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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
heavily
though
reduced,
current
for
the
week
/remittances for European subscriptions and advertisements mustexchange.
a
be mad*
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
4, against 1877
at 1921/
/8 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
4 on Wednesday with the
172 on Tuesday and 1761/
close yesterday at 175, against 173% the previous
Friday. General Electric ranged between 1451/
4 on
Monday and 1507
/s on Wednesday and closed yesterday at 150%, against 146% the previous Friday.
Allied Chemical & Dye ranged between 1735
/
8 on
Saturday and 179% on Wednesday and closed yes4, against 175 the previous Friday.
terday at 1771/
453
Sears, Roebuck & Co. ranged between 1151/
4 on Monday and 118% on the same day and closed yesterday at 1171/
8, 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
4, against 168% on
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 727
/8 the previous
Friday. Studebaker closed yesterday at 71, against
68 the previous Friday;Packard at 73, against 7234;
Nash at 83% against 83; Hudson at 81 against 82,
and Hupp at 56%, against 571/
4.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 511
/
4,against 493
4; Cerro de Pasco at 75,
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 21434, against
214%; Crucible Steel at 72% against 71, and Ludlum Steel at 58%, against 571/
4. Among the oil
stocks, Atlantic Refining closed yesterday at 147%,
against 1421/ the previous Friday; Harland Oil
closed at 35%, against 3434, and Standard Oil of
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
4 the previous Friday
and the common at 3314, against 31; Goodyear Tire
& 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 1861/
8; Canadian Pacific at 2067
/
8, against
202%; Great Northern at 96%, against 96; Northern Pacific at 95, against 95; Wabash at 73%,
against 70%; Union Pacific at 1937
/s, against 191%;
Southern Pacific at 1191/
4, against 118%; St. LouisSan Francisco at 113, against 1111/
8;Reading at 100,
against 9834; Delaware & Hudson at 189%, against
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.
week,
ment of the Czechoslovak Republic rejoices to see
all
dull
The Paris Bourse was extremely
the American Government is ready to offer parthat
practically
that
indicating
cabled reports repeatedly
in this treaty, on the one hand to the powticipation
conin
is
marked
This
done.
no business was being
are
parties to the neutrality treaties, and
who
last
month
when
of
ers
trading
heavy
trast with the
all other powers, in order to invest it
to
other
the
on
the
Bourse.
of
facilities
the
outran
speculation
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
signature
of
caused two questions to be brought forto
Secretary
State
and
Czechoslovakia
Japan
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
opinion
the
marked,"
public
added,
dispatch
"that
of
note
covering
the
in
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
compact
any
government broke the anti-war
respectively on iuly 20 and 21, were in similar vein. event
to arms, but that this would not mean
resorted
and
Minister
Foreign
and
Premier
Tanaka,
diichi
Baron
the
that
United
States would go to war."
of the Tokio Government, expressed full concurrence
The
brought up by the assnrairce
second
question
treaty
in the alterations in the preamble of the draft
fifteen
will subscribe to the treaty
that
Governments
to
readiness
and announced his Government as in
ratification of
parliamentary
that
of
securing
was
form
the
proceed with the signature of the treaty in
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
3
Switzerland at 3/%.
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 51A% throughout the
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
the quotation is 514@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
increase
of
an
been advanced. On Wednesday afternoon at
showed
21,557,000
again
marks,
and bullion
11,297,000
marks,
coin
m.the posted rate of the American Acceptance
other
2:00
p.
notes
on
silver and
7,851,000
for prime,bankers' acceptances eligible for
marks,
Council
and
banks
other
asl
German
other
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
DAYS.
THIRTY
WITHIN
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 threeFederal Reserve Bank of Philadelphia this, months bills are quoted 4 1-16% to 43/%. This
The
ill
/
4% bid, 4/% asked, for ninetyweek joined the ranks of the Reserve banks which compares with 43
York. The firmness of time money
in
New
bills
day
have raised their rates of discount from 43/2% to
Exchange
against
Stock
collateral here, ruling stead5%,the announcement in its case coming on Wednesproved
ily
at
6%,
has
also
attractive to foreign money
day and the increase becoming effective Thursday.
degree
at least, detrimental to
some
so,
to
and
The following is the schedule of rates now in effect for
While
there
is
a
sterling.
difference
of opinion with
the various classes of paper at the different Reserve
probability
of
Amsterdam
gold
regard
to
the
exports,
banks:
view
the
matter
in
different
light
bankers
seem
to
a
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
£76,478 in gold holdings, bringing the total to
of
1928
5
July 14
43,4
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
4.857A for bankers' sight, compared with 4.85 11-16 week the Canadian Bank of Commerce New York
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 of 1% on Saturday to 1-16 of 1% on Thursday and
clined to believe that various measures would be taken y
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/
8@4.86 3-16. On Monday the market
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 running 30 days and also for bills running 60 and 90 days,
47A% bid and 497
0 asked for 120 days, and 5/
8%
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/
2@4.85 11-16 for
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 3.913
/i 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 5.23Y4. for bankers'
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 Czechoslovakia 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. Checks on Sweden closed at 26.75
and 26.743/
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
26.733/2. 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.
EUROPEAustria,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
e- taei
ha
Chin
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
.006135
.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
$
$
101.060.000 85.000.000 08,000,000 momeno ammo Cr. 584.000.000
This condition results largely from an undercurrent of 101.060,000
-The
Note.
foregoing
come
which
checks
of
heavy
mass
huge
the
reflect
credits
the
unrest arising out of political disputes between
to the New York Reserve bank from all parts of the country In the operation of
Federal
the
Reserve
Manthe
System's
credit
par
large
scheme.
over
balances.
These
collection
Nationalists
Japanese and the Chinese
however, reflect only a part of the Reserve Bank's operations with the Clearing
House institutions, as only the Items payable in New York City are represented in
churian question. In Thursday's market yen made the
daily balances. The large volume of checks on Institutions located outside of
New York are not accounted for in arriving at these balances, as such checks do
a new low for the year at 45.40 for cable transfers and not
pass through the Clearing House but are deposited with the Federal Reserve
yesterday went still lower to 45.27. Another factor Bank for collection for the account of the local Clearing House banks.
of
growth
and
continuance
depressing the yen is the
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.
July 28 1927.
London dispatches state that one of the factors caus- Banks of-I Gold.
Silver.
Total.
Total. I
Gold.
Silver.
Japanese
by
purchase
heavy
the
is
ing weakness in yen
£
I
sterling
6%
Japanese
England_ 176,020.387
of Japanese sterling bonds.
151,804,701
•
176,020,387,151,804.701
-_ 223729742
160,940.559
d
237,297,424 147.260,559 13.680,
bonds of 1924 have risen from £9732 to £100 Since France
Germany b 103,159,1
88.156,100
094,600 104,153,700 87,161,500
994,6
--104,316,00 28,197,000132.513,000 103,896,000 27.105.000131,001.000
January. Closing quotations for yen checks yester- Spain
Italy
52,855,000
3,835,000 50,446,000
46,611,000
52,855,000
36,249,00
1,965,000 38,214,000 32,284,000 2.400,000 34,684,000
day were 453'@45%, against 45.85@46A on Fri- Netherrth
Nat Betz_ 22.941.00
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
Sweden
12,797,00
12,797,000 12,300,000
1,
@66Y
8
/
6
6
at
Shanghai
against 49.90@50 1-16;
Denmark _ 10,103,
11,419,000
719,
615,0
10.718,000 10,700,000
8.180,000
8,168.000 8,180.000
against 64%@65; Manila at 49V1, against 49 9-16; Norway 8.168,0
Bomweek
Total
52.633,600680,622,400
56%@56;
781.819,911
635,988,800
817,089,511
35,269,600
against
Singapore at 563.@563/
2,
Prey. week 778,379.083 35,411,600
637,1130,489 52,731,600690.382.089
and Calcutta at 363, a These are the gold holdings of813,790,683
bay at 363/2, against
the Bank of France as reported In the new
of
of Germany are exclusive of
form
Bank
the
b
statement.
Geld
of
holdings
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
464
FINANCIAL CHRONICLE
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
466
FINANCIAL CHRONICLE
[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 4/
2%. When
1
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;
will
They
be
represented on the board.
(c)
"By these and other provisions which will to a considerable
extent
articles
the
of the Times Holding Company, the
be modelled on
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%
1,000,000 Cars a Week—Larger Than in 1927
the volume of a year ago, and the amount of payrolls to within L1%.
but of
The
gains
were well distributed both as to industries and locality. Metals
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 shops were showing some cur14 at iron and steel mills,
in the vehicles group-1.7% in men and 5.7% in payrolls
totaled 1,024,534 oars, the Car Service Division of the tailment. Gains
—represented increased activity in the manufacture of cars and locomotives,
American Railway Association announced on July 24. This as well as of automobiles. The reports from the Employers' Association of
'
.
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 manuof ice and ice cream, and canning operations being at their high
July 14 was also an increase of 7,140 cars above the same facture
level of seasonal activity. Building materials also—stone, brick, 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.
EMPLOYMENT AND EARNINGS-SEVENTH FEDERAL RESERVE
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.
Same Month
Last Year.
(37)+ 1.5
(14)- 4.8
(13)+ 6.0
(12)- 3.3
( 8)+ 4.8
(351+ 3.5
(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
(41+40-6
(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.
-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
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.
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
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.
-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
2-4.2 125.5
:
Wemen's aPParel stores •1
+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
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
1928.
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
1:5i
1.19
AcetsRec' Collection
at End of Durg Mo
Month Compare/
with
Corn, with
Year ago Year ago.
+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
continues.
Mineral
output
is
of
activity
large
with
prospects
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
Detroit state that the Federal Motor Truck
Reports
from
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;
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-passenger 4-door
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,
year exports of $284,117,000 compare with imports of $302,766,000, the $1,450, against $1,465, and 5-passenger de luxe sedan at
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.
8 models; 7-passenger sedan is listed at $2,045, against
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,
witness,
is
largely
bear
sustained
figures
by the very heavy
these
to which
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 93 and 92.
were respectively 108 and 111; and for theestablished
normal production
Of the reporting mills, the 402 with an
production 98%, shipments
actual
gave
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.
2-3 for February and 253 for January. Based on an
24
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
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,
'
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.
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
of Louis N. Osmond for a temporary
application
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
W. S. Kirby, John J. Simmons and T. W."Whit"
Davis,
original complaint had contended. Mr. Osmond a cotton
together with other members and directors of the
Davidson,
broker who announced Wednesday that he and a group of
Mr. Davidson will preside. Business men,
association.
to
form
a
incorporated
cotton
secondary
associates had
of Chambers of Commerce throughrepresentatives
bankers,
exchange dealing in raw cotton and various natural and
farmers are expected to attend, it
cotton
and
South
the
out
manufactured by-products, brought the suit against the
baneful influences on the
prevent
to
Methods
stated.
is
• exchange and its two members several weeks ago. He
authorized or unauthorized
either
from
price
profitable
contended that the presence of the sub-standard cotton in
crop reports will be sought.
this port had served to depreciate the price from 27c. to
"It is not a question of 'can the price of cotton be made stable and
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
be.
cannot
what
theory
on
the
understand
to
seeks
plaintiff
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
and
there
cotton"
are
that
no
ineligible
averments
proval of
dealers to their profit, reduced the price of cotton $40 a bale. Secretary
of fact to warrant conclusions of legal liability on the part of Agriculture Jardine has no more power to create a Imo influence on
court
adds
that
been
The
not
since
has
it
defendants.
the cotton market than the combined people of the South have to create
of the
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."
Exchange
Cotton
following
issued
the
The New York
statement with reference to the matter:
Report of National Association.of Finishers of Cotton
the
New
against
injunction
York
Exchange
Cotton
an
The petition for
organizer
of
Exthe
Osmond,
Fabrics for June 1928.
Cotton
N.
National
Louis
by
applied for
lengthy opinion handed down on Thursday
Association of Finishers of Cotton Fabrics
National
change, Inc was denied in a
The
by
Court
Supreme
Justice Frankenthaler, on the
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 Springthe 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 customersDistrict 1
4,159
prominent
4,680
3,179
in staple men's goods does not permit the leader to maintain
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
received11,336,706 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 daysenced 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 undermonthcutting
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
received9,562.911 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)
2.372 5.80
2.43
Ayer (1313)to customersI Shausheen (DD)..-' ' I ' I
It,
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 monthNo. 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
(less
10)
in
the
2,518
current
38,007
10,699
5.047
1928
list, is an 85i-ounce fancy priced at $1.76
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
75
53 Beoll's 804 Is a 12-ounce summer cloth, which is up close to 22)c.. and
47
2
therefore
may be indicative of appreciable mark-up on heavier fancy
60
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 daysDepartment 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
2.02 2.15
2.23
Shawsheen
1.9 Washington
1.9
3
2.43 2.58
1.77 1.80 Nat. & Prov
2.9
2.9
5
Department 2Department 75.9 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 Cheviots10c
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
2.03
12061x__1181
7o
.
2.34
2.44
8095
14
119
10c
2.43
2.53
15
8020
•Advance.
Wood SerpaWood Cheviotlc
$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 sledsbe
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 Worsteds2.77
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
selling agency of all the Canadian grain pools-in which it is pointed out that
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
53.198.221
82,780,322
$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
Texas
effect by the Carter Oil Co. and the Humble Oil & Refining Panhandle
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
Texas
25,050
25,000
25,100
32,050
increase of 7c. for each degree to and incl. 32 gravity at Southwest
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
91,350
92,150
91,950
109,550
Texas
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 average gross production
of the Mid-Continent field
expected that eventually all of the producers will post including
Oklahoma, 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 10.100 barrels. The MidThe Ohio Oil Co. posted an advance of 50. per barrel on Continent production, excluding
Smackover, Arkansas 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 various districts for the
The Midwest Refining Co. posted new prices for crude oil current week compared with the previous
week 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
Southwe.st TexasJule 21. July 14.
Braman
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
ArkansasWewoka
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
WyomingLight 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
MontanaWest Central TexasSunburst
8,300 8,600
Tide Water Oil Co. which advanced the spot price of tank Brown County
12,750 13,000
CaliforniaShackelford 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 TexasHuntington 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 County
The Warner-Quinlan Co. also made a similar price Crane
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 TexasMidway-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
4e. at Tiverton, R. I.; lie, at
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
quote 15 cents, c.i.f. usual European
advance
the
in
New York district and destinations. Sales on
Quinlan Co. met the
foreign accounts amounted to apthe Beacon Oil Co. in the New England section.
proximately 30,000 tons so far this month. One fairly large
wholesale
Chicago
prices
at
27,
were
quoted as sale of slab zinc took place for
On July
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,
correspondi
output of 2,573,850 barrels per day in the
ng and orders appear to be growing individually smaller. 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
10-year
average
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
average
Daily
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
Revised
since
last
report.
Five-day
week.
c
b
years.
Subject
to
in
the
two
revision.
Buffalo,
New
York
and
Cleveland,
week's
Cincinnati,
the
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
Federal Reserve Districts--Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also began to give out the figures of the
member banks in the New York Federal Reserve District,
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks
themselves, and for the same week, instead of waiting until
the following Monday, before which time the statistics
covering the entire body of reporting member banks—now
637—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
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
3,182,090,000 2,375.321,000
1,012,325,000 765,872.000
2,038,552,000 1,906,928.000
1,544,141,000 1,464,876,000
14.023,000
782,827,000
747,291.000
494,411,000
13,528,000
787,198.000
664,150,000
442,052,000
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
gOg
607.009,000
679,788,000 684,515,000 1,257066
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.
0,000. mobile sales are practically restricted to
.
0.000,000, Chicago $23,05
ilecreases-13Fdiarrcts being: New York $4.
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
agree that Canadian commerce and industry is currently
observers
Most
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%, following the /
1
4% discount rate advance
1
Interest rates from 34 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
it is going to exercise an important inSells Securities, and Outcome of Dispute Is francs on its books in exchange,
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
influgreater
have
In a copyrighted wireless dispatch from London to the permit them to purchase these acceptances, it will
over the internal bill market.
New York "Evening Post" of July 14, Arthur W. Kiddy ence
"France will thus again assume a leading place in the International
points out that British banking figures for June show money market. The United States and Great Britain will not retain their
Is, their
mostly an expansion of deposits and advances, while cash monopoly on monetary inflation on the basis of acceptances, thatThe
Bank
capital to the international bill market.
was not changed appreciably compared to figures for a monopoly in providing
establish
to
steps
of France will now doubtless proceed to take all needed
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 seindireturn,
Bank
the
of
the
figures
from
appears
imports
of the gold
handicapped in its efforts to gain control of the
verely
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
in America, where the rate is higher.
ing circles are considerably exercised over the apparent in- funds
When the Chicago Reserve Bank raised Its re-discount rate well-posted
tention of the Bank of France to exercise control over the bankers In Paris took it for granted that the New York Reserve Bank
of
French money market, which has always been subject to would shortly follow It is now thought that any furtherintightening
Wall Street
money market will result not only in a decline
American
the
by
central
banking
Both
authorities.
little supervision
but in further withdrawal of American capital invested in France. This
rediscount and open market operations, now taking so will affect both the exchange market and the Bourse. Nevertheless the
peoe by reason of the large
prominent a place in American finance, have been of only depreciation in francs proceeds at a moderate
brought into France by tourists.
America
on
drafts
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
the
"Temps"
in
pointing
Jenny
new
out
how the
Frederic
still has 825.000.000 gold at its disposal in New York, and this will shortly
moreover,
arrangement between the Bank of France and the State be shipped to the Paris market. It was declared to be possible,
that the Bank of France will make further gold purchases in New York
"The
of
Bank
direction.
says
this
France,"
in
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 94/
1
2 and
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.
286,231.86
1926__$172,764.81$120191.89
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
1927
999,300.54
970,600.38
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 session of the Legislature, at which time a halfThe bonds so drawn will be paid at par on and after that dozen
or more bills were introduced for the purpose of bringing about
date at the office of Speyer & Co.,24 &26 Pine St.,New York, such supervision by legislation. The bills
in their original 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 they were under the supervision of the Banking
Speyer & Co. and J. Henry Schroder Banking Corp. Department,
although the Superintendent
do practically nothing to
annource that a drawing for the sinking fund of the State of correct any abuses found in the companiescould
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 of supervision as
payable on and after Sept. 1 1928 at par at either of their banks, and that all that was needed was a law
that would 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 is given wide publicity and as a
The Chase National Bank, as fiscal agent for Government result the investing public
is protected 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 see what a great deal of confusion would result
1928, at par and accrued interest out of sinking fund moneys if each State throughout
the country attempted to govern the operation of
received,$245,500 principal amount of these bonds. Coupon Investment trusts. With very few exceptions they are all doing an Interstate business. You would have Just as great a multiplicity of investment
bonds of $1,000 bearing the letter M and coupon bonds of $500 trust laws as we have
at the present time blue sky laws. All of the undebearing the letter D will be redeemed and paid on and after sirable investment trusts or those
unwilling to conform to good investment
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 own State. there are bound to be admitted
due Sept. 1 1960, State Railways Issue of 1927, will redeem companies that
give a great deal 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 result people are justified
in believing
George V. McLaughlin, Former Banking Commissioner, that the banking institution
lending 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 other security or holding companies selling securities.
from using a borrowed term to denote a set of American entThere
may come a day of reckoning on bow far the investing public has
financial institutions were voiced by George V. McLaughlin, relied on these implied representations
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
Other banks 2-28-28 1 185
10,953,216.39 90,327,161.22
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
87,969.580.61
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
172.019.766.83
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 1,828.815.23 20.138.781.88
177,414,309.65
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
VLsconsin _ _ 2-28-2
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
7'otals
Average date 2-28-28 18.965 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
1omptroller's
Report (NaBona! banks) 2_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 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 23.950.838.611.35 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
State banks_ 3-10-2222,302 1,794,110.615.82 1587.453,465.10 319.103.843.39 3.700.677.924.31 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
:L
ate
te 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
8,471,967,470 89 36,679.382,483.73
,
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
.184,487,497.14 2,09i.822,178.981462,974,328.31 4.739,284.004.43 34,435,434,860.78 19.374.343,741.27 10,644.546,769.40 41.885,784.224.54
8:2
;tate banks_ 2-2_0
18
9 18.965
1.785 ,
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 it.047.521,000.00
slat. banks_ 6-3
20.799.&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 15,478.354,000.60 11.680,837,000.00 4,028,059,000.00
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
20,037,651,000.00
15,390,438,000.00
08. 189.000.1 I
1.036.184,000.005
Sat. banks_ 3-10-22 8.197 ,289.528.000.00 1,067,652,000,00
498,172.000,00
2.872,068,000.00 17,036.281,000.00 11,293.874,000.00 4,118.160,008.00 19,815,402,000.00
11.679,621,000.00 5.041.122,000.00 21.612,713.000.00
Sat. banks_ 4- 3-23 8.229 .319.144.000.00
000.00 507,905,000.002,916,840,090,90 17,598,696,000.00 11.963,102
073 3832.058.4
00
Sat. banks_ 3-31-24 MO 1.335.672.000.00
P00.00
00 22 062
45.000.
490,457,000,00
00 19,382,947.000.00
,361.444.090.00;
108.544,000.00
1.
12,480,246.000.00
'
000.
Sat banks 4- 6-25 8.010 1
5.
5.753.440.000.00
005.950.000. 21.832,46300
888.
'0.00
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.
: 4-12-26 8.1)110 1410,434,000.00 1188,704,000.00
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
Sat. .banks_ 3-23-27
.
_ -- -- .........
..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
SI. banks..
*Includes undivided profits.
---------------- the United States
---------------on Feb. 28 1928 ---------------show:
------------------All banking institutions of---------------------------------------------------------------------26.699
Total banks
pronto
undivided
and
surplus
capital,
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
uniform comparability because some banks augment their net current
principal contributing cause of these variations lies in the obtain
earnings through their investment in buildings. The proportion of aggrebanks
Savings Department. Consequently the country
gate net current earnings derived from the operation of the bank build28) was relatively small in country banks: in Boston. on the other
have been classified into three groups based upon the per- ings (Item
hand,investments in office buildings are relatively greater and,accordingly,
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.
banks falling in the group having time deposits of between 25.1%
because they are substantially larger than the country banks, andCountry
50% and the reporting Boston banks, charged off in 1927 a greater
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
banks doing primarily a commercial deposit business, and those
serves must be maintained. Of course there are some de- country
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
net result for such
banking function, such as for example, the trust, bond, more than offset their various charge-offs, so that the
was additional income from these non-current sources.
foreign and safety deposit departments. These functions, banks
relatively
the most liberal
After dividend payments (Item 32) which were
however, constitute a relatively small source of income; In the Boston and in the commercial country banks, the balance remaining
was relatively small in Boston: in the counin the 119 reporting country banks the income derived from for reserves and surplus(Item 33)proportion
of savings deposits increased.
try banks it increased as the
them, plus that from miscellaneous small items, amounted These relatively large balances for reserves and surplus in the banks having
from
1927
in
to
about
4
%
of
the
gross
income
necessarily indicate that they
average
do
not
substantial amounts of time deposits
on the
profitable type of banks; they only reflect the fact
all banking operations. That is to say, about 96% of gross were relatively the more
that these banks paid out a smaller proportion of their rarnings in the form
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
business and relatively highest in banks doing the largest
The sources from which interest is derived vary according of time depositcommercial
banking business. This showing, however. Is
proportion of
banks
whether
transact
commercial
or
a
primarily
a
as to
inconclusive since it leaves out of consideration the volume of funds available
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 available
70% of their gross banking income from interest and discount funds
-consisting of capital, surplus, undivided profits, gross 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
banks, although there is some Indication that banks in which either
discounts, but a relatively larger income from interest and country
commercial banking or savings banking preponderates are more profitable
dividends on securities because of their larger holdings than those which combine a substantial proportion of each. Banks with
profitable as a class
of bonds and stocks. It is significant that while the rate 25.1% to 50% of time deposits were apparently least especially
in heavy
42). Keen competition in Boston-reflected
of return earned on loans and discounts (Item 34) was (Item
37
and 38)resulted in a
payments of interest on demand deposits (Items 8.9.
substantially the same for all classes of country banks, the relatively lower percentage of profit for Boston banks than for country
rate earned on bonds and stocks owned (Item 35) was much banks.
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
a large
deposits. Boston banks earned
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
25.1% to 50% 50% Common
Gross Deposits;
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
of Gross Current Income (from
deposits (Item 11); this was substantially less than the 'ercentages
Banking Operations);
ANALYSIS OF RECEIPTS
amount paid by the reporting Boston banks, which as a class,
I. Interest and discount on loans
68.8% 74.4% 65.4% 59.8% 65.3%
paid out almost one-third of their entire gross income from 2.
30.1
20.8
29.1
37.0
Interest and diva. on bonds & stocks_ 15.1
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,-exclusive of additional 5. Total interest received
96.5
95.3
97.5
96.4
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
1.4
1.1
paid on bats. due to banks_ _ 5.7
.2
.7
9.4
5.0
tend to be relatively higher in banks doing the largest 9. Int. paid ou all other demand deposits 26.3 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
Occupancy & maint. of quarters
5.6
5.3
4.8
6.2
3.5
higher clerical expense than the handling of slow-moving L5. Taxes
texcept on bank buliding)
4.4
4.2
2.9
4.7
2.8
savings deposits. Commercial banks are also subject to 16.
.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
Telepnone and telegraph
.4
.4
.3
.3
.7
of quarters in order to house properly a relatively larger le.
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
24.
Furnisnlngs,
equipment
and
fixtures_
.
5
1.2
.9
.9
.9
departmentalized
and more
business; indeed the percentage t.i. All other expemies
1.8
2.4
1.9
1.8
1.9
of gross earnings expended on account of occupancy and
., rwenses
32.4
36.8
34.9
43.7
37.5
maintenance of quarters (Item 15) by the banks whose time 24. ''" calcuroperatin.,.
.ses (Items 13
deposits constituted more than half of their gross deposits 25.local
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
95.9
97.4
94.4
96.7
from banking operations 93.3
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
earnings-- 100.0
Next to salaries, occupancy expenses and taxes other than .30. Net non-currentcurrent
income (+1 or net
charge-offs(-)
-21.5 +3.5 -2.3 +14.3 +4.1
on the bank building, the cost of printing, stationery and 31. Net
97.7 114.3 104.1
profits(after charge-offs, &c.)
78.5 103.5
office supplies (Item 18) consumed the highest percentage as. Dividends
55.0
53.2
65.1
48.5
67.5
paid
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 on bonds and stocks
4.4
4.8
4.2
hand, Boston banks expended relatively about twice as large 35.
38. Lamed on domestic bank balanceS
1.6
1.5
1.5
.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.
a
Loans and discounts charged off.- ..1
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.
data are not arithmetical averages, but are percentages
banks than in any other class. Therefore the percentage of which were found to bethese
most nearly typical of the greatest number of banks. This
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
,
s(such as wages to superas Including not merely out-of-pocket payments to employe
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 conditions generally are good; credit for normal and legitimate
The advisory board will meet in Dallas early in Septem- purposes
remains easy; :inancial and commercial business appears
be
ber, Chairman Taylor announced, when a new committee on such a firm and sound basis that it Is not affected by the high torates
authorized by resolution on recommendation of the retir- ruling in the call market or the continued inflation of stocks and bonds.
ing chairman, W. W. Woodson, will be named. This com- The member banks are profiting by the experiences of the past, haie been
cleaning 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 mulch cows will be placed among the tenant farmers
reference to management and policies. Mr. Williams in of McLennan
County 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
an intelligent co-operation while they work out their own salthe hands of the board of directors, who would in time, he farmers
vation.
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 33A% Issue Terminates on Tuesday.
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 33A% Treasury bonds of 1940-43 will
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 Deincrease
in their loans or a decline in their
of funds to meet
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.
from
borrowing."
than
rather
reserves
such
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
41% Treasury bonds of 1940-43 was
or
another,
reason
while
one
15,for
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
and other methods of publicity, the Treasury has
placards
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 hav.e
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.
the middle of February to the middle of May, and
from
A special election called in accordance with the provisions of
a record figure on May 16, the Board points out,
reached
the
in
Act
has
resulted
Reserve
Federal
section 4 of the
considerably during the following month, but rose
declined
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
it is explained, by seasonal growth in the demand for cur1930.
31
will
Dee.
until
serve
Whipple, resigned. Vawter
and a continued withdrawal of gold for export. Rerency
He is a banker of Medford, Ore., and was selected by votes
of the volume of security loans by member banks
duction
capital
a
having
those
three,
group
in
of the member banks
is ascribed to the heavy liquidation of loans to
in
June
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
at the end of the fiscal year were more than
of
period
disthe
monetary
during
country
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
of member banks showed a larger decline than loans, and this deposits
gold 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 marin June than
$20,000,000; Uruguay, $11,000,000, and Poland, $8,000,000." ket remained firm, and money rates were at a higher level
at this season of any other year since 1923. Early in July open-market
of
the
gold
of
Bank
up
of
the
reserves
building
The
rates advanced further, and the re-discount rates at the Federal Reserve
France, the largest single taker of metal during the year, Banks of Chicago, New York, and Richmond were raised from 4%
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
$4,263,000,000 on July 11. This liquidation was practically all in loans
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
from brokers,
many had the effect of strengthening the reserve position represented in part a transfer of borrowings by customersloans
from the
who in turn were borrowing at the banks, to direct
the
to
and
exports
at
Reichsbank,
England
occurred
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
of
a
in
evidence
decrease
no
retail trade, the 1928 with that of about a year ago, a comparison that is customary in
and there was
out the fact that between the middle of
Board attributes in large part to a decline in employment the midsummer review, brings gold
holdings were at their peak, and the
May 1927, when this country's
recent
In
weeks,
payments.
has
however,
there
and wage
end of June of this year, there was a decrease In the gold stock of
in
the demand for cur- about $580,000,000 and an increase in Reserve bank credit outstanding of
been a sharp seasonal increase
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
of
needs
rency
of
the
investments
and
reporting member
"Total loans
while member bank reserves increased by about $60,000,000. Gold movebanks increased during the year by about $1,700,000,000, ments, changes in currency demand, and in reserve requirements of
the three principal channels through which changes
of which about *700,000,000 was at banks in New York member banks are
credit situation in the country are reflected in the
and
business
the
In
was
year
largest in security
City. The growth for the
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
sumof
end
the
Before
1.
Aug.
about
terminate
which will
banks
mer Governor Young expects to visit all the Reserve
which each
to acquaint himself with the local conditions under
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
Reserve
the
of
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 than a temporary change in the
of these
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.
nevertheles
s,
through
the transfer of funds from taxpayers to holders of
The gold reserves 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 taxpayers turn
00 in the
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
considerabl
e
volume of current income into investment funds. But
there was no
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
contributio
ns
to the Government comes from persons with large inweeks there has
been 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 the incidence of the various
Member bank reserves, which with gold and currency
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
Governmen
t 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
00
All other loans
+400,000.000 +350,000,000 +464.000.0
+50,000.00
Investments
+575,000.000 +94,000,000 +481.000,0000
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
that the signatories would regain liberty of action
assurances
there
States
the
United
to
the World War. In addition
participant that violated the compact; that the
any
against
Canada
would be present,alphabetically, Australia,Belgium,
would not run counter to existing commitments and
treaty
India,
Britain,
Great
Germany,
France,
Czechoslovakia,
that it would be made as general in application as possible.
the Irish Free State, Italy, Japan, New Zealand, Poland and
Under these circumstances, M. Briand said "France was
South Africa.
disposed to sign the treaty."
assemblage
an
such
that
is
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
declared "a successful conclusion" of the treaty "equally
only
ich
treaty—wh
Kellogg
of
the
importance
the
in emphasizing
to the hearts of the French and American nations"
close
coercive
no
is chiefly moral in its effect. The treaty provides
full credit to the United States for the movement,
gave
measures against any signatory which makes war, and it but
President Coolidge and Secretary Kellogg have
although
that
of
definition
war
the
aggressive
at
makes no attempt
it as equally the conception of M.Briand himself.
to
referred
broke up all previous international peace efforts. According
Government of the Republic," M. Briand said,
"The
of
on
"a
renunciati
frank
is
it
treaty,
the
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
ion of human fraternity which eminently con-j
manifestat
No
is
it
process."
power,
signatory
peaceful and orderly
profound aspirations of the French people as
the
to
forms
stated, shall hereafter "seek to promote its national interests
American people and responds to the sentithe
of
as
well
war."
to
by resort
more widely shared among peoples of interand
more
ment
their
The accepting nations have virtually all reserved
"
solidarity.
national
rights to disregard this renunciation, however, if it interof the Italian Note.
Text
of
League
the
of
of
the
Covenant
Peres with the operation
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:
your Government, your Excellency addressed to me under the date
of
tions
Great
Poland, Czechoslovakia and others. In the reply of
of 23d of June last, and to ask your Excellency to inform your GovernBritain, for instance, Sir Austen Chamberlain, Foreign ment as follows:
Royal Government, which has attentively examined the last draft
Secretary, promised to sign the Kellogg treaty, but said ofThe
treaty for the elimination of war proposed by the United States, takes
a
"each state alone is competent to decide when circum- note of and agrees with the interpretation of the said treaty which the
sets forth In the above-mentioned note
stances necessitate recourse to war for the purpose of self- Government of the United States
proceed
June 23 last, and on this premise declares that it is disposed to
defense." The penalty for going to war, whether the war of
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
to transmit to me a revised text of the draft treaty for the
Coolidge speaks of the treaty not as a renunciation, but as good enough of
war, accompanied by the interpretations given to it by
renunciation
penalty
the
its
practical
effect
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.
First of all. it follows from the new preamble that the proposed treaty
posed convention was made known to Secretary Kellogg by indeed
aims at the perpetuation of the pacific and friendly relations under
between
the French Ambassador to the United States, Paul Claudel, the contractual conditions in which they area today established
question for the signatory
nations; that it is essentially
who conferred with the Secretary at the Department July 12. the interested
and
of
policy,"
their national
powers of renouncing war "as an instrument
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 treaty.
Germany was contained in a note delivered to the State ofThe
Government of the Republic is happy to declare that it is in accord
reservaor
and
was
without
12
condition
July
on
t
Departmen
with these new stipulations.
of
position
t
The Government of the Republic is happy, moreover, to take note of
tion. The German Governmen stated that the
interpretations which the Government of the United States gives
the United States Government corresponded to the "funda- the
to the new treaty with a view of satisfying the various observations which
war.
of
on
"
for
the
renunciati
conception
German
mental
had been formulated from the French point of view.
These interpretations may be resumed as follows:
Germany coneurred with Secretary Kellogg regarding the
Nothing in the new treaty restrains or compromises in any manner
preamble
the
also
the
in
made
change
treaty,
the
of
text
whatsoever the right of self-defense. Each in this respect will always
the
denied
whereby any country violating the pact would be
remain free to defend its territory against attack or invasion; it alone Is
competent to decide whether circumstances require recourse to war 111
benefits of the treaty.
self-defense.
State
of
by
t
the
statement
the
Departmen
of
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
as well as the adherence made possible to other powers, is of a nature to give
The text of the German note signed "Schubert" was as the
new 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.
Thanks to the clarification given by the new preamble and thanks more23 1928. regarding the conclusion of an international,pact for the renunciation 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
The
of
imperatively
is
the
draft
pact
imposed
revised
was
which
enclosed.
tents of the note and the
party and the integral respect of which necessarily
Government is pleased to state that the standpoint of the Government of upon her by good faith and loyalty.
with
forth
as
In
the
set
the
note
corresponds
America
of
States
United
In this situation and under these circumstances the Government of
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.
conforms to the profound aspirations of the French people as well as the
by
to
It
was
next
was
signed
come.
Italy
of
reply
The
American people and responds to the sentiment more and more widely
Premier Mussolini and was brief. It recorded agreement shared among peoples of international solidarity.
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 signaFree State indicated its willingness to sign the
Irish
The
treaty.
the
nature" of
treaty to renounce war, in a note handed to the
The note from Aristide Briand, the French Foreign Minis- multilateral
Minister in Dublin, Frederick A. Sterling, on
ter, similarly referred to the definitions given by Secretary American
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 acknowledge your
note of June 23 and the revised
logg to various aspects of the project, and reiterated that in draft which it contained
of the treaty for the renunciation of war,
becoming a signatory the Empire would retain freedom of state that his Majesty's Government in Canada cordially accepts and to
the treaty
revised and is prepared to participat
e in its signature.
action relative "to certain regions which of the welfare and asAccept
sir, the renewed assurances of my
highest
considerat
ion.
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 you stated that the Governme
nt of the United States would be
liberty to be its own judge of what constitutes protective glad
to be informed whether his
Government in the Commonaction, in the consciousness that its course will be weighed wealth of Australia were willing toMajesty's
join with the 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
Majesty's Government In the
in accord with the position of Secretary Kellogg. Sir Austen Commonwealth of Australia have givenhisthe
most careful consideration
yp
oauned
notet above
tomyour
d na
•
on
and to the revised draft treaty which acChamberlain expressed the readiness of Great Britain to sign
they
eayt a
accept
c
eti
t
the
t
assurance
given
nfa signby
atoryb the U nited
the treaty and he concluded with an expression of pleasure en
etatesSecretary
. of State th
the right
self-defen
that his Government could be associated with the United will not be impaired in any way by acceptance of theseproposed treaty.State
alth Government have further observed that it is stated
States in the movement to outlaw war. He especially urged in The Commonwe
your note of June 23 that the preamble
the revised treaty accords
that all nations be invited to adhere to the treaty,
express recognition to the principle that ittoone
signatory 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
28.
April
of
speech
his
made by the Secretary of State in
The text of the reply for New Zealand follows:
You then transmit for the consideration of this Government the revised
July 18 1928.
in the British self-governing
on June draft of a multilateral treaty, which takes
me
to
address
to
as
good
so
you
were
which
note
the
Sir: In
Locarno Treaty, as original parties,
the
to
parties
all
and
India
Dominions,
be
would
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
the principle that, if a State goes to war in violation of the
recognizing
disposed
similarly
and
other
States
United
the
with
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.
to state your
are
form of the draft treaty enclosed in your note No. 2.
Instructed
Such a multilateral treaty, as so revised, you
in New
I now beg leave to inform you that his Majesty's Government
ready to sign at once, and you express the fervent hope
are
t
Governmen
I
which
note
the
of
terms
the
with
themselves
Zealand desire to associate
to indicate greatest readiness
willingness that this Government will be able promptly
have had the honor to address to you today notifying you of the
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
Government of the United States to know
the
of
desire
the
by
expressing
United
the
of
t
for the renunciation of war as proposed by the Governmen
the United States and
whether my Government are prepared to Join with
States.
definitive treaty in the
they other similarly disposed Governments in signing a
that
add
to
me
desire
Zealand
in
New
Government
Majesty's
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
give their full concurrence to the alteration now
to
able
be
to
are
happy
similarly
s
Government
all
other
with
and
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
ready to have
therefore
the Government of the United States. They are
The Answer for South Africa.
in
for the signature, on that footing, of the treaty
instructions
produced
was
Africa
of
South
Union
the
The answer in behalf of
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
be associated
to
first
the
among
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
you.
to
the multilateral antiion
of
for communicat
Negotiations for the adoption
the Union of South Africa.
"On behalf of his Majesty's Government in
with the receipt by
21
July
on
d
conclude
were
most
treaty
their
war
t
have
given
I have the honor to inform you that my Governmen
war
Eduard Bones,
Dr.
of
n
for
the
from
treaty
renunciatio
note
a
of
draft
nt
the State Departme
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.
seek to
shall
who
any
signatory
preamble
the
to
according
That
"(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
whether
the
examined
question
further
that had signed the Locarno compacts had been invited to
have
Government
"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:
American
the
the
which
objects
and
that
the
is
case
the
this
not
to the conclusion that
July 20 1928.
memby
promoted
be
can
best
to
serve
was
constituted
Nations
League 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."
AUSTEN CHAMBERLAIN.
The letter contains-in addition to the integral text of the proposed treaty
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
memorable
a
marks
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.
during the last few
In our negotiations, which I have had the honor
willingness of Ids Majesty's Government in Great Britian to sign a multives 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
of the United States.
thereto also the other
AUSTEN CHAMBERLAIN.
this act and the political necessity of associating
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
good enough to recognize the justice of this
been
has
and
Powers
other
and
Minister
Premier
Tokio
Foreign
the
20 in a note from
invitation. The Czechoslovak
point of view and addressed to us its
which congratulated the American Government upon the Government attributes thereto a considerable political importance and
Government.
success which has met its efforts for outlawing war. "The warmly thanks the Washington
the signing of the treaty.
