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r
The
tyro:at&
SATURDAY JULY 7 1928.
VOL. 127.
financial Chronicle
PUBLISHED WEEKLY
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WILLIAM B. DANA COMPANY, Publishers,
Front, Pine and Depeyster Streets, New York
IIPPublished every Saturday morning by WILLIAM 11. DANA COMPANY.
President and Editor, Jacob Seibert: Business Manager. William I). Riggs;
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The,Financial Situation.
The Secretary of the Treasury, Andrew W.Mellon,
made a bold move this week in arranging for financing the payment of the Third Liberty Loan bonds
which mature Sept. 15 next. He is offering in exchange long-term Treasury bonds bearing only 3%%
interest. There are still about $1,225,000,000 of
these Third Liberty bonds still outstanding. In the
borrowing which the Secretary was obliged to do in
connection with the Treasury's June program of
financing, the feature which excited wide comment
at the time was the relatively high interest rates the
Secretary felt it incumbent to offer to insure the
success of the undertaking-4% per annum in the
case of one series of Treasury certificates running
8% in the case of the second
/
for six months and 37
series running nine months. Now he is offering no
more than 3%%, but on a long-term issue. The
proposition comes, too, in a week when the call loan
rate on the Stock Exchange touched 10%, the highest figure since Nov. 1920, though the collateral
loan market has since then eased up considerably,
and the call loan rate on the Stock Exchange on
Tuesday and Thursday got as low as 5% and yester2% all day.
1
day was 5/
there is a vast difference between shortcourse
Of
term borrowing and long-term borrowing, and the
rental charge in the former case may not be at all
indicative of the probabilities as respects the latter,
that is the rate of return to be realized over a period
of time extending well into the immediate future.
Nevertheless the experiment will be watched with
considerable interest, since, though the Secretary
may be entirely right in his judgment as to the rate
of return investors are likely to obtain twelve years
hence or fifteen years hence, there is yet the question how far investors and other lenders of money
NO. 3289.
will be willing now to anticipate the prospective
lower rate. Mr. Mellon is an able financier and
has in the past proved a shrewd judge of conditions,
present and prospective, both in the money market
and in the investment world, and must be supposed
to have calculated the chances of success very carefully before framing and submitting his proposal.
The immediate response to the proposal has certainly been favorable, and the Third Liberty Loan
bonds which sold on the New York Stock Exchange
at the close on Tuesday at 100-1/32, advanced to 101
on Thursday, but dropped back to 100-19/32 at the
close yesterday.
Yet it is impossible to ignore the fact that United
2% Treasury notes, series "A" 1930-32,
1
States 3/
have recently been ruling well below par, and the
British Government, being able to obtain these notes
at a discount, took advantage of the fact in making
its semi-annual payment last month of $67,200,000
to the United States on account of the principal and
interest of its indebtedness to the United States, it
having the option under the debt agreement of making payment either in cash or United States securities. It succeeded in acquiring $66,617,100 of these
notes and, as they carried $582,899.63 of accrued interest, was able to meet the whole $67,200,000 by
turning in these notes, the only cash adjustment
necessary being a payment of 37c. These are
obligations having two to four years to run and bear
2% interest, while the new Treasury bonds will
1
3/
bear only 3%%, as said, but have a much longer
period of maturity. Another point worth noting as
having some bearing on the matter is that while the
Secretary in his June financing offered two series
of Treasury certificates and invited subscriptions
to each for $200,000,000 "or thereabouts," the subscriptions for the nine-months certificates bearing
no more than 37/8% interest aggregated oiqy $254,097,500, while the subscriptions for the $20%000,000
certificates maturing in six months and bearing 4%
interest reached no less than $738,266,000, indicating a decided preference for the higher rate offerings.
However, the new Treasury bonds are not without
attractive features, and there are also some special
inducements offered which should not be overlooked.
At the outset some difference in the customary wording of the Treasury circular inviting subscriptions
deserves to be noted. The circular is addressed to
"banks, trust companies, savings banks, bankers, investment dealers, principal corporations and others
concerned," as is generally the case, and it states
that the Secretary of the Treasury "invites subscriptions from the people of the United States," which
latter appeal is made only when a long-term offering
is made, the evident desire being to effect a wide
distribution of the new bonds instead of having them
lodge in the possession of the ordinary banking and
2
FINANCIAL CHRONICLE
[VOL. 127.
financial institutions. The new Treasury bonds by the Stock Exchange, issued the present week and
will mature June 15 1943, but may be redeemed at with the figures brought down to June 30, was all
the option of the United States on and after June 15 that could be desired and was in full accord with
1940,in whole or in part, at par and accrued interest, the reductions shown in the weekly returns of the
on any interest day or days, on four months' notice Federal Reserve Banks for the last three weeks of
June. In the three weeks referred to the Federal
of redemption.
Cash subscriptions are invited at par and accrued Reserve statements, covering the 45 reporting meminterest. The subscription books for the cash offer- ber banks in New York City, had shown an aggreing opened on July 5, and may close "without notice gate contraction of $403,976,000, but if allowance be
within a few days thereafter." The amount of the made for the fact that in the first week of June,
issue for cash will be limited to $250,000,000 or when expansion was still making headway, there
thereabouts. The amount of the exchange offering was an increase of $93,774,000, the net reduction for
4's tendered the month would be only $310,202,000. The Stock
is limited to the amount of the Third 41/
are invited Exchange figures, which are more comprehensive
subscriptions
and accepted. Exchange
at par. Interest, however, on any Third 4I/4's sur- than those of the Federal Reserve Board and are for
rendered and accepted—and this is the important the even month, show a shrinkage in the grand total
feature—is to be paid in full to Sept. 15 1928. Ac- during June of $375,694,794, carrying the total down
cordingly, at the time of delivery of the new Treasury to $4,898,351,487, which compares with $5,274,bonds the Federal Reserve Banks will pay to the 046,281 on May 31 and $4,907,782,599 on April 30,
subscriber six months' interest from March 15 1928 but with only $4,322,578,914 on Feb. 29.
4's surrendered in
Unfortunately the weekly Federal Reserve stateto Sept. 15 1928 on the Third 41/
on
bonds
new
exthe
of
issued after the close of business on Thursday
ment,
delivery
exchange. As
on
and
made
after
be
to
the results down to Tuesday night,
bringing
is
and
subscriptions
change
July 16 1928—in the case of the cash subscriptions July 3, shows that the downward course of these
delivery is not to be made until Aug. 1 1928—this brokers' loans has not only been checked, but commeans that holders of the Third 4I/4's making the ex- pletely reversed. Following the three weeks' subchange will get a gratuity of, roughly, two months' stantial contraction just noted, the figures for the
interest (July 16 1928 to Sept. 15 1928) at the old week ending July 3 show a big increase again. The
470, since the new bonds will also bear increase for the latest week amounts to no less than
rate of 41/
interest from July 16 1928. In other words, a pre- $147,812,000. Of late speculation on the Stock Ex14% is offered as an inducement to change has again been reviving, and the present
mium of 1/6 of 4/
4's to make the exchange, or week in particular the upward movement has been
41/
the
of
holder
the
roughly .70 of 170, and this explains the rise which making quite rapid progress, indications of renewed
occurred in the Third Liberty issue on the announce- pool operations being again in evidence. All this
now finds expression in a renewed expansion in the
ment of the offer of exchange,
The exchange offering is to be kept open for a total of brokers' loans. It is to be noted, too, that
limited period—probably until July 31, we are told the bulk of this week's increase has been in the loans
—though the Secretary reserves the right to close made by the 45 reporting member banks for their
the exchange offering, as well as the cash offering, own account. In previous weeks much has been
at any time without notice. The promise is also made of the fact that these reporting member banks
made that "if the amount of exchange subscriptions had heavily reduced their own loan account, and
received by the Treasury is such that the allotted that it was in the other categories that increases
subscriptions to the combined offering aggregate were occurring. The past week, however, the loans
$500,000,000 or thereabouts there will be no further made by the reporting member banks for their own
offering of long-term bonds in connection with the account have run up from $941,346,000 to $1,131,56$,000 and the loans for account of out-of-town
maturity of the Thirds."
It is well enough to recall that in January last banks (which likewise had been shrinking) have
an earlier attempt at refunding the Third Liberty also increased, the amount nioving up from
bonds in advance of maturity was made. Then an $1,488,890,000 to $1,511,506,000, while on the other
2% Treasury notes dated and bearing in- hand the loans "for account of others" fell from
1
issue of 3/
terest from Jan.16 1928 and due Dec.15 1932, but re- $1,729,028,000 to $1,664,002,000. At $4,307,076,000
deemable at the option of the United States at par July 3 the grand total of these loans to brokers and
on and after Dec. 15 1930, was offered in exchange dealers in all the different categories compares with
for the Third Liberty Loan bonds. The latter were only $3,126,327,000 on July 6 last year, showing an
2 billion
1
at the time selling at a slight premium of 23/32, or addition for the twelve months Of almost 1/
75c. on each hundred dollars, but the Treasury of- dollars.
This renewed expansion in borrowing on Stock
fered to pay interest in full on the Third Liberty
bonds until March 15; $607,399,650 Third Liberty Exchange account has unfortunately also been
bonds were tendered in exchange for such Treasury attended by further borrowing of the member banks
notes. The market price of these Treasury notes is at the Reserve institutions. The discounts of the
now only about 99, and it was bonds of an earlier member banks at the Reserve institutions have in.
series of the same notes—Series A—that the British creased during the week from $1,031,874,000 to
Government was able to acquire at a discount. The $1,191,010,000, at which figure comparison is with
new Treasury bonds now offered bear only 3%70 only $506,768,000 at the corresponding date in 1927.
interest, but have a much longer period to run-12 The twelve Reserve institutions have also again
added to their holdings of United States Governto 15 years.
ment securities, the amount of these the present
Satisfaction over the downward course of brok- week being $219,565,000 as against $211,937,000 a
ers' loans has proved short-lived, as on so many pre- week ago, though on the other hand the acceptance
vious occasions. The monthly statement compiled holdings of the Reserve Banks have fallen from
JULY 7 1928.]
FINANCIAL CHRONICLE •
$223,432,000 to $209,664,000. The final result is
that total bill and security holdings this week stand
at $1,620,729,000, as against $1,467,733,000 a week
ago, being an addition of no less than $152,996,000;
a year ago (July 6) the total was no more than
$1,081,579,000. The amount of Federal Reserve
notes in circulation increased during the week from
$1,604,635,000 to $1,660,132,000, while gold reserves
have further declined from $2,583,310,000 to $2,546,490,000. It should be added that member bank
borrowing the past• week has been particularly
heavy in the New York Federal Reserve district,
the discount holdings here having increased from
$373,079,000 to $436,537,000, at which figure comparison is with only $144,838,000 a year ago.
3
The stock market continued to gain tone and
strength the past week, but was somewhat reactionary yesterday. Prices moved upward early in
the week, though call money on the Stock Exchange
on Monday advanced to 10%, the highest figure
touched since 1920. After Monday the tension in
the money market relaxed considerably, and this
furnished a new incentive for raising prices. On
Thursday Secretary Mellon's offering of long-term
Treasury bonds bearing only 33
/
8% interest was
hailed as an indication of easy money conditions for
the future. On the other hand, the statement of
brokers' loans issued Thursday evening showed that
this class of borrowing was again increasing and
this exercised somewhat of a dampening influence
upon the ardor of the speculative community, with
Down in Chattanooga the people have been cele- the result that parts of the early gains were lost.
brating the fiftieth anniversary of the entry into The volume of trading has slowly increased, though
the publishing business of Adolph S. Ochs, publisher of course business has not come anywhere near the
of the New York "Times" and owner and publisher magnitude of that recorded from day to day before
of the Chattanooga "Times." On July 1 1878 Mr. the great crash in values early in June. On Monday
Ochs, having then just turned 20, became proprietor transactions on the New York Stock Exchange
and publisher of the Chattanooga "Times." In 1896, aggregated 1,661,510 shares; on Tuesday 1,792,810
32 years ago, he became publisher and controlling shares; on Thursday (Wednesday having been Indeowner of the New York "Times." The whole city pendence Day and a holiday) 2,268,038 shares, and
of Chattanooga, along with the entire outside world, on Friday 1,974,300 shares. In the Curb Market
has been paying tribute to him on the occasion and dealings on Monday aggregated 428,670 shares; on
according him the praise so justly his due. Mr. Tuesday 519,660 shares; on Thursday 527,945 shares,
Ochs deserves all the good things said of him or and on Friday 525,110 shares.
that can be,said. As President Coolidge in his teleLiquidation of weak accounts during May and
gram of congratulation from his summer lodge in June appears to have been very thorough, and room
Brule, Wisconsin, well observes, "The publication traders for the time being find it easier to advance
of one great newspaper for fifty years and of an- prices than to depress them. That deems to be the
other great newspaper for thirty-two of those years secret of their operating on the bull side of the
is a notable achievement." But that is only half market at present, rather than the bear side. As
the story. It is the kind and quality of the papers far as the speculative specialties are concerned,
that Mr. Ochs has been producing and publishing General Motors stock closed yesterday at 1921/
4
that constitutes his strongest claim to merit.
against 188 on Friday of last week, but Radio Corp.
The New York "Times" is a metropolitan news- of America closed at 184 against 187%. Montpaper which from nearly every standpoint is as gomery Ward & Co. closed at 157/
3
4 against 150%;
nearly perfect as it is possible for human skill and Sears, Roebuck & Co. at 113% against 1091/
8. U. S.
human ingenuity to make it. It had seen great days Steel has also continued to show an improving tenin its earlier history and won notable fame and dis- dency, and closed yesterday at 138% against 136/
3
4;
tinction, but had been rapidly declining and was but some of the other steel stocks have evinced a
fast becoming moribund when Mr. Ochs succeeded declining tendency. Bethlehem Steel closed at 55%
to control. It needed resuscitation and rehabilita- against 55%; Crucible Steel at • 701/
4 against 731/
8,
tion. Mr. Ochs was equal to the task and has made and Ludlum Steel at 5578 against 56.
of the "Times" one of the most admirable and most
The copper stocks, while less prominent than heresuccessful newspapers of the day. He has from the tofore, have also continued their manifestation of
first conducted the paper according to the highest strength, but the net changes for the week are not
standards of excellence and has never allowed him- important. Anaconda closed yesterday at 683
/
4
self to swerve from the resolve to publish a news- against 68% the previous Friday; Magna Copper at
paper clean in every sense of the word.
523
/
8 against 52%; American Smelting & Refining
Other newspapers might depend upon other means at 193% against 195; Cerro de Pasco at 78 against
of success, might pander to prejudice, might make 76%, and Kennecott at 91/
4. The
1
4 against 901/
demagogic appeals to inflame the ignorant masses, motor stocks have also given a good account of themmight fill the columns of his newspaper with pruri- selves (in addition to General Motors, already menent stories for the edification of the depraved, but tioned) yet show irregular net changes for the week.
never the New York "Times"! "All the news fit to Studebaker closed yesterday at 717
/8 against 68 the
print," a phrase more expressive than elegant, has previous Friday; Packard at 77% against 74%;
been his motto, and what a wealth of news of that Nash at 86% against 88%; Hudson at 837/8 against
kind he has been able to gather from all quarters 821 , and Hupp at 58% against 59%. The rubber
of the globe by the prodigal expenditure of money stocks have continued depressed. U. S. Rubber pref.
and energy! A man of that kind, with such a won- closed at 58/
1
4 yesterday against 59/
3
4 the previous
derful record, and with his life work so crowned Friday, and the common at 291/
8 against 29/
3
4; Goodwith success, cannot be too highly honored, and it year Tire & Rubber closed at 483
4 against 4734, and
is an incentive to honest endeavor to have such B. F. Goodrich at 76% against 70. The oil shares
general and wide recognition accorded to the also show irregular changes. Atlantic Refining
fact.
closed yesterday at 1381/
8 against 1403
/
8 the previous
Friday; Houston Oil closed at 139 against 13834;
4
• FINANCIAL CHRONICLE
Marland Oil at 35/
1
2 against 35, and Standard Oil
of New Jersey at 44% against 4414.
In the railroad list, Texas Pacific has continued
its upward bound, and closed yesterday at 168
against 162 on Friday of last week. Otherwise the
changes have not been important. New York Central closed yesterday at 172 against 1711/
2 the previous Friday; Atchison at 1881/
8 against 1887
/
8;
Canadian Pacific at 2071
/
4 against 2031
/
4; Great
Northern at 98/
1
2 against 98%; Northern Pacific at
9678 against 951/
2;
2; Wabash at 767
/
8 against 721/
Union Pacific at 195 against 1957
/8; Southern Pacific at 122% against 1211/
8; Texas & Pacific at 168
against 162; St. Louis-San Francisco at 113 against
1131%;Reading at 1023
/
4 against 102; Del. & Hud. at
191 against 192/
1
2; Bait. & Ohio at 109 against 109;
Ches. & Ohio at 184/
1
2against 1811/
2, and New York,
Chicago & St. Louis at 132 against 130/
1
2
.
[VoL. 127.
ing division and in that embracing manufacturers of
cotton goods.
The larger failures last month added a considerable amount to the liabilities reported for the lumber manufacturing division, and there was also
some increase in liabilities this year for the divisions
embracing hats, as well as for bakeries. In the tract,
ing classes the increases last month in the number
of defaults were confined mainly to the four divisions embracing clothing, jewelers, druggists, and
hotels and restaurants. There was a small increase
for dealers in dry goods, but notable reductions appear for general stores, grocers, and dealers in shoes
and leather goods. As to the liabilities in the trading class, there were but three divisions, grocers,
clothing and dry goods, where the aggregate
amounts for each separate class exceeded $1,000,000, the total for these three divisions approximating $5,340,000; a year ago there were six such divisions, including, with the three mentioned above,
general stores, hotels and dealers in furniture, while
the aggregate of indebtedness shown for these six
divisions a year ago exceeded $11,650,000. The
marked decrease in the defaulted indebtedness in
the June report this year under trading classifications was in general stores, hotels and furniture.
There was some increase in liabilities this year for
the grocery division, and for dry goods; likewise,
for a smaller amount in jewelry and in hardware
lines, the number of defaults last month'in the last
mentioned division showing a reduction.
In number, the larger defaults in June this year,
that is, mercantile insolvencies where the amount in
each instance was $100,000 or more, were practically
the same as in June 1927, 50 such failures last month
comparing with 49 a year am). The liabilities for
these defaults this year, however, are very much less
than they were a year ago, $10,434,530 last month
comparing with $15,129,075 in June 1927. It is to
this fact that the smaller amount involved in June
this year is attributable. Furthermore, as previously noted, the reduction is mainly in the division
embracing trading defaults. There were 1,897 failures last month in the United States, involving $19,392,543, where the indebtedness in each case was
less than $100,000, the average amount for each being $10,223; the corresponding figures for June
1927 were 1,784 defaults for $19,336,090, an average
for each of $10,831.
Commercial failures in the United States during
the month of June were quite as numerous relatively
as in the earlier months of the year. The number,
as shown by the records of R. G. Dun & Co., was
1,947, and the liabilities $29,827,073. In June 1927
there were 1,833 similar defaults with an indebtedness of $34,465,165. The increase in the number this
year over last year was 6.2%, but the liabilities last
month were 13.5% less than for the corresponding
month of last year. The decrease in the indebtedness reflects in the main the fewer large trading
failures that occurred last month, in comparison
with a year ago. Five of the six months this year
show more insolvencies in number than for the corresponding time of 1927, April alone reporting fewer
mercantile defaults than occurred a year ago. On
the other hand, for each month this year to date the
liabilities have been less than they were last year.
There have been 12,828 mercantile defaults the first
six months of 1928 with total indebtedness of $251,548,406; in 1927 the corresponding figures were respectively 12,296 and $281,527,518, an increase as
to the number of defaults this year of 4.3%, but a
decrease in liabilities of 10.7%. The comparison for
June as to the number of insolvencies is somewhat
more adverse than for the half year, but there is an
improvement in the showing for the amounts involved.
Of the total number of failures in June, 513 were
in manufacturing lines with liabilities of $12,722,577; 1,325 were trading concerns owing $13,780,748,
European securities markets have been unsettled
and 109 agents and brokers for which the indebtedness was $3,323,514. In June of last year there were during most of the past week, with severe depression
427 insolvencies of manufacturing concerns for $13,- occurring in some sections of the various markets,
586,903; 1,310 trading defaults with liabilities of Thursday, on news of the strange disappearance
$17,856,038, and 96 agents and brokers owing $3,- from a private cross-channel airplane of the promi022,224. The increase in the number of mercantile nent speculator, Captain Alfred Loewenstein.
failures in June this year was largely in the manu- Whether the Belgian financier stepped or fell from
facturing division, although both of the other two the airplane, while 4,000 feet above the English
classes into which the figures are divided also show Channel, may never be known, but his sudden deincreases. As already stated, the greater part of the mise took the financial and industrial world on the
reduction in the liabilities last month was in the Continent by surprise and caused consternation at
trading division; in the class embracing agents and Paris, Berlin and Brussels and no little excitement
brokers the amount involved was slightly larger this at London. Shares of the International Holdings
year. Under manufacturing, the additions last Company dropped at London from $215 to $100 and
month were mainly in the four separate classes em- rallied to $145, while Hydro-Electric Securities Corbracing machinery 'and tools, the lumber division, poration slumped similarly from $511/
2 to $25 beclothing and bakeries. Increases also appeared fore recovering to $35. On the Continental markets
among iron founders and nails; hats and furs and these shares, in which Captain Lowenstein was
the shoe and leather manufacturing lines. On the known to be heavily interested, followed a similar
other hand, there was some reduction in the print- course. The remaining sections of the markets
FINANCIAL CHRONICLE
showed varying degrees of sympathetic weakness.
The industrial market in London was hard hit by
the news, but rallied on reassuring announcements
from officials of companies in which the Belgian
speculator was interested and from bankers with
whom he was associated. In Paris the incident
weighed heavily on trading throughout the day, with
banks, electrical, industrial and foreign stocks materially lower. The Berlin Boerse was even more
decidedly affected, all shares selling off sharply.
Reports from the German capital stated quite definitely that "it had been known for some time that
Captain Loewenstein was in serious difficulties on
account of over-speculation." On the Brussels
Bourse all stocks in which the financier was interested fell about 30% Thursday morning, the market being pegged thereafter, according to reports.
Trading on European markets was desultory earlier in the week with some unsettlement Tuesday as
a result of developments at New York. Ten per
cent. call money here on Monday and the resultant
drop on the New York Stock Exchange caused a general decline at London, Paris and Berlin, on the following day. The London Stock Exchange found an
additional cause of weakness in the pronounced
heaviness of home rails, which continued their downward course all week. The movement was accentuated Tuesday by news of a heavy drop in traffic receipts which developed at the same time that J. H.
Thomas, leader of the railroad unions, uttered a
grave warning to the members of his organization at
Bristol. Mr. Thomas was so impressed by the gravity of the situation that he frankly declared he was
apprehensive of the future. These developments
brought out offerings of railroad shares that could
not be absorbed, with the result that prices declined
sharply and closed without recovery. The gilt-edged
section of the London market was an exception to
the general movement, these securities being stimulated by knowledge of further large impending arrivals of gold in London which, it was thought,
would make for easier money. The prospect of reinvestment of July dividends was also a factor in
the gilt-edged market. The miscellaneous markets
at all three great European centers reflected the improvement at New York, Tuesday, by general though
moderate advances Wednesday. Thereafter, however, they were dominated by the Lowenstein incident.
The likelihood becomes greater almost daily that
Secretary of State Frank B. Kellogg's proposal for
a multilateral treaty renouncing war as an instrument of national policy will receive almost universal
approval among the nations and will enable them
to give expression to a fervent desire for peace that
appears to animate them at present. The proposal
was laid before fourteen foreign governments on
June 23 and informal expressions in the greater capitals during the following week indicated that consideration would be quite friendly. Additional comments this week have taken on more definite hue
and have been more authoritative. In London, Monday, Ramsay MacDonald, leader of the Labor Party
and former Prime Minister, remarked before a party
meeting in the House of Commons that Mr. Kellogg's proposal was a new gesture and would be of
great value as a means of extricating the League of
Nations machine from the rut into which the militarists had succeeded in driving it. In Paris, Tues-
5
day, Premier Raymond Poincare attended a celebration in honor of the American colony in the
French capital and, though he did not mention the
Kellogg proposal by name, nevertheless made references that were taken as relating unmistakably to
that proposal. "France, while remaining faithful
to the League of Nations and to individual treaties
which she has already signed, will never let pass an
opportunity solemnly to condemn offensive wars,"
said Premier Poincare. "As long as she is able to
defend her security against possible invasions or
attacks, she is ready to denounce war as the most
detestable of the world's evils and to do everything
in her power to prevent its return." In Berlin, on
the same day, Dr. Hermann Mueller, the new Chancellor of the Reich, declared before the Reichstag
that his Government would support the Kellogg proposal. "We will do our utmost for the realization of
this sublime plan, which places the maintenance of
peace on the broadest possible basis," the Socialist
Chancellor declared. In Geneva, Wednesday, Russian representatives attending sessions of the
League sub-committee on security were reported to
have said that Moscow would gladly sign the Kellogg treaty if the opportunity offered.
The fourteen invited governments, meanwhile, appear to be engaged in a full exchange of views regarding the proposed compact. A Paris dispatch of
July 1 to the New York "Times" remarked that jurists in the various Foreign Ministries involved had
been carefully examining the terms of the suggested accord. "And of these examinations and discussions, the outcome," the dispatch added, "appears
to have been a general conclusion that with only a
few more precisions of view publicly stated so as
to make their various positions perfectly clear, all
those invited to sign this great treaty will be ready
and willing to do so. In coming to this conclusion
European diplomats have never lost sight of the fact
that they must reckon not only with Mr. Kellogg but
also with the American Senate. They have come
to believe that the Secretary of State has gone as
far as he can toward meeting the various reserves
which were attached if he is to succeed in getting
this New World charter approved by the upper
house. For this reason there will probably be less
insistence on further modification of the document
than would otherwise have been the case." The
European view, however, is not necessarily the same
as that held in Washington. "From whatever side
the Kellogg treaty is examined," the "Times" dispatch added, "it is found that it cannot be regarded
as an instrument separate and independent from
those already existing for the maintenance and preservation of peace. It is complementary to those
which are existing, such as that of Locarno and the
Covenant of the League. But it has this advantage
from the European view, that by it the United States
is involved morally at least in any situation which
may arise threatening the peace of the world."
A rapid clarification of both the political and
the financial situation in France has followed since
legal stabilization of the franc was successfully accomplished on June 24. Fears had been expressed
that stabilization would probably mean the end
of Premier Poincare's Government of National
Union composed of representatives of all important parties. The large bloc of Deputies who had
been elected in the national balloting at the end
6
FINANCIAL CHRONICLE
[VoL. 127.
of April had shown signs of restlessness, with some important steps in the restoration of normal curactually drifting off into alignment with the par- rency conditions in Europe." No great immediate
ties of the extreme Left. They had been elected to movement of capital either to or from Paris was
the Chardber of Deputies solely on the basis of sup- considered likely to result from legal stabilization
port for M. Poincare's financial policies, and when of the franc.
these had been carried out sufficiently to permit
The new balance sheet of the Rank of France,
legal stabilization, many observers looked for made possible by the French government's action
prompt disintegration of the support due the Pre- of June 24, as issued for the first time a week ago,
mier and Finance Minister. The Premier had been shows the exact position of that institution, the
subjected to severe criticism, chiefly because of his previous statements not having been altogether
rigorous handling of malcontents in the Provinces clear because they were computed partly on the baof Alsace and Lorraine, and it was considered that sis of the pre-war franc and partly on the current
a request for a vote of confidence might mean his value of that monetary unit. The gold bullion that
had previously been valued in pre-war francs was
downfall.
Premier Poincare put an end to the uncertainty revalued and multiplied by five. The additional
on June 29 when he asked for a vote of confidence gold purchases were added and the total coverture
on the general policy of his Government. This was was shown as 28,934,000,000 francs. This sum, the
accorded him in two ballots in which the voting. was Federal Reserve Bank of New York in its monthly
460 to 120 and 455 to 126. Only the Communists bulletin pointed out, is slightly larger than the total
and Socialists voted against him, the Radicals, or amounts of gold which the old statements showed
more moderate Left adherents, deciding finally that under the three categories of gold in hand, gold
they would vote with the Government, although available abroad and gold abroad not available.
their spokesman, Edouard Daladier, made it plain The note circulation of the Bank of France of 58,that this did not imply agreement with the Gov- 772,000,000 francs was thus covered by a gold reernment on all points of its program. The strength serve of 49%, while the total sight obligations of
shown by the Premier was considered assurance 71,529,000,000 francs were covered by gold to the
that the Government of National Union will remain extent of 40.45%, as against the 35% required by
in office for at least another six months. The Pre- law. The statement further indicated that the Bank
mier, dispatches said, will thus be able to concen- of France has foreign balances totaling 26,000,000,trate his efforts on the still difficult task of pull- 000 francs, not including 10,000,000,000 francs of
ing the country out of its financial entanglements. foreign exchange loaned. With these resources
In addressing the Chamber, M. Poincare, according added, but not including the foreign exchange
to a special cable to the New York "Times," briefly loaned, the percentage of cover of the Bank of
sketched the series of disastrous crises which led France was computed at 77.5. The changes shown
to the formation of his Government of National in this week's return of the Bank are referred to in
Union. He recalled M. Herriot's famous phrase: a subsequent paragraph of this article.
"Sons do not fight at the bedside of their sick
Computations of franc parity in relation to other
mother," and added that he had grouped about him exchanges place this figure as reported in these
those who had opposed him. Since formation of the columns last week, at 25.52 to the dollar and 124.21
Government, he continued, "there has developed to the pound sterling. Since stabilization the franc
among us a spirit of close solidarity and I have has been quoted at a premium both on New York
never for an instant regretted my choice. It was and London and this has led to calculation of the
out of the collaboration of all these elements and gold movement points of the French monetary unit.
thanks to the abnegation now of one side and now As between New York and Paris, it was considered
of the other that the new spirit of confidence and that gold would move toward the French capital
all that that made possible has come. And to-day when the franc reached 25.36 to the dollar or higher,
the Cabinet is more united than ever. We have only and toward New York when it dropped to or below
one regret—that the same union does not exist in 25.61 to the dollar. The cost of importing gold
from New York was figured at Paris as 3.60% of
the corridors of the Chamber."
The official stabilization of the franc was ac- its price, and the Bank of France takes 2.60% for
cepted by the general public in France quite as a the expenses of coinage. The latter item causes the
matter of course. It might well have gone unno- unequal variation from the central point between
ticed by the French people generally, reports said, the price of gold bought abroad and sold abroad.
but for the numerous articles in the press discus- For gold coming from or going to London, the difsing it. It had no effect on the international ex- ference is smaller as the cost of transportation is
change value of the franc and none on the prices of less. The shipment points over ordinary routes
merchandise in France. Experts suggested, how- were therefore considered to be 123.76 and 124.56.
ever, that it may cause a slight lowering of the Utilization of air mail between London and Paris
price level in France because of the safe opportunity might make a very slight difference in these figwhich the fixed franc provides for merchants to deal ures. London bankers calculated that the Bank of
at a narrower margin of profit. A canvass of Lon- France, by eliminating its mint charges, might take
don, Berlin and Amsterdam opinion taken by the gold from London when exchange reached 124.08 to
New York "Times" correspondents showed that all the pound sterling.
Two incidental points of great importance in Eufliese financial centers regarded the "de jure" stabilization of the franc as an extremely favorable ropean financial history were considered to have
development. Financial London, it was said, greet- been accomplished, or at least emphasized, by the
ed the French government's action with enthusi- French financial reforms of June 24. These were
astic approval, since "it must ultimately be of great firstly, the definite break-up of the Latin monetary
benefit both to France and to Europe generally, union which was organized in 1865, and secondly,
because it constitutes the final and one of the most the end of the hi-metallic system in France. Of Vie
JULY 7 1928.]
FINANCIAL CHRONICLE
countries in the union before the World War only
Switzerland maintained the value of its currency
unimpaired. The Italian lira was finally stabilized
at 5.26 1/3 cents, Belgium adopted a new unit for
foreign trading, the Belga, with a gold content giving it a value of 13.904 cents, and now the French
franc has been fixed at 3.92 cents, although all four
currencies were originally valued at 19.3 cents. Of
equal importance, according to a Paris dispatch of
July 1 to the New York "Herald Tribune," is the
demonetization of silver and the adoption of gold as
the only legal basis for French currency. The Bank
of France, the dispatch indicated, has ceded its
silver holdings of 784,000,000 francs to the State
for new silver coins that will be issued at the end
of this year.
7
eral accord outlawing war proposed by the United
States. Of reparations, Dr. Mueller said the Reich
had fulfilled all her obligations fully and now
wanted a settlement which, he believed, could be
reached on condition that "all concerned displayed
the required measure of vision and progress along
the road of mutual understanding, of rational economic policies and adequate assurances for the vital
needs of,the German people." National tariffs, the
Chancellor continued, must be lowered in accordance with the recommendations of the Geneva Economic Conference and the trade treaties guaranteeing reciprocal commercial advantages should be
concluded among all nations. The declaration was
well received in the Reichstag and was favorably
commented on in unofficial circles in Paris.
An appeal to France for speedy evacuation of the
The League of Nations Committee of Security and
Rhineland was the chief note struck by the new Arbitration met at Geneva June 28 and adjourn
ed
Socialist Chancellor of Germany, Dr. Hermann again on July 4 after a few desultory sessions
in
Mueller, in his Ministerial declaration before the which, admittedly, very little was accompli
shed.
Reichstag Tuesday. Dr. Mueller also insisted that
The work of drafting multilateral treaties of ararmaments must be completely abolished by all bitration and conciliation for which
the Committee
countries, paying at the same time a profound trib- met was overshadowed
by the possibility of general
ute to the proposal of Secretary Kellogg for a mul- consideration in the next
League Assembly meeting
tilateral treaty renouncing all war as an instru- of Secretary of State
Frank B. Kellogg's proposal
ment of national policy. Finally, the new Chancel- for a multilateral
treaty renouncing war as an inlor affirmed flatly that the definite fixation of Ger- strument of national
policy. This compact, it was
many's reparation debt total was not only desirable felt, will take care of
the League's problems of securbut possible. The declaration this week followed ing accords and will enable
the League to get forafter the successful formation of a new coalition ward immediately with its
work of disarmament.
Government had been announced in Berlin June 28. Just before the Committee adjourn
ed Wednesday,
Dr. Mueller swore in his colleagues and held his it adopted a treaty text based
on German suggesfirst Cabinet meeting on June 29 and the policies tions which it voted to send to all
Governments in
then agreed upon were announced in the open Reich- preparation for the general discussi
on at the Asstag Tuesday in accordance with German govern- sembly meeting next September. This
treaty is to
mental procedure.
the effect that the nations bind themselves in adBy far the greater part of the Chancellor's pro- vance to accept the recommendation
s of the League
nouncement dealt with domestic affairs, in the dis- of Nations Council in the case of
a threat of war mid
cussion of which he manifested the caution necessi- to refrain from measures likely
to aggravate the
tated by the conflicting claims of the five parties dispute. The Belgian rapporte
ur made a favorable
represented in his Cabinet. He began, a New York statement regarding
this proposal, but dispatches
"Times" dispatch said, by stressing the secure and indicated that Lord
Cushendun, of Great Britain,
unshakable character of the German Republic. The would denounc
e it on the plea that alteration of the
Reich's foreign policy, the Chancellor declared, was League Covenan
t is involved. The Committee also
based upon peaceful understanding without thought decided to bring
up in the September League Asof revenge for past suffering or humiliation. Dr. sembly a project
for financial assistance for counMueller then plunged into the problem of the oc- tries that
are victims of aggression.
cupied regions, of which he observed: "In accord
with the whole German people, the German GovernTragic events in the Yugoslavian Parliament on
ment is convinced of the righteousness of our de- June
23, when a Montenegrin Deputy assassinated
mand for the immediate liberation of these territwo members of the Croatian Peasants Party and
tories. Yet we must record the fact that the occu- wounded
four others, were followed on July 4 by
pant powers have failed to act on the political devel- the
resignation of the entire Cabinet, led by Preopments of the last few years, and so no practical mier
Vukitchevitch. The King accepted the resigresult has been attained. Only one and a half years
nations after a conference with the Premier that
separate us from the evacuation of the second zone lasted
more than an hour, and then called various
under the peace treaty. But if evacuation is delayed political
leaders to report to the palace for conferuntil the completion of this period a: most signifiences. The most likely successor to M. Vukitchcant opportunity for translating into acts the policy evitch
was considered to be the elderly statesman
of reconciliation will have been neglected, although of
the Radical Party, M. Stanojevitch, but the powall the preliminary conditions for such action are erful
Croatian leaders were understood to have
provided."
given an ultimatum that unless Parliament is disThe Chancellor remarked further that Gelman solved
and new elections called immediately, they
disarmament and the Reich's acceptance of the Lowill not enter the coalition Government. It was
carno Treaty and her wholehearted participation in
considered, therefore, that the crisis will be a long
the League of Nations activities were an earnest one
which will most probably end in a provisional
of German strivings for the universal suppression of Government
whose primary purpose will be to conarmed conflict. He added that Germany was the duct
new elections. The domestic difficult
ies,
first State which approved unconditionally the gen- though
complicated enough, are made
additionally
8
FINANCIAL CHRONICLE
uncertain by the strain in relations between Yugoslavia and Italy, on which the domestic schisms are
partially based. The time for renewal of the Yugoslav-Italian treaty of friendship is close at hand,
but Premier Mussolini has insisted that as a prerequisite to renewal of that treaty, Yugoslavia must
ratify the Nettuno conventions which grant certain
favors to Italians living on the Yugoslavian littoral. The mere suggestion, late in May, that the
Skuptchina, or Yugoslavian Parliament, was about
to ratify this convention caused anti-Italian demonstrations in Yugoslavia which further aggravated
the strain between that country and Italy. It is
now hinted in Belgrade that Premier Mussolini, appreciating the difficult political situation in Yugoslavia, is in a mood to renew the treaty of friendship
for another six months, giving Yugoslavia a breathing spell in which to heal the racial wounds made by
the Skuptchina shooting and to conduct elections
which will return a Parliament which can voice the
will of the Yugoslav peoples on the Nettuno convention in a definite way.
[voL. 127.
policies of his political ally, President Calles, that
have promoted the economic development of the
country. There is the less uncertainty on this point
since he instituted many of these policies himself
in his incumbency of the office before Senor Calks
became President. Toward foreign capital General
Obregon has shown himself friendly, although he
has proclaimed that it must co-operate and not come
with conquest in view. He earnestly desires adjustment of the religious controversy, and has come out
for temperance and against gambling. Although
opposed to United States restrictions on immigration from Mexico, he is known to be well disposed
toward this country. His election was proclaimed
in Mexico City July 3.
In the meantime, the efforts of Ambassador
Dwight W. Morrow to cement the improved relations between Washington and Mexico City continue to bear fruit. Mr. Morrow returned to Mexico City July 3, after a vacation in the United States.
As he neared the capital President Calles issued a
good-will message to Americans to be published in
the newspaper "El Universal's" English language
special Fourth of July edition: "The foreigner who
comes to live with us, to share what we enjoy and
what we have to endure, to make his home here, to
combine his interest with ours—this foreigner will
find us welcoming him with open arms and calling
him brother," the declaration read. "Mexico," it
continued, "wants the most friendly and cordial
relations with all the nations of the world. We want
to have our international relations established upon
the basis of mutual respect. We want any conflicts
that arise to be solved by justice alone. These are
our ideals."
A cabinet crisis in Greece, obviously precipitated
by Eleutherios Venizelos, who still remains the most
powerful politician in the country, caused the resignation of the Maimis Cabinet on June 29, after criticisms of the financial policies of G. Kaphandaris,
Minister of Finance, had been voiced by M. Venizelos himself. The latter denounced as a political
scandal an offer to public subscription of all shares
in the newly created Bank of Greece. The Finance
Minister retired from the Government on June 28,
and on the following day the Whole Cabinet handed
their resignations to President Kondouriotis. Venizelos, on July 2, tried to induce the President to disThe Bank of Belgium on Saturdayllast reduced its
solve the Parliament, but this Admiral Kondouriotis
rate from 43/2% to 4%, being the first
discount
ress,
declined to do. The President, neverthele
Nov. 1927. Otherwise there have been
since
change
and
new
a
Ministry,
quested M. Venizelos to form
week in discount rates by any of the
this
changes
no
following
the
On
3.
on
July
this was accomplished
at 7% in
day the new Cabinet took the oath of office before central banks of Europe. Rates continue
Norand
Italy
in
%
A
President Kondouriotis. The Cabinet personnel, Germany; 6% in Austria; 51
in
London
43%
Madrid;
according to an Athens dispatch to the New York 'way; 5% in Denmark and
in France
"Times," is as follows: M. Venizelos as Premier, and Holland; 4% in Sweden, and 332%
discounts
market
open
London
In
nd.
M. Karapanos as Foreign Minister, M.Zavitziano as and Switzerla
%%
11-16@3
3
and
short
for
11-16%
3%@3
Fiare
Minister of the Interior and, provisionally, of
former,
the
for
4%
13-16@37
3
against
bills,
for
long
for
nance; M. Gontika for Education, M. Petridi
of last week.
Justice, M. Sofuli, War; M. Arginropulo, Marine; and 3%% for the latter on Friday
. At
3h%
yesterday
was
London
in
call
on
di,
Money
M.
Emanueli
;
M. Vurlumi, National Economy
at
33.%
and
remain
discounts
market
M.
open
and
Paris,
re,
Agricultu
Kanavo,
Public Welfare; M.
3%%.
at
nd
Switzerla
in
ation.
Christomano, Transport
The singular campaign of General Alvaro Obregon
for the Presidency of the Mexican Federation of
States was concluded on July 1 by his election to
that office for a six-year term commencing December 1, when President Plutarco Elias Calles leaves
office. General Obregon was the sole candidate for
the Presidency, no other candidates having offered
themselves since Serrano and Gomez, both candidates, were executed for conspiring against the Government. The election was one of the quietest ever
held in Mexico, only one disturbance taking place
at Panuco, State of Vera Cruz. The voting was
extremely light, the election being considered a mere
formality. Although alone in the field, General
Obregon continued to discuss public questions, and
he left the country in no uncertainty as to his attitude toward the questions that have lately agitated
Mexico. He promised many times to continue those
In its latest weekly statement dated July 5 and
dealing with the week ending July 4 the Bank of
England reports a further gain in gold, namely
£1,141,114; but total reserves increased only £231,000
in consequence of an expansion of notes in circulation,
amounting to £911,000. The ratio of reserve to
liabilities, which has been exceptionally high for some
weeks dropped sharply this week from 43.09% to
38.24%. In the corresponding week last year the
ratio stood at 26.35% and two years ago at 23.26%.
A decrease of £2,010,000 was recorded in loans on
Government securities while loans on other securities
gained £18,873,000. Public deposits decreased £4,187,000, but "other" deposits rose £21,237,000.
The Bank's stock of gold now amounts to £173,428,234, a gain of over £22,000,000 in a year, as at
this time last year the gold on hand amounted to
£151,074,446. Notes in circulation now aggregate
JULY 71928.]
FINANCIAL CHRONICLE
£137,167,000, against £138,257,930, and L142,217,610 in 1927 and 1926 respectively. No change
has been made in the minimum discount rate of4%
which has ruled for over a year. Below we furnish
comparisons of the various items of the Bank of
England for five years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1928.
1927.
1926.
1925.
1924.
July 5.
July 6.
July 7.
July 8.
July 9.
Circulation
b137,167,000 138,257,930
Public deposits
19,686,000 19,205,447
Other deposits
126,830,000 104,376,681
Governm't securities 28,769,000 47,546,982
Other securities
79,742,000 61,488,071
Reserve notes & coin 56,013,000 32,566,516
Coin and bullion...A*173,428,234 151,074,446
Proportion of reserve
to liabilities
26.35%
38.24%
Bank rate
44%
434%
142,217.610
16,498.498
105,595,110
37,520,328
74,559,756
28,053,350
150.520,960
145,205,750
11.250.201
118,652,498
42,516,733
71,992,302
33,405,986
158,861,736
127,269.900
9,928,000
110,875.468
48,057,467
69,950,129
20,749,417
128,269,317
9
REICHSBANICS COMPARATIVE STATEMENT.
Changes for
Week.
June 30 1928. June 29 1927. June 30 1926.
Assets—
Reichsmark,.
Reichsmarks, Reichsnuirks. Recihsmarks.
Gold and bullion
Inc. 21,611,000 2,083,180,000 1,802,569,000 1,491,234,000
Of which depos.abr'd. Unchanged
85,626,000
57,876,000 260.435,000
Reserve in for'n curr _ _Inc. 4.789,000 250,044,000
66,992.000 324,827,000
Bills of exch.Ix checks.Inc. 616,311,000 2,477,172,000 2,494,644,000 1,288.208,000
Silver and other coin_ _Dec. 18,623,000
85,385,000
94,850,000 107,546,000
Notes on 0th. Ger.bks.Dec. 16,474.000
7,593.000
8,650,000
10,613,000
Inc. 111,068,000 138,279,000 146,593,000 143,277,000
Advances
Investments
Unchanged
93,996,000
92,923,000
89,498,000
Other meets
Inc. 67,279.000 684,172,000 461,763,000 521.626,000
Liabilities—
Notes in circulation_ _Inc. 767,478,000 4,674,202,000 3,815,209,00072,971,153,000
Oth.datlymatur.oblig.Inc. 12,499,000 525,207,000 669,518.000 526,926,000
Other liabilities
Inc. 6,984,000 215,417,000 318.076.000 119,877,000
The New York money market confounded all
prohpets the past week and set the entire financial
23.26%
25%%
% community at work trying to fathom the reasons
5%
5%
4%
for its remarkable performances. The stringency
a Included beginning with April 29 1925 E27,000,000 gold coin and bullion. pre.
in
the market for call money at the end of last week
viously held as security for currency notes issued and which was transferred to the
Bank of England on the British Government's decision to return to gold standard.
was expected and an 8% rate for demand funds was
b Beginning with the statement for April 29 1925, includes £27,000.000 of Bank
monthof England notes issued In return for the same amount of gold coin and bullion held considered the logical consequence of heay
up to that time in redemption aocouut of currency note issue.
end settlements, the expected call on the banks for a
condition statement, which materialized as of June
The Bank-afiFrance in its weekly statement as of 30,
and the demand for holiday currency. Some
Wine 30 1928, the second statementissued since the easing
was confidently expected early this week,
revaluation of the franc became effective, reported
but the market Monday showed quite the contrary
an increase in note circulation of 1,856,094,000
tendency. After opening at 7% for renewals,
francs,raising total note circulation to 60,628,094,000
the rate advanced at noon to 8%, then to 9% and
.francs, the highest figure ever recorded. Prior to the
finally, in the closing hour, to 10%, at which it
stabilization decree the highest point reached in note
closed. This marked the highest rate that has precirculation was 60,384,546,500 francs, on May 9
vailed since Nov. 10 1920. Withdrawals by the
1928. A year ago this week note circulation aggrebanks during the day totaled $70,000,000, the largest
gated 52,786,385,825 francs. A large increase was
for a single day that old time money brokers could
shown in the gold item, namely 55,148,148 francs
recall. Tuesday's market was quite as remarkable
bringing that total up to 28,990,033,416 francs.
as that of Monday, the call loan rate dropping to
Foreign sight credits (gold) on the other hand fell
5%, or just half of Monday's final quotation, after
off 425,486,595 francs leaving a total of 15,559,114,renewals were fixed in the morning at 8%. The
146 francs. Changes in the other items of the Bank's
high rate on Monday had attracted a huge supply
report were: Bills discounted increased 1,752,000,000
of funds from out-of-town 'banks and this, coupled
francs. Advances decreased 10,000,000 francs,
with heavy pay-offs, and with an inflow from London
current accounts 976,000,000 francs and foreign
and Paris, brought an excess of money to this marexchange obligations 842,376,000 francs. The stateket. The supply from all points was estimated by
ment now gives the condition of the bank as of the
bankers to have reached $100,000,000 in the course
Saturday previous instead of Wednesday as heretothe day, and demand having fallen off in the
of
fore reported. Below we furnish a detailedlcommeantime, much of the money remained unloaned.
parison with the previous week.
In the outside market, funds were offered late in
BANK OF FRANCE'S COMPARATIVE STATEMENT.
day at as little as 4%, making the decline even
the
Changes
Status as of
for Week.
June 30 1928. June 25 1928. more drastic than the official Stock Exchange rate
Francs.
Francs.
Francs.
indicated. After the holiday, Wednesday, trading
Gold holdings
Inc.
55,148,148 28,990,033,416 28,934.885.268
Foreign sight credits
Dec. 425,486,595 15,559,114,146 15,984,600,741 in money continued on a relatively steady basis.
111115 discounted
Inc. 1,752,000,000 15,269,000,000 13,517,000,000 Call money was very active Thursday with the rate
Advances
Dec.
10,000,000 1,837,000,000
1,847,000,000 declining from an opening at 6%
to a close at 5%,
Note circulation
Inc. 1,856,094,000 60,628,094,000 58,772,000.000
Current accounts
Dec. 978,000.000 4,495,000,000 5,471,000,000 despite withdrawals of approximately $20,000,000.
Foreign exchange obligations_ _Dec. 842,376,000 8.935,624,000 9,778,000.000 The market finally
became more sedate yesterday,
with call funds prevailing at
although withIn its statement for the fourth week of June, the drawals were again $10,000,000. Time money
Bank of Germany reports an increase in note circu- showed a very slight easing in the drastic decline
lation of 767,478,000 marks, raising the total to of call funds Tuesday, all maturities being quoted at
4,674,202,000 marks against 3,815,209,000 marks 5% to 5/3% against the previous figures of VA%
last year and 2,971,153,000 marks in 1926. Other to 6%. The bulk of the trading reported
during the
daily maturing obligations rose 12,499,000 marks and week was at the 57
4% figure. The compilation of
other liabilities 6,984,000 marks. On the asset side brokers' loans against stock and bond
collateral
silver and other coins decreased 18,623,000 marks made public Thursday by the Federal
Reserve Bank
and notes on other German banks dropped 16,474,000 of New York to cover the week ended
Wednseday
marks, while gold and bullion rose 21,611,000 marks, evening also contained a surprise for
the money
reserve in foreign currency 4,789,000 marks, bills of market. The loans rose, according to
the statement,
exchange and checks 616,311,000 marks, advances $147,812,000 in the week, reversing
sharply the
111,068,000 marks and other assets 67,279,000 marks. wholesome downward trend of the
three previous
Deposits abroad and investmentsremained unchanged. weeks. Gold shipments from New
York for the
Below we furnish a comparison of the various items week ended Wednesday totaled $30,915,000,
acof the Bank's return for 3 years past.
cording to the Federal Reserve Bank statement,
10
FINANCIAL CHRONICLE
[VOL. 127.
while imports were $7,744,000,[making a net loss for As during the past few weeks, the pressure on sterling
exchange arose rather from demand for dollars than
the week of $23,141,000.
from any conspicuous offerings of sterling either here
Dealing in detail with therrates from day to day, or in any other market, although it cannot be gainsaid
and later in that sterling exchange was on offer both in New York
the renewal rate on Mondayiwas
the day there:was7an advance to:the unusual figure and London, as well as on the Continent. As might
of 10% on new loans. On Tuesday the renewal rate be expected from so sharp a decline in sterling, all
was marked up to 8%, but as the day advanced the leading Continental exchanges will be seen to
the rate on new loans dropped to:5%. On Thursday have suffered a corresponding marking down, as,
after the 4th of July holiday the renewal rate was barring exceptional causes, the European exchanges
fixed at 6%, but some new loans were negotiated move more or less in sympathy with the London
at 5%. On Friday all loans were at 5%% including rate. The range for sterling this week has been from
renewals. In the case of time loans also there has 4.86% to 4.87 11-32 for bankers' sight, compared with
been a little easing up after very high figures at the a range of 4.87 to 4.87 9-16 last week. The range
3,
beginning of the week.' On Monday the 30 day for cable transfers has been from 4.87 1-16 to 4.87%
a
15-16
4.87
to
4.87
of
7 @6%, compared with a range
rate was 6%, the rate for 60 and 90 days 54
the
of
sections
most
in
as
decline
The
ago.
7 %. On week
and the rate for four to six months 5%@54
Tuesday the quotation was 6% for both 30 and 60 foreign exchange list has been due to the influx of
7 @6% for all other maturities. On foreign money to New York, owing to the excessively
days and 54
7 % high rates for collateral loans on the New York
Thursday and Friday the quotation was 5%@,54
Stock Exchange and the general tightening of other
Comsix
to
months.
for all maturities from 30 days
classes of money rates here. In Thursday's market
the
of
part
the
early
sharply
rose
rates
mercial paper
cables declined to a new low on the movesterling
the
latter
back
slightly
dropped
but
week,
present
half. On Saturday and Monday names of choice ment at 4.87 1-16 for cable transfers, compared
character maturing in four to six months were with the year's low of 4.86 29-32 and the year's
quoted at 4%@5%; on Tuesday the rate for this high of 4.88 77-16. Throughout the week, howclass of paper rose to 5@5Y.% with no names selling ever, sterling futures were at a substantial premium
under 5%, and on Thursday and Friday the pre- over spot, whereas a week ago futures were selling
vailing rate remainedi 5@5Y1 with exceptional flat. The British banks have been buying spot
3 %. For names less well known dollars and selling futures against them, placing
names selling at 44
the quotation is 5%, which is also the rate for themselves in dollars for lending in New York and
at the same time covering themselves 'against exNew England mill paper
loss. In view of the drop in the call money
change
Rates for banks' and bankers' acceptances have
New York from 7 and 10% levels to 5%
in
rates
the
and
rate
the
unchanged
of
continued
posted
American Acceptance Council for prime bankers' and 6% levels, the covering would seem very
acceptances eligible for purchase by the Fderal necessary.
It is considered surprising in some quarters that
Reserve banks remain at 43/s% bid and 4% asked for
1 8% asked for sterling should have declined in face of the Bank of
0 bid and 4/
bills running 30 days, 437
bills running 60 and 90 days, and also for 120 days, England rediscount rate at 4M%. It was con3
bid and 44% asked for 150 and 180 days. fidently believed and circulated in London and New
and 4/%
The posted rate of the Acceptance Council for call York this week and last that the rate would be
loans against acceptances continued at 7% on Mon- reduced to 4%. The present decline in sterling
day and Tuesday, but was reduced to 5% on makes it probable that no change can take place
Thursday and to 5% on Friday. Open market rates in the Bank of England rate until money conditions
on this side ease further. While the sterling quofor acceptances remain as follows:
tations have been depressed on account of the
SPOT DELIVERY.
—180 Days— —150 Days— —120 Days— differences in money rates here, as earlier in the
Bid.
Bid.
Asked.
Bid.
Asked.
Asked.
year sterling was firm on account of the flow of
4(
444
434
4K
434
414
Prime eligible bills
—90Days— —60 Days— —30 Days— funds to Europe from this side, it is not surprising
Bid.
Bid.
Asked.
Bid.
Asked.
Asked.
to see some corresponding advantages accruing to
4
431
434
434
434
431
Prime eligible bills
FOR DELIVERY WITHIN THIRTY DAYS.
London. For instance, London discount brokers
444 bid
Eligible member banks
444 bid report a considerable increase in acceptances of
Eligible non-member banks
sterling bills to finance American cotton deliveries
There have been no changes this week in Federal to Europe. Owing to the comparative cheapness
Reserve Bank rates. The following is the schedule of money in London, a large number of July finance
of rates now in effect for the various classes of paper bills are reaching the London market, which, it is
believed, will advance the normal seasonal strain
at the different Reserve banks:
sterling exchange by some months. This latter
on
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
development further removes the probability of a
change in the Bank of England rate this year.
Dale
Precious
Rate in EDeet
Rate.
Established.
on July 6.
Federal Reserve Bank.
While June financing in the New York market has
Apr. 20 1928
4
Boston
434
been the lowest in many months, London's share
4
May 18 1928
New York
434
4
May 17 1928
Philadelphia
43.4
4
of financing has increased noticeably.
May 25 1928
Cleveland
434
4
Apr. 24 1928
Richmond
434
4
May 26 1928
Atlanta
This week the Bank of England shows a further
434
4
Apr. 20 192b
Chicago
434
4
Apr. 23 1928
St. Louis
of £1,141,114 in gold holdings, bringing
increase
434
4
Minneapolis
Apr. 25 1928
434
4
Kansas City
7
June
1928
434
the total to £173,428,234, the largest gold holdings
4
Dallas
May 71028
434
4
San Franclwo
1928
2
June
434
in the history of the Bank. London dispatches state
that a total of £850,000 South African bar gold
Sterling exchange ruled lower this week and was and £250,000 sovereigns will arrive in London next
under greater pressure than at any time this year. week and £750,000 in sovereigns and £70,000 bar
JULY 7 1928.]
FINANCIAL CHRONICLE
gold the following week, thus making a total of
£1,000,000 which will automatically go into the
vaults of the Bank of England during the next two
weeks. On Monday the Bank of England received
£500,000 gold sovereigns from South America. On
Tuesday the Bank of England bought £452,000 in
gold bars. At the Port of New York the gold movement for the week June 26-July 3, as reported by
the Federal Reserve Bank of New York, consisted
of imports of $7,744,000, of which $7,660,000 came
from Canada. Gold exports totaled $30,915,000,
of which $27,779,000 was earmarked gold withdrawn by the Bank of France. $3,000,000 was
shipped to Poland, $83,000 to Mexico, and $53,000
• to Germany. $14,000,000 more gold is being shipped
to France to-day. Canadian exchange continues
at a discount, Montreal funds ranging this week
from % of 1% to 7-32 of 1% discount.
Referring to day-to-day rates, sterling on Saturday
opened off but recovered toward the close of the short
8@4.87 5-16, cable
session. Bankers' sight was 4.873/
transfers 4.87%@4.87 11-16. On Monday sterling
was under pressure. Bankers' sight was 4.86 15-16
@4.87 11-32 and cable transfers 4.873/
2@4.87%.
On Tuesday pressure continued. The range was
4.86%@4.873/ for bankers' sight and 4.87%@
4.87 17-32 for cable transfers. On Wednesday there
was no market owing to the July 4 holiday. On
Thursday sterling was again heavily sold. Bankers'
sight was 4.86%@4.87 and cable transfers 4.87 1-16
®4.87%. On Friday the range was 4.86 23-32®
4.86% for bankers' sight and 4.87 1-16@4.873 for
cable transfers. Closing quotations yesterday were
4.863
% for demand and 4.87 3-16 for cable transfers.
Commercial sight bills finished at 4.86%,60-day bills
%,documents for payat 4.833, 90-day bills at 4.813
7-day grain bills at
and
at
days)
(60
ment
4.833
4.86. Cotton and grain for payment closed at 4.86%.
The Continental exchanges have been dull and
ruling generally lower. The reason for the lower
quotations is to be found altogether in the European demand for dollar exchange to the neglect
of other currencies, owing to the high money rates
in New York. This ruling factor has already been
covered in the discussion of sterling exchange.
In Thursday's market French francs declined to
a new low for the year of 3.92 and franc futures,
like sterling futures, rose to a premium over spot,
showing that French banks were lending to New
York in a manner similar to the London banks.
The Bank of France statement for the week ended
June 30 shows a substantial decline in sight balancres abroad and a decline in foreign exchange
loans to private institutions. Bank Of France
gold holdings stand at 28,990,000,000 francs, compared with 28,935,000,000 francs a week ago. The
lower ruling rate for francs this week induced by
transfers of money to New York have no special significance, as the fluctuations in the franc will be kept
strictly within gold points. As noted above, the
Bank of France withdrew further shipments from its
earmarked gold stock in New York totaling $27,779,000, and is shipping $14,000,000 more gold to-day.
As might be expected from what has already been
said, German marks also ruled lower. German
funds have been offered in New York in amounts
sufficient to partly offset the general movement of
American credits to Germany. This week the
Reichsbank shows an increase in its gold holdings of
• 11
21,611,000 marks. The average lower quotation of
the mark is still considerably above par of 23.82 and
is likely to remain so as the demand for money in
Berlin continues strong, with chief reliance placed
upon credits arranged in New York. It might be
thought that the Belgian unit may have suffered disturbance owing to the Loewenstein tragedy. While
belgas declined slightly, the decline was less than
those of most other gold units. Lire, Swiss and guilders were lower. On Saturday last the Bank of Belgium reduced its rediscount rate from 4% to 4%.
The Belgian rate had been at 41A% since Nov. 16
1927. Polish zloty is practically at a fixed exchange
rate but interest attaches to the unit this week because of the fact that $3,000,000 gold was shipped
from New York to Poland.
The London check rate on Paris closed 4 124.20
on Friday of this week, against 124.12 on Friday
of last week. In New York sight bills on the French
4 a week
centre finished at 3.91/, against 3.925
and
3.92/,
against
,
4
3.921
at
ago; cable transfers
3.923'.
against
11-16,
3.91
at
bills
commercial sight
Antwerp belgas finished at 13.95 for checks and at
13.96 for cable transfers, as against 13.96 and 13.97
on Friday of last week. Final quotations for Berlin
marks were 23.87 for checks and 23.88 for cable
transfers, in comparison with 23.89I 2 and 23.90
a week earlier. Italian lire closed at 5.243s for
bankers' sight bills and at 5.253/i for cable transfers,
4 last week. Austrian
as against 5.25% and 5.257
schillings have not changed from 143'. Exchange
on Czechoslovakia finished at 2.9615, against 2.9615;
on Bucharest at 0.613, against 0.613'; on Poland
at 11.20, against 11.20, and on Finland at 2.52,
against 2.52. Greek exchange closed at 1.30 for
checks and at 1.303 for cable transfers, against
1.30% and 1.303' a week ago.
The exchanges on the countries neutral during
the war have been quite featureless and all extremely
dull. With the exception of Spanish pesetas the
neutral exchanges, like the other Continentals,
moved in sympathy with the lower sterling rate.
As noted last week, the peseta, while continuing
to show occasional weakness, will be protected
against speculative aggression through Government
influences. All the Scandinavian exchanges were
heavy throughout the week. Though the Scandinavian centres have not been attracted by the
higher New York money rates, their relationship
to sterling is close, hence they were frequently
quoted a few points below last week's ruling rates.
Holland guilders have been lower owing to offers
of Dutch funds to London and New York.
Bankers' sight on Amsterdam finished on Friday
at 40.27, against 40.28 on Friday of last week; cable
transfers at 40.29, against 40.30, and commercial
sight bills at 40.24, against 40.24. Swiss francs
3
closed at 19.27 for bankers' sight bills and 19.27%
for cable transfers, in comparison with 19.273 and
19.28 a week earlier. Copenhagen checks finished
at 26.77 and cable transfers at 26.78, against 26.79
and 26.80. Checks on Sweden closed at 26.823'
and cable transfers at 26.833', against 26.82 and
26.83, while checks on Norway finished at 26.76
and cable transfers at 26.77, against 26.77 and
26.78. Spanish pesetas closed at 16.51 for checks
and at 16.52 for cable transfers, which compares
with 16.50 and 16.51 a week earlier.
[VOL. 12'7.
FINANCIAL CIIRONICLE
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TRAIFF ACT OF 1922,
JUNE 30 1928 TO JULY 6 1928, INCLUSIVE.
Noon Buying Rate for Cable Transfers to New York,
Value in United States Money.
Country and Monet,
Unit.
June 30.1 July 2.
EUROPE$
Austria, schilling
.140745
Belgium, belga
.139657
Bulgaria, ley
.007215
Czechoslovakia, kron .029622
Denmark, krone
.267965
England, pound ster
by
4.876590
Finland, markka
025173
France, franc
039273
Germany,reichsmark .238984
Greece, drachma
.013019
Holland, yonder
.402925
Hungary, pengo
174389
Italy, Bre
.052584
Norway, krone
.267709
Poland, Moly
112022
Portugal. escudo
.044900
Rumania,leu
006140
Spain, peseta
.165013
Sweden, krona
.268309
Swtizerland, franc_ _ _ .192786
Yugoslavia, dinar
.017607
ASIA•
China-.
Chefoo tadl
.675208
Hankow tael
.673125
Shanghai tadl
659196
Tientsin tael _____ _ .691458
Hong Kong dollar
.503275
Mexican dollar_ __ _ .475500
Tientsin or Peiyan
475416
dollar
Yuan dollar
.472083
India, rupee
.363142
Japan, yen
.464944
Singapor (8.8.) dollar_ .561458
NORTH AMER.
Canada. dollar
.997587
Cuba, peso
999750
Mexico, peso
475375
Newfoundland, dollar .995218
SOUTH AMER.Argentina. peso (gold) .967330
Brazil, milreis
.119450
Chile, peso
.121986
Uruguay, peso
1.022340
Colombia. DC90
980400
S
.140771
.139625
.007172
.029625
.267960
July 3.
July 4.
July 5.
Jiny 6.
3
.140740
.139594
.007188
.029825
.267805
$
II
.140872
.139566
.007227
.029625
.267767
$
.140776
.139547
.007212
.029625
.267705
4.876676 4.873928
.025168 .025172
.039265 .039236
.238925 .238720
.013011 .013015
.403063 .402961
.174386 .174348
052568 .052545
.267705 .267546
.112080 .112220
.044810 1144805
.006125 .006130
.164885 .164726
.268286 .268240
.192764 .192739
.017603 .017602
4.872038 4.871278
.025171 .025175
.039205 .039216
.238762 .238793
.013018 .013011
.402873 .402888
.174372 .174336
.052530 .052499
.267564 .267580
.112118 .112100
.044987 .044760
.006139 .006133
.164993 .165009
.268277 .268275
.192730 .192727
HOLT- .017609 .017605
DAY
.675208
.673125
.659196
.691041
.503160
.475250
.876041
.673125
.658660
.691041
.503303
.475250
.666250
.663750
.650714
.682083
.500178
.473250
.667083
.665000
.651875
.682500
.501035
.471000
.475416
.472083
.363212
.464394
.561458
.475416
.472083
.363082
.463261
.561458
.473333
.470000
.363142
.463327
.561458
.470416
.467083
.363085
.462711
.561458
.997482
.999625
.475375
.995156
.997413
.999812
.476833
.995062
.997630
.999625
.474833
.995250
.997560
.999593
.474833
.995125
.966785 .965746
.119375 .119263
.121987 .121964
1.023072 1.022290
.980400 .980400
.985558 .964870
.119245 .119190
.121843 .121837
1.022081 1.021631
.981600 .981600
The South American exchanges have been quiet for
several weeks and on the whole firm, owing to the
greatly improved financial outlook and to the economic expansion prevailing in all the South American
countries. This week Argentine paper pesos were
inclined to rule lower, the result rather of inactivity
than of any fundamental change in the finances and
prosperous economic position of Argentina. Yesterday the Argentine peso sold below parity for the
first time in many months. Chile alone of the
South American countries is in a poor economic
position, but even here the situation is much brighter
and the central bank of Chile expects a return
to normal conditions in the near future. Last
year the general position of the country was one of
difficulty. The farmers had poor crops, which aggravated the bad conditions of previous years. The
nitrate industry was threatened with almost complete paralysis. Other lines of mining had shown
little activity for a number of years except in the case
of som,e of the larger copper companies. There was
a large deficit in Government revenues inherited from
1926 and the stagnation of business was quite pronounced throughout the country, despite its wealth
of natural resources. The Bank of Chile reports that
while the country has been passing through a period
of liquidation, there is every prospect of an increase
in credit facilities and general business promises improvement. Argentine paper pesos closed yesterday at 42.34 for checks, as compared with 42.50 on
Friday of last week, and at 42.39 for cable transfers,
against 42.55. Brazilian milreis finished at 11.94
for checks and at 11.95 for cable transfers, against
11.94 and 11.95. Chilean exchange closed at 12.21
for checks and at 12.22 for cable transfers, against
12.21 and 12.22, and Peru at 4.01 for checks and at
4.02 for cable transfers, against 4.01 and 4.02.
silver has declined somewhat. However, the silver
currencies are much firmer than they were several
months ago and this fact alone is sufficient to account
for slightly lower ruling rate for Japanese yen.
Closing quotations for yen checks yesterday were
46.25@463', against 463'@,46 11-16 on Friday of
last week; Hong Kong closed at 50.30@,50 5-16,
against 50%@50%; Shanghai at 65M@653/
2, against
663/
8@66 5-16; Manila at 49 9-16, against 49 9-16;
Singapore at 563/
2@56%, against 563'()56%; Bombay at 363', against 363/
2, and Calcutta at 363/2,
against 363/2.
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,
June 30.
July 2.
Tbesday, 1Wedneury, Thursday, Freda.
July 3.
July 4.
July 5.
July 8.
$
$
$
117.000,000 131.008.001 148.000800 Roltlay
$
$
155.000,E0 127,090,000
Aggregate
for Week.
$
Cr. 678,000.08
Note.-The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve bank from all parts of the country In the operation of
the Federal Reserve System's par collection scheme. These large credit balances,
however, reflect only a part of the Reserve Bank's operations with the Clearing
House institutions, as only the items payable in New York City are represented in
the daily balances. The large volume of checks on institutions located outside of
New York are not accounted for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of
bullion in the principal European banks:
July 7 1927.
July 5 1928.
Banks of
Gold.
Silver.
Total.
Gold.
Silver.
I
Total.
England_ 173,428,234
173,428,234151.074,446
151,074,446
France a.. k147137706 13,717,826160,855,532 147,300,268 13,760,0001161.060,268
Germany b 99,809,600
c994,600 100,804,200 87,234,650
994,6001 88,229,250
Spain ____ 104,321,000 28,438,000 132,759,000103,896,000 27.666.0001131,562,000
Italy
52,831,000
52,831,000 46,517,000 3,961,000 50,478,000
Nethlands 36,253,000 1,990,000 38,243,000 33.654,000 2,370,000 36,024,000
Nat. Beig_ 22,800,000 1,248,000 24,048,000 18,404,000 1,168,000 19,572,000
SwItzland 17,885,000 2,375,000 20,260,000 38,205,111 2,783,000 20,988,000
12,836,000
Sweden_
12,836,000 12,305.000
12,305,000
Denmark
10,1115,000
619,000 10,724,000 10,703,000
736,000 11,439,000
Norway
8,170.000
8,170,000 8,180,000
8,180,000
Total week 685,576,540 49,382,426 734,958,966 637,473,364 53.438,600690,911.964
Prey. week 682,009.876 49,218,426.731.228,302638,480,61 53,807,600 692,288,219
a Gold holdings of the Bank of France are exclusive of gold held abroad, amounting the present year to £74.576,836. b Gold holdings of the Bank of Germany are
exclusive of gold held abroad, the amount of which the present year is £4,281,300.
c As of Oct. 7 1924. k On account of the difficulty of distinguishing the amount of
gold held abroad from the gold held in vault, under the new form of the statement
asued the last week, we continue the figure reported for Juno 21.
"Eternal Truth" Not Dependent on the
Schools.
Michael Pupin,former Serbian peasant, now fiftyfour years in the United States, distinguished scientist and inventor, author of "From Immigrant to
Inventor," contributes an article to June "Scribner's" entitled "Our Industrialism and Idealism."
He dates the rise of our scientific research and implied idealism from the founding of the National
Academy of Sciences by Lincoln and Joseph Henry
in the Civil War days. He says: "This movement is
the American Renaissance. It succeeded beyond the
rosiest expectations and gave us as its first contribution our American Universities of to-day. Johns
The Far Eastern exchanges continue to rule Hopkins, organized in 1876, was the earliest among
fractionally lower. The silver currencies were in- them. Harvard, Columbia, Yale, Princeton, and
clined to go off as compared with recent weeks, as others followed in rapid succession. They were
JULY 7 1928.]
FINANCIAL CHRONICLE
American colleges only, and became American universities when their scientific research laboratories
came into existence and began to cultivate the modern American spirit of scientific research. It is
the spirit of the philosophy of scientific idealism,
which has stood the test of many centuries. Call it
the philosophy of the three "Ms." Motive, mental
attitude, and method of research are the three characteristics of this philosophy. The motive is unselfish search of the eternal truth; the mental attitude
is open-minded and unprejudiced interpretation of
the language of nature; the method of research is
the method employing observation, experiment and
calculation. The idealism of this philosophy is simple, definite, and obvious. It is the idealism which
guided Archimedes, Galileo, Newton, Franklin,
Faraday, and all their disciples in their epoch-making scientific achievements for the benefit of mankind. The cultivation of this philosophy of scientific idealism was gradually transplanted during the
last fifty years from the scientific research labor&
tories of our American universities to the research
laboratories of our American industries. I witnessed this transplanting in every one of its phases.
The philosophy of scientific idealism is to-day the
bond of union between our industries and our universities. This is one of the greatest achievements
of the American Renaissance which started sixtyfive years ago, and contributed more to the reinforcement of Washington's and Lincoln's ideal of the
American Union than all the other achievements of
this period put together. It is our strongest arm
of our national defense. The miracles of science
and of inventions of this period will long be forgotten when this welding of the American industries to
the American universities will be still remembered
as the greatest achievement of this age. . . .
The great American industries, recognizing their obligation to pure science and to its guiding light, the
philosophy of scientific idealism, are now creating a
twenty-million-dollar fund to be expended in ten
consecutive years in the cultivation of purely scientific research for the good of our American idealism
in science."
Now the chief purpose of this article by Mr.Pupin
is to deny and dissipate the European charge that
we are a nation of money-getters, without culture,
wrapped up in our industrialism and machinery, and
trailing the glory and freedom of our democracy in
the dust of acquisitiveness and avarice. The view
presented in the excerpt quoted above of this union
of industrialism and idealism is at least novel. But
is it well founded? Idealism in and behind our
industrial progress there is. Science did supplant
the old curricula of languages, mathematics, logic,
in our colleges and universities, but it was a science
far broader than that which may have stimulated,
though it did not inspire our inventive and industrial achievement. It was the science of chemistry,
physics, geology, zoology, biology in all its phases.
The theory above enunciated, seems, to speak in an
idiomatic way, to put the cart before the horse.
Edison, perhaps, our greatest scientist, did not have
university training, was not led into his life work
by this so-called pure science emanating from scholastic shades, yet his individual researches, discoveries and inventions have immensely added to the
cultural idealism of our people and of our world,
while at the same time pure industrialism (moneymaking and machinery in operation) as represented
13
by capital investments is estimated in the billions,
and there is corresponding and consequent happiness and comfort in the homes of men. The story is
told of Francis Bacon that he stopped his carriage
in the roadway to stuff a fowl with ice and snow to
preserve it; but one of the Armours sent out the first
train of refrigerator cars, long, long, afterward—
neither dependent on pure science from the universities.
This fifty-year period after the Civil War had
other and vital stimuli not remotely connected with
the universities. We might introduce a political
influence upon industry starting at about the same
time, but that might be questioned and is not to
our purpose. What does appear is that a native
genius for invention, an acknowledged possession of
our people, then began to show itself, and a study
of the growth of practical machines will demonstrate it. There was an idealistic motive involved,
as we have frequently contended, other than profits
and acquisition, and it remains the chief motive in
business to-day, the motive of the largest production,
the largest use and development of indigenous resources, to the end of the "greatest good to the greatest number," and the maintenance of the home, family, and better life of the people. This is the very
refinement of a practical and useful idealism. It
was not generated in universities and transferred
to industries. It followed its own, independent,
course. It included and was supported by "moneymaking," until to-day it is able to contribute untold
millions to university endowments,foundations, and
kindred institutions, to say nothing of the twenty
millions referred to over ten years to "pure science."
It seems to us the names cited refute the argument made. Leave Galileo and Newton out, and
take our own Franklin. The youth, walking the
streets of the Quaker City, munching his loaf, was
a genius in himself in his discoveries and studies in
science, not the product of a school, and while he
did little with his discovery in electricity (though
Steinmetz, an industrial laboratory worker, did),
he did invent a stove that warmed the body that the
mind could act. The point is that a practical idealism is still an idealism that furthers scientific research and will ever do so, and at the same time advances the better life. May it not be asked, then,
at a time when there is a furtive call for a "vacation" in machine invention, what danger is there
that science will die because there is no longer independent and university search for hidden laws denominated as "pure science"? And of what value is
a scientific discovery that cannot be applied to the
common life? And actuated by even so questionable
a motive as profit, with the billions invested, can
industrial idealism ever cease to urge men on in the
study of the hidden laws of nature, comparable to
which the laboratories of the universities are of
minor consequence, though by no means unimportant?
In medieval times the lone scientists had the
Church and State to fight. Superstition drove them
to conceal their discoveries. To-day they are free!
The ideal of democracy supports the idealism of science. The contributions of public education, of business initiative and enterprise, the forced drafts of
production, transportation and use, leading to the
physical and practical endeavors of millions of free
men, these prepare the way for the flame-bursts of
pure science. Let those who will obscure the real
14
FINANCIAL CHRONICLE
motive behind the machine-age—it is bending every
scientific achievement of pure and applied science
to the good of man. In the university laboratory, in
the industrial laboratory—and far more in the workshops of trade and commerce, thousands of influences, researches, discoveries, organizations of capital, and institutions of the higher life, are combining to sustain the knowledge we have, and weave
it into the wisdom which beginning in love ends in
truth!
The Democratic Platform and Candidate.
When Mr. Claude Bowers, in his keynote speech,
quoted from Hamilton to the effect that a government is strong in proportion as it is profitable to the
powerful, he distorted history in the interest of his
cause. It is true that in the past a feeling for a
strong centralized government has been closer to
the Republican party to-day than to the Democratic
and that it is part of the doctrine of Hamilton.
But the strong centralized government of Hamilton's day has undergone a change. Then, the two
forces in the establishment of the Republic were
centripetal and centrifugal. Against the background
of European autocracy, against the failure of the
Confederacy, called a "rope of sand," it was believed on the one hand that the new Federal government should dominate the States in order to effect
a permanent union, While on the other it was feared
this might grow so strong as to obliterate the States
and thus destroy the human rights of the people, and
this was the cause Jefferson espoused. The balance
that came about was the constitutional, limited government we enjoy to-day. And while it was feared,
twenty years ago, too much power was being vested
in the Executive, the danger now seen to arise is
in another form and is known as bureaucracy rather
than autocracy and this the present Republican
party, born after the Civil War, and inheriting the
theory of Hamilton, modified by time, now opposes
and denounces. But it is clear distortion to say
that this historic party actually lives alone to create and foster in our civic institutions power in the
hands of the few rather than the many. It is true
that in its protective tariff policy, to which it steadfastly adheres, it does favor certain industries
(though it denies this) at the expense of other, but
this is far from the charge of pampering the powerful for the sake of giving them power to rule
over the weak.
So that while it is right to refer to Hamilton and
Jefferson as the patron saints of the two parties,
much water has gone under the wheel since they
lived and taught. And it is an ill service to give all
the credit to either of these founders. If the Democratic party has always been a States Rights party
its consistent advocacy of this doctrine culminated
once in a civil conflict to support the right of a
State, under the Constitution, to secede, and that,
whether right or wrong as a principle, was settled
by the sword—and is now in the result accepted by
all men as the best. Nor do we forget that the late
World War President advocated the self-determination of the small peoples. It is a fatal error, therefore, in. the platform of the present Democratic
party to make an ogre out of so-called "Hamiltonianism," while it is wholly admissible to advocate
the Jeffersonian doctrine of "personal rights."
But a political party platform adhering to timehonored principles, should be practical and perti-
[Vol,. 127.
nent to the needs of the time in which we live, and
still hold itself in leash that it do not become the
slave of expediency. If a general criticism of the
platform adopted by the Democrats at Houston,
Texas, may be offered, it is that it does this very
thing, and at times inconsistently. For instance, it
warns against bureaucracy and then in seeking a
remedy for the evils that afflict the farmer it advocates the creation of a Federal Farm Board with
powers similar and equal to those of the Federal Reserve Board. Waiving altogether the utter lack of
analogy between banking and agriculture, if the
thing advocated is ever foisted upon the people it
would become a tyrannical burden upon all and actually crush out the life and independence of the
farm industry.
This farm plank is long, involved, promising
many things and specific in nothing. In nothing
unless it be to bring about without delay a fabled
"equality" with other industry though in the same
breath admitting that manufacture has a natural
advantage over agriculture in that it does not have
to contend with seasons, climate, storms and insect
pests. How equality can be established by government in the face of this handicap we suppose the
campaign will disclose. The other great issue, prohibition, is heralded by the explainers as a "compromise." It promises, however, "an honest effort to
enforce the Eighteenth Amendment . . . and
all laws enacted pursuant thereto," which, in its simplicity, seems to be "bone dry,"—and in this is no
different from the Republican prohibition plank,
though on the other hand Gov. Smith has indicated
that he has his own views on the liquor question
and is not prepared to stand squarely on this plank
of the platform.
As to labor, the Democrats declare for the right
of collective bargaining through agencies of free
choice, and promise to look into the wrong uses of
the "injunction." But when the prohibition plank
is measured by the views of the nominee, the two
do not seem to be in accord. To say that a wet
candidate must run on a dry platform is perhaps
unjust, but there is conflict here and the campaign
will tell the story. Taken as a whole, and we have
not space for detail and leaving out the bitter denunciations and diatribes against Republican "corruption," and the hiatus from Hamilton to Lincoln,
with its own alleged unbroken line from Jefferson,
the platform is to an impartial observer at least unsatisfactory. It bears throughout the evidences of
an overweening desire to win, and to trim with
that idea in mind. Yet it is in the main a good Democratic platform and holds to the time-honored
faith and will no doubt, by and large, satisfy the
party. When we consider Governor Smith as the
candidate—he is a New York product, a man having
the courage of his convictions, loved and honored by
his native State. That he has intimate knowledge
of State affairs is admitted. But that he will become the idol of the people of other States remains
to be seen. Apparently he chooses to be known personally as an advocate of modification though promising as President to enforce the Constitution and
the laws. We think his outstanding appeal to
the Democrats of the nation is his ability to
"win," rather than his profound statesmanship in
national affairs. His strong personality is an
asset to the party, and he will make a forceful
campaign.
JULY 7 1928.]
FINANCIAL CHRONICLE
15
Wilson, the "party of the people," and the monumental claim of financial achievement "under a
democratic administration" of the enactment of the
Federal Reserve act. Seven candidates were placed
in nomination for the Presidency. And while from
the first it was apparent that Governor Smith "had
the votes" there were no steam-roller methods and
every man had his chance. But all this does not
show forth the true inwardness of this convention.
We must go to the Committee on Resolutions for
that. Here there was much time and talk wasted—
for the result does not seem to justify the traThe Democratic Convention.
vail. The "wet and dry issue" was the "bone of
A party out of power cannot hold the same sort contention." The result does not show any clearof convention as one in power. In the first place, cut difference from that reached by the Republicans.
it has nothing immediate to endorse. The national If we are capable of interpreting the plain language
Democratic convention held at Houston, Texas, was of the two planks, they are both dry, each standing
perforce compelled to go back to the Wilson Admin- firm for enforcement of the law and the amendment
istration for something to which it could "point and neither asking for repeal or modification. As
with pride." It was not loth to do this. And often to the respective candidates, time will show where
and ever it did so, in speeches and platform. But they stand. Or has it already done so? As to the
much of the praise sounded like ancient history. Farm Relief problem there is put forth a long resoFurthermore, the Wilson rule was in war-time and lution or plank promising in an ill-defined and to
the war is over. So that, taken as a whole, the con- us unintelligible way some sort of "equalizatipn" of
vention was at the outset weakened in its attitude agriculture with labor and industry and this withtoward the present, forced to rely upon objection out waiting for the consent of any other nation on
rather than construction. It easily swung into de- earth or any section, class or bloc at home. On the
nunciation, the stock in trade of the defeated. The floor of the convention there was little discustion
convention opened with a terrific ram's-horn blast on these controversial questions. They were, by a
of invective the like of which has not been heard in pre-arrangement, we presume, "fought out" in commany a convention year. If, in the category of mittee. At any rate, the "drys" from the democratic
blame, anything was left out it has not yet been dis- South sat silent and the "wets" from New York and
covered. As a keynote speech it was a rip-snorter, the cities did not openly make a fight for repeal or
a humdinger, a soekdoleger. The walls of republi- modification. And it may be thereupon supposed
canism may not have fallen, but the new radio listen- that the long talked of issue will await a more oper got the worth of his money. And the convention portune time. But will it? It was remarked by one
liked it, judging by the applause. With, this best "friend" of the nominee that "the Governor is a
foot forward, the orators naturally fell into step, platform in himself," and he has expressed a wish
and we would be led to believe that political and at least to turn the matter back to the States for a
governmental corruption is to be the major issue of determination, according as each may desire, of the
the campaign. And in fact after several days a "alcoholic content." Thus, we have a convention
"ten-foot banner" was lifted in the hall bearing the resolved upon self-control and worshipping at the
strange device: "Turn the rascals out," signed shrine of "harmony," even though effected by com"James A. Reed"!
promise—which in politics seems always possible.
Now this may be the high-water mark of statesFor fire and fireworks, always excepting the lurid
manship, but Whether it is or not, there is a sort onslaught of the keynoter, this convention did not
of compulsion on the party out of power to turn the come up to expectations. And that is worthy of
ins out if there is to be a place for a new administra, praise. Yet was there the "deliberation" which
tion, and it may not be wondered at that this became should be the province of a party in convention asa keynote throughout the meeting and found a prom- sembled? It must appear that the underlying purinent place in the platform finally adopted. Still, pose was to "win." Largely, we think, the candidate
we doubt if the country is quite prepared to believe was selected because believed to be a winner. It
that there is no good at all in the Republican party may look, considering the large majorities in the
and that Coolidge, Mellon and Hoover have been two conventions for the respective nominees, that
the arch enemies of the Republic, even admitting the "voice of the people" was manifest in each. But
that Daugherty and Fall were not examples of vir- was it? It has been remarked that "few" Demotue. But passing this virulence of epithet, and the crats comparatively "attended" the Democratic pridelegates as a whole are not to be blamed for it, maries. If so, were they not chiefly, then, party
though it undoubtedly lent a certain tone to the workers, with the desire to win? Another banner
convention, the Democrats in national convention unfurled in the convention read "Win with Reed."
assembled did not vary much from the tradition of It follows that this thought continually present
the party as emotional, zealous, and intensely par- throughout the proceedings overshadowed, obscured,
tisan declamation. Yet it was a comparatively the principles and policies that ought to come out
quiet and orderly assembly with few crucial mo- of the mind and heart of great parties. Such a
ments or spectacular exhibitions, and quite unlike thought was not absent in the Republican Conventhe famous melee at Madison Square Garden four tion. And it all goes to show that while platforms
years ago. Save for the appropriate and well-turned are many-sided, covering a great many topics, standaddress of Franklin D. Roosevelt placing Governor ard-bearers are the aim rather than incident.
Smith in nomination, the speeches were true to type,
One thing is noticeable in this Democratic confilled with references to Jefferson, Jackson and vention, if the platform is the essence of deliberaIt is too early to hazard a guess, even as to the
leading "issue," but the background of political success will make Governor Smith a leader in his own
party. Winning, as Roosevelt said, is "his habit,"
and as the "happy warrior" he will enter the "fight"
with vigor and enthusiasm. There is a big contest
ahead. And looking at the platforms, none too explicit In their statements and promises, and at the
candidates, both "good men" in their respective
spheres, it will occur to many, not avowed partisans,
to say—and "may the best man win!"
[Vol.. 127.
FINANCIAL CHRONICLE
tion, the "Republican party" is more often written
into the text of the Democratic platform than "Democratic" in the Republican. Why in either? Are
parties solely for opposition? Is there nothing on
which they can agree that is worthy of cold mention? Are not great principles worthy of succinct
statement though they may cover the same ground?
And this leads to one other pertinent question at
this time: can either party win solely on the faults
and derelictions of the other?
Public Utility Earnings in May
Gross earnings of public utility enterprises in May, exclusive of telephone and telegraph companies, as reported
to the Department of Commerce by 95 companies or systems
operating gas, electric light, heat, power, traction and water
services and comprising practically all of the important
organizations in the United States, were $177,000,000, as
compared with $182,000,000 in April and $171,255,699 in
May 1927. Gross earnings consist in general of gross operating revenues, while net earnings in general represent the
gross, less operating expenses and taxes, or the nearest comparable figures. In some cases the figures for earlier years
do not cover exactly the same subsidiaries, owing to acquisitions, consolidations, dm., but these differences are not
believed to be great in the aggregate. The following shows
gross and net public utility earnings by months from January 1925, the figures for the latest months being subject to
revision.
Gross Earnings—
January
February
March
April
May
Total (5 mos.)
June
July
August
September
October
November
December
Total (year)
Net Earnings—
January
February
March
April
May
Total (5 zoos.)
June
July
August
September
October
November
December
Total(year)
PUBLIC UTILITY EARNINGS.
1925.
1926.
1927.
$
$
s
191,702,022
163,500,133
177,473,781
151,639,283
165,658.704
177,612,648
151,583.666
167,642,439
179,564,670
147,841,101
166.927,022
176,467,300
145,571,954
159,135,618 , 171,255,699
760,136,137
836,837,564
896,602,339
142,448,670
141,033,357
142,422.405
146,666,696
158,770,250
163,128,279
172,488,624
157,744,715
153,245,315
153,188,101
159.519,246
170,733,069
176,000,649
188,146,705
167,975,072
161,638,462
162,647,420
169,413,885
177,734,493
182,077,497
194,985,134
1928.
$
196,573,107
*187,383,281
*187.716,509
*182,000,000
*177,000,000
930.672,897
1,827,124,618 1,995,415,364 2,113,074,302
58,671,777
54,102.576
52,475,643
51,016,359
48,972,398
66,974.941
61,555.164
60,696,920
59.471,359
54,993,907
73.746,891
66,907,757
65,412,739
64.907,729
61,194.779
79,013,379
*74,293,744
*72,766,141
*70,000,000
66,850,000
265,238,753
303,692,291
332,169,895
362,923,264
47,777,644
44,309,630
44,770,778
49.139,669
55,057,277
60.511,807
65,414,632
55,699,751
49,238,806
49.844,522
56.930,481
60,878,181
65,844,729
73,023,848
59,167,096
53,980,280
53,551,164
61,897,207
65,259.727
70,214,468
78,937,417
632,220,190
715,152,609
775,177,254
•Revised.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME
Friday Night, July 6 1928.
With high temperatures throughout the country, retail
retail trade has been stimulated to a certain extent during
the past week. Real summer weather benefitted for that
matter both, both trade and the crops. Buying for vacation
requirements played its part. Harvesting of the wheat
crop in the Southwest was, needless to say, much furthered
by dry hot weather. The same conditions at times helped
corn, after a period of abundant rains. Grain prices in the
main were very well sustained, with significant buying of
wheat by Russia on a large scale in the European markets
coincidentally with unsatisfactory reports in regard to the
condition of the winter wheat crop in Russia. The big industries of the country are for the most part quiet. The
automobile trade makes the best showing. Auto manufacturing as a matter of fact is active and employment is
not very much below the high level recorded in the past.
Wheat declined only a cent or two, despite favorable weather
for harvesting over much of the Southwest and good conditions for the spring wheat crop, for export demand on this
also has been good, partly from Russia. Russia seems to be
threatened with something like a shortage of supplies,
as the Russian peasant is not raising bountiful enough crops.
It is said that the Soviet authorities have been buying
6,000,000 to 8,000,000 bushels of wheat in Europe or en-.
route to European markets. It seems clear enough that the
Soviet regime will never succeed in forcing communism,
open or disguised, down the throats of the shrewd peasantry
of Russia. Farmers, without calling themselves by such a
name are individualists the world over. They want and will
have the fruits of their toil and will not share their hard
earnings with others who call themselves communists or
anything else.
Corn advanced somewhat, especially on the July delivery,
which reflects a good cash demand, while other deliveries
have been in the main steady, partly because recent rains
were excessive. The corn crop may be about 200,000,000
bushels larger than the last one. Deliveries of corn are light
and Chicago's rivals are paying higher prices than that
market for the actual grain. Some export business has
been done in rye and if exporters take anywhere from
1,500,000 to 3,000,000 bushels of wheat within a day or two
as they have lately it may be a hint that sooner or later
foreign buying of rye will be on a larger scale. Oats have
declined somewhat, owing to favorable weather for the crop.
Provisions have advanced, partly under the influence of
steady prices for corn and hogs, though the demand has not
been active. On the other hand there was a lack of selling
pressure. Cotton early in the week dropped $4.50 a bale,
owing to better weather and a favorable Government report
in regard to the emergence of the weevil from the cages at
test points. Moreover the technical position had been weakened by a prolonged advance and the accumulation of quite
a large long account.
But of late private reports in regard to the weevil have
been so disturbing that prices have rallied sharply. There
ls little net change for the week. The prolonged rains left
the fields grassy over a good deal of the belt and the crop is
backward, this alone protecting it from the weevil, although
the infestation may not be so heavy as it was at this time
last year. In Texas there are increasing complaints of hot
dry weather, temperatures during the week ranging from
102 to 108 degrees. Much the same conditions have prevailed in Oklahoma. In southern, western and central Texas
the plant is said to be suffering from persistent very hot
weather and a lack of the normal development to combat
such conditions. Today there was liquidation on the eve of
the Government report on the 9th inst., giving an estimate
of the acreage. Cotton people seem all at sea on this subject with the estimates of the increase ranging from 2 to 9%.
Cotton goods have been quiet, partly because of the holiday, July 4th, and partly because of the disturbing fluctuations in the raw commodity, especially the decline early in
the week. Finished cotton goods sold more freely in parts
of the country, where the weather was warmer and the demand was mostly for prompt shipment. That seemed significant. No doubt many dealers have carried dilatory tactics in the matter of buying rather far and it is stated that
they are more anxious to get goods at once than to haggle
over prices. Unfinished cottons, however, have been dull.
Cotton mill vacations from June 29 to July 9 were general
at the South. Men's wear woolens and worsteds were quiet
awaiting the opening of new lines for the next lightweight
season. The demand for broad silks was mostly for small
lots. Rayon prices will be maintained on their present plane
until the opening of November. Raw silk was quiet and
lower.
Coffee advanced with a better spot demand for the mild
grades and Brazilian prices noticeably firm. The limit of
Santos daily receipts has been reduced. Again it is very
apparent that the Brazilian authorities supervising the
coffee business of the country have the situation well in
hand, and short sellers in this country strengthen the position at least to some extent of a Brazilian committee. Raw
sugar has declined during the week with trade small, and of
late the withdrawals of refined sugar have not come up to
expectations. Wool has been dull and more or less depressed.
Iron has been dull, without noticeable change in prices,
while the production for six months is supposed to have
JULY 7 1928.]
FINANCIAL CHRONICLE
been about 43/2% smaller than in the same time last year
and is the smallest for four years past. Large orders for cast
iron pipe are reported as neturalizing in a measure the
effect of lower prices for scrap. Steel has been quiet and
nominal prices are believed to be shaded from time to time,
notably in plates, though this seems to be also true in some
other directions, with competition naturally more or less
keen at this stage of the season. The sales of soft coal by
Mid-West producers are said to be larger. The electrical
industry has gained by copious rains in May and June,
permitting an unprecedented production of current. The
electricity production in May was8% larger than in the same
month last year and the production by means of water
power made a new high record, something that no doubt
contributed to the excellent showing of the earnings of public
utilities for May.
In petroleum the tendency seems to be towards improvement after prolonged depression due to overproduction.
Drilling operations in the Seminole field have been further
restricted. In May the petroleum output decreased 1.3%
as compared with the same month last year, while the consumption gained nearly 23%,and for the first time since late
in 1926 stocks showed a decrease, even though it was slight.
Car loadings are still decreasing. The failures for six months
show a slight increase compared with the same time last
year, but the liabilities are much smaller. Detroit employment continues slowly to decrease. This is the third week
in which small declines have been reported. This week it is
only 270. At the same time the total employment of 262,651
is over 80,000 more than a year ago, and nearly 45,000 more
than at this time in 1926.
The stock market was irregular to-day with some declines
and the tone none too confident. Loans to brokers by
Federal Reserve member banks of New York City reported
yesterday showed an increase of $147,812,000 following
the recent steady contraction. The call money rate here
of 10% on the 2d inst. sent it to the highest figure since
November 1920. To-day money on call was 53/2% and
the fact that the Chicago Federal Reserve Bank did not
increase its rediscount rate was regarded with satisfaction.
After all the net changes in prices to-day were not as a rule
marked, and there were not a few advances. It is suggested that the technical position of the market is probably
better after the recent liquidation and the chastening experience of the speculative world coinciding with sharp if
temporary advances in money rates.
New high records for production of automobiles, both for
the first half of the year and for June were reported by many
companies and contrary to the trend of previous years, it was
said that there seems to be no sign of the customary slowing
down of demand and production as the spring season opened
into full summer. At Fall River, Mass. the cotton market
has been inactive during the past week. At Manchester,
N. H. all departments of the Amoskeag Manufacturing Co.
resumed operations on Thursday, July 5 after a three-day
shutdown. The mills closed Saturday =cal,and the vacation period was arranged to include the Fourth of July. There
will be a longer shutdown beginning Friday, Aug. 3 which
is expected to last two weeks.
New Bedford, Mass., wired that at a conference between
manufacturers advisory committee and the general strike
committee on the question of postponing the reopening of
New Bedford mills next Monday, pending submission of
differences to arbitration, there was no change in the decision of the mills for a general opening Monday morning
with the 10% wage cut in effect. Fully 98% of the mills
making narrow sheetings are represented in the curtailment
movement which became effective on June 30 and will be
continued until next Monday, it was stated. In other
branches of the trade it is about 90%. Many of the mills
are said to be considering the wisdom of staying closed
beyond July 9.
Atlanta, Ga., wired that all cotton mills in Georgia and
other southern States were idle on July 4th. About 85%
of approximately 3,000,000 cotton spinning spindles in the
Southern States suspended operations last Friday night as
the beginning of a week's vacation. All mills will resume
operations on Monday, July 9, the majority of which will
operate only 3 days per week. Those operating full time are
working upon large contracts. The closing of the mills
during the week is expected to eliminate from the market
between 20,000,000 to 25,000,000 yards of textiles. This
represents all departments of fine goods to other descriptions.
At Greensboro, N. C., owing to temporary depression in the
17
textile industry, the four textile plants of the Cone interests,
employing 4,000 operatives, are closed this week to resume
work Monday, July 9th. The mills are the Proximity, White
Oak and Revolution cotton mills, and the Proximity Print
Works. It is the present intention to operate the Greensboro
plants on a 40-hour a week schedule after July 9th, it is said.
This will include both the day and night shifts. Textile
mills at Greensboro have been running four days a week for
some time. The total shut down on June 30th was about
400,000 spindles affecting about 6,500 employees. Further
curtailment in this line is contemplated by some mills in
August. At Charlotte, N. C., the higher cotton prices
have brought about some improvement in cotton goods and
yarns, although the advance in goods has so far failed to
stimulate any great activity in buying.
At Manchester, England, the returns on the ballot regarding the proposal that mills spinning from American
cotton go on half time showed that the required 90% of
assenting spindleage of the section had not been obtained,
though the vote came very close to it. Sears, Roebuck &
Co.'s sales for June showed an increase of 32.47% over
June 1927, which is the largest June in the history of the
company. Montgomery Ward & Co.'s sales for June showed
an increase of 14.8% and are also the largest for any June
in their history. Woolworth chain store sales increased in
June 9.77% over June last year and for six months 7.29%
over the same time in 1927.
On the 2d inst. it was 73 to 84 degrees here with humidity
69 to 75 degrees, making it trying and there were sonic
prostrations. At Boston the temperature was 76 to 80,
Montreal, 76 to 86; Philadelphia, 74 to 88; Portland, Me.,
74 to 82; Quebec,76 to 82; Chicago, 84 to 86; Cincinnati, 78
86; Cleveland, 80 to 82; Kansas City, 90 to 92; Minneapolis,
80 to 84; Omaha, 86 to 90. On the 3d inst. it was up to 89
degrees here. On the 5th inst. it was 69 to 85 degrees here;
today,63 to 71 degrees, the latter at 3 p. m. It was raining
to-day for a time, but cleared off fair and cooler to-night.
Boston yesterday was62 to 8&,Chicago,58 to 66;Cincinnati,
64 to 84; Cleveland, 64 to 64; Kansas City. 76 to 96; Milwaukee, 68 to 74; Philadelphia, 68 to 88, Portland, Me.,
62 to 82; San Francisco, 54 to 70; Seattle, 56 to 66; St.Paul,
68 to 86.
Monthly Indexes of Federal Reserve Board.
The indexes of production,employmentand trade for May,
issued by the Federal Reserve Board, follow (the terms
"adjusted" and "unadjusted" used below refer to adjustments for seasonal variations):
(monthly average 1923-26=100.)
1928 1928 1927
May. Apr. May.
Industrial Produo&UM. adjusted-Total
Manufactures
Minerals
Manufaetres. adjtstedIron and steel
Textiles
Food products
Paper and printingLumber
Automobiles
Leather and shoes__
Cement. brick, glass_
Nonferrous metals__
Petroleum refining_
Rubber tires
Tobacco manurctures
Minerals,adjuste,dBituminous
Anthracite
Petroleum
Ironjore
Copper
Zinc
Lead
Silver
Freight-Car Load4ngs. adjustedTotal
Grain
Livestock
Coal
Forest products
Merchandise, 1. c. 1
and miscellaneous_
109
110
105
109
110
103
111
111
108
125
101
97
118
.97
110
96
108
110
147
*131
120 119
117
116
103
112
95
107
100
108
111
132
127
122
93
114
119
80
110
113
100
88
103
114
100
*89
94
117
120
120
107
108
113
90
106
102
88
101
90
104
109
89
99
85
107
100
95
103
93
110
108
108
117
107
96
121
91
108
97
113
Ill
150
87
109
119
1928 1928 1927
May. Apr. May.
Building ContradsAdjusted
Unadjusted
Whoksak Distribu!ton. adjustedTotal
Groceries
Meats
Dry goods
Men% clothing
Women's clothing
Shoes
Hardware
Drugs
Furniture
Wholesale DistritruHon, unadjustedTotal
Groceries
Meats
Dry goods
Men's clothing
Women's clothing_ _ _
Shoes
Hardware
Drugs
Furniture
Dept. Store SalesAdjusted
Unadjusted
Dept. Store StocksAdjusted
Unadjusted
Mail Order House
SalesAdjusted
Unadjusted
152
163
136
157
126
135
96
99
110
87
96
62
113
94
116
92
89
*93
112
78
77
57
93
87
110
87
95
97
109
87
87
69
110
91
104
98
89
96
110
75
57
35
114
97
109
87
*86
88
105
70
75
63
99
89
112
88
88
95
109
76
52
39
111
93
98
93
104
107
103
102
103
102
99
101
100
104
101
103
132
116
117
115
118
99
EMPLOYMENT AND PAYROLLS.
Unadjusted (1919=100).
Payrolls.
Employment.
Total
Iron and steel
Textiles--Group
Fabrics
Products_
Lumber
Railroad vehicles
Automobiles
Paper and whiting
Foods. de
Leather. dre
Stone. clay, glace
Tobacco. dui
Chemicals. de
*.Revised.
May
1928.
April
1928.
Mau
1927.
May
1928.
April
1928.
Mai
1927.
89.4
84.9
87.8
88.9
86.3
86.7
72.5
141.2
106.3
83.0
77.7
113.8
76.8
74.5
89.3
84.2
90.0
91.0
88.7
86.8
72.0
133.6
105.9
82.8
79.8
109.1
76.0
76.7
92.6
88.4
93.6
96.5
89.9
91.6
78.5
123.7
107.3
83.7
82.6
124.0
78.2
75.3
103.8
94.3
93.4
95.3
91.1
98.6
80.7
178.8
146.7
99.0
72.7
140.9
77.3
106.6
102.7
92.2
94.7
95.5
93.8
98.0
81.2
171.8
146.7
96.5
75.3
134.6
73.8
108.8
108.1
96.2
103.3
107.6
98.1
105.3
89.8
158.7
150.3
100.7
84.4
157.6
83.6
107.0
FINANCIAL CHRONICLE
18
Heavy Construction Awards Show Large Increase in the
First Half of 1928.
Engineering construction contracts awarded in the first
six months of the current year were valued at $1,773,936,000, an increase of 17 per cent compared with the same
period last year and a new high record, Engineering NewsRecord reports. In the corresponding period last year the
sum involved in heavy construction contracts actually let
was placed at $1,514,979, 000. Significant gains occurred
this year in several classes of operations, namely, streets
and roads, 37 per cent; industrial buildings, 25 per cent;
commercial buildings, including large apartment houses
and hotels, 24 per cent, and Federal government work,
10 per cent. The rate of operations in June was high,
the money value of awards for the month (four weeks)
being $323,354,000, as against $357,059,000 in May (five
weeks) of this year, and $352,428,000 in June (five weeks)
last year.
Comparing the first half of this year with the same
period in 1927 the Middle Atlantic district registered a
gain in heavy construction operations of fully 39 per cent,
with the South up 23 per cent, New England district, 1
per cent. West of the Mississippi and in the Far West
awards were 1 and 7 per cent lower, respectively, than
last year. The Engineering News-Record construction cost
index number for July 1 settled at 206.65, as compared with
206.15 a month previous, and 203.68 in July, 1927. The
slight advance reflects a moderate gain in the average
common labor rate. Construction volume index number
for June is 308, the highest June volume on record, and
9 points above that of May.
Production of Electric Power in United States in May
Higher Than in Previous Month and an Increase of
About 8% Over May, 1927.
The total output of electric power by public utility plants
in the United States in the month of May amounted to
7,121,015,000 kilowatt-hours, an increase of approximately
8% over the corresponding month in 1927 when production
was about 6,493,000,000 kilowatt-hours, according to the
Division of Power Resources, Geological Survey. Of the
total for May of this year 3,942,266,000 kilowatt-hours
were produced by fuels and 3,178,749 kilowatt-hours by
water power. The survey further shows:
PRODUCTION OF ELECTRIC POWER BY PUBLIC UTILITY POWER
PLANTS IN THE UNITED STATES (IN KILOWATT HOURS).
wianye in truiDu
from Previous Year
Totals by Fuels and Water.
Division.
April.
May.
499,453,000 452,207,000 459,233,000
New England
Middle Atlantic_ _ _ 1.918,463,000 1,786,348,000 1,797,952,000
East North Central_ 1,738,368,000 1,632,651,000 1,654,127.000
West North Central_ 410,545.000 384,909,000 415,310,000
872,954,000 840,689,000 894,808,000
South Atlantic
East South Central_ 300,750,000 268,907,000 276,392.000
297.083.000 287,405,000 310,271,000
Central_
West South
307,354,000 310,452,000 338,633,000
Mountain
901,527,000 889,305,000 974,289,000
Pacific
+5%
0%
+6%
+2%
+12%
0%
+15%
+11%
+12%
+7%
+1%
+87
+64
+25%
—5%
+20+
+11%
+9%
7,246.497,000 6,852,873,000 7,121.015,000
+6%
+8%
Marc!,.
Totalin U.S
April.
May.
The average daily production of electricity by public-utility power plants
in May was 229,700,000 kilowatt-hours, about 3i of 1% larger than the
average daily output in April.
The output for May was 8% larger than that for May, 1927, but the
output for March and April was only 6% larger than for the same months
of 1927. These figures apparently indicate some improvement in the demand for electricity during the month of May.
The production of electricity by the use of water power in May surpassed
the records that were established in April. More electricity was produced
by the use of water power In May than in any previous month, the total
being 3,179,000,000 kilowatt-hours. The average daily rate of production
of electricity by water power was the largest on record and for the first time
exceeded the 100,000,000 mark, with an average daily output of 102.500.000
kilowatt-hours. The proportion of the total output produced by water
Power was 44.6%. which surpasses all previous figures.
TOTAL MONTHLY PRODUCTION OF ELECTRICITY BY PUBLIC-UTILITY
POWER PLANTS IN 1927 AND 1928.
1927 a
January
February
March
April
May
June
July
August
September
October
November
December
6,830,090,000
6,166,000,000
6,840.000,000
6,482,000,000
6,600,000,000
6,493,000,000
6,477.000,000
6.693.000,000
6.605,000.000
6,932,000,000
6,876,000,000
7,211,000,000
1928.
Increase
1928
Over
1927.
6%
7,265,000,000
6,871,000.000 1211%
8%
7,234,000,000
6%
6,853.000,000
8%
7.121,000,000
Produced by
Water Power.
1927.
1928.
36%
37%
39%
40%
41%
39%
37%
36%
33%
38%
38%
39%
43%
45%
___ _
____
38%
80.20.8 000000
Total
•Revised totals. b Part of increase is due to February 1928 being one day
onger than February 927.
The quantities given in the tables are based on the operation of all
power plants producing 10,000 kilowatt-hours or more per month, engaged
in generating electricity for public use, including central stations and
[VOL. 127.
electric railway plants. Reports are received from plants representing over
95% of the total capacity. The output of those plants which do not submit
reports is estimated; therefore the figures of output and fuel consumption
as reported in the accompanying tables are on a 100% basis.
The Coal Division, Bureau of Mines,Department of Commerce,co-operates in the preparation of these reports.
Dr. Klein of Department of Commerce Finds Sound
Business Based on Facts—National Retail Credit
Survey by Government.
Recommending more facts on credit practices as one of the
best forms of prosperity insurance, Dr. Julius Klein, Director, Bureau of Foreign and Domestic Commerce, Commerce
Department, speaking before the National Retail Credit
Men's Association in Kansas City, Missouri, on June 19,
expressed the opinion that many of the nation's most complicated economic problems would probably prove of simple
solution with the application of precise data. Despite the
fact that a material portion of our prosperity of recent
years is based upon our retail credit structure, Dr. Klein
said that it appears to be the consensus of opinion among
credit authorities that these operations are being conducted without sufficient knowledge of the underlying and
ruling facts.
The leading retailers, he said, know the facts about their
operations, and the many credit bureaus throughout the
country are doing excellent work in stabilizing credit conditions in their communities. Dr. Klein emphasized, however, that no systematic study has been made of the retail
credit field in general, and in consequence the conduct
of this business often lacks adequate direction. Conclusions as to its soundness are being made upon mere opinions rather than facts. The best estimates available, according to the speaker, indicate that the annual total for
installment sales alone for consumers' goods are about four
to five billion dollars out of a total national retail turnover of about forty billions and a national income of about
ninety billion dollars.
The increase of prosperity calls to-day for increase in
efficiency and a lowering of costs in distribution. Our
manufacturers and our farmers have increased their production efficiency and cut their prices but the cost of distribution has not been reduced correspondingly and extending
credit forms a material part of distribution costs. Retailers whose costs are abnormally high undoubtedly suffer and it is just as true that unnecessarily high prices discourage buying and reduce the sale of both manufacturers
and farmers. On the other hand, anything that will help
to reduce the cost of extending retail credit will be a boon
.to consumers, retailers, wholesalers, manufacturers, and
farmers. But we are up against a great difficulty, Dr.
Klein declared, in attempting to attack the problem as a
whole or in part because of the lack of vitally necessary
fundamental data.
RealWng this situation, the Commerce Department, Dr.
Klein explained, readily agreed to conduct a national retail
credit survey upon the request and with the co-operation
of the National Retail Credit Men's Association through its
18,00 or more members. He said that it has been the cardinal policy of the Department during recent years to extend every conceivable aid to all branches of commerce and
industry following the guiding principle of attempting to
undertake the tasks which the business community present
in the order of their importance.
Working in close harmony with credit organizations it is
planned that the Government survey is to be based upon
two questionnaires, one to be filled in by representative
retailers and one by representative consumers. It is guaranteed that the returns will be treated as strictly confidential as to individual reports.
Summaries will be published representing groups by geographic regions and by types of business. They will be
brought together and analyzed in connection with all other
information which may be made available in government
offices or in the files of private business. Several private
agencies, which have a large volume of information on hand,
have already volunteered to share their knowledge with
the Department.
In an effort to carry on the work effectively and efficiently a preliminary retail credit survey is now being conducted in Baltimore on the basis of a tentative questionnaire. Cash transactions, open credit and deferred or installment payments are the three major subjects of the
Baltimore survey. If adequate returns can be secured this
information will form the nucleus for a national study
scheduled to get under way later in the summer.
JULY 7 1928.]
FINANCIAL CHRONICLE
pr. Klein said that he was in complete agreement with
the opinion of the Credit Men's Association that the retail
credit facts should be of inestimable value in leading the
public and all elements of business to a decisive victory in
the country-wide war on waste.
A reference to the proposed nation-wide survey of retail
credit appeared in our issue of May 26, page 3204.
Monthly Indexes of Department of Commerce.
The monthly indexes of production, stocks and unfilled
orders of the Department of Commerce, issued June 30,
follow:
19
ponding month of the previous year for the first time since April 1927.
but loadings of bulk freight continued smaller. Foreign trade increased in
May, contrary to the usual seasonal tendency, and there were Increases
also in a majority of this bank's indexes of domestic retail trade.
(Computed trend of past years-100 per cent.)
1927.
Primary Distribution
Car loadings, merchandise and miscellaneous
Car loadings,other
Exports
Imports
Panama Canal traffic
Wholesale trade
1928.
May.
Mar.
Apr.
May.
107
104
103
110
87
99
103
92
97
104
86
98
104
95
87
98
89
93
105
96
105p
107p
84
-_
Distrimaton to ConsumerProduction.
Department store sales,2nd District
94
98
97
96
Marketings of animal products in May, although higher than in the Chain
grocery sales
102
106
103
102
preceding month, were lower than a year ago, according to the index Other chain store sales
100
98
100
98
numbers of the Department of Commerce. Crop marketings showed a Mail order sales
100
97
110
100
Life insurance paid for
111
106
110
106
decline from the preceding month and a gain over last year. The output of Advertising
95
102
95
97
forest products showed an increase over the previous month but no change
from a year ago. Mineral production was larger than in April but smaller
General Business Actirity-than in May of last year, while the output of manufactures, after adjust- Bank debits, outside of N.Y.City
107
110
112
111
debits. New York City
159
129
162
167
ments for seasonal variations, showed a small decline from both the pre- Bank
Velocity of bank dep., outside of N.Y. City_ 108
1116r
111
117
ceding month and May a year ago, the indexes of both minerals and manu- Velocity of bank deposits, New York City_ _ _ 131
162
164
169
factures being those of the Federal Reserve Board.
Shares sold on N.Y.Stock Exchange
179
306
281
307
Postal receipts
90
92
87
92
Commodity Stocks.
Electric power
108
104
1C4
Employment in the United States
99
95
96
iii
Stocks of commodities, after adjustments for seasonal variations, were Business
failures
115
105
102
113
larger at the end of May than at the end of either the previous month or Building contracts, 36 States
125
123
133
144
May of last year. the increase over the previous month being solely due to New corporations formed in N.Y.State_ _ _ _ 113
110
115
118
larger holdings of raw foodstuffs, while the increase over a year ago was due Real estate transfers
92
91
82
89
to larger stocks of both raw foodstuffs and manufactured commodities, General
price level
174
170
177
175
other than foodstuffs.
Composite index of wages
221
223
222
222
Unfilled Orders.
p Preliminary. r Revised.
Unfilled orders of manufactured commodities at the end of May were
lower than at the end of either the preceding month or May, 1927. As
compared with the previous month, unfilled orders for textiles and lumber
showed gains, Insufficient, however, to offset the decline in iron and steel. Analysis of Imports and Exports of the United States
Contrasted with a year ago,the gain In iron and steel orders was insufficient
for May.
to offset declines in textiles and lumber.
The
Department
of
Commerce
at Washington April 26
The index numbers of the Department of Commerce are given below,
together with the industrial production index of the Federal Reserve Board. issued its analysis of the foreign trade of the United States
Index Numbers, 1923-1925=100.
Production
Raw materials
Animal products
Crops
Forestry
Industrial(compiled by Federal Reserve Board)
Minerals
Total manufactures(adjusted)
Iron and steel
Textiles
Food products
Paper and printing
Lumber
Automobiles
Leather and shoes
Cement,brick, and glass
Nonferrous metals
Petroleum refining
Rubber tires
Tobacco manufactures
Commodity Stocks (unadjusted)
Total
Raw foodstuffs
Raw materialsfor manufacture
Manufactured foodstuffs
Other manufactured commodities
Commodity Stocks (Adjustedfor seasonal element)
Raw foodstuffs
Raw materials for manufacture
Manufactured foodstuffs
Other manufactured commodities
Unfilled Orders/Fetal
Textiles
Iron and steel
Transportation equipment
Lumber
1928.
1927.
April.
May.
May.
95
81
96
107
70
100
115
62
99
103
110
125
101
97
118
95
110
98
108
110
147
130
119
104
109
117
107
96
125
91
108
99
113
111
108
111
116
116
103
112
95
103
100
108
111
132
127
122
139
183
117
97
129
129
163
102
96
125
122
145
• 108
89
121
133
154
131
107
127
139
182
118
93
125
135
160
138
108
121
77
71
82
73
70
73
72
72
73
78
74
88
64
73
86
for the month of May and the five months ending with
May. This statement indicates how much of the merchandise exports for the past two years consisted of crude or
of partly or wholly manufactured products. The following
is the report in full:
ANALYSIS OF DOMESTIC EXPORTS FROM AND IMPORTS INTO THE
UNITED STATES FOR THE MONTH OF MAY 1928.
(Value in 1,000 Dollars.)
Month of May.
Group.
1927.
Five Months Ending May.
1928.
Per
Cent. Value.
19.6 89.811
8.0 19,739
9.7 33,124
15.9 66,885
46.8 203,348
1927.
Per
Cent. Value.
21.8 493,386
4.8 125,340
8.0 192,851
16.1 292,668
49.3 857,421
1928.
Per
Cent. Value.
25.2 463,175
6.4 79.147
9.8 191,716
14.9 305,880
43.7 903,846
Per
Cent.
23.8
4.1
9.9
15.7
46.5
Domestic ExportsCrude materials
Crude foodstuffs
Manufactured foodstuffsSemi-manufactures
Finished manufactures_ _ _
Value.
74.831
30,684
36,933
60.958
178,979
Total domestic exports_
ImportsCrude materials
Crude foodstuffs
Manufactured fcodstuffs_
Semi-manufactures
Finished manufactures_
382,385 100.0 412,907 100.0 1961666 100.0 1943764 100.0
Total imports
135,718
37,163
39,392
63,780
70.448
39.2 138,553
10.7 47955
11.4 34,233
18.4 59.087
20.3 74,887
39.1 707,939
13.5 209,993
9.6 199,164
16.7 310,969
21.1 340,218
40.0 675,439
11.9 243.299
11.3 183,276
17.6 310,318
19.2 357,039
38.2
13.7
10.4
17.5
20.2
346.501 100.0 354.715 100.0 1768283 100.0 1769366 100.0
Canadian Bank of Commerce Finds Conditions in
Primary Industries More Favorable than Year Ago
-Conditions in Lumber Business Here and Abroad
-Output Reduced in Finland.
The
monthly commercial letter of the Canadian Bank of
Farmers Will Be]WellraidiThis Year, According to
dated July, thus discussed business conditions:
Chatham-Phenix National Bank & Trust Co.- Commerce,
The conditions which affect the primary industries during the current
Business Review Also Sees Airplane Exports As- season largely determine the course of business throughout the year, and
fortunately they are at this date, with the exception of those in respect
suming Importance.
of pulp
paper, more favorable than in the generally prosperous year
Crops will be harvested on a rising market in most sec- of 1927. and
The foregoing conclusion is based chiefly on the healthy developtions of the country according to the "Outline of Business" ment of the western wheat crop, which is entering the most critical
Issued by the Chatham-Phenix National Bank & Trust Com- period of its growth in the best possible condition. The national situation
as regards agriculture is described elsewhere in this letter.
pany'. Prices of farm commodities are up by more than 45%
There is further improvement to record in the lumber industry, for
as compared with the pre-war level and May figures were while weakness is still evident in some foreign markets the demand is
large
In Canada and the United States. A sound program of trade exhighest for that month during the past eight years. Retension is under way in the latter country, and an effort is being made to
tail trade shows signs of an upswing. Sales for May, ac- adjust
production to market requirements. Indeed, the operations
the
cording to compilations of the Federal Reserve Board show mills in Oregon and Washington have been curtailed by the general of
agreean increase of more than 4% compared with the same month ment of the members of the West Coast Lumbermens' Association, and it has
of last year. Airplanes and parts, the bank says, begin to been proposed that the lumbermen in British Columbia should adopt the
same course. With a view to stabilizing the English market, which Is
assume an importance in our foreign trade. Approximate- overstocked, the Association of Sawmill Owners
in Finland has recently
ly $622,000 worth of planes, $278,000 worth of parts and agreed to reduce its output by at least 10%, and this would more than
offset
the
which
increase
is
slight
contemplated
in Russia. These cor$159,000 worth of motors were shipped abroad in the first
rective measures will not solve all the difficulties of the industry, but,
five months of this year.
generally speaking, the outlook is the most favorable in the past three or
*our years. The principal development in the pulp and paper situation is
an increase in the total output, but as this is from a greater number of
machines the industry is now operating at only about 80% of the rated
capacity. Proposals have been made to rationalize the industry by controlling production and sales, and a sound scheme to improve the position
of the industry would be welcome, for it is appanent that the leading companies can best meet foreign competition by working together as far as
possible. It should be noted, however, that the majority of the Canadian
Average daily freight ear loadings increased more than usual in May mills, being modern and favorably situated, can continue to operate
perchandise and miseellaneous loadings were larger than in the cones.. profitably even at the lower prices now prevailing for their products.
New York Federal Reserve Bank's Indexes of Business
Activity.
The following indexes of business activity are from the
,July 1 Monthly Review of the Federal Reserve Bank of,
New York.
The recent developments affecting mining have been entirely favorable,
and the production of all metals, except silver, is at a record level, while
prospecting for undiscovered deposits and the development of promising
properties are on the largest scale ever known. The results of deep-sea
fishing have so far been satisfactory, and if the summer catches are of
normal volume the season should prove to be more successful than was
the case last year.
The latest reports on the output of iron and steel skow that the producers have experienced the most favorable conditions, as far as volume. of
business is concerned, since the period of inflation following the war.
The monthly average of iron production during the first half of 1927 was
the highest since 1920, and that of steel the highest since 1918, though
the industries have not yet operated at full capacity. Curtailment is
usually expected during midsummer, but as the leading producer has
large unfilled orders on hand this should not be so marked as in former
years. The automobile industry, after several months of uncertainty due
to the new Ford policy, returned to normal conditions in April, and its
production in May was the largest in its history.
Wholesale Trade During May as Reported to Federal
Reserve Board-Volume Exceeded That of April.
Volume of wholesale trade was larger in May than in
April, and the Federal Reserve Board's index of wholesale
distribution in nine leading lines increased from the low
point of the year in April to slightly below the high point
of the year, which was reached last February, according to
the compilation issued by the Board June 30. The Board's
report further says:
The decreases in dollar sales of clothing, drugs, and furniture were
smaller than those which usually occur at this season of the year, and in
all other lines the volume of sales increased, although in the case of
meats the increase was somewhat less than the usual seasonal amount.
As compared with last May, the volume of merchandise sold by all
wholesale firms reporting to the Federal Reserve System increased about
1%, owing largely to one additional business day in May of this year.
Sales of drugs, men's clothing, and hardware were larger than in May 1927,
while sales of women's clothing, furniture and dry goods declined somewhat. A summary of the changes in sales, by lines, in May, as compared
with April 1928, and May 1927, is given in the table:
CHANGES IN VALUE OF WHOLESALE SALES.
(-)
in
P. C. offer. 1+) or Dec.
Sales in May 1928 Compared with
Line,
April 1928.
May 1927.
Groceries
Meats
Dry goods
Men's clothing
Women's clothing
Boots and shoes
Hardware
Drugs
Furniture
+8.9
+3.3
+8.2
--24.2
--34.7
+15.3
+1.5
+0.1
-0.7
Total, nine lines
+3.6
+8.9
-10.8
+2.9
+3.9
+11.4
-6.3
+9.1
--2.8
+1.4
Sales of agricultural implements and machine tools at wholesale continued at a much higher level than a year ago. Reports of 75 agricultural
machinery and farm imploment manufacturers indicated an increase in
sales in May over April. Orders for machine tools reported to the National
Machine Tool Builders' Association declined 8% in May, but were 61%
above the corresponding month of last year. Shipments of automobile
parts and accessories, as reported to the Motor and Accessory Manufacturers' Association, increased in May to a level exceeded only by the record
total in March of this year.
Stocks of Wholesale Firms.-Merchandise Inventories held by wholesale
firms at the end of May were lower than In April in all lines reporting
stocks to the Federal Reserve System except in the case of furniture.
The total value of stocks carried in all lines was about the same as on
May 31 1927, although Inventories of dry goods and drugs increased
during the year.
WHOLESALE DISTRIBUTION 13Y LINES.a
andea numbers. based upon dollar value of sales. Monthly avge. 1923-1925=100./
Total
Month
[VOL. 127.
FINANCIAL CHRONICLE
20
Dry
Gr.-
Men's We-
Boots HardFurware. Drugs. Miura
b
fay. MM.() Shoes.
Nine eerie.. Meals Goods. Cloth- men's and
Lines
_a
0
variation-
70
09
89
70
99
88
55
94
83
77 I 57
78
62
96
87
al sariat
114
109
96
93
113
71
95
108
64
39
28
43
98
95
87
45
39
92
87
111
100
111
85
107
122
127
114
110
82
I
78
88
95
78
76
78
81
125
113
99
88
70
65
123
138
85
52
46
78
165
140
101
01
48
104
103
106
106
104
106
105
112
114
111
112
106
98
98
101
96
98
102
102
109
103
99
100
89
108
109
109
110
116
89
95
95
87
92
,
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112
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97
94
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90
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91
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101
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84
97
101
87
87
90
90
101
92
81
86
93
77
75
67
68
69
65
79
72
66
54
67
61
83
87
90
86
87
88
88
102
91
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102
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122
128
113
99
114
97
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90
84
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117
118
105
83
ele'/NM ,
0000000=
With adf batmen
192794
January
February-- 95
March_._ _ 96
93
April
95
May
93
June
95
July
100
August_ _
September_ 96
91
_
October _ .
November_ 95
December _ 93
192894
January _
97
February
March .._ _ _ 93
April
89
May
96
Without a Qualm
1927January.... 86
91
February
Marcia.... 103
90
Apr I
May.._ __ 88
87
June
July
ss
August_ _ _ _ 111
September_ 112
October... 106
November_ 93
December, 82
1928January- 87
93
February
March _ _- 99
EMV,
.100M
WWwW
Line and Federal
Reserve District.
GroceriesUnited States-Boston District...
NewYork District
Philadelphia Dist_
Cleveland District
Richmond District
Atlanta District..
Chicago District..
St. Louis District.
Minneapolis Dist_
Kansas City Dist_
Dallas District_ _
Ban Francisco that
Dry GoodsUnited States....
New York District
Philadelphia Dial.
ClevelandDistrict
Richmond District
Atlanta District__
Chicago District__
St. Louis District_
Kansas City Dist_
Dallas District_ _ _
San Francisco Dist
ShoesUnited States....
Boston District...
New York District
Philadelphia Dist _
Cleveland District
Richmond District
Atlanta District__
Chicago District..
St. Louts District_
Minneapolis Dist_
San Francisco Dist
HardwareUnited States_ _
New York District
Philadelphia Dist.
Cleveland District
Richmond District
Atlanta Distriat__
Chicago District..
St. Louis District_
Minneapolis Dist.
Kansas City Dist_
Dallas District...
SanFrancisco Dint
DrugsUnited States....
NewYork District
Philadelphia Dist
Cleveland District
Richmond District
Atlanta District_
Chicago District._
St. Louis District_
Kansas City Dist.
Dallas District_ _ _
San Francisco Dist
FurnitureUnited States....
RichmondDistrict
Atlanta District..
St. Louis District.
Kansas City Dist_
San Francisco Dist
AgriculturalImp
United States b__
Minneapolis Dist.
Dallas District...
Paper and Statio
New York District
Philadelphia DistAtlanta District._
San Francisco Dist
Automobile Stipp
San Francisco Dist
Cotton JobbersNew York District
Silk GoodsNew York District
Cotton Commissi
New York District
Machine ToolsUnited States c._
DiamondsNew York District
JewelryNew York District
Philadelphia Dial.
Electrical Suppli
Philadelphia Dist_
Atlanta District__
Chicago District..
St. Louis
San Francisco Dist
Sales-May 1928
Compared with
a Stocks-May 1928
Compared with
May 1927.
April 1928.
May 1927.
April 1928.
+8.9
+16.8
+6.3
+14.1
+12.0
+9.9
+7.2
+12.5
+6.2
+8.0
+8.2
+3.3
+3.9
+1.5
+4.9
-1.8
+2.3
+7.2
+4.5
-6.6
-1.5
-5.0
+3.0
+2.4
+9.0
+2.4
-3.0
-2.9
-6.4
-4.3
-5.7
-2.9
-5.7
-0.4
-6.5
+0.0
-1.3
-5.3
-4.2
+11.7
-6.6
+3.8
-8.0
+10.4
+8.3
-18.0
+8.2
+3.2
+17.9
+7.6
+0.7
-3.8
+10.0
+16.9
+6.5
+4.6
+9.8
-0.7
+0.9
-0.3
+9.3
-9.1
-11.4
+3.0
-7.2
+4.5
-6.1
+4.3
-3.1
+5.8
-3.9
-5.1
-8.2
-4.6
-2.5
-2.3
-4.8
-3.7
-2.5
+1.3
+2.0
+11.4
+6.5
+3.8
+6.1
+18.7
+8.4
-0.2
+15.3
+1.4
+11.9
+3.0
+6.4
+12.4
+1.8
+15.1
+18.R
+2.9
+6.0
-0.9
+6.1
+1.9
+17.2
+1.0
+20.6
-1.1
-13.0
-6.5
-9.2
-3.6
-1.8
- 4.6
+12.0
+0.8
-2.0
-10.3
-11.6
+14.7
-6.2
-27.9
+2.4
-22.2
+2.0
+5.6
+28.5
+18.7
+67.0
+21.8
+3.9
+5.7
+0.5
+0.5
-15.6
-0.8
-0.8
+13.3
+18.0
-1.9
+28.6
+4.5
-0.9
-6.7
-3.9
-0.6
-4.6
-5.8
-0.9
-0.9
+4.0
-3.2
+0.7
-2.0
-1.4
-1.2
-0.9
-25.2
-3.0
-0.8
+15.8
-3.3
-3.5
-7.5
+4.1
+12.8
+20.4
+1.4
+14.7
-3.0
+0.0
+1.3
-0.7
-1.7
-4.7
-5.7
+22.4
+0.3
-7.8
-1.1
+11.0
-10.6
+6.8
+11.5
+5.1
--6.3
--48.6
+18.6
--12.0
+16.0
-3.0
+1.9
-8.9
-5.2
-19.6
+0.2
+7.5
-2.1
-12.3
+5.4
-3.7
+3.4
-22.0
+17.5
+22.1
+190
+45.6
+2.0
-3.5
-3.0
-18.6
+10.9
+2.1
-4.6
-8.0
+9.7
+9.7
-7.0
+4.1
-2.5
-3 1
+3.6
-2.5
+4.5
-4.3
+0.2
-1.8
+3.2
-3.4
-2.5
-15.1
+3.2
+3.8
+8.0
-5.9
+9.1
-6.7
+10.1
+14.3
+2.2
+5.2
+16.4
+15.6
+11.0
+8.9
+5.3
+9.2
-18.6
+4.8
+3.4
+3.2
+12.7
+5.6
+0.4
-0.6
-0.9
-1.2
+11.4
+29.8
+2.3
+9.8
-1.5
+8.1
+8.4
+7.6
+30.4
+8.4
-7.5
+61.4
-1.9
-9.7
+0.7
+0.7
+1.5
+0.3
+0.2
+3.2
-5.4
-12.4
+18.9
+74.5
-0.6
+16.2
-2.4
+25.3
d+7.1
-3.6
-18.0
+0.4
+5.5
+16.5
+7.6
-0.5
-1.4
+9.0
-3.2
+8.5
+15.9
-11.0
-2.5
-1.8
-13.2
-2.2
-34.1
-5.7
+43 5
+7.1
a Changes in total stocks for the United States are weighted averages computed
on the basis of firma which have reported regularly to the Federal Reserve System
since January 1923.
b Sales of agricultural Implements for the United States are compiled by the
Chicago Federal Reserve Bank from reports of leading minuffacturers and include
all of their domestic business.
c Based upon Indexes of orders placed with manuracturers furnished by the
National Machine Tool Builders' Association.
d Includes diamonds.
88
98
78
106
94
65
76
85
96
101
87
88
128
89
107
120
110
89
131
87
112
88
99
53
75
70
86
A.Pril
190
87
114
15
.. Rn
57
75
Mn"
a Index oi widdeatue distribution is deseriued in me Sederai Reserve Bulletin
for December 1927. Index numbers by lines from January 1919 to date are pubed in that bulletin and may be had upon request to the Federal Reserve Board.
Indexes of sales of furniture revised for 1927.
Bat
CHANGES IN SALES AND STOCKS OF WHOLESALE FIRMS BY LINES
AND BY FEDERAL RESERVE DISTRICTS.
Increase(+)or decrease (-) per cent.
Loading of Railroad Revenue Freight Keeps Running
Lower than in 1927 or 1926.
Cars loaded with revenue freight for the week ended on
June 23 totaled 986,789, the Car Service Division of the
American Railway Association announced on July 3. Compared with the preceding week, this was a decrease of 16,503
cars, reductions being reported under the week before in
the loading of all commodities except coal and forest products.
The total for the week of June 23 was also a decrease of
31,271 cars below the same week in 1927 as well as a decrease
of 68,573 cars compared with the corresponding week two
years ago. Particulars follow:
JULY 7 1928.]
FINANCIAL CHRONICLE
111Miscellaneous freight loading for the week totaled 385,344 cars,a decrease
of 7,164 cars below the corresponding week last year and 6.176 cars below
the same week in 1926.
Coal loading totaled 144,892 cars, a decrease of 11,497 cars below the
same week in 1927 and 35,160 cars below the same period two years ago.
Grain and grain products loading amounted to 33,340 cars, a decrease
of 7.451 cars under the same week last year and 9.556 cars below the same
week in 1926. In the western districts alone, grain and grain products
loading totaled 22,000 cars, a decrease of 5,118 cars below the same week
in 1927.
Live stock loading amounted to 24,362 cars, a decrease of 2.721 cars
below the same week last year and 2,262 cars below the same week in 1926.
In the Western districts alone, live stock loading totaled 18,429, a decrease
of 1,505 cars compared with the same week in 1927.
Loading of merchandise less than carload lot freight totaled 256,383, a
decrease of 1,283 cars below the same week in 1927 and 891 cars below
the corresponding week two years ago.
Forest products loading amounted to 67,543 cars, 572 cars above the
same week last year but 6,773 cars under the same week in 1926.
Ore loading totaled 65,528 cars. 735 cars below the same week in 1927
and 5,667 cars below the same week two years ago.
Coke loading amounted to 9,397 cars, 992 cars below the same week
In 1927 and 2.088 cars below the corresponding week in 1926.
All districts reported decrease in the total loading of all commodities
compared with the same week last year except the Southwestern which
showed an Increase. All districts, however, reported decreases compared
with the same period two years ago.
Loading of revenue freight in 1928 compared with the two previous years
follows:
Four weeks in January
Four weeks in February
Five weeks in March
Four weeks in April
Four weeks in May
Week of June 2
Week of June 9
Week of June 16
Week Of June 23
Total
1928.
3,447,723
3,589,694
4,752,031
3,738.295
4,006,058
934,214
995,960
1,003,292
986,789
1927.
3,756,660
3,801.918
4,982,547
3,875,589
4,108,472
911,510
1.028.367
1,016,479
1,018,060
1926.
3,b86,696
3,677,332
4,805,t00
3,862,r03
4,145,820
944,864
1,052,471
1,036,643
1,055,362
23,454,056 24,499.602 24.267,591
Mills Fail-Mills to Re-open with 10% Cut.
Sales (ungdj tate d)1927-Mar--- 100 97
Apr ___ 111 111
May... 102 100
1928-Mar.-- 103 96
Apr ___ 102 99
May
107 101
Sates (adjust ad)
99
110
103
105
99
106
99
109
108
110
102
114
108 98 92
117 108 104
108 96 91
115 105 94
113 99 83
122 104 95
89
98
88
92
92
93
97
109
112
109
102
116
1927-Mar- 105 104 107 96
102 105 114 101 99 __-_ 100
Apr ___ 105 102 107 98
105 104 106 101 92 ____ 108
May___ 103 102 104 96
105 105 107 98 90 ____ 108
l928-Mar__. 105 98 106 94
105 113 118 105 97 _...._ 109
Apr ___ 103 97 106 91
102 103 110 100 78 ___- 108
May... 104 98 107 92
104 107 115 103 89 ____ 107
Stae.tt (mad juste 4)1927-Mar..._ 106 105 107 105
107 108 105 102 94 116 92
Apr ___ 106 107 109 103
107 110 105 103 95 115 93
May
103 106 105 98,
104 103 101 102 91 112 90
1928-Mar___ 103 105 105 98
103 105 105 96 91 117 86
Apr ..... 104 107 1014 96
104 108 106 98 93 115 87
May.... 101 106 104 93
100 103 103 96 88 115 83
Stocks (ectiii ted)
1927--Mar..... 103 103 105 100
103 105 102 100 91 _--- 90
Apr._ 102 104 105 99
102 105 101 98 92 ___- 88
May...... 101 105 105 98
103 102 100 100 88 __-- 89
1928-Mar.,. 100 103 103 93
100 102 102 94 88 ---- 84
Apr__ 100 104 104 92
99 103 102 94 90 --__ 83
Afily
OA IAA 104 OR
no 109 109 05 OK
01
S.Monthly average 1925 equals 100.
SALES OF MAIL ORDER HOUSES AND CHAIN STORES.
(Index numbers. 1923-25 average equals 100.)
