheat since last
August. Arrangements aro now being made as quickly as
possible for the handling of the 1928 crop throughout the




Total canned meats, pounds
Value
Tctal dairy products, pounds
Value
Total canned vegetables, pounds
Value
Total dried& evaporated fruits ,lbs_
Value
Total canned fruits, pounds
Value
Beef, canned. Pounds
Value
Sausage, canned, pounds
Value
Milk, condensed, sweetened, lbs
Value
Milk, evaporated, unsweetened,lbs
Value
Salmon. canned, pounds
Value
Sardines, canned. pounds
Value
Raisins, pounds
Value
Apples, dried, pounds
Value
Apricots, dried, pounds
Value
Peaches, dried, pounds
Value
Prunes, dried, pounds
Value
Apricots, canned, pounds
Value
Peaches, canned, pounds
Value
Pears, canned, pounds
Value
Pineapples, canned, pounds
Vahm

1928.

6 Manilas End. June.
1927.

1928.

1,514,062 1,219,583 9,314,834 9,225,951
$431,925 $3,283,992 $33,373,730
$535,670
13.235,479 9,403,576 65,077.877 69.924,021
1,893,988 1,353,365 9,602,134 9,896,869
6,486,667 7,977,034 32,854,373 37.139.557
$685,261
$922,475 53,048,358 $3,596,941
19,654,444 22,761,374 142,111,771 185,934,415
$1,407,555 $1,444,133 $10,274,740 $12,180.469
15,569,892 8,505,288 102,748,795 110,747.352
$806,897 39,599.942 59,939,843
$1,378,984
293,939
$100,912
443,232
5132,543
3,189,930
$526,353
8,926,427
5980,591
1,197,059
$175,942
2,442,064
237,824
11,274,941
743,438
980,565
$84,549
566,082
$92,294
412,216
$45,210
5,578,744
$355,566
685,474
$66,342
6,872,532
$548,758
3,217,917
$283,593
3,043,031
$307.914

177,655 1,726,090 1,189,137
$543,927
$61,100
5429.193
128,859 2,211,836 1,094,409
$350,810
5667,612
539,724
3,053,565 18,209.261 20,203,213
$510,925 52,851,906 53,225.866
5,464,093 39,401,884 43,323.010
5522,618 $4,171,635 $4,410,004
2,565,676 26,938,238 12,587,179
$590,835 54.115,563 $2,702,667
4,612,457 45,651,930 39,769,670
374,648 3,947,539 3,206,064
10,981,805 50,368.955 66,032,560
661,002 3,505,690 4,040,202
94.640 11,753,723 5,794,214
$843,291
812,777 31,121,496
982,588 3,337,655 6,108,642
$806.337
$640,158
$112,741
226,825 2.371,886 2,397,012
5259,262
5280.022
523,610
10,168,863 68,143,046 99,177,617
$603,495 $44,126,426 55,677,491
1,364,063 8,450,698 11,546,091
$858,186 $1.064,427
$121,096
1.685,782 32,041 842 40 499,111
82,780,322 53.198.221
$145,014
271,730 29,220.831 20,002.501
530,094 *2.856.067 $2.154,802
3,041,256 16,209.082 21,442,54(
5310.235 $1,587,199 $2,012,771

Crude Oil and Gasoline Prices Are Revised.
Crude oil and gasoline prices were revised this week in
numerous instances. In Kansas, Oklahoma and North
Texas the revisions tended upward on July 26 when the
Humble Oil & Refining Co. posted new prices for Ranger,
North Texas, Mexia, Powell, Richland, Lytton Springs,
Currie, Moran and Nocona. Crudes below 25 gravity
were cut 16c. a barrel; 25 to 25.9 cut 14c.; 26 to 26.9 cut
12 cents, with small reductions up to 33.9 gravity. There
are increases from that gravity upward, with 45 to 43.9,
up 20 cents, and 44 degrees and above up 25 cents. Gray
County prices have been advanced 2 to 30 cents. Oils of
44 degrees and above are up 30 cents a barrel. Similar
increases have been posted in Wheeler and Carson counties.
All grades in Crane, Upton, Crockett, Winkler and Pecos
counties are up 5 cents a barrel.
In making the changes, Humble officials are quoted as
saying that the action has been due to increased consumption
and better prices for gasoline, which resulted in increased
crude oil runs. Gulf Coast crude remains unchanged.
Advices from Tulsa stated that Carter Oil Co. has advanced
the price on Midcontinent crude by 5c. a barrel on 32
gravity and a' ove and has cut prices 7 cents a barrel on
grades below 32 gravity.

478

FINANCIAL CHRONICLE

[\rot,. 127.
From Independence,Kens on July 27 word came that the
DAILY AVERAGE PRODUCTION.
Prairie Oil & Gas Co. has met the new schedule of crude oil (In barrels.)
July 21 '28. Julie 14 '28. July 7 '28. July 23 '27.
Oklahoma
588.700
584,050
584.000
865,500
prices in Kansas, Oklahoma and North Texas as put into Kansas
102.300
102.350
103.600
107,350
effect by the Carter Oil Co. and the Humble Oil & Refining Panhandle Texas
63,050
63,250
64,200
113,800
North Texas
85,000
83.000
83,400
87,450
to., both subsidiaries of the Standard Oil of New Jersey. West Central Texas
66,750
57.800
57,100
68,000
West Texas
351,750
345,450
337,050
144.450
Prairie's new schedule is 88e. a barrel for 28 gravity with an East Central Texas
21,600
21,850
22,250
33,300
25,050
25,000
25,100
32,050
increase of 7c. for each degree to and incl. 32 gravity at Southwest Texas
North Louisiana
41,500
42,750
42,650
57,900
Arkansas
$1.16 a barrel. For 33 gravity it posts a price of $1.21 Coastal Texas
91,350
92,150
91,950
109,550
106,250
106,550
106,650
124,950
a barrel with a spread of 5c. for each degree above, making Coastal Louisiana
26,850
28,750
28,250
14,550
Eastern
115,000
113,000
111.500
111.500
44 gravity and above $1.76 a barrel.
Wyoming
62,550
60,300
55,850
56,750
Montana
10.150
10.450
10,450
15,800
These price advances were on July 27 followed by similar Colorado
8,100
8,300
8,400
7,450
New Mexico
ohanges announced by the Sinclair Crude Oil Purchasing California
1,900
2,700
2,050
2.800
644.000
644.500
649.000
620,700
Co., a subsidiary of the Sinclair Consolidated Oil Corp.;
Total
2,401,850
2,391,500 2,383.850
2,573,850
the Gulf Oil Corp. and the Empire Gas & Fuel Co. It is
The estimated daily
expected that eventually all of the producers will post including Oklahoma, average gross production of the Mid-Continent field
Kansas, Panhandle. North, West Central. West
the new prices, including the Magnolia Petroleum Co., a Texas, East Central and Southwest Texas, North Louisiana and Arkansas.
for the week ended July 21, was 1.427,050 barrels as
subsidiary of the Standard Oil Co. of New York.
compared with 1,416.950
barrels for the preceding week, an Increase
of
The Ohio Oil Co. posted an advance of 50. per barrel on Continent production, excluding Smackover, 10.100 barrels. The MidArkansas heavy oil was
Lima, Indiana, Illinois, Princeton and Plymouth crude oils 1,368.950 barrels as compared with 1.358,700 barrels, an increase of 10.250
barrels.
and 10 cents per barrel on Worcester crude.
The production figures of certain pools in
The Midwest Refining Co. posted new prices for crude oil current week compared with the previous weekthe various districts for the
follow (Figures in ban elc of
42 gallons):
in the Salt Creek, Wyo.,field involving a reduction in grades
-Week Endedof oil of 29 to 33 degree gravity, incl., and an increase in
OklahomaJUN 21. July 14.
-Week EndedNorth Braman
3,000 3.050
grades above 33 degrees. Under the new prices on Salt South Braman
Southwe.st TexasJule 21. July 14.
1,500
1,500 Luling
13,250 13,500
Creek crude, oilof 32 gravity is unchanged at $1.16 a barrel. Tonkawa
13,750 13,750 Laredo District
8,550 8,200
Garber
8,350 8,500
North Louisiana-Below 32 gravity prices are reduced by 2 to 6c. a barrel, Burbank
29,800 30,800 HayneavIlle
6,150 6.150
Bristow Slick
21.600 21,650 Urania
while above 32 they are advanced by 2 to 10c. The new Cromwell
7,350 7,800
9,300 9.400
Arkansas
Wewoka
6,150 6,300 Smackover.light
price on oil of 29 gravity is 95 cents, against previous level Seminole
7,600 7,600
51.250 51,500 Smackover. heavy
58,100 58,250
of $1.01. From 29 to 32 gravity there is now a differential Bowlegs
57,150 57,500 ChamPagnolle
15.700 16,300
Searight
13.000 11.950
Coastal Terns
of 7 cents for each degree, against 5 cents previously. Above Little River
41,700 41,209 West Columbia
8,300 8,400
Earisboro
78,150 79,750 Blue Ridge
32 the differential is 5 cents, against 3 cents previously,
6.000 7.500
Pierce Junction
11.200 10,500
with top price of $1.41 a barrel for 37 degrees and over, Panhandle Tact:
Hull
10,600 10,400
Hutchinson County.... 35,300 35,900
SpindletoP
38,000 38,400
against previous level of $1.31.
Carson County
6,330 6.000 Orange Co
4,000 MOO
Gray County
20,350 20.250
Wyoming
Light oil prices were also increased during the week, one Wheeler County
900
900 Salt Creek
41,500 39,800
of the earliest changes being announced July 26 by the
Montana
West Central Texas
Sunburst
8,300 8,600
Tide Water Oil Co. which advanced the spot price of tank Brown County
12,750 13,000
California
Shackelford Co
10,300 10,500 Santa Fe Springs
36,000 36,0C°
ear gasoline along the Atlantic Coast J, cent a gallon,
Long Beach
202.000 202,0(4
West Texas
Huntington Beach
making the new price 1134 cents a gallon.
53,500 53,510
Reagan County
20,400 18,400 Torrance
17,000 17.000
Pecoe
The Warner-Quinlan Co. also made a similar price CraneCounty
70,400 72,000 Dom hums
11.000 11,5C0
and Upton Cos_ 64,900 64,550 Rosecrans
6.000 6,000
advance. The Acewood Petroleum Co. advanced gasoline Winkler
181,450 176,000 Inglewood
29,000 29,000
East Central Texas
Midway-Sunset
71,000 71.000
in tank ear lots in New York Harbor 34 cent a gallon, Corsicana Powell - 10,850 11.000 Ventura Ave
53,500 52,000
1.050 1.050 Baal Beach.
making California gasoline 113 cents, and other gasoline Nigger Creek
34,500 35,000
11 cents. The Sinclair Refining Co., also on July 26
advanced the price of gasoline in tank car lots Mc. a gallon, Copper Holds
Steady Despite Slow Demand-Tin and
making the new prices 113e. at New York, Philadelphia
Silver Higher-Trading in Lead and Zinc Below
and Portsmouth, Va.; 113 e. at Tiverton, R. I.; lie, at
4
Average.
Charleston, S. C., and 10%e. at Jacksonville and Tampa,
Despite the quiet prevailing in virtually all of the nonFla. The Standard Oil Co. of New Jersey also advanced
ferrous metals, prices held on a steady basis in the past
the price of United States motor grade gasoline in bulk
week, "Engineering and Mining Journal" reports. The
%e. a gallon to 113jo. at all Atlantic Coast ports except
volume of copper sales was the smallest in any week since
Charleston, S. C., thereby meeting the prices recently put
early March, but most producers appeared to welcome the
into effect by other leading refiners. The Atlantic Refining
respite and not the slightest sign of price weakness was
Co. advanced spot price of gasoline in tank cars from 10c. observed.
Further advances have been made in the price
to 113(e. a gallon.
of tin in London, with a sympathetic gain in the domestic
The Standard Oil of New Jersey on July 26 advanced market. It is
reported that a strong pool is supporting
the price of U. S. motor gasoline for export a half-cent a the tin market in
London. Little change occurred in the
gallon, making the new price 26.9 cents in cases.
position of either lead or zinc. Silver moved higher on
On Jan. 27, the Standard Oil Co. of New York advanced buying by China.
the price of gasoline 1 cent a gallon in its territory, which
Interpretation of June copper statistics as unfavorable
includes New York and New England. A general advance to the producer
and the effect of the continued hot weather
in gasoline prices is believed to be foreshadowed.
are given as probable reasons for the lessening in demand.
The new gasoline tank wagon price is 18 cents a gallon Producers held out for
14% cents, delivered in Connectiand the new service station price, 20 cents. The Warner- cut. Copper exporters
advance in the New York district and destinations. Sales quote 15 cents, c.i.f. usual European
Quinlan Co. met the
on foreign accounts amounted to apthe Beacon Oil Co. in the New England section.
proximately 30,000 tons so far this month. One fairly large
27, wholesale prices at Chicago were quoted as sale of slab zinc took place
On July
for October delivery at 6.25
follows: Motor grade gasoline, 8%©8%c.; kerosene, cents a pound. Prompt shipment
zinc held at 6.20 cents,
41-43 water white, Sc.; fuel oil 24-26 gravity, 6067:65c.
St. Louis basis. Lead sales have been slightly under average, but the tone of the market is good. Spot lead in London is firmer.
Further Increase Occurs in Crude Oil Production.
Steel Output Maintained-Pig Iron Price Drops.
A further increase in the output of crude oil occurred
during the week of July 21 when the American Petroleum
Steel making has stepped up slightly from a little under
Institute estimated that the daily average gross crude oil 75% of capacity a week ago to a full 75% rate declares the
production in the United States amounted to 2,401,850 "Iron Age" of July 26 in its weekly summary of conditions
barrels as compared with 2,391,500 barrels for the preceding in the iron and steel industry. Against
this, new business
week, an increase of 10,350 barrels. Compared with the and fresh specifications on contracts
fell off in the week,
corresponding and orders appear to be growing individually smaller.
output of 2,573,850 barrels per day in the
The
week of 1927,the current figure shows a loss of 172,000 barrels increasing conservatism in buying thus indicated makes it
per day. The daily average production for the latest week difficult to forecast more than a week or two. Yet none of
east of California was 1,757,8.50 barrels, as compared with the important channels of steel outlet has narrowed to any
1,747,000 barrels, an increase of 10,850 barrels. The follow- definite degree.
ing are estimates of daily average gross production by disFrom the railroads there has been a normal steady contricts for the weeks noted:
sumption of bars, plates and shapes; but, if anything,




I

JULY 28 1928.]

FINANCIAL CHRONICLE

improvement is looked for from this quarter in view of better
earnings of important lines and good crop prospects. However,ear buying, not now in evidence, would not immediately
increase steel rollings, even if it were on a large scale, because
of the time element in assembling car specialties prior to
Freight ear shops are fast
getting under production.
reaching the point where shutdowns are imminent, observes
the "Age," adding:
The automotive and farm implement industries show little, If any,
recession. The seasonal lull which has overtaken some automobile builders
seems to be offset by greater activity of those bringing out new models.
Output of the first half of the year, 2,201,880 passenger cars and trucks,
was exceeded only by the production of the first half of 1926.
Further large line-pipe requirements are promised in plans of the Sinclair
Pipe Line Co. to supply Chicago from the Southwest, taking 8 and 12
-in.
pipe, and in a line, which may come earlier,from Louisiana to Kansas City.
One of the largest inquiries for oil storage tanks in some time,for 12 tanks in
western Texas, will take 5,000 tons of plates.
A firmer price stand is being taken by producers, with the result that
more sales at the level being sought for the current quarter on the heavy
tonnage products, 1.90c., Pittsburgh, have come to light. The 1.85c.
base still obtains in cases on steel bars and is fairly common on plates.
Strip steel remains weak, and neither this form of steel nor cold finished
bars are moving as freely as last month. Compared with other years at
this season the showing remains favorable.
Tin plate contract releases have been sufficient to keep the American
Sheet & Tin Plate Co. at a 90% of capacity output through September.
Manufacturers of electric refrigerators and stoves have helped bring an
upswing in sheet mill production. Prices appear less irregular, with efforts
to hold a minimum of 3.40c., Pittsburgh, or 3.45c., Valley, for galvanized
sheets, 2c.. Valley, for blue annealed, and 2.60c., Pittsburgh, or 2.65e,
Valley, for black. After some hot weather checks, the industry is back to
nearly 85% of capacity operations.
Sales of sheets showed a sharp gain in June,the records of the independent
producers being 318.902 tons in June against 250.316 tons in May. Shipments were only 10.000 tons less than sales and unfilled orders at the end
of the month remained substantially equal to those at the end of May.
Alloy steel bar mills continue at an 85 to 90% rate, or only a few points
below their peak.
Included in rail sales reported last week were 40,000 tons for the Norfolk
& Western. Chicago reported purchases in the week of 6,000 tons of track
supplies and specifications for 7,000 tons. The Hocking Valley bought
1,400 tons of tie plates.
Pig iron prices show no strength. In addition to the decline of 50c. a
ton on No. 2 foundry in the Valley, lower prices have appeared in New
England, especially on the higher silicon grades. An eastern Pennsylvania
steel company will probably buy 20,000 tons or more of basic iron this week.
Heavy melting steel scrap has strengthened at Pittsburgh, following many
weeks of such low prices that many shippers have withheld supplies' from
the market. At Chicago. arrangements are being made to ship scrap by
water to Lake Erie steel plants.
Canadian production of iron and steel in June was ahead of June last
year and the output for the half year was the highest in ten years.
Welsh makers of tin plate, facing and uncertain market and easing prices,
have decided to reintroduce a restriction of output, all mills to close for
two weeks during the period of Aug. 27 to Nov. 24.
The "Iron Age" pig iron composite price has dropped to $17.04 a gross
ton, from $17.09 of the two preceding weeks. The finished steel composite
price remains at 2.319c. a lb. for the second week, as the following table
shows:
Finished Steel.
Pig Iron.
July 24 1928. 2.319o. a Lb.
July 24 1928. $17.04 a Gross Ton.
dne week ago
2.319e. One week ago
$17.09
One month ago
2.341c. One mouth ago
17.21
One year ago.
2.367e. One year ago
18.42
pre-war average
10-year
1.689e. 10-year pre-war average
15.72
Based on steel bars, beams,tank plates,
Based on average of basic iron at Valley
wire, rails, black pipe and black sheet , furnace and foundry Irons at Chicago.
,
constituting S7'7. of the United States Philadelphia, Buffalo, Valley and Biroutput.
mingham.
Lose.
High.
High.
Low.
1928..2.364c. Feb. 14 2.314e. Jan. 3 1928..117.75 Feb 14 $17.04 July 24
1927_2.453c. Jan. 4 2.293c. Oct. 26 1927_ 19.71 Jan 4 17.54 Nov 1
1926_2.453e. Jan. 5 2.403e. May 18 1926._ 21.54 Jan. 5 19.46 July 13
1925__2.560e. Jan, 6 2.396e Aug. 18 1925._ 22.50 Jan. 13 18.96 July 7
1924_2.789c. Jan 15 24600. Oct. 14, 1924._ 22.88 Feb. 26 19.21 Nov 3
1923_2.824o. Apr. 24 2.4460. Jan. 211923._ 30.86 Mar.20 20.77 Nov.20

479

Coke prices generally are unchanged and shipments, both from beehive
and by-product ovens, are lighter. While scrap prices continue easy in
important markets, It is doubtful if tonnages could be placed at current
levels. The $33, Pittsburgh, price on small billets is being tested this week
by an inquiry for 6,000 tons. A Youngstown maker of sheet bars bas
announced $33, a rise of $1, for fourth quarter.
A moderate upturn in demand for heavy steel, notably plates and bars,
at Pittsburgh offsets a slight recession at Chicago. Bar specifications at
Pittsburgh have rarely been so heavy late in July. Miscellaneous ship,
barge and tank work, including 4,500 tons of tanks for export, aggregates
well In that district. A loft building requiring 50,000 to 60,000 tons of
shapes may be let at Chicago this fall. As rapidly as customer relations
permit, the mills are working heavy steel up to the basis of 1.90c.. Pittsburgh. Especially in the East are contracts scarce and hand-to-mouth
orders general.
Typifying the sheet situation, specifications to the leading producer last
week were the second largest this year, and operations of this interest have
been stepped up from 74% last week to 81% this week. All classes of users.
headed by the automotive industry, are heavy takers for the season.
Backlogs are not accumulating. Most orders are priced at 2.00c.. Pittsburgh, for blue annealed, 2.65c. for black. 3.50c. for galvanized and 4.000.
for autobody. Tin plate mills, averaging 95%, appear headed for a record
year.
Wire products seem to have benefited distinctly from the $2 per tom
reduction several weeks ago which recognized widespread concessions, and
users display their confidence by specifying more freely, especially for
manufacturers' wire. An advance in cold finished bars is probable if
higher prices for hot bars hold, but no step has yet been taken. Hot strip
is perceptibly firmer, except to tonnage buyers, but large buyers of cold
rolled can shade the current spread of 2.75e. to 2.85c.
Withdrawal of the Seaboard Air Line's inquiry for freight cars leaves
inquiry for only 820 cars pending, including 550 refrigerator cars for the
Baltimore & Ohio. The Norfolk & Western RR. has placed 29,000 tons of
rails with Corporation subsidiaries and 11,000 tons with Bethlehem. Heavy
track fastening orders, totaling 7,000 tons, have been booked at Chicago.
Reflecting the tendency toward strength, the "Iron Trade Review"
composite of fourteen leading iron and steel products is up 8 cents slits
week, to $34.97. The low point two weeks ago was $34.85.
The "Daily Metal Trade" of Cleveland reports that 'contracting for steel is heavy, as follows:
Mills in Chicago district report that contracting for third quarter Is In
good volume and up to the level of a year ago. Activity in bars and railroad track material has stimulated rolled steel business recently.
Sheet mill operations in Youngstown district are at 91% of capacity.
two more mills being active than a week ago. Demand is fairly active but
on a piecemeal basis. Steel making in Pittsburgh district averages 70%
to 75% of ingot capacity, with an upturn more likely than a decline.
Semi-finished steel prices are firmer in Pittsburgh.
The American Metal Market reports conditions in the
field in the following terms:
The steel making industry has developed a strong feeling of confidence in
its future, as to tonnage and prices alike. Tonnage is taking care of itself
and the mills feel much more assurance that they will be able to take care
of prices.
The sheet, strip and tin plate mills are all having the busiest July in their
history, experiencing little or no curtailment in demand. Tin mill operating schedules are in fact increased over the June rate, though with hot
weather, actual,topnage output may not be heavier. The strip industry
'Is favorably affected by automobileproduction holding up so well.
July ingot production is likely to come out at between 70 and 75% a
capacity, against 76% reported for June. As production has been trending
upward in this half of July there are prospects for a gain in August.
The supplementary rail buying movement has already crossed the 100.000
ton line.

Bituminous Coal, Anthracite and Coke Production
Shows Recovery from Holiday Losses.
In the full time week ended July 14 the production of.
fuel recovered from the losses sustained in the preceding
week during which Independence Day, July 4, was observed
as a holiday. Bituminous coal, according to statistics released by the United States Bureau of Mines, rose from

Midsummer inertia will bear down upon iron and steel
until Labor Day, but rarely has the industry entered this 6,830,000 tons production in the holiday week, to 8,697,000
trying period so well fortified, the "Iron Trade Review" of tons in the week ended July 14, a gain of 1,777,033 net tons.
Cleveland declares in its July 26 summary of trade conditions. This was 163,000 tons gain over the preceding full time
It is noteworthy that,consumption and production, striking week ended June 30 and also a gain amounting to 362,000
a balance for all products, give ground exceedingly slowly tons over the output in the corresponding week of 1927.
in the face of vacations and other seasonal handicaps, and Anthracite output during the week ended July 14 rose 399,retain their lead over last year. In some of the light steel 000 tons from 714,000 tons in the week of July 7 to 1,113,000
lines this is proving the best July in several years, says the tons. Compared with the corresponding week one year ago,
"Review," adding:
the current output, however, shows a loss of 181,000 tons,
Changes in the price situation the past week have been mainly on the side
states the Bureau of Mines report from which we quote
of strength. Pig iron, scrap and other raw materials are better in hand.
Semi-finished steel is a shade stronger, with higher asking prices for the further data as follows:
fourth quarter. Determination of producers of heavy finished steel to
BITUMINOUS COAL.
enforce advances this quarter is more marked and, at this season, evidences
The total production of soft coal during the week ended July 14. Ineludless relation to volume than to a desire to get on a more remunerative basis.
Excepting possibly cold rolled strip, it is harder to duplicate recent low trig lignite and coal coked at the mines, is estimated at 8,607.000 net tons.
This is an increase of 1.777,000 tons over the output in the holiday week
prices.
Hot weather is proving the usual hindrance to production and in some preceding, and is 1.9% higher than that in the week of June 30. Production during the week in 1927 corresponding with that of July 14 amounted
cases, notably at tin plate mills, resort is had to extra turns. Steelmaking
operations are little changed at Pittsburgh at about 70% and are off 3 to 8,245,000 tons.
points at Chicago to 75%. Buffalo, however, is up 2 points to 79% and in Estimated UnUed States Production of Bituminous Coal (Net Tons). Incl. Coal Caked.
1928-1927
the Mahoning valley two more sheet mills bring operations in that branch
Cak. Year
Cal. Year
up to 91%. the highest of the year. Tin and strip mills are at capacity,
Week.
to Dale.
Week.
to Date.a
and one more open hearth has been lighted. Steel corporation subsidiaries June 30
7,981,000 276,410,000
8,444,000 234,289,000
1,407,000
1,517,000
1,330,000
1.791,000
Daily average
are operating this week at 75%, an increase of 2 points over last week, and
6,830.000 241,119,000
6,577,000 282,987.000
independents at 68%. giving the entire industry an average of 70%. July 7.b.
1,366,000
1,513,000
1,315,000 1,776,000
Daily average
fractionally higher than a week ago and about 3% over a year ago.
8,607,000 249,726,000
8,245,000 291,232,000
July 14_c
1,435,000
1,510,000
1,374,000 1,762,000
Pig iron selling is receiving a lift from those matters who have deferred
Daily average
third-quarter contracting and been using their carryover. Heavier trading
a Minus one day's production first week in January to equalize number of days
Cleveland, Buffalo, New York and Cincinnati, the week's in the two years. b Revised since last report. Five-day week. c Subject to revision.
Is reported at
The total production of bituminous coal during the present calendar
sales exceeding 50,000 tons. Good-sized requirements are being Closed
quietly at Chicago, where silicon differentials are being waived on some year to July 14 (approximately 165 working days) amounts to 249,726.000
boat iron. Carload buying is common In the Pittsburgh market, largely net tons. Figures for corresponding periods in other recent years are
given below:
03 account of unstable prices.




480

FINANCIAL CHRONICLE

1927
291.232,000 net tons 1924
249,137,000 net tons
1926
283,731,000 net tons 1923
303,234.000 net tons
1925
249,091,000 net tons 1922
202,539,000 net tons
As already Indicated by the revised figures above, the total production to
soft coal for the country as a whole during the week ended July 7 amounted
6,830,000 net tons. The decrease, largely due to the Fourth of July holiday. amounted to 1.614.000 tons, or 19.1%. The average daily rate declined 2.9%. The following table apportions the tonnage by states:
Estimated Weekly Production of Coal by States (Net Tons).
Total Production for Week Ended
July
July 7
June 30
July 9
July 10
Acreage
State—
1928.
1927.
1926.
1923.a
Alabama
245,000
284.000
263,000
325,000
389,000
Arkansas
23.000
28.000
22.000
24,000
25.000
Colorado
99,000
133,000
116.000
124,000
165.000
Illinois
598,000
710,000
75.000
845.000 1,268.000
Indiana
207.000
241,000
166,000
267.000
451,000
Iowa
39.000
48.000
7,000
56,000
87,000
Kansas
19,000
26.000
19,000
60.000
76,000
Kentucky—Eastern
724,000
918,000
822.000
782.000
735.000
Western
209,000
222,000
395.000
220.000
202,000
Maryland
37,000
45.000
41.000
42,000
42,000
Michigan
10,000
11.000
12.000
4,000
17.000
Missouri
42,000
54,000
22,000
39,000
58.000
Montana
35.000
25,000
41.000
30.000
41,000
New Mexico
54.000
33,000
39,000
40.000
52,000
North Dakota
9,000
11.000
6,000
15,000
14,000
Ohio
216.000
251,000
107,000
350,000
854,000
Oklahoma
36,000
41,000
37,000
40.000
49.000
Pennsylvania
1,722,000 2,190,000 1,647.000 2,160.000 3,680.000
Tennessee
78,000
73,000
90.000
95,000
113,000
Texas
15,000
16,000
20,000
20.000
23,000
Utah
59,000
64,000
58,000
61,000
87,000
Virginia
173,000
217,000
220,000
224,000
239,000
Washington
34,000
41.000
30,000
36,000
37,000
W. Virginia—Southern_b_1,490.000 1,885.000 1,638.000 1,716,000 1,555,000
Northern_c
595,000
738,000
631.000
578,000
830.000
Wyoming
81,000
81,000
86,000
84.000
115,000
Other States_d
1.000
1.000
2,000
5,000
4,000
Total bituminous
6,830,000 8,444.000 6,577,000 8.235.000 11,208,000
Pennsylvania anthracite, _ 714.000 1.125.000
798.000 1,535,000 1,950,000
Total all coal
7 544.000 9,569,000 7,375,000 9.770,000 13,158.000
a Average rate maintained during the entire month. b Includes operations on
the N.&W.,C. & 0., Virginian. K. & M.and Charleston division of the B. & 0.
c Rest of state, including Panhandle. d This group is not strictly comparable in
the several years.

[VOL. 127.

ANTHRACITE.
The total production of anthracite during the week ended July 14
amounted to 1,113.000 net tons. This represents a recovery from the
holiday loss In the preceding week and shows but a slight decrease--approximately 12,000 tons or 1.1 %—from the output in the week of June 30.
Estimated United States Production of Anthracite (Net Tons).
1928
1927
Cal. Year
Cal. Year
Week Ended—
Week.
Week.
to Date.
to Date.a
June 30
1.125,000 37,103,000
1,278,000 40,907,000
July 7b
714,000 37,817.000
798,000 41,705.000
July 14_c
1,113,000 38.930,000
1,297,000 43,002,000
a Minus one day's production first week in January to equalize number of days
in the two years. b Revised. c Subject to revision.
BEEHIVE COKE.
The total production of beehive coke for the country as a whole during
the week ended July 14 is estimated at 70.000 net tons. This Is an increase
of 10.000 tons over the output In the holiday week preceding, and Is approximately the same figure as for the week ended June
30.
Production during the week In 1927 corresponding with that of July 14
amounted to 106,000 net tons.
Estimated Production of Beehive Coke (Net Tons).
Week Ended
1928
1927
July 14
July7 Jtdy 16
to
to
1928.b
1928.c
1927.
Date.
Dates
Pennsylvania and Ohio
50,000 42,000 76,000 1.721,000 3,659,000
West Virginia
11.000
9,000 14,000
437.000
327,000
Ala., Kentucky. Tenn.& Georgia 2.000
2,000
4,000
102,000
149.000
Virginia
4.000
4.000
6.000
132.000
194,000
Colorado, Utah & Washington
3.000
3,000
6,000
118,000
207,000
United States total
70,000 60,000 106.000 2,400.000 4,646.000
Daily average
11,600 12.000
17.600
14.300
27,800
a Minus one day's production first week In January to equalize
number of days
n the two years. b Subject to revision. c Revised.

The total production of bituminous coal in the United
States during the week ended July 21, according to the estimate of the National Coal Association, was about 8,600,000 net tons.

Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on July 25, made public by the Federal
Reserve Board and which deals with the results for the
twelve Reserve banks combined, shows increases for the
week of $13,400,000 in holdings of discounted bills and of
$2,300,000 in cash reserves and decreases of $12,000,000 in
holdings of bills bought in open market, of $1,700,000 in
Government securities, of $6,700,000 in member bank reserve
deposits, and of $12,300,000 in Federal Reserve note circulation. Total bills and securities were slightly below the
amount held on July 18. After noting these facts, the
Federal Reserve Board proceeds as follows:
The principal changes In holdings of discounted bills for the week were
Increases of $7,600,000 at the Federal Reserve Bank of San Francisco.
$6.000.000 at New York, $5.800,000 at Cleveland and $5.300,000 at
Richmond and decreases of $6,900.000 at St. Louis. 36,700.000 at Atlanta,
and 16.400.000 at Philadelphia. The System's holdings of bills bought
In open market declined 312.000.000.of United States bonds $1,000,000 and
of Treasury notes 12,300.000. while holdings of certificates of indebtedness
Increased 11,600.000.
Federal Reserve note circulation shows a reduction of $12.300.000 for
the week,the principal decreases being 14,000.000 at New York,$3,600,000
at San Francisco and 11,800,000 at Philadelphia.

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 514 to 515. A
summary of changes in the principal assets and liabilities
of the Reserve banks during the week and the year ending
July 25 is as follows:
Total reserves
Gold reserves
Total bills and securities
Bills discounted, total
Secured by U. S. Government obligations
Other bills discounted
Bills bought in open market
U. S. Government securities, total
Bonds
Treasury notes
Certificates of indebtedness
Federal Reserve notes In circulation
Total depordts
members' reserve deposits
Government deposits

Increase (±) or Decrease (--)
During
Week.
Year.
+82,300.000 —5419,600.000
+4,400,000 —419,500.000
—300,000
+13,400.000
—18,800,000
+32.000,000

+448,500,000
+627.000,000
+375,700,000
+251,300,000

—12,000,000

—300,000

—1,700,000
—1,000,000
—2,300.000
+1,600,000

—177,400,000
—125,700,000
+6,900,000
--58.500,000

—12,300,000

—55,100,000

—2.900.000
—6,700,000
+8,800.000

+16,100.000
+17,900,000
+2.000,000

Returns of Member Banks for New York and Chicago
--Brokers' Loans.
Federal Reserve Districts
Beginning with the returns for June 29 1927, the Federal
Reserve Board also began to give out the figures of the
member banks in the New York Federal Reserve District,
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks
themselves, and for the same week, instead of waiting until
the following Monday, before which time the statistics




covering the entire body of reporting member banks—now
637—cannot be got ready.
The following is the statement for the New York member
banks and that for the Chicago member banks thus issued
in advance of the full statement of the member banks, which
latter will not be available until the coming Monday. The
New York statement, of course, also includes the brokers'
loans of reporting member banks, which this week show a
decrease of $10,496,000, the grand aggregate of these loans
on July 25 being $4,183,919,000, against $4,194,415,000
last week.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York-45 Banks.
July 25 1928. July 18 1928. July 27 1927.
Leans and investments—total
7,253,708.000 7,280,132.000 8.558,783,000
Loans and discounts—total

5283,289,000 5,291,436,000 4,693.717,000
Secured by U. S. Govt. obligations__ 47,281,000
29,669,000
49,070.000
Secured by stocks and bonds
2 443,751,000 2.459.405,000 2.236.837,000
All other loans and discounts
2 792.257,000 2,782,961,000 2,427.211.000
Investments—total
1 970,419.000 1,988,898.000 1,883,086.000
U.S.Government securities
1 088,415,000 1,098,648.000 886,684,000
Other bonds, stocks and securities-- 884.004,000 890,048,000 976,382,000
Reserve with Federal Reserve Dank____ 708,688.000 718,859,000 720,722.000
Cash in vault
51,574,000
53,007,000
56,638,000
Net demand deposits
5,143,162,000 5,181,046,000 5,225,254,000
Time deposits
1 158,311,000 1,161,976,000 1,000,460,000
Government deposits
20,542,000
26,749,000
10,593.000
Due from banks
94,138,000
83,838,000
92.880,000
Due to banks
1,144,825,000 1.098.422,000 1,094,025,000
Borrowings from F. R. Bank—total_
223,376.000 213.400.000
37,205,000
Secured by U.S. Govt. obligations_ 139,630.000 138,670.000
29,100,000
MI other
8,195,000
74.730,000
Loans to brokers and dealers (secured by 83,746.000
stocks and bonds):
For own account
823,516,000 820,201,000 1,047,608,000
Fo account of out-oLtown banks__ A.551,758.000 1,602,482,000 1,187,441,000
For account of others
1 808.645,000 1,771,732,000 906,144,000
Total
4 183,919,000 4,194,415,000 3,141,103,000
On demand
On time

3 184,754,000
999,165,000
Chicago
-43 Banks.
Loans and investments--total
2 037,915,000
Loans and discounts—total
1 552,128,000

3,182,090,000 2,375.321,000
1,012,325,000 765,872.000

Secured by U. S. Govt. obligations... 15.618.000
Secured by stocks and bonds.
All other loans and discounts
750,922,000
Investments—total
485,787,000

13,528,000
14.023,000
782,827,000 787,198.000
747,291.000 664,150,000
494,411,000 442,052,000

2,038,552,000 1,906,928.000
1,544,141,000 1,464,876,000

U.S. Government securities
210,805,000 219,171,000 181,348,000
Other bonds,stocks and securities_ ...- 274,982,000 275,240,000 260.704,000
Reserve with Federal Reserve Bank.... 180,610,000 178.510,000 169.638.000
Cash in vault
19.158.000
17,070,000
16,478,000
Net demand deposits
..:7'1
1,226,495.000 1,227,178,000
Time deposits
607.009,000
679,788,000 684,515,000 1,257066 gOg
Government deposits
7,142,000
1,836,000
1,408,000
Duo from banks
146,699,000 160,134,000 134,333, 00
Due to banks
334,489.000 344.291,000 343,460,000
Borrowings from F. R. Bank—total____ 79,983,000
80,012,000
8.086,000
Secured by U.S. Govt. obligations_
All other

64,749,000
15,234,000

70,729,000
9,283.000

6.785.000
1,301,000

JULY 28 1928.]

FINANCIAL CHRONICLE

Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York and
Chicago member banks are now given out on Thursdays,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks, now
637, cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business July 17:

481

of the National Bank on July 17. Commodity prices were fairly stable,
though a soft tendency was reported in the more sharply competitive
products. The cereal crop situation in the Danube area is generally good,
both in quality and quantity. The outlook for good yields of corn, potatoes and sugar beets is promising.

BELGIUM.
Among the principal developments in Belgium during June were the
Antwerp dock strike which caused delays in shipping and difficulties in
wholesale trade, and developments on the Bourse which resulted in a
noticeable slowing down of retail trade in luxury lines. Nevertheless,
the principal industries maintained their previous good position and only
a normal seasonal slackening is expected. Although the crisis on the
Bourse seems to have passed, the market is still extremely weak and
sensitive to any depressing factor. The Antwerp dock strikers resumed
work on July 11 and the port commission has agreed to find a solution
for the labor difficulties within a fortnight. Cotton spinning and weavoperating at full capacity. Jute spinning mills have orders
The Federal Reserve Board's condition statement of 637 reporting mem- ing mills are
ahead, but operations in the flax spinning establishber banks in leading cities as of July 18 shows decreases for the week of for three months
There is good activity in the construction in$88,000,000 in loans and discounts, of $47.000,000 in investments, of $225. ments are below normal.
manufacturers are also busy.
000,000 in deposits and of $82,000,000 in borrowings from Federal Reserve dustry and furniture
BRAZIL.
banks.
Loans on stocks and bonds, including United States Government obliThe Rio de Janeiro coffee market has been firm with a slight rise in
banks,
gations, were $151,000,000 below the July 11 total at all reporting
prices. Exchange has been steady at about 8.400 milreis to the dollar
decreases of $136,000.000 being reported by member banks in the New York with good demand for local money and no change in interest rates. The
district, $9,000,000 in the Chicago district, $8,000,000 in the Boston
price of foodstuffs has advanced sharply during the past few weeks. Durdistrict and 86,000,000 each in the Cleveland and Atlanta districts. "All
ing June, 95,689 tons of British coal and 8,362 tons of American coal
other" loans and discounts increased $63,000,000 during the week at all
with 129,981 tons of British coal and 15,reporting banks, the principal increases being $25,000,000 at banks in the were imported as compared June 1927. The State of Parahyba, in the
047 tons of American coal in
Chicago district and $19.000,000 at banks in the New York district.
a loan.
Holdings of U. B. Government securities declined $29,000,000 in the northeast of Brazil, is seeking
New York district, $10,000,000 in the Chicago district and $23,000.000
BRITISH MALAYA.
at all reporting banks, and increased $9,000.000 in the Boston district and
As a result of the prevailing uncertainty in the rubber market, credits
$6,000,000 in the San Francisco district. Holdings of other bonds, stocks
reduced volume of orders to be placed with
and securities declined $24,000,000 at all reporting banks and $13.000,000 are closely restricted, causing
importers by Chinese distributors. According to reports, two or three
in the New York district.
business. American textiles
Net demand deposits, which at all reporting banks were $148,000,J00 firms are closing out temporarily in import
Japanese goods and autobelow the July 11 total, show declines in nearly all districts, the principal continue to gain through lack of demand for
inexpensive American cars.
.
.
ilecreases-13Fdiarrcts being: New York $40.000,000, Chicago $23,050,000. mobile sales are practically restricted to
flour from the
Philadelphia $19,000,000. St. Louis $13,000,000 and Atlanta $9,000,000. Increased orders are being placed for fresh fruits and
orders for
Time deposits declined $48,000,000 at all reporting banks. $21,000,000 United States and a brisk temporary demand is increasing
in the New York district and $8,000,000 each in the Philadelphia and American leather. European rubber estates are showing only moderate
increases in output, but native production is increasing heavily. The tin
Chicago districts.
A decrease of $145.000,000 in borrowings from the Federal Reserve Bank market has improved slightly.
of reporting member banks in the New York district were partly offsetlby
CANADA.
increases in most of the other districts, principally Chicago, St. Louis, San
Most observers agree that Canadian commerce and industry is currently
Francisco, Philadelphia, Atlanta and Kansas City, all reporting banks
enjoying a larger measure of prosperity than last year, largely because
showing a net decrease of $82,000,000 for the week.
of the very favorable situation in the Prairie Provinces. General business
A summary of the principal assets and liabilities of 637 reporting member
conditions in the larger Canadian centers during the week ended July
banks, together with changes during the week and the year ending July 18
14 were normal in the Maritime Provinces, very satisfactory in Quebec
1928. follows:
Manitoba and Alberta, and fair
Increase 1+) or Decrease (—) and Ontario, increasing in volume in
in Saskatchewan and British Columbia. Trade collections are reported
July 18
During
Week.
1928.
Year.
as somewhat better than the average in Halifax, fair in Saint John and
good in Toronto, improving in Winnipeg, fair in Regina, satis22,316,293.000 —134,254,000 +1,700,533,000 Montreal,
Loans and Investments. total
factory in Saskatoon and Edmonton, improving in Calgary, and fair in
15,749,676,000 —87,733,000 +1,175,709,000 Vancouver. Active lines in Montreal include groceries, footwear, men's
Loans and discounts, total
furnishings and novelties; in Toronto, notions, novelties, summer apparel
+151,000
Secured by U. S. Govt. obligat'ns. 129,139.000
+19,459,000
6,632,886,000 +150,943,000 +669,116,000 and sporting goods.
Secured by stocks and bonds
INDIA.
8,987,651,000 +63,059,000 +487,134.000
All other loans and discounts
6,566,617,000 —46,521.000 +524,824,000
Investments—total
Confidence in business circles has been greatly improved during the
U. B. Govt. securities
2,984,930,000 —22,829,000 +431,133,000 past month by a decision of the Bengal Council to co-operate with the
Other bonds, stocks and securities 3,581.687,000 —23,692.000
+93,691,000 Simon Commission on reforms. Similar decisions by the Punjab, Burma
to reduce the danger of political disReserve with Fed. Rea. banks
1,693,803,000 —54,246,000
—9,846.000 and Assam Councils have tended
Cash In vault
245,173,000 —16,772,000
—10,220,000 turbances. Labor difficulties continue to accentuate seasonal dull trading
conditions. Bombay mills are at a standstill but there are some indiNet demand deposits
13,189,802,000 —147.981,000 —108,810,000 cations that an early settlement will be effected. Railway strikers
Time deposits
6,911,090,000 —48,082,000 +665,929,000
Government deposits
93,410,000 —28,986,000
—2,042,000 in Eastern India have returned to work due largely to the lack of funds
for carrying on the strike, but Tate steel workers are still holding out.
banks
Due from
1,106.173,000 —33.746,000
—18,207,600
very satisfactorily throughout India, but
3,085,714,000 —110,143.000 —176,016.000 The monsoon is developing
Due to banks
continued rainfall is hindering the drying of the new jute crop. New
orrowIngs from F. It. banks, total. 787,412,000 —82,172,000 +539.970,000 rules governing purchases by the Indian Stores Department, necessitating
Secured by U.B. Govt. obligat'ns. 504,439,000 —.99,282,000 +349,829,000 most government tenders be submitted at Delhi rather than London, and
282.973,000 +17,110,000 +190,141.000 in rupees, are expected to go into effect within six months.
All other

Summary of Conditions in World's Markets According
to Cablegrams and Other Reports to the Department of Commerce.

The Department of Commerce at Washington releases
for publication July 28 the following summary of conditions
abroad, based on advices by cable and radio:
ARGENTINA.
Business throughout the week continued to be quiet. The stevedore
strike at Rosario is still unsettled, with the result that increasing quantities of cereals destined for export are being held up. Collections are
good and money is plentiful. On July 12 it was officially estimated in
Argentina that the exportable surplus of wheat amounted to 1,024,000 tons,
and of linseed, to 732,000 tons. Buenos Aires custom house receipts
from Jan. 1 to July 20 show an increase of about 10% as compared with
the corresponding period of the previous year.
AUSTRALIA.
Trade in most lines continued dull in Australia during the first half
of July and evidences of general improvement were no more auspicious
than during past months. A favorable wool clip is assured and the
wheat outlook is excellent though any definite statement before September is impossible. Although bank deposits in relation to advances
have improved and the conversion loan is progressing satisfactorily,
bankers still maintain a conservative attitude. According to early indications, State and federal finances for the fiscal year 1927-28 will run
net deficits approximating £4,500,000. Unemployment in the Commonwealth is officially stated to be 11%.
AUSTRIA.
The improved tendency of recent months in Austrian business developments continued in July, but some apprehensions are felt that the inter'national credit tension, and advancing money rates, may adversely affect
the situation in the next few months. All Vienna banks advanced the
4
4
1%
4 1%, following the / discount rate advance
Interest rates from 3 to /




NETHERLAND EAST INDIES.
Conditions continue generally favorable. Import trade for the first
half of the year increased over the same period in 1927 and railway
earnings continue high, despite competition from bus lines. Textile
stocks are moving well and automobile sales continue strong in all but
high-priced cars. Sales of foodstuffs are somewhat irregular and the
sardine market is reported over-stocked. Due to the lack of forward
sales, producers are preparing, for the first time in history, to store considerable Java sugar. Local estimates place the present crop 2,520,000
long tow. Native rubber shipments in June advanced heavily, offsetting
previous declines.
NETHERLANDS CONDITIONS SATISFACTORY.
Industrial activity in the Netherlands was well maintained during June
and the number of unemployed has remained at a low level. Retail
business has been somewhat restricted along certain lines. The general
merchandise trade was somewhat slow during the first part of the month
but an improvement was noted toward the end under the stimulus of a
better summer and holiday.
PERU.
Local business conditions continue abnormally dull but it is reported
that the rumored adoption of the proposed currency stabilization program
is expected to have a highly beneficial effect upon the present unsettled
economic situation. According to the local press the proposed currency
stabilization program provides for the temporary stabilization of the
Peruvian pound at $4.00, pending a permanent point of stabilization,
which is now a debatable question. The defacto stabilization point is to
be maintained for twelve months after which a legalized stabilization
figure would be fixed based upon the results demonstrated by that experience. The press further states that the present difference between
the Ministerial and fiscal agents is expected to be settled with the
issuance by the agents of monthly advances applicable to the support
of public improvement programs, such advances to be continued num
a definite stabilization point is decided upon or until the second national loan of $50,000,000 is made.
PHILIPPINE ISLANDS.
With continued favorable weather conditions, planting of major crops
has proceeded satisfactorily. It is estimated that the new sugar crop will

482

FINANCIAL CHRONICLE

equal the previous one. Current conditions in copra and abaca markets
continue comparatively weak. Rice prices have advanced slightly and
tobacco exports are satisfactory. June recorded considerable improvement
In the textile market and American lines continue to benefit
from decreased sales of Japanese goods. Business in motor trucks and
buses
is slightly more active but sales of passenger cars continue slow.
Tire
trade is improving, with better demand and moderate arrivals. Canned
mackerel is rapidly replacing canned salmon on the Manila market;
imports of the former totaled 13,000 cases in June, compared
with one
case of salmon.
PORTO RICO.
Seasonal dullness continues to characterize the business situation and
sales appear to be at a lower level than a year ago. Collections
remain
slow, but are less difficult in the San Juan and Mayaguez distriets
than elsewhere. Slowness of crop liquidation is causing delay in
the
retirement of old loans and new loans are being made with increased
caution, although old accounts are being treated as usual. Unemployme
nt
has increased with the termination of the sugar campaign, but
the start
of tobacco stripping operations is expected to furnish work
for a
considerable number of women. The real estate market is reported
inactive and construction work is slow. Bank clearings at
San Juan
through July 20 were $13,919,000 as compared with $18,195,000
in
the corresponding period of 1927. Weather conditions continue
favorable to growing crops. Rains have helped the development
of minor
products and cotton and food crops are reported to be doing well.
Sugar
production of the 40 mills which have finished grinding amounted
to
728,103 short tons and the two mills still operating are expected
to show
an outrun of 18,752 short tons, making a final production
figure of
746,855 tons.
SPAIN.
Spanish finances continue easy with bank clearings high and
the Bourse
active. Industrials, minerals, and steel and particularly
explosives experienced a spectacular rise on the Madrid stock market during
June but
quotations in general were considerably lower by the end of
the month.
Bank clearings continue at high levels and the statement
of the Bank
of Spain on June 30 showed with the exception of a slight
increase in
note circulation and a small decline in current
accounts, practically
the same figures as on June 2. There was a 2 point decrease
in the wholesale price index for May for all of Spain from 166
to 164, and the
Madrid retail price index stood at 172. Bilbao iron
ore exports for the
first 26 days in June totaled 129,000 tons which
compares favorably
for those of the corresponding periods of May and
June last year. Textile
markets are dull with very little purchasing, but
automotive sales are
relatively higher in the Barcelona Province.
YUGOSLAVIA.
Import data for the first quarter of
1928 indicate little change in
commercial activity, despite the decline in
exports. During this period
imports were valued at 1,914,600,000 dinars
as compared with 1,664,500,000
dinars in the first quarter of 1927. This
increase is accounted for chiefly
by larger purchases of cotton and cotton
goods and machinery and materials for railroad construction and industrial
development. (Dinar equals
$0.0176.)

Alfred Loewenstein Died Victim to His
Own Business
Speed—Tried to Be Superman—Had
Office in
Airplane.
[From a Paris cable dispatch by Guy Hickok
to Brooklyn "Daily Eagle,"
Sunday, July 22.]

Can man, can any man, live at the speed
made possible
by modern invention? Or will he
be broken by the machines he has created? As an answer to
this question, more
than in any other way, the death of the
multi-millionaire
banker Alfred Loewenstein, falling from
his private airplane over the English Channel, is significan
t.
Loewenstein is the first man of any Importanc
e to attempt
to force his mind and body to keep the pace
set by all the
modern devices he could use. His career as
a mere financier, beginning with only his father's debts
and ending as
organizer of scores, and as director and
shareholder in almost numberless enterprises, would be startling,
but not
significant. Many men have done the same.
It was using as his tools all of the latest
machinery of
speed, speed in the air, speed on the ground, speed
over the
wire and speed in the ether, attempting to expand
one
normal human existence until it participated In almost
every
activity open to human existences, and who broke himself
doing It, that made Loewenstein's life different. Loewenstein tried to be a superman, and in trying died. If any
man could have been the superman, Loewenstein seemed
made to be that man.
Of Herculean physical strength and tireless, of equal intellectual vigor, and inexhaustible, of limitless fertile initiative, and totally unhampered by hesitation or fear, he
had no vices. All of his great faculties, physical and
intellectual, went into his life. None of his power was wasted
or diminished even by little things, such as a cheering drink
or a calming whiff of tobacco smoke. But with it all
he
could not keep pace with his machines; and he died.
Though be started only. with debts, Alfred Loewenstein
was not a self-made man. While he was being educated
his father was well-to-do. It was only after he had broken
with his father at the age of nineteen and had left
home
with less than $2,000 that he became poor. His father's
affairs collapsed in a speculation in asbestos mines and
young Alfred took up the load of debts, determine
d to pay
them.




[Vol. 127.

From the beginning Loewenstein was a speculator in
futures. And he was that to the end. He had a flair for
smelling out beginnings that were destined to grow. Loewenstein invented nothing. Men invented, found new processes, new products, half developed them with limited capital, and languished, discouraged, their shares valueless,
their futures hopeless.
Loewenstein scented them from afar, made up his mind
that their innovations had promise, bought them up, organized, them into new companies, took the initial chance, revitalized them and then sold off the new organizations at
a handsome profit to investors with less initiative than he.
Loewenstein passed on to new futures, repeating the process
on an ever growing scale.
He was a Midas turning all he touched into gold. His
system was one that precluded rest or repose. He had
ever to be mounting new steeds, finding new futures low
and lifting them to high. It was shortly after the war that
Loewenstein discovered that his ever increasing need for .
speed necessitated a complete abandonment of ordinary communication. For him railroads, steamships and the mails
became obsolete.
Others bought private airplanes as a fad. Loewenstein
adopted them and all that could be associated with them as
instruments of his trade. One office was not enough. One
office in each of several financial capitals was not enough.
An office traveling with him on ships and trains was not
enough. He appeared one day at Biarritz with the first
flying office known to man, a complete business staff working on shifts around the clock, every member ready to fly
anywhere, any time at the greatest speed at which wings
and motors could carry them.
His existence became a tumult, but never a debauch. Fantastic it was that he should spend a small fortune sending
an airplane from the Coast of Biscay to London to get his
old hat or an umbrella that he had forgotten. Bizarre it
was that he should give a dinner in London, sending one
airplane to Moscow for the caviar and another to central
France for specially fed fowl. But his personal pleasures
remained sane and simple. He found time for boxing, for
horsemanship, for swimming. The mechanical gambling
of the casinos attracted him little, women not at all.
He was married to a beautiful and charming woman and
strangely, in the midst of his tumultuous career, his family
life was simple and sane. The dizzy speed with which he
did all his business by air did save him that. It was the
life of a super Monte Cristo. One day he was photographed
in a silk hat being congratulated by the French President
after one of his 80 race horses had won a Grand Prix. An
hour later he was in the air en route to London or Amsterdam, dictating wireless messages to his French, English
and Belgian secretaries. A few directors' meetings in London, and he was living quiet hours on his English estate,
or riding to hounds with the Prince of Wales, and not
falling off his horse. Cabled dispatches of the British hunt
were barely in the French newspapers before he was walking through the corridors of the Ritz Hotel in Paris, dictating to a secretary who climbed with him into a waiting
motor-car to be whisked to a waiting airplane which was
to take his whole office to Brussels.
He seemed, in spite of the dizzy speed at which he lived,
to have himself thoroughly under control. Every summer
he stopped and took a rational vacation at some quiet watering place. The sensational rumors that he was treated in
sanitariums for mental exhaustion or that he took a cure
for the use of narcotics that had gained too strong a bold
upon him have not stood up.
Most incredible of all the paradoxes of this strange being
was the fact that he was devoutly, and very simply, religious. It is said that even his most ruthless speculations
were preceded by prayers. There are stories of a prodigious
memory, that he carried the last quarterly report of every
company in which he was interested in his head and could
dictate the statements of all of them to stenographers as
rapidly as they could take them down. One secretary had
to be on duty within call at night, ready to note any business thought that woke him or kept him from sleeping.
Within late months the strain began to tell. He began
to drop asleep in his office chair, in his airplane, anywhere,
and then to terrify his staff by beginning to talk business
and dictate telegrams in the strange waking slumber into
which he had fallen. Sometimes they could scarcely tell
whether he was awake or asleep. It was the exhaustion of
nerves that made Napoleon sleep in his saddle during his
later battles.

JULY 28 1928.]

FINANCIAL CHRONICLE

483

the money market. This is shown clearly by Article 9 of the
convention with the State, which permits the Bank to open
current accounts on its books for foreign banks of issue and
to manage these deposits, employing them to buy securities
and bills of short maturity, and to rediscount paper for these
institutions. It is evident, however, that these operations
will not be carried on only for the account of foreign banks,
but that the Bank of France will do so for its own account
as well."
Commenting on this statement, Albert Despaux says in
"Information" that a large degree of control over credit
London Banks Split on Loan Expansion—Midland conditions is now made possible.
"If the Bank of France buys foreign acceptances, giving credits in
Bank Cuts Its Cash Ratio, While Bank of England
is going to exercise an important inSells Securities, and Outcome of Dispute Is francs on its books in exchange, it
bills are
fluence on the international bill market. If in addition these
to
Watched.
bought through French banks, or if credit will be given these banks
greater influhave
In a copyrighted wireless dispatch from London to the permit them to purchase these acceptances, it will
internal bill market.
New York "Evening Post" of July 14, Arthur W. Kiddy ence over the thus again assume a leading place in the International
"France will
points out that British banking figures for June show money market. The United States and Great Britain will not retain their
their
mostly an expansion of deposits and advances, while cash monopoly on monetary inflation on the basis of acceptances, that Is, Bank
to the international bill market. The
was not changed appreciably compared to figures for a monopoly in providing capital proceed to take all needed steps to establish
of France will now doubtless
year ago, despite the heavy gold imports during the last in Paris a market for acceptances equal to that of London and New
few months. This he then explains as follows:
York."
The reason for the absence of expansion in bankers' cash as a result
It is pointed out that the Bank of France has been seimports appears from the figures of the Bank return, indiof the gold
verely handicapped in its efforts to gain control of the
cating that, while the reserve has increased E24,500,000 compared to
before the passage of the new
last year, the Bank has reduced other asseta—namely. Government se- French monetary situation
curities—by 418,000,000, so that other deposits, which include the convention. That was owing to the difficulty of varying
bankers' cash, are still now under E105,000,000, compared to £100,- its assets, and thus varying the volume of available credit,
500,000 last year.
as is done in the United States by the Reserve banks through
Cash Ratios Reduced.
Expansion of loans outside of the banks has been brought about through manipulation of the discount rate, the acceptance buying
permitting cash ratios at a lower level than it was formerly considered rate and the purchase of Government securities. The cornecessary. Midland especially, which was responsible for much of the
recent gold imports, formerly kept upward of 15 per cent, cash, and respondent adds:

The man could not stop. Merely attending to the monsters he had already created would have kept him in the
air, rushing from capital to capital. It had become a routine with him. He did not seem to hurry, yet the speed
was too fast. July 4 he started home to Brussels from London, a quiet return it was to be, with a mere three secretaries and a valet in the machine besides himself, the pilot
and the mechanic. And he walked out of the door of the
plane into thin air. The first superman was gone.

is now content with under 12 per cent.
The outcome of the movement is being watched with interest, as it obviously indicates there are divergent opinions regarding the desirability
of further expansion of bank loans in the present state of trade.
The disinterested character of the Bank of England's attitude Is evident from the fact that the reduction in securities is calculated to represent less earning power in the neighborhood of £750,000 per year through
transmutation of income earning assets into an unremunerative type.
At the same time its position indicates that England could part with a
substantial amount of gold without contracting bank loans unless the
Bank of England considered such contraction desirable.
Cautious Policy Justified.
The efforts of the Federal Reserve authorities to effect a reduction of
Wall Street's borrowings is being carefully watched in London, and the
latest developme»ts clearly indicate the justification of the Bank of
England's cautious policy in retaining the official rate despite the big
gold influx and the falling away of the open market rate.
The rise of the rediscount rate in Chicago produced an immediate
weakness in exchange and reminded the discount market of the necessity
to keep English rates rather more in line with those of the United
States.
At the same time the strength of the bank's position enables it to
take a complacent view of the situation and, even though the New York
Federal Reserve rate has advanced, it is not considered inevitable that the
Bank of England rate will respond immediately.
Solution of the question whether the Wall Street loan position will be
appreciably reduced before the autumn demands arise is believed to
govern the problem of money stringency or otherwise in both New York
and London markets.
New York Borrows in London.
Renewed weakness in sterling is believed to be attributable to a swing
round the short loan position, deposits from the United States having
been withdrawn and replaced by considerable abort term borrowing. In
London the strength of exchange has been previously maintained by
American long term investments both in London and on the Continent
and England's position has been sustained to some extent by sales of
capital assets represented by shares in British industrials and other securities.

In the case of the Bank of France, the amount of discounts was absurdly email, amounting to only 2 or 3 billion francs. The advances to the
State were not elastic, depending as they did on the state of national
finances. The stock of foreign bills and bold became imposing in the
last two years, but it was devoted solely to stabilizing the exchanges,
and were not used to vary the volume of deposits and therefore of
available credit.
The French money market, in fact, has latterly been at the mercy of
the international balance of payments of the country. When this was
unfavorable, the volume of circulation, the equivalent of the volume
of deposits at the Bank of France, rose sharply. As long as the Bons
de la Defense NaMonale and the Treasury bonds existed the volume outstanding had an important effect on credit conditions. But these also
could not be controlled, as they had to be paid off at maturity and the
State had to resort to the Bank of France to permit reimbursement, while
issuing new short term securities continuously. By suppressing further
issues of these bonds and bank advances to the State beyond a small
maximum, the State has now definitely abdicated any credit control funs,
dons it might have been able to assume before, leaving the field entirely
to the Bank of France.

French "Gold Point" Fixed—Bank of France Lowers
Its Margin of Deduction on Gold Purchases.
In a wireless dispatch from Paris July 13 the New York
"Times" contained the following:
The Bank of France made an important decision this week, announcing
that It would deduct for purchases of gold bullion only 20 francs per kilogram 900,000 fine from the market price paid, instead of deducting 40
francs as fixed by the law of June 25. This decision results in raising the
gold import point from 123.72 franca to the pound sterling to 123.93.
and from 25.36 for the dollar to 25.39.
As a consequence of this reduction in margin between the gold parity
and the gold import point, it is expected that French banks will be able
to operate with less risk on foreign markets.

Paris Now Losing Money to America—Rise in Money
at New York Occasions Withdrawal of Capital.
French Bankers Protest Central Market Control—
In a second wireless dispatch to the New York "Times"
Paris Financial Circles Are Exercised at Likelihood from Paris July 13, the decline in French exchange is disof Open Market Operations by Bank of France
cussed as follows:
Similar to Those of Federal Reserve in American
The week's decline in franc exchange to the low price of the year was
chiefly due to withdrawal of capital from France. All hope of large profits
Finance.
on the Bourse or in the exchange market as a result of stabilization having
Mail advices to the New York "Journal of Commerce" now disappeared it has been to the advantage of foreign capitalists to realize
from Paris under date of July 12, say that French bank- on their French securities, convert the francs into dollars and invest their
America, where the rate is higher.
ing circles are considerably exercised over the apparent in- funds in the Chicago Reserve Bank raised Its re-discount rate well-posted
When
tention of the Bank of France to exercise control over the bankers In Paris took it for granted that the New York Reserve Bank
tightening of
French money market, which has always been subject to would shortly follow It is now thought that any furtherin Wall Street
in a decline
by central banking authorities. Both the American money market will result not only invested in France. This
little supervision
but in further withdrawal of American capital
rediscount and open market operations, now taking so will affect both the exchange market and the Bourse. Nevertheless the
prominent a place in American finance, have been of only depreciation in francs proceeds at a moderate peoe by reason of the large
drafts on America brought into France by tourists.
nominal importance in the French banking structure. Much
More Gold May Be Taken Here
comment has been aroused, it is declared, by a statement of
Furthermore, according to authoritative opinion, the Bank of France
Jenny in the "Temps" pointing out how the new still has 825.000.000 gold at its disposal in New York, and this will shortly
Frederic
moreover,
arrangement between the Bank of France and the State be shipped to the Paris market. It was declared to be possible,New York
of France will make further gold purchases in
in this direction. "The Bank of France," says that the Bank
tended
during the present season.
M. Jenny, "has always had the right to carry on open marOn the Bourse. however, the tendency of the week's funds was frankly
bad. Prices weakened in nearly all groups, but the market was mostly
ket operations, in the shape of purchase and sale of ne- characterized by a large decrease in activity--something which usually
gotiable paper. In fact, however, this right has never been occurs just before the national holiday and the Summer vacation.
exercised on a large scale. Everything indicates, however,
Perplexity on the Bourse.
that the monetary policy of the Bank is now being developed
But for this very reason sellers had difficulty In finding buyers. Most
In this direction, so as to give it a decisive influence on of the intermediaries and professional speculators hesitated to take new




484

FINANCIAL CHRONICLE

positions Just when the market will be narrowed by the usual Summer
Inactivity. There are also some other facts which induce caution
The sales for cash and for bear account which have been noticed during
the last fortnight seem to have been chiefly for foreign capitalists or speculators who had bought French securities with a view to stabilization and
Who are now selling out, since the advance seems to have reached its limit.
It is admitted in Bourse circles that the advance in the New York discount
rate has had something to do with these sales of securities.

Mussolini Promises There Shall Be No New Taxation
—He Also Tells Cabinet There Will Be No New
Loans, Domestic or Foreign.
According to a wireless despatch to the New York "Times"
from Rome under date of July 27 Premier Mussolini in an
mportant statement to the Council of Ministers on that day
discussed in detail the financial program of Italy under the
new Minister,Senator Mosconi,and outlined plans to obviate
new taxes and new loans, either abroad or at home. Mussolini began his statement, we are told, by greeting the new
Ministers Mosconi and Martelli, participating for the
first time at a Council of Ministers. He then enumerated
as follows the principal events in foreign policy concerning
Italy that had occurred since the last meeting:
The end of diplomatic tension with Austria and resumption of normal
relation between the two countries; conclusion of a treaty of commerce
with Hungary; Italian acceptance of Secretary Kellogg's anti-war proposal; conclusion of an agreement over Tangier; agreement with Persia; negotiations with the Chinese Government at Nanking, the old treaty
with Italy having been denounced.
The internal situation, the Premier said, was marked by a decrease In
unemployment due to the intensification of agricultural work. The unemployed, who numbered 429,211 at the end of January, had been reduced
at the end of June to 247.021. Crop prospects were good. While the
figures regarding wheat would not be ready until the end of August, the
crop would surpass that of 1927.
The Premier went on to explain that the change of three ministers which
occurred on July 9 was due to the fact that in three years they had accomplished "a cycle of fecund activity." Public instruction under the Fascist
regime was entrusted to philosophy, represented by Gentile; then was
passed to history, personified by Fedele and now was given to Belluzzo,
standing for science. VoIM immortalized his name In the most important
pages of the history of Italian finance by settlement of the war debts.
currency reform, dm.
Like public instruction, he continued, Italian finance was divided into
three periods. The first was with de Stefan!. the second with Volpi and
now the third was beginning with Mosconi, whose program was, first,
the duty of standardizing Italian economy; second, a struggle against
those who try to evade paying taxes, those delinquents being the worst
parasites on society; third, no loan abroad by the State and severe supervision of foreign loans to private concerns; fourth, no new public debts at
home and the gradual amortization of the public debt represented by
consols at 126.50. consolidation of the expenses of the national budget,
economies in provincial expenses and both simplicity and clearness in all
State accounts so that every citizen could read and understand them without
the assistance of metaphysics.

In his addresss to the Council of Ministers, Premier
Mussolini, concerning the 1927-1928 budget, gave 19,836,000,000 lire as income and 19,609,000,000 lire as expenditureleaving a balance in the Treasury's favor of 227,000,000 lire
(approximately $15,000,000). Concerning the 1928-1929
budget, he said that revenue had been estimated at 17,646,000,000 and expenditures at 17,372,000,000, leaving an esti'
mated surplus of 274,000,000.
Spanish Government to Protect Currency—Large
Credit to Be Formed in Opposing Depreciation of
the Peseta.
Summaries of a royal decree issued at Madrid at the end
of June show, said the New York "Times," July 22 that it
authorizes the Spanish Government to take measures to
combat the depreciation of the peseta, which is declared to
be the outcome of speculative manoeuvres and which is totally
unjustified. A comihittee is to be formed which will have as
President the Minister of Finance and will include other
State officials, together with three representatives of the
Bank of Spain. The committee will have at its disposal a
sum of 500,000,000 pesetas, of which half will be provided by
the Treasury and half by the Bank of Spain, and, if found
necessary, the amount of the credit may be increased later.
One-third at least of the credit must be represented by gold.
The deliberations of the committee will be secret, and besides
fixing its own rate for buying and selling foreign exchange it
will have power to undertake any kind of banking and
mercantile business. All such transactions will be effected
through the Bank of Spain, which will share with the Treasury such gains or losses as many be incurred. The committee will scrutinize all operations in foreign exchange
carried out by companies and individuals, and all banking
concerns in the country will furnish weekly reports of their
dealings.
Dresdner Bank to Exchange Small Par Shares to
Comply with German Government Order.
The Dresdner Bank announces that holders of shares of
40, 80 and 240 reichsmarks par value must surrender their




[VOL. 127.

shares for exchange into shares of 1,000 reichsmarks par
value or of 100 reichsmarks par to comply with German
Government order. Holders of participation certificates
(Anteilscheine) of 8 and 16 reichsmarks par are likewise
requested to exchange their certificates.
Five participation certificates of 8 reichsmarks par entitle
the holder to two shares of 20 reichsmarks each, and five
participation certificates of 16 reichsmarks par will receive
four shares of 20 reichsmarks each. Dividends for the years
1924 to 1927 inclusive on such participation certificates,
amounting to 36%, less 10% German tax, i. e., 32.40%,
will be paid in cash upon surrender of the certificates. Hallgarten & Co. will act as depositary and will make the exchange
of shares and participation certificates.
Shares of 40, 80 and 240 reichsmarks and participation
certificates which have not been surrendered for exchange
by Sept. 5 will become void by virtue of the German Commercial Law and the stock represented by them sold in compliance with the law. The proceeds less expenses will be proportionately distributed upon presentation of the void certificates or held until surrender of such securities.
Six Months' Results of Operations of Mortgage Bank
of Colombia—Semi-Annual Dividend of $1.84 per
Share to Be Disbursed to Holders of American
Shares.
Baker, Kellogg & Co., Inc., and Ames, Emerich & Co.,
Inc., who offered in this market 40,000 American shares
of the capital stock of the Mortgage Bank of Colombia,
have received cable advices from the head office of the
bank in Bogota, giving the results of the operations of the
bank for the six months ended June 30 1928. Gross revenues were 1,176,455 pesos, as against expenses of 854,651
pesos, leaving net income available for dividends on the
capital stock of 321,804 pesos. The income for the preceding
semi-annual period was 259,018 pesos. Interest received
by the bank on mortgage loans amounted to 941,392 pesos
as against interest payable on mortgage bonds outstanding
in Colombia and in this market of 671,324 pesos.
Last April outstanding capital stock was increased from
120,000 to 150,000 shares, this increase representing a portion of the shares offered in this market. Earnings for
the year ended Dec. 31 1927 amounted to 4.33 pesos per
share on 120,000 shares, as against earnings at the rate of
4.28 pesos per share per annum on 150,000 shares for the
half yearly period ending June 30 1928. Earnings during
the first six months of 1928 were thus practically at the
same rate per annum per share, in spite of the fact that the
bank only had the use of the proceeds of the additional stock
issued during less than one-half of the six months' period.
Advices from Bogota indicate, it is stated, that earnings for
the last half of 1928 will exceed consiedrably those for the
half year Just ended. At a stockholders' meeting on July
14 a semi-annual dividend of 1.90 pesos per share was
declared.
The New York Trust Company, as Depositary for the
American Shares of the Mortgage Bank of Colombia, has
received the amount of the dividend on the shares held by
It against the outstanding American shares. A semi-annual
dividend of $1.84 per share will be disbursed on Aug. 15 1928
4.o holders of record of American shares as of Aug. 6 1928.

Joseph W. Rowe of American Exchange Irving Trust
Co. Gives Favorable Account of Conditions in
South America—Banking Progress.
An encouraging description of business and economic conditions in the republics of South America was given on
Wednesday by Joseph W. Rowe, of the American Exchange
Irving Trust Company, upon his return to New York from
a five months 'trip to the southern continent. During his
Journey Mr. Rowe visited every country in South America
except Paraguay and the Guianas. Not only have business
conditions immeasurably improved since a visit two years
ago, he said, but the feeling of the republics toward the
United States is steadily growing more friendly. Mr. Rowe
says:
•
The only country in which conditions are not satisfactory is Bolivia,
which has been adversely affected by the low price of tin. Ecuador 11
gradually recovering from the depression of 1925, and business conditions
In Venezuela, with a big coffee crop in sight and with no pause in oil
production and development work, are reassuring. In all other countries
I visited, conditions are sound and prosperity exists. Real headway is
being made, and post-war readjustment is an accomplished fact.
A most important factor contributing to prosperity is a general tendency to develop strong individualistic forms of government which seem
to be free from any suggestion of radicalism. These, because of marked

JULY 28 1928.]

FINANCIAL CHRONICLE

centraliaztion of authority, tempered by sound policies and Vision, are
accomplishing things quickly and wisely.
One outstanding accomplishment has been the creation of sound banking
systems and of central banks with the exclusive right of issuing bank
notes. Good crops and healthy production in basic industries have also
been helpful factors. With few exceptions, prices for these products are
leaving reasonable margins of profit. Finally, the steady flow of foreign
loans has permitted much more rapid progress than otherwise would have
been realized.
As evidence of this. progress, almost everywhere new railways and roads
are being built; sanitary, public and port improvements are under construction; streets are being paved; schools and hotels are being erected.
Variety in production is being sought in countries which formerly have
suffered from too great dependence on one or a few articles. Manufacturing is being encouraged. Work is plentiful. Budgets are balanced.
Money is fairly abundant, and its cost tends to diminish. Life is becoming pleasant and comfortable as prosperity grows.
In this expanding and developing South America of to-day, too much
stress cannot be placed on the important part State or central banks are
playing. These banks may be considered in two categories, those of the
east coast and those of the west. The east coast banks are old and powerful institutions, and include the Banco de Brasil, Banco de la Republica
Oriental del Uruguay and Banco de la Nacion Argentina. The west coast
banks are younger, but strong in their youth. They comprise the Banco
Central de Chile, Banco de Reserva del Peru, the Banco Central del
Ecuador and the Banco de la Republica de Colombia.
With reserves ranging as high as 110% against outstanding bank notes,
these institutions—working in some instances with a Caja de Conversion which acts as custodian of gold reserves—have succeeded in stabilizing exchange in their respective currencies. The most important
single financial development in South America during the last three
years has been the stabilization of the exchanges. Steady money has
made for better merchandising conditions, and suppliers can now plan
ahead better than in the past. Consequently, buying, selling and paying
are on a sound, regular basis.
These banks are also rendering invaluable service in collecting and disseminating useful statistical data and information. One of their greatest
contributions is the security they lend to the future. It may be expected
that in countries where the exportable surplus is agricultural or lacking
in variety, these banks will be able to sustain steady exchanges during
periods of bad crops or low prices, and to lend such help as is needed
through their rediscount facilities.
One feature of the situation which may deserve some caution is the
volume of loans being contracted by States and municipalities. There
appears no reason at present to ponder over the fate of Federal Government borrowings. However, in some instances of State and municipal
loans, question has been raised as to the adequacy of the supervision exercised over the expenditures and the control of purpose for which the
loans were contracted. It is also rumored that in some cases because of
Insufficient technical experience, full value is not being realized for
money spent, and consequently productive capacities are not being developed in the same proportion that obligations are being assumed. It
would be rash, however, to predict that suspension of service is likely to
result from this situation, as remedial measures are already being applied.
These young republics are forging ahead and are busy finding solutions
for their problems. They have little time or patience to waste in considering the exploded bugaboo of the "Colossus .of the North" and its
imagined imperialism.
Everyday the destinies of South and North America are becoming more
closely intertwined. Their progress and prosperity are our progress and
prosperity. Through our automobiles and films and a thousand other
things, we are becoming better acquainted all the while. The future holds
no truer prophecy of closer relations than the assurance of continued
good times.

These bonds will be the direct and unconditional obligation ot the State
of San Paulo,which covenants that,if in the future it shall issue or guarantee
any loan secured by a lien or charge on any of Its revenues or assets, either
(1) it will, prior thereto, secure part passu this Loan and the 83,500,000
Sterling Loan issued simultaneously herewith by a lien or charge on revenues
or assets approved by Speyer & CO. and J. Henry Schroder & Co., or
(2), in lieu thereof, this Loan and the Sterling Loan shall, without further
action by the State, be secured pani passu by a prior lien or charge on the
same revenues and assets given as security for every such future loan or
guaranty.
The external funded debt of the State, including this Loan and the
sterling loan, amounts to about ;112,000,000. equal to about $19 per
capita. In addition, the State in effect guarantees loans amounting to
about $85,000,000. The internal funded debt, as of December 31, 1927,
amounted to about 842,000,000.
The total revenues of the State for 1927 were about $50,600,000, or
about 53 times the annual service requirements of the State's funded debt,
external and internal. including this Loan and the Sterling Loan.

Offering of $15,000,000 Bonds of State of San Paulo
(United States of Brazil).
Speyer & Co., Blair & Co., J. Henry Schroder Banking
Corporation, Ladenburg, Thalman & Co., E. H. Rollins &
Sons, the Equitable Trust Company of New York, and
Blyth Witter & Co., offered on July 23 for public subscription $15,000,000 State of San Paulo (United States of
Brazil) 6% secured sinking fund gold bonds external dollar
loan of 1928. The issue is said to have met with a very
favorable response. The bonds were offered at 942 and
/
1
accrued interest, to yield over 6%%. They will be dated
July 1 1928 and will become due July 1 1968. Cumulative
sinking fund, sufficient to repay all of these bonds at or
before maturity, to be applied to the semi-annual redemption of bonds by lot at par, the first redemption to be on
January 1 1929. Not subject to call before July 1 1938, except for sinking fund. Callable as a whole for redemption
at 102%, on that date, or on any interest date thereafter,
upon six months' previous notice.
The bonds will be in coupon form in denominations of
$1,000 and $500, registerable as to principal. Principal
and interest payable, without deduction for any present or
future Brazilian taxes, in New York in United States gold
coin at the office of Speyer & Co. or of J. Henry Schroder
Banking Corporation or, at the option of the holder, in
London in sterling, at the fixed rate of exchange of $4.8665
to the pound sterling. The proceeds of the loan are to be
used for additions, betterments and extensions to the water
supply and sewerage systems of the city of San Paulo and
for extension of the Sorocabana Railway from Mayrink to
the port of Santos. From the information supplied by Dr.
Mario Rolim Telles, Secretary of Finance and of the Treasury of the State of San Paulo, we take the following:




485

Messrs. Baring Brothers & Co., Ltd., N. M. Rothschild &
Sons and J. Henry Schroder & Col. have purchased a sterling
loan of £3,500,000 (the terms of which are substantially
identical with those of this loan) which was offered on
July 24 1928 in London and on the Continent.
Offering of $3,396,000 7% Bonds of City of Tucuman
(Argentine Republic).
Public offering was made July 25 by E. H. Rollins & Sons
and H. M.Byllesby & Co., Inc., of $3,396,000 7% external
sinking fund gold bonds of the City of Tucuman, Argentine
Republic. The bonds were offered at 9634 and accrued
interest, yielding over 7.30%. They are dated June 1 1928
and become due June 1 1951. A cumuk3,tive semi-annual
sinking fund is provided, calculated to redeem the entire
issue by maturity by purchase at or below par,or by drawings
at par. The bonds will be in denominations of $1,000 and
will be registerable as to principal only. Interest is payable
June 1 and Dec. 1 in gold coin of the United States of the
present standard of weight and fineness, free from all present
and future taxes of the Argentine Republic or any taxing
authority thereof or therein at the principal offices of E. H.
Rollins & Sons, Boston, New York or Chicago, paying
agent. Redeemable at the option of the city as a whole or
in part at par with accrued interest on any interest date
on sixty days' notice. Juan Luis Nougues, Esq., Mayor of
the city, and A. Coviello, Esq., Secretary of Finance, have
the following to say in part regarding the issue:
Security.
These bonds, in the opinion of counsel, constitute the direct, unconditional and valid obligation of the City of Tucuman, which pledges its full
faith and credit for the due and punctual payment of the principal and
interest thereof. The bonds will, in the opinion of counsel, be specifically
secured by:
(a) A direct first pledge and charge on the following taxes from which the
five-year average annual gross receipts from 1923 to 1927 inclusive
amounted to:
8180,930.39
Market provision tax
106,165.33
Tax on letting ofshops
85,830.33
Tax on vehicles
If, when and while the above mentioned pledge revenues should by any
circumstances become insufficient for the service of the loan, then in addition by:
(b) A first pledge and charge on the installments to which the municipality may have a right from the owners of properties, for the new paving,
constructed with proceeds of this loan, of the streets facing their respective
properties: which installments are estimated to yield approximately $225,000 annually.
(c) A similar first guarantee in pledge of any public buildings constructed
with the proceeds of this loan.
It is officially estimated that the revenues pledged in the above mentioned
manner will total $877,610.03. or more than 214 times the service charges
on this issue.
The annual gross receipts o. the three sources of revenue specified above
have been:
Market Tax on Let- Tax on
Market Tax on Let- Tax on
Year— Proo. Tax. lingo,Shops. Vehicles. Year—Prey. Tax. tinge!Shops. Vehicles.
1926__$172,764.81$120191.89 286,231.86
1923_.$158.448.64 $85,991.66 269,910.37
1924._ 167,351.31 93,331.86 87,946.34 1927._ 231,970.72 128,613.63 95,980.23
1925__ 174,116.49 102,687.52 89,082.88 "1928_ 374,084.94 157.992.27 120,532.81
*Estimated.
The gross amount of pledged revenues is to be deposited weekly in the
Banco de la Provincia de Tucuman (Province of Tucuman Bank) in a
special account, out of which the semi-annual amount of service on these
bonds. 8152,820 Is to be remitted by the Bank to the paying agent as soon
as that amount has accumulated from the pledged revenues. but at least
30days beforethe interest payment date. Iftheamountofpledged revenues
deposited is not sufficient, the City covenants to complete the amounts
from general revenues or other sources, 30 days before the interest payment
date. The City covenants to maintain pledged revenues, over and above
all deductions at all times at least two times the amount of the service on
the bonds—which amounts to $305.640 annually. The City also covenants
that It will not pledge any of its presently unpledged revenues as security
for any future loans, except an the condition that the bonds of this issue are
equally and ratably secured by such pledge.
Purpose.
The proceeds of this financing will be used for paving, for the discharge
and consolidation of the City's floating debt, and for other proper municipal
purposes.
Finances.
The annual revenues and expenditures of the City of Tucuman for recent
years, according to official information, have been as follows:
Expenditures.
Rtattlit.I.
Year—
Revenues.
krpendilures.
Year—
$994,463.74 1926
$783,090.23
3985,341.58 $1,077,927.62
1923
999,300.54
970,600.38 1927
1,055,047.39
1924
1,171,556.64
1,022,984.14
1,009,293.68 1928 lest.) 1,210,594.59
1925
1.118,819.12

486

FINANCIAL CHRONICLE

For.. 127.

After application of the proceeds of this financing there will be no floating debt, or other funded indebtedness except certain unsecured disputed
claims of the Province of Tucuman. The City represents that it has never
defaulted on any of its valid obligations, either internal or external. The
deficits shown In the years 1926 and 1927 were for extraordinary expenditures in connection with the construction of productive public works.

same was as an industrial or oil company; that they issue
debentures, common and preferred and all other classes of
stock. It is my opinion that they are out one phase of
the security problem and if you make out a good case for
supervising investment trusts there is no reason why similar
supervision should not apply to all financial companies
Republic of Cuba Bonds Drawn.
that go to the public for their capital funds." Mr.McLaughSpeyer & Co. notify holders of Republic of Cuba 5% lin then went on to say:
bonds of 1904 that $990,500 principal amount of bonds of
Doubts All Regulation.
this issue have been drawn by lot for redemption on Sept. " I am very doubtful of supervisory regulation over companies whose
main purpose Is to sell securities. The subject was widely discussed in
1, 1928.
this State during the last
The bonds so drawn will be paid at par on and after that dozen or more bills weresession of the Legislature, at which time a halfintroduced for
purpose of
date at the office of Speyer & Co.,24 &26 Pine St.,New York, such supervision by legislation. The bills the their originalbringing about
in
form followed
closely the provisions of our banking law, giving the Superintendent of
or, at the option of the holders, at the office of J. Henry
Banks the same general authority over these companies that he exercises
Schroder & Co., London, Lazard Speyer-Ellissen, K.a.A., over banks and trust companies.
Frankfort and Berlin, Deutsche Bank, Berlin, Credit
"The bills were opposed by the investment trusts as well as others.
Thereafter they were amended so there was very little power left to be
.
Lyonnais, Paris, or Banco del Comercio, Havana.
exercised by the Superintendent of Banks. It is a fair statement to make
— -that all of the teeth were taken out of the bills, leaving them in such a state
that if they were enacted into law the investment trusts would be In a
Drawing of San Paulo Water Works Bonds.
position to advertise that
Speyer & Co. and J. Henry Schroder Banking Corp. Department, although thethey were under the supervision of the Banking
Superintendent
annource that a drawing for the sinking fund of the State of correct any abuses found in the companiescould do practically nothing to
after they were organized and
San Pf ulo 7% secured external water works loan of 1926 started to operate.
"It was stated In defense of the amendments to the
bills that these sohas taken place and that the $44,000 bonds so drawn will be called investment trusts did not
merit the same degree
payable on and after Sept. 1 1928 at par at either of their banks, and that all that was needed was a law that wouldof supervision as
make it possible
for the Superintendent of Banks to decline to authorize a group of Inoffices.
dividuals he
$76,000 Republica Del Peru 7% Bonds of 1927 Drawn,
J. & W. Seligman & Co., fiscal agents for Republica Del
Peru secured 7% sinking fund gold bonds, 1927, due Sept.1
1959,announce that pursuant to the trust agreement,$76,000
principal amount of the bonds of this series have been drawn
by lot for redemption on Sept. 1 1928, at 105% of their principal amount and accrued unpaid interest to that date.
Bonds drawn for redemption will go paid on and after Sept.
1 next at the office of J. & W. Seligman & Co., 54 Wall St.,
New York out of sinking fund moneys received or to be
received by them for such purpose. Interest on drawn bonds
will cease to accrue on Sept. 1, unless default is made in the
payment thereof.

did not consider by character qualified to operate a so-called
investment trust. It is apparent at once that such
a law would lead to
interminable disputes and that even where companies
were organized with
fairly responsible men the Superinandent would be powerless to correct
any abuse that might come from successors to the original incorporators.

Hits Amendment.
"This was only one of the objections. There were many others. For
instance one of the bills took from the Superintendent the authority to
act in the case of an insolvent company until after the expiration of a year
from the date on which the company had defaulted in the payment of some
of its obligations.
The prevailing opposition to the bill made the recommendation that the
problem should be considered as a part of the general securities question and
studied from that viewpoint. That impressed me, as some years ago I
served on a securities commission and had occasion to examine the Companies Act of Great Britain, where these investment trusts had their birth
and occupy so important a position. These trusts are organized under this
English Companies Act but are not under ny supervisory authority.
They are required, like any other financial company, to file and make
accessible to the public certain pertinent information about their company
and its operations. This written report, which is filed, bears the verificaSinking Fund Drawing of Argentine Nation Bonds.
tion of the directors. This information
The Chase National Bank, as fiscal agent for Government result the investing public is protected is given wide publicity and as a
in relying upon it because the
of the Argentine Nation external sinking fund 6% gold bonds directors are both civilly and criminally responsible for the accuracy of
the statements.
of 1923, Series A,has drawn by lot for redemption on Sept. 1,
At once we can all readily
a great deal of confusion
1928, at par and accrued interest out of sinking fund moneys if each State throughout thesee what attempted to govern the would result
country
operation of
received,$245,500 principal amount of these bonds. Coupon Investment trusts. With very few exceptions they are all doing an Interbusiness.
bonds of $1,000 bearing the letter M and coupon bonds of $500 state laws as we You would have Just as great a multiplicity of investment
trust
have at the present time blue sky laws. All
bearing the letter D will be redeemed and paid on and after sirable investment trusts or those unwilling to conform to goodof the undeinvestment
Sept. 1 1928, at the principal office of the Chase National standards would seek the State whose laws were most liberal, depending on
Influence of one kind or another to gain admission to conduct their operaBank.
tions in other States.
In addition, the Bank, as registrar for Government of the
As a practical proposition we all recognize that no matter how scrupuArgentine Nation external sinking fund 6% gold bonds, lous the Superintendent is in passing on applications of companies, particularly those organized outside his
due Sept. 1 1960, State Railways Issue of 1927, will redeem companies that give a great dealown State. there are bound to be admitted
of trouble.
on the same date at par and accrued interest, $169,500 of
"Trust" Connotations.
these bonds which include coupon bonds of $1,000 bearing
There is another phase that concerns bankers and bank supervisors.
the letter M,coupon bonds of $500 bearing the letter D,and Almost without exception Investment trusts have succeeded in inducing
some bank or trust company to serve in a fiduciary capacity, most times as
temporary bonds of $1,000 marked TM.
trustee for their securities, and the name of the banking Institution Is
featured in the literature and advertisements which they circulate for the
promotion of their companies. As a
George V. McLaughlin, Former Banking Commissioner, that the banking institution lending result people are justified in believing
its name has made an Investigation
and is satisfied as to the honesty and capability of the incorporators, and
on the Investment Trust—Objects to Fiduciary
that the supposed business of the company is such that it deserves the conConnotations of Name.
fidence of the people.
This implied representation coupled with the use of the two words I have
Strong criticism of the current legal and legislative conreferred to, namely,"Investment" and "trust."
particularly in States where
ceptions of the investment trust in the United States and the word "trust" is used
in a fiduciary sense by banking institutions, most
suggested measures to do away with misconceptions arising certainly tends to give the public the impression that these trusts are differfrom using a borrowed term to denote a set of American ent from other security or holding companies selling securities.
There may come a day of reckoning
financial institutions were voiced by George V. McLaughlin, relied on these implied representationson bow far the investing public has
because most of these investment
President of the Brooklyn Trust Co. and former Banking trusts have been organized In the so-called bull market,and when the effects
of an unfavorable market react on the securities the question will arise
Commissioner of New York States, before the National whether banking
institutions have a moral responsibility on the subject.
Supervisors of State Banks, says the New
Association

of
York "Journal of Commerce." Mr. McLaughlin's paper,
which favored Federal regulation of investment trusts,
included the following description of the past history of
investment trust regulation in this country:
"I have been referring to the funds as 'trust funds.' As
a matter of fact, the whole title is a misnomer. One of
our very eminent lawyers of this State, Mr. Franklin,
in a paper read at a meeting of the New York State Bar
Association, pointed out that the term 'investment trust'
has no real legal significance, and at least as applied to an
investment trust in its corporate form is a legal misnomer.
I agree with that entirely. It is my observation that
they are only a group of securities companies organized
under either the corporate or joint stock form; that there
is, in fact, no trust; that they get their capital in much the




Legal Fight on to Save Rule of Stock Exchange-Giving Preference to Claims of Members Against
an Insolvent.
A test case which will undoubtedly be carried to the United
States Supreme Court, says the I hiladelphia "Record" in
its issue of July 26 and the outcome of which will affect
every Stock Exchange in the country, was brought in the
Federal District Court yesterday by Melbourne D. Middleton Jr., president of the Philadelphia exchange. It seeks
to have reversed a decision by Walter C. Douglas Jr.,
referee in bankruptcy, declaring illegal one of the exchange
rules as in conflict with the Federal bankruptcy laws.
The rule which the referee held was unenforceable because
it "violates reasonableness, public policy and settled rules

JULY 28 1928.]

of law," provides that any credit balances of an insolvent
member in the hands of brokers affiliated with the exchange,
shall be turned over to the governing body for distribution
among members to whom the bankrupt broker is indebted,
to the exclusion of creditors who are not members of the
exchange.
Referee Douglas, from whose ruling President Middleton,
acting for the entire membership of the I hiladelphia Stock
Exchange has taken an appeal, held that such a rule was
directly contrary to the provisions of the bankruptcy law
that the assets of a bankrupt shall be placed in a general
fund for distribution among all creditors on a common basis.
The question of the validity of such a rule by Stock
Exchanges has not been raised before, and consequently
there is no decision anywhere in the country on the point,
and the test case instituted by President Middleton will
establish a precedent for all exchanges. The "Record" adds:

these booths, Mr. Donovan said, that salesmen employed by the periodical
circulated supposedly good "tips" among their clients.
In the offices of the "Bulletin" a battery of eight telephones was
found, and three girls and two men were told to report to the Bureau
of Securities for further questioning.
Sidney Strauss and John A. Fogg, President of John A. Fogg, Inc.,
publishers of the "Indicator," were among the four from that office
who were questioned. Besides Mr. Donovan, the raiding party included
Deputy Attorney-General Maria Theresa Sca!so, two State Troopers and
a half dozen representatives of surety companies.

The test case arose through a demand by the trustees of Frank C. McCown, a broker who failed here in February 1927. on J. S. Bathe & Co..
a New York brokerage house, to deliver to them a balance of $11.879
standing to the credit of McCown after his accounts had been liquidated.
Refused Trustees' Demand.
Standing by the rule of the exchange, Bathe & Co. refused the demand
explaining that It was their duty as a member of the Philadelphia board
to turn the balance over to the governing committee, but they agreed to
have the matter submitted to the Courts for a judicial interpretation
provided the Philadelphia Exchange was brought in as a party.
As president of the exchange Mr. Middleton readily agreed, and through
counsel flied an answer maintaining that the rule was valid in law, notwithstanding the bankruptcy law provisions, for the reason that members
of the exchange construed the rule as a contract among themselves and a
protection in the right to sell the securities deposited by a fellow broker.
to whom they extended credit in the assurance that any balance after
liquidation would be distributed pro rata among other members to whom
the insolvent was indebted.

Los Angeles Stock

The First National Corporation of Boston
Acceptances.

on

Bankers'

A new booklet on the subject of acceptances is being distributed by the First National Corporation of Boston and
will be found to be of interest to all classes of investors
seeking a medium of investment which can be relied upon
for instant convertibility into cash funds without the hazards incident to wide market fluctuations. Emphasis is
given to the desirability of bankers' acceptances for short
term investment, especially at the present time when, with
high money rates, the yield on acceptances Is exceptionally
attractive. An outline of the booklet and of the growth
of acceptances in this country has been furnished as follows:

Exchange Telephone Service.

Anlast
week, according to announcement from Norman B. Courteney, Secretary and Manager of the Exchange. Under the
new system a multiple telephone circuit will extend to all
members' offices with the central broadcasting station operated from the trading floor of the Exchange. "The new
device will effect a 50% improvement in broadcasting quotations," Mr. Courteney declared, "due to the fact that the
ticker system is limited to 72 characters per minute and
is at times some minutes behind the market during peak
sessions" He adds:

Telephone quotation service to members of the Los
geles Stock EXchallge and their clients was instituted

"When the post system of trading was installed some weeks ago a
telephone system was provided to relay quotations from the floor of the
Exchange to board markers on the official quotation's board. This system will be extended to our members, enabling them to record transactions simultaneously with the Exchange. Under the old plan it was
necessary for members to take quotations from the ticker tape," Mr. Courteney declared.
"As each transaction is executed at the various trading posts, pages
deliver a memorandum of the trade to the telephone and ticker operators
who broadcast the sale to boari markers in the various brokerage offices
of the city and over the Los Angeles Stock Exchange Ticker System.
"With the heavy Increase in Stock Exchange transactions over the
past two and one-half years, many improvements in equipment have been
necessitated. With the completion of our present project, Los Angeles
will have one of the best and most rapid quotation distributing systems
In the country."

Two Publications in Wall Street Raided—Charges of
"Tipster Sheet" Activities Made Against "Wall
Street Bulletin" and "Wall Street Indicator."
The New York "Times" on July 25 reported that agents
of the Bureau of Securities of the State Attorney-General's office, 74 Trinity Place, acting upon complaints from
various sources, alleg.ng the conducting of "tipster sheet"
activities by the two publications, had the day before raided the offices of "The Wall Street Indicator" at 91 Wall
Street and of "The Wall Street Bulletin" at 96 Wall Street,
carrying away stacks of records and printed matter, including among other documents alleged sucker lists." The account went on to say:
Eighteen employees of the two periodicals were questioned by the raiders,
some during the raid and others at the Bureau of Securities. Hearings
were then adjourned until July 27, so that the investigators might have
time to peruse carefully the documents seized at the two addresses.
The raid was conducted under the terms of the Martin act, which prohibits the publishing of tipster sheets "misrepresenting the sale of securities," and provides for fines and prison terms as penalties. If the evidence seized by the Bureau of &mulles shows that the publications
raided were guilty under the terms of the act, injunctions will be sought
to restrain them from further operations.
In the office of the "Wall Street Indicator" two men and seven girls
were questioned, and four men were told to report to the Attorney-General's office for further questioning. A battery of twenty-one telephones
In individual booths was found there, each booth equipped with electric
light and fan. Deputy Attorney-General Clarence W. Donovan said that
this was the most modern "boiler room" he had ever seen. It was from




487

FINANCIAL CHRONICLE

While the history of acceptances in this country has been comparatively
brief, this simple and logical product of generations of trade and banking
experience seems to have had a nearly continuous history in other countries from the eleventh century. From a small beginning in 1914, involving only a few millions of dollars, the American acceptance business experienced steady growth until the business depression in 1920, which
naturally caused a decline. However, with the revival of trade, acceptances
were issued in greater amounts until the record high level of over $1,000,000,000 was reached Dec. 31 1927, On May 31 of this year there was outstanding over $1,040,700,000, a gain of some 266 million dollars over
the corresponding date in 1927. Thus far in 1928 the average amount
outstanding has been about $1,060,000,000 as compared with $848,155,000
in 1927 and $600,890,000 in 1926.
During the past fourteen years we have witnessed one of the most
complete revolutions in the history of international finance, during which
period the United States became a creditor nation. Our international
trade had been financed almost entirely through London, and largely by
means of sterling letters of credit, and as a result American business
concerns paid a tribute to British bankers of some ten million dollars
annually in discounts, commissions, freight and insurance. Although
payments to British shipping interests are still enormous, through the
development of America as an international banker, millions of dollars
are being kept in this country which formerly went abroad.
Among other features of this pamphlet is the description of a typical
business transaction involving the use of a bank acceptance which has
been presented In such a way as to clearly indicate the details of the
various steps of this particular piece of acceptance financing. Eligibility
for rediscount and purchase of acceptances by Federal Reserve banks is
discussed, and also their legality as investments for banks. Tables are
included which indicate the method to be used in computing discount and
In this connection the table showing discount and interest equivalents
will be found interesting and helpful to those investors who either gauge
or base their investments on the return which in terms of interest yield
Is most- easily understandable.

The Growth of State Banking Institutions.
R. N. Sims, Secretary-Treasurer of the National Association of Supervisors of State Banks, in his annual report this
week to the Association at its twenty-seventh annual convention in Coney Island, New York, submitted a statement
which shows in detail by States the capital, surplus and undivided profits, deposits, loans and discounts, stocks, bonds
and securities, and total resources of all State banking
institutions of the Continental United States, together with
totals of these items of the national banks and all covering
as of Feb. 28 1928. The report of Secretary Sims covers
the only available detailed data of the State banking institutions comparable with the report of the Comptroller of the
Currency which covers the national banks. Mr. Sims said:
"The figures given are very gratifying and reflect, as a whole,
a healthy condition of the banking institutions of our country." "The capital, the deposits and the total resources of
our banks are larger than ever before."
On Feb. 28 1928 there was a total of 26,699 banks, of
which 18,965 were State banks and 7,734 national banks,
and in round numbers a total capital, surplus and undivided
profits of $8,165,241,004, total deposits of $56,714,516,861,
and total resources of $69,439,471,224. Total deposits of
all banks were $1,140,283,297 above the previous high
record of March 23 1927 and total resources $3,693,662,613
above resources of that date.
On Feb. 28 1928, in round numbers, the capital, surplus
and undivided profits of the State banks were $4,739,284,004,
and of the national banks $3,425,957,000,showing the capital
resources of the State banks to be 38% in excess of the
national banks. The deposits of the State banks were
$34,435,434,861, and of the national banks $22,279,082,000,
showing the deposits of the State banks 54% in excess of
the national banks. The total resources of the State banks

I

488

FINANCIAL CHRONICLE

were $41,865,784,225, and of the national banks $27,573,687,000, showing the resources of the State banks 51% in
excess of the national banks.
Since June 30 1919, which was the date of my first complete statement, capital, surplus and undivided profits of
the State banks have increased $1,839,621,327 and the
national banks $1,062,479,000. The deposits of State banks
have increased $12,802,612,849 and the national banks
$6,354,217,000. Resources of State banks increased $15,900,108,388 and the national banks $6,774,137,000. The
decrease in the number of State banks totals 2,063. The
decrease in the number of national banks totals 51. This

For. 127.

makes a total increase in all banks of the United States since
June 30 1919 as follows:
Capital. surplus and undivided profits
Deposits
Resources
Number of institutions

82,902,100,327 or 55%
10.156,829,849 or 51%
22,674,245.388 or 48%
2,114 (decrease)

"Both classes of banks perform equally useful and necessary functions and I do not make comparison for the purpose
of disparagement, but to emphasize the colossal size of the
two great banking systems and to direct attention to the
importance and need of both in the development and handling
of our country's business."

STATEMENT SHOWING AGGREGATE RESOURCES, &c., OF ALL BANKING
INSTITUTIONS UNDER STATE CONTROL COMPILED FROM STATEMENTS FURNISHED BY HEADS OF STATE BANKING DEPARTMENTS: ALSO AN ADDENDUM
COVERING AGGREGATE RESOURCES, dtc..
OF ALL NATIONAL BANKS, TAKEN FROM REPORTS OF THE COMPTROLLER OF
THE CURRENCY AND FIGURES EXHIBITING
TOTAL BANK RESOURCES OF THE UNITED STATES, BY R. N. SIMS, SECRETARY
-TREASURY NATIONAL ASSOCIATION
OF SUPERVISORS OF STATE BANKS, FORMERLY BANK COMMISSIONER OF
LOUISIANA, NOW VICE-PRESIDENT
OF HIBERNIA BANK & TRUST CO., NEW ORLEANS, LA.
STATE.

Date No. of
Astiof
Report. tuttons

Capital.

Surplus.

Undivided
Profits.

Capital, Surplus
Deposits,
and Undivided Including Certif ,
Profits.
& Cashiers' Checks

Loans
and
Discounts.

Bonds,
Stocks,
Securities. &c.

Total
Resources.

$
$
$
$
$
$
$
$
Alabama_ _ _ _ 4- 5-2:
7.488,904.67 3,686.083.63 23.006,388.30
11,831400.00
249
109,533.821.13
96,030,973.70
12,411,695.25
138,187,919.21
Arizona
3,592,400.00
2,259,525.04
2-28-2:
825,154.18
31
8,677.079.22
04,379,190.94
31,789,471.90
14,553.024.03
61,317,629.66
Arkansas_ _ _ _ 2-28-2
6,972,530.99 2,847,707.83 23,969,838.82
15,149,600.00
359
138,213,898.05
107.566,377.76
14,165,203.91
165,976,908.30
90.841,670.00 57,758.368.78 28,689.937.31 177,287,976.09 1,607,911,833.59 1,135.072,984.85
California
2-28-2
276
430.271,903.97 1,851,998,023.33
2,687,243.30 1,581,046.94
Colorado_ _ 3- 8-2
5.650,000.00
165
9.918,290.33
68,480,699.83
39,443,759.02
18,887,221.76
79,184,820.14
Connecticut:
_Sav'gs banks 3-31-28 i
22,354,930.60 62.019.014.23 10,953,216.39 90,327,161.22
Other banks 2-28-28 1 185
928,158,410.38
528,221,540.91
317,555,336.33 1,068,035,828.44
Delaware_
8.981.500.00
2-28-2
11,380,153.98 3,423,407.69 23,785,111.55
43
102,712,874.59
72,855,111.54
43,282.939.44
130.415,926.13
19.168,500.00
10,651,754.55 4.213,719.97
Florida
12-31-2
255
34,033,974.52
203,971.772.43
131.277,750.28
47,351,140.80 251,840,269.51
23,078,745.00
10,765,148.35 7,290.542.16
3-31-2:
Georgia
372
41.134,435.51
138,667,331.88
125.968,129.04
17,818,616.32
194,152,669.99
3,052,500.00
2-28-2:
91
951,600.00
Idaho
240,244.09
4,244,344.09
40,387,101.49
19,748,523.55
14,200.826.44
47,021,450.43
Illinois
2-28-2: 1,340 171.495,500.00 118,150,072.43 46,319.104.57 335.964,677.00 2,281,559,834.83 1,601,831,802.90
599,308.468.68 2,720,917,909.66
26,504,243.20 12,900,605.49 86,208.048.69 522,388.059.91
46.801.200.0.
Indiana
12-31-27 820
419.207,540.31
102,216,110.82 758,981,055.06
45,146,300.0.
19,774,216.68 9,553,222.9
Iowa
2-28-2 1.065
74,473,739.64
574.544,493.36
491,595,254.97
24,182,287.67 654,784.585.64
23,903,400.00
878
3-10-2
12,341,795.40 3.416,745.36
Kansas
39,751,940.76
221,026,911.35
161,067,227.92
37.198,497.95
268.957.278.46
23,888,448,00
15,639,130.93 4,152,298.09 43,659,869.02
448
8-30-2
Kentucky
219,365.667.28 215,795,049.69
42,098,423.18
308,521,323.67
24,191,190.00
Louisiana_ _ _ 4-10-2
14,956,272.78 5,558,174.59 44,705,637.37
196
.
328,881.248.49
246,892,779.05
50,531,807.27
404.440,436.26
5,730,800.00
Maine
12.176,038.89 11427,950.4
85.
3-31-2
29,334,789.31
285,463,887.65
128,145,698.71
170,679.982.63
318,439,004.60
38,158,019.97 19,944,280.05
24,914.200.0'
Maryland_ __ _ 12-31-2
159
83,018,606.02
577,452,998.29 231.565,606.09
243,313.194.38
874,047,299.21
Massachusla:
2-28-28
Trust co's
Other banks 10-31-27 1 513 360,386,918.00 212,410,395.00 35,533,039..1 808,330,352.00 3,125,582,896.00
90,620,262.5
78,672,529.25 21,914,227.82 191.207,019.57 1,361.702,231.14 2,381,575,512.00 1,351,618,130.00 3,992,116,577.00
Michigan_ _ 2-28-2
614
574,965,528.14
760,341,573.75 1,681,947,449.17
Minnesota_ 3- 5-2
869
13,195,410.0: 6,364.943.24
25,043,000.
44,803,353.32
411.745,127.45 218,774,969.31
172,368.307.58 473,948.066.37
Mississippi_ 2-28-2
309
11,353,430.
6,632,601.78 1,673,933.47
19,659,965.23
165,775,598.51
115,104.122.23
30,501.380.34
198,396,752.93
wasnurt
4-12-2 1,254
74,416,350.
44.926.721.78 18.914,808.81 138,257,880.59
768,350.306.01 609,494,697.34
238,635,333.00 944.203,411.53
Montana_ _ _ _ 2-28-2
133
6,135,000.0
9,041,194.62
1.988,430.24
917,764.3:
83,579,280.31
42,825,615.62
26,128,159.73
92,822,890.45
Sebraska
3-10-2
20,186,000.00
777
6,271.433.24 2.322.252.43 28,779,685.67
270,418,339.25
190,421,244.82
32,183,225.70 301,665,458.86
Sevada
2-28-2
1.886,690.01
25
540,800.5
472,641.92
2,899,842.46
23,411,407.98
17,018,889.17
3,336.527.02
26.656,510.35
Sew Hamp
6-30-27
68
1,130,000.00
13,083,670.8
7.586.342.18
21,800.013.07
200.408,275.83
96,913,346.62
115,553.140.51
223.770.331.36
Sew Jersey _ _ 2-28-2
85,255,200.11 107,336,364.89 30.676,187.88 223.167,752.68 1,429,868.943.88 681,405,930.06
275
834.310,624.73 1,716,344,278.79
Sew Mexico_ 2-281.183,000.00
30
335,240.22
1,579,013.40
80.773.18
11,344,719.42
6,125.673.99
3,270,173.27
12,955,127.09
Sew York:
Sav'gs banks 1- 1-28
Other banks 3- 2-28 f 585 367,752,600.00 *562.761,658.10
930,514,258.00 10.706,076,931.45 4.044,822,159.00 1,897,210,620.0052.685,485,415.85
'10. Carolina. 2-25-2
15.367,666.8
22.876.571.38
4,279,491.01
447
42,523,729.22
267,500,766.74
222,400,620.16
29,673,080.57
322,773,396.19
So.Dakota_ 12-31-2
.
6,737,600.00
371
2,353,654.45
855.359.0
9.946,513.51
65.158,740.54
45.900.541.32
7,512.208.16
75,713,452.43
2-28-2:
)hio
719 122.905.700.00 95,519.030.00 28.666.929.00 245,091,659.00 1,768,114.287.00 1,452,203,561.00
433.877,347.00 2,303,464,484.00
)klahoma_ _. 2-28-2
1.681739.89
9.128,076.52
6,699.150.00
333
747.186.63
81,746.189.75
43,756,050.40
19,872,412.11
91.841.876.08
2-28-2
hegon
152
3.203.080.00 1,273,890.21
8,796,425.00
13.273.395.20
91,169,470.75
55,324,522.02
28.863,057.17
106,302.327.70
.enesylvania 3-12-2
963 204,345,957.7
371.003,692.8: 82,309.582.27 657,659,232.89 2
,648.774.145.52 1,141,209,284.50 1,770,435,163.60 3,481,685,261.26
1hode Island
Sav'gs banks 12-31-27
9,025,000.00
24
Other banks 2-28-28
19,240,374.2
4,617.586.83 32,887,961.06
466.598.678.12 242.806,895.07
227,759,488.97 520,612,056.39
10, Carolina_ 2-68-2:
224
9,597,423.18
4.888,754.21 1.777.370.0
18,263,547.43
87 9
, 69.580.61
64.382,023.35
16,735,891.10
106,294,467.57
2,387,832.2, 1,315,602.49
lo. Dakota
7.448,900.00
2-28-28
11.152,334.74
316
85.716.090.02
57.920,07145
8,380.076.42
97,834,352.65
rennessee _ _ _ 4-24-28 404 23.788,399.99 *13,398,445.87
37,186.845.86
214.418.445.64
172,393.254.25
25,647.548.88 276,053,698.55
2-28-2
33.885,700.00
740
11306,691.08 5,834,878.14
rexas
51,027.219.22
256,937,834.64
176,634.226.03
40.535.589/5
317,938.767.33
84
3-28-2
7,848,000.00
4,616,860.00 1,002,433.16
1nat.
13.467,293.16
93,249,824.85
86,920,534.63
18.989,208.46
125,730,524.36
2-28-2
69
2,866,000J .
10,384,454.98 2.611.456.71
rermont
15.861.911.68
17 .019.766.83
2
114,581,858.35
62,795,958.40
190,151.596.04
16,371,190,86 5,763,144.94 51,698,169.55
29,563,833.75
2-28-2
329
ilrglnla
198,129.292.62
194,877,765.89
29.922.640.98
287,225,340.42
12,516,500.11
246
Vashington_ _ 2-28-28
5,793,466.65 1,82
177,414,309.65
8.815 2
. 3 20.138.781.88
108,682,975.08
58.538,492.32
201,306,004.36
21457.300.00
212
14.889,914.87 5,642,339.46 41,869,554.32
Vest Virginia 2-28-2
192,425,960.61
165.935,135.07
29,596,432.10
242,009,301.30
37,058,500.00 20,613,900.10 12,904,603.69
816
2-28-2
VLsconsin _ _
70,577,003.79
561,739,795.08
370,000,605.56
166,424,811.52 642,816.004.49
v yarning_ _
1,880,000.11
2-28-2:59
1029.389.79
283,247.6
3,192,637.33
26,006,791.51
16,890,543.65
4,553,427.34
28,497,806.08
'otals
7
Average date 2-28-28 18. 6 2 184 487 497 1 2 091,822.178.98 462,974,328.31 4,739.284,004,43 34,435,434,860.78 19,374,343,741.27 10,644,546,769.40 41,865,784,224.54
95 . . . . .
1omptroller's
Report (Na2_28-2; 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 11411,603,000.09
Bona! banks)
7,089,900.000.00 27,573,687.000.00
:xc's of State
1.313,327,004.43 12,156,352,860.78 4.962,740.741.27 3,563.646,789.40 14,292,097,224.54
11,231 647,273,497.14 781,720,178.98
bkg.instit.ns
otals:
State banks_ 6-30-19 21,028 1.307,888.588.00 1,382.891.448.85 258.882,640.87 2.239,662.677.73 21 632
. .822.011.81 12,257.134,526.40 8,497,523,011.48 25,985,675.838.30
.
State banks_ 0.30_20 21,923 1,595,243,703.89 1.450,494.206.82 295,274.641.47 3.341.012.552.13 23 950.8
38.611.35 15.334,616,394.62 8,235,427,676.40 29,101,455,648.43
State banks- 3-10-21 22,705 1,734.909.385.20 1.533.327.012.84318,844.745.52 3.587.081.143.68 23.780.750,818.50 15,449.134,595.23 8,877.828,333.49 29,412,657,029.83
. . . .0 .
State banks_ 3-10-2222,302 1,794,110.615.82 1587.453,465.10 319 103 843 39 3 7 0 677.924.31 23.510,877,185.07 14.108,585,847.71 9.414,109,361.97 28.808,553,357.84
. „ . 27.013,525,116.92 15.547.076.777.07 7,4,38,708,895.68 32.081,329,235.59
. , •
State banks 4- 8-2322,084 1855,237,769.73 1,450,746,035.50
banks 3-31-24 21,350 1,915,334.597.03 . „ . 346.360.002.62 3.809,603,398.41 28,402.756.641.94 16,269,679,542.27
33,641,174,127.53
:Lte enke- 4_ 6_25 21.122 1,990,525,894.78 1,652.290,607.721386.578,187.34 4,029.394.489.82 31 114.361.942.13 16.836,362,018.96 8055,053,931.93 36,679.382,483.73
ate
.
8,471,967,470 89
,,
3
bank,: 4-12-2620.289 2,065.024.071.43 1.798,466.761.53424,871,070.13 4.238.361.903.09 34,116.035.973.16 18.332,589,370.81 9,368,247,394.43 39,105,787,890,95
3tate
3_23_27 19,597 ,146,819,043.02 1,949.198.673.96 451.252.333.91 4.547.270.050.89 34 662 024 564.17 18.975.015,724.66 9,910,820,131.68
. . .
banks.
40,001.661.611.28
.739,284.004.43 34,435,434,860.78 19.374.343,741.27
8:29 1.785 .184,487,497.14 2,09i.822,178.981462,974,328.31 4
;tate banks_ 2-2_0 18 18.965 ,
118,603,000.00 872,226.000. 372.649,800.00 2.363.478,000.00 15,924.865,000.00 1C,588.801.000.00 10,644.546,769.40 41.885,784.224.54
slat. banks_ 6-3
it.047.521,000.0020.799.&50.000.00
20 8,030 224.166,000.00 986.884.000.0041l.525.000.II .622,075,900.00 17,155.421,000.00 12.396.900,000.00 . „ . 22.196,737.000.00
Sat. banks_
2.733.815.000.00
Sat. banks_ 2-21-21 8.143 .273.205.000.00 1.029.408,000.00 431,204,000.00 2,834,272,000,00 15,478.354,000.60 11.680,837,000.00 4,028,059,000.00 20,037,651,000.00
15,390,438,000.00
08. 189.000.1 I
.
.
1.036 184,000 00 498,172.000,00 2 872 068 000
Sat. banks_ 3-10-22 8.197 ,289.528.000.00 1,067,652,000,00 5
. , , . 17,036.281,000.00 11,293.874,000.00 4,118.160,008.00 19,815,402,000.00
00
.319.144.000.00
11.679,621,000.00 5.041.122,000.00 21.612,713.000.00
Sat. banks_ 4- 3-23 8.229
073 383 000.00
00
Sat. banks_ 3-31-24 MO 1.335.672.000.00 108.544,000.00 507,905,000.002,916,840,090,90 17,598,696,000.00 11.963,102
P00.00
00 22 062
2.058.445.000.00 19,382,947.000.00
490,457,000,00
,361.444.090.00;
1.
12,480,246.000.00 5.
'
000.
Sat banks 4- 6-25 8.010 1
5.753.440.000.00 21.832,463000.00
005.
950.000.
888.
'
Sat. banks. 4-12-26 8.1)110 1410,434,000.00 1188,704,000.00 500,519,000.00 3,109.657.000.00 20,175.798.000.00 13,312.259,000.00 6,074.916,000.00 29.893,665.000.00
*
:
Sat. banks_ 3-23-27 7 828 1,460.491.000.00 1.239,819,00 . : . . . 3.2/9.971.000.00 20.912.209,000.0e 13.660.302,000.00 6,323,680,000.00 25.699.147,000.00
. .
_ -- -- .........
SI. banks.. ..ss 515 nrin nal 330.006.000.00 558.847.000.00 3,425,957.000.00 22.279,082,000.00 14.411 603 000 00 7 080 900 000 9027.573,687.000.00
*Includes undivided profits.
------------------------------------------------ show:
All banking institutions of the United States on Feb. 28 1928 ----------------------------------------------------------------------------------------26.699
Total banks
capital, surplus and undivided pronto
28.165.241,004.43'
Total
Total deposits---------------------------------------------------------------------------------56.714.516.560.78
--------------------------------------------------------------------------------69,439.471.224.54
Total resources

the total number and over 50% of the total deposits of the
Bank Income and Expenses in 1927 in the Boston
410 member banks in the First Federal Reserve District,
Federal District.
itt is believed that it affords a cross-section of conditions which
The Boston Federal Reserve Agent prevents an analysis is reasonably fair and accurate.
It appears that variations in the percentage distribution
of bank income and expenses based upon comparable returns
made to the Federal ItAwrve Bank of Boston by 126 mem- of the gross current income are not due primarily to difber banks in accordance with a uniform classification of ferences in the size of the banks, but are caused chiefly by
individual items. As it represents approximately 30% of differences in the character of the business transacted. The




JULY 28 1928.]