In accordance with the negotiations prior to
Imperial Government," said Baron Tanaka,"are proud to be as2.
the preamble from the oriental text, and
in
well as by the changes made
Excellency's letter of June 23
among the first to be associated with a movement so plainly from the explanations contained in Your
in this treaty in opposition either to
1928, it is clear that there is nothing
in unison with the hopes everywhere entertained, and con- the
provisions of the Covenant of the League of Nations, nor with those of
fidentially concur with the high probability of the acceptance the Locarno treaties or the neutrality treaties, nor in general with the
in existing treaties which the Czechoslovak Republic
of this simple and magnanimous treaty by the whole civilized obligations contained
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 Conby
the
Dereceived
note
State
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
follows:
as
was
partment
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
and foreign invasion.
attack
against
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
form.
present
its
in
it
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
and Mr. Raskob to accept
nal Committee corporattion
ation.
greates regret on the part of the entire organiz
and was a member of the Republican Natio
in the case.
The attached correspondence states the facts
from 1912 to 1916.
ngton
ment is dated July 23,
Washi
in
state
the
post
to
new
hed
his
attac
at
letter
be
first
to
The
ts
Mr. West expec
men,
aper
is
addressed as "Dear
,
newsp
who
to
ng
Sloan
talki
Mr.
to
and is directed
Monday morning, July 30. In
d."
Alfre
he said:
resignation as chairman of our finance
t to President
I am tendering you herewith my
the executive commit"I appreciate the honor of the appointmen
a member thereof, and as a member of
as
tee,
y
commit
iatel
immed
ngton
Washi
Coolidge's Cabinet, and shall go to
tee, effective as of the date hereof.
me as chairman of
have
d
upon
I
impose
for which
In the first place I find that the duties
to familiarize myself with the great office
such as to take all of my time
al Democratic Committee are
Nation
the
Moreover, it is
been chosen."
the ensuing Presidential campaign.
to his new du- and effort duringpublic
should
to know, as everybody in General Motors
Mr. West expects to devote his entire time
for the
le
desirab
things cannot
of
nature
will
n
and in the
reaso
not,
that
is
for
and
tion
or
corpora
Interi
the
the
of
that
appreciate,
ties as Secretary
employees are, of course, entitled
the Financial Com- be in politics. While all of its officers and
in the light of
surrender the post of Vice-Chairman of
the corporation must not be put
views,
ual
individ
their
to
beis
also
It
or questions.
ttee.
ages
Commi
nal
person
,
Natio
lican
parties
al
Repub
politic
the
mittee of
sides for or against
in the
ign, al- taking
the slightest misapprehension
is
"Lest, therefore, there should be
s
lieved that he will drop out of the Illino campa Chairto enable me to devote all my energie
order
in
and
score
this
by
on
it
to
mind
ence
public
I have
though he may be consulted with refer
very arduous political duty which
free from any restraint to the
the
with
of all my duties in connection
man Work.
d, I am asking to be relieved
when assume
corporation's affairs.
Great praise was bestowed upon Dr. Hubert Work
Sincerely yours,
lly acJOHN J. RASKOB.
President Coolidge wrote to him on July 24, forma
Dr.
24, and addressed to
cepting his resignation as Secretary of the Interior.
July
dated
reply
in
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:
r
I beg to acknowledge receipt of
ry of the Interior,
as a member thereof and as a membe
an of our finance committee,
Dear Mr. Seeretary:—Your resignation as Secreta
cation of as chairm
qualifi
the
on
take
to
effect
d
is
accepte
tee.
ago,
days
commit
given me some
of the executive
National
your duties as chairman of the
In view of your conviction that
your successor.
the Presidential
you have rendered to the Democratic Coinmittee will monopolize your time during
service
loyal
the
for
you
thank
to
wish
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
corporation takes no part
the
that
clear
office
great
of
that
akably
ment
unmist
yourself in making it
portant Department of the Interior. Your manage
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
it was from all your duties in connection with the corporation.
that
dge
the
f,
in
knowle
yoursel
to
ction
of
satisfa
deal
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.
s,
politic
of
You can feel that you are leaving the department
clear
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
the
at
ours,
of
n
concer
no
is
which
years to come.
stockholders to take their
unfailing right of all of our officers, employees, dealers and
t
I also wish to add my appreciation of your constan and
g individual stands on political questions as they think best.
carryin
in
ation
loyal
co-oper
your
and
lly
me
persona
toward
consideration
Sincerely yours.
out the policies of the Administration.
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.
was announced. This read:
before the Raskob resignation
ing at
s and directors have been discuss
The Department of the Interior announced on July 20
General Motors Corporation official
unusual situation which
the
so
or
week
past
the
over
meetings held
tee, acthat certificates of appointment had been issued by Secretary various
Chairman of the finance commit
has arisen since John J. Raskob.
atic National Party to
Work to the three engineers and two geologists who were cepted the post of National Chairman of the Democr
action has had an ungn for the Presidency. This
invited two weeks ago to become members of the Board lead in Smith's campai
tion, according to
corpora
the
toward
ent
sentim
of favorable effect on public
.
affairs
authorized by Congress "to examine the proposed site
its
in
ts
interes
nt
many
some of the domina
ent position and the fact that on
the dam (Boulder or Black Canyon of the Colorado River)
Because of Mr. Raskob's promin
public
as the corporation's spokesman,the
the
of
and review the plans and estimates made therefor, and to occasions in the past he has acted
l political utterances as indicative
looked upon his recent persona
campaign.
ntial
advise him prior to Dec. 1 1928, as to matters affecting the has
Preside
the
in
n
positio
General Motors
the
directors have been considering is
safety, the economic and engineering feasibility, and adeThe problem which officials and
l Motors
public sentiment the fact that Genera
."
works
upon
s
impres
ental
and
ture
incid
to
sed
struc
propo
method
the
best
personal
quacy of
there is just as much difference of
is not playing polities and that
ates and campaign
The membership of the Board as finally constituted is as opinio
respective merits of Presidential candid
the
on
n
repreother
any
follows: Major General William L. Sibert, United States issues among officials of General Motors as there is among
men.
s
Wis.;
busines
on,
of
Madis
group
eer,
,
ve
Engin
sentati
Army, retired; D. W. Mead
No Disagreement.
Robert Ridgeway, Engineer, of New York; Charles P.
n has been
m, officials said no definite decisio
gist,
proble
Geolo
this
,
Mead
J.
sing
W.
and
York,
New
Discus
of
gist,
would be
Berkey, Geolo
ent of policy by the corporation
reached on whether a strong statem
r more
whethe
matter, or
this
in
t
straigh
of Madison, Wis.
n
opinio
public
sufficient to set
the
awal from the corporation.
withdr
on
's
to
serve
tions
the
Raskob
all
to
Mr.
invita
nses
as
respo
such
able
Favor
decisive action,
d
ed a decision would be reache
be needed. One director said he expect
involve Mr. RasBoard have been received by Secretary Work. They have would
but did not know whether it would
hours
48
next
the
In
apl
tion.
gone to the President who has given them his forma
kob's resignation from the corpora
possible
t concerning Mr. Raskob's
While rumors in the financial distric
disproval. The personnel of the Board is thus finally set up.
ed that some friction and
indicat
have
Motors
l
Genera
held
be
from
of
ng
the
will
tion
Board
resigna
this is not the
It is probable that the first meeti
among officials of the corporation, in, Mr. Rasped
develo
has
ent
agreem
n
sec
in Washington at an early date. The mass of the informatio case. When unfavorable reaction against General Motors
ry to disze that some action was necessa nship beto be considered, however, is located in Denver and the kob was among the first to recogni
relatio
any
there was
that
idea
the
from
mind
the
public
abuse the
major study may be made from that point. Visits to
l Motors' business policies.
tween his personal politics and Genera
as to what
difficulty which arose was corporaproposed dam site may be made from Denver. The Board,
When the matter was discussed, the
interests of the
only
not
rests
protect
d
study
would
its
of
steps could be taken which
however, is independent and the metho
lly. Officials
of Mr. Raskob persona
Mr. Rastion, but also the political position
entirely in its discretion.
not wish to embarrass
do
matter
the
ring
conside
been
who have
Raskob and his
an, but both Mr.
kob's position as Democratic Chairm
matter deserve
in this
that General Motors' interests co-operating 100% in
John J. Raskob Resigns as Chairman of the Finance associates agree ration
and Mr. Raskob has been
conside
al
Princip
Order
ts of Genin
s
.
Corp
ral
Motor
Gene
the
Committee of
will fully protect the interes
the attempt to find a solution which
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
Motors
an executive of the General
Raskob
Mr.
ned
of
resig
had
tion
nal
resigna
ttee,
Natio
The
Commi
his associates in the
man of the Democratic
as a surprise to the public and
came
ted
ation
associa
Corpor
and
those
President, but not to
as Chairman of the Corporation's Finance Committee
al
campaign to elect Governor Smith
election as Democratic Nation
his
after
made
Sloan
ately
Mr.
ted.
Immedi
s.
been
accep
n
had
busines
natio
with him in
retention of
that the resig
ance of the position and his
accept
his
of
sm
critici
which
in
an,
b,
colMr.
from
Chairm
Rasko
made by some of his
public a letter received by him
Motors posts was said to have been
ing to a dispatch
to know his General the
General Motors directorate and, accord
the latter declared it was desirable for the public
tion
s on
league
of the advisability of his resigna
ion
s
discuss
thing
a
of
to
e
in
the
led
and
natur
not,
this
is
,
n
from Detroit
"that the corporatio
of his associate directors.
some
by
head
tee
commit
his
n
not cover
as finance
cannot be, in politics." His resignatio does
Hoover Backers on Board.
Board of
ents of the General Motors
position as Vice-President and member of the
and Fred J. Fisher, Vice-Presid
T.
s
Charle
given
's
ment,
Mr.
Sloan
state
ent of the Cadillac Motor CorpoPresid
,
Fisher
P.
ce
Lawren
Directors, which he retains.
Corporation:
ent of the Fisher Body Corporation,
ing, Broadway and Fifty- ration,
and William A. Fisher. Presid
are understood to
out at the General Motors Build
l Motors Corporation directors,
Genera
headare
ign
's
whom
campa
nor
Smith
Gover
of
all
ican nominee for President.
seventh Street, to which
supporters of Herbert Hoover, Republ
ardent
be
ws:
said to have objected to a situation which
and other directors were
quarters is being moved, follo
, Chairman of our Finance Committee, They
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 questi
on
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
portati
on
situation is promptly and proper
criticism of his connection with the
ly
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
decision in the matter and did twenty-year franchise now? The companies
have said they cannot accept
it willingly and without any outsid pressu
it.
No
doubt
e
they do not want to accept
re.
it
so
long
For the time being, it is understood, Donal
as there is a 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
legisla
will take over most of Mr. Raskob's work.
ture
will
pass
laws authorizing
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
State
the
Oil
s. On the other hand, there
Companies
ki-Tai
-to Enter into Co-operative-A
were 'tore Catholic
churches in the country than in
greements. Al
the cities. The urban
The American Bar Association, in conve
Catho
lic
ntion at Seattlepopul
ation in 1926 was 14,809,142
,
went on record July 26 after a heate
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
anies to enter into population in 1926 with 3,115
,424,
agreements for the co-operative developm
ent and operation 2,745,552 in 1916. Pennsylvania was as compared with
of oil pools and, in cases of emergenc
second with 2,124,229
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:
&ate1926.
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
to join
the international copyright convention. The proposed
law
was attacked because of the automatic copyright
prevailing abroad, to which the United States wouldlaws
have to
subscribe. A resolution was adopted it is stated favor
ing
the passage by all States of uniform laws relating
public
utilities, business corporations, reciprocal tax transto
fers and
veterans' guardianship.
173,89
New Hampshire-- 146,6483 148,530 West Virginia
136,020 North Carolina
Vermont
,
.
Carolina
Massachusetts
1 629.424 1,410.208 South
Georgi
Rhode Island
325,375 261,312 Floridaa
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 Arkans
Indiana
312,194 272,288 Louisiaas
Illinois
1 352,719 1,171,381 Oklahona
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 Colora
do
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 Washin
233,969 219,530 Oregon gton
D
M"
is
atrilcatno
df Columbia 67,348
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,'7
77
5; 1(}11:111
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
Accor
ding to the New York "Times" of July
as opposite as the poles, F. J. Lism
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
will also be
There
of
consumption.
field
new
a
Wall
opened
in
years
thirty-eight
his
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
only half the
present
At
companies.
light
and
it,
"swap,
called
to
he
power
as
tendency,
general
the
against
companies."
switch and trade" securities. Efforts to double one's capital industrial requirements are supplied by these
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"
vice-president of the Herrick Company,
Wilbur,
A.
Rollin
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 "ridicupresident of the Investment Bankers Association of America
their
to
invest
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
Mr. Wilbur will assume his office at the close
election,
to
knew it all," said Mr. Moody. "It was then that I wrote
annual convention to be held at Atlantic
association's
the
of
'The Art of Investing.' At 30 years of age I wrote 'How
19. He will succeed Henry R. Hayes
to
14
City,
October
to Invest Money Wisely.' After the book was published a
of Stone & Webster and Blodget,
vice-president
New
York,
of
asked
shabby old gentleman, 85 years old, called on me and
Mr. Wilbur's career says: regarding
account
The
Inc.
if I were the author. When I said I was and asked him
Mr. Wilbur's nomination came in recognition of his excellent record on
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
sounder principles of industrial financing.
wrote a book on how to invest money wisely, and look at me securities committee in furthering
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
a menace.
as
decried
were
stocks
g
I
as
gentleam.'
be
The
old
about
you are my age you will
endless controversy and non-votin
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-votin
g 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
risk.
of
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
position in the Home Sevin,s & Banking Co. of that place.
ina
is
A
mistake.
sound
frequently
investments
change
to
years of work and study followed. After a year in college Mr. Wilbur
vestment and infinite patience will make money oftenest. returned to Wellington as assistant cashier and,later, as cashier of the First
by day and studying
A business man with a surplus for investment should invest National Bank of Wellln;ton, attending to bank duties
at night He was admitted to the Ohio Bar in 1897 and moved to
law
those
worry
no
and
requiring
only
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
the state, young Wilbur's ambition was not satisfied. He attended
of
that.
time
and
his
to
devote
study
should
he
and
speculation
Reserve University Law School from tvhich he received the degree
Western
"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
& Light Co., Salt Lake City, 1913 to 1915.
The true investor, however, must be a person with imagina- general attorney for Utah Power
It is said that the Herrick interests were first attracted to Wilbur by his
tion and a vision of the future.
independence of mind as well as by his industry. In a disputed business
"The investment trust seems to have been a mania in problem Wilbur held to his opposing convictions so vigorously that he won
This was the kind of man the
America for the last several years, although in England his point against his subsequent associates.
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.
announced as follows:
were
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;
O'Donnell,
Canton
Seattle;
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
California and Union Oil Associates, holding company with control of
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.
Stockof 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
Gulf 011 Corporation
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. Y
69,400
74,000
1,180.300
35,100
accomplishment. Through its large resources and those of its banks, it is Texas
Corporation
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 of California
70,950
86,960
a8,006,961
101,660
The present financial position of your corporation is viewed by your Union
011 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
normal
of
standpoint
market price of the stock. From the
Can, 13,400 of American Smelting & Refining, 28,300 shares of Kennecott
Copper, 24.000 of Corn Products, 11,100 shares of Gulf Oil and 17,400
earnings and investment return, it is pointed out, this has shares
of Montgomery Ward & Co. It sold 5,010 shares of National.
was
than
operation
of
period
profitable
been an even more
City Bank and reduced its holdings in Chase Bank from 5,960 to 2,765bu8
of
d
increased its holdings in First National Bank from 550 to 2,188 shares,"
anticipated. While as much as a year ago thelikelihoo
Corporation also reduced its holdings in Baltimore & Ohio, Canadian
profits being maintained at the high levels then enjoyed Pacific,
International Tel. & Tel., American Tel. & Tel. and New York
expect
to
not
asked
were
s
was questioned and stockholder
Central.
: On the other hand, holdings were increased in Atchison, Pan-American
that records established during boom times could be sus
Petroleum, Pure Oil. Standard Oil of California, Union Oil of California
tamed permanently, nevertheless, because of continuing and
others.
prosperous conditions throughout the nation, earnings have
securities
the
.
Although
expectations
normal
all
exceeded
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.
Trust Conference, for the Pacific
Regional
Sixth
The
During the period covered by the statement, Bancitaly Coast and Rocky Mountain States will be held in San Franthe
Corporation paid more than $28,000,000 in cash to
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
to
participate in the sessions. The conference will be held
20th
Jan.
the
at
the
time
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
American
reserves and $20,000,000 on deposits with banks and loaned
of Central California. Composing the General
Companies
at call, gives the corporation, it is declared, a stronger
R. M. Sims, Chairman; '
are
Committee
position than at any previous period in its history. The
Bab
W. J. Rieferdorf, Bank of Italy National Trust and Savings Ass',,,
$29,the
of
in
account
capital
statement shows an increase
Francisco, Vice-Chairman;
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;
in
of
York,
service
New
extension
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
23,092
Co_
fly
Pennsylvania RR. Co
Fe
Santa
az
Topeka
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
Corp
Shell
24,500
Union
011
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
Co.
Union Oil of California
101,660
Rubber
&
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):
1928
Ado
19
20
1928
Jan.
Assets& Bauer, for the new Forest Hills National Bank of New
$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"
Reserves-For taxes, contingencies, ,he
of
Univ.
Calif.__
1.500,000
economics.
1,475.000
agricultural
of
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,
the six months as follows:
Counsel. The directors are John A. Rapelye, Joseph H.
the security holdings during
January 20, last. Bancitaly Corp. has made
Since its previous report on
Bragga, John J. Wessmiller, Henry Hemmerdinger,
in its list of security holdings. Accompanying De
some noteworthy changes
Bilquez, Frank J. Horsch, Joseph H. Schiemann,
or
holdings
E.
$1.000,000
to
various
amounting
G.
its
of
is a list
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 the Washington, Roscoe L. Strickland
been approved by the Postal authorities, and a 10-year of the Weequahic
bank, Frederick 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 and harmoniously, and a spirit of the heartthe second to be charted in the State, is now to be known iest
co-operation and mutual confidence 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, a man of financial standing and formerly a local
offa telegram from the office of the Comptroller of Currency manufacture
r, was one of the organizers and the President of the Weequahic
giving permission for the change. The petition for a change Trust Co. and Mr. Hays was an officer from its inception.
When the Weequahic became affiliated with the Washington Trust Co.
of name was made in March and immediately brought
these gentlemen as Vice-President and Treasurer, respectively, of the latter
forth opposition from the Middletown Trust Co., which, institution,
remained in charge 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
side of the practically no change in the official staff and directors.
right
the
on
spaces
tellers'
the
of
screens
The
marble.
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
William
of
those
including
offices,
Private
in a position to serve all interests in this city, and through
spaces.
officers'
the
are
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.
the
for
designed
a
specially
and
department
department
been served only by local banks.
information
An
convenience of women customers are immediately to the left of the main
The main office will be at 316-320 Chestnut street. A
elevators
the
are
near
entrance. Writing alcoves and telephone booths
central city office will be maintained at 1420 Walnut
the
of
on
side
the
large
left
located
is
department
loan
and stairways. The
corporare
the
off
banking
this
on
floor
departments
Other
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
at
The main portion of the individual trust department, beginning
level.
the
rising
to
fourth-floor
in
avenues, as well as their Logan office, and the Fifty-second
height,
stories
second-floor level, Is two
space
the
public
sides
south
the
on
and
level
north
-floor
second
At the
street branch of the Guarantee Trust & Safe Deposit Co.
forms a balcony overlooking the main banking room. On this floor are
will also be maintained and their facilities increased.
departspedial divisions for the tax department, the investment analysis
A 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.
be organized to take over the title business of the inwill
On the fourth floor are filing space, mailing room, photostat room, corAll the stock of the Title Co. will be owned by
stitution.
respondence clerks, department, purchasing department and stock room,
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
vault
side.
the
street
Broad
Surrounding
the
partments.
at
room
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.
profits and reserves of the Tradesmens National
divided
the
the
construction,
building
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
of
profits
deposits of ap$8,800,000;
undivided
and
surplus
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
the Tradesmens Corp.
p Under this plan each stockholder will receive by
one share of the Tradesmans 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 Georgia since 1920 will beome a Vicethe Cleveland "Plain Dealer" of July 18. The Trumbull President of the
Continental, and will transfer the investment 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 the Continental Trust Co..
capitalized at $250,000 and will engage in a general invest- the capital stock of which is to
be increased 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
tions. According to information,
nding strong stock of the industrial
outsta
ond
Richm
the
was
the
of
Can
rs
ican
quarte
. Ancompany will occupy the present
of
Co.,
to
up
8834 with a net gain of 4 points ungroup and sold
The Richmond Trust
was
which
Trust Co., 7th and Main Sts.
Dust
Gold
ent, has a capital of other notably strong stock was
which Carter R. Williams is Presid
of $64,852, and usually active and advanced 334 points to 9134. United
profits
ded
undivi
and
s
surplu
$1,000,000; a
top for the day,
dividend has been recently States Steel common sold up to 140 at its
deposits of $2,298,988. No
ts sold up to
Produc
Motor
.
%
1387
at
ed
direct
closed
are
finally
states,
but
atch"
declared as its earnings, the "Disp
gained 334
Fink
&
Lehn
;
points
5
of
a
gain
a
12534, making
Richmond, which does
high for the day,
to surplus. The Industrial Bank of
its
at
45
to
up
sold
ick
with
Butter
00,
and
$600,0
points
of
l
large mortgage business, has a capita 48 and deposits of closing with a net gain of 3 points at 433
4. The market
surplus and undivided profits of $164,0
of the buying
most
sday,
Wedne
a par of $25 it pays moved sharply upward on
$400,227, as of June 30. On stock with
the speculative favorites and the soon
y
largel
ing
center
to 189 and
a $2 annual dividend.
called standard stocks. General Motors sold up
Gas atidated
Consol
Pacific
.
of the
closed at 18834 a gain of 2 points
That George H. Greenwood will be President
bounded
it
as
ion
was
,
attent
zation
ative
organi
specul
of
erable
course
in
consid
tracted
National Bank of Seattle, now
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
ly a Vice- 14734. Specialities also were strong, Wright Aero selling
Street Journal." Mr. Greenwood was former
& Trust up to 15634, as compared with its previous close at 15134.
Bank
al
President and a director of the old Nation
ation
ized Curtis Aero & Motor, touched 1063
capital
be
will
% and Radio Corpor
bank
new
The
Wash.
e,
Co. of Spokan
d shares
railroa
The
.
3
4
gent
171
contin
at
a
day
and
00
the
for
$500,0
top
of
s
reached its
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
$3,750,000. Electric also was in active demand and crossed 150 for the
bank
making the capital resources of the new
said. first time in over a week. American Piano pref. followed
Operations are expected to start about Sept. 1, it is
onal gain of 5
3710,
page
last,
16
June
its 934-point gain of Tuesday with an additi
In an item appearing in our issue of
y strong
cuousl
conspi
Other
points and closed at 6434.
reference was made to the new institution.
c.
Amer. Tel. & Tel. and Westinghouse Electri
were
issues
of
.
er
higher
Manag
l
also
Genera
and
were
nt
rd
reside
Lorilla
Vice-P
by
Julian C. Smith,
Tobacco stocks led
Montreal
ay, oil shares
Shawinigan Water & Power and President of the
Stocks contined to move forward on Thursd substantial
counwith
of
the
men
closing
utility
g
and
leadin
the
active
of
one
singly
and
ays,
increa
ng
Tramw
Co. becomi
, particularly
try, was elected to the directorate of the Montreal Trust on gains. Public Utility issues also were strong and closed
held
General Gas & Electric "A" which sold up to 56
of Montreal, Canada, at a meeting of the board
3 with a net gain of over 4 points. United States
at 55%
July 23.
5 at its high for the day,
up to 141%
. Steel common sold
THE WEEK ON THE NEW YORK STOCK EXCHANGE though it slid back to 14034 at the close. Radio CorporaSmelting
centered
improved 2 points to 16934 and American
Speculative activity in this week's stock market
there tion 434 points to 19934. In the railroad group New York
largely in industrial shares and specialties, though
gained
n,
ndising
Central moved higher and so did Delaware & Hudso
were occasional swings to the oil issues and mercha
ar,
not
irregul
were
es
advanc
hat
been
the
somew
but
,
have
Atchison and Canadian Pacific
stocks. Price movements
The
t continued
and the net change sfrom day to day have been small. after especially noteworthy. On Friday the marke
recorded
were
hed
es
publis
advanc
ent
ntial
substa
statem
and
weekly
d
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
s' loan the day was the strength of American Smelting & Refining
duction of $10,496,000 has been made in the broker
of the which bounded forward to above 204, the highest in the
ents
movem
the
d
account. Irregularity characterize
many history of the company. United States Steel common also
and
ay
on
Saturd
session
short
the
during
t
marke
stock
the moved briskly forward and crossed 143. General Motors
before
d
reduce
erably
consid
were
of the early gains
features advanced from 190 to 192 and Chrysler was also strong.
close. Allied Chemical was one of the outstanding
it re- American Can made a net gain of 3 points and Atlantic
and sold up to 17734 at its high for the day, though
was Refining reached its top price since 1923 when it crossed
s
Motor
l
acted slightly just before the close. Genera
strong
back
d
slippe
and
3
%
then
d
187
and
reache
d
deman
strong
148%. Railroad stocks were strong in spots, the
in
Rock
and
sco
16534.
to
Franci
San
16834
Louisd
St.
from
recede
the
Eries,
issues including
to 1863(. Radio Corporation
and
Kroger Stores was another strong feature and sold above Island. Wright Aeronautical was up about 6 points
omery
Montg
final
the
In
while
175
at
98%.
to
ed
of
2
points
gain
advanc
ation
net
a
Corpor
with
Radio
99, closing
in Ward moved to higher levels. The final tone was good.
hour the market was somewhat unsettled by the break
NGE
Freeport-Texas which dropped to a new low level for the
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,
.
points
Slates
4
1
from
down
to
stocks
Municipal &
these
&c..
Number of
Motors carried
Week Ended July 27.
Bonds.
Foreign Bonds.
Bonds.
Shares.
more
ing
d
follow
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
Ameri,
y
0
y
strong
notabl
2,159,00
cuousl
000
4,790
1,764.410
lative favorites were conspi
Tuesday
820,500
2,674,500
0
4,572,00
0
1,703,84
ay
Wednesd
499,500
0
2,043,50
000
can Can, International Nickel, Columbia Gas and American Thursday
4,987
0
1,459,83
220,000
0
1,316,00
4,932 000
1.841.200
Tobacco, all of which were from 1 to 3 or more points higher. Friday
00
82.351.0
000
811.091.
few
a
000
n
8.730.390 325.049.
Total _ .
General Motors, United States Steel commo and
in
behind
were
lag
but
to
hour
the
d
first
incline
27.
July
were
Ito
Jan.
others
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
131
309,324.
796
440,822,
01
8,730,390 10,271,3
of shares-.
95, its high for the year. The strength of this issue stimu- Stocks, No.
Bonds.
5194,870,300
,250
$125,114
50
$5,439,8
00
$2,351,0
Government bonds_ _
492.471.400
lated buying Anaconda which fell into line with an advance State
492.006,565
and foreign bonds 11,091,000 10,371,500
1,310,164,050
of 2 points, followed by Greene-Cananea, Cerro de Pasco, Railroad & mist,. bonds 25,049,000 34,113,000 1,501,681,025
$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 Salm,
Sates.
Bond
Shares.
Sala.
Bond
Shares.
1928.
27
which
y
July
moved rapidl upward to 8834
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
g
22,300
The
ued
ndisin
stocks
contin
mercha
.21,815 27,000 a19,743
which sold up to 173.
Tuesday
28,000
3.015
48,100
a22,528
3,000
*21.847
ay
Wednesd
and
Ward
being
53,000
omery
Sears
uck
Montg
2.060
-Roeb
4,000
e,
a19,198
advanc
8,000
.23,022
to
Thursday
11,000
1,857
3,000
a5.764
18,000
16,442
Friday
in strong demand at substantial advances.
$132,400
10,243
8118,560
100,265
on
$79,000
Tuesday and moved briskly
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 $185.150 16.173 8133.600
,
4' In addition, sales of rights were: Saturday, 6 041; Monday, 11,957; Tuesday
ison advanced 2 points to 190, followed by Ches. & Ohio 25,612;
Wednesday, 43,897; Thursday, 14,950.
at
s
l
up
y,
Motor
Genera
points
ay,
5,700;
1813.
'Thursda
Wednesd
,
23
8,200;
Tuesday
5,500;
closed
2,200;
Monday,
,
a Saturday
which
Friday, 2,100.
moved up and down between 184341and 187 and finally 5,100;
506
FINANCIAL CHRONICLE
[vol.. 127.
ImportsTHE CURB MARKET.
ExportsGermany
/18.021 Arabia
With the exception of to-day's market which
112,500
Netherl
ands
showed
13.376 U. S. A
17,700
some strength, trading in the Curb Market
Belgium
78.857 Other countries
this week was U.
3.562
S. A
dull and irregular. Interest centered in a few
26.414
special issues, British$India
257.030
price movements outside of these being narro
w. American Other countries
203
Cyanamid, class B sold up from 30Y
1 to 353/i the close to1393,871
day being at 34%. Bancitaly Corp. advan
133.762
ced from 110M
The export, shown above, of 117,700
to 118 but reacted subsequently to 114%.
silver to the U. S. A., which was
Fox Theatres In the form of refined bars, seems
rather like -carrying 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
Industrial Rayon new dropped from 923
in Shanghai on tne 7th instant consist
ed of about 43,900,000
4 to 85%,recovered ounces stock
in
sycee,
76,300,000 dollars, and 5,000 silver bars, as compar
to 88 but reacted finally to 86. Marion Steam Shove
ed
l new with about 41.700,000 ounces in sycee. 77,300,
003 dollars, and 2,000 silver
corn. rose from 413
4 to 46% and ends the week 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
27 5-16d.
273jd.
84s. 10%d.
9
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
4 to 76)4, the final figure to-day being 7534. Average
27.187d,
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-PE
A complete record of Curb Market transactions for
R 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.
figure
s
come
to hand. Preliminary figures compiled
The Bank of Ea ;land riturns continue to siloy
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
an effective gold standard was resume
exchanges for all the cities of the United
d. A further record gold holding
States
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%
smalle
r
than
for the corresponding week last
In the open market yesterday 1861,00
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
for
the
same
week
in
tion not disclosed, and 138,000
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. 2
-250.000 £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
ImpyrtsExportsDetroit
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 at1928.
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 al1928.
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 YorkN. Y.-Albany _ _
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
('on n -Stamford
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 -11.3
Mobile
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 I-oil
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.-Topeka.__
4,026.583
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 IlasTexas-Austin _
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
16.889.551
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 al1928.
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
Breadstuffs figures brought from page 572.-All
the statements below regarding the movement of grainreceipts, 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.
Canadian112,000
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
SummaryAmerican
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.
Barley.
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.
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
stocks in
The visible supply of grain, comprising the
at lake and
granary at principal points of accumulation
seaboard ports Saturday, July 21, were as follows:
United StatesNew 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.
Bushels. Bushels.
Bushels.
Bushels.
Bushels.
Barrels.
55,000
38,000
84,000
44,000
228,000
221.000
8,000
7,000
136,000
31,001
30.000
55,000
18,000
9,000
430.000
12,000
2,000
1,000
6,000
12,000
39,000
43,1300
052,000
8,000
60,000
5,000 1,311,000 200.000
53,000 5,693000
5,000
1,000
26,000
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
00070,609,00023.301,000
0233.704,000218,057,
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
National Banks.-The following information regarding
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.
Y.
N.
Warsaw,
Humphrey,
J.
Wolcott
Correspondent(
CHARTERS ISSUED.
,National Bank, Buzzards Bay. Mass- 50,000
July 16-The Buzzards Ba4
President, lm 'V. Ramsay; Cashier, W. E. C. Perry.
100.000
July 21-The City National Bank of Albany, Ga
President, W.B. Haley; Cashier, Leo Leader.
CHANGES OF TITLES.
No. Dak., to "The
July 16-The Security National Bank of Valley City,
First & Security National Bank of Valley City."
"Republic
July 18-The Republic National Bank of Dallas, Tex., to
National Bank & Trust Co. of Dallas."
Auction Sales.-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo on 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
Co., 1st mtge. 40-year Ss con3 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
A
class
35
10 Arlington Mills
58
16 Plymouth Cordage Co
1
10 American Linen Co
6814
1st pref
8514 30 Fairbanks Co.,
10 Pepperell Mfg. Co
Inc.,
Participations
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
pro7%%
Co.
Rubber
Hood
10
14.4
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
Trust
Peoples
First
units
11
8314
334
5 Pepperell Mfg. Co
Trust
10 3special units First Peoples
54
13 Wampanoag Mills
Peoples Trust
First
units
14
1434
.
ex-div.
20 Oosnold Mills, pref
pref_10534
Co.,
Glue
Amer.
35 20
88
190 Arlington Mills
pref
10 10 Southern Ice Cu.,corn
19
7 Davol Mills
Co.,
ice
Southern
10
1
20 Sharp Mfg. Co., common
Co., undeP
4 10 Lynn Gas & Elec.
16514
10 Stafford Mills
Par $25
Assn., pref_ 9934
108 Pneumatic Scale Corp.. Ltd•,
Power
England
734 36 New
6114
pref., par $10
10 Western Mass. CosAssociates-52-52%
70 Old Colony Trust
By A. J. Wright & Co., Buffalo:
$ per sh.
Stocks.
lot
$ per sh. Shares.
54
Shares. Stocks.
National Motors Corp., no Par-$1
1434
Inc., par $20_ _El lot 114 Laval Quebec, par 51
Qualitol.
Keiter
141
707,000
2,272,000
96e. 1,000
.
_
_
51.
par
Mines,
Gold
Itowey
Total July 21 1928____44,492,000 11,135,000 2,065,000 2,423,000
533,000 200
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 Co50
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. UtilitiesPreferred 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
•1(4 Oct. 1 'Holders
6% preferred (guar.)
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
Butler
50c. Aug. 15 Holders of rec. Aug. I
(guar.)
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 CoalAug. 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
prof.
Rubber,
7%
131 Aug. 15 Holders of rec. Aug. 1
(q.)
Tire
&
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
Jop
ncir
e
•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 TobaccoCommon and common B (guar.)
Sept. I *Holders of rec. Aug. 15
111
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
om
fem
rred
on (e
C
pre
(q
xtra)
uar.)
*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.
87 Mc Aug. 31 Holders.of rec. Aug. la
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
134 Aug. 1 July 14 to July 26
Preferred ((muar.)
American Natural Gas, pref. (guar.)... •134 Aug. I *Holders of rec. July 20
*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
Oct. I Holders of rec. Sept.12a
$1.50
$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
(guar.)._
pref.
Power.
7%
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 30
Central Hudson Gas & Elec., corn
134 Aug. 1 Holders of rec. July 14
Light.
pref.
(guar.).Power
&
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
Conaol. G. E. L. & P., Bait.. corn. (qu.) 4.75e. Oct. I *Holders of rec. Sept. 15
'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)
662-3c 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.
$1
Pref.
(MO
Phila.,
Telephone
of
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
Aug.
630.
Lawrence Gas & Electric (guar.)
*Holders of rec. July 16
Long Island Lighting. common (guar.).- •750. Aug.
of rec. July 10
Holders
Aug.
$1
(guar.)
Power
Manitoba
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.)
Holders of rec. July 20a
3
July
134
(qu.)
6%
pl.
Ry.
&
Lt.,
Elec.
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
, 14
Okla Public Serv.. 1st prof. A (rathly.)_• 581-So Aug. 1 'Holders of rec. Jul)
[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 TrustShares 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 204
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
Archer-Daniels-Midland Co.. corn.((PO
% 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. LinesPreferred (guar.)
75c. Sept.29 Holders of rec. Sept. 10a
Preferred (guar.)
75e. Dec. 31 Holders of rec. Dee. Ila
Atlantic Sr Pacific International Corp1st 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 & Spindlersecond
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
Preferred (quar.)
Aug. 1 *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 MachineStock 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
(monthly)
common
Service,
/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 Indus-lee.
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). 411
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 Stores1.624 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
Harris-Seybold•Potter, pref.(quar.)•14 Aug. 1 *Holders of rec. July 20
Hart-Carter Co.,cony. prof.(qu.)(No.1) •50c. Sept. 1 *Holders of rec. Aug. 15
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 Harvester134 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:.)
Internet Printing Ink,com.(qu.)(No.1) "432, Aug. 1 *Holders of rec. July 16
*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
Aug. 1 Holders of rec. July 15
Keystone Cons.Stone.tr.ctf.(qu.)(No.1)
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.)
411
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)._
411
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
Montgomery Ward dc Co., corn. (guar.). $I
$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
(qua:.)
Products,
common
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.)
Dec.
1 Holders of rec. Nov.21
25e.
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
Sept. 1 Holders of rec. Aug. 21a
134
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.)
1 *Holders of rec. Sept. d4a
Oct.
411.75
Preferred A dr B (quar.)
13,
1 Aug. 1 Holders of rec. July 16a
National Dept. Stores, let pref.
1 Holders of rec. July 200
Aug.
134
Prof.
(
q
u
a
r
.
)
N
t
i
o
n
l
Lead,
13 (guar.)
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
412
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
•1 54 Aug. 1 *Holders of rec. July 12
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.)
.(qu.) 1% Aug. 1 Holders of rec. July 120
United Cigar Stores of Am.,6% pf.
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 $20 per share.
u f3hulte Retail Stores declared 2% in stock, payable %% quarterly.
513
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The following are the figures for the week ending July 20:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
FOR THE WEEK ENDED FRIDAY. JULY 20 1928.
NATIONAL AND STATE BANKS-Average Figures.
OtherCash Res. Dep.. Dep.Other
Including N. Y. and Banks and
Gross
Gold. Bk.Notes. Elsewhere. TrusiCos. Deposits.
Loans.
Manhattan-$
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
BrooklynFirst 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
Brooklyn67,158,900
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.
Boston Clearing House Weekly Returns.-In the
following we furnish a summary of all the items in the
Boston Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
July 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
Bank
National
Hanover
116,105,000
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
Go,vernment
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
last'iell to Federal Reserve Banks
$
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 Secured352,477,000 352,476,000 354,977.000 355,376.000 355,376,000 354.626.000
By If Id and gold certificates
354,606,000 854.607.000 391,855,000
91.446.000
95,355,000
99,815,000
96,552.000
Gold redemption fund
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
-Other securities." and the caption -Total earning meets" to "Total bills and securities.' The latter term was adopted as a more Accurate description of the total of the
provisions
of
Sections
13
and
14
of
the
Federal Reserve Act, which, t wasstated, are the only Items Included therein.
Maitount acceptances and securities acquired under the
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.
$
490,0
Other securities
Total bills and securities
Due from foreign banks
Uncollected items
Bank premises
Another resources
Boston.
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
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 1,901,0 179,481,0
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
for the latest week appears in our department of "Current Events and Discussions," on pageof 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
Due from banks
Due to banks
99.121
18,008
777,024
66,329
13,180,802
6,011,090
93,410
922,449 5,757,381
494,404 1,683.383
4,317
28,420
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
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 securitiesBonds
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
181 185 Port Morris- 675
America
765
Amer Union*. 230 240 Public
820
Bronx Bank'.. 700 775 Seaboard_ _
1928.
27
July
Night,
Wall Street, Friday
278
Seventh
Bryant Park. 230
187
195 205 Seward
Central
Railroad and Miscellaneous Stocks.-The review of the Century
690
250 275 State*
300
545 550 Trade*
Chase
Stock Market is given this week on page 505.
250
Yorkville_
Chath Phenix
Nat Bk &Tr 565 575 Yorktown•._ 225
The following are sales made at the Stock Exchange this Chelsea
Etch* 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.
Railroads975 1050 Am Ex in Tr 432
Feb 83 May Harriman
1
300 76 July 23 7734 July 24 58
Boston &Maine
290
280
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
N 1
of
820
828
Bank
City
National
July 43
Jan
Buff & Susquehanna _100 100 324 July 27 324 July 27 32
& True Co 690
685 700
Park
182 192 Bankers T us 948
Exch....
Penn
June
M
25
174
10
July
• 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
3034 July 27 304 July 21
•
400
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
47 July 24 524 July 21 4594
5,300
MAO
Cotton
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
Jun
3631
25
July
2631
25
3058
3031
July
100
*
ctfs
Mot
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
100 118 July 21 118 July 21 118 June 1224
100,
Mackay Co Ws
'I 1,000 424 July 26 4331 July 27 424 July 52
Maytag preferred
July 101
91 July 23 914 July 21 91
400
*
preferred
Prior
•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
85%
IJun
21
July
80
834
25
July
824
400
'I
Pacific Lighting
Jan 1254
120 July 26 115
Pan Tel & Tel pref._ ..iool 100 120 July 26
27 94 Jun 14%
PennaCoal&Coke..50l 200: 931 July 24 94 July
July 23 10149 Jul 103
Postal Tel & Cable pf.100 1,0001014 July 2510131
21 72 July 21 6194 Fe 78
Reis(R)& Co istpf,100l 100 72 July
July 1144
July 24 106
2111431
July
110
30
1st
pLAOOI
Rem Typewr
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
Stand Sanitary Idtg..._* 800 38 July 23
3,000 39 July 26
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
10
pref_
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
Internal Nickel pref._100 100 116 July 24 116 July 24 11031
• 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 __ _
101
-101922
-Converted 44% bonderigh 101433
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__
-.