109
110
107
111
111
108
107
104
100
1017
181
1AM
Mail
Chains of Stores.
Order
Houses Grocery 5 dz 10 Apparel Drugs Clyar
(4).• (34).• (14).• (5).• (13).* (4).5
101
125
120
99
108
125
115
116
148
174
172
171
193
224
202
213
109
115
107
110
114
116
112
114
106
110
121
111
104
116
135
123
EA •
133
135
139
..VOC-MOON
.....
As compared with a year ago, sales of all types of retail firms showed
an increase in May. Department store sales gained about 5%; sales of
mail order houses increased by 17%; and the increase in sales of chain
stores ranged from 11% for candy chains to 29% for apparel stores. The
only decrease from May of last year was reported by chains of cigar
stores. A share of the general increase may be attributed to an additional
business day in May 1928 and, when allowance is made for this difference,
average daily sales of department stores in May were only 1% larger
than those of a year ago. A summary of the changes in sales of the
different classes of retail stores in May 1928 compared with May 1927,
and the number of stores reporting, are shown in the following table:
99 94
112 103
102 94
102 95
103 90
109 94
..000CC
00.1=0.7>0
Year Ago.
May 1927.
Department stores_ _
+4.8
510
510
Mall order houses___
+16.9
4
4
Chain storesGrocery
+24.6
28,925
28.276
Five and ten cent_
+13.3
2,995
2,792
Apparel
+29.3
1,166
938
Drug
+22.4
984
829
Cigars
-2.9
3.493
3.415
Shoes
+18.7
656
592
Candy
+10.5
305
271
Department Store Sales and Stocks by Federal Reserve Distriets.-The
increase in department store sales over those a year ago was general in
most cities and in all Federal Deserve districts, except in the Philadelphia
district, where trade remained at about the 1927 level. The greatest
increases occurred in the Chicago, San Francisco, St. Louis and New York
Federal Reserve districts, while in the Boston and Cleveland districts
sales increased by only 1%. The cities of Philadelphia, Pittsburgh, Minneapolis and San Francisco reported declines from May 1927.
Inventories carried by department stores for the country as a whole
declined during the month of May by more than the usual seasonal amount,
reflecting chiefly large stock reductions in the Minneapolis and Dallas
districts. Stocks were generally lower than those held at the end of May
a year ago ,except in the Chicago Federal Reserve district, and the rate of
stock turnover in May of this year was slightly higher for the country
as a
whole than in May 1927.
DEPARTMENT STORE SALES AND STOCKS BY FEDERAL
RESERVE DISTRICTS.
(Index numbers. 1923-25 average equals 180.)
Federal Reserve District Numbsr.
U.S
1
2
3
4
5
6
7
8
9 *10 11 12
The manufacturers' committee signified its readiness to accept the
State Board's recommendation and to postpone the reopening of the
mills, submitting the questions at issue to arbitration, but the workers'
representative refused to agree at this time to arbitrating the questions,
so the conference broke down, leaving matters where they were, with
the mills affected by the strike announcing that there will be a general
reopening Monday morning, with the 10% wage cut in effect.
Edward Fisher, chairman of the State Board, following the conference, said that his board had not yet given up hope, and that he
expects before the end of the week to take some further action, lookUnadjusted
ing toward a settlement.
1927-Feb- _
Mayor Ashley and the chief of police today made arrangements to
Mar...
swear in as special policemen every available man on the civil service
Apr___
May...
list, as well as about 100 members of the local militia companies, who
1928-Feb_._
will be mounted on horses for service at the mills Monday morning.
Mar __
Apr..The proposed reopening of the mills was referred to in
May....
Adjustedour issue of June 30, page 4008.
1927-Feb_.._
Mar....
Apr....
May....
Federal Reserve Board's Survey of Retail Trade in 1928-Feb___
Mar ...
Apr.._
United States-Increase in May as Compared with
May__
In its survey for the month, issued June 29, the Federal
Reserve Board states that retail trade in May, following a
decline in April, increased by slightly more than the usual
seasonal amount. The Federal Reserve Board's index of
department store sales, adjusted for seasonal variations
and number of working days, was 104 in May, on the basis
of the average for 1923-25 as 100, as compared with 103 in
April, and the index of mall order house sales rose from
117 to 132. Sales by chains of grocery, apparel, shoe, and
candy stores showed more than the usual seasonal increase
over those of April, and sales of drugs and cigar chain
stores were in about the same volume. Five-and-ten-cent
stores reported a small decline in sales. Continuing the
Board says:
May 1928.
.0.P
. MMON
000000
tween the manufacturers' advisory committee and the general
strike committee of the Textile Council, which was held at
the invitation of the State Board of Conciliation and State
Board that the reopening of the New Bedford mills next
Monday be postponed pending the submission of the existing
differences to arbitration failed of adoption, due to the opposition of the representatives of the employees. Special advices
from New Bedford to the "Journal of Commerce", reporting
this added:
Number of Stores.
mf.MNO0
000000
After more than three hours of conference on July 5 be-
P.C.ofIncrease (-I-)
or Decrease(-)
in Sales in
May 1928
Compared with
May 1927.
Line.
0000..y
0...0000
Efforts to Arbitrate Strike at New Bedford, Mass. Cotton
21
CHANGES IN VALUE OF RETAIL SALES AND NUMBER OF STORES
REPORTING.
129
143
144
134
148
163
154
164
99
111
113
113
96
107
100
110
Shoe
(7),*
Cast*
(4).•
84
96
150
109
86
117
130
130
103
115
136
115
106
119
130
127
112
155
133
139
115
121
121
117
163
128
139
113
104
116
113
166
137
144
115
117
127
118
171
132
137
113
99
120
116
194
142
153
107
120
120
113
210
142
157
109
119
120
117
203
147
161
105
109
125
132
206
144
IAI
tos
112
197
wate.-Number of companies reporting.
CHANGES IN SALES AND STOCKS OF DEPARTMENT STORES,
(Increase (+1 or Decrease (-1 Based on Value Figures.) MAY 1928.
Change to Sales.
Federal Reserve
District and City.
Boston:
Boston
Outside Roston_
New Haven
Providence
Total
New York:
New York
Bridgeport
Buffalo
Newark
Rochester
Syracuse
Other cities......
Total
Philadelphia:
Philadelphia_
Allentown
Altoona
Harrisburg
Johnstown
Lancaster
Reading
Scranton
Trenton
Wilkee-Barre
WlImington
Other citiesTotal
Change in Stocks.
Jan. 1-May 31
May 31 1928
May 1928
1928 Compared
Compared sofa
Compared with tath Jan. 1
May 1927.
Slay 31 1927. May 311027, April 30 1928,
Per Cent.
+0.0
+2.8
+6.6
+1.7
+0.8
Per Cent.
-4.9
-1.0
+0.2
-0.6
-3.6
Pre Cent.
-0.8
+0.7
-1.7
-0.7
-0.6
Per Cent.
-0.7
-1.1
+0.1
-2.9
-0.9
+7.6
+6.4
-1.1
+9.1
+4.0
+1.7
+6.0
+6.8
+0.4
-4.3
-3.2
+3.1
-0.5
-1.9
+2.4
+0.4
-1.1
-1.7
-0.3
-0.7
+0.9
-3.2
-2.5
-0.9
-3.7
+9.0
-8.1
-4.3
-4.6
+0.4
-3.4
-3.7
-1-4
+2.0
+5.4
+18.1
+1.0
+2.9
-1.2
-5.0
+2.4
+2.9
+14.1
-0.6
-5.0
-4.4
-8.0
+2.2
-12.0
+2.1
-0.3
-7.3
-1.8
-1.8
+0.8
-7.1
-4.6
-5.4
+3.1
+6.2
-6.1
-22.2
-2.2
-1.1
-6.3
-6.3
+1.8
-2.7
+9.0
-.4.5
-4.9
+0.5
+0.8
-5.7
-4.6
-8.9
-2.9
--4.1
-4.0
-3.3
-5.1
+5.9
-els
....-A II
[VOL. 127.
FINANCIAL CHRONICLE
22
CHANGE IN SALES OF DEPARTMENT STORES, BY DEPARTMENTS
(Increase (+) or decrease (-) in sales in May 1928 compared with May 1927.
Chance in Stocks.
Change in Sales.
May 31 1928
Compared with
Jan. 1-May 31
1928 Compared
May 1928
Compared with with Jan. I
May 31 1927. May 31 1927. April 30 1928.
May 1927.
Federal Reserve
District and City.
Per Cent.
Per Cent.
Per Cent.
Per Cent.
+4.7
+13.4
+4.1
+4.6
+3.7
-6.2
+13.7
+3.1
+7.1
-5.2
+1.6
+1.1
+10.0
+0.8
+1.3
-6.1
+4.5
-5.8
-1.0
-7.9
-1.4
+3.4
+24.2
+1.3
-1.9
+4.6
-7.3
-1.1
-11.6
-5.7
-3.4
-1.2
-4.0
+7.3
-7.6
-4.5
-2.3
-0.8
-4.5
-5.1
-8.3
-2.3
-2.7
+5.3
4-0.5
+5.2
-4.1
+2.2
+2.4
-1.7
+1.9
-5.8
-0.3
-1.2
-6.3
+0.9
-2.3
-2.7
+0.9
-3.1
-4.8
-3.5
-3.5
+14.3
+21.0
-5.2
+4.8
+4.7
-2.2
+6.8
+16.2
+10.8
-3.9
+6.7
-2.6
-3.8
+3.4
-6.4
-0.9
-6.7
+6.1
+0.9
+2.3
-0.5
-6.7
-5.8
-3.5
-8.6
-3.1
-1.9
-4.4
-9.0
+23.1
+4.2
+2.7
+5.6
+10.3
+2.1
+16.2
+0.2
-0.6
-2.4
+4.0
+0.8
+8.2
4-3.8
+0.7
-6.8
+0.8
-3.4
-1.8
-5.5
-2.5
-4.0
-3.2
+6.6
+5.8
+10.6
-2.0
+15.3
+7.5
+1.2
-0.2
+3.8
-4.4
+10.0
+2.2
-7.7
+1.6
+6.4
+0.8
-7.0
-5.2
-1.8
-0.9
-6.0
-4.1
-2.0
-2.5
-6.0
+2.0
+7.0
+3.0
-11.0
-4.0
-1.0
-4.0
-14.0
+2.0
-4.0
-6.0
-8.0
-4.0
-5.0
-6.0
+5.0
+3.2
+9.9
+15.5
+5.0
+7.0
+3.5
+4.6
+5.7
+1.0
-3.0
+5.3
+4.5
+1.3
-0.4
-2.4
+4.7
+0.4
-2.7
-2.1
-1.1
+26.0
-3.2
-4.5
+0.9
+8.4
+4.7
-0.8
+3.5
+3.3
Cleveland:
Cleveland
Akron
Cincinnati
Columbus
Dayton
Pittsburgh
Toledo
Wheeling
Youngstown_
Other cities
Total
Richmond:
Richmond
Baltimore
Washington
Other cities
Total
Atlanta:
Atlanta
Birmingham
Chattanooga_
Nashville
New Orleans
Other cities__..
Total
Chicago:
Chicago
Detroit
Indianapolis- -.
Milwaukee
Other cities....
Total
St. Louis:
St. Louis.-.
Evansville
Little Rock_ Louisville
Memphis
Total
Minneapolis:
Minneapolis.....
Duluth-Superior
St. Paul
Total
Kansas City:
Kansas City- - Denver
Lincoln
Oklahoma City_
Omaha
Topeka_
Tulsa
Other cities_
Total
Dallas:
Dallas
Fort Worth..,..
Houston
San Antonio__ _
Other cities_
Total
San Francisco:
San Francisco
Los Angeles---Oakland
Salt Lake City_
Seattle
Spokane
Other cities__ - _
Total
-2.7
-5.1
-9.5
-0.6
-3.0
-0.1
-9.1
-2.9
-4.1
+1.1
+3.3
+7.0
-3.8
+3.4
+2.4
-13.1
-1.6
-1.9
-15.3
-1.7
-7.2
-5.0
-4.3
-0.4
-3.4
-6.4
-4.0
-5.9
+2.9
+12.3
+13.6
+16.7
+8.5
+14.3
+4.1
+2.7
+0.3
+5.2
+7.5
+9.0
-1.0
-0.8
+2.2
-3.6
+2.2
-3.7
-12.4
+8.2
-5.8
-10.4
-3.1
-1.1
-2.3
-5.0
-2.1
-2.8
-6.7
-2.2
+4.8
-0.06
-1.7
-2.9
.
STOCK TURNOVER OF DEPARTMENT STORES, 1928.
Rate of Stock Turnover.*
Rate of Stoat Turnover.*
OCOMOWWW-4
Wo-,
.27
.29
.31
.26
.26
.27
.26
.25
.31
.21
.27
RichmondRichmond____
Baltimore____
Washington..
)ther cities-Total
k4
kkk.
kkk-4c.
OUWC.4.
; UMUCGC001
OWWWO.P...NOt,
Mr=
Cincinnati-.._
Columbus____
Dayton
Pittsburgh
Toledo
Wheeling
Youngstown__
)ther cities___
Total
kkkkkiakkkkk kkkkkkiaiakkk;—k k.Wkkkkia kiakkk
.30
.19
.22
.21
.19
.21
.21
.33
.26
.23
.22
.22
.29
.26
.25
.29
.23
.26
AtlantaL
ghapi-iVna
3t
.34
122
.34
.25
.21
.23
.30
1.64
1.24
1.18
1.15
1.47
1.71
1.27
1.16
1.18
1.53
.32
.23
.29
.30
.29
.31
.16
.30
1.66
1.04
1.28
1.61
1.44
1.57
0.95
1.56
1.61
1.29
1.36
1.58
1.46
1.53
0.88
1.53
1.45
0.97
1.05
1.12
1.09
1.16
1.13
1.33
1.39
1.13
1.13
0.96
1.34
1.44
1.11
1.17
1.01
1.05
1.22
1.20
1.36
1.36
1.11
1.12
0.98
1.35
1.37
1.40
1.41
1.37
1.29
1.67
1.32
1.29
1.59
0.93
1.32
1.41
1.42
1.44
1.31
1.31
1.25
1.28
1.19
1.57
0.97
1.32
1.40
1.26
ba34
0.97
1.27
1.33
1.e5
1.34
1.05
1.27
1.36
1.01
1.58
1.02
1
;onetime....
Jan.1-May 31
Federal Reserve
District and
City.
•MAI/tor rate ci stock
average stocks on hand.
May.
Jan.1-May 31
1928. 1927. 1928.
1928. 1927. 1928. 1927.
kW
.w
BostonBoston
OutaideBoston
New Haven__
Pr.ovidence--'Total
New YorkN.Y.dc Bklyn.
Bridgeport- -Buffalo
Newark
Rocheeter
Syracuse
Other cities.-Total
Philadelphia
Philadelphia__
Allentown....
Altoona
Harrilburg......
Johnitown.....
Lancaster..___
Reading
Scranton
Trenton
Wilkes-Barre.
Wilmington __
Other cities___
Total
Cleveland-
May.
Atlanta(Con.)
Chattanooga _
Nashville
New Orleans
Other cities....
Total
ChicagoChicago
Detroit
Indianapolis__
Milwaukee...
Other citiee___
Total
St. LouisSt. Louis
Evansville___
Little Rock
Louisville__
Memphis
Total
Minneapolis
Minneapolis
Duluth-Sup'r.
St. Paul
Total
Kansas City.
Kansas City
Denver
Lincoln
Omaha
Topeka
Tulsa
Other cities_
Total
DallasDallas
Fort Worth___
Houston
San Antonio
Other cities.._
Total
San Fran.San Francisco_
Loa Angeles
Oakland
Salt Lake City
Seattle
Spokane
Other cities___
Total
1927.
.20
.28
.18
.21
.22
.20
.32
.18
.24
.24
0.93
1.24
0.91
0.99
1.04
0.95
1.37
0.98
1.15
1.14
.34
.44
.39
.30
.27
.34
.32
.38
.39
.29
.24
.32
1.57
2.05
1.77
1.33
1.26
1.59
1.59
1.82
1.03
1.34
1.23
1.54
.30
.18
.24
.26
.30
.29
.26
.18
.23
.28
.24
.25
1.52
0.95
0.93
1.26
1.27
1.36
1.40
0.96
0.98
1.34
1.09
1.28
.49
31
.32
.36
.44
30
.29
.33
2.24
1.36
1.58
1.70
2.25
1.45
1.59
1.71
.24
18
.23
.26
.22
.31
.17
.22
.21
.17
.21
.24
.20
.32
.16
.20
1.20
0.84
1.07
1.16
1.02
1.53
0.65
1.04
1.17
0.86
0.99
1.16
0.96
1.65
0.66
1.04
.26
.23
.28
.28
.28
.26
.23
.21
.27
.25
.27
.24
1.23
1.06
1.22
1.26
1.15
1.10
1.11
1.02
1.26
1.14
1.14
1.13
.22
.25
25
.23
.29
.18
.19
.24
.23
.25
.20
.18
.27
.16
.17
.23
1.15
1.30
1.12
1.03
1.26
0.73
0.80
1.18
1.08
1.38
1.00
0.86
1.25
0.75
0.80
1.16
Finned StaLati. .29
.28
1.39
1.37
turnover Is the ratio of sales during given Derioll to
Total.
Boston.
St,
DalNew Cleve- Rich- CMYork. land. mend, cago. Louis. las.
San
Fran.
Per Ct. Per Cl. Per Cl. Per Cl. Per Cl.Per Ct. Per Ct. Per C8 Per Ct.
Piece GoodsSilks and velvets_ -8.1 -7.7 -3.2 -14.0 -8.4 -4.2 -14.6 -4.1 -7.3
--11.3 -7.7 -16.9 -19.2 +15.8 -26.1 -7.8 -21.6
-11.7
goods
dress
Woolen
+1.5 -1.4 +23.7 -4.8 +1.9 +18.8 +0.0 -1.5 -13.6
Cotton goods
-5.6 -10.0 +3.0 -9.5 -11.1 +3.2 -11.6 -13.7 -12.0
Linens
Domestics, muslins, sheeting, da -4.4-21.0 +3.2 -6.0 -0.2 +5.6 +14.3 -7.9 -7.2
Ready-to-Wear A ccmsor iesNeckwear & scarfs -1.2 -11.3 -7.0 +3.3 -0.4 +6.4 +2.5 +11.8 -0.2
+14.6 +9.7 +15.4 +20.7 +17.9 +19.9 +4.1 +5.3 +5.4
Millinery
Gloves (women's &
+9.3 +6.3 +8.1 +16.8 +17.5 +11.7 +10.3 +51.1 -4.9
children's)
Corsets, brassieres +2.9 -0.3 +4.4 +1.5 +1.8 +12.1 +0.7 +16.3 -0.7
Hosiery (women's
St children's)._ +8.0 +2.3 +5.7 +11.7 +6.4 +10.9 +13.1 +6.5 +5.9
Knit underwear... +2.7 +1.8 +2.9 +0.3 +6.9 +11.8 +6.9 -9.0 -1.7
Silk & muslin underwear (Includ.
-5.9 -39.7 +11.6 -4.1 +2.0 +7.0 +10.9 +5.0 +8.0
petticoats)
+8.7 +5.2 +12.5 +6.4 +5.6 +15.2 +9.7 -8.2 +8.7
Infants' wear
small leather goods +11.0 +2.6 +12.5 +12.8 +14.2 +17.5 +11.8 +20.5 +5.5
+8.6 +0.9 +28.2 +4.7 +17.1 +5.3 +13.4 +1.7 -0.3
Women's shoes
+15.8 ____ +11.9 +20.9 +14.5 +11.7 +17.2 +29.6 +11.9
Children's shoes
rea dy to Wearet'
Miss
Women's ct
Women's coats... +9.8 -1.2 +6.4 +16.6 -0.6 +20.7 +21.4 +8.7 -7.1
-8.7 +59.3 -10.0 -10.1 +73.2 -29.4 -0.5 +71.8 -14.0
Women's suite
Tot.(2 above linee) +5.2 -0.8 +3.8 +14.2 +4.7 +18.2 +24.2 +16.2 -8.0
+1.9 +1.9 +3.0 -1.3 -5.4 +14.4 +24.6 -2.7 -2.1
Women's dresses
Misses' c'ta & suits +15.0 +6.5 +18.4 +23.5 +26.5 +31.2 +47.2 +57.8 -7.9
Misses' dresses_ +9.9 +16.2 +1.8 +4.8 4-33.4 +18.1 +31.2 -10.5 +21.6
Jun' & girls' wear_ +22.6 +25.2 +21.8 +15.7 +19.3 +39.2 +36.1 +11.3 +26.2
Mont' and Boys' WearMen's clothing... -2.4 +1.6 -5.7 -8.6 +12.2 -7.3 +13.4 +4.4 +4.2
Men's turn. (Incl.
men's shoes.,gioves& underwear) +6.1 ____ +11.8 +6.3 +1.2 +14.4 +10.2 -2.9 -0.2
Men's hats & cape_ -4.5 ____ -19.0 -6.3 -2.7 -13.0 +11.4 +8.9-23.6
Tot.(2 above lines) +4.2 +0.5 +10.2 +4.6 +0.5 +12.9 +10.4 -4.4 -7.5
Boys' wear
+7.5 +5.1 +10.3 +6.5 +20.4 +8.9 +13.4 +12.7 -2.2
Men's& boys'shoes +9.6 +1.9 +17.4 +6.9 +3.7 +28.5 +13.3 +2.8 +7.2
House Furnithin csFueture (incl. beds
mattes & sp'gs. -6.2 -2.5 +5.4 -17.5 -35.5 -2.9 -1.0 -33.3 +0.9
+3.5 ____ +18.1 +8.8 +12.1 -0.5 -34.7 ____ -56.5
Oriental rugs
Domestic floor coy +0.6 -3.2 +6.0 -1.5 -1.1 +7.7 +2.1 +6.3 -6.0
Draper's, curtains,
Upholstery
+2.3 +2.6 +12.7 -1.6 +1.4 +5.8 -1.0 +11.0 -10.4
Lampe & shades
4-5.5 ---- +9.1 +0.8 +22.7 +6.1 +17.6-40.4-14.8
Tot.(2 above lines) +2.8 ____ +12.1 -1.2 4-3.2 4-6.0 +1.8 -4-9.5-10.6
China & glassware +3.1 +0.6 +11.5 -2.6 -1.1 4-7.5 +21.3 -2.4 -18.1
CHANGES IN STOCKS OF DEPARTMENT STORES, BY DEPARTMENTS
(Increase (4-) or decrease (-) in stocks in May 1928 compared with May 1927.
Federal Reserve District.
Department.
United States.--
Federal Reserve
District and
City.
Federal Reserve District
Department,
Total.
BoaIon.
DalSt.
New Cleve- Rich- ChiYork. land. mond. cago. Louis. Las.
San
Fran.
Per Ct. Per Ct. Per Ct. Per Cl.Per CI. Per Ct. Per Ct. Per Ct. Per Ct.
Piece GoodsSilks and velvets__ -9.6 -14.9 -6.7 -5.5 -10.1 -5.0 -9.8 -18.5 -14.8
Woolen dress goods -14.4 -20.1 -17.9 -11.8 -19.7 -6.6 -12.7 -28.7 -8.3
-10.2 -13.9 -14.9 -6.0 -8.3 -9.3 +1.8 -10.0 -14.7
Cotton goods
-2.6 -3.0 -8.4 -3.6 +9.1 +3.2 +1.1-31.5 +5.0
Linens
Domestics, muslins, sheeting. ea -2.6 -5.2 -6.5 -6.6 -0.8 +14.7 +16.0 -14.1 -1.0
Ready-to-Wear A ccessor UsNeckwear & scarfs -8.9 -11.3 -9.2 -9.9 -10.4 -5.3 -19.4 -10.1 +4.1
-5.5 -8.3 +0.3 -5.6 +3.2 -8.3 -9.9 -40.4 +6.3
Millinery
Gloves(women's &
+1.4 -0.4 +7.3 +0.3 +13.4 4-4.0 -19.8 +16.3 -0.8
children's)
Corsets, brassieres -2.2 -0.4-10.0 -3.2 -2.9 -4.0 -7.1 -5.0 +10.1
Hosiery (women's
& children's)_ -2.1 +1.4 -7.4 +3.8 +2.2 +5.5 -14.7 -2.5 -13.4
Knit underwear__ -4.8 -1.6 -4.2 -3.6 -8.5 -2.' -7.4 -14.4 -8.8
Silk & muslin underwear (Includ
-9.0 -13.0 -14.0 -4.8 -5.4 -9.0 -13.3 -7.1 -9.0
petticoats)
+3.7 +3.9 -3.8 4-6.0 +13.3 +5.1 +3.0 -11.1 +4.0
Infants' wear
Small leather goods -11.2-20.2-27.0 +0.6 -3.7 +1.2 -3.0 -0.5 -3.0
+2.8 +9.0 +10.1 -1.5 -0.7 +4.1 +3.8 +9.1 -7.7
Women's shoes
+1.4 ____ -3.6 +16.9 -0.6 +3.4 -5.2 -24.9 -12.8
Children's shoes
Women's dt Miss es rea dy to WearWomen's coats.... -8.3-13.3 -9.2 -4.5-18.0 4-9.9 -0.9 -33.6 -1.6
Women's suits.... -1.6 +76.8 -8.6 -4.6 +20.5 +24.3-45.5 -5.7 +9.4
Tot.(2 above lines) -6.5 -10.2 -9.0 -4.5 -12.4 -0.1 -2.9 -26.9 -0.5
-1.9 -0.7 +7.0 +4.1 -2.0 -2.9 -13.8 -15.4 -15.7
Women's dresses
Misses' c'ts & sults -1.5 -5.2 +5.9 -6.0 -17.8 +37.8 -10.4 -9.6 +1.1
Misses' dresses- +8.9 +7.4 +12.2 +9.3 +33.6 +15.8 -3.9 -9.8 -3.1
Jun. & girls' wear_ +7.7 +18.0 +0.4 -0.6 +29.0 +16.0 -3.9 +2.4 +11.8
Men's et Boys' IVearMen's clothing... -3.3 +2.1 -0.04 -0.9 -9.5 -9.3 -5.1 -13.1 -8.8
Men's turn. (Incl.
men'shos..gloves
and underwear). -5.7 ____ -13.3 -6.5 -0.1 +3.4 -5.0 -9.1 -0.6
Men's hats& caps_ -6.: ____ -15.0 -2.3 +21.6 +8.3 -18.8 -24.3 +0.2
rot.(2 above lines) -4.3 +1.1 -13.4 -6.1 +0.5 +5.8 -7.0 -12.9 -0.5
-3.7 +1.0 -3.8 -10.0 +2.6 -4.1 -4.1 +2.1 -1.6
Boys' wear
Men's&boys'shoes +3.0 +4.2 +12.9 +10.4 +2.7 +10.7 -17.7 -25.6 -4.1
House Furnishtn goFurture (inel. beds
mattes & spls_ -1.0 +1.4 +0.4 -2.0 -5.4 +1.8 -16.2 -15.6 +10.9
Mental rugs
+2.4 - - - - +9.7 -11.0 -2.9 -3.0 -20.8 ____ -1-34.8
Domestic floor coy -4.8 +0.7 -11.7 -2.6 -0.8 +5.3 -18.2 -20.8 -4.6
Draper's, curtains,
-0.6 -1.7 +7.6 -2.3 -4.8 +1.6 -8.4 -17.5 -0.6
upholstery
Lamps and shades_ -0.4 _ _ __ -3.9 -1.6 + 14.9 +7.4 +7.7 -17.4 -3.0
rot.(above 2'has)1 -0.8 ---- +5.2, -1.9 -3.1 -0.4 -6.0 -17.7 -0.8
China & glassware -1.3 -2.9 +1.6 +0.1 +4.7 -0.0 +2.7 -15.8 -12.1
Half-Year's Failures Reported by R. G. Dun & Co.
Both in number of commercial failures and amount of
liabilities, the insolvency record for June reveals an improvement over the returns for May. Preliminary statistics
compiled by R. G. Dun & Co., with the last week of the
month partly estimated show that 1,947 defaults occurred
in the United States in June against 2,008 in May and the
June indebtedness of $29,827,073 compares with $36,116,990
in the immediately preceding month. It thus appears that
the number of insolvencies declined 3.0% last month, while
the liabilities fell off 17.4%. There also is a reduction
in the latter item from the $34,465,165 of Juno 1927, the
decrease being 13.5%. On the other hand, the number of last
month's failures is 6.2..% above the total of 1,833 in June,
last year.
JULY 7 1928.]
FINANCIAL CHRONICLE
23
The half year shows 12,821 commercial failures involving tories were seasonably high and were also somewhat larger than last year
the year before.
$251,548,406. The number is 4.3% in excess of the 12,296 andWorld
rubber production (net exports), according to the Department of
defaults for the corresponding period of 1927, whereas the Commerce, was approximately 175,000 long tons for the first four months
indebtedness for this year is 10.7% less than the $281,527,518 of 1928. Of this amount, 55,000 tons were produced in British Malaya
and 25,000 tons in other British possessions, making a total of 80,000 tons
of the first six months of last year. Numerically, the high for
British-owned plantations. Dutch colonies produced almost the same
point for the present year is represented by the 2,643 in- amount, Brazilian output was 7,649 tons, and Mexican Guayule rubber
solvencies of January, and the low mark was reached in amounted to 2,008 tons.
April at 1,818. In respect of the liabilities, the maximum
was recorded in March at about $54,800,000 and the aggre- Report on Wholesale and Retail Trade in Philadelphia
Federal Reserve District.
gate for June is the smallest thus far shown.
Monthly and quarterly failures, showing number and
The following statistics covering wholesale and retail
liabilities, are contrasted below for the periods mentioned:
trade in the Philadelphia Federal Reserve District are made
available by the Federal Reserve Bank of Philadelphia:
Number.
Liabilities.
1928. 1927. 1926.
June
May
April
1928.
1927.
1926.
ADVANCE REPORT ON WHOLESALE TRADE IN THE PHILADELPHIA
FEDERAL RESERVE DISTRICT FOR THE MONTH OF MAY 1928.
1,947 1,833 1,708 $29,827,073 $34,465,165 329,407,523
2,008 1,852 1.730 36,116,990 37,784.773 33,543,318
1,818 1,968 1,957 37,985,145 53,155,727 38.487.321
2d Quarter
March
February
January
5 773 5,653 5,395 $103,929,208 $125,405,665 $101,438,162
2 236 2,143 1,984
2,176 2,035 1,801
2 643 2,465 2,296
1st Quarter
54,814,145
45,070,642
47,634,411
57,890,905
46,940,716
51.290,232
30,622,547
34,176,348
43,661,444
7,055 6,643 6,081 $147,519,198 $156,121,853 $108,460,339
FAILURES BY BRANCHES OF BUSINESS-JUNE 1928.
Number.
LiabfMist.
1928. 1927. 1926.
1928.
1927.
ManufacturersIron, foundries and nails__
14
4
2
Machinery and tools
17
28
26
Woolens, carpets & knit g'ds
3
2
3
Cottons, lace and hosierr -1
3
1
Lumber, carpenters & coop_
51
76
70
Clothing and millinery
56
45
44
7
Hats, gloves and furs
4
8
Chemicals and drugs
6
5
3
Paints and oils
1
3
1
Printing and engraving _ _
18
21
20
Milling and bakers
45
34
46
Leather, shoes & harness
10
11
7
Tobacco, &c
5
11
6
Glass. earthenware & bri-k_
6
9
3
AU other
235 200 204
$182,832 $2,518,403
839,123
724.060
93,134
30.000
60,000
417,114
3,452.854 2,143,620
1,143,134 1,516,110
127.883
38,001
78.400
53.224
40,000
45,000
239,784
407,005
516,909
443,012
177,949
192,933
605,119
54,997
256,480
45,029
5,574,161 4,293,210
Total manufacturing
TradersGeneral stores
Groceries, meat and fish...
Hotels and restaurants
Tobacco &e.
Clothing and furnishings__
Dry goods and carpets
Shoes, rubbers and trunks._
Furniture and crockery....
Hardware, stoves & tools
Chemicals and drugs
Paints and oils
Jewelry and clocks
Books and papers
Hats, furs and gloves
All other
3786,145 32,030,104
2,281,471 1,932,503
783,589 3,574,608
121,222
79,698
1,789,963 1,787,560
1,267,084 1,084,435
577,450
636,930
847,613 1,245,790
348,235
609,266
479,707
489,355
19,600
64,760
564.479
421.785
28,900
71,443
76,000
5,200
3.530.303 4,101,588
Total trading
Other commercial
Total United States
Trade.
Boots and shoes,,.,
Drugs
Dry goods
Electrical supplies
Groceries
Hardware
Jewelry
Paper
*87.6
*104.3
*54.8
*86.0
84.4
*89.7
54.5
95.7
1926.
$140.000
1,151,973
76,000
700,000
1,072,708
837.411
331,500
50,500
37,000
270,650
308.378
765,260
46,105
81,500
4,222,618
513
427
435 312,722,577 313,586,903 310,091,603
78
309
106
11
185
96
57
52
31
53
4
49
7
6
281
119
319
88
20
173
92
62
52
39
43
8
23
6
2
284
110
271
86
23
145
62
38
65
32
47
5
40
5
5
236
$973,998
1,731,355
688.307
244,956
1,450.888
1,652,229
360,584
816,815
945,264
428.497
38,400
545,986
100,500
97,000
5,450,351
1,325 1,310 1,160 513,780,748 $17,856,038 $15,525,130
109
96 113 3,323,514 3,022,224 3,790,790
1,947 1.833 1,708 229,827,073 534,465,165 $29,407,523
Business Conditions in Cleveland Federal Reserve
District Spotty-Cut in Tire Prices
According to the July 1 "Monthly Business Review" of the
Federal Reserve Bank of Cleveland, business in its district
remains spotty, but on the whole is fair to good. The bank
adds:
Out of 26 of the largest manufacturers in the District, 15 report that
business is better than a year ago, 10 state that it is not so good, and in
one case there has been no change. As compared with the first quarter,
the second quarter was reported to have shown an uptrend in 13 cases, a
downtrend in 9, and no change in 4.
The general trend in the first part of June showed little change from
that of May outside of seasonal developments. Toward the latter part of
the month a rather pronounced falling off in steel operations occurred
which appeared to be somewhat greater than seasonal. Tire sales have
improved lately, following the cut in tire prices. Motor accessory manu.
facturers continue their heavy production schedules. After a poor Spring,
a slight recovery is noted In clothing manufacturing. Building as a whole
compared unfavorably in May with last year, although residential construction made a new peak. The lumber industry is quiet. Retail trade
was a little better in May than last year, and wholesale trade showed a distinct improvement. Winter wheat is still in bad shape, but the prospects
for other crops are brighter than a month ago.
As to rubbers and tires the bank says:
The most important development of the month in this industry was the
cut in tire prices by leading manufacturers about the middle of June. The
average reduction was 10%. Such a reduction was not unexpected in
view of the sharp slump in crude rubber prices, and dealers had been
keeping their purchases to a minimum in anticipation of the cut.
Business of Akron manufacturers was relatively slow in May and the
first part of June, due to the cool weather, which retarded public buying,
and to the disinclination of dealers to stock up, already mentioned. An
improvement has recently taken place and prospects are brighter.
Crude rubber prices have strengthened slightly in recent weeks but are
still at an exceedingly low point. On June 18, first latex (spot) was
quoted at 20c. a pound, as compared with 19c. a month ago, 17%c. late
in April, and 39c. a year ago.
Production of pneumatic casings in the United States, according to the
Rubber Association of America, was 4,633,308 in April, a decrease of 92,000
for the year and 481,000 for the month. Shipments numbered 4,358,831,
as compared with 4,276,464 a year ago an'] 4,298,551 for March. Inven-
Net Sales During Month.
Stocks at End of Mo.
Index Numbers
Compared Compared Compared Compared
(P. C. of 1923-1925
with
teeth
with
with
Monthly Average) Previous
Same
Same
Preview
Month. Month. Month. Month
Last Year.
Apr.'28. May'28.
Lag Year.
90.2
+3.0% +6.1% -4.6% ---14.754
109.3
+2.3
+4.8
+17.9
-0.3
64.6
-18.0
70.5
-0.5
-2.2
+15.9
+14.1
96.3
-4.3
+2.3
+0.7
+0.5
+10.1
-3.9
98.8
-0.6
+74.5
+16.2
+25.3
95.2
-3.6
+2.1
-2.5
97.7
+9.7
-3.1
Accts.Outstanding at End ofMe Collet. During Mo.
Compared Compared Ratio to Compared Compared
with
Net Sales
with
with
with
Same
Previous
Same
During Pietism,
Month
Month
Month
Month
Month
Last Year
Last Year
Boots and shoes
Drugs
Dry goods
Electrical supplies
Groceries
Hardware
Jewelry
Paper
-1.7% -1.0%
-1.3
-1.3
+1.0
+1.4
+35.4
+96.0
+3.3
+3.7
-0.5
-3.4
+11.0
-0.2
-0.2
+6.4
377.1% +1.0% -3.9%
147.8
+4.2
+3.6
+11.0
281.6
-5.4
199.4
+39.8
120.3
+11.3
+1.2
192.2
-11.2
+9.1
375.3
-16.2
-12.2
144.8
+2.6
+2
• Revised.
ADVANCE REPORT ON RETAIL TRADE IN THE PHILADELPHIA FEDERAL RESERVE DISTRICT FOR THE MONTH OF MAY 1928.
Net Sales.
Index
Numbers
of Sales May 1928
(% of '23 Compared Jan. 1
with
Monthly
May 31
Average) May 1927 1928.
All reporting stores
94.8
Department stores
92.3
In Philadelphia
___
Outside Philadelphia
Apparel stores
107.5
Men's apparel stores
79.3
In Philadelphia
____
OutsidePhiladelphia_
Women's apparel stores-- 1-2-7:1
In Philadelphia
---OutsidePhiladelphia.
Shoe stores
39.7
-Credit stores
88.0
Stores in:
.
Philadelphia
95.8
Allentown. Bethlehem and
Easton
100.7
Altoona
102.4
Harrisburg
108.4
Johnstown
73.8
Lancaster
92.1
Reading
82.1
Scranton
113.9
Trenton
86.5
Wilkes-Barre
96.6
Williamsport
92.2
Wilmington
123.8
All other cities
1
Month
Ago.
Year
Ago.
-0.6
---0.5
-1.9
+2.7
-0.0
-OA
--0.1
--1.1
+0.1
---1.1
+11.1
+9.2
--9.6
-4.6
--4.7
-5.5
-2.9
-4.4
-5.8
--5.9
--5.5
-3.9
--4.4
+1.3
+3.2
--7.6
-4.5
-3.9
-4.3
-3.2
-8.0
-7.3
--7.3
--7.4
-8.6
---10.4
+0.6
-5.0
--7.4
-4.6
-4.7
-5.9
-1.9
-0.8
-6.9
--2.9
--12.5
+5.3
A-1.4
+26.8
+1.5
--I5.4
-1.4
-5.0
-4.9
-5.4
+2.0
+5.4
+18.1
+1.0
+2.9
-1.2
-5.0
+2.4
+2.9
+5.8
+14.1
-0.6
-4.4
-8.0
+2.2
-12.0
+2.1
-0.3
-7.3
-1.8
-1.8
+0.3
+0.8
-7.1
+0.5
+0.8
-5.7
-4.6
-6.9
-2.9
-4.1
-4.0
-3.3
+3.1
+6.2
-6.1
-22.2
-2.2
-1.1
-6.3
-6.3
+1.8
-L-5:1
+5.9
L-2:7
+9.0
SiOat Turnover
Jan. 1-May 31
AU 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
Wilkea-Barre_
Williamsport
Wilmington
All other cities
Stocks at
End of Month
Compa at with
1928.
1927.
1.34
1.31
1.39
1.14
1.81
1.16
1.28
0.97
2.37
2.60
1.72
1.13
1.09
1.35
1.32
1.38
1.17
1.84
1.17
1.28
0.98
2.48
2.57
1.95
1.11
1.03
1.45
0.97
1.05
1.12
1.09
1.16
1.13
1.33
1.39
1.13
1.44
1.11
1.17
1.01
1.05
1.22
1.20
1.36
1.38
1.11
1.13
0.96
-1.i-2
0.98
ACCUlieel C011eat0714
at End of Duro Mo.
Month Compared
with
Cont. with
Year ago. Year ago.
----
-1--si
".f.i
-------
-------
-1--4:3
+-1-7:3
+7.1
-3.8
-I-0:7
------+10.7
+6.4
-7.5
-I--2:6
+15.1
+10.0
----
-Pi
-1.8
+10-3
----
+-2-2:2
--II.8
+8.1
-8.0
____
4--11.5
-22.5
+4.0
-IA
_ _ __
...o
.
.i
Lo
--.e
----
Consumption of Electric Power in
Philadelphia Federal Reserve District.
Increase in
Consumption of electrical energy by industries of the
Philadelphia Federal Reserve District increased 2.2% from
April to May and was &2% greater than in May 1927, ac-
FINANCIAL CHRONICLE
24
cording to the Federal Reserve Bank of Philadelphia, which
says:
Total sales of electricity, while declining seasonally, exceeded those of a
year earlier by 9.4%. Similarly, the output of electric power decreased
In the month but but was about 9% larger than in May 1927. Details
follow:
Electric Potrer-Philadelphia Federal
Reserve District
12 Systems.
Rated generator capacity
General output
Hydro-electric
Steam
Purchased
Sales of electricity
Lighting
Municipal
Residential and commercial
Power
Municipal
Street cars and railroads
Industries
All other sales.
May.
Change
Change
from
from
April 1928. May 1927.
0.0%
1,601,000 kw.
436,659,000 kwh. -0.6%
+0.9
145,513.000
-9.1
000,592,(5)0
+8.3
90,554,000
-4.2
348,636,000
-12.7
67,225,006
-7.7
7.557.000
-13.3
59,6681)00
+1.6
233,238,000
+8.2
5,079.000
-1.4
45,125.000
+2.2
183,034.000
-16.1
48,173,000
+18.3%
+9.1%
+319.7
-33.5
+41.1
+9.4
+11.1
+8.9
+11.4
+8.6
+192.4
+2.8
+8.2
+11.5
Report on Hosiery Industry in Philadelphia Federal
Reserve District.
The following report, compiled by the Bureau of the Census, showing the percentage of change from April to May
In the activity of 142 hosiery mills in the Philadelphia Federal Reserve District, is issued by the Federal Reserve Bank
of Philadelphia:
PERCENTAGE CHANGES FROM APRIL TO MAY.
Women's Women's
Men's
Men's
FullFullSeamless.
Seamless.
Fashioned.
Fashioned.
Production
Shipments
Finished stock end of month
Orders booked
Cancellations received
Unfilled orders end of month
+31.3
+11.5
+26.3
-47.6
-75.9
-12.4
+5.6
-8.1
-0.8
+9.9
-61.1
+4.9
Rays',
Misses' & Infante.
Childrens'.
Production
Shipments
Finished stock end of month
Orders booked
Cancellations received
Unfilled orders end of month
-9.8
-18.0
-10.8
+17.6
-44.3
-13.1
-7.8
-12.2
-8.4
-18.7
-97.2
-20.2
+7.1
+1.6
+4.9
+27.1
-3.3
+2.8
-8.5
+1.3
-8.9
-16.8
-14.2
-14.4
Athletic
and
Sport.
Total
-20.1
--29.9
+1.2
--2.2
--63.5
--27.3
+2.5
-2.1
-0.6
+13.3
-32.6
- 0.4
Business Conditions in Richmond Federal Reserve District
-Labor Conditions Improve But There Are Still Mans'
Idle Workers-Retail and Wholesale Trade GainFailures More Numerous.
In its account of conditions in its District, the Federal Reserve Bank of Richmond has the following to say in its June
30th monthly Review:
[VOL. 127.
goods, hardware, furniture and drug sales were smaller this year
than last.
Stocks on hand at the end of May this year were larger than
stocks on hand May 31, 1927, in groceries and dry goods, but shoe
and hardware stocks were smaller on the 1928 date. During May
stocks of shoes on the shelves of the reporting firms increased over
those on hand on April 30th this year, but stocks of groceries, dry
goods and hardware declined during the month.
Collections during May were better than in April in shoes and
furniture, but were slower in groceries, dry goods, hardware and
drugs. The dry goods, shoe and drug percentages were slightly
higher than those of May last year, but the May 1928 percentages
in grocery, hardware and furniture lines were lower than those of
May 1927.
Confidential reports sent to the Federal Reserve Bank of Richmond
by 30 leading department stores in the fifth reserve district show
sales during May 1923 averaging 2.2% above the volume of sales
in May 1927, but exactly half of the reporting stores returned lower
totals. In total sales from January 1st through May 31st this year,
sales in the reporting stores averaged 3/10ths of 1% below aggregate
sales during the first five months of 1927. On the other hand, May
sales this year averaged 9.5% above average May sales during the
three years 1923-1925, inclusive.
Stocks of merchandise on the shelves of the reporting stores were
2.7% lower in selling value at the end of May 1928 than a year
earlier, and were 3.5% smaller than a month earlier. The decrease
in May under the April 30th figure was about the seasonal average.
The percentage of sales to average stocks carried during May was
27.3% for the district as a whole, and the percentage of total sales
during the first five months of this year to average stocks carried
during each of the five months was 126.5%, indicating an annual
turnover of 3.036 times. During the first five months of 1927 the
turnover was at a rate of 3.041 times.
Collections by twenty-nine of the thirty reporting stores during
May totaled 28.8% of outstanding receivables as of May 1st, a higher
average than 27.1% attained in April this year, and 26.6% collected
in May 1927. All cities reported higher percentages in May than in
April this year, and Baltimore, Richmond and Washington also
showed an improvement over the percentages of May 1927.
Business Conditions in Dallas Federal Reserve District
-Increased Demand in Wholesale and Retail Lines
-Improved Agricultural Outlook.
The Dallas Federal Reserve Bank, in summarizing conditions in its district in its July 1 "Monthly Business Review," says in part:
channels
A stronger demand for merchandise in both wholesale and retail outlook
of distribution and a marked improvement in the agricultural
following the heavy general rains throughout the district were significant
developments in business and industry during the past month. Sales of
department stores in larger cities reflected a gain of 14% over the
previous month and were 4% greater than in May 1927. While buying
in some lines of wholesale trade was seasonably quiet, distribution generally
was on a broader, scale than in either the previous month or the same
month last year. Reports indicate that there has been a strengthening in
the undertone of confidence in the business situation and that business
leaders are becoming more optimistic regarding the outlook for the coming
months. Debits to individual accounts at banks in larger cities were 2%
greater than in April and exceeded those in May 1927 by 10%. Southwestern car loadings during May were 6% above those a year ago.
The generous rains which fell over practically every section of the
district during the past month greatly improved agricultural and livestock
conditions. Although row crops are about two weeks later than usual in
most sections of the district, crops have made rapid growth since the rains
and farmers are making excellent progress with field operations. Reports
indicate that fields generally are in a good state of cultivation and there
is an ample season in the ground for immediate needs. The prospective
yield of the wheat crop is larger than was anticipated a month ago. While
the oat crop is turning out better than expected in some sections, it is very
poor over a large area. The condition of ranges and of livestock has shown
a marked improvement in most sections and the outlook points toward
good grazing conditions during the summer months.
• • •
The past month witnessed a further increase in the business mortality
rate, both the number of failures and the indebtedness involved being
larger than in either the previous month or the same month last year.
Building activity evidenced a material improvement during May. The
valuation of permits issued at principal cities rose to $10,962,660, which
was 62% greater than in the previous month and 10% greater than in
May last year. The production and shipment of lumber showed an increase
over the previous month and were considerably larger than in the corresponding month last year. While production of cement was less than in
April, it exceeded the output in May 1927, and shipments were the largest
of any month in several years.
Business failures in both the fifth (Richmond) district and the
nation in May were more numerous than in either April 1928 or
May 1927, but aggregate liabilities involved in last month's insolvencies compared favorably with other recent months. Labor conditions continued to improve in May and early June, but •there are
still many idle workers in the district. Bituminous coal production
in May slightly exceeded production in April this year and May a
year ago. The textile situation remained unsatisfactory, with mills
continuing part time operations, in the absence of forward orders.
Building permits issued in May in thirty cities of the fifth district
exceeded those issued in May 1927 in both number and valuation,
bringing the total valuation for all perrnits issued this year 25%
above the valuation figures in the first five months of 1927. Retail
trade in department stores in May 1928 exceeded the trade of May
1927 by about 2%, but May this year contained an additional business day. Wholesale trade last month was larger in all lines reported upon than in April, but was below the trade of May 1927
in all lines except groceries and shoes. Unseasonably cool and wet
weather in most of the district during May and the first half of
June so delayed crop development that it is difficult to analyze prospects in agriculture for this year. The cotton crop is from two to
three weeks late, and is in serious danger from weevils, but, with the
exception of cotton, prospects for this year's farming operations appear to range from fair to good, although practically all crops are
late and many fields are full of grass.
The bank has the following to say regarding wholesale
District Summery.
and retail trade:
Credit demands at the Federal Reserve Bank of Richmond and
Wholesale Trade.
at member banks rose last month, contrary to seasonal trend, chiefly
The distribution of merchandise in wholesale channels during May
due to late farming work and to increased loans by member banks
a substantial gain over both the previous month and the same
on miscellaneous stocks and bonds. Loans for commercial purposes reflected
month last year. Following the general rains and the improvement in the
declined seasonably between the middle of May and the middle of
agricultural situation buying on a broader scale developed in most lines of
June. Debits to individual accounts at clearing house banks in the
trade throughout the district. While buying generally is being held to a
district's leading cities were seasonably lower during the four weeks conservative basis and mostly to cover short time requirements, business
ended June 13th than during the preceding period ended May 16th, leaders are becoming more optimistic and there is a strengthening of
but were highter than debits during the four weeks ended June 15. sentiment throughout the trade.
Details of conditions in the wholesale and retail trade in
While the distribution of dry goods at wholesale was seasonably quiet on
the District are furnished as follows by the Bank:
some items, sales of reporting firms were 4.6% greater than in the previous
Seventy.nine wholesale firms, representing six important lines of month. They were, however, 0.1% less than in thg corresponding month
trade in the fifth reserve district, reported to the Federal Reserve last year. Distribution during the five•month period of the current year
Bank of Richmond on their May business. Increased sales during exceeded that of the same period last year by 5.0%. Retailers continue
the month in comparison with sales during May 1927 were shown to hold purchases to actual need and are following conservative merchandisin groceries and shoes, but sales of dry goods, hardware, furniture ing policies. The outlook generally is reported to be fair to good.
and drugs were smaller than sales during the corresponding month
There was a substantial demand for hardware at wholesale during the
last year. In comparison with sales made in April this year, May past month. Sales were 4.8% larger than in the previous month and
sales gained in all lines reported upon, partly due to the longer 28.5% greater than in May 1927. Reports indicate that buying in most
month. Total sales since January 1st were larger in groceries and sections is showing an improvement on seasonal goods since the improveshoes than during the corresponding five months in 1927, but dry ment in agricultural conditions and that the outlook is generally favorable.
JULY 7 1928.]
FINANCIAL CHRONICLE
The sales of reporting wholesale grocery firms were 3.3% greater than
In the previous month and 9.0% greater than in the corresponding month
last year. While conditions are somewhat spotted, reports indicate that
there has been a considerable improvement in recent weeks. Prices are
generally steady and the outlook is fairly good.
Following the general rains, which improved the agricultural situation,
the demand for farm implements reflected a considerable improvement.
Sales Of reporting firms were 17.5% larger than in April and were 45.8%
greater than in the corresponding month last year. Sales during the first
five months of the current year exceeded those of the same period of 1927
by 65.0%. The future outlook is considerably improved. Prices remained
generally firm.
Seasonal quietude prevailed in the wholesale drug trade during May.
While sales were 0.9% less than in the previous month, they were slightly
larger than in May a year ago. Sales during the first five months of the
current year exceeded those during the same period last year by 8.3%.
Collections during May were slightly greater than in the previous month.
The outlook is generally good.
CONDITION OF WHOLESALE TRADE DURING MAY 1928.
[Percentage of Increase or Decrease In
Net Sales.
May 1928
Cornpared with
May
1927.
Groceries
Dryigoods
Farm Implement.
Hardware
Drugs
+9.0
-8.1
+45.6
+28.5
+1.4
Net Sales.
Stocks.
Ratio of ColJan. 1 to
May 1928
lections DurDate Com- Compared with ing May to
pared wigs
Accounts and
April Some Period May
,g
AprU Notes Own'
1928. Last Year.
1927. 1928. On April 30.
+3.3
+4.6
+17.5
+4.8
-.9
+8.8
+5.6
+65.6
+22.1
+8.3
+8.3
+8.4
-18.6
+15.8
+3
--5.3
--3.7
--3.5
+.7
61.2
27.0
15.5
39.7
45.2
Retail Trade.
Retail buying during May, as measured by department store sales in
larger cities, reflected an increase of 13.6% over the previous month and
was 3.5% larger than in May last year. The growth in sales as compared
to a year ago, was due in large measure to increased sales in departments
carrying "ready-to-wear accessories, men's clothing," and other goods
influenced largely by seasonal demand. Sales during the five months of
the current year have averaged 2.5% greater than during the same
period of 1927. •
Stocks at the close of May showed a reduction of 4.0% as compared to a
month earlier and were 7.1% less than a year ago. The reduction in stocks
and increased sales produced a more rapid rate of turnover, in fact, the rate
in May was the highest of any month this year. The percentage of sales
to average stocks during the five months of the current year was 1.19 as
compared to 1.14 in 1927.
Collections reflected only a slight change, the ratio of May collections
to accounts receivable on May 1 being 35.9 as against 38.3 in April and
35.2 in the corresponding month of last year.
BUSINESS OF DEPARTMENT STORES.
Fort
Hoes- SanA n- AU
Total
Dallas. Worth. ton.
tonic,. Others. Dist.
Total SalesMa)
,'28 compared with May '27_ +9
May '28 compared with Apr.'28_ +1.1
Jan. Ito date compared with same
period last year
+1.1
Credit SalesMay '28 compared with May '27_ +3.4
May '28 compared with Apr.'28_ -3.5
Jan. 1 to date compared with same
Period last year
+5.9
StocksMay '28 compared with May '27. -13.1
May '28 compared with Apr.'28_ -5.0
Rate of stock turnover in May '27
.23
Rate of stock turnover in May'28
.26
Rate of stock turnover Jan. 1 to
May 31 1027
1.11
Rate of stock turnover Jan. 1 to
May 31 1928
1.23
Ratio of May collections to accts.
receivable .4 outst's May 1 1928 31.5
+8.4 +4.7 +1.3 +3.5 +3.5
+8.6 +20.6 +18.7 +29.9 +13.6
+3.3
+7.0
+2.4
+3.4
+2.5
+13.7 +5.2 +3.7 +4.7 +5.4
+6.8 +25.4 +21.2 +26.4 +11.2
+9.8
+1.1
+.7
+6.1
+4.8
-1.6 -1.9 -14.1 -1.7 -7.1
-4.3
-.4 -3.5 -8.4 -4.0
.21
.27
.25
.27
.24
.23
.28
.29
.28
.27
1.02
1.26
1.20
1.14
1.06
1.22
1.33
1.15
35.1
40.7
39.1
40.4
1.14
1.19
35.9
Automobile Models and Prices.
The StudebakeriCorporation of America is about to announce new models of the Studebaker and Erskine lines.
Among the numerous improvements made are the use of
ball-bearing spring shackles, which increase riding comfort,
eliminate rattles and squeaks, require no adjustment and
call for inspection only at 20,000 mile intervals, when lubricant may be added if desired; new radiator design, deeper
and narrower with wide shell finished in chromium plating;
new flat type radiator cap; enlarged and chromium finished
hub caps; chromium finished head lamps, side lights, cowl
beading and all other metal surfaces; new flat-type thin-grip
steering wheel of hard rubber molded over steel base; adjustable to preference of driver, and new color combinations.
The new President, now $1,685 to $2,485, is available in
two chassis sizes, 121-inch and 131-inch wheel bases, and 10
different models. The 109 horsepower straight-eight motor
delivers 80 miles an hour. The Commander, priced from
$1,435 to $1,665, has an 85-horsepower motor delivering
72 miles per hour, with a wheel base of 121 inches. The
Dictator, priced from $1,185 to $1,395, with a 6-cylinder
motor of 70 horsepower, offers speed of 67 miles per hour,
with a wheel base of 113 inches. The new Erskine Six has
a 109-inch wheel base and a 43 horsepower motor which
delivers 62 miles per hour, and is priced at $835 to $1,045.
The State and Royal models of the new cars carry six
wire wheels, the two spares being set in front fender wells.
Sport roadsters and cabriolets are unusually distinctive.
Both have tops finished in colors harmonizing with bodies.
25
Cabriolets have front compartments finished in broadcloth,
mohair or leather upholstery, with dickey seats in leather.
Rear curtains of these models can be fastened against the
ceiling in a few seconds, permitting ease of conversation with
passengers in the rumble seat. All coupes, cabriolets, sport
roadsters and victorias have liberal storage space.
Chrysler Corporation is introducing two new Chrysler
series, the "65" and "75," and an entirely new low-priced
4-cylinder line named the "Plymouth," superseding the
4-cylinder "52" Chrysler. Several new features in body
design are presented, offering innovations over some of
the conventional lines heretofore adhered to. The radiator
line particularly has undergone a marked change, the visible
part of the shell now being only about an inch in width.
The front of the radiator itself is covered with a metal casing
which may be opened or closed from within.
The new Chrysler "75s," which are a little larger than the
are available in eight models, coupe, phaeton, convertible coupe, convertible sedan, roadster, town sedan,
crown sedan and 4-passenger coupe, with prices ranging from
$1,535 to $1,655, compared with $1,545 to $1,795 for the corresponding "72" types. The Chrysler "65s," replacing the
"62s," have six models, coupe, phaeton, coupe with rumble
seat, roadster, 2 and 4-door sedans, with prices ranging from
$1,040 to $1,145, compared with $1,065 to $1,075 on the corresponding "62" line. The Plymouth line is offered in five
models, roadster, phaeton, coupe, 2 and 4-door sedans,
.25, compared with $670 to $790 on the
priced at $670 to $7
corresponding former models of the "52" line.
PhThe "80" has not been discontinued and it is expected
that a new line will be announced in about a month.
The Franklin Automobile Co. is introducing the new
Franklin Airman Limited series with lower prices on several
models. Price reductions of $25 on the 119-inch wheelbase
Oxford sedan equipped with wooden wheels, of $75 on the
convertible coupe on the same chassis and with same wheel
equipment, and of $35 on the 128-inch wheel base Oxford
sedan are made. The list prices of seven models on the 110inch wheel base range from $2,000 to $2,790, with wood
wheel equipment, and from $2,075 to $2,865 with six wire
wheels equipment. Seven models on the 128-inch chassis
range from $2,050 to $2,980 with wood wheel equipment
and $2,125 to $3,055 with wire wheel equipment.
H. H. Franklin, President of the company, said: "Franklin Airman Limited is a faster and more luxurious automobile
than we have ever built. Special attention has been given
to every detail of equipment, with exclusively developed
colors and materials in upholstery."
Gain in Sales of Used Cars and Retail Sales of Automobiles in Philadelphia Federal Reserve District.
The Federal eRserve Bank of Philadelphia reports that
retail sales of new passenger cars increased from April to
May in number and value and were substantially larger
than in May 1927. The bank adds:
Distribution of automobiles to dealers, while declining slightly in the
month, also showed a considerable gain over the volume of a year earlier.
Sales of used cars, too, increased greatly in number and value as compared
with the previous month and a year before. This likewise is true of retail
sales on deferred payment, although the number of cars sold was only
slightly larger than in May 1927. Stocks of new and used cars declined
In May but were materially heavier than on the same date late year.
Automobile Trade
May 1928 Change from May 1928 Change from
Philadelphia Federal Reserre District
May 1927
April 1928.
12 Distributors.
Value.
Number.
Value.
Number.
Sales, new ears, wholesale
Sales, new cars, at retail
Stocks of new care
Sales of used cars
Stocks of used Cars
Retail sales, deferred payment
-1.6%
+8.1%
-10.4%
+84.4%
-5.0%
+30.7%
-1.4%
+6.2%
-14.0%
+77.6%
-5.8%
+26.9%
+25.7%
+44.2%
+52.6%
+76.2%
+64.5%
+1.4%
+25.1%
+42.0%
+23.5%
+70.7%
+52.7%
+42.3%
Profits in Automobiles-Earnings of Leading Motor
Companies Establish New High Records.
Dominick & Dominick, under date of June 23, state that
"despite the amazing decline of the Ford Company in motor
car production from first place in the first quarter of 1927
to eighth place in the first quarter of 1928, total automobile
output has shown an increase over the previous year, and
the earnings of leading motor car companies have established new high records." The further observations follow:
It is not likely that the year will equal the record output of 1928.
chiefly due to the failure of Ford to produce more rapidly, but as far as
profitable operation is concerned, the leading motor car companies should
have no complaint when 1928 comes to an end.
One of the most interesting elements in the industry is, the constant
change in the relative ranking of the various cars. Ford, of course, has
held first place for years, and its present position as eighth in the list indicates the sacrifice which the Ford Company has made in the interest of
26
[VOL. 127:,
FINANCIAL CHRONICLE
future expansion. Its place has been taken by Chevrolet, which for the
first three months this year was far in the lead. Hudson-Essex remained
second to Chevrolet. Oakland-Pontiac and the Willys-Knight Whippet
advanced to third and fourth place, superseding Buick and Chrysler,
which stood fifth and sixth respectively, with Dodge in the seventh position.
Studebaker-Erskine, Nash, Oldsmobile, and Durant-Star completed the
first dozen.
Total production of all motor vehicles for the first four months in the
year, including Ford, amounted to 1,449,164 units as compared with
1,424,763 the previous year, an increase of 1.7%. With the exception of
a bad beginning in January, this increase was evident for each of the
four months as indicated in the following table:
Total Automobile Production.
1927.
254,303
323,418
417,686
429,356
January
February
March
April
1928.
240,156
336,313
438,507
434,188
DOMESTIC EXPORTS OF COTTON,COTTON CLOTHS, YARNS,THREADS
AND HOSIERY.
Month of May.
1927.
1928.
5 Months Ended May.
1927.
1928.
Raw cotton, incl. linters, bales_
3,066,521
628,132
4,739,417
591,345
Value
848.052,890 $84,974,057 $339,140,132 $320,198,117
Cotton manufactures, total___.. 511,465,087 811,552,334 $52,421,892 $53,592,128
Cotton cloths, total, sq. yds__ 51,795,951 44,857,354 226,796,080 202,452,915
Value
$6,636,971 $6,650,741 329,545,954 $30,351,223
Tire fabrics, sq. yds
496,120
2,698,156
442,820
1,316,496
Value
8152,574
$177,019
5399,810 $1,035,345
Cotton duck, sq. yds
1,301,449 1,403,432
5,994,880
6,458,404
Value
$408,776
$451,162 $1,997,239 $32,029,851
Other cotton clothsUnbleached, sq. yds
11,119,729 11,058,616 55,011,376 41,610,922
Value
$947,422 $1,011,420 $4,799,295 $3,917,790
Bleached, sq. yds
8,393,872 7,634,572 35,252,695 36,098,310
Value
$923,545
$926,404 $3,931,149 $4,101,860
Colored, sq. yds
30,484,781 24,319,914 128,757,109 116,050,667
Value
$4,204,654 $4,084,736 $18,418,461 $19,266,377
Cotton yarn, thread, ea.Carded yarn, lbs
1.416,140 1,326,101
7,619,422
5,589,165
Value
$415,941
$525,989 $2,330,395 $2,105,622
Combed yarn, lbs
1,184,585 1,143,884
4,579,848
5,241,008
Value
$896,383
$889,126 $3.348.470 14,270,053
Sewing, crochet, darning and
embroidery cotton, lbs
149,125
86,779
601,722
494,519
Value
$554,421
$132,004
$92,708
$497,247
Cotton hosiery, dos. pro
417,836
349,936
2,032.773
1,828,795
1585,456 $3,440,920 83,213,174
Value
$659,997
Total four months
1.449,l6
1,424,763
To this total might be added the figures for all cars other than Ford
for the month of May, the Ford figures not yet being available. Production of cars other than Ford was 388,747 in May 1928, as. compared with
339,923 in the same month a year ago. It is now clear that while the
output for 1928 will exceed last year's figure of 3,574,000 cars, it will
not equal the record figure of 1926 of 4,503,000 cars. The final total is
likely to be in excess of 4,000,000.
Dominant in this year's production were the sales of General Motors
to dealers, which have been about 20% greater than the previous year,
Detroit Employment Declines.
establishing a constant succession of new monthly records. The sales of this
corporation alone for the first half of this current year will exceed
Detroit
advices
July 6 to the "Wall Street News" state:
1,000,000 units. The problematical factor for the balance of the year is
Detroit Employers' Association reports employment figures for week
the Ford production. The new Model A is still attracting wide attention,
ended July 3 as 262,651, a decrease of 270 from the previous week, but
and a marked increase in output is possible.
Net earnings of nine leading companies for the first quarter of 1928 are an increase of 80,345 over the corresponding week of last year.
given in the table below. All but two-Nash and Willys.Overland-show
an increase. Earnings of Willys-Overland were actually very much larger
Domestic Exports of Grain and Grain Products.
than in 1927, but rebates to dealers on account of price cuts involved a
The Department ofCommerce at Washington gave out on
large extraordinary expenditure:
June 23 its monthly report on the exports of the principal
grains and grain products for May and the five months ending with May, as compared with the corresponding periods
a year ago. Total values of these exports were smaller in
May 1928 than in May 1927, $22,998,000 being the value of
the exports in May 1928 and $34,412,000 the value in May
1927. Exports of barley in May this year were 1,092,000
bushels as against 1,337,000 bushels in May 1927; exports of
corn only 1,104,000 bushels as against 1,516,000 bushels;
exports of oats but 453,000 against 3,207,000 bushels; exports
of rye 3,324,000 bushels against 5,857,000 bushels; exports of
wheat only 4,823,000 bushels against 8,960,000 bushels, and
exports of wheat flour 845,000 barrels against 1,099,000
barrels. Exports of malt, oatmeal and rice, however, went
out in larger quantities in May of this year than in May last
West Coast Lumbermen's Association Weekly Report. year. The details are as follows:
One hundred twelve mills reporting to the West Coast
DOMESTIC EXPORTS OF PRINCIPAL GRAINS AND GRAIN PRODUCTS.
Lumbermen's Association for the week ended June 23 1928
May.
5 Mos. Ended May
manufactured 119,750,160 feet, sold 113,414,148 feet and
shipped 135,231,013 feet. New business was 6,336,012 feet
1927.
1928.
1927.
1928.
less than production and shipments 15,480,853 feet more Barley, bushels
6,882.000
5,013,000
1,337,000
1,092,000
$1,183,000 $1,138,000 $5,687,000 $5,463,000
Value
than production.
327,000
1,048,000
1,198,000
Net Earnings-First Quarter.
1928.
1927.
General Motors
$67,207,384
$52,257,609
Hudson
4,207,373
4,026,515
Willys-Overland
1,647,576
2,358,896
Chrysler
4,702,732
4,392,569
Dodge
1,981,552
1,545,340
Studebaker
3,979,873
3,402,934
Nash
3,925,45
2,604,378
Hupp
1,615,528
485,51
Packard (to Feb.28)
2,073,56
4,607,267
Regarded from the long perspective, the automobile industry looks more
favorable than ever, on the basis of the replacement demand. At the end
of the current year there will probably be some 25,000,000 cars in America
and Canada. Estimating the life of a car at about five years, the replacement demand alone would require a production of 5,000,000 cars annually.
In addition, of course, there would be a demand resulting from the normal
growth of population and the very greatly increasing foreign trade which
now consumes 500,000 cars a year.
COMPARATIVE TABLE SHOWING PRODUCTION, NEW
SHIPMENTS AND UNFILLED ORDERS.
West EndedJune 23.
June 16.
June 9.
Number of mills reporting_ __
112
110
111
Production (feet)
119,750.160 118,088,396 116.348,014
113,414,148 121,630,177 139,270,685
New Business (feet)
Shipments (feet)
135,231,013 142,088,154 143,375,989
Unshipped Business170,996,158 173,280.713 175,335,250
Rail (feet)
183,057,652 192,350,157 201,498,379
Domestic cargo (feet)
128,549,368 137,530,801 139,592,086
Export (feet)
BUSINESS,
June 2.
112
107,042,250
118,339,845
131,413,198
17C,769,729
208,620,995
144,021,386
482,803,178 503,161,671 516.425,724 523,412,110
Total (feet)
1928.
1927.
1926.
1925.
First 25 Weeks of113
76
of
mills_
_
_
_
105
Aver. number
119
2,928,947,389 1,828,878,290 2,547,526,165 2,519.985,594
Production (feet)
New Business (feet)_ .__ _3,196,652,779 1,930,542,487 2,670,626,752 2.575,248,688
3,051,248,578 1,902,309,006 2,650,745,417 2,611,486,159
Shipments (feet)
Domestic Exports of Cotton, Cotton Cloths, Yarns,
Threads and Hosiery.
The Department of Commerce at Washington on June 26
issued its monthly report on the domestic exports of cotton,
cotton cloths, yarns, thread and hosiery for the month of
May and the five months ending with May, with comparisons for the corresponding periods a year ago. The exports of raw cotton were considerably smaller in quantity
but larger in value in May of this year than in May last year,
591,345 bales having been shipped out in May 1928 against
628,132 bales in May 1927, and the value of these exports
was $64,974,057 in May this year as compared with $48,052,890 in Maylast year. For the five months' period ending with May 1928 the exports of raw cotton were only
3,066,521 bales,as against 4,739,417 bales in the five months'
period ending with May 1927. The value of these shipments
was $320,198,117, against $339,140,132. The exports of
cotton manufactures increased somewhat in May and the
five months' period ending with May as compared with the
corresponding periods a year ago. Below is the report in I
full:
•
Malt, bushels
282,000
Corn, bushels
1,516,000
Value
$1,325,000
Kaffir and mllo, bushels
Cornmeal, barrels
50,000
Hominy and grits, pounds
4,709,000
Oats, bushels
3,207,000
11,709,000
Value
Oatmeal, pounds
4,849,000
20,624,000
Rice, pounds
Value
3897,000
Rice, broken, pounds
5.036.000
Value
$171.000
5,857,000
Rye, bushels
Value
$7,005.000
Wheat, bushels
8,960,000
113,571,000
Value
Wheat flour, barrels
1,099,000
37,157,000
Value
Biscuits, unsweetened, pounds
428,000
Biscuits, sweetened. pounds
452,000
644,000
Macaroni. pounds
Total value
1,104,000
31,2132,000
3,000
20,000
762,000
453,000
$313,000
6,194,000
30,949,000
$1,229,000
7,123,000
$185.000
3,324,000
$4,841,000
4,823,000
87,193,000
845,000
$5,513,000
495,000
392,000
710,000
8.574.000 13,560,000
$6,814,000 $14,112,000
864,000
228,000
109,000
16,578.000
3,765,000
4,847,000
2,220,000
32,518,000 31.363,090
19.929.000 22,493,000
155,299,000 138,427,000
$6,375,000 $5,176,000
37,719.000 46,965,000
11,115,000 51,221,000
12,521,000
4,902,000
$14.697,000 $6,780,000
38,274.000 18,518,000
156.311,000 125,941,000
4,870,000
5,145,000
$32,370,000 $32,159,000
3,648,000
4,909,000
2,349,000
1,630,000
3,653,000
3,837,000
334.412.000 322.998.000 3132.095 0410 V17 oils ono
Thirty-one Cotton Warehouses Added to List of
Licensed Warehouses Under Federal Act.
Thirty-one large cotton warehouses in Tennessee, Mississippi, Arkansas, Louisiana and Texas were licensed during
the past month under the Federal Warehouse Act, the
United states Department of Agriculture announced on
June 20. These warehouses have a combined storage
capacity of 854,000 bales. The licenses, effective June 1,
were issued to the Federal Compress and Warehouse Co.
of Memphis and two other companies controlled by the same
management. Prior to the issuance of these licenses the
three companies had 29 warehouses, with a combined capacity of 627,700 bales of cotton, operating under the Warehouse Act. The combined capacities of the 60 warehouses
now operated under Federal supervision total 1,481,700
bales.
Among the larger houses licensed June 1 Is one at Blytheville, Ark, having 95,000 bales capacity; another at Little
JULY 7 1928.]
Rock, Ark., with 80,000 bales; one at Ft. Smith, Ark., with
25,000 bales; another at West Memphis, Ark., with 60,000
bales; one at Dyersburg, Tenn., with 33,000 bales, and three
plants at Memphis with an aggregate capacity of 280,000
bales. One of the plants at Memphis alone has 200,000 bales
capacity, perhaps the largest cotton warehouse in the country. The Federal Compress and Warehouse Co. and its
predecessor companies had a number of their warehouses
licensed since 1921, but not all. The placing of all their
plants under Federal supervision at this time, says the Department of Agriculture, appears to indicate they have found
operating under the law to be of business value to them.
Millimeter Descriptions as Now Used in Purchase
and Sale of Cotton Violate Cotton Standards Act.
Millimeter descriptions as now used in inter-State and
foreign commerce in cotton, if the staple length of the cotton referred to by millimeter description is "of or within"
the range of lengths included in the official cotton standards
of the United States, are prima facie a violation of the
Cotton Standards Act, in the opinion of R. W. Williams,
Solicitor of the United States Department of Agriculture.
According to a statement issued by the Department June 15
the opinion was rendered in response to a request of the
American Cotton Shippers' Association for an interpretation
of the provisions of the Cotton Standards Act which would
apply to the present day use of millimeter descriptions in
purchases and sales of cotton in inter-State and foreign
commerce. The Solicitor had before him a statement from
the shippers explaining the methods and practices which
have grown up in recent years in the use of millimeter descriptions, which included the following:
"In a resolution adopted at the meeting of the Board of Directors of this
association, held in Memphis on June 3, the fact was emphasized that
doubts have arisen among members of the American cotton trade as to the
proper interpretation of the United States Cotton Standards Act in its
application to the purchase and sale of cotton on m54limeter descriptions,
as now understood and used in the trade. The resolution states that these
doubts have been intensified by recent comparisons of Government inch
standards with millimeter descriptions, and contains the suggestion that
the Department of Agriculture be requested to furnish the association
with an interpretation of the provisions of the Cotton Standards Act which
would apply to the present day use of these descriptions in purchases and
sales of cotton is inter-State and foreign commerce."
The opinion of Mr. Williams, Department of Agriculture
Solicitor, which was addressed to the Chief of the Bureau
of Agricultural Economics, follows:
"The Act provides that if the cotton which is the subject of a transaction or shipment in inter-State or foreign commerce 'is of or within the
official cotton standards of the United States," it shall be unlawful for
any person to refer to it by a name, description or designation not used
In the standards, whether this be in connection with a particular transaction or shipment or in a quotation of prices based on several transactions
or shipments or in the classification of the cotton. The official standards
Include standards for the length of cotton in terms of inches; for example,
% inch, 15/16 inch, 1% inches, drc. Hence, if the staple length of the
cotton referred to by millimeter description is 'of or within' the range
of lengths included in the standards, the use of the millimeter description
is prima facie a violation of the Act.
"In soy opinion of April 39 1923 I advised you that the use of the
millimeter description as then understood and applied was not a violation
of the Act. It was then represented to and understood by the Department
that the millimeter description did not refer to length alone, but embraced
other qualities not covered by the standards, such as the character of the
cotton. The Department's information now is that millimeter descriptions
have come to relate to length, various translations in terms of the official
cotton standards of the United States having been circulated both abroad
and in this country by different individuals and organizations in the trade.
This is established by ample evidence in your possession. It seems clear,
therefore, that' under present usage millimeter descriptions, as applied to
cotton which is of or within the lengths embraced in the official standards,
are contrary to the United States Cotton Standards Act.
"In view of toy previous opinion and the Department's application of it.
It cannot be said, of course, that persons who have heretofore entered
into contracts of purchase and sale based upon millimeter descriptions have
'knowingly' violated the Act within the meaning of Section 9. I think it
proper, therefore, that interested parties be permitted to carry out in
accordance with their original terms any such contracts which are outstanding at the present time."
Co-operative Marketing Problems Discussed Before
NewjEngland Institute of Co-operation.
Emphasizing tile development of large-scale co-operative
marketing and purchasing associations in the United States
'in recent years, Chris L. Christensen, Chief, Division of Coe operative Marketing, United States Department of Agriculture, told members of the New England Institute of Cooperation at Amherst, Mass., on June 27, that there are
now approximately 150 co-operative associations, each of
which does an annual business of upward of $1,000,000.
"From small beginnings, but with constant progress," he
said, "the last quarter of a century has seen co-operative
marketing methods applied to all kinds of farm products.
From a concept of co-operation which was little more than
a realization of the economic need for changes in our sys-
27
FINANCIAL CHRONICLE
tern of marketing, we have built up thousands of small local
associations and hundreds of large co-operative marketing
and purchasing associations owned and controlled by farmers."
Mr. Christensen discussed in detail some of the problems
which affect co-operative organizations, including those
dealing with membership relations, management, contracts,
competition among co-operatives, and market outlets. There
has been, he said, a tendency away from the "iron-clad"
contract between organizations and members in recent
years. He declared that at one time, contracts with more
than 650,000 farmers were involved, but that some of these
associations have ceased to function and others have modified their plans and philosophy in keeping with accumulated
experience. "The hope of co-operation for the future," Mr.
Christensen said, "depends on how well we train our people
in its principles and practices. Many farmers who have
passed the prime of life will find it difficult to accept this
new philosophy of living, and this unfamiliar method of
doing business. Our greatest progress will perhaps come
from educating the younger generation in the principles and
practices of co-operation, and it is to this task that our
farm leaders and our educators should bend their united efforts at this time."
Montreal Rubber Men Strike.
Montreal (Que.) advices July 1 in the New York "Times"
stated:
A strike involving between 800 and 900 employes in the Papineau factory
of the Dominion Rubber Co. here is at present in effect. It is understood
that nine departments are affected, involving the cutting room, shoe room.
quarter room, lathe room, bootmakers, packing room, carton room, shipping room and several from the mill room. Officials of the company are
silent regarding the strike.
June Figures of Raw Silk Imports, Stocks, Deliveries,
Etc.-45,090 Bales Imported During MonthStocks Lower.
Imports of raw silk during the month of June amounted to
45,090 bales, a decrease of 7,882 bales as compared with the
preceding month and an increase of 2,281 bales as compared
with figures for the month of June 1927, according to the
Silk Association of America, Inc. Approximate deliveries
to American mills in June, 1928, totaled 46,051 bales, a
decrease of 316 bales as compared with the previous month
and an increase of 4,739 bales as compared with the month of
June last year. Stocks of raw silk on July 1 amounted to
41,127 bales as against 42,088 bales on June 1, and 37,024
bales in July 1 1927. The following figures have been released by the Silk Association:
RAW SILK IN STORAGE JULY 1 1928.
(As reported by the principal warehouses in New York City -Figures in bales.)
European.
977
149
1,126
901
Stocks Awe 1 1928
Imports month of June 1928x
Total amount available during June
Stocks July 1 1928z
Approx. dellv. to American Mills during Juney_ ..
AU
Japan. Other.
row.
34,821 6,290 42,088
39,845 5,096 45.090
74,666 11,386 87,178
33,734 6,492 41,127
225 40,932
4,894 46,051
SUMMARY.
Imports During the Month. x
January
February
March
April
May
June
July
August
September
October
November
December
Total
Ave. monthly
1926.
1927.
1926.
1928.
1927.
46,408
44,828
50,520
36,555
52,972
45,090
48,456
33,981
38.606
46,486
49,264
42,809
47,856
59,819
52,475
51,207
36,650
44,828
43,650
38,568
31,930
31,450
35,120
35,612
37,842
46,421
50,415
48,403
59.670
45,119
47,528
41,677
40,186
35,483
42,088
41,127
52,627
43,753
33,116
31,749
35,527
37.024
43.841
56.618
58,986
62,366
52,069
53,540
47,326
43,418
35,948
30,122
31.143
29,111
27,528
28,006
34,459
35,094
47,130
52,478
276,373
46.062
552,441
46.037
504,200
42.017
41,34S
46:iii
36:iii
Approximate Deliveries
To American Millay.
January
February
March
April
May
June
July
August
September
October
November
December
Storage at End of Monthz.
1928.
Approximate Amount in Transit
Between Japan & New York.
End of Month.
1928.
1927.
1926.
1928.
1927.
52,420
50,679
52,011
41,258
48,367
46,051
48.307
42,860
49,242
47.853
45,486
41,312
41,039
47,042
50.107
47.827
46,947
43,357
46,148
42,476
39,400
37,276
34,099
37,644
39,425
45,943
43.962
47,768
47,634
39,771
25,000
23,500
19,200
28,500
24,000
17,600
17,760
19.000
21.700
25,000
22,900
26.600
29.000
28.400
21,500
18,500
26,900
33,500
1926.
14.800
14,400
18,400
18.700
18.000
18,300
23,000
24,000
23.900
32,400
19,700
26.500
Total
288,786 551,379 501,546
Average monthly48,131
45.948
41,796
22:956
24.225
21.008
x Imports at New York during current month and at Pacific ports previous to the.
time allowed in transit across the Continent (covered by manifests 107A to 133.
Excludes 108 and 111). y Includes re-exports. z 5.583 bales held at railroad ter
annals at end of month.
28
[Vol.. 127.
FINANCIAL CHRONICLE
Corn Belt States. While the reported average number of spring pigs
saved per litter for the United States was about the same as last year the
average in the Corn Belt was somewhat larger than last year.
The reports of the number of sows bred or to be bred for farrowing
In the fall of 1928 point to a decrease from last year in the fall pig crop,
assuming a similar ielationship between breeding intentions and actual
farrowings that has prevailed in other years. While the reports from
farmers this year show increases cf some bred Cr to be bred of 12% for
the United States and 9% fa' the Corn Belt over the number of sows
actually farroW..d last fall, in other years the number of sows farrowed
larger
In
the fall as reported in December has always been much below breeding
produced
a
Slaughtering establishments in the United States
quantity of edible products during May than in the preceding month, al- Intentions reported in June.
Assuming the average spread of past years between June breeding
though the volume continued less than a year ago. Employment for the
last payroll of the period increased 2.3% in number of employees, and intentions and December farrowings, the decrease in fall farrowings this
year
would be 15% for the United States and 9% for the Corn Belt; assuming
decreased 5.7% in hours worked and 2.8% in total value compared with
corresponding figures for April. Domestic demand for dry salt pork, the smallest spread, the decreases would be 7% for the United States
smoked meat, boiled ham, and cooked specialties showed a seasonal im- and 3% for the Corn Belt.
The decrease in the number of sows farrowed this spring both for the
provement during the month. Fresh pork and lamb nloved fairly well,
States are about as indicated by the
and inquiry for lard averaged slightly better than in April; the beef United States and the Corn Belt
Intentions report made in December 1927, when allowance is
breeding
trade was a little slow after the first week of May. Sales billed to domade for the decreases between intentions and farrowings shown in other
mestic and foreign customers by fifty-six meat packing companies in the
years where there has been an unfavorable winter feeding relationship
United States totaled 3.3% larger for May than in the preceding month,
between corn and hog prices.
and were 0.1% in excess of a year ago. Domestic demand averaged fair
The accompanying table shows the percentage changes from last year
to good at the beginning of June.
for the various items and the average number of pigs saved per littler by
Inventories at packing plants and cold-storage warehouses in the United States and grand divisions.
States were reported slightly smaller for June 1 than at the beginning
of the preceding month, but remained considerably in excess of last year
Sows bred (or
and the 1923-27 June 1 average. Lard holdings increased over May 1,
Average number
Swine
Sows
to be bred) for a
those of lamb fell below the five-year average, and beef stocks decreased
of pigs saved
farrowed fall farrowing Gilts over
Pigs
per litter.
In all three comparisons. Chicago quotations for the majority of pork
farsir
saved
1928.
rowed m'ths
spring Spring Spring
products showed additional strength in May over the preceding month;
contCornspring
1928
Corn1928
1928
prices firmed slightly for lamb and declined for pork loins and mutton.
emn- corn- corn- pared pared 1928 Pared
Quotations for beef averaged about the same as in April; veal prices
pared pared pared with with corn- with
State
with with with sows swine pared total Spring Spring Pali
and
trended slightly upward toward the close of the period.
Division. spring spring fall far- over with swine 1928 1927 1927
Shipments for export totaled a little in excess of those in April.
b
c
all (tad.
1927
1927 1927 rowed six
British inquiry for hams and picnics improved during May, and the
fall m'ths. (ma. pigs)
far- June 1
Continent continued to take a fair tonnage of fat backs; demand for
1927
rowed 1928
lard decreased somewhat. Quotations paralleled those of the United States
with the exception of lard prices in the United Kingdom, which reNo. No. No.
%
%
%
%• %
%
mained under Chicago parity. Consignment inventories already landed Ohio
6.0
5.6
6.1
97.0 95.2 117.7 106.8 29.7 27.2
6.0
5.6
6.0
Indiana _
91.1 91.7 127.6 109.7 27.7 30.2
and in transit to European countries were reported near the May 1 level.
5.8
5.9
5.8
Illinois_ _ - • 90.0 90.6 191.4 105.1 20.9 55.0
6.6
8.6
6.6
Michigan_ • 77.6 77.9 122.7 97.8 30.0 35.6
6.3
6.3
6.3
Wisconsin
81.7 82.1 222.8 86.7 20.0 65.1
E. N. Cent•
89.6 156.5 104.1
24.7
45.7
31.5
6.00
81.2 80.7 392.4 103.3
92.1 88.8 430.9 112.4
107.4 100.7 128.0 112.1
90.0 90.6 764.0 147.0
96.5 92.5 784.7 116.5
100.6 98.8 356.7 110.9
96.9 97.4 149.0 123.9
16.7
13.3
24.8
11.3
9.1
16.2
31.1
83.6
77.7
33.4
87.3
88.1
77.4
54.1
22.0
26.2
36.2
23.2
23.6
27.8
31.9
5.6
5.5
6.2
5.8
5.3
5.0
5.8
89.5
'R.
1C41 .
7
Minnesota
Iowa
Missouri
No.Dakot
So. Dakoti
Nebraska_
Kansas__ _
,8
•
5.98
5.6
5.5
6.1
5.5
5.4
5.3
5.8
W.N.Cent
94.3
91.6 341.0 113.5
17.0
72.9
27.6
5.53
5.38
5.66
Corn Belt_
93.0
91.0 257.7 109.1
19.6
64.5
28.9
5.65
5.55
5.80
. 69.3 75.3 108.3 94.6
75.7 78.9 107.1 84.9
80.2 84.5 109.6 93.6
138.8 133.6 124.0 70.3
130.2 133.3 133.3 244.4
119.2 118.3 116.7 112.5
74.9 82.2 99.3 86.9
90.1 89.1 90.3 100.4
77.8 85.4 88.5 103.6
33.0
33.3
31.3
10.3
31.0
49.1
33.4
33.8
30.6
48.8
34.5
49.0
41.3
50.0
36.4
36.2
43.3
28.3
42.2
40.6
40.2
46.8
61.8
38.8
38.9
39.8
44.0
6.2
6.5
7.1
5.8
6.3
6.4
6.5
5.8
6.0
6.7
6.8
7.5
5.6
6.1
6.4
7.1
5.7
6.6
7.1
7.8
7.0
5.9
4.8
4.7
7.1
5.8
6.4
95.2
31.5
28.0
42.3
6.00
6.60
6.57
117.3
106.6
102.3
98.7
115.8
127.3
133.7
119.6
30.7
25.7
28.7
26.1
31.9
27.4
25.0
19.5
26.3
29.2
34.5
28.6
38.1
36.4
39.4
35.9
41.0
46.3
43.7
42.9
40.0
46.3
45.0
53.6
6.5
6.3
6.2
6.9
5.8
5.2
5.4
5.2
6.9
6.3
6.3
6.6
6.1
5.9
5.9
5.2
6.2
6.5
6.6
6.8
6.1
5.3
5.6
5.3
Maine
NewHamp
Vermont
Mass
Rhode fel'
Connecticu
New York
New Jere' •
Penn's...
N. Atlanti
78.0
Delaware_
Maryland.
Virginia_
W. Virginia
N. Carolina
S. Carolina
Georgia__
Florida_ -
81.7 86.1
98.4 98.5
95.3 96.6
81.4 78.3
95.2 100.0
86.9 97.8
99.0 109.0
92.7 92.1
85.0
00004.00..4 V.
;0,
.4042,
0
Increased Wages Awarded Stereotypers-Six-Hour
Night Retained.
A wage increase of $5.50 per week for union stereotypers
in New York City, an eight-hour working day and a sixhour night are granted in a decision reached by the Board of
Arbitration, which for more than four years has had under
consideration demands as to wages and hours of work made
by the union stereotypers of New York City upon the allied
newspaper publishers. An account of the decision appeared
In the New York "Times" of July it which states that its
purport was announced In Newark on June 3 by George
Garrison, President of New York Stereotypers Union No. 1.
It is stated that Leon A. Godley, a member of the Arbitration Committee, confirmed the terms as announced by Mr.
Garrison. All that remained to be settled, said Mr. Godley,
was certain verbiage in parts of the decision. It was also
said that because of certain language used in the decision
a final hearing for adjustment of objections of the union
would be held on July 5, in Part 17 of the New York
Supreme Court, at which time it was expected the decision
would be signed. The "Times" also stated:
nawwww.g
C.:44.4b
Review of Meat Packing Industry by Federal Reserve
Bank of Chicago-Increase in Production and
Number Employed.
In its summary of conditions in the meat packing industry, the Federal Reserve Bank of Chicago has the following to say in its Monthly Business Conditions report issued
July 1.
, wmwwwwwm*A.o
ommoo.p...mowv4w
L.6:Isbo ,
46Miloio14;-. es,
S. Atiantl
94.7 100.7 113.4 118.7 26.7 37.3 45.0 5.57 5.91 5.95
The schedule would become effective seventy-two hours after signing.
Under the new schedule, Mr. Garrison said, stereotypers would receive
6.0
6.2
6.2
85.4
82.2 100.6 96.9 21.4 32.7 42.6
Kentucky $55.50 per week for straight time, time and a half for overtime in Tenneseee
6.1
6.1
5.9
86.6 89.5 104.5 103.6 21.6 33.4 46.7
5.4
4.8
5.1
straight work and extra bonuses for double shifts. Saturday night workers Alabama __ 102.8 108.9 143.3 125.7 20.1 44.3 49.3
5.6
5.7
5.4
Miss
87.3 91.5 124.4 127.0 22.6 44.0 47.5
would receive an extra bonus of $2 and those employees of newspapers Arkansas_
5.4
4.8
5.8
_ 78.6 84.5 113.8 113.4 23.7 44.2 48.2
which publish daily afternoon editions and Sunday morning editions would Louisiana_ _ 83.3 84.4 132.7 138.9 21.7 40.6 49.7
5.0
5.1
5.3
5.4
5.6
5.8
Oklahoma _ 90.5 93.6 128.9 129.0 31.2 47.4 38.1
receive an added bonus of $2, or a total of $4.
5.5
5.4
5.7
30.3
48.9
43.9
99.5
120.9
138.1
Texas
94.3
Of the fourteen points submitted to the board for arbitration, Mr. Gartwelve.
Whereas employees were allowed one- S. Central_ 89.1 92.3 118.1 119.0 24.7
rison said, the union won
45.1 5.43 5.74 5.67
half hour for lunch on their own time previously, they would now draw
27.0
5.7
5.8
5.1
106.6 107.6 299.1 151.0 24.6
Montana_
pay for the half-hour lunch period.
32.1
5.8
5.9
5.8
83.6 85.2 115.8 88.4 29.3
Idaho
Double bonuses of $4 are also awarded in the new schedule, according Wyoming_ _ 110.2 106.5 304.2 91.5 23.8
31.7
5.9
.5.7
5.4
5.6
5.5
31.7
5.6
109.8 109.8 166.4 41.8 34.0
to Mr. Garrison, for seven holidays during the year. These are New Colorado _
114.7 128.9 78.5 35.9
46.2
4.4
5.2
6.3
Years' Day, Decoration Day, Fourth of July, Labor Day, Election Day, New Mex._ 97.2 142.0
5.4
131.5 127.8 20.2
40.4
6.0
7.3
Arizona _ _ _ 172.3
Day.
The
double
bonus also applies Utah
Thanksgiving Day and Christmas
6.0
113.4 112.4 182.5 174.3 33.2
35.0
6.1
6.0
5.7
5.4
143.1 116.3 143.4 160.0 39.3
7.0
37.1
Nevada
to Sunday work.
6.5
6.0 r 6.5
33.7
Mr. Garrison would not comment on the decision until he has been Washington 127.2 117.6 146.6 124.0 30.2
109.1 111.0 151.9 130.6 29.5
6.4 1 6.5
6.3
Oregon_
_
32.7
able to submit the new schedule to the Scale Committee of the New California _ 124.4 119.5 138.6 120.2 21.6
5.8
42.0
5.6
5.8
York local. A meeting of this committee has been called for Monday
Far West'n 106.2 105.8 175.0 112.6 28.3 51.5 34.5 6.00 5.70 5.64
afternoon in Room 924 in the Pulitzer Building.
The Arbitration Committee was appointed by Mayor James J. Walker. U.S. total. 92.9 92.3 215.5 111.7 21.3 50.3 32.8 5.64 5.62 5.81
It is composed of Judge Joseph A. Kellogg, Supreme Court Justice
a Defined as sows farrowed for the first time. b As shown by survey of June
Salvatore Cotillo and Leon A. Godley, Commissioner of Transportation 1927. c As shown by survey of December 1927.
W. F. CALLANDER,
in New York City. None of these could be reached last night.
Chairman Crop Reporting Board.
Results of the June 1928 Pig Survey.
The United States Department of Agriculture at Washington on June 26 made public its results of the June 1928
pig survey. Below is the report in full.
A decrease of about 7% in the spring pig crop of 1928 from that of 1927
for the United States as a whole and also for the Corn Belt States is shown
by the June pig survey of the Department of Agriculture. This decrease
is equivalent to about 4.000,000 head of pigs for the United States, of
which over 3,000,000 represents the decrease for the Corn Belt States.
A decrease in the fall pig crop of this year from that of last year is also
Indicated. The survey was made in co-operation with the Post Office
Department through the rural mail carriers.
The number of sows farrowed in the spring of 1928 was 7.7% smaller
than in the spring of 1927 for the TJfilied States and 9% smaller for the
Crude Oil Price Situation Unchanged-Gasoline Prices
Practically Stable.
No changes in the price situation of Crude oil were noted
during the week just ended. Gasoline prices, also, remained
stable, with just one change noted, This occurred in Norfolk,
Va. on June 30 when one of the large oil distributors there
reduced the retail price lc to 20c per gallon, including the
5 cent State tax.
In Chicago on July 6, wholesale prices were reported as
follows: Motor grade gasoline 8c; kerosene 41-43 water
white 4/
1
2c to 4, fuel oil 24-26 gravity, 67/
1
2c to 70c.
JULY 7 1928.]
FINANCIAL CHRONICLE
Crude Oil Production Shows Further Increase. '
The American Petroleum Institute estimates that the
daily average gross crude oil production in the United States
for the week ended June 30 1928 was 2,384,150 barrels as
compared with 2,375,550 barrels for the preceding week,
an increase of 8,600 barrels. Compared with the output of
2,535,550 barrels in the corresponding week of 1927, the
current output shows a decrease of 151,400 barrels per day.
The daily average production east of California was 1,742,150
barrels, as compared with 1,730,050 barrels, an increase
of 12,100 barrels. The following are estimates of daily
average gross production by districts for the weeks indicated:
DAILY AVERAGE PRODUCTION.
(In Barrels.)
Oklahoma
Kansas
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
Southwest Texas
North Louisiana
Arkansas
Coastal Texas
Coastal Louisiana
Eastern
Wyoming
Montana
Colorado
New Mexico
California
Total
June 30'28. June 23'28. June 16 '28. July 227.
590,250
592,200
598,950
802,600
103,850
104,200
105,450
110,550
64,700
68,350
65,150
121,050
82,250
79,400
77,700
87,200
57,700
57,800
55,650
73,150
337,350
315.800
293,250
134,600
22,350
22,500
21,850
34,800
23,550
23,500
23,150
31,750
41,600
41.950
42,500
50,200
95,550
101,800
106,150
111,950
104,800
105,850
107,500
135,050
27,400
29,750
28,150
15,850
109,500
107,500
109,000
111,500
61,350
62,200
61,450
62,300
10,500
9,900
10,700
15,400
7,400
7,200
7,400
7,200
2,050
2,150
2,450
3,000
642,000
645,500
642,000
627,400
2,384,150
2,375,550
2,358,450
2,535,550
29
Crude Petroleum Production Higher-Increased Activity in California and Arkansas-Stocks Show
Slight Decrease East of California.
According to reports received by the Bureau of Mines,
Department of Commerce, from companies which operate
gathering or lead lines, the production of crude petroleum
in the United States during May,1928, amounted to 75,218,000 barrels. This represents a daily average of 2,426,000
barrels, an increase over April of 22,000 barrels. Although
production in the outstanding area of the country-West
Texas-declined materially as the result of various proration
agreements, increased activity in districts like California
and Arkansas was sufficient to cause a gain in the national
total. Daily average production in California increased by
over 14,000 barrels due primarily to the completion of a
number of large wells at Long Beach. Arkansas registered
its first material increase in output since the peak at Smackover as the result of the proving of a major pool, called the
Rainbow field, near Champagnolle. The daily output of
Oklahoma was up nearly 10,000 barrels in spite of the
decline in daily average at Seminole of 9,000 barrels. This
probably resulted from a more or less general increase in
activity in the older fields of the State to meet refinery
demands without having to draw on high-priced storage.
Although a slight decrease was recorded in total stocks of
crude petroleum east of California--the first since 1926,
this was insufficient to counterbalance increases in crude
stocks in California and in total refined products, with the
result that total stocks of all oils continued to rise. However, the increase-712,000 barrels-was much less than the
increase of April, 2,468,000 barrels, or that of May, 1927,
6,760,000 barrels.
The estimated daily average gross production of the Mid-Continent field
including Oklahoma, Kansas, Panhandle, North, West Central, West,
East Central and Southwest Texas, North Louisiana and Arkansas, for the
week ended June 30 was 1,419,150 barrels, as compared with 1,405,500
barrels for the preceding week, an increase of 13,650 barrels. The MidContinent production excluding Smackover, Arkansas heavy oil was
1,360.250 barrels as compared with 1,347,150 barrels, an increase of 13,100
barrels.
The rapid rise in output of the West Texas fields was checked in May,
The production figures of certain pools In the various districts for
the when these fields yielded 10,893.000 barrels of crude petroleum, a daily
current week compared with the previous week follow (figures in barrels
of average of 351,000 barrels. This represents a decline of 31,000 barrels from
42 gallons):
the peak of the previous month. The total initial production of the 67
-Week Ended-Week Ended- wells completed in West Texas during May amounted to 355,800 barrels,
OklahomaJune 30 June 23
June 30 June 23 representing the unprecedented average initial production of 5,300 barrels.
North Braman
2,900
2,900
Southwest TexasThat a further increase in output did not follow the drilling In of these wells
South Braman
1,450
1,450 Luling
13,700 13,800
Tonkawa
13,850 13,900 Laredo District
6,350
6,200 was due to the success attending proration agreements.
Garber
Seminole again showed a slight decline in average daily production. The
8,750 8,600
North LouisianaBurbank
31,500 31,650 Haynesville
6.250 6,250 number of completions and the average initial production in this field
Bristow Slick
21,950 22,200 Urania
6,900
7,050 showed a material increase over April, otherwise
the drop in output would
Cromwell
9,650 9,700
ArkansasWewoka
6,450 6,550 Smackover.light
7,700
7,750 have been greater. Stocks in the field showed a slight increase.
Seminole
51,450 51.350 Smackover,heavy
Both Seal Beach and the Panhandle fell off but the "comeback" at Long
58,900 58,350
Bowlegs
59,000 59.600 (Mampagnolle
18,900 25,650 Beach was continued and the field registered an increase in daily average
Searight
13,050 13,100
Coastal Texasproduction of 27,000 barrels.
Little River
42.950 43,000 West Columbia
8,200
Earisboro
83,500 85,150 Blue Ridge
Pierce Junction
Panhandle TexasHull
Hutchinson County_ _ _ _ 36,450 37,200 Spindletop
Carson County
6,500
6,700 Orange Co
Gray County
20,550 21,200
WyomingWheeler County
1,000
1,000 Salt Creek
MontanaWest Central TexasSunburst
Brown County
13,650 13,250
CaliforniaShackelford Co
10,300 10,750 Santa Fe Springs
Long Beach
West TexasHuntington Beach
Reagan County
17,950 18,000 Torrance
Pecos County
63,950 50,200 Dominguez
Crane and Upton Cos.__ 68.050 69,100 Rosecrans
Winkler
173,700 165,200 Inglewood
East Central TexasMidway-Sunset
Corsicana Powell
11,100 11,150 Ventura Ave
Nigger Creek
1,150
1,200 Sala Beath_
8,300
5,000 5,850
10,800 10,500
11,000 11,100
38,600 39.900
4,200
4.100
PRODUCTION (BARRELS OF 42 U. S. GALLONS).
May, 1928.
Total.
40,650 42.700
8.600
8.000
36,000
197,000
50,000
17,500
11,500
6,000
29,000
71,500
49,500
37,000
36,000
199,000
55,000
17,500
11,500
6,000
29.000
70,500
51,500
37,500
April, 1928.
Total.
Daily
Average.
May, 1927.
Total.
Daily
Average.
Seminole
Panhandle
West Texas
Seal Beach
Long Beach_ _ _ _
8,987,000 290,000 8.960,000 299,000 10,809,000 349,000
2,961,000 66,000 2.127,000 71,000 4,174.000 135,000
10,893,000 351,000 11,451,000 382,000 3,456,000 111,000
1,121,000 36.000 1,166,000 39,000 1,531,000 49,000
5,619,000 181.000 4,611.000 154.000 2,855,000 s2.000
STOCKS AT SEMINOLE (BARRELS OF 42 U. S. GALLONS).
May, 1928. April,.1928. May, 1927.
Producers' stocks
Tank-farm stocks
Total stocks
Production of Natural-Gas Gasoline in May Higher
than in Same Month Last Year-Stocks Lower.
The production of natural-gas gasoline in the United
States during May amounted to 145,900,000 gallons, a daily
average of 4,710,000 gallons, according to the Bureau of
Mines, Department of Commerce. This represents a decrease from the record figures of the previous month of 150,000 gallons per day, but is 350,000 gallons, or 8%, above
the daily average of May 1927. Production in the majority
of the districts east of California fell off, particularly in the
Appalachian district, where the demand for natural gas for
heating purposes experienced the usual seasonal decline.
Total production in California in May reached a new high
level of 45,200,000 gallons. Blending both at the plants
and at refineries declined in May as compared with April.
A very material decline was also noted in amounts of naturalgas gasoline run to refineries in California via pipe lines.
The Bureau further shows:
OUTPUT OF NATURAL-OAS GASOLINE (IN GALLONS).
Dotty
A rerage
Seminole
Panhandle
West Texas
Seal Beach
Long Hooch
389,000
411,000
18,404,000 18,155,000
335,000
5,386,000
18,793,000 18,566,000 5,721.000
RECORD OF WELLS MAY, 1928.
Average
Completion.
Total
Drilling
Initial
Production. April 30.
Initial
OB.
Car. Dry. Production.
(Ws.)
16813.1
39
2
66,400
8
14
8
5
1,800
67
1
26
355,800
__
1
1
100
20----470044
1,700
100
5,300
100
1.700
98
126
351
5
165
Runs to stills were again raised to a new high level in
May, when the daily average crude output was 2,494,000
barrels. Daily average runs to stills of foreign crude petroleum
exceeded 200,000 barrels for the first time since Sept., 1922,
according to the Bureau, which adds:
As might be sarmised from the foregoing, the output of gasoline reached
a new high level of 994.000 barrels per day, an increase over the previous
month of 16,000 barrels per day. Daily average domestic demand was
882,000 barrels, an increase over April, 1928. of 25.000 barrels, and
over
May. 1927, of the same amount, representing an increase during the year
of
3%. Daily average exports of gasoline exceeded the
200,000 barrel mark
for the first time in history. This compensated for the small
domestic
gain in
consumption so that stocks of gasoline were materially reduced,
declining
from 40,210,000 barrels on May 1. to 37.336,000 barrels
at the end of the
month. At the Current rate of total demand, the latter
represent 34 days'
supply, as compared with 40 days' supply on hand a
month ago and 49
days' supply on hand a year ago.
Little change was recorded in the statistics
of both kerosene and lubriProduaion.
Stocks End of Month.
cants. The increased use of Venezuelan and West Texas
crudes at refineries
May 1928. April 1928. May 1927. May 1928. Apr111928. was instrumental in another gain in the output of fuel oil, which with
declining consumption resulted in an increase in stocks held
at refineries
Appalachian
7.400,000 9,300,000 7,200,000 4,123.000 5,019,000
east of California of over 3.000,000 barrels. This was the chief cause of the
Indiana. Illinois, dm_
1,200,000
1.300,000 1,200,000
473,000
550,000
52,900,000 53,800,000 47,700,000 17,390,000 17,007.000 increase in total stocks of refined products, and in total stocks of all oils.
Okla., Kansas, Ac
27.400,000 27.400,000 26,700,000 8,348.000 8,300.000 A further strengthening in the market for wax was
Texas
presaged by a decrease
7,700,000 7,200,000 7,300,00G 1,572,000 1,525,000 in output and a further decline
1-4011/31008 dr Arkansas_
in stocks.
4,100,000 3,700,000 4,100,000
Rocky Mountain
623.000
607,000
The refinery data of this report were compiled from schedules of 321
45,200,000 43,000,000 41.000.000 1,436,000 1,932,000
California
refineries with an aggregate daily crude oil capacity of 3.103.000 barrels.
United States total- - 145,900,000 145,700,000 135.200,000 33,965,000 34.940,000 These refineries operated during May at 80% of their recorded
capacity as
4,710,000 4.860,000 4.360,000
Daily average
compared with 318 refineries operating at 79% of their capacity in April.
ANALYSIS OF SUPPLY AND DEMAND OF ALL OILS (ALL DATA PRELIMINARY)(INCLUDING WAX, COKE. AND ASPHALT IN
THOUSANDS OF BARRELS OF 42 U. S. GALLONS).
May
1028.
New SupplyDomestic production:
Crude petroleum:
Light
Heavy
Total crude
Natural-gas gasoline
Benzol
Total
Daily average
Excess of daily average domestic
produc. over domestic demand
Imports:
Crude
Refined
Total new supply all
Dailyaverage
oils.
DemandTotal demand
Daily average
Exports: a
Crude
Refined
Domestic demand
Daily average
May 1 Jan.-May Jan.-May
1928. I 1927.
1927.
April
1928.
67.770
7,448
64.796
7.331
1
1
66.901' 323,376
39.386
9,3741
315.737
47,781
75,218
3.474
238
72,127
3,469
229
76,275. 362,7621
17,0151
3,219.
1,148
221
363,518
15,740
1.080
78,930
2,546
75,825
2.528
79,715, 380,9251 380,338
2,519
2.500
2,571
279
275
455
1
3561
453
6.766
702
5,661
1,68
4.557I
1.329,
31,453
5.7361
21,749
6,254
86.398
2.787
83.16
2,772
85,601
2.761
418,114
2.751
408.341
2,704
712
2,468
6,760
26,224
39,289
85,686
2.764
80.698
2.690
78,841
2,543
391,890
2,578
369,052
2,444
1.493
13.915
70,278
2.267
1.303
11.813
67.582
2.253
1.390
11,863
65.588
2,116
6,801
58,291
326,798
2,150
6,129
50,978
311.945
2.066
321.869, 259,469
47.547
49.7101
320,084
51,467
259,469
47,547
Change in stocks all oils
Stocks (End of Month)Crude:
East of California: b
Light
Heavy
California:
Light
Heavy c
320,084
51.467
19.170
93.941
18,752
94,301
27,143
90,289
19,170
93.941
27,143
90.289
Total crude
Natural-gas gasoline at plants_ _
Total refined
484,662
809
127,915
484,632
832
127,210
424,448
926
134,012
484,662
809
127,915
424,418
926
134,012
Grand total stocks all oils_ _ _
Days supply d
613,386
222
612,674 559,386
220
2281
613,674
238
559,386
229
Bunker oil (included above in
19.855
21,058
4,250
4.275'
5,013
domestic demand)
a Includes shipments to non-contiguous territories. b Exclusive of producers'
stocks. c Includes fuel oil. d Grand total stocks divided by daily average total
demand.
PRODUCTION OF CRUDE PETROLEUM BY FIELDS AND STATES WITH
CLASSIFICATION BY GRAVITY(BARRELS OF 42 U.S.GALLONS).
April, 1928.
May. 1928.
Total. [Daily Av
Total.
75,218,00012,426,400 72,127.
2.841,000
Arkansas
19.332.000
California
223.000
Colorado
572,00
Illinola
90,511
Indiana
81.111
Southwestern
9
Northeastern.
3.424,151
Kansas
652.11
Kentucky
1.797,00'
Louisiana
461.111
Gulf coast_-_
1.336,00
Rest of State
47,111
Michigan
335,00
Montana
73,0
New Mexico. _
213.11
New York
648
Ohio
494,115
Cent. & East..
154,0
Northwestern 19.61)5,60
Oklahoma
Osage County 1,721.111
Rest of State_ 17,944,
867.000
Pennsylvania
5,000
Tennessee
2.004.111
Texas.
Golf coast. - 3,537.0
Rest of State_ 18,467.00
52.5,
West Virginia_
1.905.000
Wyoming
Salt Creek_ _ Rest of State.- 1,267,638.01
Jan.-May
1928.
Daily At.
83,800
- 2.756,000 88.900 2,513.000
Appalachian
4,600
138.
5.300
Lima-Indiana.
163.0001
1,55,
37,
1.
47,000
Michigan
21.11$
18,100
543.
W. Ind-. 653.000
1,491,300
Mid-Continent- - 15.733,000 1.475,200 44.738,
118,
3.566,
3.998,000 129,
Gulf Coast
77,
Rocky Mountain 2,636,000 81,8005 2,311,
609.400
9.332.000 623,60018,281.
California
U.S. total
01
12,721.000 12.435.000
783,000
702.000
175,001
174.Is
3,074,Is
3,055,000
22.266 .11 215,163,000
21,671.000
18,070
11,958 Ill 13,032,001
93.797
97,004.000
80,100 13,226,000 18,293,000
609,4001 93,797,000 97.004.000
7,300 1,149,If' 1,239,000
2,975,000
15,600 2,703.
337,000
410.00
2,800.
371.
280,000
2.500'
39,000
57,000
3001
114.000 16,992,000 17,592,000
20.600, 2,993,000 2,657,000
59,000 8.780,000 8,838,000
14,000 2,110,000 1,310,000
45,000 6.670,000 7,519,000
175.000
174,III
1,200
10,700' 1,732,III 2,129,000
654,000
367,0
2.400
974,005'
908.000
6,500
19.5001 2,972.000 3,188,000
2,442,000
15.2001 2.309,00
726.000
4,300
624,4( 98,403,000105,437,000
9,173,000 10,579,000
58,8(
565,60 89,230,000 94,858,000
26,200 4,019,000 3,915,000
21,000
20.000
100
732,700 102.935.000 86,674,000
15.960,000 20.352.000
104
627,800 86.975.000 66,322,000
2.492.000
15.200 2,406.
56,600 8.710,000 9,010,000
6.323,000
38,500 6,003.
2.687.000
18.100 2,707,0
IMPORTS AND EXPORTS OF CRUDE PETROLEUM (BARRELS).
(From Bureau of Foreign & Domestic Commerce.)
May, 1928.
Total.
Daily
Average
May, 1928.
Total.
April, 1928.
Daily As.
Total.
Jan.-May
1927.
Jan.-May
1928.
Daly Ar.
88,400 12,869,000 12,245,000
88,400 2,652,000
Appalachian__ 2,741,000
678,000
602,000
Lima-Indiana__
152,000
5.100
4,000
125,000
175,000
174,000
1,200
37,000
1.500
Michigan
47.000
534,000
17,800 2,971,000 3,296,000
19,300
111 & El W Ind
597,000
Mid Continent 45,673,000 1,473,300 41,268,000 1,375,600 205,925,000 184,432,000
Dull Coast__ 4,032,000 130,100 3,715,000 123,800 19,618,000 23,629,000
77.400 12,063,000 14,007,000
87,100 2,322,000
Rocky Mount'n 2,699,000
Deliveries &
55,914,000 1,803,700 50,680,000 1,689,300 254,222,000 238,462,000
exports
Deliveries__ 54,833,000 1,768,800 49,878,000 1,662,600 249.967,000 234,570,000
For. petroleum 6.834,000 220,500 5,608.000 186,900 31,432,000 22,072,000
Deliveries of
domestic &
fur. petrol 61,667,000 1,989,300 55,486,000 1,849,500 281,399.000 256,642.000
NUMBER OF PRODUCING OIL WELLS COMPLETED a
May 1928.
April 1928.
Jan.-May 1928.
1
Jan.-May 1927.
6,946
4,471
961
961
a For States east of California, from "011 & Gas Journal": for California, from the
American Petroleum Institute.
SHIPMENTS OF CALIFORNIA OIL THROUGH PANAMA CANAL TO
EASTERN PORTS IN UNITED STATES (BARRELS
May 1928.
Crude oil
Refined products:
Gasoline
Asphalt
Gas oil
Fuel ull
Lubricants
April 1928. Jan.-May '28. Jan.-May '27.
162,000
233,000
1,467,000
3,595,000
1,386,000
1,000
251,000
86,000
1,000
1,182,000
1,000
170,000
266,000
70,000
5,700,000
11,000
1.082,000
629,000
226,000
4,327,CCO
3.000
1,710,060
4,139,000
75,000
10,254,000
7.648,000
1,689.000
1,725,000
Total
STOCKS HELD BY THE REFINING COMPANIES IN THE UN 1TED STATES
MAY 31 1928.
Oas a nun
Lubricants.
Oils.
Kerosene
Gasoline.
(Barrels)East coast
AppaMohlam
Indiana. III.. ere
Oklahoma. Kansas. Ate
Texas
Louisiana and Arkansas
Rocky Mountain
Callti.rula
Total
Total Mar.31 1928
Texas Gulf coast
1,nIfftwnalliflfemutt
Total
2,852,00e
1,093.000
815
544,
1,728,000
125,000
131,000
772,000
7,537,000
232,887.000
8,060,000
7,733,000
1,162,000
1.468.000
829.499,000
7.369,000
4.597.000
8.018,000
1.647,00e
123,000
Other
Finished
Asphalt Products
Coke
(Tons). (Tons). (ENs.).
Unfildshed OW
(Md.)
1,617,000
244,000
773.000
485,000
1,242,000
1,495,000
247,000
1,434,000
37,336,000
40,210,000
5.216,000
1.327.000
War
1w.).
,
(1
East coast
Appalachian
Indiana. Illinois, Are .....
Oklahoma. Kansas, Aro
Texas
Louisiana and Arkansas
Rocky Mountain
California
8,950,000
1,019,000
2,033,000
5,230,000
9,123,000
5,457,000
1,075,000
6,312,000
1,157,000
5,030,000
3,441,000
5,946,000
1,418,000
2,058,000
11.974.000
26,111,000 27,400 124,700
3,400
14,044,000
20,144,000 42,400 35.100
1,800
2,832,000 52,900
8,300
6,335,000 108,800
22,294,000 63,600 27,300
8.500
11,879,000 49,800
56,500
c
152.000 7,000,000
71.000 1,201,000
605,000 3,651,000
209.000 2,333,000
14,000 10.406,000
80,000 2.239,000
27,000 1,349,000
234,000 b8,894,000
103,639,000 348,300 362,200 1,392,000 37,073,000
110,010,000 342,100 273,700 1,601,000 c36463000
6,000 9,024,000
8,200
6,203,000 93,300
76.000 1.873.000
22 294 ono 62.400 27.000
c Revised.
storage.
In
tops
barrels
1,439,000
odes
Inc
a East of California. b
STOCKS OF CRUDE PETROLEUM HELD IN UNITED STATES(BARRELS)
Total Mar.31 1928
Texas Gulf coast
IsuflidenarhOfeftwft __
At refineries (and in coastwise transit thereto)
Reported by location of storage:
East coast-Domestic
Foreign
Appalachian
Indiana. Illinois. ttc
Oklahoma. Kansas. &o
texas- Inland
Gulf coast-Domestic..
tromign
Arkansas and inland Louisiana
Louisiana Gulf Coast-Domestic
Foreign
Rocky Mountain
Ifay 31
1928.
Awl! 30
1928.
7,778.000
6,020,000
2.266,000
3,097.000
6,193.000
1,790.000
8,110.000
111,000
797 000
4,722,000
979,000
1.430,000
7,697,000
5.571,000
2,166.000
3.148.000
5,3h9,000
1.558,000
8.132,000
243,000
634,000
5.343.000
1.053,000
1,541,000
May 31
1927.
7,754,000
3,043,000
1,662,000
2,465,000
4,301,000
1,196,000
8,307,000
304.000
420,000
4.793,000
1.072,000
1,181,000
43,293,000 43,225,000 36,498,000
Total east of California
Elsewhere than at refineriesDomestic-Reported by field of origin:
Appalachian-N. Y.. Pa.. W. Va (Gross 6.286,000 6.265.000 6.975,000
5,978,000 5.955,000 6,692,000
Net
eastern And central Ohio
Gross 1,33.5,0170 1,337,000 1,413,000
Kentucky
1.200,000 1.208,000 1,288,000
Net
983,000
Groan 1,415,000 1.377,000
LnaIndana
771.000
Net
1,234,000 1.196.000
Grose 12.776,000 12,720 000 12,214,000
Illinois-8. W.Indiana
Net
12.273,000 12.217,000 11,729,000
Mid-ContInent--Oklah m a, Kansas, Gross 250,184,000 250,200 000 188,934,000
central, north and west Texas _ _ _ Net 237,368,000 237.477.000 176,827,000
Gross 28,996,000 28,940,000 30,418.000
Northern Lotaill1111 and Arkansas
Net
26,370 000 26,201 000 27,752,000
Gross 17,015.000 17 034 000 18.450,000
Gulf mast
16,596 000 16.630 000 18,073,000
Net
Gross 27.174.000 27,336,000 27,152,000
Rooky Mountain
27.130 000 27,293,000 27,100,000
Net
April, 1928.
Total.
Daily
Average
Jan. May .!an.-May
1927.
1928.
1.723,000 55.600 1,204,000 40,200 6.642.000
4,083,000 131.700 3.397,000 113.200 18,222.000
85.5,000 27.600 790,000 26,300 5.484,000
105,000 3.400 270,000 9,000 1,105.000
10,158,000
6,635,000
3,496.000
1,460,000
From Mexico
From Venezuela
From Colombia.
From other Countries 6,766,000 218,300 5,661,000 188,700 31,453,000 21.749.000
1,244.000 40,100 931.000 31.000 5,336,000 5,032,000
Exports a249.000 8.100 372,000 12,400 1,458.000 1,097,000
Domestic crude oil:
1,000
To Canada
-to other countries_
Fond= crude oll_ 1.493.000 48.20011.303.000 43.400 6.795.000 6.129.000
A Shipments of crlde to territories lees than COO barrels during May.
Domestic Pdroteam by Fields
of Origin.
1927.
2,404,300362.762,000363,518,000
91.600 2.40e,'II
623.600 18,281,
219.
7,200
18,500: 468,
83.
2.9001
75,
2,600
8.
300
110,500 3,419,
618,00
21,000
58;000 1,771,
420,(
14.900
43.100 1,351,
37,
1,500
321,00
10.800
73,
2.300
194.
6,900
20.900 586,
15,900
4.56.000
130.
5,000
634.30018,731.0001
55,500 1.765.0001
578,800 16,966,000
786,000
28,000
4.0001
200
709.80021,981,000
114.100 3.146.0001
595.70018.835.0001
16,900
455.0001
61.500 1,698,0001
40,900 1.155.000
20.600 543.0001
INDICATED DELIVERIES OF CRUDE PETROLEUM. EXCLUSIVE OF
CALIFORNIA GRADES, TO DOMESTIC CONSUMERS (BARRELS).
Jan.-May
Classification by
°racily (Appros.):I
Light crude
,67,700.00 _12,186,10064.795.0002.15%900323.376.000315.737.M
Heavy crude_ _
7.448,000 240,300 7.331,000 244,400 39,386,11i 47,781,000
Imports
[VOL. 127.
FINANCIAL CHRONICLE
30
Total pipe-line and tank-farm Gross 345.181.000 345.209.000 286.530.000
Net 328,149.000 328.177,000 270.232,000
Mocks east of California
Foreign erode petroleum on Atlantic coast...
Foreign crude petroleum on Gulf coast......
58.010
51 000
123.000
51.000
80 000
206.000
109,000
177.000
286.00e
Total refinery, pipe-line, and tank-farm
stocks of domestic end foreign exude 171 551,000 371 579 000 307.016,000
Petroleum east of California_
Classification by &arils (A pprozimate)East of California:
320,044.000 *121 869,000 259,469.000
Light crude (24 deg and above)
51,467 000 49,710 000 47,547.000
Heavy crude (below 24 deg.)
10.170 000 IR 752,000 27,143,000
California- Light
03.341 000 514.301,000 90,289.000
Heavy (Including fuel)
Revised
JULY 7 19281
FINANCIAL CHRONICLE
Standard and Shell End Sirviet Oil War—H. L. Pratt
Home from Europe Nit1th Peace Achieved—Indian
Price-Cutting Ends—Royal Dutch View Upheld.
Prom the New York "Times" of July 3 we take the following:
Hostilities between the Standard Oil Company of New York and the
Royal Dutch Shell Company of Europe have ceased, a basis having been
found far an amicable settlement of the quarrel that grew out of the purchase of Russian oil products by the Standard of New York.
It became known definitely here yesterday that the conflict between the
two companies, which flared up suddenly about nine months ago and
threatened for a time to develop into a world-wide struggle, has ended in
a draw. Both companies have called off the price-cutting war in India,
which was the seat of the first trouble, and will avoid any further move
that may irritate each other there or in other markets where they compete.
The Standard of New York reserves the right to buy Russian oil and will,
it is understood, carry out its present contracts with the Soviet Government's representatives. It has been hinted in well-informed quarters
that the company may reduce its purchases of Russian oil after the expiration of the present contracts, but this was not confirmed yesterday. The
peace agreement with the Royal Dutch interests carries no such condition.
Royal Dutch Stand Sustained.
It is reported here that the Royal Dutch is sustained in its contention
that the right of former owners of oil properties in Russia to compensation should be recognized. It is expected that negotiations looking to
an agreement as to the amount of that compensation and the terms of payment will be started soon. The Royal Dutch, throughout all of the controversy with the Standard of New York, maintained that former owners
should be compensated for properties confiscated by the Soviet Government under its "nationalization of industry" program. At one time the
Royal Dutch accused the Standard of New York of buying "stolen property," holding that the properties from which the oil was produced were
seized without warrant by the Soviets. The Standard of New York inshsted it was privileged to have trade relations with the Soviet Government and imputed bad faith to the Royal Dutch, charging that it had participated in making purchases of Russian oil.
Officials of the Standard of New York have declined to comment on the
reports that a settlement has been reached with its old adversary, the
Royal Dutch, and the terms of that settlement could not be learned officially yesterday. It was established, however, that the two companies
have come to an understanding and that each exhibited a spirit of giveand-take in the conversations that led up to the preliminary understanding. The negotiations hare not been completed and the reason that offidale decline to discuss the subject, it was found, is that they fear any
premature comment may cause a rupture and prevent the final understanding which is now being sought.
Friendly Concerns Aided Peace.
Herbert L. Pratt, Chairman of the Board of the Standard of New York,
is given credit in financial circles for having made peace with Sir Henri Deterding, Managing Director of the Royal Dutch. Mr. Pratt returned
recently from Europe, where he spent some time. Impartial interests,
including executives of companies with which the Royal Dutch and Standard of New York have friendly dealings, are said to have laid the groundwork for the peace discussions which ensued. Mr. Pratt returned to this
country, it is understood, with every reason to believe that the warfare
with the Royal Dutch had ended. Later developments are said to have
confirmed that view.
Sir Henri some weeks ago indicated that he had lost some of his
bitterness toward the Standard of New York when he suggested that it
would be unwise for his stockholders to continue to discuss the subject
of the differences with the Standard of New York. Only a short time
prior to that, in his annual report to Royal Dutch stockholders, he reviewed the history of the quarrel with the Standard of New York, vigorously assailing the latter company and defending the Royal Dutch's position.
Both companies have found the price-cutting war in India costly and
were quite willing to talk peace, it is understood, when friendly intermediaries sought to bring the two together. On Jan. 15 the Standard
of New York, in an elaborate statement setting forth its side of the controversy, said of this competitive situation in India: "The significance
of this price cutting will be realized when it is stated that this form of
competition, if continued, will cost the Royal Dutch Shell and Burmah
Oil companies approximately $12,750,000 a year and the Standard Oil
Company of New York approximately $4,000,000 a year."
Price War Hit as Destructive.
"This price cutting," the statement continued, "was conceived and organized and initiated by the Royal Dutch-Shell interests. The Standard Oil
Company of New York has followed it only in so far as seemed absolutely
necessary to protect its market position. At no time has this company
deliberately undercut the prices of its competitors or offered secret or
other rebates or undermined the position of its competitors.
"The Standard Oil Company of New York will continue to supply its
markets effectively; it will carry out all contracts into which it has
entered, and it will not be swerved in any manner from its clearly conceived policy by such desperate and destructive measures as are being followed in India and threatened in other parts of the world."
Later the Royal Dutch, in a statement through its New York representative, Richard Airey, announced it would fight the Standard of New York
in any market where it attempted to market Russian oil. The fight, however, never got beyond India in a serious way. Until a few weeks ago the
two companies continued to slash away at each other in India, with the
result that the consumer was able to buy gasoline and kerosene at bargain prices. Recently the price cutting suddenly ended in India and yesterday it was learned that the situation there has become "stabilized."
Vacuum Oil Co. Unaffected.
Neither the Standard of New York nor the Royal Dutch, it is understood, will make any announcement of the settlement of their dispute. The
plan apparently has been to let the trouble blow over with as little public
discussion as possible.
The Vacuum Oil Company, which also is a large buyyer of Russian oil,
is not affected directly by the understanding which the Royal Dutch and
Standard of New York have reached. The Vacuum, like the Standard of
New York, will carry out its present contracts with the Russian oil syndicate. It is likely, however, according to information reaching Wall
Street, that the Vacuum may abandon plans it is said to have made for
31
intensifying its competition against the Royal Dutch inrcertain markets
of Europe.
Walter C. Teagle, President of the Standard Oil Company of New Jersey, who took sides with the Royal Dutch interests when the Russian oil
controversy first opened here, did not figure in the actual discussions
leading up to the establishment of peace between the Royal Dutch and,
the Standard of New York. When the conflict first began Mr. Teagle,•
who is friendly with Sir Henri, was represented here as the possible peace-maker.
Estimated June Pig Iron Output Declines.,
According to data gathered by wire by the "frog Age"
on July 2 from producers estimating their output in most
cases, the June production showed a decline from that of
May of abut 3%. The estimated total for last month
was 3,081,300 gross tons, or 102,710 tons per day. This
compares with an actual production in May of 3,283,856
tons, or 105,931 tons per day. The decline in June was
therefore 3,221 tons per day, or about 3%. In May there
was a decrease from April of about M of 1%.
These preliminary returns indicate that there were six
furnaces blown in and 14 shut down in June—a net loss
for the month of eight furnaces. The number operating
on July 1 was apparently 190 furnaces, against 198 on
June 1 and 195 on May 1. The principal loss was in steelmaking furnaces.
Actual data for the June pig iron production will be
published next week.
Steel
Orders Hold Up Despite Holiday—Pig Iron Price
Stronger.
The danger of preconceptions regarding the course of
steel business has been given fresh emphasis. Independence
Day week, as is customary, will see a reduction of activity,
but it will be reflected in plant operations rather than in
demand says the "Iron Age" of July 5 in reviewing events in
the iron and steel markets throughout the week. Mills haveless
contract tonnage than at the opening of the second quarter,
but the volume of shipping orders in both releases against
past commitments and short-term purchases is holding up
well. At Chicago, bookings for the week were the fourth
largest of the year and backlogs increased in virtually all
lines except rails and sheets. Present demand there, it is
believed, will sustain ingot output at 80% of capacity, following recent declines largely attributed to diminishing rail
specifications, the "Iron Age" states, adding:
In other districts, buying is more cautious, but without materially
reducing the total tonnage reaching the mills for rolling. Releases againsi
expiring contracts for plates, shapes and bars at 1.85c. Pittsburgh, will
cover the needs of many consumers through July. On the other hand,some
contract buyers did not fully exercise their second quarter options, while
those who have placed third quarter contracts at the advanced quotation
of 1.90c. evidently expect a downward adjustment of invoice prices in case
the market again recedes.
Mill operations are less dependent than formerly on large individual
orders, but the maturing of several pipe lines after months of negotiation
has added a substantial tonnage to the large volume of business coming
from miscellaneous sources, and from the automotive, implement, canning
and building industries. For four pipe lines a total of 175,000 tons of steel
was ordered during the week, following the placing of 50,000 tons 2 weeks
ago.
The automotive industry continues to take a large tonnage of steel and.
as yet, shows no signs of a sharp summer slump. June specifications from
motor car builders were only slightly smaller than in May and, while some
automobile companies are reducing operations, others are maintaining
output without change. The Chevrolet Motor Co. has announced a minkmum production schedule of 100,000 cars monthly for the current quarter.
Farm equipment makers, having completed inventories, have resumed
full production, with sizable schedules arranged for many weeks to come.
Sustained building activity is indicated by the addition of nearly 30,000
tons to the large amount of structural steel work pending, and by awards
during the week of 42.000 tons.
The tin plate mills are well supplied with specifications, but will not be
embarrassed by the holiday interruption in operations, since rainy weather
has been holding back canning.
Pig iron production in June, estimated from telegraphic reports. averaged
102.710 tons a day, a decline of 3% from the May rate. There was a nes
loss of 8 active blast furnaces during the month. Output for the first half
of the year, estimated at 18,520,200 tons. was the smallest since 1924. In
sharp contrast with steel ingot production, which will undoubtedly prove a
half-year record.
Pig iron prices show no signs of strength except in the Valleys, where
there has been another recovery in basic iron to 816,furnace, or an advance
of 65c. over the recent minimum. Foundry melt, on the average, is holding
its own, although shipments of pig iron to the automotive industry are
expected to decline this month, possibly as much as 20% compared
with
June.
, Scrap markets continue to weaken. Heavy melting steel at Pittsburgh/
has declined 25c. a ton for the third time in 3 weeks. The same
grade has
dropped 25c. a ton at Chicago and St. Lords,
The Pennsylvania RR.has ordered 12.000 tons of track supplies. Leading
makers of track spikes have announced an extra of 25c. per 100 lb. for lessthan-carload lots in both large and small sizes.
The growth of steel consumption for building purposes Is shownibi
shipments of concrete bars in the first 5 months of this year, as reported,:by
the Concrete Reinforcing Steel Institute. The total was 12% larger thanin
the corresponding period last year and 4% greater than in 1926.
iss;laP
The larger domestic producers of gravel fluorspar have announced an
advance of $1 a ton to $17 a net ton. mines.
Recovering slightly from Its low point, the "Iron Age" composite Pig
Iron price is now $17.25, against $17.21 last week. The finished steel cons.
32
FINANCIAL CHRONICLE
{VOL. 127.
posite remains at 2.34c. a lb. for the fifth week, as the following tables
Although it has been the general impression that there would be sharp
show:
curtailment in the coming weeks, business has increased so sharply in the
Finished Steel.
past two weeks that there is a possibility of operations holding steady or
Pig Iron.
July 1 1928, 2.341c. a Lb.
July 1 1928, $1725 a Gross TOR.
even showing an increase in the near future.
One week ago
2.341c. One week ago
$17.21
Plans call for no particular change in the rates for current week, but the
One month ago
2.341c. One month ago
17.23
fact
that there will be a holiday will reduce the actual production by apOne year ago
2.387c. One year ago
18.71
10-year pre-war average
1 689c. 10-year pre-war average
15.72 proximately 10% compared with the output in the past week. The slackenBased on steel bars, beams,tank plates,
Based on average of basic iron at Valley ing down will be due to observance of the holiday in some plants, while
wire, rails, black pipe and black sheets, furnace and foundry irons at Chicago,
constituting 37 of the United States Philadelphia, Buffalo, Valley and Bir- others are shutting down to take inventory. However, the closings will not
be as protracted as they have been in previous years.
output.
mingham.
High.
Low.
High.
Low.
On July 3, the American Metal Market made the following
1928_2.364c. Feb. 14 2.314c. Jan. 3 1928_817.75 Feb. 14 817.21 June 26
1927__2.453c. Jan. 4 2.293e. Oct. 25 1927._ 19.71 Jan. 4 17.54 Nov. 1 report:
1926_2.463c. Jan. 5 2.403c. May 18 1926_ 21.54 Jan. 5 19.46 July 13
The seasonal decrease in steel demand has been unusually mild, the in1925_2.560c. Jan, 6 2.396c. Aug. 18 1925_ 22.50 Jan, 13 18.96 July 7
1924_2.789c. Jan. 15 2.460c. Oct. 14 1924__ 22.88 Feb. 26 19.21 Nov. 3 dustry entering July with such momentum that little decrease in output is
1923-2.824e. Apr. 24 2.4460. Jan. 2 1923- 30.86 Mar.20 20.77 Nov.20 to be expected for the month. After 3 or 4 months of substantially unchanged volume an improvement is expected for the last months of the
With the Texas Co. awarding 65,000 tons of pipe to the year. Ingot production is likely to hover around 70%,
which means more
Youngstown Sheet & Tube Co. and the Atlantic Refining tonnage than a similar percentage in previous years, on account of increased
Co.50,000 tons to the National Tube Co., the long dormant capacity.
Demand Is widely variegated and is heavy for the time of year except in
oil industry is providing real tonnage for the pipe mills. railroad steel, which was poor in 1926 and still poorer last year, and in oil
A 25,Q00-ton gas line in Kentucky is active, while the 150,- country tubular goods, which had their good year in 1926. However, fully
100,000 tons of line pipe, for oil and gas lines, have been placed in the past
000-ton project of the Standard Oil Co. from Monroe, La., fortnight,
and there is other such business on the way, depending probably
to St. Louis is slowly shaping up. Only 10 days ago the on money growing easier.
National Tube Co. and Spang, Chalfant & Co. divided
50,000 tons for the Empire Gas & Fuel Co., observes the Bituminous Coal Output Remains Nearly Stationary"Iron Trade Review" of July 5 in summarizing conditions in
Anthracite Declines.
the industry. It further states:
The
production
of
bituminous coal in the week ended
This activity in pipe inspirits a steel market already vigorous, from the
standpoint of consumption, for early July. Automotive requirements con- June 23, according to estimates furnished by the United
tinue substantial: in fact, in some lines they are pressing enough to restrict States Bureau of Mines, remained at about the level of the
the July 4 holiday. Some departments of the farm implement industrynotably tsactors-are at capacity. The railroads have been a shade more preceding week. Output amounted to 8,390,000 net tons
liberal with track accessory orders, and the rumor is again current that against 8,342,000 net tons in the week of June 16. Comheavy buying of cars and track material is slated for this quarter. Building pared with the output in the corresponding week one year
steel awards again narrowly top the seasonal average.
Order books of finished steel producers, especially of the heavier lines, ago, the tonnage showed a decline of around 89,000 net tons.
still fail to mirror this satisfactory consuming situation. On bars, plates Anthracite output in the week of June 23 again fell off
and shapes the impasse between producers and consumers on the 1.90c, being only 1,083,000 net tons against 1,218,000 net tons in
Pittsburgh, price continues, but with indications producers will press for
contracts. Consumers in most districts have been satisfying their require- the week ended June 16. In the corresponding week of last
ments by spot purchases, usually at the prices they latterly have been year in coke production was 1,585,000 tons, according to
paying. Contracting in the lighter steel lines has been at prevailing low prices.
from which we quote:
Recent efforts of steel producers to strengthen export quotations having the Bureau of Mines
been successful, they may look next to the domestic price situation.
Although pig iron production declined 3% in June, to a daily rate of
102,963 tons, it paralleled the rate of 102,991 tons of June, 1927. The
month's total of 3.C88,882 tons compares with 3,292.790 tons in May and
3,089,726 tons last June. The 6-month total stands at 18,517,005 tons,
against 19,429,227 tons in the like period of 1927 and 19,850,913 in the
record pig iron year of 1926. At the close of June 199 stacks, or 8 fewer
than at the beginning, were in blast, the entire loss being sustained in
steel works product4on. Pig iron sales the past week have been only moderate, with about 60% of the third quarter's needs covered.
Plate and skelp mills, especially in the Pittsburgh district, have received
a new lease on life with prospective participation in recent heavy pipe
business. New inquiry at Chicago for riveted pipe calls for 14,000 tons of
plates, with the 12,000-ton water line for Denver nearing placement. Bar
demand is sufficient for 80% mill operations at Chicgo and 65 to 70%
at Pittsburgh. One producer at Chicago has taken some 2-cent third quarter
business. but this level hinges upon the fate of the proposed 1.90c, Pittsburgh, price. Some bar contracts have been written at this price in Cleveland.
Save for full-finished sheets for the automobile trade, demand for sheets
has been light in all districts. Holiday interruptions will be more pronounced
in sheets than in other finished lines. Contracting for cold finished bars for
third quarter has been brisk at the reduced 2.10c, Pittsburgh-Chicago, price.