FINANCIAL CHRONICLE

489

comparability because some banks
principal contributing cause of these variations lies in the obtain uniform their investment in buildings. augment their net current
through
The proportion of aggrebanks earnings current earnings derived from the operation of the bank buildSavings Department. Consequently the country
gate net
country banks: in Boston. on the other
have been classified into three groups based upon the per- ings (Item 28) was relatively small in are relatively greater and,accordingly,
hand,investments in office buildings
centage of their time to gross deposits; the reporting Boston the income from such buildings constituted a larger proportion of the aggrebanks were tabulated in a single group by themselves, not gate.
of
Country banks falling in the group
25.1%
because they are substantially larger than the country banks, and 50% and the reporting Boston having time deposits in betweengreater
banks, charged off
1927 a
but because of the conditions under which they operate in amount of their loans and securities than they received back in the form of
a central money market where a higher percentage of re- recoveries or profits on securities sold (Item 30). On the other hand, the
primarily a commercial deposit business, and those
serves must be maintained. Of course there are some de- country banks doing
doing primarily a savings deposit business, apparently sold a substantial
partments in banks which bear no relation to the deposit volume of low-cost securities, thereby receiving considerable profits which
banking function, such as for example, the trust, bond, more than offset their various charge-offs, so that the net result for such
these non-current sources.
foreign and safety deposit departments. These functions, banks was additional income from32) which were relatively the most liberal
After dividend payments (Item
however, constitute a relatively small source of income; In the Boston and in the commercial country banks, the balance remaining
the counin the 119 reporting country banks the income derived from for reserves and surplus(Item 33) was relatively small in Boston:inincreased.
try banks it increased as the proportion of savings deposits
them, plus that from miscellaneous small items, amounted These relatively large balances for reserves and surplus in the banks having
on the average in 1927 to about 4% of the gross income from substantial amounts of time deposits do not necessarily indicate that they
they only reflect the fact
all banking operations. That is to say, about 96% of gross were relatively the more profitable type of banks;their rarnings in the form
that these banks paid out a smaller proportion of
income from banking operations was produced by deposit of dividends. As above indicated, the net earnings from banking operabanking functions.
tions (Item 26) were relatively lowest in banks doing the largest proportion
in banks doing the largest
The sources from which interest is derived vary according of time deposit business and relatively highestThis showing, however. Is
commercial banking business.
proportion
whether banks transact primarily a commercial or a inconclusiveof it leaves out of consideration the volume of funds available
as to
since
savings business. Commercial banks usually obtain over for income-earning purposes. A comparison of the percentage of net profits
available for dividends, after charge-offs, to the average total
70% of their gross banking income from interest and discount funds-consisting of capital, surplus, undivided profits, gross available
deposits,
on loans; banks whose time deposits preponderate obtain national bank note circulation, bills payable and rediscounts-(Item 42)
a much smaller proportion of their income from loans and showed little variation in profitability as between the different classes of
some Indication that banks in which either
discounts, but a relatively larger income from interest and country banks,although there isbanking preponderates are more profitable
commercial banking or savings
dividends on securities because of their larger holdings than those which combine a substantial proportion of each. Banks with
class
profitable
of bonds and stocks. It is significant that while the rate 25.1% to 50% of time deposits were apparently least especially as aheavy
in
Keen competition in Boston-reflected
of return earned on loans and discounts (Item 34) was (Item 42). interest on demand deposits (Items 8.9.37 and 38)resulted in a
payments of
substantially the same for all classes of country banks, the relatively lower percentage of profit for Boston banks than for country
banks.
rate earned on bonds and stocks owned (Item 35) was much
PERCENTAGES OF BANK INCOME AND EXPENSES IN 1927.
smaller in the commercial banks than in the banks having (7 Reston Banks and 119 Country Banks in Federal Reserve Distria 1Grouped AccOrdiny
To Their Percentages of Time Deposits.)
proportion of time deposits. Boston banks earned
a large
less proportionately than the country banks both on loans
Boston
Country Banks.
Banks.
and discounts and on bonds and stocks,since they are located
Country
in a central money market where money rates are customarily
totals
of Time Deposits to
Under 25.1% Over
lower and more sensitive to open market fluctuations than 'ercentage Deposits;
25.1% to 50% 50% Common
Gross
at other points in New England. Outside of Boston the typical Bank In Group
figures
65%
43%
6%
14%
(7
(38
(38
(43
(119
commercial banks paid out only about 25% of their gross
Banks) Banks) Banks) Banks) Banks)
income from banking operations in the form of interest on
deposits (Item 11); this was substantially less than the 'ercentages of Gross Current Income (from
Banking Operations);
ANALYSIS OF RECEIPTS
amount paid by the reporting Boston banks, which as a class,
74.4%
and discount on loans
I.
paid out almost one-third of their entire gross income from 2. Interest and diva. on bonds & stocks_ 68.8% 20.8 65.4% 59.8% 65.3%
30.1
15.1
29.1
37.0
Interest
1.3
.s
.7
1.0
banking operations (Item 8 and 9) in the form of interest on 3. Interest on balances In domestic bks_ .7
0
0
o
o
3.0
demand deposits alone-i. e. balances due to their own 4. All other interest
customers and to other banks,
96.5
95.3
97.5
96.4
-exclusive of additional 5. Total interest received
87.6
2.5
3.6
4.7
3.5
12.4
interest paid on time deposits. On the other hand,operating 6. All other current Income
expenses, exclusive of interest (Item 21) were relatively 7. Gross current income
100.0
100.0 100.0 100.0 100.0
lower in Boston than in most country banks; outside of
ANALYSIS OF PAYMENTS.
Boston these expenses, both as a total and in their detail, 8. Interest paid on bats. due to banks_ _ 5.
7
1.4
1.1
.2
.7
3
9.4
5.0
tend to be relatively higher in banks doing the largest 9. Int. paid ou all other demand deposits 26. 18.5 11.9
5.5
27.9
42.5
30.5
8.0
proportion of commercial banking business, thus indicating 10. Interest paid on time deposits
that the expense of commercial banking is greater, regardless 11. Total interest paid on all deposits 40.0 25.4 40.9 47.7
40.6
..9
.9
.8
.9
of the location or size of the bank, since it necessitates the 12. Interest paid on borrowed money _ _
handling of a much larger unit volume of transactions than 13. Total interest payments
26.3
41.8
48.5
41.5
40.7
is the case with savings business; this fact is reflected in the L4. Salories and wages (except for buildactivity of checking accounts which involve a relatively
ing maintenance)
19.5
24.6
19.9
20.3
18.7
5.6
5.3
4.8
6.2
3.5
higher clerical expense than the handling of slow-moving L5. Occupancy & maint. of quarters
4.4
4.2
2.9
4.7
savings deposits. Commercial banks are also subject to 16. Taxes texcept on bank buliding) _ _ 2.8
.4
Li. Insurance (except On bang bldg.).
.9
.5
.7
.7
2.2
2.5
2.6
2.8
greater expense on account of occupancy and maintenance L5. Printing,stationery & office supplies_ 1.4
.4
.4
.3
.3
.7
of quarters in order to house properly a relatively larger le. Telepnone and telegraph
al. Postage and express
.9
.7
.6
.7
A
clerical force necessary to handle their more complicated al. Puulicity and expansion
11
1.3
1.0
1.1
1.0
1.2
.9
.9
.9
departmentalized business; indeed the percentage 24. Furnisnlngs, equipment and fixtures_ .5
and more
t.i. All other expemies
1.8
2.4
19
.
1.8
1.
9
of gross earnings expended on account of occupancy and
36.8
maintenance of quarters (Item 15) by the banks whose time 24. ''" cal operatin., rwenses 13 34.9 43.7 37.5 32.4
.,. .ses (Items
deposits constituted more than half of their gross deposits 25.local cur
and 24)
80.9
78.3
70.0
79.3
78.6
amounted to only about two-thirds of what it cost to house 26. Net current earnings (from
21.7
banking operations)
19.1
30.0
20.7
24.4
a commercial bank either in Boston or outside of Boston.
Commercial banks which also maintain substantial savings Distri,ution of Aggregate Net Current
harnings;
departments (i. e. banks having from 25.1% to 50% of 27. Net earnings from banking operations 93.3 97.4 94.4 96.7
95.9
4.1
5.6
3.3
2.6
time deposits) appear to be relatively the most costly to 28. Net earningsfrom building operations 6.7
house.
100.0
100.0
100.0 100.0
29. Aggregate net
Next to salaries, occupancy expenses and taxes other than .30. Net non-currentcurrentearnings-- 100.0
income (+1 or net
+14.3 +4.1
+3.5
charge-offs(-)
on the bank building, the cost of printing, stationery and 31. Net profits(after charge-offs, &c.) -21.5 103.5 -2.3 114.3 104.1
97.7
78.5
office supplies (Item 18) consumed the highest percentage as. Dividends paid
55.0
53.2
65.1
48.5
67.5
49.1
61.1
49.2
38.4
11.0
of gross banking income in most banks. The burden of 4.5. Balance for reserves and surplus
such expenses in the country banks was, as a rule, relatively Interest Kates;
5.6
4.3
5.6
5.6
5.7
almost twice as heavy as in the Boston banks. On the other 34. Earned on loans and discounts
5.1
4.8
Earned
4.4
4.8
bonds and stocks
4.2
hand, Boston banks expended relatively about twice as large 35. Lamed on domestic bank balanceS
38.
1.6
1.5
1.5
on
.9
1.5
1.4
1.5
1.5
1.1
a percentage on telephone and telegraph as did the country 37. Paid on balances due to banks
2.0
38. Paid on all other demand deposits
1.2
1.7
1.1
1.4
1.0
banks; postage and express was a heavier item of expense in 39. Paid on time deposits
3.7
3.8
3.7
3.3
3.0
the country than in the Boston banks.
Losses (Percentages of average holdings);
From the foregoing it appears, the analysis goes on to say, 40. Loans and discounts charged off.- ..1
a
a
.3
Cliat much of what the country commercial banks saved in 41. Bonds and stocks charged off
.1
.1
.1
.1
.2
lower interest payments (Item 11) they expended in larger Measure of Profit;
operating expenses (Item 24) as compared with the banks 42. Net profits available for dividends,earned on total available
doing a large proportion of savings deposit business. Nev12
1.0
1.3
funds (a)
1.3
.8
ertheless, total payments on acco .nt of current expenses
a Consists of capital, surplus, undivided profits, gross deposits, national bank
(Item 25) were substantialy lower in the country commercial notes. bills payable and rediscounts.
not arithmetical averages, but are percentages
banks than in any other class. Therefore the percentage of which were found to bethese data aretypical of the greatest number of banks. This
most nearly
net current earnings (Item 26) was highest in the commercial method was used in order to avoid giving too great weight to a few extremely high
or extremely low figures. The largest bank carries no greater weight than the
banks. The analysis adds:
smallest.
Receipts and expenses on account of the operation of bank buildings have
been segregated from_those pertaining to banking operationns order to




• Expenses on account of occupancy and maintenance of quarters are construed
,
as Including not merely out-of-pocket payments to employe s(such as wages to super-

490

FINANCIAL CHRONICLE

Intendents. Janitors and elevator men, whose full time is expended in connection
with the operation of the building), Insurance and taxes on the building, and other
collateral expenses of occupancy, but a charge which covers all such expenses uniformly for banks which lease their quarters from an outside landlord, and for banks
which own and operate thier own quarters. Considerable care has been expended
in obtaining percentages for occupancy and maintenance of quarters which are reasonab comparable as between banks which occupy leased quarters and those which
occ
quarters in buildings which they own.

[VOL. 127.

dwell upon that phase of the subject, as to do so would entail tak.ng up the different sections of the district.
"By and large, considering present conditions upon the
grouping of our organization as to head office and branch
territories, there is little to complain of even in respect
to the physical condition of the district. Here and there
we have heard some ni,ld complaints in reference to busiess, but in the main there is no visible unfavorable effect
even if in some lines and in some sections business has not
come up to hopes or expectations."
The report shows gross earnings of the bank for the first
six months of 1928 to be $827,477.19, as against $775.573.28
for the same period in 1927. Net earnings for tile first
six months of 1928 were $31,579.80, as against $2 1.366.58
for the first six months of 1927. The usual seini-annual
dividend at the rate of 6% per annum was declared and
credited to member banks and amounted to $129.790 50.
Only one member bank closed its doors in the district in
the period mentioned and it was later reopened tinder reorganization with a new charter. Six non-member banks
in the district closed.

_
ederal Reserve Bank of Dallas Finds Business Good—
Stockholders Elect Gus Taylor Head of Advisory
Board—Fight on Administration Ended, Retiring
Chairman Says—Resolution Adopted Against Further Advance in Rediscount Rates.
Election of Gus F. Taylor, Tyler, as Chairman of the Advisory Board, and Stanley A. Longmoor, Dallas, Secretary,
brought to a close on July 12 at the Baker Hotel the second annual meeting of stockholders of the Federal Reserve
Bank of Dallas, said the Dallas "News" in its issue of
July 13. More than 200 representatives of member banks
in the district attended the one-day session, it is stated, in
which formal reports by various officers revealed that sound
and satisfactory business conditions continue through the
district now as they have been in the last year. Members of
the advisory board elected with the chairman and secreFarmer Learns Lesson.
tary are W. W. Woodson, Waco; Nathan Adams, Dallas;
In his report to the stockholders, Chairman Woodson said
John F. Yantis, Brownwood; H. L. Baker, Paris; E. H.
the banks of the district appear to be In better condition
Schmidt, Eagle Pass; Arthur F. Jones, Portales, N. M.;
than they have been In years. He added :
Ariz.;
S. W. Stone, Durant, Okla.; A. M. Gal'aspic, Nogales,
Tremendous liquidation has taken place during the last year. Banks
J. Melton Oakes, Homer, La., and W. M. Massie, Fort are borrowing less than they have probably borrowed at any time in
their history; farmers are raising their crops on a more economical basis;
Worth.
business
The advisory board will meet in Dallas early in Septem- purposes conditions generally are good; credit for normal and legitimate
remains easy; :inancial and commercial business appears
ber, Chairman Taylor announced, when a new committee on such a firm and sound basis that it Is not affected by the high to be
rates
authorized by resolution on recommendation of the retir- ruling in the call market or the continued inflation of stocks and bonds.
The member banks are profiting by the experiences of the past, haie been
ing chairman, W. W. Woodson, will be named. This comcleaning house and are
mittee will study problems relating to Federal banks and and good managment. presenting statements that reflect liquid conditions
operations and will report to the next meeting of stockThe farmer, too, has learned his lesson. King Oottou, who has imtheir
poverished the farms with mortgages and denied the farmer and his famholders in 1929.
ily the comforts of life, is being dethroned. Hens, turkeys, hogs, sheep
The stockholders took no action, the Dallas "News" says, and cows are bringng to him
prosperity and hope. A change Iron a onerelating to charges made last year by J. P. Williams, Min- crop system was necessary if the bankers were to prosper as well as the
eral Wells, agii.nst the administration of the Bank, with farmers, and through their joint co-operation, a new day is dawning Five
thousand additional
reference to management and policies. Mr. Williams in of McLennan Countymulch cows will be placed among the tenant farmers
during the next six months. It means lesa cotton
a paper read at the meeting said he had not receded from at better prices and sufficient money each month to maintain the famhis former position but that he would leave the matter in ilies on the farms. Let us continue through our State to give to the
the hands of the board of directors, who would in time, he farmers an intelligent co-operation while they work out their own salvation.
said, adjust the affairs of the bank properly. The direcA resolution was passed expressing the sentiment of stocktors recently re-elected Lynn Talley governor and approved holders as against any further raise In the rediscount
rate
his administration. The fight on the administration of the In the Dallas district this year. A resolution was
voted
bank is over, Mr. Woodson said in his report to the associa- down which sought to have the Dallas Federal
Reserve
tion. At the meeting Thursday informal talks were made Bank pay expenses of
one representative from each memby B. A. McKinney, Dallas; Nathan Adams, Dallas; Mor- ber bank when he attended the
annual stockholders' meetgan Graves. Clarkesville, and J. H. Frost, San Antonio.
ing. Following the session, a luncheon Wilt; AVI'VEva to 250
In his report to the association, Governor Talley said the guests. Officers of the
Dallas Federal Reserve Bank were
Dallas Federal Reserve Bank had not had any requests hosts. Col. C. C. Walsh,
Federal Reserve agent. 1111(1 Govthis year for lines of credit "that could be considered unrea- ernor Talley greeted the
guests as they entered. Election
sonable or, in fact, unduly excessive or extravagant. "This of officers and consideration
of resolutions engaged the
indicates a lack of Inclination for member banks to be- bankers during the
luncheon.
come overextended as well as an evidence of a marked tendency toward a closer co-operation between the member Proposition for
Exchange of Third Liberty Bonds Into
banks and their customers," he said. "Due to the quite satNew 33 % Issue Terminates on Tuesday.
A
isfactory physical conditions of the district, which materialThe privilege of exchanging Third Liberty Loan
ized at the close of 1927, deposits have run consistently highbonds for the new 33 % Treasury bonds of 1940-43 will
A
er in 1928 than in the previous year, the banks have carexpire on Tuesday, according to an announcement made
ried a higher ratio of secondary reserves a:ul their su,y
on July 26 by Acting Secretary Mills of the Treasury Deof funds to meet increase in their loans or a decline in their
partment. Exchange applications in the mails or otherwise
deposits have apparently come largely out of a liquidation
in transit before midnight on July 31 will be accepted, Mr.
such reserves rather than from borrowing."
of
Mills said. There are $1,113,374,550 of Third Liberties
Governor Talley's report shows that from Jan. 1 1928 to
now outstanding, $115,474,500 having been retired since
June 30 1928 notes to the number of 16.288 for a total of
June 30. The Third Liberty Loan will mature on Sept. 15
$25,066,286.93 were submitted to the bank by member banks
and will cease to bear interest on that date.
for rediscount. Of these notes, 863, totaling $822,986.20, or
"The offering of 33 1% Treasury bonds of 1940-43 was
4
for one reason or another, while 15,3.29%, were returned
first announced on July 5," a Treasury statement read.
425 for a total of $24,243,300.73 or 96.71%, were accepted
"The offering was a combined offering for cash and in
by the bank. The figures Include notes submitted to the
exchange for outstanding Third Liberty Loan bonds. The
head office and branches.
books on the cash offering closed on July 7, when cash
"The last six months' period represents, so far as I can
subscriptions aggregating over $743,000,000 had been resmoothest
recall," Governor Talley said, "the period of the
ceived. Of these cash subscriptions, $251,528,600 have
and most satisfactory operation of the bank from every
standpoint in its history. It has not, however, been with- been allotted. Under the exchange offering, which, as
out its problems, but many of these have been of a scope above stated, will close on July 31, interest on any Third
43s surrendered and accepted upon exchange subscriptions
more national in character than relating particularly to this
will be paid in full to Sept. 15. The new bonds issued upon
district.
exchange bear interest from July 16.
"The financial and economic conditions of the district
"Through the use of the radio, newspaper advertisements,
have been quite sound and satisfactory for a period of
placards and other methods of publicity, the Treasury has
more than a year and continue so at the present time. Of
endeavored to inform every holder of Third 4s of the excourse, this is the beginning of the period when we naturally
.
change privilege, and banks throughout the country have
become interested in speculating upon the outcome of our lent their assistance in communicating information to their
major crop yields and prices, but I shall not undertake to customers."




44%

JULY 28- 1928.]

FINANCIAL CHRONICLE

491

eluding loans for commercial and agricultural purposes, as
well as real estate loans, increased by $400,000,000. Comparison between the banks in New York City and in other
leading cities indicates that the larger part of the growth
of security loans was outside of New York. Loans placed
by New York City banks for account of their out-of-town
correspondents, however, appear in the condition repots
as loans of out-of-town banks, and, therefore, a part of the
growth in security loans of banks in other leading cities
represents loans placed by outside banks in the New York
money market. Borrowing by member banks at the Reserve
Banks increased by nearly $600,000,000 during the year
and was in larger volume in June than at any other time
Federal Reserve Bank of San Francisco Elects New in more than six years."
Member bank borrowings, which increased continuously
Director.
from the middle of February to the middle of May, and
A special election called in accordance with the provisions of
reached a record figure on May 16, the Board points out,
section 4 of the Federal Reserve Act has resulted in the
declined considerably during the following month, but rose
election of Vernon H. Vawter as a class A director of the
again to a new high early in July. This was caused in part,
Federal Reserve Bank of San Francisco, vice Howard
the demand for curwill serve until Dee. 31 1930. it is explained, by seasonal growth in
Whipple, resigned. Vawter
rency and a continued withdrawal of gold for export. ReHe is a banker of Medford, Ore., and was selected by votes
duction of the volume of security loans by member banks
of the member banks in group three, those having a capital
in June is ascribed to the heavy liquidation of loans to
and surplus of less than $125,000.
brokers and dealers in securities that accompanied a decline in security prices. "From a peak figure of $4,560,Federal Reserve Board Reviews Gold and Credit Situ- 000,000 on June 6, brokers' loans declined by about $400,ation During Fiscal Year Ending June 30—Gold 000,000 to $4,160,000,000 on June 27, and after some advance
Stock in This Country Diminished $580,000,000 stood at $4,263,000,000 on July 11. This liquidation was pracin Thirteen Months.
tically all in loans made by the New York City banks for
In its July bulletin made public last Sunday the Federal their own account and for account of their out-of-town corReserve Board points out that between the middle of May respondents. Loans for account of others, including for1927 when this country's gold holdings were at their peak, eign banks, corporations and individuals, remained pracand the end of the fiscal year on June 30 1928, there was tically unchanged. The liquidation of brokers' loans," it
a decrease in the gold stock of about $580,000,000 and an is added, "was considerably larger than the decline in
increase in the eRserve Bank credit outstanding of about total loans on securities by reporting member banks, in$520,000,000. Demand for Reserve Bank credit arising dicating that the liquidation presented in part a transfer
from currency needs of the country declined, according to of borrowings by customers from brokers, who in turn were
the computations of the Board, by $120,000,000 during this borrowing at the banks, to direct loans from the banks."
period, while member bank reserves increased by about The full text of the Board's summary is as follows:
Member bank credit, which increased continuously from the middle of
$60,000,000. "The loss from the country's monetary stock
February to the middle of May and reached a record figure on May 16,
of gold in a little over a year of $580,000,000, including net declined considerably during the following month, but row again to a
loss through exports and through earmarkings," the Board new high level early in July. The reduction in bank credit between the
in loans on securities, which
declares, "Indicates the extent to which the gold, accumu- middle of May and the end of June was entirely$200,000,000 below the level
were more than
country during the period of monetary dis- at the end of the fiscal year
lated in this
of a month earlier.
organization of the world, has been redistributed, largely
This liquidation of security loans was accompanied by a growth, alin connection with the adoption of monetary reforms by dif- though in smaller volume, in all other loans, including loans for induspurposes, and in bank holdings of investments. Deferent foreign countries. Of the more than $500,000,000of net trial and commercial
posits of member banks showed a larger decline than loans, and this degold exports between the middle of May 1927 and the end of cline in deposits was reflected in a decrease of member bank reserve
June 1928 covering transactions with all countries but Can- balances.
Notwithstanding the smaller reserve requirements of the member
ada, the larger part went to the following eight countries:
banks, there was an increase in the volume of Reserve bank credit outFrance, $257,000,000% Argentina, $131,000,000; Brazil, $55,- standing owing to a seasonal growth in the demand for currency and a
000,000; England, $33,000,000; Germany, $27,000,000; Italy, continued withdrawal of gold for export. Conditions in the money mar$20,000,000; Uruguay, $11,000,000, and Poland, $8,000,000." ket remained firm, and money rates were at a higher level in June than
at this season of any other year since 1923. Early in July open-market
The building up of the gold reserves of the Bank of rates advanced further, and the re-discount rates at the Federal Reserve
of metal during the year, Banks of Chicago, New York, and Richmond were raised from 4%
France, the largest single taker
was definitely connected with the French monetary re- to 5%.
Reduction in the volume of security loans by member banks in June
form, which was consummated on June 25, the Board was a reflection of the heavy liquidation of loans to brokers and dealers
notes. Argentina, the second largest importer of gold from in securities that accompanied a decline in security prices. From a peak
the United States, resumed gold payments in August of figure of $4,560,000,000 on June 6, brokers' loans declined by about $400,on June 27 and after some advance stood at
last year and, under favorable trade and exchange con- 000,000 to $4,180,000,000 This liquidation was practically all in loans
$4,263,000,000 on July 11.
ditions, took a large amount of gold out of this country. made by the New York City banks for their own account and for account
Of the other countries which took considerable amounts of of their out-of-town correspondents.
Loans for account of others, including foreign banks, corporations, and
gold during the period, Italy and Poland also adopted monindividuals, remained practically unchanged. The liquidation of brokers'
etary reforms, while Brazil and Uruguay have been making loans was considerably larger than the decline in total loans on sepreparations for such a reform. Gold purchases by Ger- curities by reporting member banks, indicating that the liquidation
brokers,
many had the effect of strengthening the reserve position represented in part a transfer of borrowings by customers fromfrom the
to direct loans
Reichsbank, and the exports to England occurred at who in turn were borrowing at the banks,
of the
banks.
a time when the amalgamation of the currency issues of the
A similar development took place during the rapid liquidation of
Bankand the Treasury, the last step in England's monetary brokers' loans in the spring of 1926. On June 27, the total loans made
to brokers and dealers by domestic banks was at the low point for
reconstruction, was under aggressive consideration.
the year and lower than two and one-half years ago when the inforNext to gold exports, the largest of the factors of change mation first became available. Compared with a year ago, however,
in the demand for Reserve Bank credit was the decrease of the volume of bank loans to brokers and dealers was about $150,000,000
$120,000,000 in the demand for currency. The decrease in larger.
Decline Is Shown in Holdings of Gold.
currency during a period when prices showed little change
Comparison of the banking position at the close of the fiscal year
no evidence of a decrease in retail trade, the 1928 with that of about a year ago, a comparison that is customary in
and there was
the middle of
out
Board attributes in large part to a decline in employment the midsummer review, brings gold the fact that between peak, and the
holdings were at their
payments. In recent weeks, however, there has May 1927, when this country's
and wage
end of June of this year, there was a decrease In the gold stock of
been a sharp seasonal increase in the demand for cur- about $580,000,000 and an increase in Reserve bank credit outstanding of
Demand for Reserve bank credit arising from currency in connection with the requirements of holiday travel. about $520,000,000. country declined by $120,000,000 during the period,
the
and investments of the reporting member rency needs ofbank reserves increased by about $60,000,000. Gold move"Total loans
while member
banks increased during the year by about $1,700,000,000, ments, changes in currency demand, and in reserve requirements of
00 was at banks in New York member banks are the three principal channels through which changes
*700,000,0
of which about
In the business and credit situation in the country are reflected in the
City. The growth for the year was largest in security position of the reserve banks. The loss from the country's monetary
loans, which increased by $730,000,000, and in investments, stock of gold in a little over a year of $580,000,000, including net loss
earmarkings, indicates the extent to which
which advanced by $575,000,000, while all other loans, in- through exports and through

Gov. Young, Federal Reserve Head, Visits Banks.
Although on his vacation, Gov. Roy A. Young of the
Federal Reserve Board according to the "Wall Street News",
banks
has been making a survey of the Midwestern Reserve
terminate about Aug. 1. Before the end of sumwhich will
banks
mer Governor Young expects to visit all the Reserve
himself with the local conditions under which each
to acquaint
obtain
bank operates. In this way the Governor means to
a better understanding of the various problems confronting
the different institutions that would hardly be possible
without personal contact.




492

[vol.. 127.

the gold accumulated in this country during the period
of monetary disBorrowing by member banks at the Reserve banks increased by nearly
organization of the world has been redistributed, largely
in connection $600,000,000 during the year and was in larger volume in
June than at
with the adoption of monetary reforms by
different foreign countries. any other time in more than six years. There
was no considerable change
Of the snore than $500,000,000 of net gold exports
between the middle of in the Reserve banks' holdings of acceptances and
a decrease of $15,000,.
May, 1927, and the end of June, 1928, covering transaction
s with all coun- 000 in the system's investments in Government securities.
tries except Canada, the larger part went to
the following eight counUnited States security holdings of the Reserve banks, which increased
tries: France, $257,000,000; Argentina, $131,000,000;
Brazil, $55,000,- rapidly in the second half of 1927, when the Reserve
banks made pur000; England, $33,000,000; Germany, $27,000,00
0; Italy, $20,000,- chases in the open market largely to
offset the effects of gold exports,
000; Uruguay, $11,000,000, and Poland, $8,000,000.
have declined steadily during the first six months of the present
The building up of gold reserves of the Bank of
year,
France, the largest when the Reserve banks sold securities as
a part of the policy directed
single taker of the metal during the year, has been definitely
connected toward firmer conditions in the money market. In
June the system's
with the French monetary reform which was consummated
on June 25. security holdings at about $225,000,000 were lower
than at any other
On that date the Bank of France resumed the obligation to redeem
its time in five years.
notes on demand in gold coin or bullion at its option at the rate of 651
The growth in member-bank borrowings for the year, therefore,
4i
remilligrams of gold, nine-tenths fine, to the franc. The new dollar parity flected
in addition to the effect of gold exports also the influence of
of the franc is at the rate of 3.9179 cents per franc, or about 20% openmarket operations by the Reserve banks.
of the pre-war parity of 19.2 cents per franc.
A factor in the general credit and investment situation
during the
In returning to a gold basis, France has adopted legislative provisions fiscal year
under review has been the continuous reduction of the public
establishing the principles of an unlimited gold standard, but has for debt,
which has amounted to about $900,000,000 for the period. The
the present given the central bank the option of redeeming its notes either effects
on the credit situation of Treasury operations in the retirement
in coin or in bullion, and of fixing a minimum amount below which of the
public debt, nowever, are under present conditions largely temporary
the bank will not redeem notes. For the present this minimum amount in
character and concentrated around the quarterly tax paying dates.
has been fixed at 215,000 francs, or about $8,400. The limit on the
At these
total note Issue of the Bank of France has been removed, and instead indebtedne periods the retirement of outstanding issues of certificates of
ss in excess of new issues floated results in temporary addithe bank is required to keep a 35% gold reserve against its notes and tions to
the funds in the money market pending the collection
other demand liabilities.
of incometax checks. These conditions, however,
continue only for a few days,
Large Amounts of Gold Taken by Argentina.
as the taxpayers' checks in favor of
the Treasury when collected result
Argentina, the second largest importer of gold from the United States in the withdrawal from the market of funds
sufficient to offset the exduring the period, resumed gold payments in August of last year and, cess of securities coming due over new securities
issued.
During the interval the Treasury issues
under favorable trade and exchange conditions, took a large amount of
temporary day-to-day certifigold from this country. Of the older countries which received considerable cates to the Reserve banks to cover
its temporary deficiency. These
amounts of gold during the period, Italy and Poland also adopted monetary operations on taxpaying dates are illustrative
of the general fact that
reforms, while Brazil and Uruguay were making preparations for such debt retirement by the Treasury has only a
temporary effect on the money
a reform. Gold purchases by Germany have had the effect of strengthen- market. Funds used by the Treasury in
debt retirement are obtained
ing the reserve position of the Reichsbank, and the exports to England through taxation and, therefore, represent a
reduction of the deposit achave occurred at a time when the amalgamation of the currency issues counts of the taxpayers, and when these funds
are used to retire public
of the bank and the treasury, the last step in England's monetary re- debt they are turned over to the holders of
Government obligations and
thus reappear among the deposits held by
construction, was under legislative consideration.
the general public.
The series of operations involves a
In addition to the gold obtained in this country, the gold holdings
temporary transfer of funds from
private account to Government account
of these foreign countries have been augmented from other sources,
inwhen taxes are paid, followed
by a restoration of the funds to private
cluding new gold production available for monetary use, which
has
account
amounted to about $200,000,000 for the period, and purchases by
chased in the market or paid off at maturity when obligations are purcentral
by the Treasury., At no
banks of gold previously held in hoards. Central gold reserves
time does the operation involve any more
of these
than a temporary change in the
countries, which together drew upon the gold stock of the
United States amount of founds at the disposal of commercial banks for extending
to the extent of about $675,000,000, showed a total
increase of more loans or making investments.
than $900,000,000 for the period, indicating that a considerabl
Another question arises about the
e
extent to which debt retirement,
the gold was added to the reserves of these foreign central amount of though it does rot change the
total volume of funds in the market, may
banks from
other sources than the gold stock of the United States.
nevertheless, through the transfer of funds from
The gold retaxpayers to holders of
serves of the Bank of France, for example, increased by about
$425,000,000; securities, increase the volume of funds available for investment. Under
those of the Bank of England by about $85,000,000; those
of the German existing conditions, the effect of Treasury disbursements in reduction
Reichsbank by about $55,000,000; and those of the Bank
of Poland by about of debt on the volume of investment funds is relatively limited, except
$45,000,000.
to the extent that purchases or cancellations of securities
are made by
Next to gold exports, the largest of the factors of change
the Government with funds obtained under foreign
in the dedebt settlements.
mand for reserve bank credit has been the decrease of $120,000,0
Under a system of taxation where a large number of
00 in the
taxpayers turn
over to the Government a part of their income,
demand for currency. This amount of cash having flowed from
circulawhich otherwise would
have been expended in the purchase of goods,
tion into the vaults of the member banks was deposited by
and the Government uses
them with
funds thus obtained in the retirement of securities
the Federal Reserve banks and has enabled them to increase
their reheld mainly by large
serve balances to that extent without borrowing. The decrease
_investors, the retirement of public debt would
in curresult in the conversion of
rency during a period when prices showed little change and
a considerable volume of current income into
there was no
investment funds. But
evidence of a decrease in retail trade may be attributed in
large part to since under the system of taxation in the United States a large part of
a decline in employment and wage payments. In recent
the contributions to the Government comes
weeks there has
from persons with large inbeen a sharp seasonal increase in the demand for currency
in connection comes, which would normally be available in part for investment purwith the requirements of holiday travel.
poses, a relatively small amount of new
investment funds is created by
debt retirement.
Decrease Noted in Demand for Currency.
No precise data are available covering
Member bank reserves, which with gold and currency
the incidence of the various
movements are taxes with reference to
the distribution of Government securities. Cusamong the principal factors affecting the volume of reserve
bank's credit, toms and miscellaneous internal
increased by about $60,000,000 between the middle of
revenue and cbrporation taxes are widely
May 1927 and the diffused in their incidence,
but returns of the individual income tax,
end of June of the present year, reflecting a much
larger increase in from which about one-fifth
of the Government revenue is derived, indicate
the member banks' deposit liabilities. For all member banks
the growth that more than one-half
of the taxes on individual incomes are paid on
in net demand deposits for the year ending June 1928
was $633,000,000 incomes in excess of
$100,000 and less than 5% on incomes of $10,000
and the increase in time deposits was $1,280,000,000.
or less. In these circumstances
No figures of loans and investments for all member
funds collected through taxation would
banks are available be available in large
part for investment, whether they previously passed
for a date later than February, but an analysis of changes
in the position through the hands of the
of member banks between June of this year and June of 1927
Government or were used in the first instance
can be made by the investing public.
on the basis of the weekly reports received from member
banks in leading cities.
The following table shows these changes, distinguishing
between the
banks in New York City and in other leading cities:
Reporting Member
Banks. [Monthly average of weekly figures.] Change
between June
1927 and June 1928.
AU Reporting
New York City
Other
Banks.
Banks.
Banks.
Total loans and Investments
+81.702,000,000 +8707,000,000 +8995,000,000
Security loans
+727,000,000 +263.000,000
All other loans
+400,000.000 +350,000,000 +464.000.000
+50,000.000
Investments
+575,000.000 +94,000,000 +481.000,000
Increase in Loans and Investments.
Total loans and investments of the reporting member banks increased
during the year by about $1,700,000,000, of which about $700,000,000
was at banks in New York City. The growth for the year was largest
in security loans, which increased by $730,000,000, and in investments,
which advanced by $575,000,000, while all other loans, including loans for
commercial and agricultural purposes, as well as real estate loans, increased
by $400,000,000.
Comparison between the banks in New York City and in other leading
cities indicates that the larger part of the growth of security loans was
outside of New York. Loans placed by New York banks for account of
their out-of-town correspondents, however, appear in the condition rePorts as loans of out-of-town banks, and, therefore, a part of the growth
in security loans of banks in other leading cities represents loans placed
by outside banks in the New York money market.
The increase for the year in so-called "all other loans," which include
regular line-of-credit loans to customers as well as real estate and other
loans, occurred largely at the New York City banks, and there is evidence
that it represents to some extent increased borrowing by commercial
customers for the purpose of carrying securities. Of the growth in the
bank's holdings of investments the larger part was outside of the banks
In New York City. As a consequence of large withdrawals of gold
for
export, the growth in member bank deposits was much smaller than the
increase in their loans and investments, and this largely accounts for
the
increased indebtedness of the member banks at the Reserve banks.




IL

FINANCIAL CHRONICLE

Multilateral Treaty Renouncing War Approved by
All
the Negotiating Nations—President Coolidg
e Favors World Peace Rally for Treaty Signing
.
It was made known authoritatively at the summer
House on July 20 that President Coolidge favored White
an international peace conference in Europe, at which the fourteen
powers invited by the United States to renounce
war might
make good the willingness they had expresse
d during the
recent months to sign the treaty drafted
by Secretary of
State Kellogg. The State Department decided
upon Paris
as the proper place for the conference, as this
peace treaty
originated between France and the United States,
and was
extended by thirteen months of diplomatic exchange
s to
include fourteen powers. On Thursday
it was announced
that Aug. 27 had been selected as the date
for the solemn
ceremony.
President Coolidge rejected the suggestion that the conference might be held in Washington by pointing out that it
was easier for a representative of the United States to go to
Europe than for representatives of fourteen powers to cross
the ocean to the United States. Tho fourteen powers
which are expected to sign the Kellogg treaty are all understood by the State Department to be ready to follow the
American lead in arranging a ceremony, which would be the
greatest spectacle of peace-making, says the correspondent
of the_New York "Herald Tribune", since the allied and

JULY 28 1928.]

FINANCIAL CHRONICLE

493

Kellogg, particularly as to the right of self-defense and his
associated powers assembled at Versailles in 1919 to end
of action
to the United States there assurances that the signatories would regain liberty
the World War. In addition
Canada against any participant that violated the compact; that the
would be present,alphabetically, Australia,Belgium,
treaty would not run counter to existing commitments and
Czechoslovakia, France, Germany, Great Britain, India,
Zealand, Poland and that it would be made as general in application as possible.
the Irish Free State, Italy, Japan, New
Under these circumstances, M. Briand said "France was
South Africa.
is that such an assemblage disposed to sign the treaty."
President Coolidge's belief
In taking this position, the French Foreign Minister not
of nations in honor of the principle of peace would be helpful
successful conclusion" of the treaty "equally
the importance of the Kellogg treaty—which only declared "a
in emphasizing
no coercive close to the hearts of the French and American nations"
is chiefly moral in its effect. The treaty provides
gave full credit to the United States for the movement,
measures against any signatory which makes war, and it but
at the definition of aggressive war that although President Coolidge and Secretary Kellogg have
makes no attempt
to it as equally the conception of M.Briand himself.
broke up all previous international peace efforts. According referred Government of the Republic," M. Briand said,
"The
of the treaty, it is "a frank renunciation of
to the wording
"desires to render homage to the generous spirit in which
war as an instrument of national policy," and the signatories
Government of the United States has conceived this new
propose to bring about "all changes in their relations by the
process." No signatory power, it is manifestation of human fraternity which eminently con-j
peaceful and orderly
profound aspirations of the French people as
stated, shall hereafter "seek to promote its national interests forms to the American people and responds to the sentiwell as of the
to war."
by resort
and more widely shared among peoples of interThe accepting nations have virtually all reserved their ment more
national solidarity."
rights to disregard this renunciation, however, if it interText of the Italian Note.
Peres with the operation of the Covenant of the League of
Nations, the treaties of Locarno and the previously existing
The Italian note was dated July 15 and read as follows:
I have the honor to refer to the letter which, under inrtrucgroup treaties involving such nations as France, Belgium, Excellency: Government, your Excellency addressed to me under the date
your
Great tions ofof June last, and to ask your Excellency to inform your GovernPoland, Czechoslovakia and others. In the reply of
of 23d
Britain, for instance, Sir Austen Chamberlain, Foreign ment as follows:
The Royal Government, which has attentively examined the last draft
treaty, but said
Secretary, promised to sign the Kellogg
States, takes
of a treaty for the elimination of war proposed by the United
"each state alone is competent to decide when circum- note of and agrees with the interpretation of the said treaty which the
In the
stances necessitate recourse to war for the purpose of self- Government of the United States sets forth that it above-mentioned note
is disposed to proceed
this premise declares
defense." The penalty for going to war, whether the war of June 23 last, and on
to the signature thereof.
be self-declared or self-defensive or frankly undertaken
I am happy to take this occasion to renew to your Excellency the
MUSSOLINI.
for conquest, is that all signatories of the Kellogg treaty assurances of my highest consideration.
Text of the French Reply.
are released from all obligations to the warring nation.
"It is considered significant," says Hugh O'Connor,staff
The French note was dated July 14 and read as follows:
correspondent of the Herald Tribune, "that President
Mr. Ambassador: By your letter of June 23 last your Excellence NM
treaty for the
to
Coolidge speaks of the treaty not as a renunciation, but as good enough of transmit to me a revised text of the draftgiven to it by
accompanied by the interpretations
its practical effect the penalty renunciation war,
an outlawing of war. In
the United States.
I beg you to convey to the Government of the United States the interest
provided by the treaty for going to war is the moral inwith which the Government of the Republic has taken cognizance of this
convenience of justifying it."
new communication, which is suited to facilitate the signature of the treaty
Germany and France were the earliest to signify accept- whose successful conclusion is equally close to the hearts of the French
ance. The willingness of France to participate in the pro- and American nations. from the new preamble that the proposed treaty
First of all. it follows
posed convention was made known to Secretary Kellogg by indeed aims at the perpetuation of the pacific and friendly relations under
French Ambassador to the United States, Paul Claudel, the contractual conditions in which they are today established between
the
it is essentially a question for the signatory
who conferred with the Secretary at the Department July 12. the interested nations; that an instrument of their national policy," and
powers of renouncing war "as
The French note of acceptance was handed to the American also that the signatory power which hereafter might seek by itself resorting
Ambassador in Paris on July 14. Acceptance on the part of to war to promote its own national interests should be denied the benefits
the
Germany was contained in a note delivered to the State ofThe treaty.
Government of the Republic is happy to declare that it is in accord
t on July 12 and was without condition or reserva- with these new stipulations.
Departmen
t stated that the position of
The Government of the Republic is happy, moreover, to take note of
tion. The German Governmen
s which the Government of the United States gives
the United States Government corresponded to the "funda- the interpretationwith a view of satisfying the various observations which
to the new treaty
German conception" for the renunciation of war. had been formulated from the French point of view.
mental
These interpretations may be resumed as follows:
Germany coneurred with Secretary Kellogg regarding the
new treaty restrains or compromises in any manner
Nothing
of the treaty, also the change made in the preamble whatsoever in the
text
the right of self-defense. Each in this respect will always
denied the remain free to defend its territory against attack or invasion; it alone Is
whereby any country violating the pact would be
competent to decide whether circumstances require recourse to war 111
benefits of the treaty.
of the statement by the Department of State self-defense.
The full text
Secondly, none of the provisions of the new treaty is in opposition to
discussing the French attitude follows:
the provisions of the Covenant of the League of Nations nor with those
The French Ambassador. M. Claudel, called on the Secretary of State
July 12 and informed him that a favorable reply accepting the explanation
and interpretation contained in the Secretary of State's note of June 23
be
on the subject of the proposed treaty for the renunciation of war would
handed to the American Ambassador at Paris within a few days. Probably
July 14

of the Locarno treaties or the treaties of neutrality.
Moreover, any violation of the new treaty by one of the contracting
powers would automatically release the other contracting Powers from
their obligations to the treaty-breaking State.
Finally the signature which the Government of the United States has
now offered to all the signatory powers of the treaties concluded at Locarne
German Reply.
and which it is disposed to offer to all powers parties to treaties of neutrality
is of a nature to give
as well
The text of the German note signed "Schubert" was as the newas the adherence made possible to other powers,
treaty in as full measure as can practically be desired, the character
follows:
of generality, which records with the views of the Government of the
Excellency, I acknowledge the receipt of Your Excellency's note of June Republic.
conclusion of an international,pact for the renunciaThanks to the clarification given by the new preamble and thanks more23 1928. regarding the
tion of war, and have the honor to reply thereto as follows on behalf of the over to the interpretations given to the treaty, the Government of the
with
German Government:
Republic congratulates itself that the new convention is compatible
The German Government has examined with the greatest care the con- the obligations of existing treaties to which France is otherwise a contracting
revised draft of the pact which was enclosed. The party and the integral respect of which necessarily is imperatively imposed
tents of the note and the
Government is pleased to state that the standpoint of the Government of upon her by good faith and loyalty.
In this situation and under these circumstances the Government of
the United States of America as set forth In the note corresponds with the
fundamental German conception as it was communicated in the note of the Republic is happy to be able to declare to the Government of the United
April 27 1928. The German Government also agrees to the changes in the States that it is now entirely disposed to sign the treaty as proposed by the
preamble of the draft of the pact. It is therefore pleased to be able to state letter of your Excellency of June 23 1928.
that it takes cognizance of the statements made by the Government of the
At the moment of thus assuring its contributions to the realization
United States of America contained in Your Excellency's note of June 23. of a long matured project, all the moral significance of which it had gauged
that it agrees to the interpretation which is given therein to the provision from the beginning, the Government of the Republic desires to render homis accordingly ready to sign this pact in age to the generous spirit in which the Government of the United States
of the proposed pact and that it
has conceived this new manifestation of human fraternity which eminently
the form now proposed.
aspirations of the French people as well as the
reply of Italy was next to come. It was signed by conforms to the profound
The
American people and responds to the sentiment more and more widely
and was brief. It recorded agreement shared among peoples of international solidarity.
Premier Mussolini
Please accept. &c.
with interpretations placed upon the proposed compact
ARISTIDE BRIAND.
of

by Secretary Kellogg in his note June 23inviting adherence
Text of the Reply of the Irish Free State.
and declared the disposition of Italy to "proceed to the signaThe Irish Free State indicated its willingness to sign the
the treaty.
nature" of
treaty to renounce war, in a note handed to the
The note from Aristide Briand, the French Foreign Minis- multilateral
similarly referred to the definitions given by Secretary American Minister in Dublin, Frederick A. Sterling, on
ter,




494

FINANCIAL CHRONICLE

[Vor... 127.
July 16, by the Minister for External
Affairs, P. McGilligan,
The Canadian reply was received direct from Ottawa and
July 16. The text of the Irish note follows
in full:
declared the readiness of Canada to become a party to the
Excellency, Your Excellency's
note of the 23rd June enclosing a revised
draft of proposed treaty for
compact without finding it necessary to discuss any interthe renunciation of war, has been
carefully
studied by the Government of
the Irish Free State.
pretations. The answers of Australia, New Zealand, South
As I Informed you in my
note of the 30th May,the Government of
The Africa and India were communicated
Irish Free State were prepared
by the British Foreign
to accept unreservedly the draft treaty
proposed by your Government
on the 13th April. holding, as they did, that Minister. All expressed the willingness of those Governneither their right of self-defen
se nor their commitments under the Covenant ments to join in the
multilateral project, the note in behalf
of the League of Nations were
in any way prejudiced by Its terms.
of Australia reciting the definitions as to self-defense, liberty
The draft treaty NI revised is
equally acceptable to the Government of
the Irish Free State,and I have the honor
to inform you that they are pre- of action against violators and the safeguarding of the Covepared to sign it in conjunction with such other Governments
as may be so nant of the League of Nations.
disposed. As the effectiveness of the proposed treaty
as an instrument for
The communication in behalf of South Africa included a
the suppression of war depends to a great extent
upon its universal application, the Government of the Irish Free State hope
that the treaty may meet note from General Hertzog, the Minister of External Affairs,
with the approbation of the other Governments
to whom it has been sent setting forth his underst
anding as to self-defense, liberty of
and that it may subsequently be accepted
by all the other Powers of the
action against violators, and the desirability of having genworld.
eral participation in the compact by nations.
Text of Belgium's Reply.
Acceptances of other countries followed in quick order.
Text of the British Note.
The reply of Belgium read as follows:
The British note read as follows:
Brussels, July 17 1928.
. Ambassador,—The Government of the King has examined with
lively
sympathy the letter of June 23 in which, acting on inatructio
ns from your
Government, you have been good enough to invite Belgium to
conclude a
multilateral treaty providing that the signatory States bind themselve
s to
renounce war as an instrument of national policy.
Belgium is deeply attached to peace. She has always worked
actively
for the realization of movements tending to consolidate peace.
She is
therefore happy to pay her tribute to the idea inspiring the draft treaty.
The text prepared by the Government of Washington commands the
full approbation of the royal Government. This Government notes
with
satisfaction the explanations and interpretations contained in Your Excellency's letter, It is pleased to note that the proposed pact will maintain
unimpaired the rights and obligations arising from the Covenant
of the
League of Nations and from the Locarno agreements, which
constitute
for Belgium fundamental guarantees of security.
The Belgian Government highly appreciates the action of the American Government which permits it to join in the great work destined
to
develop the spirit of peace throughout the world and to diminish in
future
the risk of new castrophies.
The royal Government would be grateful if the Government of
the United
States would inform it as to the date and place which it may
choose for
the signature of the treaty.
avail myself of this opportunity, &c.
PAUL HYMANS.

Acceptance of Poland.
The reply of Poland was as follows:
Warsaw, July 17 1928.
fr. Afintsler,—I have the honor to acknowledge the receipt of the
note
No. 1175 of June 23 last, which you were good enough to send me, to
which
was attached the draft of a multilateral pact against war, as proposed by
His Excellency, Mr. Kellogg.
The principles which Mr. Kellogg has emphasized in the draft above
mentioned being entirely conformable with the objectives that Poland
never ceases pursuing in its foreign policy. I have the honor to communic
ate
to you the fact that the Polish Government accepts the text of the above
stated pact and declares Itself ready to affix its signature thereto.
As regards the Interpretation of the pact in question which you have
been good enough to give in your note of June 23 and which confirms the
fact that the compact is destined to insure the consolidation of peaceful
relations between States on the basis of the existing international obligations, the Polish Government te.kes note of the following statements:
(1) That the pact does not affect in any way the right of legitimate
defense inherent in each State.
(2) That State signatory to the pact which may endeavor to realize
Its national Interests by means of war shall be deprived of the benefits
of
the said pact.
(3) That no incompatibility exists between the stipulations of the pact
against war and the obligations deriving from the Covenant of the League
of Nations for States which are members of the latter. This statement
results from the very fact that the pact proposed by Mr. Kellogg stipulates
the renunciation of war as an instrument of national policy.
These precisions as well as the opportunity given to all States to adhere
to the pact are of a nature to assure to l'oland the possibility of satisfying
her international obligations.
The Polish Government permits itself to express the hope of seeing
the realization in the near future of this common work of peace and stabilization destined to assure its benefits to all mankind.
Please accept. Mr. Minister, the assurance of my high consideration.
WYSOCKI.

London, July 18 1928.
Sir,—I am happy to be able to inform
you that after carefully studying the note which you left with me on the
23d June transmitting the revised
text of the draft of the proposed treaty
for the renunciation of war. his
Majesty's Government in Great Britain
accept the proposed treaty in the
form transmitted by you and will be glad
to sign it at such time and place
as may be indicated for the purpose by the Governme
nt of the United States.
My Government have read with interest
the explanations contained
in your note as to the meaning of the draft
treaty, and also the comments
which it contains upon the considerations
advanced by other powers in the
previous diplomatic correspondence.
You will remember that in my previous
communication of the 19th
May I explained how important it was to my
Government that the principle
should be recognized that if one of the parties
to this proposed treaty resorted to war in violation of its terms, the
other parties should be released
automatically from their obligations toward
that party under the treaty.
I also pointed out that respect for the
obligations arising out of the
Covenant of the League of Nations and
of the Locarno treaties was the
foundation of the policy of the Government
of this country and that they
could not agree to any new treaty which
would weaken or undermine these
engagements.
The stipulation now Inserted in the preamble
under which any signatory
power hereafter seeking to promote its
national interests by resorting to
war against another signatory is to be
denied the benefits furnished by the
treaty is satisfactory to my Governme
nt, and is sufficient to meet the first
point mentioned in the preceding paragraph
.
His Majesty's Government in Great Britain
do not consider after mature
reflection that the fulfillment of the obligation
s which they have undertaken in the Covenant of the League of Nations
and in the Treaty of Locarno is precluded by their acceptance of the proposed
treaty. They concur
in the view enunciated by the German Government
in their note of the 27th
April that those obligations do not contain anything which
could conflict
with the treaty proposed by the United States Governme
nt.
General Invitation Suggested.
My Government have noted with peculiar satisfacti
on that all the
parties to the Locarno Treaty are now invited to become
original signatories
of the new treaty and it is clearly the wish of the United
States Government
that all members of the League should become
parties either by signature or
accession. In order that as many States
as possible may participate in
the new movement, I trust that a general
invitation will be extended to
them to do so.
As regards the passage in my note of the
19th May relating to certain
regions of which the welfare and integrity
constitute a special and vital
Interest for our peace and safety. I need
only repeat that his Majesty's
Government in Great Britain accept the
new treaty upon the understanding
that it does not prejudice their freedom of
action in this respect.
I am entirely in accord with the views
expressed by Mr. Kellogg In
his speech of April 28 that the proposed
treaty does not restrict or impair
in any way the right of self-defense, as
also with his opinion that each
State alone is competent to decide when
circumstances necessitate recourse
to war for that purpose.
In the light of the foregoing explanati
ons his Majesty's Government in
Great Britain are glad to Join with the
United States and with all other
Governments similarly disposed
in signing a definitive treaty for tho
renunciation of war as transmitt
ed in your note of June 23. They reJoice to be associated with the Governme
nt of the United States of America
and the other parties to the proposed
treaty in a further and signal advance
in the outlawry of war.
I have the honor to be, with high
consideration, sir, your obedient
servant.
AUSTEN CHAMBERLAIN.

The British acceptance, which was delivered to the AmeriThe Reply of Canada.
can Charge d'Affaires in London on July 18, enumerated
The reply of Canada read as follows:
many of the definitions previously given by Secretary KelOttawa, July 18 1928.
Sir: I desire to acknowled
logg to various aspects of the project, and reiterated that in draft which it contained of ge your note of June 23 and the revised
the treaty for the renunciation of war, and to
becoming a signatory the Empire would retain freedom of state that his Majesty's Government in Canada cordially accepts
the treaty
revised and
action relative "to certain regions which of the welfare and asAccept sir, is prepared to participate in its signature.
the renewed assurances of my highest
consideration.
integrity constitute a special and vital interest for our peace
W. L. MacKENZIE KING.
and safety." This was regarded as referring particularly to
Secretary of State for External Affairs.
the Suez Canal and collaterally to Egypt and India. No
Note on Behalf of Australia.
exception is taken to it in Washington, the assertion being
The note in behalf of Australia was as
follows:
looked upon as essentially a definition of self-defense, the
July 18 1928.
Sir: In the note which you were so
right of which is inherent in the treaty, with each nation at
good as to address to me on June
23 last
stated
liberty to be its own judge of what constitutes protective glad to youinformedthat the Government of the United States would be
be
whether his Majesty's
action, in the consciousness that its course will be weighed wealth of Australia were willing to join withGovernment in the Commonthe United States and other
by world public opinion. In other respects the British note similarly disposed Governments in signing a definite treaty for the renunciatlon of war in the form of
the draft treaty enclosed in your note.
also was interpreted by the State Department as completely
I now beg leave to inform you that
his Majesty's Government In
in accord with the position of Secretary Kellogg. Sir Austen Commonwealth of Australia have given the most careful consideratthe
ion
your
yp uned t
d
•
Chamberlain expressed the readiness of Great Britain to sign tom oa note above na on and to the revised draft treaty which acthey a cetit the assurance given signby the U nited
eayt accept t
nfa atoryb
the treaty and he concluded with an expression of pleasure en. of State th the
etatesSecretary
right
self-defense
State
that his Government could be associated with the United will not be impaired in any way by acceptance of the proposed treaty.
The Commonwealth Government have further
observed that it is stated
States in the movement to outlaw war. He especially urged in
your note of June 23 that the preamble
revised
that all nations be invited to adhere to the treaty,
express recognition to the principle that itto thesignatorytreaty accords
one
State resorts




JULY 28 1928.]

FINANCIAL CHRONICLE

495

respondence, the preliminary draft of a treaty, and inquiring whether this
Government were in a position to give favorable consideration to the latter.
Your note under reply further recalls that on the 20th of April the Government of the French Republic circulated among the interested Governments an alternative draft treaty, and that on the 28th of April the Secretary of State of the United States of America explained fully the construction placed by that Government on their own draft, in view of the
matter emphasized in the French alternative.
You now futher inform me that the British, German and Italian Governments have replied to your Government's notes of the 13th April last and
that the Governments of the British self-governing Dominions and ef India
have likewise replied to invitations addressed to them on the suggestion
observe
of His Britannic Majesty"s Government in Great Britain; and you
from the conthat none of these Governments has expressed any dissent
struction above referred to, or any disapproval of the principle underlying
ns of the
the proposals, nor have they suggested any specific modificatio
the explanations
Note on Behalf of New Zealand.
text of the draft; and you proceed to reenforce in detail
his speech of April 28.
made by the Secretary of State in
The text of the reply for New Zealand follows: 18 1928.
You then transmit for the consideration of this Government the revised
July
British self-governing
June draft of a multilateral treaty, which takes in the
the note which you were so good as to address to me on
Treaty, as original parties,
Sir: In
would be Dominions, India and all parties to the Locarno
the United States
a statement which is directed to
23 last, you stated that the Government of
t in New Zealand and in the preamble of which is included
glad to be informed whether his Majesty's Governmen
principle that, if a State goes to war in violation of the
with the United States and other similarly disposed recognizing the
from their obligations
were willing to join
in the Treaty, the other contracting powers are released
Governments in signing a definite treaty for the renunciation of war
under the Treaty to that State.
are Instructed to state your
form of the draft treaty enclosed in your note No. 2.
Such a multilateral treaty, as so revised, you
in New
I now beg leave to inform you that his Majesty's Government
you express the fervent hope
which I Government are ready to sign at once, and
readiness
Zealand desire to associate themselves with the terms of the note
Government will be able promptly to indicate greatest
the honor to address to you today notifying you of the willingness that this
have had
reservation. You conclude
treaty to accept it in this form without qualification or
of his Majesty's Government in Great Britain to sign a multilateral
the United States to know
by expressing the desire of the Government of
for the renunciation of war as proposed by the Government of the United
the United States and
whether my Government are prepared to Join with
treaty in the
States.
disposed Governments in signing a definitive
Majesty's Government in New Zealand desire me to add that they other similarly
His
Majesty's form so transmitted.
will have the utmost satisfaction, in co-operation with his
Japanese Government
the
In reply, I have the honor to inform you that the
Governments in other parts of the British Empire, in joining with
their full concurrence to the alteration now
and with all other Governments similarly are happy to be able to give
Government of the United States
submitted to them in
proposed, their understanding of the original draft
Mr.MacVeagh.
disposed in signing a treaty in the form proposed.
April last being,as I intimated in my note to His Excellency.
AUSTEN CHAMBERLAIN.
that entertained by
dated the 26th of May, 1928. substantially the same as
therefore ready to have
the Government of the United States. They are
The Answer for South Africa.
of the treaty in
produced instructions for the signature, on that footing,
The answer in behalf of the Union of South Africa was the form in which it is now proposed.
most warmly
I cannot conclude without congratulating your Government
as follows:
met with.
July 18 1928.
upon the rapid and general acceptance which their proposals have
among the first to be associated
to be
Sir: In the note which you were so good as to address to me on June 23 The Imperial Government are proud
States would be glad to be with a movement so plainly in unison with the hopes everywhere entertained,
last you stated that the Government of the United
high probability of the acceptance of this
informed whether his Majesty's Government in the Union of South Africa and confidently concur with the
disposed simple and magnanimous treaty by the whole civilized world.
were willing to join with the United States and other similarly
assurance
the
I beg you. Monsieur le Charge D'Affairs, to accept the renewed
Governments in signing a definite treaty for the renunciation of war in
beg leave of my high consideration.
form of the draft treaty enclosed in your note No. 2. I now
BARON GIICHI TANAKA.
has been received by telegraph from
to inform you that the following message
Minister for Foreign Affairs.
Africa,
General Hertzog, Minister of External Affairs of the Union of South
ion to you.
of the multilateral antifor communicat
Negotiations for the adoption
the Union of South Africa.
by
"On behalf of his Majesty's Government in
their most war treaty were concluded on July 21 with the receipt
t
I have the honor to inform you that my Governmen have given
draft treaty for the renunciation of war the State Department of a note from Dr. Eduard Bones,
serious consideration to the new
s accompanysubmitted in your note of the 23d June and to the observation
the Czechoslovakian Foreign Minister, setting forth the
ing it.
:
readiness of his Government to sign the compact as it now
"My Government note with great satisfaction
self-defense is
"(a) That is is common cause that the right of legitimate
stands.
not affected by the terms of the new draft.
Text of Czechoslovak Note.
That according to the preamble any signatory who shall seek to
"(b)
benefits
promote its national interests by resorting to war shall forfeit the
In his note accepting for Czechoslovakia, Foreign
of the treaty: and
Minister Benes expressed pleasure that the governments
"(c) That the treaty is open to accession by all powers of the world. the
that had signed the Locarno compacts had been invited to
Government have further examined the question whether
"My
coveprovisions of the present draft are inconsistent with the terms of the
e. The note was addressed to Lewis Einstein,
come participat
nant of the League of Nations, by which they are bound, and have
Minister at Prague, and read as follows:
this is not the case and that the objects which the the American
to the conclusion that
July 20 1928.
Nations was constituted to serve can best be promoted by memLeague of
Mr. Minister: I have had the honor of receiving Your Excellency's
bers of the League of Nations participating in the proposed treaty.
the United States invites the
"Ms Majesty's Government in the Union of South Africa have therefore letter of June 23 by which the Government of
with
k Republic to sign the proposed treaty for the
very great pleasure in expressing their willingness to sign, together form Government of Czechoslova
the
renunciation of war. The same invitation was transmitted to our repreall other powers which might be similarly inclined, the treaty in
sentative in Washington.
proposed in your note under reference."
-in addition to the integral text of the proposed treaty
AUSTEN CHAMBERLAIN.
The letter contains
a commentary on the text which explains the remarks of the French GovernNote on Behalf of India.
ment and indicates in detail the meaning and the significance which the
Government of the United States attaches to the multilateral treaty In
The note on behalf of India read as follows:
July 18 1928.
the event of the treaty's signature, ratification and enactment.
I have the honor to transmit to Your Excellency by this note the reply
Sir: In the note which you were so good as to address to use on June 23
.
last, you stated that the Government of the United States would be glad to the Czechoslovak Government
t
join with
(1) First I would very respectfully thank the Government of the United
to be informed whether the Governmen of India were willing to
to us. From the beginning we
the United States and other similarly disposed Governments in signing a States for having addressed its invitation
French and American Governdefinitive treaty for the renunciation of war in the form of the draft treaty have followed the negotiations between the
war with the
ments on the subject of the pact for the renunciation of
enclosed in your note No. 2.
ready at any moment to mockI now beg leave to inform you that the Government of India ow-relate greatest sympathy and attention, and were
marks a memorable
which
themselves wholeheartedly and most gladly with the terms of the note elate ourselves with this noble undertaking,
which I have had the honor to transmit to you today notifying you of the date in the history of the world after the war.
a multiI have had the honor during the last few
In our negotiations, which
willingness of Ids Majesty's Government in Great Britian to sign
ves of the United States, France
lateral treaty for the renunciation of war as proposed by the Government months, to carry on with the representati
the importance of
and Great Britain, I have several times emphasized
United States.
of the
associating thereto also the other
AUSTEN CHAMBERLAIN.
this act and the political necessity of
obligations by their negotiaPowers and especially those who have assumed
The unqualified acceptance by Japan of the Kellogg anti- tions at Locarno in 1925.
fully in this with the
The Government of the United States agreed
war treaty was received by the State Department on July
the justice of this
the Tokio Premier and Foreign Minister other Powers and has been good enough to recognize The Czechoslovak
20 in a note from
invitation.
point of view and addressed to us its
which congratulated the American Government upon the Government attributes thereto a considerable political importance and
success which has met its efforts for outlawing war. "The warmly thanks the Washington Government. to the signing of the treaty.
accordance with the negotiations prior
Imperial Government," said Baron Tanaka,"are proud to be as2. Inas by the changes made in the preamble from the oriental text, and
well
the first to be associated with a movement so plainly from the explanations contained in Your Excellency's letter of June 23
among
there is nothing in this treaty in opposition either to
in unison with the hopes everywhere entertained, and con- 1928, it is clear that Covenant of the League of Nations, nor with those of
provisions of the
fidentially concur with the high probability of the acceptance the Locarno treaties or the neutrality treaties, nor in general with the
the
of this simple and magnanimous treaty by the whole civilized obligations contained in existing treaties which the Czechoslovak Republic
has hither to made.
world."
3. From the explanations given in Your Excellency's letter it is further
Text of the Japanese Note.
brought out that any violation of the multilateral treaty by one of the Connote received by the State De- tracting parties would free entirely the other signatory powers from their
The text of the Japanese
obligations towards the power which might have violated the stipulations
partment was as follows:
of this treaty. It is furthermore apparent that the right of self-defense is
Toldo,July 20 1928.
nor restricted by the obligations of the new treaty
acknowledge the receipt of your note of the in no way weakened
Sir:—I have the honor to
each power is entirely free to defend itself according to its will and
recall to my attention your Government's identic and that
against attack and foreign invasion.
23d ultimo. in which you
this year. enclosing together with certain cor- its nezessitles
note of the 13th of April of

States will be released
to war in *violation of the treaty the other signatory
that State. They accept this
from their obligations under the treaty to
be taken as a part of the
declaration that the preamble in this respect is to
substantive provisions of the treaty itself.
treaty from the point
They have also particularly examined the draft
of the League of Nations and
of view of its relationship to the Covenant
that it is not inconsistent
in this connection have come to the conclusion
with the latter instrument.
lth of Australia add
His Majesty's Government in the Commonwea
to which the proposed treaty
that the foregoing are the only questions
gives rise in which they are especially interested.
submitted is completely
As the text of the treaty which has now been
are concerned, they
satisfactory to them so far as these specific points
it in its present form.
will be quite agreeable to signing
AUSTEN CHAMBERLAIN.




496

FINANCIAL CHRONICLE

4. As thus defined both in the text of the preamble and in the statement
s
of Your Excellency's letter, the goal of the new treaty,
according to the
opinion of the Czechoslovak Republic, is to consolidat
e and maintain
peaceful relations and peaceful and friendly collaborat
ion under the contractual terms in which these have to-day
been established between the
Interested nations. By their signatures, the contractin
g parties will renounce war as an instrument of their national policy
aimed to satisfy their
selfish interests.
This would be an immense benefit for humanity,
and the Government of
the Czechoslovak Republic rejoices to see that the
American Government
Ls ready to offer participation in this treaty,
on the one hand to the powers
who are parties to the neutrality treaties, and
on the other to all other
powers in order to invest It with as universal a character as possible.
5. The Government of the Czechovlovak Republic having noted everything contained in your Excellency's note, expresses its
point of view on
this subject as shown in the foregoing, thus confirming the explanations
of
your note of June 23 1928.
It is very happy to be able to reply in the affirmative to the invitation
of the Washington Government and thanking it again and most particularl
y
for its generous efforts toward consolidating and maintaining
world peace,
declares that it is now ready to sign the text of the multilateral treaty
in
accordance with the proposition of His Excellency Mr. Kellogg, as set
forth
In Your Excellency's letter of June 23 1928.
I venture to add that the Government of the Czechoslovak Repulllc
gladly associates itself with all those who have rendered warm
homage to
the noble manifestation of world peace made by the Government
of the
United States and that the foreign policy of our country sees therein
the
realization of the ends which it has pursued for ten years.
Pray accept Mr. Minister, the expressions of my highest consideration.
EDUARD BENES.

The multilateral treaty for the renunciation of war wiil
not entangle the United States in European affairs nor entail
any obligations under tne League of Nations, the Secretary
of State, Frank B. Kellogg, stated orally July 21. Mr.
Kellogg's view was made known in connection with reports
received from Rtris in which it was said that "all Europe
regards the treaty as bridging the diplomatic gap" and that
"the sponsorship of the anti-war treaty places on the United
States a much greater responsibility than it would have
borne as a member of the League of Nations."
The multilateral treaty requires no affirmative action of
any kind on our part, Secretary Kellogg explained, and will
no more involve the United States in European affairs nor
in the League of Nations than the arbitration treaties which
we have signed with most of Europe.
Secretary of State Kellogg Ready to Conduct Negotiations With the Nationalist Government of China.
Readiness of the United States to enter into negotiations
at once with the Nationalist Government of China "in
reference to the tariff provisions of the treaties between the
United States and China" with a view of concluding a new
treaty, was set forth in a note which Secretary Kellogg has
transmitted to John Van A. MacMurray, Minister in Peking,
for delivery to the Nationalist Foreign Office. The note
was a reply to a communication on July 11 from Chao
Chu-wu, former Nationalist Foreign Minister, who has
been here in the United States for several weeks in the interests of his Government asking for tariff negotiations. It is
of first importance in that it treats the Nationalists as the one
Government in China, and was accompanied by informal
assurances by Secretary Kellogg that by it, and the negotiations for settlement of the Nanking incident last March,
the United States has accorded de facto recognition to the
Nationalist Government.
The text of the note of Secretary Kellogg, which was made
public July 25, is as follows:
Events in China have moved with great rapidity during the past
few
months. The American Government and people have continued
to obseeve them with deep and sympathetic interest.
Early in the year the American Minister to China made a trip through
the Yangtze Valley region and while in Shanghai exchanged on March 30
1928, with the Minister of Foreign Affairs of the Nationalist Government
notes in settlement of the unfortunate Nanking incident of Mar. 24 1927.
In pursuance of the terms therein agreed upon, a Sino-American joint
commission has been entrusted with the appraisal of damages suffered by
the American nationals during that occurrence.
On Jan. 27 1927, I made a statement of the position of the United States
toward China. To it I have often subsequently had occasion to refer in
reaffirmation of the position of this Government. I stated therein that
the United States was then, and from the moment of the negotiation of the
Washington treaty had been prepared to enter into negotiations with any
Government of China or delegates who could represent or speak for China,
not only for putting into force the surtaxes of the Washington Treaty
but for restoring to China complete tariff autonomy.
Ever since the American Government has watched with increasing interest
the developments pointing toward co-ordination of the different factions
In China and the establishment of a Government with which the United
States could enter into negotiations. Informed through press dispatches
and through official reports which have from time to time been released to
the press, the American people also have observed with eager interest these
developments.
In a note addressed by the American Minister to China to the Minister
for Foreign Affairs of the Nationalist Government at Nanking on Mar. 30
of the present year, in reply to a suggestion of the latter concerning revision
of existing treaties, reference was made to the sympathy felt by the Government and people of the United States with the desire of the Chiese people
to develop a sound national life of their own and to realize their aspirations
for a sovereignty so far as possible unrestricted by obligations of an exceptional character, and it was stated that the American Government looked
forward to the hope that there might be developed an administration
so




[VOL. 127.

far representative of the Chinese people as to
be capable of assurinethe
actual fulfillment of any obligations which China would
of necessity have
for its part to assume incidentally to readjustm
ent of treaty relations.
In a communication addressed to me under date
July 11 1928, Mr.
Chao Chu-wu informs me that the Nationalist Government
has decided
to appoint plenipotentiary delegates for the purpose
of treaty negotiations
and that he is instructed to request that the Governme
nt of the United
States likewise appoint delegates for that purpose.
The good-will of the United States toward
China is proverbial and the
American Government and people welcome every
advance made by the
Chinese in the direction of unity, peace and
progress,
We do not believe in interference in
their internal affairs. We ask
of them only that which we look for from every nation
with which we
maintain friendly intercourse; specificall
y, proper and adequate protection
of American citizens, their property and
their lawful rights and, in general.
treatment in no way discriminatory as compared
with the treatment accorded to the interests of nationals of any other
country.
With a deep realization of the nature
of the tremendous difficulties
confronting the Chinese nation, I am
impelled to affirm my belief that a
new and unified China is in process of emerging
from the chaos of civil war
and turmoil which has distressed that country
for many years. Certainly
this is the hope of the people of the United
States.
An an earnest of the belief and the
conviction that the welfare of all
the peoples concerned will be promoted
by the creation in China of a
responsible authority which will undertake
to speak to and for the nation.
I am happy now to state that the American
Government is ready to begin
at once, through the American Minister to China
negotiations with properly
accredited representatives whom the
Nationalist Government may appoint. in reference to the tariff provisions of
the treaties between the United
States and China, with a view to concluding
a new treaty in which it may
be expected tyat full expression will be given
reciprocally to the principle
of national tariff autonomy and to the principle
that the commerce of each
of the contracting panics shall enjoy in the ports
and the territories of the
other treatment in no way discriminatory as
compared with the treatment
accorded to the commerce of any other country.

U. S. and China Sign New Tariff Pact—Accord Providing For Full Autonomy Effective January 1
if
Ratified By Then.
Associated Press advices from Washington last night,
published in the New York "Evening Post" stated that a
new tariff treaty with China making effective "complete
national tariff autonomy" January 1, 1929, if ratified by that
time, was signed at Peking, July 25. The text of the pact
was made public yesterday by the State Department without comment. It was signed by Minister MacMurray and
T. V. Soong, Nationalist Minister of Finance of the Chinese
Republic, on the day following Secretary Kellogg's public
announcement of American willingness to negotiate such a
treaty.
The signature of the treaty itself it is pointed out constitutes a form of de facto recognition of the Nationalist
Government by the United States. Article 1 of the new
treaty provides: That all previous unequal tariff treaties
between China and the United States shall be annulled
and
the principle of complete national tariff autonomy apply
subject "to the condition that each of the high contracting
parties shall enjoy in the territori.s of the other treatmen
t
in no way discriminatory as compared with treatment
accorded to any other country." To supplement this
general statement, Article 1, continues:
"The Nationalists of neither of the high contracting
parties shall be compelled under any pretext whatever to
pay within the territories of the other party any duties,
internal charges or taxes upon their importations or
exportations other or higher than those paid by national
s of
the country or by nationals of any other country."
The text of the treaty it is stated formally adopts the new
nationalist name of Peiping for Peking.

President Appoints Roy West Secretary of the Interior
to Succeed Dr. Hubert Work—Lauds the Latter.
Roy 0. West of Chicago, Vice-Chairman of the Finance
Committee of the Republican National Committ
ee, was
named by President Coolidge on July 20 as Secretar
y of the
Interior to succeed Dr. Hubert Work, who resigned
to become Chairman of the Republican National Committee. Mr.
West is an old personal and political friend of the President. In addition to his post as Vice-Cha
irman of the
Finance Committee Mr. West is Republican National Committeeman from Illinois, a member of his party's Executive Committee and was, up to June, Secretary of
the Republican National Committee for four years. Newspaper
dispatches point out that entering politics almost thirtyfive years ago, Mr. West's experience in that line is comparable to that of Dr. Work and Postmaster General New,
two other Cabinet members in the Coolidge Administration.
The new Secretary is a lawyer, born in Illinois slaty years
ago. He is a graduate of DePauw University and started
his political career when he became Assistant County Attorney of Cook County at the age of 26. He was Chairman of the Illinois State Republican Committee five times

JULY 28 1928.]

497

FINANCIAL CHRONICLE

same, this has been done with the

b to accept
tion and Mr.
nal Committee corporat regret on the Rasko the entire organization.
part of
greates
and was a member of the Republican Natio
pondence states the facts in the case.
The attached corres
from 1912 to 1916.
23,
Washington
The first letter attached to the statement is dated July
Mr. West expects to be at his new post in
talking to newspaper men, and is directed to Mr. Sloan, who is addressed as "Dear
Monday morning, July 30. In
Alfred."
he said:
resignation as chairman of our finance
t to President
I am tendering you herewith my
r of the executive commit"I appreciate the honor of the appointmen
as a member thereof, and as a membe
Washington immediately committee,ve as of the date hereof.
Coolidge's Cabinet, and shall go to
I have tee, effecti place I find that the duties imposed upon me as chairman of
for which
In the first
to familiarize myself with the great office
tee are such as to take all of my time
the National Democratic Commit
been chosen."
Presidential campaign. Moreover, it is
to his new du- and effort during the ensuing as everybody in General Motors should
Mr. West expects to devote his entire time
the public to know,
cannot
that reason will desirable for the corporation is not, and in the nature of thingsentitled
appreciate, that
ties as Secretary of the Interior and for
ees are, of course,
man of the Financial Com- be in politics. While all of its officers and employnot be put in the light of
tion must
surrender the post of Vice-Chair
views,
It also is be- to their individual against the corpora
questions.
political parties, personages or
mittee of the Republican National Committee.
taking sides for or
st misapprehension in the
drop out of the Illinois campaign, altherefore, there should be the slighte
"Lest,
all my energies
lieved that he will
me to
it by Chair- public mind on this score and in order to enablepoliticadevote which I have
l duty
though he may be consulted with reference to
very arduous
free from any restraint to the
with the
relieved of all my duties in connection
man Work.
assumed, I am asking to be
wed upon Dr. Hubert Work when corporation's affairs.
Great praise was besto
Sincerely yours,
lly acJOHN J. RASKOB.
President Coolidge wrote to him on July 24, forma
Dr.
to
cepting his resignation as Secretary of the Interior.
in reply dated July 24, and addressed
Mr. Sloan's letter
nal
Work has become the chairman of the Republican Natio
"Dear John," follows: yours of July 23 tendering your resignation
Committee. The President wrote:

I beg to acknowledge receipt of
a member
ry of the Interior,
tee, as a member thereof and as
Dear Mr. Seeretary:—Your resignation as Secreta
as chairman of our finance commit
days ago, is accepted to take effect on the qualification of of the executive committee.
given me some
National
your duties as chairman of the
In view of your conviction that
your successor.
ntial
d to the
lize your time during the Preside
wish to thank you for the loyal service you have rendere
Democratic Coinmittee will monopo
I
well as to
of the Imimportance to the corporation as
campaign, and on account of the
country during the time which you have been at the head
takes no part
of that great office yourself in making it unmistakably clear that the corporation
portant Department of the Interior. Your management
t to be relieved
will always view it in political affairs, we are constrained to accept your reques
has been exceedingly satisfactory and I am sure you
the corporation.
deal of satisfaction to yourself, in the knowledge that it was from all your duties in connection with
will rewith a good
hope and expectation that you
It is the unanimously expressed
a real contribution to the administration of public affairs.
On our part, as a
in a high state of sume your duties after the Presidential campaign is over.
You can feel that you are leaving the department
clear of politics,
g
its efforts for some corporation, we recognize the necessity of always keepin
the
efficiency, which will be reflected in the success of
same time recognizing to the full
their
which is no concern of ours, at the
years to come.
dealers and stockholders to take
my appreciation of your constant and unfailing right of all of our officers, employees,
I also wish to add
think best.
in carrying individual stands on political questions as they
consideration toward me personally and your loyal co-operation
Sincerely yours.
the policies of the Administration.
out
ALFRED P. SLOAN, JR.
With kindest regards, I am
Very truly yours,
Unfavorable Criticism.
CALVIN COOLIDGE.
of July 24 noted

The New York "Evening Post" in its issue
al Motors ease
that an interesting discussion of the Gener
President Coolidge Appoints Members of Boulder Dam was sent out by the Dow, Jones financial ticker service just
Board.
nced. This read:
before the Raskob resignation was annours have been discussing at
s and directo
The Department of the Interior announced on July 20
General Motors Corporation official
unusual situation which
held over the past week or so the
that certificates of appointment had been issued by Secretary various meetingsJohn J. Raskob. Chairman of the finance committee, acsince
to
has arisen
Work to the three engineers and two geologists who were cepted the post of National Chairman of the Democratic National Party
an unPresidency. This action has had
invited two weeks ago to become members of the Board lead in Smith's campaign for the ent toward the corporation, according to
of favorable effect on public sentim
authorized by Congress "to examine the proposed site
interests in its affairs.
on of the Colorado River) some of the dominant 's prominent position and the fact that on many
the dam (Boulder or Black Cany
Becaus of Mr. Raskob
to occasionse the past he has acted as the corporation's spokesman,the public
in
and review the plans and estimates made therefor, and
utterances as indicative of the
his recent personal political
advise him prior to Dec. 1 1928, as to matters affecting the has looked upon position in the Presidential campaign.
General Motors
the
directors have been considering is
safety, the economic and engineering feasibility, and adeThe problem which officials and
fact that General Motors
the proposed structure and incidental works." best method to impress upon public sentiment the difference of personal
quacy of
there is just as much
is not playing polities and that
The membership of the Board as finally constituted is as opinion on the respective merits of Presidential candidates and campaign
any other reprefollows: Major General William L. Sibert, United States issues among officials of General Motors as there is among
, Engineer, Madison, Wis.; sentative group of business men.
Army, retired; D. W. Mead
No Disagreement.
Robert Ridgeway, Engineer, of New York; Charles P.
been
s said no definite decision has
Discussing this problem, official
gist, of New York,and W.J. Mead,Geologist,
would be
Berkey, Geolo
ent of policy by the corporation
reached on whether a strong statem
whether more
t in this matter, or
of Madison, Wis.
sufficient to set public opinion straigh
the corporation.
withdr
Favorable responses to all the invitations to serve on the decisive action, such as Mr. Raskob'sexpectedawal from would be reached
n
received by Secretary Work. They have would be needed. One director said he whether a decisio involve Mr. RasBoard have been
it would
In the next 48 hours but did not know
gone to the President who has given them his formal ap- kob's resignation from the corporation.
possible
t concerning Mr. Raskob's
While rumors in the financial distric
proval. The personnel of the Board is thus finally set up.
that some friction and disng of the Board will be held resignation from General Motors have indicated corporation, this is not the
It is probable that the first meeti
s of the
agreement has developed among official
sec in, Mr. Rasin Washington at an early date. The mass of the information case. When unfavorable reaction against General Motors necessary to diser, is located in Denver and the kob was among the first to recognize that some action was relationship beto be considered, howev
was any
public mind from the idea that there
abuse
major study may be made from that point. Visits to the tween the personal politics and General Motors' business policies. what
his
as to
difficulty which arose was corporaproposed dam site may be made from Denver. The Board,
When the matter was discussed, the
only interests of the
however, is independent and the method of its study rests steps could be taken which would protect notRaskob personally. Officials
of Mr.
tion, but also the political position
ass Mr. Rasentirely in its discretion.
do not wish to embarr
who have been considering the matter
Raskob and his
an, but both Mr.
kob's position as Democratic Chairm
matter deserve

this
l Motors' interests in
that
John J. Raskob Resigns as Chairman of the Finance associates agree rationGeneraMr. Raskob has been co-operating 100% in
and
the General Motors Corp. in Order Principal conside a solution which will fully protect the interests of GenCommittee of
the attempt to find
to Conduct the Democratic Presidential Campaign. eral Motors.
columns on July 25,
Alfred P. Sloan, President of the General Motors Corp.,
The New York "Times" in its news
the following to say:
announced on Tuesday that John J. Raskob, now Chair- in reporting the matter, had as an executive of the General Motors
resignation of Mr. Raskob
National Committee, had resigned
The
tes in the
man of the Democratic
e to the public and his associa
ted
Corporation came as a surpris
Chairman of the Corporation's Finance Committee and campaign to elect Governor Smith President, but not to those associa al
as
atic Nation
nation had been accepted. Mr. Sloan made with him in business. Immediately after his election as Democr retention of
that the resig
n and his
sm of his acceptance of the positio
of his colpublic a letter received by him from Mr. Raskob, in which Chairman,lcritici posts was said to have been made by somea dispatch
his Genera Motors
to
declared it was desirable for the public to know leagues on the General Motors directorate and, according his resignation
the latter
things from Detroit, this led to a discussion of the advisability of
"that the corporation is not, and in the nature of
associate directors.
n
not cover his as finance committee head by some of his
cannot be, in politics." His resignatio does
Hoover Backers on Board.
Board of
l Motors
position as Vice-President and member of the
Fisher, Vice-Presidents of the Genera
Charles T. and Fred J.
given
Motor Corpoof
Directors, which he retains. Mr. Sloan's statement, Fifty- Corporation: Lawrence P. Fisher, President thethe Cadillac Corporation,
Fisher Body
President of
ing, Broadway and
ration, and William A. Fisher. Corpor
directors, are understood to
out at the General Motors Build
l Motors
Governor Smith's campaign head- all of whom are GeneraHerbert Hoover,ation ican nominee for President.
Republ
seventh Street, to which
be ardent supporters of
ws:
to have objected to a situation which
quarters is being moved, folloChairman of our Finance Committee, They and other directors were said that the corporation was back of Goy.
,
J. Raskob
The resignation of John
the
ration and, it being to the interest of both
has been under conside




appear
they believed might make it

498

FINANCIAL CHRONICLE

[VOL. 127.

ernor Smith's candidacy for President.
Members of some of the banking and
groups in General Motors were said
author of the Lisman Plan for the solution of Chito have expressed agreement with the
view that Mr. Raskob should retire
from his duties in the active manage- cago's traction problems, points out in the current numb
ment of the corporation during the
er
campaign. George F. Baker. Jr. of' the of "Barron's." He
says:
First National Bank, Seward
Prosser of the Bankers Trust Co. and Junius
In New York the companies have perpet
S. Morgan, Jr. and George
ual franchises, they have no
Whitney of J. P. Morgan & Co. have been net earnin
gs, and their properties are in poor physic
associated with Mr. Raskob
al condition. In
on the Genera 1Motors finance committee.
Chicago the companie's franchises
Mr. Raskob originally intend
have expired, they have large net earned to continue as the General Motors ings, and
their properties are in excellent condition.
financial head. This was eviden
t when he insisted upon his headquarters
The Chicago transit situation
of the Democratic National Commi
is quite different from New York's in
ttee being located in the General Motor
s that the surface lines of Chicago carry
Building at 1775 Broadway, so that
about 2,500,000 people a day while
he could work at both jobs. This the elevate
d lines carry only about 620,00
headquarters, incidentally, is to be opene
0 a day. The elevated lines apd to-day.
parently cannot increase their revenu
More recently Mr. Raskob, it was
es on account of the tremendous consaid, became convinced that his gestio
n in the central part of the city
original plan of trying to functi
known as the Loop. It seems to
on both as Democratic National Chairman
be impossible to run more trains
and General Motors financial head
into the Loop without increasing faciliwas inadvisable. In his letter of resigties. These increased facilities
nation to Mr. Sloan Mr. Raskob gave
should be by way of subways, because the
as his reasons the discovery that the people
duties of National Chairman would
will have no more elevated lines
require all his time and his desire that
in the Loop District. However,
the public should not be under
the construction of the subway
the misapprehension that the General Motor
s is mixed up with the franchise question
s and politics.
Corporation was in politics.
The information in Wall Street was that Mr.
Chicago will be 100 years
old in 1933 and expects to hold a grand
Raskob decided on his resignation several days ago after discussions
centennial to celebrate its
unique history of having developed from nothin
with associates in General Motors
g
extending over several days. Mr. Rasko
Into what is probably the
b and his associates had heard,
world's third largest city. Unless the transit is understood, that there was some
criticism of his connection with the portation situation is promptly and properly dealt with it
will be utterly
Democratic campaign while he continued
to head the Finance Committee. impossible to handle the crowds which are reasonably
This criticism, most of it of the whispe
expected to visit
red variety, appeared in Wall Street the city during that year. In fact, the congestion
under the present
soon after Mr. Raskob became Chair
normal traffic is bad enough.
man.
It was said in Wall Street that Mr. Rasko
The problem for the Chicag
b, as one of the largest stocko City Council is this: Shall they grant
holders in General Motors, made the final
a
twenty-year franchise now? The
decision in the matter and did
companies have said they cannot accept
it willingly and without any outsid pressu
it. No doubt they do not want
e
re.
to accept it so long as there is a
For the time being, it is understood, Donal
chance
dson Brown, Vice President of getting a longer one. Shall the city wait
in charge of finance and a member of the
until 1929 when the legisFinance and Executive committees. lature meets, in the hope that the
legislature will pass laws authorizing
will take over most of Mr. Raskob's work.
At the General Motors offices indeterminate or perpetual franchises?
yesterday it was said that the Finance Commi
To commence new subways in
ttee had not chosen a successor
1929 will probably be too late
to Mr. Raskob and it was not known
for comwhen that action would be taken. pletion by 1933.
It was reported that Mr. Brown would serve
The Chicago franchise question
as Acting Chairman and that
is a matter which could have
the permanent chairmanship would remain
been settled
open until Mr. Raskob's return. by business men long ago, but
"politics is politics," whether
it be Chicago
or New York.
Liquidation Not Confirmed.
It was widely reported that Mr. Raskob
was liquidating some of his
stock holdings in General Motors, but these
reports were not confirmed. Roman Catholics in the
Financial interests did not credit the story
United States Number 18,604,and ascribed it to bear traders
850-Gain of 2,883,035 Memb
seeking to depress the stock. Genera
l Motors was heavy on the Stock
ers From 1916 to 1926
Exchange yesterday, falling from
Reported to Census Bureau-3,1
the high of 187i.. at which it opened
,
to a low of 184k. and closing at 185%,
15,424 in New York
with a net loss of 1 Si points. The
State.
weakness was attributed in some
quarters to Mr. Raskob's resign
ation.
The extent of Mr. Raskob's holdin
The Roman Catholic population
gs in General Motors n,Ter has beel
disclotxtl, but he is known to be one
in 1926 was 18,604,850, as comp of the United Satates
of the largest individual holders
of the
stock. The du Pont interests, with
ared with 15,721,815 in
whom he has been closely associ
for years, virtually control the
ated 1916, a gain in ten years of 2,883
corporation through the ownership
,035, according to census
of about returns made
25% of its common stock. This
public on July 24 by the Department of Comis the largest amount of stock
held by
any one group. Mr. Raskob is
looked upon as the du Pont
representative merce. The totals include all baptized perso
in the General Motors organization
ns on the
.
church rolls in the two census years
Mr. Raskob also is a large stockh
older in a number of other enterp
. The memberships
rises, of some of the
among them the United States Steel
Corp. It has been reported at
other leading church denominations for 1926,
various
times that he was to be elected a
director of United States Steel.
Some heretofore made public by the Department of Comm
time ago Mr. Raskob was elected
erce,
a director of the American Intern
ational is given as follows: Congregati
Corp., one of the largest holders of
onal, 901,846; Protestant
securities in the country.
In Wall Street Mr. Raskob has been
Episcopal, 1,858,966; Disciples of
regarded as the spokesman of Genera
Christ, 1,377,595;
l
Motors on financial matters. His public
statements on a number of occasions Northern Baptist
Convention, 1,290,438; Presbyterian,
have stimulated buying enthusiasm
in General Motors shares. The
most 1,894,030; Methodist
recent instance of this was in March
Episcopal Church, South, 2,487,694;
when, upon sailing for Europe, a statement by him was interpreted to mean
that General Motors common shouli Methodist Episcopal Church, 4,080
sell at "fifteen times its earnings."
,777, and Jewish conHis remarks at that time started
a gregations, 4,087,357.
lively demonstration in General Motor
s that spread to other departments
the market.
of
The returns show that

the Catholic population is centred
largely in the cities, although widel
American Bar Association Would Perm
y distributed among
it Oil Companies the States. On the other hand,
kiTai to Enter into Co-operative
there were 'tore Catholic
-Agreements. Al
churches in the country than in
the cities. The urban
The American Bar Association, in conve
ntion at Seattle, Catholic population in 1926 was
went on record July 26 after a heate
14,809,142 and the rural
d
3,795,708. New York led the State
national legislation to permit oil comp debate as favoring
s in the total of Catholic
population in 1926 with 3,115
anie
,424, as compared with
agreements for the co-operative developm s to enter into 2,745
,552 in 1916. Pennsylvania
ent and operation
was second with 2,124,229
of oil pools and, in cases of emergenc
y, for the curtailment Catholics in 1926 and 1,830
,532 in 1916. Massachusetts
of oil production, without rendering
themselves liable to was third among the States in Catho
prosecution under the anti-trust laws.
lic population in 1926.
The proposed law, It had 1,629,424 in 1926 and 1,410
,208 in 1916. Other
drawn up by the mineral law section of
the association in States with a Catholic population
in excess of 1,000,000 in
conjunction with the American Petroleum
Institute and the 1926 were New Jersey and Illino
is.
Federal Oil Conservation Board, is designed
The distribution of Catholic
to promote
population by States in
conservation of petroleum and natural gas.
Its principal 1926, with comparable figures for 1916,
is shown in the folprovisions according to dispatch from Seattle
dated July 26 lowing table:
to the New York "Journal of Commerce," are:
&ate
1926.
1916.
&aftMaine
"No agree
1926.

ment by two or more persons for the co-operative
development
and operation of an oil and gas pool shall be deeme
d in violation of any of
the Acts of Congress forbidding monopolies or agreem
ents in restraint of
Interstate commerce," and
"Agreements between oil producers for the curtailment
of the drilling of
oil wells and of the production of oil during periods of over
production, as
such periods are determined and declared by the Federa
l 011 Conservation
Board, shall, when made in compliance with the condit
ions hereinafter provided, be deemed not in violation of any act of Congre
ss forbidding monopolies or agreements in restraint of interstate or foreig
n commerce."

The association defeated a resolution favoring
new
copyright law which would permit the United States a join
to
the international copyright convention. The proposed
law
was attacked because of the automatic copyright laws prevailing abroad, to which the United States would have
to
subscribe. A resolution was adopted it is stated favoring
the passage by all States of uniform laws relating
to public
utilities, business corporations, reciprocal tax transfers and
veterans' guardianship.

173,893 148,530 West
New Hampshire- 146,648 136,020 NorthVirginia
Carolina
Vermont
,
.
Massachusetts
1 629.424 1,410.208 South Carolina
Georgia
Rhode Island
325,375 261,312 Florida
Connecticut
557,747 483,834 Kentucky
New York
3,115,424 2.745,552 Tennessee
New Jersey
1 055,998 790,764 Alabam
a
Pennsylvania
2 124,229 1,830,532
MississieDi
Ohio
972,109 843,856 Arkansas
Indiana
312,194 272,288 Louisiana
Illinois
1 352,719 1,171,381 Oklaho
Michigan
844,106 575,117 Texas ma
Wisconsin
657,511 595,836 Montana
Minnesota
475,809 415,664 Idaho
Iowa
287,066 262,513 Wyoming
Missouri
517,466 445,352 Colorado
North Dakota
104,195
95,859 New Mexico
South Dakota
97,077
72,113 Arizon
Nebraska
154,889 135,537 Utah a
Kansas
171,178 128,948 Nevada
Delaware
36,696
30,183 Washington
233,969
D"t df Columbia 67,348 219,530 Oregon
Mis rilano
at c
51.421 California
Virginia
38,605
38,671

1916.
71,265
60,337
6,900
4,989
9,036
9,514
17.871
18,214
39,379
24,650
177,069 160,185
24,876
23,015
36,019
37,482
32,705
32,160
24,743
21,120
587,946 509,910
46,723
47,427
555,898 402,874
n:1•
2
11

IN;

11g,' 5; 1( 1:111
}
7
77
1
174,287 177,727
96,471
84,742
14,595
10,000
8,447
8,742
121,249
97,418
55,574
49,728
720,803 494,539

John Moody Chary About Givi
ng Advi -Declares in
Chicago's Transit Problem Unlike That of New York
Address There Is Nothing to "Ins ce
ide Information"
F. J. Lisman Points Out Differences, Adding
-Urges Study of Fundamentals
Back of All Securi"Politics Is Politics" in Chicago or New York.
ties.
The street railway problems of New York and Chica
go are
According to the New York "Tim
as opposite as the poles, F. J. Lism
es" of July 25, John
an, New York banker Moody, publisher of
Moody's Manual, President of Moody




JULY 28 1928.]

FINANCIAL CHRONICLE

499

by
Investor's Service, financial analyst and author of two than 90 per cent. of the farms here are not yet served
of radio broadbooks on how to invest money, admitted the day before in power and light companies. The advent
socket, have
an address to the New York Delta Upsilon Club at 22 East casting, and of the radio with an electric
his thirty-eight years in Wall opened a new field of consumption. There will also be
Thirty-eighth Street, that
Street had been too short a time in which to learn haw to more homes equipped with electrical devices. At present
for electricity have other
advise others on how to make money. Mr. Moody de- less than half of the homes wired
will
clared there was "nothing to 'inside Information,'" as his domestic appliances than a flat-iron. Great steps
of railroads. Only about
Investors' Service had been deluged with it. He advised also be made in the electrification
is now electrified.
prospective investors to learn the fundamentals back of all 1 per cent, of our total railroad mileage
from etectric
sorts of securities and "never forget them." He also warned Lastly, industry wilt require more power
the
the general tendency, as he called it, to "swap, power and light companies. At present only half
against
Efforts to double one's capital industrial requirements are supplied by these companies."
switch and trade" securities.
in a very short time, he said, were not advisable, and "monumental patience and the courage of your convictions" were Rollin A. Wilbur to be President of Investment Bankers'
necessary to success.
Association.
Mr. Moody's hearers exhibited some surprise, the "Times"
Rollin A. Wilbur, vice-president of the Herrick Company,
says, at his disavowal of any knowledge of a "hard-andCleveland, and a business associate of Myron T. Herrick,
fast rule" for successful investments, and smiled as at a
American Ambassador to France, has been nominated
joke when he began his address by saying it seemed "ridicuInvestment Bankers Association of America
to invest their president of the
lous" to him to be asked to tell them how
for the years 1928-29. Since his nomination is tantamount
money wisely. "Years ago, at the age of 25, I thought I
to election, Mr. Wilbur will assume his office at the close
knew it all," said Mr. Moody. "It was then that I wrote
of the association's annual convention to be held at Atlantic
'The Art of Investing.' At 30 years of age I wrote 'How
City, October 14 to 19. He will succeed Henry R. Hayes
to Invest Money Wisely.' After the book was published a
of Stone & Webster and Blodget,
asked of New York,vice-president
shabby old gentleman, 85 years old, called on me and
Inc. The account regarding Mr. Wilbur's career says: - on
if I were the author. When I said I was and asked him
Mr. Wilbur's nomination came in recognition of his excellent record
what he wanted, he replied: 'When I was 25 years old I the association's board of governors and of his services in as industrial
industrial financing.
wrote a book on how to invest money wisely, and look at me securities committee in furthering sounder principles of
issuance, was
His report on non-voting stocks, opposing their general
now. I actually am in need of food. I suspect that when adopted as the Association's policy in 1926 when the subject was one of
be about as I am.' The old gentle- endless controversy and non-voting stocks were decried as a menace.
you are my age you will
up the facts in simple paragrai hs V at
man, hungry though he was, had given me food for thought. This report, calmly summing non-voting stocks," "Aga:nst non-voting
alternately began with "For
"Now I believe that the span of human life is too brief a stocks." was widely reprinted in news and editorial columns and a tamed
time in which to acquire the art of wise investing. There "menace" at once lost interest as a cause for public alarm.
Since 1915 Mr. Wilbur has been associated with Parmely W. Herrick,
is, perhaps, a way to advise how to invest more or less wisefounder and head of The Herrick Co. and Myron T. Herrick, American
of risk.
ly and with a minimum
Ambassador to France. He was born in the little country town of Wellingin a minor
"There is nothing to 'inside information' and the tendency ton. Ohlo, and after graduation from high school went to workAlternating
,
Home Sevin s & Banking Co. of that place.
change investments frequently is a mistake. A sound in- position in the and study followed. After a year in college Mr. Wilbur
to
years of work
vestment and infinite patience will make money oftenest. returned to Wellington as assistant cashier and,later, as cashier of the First
studying
A business man with a surplus for investment should invest National Bank of Wellln;ton, attending to bank duties by day andmoved to
the Ohio Bar in 1897 and
only and those requiring no worry law at night He was admitted to
in high-grade securities
Cleveland
or attention from him. His business, after all, is his biggest
Although he was now a practicing attorney, entitled to plead in the courts
was not satisfied. He attended
and he should devote his time and study to that. of the state, young Wilbur's ambition from tvhich he received the degree
speculation
Western Reserve University Law School
"There is no set rule for investing wisely. Public utili- of L. L. B in 1900. Still unsatisfied he studied at Harvard Law School
ties generally have for some time been good investments. in 1901 and 1902 and then returned to Cleveland to practice law. He was
City, 1913 to 1915.
The true investor, however, must be a person with imagina- general attorney for Utah Power & Light Co., Salt Lake to Wilbur by his
It is said that the Herrick interests were first attracted
tion and a vision of the future.
his industry. In a disputed business
independence of mind as well as by
"The investment trust seems to have been a mania in problem Wilbur held to his opposing convictions so vigorously that he won
the kind of man the
America for the last several years, although in England his point against his subsequent associates. This was
Herricks were looking for and the partnership offer followed.
and Scotland the idea is very old and also very successful,
Other nominations by the Investment Bankers Association
The investment trust has come to stay, in this country.
were announced as follows:
The investment field generally will grow tremendously withExecutive Vice-President: Alden H. Little, Chicago.
in the next ten years."
Vice-Presidents: Frank M. Gordon, First Trust & Savings Bank, Chicago:
2,000,000 Stockholders Now Have Nearly $26,000,000,000
Invested in Public Utilities—Bonbright & Co.,
Inc. Expect Electric Power and Light Investments
to Increase $3,000,000,000 in Next Five Years.
A total of nearly $26,000,000,000 is now invested in the

public utility business of the nation, exclusive of the steam
railroads, by more than 2,000,000 stockholders, according
to a public utility survey made by Bonbright & Company,
Inc. The largest investment in any one branch of the
industry is that of the combined electric light and power
and gas industries, amounting to about $12,500,000,000.
This compares with about $6,000,000,000 in electric railways, over $3,800,000,000 in telephone and telegraph companies, and an amount estimated at over $3,500,000,000
in water supply facilities.
"Although on January 1 1928, the amount of capital
invested in the electric power and light industry alone was
placed at $9,500,000,000," the analysis states, "it is estimated that during the next five years this sum will increase
by $3,000,000,000. Revenues of the electric light and power
industry have shown an increase in every year since its
inception in 1882. Gross earnings of all these companies
in the country in 1902 aggregated approximately 385,700,000.
Twenty years later they amounted to 31,783,700,000,
more than twenty times as much.
"There are many reasons why one may expect such a
large increase in capital invested in electric power and Light
and a gain of at least one-half in gross receipts, during the
next five years," the review concludes. "Most important
is that more than one-third of the population of the United
States still lives in unwired homes. In addition more




Jerome J. Janauer, Kuhn, Loeb & Co., New York; Joseph L. Seybold,
Wells-Dickey Co., Minneapolis; Joseph R. Swan, Guaranty Co. of New
York, New York; Carroll J. Waddell, Drexel & Co.. Philadelphia.
Treasurer: Robert A. Gardner, Mitchell, Hutchins & Co., Chicago.
Secretary: Clayton G. Schray, Chicago.
Members of the board of governors: Albert E. Schwabacher, Eichwabacher
& Co., San Francisco: Stanley L. Yonce, Northern Trust Co.. Duluth:
Edward N. Jessup, Lee, Higginson & Co., New York; Kelton E. White.
G. H. Walker & Co.. St. Louis; Herbert F. Boynton. F. S. Mosely & Co.,
W.
Boston; J. A. W.Iglehart, J. A. W.Iglehart & Co., Baltimore; Thomas
Banks. Banks, Huntley & Co., Los Angeles; James A. Eccles, Harris.
&
Forbes & Co., Ltd., Montreal; Gustave M. Mosier, Brighton Bank
Trust Co., Cincinnati: Gerald Parker, Commerce Trust Co., Kansas City;
Seattle; Canton O'Donnell,
Dietrich Schmitz, Nationa?Bank of Commerce,
United States National Co., Denver,

Marine Bancorporation of Seattle--Its Purpose and
Holdings Indicated.
The following "Message" to the Stockholders of the Marine Bancorporation of Seattle from Andrew Price, its
President, will be found of general interest as indicating

the extent of Its banking control and the purpose animating
the promoters:

Among other purposes the Marine Bancorporation was organized:
1. To protect the deposits of Marine Banks with a larger ratio of
capital and surplus than dictated by general banking practice, and
2. To provide a means by which customers and others might acquire
an interest in banks serving them and thereby share on an equitable
basis in the earnings which their business helps to make possible.
The acceptance of the Marine Bancorporation idea is gaining in favor
constantly—the shares of its stock are being distributed among an everincreasing group. The original family of 168 stockholders of last September has grown until to-day it numbers close to 7,000. During the last
30 days approximately 800 additional men and women have invested in
Marine Bancorporation stock. The stock transfer records of your corporation reveal a particularly healthy situation In the breaking up of a
substantial number of medium size blocks of stock, which in spite of
efforts to prevent such practice, apparently were bought for speculation, and the placing of these shares in the hands of permanent investors.

500

FINANCIAL CHRONICLE

[Vol,. 127.

To further encourage an even broader distribution of your corpora- are constantly being studied for improving the methods of conducting
tion's holdings, arrangements have been made through the Marine Na- this large business, reducing its overhead and improving its service.
tional Company to sell stock on the partial payment plan, any stock
The sixty-four directors of banks owned by your corporation are giving
so sold to be acquired by the Marine National Company from stock now the affairs of these respective institutions their close attention. In
outstanding in the market.
addition to regular director meetings each week and month, officers of these
Your directors, shortly after the date of the last message to you banks enjoy the advantage of their counsel and assistance through close
under date of March 31, entered into negotiations for acquisition of The daily contact. All are committed to conservative policies, the primary
National Bank of Commerce of Seattle. This bank was established in objective being to keep the Marine Group of Banks clean and liquid, and
1889, and is recognized as one of the oldest, largest and most conserva- otherwise to protect depositors first, and by so doing, also protect the
tive banks in the State of Washington. It numbers among its thousands interests of stockholders of the Marine Bancorporation.
of customers many of the leading business houses of Seattle and the
It is appropriate here to refer to the whole-hearted, enthusiastic efforts
United States.
of the officers and staffs of banks and companies owned by your corpoIn addition to its other holdings, the Marine Bancorporation owns ration. The Marine Group of Banks and Companies now has 320 empractically the entire capital stock of The National Bank of Commerce, ployees. Throughout the entire organization there prevails a wholesome
Marine National Bank and The National City Bank, except directors' spirit of co-operation, encouraged, we believe, by the fact that practically
qualifying shares. A contract for consolidation of these banks, under 100% of the employees are stockholders of the Marine Bancorporation.
Every day there is evidence that the majority of the nearly 7,000 stockname and charter of The National Bank of Commerce of Seattle, has
holders of the Marine Bancorporation are keenly alive to their opporbeen adopted by the directors of the three institutions.
Upon consolidation, The National Bank of Commerce of Seattle will tunity to help the different banks which the corporation owns, not only
have combined capital, surplus and undivided profits of $4,000,000, as by transacting their banking business with these banks, but by actually
follows: Capital, $2,500,000; Surplus, $1,000,000; Undivided Profits, going out of their way to urge their friends and acquaintances to do
$500,000. This makes The National Bank of Commerce, in point of likewise.
July 1 is a particularly propitious moment for the opening of new
combined capital resources, the largest bank in Seattle and the State
accounts-especially savings accounts-with banks owned by your corof Washington.
The first step in the consolidation of the three banks was the merging poration, as it is the start of a new interest period.
Opportunity is taken once again to caution against speculation in Marine
of the business of the Marine National Bank with that of The National
Bank of Commerce, effective June 18. The National City Bank will be Bancorporatkm stock.
continued at its present location, Second Avenue and Marion Street, pent!.
ing completion of rearrangements of the banking room of The National
Bank of Commerce, at which time it will be merged with The National Bancitaly Corporation Investment in 13 Oil Companies
Bank of Commerce.
-Holdings, Mostly in Common Issues, Have Market
Under the terms of your corporation's offer to the stockholders of The
Value of $41,734,850.
National Bank of Commerce, certain privileges of exchange of stock
were granted on the basis of $52.00 per share, as a result of which there
The Wall Street "Journal," in its issue of July 26 (evening
have been issued 51,952 shares to stockholders of that bank, for the sum edition)
discussed the oil holdings of the Bancitaly Corporaof $2,701,504.00. This leaves approximately 100,000 shares of Marine
Bancorporation stock still in its treasury, after allowing for stock held tion as follows:
Market value of the oil stocks held by the Bancitaly Corp. as of the
under partial payment sales and employee purchase plans.
The Ntaional Bank of Commerce owns its own building, covering one- July 20 semi-annual statement, was $41,637,300. This was made up of
quarter of a block, located at Second Avenue and Spring Street, Seattle. holdings in 13 oil companies amounting to a total of 886,288 shares. All
The principal occupant of the building, other than the bank itself, is the but one of the Issues was common stock.
The largest holding in any one company, both in number of shares and
Seattle Branch of the Federal Reserve Bank, located on the third floor.
This building is favorably located and adapted to the housing of the market value, as of July 20, was in Standard 011 Co. of California. This
principal centralized business of your corporation. Certain rearrange- Investment amounted to 212,868 shares with a market value July 20 of
ments will be required to accommodate the business of the Marine Na- $12,186,693.
Companies whose principal operations are in California made up the
tional Bank and The National City Bank as merged with The National
Bank of Commerce, as well as that of the Marine National Company, bulk of the holdings in the petroleum industry. Holdings In Union Oil
of California and Union Oil Associates, holding company with control of
which also will be quartered In the building. Already economies of operation have been effected which should be materially increased as a Union Oil, formed the second largest oil investment, with a combined value
$8,006,961.
result of the merger of the three banks and the housing of same, and of
Some notable changes occurred in the corporation's oil holdings as comMarine National Company, under one roof.
pared with the statement of condition Jan. 20. Principal among these
Perhaps one of the most important events since our last report was was the sale of entire holdings of Gulf Oil and Texas Corp.. of 11,100
the decision of Hon. John H. Dunbar, Attorney-General of the State of shares and 25,000 shares, respectively. Holdings in several other large
Washington, who had been requested for an opinion as to the legality of oil units were reduced in the period with increases mainly in Pan American
the organization of the Marine Bancorporation. Although attorneys for Petroleum & Transport D, Standard of California, Union 011, Pure Oil and
your corporation had exhaustively investigated and inquired into all legal some others. Increase in Vacuum 011 holdings, from 8,000 to 16,700 shares,
aspects of this question, prior to organization, and felt satisfied as to was largely due to a 100% stock dividend.
the legality of your corporation, its purpose and plans, this opinion gives
Appended is a table outlining various oil holdings of Bancitaly Corp.
official recognition to the organization and states specifically that "a July 20 and Jan. 20. last, and July 20 1927.
holding or investment corporation organized and existing under the
Value
Shares Held
general laws of the State of Washington relative to the organization
Jule 20 1928. Jule 20 1928. Jan. 20 1928. July 20 1927.
Stock
of corporations for profit may legally own, hold and vote the conRefining
81,094.000
9,600
16,400
7,700
trolling interest in a chain of banks in this State, whether such banks Atlantic Corporation
Gulf 011
5,000
11,100
be two or more banks organized as national banks or two or more State Pan American Petroleum B. 4.304,000
49,200
103,100
95,600
banks," and that "the holding of majority stock of a chain of banks Pure 011
1,298,750
41,000
58,700
46,200
Royal Dutch (American)._ 1,131,200
23,000
32,500
20,200
is not a violation of the law forbidding branch banking."
Shell Union
2,600,500
76,462
98.600
100,900
Your corporation is bending every effort to further assist and carry Standard 011 of California 12,186,693
178,150
197.468
212,888
on the efforts of its banks in the respective communities for construc- Standard 011 of Indiana.... 2,368,000
33,300
33,300
32,000
136,835
4.736,635
141,635
109,835
tive helpfulness toward industry and aid and encouragement of individual Standard Oil of N. J
Standard 011 of N.
69,400
74,000
1,180.300
35,100
accomplishment. Through its large resources and those of its banks, it is Texas Corporation Y
20,020
25,000
in a position to extend a range and breadth of co-operation not previ- Tidewater Assoc., corn
333,200
12,600
19,600
Tidewater Assoc., pref
4,000
ously obtainable in Washington.
10,800
•1,237,936
14,500
Union 011
70,950
86,960
a8,006,961
101,660
The present financial position of your corporation is viewed by your Union 011 of California
Associates
31,045
51,980
55,725
directors as being an eminently satisfactory one. The company is free Vacuum 011
3,500
8,000
1,256,675
16,700
from indebtedness. It owns practically 100% (exclusive of directors'
Total
751,462
944,443
841,734,850
886,288
qualifying shares) of the stocks of the banks constituting the Marine
Group.
• It also has on hand approximately $4,000,000 in cash, call
*Price as of July 19. a Represents combined value of Union 011 Associates and
loans, accounts receivable and other investments than bank stocks, being Unicn Oil of California, based on latter's market price.
a sum substantially in excess of the total par value of the bank stocks
It will be observed that share holdings in oil stocks were materially reduced
which it owns, thereby fulfilling its original declaration in connection in the first half of this year. This trend followed a considerable expansion
with its investment policy. Consistent with the conservative program during the second half of 1927. Shares held July 20 numbered about 58,000
adopted by your directors, its Investments have been maintained in less than on Jan. 20. They were still considerably greater than the 751,462
exceedingly liquid form, such securities other than bank stocks consisting shares on hand July 20 1927.
principally of bonds which show your company an appreciation over and
above book cost even in the face of recent market declines. By virtue of
your corporation's strong current position with no indebtedness and with Bancitaly Corporation ShowsProfits in Last Six Months
substantial sums in cash, call loans, and other receivables, your corpoof $35,233,552, Exclusive of Recent New York Bank
ration finds itself to-day in an enviably strong current cash position
Acquisitions-List of Holdings.
which enables it to avail itself of any favorable investment opportunities.
Based upon both assets and earning power, Marine Bancorporation stock
Bancitaly Corporation on Monday, July 23, made public
Is in a sound investment position.
its financial statement for the past six months (Jan. 20 to
Banks owned by your corporation now have over 50,000 accounts. In
,
addition, these banks daily serve thousands of customers in their safe July 19) showing normal earnings amounting to $35,233,552,
deposit, safekeeping, trust, bond and other departments. An indication exclusive of any profits from the transaction involving the
of the large volume of transactions handled through banks owned by Bank of
America,Bowery and East River National Bank and
your corporation is their average daily clearings, exceeding those of
* The banks and companies constituting the Marine Group in addition
to the Marine Bancorporation are:
The National Bank of Commerce of Seattle. with which are being consolidated
The Marine National Bank of Seattle and
The National City Bank of Seattle.
The Marine Central Bank of Seattle.
The Marine State Bank of Seattle.
The Marine National Company of Seattle.
The Capital National Bank of Olympia.
The Grays Harbor National Bank of Aberdeen.
The First National Bank of Cosmopolis.
The combined resources of the Marine Group are in excess of $50,000,000.
the entire city of Tacoma, according to press reports. Ways and
means




Commercial Exchange National Bank of New York, and
after setting aside more than $13,000,000 in reserves. This
announcement of earnings is accompanied by a current
statement of condition, and in connection therewith the
corporation makes public a list of its security holdings,
having a market value of approximately $1,000,000 or more
each as of July 19 1928. Profits for the period covered by the
statement not only set a new high record, it is stated, but
also exceed any previous full year's operation and were more
than six times dividend requirements for the first two
quarters of 1928. If the same level is maintained throughout
the remainder of 1928, it is stated, the corporation will have

JULY 28 1928.]