High 10b-922 1001-122 100
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__
_ ._ 10-41922
High_
_
____ 104.933
____
Low,
394s. 1948-1956
___ 104.222
____
(Close
_
...7
Total sales in $1,000 undo........
____ ._.
.
___ _ 999:2
___ _
(High
348. 1943-1947
____
____ 99222
(Close
50
Total sales is $1,000 units_ .
- ---_ 901432 99422
-h
Hill
3318.1940-1043
--__ 99"31 99
Low__ ._ 99,232 99
Close
a
la
Total sales in 31.000 unitz
-- -- --_---1009933 1001131 1009,22
100,23, 100"s3 1002131
100let 100lltt 100,ln
2
54
171
-- -- -.- ---- -- -----
NV'
100
100
60
101932
1009.2:
101
303
1114,,
1119:2
111 922
7
10693
106.93
106991
12
104.42
104931
1049n
4
99
98,92
93903
29
99292
agn.
98993
26
-1009991332
100
57
101
100,93:
10099n
273
11132.,
111n
1111922
11
___
_.__
---104;
104923
104',,
10
989.23
98,123
989.22
- -uxi
100
100
18
1009.22
1009922
1009922
87
iipsn
11192s
111922
6
10698
106,81
106932
10
----_. _ ..,
98992
98942
989932
4
1
____ 989422
_ _ _ _ oat%
____ 989932
13
Note.-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
80 158 3345
34 let 4Yis
999931 to 09"a2
Non to 9999321 7-3d 4448
100"s: to 101.at I 8 4th44s...... ____1009932 to 101933
Foreign Exchange.To-day's (Friday's) actual rates for sterling exchange were 4.85 5-16@
4.85 7-16 for checks and 4.85 11-1604.85 13-16 for cables. Commercial
on banks, sight, 4.85 3-16@4.8544; sixty days, 4.8131(44.81 44; ninety
days. 4.79% 04.80, and documents for payment. 4.81310J4.8134; cotton
for payment, 4.843-4. and grain for payment, 4.84% •
To-day's (Friday'it) actual rates for Paris bankers' francs were 3.91%0
3.9154 for short. Amsterdam bankers guilders were 40.1834@40.21 for
short.
Exchange at Paris on London, 124.08 francs; week's range, 124.18 francs
high and 124.05 francs low.
The range for foreign exchange for the week follows:
Cables.
Checks.
Sterling, Actual4.86 3-16
4.8531
High for the week
4.85 2142
4.85 9-32
Low for the week
Paris Bankers' Francs3.91 13-16
3.9194
High for the week
3.91 7-16
3.91 3-16
Low for the week
Amsterdam Bankers' Guilders
40.2494
40.24
High for the week
40.2134
40.1831
Low for the week
Germano Bankers' Marks23.88%
23.87%
the
week
High for
23.8$
23.83
Low for the week
Ask
290
99
95
The .Curb Market.-The review of the Curb Market is
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,
h
per
share
per
share
$ Per share $ per share
$
per share $ per share Shares
Railroads,
Par $ per share
share par akar.
Per
Per
$
share
186 18612 18634 188
18812 190
18918 190
18912 19012 18718 18858 14,100 Atch Topeka & Santa Fe 100 18238 Mar 2 19718 Apr 27 16134 Jan $200 Aug
19458 10412 104 104 *10312 10434 10312 10312
104 104
•10312 104
700 Preferred
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 10534 10518 10578 9.800 Baltimore & Ohio
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
7312 73 7534 7334 7434 74
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
July
100
31
7
110
1153
10118
Jan 122 Jung
6258 6333 6318 64
63 63
64 647
6412 6434 6414 6433 5,900 Bklyu-Manh 'Fran v t c_No par 5338 Jan 17 7734MaY 3
53 Aug 707, Jai
*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 4534 July 6
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 20434 20312 20434 205 20753 20634 20734 13,200 Canadian Pacific
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-une
17834 17834 179 179
17934 18114 181 18114 18012 18112 18012 1801
2.400 Chesapeake & Ohio
100 17512June 19 20514 Jan 6 16134 Jan 21818 Oct
1012 1012 1018 1034 1033 1078 1034 107k 1078 1078 1073 107
2,200 Chicago dr Alton
100
44 Jan 1038 June
55ii Jan 30 1834May 2
•1514 16
*1538 16
1578 1638 *15
16
*15
18
16
700 Preferred
16
100
77s Feb 20 2652May 2
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
Jan 51 July
304
60 60
60 60
60 6012 *5914 62 *60
62
*5918 60
900 Preferred
100 5914 July 20 7658May 4
63 Jan 8474 Oat
133s 1353 1358 1438 1334 1418 1358 141
14
14
1312 137k 9.300 Chicago Great Western_ 100
913 Feb 8 1638May 2
818 Jan 2218 May
*2534 2614 2638 2734 2634 2758 2612 2758 2614 2678 2614 2634 8,800 Preferred
100 2012 Feb 20 3213May 2
6478 June
3458 3478 3434 3513 3513 3534 3514 353.j 3.512 3633 3534 3618 22,300 Chicago Milw St Paul & Pan_
_
2214 Mar 5 4012 Apr 26
9 Jan 1934 Dee
4514 4512 4578 4612 4612 4733 4714 4778 4733 4833 4778 4814 33,200 Preferred new
37
Mar
2
5138
Apr
26
3712 Dee
80 80
7938 7938 7912 81
8018 81
8018 8034 8014 8034 4.100 Chicago ds North Western _100 78 June 19 9414May 1
Wig -it-u3 9712 an
*13712 142 *13712 143 •13712 14278 *13712 143 •13712 142 •13713 143 1I Preferred
100
138
150
July
19
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 13734 July
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
•74
76
preferred
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 6534 Apr 28
*5512 57
614 Jan 6734Junr
*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
4 Mar 1114 Dee
2
5134 513
5158 5258 5212 5358 5278 533
53
5338 5312 541 16,000 Erie
100 4834June 19 6618 Jan 4
3912 Jan 8934 Sept
5172 517
5212 521
5234 523
5212 53
5338 5434 .55
5638 6,6001 First preferred
100 50 June 18 6373 Jan 7
5238 Jan 6614 Aug
*5113 53 *5113 53
*5113 54
*5034 52
5212 5412 5434 55'2 1,6001 Second preferred
100 4914June 20 62 Jan 6
49 Jan 8418 Aug
9573 96
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 94 •9312 95
9334 9412
7001 Pref certificates
100 9118 Feb 7 10534May 15
854 Mar 101 Sept
2012 203
2012 207
2012 2012 2011 201
2012 2034 *2012 21
1,700 Iron Ore Properties__No par 1914June 12 25 Jan 24
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 7838 July
•100 101 *100 1063 100 101 *100 1013 *101 10134 101 101
200, Preferred
100 100 July 12 109 May 1 105 Jan 11214 Apg
5614 5758 *6612 68
5634 5634 5658 58
57
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
4114 Jan 701s July
69
69
*67
70 *67 69
*65
70
6713 6734 *65
3001 Preferred
100 6V2July 26 77 Apr 20
69
6478 Jan 7318 Dec
*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
140 141
13912 141
& Nashville
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
Dec 90 Feb
7814
4678 46
46
46
4512 4558 46
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
21
4512 451
4514 4514
00
Prior preferred
700
45 Mar 27 5434May
414 Feb5934 Aug
*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 8734May 1
60 Apr 8812 Dec
*6313 6714 *6312 6733 *6312 6733 *6312 6714 6738 6738 *6313 6712
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 10234 10234 10234 10278 10234 10314 10212 10234 10212 103
2,5001 Preferred
100 10112June 12 109 Feb
Jan 1094 Dee
9534
$
591 60
5958 6138 6012 6134 6058 6172 6012 6112 6012 6114 28,200 Missouri Pacific
100 417a Feb 7 6958June
3778 Jan 63 AIX
11258 11334 114 11514 11358 115
115 11578 11412 11578 11434 11538 18.000 Preferred
100 105 Feb 20 12338518y 1
9018 Jan 11838 Nov
273 258 *234 278
*234 3
284 234
234 234
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 16334 28,200 New York Central
1 jl5 160 I 15913 160
100 156 Feb 16 19112May 10 13714 Jan
31
/
4 C40,1
2 till
12472 1247sf 125 125
12334 126
12353 126
125 12534 1,300,X Y Chic & St Louis Co -100 12358July 23 146 May 11 0110 June 1711,24018 May
10852 10852 10812 10812 *108 10812'5108
10858 10853 *10858 109
4001 Preferred
100
10812
10634June
Dee
Apr
115
18
110
102
0
Jan
Mar
15
4
27412 27412 *255 270 25114 25114 26433 265
57341'270 27234 27334 280
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 11334 *113 11334 *113 11334 11314 11314
113 113
4001 Preferred
113 July 21 117 May 3 11038 Oct 163
144
4 Novc
26
2618 2738 *2612 27
26
*2614 27
2633 2733 2612
1,400 N Y Ontario & Western_ _100 24 Feb 20 30 May 2
2314 Jan 4134 Sell*
*734 978 *734 973 *734 974 *734 37g *734 974 313 2614
IN Y Railways pref cUs_No par
44
4
Dec
9
May
Jan
24
3
7
2
13
5
1
4
41
39
38
*36
*36
38
•36
40 •36
38
100 Norfolk Southern
3718 Jan
100 32 June 12 4912 Jan 11
3934
*17512 17634 17512 17512 177 177 *176 17714 177 17712 •37
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
9
0 jN
1001
•
Preferred
1234
JjuuDla
June "6
83
:
y
ve
8612
7913
June
Apr
12
90
100
20
9512 9512 9478 9512 9478 96
9533 9538 9458 9434 9412 9514 4 100 Northern Pacific
78 Jan 10214 Dec
100 9233 Feb 7 10512May 15
9334 9338 9312 9338 9334 9312 9312 9312 0314 9352 94
'1
*93
900, Certificates
9978
Dec
84
16
4May
July
1011
9033
Feb
100
20
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 6434 6412 65
5634 Jan 68 Oct
8,200 Pennsylvania
50 6178June 19 7212 Apr 27
30
*28
•25
29
29
30
*28
30 •28
30 •28
20
100
Jan 1234::
p
y
Peoria
30
dr
Eastern
97
37
May
100
12
1
25
Mar
128 128
129 129 *128 130
128 128
128 128 *128 129
500 Pere Marquette
100 12478 Feb 9 146 Apr 11 11412 Jan
*9712 98
*9712, 99
*9712 99
*9713 98
*9712 98
*9712
Dec
Jan
98
Prior
93
Mar
28
10134
9914
preferred
100
97
June
9
*9412 95
*9412 95
*9412 95
*9412 95
9412 9412 *94
100 Preferred
893‘ Jan
Dee
9412
100 94l July26 10034 Mar 30
138 138
132 140
•131 140
13774 138
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
9912
100
Reading
1234
Jane
Jan
11918May
94
10
7
Feb
50
14
04
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
*4814 49
•4814 5034 49
*4814 49
*4814 4873
100 Second preferred
4354 Jan 50 Feb
50 44 Jan 26 5978MaY 1
70
*62
•60
70
70
*62
*60
70 •62
70
*62
70
pref
Rutland
21
7214May
63
RR
Feb
Jan
100
18
50
11118 11138 11133 1111 *11112 11312 11272 11278 11214 11234 11214 11354 3.500 St Louis-San Francisco----100 109 Feb 7 122 Mar 23 10034 Jan
16
17
914 J
MtIn4
ar
97
97 97
97
9712 *9612 97
9713 9714 97
1,400
967
3
967
1st
3
pref
paid
21
101
057
8July
May
100
17
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
Preferred
89 July 14 95 Jan 3
7678 Jan 9434 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 14634 14658 14714 7,100 Southern Railway
149
1037011: Dec
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
174 17634 175 17634 175 17634 12,400 Texas dr Pacific
170 170
NoV
100 994 jail 3 177 July.24
7s Jan
63
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 8514 Feb
4434 1.700 Twin City Rapid 'Trazudt-100 44 Mar 23 56 May 8
4,10258 10434 •1023, 1043 •10252 10434 •10238 10434 •102 10434 *102 10434
99 Apr 106 MS)
00 102 July 14 107 Feb 10
Preferred
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 8334
77 Mar
600 Preferred100 83 Mar 13 8714 Jan 20
7434 7318 7433 7312 74
7234 7153 7418 73
7034 70
•70
100 51 Fab 18 9614May 11
14.100 Wabash
8546
1 41:
4012 Jan 8
:1s
e
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 *8634 8814 *91
93 *91
93
9912May 18
*91 " 93 *91
100 87 Feb
*91
65 Jan 8
93
Preferred B
9
68
77
74 Jul
j5uo
e
ee
s3812 3932 3812 41834 3952 41
385* 4034 3918 4034 39
100 3134 Feb 8 6434May 10
1354 Jan
3934 12,000 Western Miu'yland
42
*38
42 *3834 4013 *3838 42
4134 *40
*39
•38118 42
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 3034 31
32
3158 *30
*55
57
56
56
*55
5612 *5412 57
Friday,
July 27.
S per share $ per share
31
32
*30
*30
55
5534 5534 55
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
5973 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
310 *290 315 ,..290 309 *290 315 *300 315
Preferred
100
10018 *9638 10038 *95 10038 *94 10038 *9434 10038
100
4112 4278 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
318
338 *3N
314
13,500 Air Reduction, Inc, newNo par
65
66
6478 6478 6778 6614 6778 6418 65
No Par
812 858
8,2 858 4,500 Ajax Rubber,Inc
858 858
878
853 87s
414
4
334 334 3 000 Alaska Juneau Gold Min__ 10
4
334 37s'
4
44
400 Albany Pert Wrap Pap_No par
2534 2512 2534 *2512 2612 *2512 2612 2512 2512
Preferred
100
41,700 Allied Chemical & Dye_No Par
176 178
17358 17712 17412 17612 174 17714 176 17938 17514 178
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
12
12
*1034 1134 1114 1114 *1034 1112 *1114 1134 *1114 104 1,100 Amalgamated Leather_No par
Preferred
76
*73
76
*73
77
*73
*73
76
•73
76
*73
76
No par
6.600 Amerada Corp
3078 32
3018 3058 3058 3034 3078 31
3018 3014 3012 31
1918 1918 3,800 Amer Agricultural Chem_ _100
20
1918 20
2014 2012 20
2038 •1912 1978 20
Preferred
100
5,600
70
713
8
70
70
70
7012
7014
7012 7138
7138 70
7034
10
800 Amer Bank Note
119 11978 120 121
118 118
•116 11912 *116 11912 117 117
50
*6118 6412 *6118 6412
20 Preferred
61
*61
*61
62
*61
64
6412 61
2014 2138 1978 20,2 19,700 American 13ect Sugar __No par
1678 1712 1634 1753 1712 1812 1834 20
100
57
5512 5534 1,000 Preferred
5613 *54
5334 5334 55
56 1 5412 5412 55
31,2 6,500 Amer Bosch Magneto__ o par
*3112 3134 3178 3234, 3153 3214 3138 3214 3058 3114 31
1,000 Am Brake Shoe & F newNo par
4134 4134 4134 41
41
*4073 42
4134 4134 4113 411s *41
100
127 12712
200 Preferred
•127 130 *12712 130 r12712 130 *12714 130 *12714 130
1418
1312 14
1312 1478 5,900 Amer Brown Boverl El_No par
1418 1414 14
15
1412 15
15
100
90 Preferred
*5012 54
*5612 59
5614 5612, 5614 5614 5033 5114 *5013 54
25
84
847
8338 8538, 8438 8853 8858 9038 8814 8934 8978 9138 220,000 American Can
100
300 Preferred
14012 14012 *14012 142 I•141 1421s 14118 14118 142 142 *140 142
9312 9138 9214 9114 9134 3,200 American Car & Fdy__No par
92
93
*93
94 1 9338 9334 93
Preferred
100
5 *115.1120 *112 118
*____ 125 *_ 12478 *____ 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
797s 79
83
75
75
7414 75
75
75
par
Prior
preferred
No
111
111
*10812
111
560
1..10812
111
*10812
111
111
11012 11012
*110
12
12131 12
7,600 Amer Druggists Syndicate__10
1214
1213 1214
1218
1134 12
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
3334 3478 34
34
5,600 Amer & Fern Power__.No par
34
3438
No par
600 Preferred
*10718 108 •107 10778 108 108 *10738 10773 108 10812 108 10858
*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 1058
600 American Hide & Leather_100
100
*43
45
*43
46
44
4414 43
GOO Preferred
4314 4258 4258
*43
45
900 Amer Home Products..No par
73
73
73
*7334 74
7312 737s *73
7312 7312 74
735*
No par
4034 4012 41
4012 4078 4034 4114 41
40
4018 40
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 9734 59,800 Amer Internal Corp___No par
1,700 Amer La France & Foamite_10
6
618
578 578
578 57
6
6
534 6
*6
613
Preferred
100
*62
68
*62
68
*62
68
*62
68
*62
68
68
*62
100
112 112
10914 11134 111 11253 5,700 American Linseed
109 11178 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
120 120 '120 12034 120 120 *120 12034 *120 12034 120 120
145 145
600 Amer Machine & Fdy..No par
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 4734 47
4713 4814 4734 4734 48
48
4834 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 2238 20 I 2012 18
*1234 1434
Preferred
1,820
100
63
60
60
66
5012 5012 51
63
6318 62
51
51
3.900 Am Power & Light
So par
777 78
7912 7734 7912 775s 7814 7753 78
7834 7834 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
6238 6112 6312 62' 63
6012 1307s 60
2,100 American Safety Itazor_No par
6318 6318 *6314 64
6278 6278 6212 6314 63,2 64,8 6334 64
No par
3013 3018 3033 3038 3014 3038 2958 301s 2934 2934 30
3014 3,200 Amer Seating v t c
414
438
438 438 *414 412 *414 438 *414
438
*438 412
800 Amer Ship & Comm. .No par
50 American Shipbuilding........100
95
95
95
95
95
*88
95
9312 *88
95
*88
*S8
18912 19012 18812 19612 193 1947 194 19612 195 20073 2001 4 20454 86,500 Arne,SmeltIng & Refining_100
100
100 Preferred
13334 13334 *133 135 *134 137 *134 136
*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
5433 5314 5412 5314 5514 7,100 Amer Steel Foundries__No par
5212 5212 5218 5212 53
440 Preferred
100
*11114 11258 11138 11138 11034 11114 11012 11058 11012 11012 11012 11012
100
7112. 70
7138 7012 7012 4,800 Amer Sugar Refining
6973 698 70
*69
695s 6912 70
Preferred
100
*10612 10712 •10613 10715 *10612 10718 *10612 10718 *10612 10713 •10612 10713
No par
6134 6112 6314 6212 6312 6212 6314 6234 6234 6234 6414 8,100 Am Sum Tob v t c
61
100 Amer Telegraph & Cable_ _100
*2514 2614 *2514 2614 *2514 2612 *2514 2614 2518 2518 *25,4 26,4
100
17258 17338 17218 17278 172 17358 17338 17614 17358 17538 17414 17513 60,100 Amer Telep & Teieg
158 16012 15934 16014 16014 16212 162 1641 s 16234 16234 3,300American Tobacco corn...50
•15613 158
*15738 158
162 16314 15,100 Common class B
501
15814 16134 160 16134 161 16234 163 164
100 Preferred
117 117 *117 118 *117 119 1 *117 118
100
•117 119 *117 119
American
Type
Founders
113
*112
113
*1123
8
113
1123
8
1123
8
112
112
200
100
*112
113
•11238
40 Preferred
100
10912 10912 *10912 11012 10912 10912 *10912 11012 *10912 11012 110 11038
*5534 5634 56'2 5612 56'9 5618 587g 5738 5738 5712 5734 5734 . 1,600 Am Wat Wks & El newNo par
100 1st preferred
____ 10038 *100 10312 *100 10038 *100 10312 10038 10038 *100 10312
17,400 American Woolen
1518 18
15
15
1612 14
100
*1818 1812 *1818 18141 1814 1814
100
4434 4212 4358 4118 4318 4018 4114 7,000 Preferred
4418 44121 44
*4412 45
1314 1314
1,700 Am WritIng Paper ctfs_No pa;
11341 1112 1112 1134 1234 1234 1234
*1012 1134 *11
4018 40
4014 40
1,000' Preferred certificate_ __100
40
4014 40
40
41
*38
41
*37
2534 2653 26
2618 26,8 2734 15,200 Amer Zinc, Lead & Smelt_ _25
2458 2514 2458 2514 2558 27
Preferred
2,800'
25
86
86
86
*85
86
865
8
87
,
2
8412
85
83
82s
8273
31,000 Anaconda Copper Mining._50
6614 68
6612 6778 6612 66N 6612 67
6612 6678 6618 68
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 9353 1,100 Armour & Co (Del) pref
100
9338 9333 9334 9334 9334 9378 9358 94
Armour
of
Illinois
1812
21,100
class
_25
18
1818
A.
183
4
1812
1814
19
1812
181
/
4
1814
1814 1812
25
1038 1018 1014
10
1014 19,1001 Class B
1012 10
101,2 1012 1014 1038 10
700 Preferred
87
8634 8634
100
8634 8634 *86
86
8614 8614 8534 8534 86
Arnold
Corp_No
par
373
4
53,600
Constable
3712
385
8
365s
3912
38
3912
363614
1
3558 3538 3514
1,300 Art Metal Construction _ _ _.1
2912 30
285s 285a
*2912 30
30
*29
12
30
2934 30
No pa
600 Artloom C op
*2958 33
31
311
/
4
*2912 32
30
30
31
*29
29
29
110
*107
110
70 Preferred
10
*107
10714
107
10712 10712 109 109 •107 109
No par
4358 4312 44,2 9,800 Assoc Dry Goods
4334 43
435s 43
4158 4158 4153 4158 42
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
48781 493* *48
495s *4713 49
4634 4634 48
*47
49
100
5538 1,200 Preferred
5458 5512 5438 5438 541* 5438 54
*54,2 5038 *5412 56
14434 14838 62,700 Atlantic Refining
100
14012 14234 14014 14518 14218 14512 14373 14512 14312 146
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
1338 13331 1414
1312 *13
•13
1312 *13
13
13
1,700 Austin,Nichols&Co vtc No par
434
43
4
45
81
4N
458
5
I
478
5
5,8
*5
513 *5
Preferred
27
100
*25
27
*25
27
*25
*25
27
*25
27
*25
27
100 Austrian Credit Anstalt
*60
7012
7012
7012, *60
*60
*60
72
70
*60
70
*60
*932 97
988 93
Autosales
Corp
97
IVo
par
100
*9381
*914
944
*9
1014
1014 *9
Preferred
*17
34
50
34
*17
*17
34
34
34
*20
•18
*24
31
Autostr Saf Razor "A"_No par
100
4512
45
*45
47
45,
s
*45
4512
4512
*45
4512
4512 *45
Baldwin Locomotive Wks_100
*240 250 *235 250 *235 250 *235 250 *249 255 *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
•22
26,2 *2234 26
26
26
05
2312 24,800 Barnsdall Corp class A
1
4 205* 2014 2158 22
2014 2014 2018 201
2018 2014 20/
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
*9638 10038 *9638
41
41
41
*5212 54
54
313 314
313
6318 6318 63
812 812
812
4l
4
414
*25
2534 *2512
•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
254 Jan 17
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
5558 Feb 20
7434 Jan 17
61 Feb 10
1434 July 13
36 Feb 17
153s Feb 18
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
10434June 25
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
5633 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
378 Jan 3
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
63s Jan 10
40 Jan 16
54 Jan 18
55,4 Feb 20
1128* Feb 20
86% Jan 3
1114 Jan 16
638 Jan 10
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
9534 Feb 9
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
4 Nov
6214 Mar 111-8-311112 Apr 13
/
4 Feb
11412June 18 109 Aug 1131
Jan 210 Nov
378 Apr 97 124
9434 Nov 964 Deo
9912 Mar 28
738 Oct 15% Feb
5014June 6
2218 Oct 4514 Nov
6712June 6
818 Sept
234 June
534 M ar 20
7478May 7
71 ,i;ine Tir-4 Mae
1438 Jan 24
214 Feb
1 June
478 Apr 27
Apr 32 Sent
18
3114 Jan 26
98 June 102 Sent
11134 Mar 14
/
4 Sent
Jan 1691
1824June 6 131
12738May 4 120 Mar 124 Aug
Jan 11834 Dee
88
12934 Apr 27
2418 Feb
108 Nov
1634 Apr 19
68 Dee 108 Feb
90 Apr 19
2738 Apr 3714 Feb
3834 Mar 31
/
4 Dee
84 Apr 211
2314May 24
2814 Apr 7234 Dec
75 May 25
Jan 98 Nov
4,1
159 May 9
5612 Jan 65 Sept
654 Jan 3
1518 Oat 2334 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
6578May 21
4,338 Mar 77% Dee
9538May 14
Jan 141% Dec
147 Apr 30 126
95 July 111 Dec
11112 Jan 3
13712 Mar 31 124% Oct 134% June
98/
1
4 Dec 103 Sept
105 June 4
Jan 74% Nov
36
8934May 11
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
20734June 6 127
184 Feb 31 Dec
3878May 1
8917 Feb 109% Dec
110 May 24
9634 Apr 27
-13Z Apr 127s Oct
1538 Feb 1
1
4 July
48 Mar 66/
6738 Feb 1
30% Jan 71 Nov
8134May 31
2534 Oct 32 Aug
4138 July 19
Jan 961
/
4 May
84
9912May 9
37 Mar 72371 Dec
125 May 17
10
Jan
4 June
778May 7
60,8 Doc 904 Jan
74 Mar 27
2018 Apr 7212 Nov
11878June 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
Jan 7318 0011
54
95 May 14
/
4 Sent
15234 Mar 30 11012 Jan 1671
8712 Apr 11614 Nov
13834 Feb 21
3518 Jan 8212 Dec
85 Apr 12
1
4 Nov
42 July 64/
68* lone 1
/
4 Oct 51 July
381
45 May 14
6% Jan
212 Oct
61sMay 28
80
Jan 12314 Nov
119 Jan 6
/
4 Dec
20434 July27 /3238 Jan 1881
133 Dee
Mar
11914
Apr
20
142
1
4 Nov
17412 Apr 13 11938 Jan 146/
/
4 Oct
9417 Jan 1061
120 June 5
4118 Apr 7214 Deo
7014 Jan 11
120 Feb 29 1104 July 115 Jan
854 Nov 9514 May
7814 Jan 12
/
4 May
11012May 31 104 Nov 1161
411
/
4 Jan 6884 Oct
6414July 27
Apr 36% Aug
26
32 Jan 17
211 May 17 14914 Jan 18511 Oat
Jan 189 Nov
176 Jan 3 120
177 Jan 3 11914 Jan 186 Nov
126 Apr 20 11018 Jan 120 Dec
1
4 Nov 146 Feb
12634 Jan 3 119/
/
4 Feb 116 Sept
115 Mar 31 1071
46 Aug 7210 Bent
7034May 4
99/
1
4 Oct 10312 Dee
106 Apr 13
164 June 33% Jan
24% Feb 14
66/
1
4 June 8612 Jan
/
4 Feb 14
621
9/
1
4 May 244 (NY
1917 Feb 9
2514 Apr 574 APIs
4834 Mar 1
Sept 1014 Feb
5%
3234May 16
/
4 Feb
Oct 511
85
98 Apr 11
4,114 June 6012 Dee
7478June 4
38 Mar 63 Dec
97 May 9
Jan 11312 Dec
11514 Mar 18 106
Oet 9614 Feb
79
9712June 7
15/
1
4 Jan
84 Mar
2114June 6
94 Jan
1313Alay II
5 Dec
9112June 6
60 Apr 8614 Jan
/
4 Nov
21
Apr 551
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
4834 Jan 23
WI, Mar 112 Dec
11378 Apr 3
11917 Jan 27 105 Mar 114 Doc
Oot 5014 Feb
35
50 June 13
30% Ater 4312 Nov
5978May 21
Al% Nov
Mar
4
298
3
/
4 July
571
14838July 27 104 Dec 131% Aug
1181
/
4 Jan 3 11512 Feb 119 Aug
684 Mar 70 June
101 Mar 23
Jan 107 July
98
11012May 31
74 JUDO 124 Ape
1738.1une 6
/
4 Jan
4/
1
4 Mar 101
914May 14
Jan
1
4 Dee 61
23/
3. Jan 21
72/
1
4 Dec 8014 Nov
75 May 9
11 Dec
43s Ma
1738May 25
28 May 4214 Dee
3734May 25
1
4 Nov
43 Nov 46/
5212MaY
285 Mar 31 14318 Jan 20514 Sept
1254
118
Jar
July
12434 Apr 11
1
4 Dec
11178 Jan 5 106% Ma 110/
1
4 Feb
Jan 59/
&CI
524 Feb 1
go% Oct 3511 Feb
2678 Apr 30
2012 Oct 324 Feb
971
/
4 Apr 30
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 11434 109 109 .108 110 .107 110
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 11038 Mar 28 101
1071 2
Jan 110 Aug
1434 15
1434 1434 1412 1413 143 1434
1412 1534 1512 1578 2,500 Beacon 011
No par
1214 Mar 16 2014 Apr 25
14
Oct
1814 June
*7112 721z *72
7212 *7214 7212 7134 72
7213 7338 .72
1,000 Beech Nut Packing
73
20 7038July 13 8311 Feb 9
604 Apr 744 Nov
•1514 1512 1514 1514
1514 1514 1413 153s 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 6634 67
6714 684 6,300 Best & Co
No par 5354 J80 19 7178 Apr 27
494 Aug -59-4 Nov
5434 55
547 564 558 57
5612 5814 564 5834 5614 5712 35,300 Bethlehem Steel Corp
100 5178June 19 6934 Apr 14
4334 Jan 43612 8001
11614 11634 .116% 11672 11634 11634 117 117
117 11718 117 11712 1,000 Beth Steel Corp pf (7%)_100 11618June 29 125 Apr 13 10434 Jan 120 Dec
*3313 34
334 335 .334 34
34
34
*3313 34 .3312 34
Bloomingdale Bros____No par 3358July 23 4413 Jan 5
300
34 June 537 Nov
.10734 112 .107.4 112
10912 10912 *10912 112 .10912 112 .10912 112
20 Preferred
100 10912 Jan 11 11134July 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 7034 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%
712 735
718
714
74
718 2,300 Booth Fisheries
par
No
514
Jan
4
03
84June
6
Sept84
Api
47
4714 464 4713 *47
51
.4612 50
*47
51
.47
50
700 1st preferred
100 4114 Mar 14 5178July 18
36 Sept 5714 May
15512 15512 156 156
156 156
15814 15814 15814 16314 161 16234 3,500 Borden Co
50
June
152
19
Jan
16712
187
11
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 3338 36
373
3618 37
3618 36% 3614 3712 166,300 Briggs Manufacturing_No par 211s Feb 4 4278June 4
1912 Sept.3838 Feb
37
37
5378 4
334 334
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 20634 Jan 10 26814 Apr 13 14812 Feb 225
Dee
13912 1394 139 140
*137 140
140 140 .140 142
14012 14212 1,600 Bklyn Union Gas
par
Apr
June
15914
14
No
139
13
Apr
8934
15712
Der
*4734 4812 48
48
48
48
4812 4914 .48
49
48
4834 1,300 Brown Shoe Inc
3013 Feb 6014 Dec
No par 4518June 11 5512 Apr 5
4334 4412 4334 4512 4334 447
4358 4414 437 46
464 48
59,100 Brunsw-Balke-Collan'r_/Vo par 2712 Feb 20 5138May 16
2572 July 38% is.:
36
*3534 36
3612 3612 37% 3634 3734 3614 3634 3614 3714
3,300 Bucyrus-Erle Co
10 2412 Feb 18. 5078June 2
454 4534 4434 4612 45
4514 4514 4578 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
clAcomNo
par
new
9313 Feb 17 125I2J tine 2 154 June 1-2-534 Jar
2878 284 •2814 29
*2814 29 .28
2814 2814 2013 2814 31
900 New class B corn_ ___No par
1614 Mar 344 Jac
1578 Mar 8 433,June 4
106 106 .105 106
10534 10534 .105 10634 *105 10634 *105 106
20 Preferred
34
90 June 100
100 9734 Feb 211 11034June 11
Jar
166 166 *16518 166
166 166
16614 169 .16712 169
1694 17034 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
2934 Jan 69 Nol
109 109
41108 109
107 10834 *10613 109
10834 10834 108 108
130 Debenture
100 107 July 241 115 May 21
9114 Jan 11171 Dec
11834 11834 *1144 119 .11414 11812 1147s 1144 .117 118 .117 118
30 Bush Term Bides met__ _100 114 July 12 11912June 15 10334 Feb 120 Aull
638 032
614 612
618 614
618 614
618 634
658 6% 6,700 Butte Copper & Zinc
10 May 28
19
5
Jan
334 Mar
418
54 M1/3
41
41
41
41
41
45
44
4534 44
4812 464 4712 8,900 Butterick Co
Oct 6134 Fat
64
40 July 13 6712May 15
•11
1114 1114 1112 1 134 1152 1114 1138 11
1114
1112 1112 1.800 Butte & Superior Mining 100
7% Nov
1134 Jar
_10
9 Jan 11 1634May 21
.7112 73
7112 7134 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 9878 9612 1004 9,000 Byers & Co(AM)
No par 0012 Jan 16 11712 Jan 27
Jan 10234 De(
42
•1101
.11014
__ •1104
_ •11014
_ •11014
- .11014
Preferred
100 108% Apr 13 11212 Jan 14 10634 May 11212 Deo
470 -70
-71
*6912
70 -7-112 7012 -7132 71
-71
-72
72
3,7001Callfornia
Packing
No
par
6812June
Apr
Apr
6014
13
79 Del
18
79
3
4
•29
30 .2914 30 .2914 30
.294 30
30
30 .294 3034
1001California Petroleum
25 2514 Mar 16 3234May 22
273 2, 2a2% 24
24 3
234 278
24 27
2,100 Callahan Zinc-Lead
134 Mar 8
10
538 Apr 30
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
*2134 2238 223 2234 2214 2214 2214 23
2234 227
224 2278 3,000 Calumet & Hecia
25 204 Jan 10 2514May 28
1414 July 2464 Del
724 7312 7113 7212 7034 7158 7038 713
7212 74
74
7434 11,400 Canada Dry Ginger Ale-No pad 5434 Jan 5 8612May 3
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 124382une 28 13512 Mar 30 111 Feb 129 Des
3234 3312 325 334 3234 3313 324 3414 33
337
8
33%
34
13,400 Central Alloy Steel____No par 2818 Mar 27 4034Alay 24
ins 1134 *1112 115 .1112 12
Apr 33 Ap
24
1113 1112 *1158 12
.1134 12
300 Century Ribbon 51111s__No par 114 Feb 18
1753 Apr 4
1013 Jan
1634 Aul
8034 8034 .7812 8012 .7813 8012 8012 804 .7812 80,2 .7812 8012
00) Preferred
100 8014 Feb 21 92 May 15
Jan
70
8844 Des
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,
4112 4134 4134 414 4134 4318 4212 4212 4212 43
44
4612 8,300 Certain-Teed Products_No par 4034May 24 6452 Apr 28
62
Jan 5514 Ma:
.944 97
*9434 97
*9431 97
.94
97
0434 9434 *944 97
3001 7% preferred
100 947 July 28 100 May 21
7134 7134 *71
71
71
72
*71
72
7178 7178 *71
72
300 Certo Corp
No par 71 May 3 7712June 2 15 -Dee -787s -Aui
712 7'2
7'8 74
7% 72
7% 738
7% 7%
8
812 3,300 Chandler Cleveland MotNopar
54 Feb 29 13121May 15
44 Nov
14 Mc15
15
15
1514
1512 154 15
15
15
1534
1578 18
6,0001 Preferred
No par
14 Mar 13 2538May 15
13 June 2614 Mal
634 6310 6314 6353 6414 644 64
647s 64
64
6318 64
4,700)Chesapeake
Corp
No
par 6234July 13 814 Jan 6
6434 June 867
, On
•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 13714 Ma
*304 3012 .2978 3113 53013 3112 3012 3012 *3013 3134 .3012 3134
10,Chicago Yellow Cab _No par 3014 Mar 24 43 Jan 14
38 July 47
On
4718 474 4634 47
4514 4612 45
4614 45
46
41
4514
11,900:Childs Co
No par 37 Apr 19 524 Jan 7
4858 Mar 6618 Am
4514 45% 4513 468 45
4414 4412 4453 4478 4434 454 11,500 Chile Copper
457
25 373 Mar 5 4634July 5
331e June 44% De
.6313 8212 *6313 8212 *6313 8212 .6313 81
.6312 83
.6312 8312
par
ctfsNo
tern
1Christie-Brown
70
June
20 131 Jan 23
34% Jan 9035 De
72
7312 7218 7338 73
7335 72
747
7358 7538
No par 5414 Jan 16 8812May 29
381
, Jan 631/ De
.115 11512 *115 11512 •115 11512 *11518 11512 *115 1154 7514 7938 192,100 Chrysler Corp
.115 11512
1 Preferred
No par 11352 Jan 9 117 Mar 12 , 10232 Apr 116 De
*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/ 138
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
80
51 June 844 On
1183 11834 •11812 121 *11812 121 .11812
•120 121
121 •11812 121
101 Preferred
100 11818 Mar 21 12434 Mar 19 11114 Jan 1254 No,
•16114 16112 160 16178 15918 15918 160 1617 15918 161
161 16434 10,600 Coca Cola Co
No par 127 Feb 20 177348lay 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 11134 Jan 3
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 10914 De
62
623 634 132% 6378 6254 6432 6314 644 64
63
6518 14,900 Colorado Fuel & Iron
100 5212June 25 8412 Jan 31
4258 Jan 96% Jul,
*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
6671 Jan 10114 No,
109 115
110 1144 112 11311 111 112
10758 110
1114 112
60.000,Colum Gas & Elec new.No par 8912 Mar 15 11838May 16
821
/ Feb 98% Ma
108
108
108
010712
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 7314 75'2 7534 761" 7513 76
'
4 7612 7618 7614 7634 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 3538May 4
14 June 2412 De
•2412 2478 *2412 2478 2412 2413 2412 241 .24
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 2734May 11
1878 June 2.5 De
89 .8812 89
89
88
881.. .88
8812 88
8812 .88
70 1st preferred (6 q%)_Ioo 85 June 12 96 Mar 16
88,2
69 July 8958 De
7012 7012 7034 7078 71
70
707
70
704 71
71
7112 3,600 Comm Invest Trust _. No par 5534 Mar
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 14)
100 023sJune 16 9712May 11
8638 July 9814 De
14634 14634 146 14012 14812 14912 14614 141
146 14614 147 147
3,600 Commercial Solvents__No par 13778June 19 18912 Mar 28 115 Nov203 Set
*6512 5812 .5512 5812 5812 581
5838 5978 5934 5934 61
61
800 Conde Nast Publica_No par 48 Jan
39 Aug 63 De
2213 227s 22,4 2234 2212 244 2273 237s 23
2335 2278 2314 22,400 Congoleum-Nairn Ino_No par 22 June 14 65 June 2
12 3112 Apr 17
1714 Jan 2034 De
*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 Oct8034 Jul
*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
78 Jan 21
3 May 18
-11 Ott
118 Fe
14334 1447 143 14434 143,4 14434 144 14812 14534 14814 1464 1483-4 38,000 Consolidated Gas(NY) No par 11938 Jan 10 17014Alay 7
94 Mar 1254 De
101 101% 101 101 *16012 101
10012 10012 10012 10012 10078 1012.100
Preferred
No
par
10012June
27
105
Mar
93
28
Mar
Be
103
34 318
34 314
318 318
3141
318
34 34
34 314 4,100 Consolidated Textile_ _No par
34 Feb 9
318 Mar
632 Mar 28
718 JUL
2834 28% .2652 20
2858 2912 2858 2878 .2858 2912 273
4 287
1,900 Continental Baking cl-ANo par
Ms
Apr
3312
Apr
13
10
Jan
434 43
534
767
s
Ja
4% 412
414 43
435 438
414 438
414
414
5,000 Class B
No par
34 Apr 10
*70i2 7912 77
77
6 Jan 1$
d May
1014 Ja
7614 7614 •76
77
7612 7612 75
77
1.200 Preferred
100 73 Apr 10 9612 Jan 29
72
Apr 9714 No
9612 97
967s 9734 974 101
1004 10278 10014 10134 101 10234 21,500
Continental Can Inc_No par 8014 Jan 10 11478 Apr 16
685* Apr 867s De
•12434 12512 •1244 12512 .1244 125 .12414 12512 .12434 12512 .1243
12512
Preferred
100 123 Jan 5 128 Mar 28 120
Jan 126 Jun
784 7814 79
70% 7952 7958 7978 797
80
82,4 80
815
3,600 Continental Ins temp ctfs_ _10 75 Feb 15 9478May 15
•1158 1178
Dec 93% De
744
1112 It%
1112 1158
1113 1112 114 114
1112 114 4,500 Continental Motors____No par
7013 7058 7113 714 7338 733
10 Mar 13
84 Nov
1478May 8
1354 Ja
6934 7018 70
7512 7535 77
34,600
Corn
Product, Refining_ _25 64% Jan 3 8278 Apr 13
46% Jan 68 No
•140 142 *140 142 *140 142 .140 142 .140 142 *140
142
1 Preferred
Jan
128
10
14214
1381:
100
Apr
14634
Jan
16
De
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
7114 7134 *71
704 7114 .7138 72
72
7118 714 7134 7238
1,400 Crucible Steel of America__100 6914July 3 93 Feb 7
7612 Oct 9614 Ms
•114 115 *114 115 *114 115 *114 115 41114 115 .114 115
Preferred
Jan 115 Set
100 1121:Ater 16 121 May 11 103
2258 22% 2212 23
23
*2212 23
23
22% 2278
224 2234 1,400 Cuba Co
55
1812 Aug 344 is
558
No par 22 Apr 4 2878Alay 8
512 55
5,2 51
55
51
. 558
534
512 512 2,200 Cuba Cane Sugar
712May 12
es
1834 183
Oct 1034 Ja
No
54July
3
par
1858 1012 1834 1934
1872 2058 20
2014
19
2832 Nov 6034 Jr.
18
100 I8' July16 3238 Jan 12
18
1814 1834 184 1834 1818 1838 1813 1012 9,0001 Preferred
1814 1814
1812 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
1001 Preferred
100 10112 Feb 16 108 Feb 1
9712 Nov 107 Au
.8% 934 .834 934 *834 94 .83 10213
*812 94 •814 9
4 94
Cuban Dom'can Sug newNopar
1012 Nov
18
9 June 23 12 Jan 4
is
6734 6838 67% 6834 684 7034 694 7078 6812 6934 69
695
8
17,5001Cudeby
Packing new
4313 Apr 5854 Set
50 54 Jan 3 7218 Feb 14
10212 103
1013s 1047s 10213 1044 104 10638 10212 104
10314 10578 14,100 Curtis Aer & Mot Co__No par 6318 Feb 27 19234May 16
4518 Nov 6934 De
Preferred
.iio- ii0-7; *F76- 17618 •170- 1-7-0-7-2 .170- fiais ..i7i2 1i67;.iiii3 1797s
100 1171, Jan 5 143,8 Apr 18 111 Nov 118 Dc
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
Apr 125 De
114 Jan 11 126 June 13 107
pref
_100
(7)_
*5014
503
51
8
5034
5034 50% .5014 51
5035 50%
49
5012
1,300 Cuyamel
Apr 65% ch
30
No par 49 July 27 5534 Jan 20
524 543
5314 5538 53
5334 5258 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 12434 12112 12112 .123 124
12314 1241 2 123 123
123 123
180 Deere & Co pref
100 11513 Feb 1 12634May 15 10511 Jan 12511 No
19934 199% .198 199
198 198 *196 198 .195 107
197 197
400 Detroit Edison
100 1664 Jan 11 20034J une 4 13312 Jan 17012 Do
5112 5012 5012 *5013 51
5134 51
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 11438 1143, 5018
_ _ •112
11458
201 151 preferred
100 108 Jan 9 120 May 16 101
Jan 11413 De
•15318 1-5i •155 15834
155 1-57-12 157 157
157 158 .155 1584
170 Diamond Match
Jan
134%
18
161
Feb
2
100
116
Feb
4
133
133
4
1358
1334
14
14
135s
135
8
14
734 Sel
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
70,4 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
5714 5812 5812 5812 .5818 59
415812 5934 55714 59
144 De
58
584
1,100 Dunhill International No par 554 Jan 9 70 Mar 29
49 Aug 624 (:)(
1310034 10114 .10034 10114 .10034 10114 .10013 10114 101 101 .10034 10114
100;Duquesne Light 1st pre.. _100 10034July 18 1164 Mar 3 11414 Mar 11
18412 1864 186 1907824,100)
180 18138 18034 18334 183 1834 1825 187
734 No
„No
Feb
163
Eastman
Co__
20
Kodak
par
1907
8July
27
126.4 Jan 1754
0130 132 .130 132 *130 132 *130 132 .130 132 *130 132
I Preferred
100 125 Mar 7 134 Apr 3 11914 Jan 1314 Sei
038
374 38
38
3811 37
377 38
3835 38
0.