Hoop and band prices continue demoralized. In the East, wide hot strip
has sold down to 1.75c, Pittsburgh.
Preliminary estimates place June freight car awards at about 2,063 which
would give the first half year a total of only 26,700, contrasted with 42,165
in the first half of 1927. Last June, the railroads ordered 7,440 cars. The
Norfolk & Western will rebuild 500 steel gondolas in its own shops, in addition to 250 recently so designated, and is inquiring for 40,000 tons of
rails.
The first revision since 1922 in the wage scales of the H. C. Frick Coke
Co. is a reduction averaging 11%, effective July 1. Other coke producers
have not acted. The beehive coke market shows little change, one furnace
renewing for the third quarter at $2.75. Iron and steel scrap prices continue
easy. Semi-finished steel prices are not clearly defined, but easy.
Once the Federal Trade Commission has formally approved the Steel
Export Association of America, for which the United States Steel Corp.
and Bethlehem Steel Co. are sponsors, adherence of leading independent
producers doing an export business is expected. Close co-operation with
similar European groups seems probable. American prices on sheets, tin
plate and wire rods for export already have been advanced.
Holiday shutdowns this week vary according to the state of demand.
Many sheet mills are suspended virtually all week for usual midsummer
repairs, while cold fniished bar mills are off only one day. Steel-making
operations tor the entire industry continue at about 72%. Chicago is off
two points this week,to 78%,while Pittsburgh is at about 70 and Buffalo 85.
A further recession of 12c. in the "Iron Trade Review" composite of 14
leading iron and steel products brings this barometer down to $34.93, the
lowest point since early 1922. A month ago the composite stood at $35.46
and a year ago at 836.49.
The steel operating rate fell off slightly during the week
just ended, reports the "Wall Street Journal" of July 3.
Recent business gain, however, surprises the trade, and a
possibility of operations holding steady now occurs, declares
the "Journal" in its report which we quote as follows:
BITUMINOUS COAL.
The total production of soft coal during the week ended June 23, includlignite and coal coked at the mines, is estimated at 8,390,000 net tons.
Compared with the revised estimate for the preceding week, this shows an
Increase of 48,000 tons, or 0.6%. Production in the week of 1927 corresponding with that of June 23 amounted to 8.479,000 tons.
Estimated United States Production of Bituminous Coal (Net Tons) Ind. Coal Coked,
1927
1928
Cal. Year
Cal, Year
to Date.a
Week.
to Date.
Week.
251,666,000
8,524,000
209,112,000
8.412,000
June 9
1.421,000
1,846,000
1,533,000
1,402.000
Daily average
8,281,000
259,950,000
217,454.000
8,342,000
June 16_b
1,381,000
1,827,000
1,390,000
1,527,000
Daily average
8,479,000
268,429,000
225,844,000
8,390,000
June 23_c
1,413,01)0
1,810,000
Daily average
a Minus one day's production first week in January to equalize number of days
in the two years. b Revised since last report. c Subject to revision.
The total production of bituminous coal during the present calendar year
to June 23 (approximately 148 working days) amounted to 225,844,000
net tons. Figures for corresponding periods in other recent years are
given below:
227,856,000 net tons
268,429,000 net tons 1924
1927
272,050,000 net tone
256,057,000 net tons 1923
1928
189,054,000 net ton.
224,275,000 net tons 1922
1925
As already indicated by the revised figures above, the total production
of soft coal for the country as a whole during the week ended June 16
amounted to 8,342,000 net tons. This is a decrease of 70,000 tons, or
0.8% from the output in the preceding week.
The following table apportions the tonnage by States and gives comparable figures for other recent years.
Estimated Weekly Production of Coal by States (Net Tons).
June
Week Ended
June 18
June 19
Average
June 9
June 16
1926.
1927.
1923.a
1928.
1928.
State285,000
344,000
294,000
304.000
387,000
Alabama
25,000
18,000
23,000
21,000
22,000
Arkansas
146,000
133,000
119,000
124,000
175,000
Colorado
80,000
946,000 1,243.000
620,000
681,000
Illinois
214,000
170.600
302.000
215,000
416,000
Indiana
45,000
6,000
48,000
68,000
88,000
Iowa
22,000
19,000
25,000
57,000
73,000
Kansas
977,000
921,000
918,000
893,000
Kentucky-Eastern
661,000
222,000
207.000
439,000
Western
238,000
183,000
47,000
47,000
49,000
55,000
47,000
Maryland
10,000
11,000
12,000
Michigan
5,000
12,000
44,000
43,000
23,000
39,000
55,000
Missouri
39,000
33,000
40,000
34,000
Montana
38,000
51,000
53,000
45,000
New Mexico
45,000
51,000
8,000
8,000
10,000
15,000
14,000
North Dakota
247,000
233.000
132,000
391,000
888,000
Ohio
35,000
40,000
39,000
39,000
Oklahoma
48,000
2,190,000 2,215,000 2,209.000 2,484,000 3,613,000
Pennsylvania
97,000
99,000
92,000
94,000
113,000
Tennessee
14,000
14,000
18,000
15,000
Texas
21,000
52,000
60,000
68,000
87,000
89,000
Utah
208,000
256,000
216,000
270,000
Virginia
240,000
31,000
33.000
33,000
40,000
Washington
44,000
West Va.-Southern_b_ 1,897,000 1,995,000 2,137,000 2,030,000 1,417,000
730,000
750,000
868,000
696.000
Northern_c
819,000
93,000
86,000
89,000
Wyoming
80,000
104,000
1,000
1.000
3,000
5,000
Other States_d
5,000
Total bituminous
Bennsylvanla anthracite
8,342,000 8,412,000 8,284,000 9,422,000 10,866,000
1,218,000 1,386,000 1,668,000 2,019,000 1,956,000
9,560,000 9,798,000 9,952,000 11,441,000 12,822,000
Total all coal
Steel ingot production has been moderately reduced during the past week.
a Average rate maintained during the entire month. b Includes operations on
The United States Steel Corp. is running 75% of capacity, compared with
Virginian, R. dc M., and Charleston division of the 13. & 0.
C.
&
0.:
W.:
N.
&
the
76% in the 2 preceding weeks.
c Rest of State, including Panhandle. d This group is not strictly comparable in
Independents are down % of 1% to 69%, contrasted with 6914% in the the several years.
previous week and 703 % two weeks ago.
ANTHRACITE.
Average for the industry was about 72%. against better than
The production of anthracite again declined sharply during the week
jz the preceding week and 73% two weeks ago.
Steel industry entered July last year with the Steel Corp. rtinning at ended June 23. The total output, including dredge and washery coal, is
74%, independents at 68% and the average was around 71%. Thai, the estimated at 1.083.000 net tons. Compared with the output in the preceding week, this is a decrease of 135.000 tons, or 11.1%. Production
current rate of production, is just about 1% ahead of a year ago.
7231%
during the week in 1927 corresponding with that of June 23 amounted to
1.585.000 tons. The cumulative output for the year 1928 now stands at
35,978.000 tons, a decrease of 3.651.000 tons in comparison with the same
period last year.
Estimated United Slates Production of Anthracite (Net Tons).
1927
1928
Cal. Year
Cal. Year
to Date.a
Week.
to Date.
Week.
Week Ended36,376,000
1,732,000
1 386,000
33,677,000
June 9
38,044,090
1,668,000
1,218,000
34,895,000
June 16_ b
39,629,000
1,585.000
35,978,000
1,083,000
June 23_c
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 wee ended June 23 is estimated at 68,000 tons, the same as in the
preceding week as the following table shows:
Estimated Production of Beehive Coke (Net Tons).
1927
1928
Week Ended
to
to
June 25
June 18
June 23
Date.a
Date.
1928.b1927.
100,000 1,580,000 3,442,000
46,000
48,000
Pennsylvania and Ohio__ _
398,000
297,000
15.000
12,000
10,000
West Virginia
98,000
138,000
4,000
1,000
2,000
Ala.. Ky., Tenn. lc Ga__ _
118,000
174,000
6,000
5,000
4,000
Virginia
188,000
6,(8)
108,000
4,000
4,000
Colo., Utah .4 Washington
United States total_ __ _
33
FINANCIAL CHRONICLE
JULY 7 1928.]
68,000
68,000
131,000 2,201,000 4,320,000
28,000
14,600
21.800
11,300
11,300
Daily average
a Minus one day's production nrst week in January to equalize number of days
in the two years. b Subject to revision. c Revised.
The total quantity of bituminous coal mined in the
United States during the week ended June 30 1928, according
to the estimate of the National Coal Association, was about
8,350,000 net tons.
Frick Coke Co. Reduces Pay-Wage Cut Averages 11%.
The following is from the Pittsburgh "Post-Gazette" of
July 2:
Company officials yesterday confirmed a report from Uniontown that
H. C. Frick Coke Co. had cut wages 11%, effective yesterday. The cut
affects about 30,000 workers, principally in Fayette and Westmoreland
counties. The new Frick wage scale was said to be slightly higher than the
rates paid by many non-union operators, in the Pittsburgh district.
Notices posted at the company's mines stated: "The H. C. Frick Coke
Co. always has and will continuo to maintain their policy of paying the
highest prevailing rate in the district in which they operate." Company
officials refused to amplify this statement.
Mine laborers were cut to $5.05 a day and pick miners will receive from
$1.30 to $2.32 a wagon, the Uniontown report stated.
The reduction is the first since 1922. according to reports from Connellsville. The new rate for inside day men is 86.05 for shafts and slopes
as compared with $7.50 under the old scale. Fire bosses were reduced
from $8.80 to $7.30. it was said.
Wage Cut Announced by Pittsburgh Terminal Coal Co.
The Pittsburgh Terminal Coal Corp. announced a wage
cut, July 3 effective as of July 1 according to a Pittsburgh
dispatch to the New York "Times." The dispatch added:
President Horace F. Baker said the company had established the same
wage scale paid by the Pittsburgh Coal Co. and other companies. Loaders'
pay is reduced from 65 to 58 cents a ton and machine cutters' from 12 to
11 cents.
In making the cut Pittsburgh Terminal was not influenced by the H. C.
Frick Company's reductim of 11%, Mr. Baker said:
"Philip Murray, International Vice-President of the United Mine Workers, said this was the fourth cut Pittsburgh Terminal has put into effect
since it broke with the union on April 1 1927. and its second cut this year.
Mr. Murray declared that when it reduced wages last April it promised
there would be no further reductions.
Preliminary Estimates of Production of Coal and Beehive Coke for the Month of June 1928.
The following preliminary estimates for the month of
June, as given in the United States Bureau of Mines report,
are subject to slight revisions, which will be issued in the
weekly coal report about the 15th inst. All current estimates will later be adjusted to agree with the results of the
complete canvass of production made at the end of the calendar year. The figures as now reported show that the production of 35,880,000 net tons of bituminous coal during
June 1928 fell 774,000 net tons under the output in the
preceding month of May 1928 and 747,000 net tons under
the output in June 1927. Anthracite production during
June 1928 showed a loss of 2,824,000 net tons under the output in the preceding month of May 1928 and of 1,957,000
net tons under the output of June 1927. The statistical
tables as given by the Bureau of Mines are appended:
Total for
Month
(Net Tons).
June 1928 (preliminary) (a)Bituminous coal
Anthracite
Beehive coke
May 1928 (revised):
Bituminous coal
Anthracite
Beehive coke
June 1927 (fInal)Bituminous coal
Anthracite
Beehive coke
a Slight revisions of these estimatesiwIll
he middle of the month.
Number of Average per
Working Working Day
(Net Tons).
Days.
35,880,000
5,300,000
299,000
26
26
26
1.380,000
204,000
11,500
36,624,000
8,124,000
376,000
26.4
26
27
1,387,000
312,000
13,926
1,409,000
26
36,627,000
26
279,000
7,257,000
22,269
26
579,000
be issued in the weekly coal report about
Current Events and Discussions
Returns of Member Banks for New York and Chicago
Federal Reserve Districts-Brokers' Loans.
Beginning with the returns for June 29 last, 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 641cannot be got ready.
The following is the statement for the New York member
issued
All of the Federal Reserve banks except Boston and Richmond report banks and that for the Chicago member banks thus
larger holdings of discounted bills than the week before, the principal in advance of the full statement of the member banks, which
increases being $63,500,000 at the Federal Reserve Bank of New York.
until the coming Monday. The
825,400,000 at San Francisco, $21,500,000 at Chicago, and $23.700,000 at latter will not be available
Cleveland. The Systera's holdings of bills bought in open market declined New York statement, of course, also includes the brokers'
613,800,000 and of United States bonds $2,300,000, while holdings of loans of reporting member banks,which have decrea,sedmore
certificates of indebtedness were $6,800,000 and of Treasury notes $3,100.than $400,000,000 since the first week of June, but reversed
000 above the preceding week's totals.
All of the Federal Reserve banks show a larger volume of Federal their trend this week, an increase of $147,812,000 being
Reserve note circulation, the principal increase for the week being $15.reported. The grand aggregate of these loans on July 3
100.000 at the Federal Reserve Bank of New York,612,900,000 at Chicago,
was $4,307,076,000, this total being:only $256,164,000 under
and 512.500.000 at San Francisco.
The statement in full, in comparison with the preceding the record total of 34,563,240,000;which was reported on
week and with the corresponding date last year, will be June 6.
found on subsequent pages-namely, pages 75 to 76. A CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
summary of changes in the principal assets and liabilities
RESERVE CITIES.
of the Reserve banks during the week and the year ending
New York-45 Banks.
follows:
July 3 1928. June 27 1928. July 6 1927.
July 3 is as
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on July 3,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 $159,100,000 in holdings of discounted bills, of $7,600,000
in Government securities, of $58,200,000 in member bank
reserve deposits, and of $55,500,000 in Federal Reserve note
circulation, and decreases of $45,700,000 in cash reserves
and of $13,800,000 in bills bought in open market. Total
bills and securities were $153,000,000 above the amount held
on June 27. After noting these facts, the Federal Reserve
Board proceeds as follows:
Total reserves
Gold reserves
Total bills and securities
131113 discounted. total
Secured by U. S. Government obligations
Other bills discounted
Increase (-I-) or Decrease (-,
7,642141,000
Loans and investments-total
During
Year.
Week.
5,623,891,000
-$45,700,000 -5448.400,000 Loans and discounts-total
-36,800,000 -44., _9,000
Secured by U. S. Govt. obligations_ 58,117,000
2,705,021,000
+539,200.000
Secured by stocks and bonds
+153,000,000
All other loans and discounts
2,860,753,000
+139,100,000
+684,200.000
+75,900,000
+476,400,000
2,018,950,000
+207,800,000 Investments-total
+83,300,000
-13,800,000
+10,600,000
0.8. Government securities, total
Bonds
Treasury notes
Certificates of Indebtedness
+7,600,000
-2,300,000
+3.100,000
+6.800,000
-154,900,000
-108,800,000
+7.200.000
-53,300.000
Federal Reserve notes in circulation
+55,500,000
-90.900,000
Total deposits
'timbers' reserve deposits
Government deposits
+77,500,000
+58,200,000
+10,200,000
+118,400,000
+105.500,000
+14.100.000
Bills bought in open market
7.338,261.000 6,746,714,000
5,295,360,000 4,843,061,000
33,693,000
45,236,000
2,466,268,000 2,347,884,000
2,783,856.000 2,461,484.000
2,042,901,000 1,903.653.000
895,894.000
1 115,461,000 1,116,317,000
U. S. Government securities
926,5E4,000 1,007,759,000
Other bonds, stocks and securities__ 903,489,000
Reserve with Federal Reserve Bank__ 751,671,000
57,476,000
Cash In vault
751,888,000
53,809,000
/15,975,000
60,964,000
Net demand deposits
Time deposits
Government deposits
5,512,654,000 5,270,751,000 5,347,713,000
1 185,277,000 1,224,766,000 1,006,139,000
14.632.000
58,415,000
46,940,000
Due from banks
Due to banks
110.371,000
99,778,000
121,708,000
1 305,176,000 1,157.845,000 1,234.100,000
34
FINANCIAL CHRONICLE
255,813.000
July 6 1927.
$
85,492,000
Secured by U. S. Govt. obligations_ 236,210,000
All other
79,423,000
199,510,000
56,303.000
81.450.000
4,042,000
Loans to brokers and dealers (secured
by stocks and bonds)
941,346,000 1,105,949.000
For own account
1,131,568,000
For account of out-of-town banks 1.511506,000 1.488,890,000 1,155,799,000
864,579,000
For account of others
1.664,002,000 1,729,028,000
4,307,076,000 4,159,264,000 3,126,327,000
3,260,667,000 3.142,453.000 2,377,777,000
748450,000
1,046,409,000 1,016,811.000
Chicago-43 Banks.
2,060,116,000 2,067,229,000 1,928,829,000
1,557,619,000 1,562,701,000 1,463,308.000
15,252,000
Secured by U. S. Govt. obligations_ 16,023,000
808,567,000
805,858,000
Secured by stocks and bonds
735,738,000 , 738,882,000
All other loans and discounts
13.740.000
757.873.000
691.695.000
502,497,000
504,528,000
465,521,000
225.780,000
U.S. Government securities
Other bonds,Socks and securities-- 276,717,000
220,343,000
284,185,000
193,149,000
272,372,000
174,790,000
179,580,000
Reserve with Federal Reserve Bank__ 213,296,000
22,171.000
16.719,000
18,784,000
Cash in vault
1,262,700,000 1,242,141,000 1,266,623,000
Net demanddepoults
603.316,000
717,836,000
701,900,000
Time deposits
9.847,000
4,014,000
3,224,000
Government deposits
147,843.000
165,307,000
180,299,000
Due from banks
381,898,000
355,344,000
378,100,000
Due to banks
26,149,000
73,608.000
Borrowings from F. R. Bank—total— 95,653,000
Secured by U. B. Govt. obligations.
All other
84,963,000
10,690,000
61,840,000
11,668,000
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York and
Chicago member banks are now given out on Thursdays,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks, now
640, 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 June 27.
The Federal Reserve Board's condition statement of640 reporting member
banks in leading cities as of June 27 shows decreases for the week of $35,000.000 in loans and discounts, of $13,000.000 in investments, and of
888,000.000 in net demand deposits, and increases of $14.000,000 in time
deposits and of 529,000.000 in borrowings from Federal Reserve banks.
Loans on stocks and bonds. including U. S. Government obligations.
were $24.000,000 below the June 20 total, declines of 553,000,000 at reporting member banks in the New York district and of 57.000.000 in the
Minneapolis district being partly offset by Increases of $10,000,000 in the
Chicago district. of 37.000.000 each in the Philadelphia and Cleveland
districts, and smaller increases in other districts. "All other" loans and
discounts declined $12.000.000 at all reporting banks. $9,000.000 in the
New York district, and $7,000,000 in the Chicago district, and increased
56.000.000 in the Boston district.
Holdings of United States Government securities were smaller than a
week ago in nearly all districts, the principal decrease being $12.000,000
in the New York district, and the total decline for all district being $31.000.000. Holdings of other bonds, stocks and securities increased $12,000.000 and $6.000.000, respectively at reporting member banks in the
New York and Chicago districts, and 319.000,000 at all reporting banks.
Net demand deposits, which at all reporting banks were $88,000,000 less
than a week ago,declined 342.000.090 in the New York districts $31,000.000
In the San Francisco district, 515,000,000 in the Chicago district, and
$12.000,000 in the Cleveland district, and increased $11,000.000 in the
Kansas City district. Time deposits increased $12,000,000 in the San
Francisco district. 58.000.000 in the New York district. and 514.000.000
district.
at all reporting banks, and declined $11,000.000 in the Chicago
Borrowings from Federal Reserve banks declined $10,000,000 at reCity
Kansas
the
in
porting banks in the New York district, 16.000.000
district and $5,000.000 each in the St. LOWS and Boston districts, and
the Cleveland
increased $28,000.000 in the Chicago district, 513.000,000 In
at all
district, $11,000,000 in the Philadelphia district and $29.000,000
reporting banks.
reportingmember
640
of
liabilities
A summary of the principal assets and
banks, together with changes during the week and the year ended June 27
1928. follows:
increase (+1 or Decrease (—)
During
Year.
Week.
June 27 1928.
Loans and invertmenta—total
22,428,794.000 —97,713, 00 +1,560,050,000
Loans and dlaeounta—total
15,749,696,000 —35,117,000
+979,770,000
Secured by U.S.Govt.obligations. 128,434,000 +10,819.000
6.670,154,000 —34,430,000
Secured by stocks and bonds
All other loans and discounts-----8,951.108.000 —11,506,000
6,679.098,000 —12,596,000
Investments—total
+9,313,000
+585,112,000
+385,348,000
+580,310,000
—531,317,000
+•18,721,000
+17,917.000
+5,903.000
—88,496,000
+14,213,000
—8,252,000
—53,794,000
—35,489,000
+29,042,000
+442,930,000
+137,180,000
—11,953,000
—20,134,000
—159,944.000
+736.519,000
+40,662,000
—7.363.000
—108,816.000
—404,253,000
583,980,000 +48.713,000
218.838,000 —19,671.000
+380,888.000
+113,567.000
3,016,624,000
U.S. Government securities
Other bonds,stocks and securities. 3,662.474,000
Reserve
_
banks _ 1,739.306,000
Reserve with Fed.
250,590,000
Cash in vault
13,243,626,000
Net demand deposits
7,003,606,000
Time deposits
202,683,000
Government deposits
1.084,720,000
Due from banks
3,090,516,000
banks
Due to
Borrowingsfrom F.R.banks—total. 802,818,000
Secured by U.B.Govt.obligationsAll other
•June 20 figures revised.
1al E.EEM
a
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.
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All
Other
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Loans and Investments—total
Total
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On time
Held far
Federal
Reserve
Batiks
and
Total
Stock of Money in the Country.
The Treasury Department at Washington has issued the
customary monthly statement showing the stook of money
in the country and the amount in circulation after deducting the moneys held in the United States Treasury and by
Federal Reserve banks and agents. It is important to note
that beginning with the statement of Dec. 31 1927 several
very important changes have been made. They are as follows: (1) The statement is dated for the end of the month
instead of for the first of the month;(2) gold held by Federal
Reserve banks under earmark for foreign account is now
excluded, and gold held abroad for Federal Reserve banks is
now included; (3) minor coin (nickels and cents) has been
added. On this basis the figures this time are for May 31
1928. They show that the money in circulation at that date
(including, of course, what is held in bank vaults of member
banks of the Federal Reserve System) was $4,744,074,316,
as against $4,748,458,057 Apr. 30 1928 and $4,892,667,428
May 311927, and comparing with $5,760,953,653 on Oct.
31 1920. Just before the outbreak of the World War, that
is on June 30 1914, the total was only $3,458,059,755. The
following is the statement:
8,302,847,990,
June 27 1928.
Ain! Bad in Reese against
Trust against Unued Stales
Gold & Silver
Notes
Certificates (tt (and Treasury
Dreas'y Notes
Notes
July 3 1928.
Borrowings from F. R. Bank—total-- 315.633,000
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a Includes United States paper currency in circulation In foreign countries and
the amount held by the Cuban agencies of the Federal Reserve Bank of Atlanta.
D Does not Include gold bullion or foreign coin other than that held by the Treason'.
Federal Reserve banks, and Federal Reserve agents. Gold held by Federal Reserve
banks under ear-ntark for foreign scow= is excluded. and gold held abroad for
Federal Reserve banks Is inoindsd.
c These amounts are not included in the total since the money held in trust against
gold and silver eert1ficatee and Treasury notes of 1890 Is Included under gold coin
and bullion and standard silver dollars, respectively.
d The amount of money held In trust against gold and silver certificates and
Treasury notes of 1890 should be deducted from this total before combining It with
total money outside of the Treasury to arrive at the stock of money In the United
States.
e Thls total Includes $18,555,517 of notes in process of redemption, $164,937,318
of gold deposited for redemption of Federal Reserve notes. $9,526,662 deposited
for redemption of national bank notes, $2,430 deposited for retirement of additional
circulation (Act of May 30 1908), and 36,442.671 deposited DS a reserve against postal
savings deposits.
JULY 7 1928.]
FINANCIAL CHRONICLE
IIncludes money held by the Cuban agency of the Federal Reserve Bank of
Atlanta.
g Figures revised to conform to changes effective Dec. 31 1927.
Note.—Gold certificates are secured dollar for dollar by gold held In the Treasury
for their redemption: sliver certificates are secured dollar for dollar by standard
sliver dollars held in the Treasury for their redemption; United States notes are
secured by a gold reserve of 8156.039.088 held in the Treasury. This reserve
fund may also be used for the redemption of Treasury notes of 1890, which are also
secured, dollar for dollar, by standard silver dollars. held in the Treasury. Federal
Reserve notes are obligations of the United States and a first lien on all the assets
of the issuing Federal Reserve bank. Federal Reserve notes are secured by the
deposit with Federal Reserve agents of a like amount of gold or of gold and such
discounted or purchased paper as Is eligible under the terms of the Federal Reserve
Act. Federal Reserve banks must maintain a gold reserve of at least 40%. Including the gold redemption fund which must be deposited with the United States Treasurer, against Federal Reserve notes in actual circulation. Lawful money has been
deposited with the Treasurer of the United States for retirement of all outstanding
Federal Reserve bank notes. National bank notes are secured by United States
bonds except where lawful money has been deposited with the Treasurer of the
United States for their retirement. A 5% fund is also maintained in lawful money
with the Treasurer of the United States for the redemption of national bank Dates
secured by Government bonds.
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 7 the following summary of conditions
abroad, based on advices by cable and radio:
ARGENTINA.
Business throughout the week was normal. Congress opened, and that
part of the Presidential message relating to commerce reflects the wellbeing of the country. Imports during the first five months amounted
to nearly 370,000,000 gold pesos, an increase of 13.7% over the corresponding period of the previous year. Bullion imports accounted for 93,787,000 gold pesos additional. Although it is a dull season, automobile
sales, and especially of closed cars which amount to about 25% of the
total, are better than during the same period of last year and the outlook is good.
AUSTRALIA.
Business continued depressed in Australia during the past week. The
wool clip of 1928-29 will reach 815,000,000 pounds according to unofficial Australian estimates.
BRAZIL.
General business continues quiet, but the tone is fairly satisfactory. Exchange has weakened a little resulting in some uncertainty. The coffee
market has been firm. Pernambuco reports sugar stocks at the end of
May to be 127,208 bags of 60 kilos each. A new sugar co-operative association has been formed. The market in Pernambuco also remains quiet,
bat satisfactory in tone.
BRITISH INDIA.
Imports of merchandise into India during May reached the value of
204,100,000 rupees, compared with 208,300,000 rupees for May a year ago,
while exports increased Iran 242,400,000 to 297,700,000 rupees.
CANADA.
Canadian imports during May were 44% above the April total and 20%
larger than in May of last year. All commodity groups reflect the increase, iron and iron products having advanced 32% and chemicals and
allied products, 30%. Exports increased 8% over May of last year.
Shipments of pulp and paper were 19% higher, but fibers and textiles
declined 38% and planks and boards 26%. Non-ferrous metals and
animal products registered smaller increases. Business conditions in
Quebec and the Maritime Provinces are improving. In Toronto, wholeaale trade is improving and warm weather has had a stimulating influence
on retail trade. In Winnipeg, inclement weather for the past two weeks
has been responsible for a rather quiet situation in wholesale and retail
business but prospects are excellent.
CUBA.
Business is slowing down appreciably with the initiation of the annual
slack season, the seasonal trend accentuating the general adverse conditions, particularly in the sugar industry. Business leaders express confidence that Cuba will pass through the coming quarter without serious
difficulty, although it is expected that a number of firms will be forced
out of business in the dull season. Many of these, of recognized business
Integrity and ability, have been carrying on since the disorganization of
1920 hoping for a return of prosperity to rehabilitate their strength, but
Increasing contraction of Cuba's buying power, and continued low prices
and uncertainty in the sugar market, have gradually sapped their resources, until now it is expected locally that many of these houses will be
forced to retire. Offsetting the unfavorable conditions, on the Island
as a whole, is the fact that the extreme ends of the Island are prosperous.
Reports from the Province of Oriente indicate an increased distribution
of all kinds of merchandise, including many luxury items. Oriente is a
heavy sugar producer, and some of the best managed centrals on the island
are in that province. However, there is more diversification of production there than elsewhere, and the large American fruit plantations rapidly
Increasing coffee production, cattle raising and dairying, and the production of tobacco, iron ore, copper and lumber, serve to support the
economic life of Oriente. In Pinar del Rio and in parts of the Province of
Habana, the year has been a fairly good one for tobacco and vegetables,
sugar being of less importance than in the more eastern regions. Wellinformed bankers in Habana are uneasy with regard to the scarcity of
money in circulation which, on June 1 1928 was $15,000,000 below the stock
of a year ago and $30,000,000 below 1926. It is stated that total deposits
In banks all over Cuba on June 30 1928 were considerably below the level
of a year ago. The annual feature of money movements in Cuba is the
flow of cash from Habana to the interior at the beginning of each year
and its return as the sugar season draws to a close and the slack season
commences. It is thought that this year the movement to the interior
was much slower and that the returning flow to Habana is coming in
very slowly. This is attributed to the fact that the merchants in the
Interior of the country, and the people in general, are holding on to
their cash, and there is some uneasiness as to the effect of this condition
upon the exchange situation.
FRANCE.
The first statement of the Bank of France after the revaluation of its
assets, which was issued on June 28 and described the situation on June
25, showed a gold reserve of 28,900,000,000 francs, equal to 40.44% of
its sight obligations. Exchange holdings amounted to 26,600,000,000
francs, not including futures. The note circulation totaled 58,800,000,000
francs. The minimum amount of notes convertible into gold was fixed
35
at 200,000 francs. It is believed that the weakness of sterling exchange
caused the intervention of the Bank of France in the exchange market
to avoid the possibility of gold imports.
GREECE.
A practical adjustment of recent labor troubles has been reached. .Business conditions, however, are somewhat depressed as a result of political
developments. The commercial agreements with France and Poland have
been denounced and negotiations authorized for new agreements. Official
figures for 1927 show Greek imports valued at 12,600,000,000 drachmas,
as compared with 10,000,000,000 drachmas in previous years, while exports were 6,037,000,000 and 5,430,000,000 drachmas, respectively. As
in the previous year, the United States was again the leading country of
origin
destination in Greece's foreign trade. (Drachma equals
$
JAPAN.
The principle of restriction on production has been extended to Japan's
woolen mills, while restriction in the Cotton Spinners Association is now
10%. A proposal that silk reelers contribute ,for stabilization purposes,
a sum of 50 yen for each 1,000 kin of export production is being given
consideration.
NETHERLAND EAST INDIES.
Disruption of the textile market as the result of the absence of Japanese
goods, continues. Exports of rubber from all the Netherland East Indies
In May totaled 20,680 long tons, of which 4,943 tons were shipped from
Java, 5,355 from the Sumatra East Coast, and 10,382 from all other
rubber districts.
NEW ZEALAND.
Retail sales in all lines showed large increases during the early part
of June. Money was circulating more freely than it had been in months.
The motor business was enjoying heavy sales, and used cars were being
disposed of rapidly. The outlook for the pastoral industry in the coming
year is excellent and with another year following the past six .months'
record production, imports should begin to show appreciable increase.
New Zealand's economic trend usually runs in two-year cycles and all indications are that the coming season will be even better than the last
which was unusually good.
PANAMA.
Engineers have left Panama City for State of Chiriqui, where they will
Inaugurate a survey of the Santiago-David Highway extension. An American company has planned to install vulcanizing equipment in Panama and
other Central American countries. One of the fruit companies has signed
contracts with 45 small Panama growers to purchase their crops for the.
next ten years.
PHILIPPINE ISLANDS.
Recent eruption of Mayon volcano in Albany province has caused scene
disturbance in southern Luzon, but only slight damage in abaca and
coconut areas is anticipated, unless the eruption proves very severe. The
abaca market of the past week was slightly firmer, as the result of
better inquiry from New York and London and continued Japanese activity. Arrivals at Manila were somewhat lower, though still comparatively heavy and reports indicate that supplies will continue heavy for
several weeks. During the past few months an increased percentage of
lower grades of abaca, with a corresponding decrease in higher grades,
has been noted on the market. This tendency is probably due to the low
prices which have forced small producers to sell larger quantities. Grade
F is now quoted at 24.30 pesos per picul of 189 pounds; I, 22.401
JOS, 22; JUK, 18.25, and L 14. (1 peso equals $0.50.) The week's
copra market was quiet and steady, with heavier arrivals than in the corresponding period last year, as was anticipated. Mill stocks, however,
continue below normal. Two oil mills are now operating full time and
two intermittently, with the probability that all will be producing full
capacity by the middle of July. The provincial equivalent of resecado
(dried copra) delivered at Manila is now 12.875 pesos per picul; with the
Hondagua price 12.25 pesos, and the Cebu f.o.b. quotation, 12.875.
PORTO RICO.
Business continues dull in Porto Rico and collections are still slow.
The credit situation is unsatisfactory and caution is recommended in the
extension of credits to other than well established firms. Recent rains
have relieved the drought in the fruit producing areas and the water famine
in San Juan. Uther than the reported sale of 800,000 pounds of tobacco
from the new crop at approximately $0.32 per pound, no important
transactions were reported in the tobacco market during the past week.
Thirty-one sugar centrals have completed their campaigns with a production of 386,000 long tons, as compared with 336,000 tons in 1926
and eleven mills are still grinding which expect to produce 275,000 tons as
compared with 224,000 last year. Fruit shipments for the official year
ending June 30 1928 amounted to 792,000 boxes of grapefruit, 546,000
boxes of oranges, and 648,000 boxes of pineapples. San Juan bank clearings for the month of June amounted to $22,770,000 as compared with
$23,909,000 for June 1927.
UNITED KINGDOM.
Returns for May indicate a slight but definite recession in British trade
and industry. Imports and exports and production of coal and steel
showed slight increases over April but were unsatisfactory as compared
with a year ago and there are no signs of immediate improvement. Unemployment in Great Britain on June 18 totaled 1,162,500 workpeople, an
actual increase of about 150,000 as compared with the position at the
middle of June 1927. Seasonal improvement in unemployment is recorded
by the building and allied trades but there are declines in coal mining,
shipbuilding, and in woolen, cotton and linen manufacturing as well
as
In the leather and pottery trades and in transportation
services. An
unsatisfactory feature of the present situation is the lack of new
orders
in heavy industries. The cotton trade is slightly unsettled
by local labor
disputes and other textile industries have been adversely affected
by weather
conditions. Iron and steel production has increased
slightly but conditions are still dull and buyers are holding back
hoping for price reductions. Pig iron producers are having difficulty in
maintaining prices.
Demand,for semi-finished steel is slightly better but
the finished steel
business is slack partly because of reduced shipbuilding.
Tinplate makers
are busy and demand is active. Sheet business Is
fairly good. The coal
situation during June showed little change but sentiment
is somewhat better as the marketing schemes become more effective
and show ability to
maintain prices despite continued poor demand. Export
inquiry is also Improving and Continental conditions are more
favorable for increased
British shipments. The engineering industry shows signs
of recession especially in shipbuilding and allied trades. Metal markets
have been
mostly quiet although steady.
36
FINANCIAL CHRONICLE
Chemical markets have been less active with some sections reported
very quiet and prices have therefore fallen somewhat. The general undertone, however, has remained steady. The leather trade has been quiet
with buying slow although prices have been steady. The position of the
cotton goods trade shows no substantial change since last month. Manufacturers' holidays are just heginnnig and are resulting in a falling off
of demand for yarn, which slack will extend over the next two months.
The automotive industry continued steady during June with sales slightly
lower after the Whitsun holidays. The freight market continues dull
and inactive, with demand for tonnage short of available supply and with
business difficult. No improvement is noted in the River Plate section;
Montreal trade is distinctly unfavorable and the Mediterranean and Eastern
sections have not improved.
Prof. Gregory of University of London on "The British
Capital Market Since the War."
Serious problems, involving not only London's status as
the great financial center of the world, but Great Britain's
entire ecomonic position, are facing England, Prof. Theodor
E. Gregory of the University of London said on June 25 at
the Norman Wait Harris Foundation series of lectures of the
University of Chicago. "The facts, so far as we can disentangle them, raise three questions as to Great Britain's
economic future," Prof. Gregory said. "The first is whether
or not it is sound policy for Great Britain to borrow short
and lend long. The second is whether the rate at which
British net investments is increasing is satisfactory or the
reverse. And finally, whether London can continue as the
great market for international securities if a considerable
proportion of the securities taken up are not held by British
nationals. "It seems quite evident" he said, "that the rate
of increase of net investments is not as large as it was before
the war. Since Great Britain is organized for export purposes
and is unable either to supply its raw materials or even to
feed itself, a decrease in the rate of investment is indeed a
serious thing."
In the eight years between 1920 and 1927, a total volume
of ten and a quarter billion dollars of foreign securitiea was
floated in the London market, and though the excesss of
credit items over debit items in the balance of payment was
only three and three-quarter billions, foreign capital issues
amounted to four billions, Prof. Gregory said. He discussed the complicated factors involved in determining
exactly what are the items of income and the difficulty in
computing their value exactly. One considerable item of
income is sinking fund payments, which in 1927 furnished
something like one-third the total of 545 millions of dollars
of foreign securities bought for British account, and therefore
was not a new net investment, but simply a reinvestment.
Prof. Gregory added:
[VOL. 127.
statement under the old form, have in that way been completely repaid,
except for the permanent interest-free advance of 200,000,000 dating from
pre-war days.
By virtue of the latest convention the bank has granted the State a new
permanent advance, interest-free, of 3,000,000,000. This sum total of
3,200,000,000, which figures in the present return for advances to the
State, will remain unvariable and in future only the account of Treasury
deposits will fluctuate. Comparisons show that the Treasury is not
utilizing advances by the bank, but on the contrary is a creditor at the
bank for nearly 2,000,000,000.
In the older form of the bank's return, besides the 17,900,000,000 advances to the State, there was an item of 5,930,000,000 representing advances granted by the bank to Russia during the war for account of the
French Government and guaranteed by the State. The catsse d'Amortissement has taken over this advance and will write it off from its own
resources. In payment for that loan the bank has received 5,930,000,000
in defense bonds from the caisse, which are negotiable and part of which
the bank can place on the market when it desires to make credit less
abundant.
Bankers' View of New French Bank Return—Changes
in Balance Sheet under Stabilization Which Interest Financial Market.
The following, from Paris June 29, appeared in the New
York "Times":
There are numerous aspects to the new form of the Bank of France statement as published Thursday which have not yet been greatly emphasized
but which bankers emphasize particularly. The gold reserve, for instance,
formerly appeared in the bank's return under the three headings of "gold
in vaults," "gold available abroad," and "gold unavailable abroad." The
last item reported gold deposited with the Bank of England as guarantee
of loans made to France by the British Government during the war which
have not yet been paid off. That theoretical debt has, however, been completely redeemed along with the cancellation of the bank's advances to
the State, and "gold unavailable abroad," therefore, disappears from the
return. The heading "gold reserve" now includes only gold in vault or
gold ear-marked abroad. These appear under one heading and foot up
28,934,000,000 francs.
The new currency law stipulates that gold reserves must amount to at
least 35% of the total engagements of the bank--not only note circulation
but also "creditor current accounts." Circulation amounts to 68,772,000,000
francs and current accounts to 12,757,000,000; thus total liabilities being
71,529,000,000. Proportion of gold reserves to engagements is therefore
40.45%, but the ratio of gold holdings to note eirculatian alone exceeds 49%.
The bank's reserves of foreign exchange figure in the return under the
two headings "exchange available at.sight abroad," amounting to 15,984,000,000; second, "negotiable bills purchased abroad," which aggregates
10,544,000,000. This total of 26,528,000,000 falls considerably short of
the previous item of "sundries assets," which embodies foreign exchange
holdings in the previous statements and which a week ago were reported
as slightly exceeding 30,000,000,000. From this it appears that the
bank's holdings of foreign exchange have been considerably reduced since
all hope of upward revaluation of the franc has been denied to the
speculators.
New Franc Will Fluctuate only Between "Gold Points."
With gold parity officially established the rate of the
franc on the foreign exchange market can now oscillate only
between the two gold points, said a wireless message from
Paris, June 29, to the New York "Times," which went on
to say:
If these figures for 1927 can be regarded as representative, then in the
5-year period between 1923 and 1927. the net new British subscription to
foreign capital issues would be only 1425 millions against a nominal gross
subscription of 2.175 millions. But since in the same period the excess of
Invisible earnings Over the visible balance of trade amounted to 1.655
The export point and the import point cannot yet be exactly established.
millions, there is some reason to suppose that in addition to a net subscrip- In Paris
banking circles it is estimated that the margin of fluctuation from
tion to public issues of 1,425 millions, there has been an increase in private
the theoretical par will be in the neighborhood of four per thousand for
Investment abroad by British of at least 230 millions.
sterling
and
six per thousand for the dollar. That margin may, however,
But these amounts compare very unfavorably with the pre-war volume
reduced by conditions which the Bank of France will fix for its put.of capital export, which in the single year 1912 amounted to 1,100 millions. be
In terms of pre-war prices, the net aggregate new investment for the last chases or sales of gold.
The bank did not intervene on the exchange market this week; the
5 years is only equal to that figure for the year 1912.
For 2 or 3 years, there has been a growing suspicion that it Is impossible market's variations were caused purely by automatic supply and demand.
to understand the figure of the balance of payments and new investments It is taken for granted that the bank will on occasion intervene to regulate
without taking into account short term borrowing by London abroad.
This the oscillations of the franc, but it is believed to be disposed to allow
short term money is quite likely to be invested in long term securities after a export of gold on occasion, in order to prove that convertibility of the
period of time has elapsed. And still a further element in the question is as bank notes is not merely theoretical. As yet, however, there have been
to the amount of reinvesting coming from payment of foreign holdings Lin no dealings in gold for either export or import. The gold which the bank
expects still to receive from abroad is already ear-marked.
British securities.
Franc Revaluation Effected Quietly—Aspects of Can- Favors Monetary Union for
Europe—Francois-Marsal Says
cellation of State's Debt to Bank—Exchange MarFranc Is Inadequately Protected Without One.
ket More Active.
The re-establishment of a monetary union for the further
In one of its Paris messages (June 29) the New York protection of the French franc is urged in an article published
"Times" stated:
by Senator Francois-Marsal in the current number of ActualiOfficial stabilization of the franc at the beginning of the week encounJuly •4 to the New York
tered no more opposition from Parliament than from the general public. ties, says a special cablegram
It would probably, indeed, have gone unnoticed by the general public but "Journal of Commerce" from which we also quote as follows:
for the numerous articles in the press discussing it. It has had no effect
on prices, but the common remark has been that any effect produced could
have been only psychological responding to the safe opportunity which
permanent stabilization provides for merchants to deal at a narrower
margin of profit
This may quite conceivably produce a decline in quoted prices. The
stock market was not stimulated by the stabilization news, which, however,
had been fully discounted in advance. On the contrary, many previous
buyers of stocks realized profits on the announcement and, although Bourse
quotations were firm, business was rather inactive.
Money market supplies were visibly reduced by the recent Treasury payments on account of the new loan and by sales of foreign currency by the
bank; the discount rate hardened with 3,4,%. The exchange market was
naturally more active than was possible when the rate on francs was
established by the bank.
Cancellation of the Government's debt to the Bank of France, as an
offset to the downward revaluation of the franc with the consequent
nominal Increase of franc holdings in gold, had been fully foreshadowed.
These advances, which amounted to 17,900,000,000 francs in the last bank
Senator Francois-Marsai points out that without such a monetary
union the franc is insufficiently protected from the exigencies of the
exchange market, especially as compared with the other great European currencies and the dollar.
"Will our monetary problems be ended by stabilization?" asks
the Senator. He answers:
"We do not believe it. In our opinion, stabilization of the franc
should be considered merely as one step in the steady progress toward
the solution of the monetary question. In itself, it is not sufficient
to every conceivable crisis in the quotation of our currency.
Latin Monetary Union.
"Before the war the market for the franc was quite extended,
because under the convention of December 23, 1865, a monetary union
was established between Belgium, France, Italy and Switzerland,
whereby the currencies of these countries were linked together.
"We might ask if it would not have been best if the Belgian and
French franc had not been stabilized together at the same point.
But it is too late to regret this—in fact, the market for our franc
and for the Belgo-Luxembourg unit have both become too narrow. As
JULY 7 1928.]
FINANCIAL CHRONICLE
ompared with the great volume of transactions normally carried on
in dollars, pounds sterling and marks, those in French francs are very
small, and we would have as much interest as our Belgian neighbors
in enlarging it. At least, in this respect, the changes caused by the
war ought to be eliminated.
"But can we go back to the pre-war formula of the Latin monetary
union? We think it would be very difficult. But other means may
be conceived to reach the same goal. The Bank of France, which
will intervene to protect the foreign quotation of the franc through
buying and selling gold, can establish a convention with another
foreign bank in order to regulate gold shipments with these countries.
For example, such a convention would be made with the National
Bank of Belgium. In this way it might be possible also to avoid
gold shipments entirely through arrangements between these banks
of issue. Different means occur which may be resorted to for this
purpose, such as an international clearing house, or simply through
maintenance of current deposits by each of these banks with the other.
In this way the exchange markets of both countries would gain in
size and soundness, and the inconveniences of different exchange parities would be partially attenuated.
"Similar agreements could then be made with other countries, and
a new monetary union thus gradually established. A necessary prerequisite in each case, however, will have to be the complete re-establishment of confidence in each country. Furthermore, the independence of the banks of issue from government financial vicissitudes
would have to be scrupulously maintained. Certain political stipulations, furthermore, would have to accompany the monetary stabilization.
'"In this way, we could gradually re-establish the economic ties
which would be one of the most important mainstays of political
Peace."
Federal Reserve Bank of New York on Stabilization
of Franc—Progress Toward Return of Various
Countries to Gold Standard.
In commenting on the recent stabilization of the French
franc, the Federal Reserve Bank of New York furnishes a
list of the principal European and other countries which
have established their currency on a gold or gold exchange
standard. We quote as follows from the bank's "Monthly
Review" issued July 1:
17
tectionist policy is fallacious, in the opinion of Professor
Gustav Cassel, Swedish economist from the Stockholm Hogskola, who spoke on "The War Debts" on .June 27, in the
seventh lecture of the 1928 Institute of the Norman Walt
Harris Foundation held at the University of Chicago. Prof.
Cassel said:
The United States must once and for all make a definite choice between
their interest in protecting home industries and their interest in alleviating the Federal budget. Because of the necessity of maintaining the
international balance of trade the United States must necessarily be con
fronted with Germany as the ultimate payer of debts owing from Francs
and the other war debt countries, with German exports as the ultimate
means of payment
If the creditor country does not wish to receive the goods of the
debtor country, the payments of debts must naturally meet with insuperable obstacles. If the United States wish to remain a protectionist
country sheltering its industries by means of high tariff walls against
foreign competition, it would be logical to direct all endeavors toward
a far-reaching cancellation of war obligations.
Professor Cassel pointed out some of the difficulties inherent in the working of the Dawes plan. Germany can g0
on paying reparations as long as enough foreign capital is
pouring into Germany to keep German industries and agriculture going efficiently. But when that flow diminishes,
payment being made to creditor countries will dangerously
deprive Germany of its necessary capital, unless the money
paid in to the Reparations Agent is kept in Germany, 'remaining part of the German capital equipment. He stated:
The framers of the peace treaty as well as those of the Dawes plan were
of the opinion that Germany was well-equipped with capital for an
long-term investments. This proved to be a great fallacy. Since the
acceptance of the Dawes plan Germany has imported capital on a scale
never known before in the world's economic history. But the sound
mortgaging of German property has its limits, and American lenders will
perhaps prove wise enough not to go beyond those limits. When once
they are reached the period in which reparations could be paid by meane
of foreign loans will have come to an end, and the world will then be
faced with the real problem of reparation payments. As a test for Germany's ability to take over the war debts the Dawes plan has thus
far proved a failure.
According to the Dawes plan the Reparation Agent may not permanently make use of the influx of foreign loans in order to accomplish
transfers which have no concrete basis in the exchange of goods between
Germany and foreign countries. When is the Agent to stop this procedure, which in principle is unjustifiable? This is no question for
the
distant future; it is a very acute question of the immediate present.
Germany has in no way hampered the transfer of goods to the countries
entitled to them. The Allies themselves are putting the greatest stumbling
blocks in the way of transfers by their reluctance to admit German
goods. If anyone owes me money and is ready to pay me, it is rather
singular behavior on my part if I impose certain duties on his deliveries,
and in this one-sided way increases the burden of his liabilities. The least
that can be asked of the recipient countries is that they shall not raise
their customs duties above the level at which they stood when the
deSts
were contracted.
The two essential difficulties standing in the way of reparations payments are (1) the stringency of the German capital market caused by
the transfer of the payments from Germany to the recipient countries,
and (2) the aversion of the recipient countries to the import of
German
goods.
A general settlement of all war obligations on reasonable lines
is a
matter of very important interest to the United States. And even if we
take broader view of the whole situation, and look upon the
problems
involved with the eye of a free-trader, it must obviously be
recognized
as a paramount interest for the United States, as well as
for civilised
humanity at large, that political claims should not be
forced beyond
what is compatible with economic welfare, and that a
solution of w1117
obligations should be arrived at allowing the whole economic life
of the
world a fresh start and the best chances for a prosperous development.
Legal stabilization of the French currency on a gold basis became effective
on June 25, after the French Parliament had passed by a large majority
the bill submitted by Premier Poincare fixing the value of the franc at
651
/
2 milligrammes of gold, 9/10ths fine. The gold parity between the
franc and the dollar is thereby fixed at 3.9179 cents per franc or 25.5239
francs to the dollar, which is at a rate approximately equivalent to that
at which the French currency has in fact been stabilized for the past year
and one-half, as the accompanying diagram shows.
France has for the present a form of gold bullion standard which may
become the traditional gold standard without further legislation. The Bank
of France is given the option of paying its notes either in gold coin or in
gold bullion of a certain minimum quantity, fixed for the present by the
bank at 215,000 francs. The fixed limit on the issuance of Bank of
France notes has been removed and the bank is now required by law to
keep a minimum gold reserve of 35% of its notes and its sight deposits.
It is noteworthy that the French Government did not require any foreign
loan nor did the Bank of France obtain a central bank credit such as
was secured by central banks of other countries in connection with their
stabilization programs.
The French stabilization marks an important step in the return of
the
world to currency stability in terms of gold, and is particularly significant
for world finance and trade because world money markets have been
much
affected in recent months by large movements of funds associated
with
French financial reconstruction.
The French return to gold payments brings close to completion
the
monetary stabilization of Europe. The following chronology
indicates the
progress of the return to the gold or gold exchange standard by
principal
European and other countries for which dates can be given:
1920—January
Salvador
1926—January
Finland
1922—September
Lithuania
July
Canada
November
Latvia
October
Belgium
1923—July
Colombia
December
Brazil
Professor Cassel is the author of numerous books on
1924—April
Sweden
1927—January
Denmark
June
Hungary
April
finance, and of memoranda for the Brussels Financial
Czechoslovakia
October
Germany
India
1925—January
Committee and the League of Nations Financial Committee,
Austria
August
Argentina
April
Australia
October
Poland
and
has served as expert at international conferences.
Dutch East Indlee
December
Italy
England
1928—January
Estonia
Netherlands
April
Norway
South Africa
May
Greece
July
Chile
June
France
German Borrowing Near Total for 1927—Aggregate for
The first statement of the Bank of France under the stabilization
plan
Indicates that the total gold reserve is nearly 29 billion francs
5 Months, 834,000,000 Marks, Against 1,469,100,000
of
$1,184,000,000, which is slightly larger in value than the total
amounts of
Marks for All of Last Year.
gold which the old statement showed under the three categories, gold in
hand, gold available abroad, and gold abroad not available. It gives the
The following is from the New York "Times" of July 1:
Bank of France a gold reserve equivalent to 49% against its note circulaForeign borrowing by Germany is again closely approaching
the reeved
tion and over 40% against notes and sight deposit liabilities. The state- proportions attained late last year, the May total
of
ment further indicates that the bank has foreign balances, both at sight having been exceeded only by the figure of 500,900,000430.900,000 marks
marks
established
and in the form of negotiable bills, totaling 26 billion francs, or over one last October. The record was established just before S.
billion dollars, not including nearly 10 billion francs of foreign exchange Agent General for Reparation Payments,issued his annual Parker Gilbert,
report
containing
loaned. If gold and amounts available at sight abroad and in bills abroad, a warning against excessive borrowing. The figure for
May, this year.
compares with a total of only 58,200.000 marks in
excluding foreign exchange loaned, are placed against notes and
May, 1927.
sight
Germany's borrowings in foreign lands in the first five
depositss, the percentage of cover is 77.5.
months of
A further interesting feature of the statement is that advances to the amounted to 876.000,000 marks, according to a compilation the year
made by
State, which formerly constituted a considerable percentage of the assets the "Berliner Tageblatt."
The figures began to decline last year when
of the bank, have been largely wiped out by the application to this purpose
measures were adopted by
of the profit from revaluation of the gold reserves, except for a small loan the Reichsbank to check foreign borrowing. Shortly
thereafter Mr.
to the government without interest. The bank also holds negotiable bonds Gilbert's report was published with its strictures against
"unproductive"
of the Caisse d'Amortissement and is thus in possession of a portfolio of borrowing by the States and municipalities. In the current year
there
has been no borrowing by the States and municipal
negotiable securities.
tionalized." Much private business has recently issues-have been "rabeen rushed through in
it is said, of Summer dullness on the
Professor Cassel on Difficulties in Working of Dawes anticipation,
New York market.
Of the May total of 430,900,000 marks the
United States market abPlan—Belief That Germany Can Pay Indemnities sorbed 354,900,000 marks, the remainder
being
land and Sweden. Of the 76,000,000 marks placed in Switzerland, HolWhile U. S. Maintains High Tariff Fallacious.
placed in Europe 40% was
Issued privately, owing chiefly, it is thought,
to saturation of the public
Belief that Germany can pay her enormous war indemni- market for German securities.
Comparison
of
foreign
borrowing
in
United
States maintains a high tariff prothe first five months this year
ties while the
with
the full year 1927 is as follows, in marks:
FINANCIAL CHRONICLE
[vol.. 127.
Jan.-May.
The "Herald Tribune" in its issue of the 6th said:
1927.
1928.
The dramatic death of Capt. Alfred Loewenstein did not affect the
225,300.000 New York securities markets as it did those in Europe yesterday, but was
States
94,300,000 108.300,000 the centre of conversational interest throughout the financial district.
Individual cities
25,400.000 A reassuring statement emanated from the J. Henry Schroder Banking
137,400.000
Municipal collective
197,400,000 407,200,000 Corp., his chief bankers both in London and this country, when the reAgricultural
51,200.000 port of suicide became
50.100.000
Housing
widespread and Wall Street began to estimate
189,000,000 what the effects might be.
Banks
93,400,000
190.900,000
Electricity
Reports from abroad which stated that Captain Loewenstein had been
111.800,000 218,100.000 disappointed because of his failure to negotiate successfully an American or
Mining
84.000,000 English loan for the
7,400,000
Transportation
International Holding & Investment Co., a large form
67.200,000 of investment trust which
44,700,000
Other
he controlled, were denied at the Schroeder
offices. The 825,000,000 loan had been arranged at 5% it was explained,
834,000.0001.469,100.000 but the offering had been withheld
Total
because of the uncertain condition of the
bond market. The following statement from London, signed by F. A.
Szarvasy,
President
of
the
British
and Colonial Co., and Albert Pam,
Large Increase in German Financing in U. S.—Aggreforeign partner of the
Corp., who, with Captain Loewenstein,
gate Since Jan. 1 Approximates $200,000,000.— constituted the advisorySchroeder
committee which passes on all security purchases,
was issued:
Further Demands for New Capital Expected.
"In view of the regrettable death of Captain A. Loewenstein, the PresiOne of the outstanding features of foreign financing in dent
of the International Holding & Investment Co., Ltd., and the Hydro
the United States during the first five months of 1928 Electric Securities Co., announced by these companies, we. the underhas been the large volume of financing underwritten for the signed, as members of the advisory committee acting for the two companies, state that the financial position of
companies is sound and
account of German banks, corporations, &c. New financing that the very large shareholdings of the lateboth
Captain Loewenstein in the
for the account of German interests in May exceeded the two companies are in the main to the best of our knowledge unencumbered.
"It is as yet too early to say what arrangements can be made to fill the
total financing for any other foreign country. Total Gerplace of Captain Loewenstein as President of the two companies, but due
man financing for the first five months of the year also ex- consideration is being given to the matter by the Board in Canada and an
ceeded the total for any other foreign country. Based upon early announcement will be made.
"There is nothing in the situation as we understand it to-day which in
a compilation made by J. Henry Schroder Banking Corpora- our
opinion need give rise to any anxiety. Our advice to the companies
tion in their current issue of Finance and Trade Commen- will be to continue and further develop the well conceived policy agreed
tary, $88,000,000 German securities were offered in the upon by us with Captain Loewenstein.
"The contemplated sale by the International Holding & Investment Co.,
American investment market in May, an amount equal to Ltd.,
of the unissued shares in the company will be proceeded with forththe total of :,x,000,000 German securities floated during with."
June
far
during
On
Captain
year.
Thus
Loewstein's trip to this country in April he is understood to
months
of
the
fourth
the first
have purchased 45,000 shares of United Gas Improvement stock and large
a total of $20,000,000 German financing has been offered, amounts
of Electric Bond Share, at top prices. He also had large holdings
making the total since Jan. 1 $196,000,000. "This revival in Canadian hydro-electric companies.
In German financing, particularly noticeable during the latCapt. Loewenstein's visit to this country was referred to
ter part of May," the bankers point out, "was accompanied in our issue of May 12, page 2901.
by a revival of business activity in Germany. The consensus of opinion there now is more optimistic than it was a
few months ago, and may mean continued demand for capi- Italy's Bank Raises Capital—Increase to 500,000,000
Lire Planned by Issue of New Shares of 1,000
tal in the near future." The increased borrowings, it is
Lire Each.
added, "may mark a renewal of the upward trend in the
The "Wall Street Journal" of June 27 contained the folamount of German financing which began with the third
quarter of 1927, but which was interrupted during the first lowing Paris advices:
Capital of Bank of Italy, at present 240,000,000 lire in 300,000 shares
quarter of the current year."
Death of Capt. Loewenstein, Belgian Banker, in Fall
from Plane at Sea, Affects European Markets.
The drowning of Capt. Alfred Loewenstein, Belgian
banker, as a result of a fall from his airplane during a flight
over the English Channel (from Croydon, near London, to
Brussels), on July 4, caused a break on July 5 in stock prices
in European markets. Yesterday (July 6) Paris Associated
Press cablegrams said:
In Paris, London, Brussels and Berlin stock exchange reacted quickly
when the death of the financier became known. In Paris every security
In which he was known to have been interested dropped sharply. A few
wild reports that the announcement of the death was merely a spectacular
trick under the cover of which Loewenstein, still alive, was arranging
some business deal received some support and helped save the stocks from
further declines.
The Loewenstein stocks on the Paris Bourse recovered sharply, however,
to-day. Tubize silk, always active in the late banker's interests in Paris.
gained 75 francs. The flurry seems to be over, although the market is
still irregular and undecided.
The reassuring statements which have been issued concerning Loewenstein's financial interests were followed to-day by a stronger note on the
London Stock Exchange. After the swift collapses of several stocks in
which he was interested a better tendency was noticeable at last night's
close and it was generally believed that there would be no further material
set backs of such shares apart from moderate fluctuations incidental to
the arrangement of his affairs.
International holdings were quoted to-day at 150 against yesterday's
140 and hydros were quoted at 38% against 31 in the London market.
Despite yesterday's falls, it is expected that the settlement next week
will pass off without trouble, as the authorities are exercising their previous policy of restricting carryover facilities.
The closing rally yesterday was attributed to rumors that New York
had come in as a buyer and a reassuring statement by officials of the
International Holdings Co. and the Hydro Electric Corp., both of which
were affected, led to a rally in prices.
On July 5 the "Journal of Commerce" in a cablegram from
London said in part:
The markets have been acutely nervous regarding Loewenstein's stocks
for several weeks, owing to the recent trouble in Brussels. Consequently.
Intense excitement prevailed at the morning opening. International
Holdings, at 220 yesterday, touched 101 to-day and fluctuated violently.
closing at 140. Hydroelectrics. at 53 yesterday, touched 25 to-day and
closed at 40.
Hard Large Following.
Loewenstein's financial transactions in London, Brussels, New York
and Montreal,and his spectacular offers to the Belgian and French Governments gave him exceptional prominence. Recently his affiliations with
Schroders and the British Foreign Colonial Corp. in London and with
Sir Herbert Holt and other magnates in Canada increased his following.
Moreover, he created important artificial silk connections around his
Tubize Co. At the same time his prolonged warfare with Dreyfus Bros.
of Celanese fame was regarded as one of his most interesting exploits.
, It Is also understood that be quite recently failed to secure control of
the Bank of Brussels.
of 800 lire with 600 paid-up, is to be raised to 500,000,000 by issue of
200,000 new shares of 1,000 lire, 600 paid-up, while nominal value of
the old shares will be raised to 1,000 lire.
Of the new shares 100,000 will be given free to existing shareholders In
proportion of one new for three old shares and the capital corresponding
to these shares, 60,000,000 lire, will be taken from reserves. The other
100,000 will be taken up by the public savings banks at 1,300 lire each.
All shares will be registered and transferable only in cash in order to
avoid fluctuations due to speculation.
A new convention between the government and bank determines the
position of the Governor, disposal of profits resulting from the stabilisation
of the lira, and State's share in net profits of the bank, notably u
concerns the profits derived from exchange held abroad by bank.
Bank of Italy share quotes 2,600 lire, against 2,000 a year ago.
New Banks in Turkey to Be Established—Two Institutions Reported to Have Total Capital of 1,500,000
Turkish Pounds.
Under the above head the "United States Daily" of June
25 stated:
The profits of the Business Bank of Turkey during 1927 were 1,000,000
Turkish pounds (approximately 8510,000). according to a statement of
the Director General of the Bank contained in a report of Vice Consul
Raymond A. Hare, Constantinople, just made public by the Department of
Commerce. The full text of the report follows:
According to a statement attributed to the Director General of the Business Bank of Turkey, the profits of the bank during 1927 amounted to over
1.000,000 Turkish pounds. (The average of the pound for that year was
51 cents, United States currency.) This permitted the payment of dividends of 15% to stockholders and the retention of 250,000 liras as a reserve
In accordance with the bank's charter.
It Is reported that a new bank at Smyrna, to be known as the "Essaf vela
Ehali Bankassi" (National Savings Bank), will be opened shortly. It Is
said that this bank will have a capital of 1,000,000 Turkish pounds and will
establish branches in the vicinity of Smyrna.
The press reports that a group of Turkish engineers has taken steps to establish a bank with a capital of 500,000 Turkish pounds, which will lend
especially for building purposes. It is said that the charter of the new bank
has been approved by the Ministry of National Economy, but no other
details concerning the bank's organization have been made public.
Period for Exchange of Paper Currency for New Bank
Notes Issued by Turkey Extended to Sept. 8.
The Department of Commerce, in its advices from abroad
made available June 30 said:
The period for the exchange of the paper currency issued by the former
Imperial Ottoman Empire for the bank notes has been extended to Sept. 8
1928. according to a law recently passed by the Grand National Assembly.
This extension is due largely to the fact that currency from the interior has
been slow in arriving. The total new currency amounts to T153,000,000.
which is approximately the amount of the old imperial issue. It Is expected.
however, that approximately T20,000,000 of the old issue has been lost or
destroyed and the government will therefore profit to this amount. (T
equals approximately $0.51).
JULY 7 1928.1
FINANCIAL CHRONICLE
39
understood from latest advices that this controversy is being settled
through the payment of interest in Belgian francs, equal to four times
Rumanian Loan in U. S. Believed Dropped.
the value of the paper lei.
to
loan
$60,000,000
a
of
floating
the
for
Negotiations
going
been
Rumania by American bankers, which have
Silver Reserve of India Being Sold.
on for some time in New York, are understood to have
is from the "United States Daily" of June
following
The
on
Washington
at
been dropped, it was reliably learned
29th:
July 5, says advices to the New York "Journal of ComInterest in the future action of the Government of India with regard
merce". The dispatch also says:
disposal of its surplus silver has been aroused: by the recent sale
The amount to be raised here was to have been part of a larger
loan in which certain European countries were to participate for the
purpose of stabilizing the Rumanian currency.
The loan in this country was to have been obtained through the
Federal Reserve Bank and the Banque de France and negotiations
were first initiated last March. The proposed loan was subsequently
severely criticised in Congress, where Representatives Cellar of New
York assailed it because of Rumania's alleged injustice against foreign
minorities and it was also scored by Jewish organizations in this
country which, however, later withdrew their opposition.
State Department officials stated that the question of a loan to
Rumania by American bankers had never come to the attention of the
department. It is customary for the bankers to ask the State Department for final approval in the event of a loan to a foreign country,
but it is understood that the negotiations never progressed far enough
for the bankers to take this step.
While negotiations in this country are understood to have received
a setback, it is believed that the Rumanian Government will continue its efforts to obtain part of the desired loan in Europe. Reports from Paris have indicated that the French Government has
agreed to make a loan of approximately $12,000,000 for stabilization
of the Rumanian currency. British and German banks are also expected to participate in the loan.
Rumanian Legation officials refused to comment today on the status
of the negotiations. George Bonseco, financial counselor of the legation, who has been handling the negotiations with the bankers, was
in New York today, presumably on business connected with the
negotiations.
to the
of 3,500 bars (one bar contains 1,050 ounces) from the Paper Currency
Reserve "in special quarters for delivery by instalments," according to
a report from Assistant Trade Commissioner Robert 0. Cockburn, Bombay, made public by the Department of Commerce, June 27. The full
text of the report follows:
It is of no little importance to examine the latest currency returns,
especially at this particular time of the year when the busy season is
about to end. It will be found that during the past seven months something like 130,000,000 rupees of silver coins have been withdrawn from
situations
the Paper Currency Reserves and entered circulation. This
is the reverse of that obtaining last year when rupees were flowing into
height
the Paper Currency Reserve. Hence it would appear that the
movements
of the influx of silver coins has been passed and that future
may be an outward flow.
someFor several years prior to the influx India has annually absorbed
pre.
thing like 50,000,000 silver rupees. Should this condition again
rail, it is scarcely likely that the Government's future silver sales
will be as large as has been feared in certain quarters. Again, it should
place
be remembered that it is greatly to the Government's favor to
sustained.
rupees into circulation since in melting rupees a heavy loss is
of
It is perhaps of greater importance to watch carefully the amount
silver bullion in the Paper Currency Reserve since it is known that no
further coinage is to be undertaken.
There is little doubt at this time that if any favorable opportunity arose
for the disposal of this portion of the Paper Currency Reserve, the Government would readily avail themselves of it.
Hague—Question
An item regarding the proposed stabilization of Ru- Brazilian Loan Dispute Submitted to
of Paying
Manner
Involves
Court
International
Before
manian currency appears under another head in this isPre-War Loans Placed in France.
sue of our paper.
Paris advices to the "Wall Street Journal" July 3 stated:
As the result of long negotiations Brazilian and French governMove for Stabilization of Rumanian Leu,
ments have agreed to submit to the Court of International Justice
at The Hague the question of payment of three Brazilian Federal
Associated Press advices from Bucharest July 5 stated:
Stabilization of the Rumanian leu, which for years has wavered
between 160 and 300 to the dollar, is now regarded as assured. The
Cabinet has approved a convention between the Rumanian National
Bank and other foreign banks which will enable the Government to
fix the value of the leu at about 162 for the dollar.
M. Maniu, leader of the National Peasant Party, has served notice
that his party repudiates the agreement and will oppose the stabilization law by every means in its power. Most of the newspapers
also express dissatisfaction with the terms of the roan, but admit that
it seems the only effective means of stabilization.
Earlier Associated Press cablegrams from Bucharest
(July 2) had the following to say:
The local press announced today that France had agreed to advance
Rumania 300,000,000 francs (about $12,000,000) for the stabilization
of the leu, the Rumanian monetary unit. The matter, it was said,
would be finally negotiated with representatives of the Banks of
England and France here this week, and as a settlement of the Rumanian-German bonds dispute appears imminent, it is expected that the
German Reichbank will also participate in the stabilization loan.
Should stabilization be adopted by Parliment, as now seems likely,
close observers believe that any danger of the Bratianu Government
resigning over the financial situation would appear to be definitely removed.
The following is from the "Times" of July 3:
Negotiations between Rumania and large banks, including the
Banks of England and France, the Reichsbank and some American
Banking houses, for a stabilization loan have been going on for sonic
time. The latest reported negotiations were between Rumania and the
Reichsbank and were broken off on June 17 when the German institution refused to co-operate unless German holders of Rumanian Government loans were satisfactorily indemnified.
Report of Postponement of Flotation of City of Bucharest
Loan.
From Bucharest July 2 the New York "Journal of Commerce" announced the following:
It is officially stated by the Association of Rumanian Banks that the
proposed loan of the City of Bucharest, which was to be floated in
New York, will not take place because of the intervention of Vintila
Bratiano, President of the Council and Minister of Finance.
The loan to the city has been postponed "sine die."
It is added in the statement of the association that the proposed
terms of the loan were entirely satisfactory, but that its consumation
would not be feasible until the national stabilizaion loan was out of
the way.
Commenting on the above the paper quoted said:
The City of Bucharest has been endeavoring to establish its credit
in this market and float a loan for municipal improvements for a long
time past. At first it had almost succeeded in floating a loan with one
local banking house, but the change of government incident to the
death of Jan Bratiano is understood to have changed the plans of the
city administration. An open letter requesting bids on a loan of
$10,400,000 was then addressed to a score of local financial institutions. This method of competitive bidding was frowned upon in a
number of instances, but it is understood that at least one house
has reached a tentative agreement with the municipal authorities to
handle the issue.
In the meantime, European protective associations had been protesting against the payment of interest on two pre-war city loans in paper
Id. Representations were made to the Institute of International
Finance here by both Belgian and Swiss bondholders. However, it is
pre-war loans in France. These are:
1909 5% Loan (Port of Pernambuco) 40,000,000 francs,
1910 4% Loan, 100,000,000 francs,
1911 4% Loan, 60,000,000 francs.
In all three eases the contracts stipulate that interest shall be paid
"in gold," as also the repayment of capital. The depreciation of the
franc together with the French legal prohibition on any distinction between the gold and the paper franc are at the origin of the dispute.
The international court is called upon to deckde whether Brazil is
right or wrong in having paid and in paying to French holders of
the bonds the interest or capital due on them in French paper francs.
It is stated that this is the first time in which a dispute of this
kind has been submitted to The Hague Court. The enactment of a
new gold value for the franc is expected to influence its decision. In
that connection it is recalled that Italy has determined to pay her
debts labelled in gold lire on the basis of the new weight assigned to
the currency unit.
Finding of the court will apply only to French citizens, since the
French government can represent only its own nationals before the
Court, but it is easy to say that other nationals holding the bonds
would have a strong chance of being treated in the same manner upon
representations by their respective governments.
Mexico to Take Drastic Measures Against Gold Exporters—
Severe Steps Against Those Smuggling Metal Here
for Profit.
From the New York "Times" we take the following
Mexico City advices June 28:
Luis Montes de Oca, the Minister of Finance, is on the point of
issuing drastic orders to stop the constant flow of Mexican gold
across the United States border contrary to the law forbidding its
export.
This illicit transfer has formed one of the biggest problems of
Mexican finance ever since the rate of exchange on the American
dollar against Mexican gold began to make possible a margin of
profit sufficient to tempt those willing to take the risk to make
money.
At present the Bank of Mexico has official control of all movement of gold currency throughout the Republic, and transportation
companies will be severely dealth with if they are found moving as
much as a single gold peso without the bank's authorization.
An example of the way the contraband traffic is carried on was
furnished recently when it was reported that 10,000 gold pesos were
found beneath the footplate of a national Railway engine hauling a
passenger train to the border.
If Senor Montes de Oca has discovered a means of stamping out
this traffic in gold, financial circles think he will succeed in materially aiding Mexico's Government finances and helping' private trade to
offset the handicap laid upon it by the fact that the American
dollar is constantly on top in the exchange market compared with
local gold.
The importance of this latter consideration is seen when it is
recalled that a huge percentage of Mexican purchases are made
in the United States. Hence if the premium on gold crossing the
border can be lessened even slightly the Finance Minister's new scheme
will have a good effect there, it is believed.
Mexico Pays Up Arrears of 1927 on Foreign Debt—Agreement of 1925 Brought to Date by Her Action.
The following copyright cablegram from Mexico City
June 30 is from the "Herald-Tribune":
40
FINANCIAL CHRONICLE
[VOL. 127.
Mexico has paid her arrears for the year of 1927 on her foreign
public corporations having direct taxing power, or of
the State or
commitments due the International Committee of Bankers on Mexico institutions or undertakings of
the State.
the case of municipaliIn New York. thus bringing up to date all payments on the financial ties and quasi-public corporations, each suchIn obligation
is
secured by
agreement which began in 1925 and expired on last December 31, a lien upon the taxes and
other public revenues of the obligor.
according to an official announcement from the Secretary of TreasSecurity.
ury.
These Bonds are the direct and unconditional obligations of HunAmbassador Dwight W. Morrow was instrumental in obtaining a
moratorium for the government which expires to-day and while garian Discount and Exchange Bank, and are the first Communal
there is no official confirmation, it is anticipated that upon his Bonds issued by the Bank since January 1, 1925. Under Hungarian
return from the United States he will take up the question of law, the obligations and security fund for Communal Bonds issued
extending this moratorium until the end of the year, although the after January 1, 1925, must be held separate and distinct from those
Secretary of the Treasury declares that the government is now wait- held against similar Bonds issued prior thereto, and constitute specific
ing to hear from the bankers as to what they intend to propose security for all outstanding Communal Bonds of the Bank issued thereIn regard to a new agreement in accordance with recent examination after.
From the proceeds of these Bonds the Bank is making a
made of the nation's finances by a committee of experts sent here
loan of
$3,400,000 to the City of Debreczen. The Bonds will therefore
by the bankers'.
in the
first instance be secured by an obligation of that City for
an equal
amount, of the character above described and payable, both principal
Mexican Revenues Surpass Estimates—Minister of Finance and interest, in United States
dollars, and such loan has been apReports Excess Income of 5,400,000 Pesos for First proved by the Royal Hungarian Ministers of Interior and Finance.
The Bank has agreed that it will, so long as any of
4 Months.
these Bonds
remain outstanding, at all times hold and maintain such
obligations
A cablegram July 3 from Mexico City to the New York as security to an amount equal to the aggregate amount
of all its
Communal Bonds at the time outstanding, and in the case
"Times" said in part:
of any
Coincident with the proclamation of General Alaro Obregon
future
issues
Communa
of
l
Bonds
payable
in
a currency other than
as
President-elect for a six-year term to begin when President Calles that of these Bonds, such obligatioss shall be payable or
measured in
leaves office, the Minister of Finance, Montes de Oca, has issued
a like currency.
financial statement covering the Republic's main sources of
Hungarian Law provides the following additional safeguard
income
s:
for the first four months of this year.
Communal Bonds outstanding must never exceed the par
value of
The income for this period was estimated in the budget at the obligations held as security for the same;
84,442,849 Mexican pesos. The Minister reports that the receipts
A special Reserve Fund must be at least 5% of the outstandi
ng
Communal Bonds;
in fact amounted to 89,853,403, or abreit 5,400,000 pesos more than
expected.
Communal Bonds are further secured by the general assets
of the
Students of the local situation see a further significance
Bank (except mortgages held against outstanding mortgage
in the
bonds)
pari-passu with other general creditors.
De Oca report than the mere financial profit or its indication
that
the general economic situation has improved since the beginning
of
the year. The Minister's statement is accepted as
the first of a Investm
ent Trusts Committee of Investment Bankers
possMle series of such documents indicating financial
situation in
which President Calles leaes the country on turning
Association Says Regulation by States Must Take
over the power
to his successor. There is a public tendency to
share the official
Form of Fraud Acts.
optimism that when General Obregon enters office
there will be a
surplus of working capital available for him such
In
the view of the Investment Trusts Committee of the
as has seldom been
the fortune of incoming Mexican Presidents.
Investment Bankers' Association of America, at present the
The general view here is that the figures issued
have already reached pressing need
so far as investment trusts are concerned
the International Committee of Bankers that is
studying the situation
in view of reaching a new international financial
"is for rigid discrimination and severe analysis with paragreement, and
that they may be of some importance in
fixing the basis for this ticular regard to management." The conunittee, of
which
accord.
Charles D. Dickey of Brown Bros. & Co., Philadelphia, is
Chairman, states that it is its opinion that as State authorities continue to investigate investment trusts they will
"realize that the crux of the situation is management, and
that regulation by the States must, in order to be effective,
Offering of $3,400,000 7% Bonds of Hungari
an Discount take the form of Fraud Acts, with broad powers of investiand Exchange Bank of Budapest.
gation rather than of Blue Sky Acts prescribing specified
Offering was made yesterday (July 6) of a new
issue of forms." The report of the committee, as given in the June
$3,400,000 Hungarian Discount and Exchange
Bank of Buda- 27 issue of the association's "Bulletin," follows:
pest, 7% thirty-five year sinking fund Communal
Your committee has been endeavoring to keep in as close touch as
gold bonds possible
with the many developments that are taking place from day to
at 95% and interest to yield 7.35%. The offering
, which is day in the investment trust field. There is no doubt that
the investment
one of the few Hungarian issues to make its
trust
as an instrument of finance is here to stay. It is impossible to state
appearance in
accurately the total funds invested through this medium in this country.
in the American investment market in several
months, was It is in excess of $800,000,000,
and this total is being added to almost daily.
made by Bauer, Pogue, Pond & Vivian and Ames,
The rapidity of this growth has given rise to considerable apprehensi
Emerich
on,
& Co., Inc. Application will be made to list the bonds on
the which has resulted in pressure being brought to bear on the Legislatures of
many States to pass bills regulating investment trusts.
New York Stock Exchange. The bonds will be dated
The
bills
introJuly duced vary widely in their form and provisions
. Your committee has
1, 1928, and will mature July 1, 1963. They will be
redeemable studied these bills and has endeavored to co-operate as far as possible with
at any time for sinking fund only at 100; other
the State authorities, with the general policy of trying
than for hasty
to prevent any
action until an opportunity has been had to see the
sinking fund as a whole or in part on or after
practical result
July 1, 1933, of activities in this new
field.
but prior to July 1, 1938, at 102, the premium decreasi
The committee is of the opinion that there has been
ng 'A
a good deal of
of 1% for each subsequent five years prior to July 1,
general misunderstanding which is no doubt due to a
large extent to the
1953, title "Investme
nt Trust," really a misnomer. These companies
and on and after that date at par. The bonds will
are not
be in trusts in any sense of the word as commonly used,
but
are actually investcoupon form in interchangeable denominations of $1,000
and ment companies, and as such should be compared by investors and legislators alike to other companies, whether industrial, railroad,
$500. Principal and interest (Jan. 1 and July 1) will
public utility,
be
payable in New York City and/or Budapest, in United States etc. Of course, in making this statement we refer to what is known as the
"management type." They are companies operating in
a specialized field
gold coin of the present standard of weight and fineness, of investment and it is up to the investor
and the dealer to judge them
free from all Hungarian taxes, present or future. The Na- accordingly; that is to say, by the usual tests of management,
earning
etc.
tional Park Bank of New York is Authenticating Agent. record,
Your committee wishes again to emphasize the
supreme
importanc
e of
Gustavus Kadar, Managing Director of the Bank, supplies being satisfied as to the character and ability of
the management. It has
the following information to the bankers offering the bonds: been rightly said that "while there are many forms of investmen
t trusts,
what really counts is not the exact
Senor de Oca's report shows that import
revenues jumped nearly
during the period reviewed, export revenues
dropped 4.3%, the
Income tax returns increased 8.7%
and consular fees gained by
almost 12%.
24%
History
Founded nearly 100 years ago in 1829 and incorporated under
the
present name in 1869, Hungarian Discount and Exchange
Bank, commonly known as the "Escompte", is one of Hungary's
oldest and
most important financial institutions. The principal office
and eight
branches are in Budapest, with two branches in
the provinces.
In common with the other large commercial
banks of Europe, the
Bank is engaged in practically all phases of the
banking business.
It holds important interests in many leading
industrial and public
utility enterprises, and in the investmen banking
t
field has specialized in Government and Municipal loans. Substantia
l growth continues, as evidenced by the increase
of 102% in total assets and 46%
in capital and reserves in
the last three calendar years, during which
net profits were respectively 12%,
16% and 191
/
2% on the outstanding
capital stock.
Hungarian Discount and Exchange
Bank has paid dividends on its
capital stock without interrupti
on
1875. Its Communal Bonds
are legal investments in Hungary since
for the Royal Hungarian Postal
Savings Bank and for trust
funds, except for guardians of infants
sod incompetents; prior to 1914
they were issued on a 41
/
2% basis.
Communal Bonds.
Communal Bonds are issued by
certain Hungarian banking institutions only against unconditional obligation
s of municipalities or quasi.
form that investment trusts take, but
the hands into which they fall." It is the opinion
of the Committee that
as State authorities continue to investigate
investment trust activities
they, too, will realize that the crux of the
situation is management and
that regulation by the States must, in order
to be effective, take the form
of fraud acts with broad powers of investigat
ion rather than of blue sky
acts prescribing specified forms.
Those of our membership who are identified
with the management of
investment trusts can help to avoid much
unsound restrictive legislation
if they will evidence a willingness to give
adequate information. Your
committee is not in a position to dictate in
exact terms what adequate
information should consist of, but certainly
the prospective purchaser
of investment securities is entitled to know the
personnel of the marnigement,
the capital structure, the investment purpose and
policy of the company
regarding distribution of earnings, etc. It is at
present the privilege of
each indivadual investing company's manageme
nt to determine for
themselves how far they shall go toward
publication of detailed information. There can be little doubt, however, that
the more complete these
voluntary statements are the less likely sound and
able managements are
to have their proper discretionary powers curbed
by unsound restrictive
legislation.
The Martin Fraud Act which has been ably administer
ed in New York
State, is an example of the type of sound legislation which has
been
effective in protecting the investor against the sale
of worthless securities.
This applies to investment trusts in no less extent than it does to
Indus.
JULY 7 1928.]
FINANCIAL CHRONICLE
trust develops it may
trials and other corporations. As the investment
Attorney General under
become necessary to extend the power given the
the intention of
such an act. This is being carefully studied and it is
groups and the Field
your committee, acting in conjunction with local
possible with the
Secretary of the Association, to co-operate in every way
along these lines. The
authorities of the various States in developments
taken carefully, for it is
whole subject is a large one, and steps must be
a general acceptance
our belief that real progress is being made towards
committee feels
of fundamental ideas in this field. In the meantime your
n and severe
that at present the pressing need is for rigid .discriminatio
analysis, with particular regard to management.
Respectfully submitted:
CHARLES D. DICKEY, Chairmen;
FRANK ALTSCHUL,
JOHN E. BLUNT, JR.,
PAUL T. BOLLINGER,
E. CARLETON GRANBERY,
JOHN W. HANES, JR.,
GEORGE MURNANE,
JAMES NOWELL,
H. B. PENNELL, JR.,
FREDERICK M. THAYER.
41
Dismissal of Action for Return of $1,200,000 of Industrial
Finance Shares Brought by Wellington Bull & Co.
Against A. J. Morris of Morris Plan—Court Holds
No
Board Had Right to Fix Compensation and Finds
Fraud Shown.
The suit by Wellington Bull & Co., Inc., banking firm,
as owner of stock of the Industrial Finance Corporation, to
compel Arthur J. Morris, founder of the Morris Plan and
director of the Industrial Finance Corporation to return to
the company 30,000 shares of stock, worth more than $1,200,000,
received for services, on the ground that the stock was issued without a valid consideration, and was a fraud upon the
corporation and its stockholders, was dismissed on July 5, by
New York Supreme Court Justice Frankenthaler, according
to the New York "Times" of yesterday (July 6) which
says:
The Court said in its opinion that the finance company was formed
in 1914 ix Virginia to organize Morris Plan banks in various cities
and to receive 30 per cent. of the stock of the banks so formed; that
in 1919 through the efforts of Mr. Morris arrangements were made
with the Studebaker Corporation to finance its wholesale distribution of cars, and in 1922 the agreement was extended to cover
the
the retail sales. Until 1924, the Studebaker operation furnished
the
greater part of the company's earnings, but it was advised by
automobile company and banks from which the company borrowed
and
that its funds were inadequate for the purpose of the financing
that additional capital should be brought in.
capital
Justice Frankenthaler said that in 1924 demands for more
$2,000,000
became so insistent that Mr. Morris undertook to raise
President
and offered an issue of stock of that sum to John Markle,
of the company, but the latter declined to buy.
California Report on Regulation of Investment Trusts.
The Citizens National Trust and Savings Bank of Los
Angeles has printed for distribution the report on the investigation and regulation of "Investment Trusts" made by
a committee of Los Angeles Chamber of Commerce, headed
by Prank C. Mortimer, Vice-President of the bank. Copies
may be obtained without charge by any one interested.
The report was given in these columns June 2, page 3383.
The committee points out that the designation "Investment
Trusts" is loosely applied to groups and corporations varying
widely in character."Investment Trusts" should not be conFormation of Subsidiary Suggested.
Co.,
fused with "Trust Companies" or "Trust Department"
The opinion said that Mr. Morris approached E. B. Smith &
of banks operating under the California Bank Act, or Na- bankers, who suggested that a subsidiary corporation be formed to
an
underwrite
financing, and agreed to
tional Bank Act. "Investment Trusts" invest the funds of take over the Studebaker such
a company if Mr. Morris received a
of
stock
of
preferred
issue
their members or stockholders, while "Trust Companies" substantial stock interest to insure the retention of his services.
and "Departments" act in a variety of fiduciary capacities: Mr. Morris suggested 25%, to which the bankers agreed. The
Executive Committee in
as executor, administrator, guardian, trustee, &c. The latter matter was brought before the Company's
1924, when the members discussed organizing a new company
are required by law to have substantial amount of paid up July,
with 25% of the common stock to go to the bankers and 25% to
capital, and to deposit approved securities with the Treasurer Mr. Morris.
Justic Frankenthaler said further that the bankers proposed to
of the State of California. "Investment Trusts" are not
$4,000,000 of preferred stock provided the Industrial
underwrite
obligation.
this
placed under
Finance Corporation would take $1,500,000 of second preferred.
comthe
After describing the various types of "trusts"
The proposal was coupled with the condition that Mr. Morris have
that since Mr. Morris
mittee states its belief that there appears to be definite field 25% of the common. It was finally arranged
planned the financing, he was to have 50% of the common for himfor well managed and sound organizations especially those self
company to exchange
the
and the bankers, with the right for
managed by men of experience and sound financial judgment. 30,000 shares of its own stock for Mr. Morris's 50,000 shares of the
It is admitted however that wide opportunity for abuses may new company, and this exchange was made. The transaction was
the stockholders on July 9, 1925, and the
be found to exist in loosely operated and managed organiza- ratified unanimously byCorporation
was formed.
Industrial Acceptance
d
promulgate
regulations
the
to
given
is
nt
Endorseme
tions.
Held Final.
Decisions
Directors'
which
er,
by the California State Corporation Commission
Justice Frankenthaler pointed out that, subject to interference
appear to assure as nearly as possible at this period in the by the Court, corporation directors, acting as a body, have a right
history of "Investment Trust," operating in that State, a to fix the compensation for services rendered by executive officers,
and their decisions
high degree of fundamental management at the outset. as they are the representatives of the stockholders
to one
final. The fact that such compensation may be awarded
are
wisdom
legislating
of
possibility
the
to
as
expressed
is
Doubt
said that the
the directors does not vary the rule. The Court
of
legiscan
nor
s,
to this
into the minds of people making investment
plaintiff had failed to bring his case within the exceptions
of Diation in any form assure complete safety for one's funds, rule, and declared "no clear abuse of power by the Board
had
to
have
proved
not
was
Morris
Mr.
shown."
been
felt
has
committee
rectors
the
s.
Therefore
nor profits on investment
the other twenty directors, the Court said,
of
any
over
control
any
said they led
that it would be inopportune to recommend regulatory legislaReciting the history of the negotiations, the Court
to Mr.
tion at this time. It is a fallacy to attempt to create by legal "to the conclusion that in voting for the delivery of stock believed
the directors did what they
enactment, a guardianship for the unwise or inexperienced Morris as his compensation, of
the corporation." The Court also
to be for the best interests
investor.
complaint lay in the
said that a second reason for dismissing the
plaintiff's proxy was used for the approval of the transthe
...at
fact
Suit Involving Bonds Bank Authenticated Decided in action under attack, and although the plaintiff insisted that the
the fraudulent
Favor of Chatham Phenix National Bank—Latter solicitations of his proxy was "the final act inattempt
to prove
scheme," the plaintiff had expressly disclaimed "any
not Liable Court Holds.
actual fraud."
Banks that authenticate bond issues of corporations do
not guarantee the collateral of the bonds nor assume liaEmployment Problem
bility for their payment if the corporation defaults, accord- La Salle Extension University on
of Capital—Present Tension in Money Rates
ing to a decision of Supreme Court Justice Cropsey in
Obscures Accumulations of Capital Seeking PermaBrooklyn July 3 in dismissing the suit of John A. Doyle, of
nent Employment.
704 Lexington Avenue, Brooklyn, and eleven others who
sued tile Chatham Phenix National Bank & Trust Co. of
In the July issue of its Business Bulletin, the LaSalle
Manhattan to recover $36,255 on bonds of the Motor Guar- Extension University discusses the above subject as folantee Corp. authenticated by the bank. This is learned lows:
from the New York "Times," which says:
It is seldom that statistics on new security flotations are given wide
Doyle said he and the eleven others bought bonds of the Motor Guarantee
Corp. issued in 1922, and described as 8% gold collateral bonds. The
bonds were autherticated by the Chatham Phenix Bank. When the Motor
Guarantee Corp. went into bankruptcy the bonds were not paid. Thereupon the suit was brought to recover the value of the bonds from the
bank, on the ground that it had assan ed liability for payment by
authenticating the bonds. In dismissing the suit, Justice Cropped said:
"In this matter the authentication by the bank meant no more than that
worth $12,300 issued
the bank guaranteed these bonds to be part of a series
collateral, nor did it make itself
at the time. It did not guarantee the
pay.
The investing public
to
failure
corporation's
the
of
event
the
in
liable
thinks that such authentication lends the securities some weight.
concerns
crooked
seek an arrangesome
why
the
reason
is
doubt,
no
"That,
In the interest of protecting the public
raent such as the one in question. institutions
not
would
their names
lend
financial
if
desirable
It might be
for concerns whose financial standing is
to certifyying bonds except the
is plainly
of
officials
whose
honesty
and
thoroughly determined
demonstrated."
publicity, yet a study of these statistics provides the basis for some interesting observations on the general financial situation.
We have plenty of evidence of a large surplus of money and credit
Stock-market transactions alone indicate a plethora of funds. As a matter of fact, the presence of this great reservoir of money and credit is
usually advanced as the chief explanation for the unprecedented trading
activities in listed stocks. Few analyses, however, have sought to reveal
the underlying influences—hidden by a mass of superficialities—which
cause these great accumulated stocks of capital to flow into the security
markets.
Ordinarily, when prices of outstanding securities become so high as
to make the yields less than the yields of high-grade bonds, unemployed
capital is attracted to the securities of new enterprises or to the new
securities of established businesses. At the present time, however, conditions are such that new capital flotations are not nearly' large enough
to absorb the surplus of investment capital that ia available.
42
FINANCIAL CHRONICLE
[VOL. 127.
Increases in New Security Offerings.
been solidifying their already strong position and have grown with
In the past five and one-half years new capital flotations have shown the commercial and industrial life of the nation so that they are well
steady increases, from 4,300 millions in 1923 to 7,700 millions in 1927, qualified to serve the expanding needs of the community."
but even with this annual expansion of some 700 millions during that
five-year period, new capital flotations have not been nearly large enough
to absorb the new investment funds coming into the market. As testi- J. F. Cavanaugh of
National Bank of Commerce in
mony of this is the growth of refunding issues from 685 millions in 1923
New York on Futures Trading and Cotton Market
to 2,100 millions in 1927—a far more rapid rate of increase than that
recorded in new capital issues. (Refunding issues are those which are
—Annual Turnover on Futures Contracts Between
made to replace existing or maturing issues. They represent no new
30:and 40 Billion Dollars.
capital financing, only a replacement or an alteration of the present
"The annual turnover on futures contracts in commodity
capital structure. Thus a corporation will "call" its 6% bonds and replace them with an issue of 4%% bonds; or it will retire its preferred markets in the United States already reaches some thirty
stock and issue additional common stock.)
or forty billions of dollars and new developments bid fair
Of the total corporate, foreign government, farm loan, and municipal
financing (from figures compiled by the "Commercial and Financial to swell the total," says Frank J. Cavanaugh of the NaChronicle") refunding issues comprised, on the itverage, about 12%% tional Bank of Commerce in New York in the July issue
In the four years, 1923 to 1926. The percentage jumped to 21% in 1927
of "Commerce Monthly." Mr. Cavanaugh states that "the
and to 30 in the first five months of 1928. There could be no stronger
individual commodity futures markets touch directly the
supporting evidence of the plenitude of capital.
lives of comparatively few people. Yet there have been
Where Use Our New Capital?
Our production and distribution facilities have been increased enor- plain indications in recent months of a more widespread
mously during the last five and one-half years—both as to quantity realization among commercial interests of the important
and as to efficiency—and we have reached the point where it is becoming place these organizations occupy in the
marketing structure
more and more difficult to make new capital assets return adequate profits.
That is why such large proportions of available capital have been going and of the services they properly perform for both the tradInto securities which represent the ownership of, or a claim against, ing community and the producing and consuming public."
existing assets.
He goes on to say:
The large increase in the proportion of total capital financing represented
"To-day there are nine markets in the world in which cotton futures
by refunding issues and the unprecedented rise in the prices of so many
stocks have the same origin. It is merely the case of a country having trading has been organized. The oldest of these probably is New York,
which began business formally in 1870. Liverpool dates from about the
more available capital than it has available uses for that capital.
same period and is the leading exchange abroad, although since the World
Artificial means are being used in high places to discourage what is
War New York has supplanted it in the hedging business of Continental
termed an orgy of stockmarket speculation. But even 7% call money
Europe to such an extent that the New York market at this time is said
has not always deterred speculators from buying stocks which they think
to do a business greater than the combined trading of all the other cotton
are sure to advance.
exchanges of the world. New Orleans likewise has recently been making
Two Classes of Stock Speculators.
a strong bid for international business.
Broadly speaking, there are two types of stock-market speculators; both
"The nature, effect and usefulness of a trade organized primarily to
types buy stocks with borrowed money, but one type buys mainly for buy and sell contracts for commodities rather than the commodities themImmediate price enhancement and the other buys more on account of at- selves have been under question many times in the United States. Only
tractive yields and the prospects of a gradual enhancement over a fairly in 1926 the Federal Trade Commission submitted to Congress a lengthy
long term.
report on the effect of future trading on the grain trade. In transmitting
The second of these two types is undoubtedly the more conservative. that report the Chairman of the Commission wrote: 'Future trading is
Yet it is the one which is most readily affected by higher loaning
rates, carried on at a very considerable direct cost, amounting to $20,000,000 a
while the first type—the one at which most of the curbing efforts and year or more (chiefly commissions) for the Chicago Board of Trade alone.
demonstrations are directed—doesn't really care very much whether money But its service to the grain trade, through the hedging facility afforded,
is 4%% or 7%, as long as there is the attraction of immediate
profits is believed by those in the trade to be much more than commensurate with
to be realized through advances in market prices.
such coat.'
"The provision of credit to pay off the producer of a staple crop in
The Best Remedies for Speculative Fever.
anticipation of collections from the buying public is a normal function of
The great wave of stock speculation offers a real problem for
American commercial banking. The lending bank, however, must be protected
business, but not the problem that it is usually represented
to be. And against price hazard by an equity interest maintained between the credit
the solution lies not in artificial measures to curb speculation,
but in a involved and the market risk. To serve such purpose the futures exchanges
major constructive program to find profitable outlets for our
huge bring into the market a large n,umber of equity traders who may feel justiresources of money and credit.
fied by financial status and market experience to lift the burden of risk
The real reason why so much money and credit have been going
into from the shoulders of producer, merchant and spinner.
refunding issues and stock-market operations is that our present
"The Trade Commission addressed itself to discovering the extent to
capital
assets provide a greater productive capacity than present consumptive
de- which futures trading in the Chicago wheat market might be allocated as
mand justifies. And instead of trying to throttle the
stock-market, between persons who could be properly classified as trade interests and
we should be bending our efforts toward increasing the
consumption of those who entered the market without special qualifications for trading.
goods so that not only our present productive capacity but
even a They found reason to believe that in the whole volume of trades there was
much larger capacity could be utilized in the making of
goods for cur- 'a total of 81% that are either hedgers or competent speculators' and that
rent consumption.
'A reasonable conclusion from the data is that 10 to 20% of the speculation
One way to do this is to start working on a comprehensive
program done is carried on by miscellaneous outsiders who have no occasion to
for the greater diversification of the incomes of the people of the
United hedge and have no particular qualification which makes them competent
States. Another is to promote healthy international relations so
that a to speculate.' For the New York cotton market recent studies are not to
large part of our surplus American capital can secure profitable
employ- be had, but the results of a private investigation made in 1909-10 and of
ment (with proper safeguards) in foreign countries.
an inquiry conducted by the exchange itself in 1914 indicate a similar
situation.
American Finances and World Affairs.
"Considerable effort has been expended in the official investigations of
It is difficult to get the average American business man
and even the futures trading to show that only a small fraction of these
contracts is
average American banker to think in terms of world economics. He
is too settled by delivery. Such a conclusion would be obvious, for mainfestly
often inclined to think of enhanced foreign prosperity as a
menace to merchants can scarcely be expected to deliver the same bale both in
the
American prosperity. He is afraid that American capital abroad
will be futures market and on their mill contracts as well. Were delivery on all
used primarily to invade American markets, although he has first-hand
contracts a necessary condition those contracts could no longer be used
evidence—from American business experience—to show that increased
ac- for the prime purpose for which they exist,
tivity results in a raising of living standards.
"But in the privilege of making or demanding deliveries lies the intrinsic
About the only connection he can see between foreign Investments
and value of the contract, the guarantee that the price-making forces effecting
domestic prosperity is the use of credit extended to foreigners in
the the commodities themselves will permeate exchange trading and that
immediate purchase of American goods. He develops a blind side
when- through those contracts risks may be actually transferred. It is also by
ever he considers the possibility of our imports exceeding our
exports virtue of delivery as an alternative means of settlement that the cotton
over a considerable period of time. Of course, it sounds like a paradox contract plays its great
role in determining cotton values. When cotton
when anyone says that a so-called "unfavorable" balance of trade
could is offered for sale in the South the price is a matter of indifference to the
redound to the benefit of American business, but economic developments merchant if it is advantageously
related to the price obtained for the
right in our own country have exploded similar myths of many of our contract which will register
his hedge. This is not the point at which
pet ideas.
the bargain which determines the price of cotton is driven. But ordinarily
every bale offered by farmers in the interior will be represented by conHow Assets of Fire Insurance Companies Have Increased. tracts offered across the futures ring; and these contracts
cannot be sold
and
merchant buying must quickly cease if in the futures market
Assets of leading fire insurance companies have increased
buyers
at those prices are not to be found.
more rapidly than the resources of National banks and
"From the viewpoint of both producing and consuming public as
well
trust companies or deposits in savings banks, according as that of the merchant it is of prime importance that the specifications
to a statistical study just completed by the National of the future contract be such as to make it really representative of the
average worth of cotton crops. In that way the existence of such a
central
Liberty Insurance Company, which says:
market-place benefits directly the greatest number of producers.
In that
The assets of fifty leading fire insurance companies rose from
way also it is assured that the psychological effect which futures
quotations
$947,518,628 to $1,264,888,003 or 33.4 per cent from December 31, 1924
have in creating current ideas of cotton values generally will
to the close of 1927, while the resources of the National
be directed
banks to the best interests of both buyers and sellers in the
world's spot markets.
increased from $22,565,919,000 to $26,581,948,000 or 17.8 per cent
and
"It was this thought that underlay the enactment of the United States
those of trust companies from $16,025,502,275 to $20,481,182,788
or Cotton Futures Act approved in 1916, and amended
in important par27.8 per cent. During this same period deposits in national
banks ticulars in 1919. Sections 5 and 6 of the Act now
rose $3,427,286,000 or 18.7 per cent while savings banks
govern trading on all
added three cotton futures exchanges in the United States.
$1,299,047,000 or 15.4 per cent to their 1924 deposits of $8,489,855,000.
"In the nature of things the individual grower of cotton does not
Pointing out that the National Liberty group of fire
insurance market a sufficient quantity to use directly the
facilities of the futures
companies increased its assets 106 per cent during the four-year
period exchanges. When the crop moves in the fall, the
merchant is expected
as compared with 33.4 per cent for the fifty leading companies in
the take it as it is offered for cash. He immediately balances his purchase to
of
field for the same time, George U. Tompers, its president,
says: "This spot cotton in the present with a sale of contracts for delivery some months
phenomenal increase in fire insurance company assets which
has hence. That operation puts him in possession of the cotton for merchandisbeen more rapid than that experienced by banking institutions
growth in the strength of these concerns as a group which reflects ing purposes, or, as the cotton trade phrases it, he is 'long of the basis.'
is not It is thus that a market is provided for cotton, and it is as essential to
yet fully appreciated by the public. The fire insurance concerns
have producers as to merchants that the futures markets so operate an to permit
JULY 7 1928.]
FINANCIAL CHRONICLE
43
such a transaction with profit or at least without the evident prospect
of loss.
"While it is true then that cotton does not ordinarily change hands on
future contracts, futures and spot trading are inextricably bound together
and are literally parts of the same market. No judgment of the intrinsic
value of the contract in any one of the futures markets can be of value
which is not founded on intimate familiarity with the specifications of the
contract and the desirability of having spot cotton of that description at
that particular delivery point and at that particular time. Speculators
and even mills who use the futures markets but who are not in contact
with the many details of spot trading must rely largely on the expert
knowledge of merchant traders and their quick sense for profits to be
made by a straddle, tender or receipt of the spot article when the futures
price swings away from its true value, to preserve a fair alignment of
these markets."
the sentiment of their cust mers, have let it be known that these
figures are considered essential. Originally the suggestion was that
all figures on volume be omitted, but this aroused a storm of opposition.
There have been no serious ticker delays in the dull markets of the
last two weeks, but the Exchange authorities are proceeding on the
theory that the trading pace will pick up again. It will take nearly
two years to complete the installation of the new and faster ticker
which has been adopted.
Total net loans by New York Stock Exchange members on collateral,
contracted for and carried in New York as of the close of business June
30 1928, aggregated $4,898,351,487.
The detailed tabulation follows:
Demand Loans.
Time Loans.
(1) Net borrowings on collateral from New
Banks
or
Trust
Cos
York
$3,122,418,731 $1,046,374,732
(2) Net borrowings on collateral from private bankers, brokers, foreign bank
agencies or others in the City of N.Y
619,213,774
110,344,250
grade dividend paying stocks were concerned no alarming weakness
has developed. On the contrary, any serious pressure in this group
brought quick support with good buying by individuals and institutions alive to the investment opportunities in a declining market of
this character. It has been an important liquidating movement as it
has attracted almost as much interest abroad as it has here, for the
leading markets of Europe had long been impressed with the volcanic
possibilities in such a situation as had developed in the course of our
remarkable period of almost unbridled speculation.
National Park Bank Finds Situation Relieved By Collapse
of Reckless Speculation.
Stating that "the general situation has been greatly
relieved by the collapse of reckless speculation in the
Brokers Loans on New York Stock Exchange Decline Stock Market, the National Park Bank of New York,
$375,694,794 in Month—Still Near 5 Billion Dollar under date of July 2 adds:
Mark.
The general situation has been greatly relieved by
While there has been a drop of $375,694,794 in brokers the collapse of reckless speculation in the stock market.
Despite the enormous selling of stocks with the drastic readjustloans on the New York Stock Exchange during the past ment of prices, the movement has been orderly and without serious
month, the amount outstanding is still near the five billion disturbance of any kind. No firm has failed and no serious trouble
dollar mark. According to the statement issued by the has been even indicated. The decline has been, however, far-reachand of great importance in eliminating those elementse of weakStock Exchange on July 3 the combined time and demand ing
ness which develop at times when the public becomes heavily enloans on June 30 amounted to $4,898,351,487, comparing gaged in riotous speculation. Had underlying conditions been less
with $5,274,046,281 on May 31. The latter figures were the sound or the banking position weak, it is easy to visualize the things
selling" on a large
highest on record. Of the June 30 total, $3,741,632,505 which might have happened to cause "distress
scale. As it was, the liquidation was chiefly beneficial in forcing
represent demand loans, and $1,156,718,982 time loans. the healthful readjustment of the highly volatile shares whose spcThe following is this week's statement of the Stock Exchange: tacular rise had reached menacing proportions. So far as the high-
$3,741,632,505 $1,156,718,982
Combined total of time and demand loans
$4,898,351,487
The scope of the above compilation is exactly the same as in the loan
report issued by the Exchange a month ago.
Far-Reaching Benefits.
The business, financial and investment situation has been helped
immensely by this necessary readjustment. It has been a good thing
and has eliminated elements of pronounced weakness which had they
remained might have done a great deal of harm.
The compilations of the Stock Exchange since the issuance of the monthly figures by it, beginning in Jan. 1926, President Simmons of New York Stock Exchange in
follow:
Defense of Brokers' Loans Says that to Arbitrarily
1926—
Total Loans,
Demand Loans.
Time Loans •
Reduce Them Would Result in Slowing Up of
Jan. 80
52,516,960,599
$3,513,174,154
$966,213,555
Feb. 27
2,494,846.264
1,040,744,057
3,535,590.321
Industry.
Mar.31
2,033.483,760
966,612,407
3,000,096,167
April 80
1,969,869,852
865,848,657
2,835,718,509
Before the annual convention of the Wisconsin Bankers'
May 28
1,987.316,403
780,084,111
2.767,400,514
June 30
2,225,453,833
700,844,512
2,926,298,345 Association at Milwaukee, on June 27, E. H. II. Simmons,
July 31
2,282,976,720
714,782,807
2,996.759,527
Aug. 81
2,363.861,382
778.286,686
3,142.148,068 President of the New York Stock Exchange, entered upon a
Sept.80
2,419,206,724
799,730,286
3,218,937,010
Oct. 31
2,289,430,450
821,746,475
3,111,176,925 defense of the expanding brokers' loans, declaring that it is
Nov.80
2,329,536,550
799,625,125
3.129,161,675 "a very great fallacy to think that brokers' loans are purely
Dee. 31
751,178,370
2,541.682,885
3.292,860,255
1927—
unproductive and are made only to finance speculation."
Jan. El
2,328,340.338
810.446,000
8.138,786.338
2,475,498,129
780,961,250
Feb. 28
3,258,459.379 He contended that to argue that brokers' loans are unnecesMar.31
2,504.687,674
785,093,500
3,289,781,174
2.541,305,897
799,903,950
April 80
3.341,209,847 sary or are unproductive "amounts to arguing that the whole
May 31
2.673.993.079
783,875,950
3,457.869,029 security business of the country is unproductive." He
2,756.968.593
June 30
811,998,250
3,568,986,848
2.764,511,040
July 30
877.184,260
3,641,695,290 further asserted that "to wipe out brokers' loans or vio2.745.570,788
928,320.54.5
Aug. 81
3,673,891,333
3,107,674,325
Sept.30
896.953,245
3,914,627.570 lently and arbitrarily to reduce them would inevitably slow
3,023,238,874
Oct. 81
922,898,500
3.946,137,374
3.134.027,003
Nov.80
957.809,300
4,091.836,303 up American industry itself if not fatally to halt its conDec. 31
3,480,779,821
4,432,907,321 tinued progress." He likewise asserted "the security col952.127,600
1928—
3,392.873,281
Jan. 31
1.027.479.260
4,420,352,541 lateral loan market in Wall Street represents a surplus
3,294,378.654
1,028.200,260
Feb. 29
4,322.578,914 market which in the past has shown its ability to act as a
3,580,425,172
1,059,749.000
Mar. 31
4,640.174,172
3,738,937,599
April 30
1,168,845,000
4,907.782,599 buffer for commercial loans in times of deflation and in
4,070.359,031
1,203,687,250
5,274,046,281
May 31
3,741,632,505
1,156,718,982
June 30
4,898,351,487 particular instances to liquefy frozen commercial loans."
He added: "Our brokers' loan account to-day is large mainly
Continues Effort to Speed Ticker—Stock Exchange An- because our surplus of capital in America is large. We
nounces the Dropping of 'A' to Designate 18 Class A should have, I feel, few fears that our banking authorities
will allow brokers' loans to absorb an undue amount of
Shares—Brokers Oppose Omission of Sales Figures.
the credit of our national banking establishments." PresiHaving apparently abandoned for the time being the plan dent
Simmons' address was presented under the title "Safeto eliminate the figures on volume where transactions are for guarding the Nation's Capital." That part of his remarks
less than 500 shares, the New York Stock Exchange announced bearing on brokers' loans follows:
on June 30 that, beginning July 2 it would omit from its
One of the most controversial aspects of the New York stock market in
ticker reports the designation "A" as applied to eighteen Class recent months has consisted in the so-called brokers' loans. It is well
known
that these loans have increased very largely during the past year,
of
using
"rts," to indicate rights, will
A stocks, and, instead
and the fear has
been expressed that they were becoming
simply use the letter r. In noting this the "Times" of July 1 entirely too large. frequently
The difficulty in discussing the size of brokers' loans
stated:
consists in the lack of any dependable yardstick by which to measure
This additional abbreviation of characters is calculated to speed
up the ticker service considerably. If necessary, other characters will
be omitted, and if trading expands greatly in the near future, the
Exchange, it is understood, will put into effect the plan proposed
some time ago for dropping figures on volume In reporting transactions of 100 to 400 shares.
The stocks from which the character "A" will be omitted are
Chrysler preferred, Bon Ami, Dodge, Gabriel Snubber, Gould Coupler,
Auto Strop Safety Razor, Utilities Power and Light, Botany Mills,
Warner Bros. Pictures, Penn Dixie Cement preferred, Louisville Gas
and Electric, Devoe & Reynolds, Fox Films, Omnibus Corporation
preferred, General Outdoor Advertising, Missouri, Kansas & Texas
preferred, Moto Meter Company and Long Bell Lumber. The designation "B" will also be dropped from Pan-American Western Petroleum.
Considerable opposition developed to the plan to omit figures on
volume in sales of less than 500 shares. Brokerage interests, reflecting
them. Naturally, common sense would indicate that the more rapidly
such loans grow, the more likelihood there is that they may soon become
too large. But the size of brokers' loans is after all bound to be a
relative question. It is a well-known fact that the United States has
become the greatest financial creditor nation of the world. The immediate
effect of this vastly important development has naturally been a very
great expansion in the banking and security business recently. Just as
unusual exports of American steel would greatly expand our steel industry,
or unusually large exports of grain would greatly expand our agricultural
industry, so the recent enormous exports of American capital have neceealtated a huge expansion in this country throughout the banking and security
business. We have been seeing an unparalleled volume of new security
issues created and offered to our investing public in recent years, and
likewise unparalleled amounts of American capital constantly invading
our security markets seeking investment. The whole scale of the security
business in this country has in consequence experienced an enormous
expansion in practically all its branches. Brokers' loans have thus risen
44
FINANCIAL CHRONICLE
[VOL. 127.
• along with turnover on all the stock exchanges in America, and the new the Stock Exchange is concerned, is one
for the banking institutions
security offerings made in every financial center of the country. The fact which are experienced managers of credit
problems.
that this movement has continued year after year should clearly disIf we are to obtain a clear notion of how this factor of surplus capital
tinguish the period which we have recently seen, from the old-fashioned has been affecting our security markets recently, we must
for purposes of
short-lived bull market in securities. As long as further American capital contrast consider a moment the very different conditions
in this respect
continues to be generated in this country, and continues to seek security which existed in this country practically from
its foundation down until
Investment in our market, I do not for one see anything fundamentally quite recent times. For over a century the United
States was, with scarcely
unsound in the increasing size of American financial statistics, nor in the an important interruption, always a debtor country.
We were larger
growth of the ordinary financial facilities which America, as a creditor consumers of capital than producers of it. The
upbuilding of the United
nation, should obviously possess to be able permanently to. handle the States, including the construction of our enormous railway
systems and
business.
our huge industrial facilities, consistently called for more capital than the
It is of course a very great fallacy to think that brokers' loans are American people were able to save. For this reoson, in
the Wall Street
purely unproductive, and are made only to finance speculation. Such a securities markets, down until a few years ago, securities were
always
view, common though it may be, is most superficial and short-sighted. more abundant than capital, and in fact the foreign stock
exchanges of
It is a well-known fact that most new securities are at first difficult to London, Amsterdam and other European centers had been largely
depended
sell to outright investors, because they are not seasoned. It therefore upon for the ready marketing of American stocks and bonds.
becomes necessary in practice to hold a part of many new security issues
In recent years this situation has been suddenly reversed, and we have
In the market floating supply, until longer experience can induce security found ourselves in the possession of sufficient capital not only to
finance all
Investors to put their money in the issues. Brokers' loans in consequence our own, business undertakings, but also to make large foreign investments.
represent just this floating supply of securities for the whole New York This new situation is still only imperfectly realized and understood, even
market. The collateral to these loans are securities in the process of by our financial leaders.. We still have the psychology of a debtor
distribution. To argue that brokers' loans are unnecessary or are unpro- country, and the experiences of a century have tended to make our
financial
ductive, therefore, amounts to arguing that the whole security business of machinery and financial facilities essentially those of a debtor
nation.
the country is unproductive. Actually America has been very wise in Thus it comes about that our current surplus of capital has proved both
creating facilities for the ready financing of large and unseasoned security mystifying and embarrassing to us. But it may well be that we must
Issues. We talk to-day of American industrial prosperity being based on accustom ourselves, because of our new creditor status, to a
situation
mass production. We also realize that mass production demands tremendous where capital is more abundant than good investments. Indeed, the
initial outlays of capital and large corporate units, but we sometimes fail constantly falling yield of the best American investment securities would
to remember that financing all this makes large loans on security collateral seem to indicate that such a situation is already at hand.
Inevitable. To wipe out brokers' loans, or violently and arbitrarily to
So unusual is this abundance of capital in this country that we have
reduce them, would thus inevitably slow up American industry itself, if not all as yet realized on the one hand the great potentialities for good
not fatally to halt its continued progress.
which it conveys, and on the other hand the peculiar dangers with which
I would also mention, in connection with this subject of brokers' loans, it is attended. From the borrowers' standpoint it might seem that
cheap
a peculiar internal development in American finance during recent years capital was unquestionably a good thing, and undoubtedly an
abundance
which has tended eonsiderably to increase them. I refer to the present-day of capital is one of the greatest stimulants to industrial
production and
tendency of American companies to obtain their working capital from commercial distribution. But this is by no means the
whole story. Litsecurities and the security loan market rather than from commercial loans erally millions of people in this country are investors,
and by reason of
at the banks. The recent wealth of funds available in this country for steady investments during their active years of
life, they are striving to
security investment, and perhaps the memory of difficulties experienced create for themselves a competence in old age.
This practice of small-scale
with commercial loans during the financial contraction of 1920-1921, have thrift is of enormous social and economic
importance, and any interference
Induced many American companies to sell new bond and stock issues, with it is highly undesirable. Naturally it
is much easier for the small
accumulate large cash surpluses, and thus render unnecessary borrowing investor to accumulate a competence
for himself when the yields on
at the banks on open account or with commercial paper. When such cash standard securities are high than it is
when these yields are low. If the
surpluses are not employed in their business, the companies will lend yields on conservatively invested
capital, through the accumulation of a
them in the call loan market. Undoubtedly this is one reason why national surplus of capital, become
unusually low over a long period, it
commercial loans have not in recent years expanded to the same extent will operate profoundly to discourage private
thrift and investment.. For
that loans on securities have. Novel as this method of corporate financing this reason cheap capital, as I say, is
not an unmixed blessing, and what
really is in this country on its present scale, it is yet too early to assert we really need to-day is stability of
security yields at reasonable levels.
that it is less safe and sound than former methods were. But it has
It was the realization of this obvious and yet frequently overlooked fact
imposed on brokers' loans the task of financing not only the fixed capital that led the New York Stock Exchange this spring
to list the two great
needs, but also the working capital needs, of innumerable American business British Government sterling bond issues, which
together aggregate in their
corporations.
outstanding amounts approximately twelve billion dollars. By this step
A final consideration lies in the fact that brokers' loans in practice act these securities, which are generally thought to be
the best foreign securias a sort of buffer to commercial loans. When credit deflation becomes ties in existence, have been placed at the ready disposal
of Investors all
necessary, it is always brokers' loans that are deflated first. Thus these over the United States through the market on the New
York Stock Exloess represent a surplus which can be employed for other purposes, change. It was felt that thereby a genuine service
was being performed
should the occasion arise. The events of 1919-1921 clearly showed the for the American investor, and at the same time a new
stabilizing factor
truth of this assertion. The peak of the call loan market was reached in was being introduced into international commerce
and finance. For
November 1919, after which these loans were rapidly deflated. By the to-day it is a well-known fact that trade balances
between nations are
late fall of 1920, over half a billion dollars had been squeezed out of being settled to a greater extent by the
purchase and sale of securities
brokers' loans, but meanwhile the total volume of loans by all American than by gold shipments or shiftings of short-term
credit. More and more
banks had risen very greatly, thus indicating that the credit obtained by we are approaching the time when the yields
on long-term investmenta
deflating brokers' loans in Wall Street was being' used to lend to farmers, will rise and fall together all over the world, and
the introduction in our
merchants and manufacturers all over the United States. Furthermore, markets of British internal Government bond
issues should facilitate the
after 1921 many corporations were enabled to retire frozen commercial readier stabilization of security prices and yields,
not only inside the
loans at their banks by floating new company securities in Wall Street. United States, but also between the United States and
foreign countries.
But these new security flotations, being unseasoned, had to depend on
the market for brokers' loans in large measure to carry them until they
could be distributed to permanent security investors. In this way the Federal Reserve Board Further
Commenting on Brokers,
security collateral loan market in Wall Street represents a surplus market
Loans Again Says Only Means for Reduction of
which in the past has shown its ability to act as a buffer for commercial
•
Indebtedness Is through Sale of Investments or
loans in times of deflation and in particular instances to liquefy frozen
commercial loans. Our brokers' loan account to-day is large mainly
Contraction in Loans.
because our surplus of capital in America is large. We should have, I
Reiterating
its observations referred to in these columns
feel, few fears that our banking authorities will allow brokers' loans to
absorb an undue amount of the credit of our national banking establishments. June 9 (page 3535) the Federal Reserve Board, in its June
No discussion of the securities market can be accurate or complete "Bulletin", made available June 18, commenting
on the
without clearly distinguishing between capital and credit. I do not wish expanding
brokers' loans, says that "unless a change occurs
to enter into the labyrinth of difficult economic questions to which the
in
direction
the
of gold movements, or in the open market
scientific establishment of such definitions inevitably leads. As working
definitions, we may say that credit is a kind of temporary and con- policy of the Federal Reserve System, the
only means by
ditional capital. The brokers' loans which have been so much discussed which the member
banks will be able to reduce their debt
recently are really for the most part extensions of credit by lending
financial institutions. I do not need to remind this audience of bankers at the Reserve Banks, is a sale of investments or a gradual
that sometimes a financial institution can lend too much credit and thereby contraction of their loan accounts." We quote the following
get itself into an embarrassing position. For this reason we are all bound from the June "Bulletin."
to feel a certain apprehension concerning any business at all which is
Further Growth of Security Loans.
carried on largely with the use of bank credit. Just as new extensions
Volume of bank credit continued to increase in recent weeks,
of credit may foster an expansion in business, so a contraction of credit
and in
may curtail business. If this were the whole truth concerning the stock the middle of May loans and investments of member banks in leading
market today, or for that matter at any other active period of its history, cities were at a new high level. The growth in bank credit has been conthe question of brokers' loans might well assume a quite alarming aspect. tinuous and rapid since the seasonal low point in the latter part of February.
But we must not look at the stock market solely and merely from an angle Since that time the total volume of credit extended by the reporting member
of credit, for the question of capital even more fundamentally influences banks has increased by nearly $1,000,000,000. Until the middle of April
Its constant development and expansion. I have already alluded to the this growth reflected in about equal measure increased spring demands for
fact that the general wave of commercial and industrial prosperity in this bank accommodation by trade and industry and growth in the volume of
country has led to the accumulation of unprecedented amounts of capital. stock exchange loans. Since that time there has been no further growth
This capital may be destroyed through unwisdom or waste, but it is not in the commercial demand for credit, and the entire increase has been in
subject to expansion or contraction on the same basis that bank credit is, holdings of securities and in loans on stocks and bonds, and particularly
and it has been the continual stream of this fresh American capital into in loans to brokers and dealers in securities on the New York Stock Exour securities markets that has been fundamentally responsible not only change. Accompanying an unprecedented volume of transactions on the
for their expansion in scope, but also for the enhancement in the prices of exchange and a continued rise in security prices, the volume of so-called
their securities. Investors from all over the country, both large and brokers' loans reached a record figure in the beginning of April and conemail, have been continually purchasing securities outright and locking tinued to increase until the middle of May. In view of the rapid expanof bank credit, in the absence of additional commercial demand, and
them up in their strong boxes for permanent investment. Large outright sion
purchasing of American securities for long-term holders has also come into the increasing volume of bank loans used to finance transactions in securities, the Federal reserve banks pursued further the policy begun in
the New York market from the recently rehabilitated investing classes of
January of selling Government securities, and thereby withdrawing funds
European countries. So important has this factor proved itself in recent
from the money market. Additional withdrawals of funds were caused
years that, as I see it, the major concern of the Stock Exchange to-day
by the continued demand for gold for export. As a consequence of these
really lies ni the question of how far its facilities are adequate in handling withdrawals
and some
this continual flow of investment funds. The question of credit, as far as banks there was a large increase in the reserve requirements of member
increase in member bank borrowing at the reserve
JULY 7 1928.]
FINANCIAL CHRONICLE
banks, and the volume of discounts in May was larger than at any other
time in the past four years.
Relation between Member Bank and Reserve Bank Credit.
For the period between the beginning of September and the middle of
May, while the volume of reserve bank credit outstanding increased by
about $1,700,000,000. This growth in member bank deposits, however,
which reflects an equivalent growth of their loans and investments, caused
a growth of only $125,000,000 in member bank reserve requirements.
Growth of member bank credit, in fact, is rarely an important factor in
any considerable growth in the demand for reserve bank credit, because an
increase in loans and investments of member banks, which is reflected in
a corresponding increase in their deposits, increases the required reserves
by only a fraction—about one-thirteenth— of the increase in bank deposits.
It is for this reason that short-time fluctuations in the volume of reserve
bank credit are generally not due to changes in the volume of member
bank credit but to other causes, chiefly changes in the demand for currency
and in gold movements in and out of the country. . . .
When a member bank requires additional currency or gold to meet a
demand from the public, it is generally not in a position to meet this demand
out of Its own resources, since it carries no considerable amount of excess
reserves, and it is obliged, therefore, to borrow from the reserve bank an
amount equivalent to the gold or the currency which it has to pay out. If,
on the other hand, the member bank extends an additional loan and the
deposit created by the loan increases its reserve requirements, this increase
in reserves, and consequently in the demand for additional reserve bank
credit, will be, on the average, only $7.50 per hundred dollars of the deposits thus created. In other words, a demand by the public for $100 in
currency or an equivalent foreign demand for gold increases the demand
ibr reserve bank credit by the full $100, while a demand for an additional
*100 in loans increases the demand for reserve bank credit in the average
by $7.50. The same relationship holds when the movement is in the
opposite direction. A decrease of $100 in the demand for currency or
for gold diminishes the demand for reserve bank credit by the full $100,
while a decrease of $100 in the demand for bank deposits decreases the
demand for reserve bank credit on the average by $7.50.
Large or rapid reductions in reserve bank credit have occurred only
diving periods of large gold imports or ofa considerable inflow of currency
from circulation. For example, when the volume of reserve bank credit
declined from about $3,300.000,000 in Dec. 1920, to 81,300,000,000 in
Jan. 1922, this decrease of $2,000,000,000 reflected a decline of more than
$1,000,000,000 in currency and an increase of more than $750.000,000 in
gold stock. And although the'volume of member bank credit decreased
by more than $2,000,000,000 during the period, the change in member
bank reserve balances was only about $50,000,000.
•
45
policy of the Federal Reserve System, the only means by which the member
banks will be able to reduce their debt at the reserve banks is a sale of
investments or a gradual contraction of their loan account.
National Bank Tax in Oregon Held Unlawful in Decision Handed Down in Portland, Oregon.
Declaring that the evidence fully sustained the contention
of seven national banks of Portland that the attempt of the
State of impose a tax upon their shares while competing
money capital was not equally taxed was unlawful. Federal
Judge Bean handed down a decision at Portland, Oregon, on
June 18 in favor of the plaintiff banks, permanently restraining T.M.Hurlburt, sheriff and tax collector,from collecting
the tax assessed for 1926, which was the basis of the action.
The foregoing is taken from the Portland "Oregonian" of
June 19, which in its account of the decision adds:
In his opinion, Judge Bean said: "The applicable law has been cl arly
established. National banks are agencies of the general governmen, and
neither their property nor their shares of stock can be taxed by the State
without the consent of Congress, and then only in conformity to such
restriction as it may impose.
Financial Competition at Issue.
"Congress by appropriate legislation has permitted the taxation by the
States of shares of national banks, subject to the restriction that the tax
imposed shall not be at a greater rate than is assessed upon other moneyed
capital in the hands of individual citizens ofsuch State coming into competition with the business of national banks."
The decision of the court in effect invalidates the assessment for 1927.
now due, as well as that for 1926 and any further assessment against these
banks by the State until the present taxation law is changed and other
moneyed capital brought under the State law either through enforcement of
the present law by the assessors or through the removal of tax exemption
which has been extended to certain State bond issues.
Highway Bonds Exempt.
A particularly significant feature of the court's holding was the recogni:
tion of $34,000,000 worth of highway bonds held by individual residents
of the State as being in active competition with the capital of the bank.
These bonds, many of which run for years, have been exempt from taxation by statute, and any effort of the next session of the legislature to
remedy the taxation law so as to bring all intangible assets and interest
Year to Year Growth.
Deposits of member banks are build up primarily through the extension bearing securities under its provisions in order that the banks may again
of loans and the purchase of securities, the proceeds of which remain on be brought under the application of the State law will be met by the predeposit either in the bank that makes the loan or the investment or in viously enacted law which authorized the issuance of these State bonds
another bank. The growth of member bank deposits, in turn, increases free from taxation.
Continuing with his opinion, Judge Bean amplified the features of the
their reserve requirements to an extent depending on the character of the
deposit and the location of the bank. If the deposit is on time the reserve Federal enactment under which the banks brought suit.
"The restriction does not include moneyed capital representing mere
required is 3%,if it is on demand it is 7, 10, or 13%,depending on whether
it is in a country bank, a reserve city bank, or a central reserve city bank. personal investment of individual citizens not employed in substantial
competition
with the business of national banks," Judge Bean said, "but
On the average the reserves carried by member banks against their entire
deposits, subject to reserve requirements, are about 7.5%, or in the ratio it does embrace that which is employed substantially in the loan and
features
investment
of banking in making investments by way of loans,
of $1 in reserves to $13 in deposits. When member banks increase their
loans and investments by $1,000.000,000, therefore, they require about discount or otherwise, in notes, bonds or other securities with a view
$75.000,000 of additional reserve bank credit. In the ordinary course of of sale or repayment and reinvestment.'"
developments in the United States the volume of bank credit commonly
Judge Summarizes Testimony,
increases from year to year, largely in response to the growing needs of
Judge Bean then briefly summarized the testimony and evidence pretrade and industry. In fact, since the establishment of the reserve system sented by the plaintiff banks during the recent hearing of the case by him,
In 1914, there was only one period, between the end of 1920 and the begin- first establishing again that the capital,
surplus and undivided profits of the
ning of 1922, when the volume of bank credit showed a considerable de- plaintiffs on March 1 1926 was approximately
$12,000,000, upon which a
crease, as is brought out by the chart. The growth in member bank credit tax of approximately $218,000 was imposed,
deducting the tax upon real
is slower in some years, such as 1926, and more rapid in other years, such property which was not at issue.
as 1927, but it is practically uninterrupted. The consequent increase from
The Court then went into a consideration of competing capital. He
year to year in member bank reserve requirements, though it is only a first mentioned the recorded real estate
mortgages of record in this county
small proportion of the increase in member bank deposits, is nevertheless securing promissory
notes amounting in the aggregate to approximately
an important continuous factor in the long-time growth of the demand $60,000,000, which were
not taxed, the $34,000,000 in highway bonds and
for reserve bank credit. A closer examination of the chart(we omit this Ed]
$75,000,000 to $100.000,000 in corporation and municipal bonds purchased
indicates that in 1924, when gold imports (in the absence of currency and
sold.
growth) were a factor diminishing the demand for reserve bank credit,
Tax Discrepancy Noted:
the outstanding volume of this credit remained nevertheless unchanged, a
Domestic and foreign financing companies operating here, the Court
condition directly related to the growth during 1924 in member bank reserves. Similarly, in 1927, disregarding seasonal fluctuations, the net pointed out, had a capital, surplus and undivided profits as of March I
increase in reserve bank credit was directly related to the increase in member 1926 of some $6,000,000. according to the evidence introduced, which was
bank reserve requirements. At a time when member bank credit decreases, assessed at $114,410 and taxed $5,250.44. Had they been taxed as the
which has occurred on infrequent occasions, as already indicated, the banks were,the Court pointed out, they would have returned to the county
decrease in the demand for reserve bank credit caused by the reduction $167,925.21.
The assessed value of money, notes and accounts in the State, the opinion
in member bank reserve requirements has been relatively small. In order
to reduce their reserve requirements, and conseqiently their demand for continued, on March 1 1926, was $17,109,812, while it was shown that
there
was invested in stocks, bonds and other intbrest-bearing securities
reserve bank credit, by any considerable amount, such as for example,
$100,000,000, the member banks would have to reduce their deposits- with domestic and foreign corporations approximately $135,000,000. The
through the contraction of their loans and investments, by between $1,000, assessed shares of stock in Multnomah County on March 1 1926, Judge
000,000 and $1.500,000,000. Such a contraction is generally not practicable Bean said, amounted to $6.367,030, all of which, save $38,760. was reprein a short period of time, because the member banks have certain respon- sented by bank shares.
"I conclude, therefore," Judge Bean said in finishing this part of the
sibilities to their customers and are reluctant to dispose of large amounts of
opinion, "that moneyed capital in the hands of individual citizens and cortheir investments at a time of credit pressure.
porations amounting to many hundreds of thousands of dollars which was
Reserve Bank Policy.
not assessed or taxed was employed in a manner which brought it into
The relatively large contraction in member bank credit necessary to competition with the business conducted by national banks, including the
bring about any considerable decline in the demand for reserve bank credit plaintiff banka, and for that reason the tax on plaintiff's shares was unlawhas an important bearing on credit policy. During recent months increas- ful."
ing pressure on member banks through gold exports, security sales by the
State Defenses Dismissed.
reserve banks, and advances in rediscount rates has not had the effect
The defenses set up by the State were dismissed briefly and withou
of arresting the rapid expansion of member bank credit. The policy of extensive consideration by the Court. The State first
contended that
the reserve banks, however, has resulted in greatly increasing the indebted- through a series of letters to the county assessors by the banks
asking that
ness of member banks to the reserve banks. In the middle of May dis- the assessment be made to them direct rather than to the
individual sharecounts by the reserve banks for member banks amounted to $800,000,000. holders the banks had acquiesced to the assessment and
agreed to payment.
the largest amount in more than four years, and in addition the reserve The Court held that these letters were simply matters of form
and considbanks held $350.000.000 in acceptances purchased from the member banks ered nothing which was unlawful and that the defense was
not well taken.
and from dealers. That the growth in member bank indebtedness has
Similar disposition was made of the contention raised in
defense that the
been wide-spread is indicated by the chart, which shows reserve bank banks were estopped from prosecuting their action in
court, as they had
discounts for member banks in New York City, in other leading cities, failed to take advantage of the remedies provided by
the
State
law, which
and for other member banks. Advances in rediscount rates and in buying provides that redress may be secured through appeal to the
County Board
rates on bills, furthermore, have increased considerably the cost to member of Tax Equalization and then appealed to the State
Court.
banks of their indebtedness to the reserve banks. This higher cost of
George Mowry and Lyle F. Brown, Assistant Deputy District
Attorneys.
reserve bank credit, and the traditional reluctance of member banks to represented the County Assessor. Mr. Mowry stated
that he was of the
remain continuously in debt at the reserve banks, exert a continuous pres- opinion that the State would appeal the decision
of
the
District
Court.
sure on the member banks. That these banks, in turn, pass the pressure Probably carrying it to the Supreme Court of the
United States if this
on to the borrowing public is evidenced by the rise in open-market money Court is sustained by the Circuit Court of
Appeals. Mr. Mowry said.
scrutiny
to
which
closer
many loans are subjected. Unless a however, that he would not be able to state
rates and the
authoritatively about the appeal
change occurs in the direction of gold movements, or in the open-market until he had had an opportunity to study the
opinion of the Courtin'
46
FINANCIAL CHRONICLE
[VOL. 127.
The banks which brought the action in the Court here were Brotherhood the separate classification of banks for tax purposes, without the benefit of
Co-operative National, Northwestern National, United States National, limitation comparative with other large logical classes of taxpayers, would
Peninsula National, West Coast National, Portland National and First make banks a special target for extremely onerous taxation without any
National. Sydney J. Graham, Joseph 0. Stearns Jr. and Charles A. statutory protection whatever.
This is a serious situation and should be combated br the Association
Marsch represented the banks.
and every member of it.
Other Suits Filed.
We also quote the following from his address:
A similar suit has been filed in behalf of the State banks in Multnomah
County and other suits are expected to follow in behalf of State and national
The Money Market.
banks throughout the State.
In sharp contrast with the course of business, the history of the money
tax
1927
There are 248 State and national banks in Oregon and the
market for the past six and a half years, and very especially for the past
imposed upon shares of capital stock and undivided profits of these institu- few months,
and the history of the markets for securities, have been
tions was $653,205.51. Practically all of the banks have held the payment
characterized by expansion on a colossal scale, by new records in volume
of the tax in abeyance or paid under protest pending the disposition of the of
transactions, and by new records in prices. Our money market has
case heard here, which was recognized as a test case.
been subject to forces of extraordinary magnitude which I want to sketch
According to Mr. Mowry, the decision of the Court here is in direct in
outline,
so that we may be in position to determine what elements we
accord with recent decisions in a number of other States which have been
must reckon with in deciding what the future will be. I am not prepared
sustained on appeal, and which have in several cases resulted in complete
to make predictions regarding that future, but I do want to present the
revision of State programs of taxation.
The Court having invalidated the assessment for 1926, Mr. Mowry elements of the problem.
First, let us note that there has been a vast expansion of bank credit
stated, the State will lase the assessment for that year as well as 1927 and
192t before the State Legislature meets. Future taxation, he pointed out, since early in 1922, and that the great bulk of the new bank credit, unneeded
by
commerce, has been employed by bank investment in securities, in loans
depe..ds entirely upon the action of the Legislature.
by banks on pledge of securities as collateral, in real estate loans and In
the purchase of installment finance paper. Second, that this great bank
has been based upon an immense increase in bank reserves, due
President McHugh of New York State Bankers' Asso- expansion
partly to a great increase in our gold monetary stock, and partly, especially
ciation on Bills Before Congress for State Taxation in 1922, 1924 and 1927, to a cheap money policy of the Federal Reserve
of Banks—Flow of Gold to United States—Gold Banks, which increased the volume of Federal Reserve Bank credit very
Resting on Mistaken Notion. decidedly above what it otherwise could have been.
Exchange Standard
Besides reviewing the business situation and the money
market, John McHugh, Chairman of the Executive Committee of the Chase National Bank of New York, in addressing, as President, the New York State Bankers' Association at Upper Saranac, N. Y., on June 25, referred to
the bills before Congress affecting State taxation of Banks,
and to the flow of gold to the United States. Commenting
on business conditions Mr. McHugh said:
From a very high point of business activity in 1926 and the early part
of 1927, there was a substantial although not severe recession which lasted
until early in 1928. Since early in 1928 there has been Improvement in
business, and if we were not accustomed to aiming at breaking records, we
should characterize business conditions throughout the country to-day as
good. Certainly we may characterize the credit situation in business as
good. Current business, as measured by many figures, including the
figures for railway transportation, is a little lower than it was this
time last year, but, having in mind that the trend has been upward since
early in 1928 and that, allowing for the usual summer lull, the trend is
not now downward, I think that we may feel distinctly comfortable regarding the business situation itself.
The seriousness of the situation respecting taxation of
banks was thus referred to by Mr. McHugh:
A new group of bills affecting the State taxation of banks is now
pending before Congress which presumably will be pressed when that body
reconvenes next December. I feel that It is very important that you
should be informed of the seriousness of this situation.
The Federal limitation on the exercise of the taxing power by States in
respect of national banks practically controls the taxation of State institutions for the reason that States usually tax their own banking associations to the same extent that Congress permits them to impose taxes on
national banking associations.