FINANCIAL CHRONICLE

501
sold during the

more. According to this statement the corporation has
earned over $13 per share, or in excess of 11% on the present past six months 24,400 shares of Allied Chemical, 16,700 shares of American
standpoint of normal Can, 13,400 of American Smelting & Refining, 28,300 shares of Kennecott
market price of the stock. From the
Oil and 17,400
Copper, 24.000 of Corn Products, 11,100 shares of
earnings and investment return, it is pointed out, this has shares of Montgomery Ward & Co. It sold 5,010Gulf of National.
shares
profitable period of operation than was City Bank and reduced its holdings in Chase Bank from 5,960 to 2,765bu8
been an even more
anticipated. While as much as a year ago thelikelihood of increased its holdings in First National Bank from 550 to 2,188 shares,"
holdings in Baltimore & Ohio, Canadian
Corporation also reduced
profits being maintained at the high levels then enjoyed Pacific, International Tel. &its
Tel., American Tel. & Tel. and New York
s were asked not to expect Central.
was questioned and stockholder
: On the other hand, holdings were increased in Atchison, Pan-American
that records established during boom times could be sus
Oil of California, Union Oil of California
Petroleum,
tamed permanently, nevertheless, because of continuing and others. Pure Oil. Standard
prosperous conditions throughout the nation, earnings have
exceeded all normal expectations. Although the securities Pacific Coast Regional Trust Conference to be Held in
account is carried on the books at $254,972,867, this figure
San Francisco Oct. 17-20.
is said to be actually less than either cost or market price.
The Sixth Regional Trust Conference, for the Pacific
During the period covered by the statement, Bancitaly Coast and Rocky Mountain States will be held in San FranCorporation paid more than $28,000,000 in cash to the cisco, Oct. 17-20. R. M. Sims, Vice-President and Trust
capital of the Bank of America, over and above the stock of Officer, American Trust Co. of San Francisco, has been
the other New York banks which it turned in when the chosen as the general chairman of the conference. Invitarecent merger with the Bowery and East River National tions will be sent to trust companies and banks in the eleven
Bank and the Commercial Exchange National Bank was
States of Arizona, California, Colorado, Idaho, Washington,
effected. In addition the published statement shows there
Montana, Nevada, New Mexico, Oregon, Utah and Wyoming
has been a complete liquidation of all bills payable-an
sessions. The conference will be held
at the time the Jan. 20th to participate in the
item that amounted to $32,000,000
under the auspices of the Trust Company Division of the
report of condition was issued. This, together with the large
Bankers' Association and the Associated Trust
reserves and $20,000,000 on deposits with banks and loaned American
Companies of Central California. Composing the General
at call, gives the corporation, it is declared, a stronger
are R. M. Sims, Chairman; '
position than at any previous period in its history. The Committee
Bab
W. J. Rieferdorf, Bank of Italy National Trust and Savings Ass',,,
in the capital account of $29,- Francisco, Vice-Chairman;
statement shows an increase
L. E. Greene, Wells Fargo Bank and Union Trust Co., San Francisco;
000,000 and an aggregate gain in total resources of over
Benjamin J. Henley, California Pacific Title and Trust Co., San
$5,000,000.
Francisco;
In many respects the present year is proving to be most
Daniel Read, Central National Bank of Oakland;
Grant Cordrey, Anglo-California Trust Co., San Francisco;
gratifying. The net normal earnings, exclusive of the profits
J. E. McGuigan, United Security Bank & Trust Co., San Francisco;
from the transaction involv ng the Bank of America, Bowery
Stuart Smith, Bank of California, San Francisco;
and East River National Bank and Commercial Exchange
J. W. Garthwaite, Oakland Bank, Oakland;
R. B. F. Randolph, Anglo & London Paris National Bank, San Francisco;
National Bank, which are estimated at anywhere from
F. J. Brickwedel, Wells Fargo Bank and Union Trust Co., San Francisco;
$40,000,000 to $60,000,000 and after setting up appropriate
George Spillman, Capital National Bank, Sacramento;
reserves, have far exceeded expectations. The inauguration
Roy Blair, California Trust & Savings Bank, Sacramento;
extension of service in New York,
J. F. Dorgeloh, United Security Bank & Trust Co., San Francisco;
of the long planned
L. A. McCrystle, Crocker First Federal Trust Co., San Francisco;
Chicago and London have been witnessed, it is pointed out.
John G. Campbell, First National Bank, Oakland;
These offices, opened dur ng the early part of the year, have
G. W. Davis, First National Bank in Berkeley;
J. E. Drew, American Trust Co., San Francisco;
been followed by s:lailar un:ts in Cleveland, Pittsburgh.
F. II. Lougher, Anglo-California Trust Co., San Francisco.
and Baltimore. Other strategic points throughout the
The Chairmen of the other committees are: ArrangeUnited States and Europe have been selected for the estabments, W. J. Kieferdorf; Hotels and Registration, Frank H.
lishment of additional offices at a future date.
J.
A list of principal domestic stocks of Bancitaly Corpora- Lougher; Entertainment, H. B. F. Randolph; Finance,
Transportation, Caxtion, the investment in each case representing a market value NV. Garthwaite; Publicity, J. E. Drew;
of $1,000,000 or more as of July 19 1928, as made public ton P. Rhodes; Program, W. J. Kieferdorf.
by the corporation follows:
Name of IssueNo. of Shares.
ho. of Shares.
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
Name of IssueBank of Italy, N.T.S.A., San Fr_235,548 International Tel.& Tel. Corp___ 13,300
National Bank of Commerce in New York announces the
Bank of America, N.A., N. Y..314.698 Louisville & Nashville RR.Co.._ 9.500
18,200
First National Bank, New York__ 2,188 black Trucks,Inc
12,500 election of John A. Hartford, President of the Great Atlantic
Missouri Pacific RR. Co. pref
United Security Bank az Trust
12,090
80,644 New York Central RR.Co
Co., San Francisco
Co., as a director of the bank.
National Bank, New York_ 2,765 N.Y. N. H.& H.RR.Co., com_ 45,300 & Pacific Tea
Chase
117 N.Y. N.H.az H.RR.Co., pref..1 6,675
Union Trust Co., Fittsburgh--...
11,800
First National Bank, Boston__ __ 2,000 Norfolk & Western fly. Co
Fireman's Fund Insurance Co__ 15,600 Nor. Pac. fly. Co. etts. of dep._ 110,200
1 3,100
American Car az Foundry Co..... 13,200 Nor. Pac. fly. Co., com
13,300 Pan American Petroleum &TransAmerican Locomotive Co
103,100
port Co., common "B"
6,800
American Tel. az Tel. Co
21,413
Topeka az Santa Fe fly Co_ 23,092 Pennsylvania RR. Co
Ateh.
14,000 Pure 011 Co
58,700
Atlantic Coast Line RR.Co
7,700 Royal Dutch Co.(Amer.shares) 20,200
Atlantic Refining Co
98,600
24,500 Shell Union 011 Corp
Co
Baltimore & Ohio R11.
I 6,200 Standard 011 of California
212.868
Brooklyn Edison Co.,Inc
32,000
Consolidated Gas Co. of N. Y..._110,900 Standard 011 of Indiana
5.775 Standard 011 of New Jersey_ _109,835
Borden Co
15,100 Standard Oil of New York
35,100
Canadian Pacific fly. Co
112,200 St. Louis & San Fran. fly., com_ 7,850
Chesapeake Corporation
1 7,000 St. Louis & San Fran.6% pref__ 4,578
Chesapeake & Ohio fly. Co
Chicago de North Western fly. Co. 17,000 Tidewater Assn.011.6% cv. pref. 14,500
6,600 Tidewater Assn. 011, common__ _ 19,600
Delaware & Hudson Co
9,500 Union 011 Associates
55,725
General Electric Co
Union Oil of California
101,660
& Rubber Co.
Goodyear Tire
10,000 U. S. Steel Corporation
18,200
7% preferred
14,250 Vacuum 011 Co
16.700
Goodrich Co
.
7,100
Great Northern fly. pref. certif...110.500 Woolworth Co
Great Northern fly. pref. stock-1 2,900

At the meeting of the Executive Committee The Seaboard
National Bank of the City of New York on July 26, Fred S.
Child and Marna E. Conrad, were appointed Assistant Cashiers.
President 0. W. Birckhead of the Murray Hill Trust Co.
announces that the 10,000 shares of additional stock offered
to stockholders has been fully paid for, as well as a like number of shares of Murray Hill Allied Corp., and the capital
account of the trust company has been increased from
$1,000,000 to $2,000,000 and the surplus account from $1,000,000 to $1,500,000.

The meeting of the stockholders of the Public National
The following is the consolidated statement of Bancitaly Bank & Trust Co. of this city for approval of the plan to
9.
Corp. and its real estate investment subsidiary, the Capital split up the stock has been adjourned until 11 a. m., Aug.
Co., at the close of business July 19, compared with statePlans have just been completed by Charles Baier, of Baler
ment of January 20 (cents omitted):
Ado 19 1928 Jan. 20 1928 & Bauer, for the new Forest Hills National Bank of New
Assets$8,593,316
$20,485,751
Cash in banks and call loans
21,603,395 York, to be erected shortly at an approximate cost of $135,12,293,695
Bills and accounts receivable
254,972.867 252,430,801
Investments-Securities
Metropolitan and Seventieth
6,412.438 000, at the intersection of
7,007,332
Business properties, less mortgages
176,041
184,304
Subsidiaries
Avenues, Forest Hills West, Queens. According to plans,
$294,943,950 $289,215,994 the exterior will be of Colonial effect, while the interior will
Total
part of the "cages" will be of
$130,000,000 $130,000,000 be of marble. The upper
Capital stock
149,971,328 120,561.776
Surplus and undivided profits
steel and shatter-proof glass and an ultra-modern vault
$279.971,328 $250,561,776 will be placed on the main floor. The officers of the new
Capital investment
32,656.868
Bills and accounts payable
July 22 said, are
13,497,622
4.497,349 bank the New York "Herald-Tribune"
-For taxes, contingencies, ,he
Reserves
1.500,000
1,475.000
of agricultural economics. Univ. of Calif.__
Foundation
John A. Rapelye, President; Louis C. Gosdorfer, Vice$294,943,950 $279,215,994 President; Joseph H. De Bragga, Vice-President; Raymond
The "Wall Street Journal" commented on the changes in A. Moosbrucker, Vice-President; John P. Lamerdlln,
H.
follows:
the security holdings during the six months asCorp. has made Counsel. The directors are John A. Rapelye, Joseph
January 20, last. Bancitaly
Since its previous report on
John J. Wessmiller, Henry Hemmerdinger,
Bragga,
in its list of security holdings. Accompanying De
some noteworthy changes
Bilquez, Frank J. Horsch, Joseph H. Schiemann,
is a list of its various holdings amounting to $1.000,000 or G. E.
the statement




502

FINANCIAL CHRONICLE

[VOL. 127.

Benjaminn Marvin, Raymond A. Moosbrucker, John P.
Temporary organization of the newly-formed Franklin
Lamerdin, Charles Beier, Louis Galucci and Louis C. Washingto
n Trust Co. of Newark, was affected on Tuesday
Gosdorfer.
at a meeting of the merger committee, according to the
"Newark News." That committee represented the two banks
Ground is being prepared at the southeast corner of
Bedford Road and Wheeler Ave., Pleasantville, N. Y., which merged—the Franklin Banking & Trust Co. and
for the erection of a building to be occupied by the First the Washington Trust. Clifford F. MacEvoy, President
of the Franklin Capital Corp., who headed the Franklin
National Bank of Pleasantville. The structure will have
a frontage on Bedford Road of 42 feet, and a depth of Bank & Trust Co., was chosen Chairman of the board.
86 feet along Wheeler Ave. Adjoining, at the rear, and Thomas L. R. Crooks, who was President of the Washington,
was selected as President. The following Vice-Presidents
facing Wheeler Ave., the bank will erect a building specially
were chosen:
designed to house the Pleasantville Post Office, plans having
Willard H. Elliott, who was with
been approved by the Postal authorities, and a 10-year of the Weequahic bank, Frederick the Washington, Roscoe L. Strickland
Bowden of the Franklin and Jerome T.
lease of the premises having been signed. Both buildings Congleton. Mr. Congleton is city corporation counsel and was on the
board of the Washington.
are to be of the same exterior construction, light-faced
Harry F. Hays Jr. of the Weequahic was chosen Treasurer
brick and limestone. While the bank building at present
and Frederick J. Hodson, Secretary of the Washington,
will be of two stories, yet structural steel and other material
have been planed to carry a five-story building in the future, Secretary. Five Assistant Secretaries were named. The
and elevator space has been provided for such future develop- stockholders of the merged bank will meet within 60 days
ment. The First National Bank of Pleasantville, organized the "Newark News" says, to name permanent directors
by the Manville-Hoyt interests, opened for business Sept. 1 and permanent officers. Each branch bank will have a
1925 with total resources of $186,000, which at the close of Vice-President in charge and an advisory board. The main
three years have risen to $1,125,000. Officers are: H. E. bank officers will be at Broad and Commerce streets, when
Manville, Chairman of the Board; Arthur G. Hoyt, President; the building there is completed. The branches will be at the
B. Duncan Hull, Vice-President; Wilmot E. Bell, Cashier; Washington Trust offices at 477 Broad street, the present
Harry Klingler, Assistant Cashier, and Charles J. Campbell, quarters of the Franklin at Roseville Avenue and Orange
sreets, and the Weequahic and Liberty banks. After the
Secretary and Attorney.
meeting Mr. ManEvoy commented as follows:
I am more than pleased with the progress of our organization plans.
The Middletown National Bank of Middletown, Conn.,
They are going forward rapidly
the second to be charted in the State, is now to be known iest co-operation and mutual and harmoniously, and a spirit of the heartconfidence animates both offices and directors.
as the Middletown National Bank & Trust Co., President
As an illustration of the tine feeling which prevails I need only cite the
Francis A. Beach announced on July 24 following receipt cases of two members of our new official family—Mr. Strickland and Mr.
Hays. Mr. Strickland,
offa telegram from the office of the Comptroller of Currency manufacturer, was one ofa man of financial standing and formerly a local
the organizers and the President of
giving permission for the change. The petition for a change Trust Co. and Mr. Hays was an officer from its inception. the Weequahic
When the Weequahic became affiliated with the Washington Trust Co.
of name was made in March and immediately brought
these gentlemen as Vice-Preside
forth opposition from the Middletown Trust Co., which, institution, remained in chargent and Treasurer, respectively, of the latter
of the Weequabic branch under lucrative
however, was not allowed in Superior Court. Mr. Beach contracts to run for five years.
Notwithstanding their belief that these contracts were valid instruments
announced that no change in poliey will be made. A trust Mr.
Strickland and Mr. Hays have voluntarily surrendered them and, as
department was instituted at the bank one year ago.
a real personal sacrifice, will continue prominently and actively in the
A bonus of 10% on deposits will be paid patrons of the
Smithfield Savings Bank, recently merged with the National
Exchange Bank of Greenville, R. I., to form the Greenville
Trust Co. The now bank has just opened main offices at
Greenville and a branch at Esmond. The bonus, the
Providence "Jodrnal" says, will be added to the savings
of the depositors of the Smithfield Savings Bank when they
call at the new bank for new pass books. The officers of
the Greenville Trust Co. are: President, Charles E.
Walcott; Vice-Presidents, Nicholas S. Winsor and Henry
S. Turner. All deposits in both the old banks have been
taken over by the new company under a contract approved
by the Rhode Island Bank Commissioner. New pass books
and new check books will be issued.
Directors of the Union National Bank'of Dover, N. J.
on July 19 elected William Otto to succeed the late Thomas
H. Hoagland as President. Mr. Hoagland, who died three
weeks ago, had held the office twenty-five years. Mr.
Otto has been cashier for an equal period.
Edward Maxson, State Commissioner of Banking and
Insurance, is ordered to show cause why a certificate of
authority to do business should not be issued to the North
Park and Dodd Trust Co., of East Orange in a writ of
mandamus issued in the New Jersey Supreme Court at
Newark, N. J., by Chief Justice William S. Gummere.
Commissioner Maxson rejected the bank's application for a
certificate last month upon the recommendation of Hugh
H. Hilson, chief deputy.
An addition of $4C0,000 to surplus and application for
membership in the Federal Reserve System is planned for the
Hobart-Service Trust Co., of Passaic, N. J. The $400,000
will be raised by assessing each stockholder $10 a share, if
Vice Chancellor Baekes approves today in Newark. The
New Jersey Bankers' Securities Co. is the largest stockholder. Jacob V. Srseaton,president of the Passaic Chamber
of Commerce, was elected president of the trust company
yesterday after Harry H. Weinberger resigned. Mr.
Smeaton will serve without compensation. Mr. Weinberger's $21,000 salary as president it is stated was discontinued. Other reductions in overhead,amounting to $10,000
a year were made a dispatch to the Newark "News" said
on July 24.




Franklin Washington Trust Co. in the same official capacities they held
with the Washington Trust Co.
This action on their part was prompted by their confidence in the new
institution and their desire further to advance the interests of the Weequahic
branch, which they were largely instrumental in establishing on a solid
foundation, an achievement to which they Justly, though modestly take
personal pride. I am happy to have associated with me men actuated
by that spirit and purpose.

Monday July 23 marked the opening of the offices of the
Fidelity-Philadelphia Trust Co. in its new thirty-story
building at Broad and Walnut streets. On Sunday the company removed its cash, trust funds and other assets from its
former office at 325 Chestnut and from its branch offices at
1431 Chestnut street, Broad and Chestnut streets and 1431
Chestnut street to the bank vaults in the new building.
The company closed on Saturday its offices at those locations,
with the exception of 325 Chestnut street, which will be
continued. The branch at 6324 Woodland avenue also
will be continued. Removal of the company's assets,
believed to constitute the largest transportation of cash,
securities and other valuables in the history of Philadelphia,
says the Philadelphia "Ledger" was made under special
guards of police detailed by Superintendent Mills and also
by private detectives and the company's own bank guards.
Minute precautions were taken to prevent any untoward
occurrence or any loss of valuables. After the removal had
been completed, officials of the company said that the entire
operation had been carried out successfully.
The banking quarters in the new building, which was
designed by Simon & Simon and built by Irwin & Leighton,
comprise the greater portion of the first six floors and two
basements of the structure. Six elevators will serve the
trust company, independent of the twenty passenger elevators and two service elevators providing transportation for
the office-building floors. We quote in part a description
of the new quarters as published in the "Ledger":

The main banking room on the ground floor is 119 feet
long. 54 feet
1134, inches wide and 46 feet 95i inches high. The walls and wainscoting
are of honed Tavernelle Claire marble, especially imported
from Italy.
The ceiling of the main banking room, rising to the third-floor
level, is
modeled in plaster with soft, harmonizing coloring.
The floors of the
wide public spaces are marble, with appropriate inlays. Check desks
of striking design in Levanto marble occupy the center of the main public
space, extending from the entrance on Broad street to the rear of
the
banking room.
At the east end of the banking room a sculptural clock group represents
Day and Night as human figures united hand in hand across the face
of
Time. The clock group, which is carved in marble, Is surmounted by a
stained-glass window depicting scenes and characters of outstanding
Interest in the history of Philadelphia. Designed by the D'Ascenzo Studios,
of this city, in collaboration with the architects, the window is more than

JULY 28 1928.]

FINANCIAL CHRONICLE

503
and

chairman of the board of the consolidated institution
twenty-five feet high and is one of the few in this country depicting secular
Herbert W. Goodall, now president of the Guarantee Trust
history.
as
The counters separating the public spaces from the working spaces
and Safe Deposit Co., will be president. There will be
well as the railings inclosing the officers' spaces are of polished Tavernelle
no change in the official staff and directors.
marble. The screens of the tellers' spaces on the right side of the practically
Claire
type. Through its large capital and extensive resources, the new
main public apace are of wood, bronze and glass of the most modern
eliminating entirely the old-style tellers' cages.
institution, the Philadelphia "Record" points out, will be
To the left of the main public space and at the eastern end of the banking
all interests in this city, and through
are the officers' spaces. Private offices, including those of William in a position to serve
room
P. Gest, Chairman of the Board of Directors, and Henry G. Brengle. its chain of branches will offer the services of a large inPresident, are behind the rear wall of the main banking room and are
stitution in those parts of Philadelphia which have formerly
accessible through a doorway under the sculptural clock group.
information department and a department specially designed for the been served only by local banks.
An
convenience of women customers are immediately to the left of the main
The main office will be at 316-320 Chestnut street. A
entrance. Writing alcoves and telephone booths are near the elevators
will be maintained at 1420 Walnut
loan department is located on the left side of the large central city office
and stairways. The
Other departments on this floor off the banking are corpor- street, which office is at present undergoing alterations.
banking room.
ate trust department and the personnel department.
The Chelten Trust Co.'s office at Germantown and Chelten
The main portion of the individual trust department, beginning at the
the Fifty-second
stories in height, rising to the fourth-floor level. avenues, as well as their Logan office, and
second-floor level, Is two
second-floor level on the north and south sides the public space street branch of the Guarantee Trust & Safe Deposit Co.
At the
forms a balcony overlooking the main banking room. On this floor are
will also be maintained and their facilities increased.
spedial divisions for the tax department, the investment analysis departA new company, to be known as the Chelten Title Co,
ment, the trust ledger bookkeeping department and the library. The
trust cash bookkeeping department Is on the third floor.
will be organized to take over the title business of the inOn the fourth floor are filing space, mailing room, photostat room, corstock of the Title Co. will be owned by
respondence clerks, department, purchasing department and stock room, stitution. All the
receiving department, rooms for addressograph and graphotype machines the Tradesmens Corporation, a new corporation which will
transit settlement department, commercial bookkeeping department and be organized simultaneously with a capital of $2,450,000,
general ledger department. An infirmary, a dispensary and a doctor's
the stock of which will be owned by the stockholders of
office are also on this floor.
The Board of Directors' room, facing Broad street on the fifth floor. Is Tradesmens National Bank & Trust Co.
room
56 feet long, 27 feet wide and 22 feet high. In dignified beauty this
Because of the changes in national banking laws it has
Is believed to be an unusual achievement. To the right of the board
functions and the
room is a spacious committee room. On the same floor are the main din- become more and more evident that trust
ing room, where more than 400 employees of the company will be served management of estates can be most efficiently carried out
daily and which has a capacity far exceeding that number; the senior
institutions, according to the officers
officers' dining room, the junior officers' dining room, a private dining by national banking
of the new company, who say that in this instance the conroom for guests, kitchen and pantry.
The sixth floor space is occupied by the real estate department, with ditions of consolidation are particularly ideal, as the invarious subdivisions devoted to the many activities of this department. A
stitutions are not competitive. The Tradesmens National
large mortgage vault Is installed here.
The bank vault structure into which the cash, securities and thousands of Bank has been doing a commercial business, with large
safe deposit boxes were moved for to-day's opening is the largest in Phila- foreign exchange facilities for financing imports and exports,
delphia and one of the largest in the country. It is two stories in height
Deposit Co. and the
with entrances from two basement-floor levels. The upper portion of the while the Guarantee Trust & Safe
structure is the safe deposit and storage vault. The lower portion is the Chelten Trust Co. have been largely catering to individual
trust company vault.
accounts and have carefully managed trust and title deThe safe deposit department is reached by elevators and stairway from
room at the Broad street side. Surrounding the vault partments.
the main banking
are examination rooms, table space, individual booths and sixty-two
At the close of business June 30, 1928, the surplus, uncommittee rooms.
the building construction, the divided profits and reserves of the Tradesmens National
The vault structure is entirely apart from
building being trussed over it, thus eliminating the use of columns through Bank amounted to $3,700,979.89; Guarantee Trust & Safe
the vaults. It Las re-enforced concrete walls two feet thick lined with steel. Deposit Co., $2,701,753.18; Chelten Trust Co., surplus
There are four separate systems of electrical protection wires in the concrete
profits, $377,368.99. Deposits of the three
walls and steel doors. The sate deposit vault has an ultimate capacity and undivided
other institutions, in the order named, were on that date as follows:
of 35.000 steel boxes and a separate section for the storage of silver and
bulky valuables.
$18,716,653.94, $14,665,759.47, and $4,850,919.14.

the

The terms under which the Broad Street National Bank
of Philadelphia and the Queen Mae National Bank are to be
merged with the Oak Lane Trust Co. are given to stockholders of the institutions in notices of special stockholders'
meetings called to consider the proposal. Stockholders of
the Queen Lane National are to receive one share of Oak
Lane Trust stock for each three shares of Queen Lane
National plus a payment of $22.50 a share. The right to
subscribe to one-half share of stock of the Oak Lane Trust
Co. at $275 for each share of Broad Street National stock
held is offered to stockholders of the latter institution.
The Oak Lane Trust Co. plans to issue 8,500 new shares to
provide for the anticipated exchanges. Of the increase,
1,000 shares will be used in the acquisition of the Queen Lane
National and the balance will provide for the Broad Street
National transaction. It is expected that the merger will
be completed by October 1.
A special meeting of the stockholders of the Manheim
Trust Co. of Germantown, Phil., has been called for September 18, to take action on a proposed increase in the capital
stock from $200,000 to $250,000.
A special meeting of the stockholders of the Southwestern National Bank of Philadelphia will take place on
Aug. 20 1928, to vote on a proposed increase in the bank's
capital from $200,000 to $300,000.
A,merger ofthree'great financial institutions of Philadelphia
—the Tradesmens National Bank, Guarantee Trust & Safe
Deposit Co. and the Chelten Trust Co.—was decided upon at
meetings of the boards of directors on July 25. The merged
institution is to be known as the Tradesmens National Bank
will have capital,
& Trust Co. The consolidated institution
and undivided profits of $8,800,000; deposits of apsurplus
proximately $40,000,000; resources in excess of $55,000,000;
trust funds of approximately $30,000,000 and corporate
Loeb,
trusts of approximately $65,000,000. Howard A.
now president of the Tradesmen's National Bank, will be




The Tradesmens Corp. according to the "Philadelphia
Ledger" will have broad charter powers. Its capital will
be $2,475,000 consisting of 333,000 shares of no-par value,
which will be owned pro rata by stockholders of the consolidated bank. This corporation will supplement the new
bank in much the same way that similar corporations der
duty for the National City and the Chase National in New
New York and the First National in Chicago. It will be
able to transact important business which is complementary
to that part of the bank but which does not come directly
within the scope of a national bank.
The plan of consolidation has been placed before the stockholders by a committee composed of Milton Campbell,
Herbert W. Goodall, Howard A. Loeb, Jerome H. Loucheim,
A. G. B. Steel, and Thomas D. Sullivan. The program as
agreed upon follows:
First. A business corporation to be known as "Tradesmens Corporation"
will be organized, under the laws of Delaware or such other State as the
committee may find most advantageous, with broad charter powers.
The capital stock of the corporation shall consist of 33,000 shares et no par
value, all of which shall be issued to Guarantee Trust and Safe Deposit
Co. for a consideration of 82,475,000, to be paid in cash and (or) property.
Second. Chelton Trust Co. (all of the stock of which is owned by
Guarantee Trust and Safe Deposit Co.) shall be merged into Guarantee
Trust and Safe Deposit Co., which shall then consolidate under the charter
of Tradesmens National Bank under the name of Tradesmen,
The consolidated bank will
National Bank and Trust Co.
have a capital stock of $3,300,000. divided into 33,000 shares of $100 par
value. It will begin business with surplus, undivided profits and reserves
of approximately 55.500,000, making the total capital, surplus, undivided
profits and reserves approximately $8,800,000.
Third. As at present constituted, the capital stock of the Tradesmens
National Bank Ls 81.000,000, divided into 10.000 shares of $100 par value.
The capital stock of the Guarantee Trust and Safe Deposit Co. is 81 480,000, divided into 15,000 shares of $100 par value.
Under the terms of the consolidation, each shareholder of Tradesmans National Bank, upon payment at the rate of $135 per share, will receive for each share 1 8-10 shares of the consolidated bank, and each shareholder of Guarantee Trust and Safe Deposit Co., upon payment at the rate
of $75 per share, will receive for each such shares one share of the consolidated bank. This money will go into the surplus of the consolidated bank.
Fourth. As soon as the consolidation has become effective, the consoij..
dated bank will distribute among the stockholders of the consolidated
bank the 33,000 shares of Tradesmens Corp., which the consolidated bank
will have acquired through the consolidation. The certificates for stock
of the Tradesmens Corp., will be indorsed upon the certificates for stock of
the consolidated bank, so that neither can be transferred separately.
Fifth. A Pennsylvania corporation will be organized under the nasaof
Chelton Title Insurance Co., or some other suitable name, to carry On the

FINANCIAL CHRONICLE
title insurance business of the Cheiton Trust Co. All
of the stock of the
title company will be subscribed for and owned
p Under this plan each stockholder will receive by the Tradesmens Corp.
one share of the Trades
mans Corporation for each share of the consolidated bank,
and the proportionate interest of every stockholder in the two corporations
will always
remain the same.
The amount to be subscribed by the shareholders is necessary
in order
to restore to the surplus of the consolidated bank the amount of capital
of
the Tradesmens Corp. contributed by the Guarantee Trust and Safe Deposit Co.

Officers of the Farmers and Merchants National Bank
of Baltimore, according to the Baltimore "Sun" expect to
have everything ready for its proposed new investment
company to start functioning in a short time, sufficient
stockholders having approved of the plan to assure its fulfilment. The new investment company is to be known as
the Farmers & Merchants National Corporation and will
have 65,000 shares of capital stock of no par value. Stockholders Of the bank who approve of the plan will receive
beneficial interest certificates of the new corporation in the
proportion of one for every ten shares of bank stock they
own. The existing 16,250 shares of bank stock of $40 par
value will be substituted for 65,000 shares of $10 par, it
was said.

[Vol,. 127.

facturer and leader in a number of local organizations, was
elected a Director to succeed the late Morris Rich. The
meeting of the directors at which the election was held was
the first regular monthly session of the bank's board since the
death on July 1 of Dr. Blalock, one of the city's most prominent bankers and financiers.
Mr.Jones, the new president of the bank, according to the
"Atlanta Constitution" has been interested in the institution
since it wasfounded in 1910 and for about 10 years has served
as Chairman of its board of directors. He is identified with
a number of business interests and for many years has
been a leader in all movements looking to betterment of the
City. He served as postmaster of Atlanta under the Wilson
administration. Mr. Clay, the new executive Vice-President, has been one of the bank's Vice-Presidents and a director for many years, joining the Fulton National soon
after its organization. He has held practically every
position in the bank. He is the son of the late United States
Senator A. S. Clay, of Marietta. F. W. Blalock, elevated
to the position of Vice-President, has been connected with
the bank for the past ten years. He is a nephew of the late
Dr. Blalock, whom he succeeds on the board of directors.

Purchase of practically the entire stock in the Continental
Trust Co., of Macon, Ga., by a group of Atlanta financiers
headed by Rotert F. Maddox, (hairman of the board,
and Thomas K. Glenn, President of the Atlanta and
Lowry National Bank and the Trust Company of Georgia,
was consummated July 24 according to the Atlanta Constitution of July 25. Confirmation of the transaction was
obtained from Mr.Glenn upon his return to the city Tuesday
night from Macon where the deal was closed. The ConsThe City Secur:ty Co., a newly formed subsidiary of the titution adds:
While the group of local capitalists, who are said to be closely
City Trust & Savings Bank of Youngstown, Ohio, is comconnected
with the interests of the Atlanta bank but acted in this purchase
as a
pleting arrangements to purchase the Trumbull Banking Co separate corporation, acquired about
95% ownership in the Macon banking
at Girard, Ohio, five miles West of Youngstown, according concern, only one change will be made in the organization, it was stated.
Marion Liles, who has been in charge of the Macon branch bond departto a dispatch from Youngstown on July 17, appearing in ment
of the Trust Company of
1920 will beome
the Cleveland "Plain Dealer" of July 18. The Trumbull President of the Continental, and Georgia sincethe investment a Vicewill transfer
business to
•Banking Co. has assets of $600,000. The advices further- the Continental offices. The Continental has been without a bond
more stated that the City Trust & Savings Security Co. is department.
H. A. McCord will continue as President of
capitalized at $250,000 and will engage in a general invest- the capital stock of which is to be increasedthe Continental Trust Co..
immediately to $500,000.
snaking the Macon institution, with its new Atlanta affiliations, one of
ment business.
the
W.H.Gerhauser,President of the American Ship Building
Co. has been elected to the board of Directors of the Union
Trust Co., Cleveland. Mr. Gerhauser, formerly of Detroit
is an engineering graduate of the University of Michigan,
and at 39 years of age is one of the youngest men in Cleveland
to head an organization of the size of the American Ship
Building Co. He recently succeeded the late .Alfred G.
Smith.

A special meeting of the shareholders of the Merchants'
& Manufacturers' Bank of Milwaukee has been called for
Aug. 13 to vote on a proposed consolidation of the institution and the Second Wisconsin National Bank of
Milwaukee, recommended by the directors at a meeting
held July 2.
With regard to the affairs of the Liberty Savings Bank &
Trust Co. of Memphis, the closing of which on June 28 last
was noted in our issue of June 30, page 4033, the Memphis
"Appeal" of July 10 reported that R. W. Hall had been
appointed liquidating agent of the institution and that the
bank would open its doors on that day for the collection
of notes. At the time the institution closed its doors it had
deposits of approximately $3,000,000. In announcing the
appointment of Mr.Hall as liquidating agent, H.L.Grigsby,
Superintendent of Banks for Tennessee, and receiver for
the Liberty Savings Bank & Trust Co., said in part:

biggest banking businesses in the southeast.
The conference in Macon was completed at 530 o'clock, with
gratification expressed by the principals in the union of business facilities.
Mr.
Glenn and Mr. Maddox, with other associates from hero,
motored to
Macon Tuesday, to wind up the negotiations, which had been started
some
days ago.
According to the last published statement of the Continental
Trust Co..
deposits of $1.647,047.92 were shown on June 30 of this year,
as compared
with $394,290.18 on deposit on Jan. 11927. The present
capitalization is
$150,000, with surplus of $50,000 and undivided profits
of $15,270.38.

Advices from Florence, S. C., on July 13 to the Columbia,
S. C., "State" reported that the sum of $82,000 was then
ready for distribution to the approximately 4,000 depositors
of the defunct First National Bank of Florence, according to
Thomas A. Early, receiver for the institution. The dispatch
went on to say:
•
When

the bank failed three years ago it paid depositors 60% and issued
40% in participation certificates. The dividend just declared is the second

20% dividend on this 40%, and brings the total of payments to depositors
up to 74%. Other assets are on hand to be liquidated. Concerning
these
Mr. Early would make no statement or prediction, although it is certain
that additional dividends will be paid to depositors in course
of time.

Closing of the First National Bank of Florence on March 26
1925 was noted in the "Chronicle" of April 111925, page 1844.

Mr. Hall's appointment was made known to the officers of the Liberty
Savings Bank & Trust Co., who expreused their gratification over the selection of a man of Mr. Hall's known ability. Messrs. Wilson and Hunt,state
bank examiners in charge of the bank's affairs, requested the continued
co-operation of the officers of the bank in the orderly liquidation of the
bank's affairs and they were assured by the officers of the bank of their
whole-hearted co-operation, so that the interests of all depositors and
creditors as wed as stockholders might be most conservatively administered.
The exanainers will have completed their inventory of the bank's affairs
by Tuesday (July 10), and all records examined were found to be dean,
correct and in order and no misapplication was found. The bank will
be opened Tuesday for liquidation purposes, and vrill continue to te open
until the liquidation is completed. The usual banking hours from 9 until
2 will be observed.
All notes of borrowers were held by the bank and not pledged or rediscounted and therefore can be paid promptly at the bank.
The co-operation of all borrowers and depositors to the end of a speedy
and economical administration of the bank's affairs is requested by the
-receiver and liquidating agent.

Formal notice has been posted on the doors of the Bank of
Bridgeton, N. C., says the "Wall Street News" in a dispatch
from Richmond, Va., dated July 21, that the institution had
been closed by order of the board of directors and turned over
to the State Corporation Commission for liquidation. Although the bank has been closed for a month following the
death of the Cashier, J. A. Nunn, th!s is the first official
notice regarding its closing. C. I. Taylor, of the State Corporation Commission, was given charge of the bank's books
and an auditor will make a complete check of the bank's
condition.

Bolling H. Jones, for the past 10 years Chairman of the
•board of the Fulton National Bank, of Atlanta, was last
week elected President of that institution to succeed the late
Dr. William J. Blalock. The directors at the same time designated Ryburn G.Clay, Vice-President, as executive or first
Tice-President, and F. W. Blalock, Assistant Cashier, to
the position of Vice-President and Director. Simon S.
Selig, President of the Selig company, prominent manu-

Negotiations are progressing rapidly, says the Richmond
(Va.) "Dispatch" for July 26, toward the proposed merger
of the Rihcmond Trust Co. and the Industrial Bank of
Richmond, according to reports in financial circles, and
formal announcement of the consummation of the deal is
expected soon. It is understood that committees are now
working to complete numerous detailed arrangements connected with the proposed consolidation of these two institu-

I.




JULY 28 1928.1

FINANCIAL CHRONICLE

505

a loss of 134 points on the day. Amerthe new bank and trust closed at 183
industrial
tions. According to information,
rs of the Richmond ican Can was the outstanding strong stock of the
quarte
company will occupy the present
Co., of group and sold up to 8834 with a net gain of 4 points. AnThe Richmond Trust
was unTrust Co., 7th and Main Sts.
has a capital of other notably strong stock was Gold Dust which
Carter R. Williams is President,
which
of $64,852, and usually active and advanced 334 points to 9134. United
profits
$1,000,000; a surplus and undivided
top for the day,
dividend has been recently States Steel common sold up to 140 at its
sold up to
deposits of $2,298,988. No
%
states, are directed but finally closed at 1387 . Motor Products
atch"
declared as its earnings, the "Disp
a 12534, making a gain of 5 points; Lehn & Fink gained 334
Richmond, which does
the day,
to surplus. The Industrial Bank of
$600,000, with points and Butterick sold up to 45 at its high for market
mortgage business, has a capital of
large
4
ts of closing with a net gain of 3 points at 433 . The
48 and deposi
surplus and undivided profits of $164,0
of the buying
a par of $25 it pays moved sharply upward on Wednesday, most and the so$400,227, as of June 30. On stock with
centering largely on the speculative favorites
to 189 and
a $2 annual dividend.
called standard stocks. General Motors sold up
Pacific closed at 18834 a gain of 2 points. Consolidated Gas atof the
That George H. Greenwood will be President
organization, was tracted considerable speculative attention as it bounded
National Bank of Seattle, now in course of
July 18 to the "Wall forward to 14834 and closed with a net gain of 4 points at
reported in a dispatch from that city on
Aero selling
Mr. Greenwood was formerly a Vice- 14734. Specialities also were strong, Wright
Street Journal."
al Bank & Trust up to 15634, as compared with its previous close at 15134.
President and a director of the old Nation
be capitalized Curtis Aero & Motor, touched 1063 and Radio Corporation
%
Co. of Spokane, Wash. The new bank will
d shares
3
s of $500,000 and a contingent reached its top for the day at 1714. The railroa
at $2,500,000, with surplu
company were not as strong as the industrials, though Rock Island
fund of $100,000, it is said. It's affiliated securities
of $50,000, was in good demand and closed somewhat higher. General
will be capitalized at $600,000, with surplus
the
bank $3,750,000. Electric also was in active demand and crossed 150 for
making the capital resources of the new
an Piano pref. followed
said. first time in over a week. Americ
Operations are expected to start about Sept. 1, it is
page 3710, its 934-point gain of Tuesday with an additional gain of 5
In an item appearing in our issue of June 16 last,
cuously strong
points and closed at 6434. Other conspi
reference was made to the new institution.
ghouse Electric.
issues were Amer. Tel. & Tel. and Westin
of
Julian C. Smith, Vice-President and General Manager al Tobacco stocks led by Lorillard were also higher.
ay, oil shares
ent of the Montre
Shawinigan Water & Power and Presid
Stocks contined to move forward on Thursd
ntial
ays, and one of the leading utility men of the coun- becoming increasingly active and closing with substa
Tramw
rate of the Montreal Trust Co. gains. Public Utility issues also were strong, particularly
try, was elected to the directo
on
and closed
General Gas & Electric "A" which sold up to 56
of Montreal, Canada, at a meeting of the board held
3
% with a net gain of over 4 points. United States
at 55
July 23.
the day,
5
Steel common sold up to 141% at its high for CorporaYORK STOCK EXCHANGE.
THE WEEK ON THE NEW
it slid back to 14034 at the close. Radio
Smelting
centered though
Speculative activity in this week's stock market
tion improved 2 points to 16934 and American
ties, though there gained 434 points to 19934. In the railroad group New York
largely in industrial shares and special
n,
ndising
Central moved higher and so did Delaware & Hudso
were occasional swings to the oil issues and mercha
have been somewhat irregular, Atchison and Canadian Pacific, but the advances were not
stocks. Price movements
The
t continued
and the net change sfrom day to day have been small. after especially noteworthy. On Friday the marke
weekly statement published
d and substantial advances were recorded
to move forwar
Federal Reserve Board's
further re- by a number of the market leaders. One of the features of
the close of business on Thursday shows that a
loan
ng & Refining
s'
the day was the strength of American Smelti
duction of $10,496,000 has been made in the broker
d the movements of the which bounded forward to above 204, the highest in the
account. Irregularity characterize
many history of the company. United States Steel common also
stock market during the short session on Saturday and
were considerably reduced before the moved briskly forward and crossed 143. General Motors
of the early gains
features advanced from 190 to 192 and Chrysler was also strong.
close. Allied Chemical was one of the outstanding
at its high for the day, though it re- American Can made a net gain of 3 points and Atlantic
and sold up to 17734
it crossed
acted slightly just before the close. General Motors was Refining reached its top price since 1923 when
strong
%
strong demand and reached 1873 and then slipped back 148%. Railroad stocks were strong in spots, the
in
receded from 16834 to 16534. issues including the Eries, St. Louis-San Francisco and Rock
to 1863(. Radio Corporation
and
Kroger Stores was another strong feature and sold above Island. Wright Aeronautical was up about 6 points
with a net gain of 2 points at 98%. In the final Radio Corporation advanced to 175 while Montgomery
99, closing
in Ward moved to higher levels. The final tone was good.
hour the market was somewhat unsettled by the break
NGE
rt-Texas which dropped to a new low level for the
Freepo
TRANSACTIONS AT THE NEW YORK STOCK EXCHA
DAILY. WEEKLY AND YEARLY.
year at 603. Selling pressure against Montgomery Ward,
n
Union Carbide & Carbon, American Linseed and Hudso
Untied
Mate.
Railroad.
Stocks,
Slates
Municipal &
these stocks down from 1 to 4 points.
&c..
Number of
Motors carried
Week Ended July 27.
Bonds.
Foreign Bonds.
Bonds.
Shares.
d following more
On Monday the market turned upwar
5123,500
$1,091,000
$1,803 000
565,800
315,500
or less irregularity in the early trading. Some of the specu- daturday
1,806,500
3,085,000
1,395,310
Monday
572,000
2,159,000
cuously strong, notably Ameri- Tuesday
000
4,790
1,764.410
lative favorites were conspi
820,500
2,674,500
4,572,000
1,703,840
Wednesday
499,500
2,043,500
can Can, International Nickel, Columbia Gas and American Thursday
4,987 000
0
1,459,83
220,000
1,316,000
4,932 000
1.841.200
Tobacco, all of which were from 1 to 3 or more points higher. Friday
82.351.000
000 811.091.000
n and a few
8.730.390 325.049.
Total _ .
General Motors, United States Steel commo
Jan. Ito July 27.
others were inclined to lag behind in the first hour but were
Week Ended July 27.
Sales at
New York Stott
stronger at the close. Copper stocks moved to the front
1927.
1928.
1927.
1928.
Exchange.
under the guidance of Kennecott Copper which again crossed
309,324.131
440,822,796
01
8,730,390 10,271,3
95, its high for the year. The strength of this issue stimu- Stocks, No.of shares-.
Bonds.
5194,870,300
$125,114,250
Governm
lated buying Anaconda which fell into line with an advance State andent bonds_ _ $2,351,000 $5,439,850 492.006,565 492.471.400
foreign bonds 11,091,000 10,371,500
, followed by Greene-Cananea, Cerro de Pasco, Railroad & mist,. bonds 25,049,000 34,113,000 1,501,681,025 1,310,164,050
of 2 points
$1,997,505,750
Calumet & Arizona and Chili Copper. The strong indus838,491.000 549,924,350 52,118,801,840
Total bond
trials included among others Union Carbide & Carbon,
PHILADELPHIA AND
DAILY TRANSACTIONS AT THE BOSTON.
United Fruit and Kroger Grocery, the latter reaching its
BALTIMORE EXCHANGES.
highest peak since listing. Railroad stocks were again inBaltimore.
Philadelphia.
Boston.
active, though there was an occasional exception like St.
Week Ended
Shares. Bond Sala. Shares. Bond Sates. Shares. Bond Salm,
27 1928.
which moved rapidly upward to 8834
July
Louis & Southwestern
55,000
490
$1,000 a14,985
.6,913
18,600
as compared with its previous close at 84, and Texas& Pacific Saturday
989
$39,100
22,000 al8,067
*22,409
Monday
16,800
1,832
22,300
The merchandising stocks continued Tuesday
.21,815 27,000 a19,743 48,100 3.015 28,000
which sold up to 173.
3,000 a22,528
*21.847
Wednesday
53,000
2.060
4,000
advance, Montgomery Ward and Sears-Roebuck being Thursday
8,000 a19,198
.23,022
to
11,000
1,857
3,000
a5.764
18,000
16,442
Friday
in strong demand at substantial advances.
10,243 $132,400
100,265 8118,560
on Tuesday and moved briskly
$79,000
112.448
Total
The market opened strong
forward under the leaderhip of the railroad stocks. Atch- Prey, week revised 111,915 $70,700 184,578 $185.150 16.173 8133.600
Monday, 11,957; Tuesday,
sales of rights were: Saturday
'
4 In
ison advanced 2 points to 190, followed by Ches. & Ohio 25,612;addition,ay, 43,897; Thursday, 14,950., 6 041;
Wednesd
closed 23 points up at 1813. General Motors
, 2,200; Monday, 5,500; Tuesday, 8,200; Wednesday, 5,700;'Thursday,
a Saturday
which
Friday, 2,100.
moved up and down between 184341and 187 and finally 5,100;




506

FINANCIAL CHRONICLE

[vol.. 127.

ImportsTHE CURB MARKET.
Exports
Germany
/18.021 Arabia
With the exception of to-day's market which
112,500
Netherlands
showed
13.376 U. S. A
17,700
some strength, trading in the Curb Market
Belgiu
78.857 Other countries
this week was U. S. Am
3.562
dull and irregular. Interest centered in a few
26.414
special issues, British$India
257.030
price movements outside of these being narro
w. American Other countries
203
Cyanamid, class B sold up from 30Y to
1
353/i the close to1393,871
day being at 34%. Bancitaly Corp. advan
133.762
ced from 110M
The export, shown above, of
to 118 but reacted subsequently to 114%.
silver to the
Fox Theatres In the form of refined bars, seems117,700like -carrying U. S. A., which was
rather
coals to Newcastle."
corn. sold up from 26 to 29 and finished to-day
No fresh Indian Currency Returns have
at 28)4.
come to hand.
The stock in Shanghai on tne 7th
Industrial Rayon new dropped from 923 to 85%,
instant consisted of about 43,900,000
4
recovered ounces in sycee, 76,300,
000 dollars, and 5,000 silver bars,
to 88 but reacted finally to 86. Marion Steam Shove
l new with about 41.700,000 ounces in sycee. 77,300,003 dollars, andas compared
2,000 silver
corn. rose from 413 to 46% and ends the week
4
at 45. bars on the 30th ultimo. Quotations during the week:
Public Utilities were generally firm though inactive.
Amer.
-Bar Silver. per oz. Std.- Gold Bar Per
Gas & Elec. corn. gained about ten points to 165. Electr
Cash.
2 Mos.
Oz. Fine.
ic July 5
Investors advanced from 58% to 63 and closed to273jd.
2750.
84s. 10%cl.
day at July 6
27 3-16d
84a. 1034d.
623j. United Gas mpt. moved up from 131% to
July 7
13834. July 9
27 5-16d.
273jd.
84s. 10%d.
Oils were quiet. Humble Oil & Refg. sold up from
27 1-16d.
27d.
84s. 10%d.
77 to July 10
27 1-188.
81 and ends the week at 80 8. Standard Oil (Indiana)
27d.
84s. 10d.
ad- July 11
273-16d.
27Hd.
84s. 103d.
vanced from 733 to 76)4, the final figure to-day being
4
27.187d,
7534. Average
27.114d.
84s. 10.4d.
Mining issues were in demand. Newmont Mining sold
The silver quotations to-day for
up
cash and two months' delivery are
from 154 to 162, the close to-day being at the high
respectively ;Id. and 1-188. below
those fixed a week ago.
figure.
Noranda Mines dropped from 58% to 553, recovered
to
57, the close to-day being at 56.
ENGLISH FINANCIAL MARKET
A complete record of Curb Market transactions for
-PER CABLE.
this
The daily closing quotations for securi
week will be found on page 534.
ties, &c.,at London,
as reported by cable, have been as
follows the past week:
DAILY TRANSACTIONS AT THE NEW YORK CURB
MARKE
T.

Week Ended
July 27

*STOCKS (No. Sidra).
ludas. &
Oil.

Saturday
aionday
Tuesday
Wednesday
Thursday
Friday
Total

110,065
236,906
287,405
342,08C
230,64(
222,461
1.429.56

Total.*

15,150
33,360
44,450
56.760
50.702
98,400

42,100 167,315
56.300 326,565
50,120 361.975
38,500 437.340
48.940 330.282
33,810 354.675

298.822

269,770 1,978,152

Sat
July 21.
BONDS (Par Value).
Silver, per oz.d. 2734
Gold. per fine
Foreign
oz
s. 84.10%
Demote. Oovernmeni.
Consols. 234s_ ____
3821,000
8435,000 British, Ss _
_ __
1,213.000
424,000 British, 4 Ms_ _ _ _
_
1,243,000
565.000
1,223,000
476,000 French Rentes
1,021,000
(In Paris)_ tr.
383,000
1,326,000
282,000 French War L'n
(in Paris)_ tr.
16,847,000 82,565.000

* In addition, rights were sold as fol OWS: Saturda
y, 1,600; M .(nday, 2,700: Tuesday, 6,400; Wednesday, 4,400; Thursday, 4,700; Friday.
2,000.

Mon.,
Tues.,
Wed.,
Thurs.,
July 23. July 24. July 25. July
26. July 27.
277-16
275-16
27 5-16
277-17
2734

84.10%
55,‘
102
98%

84.10%
55%
102
98%

84.1034
55%
102
98%

84.113j
55%
102
98%

84.11%
55%
102
98%

67.40

67.30

67.15

66.80

66.50

93.15

93.40

93.25

93.15

93.20

The price of silver in New York on the

Silver in N.Y., per oz.(eta.):
Foreign
5834
5934

5934

5934

same days has been:
59%

5934

THE ENGLISH GOLD AND SILVER MARK
ETS.
COURSE OF BANK CLEARINGS.
We reprint the following from the weekl
Bank clearings the present week show a
y circular of
small decrease as
Samuel Montagu & Co. of London, written
under date of compared with a year ago, but as the falling
off is very small,
July 11 1928:
the decrease may be turned into an increase
when the final
GOLD.
figures come to hand. Preliminary figure
The Bank of Ea ;land riturns continue to siloy
s compiled by us,
inereasin; gold reserves
against notes. Tha total on the 4th
instant was a fresh record, namely based upon telegraphic advices from the chief cities
of the
.C170.686.190 as compared with £169633710
on the previous Wednesday), country, indicate that for the week
ending to-day (Saturday,
and represents an incraase of /16.779
.875 since the 29th April 1925
-when July 28) bank exchanges for
an effective gold standard was resume
all the cities of the United States
d. A further record gold holding
is likely to be shown in the return for the week
from which it is possible to obtain
ending to-day, as will be I
weekly returns will be
seen from the Bank of England gold
movements sot out below.
0.6% smaller than for the correspondin
In the open market yesterday 1861,00
g week last year.
0 South African Bar Gold was I The total
stands at $9,570,237,149, agains
available: the bulk of this amount-1692.
000
--was acquired by the Rank I
t $9,626,562,365
of England: /125.000 was taken for a destina
tion not disclosed, and 138,000 for the same week in 1927. At this centre
, there is a loss
was bought by the Trade and India.
for the five days ending Friday of 0.5%.
,
The following movements of gold to and
Our comparative
from the Bank of England summa
ry for the week follows:
have been announced, showing a net influx

of /916,000 during the week I
July 5. July 6. July 7. July 9.
Clearings-Returns by Telegraph.
July 10. July 11.
Received
Nil.
Week Ended January 7.
Nil.
Nil. 2250.000 £692,000
Nil.'
Withdrawn
Nil.
Nil.
Nil.
Nil. 117.000
19,000 New York
Chicago
Tete receipts on the 9th and 10th instant were
in sovereigns and bar Philadelphia
gold
s..ectively from Sonia Africa. Thl /26,000
sovereigns withdrawn Bcston
wer . Led as follow: Spain, 817.000 and
Kansas City
Egypt 0.000.
St. Louis
1., wing were the United Kingdom imports and
exports of gold San Francisco
regl t (r . in the week ended the 4th instant:
LOS Angeles
Pittsburgh
ImpyrtsExports
Detroit
Arabia
/100.000 Germany
Cleveland
18,500 Pal more
British West Africa
25.537 Other countries
7,265 New Orleans
Other countries
380
Thirteen cities, 5 days
/125.917
115,765 Other cities, 5 days
The Transvaal gold output for June 1928 amounted to 862.363
fine , Total all cities, 5 days
ounces, as compared with 886.188 fine ounc:s for May 1928 and
855,154 All cities, 1 day
fine ounces for June 1927.
Total all cities for week
SILVER.
under review:

The tendency of prices has been downward, perhaps more from lack
of demand than pressure of sales. China exchange has been easier in
tone,
and that quarter has consequently been rather a seller than a buyer.
The
market has also been assisted by some Continental sales, though not
very
substantial. India has been disposed to buy at the more favorable
rates.
The undertone still remains dull.
According to the Central News the French Government is about
to
Purchase tendered silver fi:e-franc pieces at 10 francs (new)
per piece.
This is equal to about 24 Xd. per standard ounce. Therefore,
as the
melting of the now obsolete silver cola is not prohibi
ted. French holders
can do better by selling the coin to ra.incrs. 1.1 these circums
tances the
French silver market will be for a time well supplied and the
surplus, if
any, will be available in other mar..ets. Large quantit
ies of French
coin were undoubtedly smuggled abroad in recent years,
and the French
Government also obtained substantial amount by purchas
s
e in the last
year or so. The balance still outstanding may
not therefore be large,
though the tendency of the French peasant
in hoarding coin may render
the residue not negligible as a factor la the
silver market.
The fohowing were the United Kingdom
imports and exports of silver
registered in the wee ended the 4th instant
:




1928.
$4,535,000,000
624,354,905
382,000,000
349,000,000
131,354,081
111,500,000
146,053,000
161,720,000
138,332,729
177,029,883
108,810,461
72,517,382
45.062,570

1927.

Per
Caul.

$4,560,000,000
-0.5
515,270,127
+1.8
402,000,000
+5.0
408,000,000 -14.5
119,338,611 +10.1
111.300,000
+0.2
136,130,000
+7.3
133,684,000 +13(5
137,007,953
+1.0
136,747,975 +29.5
108,989.409
-0.2
86.482,601 -16.1
47,042,500
-4.2

16,872,735,011
1,019,129,280

$6,901,993,176
999,619.150

-0.7
+2.0

$7,891,864,291
1,678,372,858

173001.612,326
1,724,950,039

-0.1
-2.7

19,670,237,149

19,626,562.366

-0.6

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 state
ment, however, which we
present further below, we are
able to give final and complete
results for the week previous-the
week ended July 21. For
that week there is an increase
of 8.4%, the 1928 aggregate
of clearnings for the whole count
ry being $10,475,532, 738,
against $9,667,122,164 in the same
week of 1927. Outside
of this city, however, the cleari
ngs show an increase of only
4.2%, the bank exchanges at this
centre recording a gain of
11.5%. We group the cities now
according to the Federal

.1 t:Ly 28 1928.]

FINANCIAL CHRONICLE

Reserve districts in which they are located and from this it
appears that in the New York Reserve District (including
this city) there is an increase of 11.3%, and in the Philadelphia Reserve District of 2.8%, but in the Boston Reserve
District clearings show a decrease of 2.0%. In the Cleveland Reserve District a trifling increase appears, namely
0.6% and in the Richmond Reserve District of 5.5%, but
the Atlanta Reserve District registers a loss of 2.3%. In
the Chicago Reserve District the totals are larger by 3.5%,
in the St. Louis Reserve District by 4.3%, and in the Minneapolis Reserve District by 10.3%. The Kansas City
Reserve District shows an improvement of 13%, the Dallas
Reserve District of 15.5% and the San Francisco Reserve
District of 12.2%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.

Week Ended July 21.

Clearings at
1928.

1928.

1927.

168.8?
Dec.

4
Federal Reserve Dist*.
$
15
let Boston_ _ _12cities
539,864,831
550,3167,376 -2.0
2nd New York_11
6,265,721,052 5,629,464.007 +11.3
3rd Philadelphial0
572,441,991
656,840,249 +2.8
415 Cleveland__ 8
435,125,259
432,609,742 +0.6
5th Richmond - 6
183,002,221
174,484,798 +5.5
6th Atlanta......13
185,349,774
183,73X,374 -2.3
_20
7th Chicago
1,008,815,522
974,975,911 +3.5
8th St. ImUle _ 8
223,663,356
214,440,029 +4
.3
9th 'Minneapolis 7
128,771,400
116,726,160 +10.3
10th Kansaa City12
286,129,218
253,279,385 +13.0
11th Dallas
5
79,708,836
68,995,624 +15.5
12th San Fran_ _17
566,439,278
504,738,509 +12.2

1926.

1925.

518,720,560
5,071.127,788
578,648,144
425,384,433
196,248.082
202,927.750
944,972.054
211.871,612
120,538,775
265,946,891
66,675,864
536,361,727

453.594,142
4,901,725,251
587,103,988
407,217,332
194,164,829
722,914,568
926,232,930
206,021,995
115,769,091
235,284,310
62,660,503
468,118,974

139 cities 10,475,532,738 9,667,122,164 +8.4 9,139,423.880
Total
Outside N Y.City
4,337,654,419 4,162,438,664 +4.1 4,190,088,691 8,780,837,933
3,996.952.404
CILOACUI
31 Miss
448,162,461
345,973,292 +29.5
322,327,149
301,530,002

We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended July 21.

Clearings al
1928.

1927.

First Federal Reserve Dist rict-Boston
Maine-Bangor _
577,649
839,428
Portland
3,456,629
3,622.730
Mass -Boston _ _ 484,000,000 498.000,000
Fall River_
1,156,530
2,168,549
Lowell
1,817,979
1,122,887
New Bedford. _
1,088,888
1,007,765
Springfield
5,283,522
_
5,069,465
Worcester
3,420.368
3.325,295
Conn.
-Hartford
13,847,170
14,191,251
New Haven_ _
9,328,559
8,269,631
R.1.-Provklenee
15,717.300
12.884,400
N. H.-Manche'r
671,337
585,985

Inc. or
Dee.

-21.2
-16.6
2.8
-48.7
+17.4
+8.1
+4.2
+2.9
--2.4
+12.8
+23.9
+18.6

1926.

702,204
3,696,171
468,000,000
1,674.454
940.531
1,177,118
5.176,430
3.480,836
14,040,466
6,806,755
12,324,900
706,695

1925.

912,000
2,938,740
401,000.000
2,032,009
983.096
1,314,129
5.557,479
3,264,372
12,899,427
6,938,844
14,938.700
815,546

Total(12 cities)

539,884,831 550,867,376 2.0 518,720,560 453.594,142.
Second Feder al Reserve D IstrIct-New York-Albany _ _
N. Y.
5,809,524
5,884,229 -1.3
8,025,376
5,196.699
Binghamton_ _
1,449,687
1,145,381 +26.8
1,122.900
1,077,100
ltuffalo
55,164.202
51,402,463 +7.1
50.165,477
55,157,327
Elmira
1,021848
868,127 +17.7
1010,443
837,044
Jamestown. _
1,177,396
1,359,279 -13.3
1,796,696
1,559,086
New York... _ 6337,878.321 5,504,683.300 +11.5
4,949.336,989 4.783,835.529
Rochester
12,616,899
12.380,795 +1.9
10,774,802
10,439,727
Syr.teuee
5,686,308
8,622.521 -34.1
5,780,776
7.413,565
( n -Stamford
'on
5,016.542
3.810.131 +31.7
4,734,214
3,598.600
N J.-Montclair
839,836
633,890 +32.5
533,530
573,189
Northern N. J.
39,560.511
38.593.791 -0.1
37,846,885
31,988,385
Total(II cities) 6,265,221.052 5,629.464,007 +11.3
5,071,127,782 4.901,725,251
Third Federal Reserve Diet elct-PhIlad elphlal'a.-Altoona
1,540,433
1,713,527 -10.1
1.700,429
Bethlehem
4,487,883
4.455,486
+0.7
4,759.006
Chester
1,685,387
1,467,129 +14.9
1.522,542
Lancaster
1,636,432
1,860.924 + 12.1
Philadelphia
540,000,000 525.000.000 +2.9 5 1,801,367
47,000,000
Reading
4,857,806
3.034,270 +23.5
3,673,894
Scranton
5.919,499
5.947,816 -0.5
6.028,902
Wilkes-Barre
4,647,108
3.871,928 +20.0
4,269,520
York
2,070.312
1.744,262 +18.7
1,998,082
N. J.-Trenton..
5,597,351
8.844.907 -18.2
5,894,422
Total(19 cities, 572.441,991 556,840.249
+2.8 578,648,144
1
Fourth Feder 91 Reserve D IstrIct.--Cle veland.
Ohio-Akron
7,046,000
7,460,000i -5.5
6,269.000
Canton
4,557,027
4.254,468 +7.1
4.520,944
Cincinnati
80,539,944
78,904,735 +2.1
77.634,440
Cleveland
146,208,313 134,473,588 +8.7
127,149,219
Columbus
10.807,200
18,380,300 -9.7
17,429,900
Mansfield
2,304,460
2,220,620 +3.8
2,308,724
Youngstown _
5,398,058
4,949,724 +9.1
7.227,750
Pa.
-Pittsburgh- 172,484,257 181,965,807 -5.2
182,844,456
Total(8 cities).

435,125,259 432,809,742 +0.6
Fifth Federal Reserve Dist rlet.-Rlehm end.
W.Va.-Hunt'g'n
1,375,945
1,163.709 +18.2
Va.-Norfolk
4,486,671
5.287.933 -15.5
Richmond _.
40,553.000
41,054.000 -1.2
S.C.-Charleston
2,481.964
2,000,000 +24.1
Md.-Baltimore _
108,175,316 100,900,007 1.3
D.C.-Washing'n
28,949,325
24.079.149 +11.8
Total(6 cities).

184.002,221

174,484,708

425,384,433
1,499,706
8,481,164
45,915,000
2,300,000
113.231.268
24,820,944

+5.5

196,248,082

Sixth Federal Reserve Dist act
Atlan ta.9,595,212
Tenn.-Chatt'ita
9,953,460 3.6
Knoxville
4,035.013
3,200,000 +26.1
Nashville
21.196,561
25,109,405 -15.6
Ga.-Atlanta__
49,446,463
46,628,283 +6.0
1,735.512
Augusta
1,686,839 +2.9
1,906,732
Macon
1,855,400 +2.8
Fla.-Jack'nville
18,177,746
17,540.367 7.7
2.108.000
Miami
3,352,000 37.1
Ala.-BIrmIng'm
23,312.390
25,312,152 -7.9
1,587,526
1,788,881 Mobile
11.3
1,994,876
M169.
-Jackson.
1,481,120 +34.7
293,845
389,973 -24.8
Vicksburg 51,959.898
51,402,494 +1.1
1 a.-NewOrleans

7,983.420
3,000,001
22.711.082
51,137,693
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

Total(13 MAW

195.349.774




189.700,874

2.8

202.927,750

1,728,081
4.288.963
1,476,056
2.542,219
557.000,000
3.323,249
5.928,660
3.831,727
1,888.010
5,119,017
587,103,988
6,028,000
4,017,897
71,411,975
124,116,662
17.585,400
2,312,484
8,384.322
175,360,692

1927.

Inc. or
Dec.

1926.

1926.

$
8
%
$
$
Seventh Fedler al Reserve D Istrict-Chl cageMich.
-Adrian __
253,888
230.833 +9.9
241,419
205,385
Ann Arbor_ -839,686
775,388 +8.3
840,952
805,675
Detroit
220.051,773 181,294,201 +21.4 177,039,124 181,245,796
Grand Rapt Is.
10,089,640
7,313,738 +38.0
7.591,821
7,312,505
Lansing
3,101,011
2.478,944 +25.1
2.261,830
2,364,359
Ind.
-Ft. Wa ,ne
3,049.527
2,789,198 +9.3
2.770,064
2,693,356
Indianapolis .....
22.950.000
22.135,000 +8.8
23,068,000
18,362,000
South Bend
3,045.800
2,979,708 +2.2
2,792,600
2,742,000
Terre Haute..._
5,102,383
5,001,681
+2.0
5,315,365
4.408.018
tee
42,214,041
40,758,288 +3.6
39,653,380
36,488,714
Iowa-Ced. Rtsp.
2,963,278
2,562,259 +15.7
2,257,753
2,364,273
Des Moines _
9,610,443
9,217,821
+4.3
9,522,665
9,534,560
Sioux City7.089,414
6,017,017 +17.8
6.132,418
6,136,643
1,436,833
Waterloo_ _ 1,217,116 +18.1
1.083,971
1,080,413
Ill.
-Blooming Ioil
1,608,916
1,640,638 -2.0
1,767,409
1,508.320
Chicago_ _ _
662,199,344 676,360,857 -2.1 646,932,330 637,824,064
Decatur.. _ _.
1,318,134
1,309,724 -0.8
1,372,182
1551,773
Peoria
5,221,606
4,643,228 +12.5
4,841,255
4.654,604
R9ckford_ _ _ _
4,115,176
3,400,109 +21.0
3,065.820
2,287,241
Springfield _
2,554.329
2,850,166 -10.4
2,521,796
2,608,292
Total (20citi e8) 1,008,815,522

Week End. July 14 1928.

507

974,975,911

+3.5

944,972,054

926.232.930

Eighth Fedler al Reserve D strict St. Louis Ind.-Evansv le.
5,962,831
6,208,476 -4.0
6,005.524
Mo.-St. Lou I... 150,200,000 140,000.000 +7.3 141,390,785
34,611,127
35,446,721 -2.4
32,327,790
Owensboro..
394,931
313,257 +25.9
332,720
Tenn.-Memphi;
18,058,072
18.028,055 +0.1
17.242,291
Ark.
-Little R ick
12,846,809
12,003,429 +7.0
12,704,110
Ill. -Jacksonv lee
303,520
344,800 -12.0
371,863
Quincy
1,288,068
1,297,291 -0.7
1,496,529

5,982,941
139,300,000
30,534,333
314,778
15,801,971
11,986,955
677,063
1,523.954

Total(8 OW 0. 223,663,356

214,440,029

+3.3

211,871,812

206.021.995

Ninth Fade ral Reserve Dist rict-Minne apollsMinn.-Dulut ,_
.
6,104,554
6,232,987 -2.1
Minneapolis.- 83,404,984
73,416,669 +13.6
St. Paul__ _ -31,528,521
30,590.072 +3.1
No. Dak.-Faego
1.999,572
1,872,111
+6.8
D.-Aberd en.
1,758,372
1,174,761 +49.7
Mont.-B1111n 8.
612,397
515,560 +18.8
Helena
3.363,000
2,924,000 +15.0

7,630,956
74,927,422
31.296,966
1,837,850
1,305,426
527.879
3,112.328

7.675,272
72,746,683
29308,490
1,520.208
1,376,268
540.129
2,802,132

116.726,160 +10.3

120,538,775

115,769,091

Tenth Faderat Reserve Dist rIct-Kansa a CityNeb.-Fremon 1....
406,032
369.100 +9.9
Hastings_ _ _ - -468,434
492,660 -4.9
Lincoln _ _ _ _
4.307.311
4,348.032 -0.9
Omaha......
._.
47,518,577
39.338,477 +20.8
Kan.
4,026.583
-Topeka.__
3,686,593 +9.2
_ __
13,359.132
9,932,473 +34.5
Mo.-Kan. CICy_ 170.782.835 155.843.592 +9.8
St. Joseph _ .
6,833,201
6,417,438
+8.5
Oklahoma lty
35,539,000
30,095,586 + 18.1
Colo.-Coi.8 P.
1.432.097
1,215,795 +17.9
Denver_ _ _ - -a
a
a
Pueb.o
1,458,016
1,539,339 +17.6

381,890
428,168
4,014,385
40,111702
4.074.268
11,947.723
164,325,078
6,985,612
31,478,008
1,089,463
a
1,110.654

445,936
582,362
4362,884
41,414,110
4,320.186
8,835.859
140.672.541
7,293,329
25,434,429
1,100,913
•
1,001,781

253.279,385 +13.0

265,946,891

Eleventh F ale ral Reserve District
-Da Ilas-Austin _
Texas
1,569.178
1,144,179 +28.4
50,456.485
.__
Daniel
44,543,740 +13.3
Fort Worth ....
15,999,606
12,169,480 +31.6
Galveston._ _
5,267,000
6,366,000 -17.3
La-Shrevepo _
6,516,567
4.782,225 +36.3

1,307,677
37,356,970
14,958,950
8.717 000
4,335,287

235,214.319
,
1,672,827
39,895,21i
16.889. 51
5
6,209,000
4,093,269

66,675,864

62,680,583

Fennel wo+14.6
43,360,987
+17.4
12.100,000
+32.2
1,083,779
+6.5
39,124,554
+6.0
14,327.894
+18.0
3,392,572
+24.4
1,289,900
+7.
177,381.000
+7.2
19,915,336
-11.1
5,803,808
+4.1
8,059,928
+22.1
5.479,051
+18.6 189,978,000
+33.1
3,568.924
+34.7
1289,909
+7.8
2,326,587
-8.2
3.079,700

39,363.742
10,413,000
958.382
35,800,0611
14,076,832
2,968,287
6,045,187
140,710.000
18,118,997
5,353,390
7,611,674
4,446,768
173,698.000
2,419,139
1210,466
2,001,343
2.923.700

Total(7 clti a).

Total(12citl68)

Total(5 citl s).

128,771,400

286,129.218

79,708.836

68,995,624 +15.5

Twelfth Feiler al Reserve D !strict-San
Wash.-Seattle__
49,772,329
43,428,194
Spokane.....
13.875,000
11,821,000
Yakima _ • - 1,314,588
994,154
Ore.-Portlan 1_.
38,540,847
36,184,934
Utah-S. L. :ft
18,229,619
17,346,075
Cal.
-Fresno..
3,745,610
3,174,211
Long Beach
8,611.783
6,924,862
Los Angeles
190.986,000 177,009,000
Oakland.. _
18,229,886
17,006,342
Pasadena.....
5,541,831
6,232,142
Sacramento
7,284,789
7,000,214
San Diego.. ._ _
8,347,882
4,953,855
San Francis10_ 193.671,543 163,309,000
San Jose_ _ _
3,254,237
2,444,819
Santa Barbsra.
1,935,382
1,436,275
Santa Monlea_
2,233,222
2,423,132
Stockton _
2,864,700
3,052,300

Total(17 cit les) 566,439,278 504.738,509 +12.2 538,361,727 468,118,974
Grand total (
129
elites)
10475,532,738 9,667,122.164 +8.4 9,139.423,680 8.780,837,933
Outside N.Y..
-4,837,654,419 4.162,438,864 +4.2 4,190,086,691 3,996,952,401

1Veek Ended July 19.

Clearings al
1928.

1927.

Inc. or
Dec.

1926.

1925.

Canada$
$
$
$
%
Montreal
141,234,255 111,089,482 +27.1 100,560,123
95.496.214
Toronto
136,981,568 104,430,981 +32.1
96,573,449
86.176.307
Winnipeg
70,340,991
44.397,790 +58.4
44,457,171
46.291,547
Vancouver
20.086,893
17,848,819 +12.5
17,544,078
16,215,847
Ottawa
8,340,237
7,428,589 +10.9
8,980,326
5,535,469
Quebec
7,224,625
7,197,373 +0.4
5,690,374
6,343,921
Halifax
3.524,865
3,224,043 +9.3
3,748,135
2,779.625
407.217,332 Hamilton
6,258,514
5,644,355 +10.9
5,878,048
5,165,497
Calgary
10.243,633
6,734,901 +52.1
5,722,057
6,211,407
St. John
3,562,097
2.652,310 +34.3
2.815,533
2,749,976
1,663,100 Victoria
3,061,683
2.972,434 +3.0
2,553,769
1847,262
7,929,936 London
3,659,182
3,073,780 +19.0
2,827,904
2,372,933
52.198,000 Edmonton
6,854,122
5,726,046 +19.7
5,034.530
4,250,011
2.000,000 Regina
5,222.183
4,188,755 +24.6
3,953:562
4,948,789
104,373,546 Brandon
761.914
645,526 +18.0
648.400
637.413
26,102.247 Lethbridge
751,811
581,992 +29.2
545,798
674,575
Saskatoon
2,432,703
2,195,253 +10.8
1,851,612
1,487,358
194,164,829 Moose Jaw
1,290,908
1,241,140 +4.0
1,175,221
1,037,646
Brantford
1,563,501
1,282,536 +21.9
1,081772
1 033.701
Fort William_ _ _
.
1,486.727
1,024,180 +4.52
1,066,741
981,138
7,191374 New Westminster
800,685
854,031 -8.2
737,359
599,030
2,900,000 Medicine Hat
458,188
290,370 +58.0
301,285
226,462
20,849.815 Peterborough _ -992,227
831.407 +19.3
243.432
815,224
59,046,646 Sherbrooke
983,392
1,035.623 -5.0
981,980
805,191
1.359,000 Kitchener
1218,394
1.151,873 +5.8
971,705
941.775
1,715,896 Windsor
4.980,271
4,493,048 +10.8
4,575,251
4,244,132
27,721,372 Prince Albert458.484
390,896 +17.3
332,114
279,863
26,706,466 Moncton
1,035.530
982.505 +5.5
962,159
858,107
23,783.246 Kingston
1,038,481
893.104 +16.3
717.110
623.576
1,752,729 Chatham
678,162
718,904 -6.7
554,687
1 010.700 Sarnia
725,835
751,446 -3.4
728.371
226,125
48.687.219
Total(31 cities) 448.152,461 345,973,292 +29.6 322.327.141
301,530.002
222.944.698
a Manager of Clearing House refuses to furnish weekly figured.

FINANCIAL CHRONICLE

508

frnanterztai andMiscellanzonsBays
-All
Breadstuffs figures brought from page 572.
the statements below regarding the movement of grain
receipts, exports, visible supply, &c., are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for
each of the last three years.
Flour. 1

Receipts at-

Oats.

Corn.

Wheat.

Rye.

I Barley.

bb11.1961bs.lbush.60 lbs. bush.56 lbs. bush. 32 lbs.'bush.481bs.bush.56lbs.
47.000 225,000
536,000
524.000 2.581.000
236,00
Chicago
26,000
238,000 217.000
166,00
1,145,000
Minneapolis_
17,000
18,000
3,000
350,000
Duluth
3,000
86,000 109,0001
207,000
563,000
48.
-0001
Milwaukee1,000
21,000
1.0001
26,000
478,000
Toledo
2.000
10,000
17,000
27,000
Detroit
48,000
452,00
57,000
Indianapolis
3,000
87,000
4.0001
629.001
116,
0001 2,149,00
Eit. Louis __-30,
47.000
541,000
5,000
44,000
Peoria
16.000
552,00
8,990,000
Kansas City_
8.000
528,000
350,000
Omaha
2.000
236.000
676,00
St.Joaeph
8.000
3,361,00
Wichita
14,000
161,000
62,000
Sioux City _

I

Tot. wk '28
Same week '27
Same week '2
Since Aug.1
1927
1926
1925

444,000 18,737.000
11.949,00
426,
19.264,00
436,

6,104.000
3,572,000
3,768,000

1,116,000
1,689.000
2,164,000

428,000
388,000
290,000

Note.
-Bonded grain not included above: Oats, Philadelphia. 3,000 bushels:
Baltimore, 122,000; total, 140,000 bushels, against 25,000 bushels in 1927. Barley,
Phiadeiphia, 13,000 bushels; Baltimore, 98,000; Buffalo. 168,000; Buffalo afloat.
26,000; total, 459,000 bushels, against 271,000 bushels in 1927. Wheat, New York,
100,000 bushels; Boston, 730,000; Philadelphia, 258,000; Baltimore, 10,596,000;
Buffalo. 790.000: Buffalo afloat, 76,000; Canal, 2,010,000; total, 15,426,000 bushels,
against 5,697,000 bushels in 1927.
Canadian
112,000
486,000
Montreal
1,028,000
4,808,000
Ft. William & Pt. Arthur_32.378,000
788,000
1,666,000 1.149,000
36.000
Other Canadian
790,000
9.034,000
Total July 21 1928._46,220.000
3,484,000
Total July 14 1928____50.990,000
2,937,000
Total July 23 1927-.30,006,000
2,888,000
Summary
American
44,492,000 11,135,000 2,065,000
Canadian
46 220.000
3,848,000

Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, July 21,follow:

New York --Philadelphia _
Baltimore...Newport N..Norfolk
New Orleans.
Galveston
Montreal__
Boston

Flour.

Oats.

Corn.

Wheat.

Bushels.
Bushels.
Bushels.
Barrels.
38,000
44,000
228,000
221.000
8,000
7,000
136,000
31,001
18,000
9,000
430.000
12,000
2,000
1,000
6,000
12,000
39,000
43,1300
052,000
8,000
5,000 1,311,000
53,000 5,693000
5,000
1,000
26,000

Barley.

Bushels. Bushels.
55,000
84,000
55,000

30.000

200.000

60,000

The exports from the several seaboard ports for the week
ended Saturday, July 21 1928, are shown in the annexed
statement:

New York
Boston
Philadelphia
Baltimore
Norfolk
Newport News
New Orleans
Galveston
Montreal
Houston

Wheat.

Corn.

Oats.

Flour.

Rye.

Barley.

Barrels. Bushels. Bushels. Bushels.
95,024
I
45,712
1,000
34,000
1,000
111,000
1,000
2,000
24,000
11,000
75,000
8,000
78,000 1,232,000 540,000 588,000
6,000

Bushels. Bushels.
1,205,591
15,000
144,000
24,000
5,000
5,234.000

Total week 1928-- 6,627,591
,,,z week 1927_ _ _ _ 3.367.897

75,000
47.000

153,712 1,256,000 685,000
146.472 185.500 659.515

683,024
161.630

The destination of these exports for the week and since
July. 1 1928 is as below:
Flour.
Exportsfor Week
Since
Week
and ,Since
July21. July 1.
July 1 to-1928.
1928.
Barrels. Barrels.
245,203
United Kingdom_ 75,813
218,758
64,899
Continent
16,000
So.& Cent. Amer_ 7,000
26,000
5,000
West Indies
19,859
1,000
cowitries
Other
525,820
153,712
1928
Total
370.517
146.472
4..,...1 1027

Wheat.
Week
July 21.
1928.

Since
Julifl.
1928.

Corn.
Week
July 21.
1928.

Since
July 1.
1928.

Bushels. Bushels.
Bushels.
Bushels.
5.000
1,661,568 4,031,892
4,598,023 10.800,042
40,000
9,000
19,000
4.000
147,000
8,000
56,000
1,000
403,000
363,000
6,627,591 15,251,934
3.367.897 7,642,700

75,0130
47,000

192,000
125.000

The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, July 21, were as follows:
United States
New York
Boston
Philadelphia
Baltimore
New Orleans
Galveston
Fort Worth
Buffalo
" afloat
Toledo
Detroit
Chicago
Milwaukee
Duluth
Minneapolis
Sioux City
St. Louis
Kansas City
Wichita
St. Joseph, Mo
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River

GRAIN STOCKS.
Oats,
Corn,
Wheat,
bush.
bush,
bush,
268,000
39,000
57,000
5.000
41,000
20.000
109,000
22,000
61,000
576,000
35,000
131,000
171,000
1.718,000
140.000
108,000
1,603,000
405,000
894,000
2,904,000
56,000
525.000
33,000
34.000
620.000
63,000
23.000
157.000
748.000
4,288,000 6,651,000
45,000
927,000
404,000
1.000
9,263,000
125,000
439,000
8 892,000
7.000
77.000
121,000
41.000
317,006
921,000
594,000
6,568,000
1,000
1,000
3,967.000
40,000
291,000
56,000
46,000
10,000
459,000
90.000
19,000
218,000
665,000
434,000
148,000

707,000
900,000

Corn.

Wheat.
Exports.

1928,
Week
July 20.

Since
July 1.

1928.

1927.
Since
July 1.

Week
July 20.

Since
July 1.

1927,
Since
July 1.

Bushels.
Bushels.
Bushels. Bushels.
Bushels.
Bushels.
465,000
565.000
North Amer_ 8,710,000 25,707,000 17,546,000 230,000
417,000 2,364,000
85,000
8,000
336,000
Black Sea.
Argentina_ _ _ 2,543,000 6,362,000 7,374.000 8,071,000 25,425,000 27,272.000
5.248.000
Australia ___ 1,552,000 4,008,00
India
760,000
328,000
414,000
608,000 586.000 1,385,00
0th. count!'
784,000 2.096,00
13,917,0001 40,941,000 34.944.000 8,972,000 27,792.000 30,515,000

Rye.

174.000
78,000 1,386,000 310,000
Tot. wk.'281 397,000 7,478,000
Since Jan 1'2812,911,000 99.063,000 61,888,000 17.896,00016,565.00010,421,000
639,000 254,000 452,000
60,000
Tot.wk.'27 348,000 5,570,000
Since Jan.1'2711,945,000143,222,000 5,821.000 15,652,00021,308,000 20.823,000
Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.

Exports front-

2.272.000
1.671.000

The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the week
ended Friday, July 20, and since July 1 1928 and 1927,
are shown in the following:

Total
Receipts at-

900,000
1,671,000
1,790,000 1,022,000
1,063,000 1.727,000

Total July 21 1928-90.712,000 11,135,000 5,549.000 3,943,000 1,607,000
Total July 14 1928____91.506.000 12,591,000 5,461.000 4,183,000 1,555,000
Total July 23 1928-57,900,000 31,588,000 15,517.000 2,430,000 2,777,000

275,000
326.000
162.000

160,718.00035,086.00036,666,000
23,807,000469.443,000306,982,
23.487,000357,701,I 11228.611,000143,204,00022,849,00031,119,000
0233.704,000218,057,00070,609,00023.301,000
21,966,000373.638.00

[VOL. 127.

Rye,
bush.
43,000
2,000
115.000
4,000
7.000
859,000

Barley.
bush.
35,000
1.000
13,000
282,000
15,000
145,000

2,000
44.000

5,000
2,000
16,000
8.000
94.000
78,000
6,000
3,000
1.000

1.000

3,000

8,000
697,000
3,000
351,000
98,000

-The following information regarding
National Banks.
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATION TO ORGANIZE RECEIVED WITH TITLE
REQUESTED.
Capital.
$25,000
July 17
-First National Bank in Geneva, Nob
Correspondent, Earl H. Wilkins, Geneva, Neb.
APPLICATION TO ORGANIZE APPROVED.
50,000
July 21-The National Bank of Wyoming, N. Y
Succeeds tne Wyoming Banking Co., Wyoming, N. Y.
Wolcott J. Humphrey, Warsaw, N. Y.
Correspondent(
CHARTERS ISSUED.
,
-The Buzzards Ba4 National Bank, Buzzards Bay. Mass- 50,000
July 16
President, lm 'V. Ramsay; Cashier, W. E. C. Perry.
100.000
-The City National Bank of Albany, Ga
July 21
President, W.B. Haley; Cashier, Leo Leader.
CHANGES OF TITLES.
-The Security National Bank of Valley City, No. Dak., to "The
July 16
First & Security National Bank of Valley City."
-The Republic National Bank of Dallas, Tex., to "Republic
July 18
National Bank & Trust Co. of Dallas."

-Among other securities, the following,
Auction Sales.
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Adrian H. Muller & Sons, New York:
$ per sh.
Per Cent Shares. Stocks.
Bonds300 General Vending Corp., com., 7
$7,000 Green Bay, Winona az
par
no
St Paul RR. Co., 2nd mtge.. Inc.
900 Arthur A. Stilwell & Co-321,900 lot
bonds; 550,000 New Orleans.
$201 lot
50 Green Vale School
Baton Rouge & Vicksburg RR.
24 Public Light & Power Co., coin_ 14
-year Ss conCo., 1st mtge. 40
3 Long Island Bankers, Inc., com.
struction bond chartered by La.
no par; 6 Long Island Bankers,
Dec.30 1869:500 Mexican Metals
$675 lot
Inc., preferred
Saving Co., coin., par 31; 75
Dominion Copper Co., Ltd., par
$10; 133 New York & New England Telep., par $10; 185 Ramapo
Water Co.; 600 Sequoyah Oil &
Ref. Co., par 31; 200 Internat.
Tire Stores Corp., no par; 1,750
Consol. Ariz. Smelting Co., par
35; 142 Tonopah Divide Mining
Co.. par Si; 1,000 Consolidated
Nevada Utah Corp., par $3;
200,000 German Marks; 16 Northern Ohio Ry., prof.; 25 Hamp$32 lot
shire Southern RR

Wise, Hobbs & Arnold, Boston:

By
$ per sh.
3 per sh Shares. Stocks.
Shares. Stocks.
1% 23 Beacon Participations Inc., pref 72
20 Weetamoe Mills
class A
35
10 Arlington Mills
58
16 Plymouth Cordage Co
1
10 American Linen Co
6814
8514 30 Fairbanks Co., 1st pref
10 Pepperell Mfg. Co
Participations Inc.,
114 100 Beacon
5 Weetamoe Mills
21
pref. class A
1
10 American Linen Co
314
35 5special units First Peoples Trust 5414
10 Arlington Mills
Trust
2 2 units First Peoples
10 Chace Mills
pro14.4 10 Hood Rubber Co. 7%%
10 Lancaster Mills, preferred
8034 ex-div.
ferred
3634
42 Nashawena Mills
Participations Inc. pre21-2114
10 West Boylston Mfg. Co., pref.__ 30 y, 100 Beacon A
class
tarred
0
6 Wampanoag Mills
Co. pref. A_107
10 10 Eastern Texas Else.
5414
7 Wampanoag Mills
11 units First Peoples TrustTrust
8314
334
5 Pepperell Mfg. Co
10 3special units First Peoples
54
13 Wampanoag Mills
Trust
1434 14 units First Peoplespref_10534 ex-div.
.
20 Oosnold Mills, pref
Amer. Glue Co.,
35 20
88
190 Arlington Mills
pref
10 10 Southern Ice Cu.,corn
19
7 Davol Mills
10 Southern ice Co., Co., undeP
1
20 Sharp Mfg. Co., common
4 10 Lynn Gas & Elec.
16514
10 Stafford Mills
Par $25
Assn., pref_ 9934
108 Pneumatic Scale Corp.. Ltd•,
734 36 New England Power
6114
pref., par $10
10 Western Mass. Cos
Associates-52-52%
70 Old Colony Trust

By A. J. Wright & Co., Buffalo: Stocks.
$ per sh.
$ per sh. Shares.
54
Shares. Stocks.
Motors Corp., no Par-$1 lot
lot 114 National
1434
141 Keiter Qualitol. Inc., par $20_ _El
Laval Quebec, par 51
707,000
2,272,000
Mines, par 51. _ _. 96e. 1,000
Total July 21 1928____44,492,000 11,135,000 2,065,000 2,423,000
533,000 200 Itowey Gold
Total July 14 1928____40.516.000 12,591,000 2,524,000 1,367.000 1:050,000 .1.000 ColdhIll Mines, par $1
Total July 23 1927-27,894.060 31,588,000 12,629,000




38,000

JULY 28 1928.]

FINANCIAL CHRONICLE

By Barnes & Lofland, Philadelphia:
$ per oh.
Shares. Stocks.
155
5 National Bank of Olney
13 Citizens Nat. Bank of Jenkin95
town, Pa
2 Boardwalk Nat. Bank, Atlantic
250
City, N. J
10 Chelteoham (Pa.) Nat. Bank_ _ _125
4 Main Line Nat. Bk., Wayne. Pa_162
5 Nat. Bank of Lansdowne, Pa.,
85
Dar $50
4 Olney Bk.& Tr. Co., par $50- _460 M
10 Bk. of No. Am.& Trust Co452M
6 Bk. of No. Am. & Trust Co_ _451
10 Mitten M. & M.Bank & Trust
100
Co., stamped
871
1 Provident Trust Co
9 Continental-Equitable Title &
335
Trust Co., par $50
650
6 Integrity Trust Co., par $50
3 Susquehanna Title & Trust Co.,
63M
Par $50

Shares. Stocks.
$ per sh.
20 Hatboro Trust Co., par $50..._173
3 Haddonfield (N. J.) Safe Dep. &
Trust Co
181
1 Equitable Trust Co., Atlantic
City. N. J
451
20 Security Trust Co.. Camden,
N. J
480
5 Glenside(Pa.)Trust Co., par 550_ 60
4 Phila. Bourse, com., par $50._ 34
38 Phila. Bourse, corn., par $50_ _ _ _ 34
40 Phila. Whousing & Cold Stor.Co.50
100 Amer. Fruit & Produce Co.,
N.J.. par $5
M
5 Phila. Bourse Restaurant Co5
0
10 Manheim Trust
63m
5 Overbrook Bank
180
Bonds.
Per Cent.
$200 Borough of Hatboro. Pa., registered 48, due Oct. 1 1932
96M

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.

Per
When
Cent. Payable.

Books Closed
Days Inclusive.

Railroads (Steam).
Bangor & Aroostook, common (guar.)._
880. Oct. 1 Holders of rec. Aug. 31
Preferred (quar.)
1% Oct. 1 Holders of rec. Aug. 31
Buffalo Rochester & Pitts., common.... *2
Aug. 15'Holders of rec. Aug. 8
Preferred
Aug. 15 *Holders of rec. Aug. 6
Public Utilities.
Associated Telep. Utilities, $7 pf. (qu.). $1.75 Sept.15 Holders of rec. Aug. 31
$0 preferred (guar.)
$1.50 Sept.15 Holders of rec. Aug. 31
Brooklyn Edison Co. (guar.)
*2
Sept. 1 *Holders of rec. Aug. 8
Cambridge Electric Light
Divide nd omit ted.
Cambridge Gas Light
Divide nd omit ted.
Central & S. W. Utilities
Preferred and prior pref. (guar.)
*$1.75 Aug. 15 *Holders of rec. July 31
Consolidated Gas. N. Y., corn.(quar.). *$1.25 Sept.15 *Holders of rec. Aug. 8
Eastern Utilities Associates (guar.)
50c. Aug. 15 Holders of rec. July 27a
Los Angeles Gas & Electric, pref.(guar.) "1M Aug. 15 *Holders of rec. July 31
Lowell Electric Light Corp. (guar.).- -- 6234c Aug. 1 Holders of rec. July 20
Memphis Power & Light,$7 pref.(gu.)-- $1.75 Oct. 1 Holders of rec. Sept. 15
$1.50 Oct. 1 Holders of rec. Sept. 15
$6 preferred (guar.)
National Power & Light, corn. (guar.)-25c. Sept. 1 Holders of rec. Aug. lla
Nat. Telep. & Teleg. Corp., let Pf.
$1.75 Aug. 1 Holders of rec. July 25
Class A (guar.)
87340. Aug. 1 Holders of rec. July 25
New Eng. W., L. &.P. Assoc., pf.(qu.) $1.50 Aug. 1 Holders of roe. July 19
Northern Ohio Pow.& Lt.. 7% Pf• (q11.)
Oct. 1 *Holders of rec. Sept. 15
•
6% preferred (guar.)
1(4 Oct. 1 'Holders of rec. Sept. 15
Portland Elec. Power, 2d pref.(guar.).- •134 Sept. 1 *Holders of roe. Aug. 15
Radio Corp. of America, pref. A (qu.) 873(c. Oct. 1 Holders of rec. Sept. la
San Joaquln L.& P.,7% pref.(guar.).- 81% Sept.15 *Holders of rec. Aug. 31
•1(4 Sept.15 *Holders of rec. Aug. 31
6% Preferred (quar.)
Southern Colo. Power,corn. A (quar.). 50c. Aug. 25 Holders of rec. July 31
Syracuse Lighting, 6% pref.(quar.).. 1.134 Aug. 15 *Holders of rec. July 31
•1% Aug. 15 *Holders of rec. July 31
6)4% preferred (guar.)
4.1% Aug. 15 *Holders of rec. July 31
7% preferred (guar.)
8% preferred (guar.)
*2
Aug. 15 *Holders of roe. July 31
Tampa Elec. Co.,corn.(guar.)
*50c. Aug. 15 *Holders 1,f rec. July 25
Common (1-50th share,in corn.stk.)_
(f) Aug. 15 *Holders of rec. July 25
Virginia Elec.& Pow.,7% pref.(qu.)
.
01% Sept.20 *Holders of rec. Aug. 31
•1% Sept.20 *Holders of rec. Aug. 31
6% preferred (guar.)
Fire Insurance.
Bankers & Shippers Ins. (guar.)
$4.50 Aug. 10 Holders of rec. Aug. 6
General Reinsurance (guar.)
$1.25 Aug. 15 Holders of rec. July 310
Globe & Rutgers (quar.)
11
July 31 July 25 to July 31
Guardian Fire Insurance Corp.(quar.)
5
Aug. 1 Holders of rec. July 20
Hanover Fire (guar.)
25c. July 1
Northern
81.875 July 26 July 21 to July 25
Pacific Fire
$1.25 Aug. 6 Holders of rec. Aug 3
Queen Insurance
7
July 23 Holders of rec. July 23
Stuyvesant Insurance (guar.)
134 Aug. 1 July 26 to July 31
Westchester Fire (guar.)
50e. Aug. 1 July 22 to July 31
Extra
15c. Aug. 1 July 22 to July 31
Miscellaneous.
American Bank Note, common (guar.)._ *50e. Oct. 1 *Holders of rec. Sept. 12
*750. Oct. 1 *Holders of rec. Sept. 12
Preferred (guar.)
*144 July 21 *Holders of rec. July 17
American Book (guar.)
"75e. Oct. 1 'Holders of rec. Sept. 15
American Chicle, common (guar.)
"1% Oct. 1 *Holders of rec. Sept. 15
Prior prof.(guar.).
6% Preferred (guar.)
'114 Oct. 1 "Holders of rec. Sept. 15
American Home Products (monthly) -25c. Sept. 1 Holders of rec. Aug. 14a
Amer. Tobacco, corn. & corn. B (qu.)- $2
Sept. 1 Holders of rec. Aug. 10
Amparo Mining (guar.)
1
Aug. 10 Holders of rec. July 31
Appleton Company, pref.-Dividend om tted)
Bachmann.Emerich & Co..Inc.. pf.(qu.) 2
July 31
Baer. Sternberg & Cohn,class A-Divide nd omt tted.
Baumann (Ludwig)& Co., 1st pf.(qu.)_ *1% Aug. 15 *Holders of rec. Aug. 1
BeldIng-Heminway, Inc., common-Div ldend omitted
*1,4 Oct. 1
Bethlehem Steel. pref. (guar.)
*Holders of roe. Sept. 1
Bonded Capital Corp.,7% pref.(qua!'.). 1% July 20 Holders of rec. June 20
5
Bond & Mtge. Guarantee (guar.)
Aug. 15 Holders of rec. Aug. 8
Borden Co.(guar.)
*81
Sept. 1 *Holders of rec. Aug. 15
Budd (Edward G.) Mfg., pref.(Dividend °mitt ed.)
Bullard Machine Tool, corn. (extra)__.
*50o. July 31 *Holders of rec. July 17
Brothers (guar.)
Butler
50c. Aug. 15 Holders of rec. Aug. I
California Dairies. pref. A (guar.)
*$1.50 Sept. 1 *Holders of rec. Aug. 10
Calumet & Heels Consol. Copper(qu.)
50e. Sept.15 Holders of rec. Aug. 31
Caterpillar Tractor,common (guar.)._
*550. Aug. 25 'Holders of rec. Aug. 15
Common (extra)
"25c. Aug. 25 *Holders of roe. Aug. 15
Celluloid Corp., 1st pref.(guar.)
$1.75 Sept. 1 Holders of rec. Aug. 10
67 preferred (guar.)
81.75 Sept. 1 Holders of rec. Aug. 10
Chemical & Dye Corp.. pref.(quar.)_
•81.75 Aug. 1 "Holders of rec. July 20
Chicago Mill & Lumber,corn.(quar.)..•
61.50 Aug. 15 "Holders of rec. Aug. 7
Common (extra)
"85
Aug. 15 Holders of rec. Aug. 7
Ch6clei Company,common (guar.)
600. Sept. 10 Holders of rec. Aug. 27
Preferred (guar.)
1)4 Sent. 10 Holders of roe. Aug. 27
Chile Copper Co. (quar.)
*62 M c Sept.29 *Holders of roe. Sept. 5
Clinchfield Coal, pref. (guar.)
Aug 1 'Holders of rec. July 25
Columbia Investing. 8% Pref. (guar.).- •134 Aug. 1 *Holders of rec. July 20
Continental Amer. Bankshares, A
*50c. Aug. 10
Continental Mills
*3
Aug. 1 *Holders of rec. July 25
Cruden-Martin Mfg., pref
334 Aug 3 Holders of rec. Aug. 3
Curtis Publishing (monthly)
*50c. Aug 2 *Holders of rec. July 20
Davis Mills, common (guar.)
Sept.22 Holders of rec. Sept. 8
1
Drug, Inc. (guar.)
*V
Sept. 1 *Holders of rec. Aug. 15
50°. Aug. 15 Holders of rec. Aug. 1
Duplan Silk Corp., common (guar.)._
1% Aug. 1 Holders of rec. July 20
Elsomann Magneto, pref. (guar.)
1% Aug. 1 Holders of rec. July 25
Eisenstadt Mfg., pref. (guar.)
Electric Shovel Coal
Aug. 1 Holders of rec. July 25
$4 cum. panto. pref.(guar.)(No. 1).. 81
*750. Sept.29 *Holders of rec. Sept. 12
Fairbanks. Morse & Co., corn. (quar.)_
*131 Sept. 1 *Holders of rec. Aug. I
Preferred (guar.)
*200. Oct. 1 *Holders of roe. Sept. 15
Federal Motor Truck (guar.)
.
02M Oct. 1 *Holders of rec. Sept. 15
Stock dividend
Tire & Rubber,7% prof.(q.) 131 Aug. 15 Holders of rec. Aug. 1
Firestone
First Federal Foreign Invest. Trust(eU.) 81.75 Aug. 15 Holders of rec. Aug. 1
81.75 Nov. 15 Holders of rec. Nov. 1
Quarterly
1234o. Sept. 1 Holders of rec. Aug. 1
First Trust Bank, Inc.(quar.)
2Mc. Sept. 1 Holders of rec. Aug. 1
Extra




Name of Company.

509
Per
When
Cent. Payable.

Books Closed
Days Inclusive.

Miscellaneous (Concluded).
Franklin Co
*36
Aug. 1 *Holders of rec. July 24
German Creel. & Inv.. 1st pf. allot. otls_ 87%c Aug. 1 Holders of rec. July 20
Glidden Co., prior pref.(guar.)
*31.75 Oct. 1 *Holders of rec. Sept. 14
Globe Automatic Sprinkler, A (quar.) '623.4e Aug. 1 *Holders of rec. July 21
Globe Democrat Publishing, pref.(qu.). 131 Sept. 1 Holders of rec. Aug. 20
Goldwyn Invest
Aug. 10 *Holders of rec. July 12
"83
Goodrich (B. F.) Co.,common (quar.)... .$1 Sept. 1 *Holders of rec. Aug. 10
Preferred (guar.)
•141 Oct. 1 *Holders of rec. Sept.10
Great Lakes Dredge & Dock (guar.)-2
Aug. 15 Holders of rec. Aug. 7
Greene Cananea Copper (guar.)
$1
Oct. 1 Holders of rec. Sept. 14
Greenfield Tap & Die Corp..6% p1.(qu.) 134 Oct. 1 Holders of rec. Sept. 15
Oct. 1 Holders of rec. Sept. 15
8% preferred (guar)
2
Harmony Mills pref. (guar.)
1% Aug. 1 Holders of reo. July 26
Hawaiian Commercial & Sugar(monthly) *25c Aug. 5 *Holders of rec. July 25
Hawaiian Pineapple (monthly)
*150 July 31 'Holders of rec. July 21
Horne (Joseph) & Co., pf. cm.)(No. 1)_ •1M Aug. 1 *Holders of rec. July 25
Imperial Royalties, pref. (monthly).... 1)4 July 30 Holders of rec. July 25
Class A preferred (monthly)
15c July 30 Holders of rec. July 25
Imp. Trio. of Gt. Br.drIre.. ord.(intertm) *734
Independent Packing,corn.(guar.)
3234c Aug. 1 Holders of rec. July 21
1% Aug. 1 Holders of rec. July 21
Preferred (glum)
International Silver, common (uuar.)--- 1% Sept. 1 Holders of rec. Aug. 15a
Interstate Dept. Stores. Inc., 7% pref.
*1% Aug. I *Holders of me. July 20
(guar.)
Aug. 1 *Holders of rec. July 31
Investors of Washington, Inc.,p1.(No. 1) *3
Investors Trustee Shares series A
*51c. Aug. 15'Holders of rec. July 15
*75o. Sept.15 *Holders of rec. Aug. 31
Isle Royale Copper Co
Jopie
ncr
•81.25 Sept. 1 "Holders of rec. Aug. 15
(guar.)
*1.M Oct. 1 *Holders of rec. Sept. 15
Preferred (quar.)
&eLaugtqluarin
Kentucky Consol. Stone, pf.(qu.)(No.
1% Aug. 1 Holders of rec. July 14
Kodel Radio, class A (guar.)
*25e. Aug. 1 *Holders of rec. July 25
*35c. Aug. 1 *Holders of rec. July 25
Preferred (guar.)
Kruskal & Kruskal, Inc. (guar.)
3134c. Aug. 15 Holders of rec. July 310
Lackawanna Securities
Sept. 1 *Holders of rec. Aug. 15
*83
Laguna Land & Water (monthly)
•1e. Aug. 10 *Holders of rec. Aug. 1
LeMur Co., common
*25c. Aug. 1 *Holders of rec. July 28
Liggett & Myers Tobacco
Common and common B (guar.)
Sept. I *Holders of rec. Aug. 15
1
11
Larrow Milling, common (guar.)
*37340 Aug. 1 *Holders of rec. July 25
Lima Locomotive Works, com-Dividen d omit ted.
Lindsay (C. W.)& Co., Ltd., Pf.(qu.)- 134 Sept. I Holders of rec. Aug. 20
Loews Ohio Theatres, pref. (guar.)
Aug. 1 Holders of rec. July 25
2
Mansfield Theatre, Ltd., pref
hl()% Aug. 15 Holders of rec. July 31
McCord Radiator & Mfg., cl. B (qu.)... *500. Aug. 1 *Holders of rec. July 25
Mergenthaler Linotype (guar.)
61.25 Sept.29 Holders of rec. Sept. 50
Extra
25e. Sept.29 Holders of rec. Sept. 5a
Mid-Continent Petrol., pref.(quv.)-- *51.75 Sept. 1 'Holders of rec. Aug. 15
Missouri-Illinois Stores, pref. (quar.).. 2
Aug. 1 Holders of rec. July 20
Missouri Portland Cement(guar.)
50c. Aug. 1 Holders of rec. July 20
Morse ['Mgt Drill (guar.)
*51.2.5 Aug. 15 "Holders of rec. July 26
Munsingwear, Inc. (guar.)
75c. Sept. 1 Holders of rec. Aug. 16
National Brick, pref. (guar.)
134 Aug. 15 Holders of rec. July 31
National Lead,common (guar.)
•81.25 Sept.29 *Holders of rec. Sept.14
Preferred class A (guar.)
*134 Sept.15 *Holders of rec. Aug. 31
Preferred class B (guar.)
'134 Nov. 1 *Holders of rec. Oct. 19
New Amsterdam Casualty Co.(go.)- "700. Aug. 1 *Holders of rec. July 17
Nineteen Hundred Washer (guar.)
50c. Aug. 15 Holders of rec. Aug. 1
North American Cement Corp., pf.(qu.) 134 Aug. 1 Holders of roe. July 20
Ohio Seamless Tube,common (guar.).
- $1 Aug. 15 August 1 to August 14
Ontario Steel Products, corn.(quar.)...
40c. Aug. 15 Holders of rec. July 31
Preferred (guar.)
1M Aug. 15 Holders of rec. July 31
Palmclive Peet, com.(In stock)
*Holders° free. Aug. 10
f.3234
Patin° Mines Enterprises (interim)
(r) Aug. 21 *Holders of rec. Aug. 4
Pennsylvania Investing, class A
623.4e. Sept. 1 Holders of rec. July 31
Pressed Steel Car, pref.(guar.)
131 Sept.29 Holders of rec. Sept. 1
Pure Food Stores, Ltd., 1st & 2d pf.(qu.) 131 Aug. 1 Holders of rec. July 20
River Raisin Paper (guar.)
20c. Aug. 15 Holders of rec. Aug. 1
Rockland & Rockport Lime, 1st pref.-D Widen d passed.
Scotten Dillon Co. (quar.)
*30e. Aug. 14 *Holders of rec. Aug. 8
Extra
*20c. Aug. 14 *Holders of roe. Aug. 6
Scott Paper Co.7% pref.(guar.)
134 Aug. 1 Holders of rec. July 21
Sherwin-Williams Co., corn. (quar.).... *75c. Aug. 15 *Holders of rec. July 31
Common (extra)
'123.4c Aug. 15 *Holders of rec. July 31
Preferred (guar.)
*114 Sept. 1 *Holders of rec. Aug. 15
Skouras Bros., A (guar.)
750. Aug. 1 Holders of rec. July 25
Southwest. Stores, el. A (No. 1)
*450. Sept. 1 *Holders of rec. Aug. 15
Standard Oil(Ohio), pref.(guar.)
134 Sept. 1 Holders of rec. Aug. 10
Standard Paving Co., corn. (qu.) (No.1) '3734e
Stewart
-Warner Speedometer (guar.)._ _ *51.50 Aug. 15 *Holders of rec. Aug. 4
Thatcher Mfg., pref. (guar.)
90e. Aug. 15 Holders of rec. Aug. 4
Union Cotton Mfg.(guar.)
'13.4 Aug. 1 'Holders of rec. July 25
United Engineering & Fdy.. com.(qu.).... *40e. Aug. 10 *Holders of rec. July 31
Creferred (extra) )
pom mon (quar.
*20c. Aug. 10 *Holders of rec. July 31
'134 Aug. 10'Holders of rec. July 31
United Milk Crate, A (qu.)(No. 1)___ _ *39c. Sept. 1 *Holders of rec. Aug. 15
Class A (guar.)
*50c. Dec. 1 *Holders of roe. Nov. 15
U.S. Dairy Products, corn. A (quar.).. *81
Aug. 31 *Holders of rec. Aug. 20
First preferred (guar.)
*I% Sept. 1 *Holders of rec. Aug. 20
Second preferred (quar.)
*2
Sept. 1 *Holders of rec. Aug. 20
U.S. Hoffman Machinery (guar.)
"$1
Sept. 1 *Holders of rec. Aug. 21
U.S. Sheet & W.G., pref.(guar.)
*2
Oct. 1 "Holders of rec. Sept. 21I
Va.-Carolina Chem., prior pref.(cm.)__. *1% Sept. 1 'Holders of rec. Aug. 17
Participating pref. (No. I)
*3
Sept. 1 *Holders of rec. Aug. 17
Western Steel Pr..634% Pf.(qu.)(No.1) *134 Aug. 1 *Holders of rec. July 14
White Motor Securities, pref.(guar.)._ _ "1% Sept.29'Holders of rec. Sept.15
White Motors (guar.)
*25e Sept.29 *Holders of rec. Sept.15
White (S. S.) Dental Mfg.(guar.)
'13.4 Aug. 1 *Holders of rec. July 23
Extra
Yi Aug. 1 *Holderl of rec. July 23
Will & Baumer Candle,corn.(quar.)_
25c Aug. 15 Holders of rec. Aug. 1
Wolverine Portland Cement (guar.)
144 Aug. 4 Holders of rec. Aug. 15
Wright Aeronautical Corp. (guar.)
500 Aug. 31 Holders of rec. Aug. 15
Zellerbach Corp., pref.(guar.)
*134 Sept. 1 "Holders of rec. Aug. 15

Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Railroads (Steam).
Alabama Great Southern, pref
Preferred (extra)
Atch. Topeka & Santa Fe. corn.(guar.)Preferred
Baltimore & Ohio, coon.(guar.)
Preferred (guar.)
Canada Southern
Central RR. of N. J.((mar.)
Conn.& Passumpslc Rivers, pfd
Cuba RR., preferred
Preferred
Delaware & Hudson Co.(guar.)
Great Northern, preferred
Hudson & Manhattan, pref
Illinois Central, common (guar.)
Preferred
Internat. Rys. of Cent. Amer., pf.(qu.).
Kansas Okla. & Gulf. pref. A (No. I)...
Louisville & Nashville
Mahoning Coal RR.. common
Nlassawippi Valley
Michigan Central
Mine Hill & Schuylkill Haven
Nashville, Chattanooga & St. Louis_ _
New York Central RR.(guar.)
Norfolk & Western. corn.(guar.)
Adjustment preferred (guar.)
Northern Pacific (guar.)
Old Colony (guar.)

When
Per
Cent. Payable,

Books Closed
Days Inclusive.

Aug. 15 Holders of rec. July ha
$2
$1.50 Aug. 15 Holders of rec. July ha
234 Sept. 1 Holders of rec. July 27a
2% Aug. 1 Holders of rec. June 29a
1% Sept. 1 Holders of rec. July 14a
1
Sept. 1 Holders of rec. July 144
1(4 Aug. 1 Holders of me. June 29a
2
Aug. 15 Holders of rec. Aug. 3a
3
Aug. 1 Holders of rec. July I
3
Aug. I Holders of rec. July 16
Feb 1'29 Holders of rec. Jan 15'29
3
*2M Sept.20 *Holders of rec. Aug. 28
234 Aug. 1 Holders of rec. June 27a
254 Aug. 15 Holders of rec. Aug. 16
134 Sept. I Holders of rec. Aug. la
Sept. 1 Holders of rec. Aug. la
1M Aug. 15 Holders of ree. July 314
July 31 Holders of me. July 23
3
3% Aug. 10 Holders of rec. July
164
812.50 Aug. I Holders of rec. July 16a
3
Aug. I Holders of rec. July 1
20
July 28 Holders of ree. June
$1.50 Aug. 1 July 13 to July 29a
31
3% Aug. 1 Holders of rec.
July
2
Aug. 1 Holders of rec. June 216
29a
2
Sept.19 Holders of rec.
Aug. 31a
1
Aug. 18 Holders of
1% Aug. 1 Holders of rec. July 31a
. 131 Oct. 1 Holders of rec. June 29
rec. Sept. 15a

510
Name of Company.
Railroads (Steam) (Concluded).
Pennsylvania RR.(guar.)
Peoria & Bureau Valley
Pere Marquette, prior preference (guar.)
Five per cent pref.(guar.)
Pittsburgh & Lake Erie
Pittsburgh dr West Va.(guar.)
Reading Co., corn. (guar.)
First preferred (guar.)
Second preferred (guar.)
St. Louts-San Francisco, pref.(quar.)_
Preferred (guar.)
Southern By., corn. (guar.)
Virginian By.. preferred
Wabash By.. pref. A (guar.)

Per
When
Cenl. Payable.

Books Closed
Days Inclusive.

.of rec. Aug. la
87 Mc Aug. 31 Holders
4 3M Aug. 10 *Holders of rec. July 20
,
134 Aug. 1 Holders of rec. July 6a
134 Aug 1 Holders of rec. July fla
$2.50 Aug. 1 Holders of rec. June 29a
134 July 31 Holders of rec. July 16a
$1
Aug 9 Holders of rec. July 12a
50c. Sept. 13 Holders of rec. Aug. 23a
50e. Oct. 11 Holders of rec. Sept. 20a
134 Aug. 1 Holders of ref. July 14a
134 Nov. 1 Holders of rec. Oct. 15a
Aug. 1 Holders of rec. July 2a
2
3
Aug. 1 Holders of rec. July 14a
131 Aug. 24 Holders of rec. July 25a

Public Utilities.
31.25 Aug. I Holders of rec. July 16
Alabama Power, $5 pref.(guar.)
Allied Power & Lt., $5 pf. (qu.)(No. 1)- $1.25 Aug. 15 Holders of rec. July 2
75e. Aug. 15 Holders of rec. July 27
$3 preferred (guar.) (No. 1)
Amer. Commonwealths Power Corp.
$1.75 Aug. 1 Holders of rec. July 14
First pref., series A (guar.)
$1.82 Aug. 1 Holders of rec. July 14
$61.4 first pref. (guar.)
$1.75 Aug. 1 Holders of rec. July 14
Second pref., series A (guar.)
Amer. & Foreign Power, 2d pref.. ser. A $1.75 Aug. 1 Holders of rec. July 14
$1.50 Aug. 1 Holders of rec. July 9
Amer. Gas dc Elec., pref.(guar.)
Aug. I July 14 to July 2
Amer. Light & Traction, corn. Mari-. 2
6
134 Aug. 1 July 14 to July 2
Preferred ((muar.)
0
American Natural Gas, pref. (guar.)... •134 Aug. I *Holders of rec. July 2
*134 Sept. I *Holders of rec. Aug. 31
Amer.Teleg.& Cable (guar.)
25e Aug. 15 Holders of rec. Aug. la
Amer. Water Works & Elec.,com (qu.)_
Common (one-fortieth eh. corn. stk.)- (1) Aug. 15 Holders of rec. Aug. la
$1.50 Oct. I Holders of rec. Sept.12a
$6 first preferred (guar.)
Associated Gas & Elec., el. A (guar.).- (50c. Aug. I Holders of rec. June 3
151.50 Sept. 1 Holders of rec. July 3
$5 preferred (qu.)
1$ 1.6234 Sept. I Holders of rec. July 31
$61.4 pref.(guar.)
44c. Sept. 1 Holders of rec. July 31
Brazilian Tr. L & P., new corn. (quar.)_
134 Aug. 1 Holders of rec. July 16
Power. 7% pref. (guar.)._
Broad River
Brooklyn-Manhattan Tran.,sec. A (au.) $1.50 Oct. 15 Holders of rec. Oct. to
$1.50 JanI5'29 Holders of rec. Dec. 3So
Preferred series A (quar.)
$1.50 AprI5'29 Hold. of rec. Apr. 1 '29a
Preferred series A (quar.)
"50o Aug. I 'Holders of ree. June 3
0
Central Hudson Gas & Elec., corn
134 Aug. 1 Holders of rec. July 14
Power & Light. pref.(guar.).Central
650 Aug. I Holders of rec. July 17a
Chicago Rapid Transit, pr. p1. A (qu.)
85e Sept. 1 Holders of rec. Aug. 2la
Prior preferred A (guar.)
60e. Aug. 1 Holders of rec. July 170
Prior preferred B (guar.)
60c. Sept. 1 Holders of rec. Aug. 2la
Prior preferred B (guar.)
Coast Cos. Gas & Elec., let Sr 2d pf.(gu.) '134 Sept.15 *Holders of rec. Sept. 1
Columbia Gas & Elec., common (guar.). $1.25 Aug. 15 Holders of rec. July 20a
134 Aug. 15 Holders of rec. July 20a
6% preferred, series A (guar.)
Aug. 1 *Holders of me. July 14
•2
Commonwealth Edison ((buar.)
75e. Aug. 1 Holders of rec. July 126
Commonwealth Power, corn. (quar.)
134 Aug. I Holders of rec. July 12a
6% preferred (quar.)
"750. Aug. 1 'Holders of ree. July 21
Community Power & Light. common
•134 Aug. 1 *Holders of rec. July 21
Sat preferred (guar.)
442.50 Sept. I *Holders of rec. Aug. 20
Connecticut Power, common
"134 Sept. 1 *Holders of rec. Aug. 2
6% preferred (guar.)
dConn. Ry.& Ltg., tom.& pf.(guar.).- 51.125 Aug. 15 Aug. I to Aug. 15
.75e. Oct. I *Holders of rec. Sept. 15
Conaol. G. E. L. & P., Bait.. corn. (qu.) 4
'134 Oct. 1 *Holders of rec. Sept. 15
Preferred A (guar.)
'134 Oct. I 'Holders of rec. Sept. 15
Preferred I)(guar.)
•134 Oct. 1 'Holders of rec. Sept. 15
Preferred E (guar.)
Consolidated Gas of N. Y., pref. ((buar.) $1.25 Aug. 1 Holders of ree. June 30a
134 Oct. 1 Holders of rec. Sept. 15
Consumers Power Co.6% pfd.(quar.)
1.65 Oct. I Holders of rec. Sept. 15
6.6% preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 15
7% preferred (quar.)
500. Aug. 1 Holders of ree. July 14
6% preferred (rsonthly)
60e. Sept. 1 Holders of rec. Aug. 15
6% preferred (monthly)
50c. Oct. 1 Holders of rec. Sept. 15
8% preferred (monthly)
Mc. Aug. 1 Holders of rec. July 14
6.6% preferred (monthly)
55c. Sept. 1 Holders of rec. Aug. 15
6.6% preferred (monthly)
Mc. Oct. 1 Holders of rec. Sept. 15
6.8% preferred (monthly)
134 Aug. 1 Holders of rec. July 14
Cumberland Co. Pr. & Lt., pref.(qu.)
Dallas Power & Light, pref. (guar.).- 134 Aug. 1 Holders of rec. July 14
Derby Gas & Elec. Corp.. $7 pref.(gu.). $1.75 Aug. 1 Holders of rec. July 31
$1.50 Aug. 1 Holders of rec. July 21
$634 preferred (guar.)
Eastern Mass. St.Sty.
ug. 15 Holders of ree. July 31
let preferred and sinking fund stock _ 8
Aug.
Holders of rec. July 16
3
Preferred B
Aug.
Holders of rec. July 10
3
Edison Elec. III., Boston (guar.)
134 Aug.
Holders of rec. July 10
Electric Bond le Share. prof.(quar.)..*Holders of rec. July 14
.$1.75 Aug.
Electric Investors $7 pref.(quar.)
Holders of rec. July 14
$1.50 Aug.
$6 preferred (quar.)
Holders of rec. July 14a
25c. Aug.
Electric Power & Light, corn
1234c. Aug.
Holders of rec. July 14
Allotment etre. fully paid
Holders of rec. July 14
Sc. Aug.
Allotment etfs. 40% pald
*Holders of rec. July 14
*50c Aug.
Empire Gas & Fuel,6% pref.(mthly.)
•64 1-6c Aug
'Holders of rec. July 14
6 M % preferred (monthly)
•58 1-30 Aug.
'Holders of rec. July 14
7% preferred (monthly)
66
' 2-3c Aug.
'Holders of rec. July 14
8% preferred (monthly)
Holders of rec. July 18a
75o. Aug
Fall River Gas Works (guar.)
Holders of rec. July 14
Fort Worth Power & Light, pref.(guar.) 134 Aug.
Holders of rec. July 9
General Pub. Serv., cony. pref. (qUar.). $1.75 Aug.
1.3734 Aug.
Holders of ree. July 9
$5.60 preferred ((buar.)
Holders of ree. July 9
$1.50 Aug
$6 pref.((buar.)
1M Aug.
Holders of rec. July 16
Grand Rapids RR., pref.((buar.)
•134 Oct. 1 'Holders of ree. Oct. 1
Great Western Power, pref. (quar.)
62 Me. Aug
Holders of rec. July 20
Hartford Electric Light. corn.(qu.)
Holders of rec. Auo. lea
134 Sept.
Havana Elec. By.. pref.(guar.)
134 Aug. 1 Holders of rec. July 20
Havana Elec.& 13th.. 1st pref.(guar.).Holders of rec. July 20
31.25 Aug. I
Cumulative preference (guar.)
134 Aug.
Holders of rec. July 14
Idaho Power. 7% pref. (guar.)
Holders of rec. July 14
$1.50 Aug.
$6 preferred (quar.)
'Holders of rec. July 16
Illinois Northern 0111., 8% pref. (guar.) '134 Aug
*Holders of reo. July 16
.$1.75 Aug.
Junior cumulative pref.(guar.)
Holders of ree. July 14
Illinois Power & Light, $6 pref.(quar.)- $1.50 Aug.
Holders of rec. July 2 ,
Indianapolis Pr.& Lt.,$7 get pref.(qu.). $1.75 Aug.
Holders of rec. July 18a
International Utilities $7 pref.(guar.).- $1.76 Aug.
July 21 to Aug. 5
1734c. Aug.
Interstate Railways, corn. (guar.)
Italian Superpower Corp., pref. (guar)
Holders of rec. July 16
$1.50 Aug
(No. 1)
"Holders of reo. Aug. 1
Kentucky Utilities, junior pref. (guar.). *134 Aug. 2 Holders of rec. Aug. 18
Sept.
(MO $1
Telephone of Phila., Pref.
Keystone
Holders of rec July 20
Knoxville Power & Light. $6 pref.(qU.). 31.50 Aug.
Holders of reo. July 20
$1.75 Aug.
$7 preferred (guar.)
Holders of roe. July 20
630. Aug.
Lawrence Gas & Electric (guar.)
*Holders of rec. July 16
Long Island Lighting. common (guar.).- •750. Aug.
Holders of rec. July 10
Aug.
$1
Manitoba Power (guar.)
Marconi Wireless Teleg. of London.
Aug. 3 *July 18 to July 24
*10
ordinary (interim)
Holders of rec. July 14
$1.25 Aug.
Massachusetts Gas Cos., corn. ((suar.)
$1.75 Aug. 1 Holders of rec. July 31
Middle West UM., corn. (guar.)
20a
Elec. Ry.& Lt.,6% pl.(qu.) 134 July 3 Holders of rec. July
Milwaukee
Miss. Valley Utilities Invest. Co.
Holders of rec. July 14
$1.60 Aug.
Prior lien $6 pref.(guar.)
Monongahela West Penn Pub.Serv.Holders of rec. Sept. 15
43340. Oct.
7% Preferred (guar.)
June 30
500. July 38 Holders of rec. July 16
Montreal Lt.. Ht.& P.. Cons.. (quar.)134 Aug. 1 Holders of rec.
Municipal Service 6% pref.(guar.)
45e. Aug. 1 Ilolders of rec. July 20
National Elec.Power, cl. A (guar.)
14
National Power & Light,$8 pref.(gm).- $1.50 Aug. 1 Holders of rec. July
Nevada-Calif. Elec. Corp., pref. (guar.) I34 Aug. 1 Holders of rem June 30
North American Co., common (guar.).- f234 Oct. 1 Holders of rec. Sept. 5a
75c. Oct. 1 Holders of rec. Sept. 5a
Preferred (guar.)
North American Edison Co., pref.(qu.)- $1.50 Sept. 1 Holders of rec. Aug. 15a
North Amer. Utility Securities Corp.
31.50 Sept.15 Holders of ree. Aug. 31
First preferred (guar.)
(m) Sept.15 Holders of rec. Aug. 31
First preferred allot. etfs. (guar.)
Aug. I Holders of rec. June 30
Northern States Power. corn. A (guar.). 2
Northwest Utilities, pref. ((buar.)
134 Aug. 15 Holders of roc. July 31
,
Okla Public Serv.. 1st prof. A (rathly.)_• 581-So Aug. 1 'Holders of rec. Jul) 14




[VOL. 127.