384 39
6.400'Eaton
Jan
Spring___
11
Axle
No
26
par
&
4134,Tune
4
Ills
Oct 2934 Jut
372 374
370 370
*368 374
3734 375
370 372
375 380
2,400 El du Pont de hem newNo par 310 Jan 10 40512June 4 168
Jan
*1144 115 .1144 11474 1147 11473 11434 1143 .114 115
134372
115 115
01
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
1084 Nov
1218 Jan 3 23 Ayr 12
•1378 16
14
14
15
15
*1414 15
14% 14% 1434 15%
No par 60 June 25 7072July 5
6812 68% 69%
6678 67
1
4 11,600 Electric Autolite
6634 6858 68
8834 69/
1 Aug
Itl-sti Ii;
11 June 19 1738June 6
No par
1258 1214 *1218 1212 12% 1238 1214 1214 1214 1214 12
12% 2,000 Electric Boat
1812 Jan 3238 Dec
No par 284 Jan 10 4512May 14
35% 17,600 Electric Pow & Lt
3334 3418 34
3538 35
3434 3334 34
3312 3334 34
Jan 109 Nov
96
900 Preferred
No par 10812 Jan 10 110,8 Mar 8
*107 10718 10718 1074 107 10718 10712 10758 *107 1071 1074 10718
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
7834 763* 78
Jan
1
Elk
7 Dec 1552May
19
9
Horn
Coal
4612
718
*61,
714
6
June
Corp__
.No
pa
*612 714
'612 714
1
4 714
*612 74 *6/
3 Oct 13 Apr
51
/
4 Feb 21 151:June 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
Jan 8114 Dec
64%
300 Endicott-Johnson CorD----50 7514June 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
*12338 130 *123/
12412 12412 *12334 125 *12334 125
1
4 130 5,12312 130
39% Oen
Jan
4
211
Engineers
33
1,500
Public
Serv_No
pa
Feb
18
3714
3712
461eMBY 7
371
37
374 37
37
37
87
374 3714 37
0314 Jan 1084 Dee
Preferred
No pa 107 Jan 24 1111anne 21
24% Jan 3572 Dec
Erie Steam Shovel
5 831s Feb 20 388 Jan 23
900 Equitable Office Bldg_.No par 811g July 20 3334July 3
/
4 3134
4 -3112 3112 *311
/
4 -3.1-3iti" "5iis 3112
ifs-4 -311
Eureka Vacuum Clean_No par 6012July 12 79 Jan 8
50 Aug W7-2 Nov
63
*60
61
*60
62
*82
*60
•60
63
63
8212 *61
*1918
2112
154 JaIl 23 Dee
195 July 17 2278May 7
100 Exchange Buffet Corp_ _No par
21
21
2112
*20
3
4
2112
*2012 2112
*20
*1912 22
434 May
804 No
No par 321k Jan 5 54 Apr 19
*414 4212 4118 4118 4158 4212 1,200 Fairbanks Morse
4112 42
•42
43 •42
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
15 42 Jan 10 51334May 2
374 Jan 67 May
500 Federal Light & Trac
51% 51%
*5112 52
*511
/
4 5212 *518 5212 517 517
*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
Fe
Federal
80
Mining
ds
SmeWg_100
120
Apr
17
145
May
15
*110
126
126
*110 126 *110 126 *110 126 *110 126 *110
100 Preferred
100 914 Jan 3 994May 21
7512 Jan 97 Mar
98
98
*9712 99
*9712 99
*9712 99
*9712 99
*9712 99
3078 Jan
2,300 Federal Motor Truck_ _No par
17 De
1718July 12 257sMay 8
1712 178* 17% 18
/
4 173
1778 1778 1734 1734 1712 1712 171
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 1114 Jan 9 164MILY 10 "10" Nov
*123* 1412 •1238 1412
*1238 141 *1238 141 •1238 1412 *123* 14
No par 28 Apr 4 8844June 1
19/
1
4 May 30 Feb
36
3858 18,500 First Nat'l Stores
3638 36
37
3718 38
3434 37% 38
3412 343
No par 1078July 17 1734 Jan 4
1434 Oot 20 Apr
1118 1134 1112 1134 10,400 Fisk Rubber
1114 1112 1114 113
11% 111
1138 111
Jan 100 Sept
81
1.900 1st preferred stamped__ _100 6812Ju1y 19 9112 Jan 10
*7612 78
7014 80
8934 6934 6978 70
8814 681
89
693
944 July 102 SePt
100 68 June 23 973, Jan 5
73
74% 1,500 1st preferred cony
71
75
1
4 891
69
69/
68
68
68
•____ 72
41312 Feb 7118 Dee
,Apr 14
68% 6934 6912 7034 14,300,Fleischman Co new___No par 65 June 19 763
6812 6958 6834 691
6838 6814 69
68
1,9001Foundation Co
No par 42 Mar 6 5534Ma7 16
35 Nov 8858 Apr
*48
48
45
473* 48
4212 4534 45
*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
Co
prior
pref
1041
Fuller
No
par
1034
100
Mar
17
*103
10978 Apr 23
/
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
20
2012 193* 2038 19% 19%
1934 207
1912 193
1,4001Gardner Motor
No par
Vs Jan 1512 Dec
714June 12 16/
1
4 Feb 2
812 9
9
9
84 834 *8% 9
8% 9
834 87
7
Jan 84% Dec
48
No Dar 13072 Feb 20 7712May 15
70% 70% 2.300 Gen Amer Tank Car
, 694 *6934 70
898
694 70
*6912 693
*6934 70
1001 Preferred
100 10914June 23 11134May 15 1084 Mar 1124 Sept
109 110 •10912 110 *10912 110 *10912 110
109/
1
4 1091 *10912 110'
DIM Mal
7
713
General
9,100
100
734
75
714
65
Aug
Asphalt
68
June
12
94
72
7112
74
Apr 30
71
7012 71
7012 71
300; Preferred
100 110'aune 12 14112 Apr 30 10714 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
4 14912 •14212 146'
14112 1421 *14212 14912 *142/
*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
Dec Ili -15;
2,400 Class A
No par 56 Feb 9 8078 Mar 20
64
64
64
6458 833* 633* 64
63
6318 64
63
63
62
62 Jan 747s Deo
5912June 12 75% Feb 2
8134 6134 1,600 General Cigar. Inc new_No pa
6112 62
615* 62'8 62
62
62/
1
4 62
*62
Jan 186 Sept
20; Preferred (7)
100 11534June 18 130 Apr 27 118
118 118 *117 120 *117 120 *117 120 *117 120
•118 121
5971 Nov
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
5334 54
Jan 58% Nov
Trust
87
9,200,
certificates...
pa
3112
34%
3512
Jan
7
June
25
.No
323
4
32%
344
35
35
523
8
81
3518
3512
3514
3514
Jan 1485s BMA
81
No pa 124 Feb 27 17412 Apr 16
14514 14758 14612 14834 14712 1507* 14814 14934 14812 150% 56,700 General Electric
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
1
4July 26
55% 22,800 General Gas &Elm A No pa
515* 513* 5314 5212 564 55
354 Jan 18 56/
51
*4814 50
5034 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
1233
8 Nov
Ma
11314
Apr
18
Preferred
144
100
A
(8)
*120
127
125
12214
Mar
22
No
pa
125
125
•120
125
.120
125
*120
125
•120
Jan 10518 Doc
96
Preferred B (7)
No pa 10612 Jan 17 11478May 16
*109 10912 *109 10912 *109 10912 *109 109/
1
4'107 109 *107 109
Oct
1
4 Aug 141
18512 18734 18434 18812 184% 18712 1863* 1893* 188 19014 190 19212 661,300 General Motors Corp new__25 180 Jan 10 210 May 7 113/
5001 7% preferred
100 12312 Jan 26 12711 Apr 12 11812 Ma 12514 Dee
*124 12414 12414 12414 12434 12434 125 125 *12412 125 *12412 125
824 Jan 15314 Sept
8414June 29 12811 Jan 3
9958 10034 20,700 Gen Ry Signal new..._No pa
98
993
98 1007s 9734 100
98
9812 977 993
Jan 81 Deo
88
300,General Refractories_ _No pa
4512June 13 82 Jan 8
4818 48%
*47
48
4834 48% *4812 49
*4712 4812 4712 49
95% Nov 10912 Oet
974June 19 1124 Apr 13
10118 10118 101 10234 1018 1027 10218 10334 102 102% 102 102% 10,200 Gillette Safety Razor__No pa
35/
1
4 Dee 59 Sept
344 Mar 6 5978June 14
No pa
54% 5414 541
/
4 2,200 Gimbel Bros
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
7.400 Glidden Co
20% Jan 27 • 2638May 23
No pa
/
4 22
2212 2214 2214 2214 22% 225* 2212 2218 2214 211
22
Aug 101 June
86
1047
2June
I
Prior
Jan
4
301
preferred
•100
101
96
100
101
*100
101
*100
101
1004
101
10018
*190 101
42 Mar 78% Den
90
88
89341015/1 43,500 Gold Dust Corp v t e___No par 71 Jan 18 10638 Feb 15
91% 894 9158 89
8612 89
86% 88
Jan 964 Dec
623
4
No par 6812June 18 9938 Jan
7712 7512 77% 76% 77% 26,400 Goodrich Co(B F)
7678 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
11214 11214 *112 113
8938 Dec
Aug
48%
4
Goodyear
Jan
T
&
7212
4518June
26
Rub----NO Dar
51
5212 16,800
4978 52
47
4712 4712 47% 4712 4912 4818 50
92/
1
4 Nov 98% Dee
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
86% Dec
Jan
57%
Apr
14
Gotham
Silk
93%
Hosiery_
June
13
1,000
No
par
75
*765
8
77
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
/
4 8
*74 8
*713 8
Graham-Paige
Motors_No par 1884 Feb 18 39% Apr 12
8
32
3
8,900
/
4
311
32
3212
32%
32%
3112
32
311
/
4
32/
1
4
.May
5212 52% 5414 5312 54% 53% 544 5258 52% 5334 5414 11.200 Granby Cons M Sm & Pr_100 394 Feb 18 567sMay 15 iffie Jan If
52
8518 Dec 4452 Sept
3312 33% 3,700 Great WesternSugarnewNo par 31 Jan 26 38 Jan 7
33/
1
4 34
3314 34
3334 34
3314 3314 3334 34
123
11612
Beta
Feb
Preferred_
3
11212
100
Jan
Feb
20
150
120
*116 11712 *117 117'. ...i712 1173 117 11712 117 117 *11712 1173
2914 Jan 15112 Dee
98% 10078 98 102% '01'2 10138 9912 10078 9912 10112 10114 103% 30.600 Greene Cananea Colmer 100 8938June 19 16412 Jan 4
May
111
/
4
Oct
7
Guantanamo
8614
62
4
65
Sugar___
_No
par
Jan
6
July
13
200
9%
.612
63
614 614
*614 634 *615 634
954 Jan 106 Dec
Preferred
100 90 July 11 107 Jan 7
*9714 101
• 7 101
*974 101
*971
/
4 101
*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
6134 64
62
62
62
.60
22 Aug 27 July
31
Jan
Hackensack
Water
30
25
8
28
Jan
80
*25
257
2578
26
*25
2418 26
25% 2512 2578 2578 26
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 633i 1.3
*6212 83
2212 Ott 2714 Mar
700 Hartman Corp class A.N. par 23% July 23 274 Feb 3
*24
2512 *2334 2514
*2334 244 23% 2334 24'2 2434 *2334 25
2932 ADr
Deo
18
/
1
4
25% Jan 27
Class B
1678June 1
No par
*184 19
*18
19
*181
19
19
*1812 19
*18
•1718 19
Oet
7612 Jan 125
100 Helme(G W)
25 10334June 1 1184 Feb 20
*107 11014 .5105 11014 11014 11014 *108 11234 *108 11234 *108 11234
100 121 Jan 3 134 May 28 11814 Jan 180 July
•
13012 •130"_.._ 1301. 1301 •1301. .._ _ •13012 ___ _ *13012 -- - Dec
401
4
Dec
847
2
26
Apr
Hershey
Chocolate..
--Ns pa
3034 Jan 31 64
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
4 10114 10114 *10112 1015*
10278 10278 *10234 104 *10114 101/
•10212 104
Jan 61% July
22
400 Hoe(R)& Co
par 19 July 13 8072 Jan 20
20
19
1
4 *1812 2012 *19
1912 *1912 21
/
4 20/
*1812 2012 *181
314 June 40% Oct
900 Hollander & Son (A)_L
29
.per 28 July 20 387s Apr 13
29
28
2812 28/
1
4 *27
29
2778 2818 284 28
*27
Oot
75
Jan
60
11
Apr
Homeetake
74
100
Mining
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
7034 71
70
69% 69% 70
Oct
175
Jan
604
Apr
9
Houston
Oil
161
of
119
June
19
13012
133
8.000
Tex
tern
13012
014100
13212 12778 13234
132 13312
13014 13014 *130 132
3434 July 48% Dec
40% Feb 18 8234May 28
5818 5714 56/
1
4 571
5712 5814 11.100 Howe Sound
57
573* 574 5812 5838 57
Aug
914
Jan
4814
Mar
18
Hudson
5
29%
16
Motor
75
Jan
55,800
804
8112
Car81
79
81
-L
815*
7912
.
;II
2
793
81
80/
1
4 8112 79
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
56% 5734 56
17% May 32% Feb
21% Feb 20 31% Apr 30
24
244 7,700 Independent Oil & Gas_Ne pa
245* 2412 2414 2412 2414 244 2414 2412 2358 24'2 404 434 1,400 Indian Motoeyele
47 Dec
Ma
13
Apr
27
14
70
Feb
N.
per
3812
.424
45
43
4314
*4212 45
4112 42
43
42
92 Jan 10234 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
395 July 9
Indian
Refining
Feb
18
10
9
317
30
31%
40,100
3132
3014
8
303
31
31
3234
3072 30
30
74 June 12 Sept
10
84 Jan 18 3714July 9
29
28
294 28
2854 21.800 Certificates
2834 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
Nov 9612 Ala
8718
Apr
19
98
90
Feb
18
Ingersoll
Rand
new...
94
__N
1
p
0
a
0
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 5678 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-1
1212 June 254 Jun
-21 18 Feb 25 25%May 28
*2112 2134
Ili?. 2118 21% 2134 21% 2138 2178
11 Nov 25 NoV
July2 21% Jan 4
InterconV1
Rubber_.
..No
1012
2,100
8's
1014
*10
1014
Pe
1012
10
1014
1014
1034
1014 1014 10
64 Apr 165 Dec
No per
13 Feb 24 2073May 17
1614 1612' *1814 1812 *1614 1634 1.400'Internat Agrictil
16
1614
16
16
18
16
1,100 Prior preferred
100 4855 Mar 28 8012June 18 33 Mar 6134 MAY
773* 784 7834 7914 *7812 79
777 777
78 I *7712 78
78
681
, Jan 1195 Dee
Int Business Machines-No par 114 Jan 16
114 Feb
4
1233
4
1233
4
2.700
4
1233
1233
12412
121
12012
120
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
7 jA
un
pe
r 28
6 100
10
24
100 1084 Jan 4 17
604 Oct 64 Mar
----------------Preferred5i
633 s _ t Inter Comb Eng Corp_ _No par 454 Feb 20
61-4 - iii: I05s
-57 - iili -&iis Is-14 -.iiiii iiiiii -iii-8 -6101
Oct 10514 Dec
mar
21
109
May
18
Preferred
100
103
*101 10634 *101 106%
•101 10634 *101 10634 *101 10634 *101 10634
8,900 International Harvester-100 2243* Feb 18 290 June 4 1855s Jan 2554 Dec
26912 272
268 268
4 271
270 272 4
269 274 • 26712 272
128%
Jan 139 Dc:
May
1
147
Mar
1
Preferred
13614
100
142
142
500
142
14134 142 1'514134 143 *14134
14134 14134 *14134 142
Ms Oct
834 May
334Mar 28
73sMay 9
100
412 412 1,800 Int Mercantile Marine
/
4 44
41
412 412
43
412 41
434
*434 5 i
12 4458 Jan 17 824 Oct aMs Mal
8418June
100
Preferred
2,900
36
3612
3612
36
3612
9512
Dec
3612 3612 3534 3618 3578 36121 3578
Mar
62
3
1217
sMay
14
Jan
35
934
pref.
International
Match
104% 12,600
10314 10338' 1025 10534 10313 10478 103 10434 10414 10414 10314
International Nickel (The).25 735 Feb 24 103 June 1 3814 Jan 894 Dec
9378 9214 945* 9234 9414 9312 9714 175,900
934 92
91
8112 Not
9134 923
May
08912
8638May
1
June
19
66
par
Paper..
No
International
708*
5,600
70
70
7058 70
1
4 70
6958 70/
70
6934 711
70
100 9812July 27 107 Apr 12 8514 July 108 Dot
30 Preferred (8%)
9612 9612
98
98
*103 105 *10012 105 •13312 105 *1011 105
100 101 July 24 108 Jan 14 984 Jan 11251 Dee
101 18 10114 101 10112 2,700 Preferred (7)
/
4 101 101
101 1011
1
4 10112 102
10134 102/
100 4912Mar 28 6834 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
*136
14514
145
'
5136
149
*137 14712 *135 147 *135 150 *135
Oet
12314June 20 181 Jan 27 109 Mar 128
100
Preferred
125
30
12314
5125 127
*12314 120 1'
012314 128 *12314 12712 *12514 12712'
Internal Telep & Teleg-100 1394 Feb 20 1973aune 2 12214 Jan 1687s Dept
16618 16834 168 1694 168 1694 169 16912' 8,900
16614 108% 16612 169
• Bid aid asked pr!-c3; no sales on this day.
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
/
4 29
*2614 29 •27% 20 .2612 29
*2612 29 *261
/
4 29
No par 29 June 25 38/
IntertyPe Coro
1
4 Jan 20
1912 Jan 8918 June
*4934 53
5014 50% 50
50
*5014 52
491
/
4 4934 •49
1.400 Island Creek Coal
50
1 4912July 26 61 May 14
681
/
4 Mar 87 Sept
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
2934 •28
293*
1058 Jan 3458 Dee
1014 1014 1034 1114 1114 1134 '1038 11
*1034 11
No par
"1038 11
3,400 Jordan Motor Car
812 Jan 16 1518May 31
1258 July 2215 Jan
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
70
7038 6934 70
69/
1
4 7014 6978 70
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
70/
1
4 *67
70 '67
300 6% preferred
70
100 58 Feb 17 80 Jan 26
44 Jan 9718 Sept
3078 308 3014 3014 303* 338 32% 3312 '3214 3213 323* 3318 22,500 Kelsey Hayes Wheel-No par 2218 Jan 10 8812May 18
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 9358 9358 9512 9334 948 9334 947
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
nu an
Dse
t
648 6458 6414 6412 6313 6384 64 65
64
6634 66
6612 8.500 Kraft Cheese
25 5312Mar 3
76 May 17
49 Jun
fin 1*
708 7034 703 7178 708 7212 707 71
7134 717
712g 7212 13,000 Kresge(SS) Co new
.10 8058 Feb 24 713 June 1
6518 Jan
'112 11412 *112 1141
/
4 11214 11214 *112 11412 '112 11412 *112 11412
10 Preferred
100 11014June 14 118 Apr 27 110% Feb 118 Mg
22
2214 22
2234 22
2112 2134 2184 207 21
22
21
1,400 Kresge Dept Stores____No par 13/
1
4 Jan 18 2714 Feb 29
10 June 18 Dee
*63 71
*64
71
1364
71
1364
71 '6634 71
1363
Preferred
71
100 5154 Feb 1 7258May 11
45 Nov 80 Jan
*101 106 •102 106 *100 105 '102 106
102 102 *102 106
100 Kress Co new
11412 Mar 29
No pa
20
59
87
Feb
Jan 1054 Sept
9618 9913 100 1043 10134 10512 102 10434 10214 104
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 1/134
-iii
lifl;line
•101 110 *101 110 *101 110 •101
____ 101 101 *101
____
96
10 Preferred
Jan 130 MAY
100 100 Jan 5 124% Jan 26
307 3112 3012 3012 32
3014 3034 *3012 31
32
*31
311
/
4
600 Lago Oil & Transport-No par 27% Feb 20 3918 Apr 17
20%
Jan
3734 Nov
106 1087g 1062* 108
10634 10734 1073 10812 108 108
107 108
9.200 Lambert Co
66 Jan 881
Oat
181 De
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 5034 5414 5212 5414 5212 5314 5212 53
5414 July 24
72,500
8238
Lehn
Apr
Jan
&
43
Fink
17
Nov
No
pa
38
*29
30
29
2934 2934 2934 *2914 30
*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 Feb 138 Sept
8318June 22 122/
1
4 Jan 3 *87/
8513 8512 86
88
88
8918 8838 90% 891
/
4 9034 8914 897 11,200
8 Feb 128 Oat
3
•865
12312
8014June
Jan
19
*133 138 *133 138 *133 138 •133 13934 "135 139 '135 139
P
8ere
rifeesrrti
135 July 6 147 Apr 11 12434 Jan 140 Dee
483* 49
4814 4814 *4814 491
488 44
48
38
6,100
Lima
Oct 76% Apr
42
49
gMay
Loa
14
No
Works
38
July
27
par
657
6834 6914 69
691
6914 7078 6934 701
7034 7112 7114 717s 8,700 Liquid Carbonic certifs_No par 6312 Feb 20 777 Jan 13
4534 Sept 7834 Dee
5158 5214 517 5338 5212 533
533* 551
5412 5514 5418 5478 30,400 Loewe Incorporated
5378 Mar
6818
4918June
Jan
May
No
9
19
par
77
63
64
634
%
4
612
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 4834 47
47
4612 47
47
4713 4712 48
5,300
48
Loose-Wiles
481
/
4
July
new____25
5714
Biscuit
Dec
4414June
Ap
26
a518
59
19
"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 2734 2714 2878 29
/
4 3014 307 53,500 Lorillard
3112 2912 311
July
4758
May
Apr
19
1
25 23114June 121 4674
2318
*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
/
4 1434 1414 1458 17,300 Louisiana 011 temp etfs_No pa
10 Oct 12 Sus
918 Feb 21 19/
1
4 Apr 30
•____ 91 *____ 78
78
78
85
85 "86
9058 .
20
86
Preferred
901g
100 78 July 24 96 Apr 30
8514 Dec 97 Web
"3418 3412 3418 341
34
3412 3412 348 347 347k 341g 343
2,300 Louisville G & El A_ _ _No pa
28
Feb
7
41
58 Jan 301s Dee
May
16
23
5612 5714 5534 563
57
5712 57
5312 563, 58
58
7,600 Ludlum Steel
581
No pa
20 Oct $314 Mai
2558 Jan 11 6812May 24
*48
50
*48
50
*48
50
*48
50 '48
50
49
100 MacAndrews & Forbes_No pa
49
48 Jan 8 5714 Apr 14
43
Nov 5814 Dee
•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 7734 7734 *7734 783
77% 7734 7838 7812
700 Preferred
100 8814 Jan 13 84 Mar 19
67 Aug 76 Ang
8912 8912 89
9134 91
9178 9014 9212 9034 918
No pa
9114 9112 7,700 Mack Trucks, Inc
83 Apr 17 10778 Jan t
8814 Jan 11854 Ma,
*356 364 •362 36412 382 36212 36213 36212 364 364
*36112 365
500 Macy Co
No pa 235 Jan 10 365 July 18 124 Jan 943111 Nov
2534 2634 2512 2734 2534 2634 2534 263* 245* 2538 2312
2412 19,700 Madison So Garden. .No pa
2214 Jan 9 34 May 7
2011 Aug 3858 Oet
4934 4934 4934 5174 50
50
5018 507 *501
/
4 50% 5034 5134 4,200 Magma Copper
4334 Feb 27 56314May 28
No pa
2914 Feb 5814 Doe
1934 2018 2014 22
2138 22
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 8718 Jan 30 10118 Mal 15
8614 July 95 Dee
3412 4130
*30
3412 *30
34/
1
4 *30
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 8014 Doe
1332
32/
1
4 *32
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
6134 6012 628 61
6232 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 3114 Feb 18 43 May 14
2414 Jan 3514 Dee
3334 3334 1,700 Manhattan Shirt
1618 1612 16
1 "16
1678 *1614 1638 1614 177 *1612 1734 1,700 Maracaibo 011 Expl.-No pa
16,
12/
1
4 Feb 20 2512 Apr 28
12 Oct $254 Jan
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
/
4 5611 57
58
5912 59
6112 59
60
59
No pa
3,500 Marlin-Rockwell
27 Jan 652a Nov
4514 Mar 8 8512May 24
59
•1712 1812 1712 1712 1712 1734 173* 173* *1714 1778 171
/
4 18
800 Martin-Parry Corp__„No par 1214 Mar 12 2538June 4 1 155* Dec 2454 Feb
.126 1267 125 12614 12474 125
124 12634 12534 1267g 12612 127% 6,700 Mathieson Alkali WorksNo par 11734June 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/
1
4 *77
7738 7634 7874 '77
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 10134 99 10212 1,540 McCrory Stoma class A No par 77 Feb 10 10478July 20
55 Mar -9-0 - Dee
109 11012 10934 11014 104 109
10612 10911 108/
1
4 10918 107 107
Class
No
B
11,300
par 801tMer 14 112 July 20
5612 Mar 968* 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
/
4 2214 1,700 McIntyre Porcupine Mines-5 22 July 10 2812Mar 16
2418 Mar 2884 01
*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
2612 255* 27
2614 2558 26'2 66.000 Meztean Seaboard 011__No par
458 Jan 19 39 May 14'
3 Aug
914 Feb
20 2011 20
•1934 20
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
2838 2912 29
291
6,700 Mid-Continent Petro_ _No par 2513 Feb 20 331
25% OcI 39% Jan
/
4 Apr 28
•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
438 41
412 434
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
/
4 31
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 21414 1.100;Midland Steel Prod pref_100
193
June
19
Apr
315
106
290
Dee
Jan
4
*19
1938 198 193* *1914 191
1912 191
20
20
*2014 201
4001Miller Rubber ctfs
No par 1878May 9 27 Jan 3
1712 Nov3634 tos
•147 167 11147 167 •147 167 *147 167 •147 167 •147 167
'Montana Power
100
1021
/
4
Jan
10
175
Jan
May
10912
3
81
Oot
/
1
4
1721
173
1663g
16812
16312
164
16938 172
16814 17012 17014 17158 209,700 Montg Ward & Co Ill Corp_10 117 Jan 19 173 July 23
8014 Feb 12318 Dee
7
68
678 6%
7
612 7
612 634
634 71
5,800 Moon Motors
No par
518 Feb 6 1112May 11
121g Jan
JUDO
6
1
41
258 234
258 2/
212 212
212 21,
238 234
258 2/
1
4 2,600 Mother Lode Coalition_No pa
212,1une 25
418May 14
618 Jan
11
/
4 Oct
3313
9
*8
9
•131
/
4 9
*634 8
8
300 Motion Picture
•711 8
No pa
5 Mar 29 11 May 9
412 Sept 1851 Ma
1614 1614 161
16
/
4 161i 16
16
16 '16
17
*16
17
700
Motor
Meter A
13 Mat 22 2314 Jan 12
17 Nov 3834 SP,
No pa
36/
1
4 3714 3612 3613 3612 3612 3614 367
3638 37
8,000 Motor Wheel
3612 38
No pa
2512 Jan 12 3934June 4
2034 Jan 2718 Mai
707s 707s *7012 71
*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 11014 Jan 9 80 Jan 1104 Des
51
5051 52
5113 5112 51
5034 517
507
, 51
517s 1,400 Munsingwear Inc
No pa
4634 Mar 5 6212May 18
3514 May 63 Nov
4338 4412 44
447g 4378 4412 4312 4712 4614 4738 •5078
4634 477s 38.900 Murray Body new____No par 2112 Feb 1 5834June 1
1814 Oct 43 Feb
811g 8214 82
8212 8238 8314 8238 8338 8278
82 82
837
. 25.300 Nash Motors Co
Apr 1017, Dee
No
par
6014
Jan
3
20
•13
8014
Feb
1013*
1311 1318 1334 1314 1373 131 141
145 145* 1414 1414 2.300 National Acme
5 Feb
stamped.-- _10
714 Jan 4 1914May 2
712 Oct
85
8612 8312 85
83 85
85% 863* 8514 8514 •8518
8512 4.900 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
14
Preferred
111
Atli
May
Jan
7
97
3
85
9014
Sept
100
16014 161
16018 161
162 162
162 162
16234 163
16312 16312 2,000 National Biscuit
9414 Jan 187 Dec
35 15912July 12 182 Jan 27
*144 145 *144 145 •144 145 *144 145 *144 145 *144
145
Preferred
100 137% Feb 29 150 Apr 11 130 Jan 142 Dee
6258 62 6334 6212 663g 6514 6714 6538 67:8
62
6638 67% 240,400 Nat Gash Register A w I No Par 4714 Jan 16 6758July 27
3978 Jan 51% Dee
7712 793
7912 8114 7912 803s 80
*7713 78
8138 80
8178 32.800 Nat Dairy Products_ _No par 8418 Jan 5 8818May 15
5914 May 6878 Aug
2712 •2558 2734 *26
2638 2612 27
2734 *2612 2734 *2634 2734
800
June 2718 Mal
4
2014
Nat
June
29
Department
Jan
No
5
par
2174
Stores
*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
3438 35
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
*3038 3012 2912 3012 29
1329
2913 29
30
2912 30114 4,700 Nat Enarn & Stamping
19% Apr 3518 June
100 2314 Mar 28 3712 Apr 12
6918
9912May
Apr 91% July
15
28
Mar
9018
Preferred
100
1
114
*lin;
siiiHo" 116- •
123
200 National Lead
100 115 July 11 136 Jan 31 395 May 20234 May
'11414 145 "1441
/
4 145 31144 145 *144/
1
4 145
14414 14414 •14414 145
100 Preferred A
100 139 Jan 8 14714May 18 1181* June 1394g Dee
*119 -- *119 ___. *119 ____ •119
•115
•119
Preferred B
100 11218 Mar 20 122 July 17 10424 Juno 11514 Dec
32/
1
4 335* 323* 33
321
/
4 327
325* 333* 327 335*
33% 3334 27,200 National Pr & Lt etts-No Par 2154 Jan 16 3624Mas 15
1914 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
Jan
78
17
981s
24
100
July
60
Preferred
No
par
89 89
89
89
*881
/
4 89 '88% 89
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
4218
July
May
15
373 Dec
13
370
28712June
3031
70
National
100
Surety
250
250
250
253
253 255 256 256
250 250
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% 2234 2212 223 19.500 Nevada Consul Copper-No Par 1734 Jan 18 2558May 16
12/
1
4 Juns 2058 Dc
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
*85 89
87
*86
89 "86
89 •86
8518.july 10 95 Jan 4
89
7214 Feb 9312 Nov
100 Preferred
100
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
13112 113 13112 113 *11134 113 •11134 113
113 113 •11134 113
10 108 preferred (7)_ - - _No par 102 Jan 30 115 Apr 19 105 Jan 1141g Oet
2714 Jan 2951 May
Niagara Falls Power of new_25 2718 Apr 17 2912May 17
-Bois 16 "6'4 765; "iors
7134 72% 28,600 North American Co
10 5811 Jan 5 7818May 14
458* Jan 111411 Oat
55
55 *54
*5412 55
55 *54
*5412 55
5414 5414
3
55
5
5314
8May
Jan
16
50
100
Preferred
50 Jan 55 Aug
10118
101
101%
1007
10114 10118 10118 10118 10118
•10034 100% 1008
800 No Amer Edison pref__No pa 10014.1une 29 10518 Feb 7
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
4734 Jan 50 Sept
334 314 '
3% 31g
*3% 314
1 3% 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
(The)
Nunnally Co
----No par
8 13 May 14
854 Dec 13 Jan
25
100
4512
.54
• Bid and asked prices; 00
-7i- -7-2-3-4
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
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.