For over sixty years the Federal statute—popularly known as Section
5219 of the U. S. Revised Statutes—has limited the taxation of national
bank shares to that imposed upon other moneyed capital in the hands of
individual citizens of the State. In short, the law classified bank shares
with bonds, notes, mortgages and similar evidences of debt held by individuals, for purposes of State or local tatation. By amendments in 1923
and 1926 to that seetion, the States were given the alternative of taxing the
national banks (in lieu of the taxation of their shares) on the basis of their
net income providing that the burden should not be higher than that
borne by financial, mercantile, manufacturing and business corporations.
In other words, under this method, the law classified banks with other
corporations generally for taxation.
Last year the Minnesota Legislature created an official commission which
was authorized and directed to seek radical amendment of the Federal law
by Congress and to procure the co-operation of other States. The Minnesota Commission claims to have 33 States organized in support of the
program.
Asa direct result of the Minnesota movement, the Norbeck-CapperGoodwin bills were introduced last December. Those bills in effect invite
the classification of banks and banking capital for separate tax treatment
without limitation comparative with any other class of taxpayers. Hearings were had before both the Senate and House Banking and Currency
Committees but owing to the strenuous opposition of bankers those committees did not act on the measures. Just before the adjournment of
Congress, Senator Norbeck of South Dakota, Chairman of the Senate
Banking and Currency Committee, and Representative Goodwin of Minnesota, a member of the House Committee, introduced new identical bills,
authorizing the classification of banks by themselves but limiting the
taxation of national bank shares to that imposed on real estate used for
mercantile purposes. If such a law were enacted the States could tax
bank shares at their market value and apply the same tax rate as on real
estate. This is, of course, wholly illogical and absolutely contrary to
modern tendencies in sonnd taxation principles.
New York, Massachusetts, and Wisconsin are the only States which now
tax banks on the basis of net income and in practical classification with
financial, mercantile, manufacturing and business corporations. But if
the old underlying principle of the Federal law, of classifying bank shares
or banks with large classes of taxpayers, is changed by Congress, a
precedent for the classification of banks by themselves will thus be
established. Such change of the established policy would undoubtedly lead
to a similar classification in such States as New York, Massachusetts and
Wisconsin without the benefit of any limitation upon the rate to be
applied to the net iacome which is now controlled by the rate Imposed
upon financial, mercantile, manufacturing and business corporations. Also,
it would open the door for those States to abandon the net income method
and return to the share tax at far greater rates than in the past.
With the constant den and for the increase of State or local revenue
Why Gold Came to Us.
The gold came to us under the influence of forces which it is very
important for us to understand. We lost gold in 1919 and in the first half
of 1920, but toward the end of 1920 the tide turned, and gold began to
come to us from all over the world, but especially from Europe. It
began to come to us at that time because Europe was very heavily indebted
to us on current account. But this was not the cause for the continued
flow of gold after 1921. We continued to gain gold after 1921 because we
were the only country to which gold could be taken for monetary purposes
without a loss. The dollar, whether made of paper or of silver or of gold,
was at a parity with gold. In New York and in every other Federal
Reserve city, and at the Treasury in Washington, gold could be instantly
obtained as a matter of legal right in exchange for any other form of
currency. And in practice at almost any large American bank in any
city gold could be freely obtained. But almost nowhere else in the world
could this situation be found. The result was that our currency was at a
parity with gold and that there was, therefore, no loss in converting gold
into dollars. But if gold were taken to England and exchanged for
sterling, that which was received in exchange was worth less than gold.
If one took his gold to France and exchanged it franc for franc for bank
notes, it would result in a loss of much more than 50%. Paper money,
not redeemable in gold, was the actual currency of almost all the rest of
the world, and the old law that bad money drives out good money worked
vigorously. Gresham's Law sent virtually all the newly mined gold, and
virtually all the gold in commercial hands which was free to move, to the
United States.
Europe had made some progress toward the restoration of the gold
standard even before the coming of the Dawes Plan in 1924, and the
Dawes Plan hastened the movement a great deal. But a mistaken notion
regarding the economy of using gold in exchange instead of gold was
widely current in Europe, and the movement in Europe went first toward
the so-called "gold exchange standard" rather than the strict gold standard.
Under the strict gold standard each country carries gold reserve in Its
own borders, in the vaults of its own banks of issue or in the vaults of Its
public treasury, if Its paper money is government paper money. Under
the gold exchange standard, however, a country carries its reserve In whole
or in part in the form of bank balances in foreign countries which are
on the gold standard. Europe's first step, therefore, toward bringing her
currencies into fixed relation to gold involved the building up of bank
balances in those countries which were surely on the gold standard, and
very especially in the United States. Gold, therefore, continued to come
to us, though not so rapidly as before, because some of the countries of
Europe were then taking some gold.
A moment ago I characterized the gold exchange standard as resting on a
mistaken notion. Used by weak countries and small countries, it has its
merits. But when widely used and when used by countries of great
financial importance, like France, it has a very definite inflationary effect.
The same gold may be counted several times as a basis for general bank
credit. If France, instead of carrying gold in vault as reserve for French
bank credit, uses instead balances with the American banks, we can expand
credit upon it at the same time that France is expanding. And if, at the
same time, Belgium carries part of her reserves in the form of bank
balances in France, the same gold is used three times as a basis for bank
expansion. This side of the matter was forced dramatically upon our
attention late in 1926 and early in 1927. Many countries in 1926 and 1927
Increased their foreign exchange reserves enormously and France alone
increased hers by at least $1,000,000,000. Bank expansion moved with
great rapidity over the world, but especially in the United States, and
this was intensified for us by the renewal of the cheap money policy of
the Federal Reserve Banks in the second half of 1927.
The Tide Turns.
It now appears, however, that these tendencies have spent their force.
Beginning in 1927, France began converting foreign balances into earmarked gold abroad and, to some extent, to bring gold home. During 1928
France has drawn home great quantities of gold, chiefly from .the United
States. The Reichsbank in Germany began, even before the Bank of
France, to increase its gold holdings and to diminish its foreign exchange
holdings. Italy has taken some gold. The Argentine, returning to the
strict gold standard last year, has taken a great deal of gold. England
has taken gold. There is to-day eager international competition for gold
which has not only taken up all of the currently produced gold, but Is
also making heavy inroads upon our supply.
Concerned about the undue use of bank credit in the securities market,
our Federal Reserve authorities have definitely reversed their cheap money
policy. From the first of the year they have been, with inerasing effectiveness, working to check the expansion of bank credit. They have sold
Government securitia, they have raised their rediscount rates, and, despite
the speculative fever with which they have had to contend, they now appear
to have a firm grip on the money market.
I think we may look forward in the future to less feverish tendencies in
finance and in the securities markets. I hope so. We have gone through
JULY
7 1928.]
FINANCIAL CHRONICLE
an experience in the last few years which could easily have been very
demoralizing. The temptation to a wild speculative move in commodities
and in general business has been very great, but the commodities markets
and the general business world have kept their heads. The worst of the
possibilities in such a great expansion of credit as we have gone through
have not been realized and I confidently believe will not be realized.
which the Treasury purchased on June 20 about 75 million of Liberty
thirds.
G. W. Norris of Philadelphia Federal Reserve Bank on
Money Situation.
governor of the Philadelphia Reserve
Norris,
George W.
Bank, when asked to comment on the money situation, confined himself to the local district in the following statement
according to the "Wall Street News" of July 3:
"I think the Philadelphia situation, as to the present money stringency, is due to the fact that for some weeks there has been a movement of funds out of this district reducing the deposits of the banks.
"A great deal of local money has been attracted to New York by
the high call loan rates prevailing there and there has been additional
factors such as holiday currency demands, the concentration of money
in New York which always occurs at the end of June and December,
and the window dressing that is common when a call from the Comptroller is anticipated."
McGraw-Hill and Shaw. Publishing Interests Merge—
More than Score of Business, Engineering and
Industrial Publications Affected.
Merger of the McGraw-Hill Publishing Co. of New York,
which claims to be the largest publisher of business papers
in the world, nad the A. W. Shaw Co. of Chicago, publisher
of "System" and "The Magaizne of Business," was announced in New York on June 28. More than a score of
industrial, business and engineering publications are Involved in the consolidation, according to the announcement,
which says:
Secretary Mellon Looks for Easing Money Conditions.
According to Associated Press advices from Washington,
Secretary Mellon in discussing the long-term Treasury bond
issue on July 5 said that he did not believe the bond investor
would be influenced by the present situation in the short term
security and call money market. The dispatches went on
to say:
He said that the 3%% rate on the new issue is .the same as that
of last July 15, offered in the successful retirement operations for
the second Liberty bonds. This was regarded as indicating that the
Treasury feels that the future holds a healthy outlook.
Treasury officials anticipate that the money situation will show
some easement after the quarterly dividend payments and the end of
the fiscal year operations are concluded.
Secretary Mellon indicated today that the final operation for the
retirement of the Third Liberty bonds, redeemable September 15, will
be a short-term issue. The formal statement of the Treasury announcing the two bond issues said that if as much as $500,000,000
was subscribed to the new issue, no other long-term offering would be
put out. The Treasury expects subscriptions to exceed the $500,000,000
figure that will absorb a large portion of the outstanding $1,200,000,000
of Third Liberty's, the remainder of which could be retired by shortterm issues.
Treasury officials said today that the long-term issue had been
contemplated since the first of the year, but it had been held off because of the successive rediscount rate increases by the Federal Reserve Bank.
Under the merger terms, the Shaw organization, of which A. W. Shaw
will continue as Chairman of the Board, becomes a division of the McGrawHill organization. James H. McGraw, its President, will have that same
office with the Shaw Co. Mr. Shaw becomes a director of the McGrawHill organization and continues as President of the McGraw-Shaw Co., a
publishing concern which the two larger companies formed jointly last
fall. Wheeler Sammons becomes a director and member of the executive
committee of the McGraw-Hill organization and Senior Vice-President and
General Manager of its A. W. Shaw division.
In addition to "The Magazine of Business" and "System," the Shaw Co.
publishes "Industrial Distributor and Salesman." The McGraw-Hill organization, either directly or through subsidiary or affiliated companies,
publishes more than twenty industrial and engineering papers as well as
engineering and business books. Its publications cover the electrical,
mechanical, construction, mining, electric railway, bus transportation, mining and chemical fields and include "Electrical World," "Engineering NewsRecord," "American Machinist," "Coal Age," "Electric Railway Journal,"
"Engineering and Mining Journal," "Power," "Radio Retailing" and
"Chemical and Metallurgical Engineering."
Officers of the merging companies to-day gave two reasons for the consolidation. The magazines of the two organizations, the officers pointed
out, are complementary in character. The Shaw papers cover business
boardly, giving the business man an understanding of what is going on in
all branches of trade, industry and finance. Their service is extensive in
character. The McGraw-Hill service, on the other hand, is intensive.
Its magazines give a highly specialized service to given major industries
and to related industrial groups. Thus the consolidated companies serve
the business man in both his general and special business interests. The
second reason is the very evident economy and increased effectiveness of
consolidated operation, enabling a superior service to be rendered to the
whole sweep of American business.
Secretary Mellon to Sail for Europe July 2.
Secretary of the Treasury Mellon will sail for Europe on
July 12. The Washington Correspondent of the "Journal of
Commerce" in referring July 5 to Mr. Mellon's proposed
trip said:
Mr. Mellon has not indicated where he will spend his time in
Europe, although he does not anticipate remaining abroad more than
two weeks. He did say that he would not visit London or Paris.
On his return Mr. Mellon will devote his time to winding up the
affairs of the Treasury Department, over which he has presided eight
years and from which he is expected to retire next March. He will
devote considerable attention to the interests of the Hoover-Curtis
ticket in the coming campaign.
Treasury Department Terminates Offer to Purchase Third
Liberty Loan Bonds.
Secretary Mellon announced on July 5 (according to a
Washington dispatch to the "Times") that the authorization
given the Federal Reserve banks under date of June 21, to
purchase, at the option of holders and until further notice,
100 2-32 and accrued interest, and Third Liberty Loan 4% Vo
bonds that might be tendered, ended at the close of business
July 5. The original offer, announced June 10, was closed at
the close of business June 19; the offer was renewed June 21,
as indicated in our issue of June 23, page 3869.
Federal Reserve Bank of New York on June 15 Tax
Period Operations of Treasury.
The following is from the July 1 Monthly Review of the
Federal Reserve Bank of New York:
The principal transactions of the June 15 tax period included the redemption of 400 million of Treasury 3%% certificates the sale of refunding issues, including approximately 216 million of six months 4%
certificates and 212 million of nine months 3%% certificates the second
quarterly payment of taxes on 1927 income and the purchase for retirement of Liberty third 41/0 at 100 2/32.
As usual, a large part of the maturing issue was presented for redemption in New York, and although about 135 million were exchanged for
the new series, cash redemptions together with interest payments in this
district exceeded tax and other collections on June 15 by nearly 90
million dollars. Due to the heavy indebtedness of New York City banks,
this amount was readily absorbed by the repayment of borrowings at the
Reserve Bank, and the call money market eased only slightly. The
Treasury issued the usual special certificate of indebtdness to the Reserve
Bank to cover its overdraft, which was paid off within a few days out
of the proceeds of tax collections, and a deposit balance was built up, with
41
Government Surplus of $398,000,000 Reported by Treasury Department at Close of Fiscal Year—National
Debt Reduced by $900,000,000—Liberty Bond
Redemptions.
In a review of the Government finances at the close of
the fiscal year June 30 1928, Secretary of the Treasury
Mellon reported a surplus of $398,000,000, as compared with
the Treasury estimate of $405,000,000, and with a surplus
of $635,000,000 in 1927. The total ordinary receipts in the
late fiscal year amounted to $4,042,000,000, while the expenditures aggregated *3,644,000,000. The aggregate of tax
receipts—customs, income tax and miscellaneous—was
*3,364,000,000, or $111,000,000 less than in 1927 and $41,000,000 less than the amount estimated by the Treasury
last October. The National debt was reduced during the
twelve months by $900,000,000. Secretary Mellon also states
that in the eighteen months from March 15 1927 to Sept.
15 1928, "the Treasury will have retired or refunded into
securities bearing a lower rate of interest over $5,000,000,000
of Second and Third Liberty Loan Bonds. Secretary Melion's statement, given out July 1, follows:
"The fiscal year just closed has witnessed a further improvement in the
financial position of the Government. There was a substantial surplus of
receipts over expenditures. The national debt was reduced by over
$900,000,000, accompanied by a material cut in interest charges. The
vast refunding operations begun in 1927 were continued and have been well
nigh brought to a successful conclusion. Taxes were again cut by over
$220,000,000.
"The total ordinary receipts amounted to $4,042,000,000, as compared
with the estimate submitted to the Congress by the Treasury last October
of $4,076,000,000, and as compared with $4,129,000,000 in the fiscal
year 1927.
"The expenditures chargeable against such receipts were $3,644,000,000,
as compared with the budget estimate of $3,621,000,000 (exclusive of
$50,000,000 under the War Claims act) and expenditures in 1907 of
$3,494,000,000.
"The surplus amounted to $398,000,000, as compared with the Treasury
estimate of $405,000,000 and with a surplus of $635,000,000 in 1927.
Receipts.
"The aggregate of tax receipts—that is customs, income tax and miscellaneous internal revenue receipts—was $3,364,000,000, or $111,000,000
less than receipts from these sources in 1927, and $41,000,000 less than
the amount estimated by the Treasury last October, a difference of 1.2
plus per cent.
"Income tax receipts aggregate $2,174,000,000, as compared with
$2,225,000,000 in 1927 and as against an estimate of $2,165,000,000. In
view of the amount of discussion that has taken place as to the accuracy
of the Treasury's estimate of income taxes, it is worthy of note that,
with collections aggregating over $2,000,000,000, they exceeded estimates
by the narrow margin of $9,000,000, or an error of .42 of 1%.
"Customs yielded $569,000,000, as compared with an estimate of $602,000,000, and receipts last year of $606,000,000. The latter were record
figures. This year's are about normal.
48
FINANCIAL CHRONICLE
[VOL. 127.
"Miscellaneous internal revenue receipts were $621,000,000, as com"Much of this feeling, I imagine, arises from one of two things.
pared with an estimate of $638,000,000, and actual receipts last year of
"Some remember the sensational things that occurred years ago on or
$645,000,000. The falling off in revenue, both as compared with the
through the Board of Trade, such as corners or squeezes or elevator
estimate and last year's receipts, is due in the main to a sharp diminution
troubles. But those who remember also forget. They forget that it is the
In the receipts from the estate tax and in part to the Revenue act of
1928, sensational thing that they remember because it is bizarre and unusual.
which repealed the excise tax on the sale of automobiles.
The daily routine of a vast business that measures its greatness in hundreds
"Miscellaneous receipts yielded $678,000,000, as compared with
an of millions of bushels of grain bought by processors, exporters,
and users,
estimate of $670,000,000, and a yield last year of $654,000,000.
and sold by farmers who in its ready market find cash in exchange for
"As compared with 1927, the principal items of decrease
were $36,- their work and the productivity of the soil and sunshine—that is
forgotten.
000,000 in customs receipts, $51,000,000 in income
tax receipts, due, as Human nature likes to remember the slips
of a good man, but is most
anticipated, to the falling off of back-tax collections, and $24,000,000 in
reluctant
credit
to
him
with
the
ninety-nine percent of his life which Is
miscellaneous internal revenue receipts, resulting in the main from reduced
good. And it is equally true that human institutions are measured not
estate taxes.
by the good they do but by their occasional errors.
"The principal item of increase is $24,000,000 in miscellaneous
receipts,
"And the other thing is— that those who fear for the future of the
resulting from an increased liquidation of the obligations of railroads
to Exchanges do not know
what steps have been taken within the Exchanges
the Government, which, however, was in a large measure
offset by a to prevent recurrence of
the spectacular things of the past. Just as the
decrease in receipts from the realization on other assets.
United States Steel Corporation inaugurated a new era in corporation
Expenditures.
ethics under the leadership of Judge Gary, and just as all businesses have
"Total expenditures chargeable against ordinary receipts amounted to developed newer and higher ideals of conduct in the last decade
or two,
$3,644,000,000, as compared with an estimate of $3,621,000,000, the latter so have the Grain Exchanges eradicated sharp practices
and cutting-thebeing exclusive of expenditures under the settlement of War Claims act, corner dealing. Those who remember the 'corners' in grain
of the eighties
and of $3,671,000,000 including the said expenditures. The total expendi- and nineties forget also that the same things were occurring
in all busitures therefore show a decrease of $27,000,000 as compared with estimates, nesses. The Diamond Match affair in Chicago—the Northern
Pacific corner
or less than three-fourths of 1%. The total expenditures in the fiscal year in New York—and even sand in the sugar at the neighborhood
grocery.
1927 amounted to $3,494,000,000.
"Practices which were common in all lines of business were condemned
"It should be noted, however, that by reason of the failure of the when they
occurred in the pitiless spotlight of the open market. It is
Deficiency bill in 1927 and a change in the revenue law, a substantial common knowledge that
all the important street car and elevated lines in
amount of expenditures properly chargeable to the ficasl year 1927 was Chicago ran past
or looped around one particular retail store because the
carried over into 1928.
owner of that store was a controlling stockholder in the city's transportaThe Surplus.
tion lines—but the world never conceived of that situation as a corner—
"The Treasury Department estimated the surplus at $455,000,000, ex- which in effect it was.
clusive of payments under the Settlement of War Claims act, which in fact
''But the world has developed in normal sense and grown up, as it were,
amounted to $50,000,000, or, in other words, a surplus of $405,000,000. and men may not and do not do the things they once did—simply because
The actual surplus was $398,000,000, or within 1%% of the estimate.
the public does not recognize those things as right and proper.
"Three hundred and sixty-seven million dollars of the surplus has already
"Along with the growth of thee newer conceptions of business the
been applied to the retirement of public debt obligations and the balance, Exchanges also have taken steps to guarantee to the public a performance
which has been temporarily carried over as an increase in the net balance of their functions in all good faith, and in accordance with the newer
in the general fund at the close of the year over the balance at the ideals of business.
beginning, will be used for debt retirement purposes early in the fiscal
"The Chicago Board of Trade, in addition to rigidly disciplining any
member guilty of violating its rules, has a Business Conduct Committee
year 1929.
that examines into the affairs of its members and prevents any tendency
The Public Debt.
"The total gross debt at the close of the fiscal year amounted to to unbusinesslike conduct from developing into an actuality.
$17,604,000,000, as compared with $18,511,000,000 at the close of the
"Members who may be in temporary trouble are helped over their
fiscal year 1927, or a decrease of $907,000,000. Of this amount, $540,- difficulties until they are strong enough to go it alone. Members who
000,000 is to be attributed to the sinking fund and other debt retirements are getting on thin ice because of mismanagement or failure to follow
chargeable against ordinary receipts, and $367,000,000 to debt retirement proper ideals in their business are quickly disposed of.
from the surplus of receipts over expenditures.
"A new Clearing House has been organized along the lines developed
"The annual interest rate on the interest-bearing debt on June 30 1928 by our own experience and that of
many other grain, banking, and security
was 3.87%, as compared with 3.96% at the close of the fiscal year 1927 clearing houses. The clearing house provides security
in deposits put up
and 4.29% in 1921. Total interest payments in the fiscal year 1928 were to protect traders and makes all its members comply with uniform
require$732,000,000 as compared with $787,000,000 in 1927, or a reduction
ments
as
to
reporting
trades
and depositing margins. Since the Clearing
of
$55,000,000.
House was organized, failures have been much less frequent—in fact, they
"During the fiscal year 1928 the Treasury Department practically com- are se infrequent now that we might almost say they do not occur.
pleted the retirement and refunding of the Second Liberty Loan bonds,
"A new Warehouse Corporation has been formed that will do away
of which on March 1 1927 there were outstanding $3,104,000,000. On with the complaints
that were occasioned under the old warehouse plan.
June 30 1927 there were still outstanding $1,308,000,000. By June 30 1928
"Under the new Warehouse Corporation Contract each holder of a
all but $33,000,000 had beer retired.
warehouse receipt is invited to record his receipt with a Registrar. If he
"In the fiscal year just closed, the Treasury began refunding operations so
registers his receipt he will be notified in case his grain if out of
In anticipation of the maturity on Sept. 15 next of $2,147,000,000 of
condition or is getting out of condition. Should his grain be getting
Third Liberty Loan bonds cutstanding on Jan. 1 1928. On June 30 1928
out of condition, he will be offered a price for it by the elevator owner.
this amount, by retirement and refunding, had been reduced to ;1,If he doesn't chose to take this price, the President of the Board of Trade
228,000,000.
will at once appoint a committee to fix a price that reflects the true
"During the course of the eighteen months beginning on March 15 1927, commercial
value of such grain—and if the owner of the receipt does not
and ending on Sept. 15 1928, the Treasury will have retired or refunded accept either of
these offers he may withdraw his grain within three days
Into securities bearing a lower rate of interest over $5,000,000,000 of and be guaranteed
that he will receive the kind and grade of grain called
Second and Third Liberty Loan bonds."
for in his elevator receipt. Nothing could be fairer than this nor measure
closer to the newer ideals in business. And the whole idea back of the
plan is to guarantee the integrity of elevator receipts so they will always
Clutton
Secretary
of Chicago Board of Trade on be as good as gold.
"Rules, strictly enforced, prevent the recurrence of the old time corners
Broadening of Facilities of Exchange to Meet
—those rare things that made such fine newspaper copy and were such
Country's Progress.
choice morsels of gossip for the corner grocery congress. Rules are, of
Grain exchanges have been keeping step with progress course, no better than the men who enforce them or the men who live
under them. The experience and ability of the men composing our Board
and will continue to do so, Fred H. Clutton, Secretary of of Directors—and the high requirements
for membership in the Associathe Chicago Board of Trade, declared in an address before tion—assure a high level of responsibility under the rules, and a high
moral
responsibility
in
their
enforcement.
Convention
the
of
Indiana Grain Dealers' Asthe Annual
"And as to the future: As Patrick Henry measured the future by the
sociation in Gary on June 28. In telling of the extension
past, so may we. For eighty years our Exchange has lived and prospered—
Board,
Secretary
his
facilities
of
Clutton
called
of the
atten- and its prosperity has been due only to the fact that it has performed an
tion to the development by it of a market in the Great important part in the distribution of the agricultural products of this
nation,—and did so efficiently and economically. I believe that the
Central West for the trading in cotton. He likewise referred survival
of the fittest in axiomatic in the economic functions of
to the action of the members in voting to trade in securities, distribution, and consumption, and it is not thinkable that the production,
Intelligent
In addition to grain, provisions and cotton, which step, he men who are members of and are conducting our Exchanges will not keep
economic
step
progress
with
in
modifying
and
adapting
the
advance
methods
in
an
mark
the
so
activities and imsaid, "should
painstakingly developed through long years of expensive
portance of the Exchange." Secretary Clutton's speech meet fairly and squarely new problems as they are evolved. experience to
follows:
"Just what the problems will be no one—however great a sage he may
"I believe that the survival of the fittest is axiomatic in the economic be—definitely knows. If we knew we would formulate rules now and
make
them effective on such dates that the problems would be solved
consumption.
It is not thinkable
functions of production, distribution and
that the intelligent men conducting our exchanges will not continue to keep before they arise. But all that society asks is that the problems be met
step with economic progress in modifying and adapting the methods so as they arise--and the Chicago Board of Trade, and I am sure I speak
painstakingly developed through long years of costly experience to meet for all the American Crain Exchanges, pledges itself to honest analysis
of the problems and a high sense of moral responsibility when it presents
fairly and squarely rew problems as they are evolved.
"I am quite humble in my roll as prophet, for I know that no man can its solution of these problems to rociety.
"Our country cannot stand still—nor can the business men of
lay claim to infallibility when he attempts to look into the veil that hides
the
to-morrow or even the next hour from us. And so as a foreteller of country shrink from their duty of leading in its progress. The Grain
things to happen I crave your indulgence and your permission to accept Exchanges, and particular the Chicago Board of Trade, welcome the
as a major premise the proposition that the things which will happen challenge, and will utilize their present machinery, men, capital, and
bear a rather close relation to the things which have happened in the experience in perfecting their work of marketing the products of the farm.
"The most recent evidence of the forward looking perspective
past. . . .
of the
"When Joseph was building primitive grain elevators in the Nile Valley Board of Trade was offering the facilities of the Exchange
for the developIt is probable that there were councillors of Pharoah with chopping block ment of a market in the Great Central West for the trading
of cotton.
whiskers who shook their heads over the new venture and said it wouldn't This market is unique in that It has been developed
so as to reflect more
last, and that the new grain fields of the Aegean plains would soon put than any other Northern Market the true commercial
value of the staple.
Joseph out of business.
This future market, organized for the benefit of hedgers and speculators
"And to-day I imagine there are those who honestly believe that the is unique in that deliveries on contracts are
consummated in HoustonGrain Exchanges are facing not only a difficult future but even complete Galveston, the greatest spot market In the world for
uniform cotton such
extermination.
as spinners and processors require. And it in unique In that it provides
JULY 7 1928.]
FINANCIAL CHRONICLE
for the first time a hedging market for the cotton planter who picks as
few as fifty bales of cotton.
"The members of the Chicago Board of Trade, looking still toward the
future, recently voted in a referendum to trade in securities in addition
to grain, provisions and cotton. This step forward should mark an advance
In the activities and importance of the Exchange. In the opinion of the
members, it will supplement the business now done on the floor with a
new kind of activity that will not interfere with the old activities.
Members who now do a large business in securities in addition to their
grain business should be enabled to do at least a large part of their
security trading along with their grain business on the floor of the same
Exchange. The development of the commercial importance of Chicago
demands that its financial prestige be developed also. It is within the
dreams of reason that twenty-five years from now Chicago will be vastly
more important than it is now-and that this central portion of the
United States will be immensely richer agriculturally and industrially.
Growth in population, utilization of our transportation, capitalizing our
advantageous location in the center of the United States, all demand that
we shall take our part in the development of our opportunities. Dealing
In securities on the Board of Trade is a part of the future-an answer to
the challenge and invitation that lies in the progress our nation is snaking.
"No intelligent man kicks the mule that carried him over the slough as
Bunyon points out-and no group of intelligent men discard the experience
of the past. But the future compels the use of the past experience in
adapting the Exchanges so they may function progressively, fairly, and
helpfully to all that they serve. One might also paraphrase the scriptures-we are holding fast that which we have and are trying to prevent
any man from taking our crown not by force but by adapting ourselves
to the progress of the nation and of business.
"As we live up to the ideals of the present, so may we safely step into
the future. And the Chicago Board of Trade feels that it is honestly and
intelligently meeting the marketing problems of to-day-and so faces into
the future with strength and assurance that the Grain Exchanges and its
own Exchange in particular will economically serve the nation as efficiently
as it now does."
Offering of $500,000,000 3% Treasury Bonds-Cornbined Cash Offering and Exchange for Third
Liberty Loan Bonds.
Supplementing its June financing-which consisted of an
offering of two series of Treasury Certificates of Indebtedness to an aggregate for the two of $400,000,000 or thereabouts-the Treasury Department unexpectedly announced
this week an offering of Treasury bonds, bearing 3%%
interest; the present is a combined offering for cash and
In exchange for outstanding Third Liberty Loan 41/
4%
bonds. The amount of the cash offering will be $250,000,000
or thereabouta The amount of the exchange offering will
be limited by the amount of Third Liberty bonds tendered
and accepted. Secretary Mellon, in his announcement
July 4, stated that "if the amount of exchange subscriptions
received by the Treasury is such that the allotted subscriptions to the combined offering aggregate $500,000,000 or
thereabouts, there will be no further offering of long-term
bonds in connection with the maturity of the Thirds." The
bonds in the present offering will be dated July 16 1928
and will mature June 15 1943; they will be callable in
whole or in part on and after June 15 1940. The June
financing, referred to in these columns June 9, page 3537,
and June 16, page 3692, was made up of a new series of 4%
Treasury Certificates of Indebtedness running for six
months from June 15 1928, to the amount of $200,000,000
or thereabouts, and a new series of 37
,6% Treasury Certificates of Indebtedness running for nine months from June
15 1028, also to the amount of $200,000,000 or thereabouts.
The total subscriptions to both series was $992,363,500, and
the total allotments, both series, amounted to $428,148,000.
At the time of the March offering two series of Treasury
certificates were likewise offered, to an aggregate amount
of $560,000,000-one offered to the amount of $200,000,000
or thereabouts, bearing 314% interest, and running for nine
months, the other for $360,000,000 or thereabouts, with interest at 3%%, and maturing in one year. Details of that
offering were given in our issue of March 10, page 1451.
The subscriptions and allotments were indicated in these
columns March 17, page 1603. As was noted in our issue of
June 16, page 3692, Secretary Mellon announced on June 10
that the Federal Reserve Banks had been authorized to
purchase at 100-2/32 and accrued interest $125,000,000 or
thereabouts of Third Liberty Loan bonds; that offer was
closed at the close of business June 19; the offer was renewed on June 21 ("Chronicle," June 23, page 3869), the
price continuing at 100 2/32. This second offer was closed
at the close of business July 5. It was announced on June
21 that tenders of Third Liberty bonds aggregating approximately $75,000,000 had been received In response to the
original offer; on June 25 it was stated that $5,000,000 additional had been tendered under the offer which is still
Open. This week's offering of Treasury bonds was announced as foll osonthwshrdetaocmfwetaoshrdluetaoinu
flounced as follows on July 4 by Secretary Mellon:
49
June 15 1943, and callable on four months' notice, In whole or in part,
on and after June 15 1940. The offering will be a combined offering for
cash and in exchange for outstanding Third Liberty Loan bonds.
The amount of the cash offering will be $250,000,000, or thereabouts.
The books for cash subscriptions will open on July 6 1928 and may close
without notice within a few days thereafter. Cash subscriptions are invited
as of August 1 1928 at par and accrued interest. In other words, payment
upon allotted cash subscriptions should not be made until August 1 1928,
and should include not only the par amount of bonds allotted but also
the accrued interest thereon from July 16 1928 to August 1 1928. The
Treasury will not make delivery of the new bonds on allotted cash subscriptions until August 1st.
The amount of the exchange offering will be limited by the amount of
the Third 4%'s tendered and accepted. Exchange subscriptions are invited
at par. Interest on any Third 44's surrendered and accepted upon allotted
exchange subscriptions will be paid in full to September 15 1928. Accordingly, at the time of delivery of the new Treasury bonds the Federal
Reserve Banks will pay to the subscriber or his authorized agent the interest
from March 15 1928 to September 15 1928, on the Third 4%'s surrendered
in exchange. Delivery of the new bonds on exchange subscriptions will
be made on and alter July 16 1928, upon acceptance of the Third 434's
tendered in exchange.
The exchange offering will be kept open for a limited period-probably
until July 31st-but the Secretary of the Treasury reserves the right to
close the exchange offering, as well as the cash offering, at any time
without notice.
Attention is invited to the fact that the Third Liberty Loan bonds mature
September 15 1928, and that interest thereon will cease on that date.
If the amount of exchange subscriptions received by the Treasury is such
that the allotted subscriptions to the combined offering aggregate $500,000,000 or thereabouts, there will be no further offering of long-term
bonds in connection with the maturity of the Thirds.
The "World" of July 5 commented as follows on the new
financing:
Coming as a distinct surprise to Wall Street which for months has been
greeted chiefly with "high money" gestures on the part of the United States
Government's financial experts, Secretary of the Treasury Mellon this
morning invites the public to lend up to $500,000,000 to the Government
for fifteen years at 3%% interest.
On Monday the public witnessed the spectacle of 10% call money, the
highest such interest level in eight years. This was a wholly temporary
situation, but the condition which gave rise to it has been reflected also
in an upward trend of long-term money rates, financial observers point out.
Money Higher in Open Market.
Emphasizing this trend, the Federal Reserve System has consistently
exercised its power to tighten credit as a means of checking excessive stock
market speculation. For this and other reasons, money commands a
higher rental value in the open market to-day than it did a year ago.
Nevertheless, investment students pointed out last evening, in offering a
new long-term issue at 3%% the Government will pay precisely the same
interest rate it provided on May 30 1927 in exchanging new bonds for
Second Liberty Loan bonds on which it had been paying 44%.
Surprise to Bond Men.
Accordingly, the reaction of bankers and large investors in subscribing to
the issue will be watched with keener interest than any Government
financing has attracted in many months.
Because of the relatively tight condition of the money market, bond
men had not expected Mr. Mellon to sell any long-term bonds this year.
It had been thought he would resort only to short-term financing and that
no action would be taken this month in regard to outstanding Third Liberty
Loan 4%% bonds, which mature Sept. 15.
The Government's decision can only mean, in the eyes of Wall Street,
that the immediate credit outlook is regarded by Mr. Mellon as somewhat
more favorable than the investing and speculative public have been led to
believe by the warnings of the Federal Reserve System.
A few weeks ago speculation based largely on "easy money" was sweeping stock prices to record-breaking levels. Brokers' loans and stock prices
have now been extensively deflated, although the loan total Is still far
above the figure the Federal Reserve System is said to desire.
Puzzle to WaU Street.
The problem Wall Street will wonder about to-day is whether to rely on
the money market judgment of the Treasury or that to which inferentially
the Federal Reserve System is still committed.
In recent months the Treasury has acted in a manner which, whether by
design or not, has aided the Reserve System in tightening its grip on the
money reins of the country, investment students assert.
Ordinarily, after selling notes or bonds to the banks, the Treasury leaves
the proceeds on deposit for sixty to ninety days, and has been known to
leave it for four months, receiving the customary 2% interest from the
banks. The banks therefore have been able to use such funds for general
credit needs.
Recently, however, the Treasury is reported to have made a practice of
withdrawing its funds quickly, and to that extent exerting a tightening
influence on credit.
In the Treasury circular describing the new offering it is
stated that bearer bonds with interest coupons attached will
be issued in denominations of $50, $100, $500, $1,000, $5,000,
$10,000 and $100,000; bonds registered as to principal and
Interest will be issued in denominations of $50, $100, $500,
$1,000, $5,000, $10,000, $50,000 and $100,000. Cash subscriptions, as indicated in Secretary Mellon's announcement, are
Invited at par and accrued interest. Exchange subscriptions are invited at par. Interest on any Third Liberty
bond surrendered and accepted upon allotted exchange subscriptions will be paid in full to Sept. 15 1928-that is at
the time of the delivery of the new Treasury bonds the
Federal Reserve Banks will pay to the subscriber the interest from March 15 1928 to Sept. 15 1928 on the Third
Liberty bonds offered in exchange. Delivery of the
new
bonds on exchange subscriptions will be made on July 16
1928. Payments upon allotted cash subscriptions is not to
The Treasury announces an offering of Treasury bonds of 1940-43, dated be made until August 1, and is to include not only the par
and bearing interest from July 18 1928, at the rate of 8%%, maturing amount of bonds allotted but also the
accrued interest
50
FINANCIAL CHRONICLE
thereon from July 16 1928 to Aug. 1 1928, on which date
delivery of the new bonds on cash subscriptions will be
made. The following is the text of the Treasury circular
offering the bonds:
UNITED STATES OF AMERICA 3%% TREASURY BONDS OF 1940-43.
Offered for Cash and in Exchange for Third Liberty Loan Bonds.—Dated
and Bearing Interest from July 16 1928; Due June 15 1943.
Redeemable at the Option of the United States at Par and Accrued Interest
on and After June 15 1940.—Interest Payable June 15 and Dec. 15.
The Secretary of the Treasury invites subscriptions from the people of the
United States for 3%% Treasury bonds of 1940-43 of an issue of gold
bonds of the United States authorized by the Act of Congress approved
Sept. 24 1917, as amended.
Cash subscriptions are invited at par and accrued interest. The subscription books for the cash offering will open on July 5 1928 and may close
without notice within a few days thereafter.
The Treasury will not make delivery of the new bonds on allotted cash
subscriptions until August 1 1928, at which time payment at par with
accrued interest from July 16 1928 to Aug. 1 1928 must be made.
Payment should not be made upon allotted cash subscriptions until
Aug. 1 1928. The amount of the issue for cash will be $250,000,000 or
thereabouts.
Exchange subscriptions, in payment of which only Third Liberty Loan
414% bonds of 1928 (hereinafter referred to as Third 414's) may be
tendered, are invited at par. Interest on any Third 414's so surrendered
and accepted will be paid in full to Sept. 15 1928. On and after July 16
1928 delivery of the new bonds on exchange subscriptions will be made
upon acceptance of the Third 414's tendered in exchange. The amount of
the issue upon exchange subscriptions will be limited to the amount of
Third 414's tendered and accepted.
Description of Bonds.
The bonds will be dated July 16 1928 and will bear interest from that
date at the rate of 3%To per annum payable on December 16 1928 on a
semi-annual basis, and thereafter semi-annually on June 15 and Dec. 15 in
each year until the principal amount becomes payable. The bonds will
mature June 15 1943, but may be redeemed at the option of the United
States on and after June 15 1940, in whole or in part, at par and accrued
interest, on any interest day or days, on four months' notice of redemption
given in such manner as the Secretary of the Treasury shall prescribe. In
case of partial redemption the bonds to be redeemed will be determined by
such method as may be prescribed by the Secretary of the Treasury. From
the date of redemption designated in any such notice, interest on the bonds
called for redemption shall cease. The principal and interest of the bonds
will be payable in United States gold coin of the present standard of value.
Bearer bonds with interest coupons attached will be issued in denominations of $50, $100, $500, $1,000, *5,000, 110,000 and $100,000. Bonds
registered as to principal and interest will be issued in denominations of
$50, $100, $500, $1,000, $5,000, $10,000, $50,000 and $100,000. Provision will be made for the interchange of bonds of different denominations
and of coupon and registered bonds and for the transfer of registered bonds
without charge by the United States, under rules and regulations prescribed
by the Secretary of the Treasury. The bonds shall be exempt, both as to
principal and interest, from all taxation now or hereafter imposed by the
United States, any State, or any of the possessions of the United States, or
by any local taxing authority, except (a) estate or inheritance taxes, and
(b) graduated additional income taxes, commonly known as surtaxes, and
excess-profits and war-profits taxes, now or hereafter imposed by the
United States, upon the income or profits of individuals, partnerships,
associations or corporations. The interest on an amount of bonds and
certificates authorized by said act approved Sept. 24 1917, and amendments thereto, the principal of which does not exceed in the aggregate
$5,000, owned by any individual, partnership, association or corporation,
shall be exempt from the taxes provided for in clause (b) above.
The bonds will be acceptable to secure deposits of public moneys, but
do not bear the circulation privilege and are not entitled to any privilege
of conversion. The bonds will be subject to the general regulations of the
Treasury Department, now or hereafter issued, governing United States
bonds.
Application and Allotment.
Applications will be received at the Federal Reserve Banks, as fiscal
agents of the United States. Banking institutions generally will handle
applications for subscribers, but only the Federal Reserve Banks are
authorized to act as official agencies. With respect to subscriptions to the
cash offering, attention is invited to the fact that while delivery of the
new bonds and payment therefor are not to be made until Aug. 1 1928,
applications must nevertheless be submitted promptly after the opening
of the subscription books on July 5 1928.
The right is reserved to reject any subscription and to allot less than the
amount of bonds applied for and to close the subscriptions at any time
without notice, and the act of the Secretary of the Treasury in these
respects will be final. The Secretary of the Treasury also reserves the
right to make allotment in full upon applications for smaller amounts, and
to make reduced allotments upon, or to reject, applications for larger
amounts, and to make classified allotments and allotments upon a graduated
scale; and his action in these respects will be final.
Payment.
Cash Subscriptions.—Payment at par and accrued interest from July 18
1928 to Aug. 1 1928, for any bonds allotted on cash subscriptions must
be made on Aug. 1 1928.* Any qualified depositary will be permitted to
make payment, as of Aug. 1 1928, by credit for bonds allotted to it for
itself and its customers up to any amount for which it shall be qualified
in excess of existing deposits, when so notified by the Federal Reserve Bank
of its district.
Exchomge Subseriptions.—Payment for any bonds allotted on exchange
subscriptions may be made only in Third 414's, which will be accepted at
par. Interest from March 15 1928 to Sept. 15 1928 on the Third 414's so
accepted will be paid in full at the time of delivery of the Treasury bonds of
1940-43 (or interim certificates) upon allotted subscriptions. Payment
for bonds subscribed for should be made when the subscription is tendered.
If any subscription is rejected in whole or in part, any bonds which may
have been tendered and not accepted will be returned to the subscriber.
Surrender of Bonds.
Surrender of Coupon Bonds.—Third 414's in coupon form tendered
in
exchange for Treasury bonds Issued hereunder should be
presented and
*The accrued interest for this period for each $1,000
face amount of
bonds is $1.47540976.
[Vol,. 127.
surrendered to a Federal Reserve Bank. The bonds must be delivered at
the expense and risk of the holder. Facilities for transportation of bonds
by registered mail insured may be arranged between incorporated banks and
trust companies and the Federal Reserve Banks, and holders may take
advantage of such arrangements when available, utilizing such incorporated
banks and trust companies as their agents. Incorporated banks and trust
companies are not agents of the United States under this circular.
Coupons dated Sept. 15 1928 must be attached to the coupon bonds of the
Third 414's when presented. At the time of delivery of the Treasury bonds
of 1940-43 (or interim certificates) upon allotted subscriptions, Federal
Reserve Banks will pay to the subscriber or his authorized agent the
interest from March 15 1928 to Sept. 15 1928 on the coupon Third 414's
surrendered and accepted in exchange.
Surrender of Registered Bonds.—Third 414's in registered form, tendered in exchange for Treasury bonds issued hereunder, should be assigned
by the registered payee or assigns thereof to "The Secretary of the
Treasury for exchange for Treasury bonds to be delivered to
IF
(name of person to whom delivery is to be made to be inserted in assignment), in accordance with the general regulations of the Treasury Department governing assignments for transfer or exchange into coupon bonds,
and thereafter should be presented and surrendered to a Federal Reserve
Bank. The bonds must be delivered at the expense and risk of the holder.
At the time of delivery of the Treasury bonds of 1940-43 (or interim
certificates) upon allotted subscriptions, Federal Reserve Banks will pay
to the subscriber of his authorized agent the interest from March 16 1928
to Sept. 15 1928, on the registered Third 414's surrendered in exchange.
The Federal Reserve Banks, as fiscal agents of the United States, are
hereby authorized and requested to receive subscriptions for Treasury bonds
hereunder, to receive Third 414's tendered in exchange, to make allotments
of subscriptions on the basis and up to the amounts indicated to them by
the Secretary of the Treasury, and to make delivery of Treasury bonds
on full paid subscriptions allotted, and, pending delivery of definitive
bonds, to issue interim certificates.
Further Detcrils.
Any further information which may be desired as to the issue of Treasury
bonds under the provisions of this circular may be obtained upon application
to a Federal Reserve Bank. The Secretary of the Treasury may at
any
time, or from time to time, prescribe supplemental or amendatory
rules
and regulations governing the exchange and may terminate the
offer at
any time in his discretion.
A. W. MELLON, Secretary of the Treasury.
Ogden L. Mills Under Secretary of Treasury in Radio Message Urges Holders of Third Liberty Bonds to Exchange Holdings for New Government Bonds.
.Ogden L. Mills, Under-Secretary of the Treasury, in a
speech on July 5th, broadcast from Washington through a
nation-wide chain of radio stations, explained the offering of
3 3/8% Treasury Bonds, details of which are given in another
item in this issue of our paper. Mr. Mills called attention to
the fact that Third Liberty Loan bonds may be exchanged for
the new bonds, par for par, or bond for bond, and in addition,
that although the new bonds bear interest from July 16, the
Treasury will pay interest in full to Sept. 15 on the Third
Liberty Loan bonds offered in exchange. "In other words,"
he said, "at the same time that the Government delivers your
new bonds to you it will hand you a check covering the interest on your Third Liberty Loan bonds for the full six months'
period ending Sept. 15, 1928." The new Treasury bonds will
mature June 15, 1943, but may be redeemed at the option of
the Government on and after June 15, 1940. The following
account of Mr. Mill's speech is from a Washington dispatch
to the New York "Times":
"Here," said Mr. Mills, "is the opportunity for those of you who
have kept your funds invested in United States Government bonds
for the last ten years to continue to keep them so invested for the
next twelve or fifteen years. It is true the interest rate is somewhat
lower, but this is equally true of the return on all first-class investments as compared with ten years ago.
"In the public announcement of this morning, the Secretary of the
Treasury stated that if the alloted cash and exchange subscriptions for
this new issue of Treasury bonds aggregate approximately $500,000,000,
there will in all probability be no further issue of long-term Treasury
bonds in connection with the maturity of the Third Liberty Loan.
New Bonds at Premium.
"In other words, this is probably the last opportunity open to Third
Liberty bondholders to obtain a new long-term United States Government bond through the medium of offering their Third Liberty Loan
bonds in exchange. The value which the market places on the exchange privilege is indicated by the fact that whereas Third Liberty
Loan bonds were selling on Tuesday at about par, upon the announcement of the exchange offering they at once went to a premium of $1 a 100."
Mr. Mills said the message which he was delivering for the Treasury
by radio was one which should interest "all" investors, and more
Particularly those who, during the war or since, had invested their
savings in Third Liberties.
"On Sept. 16 next," he continued, "the Third Liberty Loan bonds
will mature. That is to say, on Sept. 15 next the Government
will pay the principal of these bonds and the final interest. On Sept.
15, therefore, these bonds will cease to bear interest.
Record of Third Loan.
"This is the first of the great series of bonds issued by the
United
States Government during the war to mature. It does no seem so long
ago that the Government was calling on all patriotic citizens to
subscribe to its bonds to enable us to do our share in the
mightiest
war of all time. You will all remember the Liberty Loan
committees,
on which many of you doubtless served, the Liberty Loan rallies
and
parades, the Liberty Loan posters, the Liberty Loan buttons,
the
house-to-house canvasses and the enthusiasm which greeted the
final
announcement that the Third Liberty Loan had been
oversubseribed.
JULY 7 1928.]
FINANCIAL CHRONICLE
"Subscriptions were received from 18,300,000 individuals, and the
amount subscribed was more than $4,176,000,000.
"Now ten years have elapsed and we are retiring such of these
bonds as are still outstanding, for in the course of the last few
years the Treasury has refunded or retired all but approximately
$1,225,000,000 of the original issue of Third Liberty Loan bonds.
"There is a certain dramatic quality in the maturity date and final
payment of a great war issue, but the process of reducing the war
debt has been proceeding steadily and rapidly, year in and year out.
From 1919 to June 30, 1928, our public debt has been reduced from
$25,484,000,000 to $17,604,000,000, or a reluction of almost $8,000,000,000. One-third of the war debt has already been disposed of,
and it will not be many years before United States Government
bonds, which since the war have come to be looked upon as the safest
and in many respects one of the most desirable forms of investment,
will cease to be available for investment purposes.
Second Liberties Retired.
"Last year more than $3,000,000,000 of Second Liberty Loan 4%
per cent, bonds were either retired or refunded, but of those refunded
about 2,000,000,000 were exchanged for securities with a maturity
date
of not exceeding five years and which will be paid off in the course
of
the next five years. In addition, therefore, to the intrinsic value
which they possess from the standpoint of safety and ready
marketability, long-term United States Government bonds are yearly
becoming increasingly valuable because of their scarcity.
'This is one of the reasons why the Treasury 41%;% bonds,
issued
at par in October, 1922, are now selling at 114; the Treasury
4s,
issued in December, 1924, at par, with an additional issue
in March,
1925, at par and one-half, now selling at 109 4/32; the Treasury
3%s, issued in March, 1926, at par and one-half, at 106 6/32,
and the
Treasury 8%% bonds, issued just a year ago in exchange
for Second
Liberty Loan bonds, par for par, and for cash at par
and one-half,
now command a premium of a dollar and 16/82.
Advantages of Exchange.
"As I have stated, the bonds of the Third Liberty Loan
will mature
and become payable on Sept. 15. Those of you
who hold Third
Liberty bonds are perhaps already wondering
how you can reinvest
the proceeds of your bonds so as to enjoy for
the
least the same character of security and marketabi next ten years at
lity that you have
enjoyed during the last ten years. You can, of
course, purchase outstanding United States Government bonds in
the niarket, but this
would mean, under present conditions, the payment
of a high premium,
"You will, therefore, I believe, be very much
interested indeed in
the message which I bring 9011 from the Treasury Department.
The
Secretary of the Treasury this morning announce
d a new issue of
Treasury bonds which is specially available to holders
of Third Liberty
Loan bonds. The new Treasury bonds bear interest
at the rate of
3%% from July 16, 1928. They have a life of
fifteen years, but
may be called for redemption after twelve years, but not
before twelve
Years."
Changes in Postal Rates Effective July 1-One
Cent
Postal Card Restored-Reduction in Rates
on
Newspaper Mail.
Reductions in postal rates, Which will amount
to an
annual saving of more than $16,000,000, went
into effect
at midnight June 30, according to an announ
cement by
Acting Postmaster General W. Irving Glover
in making
public the new list of rates to guide postmas
ters. The following account of the changes was contained in
Washington
advices June 29 to the "Herald-Tribune":
Of principal interest to the public will be the
restoration of the one-cent
charge for postal cards. This will mean a
saving of $2,000,000, but it
will be partly made up for the new special
delivery rates, which provide
for the old rate of 10c. on mail up to two
pounds, but 20e. for mail of
two to ten pounds, and 25c. over ten pounds.
This will mean an additional
cost of about $800,000.
The largest saving, however, will be in the
third class matter, which
includes circulars and other printed matter,
merchandise and other first
class, second class and second class transient
matter. It is estimated that
this will reduce the postal revenue by $10,500,0
00 and includes a major
part of the heavy bulk parcel post matter.
Reduction in the second elass transient matter means
a saving of $100,000,
and a reduction in the post on fourth class matter
to district zones amounts
to $2,200,000, but $4,000,000 is gained through new
reply cards and envelopes. This new law providesregulations on business
that these cards and
envelopes may be mailed under permit without
prepayment of postage,
but are subject on delivery to postage at the regular
rate plus a charge
of two cents.
Publishers to Save $6,000,000.
Newspaper publishers using second class rates will
benefit by the new
rates. It is contemplated by the law that a saving to
them of more than
$6,000,000 annually be effected by the revision.
Postage on newspapers
and magazines sent by others than the publishers and
news agents also
has been slashed.
The list of postal rates, adjusted under the requireme
nts of the new
law, follows:
Air mail.-Ten cents for each half ounce or fraction
thereof. (Effective
Aug. 1 1928 the rate will be Sc. for the first ounce
and 10c. for each
additional ounce or fraction thereof.)
Letters -Two cents for each ounce or fraction thereof.
U. S. postal cards.-One cent each.
Private mailing cards (post cards).-One cent each.
Business reply cards and letters in business
reply
mailed under permit without prepayment of postage, envelopes can be
but are subject on
delivvery to postage at the regular rate plus a charge
of two cents.
Short paid matter.-First class matter mailed short
paid more than one
rate is subject to the deficient postage, plus one cent
for each ounce or
fraction thereof.
Second class transient.-One cent for each two ounces
or fraction of two
ounces regardless of distance or weight.
Third class.-Circulars and other printed matter,
merchandise, and all
matter (other than first class, second class and second
transient matter) weighing eight ounces or less, one and one-half class
cents for each two
ounces or fraction of two ounces up to and including
eight ounces.
51
Rates for Books and Seeds.
The rate for books and catalogs (having twenty-four pages or more),
seeds, cuttings, bulbs, roots, scions and plants: lc. for each two ounces or
fraction of two ounces up to and including eight ounces.
Bulk mailings, third class.-Identical pieces of third-class matter weighing not less than twenty pounds or 200 pieces: 12c. for each pound
or
fraction thereof, except that in the case of books, catalogs, seeds, cuttings,
bulbs, roots, scions and plants, the rate is 8c. for each pound
or fraction
thereof.
The rate of postage on bulk mailings under the foregoing provisions
shall
be not less than lc. a piece.
Applications for the bulk mailing privilege should be submitted
to the
post office.
Fourth class matter.-This class includes printed matter,
merchandise
and all matter (other than first, second class and second
class transient
matter) weighing in excess of eight ounces.
Local delivery
First zone
Second zone
Third zone
Fourth zone
Fifth zone
Sixth zone
Seventh zone
Eighth zone
Rates
For Each
First
Additional
Pounds. Two Pounds
7c.
lc.
For Each
Additional
Pound.
7c.
lc.
7c.
lc.
Sc.
Sc.
80.
40.
9c.
60.
10c.
80.
12c.
10c.
13c.
12c.
Parcels on Rural Routes.
Parcels mailed on rural routes: 2c. less per parcel than indicated in the
foregoing table for the first, second and third zones and one cent less for
the remaining zones.
Insurance fees: Sc. not exceeding $5; Sc. not exceeding $25; loc, not
exceeding $50; 25c. not exceeding $100. Fee for return receipt, Sc.
Cl. 0. D. fees: 12c. not exceeding $10; 15c. not exceeding $50; 25c.
not
exceeding $100.
Library books: a special rate is provided for library books mailed to
readers by public libraries, organizations or associations not organized
for
profit, and when returned by the readers, such rate being Sc.
for the first
pound and one cent for each additional pound to any point within
the first,
second or third zone, or within the State in which mailed.
Special Delivery Pees.
Special delivery fees.-First class mail: up to 2 pounds, 10e.
Over 2 pounds up to 10 pounds, 20c.
Over 10 pounds, 25c.
Other than first claw mail: handling and transport
ation as first alas'
and special delivery.
Up to 2 pounds, 15c.
Over 2 pounds up to 10 pounds, 25c.
Over 10 pounds, 35c.
Special handling fees, fourth class matter only.
Up to 2 pounds, 10c.
Over 2 pounds up to 10 pounds, 15c.
Over 10 pounds, 20c.
Registered mail:
IndemnityFee. IndemnityFee.Z
$50
$0.10 $500
$0.605
100
.20 600
.70Z
200
.30 700
.80Z
300
.40 800
.90Z
400
.501,000
1.00Z
Fee for return receipts-3c.
Money order fees.-5c. not exceeding $2.50, 7c. not
exceeding $5, 10e.
not exceeding $10, 12c. not exceeding $20, 15c, not
exceeding $40, 180. not
exceeding $60, 20c. not exceeding $80, 22c. not exceeding
$100.
Message to Houston Convention by Governor
Smith,
Democratic Nominee for President, in Which He
Indicates Views Toward Change in Prohibition
Law.
As was stated in these columns last week
(page 4028),
Gov. Alfred E. Smith of New York, the Democra
tic nominee
for President, in a message to the Chairman
of the Houston
Convention accepting the nomination, made
the statement
that "it is well known that I believe there should
be fundamental changes in the present provisions for nationa
l prohibition." "While I fully appreciate," he
said, "that these
changes can only be made by the people themselves through
their elected legislative representatives,
I feel it to be the
duty of the chosen leader of the people
to point the way
which in his opinion leads to a sane, sensible
solution of a
condition which I am convinced is entirely
unsatisfactory
to the great mass of our people." The Governo
r's message
in full is given herewith:
"Executive Mansion, Albany, N. Y., June 29 1928.
"Hon. Joseph T. Robinson, Chairman
, Democratic National Convention,
Houston, Tex.
"I received your message on behalf
of the convention. With a deep
sense of responsibility and a fervent
prayer for the guidance of
Divine
Providence, I accept the call of my party to
lead It in the national campaign. I can think of no greater privilege
in this world than to serve
our country. My gratitude to the conventio
n for its expression
of confidence in me I cannot adequately express in
this telegram. I will
to make it manifest by single-minded
have
devotion to the United
States and
her people in every section.
"The happiness and welfare of the millions
of men, women and children
who constitute the nation were the great
driving force behind the
doctrine
enunciated by the immortal Jefferson,
given life by him and
carried
through by Cleveland and Wilson. I am
convinced that our platform voices
that doctrine. I stand committed to the
platform,
and
will
welcome
opportunity to reorganize and make more
an
efficient the agencies of government, to the end that the burden of taxation
"Our platform lays at rest the absurd may be lightened.
claim insidiously put out
Republican propaganda that the
17
Republican party has a monopoly
upon
the mechanics of prosperity. Our
platform in its tariff and finenctel
52
FINANCIAL CHRONICLE
policy gives assurance to every legitimate business man, wage earner,
farmer and taxpayer that prosperity will not be conserved but fairly
distributed among all. The definite declaration of the convention to aid
agriculture and the planks dealing with labor problems are sound, progressive and sincere, as is also the party commitment to the development
of our water power without alienating our God-given resources.
'Our plank on foreign policy states the simple truth that the divine
command to 'Love thy neighbor as thyself' contains no limitation, and was
Intended to apply as between nations.
"The equal and even enforcement of the law is the cornerstone upon
which rests the whole structure of democratic government. If it is the
will of the people of this nation that I am to take an oath as President of
the United States to protect and defend our Constitution and laws, I will
execute that oath to the limit of my ability without reservation or evasion.
"It is well known that I believe there should be fundamental changes
In the present provisions for national prohibition, based, as I stated in my
Jackson Day letter, on the fearless application to the problem of the
principles of Jeffersonian democracy. While I fully appreciate that these
changes can only be made by the people themselves through their elected
legislative representatives, I feel it to be the duty of the chosen leader of
the people to point the way which in his opinion leads to a sane, sensible
solution of a condition which I am convinced is entirely unsatisfactory to
the great mass of our people.
"Common honesty compels us to admit that corruption of law enforcement officials, bootlegging and lawlessness are now prevalent throughout
this country. I am satisfied that without returning to the old evils that
grew from the saloon, which years ago I held and still hold was and ought
always to be a defunct institution in this country, by the application of
the democratic principles of local self-government and State's rights we
can secure real temperance, respect for law and eradication of the existing
evils.
"In my formal acceptance of your nomination, I shall give to the people
of the country my views in full upon all of the issues of the campaign.
In the way I know that you can do it, give the delegates my warmest
thanks for the confidence they have reposed in me, and my assurance that,
with their support, I confidently expect to lead the historic Democratic
party to victory in November.
"ALFRED E. SMITH."
Governor Smith's Letter to Democratic Party at Jackson Day Dinner Urging Party To Clearly Define
Principles on Prohibition and Other Issues.
We take occasion to give here the letter from Gov. Smith
to Clem Shaver, read at the Jackson Day dinner of the
Democratic party in Washington on January 12, in which
he urged the early drafting of the party's platform. In
this letter the Governor made the statement that "the Democratic Party must talk out to the American people in no
uncertain terms." "We will solve these specific problems
[prohibition, foreign relations, etc.] only If we fearlessly
meet them in full reliance upon these traditions of our
party." We give the letter in full herewith:
[Vol.. 127.
the State achieved the full benefit of the promises made at each of our
Democratic State Conventions.
Indecisive declarations of political faith get the party nowhere. We
have had sufficient experience along that line in the past, and as a
lesson from that experience I offer these suggestions herein contained to
the leaders and to the rank and file of the party as in the interest of the
country and of the party of Jefferson and Jackson.
Sincerely yours,
ALFRED E. SMITH.
Carter Glass Says Governor Smith's Declarations
Conform to Party Platform.
Commenting on the message of Gov. Smith to Senator
Robinson, Chairman of the Democratic National Convention at Houston, relative to the Governor's views as to a
change in the prohibition law, Senator Carter Glass of
Virginia declares that the plank in the party platform
(given in these columns June 30, page 4028), "commits
nobody for or against prohibition. It simply pledges the
Democratic party to the strict obedience to the Constitution of the United States and to an honest enforcement
sanctioned by the Constitution." Senator Glass says that
no reasonable person can find fault with Gov. Smith's suggestion that he favors a change in existing policy of enforcement. Senator Glass adds "he [the Governor if elected
President] can do absolutely nothing in this direction without the expressed sanction of the people of the country
through their representatives in Congress, and personally
I have never been able to observe or believe that on the
question of prohibition the President can exercise any great
amount of influence." The following is the statement of
Senator Glass, given out at Houston on June 29:
"The text of Governor Smith's telegram to the Chairman of the National
Democratic Convention clearly shows that those who feared that Governor
Smith could not stand on the prohibition plank, as prepared by me,
accepted by the Committee on Resolutions, and adopted by the convention,
were without a semblance of justification.
"The plank commits nobody for or against prohibition. It simply pledges
the Democratic party and the nominees to strict obedience to the Constitution of the United States and to an honest enforcement sanctioned by the
Constitution. Governor Smith absolutely signified his intention honestly
to observe he oath of office which he would be required to take if elected
President of the United States, to uphold the Constitution and enforce
the laws.
"I have not the remotest doubt that Governor Smith will do this, If
elected. As to his suggestion that he favors a change in existing policy of
enforcement, no reasonable person can find fault with this. He can do
absolutely nothing in this direction without the expressed sanction of the
people of the country through their representatives in Congress, and
personally I have never been able to observe or believe that on the question
of prohibition the President can exercise any great amount of influence.
Woodrow Wilson at the height of his prestige as l'resident could not
Influence the course of his party on this question, and I do not think any
other President could ever do better.
"If the people of the United States have, or should, became dissatisfied
with existing laws, they may be relied upon to elect a Congress which will
readjust them. Until this shall have been done nobody, whether for or
against prohibition, need be greatly concerned about a matter which is
peculiarly within the jurisdiction of Congress and not of the President.
"For this reason I have insisted that it is literally folly to make prohibition the outstanding issue of a Presidential campaign."
January 11 1928.
Hon. Clem Shaver, Chairman Democratic National Committee.
the pressure of
that
regret
My dear Chairman: It is a matter of deep
official business makes it impossible for me to leave the State. I should
like to join with my fellow-Democrats throughout the country in celebrating the birthday of Andrew Jackson. I take it that when a group of
Democratic leaders from various parts of the country come together something must naturally be said of interest to the country and to the party.
The Democratic party deserves success in the nation, but, in my
opinion, cannot attain it by relying wholly upon the mistakes of its
political adversaries. It should inspire confidence by a constructive,
forward-looking platform with promises of material betterment for the
Gov. Smith's message to the convention is given in another
nation. There should be no Western, no Eastern, no Northern, no Southern
Democracy. Jeffersonian Democracy is built upon proposals sufficiently Item in this issue of our paper.
broad and liberal to enlist all men who believe in the principles of representative government. We must think nationally, and not locally.
Earl C. Smith, Head of Illinois Farmers Approves Farm
If I may be pardoned for a definite suggestion at this time, I venture to
Plank in Platform of Democrats.
say that the declaration of party principles might well be tentatively
drafted at the earliest possible moment. I believe we have erred in the
The farm relief plank in the Democratic platform rethe
entire
of
undertake
to
task
convention
national
past by waiting for the
ceived Republican endorsement anew on July 3 in a
preparing a platform. In the heat and rush of a convention the platform
underissued at Chicago by Earl C. Smith, President
sufficiently
thinking,
not
of
way
my
statement
to
is,
written
finally
when
standable to the masses of the people.
of the Illinois Agricultural Association. A dispatch to
There is too great a tendency to speak of the evils that beset us and to the New York "Times" from Chicago announcing this
Sail to suggest any specific remedy. Party platforms of recent years have
been too general in their terms and important questions have been neglected stated
Mr. Smith was a delegate-at-large at the Republican National Conby platform builders in the spirit of compromise with great principles.
and as a member of the subcommittee which drafted the
We cannot carry water on both shoulders. The Democratic party must vention
platform at Kansas City led the fight on the floor for the minority
talk out to the American people in no uncertain terms.
agricultural plank.
The National Committee could render a great service to the party, and report on the
Mr. Smith declared that the agricultural plank adopted at Houston
to the country as well, by the formulation far in advance of the national
essentials of a national farm policy more completely than
convention of a definite party policy on lines from which there can come "covers the
previously adopted by a political party." His approval
during the course of the convention's deliberations a platform upon which any platform
comes on the heels of endorsement given by three other prominent
our candidates may present their cause to the country.
It is my deep conviction that our platform should be built by applying Republicans, Governor McMullen and Senator Norris of Nebraska
the fundamental principles of Jeffersonian democracy unflinchingly to each and George N. Peek, chairman of the executive committee of the
Corn Belt Conference.
specific problem of the day.
"In view of the treatment which platform pledges have recently
The greatest degree of local self-government by the States, the minimum
of interference by the Federal Government or any State with the local received from officials election," said Mr. Smith, "farmers will
habits and concerns of any other State, legislation for the interest of all, watch with interest and concern for the interpretation placed upon
and not for any class or group, non-interference with the internal affairs this plank by the party candidate.
"The Democratic agricultural plank fully recognizes the fundaof other nations, tolerance of conflicting opinion—these are our articles
mental problem of crop surpluses which farm groups have for years
of political faith.
contended must be met by legislation if it is to be effective and
When we follow these, we succeed. We should follow them now.
We should study and treat in the light of these principles our foreign satisfactory," the statement went on.
"It further frankly recognizes the impossibility of effectively conrelations, prohibition, agriculture, reform of the governmental machinery,
economic policy, conservation and development of our public natural trolling surpluses unless there is authority to spread costs of such
over all the commodity benefited.
operation
resources and, in fact, any other question which arises. We will solve
"It pledges the enactment of legislation to prevent the price of
these specific problems rightly only if we fearlessly meet them in full
reliance upon these traditions of our party. I, for one, am for thus surpluses from determining the price of the entire crop and also
recognizes the soundness of distributing costs incurred in handling
meeting them without equivocation.
The success of the Democratic party in the State of New York lies In the surpluses over the commodity benefited.
"While it pledges the enactment of legislation to prevent the price
fact that it has had a clear-cut, definite platform, and from Long Island
to Lake Erie the Democratic party stood as one man until the people of of surpluses from determining the price of the entire crop and also
JULY 7 1928.]
FINANCIAL CHRONICLE
recognizes the soundness of distributing costs incurred in handling
crop surpluses over the commodity benefited, it fails to pledge the
party specifically to enact legislation embodying the only device yet
proposed or seriously considered by Cnogress to accomplish that end.
It does, howeer, pledge the party to an earnest endeavor to solve
this problem, making it a matter of prime and immediate concern to
a Democratic administration.
"The Democratic tarriff pledge is satisfactory and in addition,
the platform covers the farm demand in a way to make existing
tariffs, whatever they may be, effective on the crops whose production
exceeds the needs of the domestic market?'
Farm Chiefs Praise Democratic Plank as Satisfying
West—Governor McMullen, Republican, of Nebraska, Deplores Lack in Own Platform—Sees
McNary Idea in It.
Support by farmers of the Democratic ticket because of
that party's platform declaration for agrarian relief was
urged on July 2 by one midwestern agricultural leader,
George N. Peek, while another, Adam McMullen, Republican Governor of Nebraska, interpreted the Democratic
plank as satisfactory, and the one which the Republicans
should have adopted. Special Chicago advices to the New
York "Times," from which we take the foregoing, also had
the following to say:
Characterizing the plank adopted by the Democratic convention at
Houston as "a new Declaration of Independence for agriculture," Mr. Peek,
who is Chairman of the Executive Committee of twenty-two of the North
Central States Agricultural Conference, declared that the Republicans at
Kansas City had "added insult to injury by nominating as their standard
bearer the arch-enemy of a square deal for agriculture."
Governor McMullen, who was one of the leaders of the defeated Lowden
agricultural group at Kansas City, interpreted the Democratic platform
in
a telegram from Lincoln as an endorsement of the principles
of the
McNary-Haugen bill, and approving the much-discussed equalization
fee.
Senator Norris of Nebraska, also a Republican, already is
on record with
the statement that the Republican national platform is a
"direct slap"
at the farmer.
Governor MeMullen's Statement.
Governor McMullen's telegram reads as follows:
•
"The agricultural plank in the Democratic national platform
is satisfactory to the farm organizations because it embodies specifically
the
provisions of the McNary-Haugen bill, although it does not use
the term
equalization fee.
"It provides, first, for • a Federal farm board, as did the McNaryHaugen bill.
"Second, in the following language: 'Appropriate Government aid to cooperative associations in the form of credit loans on a parity with the
terms of loans authorized recently by the Government to aid shipping.'
"Third, in the following language: 'We pledge the party to an honest
endeavor to solve this problem of the distribution of the cost of
dealing
with crop surpluses over the marketed units of the crops whose producers
are benefited by such assistance,' is provides for the equalization fee provision of the McNary-Haugen bill.
"The equalization fee provision of that bill simply planned a method
whereby the farmer could distribute any surpluses of crops produced
at his
own expense without Governmental subsidy or bonus. That
is the heart
of the legislation the farmers demand. It places the farming
industry
on a respectable business basis. This plank should have been incorporated
In the Republican national platform, as it would be in keeping
the
fundamental doctrine of protection upon which the Republican with
party is
founded.
"The Democratic party does not believe in the protective tariff, and
the agricultural plank of its platform extends the protective system yet
to
agriculture; no doubt, on the theory that the protective system
is a
permanent economic institution."
Peek Praises Democrats.
Mr. Peek made his statement upon his return from the conventions
of
the two major parties. He said:
"The treatment accorded agriculture at Houston has been In striking
contrast with the treatment at Kansas City. At Kansas City farmers
were definitely advised that the protective system is not intended
for
them. The party which farmers of the Middle West had made and supported, turned its back upon them, complacently giving them a renewal
of broken pledgee, which were less definite than those of four years ago.
"Adding insult to injury, the party nominated as its standard bearer
the
arch enemy of a square deal for American agriculture, whose solution of
the farm problem is to keep on starving out farmers until production is
reduced to the demands of domestic markets.
"If England herself were directly prescribing an American agricultural
policy, she could hardly do better for England, because that policy means
that the 200,000,000 bushels of wheat, for example, that we raise annually
for export will be grown elsewhere; probably, in large part, in the British
possessions, Canada and Australia, while American farmers are being
starved out and American business deprived of their buying power.•
"In Houston, farmers were given the greatest consideration in every
way. Their reception was most cordial, their views on a platform were
solicited, and a real plank was adopted which is the most favorable for
agriculture ever written in the platform of any political party in our
history.
"Briefly, it recognizes the right of farmers to lead in the adoption of
farm policies; points out the need of agriculture; pledges the party to
enact necessary legislation to give agriculture complete economic equality
with Industry; assures equality of treatment as to tariff rates between
agriculture and industry; reaffirms its 1924 platform to enact legislation
to prevent the surplus determining the price of the whole crop, and proposes that the Government shall lend money to co-operatives on as favorable a basis as it lends to the merchant marine.
"Moreover, it provides for the creation of a farm board to assist farmers,
as the Federal Reserve System has assisted bankers; promises reduction,
through governmental agencies, of the spread between what the farmer
gets and the consumer pays, and finally recognizes that members of
co-operative associations alone cannot assume responsibility for a program
that benefits all producers alike.
"The party pledges itself immediately to make an earnest endeavor to
valve the problem of the distribution of the cost of dealing with surpluses
ver each marketed unit of the crop whose producers are benefited by
such assistance.
53
"Farmers will rejoice at this comprehensive and sympathetic program for
the solution of the farm problem, which solution has been denied them for
seven long weary years, primarily through the dictates of the new standard
bearer of the Republican party.
"Farmers in the grain, livestock and cotton States will recognize In the
Democratic plank for agriculture a new declaration of independence.
"Regardless of former party affiliations, farmers must fight for such a
platform if they wish to save their farms and their homes. Agriculture
has come to a parting of the ways. November will decide whether
American farming of the future is to be conducted by farmers or peasants."
Word came to-day that within ten days the Corn Belt Conference will
meet at Des Moines to analyze the two party planks and to decide
upon a
program for the campaign.
Revised Draft of Multilateral Treaty to Outlaw War,
Submitted by United States to Fourteen Nations.
Secretary of State Kellogg made public at Washington on
June 24 the revised draft of a treaty to outlaw war forwarded to fourteen nations on June 22. At the same time
the identic notes sent to the various powers along with the
revised treaty were released for publication. The fourteen
powers addressed include the five powers originally invited
to participate in the signing of a multilateral pact, namely
France, Great Britain, Germany, Italy and Japan, also the
British dominions, including Canada, the Irish Free State,
Australia, New Zealand, India and South Africa, and the
three other parties to the Locarno treaties: Belgium, Poland
and Czechoslovakia. In making public the new draft, Secretary Kellogg pointed out in his note that the revised draft
is identical with that proposed by the United States on
April 13 1928, except that the preamble now provides that
the British dominions, India and all parties to the treaties
of Locarno are included among the powers called upon to
sign the treaty in the first instance. He also explained in
the note that the phraseology of the revised draft in
the
preamble had been modified by the United States to
meet
the objections raised by other Governments and to expedite
the negotiations, and added that the change was in form
and not in substance. "The revised preamble," says Secretary Kellogg, "gives express recognition to the
principle
that if a State resorts to war in violation of the treaty,
the
other contracting parties are released from their
obligations
under the treaty to that State; it also provides for participation in the treaty by all parties to the treaties of Locarno,
thus making it certain that resort to war in violation of
the Locarno treaties would also violate the present treaty
and release not only the other signatories of the Locarno
treaties but also the other signatories to the anti-war treaty
from their obligations to the treaty-breaking State."
In
his note Secretary Kellogg also says:
"Moreover, as stated above, my Government would be willing
to have
included among the original signatories the parties to the neutrality
treaties
referred to by the Government of the French Republic, although
It believe'
that the interests of those States would be adequately safeguarded
if, instead
of signing in the first instance, they should choose
to adhere to the
treaty."
In its reference to the note the Associated Press
accounts
from Washington June 24 said:
The note included Secretary Kellogg's discussion
of the six points of
consideration proposed by the French Government,
comprising self-defense,
the League of Nations Covenant, the Treaties of
Locarno, treaties of neutrality, relations with a treaty-breaking State
and universal outlawing
of war.
Secretary Kellogg dealt with the six points, saying:
"There is nothing
in the American draft of an anti-war treaty
which restricts or impairs in
any way the right of self-defense. That
right is inherent. . . .
"The League Covenant imposes no affirmative
primary obligation to
to war. . .
If the parties to the Treaties of Locarno are under go
any
positive obligation to go to war, such
obligation certainly would not attach
until one of the parties has resorted
to war in violation of its solemn
pledges thereunder. . . .
"It was not unreasonable to suppose
that France and the States whose
neutrality she has guaranteed are sufficiently
intimate to make it possible
for France to persuade such States
to adhere seasonably to the anti-war
treaty. . . .
"Violation of a multilateral anti-war
treaty, through resort to war by
one party thereto, would automaticall
y release the other parties from
their
obligations to the treaty-breaking
State."
The revised draft of the treaty is
given under another
heading in this issue of our paper.
The following is the
text of the identic notes of the
Governments of Australia,
Belgium, Canada, Czechoslovakia, France,
'Germany, Great
Britain, India, the Irish Free State,
Italy, Japan, New Zealand, Poland and South Africa, and
the accompanying draft
of the treaty as published in the
New York "Times":
Exeellency:
It will be recalled that, pursuant to
the understanding reached between
the Government of France and the
Government of the United States, the
American Ambassadors at London, Berlin,
on April 13 1928 to the Governments to Rome and Tokio transmitted
which they were respectively
accredited the text of IL Briand's original
together with copies of the notes subsequentlyproposal of June 30 1927,
exchanged by France and
the United States on the subject of a
multilateral treaty for the renunciation of war. At the same time the
Government of the United States also
submitted for consideration a preliminary
draft of a treaty representing
in a general way the form of treaty
which it was prepared to sign, and
54
FINANCIAL CHRONICLE
Inquired whether the Governments thus addressed were In a position to
notes of
give favorable consideration thereto. The text of the identic
April 13 1928 and a copy of the draft treaty transmitted therewith, were
also brought to the attention of the Government of France by the American
Ambassador at Paris.
It will likewise be recalled that on April 20 1928 the Government of
the French Republic circulated among the other interested Governments,
including the Government of the United States, an alternative draft treaty,
and that in an address which he delivered on April 28 1928 before the
American Society of International Law, the Secretary of State of the
United States explained fully the construction placed by my Government
upon the treaty proposed by it, referring as follows to the six major considerations emphasized by France in its alternative draft treaty and prior
diplomatic correspondence with my Government:
"(1) Self-delense.—There is nothing in the American draft of an anti-war
treaty which restricts or impairs in any way the right of self-defense.
That right is inherent in every sovereign State and is implicit in every
treaty protreaty. Every nation is free at all times and regardless of
visions to defend its territory from attack or invasion and it alone is
in selfcompetent to decide whether circumstances require recourse to war
condemn
defense. If it has a good case, the world will applaud and not
right, howits action. Express recognition by treaty of this inalienable
define
ever, gives rise to the same difficulty encountered in any effort to
other side.
the
from
aggression. It is the identical question approached
self-defense,
Inasmuch as no treaty provision can add to the natural right of
conIt is not in the interest of peace that a treaty should stipulate a juristic
ception of self-defense since it is far too easy for the unscrupulous to mold
events to accord with an agreed definition.
affirmative pri"(2) The League Covenant.—The covenant imposes no
and
mary obligation to go to war. The obligation, if any, is secondary
of the
attaches only when deliberately accepted by a State. Article ten
to
ccovenant has, for example, been interpreted by a resolution submitted
vote
the Fourth Assembly but not formally adopted owing to one adverse
to
member
to mean that 'it is for the constitutional authoritieis of each
and
decide, in reference to the obligation of preserving the independence
the integrity of the territory of members, in what degree the member is
bound to assure the execution of this obligation by employment of its military forces.' There is, in my opinion, no necessary inconsistency between
the covenant and the idea of an unqualified renunciation of war. The
covenant can, it is true, be construed as authorizing war in certain circumstances, but it is an authorization and not a positive requirement.
"(3) The Treaties of Locarno.—If the parties to the treaties of Locarno
are under any positive obligation to go to war, such obligation certainly
would not attach until one of the parties has resorted to war in violation
of its solemn pledges thereunder. It is therefore obvious that if all the
parties to the Locarno treaties become parties to the multilateral anti-war
treaty proposed by the United States, there would be a double assurance
that the Locarno treaties would not be violated by recourse to arms. In
such event it would follow that resort to war by any State in violation
of the Locarno treaties would also be a breach of the multilateral anti-war
treaty and the other parties to the anti-war treaty would thus as a matter
of law be automatically released from their obligations thereunder and
free to fulfill their Locarno commitments. The United States is entirely
willing that all parties to the Locarno treaties should become parties to
its proposed anti-war treaty either through signature in the first instance or
by immediate accession to the treaty as soon as it comes into force in the
manner provided in Article III of the American draft, and it will offer
no objection when and if such a suggestion is made.
"(4) Treaties of Neutrality.—The United States is not informed as to
the precise treaties which France has in mind and cannot therefore discuss
their provisions. It is not unreasonable to suppose, however, that the
relations between France and the States whose neutrality she has guaranteed are sufficiently close and intimate to make is possible for France to
persuade such States to adhere seasonably to the anti-war treaty proposed
by the United States. If this were done no party to the anti-war treaty
could attack the neutralized States without violating the treaty and thereby
automatically freeing France and the other powers in respect of the treatybreaking State from the obligations of the anti-war treaty. If the neutralized States were attacked by a State not a party to the anti-war treaty,
the latter treaty would of course have no bearing and France would be as
free to act under the treaties guaranteeing neutrality as if she were not
a party to the anti-war treaty. 14 is difficult to perceive, therefore, how
treaties guaranteeing neutrality can be regarded as necessarily preventing
the conclusion by France or any other power of a multilateral treaty for
the renunciation of war.
"(5) Relations with a Treaty-Breaking State.—As I have already pointed
out, there can be no question as a matter of law that violation of a multilateral anti-war treaty through resort to war by one party thereto would
automatically release the other parties from their obligations to the treaty.
breaking State. Any express recognition of this principle of law is wholly
unnecessary.
"(6) Universality.—From the beginning it has been the hope of the
United States that its proposed multilateral anti-war treaty should be
world-wide in its application, and appropriate provision therefor was made
In the draft submitted to the other Governments on April 13. From a
practical standpoint it is clearly preferable, however, not to postpone the
coming into force of an anti-war treaty until all the nations of the world
can agree upon the text of such a treaty and cause it to be ratified. For
one reason or another a State so situated as to be no menace to the peace
of the world might obstruct agreement or delay ratification in such
manner as to render abortive the efforts of all the other powers. It is
highly improbable, moreover, that a form of treaty acceptable to the
British, French, German, Italian and Japanese Governments as well as to
the United States would not be equally acceptable to most, if not all, of
the other powers of the world. Even were this not the case, however,
the coming into force among the above-named six powers of an effective
anti-war treaty and their observance thereof would be a practical guarantee
against a second world war. This in itself would be a tremendous service
to humanity, and the United States is not willing to jeopardize the practical
success of the proposal which it has made by conditioning the coming into
force of the treaty upon prior universal or almost universal acceptance."
No Dissent Expressed.
The British, German, Italian and Japanese Governments have now replied
to my Government's notes of April 13 1928, and the Governments of the
British Dominions and of India have likewise replied to the invitations
addressed to them on May 22 1928 by my Government pursuant to the
suggestion conveyed in the note of May 19 1928 from his Majesty's Government in Great Britain. None of these Governments has expressed any
dissent from the above-quoted construction, and none has voiced the least
disapproval of the principle underlying the proposal of the United States
for the promotion of world peace. Neither has any of the replies received
[VOL. 127.
by the Government of the United States suggested any specific modification
of the text of the draft treaty proposed by it on April 13 1928, and my
Government, for its part, remains convinced that no modification of the
text of its proposal for a multilateral treaty for the renunciation of war is
necessary to safeguard the legitimate interests of any nation. It believes
that the right of self-defense is inherent in every soverign State and implicit
in every treaty. No specific reference to that inalienable attribute of
sovereignty is therefore necessary or desirable. It is no less evident that
resort to war in violation of the proposed treaty by one of the parties
thereto would release the other parties from their obligations under the
treaty toward the belligerent State. This principle is well recognized.
So far as the Locarno treaties are concerned, my Government has felt
from the very first that participation in the anti-war treaty by the powers
which signed the Locarno agreements, either through signature in the
first instance or thereafter, would meet every practical requirement of the
situation, since in such event no State could resort to war in violation of
the Locarno treaties without simultaneously violating the anti-war treaty,
thus leaving the other parties thereto free, so far as the treaty-breaking
State is concerned. As your Excellency knows, the Government of the
United States has welcomed the idea that all parties to the treaties of
Locarno should be among the original signatories of the proposed treaty
for the renunciation of war, and provision therefor has been made in the
draft treaty which I have the honor to transmit herewith. The same
procedure would cover the treaties guaranteeing neutrality to which the
Government of France has referred. Adherence to the proposed treaty
by all parties to these other treaties would completely safeguard their
rights since subsequent resort to war by any of them or by any party to
the anti-war treaty would violate the latter treaty as well as the neutrality treaty, and thus leave the other parties to the antiwar treaty free, so far as the treaty-breaking State is concerned. My Government would be entirely willing, however, to agree
that the parties to such neutrality treaties should be original signatories of
the multilateral anti-war treaty, and it has no reason to believe that such
an arrangement would meet with any objection on the part of the other
Governments now concerned in the present negotiations.
Changes in the Preamble.
While my Government is satisfied that the draft treaty proposed by
it on April 13 1928 could be properly accepted by the powers of the world
without change except for including among the original signatories the
British Dominions, India, all parties to the treaties of Locarno and, it may
be, all parties to the neutrality treaties mentioned by the Government of
France, it has no desire to delay or complicate the present negotiations by
rigidly adhering to the precise phraseology of that draft, particularly
since it appears that by modifying the draft in form though not in substance, the points raised by other Governments can be satisfactorily met
and general agreement upon the text of the treaty to be signed be promptly
reached. The Government of the United States has therefore decided to
submit to the fourteen other Governments now concerned in these negotiations a revised draft of a multilateral treaty for the renunciation of war.
The text of this revised draft is identical with that of the draft proposed
by the United States on April 13 1928 except that the preamble now provides that the British Dominions, India and all parties to the treaties of
Locarno are to be included among the powers called upon to sign the
treaty in the first instance, and except that the first three paragraphs of
the preamble have been changed to read as follows:
"Deeply sensible of their solemn duty to promote the welfare of mankind;
"Persuaded that the time has come when a frank renunciation of war as
an instrument of national policy should be made to the end that the
peaceful and friendly relations now existing between their peoples may be
perpetuated;
"Convinced that all changes in their relations with one another should
be sought only by pacific means and be the result of a peaceful and orderly
process, and that any signatory power which shall hereafter seek to
promote its national interests by resort to war should be denied the benefits
furnished by this treaty ;"
Violator of Treaty is Outlawed.
The revised preamble thus gives express recognition to the principle that
if a State resorts to war in violation of the treaty, the other contracting
parties are released from their obligations under the treaty to that State;
it also provides for participation in the treaty by all parties to the treaties
of Locarno, thus making It certain that resort to war in violation of the
Locarno treaties would also violate the present treaty and release not only
the other signatories of the Locarno treaties but also the other signatories to
the anti-war. treaty from their obligations to the treaty-breaking State.
Moreover, as stated above, my Government would be willing to have included
among the original signatories the parties to the neutrality treaties referred
to by the Government of the French Republic, although it believes that
the interests of those States would be adequately safeguarded it, instead
of signing in the first instance, they should choose to adhere to the treaty.
In these circumstances I have the honor to transmit herewith for the
consideration of Your Excellency's Government a draft of a multilateral
treaty for the renunciation of war containing the changes outlined above.
I have been instructed to state in this connection that the Government of
the United States is ready to sign at once a treaty in the form therein
proposed, and to express the fervent hope that the Government of
will be able promptly to indicate its readiness to accept, without qualification or reservation, the form of treaty now suggested by the United States.
If the Governments of Australia, Belgium, Canada, Czechoslovakia, France,
Germany, Great Britain, India, the Irish Free State, Italy, Japan, New
Zealand, Poland, South Africa and the United States can now agree to
conclude this anti-war treaty among themselves, my Government is confident
that the other nations of the world will, as soon as the treaty comes into
force, gladly adhere thereto, and that this simple procedure will bring
mankind's age-long aspirations for universal peace nearer to practical
fulfillment than ever before in the history of the world.
I have the honor to state in conclusion that the Government of the
United States would be pleased to be informed at as early a date as ma
be convenient whether your Excellency's Government is wilinlg to join
with the United States and other similarly disposed Governments in signin
a definitive treaty for the renunciation of war in the form tran.smitte
herewith.
Accept, Excellency, &c.
Text of Revised Draft of Multilateral Treaty to Outla
War.
Elsewhere we give in this issue the text of Secretary Kel
logg's note addressed to fourteen nations submitting a r
vised draft of the proposed treaty to outlaw war. TI'
following is the text of the revised draft:
JULY 7 1928.]
FINANCIAL CHRONICLE
55
The President of the United States of America,
same testimony that resulted in the demand by John D.
The President of the French Republic,
Rockefeller Jr. for Col. Stewart's resignation from the
Belgians,
His Majesty the King of the
Chairmanship of the company. As was indicated in our isThe President of the Czechoslovak Republic,
His Majesty the King of Great Britain, Ireland and the British Dominions sue of June 23, page 3876, Col. Stewart was acquitted on
beyond the Seas, Emperor of India,
June 14 last, by a jury in the District of Columbia Supreme
The President of the German Reich,
of charges of contempt in refusing to answer the
Court,
His Majesty the King of Italy,
committee during its probe into the disposition of Liberty
His Majesty the Emperor of Japan,
The President of the Republic of Poland,
bonds, representing profits of the Continental Trading Co.
Deeply sensible of their solemn duty to promote the welfare of mankind;
which figured in the leases. Regarding the
Persuaded that the time has come when a frank renunciation of war as of Canada, Ltd.,
an instrument of national policy should be made to the end that the indictment returned on June 25 by a Grand Jury in the
peaceful and friendly relations now existing between their peoples may be District of Columbia Supreme Court, Associated Press acperpetuated;
Washington stated:
Convinced that all changes in their relations with one another should counts from
Return of the indictment was followed by charges by Stewart's counsel
be sought only by pacific means and be the result of a peaceful and orderly
process, and that any signatory Power which shall hereafter seek to promote that it represented "the last word in their outrageous abuse of court
its national interests by resort to war should be denied the benefits furnished processes for political purposes" in a "vindictive attempt to overcome"
his acquittal twelve days ago on a charge of refusing to answer questions
by this treaty;
Hopeful that, encouraged by their example, all the other nations of the asked by the committee, Stewart, they said, would seek immediate trial,
world will join in this humane endeavor and by adhering to the present confident of acquittal.
Conviction on a perjury charge carries a penalty of from two to ten
treaty as soon as it comes into force bring their peoples within the scope
of its beneficent provisions, thus uniting the civilized nations of the world years in prison.
In a common renunciation of war as an instrument of their national policy;
At the committee hearing last February, Stewart was asked if he had
Have decided to conclude a treaty and for that purpose have appointed any knowledge that would lead him to believe any organization or individual had received any of the $3,080,000 of the Liberty bond oil profits
as their respective Plenipotentiaries:
of the Continental, and replied:
The President of the United States of America,
Appearing again before the committee on April 24, the chairman of
the board of the Indiana Standard said he had received $759,500 in LibThe President of the French Republic,
erty bonds from H. S. Osier, president of the Continental. He maintained,
His Majesty the King of the Belgians,
however, he did not profit from the transaction as he had turned the
bonds over to a trust fund he had established for his company.
The President of the Czechoslovak Republic,
The first count in the indictment charges that Stewart violated the
perjury statute when he denied he knew anything of the distribution of the
His Majesty the King of Great Britain, Ireland and the British Dominions Continental bonds; the second count alleges he denied he had received
beyond the Seas, Emperor of India,
any of the bonds when, in fact, he received $759,500, and the third
For Great Britain and Northern Ireland and all parts of the British that he denied having any conversation or knowledge that would lead him
Empire which are not separate members of the League of Nations,
to believe that any individual or organization had received the bonds
when, in fact, he knew of the receipt of bonds by himself and others.
For the Dominion of Canada,
The indictment, which comprises twenty-five long pages, goes into all the
details of the Senate investigation, especially Stewart's testimony.
For the Commonwealth of Australia,
For the Dominion of New Zealand,
For the Union of South Africa,
For the Irish Free State,
For India,
The President of the German Reich,
His Majesty the King of Italy,
His Majesty the Emperor of Japan,
The President of the Republic of Poland,
who, having communicated to one another their full powers found in good
and due form, have agreed upon the following articles:
ARTICLE I.
The High Contracting Parties solemnly declare in the names of their
respective peoples that they condemn recourse to war for the solution of
International controversies, and renounce it as an instrument of national
policy in their relations with one another.
On June 26 Col. Stewart appeared in court and pleaded
not guilty to the charge. Oct. 8 was set as the date for the
trial. An immediate hearing for Col. Stewart was sought
by his counsel, Frank J. Hogan, but Justice Frederick L.
Siddons replied that the court was adjourning for a summer
recess and the first available date for hearing the case was
Oct. 8. Colonel Stewart was released under $5,000 bond.
The accounts from Washington (Associated Press) June 26
state:
After leaving the courtroom Colonel Stewart gave out a statement
In which he declared that the charge had been "plainly inspired by the
political investigators of the Senate Committee who have so long been of
the opinion that in a Presidential campaign year private rights and
personal reputations are of no moment."
"I am sure the public will understand," the statement continued, "that
this indictment was returned as a result of a star chamber proceeding
where I was not heard either personally or by counsel. Only one witness
was heard and he was Senator Nye, more prosecutor than witness.
"Not one word of evidence was received on my side in this matter. I
came to Washington at once to meet this new charge and instructed my
counsel to seek an immediate trial. I am disappointed that we must
wait until October. I am confident of acquittal."
It was stated in the "Herald Tribune" of
June 25 that
ART4OLE IL
The High Contracting Parties agree that the settlement or solution of John D. Rockefeller Jr. denied on June 24 reports that he
all disputes or conflicts of whatever nature or of whatever origin they and his father were disposing of their interests in the Standmay be, which may arise among them, shall never be sought except by ard Oil Company of Indiana. The paper quoted went on
pacific means.
to say:
ARTICLE
Not a share of Rockefeller stock has been sold, he said.
The present treaty shall be ratified by the High Contracting Parties
Mr. Rockefeller also declared that he had not changed his opinion that
named in the Prtsamble in accordance with their respective contaitutional
Robert
W. Stewart, recently acquitted of a charge of contempt of the
requirements, and shall take effect as between them as soon as all their
Senate committee which investigated the Teapot Dome leases and still in
several instruments of ratification shall have been deposited at
This treaty shall, when it has come into effect as prescribed in the the shadow of a grand jury action, should resign as Chairman of the
preceding paragraph, remain open as long as may be necessary for adherence company.
In effect, Mr. Rockefeller echoed the remark of Paul Jones that he
by all the other Powers of the world. Every instrument evidencing the
had not yet begun to fight to oust Mr. Stewart. In this matter, he said,
adherence of a Power shall be deposited at
and the
he
had been and still was taking such steps "as appear practicable."
treaty shall immediately upon such deposit become effective as between
the Power thus adhering and the other Powers parties hereto.
Text of Rockefeller Statement.
It shall be the duty of the Government of
to furHis statement follows:
nish each Government named in the Preamble and every Government subseIt is not the policy of Messrs. Rockefeller, senior and Junior, or of the Rockefeller
quently adhering to this treaty with a certified copy of the treaty and of boards to make comments on reports published
in the papers from time to time in
every instrument of ratification or adherence. It shall also be the duty regard to their investments. In View, however, of the interest shown by many other
and by the public in the Standard Oil Co.of Indiana situation, it seems
of the Government of
telegraphically to notify stockholders
fitting in this instance to say that statements recently appearing in newspapers that
such Governments immediately upon the deposit with it of each instruthe Rockefeller interests are said to have been selling Standard Oil Co. of Indiana
stock for some time" are without foundation, not one share of the stock has been
ment of ratification or adherence.
In faith whereof the respective Plenipotentiaries have signed this treaty sold nor has the question of its sale been considered.
Mr. Rockefeller. Jr's. position with reference to the desirability of a change In
In the French and English languages, both texts having equal force, and the leadership
of the Standard Oil Co.of Indiana has not changed. That position was
hereunto affix their seals.
clearly indicated In his letter to Col. Stewart calling upon him to make
good his
promise to resign when asked and in the statement which accompanied the
Done at
the
day of 'intim
of the letter. While no reply from Col. Stewart has been received,pubIn the year of our Lord one thousand nine hundred Rockefeller
has been taking and will continue to take such steps in this matterMr.
as
and twenty
appear practicable.
Resignation Asked Apra 27.
It was April 27, three days after Mr. Stewart had
contradicted his
Col. Robert W. Stewart of Indiana Standard Oil Co.— earlier testimony before the Senate Committee
and acknowledged the reIndicted on Perjury Charges Growing Out of ceipt in trust of $759,000 in bonds, one-fourth of the
profits of the ConSenate Inquiry Into Naval Oil Leases—Trial Next tinental Trading Company oil deal, that Mr. Rockefeller wrote to him
as follows:
October.
Your recent testimony before the Senate Committee leaves me no
to ask you to make good the promise you voluntarily gave mealternative other
On June 25 Col. Robert W. Stewart, Chairman of the than
some weeks ago
that you would resign at my request. That request,
I now make.
Board of the Standard Oil Company of Indiana, was inMr. Stewart did not resign, nor did he reply to Mr.
Rockefeller's letdicted on charges alleging perjury, growing out of his tes- ter. Mr. Rockefeller waited until May 9, and then made public the
timony before the senate committee inquiring into the Tea- request he had made for Mr. Stewart's resignation. Mr. Stewart at that
time still was under the indictment for contempt of the
Senate on which he
pot Dome Naval 011 Leases. It is stated that it was the was acquitted on June
14, and the grand jury in Washington was just
56
FINANCIAL CHRONICLE
[VOL. 127.
taking up the question of whether he had committed perjury. On May In the open market of stocks at prices net warranted by current income or
earnings it would be difficult to justify the permanent carrying charges
10 be gave out the following statement in Chicago:
Referring to the statement of John D. Rockefeller, Jr., appearing in the news- Involved in a merger deal based on expected operating economies.
This feeling undoubtedly has been in the minds of the members of the
papers under date of May 9 1928, any communication from any stockholder of the
company is entitled to and shall receive from me the most careful consideration.
Inter-State Commerce Commission in rendering their several adverse deP. The proceedings now pending In Washington make it untimely for me to make any cisions although it has not been specifically mentioned and it is not one that
statement to the public at this time, much as I might desire so to do.
Since then the contempt indictment has been disposed of by Mr. should influence their judgment. It is one, however, that the stockholders
Stewart's acquittal, but there has been no report from the grand jury of a system that takes over another system at a price per share for control
much above the average of recent years and in excess of the known earnto which the question of perjury was submitted.
ings and dividend return cannot fail to consider. It is pertinent to the
situation not only in the group of southwestern lines that seek the privilege
Stewart in Wrong Position.
consolidation but with the future of those eastern companies that have
In opposition to Mr. Rockefeller's apparent resolve to force Mr. Stew- of
already committed themselves to high cost purchases of independent roads
art out of office when opportunity offers, Mr. Stewart holds, as Chairbelieved
necessary to the rounding out of the four major trunk line
man, a strong position which he has been consolidating for many years.
systems.
His policy has been to distribute profits generously to shareholders and
One curious aspect of the Commission's attitude is that taken toward the
in this the Standard Oil Company of Indiana has taken the lead among
method of obtaining control of one road by another. The Commission has
the Standard Oil group.
let it be known that it does not approve of such purchases in the open
In 1912 it declared a 2,900% stock dividend in addition to the regular market prior to its authorization, and it
has denied two mergers that were
6% dividend and an extra dividend of 7% which were paid in cash. In under way mainly on this premise.
While it may be poor business to bid
1913 the rate was 12% in regular dividends and 20% in extra dividends.
up
the
price
of
a
stock
of
a
competing
road
and thus establish a basis of
The regular 12% dividend was continued in 1914 and there was an extra
cost disproportionate to the benefits of the investment, it is certainly
dividend of 13%. In 1915 and 1916 the regular 12% rate was maintained
absurd to say that Mr. Van Sweringen or Mr. Loree or General Atterbury
with no extra dividend, but in the succeeding three years the company
or Daniel Willard should announce to the world at large that they proposed
paid not only the regular 12% dividends but extra dividends of 12% also.
to
buy the Erie or the Lehigh Valley or the Wabash or the Western MaryIn 1920 there was a stock dividend of 150%, a regular dividend of 12%
land. What a nice little opportunity this would give to some of the
and an extra dividend of 16%. The regular dividend in 1921 was 16%.
hijackers in Wall Street. On the other hand, the Commission is well
In 1922, in addition to the 16% regular dividend, there was a stock diviwithin its rights in invoking the aid of the Clayton Act in denying to
dend of 100%. In 1921, 1924 and 1925 regular dividends of 10% were
certain railroad officials the privilege of sitting on the board of directors
paid upon the doubled amount of stock and in 1926 and 1927, in addiof competing roads and dominating their policies, as it has recently done
tion to the regular dividend ef 10%, 4% extra dividends were paid.
In the case of the Wheeling & Lake Erie.
In the beginning the movement toward railroad consolidations it was
argued that these consolidations should be compulsory. Various roads
Charles F. Speare on "Why Railroad Consolidation within a given district were to be brought together into a kind of superLags"—Attitude of Inter-State Commerce Com- system. Where service was duplicated this would be reduced. Instead of
mission One of Confusion and Bewilderment— having three passenger trains of three competitive lines start from the
same station at the same hour for some point 500 miles away, one, and
Doubt of Profitableness of Consolidation.
possibly two, of these trains were to be annulled. The soliciting forces were
In the view of Charles F. Speare, "progress in the way of to be reduced, repair shops and general offices at common points brought
railroad consolidation is being made with irritating slow- under one management ar.d traffic routed over those divisions that were
best located for economical operation. The same principle has been
ness." The reasons for this he says are:
carried out in dozens of instances in the industrial world, and the pubis
Unwillingness by the Inter-State Commerce Commission to permit mergers utilities have used it to advantage in their great super-power schemes.
that it does not conceive to be "in the public interest" and which are So there seemed to be no reason why the railroads should not follow the
confused with so-called "stock jobbing" deals.
trend of the times, and by a better co-ordination, effect changes that
The difficulty in agreement between railroad executives who must give would strengthen general railroad credit and improve the railroad rate
and take in the process of establishing unified lines in territory of intense structure.
traffic competition.
Why Railroad Securities Are Behind Industrials.
The attitude of the "short lines" supported by Inter-State Commerce
What seems to be fair and logical for the regulation of two great indusCommission decisions and that of minority stockholders.
The indifference of ths general public to consolidations per se and the tries, apparently, does not apply to the one dealing in transportation. It is
active antagonism of communities, commercial organizations and certain these official inhibitions that explain why railroad securities have lagged
groups of shippers to those mergers that affect local conditions or are so far behind the industrials and public utilities in the great bull markets
of the past four years. So far as one can see the composite membership
believed to be inimical to private interests.
of the Inter-State Commerce Commission has neither unanimity of plan
Mr. Speare's views are set out in the June number of the nor purpose. It has its Right and its Left wings. Invariably the one
"Journal of the American Bankers' Association," in which dissents from the other in opinions of consequence. There is a temporizing policy where there is not an out and out negative one. Timidity,
he says in part:
listening for the public echo to its intimations suspicion of motives of
Cold Water on the Merger Plan.
railroad officials regarding consolidations, and delays because of legislation
Getting back to the attitude of the Inter-State Commerce Commission to that may some day be helpful, as the Parker bill, describe the Commisthe consolidation question, one finds a series of decisions and intimations sion's attitude. In the opinion of many observers it exhibits no statesthat throw cold water on the merger scheme as it has been conceived by manship, and no co-ordinated policy, both of which should be required of a
students of transportation as well as by railroad executives who have been body of men who are to decide the destiniee of the most important group
actively engaged for years in trying to bring about mergers in the trunk-line of corporations in our national life. It acts as though confused and
bewildered by the transportation problems put before it.
territory, in the Southwest and in the Northwest.
The defeat of railroad consolidation, although consolidation has been a
The commission has acted timidly and has appeared befuddled. There
has been a surprising absence of unanimity of opinion on important ques- primary party principle, has been carried through two national adminietions. On the subject of mergers, one element in this body has apparently trations. There has been a few exceptions to the general spirit of official
believed in them, but another has been wholly at variance with the idea. antagonism. The positive decrees of the Commission have permitted mergers
So far the objectors have carried more weight than the proponents of unifi- of lines in the southwest, notably the rewelding of the Missouri Pacific
cation. There is some justification for their point of view, especially as system, the proprietary interest of the St. Louis & San Francisco in the
It has dealt with the plan of the Chesapeake & Ohio and Nickel Plate Chicago, Rock Island & Pacific, and the Southern Pacific in the San
interests to put together a system that is 'logical, and in their objection Antonio & Aransas Pass, the absorption by the Baltimore 4: Ohio of a small
to the original plan for merging the Kansas City Southern, Missouri-Kansas- road originally one of its undesirable parts, but subsequently rehabilitated,
Texas, and St. Louis-Southwestern. Here was a clear case of vesting too and in half a down minor affiliations between roads in the South, as the
much authority and too high a proportion of financial responsibility on the Clinchfield with the Louisville & Nashville-Atlantic Coast Line system
weakest member of this group, although the one which was most directly and members of the Seaboard Air Line family in Florida; also the Wabash
was permitted to take over the Ann Arbor. Only one of these mergers
representative of the promoting element.
The decisions of the commission respecting the proposed fifth system covers a wide enough territory to permit the experiment of consolidation
between New York and the Mississippi Valley may be regarded as tech- to be successfully tested.
On the other hand, one merger phase after another has been denied.
nically unfair and unreasonable, but in view of the subsequent events and
the obvious inability to establish an additional trunk line system, they are I have said that there was reason for this as in the lack of logic in the
entitled to respect. Just what this body may do with the mass of testi- proposed ownership of the Erie, Railroad, running from New York to
mony presented for and against the consolidation of the Great Northern Ch+mgo, by the Chesapeake & Ohio, operating between Chesapeake Bay and
and Northern Pacific lines, it would be presumptuous to say. Aside from the Great Lakes, and in the original application to build up a group Of
those directly interested in advancing the cause of such a merger I have southwestern lines on the foundation of the Kansas City Southern. Much
yet to hear from either business men, bankers, or unprejudiced railroad of the Commission's objection to the unification of the eastern trunk lines
officials the statement that they expected the commission to approve of it. has been based on the inability of the heads of these properties to COMO
This in spite of the fact that it is the most natural, logical, untainted con- to an agreement over the distribution of the independent roads in their
solidation that could possibly be presented to the commission for its con- territory plus the confusion that developed out of the attempt of L. F. Loree
sideration. If there is anything at all in the consolidation principle, it to create a fifth system in opposition to the existing four. This has held
should be here exemplified in economies of operation and in a minimum up progress for several years. Whether or not it will be quickened by the
of disturbance to the territory affected. There is, however, no popular purchase for the Pennsylvania Railroad of the Wabash and Lehigh Valley
demand for it; instead, a strongly vocal objection from the chief com- holdings of the Delaware & Hudson remains to be seen. At this writing
petitor of the Hill roads and its stimulated constituency. One has a feeling It is not clear whether the Pennsylvania intends to possess itself of these
In reading the decisions of the Inter-State Commerce Commission in merger roads permanently, or graciously partition them among its competitors.
cases that it is more affected by objections to than by affirmations of
Important Mergers Not Expected.
specific consolidation proposals.
The broad considerations underlying railroad consolidation are the
Are Consolidations Profitable!
ability to bring to a balance various groups of roads, some strong and
Are consolidations profitable? This is a question that cannot be some weak, in order to stabilize the rate structure and to make railroad
answered arbitrarily. It no doubt enters into the sentiments of those who credit more uniform, and to establish operating conditions that will
are compelled to deal with it in an official capacity, though it is not a provide satisfactory service at a minimum of cost. It is feared that the
vital factor except to stockholders. It is claimed, for instance, that a spirit in which railroad legislation was conceived has been permitted to
unification of the Great Northern and Northern Pacific roads would result die down to a feeble semblance of the original through the exactness with
In economies of $10,000,000 per annum. This should be worth while. which the Inter-State Commerce Commission has interpreted its duty as
Stockholders of both lines would profit proportionately. It Is not so easy well as its fearfulness of acting in a way to displease its constituency.
to al./Wish the savings growing out of the bringing together of other
Meanwhile there have been too many examples of "financial manipulation
systems that have been negotiating with each other for joint control and of great railroad properties as an accompaniment of acquisition or conmanagement but I understand that about $5,000,000 is the figure arrived solidation under the law"—to quote from the decision in the Chesapeake k
at in the proposed Southwestern merger. Where this involves the purchase Ohio-Erie case.
JULY 7 1928.]
FINANCIAL CHRONICLE
I seriously doubt whether there will be any important mergers in the
next few years. The benefits of consolidation are certainly intangible.
Those who have studied them with an unprejudiced mind are inclined to
believe that the values in operation and on the financial side of the railroad account have been overestimat.d. This explains the element of
resistance that crops out in influential railroad quarters whenever mergers
are suggested.
Transportation Requirementsfor Third Quarter Greater
than for Same Period Last Year-Number of Cars
Needed Nearly 10 Million.
Transportation requirements for 29 of the principal commodities in the third quarter this year (the months of July,
August and September) will be approximately 9,910,768
cars, an increase of about 597,031 cars above the corresponding period in 1927 or 6.4%, according to reports received and
made public July 5 by the Car Service Division of the
American Railway Association from the thirteen Shippers'
Regional Advisory Boards, which now cover the entire
United States. The statement issued says:
57
C.W.Stevens of Old Colony Trust Co., Boston, Before
American Institute of Banking Describes BunsinessGetting Machinery.
"Few people realize the extent and efficiency of the organizations maintained by modern banking institutions for securing new business," said Charles W. Stevens, Assistant
Cashier of Old Colony Trust Co., in an address before the
American Institute of Banking Convention at Philadelphia
on June 21. It is the policy of all progressive banks to regard
their old customers and depositors as the richest source of
future business. "It has been estimated," said Mr.Stevens,
"that fully 70% of a bank's new business comes through
extending the use of the bank's services among old customers,
and through new accounts resulting from customer introductions." Banks are to-day analyzing their depositor lists,
noting additional services for which customers are most
likely prospects and then concentrating on the task of selling
those extra services. Mr. Stevens cited a survey covering a
number of banks which showed that six out of every hundred
checking accounts with average balances from $350 to
$1,000 are live prospects for two more of the bank's services.
Those with balances above $1,000 are prospects for at least
three other services.
This estimate is based on the best information obtainable
at the present
time by the commodity committees of various Shippers'
Regional Advisory
Boards as to the outlook, so
in. transportation requirements are concerned.
Of the thirteen Boards, eleven estimated an increase in
transportation
requirements for the third quarter of the year compared
with the same
period last year while the other two estimated a decrease.
The eleven
Boards estimating an increase over the preceding year were the Atlantic
States, Allegheny, Great Lakes, Northwestern, Pacific
Coast, Southeastern, Signalmen on Nashville, Chattanooga & St. Louis Rwy.
Southwestern, Middle Western, Trans-Missouri-Kansas, New
England, and
Awarded Wage Increase.
the Pacific Northwest Boards. Those estimating a
decrease were the
Central Western and the Ohio Valley Boards.
Signalmen on the Nashville, Chattanooga & St. Louis
The estimate by each Shippers' Regional Advisory
Board as to what railway were awarded a wage increase
of 4 cents an
freight loadings by cars are anticipated for the 29
principal commodities
in the third quarter this year compared with the
corresponding period in hour, and assistants and helpers an increase of 3 cents an
1927 and the percentage of increase or decrease follows:
hour, by the action of the Board of Arbitration on June 21,
Per Cent of
in the matter of the Brotherhood of Railway Signalmen of
Increase(-Hot' America against
Boardthe railroad. We quote the foregoing from
1927.
1928. Decrease (-).
New England
the Nashville "Banner" of June 22, which also states:
171,445
174,968
+2.1
Atlantic States
The new scale places them on a parity with the signalmen and assistants
1 081,003
1,110,239
+2.7
of the Louisville & Nashville RR., who recently obtained wage increases.
Ohio Valley
1,183,338
1,128.173
-.5.0
Northwestern
Chief
Justice Grafton Green of the Tennessee Supreme Court, who was
665,903
688,649
+5.0
chosen as the neutral arbitrator by both the brotherhood and the railroad.
Central Western
352,057
340,829
-3.2
delivered the opinion in the case. H. H. Cartwright, arbitrator for
Pacific Coast
410,394
the
418,997
+2.1
railroad, dissented to any increase, and L. W. Givan, arbitrator for
Pacific Northwest
297,416
the
316,358
+6.4
brotherhoo
d,
Allegheny
dissented
to
the
amount
of the increase, but Mr. Givan con1,133,083
1,326,155
+17.0
curred formally in the award. He stated that be agreed to the award in
Great Lakes
770,427
799,990
+3.8
order to fulfill the provisions of the railway labor act, which require that a
Southeastern
1,054,767
1,055,461
+.1
majority of the board of arbitration be affixed to an award in order to
Middle Western
1,107.501
1,379,175
+24.5
render it valid and binding.
Trans-Missouri-Kansas
513,067
559,452
+9.0
The new scale will be put into effect when the award is approved by the
Southwestern
583,336
616,322
+5.7
United States Board of Mediation. When this Is done leading signalmen
The large comparative increase in the Middle Western
and the Allegheny and leading signal maintainers will receive 83 cents an hour. and signal
regions over last year is due largely to the anticipated
heavier movement of maintainers 78 cents an hour. Assistant signalmen and assistant
signal
coal this year compared with the corresponding period
in 1927 when but maintainers will begin at 54 cents an hour for the first six months'
training
little coal was shipped from those districts owing to
the suspension of period and increase 2 cents an hour for each subsequent six months
through
activities at many bituminous mines.
the requisite four years of training. Signal helpers will receive 52 cents an
In subsaitting reports to the Car Service Division, each
Board estimated hour.
what troll** car requirements will be for the principal
industries found in
the terrillowy covered by that Board. On the basis of
this information, Leroy A. Mershon in Discussi
ng "A Well-Balanced
It is esalusslisti that of the 29 commodities, increases
in transportation
requirsinants will be required for twenty as follows: All
Estate" States That 90% of Men Are Undergrain; flour; meal
and other mill products; other fresh fruits; potatoes; other
fresh vegetables.
Insured.
poultry and dairy products; coal and coke; ore and
concentrates: clay,
gravel, sand and stone (including gypsum, crude and
The
statement that 90% of the Men of America are underpowdered); lumber
and forest products; petroleum and petroleum products;
iron and steel: insured, was made by Leroy A. Mershon, Vice-President
castings, machinery and boilers; cement, lime and
plaster,
implements and vehicles other than automobiles, automobile agricultural United States Mortgage & Trust Co., of New York in
s, trucks and
parts; paper, printed matter and books; chemicals and
explosives, and addressing the New York State Bankers Convention,
canned goods-ail canned food products (includes
catsup, jams, jellies, Saranac, N. Y., June 27. The subject
of Mr. Mershon's
olives, pickles, preserves, &c.).
address was "What is a Well-Balanced Estate?" His
Commodities for which a decrease is estimated were:
Ray, straw and
alfalfa, cotton; cotton seed and products, except oil; citrus
fruits; live stock remarks follow:
salt; sugar, syrup, glucose and molasses; brick and
No attempt will be made In this talk on what constitutes a well-balanced
clay products, and
fertilizers of all kinds.
estate, to discuss the merits or demerits of various forms of securities that
The estimate as to what transportation requirements will
be for various may or may not be appropriate for estate investments, or the many feature*
commodities for the third quarter compared with
the same period last of taxation presented in connection therewith but rather to bring to your
year follows:
attention a habit of thought which has grown into a national custom and
-Car Loadings- Estimated
ask your co-operation in changing to a better way.
Actual.
Viewed from a purely business angle an estate may be likened to a busiEstimated. P. C. Inc.(+)
Commodity1927.
ness venture or an established business. An estate, however, differs from
1928.
or Deo.
Grain, all
a
business
481,029
in that the one who creates it is present during its creation and
499,603
+3.9
Flour, meal and other mill products
233,466
261,497
then through natural or unnatural causes is permanently absent
+12.0
Hay straw and alfalfa
thereby
76,441
75,612
-1.1
placing
upon
Cotton
others the responsibility of its care and protection.
87,663
62.997
-28.1
Cotton seed and products_
It is true that many businesses lose their guiding hand but
47,298
27,612
-41.6
frequently
Citrus fruits
14.829
another who is qualified steps into the breach and carries on. The
13,589
-8.4
Other fresh fruits
manage160,697
172,496
ment of a business may also be transferred by sale and proceeds
+7.3
Potatoes
as usual.
54,530
38,163
+6.7
On
the
other
Other fresh vegetables
hand,
an
estate
is
usually built for the support and protection
81,189
85,595
+3.4
Live stock
of human lives over a term of years and, therefore, must be
373,129
356,182
-.4.5
divorced from
Poultry and dairy products
28,150
the hazards of an active business which deals many times
29,256
+3.9
Coal and coke
in unknown
2,473,313
2,820,897
+14.1
quantities. A balanced estate, like a business is one where
Ore and concentrates
the resources
817,261
839,352
+2.7
Clay, gravel, sand and stone (Including
equal or exceed the liabilities. To balance an estate, however,
from a purely.
gypsum, crude and powdered)
business standpoint is not enough. If the resources of an
1 207,099
1,274,183
+5.6
estate are only
Salt
14,868
equal to its liabilities it is sufficient for the discharge of
14,077
-5.3
Lumber and forest products
all
obligations either
977,370
1,000,496
+2.4
before or after the departure of its creator, but an estate
Petroleum and petroleum products
503,889
of this sort can do no
653,174
+10.0
Sugar, syrup, glucose and molasses
more than pay its debts and then cease to exist.
56,055
56,014
-.1
Iron and steel
"In its simplest terms, an estate is composed
433,823
454,760
+4.8
of the real and personal
Castings, machinery and boilers
63,778
67,875
property inherited or accumulated by an individual
+3.2
Cement
and is used for the main272,3.58
284,234
+4.4
tainance of that individual and his dependents
Brick and clay products
194,898
during
189,037
his active life and his
-3.0
Lime and plaster
post vroductive period, and then after his death
67,512
69,131
+2.4
is used for the support
Agricultural implements and vehicles other
of those depending upon him.
than automobiles
38,978
42,355
+8.7
Attend the funeral of most any man in any part
Automobiles, trucks and Parts
210,741
of America. What two
244,510
+16.0
questions do we hear? The first is "What caused
Fertilizers, all kinds
75,247
73,243
-2.7
his death?" The second.
Paper, printed matter and books
"How much did he leave?" It is to the second
73,915
78,780
+6.6
of
these questions that your
Chemicals and explosives
60,236
attention is invited. It is safe to state that
63,063
-1-4.7
Canned goods-All canned food products
in over 99% of the cases the
answer attempted or given will be an appraisal
(includes catsup, Jams, Jellies, olives,
of all of the decedent's real
pickles, preserves, &c.)
and personal property at the current market
41,975
42,985
+2.4
value. The same question
asked regarding a man dying in England
the
Total all commodities listed
9,313,737
9,910.768
the yearly income his estate would provide. answer would be an estimate of
+6.4
(-).
1
58
FoL. 127.
FINANCIAL CHRONICLE
For illustration, we will estimate the total of an American estate at $200.000. but the same estate in England may be referred to as "one thousand
Pounds." In American money a thousand pounds is approximately $5,000.
You ask, and rightfully."Why this great discrepancy?" The answer is not
difficult. In the older country they calculate and refer to a man's estate
In terms of what it will yield each year whereas in this country we speak of
the corpus or principal in its entirety and include all non-income producing
Items.
In the above illustration, only half of the estate is free for income producing purposes. It is to change this custom of thought and expression in
America that your continued interest is invited.
Every normal young man at the beginning of his career is concerned only
with the question of resources or accumulations. His first resources or
income will be in the form of salary or commissions, &c. In exchange for
his accumulated resources he will secure four things: (1) personal property.
(2) real estate. (3) reserves, (4) life insurance. His personal property will
consist of an automobile, jewelry, clothing, furniture and other sundry
items. His real estate will consist of full ownership or equity in a piece of
property which may be his present or future home or he may invest in a
business property. His reserves will consist of a savings or special interest
account, a checking account, shares in a building and loan association and
some stock and bonds. His life insurance will be composed of one or more
contracts for the delivery of a specified sum Of money at a designated date
or at his death. Thus far this young man is only concerned with resources
and in speaking of his estate we would include all of the four items which we
have enumerated.
A different picture presents itself, however, when this young man takes
unto himself a liability or an obligation in the form of a wife. The picture
Is still different upon the arrival of a child or children. We should no longer
estimate the estate of that young man in terms of principal but in terms of
Income.
To assist us in thinking more concretely, we shall assume a man with a
salary of $8,000, a year and possessed of real estate valued at $30.000.
personal property of $10,000, reserves of $30,000 and life insurance of
$30.000. He has a wife and two children. The inventory of his estate
if passed through the Probate Court would be valued at $100,000 with
debts deducted. It is desire that upon his death his family shall live in
the home and following the usual custom he will give his personal property
to his wife and children. The two items of real estate and personal property
are, therefore, eliminated from the estate as non-productive. We have
remaining reserves of $30.000 and life insurance of 30,000 providing
there are no debts, and we shall assume that there are no so called "cats
and dogs" in his reserves. $60,000 is, therefore, available for investment
and over a term of years we should not calculate on more than a 5% net
return. This man Is In reality, therefore, asking his wife to accept $3,000
a year and to continue to llve in and maintain the home and educate the
children. He Is assuming she will do it on the same plane as during his life
which requires about $6,000 a year. He is asking her to make one dollar
do the work of two unless he is content to have her reduce her plane of living
or stop on her life's journey about twenty years up the road at a station
known as "Dependence" or "Dispair." This estate is obviously not
well balanced. It is in reality a sick estate and the item that needs so
called "Medical Attention" is the one known as "Life Insurance." Like
90% of the men of America, this man is underinsured. He cannot die a
par, which means at death the discharge of his current obligations and a
liquid reserve sufficient to prouce an income for the normal or customary
needs of his dependents. It is our privilege to preach the gospel of a wellbalanced estate by helping men to prepare a plan or program adequate
for their needs and thereby render a pre-mortem rather than a post mortem
service. In this way we are contributing in no small manner to the happiness and beauty of countless lives now and in the years to come.
Springfield, Ohio, was elected First Vice-President; Maurice
F. Reidy, Worcester, Mass., Second Vice-President; H. E.
Rose, St. Catherines, Ont., Can., Third Vice-President;
LeRoy E. Brown, Jr., Richmond, Va., Fourth Vice-President,
and William W. Butts, St. Louis, MO., Fifth Vice-President. Earle G. Krumrine, of Chicago, was elected Treasurer. Officers of the nine special Divisions and two Sections
of the Association and fifteen directors representing the
various State real estate groups and six directors-at-large
were elected at the meeting. All officers chosen at this
meeting take office beginning January 1929,
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
The New York Stock Exchange membership of Edward H.
Stern was reported posted for transfer this week to Michael
J. Brand, the consideration being stated as $325,000. The
last preceding sale was for $340,000.
-4---
At the regular directors' meeting of the International
Acceptance Bank, Inc., on July 5, George V. McLaughlin,
formerly New York State Superintendent of banks, and now
President of the Brooklyn Trust Company, and George M.
Shriver, Executive Vice President of the Baltimore & Ohio
Railroad, were elected to the Board. At the same meeting
the directors announced the declaration of the regular quarterly dividend of $1.50 a share on the common stock, payable July 16 1928 to stockholders of record on July 5th. The
half year balance sheet of the International Acceptance Bank,
Inc., just issued, shows a substantial growth in its operations
since publication of the June 30 1927 figures. Outstanding
acceptances now total $59,608,628 as compared with $38,813,660,an increase during the twelve months of $20,794,968,
or about 53%. The report as of June 30, 1928 shows total
resources of $121,317,562, against $95,609,720 on June 30,
1927. During the twelve months, undivided profits, after
payment of dividends, increased $553,102, the total being
$4,753,135 on June 30 against $4,502,967 on Dec. 31 1927,
and $4,200,033 on June 30 1927.
At the meeting on July 5 of the International Acceptance
Trust Company,a subsidiary of the International Acceptance
Bank, Inc., the following new directors were added to the
board of the trust company: Howard Cullman, Vice-President
Cullman Bros., Inc., New York; [Robert F. Herrick, of
Herrick, Smith, Donald & Farley, Attorneys, Boston;
David F. Houston, President, Mutual Life Insurance Co.,
of New York; Otto V. Schrenk, Of Briesen & Schrenk,
Attorneys, New York; Jack Straus, Vice President, R. H.
Macy & Co., Inc., New York; John L. Wilkie, of Gould &
Wilkie, Attorneys, New York; Bronson Winthrop, Of Winthrop, Stimson, Putnam & Roberts, Attorneys, New York.
Since the formation of the International Acceptance Trust
Company in 1923, the board has consisted of officers of the
International Acceptance Bank, Inc., with the exception of
James Bruce, Vice President, National Park Bank of New
York, and Felix M. Warburg, of Kuhn, Loeb & Co., New
York. With the additional outside representation on its
board, the trust company is developing further its program
of expansion as a separate banking unit, offering facilities
for all phases of trust company and general domestic banking
business. It is capitalized at $1,000,000, with surplus of
$1,000,000 and undivided profits on June 30 1928 of over
$300,361.
National Association of Real Estate Boards to Undertake Study of Farm Land Situation.
that the National Association of Real
announced
is
It
Estate Boards will appoint a commission of its members at
an early date to make a special study of the agricultural
situation, looking to a better understanding and greater cooperation between American business and the farmer. A
resolution that this action be taken was adopted by the entire delegate body of the Association at its annual convention recently held at Louisville, Kentucky. The board
of directors of the Association has authorized Henry G.
Zander, of Chicago, President, to appoint such a commission. It is a matter of concern to all business that a way
be cleared for a normal farm lands situation, the Association points out. The new commission, which Is to be established at the request of the Farm Lands Division of the
Association, will make its study with special reference to
The statement of condition of the J. Henry Schroder
the following matters:
Corporation as of June 30 1928 shows total reBanking
1. The adjustment and equalization of tariff schedules.
of $57,686,738, a new high record and an increase
sources
farms.
of
taxation
2. The excessive
of $8,510,353 compared with $49,176,385 reported as of
3. Surplus production.
consideration of Dec.311927. Acceptances
outstanding totaled $27,397,029,
4. A closer study of marketing products with special
freight rates.
also a new high record, comparing with $21,428,441 at the
5. Agricultural credits.
close of 1927. Capital and surplus paid-in is unchanged
6. 0o-operative movements among farmers.
at $3.200,000 but undivided profits amount to $2,878,504,
tax
inequitable
present
the
of
lifting
the
Holding that
an increase of $426,283 compared with Dec. 311927. Cash
needs
immediate
most
the
burden from farm lands is one of
to put farm lands upon a normal selling basis, the Farm on hand and due from banks stands at $6,221,045 on June
Lands Division at the annual convention of the Associa- 30, against $4,054,479 on Dec. 31 1927. Call loans with
tion called into conference the Association's committee on discount houses totaled $4,750,000, against $3,000,000 and
State taxation and the national Board of Presidents and acceptances of other banks, $8,105,962, against $7,565,044.
Secretaries of State Real Estate Associations to outline with United States Government securities held are reported as
$2,000,000, against $1,800,000 and other securities aggreIt a general program of action for farm real estate.
gated $1,611,362, as compared with $1,192,306, while other
collateral loans and discounts totaled $3,866,711, against
Association
National
H. H. Culver Chosen President of
$4,333,642.
of Real Estate Boards.
Harry H. Culver, of Los Angeles and Culver City, Cal.,
The Guaranty Trust Co. of New York announces the apwas elected President of the National Association of Real pointment of Joseph V. Leroy as an Assistant Treasurer and
Estate Boards for the year 1929 at the annual convention Walter H.Scott as an Assistant Secretary.
of the Association at Louisville, Ky. Harry S. Kissell,
JULY 7 1928.1
FINANCIAL CHRONICLE
The statement of condition of the Guaranty Trust Co. of
New York as of June 30 1928, issued July 3, shows a combined capital, surplus and undivided profits account of
$99,231,744, and deposits, including outstanding checks, of
$736,046,733. The present statement is the first to be issued by the Guaranty since giving effect on June 18 to an
increase of $30,000,000 in capital and surplus account which
had been ratified by stockholders on May 18. Undivided
profits of $9,231,744 represent an increase of $6,392,514 in
that account since the statement issued a year ago, and an
increase of $1,763,469 since March 2 1928, the date of the
company's last published statement. The Guaranty's total
resources now stand at $912,270,694, as compared with
$754,713,355 a year ago and $793,991,023 on March 2 1928.
At the meeting of the Board of Directors of The Seaboard
National Bank of the City of New York, held July 5, the
resignation of Peter McDonnell, director was accepted.
Ernest R. Keiter was appointed an Assistant Trust Officer
and Assistant Cashier. Richard C. Smith was appointed
an Assistant Trust Officer and Assistant Cashier.
The newly organized Industrial National Bank of New
York began business on July 2 in temporary quarters at
64 Second Avenue, between Third and Fourth Streets.
The bank has a capital of $1,500,000 and a surplus of $250,000. The officers of the institution are: Max Weinstein,
Chairman of the board; Dr. William I. Sirovich, President;
Philip L. Tuchman, executive Vice-President; Walter H.
Weinstein, Vice-President; William H. Logan, Cashier, and
Morris D. Hirsch, Assistant Vice-President. Items regarding the organization of the bank appeared in these columns
May 26, page 3244, and June 23, page 3880.
Total resources of the Chase National Bank of the City
of New York established a new high record for the bank
of $1,103,742,061 as of June 30, according to the statement
of the condition published this week in response to the call
of the Comptroller of the Currency. This represents a gain
of $40,623,432 over the previous record reported on
February 28 and compares with $1,042,513,993 as of June
30 last year. The current statement does not give effect
to $40,000,000 of new capital funds, $30,000,000 of which
were paid into the bank's capital and surplus as of July 2,
and $10,000,000 of which were added to the capital funds
of the Chase Securities Corporation. Capital and surplus
on June 30 were $50,000,000 and $40,000,000 respectively,
whereas capital and surplus after giving effect to the new
capital structure as of July 2 will be $60,000,000 each. Undivided profits of the bank were reported at $17,472,702,
after deductions of $3,500,00forApril 1 and July 2 dividends.
As the last Comptroller's call fell on February 28, the
$1,750,000 April 1 dividend payment was not deducted from
the Undivided Profits Account in that statement. On that
date undivided profits amounted to $17,462,411.
An increase of more than $16,000,000 in deposits since the
consolidation of the Bank of America, the Bowery and East
River National Bank and the Commercial Exchange Bank
on April 30 is revealed in the statement of condition of The
Bank of America National Association as of July 2 1928,
made public July 5. Deposits now stand at $315,833,902,
as compared with $299,654,926 on the earlier date. Aggregate resources of the bank show a corresponding gain for
the
period, rising above the $400,000,000 mark. The total is
reported as $406,998,539, an increase of more than $13,000,000 over the $393,223,795 reported on April 30.
Arthur K. Salomon, senior member and founder of the
banking and brokerage firm of Salomon Brothers & Hutzler,
60 Wall St., died at the Post Graduate Hospital on July 3,
following an operation on June 28. He was fifty-one years of
age; he was born in New York May 3 1877 and was educated
in the public schools here and at Stevens Preparatory School,
Hoboken. After his graduation from the latter he entered
the private banking house of his father, and continued there
until 1910, when he formed the firm of Salomon Brothers &
Hutzler, members of the New York Stock Exchange. He
was a director of S. Stroock, Inc., textile manufacturers,
and a member of the New York Chamber of Commerce,
Bond Club of New York and the Manufacturers Club of
Philadelphia.
59
The closing, by State Superintendent of Banks F. H.
Warder, of the private bank of James V. Lago, at 154 West
14th St., this city, was announced on July 3, in the following notice on the doors of the bank:
"Pursuant to the provision of Section 57 of the Bank Law of the State
of New York, I have this day taken possession of James V. Lago, private
banker, 154 West Fourteenth Street.
"FRANK H. WARDER."
The "Times" of yesterday, in referring to the closineof
the bank, said:
Frank H. Warder, State Superintendent of Banks, told District Attorney Banton yesterday (July 5) that James V. Lago had admitted a $250,000
shortage in the books of his private bank at 154 West 14th St. The bank
was closed by State bank examiners last Tuesday. Mr. Warder saidlinvestigation indicated that, although the deficit was covered by a fictitious
account with another private Spanish bank, Mr. Lago himself had taken
none of the bank's funds, the shortage being due, apparently, to poor
management.
The liquidation of the Bowery & East River Safe Deposit
Company and the Commercial Exchange Safe Deposit Company and the absorption of their businesses by The Bank of
America Safe Deposit Company was announced July 2.
With the addition of these companies, the Bank of America
Safe Deposit Company, which is controlled by The Bank of
America National Association, and headed by Edward C.
Delafield, President; John Hill Morgan, Vice-President, and
Thornton Gerrish, Secretary and Treasurer, operates fourteen offices located in Greater New York, including the
main office, at 44 Wall Street.
•
At a special meeting on June 22 the stockholders of the
Trade Bank of this city ratified plans of the directors to
increase the capital of the institution from $500,000 to $600,000 through the issuance of 1,000 additional shares of stock.
The new stock will be offered to present shareholders at
$250 a share in the ratio of one new share for every five
held. The stock has a par value of $100. The enlarged
capital will become effective July 16.
Howard F. Wortham and Philip A. S. Franklin, Jr., have
been elected Vice-Presidents, and James L. Turner, Cashier
of The Harriman National Bank of The City of New York.
The condensed statement of condition of Manufacturers
Trust Company, as of July 2, which is the first published
statement since the recent combination with the United
Capitol National Bank and Trust Company, shows capital
surplus and undivided profits slightly in excess of $50,000,000. The deposits were approximately $276,000,000, and
total resources exceeded $342,000,000, as compared with
$293,000,000 in the statement of April 2.
The statement of Bankers Trust Company of New York
as of July 2, is of particular interest as it gives effect for
the first time to the new capital structure resulting from
the recent issuance of 50,000 shares of additional capital
stock at $750 a share. Under the new set up, Capital is
shown at $25,000,000 surplus at $50,000,000 and undivided
profits at $25,000,000, bringing the capital accounts to
$100,000,000. Stockholders of record on June 8 were entitled to subscribe for one share of the new stock for every
four shares registered in their names on the books of the
bank at the close of business on that date. The rights on
the stock expired on July 2. The total amount realized from
the sale was $37,500,000 of which $5,000,000 went to capital,
$30,000,000 to surplus and $2,500,000 to undivided profits.
On the occasion of the bank's twenty-fifth anniversary
on March 30 of this year, the annual dividend rate was
raised from $20 to $30 a share, which rate is expected to be
maintained under the new capitalization. The book value
of the stock has been increased from $310 to $400 a share.
Delmer Runkle, President of the People's National Bank
of Hoosick Falls, N. Y., was elected President of the National City Bank of Troy, N. Y., on June 21, to succeed the
late William F. Polk. At the same meeting of the directors,
Howard S. Kennedy, Chairman of the Board and First VicePresident, resigned the latter office, and Burton K. Woodward was elected First Vice-President in his stead, while
William D. Mahoney was made Second Vice-President.
The
other officers continue as heretofore, namely,
Rollin S.
Polk, Vice-President and Trust Officer; J. Frank
Beebe,
Cashier, and Clarence J. Ryan, Assistant Cashier. According
to the Troy "Times" of June 21, Mr. Runkle started his
The Morris Plan Co. on July 2 opened its new main office
at 33 West 42d St., this city.
banking career in the National State Bank of Troy under
Willard Gay. Later he left Troy and went to Hoosick
60
FINANCIAL CHRONICLE
[VoL. 127.
He pleaded that the
by the company.
Depart- crement from securities owned mean
ruin for the company, and presented
Falls, N. Y., where he had charge of the Collection
appointment of a receiver would
outMachine
Reaping
a petition from holders of 89,131 shares of stock, of the 408.000 shares
ment of the Walter A. Wood Mowing &
People's standing, asking that the receivership be denied
the
d
organize
he
In
1901
years.
several
for
Co.
Frederick N.
The Board of the Securities Co. includes Mr. Weinberger,
National Bank of Hoosick Falls, becoming Cashier and a Bidwell, Secretary: David G. Smith, Treasurer; Senator Edwards. Chairuntil man; Justice Minturn, Mayor John Roegner of Passaic. Frank Campbell.
member of the directorate. He continued as Cashier
Mr. William W. Evans, former Speaker of the Assembly.
on.
instituti
the
of
t
Presiden
elected
he
was
1912 when
The filing of quo warranto proceedings against the comNew
of
Bank
Reserve
Runkle is a director of the Federal
was announced in Trenton press dispatches June 20
the
pany
York, Second Federal Reserve District; President of
said:
which
Falls;
Hoosick
of
ion
Associat
Permanent Savings & Loan
controls several
The New Jersey Bankers' Securities Company, which
Vice-President and a director of the Dinkell & Jewell Co. of banks in New Jersey and which was prominently mentioned during the reState Department of
cent investigation by the legislative committee of the
Tarrytown, N. Y.; trustee of the Troy Savings Bank, &c.
continue in
of
We are advised under date of July 5 thatthe directors the
N. J.
Newark,
of
Co.