FINANCIAL CHRONICLE
Name of Company.

Per
When
Cent. Payable

Books Closed
Days Inclusive.

Public Utilities (Concluded).
Ohio Edison Co.,6% pref.(guar.)
134 Sept. 1 Holders of rec. Aug. 15
6.6% preferred (guar.)
1.65 Sept. 1 Holders of rec. Aug. 15
7% preferred ((buar.)
134 Sept. 1 Holders of rec. Aug. 15
5% preferred (guar.)
134 Sept. 1 Holders of rec. Aug. 15
6% preferred (monthly)
50c. Aug. 1 Holders of reo. July 16
6% preferred (monthly)
50e. Sept. 1 Holders of rec. Aug. 15
6.6% preferred (monthly)
Mc. Aug. 1 Holders of rec. July 16
6.6% preferred (monthly)
65o. Sept. 1 Horde's of ree. Aug. 15
Oklahoma Gas & Elec.,6% prof
July 31 *Holders of rec. July 23
'3
Pacific Gas Sr Elec.. pref. (guar.)
"3734c Aug. 15 'Holders of rec. July 31
Pacific Lighting, common (guar.)
75e. Aug. 15 Holders of rec. July 31
5% preferred (guar.)
'13.4 Aug. 15 *Holders of rec. July 31
Pacific Power & Light, pref. (guar.)
1.34 Aug. 1 Holders of rec. July 18
Penn-Ohio Edison, corn. (guar.)
25c. Aug. 1 Holders of rec. July 14os
7% prior preferred (guar.)
154 Sept. 1 Holders of rec. Aug. 20
Penn-Ohio Securities Corp.. corn.(qu).
18e. Aug. 2 Holders of rec. July 14
Pennsylvania-Ohio P.& L., $6 pf. (qu.) $1.50 Aug. 1 Holders of rec. July 20
7% preferred (guar.)
154 Aug. 1 Holders of rec. July 20
7.2% preferred (monthly)
60e. Aug. 1 Holders of reo. July 20
6.6% preferred (monthly)
55c. Aug. 1 Holders of rec. July 20
$6 preferred (quarterly)
51.50 Nov. 1 Holders of rec. Oct. 20
7% preferred "guar.)
134 Nov. 1 Holders of rec. Oct. 20
7.2% preferred (monthly)
60c Sept. 1 Holders of ree. Aug. 20
7.2% preferred (monthly)
80e. Oct. I Holders of rec. Sept. 29
7.2% preferred 'monthly)
60c Nov. 1 Holders of rec. Oct. 20
6.6% preferred (monthly)
55c Sept. 1 Holders of rec. Aug. 20
6.6% preferred (monthly)
56e. Oct. 1 Holders of rec. Sept. 20
6.6% preferred (monthly)
65e Nov. 1 Holders of rec. Oct. 20
Philadelphia Company, corn. (guar.)._ _ $1
July 31 Holders of rec. July 26
Comm on (extra)
21.50 July 31 Holders of rec. July 2a
5% Preferred (guar.)
$1.25 Sept. 1 Holders of rec. Aug. 10a
Philadelphia Electric (guar.)
50e. Sept.15 Holders of ree. Aug. 310
Philadelphia Rapid Transit (guar.)
July 31 Holders of rec. July 16a
$1
Phila. Suburban Water, pref. (guar.)... 134 Sept. 1 Holders of rec. Aug. lla
Portland Gas St Coke, pref.(guar.)
13.4 Aug. 1 Holders of rec. July 18
Power dr Light Securities Trust
Shares of beneficial int. (guar.)
50e. Aug. 1 Holders of reo. July 16
Shares of beneficial Int.(in stock)._ _ _ 6134 Aug. 1 Holders of rec. July 16
Public Service Corp. of N. J.. corn.(qu.)
50e. Sept. 29 Holders of reo. Sept. la
6% preferred (monthly)
50e. July 31 Holders of rec. July 60
6% preferred (monthly)
50e. Aug. 31 Holders of ree. Aug. ha
50e. Sept. 29 Holders of rec. Sept. la
6% preferred (monthly)
7% preferred (guar.)
114 Sept. 29 Holders of rec. Sept. la
8%preferred(quar.)
2
Sept.29 Holders of rec. Sept. la
Public Service Elec.& Gas,8% pfd.(an.) 134 Sept. 29 Holders of rec. Sept. la
7% preferred (guar.)
134 Sept.29 Holders of rec. Sept. la
Public Serv. of Colo., 7% pf. (mthly.)..* 581-Se Aug. 1 Holders of ree. July 15
8% preferred (monthly)
*50e. Aug. 1 Holders of rec. July 15
Aug. I Holders of ree. July 14
Public Serv. of No. Ill., corn. (guar.)... *32
*134 Aug. 1 Holders of rec. July 14
Six per cent pref. ((buar.)
Seven per cent pref. (quar.)
•134 Aug. 1 Holders of reo. July 14
Railway dr Light Securities, corn.(gm)_
50c. Aug. 1 Holders of ree. July 18a
Preferred (guar.)
51.50 Aug. 1 Holders of rec. July 180
Rhode IsId. Pub. Serv., el. A (guar.)._ $1
Aug. 1 Holders of reo. July lea
50e. Aug. 1 July 17 to July 18
Preferred (guar.)
*$1.12 Aug. 1 *Holders of ree. July 16
Rockland Light & Power. common
50c. Aug I Holders of reo. July 18a
Sierra Pacific Elec. Co., corn.(guar.)._
134 Aug. 1 Holders of reo. July 16a
Preferred (guar.)
60c. Aug. 15 Holders or ree. July 200
Southern Calif. Edison.corn ((buar.)._
Southern Canada Power, corn. (guar.)._ $1
Aug. 15 Holders of rec. July 31
Standard Power & Light. pref.(guar.)._ $1.75 Aug. I Holders of reo. July 16
Tennessee Elec. Power Co.
134 Oct. 1 Holders of reo. Sept. 15
5% first preferred (guar.)
155 Oct. 1 Holders of reo. Sept. 15
6% first preferred (guar.)
134 Oct. I Holders of rec. Sept. 15
7% first preferred ((buar.)
1.80 Oct. 1 Holders of rec. Sept. 15
7.2% preferred ((buar.)
50e. Aug. 1 Holders of roe. July 18
6% first preferred (monthly)
6% first preferred (monthly)
500. Sept. 1 Holders of rec. Auff. 15
50c. Oct. 1 Holders of rec. Sept. 15
6% first preferred (monthly)
7.2% first preferred (monthly)
50o. Aug. 1 Holders of rec. July 16
7.2% first preferred (monthly)
60e. Sept. 1 Holders of rec. Aug. 15
7.2% first preferred (monthly)
600. Oct. 1 Holders of rec. Sept. 15
Texas Power & Light, 7% pf. (guar.)._
134 Aug. I Holders of rec. July 18
$66 preferred (guar.).
$1.50 Aug. 1 Holders of rec. July 18
Toledo Edison Co.6% pref.(monthly)._ .50e. Aug. 1 *Holders of ree. July 14
7% preferred (monthly)
* 58 1-3e Aug. 1 "Holders of ree. July 14
United Gas Improvement (guar.)
Oct. 16 Holders of rec. Sept. 15a
$1
United Lt.& Pow.,old A & Boom.(qu.) 60e. Aug. 1 Holders of ree. July 160
New class A & B corn. (guar.)
12e. Aug. 1 Holders of rec. July 160
Washington (D. C.) Gas Light (guar.)._ •900. Aug. 1 *Holders of rec. July 14
West Penn Elec. Co.. class A (guar.)._
134 Oct. 1 Holders of ree. Sept. I5a
7% preferred (guar.)
154 Aug. 15 Holders of reo. July 206
Six per cent preferred (guar.)
134 Aug. 16 Holders of reo. July 200
West Penn Power. 7% pref. ((buar.). . . 13.4 Aug. 1 Holders of ree. July So
.
Six per cent preferred (guar.)
134 Aug. 1 Holders of rec. July 50
West Penn Rys..8% pref. ((buar.)
133 Sept. 15 Holders of rec. Aug. 26
Western Power Corp., 7% prof.(guar.). 134
ct. 15 Holders of rec. Oct. 1
Wilmington Gas. pref
Sept. 1 Holders of roe. Aug. lle
3
Winnipeg Electric Co.(guar.)
Aug. 1 'Holders of me. July 10
*21
Wisconsin Power dc Light. pref.(guar.). "134 Sept. 15 'Holders of rec. Aug• 31
York By,., prof.(guar.)
62 Mc July 31 Holders of rec. July 20.5
Banks,
Continental
Aug. I Holders of ree. July 276
5
Corn Exchange ((boar.)
Aug. 1 Holders of rec. July 31a
5
Trust Companies.
Farmers' Loan & Trust (guar.)
Aug. 1 'Holders of rec. July 20
"4
eitie Guarantee & Trust (extra)
5
Sept.29 Holders of reo. Sept 22
Fire Insurance.
American Equitable Assurance of New
York, common ((buar.)
37340. Aug. 1 Holders of rec. July 204
American Re-Insurance,common (guar ) 75e. Aug. 15 Holders of tee. Aug. I
Knickerbocker Ins. of N. V.. com.
3734o Aug. 1 Holders of rec. July 20a
New York Fire Ins., corn.((buar.)
30c. Aug. 1 Holders of rec. July 20
4
Miscellaneous.
Abraham & Straus, Inc.. pref.(quar.)_. 154 Aug. 1 Holders of rec. July 14a
Allied Chem.& Dye Corp. coin,((bu.) _
$1.60 Aug. 1 Holders of reo. July lla
Allis-Chalmers Mfg., corn. (guar.)
$1.75 Aug. 15 Holders of rec. July 24a
Aluminum Manufactures, com.(guar.).
50e. Sept.30 Holders of me. Sept. 154
Common (guar.)
506 Dec. 31 Holders of reo. Deo. 1541
Preferred ((buar.)
134 Sept 30 Holders of reo. Sept.156
Preferred ((suar.)
134 Dee. 81 Holders of rec. Dee. 154
Amer. Chatillon Corp.. laL(GIU.)(No. 1) *31.75 Aug. I *Holders of rec. July 20
Preferred ((suar.)
*$1.75 Nov. 1 *Holders of reo. Oct. 20
Amerada Corp.(guar.)
50c. July 31 Holders of rec. July 166
American Can,corn.((buar.)
50o. Aug. 15 Holders of rec. July 3Ia
American Cigar, corn. (guar.)
2
Aug. 1 Holders of rec. July 14
American Coal.corn.(quar.)
51 Aug. 1 July 12 to Aug. 1
Amer. European Securities, pref. (qu.)._ $1.50 Aug. 15 Holders of rec. July 31
Amer. Founders Trust, corn. (guar).
25e. Aug. 1 Holders of roe. July 14
Corn.(one one fortieth share core atk.)
U) Aug. 1 Holders of reo. July 14
.
7% first preferred (guar.)
8734o. Aug. 1 Holders of rec. July 14
6% first preferred (guar.)
75e. Aug. 1 Holders of reo. July 14
8% second preferred (guar.)
373.4c. Aug. 1 Holders of rec. July 14
American Glue, pref. (guar.)
2
Aug. I Holders of rec. July 14
American Hardware Corp.
Quarterly
Oct. 1 Holders of rec. Sept. 1.5a
$1
Quarterly
Jan 1'29 Holders of ree. Doe. 150
$1
Amer. Home Products (monthly)
25c. Aug. 1 Holders of rec. July 14a
Amer. Laundry Machinery. COCO.(War.)'$1
Sept. 1 "Holders of rec. Aug. 20
Amer. Linseed, Prof.(guar.)
134 Oct. 1 Holders of reo. Sept.20a
Preferred (guar.)
154 Jan2'29 Holders of rec. Dee. 210
Amer. Mach. dr Fdy., corn. (guar.)._ _ _ $1
Aug. I Holders of rem July 200
Preferred (guar.)
134 Aug. 1 Holders of rec. July 200
American Manufacturing, corn. ((buar.). 1
Oct. 1 Holders of rec. Sept. 156
Dee. 31 Holders of ree. Dot. 15a
Common ((buar.)
1
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 16a
Preferred ((buar.)
134 Doe. 31 Holders of reo. Dee. 16a
75o Sept. 1 Holders of rem Aug. 21a
American Metal. common (guar.)
134 Sept. 1 Holders of rec. Aug. 21a
Preferred ((buar.)

JULY 28 1928.]
Name of Company•

Per
When
Cent. Payable.

Books Closed
Days Inclusive.

Miscellaneous (Continued).
.$1.25 July 31 *Holders of rec. July 18
American Meter(guar.)
$1.25 Sept.29 Holders of rec. Sept. 15a
American Radiator, common (quar.)
14 Aug. 15 Holders of ree Aug. 60
Preferred (guar.)
1% Aug. 1 Holders of rec. July 160
Amer. Sales Bcok, Ltd., pref. (guar.)._
2
Aug. 1 Holders of rec. July 14a
Amer.Shipbuilding,com.(qu.)
1% Aug. 1 Holders of sec. July 140
Preferred(guar.)
Aug. 1 Holders of rec. July 130
Amer. Smelt. & Rag., corn. (quar.)_.._. 82
1% Sept. 1 Holders of rec. Aug. 36
Preferred (guar.)
1% Sept. 1 Holders of rec. Aug. 156
American Sumatra Tob., pref. (quar.)_ _
American Thermos Bottle. com. A (qu.) *250. Aug. 1 *Holders of rec. July 20
$1.75 Aug. 1 Holdersof rec. July 20
Amer. Vitrfled Proc., pref.(quar.)
$1 Aug. 20 Holders of rec. July 140
Anaconda Copper Mining (guar.)
200. Oct. 15 Holders of rec. Oct. 6
Angle Steel Tool (guar.)
Anglo-Persian Oil, Ltd.
Amer. deposit recta. for 1st pref
(n) July 31 Holders of rec July 3
Amer. deposit recta. for 2d pret
(n) July 31 Holders of rec. July 3
-Midland Co.. corn.((PO
Archer-Daniels
% Aug. 1 Holders of rec. July 21a
14 Aug. 1 Holders of rec. July 21a
Preferred (guar.)
Arizona Commercial Mining
25e. July 31 Holders of rec. July 16
Artloom Corp.. com. (guar.)
750. Oct. 1 Holders of rec. Sept. 21a
Common (guar.)
75c. Jan 1'29 Holders of rec. Dec. 210
Preferred (guar.)
131 Sept. 1 Holders of rec. Aug. 170
Preferred (guar.)
1% Dec. 1 Holders of rec. Nov. 16a
Art Metal Works.cony. p1.(qu.)(No. 1)
45c. Aug. t Holders of rec. July 16
Associated Dry Goods, com.(quar.)... _
63c. Aug. 1 Holders of rec. July 140
let preferred (guar.)
14 Sept. 1 Holders of rec. Aug. ha
2d preferred (guar.)
1% Sept. I Holders of rec. Aug. ha
Atlantic Coast Fisheries, conc. (guar.)._ $1
Sept. 1 Holders of rec. Aug. 20
Atlantic Gulf & West I. S. S. Lines
Preferred (guar.)
75c. Sept.29 Holders of rec. Sept. 10a
Preferred (guar.)
75e. Dec. 31 Holders of rec. Dee. Ila
Atlantic Sr Pacific International Corp
1st preferred (guar.) (No. 1)
75e. Aug. 1 Holders of rec. July 160
Atlantic Refining, pref. (guar.)
14 Aug. 1 Holders of rec. July I6a
Atlas Powder. pref. (guar.)
14 Aug. 1 Holders of rec. July 20a
Atlas Stores Corp.(No. 1)
434e Sept. 1
Babcock & Wilcox Co.(guar.)
14 Oct. 1 Holders of rec. Sept. 20a
Quarterly
14 Jan 1'29 Holders of rec. Dec. 204
Quarterly
13.1 Aprl'29 Hold, of rec. Mar. 20'29a
Balaban & Katz (monthly)
nu.Aug.
'Holders of rec. July 20
Monthly
*250. Sept. 'Holders of rec. Aug. 20
Monthly
*25e. Oct.
'Holders of rec. Sept.20
Preferred (oiler.)
•14 Oct.
'Holders of rec. Sept.20
Bamberger (L.) & Co., pref. (quar.)_
1% Sept.
Holders of rec. Aug. ha
Preferred (guar.)
14 Dec.
Holders of rec. Nov. 10a
Bancroft (Joe.) & Sons Co.. pref.(guar.) 14 July 3 Holders of rec. July 16
Bankers Capital Corp., pref. (guar.). __ $2
Oct. 1 Holders of rec. Oct. 1
Preferred (guar.)
$2
Jan15'29 Holders of rec. Dec. 31
Bankers Financial Trust
$1
Aug 1 Holders of rec. June 30
Barnhart Brothers & Spindler
second preferred (guar.).--. 14 Aug. 1 Holders of rec. July 213
First and
Bastian-Blessing Co., pref.(guar.)
$1.75 Oct. 1 Holders of rec. Sept. 200
Bates Manufacturing
*4
Aug. 1 *Holders of rec. July 20
Beacon 011, preferred (guar.)
1.8734 Aug. 15 Holders of rec. Aug 1
Belding Cortical, Ltd., com
34 Aug. 1 Holders of rec. July 14
Preferred (guar.)
Sept.153
Holders of rec. Aug. 31
Benson & Hedges, Pref. (guar.)
"50c. Aug. 1 *Holders of rec. July 20
Bessemer Limeat.& Cement. Cl. A.(an.)
75e. Aug. 1 Holders of rec. July 20
Bigelow-Hartford Carpet, com.(quar.) $1.50 Aug. 1 Holders of rec. July 19
Preferred (guar.)
13.4 Aug 1 Holders of rec. July 19
'liftman Electric Co.. com.(qua.)..
50c. Aug. 1 Holders of rec. July 16
Preferred (qUar.)
$1.75 Aug 1 Holders of rec. July 16
Blauner's, com.(guar.)(No. 1)
300. Aug. 15 Holders of rec. Aug. 1
Preferred (qua:.) (No. 1)
75c. Aug. 15 Holders of rec. Aug 1
75c. Aug 1 Holders of rec. July 21
Blaw-Knox Co., corn.(guar.)
Bloch Brothers Tobacco, corn.(guar.)._ 374c Aug. 15 Aug. 10 to Aug. 14
Common (guar.).
374c Nov. 15 Nov. 10 to Nov. 14
Preferred (guar.)
13.4 Sept. 30 Sept. 25 to Sept. 29
Preferred (guar.)
14 Dec. 31 Dee. 26 to Dec. 30
14 Aug 1 Holders of rec. July 20a
Bloomingdale Bros., pref.(guar.)
Blue Ribbon, Ltd., pref.(qu.)(No.1) __ *14 Aug. 1 *Holders of rec. July 15
Boback (II.C.) Co.,new no par cona.(qu.) *624c Aug. 1 *Holders of rec. July 16
First preferred (guar.)
•14 Aug. 1 *fickler; of rec. July 16
Bon Anti Co., class A (guar.)
51
July 30 Holders of rec. July 150
Borden Co., com. (guar.)
$1.50 Sept. I Holders of rec. Aug. 15
Boss Manufacturing, common (guar.)._ 52.50 Aug. 15 Holders of rec. July 31
Preferred (guar.)
$1.75 Aug. 15 Holders of rec. July 31
Brewers & Distillers of Vat couver.
Ltd., corn.(interim)
5c. Aug. 1 Holders of rec. July 5
Bright Star Dec., pref. A (ouar.)
50e. Aug. 1 Holders of roe. July 10
Brill (J. G.) Co., common (guar.)
*81.25 Aug. 1 'Holders of rec. July 30
4 1 5i Aug. 1
,
Preferred (quar.)
*Holders of rec. July 30
Bristol-Myers Co.(guar.)
$1
Sept. 29 Holders of rec. Sept. 19
Quarterly
$1
Dec. 31 Holders of rec. Dec. 21
British Columbia Pulp & Paper. pf.(qu.) 1% Aug. 1 Holders of rec. July 16
British Type have:tors, el. A (bi-mthly.) .35c Aug. 1 'Holders of rec. July 16
Broadway Dept. Stores, pref.(quar.)_ -- *$1.75 Aug. 1 *Holders of rec. July 11
Brockway Motor Truck (guar.)
3.4 Aug 1 Holders of rec July 14a
Brooklyn-Lula'ette Corp., el. A (guar.) 374e. Aug. 1 Holders of rec. July 20
Brown Co., t ref. (guar.)
14 Aug 1 July 15 to July 31
Brown Shoe, pref. (guar.)
14 Aug. 1 Holders of rec. July 200
Brunswick-Balke-Coll Co., com. (MI.)
75c. Aug. 15 Holders of rec. Aug. 50
Buckeye Pipe Line (guar.)
$1
Sept.15 Holders of rec. Aug. 17
Bucyrus-Erie Co., common (guar.)
250. Oct. 1 Holders of rec. Sept. 80
Preferred (guar.)
131 Oct. 1 Holders of rec. Sept. 80
623.4c Oct. 1 Holders of rec. Sept. 8a
Convertible preference (guar.)
Bunts Bros., corn. (guar.)
.50e. Aug. 1 *Holders of rec. July 25
Preferred (guar.)
"14 Aug. 1 'Holders of rec. July 25
Burns Bros., common (guar.)
Aug. 15 Holders of roe. Aug la
$2
Burroughs Adding Machine
Stock dividend
25
Aug. 17 Holders of rec. July 31a
No par value stock (guar.)
75e. Sept.10 Holders of rec. Aug. 24a
Bush Terminal, common (guar.)
50c. Aug. 1 Holders of rec. June 29a
Common (payable in common stock)._
14 Aug. 1 Holders of rec. June 29a
Byers (A. M.) Co., pref. (guar.)
14 Aug. 1 Holders of rec. July 14a
California Packing (guar.)
81
Sept.15 Holders of rec. Aug 31a
Campbeif,Wyant& Cannon Fdy•(quar.)
500. Sept. 1 Holders of rec. Aug.L 5
Canadian Bronze, Ltd., com.(quar.)_ $1
Aug. I Holders of rec. July 16
Preferred (guar.)
$1.75 Aug. 1 Holders of rec. July 16
Canadian Converters', Ltd. com.(guar.) $1.75 Aug. 15 Holders of rec. July 31
Canadian Vickers, Ltd.. Pref.(guar.)._ _
14 July 31 Holders of rec. July 14
Canfield 011, corn.(guar.)
2
Sept.30 Holders of rec. Sept. 20
Common (guar.)
2
Dec. 31 Ilolders of rec. Dec. 20
Preferred (guar.)
131 Sept. 30 Holders of rec. Sept. 20
(guar.)
Preferred
14 Dec. 3 Holders of rec. Dec. 20
Castle(H. W.)& Co.(guar.)
"750. Aug
*Holders of rec. July 20
Central Investors Corp., el. A (guar.)... *374e Oct.
*Holders of rec. May la
Claw A (guar.)
*37 He Jan2'2 *Holders of rec. May la
Centrifugal Pipe Corp.(guar.)
150. Aug. 1
Holders of rec. Aug. 6
Century Ribbon Mills, Prof. (quar.)_ _
14 Sept.
Holders of rec. Aug. 200
Corrode Pasco Copper Corp. (quar.)
$1.25 Aug.
Holders of rec. July 12a
Charis Corp., com.(guar.)(No. 1)
•50c. Aug
'Holders of rec. July 18
Charlton Mills (guar.)
*2
Aug
*Holders of rec. July 16
Chic.. Wilm.& Franklin Coal, pfd.(qu.) $1.50 Aug.
Holders of rec. July 16a
Chicago Yellow Cab (monthly)
250. Aug
Holders of rec. July 20a
Monthly
25c. Sept.
Holders of rec. Aug. 20a
Christie, Brown & Co.. Ltd.,corn
30e Aug.
Holders of rec. July 16a
Chrysler Corp., common (guar.)
•750. Sept.2 *Holders of rec. Sept. 17
2
Chrysler Corp., prof. (quar.)
Sept. 2 Holders of rec. Sept. 17a
2
Preferred (guar.)
Jan2'2 Holders of roe. Dec. I7a
Cities Service, common (monthly)
4 Sept.
Holders of rec. Aug. 15
Common (payable in common stock).- f4 Sept.
Holders of rec. Aug. 15
Preferred and preferred BB (monthly)_
Si Sept.
Holders of rec. Aug. 15
Sc. Sept.
Preferred B (monthly)
Holders of rec. Aug. 15
Service, common (monthly)
/5 Aug.
Cities
Holders of roe. July 16
Aug.
Common (payable in common stock)
Holders of rec. July 16
4 Aug.
Preferred and pref. BB (monthly)__ Holders of roe. July 16
5c. Aug.
Holders of rec. July 16
Preferred B (monthly)
*750. Sept.
*Holders of roe. Aug. 10
City Ice & Fuel, common (guar.)
*1% Sept. 'Holders of rec. Aug. 10
634% preferred (guar.)
234 Aug
Holders of rec. June 26a
City Investing, common




511

. FINANCIAL CHRONICLE
Name of Company.

Per
When
Cent. Payable.

Books Closed
Days Induslee.

Miscellaneous (Continued).
City of Paris (dept. store, San Francisco)
Preferred (guar.)
•14 Aug. 15 *Holders of rec. July 31
City Stores. class A (guar.)
874e Aug. 1 Holders of ree. July 140
Cleveland Stone (quar.)
50e. Sept. 1 Holders of rec. Aug. 15a
Cluett, Peabody & Co., com. (guar.)._ $1.25 Aug. 1 Holders of rec. July 21a
2
Aug. 25 Holders of rec. Aug. 10a
Colorado Fuel & Iron, pref. (guar.)._
Columbian Carbon (guar.)
$1
Aug. 1 Holders of rec. July
Consolidated Cigar Corp., pref. (guar.). 1
Sent. 1 Holders of ree. Aug. 15
Prior preferred (guar.)
131 Aug. 1 Holders of rec. July 164
•14 Aug. 1 'Holders of rec. July 16
Consolidated Laundries, pref.(guar.)
61.25 Aug. 15 Holders of rec. Aug. 4a
Continental Can, corn.(guar.)
20c. July 30 Holders of rec. July 15
Continental Motors(quar.)
(o) Aug.
Holders of rec. July 310
Cosden & Co.. Inc., Pref.(No. 1)
Courtauld's, Ltd.
Amer. deposit recta, for ord. shares_ _ _ (p) Aug. 3 Holders of rec. July 5
374c Sept.15 Holders of rec. Sept. 1
Crane Co., common (quar.)
Preferred (guar.)
151 Sept.15 Holders of rec. Sept. 1
Dec. 31
e4
Crosley Radio (stock dividend)
Crosby Radio Corp.(quar.)
25e. Oct. 1 Holders of rec. Sept. 20a
25c. Jan 129 Holders of rec. Dec. 200
Quarterly
14 July 31 Holders of rec. July 16a
Crucible Steel. common (guar.)
34 Aug. 1 Holders of rec. July 160
Cuba Company, prof
134 Sept.15 Holders of roe. Sept. la
Cuneo Press, pref. (guar.)
60c. Aug. 2 Holders of rec. July 20
Curtis Publishing, common (monthly)....
500. Sept. 2 Holders of rec. Aug. 204
Common (monthly)
50e. Sept.10 Holders of rec. Aug. 20
Common (extra)
Sept. 1 Holders of rec. Aug. 15a
Cushman Sons, Inc., common (quar.)-- EI
Sept. 1 Holders of rec. Aug. 15a
58 preferred (guar.)
$2
1.4 Sept. 1 Holders of rec. Aug. 156
7% preferred (guar.)
"37 He Aug. 1 'Holders of rec. July 14
Dairy Dale Co.. class A (guar.)
.194c Aug. 1 "Holders of rec. July 14
Class B (guar.)
25e. Aug. 1 Holders of rec. July 16
Davega, Inc. (guar.)
'3134e Oct. 1 *Holders of rec. Sept.20
Davis Industries, class A (guar.)
*314c Jan1'29 'Holders of rec Dec. 20
Class A (guar.)
'31310 Oct. 1 'Holders of rec. Sept. 20
Class B (qua:.)
.314c Jan 1'29'Holders of rec. Dec. 20
Class B (guar.)
Decker (Alfred) & Cohn, com.(guar.)._ "50e Sept.15 *Holders of rec. Sept. 5
14 Sept. 1 Holders of rec. Aug. 20a
Preferred (guar.)
Aug. 1 Holders of roe. July 20
Denison Mfg., debenture stock (quar.)_ $2
51.75 Aug. 1 Holders of rec. July 20
Preferred (guar.)
Diamond Match(guar.)
2 Sept. 15 Holders of rec. Aug. 31a
Dominion Bridge, Ltd. (guar.)
650. Aug. 15 Holders of roe. July 31
Dunhill International (guar.)
$1
Oct. 15 Holders of rec. Oct. la
Quarterly
Jan15'29 Holders of rec. Dec. 31a
El
Quarterly
Ap15'29 Hold. of rec. Apr. 1 '290
$1
Eastern Bankers Corp., common
3
Aug. 1 Holders of rec. June 30
Common (extra)
Aug. 1 Holders of rec. June 30
3
Preferred (guar.)
14 Aug. 1 Holders of rec. June 30
Preferred (guar.)
151 Nov. 1 Holders of roe. Sept. 30
Preferred (guar.)
14 Feb 1'29 Holders of rec. Dee. 31
Eaton Axle & Spring, com.(guar.)
50c. Aug. 1 Holders of rec. July 14.2
Electric Storage Battery, corn.& pf.(qu.) 31.25 Oct. 1 Holders of rec. Sept. 80
Electrical Products, common (No. 1)___ "SI
Aug. 1 'Holders of rec. July 25
Elgin National Watch (guar.)
• 623.40. Aug. 1 *Holders of rec. July 14
Emporium Capwell Corp., corn.(guar.)_ *500. Sept.24 'Holders of rec. Sept. 1
Enamel & Htg. Prod.. Ltd.(qu.)(No. 1)
50e. Aug. 1 Holders of rec. July 14
Equitable Cas. & Surety (On.)(No. 1)-25c. Aug. 15 Holders of rec. Aug. 1
Esmond Mills, corn. dr pref. (quar.)--- 14 Aug. 1 Holders of rec. July 425
Eureka Pipe Line (guar.)
Aug. 1 Holders of roe. July 16
$1
Eureka Vacuum Cleaner (guar.)
$1
Aug. 1 Holders of ree. July 200
Exchange Buffet Corp. (guar.)
374c. July 31 Holders of rec. July 160
Fair (The), corn. (monthly)
200. Aug. 1 Holders of rec. July 206
Common (monthly)
20c. Sept. 1 Holders of rec. Aug. 210
Common (monthly)
20e. Oct. I Holders of rec. Sept. 204
Preferred (quar.)
14 Aug. 1 Holders of rec. July 21a
Fajardo Sugar (guar.)
234 Aug. 1 Holders of rec. July 19
25e. Oct. I
Fanny Farmer Candy Shops, corn.(qu.)_
25c. Jan 129
Common (guar.)
50e. Aug. 31 Holders of rec. Aug. 17a
Fashion Park, Inc., corn.(guar.)
50c. Nov. 30 Holders of rec. Nov. 30a
Common (guar.)
Federal Chercical (guar.)
'114 Aug 1
Federal Knitting Mills, common (qu.)_ _ *6240 Aug. 1 *Holders of rec. July 16
Federated Business Publications. cam_ _
25c. Aug. 1 Holders of rec. July 20
Financial & Indust. Sec., corn.(Interim). 4
11
Aug. 15 'Holders of rec. Aug. 4
Fisk Rubber, 1st pref. (guar.)
81.75 Aug. 1 Holders of rec. July 16a
First pref. ccnvertible (guar.)
81.75 Aug. 1 Adders of rec. July 166
$1.75 Sept. 1 Holders of roe. Aug. 100
Second pref. convertible (guar.)
Fitzsimmons & Connell Dredge dr Dock,
corn. (guar.)
*50c. Sept. 1 *Holders of rec. Aug. 21
Formica Insulation (guar.)
25c. Oct. 1 Holders of rec. Sept. 150
Extra
10e. Oct. 1 Holders of rec. Sept. 15a
Quarterly
250. Jan1'29 Holders of rec. Dee. 15a
Extra
100. Jan1'29 Holders of rec. Dec. 15a
Franklin(H.H.) Mfg., pref.(guar.)._ _ _ "14 Aug. 1 *HcIders of rec. July 20
k reeport Texas Co.(guar.)
$1
Aug. 1 Holders of rec. July 140
Extra
75c. Aug. 1 Holders of rec. July 140
General Cable, class A (guar.)
$1
Sept. 1 Holders of roe. Aug. 10a
Preferred (guar.)
14 Aug. 1 Holders of roe. July 106
General Cigar, Inc., eem.(guar.)
1
Aug. 1 Holders of rec. July 160
Preferred (guar.)
14 Sept. 1 Holders of rec. Aug. 220
General Motors Corp.,7% pref.(guar.). 1.11 Aug. 1 Holders of rec. July 90
6% preferred (quar.)
14 Aug. 1 Holders of rec. July 90
6% debenture stock (guar.)
134 Aug. 1 Holders of ree. July 90
General Outdoor Advertising.el. A.(qu.) $1 Aug. 15 Holders of rec. Aug. 6a
Preferred (guar.)
•134 Aug. 15 *Holders of roe. Aug. 6
General Stock Yards, com.(quar.)
50e. Aug. 1 Holders of rec. July 16
Preferred (guar.)
51.50 Aug. 1 Holders of rec. July 16
General Tire & Rubber, corn.(quar.)_
750. Aug. 1 Holders of rec. July 20
Gilchrist Co. (guar.)
75e. July 31 Holders of rec. July 16
Gillette Safety Razor (guar.)
$1.25 Sept. 1 Holders of rec. Aug. la
Gimbel Bros., Inc.. Prof. (guar.)
131 Aug. 1 Holders of rec. July 14a
Gladding. MeBean & Co., monthly
250. Aug. 1 July 21 to July 31
Monthly
25e. Sept. 1 Aug. 21 to Aug. 31
Monthly
250. Oct. 1 Sept.21 to Sept.30
Monthly
25e. Nov. 1 Oct. 21 to Oct. 31
Monthly
25e. Dec. 1 Nov. 21 to Nov.30
Globe Grain & Milling, com.(quar.)..
Oct. 1 *Holders of rec. Sept.20
"2
Eight per cent preferred (guar.)
*2
Oct. 1 *Holders of rec. Sept. 20
Seven per cent preferred (guar.)
*151 Oct. 1 *Holders of rec. Sept.20
Gold Dust Corp.(guar.)
750. Aug. 1 Holders of rec. July 176
Gorham Manufacturing, hat pref. (qu.)- 14 Sept. 1 Holders of rec. Aug. 15
Gossard (H. W.) Co., corn. (monthly)... 33 1-30 Sept. 1 Holders of rec. July 204
Common (monthly)
33 1-3e Sept. 1 Holders of rec. Aug. 210
Common (monthly)
33 1-3c Oct. 1 Holders of rec. Sept. 206
Common (monthly)
33 1-3e Nov. 1 Holders of rec. Oct. 19a
Common (monthly)
33 1-3c Dec. 1 Holders of rec. Nov. 200
Common (monthly)
33 1-30 Jan1'29 Holders of rec. Dec. 20
Gotham Silk Hosiery. pref. (guar.)
14 Aug. 1 Holders of rec. July 160
Granby Cons. Min.& Smelt.(quar.)_
Aug. 1 Holders of rec. July 130
31
Grand (F. & W.) 5-10-25 cent Stores
1.624 Aug. 1 Holders of rec. July 14a
Preferred (guar.)
Gruen Watch, common (guar.)
50c. Sept. 1 Holders of ree. Aug. 206
Common (guar.)
50c. Dec. 1 Holders of roe. Nov. 200
Common (guar.)
50e. Marl'29 Holders of rec•Feb.19'29a
Preferred (guar.)
13.4 Aug. I Holders of rec. July 200
Preferred (guar.)
13.4 Nov. 1 Holders of rec. Oct. 20a
Preferred (quar.)
13.4 Feb 1'29 Hold. of rec. Jan. 19'29a
Hall(W. F.) Printing tquar.)
•25e. July 31 *Holders of rec. July 20
Halle Bros., pref. (guar.)
131 July 31 July 25 to July 31
Hamilton Watch, pref.(guar.)
14 Sept. I Holders of rec. Aug. 106
Hammermlii Paper, corn. fin Prof. stock) */$25
'Holders of rec. July 23
HammermIll Paper, com. (guar.)
*25c. Aug. 15 *Holders of rec. July 31
Harbison-Walker Refrac., com. (guar.). 14 Sept. I Holders of rec. Aug. 21a
Preferred (quar.)
14 Oct. 20 Holders of rec. Oct. 10a
(quar.)Harris-Seybold•Potter, pref.
•14 Aug. 1 *Holders of rec. July 20
(No.1) •50c. Sept. 1 *Holders of rec. Aug. 15
-Carter Co.,cony. prof.(qu.)
Hart
Hart, Schaffner & Marx, Inc.(qua:,)_ _ *2
Aug. 31 'Holders of rec. Aug. 15
Hartford Times. Inc., pref.((uar.)
*75e Aug. 15 'Holders of rec. Aug. 1
Hazeltine Corp.(guar.)
•25e Aug. 24 'Holders of rec. Aug. 4
Hershey Chocolate, prior Prof. (guar.)._ 51.50 Aug. 15 Holders of roe. July
25a
Convertible preferred (guar.)
81
Aug. 15 Holders of roe. July 25a

512
Name of Company.

Per
When
Cent, Payable.

Books Closed
Days Inclusive.

Miscellaneous (Continued).
Hibbard. Spencer,Bartlett&Co.(mtbly)_
35c. Aug. 31 Holders of rec. Aug. 24
Monthly
35c, Sept. 28 Holders of rec. Sept.21
Higbee Co., 1st pref. (guar.)
1
Aug. 1 July 22 to Aug. 1
Hollander (A.)& Son,Inc., corn.(cu.)_
6214c Aug. 15 Holders of rec. Aug. la
Hollinger Congo]. Gold Mines (monthly)
10c. Aug. 11 Holders of rec. July 25
Holly Oil (altar.)
25e. Sept. 30 Holders of rec. Sept. 15a
Holly Sugar, pref. (guar.)
131 Aug. 1 Holders of rec. July 16
Pref. (accr. accum. div.)
h334 Aug. 1 Holders of rec. July 16
Hood Rubber, preference (guar.)
*134 Aug. 1 *Holders of rec. July 20
Seven per cent pref. (guar.)
4
.191 Aug. 1 *Holders of rec. July 20
Horn & Harden of N. Y., com.(au).-- 3735 Aug. 1 Holders of rec. July Ila
Common (extra)
25c. Aug. 1 Holders of rec. July ha
Preferred (guar.)
*81.75 Sept. 1 *Holders of rec. Aug. 11
Household Products (guar.)
8734c Sept. 1 Holders of rec. Aug. 15a
Houston 011 Co.. preferred
Aug. 1 *Holders of rec. July 20
*3
Hunt Bros. Packing, class A (quar.)- - - 550e. Aug. 1 *Holders of rec. July 16
Hupp Motor Car, common (quar.)
50c. Aug. 1 Holders of rec. July 14a
Common(payable in common stock)_
f2)4 Aug. 1 Holders of rec. July 14a
Illinois Brick (quar.)
60c. Oct. 15 Oct. 4 to Oct. 15
Independent Oil & Gas(guar.)
25e. July 31 Holders of rec. July 16a
Indiana Pipe Line (guar.)
Aug. 15 Holders of rec. July 13
$1
Extra
$1
Aug. 15 Holders of rec. July 13
Industrial Finance Corp., 7% pref.(qu) 13.4 Aug. 1 Holders of rec. July 20
6% preferred (quar.)
154 Aug. 1 Holders of rec. July 20
75e. Sept. 1 Holders of rec. Aug. 6a
Ingersoll-Rand Co.. com. (quar.)
Internat. Agricul. Corp., prior pref.(gu.) 131 Sept. 1 Holders of rec. Aug. 15a
Internat. Business Machines(quar.).--- $1.25 Oct. 10 Holders of rec. Sept. 220
International Cigar Mach'y, corn.(qu.)- 81
Aug. 1 Holders of rec. July 20
Int Combustion EnginnerIng,com.(ciu.)
.
50c. Aug. 31 Holders of rec. Aug. 16a
International Harvester
134 Sept. I Holders of rec. Aug. 4a
Preferred (quar.)
134 Aug. 1 Holders of rec. July 12a
Internat. Nickel, pref. (guar.)
60e. Aug. 15 Holders of rec. Aug. la
Internat.Paper,common (qua:.)
, Aug. 1 *Holders of rec. July 16
Internet Printing Ink,com.(qu.)(No.1) "432
*134 Aug. 1 *Holders of rec. July 16
Preferred (quar.)
50c. Aug. 1 Holders of rec. July 14a
Internat. Shoe preferred (monthly)
50c. Sept. 1 Holders of rec. Aug. I5a
Preferred (monthly)
50c. Oct. 1 Holders of rec. Sept. 15a
Preferred (monthly)
50c. Nov. 1 Holders of rec. Oct. 150
Preferred (monthly)
50c. Dec. 1 Holders of rec. Nov. 150
Preferred (monthly)
Oct. 15 Holders of rec. Oct. 5a
Interstate Iron do Steel, corn.(quar.)---- $1
.
$1
J'n15'29 Holders of rec. Jan.5 29a
Common (guar.)
25c. Aug. 15 Holders of rec. Aug. la
Intertype Corp., common (quar.)
25c. Aug. 15 Holders of rec. Aug. la
Common (extra)
$2
Oct. 1 Holders of rec. Sept. 14
First preferred (quar.)
*6234c Sept. 1 *Holders of rec. Aug. 17
Jaeger Machine,corn.(guar.)
*IS1
Oct. 16 'Holders of rec. Oct. 2
Jewel Tea, corn. (quar.)
*11i Oct. 1 *Holders of rec. Sept. 14
Preferred (guar.)
25c. Aug. 1 Holders of rec. July 10
Kaufmann Dept. Stores, corn. (quar.)-Kayser (Julius) & Co., corn. (quar.)._ -- 51.25 Aug. 1 Holders of rec. July 160
Kelsey Wheel Co., pref. (quar.)
131 Aug. 1 Holders of(rec. July 200
(No.1)
Aug. 1 Holders of rec. July 15
Keystone Cons.Stone.tr.ctf.(qu.)
Keystone Watch Case. pref. (quar.)__
134 Aug. 1 Ilolders of rec. July 19a
*2
Sept. 1 *Holders of rec. Aug. 17
Kinney (G. R.) Co., pref. (guar.)
1
Sept. 10 Holders of rec. Aug. 31
Kirby Lumber, common (guar.)
13( Dec. 10 Holders of rec. Nov. 30
Common (guar.)
4
11
Aug. 1 *Holders of rec. July 15
Knox Hat, A partfc. pref. (guar.)
25c Aug. 1 Holders of rec. July 20a
Kress (S. H.) & Co., corn. (guar.)
515c Aug. 1 *Holders of rec. July 20
Special preferred Mar./
30c July 30 Holders of rec. July 20
Lakey Foundry & Mach.,corn.(guar.)._
Common (extra)
30c. July 30 Holders of rec. July 20
75c Aug. 1 Holders of rec. July 130
Landay Bros., Inc., class A (guar.)- - Landers, Frary & Clark (guar.)
75c. Sept.30 Holders of rec. Sept. 21a
75c. Dec. 31 Holders of rec. Dec. 22a
Quarterly
75c. Aug. 15 Holders of rec. Aug. 5
Landis Machine
134 Aug. 1 Holders of rec. July 14
Lane Bryant, Inc., pref.(guar.)
134 Aug. 31 Holders of rec. Aug. 21a
LanstonoMonotype Machine (quar.)_
Aug. 31 Holders of rec. July 31a
$1
Lehigh Coal & Navigation (guar)
6234c Aug 1 Holders of rec. July 140
Lehigh Portland Cement, corn.
51.25 Aug 1 Holders of rec. July 14
Lehigh Valley Coal ctfs. of interest
Libby-Owens Sheet Glass, corn. (quar.). *50c Sept. 1 "Holders of rec. Aug. 22
•13i Sept. 1 *Holders of rec. Aug. 22
Preferred (guar.)
•1Q Aug 4 *Holders of rec. July 28
Lindsay Light, pref.(guar.)
90c. Aug 1 Holders of rec. July 20a
Liquid Carbonic. corn. (guar.)
50c. Aug. 20 Holders of rec. July 10a
Lit Brothers (guar.)
15c. Aug 1 Holders of rec. July 14
Loew's Boston Theatres (quar.)
Loew's Incorporated $634 Pref. (qu.)- -$ 1.6234 Aug. 15 Holders of rec. July 28a
40c. Aug. 1 Holders of rec. July 18a
Loose-Wiles Biscuit, common (guar.)_ _ _
Aug 1 *Holders of rec. July 17
*2
Lord & Taylor, pref.(quar.)
.4c. Aug. 15 *Holders of rec. July 13
Loa Angeles Investment (guar.)
1.6234 Aug. 15 Holders of rec. Aug. la
Louisiana 011Refg pref.(quar.)
$1.25 Aug. 15 July 28 to Aug. 10
Macy (R. H.) Co.. common (quar.)_
el00
Aug. 15
Marion Steam Shovel (stk. div.)
Massey-Harris Co.. Ltd.. pref.( quar.)-- 134 Aug. 15 Holders of rec. July 28
Sept. 1 Holders of rec. Aug. I5a
$1
May Dept. Stores, corn.(guar.)
75c. Aug. 1 Holders of rec. July 20a
Maytag Co.. pref. (guar.)
First preferred (guar.)
$1.50 Aug. 1 Holders of rec. July 20a
75c. Aug 1 Holders of rec. July 200
McCall Corp., corn. (guar)
$1.50 Aug 1 Holders of reo. July 20
McCrory Stores. pref. (guar.)
25e. Sept. 1 Holders of rec. Aug. 1
McIntyre Porcupine Mines, Mar.).--10e, Oct. 1 Holders of rec. Sept. 20a
McLellan Stores. class A & B (No.2)._
4
11
Aug. 2 *Holders of rec. July 21
Melville Shoe. corn. (guar.)
Mercantile Stores Co., Inc., corn.(qu.). $1.25 Aug. 15 Holders of rec. July 31
$1.75 Aug. 15 Holders of rec. July 31
Preferred (guar.)
Metropolitan Industries. pref. (TO--- •81.50 Aug. 7 *Holders of rec. July 20
3734c Aug. 15 Holders of rec. Aug. la
Miami copper (quar.)
$1.25e Aug. 15 Holders of rec. Aug. 4
Minneap.-Honeywell Regulator, tom
1Q Aug. 15 Holders of rec. Aug. 4
Preferred (guar.)
1Q Nov. 15 Holders of roe. Nov. 3
Preferred (quar.)
•134 Aug. 1 *Holders of rec. July 25
Mirror (The). pref.(quar.)
$1
Sept. 1 Holders of reo. July 31
Mohawk Mining (quar.)
144 Aug. 1 Holders of rec. July 28
Monroe Stores, Inc., pref. (guar.)
Aug. 15 Holders of rec. Aug. 40
). $I
Montgomery Ward dc Co., corn. (guar.
$1.75 Oct. 1 Holders of rec. Sept. 20a
Class A (guar.)
3
Aug. 1 Holders of rec. July 25
Morris Plan Bank (Cleveland)
25c. Oct. 15 Holders of rec. Oct. la
Morris (Philip) & Co., Ltd., Inc.(MO
25c.Ja n. 1629 Hold. of rec. Jan. 2 '290
Quarterly
500. Aug. 1 Holders of rec. July 20a
Products, common (qua:.)
Motor
$1.25 Aug. I Holders of rec. July 20a
Preferred (guar.)
411.50 Aug. 15 *Holders of rec. July 14
Mulford (H. K.) Co., com.(guar)
Aug. 1 Holders of rec. July 16a
2
Mullins Mfg., pref. (guar.)
His. Sept. 1 Holders of rec. Aug. 22
Murphy (G. C.) Co.(guar.)
25e. Dec. 1 Holders of rec. Nov.21
Quarterly
Aug. 1 Holders of rec. July 20a
$1
Nash Motors, corn. (quar.)
500. Aug. 1 Holders of rec. July 20a
Common (extra)
50c. Aug. 1 Holders of rec. July 160
National American Co., Inc.(guar.) --50c. Nov. 1 Holders of rec. Oct. 15a
Quarterly
134 Sept. 1 Holders of rec. Aug. 21a
National Bellas Heas Inc.. pref.
$1.50 Oct. 15 Holders of rec. Sept. 280
Biscuit, corn.(guar.) (guar.)Ntionl
194 Aug. 31 Holders of rec. Aug. 17a
Preferred (guar.)
2
Aug. I Holders of rec. July 20
National Carbon, pref. (guar.)
d75c. Oct. 1 Holders of rec. Sept. d4a
Nat. Dairy Products, com. (guar.)
411.75 Oct. 1 *Holders of rec. Sept. d4a
Preferred A dr B (quar.)
13 Aug. 1 Holders of rec. July 16a
,
1
National Dept. Stores, let pref.
134 Aug. 1 Holders of rec. July 200
Lead, Prof. 13 (guar.) (quar.)Ntionl
134 Aug. 1 Holders of rec. July 21a
National Radiator, pref. (guar.)
75c. Aug. 1 Holders of rec. July 20
Nat. Recording Pump. (guar.)
Aug. 15 Holders of rec. Aug. 4a
National Supply, common (quar.)
81
144 Aug. 1 Holders of rec. July 14
National Tea. 634% pref. (guar.)
750. Aug. 1 Holders of rec. July 150
National Tile, common (guar.)
Nauheim Pharmacies, Inc., pref.(guar.) 6234c. Aug. 1 Holders of rec. July 17
6234c. Nov. 1 Holders of rec. Oct. 17
Preferred (guar.)
*134 Aug. 1 *Holders of rec. July 14
Weisner Bros., Inc.. 7% cony. pt.
Oct. 1 Holders of rec. Sept. 18s
el
Nelson (Herman) Corp., stock div
New Cornelia Copper (guar.)
50c. Aug. 20 Holders of rec. Aug. 3a
New England Equity Corp. corn
50c. Aug. 1 Holders of rec. July 16
New Jersey Bond&Mtge.. pref. (au.)-- 131 Aug. 1 Holders of rec. July 16
New Jersey Zinc (guar.)
2
Aug. 10 IIolders of rec. July 20a
New Process Co., pref. (guar.)
154 Aug. 1 Holders of reo. July 15
Newberry (J. J.) Co., pref.(guar.)
*51.75 Sept. 1 *HolderS Of roe. Aug. 15
Newton Steel, pref.(guar.)
•134 July 31 *Holders of rec. July 15




[VOL. 127.

FINANCIAL CHRONICLE

•131

Name of Company.

When
Per
Cent, Payable

Books Closed
Days Inclusive.

Miscellaneous (Continued).
New York Air Brake, com.(quar,)
75e. Aug. 1 Holders of rec. July 10a
N. Y. & Honduras Rosario Mining__
25c. July 28 Holders of rec. July 18
Extra
25c. July 28 Holders of rec. July 18
*500. Aug. 1 *Holders of rec. July 20
New York Merchandise, coin. (quar.)
First preferred (guar.)
Aug. I *Holders of rec. July 20
Nichols Copper. common
50c. Dec. 15 Holders of rec. May 24
Noma Elec. Corp. (guar)
40c. Aug. I Holders of rec. July 14
North Central Texas 011 (guar.)
15c. Sept. 1 Holders o rec. Aug. 10
Northwestern Engineering, corn. (guar.) •50c. Aug. 1 *Holders of rec. July 16
011 Well Supply, pref. (quar.)
1% Aug. 1 Holders of rec. July 12a
Oppenhelm, Collins & Co.(guar.)
Aug. 15 Holders of rec. July 27
$I
Oppenheimer & Co., pref. (guar.)
82 Aug. 1 Holders of rec. July 25
Otis Elevator, pref.(quar)
134 Oct. 15 Holders of rec. Sept. 29a
Outlet Company,com.(guar.)
81 Aug. 1 Holders of rec. July 200
First preferred (guar.)
$1.75 Aug. 1 Holders of rec. July 20a
Second preferred (quar.)
51.50 Aug. 1 Holders of rec. July 20
Overseas Securities Co
50c. Aug. 15 Holders of reo. Aug. 1
Extra
50c. Aug. 15 Holders of rec. Aug. 1
Pacific American Co., pref. (quar.)----• 51.6234 Aug. I *Holders of rec. July 16
Pacific Clay Products (quar.)
*5634e Aug. 1 *Holders of rec. July 20
Pacific Coast Biscuit, corn. (quar.)__ .250. Aug. 1 *Holders of rec. July 15
• 8734c. Aug. 1 *Holders of rec. July 15
Preferred (quar.)
Packard Motor Car Co.(monthly)
25e. July 31 Holders of rec. July 14a
Extra
July 31 :Holders of rec. July 140
Si
Monthly
25c. Aug. 31 Holders of rec. Aug. 155
Monthly
25c. Sept.29 Holders of rec. Sept. 15a
Monthly
25c Oct. 31 Holders of rec. Oct. 15a
Monthly
25c Nov. 30 Holders of rec. Nov. 15a
Paragon Refining, pref.(No. I)
Oct. 1 *Holders of rec. Sept. 15
*83
Park Sr Tilford (guar.)
75c, Oct. 14 Hollders of rec. Sept.290
Stock dividend (guar.)
el
Oct. 14 Holders of rec. Sept. 290
Quarterly
75c. in 1429 fielders of rec. Dec. 290
Stock dividend (guar.)
el
Ja 1429 Holders of rec. Dec. 290
Quarterly
75c. ApI4'29 Hold, of rec. Mar.29'290
Stock dividend (guar.)
el
Ap14'29 Hold. of rec.Mar. 29'290
Penmans, Ltd., corn. (guar.)
'II Aug. 15 *Holders of rec. Aug. 6
Preferred (quar.)
*134 Aug. 1 *Holders of rec. July 21
Penn Traffic Co
734c. Aug. 1 Holders of rec. July 140
Perfection Stove (monthly)
3734c July 31 Holders of rec. July 200
Monthly
3730. Aug. 31 Holders of rec. Aug. 200
Monthly
3734c. Sept. 30 Holders of rec. Sept. 200
Monthly
3734c. Oct. 31 Holders of rec. Oct. 200
Monthly
3734e. Nov. 30 Holders of rec. Nov. 200
Monthly
3734c. Dec. 31 Holders of rec. Dec. 200
Philadelphia Insulated Wire
$2
Aug. 1 Holders of rec. July 16a
Phillips
-Tones Corp., pref. (guar.)
13( Aug. 1 Holders of rec. July 20a
Pick (Albert) Barth dc Co., panic. Prof.
(quarterly)
4334c. Aug. 15 Holders of rec. July 25
piggly Wiggly Western States (quarj_ - 4 37 lie Aug. 1 'Holders of rec. July 20
'
Pittsburgh Screw & Bolt, com.(guar.)._ •75c. Aug. 12 *Holders of rec. June 29
Pittsburgh Steel, pref. (quar,)
151 Sept. 1 Holders of rec. Aug. 1101
Postum Co., Inc., no par com.(quar.)_ _
75c. Aug. 1 Holders of rec. July 16a
Prairie Pipe Line (quar.)
334 July 31 Holders of rec. June 300
Procter & Gamble. com. (guar.)
Aug. 15 *Holders of rec. July 25
*2
Prudence Co., Inc., Prof. (guar.)
134 J an 1529 Holders of rec. Dec. 3I0
Pullman Co.(guar.)
$1.50 Aug. 15 Holders of rec. July 31a
Pullman, Inc.(guar.)
Aug. 15 Holders of rec. July 240
$I
Pure 011, com.(auar.)
1234c Sept. 1 Holders of rec. Aug. 100
Pyrene Manufacturing, corn.(quar.)2 Aug. 1 July 20 to July 31
Quaker Oats. pref.(guar.)
134 Aug. 31 Holders of rwc. Aug, 10
Quincy Market Cold Stor. & Warehouse
preferred (guar.)
•134 Aug. 3 *Holders of rec. July 19
Rapid Electrotype (quar.)
3734c. Sept. 15 'Holders of rec. Sept. 1
Stock dividend
July 29 *Holders of rec. July 1
*5
Reed(CA.)Co., class A (guar.)
" 50c. Aug. 1 Holders of rec. July 21
Remington Typewriter, 1st Pf.(guar.).134 Oct. 1 Holders of rec. Sept. 15a
Second preferred (quar.)
2 Oct. 1 Holders of rec. Sept. 15,
Republic Iron & Steel, corn.(quar.) _ _- *S1 Sept. 1 *Holders of rec. Aug. 14
Preferred (guar.)
Oct. 1 *Holders of rec. Scat. 14
•1
Rice-Stix Dry Goods, corn. (guar.)
3734c Aug. 1 Holders of rec. July 15
Rich Ice Cream (guar.)
*513340 Aug. 1 *Holders of rec. July 15
Extra
*5e. Aug. 1 *Holders of rec. July 15
Richfield Oil, com. (guar.)
50c. Aug. 15 Holders of rec. July 20a
Preferred (guar.)
•4434c Aug. 1 *Holders of rec. July 5
Riverside Cement, let pfd.(guar.)
*81.50 Aug. 1 *Holders of rec. July 14
Class "A" partic. pref
*3134c Aug. 1 *Holders of rec. July 14
Rogers Paper Mfg.,el."A"(quar.)
*90c. Aug. I *Holders of rec. July 16
Class A (extra)
*50c. Aug. 1 *Holders of rec. July 16
Class B' No. 1)
•50c. Aug. 1 *Holders of rec. July 16
Royal Dutch Co., N.Y.shares
51.879 Aug. 3 Holders of rec. July 230
Russell Motor Car, com.(guar.)
*2 Aug.
*Holders of rec. July 19
Preferred (guar.)
*14( Aug. 1 *Holders of rec. July 19
St. Joseph Lead (quar)
50c. Sept.20 Sept. 9 to Sept.20
Extra
25c. Sept. 20 Sept. 9 to Sept.20
Quarterly
50c. Dec. 20 Dec. 9 to Dec. 20
Extra
25c. Dec. 20 Dec. 9 to Dee. 20
St. Lawrence Flour Mills, pref. (quar.)_ 4
'134 Aug. 1 *Holders of rec. July 20
Salt Creek Producers (quar.)
75c. Aug. 1 Holders of rec. July 16a
Savage Arms, pref. (guar.)
*134 Aug. 15 *Holders of rec. Aug. 1
Savannah Sugar, common (guar.)
$1.50 Aug. 1 Holders of roe. July 16
Preferred (quar.)
134 Aug. 1 Holders of rec. July 16
Scher-Hirst Co., class A (quar.)
50c. Aug. 1 Holders of reo. July 20
Schulte Retail Stores, corn. (guar.)
8734c Sept. 1 Holders of roe. Aug. 15a
Common (guar.)
8734c Dec. 1 Holders of res. Nov. 15a
Common (payable In corn. stock)
u34 Sept. 1 Holders of rec. Aug. 15
Common (payable In corn. stock)
u34 Dec. I Holders of rec. Nov. 15
Common (payable in corn. stock)
W4 Mar '29
Scott Paper, pref.(guar.)
IK Aug. 1
Beacrest Laundry, Corn. (guar.)
25e. Aug. 1 Holders of rec. July 28
Preferred (quar.)
134 Aug. 1 Holders of rec. July 28
Sears, Roebuck & Co.(Q11.)
(Pay,in stk.) •el Sept. 1 *Holders of rec. Aug. 15
Quarterly(
payable in stock)
*el Nov. 1 *Holders of rec. Oct. 15
Quarterly (payable in stock)
*el Feb 1'29 *Holders of rec. Jan15'29
Quarterly (payable In stock)
'el Myl'29 Hold. of rec. Apr. 15 '29
Sears. Roebuck & Co. (quar.)
K Aug. 1 Holders of rec. July 14
Securities Corp General,com.(guar.).-- SI Aug. 1 *Holders of rec. July 20
First preferred (quar.)
411.75 Aug. 1 *Holders of rec. July 20
Seeman Brothers, Inc., corn. (quar.)-500. Aug. 1 Holders of rec. July 16
Selby Shoe ((filar.) (No. 1)
55c. Aug. 1 Holders of rec. July 13
$6 prof. (quar.) (No. 1)
•$1.50 Aug. 1 *Holders of rec. July 13
Beton Leather, corn. (guar.) (No. 1)- - *500. Aug. 1 *Holders of rec. July 16
Sinclair Consol.011, pref.(guar.)
Aug. 15 *Holders of rec. Aug. 1
4
12
Skelly Oil (quar.)
4100. Sept.15 *Holders of rec. Aug. 15
Southern N.E. Ice, prior pref.(guar.).- 51.75 Aug. 1 Holders of rec. July 16
Southwestern Stores, pref.(quar.)
•450. Sept. 1 *Holders of rec. Aug. 15
Spiegel, May,Stern Co.,com.(qu.)No.1) 4
.75c. Aug. 1 *Holders of rec. July 12
• 54 Aug. 1 *Holders of rec. July 12
1
634% preferred (guar.)(No. 1)
Standard Chemical, Ltd
$I
Sept. 1 Holders of rec. July 31
Standard Investing, $534 pref.(quar.)-$ 1.3754 Aug. 15 Holders of reo. July 270
Steel Co. of Canada, Ltd., com.(qu.)„ 134 Aug. 1 Holders of rec. July 7
Preferred (guar.)
•134 Aug. 1 *Holders of reg. July 7
Steel & Tubes, Inc., corn.(guar.)
750. July 31 Holders of rec. July 18
Stover Mfg. & Engine, corn. (qua:.). 62540. Aug. 1 *Holders of rec. July 20
Stroock (S.) & Co. (guar.)
*75c. Oct. 1 *fielders of rec. Sept.15
Quarterly
4150. Dec. 22 *Holders of reo. Dec. 10
Sun Oil, pref.(quar.)
134 Sept. I Holders of rec. Aug. 10a
Superior Portland Cement cl A (mthly.)_ *2734 Aug. 1 Holders of roc. July 23
Swift International
60c. Aug. 15 Holders of rec. July 144
Teck-Hughes Gold Mines
10c. Aug. 1 July 18 to July 31
Extra
20c. Aug. 1 July 18 to July 31
Telautograph Corp., common (quar.)
20e. Aug. 1 Holders of rec. July 14
Therow Steel, 1st Prof.(guar.)
•$1.25 Aug. 1 *Holders of rec. July 25
Thirty-four East 51st St., Inc., pref._ _
3
Aug. 1 July 17 to Aug. 1
Thompson (John R.) Co.(monthly) --30c, Aug. 1 Holders of rec. July 230
Monthly
30c, Sept. 1 Holders of rec. Aug. 230
Tide Water 011, pref. (guar.)
134 Aug. 15 Holders of rec. July 130
Tobacco Products. class A (quar.)
134 Aug. 15 Holders of rec. July 25e
Troxel Mfg.,corn.(guar.)
51.50 Aug. 1 Holders of roe. July 20
Preferred (guar.)
$1.75 Aug. 1 Holders of rec. July 20
Tung-Sol Lamp Works, corn. (quar.)._ _ •20e. Aug. 1 *Holders of rec. July 20
*Holders of rec. July 20
Class A (quar.)
•450. Aug.

JULY 28 1928.1
Name of Company.

FINANCIAL CHRONICLE
When
Per
Cent. Payable.

Books Closed
Days Inclusive.

Miscellaneous (Concluded).
*50c. Aug. 10 *Holders of rec. July 19
Union 011 Associates (quar.)
Union Oil of Calif.(quar.)
50c. Aug. lu Holders of rec. July 150
62%c Aug. 10 Holders of rec. Aug. is
Union Storage (quar.)
62%c Nov. 10 Holders of rec. Nov. 1
Quarterly
•40c. Sept. 1 *Holders of rec. Aug. 18
United Biscuit of Am., corn. (quar.)__
$1.75 Aug. 1 July 19 to July 31
Preferred (quar.)
.
United Cigar Stores of Am.,6% pf.(qu.) 1% Aug. 1 Holders of rec. July 120
75c. July 30 Holders of rec. July 20
United Electric Coal(quar.)
United Equities, Inc., (guar.)(No. 1L._ *31.25 Aug. 1 *Holders of rec. July 20
$1.50 Oct. 15 Holders of rec. Oct. la
UnitedPaperboard, pref.(quar.)
$1.50 Jan6'29 Hold, of rec. Jan. 2 '290
Preferred (quar.)
$1.50 Ap15'29 Hold, of rec. Apr. 1 '290
Preferred (quar.)
United Piece Dye Works,6%% Pf.(qu.)- 1% Oct. 1 Holders of rec. Sept. 200
6%% preferred (quar.)
1% Jan2'29 Holders of rec. Dec. 200
50e. Aug. 1 Holders of rec. July Oa
United Verde Extension Mining (quar.)_
75c Aug. 1 Holders of rec. July 14
U.S. & British Internat., cum. pf. (au.)
75c Aug. 1 Holders of rec. July 14
Preferred allotment certifs. (quer.)_ _ _
U.S. Cast Iron Pipe & Fdy., corn.(qu.). 2% Sept. 15 Holders of rec. Sept. 3a
Common (quar.)
2(4 Dec. 15 Holders of rec. Dec. la
Sept. 15 Holders of rec. Sept. la
Preferred (quar.)
Preferred (guar.)
134 Dec. 15 Holders of rec. Dec. la
U.S.& Foreign Secur. Corp., 1st pf.(qu.) $1.50 Aug. 1 Holders of rec. July 11
U. S. Industrial Alcohol, corn. (quar.)_ 31.25 Aug. 1 Holders of rec. July 160
U.S. Print. & Lith. 2d pref.(quar.)_ _ _ _
134 Oct. 1 Sept. 21 to Sept. 30
Second preferred (quar.)
134 Jan1'29 Dec. 22 to Dec. 31
Universal Leaf Tobacco, corn. (quar.)
75c Aug. 1 Holders of rec. July 20
Universal Pipe Se Radiator. pref.(011.)
$1.7 Aug. 1 Ho ders of rec. July 160
Preferred (quar.)
$1.75 Nov I Holders of rec. Oct. 150
Utah Apex Mining
25e. Aug. 1 Holders of rec. July 14
Vanadium Corp. (quar.)
75e Aug. 15 Holders of rec. Aug. la
Vapor Car Heating, pref.(quar.)
1% Sept. 10 Holders of rec. Sept. la
Preferred (quar.)
14( Dec. 10 Holders of rec. Dec. la
Venezuelan Petroleum (quar.)
Sc, Aug. 15 Holders of rec. July 31
Vick Chemical (quar.)
$1
Aug. 1 Holders of rec. July 140
Victor Talking Mach., corn.(quar.)_ _ _ _ $1
Aug.
Holders of rec. July 20
Prior preference (quar.)
1% Aug.
Holders of rec. July 2a
$6 convertible pref. (quar.)
$1.5 Aug.
Holders of rec. July 20
V. Vivaudou, Inc., pref.(guar.)
134 Aug. 1 Holders of rec. July 130
ayagamack Pulp & Paper (quar.)
75c Sept.
Holders of rec. Aug. 15
Weber & Hellbroner. pref. (quar.)
134 Aug. 1 Holders of rec. July Na
Western Oil& Refining, Prof
Sept. 15 Holders of rec. Aug. 15
Westinghouse Air Brake (quar.)
50c July 3 Holders of rec. June 30
_ $1
Westinghouse El. & Mfg., corn.
July 3 Holders of rec. June 290
_
Weston (George), Ltd., pref.(quar.)
Holders of rec. July 20
134 Aug.
White Sewing Mach., pref.(quar.)
$1
Aug
Holders of rec. July 20
Willys-Overland, corn. (guar.)
30c Aug. 1 Holders of rec. July 18a
Wire Wheel Corp., pref.(guar.)
$1.7 Oct. 1 Holders of rec. Sept. 200
Preferred (quar.)
$1.7 Jan1'29 Holders of rec. Dec. 20
Woolworth (F. W.) Co.,(guar.)
$1.2 Sept.
Holders of rec. Aug. 16
*40c Aug.
Worth, Inc., class A corn.(quar.)
*Holders of rec. July 20
Wright-IIargreaves Mines (quar.)
*2 Ae. Aug.
*Holders of rec. July 16
25c. Aug.
Wrigley (Wm.) Jr. Co.. corn. (mthly.)- Holders of rec. July 20a
25c. Sept.
Common (monthly)
Holders of rec. Aug. 20
25c. Oct.
Common (monthly)
Holders of rec. Sept.20
25c. Nov.
Common (monthly)
Holders of rec. Oct. 20
25c. Dec.
Common (monthly)
Holders of rec. Nov. 20
$1
Yale de Towne Mfg. (Ouar.)
Oct.
Holders of rec. Sept. 7a
Yellow & Checker Cab, corn. A (mthly). 6 2-3c Aug.
July 26 to July 31
6 2-3c Sept. 1 Aug. 26 to Aug. 31
Common class A (monthly)
6 2-3c Oct. 1 Sept.26 to Sept.30
Common class A (monthly)
6 2-3c Nov. 1 Oct. 26 to Oct. 31
Common class A (monthly)
6 2-3c Dec. 1 Nov. 26 to Nov. 30
Common class A (monthly)
_• 62 %c. Aug. 1 *Holders of rec. July 200
Zenith Radio Corp., corn. (quar.)
•From unofficial sources. t The New York Stock Exchange has ruled that stock
will not be quoted ox-dividend on this date and not until further notice. j 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.
f Payable In common stock. g Payable in scrip. D On account of accumulated
dividends. .1 Payable in preferred stock.
Associated Gas de Electric dividends payable in cash or in class A stock as
follows: On $5 pref 3 33-100 shares class A stock; on $6 50 pref., 3 61-100 shares
class A stock
m $1.50 for each $100 paid in.
n Dividend on 1st pref. is £3 4s. per 100 shares and on 2d pref. £3 48. per 100
shares, each less deduction for expenses of depositary.
o At rate of 7% per annum for period from date of Issue to Aug. 1.
p Dividend is one shilling per share free of income tax,
r Patino Mines & Enterprises dividend is four shillings per share.
I Payable either in cash or class A stock at the price of $20 per share.
u f3hulte Retail Stores declared 2% in stock, payable %% quarterly.

513

The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The following are the figures for the week ending July 20:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
FOR THE WEEK ENDED FRIDAY. JULY 20 1928.
-Average Figures.
NATIONAL AND STATE BANKS
OtherCash Res. Dep.. Dep.Other
Including N. Y. and Banks and
Gross
Gold. Bk.Notes. Elsewhere. TrusiCos. Deposits.

Loans.
Manhattan-$
Bank of U.S
143,809,500
Bronx Borough.-- 20,513.000
Bryant Park Bank 2,118,600
Chelsea Exch. Bk_ 20,953,000
9,020,659
Cosmopolitan_ ___
*Grace National_ 18,259,859
HarrimanNational 33,881,000
Port Morris
4.447,900
Public National 112,436,000
Brooklyn
First National
20,228,300
42,753,900
Municipal
Nassau National- 23.034,000
8,302,000
PeoplesNational
,,,,,,,,-,,,..•,......,
v 050 (IAA

$
$
$
$
$
9.300 1,854,100 18,370,500 1,292,000 143,119,700
6,000 705,000 1,513,000
21,159,000
125,100
71,600 192,600
2,179,000
795,000
___
.1,673,000
20,637,000
10,324,958
3,076 261,754 1,988,990
6,000
89,029 1,416,259 1,081.962 14.912,435
20,000 791,000 4,370.000 931,000 38,284,000
210,100
95,000
4,031,100
33,300
23,000 1,865,000 6.930.000 3,260,000 106,145,000
33,500 475,900 2,040,300
22,800 1.400,700 3,070,000
85.000 270,000 1,754,000
586,900
4.500 145,000
41 Ann
541 400

301,300 18,688.900
31.100 42,957,800
248,000 20,272,000
73,000 8,286,000
17200 2 507 41111

*Clearing non-member bank.
TRUST COMPANIES-Average Figures.

Loans.

Calla

Res. Dep., Dep. Other
Gross
N. V. and Ranks and
=where. Trust Cos. Deposits.

$
$
$
Manhattan$
$
40,900 54,530.200
American
53,511,500
750,300 9,638,000
21.271,410
Bronx County
22.116.223
723,073 1,597,466
Central Union
248,412,000 *31.398,000 4,793,000 3,072,000 258,442,000
Empire
73,701,000 *4,450.200 2,899,000 3,631,800 70,131.106
15,634,952
Bank of Europe & Trust 16,196,400
97,282
813,965
233,752 18,303,745
Federation
17.700,918
229,537 1.412,733
17,779.900
Fulton
16,661,300 *2,102,000
365,100
277,262,000 2,410,000 37,710,000 1,602,000 262,115,00(
Manufacturers
69,718,901
80.641,411 4,400.000 8,931,593
United States
Brooklyn
67,158,900
64,017,600 1,415.600 10,298,700
Brooklyn
26,248.951
27,914,103 1,880.429 2,492,664
Kings County
Bayonne, N. J.
9.716.625
292.185
852.319
318.980 9.755.71(
Mechanics
*Includes amount with Federal Reserve Bank as follows Central Union $30,604,000; Empire $2,897,000; Fulton,$1,981.000.

-In the
Boston Clearing House Weekly Returns.
following we furnish a summary of all the items in the
Boston Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
July 17
1928.

Changesfrom
Previous Week

July 10
1928.

July 3
1928.

s
3
s
$
84,150,000 Unchanged
84,150,000
84,150,000
Capital
108,448,000 Unchanged
108,448,000 108,389,000
Surplus and profits
Loans, disc'ts & invest'ts. 1,120,999,000 -9,032,000 1,130,031,000 1,120.776,000
670,121,000 -9,666,000 679.787.000 669,508.000
Individual deposits
137,935,000 -10,157,000 148,092,000 152,193,006
Due to banks
286,764,000 -2,513,000 289,277,000 289,474,000
Time deposits
5,164.000 -1,464,000
7,249,000
6,628,000
United States deposits_
23.356,000 -4,076,0
28,523.000
Fxchanges for Clg. House
27,432,000
85,867,000
-928,000
86,795,000
86,971,000
Due from other banks_
81,443,000 -2,472,000
82,356,000
Res've in legal depositles
83,915,000
9,030,000
8,518,000
+163,000
8,355,000
Cash in bank
Raia'vp PS(10E18 In F.R.Bk_
392.000
-713.000
1.105.000
404.000

Weekly Return of New York City Clearing House.
Beginning with Mar. 31, the New York City Clearing House
Association discontinued giving out all statements previously
issued and now makes only the barest kind of a report. The
Philadelphia Banks.
-The Philadelphia Clearing House
new return shows nothing but the deposits, along with return for the week ending July 21, with comparative figures
the capital and surplus. We give it below in full:
for the two weeks preceding, is given below. Reserve
STATEMENT OF THE MEMBERS OF THE NEW YORK CLEARING HOUSE
requirements for members of the Federal Reserve System
ASSOCIATION FOR THE WEEK ENDING SATURDAY JULY 21, 1928.
are 10% on demand deposits and 3% on time deposits, all
• Surplus & Na Demand
Time
to be kept with the Federal Reserve Bank. "Cash in vaults"
*Capital.
Undivided
Clearing House
Deposits
Deposits
is not a part of legal reserve. For trust companies not
Profits.
Members.
Average.
Average.
members of the Federal Reserve System the reserve required
$
$
$
$
Bank of N. Y.& Trust Co-_ 6,000,000 12,875.200
56,035,000
7,733,000 is 10% on demand deposits and includes "Reserve with
Bank of the Manhattan Co_- 12,500.000 19,228.500 142,384,000
31.090,000
Bank of America Nat. Assoc__ 25,000,000 37,009,900 132.798,000
51,729,000 legal depositaries" and "Cash in vaults."
90,000.000 73.961,000 0827,898,000 156,487,000
National City Bank
6.000.000 20,014,500 127,923,000
Chemical National Bank
5,865.000
Beginning with the return for the week ending May 14, the
National Bank of Commerce_ 25,000,000 46,295,200 299,859,000
60,358.000
Chat.Phenix Nat.Trk.&Tr.Co. 13,500,000 14,868.400 157,401.000
44,144,000 Philadelphia Clearing House Association discontinued showing
5,000,000 26,702.400 116,105,000
National Bank
Hanover
2,952.000
11,000,000 17,762,700 168,684,000
Corn Exchange Bank
29,801,000 the reserves and whether reserves held are above or below require10,000,000 25,069,500 122,825,000
National Park Bank
9,950,000
10,000.000 87,588,200 248,155.000
First National Bank
9,547,000 ments. This will account for the queries at the end of the
Amer. Exchange Irving Tr.Co. 32,000,000 32,005,700 351,599,000
54,438,000
1,000,000 1.438,900
Bank
Continental
6.410,000
600,000 table.
Chase National Bank
Fifth Avenue Bank
Garfield National Bank
Seaboard National Bank
State Bank & Trust Co
Bankers Trust Co
U.S. Mortgage & Trust Co
Title Guarantee & Trust CoGuaranty Trust Co
Fidelity Trust Co
Lawyers Trust Co
New York Trust Co
Farmers Loan & Trust Co_ _ _
Equitable Trust Co
Colonial Bank

50.000.000
500,000
1,000.000
9,000,000
5,000.000
25,000,000
5,000,000
10,000,000
40,000.000
4,000.000
3,000,000
10,000.000
10,000,000
30.000,000
1,400.000

57,470,200
3,158,700
1,899,000
12,351.100
6,631,700
75,000,000
5,951,400
21.857,400
59,231,700
3.648,500
3,845,200
24,009.500
22,149,200
25.591,000
3,705,600

71556.091,000
24,928.000
15,340,000
120,465,000
35,519,000
c327,398,000
55.160,000
38,312.000
d497.736,000
40,028.000
18,414,000
143,286.000
e108,591,000
1331,003.000
27,080,000

65.789.030
888.000
499.000
7,629,000
59.800,000
53,108,000
4.242.000
1,979,000
79,917,000
5,093,000
3,663,000
30,289,000
18,226.000
42,259,000
7.060,000

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

500,000

773,900

3,739,000

5,635.000

Totals
include dein:mug in foreign branches:(a $279,575.000,(5) $14,532,000; (c) $51,,
(f) 3116,377.000.
020,000,(d) 390,251,000, (e) $2,226,000.
1928; State. June 30 1928; Trust Com*As per official reports: National, June 30
panies. June 30 1928.




Week Ended July 21 1928.
Two Ciphers (00)
omitted.

Trust
Members of
P.R.System Companies.

54,790,0
Capital
Surplus and profits.... 172.807,0
Loans,disc ts &Invest_ 1,025,631,0
36,089,0
Exch. for Clear. House
88,670,0
Due from banks
122,914.0
Bank deposits
Individual deposits-. 607,870,0
208,250.0
Time deposits
939.061.0
Total deposits
Res. with legal depos
68,105,0
Ites. with F. R. Bank_
9,102,0
Cash in vault*
77,207,0
Total Res.& cash held_
?
Reserve required
Excess reserve and cash
8

July 14
1928.

July 7
1928.

Total.

64,290,0
64,290,0
9,500,0
64,290.0
18,293,0 191,100,0 190,967.0 190,832.0
106,994,0 1,132,625,0 1,145,200.0 1,148,273,0
36,793,0
36.938,0
884,0
53,753.0
89,341,0
671,0
89,114.0 100,344,0
3,358,0 126,299.0 129.015,0 135,788,0
50,534,0 658,404,0 666,389,0 678,437,0
29,888,0 238,138,0 244,853,0 247.855,0
83,780,0 1,022,841,0 ,040,257,0 1,062,080,0
8.188,0
8.188,0
8,590.0
9,160,0
68,105,0
69.688,0
10,059,0
2,625.0
11,727,0
11,933,0
11,946,0
10,813,0
88,020,0
90.211,0
31,185,0
8
.
1
8
T
8

•

9

*Cash In vault not counted as reserve for Federal Reserve member

•

514

FINANCIAL CHRONICLE

[Vou 127.

Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, July 26, 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
iakst week appear on page 480. 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 11 11.Y 25 1928
July 25 1928. July 18 1928. July 11 1928. July 3 1928. June 27 1928. June 20 1928. June 13 1928 June 6 1928. July 27 1927.
RESOURCES.
$
S
5
8
5
S
$
$
$
GoldI with Federal Reserve agents
1,119,717,000 1.130,963,000 1.161,160.000 1,129,584,000 1,128.276.000 1,135.840,000 1,118,486.000 1.109.015.000 1,652,604,000
GoldI redemption fund with U. S. Trees73.465,000
71,406.000
67,361.000
62,100,000
63,482.000
62,534,000
65,603,000
71,181,000
47,396,000
Ad held exclusively agst. F. R. notes 1.191.123,000 1,204,428,000 1,228,521.000 1.191.684.000 1,191,758,000 1,198,374,000 1,189.667.000 1,174,618,000 1,700,000,000
[
Gold settlement fund with F.R.Board
680,561.000 661,912.000 686,960,000 699.796,000 700.173,000 694,771,000 741.018.000 781.787.000 567,132,000
Gold and gold certificates held by banks_ 732,347,000 733,252,000 699,395,000 655.010,000 691,379.000 687.772.000 649.721,000 652,563.000 756,356,800
[
Tcdal gold reserves
Eseeeves other than gold

2,604,031,000 2,599,592,000 2,594,876.000 2,546,490,000 2.583.310,000 2.580,917,000 2,580,406.000 2,608,048,000 3,023.488,000
157,154,000 159,244,000 152,361,000 146,100,000 154,974.000 156,354,000 153.593.000 152,461,000 157,322,000

Tcdal reserves
Non-reserve cash
Bills discounted:
Socured by U.S. Govt. obligations
her bills discounted

3,761,185,000 2,758.836,000 2,747.237,000 2.692,590,000 2,738,284.000 2,737.271.000 2,733,999.000 2.761.409.000 3.180,810,000
65,096,000
64,517,000
63,113,000
62,335.000
54.273,000
64,107.000
64,517,000
63,042,000
65,139,000

Tcdal bills discounted
Bills bought in open market
.
U.S Government securities:
Boaids
Trensury notes
Cerlificatee of Indebtedness

1,025.109.000 1,011,757,000 1.089,268,000 1.191.010,000 1,031.874,000
169,083,000 181,035,000 187,642,000 209.664,000 223,432.000

598,385.000
428,724.000

615,027,000
396,730.000

713,372,000
375,896.000

777,480.000
413.530.000

701,618,000
330.256.000

6.53,196.000
337.631,000

684,513,000
358,345.000

651.184,000
330,814,000

220,671,000
177,459,000

990,827.000 1,042.558.000
223,882.000 240.417,000

981,998,011
266.394,000

398,130,000
169,385,000

55,044,000
87,206,000
65,391,000

56,024,000
89,505,000
63,813,000

60,968.000
87,720.000
69,077,000

55,701.000
90.687,000
73.177.000

57,979,000
87,584,000
66,374,000

.55.928.000
78,260.000
88,680,000

63,572.000
76,584,000
83.140,000

63,011.000
76,352,000
70.669.000

(80,784,000
80,332,000
123,900,000

207,641,000
490,000

209.342,000
490,000

217,765,000
490,000

219,565,000
490,000

211,937,000
490.000

222,868.000
590,000

223,296,000
1,090,000

210,032,000
1.090,000

385,016,000
1,380,000

Toaal bills And securities (see note).--- 1.402.323.0001.402.624,000 1,495,165,000 1,620,729,000 1,467,733,000 1,438.167.000 1,507,661,000 1.459,514,000
Gold held abroad
573,000
573,000
Dee from foreign banks (see note)
571.000
571,000
572.000
571,000
571,000
572.000
626.843,000 740,451,000 687.818,000 758,391,000 626,380.000 729.581,000 748,112.000 675,626,000
Unocliected items
00.113.000
:
Baed premises
60,063,000
60,047,000 60,096,000
60,056,000
60,089,000
60,080,000
60,028,000
8,628,000
AllI other resource.
8,431.000
8,520,000
8,563,000
7.902.000
8,063,000
9,157,000
10.010 000

953,831,000

TtSal U. B. Government securities
Othor securities (see het.)

48,719,000
601,252,000
59.313,080
14,923,000

4.924,182,000 5,036,074.000 5.062,523.000 5,195,121,000 4,963,462.000 5,037,689,000 5,125,573,000 5,029.347.000 4,919,920,000

ToSal resources
LIABILITIES.
F. .notes in actual circulation
De lefts:
11 smber banks--reserve account
,vernment
Go
reign banks (see note)
her deposits

1.606,582,000 1.618,863,000 1,640.150.000 1,660,132,000 1.604,635,000 1,599,372.000 1.605.425,000 1,598,370,000 1,661,729,009
2,299,893,000 2,306.632,000 2,365,396,000 2,402.892.0002,344,709.000 2,332.152,000 2,392,433,000 2,384,830.000 2,281,028,000
20,331,000
13,735,000
12.230,000
3.478,000
21.468.000
17.019.000
11,274,000
18,352,000
16,337.000
8,651,000
10,057,000
8.852,000
9,478,000
10,134,000
8,832,000
8.703.000
5,142,000
5,280,000
17,241,000
18,618.000
26.104.000
20,339.000
20.388,000
17.114,000
24,496,000
17.375,000
17,855.000

ToCal deposits
Del rred availability items
Cap!tat paid in
Burp[us
All other liabllities

2,346.116.000 2.349,042,000 2,407,441,000 2,459,316.000 2,381,800.000 2,368.182.000 2,436,139,000 2,423,822,000 2,330,018,000
574,543.000 672,160.000 619.630,000 582,191,000 582.086,000 678.174,000 691,028.000 615,204,000 557,299,000
143,024.000 143,116,000 143,221,000 141,210,000 140,318.000 140.309.000 139,719,000 139.631,000 129,507,000
233.319,000 233,319,000 233.319.000 233.319.000 233,319,000 233,319,000 233,319 000 233,319,000 228.775,000
20,598,000
19,574,000
18,953.000
18.762,000
20,353.000
21,304,000
12,382,000
19,001.000
19,943,000

Totel liabilities
4.924,182,000 5,036,074,000 5.062.523,000 5,105,121.000 4,963,462,000 5.037,689.000 5,125.573,000 5,029,347,000 4.919,920,000
)
RaUC of gold reserves to deposits and
F. R. note liabilities combined
65.6%
64.3%
64.1%
61.8%
64.8%
65.1%
75.7%
63.8%
64.35%
Ratl ) of total reserves to deposits and
F. R. note liabilities combined
69.9%
69.5%
65.4%
67.9%
69.0%
68.7%
79.7%
67.6%
68.7%
CootIngent liability on bills purchased
305,452,000 305,186,000 310,888,000 309,038,000 305.068,000 297,824,000 295.525,000 276,582.000 151,749,000
for foreign correspondents
PSaribusion Ott Maturities1-1 days bills bought in open market.
1-1 days bUls discounted
1-I days U.8. certif. of indebtedness.
1-1 days municipal warrants
16-3 days bills bought in open market.
18-3 days bills discounted
16-3 days U. S. certif. cf Indebtedness..
18-3 days municipal warrants
31-6 days bills bought In open market..
31-6 days bills discounted
31-8 days U. S. certif. of indebtedness.
31-60 days municipal warrants
61-90 days bills bought in open market..
81-90 days bills discounted
61-90 days U. S. certif. of indebtedness_
81-90 days municipal warrants
Over 90 days bilis bought in open market
Over 90 days bills discounted
Over 90 days certif. of indebtedness_
Over 90 days municipal warrants
F. It. notes received from Comptroller
P. ft. notes beld by F. it. Agent
iell to Federal Reserve Banks
last'

$
57,426,000
844,643,000
805,000

S
76,020,000
828,869,000
405,000

36,340,000
38,675,000

29,072.000
40,928,000

44,314,000
71,495,000

S
5
73,920,000
94,671.000
936.325,000 1,044.234.000
3.220,000
6,942,000

$
103,443,000
892,122,000
736,000

37,839,000
39,563,000

37,114,000
43,862,000

44,012,000
68,759,000

43,478,000
54,585,000

25.410.000
57,393,000

24.602,000
59,333,000

5,593,000
12,903,000
64,586,000

7,329,000
13,868,000
63,408,000

$
94.246.000
903,671.000
28,267,000
100.000
64.655,000
35.772,000

$
83,708,000
844,070,000
13,795,000
100.000
78.334.000
35,395,000

5
76,112,000
297,756.000
434,080

47.389,000
36.139,000

$
98,312.000
845,383,000
19,294,000
100,000
49,300,000
39,389,000

37,931.000
52,506.000

42,764,000
48,934.000

48,376,000
55,103,000

55,029,000
53,566.000

74.657,000
56.673,000

31,743,000
37,583,008
60,294,000

26,683,000
43,594.000

36,099.000
40,859,000

23.651.000
35,368,000

22.887.000
31,916,000

21,772,000
29,611,000

23,722,000
27,240,000

12,697.000
29,753,000

5,722,000
15,201,000
65.857.000

7.101.000
16,297.000
66,235.000

6.185.000
19,311.000
65,638,000

5.007.000
19,036.000
69.386.000

4.715,000
20,238.000
54.873,000

8,073.000
18.620.000
56.874,000

2,927,000
11,815,000
63,172,000

45,906,000
21,223,000

2,822,202.000 2,831,152,000 2,824,675,000 2,819.200.000 2,817,335.000 2,810,515,000
2.783.792.000 1.932,487,000
799,770,000 796,880,000 783.160.000 798,775,000 817,380,000 811.770.000 2,796,819,000 816,310.000 875,685,000
802,470.000
2.022,432,000 2.034,272,000 2,041,515.000 2,020.425.000 1.999.955.000 1,998,745,000
1,994,349.000 1.967.482.000 2,056,892,080

Ho e Secured
352,477,000 352,476,000 354,977.000 355,376.000 355,376,000 354.626.000
By If Id and gold certificates
354,606,000 854.607.000 391,855,000
91.446.000
95,355,000
99,815,000
redemption fund
96,552.000
Gold
88,624,000
98,994,000 101,065,800
94.335.000
98.386,000
Gold fund-Federal Reserve Board_ __ _ 675,794,000 683,132,000 706,368.000 677,656,000 684,276,000 686,879.000 665.494,000 655,414.000 1,159,684,000
1.160.789,000 1,157.472,000 1,222,349,000 1.318,795,000 1.195,831,000 1,159,342,000
By et gible paper
1.234,877,000 1,197.134,000 534,279,000
2,280,506.000 2.288,435,000 2,383.509.0002,448,379,000 2,324.107.000 2.20.'. 152 non 9 1R1 qsa non., "Ile I dO nnn 1 155 551 anti
To a
NoTE._Beginning with the statement of Oct. 7 1025, two new Item were added in order to show separately the amount of
balances be d abroad and amounts due to
.
foreign correspondents. In addition, the caption "All other earning assets," previously made up of Federal Intermediate Credit bank debentures, was changed to
Total earning meets" to "Total bills and securities.' The latter term was adopted as a
-Other securities." and the caption more Accurate description of the total of the
provisions of Sections 13 and 14 of the Federal Reserve Act, which, t wasstated,
Maitount acceptances and securities acquired under the
are the only Items Included therein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JULY 25 1928
Two demos (00) 0004044
Federal Reserve Bank of

3
$
RESOURCES.
3old with Federal Reserve Agents 1,110,717,0 104,736,0
71,406,0 4,961,0
3old red'n fund with U.S.Tress.

Phila. Cleveland, Rkhmond Atlanta. Chicago. St. Lewis. Minneay. Kan.City, Dallas. San Pros.
s
S
$
S
}
5
a
3
.3
3
S
175.452.0 72.270,0 132,321,0 23,730,0 74,594,0 214,808,0 23,876,0 45,148,0 42,593,0 15,698.0 194,492,0
18,026,0 11,042,0 5,131,0 3,589,0 4,416,0 8,231,0 5.435,0 2.845,0 3,883.0 1,604,0 2,243.0

Gold held excl. aged. F.It. notes 1,191,123,0 109,697,0
3old settle't fund with F.R.Board 680,561,0 61,089,0
732,347,0 26,565,0
2old and gold certificates

193,478,0 83,312,0 137.452,0 27,319,0 79,010.0 223,039,0 29,310,0 47,993,0 46,476,0 17,302,0 196,735,0
194,642,0 47,359,0 68,338,0 12,113,0 7,206,0 151,399,0 29,389,0 18,577,0 38,361,0 16,767,0 35,321,0
499,901.0 26,710,0 41,526,0 8,746,0 8,359,0 52,711,0 12,924,0 5,073,0 7,235,0 16,487,0 26,510,0

2,604.031,0 197,351.0
157,154,0 14,795,0

888.021.0 157,381,0 247,316,0 48,178,0 04,575.0 427,149.0 71.223,0 71,643,0 92.072,0 50.556,0 258,566,0
31,530,0 8,065,0 14,141,0 11,881,0 18,864.0 19,283,0 15,524,0 2,388,0 5,592,0 5,581.0 9,510,0

Total reeerves
2,761,185.0 212,146.0
ion-reserve cash
64.517,0 6,508,0
Mils discounted:
See. by U. S. Govt. Obligations 595,385,0 25,772,0
428.724,0 40,613,0
Other bills discounted

919,551,0 165,446,0 261.457,0 60,059,0 113,439,0 446,432,0 86,747,0 74,031,0 97,664,0 56,137,0 268,076.0
20,433,0 1,831,0 4.118,0 4,054,0 5,282,0 8,938.0 3,971,0 1,097.0 2,254,0 2,499,0 3,532.9

Total gold reserves
Eteserve other than gold

Total bilis discounted
Mils bought in open market
Y. B. Government securities:
Bonds
Fressury notes
Dertlfleates of indebtedness
Total U.8. Gov't naourItIon-




Total.

Boston.

1.025,109,0 66,385,0
169.083.0 19,240,0
55,044,0
87,206,0
65.391,0
207 All 0

704.0
2,486.0
4,427,0
7 I117

n

New York.

202,140,0 67,307,0 58,811,0 25,265,0 12,532,0 115,755,0 22,265,0 7.324,0 9,422,0 14,115,0 35,677.0
108,204,0 20,063,0 37,935,0 33,370.0 56,373.0 38,636,0 31,686,0 5,889,0 15,578,0 8,496,0 31,881.0
_
310.344,0 87,370,0 96,746,0 58,635,0 68,905,0 154,391.0 53,951.0 13,213,0 25,000,0 22,611,0 67.558,0
28,812,0 17,079,0 18,795,0 7,050.0 13,005,0 12,807.0
143,0 12,793.0 9.039,0 10,179,0 20.141,0
504,0
585,0
1,384,0
14,061,0 9.723,0 27,843,0
15,213,0 11,340,0 5,550,0

1,153.0
862.0
1,529.0

144,0 19.927,0
3,289.0 5.189,0
1,898,0 10,053,0

7,125.0

20 ASS 0

3.544.0

5.331.0 as

7

211148.0

33.897.0

1115

n

4,519,0 11,139,0
4.3120 3.091,0
2,214.0 4,327,0

128 0 ii 04510

15 587 0

7,819,0
41,0
3,938,0 12,414,0
3,914,0 4,927.0
15_669.0 17.352.6

:limy 28 1928.]

FINANCIAL CHRONICLE

RESOURCES (Concluded)
Tiro Ciphers (00) omitted.

Total.

Boston.

$
490,0

Other securities
Total bills and securities
Due from foreign banks
Uncollected items
Bank premises
Another resources

New York,

Phila,

$

$

$

515

Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.Cliy. Dallas. San
Fran
$

S

$

$

$

$
490,0

$

$

3

1,402,323,0 93,242,0
573,0
37,0
626,843,0 62,341,0
60,113,0 3,824,0
8,628,0
75.0

369,814,0 126,097,0 149.438,0 69,229,0 87,241,0 202,366,0 61,219,0 37,541,0 52,596,0
48.459,0 105,081.0
218,0
52,0
47,0
25,0
21,0
69,0
21,0
13,0
18,0
17.0
35,0
167.632,0 50,344,0 58,984,0 45,402,0 21,767,0 79,587,0 27,251,0 13,337 0 41 035,0 22,935,0
16,568,0 1,752,0 6,806,0 3,481,0 2,833,0 8,720.0 3,902.0 2,202,0 4,308,0 1,883,0 36,228,0
3,834,0
1,375.0
221,0 1,258,0
388,0 1,294,0
994,0
556,0
974,0
406,0
510,0
57/.0
4,924,182,0 378,173,0 1.493,591,0 345.738,0 482,113,0 182,638,0 231,877,0 747,106,0 183,667,0
129,195,0 198,281,0 132.440,0 417,363.0

Total resources
LIABILITIES.
F. R. notes in actual circulation_ 1,606,582,0 139,299,0
Deposits:
Member bank-reserve wet 2,299.893,0 148,081,0
Government __
20,331,0
625,0
Foreign bank
8,651.0
728,0
Other deposits
17,241.0
77,0
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities

336,272,0 126,349,0 191,889,0 51,140,0 129,096,0 271,734,0 56,786,0 54,723,0 55,933,0 29.498,0
163.863.0
889.235,0 132,693,0 188,535,0 65,983,0 64,389,0 345,495,0 80,583,0 50,339,0 90,888,0 64,191,0
179,481,0
1,681,0
1,321.0 1,584,0 2,901,0 2,086,0 1,107,0 1,041,0
1,031,0 1,385.0 1,901,0 3,668,0
1,678,0
923.0 1,010,0
495,0
408,0 1,350,0
418,0
262,0
350,0
390,0
689,0
8,915,0
122,0 1.162,0
90,0 1,047,0
255,0
329,0
207,0
389,0
28,0 4,620.0

2 346,116,0 149,511,0
574,543,0 60,253,0
143,024,0 9,895,0
233,319,0 17,893,0
20,598,0 1.322,0

Totalliabllities
memoranda.
Reserve ratio(percent)
Contingent liability on Pith ourMissed for foreign correspond'ts
F. It. notes on hand (notes reed
from F. It. Agent less notes in
circulation.

901,509,0 135.059,0 192,291,0 69,634,0 66,973.0 348,999,0 82,371,0 51,839,0 93,012,0 66,460,0 188,458,0
141,175,0 47,231,0 57,458,0 42,323,0 19.548,0 71,896,0 27,587,0 11,568,0 35,413,0 23,174.0 36.917,0
47,564,0 14,178,0 14,271,0 6,083,0 5,145,0 18,211,0 5,381,0 3,021,0 4,202,0 4,318,0
10,755,0
63.007,0 21,662,0 24,021,0 12,324,0 9,996.0 32,778,0 10,397,0 7,039,0 9,046,0 8.527,0 16,629,0
6,064,0 1,259,0 2,183,0 1.134,0 1.119,0 3,488,0 1,145,0
1,005,0
675,0
463,0
741,0
4,924,182,0 378,173,0 1,495,591,0 345.738,0 482,113,0 182,638.0 231,877,0 747,106,0 183,667,0 129,195,0
198,281,0 132,440,0 417,363,0
69.9

73.4

74.3

305,452,0 22,889,0

63.3

68.1

49.7

57.9

71.9

62.3

86,329.0 28,993,0 31,739,0 15,564,0 12,818,0 42,421,0 13,123,0

69.5

65.0

58.5

76.1

8.240,0 10,987,0 10.681,0 21,668,0

415.850.0 28.574.0 127.416.0 32.721.0 31.394.0 15.374.0 27.047.0 45.639.0
12,773,0 7,092,0 7,847,0
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL
RESERVE AGENTS AT CLOSE OF BUSINESS JULY 25 1928.

6,100,0 73,873.0

at.
Federal Reserve Agent at-

Total.

Boston.

New York.

Phila.

Cleveland. Richmond Atlanta. Chicago. St. Louis, Minneap, Kan.City, Dallas. San Pron.

Two ciphers (00) Omitted.
$
$
F.R.notes reed from Comptroller 2,822,202,0 228,823,0
F.R.notes held by F. R. Agent-- 799,770,0 60,950,0

$
$
3
$
$
$
$
5
3
$
$
738,128,0 184,470,0 255,313,0 90,843,0 223,613,0 444,473,0 87,079,0 80,734,0 98,990,0 56,000,0 333,736,0
274,440,0 25,400,0 32.030,0 24,329,0 67,470,0 127,100,0 17.520,0 18,919,0 35,210,0 20,402,0
96,000,0

F. R. notes Issued to F. R. Bank. 2,022.432,0
Collateral held as security for
F. It. notes issued to F. It. Bk.
Gold and gold certificates____ 352,477,0
Gold redemption fund
91,446,0
Gold fund-F.It. Board
675,794,0
Eligible paper
1,160,789,0

463,688,0 159,070.0 223.283,0 66,514,0 156,143,0 317,373,0 69,559,0 61,815,0 83,780,0 35,598,0 237,736,0

Total collateral

167,873,0
35,300,0
11,436,0
58,000.0
85.606,0

153,161.0
50,000,0 20.396,0 21,750,0
7,900,0
17,291.0 12,493,0 12,321,0 3,334,0 4,744,0 1,808,0 2,975,0
5,000.0 59.777,0. 70,000,0
48,100,0 213,000,0 13,000,0
327.501,0 90,474,0 114,593,0 59,953,0 81.764,0 167,057,0 54,076,0
502.953 0 162 744 ri 246.9140 83.683.0 156.358.0 181_36541 77051.0

._ 2.280.506.0 100.342.0

14.167,0
9,803,0 40,000,0
2,981,0 3,733,0 1,895,0 16,435,0
28,000,0 38,860,0 4,000,0 133,057,0
25,982.0 33.908,0 32,773,0 87,102.0
71 130.0. 76.501.0 48.471.0 281.594.0

Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by
the Federal Reserve Board, giving the principal items of the resources
and liabilities of the 637 member banks from which weekly
returns are obtained. These figures are always a week
behind
those for the Reserve banks themselves. Definitions of the
different items in the statement were given in the statement
of Dec. 12 1917, published in the "Chronicle" of Dec.
29 1917, page 2523.

The comment of
for the latest week appears in our department of "Current Events and Discussions," on page the Reserve Board upon the figures
481. immediately following which
we also give the figures of New York and Chicago reporting member
banksfor a week later.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS
IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS JULY 17 1928 (In thousands of dollars).
Federal Reserve Diltrict-

Total.

Boston. New York

Phila,

Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap Kan.Cily. Dallas. Soo Pros.

Loans and Investments-total

S
3
$
3
$
22,316,293 1,538,585 8,475,605 1,247,814 2,214,648

5
676,076

3
$
639,233 3,292,152

s
726,877

s
376,127

s
684,088

s
$
460,119 1,984,969

Loans and discounts-total

15,749,676 1,085.948 6,046,623

848,592 1,472,504

516,585

506,069 2.397,781

511,978

243,601

445.644

339.580 1,334,771

9.712
50,579
412,635 2,832.843
663,601 3,163,201

8,726
466,378
373,488

13,330
673.052
786,122

3,598
183,832
329,155

4,315
20.478
133,748 1,049,452
368,006 1,327.851

4,723
218.662
288,593

2.356
80.537
160.708

3,114
132.591
309,939

3,758
88,237
247,585

4,450
360,919
969.402

6,566,617

452,637 2,428,982

399,222

742,144

159.491

133,164

894,371

214,899

132,526

238,444

120.539

650,198

U. S. Government securities_ _ _ _ 2,984,930
Other bonds, stocks and securities 3,581,687

165,400 1.192.295
287.237 1,236,687

112,080
287,192

316,767
425,377

71,059
88,432

61,255
71,909

372,761
521,610

75,617
139,282

70,111
62,415

110,425
128,019

81,665
38,874

355,495
294,703

80,857
13.910

126,891
28,786

41,324
11.854

33,924
10,390

255,333
40,419

44,003
7,179

23,888
5,917

54,454
11,303

34,325
8,632

117,659
22,446

315,538 1,841,326
244,039 1,262,550
6.243
5,805

375,476
242,664
3,546

223,391
128,803
1,087

502.667
178,210
1,722

235,911
481.309

44,721
118,903

48,919
86,157

124,520
228,192

Secured by U. S. Gov't obliga'ns
129,139
Secured by stocks and bonds.
6,632.886
All other loans and alseounts__ 8,987,651
Investments-total

Reserve with F. R. Bank
Cash in vault

1.693,803
245,173

Net demand deposits
Time deposits
Government deposits

99.121
18,008

777,024
66,329

13,180,802
6,011,090
93,410

732.290 1,039,442
304.603 975,243
4,270
5,859

357,718
246,344
1,075

1,10(1,173
3,085,714

Due from banks
Due to banks

922,449 5,757,381
494,404 1,683.383
4,317
28,420
53,513 130,917
143,029 1.160,593

56,255
170,537

93,725
214,489

46,256
95,651

66,375
95,520

Borrowings from F. It. Bank-total

787.412

38.118

259,564

62,384

76,576

28,536

53.891

130,140

43,547

6.831

Secured by U. S. Gov't oblIga'ns.
All other

504,439
282,973

9,515
28.603

178.886
80,678

48,943
13,441

44,246
32.330

11.125
17.411

15,552
38,339

106,839
23,301

16,146
27.401

3,095
2,836

637

3(1

78

49

70

64

02

29

24

Number of reporting hanks _

_

11

292.314 829,810
133,520 1,017,327
23,531
7,535
53,758
88,881

151,303
202,453

21.732

12,232

53,861

11.427
10,305

11,10
1.069

46,602
7,259

64

45

5

Condition of the Federal Reserve Bank of New York.
The following shows the condition of the
Federal Reserve Bank of New York at the close
of business July 25 1928,
comparison with the previous week and the correspond
ing date last year:
RdSOUICES-

Gold with Federal Reserve Agent
Gole redemp. fund with U.S. Treasury.

July 25 1928. July 18 1928, July27 1927.
$
175,452,000 175,563,000 411,454,000
18.026,000
19,652,000
7,175,000

Gold held exclusively agst. F. It. notes
Gold settlement fund with F. It. Board.
Gold and gold certificates held by bank_

193,478.000
194,642,000
499,901,000

195,215.000
195,757.000
500,098,000

Total gold reserves
Reserves other than gold

888.021,000
31,530,000

891,070,000 1,111,033.000
30,549,000
32,854,000

Total reserves_
Non-reserve cash
Bills discountedSecured by U. S. Govt. obligations.._
Other bills discounted

919,551,000
20,433.000

921,619,000 1,143,887,000
20,302.000
14,751,000

202,140,000
108,204,000

205,811.000
98,512.000

67,129,000
25,305,000

310,344,000
28,812,000

304,323,000
33,063,000

92,534,000
30,337,000

1,384.000
14,061,000
15,213,000

1,384.000
15.670,000
15,213,000

24,441,000
15,973,000
25,710,000

Total U.S. Government securities._

30,658,000

32,267,000

66,124,000

Total bills and securities (See Note)....

369.814,000

372,653,000

188,995,000

Total bills discounted
Bills bought in open market
U.S. Government securities
Bonds
Treasury notes _.
Certificates of indebtedness

418,629,000
202,316,000
490,088,000

Resources (Concluded)Gold held abroad
Due from foreign banks (See Note)
Uncollected items
Bank premises
All other resources
Total resources

July 25 1928. July 18 1928. July 27 1927
$
$
5
218,000
167,632,000
18,568,000
1,375,000

Total liabilities
Ratio of total reserves to deposit and
Fed'I Res've note liabilities combined.
Contingent liability on bills purchased
for foreign correspondence

217,000
202,916.000
16.564.000
1.181,000

13,628,000
152,222,000
16,276,000
4,679,000

1 495,591,000 1.525,452.000 1,534,438,000

Fed'i Reserve notes in actual circulation
336,272,000
Deposits
-Member bank, reserve sect
- 889,235,000
Government
1,681.000
Foreign bank (See Note)
1,677,000
Other deposits
8,916,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities

in

340.243,000
894,417.000
3,170.000
3,084,000
8.814.000

376,676,006
902,581,000
2,003,000
1,251,000
17,668,000

901,609,000 909,485.000
141,175,000 169.458.000
47,564.000
47,564.000
63,007,000
63.007.000
6,064,000
5,695,000

923,503,000
131.164,000
38,946,000
61,614,000
2,535,000

1,495,591,000 1,535,452.000 1,534,438,000
74.3%

73.7%

86,329,000

83,195,000

88.0%

41,770,006
NOTE -Beginning with the statement of Oct. 7 1925, two new items were added In order to show separately
the amount of balances held
to foreign iorrcepondents. In addition, the caption, -All other oaring assets," previously made up of Federal
abroad and amcunts due
Intermediate Credit Bank
"Other securities." and the caption, "Total earning assets- to -Total bills snd securities." The latter
'
debentures, was changed to
term was adopted as a more accurate
the discounts. accePtanees and Securities acquired under the provision of sections 13 and 14 of
the Federal Reserve Act. which, it was stated, description of the total of
therein.
are the only Items
included




[VOL. 127.

FINANCIAL CHRONICLE

516

New York City Banks and Trust Companies.
(AB prices dollars per share.)

antlers' Gazeitt

Banks--N.Y Bid Ask Banks-N.Y. Bid
- 675
181 185 Port Morris
America
765
Amer Union*. 230 240 Public
820
Bronx Bank'.. 700 775 Seaboard_ _
Night, July 27 1928.
Wall Street, Friday
278
Seventh
Bryant Park. 230
187
195 205 Seward
-The review of the Central
Railroad and Miscellaneous Stocks.
690
250 275 State*
Century
300
545 550 Trade*
Chase
Stock Market is given this week on page 505.
250
Yorkville_
Chath Phenix
Nat Bk &Tr
The following are sales made at the Stock Exchange this Chelsea Etch* 565 575 Yorktown•._ 225
265 280
week of shares not represented in our detailed list on the Chemical_ _ _ _ 915 940 Brooklyn.
475
First
Colonial*...... 1275
pages which follow:
644 647 Globe Exch., 325
Commerce_
Continental'.. 550 625 Mechanics._ 371
Corn Exch.- 635 645 Municipal'.... 410
Range Since Jan. 1.
Range for Week.
Sales!
STOCKS.
440
Nassau
Cosmopolit'n• 500
Week Ended July. 27.
950
for
People's
Fifth Avenue_ 2300
Highest.
Lowest.
Highest.
Lowest.
West.
170
4000 4185 Prospect
First
600
Garfield
400
Trust Cos
Grace
'
Par. Shares $ per share. $ per share. $ per share.$ per share. Hanover
1315 1348
New York.
Railroads
975 1050 Am Ex in Tr 432
Feb 83 May Harriman
1
300 76 July 23 7734 July 24 58
Boston &Maine
280 290 Banat Comle
Liberty
Apr
Feb 86
40 65 July 24 65 July 24 60
Buff Roth & Pitts__ _100
Italians Tr 425
750 760
105% May Manhattan
50100 July 25100 July 25 94
100
Preferred
of N
July 43
Jan National City 820 828 BankTrue 1 690
Buff & Susquehanna _100 100 324 July 27 324 July 27 32
Co
&
685 700
Park
M
174 June Penn Exch.... 182 192 Bankers T us 948
July 25 10
• 100 104 July 25 104
Havana Elec Ry
July 440 May
30 340 July 26350 July 27 340
100
Hocking Valley
July 82% June
lend.
10 75 July 27 75 July 27 75
*State banks. I New stock. z
Ill Cent RR sec ctf_ _100
Mar 5% Mar
100
10 3 July 24 3 July 24 2
Iowa Central
Minneap & St Louls_100 300 24 July 21 24 July 21 1% May 634 May
July 89 June
50
30 83 July 25 8334 July 23 83
Morris & Essex
Ap 148%
July 64
Feb 1124
July 167
Ja. 1594
July 10831

May
June
June
Apr
Jan
Mar

Indus. & Miscell.
Abitibi Pow & Pap pf 100 2,200 934 July 271004 July 21 934
Am Pow & Light pref__* 1,140 102 July 261024 July 26 102
Am Radiator pref _100 290 146 July 23150 July 25 142
Am Telep & Teleg rights- 112000 1131 July 21 124 July 25 1131
130 108 July 27 110 July 21 104
Am Wholesale pref_ -1
34
34 July 21 14 July 25
Arnold Constable rights- 45,500
• 400 3034 July 27 304 July 21
Barker Bros
100 100 100 July 2 100 July 26 WO
Preferred
•
Brockway Motor Trk- 4,500 484 July 21 5231 July 27 45%
100 111 July 26 111 July 26 110
1
Preferred
Canada Dry G A rights_ 16,100 1 July 25 149 July 27 1
Cotton MAO 5,300 47 July 24 524 July 21 4594
Chickasha
98
100
Cons Cigar pref (7)-.100
Cons Film Ind pref..' 2,400 24 July 21 2494 July 24 23
Container Corp class A20 4,400 2494 July 25 254 July 21 21%
• 7,400 1231 July 27 1331 July 23 10%
Class B
10 1133j July 24 11331 July 24 112
Cushmans Sons pref8%•
Cutler-Hammer Mfg.10 400 524 July 25 524 July 24 52

July 10231
July 1074
Jan 152
July 1431
Apr 1104
July 14
June 324
July 1014
Jun 5744
Jun 1174
July 1%
Jun 5631
Jan 1084
July 254
M
36
M- 194
Jun 116%
Jun 60

Apr
May
Apr
June
July
y
Jul30
June
June
May
May
July
July
June
July
Apr
Apr
Mar
Apr

•13,200 1331 July 24 15 July 27 1231 Jun 15
Dodge Bros A etls
•23,500 694 July 25 77 July 27 64 Jun 77
Preferred ens
M
9934
• 4,000 924 July 24 944 July 27 80
Inc
Drug
• 700 3414 July 26 35 July 26 3431 July 4031
Eitingon Sand
July 11431
100 200 102 July 23102 July 23 102
Preferred
10 124 July 26 124 July 26 1204 Jan 124
El Pr & Lt ctfs full paid_
Elk Horn Coal pref_ _ _50 180 1331 July 27 15 July 21 134 May 19
Jan 113
1 113 July 26113 July 2 111
Franklin Simon pref.100
Jan 75
7231 July 26 724 July 26 37
General Gas dr El ci B__• 1
*20,100 7494 July 24 8144 July 27 7431 July 814
Gen Ice Cream
100 3058 July 25 3031 July 25 2631 Jun 3631
Mot ctfs *
Graham Paige
100 1,500 7231 July 26 744 July 25 6531 Jun 754
Grand Stores
* 30 2751 July 23 2831 July 27 264 Jul 304
Grand Union
July 50
* 900 4734 July 27 48 July 23 47
Preferred
Jan 110
1010831 July 2710831 July 27 104
Gulf States St 1st pf _100

July
July
May
June
June
July
Feb
Feb
July
July
June
July
June
June
Apr

Jan 384 June
Jan 29 June
Jan 116 June
July 724 July
July
July 103
Apr
July 122
May 25 Dune
May 99 May
July 2231 Apr
July 5831 July

Lehigh Portl Cement_50 400 474 July 26 48 July 21 4749 July 54
100 200 110 July 23 110 July 23 10831 May 11031
Preferred
• 1,100101 July 2110131 July 25 9931 Mar 11031
Leew's preferred
McKeesport Tin Plate..10,800 6631 July 23 684 July 25 624 June 724
100, 100 118 July 21 118 July 21 118 June 1224
Mackay Co Ws
'I 1,000 424 July 26 4331 July 27 424 July 52
Maytag preferred
July 101
* 400 91 July 23 914 July 21 91
Prior preferred
•16,600 26 July 21 3131 July 25 254 juiyl 3131
Menge Co
July 129%
'122,800118 July 21 12931 July 25 94
Motor Products
Ap 119
60 115 July 2411531 July 21 115
National Supply pf....100I
1
'I 400 824 July 25 834 July 21 80 IJun 85%
Pacific Lighting
Jan 1254
120 July 26 115
Pan Tel & Tel pref._ ..iool 100 120 July 26
14%
94
PennaCoal&Coke..50l 200: 931 July 24 94 July 27 10149 Jun 103
Jul
1,0001014 July 2510131 July 23
Postal Tel & Cable pf.100
July 21 6194 Fe 78
Reis(R)& Co istpf,100l 100 72 July 21 72 July 24 106
July 1144
30 110 July 2111431
Rem Typewr 1st pLAOOI
1019231 July 21 1924 July 21 1654 M 199
Reynolds Tobacco A _ _25
*10,7001 3731 July 24
Savage Arms new
21
SPang Chalfont & Co...* 500, 26 July 23
Stand Sanitary Idtg..._* 800 38 July 26
3,000 39 July
Stanley Co
*20,400 3331 July 24
Trice Products
'Fob Prod die ctfs B.... _I 100 20 July 26
United Dyewood_ _ A00, 240 104 July 21
United Paperboard_ _1003 2,000 2231 July 26
100 344 July 21
1
Wells Fargo & Co

4031 July 26
2844 July 27
384 July 23
4131 July 26
3831 July 27
20 July 26
1131 July 27
26 July 21
394 July 21

37% July
July
26
34 Jun
July
39
32% Jun
July
20
Feb
5
18 Jun
14 Jan

40%
2844
424
41%
40
24
114
27%
34

Mar
May
May
Apr
May
May
May
July
July
Jan
June
May
Jan
July
May
July
May
July
July
May
July
May
June
July
Apr
June

Bank, Trust & Insurance Co. Stocks.
80609
40745
20640
130460

Bank of Commerce_.100
Bank of Manhattan. 100
Corn Exchange Bank 100
Kquit Tr Co of N Y_ _100

July 24655
July 25748
July 24640
July 21 478

July 27,550
July 26'560
July 24 600
July 25 410

Feb 770
Feb 940
May 753
Jan 599

June
May
May
May

•No par value.