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 2334
24
23% 23% 2334 24
24
.2334 24
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
. 98
.941
95 .9412 98
95
*9412 98
100 Oppenhelin Collins & CoNo par
6812
6912 .68
.6834 69
6834 6834 .68
21 .69
6912
1
:Orpheum Circuit. Inc
2612
2612 .1814 2612 *____ 2633'____ 2612 *____ 2612
100
1 Preferred
9434
.7834 9433 .783 9434 .783 86 .7834 9434 7834 9434 .87
50
19514 19514 7,200 Otis Elevator
•18612 192 .188 190
197 199
189 19312 191 197
_ *127 _
100
101 Preferred
412612
•126%
12634 12634 .127
.12612
No par
2234 -2-33-2 23
233
23% 2273 2312 223 2314 22% 2352 23,100 Otis Steel
23
100
95
800 Otis Steel prior prof
95
95
95
95
95
95
9312 9312 *94
95
95
'Outlet Co
So par
84
84 .81
.81
84
85 .81
85 .80
85 .80
.80
25
700 Owens Bottle
7714
.7612 77
7633 7633 *7612 77% *7614 7712 7634 77 18 .77
100
1 Preferred
05
4712 1,200 Pacific Cas-Elec new
-4712 47
-471.2 -47-3-4 -471-2 -4774 47 18- -471 2 "ifs;
1!, 3,800 Pacific 011
114
No par
13
114
13
114
114
132
132
lh
132
13
100
10 Pacific Telep dc Teleg
146 146 1114618 151 •14634 149 .14634 149
.146 151 .146 151
3
15,400'Packard
Car
Motor
10
4
3
723
2
733
7234 7312 723 7314 7233 7312 7212 73
72g 73
415
50
4134 4112 3,800,Pan-Amer Petr & Trans
41
40% 40% 4014 4012 *4014 41
*4034 41
50
4178 4338 4238 4314 15,900 Class 11
4178 42
4112 4114 41/8 4178 4112 42
1614 5,800 Pan-Am West Petrol B_No par
16
1618 14314
1614 1614
1618 1638
1512 1614
1618 1618
1512 1512 1534 1534 1554 1,300 Panhandle Prod & ref__No par
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
7334 733* 7334 74
73
7112 7114 7134 7238 7214 73
1
8,700 Park Utah C 11.1
1118 1114 1118 1114 1114 1134 1114 12
11 14 111
1112 Ills
No par
472
47
4
414 412 44,900 Pathe Exchange
412 5
434 47
478 514
514
2,400 Pathe Exchange A new _No par
18
18
1814 1814
174, 1534 *1612 18
1812 1812 19
18
3214 3414 33
32
344 19,000 PatIno Mines & Enterpr__ __20
31
2934 3012 3014 3078 3012 31
50
1612 1612 1.500,Peeleas Motor Car
18
.17
1634 1634 1658 1634 1612 1634
1632 17
No par
3012 3133 6,400 Penick & Ford
2934 2934 307
287g 2934 2914 2914 29
.2872 29
No par
16
1634
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 17734 177 175% 1,700 People's G L. dr C (Chic) _ _10
175 175
•17513 176 .17512 176
_50
_
(Pittsb)
160
Co
Philadelphia
100
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
5212 5212 5212 .5214 523 *5214 5234
*5214 5284 5238 5238 *52
283 2834 281s 2833 2812 2834 284 2812 2,200 Phila & Read C & I.. _ _No par
29
2932 29
.29
Certificates of int_ _ _No par
_
5814 - -5-,200 Philip Morris & Co.. Ltd- _10
5
1834 1187* -17314 1914 -1714 1814
18
1733 18
No par
3812 13,000 Phillips Petroleum
3633 3712 3612 3718 3678 3714 3712 3734 3733 3814 38
5
Phoenix Hosiery
28
29 .27
29 .27
28 .27
28 .27
23 .27
.27
100
50 Preferred
4 983* *9812 9912 *9814 9912 9814 9814
1
*9814 981s 9838 Ws 98/
11
1034 11
1112 8.300 Pierce-Arrow Slot Car _No Par
1112 1112 1034 1112 11% Ws 1052 114
5114 4,400 Preferred
49
100
4778 4932 51
54
55
54
56
55 .55
55
25
235 7,500 Pierce 011 Corporation
214
212 232
2% 214
214
2
214 24
214 214
Preferred
41734 20 .1734 20 .1734 20 .1734 20 .174 20
100
•1734 20
37
4
37
.372 4
414 7.100 Pierce Petrol'm tern Ws No par
372 4
4
4
4
4
4012 4214 41
4312 41
3972 4012 3834 3914 3852 40
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
4772 6,200 Pittsburgh Coal of Pa
4872 477 477
4734 47
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
58 .5414 58 .55
.53
58
.53
No par
300 Class 11
26
26
.25% 2614 .2534 2614 2512 2512 2614 2614 .2512 26
No par
63% 65% 29.800 Postum Co. Inc
6233 6312 6272 6332 6314 6418 6312 643* 63% 64
300 Pressed Steel Car new_No par
22
21
22
.1972 22 1* *1972 22 .20
.1972 2214 .197 22
100
200 Preferred
74
*70
74
7334 .72
74
.70
74
74
7512
74
.70
25
2414 2414 2.54 2434 2552 5.500 Producers & Refiners Corp _50
24
2412 2412 .24
24
24
50
80 Preferred
4334 4334 4334 4334 4334 4334 *4334 44
.4334 44 .4334 44
Pro-phy-lactie Brush..No par
*6912 76
*6912 75
.6912 75 .691 75 .6912 75 .6912 75
5533 15,100 Pub Ser Corp of NJ newNo par
55% 5414 5472 5434 5534 541 5552 55
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
preferred
8%
100
100
144
*143
145
144
144
144 145
•144 145 .144 145 •144
100 Pub Serv Flee dc Gas pfd_ _100
•10814 10914 *10834 10914 10872 10873 •10814 10872 .10814 10872 .10814 10878
No par
8034 8033 8034 8033 804 7.300 Pullman Co new
80
8072 8112 813* 813* z8012 81
50
2412 2433 2433 25
2412 2412 2.500 puma Alegre Sugar
*2414 25
2672 267
2434 247
25
2232 2214 2214 9.800 Pure 011 (The)
22% 22
21% 2214 2152 2214 22
22
22
preferred
100
11233
11212
8%
701
113
11314
113
113
113
11314
*11232
.11233
•11233 113
3 700 Purity Bakeries new
82
8072 803 81
8131, 7812 8038 80
80
81
.8014 81
No par
Class B
200 Preferred new
1-0-91.3 *107 10912 •107 10912 .10714 10912 10914 10914 •107h 10912
16632 17134 167 171
17012 17612 127,000 Radio Corp of Amer_No par
16532 14832 16312 16912 18512 169
50
200 Preferred
5734 *56
5734 .56
*56
5734 *56
5612
5611 58
58
.56
10
2614 268 261 2812 2812 31
2933 3212 19.900 Real Silk Hosiery
2632 2632: 267 267
100
4501 Preferred
92
8912 91
*92
90
92
93
93
9312
9024 9012 90
No par
852 *713 5
500Reis (11obt) & Co
858
833 83* .7
81* *8
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
9734 *95
9712 .85
9732 .95
9734 .95
9734
98 .95
.95
10
2612 2612 2612 13,900 Reo Motor Car
2612 2612 2714 2632 2712 26
2633 26
28
5472 5512 5512 5712 56
5572 5412 55
56% 56
56% 10.900 Republic Iron & Steel_...100
55
100
1001 Preferred
1054 10573
•105 107 *1064 108 *10513 108 4110534 107 .106 107
No par
114 11141 114 1132 1114 1112 1114 1138
11
1132 4,900 Reynolds Spring
1138 11
13432 1347
13418 135
8,200 Reynolds (lU) Tob class B_25
13114 13114 13172 13212 13212 13212 13212 135
18,500 Richfield 011 of Califorala....25
4534 46
4612 4512 4618 4514 46
4614 46
4612 46
48
25
161 162
1,700 Rossla Insurance Co
165 16814
16014 162
16134 166
160 160
•159 163
800 Royal Dutch Co(N Y shares).
5/314 .5414 5412 5432 5432 5435 5432 5312 54 .54
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
*747s 75
No par
212 212
212 212 4,300 Seneca Copper
212 212 .212 234
212 212
234 2h
58
58 .56
568 5734 *57
5734 1,900 Shubert Theatre Corp..No par
5512 5612 57
57
67
55
5512 551 5512 55
5612 11,000 Schulte Retail Stores_ No par
5534 5614 553 5614 5512 56
Preferred
512012
..100
12212
.12012
12212
*12012
12212
12212
.12012
12212
.12012
12212
•12012
1412
1412
No par
1432
1434
1412
15
*14
1,100 Seagrave Corp_
1412
1433
1412
1414 1414
5 1 1634 1173* 37,600 Sears, Roebuck & ConewNopar
11572 1164 11514 11813 11613 11814 11634 1177 11614 117
No par
113 11414 11212 116
11,500 Shattuck (F 0)
10912 11172 112 11612 115 115
•10834 109
*477 50
Shell Transport & Trading_£2
•481s 50
*4714 50 .4714 50
.4732 4814 *4733 50
Union 011
No par
2612
Shell
8,500
2612
8
263
2633
4
263
2612
2612
2614
2612
2612
2633
.26
10
2,900 Simms Petroleum
2072 2034 2132 203 21
2014 2014 .20
21
214 21
*20
No par
6132 60
60
60% 4,100 Simmons Co
583* 5932 585 597
59
9932 5932 59
Cons
011
Sinclair
53,900
2518
4
Par
4
243
corp-No
243
2512
8
253
4
243
2514
2414
4
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
3032 307
2972 29% 2932 3014 2912 3013 294 30 *106 113 2 *106 112
-Sheffield
&
Steel
100
Iron
Sloss
112
*106
•109 113 .109 113 *107 112
No par
1612 4,100 Snider Packing
1614 .16
16
1718
4
163
1714
4
163
17
1633
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
4032 4012 4034 4012 407
40
Preferred
100
140
*13412
140
.13412
140
*13312
140
*13312
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
3612 3534 36
36
3113 334 38
31
par
No
B
Class
9,000
17
17
3
167
1613
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
Preferred
100
60
8772
87
8612 8612
*8612 87
*8612 87
*8612 87
*8612 87
No par
3635 27,200 Spicer Mfg Co
36
36
4
353
37
36
3612
35
348
34
3433 34
Preferred
100
100 Stand Comm Tobacco.No par
;27- -2-7-1-2 ;27- 271; ;27- -2-7-1-2 ;27- 27-1-2 '27' 28
Co_No par
(585k
El
Standard
2.600
2
64,
4
633
6412
6414
6412
64
6412
61
6312 64
63% 64
50
1,700 Preferred
6612 6612 6614 6635 6614 6634 6614 66h 664 6712 .6634 - - - 4,000 Standard Milling
100
11314 11512
11212 114
113 115
113 11314 .110 114
•113 114
Preferred
100
30
106
10512.10512
10512
106 106 *10512 106 *10512 1061 •10512 106
4,400 Standard 011 of Cal new No par
57
5713 5714 577
5612 57
5634 57
563* 5712 5734 573
32,000 Standard Oil of New Jersey _25
433 44
433* 4312 4312 4314 4334 434 437
43
43
43
Standard Oil of New York__25
49,100
3435
3312 3412 34
3314 33% 3332 3333 3333 3352 3312 333
1,600 Stand Plate Glass Co_ No par
4
4
4
4
4
*33
4
314 312 *33
.312 4
Preferred
220
100
7
17
*16
17
1612 1612 16
17
1534 1534 .16
16
16
Vs par
--- - , Sterling Products
-Warn Sp Corp Vo par
Stewart
25.700
94
92
93
-92-7g
2
9
lig
-9
874 8814 W2 II-3-4 -963-8 -9-2600 Stromberg Carburetor_No par
50
5014 8014 50
51
5134 .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
6033 Jan 12
2 Jan 18
6434June 19
4972 Feb II
1184June 28
10 Feb 18
8214 Jan 16
8012 Feb 17
3918 Jan 24
2314 Feb 8
184 Feb 20
5534June 19
174 Feb 20
10212 Jan 4
25 Fob 15
102 June 23
1238 Jan 6
44 Jan 5
3213 Feb 18
133 Feb I
$ per saare $ pot share $ per lbws
3114 Jan 3872 Doe
41 Jan 11
1104 Jan 11 1024 Mar 110 June
11 Mar 1718 Arne
1514May 10
Jan 9913 May
81
9933June 12
5812 Feb 8282 Dec
8812 Jan 7
2372 Dec 35 Apr
2412 Jan 9
102 Jan 6 10234 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
5214 Jan 99 Dee
91 Jac 6
73 Dec 8512 Dec
954 Apr 18
Jan 120 Nov
117 Mar 16 107
Feb 60 Dec
31
6334May 4
14 Jan
1 May
214 Apr 27
160 May 17 124 Mar 162 Dec
334 Apr 62 Dee
8412.June 7
40,2 Dec 8578 Jan
5334 Apr 3
5433 Apr 30
4014 Dec 664 Jan
1634 Oot 3772 Jan
2832 Apr28
8 Apr 184 Jan
14
2134May
64 Sept 83 Nov
10614May 15
Jan 4613 Oct
20
85 May 31
104 Dec
Jan
6
144 Jan 6
12 June
334 Dee
913Slay 10
June
4314
Dec
1812
10
2312May
1812 Aug 2772 Feb
42 Apr 30
Jan
Apr 32
20
254 Mar 18
194 Sept 2772 Ma,
37 Apr 17
2112 Dee 3912 Jan
31 May 2
91 Sept 100 May
9638 Apr 25
Jan 16884 Nov
18912 Feb 2 126
854 Jan 15312 Del
17434May 4
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
1838May 31
94 Oct 2333 Mat
3734 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
443*May 14
Oar
12012Nlay 14 104 Aug 109
3214 Mar 744 June
65 July 6
7038 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
9258 Mar 12211; Dee
13612May 31
3612 Feb 7814 Dec
2672 Jan 3
7612 Feb 9212 May
88 Jan 4
334 May
164 Jan
2833June 6
3478 Jan 60 Feb
4933June 6
55 Feb 71 Sept
01 Feb 17
Jan 4678 Sept
32
6638May 7
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
7334 Aug 8434 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
13 May 15
533 July
20% Nov 4714 Dee
3612May 31
87% Nov 1024 Apo
92 June 2
Apt
Oct 110
90
100 Jan 24
2512 Dec 2678 Dee
3334June 4
63 Oct 754 Mar
694 Feb 7
9612 Jan 106 Mal
112 Feb 6
13 Dec
4 Feb
1478June 4
9818 Feb 162 Dec
3
1614 2s3
2538 Dec 2818 Dee
53 May 15
Ool
74 Jan 194
233 May 41
444 JnlY 344 Feb
563 July 18
38 May 634 Mar
49 May 18
4312 Oct 724 Mat
88 May 15
314 Jan
1 June
418Nlay 23
55 Aug 744 Nov
6914 Jan 9
Jan 57 Sera
47
674 Apr 14
129 Apt 11 11614 Jan 123 Aug
834 Sept 1533 Dec
1712June 18
Jan 914 Dee
51
11934July 9
5613 Jan 10113 Oat
12934June 5
4138 Oct 4772 Feb
61 June 27
2433 Oet 314 Feb
31 Apr 30
1414 July 264 Dec
26 Mar 30
3312 Jan 4414 Dee
73 Apr 4
Oct 2233 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
1138 June 1614 July
20 Apr 30
5214 July
44 Nov
60 Jan 11
4938May 24
3374 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
5772 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
6032May 21' 16 May 45L, Jan
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
9233 Feb 29
204 Jan 284 Ma,
4214May 11
11333June 1 104 Feb 11112 Nov
374 Mar 6
Jitne
7434May 8 145712 Jan 6612 Nov
7112May 16
Deo
8
1043
Jan
7014
127 Apr 20
Jan 103 Dee
84
112 Apr 23
5013 Apr 6034 Jan
634 Apr 30
354 Apr ells Feb
49 Apr 3(1
2934 June 344 Jan
4112 Apr 30
Oa June
2 Mar
23
778 Feb
10 Mar 157a June
40 Feb 23
9012 Jan 14.333 Nov
1E0 Jan 26
bve1Nov
514
10112May 9
80
6
Mar74
264 Jun
7434June 4
Per
2014.1une 13
97 June 14
1038 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
3734 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
2733June 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
3234 Feb 18
108 Jan 5
3614June 12
81 May I
83 July 13
26 Feb 10
71 July 20
5334July 5
2333July 2
6132July 17
18 June 13
7312July 20
16 Feb 17
41 Feb 20
6912 Jan 4
41 12 Jan 9
10338 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
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.
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 6312 Sept
12112 Feb 25 127 June 19 118 Feb 12511 Nov
614 Mar 21
213 Feb
3 Feb 14
818 May
80 Mar 8414 Jar"
3111 Jan 9 49 May 7
99
3% Aug
pee 1015
100 Jan 6 1091: Apr 26
64 Dee
912May 16
211 Feb 17
18
Oct 28 May
18 Jan 18 2378 Feb 6
7 Apr 14 Dec
1158 Feb 8 1812 Ayr 26
41 Jan 6
6
7 May 8
Jan
25* Sept
1938 Apr 27
6 Oct 1564 Nov
1213June 27
1112 Mar 1714 Nov
1514 Jan 28 2238603Y 17
81s June 1314 Jan
1011 Jan 16 1638May 28
45 Apr 68
Jan
50 Feb 17 6638May 21
69 Jan 8112 Sept
. Jan 4
6218June 12 805
12 Apr 1871 Junit
1712 Ato 30
1218 Mar 1
15/
1
4 Jan 40 June
20 Juae 13 3034 Apr 27
16/
1
4 Aug 231
:Sept
22 Jan 5 3912Ma7
63 Aug 501: Nov
47 Apr 18 6353June 1
2414 Jan 86 Aug
/
4MaY 16
34 Jan 3 4311
67
Jan 6534 Dee
5614June 13 714June 4
161
: Oct 1918 June
14/
1
4 Feb 20 2034 Apr 30
85
Oct 9014 June
817,MarIS 90 May 2
1968 Mar 7 2718May 15
291
/
4
18 Se
jac
pt
8
15
9 j
Nuolvy 90
9412May 4
8634July 2
78
Jan 16213 Aug
11238 Mar 3 134 Jan 4
9234 Oet 11758 Dee
9712June 19 11818 Apr 16
Apr 1237s Dee
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
70
Dee
45
Jae
16
75
/
1
4May
June
13
63
Jan 125 Dee
119 Mar 1 126 Apr IS 120
.June
3811 Jan 731
3612 Feb 20 4934 Feb 1
991 Jan 1544 Nov
1341,, Feb 18 16214 Apr 12
3933 June 564 Jan
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 Feb 10 Iik; Dec I81, :fill;
237k July 25 34/
1051:July 16 11418 Apr 5 104 July 109 June
Jan 2004 Nov
210
Mar 17 159
Jan
6
190
5813 Jan 61 Dec
69 Feb 28 6012 Jao 4
Jan
3614 July 69
ii4i2 .ifili ;Mi. 67'!'6812 lit: iii. iiiii "iii: Iii100 4534 Jan 20 69 July 27
e yewood
erred pret
Rio ugtedli
137 13814 135 135
13514 13788 5,700 United Fruit
No par 13112June 12 14614May 7 11813 Jan 150 fleo
13554 13534 136 139341 13734 139
7413 Dee
67
67
66
6018 Nov
67% 6713 68
•65
661
: 6613 6611 66
6813
700 Universal Leaf Tobacco No par 6038June 13 8512 Apr 5
964 Dec 10838 Apr
9613 971: •961
*9612 97
97
: 9712 *9612 9712
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 2034 5,400 Universal Pipe & Rad--No par 1553-tune 12 28 Apr 18
19
•1914 20
*85/
1
4 94
*8534 94
8134 Jan 98 Dee
*8534 94
*854 94
100 88 Jan 5 102 Jan 12
*8524 94
*8534 99
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
13124 13512 3724 130 *124 130 *124 130 •124 130 *124 130
100 115 Mar 10 137 Mar 19 112 Mar 126 Nov
I Preferred
1414 MAY 2234 July
1312June 22 2014 Jan 4
14
2,100 US Imre)Corp new_No par
1
4 1434 1414 1438 14
*133* 13/
1
4 13/
*1358 14
*1358 14
*SO
82 •80
82
82 •80
•79
81 May 9614 Bent
82
82
100 79 Apr 5 9038 Jan 16
•80
Preferred
82
•79
1
4 *49
: 5014 4934 49/
64
Oct 6338 May
50/
1
4 4858 4858
4818June 18 583, Jan 23
*49
5014 494 49% •491
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
: Nov
14 July 251
1
4 4858 471
4878 47/
/
4 48
No par 22 Jan 18 61 May 7
46
474 4813 4818 4938 47
4714 25.500 U B Leather
2734 June 5612 Dee
64
64
6313 64
65
No par 62 Jan 5 72 A pr 25
6638 65
63
6434 66% 65
6313 7.0001 Class A
: Nov
89 July 1081
I Prior preferred
100 10414June 23 10912May 14
*106 108 •10613 108 *10618 108 *10614 108 510614 108 51064 108
1
4 Dec
Apr 69/
54
8118 811
/
4 811
*80
8034 804 81
RO
80
79% 80
/
4 8214
1.500 US Realty & Impt new.No par 6114 Fel. 4 9358May 4
6718 Feb
3714 Jun
3012 301. 3012 3124 304 3113 311: 3258 311
: 3213 311
100 27 June 27 634 Jan 4
/
4 3334 39.500 United States Rubber
/
4 Apr
8534 June 1111
100 65 July 2 1097. Jan 13
6414 63
6213 83
63/
1
4 65
9,300 1st preferred
1
4 83/
614 614 6138 6314 62
4874 Dee
3333 Jan
4734 47
463
. 4634 4734 4658 4738 47
•46
46
46
47/
1
4 2.400 US Smelting. Ref & Min___50 8018 Feb 20 52 June 4
Dec
4553 Jan 154
50 61 Jan 26 6514May 2
531
53
: *521. 531. *53
53
: *5234 531
*52/
1
4 5313 *5258 531
100 Preferred
1
4 1407 139/
1
4 1411
/
4 14113 14478 334,000 United States Steel Corp new_ 13238June 25 154 Apr 12 1115, Jan 1604 Bert
138 13938 13734 1387 l3.4 14018 139/
Jan 14114 1 . c
._100 13838 Jan 5 14714 Apr 26 129
: 141 12 1414 141 14118 •141 14138 •141 1411 141 141
47.41 1411
900 Preferred
Jan 9718 43.-c
67
No par 86 June 18 105 her 16
*87/
1
4 88
*8738 89
*8738 88
*8738 89
*8738 89
US Tobacco
*8738 89
100 12711 Jan 14 130 June 71 123 Jan 127 N,v
1
4 •130 1333
.
1'130 13334 *130 13334 *130 134 •130 13314 •130 133/
1 Preferred
111
Feb 162 D.13
May
15
160
17
139
Jan
*155
3
755
165
10
165 *155 165
160 160
160 160
-150 160
30 Utah Copper
27 Jan 34 Mar
37/
1
4 371* 3712 3914 3712 3812 3712 3834 3754 3878 38% 38/
1
4 4,500 Utilities Pow & Lt A__No par 284 Feb 20 4534May 31
Jan 6718 Dee
37
96
IS
Mar
J/112
18
60
par
No
Vanadium
Corp
75
72
7212 7178 724 724 75'± 7414 7612 7412 76
76'± 35,000
IN Sept 1634 Feb
164 1612 16
7/
1
4 Jan 7 1934June 231
No pa
515
16
•1412 1612 1612 1613 51612 17
300 Van Raalte
1638
4214 Dee 64
Feb
49
50
*49
49
100 113 8 Jan 6 60 June 25 7
53/
1
4 *49
5334 50
*50
5334 '350
50 1st preferred
50
48
Jan 8358 June
6714 6838 68
671
No par 68 Jan 17 74 May 14
68/
1
4 68
156712 6834 6734 6734 567
68/
1
4 2,100 Vick Chemical
83 July 5458 Dec
9138 921: 911
No par 6258 Jan 3 10434May 8
/
4 921
1
4 9314 9112 93
92
9118 9214 90/
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
*107 107% 10714 10714 107% 1071 107 10713 10734 10734 *107 1071
/
4
600 74. prior preferred
14/
1
4 137 1412 14
7:
1 May 154 Sept
14/
1
4 1478 14
12 June 12 164 Feb In
No par
141
/
4 137 1418 8,500 Virg-Caro Chem
141. 15
2614 Apr 483, Dee
100 4458 Jan 18 5512July 25
543s 5478 6438 5478 5314 5414 5312 5512 5438 554 5312 5434 14,400 6% preferred
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
Dec 61
*30
50
50
86
50
*311
317
4
Apr
25
50
May
22
Coke_100
*30
50
50
•30
Virginia
Iron
Coal
&
*30
50
5214 *50
6212 Dec 7612 Aug
531: *50
5234 •50
1
4 Jan 13
100 524July 19 62/
5214 *50
5214 .50
*50
Preferred
5214
2014 Dec 894 June
No par 114June 26 2538 Jan 4
*144 1512 *1172 1512 1414 1438 1418 1514 1434 1512 1512 16
6,000 Vivaudou (V)
8312 •80
96 Dec 1184 June
831: •78
8312 •78
100 78 June 22 100 Jan 28
8312 378
831 378
Preferred
379
8312
: 2914 29/
1
4 2812 30312 3012 337
1
4 2314 301
2658 30/
161
: Jan 80 Aug
100 2212June 13 4334 Jan 11
28
28
2,030 Vulcan Detinning
*7614 85
*7614 85
Jan 125 Aug
•76/
1
4 8914 •874 85
90
100 74 June 21 97 Jan 12
*764 85
*7614 89
Preferred
23
*20
*2018 23 •20
23
Jan 5934 Aug
23
•22
16
11
9
MIVt
.
Io
nn
e 29
3 27 Jan38
No 1o
pn
22
*2018 22
2378
250 Class A
1
4 217s 2112 217 52114 2134 3,200 Waldorf System
1814 Dec 25 Feb
Apr
214 2114 2118 2138 21/
21
21
•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
/
4 93
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
4 18
1918 *1812 1912 1813 18/
371k June 8358 Feb
19
181
37834 19
No par
1512 1818 16,000 Class B
1
4 Jan 13
1513Ju1y 27 29/
8814 8814 *864 8814 88/
•884 90
1
4 881
84 Apr 10014 Nov
Jan
19
No
par
*8814 90
884July 24 9712
884 8812
300 Preferred (100)
6078 5638 59
1814 Dec 654 Jan
5414 5712 5338 6138 5834 6412 57
5733 5978 307,300 Warner Bros Pictures A.._10 22 Jan 6 6412July 24
3712 3738 364 3712 3738 3734 3714 3738 3718 3838 3734 3814 5.700 Warner Quinlan
24 June 34% Deo
Vs par 26 Feb 17 4138June 7
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
1738 174 1714 •1612 173s
1612 17
•1612 17
18
Oct 27 June
1612 161
13 June 12 25% Apr 14
700 Warren Fdry & Pipe__.No Par
5
643
65
4 654 6412 6438 644 6414
*6434 65'± 6538 6513 56414
6514 Dec 751
: Aug
600 Weber & Hellbr, new c_No par 594June 12 7012May 8
59912 101
10078 1007 5100 101
*100 102 *100 102 •100 102
100 9912June 10 103 Jan 8 10134 Nov 10358 Aug
100 Preferred
Dee
14212 1431 143% 1431 14112 14213 1424 14434 144 144
143 1441
3,300 Western Union Telegram 100 13912 July 11 17712 Jan 8 14412 Jan 176
46
4614 461
4678 4512 4512 46
464 461
Oct 504 Sent
4534 47
40
461
8,300 Wstnghse Air Brake newNo par 4218June 4 574 Jan 27
9318 9418 934 9678 9434 9658 95% 96/
91 18 941
Dee
944
Jan
6762
9134 921
Mar
31
1
4 54,900 Westinghouse Elec & Mfg. 50 884 Jan 5 112
82 Mar 10378 Dee
*964 1021 •964 1021 59614 1021 •10012 1021 10012 10013 97
98
60 1st preferred
50 9564 Jan 5 110 Mar 31
221
2138 2138 2112 2238 2113 211
22
1
4 23
11 Sept 1838 Feb
224 228g 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 107
11% e
isn
ly 134
Aull
"
trrs j
470512 107 *10513 107
West Penn Elec el A vtf No pa 103 June 22 112 Apr 9
110 110
10934 110
10934 10978 •1094 1101
10934 110
Jan 112 Sept
110 110
Preferred
100 103 June 13 11514 Apr 9 102
9912 991 100 100
9912 9912 99/
98% 981 *98% 102
1
4 9953
9812Ju1y 21 10412 Apr 10 101 Dec 10134 Dee
100 Preferred (6)
100
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
2414 Dee 2812 Nov
28
291
4.800 Class B
No Par 2082 Jan 5 49 Apr 12
523
23
23
231
23
23
2334 2313 2414 2.809 White Eagle Oil & Refg_No par 2012 Feb 21 2614Mna 1
23% 23
20 Deo 2712 Feb
1323
371
3738 37
37
371
3638 37
37
3014 Nov 5842 Feb
3634 37
364 3714 3,100 White Motor
3014 Feb 21 4344Jane 1
No pa
1
4 53612 3712 *3634 371 *3634 3712 *3634 371
*al. 3713 3613 37/
26 Jan 41,2 Sent
700 White Rock Min Sp elf
50 341 Jan 19 4413May 11
37% 381
3634 37
1
4 37
2112 Mar 5314 Aug
3611 3712 *3614 384 1,900 White Sewing Machhie_No pa
371
: .336/
37
3314June 13 45 Mar 7
55218 5378 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 Oct2484 Mar
Ms 20
2014 20
20
5 1783 Jan 16 2832 Apr 9
2014 17,500 Willis-Overland (The)
9713
977
3
9712 971
98
Aug
98
98
June
9834 98
97/
1
4 9758 1,400 Preferred
110.48
100 9234 Jan 3 101121May 25
51234 13
13
51234 13
13
13
87
10 May 917933
12/
1312 13
1
4 127
1112 Jan 3 16 Feb 14
1313
1,100 Wilson & Co Inc, new_No pa
2634 27
28
27
28
1614 May 8274 Feb
28
32718 28
22 Jan 3 35 May 15
271: 27/
1
4 2713 271
2,200 Class A
No Pa
Feb
Apr 84
58
6812 70
6834 6834 6812 6818 56714 681
69
100 66 Jan 3 7734 Feb 11
*6812 691
•68
600 Preferred
181
183
11711
180
1817
,
4 Jan 19812 Dee
18112
1927
8
1063
20
1834
179
/
1
4
4M
Feb
as
,
9
1754
18213
18012
2
184/
ISO
1
4 12,500 Woolworth (F W) Co
2012 Jan 46 June
354 36
344 3938 364 3778 3512 37
36
100 28 Jan 5 3933July 23
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 4734 48
45
100 41 Jan 4 51 Apr 26
1.300 Preferred B
48
45
2412 Apr 9434 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
5073 Jan 7234 Dec
70
68
68
68 July 28 7n4 mar
86824 70
6814 6104 6834 6834 69
No pa
1.000 Wrigley(Wm Jr)
6834 693
70/
1
4 Jan 8413 Aug
*68
681 *6813 69
69
568
67
67
25 67 July 27 8411 Apr 25
1,200 Yale & Towne
568
6934 684 69
25
Jan 60 Aug
3058 3158 3114 32
.Feb28 40 May 8
3112 3214 314 3178 3012 311
39,900 Yellow Truck & Coach Cl /3.10 275
3178 32
83%
Aug 9912 July
Apr
20
*85
93
96
93
*85
93
Jan
9
.85
8718
•85
93
100
93
•85
Preferred
93
•85
8014 Oct 10012 Dec
89
88% 8914 89
1
4 88
87/
87
901
3,300 Youngstown Sheet & T-NO Par 8312June 19 10612 Jan28
8612 87
87
37
$ per share $ per share $ per share t per share $ per share $ per share Shares Indus.& Miscel.(Con.) Par
/
4 81.300 Studeb•rCorp(The) new No par
7078 7012 711
6714 6712 6718 6858 6818 6953 6818 6913 69
100
Preferred
*125 127 *125 127 3725 ____ *125 127 *125 127 *125 127
No par
2,600 Submarine Boat
1
4
3/
1
4 31
314 34 *318 3/
314 31s
*314 332
31
/
4 31
/
4
No par
4512 46
1
4 4618 48
10,400 Sun 011
4634 47
4412 47/
*4314 44
4434 45
100
Preferred
:*106 109%
•106 111 .106 10912 *106 10912 *106 10913 *106 1091
No par
678 6/
1
4
7
7
61
/
4 7
14,000 Superior 011
68 7
634 67
6/
1
4 718
100
1938 19/
1
4 •19
20
20
*19
*19
20
200 Superior Steel
*19
20
19
19
50
*1412 151
: *1413 1512 1414 1414
14/
1
4 15
*14
15
*14
15
600 Sweets Co of America
5413 5
1
5
5
100 Symington temp ctfs_ _ _No par
514 *412 5
: 514 54:
*412 512 *41
*13
13
*13
1378 13
1378
13
13
13
500 Class A temp ctfs-No Par
•13
1378 13
Telautograph Corp____No par
1834 *18
*1814 18/
1
4 *184 1834 *1814 1834 *1734 1812 378
1834
No par
1
4 1378 *1358 13/
1
4 1358 1334 13/
/
4 13/
1
4 3,000 Tenn Corp & C
1338 1312 1314 13/
1
4 131
25
5934 591 6018 5912 60/
5912 59
1
4 32,200 Texas Corporation
59/
1
4 59
59
5914 59
70
69
7114 6934 70/
1
4 6778 68
1
4 72,400 Texas Gulf Sulphur new No pa6634 6758 6613 6778 67/
10
1133 1434 1438 1478 1434 15
1472 14% 15,500 Texas Pacific Coal & 011
1418 1418 144 151x
2338 23
1
4 231z 23
23/
1
4 237 17,400 Texas Pac Land Trust new _1
24
2234 2312 2234 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
1
4 *4973 50
200 Preferred
*4978 5034 *49% 50/
364 37
1
4 38
No
No Par
*3634 3734 361
/
4 3734 1,600 The Fair
374 3778 37/
*3638 37
25
6113
*6112
62
6112 *6113 6213 *6112 624
100 Thompson (.1 R) Co
*6112 6211 *6112 62
17
17/
1
4 1718 171: 1712 18
17
17
1778 1818 29.500 Tidewater Assoc 011-No par
17
17
85
85
5
86
85
3
4
100
58412
8513
853
8512
Preferred
86
8612
4
8511
1.000
•8412
23
323
24 I 23
100
2314 24
24
*2312 24
•23
24
*23
800 Tide Water 011
100
86/
1
4 87
38612 8684
*8734 8314 *874 8814 •8734 8814 *864 88
4001 Preferred
1217
8
12212
12112
1227
8
121
1193
8
12314 *11978 12314 3,200 Timken Roller Bearing.No par
119 11913 1195*
9818 9933 9833 99321 98
1
4 l0012 9878 100
1
4 99/
99/
99
99
9.600 Tobacco Products Corp__ _100
4,11212 115 •11212 1.15 *11213 115 371034 115 *11034 115 371034 115Class A
100
744 77
738 778
734 77
758 84
713 734
734 78 24,500'Framer!011 ternetfnewNo par
497 .49
4978 •49
•49
4973 *49
4912 •4913 497k
314913 50
Transue & Williams SO No pa
68
67/
1
4 681
: 674 *67
081s 66/
1
4 6684 6634 6714 8734 671
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
:1591 15534 15778 15734 1591 88.700 Unlon Carbide & Carb_No par
15313 1587 15314 15934 1561± 16014 1551
6012 50
25
511
/
4 5112 501: 503
504 UN 51
5504 507g 50
3,300 Union On California
•114 118 *III 118 3714 118 *114 118 *114 118 8114 118
Union Tank Car new_ _,-100
No pa
1
4 39/
1
4 *3814 3834 2,100 United Biscuit
3712 3814 3813 384 384 384 *3812 3834 38/
/
4 123 *11114 123
511114 123 *1114 123 •11114 123 *11114 123 *1111
Preferred
100
2418 2378 241
244 24
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
15
00
---- ---- -___
____ ---- ---- ---- ---- -- -- ---- --United Dr
1105
'661±iiii
I
• Bid and asked prices. no sales on this day. a Fa-dividend. a Ex-rigras. • No par value.
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 Loan434% of 1928
Sale 9981331003w
MS 100
Fourth Liberty Loan44% 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
11178 28 110 III%
1946 FA 111 112 III%
Denmark 20-year extl ft.._ A942 33 10434 Sale 1044 10518 88 103 106%
218 993431004n 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 1007s
944 100,
1st ser 534s of 1926
4 104
1940 *0 ---. 9634 98 July'28
96 10031
2d series sink fund 534s__ _1940 A0
61 11013311164t
9918 July'28 -1634 991a
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,
40
-year
external(is
41
33 103 10512
1962 MB 10334 Sale 10334 104
71 9814399"n
30-year external 5345
26 101% 10414
1953 MB 10234 Sale 10234 103
30-year external 5%s
9 10114 10912
1953 MN 10234 103 10234 10278
State and City Securities..
El Salvador (Repub) 8s
110 Sale 110
1948
110%
10712 114
Finland (Republic) extl 68_1945 MS 9612 9634 9534
9638 13
954 100%
NY City-445 Corp Stock.1960
9934 10038 9978 July'28
External sink fund 78......1950 M
9934 1021s
10012 Sale 10038 10034 19
994 10212
434. Corporate Stock_ _ _ _ 1964 MS
1034 10234 June'28
10234 1051: External I 645
13
c1956 MS 9712 98% 98
98%
98 10111.
1966 *0
434. Corporate stock
June'28
Extl
103
10314
103 10532
sink fund 5348
1958 PA 91 Sale 91
9134 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 10934
*0
3
1954
984 98% 9814
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 10934
10714 107 June'28
1949
139 10512 1094
107 Sale 10618 107
434s Corporate stock
1963 MS 10534 Sale 10534 1054
10534 109% German Republic ext'l 7s___1949 *0 10812 Sale 10612 107
71 10478 10734
48 registered
1956 MN
9812 June'28
984 100% Gras (Municipality) 83
MN 101% 102,2 101
4 101 10414
101
1954
4% Corporate stock
1959 MN
9918 99 July'28
99 10114 Gt Brit & Irel(UK of) 5346_1937
A 104% Sale 1044 10434 119 10334 10684
4% Corporate stock
9812
9812
1958 MN
10-year cony 5(4s
99%
9812 10134
1929 PA 1184 11812 11814
30
11814
116a4 119
4% Corporate stock
1957 MN 99% Sale 99%
99%
4% fund loan E op 1960.c 1990 M h
9918 101%
8634 Sale 8634
36 (8634 9034
87
44 registered
1936 MN
9934 May'28
5% War Loan E opt. 1329_1947
99% 10038
9812 99 9914 July'28
c98%
434% Corporate stoek
1957 MN
10658 10634 June'28
10612 108, Greater Prague(City) 71-4s.1952 MN 107 Sale 10634 1074 12 104% 99%
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% 10034
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 A 0: 964 Sale 9512
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 734,19453.1 9912 Sale 9932
99/s 21
98% 101
External 5 f 7s.. _Sept 1 1946
9414
11
944
9414
9512
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
8934 95
9714
96,4
95
96% 55
Antioquia (Dept) Coils A-1945 33 9512 9534 95,4
13
97
9412 10014 Italy (Kingdom of) ext'l 7s 1951 J 0 9738 Sale 9714
9812 293
964 10012
External s f 7s tier B
1945 ii 9534 Sale 9812
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
9834
1947 M S 9412 Sale 94
9512 20
94
External aI 75 1st ser
1957 *0 9512 Sale 9434
9434 18
9334 99% Italian Public Utility ext 78.1952 .1 3 95% 964 95%
984 10114.
9638 10
Ext1 sec s 7s 2d ser
1957 A.0 96 Sale 9438
5
9512
9312 9812 Japanese Govt £ loan 45.....1931
93
93% 93)
9338 49
91% 9434
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 10238 10308 91 10014 lOSIg
Argentine Govt Pub Wks 68_1960 A0 9914 9938 9914
9934 11
99 10012 Leipzig (Germany)s I 7s
1947 F A 9975 10012 10012 10012
4
Argentine Nation (Govt of)—
98
918 60111
Lower Austria (Prov) 7348_1950 J :
3
9914
1 1 97
9834 99
Sink fund 1331 of June 1925 1959
99%
Sale
993
8
77
D
100
99 10034 Lyons (City of) 15-year 6s-1934 M N 9912 9934 99% 100
33
99 1002
Esti s f Os of Oct 1925
1959 *0 9912 Sale 9938
99% 50
99 10014
Sink fund Os series A
1957 MS 9938 Sale 9912 100
.55
99 101 14 Marseilles (City Of) 15 yr 68_1934 M N 9912 100
60
9938 100
99 10112
External 6s series B..Doc 1958 J
9938 Sale 9938 100
65
98% 10118 Mexican Irrigat Mang 4%8_1943 --- 3412
3412 10
3314 $744
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
4934 Jan'28
4954 4944
External sf65 (State Ry)_1960 MS 9912 Sale 99
93
Assenting 58 of 1899
98% 101
9934
1945 -- 3838 Sale 3712
3834 24
4324
35
Ext113s Sanitary Works...1961 FA
9912 Sale 9938
Assenting 513 large
99% 158
99 10118
3712
3878 54
30
4314
Ext Os pub wka(May '27)-1961 MN 9912 Sale 9938
Assenting 48 of 1904
99 101
9934 41
2512 Sale 25
2(338 55
344
223
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 9138 9178 9138
7
9178
Assenting 4s of 1910 small.—
9118 934
25
25% 47
221s 31
Australia 30-yr 58 __July 15 1955I, 96% Seel 96
Trees 6501'13 assent(large)'33
9634 54
9538 99
3
-554
40
4034
161:
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 8738 Sale 87
354
88
86% 92% Milan (City, Italy) ext'l 6348 '52 *0 9134 Sale 9134
9214 119
9522
0112
Austrian (Govt) a f 78
1943j
103 Sale 10235 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
9734 17
9912 Netherlands Os(flat prices)__1972 FA 8 10634 10734 108
108
10571 109
Belgium 25-yr ext sf7348 8_1945 3D 11434 Sale 11418 1143
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 11134 New So Wales (State) ext 55 1957 r A
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 9438
9412 64
93
96
External a f (is
1955
151
J 10034 Sale 10012 101
98% 1014 Norway 20-year extl Os
1943 F A 10114 10112 10134 102% 13 10134 10312
External 30-year at 78
1955 3D 10814 Sale 108
69
20
-year
10614
108%
external 138
109
1944 F A 101 Sale 101
102% 51 101 1044
Stabilization loan 75
1956 MN 106 Sale 106
30-year external 68
10634 82 10414 10804
1952 A 0 10212 Sale 10212 102% 15 WI% 10814
Bergen (Norway) a t 85
1945 MN 113 11312 11234 11314
40-year 111 f 5t-(,
3 11234 113%
19651 D 10012 10034 10012 101
58
997a 102/
1
2
15 year sinking fund 133_1949 *0 10014 10114 100
3
External s I 5s____Mar 15 1963 N S 96 Sale 9512
100
98% 102
9612 65
98
94
Berlin (Germany) a I 646-1950*0 9834 Sale 98
Municipal Bank extl 5 513_1907 J D 9134 92% 9214
65
99
97 100
5
92%
92
931s
Bogota (City) ext'l a (.88.--1945 AO 105 Sale 105
8 10378 108% Nuremberg (City) extl Os...1962 F A 90
10514
47
92
92
9034
894 9844
Bolivia (Republic of) exti 813_1947 MN 105 10514 105
Oslo (City) 30-year of 63-1955 N N 101 Sale 101
10514 19 1034 108
10112 15
9924 103
e xt'l sec 78
1958
96 Sale
Sinking fund 5345
9614 66
9334 9812
1946 F A 9914 Sale 9914
1
103
Bordeaux (City of) 15-yr 68_1934 MN 9934 Sale 95%
99
99
,
4
40
99 101%
9934 100
Panama (Rep) extl 534s
l9533 D 101% 102
1 10134 10414
00% 10178
Brasil(U S of) external 8s
1941 3D 10878 Sale 108% 10912 26 107 113%
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)-Is of 1927
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 10434 Sale 10484 105
10714
20 10312 10734
Bremen (State of) exti 75_1935 24 s 10112 Sale 10115
75 10014 10312
Exti
s
f
sec
101%
7s
1959 MS 100 Sale 100
23 100 104%
101
Brisbane (City)8(581957 242
9112 95
94
28
Nat Loan extl 5 f Os
95
9212 95%
1960 J D 9114 Sale 9034
914 211
9044 94
Budapest(City) exti s f 6s
1962 iD 8412 Sale 8412
85%
8412 89% Poland (Rep of) gold Os....1940 A 0 8334 Sala 83%
8375 11
8012 87
Buenos Aires (City) 6348_1955 j j 10034 Sale 10012 100% 55
11 101) 1024
Stabilization loan s f 75_1947 A 0 8812 Sale 8812
129
88%
91%
88
Extl g f 68 ger C-2
1960 A o 984 Sale 9812
1
Ext sink fund g 88
9812
9634 99
61
1950 1 J 10014 Sale 10014 101
984 10172
Extl 9 f 6s ser C-3
1960 A o 9918 Sale 9712
994 23
Porto Alegre (City of) 88._ 1961 J 0 10734 108 10734 10734
96
92%
1 10412 109
Blienos Aires (Prov) exti 613_1981 Pd s 9338 Salo 93
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
101
37 10514 10814
10514
106
in-year 61511
1929 F A 10012 Sale
55
10012
Extl s f 75 011926
99% 1024
19138 51 Si
31
99 Sale 9734
99
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 10778 10538 108
12 1053s 11014
1936 F A
345
9914 Sale 984
Exti s f 6345
1)84 1014
99,4 13
1953 F A
102
951
:
95
Sale
97,4
95%
Carlsbad (City) s f 85
1954
2 105 10934 Rome (City) eon 6348
J 10612 109 10712 108
1952 A 1-1 93 Salo 9275
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
106
10314
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
12 11214 120
115
115
Farm Loan s f 6s_July 15 1960 J J 8814 Sale 88
Exti s f 6
8834 16
88
9334
of 1927
1957 M
9712 9834 9815
21
99
9634 10014
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 1083s
Farm Loan 6g ser A_Apr 1638 A0 91 Sale 9078
90% 96
External sec sf 8s
9114 86
1950 3
10634 Sale 1061a
53 106 109%
107
Chile(Republic) extl s I 82..1941 F A 10978 11014 1097
3
External, 178 Water L'n_1956 51 5 100 Sale 100
109,
1084 111%
8
41 100 1044
101
20-year external s f 78-1942 MN 102 Sale 10112 102
391 10038 104
Santa Fe(Prov. Arg.Rep.)781942 M 5 9634 Sale 96%
9712 13
94% 1001s
External sinking fund 68_1960 *0 9438 Sale 9334
91% 9731 Seine, Dept of(France) ext.! 75'42 3J 105 Sale 105
9412 184
68
1053
10314 106%
4
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
Soissons (City of) exti 113... _1936 51 14 99 Sale 99
93% 97
J 9414 Sale 9334
98 102
99% 26
Chile Mtge Bk 6343 Jane 30 1957 ID 99 Sale 98
61
99
95% 9934 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-year Lis
997 120
D 9938 Sale 9812
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
2518 30,2 Swiss Confed'n 20-yr. I 85_1940 J .1 111 1;fe 11018
D 2934 31
14 10934 1111%
111
Christiania (Oslo) 30-yr a f 65 '54 MS 10134 Bale 10112 10134 10
99% 101,5 Switzerland Govt ext 5343_1946 A (1 10318 Sale 102% 10314 39
101514
Tokyo City 5.loan of 1912_1952 M
12
82
Sale
82%
81%
761, 84
Cologne (City)Germany 63451950 M 8 97
9712 15
Extl f 5343 guar
9614 993s
9814 9634
1981 A 0 91% Sale 91%
9175 81
871s 95
Colombia (Republic) 6s___1981 J j 9034 Sale 9034
9134 46
9034 963s
External f 613o1 1928
90% 951: Tolima (Dept of) extl 7s___1947 M N 9334 Sale 0314
9112 71
_1981 A q 9114 Sale 9038
8
944
9314 9734
8812
Colombia Mtir Bank of 6345_1947 A 0 88
6
88
8812 88
9334 Trondhlem (City) 1st 5358_1957 N N
92
95 97 July'28
9612 11912
Sinking fund 78 of 1926-1946 or N _
Upper Austria (Prov) 78—.1945 J D
9234 98
9334 10
9312 9234
Sale
30
9712
963
4
%
96
9634 9914
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
8934
Si'
9012
974 46
Copenhagen (City) 55
Uruguay (Republic) extl 83_1946 F A 9712 98 10818
9534 101
1952 3 D 97 Sale 9638
11 10714 1108.