Banking
Essex
and
National Newark
and the associated Newark and Essex Securities Corp. at
to
Banking and Insurance, will have to fight in the courts
to-night, folbusiness, Attorney General Edward Katzenbach announced
The
afternoon.
this
s
proceeding
warranto
lowing the filing of two quo
and then the Sucompany will have about twenty days to file an answer,
preme Court will set a date for a hearing.
had been
During the investigation it was alleged that the company
of the Attorpurchasing its own capital stock with its capital. The action
s with Assistant
ney General was taken to-day following several conference
Burnett, counsel
Attorney General Richard 0. Plummer and D. Frederick
to the Banking and Insurance Committee.
the last weekly meeting, proposed an increase of 5,000 shares
of Bank stock and 5,000 shares of the Securities Company's
stock. The stock will be sold in units of $320, $300 to
From Associated Press accounts from Trenton June 26
increase the capital and surplus of the Bank and $20 for the
capital stock of the Securities Co. This will make a total we take the following:
to face quesOfficers of the Newark Clearing House Association are
addition of $1,500,000 to the capital and surplus of the Bank
t of
y,
by the legislative commission investigating the Departmen
tioning
Compan
s
Securitie
the
of
capital
2).
and $100,000 to the
Banking and Insurance at its session here next Monday (July
00
$5,500,0
resulted from
bringing the capital and surplus of the Bank above
Decision by the commission to request their appearance
L. testimony given at the hearing yesterday by Charles M. Myers, a director
and the Securities Company above $1,000,000. Chas.
events leadof
recital
his
during
of the Washington Trust Co. of Newark,
Farrell, the President, states that the increase will establish ing to the purchase by the directors of stock held by the New Jersey Bank,
a larger ratio of capital assets to the increasing deposits ers Securities Co.
when Mr.
The Clearing House Association was brought into the hearing
and will permit investment in the building of new buildings
the directors had purchased the stock. He
why
to
as
pressed
was
Myers
for
ation
on June
for several branches which are under consider
stated that T. L. R. Crooks, the President, had told the directors
unless
different sections of Newark. Stockholders will vote July 14 that the Clearing House would cease to handle the bank's checks
had
the holding company relinquished its control. He also declared there
24th upon the directors' recommendation.
the
of
clear
be
ought to
After months of preparation, the Northside Trust Co. of
Atlantic City, N.J., has commenced business. Its building
at Arkansas and Arctic Avenues has been completed at a
cost of approximately $175,000. While the trust company
is new, its officers and directors have been active in business
and financial affairs in the community. Robert M. Johnston is President of the Northside Trust Co. Carroll W.
Brown is a Vice-President and W.S. Cochran is Vice-President and Treasurer. The directors are: Carroll W. Brown,
Lewis B. Glenn, Ralph Harcourt, Robert M. Johnston,
Isaac E. Leonard, Philemon Lewis, George W. Mack, John
D.McMullin, Daniel L. W. Murtland, Harold M. Parsells,
Hilton S. Read, John C. Slape, Hiram Steelman, Frederick
Stehle Jr., Charles P. Tilton and James West.
The removal or withdrawals of the present officers and
directors of the New Jersey Bankers Securities Co. and the
substitution of others who might restore public confidence
in the concern, was suggested on July 5 at the hearing before
Vice Chancellor John H. Backes in Newark, on the application of stockholders for a receiver for the company, said
the "World" of yesterday (July 6), which also stated:
gave counsel
The Vice-Chancellor looked with favor on the suggestion and
until Tuesday to confer on the plan.
d a number of
Ralph E. Lum, Newark attorney, who said he represente
application
stockholders of the company, entered the case with a formal
, rather than
committee
for the appointment of a stockholders' protective
a receiver.
larger in scope
"The question now before the Court," Mr. Lum said, "Is
would
than individual interests and I feel that a protective committee
ip."
handle the whole situation more amicably than a receiversh
been intimation from some bankers that "we
securities company."
holding
The witness said that Harry H Weinberger, President of the
or else resell
company, was present at the meeting and offered to resign,
embarrassment.
the stock to the directors, if it would relieve the bank of any
price as was
He stated that the repurchase price was $75 a share, the same
F. MacEvoy
received when control was sold a few days later to Clifford
and associates.
a share for many of the 18,000 shares
As the securities company paid $85
n counsel, asserted
resold the directors, D. Ferderick Burnett, commissio
on the transaction based
that the company had suffered a loss of $180,000
on its statement of last January.
l
On July 2 with additional testimony on the financia
operations of the New Jersey Bankers Securities Co. before
it, the legislative committee investigating the Department
of Banking and Insurance adjourned until July 16, unless
called to meet prior to that time, it is learned from Trenton
Associated Press advices July 3. It was added:
the session of the
The adjournment was taken yesterday because of
Legislature next Tuesday.
counsel, said he
At the next session D. Frederick Burnett. committee
company, with the
expected to complete his inquiry into the securities
would not be
they
exception of recalling some of its officers. He indicated
had disposed of the
asked to testify further, until the Court of Chancery
pending beLre it.
application for a receivership for the concern, which Is now
contained
Counsel yesterday attacked as "false and misleading" figures
rs last January.
in a statement issued by the company to its stockholde
, repre$1,335,578
of
sum
a
that
He contended that the records disclosed
of securities,
sented as a surplus, had been acquired by a "paper" write-up
and that the actual earned surplus was $37,818.
records
Nathan Silverman, committee accountant, testified that company
said that sales of
did not show the basis of the write-up in valuations. He
at between $72
stock of the Washington Trust Co. of Newark, purchased
6,158 shares sold at $72.
and $96 a share, had disclosed a loss of $80,054 on
a share on
Describing the payment of $102,247 dividends at 25 cents
that Harry H. Wein408,989 shares of stock in May, the witness stated
told him the money was
berger, president of the securities company, had
Trust Co.
raised by the sale of 3,000 shares of stock of the Hobart-Service
of Passaic.
Backes "Glad to Help."
Consolidation of the Mechanics' National Bank of Trenthat
Saying "I'll be glad to help," Vice-Chancellor Backes suggested
A.
Edward
the
company.
for
McCarter
H.
Robert
sides,
ton, N. J., and the First National Bank of that city went
counsel of both
for the
Markley for the directors as individuals, and Herbert Hannoch
effect on July 2, according to advices by the Associated
Into
prothe
petitioners for the receivership, and Mr. Lum for those desiring
from Trenton on that day, printed in the New York
Press
tective committee, confer and report back.
pressed
when
and
steps
drastic
some
involve
would
"Herald Tribune" of July 3. The new institution, which has
Mr.Lum said his plan
added: "It will involve the resignaby the Court for a fuller explanation,
s of more than $38,000,000 will be known as the
proceedings and the legislative resource
tion of directors under criticism In these
Mechanics-First National Bank. Former Governor Edward
inquiry."
asked.
0. Stokes, heretofore President of the Mechanics' National
"Which directors do you means" the Court
chorus from the lawyers.
"You can't tell at this stage of affairs." came a
n of the Board of the enlarged bank. The
directors who would be asked Bank, is Chairma
The Vice-Chancellor said the identity of the
on the proposal. To proposed union of these banks was noted in the "Chronicle"
to withdraw would have much to do with his decision
of April 14, page 2262.
which Mr. Lum answered:
resign; his usefulness to
"Well, to my mind, Harry H. Weinberger should
directors
should
three
think
I
end.
an
at
is
the institution and the public
On Monday of this week, July 2, the proposed union of
new directors who
withdraw and make way for the appointment of three
Honor, that the Merchants National Bank of Baltimore and the Citiwould represent independent stockholders. I think, Your
James F. MinSenator Edward I. Edwards and Supreme Court Justice
zens National Bank of that city became an accomplished
vely
turn should remain, as they can be counted upon to vote constructi
fact. The new institution—the First National Bank of
Committee."
upon any matters brought up by the Stockholders'
Baltimore—has capital resources of $10,000,000 and total
Favors Entire New Board.
resources of $88,000,000. The personnel of the new oran
for
Vice Chancellor Backes replied he thought it best to arrange
"public
said,
he
scandal,"
ganization is as follows: Albert D. Graham, Chairman of
entire new board. "Great harm has been done by
most
confidence must be restored, for public confidence is the company's
the Board; Morton M. Prentis, President; James D. Harriclean."
valuable asset. It can be restored, but only by wiping the slate
of son, G. Harry Barnes, Harry B. Wilcox, J. Cleveland Wands,
Mr. McCarter. prior to the move by Mr. Lum, had argued in defense
its own Daniel J. Emich, James W. McElroy, George S. Sloan,
the conduct of the officers and directors of the company in buying
r,
stock in the open market, in buying stock from Mr. Weinberge the Presi- Thomas Swann, Harry E. Ford, and Samuel W. Tschudi,
in-'
dent, and in selling it to the public and listing in its surplus unearned
JULY 7 1928.]
FINANCIAL CHRONICLE
61
Vice-Presidents; Joseph Oberle, Cashier, and Frank M.
headed by Allan N. Young was noted in our issue of June 2,
Dushane, Charles K. Hann, Magruder Powell, Walter Du- page
3045.
shane, Harry W. Owings, Hober B. Shaffer, Howard Ritter, and Edward K. Dunn, Assistant Cashier&
The Acton State Bank, Acton, Ind., the closing of which
The Board of Directors is composed of:
on June 19 was reported in the "Chronicle" of June 29, page
William G. Baker Jr., Watts & Co.
R. Howard Bland, President United States Fidelity and Guaranty Com- 3882, was reorganized on June 28, when the State Banking
Department issued a new charter for the institution, acpany.
M. 0. Byers, President Western Maryland Railway Company.
cording to the Indianapolis "News" of June 29. The new
Thomas E. Cottman, Cottman Company.
bank is capitalized at $25,000. J. A. Swans will be PresiE. Asbury Davis, E. A. Davis & Sons.
dent and W. C. Raper, Cashier, it was stated.
James M. Easter, President Daniel Miller Company.
James A. Gary Jr., Vice-President James S. Gary & Son.
John S. Gibbs Jr., President Gibbs & Co.
Albert D. Graham, Chairman of the board.
Leonard L. Grief, L. Grief & Bor.
Walter Hopkins, President Brigham-Hopkins Company.
John C. Legg Jr., Mackubin, Goodrich & Co.
Edwin W. Levering Jr., Vice-President United States Fidelity and
Guaranty Company.
Eugene Levering, Director First National Bank.
A. Leslie Lewis, President A. Lewis & Sons, Inc.
W. Blacfen Lowndes, President Fidelity Trust Company.
W. M. McCormick, McCormick & Co.
Austin McLanahan, President Savings Bank of Baltimore.
Gustavus Ober Jr., President G. Ober & Sons Co.
Morton M. Prentis President.
Blanchard Randall, Gill & Fisher.
Lawrason Riggs, Attorney-at-Law.
Edward L. Robinson, President Eutaw Savings Bank.
Samuel C. Rowland, Capitalist.
Morton Samuels, President M. Samuels & Co.
George AL Shriver, Vioe-President Baltimore and Ohio
Railroad Company.
George Weems Williams, Marbury, Goenell & Williams.
A charter was issued on June 29 by the Indiana State
Banking Department to the Fountain-Parke State Bank of
Kingman, Ind., representing a consolidation of the old
Kingman State Bank and the Citizens State Bank of Kingman, according to the Indianapolis "News" of June 30. The
new bank is capitalized at $25,000.
Closing of the Citizens' State Bank of Noblesville, Ind.,
by the State Banking Department, on June 22, following
the discovery of a shortage of $147,100 in the institution's
funds caused by the systematic embezzlements of its head
bookkeeper, Omar G. Patterson, over a period of 21 years,
was reported In a dispatch from that place to the Cincinnati "Enquirer." Upon the discovery of the shortage by
bank examiners, Patterson, it appears, left the bank and
going to his room in a hotel, drank poison which ended his
life several hours later in the day. In the interval before
The main banking quarters of the new institution
are at his death the following statement (as contained in the
adLight and Redwood Streets, and branches are maintain
ed at vices) was written and signed by the bookkeeper:
South and Water Streets; Liberty and Lombard
Streets;
"For several years I have been taking money from the Citizens' State
Broadway and Eastern Avenue, and at Pratt and
Hanover Bank until the total sum so taken by me is $147,100. I have covered up
shortage and kept it from the officers and directors by making false
this
Streets. References to the proposed consolidation of
the
Merchants National Bank and the Citizens National Bank daily statements from the ledgers which were in my charge. I make this
statement in order that the public may know of the bank's present financial
appeared in our issues of May 19, page 3072; May 26,
page difficulties."
3247, and June 23, page 3882.
The closed institution is capitalized at $100,000 and has
resources in excess of $1,000,000 ,according to the dispatch.
Albert T. McAllister of the banking firm of A. T. McAllis- It was founded in 1869 and is said to be the oldest bank in
ter, has been elected a Vice-President of the newly organ- Central Indiana.
•
ized Guardian Bank & Trust Co. of Philadelphia, accordin
Subsequently, the Indianapolis "News" in its issue of
g
to the Philadelphia "Ledger" of June 27. Mr. McAllister is June 30 reported that a chatter had been granted by the
a son of the late E. R. McAllister, former Chairman of
the State Banking Department the previous day (June 29) to
Board of the Franklin Fourth Street National Bank
of a new bank organized to succeed the closed institution,
bearing the same title and capitalized at the same amount,
Philadelphia.
$100,000. Officers of the new organization were given as
Alexander Dunbar, a Vice-President and Cashier of the William E. Dunn, President; Lucius Wainwright, First
Vice-President; L. N. Joseph, Second Vice-President; Earl
Bank of Pittsburgh, N. A., Pittsburgh, died suddenly
on
Baker, Third Vice-President, and Harry Craig, Cashier.
June 26 at the Homeopathic Hospital, that city, followin
g
an operation. Mr. Dunbar, who was fifty-three years of Mr. Wainwright and Mr. Joseph are Indianapolis men, it
age, was born at Steubenville, Ohio, and began his banking was said.
career with the National Exchange Bank of that place,
in
1893. In 1901 he joined the Carnegie Steel Co. In order
The steady growth of the Union Trust Co., Chicago, is
to
acquire experience in the accounting system of a
large indicated by the statement of condition as of June 30,
corporation. Two years later with A. M. Moreland
, Secre- showing deposits of more than $100,000,000. This is the
tary of the Carnegie Steel Co., he formed the Moreland first time that the published statement has shown
deposits
Trust Co. of Pittsburgh, becoming Secretary-Treasurer
of above the $100,000,000 mark. Deposits of the Union Trust
the institution. When the company, was merged
with the Co., Chicago, have increased as follows:
Guarantee Title & Trust Co. in 1906, the deceased banker Jan. 1 1922
$42,587,341
Jan.! 1 1926
$73.762.621
Jan. 1 1923
54.349,736
Jan. 1 1927
became Secretary of the enlarged institution, and
77.029,633
subse- Jan. 1 1924
58,095,424
Jan 1 1928
94,529,947
quently Secretary and Treasurer. In 1910 he became
Jan.
1
1925
84,751,711
CashJune 30 1928
100,381.980
ier of the Exchange National Bank of Pittsburgh,
and in
1913 Cashier of the Bank of Pittsburgh, N. A.
C.
H.
Sweet was elected President of the Central NaLater he
tional Bank of Tulsa, Okla., on June 5 to succeed his fatherwas made a Vice-President, while retaining the Cashiersh
ip,
the positions he held at his death. Mr. Dunbar served as in-law, J. E. Crosbie, who resigned and was made Chairman
of the Board, according to a dispatch from Tulsa on June 5
Secretary of all Liberty Loan campaigns in western
Pennsylvania during the World War and was prominent in char- to the Dallas "News." Mr. Crosble, pioneer oil operator,
was one of the first Oklahoma oil men to enter the Burkitable and civic work in Pittsburgh. He was Presiden
t of
the Clearing House Section of the American Bankers' Asso- burnett area of Texas when it developed and also was
ciation and a Vice-President of the Pennsylvania Bankers' active in the Panhandle field, the dispatch said.
Association.
Guy R. Alexander, for the past ten years Assistant Treasurer
of the Mercantile Trust Co. of St. Louis, was elected
The following in regard to enlargement of the capital of the
Treasurer by the directors on June 27, according to an
Security Title & Trust Co. of Philadelphia appeared
in the announcement by George
W. Wilson, the bank's President,
Philadelphia "Ledger" of June 28:
as reported in the St. Louis "Globe-Democrat" of
Stockholders of the Security Title 3c Trust Co. yesterday
June 28.
(June
27) Mr. Alexander
authorized an increase in the capital of the company
joined the Mercantile Trust Co. in 1907 and
from
31,000,000. The directors of the company voted to increase$200,000 to in 1912, four
the capital
years after the Mercantile National Bank was
from $200,000 to $750,000 by the Issuance of 11,000 shares of stock
of $50 organized, was made Assistant Cashier of
par value. Stockholders of record June 27 have the right to
that institution.
subscribe
the new stock at $70 a share. From the proceeds of this offering $50to Upon the merger in 1918 of the Mercantile
a
National Bank
share will be credited to capital account,$10 to surplus and $10 to
undivided with the trust company he became Assistant Treasurer
profits. The last day for the payment of subscriptions will be
and
July 4.
has served in that capacity until his present
promotion to
The same paper, furthermore, reported that Albert H.
Treasurer. Mr. Alexander succeeds Edward Buder,
Ladner, Roy A. Paynter and Arthur H. Kinsley were
whose
elected death occurred recently.
directors of the institution and that its new office at 260
South 15th Street will be opened on July 11. Purchase of
A disptach from Jefferson City, Mo., on June
27 to the
eontrol of the Security Title & Trust Co. by a syndicat
e St. Louis "Globe-Democrat," reported the closing on that
62
FINANCIAL CHRONICLE
day of two small Missouri banks by their respective directors, namely, the Bank of Marling (Montgomery County),
and the Farmers' Bank of Farley (Platte County), bringing the total number of bank failures in the State so far
the present year up to twenty-one. The latter bank was
closed during an examination of the institution by State
Bank Examiner, Fred Heidt. Continuing, the dispatch
said:
The Bank of Marling's trouble lies in the impairment of its capital by
reason of "frozen" assets, according to information received by the State
Finance Department, while bad loans are said to have caused the closing
of the Farley bank.
State Bank Examiner R. A. Miller has been placed in charge of the
Marling bank. This institution was chartered in 1908. It has a capital of
$10,000, surplus of $2,000, loans of $36,000, deposits of $25,000, bills
payable $5,000, and total resources, $42,197. J. It, Mudd is President and
H. P. King Cashier.
Heidt has been placed in charge of the Farley bank.
The bank, according to its last sworn statement as of April 12, 1928,
had loans of $72,000, deposits of $64,000, capital, $20,000; bills payable,
$7,000, and total resources, $94,300. Henry Lutte is President and R. II.
Baumgardt cashier.
[vou
127.
subscribe should sell for approximately $10 to $12 per share
of stock now owned. Each shareholder will have the "right"
to buy 4/11 of a new share at $210 or four shares for each
eleven shares now owned.
It is stated by the management that the increase was
decided upon because of the substantial and continued increase in the business of the bank and because of the desire
to provide at all times large capital assets as a security
for depositors as well as for the benefit of the many business concerns doing business with the bank. Since 1923
the deposits of the South Carolina National Bank have increased from $7,866,000 to more than $28,000,000. After the
proposed capital increase the capital will be $1,500,000,
surplus and undivided profits approximately $1,750,000, and
an additional sum carried in special reserve. A dividend
of 4% and an extra dividend of 1% was declared payable
to shareholders on June 30.
At the same meeting Louis R. Eisenmann, who has for
many years been connected with the bank and who has
for some time been Assistant Cashier and Manager of
the bond department, was elected a Vice-President and will
remain in charge of the bond department. Albert P. Lyons
was elected an Assistant Cashier and 0. W. Haynes, who
is in charge of the bond department of the Columbia Branch
was elected an Assistant Cashier.
--•-Advices from Jefferson City, Mo., on June 22, to the St.
Louis "Globe-Democrat" stated that failure of the Commercial State Bank of Kirksville, Mo., an institution chartered in July 1920, was reported on that day to the State
Finance Commissioner, S. L. Cantley, by F. A. Giles, a State
Bank Examiner. Mr. Giles was placed in charge of the
Edward F. LeBreton, an Assistant Vice-President of the
bank assets, the dispatch said, until such time as the matter of reopening its determined or liquidation of its affairs • Hibernia Bank & Trust Co. of New Orleans, has been elected
to the Executive Council of the American Institute of
decided upon. Continuing, the dispatch said:
This is the nineteenth bank failure of the year in Missouri. It is be- Banking, educational division of the American Bankers'
are
lieved that capital of the bank was impaired through loans that
Association. He was elected to this important post at the
slow and cannot be collected.
annual convention held this year at Philadelphia,
as
Institute's
April
of
made
was
bank
the
of
condition
of
The last sworn statement
12 1928 and showed the following:
June 18 through the 22nd. Mr. LeBreton, whose candidacy
Capital, $50,000, with no surplus fund; bills payable, $41,000; total was sponsored by the New Orleans Chapter, is well known
deposits, $178,179; cash on hand and due from other banks and bankers,
the country. He has been
$18,521; real estate owned, $11,500; bonds owned, $38,700; total loans, In banking circles throughout
actively engaged in Institute work for seventeen years, hold$174,819; total resources, $270,787.25.
J. H. Myers is President and Carl E. Magee Cashier of the bank.
ing during that period many offices in the New Orleans
A dispatch on the same day (June 22) from Jefferson Chapter and serving on several committees of the national
City to the Kansas City "Star" with regard to the failure organization.
stated that the institution was closely affiliated with the
Consolidation of the National Bank of Denison, Texas,
Baring State Bank at Baring, Mo., which failed on June 8.
and the Citizens' National Bank of that place, under the
of the latter, effective, at the close of business June 20,
Purchase by the MO9CONV Mills Savings Bank, Moscow title
reported in advices from Denison on that date to the
was
of
and
business
assets
the
of
Mo.,
Mills, Lincoln County,
"News." The enlarged bank occupies the building
the Liberty Bank of that place, was reported in a dispatch Dallas
National Bank and is capitalized at $150,Citizens'
the
of
from Jefferson City to the St. Louis "Globe-Democrat" on
of $50,000. Its resources, it is understood,
surplus
with
000
makes
said,
is
it
Bank,
June 25. Acquisition of the Liberty
W. S. Hibbard, heretofore Pres$2,000,000.
of
excess
in
are
the enlarged institution the sole bank in the town. The
National Bank of Denison, is Chairman of the
the
of
ident
the
of
fortieth
is
the
is
it
understood,
which,
n
consolidatio
the new organization. The National Bank of
kind in Missouri during the present year, will be approved Board of
organized in 1890, while the Citizens' National
was
Denison
by the State Finance Commissioner. The two institutions
in 1921 and nationalized four years later.
founded
was
Bank
and
ly
$400,000,
approximate
of
represent total resources
have total deposits of more than $200,000. John E. RichThe Los Angeles"Times" of June 29 stated that according
ards is President of the Moscow Mills Savings Bank, and
to an announcement the previous day by Erie M. Leaf, the
Fred Karrenbrock, Cashier.
President, formal opening of the National Bank of Commerce of Los Angeles, formerly the People's National Bank,
(capiVa.
West
Jaeger,
of
Bank
National
The Tug River
would take place on that and the following day (June 29
Jan.
tal $50,000), was placed in voluntary liquidation on
30). The change in the title of the bank, it was said,
and
National
First
the
by
absorbed
been
has
institution
23. The
be effective with the opening. Other officers of the
would
Bank of Iaeger.
bank in addition to Mr. Leaf are: J. H. Coverly, Max E.
Socha and S.P. Veselich, Vice-Presidents, and W.E. Clarke,
At a meeting of the Board of Directors and the Ad- Cashier. Reference to the affairs of this bank was made
visory Boards of the South Carolina National Bank of in our issues of June 2 and June 16, pages 3406 and 3710,
Charleston, S. C., June 26, a resolution was adopted recom- respectively.
from
mending an increase in the capital stock of the bank
addi4,000
of
issuance
the
through
$1,500,000,
to
$1,100,000
The Seaboard National Bank of Los Angeles announced
stock
tional shares. All of the proposed additional capital
this week plans for an increase in the bank's capitalization
and
will be offered to the present shareholders pro rata
from $1,000,000 to $2,000,000 and the reduction of the par
apupon
issued
be
will
subscribe
to
negotiable "rights"
value of the stock from $100 to $25 a share, according to
s at a
proval of the proposed increase by the shareholder
advices from Los Angeles on July 5 to the "Wall Street
notice of
special meeting to be called for this purpose,
News." A meeting of the stockholders of the institution
which will be sent out in due course. It is proposed that will be held on Sept. 11 to vote on the propositions. The
the new stock will be offered shareholders at $210 per share dispatch goes on to say:
of which amount $200 will be applicable to payment for the
George L. Brown, President, states that surplus funds will be increased
giving the bank a total working capital of
stock of the bank and $10 will be applied to the increase from $100.000 to $600,000,reduction
of par value the number of shares
$2,600,000. Through the
in the capital of the South Carolina Security Company, outstanding after giving effect to the doubling of capitalization will be
Bank
National
Carolina
Increased from 10,000 to 80.000.
which is affiliated with the South
proMore than two-thirds of stockholders have already approved the
and owned pro rata by the shareholders of the bank, so as
Apposals of directors and none of new shares, will be offered the public.
the
of
stock
the
of
relationship
Exchange.
to maintain the existing
Los Angeles Stock
two institutions.
With the market price of the stock of the South Carolina
National Bank quoted at 260 to 270, the offering of the new
stock at the proposed price will result, the bank advises us,
in a substantial "melon" to shareholders as the "rights" to
plication will be made to list the stock on the
with
An affiliated investment banking corporation will also be organized
further expansion plans to be announced in near future.
The following news item, under date of June 30, has been
received from the Los Angeles First National Trust &
Savings Bank, Los Angeles:
JULY 7 1928.]
FINANCIAL CHRONICLE
Douglas E. C. Moore and H. C. Barroll have been elected Directors of
the First Securities Co., according to an announcement issued by Henry
M. Robinson yesterday (Juno 29). Mr. Moore is Assistant Counsel and
Director of the Pacific Mutual Life Insurance Co. and is likewise an officer
and director of several other important corporations. Mr. Barre11 is
Vice-President of the First Securities Co. and the Los Angeles-First National
Trust & Savings Bank.
Announcement was made in San Francisco at the United
Security Bank & Trust Co. on June 28 that plans were
complete for the immediate consolidation of the San Diego
State Bank of San Diego and the Market Street State Bank
of that city under the title of the former, according to the Los
Angeles "Times" of June 29. The consolidated bank, it
was said, is controlled by the United Security Bank &
Trust Co. Opening of a new main office and the addition
of another branch office, giving the consolidated bank four
offides in San Diego, were also announced, it was said. The
new main office would open July 2, it was stated, and the
branch now under construction would be occupied during
the autumn. The enlarged bank is capitalized at $500,000
with surplus of $100,000. Officers of the institution are
as follows: Emil Klicka, President; Gordon Gray, VicePresident and Attorney; Alda M. Ferris, Vice-President,
and H. M. Sammis, Vice-President and Cashier. Reference
to the proposed merger of these San Diego banks was made
in our issue of June 16, page 2710.
The Bank of Italy has published its report of condition for
the first half of 1928. Resources have grown to more than
$804,000,000; deposits have reached $666,900,000, and the
combined profits of the bank, National Bankitaly Company
and their subsidiaries have reached a new high level for a
half year's operations at $11,127,676. James A. Bacigalupi, President of the bank, in commenting on the statement, says:
The report of condition is one in which the stockholders of our institution
may take justifiable pride. The gain in resources is even more generous
than had been anticipated and marks the first time the totals have gone
beyond $500.000.000.
In addition to the large gains in deposits, the bank has increased its letter of credit and acceptance account to more
than $24,000,000. The enlarged volume of international
business as well as extensive operations in the field of foreign
travel, to which the Bank of Italy has devoted itself, is shown
in the current figures. The bond investment, amounting
to $230,000,000 (of which amount $158,000,000 is represented by U. S. Liberty bonds and other Government securities), together with $103,000,000 actual cash on hand
and in banks, are referred to as giving the institution a liquidity of more than 50%. The number of its depositors is
shown as 1,347,357, a gain of 57,000 during the past six
months.
Announcement of the appointment of 0. A. Carlson as
Controller of the recently organized Oregon Bancorporation
of Portland was made on June 26 by Frank C. Bramwell,
President of the holding company, according to the Portland
"Oregonian" of June 27. Mr. Carlson has resigned as an
examiner for the Oregon State Banking Department to
accept the new office. The "Oregonian" reported Mr.
Bramwell as saying:
Oregon Bancorporation has established the office of controller for the
purpose of technically supervising all the business and to keep an active
cheek on all loans and investments and to outline and install a general
system which not only will provide increased efficiency, but render better
service to the public. Examinations of all affiliated institutions will be
conducted by Mr. Carlson at various and regular intervals so we may
know daily just what transpires in connection with all the institutions of the
system. We are sure we have appointed a man who understands all phases
of the banking business and who will require all affiliated institutions to
conduct their business upon sound and conservative principles.
With regard to Mr. Carlson's career the paper mentioned
had the following to say:
Mr. Carlson leaves a position as examiner of the State Banking Department to take up this work with the corporation. He had been with the
banking department one year, but his experience in the business extends
back to 1909.
Mr. Carlson took a position in the office of the Comptroller of the Currency in Washington. D. 0.,in 1909. Subsequently he served as a national
bank examiner with headquarters in Minneapolis for 5 years. He next
served as examiner of the Federal Reserve bank to conduct examinations
of member banks of the ninth, or Minneapolis district. When a branch
Federal Reserve bank was established at Helena. Mont., he was named
manager. On leaving that, position he was attached to the State Banking
Department of Montana.
The newly appointed official of the bancorporation next moved to California, where he helped organize and was Vice-President of a bank which a
little more than a year ago was absorbed by the Pacific Southwest Trust &
Savings bank of Los Angeles. Following this deal he came to Oregon and
took the position from which he is now resigning.
63
THE CURB MARKET.
An advance in call money to 10% was reflected in unsettled conditions in Curb Market trading at the opening
of the week, and resulted in a break in prices. Later, however, when monetary conditions got back to normal there
was a sharp recovery though profit-taking at the close
practically offset the earlier gain. Aluminum Co. corn.
dropped from 150 to 140%, but sold back to 150. Auburn
Automobile eased off from 115 to 111%, recovered to 1173
4
and closed to-day at 115. Bancitaly Corp. declined from
124% to 111%, sold up to 1233/i and finished to-day at
1213. Checker Cab Mfg. cord. rose from 32% to 36.
Deere & Co. com. gained over 13 points to 389% and sold
finally at 350. Tubize Artificial Silk, class B, advanced
from 505 to 570 and closed to-day at 568. Elsewhere price
changes were small. Among the utilities Elec. Bond &
Share Sec. fell from 1023
% to 9938, recovered to 105 and
ends the week at 103. Oils were very quiet. Galena Signal
Oil new pref.
. dropped from 82 to 783', the final transaction to-day being at 793. Humble Oil & Ref. weakened
at first from 7834 to 77, recovered to 807
% and finished
7 to
to-day at 79. Vacuum Oil after early loss from 744
3 sold up to 763. and ends the week at 701. Gulf Oil
73%
weakened for 125 to 122%,advanced to 132 and closed to-day
at 1303V. Noranda Mines was heavily traded in up from
463
% to 64, the close to-day being at 59.
A complete record of Curb Market transactions for the
week will be found on page 95.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
Week Ended
July 6.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
*STOCKS (No. Shares).
Indus. de
Mtseeil.
Oil.
128,930
295,334
349,640
19,050
50,833
58,220
271,385
271,150
55,540
64,560
Mining.
Total.
60.400 208.380
82,503 428,670
111,800 519,680
HOLI DAY
201,020 527,945
189,400 525,110
BONDS (Pox Value).
Foreign
Domenic. Government.
8927,000
1,840,000
1,342,000
8156,000
581,000
795,000
1,540,000
472,000
1,910,000
357,000
Total
1,316,439 248,203 645,123 2,209,785 87,559,000 $2,360,000
* In addition, rights were sold as follows: Saturday, 10.200; Monday. 15.000:
Tuesday, 40,600; Thursday, 33.200; Friday, 23,900.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
Price fluctuations in the New York stock market have been
somewhat irregular the present week, but the active list as a
whole has shown an advancing tendency. The noteworthy
feature of the week was the advance of call money on Monday
to 10%,though subsequently the rate again tumbled to 5%.
On Saturday and again on Monday the market was dull, but
following the Fourth of July holiday the tone improved and
prices moved vigorously forward. Motor stocks have attracted considerable attention and except for a moderate
downward reaction in the forepart of the week have gradually worked upward. Steel, radio and aeronautical issues
have also enjoyed further gains. The Federal Reserve
Bank's weekly report, issued after the close of the market on
Thursday, showed an increase in brokers' loans amounting to $147,812,000 since the middle of last week. The twohour session of the stock market on Saturday was dull and
irregular, though several of the more active of the so-called
speculative issues reached higher levels. The industrial
shares developed considerable strength and advances ranging
from 1 to 3 points were registered by the leaders. The motor
shares also made substantial gains, General Motors selling
up to 190, followed by Mack Truck, which gained 4% points
to 96. Brisk advances were made by Dodge Bros. pref.
. and
Chrysler, which moved forward more than 3 points to 7434.
Public Utilities moved upward under the leadership of Consolidated Gas, which gained more than 5 points to 1523,
and Peoples Gas, which registered a gain of 6 points at
180.
Cerro de Pasco was the star of the copper issues and
moved
into new high ground at 78%,though most of the other
issues
were dull and neglected. General Electric ran
upward
about 3 points and brisk advances took place in a
number of
the specialties, particularly Coca Cola, Union Bag
& Paper,
Collins & Aikman, Vulcan Detinning and General
Railway
Signal.
Prices were fairly firm during the early trading on
Monday,
though some selling came into the market
following the
advance of call money to 10%, the highest
level reached
since 1920. General Motors at 183 was down
over 7
64
[VOL. 127.
FINANCIAL CHRONICLE
points, for the day. Radio Corp. at 175 was off about 10
points, Wright Aeronautical receded 6 points to 140, and
Case Threshing Machine dipped 10 points to 335. Both
General Electric and American Smelting were lower by
3 points. Consolidated Gas gradually worked upward
and closed at 15334. Montgomery Ward and Sears-Roebuck
advanced as the result of the favorable June earnings statements. On Tuesday the market turned upward and many
of the spe3ulative leaders again moved confidently forward
to higher levels. General Motors assumed the leadership
of the motor group and at 188 had recorded a gain of nearly
3 points for the day. United States Steel common moved
up with the leaders and gained more than 3 points to 139/.
Radio Corporation advanced 8 points and crossed 185,
followed by American Can with a gain of nearly 3 points.
Copper stocks were particularly strong, Cerro de Pasco
again being conspicuous in the buying in expectation of
favorable dividend action later. American Smelting &
Refining moved up several points and Kennecott and
Greene-Canane,a were in strong demand at improving prices.
International Nickel rallied above the previous close and
reached its final at 94. Montgomery Ward and SearsRoebuck extended their gains over 2 points each and
International Harvester advanced about 5 points. Railroad stocks led by Texas & Pacific again resumed their
upward stride and Missouri Pacific and Western Maryland
recorded further progress upward.
The market continued to move vigorously forward on
Thursday as trading was resumed following the Fourth of
July holiday, the drop in the call money rate to 5% stimulating buying all along the line. General Motors, for instance, sold above 195 in the early trading and closed at 193
with a net gain of 13i points. Radio advanced more than
4 points to 15834 and United States Steel common crossed
140. Sharp gains ranging from 2 to 10 points were also
recorded by some of the more active speculative issues, including, among others, General Electric, Du Pont, International Harvester and Curtiss Aeroplane. Wright Aeronautical was especially noteworthy for its sharp advance
of 1634 points. Copper stocks were again strong and
active. Kennecott broke into new high ground for the
present movement. The railroad stocks moved to the front
under the guidance of Texas & Pacific, which reached a new
peak at 1723.. New York Central also advanced and Bangor & Aroostook sold up to 74, as compared with its previous
close at 67. Specialties, as a rule, followed the upward
trend, and such favorites as Case Threshing Machine and
Texas Gulf Sulphur moved briskly forward.
On Friday stock prices fluctuated somewhat uncertainly
during the early trading, but turned definitely downward
during the liquidation that came into the market in the
final hour. Radio Corporation slipped back 4 points to
186 and Sears-Roebuck and Montgomery Ward about 2
points. General Motors opened down 2 points, but rallied
to its prevous cose and General Eectric reacted downward
more than a point. Specialites were featured by Simmons
Company which scored a net advance of about 4 points.
Midland Steel Products extended its gain over 13 points and
both Wright and Curtiss bounded forward about 4 points.
The strong stocks of the railroad group were MissouriKansas-Texas and Kansas City Southern, both of which
closed with substantial gains. Copper stocks lost all of the
buoyancy that characterized this group earlier in the week.
The final tone was weak.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week Ended July 6.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Stock
Exchange.
Railroad,
&c.,
Bonds.
State,
Municipal &
Foreign Bonds,
747,970
1,661,510
1,792.810
$1,146,000
2,624,000
2,936,000
3213.000
571,000
2,747,000
2,268,038
1,974,300
$3,472,000
7,488,000
6,664,000
HOLIDAY
4,848,000
5,742,000
2,561,000
1,872,000
3,733.000
2,425,000
8.444.628
828.214.000
311.139.000
89.889.000
Week Ended July 6.
1928.
Stocks, No.of shares_ _
Bonds.
Government bonds__
State and foreign bonds
Railroad dr misc. bonds
Total bonds
Stocks,
Number of
Shares.
1927.
United
States
Bonds.
Jan. 1 to July 6.
1928.
1927.
8,444,628
6,971,710
413,525,476
280,104,745
$9,689,000
11,139,000
28,214,000
$6,346,050
8,917,200
32,544,000
3110,518,750
451,179,785
1,418,237,525
$182,085,450
460,168,400
1,206,528,050
$49,042,000 347,807,250 $1,977,936,040 $1,848,781,900
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
July 6 1928.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey, week revised
Philadelphia.
Baltimore.
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond ,Saless
*12,099
*24,415
*47,036
$12,250
23,000
13,200
*36,682
28,985
28,000
16,000
a21,643
$10,500
a43,120
13,500
a53,840
27,231
Holl day
a52,340
42,600
a16,987
15,400
1,067
1,476
1,287
115,500
'15,200
24,400
1,708
4,438
15,700
37,000
149,217
$90,450
187,930
$109,231
9,956
$107,800
131.181
3120.300
135.394
3131.680
13.518
193.100
a In addition, sales of rights were: Saturday, 2,500; Monday, 4.700; Tuesday.
8,400; Thursday, 3,000; Friday, 2,600.
*In addition, sales of rights were: Saturday, 1,286; Monday, 9,988; Tuesday.
14,393; Thursday, 10,494.
Course of Bank Clearings.
Bank clearings the present week show a very heavy increase
but this is due to the fact that last year the end of the month
and the first of the month payments fell in the previous week,
while the present year the bulk of these payments appear in
this week's clearings. Preliminary figures compiled by us,
based upon telegraphic advices from the chief cities of the
country, indicate that for the week ending to-day (Saturday, July 7) bank exchanges for all the cities of the United
.States from which it is possible to obtain weekly returns will
be 33.9% larger than for the corresponding week last year.
The total stands at $12,116,940,417, against $9,052,106,185
for the same week in 1927. At this centre, there is a gain for
the five days ending Friday of 59.3%, a new high daily mark
was reached on Tuesday, when the clearings aggregated
$2,413,000,000. Our comparative summary for the week
follows:
Per
Cent.
1928.
1927.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$6,549,000,000
854,260,967
480,000,000
404,000,000
100,473,851
107,900.000
180,077,000
159,393,000
177,695,376
147,009,037
117,337,771
93,371,756
58,856,636
$44,109,000,000
482,206,279
382,000,000
411,000,000
102,379,476
109,600,000
142,811,000
128,827,000
125,352,832
111,117,980
94,141,460
111.153,602
40,837,346
-1-14-1-4-4-1-111 +++
.N.t.Dwak.am i
ww a
Ob,-;a4b,.4W
Clearings-Returns by Telegraph.
Week Ended July 7.
Thirteen cities, five days
Other cities, five days
$9,229,375,194
1,034,741,820
$6,350,426,975
971,672,345
+45.3
+4.5
Total all cities, five days
All cities, one day
$10,264,117,014
1,852,823,403
17,322,099,320
1,730,006,865
+40.2
+7.1
Total all cities for week
312.118.940.417
$9,052,108,185
+33.9
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day inasmuch as the week ends to-day
(Saturday), and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended June 30. For
that week there is a decrease of 7.7%, the 1928 aggregate of
clearings for the whole country being $10,955,299,008,
against $11,880,829,986 in the same week of 1927. This
decrease, however, is due to the fact that last year the end of
the month and the first of the month payments fell in this
week, while the present year these payments fell in the following week. Outside of this city the clearings show a decrease of 9.7%, the bank exchanges at this centre recording
a loss of 6.3%. We group the cities now according to the
Federal Reserve districts in which they are located, and from
this it appears that in the New York Reserve District (including this city) there is a loss of 7.3%, in the Boston Reserve District of 24.7% and in the Philadelphia Reserve District of 7.3%. In the Cleveland Reserve District the totals
are smaller by 8.3%, in the Richmond Reserve District by
1.1% and in the Atlanta Reserve District by 11.5%. The
Chicago Reserve District falls 8.4% behind and the
St. Louis Reserve District 5.8%, while on the other hand
the Minneapolis Reserve District has a gain of 2.7%. This
latter district is the only one out of the twelve that has an
increase. The Kansas City Reserve District shows a decrease of 7.3%, the Dallas Reserve District of 3.2% and
the San Francisco Reserve District of 3.0%.
JULY 7 1928.]
FINANCIAL CHRONICLE
65
In the following we furnish a summary by Federal Reserve
The course of bank clearings at leading cities of the country
districts:
for the month of June and since Jan. 1 in each of the last
SUMMARY OF BANK CLEARINGS.
four years is shown in the subjoined statement:
Week End. June 30 1928.
1928.
$
Federal Reserve Diets.
491,743,494
lot Boston_ _ _ _12 cities
7,034,143,966
2nd New York_11 "
567,156,939
3rd Philadelphial0 "
412,407,107
4th Cleveland.- 8 "
175,283,955
5th Richmond.6 "
167,637,515
6th Atlanta._ _ _13 "
958,824,346
7th Chicago... _20 "
204,829,337
8th St. Louis__ 8 "
111,660,565
904 Minneapolis 7 "
=0,315,149
10th Kansas City12 "
5 "
64,876,075
11th Dallas
546,420,560
12th San Fran_ _17 "
Inc or
Dec.
1927.
1926.
BANK CLEARINGS AT LEADING CITIES.
June
Jan. 1 to June 30-1927. 1926. 1925. 1928.
1927.
1926.
1925.
$
$
S
$
$
$
$
27,876 24,195 24,018 196,805 156,433 150,192 141,841
3,194 3,087 3,165 19,081 18,100 17,977 17,743
2,304 2,139 1,804 13.340 13,132 12,411 10,909
2,424 2,500 2,576 14,472 14,142 14,831 14,283
629
655
654
3,745
3,704
3,897
3,734
780
748
834
4,649
4,787
4,524
4,363
816
757
811
5,856
4,836
4,883
4,468
328
334
320
2,604
1,911
1,946
1,818
487
564
526
2,727
2,808
3,014
2,743
612
603
575
3,370
3,609
3,369
3.345
562
527
528
3,297
3,165
2,996
2,887
225
229
223
1,476
1,438
1,505
1,485
324
345
360
1,984
1,722
1,960
2,054
157
157
155
998
928
906
877
779
779
737
4,823
4,301
4,356
3,981
188
188
176
1,074
1,120
1,092
1.029
773
765
675
5,358
4,783
4,410
3.878
58
57
59
413
351
346
349
176
177
188
1,132
1,022
1,061
1,088
239
243
234
1,362
1,333
1,360
1.301
. 127
140
137
774
738
799
785
100
107
64
598
599
579
424
136
140
137
870
802
793
815
202
209
215
1,111
1,214
1,311
1,331
90
89
78
525
543
591
543
201
199
185
1,261
1,147
1,166
1,029
66
75
53
502
390
428
363
76
71
454
429
75
434
402
1925.
$
653,124,357
7,540,482,594
611,973,374
449,904,690
177,274,702
189,500,377
1,046,283,044
217,535,126
108,731,821
255,617,884
67,018,178
563,381,839
5
%
-24.7
698,252,424
-7.3 6,872,730,228
-7.3
688,554,528
-8.3
442.013,632
-1.1
263,458,932
-11.5
212,955,181
-8.4 1,105,693,703
-5.8
230,654,688
+2.7
127,853,169
-7.3
263,869,110
-3.2
75,537,702
-3.0
573,918,910
$
442,960,213
5,752,188,571
550,483,085
360,245,528
207,996,669
202,702,000
987,363,499
194,113,563
112,610,735
225,550,977
51,961,504
452,224,484
Total
129 cities 10,955,299,008 11,880,829,986
Outside N. Y. City
4,044,051,966 4,497,890,999
-7.7 11,555,492,407
-9.7 4,845,388,063
9,543,402,830
3,931,348,088
n.....
(000,000s
1928.
omitted).
$
New York
34,739
3,183
Chicago
2,041
Boston
2,651
Philadelphia
St. Louis
635
823
Pittsburgh
San Francisco
1,042
345
Cincinnati
479
Baltimore
567
Kansas City
593
Cleveland
New Orleans
227
Minneapolis
358
Louisville
160
912
Detroit
189
Milwaukee
Los Angeles
952
72
Providence
Omaha
194
236
Buffalo
St. Paul
135
101
Indianapolis
Denver
145
184
Richmond
Memphis
77
223
Seattle
Hartford
78
Salt Lake City....
79
We also furnish to-day a summary by Federal Reserve
Districts of the clearings for the month of June. For that
month there is an increase for the whole country of 15.9%,
the 1928 aggregate of the clearings being $55,275,894,886,
and the 1927 aggregate $47,689,198,950. Although this
year's total for the month of June of $55,275,894,886 does
not establish a new high monthly total it is the highest
total ever reached in the month of June in any year. New
Total
51,420 43,977 40,176 39:428 294,071 249,488 243,137 229,869
York City is responsible for the greater part of the increase, Other
cities
3,856 3,712 3,924 3,805 22,607 22,422 23,632 22,288
its gain being 24.6%. Outside of this city the increase is
Total all
55,276 47,689 44,100 42,233 316,678 271,910 266,769 252.157
only 3.7%. In the New York Reserve District (including Outside New York_20,537 19,813 19,905 19,214 119,873 115,477 116,578 110,316
this city) the totals for the month are larger by 24.2%, in
Our usual monthly detailed statement of transactions on
the Philadelphia Reserve District by 9.1% and in the Cleveland Reserve District by 1.9%. The Boston Reserve Dis- the New York Stock Exchange is appended. The results for
trict has a loss of 9.1%, the Riehmond Reserve District of June and the six months of 1928 and 1927 are given below:
3.2% and the Atlanta Reserve District of 1.8%,the latter due
Month of June.
Six Months.
in part to the falling off at the Florida points, Miami having
Description.
suffered a decrease of 35.6%, Tampa, 11.4% and Jackson1928.
1927.
1928.
1927.
ville of 9.8%. The Chicago Reserve District records 3.3%
number of shares. *63,886,110 47.778,544
413,666,003
271,807,154
increase and the Minneapolis Reserve District, 8.2%, while Stock,
Railroad & misc. bonds.. $165,820,200 8164.668,000 $1,127,375.150 $1,165,494,050
the St. Louis and the Kansas City Reserve Districts both State, foreign, Am., bonds 67,406,500 57,015,300 440,622.625 449,346,200
23,743,000 34.253,2W
101,012,750
175,405,700
have trifling losses, the decrease being 0.9% in both districts. U. S. Govt. bonds
The Dallas Reserve District is favored with an increase of
Total
8256,974,700 $255,936,550 51,669,040,525 $1,790.245,950
1.0% and the San Francisco Reserve District with an imThe volume of transactions in share properties on the
provement of 20.2%.
New York Stock Exchange for the six months of 1925
to 1928 is indicated in the following:
June.
June.
June.
Inc.or
June.
1927.
1928.
Federal Reserve Diets.
$
$
let Boston. _14 cities 2,328,922,381 2,561,559,483
2nd New York.14 "
35,532,218,640 28,608,491,390
3rd Philadelphial4 "
2,839,708,693 2,603,448,463
4th Cleveland..15 "
1,965,190,316 1,927,647,521
5th Richmond .10 "
853,438,137
881,341,529
6th Atlanta._ _.18 "
828,568,108
843,889,232
7th Chicago...29 "
4,794433,228 4,641,192,398
8th St. Louis_ _10 "
970,337,759
979,978,692
9th Minneapoll313 "
587,043,633
542,602,781
10th Kansas City16 "
1,219,528,507 1,230,532,919
11th Dallas
484,814,929
12 "
480,214,461
12th San Fran_ _28 "
2,871,790,556 2,388,300,081
Dec.
%
-9.1
+24.2
+9.1
+1.9
-3.2
-1.8
+3.3
-0.9
+6.2
-0.9
+1.0
+20.2
1926.
1925.
$
$
2.407,603,610 2,059,823,314
24,922,491,582 24,666.460,349
2,684,282,550 2,80,686.117
1,842,232.528 1,780.886,676
979,889,247
940,012,676
968,830,034
992,443,604
4,546,256,198 4,524,051,982
1,002,847,521
980,873,716
574,390,619
591,472,100
1,243.960,831 1,199,320,455
504,030,534
460,376,507
2,422,796,633 2,230,798,328
Total
193 cities 55.275,894,886 47,689,198,950 +15.9 44,099,611,887 43,232,725,823
Outside N. Y. City
20,537,152,874 19,813,451,614 +3.7 19,904,622,301 19,213.882.108
riannrla
21 elflact
0 551 550 Soo
I ASS I.twa -Lne n
• Aen ctn. CNA
I N111 Gni An
1927.
1928.
No. Shares.
56,919,395
47,009,070
84,973.869
Month of January
February
March
1926.
1925.
No. Shares. No. Shares. No. Shares.
34,275,410
44,162.496
49,211.663
38,987,885
35,725,989
52.271.691
41,570,543
32,794,456
38,294,393
188,902.334 127,649,589 126,985,565 112,659,392
First quarter
80,474,835
82,398,724
*63,886,110
April_
May
June
Second quarter
Six months
49,781,211
46,597,830
47,778,544
30.326,714
23,341,144
38,254,575
24,844,207
36,647,760
30,750.768
226,759,669 144,157,585
91,922,433
92,242,735
415.662.003 271.807.154 210.907.995 204 902.127
*Largest single day's transaction in the history of the Exchange took place on
Tucsdby. June 12, when 5,052,790 shares were traded in.
We append another table showing the clearings by Federal
The following compilation covers the clearings by months
Reserve districts for the six months back to 1925:
• since Jan. 1 in 1928 and 1927:
MONTHLY CLEARINGS.
Six Months.
1928.
1927.
Clearings, Total AU.
Inc.or
Dec.
1926.
1925.
1927.
1928.
Federal Reserve Dists.
1st Boston... _14 cities 15,071,215,922 14,644,469,265
2nd New York.14 " 301,067,218,625 160,478,548,925
3rd PhIladelphlal4 " 15,581,520,511 15,233,975,379
4th Cleveland_ _15 " 11,170,151,794 11,034,498,648
5th Richmond _10 "
4,936,173,250 5,132,003,491
6th Atlanta_ _ __IS "
5,302,703,517 5,435,667,966
7th Chicago_ ...29 "
27,917,227,088 26,387,060,203
8th St. Louls_10 "
5,856,518,158 5,792,610,927
9th Minneapolls13
3,262,993,985 2,922,476,707
10th Kansas CitVIO "
7,212,071,865 7,251,193,726
11th Dallas
12 "
3,016,905,234 3,147,478,358
12th Sun Fran 28 " 16,283,774,557 14,450,129,837
13,945,882,773 12.380,898,659
+25.3 154,157,760.734 145,397,059,417
+2.3 15,904,961.892 15,592,238,489
+1.2 10,602,998,827 10,178,624,600
-3.8 5,484,588,217 5,208,115,877
-2.4 6,721,034,156 6,040,170867
+5.8 26,276,843,036 25,421,363,383
+1.1 6,018,732,967 5,749,318,450
+11.2 3,225,665,310 3,322,682,059
-0.5 7,039,835,075 6,965.401,675
-4.1 3,154,906,879 3,047,521,169
+12.7 14,236,193,007 12,854,103,032
193 cities 316,678,474,506 271,910,103,432 +16.5 366,769,402,873252,157,497,647
Total
119,873,444,070 115,476,889,374 +3.8 116,577,878,203 110,315,570,920
Outside N. Y. City
Canada
31 cities 11,765,096,608 9,234,485.967 +24.9
8,318,366,239
7.562,982,164
Clearings Outside New York.
Month.
%
1928.
1927.
%
$
s
$
$
Jan... 51,537,529,645 43,198,288,595 +14.0 20,494,049,716 19,636,375,125 +4.3
Feb.. _ 44,605,291,181 40,397,050,347 +10.4 17,781,165,115 17,337,789,024 +2.6
Mar... 55,568,771,916 48,940,295,438 +13.4 20.114,936,827 20,212,540,589 -0.9
1st qu_ 151711592,742 134535590,380 +12.8 58,390,151,658 57,186,704,738 +2.1
April._ 51,757,139,127 45,713.507,044 +13.2 19,717,278,654 19,248,046,393 +2.4
May.. 57.933,847,751 43,971,807,058 +31.7 21,228,860,884 19,228,686,629 +10.4
June.. 55,275,894,886 47,689,198.950 +15.9 20,537,152,874 19,813,451,614 +3.7
2d qu_ 164966 881,764 137374513,052 +20.1 61,483,292,412 58,290.184,635 +5.5
We now add our detailed statement showing the figures
for each city separately for June and since Jan. 1 for two
years and for the week ending June 30 for four years:
CLEARINGS FOR JUNE, SINCE JANUARY 1, AND FOR WEEK ENDING JUNE 30.
Month of June.
Six Months.
Week Ended June 30.
Clearings at1928.
1927.
Inc. or
Dec.
S
s
%
First Federal Rese rye District- Boston3,714,842
3,785,106
Maine-Bangor
15,914,338
Portland
16,496,378
Mass.-Bostcn
2,040,608,516 2,304,088.921
5,971,110
8,452.443
Fall River
2,768,876
3,873,588
Holyoke
5,149,444
5,763,231
Lowell
4,631,924
5,049,029
New Bedford
25,275,808
23.559,837
Springfield
16,824,435
15,884,712
Worcester
78.263.307
65.997.854
Conn.-Hartford...- _
42,157,312
34,369,303
New Haven
12,243,200
13,471,700
Waterbury
71,590,700
58.003,100
R. 1.-Providence...
3.16)3,265
3.416,585
N. H.-Manchester..
Total (14 cities)._ 2,328,922,381 2,561,559,483
1928.
$
1927.
Inc. or
Dec.
1928.
1927.
Inc. or
%
1926.
$
%
s
$
%
8
+1.9
18,644,790
21.078.315 -11.5
554.840
+3.7
99,183,046
94.240,878 +5.2
3,487,082
-11.4 13,340,314,279 13,131,830.430 +1.6 439.000,000
-29.4
49,081,036
50,771,568 -3.3
999.402
-28.5
18.600,671
22,766,734 -18.3
-10.7
30,938,638
32.013,297 -3.2
1,063.532
-8.3
38,141,272
31.573.180 +20.8
890,296
150,144,778
+7.3
143,014,348 +5.0 , 5.663,940
+5.9
93,723,324
93,838,610 -0.1
3,420,803
502,442,098
390,445.189 +28.7
+18.6
14,500,191
230.687,270
+22.7
196,892,431 +20.3
8,357.303
-9.1
67,909.700
65,515,100 +3.7
412,806,100
+23.4
351.289,500 +17.5
13,149,000
-7.6
18,598,920
19.199,685 -3.1
657,105
-9.1 15.071.215,922 14.644,469,265
+2.9
491,743,494
1925.
$
-12.8
-18.1
-25.7
-44.5
886,870
5,036,003
630.000,000
2,146,643
711,455
3,318,481
384,000.000
1,909.479
1,282,092 -17.1
1,104,622 -19.4
6.072,857 -6.7
4,411,652 -22.5
15,247.713 -4.9
8,689.337 -3.8
1,068.622
1,291,939
5,621.718
4,978,235
21.454,178
8,915.207
1,084,428
1,195,394
6,783,732
4.275,370
16,296,512
7,810,461
17,595,001) -25.3
1.025,829 -36.0
15,548,300
1,304,709
15,574,900
779,849
653,124.357 -24.7
698.252.424
443.740.062
636,000
4,259,300
591,000.000
1,799,955
[vol.. 127.
FINANCIAL CHRONICLE
66
CLEARINGS-(Continued)
1928.
1927.
Week Ended June 30.
Six Months.
Month of June.
Clearings atInc. or
Dec.
1928.
1927.
Inc. or
Dec.
1928.
1927.
Inc. or
Dec.
1926.
1925.
$
Second Federal Re serve District -New York5.506,022
7,539,789
166,249,254 -1.3
164,023,765
25,643.585 + 10.0
28,208,350
N. Y.-Albany
1,572.317
1,005,423
34,439,637
31,836,318 +8.2
5,425,460 +7.3
5,820,433
Binghamton
61,250,928
47,448.891
239,010.969 -1.1 1,362,375,983 1,333,007,478 +2.2
236,461,611
Buffalo
1,099,991
1,533,890
28,454,919 -0.9
28,202,549
5,351,316 -5.0
5,081,719
Elmira
1,326.069
1.086,747
37,033,429 -7.6
34,205.828
6,356,417 -10.3
5.704,728
Jamestown
34.738,742.012 7,875.747,336 +24.6 196,805,030,436 156,433,214,058 +25.8 6,911,247,042 7.382,936,987
New York
+31.2
29,859,012
39,171,725
+26.3
5,779,738
7,298,820
Niagara Falls
17.664,008
12,163,716
362.776,267 +7.1
388.466,231
69,560,318 +9.5
76,194,262
Rochester
10,029,757
165.919,625 +6.5 •10.000,000
176,764.755
32.441,332 +5.1
34.110,026
Syracuse
3,778,691
4.565,533
+5.6
98,066,339
103,525,473
20,965.611 -8.7
19,132,298
Conn.-Stamford_ _
1,508,897
870,198
22,942,368 +7.5
24,659.939
4,488,053 + 18.8
5,331,512
N.J.-Montclair_ - - _
+ 11.2
685,940,207
763,061,640
+27.8
122,075,461
156,057,668
Newark
51,341,261
39,150,403
188,084,074 +8.8 1,098,822,404 1,042,538,552 +5.4
204,617,489
Northern NJ
40,711,099 +9.2
44,488,260
7,561,720 +25.1
9,457,712
Oranges
7,540,482,594
Total(14 eities)____ 35,532,218,640 28,608,491.390 +24.2 201.067.218,625 160,478,548,925 +25.3 7,034.143,966
Third Federal Res erve District Philadelphia
42,862,838 -8.1
39,383,984
7.607,206 -11.8
6,713,022
Pa.-Altoona
+4.9
114,596,246
120,170,587
18,356.653 +33.2
24,455,178
Bethlehem
33,271,902
36.716,687 -9.4
6.347.583 -9.8
5,728,609
Chester
-3.7
121,507,873
116,961,929
+3.4
20,498.267
21,178.834
Harrisburg
+4.9
58,993,581
61,901,501
9,724,694 -1.4
9,588,056
Lancaster
16,727,296 -0.3
16,673,030
2,861,505 -4.8
2,742,103
Lebanon
+13.7
23,665,746
26,902,043
+9.4
4,516,911
4,942,224
Norristown
2,651,000,000 2,424,000,000 +9.4 14,472,000,000 14,143,000,000 +2.3
Philadelphia
110,302,752 +1.2
111,585,647
18,455,114 +3.3
19,062,999
Reading
163,289,278 +5.8
172,836,701
26,373,713 +6.6
28,117,513
Scranton
105,717,986 -4.7
100.723,223
18,101,948 -38.1
11,202,393
WIlkee-Barre
47,539.281 +10.7
52,612,061
+20.3
7,832,666
9,423.328
York
66,492.935
74,368,776 -10.6
+1.1
12,781.281
12.926,239
N.J.-Camden
174,687,039 +8.8
190,004,968
+25.2
25,990.922
32,528,195
Trenton
Total(14 cities) _ - 2,839,608,693 2,603,448,483 +9.1 15,581,520,511 15,233,975,379 +2.3
Fourth Federal Re serve District -Cleveland
30,815,000 -3.3
29,803,000
Ohio-Akron
18,232,538 +6.8
19,467,883
Canton
327,908.578 +5.1
344,725,604
Cincinnati
+5.5
561.947.280
592,589,349
Cleveland
76.184.900 -3.4
73,603,200
Columbus
3,739,481 +57.3
5.883,089
Hamilton
1,920,354 +1.5
1,948,775
Lorain
9,503,980
8,645,948
Mansfield
+1.2
25,442,253
25,789,652
Youngstown
3,368,433 -8.0
3,099,706
Pa.-Beaver Co
1,345,243 -2.6
1,310,000
Franklin
6.138,580 +28.9
7,910,741
Greensburg
833,997,983 -1.3
822,912,034
Pittsburgh
7.060,764 +4.4
7,370,715
Ey.-Lexington
20,042,154 +0.5
20,150,620
W.Va.-Wheeling__ _
Total(15 titles)
-- 1,985,190,316 1.927,647,521
Fifth Federal Rose rve District- Richmond5.808.931
5,622.818
W.Va.-Huntington_
23,725,533
22,723,664
Norfolk
201,792,000
184,246,000
Richmond
12,589,145
9,798,868
N.C.-Raleigh
9,424,491
10,422,709
S. C.-Charleston__ _
8,734,227
8,224,356
Columbia
486,981,810
479,204,804
Md.-Baltimore
2,063,995
1.953,733
Frederick
3,421,045
3,614,514
Hagerstown
127.516,336
126,930,689
D. C.-WashIngton.._
Total(10sides)_
853.438,137
881,341,529
Sixth Federal Rase rve District- Atlanta38.480,722
37,285.800
Tenn.-Chattanooga _
•15,500,000
13,295,763
Knoxville
94,977,164
95,838,767
Nashville
198,249,612
197,230,637
Os.-Atlanta
7.659,130
6,981,930
Augusta
4,176,784
4.196,616
Columbus
8,473,272
7.955,433
Mason
79.823.047
72.033.082
Fla.-Jacksonville__ _
18,186,000
11,716,000
Miami
18.709,869
16,573,589
Tampa
102,101,880
102,656,283
Ala.-Birmingham _ _ _
8,118.911
7,944,197
Mobile
5.675,692
5,826,000
Montgomery
7,312,600
7,111,000
Miss.-Ilattlesburg6,395,151
8.383.152
Jackson
3,634,589
3,591,070
Meridian
2,016,024
1,642,183
Vicksburg
225.449,943
227,454.448
La.-New Orleans_ _ _
Total(18 cities) _ _ _
828,588,108
843,889,232
Seventh Federal R eserve Distric t-Chicago1,150,569
1,383,754
Mich.-Adrian
5.194,224
4,643,169
Ann Arbor
778,933,730
912,382,245
Detroit
13,876,251
16,437,469
Flint
35,667,165
38,380,715
Grand Rapids
8,794,672
8,722.800
Jackson
12,331,599
13,290,847
Lansing
13.464,513
16,387,315
Ind.-Ft.Wayne_ _ - 26,671,492
25,873,366
Gary
99,755.000
100,506,000
Indianapolis
14,711,850
15,108,700
South Bend
24.505,024
21.699,507
Terre Haute
15,725,538
15.686,496
Wis.-Madison
188,419,484
189,034,283
Milwaukee
4,326,381
4,972,896
Oahkosh
12,667,601
12,971,183
Iowa-Cedar Rapids_
42,086,455
58.507,986
Davenport
47.811,785
43,260,191
Des Moines
2,105,411
2,157,390
Iowa City
28,503,950
31,145,236
Sioux City
5,705,757
6.233.544
Waterloo
7,672,883
5,996,054
Illinois-Aurora
6,238,116
7,158,162
Bloomington
3,193,661,173
3,182,638,232
Chicago
5,940,155
5,657,414
Decatur
21,167,977
22.748,647
Peoria
14.989,036
17,667,188
Rockford
11.114,607
Springfield
11,782,439
Total(29 cities)-
- 4,794,433,228 4,641.192,398
-23.7
48,562.085
41,506,087
-7.3 6,872,730,228 5,752,188,571
1,468,851
4,945,967
1,176,604
1,687,545 -13.0
4,824,282 +2.5
1,587,838 -25.9
1,751,89
4,952,397
1,632,516
1,404,442
4.885.597
1,594,698
1,974,523
2,275,847 -13.3
2,412,486
2,794,330
540.000,000
3,974,189
5,096,369
3,992,440
1,711.756
577.000,000 -6.4
5,091.100 -21.9
6,539,638 -22.1
3,597.386 +11.0
1.798,647 -4.8
651,000,000
5.694,389
7.483,236
3.634,605
2,256,270
515,000.000
4,126,808
7,297,722
4,442,765
1,932,709
7,762,207
7,571,691
+2.5
7,736.739
7,604,014
567,156,939
611,973,374
-7.3
688,554.528
550,483,085
6,517,000 -11.2
3,695,039 -1.8
72,279,225 +4.7
134,244.902 -4.7
18.838,400 -22.8
6,107,000
3,802,428
81,315,426
134,651,619
19,389,800
5,587,000
3,712,808
64,002,471
114,030,868
13,932,810
-2.7
-6.2
1,969,283
4,912,030
2,100,864
5,877,976
177,430,285
206,486,857 -14.1
189,866,246
151,000,791
+1.9 11,170,151,794 11,034,498,648
+1.2
412,407,107
449.904.690
-8.3
442,013,832
360,245,528
34,921,687
145,771,299
1,213,839,272 -8.5
69.346.442 -5.5
61.523.957
50.450.660 + 13.0
2,808,079,717 -2.9
12,315,731 -1.9
21,315,067 +0.9
714,439,659 -0.5
1.064.350
4,884,471
41,320,000
1,226,059 -13.2
5,157,956 --5.3
46,119,000 -10.4
1,655,307
8,303,918
53,676,000
1,410,854
9,182,012
44,567,000
+3.3
---4.2
---8.7
-22.0
+ 10.6
+6.2
-1.6
-5.3
+5.7
-0.5
32,123,604
137,581,397
1,111,013,964
65,515.345
61.497,847
57,081,440
2,726,838,696
12,082,293
21,502,338
710.936,328
1,812,857
5,607,197
2,002.239
100,221,784
25,791,111
1,863,073
5.980,194
1,718.202 + 16.5
94,401,412
+6.2
*2,200,000
2,072,435
166,543,833
121,388,368
28.652,073 -10.0
31,079,874
29,376,000
177.274,702
-1.1
283,458,932
207,996,669
-3.2
4,936,173,250
5,132,003,491
-3.8
175,283,955
+3.2
-14.2
---0.7
---0.5
208,030,050
85,721,833
573,952,123
1,282,715,581
51,605,938
27,584,800
50.669,701
564.700,947
188,702,415
136,417,696
625,852,746
53,643,289
39,623,725
47,712,484
43,670,357
26,061,445
10,655,806
1,438,237,030
+6.7
+4.3
+2.5
+1.1
-5.8
+0.8
+8.3
-19.2
-46.6
-24.1
+0.7
-17.3
+9.4
-7.1
+21.4
-10.3
+0.7
+2.6
7,695.860
2,870,633
18,413,834
42,546,628
1,642,898
7.017,753
.4,000,000
20,979,290
45,673,250
1,860,936
-9.3
-28.2
-12.2
-6.8
-11.7
6,380,055
4,172,250
21,360,096
51.593,159
1.727,848
6,037,225
*3,400,000
18.685,654
49,981,118
1,363,364
1,762,219
14,398,955
1,990,000
1,957,280 -10.0
17,651,343 -18.4
3,408,000 -41.6
1,798,404
25,794,875
11,843,609
1,304,699
20,600,973
17,384,882
21,807,705
1,456,202
24.362,559 -10.5
2,058,655 -29.3
25,074,111
2,347,615
22,221,664
1,626,391
+31.1
-1.2
-18.5
+0.9
222,054,888
89,398,820
588,280,266
1,296,743,093
48.604,656
27,817,423
54,988,134
456,180.633
90,044,000
103.602,772
630,370,024
44,357,034
43,342,235
44,315,000
53.012,767
23,365.934
10,725,336
1,475.500,502
+6.7
1,427,000
1,422,674
386.571
51,105,538
472,453 -18.2
58.595.858 -12.8
341,677
59,094,482
275,795
58,417,563
--1.8
5,302.703,517
5,435,657.966
-2.4
167,637,515
189,500,377 -11.5
212,955,181
202,702,002
478,740
7,170,344
6,553,550 +9.4
4-20.3
999,313
30.411,070 -17.9
24,977,388
-10.8
199,664,022
A-17.1 4,823,336,448 4,301,176,847 +12.1
95,916,630
85.979,670 +11.6
A-18.4
8,160,569
211,722,4%
208,404,763 + 1.6
A-7.6
49,087,105 +10.1
54.036,114
.--0.8
3,704,177
66,217,019 +11.9
74,112,146
+24.0
3,165,835
77,105,903 + 11.4
85,878,691
A-21.7
147,711,321
156,090,054 -5.4
--3.0
20.836,000
598.519.410 •-0.1
598,320,000
-1-0.8
4,258,900
78.639,038
81,088,450 -3.0
A-2.7
140,262,383
157.346.624 -10.8 al 5,527,334
-11.5
+2.1
98,505,995
96,479,301
---0.3
38,679,199
A-0.3 1,074,496,971 1,120,118,098 -4.1
26,523,232
25,268,444 +5.0
A-14.9
2,368,424
77.312,135
72,921,500 +6.0
A-2.4
264,057,741 + 13.2
298,963,525
A-39.0
•10,000,000
+0.2
263,149,844
262.549,732
--9.5
12,674.669 -0.1
12,639,905
1-2.5
6,450.078
178,854,928
166,149,228 +7.6
+17.5
1,229,786
33,943,270 +3.3
35,044,346
A-9.3
35.165,684
43,277,287 -18.8
-21.9
1,496,914
18.0
+
41,617,259
49,103,533
+14.8
+5.4 640,794,041
---0.3 19,081,173,403 18,100,494,374
1,186,552
35,451,982 -3.0
34,379,284
--4.8
4,361,391
128,617,335 + 11.0
142,793,328
+7.5
3,259,041
+2.1
92,742,541
94,665,627
A-17.9
2.206,030
72,716,977 -0.5
72,382,340
A-6.0
235,448 + 103.3
1,333,393 -25.0
181.431,598 + 10.0
234,416
1,542,586
187,058,167
161,376
1,293,732
148,061,277
+0.5
+6.5
-9.8
-85.6
-11.4
+0.2
+2.6
+3.3 27,917,227,088 28,387.060,203
+5.8
-0.9
5.856.518.158
5.792.610.927
17.767,347
7,898,426
4,114,233
1,402,208
5,785,000
3.627.115
75,699,947
127,909,406
14,535,300
155,207,350 -25.2
5,093.561 -9.3
3,703,530,367 +1.1
927,990,837 +7.5
10,194.928 + 1.6
56,115,225 +8.6
543,215,703 -3.4
340,570,622 +1.8
10,136,966 -10.1
40,555,368 +0.9
979.978.692
19,500,469
10,949,516
3,449,558
997,022
+7.3
+4.2
+4.9
+4.2
+1.5
+20.2
-9.8
-4.1
+2.7
-4.8
-5.8
+9.0
-2.9
+21.4
+7.4
116,147,074
4,620,295
3,745,371,646
997,692,337
10,353,682
60,917,179
524,685,329
346,682,188
9,115,590
40,932,838
970.337,759
-31.1
-0.3
+20.8
-42.3
160,878,000
106,583,183
1,911.079,239
3,164,543,776
450,177,700
24,239.457
11,470,423
51,963,191
145,341,785
18,763,200
8,151.780
36,132,938
4,787.486,514
48,010,201
109,677,261
172,584,000
111,025,860
2,004,414,658
3,296,874.059
456.836.600
29,145,548
10,344,528
49,854,600
149,253,878
17,855,172
7,682,885
39,391,965
4.648.770,130
58,283,311
117,834,600
Eighth Federal Re serve District -St. Louis29,420,231 -18.5
Ind.-Evansville
23.987.614
936,119 -19.2
New Albany
757.273
629,208,527 +1.0
Mo.-St.Louis
635,381.753
158,790,423 +2.2
Ky.-Louisville_
160,199,749
1,149,339 +23.4
Owensboro
1,417,898
8.788.659 +27.7
Paducah
11,196,887
76.515,598
89.787,857 -14.8
Tenn.-Memphis_ _ _
55,700.271 -5.6
52,584,939
Ark -Little Rock_ _ _
1,622.775 -6.5
1,517,880
Ill.-Jacksonville_ _ _ _
+2.8
6,594.491
6,778,168
Quincy
Total(10 cities) _
6,827,954
8,640,080
-27.0
1,513,862
1,467,867
-36.1
58,403.609
66,148,760
-22.5
1,323,690
1,581,962
-28.3
1,376,413
1,328,565
-18.0
-6.3 6,710,104,344 5,612,054.742
+1.1
1,560,672
1,463,000
+3.6
8.676,812
7,108.794
3,157,190 +17.3
3,628.538 -12.8
3,586,000
3,438,326
2.985,962
2.956,294
24,891,000 -16.3
3,363,900 +26.6
6,339,086 -12.8
29,109,000
4,441,233
6,800,797
18,633,000
4,600,000
7,471,429
42,448,964
-8.0
44,821,561
37,821.716
2.848,838 -16.0
3,015,242
2,552,595
-5.5
10,910,444
10,337,853
5.906,036 -7.9
1,333,521 -17.2
6,691,224
1,426,638
6,311,029
1,350,302
--17.2
--13.2
--13.7
--19.0
--23.4
--16.1
1,700,532
777.728,693
1,357,553
6,034,655
3,749,058
3,371,366
1,508,778
722,557,749
1,426,614
4,766,403
2,970.770
2,607,826
-8.4 1,105,694,703
987,383,499
7,877.750
10,578,481
1,805.800
736,128,471
1,374,962
5,260,793
3,946,070
2,628.653
958,824,346 1,046,518.492
4,764.003
5,712,343 -16.6
6,398.596
5,722,974
137,100,000
35,872,217
249.499
143,300,000 -4.3
37.416,286 -4.1
277.598 -10.1
154,100,000
35,239,970
373,950
130,700,000
33,003,359
341,494
14,721,043
10,348,823
305,835
1,467,917
17,965,985 -18.1
11,032,426 -6.2
486,514 -37.1
1,342,976 +9.3
19,831,686
12,331.886
441.881
1,936,710
14,149,182
8,472,533
391,756
1,332,265
230.654.688
194.113.563
204.829,337
217,535.126
-5
JULY 7 1928.1
FINANCIAL CHRONICLE
67
CLEARINGS--(Concludec).
Monit of June.
Six Months.
Clearings as1928.
1927.
Inc. or
Dec.
$
$
%
Ninth Federal Re erre District- -Minneapolis Minn.-Duluth
38,672,153
40,609,230 -4.8
Minneapolis
358,256,066
323,773,600 +10.7
Rochester
3,118,553
3,182,438 -2.0
St. Paul
135,416,878
126,883,457 +6.7
No. Dak.-Fargo- - 8,678,287
8,141,674 +6.6
Grand Forks
5,955,000
5,846,000 +1.9
Minot
1,663,529
1,465,981 +13.5
So. flak -Aberdeen.
5,635,485
5,162,171
+9.2
Sioux Falls
7,276,475
7,847,434 -7.3
Mont -Billings
2,686,831
2,413,145 +11.3
Great Falls
4,656.162
3,813,370 +22.1
Helena
14,360,393
12,800,390 +12.2
Lewistown
667,821
663,891
+0.6
Total(13 cities) _ _
587,043,633
Week Ended June 30.
1928.
1927.
Inc. or
Dec.
$
2
%
1928.
1927.
Inc. or
Dec.
1926.
2
11
%
2
177,189,214
1,721,712,493
15,160,995
737,780,406
47,602,261
33,238,000
7.416.643
28,470,991
43,180,150
14,353,717
21,405,287
71,093,390
3,473,160
+5.3
+15.2
+5.3
+4.9
+7.8
+0.5
+23.8
+15.1
+1.3
+11.9
+35.7
+15.6
+17.4
6.196.461
73,154,438
7.072,258 -12.4
66.867,000 +9.4
6,764,922
81,907,556
7,308,076.
73,247,518
26,243.736
1,622,027
28,572,852 -8.2
1,927,026 -15.8
32,520.568
1.918,860
27,065,911
1,381,000,
1,155.328
1,039,142 +11.2
1,478,319
490,543
+7.3
556,842
442.746.
2,762,000
2.763,000
-0.1
2,706,102
2,099,031,
111,660,565
108,731.821
+2.7
127,853,169
112,610,735.
302,230
459,628
6.126,115
40,497,201
339,301 -10.9
371,912 +23.6
4,874,744 +25.7
+6.6
38,004.871
776,378
518,694
5,494,304
40.772.393
456,5511
522,015
4,775,014
37.186.503'.
3,738,084
9,518,472
2,842,123 +31.5
8,803,521
+8.1
3.270,082
12,779.191
3,957,064
9,758,130,
125,135.702
5,991,637
147,059,437 +14.9
6,241,582 -4.0
142,442.846
6,619,576
115,542,239.
7,351,963,
-3.7
28,032,891
24,625.955,
782,552 +41.9
a
a
1,112,088 +14.3
780,764
a
1,239.197
608,006.
a
1,119,224,
242,726,316
205,902,671,
3,262,993,985
2.922.476,707 +11.7
Tenth Federal Re erve District -Kansas Cit
Neb.-Fremont
1,694,388
1,880,726
Hastings
2,388,861
1,780,595
Lincoln
22.389,904
21,931,522
Omaha
193.861.754
176,328.198
Kan.-Kansas City_
9,378,934
10,456,311
Topeka
•
17,939,421
13,985,515
Wichita
40,424,036
37.045,909
Mo.-Joplin
•
5,823,698
6,012,206
Kansas City
567,453,489
612,302,659
St. Joseph
30,007,000
29,527,738
Okla.-McAlester
Oklahoma City_ _ _
119,321,559
122.691.656
Tulsa
•
51,552,800
49,588,691
Colo.-Colorado Spits
6,390,191
5,385,197
Denver
144,778,264
136,088,754
Pueblo
6,124,208
5,529,242
y-9.9
+34.2
+2.1
+9.9
-10.3
+28.3
+9.1
-3.1
-7.3
+1.6
10,906,721
14,104,658
130,724,668
1,132.293,102
53,463,926
95,761.563
227,288,254
35,092,640
3,370,253,979
182,543,391
+3.3
+23.0
+4.0
+10.8
-11.1
+18.5
+10.8
-14.0
-6.6
+8.3
-2.8
+4.0
+18.7
+6.5
+10.8
724,688,461
294,847.854
34,265,749
869,963,616
35,873,283
10,555,780
11,463,118
125,715,372
1,021,919.450
60.114.348
80,796,498
205,186,223
40,783.643
3,609,737,631
168,559,711
666,406
747,440,446
303,469.980
29,951,394
801,971,042
32,862,684
-3.0
-2.8
+14.4
+8.5
+9.2
26,164,500
1,219,528,507 1,230,532.919
-0.9
7,212,071,865
7,251,193,726
-0.5
220.315,149
Eleventh Federal Reserve Distr ict-DallasTexas-Austin
7,428,848
8,408,623
Beaumont
8,318,000
8,701,000
Dallas
•
200,643,340
190,192,864
El Paso
•
23,478,880
20.524,509
Forth Worth
•
63,027,590
51,566,135
Galveston
19,133,000
30,683,000
Houston
•
135.610,679
135,602,214
Port Arthur
2,468,128
2,797,554
Texarkana
•
2,254,080
2,401,820
Wichita Falls
10,460,013
11,394,000
La.-Shreveport
•
21,992,373
19,962.742
+15.9
-4.4
+5.5
+14.4
+2.8
-37.6
+0.1
-11.8
-8.2
-8.2
+10.2
43,553,230
51.410,000
1,265,721,434
142,751.054
329,865,402
123,386.000
820,513.180
14,650,149
15,229,921
67,057,013
142,767,851
39.653,481
+9.8
52,016,000 -1.2
1,235,528,434 +2.4
121,929,788 +17.1
303,173,241
+8.8
252,022,000 -51.0
897,237,757 -8.6
15,981,584 -8.3
14,870,209 +2.4
79,336,000 -15.5
135,731,864 +5.2
+1.0
3,016,905,234
3.147.478,358
-4.1
Twelfth Federal I eserve DIstric t-San Franc iscoWash.-Bellingham. •
.3,400,000
3,940,000 -13.7
Seattle
•
223,456,278
200,642,512 +11.4
Spokane
57,651,000
54,249,000 +6.3
Yakima
8,168,907
5,830,644 +5.8
Idaho-Boise
•
5,176,381
4,759,872 +8.7
Ore.-Eugene
•
2,305,610
2,169,000 +6.3
Portland
169,847,978
155,143,105
+9.5
Utah-Ogden
5,714,272
5.559,452 +2.8
Salt Lake City. _
78,746.041
74,877,858 +5.2
Nev.-Reno
3,081,788
3,274,329 -5.9
Ariz.-Phoenix
15,797.000
12,460,000 +26.8
Calif.-Bakersfield_ _
5,648,796
5,204,780 +8.5
Berkeley
20,677,216
19,876,189 +4.0
Fresno
15,618,542
14,138,748 +10.5
Long Beach
35,116,983
30,914,570 +13.6
Los Angeles
•
951,882,000
773,282,000 +23.1
Modesto
3,961,604
3,428,582 +15.5
Oakland
•
89,618,705
76,991.447 +17.7
Pasedena
28,378,953
29,567,803 -4.0
Riverside
4,730,343
4,688,000 +0.9
•
Sacramento
33,659,419
34,441,163 -2.3
San Diego
•
24,548.131
22,712,507
+8.1
San Francisco_ _ _ _ . 1,042,088.621
810,517.000 +28.6
San Jose
13,603,905
10.377,059 +31.1
Santa Barbara
7,493,536
6,305,228 +18.8
Santa Monica
•
10,036,951
9,948,245 +1.1
Santa Rosa
•
2,228,695
1,897,890 +17.0
•
Stockton
11,154,900
11,105,100 +0.5
20.751,000
1,261.283,209
333,789.000
35,459,274
29,839,597
11,764,610
935,540,806
38.805,097
454.212.985
18,865,390
94,819,000
33,221,637
130,716,527
92,251.213
207,213,160
5,357,580,000
22,968.896
527,193.924
191.117,957
28,856,402
186.865,536
144.552,538
5.865.833,733
79,974,163
43,902,050
57,895,298
12.780,155
67,741,400
24,821,000
1,146,690,736
310,347.000
34,679,934
27,489.449
13,133,750
955,869,720
34,009,171
429,209,080
17.021.452
75,070,900
32,445,97
127,133.888
96.896,129
186,460,45
4,782,881,000
20,838,967
485,914,024
183,882,21
32,143,67'
200.125,25
155,844,68
4,835,963,925
67,044,96
38,745,13
57,106,04
12,052,22
68,309,200
-16.4
+10.0
+7.6
+2.2
+8.5
-10.4
-2.2
+14.1
+5.8
-0.9
+26.3
+2.4
+2.8
-4.8
+11.1
+12.0
+10.2
+8.5
+3.9
-10.2
-6.6
-7.2
+21.3
+19.3
+19.5
+1.4
+6.0
-0.8
484,814,929
480,214,461
1.066.453
526,575
+8.2
Total (12 cities)._
2
186.556,651
1,984,089,309
15.965,305
774,152,921
51,338.353
33,420,000
3.182,952
32,777,513
43,721,282
16,510,710
29,050.767
82,151,343
4,076,879
542,602,781
Total (16 cities)._
1926.
1,110,216
a
1.271.364
1,139,041
42,523,407
12.379.878
4,425,000
27,174,959
237,607,085
-7.3
1,399,328 -18.6
1.601,871
1,714,294.
-2.4
46,685,6 i i
32,487,594t
9,560,577 +29.4
7.097,000 -37.6
12,195,126
9,819.000
10.733,165,
5.504,929,
43,582.169
.
.
4.408,749
5,379,104 -18.0
5,316,296
4,521,522
64,876,075
67,018,178
-3.2
75,537,702
54,961,504
44,200,933
11,809,000
1,227,588
45,056,175
12,900,800
1,169,322
-1.9
-8.5
+5.0
45.926.133
12.584.000
1,532,242
36,276,083
9.664,000
1,159,360
36,253,706
34,177,564
+6.1
41,373,883
21,608,258
17.375,343
19,681,606 -11.7
18,461.835
13,620.017
+1.9
+6.6
-0.4
4,312,831
7,149,597
187,597,000
3,018,819
5.996,837
145,198.000
16,430.914
5,651,266
17,960,211 -8.5
6.589,678 +14.1
22,668,400
6,573,095
18,189,214.
5,048.768
5,937.182
4,897,083
196,640,000
2,648,503
1,313,520
1,895,118
5,617.599 +5.7
5.788,139 +15.4
207,283,000 -5.1
3,161,570 -16.2
1.566,166 -16.1
2.087,734 -9.2
7.525.075
6,837.968
201,185,000
3,923,585
1,443,140
2,371,226
8,426,245
5,659,361
171.426,990
2,714,576
+4.1
2,453,900
2.382.300
-3.0
573.918,910
452,224,544
3,228,053
7,106,251
187,361,000
2,445.100
3,169,154
6.664,823
188,161,000
2,348,100
Total(28 cities) _ _ _ • 2,871,790,555 2,388,300,081 +20.2 16,283,774,557 14.450,129,837 +12.7
546,420.560 563.381.839
Grand total(193 cities 55,275,894,886 47.689,198,950 +15.0316,678,474,504271.910.103.432
+16.5 10,955299008 11,863054635
Outside New York._ 20,537,152,874 19,813,451,614
+3.7 119,873,444,070 115.476,889,374
+3.8 4.044,051,966 4,480,115,648
1,835,716
-7.711.524,3496139,523,754.524
-9.7 4.824,245,269 3,911,699,782
CANADIAN CLEARINGS FOR JUNE, SINCE JANUAR1 1, AND FOR WEEK ENDING
JUNE 28.
Month of June.
8 Months.
Clearings al-
I AKM IMO Agg
A_OA Il
N.CO .-.0.0.-.0n•-•.N-.420U.0000.Ca
0C,
C,X.-.C.r•COA,IC4C,,,-.KCO..0000.4..00./5
%
+23.9
+23.9
+38.8
+19.0
+19.3
+1.1
+19.6
+14.0
+49.9
+21.5
+13.9
+11.9
+30.2
+27.7
+13.4
+50.0
+28.4
+7.4
+47.6
+32.3
-11.8
+48.9
+10.2
+14.8
+15.4
+16.6
+18.4
+7.8
+13.1
+6.5
+8.2
II ,At new: nno
$
3,013,770,354
3,008,921,024
1,144,770,840
439,940,225
174,137.082
164,575,777
77,001,615
142,304,802
186,887,105
64.656,171
55.218,286
79.498,564
127,605,666
100,342,476
13,172,182
12,825,893
44,583,223
29,538,857
28,928,801
22,530,412
20,331,673
7,017,813
21,738,435
23,265,006
29,003,544
115,321,179
9,256,612
21,871,903
19,403,268
20,130,422
16,136,687
n nOA
• Manager of clearing house refuses to report clearings for week ending Saturday.
Week Ended June 28.
Inc. or
Dec.
1927.
0)000 1,-. a 00
CACI,P0 C...N
$
559,136,532
531,819,903
190,830,937
78.268,313
33,233,585
32,533,393
13,919,383
26.641.728
31,916,801
10,795,466
10,238,295
15,227,775
22,267,107
17,638,988
2,500,604
2,082,258
8,218,670
5,218,180
5,151,944
4,330,588
4,203,297
1,295,158
3,714,325
3,991,685
5,234.078
20,835,070
1.611,883
4,040,814
3,824,648
3,277,156
3,159,479
1928.
Co”.
...NNIJ.-.NCZIN.,-,MJCJWC.A....NC.XM .
-1.04COCAOACA000
Canada$
Montreal
692,999,026
659,048,971
Toronto
268,362,243
Winnipeg
90,780,446
Vancouver
39,653,963
Ottawa
32,894,777
Quebec
16,648,056
Halifax
30,376,570
Hamilton
47,834,138
Calgary
13,114,396
St. John
11,657,234
Victoria
17,042.556
London
28,998,883
Edmonton
22,539,868
Regina
2,836,257
Brandon
3,128,116
Lethbridge
10,550,365
Saskatoon
5,602,115
Moose Jaw
7,605.797
Brantford
5,729,610
Fort William
3,706,494
New Westminster_ _ _ _
1,928,095
Medicine Hat
4.092,534
Peterborough
4,583,037
Sherbrooke
6,038,962
Kitchener
24,288,386
Windsor
1,909,000
Prince Albert
4,355,902
Moncton
4,324,053
Kingston
3,436,300
Chatham
3,417,570
Sarnia
.,,.• ,... ,,
0 nn, A00 non
1927.
OCa'cog.—w000.w.:c0000"-mc.....ococowcneeceto—vto0
00.0..-.01Ca.C.CDCOCJCOC4..30
coto.4.0oh,11.CCC,ois ,
11.0,
1928.
Inc. or
Dec.
Ann nen.
%
+32.1
+26.4
+27.0
+23.6
+18.9
+2.5
+13.6
+16.9
+72.3
+14.3
+15.8
+12.5
+29.7
+23.9
+12.7
+41.4
+33.6
+8.4
+23.9
+15.2
+3.0
+61.9
+7.0
+5.6
+13.4
+5.2
+20.8
+6.2
+12.6
+5.9
+5.7
. nm
A
* Estimated
1928.
$
134,576,588
137,992.433
60.074.482
20,501,059
7.957,887
6,682,422
3,127.468
6,340,700
11,084,614
2.742.837
2,390,788
3,282,440
5,785,503
4,726.463
584,981
728,475
2.221,656
1,152,115
1.843.664
1.350,507
915,353
360.003
961,348
951,240
1,258,601
6,286,073
392,127
984.822
901,717
855,226
591,350
£90 MIA 0A9
1927.
Inc. or
Dec.
1926,
2
129,173,330
109,278,724
38,569,714
16,146,940
6.738,727
5.834,078
2.523.591
5,768,682
6,339.271
2.326,378
2,462,859
3,282.449
5,708,152
4,366,330
583,523
450,319
1.786,866
1,236,880
1.162,087
983,601
921,965
281.168
773,689
769.541
587,562
4.120,003
267.161
917.489
845,494
620,463
569,032
%
+4.2
+17.1
+65.7
+27.0
+18.1
+14.5
+15.7
+10.0
+74.9
+17.9
-2.9
-0.1
+1.4
+8.2
+0.2
+61.5
+24.3
-6.9
+58.7
+37.4
-0.7
+28.0
+24.3
+23.6
+74.2
+52.6
+46.8
+7.3
+6.7
+37.8
+3.9
$
90,510,618
74,114,168
37,775,171
12,444,161
4,601,037
6,195,956
2.247.181
4,197,660
5,667.079
2,033.094
1,855,552
3,138,926
3,464,398
3,466,010
484,068
378.072
1,407,781
1,020,021
830,716
619.343
692,299
214,996
668,951
737,277
709,045
4,093,141
235,066
684.647
682,226
559,664
438,235
%RR ROA Aga
-Lon 0
oar ORA sat
1925.
2
92,928,607
77,500,450
39,226,239'
13,795.747
4.997,763
5,745,664L
2,586,058
4,323,392
5,944,1132,043,942
1,907,401
2,597,907
3,791.209
3.009,868
569.914
595,567
1,263,925
1,014,763
973,335
691,948
603.825
225,469
658,815
699,862
1,006,931
3,300.000
263,068
695,081
688,655
075 RAO SIR
[Vol.. 127.
FINANCIAL CHRONICLE
68
Treasury Cash and Current Liabilities.
Government Receipts and Expenditures.
The cash holdings of the Government as the items stood
Through the courtesy of the Secretary of the Treasury we
are enabled to place before our readers to-day the details of June 30 1928 are set out in the following. The figures are
Government receipts and disbursements for June 1928 and taken entirely from the daily statement of the United States
1g27 and the 12 mos. of the fiscal years1927-28 and 1928-29: Treasury as of June 30 1928.
of June- -Twelve Monihs-
-Month
1927.
1928.
1927.
Receipts.
1928.
Ordinary44,162,157 48,987,505 568,986,188 605.499,983
Customs
Internal revenue:
458,102,633 474,535,133 2,173,952,557 2,224,992,800
Income tax
Miseell. internal revenue 62,534,417 55,116,873 621,018,666 644,421.542
Miscellaneous receipts:
Proceeds Govt.-owned securitiesForeign obligations45,699,573
47,841,167
20,833,507 19,131,960
Principal
69,924,158 69,866,971 161,084,776 160,389,600
Interest
89,737,959
1,937,004 40,479,227 164,407,076
Railroad securities
63,474.987
9.153.398
162,695
342,054
All others
Trust fund receipts (re-ap48,476,631
63.395,444
4,109,853
6,007,565
invest'D
for
propriated
Proceeds sale of surplus
18,068,530
8,770,251
648,857 3,338,156
property
25,768,390
28,141.475
Panama Canal tolls, dm__ _ 2,093.533 2,064.558
Receipts from misc, sources
credited direct to appro14,361.494
8,519,116
1,376,652
769,874
priations
11,571,587 23,521.369 187.078,043 188,502.953
Other miscellaneous
Total ordinary
678,927.346 742.690,952 4,042,348,156 4,129,394.441
Excess of ord. receipts over
total exp. chargeable against
274,320.357 378.974,256
ordinary receipts
Excess of total exp.chargeable
against ord. receipts over
ordinary receipts
398,828,281
635,809,922
Expenditures.
Ordinary (checks and warrants paid, Ac.)185.872.656 157.458.208 1,953,479,041 1,857,858,564
General expenditures
89,363,602 80,147,528 731.764,476 787,019,578
Int. on public debt a
Refund of receipts:
20,320,524
21,856,901
2.014,639 2,292,712
Customs
13,607,785 14,392,137 148,286,060 117,412,173
Internal revenue
27.263,191
32,080,203
14,034.558 13,219,382
Postal deficiency
8.305,345
10,448,880
654,291
952,432
Panama Canal
Operations in special acc'ta:
1,042,746
8619,722
04,628
36,063
Railroads
83,813,041 027.065,782
8150,317
866,711
War Finance Corporation
19,011,397
34.881.713
347.561
5,701,874
Shipping Board
5496.118
8351,151
6693.185 1,122,707
Alien property funds
8550,571 c111,817,840 115,219,352
Adjusted-service ctf. fund... 5284.556
8425,195
109.272
088,467
873,244
fund_
retirement
service
Civil
Investment of trust funds:
47,315,973
61.701,569
3.528,263 2,994,631
Govt. Life Insurance
Dist. of Col. Teachers' Re289,981
613,918
49,968
75,011
tirement
87,268
871,061
86,000
Foreign Service Retirement 8160,039
870,678
1,179,957
65,254
General Railroad Conting't 2,404,291
Total ordinary
316,813,439 272,944,396 3303,264,855 2,974,029,675
Public debt rettremls chargeable against ord. receipts:
Sinking fund
Purchases and retirements
from foreign repayments 17.632,500 18,259,500
Received from foreign governments under debt set70,161,050 67.011,800
tlements
Received for estate taxes._
Purchases and retirements
from franchise tax ree'ts
(Fed. Reserve & Fed. Intermediate Credit banks)
5,501,000
Forfeitures, gifts, Ac
Total
87,793.550 90,772,300
354.741,300
333,528,400
19,068,000
19,254,500
162,736,050
1,500
159,961,800
618,367
3,089,803
1,231,835
5,578,310
540,255,020
519,554,845
Treasury Money Holdings.
The following compilation, made up from the daily Government statements, shows the money holdings of the Treasury at the beginning of business on the first of April, May,
June and July 1928:
June 1 1928. July 1 1928.
Holdings in U.B. Treasury Apr. 1 1928 May 1 1928.
$
$
$
2
331,772,189 337,802,942 313,920,118
Net gold coin and bullion- 318,745.479
15,105,341
18.574,705
14,297,757
13,881,355
bullion
and
coln
silver
Net
3,021,104
4,499,870
4,409,614
5,780,167
Net United States notes19,526,096
18,075,454
15,054,023
15,836,393
Net national bank notes-1,576.535
1,321,445
983,930
902,260
none
Net Federal Reserve
101,210
64,966
33,722
169,210
Net Fed'I Rea. bank note,
3,308,638
2,802.145
3.449,805
2,953,612
silver
Net subsidiary
16,196,244
4,926,112
4,648,401
6,022,158
Minor coin,,ko
388,574,132 372,248,993
Total cash In Treasury_ 364,290,634 374,599,441 156,039,088 156,039,088
188,039,088 156,039.088
Less gold reserve fend
Net cash In Treasury
and In banks
Deduct current liabilities_
692,089,880
247,273,119
218,560,353
232,535,044 *216,209.905
172,841,000
36.184,130
18,706,000
56,679,695
245,754,000
23,959,959
6,927,574
20.631.410
473,830
522,875
7,118,984
19,553,454
623,620
431,188
7,043,957
19,902,070
760,834
526,122
456,141,172
257,190,650
335,647,985
280,816,283
514,156,847
248,629,866
54.831.702 265,526,981
Available cash balance_ 444.816.761 198,950,522
*Includes July 1 87.777.338.54 silver bullion and 32.858.386.40 minor own; &o.
of
Money."
"Stock
statement
in
lot included
3,215,264,869.98
Total
3,215,264,869.98
Total
Noce,-Reserved against $346.681.016 of U.8. notes and 21,303,600 of Treasury
notes of 1890 outstanding. Treasury note, of 1890 are also secured by silver
dollars In the Treasury.
SILVER DOLLARS.
$
Liabilities$
Assaf480,358,495.00 Silver eds. outstanding. 471,726,693.00
Silver dollars
1,303,600.00
Treasury notes of 1890
outstanding
7,328,202.00
Silver dollars in gen.fund
Total
AssetsGold (see above)
Silver dollars (see above)
United States notes_ _ _ Federal Reserve notes_
Fedi Reserve bank notes
National bank notes.___
Subsidiary silver cola___
Minor coin
Silver bullion
U nolassifled,-ColleoBons, &a
Deposits in F. R. banks
Deposits In special de.
positartes account of
sales of certificates of
Indebtedness
Deposits in foreign depositaries:
To credit of Treasurer
United States
To credit of other
Govern't officers_
Deposits in nat'l banks:
To credit of Treasurer
United States
To credit of other
Govern't officers__ _
Deposits to Philippine
Treasury:
To credit of Treasurer
United States
Total
Total expenditures chargeable against ord. receipts 404,606,989 363,716,696 3,643.519,875 3,493,584,519
Receipts and expenditures for June reaching the Treasury in July are included.
a The figures for the month include $80,785.57 and for the fiscal year 1928 to date
$1,342,135.76 accrued discount on war-savings certificates of matured series, and for
the corresponding periods last year the figures include $148,507.03 and 22,401,478.49,
respectively.
S Excess of credits (deduct).
C In accordance with established procedure, the appropriation of $112,000,000
available Jan. 1 1928 and 211.400,000 of the interest on investments in the fund due
aggregating 4123,400,000
on that date were invested in adjusted service obligations
service
face amount, bearing interest at the rate of 4% per annum. See adjustedbetween
The difference
expenditures.
and
receipts
debt
public
obligations under
under ordinary expenditures above is
the amount appropriated and amount chargedrequired.
due to variations In the working cash balance
Cash balance in Treas'y 208.251,548
Dep.in speel depositories.
acct. Treasury bonds,
Treasury notes and certificates of Indebtedn'ss 421,620,000
32,023,808
Dep. In Fed'i Res. banks_
Dep. In national banks:
7,985,747
To credit Treas. U.S..
21,058,915
To credit dish, officers_
696,480
Cash In Philippine Islands
Deposits In foreign dein&
453,384
Dep. In Fed'I Land banks
AssetsGold coin
Gold bullion
CURRENT ASSETS AND LIABILITIES.
GOLD.
L4a5416Ses8
695,926,365.38 Gold eats. outstanding_ _1,513,694,339.00
2,519,338,504.60 Gold fund, F. R. Board
(Act of Dec. 23 1913,
as amended June 21
1,387,650,413.30
1917)
156,039,088.03
Gold reserve
Gold In general fund__ 157,881,029.65
480,358,495.00
Total
480,358,495.00
GENERAL FUND.
Liabilities-2
157,881,029.65 Treasurer's checks outstanding
4,610,822.46
7.328,202.00
3,021,104.00 Deposits cf Government
officers:
1,576,535.00
5,821,S11.07
Poet Office Departrn't
101,210.00
Board of trustees, Pos19,526,096.00
tal Savings System:
2.802,145.46
5% reserve, lawful
2,858,386.40
money
6,442,670.87
7,777,338.54
Other deposits
1,435,672.96
Postmasters, clerks of
13,337,858.05
courts, disbursing
23.959,959.22
officers, dai
51,867,211.65
Deposits for:
Redemption of F. R.
notes(5% fd., gold) 150,632,176.90
245,754,000.00
Redemption of national bank notes (2%
fund, lawful money) 24,879,312.09
Retirement of addi112,893.03
circulating
tional
note). Act May 30
413,228.65
2,430.00
1908
Uncollected items, ex2,937,758.14
7.043,957 07
changes. ati
19,902,070 26
Net balance
248,629,866.14
265,526,980.79
760,833.60
514,156,846.93
Total
514,1513,846.93
Note.-The amount to the credit of disbursing officers and agencies to-day was
2332,512,856.40. Book credits for which obligations of foreign governments are
held by the United States amount to 233,236.629.05.
Under the acts of July 14 1890. and Dec. 23 1913. deposits of lawful money for
the retirement of outstanding national-bank and Federal reserve bank notes are paid
Into the Treasury as miscellaneous receipts, and these obligations arc made, under
the acts mentioned,a part of the public debt. The amount of such obligations to-day
was 845,039.852.
2932,115 In Federal Reserve notes and $19,472,396 In national-bank notes are In
the Treasury In process of redemption and are charges against the deposits for the
respective 5% redemption funds.
Preliminary Debt Statement of the United States
June 30 1928.
The preliminary statement of the public debt of the
United States June 30 1928, as made upon the basis of the
daily Treasury statement, is as follows:
BondsConsols of 1930
Panama's of 1916-1936
Panama's of 1918-1938
Panama's of 1961
Convention bonds
Postal savings bonds
First Liberty Loan of 1932-1947
Third Liberty Loan of 1928
Fourth Liberty Loan of 1933-1938
Treasury bonds of 1947-1952
Treasury bonds of 1944-1954
Treasury bonds of 1946-1956
Treasury bonds of 1943-1947
$599,724,050.00
48,954,180.00
25,947,400.00
49,800,000.00
28,894,500.00
14,812,380.00
$768,132,510.00
$1,939,154,150.60
1,228,848,600.00
6,294,043,600.00
9,462,046,350.019
5762,320,300.00
1,042,401,500.00
491,212,100.00
494,704,750.00
2,790,638,650.00
$13,020,817,510.00
Total bonds
Treasury NotesSeries A-1930-1932, maturing Mar. 15 1932.-31,215,153,200.00
Series B-1930-1932. maturing Sept. 16 1932... 615,095,700.00
Series C-1930-1932. maturing Dec. 15 1932 .... 607,399,650.00
31 500,000.00
Adjusted Service-Series A-1930
53,500,000.00
Series A-1931
70,000,000.00
B-1931
Series
123,400,000.00
Series A-1932
123,400,000.00
Series A-1933
31,200,000.00
Civil Service-Saks 1931
14,400,000.00
Series 1932
14,800,000.00
152,000.00
2,900,000,550.00
Treasury Certfficares-2261,761,000.00
Series TD 1928, maturing Dec. 15 1928
201,544,500.00
Series TD2 1928, maturing Dec. 15 1928
216,371,500.00
Series TM 1929, maturing Mar. 15 1929
360,947,000.00
Civil Service Retirement Fund Serbia
211,784,000.00
Foreign Service Retirement Fund Series
1,252.408,000.00
Treasury Savings Certificates-a
227,431,326.85
Series 1923, Issue of Sept. 30 1922
23.302,602.90
Series 1923, issue of Dec. 1 1923
93,734,192.70
Series 1924. Issue of Dec. 1 1923
144.468,122.45
Total interest-bearing debt.
317,317,694,182.45
JULY 7 1928.]
FINANCIAL CHRONICLE
Matured Debt on Which Interest Has CeasedOld debt matured-Issued prior to April 1 1917
Certificates of indebtedness
Treasury notes
354% Victory notes of 1922-23
4 % Victory notes of 1922-23
Treasury savings certificates
Second Liberty Loan bonds of 1927-1942
Receipts at-
$2,023,210.26
32,747.500.00
22,350.00
2,201,450.00
2,030,900.00
3,162.700.00
3.146.950.00
45.335,060.26
Debt Bearing No Intermit:lofted States notes
Lees gold reserve
3346,681.016.00
156.039,088.03
45.039,852.00
2.045.486.54
241.263,958.72
517.604,293,201.43
Public Debt of United States-Completed Returns
Showing Net Debt as of April 30 1928.
The statement ofithe public debt and Treasury cash holdings of the United States as officially issued April 30 1928,
delayed in publication, has now been received, and as
interest attaches to the details of available cash and the
gross and net debt on that date, we append a summary
thereof, making comparisons with the same date in 1927:
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
April 30 1928. Ayrtt 30 1927.
Balance end month by daily statement, &is
Add or Deduct-Excess or deficiency of receipts over
or under disbursements on belated items
Deduct outstanding obligations:
Matured interest obligations
Disbursing officers' checks
Discount accrued on War Savings Certificates....
Settlement warrant checks
Total
Balance, deficit (-) or surplus (+1
198,950.521
236,212.774
-808,506
-2,467,711
198,142,015
233.745.063
50,762,875
71,806.632
6.630,590
2,567.714
56,765,233
76,173,345
8.102,235
2.347,810
131,767,811
143,388,623
+66,374,204 +890,356,440
INTEREST-BEARING DEBT OUTSTANDING.
•
Interest April 30 1928. April 30 1927.
Payable
$
599,724.050
Q.-J. 599,724,050
48,954,180
48,954,180
Q.-F.
25,947.400
Q.-F.
25,947,400
49,800,000
49,800,000
Q.-M.
28,894,500
28,894,500
Q.-J.
J -J. 1,235,250,700 1,123,135,000
J.-J. 1,397.686.700 1,397.687,000
5,155.700
3-1).5,155,650
532,820,200
532,873.350
J -D
3,492,150
3,492,150
3.4)
20,848,550
M.-N.
1,676,389,950
M.-S. 1.405,183,150 2,157.998.350
A.-0. 6.294,045,100 6.314.456,950
762,320,300
763,948,300
1,042,401,500 1,047,087,500
491,212,100
494,898,100
494,704,750
326,736.096
156,468.285
14,812,380
3.4.
13,229,660
J -D. 2,958,809,600 2,044,144,600
Title of Loan25 Consols of 1930
2s of 1916-1936
25 of 1918-1938
3s of 1961
Is Conversion bonds of 1946-1947
Certificates of indebtedness
3)45 First Liberty Loan, 1932-1947
43 First Liberty Loan, converted
434s First Liberty Loan,converted
43is First Liberty Loan,second converted
45 SecondLiberty Loan,1927-1942
4348 Second Liberty Loan converted
434a Third Liberty Loan of 1928
4345 Fourth Liberty Loan of 1933-1938
4345 Treasury bonds of 1947-1952
45 Treasury bonds of 1944-1954
3348 Treasury bonds of 1946-1956
3545 Treasury bonds of 1943-1447
48 War Savings and Thrift Stamps
23.45 Postal Savings bonds
5345 to 55t a Treasury notes
Aggregate of Interest-bearing debt
Bearing no interest
Matured, interest ceased
17,547,682.695 18,675,401.386
239,199.753
240,754.896
60,805,040
25,012,255
Total debt
017,847,687.488 18,941,168,537
Deduct Treasury surplus or add Treasury deficit.... +66.374,204 +90,356,440
Net debt
b17,781,313.284 18.850,812,097
a The total gross debt April 30 1928 on the basis of daily Treasury statements
was $17,847,691,931 OS, and the net amount of public debt redemption and receipts
in transit. dm.. was $4,442.65.
S No deduction is made on account of obligations of foreign Governments or other
Investments.
Souxuxerciat and MiscellangonsBews
Breadstuffs figures brought from page 133.-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.
Receipts atChicago
Minneapolis.
Duluth
Milwaukee.
Toledo
• Detroit
IndianapolisSt. Louis._
Peoria
Kansas City_
Omaha
St. Joseph_
Wichita
Sioux CityTotal wk. '28
Same wk. '27
Same wk. '26
Flour. I
Wheal.
I
Corn.
I
Oats.
Barley. I
Rye.
bbls.1961b5;bush.60 lbs. bush.56 lbs. bush. 32 lbs. bush.481bs.lbush.561bs.
364,000
923,000
208,000
336,000
44,000,
11,000
954,000
115.000
251,000 229,000,
65,000
571,000
2,000,
15,000
33.000
16,000
19,000
63,000
235,000
37,000 123,000'
11,000
238,000
94,000;
60,000
20,000
37,000;
11,000
4,000
343,0001
43,000
80,000
277.000
108,000
637,000!
210,000
10,000
14.000
46,000
423,0001
178,000
30.000
615.000
538,000
16,000
143,000
190,0001
98,000
70,000
86 000
14,000
' 1
882,000
61,000
2,000
27,000
138,000
48,000
1,000
425,000
425,000
369,000
4,247,000
7,653,000
8,797,000
3,822,000 1,354,000
5,273,000, 2,772,000
2,146,000 1,465,000
470,000
601,000
465,000
107,000
324,000
186,000
Since Aug.122,537,000429,064,000,293,856,0001157,187,000 33,788.00036,207,000
1927
22,282,000 326,857.000'218,036,000138,340,00021,567,00030,142,000
1926
20.763.000 326,329.000 223.753.000 211.909.00069.600,00022449,000
1925
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, June 30,follow:
Corn.
Bushels.
864,000
19,000
61,000
Oats.
I Barley. I
Rye.
Bushels.
Bushels. I Bushels. I Bushels.
42,000 275.000
56,0001
107,000
4,0004
7,000
16,000
44,000, 150,000
63,000
21,0001
5,000
3,576,000
12,000
67,000
3,085,0001
708,000
6.0001l
402,000
Week 1927_
307,000 3,667,000
Since Jan.1'2711.007,000128,164,000
3,536,692.21
Total gross debt
it Net redemption value of certificates outstanding.
Wheat.
Barrels.
New York.-235.000
Philadelphia_
18,000
Baltimore....
15,000
Norfolk
1,000
New Orleans*
48,000
Galveston
Montreal_ _ __
46,000
Boston
31,000
Total wk. '28 394,000 4,537,000
206,000 3,205,000 1,133,000 509,000
Since Jan.1'2811,744,000 80,661,000 61,546,000 14,236,000i15.205,000 9,758,000
$190,641,927.97
Deposits for retirement of national bank and
Federal Reserve bank notes
Old demand notes and fractional currency
Thrift and Treasury savings stamps, unclassifled sales. die
Flour.
69
73,000
553,000 979,000 2,234,000
5.589.000 14,528,000 20,649.00019.813.000
• 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, June 30 1928, are shown in the annexed
statement:
Exportsfrom-
Wheat.
Corn.
Bushels. Bushels.
1,330,066
17,000
108,000
260,000
New York
Boston
Philadelphia
Baltimore
Norfolk
New Orleans
Montreal
Houston
3,796,000
Total week 1928_ 5,511,066
Same week 1927._ 2.913.884
139.000
Flour.
Rye.
Oats.
Barley.
Barrels. Bushels. Bushels. Bushels.
75,571
94,331 352,369
8,000
16.000
58,000
26,000
374,000
1,000
14,000
63,000
1,000
588,000
243,000
698,000
162,571
133,550
638,000
640,492
379,331 1,424.369
394.236 295.000
The destination of these exports for the week and since
July 1 1927 is as below:
Flour.
Exports for Week
and Since
Week
Since
July 1 toJune 30 July 1
1928.
1927.
Corn.
Wheal.
Week
June 30.
1928.
Week
June 30.
1928.
Since
July 1
1927.
Barrels. Bushels.
Barrels.
Bushels.
Bushels.
United Kingdom. 61,473 3,970,357 1,949,583 80,163,372
Continent
76,084 5,790,717 3,561.503 163,548,649
So.& Cent. Amer_
1,000
391,555
385,000
West Indies
2,000
470,000
51,000
Other countries... 22,014
710.798
1,554,003
Total 1928
Total 1927
162,571 11,333.427 5,511,066 245,702,024
133,550 12,233,325 2,913,844 300,284,284
Since
July 1
1927.
Bushels.
2,317.895
6,831.390
307,000
880,000
10,336,285
139,000 5,735,570
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, June 30, 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.
Wheat,
Corn,
Oats,
Rye,
bush.
bush.
bush,
bush.
51,000
45,000
234.000
2,000
6,000
1,000
86,000
34,000
33,000
150,000
110,000
87,000
20,000
1,000
182.000
133,090
28,000
5,000
415,000
1,000
7,000
305,000
158,000
50,000
3,000
2,897,000 1.778,000
667,000 1,031,000
133,000
183,000
930,000
23,000
32,000
169,000
28.000
76,000
6,000
5,055,000 7,262,000 1,548,000
498,000
6,000 1,256,000
77,000
8,000
11,661,000
28,000
581,000
11,455,000
58,000
272,000
138,000
103,000
w72,000
18,000
576,000
639,000
28,000
2,000
2,635,000 1,559,000
61,000
453,000
10,000
311,000
86,000
116,000
47,000
101,000
795,000
24,000
535,000
951,000
38,000
1,000
935,000
43,000
Barley,
Such.
50,000
1,000
8.000
10,000
260,000
4,000
3,000
65,000
10,000
118,000
51,000
14,000
19,000
1,000
3,000
71,000.
Total June 30 1928____38,922,000 15,999,000 3,225,000 2,495,000
688,000
Total June 23 1928____41,065,000 18,376,000 4,281,000 2,530,000
921,000
Total July 2 1927..„22,107,000 34,427,000 17,790,000 1,143,000 1,128,000
Note.-Bonded grain not included above Oats, New York, 3,000 bushels; Baltr
more, 3,000; Buffalo. 116.000; total, 122,000 bushels, against 19,000 bushels In 1927.
Barley, New York, 28,000; Buffalo, 98,000; Buffalo afloat, 132,000; Canal, 462,000;
on Lakes, 125,000; total, 845,000 bushels, against 216,000 bushels in 192Y. Wheat:
New York, 1,057,000 bushels; Boston, 164,000; Philadelphia, 748,000; Baltimore:
268,000; Buffalo, 7,807,000; Buffalo afloat, 946,000; Duluth, 73,000; on Lakes:
1,222,000; Canal, 1,762.000; total. 14,047,000 bushels, against 7,951,000 bushels
In 1927.
CanadianMontreal
5.459,000
554,000
1,239,000
439,000
Ft. William & Pt. Arthur_47,843,000
486,000
1,636.000 1,571,000
Other Canadian
6,074,000
99,000
1,018,000
22,000
Total June 30 1928_59,376,000
3.893,000
Total June 23 1928._60,396,000
3,943,000
Total July 2 1927........27,276.000
3,382,000
SummaryAmerican
38,922,000 15,999,000 3,225,000
Canadian
59,376,000
3,893,000
Total June 30 1928-98,298,000
0 7,118,000
Total June 23 1928...101,461,000 15,999,1
18,376,11
: 8,224,000
Total July 2 1927_ 49,383,000 34,427,000 21,172,000
2,147,000 1,024,000
2,112,000 1,008,000
943,000 1,564,000
688,000
2,495,000
2,147,000 1,024,000
4,642,000 1,712,000
4,642,000 1,929,000
2,086,000 2,692,000
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the week
ending Friday, June 29, and since July 1 1927 and 1926,
are shown in the following:
Wheal.
Exports.
1927-28.
Week
June 29.
Since
July 1.
1926-27.
Since
July 1.
1927-28.
!Peek
June 29.
Since
July 1.
1926-27.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels,
North Amer_ 6,585,000477,453,000493,979,000 125,000 15,600,000 Bushels.
6,963,000
Black Sea_
9,512,000 44,512,000 179,000 21,895,000 46,645,000
Argentina_ 3,247,000175.490,000134,8115,000 9,824.000278,821,000271.488
.000
Australia ..I 2,664,000 76,647.000 99,938,000
India
1 216,000 11,104,000 7,248,000
0th. countr's 640,000 32,912,000 24,873,000 358,000 27,695,000
5,084,000
Total
'13.352.000783.118.000805,433,00010.486,000 344,011,000 330,180,000
70
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS
TO
ORGANIZE RECEIVED
REQUESTED.
WITH
TITLES
Capital.
June 26-The American National Bank of Lakeland, Fla
$100,000
Correspondent, W. H. Brown, 1030 South Boulevard,
Lakeland, Fla.
June 26-The St. James National Bank. St. James, N. Y
25,000
Correspondent, John Brennan, St. James, N. Y.
June 30-The First National Bank of Leeds, Ala
25,000
Correspondent, E. R. Perdue, Leeds, Ala.
APPLICATIONS TO ORGANIZE APPROVED.
June 26-The City National Bank of Albany, Ga
Correspondent, W. B. Haley, Albany, Ga.
June 28-The First National Bank of Douglasville. Ga
Correspondent, J. R. Hutcheson, Douglasville, Ga.
June 28-The Sharon National Bank, Sharon, Conn
Correspondent, J. Clinton Roraback, Canaan, Conn.
100,000
25,000
25,000
CHARTERS ISSUED.
June 25-The National Bank of Niles Center, Ill
100,000
President, Ferdinand C. Baumann.
June 25-The Lincoln National Bank of Buffalo, N. Y
200,000
President, Frank L. Sc.hlager: Cashier, H. H. F. Klaiber.
June 29-The East Side National Bank of Buffalo. N. Y
300,000
President, Edward A. Duerr; Cashier, E. J. Weirrick.
CHANGES OF TITLE.
June 18-Corn Exchange National Bank of Philadelphia. Pa.,
"Corn
Exchange National Bank & Trust Co.. Philato
delphia."
June I8-The Farmers National Bank of Reading, Pa., to "Farmers Nat.onal Bank & Trust Co. of Reading.
June 27-The Peoples National Bank of Los Angeles, Calif., to "The
National Bank of Commerce of Los Angeles."
June 30-The Vineland National Bank. Vineland, N. J., to "The Vineland National Bank & Trust Co."
June 30-The National Bank of Spring City. Pa., to "The National Bank
& Trust Co. of Spring City."
June 30-The National Bank of Charlottesville, Va.. to "National Bank
& Trust Co. at Charlottesville."
VOLUNTARY LIQUIDATIONS.
June 20-The Tug River National Bank of Jaeger, W. Va
50.000
Effective Jan. 23 1928. Liq. Agent, the First National
Bank of Jaeger. W. Va. Absorbed by the First Naof
Jaeger. No. 11268.
tional Bank
June 25-The Farmers & Merchants National Bank of Celina,Tex. $25,000
Effective May 8 1928. Liq. Agent, Eldon Earthman,
Celina, Tex. Absorbed, by First State Bank, Celina,
Tex.
June 28-The First National Bank of Fayette, Ia
25,000
Effective June 8 1928. Liq. Comm.: W. N. Clothier
E. N. Hartman, Peter Graf, C. R. Carpenter and
F. B. Claxton, Fayette. Ia. Absorbed by State Bank
of Fayette, Ia.
June 29-The First National Bank of Temple,Tex
106,000
Effective June 25 1928. Liq. Agent, F. L. Denison,
Temple, Tex. Succeeded by The First National Bank
in Temple, No. 13206.
CONSOLIDATIONS.
June 25-The First National Bank of Lebanon. Ind
100,000
Farmers State Bank, Lebanon, Ind
100,000
Consolidated under Act Nov.7 1918, as amended Feb. 25
1927 under charter and title of "The First National
Bank of Lebanon," No. 2057, with capital stock of
100,000
300,000
June 26-The First National Bank of Hoquiam. Wash
The Lumbermen's National Bank & Trust Co., Iloquiam 100,000
Consolidated under Act Nov. 7 1918 under charter and
title of "The First National Bank of Hoquiam," No.
4427, with capital stock of
300.000
June 30-The Merchants National Bank of Baltimore, Md
4,000,000
The Citizens National Bank of Baltimore, Md
3,000,000
Consolidated under Act Nov. 7 1918 under charter of
The Merchants National Bank of Baltimore, No.
1413, and under title of "The First National Bank
of Baltimore," with capital stock of
4,000,000
The consolidated bank has three branches, all located
In the City of Baltimore.
June 30-The Seaboard National Batik of Norfolk, Va
1,000,000
The Citizens Bank of Norfolk
1,000,000
Consolidated under Act Nov.7 1918,as amended Feb.25
1927 under charter of The Seaboard National Bank of
Norfolk, No. 10194. and under title "The Seaboard
Citizens National Bank of Norfolk," with capital of. _2.000,000
The consolidated bank has one branch located in the
City of Norfolk.
BRANCH AUTHORIZED UNDER ACT FEB. 25 1927.
June 30-The First National Bank of Baltimore, Md.; location of branch,
vicinity of the corner of South and Water Streets.
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 this week:
By R. L. Day & Co., Boston on Thursday:
$ per oh.
Shares. Stocks.
32534
3 Atlantic Nat. Bank
467%
5 First Nat. Bank
466
100 First Nat. Bank
10 U.S. Trust Co._ __ex-div. & rte. 418
10 Canton (Mass.)'Tr. Co.. Canton.
150
Maas
5 PIrm. Col Tr. Co.,Brockton,Mass.80
35
56 Arlington Mills
10 Boston RR. Hold.PM ___ex-div. 7734
Shares. Stocks.
$ Per as.
7 Wilton RR.Co
70
5 Bost. Sub. El. Co., corn._ _ _$11% lot
2 units First Peoples Trust
52%
1 Mass. UM.Inv.Tr.,com
1134
8 Mass. UUL Inv. Tr., pfd., par
$50
ex-div. 4634
6 Boston Insurance Co
1124
10 spec. units First Peoples Trust__ 4
45 Huntington Chambers Trust__ - _100
By Barnes & Lofland, Philadelphia on Tuesday:
$ per oh. .$
per oh
Shares. Stocks.
2 Guarantee Trust Co
484
5 Corn Exchange Nat. Bank
880
10 Wyoming Bank & Trust Co_ _ _142
29 Continental Equitable Title &
Trust Co., par $50
3 Nat. Bank of No. Phila
340
300
1 Nat. Bk.of Germantown, par $50 611
10 Fidelity Trust Co. of Wildwood,
22 Hatboro (Pa.) Nat. Bank
N. J
100
558
1 Citizens Nat. Bank of Jenkin10 Glenside Trust Co.. par $50_ - - _ 6034
town. Pa
100 Independence Indemnity Co.,
100
25 Bk. of No. Amer. & Tr. CO--- _450
par $10
2934
25 City Nat. Bank dr Trust Co._ _ _240
19 Eagan Johnson Steel & Iron Co.,
16 Federal Trust Co
1
preferred
750
10 Manherm Trust Co., par
6334
$ per Righi.
Rights5 Manheim Trust Co., par ISO
63
100 Integrity Trust Co
18034
16 Security Title & Tr. Co., par $50,
Per Cent.
70 ex-rights
Bonds55,
10 Continental Equitable Title &
'Frac.
$4,000 Jackson Control.
;
Trust Co.. Par $50
11
34034
Mail 1934
[VoL. 127.
FINANCIAL CHRONICLE
By Adrian H. Muller & Sons, New York on Thursday:
Shares. btocks.
$ per oh. Shares. Stocks.
$ per oh.
Junior participation, approx. 8.57,300 General Vending Corp. corn.
000, evidenced by participating
v. t. c., no par
14
agreement dated Sept. 9 1927 and
mtge. of S100,000 made by LustBonds.
Per Cent.
bader Constr. Co., Inc., to
$10,000 Lackawanna & SusqueFranklin Blvd. Corp. dated Mar.
henna Coal & Iron Co. 1st mtge.
31 1927 covering property known
East Side 7s, June 1 1892, with
as Franklin Hotel, Long Beach;
June 1 1885 and subsequent
Junior participation in mtge. of
coupons attached; $4,000 Lacks$105,500 made by Dolkass Operwanna & Susquehanna Coal di
ating Co., Inc.. dated March 2
Iron Co. 75, June 1 1892, carry1928 on Franklin Hotel, Long
ing int. in East Side Bondholders
Beach, L. I., said Junior particiwith June 1 1885 and subsequent
pation Is the balance of said mtge.
coupons attached
$15 lot
over and above the senior participation of $45,386.50 with interest
from March 2 1928; 57 abs. Do!kegs Oper. Co., Inc., corn _31,600 lot
By Wise, Hobbs & Arnold, Boston on Thursday:
Shares. Stocks.
$ per oh.
30 Pepperell Mfg. Co
90
12 Wamsutta Mills
53
10 Boston Mfg. Co.,634 %,pfd.___ 26
8 Boott Mills
12834
4-5 Pepperell Mfg. Co
134
10 Arlington Mills
35
107 Arlington Mills
35
9 Boston & Providence RR. Corp_178
5 Haverhill G. L. Co., par $25
6234
50 Shawmut Association
52
75 Old Colony Trust Associates_._ _ 5234
150 Beacon Panic. Inc., cl. A pfd__ 21
1 Contin. G.& L. Corp.. corn
200
4 units First People's Trust
5234
12 Springfield G. L. Co., (undep.)
par $25
ex-div. 65
20 Maas. Ltg. Cos.6% pfd. undep.
Shares. Stocks.
$ per oh.
4 Milford(Mass.) Nat. Bank
15051
100 Beacon Poetic. Inc. cl. A pfd_ _ 21
92-10 Craton & Knight Co., pfd_
9
40 Quincy Mkt. Cold Stor. & Whse.
Co., common
40
300 Beacon Panic. Inc. class A pfd_ 21
50 Old Colony Trust Assoelates_52-525$
6 Hood Rubber Co., 734% pref.__ 80
10 New Engl. Pow. Assn. 6% pfd_ 9834
10 New Engl. Pub. Serv. Co., corn. 80
75 Perry & Whitney Co., pfd
15
555 Beacon Panic. Inc., el. A W.._ 21
15 units First People's Trust
55
20 Hood Rubber Co. 7%%.Pref-_ 81
25 Old Colony Trust Associates_ _52-53%
15 Robert Gale Co..class A
52
$500 Lockwood Greene & Co., Inc.,
coll. tr. 75, Mar. 1933, ctf. dep.,
20 Mass. Ltg. Cos., cons. undep. 156-157
50 Lockwood Greene Ji Co., Inc.,
200 Beacon Partic. Inc., cl. A, pfd_ 21
pfd., temp. ctf.; 10 Lockwood
10 Amer.Tissue Mills, pfd
Green dr Co., Inc., class B _ _ _$135 lot
92
5 Boston Chamb. of Corn. Realty
Rights.
$per Right.
Trust, 1st pfd
50 Edison El. III. Co. of Brockton
40
234
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
Railroads (Steam).
Conn.& Passumpsic Rivers. pfd
Massawippi Valley
Cinn., Chic.& St. Louis
Per
When
Cent. Payable.
3
Aug. I Holders of rec. July 1
3
Aug. 1 Holders of rec. July 1
.23-1 July 20 *Holders of rec. July 10
Public Utilities.
Amer. Light & Traction, corn. (guar.). 2
Aug.
Preferred (guar.)
134 Aug.
Bridgeport Hydraulic (old $100 Pan
July 1
- n
Broad River Power, 7% pref. (guar.)
•134 Aug.
Cities Service Power & L,$6 pfd (mthly.) *50c. July 1
7% preferred (monthly)
*581e. July 1
Commonwealth Edison (guar.)
*2
Aug.
Consumers Power Co.6% pfd.(guar.).. 134 Oct.
(Le% preferred (guar.)
1.6.5 'Oct.
7% preferred (quar.)
134 Oct.
6% preferred (monthly)
50e. Aug.
50c. Sept.
6% Preferred (monthly)
6% preferred (monthly)
50c. Oct.
6.6% preferred (monthly)
55c. Aug.
6.6% preferred (monthly)
55e. Sept.
6.6% preferred (monthly)
55e. Oct.
Duquesne Light, let pref. (guar.)
*134 July 1
Eastern Mass. St. Ry.
1st preferred and sinking fund stock_
3
Aug. I
Preferred "B"
3
Aug.
Elec. Pow.& Light, all ctfs. fully paid_ _ _ 1234e. Aug.
Allotment etre. 40% paid
Sc. Aug.
Fort Worth Power & Light. pref. Mari .134 Aug.
General Public Serv.$6 pref.(guar.).
$1.50 Aug.
Hartford Electric Light, COM.(MO
6234c. Aug.
Interstate Railways, corn. (Ouar.)
• l734c. Aug.
Massachusetts Utilities Invest. Tr.5% partic. cony. pref
6234c. July 1
Miss. Valley Utilities Invest. Co.
Prior lien $6 pref.(guar.)
$1.50 Aug.
Missouri G.& E.Serv. pr. lien (qu.).... $1.75 July 1
Missouri Ely -Sioux City Bdg. Co.
Participating pref.(guar.)
$1.75 July 1
Municipal Service 8% pref.(guar.)
134 Aug.
National Elec. Power,el. A (guar.)
45c. Aug.
Northern N.Y.Telephone.corn
'234 July 1
Preferred (guar.)
*1 Si July 1
Philadelphia Co.. 5% pref. (ouar.)
*$1.25 Sept.
Phila.& Grays Ferry Pass. By
*$2 July
Public Service Corp. of N. J., corn.(gu) 50e. Sept.2
6% preferred (monthly)
50c. July 3
6% preferred (monthly)
50c. Aug. 3
6% preferred 'monthly)
50c. Sept.2
7% preferred (quar.)
154 Sept.2
8%preferred(guar.)
2
Sept.2
Public Service Elec. dv Gas,6% pfd.(qu.) 134 Sept.2
7% preferred lunar.)
134 Sept.2
Public Serv. of No. III., cons. (guar.)... *S2
Aug.
Six per cent pref. (guar.)
•134 Aug.
Seven per cent pref. (ouar.)
•154 Aug.
Railway & Light Securities, corn. (qu.)
50c. Aug.
Preferred (guar.)
$1. Aug.
Ban Diego Consol. Gas& Elec., pfd.(qu) 134 July 1
Sedalia Water, pref. lunar.)
154 July 1
Southern Canada Power, corn. (guar.)._ $1
Aug. 1
West Penn Elec. Co., class A (guar.)._ _
154 Oct.
Wisconsin Valley Elec. Co., Prof
334 July
Banks.
Continental
Corn Exchange (guar.)
Harlem Bank of Commerce (guar.).
Harriman National
Extra
Harriman Securities
Trust Companies.
Banco dl SWIM Trust Co. (guar.)
Sauterne Corp.. class A & B (guar.)
Mutual of Westchester Co.(guar.)
Extra
U. S. Mortgage & Trust (guar.)
Fire Insurance.
National Liberty
Extra
Books Closed
Days Inclusive.
•5
5
134
5
5
10
July 14 to July 26
July 14 to July 26
*Holders of rec. June 30
*Holders of rec. July 16
*Holders of rec. June 30
*Holders of rec. June 30
*Holders of rec. July 14
Holders of rem. Sept. 1$
Holders of rec. Sept. 15
Holders of roe. Sept. 15
Holders of rec. July 14
Holders of rec. Aug. 15
Holders of rec. Sept. 15
Holders of rec. July 14
Holders of roe. Aug. 15
Holders of rec. Sept. 15
*Holders of rec. June 15
Holders of roe. July
Holders of rec. July
Holders of res. July
Holders of roe. July
*Holders of rec. July
Holders of rec. July
Holders of rec. July
*Holders of rec. July
31
15
14
14
14
9
20
20
Holders of rec. June 28
Ilolders of rec. July 14
Ilolders of roe. June 30
Holders of roe. June 30
Holders of rec. July 16
Holders of rec. July 20
*Holders of rec. June 30
*Holders of rec. June 30
*Holders of rec. Aug. 10
*Holders of rec. June 30
Holders of rev. Sept. hr
Holders of tee. July 6a
Holders of rec. Aug. Ila"
Holders of rec. Sept. la'
Holders of rec. Sept. la
Holders of rec. Sept. la
Holders of roe. Sept. la
Holders of rem Sept. la
*Holders of rec. July 14
*Holders of rec. July 14
*Holders of rec. July 14
Holders of ree. July 16a
Holders of rec. July 160
Holders of rec. JIMO 30
Holders of ree. July 3
Holders of rec. July 31
Holders of rec. Sept. 151F
Holders of rec. June 30
Aug. I *Holders of rec. July 27
Aug. 1 Holders of rec. July 31
July 10 July 3 to July 10
July 6 Holders of rec. July 5
July 6 Holders of rec. July 5
July 6 Holders of rec. July 5
134 July 10 July 1 to July 10
25e. July 10 July 1 to July 10
July 5 Holders of rec. June 30
3
July 5 Holders of rec. June 30
2
334 July 2 Holders of rec. June 29
*50c. July 16 *Holders of rec. July
•$1.25 July 16 *Holders of roe. July
3
3
JULY 7 1928.]
Name of Company.
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closed
Days Inclustre.
Name of Company.
71
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous.
Railroads (Steam) (Concluded).
13.4 Aug. 1'Holders of rec. June 29a
Aetna Standard Engineering, corn
(.)anada Southern
"62450 July 1 'Holders of rec. June 25
"$1.75 July 1 *Holders of rec. June 25
Preferred (guar.)
Central RR.of N. J.(guar.)
2
Aug. 15 Holders of rec. Aug. 36
"51.24
2
Amer. Basic Business Shares Corp
Extra
July 16 Holders of rec. July 9a
*75c. July 15 'Holders of rec. July 12
American Chair, corn. (guar.)
Chicago Indianan. dr Louisv.,corn
244 July 10 Holders of rec. June 23
American Cigar, corn. (guar.)
2
Common (extra)
1
Aug. 1 Holders of rec. July 14
July 10 Holders of rec. June 23
Amer. European Securities. pref. (nu.)- - $1.50 Aug. 15 Holders of roe. July 31
July 10 Holders of rec. June 236
Preferred
2
Amer. Mach. & Fdy., corn. (guar.)._ _ _ $I
Aug. I Holders of rec. July 20
5
July 20 Holders of rec. July 13a
Cincinnati Northern
Preferred (guar.)
Cloy. Cin. Chic.& St. L., corn.(guar.)-- 2
July
y 20
0 Holders of rec. June 29a
134 Aug. 1 Holders of rec. July 20
American Thermos Bottle, corn. A (qu.) *25e. Aug. 1 *Holders of rec. July 20
134 July
Preferred (quar.)
Holders of rec. June 29a
Ameritalo Holding Corp., corn. A.
3
Aug. 1 Holders of rec. July 16
Cuba RR., preferred
(guar.)(No. I)
25e. July 5
3
Febl'29 Holders of rec. Jan 15'29
Preferred
2
July 5
Preferred (guar.)(No. 1)
•234 Sept.20 *Holders of rec. Aug. 28
Delaware & Hudson Co.(quar.)
Amsterdam Trading Co
75c. July 20 Holders of me. July 16
$1.50 July 20 Holders of rec. July 7a
Delaware Lack & Western (quar.)
Holders of rec. July 16
144 Aug.
Atlantic Refining, pref. (guar.)
3
July 16 Holders of rec. July 9a
Detroit River Tunnel
(guar.)
1% Aug
Atlas Powder, pref.
Holders of roe. July 20a Georgia RR.& Banking (guar.)
*234 July 16 *Holders of rec. June 30
Baldwin Bond & Mtge., pref
3% July 2 Holders of rec. June 30
Great Northern, preferred
234 Aug. 1 Holders of rec. June 27a
folding Corticelli, Ltd., corn
Holders of rec. July 14
3% Aug.
July 16 Holders of rec. June 300
Kansas City Southern. prof.(guar.).
Preferred (guar.)
1
134 Sept. 15 Holders of roe. Aug. 31
July 14 June 16 to July 15
Little Schuylkill Nay., RR.& Coal
Borden Co., corn. (guar.)
$1.50 Sept. 1 Holders of rec. Aug. 11
Louisville dr Nashville
334 Aug. 10 Holders of rec. July I6a
Brown Shoe, Pref. (guar.)
1% Aug 1 Holders of rec. July 20
$12.50 Aug. 1 Holders of rec. July 16a
Mahoning Coal RR., common
Brunswick-Balke-Coll Co.. corn. (qu.)
75c. Aug. 15 Holders of rec. Aug. 5
20
July 28 Holders of rec. June 200
Michigan Central
4500. Aug. I *Holders of rec. July 25
Bunte Bros., Corn. (guar.)
2
New York Central RR.(guar.)
Aug. I Holders of rec. June 29a
.1
,
1q
Preferred (guar.)
Aug. 1 *Holders of rec. July 25
Sept. 19 Holders of rec. Aug. 31a
2
Norfolk & Western, corn.(guar.)
Byers (A. M.) Co., pref. (guar.)
'144 Aug. 1 *Holders of rec. July 14
1
Aug. 18 Holders of rec. July 316
Adjustment preferred (guar.)
Canadian Bronze, Ltd., corn. (quar.)Aug. 1 Holders of rec. July 16
El
$2
July 14 Holders of rec. June 30a
Northern Central
Preferred (guar.)
$1.75 Aug. 1 Holders of rec. July 16
134 Aug. 1 Holders of rec. June 29
Northern Pacific (guar.)
Carr Fastener, corn. (guar.)
"50e. July 15 'Holders of rec. July 10
444 July 10 June 23 to July 10
Northern Securities
Common (extra)
*S1
July 15 *Holders of rec. July 10
I% Oct. 1 Holders of rec. Sept. 15a
Old Colony (guar.)
Century Ribbon Mills, pref. (guar.) "144 Sept. 1 *Holders of rec. Aug. 20
S734cAug.31 Holders of rec. Aug. la
Pennsylvania RR.(guar.)