New York City Realty and Surety Companies.
(AU prices dollars per share.)
Bid
Alliance Ally 72
Amer Surety..I 280
Bond & M 0. 415
Lawyers Mtge, 342
Lawyers Title:
I Guarantee' 330

Ask
85 Mtge Bond....
300 N Y Title &
430 I Mortgage...
350 US Casualty.
338 1




Bid
165
590
390

Bid
Ask I
175 Realty Assoc's
(Bklyn)com 250
800 I let pref.-- 96
410 I 2d pref...- 93
'alabaster
Title & Tr_ 650

525
375
377
420
460
190

435
475
710
955

As!
450
1690
725
435
479
800
920
600
650
225
285

Tr.Cos.-N.Y, Bid
Bronx Co Tr_ 400
Central Union 1670
675
County
425
Empire
Equitable 'Tr_ 475
Farm I.& Tr. 790
Fidelity Trust 400
565
Fulton
Guaranty...... 645
Intl Germanic 220
Interstate.... 275
Lawyers Trust _
Manufacturers
New 825 par 220
Murray H111_ _ 265
Mutual(Westchester)....... 365
N Y Trust...... 735
Times Square 195
Title Cu & Tr 805
US Mtge & Tr 490
United States3100
Westchestl-Tr 1000
Brooklyn.
1100
Brooklyn.
Kings Co..... _ 2700
M idwood_ _ 275

226
280
395
745
205
815
510
3250
1100
1200
2900
325

•Ex-stock die. y Ex-rights.

Quotations for U. S. Treas. Ctfs. of Indebtedness &c.

8013831 July 24 140 July 24 125
New On Tex & Mex_100
42,415 54 July 21 64 July 26 531
N Y Central rights
30 110 July 231104 July 23 109
N Lack 6: Western _100
50,15614 July 23160 July 25 1564
Pitts Ft W Ch pret_100
401284 July 24 1304 July 27 100
So Ay M & 0 ens__ _100
20101 July 21 101 July 21 101
pref_ 10
Wicks Shr & Pac

10 3031 July 24 3031 July 24 2531
Hackensack Water pf_25
25
20 27.4 July 21 274 July 21 2531
Preferred A
_100 100 116 July 24 116 July 24 11031
Internal Nickel pref.
• 800 70 July 23 7231 July 23 684
Int Paper ctts
Preferred certifs._ _100 500 101 July 27103 July 21 101
100 119 July 27119 July 27 119
Johns-Manville pref_100
Keith-Albee-Orpheum _• 10.3001 174 July 21 2131 July24 1514
100 9001 8049 July 27 814 July 25 7531
Preferred
'1129001 74 July 24 134 July 21 74
Keel:tater Corp
28,2001 5131 July 27 5841 July 26 5131
Holster Radio

Ask
725
780
835
288
195
720
325
290

Maturity.
Deo. 15
Dec. 15
Mar. 15
Mar.15

1928...
1928......
1929_
1929....

41U.Int.
Rate.
did. I
Maturity.
. ll
Rate.
t
334% 99on 9999321j -mt. 15 1930-32 34%
991932 999932 1.14r. 15 1930-32 34%
4%
34% 99n32 999,32 Dec. 15 1930-32 334%
314% 999932 99"s2

Bid.

Asked.

971°32
9719n
9715.1

979911
972191

United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
Below we furnish a daily record of the transactions in Liberty Loan bonds and Treasury certificates on the New York
Stock Exchange. The transactions in registered bonds are
given in a footnote at the end of the tabulation.
Daily Record of U. S. Bond Prices. July21. July23. July24. July25. July26. July27.
099.32 100
100
,
High 100.22 100 33 100
First Liberty Loan
999922 089922
999132 99993
100
334% bonds of 1923-47._ Low. 100
99992
999932 100
100
100
Close 100
(First 34)
27
6
39
51
6
2
Total sales in 31.000 units------ -- - ----- - -- - High
{
Converted 4% bonds of
1932-47 (First
- ---Total sales In $1,000 units __ _
--Converted 44% bonderigh 101433 101922 101
of 1932-47 (First 44s) Low_ 1009.22 1003933 100"a:
,
,
Close 100llw 101 32 100 4t
39
22
II
Total sales In $1,000 units..
-- ---_Second convened 44%IHigh
- -- -- --- -bonds of 1932-47 (First Low.
(Close
Second 434e)
---Total sales In $1,000 units__
0
High 10b-922 1001-122 10 .
Third Liberty Loan
100
434% bonds of 1928..._.j Low_ 100.33 100
Close 100.21 100.3: 100
(Third 44s)
7
53
23
Total sales In $1,000 units_
High 1011923 1011933 1012922
Fourth Liberty Loan
434% bonds of 1933-38- Low_ 101.31 101",, 101
Close 101.923 101.922 101
(Fourth 41(s)
167
146
88
Total sales in $1,000 units...
.
High 112 10„ tun., 11122.,
Treasury
Low_ 111.922 I 1 l lin 11141
440. 1947-52
Close 111 1032 111.922 111142
1
20
16
Total sales In $1.000 units...
___ 106".
(High
--- Low_
____ 1061932
---4s, 1944-1954
........
(Close
---- 1061932
___
.
10
Total sales in $1,000 units__
_ ._ 1041922
High
_
___
__ 104.933
____
Low,
394s. 1948-1956
___ 104.222
____
(Close
.
_
Total sales in $1,000 undo. .
____ . _
..........7
___ _ 999:2
___ _
(High
348. 1943-1947
____
____ 99222
(Close
50
Total sales is $1,000 units_ .
- ---_ 901432 99422
Hillh
3318.1940-1043
--__ 99"31 99
Low__ ._ 99,232 99
Close
a
la
Total sales in 31.000 unitz

---- --_---22
1009933 1001131 1009,
100,23, 100"s3 1002131
,
100let 100lltt 100 ln
2
54
171
-- -- -.- ---- -- -----

NV'
100
100

60
101932
1009.2:
101
303
1114,,
:2
1119
111 922
7
3
1069
93
106.
106991
12
104.42
104931
1049n
4
99
98,92
93903
29
99292
agn.
98993
26

100
--9991332
100
57
101
100,93:
10099n
273
11132.,
111n
1111922
11
___
_.__
---104;
104923
104',,
10
989.23
98,123
989.22

uxi-100
100

18
1009.22
1009922
1009922
87
iipsn
11192s
111922
6
8
1069
,
106 81
106932
10
---_. _ ..,
98992
98942
989932
4
1
____ 989422
_ _ _ _ oat%
____ 989932
13

Note.
-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
80 158 3345
34 let 4Yis

999931 to 09"a2
Non to 9999321 7-3d 4448
100"s: to 101.at I 8 4th44s...... ____1009932 to 101933

Foreign Exchange.
To-day's (Friday's) actual rates for sterling exchange were 4.85 5-16@
4.85 7-16 for checks and 4.85 11-1604.85 13-16 for cables. Commercial
on banks, sight, 4.85 3-16@4.8544; sixty days, 4.8131(44.81 44; ninety
days. 4.79% 04.80, and documents for payment. 4.81310J4.8134; cotton
for payment, 4.843-4. and grain for payment, 4.84% •
To-day's (Friday'it) actual rates for Paris bankers' francs were 3.91%0
3.9154 for short. Amsterdam bankers guilders were 40.1834@40.21 for
short.
Exchange at Paris on London, 124.08 francs; week's range, 124.18 francs
high and 124.05 francs low.
The range for foreign exchange for the week follows:
Cables.
Checks.
Sterling, Actual4.86 3-16
4.8531
High for the week
4.85 2142
4.85 9-32
Low for the week
Paris Bankers' Francs
3.91 13-16
3.9194
High for the week
3.91 7-16
3.91 3-16
Low for the week
Amsterdam Bankers' Guilders
40.2494
40.24
High for the week
40.2134
40.1831
Low for the week
Germano Bankers' Marks
23.88%
23.87%
the week
High for
23.8$
23.83
Low for the week

Ask
290
99
95

-The review of the Curb Market is
Curb Market.
The .
given ass week on page 506.
I A complete record of Curb Market transactions for the
week will be found on page 534.

Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Seven Pages-Page One
For sales during the week of stocks not recorded here, see preceding page
HIGH AND LOW.SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
July 21.

Monday,
July 23.

Tuesday,
July 24.

Wednesday, Thursday,
July 25.
July 26.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Range Since Jan. 1
Os basis of 100
-share lots
Lowest
Highest

PER SHARE
Sastre for New°.
Year 1927.

Friday,
July 27.
Lowest
Higbee,
per share h per share $ Per share $ per share
$
per share $ per share Shares
Railroads,
Par $ per share
Per share $ Per share $ par akar.
186 18612 18634 188
18812 190
18918 190
18912 19012 18718 1885 14,100 Atch Topeka & Santa Fe 100 18238 Mar 2 19718 Apr 27 1613 Jan 200 Aug
8
4
19458 10412 104 104 *10312 1043 10312 10312
•10312 104
104 104
700 Preferred
4
100 10212 Jan
10812 Apr 9
9938 Jan 10634 Dec
167 16713 *166 16634 167 167
16614 167
*167 172
16712 16712 1,200 Atlantic Coast Line RR...10 164 June 19 19112MaY 7 17473 Apr 20518 Aug
105 10514 10513 1051: l'f598 10578 10514 10512 10514 1053 10518 1057
4
9.800 Baltimore & Ohio
8
10 10334June 19 11978 Apr 12 10612 Jan 125 Oct
7912 7912 *76
7.)
7812 7812 7813 7813 7812 7813 *78
500 Preferred
7812
100 7812July 24 85 Apr 4
7314 Jan 83 June
7178 7312 73
*71
72
4 7334 7434 74
7312 73 753
7414 8,600 Bangor & Aroostook
50 61 June
844 Jan 11
44 Jan 10313 Mat
*11014 111 *11014 111
11014 11014 11012 1101 110 110 •11014 111
40 Preferred_
4May 31 10118 Jan 122 Jung
100 110 July 7 1153
6258 6333 6318 64
63 63
64 647
6412 643
4 6414 6433 5,900 Bklyu-Manh 'Fran v t c_No par 53 8 Jan 17 773
53 Aug 707, Jai
3
4MaY 3
*89
9014 *89
9014 *89
90 •89
90
*89
90 •89
90
Preferred v t c
No par 82 Jan 4 9538May 3 784 Oct 88 Jau
4112 4314 42 44
4234 4433 4314 447
4134 4414 4212 43's 23,700 Brunswick Term & Ry Sec_100 1412 Jan 5 453 July 6
4
713 Oct 1938 Dee
•45
50 *45
50 *45
50
*45
50
*45
Buffalo dr Snag pref
50 *45
50
100 4812May 2 5634 Apr 26
40 Apr 58 June
202 202 20178 202 20218 2043 20312 20434 205 20753 20634 20734 13,200 Canadian Pacific
4
100 19512June i9 22334May 8
*310 370 *31234 330 *310 350 *310 , 319 •310 319
315 315
100 Central RR.of New Jersey_100 29734 Feb 17 375 May 7 285 Jan 848 J- ne
u
17834 1783 179 179
17934 18114 181 18114 18012 18112 18012 1801
4
2.400 Chesapeake & Ohio
100 17512June 19 20514 Jan 6 16134 Jan 21818 Oct
1012 1012 1018 1034 103 1078 1034 107k 1078 107
3
8 1073 107
2,200 Chicago dr Alton
100
44 Jan 1038 June
5 Jan 30 1834May 2
5ii
•1514 16
*1538 16
1578 1638 *15
16
*15
18
16
700 Preferred
16
100
7 s Feb 20 2652May 2
7
74 Jan 184 July
*4112 44
*41
43
*41
44
*4112 44 *42
43
42
42
100 Chic & East Illinois RR.
100 37 Feb 28 4814May 10
304 Jan 51 July
60
60 60
60
60 6012 *5914 62 *60
62
*5918 60
900 Preferred
100 5914 July 20 7658May 4
63 Jan 84 4 Oat
7
133 1353 1358 143
s
8 133 1418 1358 141
4
14
14
1312 137k 9.300 Chicago Great Western_ 100
913 Feb 8 1638May 2
818 Jan 2218 May
*25 4 2614 2638 273
3
4 2634 2758 2612 2758 2614 267
8 2614 2634 8,800 Preferred
100 2012 Feb 20 3213May 2
6478 June
345 3478 343 3513 3513 353
8
4
4 3514 353.j 3.512 363
4
3 353 3618 22,300 Chicago Milw St Paul & Pan_ _
2214 Mar 5 4012 Apr 26
9 Jan 1934 Dee
4514 4512 4578 4612 4612 473
3 4714 4778 473 483
3
3 4778 4814 33,200 Preferred new
37 Mar 2 5138 Apr 26
3712 Dee
80 80
793 793
8
8 7912 81
8018 81
8018 803
4 8014 8034 4.100 Chicago ds North Western _100 78 June 19 9414May 1
Wig -itu3 9712 an
*13712 142 *13712 143 •13712 14278 *13712 143 •13712 142 •13713 143 1I Preferred
100 138 July 19 150 May 2 12414 Jan 160 Oen
*11312 115
115 115 11473 115131 11512 116
11558 1161 11638 11712 9.700 Chicago Rock 181 & Pacific_100 106 Feb 18 12258May 10
684 Jan 118 July
10712 10712 •10714 10814 10714 10714 *107 10734 107 108 •10613 108 I
600. 7% preferred
100 10614 Feb 9 11112May 31 10234 Jan 11134 Dec
10134 10134 •101 102 •101 102 ,•101 102 *101 102
10178 10178,
300 6% preferred
100 100 Feb 24 105 May 31
9514 Jan 104 Nov
•10618 114 0107 114 •107 113 1 107 107 •107 114 •10618 113 I
100 Colorado & Southern
100 106 Feb 21 126 May 3
84 Jan 1373 July
4
7812 s____ 7912 *____ 791 *._ __ 7912
7912 *_ _
7912
First preferred
100 67 July 3 85 Apr 10
70 Jan 78 Dee
76
*74
*74
76
*74
76 I *75
76
*74
76
Second preferred
•74
76
100 721s Jan 3 85 May 9
68 Jan 75. Oat
74
*73 74
74
7438 7433 7412 751 *7412 75
74
74
1,100 Consol RR of Cuba prig__ _100 69 Apr 12 8758June 1
85 Aug 77 May
•183 18512 184 184
18334 184
18412 1841 18514 1891 18913 190
5,700 Delaware Sr Hudson
100 16314 Feb 10 226 Apr 26 17118 Jan 230 June
13134 132 •13112 132 •13112 132 *13112 132
13134 132
13134 13134 1.000 Delaware Lack & Western_ 50 129 Feb 20 150 Apr 9 13018 Oct 173 Mar
*5812 57
*15612 57
56
56 I 56
56
*5512 57
110 Deny 6: Rio Or West pref_ _100 5018 Feb 20 65 4 Apr 28
*5512 57
3
614 Jan 67 4Junr
3
*312 4
312 34 *312 334
*312 4
*312 4
*312 33
100 Duluth So Shore & Atl_ _ _ _ 100
318June 13
634 Jan 5
Vs Dec
24 Apr
*6
61
*6
61
*6
612 *6
61
*6
612 *512 612
Preferred
100
Ozanne 19
912May 2
4 Mar 1114 Dee
5134 513
8
515 5258 5212 5358 527 533
8
53
5338 5312 541 16,000 Erie
100 4834June 19 6618 Jan 4
3912 Jan 8934 Sept
2
517 517
5212 521
5234 523
5212 53
533 5434 .55
8
5638 6,6001 First preferred
100 50 June 18 6373 Jan 7
523 Jan 6614 Aug
8
*5113 53 *5113 53
*5113 54
4
*503 52
5212 5412 5434 55'2 1,6001 Second preferred
100 4914June 20 62 Jan 6
49 Jan 8418 Aug
95 96
73
9573 957
9534 9714 96
96
9612 97
9638 961
3,700 Great Northern preferred_ _100 9312 Feb 6 109 May 14
794 Jan 10378 Sabi
9334 933 *9312 941
94 94
94 •9312 95
94
9334 9412
7001 Pref certificates
100 9118 Feb 7 10534May 15
854 Mar 101 Sept
2012 203
2012 207
2012 2012 2011 201
2012 20 4 *2012 21
1,700 Iron Ore Properties__No par 1914June 12 25 Jan 24
3
18 July 284 Sept
*43
*43
45
4414 4512 45
45
45
45
46
4514 4514
900 Gulf Mobile & Northern._ _100 4312June 12 6173May 10
3512 Jan 783 July
8
•100 101 *100 1063 100 101 *100 1013 *101 1013 101 101
4
200, Preferred
100 100 July 12 109 May 1 105 Jan 11214 Apg
5614 5758 *6612 68
563 563
4
4 565 58
57
8
57
5712 5933 3,300 Hudson & Manhattan
100 51 Jan 3 7312 Apr 24
6012 Jan 6578 May
*8512 91
*851 91
*8512 92 *8512 91
*8512 91
• Preferred
*8512 91
100 83 Jan 16 9312 Apr 26
78 Jan 9018 MI y
140 14074 *140 141
13914 14012 14034 1407 14012 14072 14052 141
3,100 Illinois Central
100 13134 Jan 11 14834May 9 12118 Jan 1394 08..I
•13612 142 *13612 145 •13612 14112 *13612 14112 •13612 14112 *13613 141'z
Preferred
100 13018 Jan 13 147 May 15 12071 Jan 140 Or!
45 45
4434 443 *4478 46 .4318 4534 *44
4534 *4412 4533
700 lot Rye of Cent America--MO 3613 Mar 16 51 June 16
23 Apr 4212 Ott
8112 '80
*80
8112
81
81
301 Preferred
•80
100 6978 Jan 8 82 May 2 62 Apr 7414 Oct
81
•38
39
3712 3753 38
39
3913 3934 3873 3914 3712 38'2 4,600 Interboro Rapid 'Fran vs O. 100 29 Jan 6 62 May 3
Ups Aug 5213 Feb
•46
48
47
48
48
48
47
47
47
4712 4738 4738 2,400 Kansas City Southern__ 100 43 June 13 6318 Jan 7
411 Jan 701s July
4
69
69
*67
70 *67 69
*65
70
6713 6734 *65
3001 Preferred
100 6V2July 26 77 Apr 20
69
64 8 Jan 7318 Dec
7
*97 100
98
98
*96
9812 *9413 98
98
98
*98
300 Lehigh Valley
50 8418 Feb 20 116 Apr 2
98'±
8812 Oct13712June
14034 141 *141 142 *14138 14258 141 14114 1,000 Louisville & Nashville
140 141
13912 141
100 13912July 21 15918May
12838 Jan 15913 Oct
*8214 86
*8212 86
•8214 86 •84
86 •84
86
85
150 Manhattan Elevated guar_100 75 Jan 9 96 May
86
7814 Dec 90 Feb
4678 46
46
46
4512 45 8 46
5
4614 4612 4612 *4512 46
100 40 Jan 10 64 May
1,500 Modified guaranty
414 Dec 5478 Feb
*5
6
*412 8
*412 6
*4
6
*4
Market Street Railway _ _,..100
6
618 Apr 3
•4
6
711May 1
Vs Nov
Vs June
30 •15
30 •15
•15
30
*15
30 .15
30
Preferred
*15
100 21 Apr 17 2912May
30
18 Feb 2518 June
*45
47
4613 4613 46
46
4534 461
2100
4512 451
4514 4514
700 Prior preferred
45 Mar 27 543
414 Feb59 4 Aug
4May
3
*11
•11
16
16 •11
16
*11
16
*II
16
Second preferred
*II
100
814May 24 1613May
16*
114 Oct 174 June
4512 4512 46
*4513 46
46
46
4614 4612 47
4738 4738 2,000 Minn St Paul & 88 Marie-100 40 June 21 524 Jan
27 Jan 5612 Dec
85 *79
85 *80
*79
85 •79
84
80
80 *80 85100 Preferred
100 75 Feb 7 873
60 Apr 8812 Dec
4May 1
*6313 6714 *6312 673 *6312 673 *6312 6714 6738 6738 *6313 6712
3
3
20. Leased lines
100 6312July 17 714 Jan
6814 Mar 71 Nov
3513 3512 3513 3653 3512 3618 3618 37
36
3634 3553 3638 32,300 Mo-Kan-Tex RR
No pa
3012June 13 4118 Jan
314 Jan 564 JUDO
*10234 10314 1023 10234 10234 10278 10234 10314 10212 1023 10212 103
4
4
2,5001 Preferred
100 10112June 12 109 Feb
9534 Jan 1094 Dee
$ 60
591
8
4 6058 6172 6012 6112 6012 6114 28,200 Missouri Pacific
595 6138 6012 613
100 417 Feb 7 6958June
a
3778 Jan 63 AIX
11258 11334 114 11514 11358 115
115 115 8 11412 1157 11434 11538 18.000 Preferred
7
8
100 105 Feb 20 12338518y 1
9018 Jan 11838 Nov
273 258 *23
*234 3
284 234
234 234
4 28
7
278 272 1.000 Nat Rye of Mexico 2d pref_100
2 Feb 17
513 Apr 2
118 Aug
15912 16112 161 161781 16112 16213 162 1633 28,200 New York Central
1 jl5 160 I 15913 160
100 156 Feb 16 19112May 10 13714 Jan
4
31 C40,1
/
4
2 till
12472 1247 125 125
12334 126
12353 126
sf
125 1253
1,300,X Y Chic & St Louis Co -100 12358July 23 146 May 11 0110 June 1711,24018 May
4
10852 10852 10812 10812 *108 10812'
10858 10853 *10858 109
5108 10812
4001 Preferred
100 10634June 15 110 Jan 4 102 Mar 115 Dee
18
0 Apr
27412 27412 *255 270 25114 25114 26433 265 '270 2723 27334 280
57341
4
100 N Y & Harlem
50 168 Jan 3 505 Apr 26 167 Dec
5413 5453 55
5534 5512 5714 5612
57
57
57
& Hartford
5838 22,100 N Y N
100 5438-Tune 19 6838May 2
6138 Jan
113 113 *113 1133 *113 1133 *113 1133 11314 11314
113 113
4
4
4
4001 Preferred
113 July 21 117 May 3 110 8 Oct 163 4 Nov
144
3
c
26
2618 2738 *2612 27
26
*2614 27
263 273
3
3 2612 2614 1,400 N Y Ontario & Western_ _100 24 Feb 20 30 May 2
2314 Jan 413 Sell*
4
*734 978 *73
4 97
3 *73
4 97
4 *73
4 37g *73
4 97
IN Y Railways pref cUs_No par
4 3 3
14 92
44 Dec
7
5 4 Jan 24 13 May 3
1
41
39
38
*36
*36
38
•36
40 •36
38
100 Norfolk Southern
3718 Jan
100 32 June 12 4912 Jan 11
393
4
*17512 1763 17512 17512 177 177 *176 17714 177 17712 •37
4
17812 17812
900 Norfolk & Western
100 175 June 19 197 May 9 166 Jan
97
97
*87 97 •87
*87
*87
97
*8612 87
8612 8612
9
1001 • Preferred
1234 :
July
83 June "60 jN Da
ju ve
100 7913 Apr 20 90 June 12
9512 9512 9478 9512 9478 96
953 9538 945 943
3
8
4 9412 9514 4 100 Northern Pacific
78 Jan 10214 Dec
100 923 Feb 7 10512May 15
3
9334 9338 9312 9338 9334 9312 9312 9312 0314 9352 94
'1 Certificates
*93
900,
84 July 9978 Dec
4May 16
100 9033 Feb 20 1011
28
2812 2854 •25
28 •20
*20
29 •23
28 •23
200 Pacific Coast
1514 Feb 314 Dee
28
100 1912May 14 3478May 25
6372 6414 64
6334 6413 6334 64
6414 6413 643
4 6412 65
5634 Jan 68 Oct
8,200 Pennsylvania
50 617
8June 19 7212 Apr 27
30
*28
•25
29
29
30
*28
30 •28
30 •28
20 Jan 1234::
100 Peoria dr Eastern
p
y
30
97
100 25 Mar 12 37 May 1
128 128
129 129 *128 130
128 128
128 128 *128 129
500 Pere Marquette
100 1247 Feb 9 146 Apr 11 11412 Jan
8
*9712 98
*9712, 99
*9712 99
*9713 98
*9712 98
*9712 98
Prior preferred
93 Jan 9914 Dec
100 97 June 9 10134 Mar 28
*9412 95
*9412 95
*9412 95
*9412 95
9412 9412 *94
100 Preferred
893‘ Jan
Dee
9412
100 94l July26 1003 Mar 30
4
138 138
132 140
•131 140
1377 138
4
13872 14113 142 14312 2,400 Pittsburgh & West Va
103 12114 lob 20 161 Apr 9 12213 Jan 174 May
9913 9914 10012 10034 9912 100
•99 100
100 100
2,300 Reading
9912 100
94 Jan 1234 Jane
50 04 Feb 7 11918May 10
14
43 *42
431 *42
4214 4214 43
431 *42
4312 4212 4212
700 First preferred
6012 Jan 6318 Dec
50 43 July 16 46 Apr 9
*4814 49
49
4 49
*4814 49
•4814 503
*4814 49
*4814 487
100 Second preferred
3
5
43 4 Jan 50 Feb
8MaY 1
50 44 Jan 26 597
70 *62
70 •60
70
*62
*60
70 •62
70
*62
70
Rutland RR pref
63 Jan
100 50 Feb 21 7214May 18
8
11118 1113 11133 1111 *11112 11312 11272 1127 11214 1123 11214 11354 3.500 St Louis
8
4
122 Mar 23 100 4 Jan 16 JtIn4
-San Francisco----100 109 Feb 7
17 Mar
914
3
97
97 97
97
9712 *9612 97
9713 9714 97
967 967
3
3 1,400 1st pref paid
8July 17 101 May 21
100 057
8458 8412 887k 87
88
87 87
84
87
87
8513 8512 7,600 St Louts Southwestern
100 6718 Feb 8 9138May 14 WC -.lir; 93 J;;;I
9012 .89
9012 •89
901 *89
8934 •89
*89
9012 *89
9012
3
Preferred
89 July 14 95 Jan 3
7678 Jan 94 4 Dec
1512 *1438 1512 1434 15
15 *15
1412 1412 1458 1453 15
1,100 Seaboard Air Line
100 114 Mar 3 3012 Jan 3
2818 Mar 414 Feb
18 •17
19
18 •17
1778 18 •18
18
19
18
500 Preferred
18
3212 Apr 6518 July
100 j77 July 20 38 Jan 3
11813 11812 118 11812 11812 11952 11812 11812 11812 119
119 11912 14,000 Southern Pacific Co
100 11738 Feb 7 13114May 9 10614 Jan 12678 Dee
148 14538 145 14712 14638 14738 147 147
14634 1463 14658 14714 7,100 Southern Railway
4
149 Dec
1037011:
100 13912 Feb 8 165 May 7 119 Jan 1
.099 100 •100 1011 100 100 •100 101
*9912 10012 *9914 10018
100 Preferred
94 Mar
*
100 9814June 19 10214 Jan 17
170 17684 173 177
170
174 17634 175 17634 175 1763 12,400 Texas dr Pacific
170
NoV
100 994 jail 3 177 July.24
7
4
63 s Jan
34
33 •30
*31
33
*3112 33
32
•31
32
3212 33
300 Third Avenue
2818 Jan 10 4613May 3
1
2834 Aug 41 Feb
4512 4512 4512 4572 4472 4512 44
45
45
*45
47
45 Nov 85 Feb
443
4 1.700 Twin City Rapid 'Trazudt-100 44 Mar 23 56 May 8
14
4,10258 10434 •1023, 1043 •10252 10434 •10238 1043 •102 10434 *102 1043
4
99 Apr 106 MS)
00 102 July 14 107 Feb 10
Preferred
4
193 19414 19312 19434 19314 194
19214 19214 19134 19214 19114 193
4.800 Union Pacific
100 18611 Feb 8 204314May 9 15912 Jan 19734 De
8412 *84
*84
86
86
84
*8418 861 *84
8512 8334 833
77 Mar
600 Preferred100 83 Mar 13 8714 Jan 20
4
7434 7318 7433 7312 74
7234 7153 7418 73
7034 70
•70
100 51 Fab 18 9614May 11
14.100 Wabash
8546 1: e
4012 Jan 81 4 s
:1
96 •9213 93
*94
94
93
94
93
98
*94
*92
100 8818 Feb 7 102 May 18
95
76 Jan 101 Jute
200 Preferred A
93 *863 8814 *91
93 *91
4
93
9912May 18
*91 " 93 *91
100 87 Feb
*91
65 Jan 88 4 Jul e
93
Preferred B
977 j5uo ee
67
s3812 393
2 3812 41834 3952 41
385* 4034 3918 4034 39
100 3134 Feb 8 6434May 10
1354 Jan
393 12,000 Western Miu'yland
4
42
*38
42 *383 4013 *383 42
4134 *40
4
*39
•38118 42
8
100 8318 Feb 8 5472May 10
23 Jan
Second preferred

a

a

•Did and sated prices; no Wee on this day. s Ex-dividend. a Hz-dlyldend and et-efghtg. a Ex-Rights.




Ex-div. of VI, the shares of Chesapeak Corp. nook

518

New YON( Stock Record-Continued-Page Z
For sales during the week of stocks not recorded here, see second page preceding

HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
July 21.

Monday,
July 23.

Tuesday,
July 24.

Wednesday, Thursday,
July 26.
July 25.

$ Per share 5 per share F $ per share $ Per share
*2912 31
3058 303
4 31
32
315 *30
8
*55
57
56
56
*55
5612 *5412 57

Friday,
July 27.

S per share $ per share
31
32
*30
*30
4 55
55
553 553
4

Sales
far
the
Wee/c.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Range Since Jan. 1.
°shoals of 100-sliare 104
Lowest

Railroads (Concluded).
Shares
$ per share
100 2814 Feb 7
700 Western Pacific new
100 541s July 16
.500 Preferred new

Highest

PER SHARE
Range for Preetons
Year 1927
Lowest

Per share $ per share
2518 Apr
3712 Jan 13
55
Apr
6218 Jan 6

Highest
per Chow
4712 Juno
76/4 Feb

Industrial & Miscellaneous.
53
5614 10,100 Abitibi Pow & Pap new_No par
56N 58
597
3 5812 5953 5818 59
Abraham & Straus......No par
*93 100
99
*92
99
*9314 99
*9314 9812
360 Preferred
100
11012 11012
11212 11034 11113 11012 11012 *11012 111
100 Adams Express
100
..290 309 *290 315 *300 315
310 *290 315 ,
Preferred
100
4
8
8
8
10018 *963 1003 *95 1003 *94 1003 *943 1003
8
8
100
4112 427
8 5.500 Advance Rumely
41
4112 4113 433* 4114 4112 41
2,300 Preferred
100
54
55
54
*54
55
5412 54
55
*53
1
3
318 5,000 Air umada Lead
318
3N
3
3 18
3 8 *3N
3
314
13,500 Air Reduction, Inc, newNo par
65
66
8 6418 65
647
8 647 677
8
8 6614 677
No Par
812 85
8
8,2 85
8 4,500 Ajax Rubber,Inc
85
8 85
8
87
8
853 87
s
414
4
334 33
4 3 000 Alaska Juneau Gold Min__ 10
4
33
4 37
s'
4
44
400 Albany Pert Wrap Pap_No par
2534 2512 253 *2512 2612 *2512 2612 2512 2512
4
Preferred
100
41,700 Allied Chemical & Dye_No Par
176 178
17358 17712 17412 17612 174 17714 176 1793 17514 178
8
11,0
200 Preferred
122 122
•121 123 *121 122 *12112 122 .122 122 *121 122
100
300 Allis-Chalmers Mfg
*12312 125
125 125 *122 124 *122 123 *122 124 *122 12412
4
12
12
*1034 113
4 1,100 Amalgamated Leather_No par
4 1114 1114 *1034 1112 *1114 113 *1114 10
Preferred
76
*73
76
*73
77
*73
*73
76
•73
76
*73
76
No par
6.600 Amerada Corp
307 32
8
3018 305
3018 3014 3012 31
8 305 30 4 307 31
8
8
3
1918 1918 3,800 Amer Agricultural Chem_ _100
20
1918 20
2014 2012 20
203 •1912 197
8
8 20
100
70
713
8 70
70
70
7012 5,600 Preferred
7014 7138 70
7012 713
8
703
4
10
800 Amer Bank Note
119 1197 120 121
8
118 118
•116 11912 *116 11912 117 117
50
*6118 6412 *6118 6412
20 Preferred
61
*61
*61
62
*61
64
6412 61
2014 213
8 197 20 2 19,700 American 13ect Sugar __No par
4
8
,
167 1712 163 1753 1712 1812 183 20
8
4
100
57
5512 553
4 1,000 Preferred
5613 *54
533 533
4
4 55
56 1 5412 5412 55
8
8
31,
2 6,500 Amer Bosch Magneto__ o par
*3112 3134 317 323
8
4, 3153 3214 313 3214 305 3114 31
1,000 Am Brake Shoe & F newNo par
413
4 413 413
4
4 41
41
*407 42
3
413 413
4
4 4113 411s *41
100
127 12712
200 Preferred
•127 130 *12712 130 r12712 130 *12714 130 *12714 130
1418
1312 14
1312 147
1418 1414 14
15
1412 15
8 5,900 Amer Brown Boverl El_No par
15
100
90 Preferred
*5012 54
3
*5612 59
5614 5612, 5614 5614 503 5114 *5013 54
25
8 8814 893
4 897 913 220,000 American Can
8
8
8
84
847
83 8 853
3
8, 843 8853 8858 903
100
300 Preferred
14012 14012 *14012 142 I•141 1421s 14118 14118 142 142 *140 142
9312 913 9214 9114 913
8
92
93
*93
94 1 93 8 93 4 93
3
3
4 3,200 American Car & Fdy__No par
Preferred
100
5 *115.1120 *112 118
8
*____ 125 *_ 1247 *____ 12312
American Chain pref
100
•102 103 *102 103 *102 103 *103 103 *101 103 *101 103
22,700 American Chicle
No par
76
8012 78
797
s 79
83
75
75
7414 75
75
75
No par
111 111 *10812 111 1..10812 111 *10812 111
560 Prior preferred
111
11012 11012
*110
12
12131 12
7,600 Amer Druggists Syndicate__10
1214
1213 1214
1218
113 12
4
12
1218 12
5912 59121 *59
100 Amer Encaustic TIling_No par
*5912 62
61
*61
*5912 61
62
*5912 60
100
188 18912 *190 192
188 190 *189 192
190 19134
1,700 American Express
190 190
4 3433 332 333
331 337g
333 3478 34
4
34
5,600 Amer & Fern Power__.No par
34
343
8
No par
8
8
600 Preferred
*10718 108 •107 1077 108 108 *10738 10773 108 10812 108 1085
*911 9212 *92
,
9212 92
No par
92
*9114 9217 *9212 93
9112 9212 1,000 2d preferred
*1012 11
•1034 11
1012 1058
*1034 11
1012 1912 *1014 105
600 American Hide & Leather_100
8
100
*43
45
*43
46
44
4414 43
GOO Preferred
4314 425 425
8
8
*43
45
900 Amer Home Products.
.No par
73 73
73
*733 74
4
7312 737 *73
7312 7312 74
s
735*
No par
403
4 4012 41
4012 407
40
4018 40
8 403 4114 41
4
4112 17,900 American Ice new
Preferred
100
*9714 98
*9712 98
*9714 98
*9714 98
*9714 98
*9714 98
9418 9518 95
9612 94
96
95
9818 9514 9712 9612 973 59,800 Amer Internal Corp___No par
4
1,700 Amer La France & Foamite_10
6
618
57
8 57
8
5 8 57
7
6
6
53
4 6
*6
613
Preferred
100
*62
68
*62
68
*62
68
*62
68
*62
68
68
*62
100
112 112
8
10914 1113 111 11253 5,700 American Linseed
4
109 1117 109 11014 11012 112
100
100 Preferred
12018 12018 *120 124 *120 124 *120 124
*120 124 *120 124
7,600 American Locornotive_No par
96
96
931 9512 9312 94
95
9612 97
97
9518 97
100
1,400 Preferred
4
4
120 120 '120 1203 120 120 *120 1203 *120 12034 120 120
.No par
145 145
600 Amer Machine & Fdy.
145 145
145 146
*142 150 *140 147 *140 145
Preferred ex-warrants
*114 117 *114 117 *114 117 *113 117 *11312 116 *11312 116
4714 473
4713 4814 473 473
4
4 48
4 47
48
483
4 3,300 Amer Metal Co Ltd___No par
*4613 47
Preferred (6%)
100
*11114 112 *11114 112 *11114 112 *112 115 *11212 115 *112 115
1912 10.100 American Plano
'o par
16
19
1414 1414
1814 223
8 20 I 2012 18
*1234 143
4
Preferred
1,820
100
63
60
60
66
5012 5012 51
63
63 18 62
51
51
3.900 Am Power & Light
So par
777 78
7912 7734 7912 775 7814 7753 78
s
783 783
4
4 79
25
142 14412 14312 147
146 15112 148 15112 22,500 American Radiator
*140 14012 141 142
300 Amer Railway Express_ _ _ _100
120 120
*120 12014 *120 124 *120 124 *120 123 *120 121
7,500 American Republics__ _No par
6134 6112 6412 62
623
8 6112 6312 62' 63
6012 1307
s 60
2,100 American Safety Itazor_No par
,2 64 8 633 64
4
6318 6318 *6314 64
627 6278 6212 6314 63
8
,
No par
3
8 3014 303
8 295 301s 293 293
8
4 30
3013 3018 303 303
4
3014 3,200 Amer Seating v t c
414
438
438 438 *414 412 *414 43
438
*438 412
800 Amer Ship & Comm. .No par
8 *414
50 American Shipbuilding........100
95
95
95
95
95
*88
95
9312 *88
95
*88
*S8
3
18912 19012 18812 19612 193 1947 194 19612 195 2007 2001 4 2045 86,500 Arne,SmeltIng & Refining_100
4
100
100 Preferred
13334 1333 *133 135 *134 137 *134 136
4
*133 135 *133 135
100
300 American Snuff
160 160
161 162 *160 165 *160 16512
*157 160 *158 162
Preferred
100
•110 114 *110 1117 *110 114 *110 114 *110 114 *110 114
53
53
543
3 5314 5412 5314 5514 7,100 Amer Steel Foundries__No par
5212 5212 5218 5212 53
440 Preferred
100
8
8
*11114 1125 1113 11138 11034 11114 11012 1105 11012 11012 11012 11012
8
100
7112. 70
713
697 698 70
3
8 7012 7012 4,800 Amer Sugar Refining
*69
695s 6912 70
Preferred
100
*10612 10712 •10613 10715 *10612 10718 *10612 10718 *10612 10713 •10612 10713
No par
4 6112 6314 6212 6312 6212 6314 623 623
4
4 623 6414 8,100 Am Sum Tob v t c
613
4
61
100 Amer Telegraph & Cable_ _100
4
4
*2514 2614 *2514 2614 *2514 2612 *2514 2614 2518 2518 *25, 26,
8
8
8
8
100
8
1725 1733 17218 1727 172 1735 17338 17614 1735 1753 17414 17513 60,100 Amer Telep & Teieg
8
158 16012 1593 16014 16014 16212 162 1641 s 1623 1623
.50
4
4
4 3,300American Tobacco corn..
•15613 158
*1573 158
8
162 16314 15,100 Common class B
501
15814 1613 160 16134 161 16234 163 164
4
100 Preferred
117 117 *117 118 *117 119 1 *117 118
100
•117 119 *117 119
8
1123 1123 112 112
8
8
200 American Type Founders 100
113 *112 113 *112 113 *1123 113
8
•1123
40 Preferred
100
8
10912 10912 *10912 11012 10912 10912 *10912 11012 *10912 11012 110 1103
4
4
3
*55 4 56 4 56'2 5612 56'9 5618 587g 5738 5738 5712 573 573 . 1,600 Am Wat Wks & El newNo par
3
100 1st preferred
8
8
____ 1003 *100 10312 *100 10038 *100 10312 1003 1003 *100 10312
8
17,400 American Woolen
1518 18
15
15
1612 14
100
*1818 1812 *1818 18141 1814 1814
8 4118 4318 4018 4114 7,000 Preferred
100
443
4 4212 435
4418 44121 44
*4412 45
1314 1314
1,700 Am WritIng Paper ctfs_No pa;
4
4
4 123 123
4
113
41 1112 1112 113 123
*1012 113 *11
4
4018 40
4014 40
1,000' Preferred certificate_ __100
40
4014 40
40
41
*38
41
*37
25 4 2653 26
3
2618 26, 273 15,200 Amer Zinc, Lead & Smelt_ _25
5
8
4
5
245 2514 24 8 2514 25 8 27
8
25
86
86
86
86
8
87 2 2,800' Preferred
,
8412 865 *85
85
82s 83
8273
31,000 Anaconda Copper Mining._50
6614 68
8 6612 66N 6612 67
6612 677
8 6618 68
6612 667
82
*7912 82
79
79,
2 2,700 Archer, Dan'is, Miell'd _No par
8212 8218 8312 82
8112 8112 82
114 114
11312 11312
280, Preferred
100
•114 115 *114 11412 114 114
•I1314
*9312 94
93513 935
3 1,100 Armour & Co (Del) pref
100
8
8 935 94
3
3
3
3
933 93 3 93 4 93 4 93 4 937
8
1812
1818 1812 21,100 Armour of Illinois class A._25
4 18
1814 183
/
4
1814 1812 181 19
1814 1812
25
103
8 1018 1014
10
1014 19,1001 Class B
1012 10
8 10
101,2 1012 1014 103
700 Preferred
4
87
863 863
4
100
4
863 863 *86
4
86
3
3
8614 8614 85 4 85 4 86
4
8 365s 373 53,600 Arnold Constable Corp_No par
3912 3712 385
363614 3912 38
1
355 35 8 3514
8
3
1,300 Art Metal Construction _ _ _.1
2912 30
285s 285a
*2912 30
30
*29
12
30
29 4 30
3
No pa
8
600 Artloom C op
*295 33
31
311
/
4
*2912 32
30
30
31
*29
29
29
70 Preferred
10
10714 *107 110 *107 110
107
10712 10712 109 109 •107 109
No par
435
8 4312 44 2 9,800 Assoc Dry Goods
3
,
43 4 43
435s 43
8 42
415 4158 4153 415
8
105
1s1 preferred
100
•103 105 *103 105 •103 105 *103 105 *103 1105 *103
112 112
400 2d preferred
100
*112 113 *112 113 *112 113 *112 113 *112 p113
25
10 Associated 011
*4414 4712 *4412 471s
*4414 47
47
*44
47
*44
44
44
49
900 All G & W I 55 Line_ _No pa
487 493* *48
81
495s *4713 49
463 463
4
*47
49
4 48
100
553
8 1,200 Preferred
8 54
8
8 541* 543
545 5512 543 543
8
*5 2 508 *5412 56
4,
3
14434 1483 62,700 Atlantic Refining
100
8
14012 1423 14014 14518 14218 14512 14373 14512 14312 146
4
100 Preferred
100
115 115 *11514 118 *11514 118 *11514 118 *11514.118 *11514 118
Atlas Powder
82
No par
*75
*75 • 82
82
*79
8412 *75
*7513 79
*76
79
70 Preferred
100
103 11103 *10312 105
102 1031 2 103 103
•10412 10712 10112 106
13N 1414
1,100 Atlas Tack
No par
31
133
8 133 1414
1312 *13
•13
1312 *13
13
13
434 43
4 1,700 Austin,Nichols&Co vtc No par
45
81 4N
458 5 I
478 5
58
,
*5
513 *5
Preferred
27
100
*25
27
*25
27
*25
*25
27
*25
27
*25
27
100 Austrian Credit Anstalt
7012 *60 2 7012
7012, *60
*60
*60
72
70
*60
70
*60
97
*93
988 93
IVo par
100 Autosales Corp
*9381 97
*914 944
*9
1014
1014 *9
Preferred
*17
34
50
34
*17
*17
34
34
34
*20
•18
*24
31
100 Autostr Saf Razor "A"_No par
4512
*45
47
45,
s 45
*45
4512 4512 4512 *45
4512 *45
Baldwin Locomotive Wks_100
*249 255
*240 250 *235 250 *235 250 *235 250 *249 255
100 Preferred
100
118 118 *11613 118 •11613 120 •11612 118 *11612 118 *11612 118
600 Barnberger (L) & Co pref...100
110 11012 110 110
109 109 *107 110 *109 110
*109 110
100 Barnett Leather
No par
*2314 26
*2314 26
*2314 26
4
•22
26 2 *223 26
26
26
,
05
2312 24,800 Barnsdall Corp class A
8 22
/
1
2014 2014 2018 201
2018 2014 204 205* 2014 215
25
1001 Class B
*2212 2312
21
*2012 22
20
*2012 21
2012 201 •1912 2012 .
59
59
5914
*92
99
*92
*11034 11212 *11034
300 300 *193
*963 1003 *963
8
8
8
41
41
41
*5212 54
54
14
313 3
313
6318 6318 63
812 812
812
4l
4
414
*25
25 4 *2512
3

•Bld and asked prices; no sales on this day. X Ex-dlvidend. a Ex-rIglatria




53 July 27
00 June 19
11012 Mar 8
195 Jan 4
93 Jan 16
1111 Feb 8
3414 Jan 17
25 Jan 17
4
59 June 19
712June 12
1 Jan 5
23 Mar 15
9817 Jan 17
146 Feb 18
12012June 28
1154 Feb 18
1018June 12
69 Mar 2
274 Feb 20
1558 Feb 20
55 8 Feb 20
5
743 Jan 17
4
61 Feb 10
1434 July 13
36 Feb 17
153 Feb 18
s
397 July17
12418 Jan 4
10% Apr 27
4014 Apr 27
7012 Jan 18
1365 Jan 10
*
9012June 21
12112July 18
9914 Mar 7
69 Jan 12
107 Jan 5
11 Feb 18
53 Jan 4
me Jan 10
221* Feb 28
4June 25
1043
81 Feb 24
10 July 12
40 June 13
59 Feb18
28 Jan 10
90 Jan 7
71 Jan 5
514 Jan 12
56 Jan 10
3
563 Jan 13
8617 Jan 13
87 June 21
114 June 26
12912June 19
11112 Mar 1
39 Mar 13
11112July 20
12* July19
5018July 12
6214 Jan 1 1
13018 Jan 18
11017 Jan 4
5114 Feb 7
56 Jan 10
20's July 16
37 Jan 3
8
93 July 3
169 Feb 27
1313, Jan 9
141 Jan 5
102 Jan 5
5018June 13
109 June 19
55 Feb 18
100 Feb 17
4733 Feb 27
25 Mar 2
172 July 24
152 June 19
152 June 19
117 July 24
112 July 27
10738 Jan 7
52 Jpne 11
100 July 3
14 July 27
4018July 27
1012June 20
34 June 12
63 Jan 10
s
40 Jan 16
54 Jan 18
55 4 Feb 20
,
*
1128 Feb 20
86% Jan 3
1114 Jan 16
63 Jan 10
8
8718 Jan 12
3514July 23
2512 Jan 10
29 July 20
107 July 25
4014June 13
103 June 4
110 June 5
3712 Feb 18
3718 Feb 18
38 Feb 27
95 4 Feb 9
3
115 July 21
63 Jan 3
102 July 24
84 Jan 5
438 Jan 3
25 July 13
60 July 16
617 Jan 18
26 June 11
434 Jan 10
235 June 11
118 Feb 23
10817 Apr 25
25 July 18
20 June 12
20 June 14

_
85 Apr 62
--36214 Mar 1118 4 Nov
11112 Apr 13
/
4
11412June 18 109 Aug 1131 Feb
Jan 210 Nov
378 Apr 97 124
4
943 Nov 964 Deo
9912 Mar 28
73 Oct 15% Feb
8
5014June 6
2218 Oct 4514 Nov
6712June 6
818 Sept
4
23 June
5 4 M ar 20
3
747
8May 7
71 ,i;ine Tir4 Mae
143 Jan 24
8
214 Feb
1 June
47 Apr 27
8
Apr 32 Sent
18
3114 Jan 26
98 June 102 Sent
1113 Mar 14
4
/
4
Jan 1691 Sent
1824June 6 131
8May 4 120 Mar 124 Aug
1273
4
Jan 1183 Dee
88
1293 Apr 27
4
2418 Feb
108 Nov
1634 Apr 19
68 Dee 108 Feb
90 Apr 19
8
273 Apr 3714 Feb
383 Mar 31
4
/
4
84 Apr 211 Dee
2314May 24
4
2814 Apr 723 Dec
75 May 25
Jan 98 Nov
4,1
159 May 9
5612 Jan 65 Sept
654 Jan 3
4
1518 Oat 233 Mar
2138 July 26
85 Dee 6018 Jan
61 June 16
Jan 26% Oei
13
41 June 4
354 May 46 July
4918 Jan 27
128 June 12 1174 Feb 128 Mar
514 Aug 3912 Jan
2614May 21
40 Aug 98 Feb
8May 21
657
4,33 Mar 77% Dee
8
9538May 14
Jan 141% Dec
147 Apr 30 126
95 July 111 Dec
11112 Jan 3
13712 Mar 31 124% Oct 134% June
98 Dec 103 Sept
/
1
4
105 June 4
Jan 74% Nov
36
4May 11
893
90 Jan 110 Dec
114 May 21
1512 Nov
938 Apr
1512 Apr 10
38% Aug 5712 Nov
75 A pr 25
Jan 183 Nov
2073
4June 6 127
184 Feb 31 Dec
3878May 1
8917 Feb 109% Dec
110 May 24
963 Apr 27
4
-13Z Apr 127s Oct
153 Feb 1
8
/
1
48 Mar 664 July
8
673 Feb 1
30% Jan 71 Nov
4May 31
813
253 Oct 32 Aug
4
413 July 19
8
Jan 961 May
/
4
84
9912May 9
71
37 Mar 723 Dec
125 May 17
10
Jan
4 June
778May 7
60,8 Doc 904 Jan
74 Mar 27
2018 Apr 7212 Nov
1187
8June 20
48% Mar 9212 Nov
13018June 25
9914 Oet 118 May
115 Jan 31
134 Mar 24 11917 Feb 127 July
7314 Jan 18812 Deo
180 Mar 26
116 Jan 13
Ws; 15;ii
51 June 4
11712515y 14
2012 Dec 6314 June
25 Feb 7
84 Nov 11014 Mar
90 Jan 3
8
Jan 731 0011
54
95 May 14
/
4
1523 Mar 30 11012 Jan 1671 Sent
4
8712 Apr 11614 Nov
1383 Feb 21
4
3518 Jan 8212 Dec
85 Apr 12
/
1
42 July 644 Nov
68* lone 1
/
4
381 Oct 51 July
45 May 14
6% Jan
212 Oct
61sMay 28
80
Jan 12314 Nov
119 Jan 6
/
4
8
2043 July27 /323 Jan 1881 Dec
4
Apr 20 11914 Mar 133 Dee
142
/
1
4
8
17412 Apr 13 1193 Jan 146 Nov
/
4
9417 Jan 1061 Oct
120 June 5
14
4118 Apr 72 Deo
4
701 Jan 11
120 Feb 29 1104 July 115 Jan
4
854 Nov 951 May
7814 Jan 12
/
4
11012May 31 104 Nov 1161 May
411 Jan 6884 Oct
/
4
6414July 27
Apr 36% Aug
26
32 Jan 17
211 May 17 14914 Jan 18511 Oat
Jan 189 Nov
Jan 3 120
176
177 Jan 3 11914 Jan 186 Nov
126 Apr 20 11018 Jan 120 Dec
/
1
4
1263 Jan 3 1194 Nov 146 Feb
/
4
115 Mar 31 1071 Feb 116 Sept
46 Aug 7210 Bent
7034May 4
99
/ Oct 10312 Dee
1
4
106 Apr 13
164 June 33% Jan
24% Feb 14
664 June 8612 Jan
/
1
/
4
621 Feb 14
9 May 244 (NY
/
1
4
1917 Feb 9
14
25 Apr 574 APIs
483 Mar 1
4
5% Sept 1014 Feb
3234May 16
/
4
Oct 511 Feb
85
98 Apr 11
4,114 June 6012 Dee
8June 4
747
38 Mar 63 Dec
97 May 9
Jan 11312 Dec
11514 Mar 18 106
Oet 9614 Feb
79
9712June 7
15
/ Jan
1
4
84 Mar
2114June 6
94 Jan
1313Alay II
5 Dec
9112June 6
60 Apr 8614 Jan
/
4
21
Apr 551 Nov
51% Apr 2
Jan 32 June
22
3454 Apr 19
4014 Dec 54% Jan
44% Mar 30
114 Mar 10 10917 Nov 11612 Nov
394 Feb 53% Nov
4
483 Jan 23
WI, Mar 112 Dec
1137 Apr 3
8
11917 Jan 27 105 Mar 114 Doc
Oot 5014 Feb
35
50 June 13
30% Ater 4312 Nov
8May 21
597
Al% Nov
4
298 Mar
3
/
4
571 July
8July 27 104 Dec 131% Aug
1483
1181 Jan 3 11512 Feb 119 Aug
/
4
684 Mar 70 June
101 Mar 23
Jan 107 July
98
11012May 31
74 JUDO 124 Ape
173
8.1une 6
/
4
4 Mar 101 Jan
/
1
4
914May 14
Jan
/
1
4
23 Dee 61
3. Jan 21
724 Dec 8014 Nov
/
1
75 May 9
11 Dec
43 Ma
s
8May 25
173
28 May 4214 Dee
3734May 25
/
1
43 Nov 464 Nov
5212MaY
4
285 Mar 31 14318 Jan 2051 Sept
118
Jar 1254 July
12434 Apr 11
/
1
4
1117 Jan 5 106% Ma 110 Dec
8
/
1
4
Jan 59 Feb
&CI
524 Feb 1
go% Oct 3511 Feb
8
267 Apr 30
2012 Oct 324 Feb
971 Apr 30
/
4

New York Stock Record-Continued-Page 3

519

For sales during the week of stocks not recorded here, see third page preceding
111011 AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
July 21.

Monday,
July 23.

Tuesday,
July 24.

Wednesday. Thursday,
July 25.
July 26.

Friday,
July 27.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

PICK fill ARE
Range Since Jan. 1.
On basis of 100-811ars lots

PER SHARE
Range for Previous
Year 1937

Lowest
Highest
Lowest
Highs.'
i per share $ per share 3 per share $ per share $ per share $ per share Shares Indus.& Afiscell.(Con.) Par
$ Per shard
8 per share 8 per share $ per /64/1
*102 105
10434 1131 11312 1143 109 109 .108 110 .107 110
.
4
2,000 Bayuk Cigars, Inc
No par 98 June 20 14012 Mar 1
4912 Jan 109 Dec
10711 10713 *10614 10712 510614 10712 *10714 10712 10712 10712 10712
40 First preferred
100 104 June 19 110 8 Mar 28 101
1071 2
3
Jan 110 Aug
1434 15
143 143
4
4 1412 1413 143 1434
1412 153
4 1512 157
8 2,500 Beacon 011
No par
1214 Mar 16 2014 Apr 25
14
Oct
1814 June
*
7112 721z *72
7212 *7214 7212 713 72
4
7213 733 .72
8
1,000 Beech Nut Packing
73
20 7038July 13 8311 Feb 9
604 Apr 744 Nov
•1514 1512 1514 1514
1514 1514 1413 153
s 13
1412 13
1358 5,900 Belding Ilem'wey Co__No par 13 July 26 22 Jan 12
1612 July 2714 Jaz
8612 *86
.86
*86
8614
8612 .86
86% *86
8612 8614 8614
100 Belgian Nat Rys part pref___
85 June 12 9212May 14
654 6534 6618 6618 6514 6678 6612 6638 663 67
4
6714 684 6,300 Best & Co
No par 535 J80 19 7178 Apr 27
4
494 Aug - - Nov
594
4
543 55
547 564 558 57
5612 5814 564 583
4 5614 5712 35,300 Bethlehem Steel Corp
100 517
8June 19 6934 Apr 14
43 4 Jan 43612 8001
3
11614 11634 .116% 1167 1163 1163 117 117
4
2
4
117 11718 117 11712 1,000 Beth Steel Corp pf (7%)_100 11618June 29 125 Apr 13 1043 Jan 120 Dec
4
*3313 34
334 335 .334 34
34
34
*3313 34 .3312 34
300 Bloomingdale Bros____No par 335
8July 23 4413 Jan 5
34 June 537 Nov
.10734 112 .107.4 112
10912 10912 *10912 112 .10912 112 .10912 112
20 Preferred
100 10912 Jan 11 1113
4July 3 1094 Jan 114 Nov
.92
93 .92
92
93
92
*9114 92
*9114 9112 *9114 9112
50 Blumenthal & Co prof
100 87 June 27 98 May 14
44
Jan 95 Dec
*677 703
4 7014 7014 6914 6914 *6912 70 .69
70
6912 7012 1.700 Bon Arni class A
No par 6514 Jan 3 784 Jan 27
634 Jan 693, Dee
718 712 .738 713
714 7%
712 73
5
718
714
74
718 2,300 Booth Fisheries
No par
514 Jan 4
03 Sept84 Api
84June 6
47
4714 464 4713 *47
51
.4612 50
*47
51
.47
50
700 1st preferred
100 4114 Mar 14 517
8July 18
36 Sept 5714 May
15512 15512 156 156
156 156
15814 15814 15814 16314 161 16234 3,500 Borden Co
50 152 June 19 187 Jan 11 16712 Dee 169 Dee
•13
15 .13
15
15
•13
*1314 1412 .1314 1412
13
13
100 Botany Cons Mills class A_50 1212 July 11 23 Jan 4
18 May 304 Sept
36
3714 3714 333
8 36
373
3618 37
3618 36% 3614 3712 166,300 Briggs Manufacturing_No par 211s Feb 4 427
8June 4
1912 Sept.383 Feb
8
37
37
53 8 4
7
33
4 334
4
4
4
4
4
4
800 BrIrlsb Empire Steel
11.8 Jan 10
102
It Apr
914Alay 25
2 Dec
618. 712 *615 7
634 7
.
'618 714 0618
714 .618
714
2d preferred
214 Jan 5 12 Feb 1
100
1
Apr
712 Dec
•238 245 •236 244
240 240 .11612 119 .241 248 *241 249
200 Brooklyn Edison Inc
100 2063 Jan 10 26814 Apr 13 14812 Feb 225
4
Dee
13912 1394 139 140
*137 140
140 140 .140 142
14012 14212 1,600 Bklyn Union Gas
No par 139 June 13 15914 Apr 14
8934 Apr 15712 Der
*4734 4812 48
48
48
48
4812 4914 .48
49
48
483
4 1,300 Brown Shoe Inc
3013 Feb 6014 Dec
No par 4518June 11 5512 Apr 5
4334 4412 433 4512 43 4 447
4
3
4358 4414 437 46
464 48
59,100 Brunsw-Balke-Collan'r_/Vo par 2712 Feb 20 5138May 16
2572 July 38% is.:
36
*353 36
3612 3612 37% 363 3734 3614 3634 3614 3714
4
4
3,300 Bucyrus-Erle Co
8June 2
10 2412 Feb 18. 507
454 45 4 4434 4612 45
3
4514 4514 457
8 4514 457
454 4512 4,500 Preferred
10 333 Feb 17 5458May 19
3115 116 .115 124 41116 125 .116 124 .1161s 120 .117 123
Burns Bros new clAcomNo par 9313 Feb 17 125I2J tine 2 154 June 125 4 Jar
-- 3
287 284 •2814 29
8
*2814 29 .28
2814 2814 2013 2814 31
900 New class B corn_ ___No par
8
1614 Mar 344 Jac
157 Mar 8 433,June 4
106 106 .105 106
105 4 1053 .105 10634 *105 10634 *105 106
3
4
20 Preferred
3
4
90 June 100
3
100 973 Feb 211 110 4June 11
4
Jar
166 166 *16518 166
166 166
16614 169 .16712 169
1694 1703
4 1.800 Burroughs Add Mach...No par 139 Jan 14 175 July 18 390 Mar 145 Dec
•48
5014 50
50
50
50
51
51
.51
52
.51
52
500 Bush Terminal new___ _No par 50 June 20 6714 Apr 13
293 Jan 69 Nol
4
109 109
41108 109
107 1083 *10613 109
4
1083 1083 108
4
4
130 Debenture
100 107 July 241 115 May 21
1
9114 Jan 1117 Dec
1183 1183 *1144 119 .11414 11812 1147 1144 .117 118 .117 108
4
4
s
118
30 Bush Term Bides met__ _100 114 July 12 11912June 15 10334 Feb 120 Aull
638 032
614 612
618 614
618 614
618 63
4
65
8 6% 6,700 Butte Copper & Zinc
3
5
3 4 Mar
418 Jan 19 10 May 28
54 M1/3
41
41
41
41
41
45
44
45 4 44
3
4812 464 4712 8,900 Butterick Co
Oct 613 Fat
64
July
15
4
•11
1114 1114 1112 1 134 1152 1114 1138 11
1114
1112 1112 1.800 Butte & Superior Mining 100 40 Jan 13 6712May 21
7% Nov
1134 Jar
11 1634May
_10
9
.7112 73
7112 713
4 7112 7112 *7112 73
*7112 72
73
7312
600 By-Products Coke
No par 65 Mar 1 8014A1ay 24
Jan 924 Jun(
66
9714 0814 9684 98
961z 9612 9512 07
9614 987
8 9612 1004 9,000 Byers & Co(AM)
No par 0012 Jan 16 11712 Jan 27
Jan 102 4 De(
42
3
•1101
.11014
__ •1104
_ •11014
_ •11014
Preferred
4
100 108% Apr 13 11212 Jan 14 1063 May 11212 Deo
470 71
70
*6912 70 - -112 7012 7
7132 71 -71- - .11014 72 3,7001Callfornia Packing
72
No par 6812June 18 79 4 Apr 13
6014 Apr 79 Del
3
•29
30 .2914 30 .2914 30
.294 30
30
30
.294 3034
1001California Petroleum
25 2514 Mar 16 323
4May 22
27
3 2, 2a2% 24
24 3
23
4 27
8
24 27
2,100 Callahan Zinc-Lead
13 Mar 8
4
10
5 8 Apr 30
3
- kept
114
Vs .151
49513 9612 9534 984 96
97
0512 96
96
974 9612 977
5,200 Calumet Arizona Mining_ _ _10 89 Feb18 12014 Jan 3
6112 June 12312 0114
223 2234 2214 2214 2214 23
*2134 223
8
223 227
4
224 227
8 3,000 Calumet & Hecia
25 204 Jan 10 2514May 28
4
1414 July 246 Del
724 7312 7113 7212 7034 715
8 7038 713
7212 74
74
743 11,400 Canada Dry Ginger Ale-No pad 5434 Jan 5 8612May 3
4
Jan 604 Ass
36
320 2343 325 332
320 331
324 328 41332 337
325 33314 6,400 Case Thresh Machine
100 247 Jan 21 35612July 5 132
Jan 2834 00
*121 125 •121 125 •121 125 .121 125 .121 125 .121 125
!Case Thresh Mach pref._ _100 1243
82une 28 13512 Mar 30 111 Feb 129 Des
3234 3312 325 334 323 3313 324 3414 33
4
337
8 33% 34
13,400 Central Alloy Steel____No par 2818 Mar 27 403
ins 113 *1112 115 .1112 12
4
4Alay 24
Apr 33 Ap
24
1113 1112 *115 12
8
.1134 12
300 Century Ribbon 51111s__No par 114 Feb 18
1753 Apr 4
1013 Jan
163 Aul
4
803 8034 .7812 8012 .7813 8012 8012 804 .7812 80 2 .7812 8012
4
,
00) Preferred
100 8014 Feb 21 92 May 15
Jan 884 Des
70
4
74
7418 74
754 7614 7512 757
76
7514 754 75
7614 15.700 Cerro de Pasco Copper_No par 5813 Jan 3 7914 July6
68 June 7211 De,
4
4112 4134 413 414 4134 4318 4212 4212 4212 43
44
4612 8,300 Certain-Teed Products_No par 403
4May 24 6452 Apr 28
62
Jan 55 4 Ma:
1
.944 97
*943 97
4
*9431 97
.94
97
043 943 *944 97
4
4
3001 7% preferred
100 947 July 28 100 May 21
713 713 *71
71
4
71
4
72
*71
72
717 717 *71
8
8
72
300 Certo Corp
No par 71 May 3 7712June 2 15 -Dee - s 787- Aui
712 7'2
'8 7
4
7
7% 72
7% 738
7% 7%
8
812 3,300 Chandler Cleveland MotNopar
54 Feb 29 13121May 15
44 Nov
14 Mc
15
15
15
1514
1512 154 15
15
15
1534
157 18
8
6,0001 Preferred
No par
14 Mar 13 253
8May 15
13 June 2614 Mal
634 6310 6314 6353 6414 644 64
647
s 64
64
6318 64
4,700)Chesapeake Corp
No par 623
4July 13 814 Jan 6
643 June 867 On
4
,
•115 118 *11512 117
11518 11612 11613 11612 .11512 117 •11512 117
400 Chicago Pneumatle Tool_100 115 June 25 14114 Jan 30 1204 Jan 1371 Ma
4
*304 3012 .297 3113 53013 3112 3012 3012 *3013 3134 .3012 313
8
4
10,Chicago Yellow Cab _No par 3014 Mar 24 43 Jan 14
38 July 47
On
4718 474 463 47
4514 4612 45
4
4614 45
46
41
4514 11,900:Childs Co
No par 37 Apr 19 524 Jan 7
485 Mar 6618 Am
8
4514 45% 4513 468 45 457
4414 4412 445 447
3
8 443 454 11,500 Chile Copper
4
25 373 Mar 5 463
4July 5
331e June 44% De
.6313 8212 *6313 8212 *6313 8212 .6313 81
.6312 83
.6312 8312
1Christie-Brown tern ctfsNo par 70 June 20 131 Jan 23
34% Jan 9035 De
72
7312 7218 733
7335 72
8 73
747
735 753
8
8
8
No par 541 Jan 16 8812May 29
4
381 Jan 631/ De
,
.115 11512 *115 11512 •115 11512 *11518 11512 *115 1154 7514 793 192,100 Chrysler Corp
.115 11512
1 Preferred
No par 1135 Jan 9 117 Mar 12 , 10232 Apr 116 De
2
*53
553
54
*5318 537 .5312 537 .
54
5318 537 .53% 537
City Stores class A
No par 5114 Jan 19 544June 11 1 4814 Mar 64 De
82 82
82
82
.82
83
844 84. 84'4 8412 87
83
No par 62 Jan 5 102 June 8
3.0001 Class 13
4112 Apr 641/ 13
8
80 80
*7912 80
80
8014 8012 80
'2 80 2 8012 79
'
1,300 Cluett Peabody & Co No par 7712 Jan 10 10934 Apr 5
51 June 844 On
1183 11834 •11812 121 *11812 121 .11812 121 •11812 80
•120 121
121
101 Preferred
100 11818 Mar 21 1243 Mar 19 11114 Jan 1254 No,
4
•16114 16112 160 1617 15918 15918 160 1617 15918 161
8
161 1643 10,600 Coca Cola Co
4
No par 127 Feb 20 1773
48lay 15 89613 Apr 19912 AP
57
5718 5618 564 5614 5614 56
57
57
5612 5512 56
7,400 Collins & Aikman new_No par 50 June 25 1113 Jan 3
4
86 Aug 113% De
94
93 .92
*91
9214 9214 .92
96
.92
96 .9213 08
1001 Preferred
100 90l July6 199 Jan 3 10212 gaps 109 4 De
1
62
623 634 132% 63 8 6254 6432 6314 644 64
63
7
6518 14,900 Colorado Fuel & Iron
100 5212June 25 8412 Jan 31
425 Jan 96% Jul,
8
*7912 8111 80
8012 .80
82
8014 81
•80
32
.80
82
Columblan Carbon v t cNo par 79 June 12 9814 Jan 29
500
667 Jan 10114 No
1
,
109 115
110 1144 112 11311 111 112
8
1075 110
1114 112
60.000,Colum Gas & Elec new.No par 8912 Mar 15 1183
8May 16
821 Feb 98% Ma
/
108 108
010712 108
10734 10758 •I0712 108 .10712 108 .10712 108
2,0001 Preferred new
100 106 June 19 1101 Jan 3
,
994 Jan 1104 De
74
7412 731 75
4
'2 753 761
4
" 7513 76 4 7612 7618 7614 763
'
4 8,000 Commonwealth Power_No par 8214 Jan 11 8712May 8
4852 May 7834 Oli
31
3012 3012 3011 3012 31
.30
31
30
3012 .30
31
700 Commercial Credlt __No par 21 Feb 20 353
8May 4
14 June 2412 De
8 2412 2413 2412 241 .24
•2412 247 *2412 247
8
2412 *24
2412
80 Preferred
25 23 Feb 3 27 May 8
17 JUDO 244 Sep
26
.25
26
26
26
*25
.25
26
.25
26
*25
26
40 Preferred B
25 23 Feb 7 273
4May 11
187 June 2.5 De
8
.8812 89
89
89
88
88 1.. .88
8812 88
8812 .88
70 1st preferred (6 q%)_Ioo 85 June 12 96 Mar 16
88,
2
69 July 89 8 De
5
7012 7012 703
70
4 707 71
707
70
8
704 71
71
7112 3,600 Comm Invest Trust _
. No par 553 Mar
4
74 Apr 17
414 May 62 De
106 106 •106 109 .106 109 .106
13106 109 *106 109
109
401 7% preferred
100 09 Jan 27 109 May 14
9412 Sep 102 De
•9512 9712 *954 974 97
96
97 .
9712 .96
9712 96
96
2001 Preferred (6 1
100 023
4)
sJune 16 9712May 11
8
863 July 9814 De
1463 1463 146 14012 14812 14912 14614 141
4
4
146 14614 147 147
3,600 Commercial Solvents__No par 13778June 19 18912 Mar 28 115 Nov203 Set
*6512 5812 .5512 5812 5812 581
583 597
8
8 593 593
4
4 61
61
800 Conde Nast Publica_No par 48 Jan
39 Aug 63 De
2213 227
s 22 4 223
4 2212 244 227 237
,
3
s 23
2335 227 2314 22,400 Congoleum-Nairn Ino_No par 22 June 14 65 June 2
8
12 3112 Apr 17
1714 Jan 20 4 De
3
*7012 72
ell
7112 7112 *69
72
71
.69
71
7012 7012
200 Congress Cigar
No par 67 Feb 18 814 Jan 3
47 Mar 8812 De
88
.88
894 88
*8512 8612 87
881 .87
88
87
8714 2,100 Consolidated Cigar
No Par 7912 Jan 20 99 June 4
7414 Oct80 4 Jul
3
*9412 99
98
98
*99 104
.95 104
*9412 97
97
495
200 Preferred (6)
100 9614June 26 10234 Apr 18
__-- ---- ---- ---- ---- ---Consolidated DIstrib'erallo par
7 Jan 21
8
3 May 18
- Ott
11
118 Fe
1433 1447 143 14434 143 4 1443 144 14812 1453 14814 1464 1
4
,
4
4
- - 38,000 Consolidated Gas(NY) No par 11938 Jan 10 17014Alay 7
483
4
94 Mar 1254 De
101 101% 101 101 *16012 101
10012 10012 10012 10012 1007 1012.100
8
Preferred
No par 10012June 27 105 Mar 28
93 Mar 103 Be
34 318
34 314
318 318
3141
318
34 34
34 314 4,100 Consolidated Textile_ _No par
34 Feb 9
318 Mar
6 2 Mar 28
3
718 JUL
2834 28% .2652 20
285 2912 285 2878 .285 2912 273
8
8
8
4 287
1,900 Continental Baking cl-ANo par
Ms Apr 10 534 Jan 13
3312 Apr 767 Ja
434 43
s
4% 412
414 43
8
435 43
8
414 43
414
414
5,000 Class B
No par
34 Apr 10
*70i2 7912 77
77
6 Jan 1$
d May
1014 Ja
7614 •76
7614
77
7612 7612 75
77
1.200 Preferred
100 73 Apr 10 9612 Jan 29
72
Apr 97 4 No
1
9612 97
967 9734 974 101
s
1004 1027 10014 10134 101 1023 21,500
8
4
Continental Can Inc_No par 8014 Jan 10 1147 Apr 16
8
685 Apr 867 De
*
s
4
•1243 12512 •1244 12512 .1244 125 .12414 12512 .1243 12512 .1243
4
12512
Preferred
100 123 Jan 5 128 Mar 28 120
Jan 126 Jun
784 7814 79
70% 7952 7958 797 797
8
80
82,
4 80
815
3,600 Continental Ins temp ctfs_ _10 75 Feb 15 947
•115 117
8
8
744 Dec 93% De
1112 It%
1112 1158
8May 15
1113 1112 114 114
1112 114 4,500 Continental Motors____No par
7013 7058 7113 714 7338 733
10 Mar 13
84 Nov
147
8May 8
1354 Ja
4
693 7018 70
7512 7535 77
34,600 Corn Product, Refining_ _25 64% Jan 3 827 Apr 13
46% Jan 68 No
8
•140 142 *140 142 *140 142 .140 142 .140 142 *140
142
1 Preferred
Jan 14214 De
100 1381: Jan 16 14634 Apr 10 128
13172 17314 1744 175
17612 18212 178 180
180 183
18412 18612 6,000 Coty Inc
Jan 123 De
50
No par 123 Jan 3 188 June 7
8
7114 7134 *71
704 7114 .713 72
72
7118 714 713 7238
4
1,400 Crucible Steel of America__100 6914July 3 93 Feb 7
7612 Oct 961 Ms
4
•114 115 *114 115 *114 115 *114 115 41114 115 .114 115
Preferred
Jan 115 Set
100 1121:Ater 16 121 May 11 103
225 22% 2212 23
8
23
*2212 23
23
22% 227
8
224 223
4 1,400 Cuba Co
55
8Alay 8
1812 Aug 344 is
558
No par 22 Apr 4 287
512 55
5,2 51
55
51
. 55
8
534
512 512 2,200 Cuba Cane Sugar
712May 12
es Oct 1034 Ja
183 183
4
No par
54July 3
185 1012 183 193
8
4
4
187 2058 20
2
2014
19
1012
283 Nov 603 Jr.
2
18
100 I8' July16 3238 Jan 12
4
18
1814 183
4 184 183
4 1818 1838 1813 1812 9,0001 Preferred
1814 1814
2,700 Cuban-American Sugar
184 Nov 284 la
_10 18 July 23 2414May 25
13102 10212 .102 10212 .102 10212 •102 10212 102 102 .101
10213
1001 Preferred
100 10112 Feb 16 108 Feb 1
9712 Nov 107 Au
.8% 93
*812 94 •814 9
4 .83
4 93
4 *83
4 94 .83
4 94
Cuban Dom'can Sug newNopar
1012 Nov
18
9 June 23 12 Jan 4
is
4 684 703
8 67% 683
4 694 707
673 683
4
8 6812 693
4 69
695 17,5001Cudeby Packing new
8
4313 Apr 5854 Set
50 54 Jan 3 7218 Feb 14
s
8
10212 103
1013 1047s 10213 1044 104 1063 10212 104
10314 1057 14,100 Curtis Aer & Mot Co__No par 6318 Feb 27 1923
8
4May 16
4518 Nov 69 4 De
3
Preferred
.iio- ii0 *F76- 17618 •170- 1-70-7- .170- fiais ..i7i2 1i67;.i i3 1797s
100 1171, Jan 5 143,8 Apr 18 111 Nov 118 Dc
-7;
-2
ii
Cushman,Sons
Vo par 14414 Jail 13 198 June 8 103
Apr 152 04
•123 128 *123 126 .123 126 •123 126 *123 126 .123 126
Cushman's Sons pref (7)_ _100 114 Jan 11 126 June 13 107
Apr 125 De
503 5034 *5014 51
8
5034 50% .5014 51
5035 50%
49
5012
1,300 Cuyamel
Apr 65% ch
30
No par 49 July 27 55 4 Jan 20
3
524 543
8
5314 5538 53
5334 525 533
52
5412 53'.1 5414 27.1100 Davison Fruit
Chemical v t c_No par 34% Feb 18 57 July 9
11311 Apr
4812 De
122 1243 12112 12112 .123 124
4
12314 1241 2 123 123
123 123
180 Deere & Co pref
4May 15 10511 Jan 12511 No
100 11513 Feb 1 1263
1993 199% .198 199
4
198 198 *196 198 .195 107
197 197
400 Detroit Edison
4J
100 1664 Jan 11 2003 une 4 13312 Jan 17012 Do
5112 5012 5012 *5013 51
4 51
513
51
51
51
5018
1,800 Devoe & Reynolds A__No par 40 Jan 3 61 Apr 16
3612 Aug
am
42% De
__ _ •11312 _ . 1 145, 11434 *11318 1143 1143, 5018
_ _ •112
8
11458
201 151 preferred
100 108 Jan 9 120 May 16 101
Jan 11413 De
•15318 15i •155 15834 155 157
- -12 157 157
157 158 .155 1584
170 Diamond Match
100 134% Jan 18 161 Feb 2 116 Feb 14734 Sel
4
133 133
4
1334 14
135s 1358
135
8
14
1334
1414
1412
12 June 11 244 Jan 4
134 Ott 3712 la
7014 7012 70 4 7212 714 734 7112 154 8.60(EDodge Bros Class A____No par
,
4
70, 71
71
71
77
12.7001 Preferred certif
No par 6312June 19 86 May 31
5612 Oct 85 Fe
814 8 4
,
814 814 .834 83
•814 9
814 814
818
818
1,300 Dome Mines, Ltd
No par
8 June 13 134 Jt10 6
7 June
5934 55714 59
5714 5812 5812 5812 .5818 59
415812
144 De
58
584
1,100 Dunhill International No par 554 Jan 9 70 Mar 29
49 Aug 624 (:)(
4
131003 10114 .1003 10114 .10034 10114 .10013 10114 101 101 .1003 10114
4
4
100;Duquesne Light 1st pre.. _100 1003
4July 18 1164 Mar 3 11414 Mar 11
18412 1864 186 1907
4
180 1813 18034 1833 183 1834 1825 187
8
734 No
824,100)Eastman Kodak Co__„No par 163 Feb 20 1907
8July 27 126.4 Jan 1754 Sei
0130 132 .130 132 *130 132 *130 132 .130 132 *130 132
I Preferred
100 125 Mar 7 134 Apr 3 11914 Jan 1314
038
374 38
38
3811 37
377 38
3835 38
0.
384 39
6.400'Eaton Axle & Spring___ No par 26 Jan 11 4134,Tune 4
Ills Oct 2934 Jut
372 374
0
370 37
*368 374
3734 375
370 372
375 380
2,400 El du Pont de hem newNo par 310 Jan 10 40512June 4 168
3
4
Jan 13437 01
*1144 115 .1144 11474 1147 1147 1143 1143 .114 115
2
115 115
300 6"7 non-vot deb
100 114 July 18 12112May 8 10512 Feb
118 Do
•Bid and asked prima; no sales 013 tills day. s Ex-dividend. a ta-ruzaul, o hx-warrante.




New York Stock Record-Continued-Page 4

520

Per sales during the week of stocks not recorded here, see fourth page preceding
HIDII AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
July 21.

Monday,
July 23.

Tuesday,
July 24.

Wednesday, Thursday,
July 25.
July 26.

Friday,
July 27.

Sales
for
Me
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Range Since Jan. 1.
On basis of 100-share lots
Lowest

1

Highest

PER SHARD
Range for Preelose
Year 1927
Highesi
Lowest

per eters
$ per share 8 per share
$ per share $ per share $ per share $ per share $ Per share $ per share Shares Indus.&Miscel.(Con.) Par $ per share
104 Feb
10 4 Nov
8
1218 Jan 3 23 Ayr 12
•13 8 16
7
14
14
15
15
*1414 15
14% 14% 1434 15%
No par 60 June 25 7072July 5
6812 68% 69%
667 67
8
/ 11,600 Electric Autolite
1
4
66 4 685
3
883 69
4
8 68
;
1
s
Itl-ti Ii Aug
8June 6
11 June 19 173
No par
125 1214 *1218 1212 12% 1238 1214 1214 1214 1214 12
8
12% 2,000 Electric Boat
8
1812 Jan 323 Dec
No par 284 Jan 10 4512May 14
35% 17,600 Electric Pow & Lt
333 3418 34
4
353
8 35
3
343
4 33 4 34
4 34
3312 333
Jan 109 Nov
8
96
900 Preferred
No par 10812 Jan 10 110, Mar 8
*107 10718 10718 1074 107 10718 10712 1075 *107 1071 1074 10718
8
5% Nov 374 Jan
Electric Refrigeration_ _No pa
1118 Feb 6 174 Mai 19
0314 May 7912 Jan
773
69 Feb 20 8478May 16
76l 767
78
78 - 5;66 Elec Storage Battery__ _No pa
785s 775* 77
77
783
4 763 78
*
5
Elk Horn Coal Corp__.No pa
7 Dec 15 2May
9 Jan 1
6 June 19
*612 714
64
1
*
612 74 * / 714 *61, 714 4612 718 '612 714
3 Oct 13 Apr
51 Feb 21 151:June 4
/
4
100 Emerson-Brant Class A.No pa
•1018 12
*1018 11
*1012 12 •1012 12 *1012 12 1018 1018
Emporium Corp
80 July 374 Mar
30 July 3 33 Mar 1
No pa
*30
31
31
*30
31
*30
31
31 '30
*30
31
*30
64% Jan 8114 Dec
300 Endicott-Johnson CorD----50 75
14June 12 85 AM'17
7712 7712
78
80
78 '774 78
*77
*7714 80
78
78
100 Preferred
100 12114 Jan 27 127 May 18 118% Jan 126 Sept
4
*12338 130 *123 130 5,12312 130
12412 12412 *12334 125 *1233 125
/
1
4
4
211 Jan 39% Oen
33 Feb 18 461eMBY 7
3714 3712 1,500 Engineers Public Serv_No pa
371
37
374 37
37
37
87
374 3714 37
1
03 4 Jan 1084 Dee
Preferred
No pa 107 Jan 24 1111anne 21
7
8
24% Jan 35 2 Dec
Erie Steam Shovel
5 83 s Feb 20 38 Jan 23
1
4July 3
900 Equitable Office Bldg_.No par 811g July 20 333
/
4
4
4
iti" "5iis 3112
ifs- -311 -.-3- -3112 3112 *311 313
4 / 31 4
2
Eureka Vacuum Clean_No par 6012July 12 79 Jan 8
50 Aug W7- Nov
63
*60
61
*60
62
*
*
60
•60
82
63
63
8212 *61
*1918 2112 *20
154 JaIl 23 Dee
195 July 17 227
100 Exchange Buffet Corp_ _No par
8May 7
21
3
2112 *2012 2112 *20 4 2112 21
*1912 22
434 May
804 No
No par 321k Jan 5 54 Apr 19
8
*414 4212 4118 4118 415 4212 1,200 Fairbanks Morse
4112 42
42
•42
43 •
43
Preferred
100 104 Jan 9 11434May 14 107 Dee 112 May
a:0714 110 *10814 114 •10814 114 *1114 114 *11214 114 *112 114
92 July 115% Dee
128 13012 130 1307 13018 13314 13218 13414 133% 13514 149,700 Famous Players-Lasky_No par 11114 Jan 16 13514July 27
1284 129
7 517
15 42 Jan 10 5133
374 Jan 67 May
4May 2
500 Federal Light & Trac
51% 51%
*5112 52
*511 5212 *518 5212 51
/
4
*5112 52
91% Feb 100 Aug
No par 98 Jan 6 109 Apr 19
50 Preferred
106 106
*10214 106
10212 10212 10534 10534 103 103 •10212 105
187 June
Federal Mining ds SmeWg_100 120 Apr 17 145 May 15
80 Fe
126 *110 126
*110 126 *110 126 *110 126 *110 126 *110
1
100 Preferred
100 914 Jan 3 994May 21
75 2 Jan 97 Mar
98
98
*9712 99
*9712 99
*9712 99
*9712 99
*9712 99
8
307 Jan
2,300 Federal Motor Truck_ _No par
17 De
1718July 12 257sMay 8
1712 178* 17% 18
/
4
1778 177
1712 1712 171 173
8 173 173
4
4
800 Fidel Plum Fire Ins N Y new 10 75141u0e 12 9412Ma7 10
*79
801
8012 8012 8112 8112
81
80
80
80
80
*79
147 May
,
Fifth Ave Bus
No par 111 Jan 9 164MILY 10 "10" Nov
*123* 1412 •123 1412
4
8
8
8
*123 141 *123 141 •123 1412 *123* 14
8
No par 28 Apr 4 8844June 1
19 May 30 Feb
/
1
4
36
385 18,500 First Nat'l Stores
8
3638 36
37
3718 38
34 4 37% 38
3
3412 343
No par 107
14 4 Oot 20 Apr
3
8July 17 173 Jan 4
4
4
1118 113
1114 1112 1114 113
4 1112 113 10,400 Fisk Rubber
11% 111
113 111
8
Jan 100 Sept
81
1.900 1st preferred stamped__ _100 6812Ju1y 19 9112 Jan 10
*7612 78
8
7014 80
4 697 70
893 693
4
8814 681
89
693
944 July 102 SePt
100 68 June 23 973, Jan 5
73
74% 1,500 1st preferred cony
71
75
/
4
69
691 891
68
68
68
•____ 72
41312 Feb 7118 Dee
4
,
8 683 691
4
68% 693
4 6912 703 14,300,Fleischman Co new___No par 65 June 19 763 Apr 14
6812 695
6838 6814 69
68
1,9001Foundation Co
No par 42 Mar 6 553
35 Nov 8858 Apr
*48
4Ma7 16
48
45
473* 48
4212 45 4 45
3
*43
44
*4212 44
No par 72 June 12 9214June 2
50 June 8512 Dee
79
8012 7912 80 29,300 Fox Film Class A
78 2 8012 7812 801
,
7712 793
77
771
89,5001Freeport Texas Co
344 Jan 1064 Dee
No par 55 July 23 10914 Jan 11
6212 6118 62
61'a 61
60
607
594 81
55
6014 667
No par 1034 Mar 17 1097 Apr 23
100 Fuller Co prior pref
*103 1041
8
/
4
'
101 104 *10312 1044 105 105 *103 1041
*10312 105
No par 15 Mar 23 2812 Jan 6
22 Dee 59 Aug
19% 20
8.0001 Gabriel Snubber A
3
20 2012 193* 20 8 19% 19%
19 4 207
3
1912 193
1,4001Gardner Motor
No par
Vs Jan 1512 Dec
714June 12 16 Feb 2
/
1
4
812 9
9
9
84 8 4 *8% 9
3
8% 9
83
4 87
7
Jan 84% Dec
48
No Dar 13072 Feb 20 7712May 15
70% 70% 2.300 Gen Amer Tank Car
,
898 694 *69 4 70
3
694 70
*6912 693
*693 70
4
1001 Preferred
100 10914June 23 1113
4May 15 1084 Mar 1124 Sept
' 110 •10912 110 *10912 110 *10912 110
109
109 1091 *10912 110
/
1
4
713
9,100 General Asphalt
100 68 June 12 947 Apr 30
734 75
714 72
65 Aug DIM Mal
7112 74
71
7012 71
7012 71
1
300; Preferred
100 110'aune 12 14112 Apr 30 107 4 Aug 144% mar
113 113 •11414 117
11118 1114 112 112
*113 1131 *112 114
out
50 General Baking pref._No pa 184 Jan 26 150 June 8 1184 Apr Ito
14212 146
/
1
14112 1421 *14212 14912 *1424 14912 •14212 146'
*14212 149
2312 2312 231
2414
*23
900 General Cable
No pa
24
21 Feb 4 8512 Apr 28
24
*23
24
24
24
25
15;
Dec Ili 2,400 Class A
No par 56 Feb 9 807 Mar 20
64
64
64
8
64 8 833* 633* 64
5
63 6318 64
63
63
s
8 62
62
62 Jan 747 Deo
5912June 12 75% Feb 2
813 613
4
6112 62
615* 62'
4 1,600 General Cigar. Inc new_No pa
62
/ 62 62
1
4
*62
Jan 186 Sept
20; Preferred (7)
4June 18 130 Apr 27 118
100 1153
118 118 *117 120 *117 120 *117 120 *117 120
•118 121
597 Nov
1
51% 2,200 Gen Outdoor Adv A--.No Par 51 July 27 58% Jan 8
54% AD
51
52
53
52
53
52
5312 5312 53
53 4 54
3
Jan 58% Nov
87
.No pa
4 9,200, Trust certificates...
32% 34% 3112 323
35
8
81 June 25 523 Jan 7
3514 3514 3518 3512 344 3512 35
s
Jan 1485 BMA
81
No pa 124 Feb 27 17412 Apr 16
14514 14758 14612 1483 14712 1507 14814 1493 14812 150% 56,700 General Electric
*
4
4
146 147
11 June 11% Jan
1118 1114
1118 1114 3,500.Geneml Electrie special_-10 114July 11 12 June 7
1118 1114
1114 1114 1114 1114 1118 1114
474 Feb
84 AD
General Gas &Elm A No pa
July 26
/
1
55% 22,800
515* 513* 5314 5212 564 55
354 Jan 18 564
4
51
*
4814 50
503 51
Jan 110% Oot
300
.0en Gas& Elea pf A (7) No pa 1084 Jan 4 118 May 10 100
110 110 *10912 112 *1094 112
10912 10912 *10912 110 *10912 110
8
100 Preferred A (8)
No pa 12214 Mar 22 144 Apr 18 11314 Ma 1233 Nov
125 125 *120 127
•120 125 .120 125 *120 125 •120 125
1
Jan 105 8 Doc
96
8May 16
Preferred B (7)
No pa 10612 Jan 17 1147
*109 10912 *109 10912 *109 10912 *109 1094'107 109 *107 109
/
1
Oct
/
1
4
4
18512 1873 1843 18812 184% 18712 1863* 1893* 188 19014 190 19212 661,300 General Motors Corp new__25 180 Jan 10 210 May 7 113 Aug 141
4
1
5001 7% preferred
100 12312 Jan 26 12711 Apr 12 11812 Ma 125 4 Dee
4
4
*124 12414 12414 12414 1243 1243 125 125 *12412 125 *12412 125
4
824 Jan 1531 Sept
1
8414June 29 1281 Jan 3
995 100 4 20,700 Gen Ry Signal new..._No pa
8
3
4
98
993
98 1007
s 973 100
98
9812 977 993
Jan 81 Deo
88
300,General Refractories_ _No pa
4512June 13 82 Jan 8
4818 48%
*47
48
483 48% *4812 49
4
*4712 4812 4712 49
95% Nov 10912 Oet
974June 19 1124 Apr 13
4
10118 10118 101 1023 1018 1027 10218 103 4 102 102% 102 102% 10,200 Gillette Safety Razor__No pa
3
35 Dee 59 Sept
/
1
4
8June 14
344 Mar 6 597
No pa
54% 5414 541 2,200 Gimbel Bros
/
4
54
54
54
54
54
54
*53
54
54
91 Nov 10812 July
200 Preferred
100 87 Mar 6 101 June 15
*98 100
99
*97
*98 100
*974 99
9912 99
*974 99
1412 May 22 11du
8May 23
7.400 Glidden Co
20% Jan 27 • 263
No pa
/
4
2212 2214 2214 2214 22% 225* 2212 2218 2214 211 22
22
86 Aug 101 June
2June I
301 Prior preferred
100 96 Jan 4 1047
1004 10018 *100 101 •100 101
101 101 *100 101
*190 101
42 Mar 78% Den
8
90
88
893
41015 43,500 Gold Dust Corp v t e___No par 71 Jan 18 1063 Feb 15
/1
91% 894 9158 89
8612 89
86% 88
623 Jan 964 Dec
4
8
No par 6812June 18 993 Jan
7712 7512 77% 76% 77% 26,400 Goodrich Co(B F)
767
8 76
75
7512 7514 76% 75
95 Jan 11112 Dec
400: Preferred
100 10912 Feb 17 1163sMay 1
113 113 •111 113 *111 113 .111 113
*112 113
11214 11214
3
48% Aug 89 8 Dec
Goodyear T & Rub----NO Dar 4518June 26 7212 Jan 4
51
5212 16,800
497 52
8
47
4712 4712 47% 4712 4912 4818 50
924 Nov 98% Dee
/
1
1,9001 1st preferred
No par 924 Mar 16 9911 Jan 18
96
9412 9518 '95
9414 94,2 95
931_ 9312 9312 94
*93
57% Jan 86% Dec
1,000 Gotham Silk Hosiery_ No par 75 June 13 93% Apr 14
*765 77
8
77
77
77
77
77
77
76
76
77% 773
Jan 8513 Dec
88
No par 75 June 19 93 Apr 14
300 New
78
*78
78
7812 761 '76
,
7512 751
*
77
78
77
77
Jan 122 Befit
Preferred New
100 116 July 13 130 Apr 12 104
*115 117 *115 117 *115 117 *115 117 *115 11612 •115 1161
Preferred ex-warrants. 100 109 Jan 3 112 May 7
510814 110 *10814 110 *10814 110 •l084 110 *10814 110
*10814 110 '
Oct 111* Nov
Gould Coupler A
7 June 23 13% Feb 2
No par
*7% 81
*74 8
*71 8
/
4
*74 8
*713 8
4
3
/
4
311 32 8 8,900 Graham-Paige Motors_No par 188 Feb 18 39% Apr 12
32% 3112 32
/
4
324 3212 311 32% 32
/
1
.
sMay 15 iffie Jan If May
4
8
5212 52% 5414 5312 54% 53% 544 525 52% 533 5414 11.200 Granby Cons M Sm & Pr_100 394 Feb 18 567
52
52
8518 Dec 44 Sept
3312 33% 3,700 Great WesternSugarnewNo par 31 Jan 26 38 Jan 7
334 34
/
1
3314 34
33 4 34
3
3314 3314 333 3
4 4
100 11212 Feb 20 120 Jan 3 11612 Feb 123 Beta
150 Preferred_
*116 11712 *117 117'. ...i712 1173 117 11712 117 117 *11712 1173
2914 Jan 15112 Dee
8June 19 16412 Jan 4
8 9912 10112 10114 103% 30.600 Greene Cananea Colmer 100 893
8 9912 1007
8 98 102% '01'2 1013
98% 1007
/
4
Oct 111 May
7
8614 62
4
65
6 July 13
200 Guantanamo Sugar___ _No par
9% Jan
614 614 .612 63
4
4 *615 63
*614 63
954 Jan 106 Dec
Preferred
100 90 July 11 107 Jan 7
*9714 101
• 7 101
*974 101
*971 101
/
4
*97 101
*
97 101
Oct 84 Feb
Lb
100 61 Jan 9 69 June 1
62 2 621
6514 4,600 Gulf States Steel
63
6512 64
613 64
4
62
62
62
.60
22 Aug 27 July
30 Jan 31
25 28 Jan
8
80 Hackensack Water
257
257 *25
8
26
*25
2418 26
8 26
8
25% 2512 257 257
Jan 72% Dee
310 manna let prof class A....100 59 May 26 79% Jan 19
58
63
63
83
64
6112 62
62
6212 63
3i 1.3
*6212 83
2212 Ott 2714 Mar
700 Hartman Corp class A.N. par 23% July 23 274 Feb 3
4
*24
2512 *233 2514
4
4
23% 23 4 24'2 243 *233 25
3
*233 244
4
2
184 Deo 293 ADr
/
1
25% Jan 27
Class B
167
8June 1
No par
*184 19
*18
19
*181
19
19
*1812 19
*18
•1718 19
Oet
7612 Jan 125
4June 1 1184 Feb 20
100 Helme(G W)
25 1033
4
4
5105 11014 11014 11014 *108 1123 *108 1123 *108 1123
4
*107 11014 .
100 121 Jan 3 134 May 28 11814 Jan 180 July
•
13012 •130"_.._ 1301. 1301 •1301. .._ _ •13012 ___ _ *13012 -- - 4
847 Dec 401 Dec
2
Apr 26
Hershey Chocolate..--Ns pa
30 4 Jan 31 64
3
5312
20g
*53
5312 53
*53
57
*53
57
55312 57
*5312 57 '
7014 Dec 7512 Dee
900 Preferred
No par 7014 Feb 6 62 Apr 16
73% 74
*73
7312
75
x73
74
7454 7412 74% *74
.74
9952 Dec 108 Dee
200 Prior preferred
*
100 10114July 26 105 Apr 14
/
1
8
1027 1027 *10234 104 *10114 1014 10114 10114 *10112 1015
8
•10212 104
Jan 61% July
22
2
400 Hoe(R)& Co
par 19 July 13 807 Jan 20
20
19
/ *1812 2012 *19
1
4
1912 *1912 21
/
4
*1812 2012 *181 20
314 June 40% Oct
7
900 Hollander & Son (A)_L per 28 July 20 38 s Apr 13
29
.
29
28
2812 284 *27
/
1
29
277
8 2818 284 28
*27
Oot
60 Jan 75
Apr 11
Homeetake Mining
74
100
67 Jan 4 75
74
73
*72
73
*72
74
*72
73
*72
74
*72
6314 Jan 70% Nov
1,400 Houneh Prod.Ine.tem 1411Nop1
10 64% Feb 21 7812June 1
71
71
71
71
71
'
570
703 71
4
70
69% 69% 70
Oct
604 Jan 175
8.000 Houston Oil of Tex tern 014100 119 June 19 161 Apr 9
13012 13212 1277 1323 13012 133
8
4
132 13312
13014 13014 *130 132
4
343 July 48% Dec
40% Feb 18 8234May 28
5818 5714 564 571
/
1
5712 5814 11.100 Howe Sound
57
8 57
573* 574 5812 583
4814 Jan 914 Aug
75 Jan 16 29% Mar 18
804 8112 55,800 Hudson Motor Car795 81
-L ;II
.
2
793 815* 7912 81
81
80
/ 8112 79
1
4
Oct 3814 Dec
16
5612 563* 32,700 HUPP Motor Car Corp..
..10 29 Jan 16 65 June 2
55
567
5514 563
57
5718 55
4 56
56% 573
17% May 32% Feb
21% Feb 20 31% Apr 30
24
244 7,700 Independent Oil & Gas_Ne pa
8
245* 2412 2414 2412 2414 244 2414 2412 235 24'2 404 434 1,400 Indian Motoeyele
47 Dec
13 Ma
N. per 3812 Feb 14 70 Apr 27
43
4314 .424 45
*4212 45
4112 42
43
42
4
92 Jan 1023 Dee
Preferred
100 10014 Jan 3 118 Apr 12
114 *1034 114 *10312 114
*10312 104 *10312 114 *10312 1145 *10312
yl2 may 1212 SePI
10
9 Feb 18 395 July 9
30
31% 40,100 Indian Refining
8
303 3132 3014 317
31
31
4
323
2 30
307
30
74 June 12 Sept
3714July 9
Certificates
10
84 Jan 18
29
28
294 28
2854 21.800
4
283 3014 2812 29% 28
2814 29
Oct 112 Mar
99
101 Jan 4 230 July 9
1,000 Preferred
210 2104 *195 210 *195 210 *195 210
2054 210
*20514 210
8718 Nov 9612 Ala
Ingersoll Rand new...
94
__N 10
pa
0 90 Feb 18 98 Apr 19
590
*90
94
94
590
93 '
9212 *90
*90
93
*90
41 Feb 62% Dee
48 Mar 3 03 Jan 3
No pa
55
5514 567
8 2,100 Inland Steel
55
55
5514 55
*544 5514 5514 5514 55
Oet
Jan 118
11512 Jan 6 118 Feb 18 111
Preferred
-_ -_-___
. ____ ____
j3g 22';, 4,400 Inspiration Cons COI/Der-121 18 Feb 25 25%May 28
1212 June 254 Jun
8 *2112 213
8
4
4
Ili?. 2118 21% 213 21% 213 217
11 Nov 25 NoV
..No Pe
1012 2,100 InterconV1 Rubber_.
8's July2 21% Jan 4
1012 1014 1014 *10
1014 1014 10
4
103
1014 1014 10
64 Apr 165 Dec
3May 17
No per
13 Feb 24 207
4 1.400
'Internat Agrictil
1614 1612' *1814 1812 *1614 163
16
1614
16
16
18
16
1,100 Prior preferred
100 4855 Mar 28 8012June 18 33 Mar 6134 MAY
4
773* 784 783 7914 *7812 79
777 777
78 I *7712 78
78
681 Jan 1195 Dee
,
11 Feb
4
4
4
4 2.700 Int Business Machines-No par 114 Jan 16
4
120 12012 121 12412 1233 1233 1233 1233
11912 119t2 12034 12034
4,400 International Cement-No par 68 Jan 3 7412May 16 454 Jan 853* May
644 6312 83% 63% 64
83
6314 64
6318 64
64
64
Oct 113 Dee
4 un
7
10 A r 6
100 1084 Jan 4 172 j pe 28 100
64 Mar
604
par 454 Feb
----------------Preferred5i
633
661-iii- - - 4 - iii: I05s
14 -.iiiii iiiiii *101 8 10634 *101 10634 *101 106% s _ t Inter Comb Eng Corp_ _No 100 103 mar 20 109 May 18 101 Oct 10514 Dec
-57 - iili -&iis IsOct
21
Preferred
4
•101 10634 *101 10634 *101 1063
5
8,900 International Harvester-100 2243* Feb 18 290 June 4 185 s Jan 2554 Dec
26912 272
268 268
4 271
270 272 4
269 274 • 26712 272
100 13614 Mar 1 147 May 1 128% Jan 139 Dc:
142 142
500 Preferred
4
4
51413 143 *1413 142
4
1413 142 1'
14134 14134 *14134 142
Ms Oct
83 May
4
3 4Mar 28
3
7 sMay 9
3
100
412 412 1,800 Int Mercantile Marine
/
4
41 44
412 412
43
412 41
4
43
*434 5 i
8
100 8418June 12 445 Jan 17 824 Oct aMs Mal
3612 2,900 Preferred
3612 36
3612 36
8
8
3612 3612 3534 3618 357 36121 357
sMay 14 62 Mar 9512 Dec
International Match pref. 35 934 Jan 3 1217
104% 12,600
4
8
10314 10338' 1025 10534 10313 1047 103 1043 10414 10414 10314 9714 175,900 International Nickel (The).25 73 Feb 24 103 June 1 38
5
14 Jan 894 Dec
4
93 8 9214 945* 923 9414 9312
7
934 92
91
9134 923
708* 5,600 International Paper.. No par 66 June 19 8638May 1 08912 May 8112 Not
70
70
8 70
705
/
1
695 704 70
8
70
693 711
4
70
14
100 9812July 27 107 Apr 12 85 July 108 Dot
30 Preferred (8%)
9612 9612
98
98
*103 105 *10012 105 •13312 105 *1011 105
5
100 101 July 24 108 Jan 14 984 Jan 112 1 Dee
101 18 10114 101 10112 2,700 Preferred (7)
/
4
101 1011 101 101
4
/ 10112 102
1
4
1013 102
4
100 4912Mar 28 683 Jan 12 88 Sept 76 Dee
International Salt
57
250
57
57
57
58
58
57
53
57
60 I 57
*57
100 129 June 20 198 Jan 24 1384 Mar 198 Noll
International Silver
5136 145 *136 14514
149 '
*137 14712 *135 147 *135 150 *135
Oet
100 12314June 20 181 Jan 27 109 Mar 128
30 Preferred
12314 125
'
*12314 120 1'
7
012314 128 *12314 12712 *12514 12712 5125 127
4
aune 2 1221 Jan 168 s Dept
Internal Telep & Teleg-100 1394 Feb 20 1973
16618 1683 168 1694 168 1694 169 16912' 8,900
4
16614 108% 16612 169

-c3; no sales on this day.
• Bid aid asked pr!




Ex-dividend. a Ex-rights.

NON York Stock Record-Continued-Page b

521

For sales during the week of stocks not recorded here, see fifth page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
July 21.

Monday,
July 23.

Tuesday,
Jury 24.

Wednesday, Thursday,
July 25. I July 26.

Friday,
July 27.

Sales
for
the
Week.

PER SHARE
Range SlISC4 Jae. 1.
On basis of 100-shars iota
Lowest
Iltobeat

STOCKS
NEW YORK SVOCH
EXCHANYE

PER SHARE
//nays 101 Presume
Year 1921
HWheat
Loofa

$ per share $ per share E Per share $ Per share I $ per share $ per share Shares Indus. & Anscel. (Con.) Par $ per Mar.
$ per Mars $ Per OW 8 for *hen
*261 29
/
4
*2614 29 •27% 20 .2612 29
*2612 29 *261 29
/
4
No par 29 June 25 384 Jan 20
IntertyPe Coro
/
1
1912 Jan 8918 June
*4934 53
5014 50% 50
50
*5014 52
491 493 •
/
4
1.400 Island Creek Coal
50
4 49
1 4912July 26 61 May 14
681 Mar 87 Sept
/
4
13101 102
106 1093 108 108
101 108
10034 101
108 10838 7,700 Jewel Tea, Inc
No par 7714 Mar 1 11334M. 1
5312 Jan 86 Dee
13124 125 '124 125 '
3124 125 *124 12412 '124 12412 •124 12412
Preferred
100 120 Jan 18 125 Ma 28 11118 July 125% Mar
111 111
112 11412 11034 112
111 11338 11078 113
11112 11214 13,000 Johns-Ivianville
No par 9614June 19 134 May 10
*120 121
12018 1213* 12012 12078 12012 12012
120 120
120 121
270 Jones & Laugh Steel pref-_100 11918July 2 12414MaY 7 Iii- Feb ill- "Oiii
*2818 30 "28
*2714 30 *27
30
*2714 30
Jones Bros Tea. Inc._ _No par 2541 Mar 31 4034 Jan 10
293 •
4 28
293*
1058 Jan 3458 Dee
1014 1014 103 1114 1114 1134 '103 11
*1034 11
4
8
No par
"1038 11
3,400 Jordan Motor Car
812 Jan 16 1518May 31
12 8 July 22 5 Jan
5
1
109 109 '108 11214 •108 11214
*108 109 *108 10834 108 109
10 Kan City P&L 1st pf B No par 10812Ju1y 10 114 Apr 26
3
70 703
69
8 69 4 70
/ 7014 6978 70
1
4
70
705* 7012 71
No par 8258 Jan 6 7612 Mar 30
2,400 Kayser (J) Co v t c
49 - -AP- iiii Bee
1814 1918 1914 1912 1974 20
20
2012 20
25 15 Feb 17 271% Jan $
2012 201 2034 6.400 Kelly-Springfield Tire
9% Jan 3214 Nov
6514 6514 •65 69
65 65
67 67
*66
70 '66
300 8% preferred
70
100 551, Feb 17 84 Jan 8
35 Feb 102 Sept
70
3365
70 "66
70 •65
69
704 *67
/
1
70 '67
300 6% preferred
70
100 58 Feb 17 80 Jan 26
44 Jan 9718 Sept
307 308 3014 3014 30 * 338 32% 3312 '3214 3213 323* 3318 22,500 Kelsey Hayes Wheel-No par 2218 Jan 10 8812May 18
8
3
19 Oct 27 July
*10212 10934 109 109 "10212 109 •10212 109 *10212 109 *10212 109
20 Preterred
100 106 Mar 8 11018 Jan 5 103 July 110 Dee
9318 93 8 93 8 9512 933 948 9334 947
5
5
4
937k 9412 9414 9512 61,600 Kennecott Copper
NO Par 8018 Feb 20 951 July 13 60 Feb 9014 Dec
41
*40
*40
41
40
40 *39
41
*39
200 Kinney Co
38
No par 38 June 21 52 Jan 19
405* 38
,90giune 65 Jan
94 94
94 94
94 94
*9312 94
94
94
94
94 ,
80 Preferred
100 87'sMar22 100 Apr 11
56 June 93 ant
nu Dse
8 6414 6412 6313 6384 64 65
648 645
64
663
6612 8.500 Kraft Cheese
4 66
25 5312Mar 3
76 May 17
49 Jun
fin 1*
3 717
708 7034 70
8 7212 707 71
8 70
7134 717
712g 7212 13,000 Kresge(SS) Co new
.10 80 8 Feb 24 713 June 1
6518 Jan
5
'112 11412 *112 1141 11214 11214 *112 11412 '112 11412 *112 11412
/
4
10 Preferred
100 11014June 14 118 Apr 27 110% Feb 118 Mg
22
2214 22 22
2234 22
2112 213 2184 207 21
21
4
1,400 Kresge Dept Stores____No par 13 Jan 18 27 Feb 29
14
/
1
4
10 June 18 Dee
*
63 71
*64
71
1364
71
1364
71 '663 71
4
1363
Preferred
71
100 515 Feb 1 7258May 11
45 Nov 80 Jan
4
*101 106 •102 106 *100 105 '102 106
102 102 *102 106
100 Kress Co new
No pa
59 Jan 1054 Sept
87 Feb 20 11412 Mar 29
9618 9913 100 1043 10134 10512 102 1043 10214 104
4
103 10378 131,400 Kroger Grocery & Bkg-No Pa
7314 Mar 27 10512Ju1y 24
13226 250 *220 250 *225 250 *210 240 "210 240 13210 250
Laclede Gas L (St Mids)-100 200 Jan 10 260 Feb 2 1/13 -iii lifl;line
4
•101 110 *101 110 *101 110 •101
____ 101 101 *101
____
96
10 Preferred
Jan 130 MAY
100 100 Jan 5 124% Jan 26
1
307 3112 3012 3012 32
30 4 30 4 *3012 31
3
32
*31
311
/
4
600 Lago Oil & Transport-No par 27% Feb 20 3918 Apr 17
20% Jan 3734 Nov
106 1087g 1062* 108
1063 1073 1073 10812 108 108
4
4
107 108
9.200 Lambert Co
66 Jan 881 De
18 Oat
1
7913 Jan 10 12178May 9
No Pa
*1812 19
1914 1914 19
19
19
19
1914 1914 1914 1914
800 Lee Rubber & Tire..._No par 1714 Jan 3 2412May 1
7 Jan
48
51% 503* 5112 503 5414 5212 5414 5212 5314 5212 53
4
72,500 Lehn & Fink
8238 Apr 43 Nov
No pa
38 Jan 17 5414 July 24
*29
30
29 293
4 29 4 2934 *2914 30
3
*293 30
*2934 30 • 800 Life Savers
2014 Sept 3414 Dec
29 July 14 3618 Feb 7
No Pa
'8512 89
8814 89 •88
94
90
92
92
92
92
92
1,000 Liggett & Myers Tobacco_ _2
/
1
4
8318June 22 122 Jan 3 *87 Feb 138 Sept
/
1
4
8513 8512 86
88
88
8918 8838 90% 891 9034 8914 897 11,200
/
4
8
8014June 19 12312 Jan 3 •865 Feb 128 Oat
*133 138 *133 138 *133 138 •133 1393 "135 139 '135 139
4
Preies
8er ferrti
135 July 6 147 Apr 11 12434 Jan 140 Dee
483* 49
4814 4814 *4814 491
488 44
48
38
6,100 Lima Loa Works
42
49 Oct 76% Apr
gMay 14
No par 38 July 27 657
6834 6914 69
691
6914 707
1
8 6934 70
703 7112 7114 717s 8,700 Liquid Carbonic certifs_No par 6312 Feb 20 777 Jan 13
4
453 Sept 7834 Dee
4
515 5214 517 53 8 5212 533
8
3
533* 551
5412 5514 5418 5478 30,400 Loewe Incorporated
6818 Jan 5378 Mar
No par 4918June 19 77 May 9
64 634
%
4
612 63
63* 61
658 6%
7
714 7,200 Loft Incorporated
5 Oct
No par
8 May 2
534 Feb 9
73* Jan
3412 341 *33
34
34
341
34
34
34
34
34
500 Long Bell Lumber A
34
No par 26 Jan 3 3534 Feb 3
251k Dec ill Mat
47 483
4 47 47
4612 47
47
4713 4712 48
48
481 5,300 Loose-Wiles Biscuit new____25 4414June 19 59 Ap 26 a518 July 5714 Dec
/
4
"120 12312 '120 1231 "120 12312 •120 12312 *120 12312 *120 12312
151 preferred
100 11914June 27 125 May 9 118 Jan 123 NOV
2512 258 2512 273
4 2714 2878 29
/
4
3112 2912 311 3014 307 53,500 Lorillard
25 23114June 121 4674 Apr 19 1 2318 May 4758 July
*9214 95
9434 9434 95 95
95 97
9634 97
1,200 Preferred
96
96
100 93 July 13 114 Mar 13 107 Jane 11811 Jan
1314 1312 1314 1358 1338 1412 1374 147
141 143
/
4
4 1414 145 17,300 Louisiana 011 temp etfs_No pa
8
10 Oct 12 Sus
918 Feb 21 194 Apr 30
/
1
•____ 91 *____ 78
78
78
85
85 "86
905 .
8 86
20 Preferred
901g
100 78 July 24 96 Apr 30
851 Dec 97 Web
4
"3418 3412 3418 341
34
3412 3412 348 347 347k 341g 343
2,300 Louisville G & El A_ _ _No pa
28 Feb 7 41 May 16
5
23 8 Jan 301s Dee
5612 5714 5534 563
57
5712 57
5312 563, 58
58
7,600 Ludlum Steel
581
No pa
20 Oct $31 Mai
2558 Jan 11 6812May 24
4
*48
50
*48
50
*48
50
*48
50 '48
50
49
100 MacAndrews & Forbes_No pa
49
48 Jan 8 57 4 Apr 14
43 Nov 5814 Dee
1
•12112 12512 •12112 1231 125 126
126 126
126 126 •125 126
4,700 Mackay Companies
100 10812Mar 2 134 Mar 20 105 June 134 Ang
*7758 7812 *7758 7812 773 773 *773 783
4
4
4
77% 773
4 7838 7812
700 Preferred
100 8814 Jan 13 84 Mar 19
67 Aug 76 Ang
8912 8912 89
9134 91
917
8 9014 9212 90 4 918
3
No pa
83 Apr 17 10778 Jan t
8814 Jan 11854 Ma,
*356 364 •362 36412 382 36212 36213 36212 364 364 *39114 9112 7,700 Mack Trucks, Inc
500 Macy Co
6112
No pa 235 Jan 10 365 July 18 124 Jan 943111 Nov
2534 2634 2512 2734 2534 2634 253 263* 245* 2538 2312 365
4
2412 19,700 Madison So Garden. .No pa
221 Jan 9 34 May 7
4
2011 Aug 3858 Oet
4934 4934 493 5174 50 50
4
5018 507 *501 50% 5034 5134 4,200 Magma Copper
/
4
4334 Feb 27 56314May 28
No pa
2914 Feb 58 4 Doe
1
1934 2018 2014 22
213 22
8
223* 2414 2278 24
2312 247s 29,000 Martinson (H R)& Co_No pa
15 Jan 20 287, Apr 12
11% Apr 2054 Dee
*90
93
93 94
93 93
94 98% 95 100
840 Preferred
9818 101
100 87 Jan 30 10118 Mal 15
18
8614 July 95 Dee
3412 4130
*30
3412 *30
344 *30
/
1
3412 *30
341 *30
Manati Sugar
3412
100 30 June 28 41 Jan 14
27 Nov68 Feb
*50
55 '51
55
*5114 55
5412 5818 5618 561 *52
600 Preferred
65
100 5014June 2,5 88 Jan 17
68 Oat 80 4 Doe
1
1332
321 *32
/
4
33 *3212 33 *32
33 "32
33
*3238 33
Mandel Bros
No pa
3918 Dee 6944 3.311
32 June 25 4011 Jan 24
61
623* 61
613
4 6012 628 61
623
2 5834 617
43 Oct 133 Lug
5812 5912 25,900 Manh Elec Supply. -No Dar 50 Jan 11 6638June 6
--33
3318 3318 3312 3318 3384 3312 3414 3412 341
25 311 Feb 18 43 May 14
2414 Jan 35 4 Dee
3334 333
4
1
4 1,700 Manhattan Shirt
1618 1612 16
1
1678 *1614 1638 1614 177 *1612 173
16, "16
12 Feb 20 2512 Apr 28
/
1
4
12 Oct $2 4 Jan
5
4 1,700 Maracaibo 011 Expl.-No pa
3412 348 3412 3478 3438 35
35
357g 3514 3638 3512 36
17,000 Marland Oil
33 Feb 17 4412 Apr 17
No pa
31 June 5818 Jan
5612 561 5611 57
/
4
58
5912 59
6112 59
60
59
No pa
3,500 Marlin-Rockwell
27 Jan 65 a Nov
45 Mar 8 8512May 24
14
59
2
•1712 1812
1712 1712
1712 1734 173* 173* *1714 1778 171 18
/
4
800 Martin-Parry Corp__„No par 1214 Mar 12 2538June 4 1 155* Dec 24 4 Feb
5
.126 1267 125 12614 12474 125
124 12634 1253 1267g 12612 127% 6,700 Mathieson Alkali WorksNo par 1173
4
4June 19 1377 Apr 12
82 Jan 132% Dec
•12012 123 •12014 123 *121 123 *121 123
123 123
123 123
100 115 Jan 12 130 Apr 27 103 Jan 120 Dee
30 Preferred
•7638 78
7634 7634 7712 77
/ *77
1
4
7738 763 787 '77
4
4
4.200 May Dept Stores new
25 75 July 17 853* Jan 3 86+4 June 9034 Nov
78
•19
20
19
19
1834 187
1818 181
1814 1818 181g 1818 1.400 Maytag Co
No par 1818June 13 22 May 24
*70
71
70 70
6974 70
6914 701
71
71
No par 56 Feb 3 7212 July 10
2,000 McCall Corp
*6814 71
100 1037 102 102
9714 1001
98 99
100 1013
4 99 10212 1,540 McCrory Stoma class A No par 77 Feb 10 10478July 20
0
55 Mar -- - Dee
9
109 11012 10934 11014 104 109
10612 10911 1084 10918 107 107
/
1
No par 801tMer 14 112 July 20
11,300 Class B
8
5612 Mar 96 * Dee
•115 __- *106 ___ 13112 117 *119 120 '114 117 •114 117
100 109 Feb 8 117 July 19
I Preferred
97 Mar 11614 Sept
•22 23
2218 22's 22
22
2214 221 *22
23
221 2214 1,700 McIntyre Porcupine Mines-5 22 July 10 2812Mar 16
/
4
2418 Mar 28 4 01
8
*2434 25
25 25
25
251 *25
251 '25
251
2513 *25
400 Metro-Goldwyn Pictures 14_27 25 July 17 2718May 29
2414 Jan 2814 Feb
24
2534 2634 2514 263* 25
5
2612 25 * 27
2614 2558 26'2 66.000 Meztean Seaboard 011__No par
45 Jan 19 39 May 14'
8
3 Aug
914 Feb
20 2011 20
•19 4 20
3
201 •2018 201 "2018 2014 2038 20% 1,300,Miaml Copper
5 1714 Jan 6 22 May 28
1318 June 2034 Dec
2712 28
2734 283* 28
275* 277
283
283 2912 29
8
291
6,700 Mid-Continent Petro_ _No par 2513 Feb 20 331 Apr 28
25% OcI 39% Jan
/
4
•10712 1111 *1074 11112 *10711 1111 *10712 1111 •10712 11112 *10712 1111
(Mid-Cont Petrel pref
100 10314 Feb 20 11518May 11
97 Apr 105 Feb
412 413
4
438 41
412 43
414 43
4% 412
414 45
8.400
.Middle States 011 Corp_ __ _10 ' 238 Jan 3
334 June
158 Jan
738hiay 10
314 31
314 31
3
•31
31
338
31 31
/
4
3
3
1,6001 Certificates
578May 10
254 June
10
114 Jan
112 Jan 3
212 212 *213 215 212 212 21134 21634 215 21514 21434 2141
4 1.100;Midland Steel Prod pref_100 193 June 19 290 Jan 4 106 Apr 315 Dee
*19
1938 198 193* *1914 191
1912 191
20
20
*2014 201
4001Miller Rubber ctfs
No par 1878May 9 27 Jan 3
1712 Nov36 4 tos
3
•147 167 11147 167 •147 167 *147 167 •147 167 •147 167
'Montana Power
100 1021 Jan 10 175 May 3
/
4
814 Jan 10912 Oot
/
1
164 1663g 16312 173 16812 1721 16938 172
16814 17012 17014 17158 209,700 Montg Ward & Co Ill Corp_10 117 Jan 19 173 July 23
80 Feb 12318 Dee
14
7
68
678 6%
7
612 7
612 63
4
634 71
5,800 Moon Motors
No par
518 Feb 6 1112May 11
6 JUDO 121g Jan
/
1
41
258 234
258 2
212 212
212 21,
23
8 23
258 24 2,600 Mother Lode Coalition_No pa
/
1
4
2
12,1une 25
418May 14
618 Jan
11 Oct
/
4
3313
9
*8
9
•131 9
/
4
*634 8
8
300 Motion Picture
•711 8
No pa
5 Mar 29 11 May 9
412 Sept 1851 Ma
1614 1614 161 161i 16
/
16
4
16
16 '16
17
*16
17
700 Motor Meter A
13 Mat 22 2314 Jan 12
17 Nov 38 4 SP,
No pa
3
364 3714 3612 3613 3612 3612 3614 367
/
1
3638 37
8,000 Motor Wheel
3612 38
No pa
2512 Jan 12 3934June 4
2034 Jan 2718 Mai
707s 707 *7012 71
s
*70
71
70
71
70
701
69% 73
2,500 Mullins Mfg Co
8914June 19 9414 Apr 13
No Pa
10 Jan 7914 Dee
•105 110 *105 1107s *105 1107 •105 111 '105 1107 •105 111
Preferred
10 10454 Jan 17 110 4 Jan 9 80 Jan 1104 Des
1
51
5051 52
5113 5112 51
5034 517
507 51
,
5078 517s 1,400 Munsingwear Inc
No pa
463 Mar 5 6212May 18
4
35 4 May 63 Nov
1
4338 4412 44
447g 4378 4412 4312 4712 4614 473 •
8 4634 477
s
4June 1
1814 Oct 43 Feb
811g 8214 82
8212 8238 8314 8238 8338 8278 837 38.900 Murray Body new____No par 2112 Feb 1 583
82 82
. 25.300 Nash Motors Co
No par 8014 Feb 20 1013* Jan 3 6014 Apr 1017, Dee
•13
1311 1318 1334 1314 1373 131 141
145 145*
1414 2.300
5 Feb
714 Jan 4 1914May 2
712 Oct
85
8612 8312 85
83 85
85% 863* 8514 8514 •1414 8512 4.900 National Acme stamped.-- _10
8518
Nat Hellas Hess
8118 Sept 4612 Der
No par 41 Jan 3 95 May 4
•104 105 *104 105
105 105 *105 106 *105 106 •105
100
100 Preferred
8514 Sept 97 Atli
100 9014 Jan 3 111 May 7
16014 161
16018 161
162 162
162 162
16234 163
16312
9414 Jan 187 Dec
35 15912July 12 182 Jan 27
*144 145 *144 145 •144 145 *144 145 *144 145 *144 16312 2,000 National Biscuit
145
Preferred
100 137% Feb 29 150 Apr 11 130 Jan 142 Dee
6258 62 6334 6212 663g 6514 6714 6538 67:
62
8 6638 67% 240,400 Nat Gash Register
397 Jan 51% Dee
8
A w I No Par 4714 Jan 16 6758July 27
7712 793
7912 8114 7912 803s 80
*7713 78
8138 80
817 32.800 Nat Dairy Products_ _No par 8418 Jan 5 8818May 15
8
8
5914 May 687 Aug
2712 •2558 2734 *26
2638 2612 27
2734 *2612 2734 *2634 273
800 Nat Department Stores No par 2174 Jan 5 29 June 4
4
2014 June 2718 Mal
*95
97
*95
97 •95 97
•
95 97
*95
97 •95
891, July 9414 yen
97
1st preferred
100 91 Jan 10 102 May 2
3534 3534 34
3434 34
343 35
8
3512 3418 3414 35
35% 3,100 Nat Distill Prod etts___No par 2914June 12 68% Jan 9
17 Feb 60 Oet
1353 60
*53 60
*53 60
*5414 56
56
56 "5612 59
200 Preferred temp ctfs__No par 5114June 13 715s Jan 9
13 Mar 6941 June
30
*303 3012 2912 3012 29
8
1329
2913 29
30
2912 30114 4,700 Nat Enarn & Stamping
19% Apr 35 8 June
1
100 2314 Mar 28 3712 Apr 12
6918 Apr 91% July
Preferred
100 9018 Mar 28 9912May 15
1 114 *lin;
siiiHo"
123
200 National Lead
4
100 115 July 11 136 Jan 31 395 May 2023 May
'11414 145 "1441 145 31144 145 *144/ 145 14414 116- •
/
4
1
4
14414 •14414 145
100 Preferred A
100 139 Jan 8 14714May 18 1181* June 1394g Dee
*119 -- *119 ___. *119 ____ •119
•115
•119
4
Preferred B
100 11218 Mar 20 122 July 17 1042 Juno 11514 Dec
324 335* 323* 33
/
1
321 327
/
4
325* 333* 327 335*
33% 3334 27,200 National Pr & Lt etts-No Par 2154 Jan 16 3624Mas 15
4
191 June 2634 Sept
1712 175* 1512 1784 1514 155* 14
15
1412 1434 1434 15
3614 Nov 3912 Nov
3,500 National Radiator_ ---No Par 14 July 25 404 Jan 9
78
1360
60 60
78
*60
*58
78 '58
78
1358
96 Nov 98 Dee
78
100 Preferred
No par 60 July 24 981s Jan 17
89 89
89 89
*881 89 '88% 89
/
4
1389 90
88
76 May 11778 Dee
8818
500 National Supply
50 8414June 12 110 Apr19
*302 305 *302 30412 302 30214 302 303 303 303
30212 3031
70 National Surety
100 28712June 13 370 May 15 4218 July 373 Dec
250 250 250 250 250 253 253 255 256 256
256 256
1,200 National Tea Co
No par 180 Jan 17 27912May 8 108 Apr 180 Dee
23
2232 227
2212 223
2214 2232 22
22% 223
4 2212 223 19.500 Nevada Consul Copper-No Par 1734 Jan 18 2558May 16
12 Juns 2058 Dc
/
1
4
42
*40
*41
41
41
42
41
42 *41
42
*4112 42
3914 Cot 60 June
500 N Y Air Brake
No par 40 June 19 5012 Feb 10
49
3148
50 "48
4714 471 *48
50
*48
50
49
49
34 Jan 6518 Nov
200 New York Dock
100 4718July 16 6414 Jan 4
•
85 89
87 87
*85 89
*86
89 "86
89 •
86
89
7214 Feb 9312 Nov
100 Preferred
100 8518.july 10 95 Jan 4
19012 1001 *10012 1011 *10058 101
101 101
10112 10112 •10012 1011
9318 Feb 10212 Oet
30 NY Steam prof(6)_ _No par 9914 Jan 3 10512May 16
4
13112 113 13112 113 *1113 113 •11134 113
113 113 •11134 113
10 108 preferred (7)_ -- _No par 102 Jan 30 115 Apr 19 105 Jan 1141g Oet
271 Jan 2951 May
4
Niagara Falls Power of new_25 2718 Apr 17 2912May 17
-Bois 16 "6'4 765; "iors
7134 72% 28,600 North American Co
1
10 581 Jan 5 7818May 14
458* Jan 111411 Oat
55
55 *54
*5412 55
55 *54
*5412 55
5414 5414
5
50 5314 Jan 3 55 8May 16
100 Preferred
50 Jan 55 Aug
1007 101% 10118 101 10114 10118 10118 10118 10118
•10034 100% 1008
800 No Amer Edison pref__No pa 10014.1une 29 1051 Feb 7
8
9654 Jan um
Oct
537 *51
54
53 53 '51
64 *51
537 *51
*151
54
10 Northwestern Telegraph...50 50 Jan 5 55 May 15
473 Jan 50 Sept
4
334 314 '
3% 31g
*3% 314
13
% 314 '3% 414
318 314
5 May 21
212 Mar 15
600 Norwalk Tire & Rubber10
178 Jun
Mg Feb
"9
11
11
*9
*9
11
*9
11
*97 10
*9
11
8 Mar 8 13 May 14
(The)
Nunnally Co
----No par
854 Dec 13 Jan

25
100

4512

.54

• Bid and asked prices; 00




4
-7i- -7-2-3-

an this day: z Ex-dividend. a FCC-ittn141.