1094
25-yr g 4345.
External a f (35
87% 8912
1953 M N 8838 Sale 8778
8838 147
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 9673
3
96
95 101
9612 96
9734 31
94 100
External a t 7s Nov lb 1937 M N 96
95 100
8
9638 9612
964
Cordoba (Prov) Argentina 781942 J J 9612 Sale 9934 1003s
9
98 1014
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 9734 9638 July'28
4
90 1004
Sinking fund 5348_Jan 15 1953
J 1031a 10335 10234 10304 93 1011s 1047s
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
Atch Top & S Fe-Gen g 48_1995 A 0
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 9034 90 July'28
88 92 90 July'28
_
9118 93 9612 June'28
1
79
79
79 81
9312 147
9234 Sale 9212
_ 9578 Apr'28
8812 July'28
8858
9134 June'28
8418 _ _
2
8734
8734 Sale 8734
1
8812 8814
8814
884 90 90 July'28
92 9334 Jan'27
89
9014 Sale 9014
9014 25
86
8838 954 July'28
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
.151-4 -985
;10014 July'28
35
92
91 Sale 91
2
75
7578 754
754
65
70 7318 June'28
8214 8778 8578 July'28
99 105 10012 July'28
Ball & Ohl()1st g 48____july 1948 A 0
July 1948 Q J
Registered
1933 M
20-year cony 4558
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 10034 10112
104 Sale 1034 104111
10834 109 10812 109
92
92
93 92
10112 1013 10138 10178
8478
83 8478 8478
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
9878 68
19571 J 9838 Sale 9838
Canadian North deb 8 2 711_1940 J D 112 Sale 11134 11218 12
25-year f deb 8558
11814 1184 11814 1183s
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 8278 84 July'28 _ _
Central of Ga 1st g 58.Nov 1945 F A 1003s
10612
5
- 106
Consul gold Is
1945 M N 101 10234 101
1014 22
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 8334
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 9978 fix) 10014 10012 11
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 100711 481
Registered
RV 8
964
9634 20
20-year cony 4556
1930 F A -1594 99i1-3 99
9934 83
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
7038 74
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 9038 87 July'28 -_
8958 Feb'28
.1214 -93-,-± 9412 July'28-9212 Sale 9212
94
28
8_4 933
9318 June'28 __8
_
9784 97l
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
8258
8258
4
79 80 7658 July'28 __
95
96
95 July'28 _
100 May'28 1478 Sale 944
9578 237
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
7358
Sale
74
•
0
1
2000
Jan
ad)
5s
Cony
90
954
77278
8 11
_7_57
.
8 _8
.
0_ 754 june
9314 99
Chic & N'west gene 334s...1987 M
Q F
Registered
79
844
2
89
89
90
88
MN
1987
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
0 _82%
82'8
2
Gen 43I5 stpd Fed Inc tax.1987 MN 10218 10
91
9134
51
10618 10678 10434 105
Gen Is stpd Fed inc tax--1987 M
8734 99
113
Mar'28
MN
Registered
8814 94
101,584 m
Jualyy:2285
1879-1929 £ 0
Sinking fund 6s
8318 94
A0
Registered
100
July'28 ---10018
9978
£
0
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 10314 10312 34
1930 J O 10314 1-(13310-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,
95
82
1934 * 0 -9434 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
99 10214 Ch St L & N 0 Mem Div 48.1951 3D 8514 ---- 9234 May'28 D 10518 -- 107 July'28 _ _
1951
Gold 5s
D 10418 -.- 107 Apr'28 -Registered
9118 98
8334
_ _ 8412 Jan'27 -Gold 3555
1951 J
92
164
9934 June'28 1932 £ 0 854
Ch St L & P lut cons g 58
9758 101
1015g June'28
A0
Registered
98 1001
July'28
101
101
ioois
D
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
9934 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
8378 914
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
10234 1044
10234 18
121 10234 Sale 102
1944
Guaranteed g 5s
8334 9334
114
2
1963 II 1154 1171 114
Ist guar 1355s series C
684 72
102
June'28
1043
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
lat ref 5558ser A
1962 MS 10458 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
1931'3 98 9834 98
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
10412 107 10334 July'28 ____
1941 J
Ref & Impt 68 ser
98 10218
2
J 101,8 10212 10358 10358
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 10634 107 July'28 --1934 J
10254 1054 CCC&Igenconsg 6s
•
0
10014 ---- 10114 June'28 -58_
_1933
107 1091s Clev Lor & W con lot g
I J ---- 1024 10118 May'28
934 95 Cleve & Mahon Vale
N 9634 ---- 100 Noy'27 _1935
84
90 CI & Mar 1st gu g 455e
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
_ 8958 May'28
194 FA 8934
Series D 3553
10012 10214
£
0
101
98
4558_1961
July'28-10034
Line
let
gu
Cleve
Shor
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 10034
A0
9058 ____ 93 June'28
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 7378 75 June'28
Non-cony debenture 48.- _1956
9112 9514
_
1942 ID 9538 Sale 954
101 10512 Cuba Nor Ry 151 53.45
95341 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 9534
9638
1936 11 9618
9643
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_ _6954 74
29
33 3212 July'28
69
731: Des Plaines Val 1st gen 455s-1947 MS 9614 ---- 10214 Feb'28
80 July'28
5811 7234 Oct & Mac 1st lien g 48
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
10378 July'27
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 --_ _
9578 June'28
934 9333 East Ry Minn Nor Div let, 4s'48 A0
97 10278 East T Va & Ga Div g 5s__1930
.11 9914
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 ex-L.1930 M 2 10314 Sale 10314 10312
6
11514 11814
1st cons g 4s prior
1996 J J 8312 Sale 8312
8412 12
1054 100
86 Jan'28
Registered
1stRceog:
ni toei n lien g 48
784
.54 84
1996
884 8841
7938 74
97 1 .
j
1 -3
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-year cony 48 series A...I953 A 0 81 Sale 8038
81
16
964
99% 1024
81
81 Sale 81
Series B
1953 A 0
6
Gen cony 4s series D
86 May'28
704 78
9438 ioi
Ref & impt 58
8578 934
944 Sale 9358
J 111 Sale 11
7M N
5
Erie & Jersey let s f OIL-195
285
8258 914
11214
131: 11312 10
Genessee River let 8 f 58_1957 3 J 11312 114
7658 8134
8815
le ri
95 10414 Erse
02 Feb'28
dtesPc
itt3
sAus g 355e ser 8_1940 J
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 737s
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
9634
9514
97+4
924
10811
107
9934 1013-4
10158 10158
10012 1034
0612 98
98 10011
100 100
9814 1034
93
9873
9838 10312
103 107
102 105
114 11914
101% 10558
8612 934
10278 1054
10534 10758
9614 100
97,
8 9858
9714 974
9314 9334
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 9014
8958 89%
100 10612
10314 110%
1905s 107%
98
89
93% 9218
984 1004
964 WO
92% 96%
93 9514
90 90
9518 9618
75 82%
78
8611
80 814
75
854
944 9814
97 1004
107% 110
994 10114
9934 1004
9014 96%
100 1034
1044 107
103 107
8811 94
95% 9814
8812 97
2714
26
1024
75
70
99
35
324
1024
82
80
102
644 10314
IOU's ion
8115 00
95
96
99% 10414
10518 110%
1034 10618
106 109%
10314 106%
834 91
86 86
774 86%
764 8714
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
9934 100 June'28 ---- 100 102
1st consol gold Ss
1943 J J 99 101
9812 July'28 981a 10334
Florida East Coast 1st 43,0.1959 .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
9934 Apr'28
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
9972 May'28 _
994 997
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
__ 98%10014 July'28 _-__
98 1005
1
Oa & Ala Ry lit cons 5s Oct 1915 1
95
85
95 101.,
9472 95
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-1941 3, 9612 100
9612
9612 101
9612
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 -9854 99,
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
11412 1145
6
9553 Sale 9552
9552 102
9634
7 10513 11114
1065s Bale 10512 10652
104 Sale 10372 1044 41 ,•1313 XIV
9 97 101
9712
9714 Sale 97
9712 41
964
9634 97
9612 1015
gs
__ 86 Mar'28
8154
86
2873 126
a24
2873 13.le
2214 2,14
94129572 Mar'28
4,542 95.
10134 1-04 10414 June'28
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.
113-12 10014
10014
6 98 1025,
10053 ____ 10014 May'28
1004 1007
.
WO 1021,
9812 Sale 9812
9934 41
9812 10312
88
874
138
8712 88
8712 95
Illlnols Central tat gold 4s.__1951'3 9214 924 99 June'28 _ _ _
J 9114 9412 95 May'28-Registered
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 8834
90
16
9132 9272 93
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
. 1-0-83s 10712 July'28
1955 M
15-year secured 6 Ms g____1936 3'
111
3
111
40-year 48s
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
7.534 79
781s June'28
Loulsv Dlv & Term g 3 Ma 1953 J J 81128112
6
8212
Omaha Div 1st gold 3a___ _1951 PA 7514 -i9 - 753
753
St Louie Div & Term g 321_1951
7534 78
764 July'28
Gold 3!4e
8112 91
1951
8.572 June'28
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
D 9554 9634 96
1963
let & ref 4MsserC
9634 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 __
903* -93
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 9834
9834
8733 Sale 87%
8812
9534
953* Sale 9552
9714
9612 Sale 96
42
434 44
44
41
43
43
44
1214 Sale 1214
1212
8734 94
8812 July'28
993
_ 103 Ma '27
84 -8812
- 854 July'28
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 33411-1997 Jo
1997 3D
Registered
1928 MS
Debenture gold 4s
1931 MN
25-year gold 4s
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
8834 Sale 9834
89
91
9214 July'28
4 9054 July'28
8634 -9359014 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% 9934 9953
9934
97% Sale 9712
98
9934 Apr'28
1004 107-12 10512 July'28
9934
10134 June'28
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 543-1941 AO
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 10272 10714 July'28
1034 Feb'28
8812 -9-1-7.
2 8914 June'28
104 106 106 July'28
Apr'28
95
_
105 106 10612 July'28
100
-- 100 July'28
96 -993-4 9412 June'28
924 944 92 July'28
964 974 92 June'28
8814 93% 91 July'28
98
984
9872 100
9814
98
9834 97
9112
90
9072 9112
97 10012 0034 May'28
87
8834 8712 July'28
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
8834
92
8412
85
8853
9014
10712
10954
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 10434 102 July'28
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
10052 10112 1004 July'28 _
100 10112 10012 July'28
_
914 9612 9512 May'28
70
70
9834 100 10034 June'28 -89
90
90
8834
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
9952
Low
High
162 106
94
9914
100 10212
10234 19512
10572 11012
182 109
9914 10434
10011 loafs
10013 10213,
95
9612
6854 71
10012 18272
8813 944
92
9813
[no may
t03)2 10313
74
7914
7512 8214
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 10034 Apr'28
9213
- 973* Jan'28
_
_- 9218 July'28
7712
8115 85
78
11
9914 Sale 9912
9914 27
91
96
9412 June'28
99
9934 994
994
3
94
98 May'28
98
---_ 9612 97 July'28 ___
89
9372 954 May'28 _
90 Apr'28
51
52
5273
5272
2
4712 58
49 June'28
1634 18
1514
18
3
1514 18
1714 July'28
87% Sale 87
8712
8
97 Sale 97
9834
2
9834 Sale 98
9834' 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 9944
9842 100112
98
99,
4
9513 994.
9514 974
91, 90
42
61
40
57
14
2314
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-year 4a series B
76
J
- 8814 88
88
1982
Prior lien 4 Ms ger D
9814
9312 9234
934 10
1978 • J 93
991
: Cum adjust 55 ser A Jan 1967 • () 103 104 103
104
32
Pac
9012
1st & ref 5a ser A.._1965 F
10014 101 10052 10034 10
General 4s
85
7712 Sale 7614
1975 M
77,2 33
lat & ref 5s ser F
94
99
169
1977 MS 9872 Sale 9832
904 Mo Pac 3d 7s ext at 4% July 1938 MN 9114 95 93 July'28 64
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
8434 May'28
1945 J
8212 Mobile & Ohio gen gold 48 1938 MS 92
9412 9412 Juue'28
91
Montgomery Div 1st g 56 1947
'
A 101 102 101
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.
5 Mont C 1st gu its
1937 1 J 106 112 111 June'28
1s1 guar gold 54
1937 3 J 100 10512 10454 Jan'28
9113 941. Morris & Essex 1st gu 3 Ms 2000 J
8034 8112 8054 July'28
90
02
N
Nas
Fh
iaTa
stitsdc
t4
112
92 0253 July'28 _
90
1.54
4s Ser A.1978 F
1024 1081
.
10114 Sale 10114
10114
1
Nat fly of Met pr lien 4 14s 1957
96 101
18 July'28
9 '
g
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 19
100 105
3812 July'25 _
92
76
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 1072
11
14
774 7712 Naugatuck RR 1st g 45
8653 Nov'27
1954 FA N
9512 l017
. New England RR Cons 52_1945
98 100
98
98
1
Consol guar 4s
9578 102
88
914 93 Mar'28
J June RR guar lit 4s_ _ .119
81,2 9212
F .1
1 88
98
46
83
894 July'28._.
9454 9974 NO&NE lat ref & imp 4 Sit3A'52 J
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 ---- 9972 101
88
52
101
1
3772 49
1st Is series B
1954 A 0 9814 10014 994
9934
6
1012 19
1st Se series C
102 Sale 102
102
1
1st
8812 964
454s series D
95
95
10
1956
9845FA
3
F o
A
J
15t 5 Ms series A
103 10374 10334 104
15
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 10034 107
9212 97
6
9512 tO312
Registered
M N
107 Apr'28
7232 7934
Consol 4s series A
91% Bale 91
914 -1-2
9754 10314
Ref & impt 4 Ms serles A-2
98
5%
12 041
1002 104
9952
32
6
14
10
05052 4
g O
A 10
1013
998 A
9934 9534
Ref & knot 5s series C__2013 A 0
9214 96,1
Registered
10814 June'28
A0
9014 9612
9012 96% N Y Cent & Hud Rly M 3Ms'97
8034 86
81
80
73
9832 9842
Registered
7753
1034
997 141 N
7753 28
J 774 80
100 1051 .
Debenture gold 4s
96 Bale 9514
14
963
4
100 10473
Registered
MN
9712 Apr'28
30-year debenture 4s
81
8712
1942 J J 9113 9512 914 July'28
8112 88
Lake Shore coil gold 31,0.1998 F A
774 7914 784 July'28
98 100
Registered
764 79
764 July'28
97 100
Mich Cent coil gold 3Ms_ _11999
8 F A 784 83 78
78
1
9934 9954
Registered
77 Sale 77
77
15
10512 10712 N Y Chic & St L 1st g 4s_.__1193
g O
A
9534 9612 9534
997
8A
954
3
101 10212
Registered
1937 A 0
9311 Feb'28
25-year debenture 4.3
8772 9312
1931 FA N 97l 973* 9713
9734 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
10533 10434 10534
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
10434 10714
Erie 1st
st4,1xt
2sgold 4s...1
194
987
3g
M N
9144 --- 9212 Apr'28
A
10372 10372 N AE
ext gold
1933 M
99 100
9933 June'28
4th ext gold Ss
87
9213
991%
10054 May'28
106 115% N Y Greenw L gu g 5s_ _ _193
1949
6 ite
:
10154 100 Mar'28
924 9812 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 9934
First & ref gu 4 Ma con_ _1973 M N 98 101
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_1
90
193
939
2F
A O
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 7934 June'28
90
Non-cony debenture 3)0.1954 A 0 7253 75
9434
7212
3
72%
10034 102
Non-cony debenture 42...1955 J J
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
19483
3 3 11344 115 11234 11434 61
Registered
9812 July'28 _Collateral trust 65
A O
D 1O4' Sale 10412 10474 85
9
98
40
7J
Debenture 4s
25
75
1957 M N 73 Sale 73
lat & ref 4 Ms ser of 1927_17
8914 124
884 891s 8834
Harlem R & Pt Ches 1st 45 1954 N N
8912 9012 91 June'28
98 100
86
0214
99 1004
87
924
9234 9955
10113 10912
100 . 10372
7614 8314
AR 18252
93
9713
183 163
9933 100
843. 9815
9254
84
944 9854
101 105%
94
994
88
971a
111 1124
104141043.
80
gg
92
eels
If 114 11143*
18
IS
1834 154
12
17
144 fir
144 234
ass 16
.
4
98 110214
90
911
88 100
95% 102
soh NOR
08% 102
984 10154
$00 105
95
Ms
1112 1051y
9714 100
101 101
106 10056
167 107
90
9712
9812 .044
in412 11054
10614 10614
7973 875y
77% 854
9312 9914
9714 We
9114 99
7714 8612
7612 824
79
87
77
8884
9512 9814
9611 9618
9512 100
101 1034)
105 1074
10434 1071*
97 10212
10012 10614
9212 931s
991s 10014
10014 100/
1
4
100 100
861s 871
,
85is 1151h
1101g 101100
idit;
821, 90
784 804.
7214 81%.
80
8819
79
8111p
73
SO
112 1184
984 116
10412 1067s
73
112,
1
8814 94114.
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
86/
1
4 93
8714 107
St L-San Fran pr 1 4s A
Sale
1978
M
S
87/
1
4 97,
875
8
8814
8812 492
3
Con M 4 As series A
35
111503 J 9914 Sale 9878
9878 10412
100
Prior lien 5s series B
1928 3 J
9978 10118
9978 June'28
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%
10138 136
Income series A 68__July 1960 Oct. 10114 Sale 10118
100 105
St Louis & San Fr Ry gen 68_1931 .1 3 103 10478 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%
1931 M S
9714 9758 Apr'28
St Louis Sou 1st gu g 48
79
9214
8612
8612
MN
8518
..1980
873
s
ctfs
bond
43
St L 6 W 1st g
8353
8313 87%
2d g 48 Inc bond ctfs_Nov 1989 J J 8178 85 8358
1932 J D 9478 9534 954
957s
95% 99
Consul gold 4s
97/
1
4 103/
1
4
98
9812 11
1st terminal & unifying 58_1952 1 .1 9618 98
9234 934 July'28
931
/
4 98
10212 M. St Paul & K C Sh L lst 4 As_1941 F A 91
Norflk & West gen gold 66_1931 M N 10238 10334 107 June'28
99
99
July'28
F
A
99
994
10112
1931
Paul
&
Duluth
1st
58
St
107 107
Improvement & ext Ss__ - _1934 F A 10412 105 103 July'28
9018 9614
111683 D 9058 9312 904 July'28
1st consul gold 48
103 10034
92 July'28
New River 1st gold 68 ---_1932 A 0 10318 105
9718 97%
9718 June'28
101
92
9012 98' St Paul E Gr Trunk 181 4348.!947 J J 98 103
N & W Ry lst cons g 48 -_1996 A 0 92 Sale 9012
1096 A 0 8738 9634 9618 Apr'28
95,8 961,
Registered
98% 9838
9634 9518 July'28 93
3
961 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
J .1 103 iDOls 10634 Mar'28 -- - 10634 106%
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,
10734 - 10734 10734
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 10155
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 10952
St Paul Un Dep 1st & ref 58_1972 J J 10014 lOd7s 107 July'28
1
88
9178 8812
8812 97
Registered
8812
1997 @
8758 94114
881
: 884 20
gu 4s
Gen lien ry & Id gt 38_Jan 2047 Q F 6578 Sale 6538
1943 J J 8812 89
6538 72. S A & Ar Pa38
6612 36
1024 104
6812 Apr'28
Registered
6812 097, Santa Fe Pros & Phen 1st 5s A942 M S ____ 102 104 May'28
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%
May'28
_
A
0
10712
1934
993
4
10412
1st
gold
5s_
112
Sale
111
Ref & impt tis series B. _ _2047
11212 43 111 11714
9212 98
5
9212
1989 M N 9212 ____ 924
---_ 1051 10534 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 1095. Seaboard Air Line 1st g 4.5---1950 A 0 7712 82
Ref&Impt5sseriesD_2Q47J 3
7312
14
8372
743
4
73
7312
A
0
1950
709,
Gold
48
stamped
1E194
10934 June'28
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 foi38 107 June'28
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/
1
4 85
MS
_ - 85 Mar'28.--Registered
Og & 1. Cham 1st gu g 4s_ _ _1948 J J 7818 8114 8338 July'28
8318 8214
95
8811
/
4
23
M
893
4
9012
8914
852
45_61933
S
All
&
1st
g
Birm
30-yr
9538 Nov'27
Ohio Connecting fly Ist 48_ _1943 M S
71
9478
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 10058
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
994 10178
Ore Short Line 1st cons g 58_1948 3 J 102 10614 10634 July'28
10634 1108, So Car dr Ga ist ext 5 As... _1929 M N 9934 10112 10014 July'28 --Jan'28 --- 105 105
1936 F A 99 10234 105
Guar stpd cons Is
5 10614 1114 S & N Ala cons gu g 58
1946 3 J 10618
- 10614 10814
114% 115
Gen cons guar 50-yr 58. _1963 A 0 ____ 10834 11458 May'28
Guar refunding 48
9838 Sale 9838
9858 31
1929 3
981g 100
22
8712 Sale 87
89
Oregon-Wash 18t & ref 48_1961
87
9472
95
coll)k
89
Sale
Pac
'49
J
13
5
8918
coll
48
(Cent
89
891s
80 81 July'28
Pacific Coast Co 1st g 5s. _ _1946 1 13 77
70
581, So Pao
88
88
Registered
.1 13 8658 8938 88 Mar'28
Pac RR of Mo 1st ext g 4s...I038 F A 92
9434 9538 JJaY.98
95% 953,
98%
100
June
63
9834
99
987
8
Sale
cony
45
1929
M
S
20
-year
1
.
102
2d extended gold Ss
3
May'28
1938
102 1023i
19
93
74
76
31 D
S 984 993 100 July'28
Ist 4 As(Oregon Lines) A_1
9934 104
Paducah & Ills 1st 8 f 4118_ _ .19553 J 10058 Sale 1005s 1004 50 10038 1013
4 10012 103/
102 1023 10258 10234
1
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/
1
4 10012
9612 33
Gold 4115
Sinking fund external 75. _1958 M S 10358 Sale 10212 1034 27 10112 1051;
88/
1
4 96
9114 11
San Fran Term'1st 48 __ _1950 A 0 8858 Sale 8858
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
9458 57
Externs'sinking fund 5145 1968 M S 944 Sale 9414
93
96.
3
105 108
Paulista Ry lst & ref 5 f 78
14 10114 104% So Pac of Cal 1st con gu g 58-1937 MN 10234 1044 10634 June'28
1942 M S 10112 Sale 10112 103
37
5 .1
98
3
98
97/
1
4 9794
9738 May'28
So Pac Coast ist gu g 48_ _ _ _ 195
9112 Sale 9112
9111 9812
9214 52
, So Pac RR 1st ref 48
9758 June'28
Pennsylvania RR eons g 48- -1943 M N
9738 991,
J
96
96
96 Apr'28
Registered
93
95
Consol gold 48
61
1948 M N 9112
93 100
17 10878 119%
110
Southern Ry 1st cons g.58-.1994 J 1 109 We" 109
45 Merl stpd dollar_May 1 1948 M N 9214 -94
924
9218
6
92% 99
.1 10514 -- 11518 Apr'28
110 115%
Registered
7 10034 107
Consolidated a f 4 A8
1960 F A 1004 Bale 10034 1014
8534 93
8712 77
Deyel & gen 43 series A._1056 A 0 8614 Sale 8534
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
1055a Sale 1044 10534 54 10484 115
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%
2 108 11818
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/
1
4 94
924 June'28
St Louis Div 1st g 4s
112 Apr'28
F A
112 112
Registered
9658 Dec'27
East Tenn reorg lien g 58. _1938 M S 10414
40-year secured gold 58- - -1964 M N 1024 Sale 10234 10312 83 102 103.
3
9134
S
16-3i
3
9314
1938
M
92
9214
933
4
coil
tr
48
Ohio
Mob
&
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
90
83
8712
8534
June'28
-1955
J
85
3
4
g
58-Internal
1st
Spokane
Guar 331s trust etis C....1942 J D 89 __. 90 Apr'28
8914 901.
D
85 Nov'27
Guar 3As trust ctfs D....1944 3 D 8812 8811 July'28
1 Staten Island fly 1st 4 As-1943 J
8812 90:
95 Apr'28
Sunbury & Lewiston 1st 48_ .19303 J
96/
1
4 100
9634
9714
974 98
Guar 15-25-year gold 48_1931 A
2
1
4
53....51930 M S
99/
1
4 99/
9
097
9588 Ap99
r.24
Guar 48 tier E trust ctfa
1952 MN 9118 943 9434 July'28
92
951. Superior Short Line 1st 4315_1939 A 0 993
3
101
9912 102/
1
4
Term Assn 01St List g
Pa Ohio & Dot 1st & ref 414sA.77 A 0 96 Bale 9512
96
17
95% 102
1944 F A 10111
107
10212
103
July'28
gold
5s
cons
1st
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%
„I A
j -- 106 1034 10338
95
40
3F
8 10314 1071,
Peoria & Pekin Un 1st 510_ _1974 F A 10212 104 10214 10214
2 102% 1081: Texarkana & Ft 81st 5345 A 119
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
:Sale 1091: 110
2000 3 D 1091
2 108% 115
& Pac lst gold 511
ltrt 4a series B
1956.1 J 8914 9234 91 July'28
90% 961 Texasinc5s(Mar.28cpon)Dee
2000 Mar
100
26
A 0
3 101 10128 1012
193
977 "
Aug
10.1217 35 i68% 1041.
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
-1964
10612
5
As
M
S
24 105 10914
10852
Pac
Ter
10812
Pac-Mo
107
Tex
41
PhillIppine fly let 30-yr sf451937 1
4178 4112 July28
42
40
tom:10314
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
193
35 1A 0
3 100 103 100 July'28
Western Div 1st g 543
1940 * 0 100
PCC&StLgu434sA
100
100
2
9978 102
193
J
D
100
101
100
General
gold
55
100 101%
June'28
A0
Series B 4 As guar
_ 102 100
1942
100
5 100 10212
3 --- 19
15 Nov'27
Series C 4 As guar
_ 1014 1024 Toledo Peoria & West 1st 4s1917 JA 0
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
87
10313 J -9
8'2
34 99
985, um%
612 9
98
958 July'28
Series E 3he guar gold _1949 FA
9718 June'28
97% Tol WV &Ogu4 AsA
97
194
933
2 7,4 s 978 ssh lost,
1st guar 4 As series B
9912 June'28
Series F 4s guar gold
9714 Apr'27 _
1953 Jo 97
guar 4s series C
96 -9578 June'27
Series G 4s guar
96 July'28 _
1957 MN 97
96
ifile Tor1stRam
_1948
D 9458 95
& Buff 1st g 48
9458 June'28
Series H con guar
9718 June'28
941.9414
1960 FA
97
97%
Series I cons guar 4 As...AM FA - 10134 101 July'28
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 10478 106 10458 10458
General M 55 series A
63 July'28
1970
1 104% 114%
lst refunding g 4s
D
32
46
Registered
11338 Jan'28
3612 4j 35 June'28
118% 11131
68
19
'32
47 I
Gen mtge guar 55 series B.1975 * 0 105 Sale 105
9312 99
941
1
4 Sale 9358
J -6
3 93/
105
1 104% 11518 Union Pacific 1st RR & idgt U
6
Registered
92
/
1
4
9712
921:
Sale
AO
Registered
921
1134 Jan'28
9212
113% 11312
June 2008 1
75
891
/
4 9888
1st lien & ref 41
M 8
1 90 Sale 8912
901
20
1967
Pitts McK & Y let gu 68__ _1932 3
9534 10114
Gold 411s
105
106 May'27
97
97 Bale 964
4 108 11534
June 2008 M 8
_ 10812 1084 1081
1934 3 3 10112 106 10318 June'28
1st lien & ref 58
241 guar 138
i6iis 107
88
89
Pitts Sh & L E 1st g 5s
1968.3 D 8634 Sale 8612
1940 A0 10018
871 103
40-year g 48
101% 106
10118 June'28
931g
1s1 cense!gold Ss._... _1943
4s
1944M
June'28
U
N
J
RR&
Can
gen
S
10018 ---- 10014 June'28
94
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 9834 98 Mar'28
99
95 June'28
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
1878
Vera Cruz & P assent 4 As ...1934
1712 1812 1878
10014 10112
Providence Becur deb 48 ___ _1957 MN 70
&buries F
1931
7612 76 June'28
75I 5084 Virginia
9778
-- 10014 June'28
10012 103114
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 10334
AO
Registered
964 July'28
1958 A 0
9434 June'28
1st cons 50-year 53
8484 95,4
Gen & ref 411s series A _ _ _1997 33
10478 48 104 10975
N 10434 Sale 10418
9812
9978 12
9812 10438 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 9934 10018 15
10414 104%
Rio Grande June tat gu 5e_ _ _1939 J
1975M
1011
Ref f 5 Asseries A
:June'28
10414 20 103 107%
104 1044 104
10014 10112
4%
Rio Grande Sou 1st gold 48 1940 J J
9814 105
15
A
Sale
1978
F
5 May'28
983
4
983
4
Ref
&
gen
58
series
B
9814
4% 5
718 Apr'28
Guar 48 (Jan 1922 coupon) 40 J J
9812
Debenture B 6s registered _1939 3 J
8878 May'28
5
7,,
Rio Grande West 1st gold 46_1939 ii -65E8 Sale 9018
881s 89
- 89 June'28
lst lien 50-yr g term 4s_ __ _1954 J
8214 IS1g
5
905s
P018 9512
let con & coil trust 48 A. 1949 A0 83'485 8334
10338
1
J 10514 Del & Chi ext 1st g 58. _1941
2
10534
8334
10534
83% 90%
96% 97
RI Ark & Louis let 4 As_ _1934 88
91% 93%
9634
9258 Apr'28
Des Moines Div 181 g 0._1939 .2 J 0312
97
12
9418 9918
1949
79% 83
Rut-Canada let gu 848
8338 88%
1941 A 0 8338 -87
8418 June'28
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
9512
9212 9012 July'28
Tol & Chic Div g 4s
93
98%
89/
1
4 9414
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 10038 Warren 1st ref gu g 3As ___ _2000 FA
1948 QM _
1998 * 0 103 106 105 June'28
90/
1
4 9012
90
26 gold 6s
9034 Mar'28
Wash Cent 1st gold 48
105 108
II
1945• A 84
1931 1
88
9658 97
8914 86 July'28
9612 July'28
St L & Cairo guar g 4,
98
987a Wash Tern, 1st gu 3115
1945 FA 893.4
Ws 96
_ 98 July'28
St 1.1r Mt & S gen con g 5,.1931 * 0 10014 Sale 9934 10014 58
1st 40-year guar 4s
99% 102%
io_
9913
FA
98
/
1
4
101
10
9858
985
8
-1930
gu
55
1931 * 0
N
W
1st
10134 Dec'27
Min
W
&
Stamped guar 68
W
7812 8714
33
8034
81
82
1952 * 0
1929 33 9838 Sale 9838
984 18
Unified & ref gold 48
88 SQl's West Maryland 1st g 48
97 10312
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 O51.2 1011 100
100
9818
*
0
98 100
July'28
St.L M Bridge Ter gu 858 -.1930
981g 101% West NY & Pa 1st g 56
8832 24/
1943 * 0 8918 92
1
4
9234 July'28
Gen gold 4s
97/
1
4 101
9858 17
Western Pee 1st ser A 55_-_1946 MS 9734 Sale 9734
86
7
2361 J
9312
88
88 Sale 86
West Shore 1st 4sguar
2381 33 8618 8714 8618
851
/
4 93
864
Registered
High
Ask Low
High No Low
Bid
7518 12
7234 30'
NYO&W ref Ist g 4s_June 1992 M S 7312 7578 75
764 78
7612 Apr'28
Reg $5.000 only June 1992 M S - 70
8034
5
7412
75
74
General 4s
1955 ID 72
92 95
9312 Apr'28
N Y Providence at Boston 48 1942 * 0 8118
8934 Jan'28
89% 891,
*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
80
83.
797s 8278 May'28
2d gold 4 As
1937 FA 74
3
79
80,
70
1040 F A 6718 717s 70
General gold 5s
1
101
9978 102,
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
1014 29 100 103
Nord Ry ext.1816 As
1950 A 0 10138 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
10334 1044
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 8434 8212
8134 92'
Sup & Dul div dr term 1st 48'36 M N 8Sly 91 88
88
88
931
Wor& Con East 181 43,15__ 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%4 _1930 j j 8318 Sale 8312
38 834 97
87
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
10378 Sale 102
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 10634 Sale 10614 1074 22 10614 1094
87
96
Ajax Rubber 151 15-yr a f 88_1936 JO 100 106
04
10 104 10914
105
Gen 3r ref laser B
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
9658 Sale 984
9634 10 96 974
Allis-Chalmers Mfg deb 55- -1937 MN 9812 Sale 9812
Dodge
9834 17
Bros deb 6s
98 1031
1940 MN 9512 Sale 93
9512 1251
8914 99
Alpine-Montan Steel 1st 75.. _1955 MS 95
10
951
96 944
93 96, Dold (Jacob)Pack 1st68
1942 MN 8334 85 8334
2
807a 881a
8334
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
9912
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 1067s
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 CorpEd 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 10858 11658 11434 July'28 1995
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
30
95
Sale
95
994
9612
95
*0
108 Sale 0712 108
48 10634
lat M 68 series B
Elk Horn Coal 1st & ref 6348.1931 ID 94 954 9312 July'28 - 93 99
1947
Amer Sugar Ref 15-yr 65_ _ _ _1937'3 10414 Sale 0312 10438 27 10212 10138
Deb 7% notes (with warr'ts'31 ID 0
be
7781
1 100
91
uly:028
833
14 10
80
1 j
Ju
80
Equit Gas Light 1st con Is 1932 MB
9912 1024
9878 Sale 9878
Am Telep & Teleg coil tr 45..1929
Federal Light & Tr 1st 55._ _1942 MA 95 9812 96
9918 133 984 100
96 102
5
98
_9458 97 May'28
Convertible 48
1st lien sf5s stamped _ _ _ _1942 MS 95
1936 M
97 1001
994 10118
9612 9514
9514
2
ob'is - - -- loii4 10114 1 9934 1024 1st lien 8E:stamped
20-year cony 450
1933 M
1942 MS 10312 10478 10312 10434
9 100 1054
10378 Sale 10334 104
65 10314 1041 30-year deb (is ser B
30-year coil tr 58
1948
1954 JO 9934 Sale 99
4
9934
99 105
044 Feb'28
Registered
Federated
Metals 8175
10438 1044
1939
9534 96 95
99
96
12
95
35-yr at deb 58
1960'3 15314 Sale 10384 10412 119 10312 109 Fiat deb 7s(with Warr)
194623 10578 10714 0512 10814 18 1004 119
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
Am Type Found deb 68
105
5 1034 106
105
1940
Fisk Rubber 1st sf58
1941 17411 100 117 1141
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
10512 11012
17
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
86,2
11078
Anaconda Cop Min 1st 138-1953 F • 10514 Sale 10478 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
10712
106
15-year cony deb 76
1938 PA 121 Sale 11812 121
122 11014 137
Gen Asphalt cony(is
1939.40 108 Sale 10618 10838
108 117
Andes Cop Min cony deb 78 _1943 .1
12734 Sale 12614 12734 69 120 140
Gen Electric deb g 3345
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
10358 Sale 10312 1044 28 102 10612
Antilla(Comp Azuc) 7.30_1939'I 87 Sale 8814
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
9514
95
Armour & Co of Del5Ns
9158 Sale 914
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 10178 Sale 10112 1014 93 10114 10414
Atlanta Gas List 513
1947 3D 10312 _ _ 107 June'28
Genl Petrol lstsfSs
VA
10914 107
1940
10112 27
9814 10212
10034 10134 101
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
9934 103
Goodrich(B F) Co lst6 Ns 1947
10758 Sale 10834 10758 27 19658 1084
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
75
9114
894
98
Atlantic Refg deb 58
1937 3, 10034 Sale 10034 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
PA
1
78
74
1940
76
747g
821s
78
Baragua (Comp Az) 734s. .1937
_1937 J J 10614 109 10834 10834
3 10312 10834 G4 Cons El Power(Japan)76_1944 VA 994 Sale 994
97 10118
9978 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
9315 Great Falls Power 1st 8 f 58_ _1940 MN 10418 10614 1054 July'28
10558 10678
Batavlan Pete gen deb 450_1942
J 9158 Sale 9158
9212 75
9078 9355 Gulf States Steel deb 534s _ _1942 J D 9734 Sale 9734
1
9614 101
9734
Belding-Ilemlngway 68
9712 51
994 996. Hackensack Water 1st 43....1952 j
9612 Sale 9612
1936 1
8812 9258
_88 8812 July'28 - 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
Havana Elec consol g 58.. _ _ _1952 PA 84
1960 *0 10734 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 9358 Sale 9358
9434 40 934 974 Hoe(1t)& Co 1st 6516 ser A.1934 £0 9014 Sale 9014
91
9914
8 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
10078
10412
7
30-yr p m & imp st5s.-1936 3 1 100 10018 9913 10014 24
Hudson Coal 1st sf58 ser A.1962'B 86 Sale 86
99 103
88
95
75
871
Cons 30-year 68 series A__1948 FA 10358 Sale 103
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 10038 Sale 100
10038 228 98 10112
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 10574
Bowman-BUt Hotels 75
1934 MS 100 10012 10014 10014
5
*0 9614 Sale 96
99 105, Illinois Steel deb 434s
1940
96 1014
964 13
B'way & 7th Av 1st con 58-1943 3D 7212 75 734 July'28
Ilseder Steel Corp s 75
68
81
9922 10212
1946 *0 10134 Sale 10134 10134
2
Brooklyn City RR 1st 55_ _1941
.11 9178 Sale 914
1
9178
9178 9515 Indiana Limestone 151 f 69_1941 MN 93 Bale 90
10114
90
31
9512
Bklyn Edison Inc gen 58 A__1949 33 10334 Sale 10312 104
40 10312 108' Ind Nat Gas dr 01158
MN 9812-_ 100 July'28 - 1936
994
10012
Registered
1 .1
10588 Mar'28
10654 1055 Indiana Steel 1st 55
1024 10514
1952 MN 10234 104 104 July'28
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 9278
1978 AO 9112 Sale 9138
9134 58
Bklyn-Man R T sec 65
1968 3' 9814 Sale 984
9812 115
9614 1004 Inspiration Con Copper 13343 1931
B
1004
100 10214
5
10112
10112
Sale
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
80 Sale 7834
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 97
944
.