Cerro de Pasco Copper Corp.(quar.)
51.25 Aug. I Holders of rec. July 19
Pere Marquette, prior preference (guar.) 144 Aug. 1 Holders of rec. July 66
Chic., Wilm.& Franklin Coal, pfd.(qu.) $1.50 Aug. I Holders of rec. July 1114
Aul
ugy. 31 Holders of rec. July 6a
1 4:
4 J
Five per cent pref.(guar.)
Cleveland Builders Supply (guar.)
50c. July 15 Holders of rec. June 29
Holde of rec. June 29a
22.50 Aug.Holders
Pittsburgh & Lake Erie
Cluett, Peabody & Co., corn. (guar.)._ .51.25 Aug. 1 *Holders of rec. July 21
Holders of rec. July 16e
Pittsburgh & West Va.(guar.)
Conley Tank Car, corn. (guar.)
50c. June 30 June 21 to June 30
2150c Aug. 9 Holders of rec. July 12a
Reading Co., corn. (guar.)
d Preferred (guar.)
2
June 3 June 21 to June 30
Sept.13 Holders of rec. Aug. 23a
First preferred (guar.)
Consol. Royalty Oil (guar.)
1120e. July 2 *Holders of rec. July 14
50c July 12 Holders of rec. June 21a
Second preferred (guar.)
Coos Bay Lumber, 1st prof
"h157 July 25 *Holders of rec. July 15
50c Oct. 11 Holders of rec. Sept. 20a
second preferred (guar.)
Credit Alliance Corp., corn. & Cl. A (cm.) 75e. July 15 Holders of rec. July 3
St. Louis-San Francisco, pref.(guar.).- - 134 Aug. 1 Holders of rec. July 146
Common & class A (extra)
$1.25 July 15 Holders of roe. July 3
144 Nov. 1 Holders of rec. Oct. 15a
Preferred (guar.)
Davega, Inc. (guar.)
250. Aug. 1 Holders of rec. July 16
Southern 11.y.. corn. (guar.)
2
1x Aug. 1 Holders of rec. July 2a
Dominion Pow.& Mill. Corp., pfd.(qu.) 134 July 3 Holders of roe. June 28
.2% July 16 Holders of rec. June 19a
Preferred
(guar.)
Economy Grocery Stores (guar.)
25e. July 16 Holders of rec. July 2
July 10 *Holders of rm. June 20
United N.J. RR.& Canal(guar.)
Enamel & Mg.Prod., Ltd.(On.)(No. 1) *50e. Aug. I Holders of roc. July 14
3
1m Aug. 1 Holders cf rec. July 14a
Virginian Ry., preferred
Equitable CM.& Surety (qu.)(No. 1).250. Aug. 15 Holders of rec. Aug. 1
Aug. 24 Holders of rec. July 254
Wabash
Ry., Prof. A (guar.)
Eureka Vacuum Cleaner (guar.)
*El
Aug. 1 *Holders of roe. July 20
Exchange Buffet Corp.(quar.)
3744c. July 31 Holders of roe. July 16a
Utilities.
Public
Fajardo Sugar (guar.)
234 Aug. I Holders of roe. July 19
Alabama Power,$5 pref.(guar.)
$1.25 Aug. 1 Holders of rec. July 16
Federated Business Publications, com_ _
250. Aug. 1 Holders of rec. July 20
Amer. Dist. Teleg. of N.J., corn.(qM.)-- 51
July 16 Holders of rec. June 154
Firestone Tire & Rubber, corn.(guar.)._ :2
July 20 Holders of rec. July 10
144 July 16 Holders of rec. June 15a
Preferred
(guar.)
7%
General Laundry Machinery
•40c. July 14 *Holders of roe. June 29
Amer.& Foreizn Power, 2d pref soy. A $1.76 Aug. 1 Holders of rec. July 14
General Stock Yards, corn. (guar.)
500. Aug. I Holders of rec. July 16
2
July 13 Holders of rec. June 30
American Gas (guar.)
Preferred (guar.)
81.50 Aug. 1 Holders of rec. July 16
Amer. Gas & Elec., pref. (guar.)
21.50 Aug. 1 Holders of rec. July 9
Globe-Wernicke Co., 6% pref. (gu.). _ _
July 16 "Holders of rec. June 30
Amer.
July 16 Holders of rec. June 206
Telep.
234
&
Telee.
(guar.)
Gorham Manufacturing, 1st Pref. (qu.). 144 Sept. 1 Holders of rec. Aug. 15
Amer. Water Works & Elec..ccm.(qu.).
250. Aug. 15 Holders of rec. Aug. la
Grand (F. & W.) 5-10-25 cent StoresCommon (one-fortieth sh, corn, stk.). (/) Aug. 15 Holders of rec. Aug. la
Common (guar.)(No. 1)
250. July 20 Holders of roe. July 14
$6 first preferred (quar.)
81.50 Oct. 1 Holders of rec. Sept.126
Preferred (guar.)
$ 1.6244 Aug. 1 Holders of rec. July Is
Associated Gas & Elec., el. A (guar.)- -- 1500. Aug. 1 Holders of rec. June 30
Hammermill Paper, corn. (guar.)
.25e. Aug. 15 *Holders of rec. July 31
Bell
Telephone
2
July 14 Holders of rec. June 23
of
Canada
(guar.)
Hart & Cooley Co.. corn. (extra)
•50e.
Bell Telep. of Pa..644% prof.(guar.)- - - 144 July 14 Holders of rec. June 206
Hershey Chocolate, prior pref. (quar.)- - •$1.5C Aug. 15 *Holders of rec. July 25
Brooklyn-Manhattan Tran., corn. (qu.) $1
July 16 Holders of rec. June 30a
Convertible preferred (guar.)
Aug. 15 'Holders of rec. July 25
Preferred series A (guar.)
$1.50 July 16 Holders of rm. June 30a
Holly 011 (guar.)
250. Sept. 30 Holders of me. Sept. 15a
Preferred serles A (guar.)
21.50 Oct. 15 Holders of rec. Oct. la
Homestake Mining (monthly)
•50c. July 25 *Holders of rec. July 20
Preferred series A (guar.)
$1.50 Jan15'29 Holders of rec. Dec. 31a
Hood Rubber, preference (guar.)
Aug. 1 *Holders of roe. July 20
Preferred series A (guar.)
21.50 AprI5'29 Hold, of rec. Apr. 1 '29a
Seven per cent pref. (quar.)
Aug. 1 *Holders of rec. July 20
California-Oregon Power, corn. (guar.). 21.75 July 14 Holders of rec. June 30
Hoover Steel Bali (guar.)
*30c. July I *Holders of rec. June 28
114 July 14 Holders of rec. June 30
6%
preferred
(guar.)
Industrial Bankers of Amer., corn. (qu.) *750. July 15 *Holders of rec. July 7
144 July 14 Holders of rec. June 30
7% preferred (guar.)
Preferred (guar.)
*21.75 July 15 *Holders of roe. July 7
144 July 16 Holders of rec. June 30
Northern
pref.
(guar.)
Canadian
Power.
Intemat'l Acceptance Bank (guar.). _ *E1.50 July 16 *Holders of rec. July 5
*50e. Aug. 1 *Holders of rec. June 30
Elec..
Hudson
corn
Gas
Central
&
International Cigar Mach'y, corn.(gu.). 81
Aug. 1 Holders of rec. July 20
$1.50 July 15 Holders of rec. June 30a
Central Ill. Pub. gory.. prof.(guar.).
•15i Aug. 1 *Holders of rec. July 12
Internat. Nickel, pref. (guar.)
144 Aug. 1 Holders of rec. July 14
Central Power & Light. pref.(guar.).- Internat. Products Corp., pref. (guar.).. 3
July 16 Holders of roe. June 30
Central & S. W.Utilities, corn.(quar.).. 750. July 16 Holders of rec. June 30
Kaufmann Dept. Stores, corn. (guar.).25e. Aug. 1 Holders of rec. July 10
144 July 16 Holders of rec. June 30
prof.
of
Bait.,
Po.
Tel
Ches.
&
((PO
Kawneer Co. (guar.)
6244e. July 15 Holders of roe. June 30
650. Aug. 1 Holders of rm. July 174
Chicago Rapid Transit. pr. pf. A (qu.)_ _
Kayser (Julius) & Co., coin.(quar.)_. 81.25 Aug. 1 Holders of rec. July 16
65e. Sept. I Holders of rec. Aug. 216
Prior preferred A (guar.)
Keystone Steel & Wire, pref. (guar.)- 134 July 15 Holders of rec. July 5
600. Aug. 1 Holders of rec. July 176
Prior
preferred
B
(guar.)
Leasing% Inc. (extra)
'Sc.
600. Sept. 1 Holders of rec. Aug. 21a
Prior preferred 11 (guar.)
Lit Brothers (guar.)
"50c. Aug. 20 *Holders of roe. July 10
Newport & Coy.L.& Tr.,com.(gU) "144 July 15 *Holders of rec. June 30
Ctn.
Loewe Boston Theatres (guar.)
•150. Aug. 1 *Holders of rec. July 14 ' Preferred
"144 July 15 *Holders of rec. June 30
(guar.)
Motion Picture Capital Corp., prof.(qu.) 2
July 16 Holders of me. July 11
Cleveland Elec. Illuminating (guar.)
- 234 July 15 Holders of rec. June 29
Mullins Mfg., pref. (guar.)
'2
Aug. I *Holders of me. July 16
(guar.).
common
Columbia
Elec.,
51.25 Aug. 15 Holders of reg. July 206
Gas
&
National Carbon. pref. (guar.)
2
Aug. 1 Holders of rec. July 20
144 Aug. 15 Holders of rec. July 200
6% preferred, series A (quar.)
National Dept. Stores, 1st pref. (quar.)_ "1M Aug. 1 *Holders of rec. July 16
corn.
Power,
Commonwealth
(quay.)....
75g Aug. 1 Holders of rec. July 12a
National Tea, 644% pref. (guar.)
144 Aug. 1 Holders of roe. July 14
144 Aug. 1 Holders of roe. July 12
6% preferred (quar.)
New York Merchandise, corn. (guar.). _ .50c. Aug. 1 'Holders of rec. July 20
Consolidated Gas of N. Y.. prof.(quar.) $1.25 Aug. 1 Holders of rec. June 30a
First preferred (guar.)
•1M Aug. 1 *Holders of roe. July 20
July 15 Holders of rec. June 30
Consolidated Traction of N. J
2
011 Shares, Inc., Prof.(No. 1)
75c. July 16 Holders of me. July 5
2
July 16 Holders of rec. June 20a
Detroit Edison Co.(quar.)
Oppenhelm, Collins & Co.(guar.)
$1
Aug. 15 Holders of me. July 27
State
July
Diamond
14 Holders of roe. June 20a
144
prof.
Telep..
(Qtr.)
644%
Packard Motor Car (extra)
*El
July 31 "Holders of rec. July 14
Dominion Power & Trans., pref.(guar.) 144 July 14 Holders of rec. June 23
Monthly
.25c. Sept.29 *Holders of rec. Sept. 15
Duquesne Light. let pref.(guar.)
144 July 14 Holders of roe. June 154
Monthly
*250. Oct: 31 *Holders of rec. Oct. 15
East Bay Water, prof. A & B (guar.).- $1.50 July 16 Holders of rec. June 306
Monthly
*25c. Nov. 30 *Holders of rec. Nov. 15
Aug. 1 Holders of rec. July 10
Edisen Elec. ill.. Boston (guar.)
3
Packer Corporation (guar.)
6214e. July 15 Holders of rec. July 5
Electric Bond & Share. pref.(guar.).-- 144 Aug. 1 Holders of rec. July 10
Palmolive-Peet Co., corn. (guar.)
6214c. July 20 Holders of rec. June 29
Electric Bond & Share Secur.(quar.). 250. July 16 Holders of rec. June 18
Parke, Austin & Lipscombe. Inc.Electric Power & Light. corn
25c. Aug. 1 Holders of rec. July 14a
Cony. mutt°. pref. (guar.)
*50c. July 16 'Holders of roe. July 2
El Paso Electric Co., pref.(quar.)
I% July 16 Holders of rec. July 26
Pick(Albert)Barth & Co., nettle. pf.(qu) 43140. Aug. 15 Holders of rec. July 25
Fairmount Park Tran. (Phila.)
250. July 10 Holders of rec. June 300
Pickwick Corp., corn. (quay.)
*20c. July 25 'Holders of roe. July 16
General Pub Rem., cony. pref.(quar.)- 81.75 Aug. 1 Holders of rec. July 9
Pittsburgh Steel. pref. (guar.)
1% Sept. 1 Holders of roe. Aug. 11
45 50 preferred (quar.)
St. Lawrence Paper Mills. prof. (quar.)-1% July 16 Holders of rec. July 7
1.3734 Aug. 1 Holders of rec. July 9
Salt Creek Producers (guar.)
75c. Aug. 1 Holders of rec. July lea Illinois Northern UM..6% prof. (guar.) •144 Aug. 1 *Holders of rec. July 16
Junior cumulative pref.(guar.)
*$1.75 Aug. 1 "Holders of rec. July 16
Schutter-Johnson Candy A cony. pf.d. _
600. July 2 Holders of rec. June 20
Illinois Power & Light. $6 pref.(guar.). 51.50 Aug. 1 Holders of rec. July 14
Richfield 011, coin. (guar.)
*25c. Aug. 15 "Holders of rec. July 20
Internat. Telep. & Teleg. (guar.)
144 July 16 Holders of rec. June 22a
Common (extra)
*250. Aug. 15 *Holders of rec. July 20
Internat. Utilities, class A (guar.)
8714e. July 16 Holders of rec. June 30a
Sears, Roebuck & Co. (guar.)
% Aug. 1 Holders of rec. July 14
$7 preferred (guar.)
$1.75 Aug. I Holders of roe. July 18a
Shares Holding Corp., class A (guar.). 4340.
Holders of me. July 7
Kentucky Securities Corp., prof.(quar.) 144 July 16 Holders of rec. June 20a
Class A (extra)
Holders of rec. July 7
12340.
Manitoba Power (quar.)
Aug. 1 Holders of rec. July 10
Stover Mfg. & Engine, corn. (quar,).* 6234c. Aug. 1 *Holders of rec. July 20
$1
Massachusetts Gas Cos., corn.(quar.)
81.25 Aug. 1 Holders of rec. July d14
Superheater Co.(guar.)
21.50 July 16 Holders of rec. July 5
Mexican Utilities. preferred
•154 Aug. 15 *Holders of rec. July 13
23.50 July 16 Holders of rec. July 2
Tide Water 011. prof. (guar.)
Middle West Utilities, prior lien (guar.). 22
July 16 Holders of rm. June 30
Tobacco Products Corp., class A (qu.)- Aug. 15 Holders of rec. July 25
$6 preferred (quar.)
81.50 July 16 Holders of rec. June 30
United Pacific Corp.. Partic. Pf. (qu.)- 150. July 16 Holders of rec. July 2
Milwaukee Elec. Ry.& Lt.,6% pf.(qtr.) 144 July 31 Holders of rec. July 206
U. S. Fidelity & Guar.(Bait.). (guar.)- - $2.25 July 16 Holders of rec. July 3
Montreal 1.t.. Ht. & P.. Cons., (guar.).
50e. July 30 Holders of rec. June 30
U.S.& Foreign /*cur. Corp., let pf.(qu.) $1.50 Aug. 1 Holders of roe. July 11
Montreal Telegraph (guar.)
July 16 Holders of rec. June 30
U. S. Safe Deposit Co
5
112
July 2 Holders of roe. June 30
*1,‘
Montreal Tramways(quar.)
244 July 14 Holders of rec. July
Valmo Corp., corn. & prof. (quar.)
Mountain States Power, prof.(guar.).-- 134 July 20 Holders of rec. June 30
Common & partic. preferred (extra) _ '40
National Fuel Gas(quar.)
•250. July 16 *Holders of rec. June 30
Vick Chemical (guar.)
*51
Aug 1 *Holders of rec. July 15
National Power & Light,$6 pmt.(cm.)
$1.50 Aug. 1 Holders of rec. July 14
Warner Gear, corn. (guar.)
250. July 1 Holders of rec. June 20
Nevada-Calif. Elec. Corp" Pref• (quilt.) 144 Aug. 1 Holders of rec. June 30
Common (extra)
75c. July 1 Holders of rec. June 20
New England Power Assn.. corn.(quar.) 50c. July 16 Holders of rec. June 304
Yale & Towne Mfg. (guar.)
$I
Oct. 1 Holders of roe. Sept. 7
New England Pub. gory.. $7 pref.(qu.). $1.75 July 15 Holders of rec. June 30
Zenith Radio Corp., corn. (quar.)..' 62340. Aug. 1 'Holders of ree. July 20
81.50 July 15 Holders of rm. June 30
$6 preferred (quar.)
21.63 July 15 Holders of rec. June 30
Adjust. preferred (quar.)
Below we give the dividends announced in previous weeks
144 July 16 Holders of rec. June 20
York Telephone. pref.(guar.)
and not yet paid. This list does not include dividends an- New
North American Edison Co.. pref.(qu.) $1.50 Sept. 1 Holders of rec. Aug. 15a
nounced this week, these being given in the preceding table. North. Indiana Pub. Sexy.,7% Pf.(clu.) 144 July 14 Holders of rec. June 30
144 July 14 Holders of rec. June 30
6% preferred (guar.)
When
Per
Books Closed
July 10 Holders of rec. June 304
North. Ontario P.& L., corn.(guar.)-- - $1
Name of Company.
Days Inelustre.
Cent. Payable.
3
Tuly 25 Holders of rec. June 30a
Preferred
Aug. 1 Holders of rec. June 30
Northern States Power, corn. A (quay.).. 2
Railroads (Steam).
144 July 20 Holders of rec. June 30
7% preferred (guar.)
Aug. 15 Holders of rm. July 1 la
Alabama Great Southern, pref
22
6% preferred (altar.)
13.4 July 20 Holders of rec. June 30
$1.50 Aug. 15 Holders of rec. July I la Northwestern Bell
Preferred (extra)
Telep..644% Pf.(WO 144 July 16 Holders of rec. June 20
Aids. Topeka & Santa Fe. corn.(quar.). 214 Sept. I Holders of rec. July 276 Ohio Edison Co.,6% pref.(guar.)
144 Sept. 1 Holders of rec. Aug. 15
234 Aug. 1 Holders of rec. June 29a
Preferred
1.65 Sept. 1 Holders of rec. Aug. 15
66% Preferred (Qum.)
$3.50 July 111 Holders of rec. June 15a
Atlantic Coast Line RR., corn
13.4 Sept. 1 Holders of rec. Aug. 15
7% preferred (quay.)
$1.50 July 10 Holders of rec. June 15a
Common (extra)
5% preferred (quar.)
134 Sept. I Holders of rec. Aug. 15
13.4 Sept. 1 Holders of rec. July 14a
Baltimore & Ohio, corn.(quar.)
500. Aug. 1 Holders of rec. July 16
6% preferred (monthli)
1
Sept. 1 Holders of rec. July 14a
Preferred (guar.)
50c. Sept. I Holders of rec. Aug. 15
6% preferred (monthly)
July 10 Holders of rec. June 300
Carolina Clinchfield & Ohio (qua.). - 1
550. Aug. 1 Holders of rec. July 16
6.6% preferred (monthly)
1 14 July 10 Holders rf roe. June 30a
Stamped stork (quar.)
550. Sent. I Holders ef rec. Aug. 15
6.6% ()referred (monthly)
134
•134
144
72
FINANCIAL CHRONICLE
Name of Company.
Per
When
Cent. Payable
Books Closed
Days Inclusive.
Name of Company.
[Vol.. 127.
Per
When
Cent. Payable
Books Closed
Days Inclusive.
Public Utilities (Concluded).
Miscellaneous (Continued).
Pacific.Gas & Elec., corn. (guar.)
50c. July 16 Holders of rec. June 30a Bastian-Blessing Co., pref. (au-ar.)
$1.75 Oct. 1 Holders of rec. Sept. 200
Pacific Lighting,6% pref.(guar.)
14 July 16 Holders of rec. June 30a Beech-Nut Packing (guar.)
60e. July 10 Holders of rec. June 25a
Pacific Telep. & Teleg., pref.(guar.).- 14 July 16 Holders of rec. June 30
Bigelow-Hartford Carpet, torn. (guar.). $1.50 Aug. 1 Holders at rec. Julyd19
Penn-Ohio Edison, corn. (guar.)
25c Aug I Holders of rec. July 14
Preferred (guar.)
Aug. I Holders of rec. July d19
13.4
7% prior preferred (guar.)
14 Sept. 1 Holders of rec. Aug. 20
Blaw-Knox Co.,corn.(guar.)
750. Aug. 1 Holders of rec. July 21
$6 preferred (guar.)
$1.50 July 14 Holders of rec. June 30
Bloch Brothers Tobacco, corn. (au-ar.).- 373.4c Aug. 15 Aug. 10 to Aug. 14
Penn-Ohio Securities Corp., corn.(au).
18c. Aug. 2 Holders of rec. July 14
Common (guar.)
3734e Nov. 15 Nov. 10 to Nov. 14
Pennsylvania-Ohio P.& L., $6 pf. (qu.) $1.50 Aug. 1 Holders of rec. July 20
Preferred (guar.)
134 Sept. 30 Sept.25 to Sept.29
14 Aug 1 Holders of rec. July 20
7% Preferred (guar.)
Preferred (guar.)
14 Dec. 31 Dec. 26 to Dec. 30
7.2% preferred (monthly)
60c. Aug 1 Holders of rec. July 20
Bloomingdale Bros., prof.(guar.)
14 Aug. 1 Holders of rec. July 200
6.6% preferred (monthly)
55c. Aug. 1 Holders of rec. July 20
Bohaek (H.C.) Co.,new no par com.(qu.) 5623.4c Aug. 1 *Holders of rec. July 16
Peoples Gas Light & Coke (guar.)
July 17 Holders of rec. July 3a Bon Ami Co., class A (guar.)
2
July 30 Holders of rec. July 15g
Si
Philadelphia Company, corn. (guar.)--- 51
July 31 Holders of rec. July 2a Brewers & Distillers of Vancouver,
Common (extra)
$1.50 July 31 Holders of rec. July 2a
Ltd., torn.(Interim)
5c. Aug. 1 Holders of rec. July 5
$1.25 Sept. 1 Holders of rec. Aug. 10a Bristol-Myers Co.(guar.)
5% Preferred (guar.)
Sept. 29 Holders of rec. Sept. 19
$1
Philadelphia Rapid Transit (guar.)
July 31 Holders of rec. July 16a
El
Quarterly
Dec. 31 Holders of rec. Dec. 21
$1
Philadelphia Western RY., pref.(guar.)- 624c. July 14 Holders of rec. June 30a Broadway Dept.Stores, prof.(guar.)_ - *$1.75 Aug. 1 *Holders of rec. July 11
Power Corp. of Canada, pref.(guar.).-13.4 Juiy 16 Holders of rec. June 30
Brompton Pulp dv Paper,corn.(MO
50e. July 16 Holders of rec. June 30
Participating preferred (quar.)
75c. July 16 Holders of rec. June 30a Bucyrus-Erie Co.. common (guar.)
25c. Oct. 1 Holders of rec. Sept. 80
Puget Sound Power dr Light, pref.(au.). 1.4 July 16 Holders of rec. June 15a
Preferred (guar.)
14 Oct. 1 Holders of rec. Sept. 80
Prior preference (No. 1)
$1.05 July 16 Holders of rec. June 15a
Convertible preference (guar.)
6234c Oct. 1 Holders of rec. Sept. 8a
Quebec Power (guar.)
500. July 16 Holders of rec. June 30
Bush Terminal, common (guar.)
50c. Aug. 1 Holders of rec. June 29a
Shawinigan Water & Pow., corn. (guar.)
500. July 10 Holders of rec. June 23
Common (payable In common stock).. 14 Aug. 1 Holders of rec. June 29a
Southeastern Power AL Light, corn. (qu.)
25c. July 20 Holders of rec. June 30
7% debenture stock (guar.)
14 July lfi Holders of rec. June 254
Southern Calif. Edison, orig. pref.(qu.).
50e. July 15 Holders of rec. June 20
Canada Dry Ginger Ale (guar.)
750. July 16 Holders of rec. July 2a
Preferred series C (guar.)
344c July 15 Holders of rec. June 20
Canadian Brewing(quan)
50c. July 16 Holders of rec. June 30
Southern Calif. Gas. 6% pref. (quar,).. 37Sic July 14 Holders of rec. June 30a Canadian Car dr Fdy., pref. (guar.)-14 July 10 Holders of rec. June 26
Southern Canada Power, pref. (guar.). _
1.4 July 16 Holders of rec. June 20
Canadian Fairbanks Morse, pref.(au-)... 14 July 16 Holders of rec. June 30
Southern Counties Gas,6% pref.(guar.) •14 July 15 *Holders of rec. June 30
Preferred (account accum. dividends)_ h3
July 16 Holders of rec. June 30
Southern New England Telep. (guar.)-- 2
July 16 Holders of rec. June 30a Can Industrial Alcohol, cl. B ((Plan).-38c.July 16 Holders of rec. June 30
Standard Gas & Elec., corn. (guar.)---- 874e July 25 Holders of rec. June 30
Canfield Oil, corn.(quar.)
Sept. 30 Holders of rec. Sept.20
2
14 July 25 Holders of rec. June 30
7% prior preferred (guar.)
Common (guar.)
Dec. 31 Holders of rec. Dec. 20
2
Standard Power & Light, pref.(guar.)
$1.75 Aug. I Holders of rec. July 16
Preferred (quar.)
14 Sept. 30 Holders of rec. Sept.20
United Gas & Electric Co., pref
24 July 15 Holders of rec. June 30
Preferred (guar.)
14 Dec. 31 Holders of rec. Dec. 20
El
United Gas Improvement (guar.)
July 14 Holders of rec. June 15
Central Alloy Steel, corn.(guar.)
50e. July 10 Holders of rec. June 23a
60e. Aug. 1 Holders of rec. July 16
United Lt.& Pow., old A & B com.(qu.)
Central Investors Corp., cl. A (quar.)_ •374c Oct. 1 *Holders of rec. May la
New class A & B corn. (guar.)
I2c. Aug. 1 Holders of rec. July 16
Class A (guar.)
0374c Jan2'29 *Holders of rec. May la
Western Power Corp., 7% pref.(guar.)- 14 July 16 Holders of rec. June 30a Chicago Pneumatic Tool (guar.)
*14 July 25 *Holders of rec. July 14
2
Western Union Telegraph (guar.)
July 16 Holders of rec. June 250 Chicago Towel, pref. (guar.)
41.75 July 7 *Holders of rec. June 22
West Penn Electric Co..7% Pref.(qu.). 154 Aug. 15 Holders of rec. July 20a Chicago Yellow Cab (monthly)
250. Aug. 1 Holders of rec. July 20a
Six per cent preferred (guar.)
14 Aug. 15 Holders of rec. July 20a
Monthly
25e. Sept. 1 Holders of rec. Aug. 20a
West Penn Power. 7% Pref. (quar.)__.. 14 Aug. 1 Holders of rec. July 54 Christie,Brown & Co., Ltd.,corn
30e. Aug. 1 Holders of rec. July 16
Six per cent preferred (guar.)
13.4 Aug. 1 Holders of rec. July 5a Chrysler Corp., pref. (quar.)
2
Sept.29 Holders of rec. Sept. 170
West Penn Rye.,6% pref. (guar.)
14 Sept. 15 Holders of rec. Aug. 25
Preferred (guar.)
Jan2'29 Holders of rec. Dec. 170
2
$1
Winnipeg Electric Co.(guar.)
Cities Service, common (monthly)
Aug.. 1 *Holders of rec. July 10
Si Aug. I Holders of rec. July 16
York Rye., common (guar.)
75c July 16 Holders of rec. July 6a
Common (payable in common stock). .f.Si Aug. 1 Holders of rec. July 16
623.4c jury 31 Holders of rec. July 20a
Preferred (guar.)
Preferred and pref. BB (monthlY)Si Aug. 1 Holders of rec. July 16
Preferred B (monthly)
5c. Aug. 1 Holders of rec. July 16
Banks.
City Investing, common
234 Aug. I Holders of rec. June 26a
West New Brighton
4
July 10 Holders of rec. June 30
City Stores, class A (quar.)
8734c Aug. 1 Holders of rec. July 14a
Class B
July 16 Holders of rec. July 20
5
Trust Companies.
Cleveland Stone (guar.)
50e. Sept. 1 Holders of rec. Aug. 15a
Title Guarantee & Trust (extra)
5
Sept.29 Holders of rec. Sept.22
Climax Corp.cl"A"(No.1)
*25c. July 20 5Holders of rec. July 2
Connecticut Investment TrustFire Insurance.
Preferred trustee shares
334 July 15 Holders of rec. June 30
Continental(par $10)
$1
July 10 Holders ct rec. June 30a
Class A (guar.)
130. July 15 Holders of rec. June 30
$25 par stock
$2.50 July 10 Holders of rec. June 30a Consolidated Cigar Corp., pref. (guar.). 14 Sept. 1 Holders of rec. Aug. 15
Fidelity-Phenix (par $10)
$1
July 10 Holders of rec. June 30a
Prior preferred (guar.)
134 Aug. 1 Holders of rec. July 160
$2.5 par stock
$2.50 July 10 Holders of rec. June 30a Consol. Min.& Smelting of Canada, Ltd. 81.25 July 16 Holders of rec. June 30
Niagara Fire(guar.)
$1
July 10 Holders of rec. June 30
1.5
Bonus
July 16 Holders of rec. June 30
Continental Motors(quar.)
20e. July30 Holders of rec. July 15
Miscellaneous.
50c. July 20 Holders of rec. July 20
Corn Products Refg.. corn. (guar.)
Abitibi Power & Paper,corn.(guar.) _ _ $1
July 20 Holders of rec. June 354
Common (extra)
50c. July 20 Holders of rec. July 2a
Six per cent preferred (au.ar.)
134 July 20 Holders of rec. July 10a
14 July 14 Holders of rec. July 2a
Preferred (guar.)
Abraham & Straus, Inc., pref. (guar.)_
14 Aug. 1 Holders of ree. July 14a
July 12 Holders of rec. July 2
3
Air Reduction, Inc., corn.(guar.)
$1.50 July 16 Holders of rec. June 30a C
Creramy
n°eMillsi Package Mfg..corn.(qu.)_
*500. July 10 *Holders of rec. July 2
New common (guar.)
50e. July 16 Holders of rec. June 30a
*134 Juiy 10 *Holders of rec. July 2
Preferred(guar.)
Akron Rubber Reclaiming, corn. (guar.)
50c. July 15 Holders of rec. July 5
Cresson Consol. Gold Min. & Milling...
10c. July 10 Holders of rec. June 30a
Alliance Realty, (guar.)
6240. July 20 Holders of rec. July 10a Crosley Radio (stock dividend)
e4
Dec. 31
Allled Chem.& Dye Corp.corn.(qu.) -- $1.50 Aug. 1 Holders of rec. July ha Crosley Radio Corp.(quar.)
25e. Oct. 1 Holders of rec. Sept. 200
Alpha Portland Cement,corn.(qu.)
- *75c. July 14 *Holders of rec. June 26
Quarterly
25c. Jan 129 Holders of rec. Dec. 20a
Aluminum Manufactures, corn. (guar.).
500 Sept.30 Holders of rec. Sept. 15a Crucible Steel, common (guar.)
14 July 31 Holders of rec. July 16a
Common (guar.)
500 Dec. 31 Holders of rec. Dec. 154 Cuba Company, pref
34 Aug. 1 Holders of rec. July 16a
Preferred (guar.)
14 Sept. 30 Holders of rec. Sept. 15a Cudahy Packing, corn.(guar.)
July 14 Holders of rec. July 50
31
Preferred (guar.)
14 Dec. 31 Holders of rec. Dec. 154 Cuneo Press, pref. (guar.)
14 Sept. 15 Holders of rec. Sept. la
Amerada Corp. (guar.)
50c July 31 Holders of rec. July 16a Curtis Publishing, common (monthly)
*50c. Aug. 2 *Holders of rec. July 20
American Art Works, corn.(guar.)
14 July 15 Holden of rec. June 30
Common (monthly)
50c. Sept. 2 Holders of rec. Aug. 200
American Can.corn.(guar.)
50c. Aug. 15 Holders of rec. July 31a
Common (extra)
*50c. Sept.10 *Holders of rec. Aug. 20
American Coal,corn.(guar.)
SI Aug I July 12 to Aug. 1
Darby Petroleum (guar.)
25e. July 16 Holders of rec. June 30
American Glue, pref. (guar.)
2
Aug. 1 Holders of rec. July 14
Decker (Alfred) & Cohn, pref. (quar.).
14 Sept. 1 Holders of rec. Aug. 20a
American Hardware Corp. (guar.)
$1
Oct. 1 Holders of rec. Sept. 15a Denison Mfg., debenture stock (quar.).. $2
Aug. 1 Holders of rec. July 20 r
Quarterly
$1
Jan 129 Holders of rec. Dec. 15a
Preferred (guar.)
$1.75 Aug. 1 Holders of rec. July 20
Amer. Home Products (monthly)
250. Aug 1 Holders of rec. July I4o Detroit Motorbus(guar.)
July 16 *Holders of rec. June 30
noe.
American Ice,corn.(guar.)
500. July 25 Holders of rec. July 6a Diamond Match (guar.)
2 Sept. 15 Holders of rec. Aug. 310
Preferred (guar.)
14 July 25 Holders of rec. July 6a Dictograph Products Corp., pf.(qu.)... 2
July 16 Holders of rec. June 30
Amer. Laundry Machinery, corn.(quar.) *31
Sept. 1 *Holders of rec. Aug. 20
Diversified Investments (K. C., Mo.),
Amer.Linseed, pref.(guar.)
14 Oct. 1 Holders of rec. Sept.20a
First preferred (guar.)
14 July 14 Holders of rec. July 2
Preferred (guar.)
14 Jan2'29 Holders of rec. Dec. 21a
Class A
July 14 Holders of rec. July 2
$1
American Manufacturing, corn.(guar.). 1
Oct. 1 Holders of rec. Sept. 15a
July 14 Holders of rec. July 2
Class A (extra participating dividend) SI
1
Common (guar.)
Dec. 31 Holders of rec. Dec. 15a
Class C
July 14 Holders of rec. July 2
81
14 Oct. I Holders of rec. Sept. I5a Dodge Bros., Inc., pref.(guar.)
Preferred (guar.)
81.75 July 15 Holders of rec. June 270
Preferred (guar.)
14 Dec. 31 Holders of rec. Dec. 15a Dome Mines, Ltd. (guar.)
25e. July 20 Holders of rec. June 300
American Metal. common (guar.)
750. Sept. I Holders of rec. Aug. 21a Dominion Engineering Works (guar.)__
75c. July 14 Holders of rec. June 30
14 Sept. 1 Holders of rec. Aug. 21a Dominion Textile, pref. (guar.)
Preferred (guar.)
154 July 16 Holders of rec. June 30
American Meter(guar.)
*31.25 July 31 *Holders of rec. July IR
July 15 Holders of rec. June 300
$1.
Dunhill International (au-ar.)
500. July 15 Holders of rec. June 30a
Amer. Rolling Mill, corn.(guar.)
Quarterly
Oct. 15 Holders of rec. Oct. la
$1
Common (payable in common stock).
July 15 *Holders of rec. June 30
an15'29 Holders of rec. Dec. 31a
Si
Quarterly
*134 July 15 *Holders of rec. June 30
67 preferred (guar.)
Si
Quarterly
Ap15'29 Hold, of rec. Apr. 1 '29a
Aug. 1 Holders of rec. July 14a Dupont (E. I.) de Nem.& Co.Amer.Shipbuilding.corn.(qu.)
14 Aug. 1 Holders of rec. July 14a
Preferred (guar.)
Debenture stock (guar.)
i3.4 July 25 Holders of rec. July 100
Amer. Smelt. & Refg., corn. (guar.)_ _ _ $2
Aug. 1 Holders of rec. July 13a Eastern Bankers Corp., common
Aug. 1 Holders of rec. June 30
3
14 Sept. 1 Holders of rec. Aug. 3a
Preferred (guar.)
Common (extra)
Aug. 1 Holders of rec. June 30
3
750. July 14 Holders of rec. July 2a
American Steel Foundries, corn.(guar.).
14 Aug. 1 Holders of rec. June 30
Preferred (guar.)
(guar.)._
154 Sept. 1 Holders of rec. Aug. I5a
American Sumatra Tob., pref.
134 Nov. 1 Holders of rec. Sept. 30
Preferred (guar.)
July 14 Holders of rec. July Sa
American Type Founders, corn.(guar.). 2
Preferred (guar.)
154 Febl'29 Holders of rec. Dec. 31
134 July 14 Holders of rec. July 5a Eastern Steamship Lines..pref. (guar.)_
Preferred (guar.)
8734c July 16 Holders of rec. July 30
50c. Aug. 1 Holders of rec. July 14a
Amer. Vitrified Prod., common (guar.). *500. July 16 *Holders of rec. July 5
Eaton Axle & Spring, corn.(quar.)
•$1.75 Aug. 1 *Holders of rec. July 20
Electrical Products, common (No. 1)-- *131
Preferred (guar.)
Aug 1 *Holders of rec. July 25
$1 Aug. 20 Holders of rec. July 14a Elgin National Watch (quar.)
62 Sic. Aug. 1 *Holders of rec. July 14
Anaconda Copper Mining (quar.)
200. July 15 Holders of rec. July 5
Ely-Walker Dry Goods, 1st pfd
Angle Steel Tool (guar.)
34 July 15 Holders of rec. July 3
20e. Oct. 15 Holders of rec. Oct. 5
3
2nd preferred
Quarterly
July 15 Holders of rec. July 3
75c. Oct. 1 Holders of rec. Sept. 21a Emsco Derrick dr Equipment
Artloom Corp., corn. (guar.)
14 July 25 Holders of rec. July 10
75c. Jan1'29 Holders of rec. Dec. 21a Eureka Pipe Line (guar.)
Common (guar.)
Aug. 1 Holders of roe. July 16
El
14 Sept. 1 Holders of rec. Aug. 170 Fair (The), corn. (monthly)
20e. Aug. 1 Holders of rec. July 200
Preferred (guar.)
14 Dec. 1 Holders of rec. Nov. 16a
Common (monthly)
200. Sept. 1 Holders of rec. Aug. 21a
Preferred (au-ar.)
14 July 16 Holders of rec. June 30
Common (monthly)
200. Oct. 1 Holders of rec. Sept. 204
Asbestos Corp., pref.(qu.)
630 Aug. 1 Holders of rec. July 14a
Preferred (guar.)
Associated Dry Goods, corn.(guar.)_ _
Holders of rec. July 21a
. 1 Holde
124
50. Aug.
14 Sept. 1 Holders of rec. Aug. Ila Fanny Farmer Candy Shops,corn.(qu.).
1st preferred (quar.)
Oct.
Common (guar.)
14 Sept. I Holders of rec. Aug. ha
2d preferred (guar.)
25c. Jan 1'29
Sept. 1 Holders of rec. Aug. 20
Fashion Park, Inc., corn.(guar.)
Atlantic Coast Fisheries, corn. (quar.).. $1
50c. Aug. 31 Holders of rec. Aug. 170
Common (auar.)
Atlantic Gulf & West I. S. S. Lines50c. Nov. 30 Holders of rec. Nov. 300
75c. Sept.29 Holders of rec. Sept. 10a Federal Terra Cotta, common
Preferred (guar.)
n July 16 *Holders of rec. July 5
750. Dec. 31 Holders of rec. Dec. ha Federated Metals Corp
Preferred (guar.)
25c. July 9 Holders of rec. June 25
Fifth Ave. Bus Securities (auar.)
Atlas Plywood (guar.)
$1 July 16 Holders of rec. July 2
16c. July 17 Holders of rec. July 3
434c Sept. I
Atlas Stores Corp.(No. 1)
Finance Co. of Amer., corn. A dc B (qu.)_
15c. July 16 Holders of rec. July 5
7% preferred (guar.)
Babcock & Wilcox Co.(guar.)
14 Oct. 1 Holders of rec. Sept. 20a
434e. July 16 Holders of rec. July 5
Quarterly
14 Jan 1'29 Holders of rec. Dec. 20a Financial & Indust. Sec., tom.(interim). *El
Aug. 15 *Holders of rec. Aug. 4
Quarterly
14 Aprl'29 Hold, of rec. Mar. 20'29a Firestone Tire & Rubber 6% pref.(au.). 134 Julyd16 Holders of rec. July 1
Bamberger (L.) dr Co., pref.(guar.)_ 14 Sept. I Holders of rec. Aug. ha Fisk Rubber, 1st pref. (guar.)
$1
1:75 Aug. 1 Holders of rec. July 160
First pref. convertible (guar.)
Preferred (guar.)
$
14 Dec. 1 Holders of rec. Nov. 10a
1 Holders of rec. July 16a
J
Auug
ly. 15
Bancroft (Jos.) dr SonaCo.,pref.(quar.) 14 July 31 Holders of rec. Julyd16
Second pref. convertible (guar.)
$1.75 Sept. 1 Holdersof rec. Aug. 15a
Bankers Capital Corp., common
Flintkote Co., common
July 16 Holders of rec. June 30
517
.2
55
c. July 15 Holde
Holders of rec. July 14
$4
Preferred (guar.)
Convertible pref.(guar.)
July 16 Holders of rec. June 30
Holders of rec. July 14
82
Preferred (guar.)
Formica Insulation (guar.)
Oct. 15 Holders cf rec. Oct. 1
25c. Oct. 1 Holders of rec. Sept. 15a
$2
Preferred (guar.)
Extra
10e. Oct. 1 Holders of rec. Sept. 15a
an15'29 Holders of rec. Dec. 31
$2
Bankers Financial Trust
Quarterly
Aug. 1 Holders of rec. June 30
25c. Jan1'29 Holders of rec. Dec. 15a
$1
Barnhart Brothers & SpindlerExtra
5110c. Jan1'29 Holders of rec. Dec. 15a
First and second preferred (guar.)_ _ _
14 Aug. 1 Holders of rec. July 21a Fox Film Corp., corn. A dr B (qu.)
10
6 Holders of rec. June 30a
Jull y 2
500 Ju
.
Bayuk Cigars, Ins.. 1st pref. (guar )._ _
*Holders of rec. July 10
July 15 Holders of rec..June 30a Franklin al. H.) Mfg., common
Convertible 2d preferred (guar.)
Aug. I Holders of rec. July 14a
134 July 15 Holders of rec. June 30a Freeport Texas Co.(guar.)
81
k% 2d preferred (guar.)
Extra
2
July 15 Holders of rec. June 30a
75e. Aug. 1 Holders of rec. July I40
JULY 7 1928.]
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
•6831c July 18 *Holders of rec. June 22
Gair(Robert H.)(guar.)(No. 1)
Sept. 1 Holders of rec. Aug. 10a
$1
General Cable, class A (quer.)
Aug. 1 Holders of rec. July 100
Referred (guar.)
July 27 Holders of rec. June 15a
General Electric(guar.)
July 27 Holders of rec. June 15a
Extra
15c. July 27 Holders of rec. June 15a
Special stock (guar.)
Aug. 1 Holders of rec. July 9a
General Motors Corp.,7% pref.(guar.).
Aug. 1 Holders of rec. July 9a
6% Preferred (guar.)
131 Aug. 1 Holders of rec. July 9a
6% debenture stock (guar.)
50c. July 16 Holders of rec. July 5a
Gen. Outdoor Advertising, corn. (qu.)_.
75c. July 16 Holders of rec. July 7a
General Refractories (guar.)
75c. July 31 Holders of rec. July 16
Gilchrist Co. (guar.)
*131 Aug. 1 *Holders of rec. July 14
Gimbel Bros., Inc., pref. (guar.)
25e. Aug. 1 July 21 to July 31
Gladding, McBean & Co., monthly
25e. Sept. 1 Aug. 21 to Aug. 31
Monthly
25c. Oct. I Sept.21 to Sept.30
Monthly
250. Nov. 1 Oct. 21 to Oct. 31
Monthly
25c. Dec. 1 Nov.21 to Nov.30
Monthly
75e. Aug. 1 Holders of rec. July 17a
Gold Dust Corp. Mar.)
Gossard (H. W.) Co., corn. (monthly)_. 33 1-3e Aug. 1 Holders of rec. July 20a
33 1-3c Sept. 1 Holders of rec. Aug. 21a
Common (monthly)
33 1-3e Oct. 1 Holders of rec. Sept. 20a
Common (monthly)
33 1-3c Nov. 1 Holders of rec. Oct. 19a
Common (monthly)
33 1-3c Dee. 1 Holders of roe. Nov. 20a
Common (monthly)
33 1-3c Jan1'29 Holders of rec. Dec. 20
Common (monthly)
Aug. 1 Holders of rec. July 16a
Gotham Silk Hosiery, pref. (guar.)
Aug. 1 Holders of rec. July 13a
Granby Cons. Min.& Smelt.(gian)
Grigsby-Grunow Co., common (guar.)._ •80c. July 20 *Holders of rec. July 2
50c. Sept. 1 Holders of rec. Aug. 20a
Gruen Watch, common (guar.)
50c. Dec. 1 Holders of rec. Nov.200
Common (guar.)
50c. Marl'29 Holders of rec.Feb.19'29a
Common (guar.)
Preferred (guar.)
131 Aug. 1 Holders of rec. July 20a
131 Nov. 1 Holders of rec. Oct. 20a
Preferred (guar.)
151 Febl'29 Hold,of rec. Jan. 19'29a
Preferred ((oar,)
Sept. 1 Holders of rec. Aug. 21a
Harbison-Walker Benito., corn. (guar.).
134 July 20 Holders of rec. July 10
Preferred (guar.)
Preferred (guar.)
134 Oct. 20 Holders of rec. Oct. 10a
July 16 Holders of rec. July 2
Hathaway Baking, pref. class A (guar.). 2
Hibbard, Spencer,Bartlett&Co.(sthly).
350. July 27 Holders of rec. July 20
35c. Aug. 31 Holders of rec. Aug. 24
Monthly
Monthly
35c. Sept. 28 Holders of rec. Sept.21
10c. July 14 Holders of rec. June 27
Hollinger Consul. Gold Mines(mthly.)...
131 Aug. 1 Holders of rec. July 16d
Holly Sugar, pref. (guar.)
5331 Aug. 1 Holders of rec. July 16d
Pref.(mer, accum. div.)
Horn & Hardest of N.Y.. corn.(qu.).._ *3731 Aug. 1 *Holders of rec. July 11
Common (extra)
4.25e. Aug. 1 *Holders of rec. July 11
Household Products (guar.)
8734c Sept. 1 Holders of rec. Aug. 150
Howe Bound Co.(quar.)
July 16 Holders of rec. June 30a
$1
•50c. Aug. 1 *Holders of rec. July 14
Hupp Motor Car, common (guar.)
Common(payable in common stock)- •1254 Aug. 1 *Holders of rec. July 14
60e. July 14 July 4 to July1 15
Illinois Brick (guar.)
60e. Oct. 15 Oct. 4 to Oct.t15
Quarterly
*40c. July 16 *Holde s of rec. JuneI30
Incorporated Investors (guar.)
e2
Stock dividend-..
July 16 Holders of rec. June 29a
Independent 011&Gas(quar.)
25e. July 31 Holders of rec. July 18
Aug. 16 Holders of rec. July 13
Indiana Pipe Line(guar.)
$1
Extra
Aug. 15 Holders of rec. July 13
$1
1% July 9 Holders of rec. June 21
Insuranshares Corp., pref.(guar.)
Internat. Agricul. Corp., pl tor pref
131 Sept. 1 Holders of rec. Aug. 15a
Internet. Business Machine (quar.)
31.25 July 10 Holders of rec. June 22a
Internat. Business MachinesiqUar.)
$1.25 Oct. 10 Holders of rec. Sept. 22a
Internat. Harvester, corn. (guar.)
134 July 16 Holders of rec. June 25a
Common (payable in com,stock)
July 25 Holders of rec. June 25a
12
Internat. Match, partic. met.(guar.).SOC. July 16 Holders of rec. June 25a
Internat.Paper,common(guar.)
600. Aug. 15 Holders of rec. Aug. la
July 16 Holders of rec. June 27a
7% Preferred (guar.)
July 16 Holders of rec. June 27a
0% Preferred (guar.)
Internat Printing Ink,corn.(qu.)(No.1) •432
. Aug. 1 *Holders of rec. July 16
Preferred (guar.)
*13-4 Aug. 1 *Holders of rec. July 16
Internat. Shoe preferred (monthly)
50c. Aug. 1 Holders of rec. July 14a
50c. Sept. 1 Holders of rec. Aug. 15a
Preferred (monthly)
Preferred (monthly)
50c. Oct. 1 Holders of net. Sept. 156
Preferred (monthly)
50c. Nov. 1 Holders of rec. Oct. 15a
Preferred (monthly)
50c. Dec. 1 Holders of rec. Nov. 15a
Interstate Iron & Steel, corn.(guar.).- $1
July 16 Holders of rec.-July 5a
Common (qua:.)
Oct. 15 Holders of rec. Oct. 5a
El
Common (guar.)
JrnI5'29 Holders of rec. Jan.5'29a
$1
Intertype Corp., common (guar.)
250. Aug. 15 Holders of rec. Aug. la
25c. Aug. 15 Holders of rec. Aug. la
Common (extra)
Oct. 1 Holders of rec. Sept. 14
First preferred (quar.)
$2
$1
Jewel Tea,common (guar.)
July 16 Holders of rec. July 3a
750. July 16 Holders of rec. July 2a
Johns-Manville Corp., corn. (guar.)._
131 Aug. 1 Holders of(rec. July 20a
Kelsey Wheel Co., pref.(guar.)
Keystone Steel & Wire, new corn.(qu.)._
75e. July 15 Holders of rec. July 5a
Keystone Watch Case, pref.(qua:.).... I% Aug. 1 Holders of rec. July 19a
Kirby Lumber, ccmmon (guar.)
Sent. 10 Holders of rec. Aug. 31
Common (guar.)
Dec. 10 Holders of rec. Nov.30
Knott Corporation (guar.)
606. July 16 Holders of rec. July 5a
30e. July 30 Holders of rec. July 20
Lakey Foundry dr Mach.,corn.(guar.).Common (extra)
30c. July 30 Holders of rec. July 20
75c. Sept. 30 Holders of rec. Sept.216
aniers, Frary & Clark (guar.)
750. Dee. 31 Holders of rec. Dec. 22a
Quarterly
750. Aug. 15 Holders of rec. Aug. 5
Landis Machine
Aug. 1 Holders of rec. July 14
Lane Bryant, Inc., pref.(qua:.)
Langton 3tonotype machine (guar.).- 135 Aug. 31 Holders of rec. Aug. 210
75c. July 16 Holders of rec. July 5
Letcourt Realty, pref. (guar.)
Aug. 31 Holders of rec. July 31a
Lehigh Coal & Navigation (guar.)
$I
Lehigh Portland Cement, corn.
6231c Aug. 1 Holders of rec. July 14a
Lehigh Valley Coal Ws. of interest
$1.25 Aug. 1 Holders of rec. July 14
50e. July 27 Holders of rec. Juned29a
Lion Oil (guar.)
90c. Aug. 1 Holders of rec. July 20a
Liquid Carbonic, corn. (guar.)
334 July 14 Holders of rec. June 29
Loew's (Marcus) Theatres, preference
3
July 16 Holders of rec. June 29
Loew's London Theatres, common
334 July 16 Holders of rec. June 29
Preference
40c. Aug. 1 Holders of rec. July 186
Loose-Wiles Biscuit, common (guar.)._
•31c. Aug. 15 *Holders of rec. July 13
Los Angeles Investment (guar.)
Louisiana 011Refg., pref.(guar.)
*3 1.6231 Aug. 15 *Holders of rec. Aug. 1
65c. July 14 Holders of rec. June 30a
MacAndrews& Forbes,corn.((uar.)......
134 July 14 Holders of rec. June 30a
Preferred (guar.)
Macy (R. H.) Co., common (guar.)._ $1.25 Aug. 15 Holders of rec. July 28a
50c. July 18 Holders of rec. July Sc
Madison Square Garden, tom.(guar.).75e. July 18 Holders of rec. June 29a
Magma Copper Co. (guar.)
*25c. July 15 *Holders of rec. June 30
Magnin (L.) & Co.(quar.)
6234c. July 16 Holders of rec. June 30a
Mandel Bros. Co. (guar.)
I% July 18 Holders of rec. July 3
Maple Leaf Milling. pref. (guar.)
50e. July 10 Holders of rec. June 20
Margay Oil (guar.)
Sept. I Holders of rec. Aug. 15a
$1
May Dept. Stores, corn.(guar.)
75c. Aug. I Holders of rec. July 20a
Corp.,Mcal
corn. (guar.)
134 July 15 Holders of rec. June 30
McColl-Frontenac Oil, pref.(guar.).- _
31.50 Aug. 1 Holders of rec. July 20
McCrory Stores. pref. ((uar.)
10c. Oct. 1 Holders of rec. Sept. 20a
McLellan Stores,class A dr B (No,2)._ _ _
*El
July 15 *Holders of rec. July 2
Mead Pulp & Paper,corn.(guar.)
Merchants & Mfrs. &cur. pr. pref.(gu.). •31.75 July 16 *Holders of rec. July 2
July 20 Holders of rec. June 306
3
Mexican Petroleum, torn. (guar.)
July 20 Holders of rec. June 306
2
Preferred
3731c Aug. 15 Holders of rec. Aug. la
Miami Copper (guar.)
*4
July 10 *Holders of rec. June 30
Miles-Detroit Theatre (guar.)
$1.25c Aug. 15 Holders of ree. Aug. 4
Minneap.-Honeywell Regulator, com
Aug. 15 Holders of rec. Aug. 4
Preferred (guar.)
Nov. 15 Holders of rec. Nov. 3
Preferred (guar.)
Aug. 15 Holders of rec. Aug. 4a
Montgomery Ward dr Co., coin.(guar.).
$1.75 Oct. 1 Holders of rec. Sept. 206
Class A (guar.)
25c. July 16 Holders of ree. July 2a
Morris (Philip) & Co., Ltd., Inc.(qu.)..
25e, Oct. 15 Holders of rec. Oct. la
Quarterly
25c.Ja n. 1629 Hold, of rec. Jan. 2 '29a
Quarterly
July 16 Holders of rec. July 12
Mortgage & Sec. Co.(New Orl.) (qu.)._ 2
50e. Aug. 1 Holders of rec. July 200
Motor Products, common (guar.)
31.25 Aug. 1 Holders of red. July 20a
Preferred (guar.)
4.2c. July 16 *Holders of rec. June 30
Mountain & Gulf Oil(guar.)
25c. pt. 1 Holders of rec. Aug. 22
Murphy (G. C.) Co.(guar.)
25e, Dec. 1 Holders of rec. Nov.21
Ouarterlv
3113(
$1
131
131
$1131
131
134
131
134
134
134
134
$1134
I
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
•
*Holders of rec. July 9
•22.50
Nash (A.) Co.(guar.)
Holders of rec. July 16a
50c.
National American Co., Inc.(quar.)
Holders of rec. Oct. 15a
50c.
Quarterly
Holders of rec. Aug. 21a
National BeIlas Hess Inc., pref.(guar.). 13j
Holders of rec. June 29a
$1.50
National Biscuit, corn. (guar.)
Holders of rec. Sept.28a
$1.50
Common (guar.)
Holders of rec. June 29a
50e.
Common (extra)
Holders of rec. Aug. 17a
131
Preferred (guar.)
Holders of rec. June 300
75e.
National Cash Register, class A (guar.).
Holders of rec. July 206
134
National Lead, pref. B (guar.)
Holders of rec. June 15
231
National Licorice, common
Holders of rec. July1 21a
131
National Radiator, pref. (guar.)
Holders of rec. Aug. 4a
$1
National Supply, common (guar.)
Holders of rec. July 15t5
75e.
common
(guar.)
National Tile,
Holders of rec. July 17
Nauheim Pharmacies, Inc., pref.(guar.) 6230.
Holders of rec. Oct. 17
62 A c.
Preferred (guar.)
Holders of rec. Sept. 180
el
Nelson (Herman) Corp., stock div
Neve Drug Stores, Inc., cony. A (qu.)
Holders of rec. July 6
70c.
(No. 1)
*Holders of rec. June 30
* 1234e.
New Bradford Oil Co.(guar.)
Holders of rec. July 16
50c.
New England Equity Corp. corn
Holders of rec. June 30
75c.
New Jersey Indus, Loan Co., corn. (qu.)
Holders of rec. June 30
1%
Preferred (guar.)
Holders of rec. June 20a
2
New Jersey Zinc (extra)
Holders of rec. July 20a
2
New Jersey Zinc (qUar.)
Holders of rec. June 30
$1
Newmont Mining Corp
*Holders of rec. July 15
•131
Newton Steel, pref.(guar.)
Holders of rec. July 10a
750.
New York Air Brake, corn, (guar.)
Holders of rec. July 6o
231
New York Dock, preferred
Holders of rec. June 22
N.Y. Holding Corp.. Pf.(qu.)(No. 1)... 131
Holders of rec. June 22
N.Y. Loan & Security Corp.(guar.)_ __. $2
Holders of rec. July 2o
50c.
N. Y.Transportation (guar.)
Holders of rec. May 24
50c.
Nichols Copper, common
Holders of rec. June Ma
734c.
Nipissing Mines (guar.)
*Holders of rec. July 14
*400.
Noma Elec. Corp. (guar.)
*Holders of rec. July 16
Northwestern Engineering, corn. (guar.) *50c.
Holders of rec. June 29
31.25
Ohio Brass. class A & B (guar.)
Holders of rec. June 29
Preferred (guar.)
131
Holders of rec. July 12a
1%
Oil Well Supply, pref. (guar.)
Holders of rec. June 300
$1.50
Otis Elevator,tom.(guar.)
Holders of rec. June 300
Preferred (guar.)
131
Holders of rec. Sept. 220
134
Preferred (guar.)
Holders of rec. June 29
70e.
Packard Electric, common (guar.)
Holders of rec. June 29
30c.
Common (extra)
Holders of rec. July 140
25c.
Packard Motor Car Co.(monthly)
Holders of rec. Aug. 15a
25c.
Monthly
*Holders of rec. July 5
*6230
Pottier Corp.(guar.)
Holders of rec. June 29a
75c.
Park & Tilf3rd (guar.)(No. 1)
Holders of rec. June 29a
1
Stock dividend ((uar.)(No. 1)
*Holders of rec. June 19
*10c.
Extra
Holders of rec. Sept. 290
The.
Quirt.rly
Holders of rec. Sept. 296
el
Stoll dividend (guar.)
Holders of me. Dec. 290
The.
Quarterly
Holders of rec. Dec. 29a
el
Stock dividend (guar.)
Hold,of rec. Mar.29'290
75c.
Quarterly
Hold, of ree.Mar. 29'290
el
Stock dividend (guar.)
*Holders of rec. Aug. 6
*21
Penmans. Ltd. corn. (guar.)
*Holders of rec. July 21
'1 14
Preferred (qua:.)
Holders of rec. June 30
$1.25
Pennsylvania Salt Mfg. (guar.)
Holders of rec. July 146
Penn Traffic Co
731c.
Holders of rec. July 20a
Perfection Stove (monthly)
3734c
Holders of rec. Aug. 20a
3734c.
Monthly
Holders of rec. Sept.206
3734c.
Monthly
Holders of rec. Oct. 20a
3734c.
Monthly
Holders of rec. Nov. 206
3734c.
Monthly
Holders of rec. Dec. 20a
37340.
Monthly
Holders of rec. July 166
22
Philadelphia Insulated Wire
Holders of rec. July 20a
134
Phillips-Jones Corp., pref. (guar.)
*Holders of rec. July 20
Plogly Wiggly Western States(guar.)... *3734c
*75c.
*Holders of rec. June 29
Pittsburgh Screw & Bolt. tom,(quar.)
*Holders of rec. June 30
*31.50
Plymouth Cordage (guar.)
Holders of rec. July 30
Postum Co., Inc., corn.(in com. stock)._ 1100
Holders of rec. July 18a
The.
Postum Co., Inc.. no par com.(guar.)._
Holders of rec. June 300
336
Prairie Pipe Line (guar.)
*2
*Holders of rec. June 28
Procter & Gamble, pref.(guar.)
Holders of rec. July 1
Progressive Merchants Co., Inc., pref__. $3.50
Holders of rec. June 30
50c.
pro-phy-lac-tic Brush, corn. (quar.)
Holders of rec. Dec. 310
pref.(qua:.)
131 J
Prudence Co.,
Holders of rec. July 31a
$1.50
Inc..
Pullman Co. Mar.)
El
Holders of net, July 24a
Pullman, Inc.((uar.)
*50c.
*Holders of rec. July 2
Q-R-s
common (guar.)
Holders of rec. July 20
$1
Oats, common (guar.)
QuakerCo..
Holders of rec. Aug. la
131
Preferred (guar.)
3734c.
*Holders of rec. Sept. 1
Rapid Electrotype (guar.)
.5
*Holders
of rec. July 1
dividend
Stock
sg
*Holders of rec. July 1
Stock dividend
Holders of rec. July 15
3731c
Rice-8ns Dry Goods, corn. (guar.)
.1.4431c
*Holders of rec. July 5
Richfield 011, pref. (guar.)
*87%c
*Holders of rec. June 30.
Richmond Radiator. pref.(guar.)
*Holders of rec. July 5
Riverside Forge & Mach.,corn.(guar.)._ *40c.
*Holders of rec. July 5
*60c.
Common (extra)
Holders of rec. July 10
$1
Royal Typewriter, common
Holders of rec. July 10.
$1.50
Common (extra)
334
Holders of rec. July 16
Preferred
Sept. 9 to Sept.20
50e.
St. Joseph Lead (guar.)
Sept. 9 to Sept. 20
25c.
Extra
50c.
Dec. 9 to Dec. 20
Quarterly
Dec. 9 to Dec. 20
25e.
Extra
.131
Savage Arms, pref. (guar.)
*Holders of rec. Aug. 1
Holders of rec. Aug. 150•
8734c
Schulte Retail Stores, corn. (guar.)
Holders of rec. Nov. 15a
8734c
Common (guar.)
Holders of rec. Aug. 15
u34
Common (payable in corn, stock)
u31
Common (payable in corn. stock)
Holders of rec. Nov. 15
u .4
Common (payable in corn. stock)
Scott Paper, pref. (guar.)
151
Scullin Steel, panic. pref.(guar.)
July 1 to July 14
75c.
Seagrove Corp., common (guar.)
Holders of me. June 306
(z)
Securities Management, class A (guar.). 1%
Holders of rec. July 2
Seeman Brothers, Inc.. corn. (guar.)._
Holders of rec. July 16
50c.
Segal Lock & Hardware. pref.(guar.)... 134
Holders of rec. June 30
Seton Leather, corn. (guar.) (No. 1)
*Holders of rec. July 16,
*50c.
Selby Shoe (guar.)(No. 1)
*Holders of rec. July 15
*55e.
36 pref. (guar.)(No. 1)
*Holders of rec. July 15
*31.50
Shaffer Oil & Berg, pref.(guar.)
Holders of ree. June 30
134
Shattuck (Frank G.) Co. (guar.)
Holders of rec. June 20a
Mc.
Sovereign Securities, pre?. Max.)
Holders of rec. June 30
2
Spalding (A. G.) & Bros., gen.stk.Holders
of rec. July 3
WU.) $1.25
Sparks-Withington Co..
Common (payable in common stock)- 110
Holders of rec. July 2
Spiegel, May,Stern Co.,com.(qu.)No.1) *750.
*Holders of rec. July 12
*Holders of rec. July 12
631% preferred (guar.)(No. 1)
•131
Standard Chemical. Ltd
Holders of rec. July 31
$1
Standard Undergr, Cable, Can., corn
*Holders of rec. July 13
*33.50
Common (extra)
*Holders of rec.'July 13.
*$310
Preferred
*Holders Of rec. July 13
*23.50
Steel Co. of Canada, Ltd., com.(gu.)
lq
Holders of rec. July 7
Preferred (guar.)
*Holders of rec. July 7
'13-4
Steel & Tubes, Inc., corn.(guar.)
•75c.
*Holders of rec. Ally 184
Stetson (J. B.) Co..common
*22.50
*Holders of rec. June 20
Preferred
*4
*Holders of rec. June 30
Stroock (S.) & Co. (guar.)
*Holders of rec. Sept. 15
*750.
Quarterly
*750.
*Holders of rec. Dec. 10
Sullivan Machinery (guar.)
Holders of rec. June 30
$1
Swift International
Holders of rec. July 14c
60c.
Telautogmph Corp.. common (guar.)._
Holders of rec. July 14
20c.
151
Preferred (guar.)
Holders of rec. June 15
Teck-Hughes Gold Mines
10c,
July 18 to July 31
Extra
206.
July 18 to July 31
Thompson (John R.) Co.(monthly)._
Holders of rec. July 230
30e.
Monthly
Holders of rec. Aug. 230
30c.
Tobacco Products. common
(v)
Holders of rec. June 290
EaEaaa 2.1Agg-gemaa...ga
gaagg.T,EEEEA--Agagg$.avg-Ofigv.v.....AMAEPa--A-EgA-o-sEag EE.
.2AMAE4g-8aaE-gAaa-445. EEaEfiga-06114mt vA m.vaa--544c,
Name of Company.
73
FINANCIAL CHRONICLE
74
[VOL. 127.
FINANCIAL CHRONICLE
Books Closed
Days Inclusive.
Per
When
Cent. Payable
Name of Company.
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 June 29:
N.O.
COCON.W.C.NO%1
WOQ,00t00..OW
I
Miscellaneous (Conci,cled).
'Tooke Bros., Ltd., pref.(guar.)
14 July 16 Holders of rec. June 30
Transue & Wms. Steel Forg.,com.(qu.)25c. July 10 Holders of rec. June 30a
Truscon Steel, corn. (guar.)
30c. July 16 Holders of rec. July d5a
Tuckett Tobaccos corn. (quar.)
July 14 Holders of rec. June 30
1
Preferred (guar.)
1y, July 14 Holders of rec. June 30 INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
Union Storage (guar.)
6215c Aug. 10 Holders of rec. Aug. la
FOR WEER ENDED FRIDAY. JUNE 29 1928.
Quarterly
623c Nov. 10 Holders of rec. Nov. 1
United Biscuit of Amer., pref.(guar.).
$1.75 Aug. 1 July 19 to July 31
NATIONAL AND STATE BANKS-Average Figures,
United Cigar Stores of Am.,6% pt.(qu.) P4 Aug. 1 Holders of rec. July 12a
United Paperboard, pref.(guar.)
$1.50 July 16 Holders of rec. July 2a
Preferred (guar.)
81.50 Oct. 15 Holders of rec. Oct. la
OtherCash Res. Den., DeP.Other
Preferred (guar.)
$1.50 Jan6'29 Hold. of rec. Jan. 2 '29a
Gross
Including N. V. and Banksand
Preferred (guar.)
$1.50 Ap15'29 Hold, of rec. Apr. 1 '29a
Loans.
Gold. Bk.Notes. Elsewhere, 7'rusiCos. Deposits.
United Piece Dye Works,6 % pf.(qu.)_
14 Oct. 1 Holders of rec. Sept. 20a
61i% preferred (guar.)
P4 Jan2'29 Holders of rec. Dec. 20a
Manhattan$
$
3
$
$
$
United Profit-sharing, common
60c. July 16 Holders of rec. June 15
Bank of U.S
150,351.400 9.600 1,879,600 17,885,600 1,622,800 148,641,600
United Verde Extension Mining (quar.)_
50c. Aug. 1 Holders of rec. July 6a Bronx Borough_
22,077,000 6,200 708,000
23,205,000
714,800
U.S. Cast Iron Pipe & Fdy., corn. (4111.)
23.i Sept. 15 Holders of rec. Sept. 3a Bryant Park Bank 2,000,100 111,000 127,000
113,200
2,0041,300
Common (guar.)
254 Dec. 15 Holders of rec. Dec. la Chelsea Exch. Bk. 21,570,000
__ 1,830,000
880,000
21,409,000
14 Sept. 15 Holders of rec. Sept. la Cosmopolitan.. _ _ _
Preferred (guar.)
9.317,393 3,358 279,949 1,781,028
10,463,319
14 Dec. 15 Holders of rec. Dec. la 'Grace National__ 18,048,625 6,800
Preferred (guar.)
88,201 1,545,478 1,391,267 15,681,305
U.S. Gypsum corn. (In corn. stock)
July 10 June 16 to July 1
/10
HarrimanNational 33,991,000 20,000 786,000 4,169,000 546,000 36,787,000
U. S. Industrial Alcohol, corn. (guar.). $1.25 Aug. 1 Holders of rec. July 166 Port Morris
4,452,300 31,200
91,700
172,000
3,905,500
Preferred (guar.)
P,1 July 16 Holders of rec. June 30a Public National._ 113,357,000 22,000 1,681,000 6,884,000
3.131,000 107,423,000
U. S. Print. da Lith. 2d pref. (guar.)._
154 Oct. 1 Sept. 21 to Sept. 30
BrooklynSecond preferred (guar.)
1)4 Jan1'29 Dec. 22 to Dec. 31
First National_ _ _ _ 19,945,000 36,600 457,800 2,103,700 302,700 18,473,000
U. S. Radiator common !guar.)
•50c. July 15 *Holders of rec. July 1
Mechanics
54,483,000261,000 1,442,000 7,679,000
53,330,300
Preferred (guar.)
.14 July 15 *Holders of rec. July 1
Municipal
43,150,500 19,100 1,402,700 2,915,300
38,300 42,845,100
U.S. Smelt. Refg. dr Mining, corn.(qu.) 8734c. July 14 Holders of rec. July 5a Nassau
National_ _ 22,791,000 85,000 287,000 1,664,000 285,000 19,270,000
87)4c. July 14 Holders of rec. July 5a PeoplesNational
Preferred (guar.)
8,497,000 3,000 145,000
579,000
65,000 8,408,000
Universal Pipe & Radiator, pref.(qu.) - $1.75 Aug. 1 Ho ders of rec. July 16a TraclersNatlonal
2.774.5)00
55 900
336 non
15 3nn 9 RRR snn
Preferred (guar.)
$1.75 Nov. 1 Holders of rec. Oct. 156
Utah Apex Mining
•250. Aug. 1 *Holders of rec. July 14
*Clearing non-member bank.
14 Sept. 10 Holders of rec. Sept. la
Vapor Car Heating, pref.(guar.)
14 Dec. 10 Holders of rec. Dec. la
Preferred (guar.)
TRUST COMPANIES-Average Figures.
Victor Talking Mach., tom. (quar.)_ _ _ _ 51
Aug. 1 Holders of rec. July 2a
Old preferred (guar.)
14 July 16 Holders of rec. July 2a
14 Aug. 1 Holders of rec. July 2a
Prior preference (guar.)
Res. Dep., Dep. Other
51.50 Aug. 1 Holders of rec. July 2a
143 convertible pref. (guar.)
N. V. and Banks and
Gross
Vulcan Detinning, pref. (guar.)
14 July 20 Holders of rec. July 9a
Loans.
Cash.
El.etehere. Trust Cos. Deposits.
Preferred A (quar.)
14 July 20 Holders of rec. July 9a
V. Vivaudou, Inc., pref. (guar.)
14 Aug. 1 Holders of rec. July 136
Manhattan$
3
3
3
$
Warner (Charles) Co., com. (quar.)_ _ _
50c. July 10 Holders of rec. June 30
kmerican
56,889,300
748,500 10,653,400
60,700 60,207,400
Common (extra)
25c. July 10 Holders of rec. June 30
Irons County
21,669,572
729,110 1,777,481
22,552,157
First and second pref. (guar.)
14 July 26 Holders of rec. June 30
:antral Union
242,215,000 *31,669,000 8,270,000 2,923,000 260,819,000
Weber & Hellbroner, pref. (guar.)
14 Aug.- 1 Holders of rec. July I6a .
-1rnplre
75,737,000 .4,588,200 3,146,500 3,526,400 72.263,700
Western Grocers, Ltd., pref. (quar.)__ _ _
14 July 16 Holders of rec. June 30
lank of Europe & Trust 16,130.026
826,085
88,300
15,287,948
Westinghouse Air Brake (guar.)
50c. July 31 Holders of rec. June 30
eederation
18.620,463
205,823 1,389.411
258,110 19,005,420
Westinghouse El. & Mfg., corn. (qu.)_ _ _ $1
July 31 Holders of rec. June 29a
;'ulton
15,714,600 .1,973,300
297,400
15,667.600
First preferred (guar.)
$1
July 16 Holders of rec. June 29a
danufacturers
278,053,000 2,490,000 37.764,000 1,547,000 269,054,000
White Eagle Oil & Refining (quar.)
25c. July 20 Holders of rec. June 29a
InIted States
79,648.599 4,516,667 7,522,620
67,222,883
Willys-Overland, corn. (guar.)
30c. Aug. 1 Holders of rec. July I80
BrooklynWire Wheel Corp., pref.(guar.)
$1.75 Oct. 1 Holders of rec. Sept. 20a
3rooklyn
66,222.700 1,429.400 11,152,200
69,438,400
Preferred (guar.)
$1.75 Jan I'29 Holders of rec. Dec. 20
Clogs County
27,321,860 1,935,533 2,270,619
25,320,846
Woodworth. Inc., corn. (guar.)
3715c July ii Holders of rec. June 30
Bayonne,
N.
J.Wrigley (Wm.) Jr. Co., corn. (mthly.)_ _
25c. Aug. 1 Holders of rec. July 200
Jorhanfem
0 070 772
940 RIO
521 795
R0c 970
0 709 I51
Common (monthly)
25c. Sept. 1 Holders of rec. Aug. 20
Common (monthly)
2.5c. Oct. I Holders of rec. Sept. 20
'Includes amount WI h Federal Reserve Bank as follows: Central Union, $30,Common (monthly)
25c. Nov. 1 Holders of rec. Oct. 20
923,000; Empire, $3,017,000: Fulton, 51,862.600.
Common (monthly)
25c. Dec. 1 Holders of rec. Nov. 20
Yellow & Checker Cab, corn. A (mthly)_ 6 2-3c Aug. 1 July 26 to July 31
Common class A (monthly)
62-3c Sept. 1 Aug. 26 to Aug. 31
Common class A (monthly)
6 2-3c Oct. 1 Sept. 26 to Sept. 30
Boston Clearing House Weekly Returns.-In the
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
following we furnish a summary of all the items in the
Zellerbach Corp., corn.(guar.)
50o. July d16 Holders of rec. June 306
Boston Clearing House weekly statement for a series of weeks:
• From unofficial sources. t The New York Stock Exchange has ruled that stock
will not be quoted ex-dividend on this date and not until further notice. f The
BOSTON CLEARING HOUSE MEMBERS.
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.
July 3
Changesfrom
June 27
June 20
f Payable in common stock. p Payable In scrip. h On account of accumulated
1928.
Previous Week
1928.
1928.
dividends. .1 Payable in preferred stock.
p Tobacco Products dividend is one-tenth share common stock of United Cigar
S
$
$
Stores, payable in dividend certificates maturing in three years from date of issue.
83,900,000
Capital
+500,000
83,400,000
Payable either In cash or class A stock at the price of $20 per share.
97,867,000 +1,260,000
Surplus and Profits
96,607,000
u Shulte Retail Stores declared 2% in stock, payable Si% quarterly.
Loans. dIsc'ts & Investls. 1,145,366,000 +12,541,000 1,132,825,000
z Seagrave Corp. dividend payable either 30c. cash or 234% in stock.
. 678,408,000 +13,765,000 664,643,000
Individual
deposits
tax.
y Less income
148,409,000 +10,455,000 137,954,000
Due to banks
288,895,000
rime deposits
+93,000 288,802,000
10,088,000 -1,730,000
United States deposits..
11.818.000
Weekly Return of New York City Clearing House.- Exchanges for Clg. House 37,992,000 +11,858,000 26,134,000
Due from other banks_
89,370,000 +10,484,000
78,880,000
Beginning with Mar. 31, the New York City Clearing House Res've in legal depositles 83,534,000 +2,981,000 80,553,000
Cash in bank
8,444,000
-492,000
8,936,000
Association discontinued giving out all statements previously 111.<1.1f, excess In V R Rk
1 5)444300
-I-1 77% min
00000
Issued and now makes on'y the barest k nd of a report. The
new return shows nothing but the deposits, along with
Philadelphia Banks.-The Philadelphia Clearing House
the capital and surplus. We give it below in full:
return for the week end id June 30, with comparative figures
for the two weeks preceding, is given below. Reserve
STATEMENT OF THE MEMBERS OF THE NEW YORK CLEARING IIOUSE
requirements for members of the Federal Reserve System
ASSOCIATION FOR TIIE WEEK ENDED SATURDAY, JUNE 30 1928.
are 10% on demand deposits and 3% on time deposits, all
*Surplus & Net Demand
Time
to be kept with the Federal Reserve Bank. "Cash in vaults"
*Capital.
Undivided
DeposUs
Clearing House
Deposits
Profits.
Average.
Members.
Average
is not a part of legal reserve. For trust companies not
members of the Federal Reserve System the reserve required
S
$
$
$
6,000,000 12,864,800
52,952,000
7,946,000
Bank of N.Y.dr Trust Co.__
30,792,000 is 10% on demand deposits and includes "Reserve with
Bank of the Manhattan CO- 12,500,000 19,258,700 144,569,000
49,950,000 legal depositaries" and "Cash in vaults."
Bank of America Nat. Assoc_ 25,000,000 37,000,000 141,342,000
90,000,000 73,324,200 a865,397,000 160,162,000
National City Bank
6,000,000 19,780,000 130,277,000
5,724,000
Chemical National Bank
Beginning with the return for the week ending May 14, the
55,488,000
National Bank of Commerce_ 25,000,000 45,596,000 314,557,000
43,601,000
Chat.Phenix Nat.Bk..&Tr.Co. 13,1)00,000 14,718,000 161.035,000
5.000,000 26,440,500 112,480,000
2,965,000 Philadelphia Clearing House Association discontinued showing
Hanover National Bank
11,000,000 17,667,500 166,329,000
30,889,000 the reserves and whether reserves held
Corn Exchange Bank
are above or below require10,000,000 25,257,600 128,890,000
14,927,000
National Park Bank
10,000,000 84,391,300 263,841,000
8,758,000 ments. This will account for the queries at the end of the
First National Bank
51,883,000
Amer. Exchange Irving Tr.Co 32,000,000 31,866,200 366,263,C00
1,000,060 1,368,800
6,140,000
600,000 table.
Continental Bank
50,000,000
Chase National Bank
500,000
Fifth Avenue Bank
1,000,000
Garfield National Bank
9,000,000
Seaboard National Bank
5,000,000
State Bank & Trust Co
20,000.000
Bankers Trust Co
U. S. Mtge. at Trust Co
5,000,000
Title Guarantee & Trust Co
10.000,000
Guaranty Trust Co
30,000,000
Fidelity Trust Co
4,000,000
Lawyers Trust Co
3,000,000
New York Trust Co
10,00G,000
Farmers Loan & Trust Co._ _ _ 10,000,000
Equitable Trust Co
30,000,000
Colonial Bank
1.400,000
Clearing Non-Members.
Mechanics 'Fr. Co.. Bayonne.
Tntal•
500,000
57,470,000
3,369,000
1,931,900
14,081,600
6,378,800
42,591,000
6,015,400
21,767,200
37,468,300
3,636,800
3,757,000
23,775,200
21,728,300
25,574,100
3,633,800
6575,910,000
24,224,000
14,972,000
122,720,000
34,745,000
c372,264,000
56,666,000
37,829,000
d468,026,000
40,203.000
19,300,000
139,384,000
el12,728,000
f332,933,000
26,689.000
739,700
3,573,000
4.2a Ann nnr con AG1 ..rnn K ouR 41A
Ann
63.224,000
821,000
573,000
8,224,000
60,692,001)
52.321.000
4.238,000
1,859,000
121,995.000
5,397,000
3.189,000
36,491,000
21,100,000
45,945,000
7,074,000
5,818,000
An, OAR
nn!.
Includes deposits in foreign branches: (a) 5281,958,000: (6) 315,535,000; (c) $78,880.000; (d) 392.741,000; (e) 52,253,000; LO $103.586,000.
•As per official reports: National. Feb. 28 1928; State, Mar. 2 1928; Trust companies, Mar. 2 1928.
Two Ciphers (00)
omitted.
Week Ruded June 30 1928.
Members of
Trust
P.R.Sydem Companies
Capital
54,300,0
Surplus it-d profits. _ 169,298,0
Loans, disc tot Invent 1,034,103,0
Exch. for Clear. House
39,901,0
Due from hanks
98,866,0
Bank deposits
122,157,0
Individual deposits- - 614,787,0
Time deposits
218,087,0
Total deposits
955,031,0
Res. with legal depos.
kes with F R. Bank
68,874,0
Cash In vault.....
8,930,0
Total Res.& cash held
77,804,0
Reserve required
Excess reserve and cash
In vault
June 23
1928.
June 16
1928.
Total.
63,800,0
9.500,0
63,800.0
63,800,0
17,914,0 187,212,0 187,200,0 167.200,0
107,001,0 1,141,194,0 1,141,970,0 1.143,647,0
1,103,0
47,101,0
47,571,0
41,004,0
95.204,0
90,033,0
641,0
97,507.0
3,262,0 125.419,0 127.038,0 129,571.0
51,976,0 666.723,0 672,230,0 693.534,0
30,425,0 248,512,0 216,807.0 253,337.0
85,663,0 1,040,694,0 1,046,075,0 1,076.472,0
9,134,e
9,621.0
10.105.0
9,621,0
67,345,0
68,874,0
71.238,0
11,871.0
11,654,0
12.223.0
2,724,0
88,350.0
93 566.0
90.149,0
12,345,0
• Cash In vault not counted as reserve for Federal Reserve
member'.
75
FINANCIAL CHRONICLE
JULY 7 1928.]
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, July 5,and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appear on page 33. being the first item in our department of"Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS JULY 3 1928.
July 3 1928. June 27 1928. June 20 1928. June 13 1928. June 6 1928. May 29 1928 May 23 1928. May 16 1928. July 6 1927_
RESOURCES.
$
$
5
$
$
$
$
$
$
1,129,584,000 1,128,276,000 1,135,840,000 1,118.486,000 1.109,015,000 1,122.150,000 1,130,353,000 1.153.806,000 1,606,704,00e
Doid with Federal Reserve agents
62,534,000
63,482,000
62,100,000
64,051,000
71,783,000
68.114.000
Gold redemption fund with U. S. Treas.
65,603,000
71,181,000
47,738,000
Gold held exclusively asst. F. R.notes 1,191,684,000 1,191,758,000 1,198,374,000 1,189,667,000 1,174,618,000 1,186.201,000 1,198,467,000 1,225,589,000 1,654,442,000
()old settlement fund with F.R. Board
699,796,000 700,173.000 694.771,000 741,016,000 781,767,000 783,200,000 814,595,000 796,154,000 598,832,000
DoId and gold certificates held by banks_ 655,010,000 691,379,000 687,772.000 649.721,000 652,563,000 637,466,000 621.230,000 619.066,000 734,835,000
Total gold reserves
Reserves other than gold
2,546,490,000 2,583,310,000 2,580,917,000 2.580.406.000 2,608,948,000 3.606,867.000 2.634,292,000 2,640,809,000 2,988,109,000
146,100,000 154,974,000 156,354.000 153,593,000 152,461,000 150.626,000 161.093.000 160.838,000 152,848,000
Total reserves
Non-reserve cash
Bills discounted:
Secured by U. S. Govt. obligations_
Other bills discounted
2,692,590,000 2,738,284,000 2,737,271,000 2,733,999,000 3,761,409,000 2,757,493,000 2,795,385,000 2,801,637,000 3,140,957,000
54,273,000
64,107,000
62,335,0013
67,627,000
59,782,000
50,131,000
64,189,000
63,042,000
65,139,000
Total bills discounted
Bills bought In open market
O. S. Government securities:
Bonds
Treasury notes
Certificates of Indebtedness
1,191,010,000 1.031,874,000
209,664,000 223.432.000
777.480,000
413,530,000
Total U. S. Government securities__
Other securities (see note)
701.618,000
330,256,000
653,196.000
337,631,000
684,513,000
358,345,000
651,184,000
330.814,000
634.482,000
309,309.000
574.589.000
273,883.000
548.566,000
258,846.000
301,063,000
205,705,000
990,827.000 1,042.958,000
223.882,000 240,417,000
981,998,000
266,394,000
943,791.000
303,988,000
847,472,000 807,412,000
330,563,000 347.292,000
506,768,000
199,043,000
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
60,463,000
65,370,000
93,594.000
56,538,000
85.160,000
94,793.000
54,544,000
100,417,000
107,359,000
164,484,000
83,482,000
126,502,000
219,565,000
490.000
211,937,000
490.000
222,868,000
590,000
223,296,000
1,090,000
310.032.000
1,090,000
219,426,000
1,090,000
230,481,000
990,000
263,320,000
990.000
374,468,000
1,300,000
Total bills and securities (see note)
Gold held abroad
Due from foreign banks (see note)
Uncollected items
Bank premises
All other resources
1,620,729,000 1.467,733,000 1,438.167,000 1,507,661,000 1,459.514,000 1,468,295,000 1,409,505,000 1.418,014,000 1,081,579,000
13,566,000
571,000
572,000
571,000
38,049,000
572,000
572,000
570,000
571,000
571,000
758,391,000 626,380,000 729,581,000 748,112.000 675,626.000 630.675.000 656,931,000 766.598,000 696,172,000
60,047,000
60,089,000
60.096,000
60,013,000
59.146,000
60,014,000
60.028,000
60.080,000
59.551,000
8,063,000
8,520.000
7,902,000
14,261,000
9.487.000
10,010 000
9.482.000
9,439,000
9.157,000
Total resources
LIABILITIES.
F. R. notes in actual circulation
Deposits:
Member banks-reserve account
Government
Foreign banks (see note)
Other deposits
5.195321,000 4,963,462.0005.037.889,000 5,125,573,000 5,029.347,000 4,986.317.000 4,999,472,000 5,120,041.000 5,093,861,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
2,459,316,000 2,381,800.000 2,366,162,000 2,436,139.000 2,423,822,000 2,407.607,000 2,416,535,000 2,434,153,000 2,340,900,000
682,191,000 582,086,000 678,174,000 691,028.000 615.204.000 594.069.000 612,621,000 712,847.000 631,825,000
141,210,000 140,318,000 140,309.000 139.719.000 139,631,000 139,599,000 139,626,000 139,201,000 129,426,000
233,319,000 233,319,000 233.319,000 233,319,000 233.319,000 233.310.000 233,319,000 233,319.000 228,775,000
18,953,000
21,304,000
20,353.000
19.001,000
19.943,000
18,404,000
17,988,000
17,426,000
11,885,000
1,660,132,000 1,604,635,000 1,599,372,000 1,605,425,000 1,598,370,000 1,593.319,000 1,579.383,000 1,583,095,000 1,751,050,000
2,402,892,000 2,344,709,000 2,332,162,000 2,392,433,000 2,384,830,000 2,357.323.000 2,369,648,000 2,382,156,000 2,297,397,000
21,468,000
11,274,000
3,478,000
32,847,000
21,505,000
16,337,000
17,019.000
7,337,000
25,508,000
8,852.000
8,703,000
10,134,000
7,326,000
5.280,000
8,832,000
5,336,000
5,997,000
5.923.000
17.114,000
26,104,000
20,388,000
17,855.000
19,459,000
20,111,000
17,375.000
30,830,000
20,492,000
Total liabilities
5,195,121,000 4.963.462,000 5,037,689.000 5,125,573,000 5.029,347,000 4.986.317,000 4.999.472,000 5.130.041,000 5,093,861,000
Ratio of gold reserves to deposits and
F. Ft.. note liabilities combined
65.1%
61.8%
65.1%
64.8%
64.85%
63.8%
65.9%
73.0%
65.7%
Ratio of total reserves to deposits and
65.4%
F. rt. note liabilities combined
69.0%
68.7%
68.9%
70.0%
68.7%
67.6%
76.8%
69.7%
Contingent liability on bills purchased
for foreign correspondents
309,038,000 305,068,000 297,824.000 295.525,000 276.582.000 366,659,000 266,955.000
264,566 146,037,000
Distribution by Maturities13
1-15 days bills bought In open market.
94,671.000
1-16 days bills discounted
1,044,234,000
1-15 days U. S. certif. of indebtedness_
6,942,000
1-15 days municipal warrant.
16-30 days bills bought in open market.
37,114,000
43,862,000
16-30 days bills discounted
16-30 days U. S. certif. Cr Indebtedness
16-30 days municipal warrants
37.931,000
31-60 days bills bought in open market _
31-60 days bills discounted
52,506,000
31-60 days U. S. certif, of indebtedness
31-60 days municipal warrants
26,099,000
61-90 days bills bought in open market.
40,859,000
61-90 days bills discounted
61-90 days U.S. certif. of indebtedness_
61-90 days municipal warrants
7,101,000
Over 90 days bIlls bought In open market
16,297,000
Over 90 days bills discounted
66,235,000
Over 90 days certif. of Indebtedness
Over 90 days municipal warrants
$
103,443,000
892,122,000
736,000
47,389.000
36,139,000
8
98,312,000
845,383,000
19,294.000
100,000
49,300.000
39,389,000
$
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
42,764.000
48,934,000
48,376,000
55,103,000
55,029,000
53,566.000
23,651,000
35,368,000
22,887,000
31,916,000
6,185,000
19,311.000
65,638,000
5,007,000
19.036,000
69.386.000
s
$
a
s
97,597,000
806,549,000
4,122,000
115,682,000
715,333,000
3,337,000
121,261,000
684,518,000
6,337.000
75.641,000
406,073,000
33,000
64,039,000
36.036,000
1,186,000
63,391.000
35,118.000
1.288,000
51,953,000
22,398,000
74,557,000
56.673.000
73,528,000
35.865.000
10,997.000
100.000
95.842,000
53,093,000
50,957,000
103,120.000
110,583,000
45,179.000
45,647,000
34,937,000
21,772,000
29,611.000
23,722,000
27,240,000
30.204,000
28,907.000
40,282,000
37,449,000
44.981.000
26.141,000
20,233,000
28,262,000
31,257,000
4,715.000
20,238,000
54,873,000
6.073.000
18,620,000
56,874.000
6,817.000
19.377.000
78.475,000
7.439.000
17.697,000
84.270,000
7,176.000
16,456.000
99.744,000
5,569,000
15,098,000
95,212,000
F. R notes received from Comptroller... 2,819,200.000 2,817,335.000 2,810,515,000 2.796.819.000 2,783.792,000 2,787.272,000 2.799.540.0002,805.503,000 2,945,476,000
798,775.000 817,380,000 811,770,000 802.470.000 816,310,000 836,005,000 846,876,000 846,425,000 836,615,000
F. R. notes held by F. R. Agent
Issued to Federal Reserve Banks
2,020,425,000 1,999,955,000 1,998,745.000 1,994,349.000 1,967,482,000 1,951.267,000 1.952.664.000 1.959.078,000 2,108,861,000
How SecuredBy gold and gold certificates
Gold redemption fund
Gold fund-Federal Reserve Board._
By eligible Paper
355,376,000 356,376,000 354,626,000 354,606.000 354.607,000 354.606.000 354.605.000 345.606,000 392,341,000
96,552,000
88,624.000
94,335,000
98.386,000
93,621.000
98,994,000
95,293,000
99,623.000 100,248,000
677,656,000 684,276,000 686,879,000 665,494,000 655,414,000 673.923.000 680,455.000 699,577,000 1,114,115,000
1,318,795,000 1,195,831,000 1,159,342,000 1,234,877.000 1,197,134,000 1.194,364.000 1.144.458.000 1,124,625,000 657,099,000
Total
2,448,379,0002,324,107,000 3,293,182.000 2.353.383.000 2.306.149.000 2.316.514.000 2.274.811.000 2.278.431.000 2.263,803,000
NOTE.-Beginning with the statement of Oct. 7 1925. two new items were added In order to show separately the amount of balances held abroad and
amounts due to
foreign correspondents. In addition, the caption "All other earning &mete," previously made up of Federal Intermediate Credit bank debentures, was changed to
-other securities." and the caption "Total earning assets" to "Total bills and securities." The latter term was adopted as a more accurate description of the total of the
discount acceptances and securities acquired under the provisions of Sections 13 and 14 of the Federal Reserve Act, which, wasstated,are the only Items Included therein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JULY 3
1928
Two ciphers (00) (Judaea.
Federal Reserve Bank of-
Total.
Boston.
New York.
Patio.
Cleveland. Richmond Atlanta. Chicago. Si. Louis. Minneap. Kan.City, Dallas. San Nan.
RESOURCES.
$
$
Gold with Federal Reserve Agents 1,129,584,0 67,417,0
62,100,0 4,337,0
Gold redo fund with U.S. Treas.
$
S
$
$
$
$
$
$
$
$
$
175,652,0 71,050,0 132,034,0 23,136,0 84,010,0 215,209,0 18,793,0 47.138,0 45,362,0 18,634,0 331,149,0
17.559,0 9,158,0 4,575,0 2,050,0 3,320,0 8.284,0 6,221,0 1,579,0 2,343,0 1,778,0
896,0
Gold held excl. agst. F.R.notes 1,191,684,0 71,754.0
Gold settler fund sith F.R.Board 699,796,0 84,441.0
655,010,0 22.603,0
Gold and gold certificates
193,211,0 80,208,0 136,609,0 25,186,0 87,330.0 223,493,0 25,014,0 48,717,0 47,705,0 20,412,0 232,045,0
171,682,0 37.056,0 53,795,0 27,472,0 7,118,0 161,606,0 33.667,0 24,377,0 38,628,0 19,990,0 39.964,0
439.407,0 25,612.0 39,820,0 6,415,0 8,250,0 49.428,0 11,693,0 4,585,0 6,735,0 14,066,0
26,396,0
Total gold reserves
Eteserve other than gold
804,300,0 142.876,0 230,224,0 59,073,0 102,698,0 434,527,0 70,374,0 77,679,0 93.068,0 54,468.0
28,267,0 7,272,0 14,455,0 11,183,0 17,017,0 15,992,0 13,224,0 2.714,0 6.421,0 6.680,0 298,405,0
8,833,0
832,567,0 150,148.0 244,679,0 70,256,0 119,715,0 451,519,0 83,598,0 80,393,0 99,489.0 61,148,0
307,238.0
16,804,0 1,714,0 3,387,0 6,239,0 4,237,0 6,737,0 2.999,0
1,071,0
1,660,0 2,331,0 2,663.0
323,045,0 74,479.0 79,059,0 18,303,0 16,488,0 144,604,0 23,626.0 5,178,0 9,980,0 6,435,0
38.702.0
113.492,0 31,529,0 37,076,0 32,268,0 47.445,0 36,485,0 30,711,0 2,957,0 13,753,0
5,475,0 17,553.0
436,537,0 106,008.0 116,135,0 50,571,0 63,933,0 181,089.0 54,337,0 8.135,0 23,733,0
11,910,0 56,255,0
49,409,0 20,407,0 18,789,0 9,014,0 13,975,0 14,354,0
322.0 13,183,0 11,485,0 12,687,0 21,158.0
2,546,490,0 178.798,0
146,100,0 14,042,0
2,692,590,0 192,840,0
Total reserves
54,273,0 4,431,0
Non reserve cash
Bills discounted:
Sec. by U.8. Govt. obligations 777,480,0 37,581,0
413,530,0 44,786,0
Other bills discounted
Total bills discounted
Bills bought in open market
13. El. Government securities:
Bonds
['reentry notes
:Iertifleatee of Indebtedness
1,191,010,0 82,367,0
209,664,0 24,881.0
rota! U. B. Gov't securities
55,701,0
00,687,0
73,177,0
704,0
2,324,0
4,549,0
2,084,0
505,0
584.0
17,445,0 9,571,0 27,667,0
21,394,0 11.454,0 5,682.0
1,153,0
806,0
1,571,0
26.0 20,002,0
3,240,0 6,199,0
2,008,0 10,371,0
7,125.0
219,56.5,0
7,577.0
40.923,0 21,609,0 33,854,0
3.530,0
5.274.0 36.572.0
7.125.0 11,024.0 165220 IR 910 n t, .1.1a n
4,518,0 11,140,0
4,230,0 2,948,0
2,276,0 4,434,0
7,819,0
41,0
4,024,0 12.233,0
4,376,0 5,062,0
76
[VOL. 127.
FINANCIAL CHRONICLE
atESOURCES (Concluded)Two Ciphers (00) miffed.
Total.
Boston. New York.
3
490,0
Othersecurities
Total bills and securities
Dne from foreign banks
Uncollected items
Bank premises
MIother resources
3
Phila.
$
$
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas. San Fran,
$
$
$
3
$
3
490,0
s
$
$
526,869,0 148,024,0 168,778,0 63,115,0 83,182,0 232,015,0 61,784.0 32,832,0 53,740,0 40,816,0 94,749,0
47,0
217.0
51,0
25,0
21,0
69,0
18,0
17,0
21,0
13,0
35.0
234,444,0 67,624,0 66,687,0 55,343,0 23,120,0 88,834,0 28,932,0 14,282,0 37,782,0 25,497,0 39,383.0
16,563,0 1,752.0 6,806.0 3.437.0 2,832,0 8,720,0 3,892,0 2,202,0 4,308,0 1,877,0 3,834,0
195,0 1,222,0
1,472,0
437.0 1,315,0
956,0
535,0
851,0
429,0
487,0
561,0
1,620,729,0 114,825,0
571,0
37,0
758,391,0 76,463,0
60.047,0 3,824,0
60,0
8,520,0
Total resources
5,195,121,0 392,480,0 1,628.936,0 369.504,0 491,610,0 198,852,0 234,422,0 787,850,0 181,761,0 131,644,0 197,426,0 132,173,0 448,463,0
LIABILITIES.
F. R. notes In actual circulation_ 1,660,132,0 138,573,0 349,202,0 132,416,0 194,158,0 53,339,0 133,363,0 271,227,0 56,769,0 55,957,0 55,543,0 30,353,0 189,232,0
Deposits:
Member bank-reserve acc't_. 2,402,892,0 151,206,0 936,503,0 138,720,0 190,527,0 71,598,0 63,485,0 379,474,0 78,109,0 51,535.0 94,110,0 63,101,0 184.524,0
Government
6,376,0 2,978,0
970,0 1,924.0
21,468,0
558,0
727.0 1,880,0
440,0
935,0 3.542.0
821.0
317,0
2,773,0
804,0
Foreign bank
635,0
880,0
8,852,0
432.0
356,0 1,177,0
364,0
296,0
601,0
229,0
305,0
59,0 1,369,0
16,548,0
Other deposits
26,104,0
473,0
86,0
77.0 1,208,0
361,0
216,0
662,0
36,0 5.009,0
Total deposits
Deferred availability Items
Capital paid in
Surplus
MIother liabilities
962,200,0 142,561,0 193.746,0 74,040,0 64,645,0 383,739,0 79,274,0 52,801,0 95,394,0 64,368,0 193.676,0
202,611,0 57,621,0 63,549,0 51,908,0 20,304,0 78,819,0 28,964,0 11,870,0 32,615,0 24,203,0 37.601,0
45,530,0 14,195,0 14,281,0 6,233,0 5,209,0 18,215,0 5,343,0 3,029,0 4,204,0 4,326,0 10,752,0
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
6,386,0 1,049,0 1,855,0 1,008,0
905,0 3,072,0 1,014,0
948,0
624,0
396,0
573,0
2,459,316,0 152,872,0
682,191,0 72,126,0
141,210.0 9,893.0
233,319,0 17,893.0
18,953.0 1,123,0
5.195,121.0 392,480,0 1,628,936,0 369,504,0 491,610.0 198.852,0 234,422,0 787,850,0 181,761,0 131,644,0 197,426,0 132,173,0 448,463,0
Totalliabilities
Memoranda.
63.5
54.6
63.1
Reserve ratio(per cent)
65.4
66.2
55.2
60.5
68.8
61.4
73.9
65.9
64.6
80.2
Contingent liability on bills pur87,837,0 29,268,0 32,040,0 15,712,0 12.939,0 42.823,0 13,247,0 8,318,0 11,091,0 10,783.0 21,874,0
chased for foreign correspondls 309,038,0 23,106,0
P. It. notes on hand (notes reed
from F. R. Agent less notes in
circulation
360.293.0 23.981.0 116.221.0 23.634.0 25.838.0 15.476.0 28.337.0 43.2710 9.549.0 ft 148 0 7 WAR il a Oat n AS am
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS JULY 3 1928.
Total.
Federal Reserve Agent at-
Boston.
New York.
Phila. Cleveland. Richmond Atlanta, Chicago. M. Louis. Minneap. Kan.City. Dallas. San Fran.
3
Two ciphers (00) omitted.
$
P.R.notes reed from Comptroller 2,819,200,0 236,504,0
P.R.notes held by F.R.Agent__ 798,775,0 73,950,0
$
s
s
$
$
$
$
s
3
3
$
735,703,0 185,750.0 256,426,0 92,849,0 228,730,0 429,748,0 83,518,0 79,684.0 96,199,0 57,436,0 336,653,0
270,280.0 29,700,0 36,430.0 24.034,0 67,030,0 115,250,0 17,400,0 15,579,0 33,020,0 21,102,0 95,000,0
P.R.notes issued to F.It. Bank_ 2,020,425,0 162,554,0
•
Collateral held as security for
F. R. notes issued to F. R. Bk.
Gold and gold certificates__ 355,376,0 35,300,0
96,552,0 19,117,0
Gold redemption fund
677,656,0 13,000,0
Gold fund-F.R. Board
1.318.795,0 107.229,0
Eligible paper
465,423,0 156,050,0 219,996,0 68,815,0 161,700,0 314,498,0 66,118,0 64,105,0 63.179,0 36,334,0 241,653,0
2,448,379,0 174,646.0
623,366,0 156,653,0 266,610,0 81,947.0 161.843.0 410.527.0 73.435.0 Mt 404 n 50 455 0 45 150 0 507 570 0
Total collateral
153.161,0
50,000.0 20,395,0 21.750,0
8,300,0 14,167,0
12,303,0 40,000,0
17,491.0 11,273,0 12,034,0 2.741,0 3,760,0 2,209,0
993,0 4,971,0 2,502,0 2,331,0 17,130.0
5,000,0 59,777,0 70,000,0
58,500,0 213,000,0 9,500,0 28,000,0 42,860,0 4,000,0 174,019,0
447,714,0 85.603,0 134,576,0 58,811,0 77,833.0 195,318,0 54,642,0 21,286.0 35,096,0 24,486,0 76,221,0
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 640 member banks from which weekly returns are obtained. These figures are always a week behind
those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement
of Dec. 12 1917, published in the "Chronicle" of Dec.29 1917, page 2523. The comment of the Reserve Board upon the figures
for the latest week appears in our department of "Current Events and Discussions," on page 34, 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 JUNE 27 1928 (In thousands of dollars).
Federal Reserve District-
Total.
Boston. New York
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas. San Fran,
Leans and investments-total
3
s
$
$
$
22.428,794 1,554,662 8,568.091 1,251.601 2,204,185
690,979
640.536 3,313,294
3
723,858
$
369,491
$
673,657
S
S
456,496 1.981,944
Loans and discounts-total
15,749,696 1,097,025 6,061,089
s
$
$
848,620 1,467,195
520,929
512.716 2,403,632
504,914
237,164
431,377
334,843 1,330,192
11.163
47,081
433,610 2,844,254
652,252 3,169,754
8,176
469,581
370,863
14,100
672,215
780,880
3,043
182,931
334,955
4,456
21,862
134,368 1,076.177
373,892 1,305,593
4,667
214,205
286,042
2,357
75.367
159,440
3,415
123,823
304,139
3,780
8.5,184
245,879
4,3.1
358,4.9
967,419
6,679,098
457.6372,507,002
402,981
736,990
170,050
127.820
909,662
218,944
132,327
242,280
121,653
651,752
U. S. Government securities-..... 3,016,624
Other bonds, stocks and securities 3,662,474
164,886 1,221,583
292,751 1,285,419
107,606
295,375
316,030
420,960
75,222
94,828
63.065
64,755
375,556
534,196
77,450
141,494
68,397
63,930
110,206
132,074
83,357
38.296
353,266
298,486
78,587
13,574
127.663
28,676
41,053
12,346
39,118
10,590
256,230
40,054
45,881
7,030
26,154
6,290
56,337
11,870
33,444
9.264
116,346
25,639
355,413
249,069
2,331
324,825 1,830,076
244,581 1,295,986
13.633
12,682
381,772
244,141
6,868
219,065
128,043
2,346
503.194
176,749
3,758
240,486
487,154
43,297
115,496
45.527
84,412
118.613
197,485
52,575
86.544
Secured by U. S. Gov't obliga'ns • 128,434
Secured by stocks and bonds.... 6,670,154
8,951,108
All other loans and alscounts
Investments-total
Reserve with F.R. Bank
Cash in vault
Net demand deposits
Time deposits
DOvernment deposits
Due from banks
Due to banks
1,739,306
250,590
97,993
17,508
820,500
67.749
13,243,626
7,003,606
202,683
895,873 5,871,049
496,617 1,748,367
9,381
62,071
723,217 1,035,843
313,842 958,641
8,984
12,796
1,084,720
3,090,516
48,821 135.678
133,546 1,220,645
58,171
163,317
84,003
208.883
46,231
92,244
66,714
99,137
288.460 814,839
130,480 1,017,090
16,467
51.366
144.604
201,653
Borrowings from F. R. Bank-total
802,818
58,386
319,038
65,170
77,948
29,373
37,434
133,123
34,461
4,630
12.253
5.832
25,170
Secured by U.S. Gov't obliga'ns.
All other
583,980
218,838
37.505
20,881
255,801
63,237
48,988
16,182
56,120
21.828
14,154
15,219
11.983
25,451
108,355
24,768
17,290
17,171
3,980
650
3,775
8.478
4,954
878
21,075
4.095
640
36
78
49
70
66
32
92
29
24
64
45
55
lumber of reporting banks
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of New York at the close of business July 3 1928, in
comparison with the previous week and the corresponding date last year:
July 3 1928. June 27 1928. July 6 1927.
ResourcesGold with Federal Reserve Agent
'Gold redemp.fund with U.S. Treasury_
175,652,000
17.559,000
175,744,000
18,650.000
381,719,000
11,720,000
Gold held exclusively ngst. F.It. notes 193,211,000 194,400,000 393,439,000
'Gold settlement fund with F. R. Board. 171,682.000 216,980,000 189,537,000
Gold and gold certificates held by bank_ 439,407.000 460,495,000 485,443,000
Total gold reserves
Reserves other than gold
804,300,000 871,875,000 1,068,419,000
32,927,000
28,267,000 30,730.000
Total reserves
Non-reserve cash
Bills discountedSecured by U. S. Govt. obligationsOther bills discounted
832,567.000 902,605.000 1,101,346,000
11,319,000
20,316,000
16.804,000
323,045,000 291,638,000
81,441,000
113,492,000
121,858,000
22,980,000
Total bills discounted
Bills bought In open market
V.B. Government securitiesBonds
Treasury notes
Certificates of indebtedness
436.537,000 373,079,000
49,409,000 36,859.000
144,838,000
42,092,000
2,084,000
17,445,000
21.394,000
4,409 000
13,976,000
16,369.000
26,356,000
12,325,000
27,632,000
40,923,000
34,754,000
66.363,000
526,869,000 444,692,000
253,293,000
Total U.S. Government securities__
Total bills and securities (See NM)__
Resources (Concluded)Geld held abroad
Due from foreign banks (See Note)
Uncollected items
Bank premises
All other resources
Total resources
July 3 1928. June 27 1928. July 6 1927.
$
1,998,000
217,000
217,000
13.355,000
234,444,000 166,739.000 180,838,000
16,563,000
16,563,000
16,276,000
1,472,000
1,160,000
4,449,000
1,628,936,000 1,552,292.000 1,581,874,000
LiabilitiesFed'I Reserve notes in actual circulation
Deposits-Member bank, reserve acctGovernment
Foreign bank (See Note)
Other deposits
349,202,000 334,072,000 405,194,000
936,503,000 939,566,000 895,332,000
1.133,000
6,376,000
9,388,000
1,445,000
2.773,000
2.401,000
23,727,000
16,548,000
8,168.000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
962,200,000 959,523,000 921,537,000
202,611,000 144,922,000 151,861,000
38,928,000
44,615,000
45,530,000
61,614,000
63,007,000 63,007,000
2,740,000
6,386.000
6.153,000
Total liabilities
Ratio of total reserves to deposit and
Fed'I Res've note liabilities combined_
Contingent liability on bilis purchased
for foreign correspondence
1,628,936,000 1,552,292,000 1,581,874,000
63.5%
69.8%
83.0%
87,837,000
88,808.000
40,326,000
NOTE -Beginning with the statement of Oct. 7 1925, two new Items were added in order to show separately the amount of balances held abroad and amounts due
Co 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 assets" to "Total bills and securities." The latter term was adopted as a more accurate description of the total ol
She discounts, acceptances and securities acquired under the provision of Sections 13 and 14 of the Federal Reserve Act, which. It was stated, are the only items included
Oherein.
JULY 7 1928.]
New York City Banks and Trust Companies.
,f6ankerfe &tune.,
(All prices dollars per share.)
Wall Street, Frilay Night, July 6 1928.
Railroad and Miscellaneous Stocks.—The review of the
Stock Market is given this week on page 63.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Weak Ended July 6.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range Since Jan. 1.
Lowest.
Highest.
Par. Shares
per share.
per share. $ per share I per share.
Railroads—
Boston & Maine_100
300 78 June30 78 June30 58
Feb 83
May
Buff Roch & Pitts_100
60 664 July 6 68 July 6 60
Feb 86
Apr
Car Cl de Ohio
50 93 June30 93 June30 93 June 96
100
Jan
Cuba RR pre!
390 884 July 3 8831 July 3 84
100
Mar 94
June
Havana Elec Ry
• 300 13
July 3 13
July 3 10
Mar 174 June
Ill Cent leased line..16'
824 July 3 824 July 2 794 June 86
Apr
RR secured stk etf..100
100 80 July 6 80
July 6 SO
Jan 82% June
Iowa Central__ _100
60 3 July 3 334 July 2 2
Mar 534 Mar
Minneap de St Louls_100
600 231 July 3 234 July 6 131 May 64 May
Certificates
100 200 24 July 3 24 July 3 24 July 234 Jan
Morris & Essex
50
100 854 July 6 87
June30 8.5
Mar 89 June
Nash Chatt de St L...10
10 18451 June30 1844 June30 12534 Mar 2044 May
Nat Ry Mex lat pref_100
100 531 July 5 534 July 5 34 Feb 834 Apr
New On Tex & Mex.100
110 141
June30 14135 July 2 125
Apr 14834 May
N Y Central rights
49,50 I 6
July 2 634 June30 6
Jun
64 June
Y State Rys
100 6,100 2331 June30 253.4 July 3 734 Mar 254 July
Preferred
100
200 43 July 2 43 July 2 26
Feb 45
June
Pac Coast lot pref. 100
20 4534 July 6 48
July 6 4.554 July 70
Jan
21101 preferred
100
50 28 July
294 July 6 22
Apr 39
May
Pitts Fr W & Chic pf_100
20 158 34 July 3 158 35 July 315834 July 167
Apr
So Ry M &0atilt_ _100 32013554 July 313931 July 2 100
Jan 15934 Jan
Indus.& Miscell.
Abitibi Pow & Pap pf 100 1,000 102
June30 102
Apr 10234 Apr
June30 100
Am Beet Sugar rights_
4,65C
34 July 1
4 July
% July 1
34 July
Am Encaustic Tile rights 1,700
34 July 7:
31 June30
4 June
34 June
Am Math de F pf (7).100
1994 July 1 1994 July 5 19934 July 225)4 Jan
Am Pow de Lt pref
• 1,600 1034 July / 1044 July 2 10334 June 10734 May
Am Tel dc Tel rights__ 53,300 114 July 2 1231 July 2 11.4 June 1434 June
Am Wholesale Co pref.*
20 110
July f 1104 July 2 104
Apr 1104 July
Arnold Constable rights_ 25,350
3-1 July I 154 July 5
14 July 14 July
Barker Bros
• 600 32
July ( 32
July 6 30 June 3234 June
Preferred
200 100
July 110031 July f 100
100
July 1013.4 June
Brockway Motor Trk_ _* 4,700 49 June3( 52
4534 June 574 May
July
Preferred
100
200 11131 July 111131 July 2 110
June 1174 May
Brown Shoe pref._ - _100
July(120
170 120
July 6 117
Mar 120
Jan
Burns Bros rights
34 July 7 2)4 July 3
26,200
34 July 734 June
Canada Dry Gina A rte. 4,900 131 July
14 July 5 134 July 131 July
Chickasha Cot 011. _ _ _10
June30 48
July C 454 June .5254 May
80( 46
Chrysler Corp rights_
124300 231 June30 3 July 5 14 June 3
July
Conley Tin Foil stpd_ _*
200 131 July / 134 July
31 Jan 34 May
Consol Cigar pref (7) 100 1,000 106
June30 1074 July 3 98
Jan 1084 June
Cons Film Indus pref. _* 3,801 244 July 2 25
July 2 243-4 July 25
June
Container Corp Cl A._20 3,700 27
July 1 28 July 2 214 Mar 36
Apr
Class B
• 6,100 134 July 1 1431 June30 1034 Mar 194 Apr
Cutter Hammer Mfg_10 .500 54 July E .55
June30 52 June 60
Apr
DeBeers Cons Mines_ _
10 2534 June& 2531 June30 2531 July 274 Mar
Debenham Sec
a5
501 444 July E 444 June30 434 June 494 May
Dodge Bros A ctfs
• 6,400 134 June30 144 July 5 123-4 June 144 July
Pref et%
•19,000 67
June30 724 July 3 64
Jun 724 July
Drug Inc
•11,100 914 July 1 9434 July 5 80
Mar 9934 May
Duluth Sup Tree pf_ _100
July 3 35 July3 35
May 35
10 35
May
Eisenlohr Bros pref....100
266 884 July 5 917-4 June30 8831 Jan 10034 Feb
Elea Auto Lite pref._100
200 10934 July 0 110
July 3 10934 July 110
July
Eitingon Schlid pref_100
600 10234 July 1 103
July 5 10234 July 11451 June
Emerson Brant class fl.*
200 6 July 2 64 July 2 231 Apr 94 May
Equitable Off Bldg new* 2,400 324 July 6 334 July 3 3234 July 3331 July
Eitingon Schild
*
106 3531 July ( 3534 July 6 354 June 404 June
Fairbanks Co pre_ _ _.25
10 104 July 2 1034 July 3 94 May 1331 Apr
Gen.
'Gas Az El class B.*
5C0 62
July 2 69 July 6 37
Jan 69
July
Gen'l Ice Cream
* 4,000 744 July 1 7831 July .5 7434 July 7834 July
Graham-Paige Mot ctfs• 1,400 2931 July 1 3231 July 5 264 June 3631 June
Grand Stores
100 3,100 67
July .5 6934 July 6 654 June 6931 July
Grand Union
• 500 2631 July 2 28 July 6 2634 July sog June
Preferred
• 1,100 4734 July 0 4831 July 2 474 June 50 June
Hackensack Water pf_25
30 304 July 0 304 July 5 2534 Jan 384 June
Preferred A
23
10 28
July 1 28
July .5 2534 Jan 29 June
Barb Walk Ref pref.100
10 115
July 1 115
July 5 110 June 120
Jan
Internal Nickel pref.100
100 11530 June3( 1154 June30 1104 Jan 116
June
Keith-Albee-Orpheum_• 2,100 194 July 5 204 July 2 154 May 25
June
Preferred
100
200 82 July 3 82 July 2 7.54 May 99
May
Kelvinator Corp
•40,200 14
July e. 1631 July 5 1234 June 22% Apr
Lehigh Portl Cement_50
300 49 July / 49
July 3 473-4 June 54
Mar
Loew's preferred
1,10010034 July 1 103
9934
July 5
Mar 11054 May
McKeesport Tin Plate.* 7,900 664 July
6931 July 5 6234 June 7231 Apr
Mackay Co ctfs
100
100 120 June30 120 June30 118
June 1224 May
Pref ctfs
100
100 7635 July 3 764 July 3 75
June 7631 July
Maytag pref
• 1,400 44
June30 454 July 5 43 June 52
Slay
1st prof
94
June30 94 June30 94
June 101
May
Mexican Seaboard rts
53,900
%June 30
4 June30
les June
74 June
Milw El Ry Lt & P p1100
20 110
July 5 110 July 5 10534 Apr111
June
Motor Products
• 900 944 July 3 9534 July 2L 943-4 July 9534 July
National Supply pf_ _100
10 11834 July 2118)4 July 2,115
Apr 119
Jan
Norwalk Tire & K p1_100
30 35
June30 3534 July 3 334 Jan 45
Jan
Pacific Lighting Corp_ • 2,200 83 July 3 85 July 5 80 June 8534 June
Pac Tel & Tel pref...100
20 120
July 5 120 July 5 115
Jan 12534 May
Penick de Ford pref. 100
60 104
July 6 10431 July 6 1034 Jan 115
Mar
Penne Coal de Coke_..50
300 104 July 6 104 July 6 94 June 143-5 Jan
Phillips Jones Corp_ _ _ _• 100 44
July 5 44
July 5 38
Apr 534 May
100
10 95
Preferred
July 2 95
July 2 85
Apr 99
May
50 106%lune 3010631 June30 1063E June 111
Rem Typew let prof _100
May
Reynolds Tub el A _ _ _ _25
1018331 July 318331 July 3 165 34 Mar 199
May
Stand Gas & El pre rts_ _ 110600
31 June30, 4 July 5
34 June
34 June
Stand Sanitary Mfg__ _• 3,600 364 June30' 39 July 6 34
June 424 May
1,600 345-5 July 31 35
Trico Products
40
May
July 5 3234
U S Cast Iron Pipe &
Junel
Foundry certifs. __IRO
800 235
July 2242
July 2 235
July 273 June
50 1084 July 2 109 July 3 1074 Apr 11434 Apr
Va Elec de Pa pre!(7).100
110 108
June30 103 June30 1064 Jan 10831 Jan
Washburn-Crosby p1.100
Bank. Trust & Insurance Co. Stocks.
Bank of Commerce_ _100
Bank of Manhattan _100
Corn Exchange Bank 100
Equit Tr Co of N Y _ _100
National Park Bank.100
77
FINANCIAL CHRONICLE
20625
90 755
50635
30 475
20 720
July
July
July
July
July
3638
2785
p655
6 480
5 725
July
July
July
July
July
3 .550
6 560
3 600
3 410
5 642
Feb 770
Feb 940
May 753
Jan 599
Jan 980
June
May
May
May
May
*No par value.
New York City Realty and Surety Companies.
(AU prices dollars per share.)
Ask,Bid
Bid
Alliance R'Ity 72 i 80 Mtge Bond-- 170
Amer Surety.' 275 295 It Y Title &
Mortgage_ 620
Bond & M 0. 430 460
Lawyers Mtge 340 350 U S Casualty_ 390
Lawyers Title
& Guarantee 340 350
Ask
Bid
Ask
190 Realty Assoc's
1(Bklyn)core
- s295
630
1st pref-- 97
420
2d pref __._ 94
Westchester
Title & Tr. 650
._
Ask Banks—N.Y. Bid
Banks—N.Y Bid
195 202 Port Morris-- 675
America
780
Amer Union*. 245 255 Public
Bronx Bank*. 725 800 Seaboard.... 825
290
Bryant Park* 230Seventh
740
Central
205 2i8 States
300
7
11 Trade*
Rights
275 310 Yorkville..._ 250
Century
225
566 572 Yorktown*
Chase
Chath Phenix
Brooklyn.
Nat Bk &Tr 615 625
480
Chelsea Exch* 295 315 First
,
. 300
Chemical__ _ _ 930 950 Globe Exch.
Colonial'. _ 1200
-- Mechanics'.. 385
Commerce_ _ - 620 630 Municipal*- - 440
450
Continentals_ 575 625 Nassau
950
Corn Exch _
650 665 People's
Trust Cos.
Cosmopolit'n* 460
New York.
Fifth Avenue_ 2300
..
m Ex ltv Tr 1438
4000 4150
First
19
Rights
675
Garfield
Grace
400
-- Banes Combe
Italians Tr_ 460
Hanover
1340 1380
ank of N 1
Harriman_ _ _ _ 1025 1075
& Trust Co 728
765 I 780
Manhattaa*
National City 860 '870 Bankers T us- 950
Park
710 730
Penn Exch
190 200
r
Ask
725
795
840
305
765
350
290
Tr. Cos.-N.Y. Bid
Bronx Co Tr_ 425
Central Union 1675
725
County
Empire
445
Equitable 'Yr_ 478
Farm L & Tr. 815
Fidelity Trust 430
Fulton
565
Guaranty.... 650
Intl Germanic 210
Interstate
290
Lawyers Trust
Manufacture
New $25 par 244
Murray Hill_ 275
Mutual(West
310
cheeter)
N Y Trust
785
Times Square 205
Title Ou & Tr 830
US Mtge ds Tr 500
United States3200
WestchesVrTr 1000
Brooklyn.
Brooklyn.... 1150
Kings Co_ __ _ 2700
Midwood_ _
300
510
395
460
475
445
22
490
750
960
*State banks. I New stock. z Ex-divi lend. a Ex-stock div.
Ask
500
1725
800
455
485
835
450
600
655
220
298
250
200
_
795
215
850
530
3400
1100
1225
2900
350
y Ex-rights.
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Haturity.
Dec. 15 1928._
Dec. 15 1928....
Mar. 15 1929.-Mar. 151929...
/or.
Rate.
.od.
35-0% 9951as
4%
100
354% Si)".,
37
.4% 990It
• .,,
Mattetty.
1
99,8:3 1 pt. 15 1930-32
10043 Mar. 15 1930-32
99",t Dec. 15 1930-32
9921n
ml.
Rate.
Bid.
354%
331%
334%
98",
, 98"n
9555,2 93",,
9S",
, 98",
,
Asked.
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 foot-note at the end of the tabulation.
Daily Record of U.S. Bond Prices. June30 July 2. July 3. Jul14. July5. July 6.
First Liberty LoanHigh
314% bonds of 1923-47_,ILow.
(First 334)
Close
Total sales in $1.000 unus_.
Converted 4% bonds of{
(High
1932-47 (First 4s)- -- - LowClose
Total sales in $1,000 units__
Converted 434% bondarigh
Of 193247 (First 44s) Low_
Close
Total soles in 51,000 units__ _
Second converted 4g% High
bonds of 1932-47 (First Low_
Second 4318)..
Total sales in $1,000 units__
Third Liberty Loan
IHigh
44% bonds of 1928._ Low_
(Third 434e)(Close
Total sales in 51.000 min.._
Fourth Liberty Loan
High
434% bonds of 1933-38__ Low_
(Fourth 4348)
Close
Total sales in $1,000 units_
{High
Treasury
Low_
434a. 1947-52
Close
Total sales in $1,000 units. __
(High
48. 1944-1954
Low
(Close
Total sales in $1.000 Units-(High
334s. 1946-1956
Low_
Close
Total sales In 41.006 units__
High
331,, 1943-1947
Low
(Close
Total tabu in 21 IVIII
10•
1004: 1004: 1001as
1001s: 1001at 1005,,
1002,1 100,
3: 100,a,
57
30
22
----
----
----
-_ _
___
-_ _
101,2,3 10114:
101010:: 101,,,, 1010,2
101,,,, 10118n 1011712
36
17
11
--_—__
____
100,
3,
100033
100,,,
11
10115,1
101,,,,
101,4:
273
114
114
114
4
108",,
108"st
10855,s
1
1061431
1064
106,
,,
170
101,0,
10117:
_--. 1010,
_ -__
100113
1004:
1004:
2
1021,t
101ns:
1024:
'164
114
114
114
2
109',,
1091,,
1091,2
1
10615at
106,8,2
10604:
1
_-__
____
___ _
1005,,
100133
1004,
34 HOLI
10155s DAY
10184,
101",
207
1144,3
114
1144:
420
1091tt
108",
1091st
554
10683:
1068,3
106,4:
917
101,,,
101,
,,
101,s,
Al
GA1
1.001,, 1005st
1061,: 1005a,
10043 1001st
41
15
---____
----
101W,
,
101
-,
-5.;
,1":
1010,3 101",,
101Ien 10155as
1
39
-------IOW___51,2
1000n
100,41
70
10155,t
101,8,3
101nn
93
114,0,
113t83
114
28
1095,3
10811,
1091st
67
10655,
1058,1
106
458
101,41
101
10111,
0
100W
31
100nm
10015,3
776
101"si
101ns,
101,,,,
94
114
113,831
113,
41
35)
1095u
10855r
108,,e
241
1065,2
105,43
105",
321
101,,,
100n,
10055t
.n.
Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
3 3d 44s
99,4,to 1008,3 I 5 40:4413
101114,to 101,43
Foreign Exchange.—
To-day's (Friday's) actual rates for sterling exchange were 4.86 23-320
4.S6'/ for checks and 4.87 1-1611@)4.87% for cables. Commercial on banks,
sight, 4.86 7-1604.8634; sixty days, 4.83484.8331; ninety days, 4.81 %0
4.82; and documents for payment, 4.8231@4.8334; cotton for payment,
4.86, and grain for payment, 4.86.
To-day's (Friday's) actual rates for Paris bankers' francs were 3.917448
3.97 for short. Amsterdam bankers' guilders were 40.26040.28 for short.
Exchange at Paris on London, 124.20 francs; week's range, 124.26 franca
higi and 124.16 francs low.
The range for foreign exchange for the week follows:
Sterling, Actual—
Checks.
Cables.
High for the week
4.87 11-32
4.87%
Low for the week
4.8654
4.87 1-16
Paris Bankers' Francs—
High for the week
3.923-1
3.92)4
Low for the week
3.9134
3.92 1-16
Amsterdam Bankers Guilders—
High for the week
40.30
40.31)4
Low for the week
40.2534
40.28X
Germany Bankers' Marks—
High for the week
23.89X
23.90
Low for the week
23.8534
23.8731
The Curb Market.—The review of the Curb Market is
given this week on page 63.
A complete record of Curb Market transactions for the
week will be found on page 95.
1 Report of Stock Sales—New York Stock Exchange
WEEKLY AND YEARLDI,
I
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.
June 30.
Monday,
July 2.
Tuesday,
July 3.
Wednesday, Thursday,
July 5.
July 4.
Friday.
July 8.
Sales
for
the
STOCKS
NEW YORK STOCK
EXCHANGE
Week.
PER SHARE
Range Sines Jan. 1
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Preeiess
Year 1927.
Lowest
Highest
Railroads,
per share Shares
per share $ Per share
Par $ per share
Per share
$ per share
Per share $ per share
per share $ per Mart
8,400 Atch Topeka & Santa Fe 100 18232 Mar 2 1971 Apr 27 1614 Jan 200 Aug
18734 188% 18674 18912 18612 18872
18878 18973 18734 189
200 Preferred
*10418 106 *10434 108
104% 10432
*10412 10612 *10432 106
100 10212 Jan 5 10812 Apr 9
99% Jan 10634 Dee
700 Atlantic Coast Line RR_ ...100 164 June 19 19112May 7 17472 Apr 20512 Aug
*188 169
169 189
16814 16814 168 168
169 189
107% 10812 106% 10712 10714 10812
100 10334June 19 11072 Apr 12 10812 Jan 125
10834 10932 10832 10914 13,800 Baltimore & Ohio
OM
700 Preferred
*7972 80
81
81
*7972 80
81
80
100 79 June 18 85 Apr 4
80
*80
7314 Jan 88 June
7234 7334 5,100 Bangor & Aroostook
64
8614 6612 67
65
73
85
70
50 61 June 12 844 Jan 11
64
Jan 1034 Ma)
50 Preferred
•111 112 *111 11534 111 111
111 111
111 111
100 11014 Feb 20 11684May 31 10118 Jan 122 Juni
6414 6418 64
8412 4,200 Bklyu-Manh 'Fran v t 0-No Par 5318 Jan 17 7784May 3
65
65
6512 84
66
66
63 Aug 707s Jan
100 Preferred v t c
No par 82 Jan 4 9518May 3
*874 9012 *8634 8912 *8634 8912
8912
8912 8912 *89
7818 Oct 88
Jan
4114 3914 4134
4118 44% 43% 4534 61.800 Brunswick Term & Ry See, 100 1418 Jan 5 4534July 6
3412 36% 37
74 Oct 104 Dee
Buffalo & Susq pref
.45
*4712 6114 *45
5114 *45
5114
.5114 •45
100 4812May 2 564 Apr 26
5114
4,0
AV 68 June
Canadian
20612
Pacific
208% 20834 20614 20734 15,800
20234 20514 203 20534 203
100 1951:June 19 22334May 8
Central RR of New Jersey_100 29714 Feb 17 375 May 7 281- -Jan 348 June
*310 34814 *310 3484
•310 370 *310 34814
*310
180 18234
184% 18412 4,900 Chesapeake & Ohio
179% 181
183 185
100 1754June 19 20514 Jan 8 15184 Jan 21811 001
181 181
1112 1132 II
100
11% 11$2 1012 1132 1014 1072
1134 4,300 Chicago & Alton
54 Jan 30 184May 2
434 Jan
104 June
1512 1614
15
18
16
15%
1612 15
1614 6.000 Preferred
15
100
77s Feb 20 2688May 2
718 Jan
184 July
43% 4312 .4234 44
100 Chic & East Illinois RR
100 87 Feb 28 4814May 10
*4234 44
45
*4234 4312 *43
804 Jan 61 July
63
62
400 Preferred
*60
62
63
62
*80
*130
100 60 June 20 7638May 4
*6012 63
63 Jan 8478 Oct
Ills 1132 114 1172 3,300 Chicago Great Western. 1O0
11
*11
11
Ills
1114 11
91e Feb 8 1632May 2
812 Jan 22's May
2412 2412 2412 2614 8,100 Preferred
100 2018 Feb 20 3218May 2
2412 2434 23% 2412 24% 2412
6478 June
26.300 Chicago Milw St Paul az Pac__
3412 3512 3432 36
3412 34% 33% 3434 33% 3434
2214 Mar 6 404 Apr 26
1984 Dee
Preferred
4814
45
20,500
46
44% 4838
46
new
46
4612 4534 47
37 Mar 2 5188 Apr 26
3718 Dec
83
8032 8214
8212 8234 8014 82
8312 82% 834 4,200 Chicago dr North Western_100 78 June 19 9414May 1 :ft Jan 974 Sept
14112 145
•14112 145 •14112 145
14112 145
*14112 145
Preferred
100 140 Feb 15 150 May 2
2
Jan 150
001
5,000 Chicago Rock Isl& Pacific_100 106 Feb 18 1224May 10
11432 11512 115 1158
11314 11334 11134 11312 11334 114
6818 Jan 116 July
•107 10812 10718 10718 108 108
500 7% preferred
10832 108% 10814 109
100 10614 Feb 9 I1112May 31 10284 Jan 11184 Dec
101 1011
101 10134 102 10212 1,000 6% preferred
*10014 102 11110012 102
100 100 Feb 24 105 May 31
9514 Jan 104 Noe
109 109
10512 111
*106 111 *10512 111
11134 112
500 Colorado & Southern
100 106 Feb 21 126 May 3
84
Jan 1374 J3117
78% 78% 67
*7812 80
67
200 First preferred
78% 78% *7812 80
100 87 July 3 85 Apr 10
70
Jan 78 Dec
781
*74
7812 *74
7812 *74
*74
7812 *74
Second
preferred
7812
100 7218 Jan 3 85 May 9
68
Jan 76
Oct
3
7714 7714 76
76
77
75
7734 764 7614 1,100 Consol RR of Cuba pref__ _100 69 Apr 12 8758June 1
77
65 Aug 77 May
190 191
191 1918 18712 19134 2,800,Delaware az Hudson
19014 1904 190 191
100 18314 Feb 10 226 Api 28 17118 Jan 280 June
13412
135 135
13414 1344
13412
13834 13834 11135 136
1,300 Delaware Lack & Western_ 50 129 Feb 20 150 Apr 9 1801s Oct 178 Mar
56
5538 56
56
58
5412 54% *56
57% 57%
700 Deny & Rio Or West pref_ _100 501s Feb 20 6584 Apr 28
4118 Jan 6784June
*312 4
312 4
'Duluth So Shore & Atl_ __AGO
*312 414 *312 414 *3% 4
818June 13
24 Apr
778 Dee
63. Jan 5
*512 6,2 *512 612
*8
714 *6
Stock
714 *512 61
I Preferred
100
418June 19
912May 2
4 Mar
1114 Dee
53
533
5212 5312 5234 5338
53% 5414 53% 5514 16.900 Erie
100 41334June 19 6618 Jan 4
891/ Jan 6984 Sept
7
7
5232 5312 53% 5414 52% 53 Exchange
54
5412 5412 55
100 50 June 18 6374 Jan 7
6.8001 First preferred
524 Jan 6614 Aug
*501s 5312 *50% 53 1 *5012 54
52
53
*5112 5312
100 4914June 20 82 Jan 6
500) Second preferred
49
Jan 1344 Aug
98
98
9634 964 9634 9684 Closed—
7938 Jan 10378 Sept
9734 9812 9734 9912 3,400 Great Northern preferred_ _100 9318 Feb 6 109 May 14
1
97
97
*94
9612 *96
97
*96
3001 Pref certificates
100 9118 Feb 7 10514May 15
97
*96
97
8518 Mar 101 Sept
20
2012 20
20121 20
2014 Indepen20% 5,0001 Iron Ore Properties—No Par 1914June 12 25 Jan 24
20% 2012 20
18 July 2834 Sept
47
47
•45
47 I *46
47
1,100.Gult Mobile &Northern...100 43I2June 12 6172May 10
4734 49
3518 Jan 764 July
4812 49
*103 105 *103 105
1001 Preferred
103 103 dence Day *10214 10312 *1024 10312
100 102 June 19 109 May 1 106
Jan 11214 Ape
5712 6034 5938 8072
100 51 Jan 3 7312 Apr 24
*58% 57
, 11,400 Hudson & Manllattan
5912 61
4018 Jan 6538 May
5932 605
*8512 90
100 83 Jan 16 934 Apr 26
*8512 90
100 Preferred
90
*8512 90
90
78
8512 90
Holiday.