NeW

522

York Stock Record -Continued-Page 6

For sales during the week of stocks not recorded here, see sixth page preceding
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday.
July 21.

Monday,
July 23.

Tuesday,
July 24.

Wednesday, Thursday,
July 25.
July 26.

Friday,
July 27.

Sales
for
the
IVeek.

STOCKS
NEW YORK STOCK
EXCHANGE

$ per share $ per share $ per share $ Per share 5 Per share $ per share Shares Indus. 8c Miscel. (Con.) Par
25
700 011 Well Supply
.2334 24
2334 233
24
23% 23% 2334 24
24
.2334 24
4
100
701 Preferred
.99 100
100 100
.99 100
.9912 100
.9912 100
100 100
No par
Illy 1112 Illy 1112 1112 1112 11% 1112 1114 1112 *1112 1113 2,200 Omnibus Corp
100
200 Preferred A
*9412 98
.9412 98
.
.941 98
95 95
*9412 98
.9412 98
100 Oppenhelin Collins & CoNo par
6812
4
6912 .68
.683 69
4
3
68 4 683 .68
21 .69
6912
1
:Orpheum Circuit. Inc
2612
2612 .1814 2612 *____ 2633'____ 2612 *____ 2612
100
1 Preferred
4
943
4
.783 9433 .783 943 .783 86 .783 943
4 783 943 .87
4
4
4
4
50
19514 19514 7,200 Otis Elevator
•18612 192 .188 190
197 199
189 19312 191 197
_ *127 _
100
101 Preferred
412612
•126%
4
1263 1263 .127
.12612
4
No par
4 2333
223 - - 2 23
23% 227 2312 223 2314 22% 2352 23,100 Otis Steel
23 233
100
95
800 Otis Steel prior prof
95
95
95
95
95
9312 9312 *94
95 95
95
'Outlet Co
So par
84
84 .81
.81
84
85 .81
85 .80
85 .80
.80
25
700 Owens Bottle
7714
4
.7612 77
7633 7633 *7612 77% *7614 7712 763 77 18 .77
100
1 Preferred
05
4712 1,200 Pacific Cas-Elec new
- -471 2 "ifs;
. 47 4
4712 47
-4712 - -3- -471- - 7
2 47 4 47 18
1!, 3,800 Pacific 011
114
No par
13
114
13
114
114
132
132
lh
132
13
100
10 Pacific Telep dc Teleg
4
4
146 146 1114618 151 •1463 149 .1463 149
.146 151 .146 151
3
10
4
3
723 733 15,400'Packard Motor Car
2
4
723 7312 723 7314 7233 7312 7212 73
72g 73
415
50
4
413 4112 3,800,Pan-Amer Petr & Trans
41
40% 40% 4014 4012 *4014 41
3
*40 4 41
50
8 423 4314 15,900 Class 11
8
8
417 433
4178 42
8
4112 4114 41/ 4178 4112 42
1614 5,800 Pan-Am West Petrol B_No par
16
1618 14314
1618 1638 1614 1614
1512 1614
1618 1618
4
4 153 1554 1,300 Panhandle Prod & ref__No par
1512 1512 153
1512 1572 1472 15
.1434 1512 .15
Preferred
100
98
9812 85
*85
98
9812 *85
9812 *85
.85 102 .85
7412 5.900'Park dr Tilford tern ctfs_No Par
4 74
3
73 4 733* 733
73
4
7112 7114 713 7238 7214 73
1
8,700 Park Utah C 11.1
4 1114 12
1118 1114 1118 1114 1114 113
11 14 111
1112 Ills
No par
472
47
4
414 412 44,900 Pathe Exchange
412 5
434 47
8 514
47
514
2,400 Pathe Exchange A new _No par
18
18
1814 1814
174, 153 *1612 18
4
1812 1812 19
18
3214 3414 33
32
344 19,000 PatIno Mines & Enterpr__ __20
31
2934 3012 3014 307
8 3012 31
50
1612 1612 1.500,Peeleas Motor Car
4
4 1612 163
8
4 165 163
18
4
.17
163 163
1632 17
No par
3012 3133 6,400 Penick & Ford
4
2934 293 307
287g 2934 2914 2914 29
2
.287 29
No par
16
4
163
16
1612 1514 1614 5,800 Penn-Dixie Cement
1632 1712 1612 1634
167 17
Preferred
100
80
80 .78
80 .78
80 .78
*78
80
80 .78
.78
17612 17612 17614 1773 177 175% 1,700 People's G L. dr C (Chic) _ _10
4
175 175
•17513 176 .17512 176
100 Philadelphia Co (Pittsb) _ _50
160 160
160 .150 160 *150 160
•1519 160 .150 160 .150
5% preferred
50
48
48 .47
48 .47
48 .47
48 .47
48 .47
.47
50
200 6% preferred
4
5212 5212 5212 .5214 523 *5214 523
8
8
*5214 5284 523 523 *52
4 281s 2833 2812 283
4 284 2812 2,200 Phila & Read C & I.. _ _No par
283 283
29
2 29
293
.29
Certificates of int_ _ _No par
_
5814 -- - 200 Philip Morris & Co.. Ltd- _10
5,
5
4
7
4 118 * -17314 1914 -171 1814
183
18
1733 18
No par
3812 13,000 Phillips Petroleum
4 3733 3814 38
8
3633 3712 3612 3718 367 3714 3712 373
5
Phoenix Hosiery
28
29 .27
29 .27
28 .27
28 .27
23 .27
.27
100
50 Preferred
4
1
/ 983* *9812 9912 *9814 9912 9814 9814
8
s 983 Ws 98
*9814 981
11
3
10 4 11
1112 8.300 Pierce-Arrow Slot Car _No Par
1112 1112 1034 1112 11% Ws 1052 114
5114 4,400 Preferred
49
2 51
100
8
477 493
54
55
54
56
55 .55
55
25
235 7,500 Pierce 011 Corporation
214
2
212 23
2% 214
214
2
214 24
214 214
4
Preferred
4173 20 .1734 20 .1734 20 .173 20 .174 20
100
4
4
•173 20
37
4
37
.372 4
414 7.100 Pierce Petrol'm tern Ws No par
2 4
37
4
4
4
4
4012 4214 41
4312 41
2
397 4012 383 3914 3852 40
4
4214 50,000 Pillsbury Flour Mills_ No par
11412 117
100
800 Preferred
116 116 .115 1167
11214 11214 112 112 .113 114
100
47
2 6,200 Pittsburgh Coal of Pa
477
2 477 477
4 47
487
473
46
463
46
*4614 47
Preferred
88
.87
88
100
'93512 8714 .8512 8712 *8512 88 .86
.8512 88
Pittsburgh Steel prof
87 .82
100
87 .82
87 .82
87
.82
87
87 .82
.82
29
100
29
.2812 30 .2812 30
32
*28
100 Pitts Terminal Coal
.2818 327 .2812 30
Preferred
100
74
74
.71
.71
74
74
.71
*71
74
.71
74
.71
57
57
100 Porto Rican-Am Tob Cl A.100
*5514 57
58
4
58 .541 58 .55
.53
58
.53
No par
300 Class 11
3
26
26
.25% 2614 .25 4 2614 2512 2512 2614 2614 .2512 26
No par
63% 65% 29.800 Postum Co. Inc
2
2
6233 6312 627 633 6314 6418 6312 643* 63% 64
300 Pressed Steel Car new_No par
22
21
22
2
.197 22 1* *1972 22 .20
.1972 2214 .197 22
100
200 Preferred
74
*70
4
74
733 .72
74
.70
74
74
7512
74
.70
2 5.500 Producers & Refiners Corp _50
4
25
2414 2414 2.54 243 255
24
2412 2412 .24
24
24
50
80 Preferred
4
4
3
4
4
433 43 4 433 433
4 433 433 *433 44
4
4
4
.433 44 .433 44
Pro-phy-lactie Brush.
.No par
*6912 76
*6912 75
.6912 75 .691 75 .6912 75 .6912 75
4 541 5552 55
5533 15,100 Pub Ser Corp of NJ newNo par
4
2 543 553
55% 5414 547
5412 64
54
100
100 6% preferred
10712 10712 106 10712 .106 107
•106 108 .10712 109 1.10712 108
300 7% preferred
100
125 128 *12414 128
12614 12614 .125 128 1 12614 12614 12414 128
100
100 8% preferred
145
144 144 *143 144
144 145
•144 145 .144 145 •144
100 Pub Serv Flee dc Gas pfd_ _100
8
3
2
2
4
•10814 10914 *1083 10914 1087 1087 •10814 10872 .10814 1087 .10814 1087
No par
8034 8033 80 4 8033 804 7.300 Pullman Co new
80
3
8072 8112 813* 813* z8012 81
50
2412 2433 2433 25
2412 2412 2.500 puma Alegre Sugar
4
*241 25
2
267 267
4
243 247
25
2232 2214 2214 9.800 Pure 011 (The)
22% 22
21% 2214 2152 2214 22
22
22
100
11212 11233
701 8% preferred
113 11314 113 11314 .11233 113
*11232 113
•11233 113
3 700 Purity Bakeries new
82
2
807 803 81
1, 7812 803
813
80
81
8 80
.8014 81
No par
Class B
200 Preferred new
9
-- 3
10 1. *107 10912 •107 10912 .10714 10912 10914 10914 •107h 10912
16632 1713 167 171
4
2
17012 17612 127,000 Radio Corp of Amer_No par
16532 1483 16312 16912 18512 169
50
200 Preferred
4
4
573 *56
573 .56
*56
5734 *56
5612
5611 58
58
.56
10
2614 268 261 2812 2812 31
2: 267 267
2933 3212 19.900 Real Silk Hosiery
2
263 263
100
4501 Preferred
92
8912 91
*92
90
92
93
93
9312
9024 9012 90
No par
852 *713 5
500Reis (11obt) & Co
8
85
833 83* .7
* *8
81
833 8521
No par
2914 29h 2914 2912 293* 294 3118 15,8001 Remington-Rand
2916 2912 29% 29h 29
958 .95
100
300 First preferred
98
9572
.95
96 I .95
96
495
954 9514 95
Second preferred
100
4
973 *95
2
9712 .85
973 .95
4
973 .95
4
973
98 .95
.95
10
2
2612 2612 2612 13,900 Reo Motor Car
2612 2612 2714 263 2712 26
2633 26
28
2
547 5512 5512 5712 56
7
55 2 5412 55
56% 56
56% 10.900 Republic Iron & Steel_...100
55
100
1001 Preferred
4
1054 1057
3
•105 107 *1064 108 *10513 108 411053 107 .106 107
No par
114 11141 114 1132 1114 1112 1114 1138
11
1132 4,900 Reynolds Spring
8 11
113
13432 1347
13418 135
8,200 Reynolds (lU) Tob class B_25
2
13114 13114 1317 13212 13212 13212 13212 135
18,500 Richfield 011 of Califorala....25
4
453 46
4612 4512 4618 4514 46
4614 46
4612 46
48
25
161 162
1,700 Rossla Insurance Co
165 16814
4
16014 162
1613 166
160 160
•159 163
800 Royal Dutch Co(N Y shares).
2 5312 54 .54
5/314 .5414 5412 543 54 2 5435 543
3
2
456
5414
4014 40
10
1,500 St Joseph Lead
40 .493 40
40
4018 40'8
40
40
40
40
Savage Arms Corp
100
s
*747 75
No par
212 212
212 212 4,300 Seneca Copper
212 212 .212 234
212 212
234 2h
.No par
58
58 .56
4
568 573 *57
4 1,900 Shubert Theatre Corp.
573
5512 5612 57
57
67
55
5512 551 5512 55
5612 11,000 Schulte Retail Stores_ No par
3
55 4 5614 553 5614 5512 56
Preferred
..100
12212 .12012 12212 .12012 12212 .12012 12212 *12012 12212 512012 12212
•12012
No par
1412 1432 1433 1412 1412 1434 15
1,100 Seagrave Corp_
1412 1412 *14
1414 1414
5 1 163 1173* 37,600 Sears, Roebuck & ConewNopar
4
4
2
1157 1164 11514 11813 11613 11814 1163 1177 11614 117
No par
113 11414 11212 116
11,500 Shattuck (F 0)
10912 11172 112 11612 115 115
4
•1083 109
*477 50
Shell Transport & Trading_£2
•481s 50
*4714 50 .4714 50
2
.473 4814 *4733 50
No par
8
4 2633 2612 263 2612 8,500 Shell Union 011
2612 2612 2614 2612 2612 263
2633
.26
2 203 21
10
4
2,900 Simms Petroleum
2 203 213
207
2014 2014 .20
21
214 21
*20
No par
2 60
613
60
60% 4,100 Simmons Co
2 585 597
583* 593
59
2 59
2
993 593
4
4
8
4
4 2414 2514 243 2518 243 2512 243 253 53,900 Sinclair Cons 011 corp-No Par
243
2412 2112 2418
.10914 109%
100
100 Preferred
.109 10912 •10914 10912 109 109 *10914 10912 .10914 10912 3014 31 12 12,300 Skelly 011 Co
25
2
303 307
2
2
297 29% 293 3014 2912 3013 294 30 *106 113 2 *106 112
Sloss-Sheffield Steel & Iron 100
*106 112
•109 113 .109 113 *107 112
No par
1612 4,100 Snider Packing
1614 .16
16
4
163 1718
4
163 1714
1633 17
3
173
163*
No par
200 Preferred
.4512 477 •4412 44
46
46
47
4512 45% .46
*4412 48
42
42
4233 14,900 So Porto Rico Sug new.No par
4012 4214 41
4 4012 407
3
40 2 4012 403
40
Preferred
100
140 *13312 140 *13312 140 .13412 140 *13412 140
•13412 140 .133
25
4713 4718 473* 4612 4714 3,000 Southern Calif Edison
47
4712 464 47
47
47
47
*35% 3612 3,700 Southern Dairies cl A__No par
36
36
3
3612 35 4 36
36
3113 334 38
31
No par
9,000 Class B
17
3 17
1613 167
17
16
1512 157
1733 1634 1712 1633
10 Spalding Bros 1st prof_ _ __100
11512 11512 .11512 116 •11512 11b •11512 116 .11512 116
*11512 116
No par
30 Spear & Co
13
13
.1212 1312 .12% 1312 *1212 1312 1212 1212 .1272 13
100
60 Preferred
8772
87
8612 8612
*8612 87
*8612 87
*8612 87
*8612 87
No par
3635 27,200 Spicer Mfg Co
36
4
353 36
37
3612 36
348 35
34
3433 34
Preferred
100
100 Stand Comm Tobacco.No par
-127 2
;
271;27- - - - 2 ;27- 271 ;27- - - -1- ;27- 27 2 '27' 28
2 2.600 Standard (585k El Co_No par
4
6412 6414 6412 633 64,
6412 64
61
6312 64
63% 64
50
1,700 Preferred
4 - -4 6614 66h 664 6712 .663
6612 6612 6614 6635 6614 663
100
11314 11512 4,000 Standard Milling
11212 114
113 115
113 11314 .110 114
•113 114
100
30 Preferred
10512 10512.10512 106
106 106 *10512 106 *10512 1061 •10512 106
4,400 Standard 011 of Cal new No par
57
5713 5714 577
4
5612 57
4
563 57
563* 5712 573 573
32,000 Standard Oil of New Jersey _25
433 44
4 434 437
433* 4312 4312 4314 433
43
43
43
49,100 Standard Oil of New York__25
3435
3312 3412 34
52 3312 333
2
3314 33% 333 3333 3333 33
1,600 Stand Plate Glass Co_ No par
4
4
4
4
4
*33
4
314 312 *33
.312 4
220 Preferred
100
17
177 *16
1612 1612 16
17
4
153 1534 .16
16
16
Vs par
--- - , Sterling Products
25.700 Stewart-Warn Sp Corp Vo par
94
92
93
92
- -9 lig - - -7g -92- 8 92
4
4 8814 W2 II-3- -963- - - 87
600 Stromberg Carburetor_No par
50
5014 8014 50
51
4
513 .50
51
52
.5012 52 .51
1
•Bld and asked prices; no sales on Mkt day. z Ex-dividend. a Ex-rights. 5 Ex-dividend and ax-right;.




PIlli MAKS
Ramo! Since Jas. 1.
Os Oasis of 100-share lots
Lowest

I

Highest

PBX SHARD
241111f. for Prerloas
Year 1927
Lowest

Highest

145 June 13
4433 Jan 20
37 Mar 16
3
603 Jan 12
2 Jan 18
643
4June 19
4972 Feb II
1184June 28
10 Feb 18
8214 Jan 16
8012 Feb 17
1
39 8 Jan 24
2314 Feb 8
184 Feb 20
553
4June 19
174 Feb 20
10212 Jan 4
25 Fob 15
102 June 23
8
123 Jan 6
44 Jan 5
3213 Feb 18
133 Feb I

$ per saare $ pot share $ per lbws
2
4
311 Jan 387 Doe
41 Jan 11
1104 Jan 11 1024 Mar 110 June
11 Mar 1718 Arne
1514May 10
Jan 9913 May
81
3June 12
993
2
5812 Feb 828 Dec
8812 Jan 7
2
237 Dec 35 Apr
2412 Jan 9
4
102 Jan 6 1023 Nov 10812 June
20912May 25 z103 Feb 1554 Oct
1264J1,ly 19 108 Feb 1244 Aug
124 June
714 Feb
2533 June 1
8112 Feb 91 Nov
974May 16
4
521 Jan 99 Dee
91 Jac 6
73 Dec 8512 Dec
954 Apr 18
Jan 120 Nov
117 Mar 16 107
Feb 60 Dec
31
4May 4
633
14 Jan
1 May
214 Apr 27
160 May 17 124 Mar 162 Dec
334 Apr 62 Dee
8412.June 7
8
2
40, Dec 857 Jan
4
533 Apr 3
543 Apr 30
4014 Dec 664 Jan
3
2
4
163 Oot 377 Jan
2
283 Apr28
8 Apr 184 Jan
4May 14
213
64 Sept 83 Nov
10614May 15
Jan 4613 Oct
20
85 May 31
104 Dec
Jan
6
144 Jan 6
12 June
3
3 4 Dee
913Slay 10
1812 Dec 4314 June
10
2312May
2
1812 Aug 277 Feb
42 Apr 30
Jan
Apr 32
20
254 Mar 18
2
194 Sept 277 Ma,
37 Apr 17
2112 Dee 3912 Jan
31 May 2
91 Sept 100 May
8
963 Apr 25
4
Jan 1688 Nov
18912 Feb 2 126
854 Jan 15312 Del
4May 4
1743
00c
Jan 51
48127slay 7
40
Jan 5312 Sept
60
57 Mar 29
374 June 473* Mar
3914 Jan 3
374 June 47 Mar
38 Jan 12
18 Sent 11113 Jan
2512May 28
3614 Oct 6014 Feb
444 Apr 30
354 Dee 624 Aug
38 May 8
Jan 10714 July
10314 Feb 14 103
3
8May 31
183
94 Oct 233 Mat
4
373 Oct 10212 Jan
62141nm 23
118 June
14 Mar
64 Apr 27
1312 Mar 24 June
3013 Apr 26
54 June
24 Mar
633 Ain 27
3712 Aug
304 Nov
*May 14
443
Oar
12012Nlay 14 104 Aug 109
4
321 Mar 744 June
65 July 6
8
703 Mar 98 Sent
8812July 9
Jan
94 Dec 101
90 Feb 9
304 Apr 55 June
3673 Mar 20
Apr 8412 Deo
74
82 Mar 13
65 Aug 9112 Jan
754 Jan 6
16 Aug 524 Doc
351 2Sfay 18
8
925 Mar 12211; Dee
13612May 31
3612 Feb 7814 Dec
2672 Jan 3
7612 Feb 9212 May
88 Jan 4
334 May
164 Jan
3June 6
283
8
347 Jan 60 Feb
3June 6
493
55 Feb 71 Sept
01 Feb 17
8
Jan 467 Sept
32
8May 7
663
9812 Fob 105 Na,
115 May 4
12912May 31 1084 Jan 1204 No•
Jan 13514 IsT, a
150 May 4 125
Jan 11012 11,c
11012 Apr 26 102
3
4
733 Aug 84 4 Ma
94 May 15
Oct 464 Jab
27
344 Jan 3
Oct 3312 Mat
25
274 Jan 5
110 June 6 11113 Jan lI54 Doe
894May 7
KG
;
171 Apt 13
1151211ay 11
-Apr 101 Nov
224 Juno 3
Apt
49 May 57
60 May 16
2013 Nov 19 Mar
3212July 27
80 June 99 Dec
9412 Feb 2 t
9 June
3
13 May 15
5 3 July
20% Nov 4714 Dee
3612May 31
87% Nov 1024 Apo
92 June 2
Apt
Oct 110
90
100 Jan 24
8
2512 Dec 267 Dee
4June 4
333
63 Oct 754 Mar
694 Feb 7
2
961 Jan 106 Mal
112 Feb 6
13 Dec
4 Feb
8June 4
147
9818 Feb 162 Dec
3
1614 2s3
8
3
25 8 Dec 281 Dee
53 May 15
Ool
74 Jan 194
233 May 41
444 JnlY 344 Feb
18
563 July
38 May 634 Mar
49 May 18
4312 Oct 724 Mat
88 May 15
1
3 4 Jan
1 June
418Nlay 23
55 Aug 744 Nov
1
69 4 Jan 9
Jan 57 Sera
47
674 Apr 14
129 Apt 11 11614 Jan 123 Aug
3
4
83 Sept 153 Dec
1712June 18
Jan 914 Dee
51
11934July 9
5613 Jan 10113 Oat
4June 5
1293
2
8
413 Oct 477 Feb
61 June 27
3
243 Oet 314 Feb
31 Apr 30
1414 July 264 Dec
26 Mar 30
3312 Jan 4414 Dee
73 Apr 4
3
Oct 223 Jan
15
3014 Apr 30
Jan 10412 Dee
97
10912 Apr 26
2412 June 3733 Feb
34 Apr 30
134 Feb 6 11014 Nov 13414 Apr
8
113 June 1614 July
20 Apr 30
5214 July
44 Nov
60 Jan 11
8May 24
493
4
337 Aug 625* May
14014June 7 11812 Mar 137 Nov

4312 Jan 5
2412 Jan 25
9 Jan 23
109 Jan 7
12 Jan 1(1
79 Feb 26
234 Jan 12
110 Apr 11
26 June 22
2
577 Jan 12
65 Jan 3
100 Jan 5
10018 Jan 3
63 Feb 20
3714 Feb 18
2814 Feb 17
214 Jan 3
10 Jan 18
13414 Feb 28
7714 Feb 18
44 Jan 3

5414May 4, 13118 Jan 45 Dec
2May 21' 16 May 45L, Jan
603
Jan
614 Oct 20
30 Apr 231
Jan 11312 Nov
120 Apr 3 103
16 Dec
84 May
20 Feb 29
73 Feb 88 Dec
3
923 Feb 29
204 Jan 284 Ma,
4214May 11
3June 1 104 Feb 11112 Nov
1133
374 Mar 6
Jitne
4May 8 14743
5712 Jan 6612 Nov
7112May 16
8
Jan 1043 Deo
7014
127 Apr 20
Jan 103 Dee
84
112 Apr 23
3
5013 Apr 60 4 Jan
634 Apr 30
354 Apr ells Feb
49 Apr 3(1
4
293 June 344 Jan
4112 Apr 30
Oa June
2 Mar
7
7 8 Feb 23
a
10 Mar 157 June
40 Feb 23
9012 Jan 14.333 Nov
1E0 Jan 26
bve1Nov
514
10112May 9
0
8
6
Mar74
264 Jun
4June 4
743

Per
2014.1une 13
97 June 14
8
103 July 12
90 Jan 11
6812June 21
18 May 9
75 May 9
14718 Feb 20
11914 Jan 24
1012 Jan 18
8212 Jan 10
81 June 19
744 Jan 3
11414 Jan 3
4312 Feb 28
114 Jan 3
145 June 12
5614 Feb 18
3814 Feb 20
4
373 Feb 20
1512July 23
1112 Feb 11
70 Feb 21
34 Mar 10
usg Jan 3
2 Feb 8
84 Feb 9
234 Jan 3
164 Jan 27
2231 Jan 7
1414 July 18
80 July 20
15114 Jan •
146 Mar 24
4512 Mar 15
52 Jan 3
273
3June 13
27 Mar 13
16 Mar 1
3514 Feb 20
28 Jan 12
96 Jan 9
1012 Feb 18
394 Feb 16
12 Mar 3
1614 Feb 20
312 Feb 16
4
323 Feb 18
108 Jan 5
3614June 12
81 May I
83 July 13
26 Feb 10
71 July 20
3
53 4July 5
2333July 2
6132July 17
18 June 13
7312July 20
16 Feb 17
41 Feb 20
6912 Jan 4
41 12 Jan 9
8
1033 Jan 6
118 Jan 21
134 Jan 7
10714Juue 4
79% Feb2I
2412June 26
19 Feb 1
108 Mar 15
75 June 15
9624 Jan 3
105 July 12
8514 Feb2
41
5423 Jan °
244 Jan 17
8012July 12
512 Feb 23
2318 Jan 20
93 Jan 16
93 Apr 19
2212 Jan 21
4912June 19
102 June 25
814 Feb 18
128 Apr 24
2313 Feb 17

New York Stock Record-continued-Page 1

523

For sales during the week of stocks not recorded here,see seventh page preceding
-PER SHARE. NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
July 21.

Monday.
July 23.

Tuesday.
July 24.

Wednesday, Thursday,
July 26.
July 25.

Friday,
July 27.

STOCKS
NEW YORK STOCK
EXCHANGE

Sales
for
the
Week.

PER 811 AAR
Range Sines Jan. 1.
°shads of 100-sharelots

PER SHARI
Range for Prerisse
Year 1927

Lowest
Highest
Largest
HUN'S
$ per share S per share $ per Sera
$ per share
/
1
4May 25
57 Jan 10 82
49 June 63 Sept
12
12112 Feb 25 127 June 19 118 Feb 12511 Nov
614 Mar 21
213 Feb
3 Feb 14
818 May
80 Mar 841 Jar"
3111 Jan 9 49 May 7
4
9
9 Aug 1015 Dee
3% pee
100 Jan 6 1091: Apr 26
6
4
912May 16
2 Feb 17
11
18
7
Oct 28 May
18 Jan 18 23 8 Feb 6
7 Apr 14 Dec
115 Feb 8 1812 Ayr 26
8
41 Jan 6
6
7 May 8
Jan
25* Sept
19 8 Apr 27
3
6
6 Oct 15 4 Nov
1213June 27
1112 Mar 174 Nov
1
1514 Jan 28 223
8603Y 17
4
81s June 131 Jan
8May 28
1011 Jan 16 163
45 Apr 68
Jan
50 Feb 17 6638May 21
69 Jan 8112 Sept
.
6218June 12 805 Jan 4
12 Apr 18 1 Junit
7
1712 Ato 30
1218 Mar 1
15 Jan 40 June
/
1
4
3
20 Juae 13 30 4 Apr 27
16 Aug 231 Sept
/
1
4
:
22 Jan 5 3912Ma7
:
63 Aug 501 Nov
53June 1
47 Apr 18 63
2414 Jan 86 Aug
/
4
34 Jan 3 4311 MaY 16
3
67
Jan 65 4 Dee
5614June 13 714June 4
161 Oct 1918 June
:
4
14 Feb 20 203 Apr 30
/
1
4
85
Oct 9014 June
817,MarIS 90 May 2
19 8 Mar 7 2718May 15
6
291 jac
/
18
8
15 julv
9 N o y 904 Sept
9412May 4
4July 2
863
78
Jan 16213 Aug
1123 Mar 3 134 Jan 4
8
8
9234 Oet 1175 Dee
9712June 19 11818 Apr 16
Apr 1237 Dee
s
113 Feb 7 128 Feb 14 108
1038 Nov
34 Apr
%June 13 1018 Jan 12
10 May 50 Dee
4534 Jan 3 5912 Feb 7
45 Jae 70 Dee
/
1
63 June 13 754May 16
Jan 125 Dee
119 Mar 1 126 Apr IS 120
.
3811 Jan 731 June
3
3612 Feb 20 49 4 Feb 1
991 Jan 1544 Nov
1341, Feb 18 16214 Apr 12
,
393 June 564 Jan
3
424 Feb 11 57 Apr 16
94
Jan 12713 Dec
115 July 2 12818May 8
39% Dec 4014 Dee
3412 Apr 30 4214 Jan 26
11214 Mar 22 118 Jan 23
/
1
4
237k July 25 34 Feb 10 Iik; Dec I81, :fill;
:July 16 11418 Apr 5 104 July 109 June
1051
Jan 2004 Nov
190 Jan 6 210 Mar 17 159
5813 Jan 61 Dec
69 Feb 28 6012 Jao 4
Jan
3614 July 69
ii4i2 .ifili ;Mi. 67'!'6812 lit: iii iiiii "iii: Iii100 45 4 Jan 20 69 July 27
.
3
e i
e erred
Rio ugt dl yewood pret
137 13814 135 135
3
13514 137 8 5,700 United Fruit
No par 13112June 12 14614May 7 11813 Jan 150 fleo
8
1355 135 4 136 139341 13734 139
4
7413 Dee
67
67
66
6018 Nov
67% 6713 68
•65
661
: 6613 6611 66
3
6813
700 Universal Leaf Tobacco No par 60 8June 13 8512 Apr 5
964 Dec 10838 Apr
9613 971: •961 9712 *9612 9712
*9612 97
97
:
97
97
13.46
60 Universal Pictures 1st pfd _100 9318May 7 100 Feb 24
1934 21
1914 201
197 20
19
2418 Beet 374 Mar
: 1914 20 4 5,400 Universal Pipe & Rad--No par 1553
19
-tune 12 28 Apr 18
•1914 20
3
4
*85
/ 94
1
4
*85 4 94
3
813 Jan 98 Dee
*853 94
4
*854 94
100 88 Jan 5 102 Jan 12
*852 94
4
*85 4 99
3
I Preferred
242 242 *225 250 •225 250
.
100,U 8 Cast Iron Pipe & Fdy_100 1901 Feb 27 300 Apr 9 19013 Aug 348 Ma,
41415 235 *no 250 *220 250
724 130 *124 130 *124 130 •124 130 *124 130
13124 13512 3
100 115 Mar 10 137 Mar 19 112 Mar 126 Nov
I Preferred
3
1414 MAY 22 4 July
1312June 22 2014 Jan 4
14
2,100 US Imre)Corp new_No par
8 14
/ 14 4 1414 143
1
4
3
*133* 13
/ 13
1
4
*13 8 14
5
*1358 14
*SO
82 •80
82
82 •80
•79
81 May 9614 Bent
82
82
3
100 79 Apr 5 90 8 Jan 16
•80
Preferred
82
•79
/ *49
1
4
:
3
64
Oct 63 8 May
50
/ 485 485
1
4
,
4818June 18 583 Jan 23
*49
5014 494 49% •491 5014 4934 49
8
8
600 US Hoff Mach Corp vteNo pa
110 110
69 Mar 1114 Dee
11012 11011 110 110
41014 1104 1094 110
110 111
3.500 U 8 Industrial Alcohol-100 10218June 19 12214 Mar 19
Dee
100 119 Jan 13 12214Mar 28 10714 Apr 121
Preferred
•1204 121 *12014 121 *12014 121 47204 121 *12014 121 *12014 121
:
14 July 251 Nov
/ 485
1
4
487
8 47
8 47
/
4
8 471 48
No par 22 Jan 18 61 May 7
46
474 4813 4818 493
4714 25.500 U B Leather
27 4 June 5612 Dee
3
64
64
6313 64
No par 62 Jan 5 72 A pr 25
663
8 65 65
63
643 66% 65
4
6313 7.0001 Class A
:
89 July 1081 Nov
I Prior preferred
100 10414June 23 10912May 14
*106 108 •10613 108 *10618 108 *10614 108 510614 108 51064 108
/
1
4
Apr 69 Dec
54
5
8118 811 811 8214
/
4
*80
803
4 804 81
RO
80
79% 80
/
4
1.500 US Realty & Impt new.No par 6114 Fel. 4 93 8May 4
6718 Feb
3714 Jun
3012 301. 3012 3124 304 3113 311: 325
8 311 3213 311 333 39.500 United States Rubber
:
100 27 June 27 634 Jan 4
/
4
4
/
4
85 4 June 1111 Apr
3
100 65 July 2 1097. Jan 13
6414 63
8
63
/ 65
1
4
9,300 1st preferred
/ 83
1
4
614 614 613 6314 62 6213 83
4874 Dee
33 3 Jan
3
8
8 47
473
4 47
463
. 4634 4734 465 473
•46
46
46
47
/ 2.400 US Smelting. Ref & Min___50 8018 Feb 20 52 June 4
1
4
Dec
45 3 Jan 154
5
50 61 Jan 26 6514May 2
531
53
:
4
8
53
:
*52
/ 5313 *525 531 *523 531 *521. 531. *53
1
4
100 Preferred
/
1
/
1
4
/
4
4
8
138 1393 1373 1387 l3.4 14018 1394 1407 139 1411 14113 1447 334,000 United States Steel Corp new_ 13238June 25 154 Apr 12 1115, Jan 1604 Bert
8
Jan 14114 1 . c
._100 13838 Jan 5 14714 Apr 26 129
8
:
47.41 1411 141 12 1414 141 14118 •141 1413 •141 1411 141 141
900 Preferred
Jan 9718 43.-c
67
No par 86 June 18 105 her 16
*87
/ 88
1
4
*873 89
8
*873 88
*873 89
8
*873 89
8
8
US Tobacco
*873 89
8
0
11
100 127 Jan 14 13 June 71 123 Jan 127 N,v
/
1
4
3
.
1
'130 133 4 *130 13334 *130 134 •130 13314 •130 133 •130 1333
1 Preferred
Feb 162 D.13
139 Jan 17 160 May 15 111
3
755 165 *155 165 *155 165
10
160 160
160 160
-150 160
30 Utah Copper
27 Jan 34 Mar
4
8 38% 38
37
/ 371* 3712 3914 3712 3812 3712 3834 375 387
1
4
/ 4,500 Utilities Pow & Lt A__No par 284 Feb 20 4534May 31
1
4
Jan 6718 Dee
37
No par 60 J/112 18 96 Mar IS
8
Vanadium Corp
75
72
7212 717 724 724 75'± 7414 7612 7412 76
76'± 35,000
IN Sept 163 Feb
4
3
164 1612 16
7 Jan 7 19 4June 231
/
1
4
No pa
515
16
•1412 1612 1612 1613 51612 17
300 Van Raalte
163
8
4214 Dee 64
Feb
49
50
*49
49
100 113 8 Jan 6 60 June 25 7
53
/ *49
1
4
5334 50
4 350
*50
533 '
50 1st preferred
50
48
5
Jan 83 8 June
6714 683
67
671
8 68
No par 68 Jan 17 74 May 14
4
4 673 6734 5
68
/ 68
1
4
156712 683
68
/ 2,100 Vick Chemical
1
4
8
83 July 545 Dec
9138 921: 911 921
4May 8
5
No par 62 8 Jan 3 1043
/
4
/
1
92
9118 9214 904 9314 9112 93
9414 47,700 Victor Talk Machine
87
Oct 11138 Dec
pa 10834 Jan 3 20212May 7
I 6% preferred
•180 200 *180 200 •180 200 *180 200 *180 200 *180 200
9614 Oct 1021: Dee
100 10113 /an 6 11112 Mar 28
4
4
*107 107% 10714 10714 107% 1071 107 10713 1073 1073 *107 1071
/
4
600 74. prior preferred
14
/ 137 1412 14
1
4
7 May 154 Sept
:
1
144 1478 14
/
1
12 June 12 164 Feb In
No par
141 137 1418 8,500 Virg-Caro Chem
/
4
141 15
.
,
2614 Apr 483 Dee
8
5
100 44 8 Jan 18 5512July 25
8
8 643 5478 5314 5414 5312 5512 543 554 5312 543 14,400 6% preferred
543 547
s
4
73 June 91 Nov
100 8811 Jan 16 97 Apr 27
*96
9612 964 9614 *96
96
96%
96
96
400 7% preferred
96
*
9511 96
•30
Jan
*30
50
50
86 Dec 61
50
*311
4
*30
50
50
•30
Virginia Iron Coal & Coke_100 317 Apr 25 50 May 22
*30
50
5214 *50
6212 Dec 7612 Aug
531 *50
:
523 •50
4
/
1
4
100 524July 19 62 Jan 13
5214 *50
5214 .50
*50
Preferred
5214
8 1418 1514 143 1512 1512 16
201 Dec 894 June
4
2
3
4
No par 114June 26 25 8 Jan 4
*144 1512 *117 1512 1414 143
6,000 Vivaudou (V)
8312 •80
96 Dec 1184 June
831: •78
8312 •78
100 78 June 22 100 Jan 28
78
8312 3
831 3
Preferred
78
3
79
8312
: 2914 29
/ 2812 30312 3012 337
1
4
/
1
265 304 2314 301
8
161 Jan 80 Aug
:
3
100 2212June 13 43 4 Jan 11
28
28
2,030 Vulcan Detinning
*7614 85
*7614 85
Jan 125 Aug
•764 8914 •874 85
/
1
90
100 74 June 21 97 Jan 12
*764 85
*7614 89
Preferred
23
*20
*2018 23 •20
23
3
Jan 59 4 Aug
23
•22
16
7 Jan38
11
9
MIVt nn 29 2
.e 3
Io
No 1o
p
n
22
*2018 22
237
8
250 Class A
s 2112 217 52114 213
/
1
8 214 217
1814 Dec 25 Feb
Apr
214 2114 2118 213
21
21
4 3,200 Waldorf System
•2042 1012 154 1578 •1518 16
1513 1512 157 157 *1518 1534
17 Dec 2411 Apr
No par 15 June 12 19 May 16
800 Walworth Co Ws
59218 93
*921 93
/
4
93
95
95
8918 Apr 1184 Oe
91
924
*94
95
*94
310 Ward Baking Class A_ _No par 91 July 27 123 Feb 2
/
1
1918 *1812 1912 1813 184 18
371k June 8358 Feb
19
181
3 4 19
783
No par
1512 1818 16,000 Class B
/
1
4
1513Ju1y 27 29 Jan 13
8814 8814 *864 8814 884 881
•884 90
/
1
84 Apr 10014 Nov
No par 884July 24 9712 Jan 19
*8814 90
884 8812
300 Preferred (100)
6078 563 59
4
8
8
8 583 6412 57
1814 Dec 654 Jan
5414 5712 533 613
._10 22 Jan 6 6412July 24
573 5978 307,300 Warner Bros Pictures A.
3
4 3714 3738 3718 383
3712 3738 364 3712 3738 373
8 373 3814 5.700 Warner Quinlan
24 June 34% Deo
Vs par 26 Feb 17 413
8June 7
4
152 152 515113 153
153 153
Jan 180 Nov
65
153 153 *150 154
15214 163
No par 140 June 20 1921: April
3,500 Warren Bros
552
54
50
50
552
541 541
:
Dall
58
55
55
43 Aug 71
50 60 Jan 6 61 Apr 16
5312 531
90 1st preferred
17
173
8 174 1714 •1612 173
1612 17
s
•1612 17
18
Oct 27 June
1612 161
13 June 12 25% Apr 14
700 Warren Fdry & Pipe__.No Par
5 4 654 6412 6438 644 6414
643
65
3
3
*643 65'± 65 8 651 56414
4
65 Dec 751 Aug
14
:
600 Weber & Hellbr, new c_No par 594June 12 7012May 8
5
9912 101
1007 1007 5100 101
8
*100 102 *100 102 •100 102
8
100 9912June 10 103 Jan 8 10134 Nov 1035 Aug
100 Preferred
4
Dee
14212 1431 143% 1431 14112 14213 1424 1443 144 144
143 1441
3,300 Western Union Telegram 100 13912 July 11 17712 Jan 8 14412 Jan 176
46
4614 461
467
8 4512 4512 46
464 461
Oct 504 Sent
45 4 47
3
40
461
8,300 Wstnghse Air Brake newNo par 4218June 4 574 Jan 27
8 943 965
9318 9418 934 967
91 18 941
4
6762 Jan 944 Dee
8 95% 964 54,900 Westinghouse Elec & Mfg. 50 884 Jan 5 112 Mar 31
4
913 921
/
1
8
82 Mar 1037 Dee
*964 1021 •964 1021 59614 1021 •10012 1021 10012 10013 97
98
60 1st preferred
6
50 95 4 Jan 5 110 Mar 31
221
213 2138 2112 223
8
22
/ 23
1
4
8
8 2113 211
8g 22
11 Sept 183 Feb
224 22
2,300 Weston Elec Instrum't_No pa
1212 Jan 6 2913June 7
53212 34
33
32
*33
331
*324 331 •33
3312 '3212 33
No par 304 Jan 3 4012May 22
500 Class A
•10512 107 •10512 107 *10512 107 *10513
11% Aull
isn
"
trrs j ly 134 e
70512 107 *10513 107
4
107
West Penn Elec el A vtf No pa 103 June 22 112 Apr 9
110 110
109 4 110
3
1093 1097 •1094 1101
109 4 110
3
Jan 112 Sept
4
8
110 110
Preferred
100 103 June 13 11514 Apr 9 102
9912 991 100 100
9912 9912 99
4
98% 981 *98% 102
/ 9953
1
4
100 Preferred (6)
100 9812Ju1y 21 10412 Apr 10 101 Dec 1013 Dee
11514 1151 115 1151 115 1151 '115
Jan 118 May
11518 1151
116 116
180 West Penn Power pref
100 114 Apr 9 118 June 27 111
1034 1031 109 109
1042 107 *105 110 *105 110
150 6% preferred
10313 1051
100 103 June 28 113 Jan 5 10012 Jan 111 Dee
56
56
574 58
556
56
561
•0812 58
58
56
5314 Dee 57 Nov
561
631: Jan 6 78 Apr 11
900 West Dairy Prod el A-No pa
274 2814 28
28
28
281
28
28
28
28
1
2414 Dee 28 2 Nov
28
291
4.800 Class B
8
No Par 20 2 Jan 5 49 Apr 12
523
23
23
231
23
23
233
4 2313 2414 2.809 White Eagle Oil & Refg_No par 2012 Feb 21 2 4Mna 1
23% 23
20 Deo 2712 Feb
1323
61
371
3738 37
37
371
363 37
8
37
4
4
301 Nov 58 2 Feb
4
363 37
364 3714 3,100 White Motor
3014 Feb 21 4344Jane 1
No pa
/ 53612 3712 *363 371 *363 3712 *363 371
1
4
4
4
*al. 3713 3613 37
2
26 Jan 41, Sent
4
700 White Rock Min Sp elf
50 341 Jan 19 4413May 11
37% 381
3634 37
1
14
2112 Mar 53 Aug
3611 3712 *3614 384 1,900 White Sewing Machhie_No pa
371 . / 37
: 3364
37
3314June 13 45 Mar 7
55218 537
8 5378 537 55218 54
Jan
66 Feb 59
*5218 54
52 June 13 5514June 6
31524 53 55218 54
1,000 White Sewing Mach Pt-N0 Pa
201
20
20
2014 20
201
1312 Oct24 4 Mar
8
Ms 20
2
2014 20
3
20
5 178 Jan 16 283 Apr 9
2014
9713 977
3 974 9758 17,500 Willis-Overland (The)
9712 971
98
Aug
98
98
June
983
4 98
4
/
1
110.48
100 923 Jan 3 101121May 25
1,400 Preferred
5123 13
4
13
5123 13
4
13
13
87 May 917933
10
12
1312 13
/ 127
1
4
1112 Jan 3 16 Feb 14
1313
1,100 Wilson & Co Inc, new_No pa
2634 27
4
28
27
28
1614 May 827 Feb
28
3
2718 28
22 Jan 3 35 May 15
271: 27
/ 2713 271
1
4
2,200 Class A
No Pa
Feb
Apr 84
58
6812 70
683 683
4
4 6812 6818 56714 681
4
69
100 66 Jan 3 773 Feb 11
*6812 691
•68
600 Preferred
,
4
18112 1834 18213 1844 12,500 Woolworth (F W) Co
8
/
1
4
4M ,
1754 Feb 20 1063 as 9 11711 Jan 19812 Dee
18012 179 1927 180 1817 181 183
2
ISO
/
1
2012 Jan 46 June
8 3512 37
3July 23
354 36
8 364 377
344 393
36
100 28 Jan 5 393
391 45.000 Worthington P & M
33
35
44 Dec 6111 June
555
551
56
55% 5513 55% 56
:
5513 551 554
53
100 4814 Jan 19 5814 Apr 28
500 Preferred A
53
47
87
Oct 5413 June
4712 471: 47
47
48
4712 473
4 48
45
100 41 Jan 4 51 Apr 26
1.300 Preferred B
48
45
3
2412 Apr 94 4 Dee
15212 1561 151 154
16
1521 1591 48.500 Wright Aeronautical_ _ _No par 69 Feb 27 245 May 22
:
1474 15012 14612 155% 151 154
3
507 Jan 72 4 Dec
3
70
68
4 69
68
4
68 July 28 7n4 mar
8682 70
6814 6104 683 683
4
No pa
1.000 Wrigley(Wm Jr)
683 693
4
70
/ Jan 8413 Aug
1
4
*68
681 *6813 69
69
568
67
67
25 67 July 27 8411 Apr 25
1,200 Yale & Towne
5
68
693
4 684 69
25
Jan 60 Aug
305 315
8
8 3012 311
8 3114 32
.
3112 3214 314 317
39,900 Yellow Truck & Coach Cl /3.10 275 Feb28 40 May 8
8
317 32
12
83% Aug 99 July
*85
93
93 •85
*85
93
93
100 8718 Jan 9 96 Apr 20
93 .85
•85
Preferred
93
•85
1
8014 Oct 10012 Dec
89
88% 8914 89
/ 88
1
4
87
87
901
3,300 Youngstown Sheet & T-NO Par 8312June 19 106 2 Jan28
8612 87
87
37
$ per share $ per share $ per share t per share $ per share $ per share Shares Indus.& Miscel.(Con.) Par
3 6818 6913 69
/
4
707
8 7012 711 81.300 Studeb•rCorp(The) new No par
8 6818 695
6714 67 2 6718 685
1
100
Preferred
725 ____ *125 127 *125 127 *125 127
*125 127 *125 127 3
No par
2,600 Submarine Boat
/
1
4
4 *318 3
3
/ 31
1
4
314 3
314 3
*314 33
2
31 31
/
4
/
4
1s
No par
4512 46
/ 4618 48
1
4
10,400 Sun 011
463 47
4
4412 47
4
*4314 44
443 45
100
Preferred
:
•106 111 .106 10912 *106 10912 *106 10913 *106 1091 *106 109%
No par
67
8 6
/
1
4
7
7
61 7
/
4
14,000 Superior 011
68 7
634 67
6
/ 718
1
4
100
1938 19
/ •19
1
4
20
20
*19
*19
20
200 Superior Steel
*19
20
19
19
50
*1412 151 *1413 1512 1414 1414
:
144 15
/
1
*14
15
*14
15
600 Sweets Co of America
5413 5
: 514 *412 5
5
5
100 Symington temp ctfs_ _ _No par
: 514 541
*412 512 *41
*13
13
*13
137
8 13
137
8
13
13
13
8 13
500 Class A temp ctfs-No Par
•13
137
78
4
Telautograph Corp____No par
183 *18
4
4
4
*1814 184 *184 183 *1814 183 *173 1812 3
/
1
183
4
No par
3
/ 137 *135 13
1
4
/ 1358 13 4 13
1
4
8
8
/
4
/ 3,000 Tenn Corp & C
1
4
1338 1312 1314 13
/ 131 13
1
4
25
593
4 591 6018 5912 60
5912 59
/ 32,200 Texas Corporation
1
4
59
/ 59
1
4
59
5914 59
70
8 68
69
7114 693 70
/ 677
1
4
8 67
4
/ 72,400 Texas Gulf Sulphur new No pa1
4
663 675
4
8 6613 677
10
4
113 143
3
4 1438 1478 143 15
1472 14% 15,500 Texas Pacific Coal & 011
1418 1418 144 151x
233
8 23
/ 231z 23
1
4
234 237 17,400 Texas Pac Land Trust new _1
/
1
24
4
2234 2312 223 2314 22
No par
*2718 2712 27% 2713 *27
27
27
27
600 Thatcher Mfg
271
:
27
•27
28
par
521
497 5013 *51
521 *50
3
/ *497 50
1
4
200 Preferred
*497 50 4 *49% 50
8
3
364 37
/ 38
1
4
8 37
No Par
No
*363 373
4
/
4
4 361 373
374 377
4 1,600 The Fair
*363 37
8
25
6113 6112 *6113 6213 *6112 624
*6112 62
100 Thompson (.1 R) Co
*6112 6211 *6112 62
17
174 1718 171: 1712 18
/
1
17
17
177 1818 29.500 Tidewater Assoc 011-No par
8
17
17
86
85 4 85 85
3
100
58412 853
8612 1.000 Preferred
4 86
8511 8512 8513 5
•8412
23
3
23
24 I 23
100
2314 24
24
*2312 24
•23
24
*23
800 Tide Water 011
100
4
86
/ 87
1
4
38612 8684
*87 4 8314 *874 8814 •873 8814 *864 88
3
4001 Preferred
8
8
8
119 11913 1195* 1193 121 1217 12112 1227 12212 12314 *11978 12314 3,200 Timken Roller Bearing.No par
9818 993
8
3 983 99321 98
/
1
4
3
/ 99 l0012 987 100
1
4
99
99
99
9.600 Tobacco Products Corp__ _100
71034 115 *1103 115 3
4,11212 115 •11212 1.15 *11213 115 3
100
4
710 4 115Class A
3
744 77
73
8 77
734 77
7 8 84
5
713 7 4
3
8
73
4 78 24,500'Framer!011 ternetfnewNo par
k
497 .49
497 •49
8
•49
497 *49
3
4912 •4913 497
314913 50
Transue & Williams SO No pa
68
674 681
/
1
:
3
4 6714 87 4 671 674 *67
081 664 6684 663
s
/
1
2,300 Under.Elliott Fisher Co.No Pa
100
15122 .... •122 ... *122 127 •122 127 *122 127 *122 127
Preferred
*38
39
3934 •38
38
39
38
•37
3913 3912 •38
38
400 Union Bag & Paper Corp_ _100
:
4
4
8
15313 1587 15314 1593 1561± 16014 1551 1591 1553 1577 1573 1591 88.700 Unlon Carbide & Carb_No par
4
6012 50
25
511 5112 501 503
/
4
504 UN 51
g 50
:
5504 507
3,300 Union On California
714 118 *114 118 *114 118 8114 118
•114 118 *III 118 3
Union Tank Car new_ _,-100
4 38
No pa
/ 39
1
4
/ *3814 383
1
4
3712 3814 3813 384 384 384 *3812 383
4 2,100 United Biscuit
/
4
511114 123 *1114 123 •11114 123 *11114 123 *1111 123 *11114 123
Preferred
100
2418 23 8 241
244 24
7
24
24
2414 24
24
24
24
17,800 United Cigar Stores new----10
106 *105 106 *105 106 *105 10512
*105 106 1*105 106
100
Preferred
Drug
150
0
---- ---- -___
____ ---- ---- ---- ---- -- -- ---- --United Dr

1105

'661±iiii

I

-dividend. a Ex-rigras. • No par value.
• Bid and asked prices. no sales on this day. a Fa




524

New York Stock Exchange—Bond Record, Friday, Weekly and Yearly

Jan. 1 1909 the Ezchange method of owning bonds was changed and prices are now "and intere,0"--except for income and defaulted bonds
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 27.

MEd
/Was.
July 27.

Weer.
Ranges?
Last Sale.

U. S. Government.
Bid
Ask Low
High
First Liberty Loan
334% of 1932-1947
Sale 9928
.2100 n
,
JD 100
Cony 4% of 1932-47
10083:June'28
JD
Conv 44% of 1932-47
3D 1002031 Sale 100103310113:
2d cony 4st% of 1932-47
102333 Apr'28
D
Third Liberty Loan
434% of 1928
Sale 9981331003w
MS 100
Fourth Liberty Loan
44% of 1933-1938
A0 1002831 Sale 10021321011132
Treasury 4345
1947-1952 *0 111 32 Sale 11141 1111131
,
Treasury 48
1944-1954 3D 106231 Sale 106 33 1060131
,
Treasury 3348
1946-1956 M
104 1041033 104833 1041233
Treasury 3345
1943-1947 In 98 43 Sale 982131 99833
,
Treasury 3348 June 15 1940.19433
982032 Sale 98183: 99343

b

sa-..

Range
Binge
Jan 1.

No. Low

N.

BONDS
EXCHANGE
Week Ended July 27.

F.

Ir. STOCK

•••

aft

Price
Friday.
July 27.

• Week',
Range or
Lost Sale.

Rowe
81.42
Jos, 1.

High
45* Lew
DO
High No Low
HIFA
CI 99% Sale 997e 100
Cundinamarea (Dept Col) 78 '46
15
934 100
99113:101"n Czechoslovakia(Rep of)83 1951 *0 108 Sale 108
108% 29 108 112
Sinking fund 83 ser B
100 101015
32 108 112
1952 *0 10814 109 10814 109
329 1003: 1031139 Danish Cons Municip 8s A 1946 PA 111 112 112
20 1104 1121s
112
Series 13 f 8s
13243 10212as
1117
8 28 110 III%
1946 FA 111 112 III%
Denmark 20-year extl ft.._ A942 33 1043 Sale 1044 10518 88 103 106%
4
218 99343100
4n Deutsche Bk Am part ctf 66_1932 MS 9714 Sale 9714
48
98
99
97
Dominican Rep Cost Ad 534s '42 MS 99 Sale 99
9
10014
97 100s
7
944 100 4 104
1st ser 534s of 1926
,
1940 *0 ---. 963 98 July'28
96 100 1
4
3
2d series sink fund 534s__ _1940 A0
61 11013311164t
9918 July'28 -163 991a
4
32 105143111143 Dresden (City) external 78..1945
N 100 10112 100% 101
5 100 102%
21 10311331013141 Dutch East Indies exti 6s
J 1044 Sale 103% 104% 29 103 30532
1947
83 981131103 41
40
-year external(is
,
33 103 10512
1962 MB 1033 Sale 1033
4
4 104
71 9814399"n
30
-year external 5345
26 101% 10414
4
1953 MB 1023 Sale 1023
4 103
30
-year external 5%s
9 10114 10912
1953 MN 1023 103 1023
4
4 1027
8
State and City Securities..
El Salvador (Repub) 8s
110 Sale 110
1948
110%
10712 114
Finland (Republic) extl 68_1945 MS 9612 963 953
4
9638 13
4
954 100%
NY City-445 Corp Stock.1960
99 4 1003 997 July'28
External sink fund 78......1950 M
3
8
9934 1021s
8
10012 Sale 10038 1003
4 19
994 10212
434. Corporate Stock_ _ _ _ 1964 MS
1034 1023 June'28
4
10234 1051
: External I 645
13
c1956 MS 9712 98% 98
98%
98 10111.
1966 *0
434. Corporate stock
Extl sink fund 5348
103 June'28
10314
103 1053
2
1958 PA 91 Sale 91
913
4 29
91
96
434s Corporate stock
1972 *0
Finnish Mun Loan 6348 A 1954 *0 9814 Sale 9814
10314 105 Mar'28
105 105
7
99
98 101
4148 Corporate stock
1971 Jo
109 10812 June'28
External 634s series B
10812 1093
4
*0 984 98% 9814
3
1954
99
98 101
434s Corporate st ock_July 1967 J J ____ 1074 107 July'28
107 1104 French Republic ext 73103..._1941
11518 Sale 114
11514 64 113 11974
4%a Corporate stock
1965 3D
External 733 01 1924
107 109 4
10714 107 June'28
3
1949
139 10512 1094
107 Sale 10618 107
434s Corporate stock
1963 MS 1053 Sale 10534 1054
4
10534 109% German Republic ext'l 7s___1949 *0 10812 Sale 10612 107
71 10478 107 4
3
48 registered
1956 MN
9812 June'28
984 100% Gras (Municipality) 83
4 101 10414
101
,
1954 MN 101% 102 2 101
4% Corporate stock
1959 MN
9918 99 July'28
4
99 1011 Gt Brit & Irel(UK of) 5346_1937
A 104% Sale 1044 1043 119 103 4 106 4
4
3
8
4% Corporate stock
9812
9812
1958 MN
10
99%
-year cony 5(4s
9812 1013
4
1929 PA 1184 11812 11814
11814 30 116a4 119
4% Corporate stock
1957 MN 99% Sale 99%
99%
4% fund loan E op 1960.c 1990 M h
9918 101%
863 Sale 863
4
36 (863 9034
4
87
4
44 registered
1936 MN
99 4 May'28
3
5% War Loan E opt. 1329_1947
99% 100 8
3
9812 99 99 14 July'28
c98% 99%
434% Corporate stoek
1957 MN
4
1065 1063 June'28
8
10612 108, Greater Prague(City) 71-4s.1952 MN 107 Sale 1063
4 1074 12 104% 10914
434% Corporate stock_1957 MN
106% 10614 June'28
10614 108% Greek Government I sec 713_1964 MN 974 99 9718
7
98
96% 100 4
3
334% Corporate st—May 1954 MN
9012 July'28
Sinking fund sec 6s
90
93%
1968 FA 85 Sale 8412
8514 107
841s 92
334% Corporate st__Nov 1954 MN
9012 July'28
90% 9312
Haiti (Republic) 5165
100 10014 100
10014 11 9944 102
New York State Canal 4s
1960
10514 Apr'28
10514 10614 Hamburg (State) 135
Mg A 0: 964 Sale 9512
A
Nig 20
9412 0915
48 Highway
Mar 1962
10312 June'28
1031j 10312 Heidelberg(Germany)ext 734s50
10414 105 105 July'28 1084 1054
Hungarian Munk Loan 734,19453. 9912 Sale 9932
99/
s 21
1
98% 101
External 5 f 7s.. _Sept 1 1946
9414 9512 9414
944 11
Foreign Govt. A Municipals.
Hungarian Land M Inst 7345 '61 M N 96
4
10012
99 99
984 101
Hungary (Kingd of) s f 7%8_1944 F A 10112 Sale 10112 10212
13 10115 10311
Agric Mtge Bank sf6.
1947 PA 90 Sale 90
13
91
Irish Free State extls.8 f. 533.1960 M N 9612 Sale
89 4 95
3
9714
96 4
,
95
96% 55
Antioquia (Dept) Coils A-1945 33 9512 953 95 4
13
4
97
,
9412 10014 Italy (Kingdom of) ext'l 7s 1951 J 0 973 Sale 9714
8
9812 293
964 10012
External s f 7s tier B
1945 ii 953 Sale 9812
4
11
96
Italian Cred Consortium 75 A1937
94% 99
96 Sale 9534
9018 11
9514 90%
External s I 78 series C—.1945
9812 18
9512 Sale 95 4
Extl sec s f 7s ser B
,
94
983
4
1947 M S 9412 Sale 94
9512 20
94
External aI 75 1st ser
1957 *0 9512 Sale 943
943
4 18
93 4 99% Italian Public Utility ext 78.1952 .1 3 95% 964 95%
4
3
984 10114
963
8 10
.
Ext1 sec s 7s 2d ser
1957 A.0 96 Sale 943
8
5
9512
9312 9812 Japanese Govt £ loan 45.....1931
93
93% 93)
9338 49
91% 943
4
Exti sec s I 78 3d ser
1957 *0 9612 Sale 9612
9612 35
30
-year a f 634s
9612 96 2
,
1954 F A 102% Sale 1023
8 10308 91 10014 lOSIg
Argentine Govt Pub Wks 68_1960 A0 9914 993 9914
8
99 4 11
3
99 10012 Leipzig (Germany)s I 7s
1947 F A 997 10012 10012 10012
4
5
Argentine Nation (Govt of)—
1
9 18 6011
9
8
9
Lower Austria (Prov) 7348_1950 J : 97
3
99 14
11
983 99
4
Sink fund 1331 of June 1925 1959
8 100
77
D 99% Sale 993
3
99 100 4 Lyons (City of) 15
-year 6s-1934 M N 9912 993 99% 100
33
4
99 1002
Esti s f Os of Oct 1925
1959 *0 9912 Sale 993
8
99% 50
99 1001
4
Sink fund Os series A
1957 MS 993 Sale 9912 100
8
.55
99 101 14 Marseilles (City Of) 15 yr 68_1934 M N 9912 100
60
993
8 100
99 10112
External 6s series B.
.Doc 1958 J
993 Sale 993
8
8 100
65
98% 10118 Mexican Irrigat Mang 4%8_1943 --- 3412
3412 10
3314 $7 4
4
Exti s f Os of May 1926 .__1960 MN
9912 Sale 9912 100
50
99 100% Mexico(U 5) exti 55 of 1899 E'45 Q
493 Jan'28
4
4954 4944
External sf65 (State Ry)_1960 MS 9912 Sale 99
93
Assenting 58 of 1899
98% 101
99 4
3
8
1945 -- 383 Sale 3712
383
4324
4 24
35
Ext113s Sanitary Works...1961 FA
9912 Sale 9938
Assenting 513 large
99% 158
99 10118
3712
387
8 54
30
4314
Ext Os pub wka(May '27)-1961 MN 9912 Sale 993
8
Assenting 48 of 1904
99 101
993
4 41
2512 Sale 25
2(33
8 55
223 344
4
Public Works exti 530_1962 PA
66
96 Sale 9512
96
Assenting 48011910 large.....
95
9714
90
27
28
25
32%
Argentine Treasury 55 E
1945 MS 913 917 913
8
8
7
8
917
8
Assenting 4s of 1910 small.—
9118 934
47
25
25%
221s 31
Australia 30-yr 58 __July 15 1955I, 96% Seel 96
Trees 6501'13 assent(large)'33
963
4 54
953 99
8
3
-554 161: 40
403
4
374 487
4
External 580! 1927__Sept 1957 MS 96 Sale 96
9584 ws
9612 41
Small
3914 July'28
861s 4814
Extl g 434. of 1928
1956 M N 873 Sale 87
8
354
88
86% 92% Milan (City, Italy) ext'l 6348 '52 *0 913 Sale 913
4
4
9214 119
0112 9522
Austrian (Govt) a f 78
1943j
103 Sale 1023
5 10318 37 102% 1044 Montevideo (City of) 7s____1952 ID 10218 Sale 10218 10214 17 102 105
Bavaria (Free State) 6345_1945 VA 97 Sale 96
96
973
9912 Netherlands Os(flat prices)__1972 FA 8 1063 1073 108
4 17
108
4
4
10571 109
Belgium 25-yr ext sf7348 8_1945 3D 1143 Sale 11418 1143
4
30-year external 6:3
4 61 114 116
1954 A 0 10112 101% 10114 101% 22 10034 10314
20-yr I 843
1941 FA 11012 Sale 110
11012 10 109 1113 New So Wales (State) ext 55 1957 r A
4
94% 8,ile 9418
9418 23
93
96
25-year external 6348
1949 MS 10512 Sale 105
External 5 f 5s
10512 24 1034 10913
Apr 1958 A 0 9412 Sale 943
8
9412 64
93
96
External a f (is
1955
151
3
J 100 4 Sale 10012 101
98% 1014 Norway 20
-year extl Os
1943 F A 10114 10112 1013
4 102% 13 1013 10312
4
External 30-year at 78
1955 3D 10814 Sale 108
69 10614 109
20
-year external 138
108%
1944 F A 101 Sale 101
102% 51 101 1044
Stabilization loan 75
1956 MN 106 Sale 106
30
-year external 68
1063
4 82 10414 10804
1952 A 0 10212 Sale 10212 102% 15 WI% 1081
4
Bergen (Norway) a t 85
1945 MN 113 11312 11234 11314
40
-year 111 f 5t-(,
3 11234 113
19651 D 10012 1003 10012 101
58
4
%
997a 102
/
1
2
15 year sinking fund 133_1949 *0 10014 10114 100
3
100
External s I 5s____Mar 15 1963 N S 96 Sale 9512
98% 102
9612 65
98
94
Berlin (Germany) a I 646-1950*0 983 Sale 98
4
Municipal Bank extl 5 513_1907 J D 913 92% 9214
65
99
97 100
5
4
92%
92
93
1s
Bogota (City) ext'l a (.88.--1945 AO 105 Sale 105
8 1037 108% Nuremberg (City) extl Os.
10514
8
..1962 F A 90
47
92
92
903
4
894 98 4
4
Bolivia (Republic of) exti 813_1947 MN 105 10514 105
Oslo (City) 30
10514 19 1034 108
-year of 63-1955 N N 101 Sale 101
10112 15
9924 103
e xt'l sec 78
1958
96 Sale 95%
Sinking fund 5345
9614 66
93 4 9812
3
1946 F A 9914 Sale 9914
1
Bordeaux (City of) 15-yr 68_1934 MN 993 Sale
99 103
99 4
,
4
40
99 101%
993
4 100
Panama (Rep) extl 534s
l9533 D 101% 102
1 1013 10414
8
00% 1017
Brasil(U S of) external 8s
4
1941 3D 1087 Sale 108% 10912 26 107 113%
8
Exti sec s f 6345
19013 n 103 10314 103
1 102 10414
103
Externals I 034s of 1926-1957
9612 Sale 9612
100
97
92
Exti s f 5s set A .May 15 1963 MN 9412 Sale 9312
9912
96% 107
9312 97
Exti a I 6) of 1927
-Is
1957 *0 96 Sale 96
9812 209
954 991 Pernambuco (state of) ext. is '47 Al S 95
:
9514 95
9514 15
96
9912
78 (Central Railway)
1952
D 100 Sale 100
Peru Republic of)
(
97 103
100% 56
7348 (coffee secur) E (flat).1952 A 0 10714 Sale 10714
4 103 108%
Extl s f sec 7345(01 1926)_1956 M S 1043 Sale 10484 105
10714
20 10312 1073
4
4
Bremen (State of) exti 75_1935 24 s 10112 Sale 10115
Exti s f sec 7s
101% 75 10014 10312
1959 MS 100 Sale 100
23 100 104%
101
Brisbane (City)8(581957 22
4
9112 95
94
28
Nat Loan extl 5 f Os
95
9212 95%
1960 J D 9114 Sale 903
4
914 211
904 94
4
Budapest(City) exti s f 6s
1962 iD 8412 Sale 8412
85% 55
8412 89% Poland (Rep of) gold Os....1940 A 0 833 Sala 83%
11
4
837
5
8012 87
Buenos Aires (City) 6348_1955 j j 100 4 Sale 10012 100% 11
3
Stabilization loan s f 75_1947 A 0 8812 Sale 8812
101) 1024
88% 129
88 91%
Extl g f 68 ger C-2
1960 A o 984 Sale 9812
1
Ext sink fund g 88
9812
96 4 99
3
61
1950 1 J 10014 Sale 10014 101
2
984 1017
Extl 9 f 6s ser C-3
1960 A o 9918 Sale 9712
994 23
96
92% Porto Alegre (City of) 88._ 1961 J 0 1073 108 1073
1 10412 109
4
4
4 1073
Blienos Aires (Prov) exti 613_1981 Pd s 933 Salo 93
8
Eat! guar sink Id 7345....1966 J J 1024 1027 1021
93
94 4 77
97
,
8 101% 1044
: 103
Bulgaria (Kingdom) s t 78-1967 j j 9012 91
90%
9112 22
89% 93%
Queensland (State)05%181751941 A 0 11312 Sale 11312 114
2 11214 115%
Caldas Dept of(Colombia)7148
•46 1 .1 99 Sale 99
25-year external Os
9912 15
98 102
1947 F A n0p4 10812 10614
10614 17 106 1084
Canada (Dominion of) 513_1931 A 0 100 10012 100
29 100 10211 Rio Grande do Sul MI 8 f 88.1948 A 0 106 Sale 10514
101
37 10514 10814
106
in-year 61511
1929 F A 10012 Sale
55
10012
Extl s f 75 011926
99% 1024
19138 51 Si
31
99 Sale 973
99
4
0712 1001s
19.52 m N 1064 Sale 10512 10618 02 1044 109
494
Rio de Janeiro 25-yr a f 85_1946 A 0 107 1077 105 8 108
12 105 s 11014
3
8
3
1936 F A
345
9914 Sale 9
Exti s f 6345
1)84 1014
84
99 4 13
,
1953 F A
951 Sale 95
:
97 4
,
95% 102
Carlsbad (City) s f 85
1954
2 105 1093 Rome (City) eon 6348
J 10612 109 10712 108
4
1952 A 1-1 93 Salo 927
5
9312 124
9114 9612
Cauca Val (Dept) Colom 73413 40 A 0 100 10012 100
'
12
101
Rotterdam (City) extl 68_1964 111 N 10312 105 10314
984 103
10414
10314 106
Central Agile Bank (Germany)
saarbruecken (City) 63
1953 3J 92
2
92
9212 92
9012 94se
Farm Loan 51 78 Sept 15 1950 MS 991 100
997
10014 11
99 10114 310 Paulo (City)s f 85__Mar 1952 M N 115 11514 115
12 11214 120
115
Farm Loan s f 6s_July 15 1960 J J 8814 Sale 88
Exti s f 6
88 3
4 16
88
93 4
3
of 1927
1957 M
9712 9834 9815
21
99
963 10014
4
Farm Loan s f 613.0ct 15 1960 *0 8818 Sale 88
88
8812 50
93% San P8910 (State) extl s f 78-1936 J J 10618 Sale 106
10612 48 105 1083
s
Farm Loan 6g ser A_Apr 1638 A0 91 Sale 907
8
90% 96
External sec sf 8s
9114 86
1950 3
1063 Sale 1061a
4
53 106 109%
107
Chile(Republic) extl s I 82..1941 F A 1097 11014 1097
3 1084 111%
8
External, 178 Water L'n_1956 51 5 100 Sale 100
109 8
,
41 100 1044
101
-year external s f 78-1942 MN 102 Sale 10112 102
20
391 10038 104
Santa Fe(Prov. Arg.Rep.)781942 M 5 963 Sale 96%
4
9712 13
94% 1001s
External sinking fund 68_1960 *0 943 Sale 9334
8
91% 97 1 Seine, Dept of(France) ext.! 75'42 3J 105 Sale 105
9412 184
3
1053
4 68 10314 106%
External s f 83
1961 FA
94 Sale 94
9138 97
Serbs, Croats & Slovenes fts '62 M N
95 4 192
,
99I8 Sale 9918 100
38
974 1014
943 143
1961
Ry ref extl s 1 Os
4
Soissons (City of) exti 113... _1936 51 14 99 Sale 99
93% 97
J 9414 Sale 933
98 102
99% 26
Chile Mtge Bk 6343 Jane 30 1957 ID 99 Sale 98
61
99
4
95% 993 Styria (Prov) mai 75
1946 F
9212 Sale 924
924 97
7
9212
13 I 63513 of 1926_ _June 30 1961
9634 101
Sweden 20
997 120
D 9938 Sale 9812
-year Lis
1939 3 11 102% Sale 102% 103
34 1024 106
Guar 8 f 6s
Apr 30 1961 A0 914 Sale 91
External loan 530
9212 39
91
95
1954 M N
103% 10414 12 10212 106%
.Chlaese (Hukuang Ry) 58-1951
3012
3012
6
3
2518 30 2 Swiss Confed'n 20-yr. I 85_1940 J .1 111 1;fe 11018
,
D 29 4 31
14 1093 1111%
111
4
Christiania (Oslo) 30-yr a f 65 '54 MS 1013 Bale 10112 1013
4
4 10
99% 101, Switzerland Govt ext 5343_1946 A (1 10318 Sale 102% 10314 39
5
101514
Tokyo City 5.loan of 1912_1952 M
82 Sale 81%
82% 12
761 84
,
Cologne (City)Germany 63451950 M 8 97
9712 15
Extl f 5343 guar
9614 99 s
9814 963
3
4
1981 A 0 91% Sale 91%
917
5 81
871s 95
Colombia (Republic) 6s___1981 J j 90 4 Sale 90 4
913
4 46
9034 963
3
s
3
External f 613o1 1928
90% 951 Tolima (Dept of) extl 7s___1947 M N 9334 Sale 0314
9112 71
_1981 A q 9114 Sale 903
8
:
8
944
9314 973
4
8812
Colombia Mtir Bank of 6345_1947 A 0 88
6
88
8812 88
93 4 Trondhlem (City) 1st 5358_1957 N N
3
92
95 97 July'28
9612 11912
Sinking fund 78 of 1926-1946 or N _
Upper Austria (Prov) 78—.1945 J D
4
923 98
93 4 10
3
3
9312 92 4
9712 30
4
%
96 Sale 963
96 4 9914
3
884 13
Sinking fund 78 of 1927-1947 F A 934 Sale 931g
External s 1 034s...June 15 1957 J D
98
93
5
89
893
4
Si'
9012
974 46
Copenhagen (City) 55
Uruguay (Republic) extl 83_1946 F A 9712 98 10818
953 101
1952 3 D 97 Sale 9638
4
1094 11 10714 1108.
25-yr g 4345.
External a f (35
87% 8912
1953 M N 8838 Sale 877
8838 147
8
1960 N N 97% Sale 974
101
98
9614 100
Cordoba (City) extl s 1 78_1957 8 A 96
Yokohama (City) extl 05-1961 J D 9712 Sale 967
3
96
95 101
9612 96
9734 31
3
94 100
External a t 7s Nov lb 1937 M N 96
95 100
8
9638 9612
9
64
Cordoba (Prov) Argentina 781942 J J 9612 Sale 99 4 100 s
9
98 1014
3
3
Costa Rica (Repub) extl 76_1951 134 N 9618 97
944 99%
96
964 53
Cuba 5s of 1904
10012 1004 10078 July'28
1944 111
99% 102%
External 5. of 1914 ger A_1949 F A 1024 ____ 10212 July'28
10018 10314
External loan 4328 ser C 1949 1r A 9712 973 9638 July'28
4
90 1004
4
Sinking fund 5348_Jan 15 1953
1s
7
J 1031a 1033 1023
5
4 10304 93 101 104 s

C On We 11.118 of 8.5 to We r sterling.




131

525

New York Bond Record -Continued-Page 2
BONDS
N. Y. STOCK EXCHANGE.
Week Ended July 27.

.1S.

Price
AvidaV.
July 27.
Rid

Range
Blare
Jan. 1.

Week's
Range or
tail Sale.

Ask Low

Ala Gt Sou 1st cons A 5s____1943 1 D
19431 D
13t cons 48 ser B
Ala Mid let guar gold 5s--.1928 M N
1946 A 0
Alb & Susq lst guar 3556
Alleg & West 151 g gu 48-1998 A 0
1942 M 8
Alleg Val gen guar g 4s
1995 Q J
Ann Arbor 1st g 45
-Gen g 48_1995 A 0
Atch Top & S Fe
A 0
Registered
Adjustment gold 4s__July 1995 Noy
Nov
Registered
July 1995 M N
Stamped
1955 J D
Cony gold 48 of 1909
1955 J D
Cony 43 of 1905
1960 J D
Cony g 45 issue of 1910
Rocky Mtn Div 1st 48-1965 J J
Trano-Con Short L lot 48_1958
Cal-Arts 151 & ref 4558 A.-1962 M
Atl Knoxv & Nor 1st g 58-1948 J D
Atl & Charl A List 4558 A 1944 I J
1944 I J
181 30-year 58 series 13
Atlantic City 1st cons 48...- _1951 J J
All Coast Line 1st cons 48 July '52 M 13
M S
Registered
1964 J D
General unified 4558
L & N coil gold 48____Oct 1952 MN
19481 J
Atl & Day Ist g 43
19481 J
2d 4s
1949 A 0
Atl & Yad 1st g guar 4s
Austin & N W let gu g 5s 1941 J J

105 -- - 10512 June'28
12
94
94 94
93
100 -- -- 100 July'28
834 90 4 90 July'28
3
88 92 90 July'28
_
9118 93 9612 June'28
1
79
79
79 81
9312 147
9234 Sale 9212
8
_ 957 Apr'28
8812 July'28
885
8
9134 June'28
8418 _ _
2
873
4
873 Sale 8734
4
1
8812 8814
8814
884 90 90 July'28
92 9334 Jan'27
89
9014 Sale 9014
9014 25
86
883 954 July'28
8
3
9612 9812 9614
9614
107 Mar'28
103
9815
9812
2
1024
10214 July'28
91
93 931: June'28
9134 Sale 9112
9212 10
9738 Feb'28
. - - ;10014 July'28
1514 985
35
92
91 Sale 91
2
75
7578 754
754
65
70 7318 June'28
8
8214 8778 857 July'28
99 105 10012 July'28

Ball & Ohl()1st g 48____july 1948 A 0
July 1948 Q J
Registered
1933 M
-year cony 4558
20
M
Registered
Refund & gen 53 series A _ -1995
July 1948 A 0
151 gold 58
1995 J D
Ref & gen 68 series C
PLE&W Va Sys ref 4a 1941 MN
Southw Div let 58_ „ 1950 1 J
Tol& Gin Div let ref 46 A_1959 I I
2000 M 8
Ref & gen 5s series D
Bangor & Aroostook let 58-1943
1951 1 J
Con ref 48
Battle Crk & Stur 1st gu 38-1989 1 0
Beech Creek let gu g 48--1936 J J
Registered
1 J
19361 J
2d guar g 5s
Beech Crk Ext 1st g 350
1951 A 0
1944 3 D
Big Sandy let 48 guar
Bost & N Y Air Line let 48_1955 F A
Burns & w let gu gold 48-_1938 J I
Buff Roch & Pitts gen g 58-1937 M
Conso1450
1957 M N
1934A 0
Burl R & Nor lat 58

9118
9212
92 July'28
98
99
98 June'28
10034 Sale 1003
4 10112
104 Sale 1034 104111
10834 109 10812 109
92
92
93 92
10112 1013 10138 1017
8
8478
83 847 8478
8
10012 Sale 10012 1014
10312 July'28
10338
8418 86 84
844
6812 Feb'28
9611 Sale 9612
9612
97 Apr'28
97 Jan'28
10018 _
8512 Attg'27
8218
93
9412 9412 July'28
8012 82 80 July'28
934 97 9778 Apr'28
9978 _
_100
100
91
9112
9214 91
10212 10212 July'28

9178 Sale

69

9813 Sale

91
38
30
64
3
67
1
40
8
2

2
30

Canada Sou cons gu A 5s.- 1982 A 0 10712 Sale 10712 10712
1
Canadian Nat 455s_Sept 15 1954 M
9812 Sale 984
99
44
9958 19
5
-year gold 455s_Feb 15 1930 F A 9914 Sale 9914
30-year gold 4558
987
8 68
19571 J 9838 Sale 9838
Canadian North deb 8 2 711_1940 J D 112 Sale 1113
4 11218 12
25
11814 1184 11814 1183s
-year f deb 8558
19461
5
10-yr gold 455s___ _Feb 15 1935 IF A 98 Sale 98
984 25
Canadian Pao Ry 4% deb stock__ J J 8638 Sale 8614
874 63
Col tr 4558
97
1946 M S 9634 Sale 9638
40
Carb & Shaw let gold 48
--- 9814 Apr'28
1932 M
Caro Cent let cons g 4s.„ 1949 J
83 84 8212 July'28 __
Caro Clinch &0 1st 30-yr 58_1938 J D 10418
_ 10418 July'28 ____
let d: con g 68 ser A_Dec 15'52 I D 109 Sale 10858 109
10
Cart & Ad 1st gu g 4s
9312 Mar'28
19811 D
Cent Branch U P 1st g 413.„1948 J D 7814 827 84 July'28 _ _
8
Central of Ga 1st g 58.Nov 1945 F A 1003s
10612
5
- 106
Consul gold Is
1945 M N 101 1023 101
1014 22
4
Registered
106 10414 Feb'28
F A
10
-year secured 65__June 19291 D 10012 Sale 10012 10012 25
Ref & gen 555e series B___1959 A 0 ---- 105 105 July'28
Ref & gen 58 series C
1959 A 0 ---- 10314 104 July'28 Chatt Div pur money g 48_1951 I D :
7,- 934 9312 June'28
Mac & Nor Div lst g 58_1946 3 .1 102 107 105 June'28
Mid Oa & Atl div pur m 58 1947 J
101 108 10318 Apr'28
Mobile Div 1st g 5s
1946 J
105
103
103
3
Cent New Eng let gu 45-1961 I .1 8418 85 83 4
3
8414
6
Central Ohio reorg 1st 455s.._1930 M
984 10014 98 July'28
Central RR of Ga coil g 5s 1937 II N 10118
101 June'28 _ _
Central of N J gen golcl 58-1937 /
10914 113 11114 11114
5
Registered
1937 Q J 10914 - --- 11014 July'28
General 4s
19871 J 94
9714 94 July'28 _ _
Cent Pac 1st ref gu g 48
1949 F A 91
9134 914
9212
9
Registered
92 June'28 -.
F A
Mtge guar gold 355e__Aug 1929 1 D 99
9914 99
99
2
Through Short List gu 45_1954 A 0 9212 9438 9214
9212
Guaranteed g 58
1960 F A 10114 Sale 101
10115 24
Charleston & Sayn'h 1st 78_193811 .1 11718
11938 Aug'27
Ches & Ohio fund d: impt 55_1929 3 .1 997 fix) 10014 10012 11
8
lst consol gold 55
1939M N 10312 Sale 10311 10312
4
Registered
1939 M N
103
103
1
General gold 455e
1992M 13 99 Sale 9878 1007
1 481
Registered
RV 8
964
9634 20
20
-year cony 4556
1930 F A -1594 99i1- 99
993
4 83
3
Craig Valley 1st M_May 1 '40.9 J 95 101 10218 July'28
Potts Creek Branch let 48_1946 I
90 June'28
R & A Div 1st eon g 4s
1989 J J
9438 July'28
2d consol gold 48
1989 J
. 95 9258 July'28
Warm Springs V isle 55_ _1941 M S ioa 10112 10078 July'28
Chesap Corp cony 58 May15 1947 M N 98 Sale 9712
9818 211
Chic & Alton RR ref g 38_ _1949 A 0 704 72 70 July'28
Ctf dep stpd Apr 1928 lot
703 74
8
704
704
Railway first lien 355e__1950
60 63 6314 July'28
Certificates of deposit
60 6312 62
62
Chic Burl & Q-III Div 3556_1949 J J
Registered
1 J
Illino18 Division 43
1949J J
General 48
1958 NI 8
Registered
M El
1977 F A
lst & ref 455e ser B
1971 F A
let & ref 58 series A
Chicago & East III 1st 13s____1934 A 0
C& E III Ry (new ce) con 58_1951 MN
1982 M N
Chic & Erie 1st gold 5s
Chicago Great West let 45-1959 M 11
C4IF Ind & Loulsv-Ref 611_1947 J J
"Refunding gold 5e
1947
J
Refunding 4tt Series 0.-1947
J
1966 M N
lat & gen User A
1st & gen 65 ser B__May 1966 J
Chic Ind & Sou 50-year 48._1956 J 1
Chic L S & East 1st 4558---1969 J D
CM & Puget Sd let gu 48-1949 J J
C1,M&Stpgeog4sA.May19891 J
Registered
ci I
Gen g 355e ser B_ _ _May 1989 J 1
Gen 455s series C___May 1989 1 J
Registered
Gen 455s series E.---May 1989 J

854 903 87 July'28 -8
_
8958 Feb'28
.1214 - -,- 9412 July'2893 ±
9212 Sale 9212
94
28
8_ 933 June'28 __8
4 9318
_
978 97l
4
974 40
1044 Sale 10414 10412
2
____ 105 105 June'28
84 Sale 8314
8415 38
10314 10434 10478 July'28
6812 Sale 6814
69
119
10713.... 11514 June'28
9912 0512 10512 July'28
8618 .--_ 8838 July'28 102 Sale 102
10212
8
10912 11114 11114 July'28
8818 --__ 91 June'28
9315 ____ 9934 June'28
75 Mar'28
854 86 86
86
1
825
8
825
8
4
79 80 7658 July'28 __
95
96
95 July'28 _
100 May'28 1478 Sale 944
957 237
8

i Due Feb. •Due May. p Due Dec.




Price
Friday
July 27.

Wear's
Range or
Lan Bale.

HUI No
Ask I..ow
814
High Chic Milw & St P (Concluded)
314
775314
Gen 6: ref ser A 455s_ _Jan 2014
Mar'
Gen ref cony ser B 58 Jan 2014 P A
75 Mar'28
1932• D
Debentures 4555
1064 1084
7178 Feb'28 ---1925• D
Debentures 45
93 96
724 Feb'28 -1934 1
25-year debentures 4s
100 1004
9378 231
914 Chic hIllw St P & Pac 5s_._A975 FA 9334 Sale 934
87
754 2443
Jan 1 2000•0 74 Sale 7358
Cony ad) 5s
90
954
7 8 11
8
7
5
_7_57 _80_ 7 4 june727
. .
8
9314 99
Chic & N'west gene 334s...1987 M
Q F
Registered
79
844
2
89
90 89
1987 MN 88
4s
General
9212 99
94 Apr'28 -Registered
Q r
95
965
,
Stpd 4s non-p Fed In tax '87 MN 88
8812 04
234
82'8
2
Gen 43I5 stpd Fed Inc tax.1987 MN 10218 100 _82%
91
9134
51
10618 10678 10434 105
Gen Is stpd Fed inc tax--1987 M
873 99
4
113 Mar'28
MN
Registered
8814 94
1101584 m ly: 28
1, Juay2 5
1879-1929 £ 0
Sinking fund 6s
8318 94
A0
Registered
£ 0 9978 10018 100 July'28 ---1879-1929
1614 Iv. Sinking fund 58
100 May'28
A0
Registered
531, 96
1933 MN joiTs ____ 10112 June'28
Sinking fund deb 53
9614 1045
1004 June'28
MN
Registered
107 1074
4
- 1930 J O 10314 1(133 10314 10312 34
10
-year secured g 78
984 1003
1936 MS 10914 1104 10914 July'28
I5
-year secured g 614s
10214 1071.
May 2037 3D 10418 10812 108 July'28 -- -1st ref g Is
91
94
9714 13
May 2037 D 97 Sale 96
let de ref 450
91
984
97% 97+
8914 13
89 Sale 89
Chic RI & P Railway gen 48_1988 I
9815 104
91 May'28 -'3
Registered
8934 954,
4
95
82
1934 * 0 -943 Sale 9434
Refunding gold 48
75
86 •
A0 ---- -- 9514 May'28
Registered
71
761
9238 97
1952 MS 9214 Sale 9112
Secured 414e seriesA
854 924
4
99 10214 Ch St L & N 0 Mem Div 48.1951 3D 8514 ---- 923 May'28 D 10518 -- 107 July'28 _ _
1951
Gold 5s
D 10418 -.- 107 Apr'28 -Registered
9118 98
833
4
_ _ 8412 Jan'27 -Gold 3555
1951 J
92
164
993 June'28 4
1932 £ 0 854
Ch St L & P lut cons g 58
975 101
8
1015g June'28
A0
Registered
98 1001
D ioois 101 101 July'28
10012 105 (...13Ic SIP M &O cons 68___1930
964 June'28 Cons 8s reduced to 3558_1930 ID 5618
10312 110
974 98 99 July'28 Debenture Is
1930 m
1061s 112
MS --__ -- 100 Jan'28 - Stamped
92
974
93
9 4 15
10118 1074 Chic T H & So East let 5s_ _1960 ID 9734 100 99
1
94
9114 94 94
Inc gu 5s
Dec 1 1960 M
83 8 914
7
99
1
99
J 994
111012 MI Chic Un Sta'n let gu 4144 A-1963
2
1st 58 series B
1963 II 1054 -- 10514 10512
1023 1044
4
10234 18
121 10234 Sale 102
1944
Guaranteed g 5s
833 93 4
4
3
114
2
1963 II 1154 1171 114
Ist guar 1355s series C
684 72
1043 -- 102 June'28
4
964 98 Chic & West Ind gen g 6s-p1932 Q
8712 33
Consol 50
-year 4s
1952 J J 87 Sale WA
97 97
10478 16
8
lat ref 5558ser A
1962 MS 1045 Sale 104
97 97
10538 May'28
N 10458
Choc Okla & Gulf cons 58
1952
9614 July'28
Cin & D 2d gold 455e
1937• I 96 100
935 96
7978 88 C I St L & C lst g 4s_Aug 2 1938 Q F 9512 98 984 June'28
9714 Feb'28 - - _
Aug 2 1936 Q
Registered
9754 9778
9334 Feb'28 - _
100 1064 Cm Leb & Nor guts let corn 1942 MN
9012 981.
9913 _ __ 100 July'28 --102 10312 Clearfield & Mah 1st gu 58-1943
Cleve Cin Ch & St L gen 48._1993 ID 9178 9314 9314 July'28 -- 98
8
'3 98 983 98
4
1931
20
-year deb 455s
106 1104
112 July'28
1993• D 112
General 58 Series B
98 10214
17
1004 Sale 1004 101
1929
Ref & lmpt Os series A
984 101
4
10412 107 1033 July'28 ____
1941 J
Ref & Impt 68 ser
98 10218
8 10358
2
8
J 101, 10212 1035
1963
11114 117
Ref & ImPt 5s ser D
9612 June'28 _ _ _
J
1939
Cairo Div Ist gold 48
11818 123
8518 July'28
I 8518
Cln W & M Div let g 48.-1991
9758 10314
8818
4
8812 88
St L Div 1st coll tr g g 4s 1990 MN 87
854 92
-- 9634 May'28 - _
Spr & I ol Div 1st g 4s,__.1940 MS 9018
9638 10114
J 9012 914 94 July'28 1940
W W Val Div 1st g 4s
9814 984
9878 30
J 9814 Sale 984
1977
Ref & impt 455e ser E
80
9038
10513 1063 107 July'28 --4
1934 J
10254 1054 CCC&Igenconsg 6s
4
58_ _1933• 0 10014 ---- 1011 June'28 -107 1091s Clev Lor & W con lot g
I J ---- 1024 10118 May'28
34 95 Cleve & Mahon Vale
9
N 963 ---- 100 Noy'27 _1935
4
CI & Mar 1st gu g 455e
84 90
10134 Mar'28
Cleve & P gen gu 455s ser B_1942 40
10558 108
1942 J1 98 10112 100 July'28
Series A 455s
10058 10714
904 Apr'28
1948 MN 904 _
Series C 355s
10212 10414
4
_ 8958 May'28
194 FA 893
Series D 3553
10012 10214
Cleve Shor Line let gu 4558_1961 £ 0 98 10034 101 July'28-105 1084
7
103 10414 Cleve Union Term Ist 555s- _1972 A0 10758 Sale 10738 10758
1973 £ 0 103 Sale 103
103
9312 9512
5
lst f 5s ser B
1977 A0 99 100 99
99
5
Ists f guar 455eserC
105 109
10318 10318
9312 July'28
1945 ID
103 1067 Coal River Ry 1st gu 48
:
1929 FA 994 10018 9918
9914 21
8315 885 Colorado & South let g 48
:
N 96
9838 9612
Refunding & exten 455s___1935
9612
9
98 1003
4
A0 905 ____ 93 June'28
8
1948
Col & V Ist ext g 4s
10012 102
1955 FA 914 95 93 June'28 ---111 1191: Col & Tol 1st ext 4s
90 May'28
11014 1181, Conn & Passum Riv 1st 45_1943 £ 0
1930 FA 9412 974 954 June'28
94 -99 Consol Ry deb 45
1954 J J 71
Non-cony 45
75 75 July'28
9114 9612
7114 Mg 76 July'28 _
Non-cony deb 45____J&J 1955
92
94
Non-cony deb 48_ _A&O 1955 40
8112 Jan'28
99
994
I 714 737 75 June'28
Non-cony debenture 48.- _1956
9112 9514
_
8
1942 ID 9538 Sale 954
101 10512 Cuba Nor Ry 151 53.45
953
41 6
Cuba RR 1st 50
-year 56 g
1952 1 J 9734 9778 97
97
2
D ---_ 108 109 July'28
1st ref 7558ser A
1936
997 i011e
let lien & ref Os ser B
1936 J O 99 100 100 June'28 -- 1 9712 99 100 Apr'28
10212 l07$4 Day & Mich 151 cons 4SO 1931
Del & Hudson 1st & ref 4.1._ _1943 ▪ N 9012 92 9112
103 108
91781 11
30
-year cony 5s
9878 105
1935 40 102 _ 102 June'28
N
15-year 555s
9634 10214
1937
10414 10412 10434
10 year secured 75
10312
9
1930 I) 103 Sale 103
9812 10118
101 1024 D RR & Budge 1st gu 4s g...1936  A 9614 -- 964 Apr'27
90
1936• 1 8914 Sale 8834
934 Den & R G 1st cons g 4s
8934 37
Consol gold 4558
5
9418 953
9638
1936 11 9618
9643
4
911: 9234 Den & R.G West gen 5s_Aug 1955 MN 90 Sale 8812
15
90
lows Luiz
9614 loom. Des M & Ft D 1st gu 48
1935• 1 30
34 3212 July'28 -Tetnporary ctN of deposit_ _695 74
4
29
33 3212 July'28
69
731 Des Plaines Val 1st gen 455s-1947 MS 9614 ---- 10214 Feb'28
:
80 July'28
581 7234 Oct & Mac 1st lien g 48
1
1995 ID
Gold 4s
69
7112
1995 D 75
7912 75 July'28
Detroit River Tunnel 455a_ _1961 MN 95 994 9918 July'28
86
9118 Dul Missabe & Nor gen 58_ _1941 J J 103
1037 July'27
8
8911. 9014 Dul & Iron Range let 58
4
1937 A0 1004 Sale 10012 10012
9313 98%
A0
Registered
_ 10018 May'28
9212 884 Dal Sou Shore & Atl g 5s____1937 J
81
83 8212 July'28 --_ _
3
9578 June'28
934 93 3 East Ry Minn Nor Div let, 4s'48 A0
97 102 8 East T Va & Ga Div g 5s__1930
.11 9914
7
9978 July'28
10418 11014
Cone Ist gold 5s
1956 MN 106 10712 106 July'28 _1034 1014 Elgin Joliet & East let g 55_ _1941 MN 9912 103 1054 June'28 _1965 A0 106 110 10618 July'28
2314 53 El Paso & W 1st 5s
10444 11214
66
724 Erie 1st consol gold is exL.1930 M 2 10314 Sale 10314 10312
6
11514 1181
1st cons g 4s prior
1996 J J 8312 Sale 8312
4
8412 12
1054 100
86 Jan'28
Registered
1st co:i n lien g 48
Regi te
no
784
54 84
1997 1 . -3
884 8841
793
8 74
96
j .
1
102 1074
Registered
1996 1 I
7912 May'28
109 1114
1951 F A 10014 105 10634 10034
2
Penn coil trust gold 48_
91
50
81
16
-year cony 48 series A...I953 A 0 81 Sale 8038
964
99% 1024
81
81 Sale 81
Series B
19 3 A 0
5
6
Gen cony 4s series D
86 May'28
704 78
9438 ioi
Ref & impt 58
8578 934
8
944 Sale 935
J
5
Erie & Jersey let s f OIL
1957
1 8
8258 914
11214
- 2 5 M N 111 Sale 11
131: 11312 10
Genessee River let 8 f 58_1957 3 J 11312 114
76 8 813
5
4
8815
se dt PittsAu
95 10414 Erle ries c 3 s g 355e ser 8_1940 J
02 Feb'28
1940 J J 8512 - _ 91 June'28
100 10018
_
1954111,1 N 103 Sale 024 103
59
944 974 Est RR extl s f 78

Hien No. Low

Railroad

BONDS
N. Y. STOCK EXCHANGE. 11
a.
Week Ended July 27.

Rases
Shea
Jaw. 1.
Low
HMO
724s 74%
7018 75
71
75
71
724
704 73s
7
924 9812
05% 79+4
7512 86
78
8418
89
98
94
94
8918 96+4
102 113
10434 117
113 113
10158 10258
10114 1014
99 10158
100 10018
10112 10318
10018 I024
103 10612
10913 11414
10458 114
96 39412
89
91
9314
95
9138
92
1014
10518

96
9218
963
4
9514
97+4
924
10811
107

9934 10134
10158 10158
10012 1034
0612 98
98 10011
100 100
98 1034
14
93
98 3
7
9838 10312
103 107
102 105
4
114 1191
101% 10558
8612 934
10278 1054
10534 10758
9614 100
97 8 9858
,
9714 974
9314 933
4
100 100
9115 1/74
97% 100%
108+4 116
1004 102
10314 10818
1024 10511
96% 96%
854 9318
88
1)438
06
9713
94
961s
9612 1005.
107 1084
101% 10434
1014 10113
10154 10134
100 100
9014 90
14
895 89%
8
100 10612
103 110%
14
1905s 107%
98
89
93% 9218
984 1004
964 WO
92% 96%
93 9514
90 90
9518 9618
75 82%
78
86
11
80 814
75
854
944 981
4
97 1004
107% 110
994 10114
9934 1004
9014 96%
100 1034
1044 107
103 107
8811 94
95% 98 4
1
8812 97
271
4
26
1024
75
70
99

35
324
1024
82
80
102

644 10314
IOU's ion
8115 00
95
96
99% 1041
4
10518 110%
1034 10618
106 109%
10314 106%
834 91
86 86
774 86%
764 87 4
1
10058 104
80% 894
81
89%
86 88%
931: 994
111 116
1124 116
102 102
90+4 94
100+4 104%

New York Bond Record-Continued- -Page 3

526
BONDS
N. Y. STOCK EXCHANGE.
Week Ended July 27.

r33

Pries
Friday
July 27.

Songs

Week's
Songs or
Lai Sok.

Jas 1.

isit Low
844
This
Lott
aka
Fla Cent & Penn 1st ext g 53_1930 J J 99
993 100 June'28 ---- 100 102
4
1st consol gold Ss
1943 J J 99 101
9812 July'28 981a 103 4
3
Florida East Coast 1st 430.1959 .1 D 9812 98 99 June'28 -,
99 101
1st & ref Ss series A
87
86
1974 M S 96
8314 9153
86% 66
Fonda Johns & Cloy 1st 454s 1952 M N 46
4
48
4673
47
45
52
Fort St U D Co 1st g 4)43_1941
'3
99 4 Apr'28
3
9812 99A
W & Den C Ist g 5 Ms_ _1961 ID
107 10412 July'28 -- 10413 1083
It Worth & Rio Or 1st g 4s._1928 33
997 May'28 _
2
7
994 99
Pram Elk & Mo Val 1st 65„.1933 AO 10414 11:W410414
19414 i 164 107,
GH &SA MAP 1st 56_1931 MN 100 Ivo% 1004 July'28 ---- 100 lint.
2d extens 53 guar
99% 101
1931 J J 100 1004 100 July'28 -GI& Hous & Heed 1st 53_1933*0
5
__ 98%10014 July'28 _-__
98 100
1
Oa & Ala Ry lit cons 5s Oct 1915 1
95
85
95 101.,
947 95
2
Ga Caro & Nor 1st gu g 55 192933 974 9914 9913 June'28
97 10(1.
Georgia Midland 1st 33
7812 79
1946 *0 744 7812 764 June'28
Or R & I est ist fru g 4 Ms
9612
9612 101
9612
1941 3, 9612 100
20 112 117
Grand Trunk of Can deb 68_1940 AO 113 Bale 11253 113
6 105 1095
108
15-yearssf6s
1936 MS 107 Sale 107
Grays Point Term 1st 5s__-.1947 JD 9812 ____ 99 June'28 -985 99
4
,
Great Nor gen 75 series A___1936
Registered
3 J
lat & ref 4 Si s serles A__1961 J J
General 5 Ms series B
19523 J
General Is series C
1973 J
General 4 Ms series D
19763
General 4 Ms series E
19773 J
Green Bay & West deb ctfa A
_ Feb
Debentures cti's B
Feb
Greenbrier Ry 1st gu 45
1940 MN
Gulf Mob & Nor 1st 5
1950 A 0
lat M 5s aeries C
1950A 0
Gulf & S 1 ht ref & ter g 56_21952 J J
Hocking Val 1st cons g 430.1991" .1
1999 3 J
Registered
Housatonic Ry cons g 5s.__1937 M N
& T C 1st g 5a Int guar_ _ _1937 J
Waco & N W div lat 62_1930 M N
Houston Belt & Term let 58.19373 J
Houston E de W Tex 1st g 58.1933 M N
1933 M N
Hod & Manhat let Ss ger A1957 PA
Adjustment Income 56 Feb 1957 AD

11312 Sale 11212 11312 62 Ill lie
11412 Apr'28
5
11412 114
6
9553 Sale 955
2
955 102
2
963
4
7 10513 11114
1065 Bale 10512 10652
s
7
104 Sale 103 2 1044 41 ,•1313 XIV
9 97 101
9712
9714 Sale 97
9712 41
964
963 97
4
9612 1015
gs
__ 86 Mar'28
8154
86
287 126
a
3
24
287 13le
3 .2214 2,14
941295 2 Mar'28
7
4,542 95.
1013 104 10414 June'28
4 10414 107
97 100 100 July'28 -_-.
991: 104
108% Sale 1083
* 10812
3 107.. 108
9734 107
98 100 9754 July'28
10212 May'28
- 1024 104
97-_ _ 98', July'28 -984 1,314
10212 104 10112 June'28 ---- 10113 10113
_ 102 May'28
102 103.
113 10014
-12
,
10014
6 98 1025
1005 ____ 10014 May'28
3
1004 100
7
.
WO 1021
,
9812 Sale 9812
993
4 41
9812 10312
88
874
138
8712 88
8712 95

'3 9214 924 99 June'28 _ _ _
Illlnols Central tat gold 4s.__1951
J 9114 9412 95 May'28Registered
95
88
8812 June'28 -1951 J J
lat gold 3 Ms
88 8612 June'28
Extended 1st gold 3M s_ _1951 *0 84
__
7312 76
1st gold 3n sterling
76 July'28
1951 M
Collateral trust gold 4a_ A952 *0 89 Sale 883
4
90
16
913 9272 93
2
lit refunding is
5
1955 MN
93
Purchased lines 3s
85
8112 June'28 _ 1952 J J 82
.1 1
Registered
85
Apr'28
__
Collateral trust gold 413_1953 MN 88% 8912 884
884
8
Registered
MN ---__ 9014 May'28
Refunding Ss
. 10 s 10712 July'28
-83
1955 M
15
-year secured 6 Ms g____1936 3'
111
3
111
-year 48s
40
Aug 1 1966 PA 9912 Sale • 9814
87
100
Cairo Bridge gold 48
8414
8612
1950
864
1
Litchfield Div 1st gold 36_1951
J
7.53 79
4
781s June'28
Loulsv Dlv & Term g 3 Ma 1953 J J 81128112
6
8212
3
Omaha Div 1st gold 3a___ _1951 PA 7514 -i9 - 753
75
St Louie Div & Term g 321_1951
753 78
4
764 July'28
Gold 3!4e
8112 91
1951
8.57 June'28
2
Springfield Div Ist g 3Ms-1951
3 8012
88
Oct'27
Western Lines 151 g 4s.....1951 PA 89 1i- 9112 June'28
Registered
PA
92 Apr'28
III Central & Chle St L & N ()Joint 1st ref Is series A._ _1963 J
10212 Sale 10212 10214
7
4
D 955 9634 96
1963
let & ref 4MsserC
963
4 15

ioa 11112

Ind Bloom & West 1st ext 44_1910 *0
Ind In & Iowa 1st g 55
1950 J J
Ind & LouIsville 151 au 4s
1956 J J
Ind Union Ry gen Is ser A_.1965 J
Gen & ref Ss series B
1965 J
Int & Oct Nor 1st 6s ser A. 1952 33
Adjustment its ser A July 1952
_
Stamped
let 51 series B
1956 j
1st g Is series C
1956 33
lot Rys Cent Amer 1st Ss
1972 MN
1st roll tr
notes
1941 MN
let lien & ref 6 Ms
1947 FA
Iowa Central ist gold 5s_
1939 JD
Certificates of deposit......
Refunding gold 4s
1951 WEI
James Frank dr Clear 1st 48....1959 3D
KaA&GRIstgug 5a
19383,
Han & M 1st gu g 4a
1990 A0

8914 __
93
903* 8514 89
10012
_

924 July'28
93 July'28
88 July'28
100 June'28
10412 Feb'28
1
.17412 Sale 104
10412
8714 88 87
8712
774 Feb'28
954 96 9513
9512
964 983
4
98 4
3
873 Sale 87%
3
8812
953
4
953* Sale 9552
9714
9612 Sale 96
42
434 44
44
41
43
43
44
1214 Sale 1214
1212
873 94
4
8812 July'28
993
_ 103 Ma '27
84 - - 854 July'28
8812

C Ft 8 & M Ry ref g 4s._ _1936 AO
KC&M R& B 1st gu 5s
1929 AO
Kansas City SOIJ 1st gold 38_1950*0
J
Apr 1950
Ref & Impt 58
Kansas City Term 1st 4a_ _ _1980 33
Kentucky Central gold 46-.199733
Kentucky & Ind Term 0.0_1961 33
1961 .1
Stamped
1961 J J
Plain
Lake Erie & West lit g 58-1937 J
1941 J
2d gold 5s
Lake Stir & Mich S g 3341
1-1997 Jo
1997 3D
Registered
1928 MS
Debenture gold 4s
1931 MN
-year gold 4s
25
M N
Registered
Leh Val Harbor Term gu 59.1954 F A
Leh Val N Y 1st gu g 4Ms_ _19404 .1
Lehigh Val (Pa) cons g 4a... _2003'M N
MN
Registered
2003 MN
General cons 4 Ms
MN
Registered

94 Sale 94
9413
9913
994
9912
73 -ii 73
7312
9818 Sale 9734
984
883 Sale 98 4
4
3
89
91
9214 July'28
4 935
4
863 - - 905 July'28
4
9014 91
91
91
96
98 98% Apr'28
10214 102 June'28
100 102 100 June'28
834 8612 81
8312
8012 85
8112 June'28
99% 993 9953
4
993
4
97% Sale 9712
98
993 Apr'28
4
1004 107 10512 July'28
-12
993
4
1013 June'28
4
8814 Sale 88
89
_ 89 July'28
99 Bale 9812
99
1004 Apr'28

Lehigh Val RR gen Sa series_2003 MN
Leh V Term Ry 1st gu g 5 -1941 AO
43
AO
Registered
Lab & N Y 1st guar gold 4s_1945 MS
Let & East 1st 50-yr Is gu_1965*0
Little Miami gen 45 Ser A._I962 MN
Long Dock consol g6s
1935 AG
Long Isid 1st con gold SsJuly 1931 Q J
1st consol gold 4a_ _July 1931 Q J
General gold 45
1938 J •D
Gold 45
1932
Unified gold 4s
1949
B
Debenture gold Ss
1934
30
-year p m deb Se
1937 MN
Guar Sh B 1st con gu Is Oct 32 M
Nor Bh B tat con gu 5s_Oct '32 Q J
Lou & Jeff Bdge Co gd g 46.._1915 MS

10412 11114 10414
105
10012 1027 10714 July'28
2
1034 Feb'28
8812 - -1 2 8914 June'28
9 -7.
104 106 106 July'28
Apr'28
95
_
105 106 10612 July'28
100
-- 100 July'28
96 - 4 9412 June'28
993924 944 92 July'28
964 974 92 June'28
8814 93% 91 July'28
98
984
987 100
2
9814
98
983 97
4
9112
90 907 9112
2
97 10012 003 May'28
4
87
883 8712 July'28
4

Due Feu. 1.




30
20
1
24
18
57
1
12
16

13
1
11
20
18
1

9
16
44

26

11

27
.5
1

9714
95
g413
864
76
883
4
92
8412
85
8853
9014
10712
1095
4
9812
861s
784
8112

BONDS
N. V STOCK EX('HANGE
Week Ended July 27.

Frio
Friday.
July 27.

Werra
Rands or
Lass &as

Ramie
81,4c.
Jan 1.