95
12
10-yearOs1932A 0 7913 /gale 7834
8 -oil, fa)
90
70
33
80
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
104
1 104 111
90 100
2
9312
934 9134
1st lien & ref 65 series A. 1947 MN
11634 July'28 -- 116 111(34
Stamped extended to 1942 _
86
79
4
8018
M
8018
N
8015
81
Convdebs3-4s
1936'I 25814 gale 258
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
MN 9714 Sale 97
9658
1947
1004
99
973
4
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
Conso155
1955'I 9912 gale 98
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 10134 17
9914 Mr
Ref a f 68 ser A
M
1955
10378
10178
29 10178 10514
Sale
102
By-Prod Coke 1st 5348 A..1945 MN 10034 - 10034 1004 13 100 1031. tat Telep & Teleg deb g
J 9318 Sale
9318 984
4348 1952
9414 145
. 9312
Cal G & E Corp unit & ref 58.1937 MN 10312 1-1147-5 0358 July'28 _ _ _ 10314 105
Jurgens Works Os(ulat price) _1947
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
9514 102
103 1054
fa 10314 1044 113 1904
Cony deb f 530
1938 54N 1014 Sale 10114 10178 17
1st gold 434s series B
9912 1041,
'3
1957
1054
_
101
June'28
1o312
*0
Camaguey Sug 1st 8 f g 78_..1942
10058 Sale 1005s 1005))
9934 10114 Kansas Gas & Electric Os__ _19.52 MB
5
1064
sale 10534 106 17 105
Canada 88 List & gen 6s...1941 £0 101 102 10112 10112
1 1004 1031 Kayser (Julius) & Co deb 530'47 MS ioi
11178 11212 19 Kam 122
Sale
11212
Cent Dist Tel 1st 30-yr 5.s_ _1943 ID 1044 105 105
Keith
(B
105
11 10434 10512
F)Corp 1st 88
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
104 1073a
104 June'28
Certain-teed Prod 5548 A_ 1948 MS 92 Sale 8912
92
Purcbase money 6/1
48 8912 97
1997.40 1251 -- 125 July'28
125 185
MS
10112
10014
0034
Kings
2 100 106
Cespedes Sugar Co 1st s f 7.348'39
10034
County Elev 1st g ts--1949 PA 8238
834 914
8-8412 8918 June'28
Chic City & Conn RYS 5sJan 1927 £0 6134 6312 6184 July'28
Stamped guar 46
6184 69
1949 VA 84 8412 84
8314 9012
8418
100
101
7 100 1044 Kings County Lighting fra..._1954
- 00
Ch0L& Coke 1st gu g 58.__1937
3
1044 1074
June'28
105
10578
First & ref13 Ns
72
85
Chicago Rys 1st 58
8134 88
1927 PA 85 Sale 84
J
1954
120
11434
July'28
1184
118
9434 51
9314 9734 Kinney (OR)& Co 734 %notes'36
Chile Copper Co deb 58
1947 33 9434 Sale 9414
D
109 1084
Kresge Found'n cell tr 68_ _ _1936 J D 10514 10714 10514 10514
88 90 Apr'28
Clearfield Bit Coal 18t 48-1940
8714 90
4 10212 10578
104
1034
10318
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
Sale 104
Lehigh C & Nay st 4 Ns A_ _1954'3 10414
1
92
Columbus Ry P & L Ist 4 Ns 1957 13 92 Sale 92
92 100
100 1014
994 10012 10012 June'28
10
87
773s 8814 Lehigh Valley Coal 1st g 5s..1933'3
87 Sale 87
Commercial Cable 1St g 46.. _2397 1.1
97 10114
10112 10012 July'28
Registered
Certificates of deposit
'3
10012 101
Feb'28
10012
1st 40-yr gu Int red to 4% _1933'3
N 98 9812 99T2
08 .
2
1g1-11
. .
Commercial Credits f Os..._1934
9111.
9512 Aug'27
97
92'I
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
9034 10114
1954 PA 9534 -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 10434 107
1951 VA 10014 Sale 10014 10178
3 1004 10685
Liquid
Carbonic
10912
1034
2
10012
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 10834 Sale 108
Consumers Power 1st 58_..._1952
N 10214 104 10214 103
10834 34 10564 11334
Without stock pur warrants_ *0 100 10035 100
Container Corp 1st (38
9834 10278
D 10034 Sale 10034 10112 419
99 10211
10
1946
101
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 9834 9718 July'28
79
9011 9814
9715
1951 VA 9012 9158 9174
3
9178
Deb 534,
Copenhagen Telep ext 68
1950 A 0 100 10212 101 July'28
_ 100 10214
9134 971f
19373, 924 Sale 9212
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
92/
1
4 Sale 9234
Louisville Gas & El (Ky) 58_1952 MN 10118 103 10034 10134 30 1005s 1006 Purity Bakeries s f deb 55_ __1948 J
93
25
2
9734 Sale 9712
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 Pow23
9314 Sale 93
1
4 Sale 88
1944 F A 88/
8912
5
8714 911 Rem Rand deb 534s with war '47 MN
1st sf 6445
94
100
1
4 9938 98/
1
4
90
12
McCrory Stores Corp deb 54.141 J D 98/
10014
98/
6
1
4 IOW. Repub I & 5 10-30-yr 558 f..1940 * 0 10014 103 10014
'
I 10412 104/
Ref & gen 544s series A__ _1953
20 10178 109$
1
1
4 10412 10412
Manati Sugar let s f 7 Ms....1942 A 0 102 Sale 101% 105
68
Manhat Ry (N Y) cons g 48.1090 A 0 6734 Sale 6734
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...1946 J J 98/
99
19
1
4 Sale 99
2d 45
60
7114
92
98
9814 June'28
1
4 102
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 10138
Rhine-Westphalia Elec Pow 78'50 MN 10114 1013s 1011
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
9878 Sale 98
2
Market St Ry 7s ser A April 1940
99
96
16
96
961
/
4 96
1955 FA
98 1001 Rime Steel let s f 7s
1
4 Sale 9812
1957 A 0 98/
65 June'28
Meridional El 1st 75
9834 24
W14 1003 Robbins & Myers lst s f 7s_ _1942 ID
Metr Ed 1st & ref Ss ear C..1953 J J 10018 1017s 10014 1017s 26 10014 105
Rochester Gas & El 75 ear 13.1946 MB 108 10884 10834 July'28
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
96/
1
4 103
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
9834
1
Milw El Ry & Lt ref & ext 4%5'31 1 I 9812 9834 9812
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 10234 105$ St Paul City Cable cons 63_1937 II 93 Sale 93
19611 D 9934 Sale 9912 100
3
1st & ref 5t3 series B
8
9912 1031 San Antonio Pub Serv 1st 60_1952'I 10612 Sale 10612 107
'
A 10034 Sale 34912 1(02 38
Montana Power 1st 55 A_
1943 J J 10310 Sale 10230 10318 30 10112 1061 Saxon Pub Wks(Germany) 78'45
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 10434 10514 104/
4
1
4 105
10363
Guar s f13448 series B
55 10034 120
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/
9954
1
4 Sale 9912
1
4 Sale 9434
9514 44
9914 1021 Shell Pipe Line 51 deb 55
1952 MN 94/
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
9312
1955 A 0 9814-___ 9934 May'28 _ _ _
1
4 Sale 9212
99 1001: Shinyetsu El Pow 1st 6446_1952 J O 92/
7
Morris dr Co Mt f 4448
851
/
4 86 851
1939 J
/
4
8912
87
8.51
/
4 886 Shubert Theatre 8s.June 15 1942 D 89
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
10-25-year .58 series 3
9734 100
M
6
98
1932
98
10812
Deb 5 f 6 Ms
10812 Sale 10812
9873 943.
3
1951
Murray Body lot 6 M s
42
1934 .1 CI 9612 Sale 9612
971
S f 644s allot ctts 50% pd '51 MS 10734 10812 10534 108
76
90/
1
4 98/
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
10434 1043
96
96 Sale 95
1 10214 10134 Mattis Elec Corp.)t 644.3
1948 P A
Namm (A I) & Son-See Mfrs Tr
Silesian-Am Exp coil tr 7s
99/
1
4 16
1941 P A 9834 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
1947F A 8278 Sale 8270
85
D 99 Sale 99
1st lien 6345 series D
99/
1
4 42
8273 101
10
1938
Nat Starch 20-year deb 50 1930 3 .1 100 10014 100 July'28
1
4 Sale 97
9738 52
100 10034 Sinclair Crude Oil 53-4s ear A.1938 II 97/
National Tube 1st a f 50_ _ _1952 M N
___ 103
103
9312 15
103 1051
/
4 Sinclair Pipe Lines f 58
1942 *0 93 Sale 93
Newark Consol Gas cons 58_1948 J 0 103100 10312 10734 May'28
Skelly Oil deb 53.4.3
9313 14
92/
10733 108
1
4 Sale 9212
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
99/
10778 109 10834 109
1
4 108
84
New Or'Pub Serv 1st 58 A 1952 A 0 95
96
95
96
9
1
4 10318
95 101' South Bell Tel & Tel 1st s t 581941 1
Sale 103/
103
/
1
4
18
First dr ref Se series B
1
4 977 957
19551 D 96/
9612 22
2
95% 1011 Southern Colo Power Be A1947I, 10212 103 103/
1
4 1031s
N Y Dock 50-year 1st g 4.4._1951 F A
851
/
4 86% 851
/
4
42
Erwest Bell Tel 1st & ref 5s...1954 P A 103 Sale 10235 103
8518
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 10378
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 108/
1
4 111 108
106
1
4 14
1930 MN 10018 1-01-14 10018 100/
_13 106 111e Standard Milling 1st be
Registered
110 Apr'28
2
1st & ref 5545
1
4 10314
110 110
1945 ▪ S 10314 10434 103/
Purchase money gold 4s_.1949 F A
921
/
4 9414 921s
9214
92/
1
4 9834 Stand Oil of N J deb ba Dec 15'46 P A 10263 Sale 10238 10212 123
NYLE&WC&R115440_1942 MN 102 -_- 102/
1
4 Oct'27
Stand 011 of N Y deb 4443_1951 J
se
95
95 Sale 9412
_ 1011
NYLE&WDock&Imp581943 J J 1001
/
4 July'28
6
1
4 100
Stevens Hotel 1st 6s series A_1945 J
100 Sale 99/
iai4
N Y & Q El L & P 1st g 5.3_1930 F A
99 8100 987 July'28
9934 July'28
98% 1017 Sugar Estates (Oriente) 73_1942 MS 99 100
NYRySI5IRE&ref4s._.1942J 1
5234 Apr'28
Superior
Oil lot Sf 78
_ 103 100 June'28
1929 P A
6234 623
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/
1
4 --- 10814 June'28
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
4 Bale 10512 106
Tennessee Elec Pow 1st 68_1947• D 105/
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/
1
4 82
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
7519 941!
NY & Richm Gas 1st 6.1 A..1951 M
2
104 107
07
10712
9812
Third Ave Ry 1st g bs
1937 II 9734 9913 9812
2 104 109
NY State Rys 1st cons 4448_1962 MN
49 Sale 48
11
1
4
4970 21
99
9878 Sale 98/
Toho Elec Pow 1st is
1955 M
48
60
let cons 6 MR Aeries B
65/
1
4 66 July'28
1982 MN 65
9934 40
9834 Sale 9812
8% gold notes_ _ _ _July 15 1929 J
85
744
Y Steam 1st 25-yr 65 ser A 1947 MN 10618 Sale 10512 10534
2
4
99%
105 1091
. Tokyo Elec Light 6% notes_1928 FA 9934 Sale
N Y Telep let & gen s f 4%6.1939 MN
9912 Sale 9912 10014 68
9214 523
1953 J D 9178 Sale 9134
1st 65 dollar series
9912 10319
30-year deben a f 65._Feb 1949 P A 11014 Sale 110
11012
Toledo Tr L & P 5M % notes 1930 11 9934 9965 9914
109/4
111.
9
20-year refunding gold 68 1941 * 0 10714 Sale 107
108
Trenton G & El let g 58_
1949 MB 100 10712 10434 June'28
29 106 109
NY Trap Rock 1st tle
MN 10212 Sale 10214 10278 20
1946 J O 102 Sale 102
10212
9 100 1031, Trumbull Steel lets f 6.4.__1940
Niagara Falls Power let 513_1932 J J 10014 1011
'
I 53
/
4 101
64 60 July'28
102
Twenty-third
St
Ry
ref
58_1962
2 101 1044
Ref & gen 66
N 10012 101 10012 1011
Jan 1932 AO 10412 105 105
10
105
Tyrol Hydro-Elec Pow 7440-1955
104
106.
1
Nies Lock & 0 Pr lst bs A-1955 *0 10112 102 10112 102
104
1
101
11
Norddeutsche Lloyd (Bremen)16
991
Warms El Pow f 7s
1945 ▪ B 9912 Sale 99
20yrs10,3
9314
1947 MN 93 Sale 93
94
99
95/
1
4 Mar'28
9213 9312 Underged of London 4440_1933 1
45
Nor Amer Cem deb 6448 A..1940 MS 8014 Sale 8014
3
10212 10134 10134
81
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
4 10412 10412 10512 11 1021s 1071. Un E L&P(I11)1st g 5445 eer A.'54 1
1947
S 103/
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
2
/
4 10134
Union 011 1st lien s f bs
1931'3 10134 103 1011
107
104
7
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
0 98 Sale 97%
9134 25
23
98
9012 eel. 1st lien s f bs series C.Feb 1935 *
Ohio Public Service 744e A.1946 * 0
11434 115 July'28
2
United Biscuit of Am deb 613_1912 MN 10012 10034 10034 101
1153
4
1141
:
lst dr ref 7s series B
1947 P A 11578 116 11573 1157s
M
United
96
96
95/
1
4 Sale 9512
Drug rets 25-yr 5:3_1913
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
104
/
1
4
101
,
1
Old Ben Coal 1st 66
1944 FA 9214 Sale 92
92/
1
4
_
1
4 983.
19/7 MN 96/
4 9612 July'28
87
9512 United SS Co 15-yr tis
2
Ontario Power N F 1st 613._.1943
_
10314 July'28
'
A 103
Un Steel Works Corp 6348 A.1951 • D 9012 9034 93 July'28
10112
1015,
Ontario Transmission let 54.1945 MN 99 101712 10038 July'28
D 9012 Sale 9014
With stock pur warrants
9214 66
.
100
1
3
1043
_
Oriental Devel guar 6s
99/
1
4
1t53 M
9912 21
D 91 Sale 9018
Series C without warrants
9210
96/
1
4 105
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/
1
4 Sale 9914
9934 38
976, 101
United Steel Wks of Burbach
Pacific Gas dr El gen & ref 58 1942• J 102 Sale 10138 102
Esch-Dudelange 5 f 78_ .1951 so 10334 104 104 July'28
10013 1051
.
14
Pac Pow & Lt 1st & ref 20-yr 56'30 FA 100/
1
4 10034 100
10014
115
86
9912 loll 135 Rubber 1st & ref 58 ear A 1947'I 86 Sale 8512
3
Pacific Tel dr Tel 1st be
1
4 103 103
1937• J 102/
103
10-yr 744% secured notes_1930 F
101 Sale 10012 10110 57
21 10234 108
Ref mtge be scrim A
1952 MN 10234 Sale 10234 10312 19 10234 108
U S Steel Corp cCoupon Apr 1163 MN 10614 Sale 106
64
10714
Pan-Amer P & T cony af 60.1934
N 10212 Sale 10212 10234 43 10212 1061.
St 10-60-yr5s Regis_Apr 1913 MN
1
10584 10534
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/
1
4 106
Pan-Am Pet Co(of Cal)conv 60'40 JO 94/
1
4 9512 9434
9512 20
Utah Lt & Trac 1st & ref 58..1944 £ 0 96 Sale 95
9612 20
911
/
4
981
.
Paramount-B'way 1st 5 M s_ _1951 II 101 Sale 101
10114 20 100/
18
Utah Power & Lt 1st bs
1
4 104
1944 P A 101 Sale 10012 101
Paramount-Fam's-Lasky 63.1947 J o 9914 Sale 9833
9912 33
98 10234 Utica Elec L & P IsIs f g 50_1950
1071/4 1091 10878 June'28
Park-Lax let leasehold 6 Ms_1953
99 Sale 9812
99
July'28
Utica
3,
Gas
&
10614
Elec
106
1053
861:
4
ref
&
10214
ext
53 1957
Pat & Passaic0& El cons 581949 M
102 103 10712 Mar'28 18
99/
1
4 100
D 99 100
107 107/
1
4 Vertientes Sugar let ref 75_1942
Pathe Each deb 75 with ware 1937 ▪ N
7012 Sale 70
70/
1
4 40
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 69
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
1
4 100
• J 100 Sale 99/
Vs
Ry
&
Pow
11334
11P
1st
&
ref
50
1934
Refunding gold 68
1
4 1-0414 10412 July'28
1947 MS 103/
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
853s 20
1st sink fund 6e series A...1945 £ 0 82 Sale 82
193
104
Secured be series A
1
4 Sale 97/
1967 J o 98/
1
4
9818 169
2
106
97/
1
4 1013. Warner Sugar Refin lot 78__1941 JO 106 1061 106
8
9234
92
90
Warner
'
3
911
/
4
Sugar
Corp
1st
76_1939
Phila Elec Co 1st 4445
98/
1
4 Sale 98/
1
4
1967 MN
99
2
104
104
Wash
▪
J
9830
Water Power s f bs.-- _1939
104 -.1041
68
Phila & Reading C Al re( 53_1973 .1 I 9738 98
9712
98
107 July'28
94 (07. Weetches Ltg g bs stmpd gtd 1950 J O 104
12
Phillips Petrol deb 5345
1939 3D 92 Sale 9112
92
9112 943
64
1-0i 102 July'28
. West Penn Power ser A 58_1916 M
Pierce-Arrow Mot Car deb 831943 M
101 Sale 101
103
10
1
4 103
1st 52 series E
9012 106
102/
1
4 103/
1
4 102/
1963 M
Pierce Oil deb 5(85._Lee 15 1931 JO 103 106/
1
4 10634 July'28 20 10412
10114 20
151 544s series F
1‘634
1953 £ 0 105 1064 10114
Pillsbury Fl Mills 20-yr 65_1943 * 0 10514 10512 105/
1
4 10514
1
10138
1013
ii-.
3
1
1033
Sale
4
1st
1013
5
100
sec 5s series G
1056
Pirelli Co(Italy) cony 75......1952 MN 10034 10312 104
104
7
5012
51
50
West Va C & C lst 6s
1
50
9919 118
1950 1
Pleasant Val Coal 1st g s f 50_1928 .1
99 June'28
142
10134 102
Sale
A
C
102
99
10.
Western
Electric
deb
br__
_1944
Pocah Con Collieries 1st 51551957 J J
93'z 06'z 9312 July'28
8
100
93:
1 9614 Western Union coil tr cur 58_1938• J 10012 102% 100
Port Arthur Can & Dk (5a A-1953 P A ---- 106 106
106
4
9934
99 Sale 99
1 10412 10614
Fund & real est g 454s__ I950 MN
1st M (is series B
'
A --- 1013 106 July'28 1953
14
110
Sale
109
P
A
109
10412
106
15
-year
1936
6348
Portland Elec Pow let 65 B 1947 MN 10113 10278 10113 10113
JO 10134 Sale 10112 10263 27
25-year gold 55
1 1011
/
4 105.
1
Portland Gen Elec 1st 58
9812
10312 1011
/
4 July'28
19:53,
52
99 10314 West'h'ae E te St 20-yr g bs_ _1
19
94
56
1 MS 104 Sale 10334 104
Portland Ry 1st & ref 58- 1930 MN 9478 96
9812
99
-• 1 10014 Sale 9938 10014 22
10
98
9 14 Wheeling S eel Corp 1st 5443 1948
Portland Ry LAP let ref 53 1942 P A 10014 Sale 10014
10014 14
Eagle
Oil
&
91
1
Ref
101%
deb
54413'37
White
1st lien & ref 65 series 1.1
/
4 10373 1011
1947 MN 1011
/
4 1011
/
4
9612 30
6 10119 10479
With stock punch warrants_ _-_•S 9612 Sale 9633
1st lien & ref 7545 series A 1946 MN 107 10733 108 July'28
125 124 July'28
White Sew Mach 68(with war)'36 ▪ 1
1063s 108
Porto Rican Am Tob cony 681942
'I 9812 Sale 98
3
9812 14
9912
9812 99/
1
4 9912
97/
1
4 106
Without warrants
Postal Teleg & Cable roll 5e_1953 J J 94% 95 9434
20
9538 63
34
34 Sale 34
9434 95
Wickwire Span St'l 1st 78..A935 J
90
Pressed Steel Car cony g 53._1933
'
91/
I 8912 92
1
4
3073 14
6
90
99.
3 Wickwire Sp St'l Co 7s_Jan 1935 Ml'. 3012 Sale 3012
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
22
Without warrants attached...
T 11034 in 11012 111
1
4 1121
. Wilson & Co let 25-yr s 189_1941 A 0 10234 Sale 10114 103
3 110/
1
4 12112 763 116 12534 Winchester Repeat Arms7 Ms '41 A 0 107 Bale 107
Pub Serv Corp NJ deb 4343_1948 FA 12114 Sale 118/
4
107
Pub Sent Elee & Gas 1st 55481959 A0 102 1031 1061s Mar'28
1
4 10014 273
100 Sale 99/
Youngstown Sheet dr Tube 6819781
11.4% 106
102/
1
4 Sale 10214
15t & ref bs
1965
102/
1
4 18 10214 10514,
Punta Alegre Subs% deb 76-1937 ii 10514 Sale 10514
106
159 104 207
5
u,r2.4
H
A
"
01/
1
4
993
714
2 1054
97 101
93
9784
103 105
10718 11813
9812 102
1
1(7
158
14 10
2/
94
1
4
9014 94
9414 98
88
85
10714 114
104 10819
(10
9018
9als 954
99
76
99
79%
93
9812
106/
1
4 10934
9912 10310
95
98
10012 105/
1
4
100 105
9634 98
9434 9612
10
1199
994
0458G4
1
:
748
2
:
1
11:
9499
12
6411
9812 105
93
96
9712 102
9814 10812
100 10414
9714 90/
1
4
9514 10212
9612 99/
1
4
93
9734
19
02
212
1 19
05:
4
101 103/
1
4
106 11014
103 106/
1
4
10214 1071s
9912 10212
9912 10112
1011
4
0 104
0411
9412 9812
98/
1
4 102/
1
4
1
4
9934 101/
100
06/
1
4 190
°
10319 10819
tons 1157s
105 10814
66
73
9
2
2
:
0 1178
9
5
999r
98812 1100:00
42
04 10v
01:
19
09
101 1031:
551
: 681k
190999
0;
8
0358 11190900323:1
103
10
804
:
/
1 18
7
995 102
11009
0v
84 14
1
021
4
5
9514 10014
844
84
95 101
91% 96/
1
4
90/
1
4 971
.
9019 96
9018 971$
0611
10254
0314 105
100 10534
10
05634 109
084
1
81/14 96
0038
12
9
984
5/
1
4 103
106's
650
127
814 108
1499
06
99
9°19 103
°178
85
9614
82
951a
10612 10774
841: 95
05%
104
107 10
1
1:
15
i9
0
°07
201
111138:1 : 111110
1
1
:
3
100 10519
109
10112
10214
99/9
11373
10514
1011
10614
9319 9814
1
0
228
19
2385
n: ;
I 73
1430 :
1:32
gao
112.
0
e6
8
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.
On basis of 100-share lots
Lowest
Highest
PER SHARD
Range fee Previous
Year 1927
Lowest
Highest
$ Per share $ per share $ per share $ Per share Shariel
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 8634 8734 "85
355 Boston Elevated
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
113 1-11-3 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
7634 Jan 87 June
•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 16
'150
Dee 165 Apr
97
24 Sept
;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- -iE75
73 May
100 6114 Jan 26 90 Slay 16
'
109 10934 .109 10931 10912 10934 •105 169-4 10934 10934 _ _ -270 Prior preferred stamped_100 108 July 14 115 May 10 10
54
5'
4 May 113 May
.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
____
.146
148 148 *148
_
*
*143,2 -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.. _. 10434 Jan 4 10913 Apr 33 103 Sept 106
.10712 ____ 10712 10712
Oct
Boston & Providence
175
100 173 July 4 182
Jan 20 176 Dec 212 004
32
32
32
32
32
34
.32
32
32
32
Mass
32
32
East
128
Street Ry Co
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 6
Oct
2 Star
A r 78
5 ,
60
20
5:2 Apr 28
*51
52
52
52
52
52
52
53
5212 -52- -5-2.*52
250 Adjustment
594 Sept
100 50 July 12
Apr
_ *6014 _ _ _ .6014 ---- 6014 6014 6011 6014 60
14
158 Maine Central
Mar
60
74
100
Jan
69
Feb
4712
Jan
15
12
2
30
t
y
6
215
5
544 5.434
•605514 5532 554 57,9 5678 57
564 564 5738 5818
828 N Y N H & Hartford
100' 5432June 19
414 Jan 634 Dec
*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
6378 8418 634 6418 634 64,
6372 6414 6414 644 644 6472
996 Pennsylvania RR
50 82 June 19 7233 Apr 27
63 July 684 Oct
•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
Jan
214
27
1
8May
10
6
412June
1652 16,2 •16
1612 *1512 161 •16
1612 .34 312
185 Preferred
50 15 June 23 24,4 Feb 14 1 154 Jan
2611 Sept
-.48
49
493s 493 *481 2 49
.1614 17
1612 1612
120 1st preferred
50 43 June 29 51 Apr 12 1 47 July 50
Apr
17212 17312 17214 17318 17178 1737 1734 17614 .4812
48
43
105 Amer Telephone dr Teleg._100 17172July 21 210 May 17 1 1494 Jan 18511 Oct
1912 1933 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/
3
4 Feb 20 204 Apr 25
0;96- 92
91
91
-891-2 -96
;86- 90
00
Ver 90
275 Bigelow-Hartf Carpet_.No par 8912June 26 995 May25
-9194
Feb 96 Nov
77
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 31 136
7apyr 16
2
4125A
.1116 121 *115 121
118 118 •118 123 .118 123
115I 11513
134 Dominion Stores Ltd__ No par 10513 Jan 17
67 -rfOn 1-08-4 -17C;
.412 512 .412 512 4.412 512 .412 514 .412 512
East Boston Land
314 1",12
10
212 Jan 11
114 June
612N1ay 291
212
•2232
212 .2.238
24 24
234
234
238 238
955 Eastern Manufacturing
5
13
/
4 Jan 31
112 Dec
244 Jan 20
714 Mar
1199
9934 *298
0912 9712 9712 96
97
97
97
9912
840 Eastern SS Lines, Inc
97
94
Jan
5
86
Feb
46
118
May
18
25
48
48 .14734 49
"4714 4812 '4712 4812 *4712 4812
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
.1334 1634
17
•15
1512 1512 *1534 1614
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
3612
Apr
May
Oct
21
2314
Mar
27
28
41
*32
34
-3212 -321.2 *33
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
Jan
1712
4
Oct
113
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
10232 10332 •10178 10278 161.
4 1617;
316 Gillette Safety Razor..No par 98 June 25 112 Apr 13
gal, Mar 10914 Oct
*9
91
. *9
91, *9
912 .9
912 *9
_ Greenfield Tap dr Die
912
Oct 1314 Nov
13
Mar
25
7
Jan
22
912
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, 2534 2654 254 26
27
355 Hood Rubber
27
2558 2612
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 5778 6038
995 Internat'l Corn
5812 5958
453
/
4 Feb 20 6.512June 9
'94
____ 94
*94
94
__
10 Kidder, Perth Accep A pref_100 94 Apr 24 95,4 Jan 16
Id.- -A-pi "9534 July
10
10
104 1034 10
10 '10
1012 .10
62 Libby, hfcNelll & Libby____10
10,2
1114 Bent
7 Aug
9 Jan 7 1212May 3
..274 _ _
74 74 .1773
6 Loew's Theatres
*778
_ *xila
-Jan
10
6
Jan
1014Nlay 10
Jan
142 142
14113 142
1411( 142
142 142
14114 14114 1,-11- 1-42-1.141 hlassachusetts Gas Cos__ _100
84 Mar 124 Nov
711 Feb
3 155 May 15
4
25 109
7712 78
78
7712 78
774 7712 7712 78
78
217 Preferred
Jan 814 Not
70
,
8 88 May 8
79
7 JAprun e 2
1pa
0,
0 9
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
438 J n
10
•37
3734 .37
38
*37
3734 ._ -37
15 Nat Mfrs Stores Carp
37
30 Apr 16 403sMar 8
284 2812 .2834 30
2812 2812 2812 ---28
350 Nelson (Herman) Corp
28
23.1-4
2812 28
Feb -3-3 -15e4-3
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
873 Feb
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
2912 30
29,
4
44 Bent
100 29 July 18 404 Jan 3
354 Mar
•12
15
*12
15 .12
15 I .12
15
12
•12
12
44 Plant (Thos 0). 1st pref_ 100 12 July 19 23 Jan II
15
15 June 4258 Jan
•16
1612 .16
1612 .16
1612 .16
Reece Button Hole
1612 *16
16,2
1812 Feb
10 15 Mar 27
.41414 EleP^
June
14
17
•Ils
112 •178 2
134
134
70 Reece Folding Machine. _10
134
134 .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 12334June 18 14212July 19 1-(15.1-2 Jan iii" 41508
112912 131
12912 13014 130 13034 13034 13034 13034 131
131 131
Swift
& Co
359
31113 13011 Sent
100 1243
13534June 4 115
/
4 Jan
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
312 338 '314 334
4
312 4
4
4
1,790 Tower Manufacturing
93s Jan
27a Dec
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 2673 Apr 16
•14
1414 •14
1414 1414
1414
1414 1412 .1414 1412 14
14
80 Union Twist Drill
Sept
1413 Jan
91s
5
11
4
Apr
May
12
16
5514 55
5434 5434 54
56
55
5534 55
5512 55
5512 4,445 United Elee & Coal
4014 Apr 20 58 May 25
7212 7212 7212 73
7212 73
73
7334 73
73
73
7314
1,060 United Shoe Mach Corp___ _25 63/
Jan
Nov7
50
3
4 Jan 21 77 May 15
314 314 31
32
3114 3114 31
31
•3114 31,2 31
3114
3112 Not
ac
825 Preferred
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
2134 .2114 22 .
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
174 1)es 2434 Apr
20 l44 July 20 1833May 21
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
5312 53518 5312 5312 '5334 -- .5313
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
138
112
•114
114
114
1Wune 15
254J 111164
412
414
Cs
44
.4
4
412
414
412
.24
412
Arizona
820
515.24
Commercial
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
22
2234 23
224 23
776 Calumet dc Ueda
2238 22
2212 "2218 2234 22
*22
c
e
144 June -25210411-3/41:4:4
25 2014 Jan 10 254 NIay '28
1734 18,4
1734 18
18
1,202 Copper Range Co
18,4
1812 1734 183s
18
18
18
WI May
141
:Mar 14 23 May 15
238 238
234
212 212
Buter
630 itiasntcock
234
oC
212 212 •212 234
*212 234
nozaiyatN
Jan
2134
efdnIngli
4
334
14 Oct
14 Feb
May 15
3
312 312
3
3
1,825
3,4
July
"234 314
434 July 3
3
312! *3
Apr
312
30 Mar 26
16
212 212
212 212
212 234
*234 4
29' Hardy Coal Co
*234 4
*234. 4
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
134 Apr IR
32
25 .81 Jan 21
4912
51)
5012 4934 4934 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
•174
1814
_
19,4
-1-93-4 -1,595 Isle Royale Copper
1814
18
1734 18
174 1812 18
16
27. Bee
25 1117g Feb 28 2414May 16
9 July
318 .3
318
312
15 Keweenaw Copper
312
*313 352 *318 31 2 *3
25
312 *3
13
/
4 Jan 17
7 hlay 14
1 July
8 Lake Copper Co
1 14 •112 2
114
"13* 2
*152 2
"138 2
•112 2
Jan
25
3 May 15
80
1 Feb 24
l's
100 La Salle Copper
Us .•90
11s
3
1 Nov
1 13
60 Ma
118 '.90
-25 .75 Jan 31
•.90 112 •.90
234June 2
112
Mason Valley Mines
112 •118
112 .114
3(
:
2
) 12)
112 4114
3ee
De
70
112 *114
I May 28
5
152 .114
2 Jan 7
*132
.
.50
.75
'
1
100 Mass Consolidated
.75
...SO
.75
..50
.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
25 May .85
25 .50 Jan 25
134May IS
7N
1
Mohawk
e
5712 574 5813
5634 5712 57
52 Dee
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
378
F-e
eb
375
75
104 I.
6 Aug
34 34
338July 21
312 34
334 334
334 334 •312 334
5
578 Jae 3
7,150 North Butte Mining
314
3
,116
44n
3
11
/
4
32 .1
318 314
318 314
3
50 Jun
3
31 4
314
314
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
3-9-2,995 Quincy
1314 July
39
38
3914
3812 39
40
38
40
124 Apr 18 46 July 5
3812 3938 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 .1..30 .50 •.30 .50
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
•334
34
74 Feb
140 Utah-Apex Mining
44 July
*2378 4
4
4
34July 25
*1334 4
514 Jan 4
5
.1334 4
334 334
70
2 Feb
78 00
930 Utah Metal & Tunnel
t'4', 133
1114 Feb 28
114
1,4
114
14
114
114
114
114
1
lit
1 Feb 9
114
2 Aug
Victoria
60 July
'al's
173May 23
112 *a14
112 *al3s
112 •14
153 • 132
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.
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange, July 21 to July 27, both inclusive:
Friday
Last Week's Range Sales
for
of Prices.
Sate
Price. Low. High. Week.
BondsAmoakeag 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
RightsIns Co of N A
734
BondsFlee & 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.
Baltimore Stock Exchange.-Record of transactions at
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
.25
pref
Sons
&
(I)
Bonesch
•
Black Jr Decker corn
Ches& Po Tel of Halt pf100
Commercial Credit. _ .• 30
25
Preferred
25
Preferred B
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
Finance Coot Amer "A".• 10%
• 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
88 34
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
3.531
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
27 34
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
_50
Ry..
Central
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
9934
July
99%
4,000
9934 9934
July 98%
93% 9335 1,000 93
99%
July
98
1.000
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
101
2,000
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
Mercantile Trust Co....50
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
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange, July 21 to July 2 , both
inclusive, compiled from official sales lists:
Range Since Jan. I.
62
BondsBaltimore City bonds1962
4s Conduit
4s Engine House...1957
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 Sugar1937
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.
Cincinnati Stock Exchange.-Record of transactions
at Cincinnati Stock Exchange, July 21 to July 27, both
inclusive, compiled from official sales lists:
sua
Range
7.ast u Week's
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
20
"A"
Ftetrig
&
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
: 4834
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
French Bros-Bauer pref.100
•
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%
1014 1035
Union Metal Mfg com_ •
43
43
Union Trust
100
285 287
Wood Chem
. 25
25
2514
BondsCity 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 CorpClass 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 CoCommon
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
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
157
90
24
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
53
82%
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
5154
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
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
Standard Dredge cony of..• 37
3634 3934 9.010 3034
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
Drive
Bldg
Wacker
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%
Vulcan Corp, corn
2234
* 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
Williams 011-0-Mat corn.*
_
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 -
2234
91
2635
9535
9554
5754
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
935
47
2734
8234
10235
14634
119
8234
4554
32
9934
Range Since Jan. 1.
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
120
May
July
485
9534
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
St. Louis Stock Exchange.-Record of transactions
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 StocksFirst 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. StocksYates-Amer Mach part pf•
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
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.
BondsChic 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 ElExtension 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
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.
San Francisco Stock Exchange.-Record of
tions at San Francisco Stock Exchange, IJuly 21 to
both inclusive, compiled from official sales lists:
Stocks-
86
Ms
Fe L
Ja L
Jr) L
Ja L
J2 1
Al •
Fe i
Ml '
Ju. '
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_ ......
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
...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
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,
154
154 15431 7,797 130
American Company
60 225
Anglo & London P NI Bk.. 252% 252 255
7934 7535 7935 13.047 31
Diesel
En
"A"Atlas Im
100 103
Aloe preferred
Boyd-Welsh Shoe
*
Brown Shoe common_ _100
*
Burkart common
*
Preferred
Independ Packing pref _100 95
95
05
. 8035 8034 81
Internat'l Shoe Corn
10935 10935
100
Preferred
41
1935
53
46
2135
41
19
53
46
22
4I54
20
* -___
100 112
100
•
1835
112
102
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
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
85
July
80
4
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 Stocks127
Jan
19
Ja
2,200 20c Mar 43c Jul
430 43c
10
Granite 131-Metallic
Mar 1735 Ms
155 11
1334
13
106% M, Consol Lead & Zinc "A".'
103% A
Street Ry. Bondsw
5335 J
Jan 9535 'Jul
95
95 821,000 94
95
31
n E St L & Sub Co 5s_.1932
J °
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
Rys
4s
,
United
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
value.
par
• 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
0000000
000000=
0Cul88g8g8288,
0. 0=0000000 ,
6,,,,..,,,c,0
‘„,,,„,,,,.„
_,c,,=88,,=2.82,80800 co occ000cccoc.-.0000=coc soocoocossocc.00sco gocgo R osgRoR
Iv) ci,,,-.01.,--, 05.,,,,-,..“
0,,,,
"
c, ,..,,. ,...,,,,,,,_„,
:, ,..„
::.-,,,,,,,6N.,c,,c,3,,oc,
occroo
coEs2sc
©el
eZ,C=^ 000S03==00000©
ooR c
0'000000
al0-.CC
0C.
....
OC
0 -=
- -0...oc
C1C-4-.Cl0......l.
o..1gc4c,
.
. 1.
,
-44M.-.W.,
ogo,.n
-.N
4
....
4
t-li
-.
Cl
CI Cl
44
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
July
Apr
2234
1834'
72
May
534 Feb
7134 July 73"
July
June
leo 209
ill
Sept 11434 Dec
108
June
asi
Mar
134
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 francs2431 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
May
(D W) class A. •
231
234
344 30
3434 2,300 294 July 3434 July
Hall(C M1 Lamp Co_
1634 1731
•
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
• 1414 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
Apr
Rubber corn
• 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%
3034
3634
BILss(E W)Co com
19
• 2331
243,6
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
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 CelaneseKalamazoo 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 & CannonKinnear 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_ . • 5231 48
5274
Caterpillar Tractor
67
Jan 79
500 53
68.4
May
Lake Superior Corp_ _100
6
54 6
• 34
Cavan-Dobbs. inc. corn. •
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.• 6274 61
2'1 May
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 14
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 IncClass "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
•
44 414
Mar 19
1834 1834
Davenpert Hcsery Co._ •
500 10
July
Nat Food Products1,595 2204 Jan 416
Deere & Co. mm1,11011_101) 39931 38934 39934
May
Class"B"
• 114
11
12
1 14 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-Casting
• 36% 3534 37
Nat Sugar Refg
100 140
136 140
100 1044 Jan 13934 May
Dominion Stores Ltd- --•
118 118
Sat Theatre Supply corn •
11 14 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
11034
Cum cony pref
10531 July
June
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
133,6 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 4614
July 4934 May
New Mez & Ariz Land. .1
200 43
734
744 734
Evans Auto Loading Cl 135 90
Feb
924
June
5334
New
Oil
Gt
2,300
Nor RR_ _100
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-Pond nom •
800 4434 June 58% Apr
45
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 Postage834 844
100
7 June 1044 Jan
834
Meter Co
130
230
223
210
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
(Mica Gel COrP.com•$0. 243.6 2314 2414 3.500 17
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
Southern Ice & Utli com B. 23% 2334 23%
331a June
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..L
914
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
5414 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
100
7% cum pref
76
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
11449
prof..