Jan 904 May
13614 13638 13512 136
136 13612
100 13184 Jan 11 14814May 91 1214 Jan 1391s Ott
13612 13734 13734 13938 7.000 Illinois Central
*135 143 11135 143 *135 143
100 1304 Jan 13 147 May 15 1207s Jan 140
136 138
139 139
300 Preferred
Oct
•47
4834 47
47
47
*47
300 lot Rys of Cent America...100 3618 Mar 16 51 June 16
4734 4734
4734 47
23 AIR 4218 Oct
*79
80
*79
80
•79
80
80
100 697s Jan 8 82 Slay 2
80
62 Apr 744 Oct
804 8034
330 Preferred
40
4032 398 404 40
41
4012 4072 40
4012 4.800 Interboro Rapld 'Fran v t c_100 29 Jan 6 62 May 3
804 Aug 524 Feb
*49
4912 4734 4812 48
49
4914 49
48
51% 4.000 Kansas City Southern__ ._100 43 June 13 6318 Jan 7
4114 Jan 7011 July
71
1189
7134 1168
*69
72
70
71
200 Preferred
100 70 Feb 8 77 Apr 20
70 .89
8478 Jan 7318 Dee.
10234 10234 100 100 *101 102
50 844 Feb 20 116 Apr 28
10014 10212 *102 10212
700 Lehigh Valley
884 Oct 18712June
145 145
*147 149 *147 149
*145 14712 *145 149
100 14212June 19 15912May 10 1284 Jan 1594 Oct
100 Louisville& Nashville
*84 - 90
*84
*84
*8512 90
90
90
Manhattan Elevated guar_100 76 Jan 9 96 May 4
90 •84
7814 Dec 90 Feb
*4718 4812 *46
48
48
100 40 Jan 10 64 May 3
48
*464 48% 47
474
300 Modified guaranty
6184 Dee 547s Feb
.512 612 .2612 612 4512 1312
65 Nov
512 512
I00
64 Apr 3
•512 1312
100 Market Street Railway_
712May 15
678 June
26
*20
26
*20
*20
26
*20
26
*20
26
100 21 Aprn 17 2912May 3
Preferred
18 Feb 2514 JUDO
47
*47
4772 477 *47
*47
48
48
*47
48
100 Prior preferred
100 45 Mar 27 543gMay 4
414 Feb 5914 Aug
11
11
*11
18
*11
18
*11
*11
18
100
18
814May 24
1618May 4
100 Second preferred
1713 JUDO
114 Oct
*4112 43
1140
43
40
4012 4012
42
4034 41
1,200 Minn St Paul & SS Marie_100 40 June 21 524 Jan 6
27
Jan 5618 Dec
*7512 80
*78
*76
80
80
84
7812 7812 *78
300 Preferred
100 75 Feb 7 874May 16
60
Apr 8818 Dec
*65
87
*65
8714 *65
*85
68
6714
6514 654
10 Leased lines
100 8512.1une 13 7112 Jan 9
5814 Mar 71 Nov
35% 36% 364 38
3518 3534 3432 3532 3432 3534
67,800 Mo-Kan-Tex RR
No par 3012June 13 414 Jan 8
314 Jan 5818 June
10412 105
10312 10434 10334 1038
10432 10434 104% 10472 4,400 Preferred
100 10112June 12 109 Feb 8
9614 Jan 10918 Dec
6212 6012 644
6112 6272 80
6334 65% 6312 6512 80.900 Missouri Pacific
100 4178 Feb 7 6938June 4
3778 Jan 62 Apr
11612 11714 11412 11612 115 11932
11812 1187 11,900 Preferred
118 119
100 105 Feb 20 12318May 11
9018 Jan 11868 Nov
*312 4
312 312
34 312
2 Feb 17
512 Apr28
314 3%
118 Aug
314 314 2.200 Nat Rys of Mexico 26 pref..100
8 Oct
17134 17234 171 17312 27,300 New York Central
17114 17212 16812 172141 16812 17132
100 158 Feb 16 19118May 10 1874 Jan 1714 Opt
132 132
132 132
1,000 NY Chic & St Louis Co...100 124 June 19 146 May 11 8110 June 24018 May
1113012 131% 130% 13012 130 131
*108 110
10914 1091.1 *108 110
108 108
200 Preferred
100 106%June 15 110 Jan 4 102 Mar 110 Dee
275 280
275 300
250 N Y & Harlem
28012 28912 *257 290 •275 295
50 188 Jan 3 505 Apr 26 187 Dec 185 API
58
5914 58
5914 11,700W Y N H .St Hartford
100 5438June 19 6838May 2
5914 5912 5714 5812 5734 5814
4138 Jan 6314 Dee
114 114
1137s 1137s
6001 Preferred
11314 Feb 29 117 May 3 1104 Oct 1144 Nov
•11312 11334 11334 11334 11312 11312
2812 27
274 2812 277s 2912 14,600 N Y Ontario & Western_ __100 24 Feb 20 89 May 2
2832 27
28
277
2314 Jan 4184 Sept
514 Jan 24 13 May 3
*712 97
*712 97
NY Railways pref etfs_No par
•712 934 *712 97
*712 97
44 Dec
1514 Jan
4.3812 41
41
3934 •37
*37
40
*37
*37
40
Norfolk Southern
100 32 June 12 494 Jan 11
3714 Jan 6417 Jane
17714 1774 177 17772 2,000 Norfolk & Western
17734 17734 17714 17714
100 175 June 19 197 May 9 158
*177 178
Jan 202 Not
90
*87
*82
90
•137
90
90
1187
*88
100 7912 Apr 26 90 June 12
90
1 Preferred
83 June 90 July
9614 97% 9612 977
8.300 Northern Pacific
100 92,1,, Feb 7 10512May 15
9632
*9434 9534 951 9632 96
78
Jan 1024 Dee
94% 95
95
9512 1,900 Certificates
100 9034 Feb 20 10184May 18
9512 9512 9318 9412 938 944
84 July 9978 Doe
1120
•20
30
30
25
2834
30
1,600 Pacific Coast
•20
100 1918May 14 3478May 25
31
*20
1514 Feb 314 Dee
68
8434 8514 11,000 Pennsylvania
65
13434 6412 65
50 6178June 19 7212 Apr 27
6412 8434 64
04,11
564 Jan 68
34
.30
*31
33
32
1131
33
'Peoria & Eastern
100 25 Mar 12 37 May 1
1131
34
1132
20
Jan 613114 July
131 131
131 132
(100 Pere Marquette
101) 12418 Feb 9 148 Apr 11 1144 Jan 14018 MAW
131 13234 *130 13212 •130 13112
*9812 99
*1174 99
200' Prior preferred
9912 • 9914 9914
100 97 June 9 1014 Mar 28
*99
1099 100
Jan 994 Dee
93
*95
97
*95
97
97
*95
100 95 June 23 10034 Mar 30
97
1 Preferred
*95
97
*95
8914 Jan 9718 Dee
*138 145
145 145
100 Pittsburgh & West Va.-- _100 12114 Feb 20 161 Apr 9 12218 Jan 174 May
•138 145 *135 145 11135 145
102 10312 101 10234 3.400 Reading
50 9414 Feb 7 11932May 10
100 10138 100 10174
Jan 12334 JIM
102 102
94
*4312 4312 *43% 431
100 First preferred
50 4218 Mar 1 46 Apr 9
*43
4312 4232 4238 *4212 4312
404 Jan 6318 Dee
*4872 51
*4872 51
100 Second preferred
51
50 44 Jan 26 5978May 1
5072 50% *49
51
4314 Jan 50 Feb
•49
*58
66
*80
70
Rutland RR pref
69 1
.56
•32
100 60 Feb 21 7214May 18
69
*60
69
gli
Jan 69 May
113 113% 5,000 St Louis-San Francisco_ _ ...h00 109 Feb 7 122 Mar 23 10014 Jan 1174 June
113 114
11212 11212 112 11234 11132 11234'
987 9872 9812 9872 9812 9834
9914 3.600 1s1 pref paid
99
9914 99
100 96 June 12 101 May 21
86
87% 8.5
8612 5,500 St Louis Southwestern- __ _100 674 Feb 8 9132May 14
8534 8634 8332 8614 8612 8732
Si 'ii; 95 Juts
*99
9012 *991, 9012 *8812 9012'
Preferred
*8812 00% *8812 9012
100 8912June 18 95 Jan 3
7872 Jan 9434 Dee
1572 1578
1,400 Seaboard Air Line
1572 16
157 157
100 1111 Mar 3 304 Jan 3
158 1532 15% 16
284 Mar 6114 Feb
*20
20
20
2012
500 Preferred
100
20
20
*20
1912 Mar 3 38 Jan 8
2012 2012 2012
824 Apr 4538 July
12134 12234 122 123
12034 121
8,500 Southern Pacific Co
100 1174 Feb 7 13114May 9 10614 Jan 12678 Dee
12012 121
12114 12112
149 15034 x14812 1487 14812 14812
4.000 Southern Railway
14972 14972 149 150
100 18918 Feb 8 165 May 7 119
Jan 149 Dee
•100 101
*100 101 *100 101
Preferred
100 101 *100 101
100 9814June 19 10214 Jan 17
94 Mar 1011e Dee
15934 18214 154 181 1 15412 16914
19,900 Texas & Pacific
168 174% 188 172
100 9918 Jan 3 17438July 5
5372 Jan Mrs Nov
35
34
35
34
34
1,100 Third Avenue
34
*3312 3412 34
Feb
100 2814 Jan 10 46101ay 3
34
2854 Aug 41
•45
*45
47
47
47
400 Twin City Rapid Transit 100 44 Mar 23 56 May 8
46
*45
47
46
46
45 Nov 6514 Feb
*102 105 *102 105 *102 105
10434 105
20 Preferred
*102 103
100 1024 April 107 Feb 10
99 Apr 106 Mai
19414 195
193 19412 19212 10414
19.5 195% 19414 19512 6.400 Union Pacific
100 1884 Feb 6 20484May 9 1594 Jan 11/74 De
86
86
•86
86
8614 88
.86
500 Preferred
100 83 Mar 13 8714 Jan 20
8814 86
77 Mar 8619 Dr
86
7112 7112 6914 71% 6914 7212
77% 23.500 Wabash
71% 7532 73
100
•9712 gg
200 Preferred A
*98 100
9712 9712 99
*9712 99
1110 6518
99
813 F
Feb 18
7 102 May 1:8
11) 7
41°
1', "
j
Jan '
0811 Jut
*92
95
95
*90
93% *90
Preferred B
95
*90
.90
100 87 Feb 6 9912May 18
93
65
Jan
608712
41
41% 39
41% 3834 4112
1384 Jan 874 Jun
4032 4134 40% 4232 21,500 Western Maryland
100 13
111% 8.
17:18
. 8 $434N1 ay 10
4'312
*4012 4334 41
*4012
Jan
41
Jam
23
*4012 4312
*4012 43%
100 Second preferred
100
• Bid and asked prices: no sales on this day. z Ex-divide' d. a Ex-dividend and ex-Manta.
79
New York Stock Record-Continued-Page 2
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,
June 30.
Monday,
Tuesday, !Wednesday, Thursday,
July 5.
July 4.
July 2. I July 3.
Friday,
July 6.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range &nee Jan. 1.
On basil of 100-share iota
Lowest
$ per share
Railroads (Concluded).
$ Per share $ per share $ per share S per share $ per share $ per share Shares
100 2814 Feb 7
32
3012 3114 1.800 Western Pacific new
*31
*30
31
3034 31
•3018 32
100 5412June 20
300 Preferred new
58
58
*56
58
*5712 5834 5712 5712 *5712 5834
Highest
PER HEIARA
Range for Prestos.
Year 1927
Lowest
Highest
POI share $ per share $ per shim
2515 Apr 1,712 Jane
3712 Jan 13
1
4 Feb
Apr 76/
62/
1
4 Jan 6
66
Industrial & Miscellaneous.
6338
6158 6158 62
*94
96
96
96
*11212 11312 *11112 11312
*300 312 *295 300
*9614 100
*95
99
4638
4414 464 41
5712
56
5734 50
312 334
358 358
6258 6458
63
63
778 8
778 8
314 314
*314 312
*26
2612 .26
26,2
6112 6358
96
96
11112 11112
295 312
*9614 100
414 4618
50,2 554
3,2 3,2
6458 6458
778 84
338 34
*26
2612
16734 17234 16734 17212
17014 172
12034 12034 12034 12034 12012 12012
12054 12314
119 120
*120 122
.1114 12
12
•1112 1238 •11
•80
85
85
*79
8412 *79
3112 31
*31
314 3034 32
*1912 20
19
1918 1938 1978
6514 6514 6438 6512 6412 6734
116 11812 115 116
11712 118
*61
65
65
*61
6114 *61
1512 1512 •1518 16
*1512 17
*5414 56
*5414 56
*5414 56
3312 3378 32
3434 3214 3358
4078
40
41
41
4014 40
*12418 130 *1244 130 *12418 130
1558 1612
*17
1712 1612 17
*58
60
*58
60
*58
60
86
8718 8812 844 88
8918
14278 14278 •142 143
•142 143
95
96
9514 96
*9514 97
126 128
*126 130 *126 128
*100 104 .102 104 •102 104
7712 78
78
78
79
79
*110 112 *110 112 *110 112
1212 1212 1214 1238 1214 1212
65
*64
6414 6218 6312 *62
*185 187 *185 18712 185 185
3538
34
3478 3358 3412' 34
10612 10634 107 107
107 107
93
9378
*93
94
*93
94
11
114 114 11
•1112 12
4312 4312
*4212 47
48
*43
7458 7534
*76
772 7434 76
39
3818 3812 3714 3512 38
98
*95
98 I *95
*95
98
Stock
9414 103
94
99
9834 100
6
638
558 558
578 57
70 Exchange
70 I *62
*62
70 .62
10534 108 1 108 11038
108 109
*12014 129 *120 129 ,*124 130
Closed97I2 974 971
97
9712 98
*116 120 *116 122
122 12258 Indepen143 144
142 142
145 146
*114 115 *11314 115
115 115 dence Day
4814 4814 48
4758 48
48
•11312 11412 *11312 11412 11312 1131s Holiday.
141
•13
*13
15
1414 *13
51
51
*51
51
51
587
7938 8058 7758 80
79
801
140 140
138 139
13812 140
*11912 123 *11012 123
120 120
6418 6578 5834 644 6112 6534
64
6438 6212 6234 6234 63,4
•35
*3518 3534
35
35
36
438 438 *438 5
*438 478
95
•____ 110
93
9514 93
19158 19312 18834 19234 18938 19234
135 135
13618 13618 *135 137
15934 15934
157 157
•158 163
112 112 *11212 11334
*112 114
5258 5414
5434 5434 25214 54
111 11234
111 11178 1114 112
714 7112 71
73,4 7114 7238
10714 10734 108 108
•107 108
5712 5912
58
584 58,4 58
*25
26
*2512 26
25
26
17512 17534 17478 17614 17478 17812
155 15534 154 154
156 156
15434 15512
15512 15534 155 156
120 120
•120 121 •120 121
115 116
•113 115 •1I3 115
*111 112 *110 111 *110 111
58
5712 5818
58
5914 56
•101) 102 *WO 10112 100 100
184 18533 18533 1858 194 193s
4712 4712 4778 4778 463e 4734
11
1112 1112 11
*1034 1138
41
.38
41
*36
•3712 41
2438 2312 2414 2314 2334
24
*84
*8212 85
85
•8212 85
69
6718 684 67
6812 69
8278
8318 8378 7734 8112 79
*11412
•115
*11412
9312 9312 9314 9314 9314 9314
1814 1812 1734 1812 1758 19
934 1013
10
1038
934 10,2
87
8758
87
87
87
87
*3812 384 3814 38,2 3838 39
2858 2858
*2834 30
*2834 30
9812 3912
39
39
*3858 40
•109 114 *109 114 *109 114
4114 4114 414 414 4114 411_
*104 105 *104 105 •104 105
*110 112 *110 11212 11214 11214
454 4518
454 4515 *4518 49
5234
494 4918 4914 504 49
5414 5412 5714
5434 5434 54
13578 14078 137 14178
139 141
116 116 *116 117
*1141514 116
78
74
74
*74
76
*75
10814 10814
*10814 10858 •10814 109
*1338 1418 •1312 1418 1418 1418
63,
*57
8
534 6,2
558 558
*2812 31
*2812 33
30
30
62
63
66
*63
64
64
*9
1034
*9
11
*10
11
28
29 *____ 29 •_ ___ 29
*4514 47
*45
47 .4514 47
•245 255 *245 255 *240 250
•11812 12012 120 120 *115 11812
*107 110 *107 110 *107 110
2712 2712 *2658 274 *264 28
214
2114 2.1,
4 2118 2,114 21
*2012 211z *2034 2134
•2034 22
57 June 12
90 June 19
11012 Mar 8
195 Jan 4
93 Jan 16
1112 Feb 8
34/
1
4 Jan 17
2/
1
4 Jan 17
59 June 19
712June 12
1 Jan 5
23 Mar 15
9815 Jan 1
146 Feb 18
12012June 2
11515 Feb 18
1015June 1
69 Mar
2715 Feb 20
16/
1
4 Feb 20
5535 Feb 20
74/
1
4 Jan 1
61 Feb 10
1475 Feb 1
36 Feb 1
1535 Feb 1
40 June 25
124/
1
4 Jan 4
10/
1
4 Apr 27
1014 Apr 27
ma Jan 18
136/
1
4 Jan 10
9012June 21
125 June 27
9914 Mar 7
69 Jan 12
No pa
•110 112 *110 112
Prior preferred
1212 1234 7.100 Amer Druggists Syndicate_ _1
1214 1234
*62
64
200 Amer Encaustic Tiling_No pa
*62
65
10
•185 189 *185 187
300 American Express
2434 3558 35
3512 26.900 Amer dr For'n Power__ No pa
No pa
107 107
107 107
1,900 Preferred
9312 94
No pa
9378 934 1,100 2d preferred
400 American Hide & Leather_100
*11
1112
11
11
*45
100
200 Preferred
4712 *45
4712
2,000 Amer Home Products..No par
7558 76
7534 76
39
3938 239
No par
3914 5,100 American Ice new
100
*95
98
*95
98
Preferred
9912 10312 9914 10178 104,300 Amer Internat Corp__.No par
1,700 Amer La France & Foamite_10
638 638
6,4 614
100
Preferred
*62
70
*62
70
100
10912 11178 10914 1104 13,100 American Linseed
100
Preferred
*124 12978 *124 130
9812 9934 98
9914 4,000 American Locomotive_No par
100
300 Preferred
*122 124 *122 124
14734 1491 2 1,300 Amer Machine & Fdy_.No par
14734 148
30 Preferred ex-warrants
11314 113,4
*11314 115
2,800 Amer Metal Co Ltd__.No par
48
4814 4814 49
100
100 Preferred (6%)
*11312 11412 *11312 11412
No par
1312 1312 1 200 American Plano
14
14
100
140 Preferred
.51
5878 *51
5878
No par
12,100 Am Power & Light
7934 8278 804 82
25
13834 14112 14012 14112 5,000 American Radiator
200 Amer Railway Express_ ___100
120 120 *120 12214
645* 66
64
6638 10,900 American Republics.. No par
1,200 American Safety Razor_No par
*62
64
6234 63
No par
35
3518 3414 341
600 Amer Seating v t c
.No par
*414
100 Amer Ship & Comm_.
5
*434 478
*9318 105
*95 105
50 American Shipbuilding_ ___100
19358 19534 19234 19378 39,500 Ame,Smelting & Refining _100
100
*135 137 *135 137
300 Preferred
100
160 160 *162 165
400 American Snuff
100
*112 11334 *112 1133
20 Preferred
5312 5414 5338 541
4,700 Amer Steel Foundries__No par
111 111
100
11012 1111
300 Preferred
100
7134 7278 72
7258 11,200 Amer Sugar Refining
10812 10812 *10712 1083
100
1,000 Preferred
5912 61
No par
3,400 Am Sum Tab v t c
60
601
*2512 27
2534 253
100 Amer Telegraph & Cable_ _100
177 17778 1765s 178
100
45.600 Amer Telep & Teleg
155 156 *154 155
1.100 American Tobacco com __ _ _50
155 157
156 156
50
4,600 Common class B
120 120 *119 121
100
200 Preferred
*115 115 *11312 1141
300 American Type Founders 100
*10814 110
50 Preferred
10778 1081
100
58
5934 60
3,500 Am Wat Wks & El new_No par
60
101 101 *10114 102
200 1st preferred
1812 1914
1834 183
1,200 American Woolen
100
4512 4632 4512 46's 2,300 Preferred
100
1112 1112 1172 1178 1,200 Am Writing Paper etfs_No Par
*36
41
*36
41
Preferred certificate__ _100
24
2434 2434 267
7,800 Amer Zinc, Lead & Smelt___25
85
1,300 Preferred
88
847s 85
25
1834 6912 6818 691 43,300 Anaconda Copper Mining 50
83
8314 *79
83
3,900 Archer, Dan'Is, Mid9d_No par
115 115
115 115
20 Preferred
100
9314 9312 9312 9358 1,300 Armour & Co (Del) pref__ _100
6834 1934 19
1934 62,200 Armour of Illinois class A _25
1014 1114
1012 11
78,100 Class B
25
8734 88
874 8738 1,45
Preferred
100
a3738 38
37
3712 4,30 Arnold Constable Corp_No par
*2834 29
10 Art Metal Construction__..10
*2812 29
*3858 39
10 Artloom C OP
*3834 40
No par
*109 114 *109 114
Preferred
100
4138 4378 4214 4278 6.100 Assoc Dry Goods
No par
*103 10412 10414 10414
100 181 preferred
100
*109 111 *109 115
200 2d preferred
100
*454 47
451g 45,
70 Associated Oil
25
5178 5214 4934 51
6,700 At1G&WISSLIne__No par
5512 5638 5512 56
4,200 Preferred
100
13914 141,2 137 14038 47,900 Atlantic RefinIng
POO
*116 117 •116 117
100 Preferred
100
*74
78
*74
78
100 Atlas Powder
No par
10814 10814 *10814 109
20 Preferred
100
1414 1414 •1338 1434
200 Atlas Tack
No par
*572 0'4 •578 614
900 Austin,Nichols&Co vtc No par
*2812 30
28'2 30
200 Preferred
100
*62
66
*63
600 Austrian Credit Anstalt
66
*9
10
1034 *9
Autosales Corp
No par
-__ 29
200 Preferred
_ _ 29
50
•4514 47
4514 4514
100 Autostr Sat Razor 'A"NO par
.240 255 *249 255
Baldwin Locomotive Wks_100
*113132 118
118 118
100
200 Preferred
*107 110 *107 110
Sulzberger(L)& Co pref. _100
No par
•27
2658 26533
28
200 Barnett Leather
2114 2112 2112 2238 6,900 Barnsdall Corp class A
25
*2012 22
25
2112 2112
100 Class B
107 Jan 5
11 Feb 18
53 Jan 4
189 Jan 10
2235 Feb 28
104/
1
4June 25
81 Feb 24
1012June 9
40 June 13
59 Feb 18
28 Jan 10
90 Jan 7
71 Jan 5
5/
1
4 Jan 12
56 Jan 10
5635 Jan 13
861z Jan 13
87 June 21
114 June 26
12912June 19
11112 Mar 1
39 Mar 13
112 Apr 2
1312July 6
5038June 6
6214 Jan 1
13015 Jan 1
1101
/
4 Jan
5114 Feb 7
56 Jan 10
3414June 20
375 Jan
93 July 3
169 Feb 27
131/
1
4 Jan
141 Jan
102 Jan
5018June 1
109 June 1
55 Feb 18
100 Feb 17
4736 Feb 27
25 Mar
17314June 11
152 June 19
162 June 19
114 May 21
15/
1
4 Apr 10
75 Apr 25
207/
1
4June 6
3875May 1
110 May 24
96/
1
4 Apr 27
15/
1
4 Feb 1
6735 Feb 1
8134 May31
4112J une 1
9912May 9
125 May 17
7/
1
4May 7
74 Mar 27
11875June 20
1301sJune 25
115 Jan 31
134 Mar 24
180 Mar 26
116 Jan 13
51 June 4
11712May 14
11715 Mar 19
11315June 21
10735 Jan 7
52 June 11
100 July 3
181±June 19
4512.Iuly 5
1012June 20
34 June 12
635 Jan 10
40 Jan 16
54 Jan 18
5514 Feb 20
11234 Feb 20
8635 Jan 3
1114 Jan 16
615 Jan 10
6715 Jan 12
36 June 25
2512 Jan 10
39 July 2
10712May 29
4014June 13
126 Apr 20
126/
1
4 Jan 3
115 Mar 31
70/
1
4May 4
108 Apr 13
2434 Feb 14
6214 Feb 14
1912 Feb 9
1
4 Mar 1
48/
32/
1
4May 16
98 Apr 11
7478June 4
97 May 9
11514 Mar 16
9712June 7
2114June 6
131zMay 11
9112June 6
61/
1
4 Apr 2
3434 Apr 19
4438 Mar 30
114 Mar 19
4834 Jan 23
11375 Apr 3
11912 Jan 27
50 June 13
69/
1
4May 21
5714 July3
14178 July 3
11814 Jan 3
101 Mar 23
11012May 31
1735June 6
914May 14
3. Jan 21
75 May 9
17/
1
4May 25
371
/
4May 25
5212May 1
285 Mar 31
12434 Apr 11
111/
1
4 Jan 6
52/
1
4 Feb 1
2675 Apr 30
27/
1
4 Apr 30
•Bld and asked prima; no sales on this day. x Es-dividend. a Ex-rights.
85 Apr 62
11112 Apr 13
11412June 18
378 Apr 17
9912 Mar 28
5014June 6
6712June 6
534 Mar 20
744May 7
/
4 Jan 24
131
475 Apr 27
311
/
4 Jan 26
11134 Mar 14
624 63,4 7,800 Abitibi Pow & Pap new_No par
634 64
97
994 9834 9834 1,200 Abraham & Straus._ __No par
100
30 Preferred
11212 11212 11212 11212
100
700 Adams Express
•305 315 *300 310
100
Preferred
*9614 100
.9614 100
100
4512 44,300 Advance Rumely
4434 4534 44
100
10,400 Preferred
56
5112 5612 *54
1
358 358
312 334 3,700 Ahumada Lead
6412 6812 6612 66,2 4,100 Air Reduction, Inc, newNo par
No par
818 814 3,700 Ajax Rubber. Inc
818 818
334
332 2,500 Alaska Juneau Gold Min__ 10
332 312
2614 2612 2612 2,200 Albany Pert Wrap Pap_No par
25
100
Preferred
17.200 Allied Chemical & Dye_No par
17178 17412 1714 173
100
800 Preferred
12034 12034
*12034 121
100
1,600 Allis-Chalmers Mfg
12312 12434 124 124
200 Amalgamated Leather_No par
1112 .1114 12
11
Preferred
•80
8.5
*80
85
No par
3118 3112 3112 3178 3,100 Amerada Corp
3,500 Amer Agricultural Chem_ _100
1834 2012 1012 20
100
5,400 Preferred
71
6714 69
69
10
2,400 Amer Bank Note
12034 121
119 121
50
20 Preferred
65
61
6414 *61
400 American Beet Sugar_ _No par
1512 1512 1514 1514
100
Preferred
*5414 5434 *5414 5434
3358 3478 3312 3434 13,800 Amer Bosch Magneto__ o par
3,700 Am Brake Shoe 44 F newNo par
41
41
4114 41
100
Preferred
*12418 130 *12418 130
1638 1634 1638 164 2,500 Amer Brown Boveri El_No pa
100
40 Preferred
59
*58
59
59
25
8814 9014 8734 8878 122,800 American Can
100
200 Preferred
14212 14212 *142 143
1,100 American Car & Fdy__No pa
96
96
9712 96
100
100 Preferred
*125 12712 *125 12712
100
101 10214 *10078 102
500 American Chain pref
No pa
1.300 American Chicle
78
78
78
79
103 June 4
110 June 5
3711 Feb 18
3715 Feb 18
38 Feb 27
9534 Feb 9
11612 Apr 18
63 Jan 3
1
4 Jan 24)
102/
814 Jan 5
435 Jan 8
26 Jan 5
62 July 3
612 Jan 18
26 June 11
4315 Jan 10
235 June 11
118 Feb 23
10812 Apr 25
2535 Apt 13
20 June 12
20 June 14
18215June 6
1
4May 4
127/
12934 Apr 27
1634 Apr 19
90 Apr 19
3834 Mar 31
2314May 24
75 May 25
159 May 9
1
4 Jan 3
65/
1914June 5
61 June 16
41 June 4
49/
1
4 Jan 27
128 June 12
2614May 21
6575May 21
9535May 14
147 Apr 30
11112 Jan 3
13712 Mar 31
105 June 4
1
4May 11
89/
6258 Mar 11858 14.7
-;
1
/
4 Feb
109 Aug 1131
124
Jan 210 Nov
9434 Nov 9815 Dee
7/
1
4 Oct 1534 Feb
2215 Oet 4514 Nov
615 Sept
234 June
-7/1-2 June
1 June
18
Apr
96 June
Jan
131
120 Ma
Jan
88
111
/
4 Nov
68 Dec
27/
1
4 Apr
1115 Apr
2814 Apr
41
Jan
561
/
4 Jan
1515 Oct
35 Dec
Jan
13
3512 May
11714 Feb
5/
1
4 Aug
40 Aug
43/
1
4 Ma
Jan
128
95 July
124/
1
4 00
98/
1
4 Dec
Jan
38
90
9/
1
4
38/
1
4
127
1875
8612
Jan
Apr
Aug
Jan
Fe
Fe
13,4
214
32
102
Mat
Feb
Sept
Sept
169/
1
4 Sep.
124 Aug
118/
1
4 Dee
2415 Feb
108 Feb
87/
1
4 Feb
211s Dee
7234 Der
98 Nov
86 Sept
23/
1
4 Mar
6015 Jan
2644 Oat
46 July
128 Mar
391
/
4 Jan
98 Feb
77/
1
4 Dec
14134 De,
111 Dec
13416 JIM
103 Sept
7434 Nov
110 Dec
1612 Nov
/
4 Nov
571
183 Nov
81 Dee
109/
1
4 Dec
Oct
-Ili: -AD
48 Mar 6072 July
30/
1
4 Jan 71 Nov
2514 Oct 32 Aug
Jan 06,2 MAI
84
1
4 Dec
37 Mar 72/
Jan
10
4 June
60,5 Dec 9015 Jan
1
4 Nov
2815 Apr 72/
1
4 Nov
46/
1
4 Mar 92/
9914 Oct 116 May
11912 Feb 127 July
73/
1
4 Jan 18812 Dec
361s Nov
WI;'Lee
201
1
4June
/
4 Dec 43/
25 Feb 7
84 Nov 11014 Mat
90 Jan 3
54
Jan 7335 Got
95 May 14
1
4 Jan 14775 Sept
15234 Mar 30 110/
8711 Apr 11614 Nov
13834 Feb 21
85 Apr 12
3515 Jan 8215 Dee
42 July 6472 Nov
6878June 1
38/
1
4 Oct 51 July
45 May 14
6% Jan
212 Oct
618May 28
Jan 12334 Nee
80
119 Jan 6
1
4 Dee
1
4 Jan 188/
20314June 4 132/
/
4 Mar 133 Dee
142 Apr 20 1191
1
4 Nov
174/
1
4 Apr 13 11915 Jan 148/
941s Jan 10612 Oct
120 June 5
4112 Apr 72/
1
4 Del
7035 Jan 11
1
4 July 115 Jan
120 Feb 29 110/
6514 Nov 9634 May
7814 Jan 12
11012May 31 104 Nov 11611 May
4112 Jan 6834 Oct
6211 Jan 7
Apr 3634 Aug
26
32 Jan 17
1
4 Oct
211 May 17 14914 Jan 185/
Jan 189 Nov
176 Jan 3 120
1
4 Jan 180 Nov
177 Jan 3 119/
11015 Jan
119/
1
4 Nov
10714 Feb
48 Aug
9975 Oct
1
4 Jun
16/
667s Jun
9/
1
4 May
2534 Apr
534 Sep
Oct
85
4114 Jun
38 Ma
Jan
106
Oct
79
814 May
5 De
60 AP
21
AP
Jan
22
40/
1
4 Dec
10912 No
39/
1
4 Fe
9712 Mar
105 Mar
Oct
35
30/
1
4 Mar
2914 Mar
104
Dee
116/
1
4 Feb
6615 Mar
Jan
98
214 JUDO
414 Mar
2315 Dec
7214 Dec
435 Mar
28 May
43 Nov
143/
1
4 Jan
116
Jan
10834 Mar
40
Jan
203* 008
1
4 Oct
20/
120 Dee
146 Feb
116 Sept
7215 Sept
103/
1
4 Dee
3335 Jan
8611 Jan
2414 Oet
5715 Aug
1014 Feb
5114 Feb
6015 Dee
63 Dee
113/
1
4 Dee
98/
1
4 Feb
1575 Jan
915 Jan
8614 Jan
5531 Nov
82 June
6434 Jan
11412 Nov
5335 Nov
112 Dec
114 Dec
6014 Feb
43l2 NOV
4136 Nov
131/
1
4 Aug
119 Aug
70 MIA
107 July
12/
1
4 Apt
1014 Jan
61
Jan
80/
1
4 Nov
11 Dee
42/
1
4 Dee
467
.Nov
26634 Sept
125/
1
4 July
110/
1
4 Dee
5975 Feb
21512 Feb
3215 Feb
80
New York Stock Record—Continued—Page 3
For sales during the week of stocks not recorded here, see third page preceding
HIGH AND LOW SALE PRICES—PER SHARE, NOT PER CENT.
Saturday.
June 30.
Monday,
July 2.
Tuesday,
July 3.
Wednesday, Thursday,
July 4.
July 5.
Friday,
July 6.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots
PER SHARD
Ranee for PUMAS.
Year 1927
Lowest
Highest
LOWtel
Highest
per share $ per share S per share $ Per share S Per share S per share Shares Indus.& Miscell.(Con.)
Par S Per +haul
I Per share S per share'S per _____
*105 11634 105 105 *105 110
*10512 115 *105 119
200 Bayuk Clears. Inc
Vo par OS June 20 14012 Mar 1
494 Jan 109 Dec
•107 10814 108 108
10734 10734
*10614 1074 •10614 10734
50 First preferred
100 104 June 19 11038 mu 28 101
Jan 110 Aug
1558 1534 *1512 1534 1512 1638
1658 3.400 Beacon 011
16
16
16
No par
1214 Mar 16 2014 Apr 25
14
Oct
1814 June
*72
74
*72
74
*72
73
74
74
*7314 74
2,000 Beech Nut Packing
20 7012June 25 834 Feb 9
504
Apr
744 Nov
1658 171s
163* 17
167 167*
1614 1634 *16
1612 1.200 Belding Hem'way Co_No par
1612 July 3714 Jan
1558June 11 22 Jan 12
*86
8614 8614 8614 8614 873*
8714 87,4 8712 871?
800 Belgian Nat Rys part pref___
85 June 12 9212May 14
67% 67% 66% 6814 6618 66,2
67
971/ 66% 6634 2.600 Best & Co
6.384 Jan 19 7178 Apr 27 4-94 Aug -ETA Nov
No par
55% 56
54,2 56
5414 558
5512 56% 5512 55% 15.300 Bethlehem Steel Corp
100 517sJune 19 6938 Apr 14
4334 Jan 6611 Sept
•117 118
11614 11614 *11614 11714
*11614 11714 11612 11612
300 Beth Steel Corp pf (7%)..100 11618June 29 125 Apr 13 10434 Jan 120 Dec
*34
35
*34
35
34
34
34% *3412 35
34
1,700 Bloomingdale Bros__ __No par 34 June 12 444 Jan 5
34 June 5273 Nov
10912 10912 *10912 111
11134 11134
*10612 112 *10812 112
100 Preferred
100 10912 Jan 11 11134July 3 10912 Jan 114 Nov
90
90
90
90
91
91
97
97
*92
*92
170 Blumenthal & Co pref
100 87 June 27 98 Slay 14
44
Jan 95 Dec
70
70
6938 69% 70
70
69% 70
69% 72% 2,300 Bon Aml class A
No par 6514 Jan 3 784 Jan 27
53% Jan 893
, Dee
612 6% *612 7
712 722
634 758
678 678 2.600 Booth Fisheries
No Par
Jan 4
5
,
4
6
44
838 Apr
Sept
S34June
*45
48
*45
48
4612 4634
*45
4712 4512 4634
500 1st preferred
100 4114 Mar 14 4912June 15
36 Sept 574 MAY
*15612 15634 .15512 160
159 159
160 161
160 161
700 Borden Co
50 152 June 19 187 Jan 11 16712 Dec 169 Dee
*1234 15
*1234 15
*1234 15
*1234 15
*1234 15
Botany Cons Mills class A_50 13 June 23 23 Jan 4
3012 Sept
18 May
35% 3618 3434 36,4 3412 3634
3534 36% 35% 3614 57,600 Briggs Manufacturing_No par 214 Feb 4 4278.11ine 4
1912 Sept 364 Feb
5
5
434 434 *434 5
*4% 5
43s 412
800 British Empire Steel
118 Jan 10
100
914May 25
11 Apr
2 Dec
*712 g
8
8
*712 8
712 8
*73i
800 2d preferred
24 Jan 5 12 Feb 1
100
1
Apr
712 Deo
*247 255
24812 249
24812 24812
24912 250
249 249
1.200 Brooklyn Edison Inc
2064 Jan 10 28814 Apr 13 14812 Feb 225
100
Dee
145 14714 *146 148 *146 148
*145 148 *145 148
1,600 Bklyn Union Gas
No par 139 June 13 15914 Apr 14
8058 Apr 15718 Dec
*46
47
*4512 47
*4512 47
46
4614 4712
47
800 Brown Shoe Inc
No par 431sJune 11 5512 Apr 5
3012
Feb
5014
Dee
423 4238 41
4238 4112 43
4234 433s 4234 4312 9,200 Brunsw-Balke-Collan'r_No par 2712 Feb 20 5138Nlay 18
2572 July 384 Jan
3638 367
3518 367
36% 33%
3734 40% 39
394 9.500 Bucyrus-Erie Co
10 2412 Feb 18 5073June 2
46
46
447 4678 4.5% 47%
4712 48% 4734 4812 10,600 Preferred
10 3338 Feb 17 5458Slay 14
*113 116 *111 116 *112 116
*113 116
115 115
100 Burns Bros new clAcomNo par 9312 Feb 17 12512June 2
*2634 29
27
2512 27
27
.2612 28
*2614 2712
500 New class 13 corn... No par
154 Mar 8 4332.1une 4
164 Mar 344 Jan
*105 107
10514 10514 *103 10612
*10514 108 *10512 108
10 Preferred
100 07% Feb 21 11034June 11
90 June 100
Jan
15512 15512 *15514 157
15514 155,4
*15512 157 *156 157
200 Burroughs Add Mach_ _No par 139 Jan 14 165 Feb 3 390 Mar 145 Dee
5234 524 52
55
52,2 52
53
*53
53
55
900 Bush Terminal new__._No par 50 June 20 8714 Apr 13
2934 Jan 69 Nov
*110 11078 10714 11078 10758 10758
108 10834 10834 10834
130 Debenture
100 10714 Jan 4 115 May 21
9114 Jan 11178 Deo
•11514 118 *11.512 118 *11512 119
*11514 119 *11512 119
Bush Term Bides pref___100 1141, Feb 15 11912June 15 10354 Feb 120 Aug
718 73*
73*
714
7
7,8
7
634 67
714
3.800 Butte Copper & Zinc
5
44 Jan 19 10 May 28
334 Mar
518 May
47% 47% *4512 4612 4512 4712
46
4714 4512 46
1,600 Butterick Co
100 45 Feb 7 6712May 15
44
Oct 6134 Feb
1173 12
111. 1112 1112 1134
11% 1234
1238 1338 4,700 Butte & Superior Sl1nIng......10
9 Jan 11
1634May 21
114
73
8
Nov
Jan
*69
72
71
71
71
71
7212 7212 *72
74
300 By-Products Coke
No par 65 Mar 1 8014May 24
66
Jan 924 June
9812 99
9634 9812 96
99
99 10112 984 9058 5.088 Byers & Co(A M)
No par 9013 Jan 10 11712 Jan 27
42
Jan
1023
4
Dec
*11112 -- *11112 ____
.11112 ____ *11112 ____ ______
Preferred
100 10858 Apr 13 11212 Jan 14 10584 May 1124 Dec
.7034 71
71
71
71
71
72
721s 72
731 1
1,900 California Packing
No par 6812June 18 7934 Apr 13
6014 Apr 79 Doc
.2912 30
30
30
*2912 30
*30
31
30
311 1
600 California Petroleum
25 2514 Mar 16 3234 Stay 22
35 34
38 3%
3,8 3%
3% 338
314 338 1.500 Callahan Zinc-Lead
134 Mar 8
10
538 Apr 30
11* Sept -14 Jan
98
9838 961s 98
0614 991s
9812 10014 9712 9912 7,700 Calumet Arizona Mining...10 89 Feb18 12014 Jan 3
611:June 1234 Dee
•2218 2234 2218 2212 2212 23
23
2314 23
2338 3.700 Calumet & Heat
25
2018
Jan
10
2514May
144
July 244 Dec
28
78
7814 x7678 7814 7712 78
a78
777
7838 7714 7.100 Canada Dry Ginger Ale-No par 5478 Jan 5 8612May 8
Jan 6018 Aug
36
*338 340
330 33714 333 347
396 35612 346 34914 12.800 Case Thresh Machine
100 247 Jan 21 35612July 5 132
Jan 28314 Oct
*120 125 *121 125 *121 125
.121 125 *121 125
Case Thresh Mach pref._ _100 12438June 28 13512 Mar30 111
Feb 129 Deo
33
33
3212 33
337 3414 333* 34
3238 3414
4,600 Central Alloy Steel_ _..No par 2518 Mar 27 4034N1ay 24
Apr
24 Ayr 33
1218 1218 *12
1212 *12
1212
12
12
*12
1212
300 Century Ribbon Mills_.No par 1112 Feb 18 1758 Apr 4
1012 Jan
164 Aug
.8114 85
*8114 85
*82
85
*811 1 82
82
82
40 Preferred
100 8014 Feb 21 92 May 15
Jan 8834 Dec
70
7614 784 75
7734 764 79
7538 79
7734 7914 75.000 Cerro de Pasco Copper_No par 5813 Jan 3 79 3 July6
58 June 7212 Dee
421g 4278 4112 4238 42
43
43
4312 43
4334 7.700 Certain-Teed Products.No par 40345l1*y 24 6458 Apr 28
42
Jan 5534 May
*95
97
*95
97
*9514 97
*95
07
*95
97
I 7% preferred
100 07 June 2 100 May 21
7178 7178 .71741 72
7112 717
•7118 72
*71 18 72
500 Certo Corp
No
par
3
May
Dec
71
2
7712June
85
l8lj Aug
77
*758 8
712 712
73
Stock
712
8
8
8
2.500 Chandler Cleveland SlotNopar
412 Nov
14 Mar
512 Feb 29 1312May 15
1512 1512 1518 15% *15
16
18
1618 *1512 16
1.1001 Preferred
14 Mar 13 2538May 15
No par
13 June 26,4 May
658 6614 66
66
65
66 Exchange
66
6878 6758 68
8.900 Chesapeake Corp
No par 6414June 13 814 Jan 6
843
4
June
867
8 Oct
11814 11878 .117 119
11914 120
12034 1204 *118 12012
600 Chicago Pneumatic Tool _100 115 June 23 141 14 Jan 30 12012 Jan 1374 Mar
*31
32
317* 3178 31
3117 Closed—
31
31
3178 3178
140 Chicago Yellow Cab
No par 304 Mar 24 43 Jan 14
38
July
Oct
47
3
4414 45
44
4414 44
4434
4418 4414 4312 4414 2,70)Childs Co
No par 37 Apr 19 524 Jan 7
4858 Mar 654 Aug
447s 4518 4414 4478 444 453s Indepen4512 4634 46
4934 32,300 Chile Copper
23 373s Mar 5 4633 July 5
3318 June 444 Dec
*81
90
*82
90
*82
85
*82
90 .82
85
Christie-Brown tern ettallo par 79 June 20 131 Jan 23
3478 Jan 904 Dec
7114 744 72% 7414 723s 75 clerics Day
7434 7534 7411 753 183.400 Chrysler Corp
No par 6454 Jan 18 8812May 29
3818 Jan 634 Dee
•11478 115
11412 11412 1147* 114%
.114 115 i 11478 11478
3001 Preferred
No par 11358 Jan 9 117 Mar 12 10238 Apr 116 Dec
*5412
*5412
*5412
Holiday.
54
54
*5412
100 City Stores class A
No per 5114 Jan 19 5414June II
4614 Mar 64 Dee
9234 9378 .8612 89
8634 87
3.1001 Class B
No par 62 Jan 5 102 June 8
8638 87
4113 Apr 644 Dec
55% 863
84
84
83
84
*8212 84
8412 84
84
84
1,100 Cluett Peabody & Co_No Par
51 June 844 Oct
7712 Jan 10 10934 Apr 5
•120 121 *120 121 *120 121
*1204 121 *120 121
1 Preferred
100 11818 Mar 21 12434 Nf ar 19 11114 Jam 12514 Nov
16034 1663* 15918 165
164 165
166 1673 165 1664 8.000 Coca Cola Co
No par 127 Feb 20 17734Nlay 15 29612 Apr 19912 Apr
557 6112 6218 66
6138 641.2
584 63% 5518 6114 67,200 Collins & Alkman new _No par 50 June 25 1114 Jan 3
86 Aug 11332 Dee
*91
93
*91
93
*91
9134
9234 9234 9014 9234
4001 Preferred
100 0014 July 6 109 Jan 3 1024 Sept 10934 Dec
*5812 59 1 5714 5812 57
5834
587 63
6012 6238 4.900,Colorado Fuel & Iron
4258 Jan 9618 July
100 5212June 25 8412 Jan 31
80
80
80
8112 81'2
80
*81
83
82
822
600 Columbian Carbon v t eNo par 79 June 12 9814 Jan 24
684 Jan 101 14 Nov
10834 11034 1083* 11012 109 11034
110 11112 10918 111
30.700 Colum Gas & Elec new_No par 8912 Slat 15 1183*MaY 16
8272 Feb 984 May
*106 10612 106 1061s 106 107
*10614 108
10733 10734
7001 Preferred new
9912 Jan 1104 Dee
100 106 Julie 19 11018 Jan 3
75 1 741s 76
75
7334 7534
7512 76
7512 757
4,700 Commonwealth Power _No par 6214 Jan 11 8712May 8
484 May 7834 Oot
32
3212 32
32
3112 32
32
3212 3112 3238 3,000 Commercial Credit _ _ __No par 21 Feb 20 353sMay 4
14 June 2412 Dec
2412 24
24
24
23% 23%
2378 24
2414 243* 1.5801 Preferred
25 23 Feb 3 27 May 8
17 June 244 Sept
*25
261, *25
2612 2518 2638
*251z 26
26
26
110 Preferred B
1378 June 25 Dee
25 23 Feb 7 27341May 11
9038 9038 90
'S9'2 90
90
89
9012 *8912 9012
220 1st preferred (634 %).
._100 85 June 12 96 Mar 18
89 July 8958 Deo
*65
67
67
67
67
67
6612 68
6612 67
1,500 Comm Invest Trust._.. No Par 5534 Mar 1 74 Apr 17
4118 May 62 Dec
*10512 108 •10512 108 *10512 109
10512 10512 .10512 109
10 7% preferred
100 99 Jan 27 109 May 14
941g Sept 102 Dec
*9414 96
.9412 98
94
9414
*9412 9712 *9412 9712
300, Preferred (634)
100 9238June 16 9712N1ay II
863
8 July 984 Dee
•150 150% 148 148
148 14912
1531 155
15212 15312 1.200 Commercial Solvents. No par 13778June 19 18913 Mar 28 145 Nov 203 Sept
*58
59% 5912 59% .59
597s
*59
597
597 597
400 Conde Nast Publica__No par 48 Jan 14 65 June 2
39 Aug 53 Deo
23% 23% 22% 24,s 23
23%
2334 24
2358 2378 12.000 Congolcum-Nairn IncNo par 22 June 12 311: Apr 17
1714 Jan 294 Dec
7112 71 12 70% 7178 72
72
7212 7212 72
72
. 800 Congress Cigar
No par 67 Feb 18 8178 Jan 3
47 Mar 884 Dec
.57
8812 8634 87
86,4 89
8912 8912 88
8812 2.200 Consolidated Cigar._ No par 7912 Jan 20 99 June 4
74,4 Oct 8634 July
99
*98
99
99
.98
OS
9812 10012 99
1.0001 Preferred (6)
99,4
100 9814June 26 1024 Apr 18
Consolidated Distrib'ersNo par
3 May 18
21, Feb
7, Jan 21
38 Oct
14912 1-ii1-4 149'n
14938 1531
151. 1-3-4-34 1517
,1-3.1; 106.400 Consolidated Gas(NY) No par 11938 Jan 10 17014Nfay 7
94 Mar 12534 Dec
101 10138 10114 10112 101 10118
10112 10178 10178 101% 2.8001 Preferred
par 10012June 27 105 Mar 28
No
93
Mat
103
Deo
314
314
33
318 338
3% 314
314
318 33* 3,900 Consolidated Textile_ No par
34 Feb 9
538 Mar 28
318 Mar
74 June
*2812 29% 2814 2812 29
2912
*28
2912 2914 20,2
900 Continental Baking elANo
par 261:Apr 10 5312 Jan 13
331: Apr 7471 Jan
43
412 412
478 4%
4% 4%
434
4% 4% 6,9001 Class 13
No par
0 Jan 13
4 May
1014 Jan
334 Apr 10
7734 7734 7612 7612
*77% 78
7712 7812 777 78
900 Preferred
100 73 Apr 10 0612 Jan 26
72 Apr 974 Nov
9912
9812 98,2 9612 9814 96
9814 10112 9834,10014 11.000 Continental Can Inc__.No par 8014 Jan 10 11478 Apr 16
5834 Apr 864 Deo
•12434 12534 •12434 12514 *12434 12514
12514 12514 *1243 12514
101 Preferred
100 123 Jan 5 128 Mar 26 120
Jan 126 June
8014
8018 8014 79,4 7912 79
8014 801: 80
8114 4.700 Continental Ins temp ctfs_ _10 75 Feb 15 1/4781May 15
7413 Dee 9314 Dec
1158 12
1133 1218
1214
1134 1134
12
12
12 14 8.200 Continental Motors_ No par
10 Mar 13
1478May
134 Jan
872 Nov
7138 72
73
7178 72% 70
7178 727
721, 73
6.900 Corn Products Refining
'
35 6438 Jan 3 8278 Apr 13
4678 Jan 68 Nov
*140 14312 *140 14312
•14012 14312 •13834 14312 •13834 14312
1 Preferred
100 13s12 Jan 16 14634 Apr 10 128
Jan 1424 Dee
170 175
168 169
169 172
172 172
173 176
1.3001Coty Inc
No par 123 Jan 3 IRS June 7
Jan 123 Deo
66
6914 72
711s 72
70
7314 7112 73
73
7014 7.700,Cruclble Steel of America__ 100 6314 July 3 93 Feb 7
7612 Oct 9834 Mat
113 113 *112 115
114 114 *111 114 •113 114
2001 Preferred
100 11212 Mar 16 121 Slay 11 103
Jan 115 Sept
23
*23
2312 24
24
2312
2418 241s 1.200 Cuba Co
2312 23,2
No par 22 Apr 4 2878Slay 71
184 Aug 3414 Jan
512 512
5,4 5,4
512 618
*512 534 *512 534
600 Cuba Cane Sugar
514 July 3
No par
1034 Jan
44 Oct
712May 12
21
20
2112 21
2012 2134 21
2112 6.0001 Preferred
1978 20
100 19 June 26 3238 Jan 12
2834 Nov 5034 Jan
194 20
1978 1978 5.0001Cuban-American Sugar__ __10 194 Feb 18 2414May 25
2032 1912 2018
1934 1934 20
184 Nov 2812 Jan
*102 106 *102 106
.101% 105 •102 105 •102 106
Preferred
100 10113 Feb 16 108 Feb I
974 Nov 107 Aug
*9
934
934
*9
934 *9
9% *9
Cuban Dom'can Sug newNopar
104 Nov
Jan
9 June 23
18
12 Jae 4
6534 668 6458 66
268
68% 67
6838 18,0001Cudahy Packing new
6534 681z.
50 84 Jan 3 7238 Feb 14
4312 Apr
5834 Sept
100 102
10278 10958 106 11234 63.800 Curtis Aer & Slot Co_No pa
981s 10334 9814 103
Doe
53 Feb 27 10234Nlay 16
6934
4518 Nov
Preferred
100 11734 Jan 5 14318 Apr 18 III Nov 118 Dee
*17012 177 '167 177 '165 177
166 176 •iC6- 176
Cushman's Sons
No pa 14434 Jan 13 193 June (1 103
Or;
Apr 152
•120 126 •120 126
123 123
123 123
120 122
60 Cushman's Sons pref (7)__100 114 Jan I I 126 June 13 107
Apr 125 Dee
5214 524 *5214 53
52
*52
5234 - 52
5212 5212
300,Cuyamel Fruit
No pa
5513 041
Apr
5014Nlay
5533
30
Jan
10
20
457 46
4613 48
464 4712 10,6001Davlson Chemical v t c..No pa
4512 4712 45% 4612
11438 Feb 18 563gNIay I
2614 Apr 481, Dec
•I23 124 *123 124
123 124
123 123
123% 1237s
901Deere & Co pref
100 11512 Feb 1 126345lay 15 10512 Jan 12513 N ov
204 204
200 208 *200 209
2004 20014 .200 203
800,Detrolt Edison
100 1864 Jan 11 20984June 4 13313 Jan 17012 Dee
4912 4912 .403 51
4978 5132 50
50%
50
50
900 Devoe & Raynolds ANo pa
40 Jan 3 61 Apr Is
384 Aug 4278 Deo
•11414 11512 *11414 115,2 11414 114,4
11512 11512 •11413 11513
110 1st preferred
100 108 Jan 9 120 May 16 101
Jan 1144 Dee
152 152 I 15378 154
15303 15033
154 15912
15812 180
960 Diamond Match
100 13438 Jan 18 161 Feb 2 115 Feb 1474 Sept
I33g 14
14
14%
144 1413 1434 18,000 Dodge Bros Class A___ _No par
1414 I47
14%
12 June 11 2418 Jan 4
1314 Oct 274 Jan
7012 7012 70% 75
744 7478 72
7312 16.700 Preferred certif
74's 75,4
6312June 15 80 May 31
No pa
5612 Oct 86 Feb
8% 812
814 8,4
8% 9
812 812
812 8%
2,700 Dome Mines, Ltd
No pa
144 Dee
8 June 13 1312 Jan 6
7 June
*62
6212 61
6114 6114 61
8212 61
61
61
800 Dunhill International_ No pa
49 Aug 624 Oet
554 Jan 9 76 Mar 29
1007 10078 101 10114 101 101
•10034 10112 •10034 10112
400 Duquesne Light 1st met_ _ _10 10078June 30 11612 NIar 3 1144 Mar 1174 Nov
176 178
17314 175
173 175
178 178
175 178
2,400 Eastman Kodak Co_ _ No pa
163 Feb 20 186 May 14 126i.: Jan 7314 Sept
•1304 132 *13014 132
132 132
*13014 132 *13014 132
10 Preferred
100 125 Mar 7 134 Apr 3 11914 Jan 1311: Oct
3712 3712 3612 37
3612 37,2 37
367
, 3714
384 12.600 Eaton Axle & Spring_ _ No pa
3114 Oct 2934 June
26 Jan 11 4134.1une 4
378 3784 365 375
365 37434
381 384
375 385
Jan 3434 roes
6.600 El du Pont de Nero newNo pa 310 Jan 10 40512June 4 168
•116 11612 116 116
116 1174
11612 11612
117 117
700 6% non-vol deb
100 115 Mar 9 12112May 8 10512 Feb 118 Dee
-iet; JIlne 1258, -ii;
fisc.,
• Bid and asked prices: no sales on this day. r Ex-clIvIdencl.
a Ex-r1gbts.
b Es-warrants.
New York Stock Record-Continued-Page 4
81
For sales during the week of stocks not recorded here, see fourth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
June 30.
Monday,
July 2.
Tuesday,
July 3.
Wednesday, Thursday,
July 5.
July 4.
Friday,
July 6.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1
On basis of 100-share lots
Lowest
I
Highest
PER SHARE
Range for Prestos*
Year 1927
Lowest
I
Highest
per share I
per share $ per share $ per sbarl
per share S per share $ per share 3 per share 3 per share
Per share Shares Indus. &Miscel.(Con.) Par
25
121, Jan 3' 23 Apr 12
1534 •15
*15
1578
15
1612 Feb
400 Elsenlohr & Bros
15741
1034 Nov
1518
1512 1512 *15
6612
No par 60 June 25 7078 JulY
6812 59
6534 6834 65
6818 7078 6812 70313 46,100 Electric Autolite
1212 1234
1158 12
1213 1218 8,100 Electric Boat
1134 1178 1112 1234
1738June 6
No par 11 June 19
1313 Mar
-jug
-3614
36
3233 Dee
No par 2834 Jan 10 4512May 14
36
3634 36
3612 3518 3614 35
1612 Jan
3614 13,200 Electric Pow & Lt
10758 10734 10758 10738 1,000 Preferred
No par 10613 Jan 10 110.1 Mar 8
•10712 1077s 107 10782 107 10712
Jan 109 Nov
96
1712 Mat 19
534 Nov
3713 Jan
Electric Refrigeration_ _No par 1113 Feb 6
773-4 76 16.7itt -7-61-2
814 ‘812 8,600 Elec Storage Battery No pa 89 Feb 20 847311.1ay 16 6314 May 7912 Jan
8
9 Jan 1
*618 7
*614 634 *614 634
6 June 19
7 Dec
100 Elk Horn Coal Corp
No pa
614 614
1553 May
*618 714
*11
10
1178 1013 1012 10
514 Feb 21
13
1512June 4
1058 1138 1114 1114
3
Oct
Apt
800 Emerson-Brant Class A.No pa
3213 Mar
31
30
30
31
*30
*25
*30
31
*25
31
No par 30 July 3 33 Mar 1
20 Emporium Corp
30 July
7712 7712 7713 7712
7712 78
77
6434 Jan 8114 Dec
77
78
7858 1,900 Endicott-Johnson Corp_ _50 7514June 12 85 Apr 17
*123 12512 *123 12512
*12234 12512 •12234 12512 •123 12512
100 12114 Jan 27 127 May 18 11633 Jan 125 Beni
Preferred
3838 38
3812 39
373s 383s 38
3814
33 Feb 18 4614May 7
2134 Jan 3938 0431
38
2,400 Engineers Public Serv_ _No pa
38
•11034
9334 Jan 10838 Dec
No pa5 107 Jan 2' 11114June 21
Preferred
3318 Feb 20 3838 Jan 23
2434 Jan 3578 Dee
Erie Steam Shovel
134 132 61*i.iF 1314
132 132 *131 122
84.18 Sept 4312 Dee
200 Equitable Office Bldg_.No Pa
901/ Jan 7 145 May 15
*6312 66 6513 66 *6412 65
50 Aug 777, Nov
65
65
*63
65
300 Eureka Vacuum Clean_No par 6212June 19 79 Jan 3
••0
2012
*20
*1934 20
21
21
1513 Jan 23 Dec
2018 2018 *20
227851ay 7
100 Exchange Buffet Corp_ _No par I978June 15
4312 May
*40
4434 4434 *40
42
3014 Nov
43
43
4334 *41
43
No par 321/ Jan 5 34 Al'r 19
700 Fairbanks Morse
110 110 *110 11038 110 110
110 110
10814 10314
40 Preferred
100 104 Jan 9 11434May 14 107 Dec 112 Map
1273
8
1253
July
4
127
11533 Des
12618 12714
12614
92
12634 12938 128 129
14,200 Famous Players-Lasky _No par 11114 Jan 16 13178June 2
*5238 5414 5214 5238 *5212 54
47 May
3713 Jan
*5212 54
15 42 Jan 10 5834Slay 2
*5213 53
300 Federal Light & Trac
9113 Feb 100 Aug
106 106 *10214 10634
*10214 107
*10312 106
No par 98 Jar, 6 109 Apr 19
106 10658
140 Preferred
•125 140 *125 140 *125 140
Feb 187 June
*125 140 *125 140
60
Federal Mining & SmelVg.100 120 Apr 17 145 Slay 15
*9712 9812 *9712 9812 9813 981*
7512 Jan 97 Ma
*9712 99
100 9114 Jan 3 99381May 21
98
CS
300 Preferred
*1834 19
1812 1812 19
17 Dec 3078 Jan
1812 20
19
1712 Mar 21 2578.May 8
1914 19,2
900,Federal Motor Truck_ _No par
*80
81
7914 7914 79
79
8012 8012 8112 817s
5001Ficiel Filen Fire Ins NY new 10 7514June 12 9412May 16
•1212 1338 1258 1258 *1233 137
10 Nov -11;
7 May
.1238 1378 *1238 1378
No par 1114 Jan 9 1514Slay 10
50 Fifth Ave Bus
3313 3314 341
3312 3312 *33
1914 May
30
Feb
, 4 3834.1une 1
34
3478 341? 3412 4,000 First Nat'l Stores
No par 28 A,•'
1112 1134 1112 1152 1158 121
1434 Oct 20
1178 12
Apr
1113June 26 1734 Jan 4
1178 12
No par
8.600'Fisk Rubber
Jan 100 Sept
SO
SO
79
79
80
80
81
!Jan 10
80
SO
8034 S034
600 1st preferred stamped__ _100 79 July 2 911
•____ 85 *_ 81 *__ 81
9413 July 102 Beni
80
•____ 81 •
100 81 June 29 9734 Jan 5
1st preferred cony
6838 6834 6758 6834 6758 69
4613 Feb 7118 Dee
6778 69lI 685s 7134 38,700,Fleischman Co new,...,,No par 65 June 19 7633 Apr 14
*42
45
4212 4212 4214 43
35 Nov 8853 Apr
4412 45
No par 42 Mar
*4212 4812 2,200 Foundation Co
5534May 16
77
7712 7512 7712 75
781
77
79
50 June 8511 Dec
No par 72 June 12 9214June 2
7712 7834 13,300,Fox Film Class A
6814 6812 6714 6938 6718 693
70 • 73
341, Jan 10612 Dee
7112 7338 27,4001Freeport Texas Co
No par 6314June 1 10914 Jan 11
105 105
10978 Apr 23
*10412 107 *10412 105
*105 107 *105 107
100:Fuller Co prior pref__No par 10318141er 1
19
2014 1834 2014 1858 19
22 Dec 59 Aug
19
No par
20
15 Mar 23 2812 Jan 6
1914 1934 10.600:Gabriel Snubber A
10
10
934 934
1511 Dec
934 10
64 Jan
101* 1034 1013 1012 1,000.Gardner Motor
1634 Feb 2
No par
714June 12
7034 7034 7018 7112 6934 7138
7712Slay 15
48
Jan 6438 Dec
7034 7133 70
71
5,500'Gen Amer Tank Car__ _No par 80:- Feb 21
• 0912 111 *10912 111 *110 111
1101 1 11014 11014 11014
11134May 15 10638 Mar 11212 Sept
100 10914June 2
2001 Preferred
75714 76
7318 7618 7334 7512
7533 7612 7514 7713 10.600 General Asphalt
85 Aug 904 Ma,
100 6S June 12 9478 Apr 30
•11712 11912 11512 11712 .11612 11312 .
11612 11612 11612 11612
900. Preferred
100 1101, June 121 14112 Apr 30 10714 Aug 1447, May
•14112 14912 141 141 *14112 14912
•14212 ----•1421' ____
11812
Au 140
26
pref___No
June
048
pa
General
8
134
Baking
...An
150
10
2434 2434 2334 2334 2312 2312
2334 2334 2312 2312
No par 21 Feb 4 3512 Apr 28
500 General Cable
66
67
6414 66
6518 66
55l Dee 821-2 Dec
6534 67
6614 6673 4,700. Class A
No par 56 Feb 9 807851er 20
6212 6212 6212 64
6212 63
64
64
6378 6378 1,200 General Clear. Inc new_No par 5912June 12 75%3 Feb 2
Jan 7473 Dec
52
*117 125 *117 121 •117 121
•11712 120 *11712 120
Jan 136 Sept
I Preferred (7)
100 11534June IS 130 Apr 27 116
55
5412 5412
*5334 54
*54
*54
5412 5412 .5412
200 Gen Outdoor Arty A___No par 53 June 19 5873 Jan 3.
5453 Apr 597g Nov
3612
3612
37
3612 3714
3613
:3714 3714 36
36
Jan 5878 Nov
1.800 Trust certificates__ __No par 31 June 25 5233 Jan 7
37
14914 15278 147 15112 14758 15238
15212 15538 1521 1 15434 74,700 General Electric
Jan 14813 Beni
81
No par 124 Feb 27 17413 Apr 16
1114 1138- 1138 1138 1114 1138
1114 113*
1114 1138 4.500 General Electric special_ _ _ _10 1114 Jan 23 12 June 7
11 June 1133 Jan
*4612 48 1 4613 4778 47
4858 5038 4858 4973 13.900 General Gas & Elec A _ _No par 351,Jan IS 5034May 16
4812
34 Apr 4712 Fell
*10914 110 *10914 110 *10914 110
*10914 110 *10914 110
Jan 11012 OM
.Gen Gas & Elec pf A (7) No par 10812 Jan 4 118 Slay 10 100
•126 133 l*126 133 *128 133
*126 130 *126 130
Stock
No par 12214 Mar 22 144 Apr 18 11314 Mar 1233, Nov
Preferred A (8)
•105 110 ,*105 110 *108 110
10934 10934 10934 10934
300 Preferred B (7)
No par 10512 Jan 17 11478Slay 16
96
Jan 10513 Dec
188 19038 18234 18958 18414 19213 Exchange 19112 19512 19012 19333 936,700 General Motors Corp new _25 130 Jan 10 210 Slay 7 11314 Aug 141
Oct
12634 12634 126 127
12614 1261
•126 12712 12712 12712 2.000. 7% preferred
100 1231/ Jan 26 12712 Apr 12 11811 Mar 12534 Dec
91
9418 94
9738 9414 9638 Closed9512 9612 9412 9734 37,300 Gen Ry Signal new___ _No par 8414June 2O 12353 Jan 3
821, Jan 15314 Sept
5212 5234 51
Dec
Jan 81
51
5014 5112
38
1,700 General Refractories__ _No par 4512June 13 82 Jan 3
5112 5112 •5078 5078
10212 10314 10218 10278 10112 10378 Indepen- 1021? 103
9534 Nov 10912 Oat
8.500 Gillette Safety Razor_ _No par 9718June 19 11213 Apr 13
102 103
5612 5734 5412 56
3512 Dec 59 Sept
5534 5778 5512 5613 11.400 Gimbel Bros
No par 3418 Mar 6 5978June 14
5414 565*
*98 100
91 Nov 10612 July
*98 100
.98
9913 dance Day 100 100
100 87 Mar 6 101 June 15
800 Preferred
9978 9978
23
23 I 2212 23
14', May 22 Mar
2212 23
23
No par 2033 Jan 27 263,51ay 23
2314 23
2314 4.400 Glidden Co
*10014 101 *10014 101
10014 10078 Holiday, .10014 10012 100 100
100 95 Jan 4 104.78June 1 , 86 Aug 101 June
60 Prior preferred
90
9012 88
88
42 Mar 7834 Dee
88
8938
90
917g 8912 9012 8,300 Gold Dust Corp v t c__ No par 71 Jan lb 1053,, Feb 15
6938 7012 6934 7058 6858 7234
423, Jan 9812 Dee
6812June 18 9933 Jan 4
7278- 76
7412 7612 26,700 Goodrich Co(B F)
•11012 112 *11012 112 .11012 112
Jan 11112 Dec
95
111 111
X° P
10
a0
r 10912 Feb 17 1153$5Iny 1
500 Preferred
111 112
4714 4814 4758 483* 4712 4914.
4818 49
4812 4834 12,500 Goodyear T & Rub__ _ _No par 4518June 25 7212 Jan 4! 4833 Aug 0913 Dee
*93
9312 9318 9314 93 931:
9912 Jan 13' 9212 Nov 9873 Dee
9318 94
No par 9212 Mar lf
3.400 1s1 preferred
94
94
SI
8234 8034 8034 80
8134
5733 Jan 8553 Dee
3.800 Gothatn Silk Hosiery_ _ _No Par 75 June 13 9378 Apr 14
82
8218 80
81
8212 821* .79
81
8078 8078
93 Apr 14
81
58
Jan 8512 Dee
No par 75 June 1.
8112 80
8134
700, New
•119 12012 *11812 120
11814 11814
Jan 122 Sept
•118 11912 11812 11312
100 1155* Jan 16 130 Apr 12 104
6001 Preferred New
110 110 *110 112 *110 112
•110 112 .110 112
30. Preferred ex-warrants_ _ _100 109 Jan 3 112 May 7
*712 9 i *8
9
*8
9
1138 Nov
*8
Oct
9
7 June 23 125,Feb 2
4
*8
9
No pa
Gould Coupler A
3118 3178 3018 3134 3018 3212
3212 3414 3234 3378 44.6001Graham-Palge Motors_No pa
1634 Feb 18 3978 Apr 12
53
53541 54344 5234 54
5438
5438 5478 54
, Jan 45 11.113;
5412 10.700 Granby Cons M Sm & Pr.100 3918 Feb 18 567,May 15 -3-1-13312 3312 3334 3412 3378 3438
33744 3438 3358 34
31 Jan 26 38 Jan 7
3518 Dec 4453 Sept
2,700I Great Western Sugar newNo pa
117 118 *118 118 .116 118
•118 11712 .116 118
110 Preferred_
100 11212 Fen 20 120 Jan 3 11812 Feb 123 SCA
10318 10412 97 10458 98 10578
105 10978 106 10873 60,300 Greene Cananea Copper 100 8938June 111 16412 Jan 4
2914 Jan 15111 Deo
*7
718
7
7
7
7
*612 712 •7
Oct
111
.May
7 Feb 23
7
718
933 Jan 4
400 Guantanamo SugarNo pa
.90 101
*90 101
*90 101
*90 101
*90 101
Dec
9573 Jan 106
100 101 June 27 107 Jan 7
Preferred
5812 5812 .58
60
5812 5812
*5812 67
*58
Oct 64
60
Feb
46
200 Gulf States Steel
100 51 Jan 9 69 Jul.(' 1
•2412 25
2518 2518 2518 251s
*2518 2514 2518 2518
100 Hackensack Water
22 Aug 27 July
25 23 Jan 5 30 Jan 31
65
65
062
65
*62
64
*6312 64
*6312 64
30 Hanna 1st pref class A__ 100 59 Slay 25 7934 Jan 19
56
Jan 7238 Dise
.
2412 26 1 *2412 26
.24
26
2412 2412 .24
2513
100 Hartman Corp class A_No par 24 Jan 5 2753 Feb 3
224 Oct 274 Mar
•1834 19 1 *1878 19
*1834 19
1834 1834 *1812 19
, Apr
ISI,
293
100 Class B
1678June 12 2573 Jan 27
No par
*10812 114
10812 10812 .10734 111
•10734 111 *10734 111
2811 Jan, 128
Oct
100 Helme (G W)
10334June 13 11812 Feb 20
•13013 ____
•13012
*13012 ____ *13012 ____
100 121 Jan 3 11341May 28 11814 Jam 130 July
Preferred
58
•54
*55
58
*55
5712
6614 6612 *5512 5812 1,000 Hershey Chocolate__ No par 3034 Jan 31 64 Apr 26
3473 Dee 4012 Dee
13761s 767g 76
76
76
76
76
7634 7612 7612 1,100 Preferred
7014 Dec 7512 Dec
No par 7014 Feb 6 82 Apr 16
•10214 10314 102 10214 *102 10314
*10214 10314 .10214 10314
400 Prior preferred
9958 Dec 103 Dee
100 10112 Jan 3 105 Apr 14
1918 1912 •1812 1912 *1812 1912
•1914 20
417, July
1914 1914
400 Hoe(R)& Co
Jan
22
No par
1918June 30 3078 Jan 20
3014 *30
*30
3012 *30
3012
.30
3012 3018 3012
400 Hollander & Son (A).__Ne par 2912 Jan 10 3678 Apr 13
3114 June 403, Oct
73
*72
*72
73
*72
73
*72
73
Oct
*72
73
Homestake Mining
60
Jan 79
100 67 Jan 4 75 Apr 11
71
7038 7138 70
70
7012
71
71
7058 71
3.500 Househ Prod.Inc.tem cHNopar 6418 Feb 21 7312June I
4314 Jan 70*. Nov
132 13978
13813 13812 133 137
13912 142
Ott
136 140
8.200 Houston Oil of Tex tern ctfs100 119 June 19 181 Apr 14
6018 Jan 176
5758 6014 58
5812 60
5934 6014 5812 60
5934
18,900 Howe Sound
3434 July 4833 Dec
No par 403$ Feb 18 623451ay 28
8218 S234 8018 8212 8058 84
83,8 85
8314 8414 38,900 Hudson Motor Car_
481, Jan 9111 Aug
No par 75 Jan 16 91173 Mar 16
5758 5812 58141 5758 5634 5918
5812 5938 58
Oct 361, Dee
5878 79,100 Hupp Motor Car C-orp____10 29 Jan 16 65 June 2
18
25344 2413 2484 2418 2412
25
2414 2434 2453 2514 4.200 Independent 011 & Gas_No par 2134 Feb 20 3173 Apr 30
1753 May 3234 Feb
46
46
46
46
47
47
4712 49
48
48
900 Indian Motocycle
13 Mar 47 Dec
3812 Feb 14 70 Apr 27
No
Par
•107 114 •107 114 *107 114
•107 114 *107 114
Jan 10234 Dec
Preferred
92
100 10014 Jan 3 115 Apr 12
24
2318 2734
2358 2378 23
28
2978 29
3312 86.200 Indian Refining
1213 Sept
712 May
10
9 Feb 18 3312July 6
2258 27
2358 2258 24
23
2714 2938 2712 3112 58,100 Certificates
714 June 12 Sept
Jan 18 3112Juiy 6
10
812
•170 174 *165 17212 17414 18412
18834 194
203 207
2,300 Preferred
99 'Jet 112 Mai
100 101 Jan 4 207 July 6
1191
92
*91
92
92
*91
9112 92
*9112 94
200 Ingersoll Rand new__ __NO par 90 Feb 18 98 Apr 19
8718 Nov 9612 Apr
*54
5412 5412 5514
5412 55
55
5512 55
35
2,300 Inland Steel
Feb 0233 Dec
41
NO par 46 Mar 3 63 Jan 3
OM
Jan 118
Preferred
11512 Jan 6 118 Feb 18 111
100
2184
2184 22s 21g 22
22
22
2234 -22- 22.1-4 _ -4-,66 Inspiration Cons Copper _20 18 Feb 25 2578Slay 28
1212 June 2512 Jcn
814 834
818 812
834 834
834 834
25 Nov
3,200 Intercont'l Rubber__ ...No par
873 9
11 Nov
S's July2 21114 Jan 4
1,678 17
165g 1634
17
17
1658 1734
17
177
3.100 Internet Agricul
013 Apr
1634 Dec
No par
13 Feb 24 2078May 17
77
77
79
771.2 7712 *77
78
78
.78
783
6001 Prior preferred
100 4838 Mar 26 8012June 15 33 Mar 8812 MeY
: 121 123% 122 123
123 124
•123 1231
124 124
1,400 Int Business Slaciaines_No par 114 Jan 16 14734 Feb 3 5312 Jan 1193, Dec
66
68
657
8
673
s
66,
2
66
•67
67
66
67,4 3,700,International Cement__No par 56 Jan 3 7412May 181 45,4 Jan 0532 May
1 Preferred
Oct 113
Dec
100 10812 Jan 4 11078 Apr 26, 100
6134 57o 615* 68 -667-R
GO
60
6214 6018 6234 154.900,Inter Comb Eng Corn- No Par 4514 Feb 20 7238June 61 4013 Oct 84 Mui
*102
1023
104
4
103
10312
*103 10634 *103 10634
•103
300 Preferred
Oct 1051, Dec
100 103 Mar 21 109 Slay 161 401
26114 265
26412 271
270 27312 270 272
266 266
4,600 International Harvester__ _100 22434 Feb 18 290 June 4 13533 Jan 25513 Dec
14212 14212 14234 14234
14212 1421 14212 14212 *14212 14234
700 Preferred
Dec
100 13614 Mar 1 147 May 1 12614 Jan 139
518
•5
478 478
5
53s
•434 5
5
5
1.400 lot Mercantile Marine
334Mar 28
313 Oct
Pe May
73sMay 9
100
3612 38
3658 38
43712 38
3712 3778 3634 3634
1,100 Preferred
100 3418June 12 4461. Jan 17 3212 Oct 9533 May
104
1007
8
10434
10014
10312 10478 103 10412 18,090 International Match pref__35 931,Jan 3 12178May 14 82 Mar 9512 Dec
10312 10378
9258 9534
9012 95
94
9434 9838 9414 97,4 206.900 International Nickel (The) 25 7353 Feb 24 102 June 1
93
3814 Jan 8912 Dec
7314 7112 74
74
75
74
7234 74% 71
747s 17.500 International Paper___No par 66 June 19 8638Slay 14 a3912 May 8112 Nov
*103 10638 10314 10314
90 Preferred (6%)
•10212 -- 10612 10634 •103 104
100 9814May 23 107 Apr 12 8514 July Or
Dec
103 10338 103 10312 2.700 Preferred (7)
10338 10338 103 10314 10258 103
100 11,2 June 11 108 Jan 14 9612 Jan 1123* Dec
61
61
GI
61
•60
61
62
60
*61
60
60 International salt
Dee
100 4912 Mar 28 6834 Jan 12 63 Sept 75
•137 149 *135 149
*13414 150 •13418 150 •13418 149
International Silver
100 121 June 20 196 Jan 24 13512 Star 198 Nov
•12314 12714 •12314 12714
10 Preferred
Jan 27 109 Mar 128
•122 12714 12314 12314 *12314 12714
Oct
100 12314June 20 131
171 17434 170 172
10,400 Internet Telep & Teleg.......100 13913 Feb 20 19733June 2 12214 Jan 15871 Sent
16812 17014 167 1691s 168 172
I
•Bld and asked In1666: no sales on this day. z Ex-dividend. a Ea-rigbts.
82
New York Stock Record—Continued—Page 5
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.
June 30.
Monday, I Tuesday,
July 2.
July 3.
Wednesday,1 Thursday.
July 5.
July 4.
Friday,
July 6.
Sales
for
She
Week.
STOCKS
NEW YORK /NOCK
EXCHANYE
PER SHARE
Range Since Jan. 1.
On baste of 100-skate lots
Lowest
Meisel
Pillt sagas
Rases ter Previa..
Year 1921
Mahan
Lowest
$ per share $ per share $ per share
per share $ per share $ per share Shares Indus. & Mlscel. (Con.) Par
$ per share 8 Par Share Per chart
Per share
*2612 32 '52612 32 *26/
1
4 32
Intertype Corp
*2612 32 *2612 32
No par 29 June 25 384 Jan 20
1918 Jan 3911 June
1
4 521
524 5214 511
*51/
/
4 511
53
52
1,100 Island Creek Coal
52
/
4
51
51 Feb 17 61 May 14
4818 Mar 67 Sept
10434 10434 10314 106 2106 106
1.100 Jewel Tea, Inc
106 106 •10312 106
No par 7714 Mar 1 11314Ma 1
5318 Jan 86 Dec
•124 130 •124 130 •124 130
, Preferred
*124 130 *124 127
100 120 Jan 18 125 Ma 28 11111 July 12518 Mat
104 105 210134 10514 102/
1
4 10614
10512 11012 10712 10912 18,600 Johns-Manville
No par 9614June 19 134 May 10
•120 12012 1194 120
12034 12034
170'Jones & Laugh Steel pref_100 11914 July 2 12414May 7 iff Feb Cif' Oct
12012 12012 121 12114
*27
2712 2734 2734 2712 2712
30
500 Jones Bros Tea. Inc_ No par 253, Mar 31 4014 Jan 10
30
2814 30
104 Jan 3418 Dee
*1012 11
1034 1034 1034 1034
1034 11
700 Jordan Motor Car
'1012 11
No par
818 Jan 18 1514May 31
12% July 2211 Jan
*110 112
112 11214 •10812 11014
90 Kan City P&L 1st pf B No par 109 May 18 114 Apr 26
•10812 11014 *1084 11014
7234 73
7114 73
72
7212 7314 7214 73
6.300 Kayser (J) Co v t c__ No par 62% Jan 5 7618 Mar 30
7234
49 Apr 651* Dee
1734 18
1734 184 1714 1812
1812 1912 1934 207s 5,700 Kelly-Springfield Tire
25 15 Feb 17 275, Jan 3
918 Janl 324 Nov
*62 64 *60 63 *60 63
65
300 8% preferred
6334 63/
1
4 64
100 65/
1
4 Feb 17 84 Jan 6 85 Fe 102 Sept
•62 66
*60
68 *60
200 6% preferred
66/
68
1
4 67
*60
68
100 58 Feb 17 80 Jan 25
44 Jan 9718 Sept
3212 3314 32
*3214 3212 3214 32/
33
3334 32
1
4 2.800 Kelsey Hayes Wheel___No par 221: Jan 10 3812May 18
19 Oot 27 July
'107 10934 •107 10934 *107 10934
•107 10934 *107 10934
I Preferred
100 106 Mar 8 11018 Jan 5 103 July 110 Deg
90 9034 8814 90/
9134
911
/
4 9212 9034 911
1
4 89
/
4 43,600 Kennecott Copper
No par 8018 Feb 20 9534May 28
60 Feb 905, Der
*38
41 i
39 *39
41
39 39
41
38
300 Kinney Co
38
No par 38 June 21 52 Jan 19
.914 June 45 Jan
94 94
210 Preferred
94 94
94
94
94
94 94
*93
100 9718 Mar 22 100 Apr 11
56 June 93 Dee
63 6414 62/
1
4 6334 62/
-64
6454 6212 644 9.100 Kraft Cheese
1
4 64/
1
4
25 5312 Mar 31 76 May 17
69 June 6318 Feb
70
7054 6914 7033 68/
1
4 7012
70
7112 9.400 Kresge (9 5) Co new
711
/
4 71
10 8054 Feb 24 76 June 1
4518 Jan 774 Sep
•108 110
111 112
113 113
401 Preferred
*112 11612 *112 11612
100 11014June 14 118 Apr 27 1104 Feb 118 July
20
20
*1934 20
19
2054
*20
21
204 214 1,90011Cresge Dept Stores____No par
1312 Jan 18 2714 Feb 29
10 June 18 Dec
68 68
*65
71
70 *67
6934
72
5001 Preferred
68
*64
100 5154 Feb 1 7254May 11
45 Nov 80 Jai,
•97 104 •96 105
100 105
3001Kress Co new
*105 108 *100 1064.
No par 87 Feb 20 11412 Mar 29
59 Jan 10511 Sept
924 9314 9234 9412 93 97/
1
4
97/
1
4 994 9514 98 91,9001 Kroger Grocery & Bkg_No par 734 Mar 27 10034June 1
-*220 250 *220 250 •220 250
*200 250 *220 250
Laclede Gas L (St Lou1s)_100 200 Jan 10 260 Feb 2 17314 Jan itfilf
•101 10112 •102 109 *102 109
•102 109 5102 109
Preferred
100 100 Jan 5 12418 Jan 26
96 Jan 130 May
32
*31
3114 314 31
31
600 Lago 011 & Transport_ _No par 274 Feb 20 394 Apr 17
32
.
3114 32
3234
204 Jan 37/
1
4 Nov
10914 110
10714 110
107 10914
10814 10934 10834 10954 13,600 Lambert Co
No par 794 Jan 10 1211
/
4May 9
66 Jan 8818 Oat
1812
•174 18
1814 194 1812 19
1,300 Lee Rubber & Tire__ No par 1714 Jan 3 2412mill 1
1834 18
*18
7 Jan 1811 Dee
4612 47
46
4712 51
47
4874 47
4674 46
14,500 Lehn & Fink
No par 38 Jan 17 5334 A or 12
825e Apr 43 Nov
•2914 30/
1
4 30
*294 30 *2912 30
30
*2912 30
200 Life Savers
No par 29I2June 26 36's F”h 7
2014 Sept 8414 Dee
594 8512 83/
1
4 8334 *8412 88
89
900 Liggett & Myers Tobacco_ _25 8314June 22 12214 Jan 3 •8718 Feb 128 Sept
89
88
89
834 8434
8334 8374 8314 84
8434 8412 84/
84
1
4 6,000 Series B
25 8014June 19 12318 Jan 3 •8514 Feb 128 Oat
•135 140 *135 13934 *135 13934
•135 13934 135 135
100 Preferred
100 135 July 6 147 Apr 11 1204 Jan 140 Dee
51
•5214 53
5114 51
50
51
51
50 5014 1.900 Lima Lao Works
No bar 48 June 21 65/
49 Oct 761, Apt
1
4May 14
66
68 68
68
6634 6612 6612
6854 67 674 2,400 1.1quld Carbonic certifs_No par 8318 Feb 20 7774 Jan 13
453* Sept 78% Dee
534 5312 5212 5512 5334 54/
5412 56
5514 5534 30.100 Loew's Incorporated....No par 4914June 19 77 May 9
1
4
MN Jan 6318 Mat
6
574 6
6
5/
1
4 6
6
614
614 614 1,800 Loft Incorporated
No par
554 Feb 9
8 May 2
5 Oct
718 Jan
*31
32
*3134 3212
32
32
'
32
3212
33 *32
100 Long Bell Lumber A._ _No par 26 Jan 3 351 Feb 3
2512 Dee 63 Mat
47/
1
4 484 4658 48/
1
4 474 4834
48
4934 48/
1
4 4914 6.100 Loose-Wiles Biscuit new____25 4414June 19 59 Ap 26 x3514 July 574 Llto
*11914 12314 •11914 1234 *120 1234
120 12312 *120 12314
I 1st preferred
100 11914June 27 125 May 9 118 Jan 123 Nov
1
4 2614 2534 2614
2614 2614 25/
2512 2614 26
2614 6,200 Lorillard
25 2314June 12 467 Apr 19
234 May 471* July
•____ 95
94/
1
4 95
95 95
*9412 95
95
95
1,000 Preferred
100 9418Ju1y 2 114 Mar 13 107 June 1184 Jan
1414 1434 1374 1434 13/
1
4 14/
1
4
14
1412 1312 1434 9,600 Louisiana 011 temp ctfs_No pa
95s Feb 21 1914 Apr
10 Oot 12 Aug
*8714 91
*8714 91
*88 91
•88
91
91 .88
Preferred
100 80 Feb 21 96 Apr 30
8514 Dee 97 Feb
1
4 33/
1
4 34/
1
4 3412
1
4 341
/
*344 34/
4 35/
3414 35/
1
4 33/
1
4 5,700 Louisville G & El A_ _ No par 28 Feb 7 41 May 16
2318 Jan 8018 flee
5614 58
57/
1
4 58
544 574 55
58/
1
4
5512 57
10.800 Ludlum Steel
No par 2518 Jan 11 681:May 24
20 Oct 884 Mai
51
•48
•4814 50 •4814 51
48
48
48
4814 1,000 MacAndrews dr Forbee.No par 46 Jan 6 5734 Apr 14
63 Nov 5$14 Dee
123 123 •12012 124 *1204 124
124 126
126 126
500 M:.ckay Companies
100 10812Mar 2 134 Mar 20 106 June 184 AN
*76
77
*7512 77
77/
1
4
77
*77
774 77/
1
4 77/
1
4
600 Preferred
100 6814 Jan 13 84 Mar 19
67 Aug 74 Atie
9214 9612 9212 97
934 9512
934 9534 93
941
/
4 62,900 Mack Trucks, Inc
No par 83 Apr 17 1077k Jan 3 8814 Jan 1185* Mal
•30012 344 *30012 345 *320 344
•301 345 301 345
Macy Co
No par 235 Jan 10 350 Apr 11 124 Jan 34318 Nov
2834 2834 2814 29
2812 2812
294 30 22912 294 1.500 Madison Sp Garden_No par 2214 Jan 9 34 May 7
2018 Aug 283* Oct
5214 51
5234
5214 5234 51
Stock
5234 5312 5112 5212 5,400 Magma Copper
No par 4334 Feb 27 5634May 28
294 Feb 5814 Dee
*1812 1912 1812 19
19
19
19
19
*19
1912
500 Mallinson (BR)& Co_ No par 16 Jan 20 2874 Apr 12
114 Apr 2034 Dec
90 90
8834 8834 8974 89/
1
4 Exchange *8834 90
40 Preferred
9334 93/
100 8714 Jan 30 10174 Mat 15
6634 July 95 Dec
1
4
*30
35 *30
35 *30
35
*30
35 .30
35
Manati Sugar
100 30 June 28 41 Jan 14
27 Nov 48 Feb
*57 70 *56 65 *5214 65
Cloned— *5214 70
5212 5212
100 Preferred
48 Oct 8034 Doe
100 5014June 25 88 Jan 17
.53154 3214 *3212 33
*3212 33
*3212 33
3212 324
100 Mandel Bros
394 Dec 4914 Aug
No par 32 June 25 404 Jan 24
5754 5734 5612 5754 57
5734 Indepen574 5712 56
1,500 Manh Elea Supply_ _ _ _No par 60 Jan11 6638hine 6
57
43 Oct 132 Aug
3414 3434 3412 3434
*3414 35
*34
35
*3412 3512 1,400 Manhattan Shirt
244 Jan 355* Dee
25 3114 Feb 18 43 May 14
*16
1634 1512 1534 1534 1554 dence Day
16/
1
4 1654 1614 18/
1
4 2,100 Maracaibo 011 Expl_No par 124 Feb 20 2512 Apr28
12 Oct 2234 Jan
34/
1
4 354 3454 35
3412 3534
354 354 354 3614 31.800 Marland 011
81 June 5818 Jan
No par 33 Feb 17 4418 Apr 17
*58
5812 *56
1
4 55/
5812 55/
5812 60 *58
1,100 Marlin-Rockwell
27 Jan 5574 Nov
1
4 Holiday.
60
No par 4514 Mar 6 6512May 24
18/
1
4 19
1812 1834 1714 18
184 19 *1712 1812 1.300 Martin-Parry Corp_ _ No par 1218 Mar 12 2554June 4
154 Dee 2414 Feb
*124 125 .124 125 *12514 126
12612 12612 123 12412 1,100 Mathieson Alkali WorksNo par 11714June 19 137% Apr 12
82 Jan 13284 Dee
•120 126 *120 126
12512 1254
•120 12512 *12412 126
15 Preferred
100 116 Jan 12 130 Apr 27 103 Jan 17
.......
Dee
1
4 79
76/
1
4 7812 784 80
*77/
7812 7974 7714 7954 8,300 May Dept Stores new
25 16 June 16 8534 Jan 3
MA JUDD WO Nov
1834 1834 1914 1914 19
1934
•1912 2112 20
20
600 Maytag Co
No par 184June 13 22 May 24
1
4 70
69 69
69/
69 6934
70
70
70
70
800 McCall Corp
No par 58 Feb 3 72 May 31
592/
86/
1
4 8674 8334 84
1
4 80
*8254 86
*8254 86
290 McCrory Stores class A No par 77 Feb 18 99 June 2
55 Mar iti" De
95 95 *9314 95 *93
95
93 94
664 Mar 965* Dec
924 93
1,000 Class B
No par 804 Mar 14 10754June 4
112
*111 112
*111 112 *111
5111 112 *111 112
Preferred
100 109 Feb 8 112 June 15
97 Mar 1164 Sept
2414 2414 2414 244 •2414 25
*244 25
*2414 25
200 McIntyre Porcupine Mines_5 2414June 30 284 Mar 16
2418 Mar 28% Oct
2512 2512 '2553 25/
•2512 26
1
4
2534 2554 *2554 26
200 Metro-Goldwyn Pictures pf.27 2518 Jan 0 2714May 29
/
4 Feb
2414 Jan 281
1
4 25
2254 2434 22/
234 2534
2534 2834 2674 28/
1
4 132.900 Melcican Seaboard Oil_ _No par
3 Aug
418 Jan 19 39 May 14
914 Feb
20
20
20
2034 1974 2014
2014 2012 2014 Ms 4.000 Miami Copper
5 175g Jan 6 22 May 28
134 June 2034 Der
29
2812 28/
1
4
2814 2812 2812
28/
1
4 2874 2874 29
2.500 Mid-Continent Petro_ No par 2513 Feb 20 334 Apr 28
2518 Oct 39% Jan
*11114 112 *11114 112 *111 112
*110 112
• 1341(1-Coot Petrol pref
100 10314 Feb 20 11514May 11
97 Apr 105 Feb
5
5
4/
1
4 5
434 5
474 5
9,300 Middle States 011 Corp_ _ _ _10
434 5
2% Jan 3
74May 10
3% June
118 Jan
3
/
1
4
314
3/
1
4 3/
1
4
314 314
3/
1
4 334
10
3/
1
4 3/
11: Jan 3
1
4 1,600 Certificates
518May 10
14 Jan
2% June
207 20712 20234 20434 20254 204
207 210 212 224
8,000 Midland Steel Prod pref__100 193 June 19 290 Jan 4 108 Apr 815 Dec
/
4
1934 19/
19
1
4 194 191
19
*1874 19/
1
4 194 1914
400 Miller Rubber ctfs
No par 1878May 9 27 Jan 3
1718 Nov 3614 A01
•147 170 •147 170 •147 170
*147 1674 *147 16714
Montana Power
100 1024 Jan 10 176 May 3
811: Jan 1094 Oct
14814 15134 14912 154/
148/
1
4 150
15414 159/
1
4
1
4 156 15834 178,000 Montg Ward & Co Ill Corp.10 117 Jan 19 159%July 5
60% Feb 1234 Dee
712 734
754 774
754 754
7/
1
4 774
734 7/
1
4 4,300 Moon Motors
No par
54 Feb 6 1112May 11
6 June 1218 Jan
24 254
1
4
2/
1
4 2/
1
4
212 2/
2/
1
4 2/
1
4
2/
1
4 254 2,700 Mother Lode Coalition_No par
112 OctAss hus
414May 14
212June 25
9
'8
*8
9
*8
9
*8
9
*8
9
Motion Picture
No par
5 Mar 29 11 May 9
,112 Sept 1614 May
1612 1612 1612 1612 1614 1812
*16
1612 1612 1612
800 Motor Meter A
No par 13 Mat 22 2314 Jan 12
17 Nov 3814 Apt
3414 3412 3414 3474 344 3534
35/
1
4 3512 354 35/
1
4 3,300 Motor Wheel
No par 2518 Jan 12 3934June 4
2054 Jan 277 Mal
74
7512
77 *73 75
75
75
75
•76
75
900 Mullins Mfg Co
No par 6914June 19 944 Apr 13
10 Jan 7914 Dee
107 11074 107 110/
1
4
•107 110
•107 11074 *107 1107s
Preferred
100 10434 Jan 17 11034 Jan 9
80 Jan 110!4 Dee
/
4
5212 5214 521
5412 5612 5512 5512 1.000 Munsingwear Inc
*5134 5212 *51
No par 48% Mar 5 6212May 18
8514 May 53 Nov
4214 42/
4214 44
1
4
44
45
45
4634 4454 4534 10.300 Murray Body new....No par 2112 Feb 1 5834June 1
1614 Oct 43 Feb
1
4
8814 8934 86/
1
4 8634 88/
874 884 8654 88/
1
4 8812 22,500 Nash Motors Co
No par 8014 Feb 20 10114 Jan 3
6014 Apr 1017* Des
1412
14
•1374
14
14
14
14
1374 1374
13/
1
4
500 National Acme stamped__ _ _10
7I4 Jan 4 1914May 2
6 Feb
74 Oct
8212 83
83
83 *83
83 83
*83 85
8374
No par 41 Jan 3 95 May 4
500 Nat Bellas Hess
81 14 Sept 464 Dar
104 108
104 108
•10612 108 .10612 103
•103 107
Preferred
100 9014 Jan 3 111 May 7
8514 Sept 97 Apt
164/
1
4 166
16434 16434 16314 16414 16434 16514
16514 167
3.900 National Biscuit
35 160 June 12 182 Jan 27
0414 Jan 187 Dee
4,14512 14714 *14512 14714 145 14512
•1444 14512 1444 145
200 Preferred
100 1374 Feb 29 150 Apr 11 130 Jan lip Dee
1
4
59
6012 6312 6118 63 43,000 Nat Cash Register A w I No pa
6034 5834 60/
61
59
4714 Jan 18 6534June 2
3974 Jan 5118 Der
79
7912 784 79
77
7812 7712 79
78
8,700 Nat Dairy Products_ __No par 6412 Jan 6 8818May 16
594 May 687* Aug
1
4 2512
*254 2514 254 26
•2515 26 *2514 2514 *25/
800 Nat Department Stores No par 217* Jan 5 29 June 4
20/
1
4 June 275, Mu
96
96 •9514 97
9734 9734 *954 97 •9514 97
100 91 Jan 10 102 May 2
200 1st preferred
8918 July 904 Jao
3554 3634 36
36
3534 3654 3518 3514 354 38
3,900 Nat Distill Prod Ws_. No par 2914June 12 584 Jan 9
17 Feb 80 Oct
*54
5778 *54
*55 58
58
58
*54
Preferred temp Ws_ _No par 5114June 13 7154 Jan 9
5634 *53
68 Mar 6914 June
1
4
3012 3012 .30
31
32
29/
1
4 304 3014 30/
*31
800 Nat Enam & StampLng
100 2314 Mar 26 3718 Apr 12
194 Apr 85% June
Preferred
100 901, Mar 28 9912May 15
694 Apr 917k July
*12014 122 '121 1141
*Harz 114'- 1201 1202 12013 111—
500 National Lead
100 116 June 19 186 Jan 31 695 May 20214 May
114414 148 *14414 146 '514414 146
•1444 146 /1444 145
Preferred A
100 139 Jan 3 14714May 18 11313 Jam 139;4 Dee
12012 12012
*120 12014 *12012
*1291:
•12012 _ _ _
200 Preferred B
100 11213 Mar 20 12114 Mar 80 10474 Jane 11514 DSO
3414 3412 3334 -34
344 3534 34/
1
4 33/
1
4 3434
1
4 35 54,300 National Pr di Lt Ws...No par 215* Jan 16 3818May 15
-/
1914 June 2614 SW
•1812 19
184 1812 1814 1814
*18
19
19
19
300 National Radiator_ _ _ No par 17 June 19 4018 Jan 9
383* Nov 394 Nov
515 80 •75 80 '
.115 80
75 80
*75
Preferred
No par 75 June 16 9818 Jan 17
80
96 Nov 98 OW
*91
92
90 9212 9114 9212
934 9312 9212 9212 3,300 National Supply
50 8414June 12 110 Apr 19
78 May 9718 Del
*304 308 303 308 30314 30314
309 31134 309/
1
4 315
100 2871:June 13 370 May 15 a213 July 373 Dee
160 National Surety
*246 250 240 24512 240 240
245/
1
4 245/
No par 160 Jan 17 27918May 8 108 Apr 180 Did
1
4 247 247
3,100 National Tea Co
22/
1
4 2274 224 2234 224 2234
23
2314 22/
1
4 2314 17.500 Nevada Consol Copper_No par 1714 Jan 18 2518May 16
12/4 JUDO 2018 Dec
4012 40/
1
4 4112 42
4212
434 4312 4314 434 2.200 N Y Air Brake
42
No par 40 June 19 5014 Feb 10 8941 60 JUDO
*5112 ti&
5274 52/
1
4 *514 5234
51
5112 511
100 48 June 13 6414 Jan 4
/
4 52
a. 6538 Noe
500 New York Dock
34
*8712 9
,
1 *8712 89 *8712 90
Preferred
•8712 90 *8712 90
100 87 Apr le 95 Jan 4
eb 934 Nov
72
100/
1
4 10014 101 1011
/
4 •100 102
102 102
10114 10234
350 N Y Steam pref (6)..... No par 9914 Jan 3 10512May 16
9318 Feb 1024 00/
*11214 113 '511214 113 •11214 113
•11214 113
10 1st preferred (7)_ No par 102 Jan 30 115 Apr 19 105 Jan 11412 Oct
10714 10714
Niagara Falls Power pf new..25 274 Apr 17 2912May 17
3754 Jan 395 May
685
, 6914 687k 105*
69* 70
564 Aug4:
70/
1
4 734 724 7314 22.300 North American Co
10 58% Jan 5 7814May 14
454 Jan 64
*54
55 *5312 544 5334 5334
Preferred
50
*5314 54
54
54
534 Jan 3 554May 16
400
50 Jan
*100 1004 10014 1011
/
4 101 10134
Oot
1011
/
4 1011
/
4 10114 1011s 1.000 No Amer Edison prat No pai 10014June 29 1057k Feb 7
9618 Jan 106
*504 514 *5012 5214 *5012 521,
10 Northwestern Telegraph_ _ _50 50 Jan 6 55 May 151 47114 Jan 511 Sept
*8013 5212 5014 504
4.3/
1
4 312
314 334 *315 314
5%Feb
iie
F
*34 312
14 June 13
213 Mar 15
314 34
500 Norwalk Tire & Rubber.- -.10
5 May 21
*1912 1112 •10
1112 •14)
11
*10
814 Deo
Nunnally Co (The)..._ _No par
*10
11
11
Mar
13 May 14
Jaw,
30
777,
•Bid and asked prices; no sales on this day. z Ex dividend. a Ex-righta.
New York Stock Record-Continued-Page 6
83
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,
June 30.
Monday,
July 2.
Tuesday,
July 3.
Wednesday, Thursday,
July 4.
July 5.
110 ifcr *HO- 112
18414 18634 17412 18412 175 1861
*5512 56
56
56
*5512 56
27
27
2612 27
27
27
90
90
*8012 90
91
91
*8
914 *714 91
*814 9
287 291
30
3032 2834 30
*944 9512 95
95
*95
971
95
*90
9712 95
*95
97
2712 27% 27
27% 2678 277
*5112 5212 *5112 52
5212 53
•104 10612 •104 10612 *104 1061
11
1118 1034 1114 108 11
13114 13112 13058 13112 13012 131
444 4434 43
4518 43
46
*165 167
16112 165
16712 189
54% 5434 5424 5518 5518 56
42% 43
414 414 *4158 4'21
7658 765* 7634 781
*7712 78
278 27
273 2%
234 23
5734 57
*57
5734 *57
5734
5518 5514 54
55
54
5534
119 119
119 119
119 11918
14
14
14
1412
1312 14
10512 109% 10814 11078 10958 11384
11412 11412 11012 1144 111 11378
4912 4912 4912 50
*49
50
27
2672 2714 2658 274 27
2012 2053 2012
2012 2012 20
58% 58% 57% 5878 5712 5812
2412 23
24
244 24% 23
*10512 108 *10512 109 *10512 109
294 30
2958 3014
2934 30
104 105 *100 110
•105 111
1614 1514 165
*1512 16% *15
*45
46
4512 46
46
*45
4112 4034 4144 41
4173
*41
4.135 14212 *137 14212 *137 1424
*Ho' 115
4612 4712
47
4714 4658 48
3712 3712 *3612 3712
38
37
16
15% 1534 1514 16
16
*11514 117 *1154 11712 *11514 118
14%
1358 1352 1318 134 *13
88
88
8778 8778 *8534 88
36 36
36
3434 3572 35
*111 1111
28
277-2
27
28
*27
86
65% 65
65
6552 65
68
6812 68
68%
681
*68
115 115
11634 11634 •l1412 116
•10312 105 •105 1071 •105 10532
5714 57% 574 5712
57% 577
4314 4414 4338 4414
43% 44
3539 3414 3514
3434 354 34
4% 438 *44 4%
414 414
*1714 19
19
*1714
18
18
8673 8772 -8741 -9-61-2
524
*51
53
53
8758 911,
.5112 521s
PER SHARE
Range Since Jan. I.
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Prelim,
nar 1927
Loteeti
Highest
$ per share
DOT share
Per share $ per sheet
2014June 13 41 Jan 11
8114 Jan 3878 Dec
97 June 14 11012 Jan 11 1024 Mar 110 June
11 July 2 1514May 10
11 Mar 174 June
90 Jan 11 9932June 12
81
Jan 99': May
6812June 21 8812 Jan 7
5818 Feb 8258 Dee
18 May 9 2412 Jan 9
2378 Dec 35 Apr
75 May 9 102 Jan
10234 Nov 10812 June
14712 Feb 20 20912May 25 s103 Feb 15554 Oat
11914 Jan 24 12814May 31 108 Fe 1244 Aug
1012 Jan 18 2532June 1
714 Fe
124 June
8212 Jan 10 9772May 16
6112 Feb 91 Nov
81 June 19 91 Jan 6
524 Jan 99 Dee
73 Dec 854 Dec
7411 Jan 8 95% Apr 18
11454 Jan 3 117 Mar 16 107
Jan 120 Nov
31
Feb 50 Dee
4312 Feb 28 5354May 4
1 May
114 Jan 3
214 Apr 27
178 Jan
145 June 12 160 May 17 124 Mar 162 Dee
3358 Apr 62 Dee
5614 Feb 1
8412June 7
4012 Dec 6572 Jan
384 Feb 20 534 Apr 3
4014 Dec 6858 Jan
3734 Feb 20 5468 Apr 30
1614 Oct 374 Jan
18 June 12 2858 Apr 28
8 Apr 1878 Jan
1112 Feb 11 2154May 14
70 Feb 21 1064May 15
54 Sept 83 Nov
34 Mar 10 85 May 31
20 Jan 4658 Oct
954 Jan 3 1412 Jan 5
6 Jan 1012 Dee
2 Feb 8
912May 10
344 Dec 12 June
1812 Dee 4314 June
84 Feb 9 2312May 10
184 Aug 2778 Feb
2878 Jan 3 42 Apr 30
32 Jan
20 AD
1618 Jan 27 2578 Mu 18
1912 Sept 2778 May
2258 Jan 7 37 Apr 17
2112 Dec 3958 Jan
2212June 28 31 May 2
91 Sept 100 May
94 Jan 5 9658 Apr 25
Jan 16854 Nov
18912 Feb 2 126
15154 Jan
854 Jan 15312 Des
145 Mar 24 17454May 4
40 Jan 51 Dee
4512 Mar 15 4812May 7
52 Jan 3 57 Mar 29
60 Jan 5312 Eleia
374 June 6758 Mar
2732June 13 3954 Jan 3
374 Jun
47 Mar
27 Mar 13 38 Jan 12
18 Sett
6118 Jan
15 Mar 1 2512May 28
3514 Feb 20 4458 Apr 30
3614 Oc
6014 Feb
354 De
28 Jan 12 38 May 8
5278 Aug
Jan 1074 July
96 Jan 9 10314 Feb 14 103
1012 Feb 18 1838May 31
918 Oct 2358 Mar
397a Feb 16 6214 June 23
3754 Oct 10212 Jan
118 June
12Msr 8
4 Mar
54 Apr 27
1312 Mar 24 June
1614 Feb 20 3012 Apr 26
54 June
24 Mar
658 Apt 27
312 Feb 16
3254 Feb 18 4434May 14
30% Nov 8711 Aug
108 Jan 5 12018May 14 104 Aug 109
Oct
3618June 12 55 July 6
3254 Mar 7412 June
81 May 1 88 Jan 12
7088 Mar 98 Sent
8718 Mar 15 96 Feb 9
Jan
94 Dec 101
26 Feb 10 3678 Mar 20
301s Apr 55 June
74 June 13 82 Mar 13
74 Apr 8112 Dec
5334July 5 7972 Jan 6
65 Aug 9112 Jan
2338July 2 3612May 18
15 Aug 5278 Dee
92% Mar 12618 Dee
118 Feb 20 1364May 31
3612 Feb 7814 Dee
18 June 13 2678 Jan 3
764 Feb 9212 May
74 June 20 88 Jan 4
1634 Jan 3372 May
16 Feb 17 2858June 6
41 Feb 20 4958June 6
3672 Jan 50 Feb
6912 Jan 4 91 Feb 17
55 Feb 71 Sept
4112 Jan 9 6658May 7
32 Jan 4678 Sent
1034 Jan 6 115 May 4, 9812 Feb 105 Nov
118 Jan 21 12912May 31i 10812 Jan 12014 Nov
100 134 Jan 7 150 May 4 125
Jan 18514 Nov
400 8% preferred
147 147 •147 148
Jan 11012 Dec
700 Pub Serv Elec & Gas pfd _100 10714June 4 11012 Apr 25 102
10734 108 *108 10835
734 Aug. 8454 Dee
No par 794 Feb 21 94 May 15
833
84
5,500 Pullman Co new
83
83
27 Oct 4678 Jan
50 2412June 26 347s Jan 3
2434 25
1,700 Punta Alegre Sugar
25
26
25 19 Feb 1 2718 Jan 6
25 Oct 3312 Mar
3234 227
2234 2314 7,300 Pure 011 (The)
200 8% preferred
100 108 Mar 15 119 June 6 Moe Jan 11512 Dee
113 113 *11312 115
75 June 15 3972May 7
794 801
8012 81
3,600 Purity Bakeries new
No par 9614 Jan 8 171 Apt 12
413g Jan 587k Nov
Class B
108 June 12 11512May 11
ifis 110 110
300 Preferred new
411; Apr 161-- Nov
18318 19112 18312 189 269,600 Radio Corp of Amer__ _No par 8514 Feb 20. 224 June 2
49 May 57
Apr
50 5411 Jan 4 60 May 16
*5512 56
800 Preferred
56
56
10 244 Jan 17 3014 Jan 26
2012 Nov 49 Mar
27
27% 2712 2814 2,900 Real Silk Hosiery
*89
80 June 99 Dec
92
90
90
160 Preferred
100 84 Feb 7 9412 Feb 21
No par
512 Feb 23 13 May 15
9 June
Reis (Robt) & Co
532 July
*814 9% .872 934
2012 Nov 4714 Dec
2912 304 2912 30
12,400 Remington-Rand
No par 234 Jan 20 3612May 31
8712 Nov 10212 Apr
974 9712 •95
100 93 Jan 16 98 June 2
300 First preferred
964
90
Oct 110 Apr
*95
100 93 Apr 19 100 Jan 24
99
*95
99
100 Second preferred
2734 2812 2734 28
10 2212 Jan 21 3334June 4
2512 Dec 2672 Dee
13,700 Reo Motor Car
Oct 7572 Mar
53
500 Republic Iron dr Steel... _ _100 4918June 19 6934 Feb 7
5314 5314 5234 52%
•104 10612 •105 10612
9652 Jan 106 May
Preferred
100 102 June 25 112 Feb 6
1118 1134 11% 1178 3.400 Reynolds Spring
4 Feb
Vo par
13 Dec
814 Feb 18 1478June 4
130 13078 12958 13012 17,100 Reynolds (RJ) Tob class B.25 128 Apr 24 1614Jan 3
984 Feb 162 Dec
45% 4718 48
2538 Dec 2858 Dec
46% 50,500 Richfield 011 of California_ _25 2318 Feb 17 53 May 15
170 175
167 16712 3,400 RossIa Insurance Co
25 145 June 13 233 May 4
74 Jan 194 Oat
5512 561s 5534 56
4414 July 544 Feb
8.300 Royal Dutch Co(NY shares)_
4468 Jan 20 5618 July
4212 424 4172 42
900 St Joseph Lead
38 May 4378 Mar
10 87 Mar 16 49 May 18
78
78
7712 77% 1,800 Savage Arms Corp
434 Oct 7212 Mar
100 6058 Jan 12 88 May 15
278 272
278 2% 1,800 Seneca Copper
354 Jan
418May 23
1 June
No par
2 Jan 18
5718 57% 5734 58
2,200 Shubert Theatre Corp_.No par 3454June 19 6954 Jan 9
55 Aug 7478 Nov
5512 5678 56
5612 10,400 Schulte Retail Stores
No par 4978 Feb 18 674 Apr 14
47 Jan 57 Sera
119 119
119 119
130 Preferred
100 11874June 28 129 Apt 11 11614 Jan 123 Aug
1434 15
13% 14% 3.900 Seagrave Corp
No par
854 Sept 154 Dec
10 Feb 18 1712June 18
113 11514 11212 11434 220.300 Sears, Roebuck & ConewNopar 8218 Jan 16 11514July 5
Jan 9112 Dec
51
114 115
114 11412 11,200 Shattuck (F G)
No par 8012 Feb 17 12934June 5
561s Jan 10112 OM
*4934 52
800 Shell Transport & Trading_g2 3958 Jan 24 51 June 27
4138 Oct 4772 Feb
27 17-1-4 2812 271s 9,300 Shell Union Oil
245± Oct 3154 Feb
No par 2314 Feb 8 31 Apr 30
2014 21
2014 21% 3,000 Simms Petroleum
144 July 2658 Dee
10 1818 Feb 20 26 Mar 30
5814 59% 59
635s 23,800 Simmons Co
No par 6534June 19 73 Apr 4
3312 Jan 644 Dee
2312 2414 2314 2452 69,200 Sinclair Cons 011 Corp_No par 174 Feb 20 3014 Apr 30
18 Oct 22118 Jan
*1054 109
10812 10812
300 Preferred
97 Jan 10412 Dee
100 10212 Jan 4 10912 Apr 26
29% 30
29% 3014 10.500 Skelly 011 Co
25 25 Fch 15 84 Apr 30
2418 Atm 874 Feb
•102 109 •103 109
200 Sloss-Sheffield Steel dr Iron 100 102 June 23 134 Feb 6 11014 Nov 13414 Apr
1614 1614
164 1612 2.500 Snider Packing
No par 1258 Jan 6 20 Apr 30
1158 June 1654 July
4518 4512 *4412' 4534
400 Preferred
No par 44 Jan 5 60 Jan 11
5214 July
44 Nov
4114 42% 42
42% 9,700 So Porto Rico Sug new _No par 324 Feb 18 4958May 24
3378 Aug 4253 May
137 137 •137 14212
10 Preferred
100 133 Feb 1 14018June 7 11812 Mar 137 Nov
47% 4814 4712 47% 7,200 Southern Calif Edison
25 4311 Jan 5 5414MaY 4
3168 Jan 45 Dec
3512 351
35
3514 1,300 Southern Dairies Cl A_ _No par 2412 Jan 2
6058May 21
15 May afk Jan
1512 16
1,700 Class B
16
16
No par
9 Jan 23 30 Apr 23
654 Oct20 Jan
•1154 11712 *11512 11712
Spalding Bros 1st pref. _ _ _100 109 Jan 7 120 Apr 3 103 Jan 11211 Nov
12% 13
220 Spear & Co
13
13
No par 12 Jan 16 20 Feb 29
854 May 16 Dee
*8534 88
20 Preferred
*8512 88
100 79 Feb 25 924 Feb 29
73 Feb88 Dec
36
3612 3512 35% 5.400 Spicer Mfg Co
No par 284 Jan 12 4214May 11
2012 Jan 2878 May
Preferred
100 110 Apr 11 11338June 1 104 Feb11112 Nov
;27300 Stand Comm Tobacco_No par 26 June 22 3712Mar 6
27
27
66
6812 66
6638 7,400 Standard Gan & El Co_No par 5778 Jan 1
7434May 8
54
Jan 66gJune
68
694 6812 69
3.400 Preferred
50 65 Jan 3 71I2May 16
5718 Jan 6612 Nov
11612 118
116 11712 1,100 Standard Milling
100 100 Jan 5 127 Apr 20
704 Jan 1044 Dee
10334 105 *105 10712
30 Preferred
100 1004 Jan •3 112 Apr 23
84
Jan 103 Dee
57% 5812 5834 5912 8.700 Standard 011 of Cal new No pa
53 Feb 20 637a Apr 30
5058 Apr 6054 Jan
444 44% 444 4434 47,000 Standard 011 of New Jersey_25 374 Feb 18 49 Apr 30
3518 Apr 4158 Feb
35
35% 34% 3512 61,300 Standard 011 of New York..25 2854 Feb 17 4112 Apr 30
2954 June 3418 Jan
44 4%
4
1,500 Stand Plate Glass Co_ _No pa
214 Jan 3
Me June
4
778 Feb 28
2 Mar
30 Preferred
100 10 Jan 18 40 Feb 23
10 Mar 1558 June
•1714 1814 1714 1712
No par 18414 Feb 28 150 Jan 26
Sterling Products
904 Jan 16312 Nov
9184 927 -9184 11,4 24,800 Stewart-Warn Sp Corp_No pa
7714 Feb 18 10112May 9
5414 Mar 8718 Nov
44 Jan 3 7454June 4
53% 53% 5312 5414
500 Stromberg Carburetor.No Pa
00 esP1
2618J
• Bid and asked prices: no sales on this day. z Ex-dividend. a Ex-rights.
STOCKS
NEW YORK STOCK
EXCHANGE
3 per share $ per share Shares Indus. & Miscel.(Con.) Par
25
234 2312 2312 24
2,200,011 Well Supply
100
*100 102 *100 102
501 Preferred
No par
1134 11%
1114 1158 1,400 Omnibus Corp
100
1 Preferred A
*944 98
*944 98
800'Oppenbelm Collins & CoNo par
70
7034 704 7012
1
Orpheum Circuit, Ine
*--__' 2612
100
•78% 9434 *7878 9434
500 Preferred
50
19012 19012 190 192
1.900 Otis Elevator
100
*12212 125 *12212 125
Preferred
No par
2234 23
2234 23
14,600 Otis Steel
100
9434 95
9434 95
800 Otis Steel prior Pref
Vo par
84
*81
*81
84
Outlet Co
25
79
7912 80
8018 1.100 Owens Bottle
100
Preferred
4734 4784 471, ;if% --2:100 Pacific Gas-Elee new
25
No par
1% 5,800 Pacific Oil
114
114
114
14514 14712 *14712 154
100
30 Pacific Telep dr Teleg
754 7912 764 7814 90.700 Packard Motor Car
10
4012 43
41
42
4.900 Pan-Amer Petr & Trans--50
50
4212 4312 4218 4418 23,800 Class B
21
2112 20
2072 5,900 Pan-Am West Petrol B_No par
15
15
1552 16
3,000 Panhandle Prod & ref_ _No par
100
*90 100
*95 104
Preferred
7312 74
734 7312 2.300 Park & Tilford tetn etfs_No par
1
1214 11% 1214 9.500 Park Utah C M
12
44 478 9,100 Pathe Exchange
No par
5
514
1712 18
1712 1712 2,400 Pathe Exchange A new_No par
3034 31% 16,900 Patine Mines dr Enterpr__ -20
3018 311
50
*1672 17
1714 17% 2,400 Peeless Motor Car
No par
31
317
31
3158 5,100 Penick & Ford
2312 2312 1,400 Penn-Dixie Cement_._ _No par
2312 231
100
95
95
200 Preferred
*9412 95
*181 183 *179 180
1,800 People's G L & C (Chic). _100
*155 165 *155 165
300 Philadelphia Co (Pittsb)_ _50
50
*47
*47
48
48
5% Preferred
50
*5212 5234 5234 5234
arr
d C & I.__No pa
2934 3078 2934 3034 13.4
900
00 Ph11a
13%&Rf
preeeed
Certificates of Int_ _..No par
1878 19
1918 1912 4,100 Philip Morris & Co., Ltd_..10
3758 3814 3758 3834 10,600 Phillips Petroleum
No par
5
28
28
*27
100 Phoenix Hosiery
28
*9912 100
10 Preferred
100
99% 99%
1338 1334
1234 13% 9,600 Pierce-Arrow Mot Car_No par
5834 59% 5712 58
2,800 Preferred
100
25
238
278 7,600 Pierce Oil Corporation
238 258
*1712 21
*19
21
100
Preferred
3% 4
3% 458 6.800 Pierce Petrol'm tam etts No par
3852 39% 39
391s 4,500 Pillsbury Flour Mills_.No par
*114 1154 •114 11518
200 Preferred
100
4612 50% 4934 55
28,300 Pittsburgh Coal of Pa
100
8712 8758 87% 88
1,400 Preferred
100
88
88
*83
87
200 Pittsburgh Steel pref
100
3212 34
33
3414 2,500 Pitts Terminal Coal
100
'
---- 76 *____ 76
40 Preferred
100
Stock
58
600 Porto Rican-Am Tob cl A_100
5334 5334 *54
23% 24
2312 241
1,000 Class B
No par
No par
Exchange 128 13258 130% 1317 31,000 Postum Co, Inc
2212 2212 2178 223
2.600 Pressed Steel Car new_No par
100
Closed- *75
100 Preferred
80
•75
80
25
2632 2512 26% 12,700 Producers & Refiners Corp_50
50
20 Preferred
Indepen45
*44
45
45
10 Pro-phy-lac-tic Brush __No par
*6912 75
7412 741
dence Day
57
51,100 Pub Ser Corp of NJ newNo par
5634 5714 056
100
500 6% preferred
*108 109 b108 108
100
Holiday. *126 128 *126 128%
100 7% preferred
$ Per share $ per share $ per share $ per share
2314
22
22% 23
22
22
102 102
s1027 10334 103 103
*1112 1124 11
1112 1158 1158
*9412 98
*9412 98
*9412 98
694 6912 7012
*6914 6912 *69
*1812
•18
Wig
80
*7818 9434 80
190 190
194 194
188% 193
•124 125 *12212 124 *12212 12512
2218 2278
23
22
2234 23
95
*94
95
*94
*94
95
85
*81
85
'81
85 •81
78
78
7912 *79
7934
78
•115 117
474 4712 -,05.8 ;4- 4714 471,
1%
114
114
114 1% , 14
147 147
*146 154 *147 154
74% 7312 76
74
74
7634
42
41
4214 4214 *41
4234
4218 43
43
4218 4358
43
1914 1914 1918 20
*1918 20
*1514 1534 1514 1512 1514 1534
*90 103
*90 103
*90 103
74
72
73
74
73
72
1112 1134 1158 11% 1112 12
518 54 *54 54
5
512
*1712 1834 18
18
18
181
29% 30% 294 301
2918 29%
*1714 1712 1678 17
1658 17
31
31
294 30
2918 31
23
2312 2278 231
23
23
9412 941
*9312 95
*9312 95
176 180
17712 182 z179 179
162 162
160 160 •160 185
*47
48
*47
*47
48
48
*5212 52% 5234 523 *5258 523
2958 29% 29% 291
2914 3038
1812 187,
1812 11- z1858 191
371
37
373
374 3712 37
*27
28
*2714 28
•27
28
*9912 101
*9912 100
*9912 100
1318 14
1318 131
134 137
5634 591
5834 5934 5658 59
214 258
214 212
214 212
*1834 21
*18
21
*1812 20
37
37
4
4
3%
4
40
3912 40
39
3834 394
114 115 s114 11518
*115 117
4514 4512 4412 4412 45
468
85
*8312 85
85
8514 8712
*88
8812 *88
89
*88
8834
31
31
*3012 32
317 32
74
74
74
74 *____ 74
*54
58
*54
58
54
54
*24
25
2358 2378 2334 2334
12712 128
12612 1285* 127 128
22
22
2114 22
2253 2212
*77
79
*75
80
78
78
247 2558 238 2478 2414 255*
*4512 4812 *4512 4812 *44
45
*71
75
*6912 75
*6912 75
553 5614 5418 5612 5553 567
*10814 11014 10814 10814 108 10814
•126 1294 *126 12912 12734 12734
•147 148
147 147 '
514518 147
•10758 1073 10758 1078 *107 1078
*83
831
8214 8314 824 831
*25
27
2614 263 *26
261
2234 227
2218 2284 221g 2234
113 113
113 113
113 1134
7612 771
77
79%
7712 78
Friday.
July 6.
Sales
for
the
Week.
b Ex-dividend and ex-tights.
New York Stock Record-Continued-Page 1
84
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,
June 30.
Monday,
Judy 2.
Tuesday,
July 3.
Wednesday, Thursday,
July 4.
July 5.
$ Der Share $ per share $ per share $ per share
67
6712 6812 665 677
683
*127 1271 *127 12712 *127 12712
*312 4
312 312 *358 4
4218 428
*4234 44
428 43%
10514 10514
•10512 107 *10512 107
67
7
65
718
684 7
181 1812 *1814 1812
•1812 20
16
16
15
1584 1514 1512
*518 512 *518 512
512 518
*13
*13
14
1312 137 1378
1734 1734 *1712 1734 •1714 1734
1418 14
14
1418 14/
1
4 14
5912 5978 5812 5984 584 60%
664 674 6514 6712 651g 667
137 1378
1334 1414 1312 14
231 2314 2178 2314 2228 2328
30
30% 29
*3014 3212 29
51
*50
51
*50
5058 *50
363* 3612 363* 36's 3612 3612
*61
62
*62
627g *6078 62
1628 1628 1612 1628 1628 167
*85
86
*85
86
*85
86
*23
24
*2212 24
24
24
*88
90
*88
91
*88
90
12018 12114
11778 121
120 121
103 10318 10214 10334
104 104
*114 11812 *113 118 *11514 119
734 8
784 8
78 8
49 49
4828 4912 4912 50
68
6712 6712 6612 6612 *67
*122 125 *122 125 *122 125
40 4212
3712 4112 3934 44
14614 1483* 146 14712 146 148
487 4914 4912 5012 4928 5012
115 115 *11334 122
*1151 122
383 383*
*3812 3878 3834 387
*114 118 *114 118 *114 123
2612 2578 2612 2614 2638
26
108 108 *10774 108 *10738 109
__-- ---- ____
;iii- 41-4 =ii- -4- iii: -4135 135% 135 13734
136 136
*65
6612 *65
6612 *66
613%
*6612 9634 9628 9684 *9612 9634
18
18
18
18
18
18
*90
99
99
*94
9612 .90
24512 24512 *240 248 *240 244
0124 131 *124 128 .124 128
1618 16% 1512 1612 157 16
*7814 82
*79
82
*7812 80
51
*50
5112 5134 517e *46
1
4 10812 10934 1091 11334
11012 111/
*1201 123 *12014 122 *12014 122
43%
4312 4312 4112 4312 41
60% 6012 6114 6188
*6084 62
010212 105 *102 105 *104 105
8114 8084 8184 8158 8234
81
271 30% 2712 283* 2784 3014
573* 5618 59
1
4 55
5614 59/
47
4834
4812 4812 4758 48
*53
5412 *53
5312 5312
54
13578 140
13684 13734 135% 137
141 141
14112 14112 141 141
*8414 8918 *8414 89% *8512 8918
130 130 *13() 1332 *130 13334
.
1 144 15834 *144 159 *144 159
38
3612 3734 37
3778 38
7012 7334 70
74
7212 73
*18
19
*18
19
19
*18
584 58/
5834 *52
1
4 *57
5834
7014 69
6912
6812 6978 69
851 8978
8818 8912 2851s 88
,175 200 *172 200 *178 200
010484 108% *103 107 *10.5 10512
1358 133* 131 138 *1312 14
*49
497
50
497 4978 50
9338 94
93
93
94
*93
*30
52
*30
52
55
*30
*53
59
*53
59
59
*53
147
1334 1328 137 1434 14
85
85% *80
*8012 8712 *80
30
30
3238 261s 32
24
*78
89
*78
8914
89
•78
*2018 23
25
2212 2512 *23
2084 2114
21
2114 21
*21
*1512 1612 1512 15% *1512 1613
97
97
97
*96
97
*96
183 1988 1813 19
19
19
*8912 91
90
90
91
'
090
3618 3612 355 3614 3528 393*
3638 3612 353 3612 351 3638
158 16114
15618 160
'160 165
50
*55
58
59
5014 *53
*16
1612
16
1512 1512 16
*611
/
4 63
•61% 64
0614 63
•
.10013 10212 *10012 10212 *10012 10212
14612 14612
14478 14734 *145 148
43% 4434
4414 4412 4312 447
9212 9534
95
9434 92
93
*98 10212 *98 10212
*98 103
25
2212 2378 22
23
23
*3258 34
*32% 34
•32% 34
104 104% *104 105
104 109
•109% 110
10814 10978 110 110
102 102% 10212 10212 101 10284
116 116
11612 11612 116 116
106 106 *10434 110
10434 106
61
*59
61
*59
61
*59
3112
30
31
3012 313* 29
23
23
1
4 23
2184 22/
1
4 22/
3814
37
3878 37% 3878 36%
*378 39
38
*373 38
38
37
3878
3612 37
3678 37
52% *52% 5212
*541 5412 *52
2112 2238
2112 22
213* 22
*9712 9914 *971 9914 983* 98%
1314 1312 131 13% 1278 13
*2734 2814 2614 2712 27
274
6714 673* 66/
1
4 66/
1
4 6628 6712
182 1823* 180 18112 18158 182%
*311 32
31
3112 3034 31
*49
5212 *51
5212 *49
5212
*41
45
*41
45
*44
45
138 14534 13912 14512
14214 146
70
70
*69
70
70
70
7012 7012 *6914 72
*6914 70
1
4 3488 33% 34i8
343* 33/
34
*92
9212 *92
*92
93
93
851 8512 8584 86
86
86
Stock
Exchange
ClosedIndependence Day
Holiday.
PridaY.
July 6.
$ par share $ per Share
6 6812 7014 6912 717
127 127 *127 12712
312 312 *33* 4
43
437
4258 425
*105 107 *105 107
7
814
6% 714
1884 1834 *1812 20
1518 154
158 157
518 51
*518 512
13
13
14
14
1758 1728 1734 174
1384 14
14
14
6014 6138 6034 62
6914 7118
66% 713
14
1428 137 14
2314 2412 233* 25
3012
3014 3014 30
50
50
.50
51
37
367 3712 37
Salts
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Shares Indus.& Miscel.(Con.) Par
84,100 Studeb'rCorp(The) new No par
100
10 Preferred
No par
500 Submarine Boat
No par
1,600 Sun 011
100
100 Preferred
Na.par
72,200 Superior 011
100
200 Superior Steel
50
1,100 Sweets Co of America
300 Symington temp ctfs-- No par
300 Class A temp etfs__ _No par
500 Telautograph Corp---_No par
2.800 Tenn Corp & C
No par
25
38.800 Texas Corporation
84,700 Texas Gulf Sulphur new No par
4,100 Texas Pacific Coal & Oil__ _ _10
42,360 Texas Par Land Trust new_ _1
No par
7,300 Thatcher Mfg
No par
100 Preferred
No par
1,900 The Fair
25
300 Thompson (.7 11) Co
15,000 Tidewater Assoc 011_ _.No par
100
300 Preferred
100
100 Tide Water 011
Preferred
100
4,600 Timken Roller Bearing.No par
100
7.600 Tobacco Products Corp
100
300 Class A
30.200 Transcli 011 temetfnewNo par
700 Transue & Williams St'l No par
1,800 Under,Elliett Fisher Co.No par
Preferred
100
10,000 Union Bag de Paper Corp_ _100
33,200 Union Carbide & Carb-No par
25
13.800 Union 011 California
200 Union Tank Car new____100
No par
1,400 United Biscuit
100
Preferred
3,200 United Cigar Stores new__ _ _10
100
300 Preferred
100
United Drug
50
1st Preferred
100
40 United Dyewood pre!
62
6212 *6112 6212
1678 1714
1628 17
8534
*85
86
86
*23
24
*23
24
*88
90
*83
90
12128 1227 121% 12214
103 105
10328 106
116/2 11612 116 11612
8
814
818 8,4
*4712 50
*48
50
6814
6812 67
68
*122 125 n22 125
41
4138 4138 .39
15014 15234
14812 153
50
51% 504 5314
118 118
*11334 122
3834 384 3834 3884
*114 123 *114 123
261 263* 2634 261/
108 108
10814 10814
____ ____ ____ ____
_
-44 -44 iii- 148-4
No par
*135 1351 1351 135% 1.600 United Fruit
500 Universal Leaf Tobacco No par
6612
6518 66 I 66
50 Universal Pictures 1st pfd_100
9628 9658 963* 9658
9.400 Universal Pipe & Rad No par
18
183* 1814 202
100 Preferred
*90
99 I 100 100
1001
100 US Cast Iron Pipe dt Fdy-100
*235 245 *235 245
Preferred
*124 131 *124 135
1001
1.500 US Distill/ Corp new_ _No pal
15
151
•1513 16
Preferred
100
*79
82
*79
82
51
51
1,000 US Hoff Mach Corp vtcNo par
51331 51
112 11312 110 111% 14,300 US Industrial Alcohol__ _ _100
*12014 122 *12014 122
Preferred
1001
No par
43
4438 4314 4314 9.900 U S Leather
-No par
6212 64 I 6114 62
2,800 Class A
Prior preferred
*10112 105 *10112 105
1001
8158 Sllgj 8158 8214 2,500USRealty&Imptnew.NoparI
29
1001
29841 2878 30% 57,600 United States Rubber
5678 593 15,700 1st preferred__1001
563* 58
4,500 US Smelting, Ref & Mtn_50I
348
48
4834 47
200 Preferred
501
x5378 53sl 531Ss 537
1383* 141 J 1281
.13912 156,800 United States Steel Corp new_i
14112 142 *141 14184 1,300 Preferred
No porl
US Tobacco*8612 8918 .8612 8918
100
20 Preferred
*130 13334 13334 13334
11
10 Utah Copper
159 159 *144 159
9,400 Utilities Pow & Lt A__No par
39
3814 3814 38
733 7712 743 7634 25,800 Vanadium Corp__ __ __No par
No par
*18
19
•18
19
Van Raalte
100
*57
50 1st preferred
5834 *57
58%
No par
7034 7128 70
4.900 Vick Chemical
70
8818 9234 8914 9128 53,600 Victor Talk Machine_ No par
No par
6% preferred
*180 200 *180 200
100
700 7% prior preferred
10512 10512 10512 10512
No par
14
1412 1414 1414 1.900 Virg-Caro Chem
100
50
1,000 6% preferred
498 5012 50
100
*9418 9484
9434 95
500 7% preferred
*30
50
*30
55
Virginia Iron Coal & Coke_100
100
*53
59
.53
59
Preferred
No par
148 1633 161 17% 21,000 Vivaudou(V)
100
85
85
8518 85
300 Preferred
30
30
100
2934 2978
750 Vulcan Detinning
100
7914
Preferred
8914 *78
*78
100
*2018 23
40 Class A
*2018 23
NO par
203* 2118 2114 2114 1,800 Waldorf System
No par
*1512 1612 *1512 161
100 Walworth Co ctfs
96
96
96
96
80 Ward Baking Class A__No par
No par
19
1.340 Class B
19
193* 19
No par
9014 9014
*9014 91
600 Preferred (100)
3814 4033 391 412 34,100 Warner Bros Pictures A ___ _10
No par
14,700 Warner Quinlan
3712 39
3612 377
No par
163 165
162 165
2.000 Warren Bros._
50
20 1st preferred
*50
55
*50
55
1612 1612 1612 1728 1,600 Warren Fdry & Pipe__ _No par
*6114 63
Weber & Hellbr, new c_No par
*6114 63
100
*10072 10212 *10012 1022
Preferred
14512 14612 145 146
2.300 Western Union Telegram...100
45
45
4478 457
4.200 Wstnghse Air Brake newNo par
95
9612 9414 957 35.200 Westinghouse Elec & Mfg50
50
*98 104
*98 104
1st preferred
2378 2512 237 247 12,400 Weston Elec Instruml_No par
No par
34
3314 3358 *33
400 Class A
•104 10734 *104 10712
60 West Penn Eleo el A vtf No par
100
10934 10934 11012 11234
300 Preferred
100
*101 10112 10112 101%
520 Preferred (6)
100
116 116
*115 118
70 West Penn Power pref
100
2104 107 *106 110
40 6% preferred
100 West Dairy Prod cl A__No par
61
*60
No par
32
3212 3018 32
2,100 Class B
23
*2278 23
3,200 White Eagle O11& Refg_No par
23
3
No par
38
4012 39
4012 28.800 White Motor
50
3878 3878 *3812 3912
200 White Rock Min Sp elf
38% 41
3914 4014 11,400 White Sewing Machine.No par
5218 5218 5212 5212
200 White Sewing Mach M-No par
5
22
2278 223s 2288 26,600 Willys-Overland (The)
100
*97
9812 9812 9914
700 Preferred
13
1312 1312 13
4,900 Wilson & Co Inc, new_No par
No par
28
2834 283* 2888 1,800 Class A
100
67
6714 67
6712 1,300 Preferred
25
18212 1838 18112 18328 7,400 Woolworth (F W) Co
100
34
35
31
35
400 Worthington P de M
100
5213 5212 .50% 583
100 Preferred A
100
Preferred 13
*43
47
47
*45
14612 16012 157 16412 59,800 Wright Aeronautical.._No par
NO par
*70
71
700 Wrigley(Wm Jr)
70
71
25
70
70 ' 200 Yale & Towne
*69% 70
3378 345 16,200 Yellow Truck & Coach C113_10
333* 35
Preferred
100
*92
93
93
*92
900 Youngstown Sheet 4c T _No par
863* 863*
86
86
•Bid and asked prices; no sales on this day. z Ex-dlvldend. a Ex-rights, • No par value.