Louisville & Nashville 5s____1937 MN
Unified gold 4s
1940 33
Collateral trust gold 5s...1931 M N
10
-year sec 7s__ May 15 1930 MN
1st refund 5 Ms seriesA. _2003 * 0
let & ref Ss series B
2003 * 0
1st & ref 4 Ms set les C
2003 * 0
N 0& M lat gold 6a
1930 J
2d gold Os
1930• J
Paducah & Mem Div 48_1948
'
A
St Louis Div 2d gold 35..1980 1111
Mob & Montg 1st g 4 Ms_.1945 MS
South Ry joint Monon 45 .1952
Atl Knoxv & CM Div 48..1955 MN
Loulsv Cm & Lox Div g 4 Ms'31 MN
Mahon Coal RR 1st 55
1934
Manila RR (South Lines)42.1939 MN
lat ext 4a
1959 U P.
Manitoba S W Coloniza'n 551934

4.8 Low
Rid
Fffia No.
i0118 1043 102 July'28
4
9434
95
95
94
100% 10212 10012 1001
3
103% 104 10312 July'28 .
107
106 109 107
103 104 104 July'28 9718 9914 9914 July'28
100 2 10112 1004 July'28 _
5
100 10112 10012 July'28
_
914 9612 9512 May'28
70
70
983 100 1003 June'28 -4
4
89
90
90
88 4
3
11
9114 951 92 July'28
98 100 100 May'28
9914 1034 10313 Jan'28
7412 77 July'28
75
77
81
77
9953 100
9952
99 2
5

Low
High
162 106
94
9914
100 10212
10234 19512
10572 11012
182 109
9914 104 4
3
10011 loafs
10013 10213,
95
9612
6854 71
10012 182 2
7
8813 944
92
9813
[no may
t03)2 10313
74
79 4
1
7512 82 4
1
9952 101111

Man GB&NW 1st 3Ms__ _1941
J
Mich Cent net & Bay City 58.'31 M
Registered
QM
Mich Air Line 4s
J
1940
.▪ 1
Registered
1st gold 3 Ms
1952 ▪ N
20
-year debenture 43
1929 * 0
Mid of N J 1st ext Sa
1940 * 0
Milts L S & West imp g Sa..-.19213 P A
MBA Nor 1st ext 4 Ma(1880)1934 • D
Cons ext 4145 (1884)._.1934 ID
Mil Spar & N W 1st gu 4s_ _1947 M
Milw & State Line 1st 3'45.1941 ii
Minn dc Sj Louis 1st cons 50_1943 MN
Temp ctfs of deposit
MN
1st ik refunding gold 4s_ _1949 MS
Ref Jr ext 56-yr 55 ser A _ 1962 U P
M St PdtSSM con g 4s int gu'38 I 1
lat cons Ss
1939 J
lit cons 5s gu as to lot.
..1938 1 1
10
-year coil trust 6 Ms__ _ _1931 an
1st dt ref Els series A
I
1948
25
-year 5'4s
1949 US
1st Chicago Term sf4s...1941 MN

8412 90 88 July'28 .___
100 101 100 June'28 _ _
98 10112 1003 Apr'28
4
9213
- 973* Jan'28
_
_- 9218 July'28
7712
8115 85
78
11
9914 Sale 9912
9914 27
91
96
9412 June'28
99 993 994
4
994
3
94
98 May'28
98
---_ 9612 97 July'28 ___
89
937 954 May'28 _
2
90 Apr'28
51
52
52 3
7
527
2
2
4712 58
49 June'28
163 18
4
1514
18
3
1514 18
1714 July'28
87% Sale 87
8712
8
97 Sale 97
983
4
2
983 Sale 98
4
983
4' 16
100 10012 10014
1004
6
10114 Sale 1014
10114
1
93% 94
93
93
23
95,
2
954 June'28

8/3
88
9912 1021s
100111 1037s
9718 97/2
9214 921s
7712 8911
9812 100
9412 99 4
4
9842 100112
98
99 4
,
9513 994.
9514 974
91
, 90
42
61
40
57
14
234
1
1112 21
R7
9211
V3 7 10017
,
98 101
tOO 1004
100 1034
9212 96
954 9614

9914
96
99%
MIAllss11515 Central 1st 55.... 1949
994 10
_ 9913
Mo Kan & Tex 1st gold 45__ _1990
8612 Sale 86
864 27
SRI, Mo-K-T RR pr lien Ss ser A.1982
J 9912 Bale 99
10013 12
40
76
-year 4a series B
J
- 8814 88
88
1982
Prior lien 4 Ms ger D
9814
9312 923
4
934 10
1978 • J 93
991
: Cum adjust 55 ser A Jan 1967 • () 103 104 103
104
32
Pac 1st & ref 5a ser A.._1965 F
9012
100 4 101 1005
1
2 1003
4 10
General 4s
85
7712 Sale 7614
1975 M
77 2 33
,
lat & ref 5s ser F
94
2
2
99
169
1977 MS 987 Sale 983
904 Mo Pac 3d 7s ext at 4% July 1938 MN 911 95 93 July'28 64
4
Mob & Mr prior lien g1581945 J
103
- 103 Feb'28
Small
114,
100 Apr'28
_
J
1st m gold 4s
1025.
87 Id" 9812 July'28'. __
1945 3
97
Small
843 May'28
4
1945 J
8212 Mobile & Ohio gen gold 48 1938 MS 92
9412 9412 Juue'28
91
Montgomery Div 1st g 56 1947
' 101 102 101
A
101 I
a
Ref & Impt 4 Ms
9412' 14
1977 MS 9412 Sale 9412
72
90
M015 &Mar 1st gu gold 43„ _1991 M
884 95 90 July'28 _
84% 89
. Mont C 1st gu its
5
1937 1 J 106 112 111 June'28
1s1 guar gold 54
4
1937 3 J 100 10512 1045 Jan'28
9113 941 Morris & Essex 1st gu 3 Ms 2000 J
.
3
80 4 8112 8054 July'28
90
02
NasiaTatisdc4 1. 4s Ser A.1978 F
N Fh
s t t 11254
92 02 July'28 _
53
90
1024 1081
.
10114 Sale 10114
10114
1
Nat fly of Met pr lien 4 14s 1957 g
96 101
18 July'28
9 '
July 1914 coupon on
July'28
J .1
4
9212 9212
Assent cash war rct No 4 on
Sale 1414
15
Guar 70-year s f 4s
11213 97
874 Aug'25
88
Assent cash war rct No 5 on
92
1712 July'28 __
Nat RR Mex pr I 4148 Oct 1 9 6
100 105
3812 July'25 _
927
7
"C.
F
10412 1044
Assent cash war ret No 4 on
21
9
- - 20
104 1081
1st consol 4s
:
22 Apr'27 _
19151 A 0
8612 09 4
Assent cash war rct No 4 on
,
1OI 1j5 107
2
11
14
774 7712 Naugatuck RR 1st g 45
865 Nov'27
3
1954 FA N
9512 l017 New England RR Cons 52_1945
.
98 100
98
98
1
Consol guar 4s
8
957 102
88
914 93 Mar'28
J June RR guar lit 4s_ _ .1 9 6 3 .1 88
81, 9212
2
1948 F 1
8
894 July'28._.
94 4 9974 NO&NE lat ref & imp 4 Sit3A'52 J
5
953* July'28 _New Orleans Term 1st 48... _1953 3 J 8812 92
91 100
9012
9012 10
N 0Texas &Nies n-c Inc 50 1935 A 0 ---- 997 101
88
52
101
2
1
37 2 49
1st Is series B
7
1954 A 0 9814 10014 994
993
4
6
1012 19
1st Se series C
102 Sale 102
102
1
1st 454s series D
8812 964
95
95
10
1956 3 o
9845FA A
F J
15t 5 Ms series A
103 1037 1033
15
4
4 104
8513 9612 N & C Bdge gen guar 4'4s_1045116
964 - - 98 July'28 _
0
NYB&Millatcong58.„1935
Apr'28
_
0 99 101 101
N Y Cent RR cony deb 6/1_1935 MN 107 Sale 1003
9212 97
4 107
6
9512 tO312
Registered
M N
107 Apr'28
723 79 4
2
Consol 4s series A
3
91% Bale 91
914 -12
-9754 10314
Ref & impt 4 Ms serles A-2 8 g O 105% 0412 10414
1
9952 10 52 42
36
05
0
1013 A A 98 2 100
99
99 4 95 4
3
Ref & knot 5s series C__2013 A 0
3
9214 96,
1
Registered
10814 June'28
A0
9014 9612
9012 96% N Y Cent & Hud Rly M 3Ms'97
80 4 86
3
81
80
73
98 2 9842
3
Registered
7753
1034 141 N 774 80
997
7753 28
J
100 1051 .
Debenture gold 4s
96 Bale 9514
963
4 14
100 1047
3
Registered
MN
9712 Apr'28
30
81
-year debenture 4s
8712
1942 J J 9113 9512 914 July'28
8112 88
Lake Shore coil gold 310.1998 F A
774 7914 784 July'28
,
98 100
Registered
764 79
764 July'28
97 100
Mich Cent coil gold 3Ms_ _19 8 F A 784 83 78
199
9
78
1
99 4 995
3
4
Registered
77 Sale 77
77
15
10512 10712 N Y Chic & St L 1st g 4s_.__19 8 A O 95 4 9612 95 4
193 g A
3
97
3
954
3
101 10212
Registered
1937 A 0
9311 Feb'28
25
877 9312
2
-year debenture 4.3
1931 FA N 97l 973* 9713
973
4 18
2d 13s series A B C
89
91
1931 M N 1023* Sale 102
1023* 22
9812 10252
Refunding 5Sis series A
1974 A 0 1054 Bale 10514
10512 50
10012 10012
Refunding 5)4s series B 19753 J
105 3 1043
3
4 1053
4
N Y Connect ist gu 4 M a A _ _1953 F A 96
9712 97 July'28
1044 11114
1st guar Ss series B
100 105 1034 June'28
1043 10714
Erie 1st ,1xt gold 4s...1947 g N 9144 --- 9212 Apr'28
4
st 2s
4
1983 M A
1037 10372 N AE gold
2
ext
1933 M
99 100
993 June'28
3
4th ext gold Ss
87
9213
991%
100 4 May'28
5
106 115% N Y Greenw L gu g 5s_ _ _193 ite
1946 :
9
1015 100 Mar'28
4
924 9
812 N Y & Harlem gold 3Ms_ _2000 MN
8612 Mar'28
10612 1094
Registered
FA N 783* ____ 854 Apr'28
100 102
N Y Lack & W 1st & ref gu 521973 U N 1004 ____ 80 July'28
9412 993
First & ref gu 4 Ma con_ _1973 M N 98 101
4
9912 July'28
92
964 N Y LE& W lat 7s ext
1930 151
10412 106 Feb'27
92 10012 N Y & Jersey 1st 5s
1004 101 10012 10012
3
9353 NY&NE Bost Term 43_1932 F O
90
1939 A A
90 Mar'27
98 10014 NYNH& If n-c deb 4s_
1947M El ____ 841 8312 July'28
97 10112
Non-cony debenture 3545_1947 M
767e 8134 793 June'28
4
90
Non-cony debenture 3)0.1954 A 0 725 75
9434
3
7212
3
72%
100 4 102
Non-cony debenture 42...1955 J J
3
80
8012
8712 9412
Non-cony debenture 4s....1956 FA N 80
1
8012 8012
8012
Cony debenture 314B
19563 3 7012 7412 7312
7312
Cony debenture (is
4 1143
19483 3 11344 115 1123
3
4 61
Registered
9812 July'28 _Collateral trust 65
940 J O 1O4' Sale 10412 1047
987 A D
4 85
Debenture 4s
25
75
1957 M N 73 Sale 73
lat & ref 4 Ms ser of 1927_17
8914 124
4
4 891s 883
88
Harlem R & Pt Ches 1st 45 1954 N N
8912 9012 91 June'28

98 100
86
02 4
1
99 1004
87
924
9234 995
5
10113 10912
100 . 1037
2
7614 8314
AR 18252
93
9713
183 163
993 100
3
843. 98
15
92 4
5
84
944 98 4
5
101 105%
94
994
88
971a
111 1124
104141043.
80
gg
92
eels
If 114 11143*
18
IS
18 4 154
3
12
17
144 fir
144 234
ass 164
.
98 11021
4
90
911
88 100
95% 102
soh NOR
08% 102
984 10154
$00 105
95
Ms
1112 1051y
9714 100
101 101
106 100 6
5
167 107
90
9712
9812 .044
in412 110 4
5
10614 10614
79 3 87
7
5y
77% 854
9312 991
4
9714 We
911 99
4
7714 8612
7612 824
79
87
77
88 4
8
9512 981
4
9611 9618
9512 100
101 1034)
105 1074
1043 107 *
4
1
97 102
12
10012 1061
4
9212 931
s
991s 10014
100 4 100
1
/
1
4
100 100
861s 871
,
85is 1151h
1101g 1
01100

idit;

821, 90
784 804.
7214 81%.
80
881
9
79
8111p
73
SO
112 1184
984 116
10412 106 s
7
73
112
,
1
881 94114.
4
89
931a

BONDS
X. Y STOCK EXCHANGE
Week Ended July 27.

is

New York Bond Record-Continued-Page 4
BONDS.
Week's
Range
Prize
is
N. Y. STOCK EXCHANGE,
Range or
Binge
Friday.
July 27.

Lan Sale.

Jas. 1,

Week Ended July 27.

527
Pries
Friday.
July 27,

Week's
Range or
Last Sale.

&WI
linos
Jas. 1.

Bid
Ask Low
High
Mob .170 Low
8612 Sale 8618
1950 3 J
864 93
/
1
8714 107
St L-San Fran pr 1 4s A
1978 M S 8814 Sale 875
87
/ 97
1
4
8
8812 492
,
3
Con M 4 As series A
35
111503 J 9914 Sale 987
9878 10412
8
100
Prior lien 5s series B
1928 3 J
997 10118
8
997 June'28
8
Prior lien 65 series C
10214 June'28
101% 303%
Prior lien 5 As series D ...1942 J J
10112 July'28
100 10178
Cum adjust aer A 6s_ _July 1955 A 0
99% 102%
1013 136
8
Income series A 68__July 1960 Oct. 10114 Sale 10118
100 105
8
St Louis & San Fr Ry gen 68_1931 .1 3 103 1047 103 June'28
1 100 103%
100
1931 J .1 9812 100 100
General gold 55
105 111
10514 105 June'28
St L Peor & N W 1st gu 58_1948 3 J
97% 97%
8
1931 M S
9714 975 Apr'28
St Louis Sou 1st gu g 48
79
924
1
8612
s
43 bond ctfs ..1980 MN 8518 873 8612
St L 6 W 1st g
8
83
53
8
8313 87%
2d g 48 Inc bond ctfs_Nov 1989 J J 817 85 835
1932 J D 947 953 954
957
s
8
4
95% 99
Consul gold 4s
97 103
/
1
4
/
1
4
98
9812 11
1st terminal & unifying 58_1952 1 .1 9618 98
923 934 July'28
4
931 98
/
4
8
10212 M. St Paul & K C Sh L lst 4 As_1941 F A 91
4
Norflk & West gen gold 66_1931 M N 1023 1033 107 June'28
99
99
1931 F A 994 10112 99 July'28
St Paul & Duluth 1st 58
107 107
Improvement & ext Ss__ - _1934 F A 10412 105 103 July'28
9018 9614
111683 D 90 8 9312 904 July'28
5
1st consul gold 48
103 10034
92 July'28
New River 1st gold 68 ---_1932 A 0 10318 105
9718 97%
9718 June'28
947 J J 98 103
101
92
9012 98' St Paul E Gr Trunk 181 4348.!
N & W Ry lst cons g 48 -_1996 A 0 92 Sale 9012
1096 A 0 873 963 9618 Apr'28
95 8 961
8
,
4
Registered
,
98% 983
8
963 9518 July'28 4
93
3
96
1 St Paul Minn & Man con 48 _1933 J 1 95
9318
Div'l 1st lien & gen g 48._ _1944 I .1 9314 0312 9318
1933• J 10312 107 10312 July'28 ---- 10312 11118
1st consol g 65
175 190
175 July'28
,
10-yr cony 68
1929 M
1063 106%
4
J .1 103 iDOls 10634 Mar'28 -- Registered
97.
02
2
92
1941 3 D 92 Sale 92
Pocah C & C joint 4s
96% 1011%
99
8
J 9612 Sale 9612
65 reduced to gold 4115 __ _1933
2 lir% 107 4
4 1073
4
1073 - 1073
,
4
North Cent gen & ref 55 A_.1974 M
994 8912
9912 Jan'28
.1 J 9612 98
Registered
9818 July'28
9514 foci
2818 1015
5
Gen & ref 4118 ser A atpd _ _1974 M
9458 9812
1
9512
1937 J D 92
9614 9512
Mont ext lot gold 48
9812 July'28
98
97 103
North Ohio 1st guar g 5s _ __ _1945 A 0 95
89
94%
89
1
93 89
Pacific ext guar 4s(sterling)'40 3 J 88
90
9014 37
9012 90
North Pacific prior lien 48._1997 @
90
97.
_ 107 109 2
5
s
St Paul Un Dep 1st & ref 58_1972 J J 10014 lOd7 107 July'28
1
88
917 8812
8
8812 97
Registered
8812
1997 @
5
87 8 94114
881
: 884 20
gu 4s
8
Gen lien ry & Id gt 38_Jan 2047 Q F 657 Sale 653
1943 J J 8812 89
6538 72. S A & Ar Pa38
8
6612 36
1024 104
Pros & Phen 1st 5s A942 M S ____ 102 104 May'28
6812 Apr'28
Registered
6812 097, Santa Fe
Jan 2047 @ F 6318 70
1 104 109
104
1934 A 0 104 -_-- 104
Say Fla & West 1st g 6s
4
99 Sale 99
Re!& impt 4115 series A__2047
99 105
9914
_ 107% 107%
1934 A 0 993 10412 10712 May'28
4
1st gold 5s_
112 Sale 111
Ref & impt tis series B. _ _2047
11212 43 111 11714
9212 98
5
9212 ____ 924
9212
1989 M N
4
---_ 1051 1053 July'28
Ref & impt 55 series C__ _2047 J
10512 109
, Scioto V & NE 1st gu g 4s
79
8512
85 June'28
1041 10412 10412
5 10312 109. Seaboard Air Line 1st g 4.5---1950 A 0 7712 82
Ref&Impt5sseriesD_2Q47J 3
5
7312 83 2
7
743
4 14
7312
1950 A 0 709, 73
Gold 48 stamped
1E194
1093 June'28
4
Nor Pac Term Co 1st g (is__ _1933 J
1094 1101
4118 8218
441 110
Oct 1949 F A 4118 Sale 4118
AfJusttnent 55
Nor Ry of Calif guar g 58_ _ _1938 A 0 100 foi3- 107 June'28
8
105 107
58
7212
59't 52
1959 A 0 5812 Sale 58
Refunding 45
7712 96
/
1
4
8014 131
A945 M 5 79 Sale 774
1st & cons 65 series A
North Wisconsin 1st 88
10014 101
100 1021
00 June'28
1930
,
78
/ 85
1
4
MS
_ - 85 Mar'28.--Registered
8
Og & 1. Cham 1st gu g 4s_ _ _1948 J J 7818 8114 833 July'28
8318 8214
8811 95
/
4
23
4
852
All & Birm 30-yr 1st g 45_61933 M S 893 9012 8914
953 Nov'27
8
Ohio Connecting fly Ist 48_ _1943 M S
71
94 8
7
56
73
714 Sale 71
Seaboard All Fla 1st gu 68 A.1935 F A
Ohio River RR 1st g 58
_ 104 Apr'28
1936 1 D
103'. 104
94
/
1
4
72
1935 F A ____ 74
7412 July'28 - _
Series B
1937 A 0 99 1041: 10112 June'28
General gold 55
10132 10414
98 100 8
5
9818 100
9814 June'28
Seaboard & Roan 1st 55 extd1931
9278 93 June'28
Oregon RR & Nav con g 4B.
.19463 D 92
9218 96
8
994 1017
M
4
4
Ore Short Line 1st cons g 58_1948 3 J 102 10614 1063 July'28
1063 110, So Car dr Ga ist ext 5 As... _1929 M N 993 10112 10014 July'28 --4
8
Jan'28 --- 105 105
1936 F A 99 1023 105
4
Guar stpd cons Is
5 10614 1114 S & N Ala cons gu g 58
1946 3 J 10618
- 10614 10814
114% 115
4
8
Gen cons guar 50-yr 58. _1963 A 0 ____ 1083 1145 May'28
Guar refunding 48
983 Sale 983
8
8
985
8 31
1929 3
981g 100
22
8712 Sale 87
89
Oregon-Wash 18t & ref 48_1961
87
9472
95
89
5
891s
80 81 July'28
Pacific Coast Co 1st g 5s. _ _1946 1 13 77
70
581, So Pao coll 48 (Cent Pac coll)k'49 J 13 8918 Sale 89
88
88
8
8
Registered
.1 13 865 893 88 Mar'28
Pac RR of Mo 1st ext g 4s...I038 F A 92
943 953 JJaY 98
4
95% 95,
3
8
.
98% 100
June 1929 M S 987 Sale 9834
63
99
8
20
-year cony 45
.102 May'28
2d extended gold Ss
3 1
1938
102 1023
i
1974 3 S
7
Ist 4 As(Oregon Lines) A_193 61 D 984 993 100 July'28
993 10
4 4
8
Paducah & Ills 1st 8 f 4118_ _ .19553 J 1005 Sale 1005s 1004 50 10038 1013
4 10012 103
102 1023 1025
/
1
4
8 1023
4
20
-year cony .58
Paris-Lyons-Med RR extl 68_1958 F A 9918 Sale 9918
9912 69
98 1007g
1968 M S 9612 Sale 9514
95 10012
/
1
4
9612 33
Gold 4115
8
Sinking fund external 75. _1958 M S 1035 Sale 10212 1034 27 10112 1051;
8
88
/ 96
1
4
8
9114 11
San Fran Term'1st 48 __ _1950 A 0 885 Sale 885
Paris-Orleans RR s f 7s
103
1954 M S 103 10312 103
5 101 10472
A 0 88
8934 90
90 July'28
Registered
945
8 57
Externs'sinking fund 5145 1968 M S 944 Sale 9414
93
96
.
3
105 108
4
4
Paulista Ry lst & ref 5 f 78
14 1011 104% So Pac of Cal 1st con gu g 58-1937 MN 1023 1044 1063 June'28
1942 M S 10112 Sale 10112 103
4
35 3
98
98
97
/ 97 4
1
4
9738 May'28
So Pac Coast ist gu g 48_ _ _ _ 1957 .1
9
9112 Sale 9112
9111 98
9214 52
12
,
975 June'28
8
Pennsylvania RR eons g 48- -1943 M N
9738 991, So Pac RR 1st ref 48
J
96
96
96 Apr'28
Registered
93
95
Consol gold 48
61
1948 M N 9112
93 100
"
7
17 108 8 119%
110
Southern Ry 1st cons g.58-.1994 J 1 109 We 109
45 Merl stpd dollar_May 1 1948 M N 9214 924
9218
94
6
92% 99
.1 10514 -- 11518 Apr'28
110 115%
Registered
4 1014
7 100 4 107
Consolidated a f 4 A8
1960 F A 1004 Bale 1003
3
853 93
4
8712 77
4
Deyel & gen 43 series A._1056 A 0 8614 Sale 853
General 4 As series A
10014 45
10014 Sale 100
9934 104%
114% 121
1956 A 0 114 115 11414 July'28
Develop & gen 6s
General 5e series B
4 54 10484 115
1055 Sale 1044 1053
a
Develop & gen 810
1966 A 0 12018 Sale 12018 12012 25 120 127
10
-year secured 78
1939 A 0 1034 Sale 10318 1034 88 103% 105%
8
2 108 1181
1996.3 J 108 Sale 108
108
Men)Div 1st g 5s
15
-year secured 614s
3
.
1936 F A 11018 Sale 11018 1104 16 109% 11$
19513 .1 88%
112
/ 94
1
4
924 June'28
St Louis Div 1st g 4s
112 Apr'28
F A
112 112
Registered
965 Dec'27
8
East Tenn reorg lien g 58. _1938 M S 10414
40
4 10312 83 102 103
-year secured gold 58- - -1964 M N 1024 Sale 1023
.
3
9134 16 i
-3
3
1938 M S 9314 933 92
9214
4
Mob & Ohio coil tr 48
Pa Co gu 3As coll tr A reg._ _1937 M S 88
91 June'28
91
87% 93
8918
8918
Guar 314a coil trust ser B _1941 F A 89
3
91
8718 92
8712 8534 June'28
J 83
85 4 90
3
Spokane Internal 1st g 58-- -1955
Guar 331s trust etis C....1942 J D 89 __. 90 Apr'28
.
8914 901
J D
85 Nov'27
Guar 3As trust ctfs D....1944 3 D 8812 8811 July'28
:
1
8812 90 Staten Island fly 1st 4 As-1943
95 Apr'28
Sunbury & Lewiston 1st 48_ .19303 J
96 100
/
1
4
963
4
9714
974 98
Guar 15
2
-25-year gold 48_1931 A
/
1
4
99
/ 99
1
4
9978 Ap99
095
8
r 24
.
Superior Short Line 1st 53....51930 M S
Guar 48 tier E trust ctfa
MN 9118 943 943 July'28
1952
92
4
951
.
3
9912 102
/
1
4
Term Assn 01St List g 4315_1939 A 0 993 101
Pa Ohio & Dot 1st & ref 414sA. A 0 96 Bale 9512
96
77
17
95% 102
1944 F A 10111
10212 107
103 July'28
1st cons gold 5s
Peoria & Eastern 1st cons 48_1940 A 0 8314 87
84
84
5
84
92
1953
94
5
J 88
89 89
89
89
Gen refund s f g 45
Income 48
Apri11990 Apr. 3712 421 451: May'28
117% 50%
194 „I j
0
8 10314 1071
,
8
Peoria & Pekin Un 1st 510_ _1974 F A 10212 104 10214 10214
2 102% 1081: Texarkana & Ft 81st 5345 A 1953 F A -- 106 1034 1033
100 102 10012 July'28
100% 10313
Pere Marquette 1st ser A 58_1956 J
10212 Sale 102
6 102 106% Tex & N 0com gold 56
1024
:
2000 3 D 1091 Sale 1091: 110
2 108% 115
ltrt 4a series B
1956.1 J 8914 923 91 July'28
4
90% 961 Texas & Pac lst gold 511
100
26 inc5s(Mar.28cpon)Dee 2000 Mar
1937 " 0 101 10128 1012 35 i68% 1041.
97 A 3
Aug 1
10 217
.
Gen at ref 58 series B
Phi% Balt & Wash lst g 40_1943 MN 9214 9714 9714 July'28 ____
97 100
1004 Sale 10014 101
40 100 101%
La Div B L lst g 53
General 5s series B
1974 FA
- 10514 105
105
2 105 114
24 105 109
14
Tex Pac-Mo Pac Ter 5 As-1964 M S 10612 10852 10812 107
41
PhillIppine fly let 30-yr sf451937 1
417 4112 July28
8
42
40
tom 103 4
: 1
101 ---- 10058 June'28
Tol & Ohio Cent 1st gu 5s
Pine Creek registered 1st 65_1932 ID 103 1064 104 June'28
_ 104 196
0814 103
1935 1 0 100 103 100 July'28
9 A 3
3
Western Div 1st g 543
1940 * 0 100
PCC&StLgu434sA
100
100
2
997 102
8
193 J D 100 101 100 June'28
General gold 55
100 101%
Series B 4 As guar
_ 102 100
1942 A0
100
5 100 10212
A 3
15 Nov'27
Series C 4 As guar
_ 1014 1024 Toledo Peoria & West 1st 4s1917 J 0 --- 19
1942 MN
- 10134 June'28
961,
90
roISt L & W 50-yr g 42
90
Series D 45 guar
1945 MN 9718 9912 97 May'28
97
99
873
10313 J -9 '2 9 12 995 July'28
84 9
985, um%
6
98 8
Series E 3he guar gold _1949 FA
9718 June'28
97% Tol WV &Ogu4 AsA
97
1942 7,4 s 978 93
3
ssh lost,
1st guar 4 As series B
9912 June'28
Series F 4s guar gold
9714 Apr'27 _
1953 Jo 97
1st guar 4s series C
9578
Series G 4s guar
96 July'28 _
1957 MN 97
96
ifile Tor Ram & Buff 1st g 48 _1948 D 96 8 -- 9458 June'27
945 95
June'28
Series H con guar
9718 June'28
941.9414
1960 FA
97
97%
Series I cons guar 4 As...AM FA - 1013 101 July'28
4
101 10518
5618 73
Ulster & Del 1st cons g 5s _ _1928
D 64
N ____ 104 104 May'28
SerleaJ cons guar 4 As..... _196
6912 64 July'28
104 105
Certificates of deposit
82
63
D 1047 106 1045
General M 55 series A
8
63 July'28
8 1045
1970
8
1 104% 114%
lst refunding g 4s
D
32
46
Registered
1133 Jan'28
8
3612 4j 35 June'28
118% 1113
1
68
1947 J 3
Gen mtge guar 55 series B.1975 * 0 105 Sale 105
93
12 99
941
/
1
4
8
105
1 104% 11518 Union Pacific 1st RR & idgt U '32 I-6 93 Sale 935
6
Registered
92
/ 97
1
4
12
921: Sale 9212
AO
Registered
921
1134 Jan'28
113% 11312
June 2008 1 8 90 Sale 8912
8
75
891 98 8
/
4
1st lien & ref 41
M 1
901
4
20
1967
Pitts McK & Y let gu 68__ _1932 3
953 1011
4
Gold 411s
105
106 May'27
97
97 Bale 964
4
4 108 1153
June 2008 M 8
_ 10812 1084 1081
1934 3 3 10112 106 10318 June'28
1st lien & ref 58
241 guar 138
i6ii 107
s
88
89
Pitts Sh & L E 1st g 5s
1968.3 D 863 Sale 8612
1940 A0 10018
871 103
40
-year g 48
4
101% 106
10118 June'28
931g
1s1 cense!gold Ss _... _1943
1944M S
.
U N J RR& Can gen 4s
10018 ---- 10014 June'28
94 June'28
100% 100%
Pitts Va & Char Ist 4s
Utah & Nor 1st ext 48
1933
.1 9712
1943 MN
9834 Nov'27
95
Oct'27
9919898
Pitts Y & Ash let User A ..1948 * o 94
NA 954 983 98 Mar'28
99
95 June'28
4
0418 9714 Vanden:, eans g 4s series A _11995557
9912
let gen 55 aeries B
SG
1962 FA 103
Cons8 f 48 series B
MN 9514 - -- 96 June'28
108 June'28
108 10871
1714 234
2
let gen 5s series C
1974 • D
8
187
8
Vera Cruz & P assent 4 As ...1934
1712 181 187
2
10014 10112
Providence Becur deb 48 ___ _1957 MN 70
&buries F
1931
7612 76 June'28
75I 5084 Virginia
977
8
-- 10014 June'28
4
10012 10311
Providence Term let 4a
1956 ▪ S
1936
General 55
N 10014 10112 10012 July'28
9118 June'28
9118
II
10214 1074
Reading Co Jersey Cen con 48 '51 * 0 93 Sale 93
Va & Southw'n 1st gu 5s
'
1003 3 J 102
- 10214 July'28
93
6
9218 97
984 1033
AO
Registered
4
964 July'28
1958 A 0
943 June'28
1st cons 50
4
-year 53
8484 95 4
,
Gen & ref 411s series A _ _ _1997 33
7
1047
8 48 104 109 5
4
N 1043 Sale 10418
9812
997
8 12
8
9812 1043 Virginian fly 1st 5s series A 1962
22 10218 10611
Rich & Mock 1st g 48
1948 MN
1939 M N 102 103 10218 103
7918 May'28
79, 8214 Wabash 151 gold 5s
9934 104%
Richt]) Term fly let gu 58_ _1952 33 994 102 1041 June'28
:
2d gold 58
1939 F A 994 10312 993
4 10018 15
10414 104%
Rio Grande June tat gu 5e_ _ _1939 J
1975M
1011 June'28
Ref f 5 Asseries A
:
10414 20 103 107%
104 1044 104
10014 10112
4%
Rio Grande Sou 1st gold 48 1940 J J
9814 105
1978 F A 983 Sale 9814
5 May'28
983
4 15
4
Ref & gen 58 series B
4% 5
718 Apr'28
Guar 48 (Jan 1922 coupon) 40 J J
8
9812
Debenture B 6s registered _1939 3 J
887 May'28
5
7,
,
Rio Grande West 1st gold 46_1939 ii -65E8 Sale 9018
881s 89
lst lien 50-yr g term 4s_ __ _1954 J
8214 I - 89 June'28
S1g
5
905s
P018 9512
let con & coil trust 48 A. 1949 A0 83'485 833
1033
8
1
J 10514 Del & Chi ext 1st g 58. _1941
4
2
1053
4
833
1053
4
4
83% 90%
96% 97
RI Ark & Louis let 4 As_ _1934 88
91% 93%
963
4
925 Apr'28
8
Des Moines Div 181 g 0._1939 .2 J 0312
97
12
9418 9918
1949
79% 83
Rut-Canada let gu 848
83 8 88%
3
1941 A 0 833 -87
8418 June'28
8
8338 July'28
Omaha Div 1st g 3 As_
_
84% 84%
Rutland 1st con g 434e1911 33 9012 95
1941 M S 89
94 July'28
41
95 2
1
9212 9012 July'28
Tol & Chic Div g 4s
93
98%
89
/ 9414
1
4
1978 A 0 9014 Sale 8918
Ref &gen 4 AsSerC
9014 100
&Jos& Grand Isl 1st g 48..1947 .1
8614 89 88 June'28
87
92
1996 J J 100 _ _ 100 June'28
83 83
83
St Lawr & Adir let g 58
83 Mar'28
100 100 8 Warren 1st ref gu g 3As ___ _2000 FA
3
1948 QM _
1998 * 0 103 106 105 June'28
90
/ 90 2
1
4
1
90
26 gold 6s
90 4 Mar'28
3
Wash Cent 1st gold 48
105 108
II
1945• A 84
1931 1
88
965 97
8
8914 86 July'28
9612 July'28
St L & Cairo guar g 4,
98
98
7a Wash Tern, 1st gu 3115
1945 FA 893
Ws 96
_ 98 July'28
.4
St 1.1r Mt & S gen con g 5,.1931 * 0 10014 Sale 993
1st 40
-year guar 4s
4 10014 58
99% 102%
98 101
/
1
4
985
8 10
1931 * 0
1013 Dec'27
4
Stamped guar 68
W Min W & N W 1st gu 55 -1930 FA io_ 9913 9858
7812 87
14
33
80 4
3
81
82
1952 * 0
8
1929 33 983 Sale 983
8
984 18
Unified & ref gold 48
88 SQl's West Maryland 1st g 48
97 1031
2
8
9738 97
9814
1933 MN 9414 Sale 94
Rlv&G Div 1st g 4s
1st & ref 511s series A-___1977 33
9412 38
97%
94
2 100 104
1937 ▪ 3 O51. 1011 100
100
2
9818 July'28
St.L M Bridge Ter gu 858 -.1930 * 0 98 100
981g 101% West NY & Pa 1st g 56
88 2 24
3
1943 * 0 8918 92
/
1
4
923 July'28
4
Gen gold 4s
97 101
/
1
4
4
98 8 17
5
4
Western Pee 1st ser A 55_-_1946 MS 973 Sale 973
86
7
2361 J
9312
88
88 Sale 86
West Shore 1st 4sguar
2381 33 8618 8714 8618
851 93
/
4
864
Registered

High
Ask Low
High No Low
Bid
7518 12
7234 30'
8
NYO&W ref Ist g 4s_June 1992 M S 7312 757 75
764 78
7612 Apr'28
Reg $5.000 only June 1992 M S - 70
80 4
3
5
7412
75
74
General 4s
1955 ID 72
92 95
9312 Apr'28
N Y Providence at Boston 48 1942 * 0 8118
893 Jan'28
4
89% 89 ,
1
*0
Registered
9212 963
.02 9212 June'28
NY & Putnam 1st con gu 481933 AO
8812 9212
io 8634 8812 June'28
N Y Susq & West 18t ref 58_1937 J
8
80
83.
797 827 May'28
s
2d gold 4 As
1937 FA 74
3
79
80
,
70
1040 F A 6718 717 70
s
General gold 5s
1
101
997 102,
8
1943 M N 101 Sale 101
Terminal 1st gold 58
38
8312 92
85
N Y W-ches& B 1st ser I 4 As '403 3 85 Sale 8414
8
1014 29 100 103
Nord Ry ext 1816 As
.
1950 A 0 1013 Sale 10114
9
9212
904 97
Norfolk South 1st & ref A 58_1961 F A 9212 Sale 9012
9812 103
10212 June'28
Norfolk & South 1st gold 68..1941 M N

IN: 1;
--

4 Due May. •Due June. 5 Due August.




528
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 27.

New York Bond Record-Continued-Page 5
ft

Price
Friday.
July 27.

Week's
Range or
Last Sato.

1

Range
Since
Jan. 1.

Bid
Hiph
Ask Low
Mak No. Low
Wheeling & Lake ErieExt'n & impt gold 58
1930 F A 100
100 Apr'28
100 10(9
Refunding 4318 series A
1966 M
91 1518 92 July'28
92 10214
Refunding Is series B
1966 M S 974 99 4 10112 Mar'28
10112 103
,
RR 1st consol 4s
93 93
93
1949 M
93 94
Wilk & East Ist gu g 5a
7 70
1942 J
70
79,
6714 7378 70
Will & S F 1st gold 5s
1938J D 10014 105 10334 May'28
1033 1044
4
Winston-Salem S B 1st 48._.19603 J 8.5
92 92 June'28
92
93
Wis Cent 50-yr 1st gen 4s_ _ _1949 J
8212
8212 843 8212
4
813 92'
4
Sup & Dul div dr term 1st 48'36 M N 8Sly 91 88
88
88
93
1
Wor& Con East 181 4315__ 1943 J 3
,
92% Mar'28
92
924

BONDS
N. Y.STOCK EXCHANGE
Week Ended July 27,

Price
Fridari,
July 27,

Week's
Range or
Last Sale

Range
Since
Jas, 1.

Rid
Ask LOS,
Afeb
Low
High
Crown Cork & Seal stOs.. ,.1947
9912 Sale 994
9912 49
Ms 10012
Crown-Willamette Pap 68_ __1951 ii 10114 10214 10112 1021
11 10114 10312
Cuba Cane Sugar cony 78 ___1930
9 844 93
8778
3
844
Cony deben stamped 8% _1930 j j 8318 Sale 8312
38 834 97
87
4
Cuban Am Sugar 1st coil 8.1_1931 M
10514 108
10512 106 10512 10512
Cuban Dom Sug 1st 730_ _1944 MN 100 Sale 9912 10012 16
9914 10112
Cumb T dr T 1st & gen 5s___1937
'3 10218 Sale 10218 10218
1
9978 1044
Cuyamel Fruit 1st a f 69 A.._1940 *0 994 993 994
1
994 101
9912
Denver Cons Tramw 1st 5.9 _1933 A0
_ 76 Dec'27
Den Gas& EL 1st & ref at g 5851 MN 10013 Sale 10012 102
5
564 Igg
.
Stamped aa to Pa tax
1
_ 100
1951 MN 9912
100
994 103
Dery Corp(D G) 1st st7s..1942 MS 65 68 6912 July'28
5012 75
Detroit Edison 1st coil tr 58_1933
10 10138 10378
101 102 10158 103
INDUSTRIALS
1st & ref 58 series A_July 1940 M
18 102 10514
102
1037 Sale 102
8
Gen & ref 55 series A
1949.40 1024 104 103
103
10214 10614
Adams Express coil tr g 45 194R MS 884 89% 9712 July'28
1st & ref 138 series B_July 1940 MB 1063 Sale 10614 1074 22 10614 1094
87
96
4
Ajax Rubber 151 15-yr a f 88_1936 JO 100 106
04
10 104 1091
105
Gen 3r ref laser B
4
1955 JD 1014 10278 103 July'28
10212 107
Alaska Gold M deb Os A._ _ _1925
74 July'28
64 10
318 10
Series C
1962 VA 103 10518 103
2 103 1074
103
Cony deb 68 series B
34 10
612 812 6 July'28
Det United 1st cons g 4Ns _ _1932
1926 MS
965 Sale 984
8
963
4 10 96 974
Allis-Chalmers Mfg deb 55- -1937 MN 9812 Sale 9812
Dodge Bros deb 6s
983
4 17
98 1031
1940 MN 9512 Sale 93
9512 1251
894 99
1
Alpine-Montan Steel 1st 75.. _1955 MS 95
10
951
96 944
93 96
, Dold (Jacob)Pack 1st68
1942 MN 833 85 833
2
807a 881a
4
833
4
4
Am Agric Chem ist ref91730 41 FA 10534 Sale 0512 108
27 104 1061 Dominion Iron & Steel 58.._1939 M
85 101
_ 10012 July'28
Amer Beet Sug cony deb 88.1935 PA 80
911
20
90 90
Donner Steel 1st ref 75
79
93
1942 J J 979
96
96
1
90
9612
99
12
American Chain deb s f 6a_ _ _1933 *0 101 10178 01
102
6 101 1046 Duke-Price Pow 1st 13s ser A '66 MN 105 Sale 10458 105
22 10358 1067
s
Am Cot Oil debenture 52_
9858 28
9612
9812 1024 Duquesne Light 1st 4Ns A__1967*0 9938 Sale 99
1931 MN 974 101
139
100
9834 104
Am Cynamid deb 55
94
3 92
1942 AO 934 94 94
97
Am Mach & Fdy t fis
1939 *0 104 10414 04 July'28
104 10114 East Cuba Sug 15-yr 51 a 750'37 MS 10118 Sale 101
17 101 1054
102
American Natural Gas Corp
Ed El III Bkn let con g 48- - _1939
3 95
9658 95
95
2
95
99
Deb 634s(with parch waro '42 AO 98 Sale 98
984 20
98
9914 Ed Elec Ill 1st cons g 58
J 1085 11658 11434 July'28 1995
8
11418 11718
Am Sm & R 1st 30-yr 5s ser A '47 A0 101 Sale 01
102 106 100 10'.34 Elec Pow Corp(Germany)6358'50 M
95 Sale 95
9612 30
95 994
*0 108 Sale 0712 108
48 1063 10138 Elk Horn Coal 1st & ref 6348.1931 ID 94 954 9312 July'28 - 93
lat M 68 series B
1947
4
99
'3 10414 Sale 0312 1043
Amer Sugar Ref 15-yr 65_ _ _ _1937
Deb 7% notes (with warr'ts'31 ID 071 10014 101 j ly:2
8 27 10212 be
781 833 80 Ju 02
91
u
8
80
Equit Gas Light 1st con Is 1932 MB
9912 1024
9878 Sale 987
Am Telep & Teleg coil tr 45..1929
8
Federal Light & Tr 1st 55._ _1942 MA 95 9812 96
9918 133 984 100
96 102
5
98
_948 97 May'28
5
Convertible 48
1st lien sf5s stamped _ _ _ _1942 MS 95
1936 M
97 1001
994 10118
9612 9514
9514
2
ob'is -- -- loii4
20
-year cony 450
10114 1 9934 1024 1st lien 8E:stamped
1933 M
1942 MS 10312 10478 10312 1043
9 100 1054
4
10378 Sale 10334 104
65 10314 1041 30-year deb (is ser B
30
-year coil tr 58
1948
1954 JO 993 Sale 99
4
9934
4
99 105
044 Feb'28
Registered
Federated Metals 8175
10438 1044
1939
9534 96 95
99
96
12
95
'3 15314 Sale 10384 10412 119 10312 109 Fiat deb 7s(with Warr)
35-yr at deb 58
1960
194623 1057 10714 0512 10814 18 1004 119
8
20
-years f530
66 1044 110
1943 MN 107 Sale 10634 107
Without stock purch warrants_
98
9314 34
9212 9318 9234
91
AO 104 105 105
Am Type Found deb 68
5 1034 106
105
1940
Fisk Rubber 1st sf58
7
411 100 117 1141
1941 1
11514
2 11418 120
Am Wat VVks & El col tr 58_ -1934 *0 9914 Sale 9914 100
14
9738 101, Ft Smith Lt & Tr 1st g 58_ ..1936 M
9912 1034
12
102 Sale lOt
102
1975 M N 104 Sale 10334 10514 29 103 1091 Frameric Ind & Deb 20-yr 7348'42
J 10534 Sale 1051, 107
17 10512 11012
Am Writ Pap lat g 88
7 83
1947 J I 8612 Sale 84
931. Francisco Sugar 1st s f 7348..1942 MN 10912 Sale 0814 10912 21 108 110 8
86 2
,
7
Anaconda Cop Min 1st 138-1953 F • 10514 Sale 1047
8 1051 127 103 1061 French Nat Mail SS Lines 781949 JO 102 Sale 10218 10212 51 101 10312
_
Registered
10512 Mar'28
10514 1051 Gas & El of Berg Co cons g 581949
'P 105 ____ 10738 May'28
106 10712
15
-year cony deb 76
1938 PA 121 Sale 11812 121
122 11014 137
Gen Asphalt cony(is
1939.40 108 Sale 10618 1083
108 117
8
Andes Cop Min cony deb 78 _1943 .1
12734 Sale 12614 1273
Gen Electric deb g 3345
4 69 120 140
1942 PA 9412 Sale 9412
1
9412
9412 96
Anglo-Chilean a f deb 75._ _1945 MN 10318 Sale 10318 10312 16
9614 10514 Gen Elec(Germany)7s Jan 15'45 J
1035 Sale 10312 1044 28 102 10612
8
'I 87 Sale 8814
Antilla(Comp Azuc) 7.30_1939
B!deb 6345 with warr_ _ _ _1940 ID 11812 120 120 July'28
894 19
8814 900
118 1264
Ark & Mem Bridge & Ter 56_1964 M
10112 10312 10112 10112 10 10112 104
Without warrlsattach'd '40 JO 97 9814 99 July'28
9812 1014
Armour & Co 1st 445
1939 3D 91 Sale 91
9113 51
20
-year a f deb 68
91
94 4
,
1948 MN 9312 Sale 93
184
93
951
4
95
Armour & Co of Del5Ns
915 Sale 914
8
1943 .1
9178 73
8712 96
Associated 0116% gold notes 1935 M
10212 Sale 10212 10212
4 102 1031 Gen Mot Accept deb Os
1937 PA 1017 Sale 10112 1014 93 10114 104 4
8
1
Atlanta Gas List 513
1947 3D 10312 _ _ 107 June'28
Genl Petrol lstsfSs
VA 100 4 1013 101
10914 107
1940
10112 27
9814 10212
3
4
Atlantic Fruit 7s Ws dep....1934 3D 1258
3
16
16
Gen Refr 1st s f(is ser A
1218 18
1952 VA 10214 1041 102 July'28 _ 102 10812
Stamped Ws of deposit
D 1258 ____ 15 Mar'28
Good Hope Steel & I sec 78._1945 £0 10014 Sale 10014 10012 10
15
16
993 103
4
Goodrich(B F) Co lst6 Ns 1947
8 27 19658 1084
1075 Sale 10834 1075
8
Atl Gulf& WISS L col tr 56_1959
76 Sale 76
7712 21
7254 nil Goodyear Tire & Rub 1st 58 _1957 MN 9018 Sale 90
9114 75
894 98
Atlantic Refg deb 58
4
1937 3, 1003 Sale 1003
4 10114 15 100 1035 Gotham Silk Hosiery deb 68.1938
10012 1007 10012 10058 10 10012 103
BalOw Loco Works 1st 58_1940 MN 10712 Sale 107
10712 14 107 108
, Gould Coupler 1st sf68
1
78
74 821s
1940 PA
747g 78 76
Baragua (Comp Az) 734s. .1937 J J 10614 109 1083
_1937
4 1083
3 10312 108 4 G4 Cons El Power(Japan)76_1944 VA 994 Sale 994
4
3
97 10118
997
8 27
Barnsdall Corp(9: with warr_1940 J
100 Sale 9912 /004 168
lat &gene f6348
9911 106
31
95
9284 98
1950 Ii 9478 Sale 9413
Deb 68 (without warrant) 1940 3D 9134 Sale 9112
4
9134
90
93 5 Great Falls Power 1st 8 f 58_ _1940 MN 10418 10614 1054 July'28
1
10558 1067
8
Batavlan Pete gen deb 450_1942
J 915 Sale 915
8
8
9212 75
907 93 Gulf States Steel deb 534s _ _1942 J D 973 Sale 9734
8
55
1
9614 101
973
4
4
Belding-Ilemlngway 68
9712 51
994 996. Hackensack Water 1st 43....1952 j
9612 Sale 9612
1936 1
8812 925
_88 8812 July'28 - 8
Bell Telep of Pa Is series B._1948 33 10414 Sale 1044 10414 10 104 1094 Hartford St Ry 1st 48
9512 May'28 - 1930 MS tigi2
9512 9512
lea & ref Is series C
4
Havana Elec consol g 58.. _ _ _1952 PA 84
1960 *0 1073 Sale 10714 108
12 10714 113
98
3
84
81
87 84
Berlin City Elec Co deb 6345 1951 3D 98 Sale 9412
Deb 530 series of 1926_ ..1051 MS 72
98 4 54
94 98
,
71
75 8814 June'28 - 784
Berlin Elec El & Undg 6144 -1956 £0 93 8 Sale 935
5
8
943
4 40 934 974 Hoe(1t)& Co 1st 6516 ser A.1934 £0 9014 Sale 9014
91
9914
90
Beth Steel 1st dr ref 58 guar A '42 MN 10112 Sale 10112 102
5 997/1 1044 Ilolland-Amer Line 68(fLal) _1947 MN 101 103 10212 1021 8 10078 10412
7
30-yr p m & imp st5s.-1936 3 1 100 10018 9913 10014 24
Hudson Coal 1st sf58 ser A.1962
99 103
'B 86 Sale 86
88
95
75
871
Cons 30
-year 68 series A__1948 FA 1035 Sale 103
8
43 10212 10/.78 Hudson Co Gas 1st g 58
1940 MN 100 1033 107 May'28- 107 109
Cons 30- year 5318 ser B_ _1953 PA 102 Sale 102
Humble Oil& Refining 5348_19323' 1014 Bale 10112 10178 41 10058 1034
9912 103
10258 79
Bing & Bing deb 630
Deb gold 55
1950 MS 973,4 99 99 July'28
9104 99
1937 *0 1003 Sale 100
8
1003 228 98 10112
8
Botany Cons Mills 6348
7912 56
1934 *0 79 Sale 7812
774 88
, Illinois Bell Telephone 5s_ _1956 ID 1034 Sale 10312 1041
23 10314 105 4
7
Bowman-BUt Hotels 75
1934 MS 100 10012 10014 10014
5
99 105
, Illinois Steel deb 434s
1940 *0 9614 Sale 96
96 1014
964 13
B'way & 7th Av 1st con 58-1943 3D 7212 75 734 July'28
Ilseder Steel Corp s 75
*0 10134 Sale 10134 1013
68
81
992 10212
2
1946
2
4
Brooklyn City RR 1st 55_ _1941
.11 9178 Sale 914
1
9178
917 9515 Indiana Limestone 151 f 69_1941 MN 93 Bale 90
8
4
90 1011
9512 31
Bklyn Edison Inc gen 58 A__1949 33 10334 Sale 10312 104
40 10312 108' Ind Nat Gas dr 01158
1936 MN 9812-_ 100 July'28 - 994 10012
Registered
1 .1
10588 Mar'28
106 4 1055 Indiana Steel 1st 55
5
1024 105 4
1952 MN 10234 104 104 July'28
1
General 6a series B
J 10312 Sale 10312 10438
1930
101 1045 Ingersoll-Rand 1st Is Dec 31 1935 .1
101 104
103 10312 June'28
Inland Steel 1st 430
9114 927
1978 AO 9112 Sale 9138
8
913
4 58
Bklyn-Man R T sec 65
1968 3' 9814 Sale 984
9812 115
9614 1004 Inspiration Con Copper 13343 1931
B 10112 Sale 1004 10112
5 100 10214
Bklyn Qu Co & Sub con gtd 58'41 MN 67 69 70 June'28
641a 72
1st 5a stamped
1941 3, 65
Interboro Rap Tran 1st 58..1966 J
92 90 May'28 --80 90
Tot 8614
73
80
7984 Bale 79
Brooklyn It Tr 1st cony g 0_2002 J
Stamped
8812 Nov'27 _J
561:
80 243
4
80 Sale 783
3-yr 7% secured notes._._1921 13 10513612 Nov'27
Registered
7634 83
83 Apr'28 _
Bklyn Un El 1st g 4-58
1950'A 94 9712 944
.
95
10-yearOs1932A 0 7913 /gale 783
8 -oil, fa)
70 90
33
80
4
Stamped guar 4-5a
1950• A 944 9712 9418 July'28 --.10-year cony 7% notes_ _ _1932 M
934 991
9134 10314
9854
994 18
9912
Bklyn Un Gas 1st cons it 58 1945
N 10414 106 104
tot AgrIc Corp 1st 20-yr Is __1932 M N 90 low 9134
104
1 104 111
90 100
2
9312
934
1st lien & ref 65 series A. 1947 MN
1163 July'28 -- 116 111(34
Stamped extended to 1942 _
4
86
79
4
8018
M N 8015 81
8018
'I 25814 gale 258
Convdebs3-4s
1936
Int Cement cony deb Is
259
99 250 288
1948 M N 96 Sale 954
8534 1004
9812 35
Buff dr Susq Iron lat f 55_ _ _1932 3D 9412
Internet Match deb Is
9412 June'28
9314 102
9658 1004
1947 MN 9714 Sale 97
973
4 99
Bush Terminal 1st 48
1952 *0
88 June'28 - -9412 Inter Mercan alarine s f 65_1941•0 103 Sale 103
88
10312 39 10212 1084
'I 9912 gale 98
Conso155
1955
9912
4
International Paper Is sec A.1947 J
9514 108
9 138 1024
,
27
9812 Sale 984
99
Bush Term 131(1gs 58 gu tax-ex '60 *0 10114 Sale 004 1013
9914 Mr
Ref a f 68 ser A
4 17
1955 M
102 Sale 10178 10378 29 10178 10514
By-Prod Coke 1st 5348 A..1945 MN 1003 - 1003
4
4 1004 13 100 1031. tat Telep & Teleg deb g 4348 1952
J 9318 Sale 9312
9318 984
9414 145
.
Cal G & E Corp unit & ref 58.1937 MN 10312 11147- 03 8 July'28 _ _ _ 10314 105
Jurgens Works Os(ulat price) _1947
- 5
5
J
104 1074
107 June'28
Cal Petroleum cony deb sfSsI93O PA 99 100 984
Kansas City Pow & Lt 5s...1952 MS jai"
99
12
95 4 102
1
103
fa 10314 1044 113 1904 1054
Cony deb f 530
1938 54N 1014 Sale 10114 10178 17
1st gold 434s series B
9912 1041,
'3
1957
1054
1o312 101 June'28 _
*0 1005 Sale 1005s 1005
Camaguey Sug 1st 8 f g 78_..1942
8
9934 10114 Kansas Gas & Electric Os__ _19.52 MB
))
5
17 105 1064
10534 106
Canada 88 List & gen 6s...1941 £0 101 102 10112 10112
1 1004 1031 Kayser (Julius) & Co deb 530'47 MS ioi sale 11178 11212 19 Kam 122
11212 Sale
Cent Dist Tel 1st 30-yr 5.s_ _1943 ID 1044 105 105
Keith(B F)Corp 1st 88
105
11 1043 10512
4
1946 MB 91
92 101
92 92
924
Cent Foundry 1st s 168 May 1931 PA 9713 Sale 9712
8
9712 9912 Kelly-Springf Tire8% notes_1931 MN 108 109 108
9712
1084 1094
Keyston Telep Co 151 5s._ _1935 3, 9412 95 944 108
944 99
944
Si N 1244 Sale 24
Kings County El & Pg 5a__ _1937 AC 104
1941
6 120 125
Central Steel 1st its(58
12414
3
104 107 a
104 June'28
Certain-teed Prod 5548 A_ 1948 MS 92 Sale 8912
92
Purcbase money 6/1
48 8912 97
1997.40
125 185
1 -- 125 July'28
Kings County Elev 1st g ts--1949 PA 125
2 100 106
Cespedes Sugar Co 1st s f 7.348'39 MS 10014 10112 0034 1003
4
834 914
8238 8412 8918 June'28
8Chic City & Conn RYS 5sJan 1927 £0 6134 6312 6184 July'28
Stamped guar 46
6184 69
1949 VA 84 8412 84
8314 90
12
8418
100
101
7 100 1044 Kings County Lighting fra..._1954
- 00
Ch0L& Coke 1st gu g 58.__1937
3
1044 1074
10578 105 June'28
First & ref13 Ns
72
85
Chicago Rys 1st 58
8134 88
1927 PA 85 Sale 84
J
1954
11434 120
1184 July'28
118
4
943
9314 97 4 Kinney (OR)& Co 734 %notes'36
4 51
Chile Copper Co deb 58
1947 33 943 Sale 9414
3
D 10514 10714 10514 10514
109 1084
Kresge Found'n cell tr 68_ _ _1936 J D
88 90 Apr'28
Clearfield Bit Coal 18t 48-1940
8714 90
8
4 10212 1057
10318 104 1034 104
Colo F &I Co gen s(Is
9912 10214 Lackawanna Steel 181 58 A..1950 M
1943 PA 10014 102 102 July'28
2004 1054
101 Sale 101
10112
9912 994
15
96
Col Indus 1st & coil Is gu_ _ _1934 FA 9512 96 954
144
Columbia G & E deb 55
9814 10155 Lac Gas L of St L ref&ext 58_1934 *0 100 10114 10014 10012 20 99 1041a
1952 MN 994 Bale 9914 100
Coll & ref 5345 series C _ _1953 PA
12
95
95 1001,
Columbus Gas 18t gold 53_1932 ii 95 Sale 9.5
10412 20 10218 108
10414 Sale 104
Lehigh C & Nay st 4 Ns A_ _1954
1
92
Columbus Ry P & L Ist 4 Ns 1957 13 92 Sale 92
92 100
'3 994 10012 10012 June'28
100 1014
10
87
773 88 4 Lehigh Valley Coal 1st g 5s..1933
s
87 Sale 87
Commercial Cable 1St g 46.. _2397 1.1
1
'3
97 10114
10112 10012 July'28
Registered
Certificates of deposit
'3
10012 101
10012 Feb'28
1st 40-yr gu Int red to 4% _1933
N 98 9812 99T2 . 1.
08 . 1g111
. 911 2
Commercial Credits f Os..._1934
'3 92'I 97 9512 Aug'27
lst&refsf 58
93 97
Col tr f 551% notes
1935 J
93 95 94 July'28
1934 PA 101 101 102
10114 June'28
1st & ref s f 5s
Computing-Tab-Rec s f 68_ _1941
10514 10 104 1061:
105 Sale 105
1944 PA 9954_ 101 July'28
101 1041a
3 9918 100 9914 June'28
Ist&refat 5s
Conn Ry & L laterrefg451s_ _1951
9858 103
903 1011
4
1954 PA 9534 4
a 974 July'28
lat & refs f 59
98 102
Stamped guar 4318
1951
99 100 98 July'28
1964 PA 9714 9712 9512 July'28
9418 1004
Ist&refst55
Consolidated Hydro-Eles Works
1974 PA 9512 97 9512
94 994
1
9518
97 10012 Lex Ave& P F 1st gu g 55-1993 MS 35
of Upper Wuertemberg 78_1956
'I 98 99 98
98
3714
35
3714 May'28
Cons Coal of Md 1st & ref 53_1950 3D 80 Sale 7912
76
8314 Liggett & Myers Tobacco 75_1944 A0 12012 121 12012 1204
8012 18
4 120 127
Is
Consol Gas(NY)deb 530_ _1945 PA 1054 Sale 10514 1054 84 1043 107
4
1951 VA 10014 Sale 10014 1017
3 1004 10685
8
10912
2 10012 1034 Liquid Carbonic Corp Os._ _1941 PA 121 130 11512 1214 64 113 183
Consumers Gas of Chic gu 58 1936
10114
D
101
3 102 10515 Loew's Inc deb (is with wan' _1941 *0 1083 Sale 108
Consumers Power 1st 58_..._1952
N 10214 104 10214 103
3
4
4 34 1056 113 4
1083
4
Without stock pur warrants_ *0 100 1003 100
Container Corp 1st (38
9834 10278
D 1003 Sale 100 4 10112 419
99 10211
3
10
1946
101
5
4
15-yr deb gold 1311
92
113 1134
1944.40 112 11212 113 July'28
1943 J D 9414 9312 9412
9813 Lorillard (P)Co 7s
984 34
55
Coat Pap & Bag Mills6N8_1944 F A 97 98 4 9718 July'28
79
9011 9814
4
9715
1951 VA 9012 9158 917
3
917
3
8
Deb 534,
Copenhagen Telep ext 68
1950 A 0 100 10212 101 July'28
_ 100 10214
913 971f
19373, 924 Sale 9212
4
9234 24
Corn Prod Refit 1st 25-yr s 58'34 M 154 9913 10214 101
5 1004 10275
101




9

New York Bond Record-Concluded-Page 6

529

r,
BONDS
IF1 Y. STOCK EXCHANGE
Week Ended July 27.

t3

Price
Fridap
July 27.

Week's
Range or
Lou Sale.

e3
41Q

Range
Singe
Jan 1

BONDS
N. Y. STOCK EXCHANGE
Week Ended July 27.

Pries
Friday.
Jahr 27.

Week's
Range or
Lass Sale,

Rasp
Mews
Jas. 1.

4.8 Lotr
Hie
BM
BM
Low
A slt Low
Htol No
11‘04
3
92 Sale 9234
/
1
4
Louisville Gas & El (Ky) 58_1952 MN 10118 103 100 4 1013
5
93
4 30 100 s 1006 Purity Bakeries s f deb 55_ __1948 J
25
2
973 Sale 9712
4
85
Louisville Ry 1st cons 55_ _ _1930 .1 .1 958 Sale 957
957
9914 131
961- Pure 011sf 554% notes----1937 FA
Remington Arms 65
9812 Sale 9812 100
1937 MN
Lower Austrian Hydro El Pow
23
9314 Sale 93
/
1
4
1944 F A 88 Sale 88
8912
5
8714 911 Rem Rand deb 534s with war '47 MN
1st sf 6445
94
100
/
1
8
/
1
4
90
12
McCrory Stores Corp deb 54.141 J D 984 993 98
10014
98 IOW. Repub I & 5 10-30-yr 558 f..1940 * 0 10014 103 10014
6
/
1
4
' 10412 1044 10412 10412
I
Ref & gen 544s series A__ _1953
20 1017 109$
1
/
1
Manati Sugar let s f 7 Ms....1942 A 0 102 Sale 101% 105
8
4
4
68
Manhat Ry (N Y) cons g 48.1090 A 0 673 Sale 673
5
6734 771, Reinelbe Union 78 with war.1946• J 107 108 110 July'28
2013J D 6312 6512 7114 June'28 _ _ _
Without stk purch war..
99
19
/
1
.1946 J J 984 Sale 99
2d 45
60
7114
92
98
9814 June'28
/ 102
1
4
10
Manila Elec Ry & Lt s f 5s 1953 M
96 103, Rhine-Main-Danube 78 A.._1950 MS 102 Sale 00
3
Mfrs Tr Co We of partic in
/
4
Rhine-Westphalia Elec Pow 78'50 MN 10114 1013 1011 1013
8
s
Direct rntge 65
1952 MN 9012 Sale 9014
A I Narnm & Son 1st 69_1943 J D 104 10412 105 July'28
104 lot
9114 28
987 Sale 98
8
2
Market St Ry 7s ser A April 1940
99
96
16
96
961 96
/
4
1955 FA
98 100
1 Rime Steel let s f 7s
/
1
4
1957 A 0 98 Sale 9812
65 June'28
Meridional El 1st 75
983
4 24
W14 1003 Robbins & Myers lst s f 7s_ _1942 ID
s 26 10014 105
s
Metr Ed 1st & ref Ss ear C..1953 J J 10018 1017 10014 1017
4
Rochester Gas & El 75 ear 13.1946 MB 108 1088 1083 July'28
4
7912 8112 7912
2
7912
Metr West Side El (Chic) 4.3_1938 F A
Gen mtge 5465 series C-1948 MS 104 10514 104
104
1
78
848
Miag Mill Mach 7e with war_1956 J r 9812 10014 102 June'28
Roch & Pitts C&Ipm 58_1946 MN
_ _ _ 90 June'28
964 103
/
1
9612
gets
9212 94
J
1
9212
Without warrants
9212
4
9512 97
8912 9812 St Jos Ry Lt & Pr 1st ba
1937 MN 9010514 Sale 10412 10514 33 10412 105.
Mid-Cont Petrol 1st 644s...1940 M
Midvale Steel &0cony s f 5819.36 M e 99 Sale 99
99 July'28
9812
998 55
99 1023 St Joseph Stk Yds 1st 43-48..l930 1
4
983
1
Milw El Ry & Lt ref & ext 4%5'31 1 I 9812 983 9812
4
761s
5
9712 100. St L Rock Mt & P58 stmpd_1955 31 7618 Sale 7618
General & ref 59 series A__1951 1 D 10212 103 103
3
103
93
7 1023 105$ St Paul City Cable cons 63_1937 II 93 Sale 93
4
'I 10612 Sale 10612 107
4
19611 D 993 Sale 9912 100
3
1st & ref 5t3 series B
8
9912 1031 San Antonio Pub Serv 1st 60_1952
' 100 4 Sale 34912 1(02 38
A
0 10318 30 10112 1061 Saxon Pub Wks(Germany) 78'45
Montana Power 1st 55 A_
1943 J J 10310 Sale 1023
3
Deb bs series A
38
1962 1 1) 997 Sale 9963 10014 52
96
Gen ref guar 6 M s
9512 Sale 95
9912 les
1951 MN
MontecatIni Min & Agric1
4
1021.3
101 103 101
Schulco Co guar 6445
1946
Deb 70 with warrants__ A9371 .1 1043 10514 104
4
4
/ 105
1
4
10363
Guar s f13448 series B
55 100 4 120
3
1948 40 103 Sale 103
Without warrants
I I 9412 95
N 97
95
9714 16
OS's 34
9414 1011: Sharon Steel Hoop s f 5443.1948
9714 97
4
Montreal Tram 1st & ref 55_1941 J J 99 Sale 9912
995
4
/
1
4
/
1
4
9514 44
99 102
14
1 Shell Pipe Line 51 deb 55
1952 MN 944 Sale 943
Gen & ref s f 58 series A_ _.1955 A C 9814 99 98 June'28
9612 51
96 Sale 9512
98 1017 Shell Union 011 8 f deb 5s
1947 MN
Series B
4
3
9312
1955 A 0 9814-___ 99 4 May'28 _ _ _
/
1
4
99 1001: Shinyetsu El Pow 1st 6446_1952 J O 92 Sale 9212
7
Morris dr Co Mt f 4448
851 86 851
/
4
1939 J
/
4
8912
87
8.51 886 Shubert Theatre 8s.June 15 1942 D 89
/
4
8912 89
20
Mortgage
-Bond Co 45 ser 2..1986 A 0 84
92 8212 Jan'2
1
_
103
103 Sale 103
Siemens & Ilalske s f 78
8214 82
1935 1
10 -year .58 series 3
-25
973 100
M
6
4
98
1932
98
10812
Deb 5 f 6 Ms
10812 Sale 10812
987 943
3
3
.
1951
Murray Body lot 6 M s
42
1934 .1 CI 9612 Sale 9612
971
3
S f 644s allot ctts 50% pd '51 MS 1073 10812 105 4 108
4
76
90
/ 98
1
4
/
1
4
Mutual Fuel Gas 1st gu g 58_1947 MN 101 10412 10412 1041
30
99
/
1
4
Sierra & San Fran Power 58_1949 P A
9814 Sale 98
1 103 11-e7
Mut Un Tel gtd 66 ext at 5% 1941 MN
20
1043
4 1043
96
96 Sale 95
1 1021 1013 Mattis Elec Corp.)t 644.3
4
4
1948 P A
Namm (A I) & Son-See Mfrs Tr
Silesian-Am Exp coil tr 7s
99
/ 16
1
4
4
1941 P A 983 Sale 9712
Nassau Elec guar gold 48_1951 1 J
5712 Sale 57
24
588 15
Simms Petrol6% notes
56
65
1929 MN 100 10163 9814 101
Nat Dairy Prod deb 6)4s...1948 F A 9612 Sale 9614
9612 73
95% 9934 Sinclair Cons 011 15
-year 713_1937 ▪ E 10112 Sale 10112 10212 81
Nat Erutm & Stampg 1st 55_1929 J D 10112
10114 May'28
1st lien roll 6s series D....1930 MS 9858 Sale 9814
9863 61
101 10412
Nat Radiator deb 644.3
8
1947F A 827 Sale 82 0
7
85
D 99 Sale 99
1st lien 6345 series D
99
/ 42
1
4
8273 101
10
1938
Nat Starch 20
-year deb 50 1930 3 .1 100 10014 100 July'28
/
1
4
973
8 52
100 1003 Sinclair Crude Oil 53-4s ear A.1938 II 97 Sale 97
4
National Tube 1st a f 50_ _ _1952 M N
___ 103
103
93 12 15
103 1051 Sinclair Pipe Lines f 58
/
4
1942 *0 93 Sale 93
Newark Consol Gas cons 58_1948 J 0 103100 10312 1073 May'28
4
Skelly Oil deb 53.4.3
9313 14
924 Sale 9212
/
10733 108
1
1939 M
New England Tel & Tel be A 1952
1) 10663 10814 106
10614
3
10114
106 111.. Smith (A 0)Corp 1st 6348-.1933 MN 101 Sale 101
1st g 444s series B
1961 M N 100 Sale 9912 100
4
South Porto Rico Sugar 78_ _1941 I
4 109
99 108
107 8 109 1083
7
/
1
4
84
New Or'Pub Serv 1st 58 A 1952 A 0 95
96
95
96
9
/ 10318
1
4
95 101' South Bell Tel & Tel 1st s t 581941 1
103 Sale 103
/
1
4
18
First dr ref Se series B
/ 977 957
1
4
19551 D 96
9612 22
2
95% 1011 Southern Colo Power Be A1947I, 10212 103 103
/ 1031s
1
4
N Y Dock 50
851 86% 851
-year 1st g 4.4._1951 F A
/
4
/
4
42
Erwest Bell Tel 1st & ref 5s...1954 P A 103 Sale 1023
8518
5 103
84
90
1
N Y Edison lst & ref 6 Ms A_1941 A 0 11414 11484 11412 115
11 113 119
let Den & ref bs series B__ _1944 A 0 10363 104 10312 1037
8
9912 July'28
Spring Val Water 1st g Ss_._1943 MN
9935
4 19314 106
N Y Gaa El Lt H & Pr g 58_1948 J D 1084 111 108
/
1
106
- -14
/
1
1930 MN 10018 101 10018 1004 14
_13 106 111e Standard Milling 1st be
Registered
110 Apr'28
2
1st & ref 5545
/ 10314
1
4
110 110
1945 ▪ S 10314 1043 103
4
Purchase money gold 4s_.1949 F A
921 9414 921s
/
4
9214
8 10212 123
924 983 Stand Oil of N J deb ba Dec 15'46 P A 10263 Sale 1023
/
1
4
NYLE&WC&R115440_1942 MN 102 -_- 102 Oct'27
/
1
4
Stand 011 of N Y deb 4443_1951 J
se
95
95 Sale 9412
_ 1011 July'28
NYLE&WDock&Imp581943 J J 1001
/
4
6
/
1
Stevens Hotel 1st 6s series A_1945 J
100 Sale 994 100
iai4
7
N Y & Q El L & P 1st g 5.3_1930 F A
99 8100 98 July'28
9934 July'28
98% 1017 Sugar Estates (Oriente) 73_1942 MS 99 100
NYRySI5IRE&ref4s._.1942J 1
52 4 Apr'28
3
Superior Oil lot Sf 78
_ 103 100 June'28
1929 P A
6234 62
3
Certificates of deposit
58 June'28
D ioi
56
10713 July'28
Syracuse Lighting let g 56_1951
58
60
30
-year adi Inc 5s....„Jan 1942 4 0
3 _15
4 Mar'28
Tenn Coal Iron & RR gen 50.1951 II 102 --- 10814 June'28
/
1
4
219 4
3
Certificates of deposit-----9
4 Mar'28
109
15
Tenn Cop & Chem deb 68.
..1941 £ 0 108 Sale 108
219 4
13
/
1
Tennessee Elec Pow 1st 68_1947• D 1054 Bale 10512 106
N Y Rys Corp Inc 6s___Jan 1965 Ayr 24 Sale 2312
2412
69
11
68 Sale 68
Third Ave let ref 45
1960
18
/ 82
1
4
9
Prior lien 68 series A
89
90
88
9012 89
65
1965 .1
Ad)Inc ba tax-ex N Y Jan 1960 * 0 64 Sale 64
2
75 9 941!
1
NY & Richm Gas 1st 6.1 A..1951 M
2
104 107
07
10712
9812
4
Third Ave Ry 1st g bs
1937 II 973 9913 9812
2 104 109
NY State Rys 1st cons 4448_1962 MN
49 Sale 48
11
/
1
4
497
99
0 21
987 Sale 98
8
Toho Elec Pow 1st is
1955 M
48
60
let cons 6 MR Aeries B
/
4
1982 MN 65 651 66 July'28
993
4 40
983 Sale 9812
4
8% gold notes_ _ _ _July 15 1929 J
85
744
Y Steam 1st 25-yr 65 ser A 1947 MN 10618 Sale 10512 1053
2
4
4
99%
4
105 1091 Tokyo Elec Light 6% notes_1928 FA 993 Sale
.
N Y Telep let & gen s f 4%6.1939 MN
9912 Sale 9912 10014 68
4
9214 523
8
1953 J D 917 Sale 913
1st 65 dollar series
9912 10319
30
-year deben a f 65._Feb 1949 P A 11014 Sale 110
11012
4
5 9914
9 109/4 111. Toledo Tr L & P 5M % notes 1930 11 993 996
20
-year refunding gold 68 1941 * 0 10714 Sale 107
4
108
Trenton G & El let g 58_
1949 MB 100 10712 1043 June'28
29 106 109
NY Trap Rock 1st tle
MN 10212 Sale 10214 1027
1946 J O 102 Sale 102
10212
8 20
1
9 100 103 , Trumbull Steel lets f 6.4.__1940
Niagara Falls Power let 513_1932 J J 10014 1011 101
' 53
I
/
4
64 60 July'28
102
Twenty-third St Ry ref 58_1962
4
2 101 104
Ref & gen 66
N 10012 101 10012 1011
Jan 1932 AO 10412 105 105
10
105
1 104 106. Tyrol Hydro-Elec Pow 7440-1955
Nies Lock & 0 Pr lst bs A-1955 *0 10112 102 10112 102
1
11 101 104
Norddeutsche Lloyd (Bremen)16
99 1
Warms El Pow f 7s
1945 ▪ B 9912 Sale 99
20yrs10,
3
9314
1947 MN 93 Sale 93
94
99
95 Mar'28
/
1
4
9213 9312 Underged of London 4440_1933 1
45
Nor Amer Cem deb 6448 A..1940 MS 8014 Sale 8014
3
10212 1013
81
4 1013
4
Union Elec Lt & Pr(Mo) bs..1932 MS
8014 93
No Am Edison deb ds ear A.1957 MS 9914 Sale 99
9912 19
4
Ref & ext bs
1933 MN 101 Sale 10012 101
99 10E0.
62
Nor Ohio Trac & Light 68
/
1
1947
S 1034 10412 10412 10512 11 1021s 1071. Un E L&P(I11)1st g 5445 eer A.'54 1
1
102
100 10314 102
Nor States Pow 25-yr be A..1941 * 0 101 Sale 10012 10212
8912 8912 July'28
Union Elev Ry (Chic) 55.......1945 40 88
1st dr ref b-yr 65 series B-1941 AO 10514 Sale 10514 10514 18 10012 104
'3 1013 103 1011 1013
2
/
4
4
Union 011 1st lien s f bs
1931
4
7 104 107
North W T 1st fd g 4400(1_1934 I J
9713 _ 9712 July'28
30-yr Os series A____May 1912 P A 109 10912 10814 10963 10
9712 106
Norweg Hydro-El Nit 5446_1957 MN 91 tale 9012
913
4 25
9012 eel. 1st lien s f bs series C.Feb 1935 * 0 98 Sale 97% 98 23
Ohio Public Service 744e A.1946 * 0
1143 115 July'28
MN
4
2
1141 11534 United Biscuit of Am deb 613_1912 M 10012 10034 10034 101
:
lst dr ref 7s series B
8
1947 P A 1157 116 11573 1157
s
United Drug rets 25-yr 5:3_1913
96
96
95 Sale 9512
/
1
4
116 lib
Ohio River Edison 1st 6e
105 Sale 105
1948 J
105
1
_
84
United Rys St L let g 40-1934 J J 84
84
/
1
4
,
1 104 101
Old Ben Coal 1st 66
1944 FA 9214 Sale 92
92
/
1
4
_
/
1
19/7 MN 964 983. 9612 July'28
4
87
9512 United SS Co 15-yr tis
2
Ontario Power N F 1st 613._.1943
_
10314 July'28
' 103
A
4
10112 1015, Un Steel Works Corp 6348 A.1951 • D 9012 903 93 July'28
Ontario Transmission let 54.1945 MN 99 1017 100 8 July'28
3
12
D 9012 Sale 9014
With stock pur warrants
9214 66
.
1
_ 100 3 1043
Oriental Devel guar 6s
994
/
1
1t53 M
9912 21
D 91 Sale 9018
Series C without warrants
9210
964 105
/
1
Oslo Gas & BI Wks cell 59.1963 MS "oi"
4 9112
92
D
6
With stock pun warrants
91
921 90%
9112 93%
11
Otis Steel 1st M Os set A ___ _1941 MB 99 Sale 9914
/
1
4
99 4 38
3
976, 101
United Steel Wks of Burbach
Pacific Gas dr El gen & ref 58 1942• J 102 Sale 1013
8 102
Esch-Dudelange 5 f 78_ .1951 so 10334 104 104 July'28
.
14 10013 1051
Pac Pow & Lt 1st & ref 20-yr 56'30 FA 1004 1003 100
/
1
4
10014
'I 86 Sale 8512
115
86
9912 loll 135 Rubber 1st & ref 58 ear A 1947
3
Pacific Tel dr Tel 1st be
/
1
4
1937• J 102 103 103
103
10-yr 744% secured notes_1930 F
101 Sale 10012 10110 57
21 10234 108
Ref mtge be scrim A
4
1952 MN 1023 Sale 1023
4 10312 19 10234 108
U S Steel Corp cCoupon Apr 1163 MN 10614 Sale 106
10714 64
Pan-Amer P & T cony af 60.1934
N 10212 Sale 10212 1023
4 43 10212 1061.
St 10-60-yr5s Regis_Apr 1913 MN
4
1
4 1053
1058
1st lien cony 10-yr 78
1930 F A 10412 105 10412 July'28
Universal Pipe & Rad deb 6s 1938 JO -66- 167 90 July'28
103 106
/
1
4
Pan-Am Pet Co(of Cal)conv 60'40 JO 94
/ 9512 943
1
4
9512 20
4
96
12 20
911 981 Utah Lt & Trac 1st & ref 58..1944 £ 0 96 Sale 95
/
4
.
Paramount-B'way 1st 5 M s_ _1951 II 101 Sale 101
10114 20 1004 104
18
Utah Power & Lt 1st bs
/
1
1944 P A 101 Sale 10012 101
Paramount-Fam's-Lasky 63.1947 J o 9914 Sale 983
3
9912 33
98 1023 Utica Elec L & P IsIs f g 50_1950
4
1071/4 1091 10878 June'28
Park-Lax let leasehold 6 Ms_1953
99 Sale 9812
99
861: 10214 Utica Gas & Elec ref & ext 53 1957 3, 1053 106 10614 July'28
4
Pat & Passaic0& El cons 581949 M
102 103 10712 Mar'28 18
99
/ 100
1
4
D 99 100
107 107
/ Vertientes Sugar let ref 75_1942
1
4
Pathe Each deb 75 with ware 1937 ▪ N
7012 Sale 70
70
/ 40
1
4
1
48
48
60
53
811 Victor Fuel lets 1 Ss
1953 31 50
Penn-Dixie Cement(is A._-_1941 MS 95 Salo 95
961
/
4
90 July'28
Va Iron Coal & Coke 1st g 58 1949 MB 85
95 102
89
Peep Gas & C let cone g 136_1943 * 0 114
_ 115 July'28 69
/ 100
1
4
11334 11P Vs Ry & Pow 1st & ref 50
1934• J 100 Sale 99
Refunding gold 68
/1
1947 MS 1034 10414 10412 July'28
104 11186
Registered
MS
104 Apr'28
88 July'28
104 104
Walworth deb 6348(with wax)'35 £ 0 8612 92
Philadelphia Co coll tr 66 A_1944 P A 103 10312 103
103
853
s 20
1st sink fund 6e series A...1945 £ 0 82 Sale 82
193 104
Secured be series A
/
1
1967 J o 984 Sale 97
/
1
4
9818 169
2
106
97 1013. Warner Sugar Refin lot 78__1941 JO 106 1061 106
/
1
4
8
923
4
90
Warner Sugar Corp 1st 76_1939
' 911 92
3
/
4
Phila Elec Co 1st 4445
984 Sale 98
/
1
/
1
4
1967 MN
99
2
104
9830 1041 Wash Water Power s f bs.-- _1939 ▪ J 104 -.- 104
68
Phila & Reading C Al re( 53_1973 .1 I 973 98
8
9712
98
107 July' 8
94 (07. Weetches Ltg g bs stmpd gtd 1950 J O 104
2
12
Phillips Petrol deb 5345
1939 3D 92 Sale 9112
92
9112 943 West Penn Power ser A 58_1916 M
64
10i 102 July'28
.
Pierce-Arrow Mot Car deb 831943 M
101 Sale 101
103
10
/ 103
1
4
1st 52 series E
9012 106
102 103 102
/
1
4
/
1
4
1963 M
Pierce Oil deb 5(85._Lee 15 1931 JO 103 1064 106 4 July'28 20
/
1
3
10114 20
10412 1‘63
151 544s series F
4
1953 £ 0 105 1064 10114
Pillsbury Fl Mills 20-yr 65_1943 * 0 10514 10512 105
/ 10514
1
4
1
ii-. 1013 Sale 10138 1013
3
1 1033 100
4
1st sec 5s series G
5
1056
Pirelli Co(Italy) cony 75......1952 MN 1003 10312 104
4
104
7
5012
51
50
West Va C & C lst 6s
1
50
991 118
9
1950 1
Pleasant Val Coal 1st g s f 50_1928 .1
99 June'28
142
4 102
99 10.
Western Electric deb br__ _1944 A C 102 Sale 1013
Pocah Con Collieries 1st 51551957 J J
93'z 06'z 9312 July'28
8
100
93
: 9614 Western Union coil tr cur 58_1938• J 10012 102% 100
1
Port Arthur Can & Dk (5a A-1953 P A ---- 106 106
106
4
10412 106 4
99 4
3
99 Sale 99
Fund & real est g 454s__ I950 MN
1st M (is series B
' --- 1013 106 July'28 - 1 10412 1061
A
1953
14
110
P A 109 Sale 109
15
-year 6348
1936
Portland Elec Pow let 65 B 1947 MN 10113 1027 10113 10113
8
JO 1013 Sale 10112 10263 27
4
25
1 1011 105
/
4
.
1
-year gold 55
Portland Gen Elec 1st 58
9812 10312 1011 July'28
/
4
19:53,
52
99 10314 West'h'ae E te St 20-yr g bs_ _19 6 MS 104 Sale 10334 104
1941
5
Portland Ry 1st & ref 58- 1930 MN 947 96
8
9812
99
8 10014 22
-• 1 10014 Sale 993
10
98
9 1 Wheeling S eel Corp 1st 5443 1948
4
Portland Ry LAP let ref 53 1942 P A 10014 Sale 10014
10014 14
91
1 101% White Eagle Oil & Ref deb 54413'37
1st lien & ref 65 series 1.1
/
4
1947 MN 1011 1037 1011 1011
3
/
4
/
4
9612 30
6 10119 1047
9
With stock punch warrants_ _-_•S 9612 Sale 9633
1st lien & ref 7545 series A 1946 MN 107 1073 108 July'28
3
125 124 July'28
White Sew Mach 68(with war)'36 ▪ 1
1063 108
s
Porto Rican Am Tob cony 681942
'
I 9812 Sale 98
3
9812 14
9912
9812 994 9912
/
1
97 106
/
1
4
Without warrants
Postal Teleg & Cable roll 5e_1953 J J 94% 95 943
20
4
9538 63
34
34 Sale 34
.A935 J
9434 95
Wickwire Span St'l 1st 78.
90
Pressed Steel Car cony g 53._1933
' 8912 92
91
I
/
1
4
30 3 14
7
6
90
99
. Wickwire Sp St'l Co 7s_Jan 1935 Ml'. 3012 Sale 3012
3
Prod & Ref s f 8s (with war).1931
/
4
111 July'28
D 1111
10
10212 Sale 10212 103
Willys-Overland s f 6548-1933 M
111 115
3
22
Without warrants attached...
T 110 4 in 11012 111
4
/
1
.
3 1104 1121 Wilson & Co let 25-yr s 189_1941 A 0 1023 Sale 10114 103
/ 12112 763 116 1253 Winchester Repeat Arms7 Ms '41 A 0 107 Bale 107
1
4
Pub Serv Corp NJ deb 4343_1948 FA 12114 Sale 118
4
107
4
Pub Sent Elee & Gas 1st 55481959 A0 102 1031 1061s Mar'28
/ 10014 273
1
4
100 Sale 99
Youngstown Sheet dr Tube 6819781
11.4% 106
102 Sale 10214
/
1
4
15t & ref bs
1965
102
/ 18 10214 10514,
1
4
Punta Alegre Subs% deb 76-1937 ii 10514 Sale 10514
106
159 104 207




5

u,r2.4

H
A
"
/
1
4
9714 1054
9 2 01
93
97 101
93
97 4
8

103 105
10718 11813
9812 102
1 158 10 /
1 14 94
(7
2
1
4
9014 94
94 4 98
1
88
85
10714 114
104 10819
(10
9018
9als 954
99
76
99
79%
93
9812
1064 1093
/
1
4
9912 10310
95
98
10012 105
/
1
4
100 105
963 98
4
943 9612
4

101748
1199:
994 2
0458G4
:
1:
11 94996411
12
9812 105
93
96
9712 102
9814 10812
100 104
14
9714 90
/
1
4
9514 10212
9612 99
/
1
4
93
973
4
102 2 10 4
92 1 9
1
5:
101 103
/
1
4
106 110
14
103 106
/
1
4
10214 1071s
9912 10212
9912 10112
10110 104
4 0411
9412 9812
98 102
/
1
4
/
1
4
/
1
99 4 1014
3
100 190
06
/ °
1
4
1
1039 108 9
1
tons 1157
s
105 10814
66
73
:
01 2
998812 10:02179
5
999
r 10 0 8

:
0
0v2
19 4 1014
0
9
101 1031:
551 681k
:

1909998358 11190900323:1
0
0
;

103
10 48
8/1
0
: 7
1
995 102

10098 1121
1 0v 45
4 04
95 10014
14
844
84
95 101
91% 96
/
1
4
904 971
/
1
.
9019 96
901 97 $
8
1
10254 105
0314 0611
100 105 4
3
10534 109
06
081
4
81/14 96
95 10312
984 0038
/
1
4
106's
127
814 08
1499 1650
06

9919 103
9°
°178
4
85
961
82
951a
10612 1077
4
841: 95
0
0
104 1 5
107 1 %

1°07138:: 11110
1 : 113
15201 1 :
i9
0111
1
100 105 9
1
109
10112
10214
99/9

113 3
7
1051
4
1011
1064
1

9319 981
4

12385 I 713
0
228 I 3
19 n: ; 2
430 :
1:

o
ga

112.
06
e8

9914 10119

530

BOSTON STOCK EXCHANGE-Stock Record s..°4'.711.g.

HIGH AND LOW SALE' PRICES
-PER SHARE, NOT PER CENT.
Saturday,
July 21.

Monday,
July 23.

$ Per share $ per share
*._ 189 •185 186
86
as 86 86
41i00
*100 10112
*114
115 115
.104 165
10412 10412

Tuesday,
July 24.

I

Wednesday, Thursday,
July 25.
July 26.

Friday,
July 27.

Sales
for
the
Week.

STOCKS
BOSTON STOCK
EXCHANGE

PER SHARE
Range Sine, Jan. 1.
-share lots
On basis of 100
Lowest

Highest

PER SHARD
Range fee Previous
Year 1927
Lowest

Highest

$ Per share $ per share $ per share $ Per share Shar l
ie
Railroads.
$ per share
Par $ per share
$ Per share
per awe
18314 185
185 185 *184
Boston & Albany
____ .18114
Jan 188 Mr y
100 183 Feb 8 19412May 29 171
85
87
86
8714 863 873 "85
355 Boston Elevated
4
4
81 May 9812 Deo
86
100 85 July 21 99 Mar 7
100 100 '100 ____ *100
20 Preferred
9812 Apr 10312 Jure
100 100 Feb 1 107 Apr 20
114 114 •I13
3
113 1-11- 34 1st preferred
100 110 July 10 1204 Jan 18 109 Mar 120 Nov
104 10412 104 104 *103 104
104- 104
236 2d preferred
Jan 110 Sept
100 104 July 24 11014 Jan 24 101
76
7612 76
14 " Boston & Maine corn
76
76
76
"75
5118 Mar 70 July
Apr 27
100 55 Jan 3 83
.78
"78
"78
_ _ _ _ "78
43 Preferred unstam ped._ _100 8013 Feb 10 80 May 29
Jan 6912 July
66
.87
*90
92
91
91
.87
115 Ser A 1st pre'unstamped 100 80 Jan 3 98 May 10
763 Jan 87 June
4
•135
•135
'135 ____ *135
Ser B 1st pref unstamped 100 121 July 3 155 Apr l8 118
____ "135
Oct 139 May
•116
.116
•116
____ *116
____ *116
6 Ser C 1st pref unstamped 100 114 Jan 4 135 Mar 12
116 May
•150
55150
Ser D 1st pref unstamper1100 1.50 July 17 190 Apr 18 1624 Sept 165 Apr
'150
97 Dee
;i3T4
'76
78
*76
Common stamped
8114 Nov 64 Net
100 604 Jan 5 6114 Jan 5
•774 7112 75
78
.75
75
130Preferred stamped
.
-76- 75
iE73 May
100 6114 Jan 26 90 Slay 16
'
109 1093 .109 10931 10912 1093 •105 1694 1093 1093 _ _ -4
4
4
270 Prior preferred stamped_100 108 July 14 115 May 10 105' May 113 May
4
544
.78
8012 .78
80
81
81
82 .78
.78
5 Ser A 1st pref stamped_ _100 6912 Jan 4 87 Mar 30
78
82
78
Feb 78
Jan
64
•I20
129 129 .120 130 .121 130
12014 121 .120
42 Ser B 1st pref stamped_ _100 10612 Jan 3 145
Jan 116 May
A pr 20
*106
*106
.
106
_ _ _ 106 106 .106
15 Ser C 1s1 pref stamped_ _100 98 Jan 3 131
____ 105 105
Jan 105 May
"90
Apr 13
*146
____ *143 2 -.146
148 148 *148
_
*
45 Ser 13 1st pref stamped 100 125 Jan 4 180 May 31
,
Jan 14412 Stay
i 24
*10712
*107
.10712 _
25 Negotiable rcts 55% paid.. _
.10712 ____ 10712 10712
Oct
. 1043 Jan 4 10913 Apr 33 103 Sept 106
4
Boston & Providence
175
100 173 July 4 182
Jan 20 176 Dec 212 004
32
32
32
32
32
34
.32
32
32
32
32
32
East Mass Street Ry Co
128
100 29 Jan 5 43 Apr 15
25 Feb 434 Sept
*76
771. 7612 7612 7612 77 .76
7612 76
46 1st preferred
76
.76
761
001
Feb 81
64
100 72 Jan 4 88 Apr 12
*265
67 .:65
70
_ 1 Preferred B
*65
67
67 *265
67
100 69 Mar 15 65 2 Apr 28
Oct
A r
5 , Star 78
62
0
20
:
*51
52
52
52
52
52
52
53
5212 -52- - -2
*52
250 Adjustment
5 .594 Sept
100 50 July 12
Apr
_ *6014 _ _ _ .6014 ---- 6014 6014 6011 6014 60
158 Maine Central
6014
100 69 Feb 15 6 5 t 12
4712 Jan 74 Mar
y
21530Jan 2
544 5.434 5514 55 2 554 57,9 567 57
•60- 564 564 573 5818
8
828 N Y N H & Hartford
3
8
100 543
'
414 Jan 634 Dec
2June 19
*101
_
•101 . _ _ .101
_ *101
Northern New Hampshire_100 100 May 22 111 Slay 16
*101
9212 Jan 106 Nov
•-___ 137 • _ _ _ 137 •_ _ _. 137 .137
Norwich & Worcester pref_100 132 Jan 25 140 June 2 127
•____ 135
Jan 14612 Nov
•____ 136 •130 136
13112 132
133
135 135
133
132 132
71 Old Colony
100 13112July 25 141 Al,, 24 122
Jan 13613 Oot
637 8418 634 6418 634 64,
8
2
637 6414 6414 644 644 647
996 Pennsylvania RR
2
50 82 June 19 723 Apr 27
63 July 684 Oct
3
•118
.118
.118
Vermont & Nlassachusetts_100 114 Jan 17 121 Apr 12 107
Jan 121 Nov
Miscellaneous
314
311
34 31
Amer Pneumatic Service___25
314 314 .34 312
524 July
214 Jan
27
8May 10
412June 6 1
1652 16, •16
1612 *1512 161 •16
1612 .34 312
2
185 Preferred
50 15 June 23 24, Feb 14 1 154 Jan
2611 Sept
-4
.48
49
493 493 *481 2 s
49
.1614 17
1612 1612
120 1st preferred
50 43 June 29 51 Apr 12 1 47 July 50
Apr
17212 17312 17214 17318 1717 1737 1734 17614 .4812
8
48
43
105 Amer Telephone dr Teleg._100 1717
2July 21 210 May 17 1 1494 Jan 18511 Oct
1912 193
3 1912 1912 1912 197
1912 1912 17312 1754 174% 17514 2,346 Amoskeag NI fg
18 Apr 13 254 Apr 28 1 194 Nov
2712 Nov
.1912 194
270 Atlas Tack Corp
No par
Apr
12
913 Jan 12 1714June 5
71 Oct
Beacon Oil corn tr ctfs..No par
1612 Aug 2013 Jan
14 Feb 20 204 Apr 25
/
3
4
0
;96- 92
91
91
9
-891-2 - 6 ;86- 90 00 Ver 90 275 Bigelow-Hartf Carpet_.No par 8912June 26 995 May25
9194
77 Feb 96 Nov
1.10 .35
.35 +.10 .35 .
10 .25
Coldak Corp class A T C-----05 Mar 28 40 Jan 19
Jan
5
01 Dec
113 113
11212 113
1131, 115
115 115
115 115
210 Continental Secur Corp
81 Jan 31 134125Aa r 16
6 7 py 2
.
1116 121 *115 121
118 118 •118 123 .118 123
115I 11513
134 Dominion Stores Ltd__ No par 10513 Jan 17
- - 17C;
67 -rfOn 1084 .412 512 .412 512 4.412 512 .412 514 .412 512
East Boston Land
,
3 4 1"12
10
1
212 Jan 11
114 June
612N1ay 291
212
•2232
212 .2.238
24 24
234
234
238 23
8
955 Eastern Manufacturing
5
13 Jan 31
/
4
112 Dec
244 Jan 20
714 Mar
1
199
9934 *298
0912 9712 9712 96
97
97
97
9912
840 Eastern SS Lines, Inc
97
Jan 94
5 86 Feb 18 118 May 25
46
48
48 .1473 49
"4714 4812 '4712 4812 *4712 4812
4
45 Preferred
No par 47 July 20 51 Apr 26
36 Feb 4814 Dec
*310312105 *10312 105 •103 105 '103 105 "103 105
, 1st preferred
5744 Feb 106 Dec
100 101 May 3 108 Apr 13
4
.133 163
4
17
•15
1512 1512 *15 4 1614
3
1514 1512
50 Economy Groc'y Stores No par
15 Sept
1113 Jan I 1714June 4
10 June
•
2277 279
277 278
278 278 1 278 280
277 27814 27812 279
743 Edison Electric Illum
100 252 Feb 20 305 May 16 217 Feb 267 May
*37
3812
_
.3312 35
Federal Water Sem corn
,
Apr 3612 Oct
2314 Mar 28 41 May 21
27
*32
34
-3212 - 1. *33
32 2
3412 *33
___
34
35
140 Galveston -Houston Elec_ _100 31 Feb 24 43 May 15
3412 35
224 Apr 38 Nov
*23
_ '23
.23 _ _ _ _
_ General Pub Serv com.No par 184 Jan 16 30 May 15
1712 Oct
4
113 Jan
4522912 3012 •22912 3012 2914 2914 2912 30
2912 30
185 Gilchrist Co
No par 29l4 July 18 3513 Jan 31
344 June 38 Mar
•101 102
101 18 10212 1017g 103
1023 1033 •1017 1027 161. 161;
2
2
8
4
Gillette Safety Razor.
8
7
316
gal, Mar 10914 Oct
.No par 98 June 25 112 Apr 13
*9
91
. *9
91, *9
912 .9
912 *9
_ Greenfield Tap dr Die
912
Oct 1314 Nov
25
7
912 Mar 22 13 Jan 13
*30
42
"39
42 '39
42
.39
42
39
39
15 Greif Bros Coop'ge Corp Cl A. 39 Apr 9 45 May 8
.26
2612, 25 4 2654 254 26
3
27
355 Hood Rubber
27
255 2612
8
We; Yuji 47
Jan
No par 253 July 27 434 Jan 3
*
*2612 2712 *2612 28
2714 2714 27
27 *____ 27
35 Insurance Sec Co Inc
10 2612June 26 32 May 7,
57
571 1 5612 5812 577 603
8
995 Internat'l Corn
8
5812 5958
453 Feb 20 6.512June 9
/
4
'94
____ 94
*94
94
__
10 Kidder, Perth Accep A pref_100 94 Apr 24 95, Jan 16
pi "9534 July
Id -A.4
10
10
104 103
10 '10
1012 .10
62 Libby, hfcNelll & Libby____10
4 10
10,2
1114 Bent
7 Aug
9 Jan 7 1212May 3
..274 _
_ 74 74 .1773
6 Loew's Theatres
*77
8
_ *xila
-Jan
10
6
Jan
1014Nlay 10
Jan
142 142
14113 142
1411( 142
142 142
- -14114 14114 1,11- 142
1.141 hlassachusetts Gas Cos__ _100 109 Feb 4 155 May 15
84 Mar 124 Nov
711 3
2
5
7712 78
78
7712 78
774 7712 7712 78
78
217 Preferred
Jan 814 Not
70
,
10
pa
, 97 JAprun e 28 88 May 8
0 79
100 100 *100 101
101 101
101 101
100 10112 101 101
245 Mergenthaler Linotype_No
112 Jan 10 10311 Nov 118
004
412 414 .4
43,
4
4
44
*4
4
4
4
4
75 National leather
312 Jan 8
24 Mar
6 May 25
43 J n
8
10
•37
373 .37
38
4
*37
373 ._ -4
37
15 Nat Mfrs Stores Carp
37
30 Apr 16 403
sMar 8
284 2812 .283 30
4
2812 2812 2812 ---28
350 Nelson (Herman) Corp
28
23 4
.12812 28
Feb -33 - 15e43
5 254 Apr 2 3412May 7
*z___ .10312
._ 105
100 100
25 New Eng Pub Ser 37 pt_No par 100 July 26 1094 Feb 7
Jar, 1024 Dee
91
•106 108 *106 110 •106 110 *103 10712 106 106
5 Prior preferred
No par 104 Jan 3 11112Nlay 21
974 Jan 106 Dee
New Eng South Mills_.No par 10 Jan 8 .55 Mar 9 .10 Dec
34 Feb
Preferred
2
87 Feb
3
Apr
2 June 12
100
412 Feb 2.
144 144
14234 144
14212 14212 14334 144
144 14412 iiift 144
279 New Eng Telep & Teleg...100 1137 Mar 9 152 May 16 1164 Jan 160 Aug
.30
3012 .30
31
2912 30 I 2912 2912 29
621 Pacific Mills
29 4
, 2912 30
44 Bent
100 29 July 18 404 Jan 3
354 Mar
•12
15
*12
15 .12
15 I .12
15
12
Plant (Thos 0). 1st pref_ 100 12 July 19 23 Jan II
•12
12
44
15
8
15 June 425 Jan
•16
1612 .16
1612 .16
1612 .16
Reece Button Hole
1612 *16
16,
2
1812 Feb
10 15 Mar 27
17 June 14 .41414 EleP^
•Ils
112 •17
8 2
134
13
4
70 Reece Folding Machine. _10
13
4
13
4 .14 2
114 Fab 24
I Mar
los Jan
214May Ii
3112 3112 32
32
32
32
3112 3112 314 32
325 Sterling Sec Corp allot ctfs___
31 June 23 37 May 21
13012 138
132 132 .133 140 .134 138
137 137
180 Swed-Amer Inv part prof..100 1233
4June 18 14212July 19 1-15 2 Jan iii" 41508
( .1112912 131
12912 13014 130 13034 1303 1303 1303 131
131 131
4
4
359 Swift & Co
4
31113 13011 Sent
100 1243 Jan
13534June 4 115
/
4
112 112
111 112
112 112 .11012 112
145 Torrington Co
112 112
112 112
Jan 96 Dec
25 90 Feb 7 125 June 16
86
314 37' 4
312 33
8 '314 33
4
4
312 4
4
4
1,790 Tower Manufacturing
93 Jan
27a Dec
s
5 .90 Mar 19
4 July 16
•181? 20
*1812 20
*1812 20
*1812 20
.1812 20
Traveller Shoe Co T C
16
Aug 2111 Nov
IS Mar 20 267 Apr 16
3
•14
1414 •14
1414 1414
1414
1414 1412 .1414 1412 14
14
80 Union Twist Drill
1413 Jan
91s Sept
5 11 Apr 12 16 May 4
5514 55
543 543
4
4 54
56
55 553
5512 55
4 55
5512 4,445 United Elee & Coal
4014 Apr 20 58 May 25
7212 7212 7212 73
7212 73
73
733
73
4 73
73
7314
1,060 United Shoe Mach Corp___ _25 63 Jan 21 77 May 15
Jan
Nov7
50
/
3
4
314 314 31
32
3114 3114 31
31
•3114 31,
3114
3112 Not
ac
825 Preferred
2 31
Jan
28
25 30,, Mar 22 32 July 3
*
194
•z94
•204
_
*94
•94
US Foreign Sec 1st Pref---- 9312June 29 101 Jan 31
83 Ma• 95 Dee
1412 14
•14
14
1314 14
41312 1412 1412 1412
310 Venezuela Holding Corp
Apr
11
all July
8 Jan 14 36 May 11
21
2112 .21
2112 .21
213 .2114 22 .
4
2112 22
Waldorf Sys Inc new 8h No par
19
Oct 2713 Feb
194 Jan 3 2714 Apr 10
.6514 67 .6514 67
.6512 67
67 67
66
67
156 Walth Watch cl B corn.No par 60 Jan
404 Jan 8112 Dee
90 Mar 27
•80
85
.80
85
85 .85
90
85
85
305 Preferred trust ctfs
Jan 88 Dee
61
100 34 June 12 OS Apr 111
.102 105 .102 105 .102 105 .102 10412 .102 10412
Prior preferred
(004 June 118 May
100 102 July 13 1064 Mar
•I412 16
*15
15
15
16
16
.15
*1514 1614
25 Walworth Company
3
174 1)es 24 4 Apr
3May 21
20 l44 July 20 183
15314 15314 15312 15312 154
15314 15314 154 154 •152 154
435 Warren Bros
6514 Jan 17934 Nov
50 z541 June 19 19212 Apr II
53 '51
53 .51
.51
53
53
533* 5118 52
53 1st preferred
Jan 70 Deo
44
50 80 Jan 3 CO Apr 14
518 5312 5312 '533 -- .5313
5312 53
4
67 2,1 preferred
•511s
Jan 72 Dec
45
50 5212 Jan 11 6014May 9
.1718 20 .1712 20
451718 1712 .1712 20
WIII & Daimler Candle corn... 1713M ay 29 18 Feb 23
*1712 20
1812 Nov
Jan
14
Mining.
114
114 *14
114
114
112 1,600 Arcadian Cons Mining Co...25
112
13
112
8
•114
114
114
1Wune 15
254J 111164
414 .4
Cs 412
44 414
4
412
412
412 .24
Arizona Commercial
820
515.24
Jan
July
5
34 Mar 11
0 Jan 3
_
•43
45
45
45
*43
*43
44
*43
44
*43
Bingham Mines
Jan
80
10 414June 28 66 Jan 4
4
22
223 23
224 23
776 Calumet dc Ueda
223
4 22
8 22
2212 "2218 223
*22
c
e
144 June -25210411-3/41:4:4
25 2014 Jan 10 254 NIay '28
1734 18,
173 18
4
4
18
1,202 Copper Range Co
s
18,
4
4
1812 173 183
18
18
18
WI May
141 Mar 14 23 May 15
:
23
234
8 23
8
212 212
ti ncock o noza atNfdnIngli
4
630 iast Buter
23
4
C iy e
212 212 •212 23
4
*212 23
2134 Jan
4
334 May 15
14 Oct
14 Feb
3
312 312
3
3
1,825
3,4
July
"23
4 314
43 July 3
3
4
3 12! *3
Apr
312
30 Mar 26
16
212 212
212 212
212 23
4
*234 4
29' Hardy Coal Co
*234 4
4. 4
*23
Dug Sept
8 Dec
212 July 3 12 Jan 14
I
Cl
112
112 "1
1 12 •.75
Helvetia
112 •1
1 14
113 .1
•1
n
65
Oct .87
13 Apr IR
4
32
25 .81 Jan 21
4
4912
51)
5012 493 493
4 49
290 Island Creek Coal
50
5012 50
Sept
5012 504 50
Feb
47
1 49 July 27 60 May 11
.105
*105
Preferred
•105
____ .105 -- •105
•105
APr
i0412 Sel" 107
1 10312June 27 10612 Apr 21
194 - - 3- _ •174 1814
1814 19,
194 1,595 Isle Royale Copper
4
18
173 18
174 1812 18
4
167. Bee
2
25 1117 Feb 28 2414May 16
g
9 July
318 .3
318
312
15 Keweenaw Copper
312
*313 352 *318 31 2 *3
25
312 *3
13 Jan 17
/
4
7 hlay 14
1 July
8 Lake Copper Co
1 14 •112 2
114
"13* 2
8 2
*152 2
"13
•112 2
Jan
25
3 May 15
80
1 Feb 24
l's
100 La Salle Copper
Us .•90
11s
3 Nov
1
1 13
60 Ma
118 '.90
-25 .75 Jan 31
•
.90 112 •.90
234June 2
112
Mason Valley Mines
112 •118
112 .114
)
3(
: 3ee
2 1
) 2
112 4114
De
70
112 *114
I May 28
5
152 .114
2 Jan 7
*132
.
1
100 Mass Consolidated
..50 .75 ...SO .75 '.50 .75
.75
..55
-.50 .55
05 Sept
25 .20 Mar 30 83 May 23
.65 .65
400 Mayflower-Old Colony
.65 .74
14 Jan
•.65 .75 '.85 .75 ..65 .75 ..65 .75
4May IS
25 May .85
25 .50 Jan 25
13
7N Mohawk
1
e
5712 574 5813
563 5712 57
52 Dee
4
58
57
34% JIM
25 454 Jan 31 65 Al,'
5712 5712 5712 59
.28
2812
New Cornelia Copper
29
.28
28
28
ns 2834 .28 2834 28 28
1813 June
5 2512 Feb 29 30 May 15
New Dominion Copper
•
.05 .25 ...05 .25 ..10 .25 ..10 .25 •.10 .2 5 _ 12 ---.10 Mar 10 .30 May 14 .03 Dee 06 Fob
New River Company prof_ _ _
60
•55
58 Nov
56
•55
56
56 .55
.55
•55
.
56
5511 Jan 4 63 Apr ,2
300 NI:Amine Mines
37
8
37
5
75 I. eb
104 F-e
6 Aug
34 34
4
33
4 •312 334
8July 21
312 34
33
3 4 33
4 33
3
5
57 Jae 3
8
7,150 North Butte Mining
314
3
3 2 .144n
11 ,116
/
4
3
318 314
318 314
3
50 Jun
3
31 4
3
3 14
14
414 July 11
3
10 90 Jan 6
112
1
1
13 0,11bway Mining
+.1
Or
•1
40
112 •1
112 *1
112 .1
3 May 13
112
25 .60 Feb 24
Apr
16
1514 1514
94 On
1512 la
15 1534 15,2 16 *1514 1534 154 154 1,335 Old Dominion Co
25
9 Mar 8 17 July 10
1813 Ala
Jan
Pd Cr'k Pocahontas Co No par
15
11
_
•12
•12
15
*12
15
15
•12
.12
15
174Nlay 1
12 Jan
194 Apr
39
- -2,995 Quincy
1314 July
39
38
3914
3812 39
40
38
40
124 Apr 18 46 July 5
3812 393
8 39
25
1812 June 32 Dee
29
29
630 St Mary's Mineral Land_ __AS 214 Mar 27 3414Ntay 15
*47
•2812 29
28
29
28
2914 .1284 29 .28
15 May 63 Dee
.35 .35
50 Shannon
..33 .45 •.33 .45 ..33 .45 . .30 .50 •.30 .50
1
.
10 25 Mar 8 .70 May 14
60 Sept
Superior & Boston Copper_ _10 15 Mar 12 .75 May 16
15 Ma
• 30 .50 •.30 .50 ..30 .50 ..30 .50 '.30 .50
•33
4
34
74 Feb
140 Utah-Apex Mining
44 July
3
*237
8 4
4
4
34July 25
*133
4 4
514 Jan 4
5
3
.133
4 4
34 34
70
2 Feb
78 00
930 Utah Metal & Tunnel
t'4', 13
4
111 Feb 28
114
1,
4
3
114
14
114
114
114
114
1
lit
1 Feb 9
114
2 Aug
Victoria
60 July
3May 23
'al's
17
112 *a14
112 *al3
s
112 •14
153 • 13
2
14
25 .95 Apr 12
ns M.
Jun.
Winona
20
25 '.20
.25
_
25 '.20
25 •20 .25
25 10 Feb 7 215 May 15
.
• Bid and asked price., no sales on thls day. a Armament paid. S Ex-stook dividend. e New stock. z Ex-dividend.
Ex-rights. z End vldend arid rights.




iffic,

531

FINANCIAL CHRONICLE

JULY 28 1928.1

Outside Stock Exchanges.
Sales
Friday
fart Week's Range for
Week.
ofPrices.
Sale
Stocks (Concluded) Par Price. Low. High. Shares.

-Transactions in bonds at Boston
Boston Bond Record.
Stock Exchange, July 21 to July 27, both inclusive:
Friday
Last Week's Range Sales
for
of Prices.
Sate
Price. Low. High. Week.

Bonds
Amoakeag Mfg 6s. -1948
Chic Jet Ry & USY 45 1940
.1940
5s
East Mass Street RR
1948
430 series A
Gannett Cc, Inc 88._ _ _1943
1937
Hood Rubber 75
K CM & 13 55 income _1934
Mass Cas Co 5348. _ _1946
Sioux City Gas & il 53050
1944
Swift & Co 51)
Western Tel & Tel 53_1932

Range Since Jan. 1.

101

67
99%
100
9734
103
103
103
102
10034 100
66

100

High.

Low.

July 95% Jan
Jaz 9434 June
July 103)4 Jan

8
S13.000
89
88
1,000 90
90% 9035
101 10134 11,000 101

88

12,000 66
67
99%
5,000 9935
7,000 100
100
0734 18,000 9734
1,000 103
103
1,000 102
103
102
1.000 10135
100% 14,000 100

July
July
July
July
July
Jun
Jun
July

79
99%
103)4
10034
10535
104
103
103

Apr
July
Jan
Feb
May
June
Jan
Jan

Stocks-

sales
Friday
Last Week's Range for
ofPrices.
Week.
Sale
par. pries. Low. High. Shares.

•
74
7534
American Stores
Bell Tel Co of Pa pref _ _100 11534 115 1153-4
58
5874
Blauners All ctf
9
9
Bornot Inc
18% 1935
•
Budd (E (3) Mfg Co
50
42
48
Preferred
..... 28% 29
Camden Fire Insurance_ _ _.
51
52
C,onsol Traction of N .1.100
234 23-4
Cramp Ship & Eng_ _100
7734 77%
Electric Storage Battery100
8
8
8
Fairm't Pk Trans com_ _•
10 4934 4634 50
Fire Association
Horn & Harden (N Y)
55
55
•
common
7134 73
Insurance Co of N A.__ _10
534 534
Lake Superior Corp_ _100
136 136
50 136
Lehigh Coal & Nay
10 2534 2534 2534
Lit Brothers
41
41
Llt Schuylkill N.RR az C50 41
59)) 5934
Manure° Cas Ins
534 634
Mark (Louis) Shoes, Inc..'
86 15 8634
Northern Central Ity___50
2534 25))
North East Power Co__ *
Penn Cent L & P curn pref•
50
Pennsylvania RR
Pennsylvania Salt Mfg...50 94
Phila Co (Pitts) 5% p1.50
Phila Dairy Prod pref
25
Phila Elec of Pa
25 2935
Phila Elcc Pow Ms
.
Phila Rap 'Fran 7% Pi _50 5034
Philadelphia Traction. _ _50 5934
10 2534
Reliance Insurance
Sentry Safety Contr...... _ ._ _ _
Shreve El Dorado Pipe L 25 2934
• 49
Scott Paper Co
11
Preferred B
Stanley Coot America__' 40
13th & 15th Sts Pass Rys 50
1
Tono-Belmont Devel _ _ _ I
1
434
Tonopah Mining
Trans 011
50 3974
Union Traction
United Gas improv't_ _50 137))
United Lt & Pr "A" corn.•
U S Dairy Prod 1st pre_ _• 97
Victory Insurance Co__ _10
Victor Talking Mach corn •
West Jersey & Stash RR 50 34
50
Westmoreland Coal
50
York Rye pref
Rights
Ins Co of N A

734

Bonds
Flee & Peoples tr Mrs 45'45
Ctrs of deposit
Inter-State Rye coll tr 4s43 4834
Keystone Teiep let 5s.'35
Market St Elm' 1st 45_1955
Phlla Co 55
1967
Phila Elea int,
let 434% series_ .._ _1067
1966
151 5,
let lien & ref 530-1053
Phila Flee Pow 5345..1972
Strawbridge & Cloth 55'48
1937 ..
York Ry5 ist 55

Range Since Jan. I.
High.

Low,

4,931 64
Jan 7734
83 11434 July 118
311 58 June 60
100
834 June 14
1,425 18
July 33
484 42
July 73
1,700 2734 Jan 4934
50 51
July 6234
135 Feb
14
400
80 693) Jan 85
8
1155
25
July
8.300 4634 July 85

25 52
Feb 64
Mar
800 7134 July 10434 May
3 June
934 May
200
200 105)) Feb 154 June
200 2234 Jan 2934 June
16 4034 July 45
Feb
300 27)) Jan 6435 June
500
July 2234 Jan
3
May
50 8635 July 00
200 2034 Mar 3034 May

79
82
78
6354 6431 2.900
20
94
94
49
10
49
20
9234 9234
100
6334 6534
1,200
2834 2934
700
5034 5034
173
5834 5935
30
2534 2534
1435 1534 1,400
600
2934
29
410
4534 4934
50
15
15
3834 4134 5,224
5
15934 15934
1
,
1 le
800
434 401 a 3,600
100
734 734
3934 4034
1,300
132 13734 12,800
25
3,100
26
97
6
97
25
251i
600
9034 9234 1,500
3334 34
625
45
45
100
4134 4134
35

July
78
6134 June
92
Jan
46
Ma
90
Mar
5534 Jan
22
Jan
Apr
50
June
57
25 June
1334 July
18
Mar
4035 May
15
July
3034 May
15934 July
% July
434 Jan
734 July
3734 Jan
1143.4 Jan
1534 Feb
Jan
87
25
July
Jan
63
3334 July
443.4 July
41)) July

734

834 18,100

734 July

55
50
4834
95
88
0735

58 $15,700
58
600
49
11,000
10,000
95
1.000
88
9735
1,004>

9854
105
106
105
10034
98

July
Mar
May
May
Jan
Mar
May
May
Jan
May
May
Apr

55
50
4834
9434
88
9734

Mar
82
Apr
72
10934 Jan
49
July
943-4 Apr
7434 May
3034 June
523.4 Apr
64
May
3734 Jan
1834 July
May
32
6034 May
15
July
5434 Mar
Apr
173
2
Jan
July
5
734 July
46
May
14935 May
2734 July
May
98
Jan
34
104% May
3934 Jan
5134 Jan
Apr
45
10

June

May
June 66
July
July 58
Jan
July
52
Jan
June 96
Jan
July 92
July 101,35 Apr

99
6,000 9834
105% 2,100 104
106
1.000 106
105
40,000 105
101
20,00
991-4
9,000 98
98

July
July
Mar
June
June
July

106
10934
10734
108
101
10034

Mar
Apr
June
May
July
July

•No par value.

-Record of transactions at
Baltimore Stock Exchange.
Baltimore Stock Exchange, July 21 to July 27, both inclusive, compiled from official sales lists:

Stocks-

Friday
Sales
Lou
Week's Range for
ofPrices.
Sale
Week.
Par Price. Low. High Shares.

Amer Wholesale pref...100
• 3935
Arundel Corp
Atlantic Coast L(Conn)_50 170
Baltimore Trust Co_ -.50 164%
100
Baltimore Tube
100 45
Preferred
(I) & Sons pref.25
Bonesch
•
Black Jr Decker corn
Ches& Po Tel of Halt pf100
• 30
Commercial Credit. _ .
25
Preferred
25
B
Preferred
100
634% 1st pref
Congo! Gas E I. & Pow. _ _• 81
6% preferred ser D _.100
5% pref series A....100 102
Consolidation Coal._ _100 27%
Dolton Tire & [tubber...'
Drovers & Mesh Bank _100
• 27
Eastern Rolling Mill
.
Equitable Trust Co_ _ _25 9934
Farmers & Merch Bank _40 87
50
Fidelity & Deposit
• 10%
Finance Coot Amer "A".
• 10%
Series B_
Finance Service corn A_ _10




106 10935
37% 401(
166 170
164% 169
103) 11
45
45
27
27
27% 2734
113% 11335
30%
30
24% 25
25
25
88
4
88 3
7834 81%
11034 110))
102 l024
2734 2734
6
5
410 410
26% 2734
99% 100
87
85
275 275
1034 1034
10% 1034
173.4 1734

55
2,318
113
65
23
40
121
35
4
180
11
5
15
1,149
10
263
205
110
63
535
50
30
5
330
650
40

Range Since Jan. 1.
Low,
10414
.531
3
166
158 34
1054
32
2634
24
113
21%
23
23
88
67%
109 34
100
25%
5
400
2434
09%
77
260
10%
1034
1634

Mar
July
July
Mar
July
Jan
Apr
Jan
Apr
Mar
Jan
Feb
July
June
Jan
June
June
June
Feb
Mar
July
Feb
June
July
May
Jan

High.
109t
51%
212
225
10%
50
273-4
3434
11734
35
2634
4
27 3
95%
93
114%
105%
33%
1934
416
29%
128
95
326
11%
1134
2034

July
May
Jan
May
July
July
Jan
Apr
Jan
May
June
May
May
Apr
May
Mar
Jan
June
July
May
Apr
June
May
May
May
Feb

Low.

High.

63
62
26
26
19% 20
183( 18%
156 158
157
460 460
45%
45
26
25
15%
14
14
60
60
17
16
15
85
83% 83

300 6134
109 2534
256 193(
21 18%
53 156
6 460
182 45
226 25
150 14
10 60
48 16
81 83

July 64
Mar 29
July 26
July 203(
July 195
June 470
June 50
Jan 27
July 21%
July 85
July 22
July 97%

July
June
June
Mar
May
June
May
Jan
Jan
Jan
June
May

270 271
Nat Bank of Baltimore_106
73
72
New Amsterdam Cas Co 10
88
88
Central Ry.. _50
Northern
24%
24
Silica Gel Corp corn v t- -•
35
35
Southern Bankers Sec corn.
95
95
Preferred
52
52
Un Porto Rican Sugar corn*
57
55
•
Preferred
143)
50 14% 12
United Rye & Elec
420 424
U S Fidelity & Guar_ _ _ _50 420
1034 1034
1034
Wash Bait & AnnapolL5.50
94% 9434
West 111d Dairy Inc corn.•
50 54.% 543) 54%
Prior preferred

18 270
203 71
41 88
435 17
35
95
25 38%
40 48%
1,404 12
35 34834
100 10%
4 5434
40 5234

July 286
Feb 8335
Jan 90%
Mar 28%
July 35
July 95
Mar 72
Mar 72
Apr 2034
Jan 475
July 18
June 100
Jan 5534

Jan
May
Mar
Apr
July
July
May
May
Jan
May
Feb
J11114t
Jan

9934 9934 $1,000 99% July 103%
9935 9934 1,000 98 June 10334
993) 9934 5.000 9934 July 103
90% 90% 5,000 90 June 93
112 112% $3,000 10634 Jan 127
May 101
9834 9834 5.000 97
Jan 101
10,000 94
94
94
July 10334
7.000 99
99
99
99% July 9934
4,000
9934 9934
July 98%
93% 9335 1,000 93
July 99%
1.000 98
98
98
July 10135
101 101% 9,000 101
Jan 101%
1,000 100
100 100
July 99%
1,000 93
93
93
July 100
2,000 97
97
97
Mar 10634
2,000 101
10134 102

Feb
Feb
Jan
Jan
Apr
Feb
Feb
Apr
July
Jan
Mar
July
Mar
June
June
May

Feb 106%
July 75
Jan 55
July 84)4
May 9934
July 98
July 90

May
Jan
Jan

First Nat Bank w I
Mfrs Finance corn v t_.25
25
let preferred
25
2d preferred
Maryland Casualty Co._25
..50
Mercantile Trust Co..
Merch & Miners Transp_ •
Monon W Penn PS pref _25
•
Mortgage Security com-100
2d preferred
Mt V-W'db'y Mills v t_100
100
Preferred

-Record of transactions
Philadelphia Stock Exchange.
at Philadelphia Stock Exchange, July 21 to July 2 , both
inclusive, compiled from official sales lists:

Range Since Jan. I.