.60
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 364 June
Wire Wheel Corp corn new. 264 25;4 27
• 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
RightsAluminum, 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
New Haven Water Co..50106
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
127
054 12
08
54
%
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
124
064
% 12
04
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 187
,4
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
60 129
12%
4 Jan16
MaJn
32 May
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
13
1% j
Jun
tme
100
50 110
e 10
19
54
%
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
123,5
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
, June
500 76
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
15/5 16%
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 & Light69. without warrnts 2016
Amer Radiator deb 434541
Amer. Roll Mill. deb be '48
1936
Amer Seating
Amer Solv & Chem ea.1936
Anaconda Cop Min 611- 1929
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' 60-1958
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 Co1st 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 53
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 25
lyr
714 JAup
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
9
7'H
7
55 Jul
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 2
MayFjj aab
n
18
818
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 JJJanuurl ye
64511
1,200
35,5 July
91,700 174 Mar
elle Apr
500
i
Jan 3'
3
8
3c May
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
114
1
sis Apr
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 9514 June 99%
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
2,000 9751
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
Mar
July 10434
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 PrivetBank 554e
1937
Commonw Edison 44e '57
Consul 0 E L
P BARCH. 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 514e '38
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 6937
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.
93/5 93% 19,000 9314
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
86
83
104
106 108
3,000 10455 Jan 11215 Apr
Mar
95
9654 19,000 114% July 101
91
8,000
July 97% May
9154 9215
94
86
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
1034 10354
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
10214
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 & E1st & 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 pf6Si6-1935
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
10214
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
1023,4 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 10414
Staley (A E) Mfg es .1041 98
Stand Inv 5s with war_1937
Stand Pow & Lt
100
Stinnes (Hugo) CornTs 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 1035
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 56% 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 14 alri9
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)6411.55 100
9994 100% 25,000
July
99%
102% Jaz
1902 894 89
646
8934 230,000 874 June
9594 Ma)
Estonia (Republic) 71 1967 90
90
91% 18,000 90
July
Apr
Frankfort icitgl 1148 1953 9694 9584 994 69,000 994 June 95
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 8094 Jun a944 May
97% 12,000
nit( 17"
Jan 10014 ate
98
0114 JIlly 4414 Boy
Bonds (Concluded)Russian Government6145
1919
834* ads
1919
8341
1921
545 Ws
1921
537
Moat/
Last Week's Range Sales
Sale
ofPrices.
for
Price. Low. High. Week.
13
1234
13
1254
13%
1291
13
11,000
1334 69,000
1394 2,000
124 5,000
Range Since Jan. 1.
Low.
1234
124
1214
1234
Saar Basin Con Counties
76
1935 100% 10091 looq
3,000 100
Santa Fe (City) Argentine
Republic ext1 U.__.1946 9731 97
974 8,000 934
Santiago (Chile) 76 .1949
984 99
3.000 9834
Saxon State MIS Ins 76 _'45
9734 98
9.000 9794
1946
9434 9434
648
2,000 944
Serbs Croats & Slovenes
(Bing) esti aec 76 ger B'02 854 8594 864 63,000 8694
Silesia (Prov) 75
1958
8994 894 23,000 8994
Switzerland Govt 5945 1929 1004 10034 IGO% 18,000 100
Vienna (City) ext 68_1962
Wareem tr`ltel 7e
10AY
8834
13R1.4
88
8994 105,000
RR14L RR 14 32 000
June
June
June
July
High.
30
18
1714
1734
Mar
Mar
Mar
Mar
Feb 10934 May
Jan 9994 May
July 101% Ara
July 10134 Mar
July 984 Apr
Jan 92
Feb
June 894 June
June 10234 Jan
8754 June
RS“ July
9334 Apr
9044 Ms.
•No par value. 1 Correction. m Listed on the Stock Exchange this week, where
additional transactions will be found. a Sold under the rule. o Sold for cash.
Optlon sales. 1 Ex-rights and bonus. w When Issued. z Ex-dividend. g Exrights. s Ex-stock dividend.
Option sales made as follows: a Middle West Util. prior lien stk. Mar. 5 at 12;
8 A.G.SpaldIng & Bro., corn., Jan. 14 at 120:g Associated Gas & Elec.. Jan. 14 at 47:
S Sierra Pacific Electric Co.. Jan. Sat 92; u Mt. State Power, Jan. 13, 10134.
(1) Palmolive Pet., Feb. 28 at 85.
"Under the rule" sales were made as follows:
Si Belgian National Railway. preference Jan. 20 at 1794: C Eltkigon Send CO;
6s, Jan. 13 at 9894; j000dyear Tire & Rubber of Calif. 544*. Jan. 4 at 10134•
k U. S. Rubber 64% notes 1940 at 108; r J. J. Newberry, pref. Jan. 25 at 10734;
Standard Publishing class A Jan. 25 at 4; 1181,000 United 011 Prod. 89 1931.
Feb.2 at 881. Potrero Sue. 7s, 1967. Feb. list 98: w American Meter Co. Feb. 29
at 126. (3) Ohio River Edison 5s, 1951, Feb. 27 at 103. (4) Nat. Pub. Sur. war.,
Apr. 24 at 3+834. (6) Mtg. Bk. of Bogota 75. 1947. Apr. 20 at 96-Inland Steel
445, May 4, at $5,000 at 98%. (8) Cities Service pref.. May 23 at 10835.
(9) German Con. Mines 75, 1947: May 23. $1,000 at 10114. (10) Trumbull Steel.
Pref.. July 19. 100 at 12234. (11) Midwest Gas is. 1936, July 23,:54.000 at 10795•
Note.-Sales of Neve Drug Stores corn at 3634@37 reported last week was an
error;should have been convertible A stock. Also sales reported May 31 at 40@4074
for common stock should have been convertible A stock. The range on the common
stock for Jan. 1 to date should have read low, 25 June; high. 34 May.
CURRENT NOTICES.
-Paton, Peterson & Co., Inc., announce that their corporate name
has been changed to R. C. Peterson & Co., Inc., and that their offices
have been moved to 25 Broad St., New York, where they will continue
as specialists in bank and insurance stocks. Their new telephone numbcr
Is Bowling Green 5000.
-Ross Davis has been placed in charge of the Chicago office of J. G.
White & Co., Inc., and will assume the duties of western manager for the
company. Mr. Davis formerly was associated with Paine, Webber & Co.
and for some years was northwestern representative of Illinois Merchants
Trust Co.
-Baker, Simonds & Co., Inc., 37 Wall St., New York, have issued a
cnarted analysis of the five-year growth of the 68 companies whose securities are the basis for United States Electric Light & Power Shares,
Inc., and which produce 80% of the total electric energy generated in the
country.
-The weekly market letter just issued by Josephthal & Co., 120 Broadway. New York, contains a resume of the economic situation and also
discusses the current status of National Cash Register Co. and Wabash
Railway Co.
-The Guaranty Trust Co. of New York has been appointed transfer
agent for American depositary receipts, for ordinary registered shares
of the British Aluminum Co., Ltd., and the Metropolitan-Vickers Electrical
Co., Ltd.
-In their current circular on the sugar market, Farr & Co., 90 Wall
St., New York. have included a table showing the present bid and asked
quotations, current dividend rates as compared with those paid last year.
and the price range of the stocks of various sugar companies during this
year.
-M. J. Meehan & Co., members of the New York Stock Exchange,
have opened a new branch office in the Grand Union Hotel, Saratoga
Springs, N. Y., under the management of Timothy J. Mara.
-The Guaranty Trust Co. of New York has been appointed transfer
agent for 25,000 shares preferred stock, no par value, and 50,000 shares
common stock, no par value, of the Union Investors, Inc.
-Smith, Graham & Rockwell, members New York Stock Exchange,
50 Broadway, New York, have prepared an analysis of Victor Talking
Machine Co., which may be had upon request.
-Rhoades & Co., members New York Stock Exchange, 27 William St.,
New York, have prepared a circular on American International Corp.
which may be had upon request.
-The statistical department of Holt. Rose & Troster, 74 Trinity Place
New York, has prepared an analysis of J. C. Penr.ey Co.. Inc., which is
now ready for distribution.
-The Chase National Bank has been appointed registrar for 60,000 shares
common stock par $100, and 40,000 shares preferred stock, par $100 of
W. & J. Slone.
-Paine, Webber & Co. have published the first issue of their semimonthly "Review" in which they review the prospects of several corporations.
-Macauley & Co.. 42 Broadway. New York, have issued their monthly
quotation bulletin on Brooklyn,Long Island and Staten Island bank stocks.
-Stout Zs Co., members of the New York Stock Exchange, have opened
an uptown office at 342 Madison Ave., with Dudley H.Peabody as manager.
-J. G. White & Co., Inc., 37 Wall St., New York, are distributing
a pamphlet surveying the airplane industry and its outlook for the future.
-Mark C. Steinberg & Co. of 8t. Louis, members of the New York
Stock Exchange, have published an analysis of Roister Radio Corp.
-An analysis of the common stock of Motor Products Corp. has been
prepared by the Newman, Gustin Co., 50 Broadway, New York.
[vol.. 127.
FINANCIAL CHRONICLE
538
Quotations of Sundry Securities
All bond prices are ''and Interest" except where marked "f".
Railroad Equipments
Public Utilities
Ask
Par. Bid
5.25 5.00
Atlantic Coast Line 63____
American Gas & Electrle__t .161 162
4.95 4.70
EquIp men t 83411
*105 106
0% preferred
Amer Light & Trac corn.100 217 21912
5.00
5.23
fie
Ohio
&
Baltimore
100 114 118
Preferred
5.00 4.70
Equipment 414a & 5e
Amer PO% & Light
5.00 4.60
1 10714 Buff Koch & Pitts equip Be
MAE, 106,
Deb (16 1016.
65
Amer Public UM com___100 50
5.00 4.70
Canacilim Pacific 434e A 68
7% prior preferred __100 95 100
5.15 4.90
93
Central RR of N J 65
100 90
Panic preferred
5.15 4.90
Chesapeake & Ohio (le
20
Aerioclated Oas & Elec corn,' .17
5.10 4,80
Equipment 6 Se
.5212 .,312
Original preferred
4.60
4.90
5s
Equipment
918
1 97
$13 preferred
5.13 4.90
Chicago & North West 68_
.10012 102
NM preferred
4.80
5.10
104
654
•I0212
Equrnment
$7 preferred
5.00 4.70
9034 91 12 Chic R I & Pac a Ms & 5s_
A &
Deb 5. 1968
5.1" 4.90
Equipment(is
2875 98 100
Deb 35
5.25 5.00
.4012 41 12 Colorado & Southern tie
ELast Utli. Arise, corn
14
•13
Cony. stock__
5.15 4.90
85.___
Hudson
&
Delaware
.
1001
99
100
CoMwith Pr Corp pref.
Elec Bond & Share pref _100 106 10712
5.00 4.70
9812 Erie Oft& 55
Elee Bond & Share Secur + .98
5.25 5.00
Equipment(is
General Pub Serv corn. _ _ _ .2212 2312
5.15 4.90
Great Northern 65
*122 132
67 preferred
5.00 4.70
5s
Equipment
103
.100
preferred
first
$6
5.00 4.70
Hocking Valley 58
5.25 4.90
Equipment fie
Mississippi FUT Pow pre1.100 107 109
4.75 4.45
Illinois Central 43.40 & 5e_.
First mtge So 11,151_ _J&J 102
3.15 4.90
Equipment 60
MAN 9512 97
Deb Se 1947
5.00 4.70
Equipment 70 & 6 SO__ _
National Pow & Light prof_ *10612 108
5.20
5.00
lie
Michigan
&
Kanawha
13512
North States Pow com_100 133
5.00 4.70
Kansas City Southern 534e
100 108
7% Preferred
4.90
5.15
6e
Nashville
as
Louisville
16
14
com_100
Nor Texas Elee Co
5.00 4.70
Equipment6 Ms
53
100 50
Preferred
5.00 4.60
Michigan Central fs & 6e_
Ohio Pub Sere, 7% pref.100 III 112
2734 Minn St P & OS M 43.4. & 6s 5.00 4.60
Pacific Gee & El lst Prof _ _25 *27
5.10 4.70
Equipment 614. & 7s
99
Power Securities 1949 SAL) 97
5.25 4.85
Missouri Pacific 65 & OM,.
_F&A
1949.
June
Incomes
4.60
4.90
Ohio
Mobile
6a
&
166
Puget Sound Pow& Lt6%p t
New York Central &Me & 5o 4.75 4.50
99
*93
5% preferred
4.90
5.15
10212
65
Equipment
10112
_JAD
1st A ref 634' 1949_
5.00 4.70
Equipment 76
South Cal Edison 8% pf..26 *54
4.50
4.75
434s...,
&
Norfolk
Western
2
11
110
_100
_
pf
pr
7%
E
&
0
Stand
5.00 4.75
Tenn Elec Power 1st pref 7% 106 10712 Northern Pacific, is
5.00 4.75
103 10412 Paelfie Fruit Express 7s
Toledo Edison 6% Of
4.70 4.50
100 10812 10912 Pennsylvania RR ea 51
7% pref
5.00 4.75
PIRO & Lake Erie 6 Me
Western Pow Corp pref_100 103 108
4.80 4.60
Reading Co 414a AS,
Si Louis & San Francisco Ile_ 4.75 4.50
Seaboard Air Line 63.45 & 60 5.25 4.80
Short Term Securities
Soothers Pacific Co 4 Ms_ _ _ 4.75 4.50
5.00 4.75
Equipment 7s
Allis(Mal Mfg, 5s May '37_ 9814 9834
4.90 4.60
Alum Co of Amer,55Alay'47 100 10012 Southern By 414e & tre
5.15 4.90
60_
Equipment
981.4
9714
4
deb
Ms. MaY'47
Amer Rad,
5.15 4.90
Am Roll Mill deb 55, Jan '48 9614 96- Toledo & Ohio Central Os
5.00 4.75
Am Thread 63, Dec 1928_ _ _ 101) 10012 Union Pacific 75
Anglo-Am 011 434s, July '29 9812 9912
Ana'da Cup Min 65, Jan '29 100,s 10012
Standard •111 Stocks
lot cons 65_ __Feb. 1953 10434 10514
Par
Babylon Pete 43-45._ ._1942 9112 92
Bell Tel of Can 55 A_ Mar'55 1021z 10234 tnglo-Amer Oil vol stock_61 •1778 1818
2 1712
El .17,
Non-voting stock
Beth SUS% notes June 1529 9914 9912
100 14712 14734
Sec 5% note-. June 15 '30 9812 9912 atlantic Itefinliag
11514
118
100
Preferred
9912
9812
'31
Sec 5% note-June 15
Sec 5% note.?_June 15 '32 9812 9912
49
.4714
25
Co
Scryrnser
dome
4
993
99
'29
May
5s_
Fr
Inver,
Com'l
60 .63 64
9834 Buckeye Pipe Line Co
May 1930 98
5% notes
Cud Pkg,deb 5 Ms_Oct 1937 9834 9914
.135
Cunard SS Line 4 Ms Dec'29 9812 9912 Chesebrough Mfg Cons 25 .1614 142
1612
10
Ed El III Bost 43. Nov 2 '28 993s 9978 C'ontIneutal 011•to
.7.unsberland Pipe Lina__100 101 104
414% notes__ Nov 1930 9814 99
74
68
.,.100
Co_
Line
Pipe
Eureka
Empire Gas dr Fuel 55
11
lalerm Signal Oil corn...100 10
99
June 1929-30 97
100 73 83
Preferred old
94
Fisk Rub 5.14s. _Jan 1931 92
70
80
100
Preferred new
Humble Oil & Refining_ __26 *8014 80%
Gen Mot Ac Corp 5s Mar'29 9914 100
100 206 208
Illinois Pipe Line
5% aerial notes_.Mar '30 9712 99
*66
67
5% serial notes...Mar '31 97 9812 Imperial 011
84
*80
Co____60
Line
Pipe
indlaua
96
'32
971s
.Mar
notes.
serial
6%
4
*383
39
t
Petroleum..
'33 9512 9612 IntornatIonal
5% serial notes_ Star_
2134
5% serial notes_ _Mar '34 95 9612 National Tranalt Co_ _12.60 .21
55
53
..10i)
Co_
Transit
York
New
9612
95
'35
Alai
_
notes_
5% serial
5% serial notes_.Mar '36 95 9612 Northern Pipe Line Co_ _100 111 113
11 63
25 .62,
9612 'Alio Oil
Goodr (lin Co 55 Jan 1529 95
41
25 *40
Penn Men Fuel Co
Goodyr T & R 5s_Dec 15'28 9914 100
25 .4812 4834
9934 Prairie Oil& Gas
Gulf 011 Corp of Pa deb 55 99
100 201 204
Dec 1937 100 10012 Prairie Pipe Line
100 173 182
Feb 1947 9934 10014 Solar Refining
Deb 53
Southern Pipe Line Co _50 *1212 1312
Koppers Gas A Coke deb 5s
*44
45
011
Penn
99
9812
&eta
June 1947
85
Southwest Pa Pipe Lines.100 82
Slag Pet 4 Ms_Feb 1529-35 97 100
5712
.
5778
(California)..'
011
Standard
100
9914
1929
15
_June
_
55._
Mar 011
25 •7:512 76
notesJune 1530 9614 9714 Standard Oil (Inchana)
Serial
IS .221 a 22711
Serial 5% notes June 1531 9312 9412 Standard Oil (Karaite)
12934
Serial 5% notes J une 1532 9214 9314 Standard Oil (Kentuek1)_21) .128
26 *403s 4114
Standard 011(Neb)
141ass Gas Cos,534s Jan 1946 10312 104
.437s
44
_25
Jar_
New
9612
of
011
Standard
9412
'31
.Feb
534s.
Pacific Mills
3418
Standard ()Hof New York.26 O34
Peoples Gas L & Coke 434s
25 .7314 731*
Dec 1929 & 1930 9812 9934 Standard 011 (Ohio)
12014
100
121
Preferred_
99
9812
Proct & Gamb,4 Ms July '47
2 .20
22
Swan & Finch
Sloss Sher 511 & Ir 65 Aug '29 100 101
Preferred
Swift A: Co 5% notes
118
114
100
Co
Car
Tank
Union
Oct 15 1932 9934 10014
28 *7534 7612
Vacuum 011 (New)
99
T blew Pow 1st 55_ Aug '2f) 98
Un Lt & Pow 534s_Sept '28 9934 10014
9812 9912
Un NJ RR & Can 45 Sept'29 10112
Sugar Stocks
10212
U B Sm & Ref 5 Ms-- Nov '35
98
Jan '30 95
Win Cent 55
112
SU
Caracas Sugar
Cent Aguirre Sugar coin..20 .147 150
100 .146 150
Fajardo Sugar
Tobacco Stocks Par
25
Federal Sugar Ref corn..100 20
40
100 35
Preferred
140 145
American Cigar COal....--10()
14
I •12
Godchaux Sugars, Inc
112
100
Preferred
100 50
Preferred
'
British-Amer Tobao ord__11 .28 19
40 -4-iHolly Sugar Corp Coin...? .
29
El *28
Bearer
95
100 90
Preferred
Imperial Tob of G 13 A 'nerd *2712 2812 National Sugar Rellning_100 139 141
95
list Cigar Machinery new10(5 92
100 40
50
Niquero Sugar
New
70
60
100
Met.
Johnson Tin Foil A
1 .119 122
Savannah Sugar coin
24
20
Union Tobacco CO corn.
106 112 114
Preferred
78
Class A
47
Sugar Estates()Herds Pt.100 45
101) 110 115
Young (3 8) CO
100 60
65
Vertientes Sugar pf
10
100 104
Preferred
• Per
share.
1 No par value. S Basis.
CURRENT
d purdumer ,13° pays accrued dividend
NOTICES.
issued their weekly
-Curtis & Sanger, 49 Wall St., Now York, have
stocks.
quotation pamphlet of bank and insurance company
are distributing
-Zwet.sch, Heinzelmann & Co., 57 William St., N. Y.,
an analytic chart on Natural Gas Securities.
-George H. Burr & Co., 57 William St., New York, have prepared
a special analysis of McCrory Stores Corp.
Investment Trust Stocks
id Ask
Bondsinv
rdnat
n
Allied [oate
estorsP
__4;*1110
Par Bid
7 111
°
73
67
Ain Dee St 1st pi 7% _ _ _100 x941 1 9714 Allied Capital Corp
2612
Amer Bond & Share com_I0 24
13erland Stores units
110 114
33
30
Amer Brit & Coot corn
32
Bird Grocery Stores corn..) *28
72
68
50% veld.
7% cum pref(with war)100 104 108
94
92
8% preferred
60
Bohack (H C) Inc corn_
t *56
Amer Finan Hold corn A... 2612 2812
100 107 110
7% 1st preferred
9612 10412
Amer Founders Trust corn._
14
•
Butler (James) corn
49
44
6% pereferred
60
100
Preferred
55
50
Preferred
Consol Ret Sts, 8% pf with
7%
52
46
Astor Financial class A
warrants
100 108 112
16
12
30
Class)?)
28
Diamond Shoe, corn
70
69
104 1041. All & Pac Intl Corp
Preferred
93
35
Bankers Financial Trust... 86
Fan Farmer Candy Sli pref + *32
1114 14
35
Bankers Investm't Am corn_
Fed Bak Shops,corn
t sa
914 10
Debenture shares
Pre17% with warr
_100 98 101
- - -Bankstocks Corp of Aid A
Feltman A Crime Shoe
20
*10
B
t
Class
Stores A corn
80
100 75
Preferred
7% preferred
Units
Gt All & Pac Tea vot corn.) *375 395
British Type Investors A_ _. 4112 ;Cif;
100 117 119
Preferred
5 105 110
Continental Securities Corp 114 118
Grant (W T) Co corn
Crum & Forster InsuranGrant(W T) Fifty 7% p1100 10312
85
78
21
18
shares corn
Howorth-Snyder Co, A_
101 106
Preferred
Kaufm Dep Sts, corn _100 240 260
27
100 118
7% preferred
Eastern Bankers Corp corn
149 153
Units
Kinnear Stores corn
t *33
Flnan & Indust Ser corn.... 10912 111 12
100 122 126
8% preferred
102 105
Preferred
Knox liat, corn
t .210
110
Warrants_
$7 cum pref
t *106
CI A panic pref
t *60 -7-6 First Fed Foreign Inv Trust 103 107
1778 18'2
Kobacker Stores corn
t *4212 4372 Fixed Trust Shares
General American Investors
100 100 104
Cum pref 7%
42
14912
t .39
deb 5s with warrants
Lane Bryant Inc corn
4
2214 2i1General Trustee common
100 106 109
7% cum pref
80
Old units
Leonard Fitzpatrick &
75
71
34
t *25
New units
Muller Stores corn
120
6% bonds
100 105 115
Preferred 8%
18
50
100 320
Guardian Investment
Lord & Taylor
28
26
Preferred
First preferred 6%... _100 100
69
67
100 105
Second pref,8%
Incorporated Investors
58
243s
Insura nahares ser A 1927._
1 .52
McLellan Stores corn
2412
100 100 105
Series C 1927
6% preferred
27
Series F 1927
Melville Shoe Corp corn
i *190 198
2338 Wit
Series 11 1927
8% cum preferred. _100 110 113
2138 223s
106
Series
B
105
1st pref 6% with warr.100
1928
66
hat See Corp of Am corn A. 60
.150
warrants
43
36
t *110 fio
Common B.
Mercantile Stcres
94 100
6 it% preferred
100 104
Preferred
9212
88
6% preferred.
59
Metropolitan Chain Stores_ t *58
Investments Trust of N Y.. 1018 103s
First pref 7%
100 114
33
Joint Investors A
Second pref 7%
100 114
100
Cony pref
New preferred
100 10712 111
8
Massachusetts Investors_ . 8634 884
Metropol 5 to 50 Stern= A 0 *5
1014 1114
Mutual Investment Trust _
6
t 03
Common B
11
10
New England Invest Trust_
68
100 60
Preferred
27
25
Old Colony Invest Tr corn
34
Miller (I) ar SODS corn...-• *33
_ 92
454% bonds_
Preferred 6 a4%.._ - - -100 104 10814
55
49
Second Intermit Soo Corp
74
Murphy(GO)Co corn _ _ + .
69
47
42
6% preferred
8% cum pref
100 106
58
48
Now units
Nat Family Stores lnc...t *2212 2:312
38
35
Cum pref 52 with warr_25 *2812 2912 Shawrout 13k Inv Trust
93
4 Ms
26
1942 DO
• *22
Nat Shirt Shops, COM
92
95
6s
1952
96
100 91
Preferred 8%
1952 213
65
Nat Tea 8% pref
100 104 106
58
48
Stand lot Secs Corp units
29
t *27
Nedick's Inc corn
3512 3812
t .80 85 Standard Investing Corp
Nelsner Bros Inc corn
100 10312
6 M % preferred w w
Preferred 7%
100 126 128
12712
5% bonds w w
Newberry (JJ) Co com___ t •127 135
Swedish Amer Investing pf. 131 134
Preferred 7%
100 106 109
1214
NY Merchandise corn _ _t *3012 32 0 S Shares class A
Class A 1..123s 13
First pref 7%
100 101 104
4378 4478
Class B
Penney (J C) Co corn_ _100 295 305
2378
Class C I
6% cum el A pref....100 102 104
25
58
Class C 2
Peoples Drug Stores corn __ t *55
21 13
Class C 3
100 107 110
634% cum pref
Class D
28
1834
t .26
Plggly-Wigirty Corp
80
U 8 & Brit Internet units._
100 101 103
75
Preferred 8%
2412
22
24
U S & Foreign Sec corn__ _
t .22
Piggly West States A
9312 95
Preferred
Rogers Peet Co corn _ _100 140 150
812
6
United Investors flee
96
Water Bonds.
Safeway Sts of w'out war 6% 94
Arkan Wat let 5.46 A A&0 96 98
*335 340
Sanitary Grocery Co corn
Sinn WW 1st 5 MaA'54..A.k 0 101 103
61.4% preferred
100 117 122
32
let M ill 1954 aer li .14k0 98 100
Schiff Co corn
t *30
Cum cony pref 7% _ _ _100 129 130
City W(Chatt)b Ms'5441J4k D 101
24 lis BM__ _JAB 96
let
Sliver (Isaac) & Bros corn. .4414 47
City of New Castle Water
7% cum cony pref__ ._100 106 110
J&D . 94
5a Deal 1941
Southern Groe Stores A _ _.3 534
38
96
Clinton WW Ist Is'29.FA A
95 100
Southern Stores6 units
Corn'w'th Slat let 11,
Spald (A G)& Bros, corn 100 150 100
04'47 100 102
Connellsv W fraOct2'39.440, 95
E 81 1, A lot Wat as'42 J&J 95
U S Stores corn class A.__.1' *4
7
jarj 100
1st M 0s 1942
Corn class B
3
I' •1
1st preferred 7%
Huntington lst 6s '64.111,ks 100
45
100 35
1954 95
tvi
Mid Stehle WW 0e'311 MAN 100
Walgreen Co corn
45
t *44
8% cum pref
Mourn Con W 1st lia'66AJ&I) 9212 9512
10 105 108
140Das Val WI 6(4,'50.J&J
West Auto Supply corn A + *51
09 10012
53
95
6 A % preferred
Muncie WW lis Oct2'39 A0 I
100 102 105
Ili Joeeph Water S, 194IA&O 9712
Rubber Stocks
Shearing° ValWat 611'56A&O 92
(Cleveland Quotationk)
9812
SO Pills Wat lot Si 1960 J&J
Aetna Rubber common....t •18
lit M 5, 1955
1812
112
08
19
A,
Ter It W W as '49 A_ _J
AI
FA
Preferred
100 --- Falls Rubber corn
t•
lat M 56 1966 ear II_ _Fitt , 95
10
Preferred
Wichita Wat lat 6a '49 Mart, 100
15
25 •12
let M 54 1066 ser B..F&A
Faultless Rubber
95
31
1 *30
Firestone Tire A Rub uorn.ID .182 200
S
Indus. a Miscall
70
6% Preferred
American Hardware
26 .67
100 10912 110
B
7% Preferred
Babcock & Parma
100 120 124
100 10912
20
r .18
General Tire & Rub com__26 *167 1-75
Bliss(E W)Co
61
50 .56
Preferred
Preferred
98
100 96
Goody'r T & R of Can pf.100 107 108
Childs Company pref __ _100 103 107
240
225
Indhs Tire & Rubber
_100
Hercules Powder
35
t *34
Mason Tire & Rubber corn.......
MO 121 124
Preferred
Preferred
Internat Silver 7% Pref_100 122
I(X)•
Miller Rubber preferred.101) 77
100 132 138
80
Phelps Dodge Corp
Mohawk Rubber
Royal Baking Pow coin_ 100 210 225
100 129 133
100 107 110
Preferred
Preferred
90
101)
&Merlins Tire & Rubber_.t .45
Singer Manufacturing...100 475 495
46
•8
7
LI
Preferred
Singer Mfg Ltd
100 103 104
Chain Store Stocks
n Nominal
x Ex•dividend
ir Ex rights. r Canadian auotation
I sale price.
-Prince & Whitely, 25 Broad St., N. Y., are distributing an analysis
of Atchison Topeka & Santa Fe Railway.
-Gurnett & Co. announce the removal of their Now York offices to tho
Harriman Building, 39 Broadway.
-James H. Oliphant & Co., announce that John II. Hamlin() is now
associated with their Chicago office.
-The Bank of 'Montreal has available for distribution road maps of the
principal provinces of Canada.
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the third week
of July. The table covers 7 roads and shows 3.66% increase over the same week last year.
Buffalo Rochester & Pittsburgh__._
Canadian National
Canadian Pacific
Mobile& Ohio
St Louis Southwestern
Southern Railway system
Western Maryland
Increase.
1927.
1928.
Third Week of July.
$
315,148
5,216,288
4,015,000
295.460
429,200
3,525,757
335.181
$
331,823
4,820,372
3,621,000
337,216
448,316
3,657,273
418,145
Decrease.
2
16,675
$
395,916
394,000
41,756
19,116
131.516
82,964
789,916
497.889
14,132.034 13.634,145
Total (7 roads)
Net Increase (3(36%)
292.027
In the table which follows we also complete our summary
of the earnings for the second week of July:
1928.
Second Week of July.
Previously reported (5 roads)
Canadian National
Duluth South Shore az Atlantic....
Georgia & Florida
Minneapolis & St Louis
Mineral Range
Nevada-California-Oregon
Western Maryland
Total (12 roads)
Net Increase (5.26%)
S
8,391.338
5,240.498
107,764
35.300
251,124
4,508
8,862
327,381
1927.
Increase. Decrease.
$
8,165,630
4,846.569
107.080
35,700
260.756
4,933
10,165
418,145
3
225,708
593,929
684
14,366,775 13,648,978
820,321
717.797
539
Mud jigtettignce.
burtstutent an
$
400
9,632
425
1,302
90,764
102,524
l .om
fr Railway- -Net from Railway-- --ma ow Tare.
-Gross
1927.
1927.
1927.
1928.
$
Central Vermont823,034 -115,332
164,398 -137,557
144.818
706,404
June
487,710
603,998-1,543,643
From Jan 1_ 3,003.067 4,328,370-1,463,515
Chez& Ohio10,114,644 11,276,773 3.341,187 3,566,715 2,721,666 2,834,718
June
From Jan 1_59,652,434 67,492,700 17.524,817 21.375,987 13,555,658 17.074.719
Chicago & North Western63.068,197 62,855,191
13,862.005 13,580,533
June
69,054,094 68,432,843
From Jan 1_71.261,134 70,327,721
Conemaugh & Black Lick188
1,386
30.478
31,478
143,539
159,649
June
15,644 -52,498
21,644 -45,296
831,306
From Jan 1_ 772,353
Delaware & Hudson289,524
640,977
623,878
506.756.
3,059,133 3,580,437
June
From Jan 1_18.944,614 20,885,395 3,466,229 3,325,731 2,675,258 2,623,254
Delaware Lack & West6,745,910 7.535,031 1,935,903 2,466,350 1,367,998 1,780,616
m
ne
ro
Fu
J
Jan E39,183,295 41,738,407 9,977,129 11,022,177 6,755599 2.457,586
Erie8.858.472 5185,093 1.643.424 1,773,938 1.284,455 1,416,214
June
From Jan 1_51.964,187 53.070.451 9,866,558 8,314,766 7,701,190 6,070,473
Chicago dr Erie317.215
460,792
519,364
372.010
1,239,089 1,051,543
June
From Jan 1_ 7,117,648 6,814,851 2,669,851 2,499,630 2,353,010 2,170,810
New Jersey dc New York8,004
15,206
11,581
19,109
135,828
130,134
June
45,146
32,748
54,383
68,611
774.679
From Jan 1_ 774,810
Kansas Okla & Gulf60,514
36,223
69,934
46,986
222,263
226,364
June
107,308
363,364
164,965
428,176
From Jan E 1,434,921 1,368,843
Lake Terminal302
10,052
--3,440
12,964
97,434
99,859
June
540,472 --32,841 --22,343 -56.629 -47,627
From Jan 1_ 496,412
Lehigh ValleyuFromJne
5,813,262 6,499,007 1,580,114 1,614,129 1,253,901 1,283,130
Jan 1_33,925,004 37,231,274 7,200,375 7,511,506 5.493.287 5,726,295.
In the following table we show the weekly earnings for
a number of weeks past:
Current
Year.
Week.
Previous
Year.
I
°A
......., ......
$
12,251,914
13,828,607
14,159,779
19,645,902
14,361,236
14.728,570
18,881,532
15,575,152
9,148,917
9,271,593
14,104,068
21.017,426
15,651,418
13,255,732
9,009,058
17,496,497
13,649.210
14,191,781
14,458.113
15,007,030
13,673,411
14.229.434
14.138.958
19.250,486
14.126.722
14,366,775
let week Jan. (13 roads)
2d week Jan. (13 roads)
3d week Jan. (13 roads)
4th week Jan. (13 roads)
let week Feb. (13 roads)
2d week Feb. (13 roads)
3d week Feb. (13 roads)
4th week Feb. (12 roads)
1st week Mar.(11 roads)
2d week Mar.(11 roads)
3d week Mar.(11 roads)
4th week Mar.(12 roads)
let week Apr. (12 roads)
2d week Apr. (12 roads)
3d week Apr. (11 roads)
4th week Apr. (12 roads)
let week May (12 roads)
2d week May (12 roads)
3d week May (12 roads)
4th week May (12 roads)
let week June (12 roads)
2d week June (12 roads)
3d week June (11 roads)
4th week June (11 roads)
1st week July (12 roads)
2d week July (12 roads)
11 120 021
I ., ..sneial
12,953.678
13,537.951
13,591,510
19,129.089
13,890,366
14,221,833
10.882,826
13,865.718
9,305.258
9,523.366
13.836,668
20.134,884
15,283,350
13,508,682
8,998.523
18,058,908
14,118,344
13,655727
13,506,067
14.264,043
13,394,869
13,551,112
13,541,992
18,288,339
13,318,138
13,648.978
11 ARA IA
Midland Valley86,576.
59,506
103,152
73,429
322,975
280,959
June
595,995
545,134
713,006
642,686
From Jan 1_ 1,700.579 1,906,044
Minneapolis & St Louis654.000
68.000
June
1,137,000 1,238,000
6275000 6574,000
Increase or
From Jan 1. 6,773,000 6,604,000
%
Decrease.
Minn St Paul & S S Marie326.204
476.501
474,464
625,216
2,329,779 2.169.803
June
$
From Jan E12.662,150 11,657,255 2,699.582 2,124,099 1,896,494 1,256,627
-701,764 5.42
+290.657 2.16 Mobile az Ohio214.866
166,990
249,219
302,251
1,323,026 1,455,913
+568,270 4.17
June
+516.793 2.70
From Jan 1_ 8,503.063 8.983.798 1.808.385 2,067,044 1,311,448 1.558,065
+470.870 3.39
Central+506,737 3.56 New York
Clev Chic Chic a: St Louis-1.294 0.02
6942,000 61,205,000
7,626,000
June7.375,000
+1,909,434 13.97
65314,000 67.209,005
From Jan 1_43,501.000 45,415000
156,341 1.69
-251.773 2.65 N Y Chicago & St Louis933.091
753,082
956,003 1,202.283
-267,552 1.90
4,201,563 4,476,923
June
+882,541 4.38
Fro Jan E25,872,527 26.854,971 6,726,523 7,178,087 5,206,808 5,663,580.
+368,068 2.41
-252,950 1.87 N V N H & Hartford- 11,852.478 3,583,638 3,380,019 2,974,689 2,869,419
June - . _11.734,961
+12,534 0.14
From Jan L66,006,165 68,089,809 18,000,376 17,429.044 14,301,326 14,262,244
-562,411 3.11
-469,133 3.33 N Y Ontario & Western250,835
153,225
300,849
198,653
+535,054 3.92
1,062,777 1,166,709
June
246,255
321,217
547,934
611,969
+952,046 7.04
From Jan 1_ 5,442,779 5,649,476
+742,987 5.21
+278,542 2.0) N V Sum & Western62,871
19,871
91,362
48,725
412,663
382,166
June
+678,341 5.01
215,354
294,626
386,626
470,786
From Jan 1. 2,414,117 2.441,774
+596.966 3.61
+962,147 5.21
Norfolk dc Southern267,261
276,689
329,010
356,670
+808.5846.01
936,707
938,402
June
+717,797 5.21
From Jan E 4,749,731 5,013,709 1,436.208 1,551,398 1,110,305 1,246,056
1
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive.
They include all the Class A roads in the country, with a total
mileage each month as stated in the footnote to the table:
Gross Earnings.
Month.
1927.
1926.
Increase or
I Decrease.
Net Earnings.
1927.
I
1926.
Increase or
Decrease.
$
8
I
$
June- 516,023,039539,797,813 23.774,774 127,749,592 148,646,848-20,897,156
July_ _ 508,413,874 556.710,9351-48,297,061 125,438,334 160,874.882-35,436,548
August - 556,406.662679.093,3971-22.686.735 164,013,942 179.711,414-15.697,472
Septenfr 564,043,98700,102,143 26,058,156 179,434,2771193,233.706 -13,799,429
October 582,542,179 605,982,4451-23,440.266 180,919,048194,283,539 -13.364,491
Novem'r 502,994,051 561,153,9561-58.159,905 125,957,014'158,501,561 -32,544.547
35
,9
8
21..147
920
118i5
2,.165 -28,169,018
Decom'r 466,526,003 525.820,70s1-69,294.705 901
1927.
1928.
January 458,520,897 486,722,646 -30,161.749 93.990,6401 99,549,436 -5,558,796
+541,678
February 455,681,258 468,532,117-12,850,859 108,120.729 107,579,051
March__ 504,233.099 530.643.7581-26.410.659 131,840.276135,874.542 --4.034.267
April_ _ 173,428,231 497,865,380 -24,437,149 110,907,453 113,818,315 -2,910,862
_ 509.748,395518.569.7181-8,823.323128.780,393127.940.076
+840,317
May
Note.-Percentage of increase or decrease In net for above months has been:
1927-June. 14.07% dec.: July, 22.03% dec.; Aug., 8.73% dec.; Sept., 7.14% dec.:
Oct., 3.87% dec.; Nov.. 20.53% dec.; Dec., 23.76% dec. 1928-Jan., 5.58% dec.:
Feb.. 0.50% Inc.; March, 2.95% dec.; April, 2.56% dec.: May, 0.56% inc.
lathe month of June the length of road covered was 238,425 miles in 1927, against
237,243 miles in 1926; In July, 238,316 miles, against 237,711 miles In 1926; In Aug.,
238,672 miles, against 237,824 miles in 1926:in Sept., 238,814 miles. against 237,854
miles in 1926; in Oct., 238,828 miles, against 238,041 miles In 1926; in Nov.,238,711
miles, against 238.142 miles in 1926; In Deo.,238,552 miles,against 237.711 miles in
1926; In Jan., 239,476 miles. against 238,608 miles in 1927; In Feb., 239.584 miles.
against 238.731 miles in 1927:In March, 239,649 miles, against 238,729 miles in 1927;
In April,239,852 miles, against 238,904 miles In 1927;in May,240,120 miles,against
239.079 miles in 1927.
Net Earnings Monthly to Latest Dates.-The table
following shows the gross a
@FedFRASER