PER SHARE
Range Since Jan. 1.
allbasia of 100-sharelots
Lowell
HOMO
PER SHARE
Range for Prudes'
Year 1927
Lowest
Illekeel
8 per share 8 per shore 8 per hers
$ per share
49 June 6312 Sent
57 Jan 10 8238May 25
12112 Feb 25 127 June 19 118 Feb 12512 Nov
212 Feb
81s May
614 Mar 21
8 Feb 14
1
4 Jan
30 Mar 34/
8113 Jan 9 49 May 7
99 Aug 101% Des
100 Jan 6 10912 Apr 26
64 Feb
318 Dec
912May 16
21 Feb 17
Oct 28 May
18
18 Jan 18 2378 Feb 6
7 Apr 14 Dee
1152 Feb 8 1812 Apr 26
Jan
6
218 Sept
7 May 8
413 Jan 6
6 Oct 1534 Nov
1212June 27 192 Apr 27
1112 Mar 1714 Nov
1514 Jan 28 2238May 17
81 JUDO 1314 Jan
10/
1
4 Jan 18 1638May 28
Jan
45 Apr 58
50 Feb 17 6688May 21
49 Jan 8188 Sept
6218June 12 803* Jan 4
12 Apr 1878 June
1712 Apr 30
121s Mar 1
1512 Jan 40 June
20 June 13 3084 Apr 27
1612 Aug 2312 5er6
22 Jan 5 3912May 8
43 Aug 5012 Nov
47 Apr 13 5358June 1
2414 Jan 86 Aug
34 Jan 3 433sMay 16
47 Jan 65% Des
5614June 13 71841u0e 4
1588 Oct 1918 JIM
142. Feb 20 208 Apr 30
85 Oct 9028 JUDO
817 Mar 15 90 May 2
19 July 2918 Jan
1958Mar 7 2718May 15
9018 Sept
85 Nov
87 Jan 4 9412May 4
78 Jan 14212 Aug
11258Mar 3 134 Jan 4
9224 Oct 117% Deo
9712June 19 11818 Apr 16
113 Feb 7 128 Feb 14 108 Apr 1237 Dec
334 Apr 1638 Nov
684June 13 1018 Jan 12
10 May 50 Des
4524 Jan 3 5912 Feb 7
45 Jan 70 Dee
63 June 13 7588May 16
119 Mar 1 126 Apr 1.1 120 Jan 125 Dee
3812 Jan 7314 June
36/
1
4 Feb 20 4984 Feb 1
9918 Jan 1543* Nov
1
4 Apr 12
13613 Feb18 162/
391 June 664 Jan
4234 Feb 11 57 Apr 16
94 Jan 127% Dec
115 July 2 12818May 8
3918 Dec 4014 Dee
3412 Apr 30 4214 Jan 26
11214 Mar 22 118 Jan23-25 June 13 3428 Feb 10 -3-2-88 -Dec 1818 July
10612 Feb 18 1141 Apr 5 104 July 109 June
Jan 20018 Nov
190 Jan 5 210 Mar 17 159
5812 Jan 61 Dee
59 Feb 28 6012 Jan 4
Jan
3614 July 69
4524 Jan 20 6712 Mar 12
13112June 12
60%June 13
9318May 7
1558June 12
88 Jan 5
19018 Feb 27
115 Mar 10
1312June 22
79 Apr 5
4818June 18
102%June 19
119 Jan 13
22 Jan 18
52 Jan 5
10414Jtme 23
/
4 Feb 4
611
27 June27
July 2
3912 Feb 20
51 Jan26
1328/June 25
13858 Jan 5
86 Jane 18
1274 Jan 14
139 Jan 17
2812 Feb 20
60 Jan 18
75 Jan 7
4373 Jan 6
58 Jan 17
5258 Jan 3
10834 Jan 3
10112 Jan 8
12 June 12
4423 Jan 18
8812 Jan 16
317 Apr 25
55 June 13
1134June 26
78 June 22
2212June 13
74 June 21
1912June 29
1912 Jan 3
15 June 12
93 June 14
17 June 19
8912June 22
22 Jan 5
26 Feb 17
140 June 20
50 Jan 6
13 June 12
5918June 12
9912June 19
143 June 12
4215June 4
8818 Jan 5
9524 Jan 5
1212 Jan 6
3024 Jan 3
103 June 22
108 June 13
100 June 18
114 Apr 9
103 June28
5312 Jan 6
2038 Jan 5
20% Feb 21
3014 Feb21
344 Jan 19
3314June 13
52 June 13
1784 Jan 16
9284 Jan 3
1112 Jan 3
22 Jan 3
66 Jan 3
17512 Feb 20
28 Jan 5
464 Jan 19
41 Jan 4
69 Feb 27
69 June 13
6813Mar 26
2758 Feb28
874 Jan 9
4312June 19
11312 Jan
60% Nov
9684 Dec
241s Sept
8134 Jan
19012 Aug
112 Mar
1414 May
81 May
44
Oct
69 Mar
10714 Apr
14 July
2728 June
89 July
54 Apr
3714 June
8534 June
3388 Jan
453* Jan
111% Jan
129
Jan
07
Jan
123 Jan
111 Feb
Jan
27
Jan
37
5% Sept
4214 Deo
Jan
48
32 July
Oct
87
964 Oct
71 May
2618 Apr
73 June
36 Deo
6212 Dec
2014 Dee
95 Dec
1613 Jan
90 Jan
16
Jan
1814 Dec
17 Dee
89% Apr
150 Se°
7411 Dee
1033* Apr
374 Mar
98 Dee
246 May
125 Nov
2284 July
9614 Sept
6335 Ma7
11112 Deo
121 Dee
251
:Nov
56% Dce
10612 Nov
6978 Dee
6718 Feb
11188 Apr
483* Dec
54 Dee
16013 Bern
1
4 Dec
141/
97% Dec
127 Nov
162 Dee
34 May
671 Dee
1424 Feb
04 Feb
635 June
548 Dee
111% Dec
10218 Dec
15% Sept
482 Dee
91 Nov
Jan
51
7612 Aug
39/
1
4 June
1181 June
80 Aug
125 Aug
5984 Aug
25 Feb
2412 Apr
1188 Oct
17% June
2928 Jan 13
971 Jan 19
84 Apr
1814 Dec
435iJune 4
24 June
4188June 7
65 Jan
192% Apr 11
43 Aug
81 Apr 16
18
251 Apr 14
Oct
6514 Dec
7012May 8
103 Jan 3 101% Nov
17712 Jan 3 14412 Jan
40
Oct
57% Jan 27
672 Jan
112 Mar 31
82 Mar
110 Mar 31
2812June 7
U Sept
30 July
4012May 22
112 Apr 9
9774 Jan
Jan
1
4 Apr 9 102
115/
10412 Apr 10 101 Dee
Jan
118 June 27 111
113 Jan 5 100% Jan
53% Dec
78 Apr 11
2414 Dec
49 Apr 12
20 Dec
2688May 1
3014 Nov
4384June 1
Jan
26
4458May 11
21% Mar
45 Mar 7
46 Feb
5514June 6
13% Oct
2858 Apr 9
87 June
10112May 25
10 May
16 Feb 14
16% May
35 May 15
Apr
58
7734 Feb 11
19634May 9 11734 Jan
2012 Jan
3788May 25
44 Dec
58% Apr 28
Oct
37
51 Apr 26
242 Apr
245 May 16
50% Jan
7912Mar 22
7014 Jan
844 Apr 25
Jan
25
40 May 8
8318 A161
96 Apr 20
8014 Oct
1064 Jan 20
33% Feb
100/
1
4 Noy
6513 Jan
3412 Dec
180 Nov
71 Dee
27 June
754 Aug
1033* Aug
176 Dee
50% Sept
9424 Dee
10372 Dec
183* Feb
345 Apr
111 Aug
112 Sept
101% Dec
118 May
111 Deo
57 Nov
28% Nov
27% Feb
14614May 7
8512 Apr 5
100 Feb 24
28 Apr 13
102 Jan 12
300 Apr 9
137 Mar 19
2014 Jan 4
903* Jan 16
583 Jan 23
12214 Mar 19
12214May 28
51 May 7
72 Apr 25
10912May 14
9358May 4
6314 Jan 4
10928 Jan 13
52 June 4
5514May 2
154 Apr 12
147/
1
4 Apr 26
105 Apr 16
139 June 7
160 May 15
455May 31
96 Mar 15
1984June 23
60 June 25
74 May 14
10434May 8
20212May 7
11112Mar 28
16% Feb 10
53 May 21
97 Apr 27
50 May 22
62% Jan 13
253 Jan 4
100 Jan 28
43% Jan 11
97 Jan 12
38 Jan 11
27 Apr 9
19 May 16
123 Feb 1
5823 Feb
4112 Sept
1
4 Aug
53/
Jan
59
2424 Mar
96 AuR
17% Feb
3278 Feb
8424 Feb
19812 Dee
48 June
6112 June
5412 June
9454 Des
7234 DOD
844 Aug
40 Aug
99% July
100% Deo
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
85
Jan. 1 1909 the Exchange method of quoting bonds was changed and prices are now "and interen"—except for income and defaulted bonds
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 6.
.
§
.2
._
4.1:
4,,
—
Price
Friday.
July 6.
Bid
Ask
U. S. Government.
F4r8t Liberty Loan
. 334% of 1932-1947
.1 D 1004,1 Sale
J D 100,22101 4,2
I, Cony 4% of 1932-47
Cony 411% of 1932-47
J D 101",, Sale
2d cony 434% of 1932-47
J 13 10020,, -Third Liberty Loan434% 01 1928
M S 10014,, Sale
Fourth Liberty Loan43£% of 1933-1938
A 0 101.43, Sale
1947-1952 A 0 1131144 Sale
Treasury 43(8
1944-1954 j D 10847,, Sale
Treasury 43
1946-1956 al s 105,1
/
42 Sale
Treasury 33(8
1943-1947 j o 10014,2 Sale
Treasury 3348
Week's
Range or
LOS Sale.
"
VI,.
11
in m
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 6.
I
b
Price
Friday.
July 6.
Week's
Range or
Last Sale.
Roses
Since
Jas. 1.
High
Iltob No. Low
Bid
Ask LOW
High
Low
High No. Lose
10912 17 108 112
Czechoslovakia(Rep of)8s__1951 A 0 10834 10912 109
11 108 112
1952 A 0 10834 10912 10834 109
10012, 1004,, 170 1001,, 101",,
Sinking fund 8s ser B
6 110/
1
4 11218
11114
1004nrne'28 - --- 100.21 10115,2 Danish Cons Municip 8s A.._1948 F A 111 Sale 111
11112 24 110 11134
1946 F A 111 Sale 111
1017,, 101.23, 104 1011,1 10314,2
Series B s f 8s
1942 J .7 1043, Sale 10378 10478 26 103 10638
Denmark 20-year extl 6s
1024,2 Apr'28
26
98
97
99
Deutsche Bk Am part ctf 68_1932 M 5 98 Sale 9718
9912 10
97 10072
1004s2 100242, 892 100 100:41, Dominican Rep Cust Ad 534s '42 81 13 9912 9912 99
96 10032
1
9812
9912 9812
1940 A 0 97
1st ser 5%s of 1926
9634 99
98 June'28 --__
97
101.08, 10212, 714 1011.32104
2d series sink fund 53,3s_ _ _1940 A 0 96
10134 13 100 102s
11314,2 11410,2 817 113132 1164,2 Dresden (City) external 7s 1945 M N 10134 Sale 101
11 103 10538
10814,2 1094,2 814 198423 1114,2, Dutch East Indies extl 68.....1947 3 3 104 Sale 10338 104
196281 El 10312 Sale 10312 10334 21 103 30512
105,
12 10611,, 1910 1054,, 10814,1
40-year external 6s
4 10134 10414
1953 M S 10112 10212 10134 10134
100142, 101.1,2 786 1001,221031on
30
-year external 534s
3 10114 10412
10112
30-year external 5338
1953 M N 10112 Sale 10114
El Salvador (Repub) 81_1O48.7 J 111 11112 111 June'28 ---- 10712 114
9938 10
9518 100/2
Finland (Republic) esti 6s,.1945 M S 98 Sale 98
10112 10
100 1O01 10014 1004
1950 M S 10112 Sale 100
1 100 19232
External sink fund 7s
99
84
1 1 0938
12
9912 20
1956 M S 9812 Sale 9838
1021
/
4 103 10234 June'28 ---- 10234 10511
External s f 6348
91
96
34
92
1958 F A 92 Sale 9112
1
4 103 June'28 103 105/
1
4
Extl sink fund 5348
1031
/
4 103/
98
9912 98
2
1034 104 105 Mar'28 ---- 105 105
Finnish Mun Loan 6348 A_1954 A 0 98
99 9812 June'28 ____
External 633s series 13
1954 A 0 98
10734 108% 10812 June'28 -- -- 10812 10984
13
8812 11199
1971 s
1
4 Sale 115
11553 76 199
10712 10838 109 May'28 _--- 108 11013 French Republic ext 7;38._ _1941 J D 115/
10
19903909
2,91 1
97314
8 100
;
:
5
58488 1
199030:051:1112
8:1
1949 .1 D 10734 Sale 10714 10
10714 10818 107 June'28 External 78 of 1924
107 10934
76 10478 10734
107 108 10738 June'28 ---- 10738 10934 German Republic ext'l 73_ _ _1949 A 0 107 Sale 10618 107
4 102 10414
9812 9938 9812 June'28 1954 M N 10234 Sale 10234 103
9812 10034 Gras (Municipality) 8.2
65 10378 106%
9914 991z 9934 June'28 _--9978 10184 Gt Brit A Irel (UK of) 5%8_1937 F A 105 Sale 10414 105
3 116a4 119
9914 9934 9914 June'28 1929 F A 11834 Sale 11834 11834
10-year cony 5%s
99/
1
4 10134
997 10154
9978
1
8818 25 c87 90551:
9914 9934 9978
4% fund loan £ op 1960_1999 M N 6758 Sale c875s
.
5 c9854 9938
9914
-- - - -- - 9934 May'28 ---9934 10038
5% War Loan g option'29 1947 J D 0914 Sale 299
3 10434 10914
10612 1073
- 8 10634 June'28 ---- 10612 108/
1
4 Greater Prague(City) 7138._1952 M N 10512 10612 10612 10612
9638 10034
9834 16
10612 10738 10614 June'28 ---- 10614 10834 Greek Government 31 sec 7s_1964 M N 9834 Sale 9738
8512 92
8612 85
9012 931s
2
9012 9112 9012
902
Sinking fund sec 63
1968 F A 8614 Sale 8512
9311
93
9012 9112 93 Mar'28 --__
99% 102
13
Haiti(Republic) s(63
1952 A 0 100 10014 10012 101
_
____ ____ 10514 Apr'2 —_- 10514 10514 Hamburg (State) 68
New York State Canal 4s.....1960
1946 A 0 9658 Sale 9658
105
Mar 1962 iiri s ____ ___ 10312 June'28 ---- 10312 10317 Heidelberg(Germany)ext 713650 J J 10412 105 105
43 Highway
9938 Sale 9918 100
Hungarian Munic Loan 7%s 19453
94
9712
9534 36
1
4
9514 Sale 95/
External s f 7s___Sept 1 1946 J
Foreign Govt. & Municipals.
991
/
4 19
0
90
1
4 100
961
:
4
Hungarian Lancital Inst 7338 '61 M N 97/
8
Hungary (Kingcl of)8 f 7;0_1944 F A 10134 10212 10112 10212
132
Agric Mtge Bank s f 6s
1947 F A 9014 Sale 90
95
9714
Irish Free State extls. s f.59_1960 MN 9612 Sale 09551122
9014
3
8934 95
Antioquia (Dept) Col 75 A 1945 2 .8 9712 Sale 96
24
16
7
9712 19
94/
1
4 1994 Italy (Kingdom of)ext'l 7s_1951 J D 9914 Sale
External s f 75 ser B
1945 j 3 96/
1
4 Sale 96/
1
4
97
38
9458 99
95/
1
4 9972
9914 37
Italian Cred Consortium 7s A1937 M B 9734 Sale 9738
External s f 78 series C
1945 3 j 97 Sale 96
97
18
94
983,
Exti sec s I 78 ser B
External s I 78 1st ser
1957 A 0 9612 Sale 96
9634 14
1 4
49
9
97
7111 84
9'
6
712 Sale 96
9
94
5/
1
4 1091
6132
4
9334 9971 Italian Public Utility ext 70_1
M
7 .1
19
95
42
26 series trust rats
1957 A 0 9638 Sale 96
9638 31
934 Ku, Ja3
941 125
9134 94:4
94 Sale 9212
p0anyese
earGE;Ovtta
l5 l
4s- —oan _1931 .1
Argentine Govt Pub Wks 68.1960 A 03 100 Sale 9912 100
99 10017
20
68 10014 10514
1954 F A 104 Sale 10238 104
(Govt
of)—.
Argentine Nation
2
99 10112
10012
Leipzig (Germany)s f 7s_ _1947 F A 10014 Sale 10014
Sink fund 6s of June 1926_1959 j D 10014 Sale 9912 10014 79
99 1003 Lower Austria (Prov) 734a_1950 .7 D 9858 9912 100 June'28 ---9812 102
Extl s 1 68 of Oct 1925
1959 A 0 10018 Sale 99/
1
4 100/
1
4 38
34
99 10031 Lyons (City of) 15-year 6s 1934 MN 100 Sale 99/
99 10111
1
4 100
1957 m s 10014 Sale 100
Sink fund 6s series A
10038 80
99 101i,
External 63 series B__Deo 1958 3 D 10012 Sale 9912 10012 21
47
9878 1011, Marseilles (City of) 15 yr 68_1934 M N 100 Sale 99/
99 101/
1
4 100
1
4
Extl s f 138 of May 1926
1960 m N 100 Sale 9912 100
3518 sale 35/
1
4
52
37
357
99 1003, Mexican Irrigat Aastng 4%8_ 1943 33/
1
4 3734
External a f 63(State Ry).1960 m s 9978 Sale 9912 100
111
9834 101
Mexico(US)extl 5s of 1899£'45 0.--i 5212 — __ 4934 Jan'2 ---491g 4013
Extl 68 Sanitary Works_1961 F A 9958 Sale 9913 100
73
99 thy,
6334
35
39/
1
4 4134 3978 June'28 ---_
Assenting 53 of 1899
1945 --__
Ext 63 pub wks(May '27).1961 pA N 9978 Sale 9913
9978 72
40 Sale 4012
99 101
30
27
401
4.353
Assenting 5s large
071,
Public Works esti 6348_1962 F A 96 sale 9512
95
32
96
13
273
Assenting 4s of 1904
2234 34/
2814 2934 2712
1
4
Argentine Treasury fo, £_ _1945 m s 9118 92
92
92
2
9114 9371
814
2
26
Assenting 48 of 1910 large
Australia 30-yr 5s--July 15'55j j 9778 Sale 9678
28
2212 3
327
1a
4
26
2
27
811
98
99
9558 99
Assenting 48 of 1910 small_ _ _ _ i_i
---- -2-74 gide5
401
External 58 of 1927--Sept 1957 M 5 981
/
4 Sale 9718
9818 70
4012 4434 4012
3712 MPS
Trees 6s of'13 assent (large)'33
9534 99
Extl g 4338 01 1928
1956 pA N 89 Sale 8878
42 May'2 -_
8912 322
88/
1
4 9231
Ms 4614
Small
Austrian (Govt.) 5 1 78
1943 j o 10258 10314 10234 103
44 10212 1043 Milan (City, Italy) ext'l 6348 '52 A 0 9358 Sale 9238
9353 306
13 102
9114 105
9652
Montevideo (City of) 7s____1952 1 D 103 Sale 10234 1037
9614 991
Bavaria (Free State) 8348_1945 F A 98 Sale 9712
17
08
Belgium 25-yr ext at 73(s 6_1945 j o 115 Sale 11412 115
43 114 116
18 10572 109
Netherlands(is (flat prIces)1972 PA 13 10634 108 10614 107
1017s 26 1003 101114
20-yr s f ils
1941 F A 11018 Sale 10934 11012 37 109 1113
30-year external 68
1954 A 0 10112 Sale 10118
25-year external 630— —1949 m s 10558 106 10518
106
57 10314 1091. New So Wales (State) ext 5s 1957 F A 9414 Sale 9418
93
96
9478 33
External a f 6s
1955 j j 100/
1
4 Sale 10018 10012 133
9413 36
93
96
98% 1011
Apr 1958 A 0 9414 Sale 94
External s f 53
External 30-year s I 78_ __..1955, o 109 Sale 10734 109
9 102 10312
81 10814 109
1043 F A 103 Sale 10258 103
Norway 20-year exti 6s
Stabilization loan 75
1956 m N 10612 Sale 10612 10673 94 10414 1081
66 102 104/
103
1944 F A 10212 Sale 102
20-year external 68
1
4
Bergen (Norway) a t 8s
1945 MN 11314 11334 11314
1952 A 0 10134 Sale 101:4 10212 52 10128 10314
11314
3 11234 1133
30 year external 6s
15-year sinking fund 65_1949 A 0 10012 10114 10014 10012 23
1
4 57
99/
1965 J D 10138 Sale 10034 101/
1
4 10238
40-year s f 534s
9813 102
Berlin (Germany) 63(8
1950 A 0 9912 Sale 9832
39
96
9912 36
94
98
97 100
External 8 f 58_ _ __Mar 15 1963 M Ei 9614 Sale 9514
Bogota (City) ext'l a I.85-1945 A 0 10514 Sale 105
10514
92
4 1034 1087 Nuremberg (City) eat'68_1952 F A 92 Sale 92
6
8911 9324
Bolivia (Republic of)
1947 MN 105 Sale 10478
10512 23 10313 108
35
9954 103
Oslo (City) 30-year s f 6s-1955 Ili N 100 Sale 9978 101
Ext'l Sec 75 tom
1958 3 j 9612 Sale 9614
9678 47
99 103
3
Sinking fund 534s
1946 F A 100 Sale 9914 100
9313 9812
Bordeaux (City of) 15-yr 63_1934 m N 10014 Sale 9978 10038 23
99 1011
8 10114 1041s
10212
Panama (Rep) extl 533s
1953 J D 10134 10214 102
Brazil(U S of) external 8s_,1941 j o 11012 Sale 110
111
28 107 1132
8 102 10414
1961 1 D 103 Sale 103
103
Extl see 8 I 633s
External a f 63413 of 1926 1957 A . 961
/
4 Sale 9614
97
152
92
991 Pernambuco (State of) ext- 7e '47 M 113 96 Sale 9514
96
9812
9
96
Extl a f 6338 of 1927
1057 A 0 97 Sale 96
125
05'2 992 Peru(Republic of)
97
75 (Central Railway)
1952 j o 10012 Sale 100
10012 31
97 103
1
4 10734
22 103/
Eat'a I sec 733s (of 1926)-1956 M S 10434 Sale 10412 105
733s (coffee occur) £ (flat).1952 A 0 10512 107 10512 10534
2 103 10858
1
4 Sale 10178 10214 28 10034 10478
Extl 3 f sec 75
1959 M S 102/
Bremen (State of) extl 78_1935 m s 103 Sale 10034 103
25 100/
1
4 Sale 9138
9112 168
1
4 10312
19603 D 91/
90/
1
4 94
Nat Loan extl s f 63
Brisbane (City) 8 I 58
1957 m 0 9214 94
9314
95
19
9212 957 Poland (Rep of) gold 6s
8334 15
1940 A 0 8334 Sale 8338
8012 87
Budapest(City) extl 8 f 68_1962 I o 86 Sale 8534
8612 66
89
9178
1
4
9018 107
85
897a
Stabilization loan s f 7s 1947 A 0 90 Sale 89/
Buenos Aires (City) 6;0_1955 y j 10014 Sale 10018 10158 65 100 10214
9812 10178
97
Ext sink fund g 88
1950 J .7 101 Sale 9934 101
Extl s f 6s ser C-2
1960 A 0 9838 Sale 9838
9812
1
97
1
99
107
Porto Alegre (City of)8s
1961 .1 D 107 10714 107
Extl a 1 63 ser C-3
1960 A 0 98/
1
4 Sale 9712
9858 55
96
993
1
4 1023 103
Extl guar sink fd 7 Ms_ _ _ _1966 .1 3 102/
7911
3 10412
99
4 104
103
Buenos Aires (Prov) ext1 68_1961 Id s 9512 Sale 95
9578 165
93'2 97
Bulgaria (Kingdom) s f 78-.1967 j j 92
023 92
9234
3
8913 931 Queensland (State)extl 8178 1941 A 0 11234 11412 11278 11338 20 112/
1
4 11578
2 106 108/
25-year external 68
1947 F A 10658 108 10612 10713
1
4
Calda-s Dept of(Colombia)7338'46 j j 100 Sale 99/
1
4 100
41
98 102
Rio Grande do Sul extl s f 88..1946 A 0 106 Sale 10534 1061
14 10514 10814
Canada (Dominion of) 5s
1931 A 0 10158 10214 10178 10218
9 10014 102112
Dal s 1 73011926
1
4
1946 M N 9914 Sale 98/
9713 100/
1
4
99/
1
4 99
10-year 54s
1929 F A 10012 Sale 10014
10034 81 10014 10214 Rio de Janeiro 25-yr s f 8s
1946 A 0 108 Sale 10612 108
55 10534 11014
58
19,52 m N 10538 Sale 10518
10534 62 10418 109
9312 9714
85
Esti s f 634,
97
1953 F A 0714 Sale 9514
9914 Sale 99
4;311
1936 F A
9933 66
9878 10118
25-year extl 8.2
-- -- 10512 1104
A 0 --------1097
Apr'2
,
1947
Carlsbad (City) s 1 88
1954 j j 10512 10814 107
107
3 105 10914 Rome (City) extl 8%5
9114 9612
941 241
1
4Sale 9314
1952 A 0 94/
Cauca Vol (Dept) Colom 7338'46 A 0 101 Sale 101
10114
3
9814 103
4 104 106
Rotterdam (City) extl 63_1964 M N 104 10412 104
lO4Iz
Cent Agri° Bk (Germany)78 1950 m 5 9934 Sale 9912
9934 52
99 10114 Saarbruecken (City) 6s
901/ 9438
26
Sale 9118
911
9114
J
J
1953
Farm Loan a f 61
1960 j j 90 Sale 90
9013 18
931 SaoP
89
Ex
Palo
taiti
sl 6(Cis
1
4 190
1 112/
m
s1f08257.. _Mar 1952 M N 112 117 11634 11634
Farm Loan s f 68 int ctf
1960 A 0 8938 Sale 8912
90
73
89
933
of
195781 N 9914 sale 9812
9614 1004
9914 26
Farm Loan 68 series A
1938 A 0 9334 Sale 9312
9.512 158
9312 98
1
4
San Paulo (State) eat'51 78.1936 J J 10612 Sale 10618 10738 17 105 108/
1941 F A 109% Sale 10978 110
Chile (Republic) eatl a f
8 10878 1113
External sec s f 8s
1950 J J 108 Sale 10634 10812 11 106 10934
20-year external 8 f 7a_ _ _1942 m N 10234 Sale 10212 10278 21 100/
1
4 104
1
4
17 10034 104/
Externals
103
103
Sale
S
(Is
102
/
1
4
M
Water
L'n_1956
External sinking fund 68_1960 A 0 941
/
4 Sale 9312
9412 68
91/
1
4 973 Santa Fe (Prov. Arg.Rep.)7s1942 M S 99/
9484 10018
1
4 Sale 97/
1
4
9913 23
External a f 68
1961 F A 9414 Sale 9314
9412 86
9138 97
103/
1
4 10654
Seine, Dept of (France)extl 78'42 J 1 10534 Sale 10415 105,
77
4
1961 J 3 94 Sale 9312
Ry ref extl s I 43s
941
/
4 112
9338 97
9712 10112
20
Serbs, Croats & Slovenes 831962 MI N 99 Sale 9814
99
Cue Mtge Bk 6348 June 30 1957 ,1 D 9758 Sale 97
9814 54
9534 991 Soissons (City of) extl 6s_1936 M N 100 Sale 99
98 102
50
100
S f 63(8 of 1926...June 30 1961 j D 10018 Sale 9838 101
109
9634 101
Styria (Prov) extl 78
s
2 19
07
5
8
9378
93
93
Sale
F
A
1946
Chinese (Ilukuang I(y) 53_1951 1 D 2812 291 28
2812
7
2518 2914 Sweden 20-year 6s
D 10234 Sale 10218 10312 34 102's
J
1939
Christiania (Oslo) 30-yr s I 68'54 M i6 100 1003 100
10014
8
99/
1
4 10115 External loan 5148
1
4
1954 M N 10338 Sale 10318 1037s 25 10212 105/
,
093
178
43
10
13
812
38
Swiss Confed'n 20-yr at 8s 1940 3 .1 110 Sale 10934 11078 25 1
Cologne (City)Germany 63401950 NI S 9734 Sale 971
/
4
9734 34
96/
1
4 991 Switzerland Govt ext 5%8_1946 A 0 10314 Sale 10278 10314 22
Colombia (Republic) 6s
1961 1 J 9212 Sale 92
9234 83
91
951'15 Tokyo
E
761
/
4 84
a f5%s
8284 96
5slg
ou
an of 1912_1952 M S 8234 Sale 81/
1
4
City
External 8 f 63
1961 A 0 9258 Sale 9214
9278 52
9012 951
63
8712 95
93
guar
1
4
1961 A 0 93 Sale 92/
Colombia Mtge Bank 6348_1947 A 0 8812 90 89
90
15
89
93114
Sinking fund 78 of 1926-1946 M N 9412 Sale 94
9412
8
9312 98
Tolima (Dept of) extl 7s_ _ 1947 M N 9334 Sale 9334
6
9314 97$4
95
Sinking fund 78 of 1927_ 1947 F A 9334 Sale 9312
9514 35
9312 98
Trondhjem (City) lot 5563_1957 M N 96/
37
99/
1
4
9
9714
1
4 971 9718
Copenhagen 25-year 8 f 5%8_1944 3 3 ____ ____ 100 June'28 ____
9934 102
Upper Austria (Prov) 7s
9
89
7
90
9914
8
27
9838
985
8
98
9913
1
D
1945
External 55
1952 J D 9712 Sale 9614
9734 132
9534 101
External 8 f 6;3s_ _June 15 1957 .1 D 89 Sale 89
1
89
Cordoba (City) extl 8 f 70_1957 F A 98 Sale 97
98
12
96 101
Uruguay
10814
F
A
(Republic)
extl
10714
108
y(Repub
s
f
6
s
88
_1946
1101
8
3
108
10812
/
1
4
External s f 75 Nov 15 1937 M N 96
961 9978
9978
1
95 100
9614 100
9814 94
1960 M N 98 Sale 9734
Cordoba (Prov) Argentina 781942 .1 J
9934 Sale 9912 100
98 1011 Yokohama(city) extl6s
23
9812 Sale 98
100
D
94
59
983
4
J
1961
(Repub)
extl 78_1951 M N 97 Sale 9612
Costa Rica
97
7
944 991
194481 8 1004 Sale 10018
Cuba 53 of 1904
10118
5
9974 1021 4
External 58 of 1914 ser A_1949 F A 10158 Sale 10158 10158
5 100/
1
4 10314
External loan 4S3s ser C 1949 F A 9658 99
9658 June'28 ____
98 1001 4
1953 1 J 10212 10338 10278 10278
Sinking fund 5348
3 10132 1041
-Col)
7s
Cundlntunarea (Dept
'46.7 D 99/
1
4 Sale 99/
1
4
99/
1
4 35
93/
1
4 100
State andICIty Securities.
NY City-43(s Corp Stock_1960 m 5
4348 Corporate Stock__ __1964 m s
434s Corporate stock
1966 A 0
1972 A 0
418e Corporate stock
1971 j 0
4348 Corporate stock
4338 Corporate stock_July 1967 j j
433s Corporate stock
1965 j o
4148 Corporate stock
1963 m s
1956 m N
48 registered
4% Corporate stock
1959 m N
4% Corporate stock
1958 MN
4% Corporate stock
1957 MN
4s registered
1936 MN
45.5% Corporate stock_ 1957 m N
434% Corporate stock_1957 j0 N
335% Corporate st__May 1954 MN
33(8% Corporate st__Nov 1954 MN
On the basis of *a to the £ sterling.
86
New York Bond Record—Continued—Page 2
BONDS
N. Y. STOCK EXCHANGE.
Week Ended July 6.
Price
!Watt.
July 6.
t4
t
Bid
Range
Since
Jan, 1.
Week's
Range or
Last Sale.
Ask Low
High No, Low
High
Railroad
Ala Gt Sou 1st cons A 58____1943 3D
1943 JD
1st cons 48 ser B
1928 MN
Ala Mid lot guar gold 5s
Alb Az Susq 1st guar 36s
1946 AO
Alleg & West 1st g gu 4s_._1998 AO
1942 MB
Alleg Val gen guar g 48
Ann Arbor 1st g 48
1995 Q J
Atch Top & S Fe—Gen g 48_1995 AO
AO
Registered
Adjustment gold 4s_ July 1995 No•
Registered
Nov
Stamped
July 1995 MN
Cony gold 45 of 1909
1955 3D
1955 3D
Cony 4s of 1905
Cony g 48 Issue of 1910_ _ A960 3D
Rocky Mtn Div 1st 4s__ _ _1965 33
•
j
Trans-Con Short L 1st 48_1958
Cal-Aria 1st dz ref 4s A 1962 M
AU Knoxv & Nor 1st g 58
1946 JD
Ati & Charl A List 4 Nis A 1944 J J
1944 J J
1st 30-year 521 series B
Atlantic City 1st cons 4s_ _ _ _1951 J J
All Coast Line 1st cons 45 July'52 MB
MS
Registered
General unified 43is
1964 3D
L & N coil gold 4s__ __Oct 1952 MN
.11
Atl Az Day lst g 4s
1948
2d 4s
1948 33
1949 AO
Atl & Yad 1st g guar 48
Austin & N W 1st gu g 58_1941 3,
105 108 10512 June'28
96 June'28
1
100 Sale 100
100
2
87
87 Sale 87
_
92
90
90 June'28
9612 June'28
96
97
7912 8078 8334 June'28
9512 155
9458 Sale 9458
9578 Apr'28
13
92
9112
9134 June'28
41
Si
66 -91-32- 90
8952 9212 8912 89,2 5
2
8912 92
8912
8958
93
9334 Jan'27
88
9234 9034 June'28
87
15
95
____ 94
9418
22
9914 10234 9914 100
104
107 Mar'28
_ 10034 Apr'28
105
1033
98128 105- 105
9112 9312 9312 June'28
9438 9638 9212
9578 14
9738 Feb'28
9958 10012 9934 June'28
2
9158 9214 92
9214
76
78
7712 June'28
71
7318 June'28
60
5
8578 Sale 8578
8714
10012 Sale 99
10012
9418
9312
9218 June'28
984
9834
98 June'28
10134 Sale 10118
10214
105 Sale 105
10534
10912 Sale 10812 10912
9312
9314 9412 934
103 Sale 103
10312
85 Sale 85
85
102 Sale 101
10214
10338 10512 10338 10338
8534 Sale 85
8534
65 _
6812 Feb'28
9612
9612 Sale 9612
_ 97 Apr'28
97
Jan'28
ioois
8214
8512 Aug'27
9112
9412 Sale 9412
84
80
88 Apr'28
94
9718 974 Apr'28
10112 June'28
101
9238 Sale 9238
9212
_ 10218 10258 June'28
Canada Sou cons gu A 58_ 1962 A 0
Canadian Nat 43•s_Sept 15 1954 M
5-year gold 4N8__Feb 15 1930 F A
30-year gold 43,58
1957 J J
Canadian North deb s f 73-1940 J D
25-year s f deb 6.S513
19463 J
10-yr gold 4 Nis._ __Feb 15 1935 F A
Canadian Pac Sty 4% deb stock__ 3 .1
Col tr &Nis
1946 M S
Carb & Shaw 1st gold 4s__ _193'2
Caro Cent 1st cons g 48
1949 J J
Caro Clinch &0 18t.30-yr 521_1938 3 13
1st & con g 65 ser A_Dec 15'52 J D
Cart Az Ad lst gu g 4s
1981 J D
Cent Branch U P 1st g 48_ _1948 J D
Central of Ga 1st g 5s_Nov 1945 F A
Consol gold 55
1945 M N
Registered
F A
10-year secured (is_June 1929 J D
Ref & gen 5N4s series B__ _1959 A 0
Ref & gen 5s series C
1959 A 0
Chatt Div pur money g 43_1951 J D
Mac & Nor Div 1st g 58.._ _1946 J J
MidGa&Atldlvpurm5sl947i J
1946 J J
. Mobile Div 1st g Is
Cent New Eng 1st gu 43_1961 .1
Central Ohio reorg 1st 4s_1930 M S
Central RR of Ga coil g 58..1937 MN
Central of N J gen gold 55_1937 3 .1
Registered
1937 Q J
General 45
1987 J .1
1949 F A
Cent Pac 1st ref gu g 4s
Registered
F A
Mtge guar gold 3Nis_ _Aug 1929 J D
Through Short.L 1st gu 48_1954 A 0
1960 F A
Guaranteed g 55
108 109 108
108
9838 Sale 9838
9858
99
9938 9878
99
99 Sale 9812
9914
11233 Sale 112
11248
11834 11834 11834 11834
9812 9834 99
9912
8734 Sale 874
877s
9814 Sale 984
984
9814 Apr'28
12 8512 8212 June'28
104 105 10414 June'28
10858 Sale 10712 1087s
9312 Mar'28
8914 93
8658 May'28
8212 86
1061s -- 10618 June'28
10318 1-04 10058 103
10414 Feb'28
longs 16114 101 June'28
10212 106 107 June'28
103 104 10338 June'28
_
934 June'28
105
93107 105 June'28
103
_ 10318 Apr'28
105 107 10678 Mar'28
8412 85
85 June'28
98 10014 98 June'28
101
101 June'28
11112 Sale 11112 11112
111 June'28
9212 97
97 May'28
93
9314 93
9314
-- - - 92 June'28
99
9914 99 June'28
9212 94
91 18 June'28
10134 Sale 10134 10214
9358 Sale
9834 Sale
J 11314 - 10012 1-0214
N 10118 105
N
S 9934 Sale
-A 9912 Sale
J 10218 Sale
J 8734 92
J 945
924
8-95
10078 _ _
9812 Sale
N
72
0 70
6812 73
6334 65
63 Sale
11938 Aug'27
10012 June'28
10412 105
105 May'28
991,, 100
9818 May'28
99
9912
10218 10218
90 June'28
9438
9438
9258 May'28
10212 Mar'28
9812
99
70
70
69 June'28
6334
63
63
63
8712
.11 8712 Sale 87
Chic Burl dr Q—Ill Div 3As_1949
_ 8938 Feb'28
3,
Registered
9518
9412
J
1949
Illinois Division 48
9478
94129414 947s 9478
1958 M
General 48
9338 June'28
M
Registered
9912
9938 Sale 9834
1977 FA
1st & ref 4Nisser B
10534
1st Az ref 55 series A
1971 FA 10512 Sale 10518
Chicago & East III 1st 6s___ _1934 AO 102 105 105 June'28
86
C & E III Ry (new co) con 58_1951 MN 85 Sale 8412
Chic & Erie 1st gold Es
1982 MN 10518 107 10512 June'28
70
Chicago Great West 1st 4s 1959 MS 6912 Sale 6712
Chic Ind & Loulsv—Ref 68_ _1947 J J 11578 118 11514 June'28
10534 June'28
Refunding gold 58
1947 3, 100%
9312 91 14 May'27
Refunding 49 Series C
1947 J J 90
1st & gen 58 ser A
1966 MN 10238 103 10212 June'28
109
1st & gen 6s Der B_May 1966 3 3 1024 103 109
91 June'28
Chic Ind & Sou 50-year 4s
1956'3
Chic L S & East 1st 4Nis__1969 3D 9534 _
9934 June'28
C M & Puget 8d Ist gu 481949'3
75 Mar'28
884
9012
Ch M & St P gen g 49 A_May1989 J
7371-2
Registered
9034 Apr'28
Q J
Gen g 3.5-0 ser B____May 198933 77
78 June'28
78
Gen 43is aeries C—May 1989 33 9734 Sale 9734
9814
Registered
100 May'28
Due Feb.
Due May. p Due Dec.
6614
108O.
96
11.103s
914
95/
1
4
99
8414
99
9654
94,
9134
94
94
94
9614
Week's
Range Or
Last Sate.
Rause
Mace
rtlte
Jan. 1.
-Mao No. Low
His)
Bid
Ask to,
Chic Milw Az St P (Concluded)—
7232 747g
7314 Mar'28 - Gen & ref ser A 4348__Jan 2014 A ()
7011, 75
75 Mar'28 -Gen ref cony ser B 58 Jan 2014 F A
10234 June'28 - _ 10212 104
1st ser 65
71
75
75 Mar'28 -Debentures4 Nis
1934
2j
J 13
3
71
7334
7178 Feb'28 -Debentures 48
1925 J 13
__
704 734
7214 Feb'28
25-year debentures 4s
1934 3 J
9478 490
92,4 9812
9434 Sale 9372
Chic Milw St P & Pac 5s_ _ _ _1975 F A
7512 686
1314 7934
Jan 1 2000 A 0 7434 Sale 74
Cony adj 5s
82
86
8214 Feb'28
Chic Az N'west gen g 3As__ _1987 M N 7814 82
78
844
78 June'28 — -Registered
Q F
9118- 98
General 4s
1987 M N 9112 9414 9212 June'28 - 94
94
Registered
3 F 8914 95 94 Apr'28 - --9213 9656
9312 9234 June'28 - _
Stpd 4s non-p Fed In tax '87 MN 91
Gen 431a stpd Fed Inc tax_1987 MN 104 10534 10312 June'28 --- 102 113
10712 117
Gen 5s stpd Fed Inc tax__ _1987 M N 10814 110 10712 June'28
113 Mar'28 --- 113 113
sink
Reig
n
istfeurn
ed 68
MN
10158 May'28 - - 10158 1025s
1879-1929 A 0
10114 May'28
- 10114 1014
Registered
A 0
99 10138
100 June'28 __ -Sinking fund 58
1879-1939 A 0
100 10018
100 May'28
Registered
A 0
8 103 1014 June'28
10112 10318
Sinking fund deb 5s
1933 M N 1621.
103 100,2 June'28
10012 1024
Registered
SI N
10412 42 103 1064
10-year secured 7s g
1930 J D 10412 Sale 10318
8 10912 11414
15-year secured 63.511 g
1936 PA B 10912 Sale 10912 10912
9 104/
1
4 114
1st ref g 55
May 2037 3 D 10612 Sale 10438 10612
9912 12
994 1944
lat Az ref 43,is
May 2037 J D 9912 Sale 9912
Pries
Fri4ay:
July 6.
-941.
934 96
9914 1043.
107 1075,
9914 10034
10334 1071,
94
91
9212 98s.
9738 974
9812 104
91i8 963, Chic RI & P Railway gen 4s_1988 J .1
J J
Registered
7712 85
Refunding gold 4s
1934 A 0
751,
71
Registered
A 0
8512 923
,
Secured 450 seriesA
1952 M S
99 10214
Ch St L & N 0 Mem Div 48.1951 j 0
59
Ch St L & P lst cons g 581932 A 0
9312 98
Registered
A 0
9218 3639
215
J D
9758 101 (Mic St P NI & 0 cons 6s...._ _ 1930 ibi
s
Cons 6s reduced to 3As___1930 J D
98 1001,
174 10012 105
Debenture 5s
22 104 110
Stamped
124 10612 112
Chic T II & So East 1st
p8
50
s y.1196
960 3
wi D
B
9
Inc gu 58
971,
92
47 10138 10711 Chic Lin Stan 1st gu 4348 A.1963 3 J
11
Ist 5s series B
19833 3
914
84
119 101 1051,
Guaranteed g 5s
1944 3 D
1 10234 10458
lat 63is series C
1963 J J
8
8334 9334 Chic & West Ind gong 68_4)1932 Q 53
(mnsol 50-year 43
196
952 ,4
.1 s
3
6812 72
1
1st ref 5Sisser A
9612 98
97
97
Choc Okla Az Gulf cons 58_ 193
957j
2M N
j
Cln H & D 2d gold 4Sis
97
97
C IStL&C 1st g 48_. _Aug 1936 Q F
5 "iiis -9-5-Registered
Aug 1936 Q F
Cin Leb & Nor gu 4s g
1942 M N
8412 88
9734 974
10112 10658 Clearfield Az 11.1ah lot gu 5s_1943 J 3
9112 9814 Cleve Cln Ch & St L gen 4s 121;
3
20-year deb 4 N5 s
102 1034
General 5s Series B
1993 J D
3 106 11078
Ref & lmpt (3s series A___ _1929 3 3
24
J
193
49
13 j
Ref & leapt 63 aer (.
98 10214
17
1963 3 3
Ref & 1mpt 5s ser D
9878 101
86
Cairo Div 1st gold 45
98 10218
8 11114 117
CM W & M Div Mt g 48-1991 J 3
1 11818 123
St L Div 1st colt tr g g 48-1990 MN
14
9752 10.314
Spr &( ol Div 1st g 4s_ _ _1940 M S
72
NV NV Val Div 1st g 45_ _1940 3 3
8738 92
j 1
IM j
Ref & impt 43is ser E
33
0814 10114
98
14 984 C C C & I gen cons g 69
80
9058 Clev Lor & W con 1st g 5s.._ _1933 A 0
10244 10512 Cleve & Mahon Val g 58_ __ _1938 J .1
13 107 10912 Cl Az Mar 1st gu g 41•8
1935 M N
4:
,2 1 4
A4
gei
nsgu 435s ser B_11.1442
er t P
eveie
Cls
9312 95
86
5s 90
1948 MN
Series C 310
10558 10818
7 10058 10714
1950 F A
Series D 348
10212 10414 Cleve Sher Line lot gu 4 iis_1961 A 0
99773
20
AA
A 0
10012 10214 Cleve Union Term let 549_ 1977
1st sf5sser B
107 10858
1st a f guar 4Nisser C
10314 10418
9312 9512
10453 D
Coal River Ry 1st gu 4s
105 109
29 A
F 0
A
1034 10318 Colorado & South 1st g 43_ _ 194
Refunding & eaten 4 A s
1935 M N
10614 10678
8858 Col & H V 1st ext g 48
84
1955 F A
98 50034 Col & Tol 1st ext 48
93
40
3F
A O
Conn & Passum Rh, 1st 48_ 1,
A
10012 102
15 11114 11912 Consul Ry deb 43
1954 3 3
Non-conv 4s
111 11818
Non-cony deb 4s_ _J&S 1955 J J
9658 99
95
4
,
5j
3
Non-cony deb 4s_ _ _A&O 119
A D
O
9134 9612
Non-cony debenture 4s_ _1956 3 .7
94
92
99
9914 Cuba Nor Sty 1st 53-48
56
2j D
3
193
9118 9514 Cuba RR 1st 50-year 5s g_ ,
72 10112 10512
1st ref 7N•sser A
1936 3 D
1st lien Az ref 6s ser B
_ Day Az Mich 1st cons 434s_1931 1 J
3M
A N
o
1085" 1-0i1-38 Del & Hudson 1st & ref 48 19343
3 10212 10784
30-year cony 5s
1937 M N
15-year 51,48
105 106
26
1930 J D
10-year secured 78
9878 105
9818 10214 D RR Az Bldge 1st gu 48 8_1936 F A
26
93
36 .1
F .1
J
9812 10118 Den Az KG mat cons g 48__ _ _ 19
1 101 10238
Consul geld 43,58
90
9312 Den & R G West gen 58_Aug 1955 MN
9418 9534
19353 3
9112 9234 Des M & Ft D lst gu 4s
Temporary ctIs of deposit__ _
10212 1024
94
10038 Des Plaines Val lst gen 43•8_1947
1995 D
Bet & Mac 1st lien g 4s
3
694 74
1995 J D
Gold 4s
7312
69
8812 7234 Detroit River Tunnel 434s.. _1961 M N
5
4
59
7112 Dul Missabe Az Nor gen 55..1941 J .1
Dul & Iron Range 1st 58_ _.1937 A 0
88
13
9118
Registered
A 0
_1937 J J
8938 9014 Dul Sou Shore & Atl g 5s
5
9312 9854 East Ry Minn Nor Div 1st 43'48 A 0
10
9258 58/
1
4 East T Va & Ga Div g Ss__ _1930 .1 J
Cons 1st gold 58
1956 M N
9338 9338
82
98 10278 Elgin Joliet dz East 1st 8E6_1941 M N
14 10412 11014 El Paso & SW 1st 58
1965 A 0
_ 10318 10718
87
Erie 1st consol gold 73 ext_Ing j
M 1
8418 83
1st cons g 48 prior
10512 11214
Registered
181mnsol
155
66
7212
1997 J .1
gen lien g 4s.._ _ _199
1996 j
11514 11814
.1 .
31
Registered
10518 106
Penn coil trust gold 4s.._ _ _1951 F A
iiii" 1-(ii1-4 50-year cony 4s series A_ _ _1953 A 0
Series B
1953 A 0
1 109 11112
Gen cony 48 aeries D
91
9612
1953 A 0
Ref & impt 55
1967 PA N
9934 10212
Erie Az Jersey 1st s f 681955 .1 J
7013 75
Genessee River 1st s f 58_ _1957 3 J
102
8712 9312
gu g 31-4s ser L1_ 1940 J 3
33430J
90/
1
4 91/
1
4 Erie Az Pitts
78
gm
Series C
Est RR esti s f 70
1954 M N
41
19714
00 110041142
_1--
Balt & Ohio 1st g 4s___July 1948 A0
July 1948 Q
Registered
1933 MS
20-year cony 43,18
MS
Registered
D
Refund & gen 53 series A_1915
July 1948 AO
Sat gold 58
1995
D
Ref & gen 6s series C
PLE &W Va Sys ref 45_1941 MN
1950
J
Southw Div 1st 94
J
Tol & Cin Div 1st ref 45 A.1959
2000 MB
Ref & gen 5.5 series D
Bangor & Aroostook 1st 55_ _1943 J
1951 Ji
Con ref 49
Battle Crk & Stttr 1st gu 38 1989
Beech Creek 1st gu g 45
1936 J .1
J J
Registered
1936 ii
2d guar g 5s
Beech Crk Ext 1st g
*0
1944 ID
Big Sandy 1st 4s guar
Bost & N Y Air Line 1st 4s_ _1955 PA
Burns & W 1st gu gold 45._ _1938'3
Buff Koch St Pitts gen g 58....1937 MS
Consol 4Y5s
1957 MN
1934 AO
Burl C R & Nor lst 5s
Charleston & Savn'h 1st 73.._1936 J
Ches & Ohio fund St inapt 53_1029 J
1939 M
1st consol gold 58
1939 M
Registered
1992M
General gold 4.10
M
Registered
1930 F
20-year cony 4555
Craig Valley 1st 59—May 1 '40 .1
Potts Creek Branch 1st 48_1946 J
1989 J
R & A Div Mt con g 4s
1989 3
2d eOnsol gold 4s
Warm Springs V 1st g 58_1941 M
Chesap Corp cony 59 May15 1947 M
Chic & Alton RR ref g 38_ _ _1949 A
Ctf dep stpd Apr 1928 Int-1950
Ratlway first lien 3As
Certificates of deposit
lObt2
93
100
87
90
934
8138
9334
95
8812
91
8834
89,2
8912
BONDS
N. Y. STOCK EXCHANGE.
Week Ended July 6.
j
ii-B
9214 Sale
90
92
9458 Sale
9234 14
9218
91 May'28 _ _ _ _
94
9434 116
9514 May'28 _ _ _
944 211
9312 Sale 9312
_
86
9134 9234 May'28
__
10134 10338 9934 June'28
10114 10218 10158 June'28 -1
101
10012 10218 101
96'2-- _ _ 9612 June'28 — _
9812 9912 9934 June'28 _ _
100
Jan'28 _ _ _ _
9834
99
30
9878 100
9314 96
9314
8
9314
9914 10018 10018 June'28
10514 106 10514
10512
5
103 Sale 10212 103
15
11612 Sale 11612 11738 10
10434
- 102 June'28 _ _ _ _
8712 Sale 8712
8839 39
10312
9
10314 10418 10318
10458
10538 May'28 —.100 May'28 -98 100
9618 98
9858 June'28 _ _
9714 Feb'28 __
9590
9534 9334 Feb'28 --__
9112 96
91
9210
9314 9634
95
9514
9112 07/
1
4
92
92
/
1
4
9934 1034
1011
/
4 101/
1
4
10018 103/
1
4
984 98
9958 10013'
100 100
1
4
98/
1
4 103/
9314 9876
9914 103,
1
103 107
102 105
116 1194
10178 105118.
864
10278 1054
10834 107/
1
4
99 100
9753 00,
4
9714 9714
9314 934
10158 ---- 9912 Jan.27
9212 Sale 9212
9314
8
99
5
9838 9834 9834
112
112 May'28 101 Sale 10058 10114 23
10314 Sale 10314
10314
3
5
103 10334 10234 10234
__
__
9612 June'28
968714 9734 9238 Juna'28 _
8818 9212 8818 June'28
_
9018 ____ 9634 May'28 - _
94 Sale 94
94
2
9914 Sale 9712
9914 36
107 107 June'28
_
10158 June.28 191E8_
__
1-0i12 10118 May'28 -9812 ____ 100 Nov'27
9812 _ _ 10134 Mar'28 -9812 10112 10214 Nov.28
974
10834
10014
10314
10214
9658
9131
8818
98
94
9612
107
10158
101 12
1004
110
103
10854
105)
1
964
9312
94/
1
4
9711
9612,
10053
1084
104/
1
4
1011
/
4
10139
fin's:
8934_
2 --_-__ 8
90
9514
8M
Aa
Pyr:2
28 ;;;;
101 10112 100 June'28
_
10612 Sale 10612 10734 ...3_
10312 104 104
3
104
9014 904
8958 89/
1
4
100 1064
105 11014
100/
1
4 107/
1
4
9218
9918
98
9018
91
1
9312
9312
9918
9918 10
8
98
98
93 June'28
93 June'28
90 May'28
9418 9712 9512 June'28
7618 77
7512 June'28
76 Sale 76
1
76
7618 __
8112 Jan'28
7612 75 June'28
95
9534 95
9638 23
9938 Sale 994
9958 34
109 10914 109
2
109
99 100 100 June'28
99 100 Apr'28
98
9418 Sale 9334
9412 132
102 _ _ _ _ 102 June'28
10412 Sale 10414
105
20
10312 10418 10312 . 10312
4
9634 Apr'27
91 Sale 9034
9134 68
9618 97
9612 June'28
91 Sale 91
92
14
29
30
75
9918
103
101
8338
10038
;;;;
10618
993s
Sale
____
95
34
29 June'28
3212 3212 May'28
10214 Feb'28
8118 May'28
7912 80 June'28
9978 9938 June'28
_ 10378 July'27
__
101 June'28
10018 May'28
Sale 8218
8338
9578 June'28
10414 June'28
10734
10734
16E1-4 10514.1000'28
109 10918 May'28
10314 104
8618 Sale
- 8214 Sale
LH"
84 Sale
8258 823
_
95 Sale
113 114
11312 Sale
90 _
90 __ _
103 Sale
9313
"iif8 WI;
93/
1
4 931p
9812 1001
/
4
971
/
4 100
9278 964
9554
93
90
90
954 96/
1
4
75
824
76
864
814
80
75
85/
1
4
95
9814
1
4
9754 100/
10814 110
0912 101/
1
4
9954 10073
934 9%
100 1031*
10414 107
10312 107
"LC
94
954 1184
97
89
274
26
1024
80
70
9914
35
3239
1024
82
89
103
"99i4 foil;
7
1
_
104
1
104
19
8512
87
86
Jan'28
81
8254 94
7912 May'28
4
101
10118
8
8212
84
8258
5
8258
86 May'28
9414
9514 372
113 June'28
2
11312 11312
102 Feb'28
91 June'28
10212 10312 124
10018
8218
95
10058
10718
1034
109
1024
90
90
1044
1104
101313
109/
1
4
1
4
10334 106/
84/
1
4 91
86
86
7712 864
7612 874
10039 504
8212 8912
81% 894
86 8818
9312 994.
113 116
11254 115
102 102
9054 94
10054 1044.
87
New York Bond Record—Continued—Page 3
IV
BONDS
N. Y. STOCK EXCHCNGE.
Week Ended July 6.
Fls Cent & Penn lst ext g 56_1930 J J
1943 .1 J
let consol gold 58
Florida East Coast let 445_1959 J D
1974 M S
let & ref Is series A
Fonda Johns & Glov 1st4s 1952 MN
Fort St U D Co let g 43s 1941 J J
Ft W & Den C lst g 5Ms___ _1961 J D
Ft Worth & Rio Gr 1st g 4s_ _1928 J J
Frem Elk dr Mo Val let 6s 1933 A 0
1931 M N
G II & SAM & P let 5s
19313 J
2d extens 58 guar
Galy Mous & Rend 1st 5s 1933 A 0
Ga & Ala Ry let cons 55 Oct 1941.9 J
Ga Caro & Nor 1st gu g 5s--1929 J J
Georgia Midland let Is
1946 A 0
Cr R dr I ext let gu g 445 1941 J J
Grand Trunk of Can deb 68.1940 A 0
1936 M S
15-years s f 68
Grays Point Term 1st 55
1947 J D
Prieto
?Math
July 6.
Weers
Ranee or
Last Sale.
a)
Range
Mau
Jas. 1.
Ad Low
HO*
Low
High
BM
.100 June'28 ---- 100 10211
-_-- 193
983 1031
9858 June'28 - -98%
9712 _._ 99 June'28 ---99 10111
8314 915,
18
87 Sale 864
87
48
4 45
52
468 49 48
___ 9954 Apr'28 ---984 99$4
98107 105 June'28 _ — - 105 10854
1044
9919 9978
9912 ---993, May'28
104 1-0614 104 June'28 ___- 104 10711
100
4 100 1021
100 101 100
.
993 1015,
993 101
994 June'28 ---98 ma.
993 991 98 June'28 ..__
6
98 1015,
-___ 984 9834
9834
97 1004
9914 9934 9918 June'28 ____
7612 June'28 ---7612 79
7414 76
9612 10014 9812 June'28 ---984 101
11218 113 11212 1131
13 112 117
14 105 1091
1067, 10678 10614 107
98114 9971
9812 --- 99 June'28 --- -
Great Nor gen 75 series A
1936 J 3 11318 Sale 11214 1133s 60
J J --------11412 Apr'28 -- - Registered
1st dr ref 44s series A- —1961 I .1 98% Sale 9358
98% 11
13
General 504s series B
19523 J 10814 Sale 10814 109
1
4 10414 18
General 55 series C
1973 3 J 10454 Sale 104/
General 44s series D
19763 J 9812 Sale 9812
998 32
985, 162
General 405s series E
19773 3 9712 Sale 97
Green Bay & West deb Ws A____ Feb 8518
_ 86 Mar'28 --- 2214 16
Debentures ctfs B
Feb 2214 /37; 2214
1940 MN 9412 __ 957 Mar'28 - -- Greenbrier By 1st gu 48
Gulf Mob & Nor 1st 548_1950 A 0 10014 154 10414 June'28 - --1st M 55 series C
1950 A 0 100 1027 100 June'28 ---•
Gulf & 13 Ilst ref & ter g 55_81952 3 J 10778_ _ 10778 June'28
Hocking Val let cons g 448.1991 .1 J 10114 10112 10114 June'28 --- Registered
1999 J J ____ __ 10212 May'28 ___3
Housatonic By cons g 5.5
1937 M N 9814 Sale 98,4
98,4
El & T0lst g 55 Int guar_._ _1937 J J 103 ____ 10112 June'28 - --Waco dr NW div 1st 6s._ _1930 M
102 May'28 - - -- -- _
Houston Belt & Term let 55.1937 J N17
J 9819 -991z
_- 98
98
Houston E & W Tex 1st g 55_1933 M N 1001
_ 10014 May'28 - --1st guar 55 red
1933 MN 99 foo 101 May'28 — - Hud dr Manhat 1st Is ser A1957 F A 101 Sale 9954 101
21
Adjustment income 5s Feb 1957 A 0 8814 Sale 8814
8914 185
-- --
111 116
11412 11414
971s 1021
1071 11114
10312 209
97/
1
4 1014
97 1014
86
86a
2214 2014
9558 957/.
10414 1071
991 104
1074 1081,
10012 1071.
10212 1041.
9814 1015/
10112 10418
102 1031/
98 1025t
10014 10078
10014 1024
981 10312
88
951/
Illinois Central 1st gold 4s.__1951 -I J 9314 98% 99 June'28 ---974 99L1
Registered
J J
95 May'28 --- 95 95
1st gold 345
1951 J J 86', 90 8612 June'28 --- 8412 9512
Extended 1st gold 34s...1951 A 0 86
90 8612 June'28 ---864 881,
let gold as sterling
.
96 Mar'27 --- - .
1951 M El
Collateral trust gold U
9034 92 904 June'28 --- 1952 A 0 7690 9814
904 13
let refunding 45
1955 1.1 N 9412 9614 9454
9412 9812
Purchased lines 345
1952 J J 84
841 901
894 8418 June'28 -- -Registered
J J --------85 Apr'28 -. - 86
8.5
Collateral trust gold 4s.„1953 M N 8914 9054 89%
28
90
89
94
Registered
MN
9014 May'28 - --904 9014
Refunding 58
1955 MN Toii9 foiq 10834 June'28 --- - 10812 11074
15-year secured 643 g_-__1936 J .1 111 Sale 111
111
2 1093 1141,
40-year 45s
Aug 1 1966 F A 10014 Sale 100
10034 120 9914 1021.
Cairo Bridge gold 4s
97% 971,
19503 13 -_-- -___ 9718 Jan'28 -..Litchfield Div 1st gold 3s..1951 1 J 76
7818 791
7812 7818 June'28 ---Loulsv Div & Term g 345 1953 J 1 Slls
1
84% 91
91
91
775 KM,
Omaha Div let gold U....1951 8 A 75 -81 7814 May'28 --- St Louis Div & Term g 35_1951 J J 7614 78 7614
2
72 90
764
Gold 345
809 8919
1951 3 J 8314 91 85% June'28 --- Springfield Div 1st g 345_1961 3 J ---------88 Oct'27
Western Lines let g 4s_
9414
1951 Tr A 91
961 9112 June'28 :::: -alit --Registered
90
92
B A --------92 Apr'28 - --III Central & Chic St L & N 0—
Joint 1st ref 55 serial A...1963.9 N 103 Sale 10258 103
12 1021 1084
let & ref 44s ser C
19633 D 974 Sale 9754
9812 16
97 101
GoldIs19511 D--------10534 June'28
1055, 10818
J D --------107 Apr'28
Registered
105/
1
4 107
Gold 334s
1951.1 D -_-- ____ 8412 Jan'27 - --- ---- ____
Ind Bloom & West lst est 48_1940 A 0
Ind III & Iowa let g 4s
1950 .1 J
Ind & Louisville 1st gu 48-1956 J .1
Ind Union By gen 55 ser A...19653 3
Gen & ref 5e series B
1985.1 J
lot & Grt Nor 1st 68 ser A...19523 J
Adjustment 65 ser A July 1952 --Stamped
1st Is series B
1956.9 j
let g Is series C
1956.1 J
Int Rys Cent Amer let 5s 1972 MN
let coil tr 6% notes__.1941 IN N
let lien & ref 5S4s
1947 F A
Iowa Central let gold IS....1938 J D
Certificates of deposit
Refunding gold 45
1951 111 13
James Frank & Clear let 4s..1959 J D
Ka A &0 R Ist gu g 5s
19383 J
Kan &M let gu g 45
1990 A 0
92
118 "iiii. 9532 Sept'27 -__ _
921
/
4
3 "iii2 If
9
9212
88 Sale 88
88
92
8912 12
10054
100 June'28 - - - - 100 105
10034 _ .10412 Feb'28
10412 10412
10412 Sale 10414 105
54 10414 10812
8912 Sale 8712
8912 12
8612 9914
774 77%
971 7712 Feb'28 - - - _
97
97 sole 97
97% 12
9512 10178
957 102
9914 Sale 9712
9914 12
8734 Sale 85
872
29
8178 9212
9554 Sale 953
9614
6
904 9978
9918 Sale 98%
994 148
91 100
43
44 43
43
5 88 52
43
47 43 June'28 --- 877 49
12
15
1218
1
1218
10% 19
9012 94 0512 June'28 - - - 95
9679
____ ____ 103 May'27 - - - - ___ _
9618
88
88 June'28 - -__
A C Ft S St M Ry ref g 4s...1936 A 0
KC&MIt& 13 1st gu 5s_ _.1929 A 0
Kansas City Sou let gold 3s_1950 A 0
Ref & impt 55
Apr 19503 .1
Kansas City Term let 4s....19603 J
Kentucky Central gold 48-__1987 J .1
Kentucky & Ind Term 446_1961 J J
Stamped
1961 J .1
Plain
1981 J J
Lake Erie & West 1st g 55-1937 J J
2d gold Is
1941 3 J
Lake Shr & Mich S g 345-1997 J D
Registered
1997 .1 D
Debenture gold 48
1928 M a
1931 MN
25-year gold 48
MN
Registered
Leh Val Harbor Term gu 58_1954 F A
Len Val N y let gu g 4 4/1._1940 J J
Lehigh Val (Pa) cons g 4s_ _ _2003 M N
MN
Registered
General cons 434s
2003 MN
IN N
Registered
Sale 93
94
28
___ 100
100
1
991274% 75% 7418
7478 14
9912 Sale 9912 100
65
90% Sale 905,
9114 31
__ 93
93
1
8878 934 9014
93903
6
91
9212 9034 June'28 9158 9812 9838 Apr'28 -- - 10012 10438 102 June'28 --.10018 10178 100 June'28 ___
84
8612 845,June'28 -.—
804 85 8112 June'28 99/
1
4 994 9978
9934 23
97% Sale 97
97% 38
---- ----9934 Apr'28 ____
10714 Sale 10714 10714
1
10134 June'28 --__
885
8 893-4 89
99588934 62
89 Sale 89
89
6
102 Sale 102
102
3
____ ____ 10012 Apr'28 ____
Lehigh Val RR gen 52 series_2003 M
Leh V Term Ry 1st gu g 55-1941 A 0
Registered
Lob & NY 1st guar gold 4s__1945 tri
Lox & East 1st 50-yr 55 gu— 1965 A 0
Little Miami gen 4, Ser A-1962 M N
Long Dock consol g 65
1935 A O
Long leld 1st con gold 5sJuly 1931 Q J
let consol gold 45— --July 1931 Q J
General gold 45
1938 J D
1932 J D
Gold 45
1949 IN 8
Unified gold 4s
19343 D
Debenture gold 5s
1937 M N
30-year p m deb 5s
Guar Sh B let con gu 51 Oct'32 IN t3
Nor Sh B let con gu 5s_Oct '32 Q J
Lou di Jeff Bdge Co gd g 4s-1945 M S
10512 108 10512 10512
1 10614 11114
10012 10412 10514 June'28 — 1045 106%
10378 Feb'28
1037s 10378
-Wait/ -91-7; 8914 June'28 ____
87
9212
10714 10914 1117, May'28
111 11523
95 Apr'28
105 108 10812 May'28 - _ _ 10
98
2112
1 10
96
91
1
100 10014 100
100
3 100 102
97
99% 944 June'28
9412 991
92% 9412 94 June'28
94
96/
1
4
964 9778 92 June'28 ____
92 10012
8912 9358 90/
1
4 June'28 ____
90
9358
9814 10134 9814
9811
2
981
/
4 10014
9912 Sale 99
9912 HI
/
4
9812 1011
9012 Sale 904
904
7 90
9414
---. 1004 1003 May'28
1004 102
8812 891s 9112 June'28.._
914 944
S Due Feb. 1
94
9212 97
9912 10312
731 194
99 10314
90
9824
93 964
9014 98/
1
4
9018 9658
9855 98%
100 10514
100 10478
81
8715
8112 86
9878 100
97 100
995 99%
10614 1074
101 1024
884 934
89 91
9912 10258
10012 10012
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 6.
Price
"Vent.
July 6.
Louisville & Nashville Is._ _ _1937 MN
1940 J .1
Unified gold 45
Collateral trust gold 58._1931 MN
N
10-year sec 7s___May 15 1930
1st refund 53-45 seriesA 2003 A 0
2003 A 0
let & ref Is series B
1st & ref 4345 series C..._2003 A 0
1930 J J
N 0dr M lst gold 65
1930 J J
2d gold 65
Paducah & Mem Div 4s 1946 FA
St Louis Div 2d gold 3s 1980 ▪ S
S
Mob & Monti/ 1st g 44s_ _1945
South Ry joint Monon 45 _1952 J J
Aft Knoxv & CM Div 4s_ _1955 MN
Loulsy Cm n & Lox Div g 448'31 MN
1934 33
Mahon Coal RR let Is
Manila RR (South Lines)48_1939
1st ext 48
1959 M h
Manitoba S W Coloniza'n 55 1934 J D
Week's
Range or
Last Sale.
Ramos
Sines
Jas. 1.
High
DM
Alt Low
litgl No. Low
102 105 10312 May'28
1034 106
9512 972 9512
95
9914
32
96
100 1Q1 101 June'28
100 10258
103 Sale 10278 10312 22 10254 1051.2
1067s Sale 106% 106%
1 10178 1104
10412 Sale 10412 10412
1 102 109
10014 10114 101 June'28
100% 104%
102 103%
10058 1017s 102 Apr'28
10012 1021 10118 June'28
101 10214
93 961 9518 May'28
95
9611
72
_ 70% June'28
68% 71
loolg 1023, 10034 June'28
1004 102%
91
88% 90 894
8812 944
16
9334
92% 9811
93% 94
93% 15
100 1094
98l4100 100 May'28
1034 Jan'28
10312 10312
74
79%
-i988 76 June'28
754 8254
77
78 77
77
5
100 10118
100 10014 1004 June'28
90 88 May'28
J 88
manGs&Nwlst 34s _1941
Mich Cent Det & Bay City 5s_'31 MI 100 1011 100 June 28
10054 Apr'28
QM
Registered
97% Jan'28
_
Mich Air Line 4s
1940
8312 847- 8818 May'28
Istgold 34s
1952 MN 921899
991 99
20-year debenture 45
1929 AO 99
Mid of N J 1st ext 5s
1940 * 0 9058 96 9412 June'28
9828
June'28
98%
P
A
100
3,111w L S dr Westimp g 5s__ _1929
- - 98 May'28
Mil& Nor let ext 448(1880)1934• D
92 971 96 June'28
Cons ext 44s (l884).._1934 3D 94Mil Spar & N W 1st gu 4s
1947 MS 9114 947 9514 May'28
90 Apr'28
Milw & State Line 1st 334,...1941 33 90
5012
5012
Minn & St Louis let cons 58_1943 MN 504 -99
49 June'28
MN 48 51
Temp ctfs of deposit
18
18
1
4 18
1st & refunding gold 411-1949 MS 17/
20
20 20
Ref & ext 50-yr .5s ser A._1962 Q F 18
885
M St P&SSM con g48 int gu'38 33 88 Sale 88 ,
98
1st cons Is
19383, 98 Sale 97%
99
9812 Sale 98 .
let eons 55 gu as to int_ _1938 J
10-year coil trust 64s___ _1931 MS 10012 Sale 10058 1011
1st & ref 6s series A
1946.93 10038 10134 100 June'28
941
9412 Sale 93%
25-year 534s
1949 M
1st Chicago Term s f 4s__ _1941 MN 951s ____ 954 June'28
3
5
5
2
34
6
6
11
13
88
38
99/
1
4 102/
1
4
10054 10178
9758 9758
8818 8984
99 100
94/
1
4 99$.4
98% 10055
98 9914
954 9912
95/
1
4 97/
1
4
90 90
42 81
40
57
14
2354
1112 21
88
9212
9312 10018
98 101
100 103%
100 10314
924 96
95% 9614
MIsslssiPP Central 1st Is____1949 J J 9938 Sale 99% • 991
885
Mo Kan & Tex 1st gold 423_1990 3D 88
8812 88%
44
Mo-K-T RR pr lien Is ser A_1962 .1 3 10012 Sale 10012 101
8814
881
40-year 4s series B
Sale
19
884
'
3
1962
951 192
9412
Prior lien 4.06s ser D
1978 J J
Cum adjust 5s ser A Jan 1967 A0 10;124 Sale 103% 10512 244
Mo Pac 1st dr ref Is ser A _ _ _1965 P A 101 Sale 100% 10118 25
7914 103
78/
1
4 Sale 7818
General 4s
1975 M
994 Sale 9918 100 251
1st & ref 58 ser F
1977 M
93
Mo Par 3d 7s ext at 4% July 1938 MN 9154 95 93
1
103 Feb'28 Mob & Bir prior lien g 5s- —19453' 103
100 Apr'28
• J
Small
1st m gold 45
1945 3' 88 92 89 June'28
Small
1945• J 84%_ 84% May'28
Mobile dr Ohio gen gold 4s-1938 MS 94% -99 9412 June'28
101
3
Montgomery Div 1st g 55_1947 P A 101 104% 101
9654 95
Ref dr Mint 404s
1977 M S 9554 Sale 9514
Moh & Mar lst gu gold 4s __ _1991 MS 90 95 97 Apr'28
_ 111 June'28
Mont C 1st gu 6s
1937 3, 108
1st guar gold Is
1937• J 100 1-01 104% •Jan'28
82
8112 8112
6
Morris & Essex 1st gu 3 s_ _2000 3D 81
98 100
88 9254
10018 1044
87 9212
944 9955
10118 10912
10018 10378
77
834
98 10258
93 9712
103 103
99% 100
8454 9618
84 9258
9412 9834
101 2051,
9914 9924
97
9715
III 11278
104% 104%
80
88
Sale
Nash Chatt de St L 4s Ser A_1978 P A
9
92
138
12 106 19
02438 Mar'28
N Fla & S 1st gu g 58
1937 P A 10
30 Sept'24
Nat By of Mex pr lien 4413_1957
"i4
Li
15% June'28
Assent cash war rct No 4 on
871:
19 Aug'25
Guar 70-years f 48
1977 40
19%
e
1933
Assent cash war rct No 5 on
Nat RR Mex pr 1 44s Oct 1926
2014 2I's2
303%
8 2 julY
2.1258
5
Assent cash war rct No 4 on
22 Apr'27
let consol 4s
1951 AO
13 Sale 13
13
Assent cash war rct No-4 on
___ 8658 Noy'27
Naugatuck RR 1st g 4/1
1954 11-1.4
98% 1021 9854 June'28
New England RR Cons 5s 1945 33 85Consol guar 45
1945 Ii 8758 921s 93 Mar'28
NJ June RR guar 1st 413._ _1986 P A 89'2- 88 June'28
954 June'28
NO &NE lstref &imp 44BA'82 33 921t 92
19
New Orleans Term 1st 4s__ _1953.9,
_ 10012 9914
992
NO Texas & Alex n-c Inc 581_1935 A0
10054
1st 58 series 13
1954 A 0 99% Sale 997
101 102 10034 June'28
1st 55 series C
1916
973, 96%
96
9714
let 4 3is series D
1956
1045s
.
; 104 Sale 1035
let 5345 series A
1954 18 /Z
9754 98 100 Jan'28
N & C Ildge gen guar 448_1945
NYB&MBIstcong55___1935 40 99 101 101 Apr'28
N Y Cent RR cony deb 6,..1935 ▪ N 1075, Sale 10658 10758
Apr'28
MN
Registered
92
Consol 4s series A
9
1998 P A 92 Sale 1071'2
Ref & impt 406s series A 2013 A0 10058 102 10054 1011
Ref &'rapt Is series C
2013 A0 10634 Sale 1064 107
9214 9614
10319 10419
;
15
12
50
-
s "Nis 1314
2
27
51
7
27
38
27
99
NYCent&HudmvM334,'97J 3
Registered
1997 J 1
Debenture gold 42
1934 MN
MN
Registered
30-year debenture 4s
1942 J
Lake Shore coil gold 345_1998 F A
Registered
1998 F A
Mich Cent coil gold 3045_1998 F A
Registered
1998 F A
N Y Chic dr St L lst g 4s
1937 A 0
Registered
1037 A 0
25-year debenture 45
1931 TA N
2d 65 series A B C
1931 MN
Refunding 514s series A_ 1974 A 0
Refunding 5068 series B 1975 J J
NY Connect 1st Cu 448 A 1953 F A
1st guar Is series B
1953 F A
N I" dr Erie 1st ext gold 45.„1947 M N
3d ext gold 434s
1933M S
4th ext gold 5s
1930 A 0
N Y dr Greenw L gu g 5s— _ _1946 M N
83
837
84% 8378
8112 June'28
965
95
9718 Apr'28
924 9712 9614 June'28
80
84 81%
81%
7738 82 794 June'28
7912 82 7912,June'28
77% _ _ 8122 May'28
9512 9838 9912
Ws
Feb'28
9412 -1
4
9812
9812 Sale 98/
10212 103 10218 10234
10612 Sale 10514 10612
10612
10612 Sale 108
984 9858 97 June'28
10358 10312 June'28
911
/
4 -- 9212 Apr'28
9914 100 99% June'28
10014
- 10024 May'28
98 100 100 Mar'28
N Y& Harlem gold 34s___ _2000 IN N
Registered
MN
N Y Lack & W 1st & ref gu 581973 IN N
First & ref gu 4.48 con_ _ _1973 MN
NYLE&W 1st 7sext
1930 M 1
NI Y & Jersey 1st 5s
1932 F A
NY&NEBost Term 4s-1939 A 0
N Y N II & H n-c deb 451947 M S
Non-cony debenture 3148-1947 M S
Non-cony debenture 348_1954 A 0
Non-cony debenture 4s
1955 J J
Non-cony debenture 45.._1956 M N
Cony debenture 345
19563 J
Cony debenture 65
19483 J
1 J
Registered
Collateral trust 6s
1940 A 0
19171W N
Debenture 45
1st & ref 44s ser of 1927..1967 J D
Harlem It de Pt Ches 1st 481954 M N
86% Mar'28
7858
8514 Apr'28
80 J917'27
ioi99 102 10518 Apr'28
_ _ 10478 106 Feb'27
1
4 100
100
2
100 100/
90 Mar'27
894
3312 8812 834
1
8312
80
8134 791 June'28
75
754 76
75
1
8218 84
8218 June'28
8214 Sale 8214
83
8
734 7512 75
75
11214 Sale 11214 11212
9
9812 9812
2
lE41-2
10412 105% 16
7514 79
5
7914
794
9078 Sale 9014
91
196
9012 9112 91 June'28
2
RN Sale
17
147, 22
10
7
31
13
89
21
88 100
994 102
9014 9519
9838 102
98/
1
4 1011
/
4
100 106
9618 9919
102 10612
100 100
101 101
10614 109%
107 107
914 9712
99 10412
106% 111.54
821e 874
8112 851,
9312 991.
9718 9318
96
99
7814 8812
7818 8278
7958 87
81% 6354
95% 9814
9618 so:
9612 100
101 10312
105 10778
10514 107119
97 10212
100/
1
4 10514
9212 92/
1
4
9978 10014
10034 10034
100 100
8611 8712
8519
8518
ioife fol.
HZ' 1011.
784 8314
7214 81%
81
884
79
884
73
80
11214 1114
9812 116
10412 10678
7658 8256
8918 9454
89
9358
88
BONDS
N. Y.STOCK EXCHANGE
Week Ended July 6.
New York Bond Record—Continued—Page 4
Price
Friday.
July 5.
Week's
Range or
Lan Sate.
13
Range
Since
Jas, 1,
BONDS.
N. Y. STOCK EXCHANGE.
Week Ended July 6.
13
Price
Friday.
July 6.
or la
Week's
Range
Last Bale.
Rases
Sines
Jen. 1.
Mg)
High No. Low
Bid
Aek Low
99
8753 98
89
St L-San Fran pr 1 48 A
1950 3' 89 Sale 88
8912 97/
1
4
9038 456
Con M 4 As series A
1978 MS 9052 Sale 8934
1950 J
10134 39 10058 10415
10112 Sale 10114
Prior lien 55series B
gra 50113
1928 3' 9934 10018 9978 June'28 —.Prior lien 13s series C
10214 June'28
- - 10114 30312
Prior lien 5128 series D _..1942 33
10118
10112 52 loo un%
Cum adjust ser A 6s_July 1955 * 0
10114 62
994 10213
Income series A 6s__July 1960 Oct. 1011 Sale 10118
103 104/
St Louis & San Fr RY gen 6s.1931
1
4 103 June'28 - - 100 105
2 100 1034
10038
1931
100 10114 100
General gold 55
St L Peor & NW 1st gu 5s__ _1948
105 10918 105 June'28 - - - - 105 111
S - - - - 9714 9758 Apr'28 - -St Louis Sou lst gu g 4s
1931
97/
1
4 9753
8778 23
79
92/
1
4
St L S W 1st g 45 bond ctts 1989 M PI 8714 8778 8738
8312
1
8312 874
2d g 48 Inc bond etts_Nov 1989 33 8312 87 8312
9614 14
1932 3D 9538 Sale 9438
1
4 99
Consol gold 48
95/
9912 1031s
1st terminal & unifying 58_1952'3 10014 Sale 9912 10014 23
9412 36
94 Sale 94
98
94
10212 1051, St Paul & K C Sh L 1st 4)0_1941 FA
1931 FA 99 10138 99
St Paul & Duluth 1st Is
99
99
99
6
107 107
1968 3D 9018 9612 9018
1
9018
1st consol gold 4s
9018 9814
10334 10634
'
3 9732 103
971
.June'28 - - 9718 9758
9334 981, St Paul E Gr Trunk lst 4;0_1947
95/
1
4 9618
97 June'28 -97
96
983s
93
9834 St Paul Minn 4, Man con 45 _1933 3' 95
1933 3' 10312 107 10614 May'28 - -- 10614 1114
let consol g 6s
176% 1901
/
4
3' 103 107 10634 Mar'28 -Registered
10634 10634
9234 97/
1
4
3'
...1933
100
gold
0
,
6
5
99 10012
6s reduced to
99% 10114
June'28 -3' 9712 10012 99% Jan'28 -Registered
9913 9912
joi5.2 10158
1937 3D 9512 9614 9512
9512
1
Mont ext 1st gold 45
9458 9812
97 103
934 9478
9312 May'28 - 93
Pacific ext guar 4s(sterling)'40 3, 90
921s 9774
107
2 107 10933
St Paul Un Dep let 4, ref 58_1972'3 107 Sale 107
9038 97
1943 J
9012 13
90 Sale 8938
89,4 9434
6718 721 S A & Ar Pass let gu g 4s_
10212 104
lor72 104 May'28
8812 6974 Santa Fe Pres dr Phen 1st Is _1942 MS
1934 A0 ii3512
Say Fla & West 1st g 68
_ 10752 May'28 -- 10758 109
9912 1015
1934 *0 9952 fa 10712 May'28 -- 1074 10712
1st gold 5s
11338 11714
1989 MN 9334 9612 9334 June'28 9334 98
10512 1094 Scioto V &N E 1st gu g 4s
85 June'28
79
8512
10312 10934 Seaboard Air Line 1st g 4s_ 1950 A0 7712 82
1950 *0 7518 Sale 7518
7638
9
Gold 48stamped
7613 8872
10934 11012
51
Oct 1949 P A 4712 Sale 45
48
Afjustment 55
4312 8112
105 107
1959 A0 5212 Sale 624
Refunding 45
60
7212
6234 16
8234 56
1st & cons Os series A _ _ _ _1945 MS 82 Sale 8112
7712 9634
100 10254
MS
85 Mar'28
Registered
7832 85
8313 8814
All & Birm 30-yr 151 g 4s_41933 M
90
1
90
8834 85
✓ A
7713 Sale. 761
7112 9472
7712 13
16541-64- Seaboard All Fla let gu 68 A.1935
/
4
1935 P A 75
Series B
78
1
72
76
86
10112 10410
9452
Seaboard Az Roan let Is extd1931 33 9818 100
9814 June'28 - - 98 10058
92% 96
108 11034 So Car & Ga 1st ext 5,4s_ _ _1929 MN 10014 10112 9934 June'28 —
9912 10174
1936 ✓ A 99 10434 05
Jan'28 --- 105 105
10738 1111
. S&NAlaconsgug 58
Gen cons guar 50-yr Is..._1963 AO —__ 11432 1453 May'28 11412 115
984 100
894 9412
10
93
9013 95
79
8814 So Pao coil 4s (Cent Pac coll)r49 3D 9212 Sale 92
3D R7/
Registered
_
88
88
1
4 8938 88 Mar'28
9538 9514
June 1929 MB 99 Sale 9834
99
74
20-year cony 4s
102 102/
1
4
9814 100
10058 10 100 104
1st 4
(Oregon Lines) A_1977 MS 10058 Sale 100
10033 1013.
1934 3D 101 1011 10112 June'28 — - 1004 10314
20-year cony 58
98 100/
1
4
1968 MB 9678 Sale 9658
Gold 448
9612 1004
0738 57
10115 10512
1950 *0 883s 9278 93 June'28 - - -9278 08
San Fran Terml 181 48
101 10412
* 0 90 Sale 90
1
90
8934 90
Registered
93
9634
10114 10412 So Pac of Cal 1st con gu g 58_1937 MN 10234 10438 10634 June'28 _ _ _ 105 108
97/
1
4 May'28 - So Pao Coast 1st gu g 4s- - -1937• J 9612 98
9712 9732
'
3 9378 Sale 93/
1955
9414 35
1
4
9312 98,2
9738 99/
1
4 So Pao RR let ref 48
• J
_
98
96 Apr'28
98
Registered
9634 100
J
1
4 11912
11034 20 109/
11012 Sale 110
987s 99 Southern Ry let C098 g 5s_ - _1994
3, 104
110 1154
11518 Apr'28
Registered
101 107
8912 49
Devel & gen 6s series A__ _1956 A0 8912 gale 89
8853 93
9934 104;
1956 AO 11518 Sale 11518 11513 17 11412 121
Develop & gen Is
106 115
5 120 127
1956 AO 12132 Sale 12114 122
Develop & gen 6)28
10314 10574
3,
4
1996
108
108 1134
106-- _ _ 168
Mem Div let g Is
10934 11334
1951 J 3 8912 95
9212 June'28
9214 94
St Louis Div 1st g 48
112 112
East Tenn reorg lien g Is._1938 MS 10414 -- -- 9638 Dec'27 -102 105.
7
1938 MS 9212 Sale 9232
34
9158
93
Mob & Ohio coil tr 48
87/
1
4 93
8718 92
_
8534 90
9558 8534 June'28
8914 9014 Spokane Internal let g 55._ _1955 3,
85 Nov'25 _ _ _ _
8812 90/
1
4 Staten Island By 1st 434s._ -1943 3D
.11
"sirs" 9658
95 Apr'28
Sunbury & Lewiston 1st 4s_ _1936
9634 100
9978 Apr'28
99/
1
4 9973
92
9514 Superior Short Line let 5s..e1930 MB 9972
_
9912 10213
Term Assn of St List g 434s.1939 AO 9952 fof 101 June'28
97 102
11994543 FA 103 106 10212 10212
4 10212 107
1st cons gold 5s
88
92
10
89
89
9212 89
94
88
Gen refund s I g 4s
1374 5018
107 108/
1
4 Texarkana & Ft Slot 54s A 1950 P A 10334 106 10438 10412 28 10438 10713
1943I, 10038 102 102 Jene'28
102 10313
10314 10512 Tex SC NO corn gold 53
2000 J D 11041 11134 11038 11012
9 10812 115
9034 984 Texas & Pac let gold 55
100 Aug'27
2d inc5s(Mar.28epon)Dec 2000 Mar
1977 * 0 loois gale 10078 10112 27 Rio; 1-64-1;
Gen & ref Is series B
97 100
'
3 10014 Sale 10014
1931
/
4
10014 15 100 1011
La Div 11 I., 1st g 5s
10834 114
Tex Pac-Mo Pac Ter 534s _..1904 MS 10634 Sale 10634 10634
3 105 10914
42
40
_ 10012 10314
_ 10058 June'28
Tol & Ohio Cent let gu 5s — _1935 33 101
104 106
1935 * 0 9812 1-03
Western Div 1st g 5s
981
/
4 103
9814 May'28
_
9978 102
J D 99 10412 100 June'28 - -- 100 101/
General gold 58
1
4
10012 10212
15
7 3' 12
19
93
15 Nov'27 _ -19
10134 10212 Toledo Peoria & West 1st 43_1
*
0
1950
92
1 -62Tol St L & W 50-Yr g 45
92
93 92
99
97
1931 3 J 994
10038 May'28
100 10034
97
974 To1WV&Ogu445A
19333 3 9912
9912 June'28
994 1084
_
Ist guar 432s series B
1942 M S
_ 9578 June'27
1st guar 48series C
-ei" Iv;
941i 9458
__
9458 95 9453 June'28
97
9713 Tor Ham & Buff lat g 4s_ _ _ _1946 J D 96101 10512
65
2
5612 75
Ulster & Del 1st cons g Is.._1928 J D 6334 6512 64
104 105
62
Certificates of deposit
63
2
62
63
106/
1
4 11412
.1 3514 42
48'4572j
A 0
35 June'28 _
32
1st refunding g
46
11333 11833
RR & Idgt
9534 215
9512 Sale 9412
9412 99
10734 11518 Union Pacific 1st4s19
3 J 925s 9434 97 May'28
Registered
9614 974
11312 11312
June 2008 M S 9234 Sale 9234
.
ref 4s
G
isotildie4n3t
9334 24
92
9832
9712 Sale 9712
9812 136
_
9714 10114
—
June 2
10
96
08
7j
M j
S
Ill Ill June'28
lot lien & ref 5s
10313 107
_ 110 11544
1928 J J
9978 June'28
10-year secured 68
1011g 105
9978 10072
1944M S 0413 07
94 June'28
931g 9912
1004 10014 U N J RR & Can gen 4s
1933 3 J —_ 9712 9834 Nov'27
Utah Az Nor 1st ext 45
9834 98 Mar'28 _ _ '
ill 98
-9412 17-4 Vandalla cons g 4s series A._1955 F A 96
Cons s f 45series B
_ 96 June'28 _ _ _ _
96
9912
108 10812
57
4 M N 96193
1812 2014
Vera Cruz & P assent4;0 _ _1
1714 234
2058
2052
I
1931 6i-f6 100
10014 June'28 _
4 Virginia M fd 5s series F
10014 10113
7512 168General 5s
103
1
4
103 June'28 _ _ - 103 103/
91
9114
10
90
26
3M
J N
J 10214 1-0638 10714 Jan'28
Va & Southw'n 1st gu 58- _ _ _2
1
4 10714
9218 97
_ 107/
A O
let cons50-year
9512 10334
_ 9634 9612
9634
5
9414 9514
5s9
series A.1
196
12
8 MN 1.95.2 Sale 10512 10578 26 10413 10972
9934 10434 Virginian Ry 1st 58
10314 10378 10338 104
79,g 8214 Wabash 1st gold 5s
7 103 1084
A
AS 10012 10178 101
F
MN
61 ri
993
779
1
119
2d gold 5s
10414 10412
10178
7 100 1002
Ref s f 5,10 series A
10014 10112
105 Sale 1044
105
86 103 1074
Ref & gen 5s series 13
44 5
9912 105
101
82
10052 Sala 10018
Debenture B Os registered _1939 3 J
5
712
8878 May'28
__
1954 1 J -ii"
1st lien 50-yr g term 4s
"itifs Ifi9112 9512
89 June'28
Det & Chl ext 1st g 5s. _ _ _1941 J J 10514 - - 10452 Feb'28
10412 10484
8334 9032
Des Moines Div 1st g 48_1939 J J 9112 934
9418 9912
-91-14 9258 Apr'28
A O /-2Fii• 87 8718 June'28
Omaha Div 1st g 312s_ _ _ _ 194
41 M
8418 8478
86
88/
1
4
__
Tol & ChIc Div g 4s
1941 M
9632
90
93
9512
9012 Sale 9012
9012
2
0
gen
430
A
Ref &
Ser C
1978
9013 9414
92 Sale 9134
9212 117
92
87
83
83
100 10034 Warren 1st ref gu g 343.— _2000 FA
83 Mar'28
_
Wash Cent 1st gold 4s
1948 Q
90/
1
4 905$
105 108
90 9058 Mar'28
_
1945 FA 85
86
91
96
9872 Wash Term Ist gu 3Sis
1
86
8914 86
1st 40-year guar 4s_ _
1945 FA 8952_ 89 Apr'28
8878 89
9978 10214
__
W 51In W &N W lstgu 58 _1930 P A 9812 -i632 9978 May'28 _ _ _
99/
1
4 101
1952 A0 82 Sale 82
9818 gni; West Maryland 1st g 4s
7812 87/
1
4
8212 55
99 1034
let & ref 5340 series A_._.1977 3' 9913 Sale 99
9418 9734
9934 57
'
3 10012 102 102 June'28 _
1014 104
1937
10034 10134 WestN Y &Pa lstg 518
*
0
Gen gold 48
8853 902
1943
91
9234 8858 June'28
Western Pac let ser A 58_ _ _ _1946 MS 9934 Sale 99
9812 101
9934 18
'
3 91 Sale 90
West Shore 1st 48 guar
894 984
2361
91
3
Registered
89
98
2381
90 June'28
894 90
High
NW No Low
814
Ask Low
17
MY0 Az W ref 1st g ts_June 1992 MS 76 Sale 75
76
7234 S05.
784 78
7612 Apr'28
r Reg 85,000 only June 1992 M S
9
70
7312
General4s
8034
1955 3D 7312 Sale 7212
92 96
N Y Providence & Boston 48 1942 * 0
9312 Apr'28
Registered
8934 894,
8934 Jan'28
*0
9212 98‘,
N Y & Putnam 1st con gu 48 1933 * 0 -8912 92
9212 June'28
8812 9212
NY Susq & West 1st ref 55_1937
'
3 7618 88/
1
4 8812 June'28
83.,
2d gold 44s
80
8278 May'28
1937 FA 7418 80
7014 801,
704 7178 7014 June'28
General gold 58
1940 ✓ A
_
9978 1021.
Terminal let gold 58
1943 MN 9912 10112 10214 June'28
84
92
1
4
8512 52
Y W-ehes & B 1st ser I 4),58 '46 3, 8512 Sale 84/
Nord Ry ext'l f648
1017s 47 100 103
/
4 Sale 101
1950* 0 1011
9
9112 97
9214
Norfolk South 1st & ref A 55_1961 FA 92 Sale 92
5 102 103
192
Norfolk & South let gold 58_1941 MN 102 10412 102
Norflk dr West gen gold 65_1931 MN 102 10412 10212 June'28
107 June'28
Improvement &Zen 68_ - _ _1934 FA
New River 1st gold 68 _ _1932 A0 la" 166" 10334 June'28
95
95
N & W Ry 1st cons g 48
1996 A0 9438 96
Registered
1996 A0 ____ 9534 964 Apr'28
93/
1
4
DWI let lien & gong 4s _ _1944 3, 9338 9534 9338
- 18234 June'28
1929 M S
10-yr cony 68
1941 3D 9234 9312 9234 June'28
Pocah C & C joint 4s
__ 10658 Sept'27
North Cent gen & ref 55 A__ _1974 MS 1073
411111 10158 Jan'28
Gen & ref 4;0ser A stpd-1974 MS 98/
1
4
92
81,2
4 june'
92
218
2
North Ohio 1st guar g 59
1945 A0 959214 Sale9
North Pacific prior lien 4s_ _ _1997 Q
9038 Sale 9038
90313
Registered
1997 Q
67%
Gen lien ry &ld gt 38.Jan 2047 Q F 6758 Sale 674
Registered
Jan 2047 Q F 6538 70 681 Apr'28
'
3 10012 Sale 100% 100%
Ref & impt 4;0 series A__2047
1
4 Sale 113/
1
4 114
Ref & Inapt 68 series B__ _2047 3, 113/
Ref dr inapt Is series C. --2047 3, 10514 110 106 June'28
534 10934 10512 June'28
Ref &Rapt Is series D— _ _2047 ▪ J 109
-_ 10934 June'28
'
3
Nor Pac Term Co lot g 644_ _.1933
- 33 107 June'28
Nor Ry of Calif gUar g Is...1938 * 0 10218 105
_
_
5
10
27
2
12
8
71
19303 J
North Wisconsin let 68
Og & L Cham 1st gu g 4s— _ -1948 J J
Ohio Connecting Ry 1st 4s _ _1943 M S
1936.3 D
Ohto River RR 1st g 58
1937 A 0
General gold 51
Oregon RR & Nay concts--1946 J 13
Ore Short Line let cons g 55.19463 .1
19463 3
Guar stpd cons 5s
1929 3 D
Guar refunding 4s
Oregon-Wash let & ref 48-1961 .1 J
Pacific Coast Co 1st g 55— _ _1946 J D
Pac RR of Mo 1st ext g 4s _ _ -1938 F
1938 3 J
24 extended gold Is
Paducah dr Ills 1st 144s_ 1955 3 J
Paris-Lyons-Med RR extl 68_1958 F A
Sinking fund external 75-1958 M S
Paris-Orleans RR f 78
1954 M S
External sinking fund 545 1968 M S
Paulista Ry 1st & ref s f 7s
1942 M
9912 10214 100 June'28
2
____ 83
8338
8338
96 ____ 9538 Nov'27
104 Apr'28
la'16
92%
13112 une2
9358
June'28
10712 108 June'28
5
10634 108 10738 10738
9812 Sale 9814
9812 73
43
89/
1
4 Sale 894
90
8018 17
7914 80
79
1
4 9538 May'28
9312 94/
_ 102 May'28
10012 ____ 10112 Apr'28
9934 Sale 9912 100
14
39
104 Sale 103/
1
4 104
11
104
103 10318 103
96
20
95/
1
4 Sale 9513
10318
103 June'28 ----
Pennsylvania RR cons g 4s_ _1943 MN
Consol gold 45
1948 MN
48 sterl stpd dollar_May 1 1948 MN
Consolidated 81449
1960 ✓ A
General 445 series A
1965 in
General Is series B
1968
10-year secured 78
1930 * 0
15-year secured 6348
1936 FA
FA
Registered
40-year secured gold 5s_ —1964 MN
Pa Co gu 310colltr A reg_1937 MS
Guar 3;58 coll trust ser B_1941 FA
Guar 348 trust ctfs C_ - —1942• D
Guar 348 trust cUs D _ _ _ _1944 3D
Guar 15-25-year gold 4s_ __1931 * 0
Guar 48 ser E trust Ws
1952 MN
Pa Ohio Az Det 1st & ref 4148A'77 * 0
Peoria & Eastern 1st cons 45_1940 * 0
April 1990 Apr.
Income 45
Peoria & Pekin Un 1st 534s..1974 ✓ A
Pere Marquette lot ser A 58_1956 3,
1956 33
1st 4,2 series B
____
97
9758 June'28 -9812 9714
9714
1
99 June'28
4
10212 fiZe- 10212 10258
10138 Sale 10118 10134 31
10818 Sale 0818 10834 12
71
104 Sale 10358 104
1
4 34
1111
/
4 Sale 11034 111/
12 Apr'28 63
104
10312 Sale l031
881
_-- 91 June'28 89 4-92
92 June'28 - 90 Apr'28
_ _ 8812 June'28 - 88129714 97-12 9714 June'28 - 94
2
94
93/
1
4 95
9814 104
9814 Sale 9712
2
8812
8812 Sale 8812
3712 4212 4512 May'28 10218 105 107 June'28 ---8
104 Sale 104
10434
91 Sale 9078
91
3
Phila Balt & Wash let g 4s1943 MN
1974 FA
General 58 series B
Philippine Ry 1st 30-yr s f 451937 3,
Pine Creek registered 1st 68_1932
D
PCC&StLgu4.4sA
1940 A0
Series B 448guar
1942 * 0
Series C 41,
0guar
1942 MN
Series D 48 guar
1945 MN
1949 ✓ A
Series E 34s guar gold
1953 JD
Series F 45 guar gold
Series G 4s guar
1957 MN
Series H con guar 48_ _ _ _1960 FA
Series Icons guar 44s_ 1963 P A
Series J cons guar 44s._1964 MN
1970 J D
General M Is series A
J D
Registered
Gen mtge guar 53 series B_1975 * 0
A0
Registered
97 Sale 97
97
10814
10834 June'28
4158
4158 Bale 4112
10312 10538 104 June'28
9978
9978
9973
10012 June'28
10134 June'28
9912 97 May'28
97
9718 _- 9712 June'28
9714 Apr'27
97
0718 May'28
97 __-- 9718 June'28
101 Sale 101
101
104 104 May'28
10778 Sale 10778 10834
11358 Jan'28
10734 109 10814 10838
11313 Jan'28
106 May'27
Pitts McK & Y 1st gu 68...._1932 3, 105
1934 3, 1034 1-0-6 10318 June'28
241 guar 65
10118 June'28
1940* 0 10118
Pitts Sh & L E 1st g 5s
1943 3, 1004
10014 June'28
1st consol gold 55
Oct'27
1943 MN
95
Pitts Va Az Char 1st ts
_ 95 June'28
Pitts Y Az Ash 1st 4s ser A _1948 J D 94i2
108 June'28
1962 FA 107
1st gen 5s series B
1974 in
lst gen 5s series C
1957 MN _ _ __ 82
76 June'28
Providence Secur deb 48
1956 MB 9158 9212 9118 June'28
Providence Term let 48
9334
93/
1
4
95
Reading Co Jersey Cen coil 48'51 * 0 93
*0
Registered
9434 June'28
1
4 10034
'
3 10012 Sale 100/
Gen & ref 4
series A ,,..1997
7918 May'28
83
Rich & Meek 1st g 4s
1948 MN
Richm Term Ry lot gu 5s.. _ _1952'3 100 10014 10412 June'28
Rio Grande June 1st gu 5s.- _1939 3D
104 10113 June'28
41
Rio Grande Sou let gold 48_ _1940 ii
5 May'28
Guar 4s (Jan 1922 coupon) '40• J
712 Apr'28
Rio Grande West lot gold 48_1939 3, 921$
9218
9218
8514
1st con & coil trust 4s A_ 1949 * 0 8514 86
8514
R Ark & Louis lat 448_ _1934 M
97
9612 Sale 96
Rut-Canada 1st gu g 48
8418 June'28
1949 3 J 8334 84
Rutland 1st con g 44s
9312
9312
1941 ii 931s 95
St Jos & Grand Isl
88 June'28
89
88
g 48-1947 J
St Lawr & Adir 1st g 58
100 June'28
1996• J 100
24 gold 6s
1996 * 0 105 fos 105 June'28
St L & Cairo guar g 4s
9612
1931
'
3 9612 Sale 96%
St L Ir Mt & S gen con g 5s_ _1931 * 0 10038 Sale 10014 100/
1
4
Stamped guar 58
10134 Dec'27
1931 * 0
Unified & ref gold 4$
9853
1929 ii 9838 Sale 9838
Riv & G Div Ist g 48
9514
1933 MN 9412 Sale 9412
St L M Bridge Ter gu g 58 ..1930 * 0 984 100 100/
1
4 Apr'28
a Due May. iDue June. It Due August.
3
5
1
6
9
6
5
12
1
2
65
1
1
92
33
35
Ws;
89
New York Bond Record-Continued-Page 5
BONDS
19: Y. STOCK EXCHANGE
Week Ended July 6.
at
Prim
?Ma.
July 6.
Week's
Ranee or
LAN Salo.
Range
Since
Jan. 1.
I
High No. Low
BEA
Ask
High
Wheeling & Lake Erie-100 Apr'28
100 1001
/
4
Wheeling Div let gold 5s_ -1928 Si
100 Apr'28
100 10012
Ext'n &'rapt gold 55
1930 FA
I
95/
1
4 95/2
9512
Refunding 4345 series A.-1966 M S
9512 10214
1
4 102 1002 Mar'28 1011
/
4 102
1968 MS 99/
Refunding 55 series B
93 June'28 -1949 MS
93
94
RR 1st consol4s
71
4
1
4 7038
1942 in 7114 73/
70/
1
4 791k
Wilk & East 1st gu g 5s
10334 104/
1
4
Will & F Ist gold bs
1938 ID 10018 106 10334 May'28 9318 92 June'28
92
93
Winston-Salem S B 1st 45-1960 Si 92
84
4 82
Wls Cent 50-Yr let gen 49- - -1949 Si 83 84 84
923k
891
: b
Sup & Dul div & term let 4/3'36 MN 8918 Sale
88
93/
1
4
1
4 ---- 9238 Mar'28
Wor& Con East let 434$. -1943'S 87/
92
9232
INDUSTRIALS
BONDS
N. Y.STOCK EXCHANGE
Week Ended July 6.
8714 877s 90 June'28 -107
7
10458 1041
/
4 104
718
3
6
1
4 10
3/
31
:
_ 6
6
6
9912 27
99 Sale 99
96/
1
4 Sale 95
9678 17
43
10514 Sale 105
106
3
901
90 91
9012
6
10212 Sale 10112 10258
9918 100 100 June'28 _ _
94/
1
4 Sale 93
9512 20
10434 Sale 10434 10434
1
I0112 Sale 100
101/2 65
10718 10812 10634 June'28 -10434 bale 10378 10434 36
8912 96
104 10934
31
/
4 10
31s 10
9812 10232
93
967,
104 10612
79
93
10112 1044
9814 102/
1
4
92
97
104 10614
100 10224
10634 1093/
10212 100
Am Telep & Teleg coll tr 4s 1929 Si
Convertible 4s
1936 M
20-year cony 4Ms
1933 M
30-year coil tr bs
1948 SD
SD
Registered
35-yr f deb 58
1960'S
20-year s 5Ms
1943 MN
Am Type Found deb 6s
1940 AO
Wat Wks& El coltr 59_1934 *0
Deb g 68 ser A
1975 MN
Am Writ Pap let g 6s
1947'S
Anaconda Cop Mhz 1st Os.-1953 VA
Registered
lb-year cony deb 7s
1938 VA
Andes Cop Min cony deb 78 _1943
Anglo-Chilean s deb 78.-- _1945 MN
.7
Antal&(Comp Azuc)734s._1939
13
Ark & Mem Bridge dr Ter 55_1964
Armour & Co 1st 4Ms
1939 D
Armour & Co of Del5Ms ...1943'S
Associated 0116% gold notes 1935 MS
Atlanta Gas L let 58
1947 in
Atlantic Fruit 7s ctfs dep__ -1934 ID
D
Stamped etts of deposit •
1
4
991
99/
1
4 Sale 98/
92 9514 97 May'28
10078 -- -- 10034 10034
10412 Sale 10412 105
10438 Feb'28
10434 Sale 10412 10578
108 Sale 106 4 108
104 10578 10412 106
9934 Sale 9912 10018
106 10634 104/
1
4 10878
86 Sale 88
861
10434 Sale 10424 1051,,
10512 Mar'28
12178 dale 11812 12234
12912 Sale 127/
1
4 13.012
10212 Sale 10212 10312
52
93 93
931
10158 10312 10358 June'28
92 Sale 9138
93
9212 Sale 9134
9274
10212 10234 10212 June'28
10314 -- 107 June'28
1218 Sale 1214
1214
15 Mar'28
12/
1
4 16
All Gulf & WISS L eoltr 58-1959
Atlantic Refg deb bs
1937 Si
Baldw Loco Works let 58.-1940 MN
Bulimia(Comp Az) 734s-1937
Barnsdall Corp (is with warr-1940 J
Deb 138(without warrant)_1940 ID
Batavian Pete gen dab 4345.1942 J J
Belding-Hemingway 88
1936 ii
Bell Telep of Pa bs series B.-1948 ii
1st & ref bs series C
1960 A 0
Berlin City Elee Co deb 634s 1951 SD
Berlin Elec El & Undg 6345 .1956 AO
Beth Steel 1st & ref 58 guar A '42 MN
30-yr p m & impef 5s.._-.1938 Si
Cons 30-year 68 series A 1948 VA
Cons 30-year 5345 ser B
1953 VA
B
Bing & Bing deb 6Me
1950
Botany Cons Mills 634/1
1934 *0
Bowman-Bill Hotels 75
1934 M
D
B'way & 7th Av 1st con 55- -1943
Brooklyn City RR 1st Se..-.1941 Si
Bklyn Edison Inc gen be A.._1949 ii
.1
Registered
General(is series B
1930'S
7912 8034 79
'1912 10
100/
1
4 Sale 10012 102
31
107 10712 107/
1
4 10712
2
105 108 106 June'28
101 Sale 100/
1
4 10134 45
92 Sale 91/
1
4
92
31
9278 Salo 92/
1
4
93,4 113
1
9832 Sale 9838
9838
10534 Sale 10512 106
91
10834 10934 10812 10912 14
95 Sale 9412
9512 ao
95
95 Sale 94
30
-__ 104 102
10214
9
100 Sale 100
10012 28
10434 Sale 10314 105
124
10212 Sale 10218 103
56
9812 99 9812 June'28
78 Sale 78
7814
991
/
4 Sale 99
10014 17
73 Sale 72
73
10
1
4 June'28
0312 93/
loi1-1 10034 104
106
90
10538 Mar'28
10112 1619-4 10112 10134 6
9812 100
97 10012
9934 10212
10438 100
10432 104/
1
4
10412 109
10434 110
10312 106
9738 10111
103 1091
/
4
83
9314
103 106/
1
4
10514 10511
110/
1
4 137
120 140
9618 10514
93
96%
10112 104
91
944
8712 94
102 10312
10314 107
121
/
4 1214 Gen Mot Accept deb 6,
1937 VA
15
GeniPetrol 1st s f 5.5
15
1940 VA
Gen Refr 1st s f(is ser A
1952 TA
7234 8212 Good Hope Steel & I sec 78 _ _1945 *0
100/
1
4 1033
. Goodrich(B F)Co lst6 M s_ _1947 Si
107 10812 Goodyear Tire & Rub 1st bs _1957 MN
Gotham Silk Hosiery deb 6s _1936 SD
10312 107
1940 FA
Gould Coupler 1st s f 68
9912 106
90
9358 Gt Cons El Power(Japan)76.1944 FA
1st &genet6Ms
1950 Si
9072 9358
9612 99114 Great Falls Power late f 5s_ _1940 MN
105 10952 Gulf States Steel deb 5M s _ _1942 in
10814 113 Hackensack Water 1st 45...1952 Si
Hartford St Ry let 45
1930 MS
94 98
9334 97/
1
4 Havana Elec consol g 55....A952 VA
Deb 532s series of 1928... _1951 MS
100/
1
4 1044
100 103 Hoe(R)& Co hat 6345 ser A.1934 *0
10212 10572 Holland-Amer Line Os U/a0_1947 MN
9912 105 Hudson Coal 1st s I 58 ser A.1962 ID
1940 MN
9614 9858 Hudson Co Gas 1s8 g 50
78
8314 Humble OH& Refining 5348_1932 Si
Deb gold 5s
1937 AO
1
4
99 105/
Illinois Bell Telhpone 55..._1956 ID
68 81
9212 9512 Illinois Steel deb 4M s
1940 *0
20358 1067/ Ilseder Steel Corp s t 7s
1946 *0
1
4 Indiana Limestone let 8165_1941 MN
10533 105/
1938 MN
101 10414 Ind Nat Gas & 0115a
1952 MN
Indiana Steel 1st 58
gg1
J
/
4 10034 Ingersoll-Rand 1st 55 Dec 31 1935
6412 72 Inspiration Con Copper 634s 1931 M
80 90
Interboro Rap Tran 1st 55_ -1966 J
.1
Stamped
1-66
Registered
1932*0
9334 99/
1
4
10-year 68
106 111
10-year cony 7% notes._1932 MS
118 11934 Int Agric Corp 1st 20-yr bs -1932 N
Stamped extended to 1942 ---- MN
2.50 288
9314 102 Int Cement cony deb 5s
1948 MN
9412 Internal Match deb bs
N
88
1947
951
/
4 103 Inter Mercan Marines f(is_ _1941 A0
9914 102
International Paper Ss ser A_1947'S
1
4
100/
1
4 103/
Refs f 6s ser A
1955 M
J
10314 105 Int Telep & Teleg deb g 4M s 1952
9514 102 Jurgens Works Os(flat price).1947Si
9912 10414 Kansas City Pow & Lt 5s_ _ _1952 MS
9934 10114
1st goler4 Msseries B
1957'S
10012 10314 Kansas Gas & Electric 65_ _ _1952 M
10434 10512 Kayser (Julius) de Co deb 534s'47 M
971g 4412 Keith(B F)Corp 1st(is
1946 MS
Kelly-Springf Tire8% notes_1931 MN
120 125
Keyston Telep Co 1st 58._ _ _1935 Si
92
97
Kings County El & P g 5s_ _ _1937 AO
100 105
Purchase money68
1997 A0
66
89
Kings County Elev 1st g 48..1949 PA
10012 104114
Stamped guar 48
1949 VA
Kings County Lighting bs
J
8114 88
1954
9312 97/
1
4
First & ref6 Ms
1954 Si
8714 90
Kinney (GB)& Co 734 %notes'36 SD
9912 10214 Kresge Found'n coil tr Gs__ _1936'ID
9558 9814 Lackawanna Steel 1st 512 A _ _1950 MS
98/
1
4 10158
9732 100,4 Lac Gas L of St L ref&ext 58_1934 *0
Coll & ref 5348 series C_ _ _1953 VA
9312 100
7734 8834 Lehigh C & Nay sr 434e A..1954 IS
Lehigh Valley Coal 1st g 5s_ _1933 J
'S
Registered
98 10118
93 97
let 40-Yr MI lilt red to 4%.1933'S
104 10612
liot&refsf 52
1934 VA
1st & ref s f 5s
9858 103
1944 VA
1st & ref s f 5s
9838 102
1954 VA
1st &ref s f 5s
1964 FA
1st & ref f 58
1974 VA
97 10012
78
8334 Lex Ave & P F 1st gu g 5s_ _ _1993 MS
10434 107
Liggett Si Myers Tobacco 75_1944 A0
5s
1951 PA
10012 10314
102 10518 Liquid Carbonic Corp 68.. _ _ _1941 F
9834 10278 Loew's Inc deb Os with warr _1941 AO
97
981:
Without stock pun warrants _ *0
79
9718 Lorillard(P)Co 78
1944 AO
100 10214
55
1951 VA
Deb 534s
1937 Si
Bklyn-Man R T sec Os
1968 Si
Bklyn Qu Co & Sub con gtd 5s'41 MN
1st be stamped
1941 Si
Brooklyn R Tr let cony g 48_2002 Si
3-yr 7% secured notes_ _ _ _1921 Si
Bklyn Un El 1st g 4-5a
1950 VA
Stamped guar 4-59
1950 VA
13klynUn Gas lst cons gbs-I945 MN
1st lien & ref 13s series A _ _1947 MN
Cony deb 532/1
1936'S
Buff& Susq Iron 1st sf 5s
1932 ID
Bush Terminal 1st 48
1952 *0
Congo'5s
1955 ii
Bush Term Bldits be 811 tax-ex '60 *0
By-Prod Coke 1st 5345 A_ _ _1945 MN
N
Cal G &E Corp unit & ref 58_1937
Cal Petroleum cony deb s f 581939 VA
Cony deb s f 5Ms
1938 MN
Camaguey Sug 1st a f g 78.._1942 AO
Canada 85 L 1st & gen Os_ 1941 *0
Cent Dist Tel 1st 30-yr bs- _ -1943 SD
Cent Foundry let e f 68 May 1931 VA
2
50
-_
160
57
8
24
24
12
88
246
434
111
6
___
86
99
1
9912 Sale
67 69
65 92
9814
99/
1
4 272
70 June'28
_
90 May'28 _ _
881
/
4 Nov'27
105
13612 Nov'27
9418 -972 9418
9418
1
941g Sale 941a
95
10
106 108 106 June'28
_
11614 _
11614 11614
1
276 Sale 261
2-6
31
_ _ 9412 June'28
9412891
/
4 90 88 June'28 _
9812 Sale 98
9812
4
102 Sale 01
102
22
100/
1
4 Sale 007s 10078
3
10414 Sale 0418 10414
4
9914 Sale 9834 100
47
10134 Sale 0112 102
14
100 Sale 9934 100
4
101 10134 0078 100/
1
4 22
105
_
05 June'28
_
9734 -9912 9712 June'28
_
Central Steel 1st g S f 8s
1941 MN 124 126 12434 12434
5
Certain-teed Prod 534s A.-1948 M
9318 Sale 92
93
71
Cespedes Sugar Co lets f 734s'39 MS 10038 10434 100 June'28
Chic City & Conn Rys bsJan 1927 A0 66
66 66 May'28
Ch G L& Coke let gu g 55_ _1937 ii 10012 Sale 1001: 1001
2
Chicago Rys 1st 58
1927 VA 84 Sale 8234
831 .11
Chlle Copper Co deb Ss
1947 J J 95 Sale 95
951- 89
Clearfield Bit Coal 1st 4s____1940 J
_ 88 90 Apr'28
Colo F &I Co gen s f is
1943 VA ioi 10111 100
100
6
Col Indus 1st & coll 58 gu...1934 VA 9612 97 97 Jt.ne'28
Columbia G & E deb 58
1952 MN 9934 Sale 99/
1
4
9972 201
Columbus Gas 1st gold bs_ _ _1932 Si 9512 9934 95 June'2s
Columbus Ry P & List 4348 1957 SI 94
9434 94/
1
4
95
Commercial Cable let g 48_2397 Q J 8418 88 8! June'28
Certificates of deposit
Q
MN
Commericla Credit s f 62. __1934
-99- 166.- 08
99
3
Col tr 815M % notes
1935 Si 94 Sale 94
94
5
Computing-Tab-Rec a f(is_ _1941 3, 105 10534 105 June'28 _
J 10012 10312 991
Conn Ry & L Ist&refg4 Ms_ _1951
/
4 June'28
_
Stamped guar 4Ms
1951 J J 10012 102 10018 10014
8
Consolidated Hydre-Elee Works
of Upper Wuertemberg 78_1956'S 9934 Sale 98/
1
4
9934
ii
8031 Sale 80
Cons Coal of Md lst ref 58_1950 J
8034 26
ConsolGas(NY)deb 5Ms.. _1945 VA 10558 Sale 10512 10534 75
Consumers Gas of Chic gu 58 1936 SD 10078_ 10012 June'28
Consumers Power 1st 55.- -.1952 MN 10434 Sale 10358 10434 21
1946 in 10114 Sale 101,4 10112
Container Corp 1st Os
7
1943'ID 97 Sale 97
16-3T deb gold tis
9812 53
Coat Pap & Bag Mills 6346.-1944 VA 97 9712 97 June'28
Copenhagen Telep ext 68-.1950 *0 101 Sale 101
101
5
Weer.
IOW or
Lan Sale
Maw
Mace
/as. 1,
Bid
Ask Low
Mob No. Low
Hiob
2 10012 10278
Corn Prod Refg 1st 25-yr a f58'34 MN 101 10214 101 Jane'28
: gg
29
9812 10012
Crown Cork & Seals f6s_ - _ _1947 SD 99 Sale 987
23 1011: 10312
Crown-Willamette Pap Os.-1951'S 102 Sale 10112 102
30
89
8612 93
Cuba Cane Sugar cony 7s _ -1930'S 89 Sale 8712
1
4 Sale 90/
1
4
9078 2
87
97
Cony deben stamped 8%.1930'S 90/
10534 1081
/
4 10514 10614
9 10514 108
Cuban Am Sugar 1st coil 88_1931 M
1
4 10112
Cuban Dom Sag 1st 734s
1944 MN 10012 Sale 9914 1oo12 67 99/
9972 1044
Cumb T & T 1st & gen 5s-_ -1937'S 10218 103 10218 June'28
10014
2
Cuyamel Fruit 12t s f6s A _ __1940 AO 100 Sale 100
9812 101
- 76 Dee'27 -- _
Denver Cons Tramw 1st 5s, _1933 A0
4 -61
7
4 11/Den Gas dr EL let &refs f g 58'51 MN 10014 iefe 10014 101
2 994 103
9914
9914
1951 MN 9933
Stamped as to Pa tax
1
4 Sale 69/
1
4
6972
5
Dery Corp(D G) 1st s 7s_ _1942 MS 69/
5011 75
1031g
10
J 102/
1
4 Sale 10218
10134 10374
Detroit Edison 1st coll tr 53_1933
10414 Sale 10414 10434 10 10334 10534
1st & ref 58 series A_July 1940 M
4 103 10634
1949 A0 10312 Sale 10312 104
Gen & ref 58 series A
10838 22 1073s 10934
108 Sale 108
let & ref 6s series B__July 1940 M
2 10212 107
1955 in 10314 Sale 10314 10314
Gen & ref 5s ser B
105
20 10414 10714
1962 VA 10434 1051
/
4 105
Series C
23
97
1
4 Sale 96
95
Del United 1st cons g 4Ms_ _1932'S 96/
9714
95 1171
Dodge Bros deb Os
1940 MN 9312 Sale 9212
8034 99
8072 8818
Dold(Jacob)Pack 1st Os__ _1942 MN 8312 871 8618 June'28 _ _
85 101
Dominion Iron & Steel Ss_ _ _1939 M S 100.100 June'28
94
9912
6
- 96
96
19425, se -661
Donner Steel 1st ref 78
Duke-Price Pow 1st 68 ser A '66 MN 10512 Sale 10458 10512 30 1031s 10674
92 100 106
Duquesne Light 1st 4348 A-1967 *0 102 Sale 1001: 102
Adams Express coil tr g 4s 1948 M
Ajax Rubber let 15-yr s f 85-1936 SD
Alaska Gold M deb 68 A._ _ _1925 M
Cony deb 135 series B
1928 M
Allis-Chalmers Mfg deb 53-1937 M
Alpine-Montan Steel let 78..1955 M
Am Agri° Chem 1st ref s f 7Ms'41 FA
Amer Beet Sug cony deb 63_1935 FA
American Chain deb a f 6s
1933 *0
Am Cot00 debenture 5e_
1931 MN
Am CD/42mM deb 55
1942 A0
Am Mach & Fdy s 18s
1939 *0
Am Sm & R 1st 30-yr be ser A '47 *0
1st M tia series B
1947 *0
Amer Sugar Ref 15-yr 68.
1937 J J
135
Prim
Frtglav.
July 6.
East Cuba Sug 15-yr s f g 7.5213'37 M S
Ed El III Bkn 1st con g 4s__ _1939'S
EdEleclulstconsgss
1995Si
Elec Pow Corp(Germany)634s'50 M
Elk Horn Coal 181 & ref 6528.1931 SD
Deb 7% notes(with warr'ts'31 SD
Equit-b1 Gas Light 1st con 561932 MS
Federal Light & Trial 5s__ _1942 MS
1st liens I 55 stamped. _..1942 FA
1st lien 65 stamped
1942 PA
30-year deb 65ser B
1954
Federated Metals s 78
1939ID
Flat deb 75(with warn)
1948 ii
Without stock parch warrants_
Fisk Rubber 1st s f 88
1941
Ft Smith Lt & Tr 1st g 5s_ _1936 MB
Frameric Ind & Deb 20-yr 734s'42'S
Francisco Sugar 1st 51734s_ _1942 MN
French Nat Mail SS Lines 7s1049I
Gas& El of Berg Co cons g 561949 in
Gen Asphalt cony 65
1939 A 0
Gen Electric deb g 334s
1942 VA
Gen Elec(Germany)78 Jan 15'45 .11
S deb 6Ms with warr_ _ _ _1940 SD
Without waretsattach'd '40 SD
20-year 51 deb Os
1948 MN
10258 Sale 10232 103
98
98 - -- 98
114/
1
4 Sale 11434 11414
971g
9714 97
97
93
9234 93 93
82 8012 June'28
80
101
10018 1001 101
102
96
961 102
96
961 9612
9612
100
102 10412 100
100 10212 100 June'28
95 96
96
96
110 Sale 10912 11012
9484 Sale 9444
9512
117
116 117 116
103 Sale 100
103
10834 10712 106/
1
4 10712
108 109 108/2 June'28
10218
192 Sale 102
105 _
107/
1
4 May'28 _
10812
10812 Sale 108
9412.9412 Junt.'28
10414 gale 104
10414
11812 12512 120 June'28
9914 Salo 9914
9934
9434 Sale 94
9434
5
1
4
2
I
8
3
_
7
25
39
13
18
9
_
20
_
9
78/
1
4
7912
7834
7912
83 Apr'28
79
7914 79
7912
100 Sale 98/
1
4 100
92
95 9212 June'28
8334 84 8334
8334
: 9712
9712 Sale 987
98/
1
4 Sale 9724
9812
10312 Sale 103
10312
9938 Sale 9912 10038
10412 Sale 10314 10412
9534 Sale 9514
98
_
107 June'28
104 Sale 10334 10512
100/
1
4 - 101 June'28
106 Sale 106
10614
11812 11212 115
93 Sale 93
95,4
10814 Sale 1075s 108/
1
4
94,2 95 9412 June'28
104
104 June'28
130 _
133 June'28
130 __
89/
1
4 June'28
86 Sale 86
89
_ 10634 105 Jun.'28
116/
1
4 114/
1
4 June'28
105 10712 10534 June'28
10334 Sale 1033s 104
10112 Sale 101,8 10112
so 91
soh love
9614 102
9614 10112
100 10512
100 105
9512 99
10014 119
91
98
11414 120
8912 103
10514 11012
108 11074
101 10312
106 10712
10712 117
9412 96
20 102 10514
_ 118 12612
4 9812 10152
5
94
9558
102 Sale 10114 10258 151
10112 Sale 96/
1
4 10112 lb
102 10412 106 June'28
100 Sale 100
100
12
10112 Sale 10/
1002 27
92 Sale 91
9214 92
10158 Sale 10118 1011
/
4
78
7812 7972 78
3
9914 Bale 99
9914 31
9434 Sale 9414
9434 17
105/
1
4 Sale 10534 10534
7
99 Sale 9812
99
10
8812 Sale 881
: 8812
2
98
/
1
4 May'28
951
_84 2-88 8814 June'28
75
76 76 June'28
91 Sale 9014
91
5
102 103 102
1021
3
9812 Sale 8834
89/
1
4 105
10678 107 May'28
10212 Sale 1011
/
4 1021
47
100 Sale 100
10014 117
104/
1
4 Sale 10438 10452 19
99 100 99
10,1
25
101 10114 101 June'28
9512 Sale 951:
957
11
95/
1
4 96 100
100
1
10234 10312 104 June'28
10312 10312 June'28
10114
._- 10218 10214 June'28
7M2 Sale
7912 Sale
1
4
102 105/
99
97
11418 11718
9512 gio
:
93
99
/2
155
26
ss
77
189
27
43
20
152
8
_
5
37
16
9
11
43
5
100 Sale 99
100
40
10334 Sale 103/
1
4 104/
1
4 26
9912 10012 10012 June'28
10112 ---- 97
10114
2
10012 Feb'58
9512 Aug'27
10114
- 10114 June'28
101 gide 101
101
9634 987s 96/
1
4 June'28
_ 97 9513
9512
95
9612 115 June'28
3711 May'28
120E2 12172 122 June'28
10212 10314 10238 10232 7
115 Sale 115
117
24
10914 Sale 10712 10914 53
10014 Sale 99/
1
4 10012 131
11312 Sale 113
11312
2
91
9312 9118
9118
5
93 Sale 921
/
4
9312 83
10114 10454
9614 10212
10412 10812
9934 103
10634 10812
/3954 96
10012 108
74 821s
97 10112
1
4 98
92/
10558 l0872
9614 101
8812 9252
9512 9512
81
98
71
7834
90
99/
1
4
10078 10412
86/
1
4 95
107 109
100/
1
4 103/
1
4
98 10112
10428 10Ps
9738 10112
9874 10212
9512 10114
9912 10012
104 10534
101 104
10014 10214
7412 8614
7412 8612
7614 83
70 90
9814 103/
1
4
90 100
79
86
901.1003,
96/
1
4 10012
103 10612
9878 10258
10238 10514
9814
94
104 10714
103 10512
100/
1
4 105/
1
4
105 10612
10514 122
93 101
10614 10912
9412 99
104 1073a
13034 185
8314 911a
83111 9012
10414 10734
11434 120
105 10814
10212 1057a
10014 10514
99 10412
10212 106
100 10114
97 1021
.
10012 381
ioi-
102
101 10413
9634 10114
9438 10018
94 9914
35
3714
120 127
102/
1
4 10528
113 133
10534 11334
99 102/
1
4
113 118/
1
4
g0'2 9814
9134 971/4
90
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 6.
Louisville Gas & El (Ky) 58_1952
Louisville Ry 1st cons Is._..1930
Lower Austrian Hydro El Pow1st s f 635s
1944
McCrory Stores Corp deb 534841
Manati Sugar 1st s f 734s_.1942
Manhat Ry(NY)cons g 48.1990
2d 4s
2013
Manila Elec Ry & Lt s 1 58..1953
Mfrs Tr Co ctts of partic in
A I Names & Son 1st 68_ _1943
Market St Ry 7s ser A April 1940
Meridional El 1st 78
1957
Metr Ed 1st & ref 58 ser C._1953
Metr West Side El(Chic) 48_1938
Wag Mill Mach 75 with war 1956
Without warrants
Mid-Cont Petrol 1st 655s_ _ _1940
Midvale Steel &0cony s138 1936
Milw El Ry & Lt ref & ext 415s'31
General & ref 58 series A__195I
lst& ref 5s series B
1961
Montana Power 1st Is A__ _A943
Deb 58 series A
1962
MontecatInl MM & Agric—
Deb 78 with warrants_ _ _ _1937
Without warrants
Montreal Tram let & ref 55_1941
Gen & ref s 138 series A. _1955
Series B
1955
Morris & Co 1st 8 f 415s_ _..l939
Mortgage-Bond Co 4s ser 2_1966
10-25-year Is series 3
1932
Murray Body 1st 8155
1934
Mutual Fuel Gas 1st gu g 55_1947
Mut Un Tel gtd 68 ext at 5% 1941
Names(Al) & Son—See Mfrs Tr
Nassau Elec guar gold 45..„1951
Nat Dairy Prod deb 5518_..1948
Nat Enam & Stampg 1st 58_1929
Nat Radiator deb 6158
1947
Nat Starch 20-year deb 5s 1930
National Tube 1st s 1 U.__ _1952
Newark Consol Gas cons 58_1948
New England Tel & Tel 58 A 1952
lst g 415s series B
1961
New On Pub Serv 1st Is A..1952
First & ref Is series B
1955
N Y Dock 50-year 1st g 4s..1951
NY Edison 1st & ref 6558 A.1941
1st lien & ref Is series B...1944
NY Gas El Lt H & Pr g 58_1948
Registered
Purchase money gold 413_1949
NYLE&WC&RR.5558_1992
NYLE&W Dock & Imp 581943
N Y & Q El L & P lst g 51930
NY Rys 1st R E & ref 4s....1942
Certificates of deposit
30-year ad) Inc 5s.,. _Jan 1942
Certificates of deposit......
N Y Rys Corp Inc 6s_ _ _Jan 1965
Prior nen 68 series A
1965
NY & Mehra Gas 1st 68 A..1951
N Y State Rys 1st cons 4158_1962
1st cons 655s series B
1962
N Y Steam 1st 25-yr 68 ser A 1947
N Y Telep 1st & gen s f 4158_1939
30-year deben s 1 68_ _Feb 1999
20-year refunding gold 66_1941
N Y Trap Rock 1st 68
1946
Niagara Falls Power 1st 58_ _1932
Ref & gen 6s
Jan 1932
Nlag Lock &0 Pr 1st Is A _ _1955
Nor Amer Cem deb 6158 A..1940
No Am Edison deb Is ser A_1957
Nor Ohio Trac & Light 65_..1947
Nor States Pow 25-yr Is A_ _1941
1st & ref 5-yr (is series B..1941
North W T 1st Id g 4358 gtd_1934
Norweg Hydro-El Nit 5558_1957
Ohio Public Service 7558 A._1946
1st & ref 78 series B
1947
Ohio River Edison 1st 68_ _ _ _1948
Old Ben Coal 1st 68
1944
Ontario Power N F 1st 58_1943
Ontario Transmission 1st 58_1945
Oriental Devel guar 68
1,53
Otis Steel lst M 68 ser A__ _ _1941
Pacific Gas & El gen & ref 58 1942
Pac Pow & Lt 1st & ref 20-yr 58'30
Pacific Tel & Tel 1st 58
1937
Ref mtge 5s series A
1952
Pan-Amer P & T cony s f 68_1934
1st lien cony 10-yr 78
1930
Pan-Am Pet Co(of Callcony 138'40
Paramount-B'way 1st 5558_ _1951
Paramount-Fam's-Lasky 68_1947
Park-Lex 1st leasehold 615s_1953
Pat & Passaic G 64 El cons 551949
Pathe Exch deb 78 with warr 1937
Penn-Dixie Cement 68 A._ _ _1941
Peop Gas & C 1st cons g 68_1943
1947
Refunding gold Is
Registered
Philadelphia Co coil tr 65 A_1944
1967
Secured 58 series A
Phila Elec Co 1st 415s
1967
Phila & Reading C & I ref 58_1973
1939
Phillips Petrol deb 5518
Pierce-Arrow Mot Car deb 881943
Pierce Oil deb s 1843...Dec 15 1931
Pillsbury Fl Mills 20-yr 68..1943
Pirelli Co (Italy) cony 78. _ _ _1952
Pleasant Val Coal 1st g 5153_1928
Pocah Con Collieries 1st f 5s1957
Port Arthur Can & Dk 65 A.1953
1st M 68 series B
1953
Portland Elec Pow lst 68 B._1947
Portland Gen Elm 1st 58_...1935
Portland Ry 1st & ref 5s.. _1930
Portland Its' L & P 1st ref 38_1942
1st lien & ref 68 series B...1947
1st lien & ref 755s series A..1946
Porto Rican Am Tob cony 68 1942
Pressed Steel Car cony g 58_1933
Prod & Ref s 188(with war)_1931
Without warrants attached__ Pub Serv Corp NJ deb 4345_1948
Pub Serv Elec & Gas 1st 53-451959
1st & ref Is
1965
Punta Alegre Subar deb 7s_ _1937
New York Bond Record—Concluded--Page 6
Price
Fridag
July 6.
Week's
Range or
Last Sale.
a
r,
Rang.
Since
Jos 1
BONDS
N. Y. STOCK EXCHANGE
Week Ended July G.
High
High No. Low
104%
6 10312 10052 Pure 011 s 1 555% notes____1937
1937
9812 Remington Arms 6s
95
3
0534
Rem Rand deb 5555 with war '47
6
88% 911, Repub I & 5 10-30-yr 588 f..1940
8912
8912 Sale 8912
Ref & gen 555s series A...1953
10012 13
9912 10252
10018 Sale 99%
2 10434 10054 Reinelbe Union 7s with war_1946
105
105 10612 105
Without stk purch war_ _ _1946
: 771,
8
881
7034
7012 Sale 70
_
60
711
/
4 Rhine-Main-Danube 75 A_ _ _1950
7318 6512 7114 June'28
97 1031, Rhine-Westphalia Elec Pow 78'59
9712 9814 9814 June'28 _
1952
Direct mtge 6s
1955
Rims Steel 1st s f 78
2 10414 100
105
105 Sale 105
9912 72
98 1001: Robbins & Myers 1st s 1 78_ _1942
9912 Sale 98
9614 1003, Rochester Gas & El 7s ser B_1946
0834 19
9858 Sale 9812
Gen mtge 535s series C_._1948
2 10212 105
10258 Sale 10258 10258
84' Roch & Pitts C &I pm 5s_ _1946
78
8012
6
8012 Sale 78
St Jos Ry Lt & Pr 1st 58._ _ _1937
9611 103
9812 101 102 June'28
15
8912 94
93
93 Sale 9278
10534 65 10434 1661. St Joseph Stk Yds 1st 4558_1930
10514 Sale 10514
35
9914 1025, St L Rock Mt & P55 stmpd_1955
100 Sale 9912 100
9712 100' St Paul City Cable cons 5E4_1937
99,2 37
9914 Sale 9812
10254 1058, San Antonio Pub Serv lat 6s_1952
104 10434 10414 June'28
/
4 101
31
9934 1033. Saxon Pub Wks(Germany) 78'45
10034 Sale 1901
Gen ref guar 6%s
1951
9 10112 1061,
10314
10318 Sale 103
1946
Schulco Co guar 8558
9912 195
10018 Sale 9934 10012 74
1946
Guar s f 655s series B
Sharon Steel Hoop 555s_ __ _1948
10778 10812 10738 10734 16 10054 120
941
/
4 10112 Shell Pipe Lines 1 deb 55__..1912
9712 30
971
:Sale 06
9914 1021, Shell Union Oil s f deb 5s_ 1947
9914 10018 9914 1023s 34
98 1027 Shinyetsu El Pow 1st 650..1952
98 June'28
9838 99
99 1001, Shubert Theatre 6s_June 15 1942
9838 10038 9934 May'28
1935
8712 19
8614 885, Siemens & Halske 51 75
8714 Sale 8714
1951
Deb s 1 6348
8211 82'
84
8758 8212 Jan'28
Sf 655s allot ctIs 50% pd _ _'51
99 June'28
96% 915,
9058 9834 Sierra & San Fran Power 58_1949
-6612 1678 9678 June'28
Silesia Elec Corps 16558_ _ _ _1946
103
6 103 107
10214 10414 103
Silesian-Am Exp coil tr 7s_..1941
104 June'28
10214 104
10434 1929
Simms Petrol6% notes
Sinclair Cons 011 15-year 78_1937
59
13
05
56
59 Sale 57
1st lien coll 68 series D_ _ _1930
137
97
993,
98 Sale 97/
1
4
98
1st lien 6555 series D
1938
101 10411
10114 May'28
10178
Sinclair Crude 0115558 ser A _1938
5
°734 101
8812
8812 Sale 8734
1942
100 1001 Sinclair Pipe Lines 158
100 10014 100 June'28
1939
2 103 1051 Skelly Oil deb 5545
10318 104 10312 10312
Smith (A 0) Corp 1st 6555. _1933
10738 108
10712 10734 May'28
iinia sale 10712 10758 11 10614 1111, South Porto Rico Sugar 75_1941
South Bell Tel & Tel 1st 81581941
10178 10212 10112 102
19 10018 106
9812 23
0614 10152 Southern Colo Power 68 A_ _1947
9712 Sale 9712
98
22
96 1011; S'west Bell Tel 1st & ref Is..1954
9734 Sale 9734
5
84
90
8518
8518 Sale 861.
110
Spring Val Water 1st g 53_1943
1 113 119
116 Sale 116
Standard Milling 1st 58
32 10314 106
1930
105 Sale 10478 105
108
1st & ref 555s
8 10658 1115,
1945
107 107% 108
110 Apr'28
Stand Oil of NJ deb 58 Dec 15'46
110 110
9518
/
4 9614 95
4
95
981
. Stand Oil of N Y deb 4558_1951
951
Stevens Hotel 181 68 series A.1945
102 103 10258 Oct'27
10138 Sale 10138 101%
10138 1631. Sugar Estates (Oriente) 78_1942
1929
9934 103 101 May'28
10014 1017, Superior Oil 1st s f 7s
6234 Apr'28
6234 625
. Syracuse Lighting 1st g 58_1951
Tenn Coal Iron & RR gen 53_1951
58
60
58 June'28
56
_
Tenn Cop & Chem deb 68_ _ _1941
4 Mar'28
3
218 4
Tennessee Elec Pow 1st 65..1947
21: 4
4 Mar'28 __
3
14
1960
Third Ave 1st ref 48
Ad)Inc 58 tax-ex N Y Jan 1960
25
135
: 32
24 Sale 231s
61
1937
71318 941; Third Ave Ry 1st g 58
9014
9014 Sale 88%
5
1955
Toho Elec Pow 1st 78
106
4 104 109
107 108 10578
6% gold notes__ __July 15 1929
4912 80
5134 38
5134 Sale 5012
67
65
65
4
7432 Tokyo Elec Light 6% notes_1928
6712 67
10612 10 105 10914
1st 133 dollar series ..._..1953
10612 Sale 106
101 Sale 100% 10118 23 100 10312 Toledo Tr L & P534% notes 1930
110% 22 10034 1111. Trenton G & El 1st g 58___ _1949
11038 Sale 110
1940
Trumbull Steel 1st s 1 6s
108
10714 Sale 107
52 106 109
10212 13 100 1031, Twenty-third St Ry ref 55..1962
102 103 101
1
4 1043, Tyrol Hydro-Elec Pow 7158_1955
10212 10312 10212 10334 11 102/
/
4 1081.
4 1941
10478 Sale 104% 104%
1945
10212 10418 10212 10318 39 102 1041. Ujigawa El Pow s f 78
83
Underged of London 4%8_ _1933
8012 93
83 Sale 8178
50
9912 1037, Union Elec Lt & Pr(Mo)58.1932
10012 Sale 9934 10078 73
Ref & ext 55
1933
106
10512 106 106
1 10218 1071,
Un E L&P(111)1st g 5155 serA_'54
103 Sale 10134 103
29 100% 104
10512
Union Elev Ry (Chic) 5s_ _ _ _1945
9 10412 107
105 10514 105
1931
Union 011 151 lien sf Is
9812 100
9712 -- 9812 June'28
30-yr 68 series A....May 1942
9012 941,
9214 51
9134 Bale 91%
1st lien s 58 series C_Feb 1935
116
7 1141: 11634
11518 Sale 115
United Biscuit of Am deb 65_1942
11578 Sale 115% 116
3 115 119
United Drug rots 25-yr 5s. _ _1953
10634 Sale 10612 10714 46 10458 109
9512 United Rye St L 1st g 4s___ _1934
87
9214 9212 93 June'28
1937
1015s
10158 Sale 101%
1 10112 1061; United SS Co 15-yr 68
tin Steel Works Corp 6558 A.1951
With stock pur warrants
1034 104/4
10058 10338 104 June'28
Series C without warrants
961g 105
10014 20
100 Sale 9934
With stock pur warrants_ _
100
9712 101
9934 Sale 9914
43
10212 52 101 10514 United Steel Wks of Burbach
10238 Sale 10134
Esch-Dudelange s 1 78_ _ _ _1951
9912 1011
101% S
@FedFRASER