62

Bonds
Baltimore City bonds
1962
4s Conduit
..1957
4s Engine House.
195I
45 Paving Loan_
3345 New Sewer_ __ _1080
Black & Ilecker 6345_ _1937
Commercial Credit 65_1934
1935
530
C,onsol Gas ten 4 48. _1954
Crown Cork & Seal 65
Elkhorn Coal Corp 6345'31
Bendier Creamery 63.1946
1938
Houston 011530
Lord Bait Hotel6 As_ _1945
Md El By Istarrof 6349 A'57
North Ave Market 65_1940
1932
Silica Gel 6348
Un Porto Iticao Sugar
1937
6 34% notes
United ley & F. 1st 49.1949
1949
Income 45
1936
Funding 54
1930
6% notes
1049
1st 138
Wash Bait & Annap 5s '41

9934

100%
68%
50
7435
96
89% 89%
83
83

6854
50

100% 3.000
14,000
69
5034 22,000
1,100
75
3.000
96
9035 14,000
9,000
83

99
68%
50
73%
9534
89%
82%

Jan

Jan
Jan
Jan

• No par value.

-Record of transactions
Cincinnati Stock Exchange.
at Cincinnati Stock Exchange, July 21 to July 27, both
inclusive, compiled from official sales lists:
sua

.ast
7 u Week's Range
Prices.

Stocks-

of
Sale
Par, Price, Low.

High.

Low.

2434 June
1634 July
Jan
114
Jan
120
1834 Mar
Jan
49
1436 Mar
Jan
4
803.4 APr
3354 Jan
10034 May
109 June
May
121
Jan
55
May
128
API
56
May
55
55 June
10534 Ain
106
July
5835 July
4234 Jum

22 June
1634 July
Jan
96
87 June
Feb
11
1754 Jan
July
11
254 June
40 June
July
29
9734 Feb
9734 Feb
803-4 July
45% Jan
1003.5 June
July
36
36% Apr
Feb
25
July
97
Jan
102
5834 July
May
34

17
1736
31%
31
176 17974
24
23
24
100 100
457.4 4634
8834 8834 8834
98
98
98
48
4734 48
114% 11434 11434
100 100
633.4 5934 63%
4135 42
42
98
9854
104 104
39
39
30
28
28
98 105
103
28
28
136 13834
1934 1934
72
69
69
30
30
3834 3634
111 11134

1,912
160
10
382
10
159
85
10
58
5
4
683
543
60
5
10
1,249
300
10
83
44
60
150
10
152

1534
31
90
2034
88
43
8834
98
46
11434
99
4434
4135
98
100
3734
26
70
2534
100
1634
65
26
323-4
10934

Mar 2434
July 32
Jan 180
Mar 26
July 100
Jan 5034
July 9534
Jan 101
July 5434
Feb116
Jan 109
Jan 6334
July 4534
July 100
Jan 108
July 4334
Feb 5534
Jan 105
Feb 2945
Apr 146
Feb 2054
Mar 82
Jan 45
June 48
June 115

Jar
July
July
Pet
July
May
Jo.!
Pet
Pet
Pet
Pet
July
Juni
Juni
Mal
Ma
Jaz
July
Ma
Jtlai
Mal
Jay
Mc
Ap
Ap

1434 1634
26434 276
112 11334
99
99
113 113
10134 10134
200 200
72
63
100 10035
100 100
114 114
21314 2634
11235 11335
72
71
102 102
8
834
71
70
9034
90
10834 10834
23% 2335

1,471
606
124
84
6
25
10
927
30
10
9
128
59
105
38
225
89
269
15
472

935
249
96%
9635
111
100
172
3434
99
97
114
2634
1123.5
64
9634
534
45
60
105%
2334

Apr
Jan
Jan
Jan
May
Apr
Jan
Feb
May
June
July
July
July
Feb
Feb
Feb
Mar
Jan
May
July

1634
300
113
10034
11534
101%
200
72
103
10634
117
26)(
132
8334
102
934
7234
135
11
2334

July
May
Jul:
Alt
Ma:
Jun,
Fel
July
Ap
Ap
Jul:
Jul:
Jai
Jai
Jar
Ap
Jul:
Ma:
Jai
Jul,

Ahrens Fox"A"
"B"
Amer Laund Mach com_25
Amer Roiling Mill cam_ _25
Amer Thermos Rot"A" •
• 21%
Buckeye Incubator
• 1134
Burger Bros
3
& Ftetrig "A"20
Cent Ware
Churngoid Corporation_ -•
50 2934
Cin Car Co
100 99
Cin Gas & Flee
C N & C Lt & Tr corn_ _100 100
100 81
Preferred
50 5134
CM Street RY
50 105
CM & Sub Tel
CM Union Stock Yards_100
City Ice & Fuel
: 4
834
Crosley Radlo
Cooper Corp new pref _ _100 98
Crown Overall pref_ ---100
30 5834
Dixie Ice Cream
Dow Drug common_ _100

2254
22
1634 1634
98
96
8834 92
1634 1734
20
2134
1134
11
3
3
4334 4434
2934 30
9934
99
100 100
81
81
5134
51
10434 105
3634
38
5234
52
4734 49
98
98
106 106
5834
5834
40
40

1734
31

Paragon Refining com__25 1634
Procter & Gamble corn. 20 266
100 11234
6% preferred
101)
Pure Oil 6% pref
100
8% preferred
• 10134
Queen City Pete
Richardson common
72
Rapid Electro
• 100
Rollman pref
•
Sabha Robbins
Sparks With pref
United Milk Crate A
10 11254
U S Playing Card
US Print & Litho com_100 72
100
Preferred
•
II 8 Shoe common
100
Preferred
Vulcan Last common_100
100
Preferred
______. 2334
....
_New
• No par value.

Range Since Jan. 1.

15
10
974
547
550
374
80
200
232
165
389
10
2
180
113
60
124
1,836
20
28
5
88

22
1634
9734
90

Eagle-Picher Lead com_20
Egry Reg "A"
Fenton United common 100
•
Formica Insulation
-Bauer pref.100
French Bros
•
Gibson Art common
Globe Wernicke cam_ _100
100
Preferred
Gruen Watch common_ _.•
100
Preferred
Hatfield Campbell pref_100
•
Hobart Mfg
•
International Ink
•
Int Ptg Ink pref
Kahn 1st preferred_ _ _ _100
40
Participating
*
Kodel Radio"A"
10
Kroger common
•
Lunkenheimer
Nash(A) -....-, - -100
.
•
McLaren Cons"A"
Mead Pulp common
•
Meteor Motor
National Pump
100
Ohio Bell Tel pref

for
Week.
High. Shares.

854

532

FINANCIAL CHRONICLE

[VOL. 127.

Cleveland Stock Exchange.
-Record of transactions at
Chicago Stock Exchange.
-Record of transactions at
Cleveland Stock Exchange, July 21 to July 27, both in- Chicago Stock Exchange,
July 21 to July 27, both inclusive
clusive, compiled from official sales lists:
compiled from official sales lists:
'
,may
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low, High. Shares,

Stocks-

Aetna Rubber corn
*
184 184
Allen Ind
*
1035 1114
Preferred
31
31
Amer Mulagraph corn_ _ _* 31
3014 31
Amer Ship Bldg com_ _ _100 94
94
94
Bessemer Limest & C corn • 35
344 35
Bond Stores B
*
55
%
Byers Machine A
*
24
25
Central Alloy Steel pf--100
11034 11054
City Ice & Fuel corn
• 52
52
52
Clev Bldrs Sup & Br com_* 28
28
28
Cleveland-Cliffs Iron corn • 106
106 106
Ciev Elect Ilium pref. _100
110 110
Cleveland Ry coca
100
ung 103
Clev Securities P L pref_10
235
2
255
Cleveland Trust
100
364 365
Clev Union Stkyds corn 100
2555 2555
Clev Worsted Mills com100 20
20
21
Dow Chemical pref__ _100
105 105
Elec Contr & Mfg corn_ __•
62
62
Falls Rubber cons
*
7
7
Preferred
25 15
15
15
Faultless Rubber com* 31
31
31
Firestone Tire & B. com_10
174 185
7% preferred
100 10955 10934 110
Foote-Burt A
•
41
41
Preferred
100 95
95
95
Gerd Tire & Rub corn _25 170
170 170
Preferred
100
95
9634
Glidden pr pref
100
100 101
Grasselli Chemical com_100 49
49
48
Preferred
100 10931 10934 10954
Greif Bros Coop'ge corn _ •
41
41
Guardian Trust
100
430 430

280
780
200
695
75
110
600
50
27
1,274
120
326
285
116
73
57
103
350
20
25
50
312
150
42
236
15
72
30
130
39
653
126
10
24

Range Since Jan. 1.
Low.
18
July
1014 July
30
July
2614 Jan
94
July
334 June
4 Jan
23
July
1094 Jan
3635 Feb
28
June
104
Jan
110 June
102
May
134 July
359
Jan
2534 July
20
July
10434
5434
434
15
30
168
10834
25
80
165
95
96
47
10555
39
390

Harris-Seyb-Potter com_* 22
20
22
India Tire & Rubber com_* 3414 3434 36
Interlake Steamship corn_•
135 135
Jaeger Machine coin
*
36
364
Kaynee corn
• 30
30
33
Kelley Isl L & T corn_ _100
54
54
Lemur common
* 33
324 34
isuisee Ag & Co
• 4055 40
4055
Metrop Pay Brick com_ •
474 48
Preferred
ioo
1084 1084
Miller Rubber pref__100 78
78
80
Mohawk Rubber corn
* 130
130 140
Preferred
ies0
89
8914
Miller Drug
• 28
26
28
Myers Pump
''
36
36

175 10
1,010 18
26 123
165 2834
880 30
59 4934
1,135 27
125 40
129 3114
10 10414
162 70
560 2954
35 55
500 24
180 33

National Acme common.10
1354 1314
National Refining com_ _25 _35
35
35
National Tile common_ *
32
32
Ohio Bell Telep pret_ _ _100
111 1114
Ohio Brass "B"
• 90
90
9014
Preferred
100
10514 10514
Ohio Seamless Tube corn * 4855 48
4814
Preferred
100
101 101

100
755
15 35
50 264
44 109
376 90
50 10514
516 38
10 99

Packard Eleo
•
Paragon Refining eons_ _25
Richman Bros common_.
Selby Shoe
•
Seiberling Rubbercom- *
Preferred
1
Sherwin-Williams com_25
Preferred
100
Sparks-Withington pfd.100
Stand Textile Prod B pf 100
•
Stearns Motor corn
Steel & Tubes
25

60

82
16
280
42
45

64
82
144 1614
277 280
4114 42
414 45
104 105
78
78
80
10755 1074 10714
115
107 115
31
31
5
5
554
120
115 120

Telling-Belle Vernon core _• 51
51
51
Thompson Prod corn_ _100
32
33
Preferred
100 10214 10214 10255
Trumbull-Cliffs Furn pf100
103 103
Trumbull Steel Common..
10% 1035
1014
Union Metal Mfg com_ •
43
43
Union Trust
100
285 287
Wood Chem
. 25
25
2514
Bonds
City Ice & Fuel 13s_ _ _ _1933
Cleveland Ry 5s
1931
Cleve & Sand Brew 63_1948

High.

May
Jan
Feb
Apr
July
June
Feb
Feb
Feb
Mar
July
Jan
July
Feb
July
Jan

27
1714
37
33
11714
3714
134
40
112
5434
31
120
115
109
334
400
2755
30

Jan
May
Feb
May
Jan
Jan
May
Jan
Mar
May
Feb
Mar
May
Mar
Apr
Mar
Apr
Mar

107
Feb
66
May
1234 May
1634 Apr
394 Jan
232
Jan
11154 Jan
41
July
95
July
190
Jan
103
Mar
102 June
50
July
111
Apr
4535 May
465
Mar

June 24
Feb 45
Feb 135
Jan 38
July 4355
Apr 553.4
Mar 35
July 45
Jan 49
Jan 1084
May 98
Jan 165
Jan 90
July 28
Feb 4334

Jan
Apr
July
May
May
Jan
Mar
Apr
May
July
Jan
May
June
July
Apr

Jan
Apr
June
June
July
July
Mar
Feb

1934
39
354
1144
10055
10814
4855
101

May
Jan
Jan
Apr
Mar
June
July
July

Jan
Jan
Feb
Feb
Feb
Feb
Feb
May
July
June
Mar
Jan

82
1654
293
45
50
10714
80
10914
11514
35
8
120

July
July
May
Feb
May
May
June
Mar
July
May
Apr
July

80 45
Feb 544
50 22
Feb 44
24 1014 Mar 10255
207 10055 July 106
69
9
July 13
20 424 June 4814
40 285
Jan 305
215 25
Mar 274

Apr
May
July
Mar
Feb
May
May
May

975
4,174
385
1,250
1,018
88
245
125
412
10
460
1,217

47
934
258
40
3334
103
6514
106
107
2914
3
53

101 101
$1,500
10054 1004 3,000 100
1014 10114 6,000 101

May 101
Feb
Feb mg May

value.
Pittsburgh Stock Exchange.
-Record of transactions
at Pittsburgh Stock Exchange, July 21 to July 27, both
inclusive, compiled from official sales lists:
•No par

Stocks-

rrsaay
atru4
Last Week's Range for
Sale
ofPrices.
Week.
Far. Price. Low. High. Shares.

Am Vitrified Prod, com_50
Am W GI Mach, Com.100
Arkansas Gas Corp. corn..•
10
Preferred
Armstrong Cork Co
50
Bank of Pittsburgh
25
Blaw-Knox Co
Carnegie Metals Co
25
Consolidated Ice, pref_ _ _50
Devonian Oil
10
Diamond Nat Bank_ _100
First Nat Bank
100
Horne (Joseph) Co
•
Preferred
Lone Star Gas
25
McKinney Mfg, com_
*
Marine Nat Bank
100
Nat Fireproofing, com_50
Preferred
50
Penn Federal Corp,com_ •
Pittsburgh Brew,com_ _50
50
Preferred
Pittsburgh Oil& Gas
5
Pittsburgh Plate Glass_100
Pitts Screw & Bolt Corp_ •
Stand Sanit Mfg, corn w L
Preferred
100
Suburban Electric
United Engine & Fdy,com*
Waverly Oil Wks, cl "A" •
West Penn Rya, pref_ _ _100
Worthlon Ball Bear A...25

18
214
5614
220
1814
2714
367
40
5214

18

354
232

Ism
10214

20
19
18
18
214 3
755 74
5614 5614
220 224
103 10314
184 184
2714
27
7
7
501 501
365 367
40
40
104 105
5214 54
13
13
163 163
64 7
18
18
74 754
44 414
935 935
334 354
230 235
524 5214
3855
38
128 128
1814 19
4314 44
33
33
10214 10214
23
23

25
100
3.565
1,966
160
21
185
2.790
49.5
100
28
69
100
80
1,428
50
10
275
95
95
25
10
1,100
95
40
60
25
750
370
40
10
10

Range Since Jan. 1.
Low.

High,

19
July 25
Jan
16
Feb 2534 Mar
255 May
4
May
64 May,
74 June
5655 June 67
Mar
180
Jan 249
Jan
91
Jan 108 June
1635 Jan 2714 Mar
23 June 30
Jan
7
Mar 10
Jan
501
July 501
July
345
Feb 367
July
3834 June 41
June
104
July 105
July
4814 Apr 58
Apr
13
July
134 July
163
July 163
July
10
63-4 Feb
Mar
18 June 24
Mar
855 Apr
674 Apr
234 Apr
Jan
5
Jan
714 Apr 10
34 Jan
Jan
4
Jan
210
Jan 240
4814 Feb 5954 Mar
Mar 4255 Mar
33
Jan 130 June
124
July
19
1814 July
Jan
4214 June 61
Feb
3055 Apr 43
June 1034 June
101
Apr
July 26
23

Bonds.
91.tahltpt. Ownevirter ita 1010

• No par value.




GAIL

OA tZ

at AAA

OA

A nr

08

Jan

Friday
Sales
Last Week's Range for
Sale
ofPrices.
Treek.
Stocks
-Par.Price. Low. High. Shares.
Acme Steel Co
25
Adams Royalty Co com_ *
All-Amer Mchawk "A"5
American Colortype. corn •
Am Fur Mart Bldg pref 100
Amer Pub Serv oref _ 100
Amer Pub Util pr pfd.100
Part preferred
100
American Shipbuilding.100
Amer States Sec Corp A_ _•
Class B
•
Warrants
Armour & Co pref
100
Armour & Co(Del) pf 100
Art Metal Wks Inc preL _•
Assoc Investment Co_.
Atlas Stores Corp corn___•
Auburn Auto Co cons_ _ .•
Balaban & Katz v t c _ _25
Bastian Blessing Co com.•
Baxter Laundries Inc A._*
Beatrice creamerY com-50
Bend,x Corp
Class B
10
Borg Warner Corp com_10
Brach & Sons(E J)
Butler Brothers
20
Cam p b Wyant & Can Fdy•
Castle & Co (A M).
10
Celotex Co corn
•
Preferred
100
Central Gas & El
$7 preferred
Central III Pub Serv pref.,
Cent Ind Pr pt
100
Certificetes of deposit100
Cent Pub Serv Del
•
Central Pub Serv Corp At
Central 8 W Util corn_ _•
Prior lieu pref
•
Preferred
•
Chic City & Con. Ry
Participation pref
•
Chic Rap Tr pr pf A_ _100
Ch.ckash a Cotton 011...10
Chic No Sh & Mil corn_100
Prior lien preferred _ _100
Preferred
100
Chicago Rys part ette_100
Club Alum Uten Co ___•
Coleman Lamp & St com_•
Commonwealth Edison.100
Consumers Co common...5
Preferred
100
Warrants
Crane Co common
25
Preferred
100
Cutler-Hammer Mfg Co
Common
100
Davis Indus Inc "A"
•
Warrants
Dayton Rub Mfg A com.•
Prior common
•
Preferred
100
Decker (Alf) & Cohn lne_•
Preferred
100
El Household Util Corp. 10
Empire G&F Co 7% p1_100
6% preferred
100
63-4% preferred
100
8% preferred
100
Foote Bros0 Jr M Co-- _5
Galesburg Coulter-Diso__•
Godchaux Sugar, Inc. el B•
Gossard Co (H W)corn..•
Great Lakes D & D,.100
Greif Bros Ccop'ge A corn •
Grigsby-Grunow Co com_•
Hart-Carter Co cony pf....•
Hartford Times, part pref•
Henney Motor Co
•
Preferred
•
Ilibbard8penBartCocom25

9255

97%
10055
95
1055
14
435
86
9354
34%
3655
34

157
90
24

90
9234
20
2055
1515 1535
29
29
9755 100
10055 101
99
99
93% 9355
94% 95
1054 10)4
1334 1434
4
454
86
87
9355 9414
30
35
3955 393(
354 37
108 108
63
64%
3315 34
2455 25
67% 67%
154
87
2055
2355

4755
47%
53
8254

99%
97%
99
98
113
2954 294
81
10434
101
100%

99%
974
99
98
18
294
82
10554
101

15
101
47
20
07
53
53
18
29
28%
5734 57
18255
183
12
12
95
5%
555
4554
4514
121

15%
10144
42
20
99
57
18
20
57%
184
1234
95
5%
4555
121

9734

5034
20

5254 5234

47
3034
24
100
97%
9934
244
6955
14%
5355
285
111
34
2514
49

334
423.4
2534
32
44
3954

High.
Apr
96
28% Apr
1855 June
3334 May
101
Feb
104
June
103
June
101
July
11755 Jan
13% May
17% May
64 May
9155 June
9755 June
July
35
40
May
July
37
14134 Mar
Mar
82
4055 June
Apr
32
June
72

960
215
180
35

35
4234
49
80

June
Feb
Feb
Feb

53
53%
69
88

May
May
May
Apr

10 94%
227 97%
35 95
40 95
30 1534
456 20%
270 76
255 10234
268 9954

June
July
Jan
Jan
Apr
Jan
Jan
July
Jan

104%
10054
101%
101%
20
2955
98
112
105%

May
Apr
May
May
May
July
May
May
Jan

200 1235 Apr 2254
114 1004 Jan 10255
5,900 45 June 56
57 20
Mar 44
125 93% July 100
451 53
July 65
42 12
Feb
18
1,650 28 June 39
250 5634 July 66
743 165
Jan 189
750
1634
754 Jan
10 87
Jan 0844
354 Feb 104
50
209 45
Max 4734
10 119
Jan 12155

Jan
Jan
July

Jan
Apr
Jan
July
Jan
May
Feb
Apt
Apr

Ayr

Jan
July

4855 Mar

5955 Apr

1355 1414
850 1335 July
34
154
1,710
34 June
44
161 35 June
47
80
70
142 70
July
70
20 70
July
773.4
990 25
3014 3034
Feb
110 110
10 110
May
22% 24
1,660 1354 Jan
100 100%
438 99
Feb
971( 98
234 9754 July
99% 99%
135 983-5 June
11155 111%
26 10834 Feb
231( 24%
825 1834 Jan
69
71
1.830 4754 Jan
1334 16
15.000
Jan
3
53
54
1,780 43
Jan
280 295
45 245
Jan
40
40
10 39
Apr
10055 113
7.810 64
Mar
33
22.870 294 June
36
43% 4351
100 394 Feb
2,550 12
24
Feb
26
49
350 4254 Feb
49
58
67 58
July
69

1754 June
I% July
59
may
May
90
May
95
May
34
11054 June
June
27
May
105
July
99
101% May
11344 May
30
May
75
May
16
Jul)
Apt
62
May
345
Apr
45
113
July
3834 June
464 API'
2634 June
50
May
Jan
70

Illinois Brick Co
25 394 39% 40
Illinois Nor 1411 pref_ b00
100 100
Inland WI & Cable corn, 10 49
4754 49
Kalamazoo Stove corn_ _• 114
11255 11514
Kellogg Switehbd com_ _10
9
954
Preferred
100
80
80
Kentucky Util Jr cum p1_50
54
54
Keystone St & WI com_100 47
45
474
Kimberly Clark Corp,com•
52
52
Kraft-Phen Cheese, corn 25 66% 64
66%
La Salle Ext Univ com_ _10
335 4
loath & Co com
•
1434 1434
Cumulative preferred_ •
52
Libby McNeill & Libby _10 10% 5134 10%
1034
Lion Oil Ref Co coin
• 2854 2734 29
Loudon Packing Co
•
3255 34
McCord Had Mfg A_
•
42% 4235
Meadow Mfg Co cons_
•
1635 1756
Preferred
50
49
49
Metro Ind Co ett of dep.* 10131 1
0034 10154
Middle West Utilities. _ _• 145
1424 145
Preferred
100 11755 11735 11854
$6 cum preferred
• 9735 9634 0755
$6 cum prior lien
•
10155 102
Prior lien preferred _ -100
1234 12455
Midland Steel Prod com_ •
88
90
Midland Ut116% pr lien100
93
94
Preferred 7% "A" -100
9814 101%
Miller & Hart Inc cony pt.' 52% 52
5255
Minneap Honeywell Reg.. 36% 36% 3654
Preferred
100 102
102 102
Miss Vail 4.46 pr lien pret
• 9455 93
9434
Modine Mfg corn
• 35
35
3655
Monighan Mtit Corp A
• 28% 27
30
Monsanto Chem Works * 56
55% 56%
Morgan lithograph eorn.• 7454 68
75
Morser Leather Corp corn •
2735 275S
Nachman Springfilled corn* 30% 30
3154
Nat Elec Power A part-•
National Leather corn -10
Nat Standard com
•
Neve Drug Stores
Convertible "A"
•
Nobblitt-Sparks Ind corns
North American Car com..•
Northwest Eng Co corn -•
North West Utll pr In pf100

Low.
Jan
83
19 June
15 June
2335 Feb
June
97
973-5 Mar
9334 July
93% June
94% July
Jan
4
4% Jan
A Jan
66% Jan
Jan
87
28 June
Jan
36
June
27
June
108
59% Jan
Feb
24
21
June
64 June

15755 6.550 106
May 15935 July
91
19,785 70 June 94
June
265 164 Jan 224 May
20%
24
Apr 28% May
2,135 20

46
47
53
5154
82% 82%
46

975
300
450
50
271
47
12
107
160
1,570
300
750
191
110
5,025
50
7,650
150
290
400
450
150

Range Since Jan, 1.

334 34
4
434
42
45
25
30
42
3935
101

2554
3334
44
41
102%

50

540
50
880
1,000
400
100
30
1,450
200
300
174
200
400
1,440
2,475
1,705

Feb 44
39
98% Jan 101
Jan 5154
26
6554 Jan 135
85i Mar 134
Mar 96
75
5054 Feb 5454
43% June 61
62
July 52
6054 Feb 7754
Mar
44
3
14
June 15
5154 June 63
834 Apr 13
2454 June 32
3055 June 34

100
3,100
50
335
858
349
334
70
245
230
188
96
2,350
300
60
60
350
2,550
650
4,850
11
4,445

40
1054
44%
100
12334
1163-4
933.4
09
122%
84
93
9854
52%
30
95
93
3155
243(
38%
6454
23
28)4

780
1,840
1,525

3714

150
5.250
819
490
65

July 43
25
28 June 44%
3254 Jan 54
Jan 50%
29
9934 Jan 115

Feb
Jan
Jan
June
Jan
Jan
Jan
Mar
June
June
June
July
July
Feb
May
July
June
Apr
Jan
June
Feb
July

2714 Jan
334 Jan
Jan

4455
2254
55
102
169
1254
mg
108
13054
110%
97
10534
5235
45
112
9655
353-4
36
6034
5734
3735
3154

Apr
June
May

may

Jan
Jan
June
May
July
May
July
June
June
May
May
July
Apr
Apr
Mar
May
May
May
May
May
May
Jan
Mar
Apr
July
May
May
Jan
June
May
June
Apr
Mar
July

42
May
6
May
5734 May
May
May
June
May
Feb

JULY 28 1928.]

Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Condoled) Par Price. Low. High Shares.
Novadel Process Co corn.*
*
Preferred
Oklahoma Gas & El pf_ _100
Ontario Mfg Co corn
•

533

FINANCIAL CHRONICLE

16
3734 37
10934
2734 26

Penn Gas & Elec A corn._* 2234
Perfect Circle (The) Co * 33
Pines Winterfront A com.5 119
Pub Serv of Nor III
100 _
Common
* 189
Common
100
6% preferred
100
7% preferred

1634
3734
10934
2835

2234 23
3134 33
11035 121

Low.

High,

450 1035 Mar 19
200 28
Mar 3734
25 10835 Jan 115
.July
1,050 26
30
200
7,775
9,025

May
July
Mar
June

20
Jan 2734 May
3131 July 33
July
5435 Jan 124
July

184
188
11734
131

186
1/30
12035
132

198
73
179
114

88
88
Q-R-S Music Co corn...• 300
300
Quaker Oats Co com
100 12255 12234
Preferred
10
Reo Motor Car Co
3334
33
Ross Gear & Tool corn..*
15
Ryan Car Co (The) corn J5

88
315
12235
3335
3334
15

50 3835
120 262
10' 111
50 2335
200 30
150 14

139% Jan 190
15935 Jan 19035
110
Feb 12034
118
May 132

May
May
July
July

Jan 98
Apr 327
Jan 128
Jan 3334
June 3714
May 2035

May
Ani
An]
Jul)
Mal
Jar

3135
35
2934
Sangamo Electric Co ___ • 3134 30
50 104
i00
108 108
Preferred
115 79
Shaffer Oil&Ref cony pf 100
9234 9235
13 483.4
•
5635 56 34
Sheffield Steel corn
3035 2,724 2434
Sonatron Tube Co corn...* 2914 29
200 24
24
2435
South Ice&UtCo"B"com _• 24
245 100
100 101
Sow 0 dr El 7% pref _ _100 100
117 8934
.
91
Southwest Lt & Pr prof. 5
90
Spiegel May Stern corn _ _ _* 5435 5235 5534 2,100 52
9824 9835
170 9835
635% preferred_ _ _ ._100 .
200 14
14
14
Sprague Sells Corp cl A_30
4
Standard Dredge cony of..• 37
3634 3934 9.010 303
Stewart-Warner Speedom * 9335 8815 9335 2.950 7734
914 1234 15,147
Studebaker Mail Or com _5 1235
835
2,675 45
Super Maid Corn com_ __• 67% 5535 58
250 22
Sutherland Paper Co com10
2335
23
100 131
580 12435
130 131
Swift & Co
15 30
2834 30
5,945 26
Swift International

June
May
Mar
Mar
July
July
June
Jan
July
July
July
Apr
Feb
May
June
July
Jan
Jan

41
10935
97
8334
3034
2634
10494
96
6534
107
20
5474
10034
1294
59
26
136
3435

May
Juni
May
Juni
Jul]
Juni
Ma
An
Ma:
Jun
Fel
Ma:
Ma:
Jul:
Jul:
jury
Ma:
Fel

Thompson (I R) corn__ _25
* 2635
12th St Store prof A
Stock our warrants
Wacker Drive Bldg PL. --- - • 20

June
June
Jun
Jul

70
3135
7
96

Jun
Ma:
Ma:
Ma

6135 6134
26
27
3
324
92
9534

Unit Corp of Am pref._ _ _* 2035 2934
98%
Un Lt & Pow el A pref___*
26%
United Paper Bd, com_100
20 5935 5835
U S Gypsum
17
1734
Rights
100 128
Preferred
128
• 22% 2234
Vulcan Corp, corn
* 1534
Wahl Co corn
Waigreen CoCom stock purch warr..* 24
100
634% preferred
Ward (Mont) AT Co "A"_ _* 125
Wayne Pump Co,
Convertible preferred...* 47
-Mat corn.*
Williams 011-0
_
Wolverine Portland Cem 10
Wrigley(Wm Jr) Co corn."' 68

31%
9834
2615
60
13
128
2311

15

1534

2334 2435
106 106
124 125
47
4734
835 914
634 635
6835 70

rroray
Last
Sale
Stocks (Concluded) Par. Price.

Range Since Jan. 1.

150
625
350
4,335

5834
25
3
92

4,835 23
270 95
12' 19
1,29
5734
2,094 17
70 122
1,265 2234
800

June 39% Ma
Jan 10235 AD
June 27
AP
July 100 Jun
July
1834 Jul
Jan 128
Jul
July 23
Jul

8% Mar

1931 Ma

2.69
5
Jan 2534 Ma
10 10034 Feb 110
Fe
80 121
Mar 130 Jun
10
45
5
1,15

46 June
635 Jan
534 Jan
6834 July

52
10
935
79

J(//eI.
Week's Range for
ofPrices.
Week.
Low, High. Shares.

3.10 2.55
3.50 92,675
2435 2431 25
175

Magnavox Co
Magnin I corn

108
Nor Am Investment corn-. 108
100
Preferred
3834 38
North American 011
paauhau Sugar Plantation_
Pacific Gas & Elec corn_ _ _
1st Preferred
Pacific Ltg Corp corn
6% preferred
Pacific Tel & Tel corn_ ___
Preferred
Paraffine Co's Inc com_ _ _ _
Piggly Wiggly West Sts A
Pig'n Whistle pref
Richfield 011
Roos Bros corn
Preferred
S J Lt & Pr prior pref
6% prior pref
B F Schlesinger A com_
Preferred
Shell Union Oil corn
Sherman and Clay pr pref_
Sierra Pacific Electric pref_
Southern Pacific
Sperry Flour Co corn
Preferred
Spring Valley Water
Standard 011 of Calif
Traung Label & Litho Co.._
Union Oil Associates
Union 011 of California_
Union Sugar pref
West Amer Finance pref__
Yellow & Checker Cab_ _ _ _

4794
2735
83

87
24 4554
32
9934
2234
91
2635
9535

9554
5754

935
47
2734
8234
10235
14634
119
8234

Range Since Jan. 1.
Low,

High.

3.00 Jan
22
Jan

4.00 May
28
Apr

109
101
3931

50 105
45 99
2,775 36

935
48
2834
8334
10335
149
12115
87

40
9
Mar 11
2,504 43% Mar 5331
2,993 2635 Jan 2934
2.737 7235 Feb 9635
240 10035 Jan 10634
25 145
July 159
135 11335 Jan 125
June 10935
7,051 79

Jan 11035 May
Jan 103
May
June 43
Apr
Feb
May
Apr
May
Feb
May
Mar
Apr

2234 24
150 21% June 3131 Feb
100 1434 Apr 1735 May
1534 1534
May
4535 463/ 10,804 2315 Feb 52
Feb 3734 Mar
50 31
32
32
30 9734 July 10332 Apr
9734 9914
30 11334 Jan 11935 May
115 11594
Jan 10615 May
5 100
10335 10314
2335 6,205 20 June 2731 Mar
21
May
55 92
Jan 99
93
90
Feb 2934 May
924 24
2634 2634
20 9534 Jan 9935 July
9815 9814
15
95
9535
30 11834 Feb 12834 May
119 119
Apr
875 6034 Mar 85
7335 7635
175 9934 Jan 10434 Mar
102 102
May
485 9534 July 120
96
95%
Feb 6234 Apr
5635 5731 4,647 53

5135
5034

22
5214
5134
23
634
5215

22
5235
5054
23
635
52

22
4115
4215
22
535
4814

250
3,963
6,533
20
89
70

July
Feb
Feb
June
Mar
June

2735
5715
5731
25
8
5894

Jan
Apr
Apr
Apr
Feb
Mar

-Record of transactions
St. Louis Stock Exchange.
at St. Louis Stock Exchange, July 21 to July 27, both
inclusive, compiled from official sales lists:

Stocks-

Friday
Sales
Last Week's Range for
Week.
Sale
ofPrices.
Par. Price, Low. High, Shares

Bank Stocks
First National Bank_ _100
325 325
305 305
Merchants-Laclede Nat 100
Nat Bank ofComm__100 17735 17794 179
18135 18135
State National Bank_ _100

50
10
171
2

Range Since Jan. 12
High.

Low.

320
295
157
180

345
306
238
200

Feb
June
May
Jan

July 570

Jan

Apr
May
Apr
July

Trust Co. Stocks
-

Jug
Al
Al
Mt

Mercantile Trust

545

100

545

10 533

Steeet Ry. Stocks
-Amer Mach part pf•
Yates
Yellow Cab Co Inc(Chic)•
Zenith Radio Corp corn..•

2035
3034
89

20
2134
3034 3034
9135
85

1,325
1,280
9,925

12
Apr24
3034 Jun
43
3535 Feb 92

Ms
Js
Jul

St Louis Pub Ser corn....
•
Preferred

27
27
84

2735
86

103
4134
48
13
22

103
4135
48
13
22

130
60

Jan
20
7834 Apr

3294 June
89 June

Miscellaneous Stocks.

Bonds
Chic Art Ice Co Os__ 1938 9834
Chia City & Con Ry 5a 1927
Chicago City Ry 53
-1927
1927
Chicago Rye 55
1927 5835
5s series A
1927
58. series B
ChicUn Art Thee 6 q s 1948
Commonw Edison 58_ _1943
1943
6s
Guard Title Mtge 5345 '38
Metr W Side El
Extension gold 4s...1938 80
Mid-Cont Util 6s A_ - _1938
Nor Station Ind 6s__ 1948
Northwestern Elev 55_1941 9034
Spruce Falls 1st 535s_ _1945
Straus Safe Dep 5%a_ -1943
022.2e2 s. no 1 *2 s r g 622_1944 10131

9834 14,000 9734
1,000 60
62
4.000 8334
88
8434 1,000 8034
5834 3.000 58
4135
3,000 39
100
5,000 100
10334 2,000 103%
111
5,000 11034
100
5,000 100

May 9835
Jun
70
July 8835
Jun
Rli
Jul
68
Jun
47
Apr100
Jun 109
July 114
July 100

80
80
5,000 79
9835 9835 2,000 9835
100 100
4,000 100
9035 91
12,000 9034
99
99
1,000 99
100 100
1,000 100
10131 1013i
1.000 101 10

-Record of
San Francisco Stock Exchange.
tions at San Francisco Stock Exchange, IJuly 21 to
both inclusive, compiled from official sales lists:

Ms
Fe L
Ja L
Jr) L
Ja L
J2 1
Al •
Fe i
Ml '
Ju. '

...Jan 220 Jun''
Mar 295
Ma r
Jan 7935 Jul
r
110 116% 37,002 100 June 220% Ma V
282 290
15 26935 Feb 452
Ma r
175 182
10,213 125 June 31135 Ma„
'
150 150
275 97
Jan 170 June
5% 6
720
2
Mar
8% A r
101 112
730 75
Jan 14335 M r
5035 5435 4,105 30
Jan 5735 June
110 110
10
70
7135
361 6935 June 7914 A ;
'
65
6835 26,641 53
Jan 7835 Ma
100 100
105 98
Jan 102
Ja
350 350
10 340 June 450
M Lr

154
154 15431 7,797 130
American Company
60 225
Anglo & London P NI Bk.. 252% 252 255
Diesel En "A"- 7934 7535 7935 13.047 31
Atlas Im

Dairy Dale "A"
"B"
East Bay Water A pref.__
Emporium Corp The
Fageol Motors corn
Preferred
Fireman's Fund Insurance_
Foster & KleLser corn
Great Western Power pref_
"A"6% preferred

2934
2735

ao
115

2915 30
2635 2735
89%
303(
4%
7
113
13

93%
30%
5
7
115
14

105% 10534 105%
10134 101 102

Hawaiian Com'l & Bug Ltd
Hale Bros Stores Inc
Hawaiian Pineapple
Honolulu Cons 011
Hunt Bros Pack "A" corn_

51
5334
3834
2334

49%
25
53%
38
23

51
2535
5335
3835
2335

Illinois Pacific Glass "A"-

55%

51% 56

1834 19%
Langendorf Baking 'A".-. 1835
108 108
L A Gas & Electric prof- ------




520
9,060

23
1735

Jan
Jan

80 84%
260 28
1,600
2
65
5
81 110
470 12

July
June
Jan
Jan
Feb
June

65 103% June
60 9835 Jan
70
180
27
42
60
11,29
1,12
5

46
25
4
35
22
42

June
June
Jan
Feb
June

110 110
100 110
Corn° Mills Co
1 4934 4634 5234
Coca-Cola Bot Sec
102 102
ChamplonShoeMach pf 100

* 50
50
50
EL Bruce common
100
100 100
M, •
Preferred
Ju ' Emerson Electric pref _100 110
109 110
2834 29
Jul ) Ely & Walker D G corn _ _25
113 113
100
1st preferred
M i
90
90
100
.Ju ,
2d preferred
Ju r
T. 1 Elder common
30
3014
•
78
100 -------78
81
81
Fulton Iron Works pf_100
transa - Hamilton-Brown Shoe_ _25
2234 2231
97
97
July 27, IT uttig S & D pref._..100 21
*
21
21
Common
79
79
Hydraulic Press Brk pf _100

Friday
Sales
Last Week's Range for
Range Since Jan. 1.
Sale
ofPrices.
Week.
. Par Price. Low. High .Shares. Low.
High,

Bancitaly Corporation__ _ 115
Bank of California N A.
Bank of Italy N T & S A- - 17831
pave
Calamba Sugar corn
6
California Copper
Calif Cotton Mills com.- - 11035
64
California Ink
Calif Oregon Power pref
California Packing Corp_. --7134
6735
Caterpillar Tractor
Coast Co Gas & El let pref
Crocker First Nat'l Bank_ ......

100 103
Aloe preferred
Boyd-Welsh Shoe
*
Brown Shoe common_ _100
*
Burkart common
*
Preferred

July 84
July 9834
June 100
July 9534
July 99
Mar 102
1,.e*., MRS

97%
62
85
8435
5834
4135
100
10334
11035
100

•No par value.

Stocks-

86

Independ Packing pref _100 95
95
05
. 8035 8034 81
Internat'l Shoe Corn
10935 10935
100
Preferred
53
46
2135
41
19

53
46
22
4I54
20

1835
* -___
100 112
112
102
100
40
•

1835
112
103
40

*
Ropier pref
Landis Mach corn
25
Mo-Ills Stores corn
*
Mo Portland Cement_ _ _25
Mahoney Aircraft Co_ ___5
Nat Candy common
1st preferred
2d preferred
Polar Wave

41
1935

11 10234 June 10434 May
May
440 3834 Jan 45
25 45 June 5515 Api
July
40 12
1754 Jag
Mar 2434 Ain
22 19
115 75
1,571 21
12 100

Feb 110
July
Mar 5234 July
Mal
Feb 107

Jan 52
100 45
Jan 10035
75 98
25 10235 Jan 110
775 2835 July 33
July 120
19 110
July 94
25 90

May
Juni
July
Jar
May
Jai

207
15
2

2335
72
59

Jan
Jan
Jan

38
90
85

Ma:
Ma:
Jul:

20
5
100
25

18
95
20
7434

June
May
July
Apr

30
99
27
87

Ja
Ma'
Fe'
Ma

July 105
40 95
Jan 87
894 62
2 10934 July 113

Ja
Ap
Ma

55
25
1,690
193
238

52
43
17
38
19

125 18
5 110
40 101
101 32

Jun
May
Jan
Mar
July

54
5034
23
52
2334

Jun
Ma
Ma
Ma
Ju

2335 J
Jul
Fe
July 120
Fe
May 106
Jul
Mar 40

July 2315 Ma
790 20
2035
20
Rice-Stix D G corn
*
Ja
July 104
6 99
9934 100
2d preferred
100
Apr 2035 Jul
543 16
2035 2035
Scruggs
-V-B D 0 corn_ _25
Ma
July 85
4 80
80
80
2d preferred
100
Jan 46
At
90 31
•
3535
35
Scullin Steel pref
Al
Jan 80
53 33
58
58
Sheffield Steel corn
•
Apr 4535 Ma
170 37
4034 43
•
Skouras Bros "A"
60 3915 June 4734 Ja
40
4034
Sou Acid & Sul corn
•
32% Ju
MI
31 11735 July 121
; So'western Bell Tel pf_100 11734 11735 11835
3135 Ma
Jul
Jan 25
25
10 17
25
' St Louis Screw Co
100
Mar 3331 Ma
150 27
3135
•
31
Stix Baer & Fuller
99
A IT
Ma
Feb 120
93
3,877 37
• 9234 81
3415 Jan Wagner Elec corn
45 9635 Jan 107 Jut
103 104
714 Mar Wagner Elec Corp pf. -100
8
111 Lr
Mining Stocks
127
Jan
19
Ja
2,200 20c Mar 43c Jul
430 43c
10
Granite 131-Metallic
Mar 1735 Ms
155 11
1334
13
, Consol Lead & Zinc "A".'
106% M
103% A
Street Ry. Bondsw
5335 J
Jan 9535 'Jul
95
95 821,000 94
95
31
n
J ° E St L & Sub Co 5s_.1932
July 93
13.000 91
Al
91
91
54% Julr City dc Sub Pub Bar 581934
July 8594 Jr
1,000 84
8434 8435
1934
, United Rys 4s
43
M
2834 A ir
Miscellaneous Bonds.

June 62 Ju
10235 10234
") Nat Bearing Metal 68_1947
1941 10035 10035 10014
. Scullin 6s
1235 Jan 20
Ju
105% Jan 1123( Apr
par value.
• No

2,000
7,000

9934
9834

Jan 103
Jan 101

Ju
Ms

534

FINANCIAL CHRONICLE

[VOL. 127.

New York Curb Market-Weekly and Yearly Record

In the following extensive list we furnish a complete record of the transactions on the New York Curb Market for
the
week beginning on Saturday last (J Ay 21) and ending the present Friday (July 28). It is compiled entirely from the daily
reports of the Curb Market itself, and is intended to include every security, whether stock or bonds, in which any dealings
occurred during the week covered:
Friday

Sales
Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.

Wed Ended July 2 .
Stocks-

Lan

Range since Jan. I.
Low.

High•

Friday
mtes
Last Week's Range for
Sale
heck.
of Prices.
Stocks (Continued) Par. Price. Low. High. Shares.

Indus. & Miscellaneous.
Acetol Products Inc A_ •
Acme Steel common_ ___25
Atlanta-Millis Corp
•
Aero Supply Mfg Cl A•
Class B
•
Ala Gt Sou RR pref_ _ _50
Allied Pack corn
•
Allison Drug Store cl A .•
Alpha Portl Cement com •
Aluminum Co, corn
•
Preferred
100
Aluminum,Ltd
•
Amer Arch Co
100
Amer Brown loved ElecFounders shares
•
Amer Cigar Co com _ _100
Am Cyan com cl 13
20
Preferred
100
Amer Dept Stores Corp •
American Hawaiian SS_ _ 10
Amer Laundry Mach coin •
Amer Slanufac corn_ _100
Amer Rayon Products_ -•
Amer Rolling M111. com_26
Am Solvents & Chem. t e•
•
Cony pante preferred •
Amer Thread. prof
5
Anglo-Chile Nitrate Corp..•
Apponaug Co corn
•
634% Cumulative pref 100
Armstrong Cork, new com•
Art Metals Who cony pf__•
Aseoclated Dy. & Print._•
Atlantic Fruit & Sugar_ __•
Atlas Plywood
•
Atlas Portland Cement. •
Auburn Automobile. com •
Anon-Fisher Tob corn•10

00 .00000000
0000000000000=0Cul
0. 0=0000000 ,
,,,,..,,,c,0,
„ c,
‘ ,,,„,,,,.„88g8g8288,_,c,,=88,,=2.82,80800 co occ000cccoc.-.0000=coc soocoocossocc.00sco
- ci,,,-.01.,--, 0.,,,,-,..“ ,,, " ,..,,. ,...,,,,,,,_„,:, ,..„ : 6N c,,c,3,,oc, ©el eZ,C=^ 000S03==00000©
Iv)
56
0
gocgo -= - -0...oc o..1gc4c,
R osgRoR occroocoEs2scooR c
:.-,,,,,,, ., .
0'000000
al0-.CC
0C
.
....
OC
0
C1C-4-.Cl0......l . 1-44M.
. .
,
-.W.,
ogo,.n
-.N

4
....
4

t-li
-.
Cl

CI Cl

4
4

4

4

MNNV

el

4

1,:l1.-.

4

CV

,_.

li

4
4

CN,NO,MM-.444

4MN004
•-•

Low.

HOS.

1734 Mar
14 Feb
42
544
2034
80
2734
564
64
75
3534

July
Feb
June
July
Mar
Feb
Apr
June
Jan

SU May
June
99
Jan
20
July
6.5
Jan
4
13% July
43 June
160
July
Jai,
65
July
9
June
6
Feb
50
Feb
112
10434 July
4734 July
11634 Mar
84 June
9731 Feb
Mar
I
934 Jan
June
22
544 Fe)
3534 July
84 Feb
118% Feb
44 Feb
214 Mar
JUTIC
38
2634 July
July
14
Mar
15
2516 Jan
2131 Feb
78% July
714 July
254 July
41% July
July
25
Feb
69
2431 Jan

3274 May
7
May
714
1014
2971
904
4474
77
17
86
3331

1034 May
Apr
109
June
33
June
68
July
3
2074 May
Mar
60
169
Jan
14631 June
July
12
Jall
17
Apr
62
Mar
134
125
Jan
June
51
Apr
120
124 Jan
Mar
106
214 May
1834 May
Jan
30
934 APr
03 June
1634 May
124
Ape
1331 Apr
Apr
25
June
47
424 Jan
July
16
2034 Jan
454 June
2831 -11134'
9334 July
1045-8 May
May
32
4434 June
2531 July
Apr
87
324 July

1084 Feb 120
July 110
90

1034
294
30
1434
52
2636
33
40
45
3%
27
10
14
2534
38
1054
2744
50
144

Mar
Jan
May'
June
Feb
May
May
May
May

May
July

June 124 July
July
34
July
431-4 May
July
July
2034 Mar
July
523.4 July
June 3834 Mar
July 4434 Mar
July
July 44
June 5574 Jan
Jan
934 Feb
June
38
Judy
June 2534 Feb
July
15
July
June 3514 May
June 4234 May
Mar 15434 June
Jan
Mar 39
Mar 6644 Jan
Jan 3474 May

Jan
July 43
27
1334 May
Jan
9
Mar 1934 MaY
109
May
Feb 27
23
31134 July 4074 July
384 Feb 5834 au
,
May
Jan 22
16
Jan 287-4 May
20
1834' Apr 2234 July
72
May
534 Feb
7134 July 73"
July
June
leo 209
ill
Sept 11434 Dec
108
asi June
134 Mar
64
1,,,, fin
May
May
sof Mar 11
Mar
7
331 June
June
Jan 81
44

4

...

.-•

May
JillY
June
June
Jan

Jan
6
Apr
31
23
July,
Feb
119
Jan
6
Apr
31
20 Judy
304 July
1104 Jan
20 June
3531 June
June
25
Apr
133
74 June
Mar
25
70% July
6)1% July
124 Muir
3014 Jan
164 Feb
Jan
28
204 June
31534 Feb
114 Feb
8831 July
Md
7

15
4074
28
152
1944
3531
284
3734
139%
3434
4334
34
145

May
May
July
Apr
May
May
May

.....p,N,,,,..c,/

,-.....

4434
4071
60
5334
1031

,,,,,-.

4

Feb
30
Judy
40
3834 Jan
3514 Mar
434 Apr

-M-Icl., ..-.m
M...e.

4

-..ellim




0
....
-.

Fox Theatres class A com _• 2834 26
29
22% 2234
100 2234 July 314 Feb Freed-Eiseman Radio
.•
34
334 336
9134 89% 914
700 83
Jan 9634 Apr French Line 600 francs
2431 2434
300 244 July
Amer shs rep corn B stk_
May
29
42
424
3034 32
300 14
Jan 75
May Freshman Wheel Co_ _ _. •
734
74 834
26
1,200
84 Jan .50
2935
may Fuller Brush class A
5 25
25
25%
100 156
156 156
July 1844 May
Class AA
20 80
80
804
134
1%
100
Mar
I
334 June Fulton Sylphon
• 3834 37
3844
14
134 144
700
831 May
2134 Jan General Amer Inyeetore_ •
5811 594
46% 4734
500 374 Mar 4834 June General Baking corn _ _ _ .
•
93i
94 10
132 13534
400 120
Jan 197% May
Preferred . .. _ . • 7534 7534 76
10714 108
500 10514 Jan 110% may Gen'l Bronze Corp corn_ _• 42
42
42
100 100
June 102
100 80
June Gen Elec Co of (it Britain
48
4834
48
300 464 June 70
Jan
American Deposit rcts_ _
914
914 94
General Fireproofing corn •
100 1014
9
200
94
434 Feb
May Gen'l Laundry Mach com • 274 27
14
2744
142 142
25 132
Mar 16234 Apr General N11113 Inc. corn__ _• 6614 667-4
6734
3431
30% 3574 5,800 y3OU July 5334 May General Necessities
10
3
3
3
10134 101%
100 9534 Jan 103
June Gilbert(AC) Co corn__ _ _• 1534
15
164
2031
19% 204 2,400 134 Jan 244 June
Preference
4531 4534
•
1931 2034 2,300 154 Jan 23% Apr Glen Alden Coal
2034
15034 151
•
96
96
25 94
July 108
Jan Gobel (Adolf) Inc com ___• 120
120 12434
4731 49
75 45 June 8036 Jan Go chair( Sugars
•
14
14
1831
19
18
5,900 13
Mar 24
June Gold Seal Electrical Co-•
8
8
8
8844 914 3,600 824 June 114
Jan Gorham Mfg corn
•
50
543%
214 2,200 1134 Jan 28% May
20
Preferred
100
118 118
324 344
1,000 254 Mar 41% May
Grant (WT)CoofDelcom ..• 10734 104% 1074
334
100
Vt. Jan
375 334
311rsMay
Gramelli Chemical new._• 4934 4714 494
4444 42
4534 2,700 264 Feb 51
June Gt All & Pac Tea let p1100
11734 117%
32
32%
400 32
July 324 July
Greenfield Tap & Die_ _ •
934 931
101
101
300 101
July 101
Greif(L) &Bros pi X _ _100 994 9934 100
July
57
57
25 5634 June 66
Griffith (D W) class A. •
May
231
234
344 30
3434 2,300 294 July 3434 July
Hall(C M1 Lamp Co_
163 1731
•
4
28
28
29
700 2731 July
Hall (W F) Printing __10 2534 24% 2534
3234 May
70c
70c 75c
2,600 700 June
1
Jan
Happinese Candy St 01A •
6
636
844 84
8434
300 z634 Jan 934 May
Hart-Parr Co corn
• 44
3734 4434
40
40
Feb 4734 Apr
100 38
Hazeltine Corp
• 141
4 144 15
10731 10936
400 103
June 143
Mar
Hercules Powd, pref _ _ _100 122
122 122
284 2534 2834
July 514 Apr
600 22
Hoyden Chemical
•
114 114
Litres(Chas E) cl A corn_• 2644 244 264
Bahia Corp common_ _ _• 114
1114 11%
200
6
Feb
May
17
Elolland Furnace Co
• 4234 4234 434
Bancltaly Corporation 25 114% 1104 118
62,100 s9931 June 223
Hood Rubber corn
Apr
• 264 2034 264
Baumann (Lud)& Co p1100 101
101
101
May 104
400 101
Horn (IF Cr Co corn
June
•
16
16
Belding-Hall Electrice. cm• 22c
20c 30c 12,000 15o July
Ruyier's of Del corn
3
May
•
15
1531
Class A
1
25
1
1%
1,800
1
July
6
May
11 Yffrade F,
'od Prod nom • 39%
3634 3034
BILss(E W)Co com
19
• 2331
2436
,
2,900 1634 Mar 244 Apr
Imp Tub of G B& herd_ CI
2731 2734
Blumenthal(S)& Co com_•
35
35
400 2634 Mar 37
Mar
Industrial Rayon new....• 86
8531 0231
Bohn Aluminum & Braes • 7634 74
78
3,700 3334 Jan 87
June
Ineur Co of North A iner.10 714 7135 734
Borg-Warner Corp corn100
91%
89
300 75% June 9134 July
insuranee Securities. __10 2.514 2534 27
Bridgeport Mach com_ •
231 234
2
Oct
100
54 Mar [rut I Printing Ink corn.
42
42
4214
Brill Corp. class A
• 24
2334 24
700 2031 July
Mternat Safety Razor B _
34% Jan
-_
2534 25
2534
Brillo Mfg.com
23
•
24
400
14
Jan
3144 Mar
International Shoe corn •
8035 804
Class A
•
28% 28%
100 2531 Mar 294 Jan
Mternat Text Book _ _100
30
30
Bristol Myers Co corn _• 6935 6734 694 1,500 65
June 7431 May
Interstate Dept stores
Brit-Am Tob ord bear_fl 2934 284 294
1,100 254 Jan
7% cum pf with war.100 11154 1114 111%
2931 July
Ordinary registered __CI
2834 2834
400 254 Jan 284 July
:sotta-Fraschlni warr
90
90
British Celanese
Kalamazoo Vegetable
Amer deposit recel eta_ _
1631
13% 15% 9,800 1336 July 3331 Slay
Parchment Co
12
124
12
Broadway Dept Stores
Kaufru Dept Sts, corn 12.50
2934 30
1st pref with warr _ _ _100 ------ 103 103
so 101 July 112 Jan Kay nee Co corn
10 30
31
30
Budd (E (1) Mfg com_
•
19
19
June 34
200 15
Jan
Kemaley. Millbourn & Co•
15
15
Butte Clark Inc com
• 15% 15% 1534
200 144 May 20% Mar
Klmberly-Clark Corp,com• 524 52
524
Pant & Cannon
Kinnear Stores Co corn_ _• 3334 33
335-4
Foundry.
• 4636 4634 4734
1,900 3834 Jan
6214 May
Knott Corp. corn
•33 . 33
Cannon Mills Co. com__ _• 48
48
July 48% July
48
12,100 48
Kobacker Stores corn_ _. • 43
41
44
Carnation Milk Prodcom25
4434 44%
Jan 66
400 311
May
'-ackawanna Securities_ . • 523
1 48
5274
Caterpillar Tractor
67
Jan 79
500 53
68.4
May
Lake Superior Corp_ _100
6
54 6
•
Cavan-Dobbs. inc. corn. • 34
3334 35
3,200 31% Apr 4334 June
Lakey Foundry & Mach • 2734 27
284
634% pf with corn stk
Land Cool Fla
• 13%
1331 1354
purch warr
100 10934 109 112
Apr 11236 June
400 102
_Rath dr Co corn
• 14
14
14
Celanese Corp of Am com •
6731 6734
100 6734 July 103
Lefcourt Realty corn _._.• 26
May
26
26
New pre/erred
100 10531 10451 106%
July 112
400 104
Preferred
Feb
•
37
37
Celluloid Co common_ _ _ _•
85
894
July 122
300 85
Feb
Lehigh Coal & Nay ___50 137
136
Preferred
8234 9274 9231
100 8834 May 9731 Feb
Lehigh Val Coal Ws new.. 32% 32 13734
331
let pref
117 117
July 132
100 117
Lehigh Valley Coal Sales 50 ______
Feb
58
58
Celotex Co corn
•
514 5434
Feb 69% Apr
450 49
r.,eNlur Co corn
•
33
33 Si
Central Aguirre Sug _ _50 1474 145 14734
_
250 11631 Feb 164
Leonard Fitzpatrick &
June
Centrifugal Pipe Corp
10% 11
•
831 June
900
124 Jan
Mueller Stores cons ___ _• 27
27
28
Charts Corp
-2834 2834
100 2736 July 284 July
Libby, McNeil & Libby_10
1034 1051
Checker Cab Mfg corn_• 3634 36
37
5,700 204 Mar 3714 July
_Abby Owens Sheet Glass 2.5 133
127 133
Childs Co pref
105 105
iOo 105
30 1034 July 12434 Feb
Magnin (I) & Co. com
•
24
24
Cities Service,common_ _20 6534 63
6534 48.600 54
Jan 7134 June
Mar Steam Shov. new corn• 45
414 4636
Preferred
100 9941 99% 9934
9414 Jau
1,30
10334 May
MarM00 Motor Car emu _•
464 45
46,,
Clark Lighter cony A_
22% 2414
•
800 22% July
37
Apr
Mavis Bottling Cool Am.
• 16
16
17%
Club Aluminum Utensil_ _•
2831 29
June 354 Jan
200 25
May Drug Stores Corp_ •
224 2234
Cohen-Hall-Mars Co_ _• --323.4
32% 32%
200 2334 Jan
3574 Mar
McCord Bad Mfg, t c__•
•
2234 224
Colomhlan Syndicate
Vie 2,400
14 Mar
Stead Johnson & Co corn.
2'1 May
• 6274 61
6274
Columbia Graphoph Ltd
Mead Pulp & Paper
714 714 7331
Am dep rcts for ord stk. _ 63% 61% 6434 21,100 3434 Jan 814 May
Melville shoe Co corn_
• 19634 195 197 1
4
Consol Dairy Products_ _ _• 3974 39
41
1,900 21
Jan 5034 June
Pref without warr. _ _100
11234 11234
134
13
Conrad Film Indus. cam_ _• 1334
July
1,900 13
1934 Feb
Mesabi Iron
•
144 1534 7,200 14
Congo!Laundries
• 1434
July
2()
Apr
Metropol Chain stores • 5834 584 5144
200 273-4 July 36
2834 2834
Cone Ret Stores Inc. corn_•
May
Met 5 & 50c Stores"A" 100
n9
n8
Copeland Products Inc
Class "B"
•
n434 431
114 12%
1,400
711 Jan
•
Class A with war
1936 May
Preferred
100
60
60
Jan 85
82%
40 23
81
Crocker dt Wheeler.corn100
July
Minueapolis-HoneywellCro.s.se & Blackwell
Regulator com
• 374 3731 3734
300 52 June 5234 July
Pref with warrants_ _ _• 5231 523-6 524;
Mohawk Carpet Mills_ _.• 40
40
4074
500 3434 Jan 55
4834 494
Crow. Milner & Co. corn.
June
Monsanto Chem Wks. corn 554 65
5534
200 234 June 44
234 2334
Ctirtise Aercpl Ezp Corp •
May
Moore Drop Forge el A_ _ _• 48
473.4 48
Mar 51
700 30
3031 32
Davega, Inc
•
Jan
Nat Baking,com
•
44 41
4
Mar 19
1834 1834
Davenpert Hcsery Co._ •
500 10
July
Nat Food Products
1,595 2204 Jan 416
Deere & Co. mm1,11011_101) 39931 38934 39934
May
Class"B"
• 114
11
12
11
4 Jan
12% 11,800
De Forest Radio. v so__ • 1231
16
12
June
Nat Mfrs & Stores
•
364 304
Detroit Motorbus
100
15% June
10
Nat Rubber Mach'y
831 Jan
94 9%
• 27% 2634 28
2,500 154 Feb 44% June
fleshier Ole
• 36% 3534 37
Nat Sugar Refg
-Casting
100 140
136 140
100 1044 Jan 13934 May
Dominion Stores Ltd- --•
118 118
Sat Theatre Supply corn •
11 1
4 11 34
Dubiller Condenser Corp_•
24 Mar
534 May
Nat Trade Journal, Inc.*
231
231 34 1,20(1
32
32
Duplan Silk Corp. corn_ •
200 234 July 2814 June
Nauhelm Pharmacies Inc.*
233.4 234
'20
22
1,300 10531 July 11034 June
Cum cony pref
Preferred__
10534 106
100 106
•
30% 3231
Jan
Dupont Motors
4
100 60c
Apr
Feistier Bro. Pref.. ..l00 127
231 24
127 127
16
Durant Motors. Inc _ -• 13
July
Nelson(Herman) Corp._ _5 284 27% 2834
95i Mar
13
1336 2.100
,
•
Due Co Inc. class A
434 May
934 June
1.100
Neve Drug Store "A"_
84
834 934
_• 374 3634 374
94 May
Class A v tc
Corn (see note below) _ _ _
4,000
434 Apr
•
834 9
834
26
24
26
Eastern Rolling Mill
Slay
Feb 30
Newberry (J J) Co. com •
100 22
26
26
135 135
Elect ihovei. Coal par Pi • 4634 4534 461
July 4934 May
New Mez & Ariz Land. .1
4
200 43
734
744 734
Evans Auto Loading Cl 135 90
New Oil Gt Nor RR_ _100
2,300 5334 Feb 924 June
89
91%
38
36
Fansteel Products Inc _ _
Feb 35
Newton Steel, corn
Jan
1731 22
2,600 12
22
• 7034 7011 714
Fedders Mfg Inc class A_ • 41% 4034 414
34Y Hamburg Corp. _ _ .50 17
200 2731 Feb 5034 May
17
17
Fire Assn of Phila
Niagara Share Corp
500 :4734 July 84
Apr
10 50
4734 50
•
5034 51
Firestone T & It. com _ _ _ 10 180
Mar 238
Jan
Wetole & Shepard Co_
150 166
17631 185
• 6434 61
6474
7c, preferred
,
Fell 112
Jan
100
Stock purch warrants
6)) 108
1094 109%
41
41
Florebeln Shoe Co corn A •
5111es Bement
800 4434 June 58% Apr
45
-Pond nom •
4554
6234 6071
6% preferred
Some Electric Corp corn • 2134 214 214
100
Jtule 10334 Apr
100 98
9834 9835
Ford Motor Cool Can..100 541)
Northwest Engineering •
May
Jan 698
535 612
40 510
404 4034
Forhan Co. CIA
• 3234 2834 33
Jan
33
Fovadel Process Corpoom•
July
3,400 23
164 17
Foundation Co
-3hio Brass el B
90
90
90
Foreign shares class A _ ..• 14
13
14
Jan 2034 May Ovington Bros. panic pf__•
1,100 10
200
7% 8

Range Since Jan. 1.

MAY

May
May
May
May
Apr
APr
484 May
7331 1.iiilY
5631 May
Apr
IS
73
June
June
53
May
90
264 May
605-4 May
1974 June
1004Mar
-

1154

FINANCIAL CHRONICLE

JULY 28 1928.1

Sates
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Stocks (Continued) Par Price. Low. High. Shares.

Range Since Jan. I.
Low.

High.

117 1184 1,500 (i if15% Feb 1234 June
Palmolive Peet Co cam_ • 117
100 108 June 110 May
109 10934
Preferred
100
July 57 May
100 44
Parke Davis & Co
• 46% 4644 464
2044
200 1844 Jan 2011 July
20
Peck, Stow & Wilcox„..25 20
July 105% May
220 102
102 10234
Penney (.1 Cl Cool A of 100
Mar
800 4444 Mar 68
59
55
Peoples Drug Store, Inc.-• 57
90 83
July 106
92
Fop
85
Pepperell Mfg
10 92
150 117
Feb 148 June
Phelps Dodge Corp_ _ _.100 13314 133 133%
44 434
600
444 Mar 10
Max
444
Philip Morris Inc com _ •
100
9 June 14
94.1 934
Jan
25
Class A
Pick (Albert). Barth & Co
10
Jan 11% Jan
300 10
104
Common vot tr otfs__--1
1,20
2019
194 Ape 224 Jan
20
Pref class A (Dania On -• 20
400 25
25
25
July 34% June
Pie Bakeries of Am "A".... 25
1,200 18% Feb 3644 May
294 31
• 31
Pierce Governor Co
Piggly Wiggly Corp eore.• 26% 25% 264 1,800 23% Mar 33% May
20
116 118
5841 Jan 121
Knee %Waterfront Co al A 5
July
Pitney Bowes Postage
834 844
100
7 June 1044 Jan
834
Meter Co
130 210
230
223
Feb 245
July
100 230
Pittab Plate Glass
50
5649
700 50
July 6141 May
•
Pratt az Lambert Co
262 2654
104 247
Feb 300
Procter & Gamble corn 20
May
33% 344( 1,100 33 June 344 July
Propper Silk Hosiery M..
• 34
104 104
25 10234 Jan 10744 Apr
Prudence Co 7% pref.. 100
2634 2,900 23
Rainbow LuminousProdA• 2434 23
July 35
May
49
49
25
100 49 June 52 June
Raybestos Co corn
500 Sic
1,100 50e Feb
6 80e
Repent Inc
144
141 144
300
Republic Mot Trk v t a.- *
3
Jan
134 Mar
279 279
10 265 June 2914 June
Richman Bros Co
18
700 18 June 274 Jan
18%
Richmond Radiator. tom.*
37
400 35
•
3741
7% cum cony pref
Apr 4034 June
4934 50
.
350 38
Rolls-Royce of Am,pf _100
Apr 70 May
215 215
25 210
Royal Bak Powd corn ..104) 215
Jan
July 237
98
98
100
Ruberoid Co
100 814 Jan 125 May
Safe-T-Stat Co common..' 4344 41% 45% 15,700 1834 Mar 57 Jun.
515 547
• 547
BaiaWal Stores corn
Jan As
240 810
Aar
334 33
33%
900 30 June 38 May
Old fifth wan.
200 200
25 ISO June 250 May
Second series wary
•
74
74%
as Reds Paper Co
300 60 • Jan 90
May
309 340
339
Sanitary Grocery
5,720 216
Jan 345
Mae
1294 130
• 130
25 11034 Jan 130
Schiff Co 7% pre(
May
22% 22%
500 17
Schulte Real Estate Co- •
Jan 2944 Mar
1944 193-4
200 17 June 22
Schulte-United Sc to $1 Sts•
Feb
400 7934 June 10034 Feb
Preferred part paid-100 814( 81
834
5034 5244
400 S3
Seeman Bros oommon. •
Jan 55
May
Selberling Rub. corn
45% 1,300 3334 Feb 5034 May
• 4534 41
4,000
Serve! Inc mew rxii v t a. • 12)1 12% 13
441 Jan 164 May
42
200 23
4214
Preferred v t o
16(1
Feb 4734 May
•
2834 284
100 2134 May 3144 may
Beton Leather corn
60%
600 40)4 Jan 6054 Au'
etheaffer 11$ A) Pen ---• 4844 48
$0. 243.6 2314 2414 3.500 17
(Mica Gel COrP.com•
Fel
29
APT
485 490
50 428
Singer Mfg
100
Jan 530
Jun
644 6%
200
Singer Mfg Ltd
54 Jan
El
May
125 104 May 1454
Smith (A 0 Corp
• 14534 140 14544
2
• 224 22
South Coast Co corn
22% 1,400 20 May 2944 July
11,200 2314 Jan
33
• 32% 30
Southern Asbeetue
May
800 2134 June 28 June
Southern Ice & Utli com B. 23% 2334 23%
331a
200 3144 Mar 454 May
Sou Grocery Sts cony A. • 354 35% 3544
27
1,100 24
31
Jet. 40
Southern Stores Corp el A
-• 27
Ma
Southwestern Stores corn * 20% 1934 2049 1,700 18 June 2034 July
100 25 June 2554 June
25 25
Preferred series A
•
849 10 239,800
24 Felt 10
Span & Gen Corp, Ltd.
914
.L
July
954 103
Bparke-Withington Co...' 103
2,900 BO
Jan 127 June
169 1704
800 155 June 1704 July
Spencer Kellogg az Sons 100
1,200 5134 July 8334 June
56
Spiegel May Stern Co....' 54% 52
875 90
64% preferred
July too
9844
may
104
904. 90
100 25
3614 3644
July
Standard Investing Corp.'
May
100 15 May 4
15
Stern Bros el 13 com
• 15
15
20244
75 95 June 125
9841 9844
Stetson (John B) Co corn.'
Apr
100
12
Stinnes(Hugo)Corp
12
834 Apr 19 May
•
100 1434 Mar
15% 1549
Buns Motor Car
19
Ant
1304 136
400 125
Swedish-Am Invest, pf-100
July 14554 July
300 125
& Co
1304 131
10o
Jan 137
May
294 2,200 2544 Jan 344 Fee
la 2944 29
Swift International
1244 13
400 1131 July 2514 Mar
•
Syrao Wash Mach B com.
300 30 June 4444 May
Thompson Prod Inc Cl A • 3159 31% 324
Timken-Detroit Ade_ __10 164 15
1614 1,400 1134 Feb 2014 Apr
39
600 23
Tishman Realty & Constr • 40
41
Jan 41134 May
Todd Shipyard, Corp_..• 4444 44
444
300 4134 Apr 6054 May
*
26
Toddy Corp class A
26
100 26
July 27M July
11
•
114
Class Byte
600 11
July 1234 July
Trauscont. Air Transp_ • 25% 22% 25% 8,300 2044 May 35
May
Trans-Lox Pict Screen
334
349 344
•
Claw A common
500
24/ May
7
Am
1044 1034
Trumbull Steel corn. _25
100
9 June 13
Feb
39
39%
10
rtUBCon Steel corn
300 8834 Jan 1.0% May
490 5034
360 450
Tubile Artificial Silk d B. 491
Feb 82814 Apt
13
134
300 1044 Feb 1544 June
Tung-Sol Lamp Wks com •
•
21
224
700 19% Fel, 23
Apr
6244 6439
400 5434 May 66
United Biscuit el A
Jan
6,900 1354 Fe) 2134 Jan
20
1919 18
Clam B
• 19
1944
19
60
19
United Carbon v t o
July 20
July
69
300 6834 July 70
70
100
Preferred
July
4
541 55
1.400 2614 Fe(
United El Coal Coe v o..• 55
58
May
July 4241 June
2214 23
500 22
Culled Milk Prod.corn. •
76
25 76
76
100
7% cum pref
July 91 June
500 5234 Feb 95
71
70
Unit Piece Dye Wks cam •
May
6495',. preferred
108 109
100
100 1054 Feb 112% Apr
914 934
400
clnited Profit-Sharing.com•
841 June 1241 Feb
714 73
300 634 Jan 7714 May
United Shoe Mach oom_25
3041 30%
25
Preferred
100 29 June 314 May
33
33
33
500 2734 July 3334 July
U S Asbestos
2244 224
100 204 Mar 32
& Foreign See corn.
May
400 94 June 1004 Feb
944
944 94
% prefet red
784 734 79
5,900 70% Feb 8414 Jar
0 8 Freight
130 135
100
200 1234 July 135
U IS Gypsum pref
July
404 404
•
100 40 May 48
11 IS Radiator corn
Jan
13
100
U S Rubber Reclaiming- •
13
9 June 1614 Jan
prof..
.60 11449 17
1841
1,000
Van Camp Pack,
734 Mar 1811 July
300 15
Waitt & Bond Inc class 13.• 174 1644 174
Mar 1844 May
• 44
44
aralgreen Cu dim
4434 1,900 374 June 50 May
2444 244
Warrants
200 16.4 Apr 254 May
Warner Bros Pictures * 4714 4544 62 264,300 13% Jan
45 July
' 74
Watson Gino Warren) Co
54 June 20
74 834 1,300
Jan
• 34
33
34
500 32 June 36 June
Wayne Pump
7,5
800 67
Weapon Oil& BD corn Vt e•
7544
Feb 85% May
Preferred
1064 1064
100 102
Jan 108
May
51% 514
100 614 July 6634 Apt
Western Auto Supply el A•
52
Wheatsworth Inc corn...'
53
200 3441 Jan 5944 May
1131 12
400 1111 June 16
Winter Weal) Inc coin. •
Apt
4,200 204 Mar 3
Wire Wheel Corp corn new. 264 25;4 27
64 June
• 3314 3244 3339
Woodworth Inc corn
700 2844 Jan 394 June
Worth Inc CODY Clan A_.• 184 1834 184 4,500 174 July 234 Mar
•
18% 1814
100 1234 Mar 22 May
Yellow Taxi of N Y
414 424 2.200 3144 Mar 45
Young(LA)SP & Wi COM• 42
May
•
414 4249
700 36% Mar 4414 Ara
Cony. Vet
8714 84
0134 1.100 65
Apr 6111 July
Zenith Radio
Zonite Products Corp corn' 3611 3414 3614 6,300 32% July 484 Apt
Rights
Aluminum, Ltd
Amer Cyanatuld
Flat
Insurance Co of N A
Lodes Inc
U S Gypsum

7

8
1731

154 1644 1,200
544 7% 15,500
200
331
744 834 4,400
1444 144
200
300
1744 174(

Public Utilities-113 11544
Am Dist Teleg 7% pref-100 113
1641 I76
Amer & Foreign Pow were. 17
9344
934 92
Allot Ctrs part paid._




14
5%
2%
74
114
184

July
July
Apr
July
Feb
July

17
844
134
94
2314
1814

July
June
May
July
May
July

100 III
July 118% May
2,500
a% Feb 1934 June
1.000 67
Arc 110 May

535

Friday
Sake
Last Week's Range for
Public Utilities (Cond.) Sale
ofPrices.
Week.
Ear Price. Low. High. Shares.
155 165
Gas & Elea corn....' 165
•
Preferred
104% 10534
218 220
&mar Lt & Trao corn .100
18
13
Amer Nat Gas corn v t e_ •
78
75
Amer Pow & Lt A pref._
1034 104
Amer States Sec oom A..•
144
14
Corn class B
44
4
Warrants
Amer Superpower Corp A • 3544 354 36
354 36
Class B common
9844 9941
99
First preferred
10434 104
Arkansas Pow & Lt Pre11O0
48
*moo Gas & Elea al A___. 48
4854
87
67
Bridgeport Gas Light__ •
7
7%
744
Brooklyn City RR
100
Buff Nlag & East Pr corn.' 3914 39)4 404(
3744
• 374 37
Claes A
26
26%
.25
Preferred
Capital Trac (Wash. D C) 100
100 100
Central Pub 'Wry el A
• 2834 2814 294
105 105
Cent States Elea,corn_ _ __• 105
9944 994
Cltlee Bert Pr & Lt SO PI-•
,
108 108
7% preferred
_. 100
182 1834
Cott.'w'ith Edison Co .100
Corn%realth Power Con/
100 10044
Preferred
100
SO%
79
Cons GEL&T Balt eom.•
Duke Power Co
100 13514 135 13544
1944 20
East StatesPow B cam_ •
1084 1084
Eleo Bond & Sh pref. _100
Elea Bond & Sh Secur__-• 9849 9844 9949
Elea Invest without war..' 624 584 63
Eleo Pow & Lt 2d pref A..* 102% 10234 10234
Option warrants
1844 1844 1844
Empire CU E 7% 0.100
100 1004
3314 344
Empire Pow Corp part stk•
3744 38
Federal Water Serv cl A..* 33
Fitchburg Gas & El v t a._ 130
130 13014
Florida Pow & Lt 57 prof.' 1024 10244 1024
Galveston-Houston ElecCommon _ _
35
35
100 35
General Pub Sera conk...* 234 224 2344
7% preferred
123 123
Georgia Pow (new) $6 pt.*
10244 10234
Haverhill Gas Light
6244
62
62
International Power
35
35
35
45
internat Mil class A
464
• 45
Class B
• 154 1541 1634
Warrants
234 234
Italian Super Power
1334 1344 144
Warrants
744 734
744
Long Island Lt 7% pfd.100 110
109% 110
Marconi Wird Tot Can-1
654 7
644
16
Marconi Wireless Tel Load.
164
Class B
163,4
164 16
146 146
•
Middle West UM com_
7% preferred
117% 117%
100
38
Mohawk & Rud Pow coin •
384
•
2nd preferred
1043,4105)4
Warrants
1434 144
1544 19
Municipal Service
•
10744 108
Nat Pow & Light pref.. •
2444 25
Vat Pub fiery coin class A •
85
New Eng Power Amin atm •
8934
106 10834
.50106
New Haven Water Co.
11334
N Y Tel%)6Sin rad- -100 11249
74 744
North Amer UM Sec cora •
•
1st preferred
9334 94
Northeast Power oom-- .• 2534 253,4 254
13414 13534
Nor States P Corp oon1.100
10844 10844
100
Preferred
Ohio Bell Tel 7%cum pf100 11144 11144 1114
1274 1254
05 4 0 %
8
Pacific G & E 1st prof. 25
• 3751 36% 37
Penn-Ohio Ed corn
100
7% prior pref
1844 19
Option warrants
79
* 79
79
Penn Water az Po wer
68
•
68
Power Secur Co pref.
81
Puget Sound P & L ooin 160 8034 79
100 984 97
98%
6% preferred
45
Sierra Pactne El oom-100 45
45
29
293E
Sou Calif Edison pf A..25
25 2634 284.4 2644
Preferred 11
100
324 5344
So Cities Util, pref
1244 124%
0% 0
6
7
Sou Colorado Pow cl A.25
Southeast Pow & It
5034 4644 5049
4634 464
Common v t
• 107
27 preferred
873,4 8719
Partio preferred
Wants to pur corn stk.. ------ 1834 1874
,
Southw Pow & L 7% p1100
112 112
standard Pow & Lt com.25 47
4634 47
983.4 9844
Swiss Amer Elea pref
6344 634
Tampa Elec Co
United Else Serv warrants _
134
1 44
50 138
13144 1384
United Gas land
United Lt & Pow cam A...* 2544 2544 26
Common class B
• 37
37
37
•
Prof class A
0844 9844
•
Preferred class B
57
5744
GUI Pow & Lt class B.__• 28
2734 28%
11111 Shares Corp coin_ •
13
13
..
Western Power pref--100
10241 1024
Alter

--ioii

Former Standard 011
Subsidiaries.
anglo-Amer 011 (vot sh)Cl 18
Non-voting shares__.El __Borne Scrymser Co._ _100
Buckeye Pipe Line
50 6344
Continental011 v t e..._10 1634
Cumberland Pipe Line _100
Galena-Signal 011
100
Preferred old
100
Humble011& Renning-25 8044
Indiana Pipe Line
50
Imuenal Oil (Canada)...'
National Trantat___1.50
Northern Pipe Line_ _ AO(
Ohio 011
26 624
Penn-Men Fuel
25
26 4644
Prairie Oil & Gm
Prairie Pipe Line
100 201
Southern Pipe line new_10
26
South Penn 011
Standard 011(Indiana)-25 754
Standard 011 (Kanam)-26
Standard Oil (Kentucky/)25 128
Standard 011(Neb)
26 4054
Standard 01110)oom--2$ 7344
100
Preferred
Vacuum Oil new
764
Other 011 Stocks.
Amer Contr 011,101a...A
6
&ma Maracaibo Co
Atlantic Lobos Oil corn. •
Barnadall Corti Ilk Punch
Warrants (deb rights)._
Carib Syndicate new corn.
•
r raole Syndicate
-

3.700
300
275
1,200
400
1,200
1,200
1,000
800
200
600
10
3,100
100
2,200
000
1,100
300
50
5,300
100
400
100
210

Range Since Jan. 1.
Low.
11734
10444
170
18
75
734
7%
114
33%
345;6
98
1044
8464
6344
6
3014
El
26
100
19%
30
95)4
105%
167

600 100
900 6734
10 0 130
200 1111
100 1074
8,200 76
3,800 4034
300 102
700 1344
600 9944
200 30
1,600 2714
100 128
50 1024E
100
1,500
25
100
100
100
500
10,100
100
400
100
40
15,2041
4.400
4,100
100

Jan
June
Jan
June
July
Mar
Mar
Apr
June
July
June
July
Feb
Apr
Jan
Jan
Jan
Jan
July
Jan
Jan
Jan
Jan
Jan

High.
184
Ill
249
22
87
14
18%
a%
66
56%
10534
111
52%
71
944
4614
4554
27
100
30
109
102
109
193

May
May
May
May
May
May
May
May
_Apr
Apr
may
Feb
May
May
May
May
May
May
July
July
June
May
Ap,
May

July 10414
Jan 92%
JUni01484
Jan 2644
July 111%
Jan 1274
Jan 79%
Jan 106
Jan 24%
Feb 105
Feb 3954
Jan 42%
June 1304
July 1084

Jan
May
May
May
API
Apr
May
API
May
May
May
May
July
Apr

314 Jun01
1634 JanI
115
Jan
10234 June
60 May
35 July
4434 Apr
344 Feb
1 June
134 June
844 JU1Y
109
July
3
Feb
94E Jan
154 July
123
Jan

4244 May
29
May
140 May
10254 July
6431 June
July
35
52 May
194 May
334 June
1614 June
8
JULY
11254 Feb
1414 Mar
1754 Mar
la% July
168 May
r
1,200 1294 Jan132 May
60 12%
MaJn
6
150 10244 July 108
Jan
100
6
Jan 1934 May
1,700 134 Jan 25 May
200 10854 June 111
Feb
400 22
Jan 2934 May
150 67% May 984 Apr
tme 19
100 1 13 % j e 105%
50 101 Jun
4
June124 Mar
100
7
Jan 1034 Apr
300 92
Jan 9544 May
2,70o 1954 Jan 31
May
300 .123
Jan 152
May
July 11041 Mar
50 108
40 110
July 115
Apr
1,300 2334 Jun
Apr
30
1,100 32% Jan 484 may
PI) 10414 June 109
Jan
Jan 254 may
200 11
Jan 90 may
100 68
100 6044 Feb 74
May
1,100 8434 /an 9414 June
180 92
Jan 1054 Apr
100 29
Jan 4934 Jun
400 28 June 30
Apr
400 2534 June 274 Mar
150 75
Jan 92 May
100 23
July 26)4 Jan
2,101, 4134 Feb 61
Apr
100 9034 Feb 57% June
July 1114 May
500 106
100 84
Jan 92
Mar
205 124 Fe) 2419 May
Jan 1174 June
20 110
400 294 Jan foak May
100 9834 June 10354 May
Jan 71
100 62
May
14 July
1.900
3 May
11,300 11134 Jan 150
May
22,300 1344 Jan 2734 July
Jait 37
July
100 20
100 9454 Jan 10334 May
Mar
300 5214 Jan 68
1,800 184 Jan 3234 May
Feb 183,4 May
1,000 11
Apr
50 10241 July 108

1744 1841 1,800 17 June
1649 1754
400 1649 June
July
48
250 48
5044
Jan
200 58
6344 63%
Feb
1644 12,200 16
16
Mar
50 88
99
99
434 Jan
1044 1041 2,000
Jan
90 35
75
76
26,300 5944 Felt
81
77
100 74% Feb
82
82
900 5634 Feb
6534 6644
19% June
214 214
30
111 112
Jan
100 94
6244 63
900 68% Feb
40
4034
300 28 June
4741 4834 4.100 473,4 July
201 20734 1,202 184
Jam
12
July
100 12
12
433,4 4444
GOO 36% Jan
734 7641 8,800 7014 Feb
Jan
214 2249 2,500 15
12734 13141 3,700 122% Fel
4044 4034
400 8914 Feb
7344 74
Mar
500 71
Jan
1204 12041
80 100
754 7654 2,900 72 June

22%
20%
56
76
23
114
13
894
8414
8941
75
324
125
684
84
56
228
12
53
83%
274
13844
. 4144
7944
125
8714

Feb
Feb
Jan
Apr
Jan
May
June
July
Apr
Apr
May
May
Mar
May
May
Apr
Mar
July
Apr
Apr
Apr
Apr
Apr
May
May
May

700
444

660 79e 14.500
44.6 4% 1,200
24 244
200

66e July
344 Feb
141 Jan

134 Jan
614 may
Apr
5

441
164
124

33.1 444
700
164 17%
900
124 12% 20,100

3% July
1634 July
1014 Jan

641 May
23% Jan
174 May

536

Friday
Sales
Last 1Veek's Range for
Other 011 Stocks
Sale
Week.
of Prices.
(Concluded)
Par Price. Low. High. Shares.

Range Since Jan. 1.
Low.

High.

Crown Cent Petrol Corp__•
115
114
300 760 Mar
-315 June
Darby Petrol Corp
1919 22
• 20
700
814 Jan 804 MAY
Derby 011 & Ref pref.__* 1234
11
300
1235
715 Feb 124 July
,
Gull Oil Corp of Penna_.i5 125
1224 12514 1,600 1014 Feb 148% May
Houston Gulf Gas
1455 14%.
$OO
1134 Feb 224 Apr
Intercontinental Petrol _ _10
134
June
1
2% Mar
14 12,600
International Petroleum..' 384 38.4 39% 5,100 35
Feb 454 May
Kirby Petroleum
14 14
100
3
134 July
May
Leonard 011 Developm3_25
619
655
400
64
534 Mar
9% May
Lion Oil Refg
274 2815
1,100 20
Feb 3214 May
Lone Star Gas Corp
5214 53
25
700 4834 Apr 57
MAY
Magdalena Syndicate... _1 91c
8,900 86c July
86c 98c
115 Apr
Mexico-Ohio Oil
Mar
July
4
4
8
436 5,700
Mexico 011 Corp
10 268
200 43c 53,500 200 July 74e May
Mountain & Gulf 011_
81c 82e
,
500 76 June
14 Mar
Mountain Prod Corp....10 22% 224 23
1,500 22% July 28% Jan
mat Fuel Gas new
300 24 A Mar 304 Apr
2634 2655
New Bradford Oil
5
5
300
5
515 Jan
414 Mar
New Eng Fuel 011
555 Apr
355 July
100
355 315
North Cent Tex ill .. • 124 1259 1255
100 10% Jan
13' May
Pandem 011 Corporation.*
214
Jan
255 June
500
234 234
6
Pantepee 011 of Venezuela• 12%
124 1355 10,400
1554 July
854 Feb
Pennok 011 Corp
555 Feb
100
7% Apr
514
511 511
Reiter Foster till Corp •
4,300
1234 A pt
454 Feb
714 8
Red Bank Oil
June 17
25
8
100
May
939 915
Richfield 011 pref
25
234 2355
Apr 3154 Apr
600 22
Ryan Consol Petrol
44 Jan
511 551
100
915 Apr
Salt Creek Consul 011___10
54 Jan
Jan
100
7
655 615
655
Salt Creek Producers...10 2714 274 28
1,000 27
Jan
June 35
Team Oil& Land
314 18,900
3
Mar
314
1
354
4% May
18
Ttd-Oeage 011 non-vol St • 18
18
300 134 Feb 2155 Apr
44 Feb
1.400
5
Venezuela Petroleum
53-6
659 May
.6
184 1815
Apr
200 1755 July 25
011 & Gas. •
Wilcox (H
Woolly Perrot Corp__
6
84 Apr
6
100
3% Apr
6
25
"Y" Oil& Gaa Co
251 Feb
700
655
655
834 may
Mining Stocks.
7c
7c
Alison& Globe Copper_ .1
136 136
Bunker Hill &Bull
10
184 1814
10
Carnegie Metals
434 5;1
Central American Mines.
4% 4%
1
Chief Consol Mining.
40e 43c
Comstock Tun & Drain be
94 104
1034
Consol. Cooper Minee...5
21
1
Cortez Silver Mines
21
21
1
115
1
Cresson Consul 0 M & M1
4c
1
4c
Divide Extension
Dolores Esperanza Corp..2
1
91c
111.
Engineer Gold Min Ltd_5
54 534
Evans V. al lower Lead com•
815
734 834
1
Falcon Lead Mines
5e
6c
Golden Centre Mines....6
9
819 935
Goldfield Consol Mines...1
10c 10c
Goldfield Fbrence
1
9c
lie
90
Bet la Mining
250 15% 1435 1575
Hollinger Cons Old Mines 5 1051
1054 1114
Bud Bay MID & Smelt...
18%
18% 1815
Iron Cap Copper
10
3%
311 4
Mason Valley Mines
_ _5
115
115
17u1
Mining Corp of Canada .5
3% 34
New Cornelia Cooper. .5
27% 28%
New Jersey Zinc
100 220
215 225
Newmont
o...g Corp__10 162
154 162
Niplasing Mines
5
319
334 351
Noranda Mine*. Ltd
• 56
5555 5855
Ohio Copper
71c 80c
Parmac Porcupine M Ltd 1
24c 30c
Premier Gold Inc
1
2% 241
Roan Antelope C Min Ltd_
2755 27% 274
1
San Toy Mining
4c
4e
Shattuck Dean Mining.. • 15
144 15
So Amer Gold & Plat._ _1
3
3
Tech Hughes.......
94 9/
1
Tonopah Belmont Hey_ _1
1
1
Tonopah Extension
1
13c
13c
Tonopah Mining
1
41111 5
liii
United Eastern Mines...1
1 1,5 139
United Verde Extension500 16
15/ 16%
5
Unity Gold Mines
1
134
14 1%
5
Utah Apex
3% 3%
1
Utah Metal & Tunn
1%
1%
Wenden Copper Mining...1
1
94c
West End Eaten Min
2c
2c
Yukon Gold Co
70c
67c 7Ic
Bond.
Abitibi P & P 5s A...1953
Adrhatio Electric 79..._1952
Alabama Power 4 49..1967
1956
lot & ref 5s
1939
Allied Pk deb 89
Aluminum Cue f deb 69 '62
Aluminum Ltd 5s..__1947+
Amer Aggregates 69___1943
Amer Corn tl Alcohol 6134:
With warrants
2028
Amer 0 & El .58
American Power & Light
69. without warrnts 2016
Amer Radiator deb 434541
Amer. Roll Mill. deb be '48
1936
Amer Seating
Amer Solv & Chem ea.1936
29
Anaconda Cop Min 611- 19
Appalachian El Pr 59_1956
Arkansas Pr & 1.1 be 1956
Arnold Print Works Os 19 II
193s
Awe Dye & Prees
Associated 0& E 6345 1977
_1948
Cony deb, 4 4s_
Assoe'd Sim Hard 6558 '33
1949
Atlan Fruit 88
Atlas Plywood 5 WI.. _1943
Bates Valve Bag 69_1942
With stock purch warr
Beacon 01169. with warr'36
Beigo-Can Paper 6s. _1943
Bell Tel of Canada 59_1955
1st M 5e nor 11 June 1957
Berlin City FIN' 6
0-1958
Boston Con GIs 5s__ _1947
Boston & Maine RR 68 11,167
1956
Butt Gen Elec 68
Burmeister & Wain Co of
Copenhagen 15-yr es 1-40
Canada Cement 5348.1947
Canadian Nat Rye 79_11)35
Carolina-Ga Serv Co
1st 6s with etk put war'42
Carolina Pr & Lt 59.. _19615
Cent All States Serv Corp
615% notes with warr '33
Cent States Elec ba_ _ .1948
Cent States P & Lt 549 5
3
Chic Phetun Tool 549 1942
Chic Rys 58 ctf dep.._1927
1943
Childs Co deb 58
Cine Gas & Elec 48_ _ .1968
Cincinnati St By 549.1952
Cities Service be
1966
1966
6.




[VOL. 127.

FINANCIAL CHRONICLE

9454 9415
954 96
9456 954
100 100
42
42
42
1004 100 10014
100
100 100%
103
103 103
9415
954
9415

9855
96'4

6,000
30
Jan
10e June
200 121
June 160
Jan
1,000 17
Jan 2714 JA ly
upr
5
6,700 60e
Jan
500
319 Mar
455 Feb
700 20e May 63c June
12,700
5
May
Jan
15
1,000 1803
Jan
32e May
3,300
July
1
255 Jan
1,000
30 Mat
Jan
900 30e Mar
Apr
6°
2
1,400
2
Jan
-Jan
4,300
9H Jul
755
7
'
July
8,000
5
Jan
July
16c
11,900
24 Jan
1354 May
Sc
5,000
Jan 18c June
28,000
Jan
60
25e May
3,400 1355 Apr 1il
1,200 1054 July
18,
000 164 June 288
MayFjj aab
n
18
1
400
3
Jan
SOO
1 4 JanJ.1lat yn
1510 Ain
900
Apr
53-4
300 254 Feb 2914 Jan
110 18035 Jan 242
10,900 122
Jan 185 34 JJ ye
64511 Januurl
1,200
355 July
,
91,700 174 Mar
elle Apr
500
Jan 33c May
' i
3
8
8,500 15c
100
219 Juno
34
2,300 2755 July
July
May
30
Jan
1,000
654 Jan 24
2,900
6%
f
315 Mar
215 Jan
100
84 Feb 114 June
2,700
300 90c July
211. Jan
Jan
9c
1,000
18
5% Jan
23-4 Jun
3,300
Jan
jul
1 A June
300 45e
June 25144 une
5,500 13
June
Feb
3,400 35e
100
334 July 5%
June
11sis Apr
1
4
100
Jan
2
900 94e
Jan
Jan
2e
5e
1,000
1,30
Fob 99e Mar
50o

,511

927,000 9419
5,000 994
149,000 934
4,000 100
1,000 3534
39,000 100
35,000 100
7,000 9755

984 99
16,000
9555 9634 152,000

July
Jan
July
June
June
July
June
June

9414
101
10014
103%
47%
1034
10034
10834

June
984 July 101
964 July 10115 Apr

106
10515 1064 55,000 105
June 110
98
98
98
1,000 974 Jul,) 100%
96
97
96
49,000 9 4 June 99%
51
974 9719 984 49,000 9714 July 1063-4
105 107
12,000 QV
June 125
1004 10051 100% 25,000 10034 June 10154
Junc 1024
97
98/4 97% 08% 52,00
95
June 11114
9655 96% 9636 42,00
95
95
July 101
95
2,00
9814 10,000 97% July Imo%
9859 98
100% 100 100% 38,000 994 July 11434
984 July 113%
994 99 100 359,00
864 8655 4,000 8455 Jan 92
16
1711 20,000 1551 Ap
2054
1,000 1064 July 11554
107 107
106 10659
99
99
101 101
102 10234
102
102 103
102
9234 9114 9251
10134 102
102
964 n97%
97
102% 1024
99

9551

101%
98%
91%
100
82%
8954
8754
9551
10314

954 96
101
101
10954 111

116,000
3,000
5,000
19,000
19,000
98,000
6,000
54.000
8,000

99
99
101
1)1234
10255
914
1014
96%
1024

Jan
July
July
July
July
July
July
July
July

13,000 94% Jun
5,000 1004 Jun
Jun
2,000 108

July
1,000 95
95
95
1014 10154 26,000 1004 Jun
9814
9114
9634
98%
824
8934
8754
973
9555
19314

9834
924
97
100
83
8954
8734
974
9615
103%

July
MAY
Mat
Jan
Jan
Ain
July
May

4,000 97
38,000 91
10,000 9655
39,000 97
4,000 8019
15,000 so%
57,000 8734
1
2,000 975
146,000 gots
7,000 103

116
107 4
1024
luo%
106
9555
10419
10015
105

May
AM
Jan
API
May
Jan
Mai
Mai
May
May
May
MAY
Apr
May
May
May
Al)!
Mar
May
Feb
June
Apr
Slay
Apr

Jan
100
1024 Mar
11419 Jan
99
Jan
105% Mar

Jul
994 Mar
June 974 Apr
99
July
Jan
June 1111% Mar
June 87
Jan
July 964 Apt
July 924 Apr
July 10434 Mar
Apr .1814 May
Jan 10434 May

Bonds (Continued)
Cities Service Gas 5461992
Cities Serv Gas Pipe L 61343
Cities Serv P & L 549 1952
Cleve Elee III 5s
1954
Colon 011 deb 6s
1938
Commander Larabee 89.'41
Com'l Invest Tr 6s. _1947
Commers und Privet
Bank 554e
1937
Commonw Edison 44e '57
Consul 0 E L
P BAR
CH. series A
1949
Consol Publishers 6%91936
Consol Textile 8s
1941
Cont'10 & El 58
1958
Continental 011 5%e,.1937
Cuba Coe% notes
_1929
Cudahy Pack deb 5149 '37
be
1946
Denver & R 0 West 511 '78
Deny & Salt Lake Ry es'60
Detroit City Gas 58 B 1950
Cs. series A
1947
Detroit Int Bdge 6399.1952
25
-year a f deb 79..1952
Dixie Gulf Gas 6%9..1937
with warrants...
Elec Pow (Germ'y)649'53
Empire Oil & Refs 649'42
Eur Mtge & Ins 711 C.1967
Fairb'Its. Morse & Co be '42
Federal Sugar 6s
1933
Fed Wat Service 5%9.1957
Firestone Cot MI11959.1948
Firestone T&R Cal be 1942
First Bohemian Glass Wks
1st 7s with 8th pur war'57
Flak Rubber 549__1931
Florida Power & Lt 66 1954
Galena Sig 01175
1930
Gatineau Power 69_1956
es
1941
Gelsenkirchen Min 68.1934
Genl Amer Invest 69..1952
without warrants
lien Laundry Mach 6555'37
General Rayon 69. _1948
General Vending Cornea with warr Aug 15 1937
Georgia Power ref 69..1967
Goodyear T & R 5s....1928
Goodyr T & R Cal 5159.'31
U114111:1 Trunk Ry 6149.1936
Guantanamo & W Ry Cs 68
Gulf 011 of
be. _1937
Sinking fund deb 69_1947
Gulf States Utll 59..._1956
Hamburg Elec Co 79.1935
Hamburg El &Und 51 e '38
4
Hanover Cred Ins 69_1931
Hood Rubber 7s........1:1)1
534 notes- ---Oct 15 '36
Houston Gull Gail 63481943
Os
1943
Illinois Pr & IA 5348..1957
5348 series"B"
1954
indep 0114k Gas deb ad 1939
Ind'polls P & L 64 aer A '67
lut Pow Scour 75 ear E 1957
Internal Securities 59_1947
Interstate Power be_ 1967
DebentUrea 84 ___.1952
Invest Bond &Sh 5s 1947
.9dedi CA/ 01 AM be A 1947
Investors Equity Co 5s '47
With warrants
tows-Narmada& L & P 69'67
Marco ilydru-El 79___1952
(gotta Francialni 7e___1942
with warrants
W1010Ut warrants
Italian Superpower (is 1963
55'thou warrants
Jeddo Highland Coal Gs '41
Kaufman Dept Sts 549'36
Kelvinator Coes
1936
Without warrants
Keyst Tel (Pa) 5552 1955
uppers0& C deb 59_1947
Lenart) Pow ideour 69..2026
Leonard llets Inc 7196 '46
Without warrants
Libby. MeN & Libby be '42
....inbard Else Co 75..1982
with warrants
Lone Star Gas Corp 591949
Long Island Ltg 6s...1945
Louisiana Pow & L 59.1957
54 anttoo& Power 148.1961
alansfleld Min & Sm (Ger)
78 with warrants _1941
Without warrants
Mass t.las OA 6599_1946
Met Edleon 4 46
1968
Midwest (las 7.
1936
wilwaukes U L 4 49 1967
Minnesota P& L449_1978
vloursouiery Ward 84.1948
Montreal L 11 & P 59 A1951
Morris & Co 7%e..19511
sarragansett Elee 6e A 57
Nat Distillers Prod 655s'35
Nal Pow • Lt es A. .51026
Nat Pub Serv 59 .....1973'
Nat Rub Mech'y 69..1943
Nebraska Power Gs_ .._2022
010dAt1A C0101 88
194.
New Eng U & El Aesn 54'47
N 1 P&L Corp 1.1 43-4.67
,
Niagara Falls Pow 63.1950
NICIladd & Shepard Co 693
7
without warrants
With warrants
Nipii a Elm Pow 614s 1963
North Ind Pub Serv 5s 1966
Nor States Pow 634s..1033
Power 611 der 8_1962
434s 401101 D.
.1958
Ohio Riv Edison 5s_ _1951
Osgood Co 6s with warr '38
Oswego Falls Co as . .1941
Oswego River Pow 63_1931
Fee line& El 151 4348_1967
Pacific Invest ba
1948
Penn-Ohio Edison 6. 1960
Without warrants
Penn Pow & 1.1 5a 9er B '52
1st & ref 5sser D...1963
Pella Elea Pow 634s_1973
.1082
Phil. Rap Tran 118

Friday
Last Week's Range Sales
for
of Prices.
Sale
Price. Low. High. Week

Range Since Jan. 1.
Low.

93/ 93% 19,000 9314
5
9854 0934 30,000 9815
9714 98 100,000 974
104 10634 15,000 104
100 100
1,000 100
89
89
8954 3,000 83
9615 95% 96% 81,000 954
934
9851
974

8815
96%

8834 17,000
88
96% 99
23,000

106% 106 106%
1004 100 100%
9434 94% 94%
9115 91% 9234
9634 9634
9634 97
99
9841 99
101
101
91%
9159 91
85
85
85%
9934 99% 100
10755 10714 10735
984 9/1
9954
9054 9014
96%
96
93
92
101
94

964 97
954 96
93
9355
92 n94
95
95
82
82
10054 10155
9239 93
9434
94

89
8814 89
94
93
94
9554 9514 9515
99
99
9951
9851 974 98%
100% 10015 101
924 91
9259
10314

High.

July
Feb
June
July
July
July
June

98
103%
102
10055
100
9415
10055

Mae
Apr
Apr
July
July
Jan
May

RR
July 944 Jan
964 July 102% Apr

11,000 104
2,000 9714
6.000 9334
53,000 914
4,000 9659
8,000 9654
21,000 974-.
2,000 99%
13,000 8934
9,000 80
2,000 99%
17,000 106
44,000 9734
4,000 90

J tine
Jan
Mar
July
July
June
Jan
July
June
Jan
July
June
June
June

7,000
13,000
35,000
92,000
1,000
1,000
90,000
18,000
22,000

July 9951 Jan
June 994 May
Jan 954 Mar
July 971( Mar
July 9719 Jan
July 8915 Feb
June 108% May
July
9739 Mat
June 9815 Jan

964
95%
9215
92
95
82
9014
9215
93

4,000 8855
24,000 93
80,000 944
22,000 87
112,00(1 97%
7,000 100
155,000 904

July
July
June
Feb
June
June
July

n10855 Feb
102
May
96
Jan
97% Mar
99
Jan
984 Mar
1111
May
10215 Mar
9614 May
93% May
104 . Mar
1084 Feb
104% Mar
Jan
101

Jan
103
9851 Feb
n99% Apr
9935 July
101
Jan
10415 Apr
Mar
97

25,000 8715 July 95
87% 89
Apr
103% 10454 15,000 100
Jan 118
June
99
99
29,000 98
July 10019 June

87
87
88
9914 9851 99%
9934 99% 09%
100% 100% 10031
108% 1004 109
00
9011
11:10
1003-4
100
100 10051
984 9935

15,000 87
95,000 9819
6,000 99
2,000 100
3,000 10634
6,000 90
18,000 994
12,000 994
10,00
98

July
July
May
Apr
June
July
July
June
June

984
103
10015
1101
112
97%
1023.1
102%
102

0011
Mai
Jan
Jan
Jan
Jan
Mar
Jan
May

100 10034
9219 9214
944 9454
100 100
8551 8515
9511 95
95%
96% 96
96S
974 96% 99
9955 9934 9934
100% 100 101
9959 9934 n100
9151 9654
96
9455 9451 94%
05%
95% 95
9851
97% 97
112 11415
9915 9855 nI0115

9,000 9914
50,000 9255
10,000 94
6,00 100
8,00
85
36,000 95
63,000 96
9,000 9631
1,000 994
4i,000 9634
78,000 97%
15.00(
9414
94
26,00(
33,000 94%
23,000 9614
2,000 10455
28,000 96

Feb
June
Jan
July
June
July
July
July
July
Jan
June
July
May
Jan
July
June
Feb

103
9255
96%
1034
96
994
9955
101
1034
106
102
10114
99%
9939
10254
1.1534
109

Feb
June
Apr
Jan
Jan
May
May
may
May
Apr
Mar
May
May
Apr
Mar
May
Apr

100

9551
9154

106 108
3,000 10455 Jan 11215 Apr
Mar
95
9654 19,000 114% July 101
8,000 91
July 97% May
9154 9215

86

94
86

83
104

8254 83
104 104
97.15 98

68
914
9814
99
1054 10515

101

95
86

103
94
9354
99 4
,
9759
1044
9415
1014

101
10114
10015
10114 10114
4
1034 1035

99
86

May
July 105
July 944 May

37,000 6254 July 864 June
8,000 104
Feb
Jan 105
July
20,000 97% July 98

Apr
22,000 65
June 85
76
May
Jan 95
1,00
90
914
9819 July n1014 May
99% 28,00
51,00
106
103% May 109% May
103
9454
00
101
98
10459
9454
102

10114 10134
95
95
103% 10319 101
98% 984 99
105% 10418(1010518
9859 994
91
92
(6054 10034 10114
101
101
10114 1014 10155
98% 984 9915
98 101
105 106
87
8634 8751
11055 107 111
10854 10834 1084
99
99
9534 95
9535
9134 92
106 106
9934
182
924
10011
103%
99% 9914
9234
99
100
IOU
99
9634 9639
9611

8,000
5,000

100
182
94%
10014
103%
9934
93%
100
100
100
99
0655
07

5,000 10214 Jan 10514
9,00
June 97
94
41,00
9394 July 99
101,00
Feb 107
96
9715 July 100
12,00
11,000 104 4 May 1054
13,00
9454 July 100
7,00 1904 June 10459

May
Apr
Mae
May
Jan
Apr
Mar
Apr

1,00
1,00
47,00
93,00
59,00
6,00
6,001
8,00
9,00
7,000
48,000
3,000
13,000
23,000
66,000
1.000
2,000
18,000
63,000
4,000

100
95
1034
96
9414
984
91
yi
100%
98
9851
98
105
18 34
le514
1084
9855
8555
9115
10555

June
July
May
July
Mar
July
July
Mar
June
Jan
July
July
June
July
July
July
Jan
June
July
Mar

1074
n10015
nib
1021
4
10534
10334
96
(034
10315
101%
1024
10351
11)914
9414
ill
11354
994
101
9734
1064

May
June
Jan
Mar
July
Apr
June
Jan
Feb
June
Mar
Jan
mar
API
July
May
Feb

13,000
10.000
41,001
20,000
27,000
31,00
55.000
10,000
9.000
2,000
10,001
34,000
11,000

944
11711
92
1003i
101
119
9111
99
100
99
99
95%
96

Feb
Jan
June
Jan
June
June
June
July
J1111.July
June
July
Mar

101
200
9714
104
10551
103%
'7%
10254
102
102
102
101%
105

Aye
J11110
Apr
Mar
Jan
May
Apr
June
June
Apr
Jan
Ayr
May

Mar
Mar

JUDO

1014 13,000 DO% Y1111. 104% May
Jan
4,00 100% June 104
102
5.000 1004 July 10434 Mar
101
Jul, 107
Jan
27.00 104
105
Ian
5.000 10314 July 105
104

JULY 28 1928.]

Bonds (Conlfnued)Pulls Sub Cos 0 & E
1st & ref 446
1957
Pittsburg Steel ea
1948'
Potomac Edison 5s_ _1956
Potrero Sug 76 Nov 15 1947
Power Corp 01 NY 594* '47
Procter & Gamble 4461947
Pub Ser El & 446...1.967
Queensboro 0 & E 5 MS'52
Illehthild 011 of Calif Be '41
3-yr cony 54% notes'31
Eft Louis Coke & Oas Os '47
Elan Ant Pub Ser 6....114h8
Sande Falls 58
1955
Schulte R'69
1975
With warrants
Without warrants_ _ _
Scripps(E W)54*.._1943
Serval toe (new on 6.. 1114*
Shinlnlitan W & P 414*'07
Shawsheen Mills 7s._ _1931
Sherid Wyom Coal(4.1947
Sloss-Sheffield S & I 65.29
Snider Peek 0% notes. 1932
Solvay-Am invest 68..1942
Southeast P & L es___2026
Without warrants
Southern Asbestos 66_1937
Sou Calif Edison 6s_ __HMI
Refunding mtge 65-1952
Sou Cali/ Oas Se
1937
Southern Varies 65
193(1
Southern Gas pf6Si6-193
5

FINANCIAL CHRONICLE
Friday
Last Week's Range Sales
of Prices.
Sale
for
Price. Low. High. Week.

99)4
954
9834
97%

Range Since Jan. 1.
Low.

High.

991( 994 2,000 98
100 1004 3,000 100
9891 994 39,000 97%
76
76
2,000 75
95
95% 7.000 96
98% 100
5,000 9844
974 151,000 97
97

July
June
June
June
July
July
July

1024
103
1021
4
98%
101
1004
10334

Mar
Apr
Mar
Jan
Jan
Mar
Apr

10294 3,000 101%
131
1,000 98
100% 14,000 100
9594 27,000 1134
97
14,000 96
100
3,000 10014

July
Feb
June
July
July
July

107
155
101
9014
100%
104

AD?
June
June
May
Mar
Apr

10294
131
100
93% 9394
96% 96
100%

101 101
1,000
90
9094 5,000
95
96
5,000
69
7031 19,000
9331 944 32,000
974 9791 3,000

9534
8894
95
134
9394
97

Jan 1084 June
Mar 93% May
July 100
Apr
Feb 764 May
July 9814 Mar
June 101% Apr

93
102% 994
11594 114
9791

93
1,000 93
10234 4,000 999(
,
1184 84.00 108
98
21,00
954

July 97
Jan
July 102% Jan
Jan 135
Apr
June 100
Mar

103
132
122
100% 10094
100(4 10094
934 93%
97
97
102

105
48,00
132 413,00
1(10
86,00
1004 36,00
94
30,000
9731
4,000
102
2,000

June
Jan
July
July
July
July
Apr

90
96
70
94
9794

Southwest C & E 58_1957 96
frwest Pow & Lt 66_2022 1041
4
Staley (A E) Mfg es .1041 98
Stand Inv 5s with war_1937
Stand Pow & Lt
100
Stinnes (Hugo) Corn
Ts Oct 1 '315 without wary 9494
75 1946 without wargle.
Strawbridge Clothier 5s_ _ _ -----Sun Maid Raisin 645.1948 76
Bun 011 5949
1939 1004
Swift di Co 66 Oct 15 (932 100

95
105
100
100
9394
9694
102

10934
132
104%
10494
954
9994
108

Mat
July
Ain
Apr
Jan
Jan
Mar

96
10394
98
129
9991

9691
10491
99
129
1

0014

4,000 96
July 10034
16,000 10334 July 112%
24,000 98
May 101
12,000 108% Jan 145
57,000 99)4 Jan 1044

Apr
May
Mar
May
Mar

93%
93%
100%
76
100
99%

95
9334
10094
804
101
100%

30,000 934 Jan 9834
17.000 93
July 074
18,000 10034 Jul 10094
19,000 76
July 98
15,000 100
July 1024
72,000 994 Jun
10134

may
May
July
Jail
Are
Jan

Texas Power & Lt 58..1956 98
9794 984
Trans
-Coot 011 76.....1930 10534 105 105%
Tyrol Hydro-El 7s.....1962 924 9234 92%
United El tiers (tines) 79611
Without warrants
93% 9494
With warrants
110 11091
United Indust 64s. _1941
9294 9431
United Lt & Rye 6 345 1962 9391 934 93%
68 series A
1952 101
101 1014
United 011 Prod 135. _ _1941 73
73
73
United Steel Wks 6(4. 1957
With warran
903( 91
U El Radiator 5s
1938 9534 94% 9594

71,000 97% July 103
Misr
20,000 103
Feb 110
Jan
8,000 92% June 9514 APT

33,000
24,000

89
94

June
June

U S Rubber 64% notes'29
Serial 64% notes 19311
Serial 04% notes. 1931
Serial 64% notes..1932
Serial 694% notes.. 11133
Serial 64% notes...1934
Serial 6.1% notes 1935
Serial 64% notes_ 1936
Serial 64% notes 193:
Serial64% notes .1938
Serial 64% notes-1940

61,000
14,000
11,000
23,000
59,000
5,000
7,000
14,00
4,000
7,000
4,000

92
93
92
92
91
905(
004
90
90
9034
91

July
July
July
July
July
July
July
July
July
July
July

S Smelt & Ref 641 103
5
Utilities Pow & Lt 6145 47
Valvoline Oil 75
1937
Van Camp Pack 85_ ._1941

9494
94

93
9494
81

97
9334
93
93
93
94
91%
9134
91
91
91%
101
943-4
106
80

9894
95
949(
9494
95
94
924
9291
9234
91%
93

40,000 924 Jan 100
9.000 10114 Jam 125
6.000 0234 July 904
16,000 93% July 9914
23,000 1004 June 1084
1,000 70
Jan 90

MX
May
Jan
Jab
Jan
Apr

96
Feb
984 May
1024
1024
102%
103
103
10234
103
1024
1024
103
410414

Feb
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Feb
Jam
Feb

10294 36,000 100
May 105
9494 107,000 92
Jar 101
106
1,000 1044 ken 106%
81
4,000 68
Mar 81

Feb
Mav
Apr
July

Warner Bros Piet 6145 1923 132
12791 185
Warner-Quinlan Co es 11943
106% 110
Western Power 64. .1967 100
9934 100
Westphalia tin El Po Its 63 88% 884 8994
Westvaco Chl3rine 5.48'37
101% 1014
Wheeling Stem 4 4s. 1953 88
88
88%
Wisconsin Cen Ry 56..1930
97
97

92,00
9594 Jan
60,00
98
Eel.
14,000 99
June
32,000 88H July
2,000 1014 July
74,000 5
6% Jun
2.000 95 Jun

135
11294
.05
934
107
9314
99

July
Jose
Ma)
Fet
May
Ma)
Jan

Foreign Government
and Municipalities.
Agrieul Mtge fit Rep of Col
Jan 15 1946
20-Yr 76
20-year 78 Jan 16 11047
Akershus(Dept) NorwayExternal 5",
1963
Antiouula 76 scrim 13.1945

9914

95

994 9934 11,000 (
17%
9894 99
19,000 97
904 91
26,000
94% 954 34.000

Jan 1024 Apr
Jan 1014 Ara

9014 July
9414 July

97 1 alri9
4
98)4 Apo

Baden (Germany) 71....1951
9734 979( 98
11.000 90% June
Buenos Aires(Prov)7)4$ '47
101% 1024 9,000 10034 Feb 09% June
10534 Ma)
76
11052 100% 100 100% 23,000 98
Jan 1024 June
Cant Bk of Oerman State &
Prov Banta 14 11...1951 87
87
8734 14,000 87
June 9234 Ms+
1331s
1958 974 974 9794 10,000 95
June
Cundinimarea 648_1058
9394 93% 20,00e 9394 July 97% June
933" June
Danish Cons Mimic 54666
97% 98
28,000 97
May 102
Ale
Danzig P1 Wat'WaY ad
External 5 f 94s. _1962
864 86% 8,000 80
Jan ato0
Eel
Denmk (KIngd'in)6411.5 100
9994 100% 25,000
5
July 102% Jaz
99%
1902 894 89
646
8934 230,000 874 June
9594 Ma)
Estonia (Republic) 71 1967 90
90
91% 18,000 90
July
95
Apr
Frankfort icitgl 1148 1953 9694 9584 994 69,000 9
94 June 91414 May
German eons Mullis Ts 47 9891 9894 9834 54.000 08
July
1947 924 9234 94 102,000 9291 July 11131001:M5,s
65
May
1958
648
97% 9734 36,000 9714 June 04% June
97%
Indus MIS Bk of Finland
1st msge coil sf7. .1944 994 9934 100% 3.000 994 July
1(1214 Pet
Medellin (Colombia) 74 '6i
984 98% 20,00
Ill 41 Jan 101
Apo
1948 105
105 105
lis '
22,00 102% Jan 11)5% Apt
. 1954
934 934 6,00
6145
934 July 93% June
Mendoza (Prov) Argentina
1961 99% 98% 99% 18,00
7946
9614 Jan 101.1,4 API
Minas Oeraes(State) Brasil
94
94
1968
Ext 6145
24,000 94
Jun
974 Ain
Montevideo (City) 08.1969 96% 95
964 69,000 934 Jab 9891 Ago
Muss tlk of Bogota 75_1947
92
9294 23,000 91% Fe (6)95%
New ---92% 92% 9214 13,000 91% June 954 At,
.
9794 45.000 93
Mtge Bank ni ahileed 1981 974 97
Jun
99
Ma'
Mtge Bk of Danmark 6. 72 974 96% 974 16,000 969( Jun
994 At,
Mtge Bk of J uguslav ls '67 8531 85)4 8534 33,000 8-114 Jun
90
May
Mtge Bank of Venetian
1952 90
8994 92
Provinces 7s
17,00
69
Jun
API
96
1972 107
107
Netherlands 65
9491
raruna(State 00 Bras 7.'68 95
959.4
Prussia (Fres state,84151 96
90
Extl Oa (o1 '27) Oon 16 '52 90
Rio Grande du Sul (State)
Brasil Ts (of '27).. 1967 9614 9694
044
tiose 911.4
F 811




107
3,000 105% Mar 1084 Feb
95
10,000 9494 July 1964 Ma)
9691 40,000 95
Jun
1984 Mai
9014 165,000 8
094 Jun a944 May
97% 12,000
nit( 17"

Jan 10014 ate
98